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Bank & Quotation Section
Railway Earnings Section
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Railway & Industrial Section
Bankers' Convention Section
SATURDAY, AUGUST 26, 1922
VOL. 115.
"Pe Thronitte
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CLEARING HOUSE RETURNS.
Returns of Bank Clearings heretofore given on
this page now appear in a subsequent part of this paper. They will be found to-day on pages 958 and 959.
THE FINANCIAL SITUATION.
With great regret, the "Chronicle" is compelled to
refer again to the bonus proposal, which is so unspeakably bad that it ought not to get a moment's
consideration from sane minds; yet the thing was
taken up anew in the Senate on Wednesday. So,
once more, it is well to note the chief objections to
something which has no merits whatever, not even
that of a sincere and honest advocacy.
First, there is no money debt whatever due to service men who sustained no injury, all that having
been covered in advance by the war insurance scheme
enacted five years ago. It was shown by official
statements made at the time ["Chronicle" April 15
last, p. 1584] that this was designed, offered,enacted,
and in good faith accepted, as a substitute for any
pensions and for any after-war relief whatever. For
insurance and "compensation" over 618 millions have
been expended; for soldier relief in various
methods, over 1Y2 billions, and the country
is now expending a half billion a year upon
those who suffered and to whom, admittedly,
a special debt is owed. Money thrown as
largess to the uninjured is not only so much diverted
from the needs of the injured—who have protested,
again and again, against such a diversion—but is an
injury to the unhurt beneficiaries themselves. This
for two reasons: it has of itself a cheapening and degrading tendency, and it tends to increase and prolong unemployment it ',Le unhurt "veteran" needs
Electric Railway Section
State and City Section
NO. 2983
anything he needs what we all need: an active and
really prosperous situation of trade and industry.
He is not a child, neither bound to inquire nor able to
understand whether the father can really afford some
desired.indulgence; he is an adult person, bound to
understand that new taxation will demand its share
from him or her, and will indirectly but surely react
by keeping prices up and tending to keep employment
down. This effect would be disastrously increased
by any currency inflation, for that would usher in an
orgy of wild speculation and give us a shove along
the road which some unhappy countries in Europe
are traveling.
Again and again it has been pointed out that the
country is now struggling and groaning under its tax
burdens, and is in no condition to assume any more.
Funds from Europe are no more certain and definite
than a year ago, and if any come they are already
morally and honorably subject to use for other purposes. The plea that a bonus will be less costly than
a pension scheme and will get the whole subject out
of the way is foolish like the rest. Even if it were
true that the country must undertake one or the
other, it would also be true that while pensions have
proved costly and dishonest in practice it would
profit us nothing to rush into a bonus upon whose
total commitments nobody ventures to do better than
make guesses; further, the country is in no position
to risk either the one or the other.
It is unnecessary to state the figures anew, and the
unhappy fact is that, with strikes on our hands which
had not begun when the Fordney bill was shamefully
jammed through the House in March and were not
even expected, we are less able to have this thing
added to our trials and perplexities than we were
then.
The reports yesterday were that the latest poll of
the Senate shows votes enough to sustain a veto, and
several to spare.
Both strikes have continued moving towards a finish, but neither has reached it. After five days of
negotiations between the anthracite operators and
miners, an abrupt halt came on Tuesday. The operators took the position that while the demand for coal
might justify the old wage rate, already offered, during the next seven months, there is no guarantee that
it will continue doing so; therefore they held to their
offer of that scale until the end of next March, and
pointed out that this has already been accepted in
the bituminous field. They also insisted upon arbitration after the seven months, while the men demanded that the present wage Selle 77",
902
.
THE CHRONICLE
stead of seven months, and positively refused to accept arbitration at all. With reference to keeping
the pumps going at the mines, Mr. Lewis was good
enough to say that "it is our policy to protect maintenance men," and they will not be disturbed "so long
as they are not asked to work with non-union labor";
also that the strike will keep on 100%, "pending a
settlement," and that there is nothing to prevent anthracite miners from seeking employment in the bituminous field.
Mr. Lewis's declaration and pose should be distinctly noted. We will settle, he says, on our own
terms, with no jot of them abated, and until we do
the strike will continue. We will not touch the
mines, unless non-union men enter them; when that
occurs, we will call off the maintenance men, and (as
we are to assume) something more may happen, if
found necessary to defend the rights of labor and
keep the strike firm; we do not approve the Herrin
method, yet labor must defend itself. He inflates
his chest farther, perhaps, because of President Harding's rather unfortunate remark, on last week Friday, 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." Mr.
Lewis swells with delighted self-importance, but is
this really "a simple but significant truth," as the
President called it? Is there no effective power in
the American people, needing coal, to get coal? And
have we changed rulers, without even the formality
of an election? If we can imagine the owners attempting to close their mines and keep their coal, action to teach them better would be drastic and would
be unanimously demanded, on behalf of the paramount public interest. Yes, Mr. Gompers, any man
can halt his own work, but halting the work of others
is another thing, and really the "Chronicle" wearies
of pointing out that halting the production of an article essential to transportation and trade is in "restraint" of interstate commerce, and that "every person" who enters into conspiracy to so restrain is a
conspirator under the broad sweep of the Sherman
Act. That we cannot imprison or even indict a people or a community is true; but leaders can be dealt
with. When shall we reach the spirit to invoke the
Act upon our Lewises and other Czars?
In the United States Senate, the Borah bill provides for a United States Coal Commission of five,
to be appointed and confirmed in the usual manner,
and to terminate in one year unless otherwise provided by Congress; no member of Congress is eligible
for appointment on this "fact-finding" and recommending body. In the House, the Winslow bill,
which creates a commission of nine, and is otherwise
similar to that of Mr. Borah, was passed on Wednesday by 219 to 55, after a strong attempt to substitute
the Bland bill, which would give membership in the
commission to operators and miners. Legislation
to create a coal-buying agency is strongly urged, and
Governor Miller has been conferring with some city
officials, in preparation for the special legislative
session he has called for next Monday.
Some German coal is reported as reaching Canada,
and more receipts from abroad are expected. Indiana and Illinois miners and operators came together
on Tuesday, and a weekly output of nine million tons
of bituminous as a result of agreements in these
States and in Iowa and Michigan is expected. Agreements have also been signed for immediately reopening mines in central Pennsylvania having a regular
[VOL. 115.
annual output of 30 million tons. Yet it would be
foolish to underrate the gravity of the outlook, and
the expected theme of Governor Miller on Monday,
"fuel for the householder," is serious enough to make
us all think.
The Kellogg bill for "the better protection of aliens
and the enforcement of their treaty rights," asked for
by the President, meets opposition in committee;
labor does not like it, professes to see a sinister purpose in it, and Mr. Gompers mouths away with his
usual inaccuracy, denouncing Wall Street as behind
a conspiracy to destroy unionism and collective bargaining.
An inquiry into the whole subject is a good beginning, if made by really competent and really unbiased men, chiefly concerned with what is the paramount consideration, the interest and welfare of the
whole people, not of a small fraction thereof. But
that can be only a beginning, nor can even that be of
permanent value unless the people become really determined to deal with this menace which shrinking
from inconvenience has nurtured. The first need is
fuel, but even that would be too dearly obtained by
more temporizing and surrender. Protection for all
men who wish to work, in mines or wherever else, is
the fundamental requisite.
The foreign trade statement for July maintains
the position of earlier months this year in the matter
of exports and imports. Merchandise shipments
from the United States to foreign ports last month
were valued at $305,000,000. This contrasts with
$334,683,729 for June and $325,181,138 for the corresponding month in 1921. Imports of merchandise
in July this year amounted to $251,000,000; for June
the imports were $260,460,898 and for July 1921
$178,159,154. Higher price levels a year ago will
possibly account for the difference in value of exports shown in the figures for July this year as contrasted with July 1921,so that the quantitative movement of merchandise to foreign markets from the
United States is undoubtedly quite as large now as it
was then and perhaps larger. An important consideration in connection with the merchandise movement to and from United States ports, especially at
this time, is its effect on exchange. The excess of exports over imports in July this year was $54,000,000,
while in July last year it amounted to $147,000,000.
For the first six months of this year the excess of
merchandise exports over merchandise imports was
$401,220,000, an average each month of $66,870,000.
The July return, therefore,shows a dwindling of this
trade balance.
Imports of silver in July were valued at $6,957,298,
which contrasts with $6,345,744 for the preceding
month and $4,513,279 for July 1921. The silver exports were valued at $6,268,953, as against $6,004,421
in June and $5,112,842 in July a year ago. For the
month of July this year the excess of silver
imports was $688,345 and for the seven months
$3,419,462. For the corresponding seven months
of 1921 silver imports exceeded the exports by
$5,809,205.
The imports of gold in July were again quite heavy
—in fact, they have not been so large since November
of last year. The figures for last month were $42,986,727. For the seven months this year gold imports
have amounted to $165,999,422, which contrasts with
$410,190,198 for the corresponding period in 1921.
Average monthly gold Imports in 1921 were $57,600,-
AUG. 26 1922.]
TITE CHRONICLE
000. Of the imports of gold in July this year $38,065,994 was from London and $1,688,202 from
France. Exports of gold from the United States continue very light, amounting for the month of July to
only $645,114 and for the seven months this year to
$10,789,583, which was practically the same as for
the corresponding period of 1921. The excess of imports of gold for this year to date is $155,209,839,
which contrasts with $399,764,705 for the corresponding period of last year.
Outside of Government circles considerable surprise was expressed over the announcement that Sir
John Bradbury, representing England, and M. Mauclere, representing France, and both members of the
Committee on Guarantees, had been sent to Berlin to
"get 'certain necessary information' from the Berlin
Government, and that the Commission's decision on
Germany's request for a moratorium would be considered only after their return." It was added that
"it is expected they will be gone a week." The surprise experienced and expressed was due to the ssumption that by reason of numerous investigations
of conditions in Germany the reparations authorities already were in possession of all information
needed to enable them to reach a decision on the troublesome question of reparations. The Paris correspondent of the New York "Times" observed that
"the Reparations Commission has been looking over
the German financial situation for three years and
ought to know all about it." He added that "what
has really happened is that M. Poincare and Mr.
Lloyd George have cooled off and are fixing to have
another conference in November. In the meanwhile
there is to be a great deal of unofficial negotiations
relative to inter-allied debts, reparations totals and
international loans—and also French and British
debt negotiations with Washington will be further
along. Bradbury and Mauclere will come back from
Berlin in about a week, and before September 1 Germany will in all probability receive a moratorium to
the end of the year, by which time the November conference will have been held. Anyhow, that is how it
looks to-day."
Assertions were made by the Paris representative
of the New York "Tribune," which, if carried out,
v-ould introduce another feature into the reparations
question. He said that "an understanding between
France and Germany, either with or without the cooperation of Downing Street or the other Allied foreign offices, is the objective of France's new independent policy decided on at the Cabinet meeting at
Rambouillet Wednesday. The main outlines of this
policy may now be indicated even in advance of any
decision on Germany's request for a moratorium by
the Reparations Commission." Continuing, he declared that "after the break-down of the Allied conference in London the statesmen who direct the
course of the French Government became a unit in
conviction that the indirect route of understanding
with Berlin by way of London must henceforth be
avoided. The last three years have shown that the
diverse interests of London and Paris always militate against inter-Allied co-operation in the collection of German debts." He admitted that "an independent Franco-German basis has not reached the
stage where negotiations can be tranquilly carried on
with the German Government, but with no willingness to deal in this fashion, Berlin may expect independent French measures of a sterner sort.", The
903
correspondent stated that the new plan would be
taken up about as follows:"The French Government
will transmit on its own responsibility a note to Germany stating frankly that France is not prepared to
accept the claim of insolvency of the German people,
and therefore is determined to have material guarantees in view of France's own financial situation. The
note will state that Germany can show good-will relative to 'the discharge of reparations by entering a
benevolent agreement with France to turn over the
State mines and forests in the Rhineland and the
Ruhr,together with securities which can be mutually
agreed upon." The Associated Press correspondent
at the French capital, two days later, cabled that
"the possibility of direct and friendly understanding
between Germany and France, which would include'
close economic collaboration, received serious consideration for the first time to-day in commercial andl
unofficial circles. Nearly all the important newspapers discussed the suggestion that France seek justice in the reparations crisis through a rapprochement with Germany. The idea, originally launched
by German industrialists, has been taken up now in
French business channels."
According to a Paris dispatch to the New York
"Times" Sunday morning, "Paris does not place
much hope in the negotiations beginning to-morrow
in Berlin between Sir John Bradbury and M. Mauclere, and the German Government. In other words,
the French do not believe the Germans will make any
offer that Premier Poincare will accept." They left
Paris Saturday, and were scheduled to have an interview with Chancellor Wirth Monday morning.
Such a meeting was held, but it was characterized in
a Berlin dispatch as "a brief informal conference."
No information relative to what occurred was made
public. The "Times" representative declared that
the time had come when "Premier Poincare has got
to do something or face an avalanche of criticism.
For more than a year before he took office he
preached in the press firm action toward Germany.
Millerand and Briand had no more
bitter critic than he when they compromised
on France's claims. Now in power, he has been
leading slowly but surely to a show-down with Lloyd
George, and perhaps it has about come." He
added that "if he makes what French opinion regards
as too great a sacrifice, if he consents to a moratorium without receiving something in return, he will
be compromised at home and abroad, for not only
will the French Nationalists desert him, but Germany will cease to fear him. He can probably do
about as he likes until October 1, but then the re-entering Chambers will certainly demand an accounting. Already rumbles can be heard." The next day
the same correspondent, in a long cabled outline of
a speech which Premier Poincare delivered "at the
dedication of a monument to the war dead of Thiaucourt, not far from Bar-le-Duc," said that the Premier declared that "France must not listen to people
who advise her to leave Germany unpunished for the
wrongs of the war and forgive her the reparations
she owes France must and will find a way to make
Germany pay." In his report, the Associated Press
summarized the speech as follows: "France knows
how to make Germany pay for the destruction she
caused during the war, and every German will be
held to strict accountability for the repair of this
damage."
904
THE CHRONICLE
[VoL. 115.
of the common cause and what they bought contributed to the victory of all. If Britain wishes to be
paid for what we bought in England during the war
and at the same time retards payments of reparations, she must seem to drive us toward the necessity
of turning to those of our Allies who owe us, and
thus we might invite Serbia, Italy, Rumania and others to pay us what is asked of us and which we are
not permitted to collect from Germany. We shall
never allow ourselves to be placed in such a position.
We have no idea now of using our credit upon our
Allies and it is Germany's debt which we wish to collect first. And until we do it is morally and materially impossible for us to pay our English friends,
and they must understand that we have no intention
of harrassing our common friends."
A dispatch from Paris Tuesday morning stated
that "the Department Councils at their opening sessions to-day [Monday] throughout France, with few
exceptions, adopted resolutions emphatically endorsing Premier Poincare's policy as representing the
In another speech which he delivered at Bar-le-Due feeling of the country on reparations."
on Monday "at the opening session of the General
The first formal conference between Sir John
Council of the Department of the Meuse," M. Poincare asserted that "France will not consent to a mo- Bradbury and M. ilauclere, of the Committee on
ratorium of any character for Germany unless the Guarantees, with Chancellor Wirth and other GerGerman State mines of the Ruhr and the national man Government authorities began Tuesday at noon.
forests are placed in the hands of the Allies as a guar- In addition to the Chancellor, Finance Minister Herantee, and no matter what happens, France will not mes, Dr. Mayer, German Ambassador to France,and
depart from this policy." Speaking in a more gen- Herr Bergman, Secretary of State, were present.
eral way, he said: "We are greatly disposed to aid While no official statement was made, the represenother nations in the effort to restore the world. We tative of the Philadelphia "Public Ledger" cabled
know the world does not end at our frontiers. We that "Germany so far as any open expression is conwelcome a broad and generous European policy. We cerned, remains firm that a transfer of the Reichsfervently desire to remain allies of our Allies and bank's gold reserve to the occupied territory and the
friends of our friends. We ask nothing better than control of the Ruhr mines and forests are out of the
to resume with our enemies of yesterday pleasant and question." He added that "the Reichsbank to-day
courteous relations. But we wish to have our ruins [Tuesday] announced that it will soon increase the
repaired—and they will be." The Premier charged discount rate to 8% and the Westphalian Bank,after
that Germany had not acted in good faith and pre- a consultation with the Reichsbank and others,
sented trade balance figures which he claimed warns its customers not to embark in new ventures.
showed that the fall of the mark was due to "unbri- All banks are curtailing credits." The Associated
41ed issue of Reichsbank notes and to exportations Press correspondent said that "Herr Hermes, Minisof capital." Continuing his charges, M. Poincare ter of Finance, was reported to-day to have left no
said: "To escape taxation, to escape the payment of doubt in the course of yesterday's deliberations with
reparations, the richest Germans—business men and members of the Reparations Commission that it was
manufacturers—have sent abroad all the funds, impossible to pledge State forests on the left bank of
bonds and securities they • owned, and Germany is the Rhine and State mines in the Ruhr district as
thus emptied of liquid capital. It is then her own guarantees for the payment of German war reparations."
fault that the mark tumbled."
The New York "Herald" correspondent at Berlin
severely
criticised
the
Lord
then
note
He
issued by
Balfour some weeks ago relative to the payment of cabled Wednesday morning that "the German GovAllied war debts. Referring to the request of Ger- ernment will not accept Premier Poincare's proposal
many for a moratorium, he said in part: "And at to turn over Germany's mines in the Ruhr and her
the same time Great Britain recalled that France forests to the Reparations Commission as a guaranty
was her debtor and that collection of this debt de- for reparations payments before a moratorium is
pended primarily on the attitude of America, cred- granted. 8o-called productive guarantees as outitor of England, took toward her. We were much lined by Premier Poincare are not favored in official
surprised that this reclamation was addressed to us circles. The Government sees an imperative need for
at the moment Germany announced she would cease a moratorium, but does not wish to hand over control
paying, and when England supported that announce- of its own resources, which would establish a new
ment. The conicidence was at least regrettable." precedent in reparations payments. Steps now tendContinuing his incisive discussion of this situation, ing to separate the Saar coal fields make the Gerhe said: "But is there the slightest relation between mans hesitate about any economic solution which
what Germany owes the Allies and what the Allies might involve further political servitude." Accordowe among themselves? To confound these debts ing to a Berlin cablegram Thursday evening, "Gerwould be the most monstrous of iniquities. Germany many submitted plans for a five months' moratorium
•has to repair the damage she did, and this repara- to-day and her proposals were instantly rejected by
tion should come before all other settlements. .The France." The correspondent added that "the Gerinter-Allied debts were all contracted in the interest man plan, which was thought acceptable to the AlThe Berlin correspondent of the New York "Herald" asserted in a dispatch Sunday night that "the
mission to Berlin, headed by Sir John Bradbury, the
British member of the Reparations Commission, for
example, is of a nature far more diplomatic than economic, as Germany's capacity to pay has been exhaustively examined by the Committee of Guarantees. What Sir John does when he sees Chancellor
Wirth to-morrow will be to give him a chance to propose an alternative scheme to side-track Poincare's
so-called productive guarantees. The majority of
the reparations commissioners consider that these
guarantees would not be productive to the extent of
counter-balancing the loss they would involve. If
Dr. Wirth can offer an alternative that the members
of the Reparations Commission find capable of producing more money than those of Poincare, they
would then be in a position.to effect a compromise
between French views and Anglo-Belgo-Italian objections."
AUG. 26 1922.]
THE CHRONICLE
lies, was for deposits of gold guarantees against a
temporary moratorium on reparations payments.
Acceptance of the proposal was expected immediately after it was made to Sir John Bradbury and M.
Mauclere, the Allied Guarantees Commission here.
The Frenchman flatly refused to consider it. France
demands a lien on German industry in exchange for
temporary relief from payments."
905
gram sent out from Berlin by the same agency the
following appeared:"It is semi-officially announced
that the German Government has promised to assist
Austria whenever it is possible. The promise was
made in consequence of conversations that had been
going on between Dr. Seipel, the Austrian Chancellor; Herr Segur, Austrian Minister of Finance, and
officials of the German Government. Herr Segur
said that the London conference had been a disapDr. Bruhn, Chairman of the Krupp board of direc- pointment to Austria on account of its having subtors, in an interview with the New York "Times" mitted the Austrian question to the League of Nacorrespondent in the German capital, discussed the tions." From Vienna came the following: "Instead
startling advances recently in the cost of living in of planning annexation to Germany, Chancellor SeiGermany. In part he said: "Our Krupp working- pel is working for economic reunion and free trade
men, as other labor men, are getting desperate. They with Germany and his visit to Berlin probably was
see that all wage increases are useless, that they can only a tactical move to avoid the attacks of the Panbuy less than before. The worker now gets the mark Germans." The Berlin correspondent of the New
wage of a general manager before the war, yet lives York "Tribune" cabled that "hunger riots led by
more poorly than formerly, if he has a family. If masses of the unemployed swept Vienna to-day
Germany were well fed and quieter political condi- [Wednesday], according to telephone messages from
tions prevailed, we could undoubtedly get the work- the Austrian capital that reached the 'Tribune' corers to work overtime. But at present they are phys- respondent here to-night. An army of several thouically and psychologically unable to work more than sand jobless stormed the Parliament buildings, but
eight hours. If I were to ask a worker to extend him- were beaten off by the police. The situation in Viself to the limit and work nine or ten hours and give enna is declared to be distinctly dangerous, the auhis very best, he would say: 'Why should I? Every- thorities fearing a revolutionary outbreak at any
thing would be taken away from me anyway.' A di- moment." The correspondent added that "Hunrector or banker would say the same thing. What gary's move before the Supreme Council, protesting
can help Europe? My idea is that only revision of the efforts of Chancellor Seipel, of Austria, to obthe Treaty of Versailles and a real international loan tain assistance from Prague, Berlin and Rome, has
at reasonable interest for a long term for repairing roused bitter criticism in German circles, where the
the actual war damage can be effective. The devas- Hungarian note and the protest of her envoys to Vitated areas must be restored."
enna have been closely scanned." The Hungarian
Minister to Berlin was quoted as explaining the sitConditions on the Berlin Bourse on Thursday were uation in part as follows: "Hungary's step before
reported as "panicky," by reason of the drop in the the Supreme Council will prove of great service to
mark to 2,000 to the dollar. This situation was said Austria herself. Chancellor Seipel probably has
to have been "provoked by fears of a failure of the achieved little in Prague; in fact, I would call it a
negotiations between Sir John Bradbury, British complete failure. Foreign Minister Benes will make
member of the Reparations Commission,and M. Mau- no agreements with Austria and will confine his asclere, Chairman of the Allied Committee on Guaran- sistance to promising to support Austria's plea betees, with German officials in regard to Germany's fore the League of Nations, which, in turn, after
financial obligations." The New York "Times" cor- again investigating the Austrian situation, will pass
respondent said that "the Wirth Government, it back to the Entente. In my opinion there are only
alarmed by the mark collapse and the demands of or- three possibilities: First, international administraganized labor, nevertheless took time out at the tion; second, establishment of zones of foreign influmorning Cabinet meeting to discuss fresh proposals ence in Austria; third, leaving Austria to her fate.
of guarantees which were transmitted to Sir John I believe Chancellor Seipel's trip to Rome will prove
Bradbury and M. Mauclere at a conference with the a failure, despite Premier Schanzer's good-will, for
Wirth Finance Minister, Herr Hermes, early this af- Italy is in no position to offer Austria financial help.
ternoon." The Government also issued a statement Austria's situation is tragic, but the action and attion conditions intended to be reassuring. A final tude of Europe's politicians, big and small, in the
meeting of the Reparations Commission representa- matter is surely comedy."
tives with the German Government was to have been
The plans of the Austrian Government to get outheld yesterday and an official statement on the re- side assistance were further outlined in a Vienna casults issued. Dispatches from Paris last evening blegram Thursday evening. It said that "Chancellor
stated that the negotiations had been broken off at Seipel, who has been in Berlin, where he is undernoon and that the representatives of the Reparations stood to have received assurances of aid from the
Commission left Berlin for Paris at 2 o'clock. It was German Government in Austria's present emergency,
added that the session ended "without having pro- has accepted an invitation from the Italian Foreign
duced any compromise on the German reparations Minister, Signor Schanzer, to meet him at Verona
question acceptable to both the British and French Friday. The invitation was extended through the
Italian Ambassador to Germany. The Chancellor is
representatives."
expected to return to Vienna on Monday. He is beThere have been rumors from Rome that the Ital- ing accompanied to Verona by Herr Segur, Austrian
ian Government was considering plans for the annex- Minister of Finance." He arrived in Rome yesteration of Austria. In an Associated Press dispatch day. The Austrian Chancellor was reported to have
from that city it was said that "Italy claims Austria "described to Signor Schanzer the frightful condition
as an Italian protectorate and the Duke of Aosta is of his country, where bread has increased 100% in
k y spoken of as the first Italian Viceroy." In a cable- price since
Aug.1 and meat similarly has risen. He
906
DTP CHRONICLE
said that unless means were found to change the situation at an early date he feared Bolshevist agents
would succeed in inciting the masses to anarchy. It
was declared by the Austrian Chancellor that when
the first appeal was made to the Entente for aid £5,000,000 would have been sufficient to meet urgent
needs, but that now £15,000,000 would be required."
According to an Associated Press dispatch from Verona last evening, at the conference yesterday,
"Signor Schanzer said that Italy was willing to contribute aid as her ability allowed, and that she was
ready to resume the negotiations inaugurated during
the Genoa Conference for the consummation of a
commercial treaty between Italy and Austria. The
Italian Foreign Minister also promised that help
would come from Italy after Austria's condition had
been discussed at the meeting of the League of _Nations in September. Dr. Seipel gave a detailed account of his country's plight." It was asserted in a
London cablegram last evening that "Lloyd George
hurried back to London this morning, cutting short
his holiday at Criccieth, to consult the Cabinet on
the European situation. It is not only the fall of the
mark and the probability of Poincare persisting in
his independent action which is troubling Downing
Street, but the plight of Austria and her threats to
link herself in a little entente with Italy or Germany
that has brought Lloyd George from his Welsh hills."
It seems as if Ireland's troubles never would cease.
The political situation has been further complicated
—nobody knows how seriously—by the fatal shooting Tuesday night of Michael Collins, Chief of the
Provisional Government of the Irish Free State. According to an Associated Press dispatch from London Tuesday evening, he "was shot and killed from
ambush at Bandon, County Cork, to-night, a few
hours after he had received an ovation from the people of Cork City, who for the first time saw the Free
State hero in the uniform of Commander-in-Chief."
The correspondent added that "thus within ten days
two of the most prominent figures in the new Irish
Government have been removed by death. Just ten
days ago President Griffith of the Dail Eireann, considered the brains of the new administration, died in
Dublin. To-night Michael Collins, the Free State's
military genius, was killed at the moment when the
dissipation of the irregular forces in the South was
considered complete." The Chicago "Tribune" corlin cabled that "the news of Mirespondent at Dub,
chael Collins's death has overwhelmed the great majority of the Irish who had seen in him Erin's hope
for peace after the long years of fighting." The managing editor of the "Freeman's Journal" was quoted
as saying that "it means to Ireland what Abraham
Lincoln's assassination meant to America." After
Griffith had been shot it was recalled that there had
been well defined reports only the day before that
"the attempt to kill Michael Collins, head of the Irish
Provisional Government, had been forecast and devised in Ireland to remove this outstanding figure of
the Irish Free State and as a measure of reprisal for
the shooting of Harry J. Boland by the Free State
soldiers."
Announcement was made in Dublin Wednesday
morning that "in view of the assassination of Collins, the Dail Eireann will be summoned immediately, probably meeting on Saturday of the present
week." The Irish Government issued a statement on
the death of Collins, the last paragraph of which
[VoL. 115.
read as follows: "In every phase of the awakened
activity of the nation, the construction, administration, and execution of the military, the personality
of Michael Collins was vivid and impelling. He has
been slain, to our unutterable grief and loss, but he
cannot die. He will live in the rwle of the people,
which he gave his very best to assert and confirm
and which his colleagues undertake as a solemn
charge to maintain." Premier Lloyd George issued
a statement in which he said in part: "I sincerely
hope his death will be the last episode in this dark
chapter of Irish history, and that a new and brighter
story will henceforth be written in the life of that unfortunate land." The newspapers of Great Britain
generally expressed deep regret and sympathy over
the loss of Michael Collins. The "Evening Standard"
of London said: "The assassination of Collins himself is an even heavier blow on the part of this harsh
and perverse destiny,for while the Irish Commanderin-Chief was capable in some measure of repairing
the loss of Griffith's statesmanship, it is difficult to
see who is to fill the place of Collins and make good
the double void which nature and the hand of a murderer have created. The danger to Ireland is not the
return of Eamon de Valera to power. What threatens most is not the strength of the Free State's enemies, but the weakness of its supporters, and we have
to fear not so much the sharp agonies of a vigorously
renewed civil war but the rot of mere anarchy."
Commenting upon the fight over the Irish Constitution, the Dublin correspondent of the Philadelphia
"Public Ledger" said: "The fight over the Irish Constitution looms larger each day as interest in purely
political questions replaces that in military operations for the last two months. Whether the Dail
convenes late or soon, the present Government will
face a fight for its existence once the constitutional
debate gets under way. Well-informed circles declare the question of the Constitution will be considered ahead of all other pending questions affecting
the future of Ireland. From now until the meeting
of the Dail, there will be a constant conference of the
committee on perfecting amendments. In its present form the Constitution represents the agreement
reached between Premier Lloyd George and Mr. Griffith to form a basis of discussion between the British
and Irish Parliaments. Like other achievements of
Arthur Griffith, it represents the best concession he
could obtain from the British after a prolonged conference. Nevertheless, it will be a target for all sorts
of assaults once discussion in the Dail opens."
According to an Associated Press dispatch from
Dublin Thursday evening the new Southern Parliament expected to meet to-day, "when Ministerial
changes necessitated by the death of Michael Collins
and Arthur Griffith are expected to be made." Announcement was made that "meanwhile William T.
Cosgrave is acting as the head of the Provisional
Free State Government, and Richard Mulcahy, as
Chief of Staff, is directing the final phase of the National Army's campaign against the irregulars." The
correspondent added that "the absorbing question of
who is to succeed Collins is discussed on all sides
and, besides Cosgrave and Mulcahy, the names of
Kevin O'Higgins, Minister of Economic Affairs;
Gen. O'Connell, Assistant Chief of Staff, and Gen.
Gerald O'Sullivan are frequently mentioned."
Announcement was made in a Dublin dispatch
yesterday morning that "the Parliament has been
postponed to Sept. 7, as immediate reconstruction of
Aua. 26 1922.]
THE CHRONICLE
the Ministry is not necessary." The New York "Tribune" representative in Dublin cabled that "plans for
a new election in Ireland, as a result of the death of
Michael Collins, were being made to-day while the
body of the slain Commander-in-Chief of the Free
State military forces was twice carried through the
streets of Dublin." It was reported from Cork yesterday that "Tom Hales, who led and accepted the
responsibility for the ambush which killed Michael
Collins, repudiated to-day [Thursday], threw down
his arms and offered to join the National forces.
Tom Hales is the brother of Sean Hales, a pro-treaty
member of the Dail Eireann and has been a fierce opponent of the treaty." According to a London cablegram last evening, "while thousands of sorrowing
men and women moved slowly into the City Hall in
Dublin to-day to take a last look at the face of Michael Collins Eamon de Valera was reported as rallying an army in County Lough and preparing to attack the Irish capital."
A development in the Irish situation of special interest among sympathizers in this country, as well
as in Ireland, was the issuance by Supreme Court
Justice William Burr, of this city, of an injunction
preventing the De Valera faction from withdrawing
any money deposited with American institutions,
"pending settlement of the dispute concerning the
ownership of the fund." The total of money and securities involved in the proceeding was given as $2,300,000, of which approximately $1,500,000 is in securities and the balance cash. It was said that the
funds represent "the moneys collected from Irish
sympathizers in this country on certificates which,
it was promised, would be exchanged for bonds when
Irish freedom was established." According to one
authority, "the action of Justice Burr was the worst
blow that has recently been delivered at the Irish irregulars headed by De Valera." The action was
brought by attorneys in this city, acting on behalf of
Michael Collins and the Irish Free State."
According to Paris dispatches, the French Government is considering the reopening of closer commercial relations with Russia as well as Germany.
The correspondent in the French capital of the Philadelphia "Public Ledger" cabled on Monday that "the
first move towards the resumption of separate negotiations between France and Russia was revealed
to-day in an announcement that Edouard Herriot,
chief of the Radical Socialist Party, will head a
French delegation to Moscow. M. Herriot, in addition to being a Deputy and a power in the left wiAg
of the Chamber, is Mayor of Lyons, which is the industrial heart of France. He has been conspicuous
in the past for his efforts in behalf of the liberal socialist elements in the Government." The correspondent also asserted that "M. Herriot will go first
to Germany for a conference with the representatives
of the German and Russian Governments. The failure of recent attempts at a common entente action
in European affairs has borne its first fruit in the
French negotiations with Germany, and it is considered only a question of months until France will negotiate its own agreement with Moscow." It was expected that M. Herriot would leave Paris about
September 10.
907
Norway; 53/2% in Madrid;6% in Germany;41A% in
Belgium and Sweden;4% in Holland; 33'% in Switzerland and 3% in London. The open market discounts in London were not essentially changed, sixty
and ninety-day bills being quoted at 2%@23'%, in
comparison with 2 7-16@23/
2% a week ago. Money
4% yesterday, in
on call in London dropped to 13
comparison with 2% last week. Open market discount rates in Paris and Switzerland have not
been changed from 4% and 13'%, respectively.
The Bank of England continues to add to its gold
reserves, there having been another small increase
this week, this time of £9,644, while total reserve
gained £817,000 as a result of further contraction in
note circulation of £808,000. Furthermore, the proportion of reserve to liabilities recorded Still another
advance, to 18.08%, which compares with 17.17%
last week and 16.34% the week before. At this time
last year the ratio stood at 15.60% and in 1920 at
14.30%. There was an increase in public deposit's of
£4,289,000, but a shrinkage in "other" deposits of
£6,091,000. The Bank's temporary loans to the
Government were expanded £1,224,000; loans on
other securities, however, fell off £3,855,000. Gold
holdings now stand at £127,417,304, which contrasts
with £128,402,703 in 1921 and £123,028,857 the year
previous. Reserve aggregates £22,412,000, as against
£20,888,148 last year and £16,585,307 in 1920.
Note circulation has been reduced to £123,453,000,
which compares with £125,964,555 a year ago and
£124,893,550 in 1920. The loan total is £75,764,000.
Last year it stood at £78,658,583 and a year earlier
at £75,883,141. Clearings through the London banks
for the week amount to £600,046,000, against £672,627,000 last week and £603,211,000 a year ago.
The Bank's minimum discount rate continues at 3%,
the same as before. We append herewith a statement
of comparisons of the principal items of the Bank of
England's return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1922.
1920.
1921.
Aug. 28.
Aug. 27.
Aug. 23.
Aug. 25.
Aug. 24.
Circulation
123,453,000 125,964,555
Public deposits
18,460,000 17,706.354
Other deposits
105,495,000 116,186,287
Governtn't securities 43,852,000 52,415,435
75,764,000 78,658,583
Other securities_
Reserve notes dr coin 22,412,000 20,888,148
Coin and bullion__ _127,417,304 128,402,703
Proportion of reserve
15.60%
18.08%
to liabilities
3%
Bank rate
57'.
124,893,550
15,363,947
100,591,209
41,555,460
75,883,141
16,585,307
123,028,857
79,800,445
23,260,881
94,918,355
29,784,756
79,569,477
26,893,648
88,244,093
57,612,730
34,918,401
136,109,743
59,454,014
99,253,178
30,382,094
69,544,824
14.30%
7%
22.80%
5%
17.80%
5%
The Bank of France in its weekly statement shows
a further small gain of 366,000 francs in the gold
item this week. The Bank's gold holdings, therefore, now aggregate 5,531,080,075 francs, comparing
with 5,522,131,773 francs on the corresponding date
last year and with 5,590,239,588 francs the year before; of the foregoing amounts, 1,948,367,056 francs
were held abroad in both 1922 and 1921, and 1,978,278,416 francs in 1920. Silver during the Week
gained 91,000 francs. On the other hand, decreases
were registered in all the other items, viz., bills discounted, 54,504,000 francs; advances, 37,607,000
francs; Treasury deposits, 30,950,000 francs; and
general deposits, 118,180,000 francs. A further contraction of 170,456,000 francs occurred in note circulation, bringing the total outstanding down to
36,050,884,000 francs, comparing with 36,782,999,925 francs at this time last year, and with 37,904,Official discount rates at leading European centres 507,195 francs in 1920. Just prior to the outbreak
continue to be quoted at 5% in France, Denmark and of war, in 1914, the amount was only 6,683,184,785
908
THE CHRONICLE
francs. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in both 1921 and 1920 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
Inc.
In France
366,000
Abroad
No change
COMPARATIVE STATEMENT.
Status as o
Aug. 24 1922. Aug. 25 1921. Aug. 26 1920.
Francs.
Francs.
Francs.
3,582,713,019 3,573,764,716 3,611,961,172
1,948,367,056 1,948,367,056 1,978,278,416
Inc.
Total
366,000 5,531,080,075 5,522,131,773 5,590,239,588
Silver
Inc.
285,668,495
254,703,665
91,000
276,752,552
Dec. 54,504,000 1,897,692,000 2,458,113,819 1,909,921,236
Bills discounted
Dec. 37,607,000 2,130,138,000 2,166,626,537 1,965,657,410
Advances
Note circulation._Dec. 170,456,000 36,050,884,000 36,782,999,925 37,904,507,195
64,228,600
Treasury deposits_Dec. 30,950,000
27,597,000
61,821,914
General deposits_ _Dec. 118,180,000 2,111,317,000 2,687,141,142 3,202,813,132
In its statement issued as of Aug. 15 the Imperial
Bank of Germany again showed spectacular changes
in its principal items. Among the most noteworthy
were an increase of 3,258,974,000 marks in Treasury
and Loan Association notes; a gain of 2,284,671,000
marks in bills of exchange and checks, and an expansion of 8,043,884,000 marks in discount and Treasury
bills. "Other assets" advanced 1,133,151,000 marks,
while deposits recorded the enormous increase of
7,297,377,000 marks. Note circulation was once
more sensationally expanded, viz., 6,811,670,000
marks. Smaller additions were 674,000 marks in total coin and bullion, 1,676,000 marks in notes of other
banks, 120,122,000 marks in advances, 5,084,000 in
investments and 739,189,000 marks in "other liabilities." Gold holdings remained almost stationary,
declining only 1,000 marks to 1,004,858,000 marks.
This compares with 1,091,551,000 marks last year
and 1,091,591,000 in 1920. Note circulation totals
204,690,602,000 marks, as compared with 68,206,666,000 marks in 1921 and 56,461,863,000 marks the
year before.
The Federal Reserve Bank statement, issued at the
close of business on Thursday, disclosed a further reduction in gold reserves for the system, but an increase
in rediscounting operations, both locally and nationally. For the combined system, gold reserves
were reduced $5,000,000, while the volume of bills
on hand mounted up $24,000,000 to $556,415,000.
This, however, compares with a total of $1,530,560,000 in the corresponding week of 1921. Earning assets were larger by $21,000,000, while deposits
gained $5,000,000 and Federal Reserve notes in
actual circulation about $4,000,000. The New York
bank gained more than $19,000,000 in gold, the result of a shifting of reserves from the other Federal
Reserve banks. Aside from this, conditions were
very similar to those in the system as a whole. Bill
holdings increased, owing to an expansion in discounts
on Government secured paper and larger purchases
in the open market, $19,500,000. There were increases also in earning assets of $15,000,000 and in
deposits of $34,000,000. On the other hand, the
amount of Federal Reserve notes in circulation declined $4,000,000. The member banks' reserve account showed a reduction of approximately $5,000,000 for the twelve reporting banks, but an increase
of almost $18,000,000 in the New York institution,
bringing the total in the latter instance up to $700,221,889. As a result of these changes, the ratio of
reserve for the system declined .4% to 79.8% and
.5% to 86.7% at New York.
riroL. 115.
mand deposits of $26,874,000, thus indicating that
funds are still moving to interior points. This left
the total of demand deposits at $3,859,847,000,
which is exclusive of Government deposits to the
amount of $58,106,000. Net time deposits, however,
continue to expand and showed another advance of
$5,478,000 to $510,402,000. There were small reductions in nearly all of the reserve accounts. Cash
in own vaults of members of the Federal Reserve
Bank fell $2,128,000 to $53,381,000 (not counted as •
reserve). Reserves of State banks and trust companies in own vaults were reduced $108,000; although
the reserve of these banks kept in other depositories
increased $611,000. Member banks once more drew
down their credits at the Reserve Bank, this time by
$5,208,000, and the result was to counteract the effect of the shrinkage in deposits and cause a decrease
in surplus reserves of $1,380,460. Reserves in excess
of legal requirements now are $48,620,560. The
above figures for surplus are based on 13% reserves
above legal requirements for member banks of the
Federal Reserve System, but do not include cash in
vault amounting to $53,381,000 held by these institutions on Saturday last. The bank statements in
more complete detail will be found on a later page of
this issue.
Money rates at this centre have shown a slight
tendency to harden. The renewal figure has been
low, but nearly every afternoon there has been an
advance in the last hour. Time money appears to
l% higher. There have been no large
be about Y
Government transactions at New York. The first
of the month is less than a week off. Quite likely
the usual preparation on the part of the Government
and corporations for the disbursement of dividend
and interest money may be mentioned as a factor in
whatever flurry may occur in the money market next
week. Little or nothing about it developed this
week. Thoughtful observers of economic and monetary developments are giving special consideration to
the wage advances that have been announced. In
view of the extent to which the revisions upward
have gone already, the opinion is growing rather
rapidly that this country is about to enter another
period of price inflation. Actually it has begun in
the case of the pay of certain groups of common
laborers, so-called, in the steel industry and nonunion bituminous coal miners. The granting of
increases is certain to be followed by increases in the
prices of products. Advances on some classes of
steel products have been announced already. This
in turn would mean that the business of the country
would be on a generally higher price level. More
money would be involved in every transaction. Going
one step further this would result in borrowing from
the banks and other financial institutions by many
who were in tight places financially for some time
after the war, but who more recently have been able
to liquidate a considerable part or all of their borrowings. If the situation develops along the lines
roughly suggested, the Federal Reserve and member
banks, and banking institutions generally would be
found in a notably strong position. It would be
weakened, of course, by a prolonged period of
borrowing again, such as we saw during and for some
time after the war.
Saturday's statement of New York Clearing House
banks and trust companies was about as expected
As to money rates in detail, loans on call covered
and changes were not especially striking. The most
/
1@4%%. A week
important feature was a further decline in net de- a range during the week of 33
AUG. 26 1922.]
THE CHRONICLE
909
Sterling exchange continues to hold its own, and
despite the absence of any favoring developments,
either here or abroad, price levels have been maintained at very close to 4 48 for demand bills. Dulness is still the predominating factor, with large operators holding aloof pending settlement of the weighty
issues now at stake. There was very little in the
way of international news to influence the market
one way or the other. London banks are for the moment maintaining a "hands off" policy and the professional element appears unwilling to risk extensive
commitments with the reparations and debt disputes
still open. Consequently trading was dull and listless and confined to essential routine transactions.
The supply of commercial bills showed no increase to
speak of, which of course aided materially in sustaining values. In the early dealings quotations eased
off from the closing levels of Friday last. Later on
a firmer tendency developed for a while, but in the
closing days of the week British cotton bills began to
make their appearance in moderate volume and this
was the signal for a downward recession, although the
changes in quotations were confined to fractions.
As against this movement, a good inquiry is making
itself felt, at intervals, incidental to coal imports.
Although there seems to be a growing belief that
sterling price levels are likely to remain on a more or
less stable basis, regardless of European political
affairs, bankers are keeping in close touch with affairs abroad and evincing keen interest in the day-today developments. The renewal of demoralization
in mark quotations, which resulted from announcement of France's arbitrary demands with regard to
reparation settlements, was not liked, but the more
optimistically inclined persist in the opinion that a
way will ultimately be found out of present difficulties. Factors favoring stability in sterling values
are the improvement in Britain's balance of trade,
continued easy money here and abroad, the prospect
of further heavy gold shipments and the likelihood
of imports of coal to this country for some little time
to come.
As to the day-to-day rates sterling exchange on
Saturday last was steady and practically unchanged;
quotations moved within narrow limits with demand
at 4 47%@4 48 1-16, cable transfers at 4 48@
8@4 47 7-16;
/
4 48 5-16 and sixty days at 4 461
trading was quiet. Monday's market was a quiet
SPOT DELIVERY.
light; prices,
30 Days. affair and the volume of business was
80 Days.
90 Days.
Prime eligible bills
334@3 however, ruled
354 3
35463
higher, advancing
slightly
strong
and
FOR DELIVERY WITHIN THIRTY DAYS.
4@4 48 9-16
35i bid to 4 48@4 48 5-16 for demand, 4 481
Eligible member banks
354 bid
Eligible non-member banks
3% bid for cable transfers and 4 46%@4 46 11-16 for sixty
Ineligible bank bills
days. A reactionary movement set in on Tuesday
There have been no changes this week in Federal and demand bills declined a fraction, to 4 47%@
Reserve Bank rates. The following is the schedule
4,with cable transfers at 4 47%@4 48 and sixty
of rates now in effect for the various classes of paper 4 473
at 4 45%@4 463/
days
8, the weakness was said to
at the different Reserve Banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
due
to
be
moderate offerings of London cotton bills
IN EFFECT AUOUST 25 1922.
this
in
market.
On Wednesday prices again receded
Discounts° outs maturing
within 90 days(ina. memslightly under dull, narrow trading; the day's range
ber banks 15-day collateral
notes) secured by—
AgriculBankers'
Trade turaJ and was 4 47 1-16@4 47 7-16 for 'demand, 4 47 5-16@
acceuTreasury
Federal Reserve
aecep- Hoe-stock
faeces
paper
Bank of—
notes and Liberty
4 47 11-16 for cable transfers and 4 45 7-16®
Other- diseted
lances
certiftbonds
wtse
for
maturing maturing
cases of
and
Secured member
within 91 to 180 4 45 13-16 for sixty days. Dulness was still in eviindebtVictory
days
and
90 days
banks
edness
notes unsecured
dence on ThurSday, although the market was slightly
4
4
4
Boston
4
4
a
more active than on the earlier days of the week;
4
4
York
4
New
4
4
4
Philadelphia
434
454
434
434
434
434
inquiries,
largely for foreign account, were noted and
455 I
Cleveland
434
434
455
455
434
455
Richmond
455
434
434
44
434
offerings
were freer; consequently quotations were
455
434
Atlanta
455
434
434
434
434
3
434
Chicago
455
455
434
434
at
lower,
4 47@4 473/2 for demand, 4 4734@4 47%
Bt. Louis
454
434
455
455
434
434
Minneapolis
454
455
434
434
434
434
for cable transfers and 4 45%@4 45% for sixty days.
Kansas City
455
434
431
454
434
434
434
Dallas
434
455
434
434
434
On Friday the undertone was irregular and easier,
4
4
San Francisco
4
4
4
4
with demand ranging at 4 471404 47%, cable trans-
ago the range was 3@4%. These figures cover
mixed collateral and all-industrials without differentiation. Monday 4% was the high, the low 331%,
with renewals at 332%. On Tuesday the range was
3M@4% and 33/2% still the renewal basis. Call
funds again renewed at 33/2%, which was the minimum figure, on Wednesday, but a brief flurry occurred late in the day which carried the call rate up
Thursday and Friday loans on call did
to
4%,
not get above 4%, but renewals were made at 33
and this was the low on both days. The firmness
was due to increased activity in the stock market.
In time money a fair demand was noted,but the volume of business transacted was moderate. Quotations reinained unchanged up to Friday (yesterday),
when a slightly firmer undertone carried rates up to
4% for sixty and ninety days, against 3%@4%,
43.1% for four and five months, against 4@414%,
and 432% for six months, against 431@4%
last week.
Commercial paper rates were not changed from
3%@4% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
with the bulk of the business still at the higher figure.
The 3%% rate represents chiefly transactions in
New England mill paper. Names not so well known
require, as heretofore, 43%. Both New York and
out-of-town banks were in the market, but business
was quiet. Offerings were larger than has been the
case of late; the inquiry, however, was sufficient to
absorb all available supplies.
Banks' and bankers' acceptances were fairly active
and a slight broadening in the demand was noted.
Offerings of prime names, however, were scarce,
so that the turnover was restricted. Brokers are
said to be looking for increased activity in the not
distant future. The undertone was firm and quotations at levels previously current. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council is now 314%, against
3% the previous week. The Acceptance Council
makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 33i% bid and 31
4% asked for bills running
150 days; 331% bid and 3% asked for bills running
120 days, and 3/
8% bid and 3% asked for bills
running from 30 to 90 days. Open market quotations follow:
910
THE CHRONICLE
5 and sixty days at 4
fers at 4 47%@4 47%
4531@
4 459. Closing quotations were 4 453/2 for sixty
1 for demand and 4 479/i for cable transclays, 4 47%
fers. Commercial sight bills finished at 4 46%,
sixty days at 4 449, ninety days at 4 44, documents
1 and seven-day
for payment (sixty days) at 4 45%
grain bills at 4 46%
1 . Cotton and grain for payment
closed at 4 46%•
The week's gold movement was relatively small,
comprising only about $670,000 on the Majestic,
$4,000,000 on the Aquitania, from England, and
$467,000 in gold bars on the Paris from France.
Small miscellaneous shipments from South American
points were: 3 cases and 33 bars of gold on the
Baracoa from Porto Colombo and 5 packages of gold
on the Alvarado from Guayaquil. The Baltic is on
its way here with $875,000 on board.
[VOL. 115.
heavy, having declined to 0.00116. Industrial produc-.
tion in Poland is said to be increasing and the crop'
outlook reported to be good. An unwieldy balance
of trade is probably the chief factor in depressing'.
quotations. Since the end of June the Polish mark
has suffered a decline from 4,700 to 7,500 to the
dollar. Rumors are current that Czech municipalities are in negotiation with a consortium of American
bankers for loans to the amount of about 450,000,000
kronen.
The London check rate in Paris closed at 57.50,
which compares with 56.63 a week ago. In New
York sight bills on the French centre finished at
7.53, against 7.93; cable transfers at 7.54, against
7.94; commercial sight at 7.51, against 7.91, and
commercial sixty days at 7.48, against 7.88 last
week. Closing rates for Antwerp francs were 7.15
for checks and 7.16 for cable transfers, which compares with 7.63 and 7.64 a week ago. Reichsmarks
finished at 0.053/i for both checks and cable transfers
alike, against 0.079 and 0.07% a week earlier.
Austrian kronen closed at 0.0013 (one rate for
checks and cables), against 0.0015 and 0.0017 the
week previous. For, lire the close was 4.32 for
bankers' sight bills and 4.33 for cable remittances.
A week ago final quotations were 4.52 and 4.53.
Exchange on Czechoslovakia finished at 3.55,
against 2.88; for Bucharest at 0.81, against 0.74; on
Poland at 0.00116, against 0.00135, and on Finland
at 2.17, against 2.14 the week preceding. Greek
drachma ruled steady and finished at 3.20 for checks
and 3.25 for cable transfers, unchanged.
In the Continental exchanges movements were
irregular and the undertone weak. Although trading
was of negligible proportions for the most part, wide
fluctuations occurred, causing considerable confusion.
At times price changes were decidedly erratic. This
was especially true of reichsmarks, which suffered a
renewal of the heavy pressure witnessed last week
and as a result broke to the lowest price ever recorded, namely,0.043/i for checks, or more than 2,000
marks to the dollar. Most of the selling was again
for foreign account and conditions bordering upon
demoralization reigned. This was, of course, due
almost wholly to the sentimental influence of France's
refusal to agree to the suggested terms for a moratorium, concurrently with the apparent unwillingness of the German Government to listen to French
The former neutral exchanges were apparently not
counter proposals. In the London market, where affected by the sensational weakness in other leading
huge quantities of mark exchange were offered for European currencies and quotations were stable at
sale by speculative holders, the quotation took an- or near the levels prevailing a week ago. Dutch and
other downward plunge, to 8,600 to the pound. Swiss exchange ruled strong and a trifle higher.
Austrian kronen likewise ruled heavy and the quota- Scandinavian rates were well maintained, and a
tion dropped to 0.0013 for checks. Subsequently, feature was an advance to 26.79 for Swedish reboth of these currencies firmed up slightly on a mittances. Copenhagen exchange was firm, but
lessening in the attempts to sell and some of the Norwegian sagged off slightly, and the same is true
losses were regained, but the close was at the lowest of Spanish pesetas; albeit trading was not active and
for the week. According to bankers here, quotations the volume of business comparatively small.
on both marks and kronen are at best nominal and
Bankers' sight on Amsterdam closed at 39.05,
the customary differential between checks and cable against 38.83; cable transfers at 39.10, aganist 38.88;
transfers has for the time being been dropped. commercial sight at 39.00, against 38.78, and corn- French exchange gave a better account of itself at mercial sixty days at 38.66, against 38.42 last week.
the beginning of the week and the quotation alter- Swiss francs finished at 19.07 for bankers' sight bills
nated between 8.003i and 7.83 for checks, but the and 19.08 for cable transfers, as contrasted with
collapse in marks had a depressing effect and on 19.05 and 19.06 a week ago. Copenhagen checks
Friday there was a slump to 7.43, with Belgian closed at 21.55 and cable remittances at 21.60,
exchange, as usual, closely paralleling the fluctuations against 21.61 and 21.66. Checks on Sweden finished
in French francs. Lire attracted some attention by at 26.79 and cable transfers at 26.84, against 26.44
turning weak after having ruled comparatively steady and 26.49, while checks on Norway closed at 17.11
for some time, and there was a loss of about 29 points and cable transfers at 17.16, against 17.37 and 17.42
to 4.28. Renewed industrial unrest in Italy, coupled the week before. Pesetas finished the week at 15.52
with a diminution in the volume of remittances for for checks and 15.57 for cable transfers. Last week
tourist account, were held responsible for the weak- the close was 15.56 and 15.61.
ness. Interest in Austria's financial dilemma was
As to South American exchange a slightly easier
revived this week by advices to the effect that Austria feeling was apparent, so that the check rate on
was on the point of giving up the struggle for existence Argentina declined to 36.25 and cable transfers to
as an individual nation, and would likely consider 36.373/2, against 36% and 363/
2 last week. Brazil,
the merging of her territory with some one of the however, remained stationary at 13.40 for checks
surrounding nations. A serious obstacle to improve- and 13.45 for cable transfers. Chilean exchange,on
ment in the status of Austrian kronen is the unfavor- the other hand, was strong, advancing to 143/
2,
able trade position of that harassed country. On the compared with 13.65, and Peru, to 4 04, against 4 00
other hand, Czechoslovakian currency continues to last week.
Far Eastern exchange was as follows: Hong Kong,
rule strong, moving up to 3.55. Rumanian and Finnish
exchange were likewise firm, but Polish marks were 583A583/2, against 583'A583/
2; Shanghai, 783.1@
78M, againt 773@77%; Yokohama, 48@483/2,
/@
against 48@4831; Manila, 49@493'4, against 493
49N; Singapore, 523@52M (unchanged); Bombay,
4@
2931@29,against 29@29h, and Calcutta, 293
293/ (unchanged).
Pursuant to the requirements of Section 403 of the
Emergency Tariff Act of May 27 1921, the Federal
Reserve Bank is now certifying daily to the Secretary
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below
the record for the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER EMERGENCY TARIFF ACT,
AUG. 19 1922 TO AUG. 25 1922, INCLUSIVE.
•.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary Unit.
Aug. 19. Avg. 21. Aug. 22. Aug. 23. Aug. 24. Aug. 25.
$
$
$
$
$
$
EUROPE.000014 .000014 .000014 .000014 .000013 .000013
Austria, krone
.0757
.0759
.0752
.0750
.0741
.0722
Belgium, franc
.006442 .0065
.006414 .006371 .0063
.006371
Bulgaria, ley
.029906 .030978 .031925 .034433 .033889 .035331
Czechoslovakia, krone
.2161
.2162
.2162 • .2160
.2159
.2158
Denmark, krone
4.4792 4.4830 4.4767 4.4734 4.4753 4.4759
England, pound
.02145 .021388 .021413 .02155 .021588 .021713
Finland, markka
.0796
.0800
.0792
.0789
.0778
.0760
France, franc
.000785 .000916 .000759 .00069 .000555 .000539
Germany, reichsmark
.0320
.0320
.0321
.0320
.0319
.0320
Greece, drachma
.3896
.3898
.3894
.3892
.3906
.3907
Holland, guilder
.00061 .000557 .000633 .000613 .000589 .000574
Hungary, ki one
.0453
.0454
.0452
.0449
.0445
.0435
Italy, lire
.002947 .00295 .002908 .002892 .002893 .002903
Jugoslavia, krone
.1737
.1741
.1738
.1727
.1719
.1716
Norway, krone
.000130 .000128 .000126 .000119 .000114 .000117
Poland, Polish mark
.0685
.0677
.0630
.0600
Portugal, escuda
.0584
.0569
.007556 .007863 .008425 .008131 .008106 .008075
Rumania,leu
.0118
.0118
.0117
Serbia, dinar
.011614 .011586 .011629
.1563
.1564
.1562
.1559
.1558
.1555
Spain, Peseta
.2649
.2652
.2652
.2858
.2664
Sweden, krona
.2678
.1908
.1907
.1907
.1907
Switzezland , franc
.1907
.1907
ASIA.8079
.8063
.8004
.0825
.8058
China, Chefoo tadl
.8067
.8013
.7996
.7938
" Hankow tael
.7958
.7992
.8000
" Shanghel tadl
.7734
.7719
.7675
.7675
.7726
.7754
" Tientsin tael
.8121
.8113
.8054
.8067
.8108
.8117
" Hong Kong dollar_ .5764
.5782
.5736
.5736
.5747
.5756
" Mexican dollar
.5625
.5618
.5581
.5617
.5566
.5598
" Tientsin or Peiyang
dollar
.5650
.5650
.5600
.5625
.5617
.5617
.5708
" Yuan dollar
.5717
.5663
.5704
.5875
.5692
.2906
India, rupe
.2906
.2907
.2902
.2203
.2903
.4770
Japan, yen.4769
.4771
.4781
.4770
.4770
.5188
Singapore. dollar
.5183
.5196
.5196
.5200
.5196
NORTH AMERICACanada, dollar
.998021 .998203 .998021 .998125 .998444 .998438
.998875 .999063 .998375 .9980
Cuba, peso
.998563 .998188
.483594 .484025 .48515 .485775 .4854
Mexico, peso
.485313
Newfoundland, dollar_._ _ .99625 .995859 .996172 .996094 .996094 .996172
SOUTH AM ERICA.8243
.8240
.8227
.8199
.8184
.8178
Ar gentina. peso (gold)
.1331
Brazil, milreals
.1330
.1325
.1333
.1324
.1330
.8159
.8089
.8012
.8013
.8000
.8015
Uruguay. Peso
.1365
.1384
.1431
Chile, peso (paper)
.1390
.1431
.1411
The New York Clearing House banks, in their
_ operations with interior banking institutions, have
gained $4,037,987 net in cash as a result of the currency movements for the week ending Aug. 24.
Their receipts from the interior have aggregated
$5,052,987, while the shipments have reached $1,015,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Aug. 24.
Banks'interior movement
Into
Banks.
Out of
Banks.
$5,052,987
$1,015,000 Gain $4,037.987
Gain or Loss
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Aug. 19. Aug. 21.
911
THE CHRONICLE
AUG. 26 1922.]
Tuesday, Wednesd'y, Thursday, Friday,
Aug. 22. Aug-23. Aug. 24. Aug. 25.
Aggregate
for Week.
47,700,000 58,500,000 38,200,000 67,600,000 47,800,000 46,000,000 Cr. 305,800,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
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 bullion in the principal European banks:
Aug. 25 1921.
Aug. 24 1922.
Bank., of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
128,492,703
England_ _ 127,417,304
127,417,31 .128,402,703
France _ a _ 143,309,021 11,400,000154,709,021 142,930,589 11,040,000 153,990,589
828,200 55,405,350
Germany _ 50,111,380
976,650 51,088,03 54,577,150
Aus.-Hun_ 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Spain
100,937,000 25,850,000126,787,00'99,804,000 24,939,000 124,743,000
Italy
34,568,000 3,049,000, 37,617,000 33,141,000 3,001,000 36,142,0011
917,000 51,414,000
Netherl'ds 50,496,000
726,0001 51,222,000 50,497,000
Nat. Belg- 10,864,000 1,857,000 12,521,111 10,663,000 1,574,000 12,237,0011
Switzland 20,648,000 4,622,000 25,270,000 21,778,000 4,421,000 26,199,000
15,837,0011
Sweden_ _ _ 15,218,000
15,218,001 15,837,000
Denmark _ 12,683,000
206,000 12,852,000
218,000 12,901,011 12,646,000
8,115,000
Norway
8,183,000
8,183,111 8,115,000
Total week 585,178,705 51,067,650636,246,35 589,355,442 49,295,200638,650,642
Prey. week 585,224,421 51.182,650636,407,071 589,290,703 49.209.100638,499.803
a Gold holdings of the Bank of France this year are exclusive of £77,934.182
held abroad.
THE BONUS BILL-JUST COMPENSATION OR
A POLITICAL CLUB?
There has been no clearer illustration of the political power of a highly organized minority in a democracy than is demonstrated by the work of the
American Legion for the bonus bill. The propaganda
put forth, and the direct pressure brought to bear by
the local posts upon individual members of Congress, has exceeded in effectiveness that of any similar movement in our history. They have concentrated
all of their force upon a definite and simple objective-one easily understood by all. No argument is
advanced for the national good. The appeal is not
to patriotism, but to self interest in its narrowest
form-self interest as opposed to national interest.
The reason the ex-soldier fights for the bonus is because he desires to receive a sum of money-a donation-from the public Treasury. And this with the
full knowledge that there is no money in the Treasury which is not already more than obligated by urgent national needs. And, as is the case with all
Government grants to ex-soldiers, the noble sentiments which supported the war are being played
upon to gain popular support.
Ordinarily movements of this character, especially
during the first two decades after a war, limit themselves to appeals,for aid for the disabled soldier or
for soldiers' dependent wives or children. But there
is no need for any such movement here in behalf of
our disabled of the Great War. They are being taken
care of in so far as money and human ingenuity can
do it. The Government is spending about $500,000,000 a year for this purpose. It is providing not only
for personal support and hospitalization, but is furnishing an average of about one attendant for each
of the 28,000 hospital patients. It is the declared
policy of the Government to see these men through to
the end, regardless of the financial outlay.
What about these able-bodied men who came back
from the war unscathed? The Government took
them and gave them a splendid physical and mental
training. It sent them abroad to the great adventure
in which they gained invaluable experiences. They
are envied by those who, for one cause or another,
did not go over. They were the best equipped, best
fed, and highest paid of any soldiers in the world.
And after all, it was their war. They were not fighting as mercenaries.
This question of pension, grant, bonus-by whatever name it is called-was in the minds of Congress
when the War Risk Act was passed. Provision was
made for the insurance of the life of each soldier at
a maximum of $10,000, and for allowances and allotments in case of partial disability. It was argued
at the time as a reason for its passage that this Act
would make unnecessary the passage of any pension
act after the war. Furthermore, when our soldiers
returned and were discharged they were each given
912
THE CHRONICLE
a bonus of $60 and transportation home. This bonus
made a charge of more than $250,000,000 on the
Treasury. In addition, many of the State Governments have made grants of money to the soldiers going out from their respective Commonwealths. The
sums of money already received by these able-bodied
soldiers exceed those granted by any other Government in the world to its veterans of the Great War.
And surely our soldiers rendered no greater service
to civilization or country than did those legions of
British subjects who for four long years fought with
such splendid valor, leaving nearly one million dead
upon a foreign soil.
Many of our ex-soldiers who will receive this bonus
never saw the battle line. Some were in training
camps on this side and numbers of others were either
en route or in training camps in France. When one
thinks of the mental and physical suffering and the
privation of the civilian population of the United
States during that terrible winter of 1917-18, with
its restricted rations and fuel and its death-dealing
influenza, it can be said without offense that, after
all, many of these bonus-seeking soldiers saw Paris.
It takes a brave Congressman, in the face of an approaching election, to remain true to the interests of
the nation when there is an opposing organized group
in his district apparently strong enough to defeat
him. The financial argument (not to mention the
moral) against the soldiers' bonus bill is so overpowering and so simple that it is hoped that there will be
enough hard-headed Americans in Congress to sustain a Presidential veto after the bill has passed the
Senate. Nobody wants to increase the public debt,
and a further increase in taxation would be intolerable.
WHOLESOME TRUTHS—THE FARMER AS A
SHEET ANCHOR.
It was inevitable, at this time, that the following
statement of Secretary Wallace,in his recent address
at Leesburg, Va., made in behalf of the farmer (and
referred to in our issue of Aug. 19, page 821) should
attract wide attention: (the farmer) "calls upon
capital and labor to cease their petty bickerings and
resume production, trusting to American institutions and the American sense of fair play to see that
justice is done to both of them." For our part we
find deep significance to the country in this statement taken from the same address. Secretary Wallace has been contrasting the effects of "deflation"
upon the wages of workmen, still way above the antewar period, and the prices of the farmer's products,
now reduced to about the pre-war rates, as to chief
crops, such as corn and wheat. And then he follows
with this: "They" (farmers) "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." Though this might seem a
sort of admission in justification of the "farm bloc,"
the following dispels this as to the essential soundness of Mr. Wallace's position. He says: "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 production to his own needs.
[VoL. 115.
He can follow the example of some others and refuse
to sell what he produces. 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 of conditions that exist in Russia."
Secretary Wallace by long training and experience
is entitled to speak for the farmers. He was an
editor-farmer before being a member of the Cabinet.
His voice, therefore, is the voice of about one-third
of our population—and all of them workers, for the
women and older children work on our farms at the
lighter forms of employment,though not, as in European countries, in the fields. As we write the shop.
men's strike is not settled and hundreds of carloads
of fruits and perishable products are denied shipment. Compare, then, this meagre part of a vaunted
"union-labor," that has never claimed more than four
millions under organization, with this "one-third" of
actual producers! Then add to this the countless
thousands in towns and cities, on salary or in small
but helpful businesses, and say whether the handful
ought to be allowed to try to control the whole by
methods of rank obstruction! But our intent is to
emphasize particularly these words of hopeful trust
in "American institutions and American sense of
fair play." For the farmer is by necessity an individualist, and lives and works in this atmosphere of
trust in each other.
And we all do. We wish that we might make this
plain. Not a field is planted, not a factory run, not
an investment made in enterprise, and not a stroke
of labor performed, but upon the conviction all others are wroking, planning, to the end of making a
living (making money if you will), assured that in
the interchange of results in the marts there is plenty
and prosperity for all. Not, mark you, that each will
reap in the sense of share and share alike, but that
in the freedom of all to plan and work there is Opportunity for all. He who sulks and shirks and strikes
is thus an enemy of society. He destroys the faith
of those who trdst in the labor of man to fulfill a
common destiny. If one by one these groups and
blocs cease to work and produce, the natural harmony of competitive effort and the co-operative effect
of the whole is broken. This, indeed, is economic
war. And the time will never come when this process
of "ceasing to labor" (not one man at a time as exigency may necessitate, but all together as alleged
self-interest, even spite and selfishness dictate) can
form the basis of a union between farmers and trades
workers—though certain vain and foolish labor leaders would have us believe such a thing possible.
Will any sane man produce for sale that which he
knows no one will buy? Will men initiate any enterprise foredoomed to failure if they know it? Will
any man work for wages or salaries agreed upon between himself and his employer when he knows he
will not and cannot be paid? Do we, then, trust in
the fact that all others are at work at something useful, doing some part in the orderly processes of that
comibned commerce by which we all live? It follows
that "organization" for the purpose of using the
"strike," for the purpose of concerted stoppage of
work, is inimical to the interests of society, is contrary to the spirit of our free democratic life, and in
so far as by groups and unions it succeeds, is communistic in its nature, and subversive of all true
brotherhood in its effect. So safe, so certain are we
in our American institutions that we have almost regarded this coercive process as a gnat upon an ox's
Aug. 213 10,22.]
THE CHRONICLE
913
kern. But when the gnat becomes a gad-fly that of living fit in with growing scarcity of commodities
leaves tie commerce no rest, the owners and drivers on which to live is a problem which will possibly
come up, some day, before the A. F. L. and its deof the country will smite it.
luded adherents in a manner that will brutally deOLD
mand rapid solution.
STANDARD"—THE
THAT "AMERICAN
VIEW.
UNION
OR
AND THE NEW
A case has come into print which illustrates the
"BETTER TIMES."
chief reason why we have so much trouble in our inA great amusement enterprise, which selects a nevi
dustrial operations. Commissioner Whalen of this motto each year, has chosen for 1922-1923 the encourcity's Department of Plant and Structures required aging words, "Better Times." We like the spirit of
an engineer,jor whose services he was authorized to the management, whatever be the results. And who
pay $3,200 a year. The working time was to be reg- can say that there is not a very subtle psychology, a
ularly 8 a. m. to 4.30 p. m., but when occasion arose potential good we cannot measure, in the endeavor?
might be as much longer as the occhsion demanded. As a man thinks, so he is—and while it may look like
The job was offered to an engineer whose name stood the pastime of fools to try to fool ourselves
on the eligible list of the civil service; he thought it in our own thought, millions are doing it unconover and replied that he was willing to consider it, sciously.
at $4,320 instead of $3,200 a year, but there was one
There is a theory that if you whisper to your subdifficulty he found himself obliged to mention. conscious mind at regular intervals that you are goWhere he lived it would be impossible for him to get ing to accomplish results, you will gain the power to
breakfast before 7, and hence he could not begin do so. If you are sick, deny it often enough to your
work at 8; moreover, the proposed hours would re- subconscious mind, ruler over digestion, circulation
quire him, in winter, "to get up before my apart- and respiration, and you will grow well. There is,
ment was heated." With this little difference as to nothing new about this wonderful psycho-analysis:
hours and compensation fixed, he was ready to "con- Certainly, and we will all admit it, in seriousness,
sider." But Mr. Whalen also considered, and was not if we give assertion to the tought that "better times"
long in deciding that to subject such a fine gentle- are coming, assert this unitedly, better times will
man to any hardship would be too cruel.
come, and come sooner than if we walk about fit
From time to time, we have been favored with gloom and say to each other, "business is bad, very
rhapsodies about the "American standard" of liv- bad." Just as truly we can borrow trouble, if we
ing, and budgets have been offered, to show how im- will; cross the bridge before we come to it; and prepossible it is for rail men and miners to attain that dict the end of the world with melancholy pleasure.
upon existing wage schedules, notwithstanding the And any old doctor will tell you, one schooled in predollar has larger purchasing power than in 1917. It psycho-analysis days, that to hang about a sickroom
is known—for the pronouncements and the conduct with lugubrious faces and tell harrying stories of
of organized labor show it unmistakably—that, as those who died, is not good for the patient. Even bethe world appears through union glasses, only those fore the advent of the germ and the X-ray the use of
work who wear overalls and jumpers; everybody bread pills in certain cases of
hysteria was sometimes
else (except union leaders and walking delegates) resorted to—and it is not
without proof that the
either lives fatly off the sweat of the poor working- hypochondriac got
better, whatever the cause.
man or just makes believe he works. This being the
We overheard two business men talking. One said,
fact, and inasmuch as it is also clear that the persist- "Business, though, in all lines bad." The other reis
ence of life on the planet requires work by somebody, plied,"Yes—but we have had some mighty good days
it is an unshakable and irresistible conclusion, in lately—made a thousand-dollar cash sale yesterday
unionized reasoning, that only union members in that came in mighty
handy." What will Number One
good standing have any rights at all, all others being of this colloquy do when he gets back to the store?
idlers, or, possibly, common strike-breakers. There- sulk and do nothing—or increase his exertions? The
fore, down with them! It is Nature's law that the chances are, well we don't know the ratio, but we will
fittest shall survive, and we within the union pale venture that the chances are ten to one that he will
are they. It is all so simple.
strive all the harder to get that portion of the good
Nobody can begin work before breakfast, and it is business going about, that belongs to him. So that if
too much to expect that anybody shall rise and dress, we all sing in unison that good old song—"Better
in winter, until somebody has made the bedroom Times are Coming,"we willall work harder, and what
warm. But a time has been when men rose before brings Good Times but hard work? It is "the strong
anything on stiff winter mornings and broke paths pull and the long pull and the pull all together," an
to the barn through deep snow to feed the stock, and old sea chanty, hoary with honor before the days of
when women also did considerable pretended work patented advertising, that "brought results."
before breakfast, and boys shook some stray snow off
We need not try to deceive ourselves, only change
their bed coverings as they rose. The foundations of ourselves—get a new outlook. That World War is
the country were being laid in those days; but now we over. There is still some sporadic fighting, and by
have become so unionized that another American far too many armies encamped, but what are these
standard has arisen, whose first rule is that "George" hundreds of millions doing? Are they not working
may take my share of the privations compelled and in Germany, Belgium, France, England, as "never
the heroism challenged, and if I can't have exaCtly my before," despite all the poor pay, the huge debts, the
own way I'll just pull the sky down on this country depressed exchanges and depreciated currencies, and
that calls itself free but isn't.
that work bringing harvests in agriculture and manA clear understanding of any controverted subject ufacture? Russia? What a wonderful illustration
is always helpful to settling it. The union idea is to of the adage "Where there's a will there's a way" is
get more and more in dollars for less and less time that Fair at Niji Novgorod, a renewal of actual barand product. How to make the American standard ter between merchants, no other method being avail-
914
THE CHRONICLE
[voL. 115.
able. A reaction to simplicity in trade in the very that Mr. Westinghouse was right, and became his
face of all the magnificent contentions of a corrupt close friend.
The epochs marking the progress of man viewed
Communism. Man lives, here and everywhere, by the
a material standpoint, before the Age of Steam,
from
.production.
exercise of energy applied to necessary
Travelers tell us that the after-the-war hilarity in have been pointed out as the use of fire, the invenforeign countries is diminishing. Economists tell us tion of the bow and arrow, the use of pottery, the
that the actualities of daily trade, the settling proc- domestication of animals, the manufacture of iron
esses, are constantly at work. Financiers tell us that and the written alphabet. Printing, gun powder, and
if the Governments concerned would only "settle up" the mariner's compass may be added to the list. The
(politics) there would soon be a loan. And as for all significance of the great inventions of our age must
that is embraced in "international relations," dispar- not be overlooked in the rush of modern life and the
aging no rightful influence we may exert, our own numberless inventions which now cease to surprise
, us. A new world in sky, earth and sea has opened
-productive area is so vast and varied that "trading
jackknives" will bring us a huge measure of "pros- for the men of to-day. One single change, that in the
forms and facilities of transportation, is doing perperity."
What then? "Better Times" are coming, are on haps more than any one that has preceded it
-the way—and there is nothing can prevent, unless to bring the ends of the earth together, to make its
we all elect with sanctimonious piety to "cease from beautiful productions available for all and to unite
-working," or conclude to re-enact the chief cause of men in human brotherhood. Mr. Westinghouse's inall the causes of our ills and undertake another war. ventions and his untiring labors were directed to this
Things have a way of righting themselves if let alone. end, and no man has done more to make it a reality.
The story of all this in careful and trustworthy deWe undoubtedly have taken on the habit of concerning ourselves unduly over things far away. Let us tail attractively told will be found in the Life. It jusall, while we work, smile—and as we smile, think on tifies the words with which the author sums up the
the inevitability of "Better Times." And lo, they are work: "We venture to say, with due regard to the
meaning of every word, that a thousand years from
here!
now, when scholars and philosophers try to measure
the influence in the history of the human race of the
THE LIFE OF GEORGE WESTINGHOUSE.
"A Great American" is what a distinguished era of manufactured power, and when they try to
French engineer calls the late George Westinghouse, name the illustrious men of that era, they will write
whose "Life," by an intimate associate, Henry G. high in the shining list the name of George WestingProut, we have from the press of Scribner. "A Great house."
It was long ago said of other men,"the man is alAmerican," "a true gentleman, a great-hearted man,
greater than his work." Here is the story of a
ways
an incomparable mechanician."
interesting in its personal details. Here is
most
life
Renan said "the establishment of the Christian religion was the capital event in the history of the a heredity, clear and positive, with wide significance.
world." In a similar sense it has been said that the A lad stout in frame and clear in brain, an immiinvention of the steam engine by James Watt in grant Westphalian, coming over with his widowed
1769 was the capital event in inaugurating the "Age mother, a century and a half ago, and settling among
of the Creation of Power," if that term be used for the the Yankees of Vermont. Then three generations of
era in which we live, when men have learned "to strong men, all serving the State as opportunity
manufacture power," by dealing with the resources arose until the great-great-grandson, a youth not yet
of Nature as never before. Since that day certain 17, enlisted in the Civil War,coming home at its close
epochs have been marked by the invention of the to take up his work in his father's shop, of all which
air-brake with the connected system of interlocking he could say two years before his death: "My early
signals and switches, now,in whole or in part, in use greatest capital was the experience and skill to work
on the railways of the world; the possibilities and with all kinds of machinery, coupled later with lesemployment of the alternating current of electricity sons in that discipline to which the soldier is rewith its central power station, its reduction system quired to submit, and the acquirement of a spirit of
and its motors, which made that exhaustless energy readiness to carry out the instructions of superiors."
His father was a strong, calm,good man with much
available for every form of human industry from the
skill. The son soon made his first invenmechanical
the
to
plant
sewing
machine; and the
Niagara power
in
tion
became at once a fertile line. He could
what
revolutionizing
fast
the
steam engine;
steam turbine
his inventions were never a flash of gethat
later
say
original
inventions
of
Mr.
Westingthe
all either
house, or developed by him into the forms they have nius, or of something made to sell, or as a speculation; they were for use in his own shop, generally
to-day.
meet an immediate need. He had the courage of
to
These were but several of the creations of this reconvictions, even when the conditions of the probhis
markable man. He took out in all some 400 patents,
especially as regarded the amount of power to
lem,
years,
besides taking out 134
and in a certain eleven
with, as at Niagara, were so far beyond all
dealt
be
six
important
companies which
patents, he started
that it was necessary to devise a considprecedent
air-brake
the
through
great
carried
its
one
still exist,
of new apparatus, much of it differamount
erable
of
important
all,
altermost
started
the
crisis, and,
anything of the kind hitherto infrom
materially
nating current revolution in industrial history. ing
situation to arouse strenuous
a
elsewhere;
stalled
What this last means is shown when it is rememthe
from
competent and the ignorant.
both
criticism
bered that when Tesla brought to America his primimost popular electrician
the
case
particular
this
In
tive motor in 1888 driving a ten-inch ventilating fan
1889: "There is no
November
in
wrote
world
the
in
Lord
Kelvin, the greatest
'was the limit of its power.
of high alternating
use
jusrtify
the
will
which
plea
who
generation,
opposed Mr. Westphysicist of his
a commercial sense
scientific
or
a
in
either
currents
projects
to
his
use
advance the
inghouse for years in
personal
desire
would
.
.
my
be to prohibit
and
eventually
current,
acknowledged
of the alternating
AUG. 26 1922.]
THE CHRONICLE
entirely the use of the alternating current." Two
hundred and twenty volts measured the limit of
available use of electricity, when Westinghouse's
marvelous creative imagination came to the aid of his
purpose. The result is that by 1919 the central power
stations in the United States generated 40,000,000,000 kilowatt-hours of energy, which was carried over
87,000 miles of high-tension transmission wires to be
transformed into low voltage wherever wanted. Later
figures would be much greater but are not available.
Lord Kelvin said: "The electric development we
know to-day would long have halted without Mr.
Westinghouse's daring and resourcefulness."
He knew how to surround himself with able men
and he As always generous in his relations to them.
He lived among his men and worked with them.
"Once a Westinghouse man, always a Westinghouse
man," was the motto of his associates. He knew no
distinction of race or religion. He held to the open
shop, but never inquired whether a man belonged to
a union or not. Disturbers occasionally appeared
among the men, but he said, "Let them alone; they
will soon hang themselves." He was fond of young
folk, and liked clean men; he particularly enjoyed
courage, candor and courtesy. His influence was so
straight and so strong that "there soaked unconsciously into the minds of the young men about him
not only a lasting contempt for what was off-color,
but deep disdain for cunning and craft, and for dishonesty, moral or intellectual." The young men often
brought to their work greater knowledge of physics
and mathematics than he possessed, but he excelled
all in imagination and enthusiasm. He pushed them
forward and gave them full credit, but he supplied
the courage, persistence and driving power, the fertile imagination and unparalleled mechanical experianswer was: "No,I do not feel it would be right for
concentrated, sustained and powerful thought, and
his quick resourcefulness enabled him to meet any
demand, even one so sudden and seemingly beyond
him as that in the financial panic of 1907. That took
the electric company out of his control, and was the
severest blow of his life. But his activities did not
cease until his strength failed in 1913, and he died
the next year.
With a commanding presence, a splendid body,
and a mind that worked swiftly and without heat, he
gained distinction as he grew older. His face was
always kindly. One of his lieutenants, after an interview which promised to be stormy, said: "When
the old man looks at you with that smile of his there
is nothing you will not do for him." His courtesy
was unfailing; it hurt him to hurt another's feelings,
and his smile disarmed antagonism. Mr. Jacob H.
Schiff, when dissenting from some of his plans, was
asked if he knew him, replied that he did not; and
when a friend proposed to bring Mr. Westinghouse
to him, said: "No, he would persuade me."
He worked with what, alas, proved a tireless energy. He had constant vision of things yet undone
and well worth the doing. When urged to retire, his
answer was,"No,I do not feel it would be right for
me to stop now; I feel that I have been given certain
powers to create enterprises in which other men can
find useful and profitable employment; and so long
as I am able, it is my duty to continue to exercise
those powers."
He became a Christian in his youth; he remained
faithful to his convictions to the end; and through
the long and strenuous years of his consistent life he
915
obeyed God in loving and serving his fellow men.
Changing but a word we may say of him what Browning said of Tennyson:
"In service, illustrious and consummate,
In friendship, noble and sincere."
His colleague and friend, Mr.Prout,so well known
for his long connection with the "Railway Age," is
to be congratulated on having such a story to tell,
and telling it so well.
THE RAILROAD PRESIDENTS STAND FIRM
AGAINST SURRENDER ON SENIORITY.
Reinforced by President Rea of the Pennsylvania,
President Bessler of the New Jersey Central, and
President Loomis of the Lehigh Valley, who arrived
from Europe on Tuesday, the Association of Railway
Executives met on Wednesday and by the virtually
unanimous vote of 254 to 4 rejected the proposal
made by the Big Four brotherhoods. That proposal
was that "all men be reinstated in the position of the
class they originally held on June 30 and as many of
such men as possible are to be put to work September
1, at present rates of pay, and all employees who have
been on strike to be put to work or under pay not
later than October 1," with the proviso that men
proven guilty of destruction of railroad property or
convicted of crime be excluded, although ordinary
assault and battery cases,"the result of personal encounter," were not to be considered. Next, any dispute arising as to relative standing of an employee
which cannot be otherwise adjusted shall be referred
to the Labor Board, in accordance with the Act. The
other two propositions were that no intimidation or
oppression shall be practiced or permitted against
any men who have remained or have taken service or
against those who resume service• under this understanding; and that all suits at law now pending because of the strike be withdrawn and canceled by
both parties.
Propositions 2, 3 and 4 were rather innocuous, although there might be some query over the meaning
of the reference to the Board "in accordance" with
the Act, but the first proposition was the impossible
one, and was cunningly worded. The executives replied that the term "reinstated" "goes to the root of
the differences between us" Evidently, for this
word implies more than that men who have walked
out of a door shall be permitted to walk back through
it; it means that they shall be restored as they were
before, which brings up the question of seniority.
The executives point out that the men have repeatedly explained that this means an acknowledgment
by the carriers that the men returning would be senior to new men employed since July 1 and to those
also who did not walk out, to the extent that those
returning were senior on June 30. This is the unmistakable meaning of "reinstated," and if the proposition were accepted the men would certainly insist
that it was so understood and could not be construed
otherwise. So, as to the reference to the Labor
Board, the roads reply that "as this acknowledgment
would doubtless control the decision of the Labor
Board on a dispute submitted under your second
paragraph as to seniority, and oblige it to render a
decision against the old men who remained and the
new men who entered the service, we cannot accept
it." The resolutions say that unless the men are prepared to accept the proposition that protection must
be given both to those who remained and those who
have newly entered there seems to be no room for fur-
916
THE CHRONICLE
[Vol,. 115.
ther efforts at mediation, but a small group of roads be produced. As it stands, it is the handful of strikoffered to continue negotiations directly.
ers, on roads and at mines, against the United States.
Mr. Jewell received the result in a defiant manner, What we have to do is to stand firm.
declaring that the men have at all times been ready to
Following the general meeting, a group of execucome to an honorable settlement, but the executives tives representing 52 companies with an aggregate
"have consistently and arrogantly blocked every mileage of 85,000, renewed conferences, which were
move," that now they "have closed the' door," and carried along from Wednesday evening to yesterday
have done so "with the plain intent of eliminating morning, but without effecting an agreement. While
unionism from the railroad shops, as the first step in unwilling to accept anything which would affect the
the elimination of unionism from the industry as a rights of shop craftsmen who did not walk out or
whole." Of course, this is mere blatant rubbish, as is have been employed since July 1, the executives were
the assertion that the Association of Executives "has ready to promise employment for all strikers not
now voted for a lockout." It can hardly be so soon guilty of proven acts of violence, at the same terforgotten that the trouble began with a walk-out, not minal points as before, and at the wage scales fixed
a lock-out, and that the men and not the roads began by the Labor Board. They disclaimed any wish to
it, also that the action was a revolt by the men curtail any rights earned by the strikers by reason of
against a , decision of the Labor Board. It is, of length of service, and promised to take all of them
course, neither possible nor necessary to say any- back "with such privileges unimpaired." Further,
thing more on the point of seniority, since nothing they agreed that any disputes growing out of the sitcan be worth having at the cost of broken faith; yet uation which could not be settled by direct conference
it may be well to point out that, on the Pennsylvania should go for final disposal to a commission of ten,
and probably on most other roads, seniority depends to be composed of "the heads of the five trainmen's
upon continuity of service, while pensions are based and enginemen's brotherhoods who were acting as
on the total length of service.
mediators and five railway executives experienced
So the strike goes on, according to the strikers, but in matters such as would naturally come before a
the recruiting of new men by the roads continues, committee of that kind." Further, they promised to
and it would naturally be expected that the insis- carry out any agreement "in a spirit of conciliation
tence upon seniority might again increase the rush of and sincere purpose to effect a general settlement of
new men. Meanwhile also, the movement of traffic all matters in controversy." This went a further
continues to approach normal, and the strike is step in the effort at conciliation, and waived almost
steadily nearing its natural collapse. The heads of everything except seniority, upon which there can be
the engineers and the firemen were good enough to no yielding. Reasonable men will agree with these
say, on Sunday, that no sympathetic strike has even executives that no fairer basis of compromise could
been considered, and that it is only necessary to en- have been offered and that the present controversy
force the ample existing laws against defective equip- cannot be settled by further efforts.
ment by which the lives of brotherhood members
Therefore, the only conclusion is that this strike
might be endangered. Speaking of endangering lives, must end—as it is ending—by the process of attri,
the outrage at Gary in Indiana on Sunday should not tion.
be overlooked. Some miscreants familiar with tracks
(unless that sympathetic outsider was the evil-doer THE RISE IN THE CANADIAN PAPER COMPANY STOCKS.
once more) drew 37 spikes, with the apparent intent
of derailing a passenger express, but they hit a merOttawa, Canada, Aug. 25 1922.
chandise express instead, destroying some railway
One of the biggest surprises of the stock market
equipment and killing the engineer and fireman, both has been the strong recovery of pulp and paper stocks
brotherhood members in good standing. The wretches after the process of deflation common to all indusapparently had not sense enough to know (or in their tries. Perhaps no other Canadian industry has been
vindictiveness against the road they forgot) that placed so quickly in a position where the demand for
when any mishap strikes the forward end of a train its products was equal to the full capacity, and that,
the men in the cab have more than an even chance of too, a capacity that had considerably increased since
suffering.
the time when prices and demand were at the peak.
These crimes of desperation always betoken the Logically enough, it was the paper securities that
end of a strike, because they mean discouragement. started the movement early in August which exThese are an answer to the old whine, now repeated, tended later to a number of other securities on the
that the railroads are controlled by a little group of Canadian exchanges. The movement in the paper
rich men here, and to Mr. Gompers's declaration, on stocks comprising Abitibi, Brompton, Howaril
Tuesday, that the President would make serfs of Smith, Laurentide, Price Bros., Spanish and Wayaworkers but that railroads cannot be run or coal gamack among the listed securities, was all the more
mined thus, and the spirit in which men and women surprising in that it happened in the summer season,
have even faced the hangman in defense of labor is when so many of the usual investors were out of town
not dead yet. If anybody is conspiring to destroy and at a time when the New York market was pracunionism the unions are doing it, and what public tically stagnant, doing its best to hold up under the
sympathy remained for them ought to be replaced by double menace of a protracted coal strike and the
a stern determination that, come what may and no new threat of a railway strike.
A glance at the opening prices of these securities
matter what time may be involved, this attempted
domination of two essential industries shall be at the beginning of the year with the prices that they
fought out and finished. It is not a pleasant pros- had reached at the time of wrtiing shows that the
pect, but is an interminable series of conflicts any largest advance had taken place in Spanish River
less a calamity? If there must be a test of endur- common of some 42 points, with Spanish River preance, the railway workers will feel what all others ferred up 36 points from the price at the beginning
feel'. But the roads will be manned, and coal will of the year. Close to these is Abitibi, which has more
AUG. 26 1922.]
THE CHRONICLE
than doubled its price,from $30 to $65, an advance of
35 points. Next came Wayagamack at an advance
from 40 to 65, or $25 a share, with Laurentide following close, from 73 to 96, or $23, and Brompton with
17 points from 21 to 38 a share, and Price Bros. about
13 points, from $34 to $47 a share. Howard Smith
preferred showed an advance of 11 points and the
common from $75 to $84, or $9, or a greater advance
if the low price is taken into account.
In the case af Abitibi and Spanish River particularly, the advances have been quite sharp, as it must
be remembered in both cases that these are the two
largest producers of newsprint in Canada, the Spanish River Mills running close to 700 tons a day and
Abitibi close to 500. In both cases the production is
very much larger than it was at this time last year.
Present prices of the stocks are in every case still
well below the high records of 1920.
To the investor there is a semi-speculative element
in these common stocks which places them lower, of
course, than a good bond issue. In the industry itself, however, there is underlying strength. Among
the securities on this list Abitibi reduced a 6% dividend to 4 and then passed it entirely last year;
Brompton reduced from 7 to 4 and then passed; Laurentide maintained its 6% dividend, as did
Spanish its 7%, both on common and preferred;
Price reduced its 3% to 2%; Howard Smith preferred maintained its 8% but reduced its common
from 8 to 6, while Wayagamack passed its dividend.
At the present time it seems a safe conclusion that
all in the list are now earning their present or former dividend requirements, where pulpwood supplies
have been cut down to current values.
The incentive that lies behind the recent rise is the
probable increase in,the price of newsprint from $70
to $75 or to $80 a ton. In the case of those companies,
either pulp or paper, that are fortunate enough to
have attached to their properties an excellent supply
of pulpwood, the promise of increased profits and
therefore of an improved dividend rests not so much
in the net earnings on manufacturing operations as
in the cumulative values that will extend to the timber limits year by year.
COINAGE OF SILVER DOLLARS AT DENVER MINT.
It was announced on Aug. 17 that an order had been received by the American Smelting & Refining Co. to resume
the shipments of silver to the Denver Mint for coinage under
the Pittman Act. In stating that the Denver Mint had begun the coinage of silver dollars the first of this month, and
is stamping coins at the rate of 100,000 a day, the Denver
"Rocky Mountain News" of Aug. 18 said:
Coining $100,000 a Day.
Present Government purchases of silver under the Pittman Act are averaging 4,198,000 ounces a month. At that rate it will take about sixteen
months to complete buying the remainder of the silver yet to be bought
to replace the 206,960,500 ounces sold to Great Britain during the World
War,assuming that sales to the mints continue somewhat as they have been
averaging.
Up to Aug. 1 119,960,000 ounces had been bought, leaving about 87.000.000 ounces still to be taken under that enactment.
The Denver Mint began coining silver dollars the first of this month
and is now stamping out these coins at the rate of 100,000 a day, and
storing them in the vaults, where there are already about 30,000,000
that were made during the last fiscal year, ended June 30.
Robert J. Grant, Superintendent of the Denver Mint, stated yesterday
that the silver ordered shipped to Denver will come from four refining
points. Selby's smelter, at San Francisco, Perth Amboy, Pittsburgh and
Baltimore. This metal may have been smelted in this State but must
be sent to one or the other of the refining points then reshipped to Denver
for coinage.
The producer, who receives $I an ounce under the Pittman Act,is charged
a quarter of a cent an ounce postage on the bullion from the refinery to the
Denver Mint.
The Government ceased buying silver about four months ago, but
cunning Mexican producers discovered in the law a provision that the
mints must buy gold bullion, and gold bullion is defined as metal having
even one part gold in a thousand,so they Just toss enough gold into the silver
to make it come up to that and sell it. These foreign purchases, however,
are made at the market price, which is around 61 cents an ounce.
917
THE NEWL CAPITA', FLOTATIONS DURING JULY
'TNT THE SEVEN MONTHS.
The new capital flotations in the United States during
July, as represented by the stock, bond and note issues
brought out on behalf of corporations and by States and
municipalities, foreign and domestic, did not reach the
exceptional proportions of those of the months immediately
preceding, and yet were of very:consi derable extent in the
aggregate. Indeed, it is only alongside the huge antecedent totals that they lose in a measure somewhat of their
imposing character. As a matter of fact, they are large,
standing by themselves—so large as to be impressive—
and greatly in excess of the new financing for the corresponding months of all previous years except one.
According to our compilations, in the preparation of
which every care is used to avoid unduly swelling the totals,
the aggregate of new issues offered on the market during
the month was $381,609,071. As this is at the rate of
43/i billion dollars a year, it is obviously no mean amount
of financing. In June, however, the total of new financing
reached $550,824,856, in May $617,235,070, in April (the
record) $655,817,946, and in March $557,257,979, and as
compared with these heavy totals the amount for July
represents a substantial reduction. On the other hand,
the present July total of $381,609,071 compares with
$316,456,024 in July 1921, and only $275,263,230 in 1920,
showing that even after the reduction the distinctive feature
of previous months, namely heavier financing than in
previous years, was maintained. It happens, though, that
in July 1919 when, following the signing of the armistice
the previous November, corporate financing, after two
years of capital restrictions, was on an unusual scale and
a $75,000,000 Canadian loan and a $30,000,000 Swiss
loan were brought out, the new flotations were somewhat
heavier than the present year, having then been $491,304,875.
It is always important, however, to consider how much
of the financing done is to take up or retire existing issues
and how much to supply new money. The latter alone
constitutes a strictly new demand for capital. From that
standpoint the comparisons are altered somewhat. In
nearly all recent months a considerable portion of the
issues brought out has been for refunding purposes—that
is, to provide for the retirement of pre-existing issues.
In July, out of the $381,609,071 total of issues appearing
on the market, no less than $113,968,160 went directly
or indirectly in substitution for securities already outstanding. This leaves $267,640,911 as the strictly new
capital demand for the month. Out of the total for June
only $68,084,014 was for refunding purposes, but in
May the amount was $104,632,088 and in April no less
than $176,206,336. In March the amount was $83,403,919.
Deducting these amounts, the new capital demands for June
were $482,740,842, for May $512,602,982, for April $479,611,610, and for March $473,854,060—as against only
$267,640,911 for July. This last, on this basis, is found
to have been below, too, the corresponding amounts for
July of previous years, after allowance for the portions
representing refunding, the new capital amount for July
1921 having been $303,321,024, for July 1920 $268,881,230,
and for July 1919 $385,889,265.
The new issues were more moderate during July under
each leading head, except that the amount of the offerings
by United States possessions ran larger than usual, due
to the fact that $15,000,000 Philippine Island 30-year 4%s
were placed during the month, bringing 98.337, a basis
of 4.60%. Only two foreign Government loans were
floated here in July for a total of $21,700,000. The two
offerings consisted of: 50,000,000 guilders Kingdom of
the Netherlands (Holland) 50-year 6% Sinking Fund bonds
Series B, due March 1 1972, offered at $960 per 2,500
guilder bond, and yielding, with exchange at 39 cents per
guilder, 6.10% to maturity, and 6.20% if called in 1932;
and $2,500,000 Republic of Peru 10-Year External Secured
8% Gold bonds, due June 1 1932, offered at par, yielding
8%. Three offerings of Farm Loan bonds were made at
prices yielding in each case 4.62%, but the aggregate
was no more than $4,600,000.
The amount of financing accomplished by railroads
was the most notable feature of the month's new issues
The total of $37,527,300, however, was almost $10,000,000
less than the total of the railroad issues placed in June.
Issues to finance the purchase of new equipment were
THE CHRONICLE
918
$23,825,000 and the remaining $33,702,300 represented
two large refunding operations, consisting of $25,000,000
New York Central Railroad Ref. & Impt. Mtge. 5s "C,"
2013, offered at 9432, yielding 5.30%, and $8,702,300
Northern Pacific Ry. Ref. & Impt. Mtge. 5s "C," 2047,
offered at 96 and yielding 5.20%. Public utility financing
during July amounted to only $51,949,300, as compared
with $115,131,500 for the previous month. The most
important offerings of this class were: $13,500,000 Detroit
City Gas Co. 1st Mtge. 6s "A," 1947, offered at 9732,
to yield 6.20%, and $6,000,000 Southern Colorado Power
Co. 1st Mtge. 6s "A," 1947, offer at 94 to yield 63/2%.
Among industrial corporations a number of large issues
were sold during the month, the more important being:
2s,
$25,000,000 Humble Oil & Refining Co. Debenture 53/
1952, offered at par, yielding 53/2%; $20,000,000 B. F.
Goodrich Co. lst.Mtge. 63/2s, 1947, offered at 97, to yield
6%%, and $12,500,000 Virginia Carolina Chemical Co.
Convertible 7
"A," 1937, offered at 98 to yield 7.73%.
A distinctive feature of the July corporate issues was
that out of a total of $234,169,900, offerings of long-term
bonds and notes (of a maturity longer than 5 years)accounted
for $214,274,800, or over 90% of the total.
The following is a complete four-year summary of the
new financing-corporate, foreign Government and municipal, and farm loan issues-for July and the seven months
ending with July:
SUMMARY OFCORPORATE,FOREIGN GOVERNMENT AND MUNICIPAL
FINANCING.
[VoL. 115.
1922.
JULYCorporate f Foreign
iDomestic
Foreigr. Government,except Canadian_ _
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions.... _
Total
Refunding.
Total.
$
S
$
121,614,240
21,700,000
4,600,000
112,555,660
234,169,900
21,700,000
4,600,000
90,426,671
7,500,000
21,800,000
1,412,500
91,839,171
7,500,000
21,800,000
267,640,911
113,968,160
SEVEN MONTHS ENDED JULY 3181,695,000
Corporate'Foreign
1,421,272,697
1Domestie
Foreign Government,except Canadian.. 354,305,000
213,840,000
Farm Loan Issues
War Finance Corporation
735,959,079
Municipal
Canadian
70,356,650
31,750,000
United States Possessions...
2,909,178,426
Total
381,609,071
81,695,000
485,131,040 1,906,403,737
15,000,000 369,305,000
42,000,000 255,840,000
7,743,359
103,250,000
743,702,438
173,606,650
31,750,003
653,124,399 3,562,302,825
Refunding.
Total.
$
$
$
-
JULYCorporatefForeign
iDomestic
Foreign Government,except Canadian_ _
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions__ _
Total
185,971,900
12,900,000
198,871,900
104,349,124
2,000,000
11,000,000
235,000
104,584,124
2,000,000
11,000,000
303,321,024
13,135,000
316,456,024
SEVEN MONTHS ENDED JULY 31
Corporate'Foreign
4,275,000
tDomestic
1,103,553,501
Foreign Government,except Canadian_ _ 162,500,000
Farm Loan Issues
40,000,000
War Finance Corporation
Municipal
566,400,761
Canadian
22,224,000
United States Possessions__ _
14,430,000
Total
1,913,383,262
1920.
JULYCorporatefForeign
Domestic
Foreign Government,except Canadian_ _
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_ _ _
Total
467,279,930 2,380,663,192
309.000
57,009,875
2,800,000
268,881,230
6,382,000
275,263,230
4,415,655
186,037,700
25,000,000
•
27,875,655
177,274,286 2,030,314,554
125,000,000
4,173,583
7,498,000
379,671,407
30,303,000
188,945,869 2,593,164,616
19,113,000
253,439,541
30,000,000
29,561,910
83,136,724
853,700
75,000,000
83,990,424
75,000,000
200,000
105,415,610
491,304,875
200,000
SEVEN MONTHS ENDED JULY 3125,653,000
Corporate I Foreign
1,132,149,604
I Domestic
65,000,000
Foreign Government, except Canadian_ _
Farm Loan Issues
200,000,000
War Finance Corporation
379,465,303
Municipal
12,005,300
Canadian
10,200,000
United States Possessions...
1,824,473,207
Total
571,219,611
22,224,000
14,430,000
56,700,875
2,800,000
385,889,265
Total
4,818,850
6,073,000
2,404,218,747
1919.
JULYCorporatefForeign
iDomestic
Foreign Government,except Canadian_
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
4,275,000
412,461,080 1,516,014,581
50,000,000 212,500,000
40,000,000
4,415,655
179,964,700
25,000,000
SEVEN MONTHS ENDED JULY 31
27,875,655
Corporate 5Foreign
1,853,040,268
iDomestic
Foreign Government,except Canadian_ _ 125,000,000
Farm Loan Issues
War Finance Corporation
375,497,824
Municipal
22,805,000
Canadian
United States Possessions_ _ _
Total
New Capital.
New Capital.
1921.
19,113,000
283,001,451
30,000,000
25,653,000
260,458,810 1,392,608,414
28,179,000
93,179,000
10,175,960
75,000,000
200,000,000
389,641,263
87,005,300
10,200,000
373,813,770 2,198,286,977
COMPARATIVE STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED STATES.
1921.
1922.
July.
New Capital.
Refunding.
Long Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, drc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
DB
Land, buildings, Sze
Rubber
Shipping
Miscellaneous
$
23.825,000
19,791,000
8,450,000
$
33,702,300
22,209,000
3,500,000
19,855,640
720,000
8,667,500
9,144,360
25,000,000
Total
Short Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, drc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
DII
Land, buildings, drc
Rubber
Shipping
Miscellaneous
104,219,140
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. 8ce
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
)11
Land, buildings. Jrc
Rubber
Shipping
Miscellaneous
35,000
Total
TotalRailroads
Public utilities
:ron, steel, coal, copper, ace
3quipment manufacturers
Motors and accessories
)ther industrial and manufacturing cos
)II
..and, buildings, ace
..
tubber
(hipping
Miscellaneous
Tntal newnnratn nonnrItlata
750,000
18,660,000
Total.
New Capital.
$
57,527,300
42,000,000
8,450,000
$
25,600,000
30,741,000
3,500,000
29,000,000
25,720,000
8,667,500
20,000,000
750,000
18,660,000
900,000
14,550,000
110,055,660
214,274,800
82,591,000
2,500,000
2,500,000
300,000
6,540,000
35,000
1,500,000
200,000
20,000,000
35,000
9,800,000
600,000
5,609,000
11,500,000
3,450,000
20,000,000
116,000
5,725,000
11,500,000
3,450,000
20,000,000
300,000
6,540,000
1,500,000
4,973,000
3,600,000
155,000
4,607,000
1,500,000
9,580,000
3,600,000
155,000
2,500,000
2,500,000
60,600,000
9,600,000
9,600,000
1,000,000
3,175,000
1,000,000
3,175,009
4,000,000
200,000
11,040,000
24,003,000
89,819,500
4,230,000
89,819,500
4,230,000
791,400
791,400
4,420,000
1,318,800
600,000
7,295,000
15,353,900
7,053,155
4,607,000
28,610,000
50,000
4,420,000
1,318,800
600,000
7,295,000
15,353,900
7,103,155
50,000
43,083,355
6,992,500
4,868,000
94,840,900
57,527,300
51,949,300
9,100,000
25,900,000
127,100,500
4,230,000
9,800,000
3,500,000
32,392,800
26,720,000
8,702,500
20,000,000
750,000
23,528,000
900,000
15,341,400
1,500,000
5,850,000
2,500,000
150.000
5,000,000
234.1ao ann
155.971.900
112,555,660
16,085,000
1,400,000
118,760,000
17,360,100
121,614,240
1,300,000
1,416,000
4,868,000
20,000,000
$
14,785,000
1,400,000
60,600,000
10,400,000
17,360,100
750,000
23,528,000
Total.
117,344,000
3,392,800
1,000,000
9,144,360
25,000,000
3
92,991,000
3,392,800
1,000,000
3,500,000
23,248,440
1,720,000
8,702,500
$
150,000
5,000,000
7566
33,702,300
24,709,000
1,500,000
14,550,000
Refunding.
150,000
5,000,000
7,449,300
650,000
23,825,000
27,240,300
9,100,000
$
25,600,000
40,541,000
New Capital.
5,650,000
8,540,000
650,000
$
1920.
Total.
5,650,000
2,535,000
2,500,000
Refunding.
94,840,900
43,033,355
25,900,000
136,900,500
4,230,000
150,000
5,000,000
1,500,000
24,178,000
6,318,800
755,000
7,295,000
30,562,900
18,553.155
3,450,000
20,000,000
1,000,000
70,767,500
12,900,000, 198,871,900
184,380,355
600,000
1,500,000
15,341,400
4,000,000
5,850,000
6,992,500
116,000
50,000
1,500,000
30,085,000
6,318,800
755,000
7,295,00(J
30,678,900
18,603,155
3,450,000
20,000,000
1,000,000
70,767,500
6,073,000
190.453.355
5,907,000
AUG. 26 1922.]
THE CHRONICLE
1922.
1921.
Seven Months Ended July 31New Capital.
Long Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
Total.
Refunding. I
290,518,580
37,098,500
8,287,000
407,964,000
211,123,000
21,227,000
6,195,000
15,700,000
139,121,700
156,850,000
18,710,000
67,500,000
6,285,000
91,900,000
249,622,500
74,400,500
28,316,000
4,110,000
2,675,000
60,395,245
13,220,000
62,219,000
20,100,000
7,026,000
108,856,000
20,369,755
8,834,000
258,622,500
78,659,500
40,710,000
4,110,000
2,675,000
80,765,000
13,220,000
62,252,000
20,100,000
7,026,000
117,690,000
392,162,480 1,142,575,700
630,940,245
54,889,755
685,830,000
3,300,000
34,895,000
44,000,000
225,000
3,200,000
6,750,000
48,700,000
3,845,000
1,500,000
80,274,248
21,500,000
177,065,500
9,810,000
6,081,000
7,050,000
70,859,000
127,512,000
3,810,000
30,400,000
6,385,000
10,925,000
108,223,570
119,251,161
1,750,000
501,193,650
413,920,200
84,810,000
10,650,000
106,576,881
43,149,300
87,372,000
2,600,000
18,110,000
102,581,335
2,500,000
51,823,119
108,220,700
8,445,000
20,200,000
1,500,000
4,568,865
13,150,000
158,400,000
151,370,000
95,817,000
22,800,000
19,610,000
107,150,200
117,445,420
174,024,500
12,940,000
6,195,000
15,100,000
124,552,300
128,850,000
18,060,000
67,500,000
2,335,000
83,411,000
426,482,415 1,568,221,050
750,413,220
98,162,000
10,929,600
95,411,800
27,056,250
2,500,000
11,525,000
39,429,002
40,152,410
6,110,000
'4,175,000
3,000,000
16,450,000
19,450,000
26,318,625
4,900,000
7,980,000
25,778,000
35,351,800
29,606,000
404,200
1920.
New Capital.
392,970,080
294,669,039
83,060,000
1,141,738,635
Total
Short Term Bonds and Notes32,351,800
Railroads
13,156,000
Public utilities
404,200
Iron, steel, coal, copper, &c
Equipment manufacturers
16,700,000
Motors and accessories
500,000
Other industrial and manufacturing cos
30,400,000
Oil
935,000
Land, buildings, &c
Rubber
Shipping-- 215,000
Miscellaneous
3,500,000
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing cos
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Refunding.
919
600,000
14,569,400
28,000,000
650,000
3,950,000
8,489,000
Total.
New Capital.
Refunding.
9,000,000
4,259,000
12,394,000
33,000
Total.
16,700,000
500,000
30,400,000
935,000
3,300,000
18,272,000
44,000,000
225,000
3,200,000
6,750,000
46,200,000
3,845,000
215,000
3,500,000
275,000
10,842,166
400,000
275,000
11,242,166
20,000,000
96,791,252
9,810,000
6,081,000
7,050,000
67,859,000
126,262,000
2,560,000
30,400,000
6,385,000
10,925,000
117,612,000
136,909,166
19,523,000
156,432,166
384,123,252
87,274,248
471,397,500
100,486,990
8,678,225
5,394,250
13,570,650
12,609,883
50,000
8,137,500
29,948,490
43,839,680
600,000
100,774,595
328,830,616
223,163,502
11,516,047
49,163,600
14,603,500
63,412,396
35,342,740
43,839,680,
600,000
114,345,245.
341,440,499
223,213,502
11,516,047
49,238,600,
14,603,500,
66,822,896
10,929,600
121,730,425
27,056,250
2,500,000
11,525,000
44,329,002
48,132,410
6,110,000
4,175,000
16,623,000
2,500,000
100,486,990
8,678,225
2,582,000
21,661,400
77,700,000
1,510,000
525,600
25,778,000
7,887,500
250,000
2,582,000
22,187,000
77,700,000
1,510,000
3,000,000
1,250,000
1,250,000
75,000
3,410,500
263,067,062
39,198,625
302,265,687
220,506,115
775,600
221,281,715
865,852,426
35,110,283
900,962,709
436,251,480
403,236,839
110,520,450
2,500,000
38,875,000
146,505,883
113,701,710
94,417,000
6,775,000
18,325,000
131,859,335
111,223,570
162,019,786
1,750,000
547,475,050
565,256,625
112,270,450
2,500,000
41,375,000
203,229,002
229,902,410
102,862,000
26,975,000
19,825,000
136,428,200
120,745,420
292,783,490
65,618,225
6,420,000
20,882,000
152,963,700
252,750,000
23,415,000
67,500,000
2,610,000
102,140,666
290,518,580
53,721,500
8,287,000
411,264,000
346,504,990
73,905,225
6,420,000
21,482,000
168,058,700
283,250,000
24,065,000
67,500,000
6,560,000
111,279,666
269,622,500
201,140,242
81,965,680
10,791,000
110,499,595
457,084,861
362,645,502
76,295,047
99,663,600
28,014,500
183,193,396
10,500,000
89,927,498
12,394,000
280,122,500
291,067,740
94,359,680
10,791,000
124,070,245
493,064,499
363,945,502
77,578,047
99,738,600
28,014,500
195,437,896
1,502,967,697
2,500,000
56,723,119
116,200,700
8,445,000
20,200,000
1,500,000
4,568,865
485,131,040 1,988,098,737 1,107,828,501
600,000
15,095,000
30,500,000
650,000
3,950,000
9,139,000
412,461,080 1,520,289,581 1,880,915,923
13,570,650
35,979,638
1,300,000
1,283,000
75,000
12,244,500
177,274,286 2,058,190,209
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY
1922
LONG-TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Railroads6,750,000 New equipment
1,815,000 New equipment
4,500,000 New equipment
25,000,000 Refunding
8,702,300 Refunding
8,310,000 New equipment
2,450,000 New equipment
57,527,300
Public Utilities7,500,000 Acquisitions; other corp. purposes_
4,000,000 Refunding; extensions, zi,c
900,000 Additions and improvements
13,500,000 Refunding; construction
Price.
Company and Issue, and by Whom
Offered.
Placed privately
Baltimore & Ohio RR. Equip. Tr. 52, 1923-37.
Placed privately by Kuhn, Loeb & Co.,
Co. and National City Co.
Speyer &
To yield 5-5% Boston & Maine RR. Equip. Tr. 5365, 1923-37.
Offered by Dillon, Read & Co.
To yield 4U-5.55 Erie RR. Equip. Tr. 530,"G. G.," 1923-37.
Offered
by
Drexel
&
Co.,
94%
Philadelphia.
5.30 New York Central RR. Ref. & Impt. Mtge. 58,
National Bank, N. Y.; National City Co., "C," 2013. Offered by J. P. Morgan & Co., First
Co. of N. Y., Bankers Trust Co., Harris,
Forbes & Co., Kidder, Peabody & Co. andGuaranty
Lee,
Higginson
& Co.
96
5.20 Northern Pacific Ry. Ref. & Impt. Mtge. 55,
"C," 2047. Offered by J. P. Morgan
National Bank, N. Y., and National
& Co., First
To yield 45-5.30 Reading Co. Equip. Tr. 55, "J," 1923-32.City Co.
Offered
by
Drexel & Co., Philadelphia.
To yield 531-6 Seaboard Air Line Ry. Equip. Tr. 6s, "T,"
1923-37. Offered by Ladenburgh,
Redmond dr Co., Kissel, Kinnicutt & Co. and
Thalman & Co.,
Freeman & Co.
95%
100
893i
97%
3,600,000 Refunding; additions, &c
85
2,000,000 Refunding; construction
97%
2,000,000 Capital expenditures
91%
500,000 Extensions and additions
To Yield
About.
94%
6,000,000 Refunding
94
2,000,000 General corporate purposes
90%
6.35 Central Indiana Power Co. 1st Mtge. Coll. ,qc Ref. 65,
..A," 1947. Offered by Halsey, Stuart dr
Co., Inc., A. B. Leach & Co., Inc., and
6.00 Cincinnati Newport & Covington Ry. 1st & Paine, Webber & Co.
Ref.
65,
1947.
Offered by W.E. Hutton & Co., First
National Bank, Fifth-Third National Bank,
Richards, Parish & Lamson, L. It. Ballinger Central Trust Co., Brighton Bank & Trust Co.,
Co., Edgar Friedlander, Cincinnati, and
Savings Bank, Covington, Ky.
Security
5% Cumberland County Power & Light Co. 1st &
Ref. Mtge. 5s, 1942. Offered by Biodget & Co.
6.20 Detroit City Gas Co. 1st Mtge. 6s, "A,"
1947. Offered by Halsey, Stuart & Co., National
Co., Lehman Bros. and Goldman, Sachs
City
6.07 Havana Electric Ry. Light & Power Co. Gen.& Co.
Mtge. 55, "A," 1951. Offered by Speyer & Co. and
Harris, Forbes & Co.
6.20 New York and Richmond Gas Co. 1st Ref.
(now 1st) Mtge. 6s, "A," 1951. Offered
Stuart & Co., Inc.
by Halsey,
5.74 Northern States Power Co.(Minn.) 1st
Mtge.5s, 1941. Offered by Harris, Forbes & Co.,
Guaranty
Co. of N. Y., Bonbright & Co., Inc., and H.
M.
13yliesby & Co., Inc.
6% Oklahoma Gas & Electric Co. 1st & Ref.
Spencer, Trask & Co., E. H. Rollins & Mtge.6s,"B," 1941. Offered by Bonbright & Co., Inc.,
Sons,
H.
M.
Byliesby
& Co., Inc., and Federal Securities
Corporation, Chicago.
6% Southern Colorado Power Co. 1st Mtge. 6s,
"A," 1947. Offered by H. M. Byllesby & Co., Inc.,
Federal Securities Corp., Chicago; Spencer,
Trask
&
Co. and Janney & Co., Philadelphia.
6.60 Texas Power & Light Co. Debenture 6s,
"A," 2022. Bonbright & Co., Inc.
42,000,000
Iron, Steel, Coal, Copper, &c.
100
3,000,000 Acquisitions, working capital
5,000,000 Additions; working capital
, 450,000 Additional capital
95
100
6.00 Mackintosh-Hemphill Co. (Pitts.) 1st
Mtge.
and Mellon National Bank, Pittsburgh. 6s, 1949. Offered by Union Trust Co. of Pittsburgh
7.95 The Otis Steel Co. 1st Mtge. 730,"B,"
1947. Offered by Blair & Co., Inc., and The lanion Trust
Co., Cleveland.
7% Synnyside Mining Co. 1st Mtge. 73.68,
1937. Offered by Arthur Roberts & Associated Cos., ehicago.
8,450,000
Motors and Accessories3,500,000 Acquire plants and buildings
100
Other Industrial & mfg.3,600,000 Acquisitions; working capital
99
4,000,000 Capital expenditures
2,250,000 Capital expenditures; working cap'l
96
99
1,750,000
1,000,000
600,000
350,000
12,500,000
1,250,000
1,500,000
200,000
6% Durant Motor Co. of N. J. 1st Mtge.
63.s, 1923-34. Offered by S. W. Straus & Co.
7.10 Consolidated Machine Tool Corp. of
America 1st Mtge. 7s, 1942. Offered by B. J. Baker & Co..
Inc., Boston.
6.35 Crown Cork & Seal Co. (Baltimore)
1st Mtge. 135, 1942. Offered by National City Co.
7.10 Dodge Manufacturing Corp. 1st Mtge.
78, 1942. Offered by Federal Securities Corp., Chicago, and
The Union Trust Co., Cleveland.
7.10 Johnson-Cowdin-Emmerich, Inc.,
Acquisition of constituent cos___ - 99
1st Mtge. 78, 1942. Offered by Merrill, Lynch & Co.
and
Pearsons-Taft Co., Chicago.
7.50 Lucas E. Moore Stave Co. 1st Mtge. &
Retire current debt; working cap'l_ 100
Coll.
N. Y.; and Watson, Williams & Co., and Trust 734s, 1942. Offered by nemPhill. Noyes & Co.,
To
Newman,
cap'!Inc.,
yield
New
Saunders
Co.,
Orleans.
634
&
Retire current debt; working
Pittsburgh Gage & Supply Co.
(Pittsburgh, Pa.) 1st (Closed) Mtge. 6s, 1923-32. Offered by
Peoples Savings dr Trust Co. of
Pittsburgh, and Peabody,
7.00 John K. Stewart & Sons, Inc.
Capital expenditures; working cap'l 100
(Amsterdam,
Oodere
. C
Indc.LyCU
hst,e111912&
iblu
eg7
H
hitelcg
aaoinvestment Co.; Utica Trust & Deposit Co., N. Y.), Convert
County Trust Co., Little Falls, N. Y.; Utica, N. Y.; Rome Trust Co., Rome, N.Y.; Herkimer
and Farmers' National Bank, Amsterdam, N. Y.
98
7.73 Virginia-Carolina Chemical Co.
Refunding; working capital
Convertible
and Common stockholders; underwritten 734s, "A," 1937. Offered by company to Preferred.
by Blair & Co Inc Hallgarten & Co., and the Equitable Trust Co. of New York,
94%
7.00 Watab Paper Co. 1st Mtge.630,
General corporate purposes
1942. Offered by Marshall Field, Glore, Ward & Co., New York.
7.00 Weyenberg shoe mfg. Co.
Retire current debt; working cap'l. 100
(Milwaukee) Convertible 7s, 1937. Offered by Second Ward Securitiee
Co.; Morris F. Fox & Co., and
734 David A. Wright, Inc., nis, 1932. First Wisconsin Co.
Retirecurrent debt; working eap'1_ 100
Offered by Robert P. Lamb Co., Inc., Chicago.
29,000,000
Oil720,000 New equipment
25,000,000 Refunding
25,720,000
100
To yield 6% Constantin Refining Co. Serial
5% Humble 011 & Refining Co. Equip. Trust 734s, 1922-32. Offered by Spitzer, Rorick & Co., N.Y.
Debenture 5s,1932. Offered by J. P. Morgan & Co.
[VOL. 115.
THE CHRONICLE
920
Purpose of Issue.
Amount.
Price.
450,000
Land, Buildings,
Finance construction of buildings. 100
150,000
Finance construction of hotel_ _ _ _ 100
1,500,000 Finance construction of building_ _
700,000 Finance construction of building.. _
200,000 Finance construction of building_ _
350,000 New building, additions, &c
1,150,000 Finance construe. of apart% bldg__
117,500 Finance construction of building-200,000 Real estate mortgage
100,000 Finance construe. of apart't bldg
2,300,000 Working capital
1,150,000 Finance construction of building_ _
300,000 Additions
To Yield
About.
Company and Issue, and by Whom Offered.
Corp. of Maryland; Wm.E.
7.00 Bon Air Hotel Corp. 1st Mtge. 75, 1942. Offered by Fidelity Securities
Bush & Co., Augusta, Ga.; and Trust Co. of Georgia, Atlanta.
by The Straus Bros.
7.00 Commodore Apartment Hotel( Dayton, 0.) 1st Mtge. 7s, 1925-33. Offered
Co., Chicago.
by S. W.
6% Consolidated Syndicate Building (Los Angeles) 1st Mtge. 6%s, 1923-38. Offered
100
Straus & Co.
San
&
Co.,
Francisco.
Dulin
Hunter,
by
Offered
1st
7s,
Mtge.
Co.
1937.
6.90 Cuyamaca Building
101
Sr Co., Los Angeles.
101
7.20 Gennett Realty Co. 1st Mtge. 7s, 1934. Offered by Banks, Huntley
Offered by Elwell & Manross;
Price on application Grace Hospital Society (New Haven) 1st Ref. Mtge. 7s, 1952.
& Co.; Charles W.
Goodrich
Inc.;
Stoddard,
&
Clarence E. Thompson & Sons; Winslow, Day
Scranton Co.; and H. C. Warren Sc Co., Inc., all of New Haven, Conn.
Bond & Mortgage
American
by
Offered
75,
1924-32.
s
1st
Mtge.
Apartment
7.00 Manhattan Square
100
Co., New York.
Offered by G. L. Miller Bond
1923-32.
8s,
Mtge.
1st
Fla.)
(Miami,
Building
Apartment
100
8.00 Martina
& Mortgage Co. of Miami, Fla.
Tillotson dr Wolcott Co., Cleve.
100
7% The May-Fields Co. 1st Mtge. Coll. Trust 7%s, 1923-29. Offered by Offered by The Straus Bros.
7.00 Oakwood Apartment Building (Dayton, 0.) 1st Mtge. 7s, 1924-32.
100
Chicago.
Offered by S. W.
Co.'Brothers Department Stores 1st Mtge. & Coll. Trust 6s, 1923-42.
6% Sanger
100
Straus & Co.
6%s, 1924-41. Offered by S. W.
100
63 Seventh and Hill Office Building (Los Angeles) 1st Mtge.
Straus &, Co.
& Co., San Francisco.
7.00 Terminal Development Co. 1st Mtge. 7s, 1932. Offered by Stephens
100
8,667,500
Rubber20,000,000 Refunding
97
Shipping750,000 Corporate requirements
Miscellaneous5,000,000 Reduce cur, debt; working capital
4,500,000
3,000,000
2,300,000
2,100,000
160,000
1,600,000
Co.; Guaranty Co. of New
B. F. Goodrich Co. 1st Mtge. 6%s, 1947. Offered by Bankers Trust
York; and Goldman, Sachs & Co.
6s, 1923-32. Offered by Clark:
To yield 6-6.40 Munson Steamship Line 1 to 10-yr. Marine Equip. 1st Mtge.
Dodge & Co. and Mercantile Trust Co., Baltimore.
63j
Company of N. Y. and
6.75 American Republics Corp. Debenture 6s, 1937. Offered by Guaranty
Potter & Co., New York.
& Co., Brown Bros. & Co.
Stone
by
Hayden,
Offered
1937.
7s.
Mtge.
1st
Co.
Sugar
7% Baragua
100
Additional capital
and Harris, Forbes & Co.
ed Land Co. (Fla.) 1st (closed) Mtge. 7s, 1925-37.
7.00 Consolidated Naval Stores & ConsolidatTr.& Say. Bank,Chicago, and Detroit Tr. Co., Detroit.
100
General corporate purposes
Offered by Baker, Fentress & Co., Harris
Offered by A. G. Becker & Co., Halsey, Stuart
1924-32.
Tr. 7s,
To yield 7-7.35 David Eccles Co. 1st Mtge. & Coll.
Reduce current debt; acquisitions_
City, and Cyrus Peirce Sr Co., San Francisco.
& Co., Inc., N. Y., and Stern Bros. & Co., Kansas
1924-36. Offered by Wm. R. Stttats Co.,
6s,
Mtge.
1st
Calif.)
(Fresno,
6% Lucerne Vineyards Co.
Acquisitions:corporate purposes__ _ 100
Schwabacher dr Co., San Francisco.
E. II. Rollins & Sons, Cyrus Peirce & Co. andOffered
by
Elliott dr Horne Co. and the Citizens
1924-32.
7s,
Mtge.
1st
Ranch
7.00 White Dairy
100
Acquisitions
National Bank, Los Angeles.
Mtge. 7s, 1932. Offered by Fenton, Davis Sr Boyle
(closed)
1st
(Detroit)
Co.
-Hollinger
Whitney
7.00
100
Corporate requirements
and Nicol-Ford & Co., Inc., Detroit.
93
18,660,000
SHORT-TERM BONDS AND NOTES.
Amount.
Purpose of Issue.
Price.
To Yield
About.
Public Utilities98
2,500,000 Refunding
Land, Buildings, &c.35,000 Finance construc'n of apt. bldg-- - 100
Company and Issue, and by Whom Offered.
of Balt. 65, 1927. Offered by Alex Brown dr Sons, Baltimore.
6.45 The United Rys. & Electric Co.
75, 1924-27. Offered by The Straus 13ros.Co., Chicago.
7.00 Chateau Apt. Bldg.(Dayton,0.) 1st Mtge.
STOCKS.
Par or
No.ofShares
Purpose of Issue.
To ield
a Amount
Price
Involved. Per Share. About.
Public Utilities1,200,000 Acquisitions; corporate purposes_ _
1,20),000
87
.60,600 abs. Extensions, improvements,&c__ _ _
5,666,100
93%
583,300 General corporate purposes
583,300 100
Company and Issue, and By Whom Offered.
Electric Co., Inc., 7% Cum. 1st Pref. Offered by Domi8.05 American Water Works &
nick & Dominick and W. A. Harriman Sr Co."A," Cum.,$7 per share. Offered by
Co. 1st Pref. stock
Light
&
7A Kansas City Power
and E. H. Rollins & Sons, N. Y.
Spencer Trask & Co., Blyth, Witter & Co. Offered by company.
Co. 7% Pref.
Light
&
Ry.
Electric
7.00 Milwaukee
7,449,400
Iron, Steel, Coal. Copper, &c.
650,000 Additional capital
Other Industrial & mfg.312,500 Working capital: expansion
capital
Additional
1,792,780
600,030 Additional capital
500.000 Additions
150,000 New capital
Corp.8% Cum.Pref. Offered by Charles E. Mudge, Rochester,
8.00 Empire Fuel Products
and J. W. Bell & Co., N. Y. City.
stock. Offered by Fred C. Bristol & Co., Chicago.
Daniel Boone Woolen Mills capital
350,000 28
8% Cum. Pref. Offered by Stanley & Bissell, Cleveland, and
ii:cio Dodge Mfg. Corp.& Co., N. Y. City.
1,792,780 100
H. D. Robbins
Inc., 7% Cum. Pref. Offered by Kalman, Wood & Co. and
7.00 Gordon & Ferguson,
600,000 100
Lane, Piper & Jaffrey, Inc., St. Paul.
Grasselli Chemical Co.6% Pref. Offered by Hayden, Miller & Co., Cleveland.
500,0G0 Price on application The P. Hooper mfg. co. 8% Cum. Class A Pref. Offered by Smith, Lockhart &
8.00 James
150,000 100
Co., Baltimore.
650,000 100
3,392,780
Oils
1,000,000 Corporate requirement
ous
Miscellane
extensions_ _ _
1,228,100 Retire floating debt;
corp. purposes_
1,750,000 Acquisitions: other
519,900 Working capital
purposes
1,370,000 General corporate
1,000,000
95
Gas Products Corp. 8% Cum. Convertible Pref. Offered by Mac8.42 Guffey Gillespie Pell & White and Macartney & McLean.
quold & Cody,
Sugar Estate 7% Cum. Pref. Offered by Strassburger & Co., Wm. Cavalier
823.8.48 Calamba
& Co., McDonnell &Co.and Sutro & Co.,all of San Francisco.
to stockholders.
City Ice & Fuel Co. (Cleveland) capital stock. Offered by company
and J. 11. Walker
(W. T.) Grant Co. 7% Cum. Pref. Offered by Blake Bros. & Co.
York.
Newer
vn
t
,
s
.
e
vo
C
Sugar Co. 7% Pref. Offered by company to stockholders.
ttt
7.00 Great
1,370,000 100
1,228,100
1,750,000 100
519,900 101
6 .43
4,868,000
ENT LOANS.
FOREIGN GOVERNM
Amount.
Issue.
Price,
The Netherlands (Holland) 5019,200,000 Kingdom ofSinking Fund bonds, Series B, due
year 6%
(50,000,000
$960 per
March 1 1972
guilders at
2,500rate of $960
guilder
Per 2,500
bond.
guilders).
Peru 10-Year External Secured
2,500,000 Republic of
1932
100
8% gold bonds, June 1
To Yield
About.
Offered by
Dillon, Read & Co., Lee,IIigginson & Co., Blair & Co.,Inc., White,Weld & Co., Central
Union Trust Co. of New York, The American Exchange National Bank, Brown
Brothers & Co., Halsey, Stuart & Co., Inc., Ladenburg, Thalmann & Co., The First
6.10 to
National Bank of Boston, Old Colony Trust Co., Boston; Girard National Bank,
6.20b
Philadelphia; Cassatt & Co., Philadelphia; Commercial Trust Co., Philadelphia;
Mellon National Bank, Pittsburgh; Union Trust Co., Cleveland; Continental &
Commercial Trust & Savings Bank, Chicago; First Trust & Savings Bank, Chicago;
Illinois Trust Sr Savings Bank, Chicago; Anglo & London Paris National Bank,San
Francisco, and the Bank of Italy, San Francisco.
8.00 Blyth, Witter &
Co. and White, Weld & Co.
21,700,000
FARM LOAN ISSUES.
Amount.
Issue.
Price.
Land Bank of Minneapolis
500,000 First Joint Stock bonds, 1952
103
5% Farm Loan
Stock Land Bank 5%
Joint
2,000,000 Fremont (Neb.)
103
Farm Loan bonds, 1952
Joint Stock Land Bank 5%
2,100,000 Kansas City bonds, 1952
103
Farm Loan
To Yield
About.
Offered by
Co.
4.62 Ames, Emerich &
Co. and Harris, Forbes tic Co.
4.62 Brooke, Stokes &
First National Co., Detroit, and Kelley, Drayton & Co., New York.
4.62 Blair dr Co., Inc.,
4,600,000
amount is based on the offering price.
Shares of no par value.
at par, while in the case of Common stocks the
a Preferred stocks are taken cents
per guilder.
b Based on exchange at 39
L..
AUG. 26 1922.]
THE CHRONICLE
Current punts ma gisrussions
4
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Increases of $7,400,000 in the holdings of discounted bills
and of $16,900,000 in those of bills purchased in open market,
as against a reduction of $3,900,000 in United States securities, are shown in the Federal Reserve Board's weekly bank
statement issued as at close of business on Aug. 23 1922,
and which deals with the results for the twelve Federal
Reserve banks combined. Deposit liabilities of the Reserve
banks show—an increase for the week of $4,900,000, and
Federal Reserve note circulation an increase of $4,400,000,
while cash reserves decreased by $5,200,000. These increases
in liabilities and the reduction in reserves account for the
decline of the reserve ratio from 80.2 to 79.8%. After noting
these facts the Federal Reserve Board proceeds as follows:
Shifting of gold through the gold settlement fund affected mainly the
gold reserves of the New York Bank, which show an Increase for the week
of $18,600,000 and those of the San Francisco Bank, which show a decrease
of $12,900,000. Principal changes in Federal Reserve note circulation are
reported by the four Eastern banks and Chicago, a decrease of $4,100,000
in Federal Reserve note circulation shown by New York being offset by
an equal increase of note circulation reported by the Boston Bank. The
banks' net liabilities on Federal Reserve Bank notes in circulation show
a further reduction of $1,200,000.
Holdings of paper secured by Government obligations show a nominal
Increase from $125,400,000 to $125,700,000. Of the total held, $101,300,000, or 80.5%, were secured by Liberty and other U. S. bonds, $4,100,000,
or 3.3%, by Victory notes, $15,100,000, or 12%. by Treasury notes and
$5,200,000, or 4.2%, by Treasury certificates, compared with $100,700,000,
$3,500,000, $16,200,000 and $5,000,000 reported the week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely, pages 966 and 967. A summary
of changes in the principal assets and liabilities of the Reserve
banks on Aug. 23 1922 as compared with a week and a year
ago follows:
Increase (+) or Decrease (—)
Since
Aug. 16 1922.
Aug. 24 1921.
Total reserves
—$5,200,000 +$426,500,000
Gold reserves
—4,700,000
+442,700,000
Total earning assets
+20,500,000
—728,100,000
Discounted bills, total
+7,400,000 —1,105,400,000
Secured by U. S. Govt. obligations_ _
+300,000
—416,000,000
Other bills discounted
+7.100,000
—689,400,000
Purchased bills
+16,900,000
+131,300,000
United States securities, total
—3,800,000
+246,000,000
Bonds and notes
—6,500,000
+162300.000
certificates
Pitman
—1400.000
—135,900,000
Other Treasury certificates
+4,200,000
+219,500,000
Total deposits
+178,200,000
+4,900,000
Members'reserve deposits
—4,800,000
+168,500,000
Government deposits
+11,000,000
+12,5007(7)
Other deposits
—1,300,000
—2,800.000
Federal Reserve notes in circulation
+4,400,000
—339,200,000
F. R. Bank notes in circulation, net liability —1,200,000
—55.900,000
WEEKLY RETURN OF THE MEMBER BANKS OF THE
FEDERAL RESERVE SYSTEM.
Aggregate increases of $22,000,000 in loans secured by
stocks and bonds, as against further net liquidation of $6,000,000 of other loans and discounts and of 87,000,000 of
investments,are shown in the Federal Reserve Board's weekly
statement of condition on Aug. 16 of 792 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.
Under the general head of investments, United States
bonds show a decrease of $9,000,000, Treasury certificates
a decrease of $26,000,000; other Government securities,
i. e., Victory and Treasury notes, an increase of $5,000,000,
and corporate securities an increase of $23,000,000. For
member banks in New York City, increases of $12,000,000
in loans and discounts and of $19,000,000 in corporate obligations, as against a ?eduction of $25,000,000 in Government
obligations, are noted. Total loans and investments of all
reporting institutions show an increase for the week of $9,000,000, of which $6,000,000 represents the increase in New
York City.
Government deposits declined by $22,000,000, while other
demand deposits (net) increased by $33,000,000 and time
deposits by $18,000,000. Member banks in New York City
show reductions of $7,000,000 in Government deposits and
of $12,000,000 in other demand deposits, as against a gain
of $12,000,000 in time deposits.
Borrowings of the reporting institutions from the Federal
Reserve banks show an increase from $105,000,000 to $110,000,000, the ratio of these borrowings to total loans and investments remaining unchanged at 0.7%. Borrowings of
the New York City members from the local Reserve bank
increased from $13,000,000 to $20,000,000, and the ratio of
921
these borrowings to total loans and investments from 0.3 to
0.4%.
Reserve balances of the reporting banks show an increase
of $8,000,000, while their cash on hand declined by $13,000,000. For member banks in New York City reductions of
$12,000,000 in reserve balances and of $4,000,000 in cash on
hand are shown. On a subsequent page—that is, on page
967—we give the figures in full contained in this latest
weekly return of the member banks of the Reserve System.
In the following is furnished a summary of the changes in the
principal items as compared with a week and a year ago:
Increase (-I-) or Decrease (—)
Since
Aug. 17 1921.
Aug.9 1922.
—730,000,000
Loans and discounts—total
+16,000,000
Secured by U.S. Govt.obligations_ _ _ _
—361,000,000
—3,000,000
+575,000,000
Secured by stocks and bonds
+22,000,000
—944,000,000
All other
—3,000,000
Investments—total
—7,000,000 +1,230,000,000
+458,000,000
U.S. bonds
—9,000,000
Victory notes
—124,000,000
+3,000,000
+592,000,000
U.S. Treasury notes
+2,000,000
Treasury certificates
+7,000,000
—26,000,000
Other stocks and bonds
+297,000,000
+23,000,000
Reserve balances with F. R. Banks
+144,000,000
+8,000,000
—36,000,000
Cash in vault
—13,000,000
Government deposits
—65,000,000
—22,000,000
+33.000,000 +1,075,000,000
Net demand deposits
+688,000,000
+18,000,000
Time deposits
—869,000,000
Total accommodation at F. R. Banks_ _ _
+5,000,000
SECRETARY OF THE TREASURY MELLON DECLARES
NO GUARANTEE FROM GREAT BRITAIN WAS
ASKED BY UNITED STATES IN CASE OF
DEBTS OF OTHER ALLIES—BALFOUR IN
ERROR.
Secretary of the Treasury Mellon in a statement issued
on Aug. 24 bearing on the Allied indebtedness to the United
States, indirectly answers the Earl of Balfour, Acting
Foreign Secretary of Great Britain, who, in his note on
the same subject several weeks ago, indicated that the
United States insisted that guarantees from Great Britain
should be forthcoming where advances were made by this
country to others of the Allies. Secretary Mellon in answer
thereto says:
The statement- that. thc United States Government virtually insisted
upon a guarantee by the British Government of amounts advanced to
to the other Allies is evidently based upon a misapprehension. Instead of
insisting upon a guaranty, or any transacticn of that nature, the United
States Government took the position that it would advance to each
Government to cover the purchases made by that Government and would
not require any Government to give obligations for advances made to
cover the purchases of any other Government. Thus, the advances to
the British Government evidenced by its obligations, were made to cover
its own purchases.
In support of his assertions, Secretary Mellon submits
a memorandum which Secretary of the Treasury McAdoo
handed to the British Ambassador in June 1918, in which it
is stated that "the Secretary of the Treasury quite agrees
with what he understands to be the views of the Chancellor
—ch—Allied
Of the Eiar—
equer, th—
at advances shall be mare to—ea
Government for the comniOdities purchased—in th—te niteci
States by or for it and that no Allied Government should be
required to give its obligations for such purposes when merely
serving as a conduit for the supply of the materials purchased
to another Allied Government." Secretary Mellon's statement in full follows:
A number of inquiries have been received, as a result of statements recently published, with respect to the exact status of the obligations of foreign Governments held by the United States. Especial attention has been
directed to the origin of the indebtedness of the British Government,
amounting to about $4,135,000,000. It has been said that this liability was
not incurred for the British Government but for the other Allies, and that
the United States, in making the original arrangements, had insisted in substance that though the other Allies were to use the money borrowed, it
was only on British security that the United States was prepared to lend it.
It is apparent from the inquiries which have reached the Treasury Dea
pxi
arattm
inegntin
tden
hat ted
it is
thriist,aiinn.substance, is the explanation of the
:
s
uapposeG
supposed
drea
thatt B
of
In answer to these inquiries, it should be said that the obligations of foreigh Governments in question had their origin almost entirely in purchases
made in the United States, and the advances by the United States Government were for the purpose of covering payments for these purchases by the
Allies.
The statement that the United States Government virtually insisted upon
a guarantee by the British Government of amounts advanced to the other
Allies is evidently based upon a misapprehension. Instead of insisting
upon a guarantee, or any transaction of that nature, the United States
to each GovernniGoenvterannmdenwtotzikntnhte po
reci
sintir
ioanatn
ha
yt it would make advances
Thusfor ment
otherto Government.give obligations
ent
the
made to cover the purchases
m
G
obligations were
advances
es to the B
British Government evidenced by its
made to cover its own purchases, and advances were made to the other
Allies to cover their purchases.
The nature of the arrangements is shown by a memorandum which the
Secretary
reta
aary
fno
llfnw
thae
: Treasury, in June, 1918, handed to the British Ambassad"So far as the purchases of the allied Governments for war purposes
within the United States and its territories and insular possessions are
concerned it is the expectation of the Secretary of the Treasury to continue
922
THE CHRONICLE
[VoL. 115.
as"heretofore the advances necessary to enable the financing of such pur- ordered and received the goods. These charges against each of the various
chases. The Secretary quite agrees with what he understands to be the nations separately constitute the debts that each of them now owes us
views of the Chancellor of the Exchequer that advances shall be made
to each allied Government for the commodities purchased in the United separately. So far as is known, there is nothing on the records or in the
States' by t ad that no allied Government should be required to give recollections of those who took part in the transaction to justify the descripits obligations for such purchases when merely serving as a conduit for tion of the nature of the obligation put forth by Lord Balfour and by the
the supply of the materials so purchased to another allied Government. "New Statesman" in the language already quoted.
Any other course would,indeed, be incompatible with what the Secretary of
On the contrary, it is believed that the records will show a state of facts
the Treasury deems a cardinal principle, which should be followed in respect
to such advances, namely, that the allied Government for the use of which at the time the transactions arose which negatives these descriptions. If
the commodity is purchased must give its own obligation therefor and Lord Balfour has documents showing what he describes as the "arrangement
the obligation of any other allied Government cannot be accepted by the then arrived at,"
such documents would be a valuable contribution to the
United States as an equivalent."
clarification of the situation. Some of the documents from American
British
a
from
memorandum
quote
the
further
handed
to
to
well
is
It
sources covering these transactions, as well as the testimony of some
Ambassador in June, 1920, by the Secretary of the Treasury, regarding participants in the transaction, are already on public record. Neither
these loans as follows:
they nor any other documents so far as known,sustain these British versions
It has been at all times the view of the United States Treasury that of the nature of the original transactions.
United
the
indebtedness
of
Government of the
questions regarding the
Kingdom of Great Britain and Ireland to the United States Government and
the funding of such indebtedness had no relation either to questions arising
concerning the war loans of the United States and of the United Kingdom to DAVID F. HOUSTON ON CANCELLATIAN
OF ALLIED
other Governments or to questions regarding the reparation payments of
the Cnetral Empires of Europe. These views were expressed to the repreDEBTS.
WAR
sentatives of the British Treasury constantly during the period when the
United States Government was making loans to the Government of the
At the round table discussion of Europe's rehabilitation,
United Kingdom and since that time in Washington, in Paris and in Lonformer Secretary of the Treasury David F. Houston voiced
don."
From these two statements, it appears to be quite clear that the respec- his disapproval of the arguments which have been advanced
tive borrowing nations each gave their own obligations for the money ad- for the cancellation by the United States of the war indebtedvanced by the United States and that no guarantee of the obligations of
saying:
one borrowing nation was asked from any other nation. This is the under- ness owed by Great Britain,
May I say in passing that the form which some of the discussion of Allied
standing of the Treasury as to the status of the foreign obligations growing
loans takes is distinctly harmful rather than helpful? It is not helpful to
out of the war, now held by the United States.
picture to the world that the United States by refusing to cancel is standing
That portion of Earl Balfour's note to which Secretary in the way of Europe's recovery, and I wish that Lord Balfour's views
had been held within the councils of European chambers. It will not help
Mellon's statement appears to be directed, said:
In no circumstances do we propose to ask more from our debtors than is to place the debts due the United States in the same category with the
necessary to pay to our creditors, and while we do not ask for more all will reparations exacted from Germany. Any reparations were made possible
admit that we can hardly be content with less, for it should not be for- by the participation of the United States in the war and by her loans, and
gotten, though it sometimes is, that our liabilities were incurred for others, from the outset she has vigorously protested that the amount fixed was
not for ourselves. Food, raw materials and munitions, required by the excessive. It will not avail anything to assert that if there is any reduction
immense naval and military efforts of Great Britain and half the two thou- In the indemnity figure the United States must help to make up the differsand million sterling advanced to the Allies were provided, not by means of ence by cancelling her loans. The United States is not prepared to consider
the matter from the standpoint, in effect, of paying part of the German
foreign loans, but by internal borrowing and war taxation.
Unfortunately a similar policy was beyond the power of other European Indemnity. Germany must pay when she can and what she can on the
nations. An appeal was therefore made to the Government of the United merits of the situation, and then, if reason prevails and other things happen,
States and under an arrangement then arrived at the United States insisted, It is possible that a basis of action can be reached for participation by the
In substance,if not in form, that though our allies were to spend the money United States.
It was only on our security that they were prepared to lend it. This coReferring to the European debts, Mr. Houston, in anoperative effort was of infinite value to the common cause, but it cannot be swering the
query, "What can be done about the financial
said that the role assigned in it to this country was one of special privisituation," admitted that nothing could be done "unless
lege or advantage.
WASHINGTON'S VIEW OF DEBT DISAGREES WITH
ENGLAND'S.
• Mark Sullivan, National Political Correspondent of the
New York "Evening Post," sent the following to that paper
from Washington Aug. 23:
With respect to the debts owed to us by Great Britain there is, both in
official and unofficial British allusions to these debts, a form of description
which is not reconcilable with the nature of the debt, as it is understood
in America. Lord Balfour, in his letter, after saying that Great Britain
In the war had provided for her own needs out of internal borrowing and
taxation, said:
Unfortunately a similar policy was beyond the power of other European
nations. An appeal was therefore made to the Government of the United
States, and under an arrangement then arrived at, the United States
Insisted, insubstance if not in form that though our allies were to spend
the money, it was only on our security that they were prepared to lend it.
That is Lord Balfour's official description of the nature of the transaction. Unofficially. the "New Statesman," a British weekly of high class,
which is read with attention and respect by the best informed persons in
England on international political affairs, in its issue of August 5 contains
the following sentence:
"The Americ= vaTuiie is, we Deneve, almost wnony ignorant of the facts
of the case—largely owing to a mistaken reticence on this side of the Atlantic. The time seems now to have come when they should be stated with
an even greater frankness than is to be found in the Balfour note. The
debt was incurred after America came into the war, and it was incurred,
not on our own behalf, but on behalf of America's other allies. She lent
the money to France and Italy, but insisted that we should back the bill.
In view of her own partnership in the struggle, that requirement seemed to
be ungenerous in the extreme, but the position did not brook delay, and we
acquiesced. What can we think of a nation which demands the fulfillment
of an obligation incurred in that manner?"
expenditures can be greatly reduced and taxes can be increased. Obviously, before money, printing presses can be
stopped and currencies be reformed," he continued,"budgets
must be balanced." The first .and largest opportunity for
reduction, he said," appears in the items for defense," and
he added that "unless there is drastic disarmament, I see
no light ahead." The following are his remarks on this
point as published in the New York "Times":
It is interesting to note that many nations are better off industrially than
their Governments are financially. This is true of nearly all the belligerent
nations except the United States and Great Britain. Why the Governments
are worse off financially than the people are industrially is another story,
into which I cannot now enter; but the fact has largo significance and a bearing on the possible course of action.
It is tragic that some people in this country do not recognize that Europe
has a long road to travel before she can again make her full industrial contribution. There are those who seriously contend that stricken Europe can
drive the United States out of the markets of the world and also threaten her
in her own markets. If this means anything it means that for nations to
become strong and dangerous in international trade as competitors they
ought to be overwhelmed by war every little while and become!demoralized
financially and politically.
Fantastic Figures of European Debts.
Great Britain's debt stands at £7,800,000,000; France's at 315,000,000,000 francs; Italy's at 169,000,000,000 lire; Germany's at 302,000,000,000
marks; Poland's at 2,250,000,000,000 marks, and Austria's at 7,500,000,000,000 crowns. Those figures scarcely belong to this planet. They are
astronomical. They belong rather to Betelgeuse.
In connection with debt figures we must note the paper money in circulation, which for Great Britain is £442,000,000; for France, 36,000,000,000
francs;
• From the language either of Lord Balfour or of the "Now Statesman," francs; for Italy, 19,000,000,000 lire; for Jugoslavia, 4,750,000,000
200,000,000,000
or of both, the casual reader in Great Britain might infer that America is for Czechoslovakia, 9,000,000,000 crowns; for Germany,
500,000,000,000
Austria,
for
for
marks;
and
Poland,
marks,
300,000,000,000
expecting Great Britain not only to pay the $5,000,000,000 that she owes
MAIMS.
us, but also to guarantee the payment of the additional $5,000,000,000
Finally,I shall call attention to the percentage which national expenditure
owed us by France, Italy and the other Allies.
for defense bears to the total expenditure, as follows:
British Public May be Misled.
*Great Britain, 15%; France, 11%; Italy, 14%; Germany, 5%; Poland,
Such a misinterpretation of the facts would be extreme, but it is readily 26%; Greece, 47%; Jugoslavia, 22%; Czechoslovakia, 19%, with Lithuania
possible that the British public might get it from' the language quoted. having the highest percentage of 51%.
The totals of expenditures of these countries for defense converted into
Since there is no such expectation on the part of the United States, and since
it is impossible that any such misinterpretation could be entertained by dollars is approximately $2,600,000,000 annually.
What can be done about the financial situation? Nothing, unless exLord Balfour, we must look for the only other possible meaning in the words
penditures can be greatly reduced and taxes can be increased. Obviously
used by these British sources.
Great
did
that
Britain
be
not directly borrow before money-printing presses can be stopped and currencies be reformed
This interpretation would
money from our Government or incur an obligation to our Government budgets must be balanced. It will do not good to say that taxes ought to
for goods, and that the only obligation she entered into was as a guarantor have been increased long ago, but it is not out of place to suggest that in
or intermediary for France and Italy. The word which Lord Balfour uses certain countries they should and can now be increased and should be
.
to describe his understanding of Great Britain's part in the incurring of cold
1ehcetefir
7,
st and largest opportunity for reduction appears in the items for
the debt is "security." The phrase used by the "New Statesman" is
.'back the bill." Both phrases mean roughly what an American business defense. Unless there is drastic disarmament I see no light ahead.
man means by the term "guarantor" or "endorser."
In the present condition of Europe and of international trade Europe
To Justify the language either of Lord Balfour or of the"New Statesman," cannot pay any part of the principal of the debt or the interest without
It would be necessary to show that during the war France and Italy asked serious detriment to her and to America. It is physically impossible for
us for money or goods; that we refused them; that thereafter, and because us to receive payment and at the same time to extend or even to maintain
of our refusal Great Britain borrowed the money and incurred the obligation our foreign trade, and it is singular that the very people who have clamored
on her own account, and that these ob,igations incurred in this way, and. for payment of the debt should be most insistent on measures to stimulate
this way only, constitute the debt of $5,000,000,000 that Great Britain our foreign trade. They favored revival of the War Finance Corporation
to stimulate trade, and some of them have advocated subsidies to ships to
now owes us.
It is believed in Washington that this set of facts cannot be shown to carry trade; and yet, with a balance of trade already running against Europe
have existed. What really happened was that each of the Allies, including in the billions, they think it possible for Europe to pay the debt.
But this is not the whole story. At the same moment they passed an
Great Britain, when they needed goods from America, ordered them; that
the American Treasury guaranteed the account and paid the bills, and that emergency tariff bill to restrict imports and now favor a wholesale upward
our Government then charged the amount against the nation which had revision of duties which will greatly restrict trdae with Europe, if it does
AUG. 26 1922.]
THE CHRONICLE
not kill it. Certainly one of the things this country can do to aid itself and
Europe is to suspend efforts to go in half a dozen different economic directions at the same moment. It should quickly develop a program which
will facilitate trade by encouraging the admission of commodities which we
need and which Europe can produce.
DAVID F. HOUSTON ON UNITED STATES' PART IN
REHABILITATION OF EUROPE—OSCAR T.
CROSBY'S VIEWS.
The joining of the League of Nations by the United States,
as one of the measures looking toward the rehabilitation of
Europe, was advocated on Aug. 16 by former Secretary of
the United States Treasury David F. Houston, at the round
table discussion before the Institute of Politics at Williams
College, Williamstown, Mass. In his suggestions Mr.
Houston said:
The United States should indicate its willingness to sit around the council
table in frank and free discussion of Europe's situation with a view to give
her maximum possible aid, provided the European Governments concerned
give satisfactory assurances that they will adopt and execute a program of
drastic reforms.
The United States ought not to be afraid to sit around the table and to
discuss with Europe all present economic conditions. She ought to be able
to select delegates who could hold their own with those of other nations and
safeguard their country's vital interests. Discussion could not bind thts
nation. The delegates could only deliberate, advise and report. This
nation cannot afford to stand by placidly and watch the conflagration
spread.
This nation's aid might be rendered in the following fashion:
1. By Joining the League of Nations as at present constituted or with such
modifications as experience may have dictated.
2. If necessary, by joining Great Britain and other leading nations in
giving assurance that France's territory will be protected against Germany,
provided we are satisfied that aggression is unprovoked.
3. By evidencing willingness to consider dealing with the debts due the
United States by the Allies in the light of all the pledges and performances.
4. By encouraging the participation by private Americarl financial and
industrial interests in loans and investments in Europe when it is reasonably clear that Europe has become a good business risk.
The program to be adopted and executed by Europe might include:
1. Mental disarmament—profound peace in Europe.
2. Sincere and effective participation in the League of Nations.
3. Physical disarmament with corresponding reduction of expenditures
4. Large reductions in reparations.
5. Increased taxation.
6. Balanced budgets.
7. Shutting down of money printing presses.
8. Removal of trade and transportation restrictions.
The United States went into the late war primarily to vindicate her rights.
She also went Into save civilization, to safeguard the world against the menace of an arrogant Power and to prevent a recurrence of such a calamity as
that through which the world has passed;in short, to bring a permanent and
just peace. Peace has not yet been secured. The United States can afford
in her own interest and the interest of the world to do much more than she
has done for the peace of the world, but she cannot do it unless Europe
recognizes that her salvation is largely in her own hands and that if she
wishes aid she must give the requisite pledges and take a course required
by her own interest.
Oscar T. Crosby, former Assistant Secretary of the
Treasury, who disagreed in some particulars with Mr.
Houston, at the discussion on the 16th inst., is reported to
the following effect in the New York "Times":
League Too Weak, Crosby Says.
The chief point against the League of Nations that Mr. Crosby made
was that it was not strong enough to help anybody. He said one of the
secretaries at Geneva told him recently the League of Nations was a great
telephone exchange. "That's what's the matter with it," said Mr. Crosby.
"Of course," he continued, "it is not a superstate as this Secretary said
he always was careful to tell Americans. It is not enough of a superstate
to suit me. It is not substantial or powerful enough to help anybody in
the world."
As to Mr. Houston's point on a guarantee for France, Mr. Crosby reiterated what he had formerly told the conference, namely, that France could
never get from the United States or Great Britain an assurance to come
to her aid in case of unprovoked aggression by Germany that would be
worth the paper it was written on.
"Perhaps," he said, "some sort of an agreement could be reached but it
would be couched in such vague and uncertain language that every one of
the guaranteeing powers could, when the emergency arose, decide whether
to live up to the undertaking or not."
Mr. Crosby said that with internal troubles threatening in the United
States It would be sheer folly for us to assume a foreign undertaking of the
kind Mr. Houston proposed.
Point 4 on financial aid received Mr. Crosby's most intense opposition.
"If encouragement means Government encouragement," said he. "I
am absolutely opposed. I know what that means."
It was learned later than Mr. Houston did not mean Government encouragement.
Mr. Crosby thought that the part of the program suggested by former
Secretary Houston for execution by Europe was equally impracticable.
"Mental disarmament and profound peace," said he,"are mere terms. I
do not know what the Secretary means by them. I think mental disarmament is entirely illusory and as far as profound peace is concerned it never
has been in my time and never will be in my lifetime. Upper Silesia and
Danzig are Alsace-Lorraine's and I can understand how the Germans feel."
As it developed in the course of Mr. Crosby's conference there was practically only one point. Point 7, in which he and former Secretary Houston
were in entire accord. That was to shut down tho printing presses. Mr.
Crosby said we had no right to jump to the conclusion that European
nations were acting in bad faith with reference to their taxation.
"Taxation at most on paper," he added, "is more than the people can
boar, and they simply don't balance their budgets because they can't collect
the taxes."
Unfair to Blame the French.
The fantastic reparation figures, Mr. Crosby reminded the conference,
should not be blamed on France.
"It is unfair to turn the opinion of the United States against France,"
he said. "You forget that Lloyd George won a campaign on the basis of
923
making the Germans pay and hanging the Kaiser. You forget that the
figures for reparations are the figures of the Reparations Commission, and
there is an Englishman as well as an American on that Commission."
CHANCELLOR WIRTH OF GERMANY SAYS NATION'S
BREAD SUPPLY MUST BE SAFEGUARDED BEFORE
REPARATIONS OBLIGATIONS ARE MET.
Chancellor Wirth, in portraying the position of Germany
admitted on the 15th inst., according to Associated Press
advices from Berlin that the German Government was no
longer able to carry out its "program of fulfillment," adding
"We must first safeguard the nation's bread supply, and if
any gold is left over after we are through paying for foreign
grain we will use it to meet our reparations obligations."
We also quote as follows from the Associated Press accounts
of his remarks:
Marks sold to-day at a rate of ten for a cent and less. The European
situation growing out of the deadlocked London confere..ce on a moratorium and the Alsatian refugees' situation were some of the subjects
on which Chancellor Wirth unbosomed himself to-day in the course of a
frank discussion with the correspondent of the Associated Press. Incidentally he admitted that the German Government was no longer able
to carry out its "program of fulfillment."
Dr. Wirth was visibly depressed as he stressed the insecurity of the
present European situation, especially with reference to its direct bearing
on Germany.
The Chancellor denied that Germany was attempting to evade payment
and averred that the gold resources out of which the Government had
been paying the Allies were now virtually exhausted. As a result, he
added, it would be necessary to adjust reparations payments to the nation's
financial and economic capacity.
Calling attention in to-day's quotation of the mark on the world bourses,
the Chancellor declared that if the deadlocked London conference had
succeeded in administering such a staggering blow to German exchange
"a conference completely dominated by Poincare would have meant an
end to German currency."
The Chancellor, who more than a year ago procalimed the "policy of
fulfillment," for which he had but indifferent Parliamentary support,
to-day virtually admitted its failure, although he said he believed the
Government's endeavor to carry out the program had had the practical
effect of proving the absurdity of the Allied demands.
"The nations of Europe apparently do not yet understand one another,"
said Dr. Wirth. "They appear to be steeped in the theory that coercive
measures are the obvious remedy for economic ills and convulsions and
will definitely determine the trend of economic developments."
The Chancellor added his approval of the spirit which marked the
negotiations in connection with the American-German claims agreement
and expressed the hope that the mutual exchange of confidences which
actuated these negotiations might be transferred to tne Continent of
Europe.
Referring to the deadlocked London pourparlers, Dr. Wirth stated that
the element of insecurity which resulted fom the impasse was a gravely
disturbing factor hi the present situation and instantaneously reflected
itself in the catastrophic fall of the mark.
"The psychological effect of a moratorium on the German people becomes vitiated with a currency depreciation as we experienced it to-day.
On this, the fifteenth day of August, we are wholly without information
from the Entente as regards the measures it proposes to adopt in the
near future.
"Meanwhile, sixty million people are left in harassing doubt with regard
to their economicfuture, not to speak of being helpless onlookers as hundreds
of their former compatriots are forcibly being deported from AlsaceLorraine and literally thrown on the streets as beggars."
The Chancellor then hurried off to a Cabinet meeting which was to
endeavor to devise means for bolstering up the mark.
Chancellor Wirth, according to the New York "Times,"
declared that what Germany needs is confidence. He
attributed "the present catastrophe of the mark . • • to
the dwindling of confidence caused by fear that France is
out for Germany's life" and he concluded with the assertion
that "the collpase of Germany would be an unparalleled
thing." The "Times" account of his observations on the
15th inst. (copyrighted) follow:
Dr. Wirth, the German Chancellor, received me to-day and stated the
policy of his Government in face of the breakdown of the London ck.nferonce. The Chancellor spoke throughout the Interview with great emotion
4nd was clearly laboring under a sense of keen disappointment that nothing
had happened in London to ease the already perilous position of Europe.
He began by saying that although no extravagant hopes had been pinned
on London, no one expected such a result. If the London conference had
ended in a victory for the French point of view then it could be assumed that
the end of German currency would have come.
"The result as it stands," the Chancellor proceeded, "is a catastrophe.
However,it is not at all Germany's intention to shirk any of her obligations,
and in order to prove that Germany has, though with the utmost difficulty,
to-day paid the sum of /500,000 of the amount of £2,000,000 which is due
to-day. We are willing to pay in proportion to our capacity to pay. This
capacity, however,decreases day to day and the present collapse of the mark
means still further reduction in our power to pay.
"Then every deed of political violence shakes all Europe's economic
situation because the collapse of our currency naturally reacts on all other
European countries. Look at expulsions from Alsace-Lorraine. They
have
us moved
the
Gsre
erm
exapnusin
pluoblisc
to itsdepths. The news which reaches
is terrible.
"During the next few months we can and will carry out our obligations
only in so far as the assuring of the bread supply for the practical existence
of the people permits. Germany has to import about 38% of her cereals
for bread. First bread for the people and then reparations.
"What is economically impossible must collapse of itself. We have both
good-will and patience to a large degree, but our strength has come to an
end. For the sake of mere humanity we must assure our people bread to
prevent them in falling into misery and despair. Their struggle is hard
enough as it is and our difficulties in securing bread are increased by acts
such as those which are being indulged in in Alsace-Lorraine."
Questioned in the matter of the moratorium, the Chancellor said a morai:orium to be of any practical value would have to be one of many months.
924
I
TFrE CHRONICLE
[VoL. 115.
Six months would, he added, have been quite effective a little while ago, but private initiative to bolster up the mark artificially in the present political
as the mark falls a moratorium becomes less and less valuable. The psy- atmosphere would he bound to prove disastrous.
chological effect of a moratorium would have been ofsome value. Now that
"There is no tangible economic ground for this unprecedented depreciaeffect was absent, and it was that feeling of danger and uncertainty which tion,"says the "Boersen Courier," which declares that the nation's induswas one of the worst features in the situation.
trial productive capacity continues unimpaired, while the mere fact that imThe Chancellor said he remembered the reproaches leveled at the German ports exceed exports "is hardly a cogent reason why the world should
Government regarding the flight of capital from the country. He pointed abandon Germany."
out that the flight of capital was an international matter, but the way to
The "Boersen Courier" also fails to discover in the reparations payments
prevent the flight of capital from any country was to make It worth while to an immediate.cause for the mark's present level, inasmuch as these paykeep capital in that country, and that could be best arrived at, as far as ments have been plainly designated for a year or more and must be met in
Germany was concerned, by stabilizing the mark, which could only be accordance with Germany's capacity. It believes that the mark's fluctuabrought about by solving these questions.
tion is primarily a psychic or psychological process and that the fact that
"What we need," declared Dr. Wirth in conclusion, "is confidence. For the mark is unstable and capable of slipping suffices to produce violent
the present the catastrophe of the mark, which will mean another colossal drops, determined and augmented by policies which constantly threaten
rise in prices and consequent movement for higher wages and salaries, is penalties and other economic punitive measures.
chiefly due to the dwindling confidence caused by fear that France is out
The prevailing shortage of circulating currency within Germany is emphafor Germany's life. Is Germany going to be allowed to live or not? That sized by several writers as one ofthe most menacing effects of the present
Is the great question, the sword over our heads.
slump in the mark. "Vorwaerts" suggests that the Reichsbank forthwith
"Are we going the way of Russia? Well, Russia was, for the most part, proceed to gather in the paper marks held abroad, which now constitute a
an agricultural nation. Germany is mainly an industrial one. The col- heavy percentage of its total issue. The Socialist organ declares that the
lapse of Germany would be an unparalleled thing. There is nothing that present gold value of the total paper issue is insignificant to the pre-war
one could compare with it. But if only good-will were present in Europe. ratio and advances the theory that the Reichsbank, through the aid of a
Germany could yet be saved."
gold loan of 500,000,000 marks, might be able to coax back 250,000,000,000
The German Chancellor supplemented his remarks of the paper marks—assuming that it would be able to buy them up at to-day's
15th inst. by some further declarations on the 17th inst. rate.
It doubts whether that much German currency is held abroad, but asserts
in which he said that outside recognition of the German that the amounts are undoubtedly excessive and represent a circulating
Republic and its achievements may come too late "and then medium which is badly needed at home at the present time.
shortage of liquid money is becoming more acute daily,in the opinion
a German-European catastrophe cannot be avoided." His ofThe
other financial editors, who call attention to the fact that the Government
remarks on that occasion (copyrighted by the New York yesterday approved civil wage increases totaling 1,200,000,000 marks alone.
Externally the situation is identical with that experienced in Austria,
"Times") are given herewith:
Chancellor Wirth, considering the consequences to Germany of the where a money crisis developed along the same lines, which prompted the
mark's collapse, expresses the view that Premier Poincare will find few city administration of.Cologne to dispatch a special deputation to Vienna,
persons outside of France and many within it to take seriously his charge where the effects of the money depreciation on the populace will be the subject of minute investigation, in an attempt to anticipate results in Germany
that Germany is pursuing a policy of systematic depreciation of the mark.
"These consequences," said the Chancellor in an interview,"are obvious. similar to those experienced in Austria.
The absence of capital increases, which formerly automatically accomThey would mean the further impoverishment and progressive misery of
broad sections of the people; an end to the most necessary imports of panied each slump in the mark, is wholly missing in the present crisis, acfood and raw materials; the complete selling out of stocks of goods: hunger cording to Hugo Stinnes's"Algemeine Zeitung," which ascribes the reason to
outbreaks of desperation among the masses; the undermining of all govern- lack of fluid capital, as the banks are no longer advancing money because of
mental authority: the annihilation of working capital for German industries the hazard involved in the continued depreciation.
The "Algemeine Zeitung" asserts that the public at large also is without
and the laming of production. In view of these consequences, the idea
that a government of the leaders of private economy would work to bring ready funds for investment;but, on the contrary, is disposing of its securities in order to maintain physical existence. It predicts social ramifications
about the collapse of the mark is senseless.
"The French Premier asserts that France needs 60% participation in the ta the present crisis which cannot be estimated as yet.
"The mark's fate may be sealed the coming week," says the "Tagelische
German chemical industry to prevent the manufacture of poison gases.
As to this, it suffices to point out that the peace treaty gives the Allied Rundschau," referring ta the forthcoming negotiations with the Allied
Powers ample opportunities for controlling these manufacturing plants, and mission heacli3d by Sir John Bradbury. It sees little hope for premanent
seeing that no poison gases are made there, and that more than enough use improvement in any modification of the Allies' policies which, it declares,
has been made of this control right, the French Premier's assertion is simply "would hardly suffice to undo the economic mischief French desposism has
a pretext for prying into the business processes of German industry and accomplished by forcing the mark to the present level."
for eliminating the competition of German industry.
On the 18th inst., when the mark fell to 1,230 to the
"M.Poincare declined to appeal to the League of Nations for the decision dollar, one of the German papers advised that the Governof juridical and controversial questions, as Mr. Lloyd George proposed.
How much confidence can the German people then have in the impartiality ment "print more money until such time as the reparations
of a League of Nations to which the French Premier himself denies authority payments are definitely regulated and exports are estabto make a decision merely because neutral powers are represented therein?
lished on 'a firmer basis." The Associated Press Berlin
"What recognition has the German Republic and its achievements
received from the outside world? None. The vitally necessary insight cablegram is authority for this as follows:
The mark wavered to-day, closing near 1,158, although 1,230 was freely
may,like German policy during the war,come too late, and then a GermanEuropean catastrophe cannot be avoided. The world should demand that paid for American dollars in Post Bourse trading. The final allotments
the reparation problem be viewed purely from the economic side and that represented only one-half the volume called for.
Bourse and banking circles attribute the new slump primarily to the
the political consequences be drawn from them.
ten
insecurity of the political situation resulting from the apparent foundering
•
of the reparations negotiations. They assert this obviously is stimulting
and speculation at home, although the speculation in
CONTINUED DECLINE IN GERMAN MARK VALUE— unloading abroadbelieved
to be of sufficient magnitude to push the mark
Germany is not
WARNING IN BERLIN AGAINST RISE.
down to to-day's level.
Reichsbank
it
was
asserted that the cause of yesterday's and toAt the
With the continuance of the further downward course in
day's quotations must be looked for in the unsettled political situation:
the value of the German mark, warning has been issued in that
tee Government has not been making heavy purchases of foreign curBerlin against the selling of the marks and buying of dollars rency recently, and that grain purchases abroad are being carried out in
with the program agreed upon before the mark began its toboggan
and to the 'dire consequences" if a sudden recovery in the keeping
slide and that the Government provided necessary gold for this purpose
mark should occur. In stating this, a copyright cablegram at a more favorable rate than is available to-day.
The prevailing shortage of capital is cited as one of the aggravating factors
from Berlin to the New York "Times" said:
The Wirth Government, more than alarmed by the mark's collapse, In the present situation, and this is said to be bringing about forced buying
semi-official
warning
promulgated to-day a
through the entire Berlin and of foreign currencies with which to purchase raw products abroad.
"Print more money" is the "Boersen Courier's" advice to the GovernGerman press to financiers, bankers, business men, speculators and the
general public not to sell marks and not to buy dollars, and particularly ment for the present, or until such time as the reparations payments are
sounding a warning as to the dire consequences "if the mark were suddenly definitely regulated and exports are established on a firmer basis.
The Bourse organ believes it now is not a question of determining what
to improve." One form of the Governmental warning read:
"We hear that the Government takes the standpoint that the present fraction of a cent the mark represents; the real trouble is that the slump is
extraordinary boom in foreign exchange has no cencrete basis of fact to too precipitate, the logical result being that Germany is short of money.
justify it. The Imperial Government does not come into the question as which means a shortage of capital, credit and circulating currency. It
a purchaser of foreign exchange, either now or for the foreseeable future. estimates Germany's total volume of paper currency is equivalent to $180,considerably
Clearing House payments have been postponed for four weeks. Fear of 000,000, or 750,000,000 gold marks, which, the paper says, is
impending French measures appears thoroughly exaggerated. The Reich less than the Reichsbank's gold reserve.
With the drop of the mark to 2,000 to the dollar on the 24th
Government therefore urgently and insistently warns against exaggerated
and excessive nervousness."
a copyright cablegram from Berlin to the New York
inst.,
increase,
granted
salary
under
duress by the GovernThe 38% wage and
'Times"
related as follows the efforts of the Government to
servants
civil
and
generally,
officials
piles
State
up
of
ment to
a deficit
125 billion paper marks. Financial experts assert that Germany is rapidly check the panicky situation:
approaching the condition of Austria.
The Wirth Government, alarmed by the mark collapse and the demands
at the morning Cabinet meetOn the same date an Associated Press cablegram dealing of organized labor, nevertheless took time outwhich
were transmitted to Sir
ing to discuss fresh proposals of guarantees
with the collapse of the mark stated:
conference
with the Wirth Finance
Bradbury
and
John
M. Mauciere at a
abroad
is
the
sold
marks
cause
of
of
the
unloading
collapse
present
Heavy
Minister, Herr Hermes, early this afternoon.
of German currency, in the opinion of financial writers here, who concur
Attempts to Check Panic.
in declaring that there is no cogent "objective" reason for a stampede in
In hopes ofsteadying the mark,the Government to-night issued an official
Germany's present internal situation, and therefore unite in ascribing to
real
the
reason
situation
for
the
slump.
against
political
warning
the crop alarmist rumors specifically, but mildly branding
the international
In support of this contention they cite the fact that the collapse of the "sensational press reports regarding the reparation negotiations" as "inacLondon conference sent the dollar rate to a thousand, and assert that the curate" and pathetically asserting that there is still "no cause for disquiet."
Semi-officially it was denied that the Wirth Government had proffered
French attitude accomplished what the London deadlock merely stimulated.
It is further pointed out that the Government for more than a month past 50,000,000 gold marks deposit as a guarantee for coal and wool deliveries.
currencies,
as
no
foreign
reparation
Here is how the outlook appears through the eyes of the "Boerse Courier":
of
installments
purchaser
has not been a
"Too late. It took only nine days for the mark to drop from 1,000 to
payment on clearing house obligations
have been paid, while the part paYm
2,000 to the dollar. The previous drop from 500 to 1,000 took three weeks.
represented funds which were secured weeks ago.
It is also asserted that Germany has not been buying gold to pay for Tne big drop before that took two months. The Rathenau murder, the
wheat purchases abroad. German experts admit that the Government is break-up of the London conference, doubts as to the result of the Berlin
utterly helpless in the face of recent developments, that it is wholly at the conference, those are the points at which the torrents of the mark depreciamercy of hostile foreign policies and that any attempt on its part or through tion was transformed into a perpendicular down-plunging cataract. The
AUG. 26 1922.]
THE CHRONICLE
mark's power of resistance to blows from the outside has dwindled to practically nothing, and the Rathenau murder and break-up of the London conference were at least accomplished facts. To-day it needs no facts, mere
doubts suffice to cause the mark to plunge headlong."
925
The continued influx of visitors is working much hardship on the population who are unable to meet the competition from thcse whose marks
have come cheap. Visitors are filling up hotels and bearding houses to
such an extent that the American authorities are unable to provide the
billets needed.
The "Times" also reported the following copyright advices from London on Aug. 24:
EIGHT BERLIN BANKS VALUED AT $5,000,000 AT
Sensational fluctuations, breaking all records, took place in German
CURRENT RATE OF EXCHANGE—GERMANY'S
marks to-day. Opening at around 7,000 to the pound, the rate advanced
rapidly until a fresh low record value of the mark was touched at 8,950, as
UNPAID REPARATIONS DEBT.
compared with Wednesday's closing quotation of 6,525, thus showing
The Associated Press reports the following from Berlin,
a fluctuation of not less than 2,425 on the day. A slight recovery towards
the finish left the rate at 8,300.
Aug. 21:
The fall in the mark was the result of heavy selling pressure, chiefly from
the Continent, on pessimistic reports as to the negotiations now taking
place in Berlin on the quotation of Germany's reparation payments. The
character of the selling will best be gauged when it is stated that the amounts
of 2,000,000 marks at a time were being offered.
As to the panic on the Berlin Bourse incident to the low
point scored by the mark on the 24th, the Associated Press
advices from Berlin had the following to say:
It is estimated that on the basis of 1,200 marks to the dollar, the present
value, the combined capital stock, reserves, realty and building fund reserves of the eight major banks of Greater Berlin, including the four big
institutions comprising "Die Gruppe," to-day represented a gold value
slightly less than $5,000,000, although these assets are entered on the last
balance sheets of the banks as worth 4,772,000,000 marks.
Germany's unpaid reparations debt is estimated at 120,000,000,000 gold
marks. The slump in the mark is accelerating the practice of invoicing
on the dollar basis by most of the export lines, especially textile industries,
many of which are also placing* their plants at the disposal of the Entente.
accepting raw materials on condition that these be turned into the finished
product at a fixed wage, as they no longer are able to operate under the
conditions imposed by the fluctuations in the mark, both as regards ability
to purchase raw materials and meet German wage demands.
The continual rise in foreign currency, provoked by fears of a failure of
the negotiations between Sir John Bradbury, British member of the Reparation Commission, and M. Mauclere, Chairman of the Allied Committee on
guarantees, with German off:cials in regard to Germany's financial obligations, caused a panic on the Bourse to-day.
•
The dollar, which hitherto had advanced from 30 to 40 points daily,
showed hourly rises of more than 100 points. At one moment it stood at
2,000 marks. Foreign currencies were almost unobtainable, nobody being
WHAT GERMANY HAS NOW PAID.
willing to sell them.'
The "Journal of Commerce" in its July 17 issue printed
There was a literal catch-as-catch-can wrestling match for dollars, sterling
and other foreign moneys on the Bourse to-day, where the fortunate owners the following special correspondence from Berlin June 30:
refused to part with their holdings, despite the seven-league-boot stride
Respecting the reparations prescribed by the treaty of peace, the following
with which the mark traveled upward.
particulars are given officially. According to these Germany has made
One of the gravest symptoms ofthe money crisis suggested is the apprecia- reparation amounting in value to 46 milliards of gold marks, this sum
ble decline in bank and savings deposits, the mark having been relegated consisting of the following items:
literally to the category of "perishable goods," its period of usefulness now
Milliards of
being measured by days and hours.
Gold Marks.
"He who saved for a rainy day now discovers he has been deceived, in Liquidated German property abroad
11.7
that he finds his savings of a lifetime reduced to a fraction of their original The fleet handed over
5.7
value and their purchasing power annihilated," says the "National Zeitung." Government property in ceded territories
6.5
This newspaper adds that this obviously explains the aversion of the Railway and rolling stock given up_
2.0
Individual to risk his money in bank deposits, and in consequence he seeks Other reparations of non-military character
5.8
action for it through other channels "before it literally melts away in his Loss of German claims on her former allies
7.0
hands."
1.1
Saar mines
One of the anomalies of the situation is supplied by computation based Coal deliveries up to the present
1.3
on to-day's value of German currency, which makes Germany the only Reparation in cash
1.3
country in Europe whose paper circulation is more than covered by a gold
3.2
Various small items
reserve of one billion marks. In this connection it is pointed out that
Austria's currency represents $10,000,000 and Russia's $20,000,000.
45.6
Total
Hereby noaccount has been taken ef the losses in Western Prussia, Posen
German colonies. This sum
STATE CONFISCATION OF FOODSTUFFS DEMANDED and Upper Silesia, as also of the value of the
has, of course, partly been taken from the nation's wealth and partly from
IN GERMANY—REVISION OF BREAD PRICE.
its income. For comparison it might be mentioned that the German
The following was contained in a copyright cablegram national income before the war amounted annually to approximately
milliards and the national wealth to approximately 350 to 400 milliards
to the New York "Times" from Berlin Aug. 24 in recounting 40
gold marks. Nominally there will be no great change in these figures as
the low point reached by the mark, further reference to the reduction of the people's wealth and income to about 60 to 70% of the
peace status is faced by a reduction in value of the gold to about an equal
which is made in another item in this issue.
While the mark was going to pot this morning the "Bread Panic Com- extent.
Position of Workers.
mittee" of Germany's Federation of Labor served an ultimatum on ChanThe position of the German workers is not anywhere near so strong now
cellor Wirth demanding "immediate State confiscation of foodstuffs, clothing,shoes and the rationing of the same;fixing of a compulsory rate or value as it was immediately after the revolution. Glanced at even only casually
of the paper mark within Germany; fixing of maximum prices; taking over it is noticed they are actually on the defensive. They no longer fight
by the Reich Government of the entire export trade; buying and selling of manifestly for the socializing of the key industries, but confine themselves
foreign exchange only by the State; sharpest surveillance and supervision to defending the eight-hour work day and to keeping up the Republic, of
of prices by the State; immediate prohibition of cake baking and other which they are the most powerful and strongest support. As has been
'luxury bakery wares'; immediate prohibition of the manufacture of liquors, shown by the dastardly murder of the Republic's Minister Rathenau, there
candies and chocolate; the prohibition of champagne manufacture for is a secret society cf political conspirators and criminals consisting chiefly
'luxury consumption' (permissible only for medicinal purposes); immediate of former officers whose energy and fanaticism must not be underestimated.
It must also be admitted that the Reichswahr of the army is but an unimport prohibition of wines, oranges and other luxuries."
The Wirth Cabinet at various times during the day discussed the foregoing certain instrument in the hands of the Republic.
and other measures for meeting the catastrophe without coming to any
Republic Safe.
decisions. The advisability ofsummoning the Reichstag also was discussed.
It is, however, wrong to assume that these conspirators are able to underThe Food Ministry called together the Price-Fixing Commission to revise
the price of bread. It looks as if bread would have to be increased another mine seriously the Republic and to overthrow it. The German workers
100% shortly. The outlook is for a very middling if not a bad crop of wheat, have a very powerful weapon with which not only to support the Republic
but also effectually to meet any serious attack on it—namely, the political
rye and oats in Germany.
This morning's Bourse panic and mark crash was based on Paris reports general strike. This latter—as paradcx as it may seem—is the most effecpurporting to give details of the discussions between members of the tive guarantee there is for the undisturbed upkeep of German economic
Reparation Commission and the Wirth Government and pessimistically life, and consequently also of the international standing of the nation.
The German Trade Union Congress in June may well claim to have interpainting a break as in sight.
national importance. It was decided to keep up the legal eight-hour day
The Wirth Government continues to stand pat on the categorical rejection
without concessions and at all costs, for German industrials have lately
of Poincare's "productive guarantees" in so far as that involves surrender
taken to attack same. The President of the congress and leader of one of
of State mines and forests to Allied control and transferring the Reichthe very largest trade unions, Leipart, in speaking of the attitude adopted
bank's gold reserve to the occupied area. The Wirth Government has been
by the German workers, said: "We support the fulfilling policy without.
racking its brains seeking a substitute for these productive guarantees in
however, giving up the social attainments of the working classes. If the
the form of a small gold deposit with the Allies from the Reichbank's
reparations cannot be carried through as it is then they must be trimmed
remnant of a billion gold marks and vaguer makeshifts.
to fit in with the eight-hour. day." Thus even the will of the working
classes in Germany to fulfill the reparation requirements has its limits.
GERMAN DEPOSITS OF GOLD IN SWISS BANKS.
Cablegrams to the daily papers from Geneva August 23 BERLIN PRICES VARY FROM HOUR TO HOUR—SHOPstated:
KEEPERS REGULATE CHARGES ACCORDING TO
A group of Swiss bankers, after an official inquiry, stated to-day that the
THE QUOTATIONS FOR DOLLAR EXCHANGE.
total amount of funds deposited by Germany in Swiss banks amounted to
about 80,000,000 Swiss francs gold.
The following from Berlin Aug. 24 is copyrighted by
the New York "Times":
As a result of the record mark smash prices are rising spasmodically,
CHEAP MARKS BRING CROWDS TO RHINELAND.
but utterly without uniformity. The mark depreciation accordingly is
The following from Coblenz, Aug. 19, appeared in the assuming
fantastic concrete forms. Many categories of goods and services
New York "Times":
follow the rapidly rising dollar only sluggishly, others skyrocket or rise
This Rhineland town [Coblenzi, headquarters of the American Army of
Occupation, has become the mecca for many American and other tourists,
as prices here are cheaper than in other parts of Germany because of the
regulations governing the occupied zone. The depreciation of the mark.
accompanied by frenzied buying on the part of the tourists, has led local
merchants, as well as merchants in the other sections of the occupied area,
to request the Rhineland Commission to prohibit these "Auslanders," or
foreigners, from buying goods and limit sales to members of the Allied
forces.
irregularly at variable speeds.
A curious and novel feature is the so-called "hour bargain chances" where
prices rise suddenly by the minute or hour,generally when the Bourse quotations for the dollar become known. Thrifty housewives who shopped in the
early morning were able to buy margarine for 145 marks until the stcreas irs
keepe
mm
learned
ge
. rate, when the margarine price
arnks
adjustededtheofficial dto
180
exc
mha
ollar
w
Even the smallest tradesmen and shopkeepers are thoroughly familiar with.
the exchange rates and fully understand the practical business significance of
•
926
THE CHRONICLE
the sharp dollar rise and the mark decline. Many stores merely put up
notices "plus 20%," or whatever percentage they figure they must clap on
after learning the day's official dollar rate.
The dollar reports take longer to gain currency in the poorer section of the
city than in the business centre and the higher class residential sections.
The news takes longer to reach the suburbs, too, so that at any given moment prices for the same necessaries of life average 15 to 30% cheaper in the
east and north of Berlin and the more distant suburbs than in the business
centre, while they are apt to range 20 to 40% higher in the fashionable west
end.
The tendency in general is increasingly to fix prices on an approximate
dollar basis.
Last might the "National Gazette" had a heavy mourning-bordered front
page box, announcing to its readers an increase in price per copy from 3 to 4
marks, with a long lugubrious explanation about the "catastrophic depreciation of the mark." The Stinnes "Deutsche Allgemeine Gazette" features
the fact that an egg now costs 11 marks. The serious financial organ, the
"Boersen Courier," for the first time features a solid column of humorous
paragraphs about dollar and mark exchange. The Berlin State Opera
announces that prices will be boosted way up and changed from day to
day, but that Germans and Austrians who can prove their identity by
officially authenticated photographs at the box office will get a two-thirds
reduction on the outlander prices.
[Vol.. 115.
Chancellor's reported threat to turn the country over to the Entente
to another attempt of the Socialists to form a Cabinet.
On the 8th inst. in announcing the closing of some of the
city's restaurants owing ta the advancing costs of foodstuffs,
the Associated Press said:
There were reports to-day that the index figure, which will be made
known Aug. 15, would show an increase of 91% in the cost of living in
Austria over July. The reports brought forth a semi-official denial, but
In one of the Government newspapers the statistician, Knab, estimates
the index number as 7,132 as against 3,671 for July. [This is an increase
of 94%.]
Coal dealers announce that the prices for coal will be doubled. The
prices of foodstuffs also continue to advance alarmingly. The Abeno
announces that more than fifty restaurants catering to the middle and
lower classes of the people have been closed because the cost of materials
and the new wine tax has made it impossible for former patrons to frequent
kd
them.
The Government is attempting artificially to steady the exchange rate
on the crown by opening the clearing house three days a week and compelling applications for foreign moneys to be made the day preceding
quotation day.
There is an atmosphere of gloom and apprehension throughout the city;
but notwithstanding the tenseness of the situation there is a singular
absence of meetings and demonstrations on the part of those elements of
the populacefrom which expressicns of discontent usually are to be expected.
SUSPENSION OF FOREIGN MONEYZORDERS IN
GERMANY.
The issuance of money orders for foreign countries was
MUNICIPAL CONTROL OF FOOD IN SPAIN.
suspended in Germany on the 24th inst., according to
The following press advices are reported from Madrid,
Associated Press cablegrams from Berlin, which on that
day also said:
Aug. 8:
Commercial bargains between producers, wholesalers and consumers,
Municipal control of the prices of various articles of food is provided
according to the "Berliner Tageblatt," are being increasingly transacted for by royal decree appearing in to-day's "Official Gazette." City markets
on the basis of the dollar quotation.
will be established in competition with the regular tradesmen and storeThe newspapers say that a number of the small banking firms and some keepers, lower prices being established by eliminating the middlemen,
brokers are in difficulties owing to their obligations in foreign currencies. who are accused of having kept prices up tbrlugh their system of exorbitant profits.
.41
TIME LIMIT EXTENDED FOR REPORTING PRENEW SPANISH BANKING LA
WAR AUSTRIAN AND HUNGARIAN UNSECURED
GOVERNMENT BONDS UNDER PEACE TREATY.
We reproduce from "Commerce Reports" of Aug. 7 (published by the Department of Commerce at Washington) the
The following is from "Commerce Reports" of Aug. 14:
The Department of State has been informed that the time limit for re- following from Charge d'Affaires ad Interim William Spenporting pre-war Austrian and Hungarian unsecured Government bonds
Madrid:
In accordance with the provisions of Article 203 of the Treaty of Peace with cer, at
Are•sg.
••••••••••••••••....,
On June 16 1922, the "Gaceta de Madrid" published a royal order
dated June 13 approving provisionally Section 2 of the new Spanish banking law passed by the Cortes on Dec. 28 1921.
Under this law all private banks operating in Spain, whether foreign
or domestic, must publish their balances and the extract of their profit
and loss account. These balances shall be reported by the bank quarterly
and the profits and losses yearly. The text of Section 2 is quoted below
In translation.
Art. 6. All private banks, whether foreign or native, operating in
Spain are obliged to publish their balances and the statement of their
RISE IN FOOD, HEAT AND SHELTER COSTS IN profit and loss accounts.
Balances will be presented quarterly to the comisaria in accordance
GERMANY.
with the specimen, which at the request of the superior bank council
has been approved by the Government; statement of profi and loss
From the New York "Evening Post" of Aug. 7, we take the account will be remitted annually.
Balances and the statement of the profit and loss account of foreign
following, dated Berlin, Aug.6, and copyrighted by the Phila- banks
and bankers will indicate their position and the results of their
operations in Spain; those of Spanish banks and bankers will show their
delphia Ledger Co.:
position and the result of all their operations.
Art. 7. At the request of the Ministry of Finance the Government will
The highest jump in the cost of living in Germany since the war, the
measures covered by the law of bank ordinances regarding
Index number for staple necessities such as food, heat, shelter, &c., rising dictate theregistered
in the comisaria. Upon the superior bank council
banks not
from the June figure of 3,779 to 3,990, an increase of 32%, as compared in this connection falls the work of supplying information and advice.
with a 9 2-10% rise between May and June.
Art. 8. Banks registered in the comisaria, in addition to the obligawill have to fulfill the following:
Food alone increased 33 5-10%. Although figures differ in different tions of all banks,
measures dictated by the superior bank
(a) Loyally comply with all rights
towns, nowhere was the food cost increase below 20%. An important council
and meet with its requirements to
within the limits of its
ability.
their
contributing factor was the rise in the cost of potatoes.
of
best
the
(b) Accept and submit to the sentences given by the superior bank
In stating that the year's advance in prices in Germany council
and approved by the comisaria in the event of noncompliance
the rules made.
was the greatest in July, a copyright cablegram to the New with
(c) Submit to the inspection made by the Bank of Spain referred to
York "Times" from Berlin, Aug. 13, said:
In the tenth section of their decree.
(d) Study any questions which the superior bank council may submit
In German commodity prices, July witnessed the greatest rise of any to them.
month this year. The Frankfurter "Zeitung's" average, based on 100
(e) Pay any expenses which arise from the ordinary operation of the
bank council by means of an annual fee fixed by the said council,
for the prices of 1914, worked out 13,935 on Aug. 1 as against 9,140 on superior exceeding
hi, of 1% of the capital plus the reserves of each bank
without
July 1 and 4,238 on Jan. 1. During July the average for the foodstuffs and A of 1% of the capital which each banker has invested in his banking
group rose from 8,323 to 13,691, for textiles from 13,938 to 21,910, for business in accordance with the seventh part of Article 2 of the law. The
minerals from 12,168 to 18,355, for miscellaneous from 6,881 to 10,993 fee will be paid annually in advance.
Art. 9. The registered bank will enjoy the following privileges and
and for finished articles from 6,750 to 8,549.
benefits:
It is calculated that at present exchange rates, even these prices would
(a) Right to direct and indirect vote in connection with the constimean gold values less than half the prices of 1914; from which it is argued tution of the superior bank council in the form and according to the
established in Part 2 of Article 19 of this law.
that Germany's ability to compete is unimpaired by the new rise in prices, requirements
(b) To participate in the bonus system which the Bank of Spain grants
which is more than counterweighted by the rapid fall of mark exchange. in accordance with the eighth part of Article 1 of the law of ordinances
Since exports are compulsorily invoiced in good currencies at something and as described in the tenth section of this decree.
(c) Participate in the facilities and benefits contained in the agreement
near the world market price, exporters seem to be reaping enormous
made with the State for the establishment of a "crossed" and travelers
profits and the Government has consequently submitted a bill doubling check.
the export duties. The German Trade Industrial Congress and other
(d) Participate in the facilities and benefits of the agreement with
the State regarding bill stamps on checks, remittances, and sight drafts.
business bodies are vehemently opposing the increase.
The agreements referred to in Parts 3 and 4 will be incorporated in
That foreign trade is not slackening in quantity is shown by the fact this
decree as integral parts of the same and will constitute Section 12
that last month's arrivals of shipping at Hamburg are reported as 1,065,329 after they have been made.
(e) To form part of the "caja de compensacion" (clearing house).
tons against 875,555 in July 1921, and departures at 948,029 tons against
or banker may be a member of the clearing house established
808,232. In the completed seven-months' period, shipping in both Every bank
the banking zone in which they are located and may present thereto
directions reached 14,500,000 tons; in the same months of 1913 it was In
direct all checks, drafts, or other documents to be paid or collected in
accordance with the regulations contained in the statutes of the same.
16,500,000.
(f) Participate in the enjoyment of the services rendered by the superior
bank council, such as commercial information, publications, library, &c.
AUSTRIAN LIVING COSTS ADVANCE 124%—RESTAUArt. 10. In connection with the fourth part of the law of ordinances,
the banking terms mentioned therein will be defined as follows:
RANTS CLOSED.
As capital will be considered:
(a) In connection with joint-stock companies—
Under date of Aug. 8 the Associated Press reported the fol(1) The capital paid in and the reserves, as given in the balances. The
total of these two items will be taken as the entire capital.
lowing advices from Vienna:
(2) The subscribed and unpaid-in capital in connection with shares
been or which may have lost their nominative quality,
The cost of living in Austria was increased 124% within the last thirty which may not have
figure
which
index
to a maximum of an amount equal to the amount paid in on account
up
became
monthly
public to-day.
•days, according to the
said capital for each share. Capital thus determined will be computed
of
the
to
58,625
dollar.
was
krone
the
Officially, the value of
half of the amount thereof.
restless public is not apparent, as this as(b)
In connection with co-partnerships,silent partnerships, and bankers-The general effect on the already
uneasiness was felt over possible develop(1) The capital contributed to the business and the amount of the
Is a general holiday, but some
as indicated in the balance. The amount of these two items
reserves
advance
in
further
prices.
ments to-morrow with the inevitable
computed to the full extent.
days of the present Government will beThe
capital which is voluntarily declared by the partner or partRumors are gaining strength that the
(2)
follow this ners consisting of real estate, the ownership of which is proven, up
to
are numberdd. There is much speculation as to what might
maximum limit of an amount equal to what the partner or partners
contingency. The various reports range from possible fulfillment of the the
Austria and Article 186 of the Treaty of Peace with Hungary has been
extended by the Reparations Commission to Oct. 1 1922. Accordingly,
American holders of such bonds who desire to submit them to the Department of State for transmission to the Reparations Commission may do so
at any time prior to Sept. 15 1922.
Full information concerning the treaty provisions relating to the disposition of Austrian and Hungarian pre-war unsecured bonds can be obtained
by writing to the Secretary of State, Washington, D. C.
AUG. 261922.1
TRE CHRONICLE
as
would have officially contributed. This capital will be computed
half of the amount thereof.
bank
registered
each
to
The determining of the capital corresponding
in conor banker will be made by the comisaria at the end of each year
nection with the last balance sheet.
accounts (with
The determining of the maximum interest in current
which shall distinguish
credit balances) will be done by the comisaria,
deposits and
the cases of current demand accounts and various time
indicate the interest for time deposits.
among
differ
by
the
batiks
effected
operations
account
current
When
of liquidation and accumuone another as regards the duration of the period
special advantages or facilities,
lation of interest or in connection with
case will consider the results of the
the superior bank council in each
the advantages or facilities granted
various periods of accumulation and periods.
and will express the same in interest
on hand, balance available on decash
meant
be
By quick assets will
credit institutions, credits availed°
mand in the Bank of Spain and other
or pledged, commercial drafts
negotiated
es
may
which
secueties
sight,
at
maturity
of not longer tenor than 90 days, and transferable credits the
date of which does not exceed 90 days. balances in current account (credit),
considered
be
will
liabilities
As quick
taxes, notes, and other similar items.
of obligatory examination for banks regisIn determining the measures
bank council will proceed gradually
tered in the comisaria, the superioras
good the status quo of each bank
but steadily, accepting temporarily
in view of the examination to
modification
its
demanding
banker,
or
in
rules must remain the period
these
and
submitted,
which they must be
years.
fixed by the superior bank council, which can not exceed three
927
Bank in Belgrade to carry on the traditions of the parent institution.
Within the newly constituted State The Adriatic Bank has branches in
Cavtat, Celje, Dubrovnik, Ercegnovi, Jelsa, Korcula, Kotor, Kranj,
Ljubljana, Maribor, Metkovic, Sarajevo, Split, Sibenik, and Zagreb.
The Adriatic Bank at Trieste.
When Trieste was made Italian territory, it became necessary to convert
the capital of the Adriatic Bank into Italian lire. To-day the capital stock
of the Adriatic Bank in Italy amounts to 15,000,000 lire, and surplus fund
Vienna.
exceeds 5,000,000 lire. It has branches at Zara. Abbazia, and in
American Connections.
In South America the Adriatic Bank is affiliated with the Banco Yugoto
slav° de Chile. These relations are of a most cordial nature, and bound
lead to the development of further business in that part of the world.
in
In North America the Frank Sakser State Bank has been opened
New York City under the presidency of Mr. Frank Sakser, the well-known
This
Bank.
Adriatic
the
banker and member of the board of directors of
bank suffices for the bank's business with Jugoslav emigrants in that city,
and for the requirements of the latter in this respect.
Apart from the Frank Sakser State Bank, the Adriatic Bank has connections with leading American banks at all palces where there are Jugoslav colonies throughout the United States.
A special American departmenChas been opened at the head office of the
Adriatic Bank under the management of American bankers. This deGERMANY INCREASES DUTY ON EXPORTS.
partment is in constant touch with all leading banks in America. It also
Associated Press advices from Berlin Aug. 18 state:
serves as a bureau of information for business men, private individuals
majority
small
a
The Economic Council of the Empire decided to-day by
South America, Australia, New
cor- and business institutions in North and
to increase the assessment on exports in order to make the amount
Zealand and South Africa. There is also a foreign department for genera/
mark.
of
the
depreciation
present
the
with
respond
foreign information.
The surcharge on customs was fixed at 174% for the period between
New Branches.
Aug. 23 and Aug. 29.
With the constitution Of the Jugoslav State arose the need for the establishment of more native branches. Within the last three years (i. e., since
new branches at Bled.
RUSSIAN SOVIET TO TRADE IRON FOR FINNISH the Liberation) the Adriatic Bank has opened
Ca vtat, Celje, Ercegnovi, Jelsa. Jesenice, Kranj, Korcula, prevalje, Sara-
GRAIN.
The "Journal of Commerce" reports the following advices
•
from Washington Aug 21:
The Petrograd branch of the Foreign Trade Commissariat of the Russian
Soviet Government has signed a contract with Finnish firms for the delivery
of scrap iron from Russia in exchange for grain and flour, according to!a
patch to the Department of Commerce. So far more than 65 carloads of
scrap iron have been delivered under the contract.
MORE THAN E30,000,000 SUBSCRIBED FOR NEW LOAN
OF INDIAN GOVERNMENT.
Press dispatches from London Aug. 21 said:
More than £30,000,000 has been subscribed in the new Indian Governmentloan, which constitutes a record for State borrowing in India for a single
Year. says a Reuter's dispatch from Calcutta to-day.
For the last six years India's response to the Government's demands for
loans exceeds £137,000,000, although before the war the subscription of
£3,500,000 was considered an excellent showing.
The new loan relieves immediate financial anxieties, and it is understood
that the majority of small investors were Indians.
JAPANESE GOVERNMENT TO RETURN CERTAIN
CONFISCATED GERMAN FORTUNES IN SOUTH
SEA ISLANDS.
The New York "Times" reports the following copyright
cablegram from Berlin Aug. 21:
According to a Tokio dispatch, the Japanese Government has decided
to return all confiscated German fortunes in South Sea Islands not exceeding
10,000 yen. A certain proportion of the larger fortunes will in the end be
returned.
jevo, Trzic and Zagreb.
It will be noticed that most of these new branches are situated in the
Adriatic Littoral.
Special Policy of the Adriatic Bank.
Beth Adriatic banks, that of Bolgrad and that at Trieste, have always
pursued and do still pursue the policy of raising Jogoslav economic conditions
by financing trade, besiness and industrial enterprises. Fully alive to the
importance of shipping and sea traffic, the bank devotes special attention
to the development of Jugoslav shipping and the improvement of the overseas trade, for the purpose of promoting a better knowledge of Jugoslav
requirements and resources, and of fostering trade relations abroad.
According to last year's balance sheet, the available assets of the Adriatic
Bank on Dec. 31 1921 amounted to:
Equalling in
Jugokron.
Dinars.
91.162,294.48
22,792,073.62
Cash in the vaults
Due from the State National Bank and
80,404.851.61 321,619,406.44
other banks and bankers
85,401,267.02 341,605,068.08
Bills of exchange
61,243,790.86 244,975,163.44
Securities
12,161,561.32
Foreign checks and currency in the vaults.. 3,040,390.33
Total
- -252,882.373.44 1,011,529,493.76
The bank's books, duly audited and found correct, show that the entire
turnover of the bank during the year 1921 amounted to 30 milliards and
79,591,930.78 dinars (Jugokronen 120, milliards, 318,367,723.12). Cash
transactions over the counter amounted to 3 milliards, 439,555,073.94
dinars (Jugokronen 13, milliards, 758,220,295.76). Not profits for 1921
were dinars 4,522,986.84 (Jugokronen 18,091,944.561, yielding a dividend
of 12% on the nominal value, I. e., dinars 12 (Jugokronen 48.—) on every
share.
The board of directors and stockholders of the Adriatic Bank takeran
active interest in the welfare of Jugoslav emigrants and their relations with
the mother country. The Adriatic Bank seeks by every means to supply
prospective emigrants with information regarding foreign countries, to
facilitate business relations and intercourse between emigrants and their
people at home,and interest them in commercial and industrial enterprises.
JAPANESE ARE BUYING IN THEIR FOREIGN LOAN
BONDS.
In its issue of Aug. 23 the "Journal of Commerce" printed REPUBLIC OF
FRANCE 5% REDEEMABLE NATIONAL
the following from Tokio under date of July 17:
LOAN OF 1920--DEFINITIVE CERTIFICATES
Of the two 4M % sterling loans raised by Japan in London totaling
READY.
785,780,000 yen and due in 1925, only 224,000,000 yen remains in foreign
hands, Japanese having purchased them during the war in large quantities.
The Guaranty Trust Co. of this city on Aug.23 issued the
Similarly, of the 77,400,000 francs loan due in 1923 only 6,000,000 yen
following notice to holders of temporary certificates of the
Is held abroad.
above bonds, countersigned for identification by Guaranty
THE ADRIATIC BANK, LTD., OF BELGRADE, Trust Co. of New York:
At the request of the Government of the French Republic notice is hereby
JUGOSLA VIA.
given that the holders of temporary certificates for the above bonds which
D. F. Andricevic, formerly of the Central National are so countersigned are requested to present them forthwith to the GuarTrust Co. of New York at its Trust Department, 140 Broadway,
Bank of Oakland, Calif., has become associated with The anty York
City,for the purpose of effecting the exchange for certificates in
New
Adriatic Bank. The bank's head office is at Ljubljana, definitive form.
sheet
the
balance
regarding
following
The Guaranty Trust Co. of New York will issue its receipts for such
Jugoslavia. The•
deposited temporary certificates which will be canceled and transmitted
of the bank Dec. 31 last, its history, etc., comes to us through
the medium of the French Consulate to France. Tee French
from Mr. Andricevic.
Government advises us that the definitive certificates are to be shipped
The Adriatic Bank was established eighteen years ago in Trieste by a back to America in approximately six weeks following their receipt in Paris.
group of Southern Slav bankers, all natives of the Southern Slav (Jugoslav)
The definitive certificates will be issued in denominations of 100, 200,
Adriatic Littoral. All three elements of the Jugoslav nation—Serb, 400, 500, 1,000, 2,000, 10,000 or 20,000 francs and will bear the coupons
in
represented
and
are
group,
this
in
present
Croat, and Sloveno--were
due November 1 1922, and subsequent.
the management and staff of The Adriatic Bank to this day.
The French Government advises that it will bear he expense of postage
The past history of The Adriatic Bank from the date of its foundation and insurance involved in the return of such countersigned certificates to
stock
capital
in 1905 is one of sure and steady progress. The original
the depositors.
of the parent bank in Trieste was of ve:e modest dimensions—only 1,000,000
pre-war Austrian kronen. To-day the capital stock of The Adriatic
Bank has reached the figure of dinars 60,000,000 (Jugokronen 240,000,000) AGREEMENT WHEREBY SOVIETS RESTORE RUSSOand the surplus fund amounts to dinars 30,000,000 (Jugokronen 120,000,ASIATIC BANK'S PROPERTY.
000). At the last general meeting it was decided to raise the capital stock
The New York "Commercial" of Aug. 22 published the
to dinars 100,000,000 (Jugokronen 400,000,1.00). The capital of the old
Adriatic Bank in Trieste amounts now to 15,000,600 Italian lire and its following from
Berlin, Aug. 21:
surplus fund exceeds 5,000,000 lire.
An agreement of far-reaching economic and political importance was
reached yesterday between Georges Tchitcherin, Russian Foreign Minister.
The Adriatic Bank and Fall of Austria-Hungary.
Russo-Asiatic Bank of LonAustria-Hungary fell in 1918, and her fall was followed by a great re- and Leslie Urquhart, founder and head of the
source.
drawing of frontiers in that part of the world. When it was decided don, according to information given out by a well-informed
The conversations took place in the house of an important German perthat Trieste, and with it The Adriatic Bank, should remain outside the
the Russopay
to
agreed
State frontiers of Jugoslavia, the original founders opened The Adriatic sonage herb. It is reported that Tchitcherin
THE CHRONICLE
928
[VoL. 115.
if-Unctions that are similar to those per'
na- ing, agriculture and public works,
Asiatic Bank £3,000,000 as compensation ,for damage caused by the
formed by the Bank of France in the development of national commerce
tionalization of their Russian property.
this and industry. The administration, organization and operations of the
The British Government is reported to have consented to advance
Soviets. In Bank of France and the Credit Foncier have numerous features in common.
sum to the Russo-Asiatic Bank pending its payment by the
The various functions of the Credit; Foncier, its aid to the Government
Russian
addition, the bank regains its right of exploitation of its former
half a and people of France and the extent and scope of its operations are preproperty, notably copper, tin, lead, silver and gold.mines, about
wharves sented in the following summary.
million acres offorests and about 350 miles ofits own railways, with
and other facilities.
Bond Issuing Privilege.
the
Urquhart has just been to Essen, where he and a former director of
AmAn idea of the extent of these operations performed by the Credit Fonder
Krupp Works entered negotiations with Dr. Weidfeldt, the German
which may be gained from the statement of the bank for the fiscal year ending
bassador to Washington, and Director Bruhn, of the Krupps, by
co-operation Dec. 31 1921, at which time there wera real estate bonds outstanding
they established a far-reaching working agreement concerning
amounting to 3,085.937,746 francs and communal bonds; that is, bonds
in Russia.
Stinnes representing loans to departments, towns or villages for 3.730,351,534
The Soviets, it is said, are now less inclined to co-operate with the
making a total of the bonds of the company outstanding at that
Interests, preferring to deal with the Krupps and the Berlin Bank of Men- francs,
the time of 6,816,290,280 francs.
delssohn & Co., which is already a credit& and financial agent of
The credit standing of the bank and the popularity of its oonds are
Czarist Government and which recently established an important branch
indicated by the fact that the issues which are publicly offered are quickly
in Holland.
oversubscribed. The bond issue of 300 million francs made in 1903, for
example, was subscribed for twenty times over and the number of subPRIAMUR
scribers amounted to 586,517. The last three issues made in 1917, 1920
SHORT TERM TREASURY NOTESISSUED BY
and 1921 were for an aggiegate of more than 2,800 million francs.
GOVERNMENT.
A law was unanimously passed by the French Parliament increasing the
Special correspondence (Associated Press) from Vladi- bond-raising privilege of the Credit Fonder from 25 to 50 times the amount
stock of the bank is 300 million
vostok, Aug. 2, was published as follows in the "Journal of of its capital stock. The present capital
francs, so that it is now empowered to issue bonds to the amount of 15
Commerce" of yesterday (Aug. 25):
billion francs.
The first measure of the new Minister of Finance, N. C. Neidler, to meet
Security of Bonds.
the financial difficulties, which haS just been approved by the Priamur
The bonds of the Credit Foncier are accorded by law certain special
Government, is the issue of short time Treasury notes ranging in denomadvantages. They may be issued for the investment of the funds of minors
ination from one gold ruble to one hundred gold rubles.
specially
The total amount of the issue is 3,600,000 gold rubles, and the notes are and incompetents; they are non-attachable. They also enjoy a
lower
redeemable monthly so that the whole amount will be refunded in two years. reduced stamp rate. The bonds cannot be issued in denominations
The notes may be used in payment of the State, municipal and rural taxes than one hundred francs.
between
The function of the Credit Fonder is to act as intermediary
and customs duties.
firm or
The Treasury will use these notes to pay the salaries of Government borrowers and lenders, whether the borrower be an individual, a
society or a community. By means of bonds it raises the money that it
employees and workmen and also Government contractors.
in turn lends out.
Mortgage Loans.
TRANSFER
WOULD
SUN
FORMER PRESIDENT
In loans upon mortgage the Credit Fonder is limited to loans upon first
CHINA'S DEBT TO US.
mortgage and the total of the individual loans cannot be for more than half
the mortgaged property. The bank has about sixty
The following Associated Press advices came from Shanghai the appraised value ofthrough
all parts of France soliciting loans, examining
inspectors who travel
Aug. 23:
property and making estimates. Their reports are examined by a commisSun Yat Sen. former President of China and later of South China, sion and submitted to the council of administration which alone has authorwho has been leading conferences on plans to re-unify the country, to-day ity to decide upon the amount to be loaned.
outlined a plan to rehabilitate China's finances by having America take
It is forbidden by the regulations to loan upon property which has not
over China's debts to European countries on a refunding basis, as part a durable and certain revenue, for example, upon theatres, race tracks,
payment on European debts to the United States.
mines, quarries or undivided property belonging jointly to several persons,
except when all persons interested are in agreement. All of the loans are
75 years. Because of the advance
DELIVERY OF REPUBLIC OF CHILE DEFINITIVE for long terms. The maximum is forthe
average term of loans is about
repayment by borrowers, however,
BONDS FOR DEPOSITARY RECEIPTS.
twenty years.
The borrower pays his debt by means of annuities. The annuity inIt is announced that the Empire Trust Co. of this city
the interest charges and an amount that goes towards the amorticludes
is prepared to deliver Republic of Chile 8% internal definitive zation of
the capital debt. These annuities are so regulated that they are
bonds in exchange for its outstanding depositary receipts. for the same sum throughout the period of the loan, so that as the debt is
to amortization becomes correspondingly
The offering of these bonds (10,000,000 pesos) was referred reduced the proportion appliedterm.
greater towards the end of the
to in our issue of June 17, page 2665.
Li
44 rra;
OPERATIONS OF THE CREDIT FONCIER--FRANCE'S
GREAT MORTGAGE LOAN BANK.
Investments by the French public of more than 2,800
million francs are represented by the last three issues of
bonds of the Credit Foncier, which is France's great mortgage loan bank. At the close of 1921, according to official
figures received by the Bankers Trust Co. of New York
from its French information service, the amount of Credit
Foncier bonds outstanding against loans on mortgages and
loans to departments, towns and villages in France for construction of public works was 6,816 million francs. This
amount was 1,761 millions more than the amount outstanding at the beginning of 1920. The Bankers Trust, under
date of July 6, also says:
Issuance of Bonds.
Bonds may not be issued for an amount greater than the amount loaned:
that is to say, an amount represented by half of the assessed value of the
property upon which the loan is made, and the bonds issued for mortgage
loans are secured not by the individual property upon which the loan is
made but by the aggregate of all the property upon which the bank holds
first mortgage.
Before the war an estimate was made that the amount of mortgages in
France aggregated 14 billion francs, and the total value of the mortgaged
property was estimated at about 120 billion francs gold.
Average Amount of Loans.
Nearly three-quarters of the mortgage loans of the Credit Fonder are
secured by liens upon urban property, particularly in Paris and the larger
cities. Out of about 4.400 applications for mortgage loans received during
1921 the Credit Foncier granted 3,926 having an average amount of 34,325
francs. The average amount of these loans has fluctuated considerably
In the past few years, as can be seen from the following figures:
Francs.
Year.
Francs.1 Year.
Francs. I Year
42,250
1913
69,14411920
31,57611918
34.325
1915
38,24911921
35,09311919
Credit Fonder bonds are favorite securities of the small investors in
The actual rate of interest charged by the Credit Foncier on mortgage
France, whose savings,thus invested, promote the carrying out ofimportant
loans is 8.25%.
enterprises for the benefit of the general public.
Communal Loans.
During 1921 the Credit Fonder granted 3,926 mortgage loans on real
was
which
34,325
of
francs.
granted
It
amount
also
average
By communal loans is meant loans to towns, cities, municipalities, which
estate, the
includes the loans made to departments and public institutions such as
3,842 loans to departments and towns, totaling 1,210 million francs.
The institution is a private company but has a s9mi-official standing. almshouses and Chambers of Commerce. Many of the communal bonds
Its stock is held by more than 47,000 persons. Ih 1921 it paid dividends have the lottery feature attached.
The Credit Fonder has the monopoly of this privilege with the exception
amounting to 27,000,000 francs compared to 21,000,000 francs in 1920.
get permission from the
In a lengthy circular the Bankers Trust Co. gives the that certain large cities, particularly Paris, may
Government to attach lotteries to their loans. In such casai a special law
history and operations of the Credit Foncier as follows:
must be passed giving this privilege. The direct issue of bonds by towns
Introductory.
is the exception.
first
France
recognized
the
instituago
an
need
of
The Credit Foncier, in making municipal loans, does not issue the bonds
century
More than a
tion in the nature of a national mortgage loan bank. As far back as 1818 to the department or commune to which the loan is made, but sells its
such a bank was founded, but the complicated mortgage laws of that time own bonds. The security for the communal loans is the revenue derived
by the department or commune regularly voted and approved by the
made its successful continuance impossible.
In 1826 Casimir Perier tried to secure modification of the burdensome proper authorities.
A provision of the French law empowers the Government to intervene in
legal restrictions. But it was not until 1852 that such modification was
obtained,largely through the efforts of Monsieur Wolowski,a distinghished case the taxes voted are insufficient to produce revenue for the payment
of
citizen
France, who in that year of these bonds. It has never been necessary to apply this provision as no
Polish economist and a naturalized
became the head of three mortgage banks—one at Paris, one at Navers commune has ever become bankrupt. During last year the Credit Fonder
and one at Marseilles. A little later these three banks were amalgamated granted 3,842 communal loans having a total value of 1,210,218,782 francs.
and became the present great mortgage loan bank which has ever since
Charter.
assumed an increasingly important place in France's financial structure
Originally the Credit Fonder was chartered to make loans in France to
as the Credit Foncier de France.
mortgage on real estate. The scope of the bank's operations
The bank is a joint stock company closely related to the Government be secured by
of its history necessitated, however, a considerable
, by reason of its public character and the privileges granted to it. The even in the early days
of its privileges, and in addition to its privilege of issuing bonds,
provisions of its charter require that the governor and two sub-governors widening
perform many of the functions of a general bank
to
empowered
the
now
of
is
Republic.
it
According to the
shall be appointed by the President
and control. Soon after its organiterms of its statutes, the life of the Credit Foncier was extended for a under certain governmental restrictions
zation the Credit Fonder was empowered to make loans for drainage and in
Dec. 31 1881.
Period of 99 years beginning from
In general, the Credit Fonder may be described as performing important 1860 it was authorized to make communal loans. It is privileged to extend
sfunctions in the Rational development as they relate to real estate, build- these operations to Algeria, Tunisia and Morocco.
AUG. 26 1922.]
THE CHRONICLE
929
Deposits.
FRENCH PUBLIC FINANCE.
The Credit Foncier receives ordinary deposits but its statutes limit these
A
decrease
of two billion francs in the amount of the
quarter
also
require
and
least
a
that at
deposits to the amount of its capital
of these deposits must be issued in payment in the form of accounts current French Government's loans from the Bank of France and
to the Treasury, or in deposits of securities approved by the Minister of an increase of nine billion francs in the annual revenue
Finance. Three-quarters of the deposits must be invested in:
by France in
1. French Rentes, Treasury Bonds, short-term loans against bonds of collections are noteworthy results achieved
the Credit Foncier or in other securities accepted by the Bank of France as her post-war efforts to put the nation's finances on a strong
guarantee for cash advances, not to exceed 90 days; or
basis. A new study, "French Public Finance," just issued
2. In bills of exchange or commercial paper Which must not run longer
by the Bankers Trust Co. of New York, discloses that
than three months and must bear at least two signatures.
In 1882 the Credit Fonder absorbed the "Banque Hypothecaire de the above results were accomplished by the end of the
France."
fiscal year 1921 through measures which were seriously
Capital.
date of July
The capital stock of the Credit Fonder was originally 2,500,000 francs, begun in 1920. The trust company, under
•
wnich has been increased by successive stages to its present amount- 27, said:
300,000,000 francs. The stock represents 600,000 registered shares of 500
The French Government was, in 1913, free of debt to the Bank of
francs each. These shares, which are listed on the Bourse, are held by more France. But due to the burden of the war, thereafter, it became necesthan 47,000 persons. The special reserves and provisions constituted by sary for the Government, in addition to other borrowings, to borrow
the Credit PcMeier reached a total of 522 million francs on Dec. 31 last.
vast sums from the Bank. Meanwhile, the national revenues had not been
keeping pace with the very rapid growth of the national indebtedness.
Dividends.
Upon the defeat of the military invasion, determined efforts were
Although a private company, the Credit Fonder is essentially a public undertaken to improve the French financial situation. The results of
institution. Out of the profits are taken annually:
these efforts are shown by the following official figures of the Ministry
1. 5% of the nominal capital to be distributed to shareholders.
of Finance, quoted from "French Public Finance":
2. A sum of not less than 5% nor exceeding 20% is credited to the
Loans from
Taxes and
compulsory reserve fund undl such time as this fund will have attained a
Bank of France.
Revenue.
sum equal to half the capital. The General Assembly may decree that
Year—
(Million Francs). (Million Francs).
additional reserves shall be made.
5,103
1913
3. The remaining surplus is distributed in the form of dividends among
3,900
4,006
1914
all the shareholders. The dividend paid in 1913 was 17,924,000 francs, in
1,100
4,317
1915
1920, 21,000,000 francs, and in 1921, 27,000,000 francs.
2,500
4,738
1916
6,473
5,000
1917
Administration.
4,650
7,846
Few changes have been made in the plan of administration of the Credit 1918
8,450
12,515
Fonder which is substantially the same as that under which the Bank of 1919
1,000
18,381
France operates. The governor and two sub-governors hold office for an 1920
*2,000
21,765
1921 (decrease)
indefinite term.
Once every year, in April, there gathers in the grand hall of the building
* Amount of reduction by repayments.
of the Credit Fonder de Paris, in the Rue des Capucines, two hundred of
The official figures show that the total loans from the Bank of France
the largest stockholders of the company forming the General Assembly.
The work of this Assembly is to ratify accounts and vote the dividend. The reached a maximum of 26,600 million francs in 1920, at which time they
Assembly influences the management of the company, more especially by constituted approximately one-third of the total floating debt of France.
The Government is pledged to reduce these loans by two billion francs
Its right to elect the Council of Administration.
This Council meets once a week and a list of all loans is submitted to it. a year, hereafter.
The efforts made to increase the national revenues during 1920 yielded
Three general treasurers are, by regulation, members of the Council of
Administration. These general treasurers as well as the other administra- 3,938 million francs from direct taxation and 9,557 millions from indirect
tors, are named by the General Assembly, although it is customary before taxation, exclusive of income from Government monopolies and miscelpresenting their names to the Assembly to obtain the approval of the laneous sources. The increase in returns from indirect taxation in 1920
over 1919 amounted to 3,271 millions. Revenue from direct taxation
Minister of Finance.
There are at least 20 and not more than 23 members of the Council of was increased by almost 1,500 millions in 1921 over 1920, income tax
Administration. The Administrative Board includes the governor and sub- revenue alone being more than twice that of 1920. The yield in 1921
governors. The Board has general power subject to the veto of the from indirect taxation was increased by over 1,000 million francs compared
to the receipts of 1920.
governor.
Out of total taxes and revenues of 21,765 millions in 1921, direct and
The Council of Administration includes the governor, sub-governors, the
taxation in France accounted for 15,972 millions, or more than
Indirect
directors and the censors. The censors have no voice in the management.
They are, in fact, the stockholders' auditors and present an independent five times the amount of taxes thus levied in 1913.
Referring
to other results achieved during 1920 and 1921 in combinareport to the annual General Assembly. They are elected by the stockholders and supervise the execution of the statutes and by-laws,the issuance tion with improvement of the national finances "French Public Finance"
of bonds, examine the inventories and the annual accounts,and verify the says: "Expenses for military purposes, while large in amount, were
relatively small compared to war period expenses, being only about 17%
condition of the cash and portfolio.
The Council of Administration of the Credit Fonder is at present made of the expense budget as against 65% during the war period."
up as follows:
Governor, M. Pierre Laroze.
OFFERING OF BONDS OF CHICAGO JOINT STOCK
Assistant Governors, MM. Eugene Regard, Lucien Petit.
Administrators, MM. Schmidt, de Celles, Dailly, Dupre, Fayssat,
LAND BANK.
Gadal, J. Gay, R. Gerard, de la Rochefoucault, Ch. Goudchaux, G.
Aug.
25
On
Kissel,
Kinnicutt
& Co. announced an offering
la
Herault, Lanes, Lem, Pascalis, Mir, S. de Neufyille, G. Paulet, de
Roche, Dumas, de Tregomain, Pigault de Beaupre, Sergent.
of $3,000,000 Chicago Joint Stock Land Bank 5% Farm
Censors, MM. Jean Clos, Andre Lebon, A. de Matharel.
Loan bonds. The bonds were offered at 1033 and interest,
General Secretary, M. Gustave Fort.
to yield about 4.60% to 1932 and 5% thereafter. The
Attached is the annual statement of the bank ending Dec. 31 1921:
bank, as indicated in our issue of July 29, page 493, changed
STATEMENT ENDING DECEMBER 31 1921.
Assets.
its name, effective Aug. 1, from the First Joint Stock Land
Francs.
Cash on hand and in bank
7,084.073.76 Bank of Chicago to the Chicago Joint Stock Land Bank.
Securities
1,016,498,338.59 It operates in Illinois and Iowa. The bonds offered this
French Treasury
35,295,607.60 week are dated May
1 1922 and will mature May 1 1952.
Advances against securities
21,927,014.73
Correspondents
7,649,753.35 They are redeemable at the option of the bank at par and
Banque Hypothecaire de France in liquidation
15,814,150.04 accrued interest on May 1 1932 or on any interest date
Loans:
thereafter. In coupon form in denominations of $1,000
Mortgage Loans
7.164,491,396.75
and $10,000, the bonds are fully registerable and interLoans to coramunesf
Loans made with funds applicable to capichangeable. Principal and semi-annual interest (May 1
tal stock and reserve
76.494,896.08
and Nov. 1), are payable at the bank of issue or at the ConAnnuities due
185.147,481.66
7,426,133,774.49 tinental & Commercial Bank in Chicago, or at the Chase
Real estate acquired by means of expropriation
966,368.98 National Bank in New York City, at the holder's option.
Head Office Building
23,091,709.25
bonds are issued under the Federal Farm Loan Act
Miscellaneous
43.439,671.71 The
Earned interests
100,04,433.05 and are exempt from all Federal, State, municipal and local
Administration expenses
19,415,509.97 taxation; this exemption was confirmed by the United States
8,717,940,405.52
Liabilities.
Capital_____________________________________________ 300,000,000.00
Legal reserve_________________________________________ 22,154,038.80
Reserve for amortization of loans
362,550,419.81
Reserves and miscellaneous provisions
137,462,594.11
accounts
current
Deposits and
121,271,742.89
Correspondents
54,305,361.80
Sous-Comptoir des Entrepreneurs
3,681,532.92
Deferred payments
569,974,814.85
obligations
Real estate
3,085,938,746.04
Communal obligations
3,730.351,534.14
6,816,290,280.18
Lottery bonds in circulation
48,237,438.26
Reimbursed bonds and interests repayable
55,711,930.53
in advance
Annuities encashed
6,464,854.42
-----------------------------Miscellaneous
60,435,022.63
due
not
Earned interest
111,990,372.36
47,410,001.96
Profit and Loss account
8,717,940,405.52
Supreme Court in its decision of.Feb. 28 1921; thus these
bonds are as completely tax-exempt as the First Liberty
Loan 3 2% bonds. It is stated that the bank on July 31
1922 showed a paid-in capital stock of $2,500,000 and surplus and reserves of $616,056, and that its total assets are
now in excess of $34,000,000. The bonds will be ready
for delivery about Sept. 19. A previous $3,000,000 offering
of bonds of the Chicago Joint Stock Land Bank was referred
to in our issue of March 25 1922, page 1239.
ORGANIZATION OF SHENANDOAH VALLEY JOINT
STOCK LAND BANK AT STAUNTON, VA.
The issuance of a charter for the Shenandoah Valley Joint
Stock Land Bank with headquarters in Staunton, W. Va.,
is reported in the Richmond "Dispatch" of Aug. 18. The
930
TTEE CHRONICLE
bank, formed with a capital of $250,000, will operate in
Virginia and West Virginia. The following directors have
been elected: Hugh B. Sproul, Michael Kivlighan, Charles
S. Hunter, A. Erskine Miller and William H. East, all of
Staunton.
'ORGANIZATION OF FOUR JOINT STOCK LAND BANKS
FOR PACIFIC COAST PRACTICALLY COMPLETED.
Under date of Aug. 15 we have been advised that the
Four Pacific Coast Joint Stock Land banks which have
been formed by nine leading banks in the Pacific Coast and
Inter-Mountain regions have now practically completed
their organization and will shortly be in a position to commence operations. The movement for the creation of the
four Pacific Coast Joint Stock Land banks was referred to
in these columns June 17, page 2665. The proposed banks
are:
The Pacific Coast Joint Stock Land Bank of San Francisco, which will
serve the States of California and Oregon.
The Pacific Coast Joint Stock Land Bank of Los Angeles. which will
serve the States of California and Arizona.
The Pacific Coast Joint Stock Land Bank of Portland, which will serve
the States of Oregon and Washington.
The Pacific Coast Joint Stock Land Bank of Salt Lake City, which
will serve the Stares of Utah and Idaho.
A statement coming from the First National Bank of
Los Angeles under date of Aug. 15 says in part:
The importance of the organization of these banks lies, both in the fact
that they will open important supplies of new capital to the agriculturists
of the Pacific slope and also in the fact that they will provide a new type
of investment security for the investors of this district.
There is coming to be an increasing demand for conservative investment
securities based upon the Western resources and these Joint Stock Land
Banks will be in a position to provide important supplies of bonds of this
type.
Both to supply this demand and to better serve the agriculturists of this
district these nine leading banks with resources of more than $500,000,000
have joined together in the organization of these Joint Stock Land Banks.
These banks are opeated under the authority of the Federal Farm Loan
Act and confine their operations to the loaning of money to farmers upon
mortgages. The mortgages may run for thirty years and the loans may
be granted up to 50% of the value of the land and 20% of the value of the
Insured improvements, pleriged in the mortgage, and may bear 6% interest. These mortgages are deposited with the United States Government
by the Joint Stock Land banks and when approved by the Federal Farm
Loan Board constitute securities for Joint Stock Land Bank bonds which
arc issued to the land banks by the Government and sold by them to investors.
In other words, through fhe organization of Joint Stock Land banks
the investing public is given a high grade investment, fund, secured by a
diversified list of mortgages on farm property, with an ample margin of
safety and the farmers, who heretofore have been dependent upon local
mortgage loans from individuals or banks, can, through the operation of
the Joint Stock Land banks, secure the advantage of borrowing from the
Investment funds existent in the Western market.
In fact, the operation of these Joint Stock Land banks may be briefly
summarized as a co-operative organization of farmers, banks and the United
States Government to provide agriculturists with funds for the development of their property at the least possible expense to themselves and to
provide investors with the highest possible type of investment securities
based upon the agricultural life of the community, which will permit them
to loan their funds to agriculturists at the lowest possible rates of interest.
In brief, these Joint Stock Land banks are increasing the efficiency of
the methods of granting mortgage loans to farmers and thereby reducing
the cost of agricultural development in this territory and reducing the individual financial burden of agriculturists, borrowing upon the security of
sound, first mortgages.
As at present organized, these four Pacific Coast Joint Stock Land banks
have a loaning capacity of $16,000,000. which will probably be sufficient
to take care of their requirements for some time to come.
A particularly interesting feature concerning these banks is the fact that
they represent a definite organization of the financial resources of the West
in such a manner as to permit this territory to finance its own developments. Inasmuch as this is one of the best investments markets of the
country and as the bonds of the Farm Loan banks will be the very highest
type of investment security, it is anticipated that these bonds will probably be entirely absorbed by investors in this district, so that the operations
of these banks will be strictly in the form of Pacific Coast enterprises.
The is probably the most important development which has taken place
in the growth of the present day tendency for the West to support itself
in its own development through the co-ordination and most efficient use
of its own resources.
CO-OPERATIVE ALLIANCE BETWEEN DIRECTORS OF
NATIONAL ASSOCIATION OF CLOTHIERS' CREDIT
BUREAU AND NATIONAL ASSOCIATION OF
CREDIT MEN.
to the clothing trade of the United
importance
An event of
States was consummated here on Aug.17 by the action taken
by the board of directors of the National Association of
Clothiers' Credit Bureau, whereby the Bureau has entered
into aco-operative alliance with the National Association of
Credit Men, whose membership exceeds 31,000, and which
operates 46 credit interchange bureaus similar to the National Association of Clothiers' Bureau. These 46 bureaus
exchange ledger information covering their dealings with
hundreds of thousands of retail customers throughout the
country. Both of these credit organizations have operated
for more than a quarter of a century on a co-operative and
non-profit basis. From a statement issued by the National
Association of Credit Men, we take the following:
[vol.. 115.
The National Association of Clothiers' Credit Bureau, established 25 years
ago, has operated continuously and successfully a service for most of the largest clothing manufacturers in all markets of the United States. The Bureau
is under the supervision of a board of directors, who act without remuneration
for the benefit of the entire industry. Hundreds of retailers—including some
of the leading and now most prosperous firms—have in the past profited by
the constructive work of the Bureau; they have been set by the Bureau on the
road to success after temporary embarrassment. Heretofore the Bureau members have exchanged reports on the status of retailers; by the present arrangement the Bureau members will receive also the information service of the 46
credit interchange bureaus of the National Association of Credit Men.
The National Association of Credit Men, founded in 1896, is the largest
commercial organization in the country. The membership is comprised of
manufacturers, wholesalers, jobbers and bankers, representing the major part
of the nation's commerce. These credit grantors declare that they "have come
together not in search of profits in the ordinary shareholders' sense, but because they see in co-operation and association the means of increasing their
tendency, and a power to bring about laws, customs and conditions not only
desirable but absolutely vital if the country is to secure its highest commercial development free so far as possible from credit upheavals and convulsions."
J. H. Tregoe, executive head of the National Association of Credit Men, expressed last night the greatest enthusiasm for the increased co-operation which
this arrangement will bring to credit grantors in the great clothing industry.
"This alliance," said Mr. Tregoe, "does two things. First, it places in the
hands ofcreditors a broader means of knowing the condition of the merchants
who are seeking their confidence. Second, it provides creditors with a means,
by co-operating with the various adjustment bureaus of the Association, of
giving assurance, when a debtor is temporarily embarrassed, that the interest
of all concerned will be fairly and impartially taken care of. This will result
in a tremendous saving, and eliminate a great deal of duplication of effort.
"The clothing industry has been a particularly lucrative one for the unscrupulous bankruptcy lawyer. When a retailer falls into the hands of such an
attorney, there is a loss to all industry, and a retailer who might have continued in business usually disappears.
"The clothing manufacturers and allied trades have now an instrumentality
which brings about co-operation in all clothing markets. I am sure that they
will make the most of it."
The directors of the National Association of Clothiers' Credit Bureau are:
Charles Albright, I. & B. Cohen Bomzon Co., New York; Arthur A. Andrews,
Mark Andrews & Co., Boston; Alfred L. Beck (2nd Vice-President), Spero,
Michael Co., New York; William Callanan, Interwoven Stocking Co., New
Brunswick, N. J.; Benj. D. Jacobs (President), J. Friedman & Co., New
York; Max Levine, Bashwitz Bros. & Co., New York; William Lutz, Samuel
Rosenthal & Bros., New York; Harry Oppenheimer, H. & S. Cohn, New York;
George A. Palmer, Snellenburg Clothing Co., Philadelphia; Joseph Seligman,
(1st Vice-President), Cohen, Goldman & Co., New York; Harry Winsten
(Secretary-Treasurer), Frankel Bros., New York.
The National Association of Credit Men operates credit interchange bureaus in Amarillo, Tex.; Atlanta,Ga.; Augusta,Ga.; Billings, Mont.; Bristol,
Va.-Tenn.; Buffalo, N. Y.; Chattanooga, Tenn.; Chicago, Ill,; Cincinnati,
0.; Clarksburg, W. Va.; Cleveland, 0.; Columbus, 0.; Dallas, Tex.; Decatur, Ill.; Des Moines, Ia.; Detroit, Mich.; Duluth, Minn.; Evansville, Id.;
Fort Wayne, Id.; Grand Rapids, Mich.; Green Bay, Wis.; Greenville, S. C.;
Huntington, W. Va.; Indianapolis, Id.; Jacksonville, Fla.; Kansas City,
Mo.; Knoxville, Tenn.; Louisville, Ky.; Lynchburg, Va.; Macon, Ga.; Memphis, Tenn.; Milwaukee, Wis.; Nashville, Tenn.; Newark, N. J.; New Orleans, La.; Oklahoma City, Okla.; Omaha, Neb.; Peoria, Ill.; Philadelphia,
l's.; Pittsburgh, Pa.; St. Louis, Mo.; St. Paul, Minn.; Savannah, Ga.; Sioux
City, Ia.; Syracuse, N. Y.; Tampa, Fla.; Toledo, 0.; Tulsa, Okla.; Wheeling, W. Va.; Wichita, Kan.; Youngstown, 0.; with a national clearance
through a central office.
GEORGE E. MARCY OF ARMOUR GRAIN CO. URGES
FARMERS TO HOLD BACK GRAIN FOR
REASONABLE PRICES.
A statemet urging that the farmers hold back grain for
reasonble prices, contending that as prices for grain advance
better business conditions throughout the country will follow,
was issued at Chicago on Aug. 3 by George E. Marcy,
President of the Armour Grain Co. The statement said:
An upward movement in grain prices is in prospect and the situation
promises to he of such financial benefit to the American farmer that he
in turn will be in a position to materially improve general business conditions.
An orderly and gradual marketing of existing wheat stocks will end the
present depressed price conditions, and there are tremendous economic
factors at work to force slower and more stable marketing.
Settlement of the coal strike will result in decreased amount of rolling
stock capable of moving grain to terminals and expected improvement in
general business conditions should further affect the amount of equipment
available.
On the other hand the demand promises to get constantly bettor. Broomhall's survey, recently issued, shows extremely close adjustment of the
world's wheat supplies. Apparently Europe will need a hundred million
bushels or more in excess of last year's requirements. Leading United
States bankers seem to be a unit in favoring help which will put Europe
have such food as they
on its industrial feet and allow the nations there to
need. This can mean only one thing--continued big demand throughout
the whole year for United States products.
The farmer is now in a position to hold his grain for reasonable prices.
With the farmer wisely holding back his grain, with economic conditions
working toward the same result, the end of the present low level on farm
products seems to be in sight, and as prices for grains go up better business
conditions throughout the country will follow.
Stating that Julius H. Barnes, of the Barnes-Ames Co.,
expressed himself in agreement with the views of Mr. Marcy,
"Financial America" on Aug. 5 said:
Mr. Barnes said that any method that could be adopted for the steady
and conservative marketing of grain crops would be of great advantage.
Careful, slow marketing, he said, would bring less pressure on the marketing
and financial facilities and result in better returns to farmers and the
country.
"Europe needs vast quantities of grain this year," he stated. "Their
wheat crop was 125,000,000 to 150,000,000 bushels short of last year and
this deficit must be supplied. Estimates of the world's requirements are
675,000,000 to 720,000,000 bushels, or 56,000,000 to 60,000,000 bushels
a month.
AUG. 26 1922.]
THE CHRONICLE
931
I
We have done our best to carry our crowd without whining about it
"Old crop supplies are nearly exhausted in Australia and Argentina, so
that the brunt of the demand must be met by North America until the new and we want you to know that our load has been one big one; not only to
carry the old balances, but to find the credit to put more stuff out behind
Argentine and Australian crops are available next January and February.
"Careful marketing of the crops by American and Canadian farmers, it. Let's put a quietus on this crowd that grows larger every day, that
spends
most of the time on the street corners swapping calamitous tales of
more
take
burdened
with
Europe
pressure
will
not
that
to
constant
be
so
grain from week to week than it could immediately finance, would result boll-weevil ravages.' Let's assume our rightful share of this condition,
in better export conditions, more stable markets and better prices for all do not pass the buck on to some fellow that is already doing more than
grain to the American producers, thereby increasing his ability to buy his share. We will continue to carry our end of the log; but after Aug. 1
we can no longer allow our sympathy or friendship to lead us into policies
and consume manufactured goods."
that are unreasonable and unduly costly to us. We must have less calamity
howling and more performance, less excuse and more application.
REORGANIZATION OF UNITED STATES GRAIN
GROWERS, INC.
Complete reorganization of the United States Grain
Growers, Inc., under the direction of the American Farm
Bureau Federation was announced in the Minneapalis
"Journal" of Aug. 7, from which we quote the following:
Seven members ofthe former board of directors were among the 19 names
on the new board and two additional directors are to be elected later.
There'is a complete new set of officers with E. H. Cunningham, Cresco,
Ia., as President; H. L. Keefe, Walthill, Neb., Vice-President; J. H. Mehl,
Secretary, and Charles E. Gunnels, Treasurer. Secretary Mehl will receive a salary of $5,000 a year, but no other officers or directors receive any
salary, although a per diem compensation of $10 was fixed for the directors.
The new board of directors elected an executive committee of three, E. H.
Cunningham, R. A. Cowles and J. F. Reed, and vested in it broad powers
for carrying on the affairs of the organization. The subsidiary United
States Grain Growers Sales Co. has been closed by this executive committee.
Difficulties experienced by the former organization in developing a functioning agency and financial obstacles necessitated the reorganization.
The Auditor's report on the financial affairs of the United States Grain
Growers, Inc., on July 26 1922 showed total liabilities of $394,582 75,
with assets totaling $109,315 48, leaving a net deficit of $285,267 27.
Advisory Committee Named.
Efforts of the former organization to solve the problem confronted by the
United States Grain Growers, Inc., have been under way since early last
spring, and the reorganization proposal by a committee representing the
American Farm Bureau Federation was accepted as a last resource. It
materialized at meetings in Chicago Friday and Saturday.
An advisory executive committee of three was appointed to advise on
questions of finance and marketing. The members of this committee are
Bernard M. Baruch, New York, financier; Alexander Legge, President of
the International Harvester Co., Chicago, and Frank 0. Wetmore, President of the First National Bank, Chicago.
Secretary of Agriculture Henry C. Wallace and Secretary of Commerce
Herbert Hoover have been invited to serve as ex-officio members of the
board of directors, representing the public.
Plan by Creditors' Committee.
The plan for reorganization was worked out by a creditors' committee
and submitted to a meeting of Midwest Farm Bureau Presidents and Secretaries Aug. 3. The recommendations were adopted unanimously. The
report as adopted "holds for both the members and the public a program
of hope for the future," it was announced.
Sixty-two elevators have been signed in Minnesota to handle grain for
the 3,300 members in this State. Sales agencies have been organized in
several counties with associations and other shipping members where there
are no elevators. Organization was to be continued when the time definitely
was established for the sales agencies to function.
Press dispatches from Chicago Aug. 8 stated:
Reorganization of the United States Grain Growers, Inc., with resignation of all officers following investigation by the Midwest State Farm
Bureau Committee, includes abandonment of the offer by D. F. Hale,
Chicago broker, to finance the marketing system of the grain growers.
it was learned to-day.
. Mr. Hale offered to back the grain growers to the
extent of $1,000,000 in purchasing a seat on the Board of Trade and establishing marketing facilities, but the agreement was abandoned because the
Chicago Board of Trade objected to the arrangement.
C. E. Gunnels, new Treasurer of the grain growers, announced to-day
that since the reorganization plans had been effected to enable members
of the grain growers to market their grain through the new machine by
Sept. 1. Selling arrangements will be completed at terminal markets
within the next week or two, it.was said.
E. H.Cunningham, Secretary of the Iowa State Farm Bureau Federation,
becomes President of the new organization, and the other new officers are
Vice-President, H. L. Keefe, Walthill, Neb.; Secretary, J. M. Mehll
Chicago; Treasurer, C. E. Gunnels, Chicago.
J. W. Coverdale, E. H. Cunningham and W. S. Hill, all State Farm
Bureau officials, formed the investigating committee, which recommended
the new plans. Presidents of the Farm Bureau organizations in eight
Middle West States were added to the new Board of directors.
Members of the new board include John G. Brown, Monon, Ind., President of the Indiana Federation of Farmers' Association; 0. E. Bradfute,
Xenia, 0., President of the Ohio Farm Bureau Federation, and T. I. Ferris,
Pleasant Lake, Ind.
NATIONAL ASSOCIATION OF CREDIT MEN URGES
FARMERS TO BE SELF RELIANT.
The farmers, upon whom the national prosperity largely
depends, should be self reliant and should use the energy
they are now expending on seeking Governmental relief on
the improvement of production and distribution, declares
J. H. Tregoe, executive head of the National Association of
Credit Men, in his August letter to the financial executives
of the manufacturing, wholesale and banking concerns that
make up the association. "I cannot find in history," says
Mr. Tregoe, "that any class or nation ever endured or
permanently prospered whose people did not exert selfdependence, but instead sought continually for public relief.
Self-dependence is the backbone of progress. The people
who possess it fare the best in the long run and derive the
greatest satisfaction from living." A letter, recently mailed
by a supply store in North Carolina to its patrons, is quoted
by Mr. Tregoe. It was directed to farmers and said:
Commenting on this message, the head of the Credit Men's
Association says that "the prosperity of agriculture reflects
itself in the prosperity of the nation. The two are bound
together. It seems, therefore, that instead of paternal
legislation, instead of seeking for public relief, the same kind
of effort devoted to the encouragement of science in production and system in distribution would be of more lasting
benefit to the agriculturist and add more largely to the
nation's prosperity." The writer alludes to the figures
compiled by the National Bureau of Economic Research
which show that in 1909 about 111,000 farmers received an
income of more than $2,000 a year; that in 1918 there were
more than 2,000,000 farmers receiving an income of more
than $2,000 a year. "Unnatural conditions," he says,
"brought about this rapid change in the financial status of
the farmer. Instead of using these advantages, storing
them away against days of famine, increasing science in
production and system in distribution, these advantages
were largely wasted and the farmer has suffered immensely
in the past year. No subject is related more directly to
the flow of business and the stability of credits than agricultural prosperity. If we can wean the farmer away from
placing the burdens and responsibilities on someone else
than himself, seeking legislation when his own efforts would
better and more quickly correct conditions, we shall have
corrected a serious situation in our economy and rendered
a lasting service to the men on whom so much rests. If
storekeepers in one section of the country, tired out by
calamity howling, appeal for self-help and personal performance, one can imagine what is going on throughout the
entire country."
CONGRESSMAN McFADDEN INTRODUCES BILL TO
LEGALIZE BRANCHES,ADDITIONAL OFFICES
OR AGENCIES OF NATIONAL BANKS.
Representative McFadden on Aug. 23 introduced a bill
to amend Section 5190 of the Revised Statutes of the United
States, permitting national banks in any State where "State
banks or trust companies are authorized to open and operate
branches, offices or agencies," to likewise operate in a similar
manner. Mr. McFadden calls attention to the recent ruling
of the Comptroller of the Currency, wherein he has held that
national banks under the above conditions have a right to
maintain additional offices or agencies in such States as do
now permit State banks and trust companies to have branches,
additional offices or agencies. It is pointed out that Under
a ruling of the former Comptroller, tteveral large national
banks were permitted to acquire trust companies or State
banks with branches, and after the consolidation were permitted to operate these branches; and under the late ruling
of the Comptroller many. national banks in important cities
of the country have already opened additional offices or
are about to do so. The subject of legislation to permit
national banks to have branches has been under discussion
for many years past and the recent ruling of the Comptroller
has renewed the discussion. The introduction of Mr. McFadden's bill will determine whether or not Congress will
confirm the ruling of the Comptroller and thus permit
national banks in the United States to be placed on the same
basis as State banks and trust companies in the States that
authorize branch banking.
Mr.McFadden stated that the Comptroller of the Currency
approved of this bill, saying that the Comptroller does not
ask, for national banks, any rights and privileges that are
not authorized and permitted to State banks and trust
companies, but he thought the national welfare demanded
that these rights be mutual and equal, and until they are so
we will continue to have unfair competition between banks
of the national system and State banks; and so long as State
banks refuse to avail themselves of the facilities of the Federal
Reserve System—and there are 20.000 such banks—the importance of maintaining, strengthening and encouraging
banking under the National Bank Act becomes necessary for
the welfare of the people of the United States. Mr. McFadden states that it is his purpose to call this bill up for
consideration at a very early date in the House Committee
932
THE CHRONICLE
on Banking and Currency. Comptroller Crissinger's views
were referred to in our issue of July 13, page 253.
Representative Dyer, Republican, Missouri, has offered
a bill under which national banks would not be permitted
to maintain branches in any State.which had not by direct
legislation authorized such operation.
[VoL. 115.
to its deposit account. The bank which is not a member fo the Federal
Reserve system usually pays for a shipment of currency either by check or
by sending in unfit currency. At the New York Reserve Bank a supply of
approximately $500,000,000 in paper currency is kept on hand for use when
needed, and about as much more currency is available in Washington.
The Volume of Money Handled.
The volume of currency handled each year by the Federal Reserve
banks reaches in aggregate a very large figure. In 1921 all twelve Federal
Reserve banks received from member and non-member banks $7,750,in paper money and coin. Payment to banks amounted to $6,000,000
TANGIBLE ASSETS OF ALLAN A. RYAN SOLD FOR
490,000,000, and as a net result more than $1,000,000,000 in paper money
,600.
and coin was retired from circulation,illustrating the lessened demand on the
The tangible assets of Allan A. Ryan, who failed recently part of the public for hand-to-hand currency. The share of this work
with liabilities of $18,000,000, were sold on Aug. 23 by handled in 1921 by the New York Reserve Bank will appear in the following:
About 687,000,000 individual notes were counted.
to
Francis G. Caffey, trustee in bankruptcy, for
About 166,000,000 notes aggregating $771,000,000 were canceled.
been
appraised at'1.:,300.
William J. Hennessey. They had
There were 175,000 different shipments of currency and coin to and from
out-of-town banks.
The New York "Tribune" of Aug. 24,in stating this, said:
carrying forward these operations the Federal Reserve banks now do
In
The Ryan assets, the sale of which was approved at a hearing held during
the afternoon by Referee Peter B. Olney, consisted of seventeen items. much work which the Government formerly performed through the SubThere were promissory notes, an accident insurance policy with no cash treasuries. On May 29 1920, an Act of Congress was approved providing
value, a certificate of membership in the Knollwood Country Club,redeem- for the discontinuance of the Subtreasury system, which was established in
able for $250; fifty certificates in the Community Club, valued at $250; 1846, and the transfer of its currency functions to the Federal Reserve
jewelry, consisting of fifteen pieces, and four certificates, representing fifty banks. Although this transfer of functions brought about some increase
shares of Stutz Motor stock, valued at approximately $24 each. In addi- in the cost of carrying on the currency operations of the Reserve banks, the
tion there was an interest in several mortgages and shares in several small total cost of maintaining the country's currency was substantially reduced.
enterprises, including a school and a baseball club.
.
-
AUSTRALIA AS COTTON RIVAL OF UNITED STATES.
REDEMPTION OF UNITED STATES TREASURY
The following from Melbourne July 20 appeared in the
CERTIFICATES MATURING SEPT, 15.
New York "Evening Post" of Aug. 17:
Under the capitalist system Australia is supporting twice as many
Secretary of the Treasury Mellon announced on Aug. 22
people as it did 100 years ago, according to Prime Minister Hughes, who
that he had authorized the Federal Reserve Banks on and in
a recent survey of the condition of the Commonwealth prophesied
after Wednesday, Aug. 23 1922, and until further, notice, that 100 years from to-day Australia's 5,500,000 inhabitants will have
to redeem in cash before Sept. 15 1922, at the holder's swelled to 100,000,000.
,e greatest food producing country in the world," said
"Australia is t'
option, at par and accrued interest to the date of such Mr. Hitches, "and its agricultural possibilities in certain fields are barely
optional redemption, Treasury certificates of indebtedness started."
As an instance Mr. Hughes mentioned that Australia was suited for
of Series TS-1922, dated Sept. 15 1921', and of Series growing
a very fine cotton, with a superior staple to that of American
TS-1922, dated Nov. 1 1921, both maturing Sept. 15 cotton, and he pointed out that Australia had available an area for the
a
in
notice
York
of
New
culture
this crop in excess of the area devoted to it in America.
of
Bank
Reserve
1922. The Federal
regarding Secretary Mellon's announcement. says:
Certificates of these issues received by us prior to the maturity date
EGYPTIAN COTTON TAX CUT.
(Sept. 15 1922) will be held for redemption on Sept. 15 unless request is
Under date of Aug. 21 a copyright cablegram to the
made for immediate redemption with interest to the date of redemption.
New York "Times" from Cairo, Egypt, said:
The Government finally has agreed to the Egyptian cotton growers'
REPLACING WORN CURRENCY THROUGH THE
demand to reduce the local tax on locally grown cotton, cutting the present
BANKS.
RESERVE
tax
to $1 75 per hundredweight rap staple to $1 25.
FEDERAL
The growers had been agitating for the abolition of the tax as cotton
The Federal Reserve Bank of New York, in its Monthly is now lower than when the tax was imposed, but the Government asserted
Review (issued August 1) on Credit and Business Condi- that it was unable to afford the loss of all the revenue which the tax
brought in.
tions has the following to say under the above head:
(/)
.
'
14"
There is at present about $4,500,000,000 of currency in circulation in the
United States. While a considerable part of it at any given moment
is in the safes of individuals, business concerns, or banks, yet much of it is
in people's pockets or in process of passing from hand to hand, and so is
subject to wear. In this country paper money, which forms about fourfifths of our whole supply of currency, is generally preferred above coin
because of its lightness and convenience. But paper money wears out
rapidly and has to be replaced frequently. The life of a $5 note, for example. is on the average about ten months, and in New York City is about two
monthsless than the average,owing mainly to the more rapid rate at which it
circulates. This same tendency is seen in the higher rate at which bank
deposits turn over in New York City than in other parts of the country.
The work of keeping the paper currency in good condition is done very
largely by the Federal Reserve banks, which in the course of their daily
business handle all forms of currency and coin, eliminating that which is
unfit for further circulation. This service is a large item in their annual
costs of operation. Last Aar, for instance, the supply of currency and
coin caused an expenditure at the Federal Reserve Bank of New York,
amounting to about $2,875,000, of which somewhat more than one-third
represented the cost of printing new Federal Reserve currency to replace
worn notes in circulation and to increase supplies unissued and on hand.
The Process of Replacement.
The process of replacement ordinarily works in about this way: When a
man has a worn-out bill—whether it be a Federal Reserve note, a Federal
Reserve Bank note, a legal tender note, a silver or gold certificate, or a
National bank note—he takes it to his bank and receives in return for it a
note fit for circulation; or, if he wishes, obtains credit for it in his deposit
account. Banks which are members of the Federal Reserve system ordinarily do not keep more currency on hand than they are likely to need for
the day-to-day use of their customers. Accordingly, shipments of currency
are constantly passing between member banks and their Federal Reserve
banks,and notes unfit for further circulation are usually sent along with
shipments of currency, which for the time being may be in excess of requirements. Such a shipment the Federal Reserve bank places to the credit of
the transmitting member bank in its deposit account for use as the member
bank desires. A non-member bank may also ship notes directly to the
Federal Reserve bank, receiving payment by draft, or by deposit to its
account in its correspondent bank or in currency as is described below.
Currency received by the Federal Reserve banks in these ways is first
counted and is then sorted according to denomination and kind, and mutilated and badly worn currency is eliminated. All Federal Reserve notes
fit for circulation issued by Reserve banks other than the one handling
them are shipped immediately to the respective issuing banks, inasmuch as
no Reserve bank is permitted under the law to pay out notes of another
Federal Reserve bank. Notes of other types which are fit for use are held
in the vaults until needed, and all notes which are unfit for further circulation are canceled and shipped to Washington for redemption.
Issue of New Money.
Currency is supplied to banks,both member and non-member,in amounts
anfl denominations as they desire. Since much currency fit for further
circulation is returned to the Reserve banks, all shipments of currency
which is apportioned to the
cannot be made in new money, the supply of
business. A member bank draws
banks according to the volume of their
the same way that an indicurrency from the Federal Reserve bank in just
r!,u..,/ erle+e reer.ney from his own bank,and such withdrawals are charged
NEWLY ENACTED BILL BROADENING DISCOUNT
PRIVILEGES OF MEMBER STATE BANKS OF
FEDERAL RESERVE SYSTEM.
As we reported in our issue of July 22, page 371, President
Harding on July 1 signed the bill giving State banks, members of the Federal Reserve System, the same privileges in
discounting loans with a Federal Reserve bamk,as Is accorded
National banks. At the same time we gave the text of the
newly enacted measure. The Federal Reserve Board, in the
August number of its "Bulletin" refers to the changes which
the new act makes in the law, and explains what a Federal
Reserve bank may rediscount for its member banks. We
quote what it has to say herewith:
The Act approved July 1 1922 broadens the rediscount privilege of member
State banks and puts them upon a basis of equality with national banks
in this respect.
The Act approved July 11922. the text of which was published in the
Law Department of the Federal Reserve "Bulletin" for July 1922, amended
Section 9 of the Federal Reserve Act by striking out the following proviso
in the tenth paragraph:
That no Federal Reserve bank shall be permitted to discount for any
State bank or trust company notes, drafts, or bills of exchange of any one
borrower who is liable for borrowed money to such State bank or trust
company in an amount greater than 10 per centum of the capital and
surplus of such State bank or trust company, but the discount of bills
of exchange drawn against actually existing value and the discount of
commercial or business paper actually owned by the person negotiating
the same shall not be considered as borrowed money within the meaning
of this section.
and substituting in lieu thereof the following:
That no Federal Reserve bank shall be permitted to discount for any
State bank or trust company notes, drafts, or bills of exchange of any
one borrower who is liable for borrowed money to such State bank or trust
company in an amount greater than that which could be borrowed lawfully
from such State bank or trust company were it a national banking association.
The provisions of Section 5200 of the Revised Statutes determine the
amount which a single customer may legally borrow from a national bank,
and the effect of the amendment to Section 9 of the Federal Reserve Act
is, therefore, to permit a Federal Reserve bank to rediscount for a member
State bank the eligible paper of a customer of that State bank whenever
the total loans of the State bank to that customer are not in excess of the
limits prescribed by Section 5200 of the Revised Statutes. This section
excludes from consideration as money borrowed, as did the old provision
of Section 9 of the Federal Reserve Act, the discount of bills of exchange
drawn in good faith against actually existing values, and the discount of
commercial or business paper actually owned by the person negotiating
the same, and provides also that certain other kinds of paper, which were
not referred to in Section 9, may be discounted in excess of the normal
limit of 10% of the bank's capital and surplus. The effect of the amendment is, therefore, to broaden the rediscount privilege of member State
banks and to place these banks on an equality with national banks in this
AVG. 26 1922.]
THE CHRONICLE
933
respect. The amendment does not, of course, affect any part of Section 9 exchange drawn against actually existing values. In the opinion of the
except the proviso which is specifically referred to, and under the terms Board, however, accepted demand bills on which the drawer is released
of the sentence that immediately followed this proviso it is still necessary from liability are not "bills of exchange" within the meaning of section 13,
that "the Federal Reserve Bank, as a condition of the discount of notes, and must, therefore, be included in determining the limits on the amount
drafts, and bills of exchange for such State bank or trust company, shall of paper of any one borrower which a Federal Reserve bank may rediscount
require a certificate or guaranty to the effect that the borrower is not for any memb7 bank.
liable to such bank in excess of the amount provided by this section, and
will not be permitted to become liable in excess of this amount while such
notes, drafts, or bills of exchange are under discount with the Federal 41 GOVERNOR HARDING, OF FEDERAL RESERVE BOARD,
—DENIES INSINUATIONS OF SPECULATIONS
Reserve Bank."
Analysis of Section 5200 R.S.
IN COTTON.
In view of this amendment, and for the information of member State
Insinuations that he had speculated in cotton were denied
banks particularly, the Federal Reserve Board deems it appropriate at this
time to republish the analysis of the provisions of section 5200 of the Revised in a letter addressed by W. P. G. Harding, Governor of the
Statutes which was previously published on page 1055 of the "Federal Federal
Reserve Board, to Chairman McLean of the Senate
Reserve Bulletin" for November 1919.
The analysis states the amount which may be loaned to any person, Banking and Currency Committee, on the 7th inst. Goverompany, firm or corporation (including in the liability of a company or nor Harding's term as a member of the Board expired on the
firm the liability of the several members thereof) under the various clauses 10th
inst., and he has not yet been reappointed. His letter
of section 5200, as last amended by the Act approved Oct. 22 1919. These
amounts are stated in terms of the percentage of the paid-in and unimpaired to Chairman McLean follows:
capital and surplus of the lending bank.
FEDERAL RESERVE BOARD.
Character of Loans.
Amount Loanable.
(A)Accommodation or straight loans, Maximum limit, 10% of bank's paidup and unimpaired capital and
whether or not single name.
surplus.
(B)"Bills of exchange drawn in good No limit imposed by law.
faith against actually existing
values."
The law expressly provides that
this phrase shall also include:
(a) Drafts and bills of exchange
secured by shipping documents conveying or securing
title to goods shipped.
(b) Demand obligations, when
secured by documents covering commodities in actual
process of shipment.
(c) Bankers' acceptances of the
kinds described in section 13
of the Federal Reserve Act."
(C)Commercial or busiless paper (of No limit imposed by law.
other makers) actuaRy owned by
the person, company, corporation
or firm negotiating the same.
Washington, August 7 1922.
Hon. George P. McLear • Chairman Committee on Banking and Currency,
United States Senate.
My Dear Senator:—Many of the papers yesterday morning carried a
report of a speech which was made in the Senate Saturday afternoon,
in which it was broadly insinuated that I have been speculating in cotton
and that the policies of the Federal Reserve Board have been influenced
by my personal interest in such speculation.
Since I have been a member of the Federal Reserve Board I have never
had the slightest personal interest in any speculative transaction. In
the autumn of 1914, when the "buy a bale" movement was under way,
I bought one bale of cotton at 10 cents per pound, but with that exception
I have no personal interest, direct or indirect, in the cotton market. I
have never been "short" of cotton in my life, and since I have been on
the Board, with the exception above stated, I have had no transactions.
for cash or on a margin, in cotton or any other commodity, nor have I
had any direct or indirect personal interest in any purchases or sales of
commodities or stocks upon any of the exchanges. If the rules permit,
I shall be greatly obliged if you will read this letter into the Record.
Very truly yours.
(Signed) W. P. G. HARDING.
Senator Heflin, who, it is stated, had on the 5th inst.
(D) Notes secured by shipping docu- 15% of bank's capital and surplus. expressed the belief that
Governor Harding had speculated
in addition to the amount allowed
ments, warehouse receipts or other
under (A); or if the full amount in cotton while directing the alleged deflation policy in 1920,
such documents conveying or seallowed under (A) is not loaned
curing title covering readily marthen the amount which may be took the denial in bad grace and had the following to say
ketable non-perishable staples, inloaned in the manner described with the
cluding live stock. No bank may
insertion of Governor Harding's letter in the "Conunder (D) is increased by the
make any loan under(D),however.
loanable amount not used under gressional Record" of Aug. 12:
(a) Unless the actual market value
(A). In other words, the amount
of the property securing the
I understand now that it [the letter] contains a denial that he was
loaned under (A) must never be
obligation is not at any time
be more than 10%, but the aggre- speculating in cotton in New York at the time he refused to aid the cotton
less than 115% of the face
gate of (A) and (D) may equal, farmers in holding their cotton off the market until the price would cover
amount of the note, and
but not exceed, 25%.
(b) Unless the property is fully covthe cost of production. Mr. President, during the period of destructive
ered by insurance, and in no
deflation conducted by ex-Governor Harding his strange conduct toward
event shall the privilege afforded
the cotton producers was such as to cause me and tens of thousands of
one
any
exercised
for
be
by (D)
customer for more than 6 months
people in the South to wonder why he refused time and time again to
in any consecutive 12 months.
do anything to stop the rapid and ruinous fall in the price of cotton.
If he had sold cotton futures on the exchange it was to his interest for
(E) Notes secured by not less than 10% of bank's capital and surplus,
in addition to the amount allowed cotton to go down in price, and the lower it went the more money he
a like face amount of bonds or
amount
full
under (A); or if the
notes of the United States issued
made. He had it in his power to stop the price from going down, and
allowed under (A) is not loaned, he refused to
since April 24 1917, or by cerdo it. If the farmers could have obtained loans to hold
then the amount which may be
tificates of indebtedness of the
their
cotton for 30 cents, the fall in the price would have stopped at 30
loaned in the manner described
United States.
under (E) is increased by the loan- cents and the farmers would have received 30 cents for all the cotton that
able amount not used under (A). ex-Governor Harding's
deflation policy forced out of their hands in 1920
In other words,the amount loaned at a price
far below the cost of production. His persistent refusal to do
under(A) must never be more than
anything
(A)
and
to
of
stop the rapid fall in the price of cotton and his strange and
10%. but the aggregate
(E) may equal, but not exceed, hostile demeanor toward the cotton producers and their friends who begged
20%.
him to do something to save their business from ruin caused me and tens
(F) Notes secured by United States No limit, but this privilege, under of thousands of people in the South to believe that he speculated in and
Government obligations of the
regulations of the Comptroller o made money on the falling price of cotton when he had it in his power to
kinds described under (E) the face
the Currency, expires December prevent the ruin of the
cotton industry in the section from which he came.
amount of which is at least equal
31 1922.
I did not expect him to confess his guilt, and I will not now believe what
to 105% of the amount of the
he says upon the subject.
customer's notes.
I can take the
against him and convict him
Some Examples of What May Be Loaned to Any One Customer Under Section before any jury circumstantial evidence
composed of cotton producers, merchants and bankers
5200 of the Revised Statutes, Expressed in Terms of Percentage of
in the cotton growing States. I therefore do not object to his Republican
the Lending Bank's Capital and Surplus.
frol Connecticut printing his letter in the Record.
Illustration Illustration Illustration
1.
2.
3.
TARIFF REVISION BILL PASSED BY SENATE.
10%
(A) Accommodation or straight loans_ _
5%
5%
More
than a year after action by the House, the Senate
(D) Notes secured by warehouse re15%
ceipts, &c
has completed its revision of the permanent tariff bill. The
20%
15%
like
face
amount
by
a
secured
(E) Notes
measure passed the House on July 21 of last year, and on
10%
10%
15%
of U. S. Government obligations_
MI
Total
35%
35%
35%
(B) Bills of exchange drawn against
No limit imposed by law.
actually existing value
Do
(C) Commercial or business paper__ _ _
(F) Notes secured by at least 105% of
Do
U. S. Government obligations
What a Federal Reserve Bank May Rediscount for Its Member Banks.
A Federal Reserve bank may not, of course, under any circumstances
rediscount paper other than that which is eligible under the terms of the
Federal Reserve Act. So also the limitations imposed upon the amount,
of rediscounts which Federal Reserve banks may make for member banks,
whether State or national, are determined by the provisions of the Federal
Reserve Act and are not in any way affected by the amendment to section
5200.
Under the provisions of section 13 of the Federal Reserve Act any Federal
Reserve bank may rediscount for any member bank, whether State or
national, eligible paper of any one borrower to the extent of 10% of the
member bank's capital and surplus, but it is expressly provided that "this
restriction shall not apply to the discount of bills of exchange drawn against
actually existing values."
In the opinion of the Federal Reserve Board this phrase "bills of exchange
drawn against actually existing values" includes "drafts or bills of exchange
secured by shipping documents conveying or securing title to goods shipped"
and "bankers' acceptances of the kinds described in section 13 of the Federal
Reserve Act," even though section 13 (unlike the amendment to section
5200) does not expressly state that those two classes of paper are bills of
Saturday last, Aug. 19, the Senate passed the bill. It is
proper to say that the bill had not been brought before the
Senate as a body until April 11 last, when it was reported to it
from the Senate Committee on Finance by Senator McCumber ; and it was formally taken up by the Senate on April 20.
A unanimous agreement fixing Aug. 19 as the date for the
final vote on the bill was reached on Aug. 12. The Senate
passed the bill on the 19th inst. by a vote of 48 to 25; those
voting for its adoption were 45 Republicans and three Democrats, while those declaring themselves in opposition to the
bill were 24 Democrats and one Republican. Following the
disposal of the bill by the Senate the following conferees
were named on the 19th inst. on behalf of the Senate on the
assumption that the House would disagree to the Senate
changes and that a conference would be necessary to adjust
the differences: Republicans, 31cCumber, of North Dakota;
Smoot, of Utah, and AlcLean, of Connecticut, and Democrats, Senators Simmons, of North Carolina, and Jones, of
New Mexico. By a vote of 198 to 69 the House sent the bill
to conference on Aug. 22, Speaker Gillett naming the follow-
934
[voL. 115.
THE CHRONICLE
The salient features of the bill as passed by the Senate
lug as conferees on the part of the House: Representatives
Fordney, Michigan; Greene, Iowa; Longworth, Ohio, Repub- were outlined as follows in Associated Press dispatches from
licans, and Garner, Texas and Collier, Mississippi, Demo- Washington Aug.19:
"Flexible" provisions, giving the President broad authority to increase or
crats. As indicative of the vast changes made by the Senate
tariff duties within a radius of 50% until July 1 1924.
we quote the following from the New York "Times" of the decrease
The agricultural and provision schedule, carrying rates generally higher
20th inst.:
than those ever before proposed on foodstuffs, meats, vegetables, fruits,
Republican leaders, while hopeful that the conferees representing the
Senate and House will adjust their differences without undue delay, still
foresee in the mass of about 2,200 amendments as to rates and the struggle
over foreign and American valuation plans questions that may throw the
conference into a long deadlock and prevent action by Congress before the
November election. The situation seems not at all unlikely unless the
House recedes from its American valuation proposal instead of the foreign
valuation, as provided in the Senate bill, which plan has been followed
in all tariff laws.
Representative Fordney, Chairman of the Ways and Means Committee,
the strongest supporter of an American valuation plan, said to-day that he
would never agree to the foreign valuation basis as carried in the Senate
bill. He said he would prevent such action as far as it was consistent for
him to do so.
"I will never agree to accepting the Senate foreign valuation plan," said
Mr. Fordney. "Of course, I do not intend causing a deadlock and a prolonged wrangle in conference. If I find that we cannot agree in conference
I will report the situation to the House and ask for instructions. If the
House refuses to stand by the American valuation plan, carried in the House
measure, then I will follow instructions. But I mean to ask for instructions from the House."
Must Settle Valuation First.
As this is the crux of the differences between the Senate and House,
nothing can be accomplished toward agreements on rates and other amendments until the plan of assessing tariff duties is settled. The belief is that
the House will recede and accept the foreign valuation plan, unless there is
a prec,oncerted action to force the conference into a deadlock to prevent
passing the tariff before the November election.
Mr. Fordney and other House conferees asserted to-day that the House
will accept the flexible tariff provision authorizing the President, on recommendation of the tariff commission, to change tariff rates within certain
limits until July 1 1924. The changes made by the Senate in this section,
limiting the period when the President can so act, and only upon the
ascertainment of facts by the Tariff Commission, has removed objections
which existed in the House to this plan.
Generally speaking, the amendments made by the Senate bring the rates
to within the limits of the Payne-Aldrich bill. In many respects,however,
the rates exceed the high rates carried in this, the last tariff bill written
by the Republican Party, which marked the beginning of the fight between
the Progressives and the Old Guard, and led to the formation of the Progressive Party in 1912.
The rates on agricultural products in the Senate bill, dictated by the
farm bloc, exceed the duties on these articles in the Payne-Aldrich law.
The duties on wool, cotton goods and silk are greater than in the PayneAldrich law, while the rates in the Senate bill on dye products have been
placed so excessively high as to virtually place an embargo on dye importations.
The representatives offarming interests succeeded in the Senate in increasing farm products beyond the rates carried in the House bill. The duty on
wool was increased from 25 cents to 33 cents a pound. The duty on sugar
was increased from 2 cents to 2.3 cents a pound. The Senate increased the
duty on wheat to 30 cents a bushel, as against 25 cents carried in the House
bill. The farm bloc made an unsuccessful attempt to take hides off the
free list as provided in the House bill.
There are many other differences, such as the duties placed on cotton
and silk by the Senate, which will not be accepted by the House.
Present and Proposed Duties.
Some of the rates adopted by the Senate, compared with the Underwood
law, follow:
McCumber
Underwood.
Rate.
Articles.
Rate.
30c.
bush.
Wheat
Free
20c. bush.
Corn
Free
7c. lb.
Cotton (long staple)
Free
3%c. lb.
Beef and veal
Free
5c.
lb.
Lamb
Free
%c. lb.
Pork
Free
33c. lb.
Free
Wool
10% advalorem.
Milk
Free
58c. cwt.
Free
Potatoes
Free
Cattle hides
Free
13i@2c.
Cattle
Free
75% ad. & 10%c. lb. *Embargo
Coal tar intermediates
90% ad. & 10%c. lb. *Embargo
Dyes and chemicals
3c. lb.
%c. lb.
Peanuts
39c. lb.
10c. bu.
Apples
Sc. doz.
Free
Eggs (fresh)
18c. lb.
Free
Eggs (dried)
ton
$3
$2 ton
Hay
* War emergency.
Senator Simmons, ranking Democratic member of the Finance Committee, estimates that if the rates in the Senate tariff bill prevail there will be
an increased direct levy on the American people of $3,000,000,000. He
showed in a statement prepared for him by an expert that in some respects
the rates were increased more than 137%-the latter as to wool manufactures.
The increases in the Senate bill over the Underwood law, according to
Senator McCumber's statement, in some of the chief articles are as follows:
Average ad valorem
Increase per
rate Underwood
cent over
law on imports
Senate bill
Underwood
1919.
in
1922, proposed.
law.
34.2%
54.0%
58.0
Cotton manufactures
42.6%
59.0%
38.5
Silk manufactures
31.6%
75.0%
137.3
manufactures
Wool
51.9%
74.0%
42.6
Clothing
47.0%
61.0%
29.8
Earthen,stone and china ware
44.0%
35.2%
25.0
Glassware
17.4%
68.5%
293.7
Sugar, refined
96.0%
35.9%
167.4
Buttons
184.0%
39.3%
368.2
Cutlery
40.0%
20.0%
100.0
Hardware
30.0%
Free
Sewing machines
41.0%
27.8%
-4-7-.5Clocks and watches
grains, milk, cream, eggs, butter, nuts and others.
The sugar schedule, carrying a duty of 2.3 cents a pound on sugar, three.
tenths of a cent above the emergency tariff rate and the House proposal,
1.05 cents above the Underwood-Law rate and sixty-two one-hundredths
of a cent above the Payne-Aldrich Act.
The wool schedule, proposing a duty of 33 cents a pound on the scoured
content of raw wool, eight cents above the House rate, and nearly double
the actual rate in the Payne-Aldrich Act.
The chemical schedule, carrying increased duties on chemicals and
vegetable oils and rated on coal tar dyes and synthetic chemicals and
explosives which are declared by proponents and opponents to constitute
a complete embargo.
The cutlery schedule, proposing duties on pocket knives, scissors, table.
kitchen and other knives and razors equivalent in some cases to several
hundred per cent ad valorem.
The lace schedule, proposing duties of 90% ad valorem, 30% above the
Payne-Aldrich and Underwood rates.
With the exception of the agricultural schedule and the raw wool schedule,
the Senate Committee, in its process of rewriting while the bill was in the
Senate. changed rates in most of the schedules. Several reductions were
made in the rates in the metal schedule and the cotton schedule, with a
maximum limitation of 45% on cotton cloth and 60% on cotton gloves.
In the case of woolen manufactures a maximum limitation of 50% was
approved, representing a cut of 5% in the case of higher grade cloths, knit
fabrics, pile fabrics and fabrics with fast edges.
The silk schedule was rewritten completely, with the rates reduced
considerably below those in the Payne-Aldrich bill. Also several reductions
were made in rates in the sundries schedule.
Many articles which were placed on the dutiable list by the Committee
were transferred to the free list, while a few articles were removed from
the free list to the dutiable list.
Free List Items.
Chief among the dutiable articles made free, witk the rate proposed, were:
Hides, green, 2 cents a pound; dried, 4 cents.
Boots and shoes, 12 cents a pair and 5% ad valorem.
Shoe leather. 5%.
Belting and harness leather, 4 cents a pound and 5%•
Common house brick, 25%, but with a retaliatory provision against
countries imposing a duty on American brick.
Portland cement,5 cents per 100 pounds, but with a retaliatory provision.
Harness costing less than $70 a set and saddles costing less than $40
each, 35%•
Logs of fir, spruce, cedar or Western hemlock, $1 per 1,000 feet.
Paving posts, telephone poles, railroad ties, pickets, palings and
hoops, 10%.
Ivory tusks, 10%.
White arsenic. 2 cents a pound.
Cyanide, 10%.
Chemical wood pulp, 5%.
Cocoanuts. 34 cent each.
Black or silver foxes. $200 each.
Gloves made wholly of cattle hides.
Bread.
Added to Dutiable List.
Chief changes from the free to the dutiable list, with the rates proposed,
were:
Manganese, 1 cent a pound.
Cream separators, 25%.
Ammonium nitrate. 1 cent a pound.
Dynamite and other high explosives, 1 3 cents a pound.
Apricots, green,ripe or in brine, % cent a pound;otherwise prepared,40%.
Casein or lactarene, 4 cents a pound.
Amateur and other radio enthusiasts would be able to import radio
vacuum tubes duty free under a provision voted into the tariff bill near the
finish to-day by the Senate. The amendment was offered by Senator
Frelinghuysen of New Jersey, who urged it on behalf of the amateurs.
Stating that the rates in the wool schedule as the bill has
passed the Senate are generally declared to be higher on raw
wool and the manufactures of wool than ever before, the
New York "Tribune" in a Washington dispatch Aug. 19
added:
This was the purpose of the Finance Committee leaders. The rates
are materially increased over the House rates. Senator Lenroot has
calculated that, taking into account the 33-cent rate on raw wool, the
duties in the wool schedule range from 26 to 137% on wool and manufactures thereof. Senator Wadsworth, who is a conservative Republican.
joined with a number of other Republicans in trying to lower the wool
rates, but met with little success.
The wool schedule as provided for in the Senate bill is based on a duty
of 33 cents per pound of clean content on raw wool. This is higher than
the House rate by 7 to 8 cents.
Comparison Enlightening.
Comparisons of House and Senate rates in the wool schedule are enlightening. Wool advanced in any degree, including tops, in the House
bill was 16 2-3 cents per pound and 10% ad valorem when valued at not
over 40 cents a pound, and if more than that 27% cents a pound and
10%• The Senate rates are 36 cents a pound and 20% ad valorem. Yarn,
in the House bill, ranges from 20 cents a pound and 15% ad valorem to
30 cents a pound and 20% ad valorem. The Senate rates on yarn range
from 26 cents a pound and 30% ad valorem to 39 cents a pound and 40%
ad valorem.
In the House bill woven fabrics weighing not over four ounces a square
yard range from 30 cents a pound and 22% to 36 cents and 273 %. The
Senate rates range from 40 cents a pound and 50% ad valorem to 49 cents
a pound and 50% ad valorem.
Under Paragraph 1109 in the House bill woven fabrics weighing more
than four ounces a square yard have a duty ranging from 20 cents a pound
and 18% ad valorem to 36 cents a pound and 27%% ad valorem. In the
Senate bill the paragraph has been changed so that the duties range from
26 cents a pound and 25% ad valorem to 49 cents a pound and 45% ad
valorem.
AUG. 26 1922.]
THE CHRONICLE
935
Blanket Rates Higher.
Schedule 4—Wood and Manufactures of
Blankets under the House bill ranged from 20 cents a pound and 20%
The Senate agreed that all logs, timber and ordinary lumber, including
ad valorem to 30 cents a pound and 20% ad valorem. Under the Senate shingles, should be admitted free of duty. These are heavy products, and
bill the duties range from 20 cents a pound and 25% ad valorem to 40 cents freights are high.
It was found necessary to impose somewhat high duties upon certain
a pound and 35% ad valorem.
Knit underwear, under the House bill ranged from 30 cents a pound and varieties of furniture that were being manufactured in the Orient at un20% ad valorem to 36 cents and 25% ad valorem. Under the Senate bill thinkably low prices due to cheap labor and material.
the duties range from 39 cents a pound and 30% ad valorem to 49 cents a
Schedule 5—Sugar, Molasses and Manufactures of.
pound and 50% ad valorem.
The high prices of sugar in 1920 and 1921 demonstrated the fact that
Under Paragraph 1116 woolen or part woolen clothing has duties under
the
American
people can and will pay almost any price for this article
the House bill ranging from 20 cents a pound and 25% ad valorem to 36
without materially curtailing its use. Nearly one-half of our consumption
cents a pound and 30% ad valorem. The corresponding Senate rates
now
is
being
produced
within the United States and its insular possessions.
range from 26 cents and 40% ad valorem to 49 cents and 50% ad valorem.
This domestic industry is seriously handicapped by conditions, especially
Under the cotton schedule, long staple cotton is given a duty of 7 cents
industry
the
within continental United States. In Louisiana, where the
a pound. This is not in the House bill, though it is in the Emergency
cane industry has been in existence for over 100 years, climatic conditions
Tariff Act.
such
are
as
to
necessitate a protection of some two cents per pound in order
Committee
is
schedule
that
the
Senate Finance
A feature of the cotton
that the producer may have a fair profit. The beet sugar industry needs
reduced the basis of yarn count from 100 to 80 and thus increased duties.
nearly
this
protection. The beet sugar industry is peculiarly the child of
In this schedule, as in all others as a matter of fact, accurate comparisons
the nation,as the U.S. Department of Agriculture was directly instrumental
with the House rates are practically impossible by reason of the basing of the
not
only
in
its
establishment, but in its development. The plants engaged
valuation
foreign
and
American
the
Senate rates on the
House rates on
in this industry in the United States are the peer of any similar plants in
valuation. However, approximate comparisons can be made.
world.
the
They produce as good sugar and about as cheaply as anyAs to cotton yarn, the Senate bill provides none of the duties shall be less
where else.
than 30%. In the House, the corresponding figure is 27%.
One
of
our
newer industries is that of manufacturing valuable feed for
that
as
to
less
provides
cotton
thread the duty shall not be
The Senate
horses and cattle from the cheaper and inferior grains and forage products
than 20 nor more than 35%. The House rates to correspond are 17 to
mixed
with
low-grade molasses, commonly called "black strap." These
33 1-3%.
The Senate cotton cloth rates are increased to some extent, but not feeds are invaluable to the dairyman, cattleman and also to the ordinary
farmer,
furnishing
him with a market for certain of his products.
rates.
House
the
over
heavily,
This molasses, as guarded by the Senate language, is non-edible and its
only
additional
use is as a source of commercial alcohol.
Senator McCumber, Chairman of the Finance Committee,
A number of higher saccharides are specified in this schedule for the first
furnishes the following sunimary of the bill as passsed by time.
the Senate:
Schedule 6—Tobacco and Manufactures of.
The provisions of this schedule have not been changed to any great
Schedule 1—Chemicals, Oils .:4; Paints.
extent.
This schedule, for the first time in our history, is believed to furnish
Schedule 7—Agricultural Products and Provisions.
adequate protection for our domestic chemical industry. Heretofore our
The agriculturists of the United States have for years bitterly comtariff protected the inorganic chemical industry, but allowed the foreigner
plained that the products of their labor were all on the free list, while the
to dominate our markets with their organic and synthetic precincts. These products
of all other labor in the United States was protected. The Senate
covered practically our entire dye and synthetic drug consumption. The
and its committees made exhaustive studies of this claim and found that it
World War demonstrated that a country without this industry is terribly
was
not
without
basis. For example, the product of our wheat growers
handicapped, and to survive must establish a domestic chemical indlistry.
was in direct competition in our own markets with wheat grown elsewhere.
In following out this policy, this schedule has been much elaborated.
To
the
casual
observer
this did not seem at all dangerous. To them wheat
Many chemicals and chemical products have been here specified for the
was wheat. But, so is cotton cloth cotton cloth, although one sells for
first time, because of their greater importance in modern civilization.
cents
per
10
yard and the other for $2 50 per yard. The fact is we grow
Certain chemical articles have also been transferred from the free list to
a surplus of wheat, but not of certain grades of wheat, and, in particular,
this schedule, such articles as ambergris, musk, paris green, salt,&c. The
not
of
the
highest
quality of wheat, that which is absolutely necessai y to
rates of duty upon the several paragraphs have been very carefullyadjusted.
have in order to manufacture tne high-grade flour demanded by our cusIn many cases, where conditions permitted, the rates of duty have not been
tomers.
This
high-grade wheat is more expensive to buy, but ever so much
increased over the present rates of duty. In others the rates have been
more expensive to grow. Not only does it cost more to grow a
bushel of
only slightly increased, while in others considerably higher rates of duty
this
wheat
than
it does to grow a bushel of ordinary wheat, but, owing to
have been imposed. The reason for these higher rates is that our foreign
competitors are not only able to manufacture these particular articles or the climatic condition demanded by it, it is a very uncertain crop. Thereproducts at a small fraction of the domestic cost of manufacture, but are fore the Senate was convinced that it was necessary to give it protection.
Of course, this protection meant a greater protection
so organized, and make use of such methods that without these higher rates
seemingly, to soft
winter wheat, which was found to need no protection.
But for this very
of duty our domestic industry could not survive. This was fully demonstrated prior to the World War by these same manufacturers who succeeded reason, and for the fact that we have a surplus of this soft wheat, the duty.
so far as it is concerned, means nothing, and
will not increase its price.
In dominating not only the American market, but the entire chemical
The method of imposing duty on cattle
Industry of the world.
is changed in the direction of
At the request of practically the entire dairy and agricultural'interests fairness. Instead of imposing a flat duty upon all cattle immaterial of their
size
or
condition,
the
Senate
duty
was
country,
a
vegetable
imposed
imposes
the
upon
a
of
tropical and Oriental
duty dependent on their weight,
oils. These oils are being used largely in the manufacture of imitation or and whether they are imported to be fed for market here or not. The
substitute butters and lards, and as an adulterant for linseed oil in the paint poultry industry was found to require certain protection, especially against
the eggs of the Orient. The fruit
Industry.
industry has been investigated and found
to require protection, especially the
sub-tropical fruit industry. In fact,
Schedule 2.—Earths, Earthenware and Glassware.
all branches of agriculture are given
fair, but, it is believed in no case.
This schedule imposes a duty for the first time upon crude or calcined excessive,
protection. This Includes the nursing stock industry, the flower
magnesite. a substance that was not produced commercially in the United industry, the nut
industry, the seed industry, including oil-bearing seeds
States prior to the war. It is an absolute necessity in the smelting of and nuts, the
vegetable industry and many other branches of agriculture
all metals, and also in the iron and steel industry. It is also used in the and horticulture..
The placing of duties upon all these products not only
form of oxychloride cement used in building houses—a cement that is in this schedule, but
upon the newly specified articles in all other schedules,
far superior for this purpose than ordinary Portland cement. Formerly necessitated
exhaustive investigation so as to balance duties upon derivaour source of supply was Austria, from which we were cut off by the war. tives from these
products;
in other words, to find the compensatory duties
Graphite or plumbago has been transferred to the dutiable list. Prior necessary.
to the war it was not considered possible to make satisfactory crucibles
Schedule 8—Spirits, Wines and Other Beverages.
from domestic graphite. Recently deposits of high-grade crystaline
This schedule, due to the 18th Amendment, is no longer of much value.
graphite have been developed in the United States from as widely separated
However, as the articles herein included can be imported by license, care
localities as Montana and Alabama.
had to be exercised in the preparation of these rates of duty. The price
of all these articles has much increased since prohibition went into effect,
Schedule 3.—Metals and Manufactures of.
so it was deemed
This schedule is somewhat enlarged as compared with former metal increases in price.advisable to increase the duties proportionate to these
For example, the duty on brandy and other spirits
schedules. The war gave rise to a number of new industries which are was increased from
the old rate of $2 60 per proof gallon to $5 per proof
now so well established that with a fair protection they will speedily rank gallon.
with the standard industries of the United States. The war demonSchedule 9—Cotton Manufactures.
strated the weakness of a nation unable to cbtain or manufacture certain
The United
mineral products. This is so of mercury, the ferro alloys, manganese, but because States is the principal producer of raw cotton in the world,
of certain conditions we must import large quantities of a
tungsten, molybdenum, cobalt, nickel, chromium, vanadium, cerium, cotton which
we did not, until recently, produce. This is cotton with a
and similar metals and alloys.
staple of one and three-eighths inches or more. This cotton is absolutely
The iron and steel industry of the United States is so strong that, ordi- necessary in the
manufacture of sewing threads, automobile tires and the
narily, we manufacture as cheaply as anywhere else in the world. There fine fabrics.
Our imports of this grade are almost entirely of Egyptian
are certain grades of steel, however, necessitating peculiar qualities of origin. Recently it
has been demonstrated that cotton with this length
iron alloys and manipulation in which our Industry, to survive, must be of staple, developed
from Egyptian seed, can be grown in certain parts of
protected. As an example of this, high speed steel may be cited. Tools Arizona and
California.
Of course, it is expensive to grow it upon this
of ordinary tool steel can operate very nicely, provided the work being land where irrigation
is necessary and so must have the benefit of protection,
performed by them does not cause them to become heated. Heat draws at least until the
industry is firmly established.
their temper, and they become no bettor than soft iron, as a tool. It
A systematic study of the cotton industry here and abroad, and especially
has been found that it is possible to make high-grade tools from certain as to our
imported
goods, has been made, and the rates carried are the revarieties of crucible steel that can be driven at speeds unthought of before— sults of these
investigations. These rates seem to meet the approval of
tools whose ability to work is not interfered with by heat, whose temper our manufacturers,
importers and the various experts engaged in these
depends on certain ferro-alloys and methods of manufacture. Such Investigations,
Of course, with a specific duty upon certain raw cottons,
steel is absolutely invaluable and must be produced at home or the very compensatory
duties
had to be computed and imposed throughout the
existence of the nation might be jeopardized. It is believed that the schedule.
manufacturers of these steels are adequately protected. Among the
It will be noticed that all the embroideries and nearly all the laces, nets,
products of newer industries especially protected are thermostatic metals, and veilings of
cotton have been transferred from this schedule to the
safety razors and blades, surgical instruments, metallic magnesium and sundries schedule,
where they are classified with all other laces and emprint rollers and blocks used in the wall paper and linoleum industries.
broideries.
It was found that under the peculiar condition existing, our domestic
Particular attention has been devoted to the rates on knit goods,lresproduction was being copied and articles that to the casual observer ap- pecialiy to gloves
and wearing apparel. Formerly this branch of the
neared identical with the American article were being offered in our markets Industry was
practically covered by hosiery and underwear, but recently
at from one-half to one-fourth the price of the corresponding American the
manufacture of gloves and wearing apparel has increased enormously.
articles. As surgical instruments are absolutely necessary to the life of a
Schedule 10—Flax. Hemp & Jute & Manufactures of.
nation at war, and as prior to the war we had no such industry, it is thought
good policy to protect this war baby, especially as we are now producing
Generally, this schedule has been little changed, except as to rates of
these instruments equal, if not superior, to any produced elsewhere.
duty. We produce little of the crude material included herein. Our jute
936
THE CHRONICLE
Industry, particularly the manufacture of burlap and other coarse fabric,
is very large. Cotton bagging—a rough, coarse burlap used for covering
bales of cotton, and too coarse for practically any other purpose—has been
removed from the free list and a small duty imposed upon importation
thereof. All linens, including the finest table damasks, is included in
this schedule, as is linoleum and other oil cloths, and also floor covering or
grass and straw and mats and mattings.
[VOL. 115.
It is true also that while wool and other agricultural products are given
greater protection than in any other tariff bill, manufacturers have been
given a lower compensatory rate of duty than in any previous protective
tariff bill.
Senators Simmons and Walsh in a statement in behalf of
the minority members of the Senate Finance Committee describe the bill as "one of the most abominable legislative acts
of an American Congress." They state further:
Schedule 11—Wool & Manufactures of.
The Senate has admitted all low-grade wool that is imported and actually
used in the manufacture of floor coverings of any kind, free of duty. All
The old principles of tariff for revenue and tariff for protection to infant
other raw wools are to pay a duty upon the wool contents. This is the
industries have been abandoned. In part, also, plitical party lines have
only correct way of imposing duty on wool. The duty then is on the wool
been disregarded. The whole measure,its preparation and its passage,step
and not upon the dirt contained therein. All prior tariffs imposing duties
by step, smacks of selfishness and sordidness. The rates are excessive, and
on wool fixed a certain rate on wool in the grease, and, usually twice the
the indiscriminate manner in which subsidies and bonties have been distriduty on washed wool, and three times this duty on scoured wool. The
buted to organized groups and classes at the expense of the many is scandaresult was that no wool was imported scoured, very little washed, and none
lous.
that shrunk over from 40 to 45% in scouring.
The old abuses in appropriation bills which taxed the American people in
The rates upon all manufactures of wool have been carefully built up
order to get votesfor Congressman by erecting public buildings or by deepenfrom this rate of duty upon the raw wool.
ing and widening creeks and rivulets in their districts are made to appear
Schedule 12—Silk & Silk Goods.
insignificant in comparison with the grab features of this tariff bill. ConThis schedule covers a material (and its manufactures) which is not gress has maintained for many months a bargain counter where tariff duties
produced at all in this country, and in fact its production is becoming were sold to organized cliques and combines whose joint political strength
restricted to the Orient. No duty, of course, is imposed upon the raw could command a majority of votes.
It is well recognized that tarifflaws do not create wealth,but distribute it.
material. Due to enormous fluctuations in the price of silk and necessarily
of its products, it was found impracticable to impose specific duties that This bill takes billions of dollarsfrom the pockets of the publicand distributes
would meet this fluctuation. Therefore the ad valorem rates were imposed. this vast sum to those who enjoy sufficient influence to receive an invitation
Certain of the silk fabrics manufactured in the Orient are there made so to trust their hands into the plunder pile.
The pith of it all is the abandonment of the century old tariff princi'cheaply that our manufacturers have been practically driiren from that
branch of the industry. Not only have these cheap silk fabrics driven similar ples by a great political party. Senators from manufacturing, agricultural,
'domestic fabrics from the market, but they also are seriously interfering mining,steel and metal States may be expected hereafter, by the old line logwith the domestic production of fabrics that are immeasurably superior rolling methods and pork barrel practices, regardless of party affiliations.
to them, but which, of course, are necessarily dearer. The rates herein to dictate the rates which the favored industries in their respective States
imposed are not deemed quite high enough to meet this competition, but demand.
If the method which has succeeded at this time continues, it will not be
still are believed to give a moderate protection.
long before the old part labels in our law-making bodies disappear, and
Schedule 13—Papers & Books.
blocs, agricultural, manufacturing, labor, banking and social, are subPrinting paper has, for the first time in tariff history, been divided into stituted.
two great groups—standard newsprint and other printing paper. The
The toll the American people must pay under the operation of this bill is
former is made free, while upon the latter a small duty is imposed. In stupendous. It will reach into the billions. Foodstuffs, clothing, practicertain prior tariffs certain print paper was allowed free entry, depending cally all the very essentials and necessaries of life, bear the highest known
upon its price, but under the last tariff it was found necessary to increase duties; and all of this while people are demanding reductions in the cost of
the price limit several times in order to keep up with the necessary price production and cost ofliving and capital is deflating wages. In the midst of
of paper.
the great business depression throughout the world, from which our own
Certain varieties of paper have been specifically enumerated for the country has not been spared, the people's Congress proceeds to increase their
first time in this schedule; for example, India and Bible paper—a very burdens and costs of living.
thin, tough print paper—has been segregated from ordinary print paper,
Experts of the Government estimate that if the increased duties levied on
and at a higher rate of duty. Coated papers have been especially treated, fresh meats, cereals, potatoes and beans are effective in increasing prices,
as also has tissue paper, the rate of duty depending upon its weight. Cigar these duties alone will amount to an increase of $1,250,000,000 in the cost of
bands and other lithographic work have also been carefully considered living. Indeed, it is notarious that the working and poorer classes are
as to the rates of duty needed. It was found that many books printed especially to suffer in consequence of this legislation.
over 20 years ago were often bound, prior to export to the United States.
It is useless to enumerate the millions reaching into the billions which
In expensive bindings, often worth more than the unbound book itself. these increased duties will extort. Every industry with political influence,
It was deemed advisable to tax these bindings separately from the book. whether of the "war baby" or mushroom type, or of the trust busting prowhich in this case is admitted free.
portions. has been made a beneficiary in participating in the graft. Their
friends in Congress, however, have over-reached themselves. Such high
Schedule 14—Sundries.
have been levied upon the raw and basic materials necessary to the
Asbestos, one of the materials the manufacture and uses of which have duties
manufacture of most of our finished products that the big industries of the
has
demanded
the
enormously,
greatest
attention. Buttons, beads,
grown
country must face staggering increases in the cost of production.
sporting goods, and straw hats all are dutiable in this schedule, and necessiWhat will be the outcome of such methods of extorting from the people
tated exhaustive investigations as to the rates needed. The great use of
by taxation no man can predict. In our opinion, it destroys respect for,
cork and cork board in insulation against heat rendered the rates of duty
if it really does not threaten the security of, our institutions. The bold
upon cork, its wastes and manufactures, a difficult problem. Another
and brazen manner in which special privileges have been bestowed upon
new industry in this country—new since the beginning of the war—is the
favored groups is certain to provoke rather than allay the growing unrest
toy industry. For the first time in history brains have been used in this
which America, as well as the rest of the world, is combating.
industry and toys produced that were not only playthings but articles that
In view of the indefensible, scandalous, selfish, pork-barrel character
and
educational
that
and
probably
will cause a big increase
were instructive
of this legislation, how much longer can our law-making body retain the
in the work of our patent office. But, as usual, as soon as a new American
confidence and respect of the American public? It is time for a political
toy is placed upon the market, our foreign competitor produces a cheap
revolution against such methods and practices.
Inferior copy of it, and without protection our industry will soon be driven
The bill has made the tariff more than a political issue. • It has become
from the market. Jewelry has been carefully studied, and the rates of
a great moral issue. It is immoral to extort, whether done under the
has
been
industry
leather
The
studied,
and
all
of
because
duty adjusted.
guise of law or in violation of law. "Thou shalt not covet thy neighbor's
hides and skins being placed upon the free list, many manufactures of goods" is a forgotten commandment. If the public cannot compel existing
leather, such as boots and shoes, and harness and saddles, have been also political organizations to live up to their well-known principles and platmade free. All manufactures ofleather that are not specifically enumerated forms, the people at least have the power to drive out of control a political
are, however. dutiable.
party that sponsors and must assume the responsibility of this iniquitous
Recently our foreign competitors have been flooding the country with legislation.
many small articles covered by this schedule, such as lead pencils, fountain
The unorganized ultimate consumers are again the victims. How
pens (some made of bamboo), and similar articles. The import price of much longer can they indifferently and patiently be commercialized?
these articles has been so much lower, although much inferior in quality Is it not time for the ultimate consumers to organizers and go on strike—
to the domestic article, that our producers became very much alarmed, s political strike?
and clamored for exceedingly high rates of duty upon their products.
Senator Simmons is also reported as saying:
Exhaustive investigations indicated that there was ground for this fear.
Consequently, the present rates of duty upon these articles were somewhat
Altogether I conservatively estimate that the Senate bill gives opportunity
to
enough
satisfy
high
our
made
manufacturers.
not
increased, but were
for the imposition of increased costs to the consumer amounting to around
It was considered that the superiority of their product alone would act as $3,000,000,000 annually. The Fair Tariff League has put the added burden
a partial protection to this industry.
at $4.000,000.000, but I think that is too high. Assuming that the Underwood-Simmons and the Fordney-McCumber rates are fully effective, there
Schedule 15.—Free List.
is given opportunity to lay on $3,000,000,000 more indirect taxation,
This schedule of the existing law has been carefully analyzed and some
if the traffic will bear that much.
articles were removed therefrom, because it was deemed that certain domesA careful study of the McCumber bill demonstrates,in view of conditions
these
articles
of
was
production
exposed
unjust
to
the
in
tic labor engaged
maintaining not only the
leading article falling under this here and abroad, that it was framed with a view to
competition abroad. Of course, the
present high prices but to enable the industries it protects to further advance
classification is wool, unmanufactured. Other items are certain acids and these excessively high prices without incurring the risk of foreign compematerial from which aluminum is
chemicals, Portland cement, bauxite, the
other of the heavy iron and steel tition.
made, graphite, pig iron, and certain
Expressed in terms of equivalent ad valorem rates, the Senate bill rates
forms, fresh meats, cattle, milk and cream, eggs, grain, meal flours, long are 40 to 50% higher than the average rates of the Payne Aldrich Law.
staple cotton, sewing machines, cream separators, lawn mowers, and
In many instances they are several hundred per cent higher than the
certain other machinery.
Underwood Law duties.
every
industry
in
the
that
is
country
fairly
is
bill
tariff
The result of this
Such legislation will inevitably load to higher prices, higher cost of
industries protected at the expense of
certain
Not
protected.
and justly
monopolization of American industries.
industry is protected. The duties, how- living and the further
other industries, but all and every
estimated that the customs revenue
The New York "Times" in its Washington advices Aug. 19
ever, are not made prohibitive, as it is
the provisions of this Act 'will be more
for the first twelve months under
of the rates in this Act to the imports said:
than $400,000,000. The application
Just before the final vote was reached Senator Simmons submitted tables
that will come in during the first twelve months of its life, is estimated to
valorem rate of duty than under any dealing with items in the sugar, wool and cotton schedules. He said that the
show a lower average equivalent ad
revenue to be derived from the increased sugar rate would be probably
recent Republican tariff.
conference with the bill as it came to $55.000,000, against which must be charged an increased sugar charge on
Comparing the bill as it goes into
rates imposed by the House bill have the consumers of the country of $157,000,000. The increased cost to the
the benate, it will be shown that the
the bill with previous Republican pro- consumers of the nation as a result of the principal increases in the wool
been greatly reduced. Comparing
outside of the dye products, which under schedule, Senator Simmons estimated at $195,000,000, while the added
tection bills, it will be found that
this country cannot supply the de- burden that would follow enactment of four items in the cotton schedule
existing law can only be imported when
upon manufactured products are lower would exceed $108,000,000. Cotton hosiery, he said, accounts for $25,mand,the average ad valorem duties
Act.
000.000 of the increased burden the consuming public must bear.
than in any previous protective Tariff
AUG. 26 1922.]
937
THE CHRONICLE
upon the American selling price, as defined in subdivision (f) of section 402
of this Act, of any similar competitive product manufactured or produced
in the United States embraced within the class or kind of imported products
upon which the President has made a proclamation under subdivision (b)
of this section.
The ad valorem rate or rates of duty based upon such American selling
price shall be the rate found, upon said investigation of the President, to
be shown by the said differences in costs of production necessary to equalize
such differences, but no such rate shall be decreased or increased more than
50 per centum of the rate specified in Title I of this Act upon such products.
Such rate or rates of duty shall become effective fifteen days after the date
of the said proclamation of the President, whereupon the duties so estimated
and provided shall be levied, collected and paid on such product when imported from any foreign country into the United States or into any of its
possessions (except the Philippine Islands, the Virgin Islands and the
islands of Guam and Tutuila). If there is any imported product within
the class or kind of products upon which the President has made public a
finding, for which there is no similar competitive product manufactured
or produced in the United States, the value of such imported product shall
The provisions of the bill as it passed the House were indi- be determined under the provisions of paragraphs (1), (2) and (3) of subissue
23
July
our
1921,
of
in
359,
division
while
page
(a) of section 402 of this Act.
issue
cated in our
(c) That in ascertaining the differences in costs of production, under the
of April 15 1922, page 1595, we referred to changes made by provisions
of subdivirions (a) and (b) of this section, the President, in so
the Senate Finance Committee.
far as he finds it practicable, shall take into consideration (1) the differences
in conditions in production, including wages, costs of material, and other
in costs of production of such or similar merchandise in the United
FLEXIBLE TARIFF PROVISIONS OF TARIFF MEASURE items
States and in competing foreign countries; (2) the differences in the whole—PRESIDENT HARDING'S VIEWS.
sale selling prices of domestic and foreign merchandise in the principal
markets of the United States; (3) advantages granted to aforeign producer
One of the principal features of the tariff revision bill as by
a foreign government, or by a pers..,n, partnership, corporation, or
it passed the Senate on the 19th inst. (and to which we refer association in a foreign country; and (4) any other advantages or disadin detail in another item) is its flexible tariff provision vantages in coraVetition.
to assist the President in ascertaining differences in costs
authorizing the President to increase or decrease tariff rates ofInvestigations
production under this section shall be made by the Milted States Tariff
until July 1 1924. This provision had been adopted by the Commission, and no proclamation shall be issued under this section until
Senate on Aug. 11 by a vote of 36 to 20-3 Republicans such investigation shall have been made. The commission shall give reasonpublic notice of its hearings and shall give reasonable opportunity
opposing it and 2 Democrats voting in support,of the pro- able
to parties int erested to be present, to produce evidence, and to be heard.
vision. On the 11th inst. President Harding outlined his Said hearings .hall be public. Subject to the foregoing the commission is
it
views to several Senators with whom he conferred at the authorized to adopt such reasonable procedure, rules, and regulations as
may deem necessary. The commission shall prepare its findings in the case
White House, and in a letter to Chairman McCumber, of of each proceeding under this section, and the President shall make such
the Finance Committee, in which he stated that he was findings, hearings, and testimony public as soon as practicable after the
of a prodamation under the provisiens of this section.
deeply interested in the provision for flexibility, adding that Issuance
The President, proceeding as hereinbefore provided for in proclaiming
"the varying conditions in the world and the unusual condi- rates of duty, shall when he determines that it is shown that the differences
tions following the World War make it extremely essential In costs of production have changed or no longer exist which led to such
accordingly as so shown, modify or terminate the same.
that we have this means of adapting our tariffs to meet the proclamation,
Nothing in this section shall be construed to authorize a transfer of an
new conditions. President Harding's letter follows:
article from the dutiable list to she free list or from the free list to the
dutiable list, nor a change in form of duty. Whenever it is provided in
THE WHITE HOUSE.
any paragraph of Title I of this Act, that the duty or duties shall not exceed
Washington, Aug. 111922.
a specified ad valorem rate upon the merchandise provided for in such paraMy Dear Senator McCumber:—I need not repeat to you what I have graph, no rate determined under the provision of this section upon such
said personally and what I have conveyed officially in a message to Con- merchandise shall exceed the maximum ad valorem rate so specified.
gress, how deeply I am interested in the provision for flexibility in the
tariff bill which is now under consideration in the Senate. It has seemed
to me that the varying conditions in the world and the unusual con- PRESIDENT HARDING WOULD INCREASE MILITARY
TRAINING ARMY TO 100,000 ANNUALLY.
ditions following the World War make it extremely essential that we
have this means of adapting our tariffs to meet the new conditions. MoreIn an address made before 1,000 officers and men of the
retaining
in
step
progressive
over, I believe it is a highly constructive and
the good and eliminating the abuses which grow up under our tariff system. Camp Meade Citizens Military Training Camp at WashingI think we ought to make the tariff question all that it is designed to be— ton on Aug. 21, President Harding referred to the fact that
the agency for scientific investigation and the source of dependable in- there are 28,000
enlisted this year in the volunteer training
formation on all tariff problems.
In view of the fact that Congress, in providing for flexibility, must movement, and stated that if he could have his wish "this
bestow some exceptional powers upon the President, I should very much number would increase until more than 100,000 were annuprefer that in the same Act the Congress definitely name the tariff board
as the source of information and recommendation upon which the President ally studying and preparing for armed service." "Not that
may proclaim changes in rates of duty. If the power to modify rates we ever expect to be called upon for such service," added the
were given to the President I should immediately proclaim the Tariff
President,"but solely for National defense and the preservaBoard as the agency of investigation and recommendation, because the
President could not deal with the situation in any other practical manner. tion of the Government under which we all live." The
I think it more seemly, therefore, to have the Congress definitely designate President
prefaced these remarks with the statement that
the Tariff Board as the agency to be employed by the President in the
"there is not a thought in America of armed warfare. . . .
exercise of executive power which it is proposed to'bestow.
Very truly yours.
We are concerned only with peace and the security of peace."
WARREN G. HARDING.
The following is
"I simply submit these tables relating to a few items," said the Senator,
"as illustrative of what the enactment of this bill in its present form will
cost the country."
In the final hours the Senate increased the rate on artificial silk yarn
from 35 to 45% ad valorem and on silk cloth made of such yarn from
50 to 60% ad valorem. An effort to increase the duty on lace made of
cotton was defeated, while the duty on tomatoes was reduced from 1 cent
to 34 cent per pound.
Senator Moses made a hard fight to have the provision dropped that
prohibits entry into this country of foreign-made articles bearing Americanowned trade-marks unless the entry is approved by the owners of the
American trade-marks. This is intended to protect the Americans who
during the war acquired by purchase patents and trade-marks seized under
authority of law by the American authorities. The motion to strike it
out was overwhelmingly defeated.
In the last ten minutes amendments followed in bewildering succession.
In every instance they were defeated. The last, submitted by Senator
Pepper • would have increased the duty on children's hosiery.
the President's address:
In part the flexible 'tariff provisions of the bill follow:
(a) That in order to regulate the foreign commerce of the United States
and to put into force and effect the policy of Congress by this Act intended, whenever the President, upon investigation ef the differences
In costs of production of articles wholly or in part the growth or product
of the United States and of like or similar articles wholly or in part the
growth or product of competing foreign countries, shall find it thereby
shown that the duties fixed in this Act do not equalize the said differences
in costs of production, he shall, by such investigation, ascertain said differences and determine and proclaim the changes in classifications or increases
or decreases in any rate of duty provided in this Act shown by said ascertained differences in such costs of production necessary to equalize the
same.
Sixty days after the date of suet proclamation or preclamations such
changes in classification shall tako effect, and such increased or decreas3d
duties shall be levied, collected and paid on such mere land's., when
imported from any foreign country into the United States or into any of its
Possessions(except the Philippine Islands,the Virgin Islands and the islands
of Guam and Tutuila): Provided, That the total increase or decrease of
such rates of duty shall not exceed 50 per centum of the rates specified in
Title I of this Act, or in any'amendatory Act.
(b) That in order to regulate the foreign commerce of tho United States
and to put into force and effect the policy of the Congress by 'cats Act
intended, whenever the President, upon inves'Agation of the differences
In costs of production of products provided for in paragraphs 27 or 28 of
Title I of this Act, wholly or in part the product of the United Sta,es and
of like or similar products wholly or in part the product of foreign countries,
shall find it thereby shown that the duties prescribed in this Act do not
equalize said differences, and shall further find it thereby shown that the
said differences cannot be equalized by proceeding under the provisions of
subdivision (a) of this section, he shall make such findings public, together
with a description of the products to which they apply, in such detail as
may be necessary for the guidance of appraising officers. In such cases
and upon the proclamation by the President becoming effective the ad
valorem duty or duty based in whole or in part upon the value of the imported product in the country of exportation shall thereafter be based
I could not allow the opportunity to pass without a word of felicitation and congratulation. You have afforded us this morning, those who
were in review and those who carried the review, a most impressive and
reassuring spectacle. You are citizens of a Republic wholly devoted to
peace. There is not a thought in America of armed warfare. There is
not a design on the part of your country to carry on an armed campaign
in any direction.
We are concerned only with peace and the security of peace, and I like
to think that this great Republic, reducing its regular army in accordance
with its ideals, can have the assurance that comes to it with such a spectacle as you have given this morning. I congratulate you with all my heart.
It is a fine thing for the young manhood of America to turn from the
ordinary engagements of the vacation season to a study of military service
and training for service. lam rot sure, however,but you have profited quite
as well as your country. If my eye testifies correctly, you have benefited
from the physical training which always means a higher state of American
manhood. You have benefited by learning discipline. You have benefited as all American might well benefit by learning a little more impressively the obligations of the citizen to his country.
It is rather interesting thing modern science has learned that the ills
of the nervous and mental being may largely be cured by the development
of the physical being, and I take it that you have not only had a wholebetter
ec uipp
some
time,
imeiob
r utthteha
tatsrsu fare all returning to your normal pursuits
of life.
You will be interested to know that the volunteer citizens' training
movement last year enlisted about 11,000 recruits. This year there were
28,000 of you in the various camps. If I could have my wish this number
would increase until more than 100,000 were annually studying and preparing for armed service, not that we ever expect to be called upon for such
preservation of the Governservice,nbduetr sowlh
ellyc-hfow
r enaatur ledefense and the
ment u
live.
that of nearly all the
You know modern soldiery is very differenct from
history of the world. In olden times those who were in the prefessions
soldiering of to-day is solely
wcompensated those in the pursuits of war. Our
for national defense and the preservation of that Government under which
938
THE CHRONICLE
There is new assurance; there is new confidence; there is new belief in
the perpetuation of this American Republic when one can stand as I have
stood this morning and note such a company of ready volunteer defenders
as you have shown us in this review. Again, my congratulations and my
gratitude for your country!
SECRETARY OF STATE HUGHES DECLARES SENATOR
NEWBERRY FREE FROM WRONG DOING.
Secretary of State Charles E. Hughes has written a letter
exonerating Senator Truman H. Newberry of Michigan
from all intent at wrong doing and innocent of the violation
of any law in connection with the charges brought against
him for violating the Federal Corrupt Practices Act. The
conviction of the Senator by the trial court in Michigan for
violation of the Federal Statute limiting expenditures by a
candidate in procuring his nomination as a Senator or
Congressman was obtained, says Secretary Hughes, "under
a Statute held by the majority of the Supreme Court to be
invalid, rested upon a ground which did not involve any
finding by the jury of moral inturpitude, and was effected
only by a most serious misconstruction of the Statute which
exposed him to conviction." "The plain fact," adds
Secretary Hughes,"was that Senator Newberry was wrongly
and most unjustly convicted, and his conviction was set
aside." Secretary Hughes's letter in the matter was
addressed to Rev. Hugh B. MacCauley of Paterson, N. J.,
and was in answer to a request from the latter that Secretary
Hughes, who was counsel for Senator Newberry in his
appeal to the United States Supreme Court, "state the
facts and the law upon which you made your argument in the
Supreme Court and upon which the Court decided the case,
and quote for my information the opinions of the Justices as
well as your personal opinion." The following is the letter
of Secretary Hughes, which was made public by the
Republican National Committee on Aug. 20:
[VOL. 115.
Supreme Court, as an extraordinary misapplication of the statute upon
which the charge was based.
Senator Newberry and the other defendants, having been convicted in the
manner stated, an appeal was taken directly to the Supreme Court.
The opinion of that Court, written by Justice McReynolds on behalf of
the majority of the Justices, held that the Federal statute was unconstitutional, as Congress had not been authorized to limit the expenses of a primary or nomination campaign. One of the majority, Justice McKenna,
concurred in this opinion on the ground that the Act of Congress was enacted prior to the Seventeenth Amendment, and he reserved the question
of the power of Congress under that amendment.
With the holding of the statute unconstitutional in its relation to primary
campaigns, the basis of the prosecution of Senator Newberry, with all its
sensational incidents. fell.
There were four of the Justices of the Supreme Court who did not concur
in the view that the statute was unconstitutional, but they joined in reversing the judgment of conviction because the statute had been seriously misconstrued by the trial court. Chief Justice White wrote a separate opinion
in which he expressed this view. He said:
"Although I am unable to concur in the conclusion as to the want of
power of Congress and in the judgment of reversal as rendered, I am nevertheless of opinion that there should be a judgment of reversal without prejudice to a new trial, because of the grave misapprehension and grievous misapplication of the statute upon which the conviction and sentence below
were based."
Justice Pitney also wrote an opinion, in which Justice Brandies and Justice Clarke concurred, in which, while expressing their view that Congress
had power to pass the statute in question, agreed that the statute had been
seriously misconstrued and that the conviction of Senator Newberry was
erroneous. Accordingly, these Justices agreed in the reversal of the judgment.
The point of the "grievous misapplication" of the statute by the trial
Judge and the grave injury that was thus done to Senator Newberry sufficiently appears from the opinions of these Justices. I may say that a more
extraordinary misconstruction of a statute has never come under my observation, and under the construction hardly any candidate could have
camped violating it.
Chief Justice White,in his opinion, says the controlling instruction given
to the jury was "in clear conflict with the text of the statute and was
necessarily of a seriously prejudicial nature, since in substance it announced
the doctrine that, under the statute, although a candidate for the office of
Senator might not have contributed a cent to the campaign or caused others
to do so, he nevertheless was guilty if he became a candidate or continued
as such after acquiring knowledge that more than $3,750 had been contributed and was being expended in the campaign."
The Chief Justice pointed out that there had been a failure to distinguish
between contributions and'expenditures made or caused to be made by the
candidate and the voluntary contributions and expenditures of others.
The Chief Justice illustrated the point by showing the absurdity of a construction which would expose the most high-minded candidate to conviction
of a criminal offense under the statute if he continued his candidacy with a
knowledge that his supporters had put up the necessary moneys to enable
him to conduct a legitimate campaign. Thus Chief Justice White said:
"Under the instruction given, in every case where to the knowledge of
the candidate a sum in excess of the amount limited by the statute was contributed by citizens to the campaign the candidate, if he failed to withdraw, would be subject to criminal prosecution and punishment. So, also,
contributions by citizens to the expenses of the campaign,if only knowledge
could be brought home to them that the aggregate of such contributions
would exceed the limit of the statute, would bring them, as illustrated by
this case, within the conspiracy statute and accordingly subject to prosecution. Under this view, the greater the public service and the higher the
character of the candidate, giving rise to a correspondingly complete and
self-sacrificing support by the electorate to his candidacy, the more inevitable would criminality and infamous punishment result both to the candidate and to the citizen who contributed."
Justice Pitney, writing for himself and for Justices Brandeis and Clarke,
thus described the effect of the trial court's instruction to the jury:
"The effect of the instruction that was given may well have been to
convey to the jury the view that Mr. Newberry's conduct in becoming and
remaining a candidate with knowledge that spontaneous contributions and
expenditures of money by his supporters would exceed the statutory limit
and his active participation in the campaign were necessarily equivalent
to an active participation by him in causing the expenditure and use of an
excessive sum of money, and that there was a combination among defendants having for its object Mr. Newverry's participation in a campaign where
money in excess of the prescribed limit was to be expended, even without
his participation lathe contribution or expenditure ofsuch money,amounted
to a conspiracy on their part to commit an offense against the Act."
The conviction of Senator Newberry was obtained under a statute
held by the majority of the Supreme Court to be invalid; rested upon a
ground which did not involve any finding by the jury of moral turpitude,
and was effected only by a most serious misconstruction of the statute
which exposed him to conviction, regardless of any morel offense upon
his part and no matter how high-minded he might have been in his conduct
in the campaign.
I note that in your letter you refer to Chief Justice White and Justice
McReynolds as Democrats. I deprecate any such allusion, as partisan
considerations do not enter into the judicial opinions of the Supreme Court.
The plain fact was that Senator Newberry was wrongly and most unjustly convicted and his conviction was set aside. Despite the long period
of preparation, the rigid investigation, the careful choosing of their ground,
the long-drawn-out trial, the attempt in every possible way to besmirch,and
the zeal, ability and even bitterness of his pursuers, their endeavor to
establish a violation of law on the part of Senator Newberry completely
failed, and, accordingly, Senator Newberry stood as a Senator duly elected
by the people of the State of Michigan and entitled to his seat in the Senate
of the United States.
I remain
Very sincerely yours
CHARLES E. HUGHES.
1529 Eighteenth St., Washington, D. C., Aug. 16 1922.
Rev. Hugh B. AfacCauley, DD., Paterson, N. J.:
Dear Sir:—I have received your letter asking me to comment on the
facts and the law in the case of Senator Newberry, which was decided by
the Supreme Court of the United States, and I take pleasure in complying
with your request. I regret to say that there seems to be a general misconception of the nature of the litigation and its result, and Senator Newberry has suffered in consequence a most serious injustice.
Senator Newberry, with others, was indicted in the Federal Court of
Michigan for violating the Federal Statute limiting expenditures by a
candidate in procuring his nomination and election as a Senator or Representative in Congress. The Federal Statute made it unlawful for the
candidate to expend an amount in excess of the limit fixed by the State
Statute, and the limit in Michigan was $3,750 in the case of the nomination
and election of a United States Senator.
The conviction ofSenator Newberry in the lower court was reversed unanimously by the Supreme Court of the United States. It should be borne in
mind that Senator Newberry's conviction in the lower court was not based on
any charge of fraud or corruption,or of the use of money for any illegal purposes, or of any act involving moral turpitude. It was based solely on the
charge that there was an expenditure in his campaign for nomination and
election of over $3.750, the statutory limit, regardless of how the money was
used or how innocuous and proper the purpose of the expenditure might
have been.
To make the point clear, if all the money had been used in hiring halls
for the delivery of speeches or in distributing circulars, the conviction under
the construction of the trial court would have been just as inevitable as long
as this amount exceeded $3,750. That this was the nature of the case is
demonstrated by the explicit instructions which the trial Judge gave to the
jury.
The point was clearly brought out by Mr. Justice McReynolds in giving
the opinion of the Supreme Court of the United States. He said:
"Under the construction ofthe Act urged by the Government and adopted
by the Court below, it is not necessary that the inhibited sum be paid.
Promised or expended by the candidate himself, or be devoted to any secret
or immoral purpose. For example, its open and avowed contribution and
use by supporters upon suggestion by him or with his approval and cooperation in order to promote public discussion and debate touching vital
questions or to pay necessary expenses of speakers, et cetera, is enough.
And upon such interpretation the conviction below was asked and obtained."
There were six counts, or charges,in the indictment against Senator Newberry and the other defendants. One of these counts, the fifth, charged a
conspiracy to commit a great many offenses, consisting of giving money and
things of value to persons to vote for Senator Newberry and of giving valuable considerations to persons to withhold their vote from Henry Ford. It
will be remembered that the trial was a very long one and that voluminous
evidence was introduced. But, despite every effort of the prosecution to
show corruption, the trial court disposed of this charge and refused to permit
the jury to consider it, as there was no evidence whatever to sustain it.
There was thus no charge of bribery laid before the jury and the conviction
did not proceed upon any such ground.
Upon this point, Chief Justice White,in his opinion in the Supreme Court,
said:
"At the trial, before the submission of the case to the jury, the Court put
the fifth count entirely out of the case by instructing the jury to disregard it,
as there was no evidence whatever to sustain it. The bribery charge,thereWAR MEMOIRS OF LLOYD GEORGE OF ENGLAND.
fore, disappeared."
Considerable comment has developed in England over the
There was another count or charge in the indictment, the sixth count,
which charged a conspiracy to defraud by use of the mails. But upon that war memoirs which Prime Minister Lloyd George plans to
count the jury rendered a verdict of not guilty.
New York "Evening Post" on Aug. 5 presented
The four remaining counts of the indictment involved substantially the write. The
same charge, and these were either eliminated or consolidated with the first the following from London,copyrighted by the Public Ledger
one
amountt
f
point,
m
th
a
to,naesyIinhave
n
e said, the
iof
ee
count. Thus the question came downate
Co.:
expenditure, or conspiracy to expend,
was
of
that
left
all
the
The latest of English public persons planing to enter the memoir game with
was
That
case.
statutory limit of $3.750.
Senator Newberry could not have been convicted even upon this charge. the idea of extracting huge sums from America is Premier Lloyd George.
in
stated
my
argument to the He hopes to make enough money from this effort to keep him comfortably
without what I have always regarded, and so
AUG. 261922.]
THE CHRONICLE
the rest of his days after leaving office—in fact his agents have mentioned a
half million dollars outright as a fair price for the book.
Actual work on the book has not yet been started, nor has it been definitely decided whether Mr. Lloyd George will personally do the work or
whether he will superintend the collection of data and direct some subordinate's pen in the preparation of the manuscript, it has been stated by
some of the Premier's friends that if he is able to obtain a signed and sealed
contract that would net him half a million dollars it might have a considerable Influence on the time he would end his political career.
Although seemingly in perfect health and vigor at this time, the Premier on more than one occasion in the last year has emphasized the fact
that he is tired and furthermore that he is a comparatively poor man. He
got into politics early in life and devoted almost his entire attention to
the House of Commons when he was simply a member. For sixteen years
he has been a member of the Government.
The subject of memoirs was first broached to Mr. Lloyd George at
about the same time Margot Asquith was retrieving the family fortunes
;with her book, but it was some time after that the Premier gave consent
and then an effort was made to keep secret his intention. The question
now going the rounds is, "How much will he tell."
939
war books in which, with often scant foundation of actual knowledge, his
policy and actions have been shaprly criticized and even acrimoniously
criticized, and he has felt that in the interests of historical accuracy as well
as in justice to himself he should submit the facts to the judgment of the
public without further delay; otherwise he would have deferred the writing
of the book to his days of retirement, which was his original intention.
"Still, it would be a mistake to assume that it will be mainly polemic in
character. Its chief attraction will be in the vivid delineation of scenes in
which the author has been a leading actor."
Referring to the price paid the "Sunday Times" says the aggregate
amount of the contracts will yield £100,000 (about $450,000)•
"This prodigious total for rights in a single volume," it adds,"establishes
a record which is not likely to be beaten in our time, and it is interesting to
note that it is more than double the sum paid for the entire rights in the
Kaiser's 'Apologia,' which is to be issued this autumn."
BRITISH INCOME TAX WILL TAKE A CONSIDERABLE
PART OF LLOYD GEORGE'S GAIN.
A cable dispatch from London Aug. 24, published by the
On the 6th inst. the following from London, and copy- New York "Evening Post" last night and copyrighted by the
righted, was published in the New York "Times":
Public Ledger Co., contained the following advices:
"The Sunday
memoirs,says the
political correspondent of
Lloyd George's
Times," will be published in the early spring if the Parliamentary recess
affords the Premier sufficient leisure.
"Lloyd George has had a book in contemplation," the correspondent
continues, "for more than two years, and its plan and character were
definitely decided some months ago. It will not be in any sense autobiographical, for it is concerned entirely with the period of the war and its
happenings. The first chapter is already sketched out and will depict the
fateful meeting of the British Cabinet under the Presidency of Mr. Asquith,
which after a long debate marked by poignant incidents, ended in the
dispatch of the ultimatum to Germany and the resignation of office by
Lord Morley and John Burns.
"Those who have seen the sketch are of the opinion that both in its broad,
illuminating picture of the meeting and in its suggestion of the tense excitement of the hour, the chapter constitutes a historical document of the
highest value and importance.
The book will be published simultaneously in Great Britain, the overseas dominions and in the United States, first serially in abridgment and
afterwards in two-volume form.
"For months past publishers have been hovering around Downing Street
in the hope of securing the book of the year, but arrangements for publication have now been placed in the hands of a well-known literary agent who
is said to believe that one way or another a sum of not less than six figures
[£100,000, nearly $500,000] will accrue from the various rights."
The political correspondent points out that though some other British
Premiers have been authors—Gladstone, Beaconsfield, Resebery and Balfour—the production of a book of more or less political character during
actual tenure of office is unprecedented. He continues:
"Sensing possible animadversion on the publication of his book while he
was still in office, the Prime Minister took counsel with two of his leading
colleagues, and neither saw any valid objection. One of them indeed
suggested rightly enough that the financial results of publication would be
disadvantaged by delay. Lloyd George has therefore determined that the
writing of the book shall be his holiday task so that the book may be ready
for spring issue. The task may bring him into renewed rivalry with his old
chief, Mr. Asquith, who is also engaged on a war book which is to see the
light of day before the end of the year. This may prove to be of more
controversial character, for it will be in the nature of an apologia for his
administration from August 1914 to December 1916."
Although Premier Lloyd George has contracted for the highest pay ever
received for a book—approximately $500,000—it is unlikely he actually
will receive more than one-half that amount. His own Government, which
Is severely criticize-I for the high income tax, will take 50% for the simple
reason that the Government itself has ruled that what an author receives
from a play or book is counted as income, not capital, end taxon income
of $500,000 is 50%.
PREFACE BY LLOYD GEORGE TO BOOK ON GENOA
CONFERENCE.
A press dispatch from London Aug. 2 stated:
In a preface which he has written to J. Saxon Mills's book on the Genoa
Conference, Prime Minister Lloyd George says:
"Like the great dramas of old, Genoa showed a conflict between two great
forces, two currents of feeling, two states of mind, I may almost say, two
worlds, the old and the new. The old world is that of national blindness,
national jealousy, national fear, national suspicion, and national prejudice.
The Allies wont into the great war for great common ideals, but in the fierce
suffering of the ordeal and in the passionate triumph of victory, the old
Adam has gradually reasserted himself—a shell-shocked, shaking, nerveridden Adam, almost as much afraid of his friends as of his foes.
"All the world now knows his state of mind—his belief that his own safety
depends upon suppression of others, his conviction that he can build up
his own welfare without regard for, and even by antagnoism to, the welfare
of his neighbors; his instinctive recourse in all problems to the code of force.
Some think him right, some think him wrong, but the multitude amongst
the makers of opinion in Europe, whether in the chanceries or in the popular
assemblies or in literature or in press, whether they wish him otherwise or
net, regard him as incurable.
"That is the old world—a world which has tortured itself, exhausted itself,
shattered itself almost to final ruin and collapse. The new world has a
different faith and a different point of view. It believes in nationalism no
less firmly than the old, for nationalism is the individual force, the genius,
the salt in every varied impulse which makes up Western civilization as a
whole, but it also believes with its whole heart that in the welter of passion
and in economic chaos to which the world has been reduced by war, the
The purchase of the book for more than $400,000 was an- welfare of every nation depends upon peace and co-operation, a helping
nounced in further copyright advices from London to the hand from the strong to the weak and a regard for welfare of all. The
British Empire delegation stood for that faith at Genoa and had behind it,
New York "Times" (Aug. 12) as follows:
as I believe, good-will and deep desire of the majority of all thorough
The London press and public are greatly exercised over current rumors democracies throughout the world."
relative to the publication of the war book by Prime Minister Lloyd
George. An evening paper displays this afternoon all over the city a
flaming poster with the words "£90,000 for Lloyd George for Memoirs"
in the biggest type available just as its competitors proclaim the death FORTHCOMING WAR MEMOIRS OF FORMER KAISER.
of Arthur Griffith and the latest sporting results.
Preparations for the early issuance of the war memoirs
The Press Association has issued a statement that "Lloyd George's
of the formei• Kaiser have been made, and in stating that the
book of memoirs has been purchased for £90,000" (more than $400,000)•
The "Daily Graphic" supplements this report of "the biggest deal in book will sell as low as 15 cents in Berlin. cablegrams from
the history of publishing" by the assertion that the figure has been arrived that city on the 22nd
inst. said:
at in the following way: American serial rights, £40,000; American book
Ex-Emperor Williams' forthcoming memoirs will have a wide circulation
rights, £20,000; British book rights, £15,000; British Empire serial rights,
in Germany if low prices and extent4ve advertising are of any avail. Berlin
including Canada,£15,000. The paper adds:
"The contract was made between Curtis Brown and Sir William Berry, bookshops display announcements of the appearance of the volume next
who was acting partly on his own behalf and partly for Messors. Funk & October, and offer to book orders for it in paper cover for 100 marks, which
Wagnalls, American publishers, who will issue the book in America. It is slightly less than 15 American cents at the current rate of exchange.
Copies in half linen may be ordered for 150 marks. All linen bindings will
will be serialized by the New York "Times" and Chicago "Tribune."
"Lloyd George is finishing the first volume in time for publication this cost 250 marks, and half leather may be had for 500 marks, or about 75
year, and the second will be done for publication in a year's time. The ceet.S.
The prospectus gives the headings of the various chapters, which cover
house of Cassel, the controlling interest in which Sir William Berry and
his brother, Mr. J. Gomer Berry, acquired about a year ago, will publish William's life from 1878 to 1918. Among the headings are: "My Attithe book in England, where it is looked forward to, as indeed it is right tude Towards the Church,""The Outbreak of the War,""The End of the
across the civilized globe, with interest greater than that aroused by the War," "The Pope and the Peace," "Friendly and Neutral Powers," "The
Destruction and Germany's Future."
announcement of any other book ever printed."
In reporting the proposed publication of the work in all
The reputed price of $400,000 for the Prime Minister's memoirs is
the
of
those
ex-Kaiser.
for
paid
recently
twice the sum
parts of the world, the New York "Times" on July 15 anThere is a good deal of discussion on the point whether Lloyd George
should write a book on the war while still holding the office of Prime nounced the following advices from London:
The ex-Kaiser's memoirs will be published by a large number of newsMinister. One weekly, "The Outlook," devotes two columns to the
apparently congenial task of castigating Lloyd George, on the ground papers in all parts of the world besides those previously announced. Nethat he is disregarding "the old English tradition,"
gotiations concerning them are still proceeding, but the list is already imposing and shows how wide-spread is the interest in the way in which the exOn Aug. 13 in additional information the New York Kaiser
will explain events leading up to the world catastrophe of the war
"Times" stated in a copyright cablegram:
and how he will recount the part he had in them.
announcing
In
to-day
has
in
Times,"
Berry
"Sunday
that
Sir William
France, which naturally has keen interest in all that happens just across
The
secured both the serial and book rights for Mr. Lloyd George's war memoirs her border,five Paris newspapers,the Matin,the Journal,the Petit Parisien,
in Great Britain for the "Sunday Times" and the House of Cassell, respec- the Petit Journal and the Echo de Paris, will publish the memoirs simultaneously, while in Lyons the Progress de Lyons, the Nouvelliste de Lyons
tively, says:
"Sir William also bought the American book rights for Messrs. Funk & and the Republican, and the Marseilles the Petit Marseillais and the Radical
Wagnalls, American publishers, while the serial rights for the United States will print them. At Bordeaux the Gironde and the Petit Gironde have both
and Canada have been secured by two leading American papers, the New Joined the syndicate. Two Lille papers, the Echo du Nord and Revell du
York 'Times' and the Chicago 'Tribune,' which will doubtless arrange for Nord; two Toulouse newspapers, the Depeche de Toulouse and the Express,
simultaneous publication by newspapers in all leading cities of America and will publish the memoirs, and so also will the Tribuna de la Loire of Sainte
Canada. The French serial rights have been acquired by 'Le Petit Paris- Etienne and the Phare de la Loire of Nantes. In French Africa the Depeche
Algerienne of Algiers and the Echo d'Oran of Oran have also acceptedthem.
len.'
Moreover, three French editions, including one de luxe edition, are to be
"We understand that the Prime Minister's decision for early publication
of
succession
a
been
have
during recent months
issued in book form by Hachette, a leading French publishing house.
is due to the fact that there
940
THE CHRONICLE
[Vol,. 115.
the Chilean delegation, and Dr. Meliton F. Porras, head of
the Peruvian delegation, replying to Secretary Hughes,
paid a glowing tribute to President Harding and Mr. Hughes
for their services in making the Conference a complete
success.
The closing ceremonies took place in the Hall of the Americas of the Pan American Building, where many of the sessions of the disarmament conference were held. Secretary
Hughes, in his address to the delegates, congratulated them
warmly
"This is the day of extraordinary achievement and promise," said Mr. Hughes. "When at the opening of the Conference I ventured to express the firm conviction that your
zealous and well-directed efforts would be successful, none
of us had any illusion as to the difficulty of the task before
you. The controversy was one of long standing, and deepseated convictions with respect to its merits had been formed
FORMER PREMIER VIVIANI OF FRANCE TO REPLY in each country. The patriotic sentiment to which we
TO WAR MEMOIRS OF KAISER.
look for the motive power of national progress had been
Under date of Aug. 12 the New York "Times" printed the evoked among both peoples in support of what were believed
following (copyright) from Berlin:
to be their just contentions."
The long list of newspapers proves how keenly all parts of France are concerned in the events which led up to her time of trial. The actual business
arrangements with the French press were made by the Agence Radio Telegraphique.
Arrangements for publication of the memoirs are in course of completion
in the former neutral countries of Europe and in tne British Dominions
of Australia, New Zealand and South Africa. The number of newspapers
which will print the book is very large. Among the twenty to publish it
in Australia are the Melbourne "Argus" and "Age"; the Sydney "Daily
Telegraph," "Morning Herald" and "Evening News";the Adelaide "Register" and "Advertiser"; the Brisbane "Courier, Observer," "Telegraph"
and "Sun"; the Perth "Daily News," the "West Australian" and "Sunday
Times"; the Kalgoorie "Miner" and "Sun"; the Hobart "Mercury" and
"World"; the Launceston "Examiner" and "Telegraph"; the New South
Wales County Press Association, and Tasmanian Press Association will also
distribute the memoirs among their subscribers and the same function will
be performed for New Zealand by the New Zealand Press Association.
Newspapers of South Africa which have up to the present asked the right
to publish the memoirs are the "Star" of Johannesburg, the "Cape Argus"
of Capetown, the "Chronicle" of Bulawayo," the "Herald" of Rhodesia
and the "Advertiser" of Natal.
The Kaiser will receive quick and full repsonse to his memoirs from an
authoritative source. Clinton T. Brainard has just succeeded in signing
up France's war Premier, Vivian!, to write a book of 75,000 to 100,000
words as France's answer. T ie title of M. Viviani's book will be, "The
Mistakes of the Kaiser."
Serial publication will begin throughout the world one week after the last
installment of the Kaiser's book in France. It will be serialized by the
Matin, with Hachette as the book's publishers. Mr. Brainard acquired the
world rights for the largest figure ever paid to a French author.
M. Viviani has already begun writing the book. Later he will drop all
other business and private affairs and go to Algeria to devote himself exclusively to completing the work. It was difficult to persuade M. Vivian' to
undertake this task which entails heavy sacrifice, including neglect of professional work. He finally decided wnen the patriotic side of it was pointed
out to him, exclaiming dramatically: "For France. Ah,for my France I
would do anything."
JOINT COMMISSION OF AGRICULTURAL INQUIRY
ON RELATIONS BETWEEN TRANSPORTATION
AND AGRICULTURE.
In a report recently presented to Congress the Joint Commission on Agricultural Industry presents its findings in
its investigation bearing on the relations between transportation and agriculture. The Committee in its conclusions
states that "the transportation rates on many commodities,
more especially the products of agriculture, bear a disproportionate relation to the prices of such commodities,"
and it recommends that "there should be immediate reducFORMER PREMIER ASQUITH OF GREAT BRITAIN tions in transportation rates applied to farm products and
WILL ALSO ANSWER KAISER.
other basic commodities. It also, among other things,
From the New York "Times" of Aug. 18 we take the follow- recommends the establishment of regional agencies of the
Inter-State Commerce Commission "whose duty it shall
ing copyright cablegram from Berlin:
Not only former Premier Vivian! of France, but former Premier Asquith be to consider and adjudicate questions of regional applicaof Great Britain, also, will answer the ex-Kaiser after publication of his tion and to co-operate with the State Commissions with a
memoirs.
Clinton T. Brainard has acquired the world rights, outside of the British view to minimizing conflicts between State and Federal
Empire, to Mr. Asquith's own memoirs, to complete which the English regulations as to rates, facilities and practices." From the
statesman has been persuaded to drop everything else. He will devote a "Railway Age" of July 15 we take the following regarding
considerable section of the book to answering the ex-Kaiser. Publication
the report:
will begin in the middle of December.
CHILEAN CABINET RESIGNS OVER CRITICISM OF
GOVERNMENT'S POLICY IN TACNA-ARICA CONFERENCE BUT WITHDRAWS RESIGNATION
CONCLUSION OF THE CONFERENCE.
Members of the Cabinet of Chile resigned on Aug. 2 as
a result of criticisms of the Government's policy with reference to the protocol recently signed in Washington with
Peru at the so-called Tacna-Arica Conference. The resignation of the who'e Cabinet was preceded by the retirement
of Armando Jaramille, Minister of the Interior and Angel
Guarelle, Minister of Justice. The main contention of
these objecting to the protocol, it is said, was that the Chilean
Government did not consult the Senate before reaching
its decision. On Aug. 3 the Ministers, however, withdrew
their resignations tendered the privious day, agreement
having been effected with the opposing faction in the Senate.
The Tacna-Arica Conference at Washington, between
Chile and Peru, was held at the invitation of President
Harding, to negotiate a settlement of the controversy between the two countries over the provinces of Tacna and
Arica, a controversy of 45 years standing. The meeting
opened on May 15 coming to a close on July 21. After protracted discussions the delegates to the Conference came to
an agreement and signed a protocol providing for arbitration of their boundary dispute by the President of the United
States. Secretary of State Hughes, whose good offices
brought the delegates to a common ground of agreement,
informed the plenipotentiaries that President Harding
was ready to act as mediator, as contemplated by the agreements signed. In an address to the Chilean and Peruvian
delegp,tes he declared that the agreement to arbitrate the
controversy which had several times brought the two South
American nations close to war must be regarded as "the greatest forward step in the interest of peace on this hemisphere
this generation has witnessed."
Mr. Hughes and Ambassadors Mathieu of Chile and Pezet
of Peru, were invited to occupy places of honor at the Conference table after the signing of the protocol which brought
the formal sessions to a close. Carlos Aldunate, head of
The Joint Commission of Agricultural Inquiry has made public recently
a voluminous report to Congress of the results of an exhaustive investigation of the relations between transportation and agriculture which contains much valuable data in the form of charts and tables regarding comparisons of freight rates and the other factors entering into the wholesale
prices of agricultural products and of articles purchased by the farmer.
The Commission has not, however, found it possible to carry its data so
far as to show the relations between rates and retail prices, on account
of the difficulty of tracing commodities through because of mixing of
grades and for other reasons. Some of the findings and recommendations
of the Commission have already been published in the form of advance
statements by the Chairman of the Commission, Representative Sydney
Anderson of Minnesota. This investigation is soemwhat unique among
congressional committee inquiries for the reason that it was conducted
entirely without public hearings, but by the process of direct investigation
and study in which a number of prominent railroads officials, as well as
representatives of agriculture and industry, participated and assisted.
The present report dealing with transportation is Part III of the complete
report of the Commission.
A large part of the report is devoted to a study of the history and development of the nation's transportation system, including its finances,
organization, plant, methods of operation, &c.
An interesting feature is an estimate that freight charges in 1920 represented 6.9% of the wholesale or factory value of products of manufacture,
including raw materials of every kind and also the transportation for
final distribution to ultimate point of consumption.
How the Inquiry Was Conducted.
The Commission, in order to secure the material for this report, established a transportation division on Aug. 1 1921. This division organized
throughout the United States committees representative of agriculture,
industry, and transportation, which, through specific questionnaires,
obtained the statistical data upon which the conclusions of the Commission
primarily rest.
One hundred and fifteen general committees, representing agriculture
and industry, were established, and these in turn appointed subcommittees in the different sections, numbering approximately 200. The
appointees to these committees were those whose knowledge and experience
qualified them particularly to analyze the conditions of the phase which
was assigned to them. In like manner executive committees of transportation were formed, and in turn, appointed subcommittees throughout
the country.
In co-operation with the transportation division, the executive committees
in charge of railroad, electric, motor and other branches of transportation
worked out the questionnaires forwarded them by the Commission and
analyzed in minute detail the pertinent facts in their relation to agriculture
and industry and transportation. The committees representing agriculture, industry and transportation, correlated their efforts where possible
and at all times co-operated in the endeavor to arrive at the basic data
called for by the Commission.
The transportation division opened offices in Washington for the
assembling and analysis of the data procured by this comprehensive field
organization. It also called to Washington accredited representatives
of agriculture, industry, and transportation to confer upon the details
of the inquiry, to effect a better understanding of the relation of trans..
AUG. 26 1922.]
THE CHRONICLE
941
portation to agriculture and industry, and to obtain an initial agreement the effect of traffic be continued and regulation of traffic based upon the
facts ascertained by such research.
as to the basic facts developed by the field organization.
29. That the several States co-operate in effecting a uniform basis for
The body of the report having been tentatively set up, a further analysis taxing motor trucks and other motor vehicles which shall fairly represent
of the data and the findings was undertaken by an advisory board to the the reasonable proportion of the cost of highway construction and maintransportation division, which was called to Washington and requested tenance chargeable to such vehicles.
30. That a study be made of postal rates with a view of a readjustment
to study a summary of the work accomplished thus far as presented in of charges and the removal
of present rate inconsistencies.
an agenda and working outline. This method was pursued in order that
31. The Commission makes no recommendation with respect to Governthe Commission might have the benefit of the views of accredited repre- ment aid to American shipping, but if Government aid is given to American
sentatives of these three great branches of our economic life. The col- shipping it ought to be given in such a way that the amount of such aid
may be definitely known,
should be limited to such aid as will fairly
lection and assembling of the data in this report represent the combined represent the difference inand
capital and operating cost required by higher
efforts of over 1,600 people and the circulation of more than 250,000 American standards and more burdensome navigation regulations, compared with foreign capital and operating costs and foreign navigation
questionnaires.
The Commission did not undertake an investigation of the labor problem regulations.
Rates and Prices.
as effecting transportation, in so far as that problem involves the question
The Commission makes the following findings:
of proper wages, for it felt that was outside of the scope of its inquiry.
1. That freight rates upon perishables normally take about one-third
It does present the facts, however, as to labor costs in transportation, of the selling price, frequently running as high as two-thirds; that these
gathered from official reports, and it makes certain recommendations rates in periods of low-price levels and slight demand constitute a very
heavy burden upon this traffic. This is especially true, owing to the
concerning the adjustment of labor disputes.
average length of haul of these commodities, which was shown to be more
Summary of Recommendations.
than 1,400 miles in a study of 9,476 shipments.
2. Prices of canned goods are practically back to pre-war levels.
The Commission makes the following recommendations:
The existing freight cost per case is substantially lower in relationship
1. That the transportation rates on many commodities, more especially to value of the product than the freight
cost of the so-called basic comthe products of agriculture, bear a disproportionate relation to the prices modities, including grains.
of such commodities: that there should be immediate reductions in trans3. That rates and sales margins on hay have been abnormally high in
portation rates applied to farm products and other basic commodities; recent months and
have greatly restricted its distribution.
and that reductions in rates upon the articles of higher value, or upon
4. That freight rates on highly fabricated articles of wearing apparel,
tonnage moving upon so-called "class rates," are not warranted, while such as boots, shoes,
dry goods, men's and women's suits, etc., are not a
the rates upon agricultural products and other basic commodities remain material factor in increasing
or reducing prices of these commodities.
at their existing levels; that greater consideration should be given in the
That
5.
imperative
need exists for the organization of the statistics
future by public rate-making authorities and by the railroads in the and knowledge of transportation
and its relation to agriculture, industry.
making of transportation rates to the relative value of commodities and trade, and commerce through the
establishment of private research and
existing and prospective economic conditions.
educational institutions under disinterested auspices for the purpose of
2. That the pyramided per cent advances in rates which have been promoting education
in the principles, operations, and practices incident
authorized by the Inter-State Commerce Commission or made by the to transportation.
United States Railroad Administration caused the dislocation of long6. That greater uniformity is desirable in the requirements of State
standing rate relationships between rates upon agricultural and industrial legislation
and State regulatory bodies in regard to the length of trains
products between competitive enterprises and competitive sections of the and crews required
to man trains of different lengths and similar requirecountry; that the railroads and the public rate-making bodies should ments affecting operation
of railway systems.
seek to readjust rates of the country so as to preserve so far as practicable
7. The aggregate compensation paid to railway employees increased
regard
due
general
relationship
of
with
rates existing prior to 1918,
the
151% in 1920 over 1916 and 90.7% in 1921 over 1916; the number of
to present and future changes in economic conditions.
employees increased
in 1920 over 1916, or 23.3%; and 14,204 in
3. That in establishing the general level of rates and commodity and 1921 over 1916, or 384,830
8-10 of 1%. In most cases the aggregate number
class rates the Federal and State regulatory bodies give greater consideration of hours worked increased in lower
ratio than the aggregate compensation
to existing and prospective economic conditions and to the relationships and the number of employees.
existing between the price level of commodities and the level of trans8.
That
the
increase
in
efficiency
of operation of transportation is
portation rates as well as the relationship existing between the price of shown by the fact
in 1890, the first year for which statistics were
different commodities, the weight of such commodities, and the space available, for everythat
investment
in
$100
property 983 tons of freight were
required for their transportation.
carried 1 mile and 163 passengers carried 1 mile; whereas in 1920 for every
4. That regional agencies of the Inter-State Commerce Commission $100 investment in
2,063 tons of freight were carried 1 mile and
be established whose duty it shall be to consider and adjudicate questions 231 passengers wereproperty
carried 1 mile, an increase of 110% in freight and
of regional application and to co-operate with the State commissions 50% in passenger traffic for each
$100 of property investment. Property
with a view to minimizing conflicts between State and Federal regulations investment as reported to the Inter-State
Commerce Commission has
as to rates, facilities, and practices; that the State Commissions have increased 155.82%, the tons
carried
1 mile 438%. and the passengers
representation in such regional agencies in all cases in which intra-State carried 1 mile 295% in the same period.
rates, facilities and practices over which the State Commission has juris9. That in 1921, for each 100 ton-miles yielding revenue the railroads
diction may be affected.
produced 147.6 non-revenue and tare ton-miles. The revenue producing
5. In view of the conclusion of the International Joint Commission, ton-miles, constituting 40.3% of the total, is therefore
supporting nonthis Commission recommends that the Government enter into immediate productive ton-miles equaling
of the total. That the expense
negotiations with the Dominion of Canada for the conclusion of a treaty incident to the transportation 59.7%
of the non-productive tonnage must be
for the improvement of the St. Lawrence River, through a commission met either by higher freight rates or a
reduced return to the railroad
directed to make the further study suggested by the International Joint companies.
Commission,and authorized to proceed with the work of its plans,including
That the significance of this is not generally understood by railroad
a plan of financing, shall be approved by Congress and the Dominion officials and the public. That economical transportation
of the products
of Canada.
of agricultural and industry require a reduction in the tare or waste
6. Complete standardization as rapidly as possible of all freight equip- ton-miles.
capacity.
cubical
and
weight-carrying
respect
to
ment, except with
10. That the revenue return to the railroads should be sufficient to
7. The unification and joint operation of facilities at terminals wherever enable them to sustain the value of
properties put to public use
such unification and joint operation will result in economy and better and to attract the capital required for their
the expension and improvement of
service.
property, facilities, and service.
8. Prompt consideration and adoption of a comprehensive plan for
11. That sound railroad finance requires that a larger part of the capital
central control and distribution of freight cars.
necessary for railway development and equipment be secured by stock issues
9. That railroads and shippers co-operate to secure the full utilization instead of by bond issues.
of the carrying capacity of cars wherever possible.
12. That the issuance of tax-free securities by Federal, State and munici10. That the supply of box cars, coal cars, stock cars, and refrigerator pal Government should
reduced to the lowest possible limits, so that
cars is inadequate to meet the demand during normal periods of activity taxation can be reduced be
and capital be allowed to accumulate for use at
and should be rapidly augmented.
fair interest rates by agriculture, industry and the railroads.
available
11. That special consideration should be given to increasing the
13. That a comparison of the operation of the railroads during the period
number and efficiency of refrigerator cars. Older and inefficient types of Federal control
and under competitive management in the post-war
of refrigerator and heater cars should be progressively retired.
period
affords no conclusive basis as to the relative efficiency of Government
records,
12. That the number of cars in bad order exceeds all previous
and private operation. The conditions existing in both periods have been
and unless bad-order cars are promptly repaired, the supply of serviceable too abnormal
to permit of sound comparison or accurace measurement of
cars will be materially impaired.
the relative efficiency in eitner. An examination of the operation of
13. That a large proportion of the cars being used in interline move- Government-owned
ment are box cars and should be made fit for bulk grain loading; and all war, however, doesrailroads in foreign countries both before and after the
the relative
other classes of freight equipment should be promptly made suitable for efficiency with whichafford some basis for an estimate as to Government
private management in this country and
all requirements, including general interchange throughout the country.
management in foreign countries have withstood and surmounted the diffi14. That the number of locomotives operating and owned by some culties
attendant upon the dislocations and the abnormal conditions which
railroads is inadequate to meet the need during business activity and it followed
the war period. It may be said that, measured by the relative
should he augmented.
and cost of service, private management in this country is
15. That there is need for increase in terminal facilities generally, performance
more
efficient
at less cost than foreign Governmental management.
and that special consideration should be given to an increase in facilities
14. That the daily, weekly, monthly and yearly fluctuations in shipments
at ports, including facilities for handling coal at tidewater.
of live stock are very marked. Railroads, shippers and stockyards should
113. That there should be complete correlation of ore and coal facilities co-operate
to bring about a more even distribution of shipments at the liveat Lake Erie ports.
markets.
17. That permanent joint railroad and shippers' committees be or- stock
15.
That
mine prices, freight rates and sales margins on both bituminous
ganized to co-operate in carrying on a nation-wide campaign to reduce and
anthracite coal have very greatly increased sinc3 1913. There has been
loss and damage of goods in transit.
practically no deflation in this industry, although prices were somewhat
18. That freight-revenue divisions should be promptly revised to the lower
in 1921 than in 1920. Coal is an element in the cost of production
basis of two-figure percentages.
of a very wide range of manufactured products, and increases in coal prices
19. That regional clearing houses be established for the current settle- are promptly
reflected and often multiplied in the final price of highly
credits
and
growing
debits
out
of
rate
ment of
divisions.
fabricated
A reduction in mine prices, freight rates and sales
20. That the railroads should adopt universal through way-billing margins onarticles.
coal, especially bituminous coal, would probably be promptly
of interline freight.
reflected
in
improved
business conditions.
railroads
be
required to maintain complete cost data
21. That the
16. That fertilizer and phosphate prices are now close to the pre-war
covering each item of expense with particular reference to the maintenance basis,
except
for
the
higher
freight costs now prevailing.
equipment.
of
17. That
of farm implement factory prices shows
22. That the railroads be required to adopt better systems for checking these prices,the weighted average equipment
and twine, to be 41% above
exclusive of power,
the extent and value of repairs to equipment when made by lines other 1913: inclusive
of
and twine, these prices are now appower,
equipment
car.
the
owning
than the line
proximately
20%
above 1913.
23. That the railroads of the country establish regional traffic executives.
Better Relations with Public Needed.
Relation of Freight to Farm Prices.
The course of the relationship offreight charges to farm prices from 1909
24. That the relations between the public and the railroads be improved, and a closer contact and better understanding established through to 1921, inclusive, is shown in tables given in the report. The five-year
the organization by the railroads of public relations departments, so that average from
Aug. 1 1909 to July 31 1914 is used as 100% of the average
wherever possible conflicts between persons, industries, or localities and
the railroads with respect to rates, facilities, and practices be settled by price of farm products and the railroad revenue per net ton-mile from
informal negotiation, with a view of reducing the necessity of resort to July 1 1909 to June 30 1914; the nearest comparable figure in the statistics
formal complaint and adjudication before the Inter-State Commerce of the Inter-State
Commerce Commission is used as 100% of the railroad
Commission.
side in very close
25. That the Inter-State Commerce Commission be directed by Congress charges. From 1910 to 1916 the two lines moved side by
as a part of its continuing duties to investigate the development and relationship to each other. Then began a tremendous increase in the price
systems
various
of
the
relation
correlation of
transportation and their
of farm products, until in June 1920 it reached the maximum of 246. Railto agriculture, industry, trade, and commerce, and report to Congress road
freight rates from 1916 to 1917 showed practically no increase. From
from time to time as to the correlation of such transportation facilities
1917 to 1920 they increased more slowly than did the price offarm products.
and their better relation to agriculture, indstry, trade, and commerce.
In July 1920 the slump began, which brought the index figure tor farm
26. That the bill "To provide for classification of civilian positions
within the District of Columbia and field service" (H. R. 8928) shall not products down from
246 in June 1920 to 106 in June 1921. In the same
apply to the employees of the Inter-State Commerce Commission, but if period
railroad charges'went up from 127 in July 1920 to 171 in June 1921.
the Inter-State Commerce Commission employees are included under the
On
the
regard
shall
bill,
due
be
classification
given to the peculiar character of
basis of the last monthly figures available, in October 1921. farm
the organization of the Commission and the classification and duties of products show an index figureof 102 and railroad rates of 169. "In this
Its employees.
period of falling prices for farm products the increased freight charges made
27. That Congress continue to promote an adequate program of highcharges to ane prices
way construction and maintenance, directed to the more effective corre- the farmer feel more keenly the relationship of freight
transportation
with
highway
rail
obtained
of
and
lation
for his products." The report says: "On the basis of mils a table
water transportation.
28. That the program of highway construction and the maintainance has been constructed to show the purchasing power of farm products in
by States and counties be continued under the direction of qualified experts
b yis figure is obtained by dividing the index
orofftrafansrmportion. Th
with particular reference to the construction and maintenance of farmthe corresponding index figure for freight
products
to-market roads. That the program of appropriations for research into figures
and
construction
and
character,
road
maintenance,
of
changes. While the purchasing power was about 100 in the previous years,
methods
density,
942
THE CHRONICLE
it was in November 1921 only 72. So far as transportation is concerned,
the farmer is suffering from a 72-cent dollar."
Purchasing Power of Farm Products in Terms of Transportation.
Year
Purchasing Year
Purchasing Year
Purchasing Year
Purchasing
and Month. Power. and Month. Power. and Month. Power. and Month. Power.
1920 (Concl.)1910
51.03 19201921 (Concl.).95
January ..$1.76
1911
September _$1.34
April
$0.63
1912
February_ _ 1.75
October
1.00
1.16
May
.64
1.74
November _ .99
1913
1.01
March
June
.62
1914
1.78
April
1.02
December_
.88
July
.64
1.85
1915
1.02
May
August ___ .66
1.89 19211916
1.24
June
September .. .68
1.89
1.86
July
January_ _ _$0.82
1917
October__ __ .76
Feb-uary_ _ .76
1918
1.78
August_ __ _ 1.74
November _ .72
March
1919
1.63
.68
December__
-One table in the report indicates the estimated value of commodities
transported in the United States in accordance with the United States
Census of 1914. The total production of agriculture, manufactured and
mineral products is added to the imports,from which is made an estimated
deduction of these same articles which do not move by railroad transportation. The estimated total value of $33,298,000,000 divided by the total
tonnage of railroads, 1,094,000,000, gives an average value of $30 40 per
ton. The average revenue per ton for the same period was $1 84; the proportion of freight to the value of goods transported as estimated is about
6.05%.
Value of Commodities Transported in United States, 1914.
Products of agriculture
$9,849,000,000
24,246,000,000
Minerals
2,394,000,006
Productions
Total
Imports
Total
DeductionsfProducts of agriculture
for local Manufactures
use
Minerals
Imports
Total
$36,489,000,000
1,894,000,000
$38,383,000,000
$2,202,000,000
2,023,000,000
620,000,000
240,000,600
WORKERS IN BUILDING TRADES: 1920 AND 1910.
The Department of Commerce announced on July 29
that the total number of persons 10 years of age and over
engaged in the principal building trades in the United States
as enumerated at the Fourteenth Decennial Census, taken
as of Jan. 1 1920, was 1,878,725, as against 1,722,836 in
1910. The announcement states:
These totals include all persons who could be definitely classified as employed in specific building trades. They do not, however, include considerable numbers of persons who, according to the returns, were employed as
laborers on buildings, general laborers, &c., or as helpers, apprentices, or
semi-skilled operatives in building and hand trades.
The total for 1920 includes 731 women, of whom 408 were employed as
paper hangers, 171 as carpenters and 103 as painters, glaziers or varnishers.
The 1910 total included 1,352 women, of whom 797 were employed as paper
hangers, and 381 as painters, glaziers or varnishers.
The largest class of building workers is made up of carpenters, who numbered 887,379, or nearly half the total, in 1920. Next in order of numerical
importance were the painters, glaziers and varnishers, 248,497; the electricians, 212,964; the plumbers and gas and steam fitters, 206,718; and the
brick and stonemasons. 131,264.
Ofthe total building workers covered by the Census classification for 1920,
47,264 werefrom 17 to 19 years ofage,inclusive; 179,064 from 20 to 24 years;
956,765, or more than half the total, from 25 to 44; 590,901, or nearly onethird of the total, from 45 to 64; and 102,128, 65 years and over; and for
2,603 the age was not reported.
The tables below classify persons engaged in the principal building trades
by occupation,sex and age.
TABLE 1.-PERSONS 10 YEARS OF AGE AND OVER ENGAGED IN PRIN
CIPAL BUILDING TRADES,CLASSIFIED BY SE AND AGE PERIODS
FOR THE UNITED STATES: 1920.
5,085,000,000
Total amount transported
$33,298,C00,000
Total tonnage carried by railroad
1,094,000,000
Value per ton
$30.40
Freight revenue (Class I and II roads)
$2.115
Revenue per ton
$1.84
Per cent freight to value of goods transported
6.05
Per cent freight to total production plus imports
5.26
• This Commission has compiled a large amount of data to show the economic relationship of freight rates to the prices of agricultural products.
In compilation of such information data was secured from the various
market points showing the prices actually paid by the wholesaler for these
farm products as near as possible to the third Tuesday of each month during
the seasons of 1913, 1916 and 1921. Similar information was then secured
from the country shipping points showing the prices a few days earlier, in
order to allow for the time in transit. An addition of the freight rate to
this country price would show the margin or spread upon which the city
dealer operated.
This method of making comparisons is, of course, subject to various objections, the report says. The Commission met a great deal of difficulty
in matching grades, particularly in the case of wool and fruits and vegetables. In other cases it was impossible to secure data throughout the
years. Furthermore, it was impossible in every case to secure a weighted
average of prices either at the market or on the farm, and it has been necessary to use a mean between the high and low point in the construction of
the economic relationship charts.
Some extracts from the report follow:
It is obvious that freight costs distributed over the unit of sale will always
be greater upon the bulky, heavy-loading commodities, whose original
value is comparatively low, than on the higher class of articles, such as
finished food products, clothing, high-grade furniture, &c. It must be
expected that the percentage of freight costs to the prices of these low-grade
commodities cannot be as low as those for the higher-valued articles, as
these commodities, with the other so-called low-grade commodities of heavy
tonnage, represent the great factors in the earning capacity of our railroads.
Rates on Basic and High Grade Commodities.
Higher freight rates are not infrequently urged as an excuse for increases
in prices without justification. While freight rates are often a considerable
factor in the cost of distribution of low price heavy-tonnage commodities,
and may restrict the radius of distribution thereof and sometimes even prevent shipment altogether, as a rule freight rates have not kept pace with
increases in prices of such articles as dry goods, boots, shoes and other
highly fabricated articles usually purchased in less than carload quantities
and do not restrict or diminish the movement of such commodities. The
influence of freight rates upon basic commodities is increased by the fact
that such increases usually become a part of the dealer's cost and the basis
of profit additions, and are thus multiplied in the final price paid by the
consumer. Upon the higher cost and more highly fabricated articles the
freight charges are sometimes absorbed by dealers, and even where they
are a part of the basis cost upon which profits are figured, are not multiplied
to the same extent as freight rates upon high tonnage, lower-priced commodities.
Relation of Railroad Credit to Industry.
The railroads are one of the largest consumers, taxpayers, and employers
of labor, but these low returns prevent them from promoting prosperity
and providing adequate facilities, improvements, and equipment until
that situation is improved.
Considering the present obligations resting upon the Goverrunent and
upon the country at large, and a-s a matter of economic policy, new money
for railroad improvement should not be raised through constant Government aid. In the public interest the railroad industry must rest upon
its own foundations, and its revenues must be so constructively regulated
that their operations will produce enough to pay fair wages, cost of materials,
taxes, meet the fixed charges, pay a fair dividend, and leave a small margin
to attract investors of new capital. In other words, to obtain new railroad capital, the opportunities to earn and pay regular returns must
exist, and railroad managements must be encouraged to exercise the
greatest initiative in improving and extending transportation facilities.
Furthermore, conditions should be created whereby the sale of capital
stock by the principal roads will become possible and the continued increase
in funded debt will be minimized.
Railroads cannot go on constantly increasing their indebtedness and
not building up an equity in their properties underlying their debt. When
the investor thinks that too large a percentage of the value of the property
of a given company is represented by debt and not enough by stock, he
will decline to buy further bonds of that company, or if he takes them it
will be only at an unduly high interest rate. It is important, therefore,
that railroad credit should be so strengthened as to enable a properly
capitalized, well-managed company with adequate traffic to do its financing
through issues of stock. Stock, being junior to debt, and having no lien
on the property or equipment, naturally must bring a larger return in
order to be attractive.
In considering the financial aspects of the transportation industry,
It is recognized that the cost of capital Is a part of the cost of trasportation
and enters into the rate charged for transportation. An investment which
commands public confidence and brings an assured return is more freely
made and on a lower basis of cost than one which is subject to uncertainty
and possible attack. It is therefore of great importance that the earnings
of well-managed and properly capitalized railroads should be such as
will protect their securities outstanding and attract, on reasonable terms,
the new money needed for additional facilities. While there has been
more general public discussion of, and inquiry into, the cost of sustaining
railroad investment, yet the return paid thereon requires a much smaller
outlay than for most of the other important railroad costs.
[Vol- 115.
Age Period.
Occupation and Sex.
All
Ages.
17-19
20-24
25-44
Age
45-64 65 and
UnOver. known.
Both sexes, total
1,878,725 47,264 179,084 956,765 590,901 102,128
2,603
Male,total
1,877,994 47,264 178,990 956,432 590,614 102,096
2,599
Brick & stone masons_ _ 131,257 1,352 7,760 82,707 49,252 10,024
Carpenters
887,208 16,541 59,178 412,626 332,064 65,436
Electricians
212,945 13,818 47,579 127,309 22,883 1,114
Painters, glaziers and
varnishers •(building) 248,394 4,377 16,053 126,288 86,972 14,398
Paper hangers
18,338
268 1,058 9,398 6,618
970
Plasterers & cementfinishers
45,870
430 2,684 24,183 15,804 2,688
Plasterers
38,249
387 2,259 19,630 13,393 2,517
171
Cement finishers_ _ _ _
7,621
63
405 4,553 2,411
Plumbers& gas& steam
206,715 6,894 30,836 124,078 42,213 2,654
fitters
417
11,378
295 1,163 6,253 3,236
Roofers and slaters_ _ _ _
22,096
305 1,340 10,911 8,319 1,201
Stone cutters
154
394 2,269 12,151 3,842
18,836
Structural iron workers
74,957 2,590 9,290 40,528 19,411 3,040
Tinsmiths & coppersm's
Tinsmiths and sheet
69,725 2,378 8,535 37,675 18,140 2,904
metal workers_ _ _ _
136
212
755 2,853 1,271
5,232
Coppersmiths
162
1,363
242
Female,total
Brick & stone masons_ _
Carpenters
Electricians
Painters, glaziers and
varnishers (building)
Paper hangers
Plasterers and cement
finishers
Plasterers
Cement finishers_
Plumbers& gas & steam
fitters
Roofers and slaters_
Stone cutters
Structural iron workers
Tinsmiths & coppersm's
Tinsmiths and sheet
metal workers_ _ _ _
Coppersmiths
306
26
101
83
18
240
14
20
26
98
96
5
731
--- -
74
333
287
32
5
171
19
_--___
iii
6
78
9
ii
i
----
103
408
____
____
22
13
48
175
26
198
3
21
4
1
2
3
__ _ _
1
1
1
---1
--- --- -
- - -- - --
11
-.- -
3
10_ _ _ _
3
6
1
-- - -
----
TABLE 2.-PERS0N8 10 YEARS OF AGE AND OVER ENGAGED IN PRINCIPAL BUILDING TRADES,CLASSIFIED BY
,FOR THE UNITED
STATES: 1920 AND 1910.
1920.
Both Sexes
Total
Male.
1,878,725 1,877,994
1910.
Female. Both Sexes
Male.
Female.
731 1,722,836 1,721,484
7 a169,402 a 189,387
Brick and stone masons_ 131,264 131,257
Carpenters
887,379 887,208
171 817,120 817,082
Electricians
19 b120,241 b120,155
212,964 212,945
Painters, glaziers and var103 273,441 273,060
248,497 248,394
nishers (building)
24,780
25,577
18,338
408
18,746
Paper hangers
Plasterers and cement fin6 c47,682 c47,676
45,876
45,870
ishers
47,676
47,682
38,249
38,255
Plasterers
7,621 . 7,621
Cement finishers
Plumbers & gas & steam
3 148,304 148,304
206,718 206,715
fitters
14,078
14,078
11,378
11,378
Roofers and slaters
35,731
35,726
3
22,096
22,099
Stone cutters
Structural iron workers
11,427
11,427
18,836
18,836
(building)
59,833
11
59,809
74,957
74,968
Tinsmiths & coppersmiths
Tinsmiths & sheet metal
56,423
56,399
69,725
10
69,735
workers
3,410
1
5,232
3,410
5,233
Coppersmiths
these
numbered
7,621
in
finishers;
include
cement
1920.
1910
for
a Figures
b Estimated.
c Cement finishers included with brick and stone masons in 1910.
1,352
a/5
38
b86
38/
797
c6
6
24
24
EMPLOYMENT IN SELECTED INDUSTRIES IN JULY
-BROADENING OF SCOPE OF MONTHLY
REPORT OF LABOR BUREAU.
In making public yesterday (Aug. 25) its comparison of
employment in identical establishments in July 1921 and
July 1922, the Bureau of Labor Statistics announces the
THE CHRONICLE
AUG. 26 1922.]
proposed expansion of its monthly report to include a much
larger number of industries. The Bureau has, as will be
seen below, altered its form of reporting wage changes, its
new arrangement serving to give a more comprehensive view
of the changes than was possible under the monthly statements heretofore issued. The following is the Bureau's
statement just made public:
The U. S. Department of Labor, through the Bureau of Labor Statistics,
here presents reports concerning the volume of employment in July 1922
from representative establishments in 12 manufacturing industries.
Comparing the figures of July 1922 with those for identical establishments for July 1921, it appears that in 7 of the 12 industries there were
increases in the number of persons employed, while in 5 industries there
were decreases. The largest increase, 44.8%, appears in the iron and steel
Industry. Car building and repairing shows an increase of 25.1% and automobiles an increase of 21.6%. Respective decreases of 26.4% and 16.1%
appear for cotton manufacturing and silk.
Five of th.e 12 industries show increases in the total amount of pay roll
for July 1922 as compared with July 1921. The remaining 7 industries show
decreases in the amount of pay roll. Iron and steel shows the greatest increase, 57.5%, while for automobiles an increase of 18.2% appears. D ecreases of 32.6% and 27.4% appear in cotton manufacturing and silk, respectively.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
JULY 1921 AND JULY 1922.
Number on Pay- % of
Roll inNo.of Period
InIndustry- Estab- of
crease
lisli- Pay- July
July or Dements Roll. 1921. 1922. crease.
Amount of Pay-Roll
inJuly
1921.
July
1922.
% of
Increase
or Decrease.
Iron and steel 110 q mo. 98,537 142,721 +44.8 $3,772,352 $5,941,489 +57.5
Automobiles__ 42 1 week 89,714 109,044 +21.5 2,898,614 3,426,127 +18.2
Car building Sr
,6 mo. 40,067 50,110 +25.1 2,351,014 1,878,668 -20.1
repairing__ _ 56 ;
Cotton mfg__ 59 1 week 60,942 44,837 -26.4 1,049,054
706,844 -32.6
Cottonfinisifg 17 "
12,527 11,311 -9.7
227,987 -17.8
277,375
Hosiery and
underwear _ 60 "
25,967 30,290 +16.6
464,087 +15.8
400,909
45 2 wks. 18,749 15,739 -16.1
578,787 -27.4
Silk
797,448
Mens clothing 43 1 week 29,376 28,201 -4.0
812.771 -11.5
918,820
Leather
36
"
13,234 14,974 +13.1
293,546
322,907 +10.0
Boots & shoes 77 " 58,098 58,527
+.7 1,341,658 1,292.818 -3.6
19,480 22,691 +16.5
Paper making 53 "
475,635
522,726 +9.9
Cigar mig__ _ _ 54 " 16.393 16.389 .
304.965
304.257 -.2
* Decrease of less than one-tenth of 1%.
Comparative data for July 1922 and June 1922 appear in the following
table. The figures show that in 9 industries there were increases in the
number of persons on the payroll In July as compared with June, and in
3 decreases. Cigar making shows an increase of 6.2% and cotton finishing
an increase of 4.9%. The three decreases are 7.8% in car building and
repairing, 5.2% in hosiery and underwear and .9% in iron and steel.
When comparing July 1922 with June 1922 7 industries show increases
in the amount of money paid to employees and 5 show decreases. The
largest increase, 12.7%, appears in men's ready-made clothing. Car
building and repairing shows the greatest decrease-40.1%.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
JUNE AND JULY 1922.
Number on Pay- % of
No.of Period
Roll inInof
Industry- Esta
Crease.
lish- Pay- June July or Dements Roll. 1922. 1922. crease.
Iron and steel
Automobiles__
Car building &
repairing- _ _
Cotton mfg_ _
Cotton finish'g
Hosiery and
underwear _
Silk
Mens clothing
Leather
Boots & shoes
Paper making
Clear mfe__ _ _
108 tt mo.142,652 141,336
40 1 week 104,889 106,619
Amount of Pay-Roll
inJune
1922.
July
1922.
% of
Increase
or Decrease.
-.9 $6,673,450 $5,889,278 -11.8
+1.6 3,405,112 3,366,115 -1.1
mo. 51,699 47,661 -7.8
54
59 1 week 44,615 44,837
+.5
17 "
10,778 11,311 +4.9
3,071,000
690,467
219,395
1,838,207 -40.1
706,844 +2.4
227,987 +3.9
59 " 29,567 28,015 -5.2
487,409
45 2 wks. 15,691 15,739
+3
540,870
47 1 week 28,083 29,177 +3.9
747,197
35 "
14,133 14,598 +3.3
319,161
79 " 57,747 59,270 +2.6 1,266,813
53 " 22,309 22,691 +1.7
520,024
56 "
15.709 16.680 -1-6.2
292505
429,569 -11.9
578,787 +7.0
842,344 +12.7
316,529 -.8
1,306,582 +3.1
522,726
+.5
309.017 -4-5.6
COMPARISON OF PER CAPITA EARNINGS IN JULY 1922 WITH
THOSE IN JUNE 1922.
Per Cent of Increase(+)
Per Cent of Increase(+)
or Decrease(-)in July
or Decrease(-)in July
1922 as Compared with
1922 as Ccmpared with
Industry.
June
1922.
June 1922.
Industry.
Paper and pulp
-1.2
+8.5
Men's clothing
Automobiles
-2.7
+6.7
Silk
Leather
-4•0
Cotton manufacturing_ _ _ +1.8
Hosiery
and
knit goods -7.0
+.5
Boots and shoes
Iron
and
-.5
steel
-10.9
_
cigarettes_
__
Cigars and
Car building and repairing-35.1
-1.0
Cotton finishing
The score of this monthly report s being expanded to include a much
larger number of industries and a proportionately larger number of manufacturing establishments. The plan for the expansion is not yet fully
under way, but returns for July have been received already from approximately 1,000 of the newly added establishments. These returns, however,
cannot be included in the regular tables of this report until corresponding
information for August is received for comparison. The full expansion
planned, therefore, will first be in evidence in the October "Monthly Labor
Review," although wage changes reported by the newly added establishments for the period Juno 15 to July 15 are presented with the changes
reported by the establishments which have been making returns to the
Bureau for previous reports.
913,
According to the New York "Evening Post" of Aug. 23,
Eugene G. Grace,President of the Bethlehem Steel Corporation, announced on that day that his corporation had made an
increase of 20% in the wage rates of its common labor, effective Sept. 1. thus following the lead of the United States
Steel Corporation. Mr. Grace is said to have stated there
would be an equitable adjustment in the wage rates of other
classes of employees. The Lackawanna Steel Co., the
"Post" stated, also announced that it would put into effect
Sept. 1 wage advances in proportion'to other leading steel
producers.
Commenting on the proposed increase of the U. S. Steel
Corporation, the "Journal of Commerce" on Aug. 23 said:
As predicted last Saturday by the "Journal of Commerce," a general
wage advance is taking place in the steel industry. The United States Steel
Corporation last night blazed the way with an announcement of a 20%
increase for day labor.
Within a few hours announcements were made of similar action by several
independent companies. The Midvale Steel & Ordnance Co.,the Youngstown Sheet & Tube Co., the Brier Hill Steel Co. and the Republic Iron &
Steel Co. announced that chey would meet the United States Steel Corporation increase. Other independent companies are expected to follow suit.
President Eugene G. Grace of Bethlehem Steel gave the first inkling of
the coming advance in a speech at a ship launching last week in Maryland.
He said that the advance was necessary because the coal miners had noi..
been compelled to take a wage cut, whereas steel workers had gone back
to a pre-war level. He added that serious unrest would result in the steel
industry unless wages in the steel mills were advanced to levels prevailing
In other lines of business.
Increase Is Announced.
The United States Steel Corporation's announcement was terse and no
explanation was given. . . . It is estimated that from 156,000 to
220,000 United States Steel workers will be affected by the increases. This
will increase the payroll somewhere in the neighborhood of $50,000,000
annually.
In 1918 the average number of employees of the Steel Corporation's
payroll was 268,710 and the total payroll was $452,663,524. Last year,
with depression reigning, the average number of employees was 191,700
and the payroll totaled $332,887,500.
There was a slight wave of advancing wages in April, when the steel industry first began to get on its feet after the depression of 1921. Then some
of the independent mills advanced wages approximately 15% from the socalled "emergency low wages" that prevailed at the close of last year. For
the past three months there have been spasmodic rumors of impending
advances, although many did not take them seriously.
Higher Wages Needed.
The steel captains have realized that higher wages would be needed to
attract men back to the industry and hold those already in it. Many left
the business in 1921 and only recently a walkout took place at the South
Chicago mills of Inland Steel and Calumet Steel, where the men demanded
an increase of 20%.
On the other hand, many argued the action of the Steel Corporation may
tend to undermine the strength of the labor unions. It was pointed out
that the manufacturing plants of the corporation are operated on an "open
shop" basis, and that United States Steel men now will receive a substantially higher wage than those engaged in the closed shops of other steel
concerns.
The increase brings the common labor rate, based on the $3 60 a day, to
80% above the pre-war level of $2 for ten hours and to 28.9% below the
high rate of $5 06 established in February 1920. This last rate was the
highest in the history of the Steel Corporation. On May 16 1921 wages
were cut approximately 20%:July 16 1291, another reduction of 8.5% took
place through abolishment of time and a half for overtime. Finally, on
Aug. 22 1921, pay was cut to the 30 cents an hour rate.
United States Steel Pays Most.
United States Steel wages are higher at all times than those paid by the
independent companies. Some of the independents now are paying as
low as 22 cents an hour.
At the Crucible and Bethlehem Steel companies officials yesterday had
nothingeinagtooustayeh
ca
itry
l.
es M. Schwab and President Grace of Bethlehem
Steel are
of the
Prices of iron and steel products have advanced on an average of 16%
from lows of last February. In heavy producers, such as bars, plates and
shapes, the advance has been much greater, running close to 50%. The
present state of the steel market indicates also that further price advances
may be expected in the near future. Incidentally, it must be remembered
that, excluding labor, production costs have advanced heavily, due to
shortage of fuel.
Tefollo
waw
ges
ingsitnaebele19
sh
16
o:
ws the fluctuations in United States Steel Corporation
Per Cent. Adv. Over
Wages,
Date1915 Rate.
o
A dviar
H
22o20u00rs.
_______________________ 10$
5_________ __
916
191
10
25
1916, May 1 ____
13.6
2 50
37.5
1916, Dec. 15
10
2 75
50
1917, May 1 __
9
3 00
65
10
3 30
90
1918:
7 A
Ope trl 16
15
1
3 80
________________
110
10.5
1918, Aug. 1--------------_________420
131
10
1918, Oct. 1----------------------056
a462
40
6
153
______________________
1920, Feb. 1---------------------10
c103
c20
1921, May 16
_
1921, July 16 __
85
bd3 70
1921, Aug. 29----------------------_ _ _ _ _ _ _ _ _
50
de2c80.5
3 00
20
80
1922, Sept. 1 ________________
3 60
UNITED STATES STEEL CORPORATION ANNOUNCES
a Eight-how, basic day established and time and one-half paid for overTWENTY PER CENT WAGE INCREASE-ACTION
time. b Approximated. c Decrease. d Decrease. e Time and one-half
BY OTHER STEEL COMPANIES.
abolished.
A 20% increase in the wages of unskilled employees of the
Regarding the action by the Midvale Steel, press disUnited States Steel Corporation, effective Sept. 1, was patches
from Philadelphia, Aug. 22, said:
Chairman
announced on the 22d inst. by Elbert H. Gary,
Officials of the Midvale Steel & Ordnance Co. late to-day announced
that the Midvale concern would follow the lead of the United s
of the Board, as follows:
0-7- a
The wage rates of day labor at the manufacturing plants of the Steel
Corporation have been increased about 20%. to become effective Sept. 1.
Other rates will be equitably adjusted.
Corporation and would advance the wages of its envThe increase will be 20% for day labor, the sa
as SIII101111C0d bv
United States Steel. Other rates,it wassaid, would be equitably adjusted.
944
THE CIIRONICLE
[VOL. 115.
The hope was expressed by the President that there might now be found
some "fair basis" on which the suspension of opertions in the anthracite
fields might be terminated.
In the proposals we have made to the miners'representatives in the course
of the conference, we have had in mind not merely the bringing about of a
resumption of production, although we think that is most important. We
have endeavored to accomplish this, and at the same time to establish a basis
permanent peace and continuous operation in the future.
NO SPECIAL DELIVERY LETTERS WILL BE DELIV- looking towards
It was our belief that this could be best secured by a long term contract
M.
AFTER
11
P.
ERED
with a provision for periodical revision of wages by arbitration, which should
willing to accept as a Board
An order to the above effect was issued by First Assistant be binding upon both parties. We were entirely
of Arbitration a commission or tribunal to be appointed by the President.
Postmaster-General Bartlett to postmasters on July 25.
This having been refused by the miners, we proposed to utilize the existSupplementing these instructions is the provision that special ing and familiar machinery of the Conciliation Board, which in the anthraoperators and miners satisdelivery mail not handled by 11 o'clock at night shall be de- cite field has been adjusting disputes between
factorily for the past twenty years. In case the Conciliation Board which is
livered as soon as possible after 7 o'clock the next morning.
should not be able to
miners,
and
composed of equal numbers of operators
agree, we proposed that the presiding Judge of the United States District
Court of Appeals for the Third Judicial District should appoint three umANTHRACITE COAL CONFERENCE IN PHILADEL- pires
whose decisions should be final and binding upon both parties.
PHIA FAILS TO REACH AGREEMENT—STATEUnfortunately, and in our opion, unwisely, the representatives of the
miners
rejected this proposals.
MENTS BY SPOKESMEN OF OPERATORS AND
In a further effort to meet their opposition to binding arbitration, however
MINERS.
Impartial, we made the following proposal:
All mines to resume operation upon the execution of a contract extendThe conference of miners and operators of the anthracite
ing
to March 31 1923,the wages and working conditions which were in effect
coal fields which was called at Philadelphia for the purpose March
31 1922. This contract to provide that:
of settling the strike that has been running for twenty-two
(a) On January 3 1923, the Anthracite Board of Conciliation shall meet
weeks, and to negotiate a new wage and working agreement, in conference and determine wages and working conditions in the anthrafield effective for a period of one year beginning April 1 1923. On
came to a deadlock on Aug. 22 and adjourned. The confer- cite
January 3 1924. the Board shall meet in like manner to determine wages
ence, which held its first sessions last week, had opened under and working conditions for a period of two years beginning April 1 1924.
(hi In case there has been no agreement prior to February 15 in the years
very favorable circumstances, the bituminous miners and
1923 to 1924, the Presiding Judge of the United States Circuit Court of
operators having but a few days before come to an agree- Appeals for the Third Judicial District shall appoint three disinterested
ment at Cleveland, which resulted in bringing an to end the citizens of outstanding character and ability, who shall sit with the Board
the argument and make findings with respect to the matter in disstrike in a considerable portion of the soft coal fields. Al- to hear These
findings shall be rendered on or before March 15, shall be
pute.
though the bone of contention at the anthracite conference recommendatory in character, and shall be subject to acceptance or rejecwas ostensibly a difference of opinion as to the life of the new tion by either party within ten days thereafter.
This proposal, representing the extreme of concession by the operators,
agreement to be signed, the real cause of the deadlock, it is was
rejected by the miners' representatives yesterday. We have offered to
said, was the insistence by the operators on some form of consider any practical modification of these plans which would not sacriarbitration for the future during which miners would remain fice the ends sought. The miners' spokesmen declined to make any such
They can speak for themselves as to their attitude. To us,
at work. The following brief joint statement was issued at suggestions.
their plan seems to be indefinitely to retain war-time wages regardless of
Philadelphia on the 22d, when the adjournment of the con- any other considerations.
It will be noted that our suggestion embodies the use of the Conciliation
ference was announced:
Board instituted in the anthracite field by the Roosevelt Commission in
The anthracite conference met tales afternoon. The conference was
1903. The Board's personnel includes the three district presidents of the
unable to agree and adjourned to meet at the call of the Secretary upon the
miners' organization in the anthracite field in conjunction with three operrequest of either the miners or operators.
ators. Matters in dispute which the Board finds itself unable to adjust
offered
to
Operators
pay the old wage rates until next are referred to an umpire appointed by the Presiding Judge of the Circuit
March 31, with arbitration after that date. Miners de- Court.
Ow'suggestion only embodied by way of change, therefore, the appointmanded the old rate until March 31 of 1924. In discussing ment
of three umpires instead of one,in order that a matter so important as a
the adjournment, President Lewis of the United Mine Work- general contract might receive that impartial consideration necessary to a
ers declared that the "persistent actions of the representa- proper acceptance on the part of those interested,including the consumers of
coal.
tives of the anthracite operators in declining to discuss any anthricite
While we realize that the proposal now made may be considered defective
other question than arbitration seemingly indicates a lack in that the findings of the umpires are not binding, it is nevertheless hoped
arrived at under such circumstances, would
of desire upon their part for settlement. In this respect and believed that the findings
afford the basis for a peaceable and orderly settlement and tend to avoid
is
a
marked
there
difference in the position occupied by the suspensions of mining hereafter.
anthracite operators and in the position of the bituminous
The necessity for some method by which recurring periods of idleness in
may be avoided, in so far as possible, is conceded by all. The
operators who have now largely accepted the provisions of our ii.dustry
muttra responsibilities of the operators and the miners demanded the most
the agreement made in the Cleveland inter-State conference, seriot.; consideration and prompt acceptance of this proposal. These
where the question of arbitration was totally eliminated." responsibilities require that the production of anthracite shall be resumed
at the earliest possible date, and that we shall at the same time remove
Continuing his state6ient, the miners' chief said:
the n enace of another suspension next year.
When the representatives of the United Mine Workers accepted the inviWe are hopeful, in spite of the rejection of our last proposal that wiser
tation of the anthracite operators to participate in the joint conference, we second thought will bring about its acceptance. Continued opposition on
believed that it was their purpose to effectuate a settlement of the anthra- the pat of the miners to any plan which seeks to avoid another suspension
cite strike. We were, therefore, after entering the conference, astonished carriers with it a heavy responsibility. It means that the officials of the
to find that they had resurrected the theory of arbitration and again offered United Mine Workers assume responsibility for the suffering on the part of
it as a condition of settlement. The entire week of conference has been the public and the miners themselves that may result from further delay
taken up by discussion of this matter.
in resumption of production. It means that rather than agree even to an
The most recent offer of the anthracite operators, made to the conference advise ry finding as to future wages, the miners' representatives are willing
several days ago, provides for a so-called voluntary plan of arbitration. to deprive the people of a large section of the United States of essential
similar to the plan under which the Railway Labor Board operates and fuel. We cannot believe that this stand will be maintained. If it is, there
Identical with the principle set forth in the Canadian Industrial Disputes can he no question as to where the responsibility lies for the consequences
Act. The public is entirely familiar with the lamentable failure of arbitra- that may follow.
tion as exemplified by the United States Railway Labor Board, and is toWith respect to the a4journment of the conference,
day suffering keen distress because of the blundering failure of this agency dispr.tches to the New
York "Times" had the following
to function with proper regard for the workers' rights. The public is also
to se.y:
aware of the breakdown in the Canadian Industrial Disputes Act as conNegotiations between anthracite operators and miners were abruptly
cerns the basic and essential industries of Canada.
off to-day, following five days of conference in an effort to end the
The present turmoil existing in the mining industry in both the Northwest broken
strike. Insistence by operators an some form of arbitration in the future
and Maritime Provinces of Canada is directly traceable to the failure of this
which
miners would remain at work proved the issue on which the
during
kind of legislation. The 155,000 mine workers employed in the anthracite
conference finally disagreed.
coal fields who have been engaged in a bitter struggle for nearly five months
In statements issued by both sides, and in discussion by Samuel D.
have no time nor inclination to indulge in further experiments of this kind
Warriner for the operators and by John L. Lewis for the unions, it was
when their powers of observation reveal to them the disastrous workings
made plain that the real point at issue was arbitration, which the miners
of arbitration elsewhere.
flatly and unequivocally refused to consider.
The mine workers' representatives proposed the making or a contract
Bitterness was marked on both sides as the conference adjourned. Mr.
until March 31 1924,and would have given serious consideration to the mak- Warriner referred to the union men as "Lewis and his bunch." The miners
ing of a longer term contract, thus gnaranteeing the stability of the indus- charged that the operators set out deliberately to break up the conference.
try,free from interruption of production and carrying insurance to the pubIn support of their contention the miners pointed out that the statement
lic that its supply of anthracite fuel would be adequate. Our offer in this defining the position of the operators was mimeographed. The statement
respect was met with the brutally frank statement of the anthracite oper- was issued within ten minutes after the conference adjourned. Lewis and
ators that the price of such an agreement must be arbitration of the wage his associates assert it was prepared and ready for distribution last Friday.
scale at stated periods. The mine workers have declined to purchase peace
In their three-page statement issued a few minutes later the operators
at such a cost. We have every honorable desire to negotiate an agreement outlined the various steps taken in the conference. Originally,the operators
for the anthracite industry, and in consideration of that purpose have de- proposed arbitration next year by a board to be named by the President.
voted the past week in a sincere attempt to accomplish this end.
That was rejected. Then the operators proposed arbitration by the
Samuel D. Warriner, spokesman for the anthracite oper- Anthracite Conciliation Board and three referees to be named by the preJudge of the United States District Court of Appeals for the Third
ators, made the following statement Aug. 23, reviewing the siding
Judicial District. They agreed to restore the old wage rates until next
step that were taken in conference between the operatots March 31.
Under the first plan the award would have been binding on both sides.
and representatives of the anthracite miners:
Our conferences with the representatives of the anthracite miners which Under the second it did not bind either party to the proceeding, ten days
began on August 17. were brought about in response to the request of the being allowed to accept or reject any award or ruling that might b
President of the United States, communicated to us by Senator Pepper. The miners rejected that also.
Officers of the corporation could not say how many men would be
affected nor exactly what the new rate for day labor would be. They
said the action had been decided upon so quickly that they had not had
an opportunity to examine the payroll. It was stated, however, that
because of the depression in business their working forces had been considerably reduced.
AUG. 26 1922.]
THE CHRONICLE
The operators took the position that, while the demand for coal would
support the old wage rate for the next seven months,they had no assurance
that it would continue after that period. They insisted that they should
not be called on to place a burden of high wages on the public.
Mr. Warriner also pointed out that the union men demanded of anthracite operators more than was asked of the bituminous producers. The
contract in the soft coal agreement runs for seven months only.
It was stated by Mr. Warriner at the end of the conference that the door
had been left open for either side to resume negotiations. Both operators
and miners were frankly pessimistic, however, asserting that the prospects
for the mining of any hard coal this winter were extremely remote.
Operators have not considered any attempt to reopen the mines with
strike breakers.
Mr. Lewis announced that, pending a settlement, the strike would continue one hundred per cent." He also said there was nothing to prevent
hard coal minersfrom entering the soft coal fields in search ofemployment.
The union President emphatically announced that nothing would be
done to call out maintenance men.
"It is our policy to protect the mine properties," he said,"and the maintenance men will be kept at work so long as they are not asked to work with
non-union labor."
Telegrams announcing that agreements had been signed in the Indiana
and Illinois soft coal fields were handed to Mr. Lewis just after he reached
his room in the Bellevue-Stratford following the end of the conference with
the operators.
"These," he said,"make good the prognostication of eight days ago,that
within ten days 75% of the bituminous fields would come in under the
Cleveland agreement. Others still out will soon fall in line."
945
added, by calling the Legislature of New York into extra
session had pointed the way for the other States.
Senator Cummins, who said that he was in almost daily
conference with the President and was advised of every
step taken so far by the executive branch of the Government to solve the coal problem, informed the Senate that,
as matters now stand, there is .practically no hope of effectuating anything like adequate relief for those sections of
the country where anthracite is the principal source of fuel.
There is certain to be great suffering in New York. New
England and other anthracite sections, he said. That the
Government will exert its every effort to relieve the situation
as far as possible was the assurance he gave to the country.
BILL PASSED IN THE HOUSE FOR IMPARTIAL
INVESTIGATION OF COAL INDUSTRY.
Carrying out the recommendations made by President
Harding in his message to Congress on Aug. 18 dealing with
the coal and the railroad strikes, the House on Aug. 23
passed a bill which provides for the appointment of a commission for an impartial inquiry into conditions in the coal
industry. The measure, which it appears will be the first
of a series embodying the President's recommendations,
was sponsored by Representative Winslow, Chairman of
the House Inter-State Commerce Commitee, on Aug. 20.
It was adopted by the House by an overwhelming majority,
the vote being 219 to 55. An amendment asked for by organized labor for a commission to be composed of operators
and miners was defeated by a sweeping majority. Representative Winslow briefly explained the provisions of the
bill, declaring that this legislation might be supplemented
by other measures intended to control the distribution of
coal. The pending bill, he said, was intended only to ascertain facts in the indus try with the hope that such facts might
be useful to Congress if legislation to deal with the coal
situation was deemed necessary at a later date. He added:
RESUMPTION OF NEGOTIATIONS IN HARD COAL
STRIKE ANTICIPATED.
Negotiations between anthracite operators and United
Mine Workers' leaders to end the suspension of mining operations are expected by officials close to President Harding
to be resumed within a week as the result of proposals made
on behalf of the Administration,it was announced on Aug.25.
President Harding, it was said in an official quarter conversant with the anthracite situation, according to the Associated Press, holds that the negotiations which were suspended early this week through failure of the operators and
union officials to reach an agreement, particularly upon the
question of arbitration, should be resumed at once. The
influence of the Administration has been exerted in this di"Apparently, there was not in the President's mind, nor has there been in
rection and has prevailed upon both sides to the controversy
minds of any of the committee, any desire to run the coal business under
it was officially stated. Where and when the negotiations the
z,he provisions of this legislation," said Mr. Winslow. "It is purely a commission to find out nal facts and as many as possible, in order that everywill be renewed, officials were not prepared to say.
may know what there is to this much-discussed industry. So you
The position of the two parties, as understood in Wash- body
must bear in mind that in this bill we really attempt to provide a commisington, it was said, is that union officials are anxious to sion to ascertain facts. We are not gunning for any kind of legislation
reach an agreement with the operators which would result which might provide for the management of the coal business, or for the corof any particular trouble, or for the establishment of any body to be
in a basic wage to be effective for one, two or three years rection
permanent in its character."
while the operators were said to be of the opinion that the
Coincident with the introduction of the Winslow measure
miners should return to work at the old wage until March 31
next, by which time a new wage agreement for the ensuing in the House on Aug. 20 a bill very similar in scope was
introduced in the Senate by Senator Borah. No action
year would be worked out in conference, or by arbitration.
taken by the Senate on this measure as yet.
JOINT RESOLUTION INTRODUCED IN SENATE TO
AUTHORIZE GOVERNMENT OPERATION OF
COAL MINES.
A joint resolution empowering the President to take over
and operate the mines was introduced in the Senate on
Aug. 24 by Senator Walsh, Democrat, Massachusetts, after
a long and heated Senate debate and was referred to the
Inter-State Commerce Committee. The resolution would
appropriate $1,000,000 "to enable the President to begin
carrying out the terms of this resolution." Following is
the text of Senator Walsh's resolution:
Be it resolved by the Senate and House of Representatives of the United
States that the President of the United States be and hereby is authorized
to take over and operate in the name of the United States Government the
coal mines of the country, part or all of whose products are transported
in inter-State commerce.
That there is hereby appropriated the sum of $1,000,000 to enable the
President to begin the carrying out of this Act.
The introduction of the Walsh resolution followed a speech
by Senator Cummins, Chairman of the Committee on InterState Commerce, which was, in large part, a defense of the
course pursued by the President in the existing crisis. Senator Calder of New York, who started the debate, suggested
an ultimatum of forty-eight hours to those who own and
those who work the mines. If at the end of that time the
strike was not settled he Government, he declared, should
assume, until the situation has cleared, the control and operation of the fuel industry of the nation. In the debate
Senator Borah commended the position taken by Governor
Miller of New York, and expressed the hope that other State
Executives would follow the example set by the New York
Governor. He would be very sorry, he said, if as a result
of the debate the impression went to the country that Congress was going to settle the strike. The States, he said,
should act with all their power to solve their own problems
and if this was done the solution would be had much quicker
than would otherwise be the case. Governpr Miller, he
A. M. OGLE'S TELEGRAM TO PRESIDENT HARDING
OFFERING ASSISTANCE IN GOVERNMENT'S
,
PLANS FOR COAL INQUIRY.
Following President Harding's message to Congress on
the coal and the railroad strikes on Aug. 18, A. M. Ogle,
President of the National Coal Association, sent a telegram
to the President expressing his pleasure with the recommendations made to Congress in regard to the coal industry.
Mr. Ogle, it may be recalled, suggested recently to the
President the naming of a fact-finding commission for the
coal industry. In his telegram to the President Mr. Ogle
said:
Permit me to offer my sincere and cordial congratulations on your effective presentation of the coal situation to Congress and to assure you again
of every support and assistance in carrying out your fact-finding tribunal
program.
SOFT COAL STRIKE SETTLED IN ILLINOIS,INDIANA
AND IOWA.
Further settlements in the bituminous coal strike were
concluded this week between operators and miners in three
additional States, Indiana, Illinois and Iowa. Agreements
were signed in each State based on the agreement recently
adopted by the Cleveland Conference. The agreements
were signed in Illinois and Indiana on Aug.22 and in Iowa on
the proceeding day. Immediate resumption of mining
operations was ordered by the union officials following the
signing of the new contracts.
The Illinois Coal Operators Association issued the following statement explaining their actioA in signing the agreement:
Illinois coal operators have been compelled to surrender. Prolonged and
earnest negotiation has failed to secure any concessions whatever from the
Illinois miners.
The operators continue as fixed as ever in their belief that arbitration of
the kind which they have heretofore insisted upon must ultimately be estab_
lished and will hest serve the interests of all parties concerned. the miner!
946
THE CHRONICLE
[VOL. 115.
or to persons in great need of coal in other States, in view of the additional
supplies in Ohio.
I have had some communication with operators in Ohio who are anxious
to do the fair thing by the public and I believe they would welcome from
you some sort of voluntary arrangement for establishing fair prices in Ohio.
If you will inspect the prices made under the Garfield scale, you will find
that in the Pittsburgh district eight districts in your State, for instance,
the average price for run of mine was about $2 50. The recent signed wage
scale is a large increase over the basis in use at the time the Garfield prices
This strike in every section of the country has net been against the coal were fixed. The situation warrants a generous handling from the point
to
operator employer, but has been directed at the public itself. In this of view of the operators because they must have considerable margins
of the
connection also, attention is again called to the fact that regardless of overcome the cost of reopening mines, but even generous treatment
now being
repeated requests and demands, Illinois operators for the first time met operator will be an enormous saving to the public over prices
the representatives of their wockmen in conference to attempt the negotia- quoted from Ohio mines.
surrounding
I cannot too strongly urge that, if the people of Ohio and
tion of a wage scale only last Saturday, 141 days after the mines were closed
States are to be protected, there should be secured a voluntary arrangement
through the refusal of the miners to continue at work.
with the necessary committees to enforce it under the direction of your
Enormous Loss from Strike.
Fuel Committee by which some fair maximum price is fixed and similar
to wholesale
Illinois mines will scarcely he ready for work even to produce r, limited voluntary arrangement and enforcement is set up in respect
would gladly
tonnage before next Monday, August 28th. This will make 150 days of and retail handling of coal. The Federal Fuel Distributer
mine idleness since April let. Deducting 21 Sundays, the number of actual co-operate in making available such pressure as exists under priorities.
Governor Morrow of Kentucky, after an examination of the situation in
work days lost from April 1st would be 129.
short
Taking the experience of past years, Illinois mines would have worked his State, where production costs are higher than in Ohio because of
during this period about 3 days a week, one-half time, or 65 days in the 21 car supply, decided that $4 50 a ton for run of mine would be a fair price.
be
can
instance,
for
Kentucky,
in
that
price levels
There is no question
week period. The av rage daily earnings of all miners in Illinois for tho
calendar year 1921—the scale of which year is by the new agreement re- materially reduced as quickly as production becomes more regular and
established—was $8 60 per day, or $1 073; per hour. Counting only 65 conditions more normal.
HERBERT HOOVER.
days work per man for the period, the loss to each individual miner has
been $559, and for the total number of 90,000 Illinois miners, S50,310,000.
on Aug. 21 sent
Davis
Governor
Replying to the above
The idle cost of the mining companies during this period will approxknown
imate $25,000,000. Consumers of coal normally supplied from Illinois a telegram to Secretary Hoover asking him to make
mines have paid a probably average excess in price and freight of $3 per ton the names of operators in Ohio who were profiteering.
on 10,000,000 tons, or a probable total of $30,000,000. The coal stored
Davis said:
In the Western Districts in anticipation of mine suspension April 1st was Governor
The serious nature of your Saturday's telegram, both in its charges
not generally exhausted until after August 1st, although supplemental
such as you
buying for additional protection began in substantial volume about mid- and in the grave effects on the Ohio public of a situation
June, since which period it is possible that the above estimated amount outline, compels me to ask you for more specific information.
If there are coal operators in Ohio who are so utterly calloused to every
has been brought into the Western section from Eastern non-union fields.
extort exorbiCoal that has reached Chicago and points West during the past three principle of fair play in dealing with the public as to seek to
I believe
or more weeks since the shortage has become acute, has returned an average tant prices such as you point out, the people of Ohio want, and
are. I
individuals
or
concerns
these
of $6 50 per ton, based on a mine labor cost at Eastern non-union mines ap- thay have a right, to know who
public the names of these operators
proximately $1 per ton less than the labor cost at Illinois mines under the request, therefore, that you make
re-established scale on which work will now be resumed as rapidly as possible, that they may be dealt with as they deserve.
and production pressed to the extremest limit made possible by the coal
carrying railroads serving Illinois mines.
FAIR PRICES FOR COAL FIXED IN PENNSYLVANIA.
As a result of the universal recognition of the dominance of the United
their
is
to
at
labor
be
if
held
Mine Workers and of the economic necessity,
Fair prices of $3 75 and $4 50 per ton f.o.b. mines for
mines,certain of the producing fields in West Virginia have already arranged soft coal produced in the Pennsylvania bituminous regions
for substantial advances in pay to minors that brings their wage scales
Commission at a
to somewhat nearer the rates paid in Illinois. One such scale, to become were fixed by the Pennsylvania Fuel
effective August 16th, in the New River district, carries the day wage rate meeting on Aug. 22.
up to a point ranging to an average of between $6 and $7 per day. This
The lower price applies to the "thick vein" section,
is a reflex influence of the victory of the organized miners and means the
to the "thin
universal increase in the price of coal in non-union as well as unionized designated as District No. 2, and the higher
districts.
vein" region, or District No. 1.
the operator and the public. Futher effort, however, at this time, seeking
to compel the adoption of the principle of arbitration seems to the Illinois
coal operators not only useless but futile. The clamorous demand for coal
has developed extreme pressure from all sides which the operators cannot
longer refuse to acknowledge. They are forced by necessity to yield in
behalf of the public. It is acknowledgment of capitulation to a force
superior to both the operators, the public and its agencies, as President
Harding phrases it "the country is at the mercy of the United Mine Werk-
WAGE AGREEMENT.
Chicago, Illinois, August 22 1922.
between the officers of District No. 12, United
and
by
It is hereby agreed
' Mine Workers of America, and
that the working agreement which terminated March 31 1922 is hereby
renewed and extended to March 31 1923 in all of its provisions as to wages
and working conditions, excepting the 32d clause is to be stricken therefrom in accordance with the policy adopted by the policy committee of the
United Mine Workers of America, August 15 1922.
Signed by
UNITED MINE WORKERS OF
AMERICA (DIST. 12)
HOOVER PRICE FOR COAL INCREASED IN KENTUCKY
AND WEST VIRGINIA.
Upon recommendation of Governor E. P. Morrow of
Kentucky, the Hoover fair price for coal from all fields in
that State has been advanced to $4 50 per ton. This
advance was declared necessary by Governor Morrow in
order to meet increased wage costs approximating a dollar
President
President
per ton. The previous fair price for coal in the eastern
Kentucky field was $3 50 per ton; in the western Kentucky
Secretary
Secretary
75 a ton. Governor Morrow has expressed his
(The 32d section of the last expired Illinois wage contract above referred field, $3
to reads as follows:)
that the result of the new price will be to stimulate
confidence
are
Boards
autherizen
and
arrange
to
instructed
"The Joint Executive
of a new contract to begin at a date not greatly the production of coal in that State.
for negotiations for the formation
later tnan the expiration of this contract."
Acting upon recommendations set forth in a telegraphic
Memorandum.
communication from Gov. E. F. Morgan of West Virginia,
Illinois operators after the sub-scale
This is the agreement offered to the
the Federal Fuel Distributer has instructed district fuel
had faded to agree.
committee of operators and miners
upon individual contracts, the committees that the recommended fair price for coal from
signed
tons
20,000,000
Approximately
by
being covered
association contracts, from
remaining tonnage of the State
50 per
wnich the above tonnage had resigned before the above contract was offered all West Virginia districts has also been raised to $4
by the miners' representatives.
ton. The previous fair price prevailing in most West
Virginia districts was $3 50 per ton. Governor Morrow's
SECRETARY HOOVER'S TELEGRAM TO GOVERNOR OF telegram was as follows:
Recent wage agreements between operators and United Mine workers
OHIO URGING PROTECTION OF PUBLIC ON PRICE
OF COAL.
providing for resumption of work on scale effective when strike was declared
make imperative new wage scale in West Virginia non-union districts
In a telegram sent to Governor Davis of Ohio on Aug. 19, Logan, New River, Pocahontas, and Williamson production from these
urged
Hoover
immediate action for districts has prevented fuel famine and suffering during nation-wide strike
Secretary of Commerce
in
public
the
the price of coal and I respectfully suggest that price of $4 50 per ton fixed in Western
of
protection
the proper
approved for West Virginia to enable West Virginia to meet
in his telegram Kentucky be
Secretary
The
State.
produced in that
scale fixed in new agreements and accelerate coal production.
were
Ohio
anxious to do "the
pointed out that operators in
fair thing by the public and I believe they would welcome SECRETARY HOOVER'S LETTER TO SENATOR BORAH
from you some sort of voluntary arrangement for establishON NEED OF LEGISLATION FOR CONTROL OF
ing fair prices." The Federal Fuel Distributer, Secretary
EXORBITANT COAL PRICES.
Hoover added, would gladly co-operate in making available
of
Secretary Commerce Hoover, who has been very active
such pressure as exists under priorities. His telegram in connection with the Government's coal distribution
read as follows:
program during the past few weeks, sent a letter on Aug. 18
of Ohio, Columbus, Ohio.
Hon. H. L. Davis, Governor President's message, the
Senator Borah reviewing the efforts made to control prices
to
Federal
proposed
the
As you will note from
if passed, must probably be limited to and distribution through Federal agencies and explaining
even
restraint,
price
legislation for
But if we are to have proper protection of
Administration's attitude toward further regulation.
inter-State movement of coal.
intra-State production and margins mode on the
the public in mine prices for
in restraint of exorbitant prices of coal, Secretary
be
Legislation
accomplished
must
it
agencies
through
retail
resale of coal wholesale and
Moreover, we need immediate action Hoover said in reply to an inquiry on this point from the •
governors.
established by State
the President having recommended
pending any legislation.
now opening Under Cleveland agreement Senator, was necessary,
I am informed that coal mines
to Congress on Aug. 18.
message
his
in
for
coal.
In
ton
legislation
a
$10
the
meantime
such
to
$7
in Ohio are demanding from
us for priority orders against Southern On account of the constantly changing aspects and the compublic utilities of Ohio are asking
that
in
recognize
this
will
situation, if we
situation, however, the Secretary pointed
fields where price is $3 50. You
it would not be Just either to the operators plexities of the
.are to give priorities as requeiated,
AUG. 26 1922.]
THE CHRONICLE
out, it was difficult to determine whether general price
Control will be necessary, and how far it will be necessary
if conditions warrant such a policy. In his letter Mr. Hoover
also reviewed the situation and pointed out that the voluntary committee to control the prices and distribution of coal
would not be effective in the future. In connection with
his letter Mr. Hoover furnished a statement showing what
had been done in the West Virginia field during June, July
and up to Aug. 15 as to the sale of coal. In June 1,981,776
tons were sold at or below a fair price. In July 1,225,930
tons were sold at or below a fair price, while only 50,370
tons were sold over a fair price. Up to Aug. 15 708,215
tons were sold at and below a fair price, while 25,185 tons
during this period were sold over a fair price. Mr. Hoover
gave this statement to show the tendency to sell coal at
figures dictated by the situation. Secraary Hoover's
• letter to Senator Borah was as follows:
947
average of a lot of decent men selling fair price coal with a minority of bootleggers selling it up to $12. Most of the co-operation coal which moves
on the fair prices does not appear in the markets because it moves on priority
orders directly from the producers to the consumer. Contracts have of
course been to some extent superseded by priority orders.
Yours faithfully,
HERBERT HOOVER.
COAL PRICE ADVANCED IN ILLINOIS, TENNESSEE
AND VIRGINIA.
Coal mine operators in central Illinois on Aug. 24 announced they had increased the price of coal $1 25 a ton.
District fuel committees were informed by the Federal Fuel
Distribution Committee this week that the recommended
fair price for coal produced in the States of Tennessee and
Virginia had been raised to $4 50 per net ton, f.o.b. mines.
The adjustment of the price for Tennessee coal was made
upon the recommendation of Governor Taylor of that State.
Inasmuch as the $4 50 price had been granted in West Virginia, Kentucky and Tennessee at the request of the Governors of those three States, it was thought only just that the
increased price be allowed also in Virginia.
My dear Senator:—I am greatly obliged for your letter of August 16th
inquiring as to the need for legislation in restraint of exorbitant prices of
coal. The President has to-day recommended such legislation.
The situation has now reached a point where even if production is resumed,
there must be more authority for the effective control of distribution and
possibly of prices pending re-adjustment of the situation. It is difficult
to determine at what stage the initiation of wide legislative measure with WAGE AGREEMENTS IN PENNSYLVANIA
COAL
all legal and adminstrative difficulty and expense would be justified, owing
FIELDS.
to the unknown contingency of resumption of production. For instance,
if the President's arbitration proposal had been accepted and production
Agreements which were expected immediately to open
begun, and had the rail strike not supervened, prices and distribution would
mines in central Pennsylvania with an annual output of
have quickly re-adjusted themselves naturally.
Even assuming production is now resumed, the almost total exhaustion 30,000,000 tons of coal were signed at Altoona on Aug. 23
of stocks, the limitations upon transportation not only as a consequence by operators and representatives of District No. 2, United
of strike but also with the usual fall peak in commodity movement, the
necessity to accumulate large supplies at upper lake ports before trans- Mine Workers of America. The old wage scale with the
portation freezes, the necessity to make a forced drive of anthracite into check-off was accepted.
the hands of householders, have all accumulated until it seems to me we
must have something more than present authority to control distribution
and to stiffen the voluntary agencies engaged in the situation. Whether MINERS AND OPERATORS SIGN WAGE AGREEMENT
price control will be necessary, and how far necessary, can only be judged
IN THE SOUTHWEST.
from day to day.
An agreement to end the coal strike in the Southwest
You are aware of the legal complexities. I am advised that the Federal
authority in the matter outside of war does not extend beyond the control and resume operation of mines immediately was reached
of coal moving in interstate commerce, or for the maintenance of interon Aug. 23 at a conference in Kansas City of miners' union
State commerce. Therefore any effective organization for control of price
must depend upon the State authorities erecting such complementary officials and operators from Missouri, Kansas, Arkansas,
machinery as will protect their citizens on coal produced and consumed and Oklahoma. Vote on the settlement was unanimous,
within their own boundaries, and against undue margins on the resale of
coal, whether imported into the State or produced within it. I am advised the settlement being based on the Cleveland agreement.
The basis of the agreement, it was announced, was the
that the Federal Government can set up legislation that would provide
for the movement of coal at fair prices over the boundaries to consuming extension of the wage scale which expired March 31 last
State.
the
with
rest
point
forward
the
responsibility
must
that
States. From
You are aware that this tangled legal position was the reason why I to March 31 1921. A condition of the settlement was
undertook, on May 15th last, to set up a voluntary plan with coal producers that miners then employed in mines under operation shall
for the restraint of prices. It is worth examining these results as bearing not be discriminated against. Operators declared newly
upon the need for legislation. At that time prices were agreed upon based
on the Garfield scale and ranged from $2 20 to $3 75 for coal at the mine mined coal would be on the tracks at mine sidings by Sept. 1.
wherever such voluntary arrangements could be made. This became
effective among operators producing about 85% of the current coal and
NON-UNION MINERS' WAGES INCREASED IN
served to restrain the rise in price until the middle of July, despite the
WEST VIRGINIA.
fact that a minority of operators who had refused to agree were securing
as much as $10 a ton coal for coal. After July 15th one or two districts
As
a
result
of
an
agreement
between the non-union miners
break
withdrew from the arrangement, and individual operators began to
away in some other districts, although a majority of the production has and the operators in the New River district of West Virginia,
held to its undertaking right down to the present moment and operators the wages of the miners have been increased from $4 68 to
have denied themselves literally millions that they could have obtained if
it were not for their desire to maintain themselves and their industry in $7 18 a day, it was announced on Aug. 23 by Federal Fuel
public repute. I enclose for example a statement showing the coal sold Distributer Spencer. The new scale was expected to spread
under the fair price in the smokeless fields as compared with the profiteer
to other districts. He also announced 19,000 cars were
coal from those districts.
The approaching exhaustion of stocks and the rail strike in the latter part loaded, the highest mark since April 1, and that mechanical
of July started a buying panic and it became necessary for the Interstate conditions of the railroads were such they could now handle
Commerce Commission to establish priorities in favor of public utilities
and essential industries with respect to movement of the available coal. 8,000,000 tons of coal.
Mr. Spencer was appointed Fuel Distributor to co-operate in the distribution of coal under these priorities and the necessary administrative
SECRETARY HOOVER'S TELEGRAM TO MICHIGAN
machinery in various districts was erected by which holders of priority
FUEL COMMISSIONER ON COAL SITUATION.
orders could be directed to those operators who co-operated in protecting
the public on prices. This plan was effective in restoring the situation
Secetary
of Commerce Hoover made public on Aug. 24,
so far as operators were holding to their agreement or where there was a
car shortage and therefor preference could be given in choosing the coal a copy of a telegram sent to William W. Potter, Michigan
operator to buy from. It was not effective, however, where there were State Fuel Commissioner, who gave out an interview in Lansample supplies of cars.
ing charging the Federal authorities with manipulating the
Parallel with this organization, the Governors of the different States
were appealed to to set up local organizations that would restrain specula- coal supply. Coal concerns close to the Federal Fuel Adtion within their boundaries and that would secure just distribution of ministration are "getting theirs and getting it first," Mr.
such coal as we could direct to them for purposes of their citizens. The Potter
charged in a statement following his return from WashStates have acted with varying efficiency in the matter, but certainly the
responsibility rests upon their shoulders for failure in these particulars. ington, where he endeavored to obtain a greater allowance
I enclose a memorandum showing this extension of organization.
of priority coal for Michigan. Mr.Potter declared the pubThrough these arrangements approximately 70% of the coal is moving
lic
was not in control of the distribution of fuel, and that coal
price
fair
basis
the
but
organon
such
a
voluntary
to-day
from the mines
ization can not be extended over the entire production with the resumption was being daily offered at exorbitant prices. He asserted
of mining, and in any event the agreements with non-union mines expire that inability or disinclination on the part of the Federal
with the strike. Moreover, some of the fair price coal is subsequently
sufficient coal to Michigan
used for speculation. It is not fair that those should be allowed to run Fuel Administration to furnish
loose who would use their country's distress as opportunity for profit. for its necessary needs made it evident that coal could not be
There are no funds for even the incidental expenses of the present distri- gotten into the
State in time to prevent serious discomfort
bution. We have all hoped that the situation would improve and that
these plans would have served to tide over. Even yet the legislative powers and possible loss of life. In his reply Secretary Hoover said:
If you are correctly repurted in the press it appears to me that you
might need only partial application. But I can see no assurance of adequate public protection or justice to the decent operator and distributor, are grossly misinformed as to the whole coal stivation during the last
authority
as
the situation stands to-day. month. Over ,,nd above the deductions of the cosi producing States
without a definite agency of
The substantial and public spirited coal operators themselves feel that for their own use, the Federal distributer has Irld available for export
their only protection from unjust crtiticism lies in some workable method from such States le,ss than 1,000,000 tons per week. The needs of the
non-producing States for railways, utilities, public institutions and vital
that will compel a minority to righteous business practices.
Your statment as to the rise is literally correct. These instances mostly food supplies have been alone over 3,000,000 tons a week. Yet by inspeculative
prices
from
organcessant
stocks where State
shifting of supplies through super-priorities to meet emergencies,
represent coal resales at
izations have not been effective and where coal has been drawn from the and insisting that these categories draw upon their stocks, all these services
minority of coal operators who have refused to co-operate in the voluntary have been maintained through the nation, and there has not been a sin le
restraint of prices. Even the $6 25 average price you mention means an shutdown of this class of consumers in your State or elsewhere.
948
THE CHRONICLE
Far from any coal operators' influence, the whole surplus of coal from
producing States is under the priority rules of the Inter-State Commerce
Commission, in which you have participated, and the operators who have
voluntarily co-operated in distributing have had no control of the destiny
of the coal except to insist on payment. The inability to work you*
guarantee fund is solely due to your non-compliance with rulings of the
Controller of the Currency. The operators who have co-operated have
furnished your State coal at $3 50 a ton while non-co-operating operators
have demanded and received as high as $9 00 a ton, of which you have
rightly complained, but without any Federal authority they cannot be
controlled. This is little reason why you should reflect upon the decent
men who have served you.
Your State has, as a matter of fact, had double its mathematical percentage of coal available. Because the Federal Fuel Disaibuter has
refused to allow your State to draw coal for other purposes to the prejudice
of other States and insisted that your stock be drawn upon, is no warrant
for a personal attack upon Mr. Spencer and his staff. They have, by
unceasing labor, managed to protect the people of your State from acute
hardship, and the gratitude of the people of Michigan is due to those
volunteers in national service for the work they have accomplished.
Without it your railways and utilities would have been closed. I am
convinced that if you understood the difficulties with which they have
contended in maintaining these essential industries, you would correct
the misimpression you have conveyed.
If you had desired to receive super-priority distribution for the State of
Michigan, based on the relative consumption of that State to other States
disregarding the relative need, I have no doubt that Mr. Spencer would
have much preferred to place you on such a basis as you would have received
less coal. I am, however, convinced that you have not realized the acute
situation during the last month and that after consideration you will
correct the impressien you have given, for I have no doubt it emanates
from a zealous and natural desire to serve Michigan first, and charges of
bad faith do not make for co-operation that must be maintained if the
emergency in your State is to be met.
Owing to the resumplien of work in the bituminous fields, the supply
will now improve and the drastic division with you of the small amount
of available coal through super-priorities will be confined after Monday
only to upper Lake shipments. You will thus have the whole responsibility
of your own coal supplies within such regulations as the Inter-State Commerce Commission may impose.
BOARD OF ESTIMATE ASKS GOVERNOR FOR APPROVAL OF INCREASED APPROPRIATION FOR COAL.
The Board of Estimate, called in special session to consider the coal situation, voted on Aug. 24 to ask Governor
Miller to include in his recommendations to the special session
of the Legislature next Monday (Aug. 28) the passage of a
bill increasing the amount of special revenue bonds which
the city may issue in one year under its charter from $2,000,000 to $5,000,000,so that the city may have funds with which
to buy coal. The Board also adopted.resolutions favoring
the passage of two other bills. The first would empower the
city to buy, store and sell coal at cost price plus the cost of
storage and distribution, and also declares the existence of an
emergency. The second resolution called upon the Legislature to permit the city to adopt its $25,000,000 municipal
bus line program to meet transit difficulties which may result
from the coal shortage. In advocating the increase in the
amount of special revenue bonds, Acting Mayor Murray
Hulbert, who presided at the meeting in the absence of
Mayor Hylan at Saratoga Springs, said.
[Vou 115.
justice, provided sufficient funds are furnished him for this undertaking.
We propose to furnish him with the necessary funds. The business men of
Illinois are confident that in this undertaking they have your sympathy
and commendation.
JOHN H. CAMLIN,
President Illinois Chamber of Commerce.
WAGES OF NON-UNION MINERS IN PENNSYLVANIA
TO BE INCREASED.
Coincident with the announcement on Aug. 22 of increases in wages by the U. S. Steel Corporation, it was
made known that increases in wages averaging 47% and
affecting between 30,000 and 40,000 men non-union miners
in western Pennsylvania had been decided upon by a meeting
of operators at Greensburg, Pa. The districts included in
the decision were Westmoreland and Fayette counties,
among the companies participating in the action being the
H. C. Frick Coal & Coke Co., Keystone Coal Co., Delmont
Gas Coal Co., Irwin Gas Coal Co., Westmoreland Coal
Co. and the Mount Pleasant Coal Co. The new scale
will embody increases from 36 to 58% for the various classes
of labor in the mines and around the coke ovens and will
equal the highest. rates ever paid for this class of work in
the district. The majority of the companies operating in
the region are owned by steel manufacturing corporations
that use the entire production in their mills and furnaces.
Included in the independent companies which announced
their intention to pay the scale were some members of
the Pittsburgh Coal Producers' Association, which has
refused to deal with its men under the Cleveland agreement.
INDICTMENTSIN WEST VIRGINIA MINE OUTRAGES.
Two hundred and sixteen men were indicted on Aug. 17
by the Brooke County Grand Jury at Wellsburg, W. Va.,
for alleged participation in the battle at the Clifton mine,
Cliftonville, on the morning of July 17. Seventy-eight are
charged with first-degree murder and the rest with conspiracy. All but about fifty of the indicted men are in
custody.
RAILROAD AND COAL STRIKES WILL ULTIMATELY
BE AVOIDED, SAYS ROGER W. BABSON.
People are not so much interested in the temporary settlement of the coal strike and the railroad strike as in developing
plans so that they will not periodically re-occur. It is
not enough to know that we shall have coal this winter
or that railway traffic is not now suspended. If the people
of this country are to be healthy, happy and prosperous,
we must know that some plan is being evolved to prevent
these strikes from re-occurring. In view of these facts,
Roger W. Babson was this week asked to make a forecast
as to future labor developments. His diagnosis of the
strike situation follows:
When in Washington during the war, assisting the Secretary of Labor,
It was evident that the students of labor problems were divided into two
distinct groups: one group believes in compulsory arbitration as illustrated by the Kansas Industrial Court, and the other group stands purely
for conciliation without any compulsion. Conservatives and radicals
can be found in both groups. Investigation leads me to believe that
there is a field for both of these lines of work. Labor disputes in connection with general industries, such as the textile industry, the boot
shoe industry, and possibly the steel industry, should be kept on a
TELEGRAM SENT TO PRESIDENT HARDING BY and
conciliation basis. It surely would be a mistake to attempt compulsory
ILLINOIS CHAMBER OF COMMERCE ON HERRIN
arbitration in connection with these businesses which are operated solely
OUTRAGES.
for profit. The best means of avoiding trouble in these industries is
by keeping these industries in two major labor groups, one group to be
Citing statements made by the President in his message strictly
"union" and the other group strictly "non-union." Let the
to Congress on the coal strike with regard to the recent union group adopt the closed shop and let the other group ha strictly
Then let the two groups compete. I do not mean necessarily
mine outbreak in Herrin, Ill., John H. Camlin. President non-union.
in production, but rather see under which system the public, the emCommerce
of
sent
a
telegram to ployees and the stockholders, all combined, are most prosperous. My
of the Illinois Chamber
the President on Aug. 18, declaring that the citizens of own guess is that none of these three parties would long be healthy, happy
prosperous with all "union" or with all "non-union." 'When one
that State "do not intend that this failure of justice shall and
group secures control, it becomes inefficient, careless and arrogant. My
This
nation."
statement was in guess is that an industry would be most prosperous, and all concerned in
remain a blot on the
if the industry
reply to the implied charge by the President that Illinois it would be rendering the most service and be happiest,
were equally divided into a union and a non-union field. So much for
had condoned the outrage in Herrin. Mr. Camlin's telegram general
industry. When disputes arise, only conciliation should be applied
to the President read as follows:
by a third party. There should be no compulsory settlements in such
lion. Warren O. Harding, President United States of America, Washington, cases.
When, however, we come to transportation, fuel, public utilities such
D. C.:
water, light and gas, or to the distribution of milk, bread, etc., wa
The Illinois Chamber of Commerce, representing 102 local Chambers of as
group of industries to which compulsory arbitration must be applied.
Commerce throughout Illinois, including over thirty-seven thousand busi- find a
first two groups to which such strong-arm methods will be applied are
ness men, notes that the conviction that lawlessness in Illinois is to go The
railroads and coal mines. First let me say that the railroads and the
unpunished and unchecked has become so firmly fixed that the President of the
operators are themselves largely to blame for present troubles. Althe United States expressed that conviction as a part of his message to mine
though the owners of these properties are now behaving themselves,
Congress on the industrial situation to-day.
have not always done so. Most of the unwise methods that labor
You, Mr. President, stated justice in Illinois has failed, and there would they
are using to-day were applied by the railroads and mine operators
always be a blot on the nation because of Herrin. We grant that justice leaders
twenty years ago. Hence these corporations now are only reaping
has failed thus far—failed utterly and unpardonably—but we of Illinois of
they have sown. Nevertheless, two wrongs do not make a right.
do not intend that this failure of justice shall remain a blot on the nation. what
be apprehended and pun- Our nation must have transportation and fuel at a fair rate and the operation
The citizens of Illinois intend that the guilty shall
railroad and coal properties must be undisturbed by either labor
ished, or that full responsibility for non-enforcement of the law be placed of its
sentiment and administration of leaders or stock market operators.
upon the heads of those who control public
the railroad situation: To secure a fair rate the Inter-State
Regarding
justice in Williamson County.
Commerce Commission has been organized, and to secure undisturbed
The Illinois Chamber of Commerce is raising a fund for investigation and
possible is put transportation the Railroad Labor Board has been created. The first of
Prosecution, and will make certain that every effort humanly
these—that is, the Inter-State Commerce Commission—is functioning very
forth to remove this blot from our State. Our Attorney-General, E. J.
and the struggle is now over the Railroad Labor Board.
Brundage, has volunteered to do all in his power to bring the guilty to well,
Unless the city can secure funds it will be powerless to act in the coal
crisis which lies ahead. The amount of revenue bonds which the Board may
issue has alr;ady been exhausted. The $2,000.000 annual limit was fixed
twenty-five years ago in Section 8 of the Charter. Since that time the city
has doubled in size, and nothing has been done to make more funds available for just such emergencies as this.
AUG. 26 1922.]
THE CHRONICLE
At this point Mr. Babson was told of a strong feeling on
the part of both the railroad managements and the employees
that the Railroad Board was not properly made up. Concerning this, Mr.Babson stated:
Experience has shown that boards consisting of three groups (one group
representing capital, one group representing labor, and one group representing the public) do not function well. The group representing capital
vote in one body for the corporations; the group representing labor vote in
one body for the wage workers; this leaves the decision to the three men who
represent the public. The problems involved are too great to permitleaving
the decision to three men chosen more or less for political reasons. To have
the Railroad Labor Board or any other such board properly funcion, five,
seven or nine men should be selected who represent neither the corporations
nor the wage workers, but who represent the nation. These men should
be paid large salaries, given dignified positions, appointed either for life or
for long terms, and treated like the Supreme Court of the United States.
These men should gradually build up a code based upon their rulings,
seeking the advantage of no one group, but rather the welfare of the nation
as a whole, which in the end would be for the best interests of both the
owners and the wage workers. The decisions of this board as applying to
transportation, public utilities and similar conflicts, should be absolute and
final.
Railroad owners are now willing to accept compulsory arbitration, but
the labor leaders are not. Some claim the labor leaders are afraid of losing
their Jobs, but I do not believe this to be the reason. They appear to be
honest in their belief that enforcing men to work for profit is only a form of
slavery. Forcing a man to work in a steel plant which is operated for
profit may be a form of slavery. If compulsory arbitration applied to all
industry, we certainly would be reverting to slavery. When, however,it is
applied only to transportation, public utilities, coal mining and one or two
other industries, thus leaving the great field open, compulsory arbitration
cannot be called slavery. I say this because under such conditions any
man who did not wish to work for the railroads, the public utilities or the
coal operators would be free to go into competitive industry to which compulsory arbitration would not apply. The labor leaders state they are
willing to accept compulsory arbitration-as best exemplified by the Kansas
Industrial Court-provided the railroads, public utilities, coal mines, &c.,
are operated by the Government, not for profit. They illustrate their case
by stating that this is the reason they are willing to be drafted for the
army, because the army is operated by the Government, and not by individuals for profit, and that this is why being drafted for the army is not a
form of salvery.
This may be all right in theory, but the public is in no mood at present
for further Government operation. The results of the War, in connection
with the operation of the railroads, the building and operation of ships
and the various other interests in which the Government took a hand,
show that under present conditions Government operation is expensive,
inefficient and unsatisfactory.
The public believes to-day that better organization, better discipline
and lower costs come through private operation. The public further
believes that private operation should continue so long as the present
employees of the railroads, public utilities, and coal operators are not compelled to work for the owners of these properties, but arefree to leave them
and work for other people, and so long as there are plenty of other men
available and willing to work on the railroads, public utilities and coal
mines under a system of compulsory arbitration.
In view of these facts, it seems to me that the public will not at present
take seriously the claim of the labor leaders that compulsory arbitration
applied even to industries operated for prcfit Is necessarily slavery. If
it were to apply to all industries or if there were not a group of men perfectly willing to work on the railroads, public utilities and coal mines under
a system of compulsory arbitration, then there might be some justice in
the slavery argument. To-day, however, railroad men are perfectly free
to go into other lines of activity for which no compulsory arbitration is
suggested, while hundreds of thousands of men are willing to work for the
railroad, public utilities and even the coal operators under a compulsory
arbitration system. How will such a compulsory system be put in operation in connection with the railroads, public utilities and mines? Possibly the people will be so irritated that Congress will with one swoop apply
the Kansas Industrial Court idea to the railroads, public utilities and mines.
I hope, however, this will not be done. The need of the hour is to have
workers feel right. We shall never have efficiency and a reduction in the
cost of living until those engaged in industry feel right toward their work.
People never feel right when forced to do anything against their better
judgment. Hence my forecast is as follows:
The Railroad Labor Board's ruling will not now be made compulsory
as to the present employees, but they will be compulsory on every employee who goes to work for the railroad after a certain date. Those employees who are now at work for the railroads came on a free, competitive
basis and have done faithful work. Although theoretically they can change
to some other Job, yet practically they cannot. They know the railroad
business and this is all they do know, and it isn't fair to say they can quit
at their present time of life and enter a new field of work. Therefore I
say that unless these present employees will voluntarily come under the
compulsory arbitration system they should be free to continue as at present. But every additional man hired will be hired with the distinct understanding that he will conform to the decisions of the Railroad Labor Board,
as must the stockholders of such corporations. This would be perfectly
fair and would bring about a result which would be gracefully accepted
'by all in the course of time. Under this system it would take a few years
to bring about the desired result, but we would rapidly approach it from
year to year, and when adopted it would have the full co-operation of all
concerned. This is my forecast of the way that the problem will ultimately be worked out. Then there will be no more strikes on our railroads, nor in connection with the public utilities, mines. &c., when the
same method is extended to include them also.
LIST OF RAILROADS WITH WHICH THE UNITED
STATES RAILROAD,ADMINISTRATION HAS CONCLUDED FINAL SETTLEMENTS OF CLAIMS
FOR FEDERAL CONTROL PERIOD.
The United States Railroad Administration reports that
up to Aug. 2 1922 it has concluded final settlement with
a total of 273 railroads, including f6 short lines. The
payment of these claims on fin9.1 slttlement is largely made
up of balance of compensation
e, but includes all other
disputed items as between the ralroad companies and the
Administration during the 26 months of Federal control.
The list of railroads with which settlements have been
concluded is as follows. Bold-faced figures indicate payments by the carrier to the Government:
949
Abilene& Southern RR Co_ _ _ - $150,000 Merchants & Miners Trans- 8600.000
Akron Union Pass. Depot Co_
14,000 Meridian Terminal
702
Alabama Great Southern RR_ 1,530,000
Alabama & Vicksburg
__
275,000
Albany Passenger Terminal
5,679
Ry_-Co
Alton & Southern RR
385,000
Ann Arbor RR
600,000
Arkansas & Memphis Ry.
Bridge & Terminal Co
90,000
Asheville & Craggy Mountain
Railway
5,500
Atlantic Coast Line RR
5,500,000
Atlantic dr Yadkin Ry
120,000
Augusta Union Station Co_ _ _ _
400
Baltimore & Ohio RR
9,000,000
Baltimore Steam Packet Co_ _ 820,000
Bangor & Aroostook RY
575,000
Belington & Northern RR_ _
495
Belt RY Co of Chicago
140,000
Bennettsville & Cheraw Ry_ _
29,500
Bessemer & Lake Erie RR__ -- 3,050,000
Birmingham & Northwestern_
10,000
Midland Valley RR
550,000
Mineral Range RR
140,000
Minneapolis Eastern Ry
55,000
Minnesota & Internat'l Ry
340,000
M St P &S Ste Marie Ry
525,000
Mississippi Central RR
220,000
Missouri & Illinois B & B RR_
13,559
Mo & No Arkansas RR
292,000
Mo Kansas & Texas RY
5,000,000
Missouri Pacific RR
9,000,000
Mobile & Ohio RR
700,000
Munslng Marquette & S E Ry
90,000
Narrangansett Pier RR
7,500
Nashville Chatt & St L Ry
700,000
New England Steamship
100,000
New Orleans Great North RR 190,000
N Y Chicago & St Louis RR
3,000,000
N Y Connecting RR
1,395,000
N Y Dock Ry
64,861
N Y Ontario & Western
500,000
Birmingham Terminal Co_ _ _
4,575
1,825 Norfolk Terminal RY
Blue Ridge Ry
20,021
5,500 North Charleston Terminal
Boston & Maine RR
125,000
2.470,000 Northern Alabama Ry
Boston Terminal Co
95,364 Northern Pacific RY
9,000,000
Buffalo Creek RR (Erie RR
Northern Pac Term of Oregon
26,500
Northwestern Pacific Ry
and Lehigh Valley RR, as
850,000
Joint lessees)
185,000 Ocean Steamship of Savannah 2,275,000
Buffalo Roch & Pittsburgh Ry 1,000,000 Ogden Union Ry & Depot_ _ _ _
15,000
Camas Prairie RR
220,000 Old Dominion Steamship (VirCambria & Indiana RR
gianian Nay Co included)
900,000
70,000
Carolina Cllnchfield & Ohio Ry 550,000 Ontonagon RR
11,937
Carolina & Northeastern RR
15,000 Oregon Electric RV
90,000
Carolina & Northwestern Ry_
100,000
95,000 Oregon Trunk Ry
Pacific
Carolina & Tenn Southern Ry
Coast
RR
25,000
5,000
Central of Georgia Ry
1,000,000 Pacific Fruit Express
2,925,000
Central N Y Southern RR_ __
135,000
42,500 Peoria & Pekin Union Ry. Pere
Central Union Depot & Ry
Marquette RR
750,0®
Co of Cincinnati
2,931
25,000 Philadelphia Belt Line RR__ _
Charleston Terminal Co
90,000 Philadelphia & Reading Ry__ _ 8,000,000
Piedmont
& Northern Ry____
Chattanooga Station Co
100,000
19,624
Chesapeake Steamship Co-_ _ _
720,000
62,303 Pittsburgh & West Va Ry_ _
Cheswick & Harmer
35,000
1,000 Port Bolivar Iron Ore Ry____
Chicago Burl. & Quincy RR_ _ 8,000,000 Portland Terminal
850
Chicago & Eastern Illinois RR 3,000,000 Pueblo Union Depot & RR
7,700
Pullman Co
Chicago Heights Terminal
7,250,000
Transfer RR Co
4,000
500 Rapid City Black 11 & W RR_
Chicago Junction Ry
94,000
380,000 Richmond Fred & Potom RRChicago Milw & Gary RR_ _ _ _
200,000 Richmond Fred & Potom RE
(as successor of WashingChic Milw &. St P RI'
6,250,000
ton South Ry)
Chicago New York & Boston
187,500
Refrigerator Co
17,157
375,000 Richmond Terminal Ry
Chicago & North Western Ry_ 6,500,000 Rio Grande Southern RR_ _ _ _
105,000
Rock
Island-Frisco
Chicago Peoria & St Louis RR
Terminal_
21,800
1 St Joseph
Belt RY
Chicago River dr Indiana RR_
,
45,000
Chicago Rock Iril dr Pacific Ry 2,500,000 St Joseph & GM Island Ry___ 1,000,000
Chic St P Minn & Omaha Ry_ 1,200,000 St Joseph Terminal RR
3,000
Chicago Terre Haute & SoE Ry
205,000
35,000 St Louis Merch Bdge Ter Ry_
Chicago & Western Indiana RR 450,000 St Louis National Stock Yards 100,000
Louis-San Francisco RY
Cincin Findlay & Ft Wayne Ry
18,000 Stand
subsidiaries
Cincin Ind & Western Ry_ _
550,000
400,000
Mein New On & Texas Pacific 525,000 Ste Marie Union Depot
2,852
St Paul Bridge & Terminal Ry
Clinton & Oklahoma West Ry
34,000
75,000 Salt Lake
City Union Dep&RR
Clyde& Mallory Steamship Co 162,224
1,359
San
Colorado Midland RR
319,000 San Antonio & Aransas PassRY 1,000,000
Colorado & Southern Ry
Uvalde & Gulf RR 210,000
1,775,000 San Antonio
Fran
&
Copper Range RR
54,000
130,0C0 Savannah Portland SS
Union Station
Cumberland & Penna RR_ _ _ _
1
550,000 Selina
Northern RR
Cumberland Railroad
3,500
12,000 Sharpsville
Danville & Western Ry
14,403
260,000 Sioux City RR
Dayton & Union RR
Bridge
98,547
1,000
Delaware Lack & West RR_ 5,000,000 Sioux City Terminal Ry
60,000
Southern Ill & Mo Bridge_ _
Delta Southern Ry
40,240
60,000
Southern
Denison & Pacific Sub Ry_ _
412,000
13,000 Southern Pacific Terminal__ _
Denver & Rio Grande RR._ _ 800,000
Ry
6,000,000
Southern
Denver Union Terminal RY-- 207,800
12,500 Spokane Steamship
Des Moines Terminal Co
Portl &Seattle Ry
1,600,000
15,500 Susquehanna
Des Moines Union Ry
& N Y RR
42,000
330,000
Sussex
Detroit & Mackinac Ry
26,000
105,000 TallulahRR
Duluth & Iron Range RR_ _ _ _
Falls Ry
3,000
4,866,000
Tampa Union Station
Duluth Missabe & Nor Ry- _ _
11,500
8,525,000
Terminal RR of St Louis
Duluth South Shore & AU _ _ _ _
60,000
80.000 Texas Midland
Duluth Union Dep & Transf_ _
RR
100,000
21,000 Toledo Peoria &
Durham & Southern Ry
75,000 Toledo Terminal Western Ry. 325,000
Durham Union Station Co_ _ _ _
RR
100,000
2,191
Trans-Mississippi Term RR
Eastern Steamship Lines
55,000
250,000 Troy Union
Elgin Joliet &Eastern Ry__
RR
42,000
3,700,000 Ulster & Delaware
El Paso & Southwestern
RR
390,000
400,000
Union Depot of Columbus,0_
El Paso Union Pass Depot_ _ _ ..
20,000
5,666 Union Freight RR
Escanaba & Lake Sup
8,750
__
140,000 Union
Evansville& Indianapolis
RR and subsid_ 8,000,000
RR_RR_ 235,000 Union Pacific
Passenger Depot Co of
Fairchild & Northeastern Ry_ _
10,000 1 Galveston
Farmers Grain dz Shinning Co_
35,000
25,000 Vicksburg Shrevep & Pac Ry_
Ft Dodge Des M & Sou RR__ _
250,000
300,000 Virginian Railroad
Ft Worth Belt Ry
2,100,000
75,000 Wabash Railway
Ft Worth & Denver City Ry_ _
1,500,000
725,000 waupaca Green Bay RY
Ft Worth Union Pass Sin Co__
6,383
4.529 Weatherford Mineral Wells &
Galveston Wharf Co
85
000
,
Goldsboro Union Station Co
.
e 167 W stern Pacific RR
Grezt Northern Ry
4,200,000
tes
m
e rete
ltrR
idH
DRespatch Co_
Green Bay & Western RR_ _ _ _ 6,450000:000000
50,000
West
Gulf Coast Lines(New Orleans
1,080,000
, Wheeling & Lake Erie Ry_ ___
Texas & Mexico fly)
440,000
800,000 Wichita Falls & Northw Ry__
Gulf Mobile & Nor RR
3,500
1
, Wiggins Ferry Co
Meridian Mob & Nor RR_ _ _ _ f
145,000
100,000 , Wilkes-Barre Connecting RR_
Gulf & Ship Island RR
27,500
575,000
Wilmington
Ry
Bridge_
_No
cash
paym't
Gulf Terminal Co, The
9,426 Winona Bridge RY
47,000
Gulf Texas & Western Ry_ _
__
40,000 Winston-Salem Southbound Ry
72,000
Hamilton Belt RR
20,000
River
Branch
Wood
RR
Hartwell Ry
1
24,500 Woodstock & Blocton Ry_ _ _ _
11
150
9:0
00
00
High Pt Randleman
Ashboro
Wrightsville & TenIlle RR_ _ _ _
22,500
& Southern RR
0
0
:00
0
0
Railroad
Yadkin&
Houston & Brazos Valley fly..
12305
Yazoo Mississippi Valley RR 5,075,000
Hudson dr Manhattan RR_ _
.. _
750,003 York Harbor & Beach ER..._
50,000
Illinois Central RR
7,750,000
International & Grt Nor Ry_
_
100.000
Interstate Ry
Short Line Railroads.
60,000
Iowa Transfer Ry
7.200 Bullfrog Goldfield RR
$12,000
Jay Street Terminal
290.000 Calumet Western RS'
7,377
Joliet Union Depot Co
2,307 Dayton Toledo & Chicago Ry_
Kansas City Mex & Or
mt.__ 250,000 Deering Southwestern Ry_ _ _ _ 20,000
9,000
Lackawanna & Montrose
RR_
4,000 Fourche River Valley & Indian
Lake Sup & Ishpeming
Rv_ _
Territory Ry
140,000
• 20,600
Leavenworth Depot & RR_ _ __ __
10,500 Gulf Florida & Alabama_
29,100
Lehigh & Hudson River fly.-.
Kentwood
Greensb & S W RR
225.000
I
17,000
Lehigh & New England
RR_
675,000 I Knoxv Sevierville & East Ry.
2,500
Lehigh Valley RR
Lawndale Ry & Industrial Co_
800
Lexington Union Station Co_- - 4,600.000 I Leetonia
_
'
17,000
Railway
4,600
Little Kanawha RR
1.00 Lorama Rail,•oad
2,350
Lorain & West Virginia
25,000 Lufkin Hemphill &Gulf Ry_ _
8,700
Los Angeles dr Salt LakeRy_ _ _
890,000 Mason Railmad
SOO
Louisiana &Arkansas RR_ _
200,000 Middle Tennessee Ry
5,000
Louisiana Southern RyRy_ _ _ _
800
Louisville Heed & St L
Ry_ _ __ 66
Central
90
0.0
00
00 NMe°wns°1%,n1exRicaoilrmeerl
31,395
Louisville & Nashville RR
0 Nezperce & Idaho RR
6,00?
Lou & Miss RR Transfer
33 232 Okmulgee Northern Rs
Louisville & Wadley RR Co.3,175 Paris & Mt Pleasant RR
1040:074007
Macon Terminal C J
71,3113 I Raquette Lake Ry
Maine Central RR
e &Rnivreirt
kaonke
Rs%
Rpooan
011 s
860
50 000
11,700
Manistique dr --e
T..b Sun RR
50,000
I San Joaquin & Eastern RR...
10,000
Marouette & Bess DPck &
Columbia
Niiv7,500
M
ma
ersh
m phR
iseu
fringie
ora
n
:
tti ta
r tSie
Tavares
Gulf
&
or:ice _ _
RR
21'000
8,500
Maxton Alma dr Southb'd
13,5001Waterville Railway
IIR_
,
10,000' White Sulphur dr Huntersv RR ,
3,500
950
THE CHRONICLE
RESUME MINE PUMPING IN NOVA SCOTIA.
Striking pumpmen, engineers and maintenance men in
the Cape Breton Mines, Nova Scotia, returned to work
this week pending the outcome of wage negotiations between
the operators and the strikers. The meeting of miners, at
which the pumpmen decided to return, was called following
the receipt of news from Halifax that H. H.'Armstrong,
Minister of Mines and Public Works in the Nova Scotia
Government, had decided to man the pumps with volunteers
in order to keep them from flooding.
[VOL. 115.
1. The Association met as a whole In the morning, almost unanimously
decided to continue its stand against restoring the strikers with their ranking unaffected and directed its ccminittee which met last week with the
brotherhood chiefs to draw up a resolution embodying this decision.
2. The committee submitted the resolution anti* the noon recess and
after its adoption left for the Grand Central Station and tranemitted the
message to the commute e representing the running trades, who have stepped
into the shoes of mediators. These mediators, before going into conference,
issutd a statement asserting that the strike must be settled because the
public demanded it and setting forth that "the crews who now operate
the trains form that part of the public which knows best why a settlement
must come.
strik3. 'rhe brotherhoods then advanced another proposal, I. e., that the
ers be "reinstated in the position of the class they originally held on June 30:"
that all be restored not later than October 1, and that disputes which might
it
arise over seniority rights be referred to the Railroad Labor Board. Later
was suggested that settlements by individual roads be made on this basis.
by
4. The committees representing executives and the big five, departing
and
a back stairway to elude newspapermen, then repaired to the Yale Club
.
association
brotherhood chiefs addressed the whole membership of the
5. The mediators then withdrew and departed for the Hotel Woodstock
for a conference with shop craft leaders which lasted into the evening.
6. The association adjourned its meeting.
last
7. Members of the minority group continued in session, recessed, and
they
evening held another conference with brotherhood men for the purpose,
settlesaid, of testing the good faith of the big five regarding the separate
ment suggestion.
The conference of Rig Five brotherhood chiefs with a committee repreindisenting a number of the roads, held last night in an effort to reach
via ual agreements in accordance with the brotherhood's proposal, adjourned
at midnight.
COAL STRIKE IN WESTERN CANADA SETTLED.
Approximately 12,000 coal miners, members of District
18, United Mine Workers of America, were expected to
resume work in the coal mines of Alberta and British Columbia, following an agreement reached on Aug. 23 with the
Western Canada Coal Operators' Association. The miners
had been out since March 31, when the continent-wide
strike of mine workers started. The agreement, which
provides for a reduction of 15% on the old scale, to be superseded as soon as 75% of the operators in the United States
soft coal fields sign an agreement, will be submitted to the
miners for approval in the form of a referendum. Miners'
The Associated Press accounts of Thursday's deliberations,
officials stated that it would be endorsed, and the miners as given in the "Journal of Commerce" of yesterday (Aug.
were expected to be back in the mines almost immediately. 25), said in part:
The agreement will be in effect until March 31 1923. The
"We are like bats; we can't see the way out." Thus did the chief of one
brotherhoods describe the position in which the
operators wanted a two-year agreement but this the miners of the Big Five railroad
running trades found themselves last night after their latest efforts to settle
refused.
the shopmen's strike, now nearing the end of its eighth week. . . .
WILLIAM Z. FOSTER ARRESTED IN CHICAGO.
William Z. Foster, the radical agitator, head of the Trades
Union Education League and leader of the steel strike of
1919,wa3 arrested in Chicago on Aug.23 following the seizure
,of seventeen members of the Communist party of America
in Berrien County, Michigan. He was released in bonds of
$5,000 furnished by friends. He announced the following
day that he would fight to the limit against extradition into
Michigan. He termed his arrest and the Government's
activities "hysteria." He added that he was tired of being
the "bogey man" conjured up by the Government agents
whenever anything happened.
of
Although no official statements were issued regarding the results
the conyesterday's parley, indications were that the roads represented at
on
ferences were standing firm with those which had detailed no delegate,
that
the decision of their association not to yield an inch on the demand
strikers be reinstated with full seniority rights.
At the same time shop crafts leaders;in informal comment,indicated that
of
they were not in any mood to accept individual settlements. The tone
these comments was that the brotherhood men had not been authorized to
enunciated
policy
suggest abandonment of the "all for one and one for all"
after
by the unions at the beginning of the strike. Hints were dropped,
brotherhood chiefs had stated cryptically that "It's now up to the shopto
over
men," that the mediators would find difficulty in winning them
approval of any individual agreements.
noonday
When the mediators returned to labor headquarters for the
definite
conference with shop craft leaders the report was current that some
that
said
was
proposal was under consideration. Last night, however, it
s were
negotiation
that
and
only tentative suggestions had been advanced
some way off.
still in the discussion stage, with a poll by either side
evening,returned
The Brotherhood chiefs, upon leaving the Yale Club last
with Bert M.
hour
to labor headquarters and were closeted until a late
leaders.
Jewell, spokesman for the strikers, and other shop craft
s was a
Representing the roads interested in yesterday's negotiation
of the Balticommittee on which, in addition to Daniel Willard, President
N. D.
Central,
York
more & Ohio, there served A. H. Smith of the New
BurlingMaher of the Norfolk & Western, and Hale Holden of the Chicago,
ton & Quincy.
seated in the
A member of the shopmen's Eastern strike committee,
rs, made this
lobby of the Hotel Woodstock, serving as labor headquarte
comment to newspaper men:
nineteen
"I'll tell you that there's going to be no settlement with any
railroads. You can put that in your pipe and smoke it."
FAILURE OF NEW YORK CONFERENCES OF BROTHERHOOD HEADS AND RAILROAD EXECUTIVES
•TO EFFECT SETTLEMENT OF SHOPMEN'S
DISPUTE.
The termination without results of the conferences held
in this city between railway executives and brotherhood
leaders in an effort to effect a solution of the disputed issues
with the striking shopmen was witnessed yesterday (Aug.25).
These conferences, begun on Wednesday of last week
(Aug. 17) between a committee of the carriers and heads
In summing up yesterday's outcome, the "EveningPost"
of, the five train service organizations, were adjourned of last night, said:
nearly a third of the mileage of the
on the 18th inst. and resumed on Wednesday of this week 'The conference, which involved
in
country, met after the efforts for a general settlement had collapsed through
ood
as
indicated
heads,
was
brotherh
The
23).
(Aug.
the refusal of the executives to restore seniority rights of the strikers. No
these columns last week (page 836), had undertaken to act other outcome of the separate negotiations was expected for it was known
of
that the general committee ofshopmen had adopted a policy against separate
as mediators of their own motion, following the failure
settlement, and that the policy could not be changed except by the comt.
to
bring
a
settlemen
ce
about
conferen
on
the Washingt
mittee itself, which was not in session.
ood
2)
brotherh
with
the
(Aug.
David Williams, head of the Eastern strike committee, was quoted by
At Wednesday's meeting
a
rejected
by
vote
of
s
4
to
254
executive
Associated Press as saying, as he annmmced the break in negotiations,
the
railway
the
heads
"Nothing else could have happened. If they'll quit fussing around welt
reinstate
s
for
the
mediator
the
by
advanced
the proposals
un- beat these fellows."
Terms of Settlement.
ment of the striking shopmen with seniority rights
The settlement proposed by the executives was based on the return
impaired. The four dissenting votes were those of S. Davies
the strikers "not guilty of proven acts of violence" to their usual class
Warfield, President of the Seaboard Air Line. While the of
work, at rates of pay fixed by the United States Railroad Labor Board,
of
lly all the 148 roads
any disagreement
railway executives as a body (practica
and at the same terminal point. Bases of settlement for
arise out of such proposals were provided in a commission
in the Association were represented) thus finally declared which might
•
executives.
five
ess left open for settle- of ten made up of the five Brotherhood chiefs and
themselves, the way was neverthel
Pension rights "and other privileges" which the strikers had earned
roads, in accordance with by virtue of their term of service were to remain unimpaired, but the
ment by individual and separate
t
by T. roads were unwilling "to agree to any program or methods of adjustment
the following declaration in the statemen issued
of the shop craft
which would affect the rights or privileges of employees
De Witt Cuyler, Chairman of the Association of Railway who did not take part in the strike or those who had been employed since
meeting of the 23d:
July 1.
Executives, following the the
train and engine serviee brotherhood
executives that negotiations were over,
by
While the basis suggeeted
the brotherhood leach rs interpret it,
interpreted as it is understood
,
leader
submitted, a group of roads have determined to ascerwas not acceptable as
modifications of it may be obtained by further
tain whether or not such
group of roads and the mediators as will make
negotiations between this
at least some of the reads under their special
the proposal accep6able to
event, would consider the making of separate
that
in
which,
conditions,
and individual settlements.
Despite the statement by the
to "fight to a finish," a report
and the determination of the union leaders
to the effect that Bert M.
was circulated in Wall Street by a news agency
Jewell would call a meeting of the shop crafts general committee to decide
whether or not separate agreements would be authorized.
The following is Mr. Cuyler's statement of the 23d inst.
regarding the proposals of the mediators and the executives'
heads of the five brotherhoods non-acceptance:
The conferences between the
a score of railroads brought
than
The various suggestions made by the Chairman of the train and engine
more
of
and executives
brotherhoods, as voluntary mediators, in respect to an adjustment
service
d
on
continue
Thursday
were
ay
under way late on Wednesd
the pending strike of the shoperafts, were fully considered, and the
of
to
where they were brought
following preamble and resolutions were adopted by a vote of 254 to 4:
and again yesterday (Friday),
ns that there was no pros"The Committee appointed at the meeting of the railroads on August
an end 'with continued indicatio
the five train service
11th having been requested by the chief officers ofto
issue. In summarizing organizatio
seniority
the meeting to-day
the
ns to meet them as mediators, reported
on
t
agreemen
of
pect
were
this
held in the City
invitation
with
in
accordance
conferences
that
Associated Press said:
the proceedings on the 23d the
•
Aua. 261922.]
THE CHRONICLE
of Washington on August 12th and in the City of New York on August 17th
and 18th.
•
"At these conferences the position of the railroads, as reflected in the
action taken on August 11th, was fully discussed, but the Committee has
reported that the officers of the train and enginer service brotherhoods
were unable to bring about an agreement on the part of the shoperafts.
"At the conclusion of the conference on Friday, August 18th, an adjournment was taken to enable the Committee to report the result of the conference to their associates, which report has been made to-day.
"After discussion, the following resolution was adopted:
"'Resolved, That the Committee is authorized to meet the representatives
of the train and engine service brotherhoods again and state to them that
the railroads adhere to the position heretofore taken, namely. that "the
striking former employees cannot be given preference to employees at
present in the service, without doing violence to every principle of right
and justice involved in this matter and without the grossest breach of faith
•on the part of the railroads to the men at present in their service. Under
these circumstances it becomes apparent that the railroads cannot con
sider any settlement of the present strike which does not provide protection
In their present employment, both to the loyal employees who remained in
the service and to the new employees entering it.
"'Resolved Further, That unless the representatives of the striking former
shop employees are prepared to accept that position, the railroads are
unable to see wherein the efforts at mediation by the chief officers of the
brotherhoods can harmonize these fundamental differences.
"'Resolved, That the railroads express their appreciation of the friendly
intent and the earnest efforts that have been made by the chief officers of
the train and engine service brotherhoods to compose the present situation,
and express their sincere regrets that the situation has not permitted a
successful termination of these efforts.'"
These resolutions were at once communicated to the mediators by a
committee appointed for the purpose. Hpon delivering and reading the
resolutions to the mediators they requested that they might appear personally before the Member-Roads, which request was, of course, granted.
The mediators thereupon joined the executives assembled at the Yale
Club, and made statements embodying their views of the situation.
In the course of Mr. Sheppard's remarks, he, on behalf of the mediators,
submitted a suggestion In the form of a memorandum whiea is fully quoted
in my letter given below.
They disclaimed any knowledge as to whether this suggestion would be
accepted by the striking shopmen, but requested that it be considered by
the Association, and also that it be presented to any individual road that
might be inclined to make a separate settlement. To this communication
the Association directed the following to-day to the Chairmen of the five
train-service crganizations, answer to be made, which was accordingly done:
"Gentlemen: The carriers have carefully considered the tentative suggestion you hays to-day made reading as follows:
"'First. All men to be reinstated in the peskier ofthe class they originally
held on June 30 1922, and as many of such men as possible are to be put to
work Sept. 1, at present rates of pay, and all employees who have been on
strike to be put to work or under pay, not later than Oct. 1 next, except
such men as have been proven guilty of destruction of railroad property or
convicted of crime; ordinary cases of assault and battery the result of
personal encounter are to be disregarded.
"
'Second. If a dispute arises as to tbe relative standing of an employee
or employees that cannot be otherwise adjusted by the carrier and said
employee or employees the matter shall be referred to the United States
Railroad Labor .Board in accordance with the Transportation Act of 1920
by the organization, the employees or the carrier in the interest of any
employee who may be aggrieved.
"'Third. No intimidation nor oppression shall be practised or permitted
against any of the employees who have remained or have taken service or as
against those who resume service under this understanding.
"'Fourth. All suits at law now pending as the result of this strike to be
withdrawn and canceled by both parties.'
"The use by you in this suggestion of the term 'reinstated' goes to the
root of the differences between us.
"You have repeatedly explained to our committee that this means an
acknowledgment on the part of the carriers that the men returning to
work under your proposition above quoted will be senior to the new men
employed since July 11922, and senior to the old men who remained in the
service to the extent that the returning strikers were senior on June 30 1922.
. "As this acknowledgment would doubtless control the decision of the
Labor Board on a dispute submitted under your second paragraph as to
seniority, and oblige it to render a decision against the old men who remained and the new men who entered the service, we cannot accept it.
"I am,
"Faithfully yours,
(Signed) "THOMAS DeWITT CUYLER, Chairman."
• It may be, from the suggestion above mentioned of the mediators, that
tley will recommend to the leaders of the striking shopmen to permit
settlements with individual roads, authority to make which has hitherto
been declined by these leaders.
While the basis suggested by the train and engine service brotherhood
leaders, interpreted as it is understood the brotherhood leaders interpret it,
was not acceptable as submitted, a group of roads have determined to ascertain whether or not such modifications of it may be obtained by further
negotiations between this group of roads and the mediators, as will make the
proposal acceptable to at least some of the roads under their special conditions, which, in that event, would consider the making of separate and
Individual settlements.
951
paired. These railroad companies felt at liberty to do this became such
action on their part would not in any way affect or prejudice the right or
privileges of others who did not participate in the strike.
The railway executive s also agreed that if after the men returned to
work tnere remained any unsettled dispute growing out of the situation
which the companies and the representatives of the employees were unable to
settle in direct conference, such matters should be referred for final determination to a commission of ten m, misers to be made up of the chief executives of the five train and engine men's brotherhoods, who were acting as
mediators, and five railway executives experienced in matters such as would
naturally come before a committee of that kind.
The railwe y presidents also proposed thet if any agreement could be
reached along lines substantially as indicated above they would endeavor
to carry out the agreement in a spirit of conciliation and sincere purpose to
eft ct a general settlement of al! matters in controversy resulting from the
strike. The railway executives were certain that, while making substantial
concessiens to the men on strike, such a settlement as proposed would in no
way sacrifice the right or privileges of the loyal men now employed on the
properties represented.
The committee of mediators worked earnestly and helpfully with the
carriers in an effort so bring about an acceptable adjustment. The railway
executives who took part in the conferences sincerely regret that the npresentatives of the striking employees, although definitely assured of the
substance of all that they asked for, were unwilling to agree to a settlement
except under conditions which the railway executives were unwilling and
unable to accept.
It is difficult to imagine any fairer basis of compromise than the one
developed at yeeterday's conference a ad agreed to by the carriers represented. it must he assumed, therefore, that the present controversy cannot be settled by that method.
The statements in behalf of the brotherhood heads are
given under a separate head in this issue.
B. M. JEWELL ON REJECTION OF RAILWAY EXECUTIVES' PROPOSALS.
The collapse yesterday of the conferences between the railway executives and heads of the railroad brotherhoods, details of which we give elsewhere, brought statements by each
of the parties regarding the failure of the efforts to adjust
the dispute of the seniority issue in the shopmens' strike,
and the stand taken by the executives is set out in our general
item, indicating that the parleys have been brought. to an
end. Bert M. Jewell, President of the Railway Employees'
Department of the American Federation of Labor,issued two
statements yesterday in the matter,one in which he says thatthe conferences show that the group of roads to the conference looking to individual adjustment "will make no concessions—they stand firm on the position of the Association
of Railway Executives, which refuses seniority rights."
"To go back on such terms," says Mr. Jewell, "would mean
defeat, when as a matter of fact we are victorious." "We
can and will fight for our minimum terms," he asserts, "and
for a nation-wide settlement, as long as the management can
and will." This statement of Mr. Jewell's follows:
The conferences have shown that the group ef
roads which have been conferring will at present make no concessions.
They stand firm on the position of the A.ssociatIon of Rail.'ay Executives, which refuses seniority rights.
This refusal of seniority rights to union men,it is now clear, is not for the
purpose of keeping promises to strike breakers, hut solely for the purpose of
disciplining the men for a legal and justified strike. This is a position with
which the men cannot compromise.
To go back under such terms
would mean defeat when, as a matter
of fact, we are victorious. The breakdown
of equipment and the shortage
of ears and locomotives is now
shown by Government statistics. It will
be obvious to every shipper and
farmer during the next few weeks. We
shall be content to let the condition
of equipment prove that the railroads
canot operate their stock with unskilled strike breakers and bring the
executives to a more reasonable frame of mind.
We do not blame the more reasonable executives who have
evidently
yielded to pressure. We believe that the next few weeks will enable them
to bring home to their hard-shelled colleagues
Mr. Willard's statement of yesterday follows:
the entire railroad situation
Following the general meeting of the Association of Railway Executives in its grim reality.
We can and will fight for our minimum terms and for a
held in New York the day before yesterday, a group of railroad presidents,
nation-wide
representing fify-two companies with an aggregate mileage of 85,000 miles settlement as long as the management can and will. In behalf of the
oflines, continued in conference with the leaders of the five train and engine public interest we have offered to compromise on everything but our
- men's brotherhoods, who had been acting as mediators, for a further discus- existence. Now that we arc compelled to fight, however, our victory
sion of tne shop craft's strike. Conferences between a small committee rep- will bring with it victory on all the issues for which the strike was called.
• resenting these railroads and the brotherhood chiefs were held at the Yale
The following statement was also issued yesterday by
• Club, New York City, Wednesday evening, during a large part of Thursday Mr.
Jewell in answer to the proposals of the group of railand this forenoon.
These railway executives, mindful of an increasing demand for tans- road executives with which the conferences of the past few
portation incident to the season of the year, and anxious on that account to days had been
conducted:
•do everything that might be possible and practicable to bring about a settleWe have the proposal providing
the terms which are suggested as a basis
ment of the existing controversy, were hopeful that a further discussion on which only
a part of the men on strike on certain railroads may return
might develop some plan or method for settlement which would not require to work.
Consideration of a proposal of this nature must necessarily emthe sacrifice of principles deemed fundamental by either party to the con- brace a
serious consideration of the clauses of the existing conditions and all
troversy.
matters leading thereto, as well as the effect of any steps taken at this time
Having in mind the normal requirements of the carriers for men of the as they
will affect the welfare of the men and the peace, stability and effishop crafts at this season of the year, together witn the increased require- ciency of
the railroad industry.
ments resulting from a reduced working force for nearly two months, these
The strike occurred because of conditions intolerable to the men,coupled
.companies, while unwilling to agree to any program or method of adjust- with
excessive
reductions in wages. In accepting the proposal of President
ment which would affect the right or privilege of employees of the shop Harding of
jute 31 of this year the representatives of the men involved
crafts who did not take part in the strike or those who had been employed agreed
to resumption of work without a settlement of either of the two
:since July 1, were willing to pledge themselves to find employment for all remaining
issues that were originally involved in the difficulty, namely
of the striking employees not guilty of proven acts of violence at their usual those
concerning wages and working conditions. In agreeing to resume
class of work, at the rate of pay fixed by the United States Railroad Labe work and
leave
these matters to the Railroad Labor Board for rehearing
Board and at the same terminal points.
the men
With this important plisse of the controversy disposed of there remained them in made all the concessions that should be required or expected of
the
interest of peace in the industry, the other issues involved in
only the problem of reaching an understanding concerning the future rela- the
strike, that of contracting out of shops and working conditions having
tions between the railroad employees themselves and between the emorities
declared
tha
iltlega
conlsb
.bor Board and all other Government
Lra
dte
idyetrhe
oa
at
ed R
thaeilrm
ployees who had been on strike and their employing companies.
authorities
The railroads disclaim any desire to take advantage of the situation
The question of the standing of the men on strike as railroad employees
to curtail the rights or privileges which the striking employees had earned was not an
issue until projected by the railroad managements, and only
by virtue of their term of service with the companies, and the roads in this became an
issue when the railroad managements refused the terms of agreeconference agreed to take hack all employees with such privileges unim- ment
proposed by President Harding.
952
THE CHRONICLE
[VOL. 115.
portation threatening the railroads were forced to employ new men where
To accept or submit for acceptance the present proposal that carries no
available to supplement the workers who remained loyal despite the
visible guarantee or assurance of protection of the rights or standing of the
call.
men as railroad employees, held by them prior to the strike and earned strike
And now, with the shopmen apparently willing to return to work at
by years of continuous and efficient service, would mean that we ask the
the wages fixed by the Labor Board—which leave them still better paid
men on less than one-third of the roads affected to return to work, yielding
than men in the employ of other industries—their leaders,
to every demand of railroad management, receiving only such standing workmen
responsible for the trouble, assert the railroads have closed the
as employees as might be granted by managements after their return and solely
a settlement and seek to put on them the onus of continuing
later determined by the commission provided for in the proposal, and that doors to
because they will not displace loyal men with those
the employees of less than one-third of the mileage now involved returning the strike simply
quit at the command of the union leaders.
to work under such conditions would leave the remaining employets of who
If the men who struck are allowed to dominate the situation by taking
more than two-thirds of the mileage out of railroad employment and by
of loyal men, the morale of our supervisory officers,
returning to work would in that measure destroy the effectiveness of the the places and rights
who have borne the brunt of the fight and who, by their efforts have
strike as of to-day.
totally demoralized. This morning's
Even on the roads represented the proposal does not contemplate the kept the railroads running, will be
at Herrin, Ill., where the miners have again
return to work of' all the men on strike. It only includes those who come papers tell of new troubles
the operators refused to discharge a master mechanic
under the heading of shoperafts while it is known and agreed that many gone on strike because
officers unsatisfactory to the strikers. What will
men other than those coming under this designation are at present on strike. and other supervisory
if we bring the same situation to the railroads? It is
There is no intent on our part to question the integrity of the officials of have been gained
the attitude of the great army of local officers
the roads now concerned, but it must be obvious to all that definite action recognition of this fact, and
which has led the executives to stand
can be taken only on matters clearly defined in any proposal made. Our of the railroads on this subject,
preserve the rights of loyal men.
first concern must be the interest of all the men involved. We, the repre- firmly in the position they have taken to
sentatives of the men on strike, cannot recommend to the men the acceptance of this proposal without deliberately and consciously sacrificing the CALLING OFF OF STRIKE ON SANTA FE SYSTEM.
interest of the men involved.
We fully appreciate the help, interest and effort of the transportation
The calling off of the walk-out of local members of the
organization executives in their capacity as mediators and we will regret "Big Four" Brotherhoods on the coast lines of the Atchison
it if compelled to report to our people that their splendid efforts failed bereported in advices
cause of the arbitrary position taken by the carriers to produce some clear Topeka & Santa Fe Railway system was
concrete proposition that we can present and conscientiously recommend to the daily papers from Los Angeles Aug. 19, which stated
to the men we represent for acceptance.
freight and passenger service would be resumed im-
that
The statement issued by Mr. Jewell on the 23d inst. mediately, according to an announcement made by I. L.
declaring that "the Association of Railway Executives has Hibbard, General Manager of the Santa Fe. It was likeclosed the door" is given in another item.
wise stated in the dispatches:
Mr. Hibbard announced that he received word from Needles, Calif.,
coast lines, that the brotherhood repreB. M. JEWELL SAYS "RAILWAY EXECUTIVES HAVE the centre of the trouble on the
sentatives there had reached a decision that lite trainmen will return to
CLOSED THE DOORS."
on the Santa Fe was limited to
trainmen
work. The walk-out of the
On Aug. 23, following the rejection by the railway execu- the coast lines, and the return will restore service to normal througnout
system, he said.
tives of the proposals for the restoration of seniority rights theThe
return of the "Big Four" brotherhood men will effect no change
Railthe
of
President
Jewell,
M.
to the striking shopmen, B.
in the situation of the striking shop craftsmen, General Manager Hibbard
been made with the shopmen and the conferences
way Department of the American Federation of Labor, said. No terms have
dealt solely with the operating trainmen.
issued a statement in which he charged the railway execuDetails of the walk-out were given in our issue of a 'week
tives with having "closed the doors," and declared that
page 832.
ago,
"the responsibility for what will happen now rests solely
follows:
statement
Jewell's
Mr.
upon them."
"BIG FOUR" NOT TO BE DRAWN INTO STRIKE
The Associatiort of Railway Executives have "closed the doors." The
to
ACCORDING TO BROTHERHOOD HEADS.
and
to
end
the
strike
reason
within
concession
offered
have
every
unions
save the public from a breakdown of transportation, but the executives
there was no danger of the "Big Four" railroad
That
have made none. On the contrary, they have since the strike began raised
on brotherhoods being drawn into a sympathetic
transportati
their
by
and
their
;
own—seniority
an entirely new and irrelevant issue of
refusal to recede from their position have made a settlement impossible at strike, even in the event of the failure of the negotiations to
this time. The responsibility for what will happen now rests wholly
end the strike of the shoperafts workers was the declaration
upon them.
living
attributed to Warren S. Stone, President of the Brotherhood
for
a
a
to
strike
June
in
establish
The shoperaft employees voted
wage and decent working conditions. The Association of Railway Execu- of Locomotive Engineers, and D. B. Robertson, President
tives have now voted for a lockout to smash unionism on the railroads and
of the Brotherhood of Locomotive Firemen and Enginemen,
to eliminate collective bargaining from the industry.
to
times
the
meet
to
all
at
executives
bring
ready
been
have
The men
on their return to Cleveland from New York and Washingabout an honorable settlement. We expressed our willingness to do so ton Aug. 20. The Associated Press dispatches from Cleveto the Railroad Labor Board in Chicago. We accepted President Harding's
this adding neither would comment on the progress
terms of settlement of July 31. The executives, however, have consistently stated
.
negotiations
done
the
to
end
move
strike.
have
every
They
and arrogantly blocked
of the
of the negotiations," Mr.
so with the plain intent of eliminating unionism from the railroad shops
"I can't make any cement on the progress
already."
as the first step in the elimination of unionism from the industry as a whole.
They refuse, even at the President's direct request, to take back striking
employees with seniority rights unimpaired, in order that they might
separate free and courageous men from their jobs and thus disintergate
the employees' organization. They even try to justify their refusal on the
ground of promises of permanent employment to strikebreakers which they
have not made.
The shoperaft employees are now fighting for their very existence and the
existence of the other railroad employees, as well as for justice and right.
This last misguided action of the executives makes our victory secure. The
executives to-day have not a leg to stand on before the people.
The 400,000 striking employees accept the challenge of the railroads.
We will redouble our efforts, confident of success.
E. E. LOOMIS IN ANSWER TO B. M. JEWELL.
E. E. Loomis, President of the Lehigh Valley RR., who
has just returned from Europe, took occasion on the 24th
inst. to answer B. M. Jewell's statement to the effect that
the railway executives had "closed the doors" to a settlement of the shopmen's strike. Mr. Loomis states that "if
the men who struck are allowed to dominate the situation by
taking the places and rights of loyal men, the morale of our
supervisory officers . . . will be totally demoralized."
Mr. Loomis's statement is given herewith:
While away I have managed to keep in touch with the strike situation and
at the same time to get a detached viewpoint. I am amazed to discover how
quickly the public seems to have forgotten the fundamentals of the present
trouble. They are in brief:
1. The Labor Board, after a careful investigation, reduced the wages of
the shop crafts, although the rates fixed for them left them still from 10c.
to 14c. an hour higher than the wages paid for similar work in other industries, and, because of the special privileges allowed these men in the way of
free passes for themselves and families, pensions, economical insurance,
&c., made them a preferred class in their craft.
despite these facts, defied the Labor
9. Leaders of the shop crafts,
Board and called the strike.
of these unions, following mismembers
the
3. The great majority of
and began a determined effort to
taken lead. rsbip, left their positions
of this country that their wishes
Paralyze the transportation industry
Government tribunal.
might prevail over the judgment of a
one between a Government comwas
4. Up to this time the matter
witn a suspension of transmission and the union organizations, but
Stone said. "Too much has been said
use"We are acting as mediators, and mediators only prejudice their
not be asked to
fulness by talking," Mr Robertson said. "I would rather
say anything until the conferences are over. I can't make any predictions
now."
Asked what position the brotherhoods will be in if the negotiations fail,
Mr. Stone said: "They will be in the same position they were in before.
The strike simply will go on."
"There never has been any sympathetic strike nor any considered," he
continued. "There are safety laws to take care of the defective equipment which would endanger the lives of brotherhood members and it will
only be necessary to enforce those laws."
He was then asked if the orders of President Harding to the Inter-State
Commerce Commission to withdraw all trains which do not fully comply
with the law were satisfactory and he replied:
with"If the Federal inspectors can keep a close enough check they will
however."
draw many trains. I would rather not talk about that yet,
Both Messrs. Stone and Robertson were said to be optimistic on the 22nd inst. as to the outcome of this week's conferferences in New York of the railroad executives and transportation brotherhood chiefs. Mr. Stone was then quoted
as saying: "I am optimistic regarding to-morrow's conferference with the railroad managers. Some way will have to
be reached to end the strike. I am hopeful of reaching an
agreement." These views were expressed before their
departure from Cleveland to participate in the New York
Conferences.
SIOUX CITY TRADES AND LABOR ASSEMBLY URGES
CALLING OF NATIONAL STRIKE.
The Sioux City Trades and Labor Assembly on Aug. 24
passed unanimously and without debate a resolution demanding that the Executive Council of the American Federation
of Labor call a national strike. This is learned from a press
dispatch from Sioux City, which adds:
John Shank, Secretary-Treasury of the Trades and Labor Assembly, said
passage of the resolution was a step in plans that have been under way
more than a month, and that according to his information central labor bodies in Denver, Detroit, San Francisco and other large cities had passed a.
similar resolution,
AUG. 261922.1
THE CHRONICLE
The movement originated in Omaha,according to union officials here, the
Central Trade Union of that city passing a resolution on June 24 declaring
that "labor faces a condition bordering on slavery," and calling upon the
Executive Council of the American Federation of Labor to declare a national
strike "at the earliest possible date."
Copies of the resolution were sent broadcast throughout the country with
a letter urging all central labor bodies to indorse the resolution and send it at
once to the national offices.
953
Vice-President; Frank Morrison, Secretary, and Daniel J.
Tobin, Treasurer.
SAMUEL GOMPERS IN CRITICISM OF PRESIDENT
HARDING'S RECOMMENDATIONS—JAMES P. HOLLAND'S DENUNCIATION OF GOV. MILLER.
President Harding's message to Congress on the 18th inst.
DENVER TRADES AND LABOR ASSEMBLY REFUSES (given in our issue
of Saturday last, page 825) has evoked
TO INDORSE NATIONAL STRIKE MOVEMENT.
criticism from Samuel Gompers, President of the American
dispatch
On Aug. 24 a press
from Denver stated:
Federation of Labor. On the 19th inst. Mr. Gompers deBoth the Denver Trades and Labor Assembly and Colorado Federation of
Labor received copies of a resolution from the Central Trade Union of clared the message "unfortunate" because of the pending
Omaha, calling upon the Executive Council of the American Federation efforts toward adjustmen
t of the coal and shopmen's strikes,
of Labor to declare a national strike, but neither adopted the resolution,
Ray Lowderbeck, an officer in both organizations, announced to-day. and as to the bill to provide better protection of aliens, the
He said the Labor Assembly refused to endorse the resolution because such enactment of which was advocated by President Harding,
action was believed "inopportune" at the present time.
Mr. Gompers said organized labor would fight against efforts
for its enactment. From the New York "Tribune" of Aug.
APPEAL BY AMERICAN FEDERATION OF LABOR TO
19 we take the following from Washington regarding Mr.
ORGANIZED LABOR TO AID RAILWAY SHOPMEN.
An appeal to all organized labor throughout the United Gompers's declarations:
President Harding's message to Congress has imperiled the chances for
States "to resist the imposition of unfair terms and condi- early settlement
of the railroad strike, Samuel Gompers, President of the
tions of employment" incident to the strike of the railway American Federation of Labor, declared to-day. He crticized the message
as
"unfortunate" and "untimely."
shopmen was issued at Washington on Aug. 21 by the ExecuThe President's whole course in the industrial warfare of recent months is
tive Council of the American Federation of Labor. The ap- leading in the direction
of compulsory labor, he declared, and in the growth
peal, signed by Samuel Gompers, President of the Federa- of injunction proceedings he saw a gradual but steady recession of government by law.
tion. and other of its officers, states that "an injustice can"I think it was unfortunate that the President went before Congress yesnot be inflicted upon the railroad workers without leaving day," Mr. Gompers said. "Settlement of the coal strike
is imminent," he
its mark of shame upon our whole industrial life." "No added, and the representatives of the rail strikers and the executives in
conference yesterday "made quite some progress toward an agreement."
amount of conscientious effort and forbearance on the part
Says Roads Altered Attitude.
of the workers," the appeal says, "could overcome the atti"They took a
after the morning session until the afternoon, and I
tude and policies dictated by the small but powerful group of am informed thatrecess
the executives manifested a different mood and assumed a
bankers who control the finance of the railroads and who different attitude in the afternoon after they had learned of the Presimessage." declared Mr. Gompers.
have compelled the adoption by the railroads of a policy of dent's
Organized labor will fight efforts to enact legislation giving the Federal
bitter antagonism to the organizations of the workers." The Government the right to punish wrongs
to aliens guaranteed protection
under treaties when the States fail in this respect.
following is the appeal:
To All Organized Labor, Greetings:
The Executive Council of the American Federation of Labor addresses
this appeal to all organized labor throughout America in behalf of the
organisations in the railway employees' department whose members are
now on strike, to resist the imposition of unfair terms and conditions of
employment.
The struggle in which these workers are involved is one which is important.
not only to themselves and to their organizations, but to all organized workers and to all Americans who love justice and fair dealing.
An injustice cannot be inflicted upon the railroad workers without leaving
its mark of shame upon the record of our whole industrial life. It is essential to the well-being of the men on strike, to the well-being of all workers
and to the well-being of our national industrial organization, that justice
shall prevail in the struggle now going on in the railroad industry.
It must be clear to all wage earners and to all thinking men and women
that the policy which has been pursued by the railroads has been entirely
in harmony with the policies of all organizations of employers, which, since
the armistice, have been seeking to weaken and destroy the voluntary
organizations of the workers. The railroads have been engaged in this
effort from the moment Government control was relinquished on March 1
1920.
For two and a half years the railroad workers now on strike made every
possible effort to co-operate with the Railroad Labor Board in order to give
the law every possible trial and to secure, if possible, just conditions for the
workers and continuous operation of the roads.
No amount of conscientious effort and forbearance
on the part of the
workers, however, could overcome the attitude
and the policies dictated
by the small but powerful group of bankers
who control the finance of the
railroads and who have compelled the adoption
by the railroads of a policy
of bitter antagonism to the organizations of the
workers.
Finally, the decisions of the Board compelled
resistance on the part of
the workers through suspension of work. A wage
of 23 cents per hour was
established for section men, and this wage is the
basis upon which all other
wages are calculated.
In addition to this, the Board ordered the abolition of
the payment of
time and a half for work done on Sundays and holidays.
It was sought to
impose grave injustices upon the workers through rulings
of the Labor Board.
while the railroads had consistently violated and repudiated rulings
of that
Board from the beginning.
The railroad shop workers are on strike in an endeavor
to secure a living
wage for the maintenance of the American standard of living.
They are
on strike for the maintenance of reasonable working conditions
and for the
maintenance of the right of organization.
It goes without saying that financial assistance is needed, especially when
It is recalled that most, if not all, of the organizations of employees
now on
strike have thousands of members engaged in other industries
who have
been, or who are now, also on strike. Therefore, their financial condition
is at present incapable of meeting the barest wants of their
needy,struggling
men and their families.
It is to be hoped that every union and its membership,
individually and
collectively, again will demonstrate its solidarity by coming generously
and immediately to the assistance of the striking railway
shop craft organizations. They are fighting the fight of all workers.
They should have
all of the moral and financial assistance which our movement
can give,
and your Executive Council earnestly hopes that your
action will be as
prompt and as generous as the circumstances warrant.
Send all contributions to Frank Morrison, Secretary American Federation
of Labor, A. F. of L. Building, Washington, D. C.. who
will receipt for the
same.
"I could not favor the alien bill," said Mr. Gompers.
"I think I know
what is intended. Protection of alien strike breakers
is back of this species
of legislation."
Taking up the two other measures asked by the President the
labor chief
said that whether or not support is given
to the plan for a commission to
investigate the entire coal supply "depends as to
its provisions." He
declared:
"We prefer a coal commission along
the lines suggested in the agreement
at Cleveland. Apparently, as the President
suggested it, the plan is that
the commissioners should be men
independent of the coal industry, or, in
other words, men who know nothing
of the industry. Such a proposal does
not commend itself to practical men."
Of Mr. Harding's request for
machinery to prevent exorbitant coal
prices, Mr. Gompers said:
"The suggestion is worthy but
its practical application extremely difficult."
"The President's position in his
message yesterday is nothing new for
him in so far as it deals with any
essential," Mr. Gompers continued.
"In his message he says in
substance that the decisions of the Railroad
Labor Board must be enforceable.
That is,that ifthe Railroad Labor Board
or any other board further reduces
wages or imposes conditions that are
repugnant to the rights and interests
of the workers they must go to work
whether they like it or not. In
other words, the punishment of fine or imprisonment will be used to force
men to work whether they want to or not,
or to force labor into workshops under
guns. I'm not willing to believe that
the President had in mind the full consequence
s of such a recommendation.
Indeed, if there is to be compulsory
labor imposed upon the working people
of the United States, it may
well raise the question whether comnulsory
labor may not be enforced upon
every one and not the wage earners alone.
Full Powers Not Invoked.
"It is said we are progressing
legislatively toward preventing capitalism
or corporations or managerial groups
from domination contrary to common
welfare. There is no evidence that
the President has invoked all the powers
of his office to compel the
railroads to abide by all the decisions of the
Board."
Turning to the President's' request for legislation giving the Federal
Government the right to punish wrongs to aliens, Mr. Gompers said it was
a reference to the Herrin massacre.
"No one can regard the Herrin trouble without indignation." he added.
"Yet it has been determined
officially that the company's men fired the first
shots at innocent men not
even guilty of trespassing. It is a nasty piece of
business that no one can justify, but, at any rate, is the recommendation
reallya rightsplant
or?.
th
. e rights of aliens or one to override the constitutional
of labor?"
Referring further to President Harding's message, Mr.
Gompers on the 22nd inst. at the annual convention in
Poughkeepsie, N. Y., of the New York State Federation of
Labor, declared that President Harding's recommendations
to Congress for legislation to provide means for enforcing
the decisions of the United States Labor Board meant to
make them enforcible so as to compel men to labor against
their will, and, if they would not work against their will, to
provide for fining or imprisoning them, or both. The Associated Press dispatches from Poughkeepsie, in reporting this,
also gave the following account of his remarks and those of
The appeal is signed by 'Samuel Gompers, President; James P. Holland, President of the State Federation:
James Duncan, First Vice-President; Joseph F. Valentine,
"But that doesn't run railroads and it doesn't produce coal," he added.
"Men and women have dared face jail and even the hangman's gibbet in
Second Vice-President; Frank Duffy, Third Vice-President;
defense of labor's rights. And that spirit is not yet dead,even in America."
William Green, Fourth Vce-President; W. D. Mahon, Fifth
The veteran president of the American Federation of Labor,indorsing the
Vice-President; T. A. Rickert, Sixth Vice-President; Jacob pleas of State labor leaders to have organized workers put forth their own
candidates
in the elections this fall to oppose those they consider unfriendly
Fischer, Seventh Vice-President; Matthew Woll, Eighth to
labor, declared Wall Street was making decisions for the State Gov n
••
954
THE CHRONICLE
a guide
ment at Albany, and that these same financiWinterests served as
for Washington.
they
all
of
masters
being
of
position
"The railway executives assume the
he
survey,so far as their attitude toward the striking shopmen is concerned,"
effort
said. "But back of them are strings leading from Wall Street. This
all."
to beat the shopmen is an effort to destroy trade unionism once for
any
"I have an abiding faith that the shopmen will triumph, but if by
go
means they should fail, it would mean that the stationary crafts would
down first and the railroad operatives next."
country
"Men high in finance, business and commerce have set up in this
a government of their own, with power greater than the political power,"
Gompers said. • "Just look at the acts of Congress, then study the roster,
and you will see that most of the members represent high finance, big industries and commerce. Nor is it from Albany that decisions are sent out.
It is from Wall Street and Albany obeys."
J. P. Holland's Denunciation of Gov. Miller.
Gompers joined with James P Holland, President of the State Federation,
in warning the laboring people to guard against legislation which, they
said, was intended to bring back compulsory labor. Holland denounced
Governor Miller as representing steel and traction interests. Both he and
Gompers quoted tne Governor as having said a year ago that the time
then was "inopportune" to try to set up in New York State an industrial
court modeled after the one in Kansas.
"Inopportune," said Gompers, "meant that if they could catch us unawares some time they would put it over."
"Oh," he continued,"how the Legislature of New York State has changed.
It represents the worst features of our modern life."
Then he harked back to his experience with Al Smith when the former
Governor and present candidate for the Democratic nomination for that
position was working with him in connection with the State Factory Commission. When he mentioned Al Smith the convention broke out into the
loudest cheering and applause of the session.
"Hurray for Al," some one shouted. "The next Governor," another
yelled.
"And well might you cheer his name." said Mr. Gompers.
During the criticism of Governor Miller, Holland referred to the strike
on the International Railway Company at Buffalo,and bitterly attacked the
State police and those responsible for sending them to territory affected by
the strike.
"When I saw those State police I said to myself that many of our boys
had seen service in the army overseas and I told them 'if we can shoot over
there we can shoot over here,'" Holland said.
SAMUEL GOMPERS TELLS CANADIAN LABOR CONGRESS THAT MINERS WILL RETURN TO WORK
VICTORIOUS AGAINST WAGE REDUCTIONS.
The statement that the coal miners "would soon return to
work victorious in their contention that the reduction in
wages was stopped" and that "the railway shopmen were
standing fast against the determination of the rail executives . . . to impose another reduction" is attributed to
Samuel Gompers, President of the American Federation of
Labor, in an address at Montreal on Aug. 23, as to which we
quote the following from a special dispatch to the New York
"Times":
[Vol,115.
President of the Stationary Firemen, in an address at the
convention of the New York State Federation of Labor at
Poughkeepsie on Aug. 23. Charges that President Harding
had broken faith with the striking shopmen were made in
the speech, in which also Chief Justice Taft was referred to
as a man "who couldn't get a job as constable or dog catcher
in an election anywhere in the United States." Advices
to this effect were contained in Associated Press dispatches
from Poughkeepsie, which said further:
proposition
The President. said Mr. Healy, after making his first peace
unimpaired,
asking the carriers to take back the strikers with seniority
stick" to
big
promised a committee a union men that he "would use the
"the other
make the railroads accept. Instead of that,the labor leader said,
was turned
fellow tred the big stick en the President, who, when his proposal
be taken back
down by the carriers, offered a second suggestion that the men
and the matter of seniority left to the Labor Board to settle."
to Con"Last Friday," Mr. Healy continued,"the President in a speech
strike."
gress threw up his hands and said he was unable to settle the
have broken
"Teddy Roosevelt ,vouldn't have done that; Wilson wouldn't
faith with labor in that way."
action of
the
to
Chief Justice Taft was criticized by Mr. Healy in referring
Child Labor
the Supreme Court in declaring unconstitutional the Federal
case. At
Law, and to Mr. Taft's opinion in the Coronado Coal Company
legislation to
the close of his address he introduced a resolution calling for
of Approvide for recall of State Supreme Court Justices and the election
adopted the
pellate Division Justices by popular vote. The convention
resolution without a dissenting vote.
are after.
The saikers, Mr. Healy said, are going to get everything they
York would
He expressed confidence that the meeting of rail bends in New
executives
the
bring about a settlement or smooth the way for it, saying
save their faces.
had admitted to labor leaders last week that they wanted to
anything that
"I've been talking mighty plain, but T don't want to say
might muddy the waters to-day," he declared.
that all
Referring to violence growing out of the strike, Mr. Healy asserted
by t he railof the murders had been committed by the "ruffians employed
militarism and
roads," yet, ho went on, the strikers have to contend mith
chieftain
injunctions ell over the country. He read a letter from a strike
there
at Poplar Bluff, Mo., saying the town was full of military, although
wasn't even a dog fight occurring.
the Legis"We're going to defeat the fellows that represent our enemies in
in Pennlative halls and the courts," he said. "We tried to heat Pepper
great big
sylvania, and out in Indiana we whipped New, th. friend of that
wall flower in the White House, President Harding."
be the
If Senator LaFolletle should be defeated, said Mr. Healy, it would
Johnson of
greatest blow labor oould receive. He praised Senators Borah,
bunch
"a
as
California, France of Maryland, and Walsh of Maseachusetts,
of the loyalest men to labor who ever sat in a body."
ns, voting for
He urged organized laborers to go to the polls as non-partisa
friends and against enemies, irrespective of affiliation.
RAILROAD LABOR UNIONS—THOSE NOW ON STRIKE.
The following in explanation of the various bodies of
the
railroad labor unions, and those which are involved in
present strike, is taken from the publication "Railroad
Data" (of Aug. 24), issued by the Association of Railway
Executives of New York: ,
Samuel Gompers, President of the American Federation of Labor,
ns sometimes
The similarity of the names of the railway labor organizatio
spoke to-day before the Dominion Trades and Labor Congress in conthe specific organizations and as to their
vention here. He asserted that employers had begun a drive against results in confusion, both as to
labor immediately after the armistice and said he thought conditions affiliations.
of or affiliated with
The five Brotherhoods, which are in no way part
in Canada were much the same as in the United Staets. Attacks on
Labor, are as follows:
labor had not only been from the outside but also from within by those the American Federation of
Engineers.
(1) Brotherhood of Locomotive
who "played the fool" in labor's ranks.
(2) Brotherhood of Railway Trainmen.
Never had the employers of the United States, no said, been so eager
(3) Brotherhood of Locomotive Firemen and Enginemen.
to free the American workmen, as they called it, by the so-called American
(4) Order of Railway Conductors.
plan. Labor had accepted some cuts, but these had been followed by
(5) Switchmen's Union of North America.
demands for more and more reductions and effective protests had come
The first four of these are often referred to as the "Big Four," or the
in the form of strikes, first in the needle trades, where there had been a
Service Employees. None of these organizatiOns is on strike.
great victory for labor, next in the textile industry, where the people Train
The following organizations, known as the "Shoperaft Unions," and
were still resisting, and later had come the protest of the miners and railway
now out on strike, are members of the Railway Department of the American
shopmen.
of Labor:
In regard to the miners' strike, Mr. Gompers said that they would Federation
(I) International Association of Machinists.
soon return to work victorious in their contention that the reduction in
(2) Amalgamated Sheet Metal Workers, International Alliance.
wages was stopped. The railway shopmen were standing fast against
(3) Brotherhood Railway Carmen of America.
the determination of the rail executives backed and directed by high
(4) International Brotherhood of Electrical Workers.
finance, and the attempt to impose another reduction has been successfully
(5) International Brotherhood of Boilermakers, Iron Ship Builders and
resisted.
of America.
Mr. Gompers talked of the idealism of labor, urging for common aims Helpers
Helpers.
(p) International Brotherhood of Blacksmiths, Drop Forgers andns
in all the nations of the world. Before the war he had been a pacifist.
which
the more important of the other railroad organizatio
Among
was
to
there
nothing
people
that
for
the
realized
had
he
During the war
members of the American Federation of Labor are the following:
do but to defeat Kaiserism and to make all sacrifices necessary thereto. are
Railway
(1) United Brotherhood of Maintenance of Way Employees and
But, with the war at an end, he had transferred to pacifism again, believing
Laborers, which organization did not go out on strike, pending a
in international brotherhood rather than international massacre. As the Shop
July 1.
rehearing of a reduction in wages ordered by the Labor Board as of
so
were
autocracy,
they
indusagainst
political
against
been
workers had
Freight Handlers,
(2) Brotherhood of Railway and Steamship Clerks,
trial autocracy, and as had been said at Verdun,the message of the workers
Express and Station Employees.
to employers was that they must not pass except over the bodies of the
(3) International Brotherhood of Firemen and Oilers.
workers.
(4) Brotherhood Railway Signalmen of America.
United
States,"
said
Gompers,
Mr.
the
and
Canada
"The toilers of
(5) Order of Railroad Telegraphers.
world in the face, working with deterwhole
the
looking
erect,
"stand
and fair dealing and a better life and
mination that nothing but justice
labor on this hemisphere."
conditions for the masses will satisfy
DETROIT IN EASTERN STANDARD TIME ZONE—
American Federation of Labor had
Mr. Gompers emphasized that the
MICHIGAN GENERALLY IN CENTRAL TIME BELT.
political policy of the Canadian
never undertaken to interfere with the
realized that there was no desire to
labor movement and he wanted it
The city of Detroit was ordered by the Inter-State Comthe workmen of Canada were united,
interfere. He only wished that all
Commission on Aug. 17 to be classified in railroad
merce
evis.
Mr.
labor
Gompers
organization
two
for
for there was no room
National
unions
in
Province
and
the
in the standard Eastern time zone. The CommisCatholic
schedules
the
to
dently had allusion
not if he could, and he could not if
although the State of Michigan generally was
that
said
of Quebec. He said that he would
feelings of the working people of sion
he would, interfere with the religious
time belt the people of Detroit had shown a
central
the
United
States
the
did
the
in
In
employer
country.
Canada or any other
workers, but cared only that they permanent preference for keeping the earlier time. The
the
of
faith
religious
not care as to the
Mr. Gompers, he had a notion that it order affects only the schedules on which railroads operate.
should work cheap. And, said
was the same in Canada.
NEW SHOP CRAFTS ORGANIZATION ON SOUTHERN
TIMOTHY HEALY DESCRIBES PRESIDENT HARDING
PACIFIC COMPANY'S LINES.
"
FLOWER.
WALL
BIG
AS "GREAT
President, Southern Pacific Company, isSproule,
William
as "that great big wall
President Harding was described
the following statement at Los Angeles Aug. 12:.
sued
Timothy
Healy,
onal
Internati
by
House"
flower in the White
AUG. 26 1922.]
THE CHRONICLE
On the Southern Pacific Company's lines west of El Paso and Ogden and
south of Portland, commonly known as the Pacific System, a new organization of the allied shop crafts has come into existence as the result of the
strike. This is "Pacific System Shop Crafts Protective League."
Of the several thousand men now working in the allied shop crafts 80%
have signed up, have elected their chairmen, 15 of them; have elected their
other officers, and the organization has entered upon its functions. These
chairmen have signed agreements between the men and the company in acceptance of the rates of pay, rules and working conditions, as decided by the
United States Railroad Labor Board.
The Southern Pacific has recognized the new organization in compliance
with a resolution adopted by the United States Railroad Labor Board of July
3 1922, which, after citing the fact that as the organizations comprising the
federated shop crafts had notified the Labor Board that a very large majority
of the employees they represent had left the service of the carriers, that the
members of these organizations ar no longer employees of the railroads or
under the jurisdiction of the Labor Board or subject to the Transportation
Act, proceeds to say:
"Whereas, In the future submission of disputes involving rules, wages
and grievances of said classes of employees of the carriers, it will be desirable if not a practical necessity for the employees of each class on
each
carrier to form some sort of association or organization to function in
the representation of said employees before the Railroad Labor Board,
In order that the effectiveness of the Transportation Act may be maintained:
"Now therefore be it resolved, That it be communicated to the carriers
and the employees remaining in the service and the
employees succeeding those who have left the service to take steps asnew
soon as practicable
to perfect on each carrier such organizations as may be
necessary for the
purpose above mentioned; and
"Be it further resolved, That on any carrier where either of the abovenamed organizations by reason of its membership
their connection
with the carriers ceases to represent its class severing
of employees procedure
similar to the above suggested in the case of the
shop crafts is recommended; and
"Be it further resolved, That the employees remaining in the service
and the new ones entering same, be accorded the
application and benefit
of the outstanding wage and rule decisions of the Railroad Labor
Board
until they are amended or modified by agreements with said employees
arrived at in conformity with the Transportation Act or by the decision
of this Board.'
The fact of this new organization has been made known to the Labor
Board in due course and proper form. Perhaps its force and value can most
easily be told in the simple statement that the total addition to the employees
in the allied shop crafts need be but 778 men to make the roster cover in actual numbers a majority of the full force of the six allied crafts at work before
the strike was called. Of the men actually at work to-day 80%, as
already
stated, have accepted in full faith the decision of the Labor Board, its rates,
rules and working conditions.
The great number of good men who, refusing to go on strike, remained
at
work, and the great number of good men who have since sought for and
taken
employment, and the great majority of these combined forces who have joined
in the new federated shop crafts league justify the concluding paragraph in
the resolution (above referred to) of the United States Railroad Labor Board,
which reads:
"Be it further Resolved, That if it be assumed that the employees who
leave the service of the carrier because of their dissatisfaction
any
decisions of the Labor Board are within their rights in so doing,with
it must
likewise be conceded that the men who remain in the service and those
who enter it anew are within their rights in accepting such employment,
that they are not strike-breakers seeking to impose the arbitrary will
of an employer on employees; that they have the moral as well as the
legal right to engage in such service of the American public to avoid interruption of indispensible railway transportation, and that they are entitled
to the protection of every department and branch of the Government.
State and national."
The daily additions to the shop forces give assurance that in the near future the company will have an ample supply of shop men and they will have
their own organization on the system plan to deal with their own affairs on
the basis of mutual good faith between the employer and employed on the
Southern Pacific Company's Pacific System.
It is the policy of this company and its management to deal with the men
in the spirit of good faith and good will, which we believe will be promoted
by the new organization, as it clears the atmosphere for future good relations.
NATIONAL ASSOCIATION OF CEDIT MEN CALL FOR
PUNISHMENT OF PERPETRATORS OF HERRIN
MASSACRE.
Amazement that the State of Illinois has failed to punish
the perpetrators of the Herrin massacre is expressed in a
strong declaration by the Administrative Committee of the
National Association of Credit Men at its monthly meeting
on Aug. 21. The declaration, as given out by the committee
Charman, Curtis R. Burnett, of Newark, N. J., Past President of the National Association, is as follows:
The committee expresses sincere amazement that the perpetrators of the
dastardly deed at Herrin, Ill., have not been ferreted out and brought to punishment. Murder is murder, no matter by whom committed, by an individual
or under the guise of organization. So long as this, one of the most dastardly
deeds in our industrial annals, fails of vigorous attention from the proper authorities, it will be a blot on the escutcheon of one of our fairest States.
The public must be aroused to a situation where they may be made helpless
and the very elements of orderly government defied.
The credit men regard with extreme seriousness strikes in our essential industries and in transportation.
That a small minority of the people may endanger the health and comforts
of the public at large offers a situation which is most dangerous and should
not be permitted to remain a moment longer than it is possible to install
some plan with enforcible powers for the equitable adjustment of industrial
disputes. The present method, forcible and at times very disorderly, will
never tend to industrial peace.
Aside from the economic consequences of the strike, this committee is particularly alarmed over the violations of the law which always attend such a
forcible process as the strike. Preserving the law, and the swift punishment
of its violators, as in the Herrin outrage, is ohe of the stable props of the Nation and its chief guarantee of social and credit integrity.
ASSOCIATED INDUSTRIES OF MASSACHUSETTS
FINDS TRANSPORTATION ACT INADEQUATE—
URGES TRUNK LINE AFFILIATION FOR
NEW ENGLAND ROADS.
One of the conclusions of the Special Railroad Committee
of the Associated Industries of Massachusetts is to the effect
955
that the provisions of the Transportation Act relating to
wages and employment and to the functions of the IT. S. Railroad Labor Board are unsatisfactory and inadequate. The
committee recommends that the Board be made more judicial in character than it is at present and that eventually
the law should be changed to prevent strikes and lockouts,
and that there be created an impartial tribunal for passing
on disputes. This is learned from the Boston "Transcript"
of Aug. 19, which also states that the report declares that the
idea of Government ownership and operation of the railroads is not to be tolerated. In its conclusions respecting
the New England roads, the committee states that in its
opinion the interests of the public and of the present holders of securities in the New England roads will best be
served by a plan for the consolidation of each principal New
England road with one or more trunk lines with which it has
the closest traffic relations or with one of the consolidated
trunk lines contemplated by the Transportation Act of 1920.
The details of the report are taken as follows from the
"Transcript":
The Associated Industries of Massachusetts has issued to its members a
pamphlet containing the report of its Special Railroad Committee which was
appointed last November and which has devoted the intervening months to
a
study of some of the principal features of the railroad problem. The report
has been accepted and approved by the executive committee of the Association
and thus becomes a statement of the Association itself.
The report gives evidence of careful and exhaustive study of the problems'
considered, in which study the committee, as the report says, has sought information and assistance from various individuals qualified by experience to
be of service in one way or another as to the different aspects of the whole
question. The conclusions of the committee may be summarized as follows:
1. That the Transportation Act of 1920 is entitled to a fair trial under
normal conditions; that such conditions have not existed since its passage;
that while it is capable of improvement in some respects no attempt should be
made to amend it in any respect at present.
2. That its provisions relating to wages and employment and to the functions of the Railroad Labor Board are unsatisfactory and inadequate; that the
Board should be made more judicial in character than it is at present and
that eventually the law should be changed so as to prevent strikes and lockouts, it being understood that there must be created at the same time an impartial tribunal for passing upon the questions at issue between the
employees
and the corporations.
3. That the New England roads can with great benefit to both employees
and managements organize departments devoted exclusively to the so-called
subject of human relations, thus following the methods
which have been
adopted by many members of the Associated Industries; that
such departments should, on account of their importance, be in charge
of a high official
of the railroad; that it may be expected that such departments
"will add to
the comfort, welfare and happiness of the employees, will improve
the service
rendered the public and will lower the cost of operation
without reducing the
rates of wages because of the mutual confidence and co-operation
thereby encouraged."
aged.That
" because the railroads need and are entitled
to receive a larger net
income than they have been and are receiving, the
Associated Industries should
for the present "oppose efforts for further joint
rate reductions though modifications in individual rates may be desirable
wherever changes will protect
and stimulate traffic."
5. That the New England railroads can secure substantial
increase in
a
business "by a more extensive adoption of improved
methods of salesmanship
and by a readjustment of certain rates."
6. That the idea of Government ownership and operation of the
railroads
is not to be tolerated; that Government ownership will follow
if the public
insists upon paying for transportation less
than its reasonable cost; and that
if it is necessary to avoid Government ownership
the public may well acquiesce in some practices not altogether to its liking.
7. That the fundamental requirement of any plan for the ultimate disposition of the New England railroads is that it shall assure to New England continuous, adequate and satisfactory transportation service at no
greater cost
than that imposed upon competing sections
of the country with a minimum of
interference with existing advantageous routes. That to accomplish this purpose any proposed plan must meet three requirements:
(A) It must secure for-the New England roads credit position which
a
will
make it possible for them to be maintained
in an efficient operating condition with such equipment and facilities as may be required, and will
assure
such extensions and improvements as the growing needs of New England
may
necessitate.
(B) It must assure to New England free and uninterrupted access to existing gateways and routes including rail-and-water routes from the New England ports.
(C) It must provide for a management, resident in New England of authority sufficient to deal finally with
shippers and the general public in all matters relating to operations and the movement
of traffic.
8. That the interests of New England—industrial, commercial, political and
social—can be satisfactorily protected by any plan of consolidations which
fulfills the requirements mentioned
in the preceding paragraph, but that it
appears to this committee that the interests
of the public any of the present
holders of securities in the New
England roads will be best served by a plan
for the consolidation of each
principal New England road with one or more
trunk lines with which it has
the closest traffic relations, or with one of the
consolidated trunk lines contemplated by the Transportation Act of 1920.
As to Railroad Consolidations.
The discussion and information
of the report leading to the first six conclusions are well worth the
careful attention of our readers. It is the purpose
of this article, however, to
review merely that part of the report which deals
with the subject of
railroad consolidations, which is treated with great care
and thoroughness. The
report points out that railroad consolidations are not
mate
de compulsory
compul
mm Transportation
Act, but that the duty of the Interis
state Commerce
merely to specify what consolidations will be
permitted if the owners of the railroads shall desire to consolidate their properties at all, and that the
only thing for the Associated Industries to do is to
make known to the Interstate Commerce Commission and to other proper publie
f
thoritoiresthietalloepwinEiongn
of consolidations which should be
permitted
England roads.
The problem of the Interstate Commerce Commission has been for many
years to devise some practical method through which there will be secured to
956
THE CHRONICLE
of
each railroad of the country a sufficient portion of all the railroad revenue
expenses
the country to permit it to be properly reimbursed for the necessary
has
of the total service it has rendered. This the Transportation Act of 1920
roads with
attempted to accomplish by the consolidation of financially weak
systems,
railroad
new
of
series
a
those of larger earning power, thus creating
under
all of average earning power and such that, on the whole, their income
operation
a standard system of rates, will be sufficient to cover all charges of
Act was
and the payment of proper interest and dividend requirements. The
incinot designed to deal with local or sectional railroad difficulties except
transpornation's
in
the
inequalities
present
dentally, but rather to adjust the
tation systems considered as a whole.
Argument Against Sectional Groupings.
The New England railroads come into the picture as a small feature of the
large problem. They must necessarily play the part in the ultimate solution
clearly
for which they are by their nature and location best adapted. The Act
contemplates that as a result of consolidation there shall be developed a transsectional,
than
be
rather
national,
portation system for the country which will
in character. It was the desire of Congress, as expressed in the Transportabe combined ultimately into
should
railroads
existing
many
the
that
tion Act,
a limited number of systems, each of which would possess approximately the
same financial strength and earning power as its competitors. It clearly was
not the intention of Congress that the railroads of the country should be consolidated into a series of sectional groups having no common interests or functions, because such a disposition of the matter would necessarily lead to the
establishment of an independent rate-making district in each section, which
would increase the confusion and inequalities of rates and in fact destroy the
whole theory and practice of rate-making which have existed for more than a
generation and which to a marked extent have been responsible for the industrial development of the country.
[VOL. 115.
tail a market recovery of hundreds of millions of dollars in the aggregate,
which is improbable in the near future. Moreover, the bonds of the roads will
be ineligible for purchase by insurance companies and savings banks generally until the stocks shall have been on a dividend-paying basis for a considerable period of time. Thus, for a long time at least, these important and
large buyers of railroad bonds will not under existing provisions of law be
permitted to assist New England roads as such. Even if the confidence of the
investor could be restored eventually and even if the bonds of the New Engmarland roads could after some years be made eligible for the institutional
kets, we fear that the general welfare of New England would in the meantime
suffer a serious and permanent injury of great magnitude owing to a continuance of and increase in inadequate transportation.
an
Because of its inability to foresee the attainment of a credit position by
All-New England railroad system, the committee, wtih apparent reluctance,
its conconcludes that this form of consolidation must be rejected because of
transporviction that no railroad which lacks credit can furnish the kind of
tation which we need and have a right to demand.
Examines the Trunk Line Plans.
to conThe committee then applies this three-fold standard to the proposal
outside of
solidate the New England roads in some way or other with roads
without
would
New England. It finds that such a method of consolidation
frequently
doubt secure the necessary credit strength. It recognizes the fear
trunk
expressed that if the New England Toads were consolidated with any
least
lines there would result a curtailment of service and a withdrawal of at
for New
some of the routes to the South and West which are now available
requirement
England shippers. It points out, however, that a fundamental
accordof the Transportation Act is that in the consolidation of railroads in
Comance with such plans as may be approved by the Interstate Commerce
of
mission competition must be preserved and the usual routes and channels
that
trade and commerce must be maintained. The report points out further
n
consolidatio
single
the Transportation Act specifically provides that every
is dimust have the approval of the Interstate Commerce Commission, which
in the pubrected to impose such terms and conditions as it shall find to be
of the
lic interest. An illuminating illustration of the power and disposition
the case
Commission in matters of this kind is given by the report. It cites
in
Commission
decided some three months ago by the Interstate Commerce
Juncwhich the New York Central was authorized to purchase the Chicago
Commission;
tion Railroad subject to 17 specific conditions stipulated by the
and
and that these conditions assured local management, the use of all routes,
The comthe prohibition of all discriminations as to service and facilities.
trunk
the
with
roads
England
mittee concludes that consolidations of the New
lines would not and could not result in curtailmeht of service, or loss of routes
conto New England, but emphasizes that in the accomplishment of any such
and
solidation New England should insist upon the imposition of such terms
doubt
all
remove
conditions by the Interstate Commerce Commission as would
as to this matter.
Loss of Local Authority Improbable.
As to the question of local management, if the New England roads are to be
beconsolidated with the trunk lines: The committee draws a distinction
of
tween the establishment of general policy and the handling of questions
New
a
owned
actual operation. It is convinced that any trunk line which
in
place
judgment,
business
England road, would, as a matter of ordinary
of the
New England an official of full authority with relation to the operation
road and the handling of traffic.
in
case
a
as
It cites the Boston & Albany owned by the New York Central
Commispoint, but it relies upon a stipulation by the Interstate Commerce
sion, specific in this respect, to assure what we desire.
of the standard by
This committee concludes that the three requirements
ns can and
which it has undertaken to measure the question of consolidatio
concludes
therefore
It
will be met by consolidation with the trunk lines.
plan of an
the
since
and
s
requirement
all
that since such a plan will meet
of credit, as well
All-New England system will be fatally weak in the matter
give its approval to
as probably impossible from a legal standpoint, it must
some plan of trunk-line consolidation.
Three New England Requisites.
In any plan for consolidation of the New England roads the ideal to be
sought is that New England shall be assured of "continuous adequate and satisfactory transportation service at no greater cost than that imposed upon
competing sections of the country, and a minimum of interference with existing advantageous routes." The committee finds that this ideal can be attained only by insistence upon three factors, namely that the transportation
system operating in New England shall have such credit that it can maintain
Its properties in efficient operating condition, can provide adequate equipment and can make needed extensions and improvements; that there must be
preserved the existing routes and gateways between New England and the
West and South for the movement of traffic; and that there must be in New
England, easily reachable by the public, railroad officials with full authority
to deal with shippers and the general public in matters relating to the movement of traffic.
The committee then proceeds to apply this ideal to a proposed "All-New
England" system and to a plan for consolidation between the New England
roads and the trunk lines. The committee showed that the creation of an AllNew England system would meet the test of the second and third factors of
the standard; it would preserve the routes and gateways to which we are accustomed and it would insure the presence of a manageemnt within New England. Such a system, however, would fail in the first of the three factors—it
would not have at the time of its organization an adequate credit standing
and it would not be able to acquire such a credit standing for many years, if
at all.
Isolation Prevents Credit.
Upon this subject the report says: "It is a fact that at present the New
England roads, with perhaps one or two minor exceptions, have no credit
standing. They can sell neither stocks nor bonds for new money. If these
roads were to be united into an All-New England system such a system also
would be without credit. It is not denied that the creation of a united system would result in some economies of management. Even so, there would
be for the new system at its formation no credit. Could it expect to achieve
a credit position so as to enable it to give adequate transportation service in
New England? The first necessity is an income adequate to cover operations
Joint Trunk Line Control.
and to make payment to the invested capital as interest and dividends. If the
New England roads, as such, or as an All-New England system, are to have
As to the kind of consolidation to be desired between the New England
an income adequate for these purposes it must be secured either by an increase roads and roads outside of New England the report is not specific. One reason
of divisions of joint rates or by a general increase of rates in New England. for this fact is the conclusion of the committee that the kind of trunk-line
The committee is convinced that no further substantial assistance can be ex- connection to be advocated for the New England roads will depend to a very
pected by the New England roads through the increased divisions. Those re- considerable extent upon the character of the consolidation of the trunk lines
cently authorized by the Interstate Commerce eommission were secured only themselves as a result of the consolidation plan to be adopted by the Interwith the greatest difficulty after more than a year of effort and even now are state Commerce Commission. The report, however, points out certain advanIn litigation before the courts, which litigation may not annul them but will tages and disadvantages which might be expected to follow from a single and
from a joint control of the New England roads. The advantages of joint
postpone for many months their enjoyment by the New England roads.
trunk-line control as mentioned by the report are that greater financial
Local
Rates.
Raise
Not
Must
strength would be brought to the New England roads if they were to be taken
disa
of
higher
of
be
level
rates would
"The establishment in New England
over by two or more trunk lines than if they were to be taken over by only
astrous to New England industries. The Associated Industries and other in- one; that under joint control there might be less need of an imposition of
consishave
and
England
New
of
repeatedly
bodies
commercial
flustrial and
terms and conditions by the Interstate Commerce Commission; that possibly
tently objected to a larger rate advance in New England than in territory from joint trunk-line control a wider distribution of the products of New
the
west of the Hudson River. New England has always recognized that
England could be expected; but above all these things the report emphasizes
matter of a comparison between rates paid in New England and rates paid by that if two or more trunk lines were to join in the ownership of a New Engimporis
a
Hudson
to pay
of
the
prime
of
question
west
our industrial competitors
land road they together would not only be justified but would be able
by the Governors of the
higher price for it than would a single trunk line. The report says: "It
tance. The joint advisory committee establisheed
a
danwhich might
New England States last year pointed out emphatically that a principal
might even appear in the final analysis that no single trunk line
larger increase of rates in New England
alone
ger to New England industry lay in a
be considered for the purpose would feel financially able to contribute
its
any
stated
and
necessarily
under
us,
would
conviction
that
of
which
than in territory to the west
the amount of investment capital from its resources
resist
such
must
an
reasonable
increase.
figure
any
England
unequal
at
property
New
and all circumstances
be required to acquire ownership of the new
a similar increase of rates for New Engpoints out, on the
New England's attitude has been that
and to make necessary developments thereof." The report
country is not necessarily injurious
conceivthe
of
sections
competitive
for
and
other hand, that a joint ownership of the New England roads might
land
bethe
t
in
to
unsatisfactory manestablishmen of a disparity
ably result in divided responsibility and, consequently,
to us, but that we must not consent
agement.
tween our rates and theirs."
transportation in New England costs more
Water Competition Remains.
It is common knowledge that
New England roads are to continue
the
If
Hudson.
the
of
west
than it does
expressed that consolidation with trunk lines will
frequently
fears
the
to
As
it
is inevitable that there
of New England
the New England shipper, the comto be independent of roads outside
between rates here and rates to the west of result in practices discriminatory against
must be created such a disparity
expresses its conviction that there is little if anything of this kind to
mittee
a
by
by
that
no
fact
than
this
means
other
from
there will be no possibility for the railus. There can be no escape
England, with no corresponding increase in fear. Specifically, it points out that
large increase of rates in New
n, to eliminate the joint rail-and-water routes
but, in fact, with a reduction of rates for roads in any form of consolidatio
Hudson,
the
beyond
roads
rates for
New England shippers are assured of less costly
provided for the New England roads. Thus which now exist and by which
them, can adequate income be
the West and South.
to
on
transportati
which
consisNew
thing
very
has
England
there would be brought about the her industries.
to
The Canadian Differential.
tently resisted as being injurious
line control of the
sets forth its conclusion that while trunit,
it
Likewise
Big
From
Market.
Excluded
Securities
New England roads might conceivably result in a loss to New England of the
of
factor
matter
the
credit
is
in
another
involved
It is to be observed that
differential rates it is not at all certain that since the passage of
That is the factor of public confidence based Canadian
in addition to that of income. performance. It is to be
the Transportation Act these rates can be maintained under any condition.
if
whether
doubted
past
of
largely upon the record
expresses its convietion that factors other than the character
were assured of an adequate income they could The committee
England roads will determine this question under
the New England roads as such
investors to purchase their new bonds or of the ownership of the New
at once, or for a long time, induce would have to return at
the Transportation Act and that the character of such ownership will play no
be.
par
to
least
securities
n.
stocks. Their outstanding
new securities at par. This would en- important part in its determinatio
tare anyone would consider purchasing
AUG. 26 1922.]
THE CHRONICLE
Would Increase Boston Exports.
As to the effect of trunk-line control upon the export business of the New
England ports, the report points out that a trunk line which has an interest
in a New England port by virtue of the fact that its rails reach that port, is
much more likely to route export shipments to it than if it had no interest in
such port and could route shipments to it only by depriving itself through divisions of the rate it had collected upon the shipment. With regard to this
matter the committee says: "Comparatively little foreign commerce can be
expected via the New Haven system (whether consolidated or not) for obvious reasons. It would, however, be decidedly advantageous to the trunk lines
consolidating with the Northern New England roads to ship over their own
lines to the New England ports and thus escape the frequent congestion at the
port of New York, especially if they could do so without the inclusion of rate
divisions. Instead, therefore, of reducing shipments through New England
ports it will very possibly be found that trunk-line control will result in a
greater flow of such commerce than now exists.
As to the maintenance of existing routes and gateways from New England
to the West and South, the committee has no hesitation in relying upon the
terms of the Transportation Act to maintain competitive and customary
routes, and upon the powers of the Interstate Commerce Commission to stipulate such terms and conditions in connection with any consolidation as shall
safeguard the interests of the public.
The concluding paragraph of this comprehensive report is as follows:
"The questions involved are of tremendous importance not only to New England but to the nation at large. They must be viewed from a standpoint of
broad-mindedness and not selfish, sectional or partisan interest. So far as sentiment has any part in the solution of these questions it must be a sentiment
that New England is a part of the United States as a whole and that in the
last analysis her interests will be best served by anything and everything
which tends to unite her more closely with the rest of the country. An isolation for New England by bounding her interests by the Hudson River, in matters of transportation, or in any other respect, is the surest method to accomplish her eventual downfall. Even sentiment in its true aspect requires that
we undertake to solve the transportation problems of New England in the
light of that which is best for the whole country. Thus shall we best serve
our own immediate interests. The Associated Industries of Massachusetts
has always accepted that principle as sound and logical. Its participation in
the settlment of the problem under discussion affords another opportunity for
renewing its allegiance to such an ideal."
The report is signed by the whole committee, composed of Charles R. Gow,
Charles A. Andrews, Frederic C. Hood, William P. Libby, Malcolm B. Stone
and Edgar J. Rich.
957
is being formed for the express purpose of catering to the
needs of the negro population of Harlem. It will be located
on Seventh Avenue near 135th Street, and it is said, "will be
the first national bank in the United States to recognize the
negro population by having a board of directors of both white
and negro men." The bank will have a capital of $250,000 and
surplus and undivided profits of $275,000, its shares (par
$100) being disposed of at $210 each. The following have
been chosen directors of the bank: Henry M. Black, George
C. Van Tuyl, Jr., A. H. Eastmond, Montgomery H. Lewis and
Philip Freeman. The bank will devote special attention to
an interest department, there being no savings bank in the
section in which it will serve.
4--
At a meeting of the directors of the Peoples Trust Co. of
Brooklyn on Aug. 16, Henry M. Heath, J. Frank Birdsell and
William D. Buckner were elected Vice-Presidents, and Arthur V. Bennett was appointed Secretary. Harry F. Montgomery and Charles Dworak were appointed Assistant Secretaries, J. Louis Koester, Auditor. Mr. Heath became associated with the company at the time of the acquisition some
years ago of the Bedford Bank, of which he had been cashier.
Since its absorption by the Peoples Trust Co. Mr. Heath has
been an Assistant Secretary and Manager of the Bedford
branch. Mr. Birdsell had heretofore been Trust Officer and
Assistant Secretary of the trust company. Mr. Buckner was
one of the organizers of the Bank of Flatbush in 1904. When
the bank was taken over by the Peoples Trust Co. Mr. Buckner was made Manager of the Flatbush branch. M.Bennett
has been with the company 25 years, and before his present
promotion had been Assistant Secretary. The office of Secretary was made vacant by the death last month of William
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. A. Fischer. Messrs. Koester, Montgomery and Dworak have
Ten shares of Bankers Trust Company stock were sold at been in the employ of the company for a number of years.
auction this week for $376 per share. This price is an
increase of 473 points over the last previous sale in May 1922
Because of the recent growth and increase in business of
at 3283. One hundred and seventy-five shares of National
the Montauk Bank of Brooklyn, the stockholders have
Bank of Commerce were sold at the Stock Exchange this deemed
it advisable to increase the capital from $100,000 to
week.
$200,000. The increase will give the bank a combined capAUCTION.
Shares. TRUST COMPANY— Low. High. Close. Last Previous Sale. ital and surplus in excess of $300,000. The stock is now on a
10 Bankers Trust Co
376 376 376
May 1922— 328% 6% dividend basis. The new stock is offered to stockholders
STOCK EXCHANGE.
at $150 a share on the basis of one share of new stock for
175 National Bank of Commerce_ 282 283 2823 Aug. 1922— 275
each share of old stock now held. Subscriptions must be
made on or before Sept. 1, and the stock paid for on or before
At a meeting of the board of Directors of the United Sept. 11 1922. According to the circular issued by Cashier
States Mortgage & Trust Co. on Aug. 25, John A. Hopper Edwin G. Forster, the directors have decided to permit dewas elected Vice-President in charge of the new Madison positors of the bank an opportunity to subscribe for the
Ave. Branch; Charles S. Andrews Jr. was elected Vice- stock and thus become more closely interested in its busiPresident in charge of the 73rd St. Branch; Robert F. ness. Any stock not subscribed for by stockholders will be
Brown was elected Secretary to succeed Mr. Hopper; allotted in the discretion of the officers to depositors who
Mr. H. C. Ottiwell was elected an Assistant Secretary, and may wish to subscribe.
Blinn F. Yates was elected an Assistant Treasurer.
The State Banking Department at Albany has approved
Two New York Curb Market Association memberships plans whereby the capital stock of the Municipal Bank of
were reported sold this week, the consideration being stated Brooklyn will be increased from $200,000 to $400,000. The
as $7,800 and
,000, respectively. The last previous new stock was authorized by the shareholders on July 28; it
is being disposed of at $160 per share of $100. The enlarged
sale was at $7,900.
capital will become effective in September.
The Guaranty Company of New York announces the appointment of Roy M. Mulford to be Assistant Vice-President
Thomas H. Roulston, President of Thomas Roulston, Inc.,
of the company.
operators of chain grocery stores in Brooklyn and Long
Island, was elected a member of the board of directors of the
Judge W. L. Estes of the United States District Court for Mechanics Bank of Brooklyn on Aug. 1 1922.
the Eastern District of Texas has issued an injunction restraining the Community Finance Co. of that State from usWith a capital stock of $100,000, a new bank has been oring, in any way, the terms Morris Plan, Morris Bank or Mor- ganized in
Montclair, N. J., under the name of the Montclair
ris.Plan of Industrial Banking, or similar words or phrases, National
Bank. Reginald H. Creyk has .been tentatively
indicating that it is organizing an industrial bank on the chosen as
President of the institution, which will probably
Morris Plan. So many attempts have been made by unau- begin business
in 60 days. The stock of the institution (par
thorized individuals, firms and corporations to meet the de- $100) is being
disposed of at $150 per share, enabling the
mand for Morris Plan service in other than the 100 American creation of a
surplus of $50,000.
already
in operation, that the Industrial
cities in which it is
Finance Corporation, proprietor of this pioneer plan of inThe stockholders of the Central Bank of Westchester
dustrinl banking, is taking action to protect itself and the
borrowing and investing public from what it considers mis- County and the Westchester Title & Mortgage Co., of White •
Plains, N. Y., have ratified plans for the merger of the two.
leading infringement of its rights.
The Central Bank has a capital of $100,000, surplus and
profits of $65,000 and deposits of $1,400,000. The WestchesThe Comptroller of the Currency approved on July 14 the ter Title &
Mortgage Co. has a capital of $600,000, surplus of
application to organize the Globe National Bank of New York. $500,000 and
undivided profits of $100,000. The consolidated
As we stated in our issue of May 6 last, page 1974, in refer- institution will
be known as the Westchester Title & Trust
ring to the application to organize the bank, the institution Co., and its officers
will be the same as the title company,
958
[vol.,. 115.
THE CHRONICLE
its organization in 1912), Vice-President in charge of the
Church Hill branch; E. L. Word (heretofore Cashier of the
old Broad Street Bank), Vice-President and Cashier; Percy
L. Moore, Cashier in charge of the Fulton branch, and W. B.
Sutton, Jr., J. M. Gatewood, Earle B. Muire (Church Hill
William S. Cherry and Robert E. Cooke were branch), and Carter B. Harrison (Fulton branch), Assistant
elected directors of the High Street Bank of Providence at Cashiers.
the annual meeting of the stockholders on Aug. 7 With their
election the board is increased from 13 to 15 members. Mr.
The State National Bank of Corpus Christi, Tex., has been
Cooke was formerly Cashier of the bank. His resignation incorporated with a capital of $100,000. The new bank,
from the Cashiership occurred last March, when he was suc- which began business July 8, succeeds the First State Bank.
ceeded by Victor H. Frazier.
with the addition of Theodore F. Flandreau, Jr., as VicePresident. The enlarged institution will have a capital of
$600,000. The merger will go into effect Sept. 1.
In its issue of Aug. 24 the "Journal of Commerce" had
The Fourth Street National Bank of Philadelphia plans to the following to say regarding the issuance of Dexter Horton
establish a branch near City Hall. It has acquired a long- serial bonds:
1st
S. W. Straus & Co. have purchased an issue of $1,200,000 6%%
term lease on the first and second floors and basement of the
Wash.
Mtge. serial bonds from the Dexter Horton Estate of Seattle,
Penn Square Building, which will be remodeled at a cost of The
erected
security is the land and 13-story bank and office building to be
$150,000. The new branch is to be opened about Jan. 1 1923. at Cherry Street and Third Avenue immediately and existing bank and
on Second Avenue. The Dext,or Horton National
The main office of the bank, as heretofore, will be in the office building fronting
baseBank has leased for fifteen years a large part of the bank floor and
are
Bullitt Building.
ment space. The maturities are 23 to 163 years. The bonds
dated Sept. 1 1922.
Francis B. Reeves, former President of the Girard National Bank of Philadelphia. and prominent in banking.
business and civic affairs, died on the 14th inst., in his 86th
year. Mr. Reeves had suffered a paralytic strike in 1919
from which he never fully recovered. He had retired from
the Presidency of the Girard National Bank in 1914, after
serving as head of the institution since 1899. About the same
time he retired as President of the Philadelphia Clearing
House, in which capacity he had served for seven years.
Following his resignation as President, he was made chairman of the board of directors of the Girard Natonal Bank
and held that position until his death. Mr. Reeves was a
director of the Philadelphia Mortgage & Trust Co.. the Saving Fund of Germantown, the Bell Telephone Co. of Pennsylvania, Manager of the Merchants' Fund and of the Mercantile Beneficial Association, Treasurer of the Thomas 'W.
Evans Institute and Museum and of the Institute Society,
member of advisory boards of the Germantown Trust Co., etc.
Cable advices from Den Danske Landmansbank, Copenhagen, announce the appointment of Ernst Meyer, President
of the Merchants Guild of Copenhagen, as a manager of the
bank owing to the resignation of Mr. Harhoff, who had been
a manager since 1872.
COURSE OF BANK CLEARINGS.
Bank clearings continue their satisfactory record of
increase. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending Saturday Aug. 26 aggregate
bank clearings for all the cities in the United States from
which it is possible to obtain weekly returns will show an
increase of 17.3% over the corresponding week last year.
The total stands at $6,317,643,140, against $5,385,707,322
for the same week in 1921. This is the twenty-second successive week in which our weekly aggregates have shown an
• The Maryland Surety & Trust Co. of Hagerstown, Md., one improvement as contrasted with last year. Our comparative
of Hagerstown's oldest banks, has taken steps toward increas- summary for the week is as follows:
ing its capital stock from $200,000 to $250,000. The new
Per
stock, authorized by the shareholders on June 27, is to be
Clearings-Retyrns by Telearaph.
Cent.
1921.
1922.
Week ending August 26.
disposed of at $45 per share-par $10. The increased cap$2,858,200,000 62,309,000,000 +23.7
New York
ital will become effective Aug. 28.
+4.3
382,003,831
398,533,055
Chicago
Philadelphia
Boston
Kansas City
•
325,000,000
206,000,000
305,000,000
180,539,400
+6.5
+14.1
102,922,582
a
121,431,531
-15.7
a
a
Washington Bank & Savings Co. of Cincinnati took over St.nLouts
108,000,000 +15.7
*125,000,000
Francisco
SA
+24.0
125,000,000
*155,000,000
the Citizens' Bank & Trust Co. of Pleasant Ridge, a suburb Pittsburgh
86,000,000 +22.5
105,359,569
Detroit
46,009,759 +38.8
63,873,129
of Cincinnati, the latter institution now being operated as a Baltimore
+24.2
33,157,781
41,193,596
Orleans
New
&
Bank
Co.
Savings
F. W. Hobranch of the Washington
+18.5
$3,696,142,302
*4,381,081,931
days
5
Ten cities,
mann, Jr., heretofore Secretary and Treasurer of the ab- Other
791,947,133 +11.5
883,620,686
cities, 5 days
sorbed bank, has become connected with the enlarged insti$5,264,702,617 84,488,089,435 +17.3
Total all cities, 5 days
897,617,887 +17.3
1,052,940,523
tution. The Citizens' Bank & Trust Co..was established in All cities, 1 day
1909 and had a capital of $50,000, with surplus and undivided
*6,317,643,140 $5,385,707,322 +17.3
Total all cities for week
profits of $10,000. The Washington Bank & Savings Co. will
•Estimated. a Refuses to furnish figures.
have a capital of $250,000 and surplus and undivided profits
Complete and exact details for the week covered by the
of $107,000. Its officers are Joel C. Clore, President; W. R.
foregoing will appear in our issue of next week. We cannot
Galloway, Dr. Geo. C. Kolb and Frank J. Zumstein, Vicefurnish them to-day,inasmuch as the weeks ends on Saturday
Presidents; John C. Peck, Cashier.
and the Saturday figures will not be available until noon
,
to-day, while we go to press late Friday night. Accordingly
has
Michigan,
capital
its
increased
Detroit,
had
cases
all
of
in
Bank
The
in the above the last day of the week has
from $1,000,000 to $2,000,000. The enlarged capital became to he estimated.
available July 1. The increase was authorized by the stockIn the elaborate detailed statement, however, which we
holders on June 20. and the new issue was put out at $115
further below, we are able to give final and complete
present
per share of $100.
results for the week previous-the week ending Aug. 19. For
that week the increase is 13.7%, the 1922 aggregate of the
A consolidation was consummated on Aug. 5 of the Church clearings being $6,598,388,109 and the 1921 aggregate
Hill Bank and the Broad Street Bank of Richmond, Va., un$5,803,953.009. Outside of this city the increase is only
der the title of the latter institution, and the Church 'Hill
10.5%, the bank exchanges at this city having recorded
now
are
as
operated
Church
the
branch
Bank and its Fulton
the
of
Broad Street Bank. a gain of 16.4%. We group the cities now according to the
Hill branch and Fulton branch
of $300,000, surplus Federal Reserve districts in which they are located and
capital
a
has
institution
The enlarged
and undivided profits of $350,000 and resources in excess of from this it appears that in the Boston Reserve District
$6,000,000. The officers of the institution are as follows: the increase is 13.9%, in the New York Reserve District
W. S. Rhoads, Chairman of the board of directors; Oscar E. (including this city), 16.5%; in the Philadelphia Reserve
Parrish (heretofore President of the Church Hill Bank),
District, 18.3%; and in the Cleveland Reserve District,
President; Charles E. Talley (former Vice-President of the
The Richmond Reserve District makes the best
Church Hill Bank and connected with that institution since 19.2%.
AUG. 26 1922.]
THE CIIRC NICLE
showing of all with a gain of 23.8%. The Atlanta Reserve
District records an increase of 15.6%, the St. Louis District 6.3%, and the Minneapolis Reserve District 4.6%.
The Kansas City Reserve District is the only one reporting
diminished clearings and has a decrease of 9.4%. The
Chicago Reserve District and the Dallas Reserve District
both show gains, but they are quite small, being 1.8% for
the former and 3.7% for the latter. The San Francisco
Reserve District enjoys a gain of 21.5%.
In the following we furnish a summary by Federal Reserve
districts:
EundmARF OF RANK CLEARINGS.
Week ending Aug. 19.
1922.
1921.
Federal Reserve Districts
10 cities 313,715,527 275,479,203
(1st) Boston
(2nd) New York
9 " 3,702,632,643 3,179,426,867
435,101,000 367,832,020
(3rd) Philadelphia _-_10 "
7 "
343,027,817 287,702,594
(4th) Cleveland
(5th) Richmond
153,329,369 123,858,224
6 "
11 "
136,076,466 117,759,609
(6th) Atlanta
19 "
710,368,986 697,730,894
(7th) Chicago
(8th) St. Louis
7
52,996,272 49,859,532
(9th)•MinneaPolls ---- 7
113,585,032 108,551,409
(10th) Kansas City_ _ _ _11 231,526,421 255,521,546
(11th) Dallas
43,070,229 41,514,767
(12th) San Francisco_ _ _ 14
362,953,147 298,716,294
..
...
..
Inc.or
Dec.
1920.
1919.
+13.9 370,670,500 348,379,569
+16.5 4,144,219,135 4,407,114,876
+183 498,159,620 434,451,495
+19.2 394,965,078 322,438,654
+23.8 180,974,112 174,060,393
+15.6 186,772,574 154,371,039
+1.8 838,748,256 782,968,490
+6.3 62,689,282 47,631,077
+4.6 133,330,202 74,546,135
-9.4 372,515,835 390,898,080
+3.7 62,993,232 60,214,591
+21.5 363,393,758 311,473,515
Grand total
116 cities 6,598,388,109 5,803,953,009 +13.7 7,609,431,584 7,508,547,914
Outside New York City
2,956,549,295 2,675,717,234 +10.5 3,534,792,584 3,156,022,732
Canada
28 cities 266,957,614 288,498,543 -7.5 354,368,091 292,671,827
• We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending August 19.
Clearings at1922.
1921.
Inc.or
Dec.
$
s
%
First Federal Reserve Dist rict-BostonMaine-Bangor__
649,308
733,938 -11.5
Portland
2,555,292
2,750,000 -7.1
Mass.-Boston _ _ 285,000,000 250,197,188 +13.9
Fall River_ _ _ _
1,749,291
1,338,029 +30.7
Holyoke
a
a
a
Lowell
1,156,173
1,088,128 +6.2
Lynn
a
a
a
New Bedford_ _
1,517,656
1,599,127 -5.1
Springfield
_
3,976,737
3,089,715 +28.7
Worcester
3,213,608
2,777,864 +15.7
Conn.-Hartford
8,104,656
6,795,565 +19.3
New Haven__ _
5,792,806
5,109,649 +13.4
It.I.-Providence
a
a
a
Total(10 cities)
313,715,527
275,479,203 +13.9
1920.
1919.
$
$
1,234,004
2,500,000
340,031,185
1,836,436
a
1,100,000
a
1,933,200
4,572,035
4,138,228
8,133,674
5,221,738
a
649,413
2,300,000
321,345,089
2,159,032
a
1,047,918
a
1,526,724
4,068,812
3,461,069
6,745,365
5,076,147
a
3-0,670,500
348,379,569
Second Feder al Reserve D Istrict-New York-N. Y.-Albany..
4,024,654
2,974,978 +35.3
4,856,422
4,600,537
Binghamton_ _
f1,159,903
883,022 +31.4
1,062,800
835,800
Buffalo
o39,699,000
33,091,970 +20.0
46,925,132
36,130,363
Elmira
509,870 Not included in total .
Jamestown_ _ _ 41,139,261
972,584 +17.1
1,317,580
New York.. _ 3,641,838,814 3,128,235,725 +18.4 4,074,639,000 4,352,525,182
Rochester
8,597,628
6,827,970 +25.9
10,562,280
9,056,266
Syracuse
3,250,459
3,322,481 -2.2
4,349,051
3,656,785
Corm.-Stamford
e2,578,862
2,808,884 -8.2
N. J.-Montclair
344,082
. 309,253 +11.3
506,870
309,943
Total(9 cities) 3,702,632,643 3,179,426,867 +16.5 4,144,219,135 4,407,114,876
Third Federal Reserve Dist rict-Philad elphia Pa.-Altoona _
991,796
897,701 +10.5
1,164,632
Bethlehem _ _
2,643,340
2,231,398 +18.5
3,485,951
Chester
1,027,960
950,000 +8.2
1,388,871
Lancaster
2,490,614
2,212,470 +12.6
2,452,246
Philadelphia.. 414.000,000 348,000,000 +19.0 474.086,568
Reading
2,614,000
2,000,000 +30.7
2,286,260
Scranton
e3,604,572
4,251,346 -15.2
4,928,198
Wilkes-Barre..
02,363,388
2,530,931 -6.6
2,969,043
York
1,186,744
1,139,513 +4.1
1,342,483
N.J.-Trenton_ _
4,178,586
3,618,661 +15.5 •
4,055,368
Del-Wilming'n
a
a
a
a
Total (10 cities)
435,101,000
1,014,485
1,293,045
2,400,000
415,778,475
2,424,242
4,318,802
2,793,509
1,303,359
3,125,578
a
367,832,020 +18.3
498,159,620
434,451,495
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron....
c
c
c
Canton
4,159,089
2,771,134 +50.1
Cincinnati.
55,737,685
51,249,913 +8.8
Cleveland
f98.981,203
80,943,994 +22.3
Columbus
13,031,500
10,201,100 +27.7
Dayton
a
a
a
c
Lima
c
c
Mansfield
c
c
c
Springfield _a
a
a
a
Toledo
a
a
Youngstown _ _
e3,233,283
2,939,665 +10.0
a
a
Pa -Erie
a
C
c
Greensburg - - c
Pittsburgh - - - - b164,300,000 135,800,000 +21.0
W.Va.-Wheelin
3,585,057
3,796,788 -5.6
c
4,480,792
65,543,874
137,684,437
13,814,100
a
c
c
a
a
3,896,493
a
c
164,526,555
5,018,827
c
2,891,958
56,786,827
105,763.463
12,427,900
a
c
c
a
a
4,426,308
a
c
135,526,558
4,615.640
287,702,594 +19.2
394,965,078
322,438,654
Fifth Federal Reserve Dist rict-Richm ond1,503,073
W.Va.-Hunt'n _
1,567,809 -4.1
Va.-Norfolk__ _ _
07,153,050
5,866,801 +21.9
Richmond
41,410,580
36,546,071 +13.3
01,691,268
S.C.-Charlestm
1,673,325 + 1.1
Md.-Baltimore _
84,502,785
63,770,257 +32.5
D.C.-Wasblflg'fl
17,068,613
14,433,961 +18.3
2,093,830
10,259,126
57,480,009
3,300,000
91,908,525
15,932,622
8,837,937
58,414,570
2,53C,000
89,517,125
14,760,761
123,858,224 +23.8
180,974,112
174,060,393
Sixth Federal Reserve Dist rict-Atiant ae5,225,753
Tenn.-Chatt'ga
4,897,905 +6.7
Knoxville
2,622,563 ' 2,669,259 -1.7
17,741,996
Nashville
13,934,174 +27.3
Ga.-Atlanta....
37,391,429
35,092,224 +6.6
1,374,917
Augusta
1,410,401 -2.5
1,049,199
Macon
1,200,000 -12.6
Savannah
a
a
a
Fla-Jacksonvill
9,694,354
7,650,386 +26.7
Ala.-Birming'm .
19,690,846
15,224,174 +29.3
C
c
Mobile
c
611,284
Miss -Jackson..
667,660 -8.4
242,335
Vicksburg
215,578 +12.4
40,431,790
34,797,848 +16.2
La.-New Orl'ns
8,157,489
3,321,767
22,107,341
53,917,256
2,620,841
2,000,000
a
11,164,527
17,676,688
c
563,806
248,387
64,994,472
6,719,434
3,059,714
14,166,028
53,136,738
2,991,847
1,500,000
a
8,519,015
12,784,754
c
395,707
234,151
50,873,851
186,772,574
154,371,039
Total(7 cities).
Total(6 cities).
Total(11 cities)
343,027,817
153,329,369
136,076,468
117,759,609 +15.6
959
Week ending Aug. 19.
Clearings at1922.
Seventh Feder
Mich.-Adrian _ _
Ann Arbor_ _ _ _
Detroit
Grand Rapids_
Lansing
Ind.-Ft. Wayne
Indianapolis__ _
South Bend...
Wis.-Milwaukee
Ia.-Cedar Rap's
Des Moines__ _
Sioux City_ _ _ _
Waterloo
Ill-Bloomington
Chicago
Danville
Decatur
Peoria
Rockford
Springfield _ _
1921.
Inc.or
Dec.
1920.
1919.
S
$
al Reserve D (strict- Chi cago183,024
229,136
125,000 +46.4
76,579
788,003
585,297
656.090 +20.1
476,183
113,321,000 111,344,298 +1.8 140,000,000 100,000,000
6,088,487
6,704,181
5,690,444 +7.0
5,893,201
1,400,000
2,122,000
4,043,000 -47.5
1,000,000
1,830,683
1,647,200
1.549,116 +6.3
1,586.957
18,065,000
16,106,000
16,094,000
15,316,000 +5.2
1,873,326
1,984,332
1,570.996
1,963,226 +1.1
30,070,468
36,528,875
26,528,875
27,695,608 +8.6
1,856,909
2,497,093
2,319,548
1,728,824 +7.4
10,512,047
9,007,198
10,431,118
7,640,226 +17.9
7,502,098
5,145,598
5,427,554 -5.2
9,776,000
1,806,238
1,111,947
1,559,158
1,230,239 -9.6
1,103,526
1,542,720
1,185,919 -6.9
1,726,491
510,569,615 503,898,560 +1.3 595,069,158 593,558,564
a
a
a
a
a
1,267,803
1,665,583
1,435,944
1,091,116 +16.2
4,002,158
5,000,000
4,497,585
3,339,522 +19.8
1,845,966
2,542,119
1,653,234 +11.7
2,178,024
2,147,752
2,152,918 -0.2
3,394,702
2,259,267
Total(19 cities) 710,368,986 697,730,894
Eighth Federa I Reserve Dis trict-St.Lo
Ind.-Evansville.
4,108,309
3,730,609
Mo.-St. Louis..
a
a
Ky.-Louisville
25,008,009
22,413,173
Owensboro_
319,907
282,132
Tenn.- Memphis
14,248,973
14,044,605
Ark.-LittleRock
7,733,241
7,931,178
Ill.-Jacksonville.
350,594
457,885
Quincy
1,227,239
1,000,000
+1.8
838,748,256
782,968,490
+10.1
a
+11.6
+13.4
+1.5
-2.5
-23.4
+22.7
3,978,971
a
29,037,478
398,643
17,312,934
9,927,624
670,450
1,363,182
4,992,418
a
16,341,322
645,740
16,141,672
7,348,630
639,799
1,521,496
Total(7cities).
52,996,272
49,859,582 +6.3
Ninth Federal Reserve Dis trict -Minn eapolis
Minn.-Duluth.
e7,582,904
7,438,561
+1.9
Minneapolis...
65,547 965
63,665,327 +3.0
St. Paul
33,363,803
30,330,487 +10.0
N. D.-Fargo...
2,216,410
1,904.549 +16.4
S. D.-Aberdeen.
1.351,455
1,379,060 -2.0
Mont-Billings.
496,586
578,761 -14.2
Helena
3,025,909
3,254,664 -7.0
62,689,282
47,631,077
8,222,260
77,611,387
40,362,108
2,607,319
1,756,121
1,178,966
1,592,041
6,177,869
40,671,902
18,453,886
3,648,114
2,045,182
1,324,727
2.224,455
133,330,202
74,546,135
Total(7 cities). 113,585,032 108,551,409 +4.6
Tenth Federal Reserve Dis trict-Kans as City
Neb.-Fremont__
e335,027
600,000 -44.2
Hastings
441,832
504,205 -12.4
Lincoln
3,926,400
2,671,939 +47.0
Omaha
37,275,728
37,905,043 -1.7
Kansas-Topeka_
e2,563,437
2,739,583 -6.4
Wichita
el0,322,296
11,888,261 -13.2
Mo.-Kan. City_ 137,579,282 156,972,576 -12.4
St. Joseph__ _ _
a
a
a
Okla.-Muskogee
a
a
a
Oklahoma City e19,675,000
24,367,937 -19.3
Tulsa
a
a
a
Col.-Col. Spgs_
2,149,546
1,027,672 +11.9
Denver
17,327,314
15,935,366 +8.7
Pueblo
f930,559
908,964 +2.4
Total(11 cities) 231,526,421 255,521,546 -9.4
Eleventh Fade ral Reserve District-Da ilasTexas-Austin...
1,300,651
1,100,000 +18.2
Dallas
22,014,977
20,000,000 +10.1
Fort Worth... el0,190,744
10,057,531 +1.3
Galveston
6,003,933
7,333,187 -18.1
Houston
a
a
a
La -Shreveport.
3,559,924
3,024,049 +17.7
Total(5 cities)_
43,070,229
41,514,767
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle _
32,494,183
28,387,379
Spokane
a
a
Tacdma
a
a
Ore-Portland..Yaki
1,103,921
1,138,035
32,285,039
29,745,739
Utah-S.L.City.
12,695,838
11,022,435
Nev.-Reno
a
a
Ariz.-Phoenix. _
a
a
Calif.-Fresno_ _ _
e3,740,812
3,232,628
Long Beach...
5,070,644
3,523,204
Los Angeles..
97,810,000
75,225,000
Oakland
013,190.000
10,174,111
Pasadena
3,667,322
2,793,186
Sacrapento _
e6,857,503
5,816,894
San Diego..._
a
a
San Francisco_ 147,700,000 120,600,000
San Jose
2,319,633
1,731,766
Santa Barbara.
1,400,052
745,817
Stockton
d2,623,400
4,580,100
827,930
982,784
778,084
842,354
5,250,977
5,480,426
54,576,116
64,223,087
3,188,888
2,978,526
15,725,009
15,881,580
235,780,401 260,601,760
a
a
'
a
a
33,768,347
13,987,512
a
a
1,118,152
1,254,043
20,398,385
24,095,026
706,893
967,655
372,515,835
390,898,080
1,200,000
30,906,661
20,244,932
6,006,392
a
4,635,247
1,155,273
29,032,348
17,873,834
9,390,846
a
2,762,290
+3.7
62,993,232
Franc! sco+14.5
36,442,111
a
a
a
a
1,209,098
-3.0
+8.5
35,616,292
14,374,323
+15.2
a
a
a
a
4,309,535
+15.7
+43.9
2,538,466
74,879,000
+30.0
10,519,691
+29.6
+31.3
2,925,016
+17.9
6,789,637
a
a
+22.5 164,800,000
+33.9
2,266,941
791,048
+87.7
-42.7
5,932,600
41,510,675
a
a
1,377,074
34,000,000
15,393,736
a
a
3,665,497
1,435,333
46,436,000
9,131,349
1,250,549
6,004,697
a
146,792,198
2,026,192
60,214,591
2,450,215
Total(14 cities) 362,958,347 298,716,294 +21.5 363,393,758 311,473,515
Grand total(116
cities)
6,598,388,109 5,803,953,009 +13.7 7,609,431,584 7,508,547,914
Outside New York 2,956,549,295 2,675,717,284 +10.5 3,534,792,584 3,156,022,732
Week ending Aug. 17.
Clearings alinc.or
1922.
1921.
Dec.
1920.
1919.
Canada$
$
$
%
$
Montreal
84,871,228
92,463,922 -8.2 130,360,498 108,785,870
Toronto
84,091,378
85,482,439 -1.6
91,468,728
77,641,996
Winnipeg
33,035,720
38,507,711 -14.2
45,668,369
33,110,928
Vancouver
12,959,858
13,298,715 -2.5
17,240,712
13,205,128
Ottawa
5,910,441
8,249,996 -5.4
7,646,925
8,345,944
Quebec
4,777,465
5,387,828 -11.3
6,793,174
5,315,871
Halifax
2,595,715
3,289,114 -21.1
4,879,781
4,164,290
Hamilton
5,562,620
5,374,445 +3.5
7,044,311
5,802,859
St. John
3,101,959
2,642,502 +17.4
3,351,773
3,289,607
Calgary
3,997,455
5,561,269 -28.1
7,359,928
6,350,863
London
2,265,047
3,858,229
2,449,467 -7.5
3,025,577
Victoria
1,957,579
2,227,148 -12.1
2,600,000
2,443,721
Edmonton
4,317,769
6,495,815 -33.5
5,174,856
4,849,398
Regina
3,337,855
4,014,736 -16.9
4,046,625
3,600,788
Brandon
638,298
770,168 -17.1
700,000
650,088
Saskatoon
1,639,118
2,100,000 -21.9
2,381,467
2,045,687
Moose Jaw
1,758,125
987,206
1,403,575 -29.7
1,484,232
Lethbridge
496,698
864,932
705,264 -29.6
679,614
Brantford
937,594
1,390,194
967,652 -3.1
1,097,000
Fort William.._ _
694,909
639,859 +8.6
715,807
810,791
New Westminster
616,762
701,080
594,764 +3.7
617,614
Medicine Hat__ _
257,008
407,081
362,219 -29.0
438,882
Peterborough__ _ _
536,902
892,103
797,926 -32.7
749,692
Sherbrooke
1,218,483
1,004,888
866,291 +16.0
1,033,474
Kitchener
1,080,013
912,266
981,621 -7.1
862,451
Windsor
3,778,484
3,881,800
3,197,901 +18.2
2,269,462
Prince Albert..
300,169 Not included in tote
Moncton
883,097
1,127,871
968,479 +16.5
Kingston
547,521
697,717 -21.5
Total Canada_ 266.957.614 2RR.495.543 -7.6 354,368,091 292,671.827
a No longer report clearings or only give debits against individual accounts, with
no comparative figures for previous years. b Report no clearings, but give
comparative figures of debits: we apply to last year's clearings the same _ratio of
(or increase) as shown by the debits. c Do not respond to requests for decrease
figures.
d Week ending Aug. 16. e Weak ending Aug. 17. f Week ending
Aug. 18.
Estimated.
960
RELATION OF INCREASES IN TRANSPORTATION
RATES TO INCREASES IN WAGES-W. S.
CARTER'S RESEARCH WORK.
iSlason Thompson in "Bulletin of Railway News and Statistics."]
W. S. Carter, who resigned his position as President of the Brotherhood
of Locomotive Firemen that he might devote his time to fighting the Railroad Labor Board, has signalized his entry on this new duties as Manager
of the Research Department of the Brotherhood by issuing a pamphlet
entitled "Facts and Figures," in which the facts are distorted and the
figures are furnished by that discredited statistical prestidigitator Dr.
Frank J. Warne.
The nub of this pamphlet thus fathered and indorsed is the claim that
since the passage of the Cummins-Esch Law freight and passenger rates were
first increased $1,550,000,000 and then decreased $400,000,000-a net
increase of :S1,150,000,000, and meanwhile the wages of employees were
increased $618,000,000 and decreased $558,000,000, or a net increase of
$60,000,000.
So it is triumphantly exposed to "the farmers," "the common people"
and "the consumers in every walk of life" that in the exchange of rates for
wages the railroads are to profit by a balance of $1,090,000,000, "based
upon the traffic conditions of 1920l"
The joker in this farrago of figures is the trick of hanging them on the
date of the passage of the Cummins-Esch Law, and not from the passage
of the Adamson Law, which opened the door for the exploiting of railroad
revenues by and for their employees.
In order to get the truth about the railway situation which resulted in an
actual deficit in 1920, it is necessary to go back of the Cummins-Esch Law,
approved Feb. 28 1920, which was a remedial and constructive measure
passed to alleviate if not cure the ills let loose on American industry by the
war, the Adamson Act and Government mismanagement of the railways.
That truth is told in the following statement showing freight and passenger
earnings in comparison with the pay of railway employees during the years
1916 to 1920, inclusive:
Compensation
Railway Revenues
From Passengers. of Employees.
From Freight.
$1,511,729,000
1916
$716,033,000
$2,627,491,000
1,781,027,000
1917
835,619,000
2,809,863,000
2,686,734,000
1918
1,055,300,000
3,517,123,000
2,901,963,000
1919
1,192,408,000
3,628,404,000
3,763,772,000
1920
1,297,782,000
4,373,989,000
2,252,043,000
Increase
581,749,000
1,746,498,000
2,328,247,000
Total passenger and freight increase
76,204,000
Difference between increase in rates and wages
Here "the farmers," "the common people" and "the consumers in every
walk of life" will perceive that the wages of railway employees in 1920
engrossed every dollar of the great increase of $2,328,247,000 except
$76,204,000.
It may safely be left to the farmers,&c.,to figure out how far the $76,204.000 left in the railway exchequer after paying the jay-roll in 1920 would
go to meeting the 'following increased expenses of the railways in 1920
over 1916:
Increase 1920 over 1916.
Locomotive fuel
$432,260,915
Materials,supplies, &c
535,375,515
Taxes
113,136,952
Total
$1,080,773,382
These are the figures that account for the fact that after adding receipts
from mail, express and other transportation revenues to those from freight
and passengers there was an actual deficit in railway revenues from operation in the year 1920.
If the reader will revert to the first table given above, he will notice that
the great raid of employees on railway revenues was made in 1918 under
Director-General McAdoo's Order No. 27 and the supplements thereto.
By the merest chance it so happened that in that year one W.S. Carter was
Director of the Division of Labor under his friend W. G. McAdoo, and
farmers will understand that he plowed for the Brotherhood of which he
was President while the plowing was good.
What Ails the Brotherhood of Firemen?
Why should the Brotherhood of Railway Firemen greedily swallow the
rulings of the Railroad Labor Board raising the wages of all railway employees by from $600,000,000 to $700,000,000 one year, as the cost of living
advanced, and revile the Board for reducing those wages $400,000,000
when the cost of living recedes in a greater proportion?'
Why,if the Board is anathema to the Brotherhood, should the latter reelect Albert Phillips Vice-President, while he is "serving as member of the
U. S. Railroad Labor Board" contrary to the letter and spirit of the Transportation Act, which reads:
"Any member of the Labor Board who during his term of office is an
active member or in the employ of or holds any office in any organization of
employees or subordinate officials or any carrier, or owns any stock or bond
thereof or is pecuniarily interested therein, shall at once become ineligible
for further membership upon the Labor Board."
Is the Labor Board only a good Indian when it leans one way and a bad
one when it stands straight or leans the other way with the preponderance
of evidence?
Why is it that John F. McNamee, the able and forcible editor of the
official magazine, is impelled to out-Herod Edward Keating, the editor of
"Labor," in villifying the railway management that is to-day paying railway
employees a billion dollars more a year than it did in 1916, although they
number 100,000 less?
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
August 10 1922:
GOLD.
The Bank of England gold reserve against its note issue is £125,579,625,
as compared with £125,578,590 last week. United Kingdom silver coin
to the amount of £7,000,000 is now held in the rwerve against Treasury
currency notes. Should the time arrive when demand for silver coin shall
exceed supply, the Treasury could either coin more, or some of this silver
holding could be retired by the substitution of Bank of England notes er
by an increase in the amount of securities. The Bank of England weekly
return of the issue department inserts the designation "silver bullion" as
the fourth form in which a portion of its reserve against its notes can be
held. The Bank of England has power to hold one-fifth of the total value
in this metal, hut the power
of its bullion in the issue department reserve
1861. During the yeirs 1844 (the year
has not been exercised since July
thus
and occasionally afterwas
silver
included,
1853
to
Act)
of the Bank
that for a long time past a sum of £7,434.900
ward. It will be observed
completing
with
the Government debt
securities,"
"other
in
helci,
has.been
fiduciary issue at the time of the
£11,015,100, a total of £18,450,000. The
The Bank was empowered to apply for
Act of 1844 was £14,000,000.
Order-in-Council authorizing them to increase its fiduciary issue by two-
[voL. 115.
THE CHRONICLE
thirds of the amount of bank notes of any bank authorized but ceasing to
issue. The Act does not specify what class of securities shall figure under
the head of "other securities." The last joint stock bank to issue notes
was the Halifax Commercial Banking Co., which ceased to do so upon their
amalgamation with the Bank of Liverpool and Martins Ltd. as from
Jan. 11920. Some of the notes are still outstanding and possess the right
of encashment. The bulk of the available gold supplies this week have been
taken for the United States of America. Gold valued at $2,880,000 has
been received in New York from London. It is announced that gold earmarked at the Bank of England during the war as part of the National
Bank of Egypt reserve against its bank notes, is being transmitted to
Egypt, there to be held instead of in London as during the war. The
amount of the gold holding against these Egyptian notes on Dec. 31 last
was L.E.3,339,572.
SILVER.
The market has shown weakness during the week owing to sales on account of China. The price gave way and a level was reached at which the
Indian Bazaars were inclined to buy. Yesterday and to-day purchases
were freely made for this quarter. The downward tendency was accelerated by a considerable amount of selling pressure, but only a part of the
silver thus offered was actually dealt with, owing to the limits which were
placed upon the greater portion. America has been inactive. Including
a purchase on July 22 last, the total amount of silver acquired under the
Pittman Act aggregated 119,848,506 ounces. A resolution adopted at
the recent Western conference of the American Mining Congress at Denver
on the international stabilization of silver has been presented to the Senate
by Senator King of Utah and referred to the Banking Committee. He
stated that "the United States as a producer of silver is interested in the
price which it will bring and in the place which silver shall occupy in the
monetary system of the world. With the expiration of the Pittman Act
the price of silver produced in the United States will fall much below the
dollar mark, the present_price,per ounce of silver. .DepFeciation in the price
He asked the committee to investigate the
will be injurious to the West.
matter and make recommendation tending to secure the international stabilization of silver.
INDIAN CURRENCY RETURNS.
July 31.
July 22.
July 15.
In Lacs of Rupees18041
17895
17750
Notes in circulation
8509
8363
India
in
8222
Silver coin and bullion
Silver coin and bullion out of India
N5
N5
2432
Gold coin and bullion in India
Gold coin and bullion out of India
68i
68B
6512
Securities (Indian Government)
585
585
584
Securities (British Government)
lacs
The silver coinage during the week ending 31st ult. amounted to 3
about
of
consisted
inst.
the
on
5th
Shanghai
in
of rupees. The stock
compared
37,600,000 ounces in sycee, $32.500,000 and 3,610 silver bars, assilver
bars
with about 37,000.000 ounce; in sycee, $32,000,000 and 2,790
on the 29th ult. The Shanghai exchange is quoted at 3s. 4%El. the tael.
-Bar Silver per oz. std.- Bar Gold
per oz. fine.
Two Mos.
Cash.
Quotations-92s. 8d.
3530.
35%d.
Aug. 4
35d.
3534d.
Aug. 5
92s. 5d.
34%cl.
343.d.
Aug. 8
02s. 6d. .
34%d.
34%d.
Aug. 9
92s. 6d.
34%cl.
%cl.
343
Aug. 10
92s. 6.25d.
34.875d:
34.925d.
Average
The silver quotations to-day for cash and forward delivery are respectively
1 d. and %rt. below those fixed a week ago.
%
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Aug. 12. Aug. 14. Aug. 15. Aug. 16. Aug. 17. Aug. 18.
London,
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
Week ending Aug. 18.
34%
34%
35
35
34%
34%
d
Silver, per oz
92s. 5d. 92s. 5d. 925. 4d. 928. 3d. 92s. ld. 92s.
Gold, per fine ounce
583
583
583
58%
5831
ssq
Consols, 2% per cents
10034
10031
10031
100%
100%
1003
British 5 per cents
9731
9731
9734
9734
98
98
British 4% per cents
_ _ __
59.75
French Rentes(in Paris)_fr Holiday Holiday Holiday 59.40
____
75.90
FrenchWarLoan(inParis)_fr._ Holiday Holiday Holiday 75.80
The price of silver in New York on the same days have been:
Silver in N. Y., per oz. (eta.):
9934
Domestic
6834
Foreign
9934
6834
9934
6934
9934
6934
9934
6974
9934
6934
Aug.19. Aug.21. Aug.22. Aug.23. Aug.24. Aug.25.
London,
Thurs. Fri.
Wed.
Tues.
Mon.
Sot.
Week ending Aug. 25.
3534
3554
35
3431
3431
3431
Silver, per oz
92s. Id. 92s. 2d. 92s. 2d.
92s.
92s.
92s.
Gold, 1.er fine ounc
5814
5854
5834
5834
58%
5834
Consols, 214 per cents
100
9974
1(0 31
1COX
1003j 10044
British, 5 per cents
98
98
9734
9734
9754
9734
British, 434 per cents
60.15
60.15
59.75
60.15
French Rentes (in Paris), fr_ 60.15
76.50
76.50
76.50
76
French War Lean(inParis).fr. 76
The price of silver in New York on the same days have been:
99% 9991 999l
9934
9934
Silver in N. Y., per oz. (cis.):
9934
Domestic
6934
Foreign
6934
6934
691.;
6911
6914
IMPORTS AND EXPORTS FOR JULY.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for July and from
it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for July:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
Merchandise.
000s
omitted.
Exports.
Imports.
Excess
Exof
Exports, ports.
Gold.
Silver.
Excess
Exof
Imports. Export ports.
Excess
of
Imports. Exports
$
ii $ 1*42,342
6,269
645a42,987
54,000
147,022 3,735 64,248 *60,513 5,113
5,494
114,017 21,873 19,8181 2,05
224,941 54,673 1,846 52,827 8,262
40,830
4,986
2,213
7,199
265,590
146,832 69,052 27,304 41,748 5,538
261,991 9,395 62,108'52,713 4,337
1922 _ 305,000 251,000,
1921 - 325,181 178,159,
1920 - 651,136 537,119
1919 _ 568,687 343,7461
1918 _ 507,468 241,878,
1917 _ 372,758 225,9261
1916 _ 444,714 182,723
*Excess of imports.
6,957 *688
4,513
600
6,496 *1,002
5,528 2,734
5,214 35,616
3,420 2,118
2,426 1,911
Totrls for seven months ended July 31:
Merchandise.
0005
omitted.
Exports.
Imports.
I
Excess
Exof
Exports. ports.
Gold.
Silver.
Excess
Exof
haports. Exports pmts.
Imof
ports. Exports
Excess
$ I $
I $ I $ I $
$
$ 1 $
165,999/155209, 38,430 41,849 /3,419
1922 - 2,125,628 1,670,408 455,220 10,790
10,425 410,190/399766 26,1541 31,964 /5,810
1921 - 2,859,659 1,498,6351,381,024'217,117
144,269, 72,848, 87,616 62,576 25,040
1920 _ 4,897,1203,481,617 1,415,503
1919 _ 4,626,100 1,954,257 2,671,852 151,682 52,292 99,390 150,3681 48,118 102,250
123,635 134,608, 40,354 94,254
1918 _ 3,481,694 1,787,881 1,693,813 28,702 52,337 f23,8821
44,625 21,572 22,693
1917 _ 3,660,786 1,778,743 1,882,043271,587 505,469
1916 _ 2,925,335 1,467,8201,457,515 75,801 249,087./1732861 35,3791 17,838 17451
a Ot this amount Great Britain contributed $38,065,994 and France $1,688,202.
f Excess of imports.
AUG. 26 1922.]
THE CHRONICLE
goininercial antirettscelianconsgtew
•
Baltimore Stock Exchange.-Record of transactions
Aug. 19 to Aug.25,both inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Arundel Sand dr Gravel _100
Atian Coast L(Conn)_ _100
Baltimore Electric pref_ _50
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 L & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ .100
Cosden & Co pref
5
Houston Oil pref tr ctfs _100
Manufacturers Finance 100
Mt V-Woodb Mills vt r_100
Northern Central
50
Pennsyl Wat& Power_ _100
United,Ry & Elec
50
Wash B & Annap
50
Preferred
50
BondsAtlanta Consol St 5s_ _1939
Chicago City Ry 5s_ _ _1927
Consol Gas gen 434s.1954
ConsolG E L & P4 ,i13...1935
74s
1945
78
1931
65 Series A
1949
Consol Coal ref 434s_ A934
Refunding 5s
1950
Convertible 68
1923
Cosden & Co 68
1932
Davison Sulphur 6s_ _ _1927
Elkhorn Fuel 5s
1918
Fair dr Clarks Trac 5s_1938
Fairmont Coal 5s
1931
Ga Sou & Florida 5s_ _1945
Lexington (Ky) St 5s_1940
Macon Dub & Say 5s_1947
Md Electric Ry 1st 58_1931
Monon V Trac 7s_ _ _ _1923
Norfolk St Ry 5s
1944
Pennsy W & P 5s
1940
United Ry & E 4s_ _ _ _1949
Income 45
1940
Funding 5s
1936
6s
1927
138 (w 1)
1949
Va Mid 4th series 5s_ _1926
Wash B & A 5s
1941
334
1074
28
105
117
88
4%
904
78
112
2034
1234
100
9234
11034
107
9134
10634
98
60
99
74
57
98
10134
8034
3534 36
111 111
4034 4034
45
50
131 234
334 34
1074 109
5934 60
2634 27
28
28
112 114
10434 105
11634 117
88
87
434 44
89
904
55
55
14
15
774 78
111 112
2034 21
1234 13%
3134 3234
100 100
8234 8234
88
8834
914 9234
10931 11034
1064 107
1034 10334
90
934
91
9134
10034 10034
10531 10634
9834 99
98
98
9034 91
944 944
904 904
83
83
53
60
944 944
99
99
9534 9534
9734 98
74
7434
57
5734
78
80
98
98
10134 102
98
98
8034 8034
Range since Jan. 1.
Low.
High.
433 26
Jan
25 804 Jan
60 37
Feb
238 35
Jan
295
1
Jan
370
234 Jan
95 105 June
110 49
Mar
159 25
Jan
186 2531 Jan
359 91
Jan
115 102
July
85 105
Jan
58 80
Jan
375
434 Jan
200 78
Feb
25 41
Jan
121 10
Jan
134 72 June
35 9234 Jan
2,655
9
Jan
210 1334 Aug
75 29
Jan
$1,000
2.000
5,000
17,000
63,600
27,000
18,000
8,000
5,000
3,000
35,000
6,000
6,000
2,000
1,000
1,000
3,000
19,000
2,000
6,000
5,000
9,000
11,000
2,000
2,100
15,000
14,000
100
11,000
9931
7031
8131
8534
106
1014
100
8534
86
9634
984
964
944
87
94
83
8031
384
86
95
87
92
664
46
66
98
984
94
7834
Aug
Feb
Mar
Jan
Jan
Jan
July
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Feb
May
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Aug
Apr
Jan
Mar
44 June
111
Aug
4034 May
74
May
234 Aug
Mar
4
110
Aug
July
65
28
Apr
Apr
28
114
Aug
105
Aug
117
Aug
Aug
88
434 Apr
July
92
5534 Aug
1734 Apr
78 June
112
Aug
21
Aug
Apr
19
3434 Apr
100
8234
8834
924
11034
107
10334
934
9134
1004
107
104
9934
91
944
904
83
60
944
994
9534
99
754
5834
80
9834
102
9834
84
Aug
Aug
May
Aug
Aug
Aug
Aug
Aug
Aug
June
June
Feb
Aug
Jan
Aug
Aug
Aug
Aug
Aug
Aug
Aug
May
June
May
July
Aug
Aug
Apr
May
New York City Banks and Trust Companies.
•
All prices dollars per share.
Banks-N.Y. Bid
Ask
Bid
Banks
Ask Trust Co.'s Bid
Ask
America *_ _ 214 218 Imp & Trad_ 575 585
New York
Amer Exch_ 280 285 Industrial* _ _ 150 155 American _
Battery Park. 135 145 Irving Nat of
Bankers Trust 376 - 375
Bowery*
430 450
NY
208 212 Central Union 402 407
Broadway Cen 140 150 Manhattan 8_ 260 270 Columbia _
327 332
Bronx Bore*. 100
Mech & Met_ 400 405 Commercial. 105 125
Bronx Nat.
160 170" Mutual.
500
Empire
295 305
Bryant Park• 145 155 Nat American 150 160 Equitable Tr_ 293 296
Butch & Drov 130 138 National City 329 332 Farm L & Tr_ 470 480
Cent Mercan. 210
New Neth _ 125 135 Fidelity Inter. 208 213
Chase
340 345 New York... 552 558 Fulton
245 255
Chat & Phen_ 268 273 Pacific •
Guaranty Tr. 240 245
300
Chelsea Exch* 60
75 Park
410 460 Hudson
170
Chemical_
503 509 Public
295 305 Law Tit & Tr 185 193
Coal & Iron_ _ 195 205 Seaboard_
295 305 Metropolitan. 290 300
Colonial 4._ _ _ 325 --- Standard *__ _ 230 260 Mutual (West
Columbia._ _ _ 212
State*
295 305
cheater)
115 130
Commerce _ _ 280 283 Tradesmen's• 200
_
N Y Life Ins
Com'nwealth• 220 235 23d Ward*._ _ 260
& Trust _ _ 650 670
Continental_ _ 130 140 United States* 160 170 N Y Trust_ _ 353 358
Corn Exch*_ _ 416 420 Wash'n Ina • 325
Title Gu & Tr 395 400
Cosmoplan 8
.
85 Yorkville
420
Mta & Tr 305 315
East River._ iio"
United States 1075 1120
Fifth Avenue* 1025
Brooklyn
Fifth
155 idE Coney Island* 155 165
Brooklyn
First
1150 1250 First
300
Brooklyn Tr. 440 460
Garfield
240 250 Mechanics'• 110
Kings County 750 .
Gotham
178 184 Montauk•
125
Manufacturer 235
Greenwich *_
265
_ Nassau
225 246 People's
335 350
Hanover
620 630 People's
160
Harriman.._ _ 375 385
•Banks marked with(8)are State banks. I New stock. z Ex
-dividend y Ex-righte.
New York City Realty and Surety Companies.
All prim
Alliance R'Ity
Amer Surety.
Bond& M G.
City Investing
Preferred _ _
Bid
00
75
255
60
88
dollars per
Ask
Bid
95 Lawyers Mtge 82
78 Mtge Bond.. 115
262 Nat Surety_ _ 215
63 N Y Title dr
Mortgage_ 158
91
share.
Ask Realty Assoc
190
(Brooklyn)125 U S Casualty.
220 U S Title Guar
West Chester
164
Title & M 0
Bid
155
170
105
Ask
160
175
200
Breadstuffs figures brought from page 1006.-The
statements below are prepared by us fom figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
961
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Aug. 19 1922 follow:
Receipts at-
Flour.
Wheat.
Barrels.
New York.._
358,000
Philadelphia__
69,000
Baltimore_ __ _
32,000
Newport News
6,000
New Orleans *
92,000
Galveston_
Montreal _ _
94,000
Boston
26,000
Oats.
Corn.
Rye.
Bushels.
1,967,000
1,040,000
1,447,000
Bushels.
635,000
61,000
141,000
2,324,000
1,239,000
2,463,000
41,000
281,000
18,000
1,284,000
2,000
131,000
102,000
Bushels.
400,000
82,000
105,000
Bushels.
399,000
1,000
587,000
279,000
132,000
1,000
Total wk. '22 677,000 10,521,000 2,404,000
838,000 369,000 1,120,000
Since Jan.1'22 15,190,000,145,937,000107,819,000 44,376,000 10,982,00020,475,000
Same wk. '21
525,000' 9,505,000 1,856,000
374,000
847,000
719,000
Since Jan.1'2115,795,000 152,373,000, 58,615,000 34,000,00011,105,00015,290,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 19 1922, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Wheat.
Corn.
Flour.
Bushels. Bushels. Barrels.
1,192,780 719,124 37,078
3,000
691,000 243,000 13,000
820,000 291,000 5,000
6,000
416,000
45,000 15,000
1,215,000
2,446,000 1,275,000 71,000,
Oats.
Rye.
Barley. Peas,
Bushels. Bushels.IBushels. Bushels.
368,853 66,340 50,311
50,000
43,000
200,000
5,000
645,000 91,000 159,000
Total week 1922_ 6,780,780 2,573,124 150,0781,268,853 200,340 209,311
Same week 1921... 7,705,658 2,026,470 514,179 494,911388,000 329,105
5,400
The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July 1 to-
Flour.
Week
Aug. 19
Since
July 1
Triheat.
Week
Aug. 19 I
Corn.
Since
July 1
Week
I Aug. 19
Since
July 1
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 113,174
579,072 2,773,963 14,067,645 890,952 6,383,612
Continent
22,904
457,623 4,006,817 27,603,743 1,663,172 11,944,486
So.& Cent. Amer_
3,000
21,000
2,000
15,000
West Indies
6,000
86,000
3,000
17,000
173,000
Brit. No Am.Cols.
Other Countries__
5,000
45,549
7,000
Total 1922
Total 1921
150,078 1,189,244 6,780,780 41,681,388 2,573,124 18,516,098
514,179 2,146,604 7,705,658 50,148,174 2,026,470 16,481,280
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, Aug. 18, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Lzpons.
1922.
Week
Aug. 18.
Since
July 1.
Corn.
1921.
I
1922.
Since
1 Week
July 1.
Aug. 18.
1921.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 10,043,000 51,824,000 68,381,000 3,146,000 20,431,000
17,395,000
Russ.& Dan.
16,000
712,000
488,000
178,000 2,630,000 4,307,000
Argentina_ _ _ 1,765,000 20,361,000 7,609,000: 1,224,000
12,812,000 33,099,000
Australia ___
368,000 4,556,000 9,384,000,
India
704,000,
0th. countr's
866,000 2,410,000
253,000
Total -- 12,192,000 77,453,00d. 86,566,000 4,801,000 36,739,000 57.301,000
I
I
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Aug. 19, was as follows:
GRAIN STOCKS.
Rye,
Wheal,
Corn,
Oats,
United States-bush.
busk.
bush.
bush.
New York
948,000
61,000
268,000 1,367,000
Boston
324,000
Philadelphia
1,765,000
210,000
28,000
87,000
Baltimore
3,048,000
96,000
346,000
136,000
Newport News
4,000
New Orleans
3,413,000
35,000
203,000
70,000
Galveston
1,816,000
20,000
Buffalo
2,279,000 1,577,000 2,884,000
676,000
Sioux City
85,000
305,000
187,000
3,000
Toledo
667,000
304,000
8,000
45,000
Detroit
27,000
20,000
81,000
18,000
Chicago
3,166,000 1,224,000 11,044,000
140,000
"
afloat
682,000
126,000
Milwaukee
83,000
431,000
33,000
112,000
Duluth
370,000
648,000 1,858,000
57,000
St. Joseph
895,000
46,000
2,000
207,000
Minneapolis
851,000
33,000
92,000 15,257,000
St. Louis
202,000
1,473,000
9,000
61,000
Kansas
3,215,000 2,048,000
24,000
928,000
Peoria
210,000
14,000
5,000
598,000
Indianapolis
473,000
1,000
135,000
117,000
Omaha
1,036,000
18,000
346,000 1,919,000
On Lakes
1,100,000
511,000
205,000
693,000
On Canal and River
388,000
346,000
36,003
Barley,
bush.
158,000
3,000
3,000
189,000
3,000
1,000
33,000
97,000
187,000
5,000
226,000
4,000
Total Aug.19 1922_ __ _27,990,000 8,115,000 37,011,000 3,763,000
Flour. 1 Wheat.
Corn.
Oats.
909,000 •
Barley.
Rye.
Total Aug. 12 1922..._26,596,000 10,434,000 36,587,000 2,527,000
849,000
Total Aug. 20 1921....38,552,000 9,900,000 53,254,000 3,325,000 2,285,000
bbls.1981bs.bush.60 lbs.bush. 56 lbs. bush. 32 lbs. bush.481bs.bush.561bs.
3,655,000
Chicago
317,000
Note.-Bonded grain not included above: Oats, New York, 102,000 bushels:
1,526,000 3,018,000
284,000
285,000
Minneapolis_
2,139,000
87,000
895,000
368,000 Boston, 122,000; total, 224,000 bushels, against 56,000 in 1921; barley, New York.
285,000
Duluth
260,000
45,000
153,000 2,524,000 6,000 bushels; Buffalo, 22,000; Duluth, 4,000; total, 32,000 bushels, against 28,000
119,000
60,000
Milwaukee- _ _
153,000
363,000
63,000 bushels in 1921; and wheat, New York, 186,000; Baltimore, 26,000; Buffalo, 1,439,136,000
Toledo
217,000
21,000
102,000
8,000 000; Philadelphia, 241,000; Boston, 58,000; on Lakes, 594,000; total, 2,544,000 bushDetroit
29,000
els in 1922.
16,000
58,000
Indianapolis_
170,000
199,000
378,000
Canadian•
101,000 1,733,000
St. Louis
668,000
628,000
11,000 Montreal
11,000
2,125,000 1,109,000
887,000
199,000
367,000
40,000
302,000
Peoria
353,000
362,000
6,000 Ft. William dr Port Arthur 5,628,000
8,000
1,727,000
338,000
Kansas City_
2,469,000
232,000
190,000
Other Canadian
593,000
287,000
154,000
Omaha
997,000
634,000
270,000
464,000
St. Joseph185,000
22,000
Total Aug. 19 1922_ __ _ 8,346,000 1,109,000 2,901,000
691,000
367,000
Total Aug. 12 1922_ _ _ _ 9,336,000 1,872,000 3,889,000
594,000
233,000
518,000 12,554,000 4,119,000 6,286,000
Total wk. '22
Total Aug. 20 1921_ _ _ _ 5,220,000 1,822,000 8,874,000
878,000 3,264,000
366,000 1,314,000
Same wk. '21
463,000 14,613,000 6,965,000 9,987,000
942,000 613,000
Summary226,000 8,678,000 1,688,000 7,273,000
Same wk. '20
483,000
589,000 American
909,000
27,990,000 8,115,000 37,011,000 3,763,000
PI -XV
Canadian
691,000
367,000
8,346,000 1,109,000 2,901,000
S1nce'Aug.11,406,000 43,648,000 13,269,000 16,132,000 2,175,000 6,799,000
ki., 1922
Total Aug. 19 1922_ _ _ _36,336,000 9,224,000 39,912,000 4,130,000 1,600,000
1,420,000 46,134,000 15,685,000 31,344,000 1,873,000 1,944,000
.. 1921
Total Aug. 12 1922.._ _35,932,000 12,306,000 40,476,000 2,760,000 1,443,000
1 1020
766.000 28.357.000 6,024,000 15,263.000 1.254.000 1.532.000
Total Aug. 20 1921..._43,772,000 11,722,000 62,128,000 3,691,000 3,599,000
Receipts at-
[VOL. 115.
THE CHRONICLE
962
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
Aug. 17-The East Rockaway Nat'l Bank, East Rockaway, N. Y..$25,000
Correspondent: Armand A.Lubatty,East Rockaway,N.Y.
APPLICATIONS TO ORGANIZE APPROVED.
50,000
Aug. 14-First National Bank in Hayward, Calif of the
Hayward
Succeeds to the commercial business
branch of the State Bank of San Leandro, Calif.
Correspondent: A. S. Weaver, San Leandro, Calif.
500,000
Aug. 17-The Telegraphers' National Bank of St. Louis, Mo
Correspondent: E. J. Manion, Missouri State Life Bldg.,
Mo.
Louis,
St.
25,000
Aug. 19-The First National Bank of Sumner, Wash
Correspondent: Chas. P. Jenks, Sumner, Wash.
APPLICATION TO CONVERT APPROVED.
Aug. 14-The First National Bank of Oxford. Mich
Conversion of The Farmers State Bank, Oxford, Mich.
Correspondent: Morgan & Axford, Oxford, Mich.
25,000
CHARTER ISSUED.
Aug. 18-12244 The National Bank of Commerce of Asheville, N.0.100,000
President, J. G. Adams; Cashier, Wm. M. Redwood.
VOLUNTARY LIQUIDATIONS.
Aug. 14-10281 The First National Bank of Walnut Creek, Calif.._ 25,000
Effective Aug. 3 1922.
Liquidating Agent: H. M. Stow, Walnut Creek, Calif.
Absorbed by the San Ramon Valley Bank of Walnut
Creek, Calif.
Aug. 16-9360 The Union Exchange National Bank of New York,
1,000,000
N. Y
Effective Aug. 10 1922.
Liquidating Committee: Sydney H. Herman, Arthur D.
Wolf and Frank C. Campbell, 295 Fifth Ave., New
York, N. Y.
Absorbed by The Chatham & Phenix National Bank of
the City of New York, No. 10775. No information
received relative to the circulation of the liquidating
bank.
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
1 Nati Shawmut Bank-Boston _2404
5 Tremont & Suffolk Mills
13334
200
2 Lanett Cotton Mills
120
37 West Point Mfg Co
105
3 Pepperell Mfg Co
6 William Whitman & Co, Inc,
101 & div.
preferred
8234
4 Great Falls Mfg Co
103
5 Saco Lowell Shops, pref
5 Berkshire Cotton Mills
23934
5 Bigelow Hartford Carpet
12334
1 Boston & Albany RR
14734
1 Boston & Maine RR,1st pf, D_ 74
1 Norwich & Worcester RR,pref_ 9734
13 Converse Rub Shoe Co, pref..' 9034
10 Turners Falls Pow & Elec Co_ _10034
5 Greenfield Tap & Dye Corp, pf_ 9134
1 Boston Athenaeum, par 300_..550
180
6 Plymouth Cordage Co
37 Mass Bonding & Insurance__ _ _ 9134
94 Y.
• 10 American Glue Co
Shares. Stocks.
6 American Glue Co, pref
45 Hood Rubber Co, pref
40 American Glue Co
144 Lowell Gas Light Co
10 Great Falls Mfg Co
per&sh.
128
101%
94-9534
19534
8334
Per Cent.
Bonds.
$4.000 Portland RR 5s. 1945_7834 & int.
3,000 Joplin Union Depot 434s,
92& int.
1940
3034
1,000 Mass Oil & Ref 7s, 1929_ 4,000 Lincoln G & E 5s,'41_8634 & int.
3,000 Hampton Water Wks
6534 &int.
55, 1944
3,000 Consol Rend 5s, 1941..8234 & int.
3,000 Ironwood & Bessemer
80& int.
Ry & Light 5s, 1936
2 Eastern Mass St Ry Co adj
40 •
Scrip
10 Eastern Mass St Ry Ref
8034
5s, 1948, Series B
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
3 per sh. Shares. Stocks.
Shares. Stocks.
31 Fruit Nut Cereal Co., par $10
5 First Nat. Bank of Boston__ _31734
14-134
1,000 New Idris Quicksilver Mining
20 Fall River Electric Light Co_12734
$5 lot
Co., par $5
10
1-10 American Mfg. Co
83
1 American Mfg. Co., pref_ _
85 Greenfield Tap & Die, pref_90-90
200
2 Fall River Gas Works
X
Light.172
1 New Bedf. Gas & Edis.
Per cent.
Bonds.
10 Greenfield Tap & Die Corp,
9034 $500 Cities Service Co. Cony. Db.
pref
1966
"D,"
Series
8934
734s,
100 Ginter Co., pref., par $10_ _ _ 10
Cony.
10 Graton & Knight Mfg., pref- 4634 $250 Cities Service Co. Reg.
_
_
8934
1966_
"D,"
Series
74s,
Deb.
163
5 Draper Corporation
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Price. Shares. Stocks.
Shares. Stocks.
5 North. Tr. Co. par $100_ _497
15,000 Mololoa Mining, par $1 (in4 Penna. Co.for Ins. on Lives
cludes 5,030 pool sh.)_ _lot $150
dr Granting Annul:les._ _ ..552
15,000 Yel. Jacket Mines, par 31_lot $12
5174-518
4 Fidelity Trust Co
1,500 Tonopah Gold Mountain
4734
15 Penna. RR., par $50
lot $7
Mining, ear $1
Ry
Pass.
Phila.
1453.4
4
West
MinGold
Tonopah
1,000 North
lot $6
1234 State Bank of Phila.,
ing, par $1
48
par $50
11,000 Royal Basin Min., par 31_1ot $10
13034
5 Guarantee Tr. & Safe
El Tajo Mining, par $1_ _ _ _lot $20
10 Finance Co. of Pa., 2d pref _106
Auction Sales.-Among other securities, the following, 8,500
7,000 San Pablo Mining of Mex60-100 American Railways_ _lot $6
lot SIO
ico, par $1
not usually dealt in at the Stock Exchange, were recently sold
4 E. I. du Pont de Nemours
10,000 Humboldt King Mining,
734
Power Co., par 310
at auction in New York, Boston and Philadelphia:
par $1 (includes 5,000
47
200 Penna. RR., par $50
lot 515
Pool shares)
By Messrs. Adrian H. Muller & Sons, New York:
13 John B. Stetson Co._ _ _ _371-374
Alaska Gold-Belt, par
The
750
Price.
Stocks.
Shares.
Price.
804
Shares. Stocks.
4 North Penna. RR
lot $10
31 (pool shares)
305 Slate Creek Mining Co., Inc _35 lot
3 Ohio Tool Co. 21% paid in
5 Minehill & Schuyl. Hay. RR.5234
lot $15
3,000 Atlas Corp., par $1
100 Cons. Manganese Co.. Inc.._313 lot
$10 lot
liquidation
Mines
Gold
Idaho
The
9,000
50 West Virginia Waste Wood
$376 per sh.
Per cent.
10 Bankers Trust Co
Bonds.
Development, par $I__ _lot $15
$2 lot
Chemical
Co. 5s, 193L...624
2,000 The Nunnally Co ......$1234 per sh.
5,600 De Soto Placer Mg., par 31 lot $11 $500 Hanover Gas & Lake Ontario
50 West Virginia Waste Wood
$6 per sh.
600 McCord Mfg. Co
Rochester
$5
$2,000
lot
par
$10
Oil,
Ocean
200
$4 lot
Chemical Co., pref
5034
2,100 Consolidated Arizona SmeltWater 5s, 1933
lot $3
1,000 Phoenix Oil, par $10
$75 lot
4s, 1941.. 9934
ing Co., par $5
400 Jersey Well Oil, par $2_ _ _ Jot $3 $400 City of Philadelphia
Per cent.
Bonds.
133 Ludlow Typograph Co.. _ _ _$140 lot
National Properties Co.(Am.
$3
$100
lot
$10
par
Oil,
Sherman
200
68 Ludlow Typograph, pref_ _$225 lot $1,009 Colo. Springs Light, Heat &
Ry. Co.) 4-6s, 1946 (stamped)_ _ lot $2
1,500 Hyde Farm Oil Co. of
Power Co.lst Ref. Mtge.5s, 1920
300 High Rock Knitting.. _ _$45 per sh.
lot $3 $200 National Gas, Electric Light
Penna., par $10
Commercial Trust Co. of Phila.
51
209 High Rock Knitting, pf..$60 per sh.
Power 6s, 1931
&
$3
$1_lot
par
Petr.,
Mutual
Phila.
200
certif. of dep.,on which interest is
150 Bosen Bros.& Sussman, pref $12lot
City of Trenton, N. J., 4s,
1,000 McClintockville Petr., parS1 lot$3 $1,000
$5 lot
being paid at 7% per annum_ _ _ _ 52
9734
10 Elisberg Hotel Construe
1927, registered
$3
par
$51ot
Pa.,
of
Co.
Oil
Egbert
250
120 National Life Preserver Co_317 lot $50,000 Hicks-Parrett Tractor Co.
$14,000 Gas Light of Augusta, Ga.,
400 Upper Economy Petroleum,
1st Mtge. 8% Serial gold bonds,
1027,
$1,000,
1924,
due
120 Bijur Motor Appliance Co.,
($4,000
Ets
lot
$3
Co., par $10
$15 lot
dated May 1 1921, with Nov. 1
2d pref
and $9,000, 1036)
450 Clinton Coal & Iron Co.,lot $5 $5,000
7
1921 and subsequent coupons atChoate 01188
180 McKinley Realty & Construcpar $5
tached
$45 per sh.
$1,000 lot
tion
STOCK OF MONEY IN THE COUNTRY.-Further
below we give the customary monthly statement issued by
the U. S. Treasury Department, designed to show the general stock of money in the country, as wel Jas the holdings
by the Treasury and the amount in circulation on the dates
given. The method oj computing the figures has been changed
with the idea of eliminating duplications, especially in arriving
at the amounts of money in circulation. Under the new form
to be $39 47,
the per capita circulation Aug. 1 1922 is found
whereas by the old method the amount would have been
1 1922 and the notice
$48 33. The change dates from July
ent
issued in connection with it by the Treasury Departm
t for that date
the
g
statemen
publishin
in
us
by
given
was
in our issue of July 29 1922, page 515.
The money and circulation statement in its new form
follows:
NT-AUG. 1 1922.
CIRCULATION STATEME
MONEY OUTSIDE OF THE TREASURY.
MONEY HELD IN THE TREASURY.
KIND OF
MONEY.
Stock of
Money
in the
United
States.
Total.
Amt. Held in Res've Against
Held .10"
Federal
Trust Against United States
Gold & Silver Notes (and
Reserve
Banks
Certificates (at Treas'y Notes
Treas'y Notes of 1890).
and Agents.
of 1890).
All
Other
Monett.
Total.
Held by
Federal
Reserve
Banks
and Agents.
Population
of
Continental
United
States
Per
Capita.(Estimated.)
In Circulation.
Amount.
$
$
$
$
$
$
$
$
$
s
$
Gold coin and
188,789,803 628,863,084 212,581,040 416,282,044 3.79
a3,824,843,419 3,195,980,335 692,699,089 152,979,026 2,161,512,41'7
1.56
171,90,839
Bullion
529,714,280
692,699,089
_________________________
.53
58,377,627
8,503,388
Gold certificates_ b(692,699,089) 317,895,836
6,465,26'7 66,881,015
311,430,569
384,776,851
Stan.silverdoll'rs
41,119,307 268,802,039 2.45
______________________________________________ 309,921,346
.01
1,508,223
1,000
Silver certificates 8(309,921,346)
1,509,223
22,560,716 229,956,631 2.09
Treas.notes of'90 b(1,509,223)
8.532,854 252,517,347
18,532,854
271,050,201
2.59
284,342,730
58,618,204
Subsidiary silver
-------3,820,082
342,860,934
----------------3,820,082
346,681,016
-U. S. notes
2.317,8422,564,082,218 448,712,117 2,115,350,101 19.25
_____________
___________----------2,317,842 ------------ ----------.59
65.031,885
9,796,879
Fed. Res. notes.. 2,566,380,060
1,037,636
74,828,764
________________
1,037,636
75,866,400
15,772,832 725,782,069 6.61
741,554,901
1.6,516,661
F. R. bank not
________
16,516,661
-758,071,562
Nat.bank notes_
109,8E0,000
1,338,279,763 4,337,418,158 .39.47
c3,556,101,246 1,004,129,658 152,979,026 2,161,512,417 d237,480,1455,675,697,921
09
8,227,669,5
1922
Aug.'
Total
109,743,000
5,667,632,635 1,292,076,982 4,375,555,053 .39.87
Compar. totals:
108,226,009
t3,511,547,398 1,000,577,625 152,979,026 2,108,886,911 240,103.836 6.045,977,155 1,322,571,674 4,723,405,481 .43.64
July 1 1922._ 8,178,602,408
152,979,026 1,580.655,064 279,492,082
103,716,000
977.318,557
*39.54
29
04
c2.990.444,7
4,100,590,7
27
8.059,103.3
1921_
Aug. 1
105,219.416 5,053,910,830 953,320,120
99,027,000
72 c2,942,998,527 2,684,800,085
3,402,015,427 34.35
188,273.4443,402,315,427
April 1 1917._ 5,312,109,271 c1,843,452,323 1,507,178,879 152,979,026
48.231,030
150.000,000
3,738,288,8
816,266,721 16.92
90,817,762 816,266,721
July 1 1914
c212,420,402
21,602,640 100,000,000
83
1,007,084,4
Jan. 1 1879...
banknotes, $14 551,406 deposited for
Reserve
of
Federal
for
redemption
deposited
statement was revised as of July 1 1922, so as to
of additional cir• The form of circulation
redemption of national bank notes, 329,980 deposited for retirement
circulation all forms of money held by the Federal Reserve
against postal
exclude from money in
culation (Act of May 30 1908) and $6,847,723 deposited as a reserve
reserve
as
notes
against
whether
Federal
Reserve
agents,
banks and Federal Reserve
savings deposits.
per
a
capita
showing
1922
1
in
on
Aug.
circulation
results
the Treasury
or otherwise. This change
Note.-Gold certificates are secured dollar for dollar by gold held in
silver
form of statement heretofore used it would have
of $39 47, whereas under the
their redemption; silver certificates are secured dollar for dollar by standard
of comparability the figures for Aug. 1 1921 and for
sake
the
secured by
are
For
notes
States
33.
United
$48
for
their redemption:
been
dollars held in the Treasury
in
the
for
same
statement
this
those
as
manner
on
fund may dlso
April 1 1917 have been computed
a gold reserve of $152,979,025 63 held in the Treasury. This reserve
are also secured dollar for
Juli, 1 1922.
coin outside of vaults of the Treasury. be used for redemption of Treasury notes of 1890, which
foreign
or
bullion
notes are
gold
Reserve
not
Include
Does
a
dollar by standard silver dollars, held in the Treasury. Federal
Federal Reserve agents.
issuing Federal
Federal Reserve banks and
obligations of the United States and a first lien on all the assets of the
the
since
total
money
held
against
Rein
the
trust
Federal
in
bank. Federal Reserve notes are secured by the deposit with purchased
amounts are not included
b These
old
and silver certificates and Treasury notes of 1890 is included under gold coin Reserve
discounted or
serve agents of a like amount of gold or of gold and such Act. Federal Reserve
dollars, respectively.
paper as Is eligible under the terms of the Federal Reserve
and bullion and standard silver
maintain a gold reserve of at least 40%, including the gold redemption
in trust against gold and silver certificates and Treas- banks must must be deposited with the United States Treasurer, against Federal
. c The amount of money held
which
fund
before
total
bank
this
total
it
with
from
combining
deducted
be
in actual circulation. Federal Reserve bank notes and national their
notes
should
Reserve
1890
of
notes
ury
fund for
to arrive at the stock of money in the United States. notes are secured by United States Government obligations, and a 5% United
States
money outside of the Treasury
the
of
the
with
Treasurer
maintained
be
$18,291,257 of notes in process of redemption, $152,493,069 redemption is required to
d This total includes
or lawful money.
of Federal Reserve notes, 56,087,011 of lawful money In gold
of gold deposited for redemption
AUG. 26 1922.]
THE CHRONICLE
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week.are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Erie & Pittsburgh (guar.)
*87%c Sept. 9 *Holders of rec. Aug 31
New Orleans, Texas & Mexico (quar.)_ *14i Sept. 1 *Holders of rec. Aug. 25
Street and Electric Railways.
Fmnkford & Southwark Pass. fly.(qu.)_ $4.50 Oct. 1 Sept. 2 to Sept.30
Phila. (guar.)_ _ $3
Second & 3d Sts.
Oct. 1 Holders of rec. Sept. la
Wisconsin-Minn. Light
Pass.,& Pow., pf.(qu.) . 1% Sept. 1 Holders of rec. Aug. 21
Miscellaneous.
Advance-Rumely Co., pref. (quar.)_ _ _ _
*% Oct. 2 *Holders of rec. Sept. 15
American Fork & Hoe,common (quar.)_
134 Sept. 15 Holders of rec. Sept. 15
American Multigraph, com. (quar.)__ _ _
134 Sept. 1 Aug. 22 to Sept. 1
American Telep. dr Teleg.(quar.)
23( Jan 1523 Holders of rec. Dec. 20
Quarterly
p28% Apr16'23 Holders of rec. Mar.16'23
Quarterly
*23 J'Iy16'23 Holders of rec. June 20'23
Armour & Co., pref. (quar.)_____
*18% Oct. 2 *Holders of rec. Sept. 15
Beacon Oil(monthly)
550c. Aug. 30 *Holders of rec. Aug. 24
Beech-Nut Packing, Common
4c. Sept. 11 Holders of rec. Sept. I
Blackstone Val. Gas dr El. com.(guar.) $1.25 Sept. 1 Holders of rec. Aug. 25a
Boston Woven Hose & Rubber,cm. WO $1.50 Sept.15 Sept. 2 to Sept. 14
Brooklyn Union Gas (guar.)
*2
Oct. 2 *Holders of rec. Sept. 15
Calumet & Arizona Mining (guar.)
50c Sept.25 Holders of rec. Sept. 82
Carter (William) Co., pref. (quar.)_ _ _ _ *116 Sept. 15 *Holders of rec. Sept. 9
Central Ills. Public Service, pref. (guar.) *144 Oct. 14 *Holders of rec. Sept. 30
Childs Co., com.(guar.)
2
Sept. 11 Aug. 29 to Sept. 10
Preferred (guar.)
18% Sept. 11 Aug. 29 to Sept. 10
Cities ServiceCommon (monthly, payable in scrip)_ 5034 Oct. 1 Holders of rec. Sept. 15
Common (payable in com. stk. scrip)_ nil% Oct. 1 Holders of rec. Sept. 15
Pref. & pref. B (payable in cash)
*46 Oct. 1 Holders of rec. Sept. 15
Dominion Oil (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Dubiller Condenser & Radio, pf. (No. 1) *$2
Sept. 1 *Holders of rec. Aug. 25
duPont (E.I.) deNemour & Co.,cm.(qu.) 2
Sept. 15 Holders of rec. Sept. 5
Debenture stock (guar.)
134 Oct. 25 Holders of rec. Oct. 10
Freeport Gas Co., pref. (quar.)
134 Sept. 1 Holders of rec. Aug. 22
Galena-Signal Oil, preferred (quar.)_ _ _ _ *2
Sept.30 *Holders of rec. Aug. 31
General Electric (guar.)
*2
Oct. 14 *Holders of rec Sept. 7
New stock, $10 par value
*50c Oct. 14 *Holders of rec. Sept. 7
Globe Soap, common (guar.)
*1
Sept. 15 *Holders of rec. Aug. 31
First,second and special pref. (quar.)_ *146 Sept. 15 *Holders of rec. Aug. 31
Grasselli Chemical, common (quar.)_ _ _ _ *2
Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
*114 Sept.30 *Holders of rec Sept. 15
Great Atlantic & Pacific Tea, com.(qu.) 550c. Sept. 15 *Holders of rec. Aug. 18
Preferred (guar.)
*1% Sept. 1 *Holders of rec. Aug. 18
Gulf State Steel, first preferred (quar.)_ _
18% Oct. 2 Holders of rec. Sept. 16
Hall (C. M.) Lamp Co
*5
Sept. 15 *Holders of rec. Sept. 8
Hayes Wheel (guar.)
50c. Sept. 15 Holders of rec. Aug. 31
Hollinger Consol. Gold Mines, Ltd
1
Sept. 9 Holders of rec. Aug. 25
Hood Rubber Products, pref. (quar.)_ _ _ *11.4 Sept. 1 *Holders of rec. Aug. 24
Imperial Oil, common (guar.)
246 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Intertype Corp., com. (in com. stock)_ _ *AO Nov. 15 *Holders of rec. Nov. 1
Mackay Companies, common (quar.)__ _
134 Oct. 2 Holders of rec. Sept. 6a
Preferred (quar.)
1
Oct. 2 Holders of rec. Sept. 6a
Middle States 011 (guar.)
3
Oct. 1 Holders of rec. Sept. 10
Miller Rubber, preferred (quar.)
2
Sept. 15 Holders of rec. Aug. 25
Extra (account of accum. dividends)- hl
Sept. 15 Holders of rec. Aug. 25
Montana Power, common (guar.)
% Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
18% Oct. 1 Holders of rec. Sept.14
National Transit (extra)
*25c Sept. 15 *Holders of rec. Aug. 31
'Packard Motor Car, preferred (quar.)
18% Sept. 15 Holders of rec. Aug. 31a
Railway Steel-Spring, common (quar.)_ _ *2
Sept.30 *Holders of rec. Sept. 16
Preferred (guar.)
*18% Sept.20 *Holders of rec. Sept. 6
Ranger Texas 011 (guar.)
*2
Oct. 1 *Holders of rec. Sept. 10
St. Maurice Paper (guar.)
18% Sept. 15 *Holders of rec. Sept. 5
South Penn 011(guar.)
*134 Sept.30 *Holders of rec. Sept. 13
Southern Colorado Power, pref. (quar.)_
134 Sept. 15 Holders of rec. Aug. 31
Southern States 011 (monthly)
1
Sept.20 Holders of rec. Sept. 1
Stock dividend
*4
Sept.
*Holders of rec. Sept. 1
Spalding (A.G.)& Bros., 1st & 2d pf.(qu) 13( Sept.20
1 Holders of rec. Aug. 18
Texas Company (guar.)
75e. Sept.30 Holders of rec. Sept. 8
Texas Pacific Coal & 011 (guar.)
25c. Sept. 30 Holders of rec. Sept. 6
Timken Roller Bearing (No. 1)
*750. Sept.20 *Holders of rec. Sept. 11
Tobacco Products Corp., pref. (quar.)
154 Oct. 2 Holders of rec. Sept. 15
Preferred A (guar.)
134 Nov. 15 Holders of rec. Oct. 23
Union Bag dr Paper (guar.)
134 Oct. 16 Holders of rec. Oct. 6
United Drug, second preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Waldorf System, common (guar.)
*50c. Oct. 2 *Holders of rec. Sept.20
First preferred and preferred (quar.)_ _ *20c. Oct.
2 *Holders of rec. Sept.20
Waltham Bleachery & Dye Works
*$5
Sept. 1 *Holders of rec. Aug. 21
Walworth Mfg. pref. (guar.)
*134 Sept.
*Holders of rec. Sept. 20
Worthington Pump
' & Mach., pf. A (qu.) *18% Oct. 30
1 *Holders of rec. Sept. 20
Preferred B (guar.)
*134 Oct. 1 *Holders of rec. Sept. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Railroads (Steam).
Atch. Top.& Santa Fe, corn. (quar.)-__
Baltimore & Ohio. preferred
Buffalo dr Susquehanna. corn. (guar.)._ _
Canadian Pacific, common (quar.)
Preferred
Chestnut Hill(guar.)
Ctn. N.0.& Texas Pac., pref. (guar.)
Cleveland & Pittsburgh, guar. (guar.)._
Special guaranteed (quar.)
Cripple Creek Central, pref. (quar.)_
Cuba RR., preferred
Delaware & Hudson Co. (guar.)
Fonda Johnstown dr Glov., pref.(quar.)..
Illinois Central, common (guar.)
Preferred (No. 1)
Louisiana & North West(No. 1)
New York Chicago & St. Louis,
First preferred Mari
First preferred (guar.)
Second preferred (guar.)
Second preferred (guar.)
Norfolk dr Western,common (quar.)_
Pennsylvania (guar.)
Phila. Germantown & Norristown (qu.)Pittab. & West Virginia, pref.(quar.).
Preferred (guar.)
Pittsb. Youngst.& Ashtab pref.(guar.)
Reading Company, first pref.(quar.)--Southern Pacific Co. (guar.)
Union Pacific. common (guar.)
Preferred
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
114 Sept. 1 Holders of rec. July 28a
2
Soot. 1 Holders of rec.
15a
134 Sept.30 Sept. 16 to July
Oct. 1
234 Sept.30 Holders of rec. Sept. la
*2
Sept.30 *Holders of rec. Sept. 1
750. Sept. 5 Aug. 20 to Sept. 4
134 Sept. 1 Holders of rec. Aug. 18a
8734c Sept. 1 Holders of rec. Aug. 10a
50c. Sept. 1 Holders of rec. Aug. 10a
1
Sept. 1 Holders of rec. Aug. 15
3
Feb15'23 Holders of rec. July 20a
234 SePt.20 Holders of rec. Aug. 28a
134 Sept.15 Holders of rec. Sept. 5a
134 Sept. 1 Holders of rec. Aug. 4a
$1.10 Sept. 1 Holders of rec. Aug. 4a
*144 Oct. 1
Ix Sept.30
t.% Dec. 30
131 Sept.30
134 Dec. 30
134 Sept. 19
500, Aug. 31
$1.50 Sept. 5
1H Aug. 31
1)4 Nov.29
% Sept. 1
500. Sept. 14
1% Oct. 2
24 Oct. 2
Oct. 2
2
Holders of rec. Sept. 19a
Holders of rec. Dec. 19a
Holders of rec. Sept. 19a
Holders of rec. Dec. 19a
Holders of rec. Aug. 31a
Holders of rec. Aug. is
Aug. 20 to Sept. 4
Holders of rec. Aug. la
Holders of rec. Nov. is
Holders of rec. Aug. 210
Holders of rec. Aug. 29a
Holders of rec. Aug. 310
Holders of rec. Sept. is
Holders of rec. Sept. is
Name of Company.
963
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
Street and Electric Railways.
Brazilian Trac.. Light & Pow.,ordinary.. 1
Sept. 1 Holders of yea.
Central Arkansas fly.& Light, pref.(qu.) 1% Sept. 1 Holders of rec. July 31
Aug. 15a
Cent. Miss. Vail. Elec.Prop., pref. (qu.)
1% Sept. 1 Holders of rec. Aug. 15a
Eastern Wisconsin Elec. Co., pref.(qu.) *134 Sept. 1 *Holders of rec. Aug. 19
El Paso Electric Co.,com.(guar.)
234 Sept. 15 Holders of rec. Sept. la
Federal Light & Traction, pref. (guar.)- I% Sept. 1 Holders of rec. Aug. 15a
Galveston-Houston Elec. Co., pref
3
Sept. 15 Holders of rec. Sept. la
Northern Texas Elec. Co., corn.(guar.)- 2
Sept. 1 Holders of rec. Aug. 21a
Preferred
3
Sept. 1 Holders of rec. Aug. 210
Philadelphia Co.,preferred
$1.25 Sept. 1 Holders of rec. Aug. 10a
Philadelphia Traction
Oct. 2 Holders of rec. Sept. 9a
$2
United I.ight & Rys., partic. pref.(qu.)_
I% Oct. 2 Sept. 16 to Sept.17
First preferred (guar.)
116 Oct. 2 Sept. 16 to Sept.17
Washington(D.C.)Ry.& Elec., pl(qu.) I% Sept. 1 Aug. 20 to Aug. 21
West Penn RM.prof.(guar.)
I% Sept. 15 Holders of rec. Sept. 1
Banks.
Chemical !National (bi-monthly)
4
Sept. 1 Aug. 23 to Aug. 31
Trust Companies.
Lawyers Title & Trust Co.(guar.)
1% Oct. 2 Holders of rec. Sept.22a
Miscellaneous.
Acme Tea, 1st dr 2d pref. (guar.)
1% Sept. 1 Holders of rec. Aug. 12a
American Art Works, corn. & pref.(qu.) 1% Oct. 15
Holders of rec. Sept.30a
American Bank Note, pref. (guar.)_ _ _ _
75c. Oct. 2
of rec. Sept. 12a
American Beet Sugar, preferred (quar.). 1% Oct. 3 Holders
Holders of rec. Sept. 9a
American Felt, preferred (guar.)
146 Sept. 1 Holders of rec. Aug. 15a
American Locomotive, com.(guar
116 Sept.30 Holders of rec. Sept.13a
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. 13a
American Mfg., pref. (guar.)
14‘ Oct. 1 Sept. 17 to Oct. 1
Preferred (guar.)
1% Dec. 31 Dec. 17 to Dec. 30
American Metal,common
75c. Sept. 1 Holders of rec. Aug. I9a
Preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 21a
American Power & Light,com.(quar.)... 2
Sept. 1 Holders of rec. Aug. 18
American Radiator,common(guar.)--- $1
Sept.30 Holders of rec. Sept. 15a
American Safety Razor Corp.(No. 1).....
25c. Oct. 2 Holders of rec. Sept.12a
Am.Sales Book, pref.(acct.accum.divs.). h134 Sept. 1 Holders
of rec. Aug. 15
American Shipbuilding, common (guar.) 2
Nov. 1 Holders of rec. Oct. 15
Common (guar.)
2 F oh. 1'23 Holders of rec.Jan.15'23
Common(guar.)
2 M ay 1'23 Holders of rec. Apr.14'23
Common(guar.)
2 A ug. 1'23 Holders of rec.July 14'23
Amer.Smelt.& Refining, pref. (guar.) _
1% Sept. 1 Aug. 12 to Aug. 20
Amer. Smelters Secur., pref. A (guar.) _ _
1% Oct. 1 Sept.16 to Sept.2i
Preferred B(guar.)
1% Oct. 1 Sept. 16 to Sept.24
American Stores, common (guar.)
1% Oct. 2 Sept.21 to Oct. 2
Amer. Sugar Refg., pref. (guar.)
1% Oct. 2 Holders of rec. Sept. la
American Sumatra Tobacco, pref
•316 Sept. 1 *Holders of rec. Aug. 15
American Telegraph & Cable (quar.)
1% Sept. 1 Holders of rec. Aug. 31a
American Telephone & Telegraph (guar.) 234 Oct. 16 Holders of rec.
Sept.20a
Amer. Tobacco, com.& com. B (guar.). 3
Sept. 1 Holders of rec. Aug. 10a
American Window Glass Co., pref
3% Sept. 1 Aug. 24 to
Associated Dry Goods, let pref.(qatar.). 1% Sept. 1 Holders of rec. Aug. 31
Aug. 12
Second preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 12
Atlantic & Pacific Steamship, corn
5
Sept.15 Holders of rec. Sept. 15a
Preferred
346 Sept. 15 Holders of rec. Sept. 15a
Atlantic Refining, common (guar.)
5
Sept. 16 Holders of rec. Aug. 21a
Atlas Powder,common (guar.)
3
Sept. 11 Holders of rec. Aug. 310
Belding-Corticelli, Ltd.. pref. (quar.)_ _ _
134 Sept. 15 Holders of rec. Sept. la
Bethlehem Steel, corn. & corn. B (guar.) 1% Oct. 2 Holders of
rec. Sept. 15a
Preferred (guar.)
1% Oct. 2 Holders of rec. Sept.15a
Eight per cent preferred (guar.)
2
Oct. 2 Holders of rec. Sept.I5a
Boott Mills (guar.)
1% Sept. 1 Holders of rec. Aug. 15
Borden Co.. preferred (guar.)
134 Sept. 15 Holders of rec. Sept. la
Etrandrarn-Henderson. Ltd.. common_
114 Dec. 1 Holders of rec. Nov. la
Brit.-Amer. Tob., ordinary (interim).
Sept.30 Holders of coup. No. 925
Brooklyn Edison (guar.)
2
Sept. 1 Holders of rec. Aug. 13a
Buckeye Pipe line (guar.)
Sept.15 Holders of rec. Aug. 21
$2
Burroughs Adding Machine (quar.)_ _ _ *2
Sept.30 *Holders of rec. Sept.21
Califor nia Packing Corporation (guar.)Sept. 15 Holders of rec. Aug. 310
Carter (William) Co., preferred (guar.)- 134 Sept. 15
Holders of rec. Sept. 9
134
Chesebrough Mfg.. common (guar.)_ _
Sept.30 *Holders of rec. Sept. 9
'33.4
Preferred (quar.)
*134 Sept.30 *Holders of rce. Sept. 9
Cities Service-dCom. (monthly, payable in scrip)- ,Pg% Sept.
*Holders
Common (pay, in com. stock scrip)---- *pi % Sept. 1 *Holders of rec. Aug. 15
of rec. Aug. 15
dPreferred (payable in cash)
*14 Sept. 1 Holders of rec. Aug. 15
Preferred B (payable in scrip)
•46 Sept. 1 *Holders of rec. Aug. 15
Cleveland Elec. Ilium., Pref. (guar.)
Sept. 1 Holders of rec. Aug. 15a
2
Colonial Finance Corp., corn.(quar.) _ _ 25e. Oct. 1 Holders of
rec. Sept. 1
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept: 1
Columbia Petroleum (monthly)
Sept. 1 Holders of rec. Aug. 20
*$1
Commercial Solvents, Class A, pref.(qu.)
Oct. 1 *Holders of rec. Sept.20
Connor (John T.),common (guar.)
25c Oct. 2 Holders of rec. Sept.20a
Consolidated Gas of New York (guar.)_ _ 2
Sept.15 Holders of rec. Aug. 10a
Continental Oil (guar.)
•2
1u Sept.15 *Aug. 26 to Sept.15
,Cosden & Co., pref. (guar.)
Sept. 1 Holders of rec. Aug. 150
Crane Co., common (guar.)
Sept.15 Holders of rec. Sept. I
1
Preferred (guar.)
134 Sept. 15 Holders of rec. Sept. 1
Crescent Pipe Line (guar.)
175c.
%
15
1 Aug. 26 to Sept.15
Crow's Nest Pass Coal (quar.)
Holders of rec. Aug. 12
Sept.
Crucible Steel, preferred (guar.)
4 Sept.30 Holders of rec. Sept. 15a
Cuban-American Sugar, pref. (guar.) _ _ _
Sept.30 Holders of rec. Sept. 2a
Davis Mills (guar.)
5c. se
1 Holders of rec. Sept. 9a
pt.
.23
1
716
Sep
Deere & Co.. preferred (quar.)
Holders of rec. Aug. 15a
Diamond Match (guar.)
Holders of reo. Aug. 3Ia
Sept.
15
2
pictograph Products Corp., pref.
Sept. 15 Holders of rec. Aug. 31a
Dominion Glass, common (quar.)(guar.)
Holders of rec. Sept.15
Oct.
2
114
Preferred (guar.)
1% Oct. 2 Holders of rec. Sept.15
Eastern Shore Gas & Elec., pref. (guar.) 2
1 34 Sept. 1 Holders of rec. Aug. 15
Eastman Kodak,common
Oct. 2 Holders of rec. Aug. 31a
1
(guar.)
Preferred (guar.)
Oct. 2 Holders of rec. Aug. 31a
Elk Horn Coal Corp., pref.
1 Holders of rec. Sept. Is
. 11
S
sept.
(qatar.)
Erie Lighting, preferred (quar.)
215_0c. Oct. 2 Holders of rec. Sept. 15
Fairbanks-Morse Co., pref.
*Holders of rec. Aug. 21
(guar.).--Famous Players-Lasky Corp.,
Oct. 2 Holders of rec. Sept. 15a
corn.(qu.) $1
Federal Mining & Smelting, pref.
Holders of rec. Aug. 26a
(guar.)
Federal Utilities, preferred
Holders of rec. Aug. 15
S
sept.
General Asphalt, preferred (guar.)
Holders of rec. Aug. 15a
15
1
P
t
•
.
Se
Sep
(guar.)
General Cigar, preferred
Holders of rec. Aug. 240
134
Debenture preferred (guar.)
Holders of rec. Sept.25a
Oct.
Gillette Safety Razor (quar.)
Holders of rec. Aug. 1
(guar.)
Stock dividend
1 Holders of rec. Nov. 1
154 eDct.. 21
$3
55
Gold dr Stock Telegraph (guar.)
*1% Oct. 2 *Holders of rec. Sept. 30
Goodrich (B.F.) Co., pref.
Oct. 2 Holders of rec. Sept.22a
134
1
Great Western Sugar. pref.(guar.)
1m Oct. 2 Holders of rec. Sept. 15a
Guantanamo Sugar, pref. (guar.)
30
1 Holders of rec. Sept. 15a
Sept.
2
(guar.)
Harbison-Walker Refrac.,
Holders of rec. Aug. 21a
Sept.
corn. (quar.)Preferred (guar.)
.20
Aseug..3
1 Holders of rec. Oct. 10a
Oc
p
tt
Hartman Corporation
Holders of rec. Aug. 18a
(guar.)
Hart.Schaffner & Marx.
Holders of rec. Aug. 18a
Inc..com (qu.)- 1
Higbee Co.,2d Prof.(quar.)
Aug.d21 to Aug. 31
1
.
p
t
k575c.
s
S
e
2
Humphreys Oil
Holders of rec. Aug. 31
Sept.
15
Imperial 011, Ltd
Aug. 16 to Aug. 31
Imperial Tob. of Grt.
11
t... 1
sfieept
5c. Sepp
1123
;4
Inland Steel (guar.) Brit. dr Ire., ord_ - 7
Holders of rec. Aug. 10a
International Cotton Mills,
Sept. I Holders of rec. Aug. 21
pref. (guar.)
Internat. Harvester. pref.
Holders of rec. Aug. 100
International Salt (guar.) (guar.)
I% Oct. 2 Holders of rec. Sept. 15a
Isle Royale Copper Co
11
5 Holders of rec. Aug. 17
315x0c. Sept.Aug. 3
Laclede Gas Light. common
Holders of rec. Sept. is
Lake of the Woods Milling,
pt. 1 Holders of rec. Aug. 26
se
Sep
corn.(guar.) 2
Preferred (guar.)
Holders of rec. Aug. 26
ug.
1
S
31
ept.
A
%
H
Lancaster Mills, common
Holders of rec. Aug. 26
(guar.)
Langton Monotype
Holders of rec. Aug. 21a
Machine (guar.)Lee Rubber & Tire Corp.
Holders of rec. Aug. 15a
(guar.)
Lehigh Coal & Navigation
Holders of rec. July 31a
Libbey-Owens Sheet Glass(guar.)
eup
pgtt.
:. 3
SAe
10
111 Holders of rec. Sept. 1
5°5320: S
Liggett & Myers Tob.,
Holders of rec. Aug. 15a
Sept.
com.&com.B(g
u.)
Lima Locomotive Works,
Holders of rec. Aug. 16a
pref
2$21-3
Ludlow Manufacturin
Holders of rec. Aug. 2
motioning Investmentg Associates (qtr.)Holders of rec. Aug. 23
$1.50 Sept.Sept.Sept..
(guar.)
14
$1:5
11:
1114
THE CHRONICLE
964
Name of Company.
When
Per
Cent. Payable
[vol.. 115.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Aug. 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Sept.30 Holders of rec. Aug. 31a
$1
Marland 011(No. 1)
50c. Sept. 1 Holders of rec. Aug. 15a
Martin-Parry Corp. (quar.)
Sept. 1 Holders of rec. Aug. 140
500.
(guar.)
Manhattan Shirt, common
Sept. 1 Holders of rec. Aug. 14a
Common (payable in common stock)_ /234
134 Sept. 1 Holders of rec. Aug. 21
Mascouma Lt. & Pow.,com.& pi. (qu.) 2
Sept. 1 Holders of rec. Aug. 150
May Department Stores, corn.(quar.)
Dec. 1 Holders of roe. Nov. 15a
2
Common (quar.)
Oct. 2 Holders of reo. Sept. 15a
15(
(quar.)
Preferred
1 Holders of rec. Aug. 21
Sept.
/1
com.stk.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
McCrory Stores Corp.,com.(in
250. Sept. 1 Holders of reo. Aug. la
McIntyre-Porcupine Mines. Ltd
Sept. 60
of
In thousands of dollars-lilt Is, three ciphers (0001 omitted.)
rec.
Holders
Sept.30
(Stated
234
Mergenthaler Linotype(quer.)
134 Sept. 1 Holders of rec. Aug. 11
Merrimack Mfg.,common (quar.)
I Net
234 Sept. I Holders of rec. Aug. 11
Preferred
Reserve
Capital. Profits. Loans,
Sept.15 Holders of rec. Aug. 31
Time Bank
Net
Middle West Utilities, prior lien stk.(qu.) 134 Sept.
with
Discount, Cash
31
Aug.
rec.
ending
of
Holders
15
Week
De- CfrcuMontreal Cottons, common (quar.)-_-- 134
Legal Demand
in
19 1922 Nat'l, June30 InvestHolders of rec. Aug. 31
15
Aug.
Sept.
1%
(quar.)
Preferred
Deposi- Deposits. posits. laVault.
ments,
1
June30
State,
Sept.
of
rec.
15
*Holders
Sept.
4.
234
Mutual 011 (quar.)
tories.
&c.
30a
Sept.
June30
Tr.Cos,
(000 omitted.)
154 Oct. 14 Holders of rec.
National Biscuit,com.(quar.)
134 Aug. 31 Holders of rec Aug. 17a
Average Awe.
Preferred (quar.)
Members of Fed. Res. Bank. Average Average Average Average
334 Sept. 13 Aug. 23 to Aug. 29
National Candy, 1st & 2d pref
3
151 Sept. 1 Holders of rec. Aug. 25a
National Cloak & Suit, pref.(quar.)_ _ _ _
29,023 3,069 1,750
4,398
609
40,739
7,642
2,000
lie
NBA
Sept.
NY,
of
of
Bk
roe.
Holders
Sept.30
151
Nat. Enameling & Stag., pref. (quar.)
103,397 17,603
14,912
151 Dec. 30 Holders of tea. Dee. 9a Bk of Manhat'n 5,000 17,277 126,043 2,036 21,865
998
159,779 4,291
Preferred (guar-)
134 Sept.30 Holders of rec. Sept.15a Mech &Met Nat 10,000 17,326 164,151 7,482
National Lead, common (quar.)
64,618 2,825
1,429 8,678
66,136
5,828
5,500
250
Aug.
America
of
of
roe.
Holders
15
Bank
Sept.
131
1,820
41,452
Preferred (quar.)
*533,299
60,683
7,022
475,547
Nat'l City Bank 40,000 49,730
151 Oct. 2 Holders of rec. Sept. 11
344
National Sugar Refining (quar.)
98,779 16,671
Oct. 2 Holders of rec. Sept.20a Chemical Nat__ 4,500 15,967 123,842 1,096 13,614
3
5 299
National Surety (quar.)
3,641
539
74
5,049
171
500
Nat Butch & Dr
131 Sept. 1 Holders of rec. Aug. 19
4,984
Nebraska Power, preferred (quar.)
10,391
85,279
11,095
1,109
Sept.30 Holders of rec. Sept. 13a Amer Exch Nat 5,000 7,450 103,092
New England Telep. & Teleg. (quer.)._ 2
36,720 274,955 31,449
$1.25 Oct. 2 Holders of rec. Sept. 50 NatBk of Comm 25,000 36,405 346,160 1,139
North American Co., corn. (quar.)
614
22,653
946 3,303
750. Oct. 2 Holders of rec. Sept. 5a Pacific Bank.._ _ 1,000 1,712 22,430
eferred (quar.)
122,291 22,973 5,667
IN Sept. 1 Holders of rec. Aug. 22a Chat&Phen Nat 10,500 9,865 150,324 5,115 17,705
100
Ogilvie Flour Mills, preferred (quar.)_ _ _
99,977
12,962
416
114,614
20,169
5.000
24
Nat'l_
Sept.
to
27
*Aug.
Hanover
*81.25 Sept.30
Ohio Oil (quar.)
151,348 22T,a§
Corn Exchange_ 8,250 11,147 166,683 5,880 23,435
*75c. Sept.30 *Aug. 27 to Sept.24
Extra
51
658
27,284
489 3,619
35,042
8.500
1,500
Na
Trad
Aug.
rec.
&
of
Imp
Holders
1
Sept.
Patchogue-Plymouth Mills, pref. (quar.) 2
125,864 5,769 5,476
846 16,541
Nat Park Bank 10,000 23,230 158,078
no. Sept.30 Holders of reo. Sept
50
1,895
Peerless Truck & Motor (guar.)
10,929
386 1,572
776
12,485
East River Nat_ 1.000
75e. Dec. 31 Holders of zoo. Dec. a
Peerless Truck & Motor (quar.)-.
170,780 57,152 7,520
445 24,050
10,000 43,695 278,648
2,522
Philadelphia Electric, com.& pref.(qu.) 50c. Sept. 15 Holders of rec. Aug. 21a First Nat Bank.. 12,500
9,011
184,346
24,617
3,608
193,379
11,066
50c. Sept.30 Holders of rec. Sept. 15a Irving Nat Bank
Phillips Petroleum (quar.)
380
5,347
831
136
6,827
882
Sept. 1 Holders of rec. Aug. 15a Continental Bk.. 1,000
$1
Piggly Wiggly Stores, Class A
288,793 28,961 1:45i§
21,503 318,438 5,251 39,254
151 Sept. 1 Holders of rec. Aug. 15a Chase Nat Bank 20,000 2.273 23,218
Pittsburgh Steel, pref. (quar.)
20,488
2.707
503
500
154 Aug. 29 Holders of rec. Aug. 8a Fifth Ave Bank.
Pressed Steel Car, preferred (quar.)..__ _
8,373
404 1,126
8,200
884
400
Commonwealth.
-jai
Procter & Gamble,6% pref. (quar.)_ _ _ _ *134 Sept. 15 *Holders of rec. Aug. 25
13,625
405 1,942
14,684
50c. Sept. 1 Holders of rec. Aug. 15a Garfield Nat Bk 1,000 1,575
811
Pure OH,common (quar.)
14,054
231 1,833
17,652
973
1
1,200
Oct.
of
Bank.
rec.
Nat
*Holders
Fifth
16
Oct.
*2
Quaker Oats, common (guar.)
72,417 1,672
9,509
1,036
76,548
6,763
1
4,000
Nov.
rec.
of
Nat__
Seaboard
•134 Nov. 30 *Holders
602
Preferred (quar.)
12,319
1,664
559
14,409
1,311
134 Aug. 31 Holders of rec. Aug. la Coal & Iron Nat 1,500 24,083
Preferred (quar.)
879 35,559 *279,086 22,152
298,951
Bankers Tr Co.. 20,000
25c. Sept.20 Sept. 10 to Sept.20
St. Joseph Lead Co.(quar.)
46,353 7,166
639 6,302
55,172
U S Mtge & Tr- 3,000 4,110
234 Sept. 1 Holders of rec. Aug. 21
Salmon Falls Manufacturing
*400,967 52,876
Guaranty Tr C 25,000 17,400 387,424 1,178 41,189
671
San Joaquin Light & Power, pref.(quar.) 134 Sept.15 Holders of rec. Aug. 31
19,085
2,638
357
19,358
1,788
31
1,500
Aug.
Tr_
of
rec.
Fidel-Intern
Holders
131 Sept.15
Prior preferred (quar.)
72,531 8,304
670 9,772
20
Columbia Tr Co 5,000 7,877 81,130
Shell Union Oil Corporation (No. 1)_ _ _ _ 525c. Sept.30 *Holders of rec. Sept.
130,281 17,415
497 17,452
155,058
17,073
150
10,000
Aug.
Co__
Trust
Y
rec.
N
of
31
Holders
Aug.
2
Sinclair Cons. 011 Corp., pref. (quar.)_..
36,516 3,974
526 4,708
41,855
Metropolitan Tr 2,000 3,70
Sept. 1 Holders of rec. Aug. 15
2
Southern Pipe Line (quar.)
*91,623 42,643
547 12,630
Farm Loan & Tr 5,000 14,624 142,815
Aug. 17
26,516 1,395
Southwestern Power & Light, pref. (.1110 IN Sept. 1 Holders of rec.
541 3,412
26,718
1,908
31
2,000
Bank.
Aug.
rec.
of
Columbia
15
Holders
Sept.
Standard Gas & Electric. pref. (quer.)_ _ 2
*199,046 17,862
Aug. 31 Holders of rec. Aug. 210 Equitable Tr Co 12,000 15,392 171,989 1,308 22,841
2
Standard Milling, common (quar.)
134 Aug. 31 Holders of rec. Aug. 210
Preferred (guar.)
515,797 c3,778,290 54,904 33,807
Sept.15 Holders of rec. Aug. 19a Total of averages 272,350432.09614,439,888 55,774
$1
Standard Oil (California) quar.)
Sept. 15 Aug. 18 to Sept. 14
$1
457,061 33,778
Standard Oil (Indiana) (quar.)
condition Aug. i94,422,920 53,381 550,695 c3,761,330 52,684 33,775
Standard Oil of New Jersey,com.(quar.) $1.25 Sept. 15 Holders of rec. Aug. 250 Totals, actual
c3,790,466
134 Sept. 15 Holders of rec. Aug. 250 Totals, actual condition Aug.12 4,422,252 55,509 555,903
35,251 33,845
Preferred (quar.)
42.603
583.017c3,8
56,187
Sept. 15 Holders of rec. Aug. 31a Totals, actual condition Aug. 54,472,790'1 Res're Ban k.
3
Standard Oil(Kansas)(quar.)
State Banks Not Me mbers rs of Fed
Sept. 15 Holders of roe. Aug. 25a
4
50
18,134
Standard Oil of New York (quar.)
1,898
1,510
17,871
2,027
1,000
Bank
Oct. 2 Holders of rec. Aug. 25a Greenwich
3
2,505 2,196
Standard 011 (Ohio) (quar.)
345
313
5,345
884
250
Oct. 2 Holders of rec. Aug. 25a Bowery Bank__
1
Extra
26,074 49,168
3,143 1,678
78,448
4,281
2,500
_
Bank__
280
July
of
rec.
State
I
Holders
151 Sept.
Preferred (guar.)
Sept. 1 Holders of rec. Aug. I5a
2
46,713 51,414
Stern Brothers, preferred (quar.)
101,664 4,966 3,921
234 Sept. 1 Holders of rec. Aug. 10a Total of averages 3,750 7,193
Studebaker Corporation, corn. (quar.)_ _
134 Sept. 1 Holders of rec. Aug. 10a
46,772 51,437
Common (extra)
4,058
4,904
101,704
19
Aug.
134 Sept. 1 Holders of roe. Aug. 10a Totals, actual c ndition
47,021 51,336
Preferred (quar.)
5,035 3,788
Totals, actual co nclition Aug.12 101,986 5,021 3,752
Sept. 15 Holders of rec. Sept. 1
Si
47,409 51,283
Texas Gulf Sulphur(quar.)
102,613
5
Aug.
edition
co
Totals, actual
Oct. 2 Holders of rec. Sept.20
4
Thompson-Starrett Co., preferred
Bank
e
,
Res's
'1
Fed
of
Members
*151 Sept. 1 *Holders of rec. Aug. 24
Trust Compan les Not
33,537 1,169
Tidal-Osage Oil, preferred (quar.)
50,225 1,391 3,578
Title Guar & Tr. 7,500 13,784
134 Sept. 1 Aug.d22 to Sept. 1
735
16,810
Timken-Detroit Axle, pref. (quar.)
814 1,734
25,777
4,000 6,44
Lawyers T & T
*5e. Oct. 2 *Holders of rec. Sept. 11
Tonopah Extension Mining (quar.)
*lc. Sept.20 *Holders of rec. Aug. 310
50,347 1,904
Turman Oil(monthly)
2,205 5,312
76,002
20,224
11,500
averages
of
30a
Total
*lc. Oct. 20 *Holders of rec. Sept.
Monthly
234 Oct. 1 Holders of rec. Sept. 20
51,745 1,904
Underwood Typewriter,com.(quar.)_ _ _
78,112 2,135 5,694
Aug. 19
151 Oct. 1 Holders of rec. Sept. 20 Totals, actual condition Aug. 12
49,234 1,904
Preferred (quar.)
75,100 2,112 5,353
51
Oct. 2 Holders of rec. Sept. 6a Totals, actual co edition
50,703 1,816
Union Carbide Sr Carbon (guar.)
5,675
2,091
76,140
Aug. 5
134 Sept. 1 Holders of rec. Aug. 50 Totals, actual condition
Union Tank Car, corn. & pref. (quar.)
Sept. 1 Holders of rec. Aug. 15a
2
3,875,350 508,222 33,807
United Cigar Stores, common
525,030
62,945
7,554
459,5134,61
287,600
154 Sept. 15 Holders of rec. Aug. 3Ia Gr'd aggr., avge
Preferred (quar.)
-27,806 +13630 +46
Comparison with prey. week... -6,722-2,617-2,750
United Dyewood Corp.,com.(guar.)--. 134 Oct. 2 Holders of rec. Sept.15
154 Oct. 1 Holders of rec. Sept. 150
510,402 33,778
3,859,847
Preferred (quar.)
560,447
60,420
194,602.736
Aug.
8734c. Sept. 15 Holders of rec. Aug. 310 Gr'd aggr., act'l cond'n
+3
-26,874 +5.478
United Gas Impt. pref. (quar.)
Comparison wit tt prey. week __ +3,398-2,236-4,597
15c. Oct. 2 Holders of rec. Sept. la
United Profit Sharing (quar.)
Sept. 1 *Holders of rec. Aug. 17
*4
33,775
505,924
3,886,721
United States Envelope, common
565,044
62,656
Gr'd aggr., act': cond'n Aug.124,599,338
*334 Sept. 1 *Holders of rec. Aug. 17
Preferred
3,940,715 488,350 33,845
Sept.30 *Holders of rec. Sept. 15
*1
Gr'd aggr., act'l cond'n Aug. 54,651,543 63,299 572,444 3,957,880 497,900 33,738
U. S. Gypsum, common (quar.)
Gr'd aggr., act'l cond'n July 294,643,594 63,666 563,804 3,975,620 457,124 33,703
*134 Sept.30 *Holders of rec. Sept.15
Preferred (quar.)
Gr'd aggr., act'lcond'n July 224,610,649 64,079 569,240 4,071,220 462,022 33,688
Sept.30 *Holders of rec. Sept. 1
*51
U.S. Radiator, corn. (guar.)
Geri aggr., act'lcond'n July 154,694.678 65,369 550,232
*154 Sept.30 *Holders of rec. Sept. 1
Preferred (quar.)
29
Sept.
134
30
Aug.
_
_
_
(quar.)
corn.
,
Corporation
in the general total
U.S. Steel
Note.-U. S. deposits deducted from net demand depositsactual totals Aug. 19,
30
Aug.
1
Aug.
13f
Preferred (quar.)
above were as follows: Average for week Aug. 19, $59,330,000;
Sept. 15 Holders of rec. Aug. 31
2
$25,790,000; July 22
29,
U.S.Title Guaranty (guar.)
July
12,$61,252,000; Aug.5,$73,449,000;
234 Sept. 15 Holders of rec. Sept. 8s 838,106,000; Aug.
Valvoline Oil,common (quar.)
payable, rediscounts, acceptances and other liabilities, average
134 Sept. 1 Holders of rec. Aug. 180 $28,444,000. Bills 19, $342,310,000; actual totals Aug. 19, $380,515,000; Aug. 12,
Van Raalte Co., Inc., 1st pref. (quar.)_ _
for the week of Aug.
Oct. 2 *Holders of rec. Sept. 15
*1
0.
Wabasso Cotton (quar.)
0; July 29, $378,728,000: July 22, $364,960,00
500. Sept. 1 Holders of rec. Aug. 23a $350,346,000; Aug. 5, $361,419,00branches
Wahl Co., common (monthly)
not included in total footing as follows:
•Includes deposits in foreign
Trust
50o. Oct. 1 Holders of rec. Sept.220
Guaranty
;
$11,471,000
Common (monthly)
Co.,
Trust
Bankers
154 Oct. 1 Holders of rec. Sept. 22a National City Bank, $96,313,000;&
Co., $28,Preferred (quar.)
Trust Co., $86,000; Equitable Trust
Co., $91,244,000; Farmers' Loan
Sept. 15 Holders of rec. Aug. 8
2
as reserve for such deposit
Wamsutta Mills(quar.)
258,000. Balances carried in banks in foreign countries
134 Aug. 31 Aug. 20 to Aug. 31
Guaranty
$738,000;
Co.,
Trust
Bankers
Welch Grape Juice, preferred (quar.)were: National City Bank, 327,917,000;
134 Sept. 1 Holders of rec. Aug. 15
$86,000; Equitable Trust Co.,
White (J. G.)& Co., Inc., pref. (quar.)_
Trust Co., $20,286,000; Farmers' Loan & Trust Co.,
Sept. 1 Holders of rec. Aug. 15
included.
not
White(J.G.)Engineering Corp., pi. (qu.) 134
branches
in
foreign
Deposits
$2,557,000. c
134 Sept. 1 Holders of rec. Aug. 15
White(J. G.) M'g'nt Corp., pref.(quar.)
Sept.30 Holders of rec. Sept.20a
$1
White Motor (guar.)
of institutions
*1340. Sept. 1 *Holders of rec. Aug. 20
Williams(E. T.) Oil (quar.)
The reserve position of the different groups
3
Sept. 1 Aug. 20 to Aug. 31
and the actual
week
Wilmington Gas, preferred
the
for
averages
the
both
of
basis
1
28
Sept.
Aug.
the
of
*Holders
rec.
*2
_
on
two
Woods Manufacturing,com.(quar.)_ _ _
Sept. 1 Holders of rec. Aug. 100 condition at the end of the week is shown in the following
Woolworth (F. W.) Co., com. (quar.)-- 2
In Oct. 2 Holders of rec. Sept. Ila
Woolworth (F. W.) Co., pref. (quar.)..
tables:
150
31
25c. Aug.
Holders of rec. Aug.
Wright Aeronautical Corporation
1
26 to Aug. 31
OF CLEARING HOUSE BANKS
Wrigley(Wm.)Co..corn.(monthly)_.. 500. Sept. 1 Aug.
STATEMENT OF RESERVE POSITION
Sept.26 to Sept.30
50c. Oct.
Common (monthly)
AND TRUST COMPANIES.
50o. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50e. Dec. 1 Nov. 26 to Nov.30
Common (monthly)
50c. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
Averages.
Wurlitzer(Rudolph) Co.
750. Sept.25
a
Common (monthly)
Reserve
Cash
Sept. I Holders of rec. Aug. 22
2
Surplus
Reserve
Eight per cent preferred (quar.)
Total
in
Reserve
Dec. 1 Holders of rec. Nov.21
2
Ressrve.
Required.
Eight per cent preferred (quar.)
Depositaries Reserve.
Vault.
in
'23
Marl'23
of
Feb.19
Holders
2
rec.
Eight per cent preferred (quar.)
2
J'nel'23 Holders of rec. May 22'23
Eight per cent preferred (quar.)
3
134 Oct. 1 Holders of rec. Sept. 21
Members Federal
Seven per cent preferred (quar.)
515,797,000 515,797,000 504,824,820 10,972,180
134 Jan1'23 Holders of rec. Dec. 22
Reserve banks........
478,660
Seven per cent preferred (quar.)
4,966,000 3,921,000 8,887,000 8,408,340
151 Aprl'23 Holders of rec Mar. 22
def35,050
State banks*
Seven per cent preferred (quar.)
2,205,000 5,312,000 7,517,000 7,552,050
Trust companies..
stook
•From unofficial sources. t'The New York Stock Exchange has ruled that
7,171,000 525,030,000 532,201,000 520,785,210 11,415,790
Total Aug.
and not until further notice. a Transfer
527,780,000 535,022,000 524,019,390 11,002,610
will not be quoted ex-dividend on this date
Total Aug. 12---- 7,242,000 541,016,090 548,032,000 532,647,060 15,384,940
Lees British income tax. d Correction.
7,016,000
books not closed for this dividend. b
Aug. 5--Total
539,493.000 546,571,000 529,978,850 16,592,150
Payable in common stock. p Payable In scrip. h On
Total July 29._"__ 7,978,000
s Payable in stock.!
Payable In Liberty or Victory Loan bonds.
amount of accumulated dividends. f
Bank.
Reserve
• Not members of Federal
Payable In Canadian funds.
on net demand deposits in the case of State banks
Payable In New York funds. k
a This is the reserve required
of members of the Federal Rtserve Bank incase
the
in
for
but
before
4
or
time
on
Sept.
will be in
in London
and trust companies,
s All transfers received in order
required on net time deposits, which was as follows:
cludes also arroont I o reserve
payment of dividend to transferee.
50; Aug. 5,312,869,400; July 29312,594,690
12,513,242,4
Aug.
20;
19413,647,1
Aug.
75 cents each.
Made.up of two quarterly dividends of
9
AUG. 261922.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies__ _ _
4,904,000
2,135,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
550,695,000 550,695,000 502,684,730 48,010,270
4,058,000 8,962,000 8,418,960
543,040
5,694,000 7,829,000 7,761,750
67,250
Total Aug. 19__
7,039,000 560,447,000 567,486,000 518,865,440 48,620,560
Total Aug. 12_ _ _ _ 7,147,000 565,044.000 572,191,000 522,189,98
9 50,001,020
Total Aug. 5__ _ _
7,112,000 572,444,000 579,556,000 528,734,990 50,821,010
Total July 29
7,130,000 563,804,000 570,934,000 531,310,440 39,623,560
* Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Aug. 19,513,711,830; Aug. 12,813,580,520; Aug. 5,513,057,530; July 29,513,340,
580
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust coml.
panierin New York City not in the Clearing House as follows:
965
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. 23
1922.
Changes from
previous week.
Capital
59,520,000
Surplus and profits
84,665,000
Loans. disc'ts & investments_ 819,887,000 Dec.
Individual deposits,incl. U.S. 588,802,000 Dec.
Due to banks
107,792,000 Dec.
Time deposits
113,418,000 Inc.
United States deposits
11,328,000 Dec.
Exchanges for Clearing House 16,453,000 Dec.
Due from other banks
61,369,000 Dec.
Reserve in Fed. Res. Bank_ _ 69,114,000 Dec.
Cash in bank and F. R.Bank 9,511,000 Dec.
Reserve excess in bank and
Federal Reserve Bank__ _ _
3,207,000!Dec.
Aug. 16
1922.
Aug. 9
1922.
$
t59,520,000 59,520,000
84,665,000 84,665,000
2,437,000 822,234,000 824,323.000
5,513,000 594,315,000 592,283,000
5,616,000 113,408,000 115,999,000
2,368,000 111,050,000 104,828,000
394,000' 11,722,000 13,743,000
2,033,000 18,486,000 18,520,000
5,057,000 66,926,000 61,292,000
681,000 69,795,000 71,048,000
225,000 9,736,000 9,630,000
290,000
3,497,000
4,290,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug.19,with comparative figures
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER
for the two weeks preceding, is given below. Reserve
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEME
NT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
Dtfferences from are 10% on demand deposits and 3% on time deposits
, all
Aug. 19.
pevious week.
to be kept with the Federal Reserve Bank. "Cash in
Loans and investments
$755,249,000 Dec. $3,907,700
Gold
vaults"
is
not
a
5,849,100
part
of
Inc.
legal reserve. For trust companies
174,000
Currency and bank notes
17,675,700 Dec. 490,800 not members of the Federal
Deposits with Federal Reserve Bank of New York_ _
Reserve System the reserve
62,437,900 Dec. 1,966,400
Total deposits
required
is
10%
on
demand
deposits and includes "Reserve
Deposits, eliminating amounts due from reserve de- 790,242,300 Dec. 4,817,100
with legal depositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y.City exchanges and U.S. deposits 738,302,40
0 Dec. 5,396,300
Reserve on deposits
116,629,800 Dec. 1,609,200
Week ending Aug. 19 1922.
Percentage of reserve, 19.7%.
Aug. 12
RESERVE.
Aug. 5
Two Ciphers (00) omitted. MembersofI Trust
1922.
1922.
State Banks
-Trust
Companies
F.R.System,Companies
Total.
Cashin vault
*526,227,100 16.32%
559,735,600 13.91%
Deposits in banks and trust cos_ _ __ 7,619,600 04.73%
23,047,500 05.37% Capital
$35,175,01 $4,500,0 539,675,0 539,675,0 539,675,0
Surplus and profits
96,143,0 14,083,0 110,226,0 110,226,0
Total
$33,846,700 21.05%
$82,783,100 19.28% Loans, disc'ts & investm'ts 634,111,0 38,274,0 672,385,01 673,377,0 110,226,0
668,565,0
Exchanges for Clear.House 23,762,0
536,0 24,298,0, 23,682,0 27,391,0
* Includes deposits with the Federal Reserve Bank of New
York. which for the Due from banks
88,557,0
20,0 88,577,0, 87,233,0 89,258,0
State banks and trust companies combined on Aug. 19
Bank deposits
were $62,437,900.
115,570,0
537,0 116,107,0, 119,010,0 118,064,0
Individual deposits
510,294,0 24,159,0 534,453,0, 530,686,9 534,156,0
Time deposits
19,022,0
532,0 19,554,01 19,102,0 18,015,0
Total deposits
644,886,0 25,228,0 670,114,0, 668,798,0 670,235,0
Banks and Trust Companies in New York City.-The U.S.deposits(not incl.)_
9,075,0
9,075,0, 9,624,0 10,189,0
Res've with legal deposit's_
3,853,0
3,853,01
averages of the New York City Clearing House banks and Reserve
3,563.0
3,870,0
with F.R.Bank_ _
54,144,0
54,144,0 53,119,0 55,627,0
trust companies combined with those for the State banks Cash in vault.
8,747,0
1,050,0
9,797,01
9,946,0
9,756,0
Total
reserve
and
cash
held
62,891,0
4,903,0
and trust companies in Greater New York City outside of Reserve required
67,794,0, 66,628,0 69,253,0
53,346,0
3,647,0 56,993,0 57,030,0 57,086,0
the Clearing House are as follows:
Excess res.& cash in vault_
9,545,0
1,256,0 10,801,0
9,598,0 12,167,0
•Cash in vaults not counted as reserve for Federal Reserve
COMBINED RESULTS OF BANKS AND TRUST COMPANI
members.
ES IN
GREATER NEW YORK.
Loans and
Investments.
WeekendedApril 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Demand
Deposits.
*Total Cash
in Vautts.
i
$
$
5,180,822,800 4,657,698,400
92,431,500
5,209,013,900 4,694,822,600
91,100,100
5,233,359,300 4,738,487,800 132,818,400
5,297,769,500 4,807,891,800
91,723,900
5,334,400,700 4,827,593,600
91,161,400
5,372,704,700 4,853,005,100
91,486,700
5,408,101,600 4,852,544,100
93,253,000
5,372,704,700 4,853,005,100
91,486,700
5,491,415,000 4,980,544,500
90,155,600
5,370,259,900 4,816,507,000
88,730,000
5,457,357,300 4,808,047,500
92,436,900
5,421,565,700 4,792,536,500
95,874,700
5,408,203,300 4,762,119,600
88,862,800
5,350,876,600 4,700,542,500
89,033,900
5,406,610,600 4,714,814,300
87,948,700
5,383,432,700 4,646,854,700
89,403.600
5,372,803,000 4,613,652,400
86,459.800
*This item includes gold, silver, legal tenders,
national bank notes
Reserve notes.
Reserve in
Depositaries.
$
611,583,000
621,974,300
642,139,400
648,307,500
638,697,600
646,059,900
660,162,300
646,059,900
663,100,900
657,840,800
651,619,800
717,627,500
701,290,800
697,796,201]
700,127,900
622,177,401]
618,135.00(
Condition of the Federal Reserve Bank of New
York.
-The following shows the condition of the Federal
Bank of New York at the close of business Aug. Reserve
23 1922 in
comparison with the previous week and the
corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board_
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Aug.23 1922. -4ug. 16 1922. Aug.24 1921.
181,560,708
100,166,205
195,829,317
44,365,858
335,972,000
61,718,000
289,723,911
832,676,598
6,871,522
210,195,175
862,831,298
7,614,052
397,690,000
472,291,000
20,000,000
Total gold reserves
Legal tender notes. silver,,to
1,129,275,035 1,110,640,526 889,981,000
35,755,543
35,228,260
61,775,000
Total reserves
Bills discounted: Secured by U. S. Gov-1,165,030,578 1,145,868,786 951,756,000
ernment obligations-for members_
28,482,185
21,851,653 127,666,000
and Federal
For other F. R. banks
•
27,887,000
All other-For members
18,368,051
19,072,872 195,112.000
For other F. R. Banks
9,985,000
Bills bought in open market
23,835,099
40,430,766
13,879,000
New York City Non-Member Banks and Trust
CornTotal
bills
on
hand
panies.-The following are the returns to the Clearing
67,759,625 374,529,000
87,281,003
HOUSe U. S. bonds and notes
38,802,750
42,302,750
1,005,000
by clearing non-member institutions and which are not
U. S. certificates of indebtedness-inOne-year
certificates
(Pittman Act)._. 16,500.000
cluded in the "Clearing House Returns" in the foregoing:
17,500,000
52,276,000
AUother
94,839,000
94,839,000
Total earning assets
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
237,422,753 222,401,375 427,810,000
YORK CLEARING Bank premises
HOUSE.
9,264,544
9,262,450
5,516,000
5% redemp. fund eget. F.R.
bank notes
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
799,060
749,060
1,684,000
Uncollecteditems
135,983,704
116,392,480
99,719,000
All other resources
3,262,252
3,157,995
2,829,000
Net Loans,
Total resources
CLEARING
Capital. Profits. DieReserve Net
1,532,121,669 1,517,473,373 1,489,314,000
Na
Nat'l
NON-MEMBEREl
counts, Cash
with Demand Time Bank
LiabilitiesNat.bks.June30 Investin
Legal
De.De- Circu- Capital paid in
Week ending StatebksJune30 meats, Vault. Deposi- posits, posits.
27,663,750
27,664,150
27,067,000
lation. Surplus
Aug. 19 1922. Tr.cos. June 30 &c.
tortes.
60,197,127
60,197,127
59,318,000
Deposits:
Government
Average Average Average Average
Members of
23,895,889
7,563,168
Average Average
7,944,000
Member banks-Reserve
Fed'l Res. Ban . $
$
$
i
$
700,221,889 682,551,787 621,420,000
$
account
$
$
All other
Battery Park Na
1,500 1,190 10,351
155 1,193
9,993,217
9,647,856
7,839
11,949,000
352
198
W R Grace & Co_ _
500 1,245 9,821
22
482
1,526 7,206
Total deposits
734,110,996 699,762,812 641,313,000
F.R. notes in actual circulation
Total
_ 2,000 2,435 20,172
177 1,675
609,555,916 613,644,677 634,018,000
9,365 7,558
198 F.R.bank notes
in cirourn-net liability 12,229,200
13,499,200
28,571,000
Deferred
State Banks
availability items
Not Members of Fed. Res've Bank
83,768,460
98,142,964
76,085,000
All other liabilities
Bank of Wash. H is
200
315 4,571
540
289
4,586,219
4,562,443
4,496
455
____
22,942,000
Colonial Bank__ _
1,715
800
17,589 2,203 1,261 18,432
Total Liabilities
1,532,121,669 1,517,473,373 1,489,314,000
Total
1,000 2,030 22,160 2,743 1,530 22,928
455
Ratio of total reserves to
deposit and
F. R. note liabilities
Trust Compani !a Not Me mbers of Fed. Res've Bank
86.7%
combined
87.2%
74.6%
Contingent
Mech.Tr.,I3ayo B
200
606 9,003
liability on
359
166
3,313 5,572
_ _ -for foreign correspondebills purchased 11,004,629
nts
10,993,659
12,826,859
200
Total
606 9,003
359
166
3,313 5,5721
Grand aggregate ._ 3,200 5,072 51,335 3,279 3,371 a35,606
198
Comparison with previous week_ _ -229 -114 -206 -342 13.585
-110
-1
-In view of the fact
Gr'd aggr. Aug. 2 3,200 5,072 51,564 3,393 3,577 a35,948 13,695
199
that many corporations are taking advantage of
Gr'd aggr. Aug. 5 3,200 5,072 50,725 3,239 3,438 a34,000, 14,005
198 prevailing conditions in the money market to call for payment redeemable
Gr'd aggr. July ;9 3,400 5,870 51,453, 3,366 3,267 034,725, 14,820
Issues
197
of 7%,73i% and 8% bonds, sold at a time when high interest
Gr'd aggr. July !2 3400 5.889 70.2661 3.941 4.969 a44.578 25.154
rates
loft were
demanded, Spencer Trask & Co. have issued a general circular describa U. S. deposits deducted, $291,000.
ing numerous issues of long-term railroad, public utility, industrial
and
Bills payable, rediscounts, acceptances and other liabilltieS, $308,000.
foreign Government and municipal bonds still selling well below
callable
Excess reserve, $292,780 decrease.
'prices and in many instances listed on the New York Stock
I
CURRENT NOTICES
Exchange.
[VOL. 115.
THE CHRONICLE
966
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, Aug.25, and showing the condition
of the twelve Reserve Banks at the close of business the previous day. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table'shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 921 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AuG.23 1922.
Aug.23 1922. Aug. 16 1922. Aug. 9 1922. Aug. 2 1922. July 26 1922. July 19 1922. July 12 1922. July 5 1922. lAug. 241921.
RESOURCES.
Gold and gold certificates
Gold settlement, F.R.Board
s
300,470,000
520,556,000
$
306,286,000
474,662,000
s
314,391,000
481,333,000
$
316,231,000
489,619,000
$
317,459,000
498,309,000
$
317,980,000
490,620,000
$
$
317,832,000
514,590,000
317,040,000
518,679,000
8
425,699,000
426,454,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
821,026,000 780,948,000 795,724,000 805,850,000 815,768,000 808,600,000 832,422,000 835,119,000 852,153,000
2,197,316,000 2,238,893.000 2,233,430,000 2,223,384,000 2,197,645,000 2,195,062,000 2,161,560,000 2,123,816,000 1,646,109,000
61,142,000 120,816,000
11,118,000
41,851,000
42,190,000
41,673,000
43,420,000
46,593,000
42,489,000
Total gold reserves
Legal tender notes, silver, &c
3,061,762,000 3,066,434,000 3,071,643,000 3,071,424,000 3,051,531,000 3,045,335,000 3,035,833,000 3,020,677,000 2,619,078,000
130,902,000 131,424,000 130,534,000 131,260,000 126,967,000 123,987,000 121,207,000 113,252,000 147,078,000
3,192,664,000 3,197,858,000 3,202,177,000 3,202,684,000 3,181,498,000 3,169,322,000 3,157,040,000 3,133,929,000 2,766,156,000
Total reserves
Bills discounted:
541,754,000
Secured by U. S. Govt. obligations_ _ _ 125,738,000 125,410,000 117,777,000 130.293,000 115,238,000 176,263,000 157,555,000 185,390,000 953,597,000
264,189,000 257,045,000 264,384,000 269,506,000 264,743,000 267,205,000 272,387,000 313,482,000
All other
35,209,000
155,065,000
156,138,000
148,970,000
157,675,000
150,497,000
166,488,000
open
market
149,600,000
146,803,000
Bills bought in
556,415,000 532,085,000 528,964,000 550,296,000 536,119,000 592,438,000 587,617,000 653,937,000 1,530,560,000
Total bills on hand
196,418,000 202,973,000 199,746,600 198,751,000 201,621,000 201,901,000 208,424,000 216,237.000
U. S. bonds and notes
34,099,000
U. S. certificates of indebtedness:
74,000,000
74,000.000
71,000,000
72,000,000
70,500,000
66,000,000
69,000,000
(Pittman
Act)_
_
67,500,000
certificates
One-year
201,875,000
274,349,000
260,271,000
265,948,000
222,342,000 218,144,000 222,965,000 228,098,000 267,175,000
All other
2,800,000
4.000
9,000
9,000
3,000
21,000
4,000
9,000
Municipal warrants
1,041,196,000 1,020,711,000 1,020,679,000 1,047,648,000 1,076,927,000 1,134,296,000 1,144,394,000 1,204,445,000 1,769,334,000
Total earning assets
27,256,000
41,642,000
42,417,000
41,985,000
42,191,000
42,569,000
43,344,000
42,804,000
43,296,000
Bank premises
9,583,000
7,496,000
7,551,000
7,496,000
7,527,000
6.769,000
6,572,000
6,679,000
6,640,000
5% redemp. fund agst. F. R. bank notes
530,240,000 593,930,000 522,392,000 542,711,000 537,883,000 592,345,000 611,733,000 514,725,000 463,592,000
Uncollected items
17,253,000
16,169,000
16,206,000
16,186,000
16,805,000
16,449,000
16,750,000
17,410,000
16,666,000
All other resources
4,831,426,000 4,879,101,00014,811,180,000 4,859,131,000 4,863,134,000 4,962,062,900 4,978,872,000 4,918,443.000 5,053,174,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account
All other
106,041,000
215,398,000
105,983,000
215,398,000
105,730,000
215,398,000
105,589,000
215,398,000
105,198,000
215,398,000
105,239,000
215,398,000
105,224,000
215,398,000
105,217,000
215,398,000
103,030,000
213,824,000
31,479,000
20,837,000
36,677,000
49,376,000
16,926,000
46,455,000
27,880,000
43,972,000
32,935,000
1,785,489,000 1,790,260,000 1,783,539,000 1,837,840,000 1,815,278,000 1,861,145,000 1,875,229,000 1,818,996,000 1,616,964,000
25,188,000
29,029,000
28,871,000
29,010,000
30,257,000
26,381,000
24,384,000
22,390,000
23,770,000
1,851,851,000 1,846,965,000 1,835,803,000 1,885,023,000 1,888,111,000 1,942,531,000 1,924,937,000 1,884,702,000 1,673,631,000
Total
2,146,674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000 2,132,848,000 2,158,122,000 2,194,323,000 2,485,914,000
F.R.notes in actual circulation
68,146,000 112,811,000
67,380,000
66,053,000
63,622,000
62,046,000
56,953,000
60,547,000
F.R.bank notes in ciroulation—net liab.
58,130,000
432,286,000 488,613,000 424,691,000 429,712,000 442,713,000 479,274,000 486.360,000 430,161,000 397,011,000
Deferred availability items
66,953,000
20,496.000
21,451,000
20,719,000
21,242,000
21,280,000
22,223,000
21,788,000
liabilities
other
21,709,000
All
4,831.426,000 4,879,101,000 4,811,180,000 4,859,131,000 1,863,134,000 4,962,062,000 4,978,872,000 4,918.443,000 5,053,174,000
Total liabilities
Ratio of gold reserves to deposit and
62.9%
74.0%
74.4%
74.7%
76.1%
76.3%
76.6%
76.9%
78.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
66.5%
76.8%
77.3%
77.8%
79.6%
79.2%
combined
F.R. note liabilities
79.8%
80.4%
80.2%
Distribution by Maturities1-15 days bill bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _ _ _
Over 90 days municipal warrants
43,565,000
190,786,000
1,470,000
$
36,063,000
181,367,000
2,400,000
25,201,000
39,177,000
39,018,000
3,000
50,942,000
79,993,000
39,432,000
3,000
42,925,000
52,232,000
8,084,000
3,000
3,855,000
27,739,000
200,338,000
12,000
23,083,000
42,787,000
36,169,000
2,000
46,462,000
70,655,000
14,624,000
4,000
39,178.000
56,242,000
31,284,000
3,000
4,814,000
31,434,000
198,167,000
45,646,000
183,639,000
3,911,000
1,000
23,586,000
36,515,000
1,400,000
55,841,000
200,044,000
2,749,000
52,682,000
187,036,000
23,261,000
59,016,000
247,264,000
22,959,000
58.775,000
224,711,000
10,645,000
66,992,000
289,805,000
5,813,000
18,351,000
854,606,000
9,000,000
23,794,000
36,069,000
2,400,000
29,628,000
39,586,000
22,930,000
7,375,000
149,549,000
17,333,000
33,427,000
58,154,000
45,347,000
3,000
33,296,000
60,942,000
41,678,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
37,783,000
39,243,000
24.235,000
36,510,000
71,378,000
51,316,000
3,000
37,423,000
57,275,000
35,021,000
29,203.000
30,536,000
4,689,000
6,000
27,978,000
.58,108,000
42,965,000
3,000
31,065,000
59,744,000
41,870,000
34,629.000
64,650,000
14,027.000
5,892,000
291,860,000
30,690,000
16,580,000
53,983,000
42,057,000
3,588,000
162,983,000
14,701,000
3,638,000
33,354,000
200,317,000
4,139,000
44,590,000
206,424,000
15,210,000
44,557,000
226,390,000
34,562,000
59,959,000
3,900,000
1,000
20,220,000
57,801,000
52,792,000
3,000
6,335,000
48,228,000
256,777,000
7,236,000
50,848,000
249,144,000
3,000
36,353,000
132,951,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
Federal Reserve Notes—
Outstanding
Held by banks
2,601,281,000 2.590,069,000 2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2,854,623,000
451,607,000 447,766,000 434,360,000 432,176,000 445,154,000 451,020,000 431,387,000 367,514,000 368,709,000
In actual circulation
2,146,674,000 2,142,303,000 2,147,223,000 2,140,121,000 2,126,809,000 2,132,848,000 2.158.122.000 2,194.323,000 2,485,914,000
Amount chargeable to Fed. Res. Agent 3,379,538,000 3,373,411,000 3,350,954,000 3,339,569,000 3,338,365,000 3,350,935,000 3,341,921,000 3,301,379,000 3,694,122,000
778,257,000 783,342,000 769,371,000 767,272,000 766,402,000 767,067,000 752,412,000 739,542,000 839,499,000
In hands of Federal Reserve Agent
2,601,281,000 2,599.969,000 2,581,583,000 2,572,297.000 2,571,963,000 2,583,868,000 2,589,509.000 2,561,837,000 2,854,623,000
Issued to Federal Reserve banks
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
Eligible paper delivered to F. R. Agent_
416,522,000 416,522,000 416,522,000 416,523,000 416,522,000 416,122,000 416,122,000 116,122,000 391,992,000
403,965,000 351,176,000 348,153,000 348,913,000 374,318,000 388,806,000 427,949,000 438,021,000 1,208,514,000
128,675,000 130,531,000 124,938,000 121,354.000 124,016,000 127,651,000 126,010,000 124,985,000 109,417,000
1,652,119,000 1,691,840,000 1,691,970,000 1,685,507,000 1,057,107,000 1,651,289,000 1,619,428,000 1,582,709,000 1,164,700,000
2,601,281,000 2,590,069,000 2,581,583,000 2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2,854,623,000
545,245,000
512,927,000
515,411,000
533,600,000
523,804.000
585,242,000
576.633,000
635.631.000 1,490,547.000
OF BUSINESS AUG. 23 1922.
RIMY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
Federal Reserve Bank of—
$
$
$
$
$
i
i
RESOURCES.
8
3
3
14,263,0 189,561,0 5,707,0 13,472,0 3,557,0 5,431,0 25,103,0 4,108,0 7,378,0 2,678,0
Gold and gold certificates
29,888,0
28,252,0
136,995,0
10,163,0
19,007,0
13'd
36,484,0
R.
100,166,0
fund—F.
settlement
34,310,0
41,597,0 47,632,0
Gold
--—
50,747,0 289,727,0 47,304,0 61,104,0 37,867,0 24,438,0 162,098,0 14,271,0 35,630,0 32,576,0
Total gold held by banks
55,356,0
agents
161,634,0
It.
832,676,0
Gold with F.
151,646,0 169,940,0 57,955,0 96,855,0 181,709,0 56,346,0 28,262,0 1,267,0
9,824,0
Gold redemption fund
6,872,0 5,492,0 2,409,0 3,224,0 1,034,0 5,792,0 1,550,0 1,855,0
-222,255,0 1,129,275,0 204,442,0 233,453,0 99,046,0 122,327,0 519,599,0 72,167,0 05,747,0 89,198,0
Total gold reserves
763,0 4,548,6
11.838,0
Legal tender notes, silver.4,c-- -- 8,500,0
35,755,0 10,403,0 10,165,0 8,516,0 6,124,0 21,831,0
—
230,755,0 1,165,030,0 214,845,0 243,618,0 107,562,0 128,451,0 571,430,0 84,005,0 66,510,0 93,746,0
Total reserves
Bills discounted: Secured by
7,511,6
28,482,0 27,712,0 16,152,0 9,312,0 1,768,0 14,763,0 4,701,0 2,019,0 1,080,0
U.S. Govt. obligations
15,062,0
18,368,6 8,993,0 9,830,0 25,821,0 28,277,0 35,362,0 13,149,0 25,194,6 15,807,0
All other
75,0
12,980,0
728,0 15,309,0 15,224,0
market
40,431,0
open
in
bought
29,455,0 27,898,0
370,0
Bills
-35,553,0
87,281,0 66,160,0 53,880,0 35 503,0 3u,773,0 65,434,0 33,674,0 27,213,0 16,962,0
Total bills on hand
333,0 6,581,,0 17,328,0 4,344,0 27,881,0
8,177,0
38,803,0 23,590,0 27,613,0 1;2
4 1,0
U. S. bonds and notes
U. S. certificates of indebtedness
16,500,0 4,560,0 4,500,0 3.560,0 6,699,0 8,667,0 3,571,0 3.500,0 4,321,0
One-year etfs. (Pittman Act). 4,450.0
2,031,0 16,860,( 5,391,0 1,783,0 13,001,0
32,232,0
94,839,0 5,405,0 38,072,0
All •other
21,0
MuniCipal warrants
—
62,165,0
36,861,0
59,364.0
97,541,0
80.412,0 237,423,0 99,655,0 124,095,0 40,304,01 38,836,0
Total earning assets
Dallas. San Fran.
i
3
9,001,0 20,211,0
7,065,0 28,987,0
Total.
$
300,470,0
520,556,0
16,066,0 49,198,0 821,026,0
16,523,0 188,365,0 2,197,316,0
1,143,0 2,958,0
43,420,0
33,732,0 240,521,0 3,061,762,0
7,043,0 5,416,0 130,902,0
40,775,0 245,937,0 3,192,661,0
1,432,0 16,806,0
34,813,0 33,513,0
3,096,0 20,922,6
125,738,0
264,189,0
166,488,0
39,341,0 65,211,0
2,816,0 37,682,0
556,415,0
196,418,0
1.900,0 4,832,0
1,265,0 11,463,0
66,000,0
222,342,0
21,0
45,322.0 119,218.0 1,041,196.0
AUG. 26 1922.]
RESOURCES (Concluded)Two ciphers (00) omitted.
THE CHRONICLE
Boston.
New York.
8
5,251,0
$
9,264,0
Bank premises
5% redemption fund against Fed422,(
eral Reserve bank notes
49,600,0
Uncollected items
751,0
All other resources
Phila.
s
603,1
967
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
s
5,974,0
s
s
2,571,0
1,620,0
s
7,678,0
s
s
944,0
936,0
$
5,018,0
s
2,093,0
Total.
$
$
1,386,0
43,344,0
188,0
749,1
239,0
468,0
250,0
694,0 2,023,0
916,5
198,0
146,0
279,0
116,3.3,0 44,422,0 51,703,0 45,527,0 19,518,0 65,802,0 31,553,0 13,422,0 35,865,0 20,224,0 36,211,0
3,202,0
512,0
138,0
673,2 1,597,0
718,0
870,0 1,790,0 5,187,0
612,0 1,300,0
6,572,6
530,240,0
17,410,0
367,191,0 1,532,121,0 360,448,0 427,226,0 196,664,0 189,037,0 743,863,0
Total resources
LIABILITIES.
8,107,0
Capital paid In
27,634,0 9,181,0 11,691,0 5,616,0 4,313,0 14,733,0
16,483,6
Surplus
60,197,0 17,945,0 22,509,1 11,030,0 9,114,0 29,025,0
1,754,0
Deposits: Government
23,890,0 1,743,0 1,880,0 1,153,1
1,328,6
1,752,0
Member bank-reserve acc't_ _ 121,1(0,0 700,222,0 107,013,0 140,012,0 56,584,0 44,109,0 264,971,0
368,6
All other
9,993,0 1,017,0 1,074,0
234,0 , 202,0 1,093,0
-123,222,0 734,111,0 109,773,0 142,966,0 58,781,0 45,639,0 267,816,0
Total deposits
F. R. notes in actual circulation_ 176,355,0 609,556,0 178,344,0 199.753,1 79,744,0 109,951,0 371,727,0
F. It. bank notes in circulation_ _
3,581,0
12,239,0 3,858,0 3,845,0 2,668,0 4,422,0 7,411,0
net liability
38,020,0
83,768,0 39,720,0 44,645,6 37,650,0 14,446,0 49,787,0
Deferred liability items
1,423,0
4,586,0 1,527,0 1,817,0 1,175,0 1,152,0 3,364,0
All other liabilities
178,501,0 119,227,0 198,580,0 110,350,0 408,218,0 4,811,426,0
4,784,0 3,577,0 4,566,0 4,198,C 7,611,0 106,041,0
0,388,0 7,468,0 9,646,0 7,394,0 15,199,0 215,396,0
2,184,1
1,476,0 2,118,0
1,332,6 2,556,0
43,972,0
61,033,0 42,227,0 78,049,0 44,971,0 125,188,0 1,785,489,0
606,0
244,6
484,0
177,0 6,8s8,0
22,310,0
63,823,0 43,803,0 81,089,0 46,624,0 134,204,0 1,851,851,0
68,253,0 48,986,0 60,754,0 27,993,0 215,278,0 2,146,674,0
3,510,0 2,351,0 7,908,0 2,523,0 2,537,0
27,885,0 11,618,0 33,517,0 19,912,0 31,118,0
878,0 1,424,0 1,100,0 1,706,0 2,071,0
56,953,0
432,286,0
22,223,0
367,191,0 1,532,121,0 360,448,0 427,226,0 196,664,0 189,037,0 743.863,0 178,501,1 119,227,0 198,580,0 110,350,0
Total liabilities
408,218,0 4,831,426,0
Memoranda.
Ratio of total reserves to deposit
comand F. R. note liabilities
77.0
bined, per cent
77.6
71.1
86.7
82.6
74.6
89.3
63.6
71.7
66.1
54.6
70.4
79.8
Contingent liability on bills purchased for foreign correspondt's 2,173,0
11.105.0 2.382.0 2.411.0 1,459,0 1,108.0 3,543.1
1.399.0
804.0 1.429.0
774.0 1.369.0
29.976.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS
AUGUST 23 1922.
Federal Reserve Agent at-!Boston.New York Phila.
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
93,950
Federal Reserve notes outstanding
192,221
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300
Gold redemption fund
18,384
Gold fund-Federal Reserve Board
138,000
Eligible paperfAmount required
30,537
Excess amount held
5,016
Cleve. Richm'd Atlanta Chicago. St.Louis Minn. IC.City. Dallas. San
Fr.
293,050 47,420 31,940 31,460 73,079
887,371 199,394 216,657 87.254 115,396
Total.
80,140 26,750 13,035 14,100 17,903 55,430 778,257
414,044 84,771 51,638 71,592 31,444 249,499 2,601,281
13,275
363,184
2,400
11,610 13,052
7,701
416,522
38,492 11,757 11,665 4,162 3,955
15,064 3,936 1,210 3.995 1,822 14,235 128,675
431,000 139,889 145,000 53,795 90,500 366,645 40,800 14,000 51,360 7,000 174,130 1,652,119
54,695 47,748 46,717 29,299 18,541 • 32,335 28,425 23,376 16,237 14,921 61,134 403,965
28,669 13,516 5,364 6,167 12,074
33,096 4,620 3,522
725 24,415 4,096 141,280
483,408 2.096,461 459,724 470,618 212,135 315,945 941,324 200,912 119,833 158,009 105,206 558,524 6,122,099
Total
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
286,171 1,180,421 246,814 248,597 118,714 188,475
Collateral received fromf Gold
181,684 832,676 151,646 169.946 57,955 96,855
Federal Reserve BanklEligible paper
35,553
83,364 61,264 52,081 35,466 30,616
--Total
483,408 2,096,461 459,724 470,618 212,135 315,945
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
494,184 111,521 64,673 85,692 49,347 304,929 3,379,538
381,709 56,346 28,262 55,356 16,523 188,365 2,197,316
65,431 33,045 26,898 16,962 39,336 65,230 545,245
941,324 200,912 119,833 158,009 105,238 558,524 6,122,099
-1-92,22
1. 887,371 199,394 216,657 87,254 115,396
15,866 277,815 21,050 16,904 7,510 5,445
414,044 84,771 51,638 71,592 31,444 249,499 2,601,281
42,317 16,538 2,652 10,838 3,451 34,221 454,607
609.556 178.344 199.753 79.744 109,951
371,727 68,233 48,986 60,754 27,993 215,278 2,146,674
176,355
WEEKLY RETURN FOR THE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
items of the resources and
Liabilities of the 792 member banks,from which weekly returns are obtained. These figures are always
a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 14
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board
upon the figures for the latest
week appear in our Department of "Current Events and Discussions" on page 921.
1. Data for all reporting member banks in each Federal Reserve District at close of
business
August 16 1922. Three ciphers (000) omitted
Federal Reserve District.
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis.Minneap.
Kan. City
Number of reporting banks
84
49
79
105
42
56
10
37
33
78
Loans and discounts; including bills rediscounted with F. R. bank:
$
$
$
$
$
$
$
$
$
Loans sec. by U.S. Govt. obligations_
13,609
11,298
87,437
30,532
15,430
7,888
39,589
14,665
7,923
Loans secured by stocks and bonds-- _ 208,786 1,603,286 236,533 334,734 118,413
9,900
57,600 528,581 132,376
33,401
68,813
All other loans and discounts
560,771 2,241,496 312,543 634,105 208,665 290,620 1,002,000 269,554
182,197 346,764
Total loans and dtscounts
783,1663,032,189 564,506 999,421 428,376 356,117 1,570,16! 416,595
223,521 425,477
U. S. bonds
95,514 541,896
57.816
56,814 149,585
28,032 132,289
32,503
23,475
56,233
U. S. Victory notes
781
15,033
2,225
289
4,572
891
4,30.
3,444
203
1,029
U. S. Treasury notes
25,955 400,822
27,791
41,36C
6,472
4,941
75,635
9,976
9,015
10,695
U. S. certificates of indebtedness
5,812
87,766
7,350
8,248
3,548
6,087
31,138
7,066
5,210
14,353
Other bonds, stocks and securities
171,667 834,928 187,971 283,884
54,896
34,138 406,459
84,216
26,649
59,258
Total loans, disc'ts & investments, incl.
mils rediscounted with F. It. Bank...... 1082,8955,812,634 849,004 1,484,724
551,391 430,206 2,219,999 553,809 288,973 567,045
Reserve balance with F. R. Bank
85,335 618,783 67,882 101,892
34,865
28,491 209,060
35,938
20,735
46,829
Cash in vault
18,344
81,965
12,451
14,563
26,440
8,632
50,038
6,298
5,641
11,031
Net demand deposits
789,091 4,832,358 684,502 862,391 335,083 248,516 1,464,620
322,864
Time deposits
240,524 833,174
53,829 502,805 142,005 153,753 693,592 169,281 184,770 449,333
73,771 116,450
Government deposits
13,084
69,133
15,145
5,470
11,579
5,150
23,612
4,220
5,963
5,738
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt. obligations_ _ 2,515
14,633
2,840
10,694
8,451
95
4,891
1,324
118
763
All other
Bills rediscounted with F. It. Bank:
Secured by U. S. Govt. obligations
40
68
55
72
30
7
4()
13,514
14,116
An other
3,295
6,334
4,116
3,011
4,033
925
2.188
1.945
8
Dallas. San Fran.
52
68
Total.
792
8
15
3
4,314
15,925
258,530
43,05. 148.152 3,513,741
191,07
706,707 7,036,407
238,44
870,784 10,808,768
34,865 117,173 1,326,189
562
7,574
40,912
8,382
27,735 648,779
6,252
16,961
199,702
7.39: 166,125 2,317,589
295,906 1,206,352 15,342,029
23,34:
87,115 1,360,173
8,92
18,923
263,296
207,05 632,341 11,012,926
64.90 543,487 3,587,578
4,459
13,670
177,223
6
3.236
5,985
161
52,309
161
68,
3,6611
386
57.372
2. Data of reporting member banks in Federal Reserve Bank and branch cities and
all other reporting banks.
New York City.
City of Chicago. All F. R. Bank Cities. F. R. Branch
Total.
Cities.AllOther Report.Bks.
Aug. 16. Aug. 9. Aug. 16, A ug. 9. Aug. 16. Aug. 9. Aug.
16. Aug. 9. Aug. 16. Aug. 9. Aug.16'22 Aug.9'22.,Aug.17'21
64
64
Number of reporting banks
269
50
27C
50
210
792
793
210
313
812
313
Loans and discounts, incl. bills redis$
$
counted with F. It. Bank:
$
$
$
3
$
$
$
$
$
$
$
77,736
74,326
29,783
32,782
187,864 .168,293
Loans sec. by U. S. Govt. oblig'ns
50,361
258,530 *261,941
41,039
40,305
619,865
Loans secured by stocks & bonds_ 1,433,870 1,439,610 463,663 382,191 2,582,466 2,559,234 498,387 .52,609
499.671 432,888 432,771 3,513,741 3,491,676
All other loans and discounts--1,963,384 1,948,707 632,644 642,146 4,417,710 54,420,09s 1,368,249.1359517 1,250,5381260,005 7,036,497.7,039,621 2.939,168
7,980,120
3,474,990 3,462,643 1,086,090 1,057,119 7,168,046 7,147,626 1,916,997
Total loans and discounts
1,911,797 1,723,731 1,733,815 10,808,768 10,793,23811,539,153
60,368
59,765
476,001 492,727
768,193
U. S. bonds
779,922 288.467 285,449 269,529 269,699 1,326,189 1,335.070
868,285
13,496
10,657
3,688
U. S. Victory notes
28,957
3,679
26,007
7,668
40.912
4,549
7,719
38,275
4,287
164,6.9
51,718
49,117
384,093 383,378
516,890
U. S. Treasury notes
519,814
83,396
78,91
646,645
48,493 47.931 648,778
56,411
83,599 06,086
14,908
141,268
15,799
U. S. certificates of Indebtedness
156,829
40,971
199,792
20,725
225,423
17,553
47,869
193,037
634,785
securities_
615,295 178,389 180,940 1,280,355 1,250.411 624,905
Other bonds, stocks and
625,968 412,329 411,705 2,317,589 2,294,084 2,020,225
Total loans & disc'ts 6r invest'ts,
incl. bills rediscled with F. R. Bk.5,066.964 5,360,786 1,375,161 1,366,422 9,903,703 9,886,609 2,962,404 2,957,702 2,475,922 2,488,424 15,342,029 15,332,735
14,841,808
569,571 581,622 146,147 132,657
Reserve balance with F. It. Bank
930,448
980,339 220,836 212,997 158,889 158,442 1,360,173 1,351,778 1,215,663
69,839
74,285
28,329
140,866
27,767
Cash in vault
148,244
53,506
71,972
263,296
276,150
68,924
55,934
298,914
4,337,421
deposits
4,349,829 1,004,511 977,393 7,666,187 7,645,658 1,776,746
Net demand
1,765,430 1,569,993 1,568,747 11,012.926 10,979.835 9,937,999
618,496 606,166 331,349 330,253 1,515,645 1,795,1961
Time deposits
,022,3951,023,236 746,538 751,053 3,587,578 3,569,485 2,899,713
64,430
Government deposits
71,338
132,436
15,858
19,215
148,570
21,119
177,223
26,029
198,871
29,182
18,758
242,483
Bills payable with F. It. Bank:
9,848
4,098
See'd by U.S. Govt. obligations
710
26.124
711
19.616
9,564
52,309
16,759
41,561
279,601
12,387
9,426
All other
161
161
150
313
428
163
Bills rediscounted with F. It. Bank:
Seed by U.S. Govt. obligations_
128
.128
380
18
.316
224
70,015
34
.170
9,715
other
All
9,109
31,505
2,620
2,866
*35,520
57,372 .62,569 629,130
16,061
9,460 .10,988
16,407
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
.4
.3
and investments, per cent
.6
.
.6
..
.7
1.0
•
6.6
.9
1.0
• Revised figures.
Three ciphers (000) omitted.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
3-Smilers' 05azettit
Wall Street, Friday Night, Aug. 25 1922.
Railroad and Miscellaneous Stocks.-The security
markets have been unusually active for the season. The
transactions in stocks at the Exchange have averaged
970,000 shares daily and the par value of bonds traded
in has varied from $12,400,000 to $16,300,000, with an
average of somewhat over $14,000,000. Moreover, owing
to an increase in the movement of bituminous coal and
a more hopeful outlook for a settlement of the railway
shopmen's strike, there has been a substantial advance in
prices. Northern Pacific sold 7 points higher on Thursday
than at the close last week and Canadian Pacific 4% higher.
At the same time Mex. Pet.; always in a class by itself,
was up 14 points within the week. But the average advance
of from 2 to 5 points in active shares invited sales to realize
profits, and the best prices have not been maintained.
Other matters than those mentioned have attracted
attention and influenced sentiment within the week. Among
these was a drop in the price of wheat for September delivery
to 97% cents per bushel, said to be the lowest quotation
in nearly 7 years,-A report from some important western
railway systems showing the traffic to be from 14 to 20%
heavier than in 1921,-announcement by the U. S. Steel
Corp. of a, 20% advance in wages which was immediately
followed by an advance in the price of its output-another
rise in the cotton market, and a further precipitous drop
in the German mark to 6Vi one-hundredths of a cent.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
Week ending Aug. 25. for
Week.
•
Lowest.
Highest.
Lowest.
Highest.
P,. Shares $ per share $ per share $ per share $ per share
Aug
Jan 58
100 58 Aug 22 58 Aug 22 49
Colo & Sall 2d pf__16(
RO 66 Aug 25 66 Aug 25 5731 Mar 6631 Mar
Detroit United Ry_160
Illinois Central, pref _ _ _ _ 1,400112 Aug 1911331 Aug 22 10431 Jan 11331 Aug
Interboro Rap Tr (w1)__ 2,500 2931 Aug 23 3231 Aug 24 2831 July 3231 Aug
Int & Grt Nor(w i)_ _100 1,460 2331 Aug 21 2431 Aug 24 2231 Jun 2631 June
Feb 13% June
200 931 Aug 21 931 Aug 21 6
100
Iowa Central
July 53
Aug
ManRyEnTrCoo1NYce 13,500 46 Aug 22 53 Aug 25 44
Jan
M St P&SSM pref_100 200 8631 Aug 21 87 Aug 22 70 Jun • 90
NO 14 Aug 23 14 Aug 23 131 Jan 1431 May
Mo Hans Tex pref
Mo Kan & TexasAug
1C0 34 Aug 24 34 Aug 24 3031 June 34
Pt warr 3d asst paid
Aug
700 3C31 Aug 21 32 Aug 21 2831 July 32
Preferred
Aug
Jam 19
700 13 Aug 21 19 Aug 21 7
Nat Rys of Mex let VIGO
400 99 Aug 21 10031 Aug 21 72
Jan 100% Aug
N Y C & St L let pf_ 106
Jan 70
Aug
1,600 5431 Aug 19 70 Aug 22 14
Tol St L & W Series B
Preferred Series B__ _ 5,600 5131 Aug 21 5731 Aug 22 2231 Jan 5731 Aug
100 115 Aug 24 115 Aug 24 107 Jan 116 May
_ -_100
All Amer
ctfsno par 600 4431 Aug 22 4431 Aug 19 4431 Aug 47
CablesAug
Am Metal tern
100 400107 Aug 2410731 Aug 22 107
Temp ctfs pf
Aug 10831 Aug
Aug
% Aug 1
% Aug 25 1 Aug 21
Am Sumatra Tob rights- 15,100
Mar
Feb 70
Am Teleg & Cable...100300 593( Aug 21 61 Aug 22 54
AtiFruitCoiTCoctfofdep 2,800 2 Aug 191 231 Aug 24 131 Aug 231 July
Atlas Powder 6% cm Pt100 8634 Aug 23 8731 Aug 25 82 Jun • 8731 Aug
Beech-Nut Packing.... _20 400 3231 Aug 22 3231 Aug 22 30 Jul 3631 July
Brown Shoe Inc, pf_ _100 500 9531 Aug 21 9731 Aug 24 89 May 9731 Aug
100 200 • 9631 Aug 24 97 Aug 211 94
Feb 9931 Mar
Burns Bros pref
Aug 44
Case(JI)ThrMachnopar 1,700 42 Aug 25 44 Aug 21! 41
Aug
Jan 10031 Aug
10010031 Aug 2410031 Aug 24! 85
Cluett, Peab & Co pf_l 1 i
300 331 Aug 23 4 Aug 23 331 Aug 4
Cons Cigar rights
Aug
2211331
Aug
Aug
22 113% Aug 113% Aug
10011331
Cons GEL&P Balt
100 95 Aug 25 95 Aug 25 9331 July 9731 June
Cosden dr Co, pref
Feb 80 May
Deere & Co, pref_ __ _100 100 7631 Aug 23 7631 Aug 23 61
100 3931 Aug 24 3931 Aug 24 23
Feb 4431 June
Emerson-Brant, pref_100
Fairbanks Co (The)__25 600 1631 Aug 23 1831 Aug 22 15 May 2031 June
200 102 Aug 2310231 Aug 25 96 June 10231 Aug
,GenAm Tk Car7% pf 100
Gen Cigar Inc pref__100 10010431 Aug 2410431 Aug 24 10031 Ma 106 June
8231 Aug 22 8631 Aug 24 8031 July 103 May
6,200
100
Hartman Corp
Hudson Motor Car __. 7,700 2031 Aug 24 2131 Aug 19 1931 AugI 2331 July
Mar
Kelsey Wheel Inc p1_100 200 9931 Aug 22 102 Aug 25 9031 Jan 106
Jan 191% Aug
LIgg&MyersTobserB100 200189 Aug 2419131 Aug 25 100
goo 45 Aug 21 4831 Aug 25 30
Aug 4831 Aug
Loose Wiles Biscuit
23 91 Aug 23 6231 JanI 93
July
Mallinson(HR)&Copf100 100 91 Aug 24
10831 Aug 24 10031 Jan 109%, Aug
Montana Power pref_100 200 108 Aug
Aug
4,000 1331 Aug 25 14 Aug 24 1331 Aug 14
Moon Motor Car
'18,300 1031 Aug 19 1131 Aug 23 1031 AugI 1131 Aug
Mother Lode Coa
Marl 9431 July
100 9431 Aug 21 943( Aug 21 81
Nat Enam & Stpg pf-100
Aug
Jan 03
100 103 Aug 25103 Aug 25 93
Otis Elevator pref__ _100
100 200 5431 Aug 21 5431 Aug 21 4231 Jan 6631 Apr
Otis Steel pref
Pacific Tel & Tel, p1_100 200 90 Aug 25 9031 Aug 22 8631 Julyl 9031 Aug
Mar
Aug 80
Panhandle P & R pf_100 100 68 Aug 22 68 Aug 22 68
Phillips Jones Corp 1)1100 100 9031 Aug 25 9031 Aug 25 8831 JanI 9331 Mar
Marl 9731 June
100 100 97 Aug 25 97 Aug 25 85
Pitts Steel, pref
Jan 4731 May
Prod & Ref Corp pref_50 800 4231 Aug 21 4431 Aug 25 39
Aug 19 3231 Aug 22 2431 Aug 5031 June
Reynolds Spring Co___* 2,300 2931 Aug
96
Aug
24
24
96
AugI
96
96
400
Aug
pref
Shell Union 011
Aug
8331 Jan 9331 Aug
Standard Milling, pt 100 100 9231 Aug 22 9231 Aug 22
2110931 Mar113731 may
100 500 127 Aug 19129%
Tidewater Oil
2411531 Aug 24 110
Mar 115% Aug
US Tobacco, pref__ A00 10011531 Aug
Aug 2531 Aug
100 2531 Aug 21 2531 Aug 21 25
Va-Caro Chem,Cl B____
108
19
Aug
21
Aug
107
Aug 112 Juno
07%
3,900
100
pf
cum
West Elec 7%
24 120 Aug 24111731 Apr 121 June
Woolworth (F W)p1100 100 120 Aug
* No par value.
STOCK EXCHANGE
TRANSACTIONS AT THE NEW YORK
DAILY. WEEKLY AND YEARLY.
Week ending
Aug. 25 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Shares.
Par Value.
406,100 $30,200,500
974,825 75,300,000
964,541 72,027,500
993,093 81,674,000
941,135 71,360,000
919,500 69,424,000
Railroad,
arc.,
Bonds.
State, MUD.
and Foreign
Bonds.
$1,916,000 $2,931,000
7,461,000 1,848,500
8,422,000 1,946,000
9,750,000 1,701,000
8,395,000 1,939,500
10,903,000 1,832,000
U.S.
Bonds.
$981,000
3,354,400
5,923,850
3,480,450
2,093,900
2,368,000
5.199394 $399,986,000 $46,847,000 $12,198,000 $18,201,600
Week ending Aug. 25.
Saks at
New York Stock
Exchange.
1922.
1921.
Jan. 1 to Aug. 25.
1922.
1921.
2,975,420
165,386,444
112,326,437
Stocks-No. shares....- , 5.199,1941$228.762.460 $14,523,335,389
$399,986,000)
$8,406,563,986
Par value
Bands.
$18,201,6001 $25,726,100 $1,173,581,302 $1,201,103,110
Government bonds
4,641,500
404,707,500
195,838,900
State, mun.,&c., bonds 12,198,000 11,534,000 1,400,341,850
584,982,100
46,847,000
RR.and misc. bonds
Total bonds
[VOL. 115.
THE CHRONICLE
968
$77,246,6001 $41,901,600 $2,978,630,652 $1,981,924,110
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore
Philadelphia
Boston
Week ending
Aug. 25 1922.
Shares 1Bond Sales
Shares
Bond Sales
Shares
Bond Sales
76
42
3:0
16
2:
,
18,209'
13,9621
10,618'
11,180
$26,450
48,150
75,500
61,450
42,350
36,000
4,170
7,393
9,381
7,623
7,372
2,916
$21,000
28,900
103,750
13,500
29,100
11,600
1,309
1,139
814
1,140
1,108
749
$20.400
24,500
84,100
92,800
49,400
56,200
73,467
3289.900
38,855
$207,850
6,259
$327,400
Daily Record of Liberty Loan Prices. Aug.19 Aug.21 Aug.22 Aug.`23 Aug.24 Aug.25
(High
First Liberty Loan
331% bonds of 1932-47._(Low_
(Close
(First 331s)
Total sales in $1,000 units_ _ _
Converted 4% bonds of(High
1932-47 (First 44_ _ __ i Low_
[Close
Total sales in $1,000 units__ _
Converted 431% bonds(High
01 1932-47 (First 4%s)( Low_
[Close
Total sales in $1,000 units __ _
Second Converted 431 %1Iligh
bonds 011932-47 (First( Low_
(Close
Second 431s)
Total sales in $1,000 units_
(High
Second Liberty Loan
(Low_
4% bonds of 1927-42
(Close
(Second 4s)
Total sales in $1,000 units_
Converted 431% bonds(High
of 1927-42 (Second (Low_
(Close
431s)
Total sales in $1,000 units_ _ _
(High
Third Liberty Loan
(Low_
431% bonds of 1928
(Close
(Third 431s)
Total sales in $1.000 units__
(High
Fourth Liberty Loan
431% bonds of 1933-38_ _(Low_
(Close
(Fourth 431s)
_
Total sales in $1,000
(High
Victory Liberty Loan units_4%% notes of 1922-23 (Low.
(Close
(Victory 431s)
Total sales in $1.000 units_ _..
100.98
100.60
100.96
160
101.00
101.00
101.00
2
100.90
100.90
100.90
4
____
____
____
101.00 100.90 100.80 100.70
100.92 100.64 100.62 100.62
101.00 100.70 100.62 100.62
98
213
349
301
____ 100.24
____
100.24
-------- 100.24
-------------1
101.00 10-1.30 101.00 100.80
100.78 100.66 100.76 100.64
101.00 101.30 100.94 100.76
85
142
59
63
____
____
____
_
____,
____
____
100.98
100.60
100.68
147
____
____
____
____
100.48
100.40
100.46
96
100.48
100.44
100.44
46
101.08
101.02
101.02
87
100.74
100.72
100.72
44
100.36
100.26
100.26
100.20
100.20
100.20
2
100.44
100.20
100.78
534
100.46
100.38
100.38
453
100.80
100.66
100.66
581
100.70
100.68
100.68
102
100.10
100.10
100.10
1
100.48
100.18
100.20
629
100.78
100.34
100.38
134
101.08
100.66
100.78
905
100.74
100.66
100.70
1 10
5
100.42 100.46
100.34 100.10
100.42 100.40
483 1,151
100.42 100.42
100.34 100.22
100.34 100.42
942
901
101.04 100.96
100.92 .100.76
100.98 100.96
1,009 1,937
100.72 100.70
100.70 100.62
100.72 100.68
317
130
106.48
100.46
100.46
508
100.50
100.36
100.48
592
100.90
100.78
100.84
1,172
100.72
100.70
100.70
281
lob:55
100.66
100.90
45
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
107
32
1
116
100.10 to 100.48
100.50 to 101.02
100.42(0 100.72
100.50(0 100.80 100 3d 434s
100.40 to 101.00 63 4th 431*
195 Victory 431*
99.86
100.08 to 100.40
lst 3%s
1st 431*
2d 431s
2d 431s
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Sept. 15 1922
Sept. 15 1922___
June 15 1924_
Sept. 15 1924..__
Dec. 15 1922 _
Int.
Rate.
531%
431%
53(%
534%
.04%
Bid.
Asked. I
Maturity.
Int.
Rate.
1001,6
100
102%
102%
100%
4
100,
103
102%
100%;
Mar. 15 1925......
Mar. 15 1926,....
Mar. 15 1923_
June 15 1923_
Dec. 15 1925.__
4%%
4%%
4%%
331%
4%%
Bid.
Asked. •
101%
101
1014c 104
thou S6
100'
100
100% 100%
101
leo%
Foreign Exchange.-Sterhng exchange continues to rule
steady, without important change. Continental exchange,
however, was irregular and weak, with reichsmarks again
at a new low.
exchange were 4 45%0
To-day's (Friday's) actual rates for sterling
4731 for cheques and 4 47%04 4794 for
4 4531 for sixty days, 4 47%04
sixty days 4 44%04 45.
47,
46%04
4
sight
banks,
on
Commercial
cables.
payment (sixty days)4 4594 ©
ninety days 4 4404 4431,and documents for and
grain for payment 44631
4 4531. Cotton for payment 4 46%04 47,
@4 47.
were 7 41 ®
To-day's (Friday's) actual rates for Paris bankers' francs
marks are
7 5831 for long and 7 4407 6231 for short. Germany bankers'
were
guilders
bankers'
bills.
Amsterdam
short
and
long
not yet quoted for
38.66 for long and 39.00 for short.
Exchange at Paris on London 57.50 francs; week's range 56.08 francs
high and 57.50 francs low.
47Mwek
4 the week follows:
The range for foreign exchange for
Cables.
Sixty Days. Cheoes.
Sterling Actual4 48 9-16
4 48 5-16
4 47 7-16
High for the week
4
4 4731
Low for the week
Paris Bankers' Francs8.0131
gh7
8.0031
.9531
for the week
Hi
7.47
7.46
7.41
Low for the week
Germany Bankers' Marks04 16
0.09t
0.09 5-16
High for the week
0.0431
'Guilders
o
aem Bweaenkkers
dh
rt
f
wmster
A
Lo
39.10
39.05
38.66
High for the week
38.92
.
3887
38.46
Low for the week
Domeutic Exchange.-Chicago, par. St. Louis, 15@25c. per $1,000
$.9375 per
Montreal,
discount. Boston, par. San Francisco, par.
$1,000 premium. Cincinnati, par.
The Curb Market.-Curb Market trading was only
moderately active this week with prices ruling strong at
intervals and again reactionary. Changes for the most part
were within narrow limits. Among oil shares Standard Oil
(Kentucky) was active, advancing from 97% to 101 and
closing to-day at 1003'. Standard Oil of New York after an.
early advance from 450 to 457, fell to 441, ex-dividend.
Prairie Pipe Line sold up from 249 to 267 and down to 259.
Internat. Petroleum weakened from 233'2 to 21% and closed
4. Kirby Petroleum gained about three
to-day at 213
points to 7 and finished to-day at 6IA. Business in industrial
stocks was without feature. Bethlehem Steel, new pref.
w. i., gained over two points to 96% and reacted finally to;
96. The new corn. sold down from 78% to 75. Chesapeake
& Ohio Ry. new pref. sold for the first time at 105%. Gimbel
Bros., corn., eased off from 45% to 44 2, recovered to 46%
from
and finished to-day at 463. Glen Alden Coal declined63/i
to
5532 to 54. Goldwin Pictures eased off at first from
Macy & Co. corn.
5% but recovered finally to 6%. R. H.
weakened from 563's to 5432. Moon Motor Car advanced
4 and sold finally at 139'. N. Y. Telefrom 10M to 133
phone pref. rose from 107% to 108% and ends the weeklat
4. Stutz Motor dropped from 23% to 22. Bonds were
1083
about steady. Laclede Gas 7s advanced from 101% to 103.
A complete record of Curb Market transactions for the
week will be found on page 978.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
969
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 19.
$ per share
*1412 1512
4412
*43
103 10112
95
95
338 3%
1
4
11412 115/
5778 5914
64
64
*6212 70
2412 2434
2012 2078
143 14412
*185 193
1
4
7612 77/
1153 1153
18
18
43
41
5958 604
*834 878
22,.
22
3214 3334
5112
49
88
87
124 124
4514 4614
9712 9712
85
85
74
73
793 798
9814 9814
*4912 5012
6134 6134
12834 12834
132 13212
*312 4
*7
9
1734 1833
261
/
4 2734
1934 20
9014 9112
4218 4212
*15
1578
41
*40
110 11134
112 112
*334 4
2618 2653
58
58
*5
10
34
33
6912 71
684 6878
13412 13412
464
1
*46
8
*6
43
*37
6312 6312
*2214 2312
Monday,
Aug. 21.
Tuesday, 'Wednesday I Thursday, 1 Friday,
Aug. 23.
Aug. 24.
Aug. 25.
Aug. 22.
Sales
for
the
Week.
PER SHARE
Range since Jan. 1 1922.
On basis of 100-sharelots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
I$
per share $ per share $ per share SharesRailroads
Par
$ per share $ per share
18
17
18
1512 1512 *15
500 Ann Arbor
18
1812
*18
18
100
Preferred
10,800
4412 4534 4512 4512 4538 49
4814 5114 50
52
20,400 Atch Topeka & Santa Fe IOS
104 10478 104 10434 103 10334 10318 10418 10318 104
pref
Do
95
1,200
9512 9434 9512 95
9412 9434 94
95
94
100
3
1,200 Atlanta Birm & Atlantic..100
3
3/
1
4 318
3% 312
312 358
3% 3,2
11612 119
11612 117
11734 118
11758 11812 8,300 Atlantic Coast Line RR.....100
115 117
7
5812 5918 58
5914 48,100 Baltimore & Ohio
591
/
4 6014 5914 6018 5834 59
100
Do pref
63% 65% 6512 65% 6514 6614 6532 66
2,500
*6534 67
*6212 70
Buffalo Roth & Pitts
*6212 70
*6212 70
*6212 70
*6212 70
2612 2512 26
2412 2518 2514 2512 25
2558 2614 15,000 Brooklyn Rapid Transit__ A00
Certificates of deposit
2014 204 2012 2214 2114 2114 2078 2112 5,900
203
20
14412 14612 1443 14634 14518 146
144 14714 14514 14612 29,300 Canadian Pacific
100
195 195 *193 200
193 193 *193 200 I193 200
500 Central RR of N J
100
78
77
7734 7618 7714 14,500 Chesapeake & Ohio
100
778 7977 783sI, 77
11% 11341 1114 1112 1058 11
858 1012 16,300 Chicago & Alton
118 12
100
1834 1834 17
Preferred
5,300
15
*1812 1914 1812 19
18
17
100
41
1
4 42
42
14,700 Chic & East III RR (new)
4112 4334 40/
4034 4153 4012 41
6218 6412 6318 6334 6238 6238 6253 63
Do pref
8,200
6012 62
91
/
4
878 9
9
878 9
9
918 4,100 Chicago Great Western___100
853 878
2212 224 2253 2214 2278 2314 2314 2112 22
Do pref
22
7,300
100
/
4 3638 3512 3614 35
3414 3512 351
/
4 3578 54,600 Chicago Milw & St Paul 100
3578 341
1
4 5252 55
5312 5434 5234 54
Do pref
5112 53/
100
5253 5334 77,500
8978 9034 90
8752 9134 9012 92
91
8812 9012 28,100 Chicago & North Western_100
12434 12434 12278 12278 122 122
125 125
Do prat
700
12278 12278
100
4618 4634 46
4634 4578 4612 44/
1
4 4534 4434 4512 27,500 Chic Roc:c Ii & Pac
100
98
*97
97/
1
4 9778 98
98
7% preferred
800
9714 97/
100
1
4 9612 9634
85/
1
4 8618 8612 8534 8612 86
85
2,500
6% preterred
8614 *8514 86
100
78
77
78
75
7718 7718 78
1,900 Chic St P Minn & Om__ 100
78
7818 79
*78
80
7934
*78
7934 7934 *77
400 Clev Cin Chic dr St Louis_ _ 100
80
*77
80
9832 100
*98 10014 99
Do prof
9914 *98 10014 *9712 10014 1,100
100
5014 5012 5014 5014 5018 501
/
4 *4912 50
100
4914 4912 1,000 Colorado & Southern
62
6134 6134 6234 6234 62
62
Do 1st pref
800
62
62
100
62
129 13058 12918 130
12912 12912 12914 12912 12912 12912 2,600 Delaware & Hudson
100
13234 133
13234 133
132/
1
4 13314 132 133
2,900 Delaware Lack & Western_ 50
132 132
41
/
4 41
/
4
412 412
4
4
300 Duluth S S & Atlantic_ _ 100
*352 414 *352 4
9
*8
9
*7
*8
8
8
9
*8
Do pref
9
100
100
1814 1834 1818 1858 17/
1
4 1818 1753 18
27,400 Erie
100
1753 18
2753 2812 27/
1
4 2812 2734 2818 2712 2734 261
Do 1st prat
100
1
4 20,350
/
4 27/
20
20
20
2012 1952 1934 1912 1912 1912 1912 2,500
Do 2d prof
100
9134 943
9318 9538 935 9434 93
100
9514 93
9412 43,600 Great Northern pref
4234 4218 4234 4214 4214 42
42
Iron Ore properties_N* par
42/
1
4 4134 4212 27,900
1512 1512 *1458 15
16
15
16
1,300 Gulf Mob & Nor tr ctfs
100
1618 *15
16
41
4114 *3812 41
41
Do pref
4112 41
4138 *41
100
4114 1,900
11134 113
11234 113
11214 11212 112 112
100
11112 11112 4,900 Illinois Central
*112 158
112 158 *112 158 *112 158
112 112 4,100 Interboro Cons Corp__No par
3/
1
4 4
4
41
/
4
418 418
Do pref
418 414
100
418 418 2,000
2614 2738 2612 275
11,000 Kansas City Southern__ 100
2618 26/
1
4 26
2612 2553 26
5812 5852 58% 58% 5812 5834 5812 5812 *5814 59
Diocukpref
1,400 Keo
100
10
*5
*5
10
*5
& Des Moines_ _ _100
10
*5
10
*5
10
3412 364
1
37/
1
4 3734 37
38
3614 364 535
100
3612 5,000 Lake Erie & Western
7212 73
72
73
*7314 75
Do prof
800
*73
74
73
100
73
6812 7053 688 7014 6838 6958 6814 6914 6814 6834 47,500 Lehigh Valley
50
135 137
136 13738 13653 13714 137 13714 13714 13812 4,100 Louisville & Nashville_
100
4612 4612 4614 48
47
50
50
53% 5312 54/
1
4 9,900 Manhattan Ry guar
100
*7
8
8
*7
400 Market Street Ry
734 8
*8
8
8
100
812
38
38
*37
4312 *37
Do pref
4312 *32
4312 *32
100
4312
100
63
63
64
64
6318 6318 64
Do prior pref
1,200
64
6334 635
100
23
23
*2218 23
*22
Do 2d pref
23
300
2218
*22
22
23
00
1134 11
1112 *1114 1153 108 1114 3,400 Minneap & St L (new)
100
6914 6978 6934 7012 *69
70
2,100 Minn St P & S S Marie_ _ _ _100
70
6958 71
70
13
*12
13
13
13
1312 1314 1312 131
/
4 134 1,100 Mis.souri Kansas & Texas 100
183 19
1858 19
1834 1933 1914 1958 1914 1934 40,100 Mo Kan & Texas(new)
4312 4512 4412 4512 45
Do prof (new)
47
/
4 46
4734 26,600
4578 461
23
2418 2353 24
2314 2438 2312 241s 2358 2414 25,300 Missouri Pacific trust ctfs_190
58
Do pref trust ctfs
47/
5933 5814 59
1
4 6078 59
47,220
60
61
100
6153
*453 5
45
*434 4/
1
4
3,200 Nat Rys of Met 2d prof_ _ _100
434
434 434
434 5
7212 733
7212 7314 73
7312 7214 7253 71
7134 3,600 New On Tex & Met v t e_100
99 10038 99 10014 9818 9934 9838 9938 98
New
York
41,500
Central
98/
1
4
100
88
91
88
88
87
3,500 N Y Chicago & St Louis_ _ _ 100
8778 86
86
86
86
89
91
*88
91
Do 2d pref
*88
900
91
*86
90
*86
90
100
32
3353 3212 3353 3238 38
NY
N
H
& Hartford
3214 33
3134 3234 71,400
100
274 2833 28
2853 2738 27/
1
4 2714 2712 2738 2712 11,100 N Y Ontario & Western_100
1912 1912 1912 20
500 Norfolk Southern
*19
2012 *1812 20
1912 1912
100
119 11912 119 11912 11814 11878 11712 11838 11758 11818 4,200 Norfolk & Western
100
*72
80
78
78
Do prof
100
*72
*72
*70
80
80
80
100
8518 8718 8618 87% 8614 8753 8612 9038 88
Northern
68,300
Pacific
90
100
47
478 4718 4712 4718 4733 47
4714 4658 4718 26,600 Pennsylvania
50
23
26
25
2638 24
2412 2414 2414 2312 2312 6,400 Paella & Eastern
100
3934 408 40
Pere
20,400
Marquette v t c
4053 3934 4012 3918 40
38/
1
4 40
100
82
82
82
82
Do prior pref v t a_ _100
600
8012 82
8112
80/
*80
1
4 81
7312 7312 7334 7334 574
Do pref v t c
7434 74
7312 7312 1,400
74
100
40/
1
4 4138 4014 4078 4018 4114 3953 4014 3914 4014 10,800 Pittsburgh St West Va__ _100
*9012 913 *9012 9134 *9012 9034 *9012 9112 *90
Do pref
9112
100
7814 8038 79
80
7838 79
Reading
65,100
1
4
78
8053 7853 79/
50
5312 5312 *5214 5312 *5278 531
200
Do 1st pref
/
4 52/
1
4 5278 *5012 531
/
4
50
53
53
*5314 5412 *5214 5334 *5012 54
Do 2d pref
300
5212 5212
in
4634 5053 5134 521
/
4 *49
51
4.200 Rutland RR pref
*48
51
50
*47
3138 3238 3112 32
3138 3178 3112 3158 30/
1
4 3114 20,600 St Louis-San Fran tr etfs 100
553
Do pref A trust etfs. _ _100
54% 56
1,900
5512 5512 55
5412 56
56
56
3514 36
3538 3534 3434 3533 34
3414 3434 8,900 St Louis Southwestern__ _ _ 100
35
5234 5134 5253 5214 5234 5012 51
51
8
818
8
7% 8
abooailrAir Line
818
7/
1
4 8318
4 5(71338
4 51;82 1,20 SeD
ISO
1234 1312 1312 1353 1314 137
Do pref
1312 1334 1212 1312 9,000
100
9414 9512 9458 95/
1
4 9418 9434 94
9434 94
9434 57,700 Southern Pacific Co
100
1
4 2814 2714 28
2758 2853 27/
2712 2734 2612 2712 48,500 Southern Railway
100
6312 6438 6312 6414 63
6314 63
Do pref
6334 6234 6312 8,600
100
1
3334 33
4 33
3438 334 3412 3253 3318 26,800 Texas & Pacific
327s 33/
10
00
2338 2234 2438 2312 2414 2334 241
1
4 23
2278 23/
/
4 6,100 Third Avenue
53
*51
*51
53
*51
53
200 Twin City Rapid Transit_ _ 1
5114 5114 5234 5234
150 15078 149/
149 15114 14934 151
1
4 151
14912 150% 21,500 Union Pacific
3112
541
/
4
3418
51
75
753
2
3178
54/
1
4
35
511
/
4
7%
127s
93
9433
2678 2712
624 63%
/
4
3153 331
*2214 23
*5034 54
14778 150
:
7
18
5
3112
1314
3414
*23
13
2234
1812
*6058
1412
2712
31
Lowest
Highest
$ per share $ per share $ per share $ per share
8 Mar 1234 Feb
10 Jan 3 2078 Mar 6
20 Apr 3211 Dec
2 Aug
Jann.
aa 2i
1
4 June 94 Dec
10
6478
77/
1
7512 Jan 88 Nov
9512 Aug 21
131
512 Apr 17
1 Dec
712 Jan
% Jan 14
77 Apr 91 Nov
83 Jan 9 119 Aug 23
1
4 Aug 21
3038 Mar
3312 Jan 27 60/
47
Nov
Mr
,N
4912 Dec 723.1 Mar
uf
84Ifla
4 g6
j
Ja
an 11
6 Dec 1478 Jan
6 Jan 4 29 June 30
312 Sept 10
Jan
558 Jan 11 2478June 30
11918 Jan 6 14714 Aug, 24 101 June 12378 Nov
184 Mar 31 197 July 31 186 Oct 209 Mar
54 Jan le 79 Aug 21
46 June 6511 may
4 Nov
84 Jan
13 Jan 24 1234May 26
618 Dec 12 Apr
3/
1
4 Jan 25 2078May 25
1312 Dec 1678 Nov
1258 Jan 25 4334 Aug 21
3312 Dec 37 Nov
32 Jan 30 6412 Aug 22
614 Dne
91g MaY
558 Jan 11
1034May 27
141* Jan 31 2412May 29
14 June 2078 MaY
Jan
1711 De
31
1714 Jan 9 3653 Aug 22
29 Jan 10 55 Aug 22
2912 Dec 4612 Jan
Jan
6018 Apr 71
59 Jan 9 92 Aug 22
100 Jan 9 125 Aug 21
Jan
95 July 110
3034 Jan 11 4814 Apr 20
2258 Ma
35 Sept
831
/
4 Jan 10 9812June 7
6834 Ma
8934 Dec
7014 Jan 9 8612 Aug 22
5612 June 77 Dec
51 Jan 10 79 Aug 25
50 June 63 Jan
54 Jan 4 7934 Aug 23
32 June 5712 Dec
7234 Jan 3 100 Aug 21
60 Feb 75 Dec
38 Jan 10 5312 Apr 24
27 Jan 46/
1
4 Nov
55 Jan 16 66 Mar 23
49
Jan 59 Dec
10634 Jan 4 13058 Aug 21
90 Apr 11012 Nov
108 Feb 14 13314 Aug 11
93 Aug 249 May
6 Apr 25
253 Jan 27
1% Mar
412 Jan
334 Jan 7 1012 Apr 18
358 Nov
738 Jan
7 Jan 9 1834May 23
10 Dec 1514 May
1118 Jan 9 2812 Aug 21
151
/
4 Dec 223, May
71s Jan 10 2014May 23
10 Dec 1578 Jan
7014 Jan 10 9538 Aug 22
60 June 7914 Dec
3138 Jan 6 4553 Apr 13
2558 June 3412 Nov
5 Jan 4 19 May 22
453 Dec 1112 Ma?
16 Jan 5 4112 Aug 23
15 Dec 26 Fey
9712 Jan 3 113 Aug 21
8512 Mar 10012 Nov
5 Apr 8
1 Jan 10
118 Dec
5/
1
4 Jan
3/
1
4June 20 123 Apr 8
Jan
3/
1
4 Dec 16
2218 Jan 11 3014 Apr 25
1812 Feb 28/
1
4 May
4512 Jan 55 Nov
5234 Jan 5 5912 Apr 26
412 Nov
934June 6
5 Jan 17
612 May
10 Mar 1412 Jan
10 Feb 2 3978June 6
1758 Aug 30 Dec
2618 Feb 8 73 Aug 22
4718 June 6034 Dec
5653 Jan 3 7053 Aug 21
97 Apr 118 July
108 Jan 9 13812 Aug 25
35 Jan 6 5578May 3
32 Dec 5812 Jan
234 Dec
318 Jan 28 11 Mar 14
7 May
17 Jan 9 504 Apr 11
12 Aug 1812 May
3512 Jan 7 67 Mar 14
27 Aug 4512 May
414 Aug
853 May
rj
Ja
an „
518 Dec 1434 May
55 June 29 713 Feb 27
63 Aug 7412 Nov
38 Jan 16 14 May 23
318 Nov
1 Dec
9/
1
4 Dec
8 Dec
712 Jan 11 1934 Aug 25
2412 Jan 27 4734 Aug 25
2234 Dec 2633 Dec
16 Jan 10 2514 Apr 18
16 Mar 2314 May
44 Jan 10 6138 Aug 25
No!
3312 Mar 4918
658 Feu
3 Jan 28
714May 27
234 Dec
5478 Jan 10 7334 Aug 21
46 June 7712 Feb
7234 Jan 4 10053 Aug 21
641
/
4 June 76 Dec
511
/
4 Jan 5 91 Aug 21
39 June 613 Sept
6134 Jan 5 91 Aug 21
54 June 6812 Sept
121
/
4 Jan 5 3514May 20
12 Nov 2312 Jan
193 Jan 9 2912 Apr 10
16 Mar 2314 Sept
84 Jan 3 2212June 6
84 Sept 1314 May
9614 Jan 9 11912 Aug 21
/
4 Feb
8858 June 1041
72 Jan 9 7878 Aug 11
62 June 7434 Dec
7334June 19 9053 Aug 24
6114 June 88 Jan
3314 Jan 3 47/
324 June 4134 Jan
1
4 July 21
8 Nov 12
1034 Jan 14 2638 Aug 23
Jan
1534 Mar 23/
19 Jan 10 4053 Aug 21
1
4 May
1
4 Dec
50 Apr 65/
63 Jan 17 82 Aug 21
35 Jan 6634 Dec
5018 Jan 6 7434 Aug 23
23 Oct 32 Jan
23 Jan 27 4133 Aug 8
76 Jan 13 9012 Apr 25
70 Mar 80 Dec
6034 June 891
/
4 Jan
/
4May 29
7118 Jan 3 821
3612 June 55 Feb
43 Mar 27 57 MaY 31
3818 Aug 5734 Jan
45 Jan 27 5912May 31
5314June 1
n
bi
21058ja
Feb
Au
2534 Aug
713
r 3912 Nov
2;7
'
s June
n
2632
36 Feb 1
1912 June 3012 May
2053 Jan 3 36 Aug 21
June 41
Jan
Jan
714 May
Aupf 11
32 n 17
5
2118
3 Dec 1212 May
418 Jan 13 1434 Apr 15
6712 June 101
Jan
7818 Jan 10 9578 Aug 22
1738 June 24/
1
4 Jan
1714 Jan 10 28% Aug 21
42 June 60 Jan
46 Jan 10 64% Aug 21
11/42
2734 Dec
24 June 16 36 Apr 21
Aug 2038 Mar
1
15 25% Apr 25
3118 Dec 5512 Apr
2 5612June 10
8,4 Jan 10
12
7 15114 Aug 21 111 June 13178 Nov
75
July 7412 Dec
7912 Aug 24
1214 Mar
6624
712 Jan 6 1978 Apr 11
17 Aug 26 Mar
2014 Jan 9 3612 Apr 11
638 Dec
9 May
6 Jan 30 1438May 26
18 Mar 2412 May
19 Jan 25 3512 Aug 21
12% Mar 1578 Nov
1
4 Aug 21
1234 Jan 25 24/
838 Dec 1112 May
84 Jan 30 1512 Aug 23
1414 Dec 21 May
13 Jan 17 25 Aug 23
1
4 Apr 24
15 Dec 30% May
1412 Jan 30 24/
511r Dec 7012 Jan
5158 Feb 1 6412 Apr 21
6 Feb 2 1612June 7
6/
1
4 Dec Ills Stay
1212 Dec 1612 May
914 Jan 4 2958June 7
23 Oct 3712 May
25 Jan 10 '3314 Mar 13
r
,
F13
:48
Igg 2g12
1114 1112 1112 1178 1114
67
68
*12
13
1814 1812
4314 4312
223s 2334
5714 5878
458 434
711
/
4 7218
9812 9912
90
90
9012 9012
3114 3214
2634 2738
20
*19
118 119
80
*72
8314 85
46/
1
4 4718
2312
23
398 3934
8112 8112
7212 7212
/
4
4014 411
*8912 9033
7634 7818
5312
*52
5412
*52
*4612 464
Highest
PER SHARE
Range for previous
year 1921
196114
2 *1
76
4 7
84 7
75
834
16:4
62 7
10
6:2 *1
18
5;4
4 7
*7
19612
164
6
7
33
3112 32
32% 3212 33
3312 33
1312 1312 13% 1353 1378 1333 1334 1318
/
4 35
34
/
4 3512 3412 3512 341
341
35
244 2412 2412 .2213
1
4 *24
24/
24
24
1512 1434
1312 1353 1412 1358 1414 14
2312 2212 2314 2314 25
2334
2312 23
1958 2034 1978 2112 20
/
4 20
1912 191
6212 6212 6212 6334 6278
6212 6112 62
1414
1418 14% 1514 1478 1514 1414 15
28
2658
2712 2738 2818 2753 27% 27
321
/
4 3112 3112 *3112
3118 3112 3314 30
7
19612 :
7
1,9
5
3338 *3212
1353 1234
3478 33/
1
4
2412 *23
1514 14
241
/
4 2234
2114 20
63
6212
1414 1312
2714 2514
3212 3112
1,r()
)
(
9
) UrYtoed 111711ways Invest.
1161
Do pref
3312 4,200
100
1333 16,600 Wabash
100
Do pref A
348 25,700
100
2,700
Do pref B
24
(new)_ 100
55,400 Western Maryland
15
100
Do 2r1 pref
2312 8,900
100
8,800
Western
21
Pacific
100
Do pref
6253 1,800
100
1414 8,800 Wheeling & Lake Erie Ry 100
Do pref
2618 4,400
100
3112 3,000 Wisconsin Central
100
R. 12412 Zr IS
E.34
g laan
Industrial & Miscellaneous
2,800 Adams Express
7714 78
100 48 Jan 12 7934 Aug 21
2612 Jan 5334 Dec
1,000 Advance Rumely
2038 21
100 10/
1012 Dec 1934 Jan
1
4 Jan 19 23 Aug 18
Do prof
500
59
*58
311
/
4 Dec 5218 Feb
100
Aug
18
6012
31%
Jan
12
400 Air Reduction, Inc_ _ _ No par 4512
58
*56
30 June 50 Dec
Jan 3 58% Aug 18
11% 1214 4,100 Ajax Rubber, me
Dec 3912 Jan
50
Apr 25
1834
1514
28
July
912
500 Alaska Gold Mines
12
12
112 Feb
78May 10
14 Dec
10
14 Jan 13
114
*114
138 1.800 Alaska Juneau Gold Mln
12 Oct
184 Feb
10
38 Jan 24
2 MaY 17
8158
25,700
Allied
82
Chem & Dye_ _ _ No par 55% Jan 3 84 Aug 22
81
Aug 5914 Dec
34
110
Do pref
11014 110,4 1,400
83 June 10334 Dec
100 101 Jan 3 11014 Aug 22
56%
14,500 Allis-Chalmers Mfg
5712 59
281
/
4 Aug 3934 Dec
100 3734 Jan 4 59 Aug 25
Do pr .f
700
100
9978 100
6712 Aug 90 Dec
100 Apr 21
100
8612
Jan
5
41
5,200 Amer Agricultural Chem_ _ 100 293 Jan 3 4278June 1
41
41
1
4 Jan
2612 Aug 65/
4
2,200
Do
70
pref
71
7012
51 Aug 90 Jan
100 56 Jan 16 71 Aug 21
200 American Bank Note
74
*70
7314
7712 Apr 7
4612 Jan 5612 Dec
Jan
7
50
5812
200 Am Bank Note pref
*5112 52
*51
4312 Jan 5012 Dec
50 52 Jan 12 54 Mar 3
*4712
47
4712 1,700 American Beet Sugar
2412 Oct 51 Feb
100 3134 Jan 3 49 June 9
100
Do pref
*76
80
*76
5434 Dec 7478 Jan
Jan 11 77 June 24
100
61
600 Amer Bosch Magneto_ _No
41
41
40
2918 Aug 651. May
/
4 Jan 31 49 Apr 11
Dar 311
•Bid and asked Prices: no sales on this day. 1 Ex-rights. I Less than 100 shares, a Ex-dividend and rights. •Ex-dividend. b Ex-rIghts (June 15) to subscribe
bare for share to stook of Glen Alden Coal Co. at $5 per share and ex-dividend 100% In stock (Aug. 22).
78
*75
23
23
*58
6012
*5712 58
1114 1134
12
*28
•114 138
78% 79%
*10938 110
•5412 55
9912
*98
*4114 4134
69
69
75
*73
*5112 52
4712
47
80
*75
4214 421
/
4
78
2234
60
*56
1112
*3ti
7834
7934 *77
2234 2212 2234
60
60
60
57/
1
4
56
58
1134 11% 1158
12
12
13
*114
114 114
1%
7934 8114 81% 84
10912 109% 109% 11014
5434 55% 5512 57
*9734 9912 99 100
4112 41% 4112 4172
69% 71
7012 71
*7314 75
7412 7412
52
*51
52
52
4818 4712 48
48
*7412 80
*76
80
/
4 *39
421
/
4 421
43
78
21
*59
*56
1138
12
7914
21
60
58
11%
12
114
83/
1
4
11014
5734
100
41%
71
7314
52
4753
80
41
7712 7734
20
2014
59
5912
*56
58
1138 12
12
"38
138
*114
8114 8234
110% 1103s
5712 5812
*99 100
4014 4118
69
71
74
*70
52
52
47/
1
4 47/
1
4
80
80
*38
42
New York Stock Record-Continued-Page 2
970
For sales during the week of stocks usually inactive. see second page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Aug. 19.
Monday,
Aug. 21.
Tuesday, 1Wednesday. Thursday
Aug. 24.
Aug. 23.
Aug. 22.
PridaY,
Any. 23.
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 $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par tt per share
73
1,800 Are Brake Shoe & F__ _No par 51 Jan 4 73 Aug 25
7114 7134 • 717s 7178 7134 73
73
42
Jan 5638 Dec
7012 71
7034 72
Do prof
100 9814 Jan 18 109 June 14
100
*10612 10834 *10612 10834 *105 108 *105 103 *107 10834 10318 10318
884 Jan 100 Dee
100 3214 Jan 5 6178 Aug 23
2312 June 3512 Dec
57% 5814 5814 5912 5934 6158 6118 618 6012 6138 6012 611. 45,800 American Can
400
Do prof
763n June 97 Dec
*109 110
10934 10934 10934 110 *10912 11012 *10012 11012 *10012 11012
100 9314 Jan 3 110 Aug 22
18712 18812 185 185
185 186
4,700 American Car Sr Foundry_100 141 Jan 10 189 Aug 22 11514 June 15114 Dec
18634 189
180 182
177 177
Do pref
200
100 11512 Jan 6 125 Aug 17 108 May 11612 Dec
*122 125 *123 12478 *123 12478 12478 1248 12412 12412 *122 12112
8
8
*918 10
*918 10
No par
7 Jan 27 14 May 5
400 American Chicle
612 Nov 29 Jan
*9
10
10
10
*9,2 10
100 1914 Jan 10 3012May 31
1,500 American Cotton 011
2712 2734 2712 2712 2718 2718 27
2778 28
2712 28
27
1578 June 2434 Nov
*5214 51
Do pref
100 41 Jan 11 61 May 31
*52
5512 54% 54% 53% 53% 524 52341 *5214 54
400
3512 July 67 Apr
67 Aug 17
*658 63 1
612 638 *612 68 1,900 Amer Druggists Syndicate..10
638 612
4 June
834 Jan
638 638
412 Jan 13
634 7
100 126 June 23 14312 Apr 22 114 July 137 Dee
100 American Express
*135 137
137 137 *135 137 *135 137 *134 137 *135 137
1438 1438 1414 1434 1438 1438 1438 1438 1,100 American Hide & Leather_ 100 12 Jan 18 1738 Apr 13
*1412 15
*1412 15
8 Apr 16 Dec
73
7338 7412 2,200
Do pref
100 58 Jan 3 7412 Aug 25
*72
4012 Feb 625* Dec
7234 *7134 7212 7218 72% 7218 7338 73
11034 11214 111 111
4,200 American Ice
100 78 Jan 12 11412 Mar 22
111 11212 111 11214 11112 113
*10912 111
Jan 8312 Dec
42
9212 9334 *92
93
*9214 93
92
Do pref
100 72 Jan 13 9514 Aug 4
93
93
92
*91
400
93
57 Jan 7314 Nov
3438 18,000 Amor International Corp..100 3458 Aug 8 505*June 2
3718 37% 3612 3712 3514 3614 3338 3512 3318 3112 33
2114 Aug 5338 May
134 1318 *13
1314 1314 13,4 13
13
1314 13,8 1318
*13
700 American La France F E__10
9,8 Jan 16 14 July 26
78 Aug 1138 Apr
3512 1,500 American Linseed
3614 3512 3614 *3414 3512 *34
3614 36'4 36
100 295* Jan 10 4034Tune 1
35% 36
1714 Aug 6212 Jan
5638 5638 56
57
56
53
Do pref
100 5212 Aug 14 6078June 1
56
5614 5638 5638 5612 *56
900
Jan
3978 Aug 93
120 12038 12012 12218 12012 12134 12012 12118 11978 12114 11812 121
15,100 American Locomotive ____100 102 Jan 5 1221s Aug 21
7312 June 110 Dec
120 120 *119 122 *11934 122 *11934 123
100 112 Jan 12 120 Aug 22
*11814 120 *119 122
100
Do pref
9814 June 115 Dec
11214 11412 *112 114
111 11312 2,200 American Radiator
114 114
1138 1138 112 112
95 82 Jan 30 11534 Aug 14
668 Jan 91 Nov
7
7
67
7
6% 7
7
7
7
7
25
312 Aug 10 Jan
678 7
2,400 American Safety Razor
334 Jan 31
838 Apr 6
1634 1738 1538 17
175 178 1712 1734 1714 18
1538 16
No par
512 Jan 3 2414May 31
Jan
15,900 Am Ship & Comm
414 Aug 14
6214 6234 6212 63% 6378 6538 6418 653
6312 647* 63
6538 18,700 Amer Smelting & Refining_100 4338 Jan 6 6712May 19
295* Aug 4714 Dec
*9812 99
9914 9914 100 100
10014 101
102 102
100 8618 Jan 4 10212 Aug 25
Do pref
101% 10212 1,600
6314 Aug 90 Dec
*96
98
*96
99
*96
99
*95 100
*95 100
*95 100
Am Smelt Secur pref ser A_100 87 Feb 8 97 Aug 17
63 Jan 88 Dec
139 139
139 14014 *141 148
143 143 *141 14412 *140 141% 1,100 American Snuff
100 10912 Jan 3 143 Aug 23
95 Jan 1144 Dec
41% 4212 49
4212 42
4212 4218 4238 41% 4214 21,700 Am Steel Fdry tern ctfs_33 1-3 3034 Jan 26 42/2 Aug 21
4138 42
18 Aug 35 Dec
*100 10018 10018 10018 10012 1014 *100 110 *100 103 *102 105
100 91 Feb 8 10012 Aug 22
Do pref tern etts
500
78 Aug 9514 Dec
847 8538 8518 8578 8414 85181 8334 8538 8314 8312 8278 8312 8,700 American Sugar Refining_ _100 5418 Jan 4 85% Aug 21
475 Oct 96
Jan
*110 114 *110 113 *110 11212 *110 11212 110 110
110 110
100 84 Jan 3 112 Aug 18
Do pref
200
6712 Oct 10714 Jan
*38
39
3738 3738 3738 388 3912 40
*3612 39
*39
40
1,000 Amer Sumatra Tobacco._..100 234 Feb 14 47 May 29
2812 Dec 88 Mar
*6214 6614 65
65
6512 6512 *64
65
*64
65
*63
Do pref
100 5212 Jan 27 71 Jan 16
6534
6434 Nov 9134 Feb
300
118 12238 11938 12178 95,400 Amer Telephone & Teleg 100 11412 Jan 4 12112 Mar 14
1235* 12334 12334 12414 12334 12418 12214 124
9534 Jan 11912 Nov
14858 149
14912 15012 1504 15112 15038 15138 150 151
151 15138 8,400 American Tobacco
100 12918 Jan 5 15218 Aug 8 11112 June 13634 Dec
*103 105 *103 104
10312 10312 *10312 105 *10312 10412 *10312 105
100 9612 Jan 3 105 July 31
Do pref (new)
100
86 Aug 9912 Dec
14712 14712 147% 149
100 126 Jan 3 15012 Aug 22 110
14914 15012 14912 1504 1497 14978 149 14912 4,500
Do common Class B
Jan 13112 Dec
19
1914 19
6 Jan 7 1914 Aug 17
19
19
1812
1914 18
19
1814 1814 *18
4 Sept
612 Oct
300 Am Wet Wks & El v t c.. _100
87
87
*8814 8938 8814 8814 8814 8838 87
89% 1,809
897 *87
Do 1st prof(7%) v t e_100 67 Jan 4 8978 Aug 24
48 Sept 665* Dec
417 43
42
*4034 4134 4112 4112 1,700
428 4278 42% 42% 41
Do panic pf(6%) v t e 100 1714 Jan 4 43 July 11
81g Sept 20 Dec
9214 94
9138 48,300 Amer Woolen
9134 9638 9538 9634 9538 9638 94
100 784 Jan 10 965* Aug 21
57 Feb 8312 Dec
9134 93
•107 10812 108 108 *10714 109
Do prof
100 10212 Jan 11 109 June 21
108 105
10812 10812 *10712 109
300
93 Feb 10412 Dec
*32
3212 *32
33
32
32
32
32
32
3214 32
2012 Aug 3912 Jan
800 Amer Writing Paper pref. 100 2212 Jan 13 371s Apr 15
3212
*1734 18
*1712 18
1734 184 1814 1814 1814 1812 18
900 Amer Zinc, Lead & Smelt___25 1218 Jan 3 2038June 1
1814
634 Sept 1438 Dec
*46
Do prof
4612 *46
4734 4734
47
4718 4838 4614 4614 *48
49
25 36 Jan 18 48% Aug 22
22% Aug 4078 Dec
800
5418 5434 548 55
55
56
55
558 55
3134 Aug 50% Dee
5514 54% 5618 39,525 Anaconda Copper Mining__50 47 Jan 31 57 May 31
558 56
558 55% *5512 56
24 Jan 501 Dee
*5512 5534 5534 5534 5538 56% 1,300 Associated Dry Goods_ _ _ _100 43 Jan 5 5712 Mar 17
*80
82
82
*80
*80
82
*80
82
8178 8178 *80
Do 1st prof_
82
100 75 • Jan 6 8312 Apr 19
35
5534 Jan 7634 Dec
84
8414 8414 *8512 87
*83
*8512 864 8512 8512 *8412 86
Do 2d pref
100 76 Jan 17 86 May 9
45 Jan 78 Dec
200
*116 117
116 116
115 117
11518 119
116 116
116 116
100 99 Jan 31 13512May 3
91 Sept 10712 Mar
1,800 Associated Oil
214 214 *214 234
*214 234 *214 234 *214 234 *214 234
9 Jan
No par
214 Jan 3
512 Apr 17
100 Atlantic Fruit
134 Oct
32
3112 325
Jan
33
33
3318 3212 33
2934 3214 2834 3012 11,000 Atl Gulf & W I S S Line_.100 2312 Mar 2 4314May 29
18 June 76
2312 2312 24
24
23
23
23
23
2114 2234 1,100
*22
26
Do prof
100 1812 Mar 6 3114May 29
1534 June 4412 Jan
1,000 1,000 *990 1,025 *1,000 1,025 *1,000 1025 *995 1,025 *995 1,025
100 900 Mar 7 1145 May 1 a820 June a1125 May
3 Atlantic Refining
*116 118 *116 118 *115 118 *115 11712 *115 118 *115 118
Do prof
100 113 Jan 9 11878Tune 30 10338 July 1134 Nov
*1612 1712 *1612 1712 *1612 18
1612 1612 1612 1612 *16
No par 1312 Feb 28 2212May 4
1238 Dec 20 Apr
1612
200 Atlas Tack
32
3012 31
3038 3112 31
2934 3012 2912 3034 14,700 Austin Nichols & Co__ _No par
914 Jan 5 3378June 8
818 June 1314 Jan
3212 31
*8312 86
88
*85
86
*8312 86
*85
*85
*8312 86
100 68 Jan 9 90 June 1
Do pref
505* Aug 70 Jan
86
3
3
3
3
*278 4
*278 4
3
212 Sept
514 Dec
3
50
312 Jan 3
*2% 312
7 Mar 17
500 Auto Sales Corp
*912 12
*912 12
*912 12
*912 12
*9
12
50 1012Ju1y 27 1512 Mar 16
10 Apr 15 Jan
*94 12
Do pref
12514 12612 12612 12778 12618 128
12534 12714 12514 127
6214 June 10038 Dee
12514 12714 59,700 Baldwin Locomotive Wks_100 934 Jan 13 128 Aug 22
•112 115 *11314 11412 *113 11112 *113 11412 11412 11412 *113 11412
100 104 Jan 13 11412June 11
95 June z105 Dec
Do pref
100
29 Jan 41 Aug
*56
60
*56
60
*56
60
60
61
61
61
No par 40 Jan 19 61 Aug 23
*59
61
1,300 Barnet Leather
9712 *94
9712 *94
9712 *94
9712 *95 100
100 89 Apr 12 9618J00e 23
70 Jan 86 Dec
*94
*93
Do prof
5
20 Dec 27 May
3212 3312 328 345* 3212 338 32
3212 334 328 33
3234 16,700 Barnsdall Corp, Class A--25 1938 Jan 16 5614 Apr 28
2612 *25
1434 June 35 Jan
25 1914 Jan 9 39 Apr 27
27
27
27
26% 2678 *25
*2514 27
*24
Do Class B
26300
12 Aug
1
Jan
20
12 Jan 14
158 Mar 23
78
*34
78
78
34
78
*34
78
*34
78 *4931 56% 1,700 Batopilas Mining
27 June 29 June
55
*49
*49
5514 *50
554 *49
5412 *50
No par 33 Apr 23 557 Aug 7
54
Bayuk Bros
100 51 Jan 10 79 May 12
3912 June 6212 May
783* 7838 *7712 784 771s 7712 7712 7712 *77
78
77
7812 1,200 Bethlehem Steel Corp
4112 June 65 May
100 5512 Jan 3 8214May 12
7818 7834 7812 7878 784 7878 7814 7834 78
79
78
Do Class B common
7912 16,600
9918 101
99
87 June 9314 Jan
10078 10078 100 101
100 9078 Mar 7 101 Apr 15
99
101 101
10078 10078 1,900
Do pref
90 June 112 Sept
114 114
*114 11412 11414 11414 114 11414 114 114
114 114
Do cum cony 8% pref_100 104 Jan 4 11658June 14
900
*8
934 Aug 24
3 Aug
814 9
434 Jan 10
712 Dec
814 814
9
No par
814 914
6,500 Booth Fisheries
*1234 13
12
12
*1212 13
814 Dec
9 Dec
*11
12
1351 13i'' *12
100
812 Jan 9 1414June 6
913 13
912
300 British Empire Steel
74
55 Dec 5858 Dec
*72
75
*7312 74
74
100 58 Mar 2 7634 Apr 15
*72
75
74
75
*70
Do 1st prof
75
3,60
300
36
3334 36
37
22 Dec 2338 Dec
34
n, IncI nc
0 194 Mar 17 37 Aug 23
*33
3312 3312 343
36% 3514 3512
Do 2nd
11512 116
100 100 Jan 3 11778 Aug 1 1
88 Jan 101 Dec
115 115
11514 11514 11514 11618 2,400 Brooklyn
Edison,
ki
1145* 11458 11414 115
100 70 Jan 31 119 June 9
51
Jan 7613 Nov
11512 11512 1168 11678 117 11712 11612 117
*114 116
116 118
1,300 Brooklyn Union Gas
5612 57% 5814 61
100 42 Jan 16 61 Aug 24
33 Feb 4638 Nov
58
*5478 5512 5534 558 5534 56
*212 59% 3,200 Brown Shoe Inc
218 Mar 3
538June 6
212 Aug
*212 3
514 Jan
*212 4
*212 4
34 318 *212 4
100 Brunswick Term & Ry See 100
100 11312 Jan 10 13912June 5
13514 13512 132 13514 2,700 Burns Bros
8114 Jan 1224 Dec
13538 13538 *13514 13534 135 136 *130 136
49
49
*4812 49
4818 50
283* Jan 19 5114 Aug 18
3118 Dee 3334 Dec
4834 488 4812 49
47% 4812 4,900
Do new Class B corn
*9214 98
*9214 98
Bose Term Bldgs, prof_ _ _100 8714 Jan 3 9758May 1 z8734 Dec 90 Nov
*9214 98
*9214 98
*9214 98
*9214 98
514 Mar 1
7
7
718
7
814June 7
715 714
7
7
314 Aug
714
614 Dec
738 738 *7
1,800 Butte Copper & Zinc v t c-__5
20
20
21
100 18 July 27 34 Feb 3
2018
2014
2018
2112
2012
1412 Jan 3334 Dec
20
*20
22
2212 2,300 Butterlck
30
3012 3014 3112 5,300 Butte & Superior Mining__ -10 2038 Jan 4 3334MaY 18
1014 June 22 Dec
3038 3038 3018 3058 3038 3138 3014 31
*1014 11
1014 1014 *1014 11
1518 Apr 15
1012 1012 1058 11
*1012 11
734 Aug 195* Apr
500 Caddo Central 011&Ref No par 1014 Jan 11
82
8234 83
No par 68 Jan 11 8312 Aug 10
8212 82
53 July
82
8212 8278 8314 8214 83
82
3,000 California Packing
Nov
613
4
633
4
613
4
Fetroleum
100
6212 6134 62
6238
434 Jan 10 7178June 2
62
6212 63
2558 Jan 5704
62
623
8,600 California
*93
94
*92
94
94
*92
*92
Do pref
94
94
9134 93
Tyaec
ee
n
200
*92
8/1523'
613142
?Rrttyr N
812 834
834 878
878
8g14 F
83
ra
eg 11
812 8% 5,500 Callahan Zinc-Lead
*818 814
814 812
Aug
6314 *61
1112 Jan
*60
6112 6118 6118 6138 6318 *6212 6314 *61
6212
800 Calumet Arizona MinIng_10 5734 Apr 5 6612June 1
11
*10
,
*10
11
11
*10 111
Gold
ol
1014 Aug 4 163* Mar 29
*10
11
11 Dec 6
10512 Nov
*10
11
*10
101,[0:1 Carsonl. HillI)) G
612 634
No par
ThreshPlow
3 Mar 8
612 612 1,
912June 6
3 Nov 1014 Apr
7
712 *634 714 *634 7
634 634
9314 93
93
93 .93
93
92
92
92
92
98
M Pf elf 100 68 Feb 21 9314 Aug 23
63 Dec 85% Feb
*91
CaseCave
4038 4112 4034 4112 4114 4218 19,650 Central Leather
100 2938 Jan 10 4218 Aug 25
4014 41
2218 Aug 4314 Jan
4014 4078 4012 41
78
100 638 Jan 6 78 Aug 25
7438 74
Jan
74
7458 7458 7412 74
758 76
*7378 74
574 Aug 96
5,400
Do pref
39/kt 4118 14,800 Cerro de Pasco Copper_No par 3234 Jan 4 414 Aug 25
3934 104 397 397
413
23 Mar 3612 Dec
408 4018 408 40
40
4538 *47
4714 4714 *47
46
46
22 Aug 44 Jan
4914 4914 *4712 49
48
400 Certain-Teed Prod_ _ _ _No par 34 Feb 14 5318June 7
1
3814 Oct 86 Apr
6318 62
6114 20,700 Chandler Motor Car-No par 4734 Jan 5 7914 Apr 6
635* 604 6212 6118 62 4 6014 6138 60
63
47 Aug 7014 Jan
74
78
7434 75
75
75
7,600 Chicago Pneumatic Tool..10060 Jan 14 76 Aug 23
*70
7078 6912 7112 7034 74
2314 22% 2318 2258 231430,800 Chile Copper
25 1518 Jan 5 2518May 29
9 Mar 1678 Dee
223* 2234 225 22% 2238 2318 23
3114 3014 30% 3014 3138 4,600 Chino Copper
5 2512 Feb 21 3338June 1
1912 Mar 2912 Dec
304 3018 3014 3014 3038 3112 31
6112 61
5912 5912 60
3614 June 6212 Jan
63
5918 6138 607 6158 5914 61
6,900 Cluett, Peabody & Co. .100 43 Jan 11 63 Aug 25
7212 72
No par 41 Jan 5 7413 July 5
19 Feb 4312 Dec
725* 72
735* 7214 727 10,400 Coca Cola
7278 7214 7314 72
72
3214 32,4 3214 3214 333,003 Colorado Fuel & Iron
100 24 Jan 10 3678May 19
32
22 July 3234 May
32
3234 3218 323
32
32
52 June 6734 Dec
99 102
10012 10238 101 10212 1003s 10212 10078 10234 23,609 Columbia Gas & Electric. 100 6434 Jan 4 10234 Aug 25
9814 99
33* 378
318 4
238 AIM 1234 Jan
378 4
334 4
534June 5
114 Jan 26
4
2,000 Columbia Graphophone No par
334 33* *37
*1412 16
100
812 Dec 6214 Feb
16
16
5 Feb 9 203j111a° 2
16
1578 1578
1534 1534 16
*1412 16
Do pref
400
7012 70
2834 June 58% Dec
7078 70
63
69
7038 70
7038 6914 697s 3,900 Computing-Tab-RecordNo par 5514 Jan 3 7934 Apr 26
68
134 Dec 5914 Jan
3914 3938 3934 38
3812 1,500 Consolidated Cigar_ _ _No par 188 Feb 10 3934 Aug 21
3914 39
*3612 3912 387 3878 39
7614
75
75
100 47 Feb 27 7614 Aug 25
75
*70
75
*67
75
*68
*67
53 Dee 80 Feb
75
Do pref
*67
500
1-2 "
*38
58
*2
12
*38
1 Sept 10 Mar
12
12
Mar
16
38
Distributors,Ine
No
par
14
214
Feb
17
Consol
*38
12
58
300
2
7712 Jan 95 Nov
125 12812 12634 12778 12612 1298 128 12934 128 1315 54,100 Consolidated Gas (N Y)_100 8512 Jan 30 13138 Aug 25
124 125
97 10
978 10
1234 Aug 2178 Jan
1038
9 July 25 158 Apr 19
10
104 10
10
10
10
9,200 Consolidated Textile___No par
10
100 4534 Jan 4 81 Aug 25
7834 7834 7812 7914 7814 811,200 Continental Can, Inc
3138 Aug 66 Jan
7834 7858 7834 7834 79
*78
914 93
25 66 Jan 20 9334 Aug 22
588 Aug 73 Dec
93
*9112 93
*9112 9218 9214 9334 93
400 Continental Insurance
92
*91
23
59
June 9914 Dee
12012
Aug
Refining___
100
118
119
9114
Jan
4
1193
4
1183
4
12012
1163
s
11712
Products
118
11838
116/2
1164
30,200
Corn
115
96 June 112 Dec
100 111 Jan 10 1195* Aug 23
1193* 11958 119% 119% 11912 11913
Do pref
700
*118 120 *117 122 *117 122
2212 Aug 4334 Apr
1312 4634 4838 47
47
No par 3138 Jan 10 5314June 7
48
70,100 Cosden & Co
447 45,2 4434 47
4418 45
19 Aug 1071, Jan
913* 9212 9234 915* 9312 9618 42,500 crucible Steel of America-100 5234 Feb 27 9618 Aug 25
9234 9338 9134 93
9214 93
77 June 91
100 80 Jan 17 95 May 2
Jan
95
95
95
944 95
94
94
Do prof
954 1,200
9595
*9312 94
*
1412
*133
4
84
Jan
11
193
4
Mar
15
55 Oct 26 Feb
135
8
144
Sugar
No
par
154
Cane
1412
1378
1338
Cuba,
1538
8,700
15
*1558 16
100 1514 Jan 3 417 July27
6812 Dec 134 Feb
344 3718 355* 36
3558 36
Do prof
7200,
3914 3912 *3812 3912 3614 3812
107 Oct 3334 Feb
2618 2478 2512 24% 2534 20,409 Cuban-American Sugar.._10 1412 Jan 3 28 Aug 4
2612 2638 2638 2678 2614 2634 25
100 7818 Jan 17 9518 Aug 21
63 Oct 95 Feb
94
95
9434 9312 9312 9312 9312
Do pref
530
9512 9518 9518 95
*94
3
23 Mar 595* Nov
5112 513s 52
5214 18,000 Davison Chemical v t e_No par 43 June 13 6558 Apr 6
4912 4914 5112 518 54
4912 4912 49
135* June 21
Jan
3,000 De Beers Cons Mines_No par 1512 Jan 3 2838May 2
2178 2112 215* 2138 215* 2112 2134 2118 22
*2118 21/2 21
111 111
100 1005* Jan 11 11178 Aug 8
9312 Nov 100
11112 11134 1,000 Detroit Edison
Oct
111 111 *111 112
111 111
*110 111
10 1812 Jan 4 3918 Aug 24
104 Jan 2134 Apr
3834 3712 39% 373* 3738 13,100 Dome Mines, Ltd
3514 3538 364 3612
35
3412 35
77l 7812 7834 8112 80
774
83
13,809 Eastman Kodak Co_ _ _ _No par 70 July 3 83 Aug 25
7712, 7718 77I
*77
7714 77
138
138 138'2 '136 138
600 E I du Pont de Nem & Co_100 115 May 27 150 July 5
13512 136 *13538 140 l*13512 139 *13512 84
86 1 8478 8478
85
,
*
6% curnul preferred _ _ _ _100 80 June 12 86 Aug 24
8312
100
8312 8312 8312 83341 *8312 84
a Ex-dividend. o Par value $10 per share.
•Ind and asked Woes: polities nn tille dal'. a Ex-dividend and rights. I Assessment paid. s Ex-rights.
1
New York Stock Record-Continued-Page 3
971
For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Aug. 19.
Monday,
Aug. 21.
Tuesday,
Aug. 22.
Wednesday. Thursday,
Aug. 23.
Aug. 24.
Friday,
Aug. 25.
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 $ Per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par $
per share $ Per share
4858 49
4814 48% 4734 49
4818 4834 4734 4838 4734 4778 0,800 Electric Storage BatteryNo par 4012June
17 4958 Aug T7
.20
2012 2058 2112 2138 23
2178 2234 2134 227
21
2238 10,100 Elk Horn Coal Corp
50 1414 Jan 25 2314June 14
.812 9
812 812 *8
10
8
8
*712 812 *712 812
200 Emerson-Brantingham _ - _ _100
258 Jan 4 1118June 5
8412 8434 8434 85
8412 85
8412 8614 8514 8714 8514 8612 13,200 Endicott-Johnson
50 7614 Jan 10 8712 Apr 19
*11318 11414 11414 11414 *11318 11412 *11318 11514 *11318 114 *11318 114
100
Do pref
100 104 Jan 5 115 July 31
8834 894 89
9018 8812 9012 8938 9112 897 91
9078 9238 23,000 Famous Players-Lasky_No par 7518 Jan 10 9238 Aug 25
9712 9712 974 9758 9814 98781 99
99
99 100
100 1008 2,300
Do preferred (8%)_ .._ _100 9112 Jan 28 1004 Aug 25
*1212 15
*1212 15
14
1418 *13
1512 *1212 14
*1212 14
200 Federal Mining & Smelting 100
9 Jan 3 1612MaY 17
5418 5414 5634 55
5334 5334 54
5518 55
5514 53
Do prof
534 3,500
100 3712 Mar 14 5634 Aug 22
*11014 115 *11012 115 *11012 115 *111 115 *11114 113 *111 115
Fisher Body Corp
No par 75 Jan 5 12712 Apr 20
*90
91
*90
91
9078 9078 *9012 9078 *90
91
9018 9012
300 Fisher Body Ohio, prat _ .100 7612 Jan 5 10314June 14
13
13
13
13
1278 1278 1212 1278 1212 1258 1212 1212 2,500 Fisk Rubber
25 1138 Jan 10 1912 Apr 25
2134 2134 22
2214 2134 2212 2212 2334 2212 2334 2212 23
18,600 Freeport Texas Co
No par 1214 Jan 24 2678June 3
*6134 63
6258 6312 6212 6212 *62
64
62
62
60
60
700 Gen Am Tank Car
No par 4534 Jan 14 6778May 8
6518 6578 6514 6612 6518 67
66
6838 67
6818 6658 6778 34,800 General Asphalt
100 5518 Jan 26 7334July 20
9912 9912 10038 10038 1004 101 *10112 10312 *101 105 *100 10212
300
Do prof
100 90 Jan 10 111 July 20
79
7714 7714 7734
79
787s 7912 78
7914 7834 783
2,900 General Cigar, Inc
100 65 Mar 3 7912 Aug 23
*101 10234 *101 10234 *101 10234 *101 10234 *101 10234 *101 10234
Debenture pref
4
100 94 Jan 4 10234 Aug 12
18334 184
18334 18334 18212 188
18678 188
186 18634 184 184
5,500 General Electric
100 136 Jan 9 188 Aug 22
1318 1314 1314 1312 1338 1312 1312 1358 1312 1334 1338 134 39,200 General Motors Corp..
No par
84 Jan 5 1514 July 15
*8014 8112 *8012 8112 8012 8012 *8012 82
*81
82
Do pref
100
*81
8112
100
69 Jan 24 83 June 6
*804 8012 8012 8012 8012 8034 81
81
8114 8112 81
1,600
81
Do Deb stock (6%)_ A00 6734 Mar 6 84 June 28
*9312 95
9412 9412 *9312 9412 94
94
*9312 94
*9312 94
Do Deb stock (7%) _100 7914 Mar 8 97 June 28
300
1412 15
16
1612 1518 1518 *1512 1614 15
1614 *15
15
1,400 Glidden Co
No par 1358July 1 1814June 2
37
3712 3678 3712 3612 37
36
3612 3434 3638 *35
358 7,700 Goodrich Co (B F)__ No par 3218 Aug 7 4478May 31
*8714 90
*8512 90
*8714 90
*86
90
8614 8614 87
87
Do pref
500
100 8334 Aug 7 91 Apr 22
32
32
32
3214 323* 334 3214 3212 3214 3214 3238 3338 7,400 Granby Cons M,Sm & Pow100
26 Apr 3 35 May 24
15
1514 1518 16
1514 15
1512 1534 15
155s 15
154 5,600 Gray & Davis Inc
No par 12 Jan 3 1978May 31
33
*31
32
32
3212 33
3234 3234 *3112 3234 3212 3212
800 Greene Cananea Copper_ _100 2534 Feb 27 3458May 29
*1212 1234 *1214 1234 1214 1214 1214 1218 1238 1238 1214 127
900 Guantanamo Sugar_ _ _ No par
7 Feb 16 1458 Mar 15
83 83
8314 8314 8112 8312 8112 8334 8278 8438 8278 843s 8,500 Gulf States Steel
4
tr ctfs_ _ _100 4478 Jan 9 9012 Jan 20
*2
238 212
214
214 238
212 212
2
2
2
218 1,600 Harbishaw Elec Cab No par
34 Jan 20
34 Mar 16
*21
214 22
2378 2334 24
2312 2312 23
23
*22
23
1,700 Hendee Manufacturing_ _ _100 15 Jan 12 2612June 1
*6834 70
70
70
70
70
*69
71
*69
71
*6934 71
200 Homestake Mining
100 55 Jan 14 75 Apr 11
7712 7712 7758 7912 7712 79
7814 8114 7918 8238 7878 8034 17,200 Houston Oil of Texas
100 70 Jan 9 85 June 3
18
1814 1818 1812 1814 1812 1814 1834 1812 1878 18
1812 2,600 Hupp Motor Car Corp_ _ _ _ 10 1078 Jan 6 2114May 17
94 912
938 94
94 9,2
914 1018
912 934
9
94 11,000 Hydraulic Steel
No par
312 Feb 9 14 June 2
*334 378
7
378 3
37s 34 *378 4
358 378
358 314 2,300 Indlahoma Refining
5
314 Jan 27
558May 26
*878 9
814 84
8
8
10
10
*8
878 *8
800 Indian Refining
878
10
5 Jan 20 1158June 7
4118 4112 4138 4134 4134 4234 42
4178 4114 4214 8,200 Inspiration Cons Copper
423* 41
20 3712 Feb 11 45 June 1
10
10
*10
1112 *10
1112 *10
1038 *10
11
*10
1038
100 Internal Agricul Corp _ _ _ _100
758 Jan 6 1134May 4
*3912 40
*3958 40
3978 394 39
3934 39
3912 *3912 40
600
Do pref
100 33 Jan 16 43 Mar 15
*3312 3412 334 3358 3338 3412 3414 3414 *3312 3414 3312 3312 1,100 International
2514 2534 2512 2614 2578 2638 2534 2618 2534 2712 2714 283 40,900 Inter CombusCement_ _No par 26 Jan 23 3834May 8
8
Eng
No par 2134 JulY 22 2858 Apr 11
11234 11234 11214 113
11112 11212 11112 11134 111 11178 11012 111
4,766 Internal Harvester (new)_A00 7958 Jan 3 11578 Aug 14
*116 11714 *116 11714 *116 11714 11714 11714 *11734
*117
100
Do pref (new)
100 10512 Feb 14 11714 Aug 23
1534 1534 1514 16
1434 1512 1378 1412 13
1418 14
1538 20,600 Int Mercantile Marine__ _ ..100 1318 Aug 9 2712May
3
65
65
6378 66
6178 6438 5634 61
5318 5714 5418 57 69,100
Do pref
100 6214 Jan 4 8738May 3
1778 18
18
18
1778 1818 18
18
1778 184 1734 18
10,600 International Nickel (The) 25 1114 Jan 9 1934 Apr 24
*81
8134 82
82
*81
82
82
82
*81
82
*81
200
Preferred
8212
100 60 Jan 4 85 Jan 20
5714 5814 5778 5834 5758 5812 5712 5834 5612 5734 5612 58
12,500 International Paper
100 4312 Mar 8 594 Aug 17
75
75
75
7514 75
75
75
7538 75
754 7514 7514 1,500
Do stamped prof
100 59 Mar 9 7538 Aug 23
1378 14
1334 14
1378 1418 14
1478 14
1412 1412 1538 14,900 Invincible 011 Corp
50 1218 July 24 2014 Apr 17
*3112 324 32
3218 3112 33
32
33
3238 3234 3212 34
4,800 Iron Products Corp__ _No par 24 Jan 19
3578 July6
AL
34
58
34
54
34
34
34
34
34
34
7s 8,000 Island 011 & Transp v t c
10
58 Apr 6
3 Jan 25
•17
18
*17
18
1714 1734 18
1834 1814 1814 18
18
2,000 Jewel Tea, Inc
100 10 Jan 4 2212May 2
*66
68
*66
68
6614 6614 67
6712 6612 6712 *18
700
Do pref
1814
100 3812 Jan 4 7312May 26
4414 4434 4412 4434 4334 444 4412 4518 45
45
45
4612 4,400 Jones Bros Tea, Inc
100 3412 Feb 11 47 July 20
412 458
458 478
434 5
434 5
478 5
478 5
19,700 Kansas & Gulf
10
34 Aug 9
712 Jan 3
4614 4612 4534 4612 4512 4614 4558 4614 45
4558 44
4412 3,800 Kayser (J) Co, (new) _No par 34 May 1 4858 Aug 3
*10312 104
103 103 *102 104 *102 104
104 104
104 105
600
1st preferred (new)__No par
94
May
1
10612June
4512 4534 46
9
4612 46
46
45
4534 4258 4378 43
44
8,100 Kelly-Springfield Tire
25 3414 Jan 4 5334May 5
*190 10012 100 100
100 100
100 10012 *100 102 *100 102
600
Temporary 8% prat_ _100 9012 Jan 4 10734May 9
*8412 86
*85
86
*84
86
*84
86
*84
86
*84
86
6% preferred
7112 Jan 3 86 June 5
*95 100
*95 100
*95 100
9412 9412 9412 9412 95
95
200 Kelsey Wheel,Inc
100 61 Feb 9 111 Apr 6
3614 3634 3612 37
37
38
3738 3778 3718 3734 3658 377s 34,409 Kennecott Copper
par
No
2512 Jan 4 395sMay 31
834 834
834 878
818 918
878 918
834 9
834 9
9,600 Keystone Tire & Rubber.._ 10
818 Aug 11 2438May 4
•164 170 *164 169
168 169
168 16858 166 167
165 166
1,700 Kresge (5 5) Co
100 110 Jan 10 17234June 2
8012 81
80
81
7914 8012 7934 80
80
8034 7934 804 14,500 Lackawanna Steel
100 4412 Jan 4 8158May 16
89
8912 8958 8934 90
9158 91
92
9012 92
91
934 3,720 Laclede Gas (St Louis) _ _ _100 43 Jan 13 9314 Aug 25
*27
2734 *2712 28
2712 2712 2714 2738 264 2638 2678 2738 1,900 Lee Rubber & Tire_
_ ..No par 2638 Jan 6 3518 Mar 16
*178 185 *182 185
185 18712 *185 190
18934 190 *195 198
700 Liggett & Myers Tobacco 100 15314 Feb 18 190 Aug 24
*118 123 *118 123 *11512 123
11512 11512 *114 120 *114 120
100
Do
pref
100 108 Jan 10 118 July 18
57
5838 58
5912 5858 5978 5834 6038 59
6018 6018 6218 54,700 Lima LocoWkstempetfsNo Par 5334 Aug
3 624 Aug 25
*11518 117 *115 118
118 118
11978 11978 *116
11912 11912
Preferred
300
100
93 Jan 30 1197s Aug 23
1712 174 1712 1734 17
18
1778 1814 1818 1838 18
1814 21,100 Loew's Incorporated_ _ _ No par
1114 Jan 26
1858 Apr 17
*1214 1212 1218 1234 1214 1212 1212 1234 1218 1212 1212 1212
4,000
Loft
Incorporate
d
No par
9 Jan 9 1414May 3
16312 164
164 164
16358 16358 165 166
16612 16612 16838 171
1,400 Lorillard(P)
100 14714 Jan 6 171 Aug 25
*110 117 *110 117 *110 117
117 117 *110 125 *110 120
200
Preferred
100
109 Jan 13 117 Aug 23
*10112 103 *10112 103
103 105
10378 10378 *10114 10312 *10114 10312
400 Mackay Companies
100 72 Jan 5 105 July 12
*6578 6712 *67
6712 *6612 6712 *67
6712 *6612 6712 67
67
30
Do pref
100 57 Jan 13 69 June 1
5618 5618 57
57
57
57
5612 5714 5512 5678 56
56
3,700
Mack
Trucks,
me
par
No
2512 Jan 13 60 July 22
*8814 8834 8834 8834 89
89
89
8914 89
89
89
900
8914
Do 1st pref
100 6812 Feb 27 90 June 9
82
82
8138 8138 8212 8212 *8112 82
*8112 82
82
82
410
Do 2d prof
100
Jan 6 837011ne 9
3734 3812 37
3838 3634 3738 36
39
3818 3958 3812 3934 55,300 Mallinson(H R)& Co_ _No par 54
1512 Jan 16 3934 Aug 25
*46
47
4612 4612 46
46
4512 4512 45
45
45
45
800 Manati Sugar
100 3014 Jan 3 52 Mar 13
*79
82
*79
82
*79
82
7958 7958 *79
81
*79
81
100
Preferred
100 7314 Apr 3 82 Mar 26
*5012 60
*50
59
*5112 57
*5112 57
*5112 57
*51
59
Manhattan Elec Supply No par 41 Mar 13 6934 Apr 24
*35
367s 37
3714 37'4 3714 38
3834 3878 40
3912 40
4,200
Manhattan
Shirt
25 32 Mar 6 4218 Feb 6
3818 4014 4038 4134 4114 417s 40
4134 4112 4214 4114 4214 26,800 Marland Oil
No par 2258 Jan 6 4638June 19
*14
1512 *15
16
*14
1512 *14
15
*14
15
*14
15
Marlin-Rockwell
No par
512 Mar 4 2638
28
*29
29
2914 28
29
2912 2912 *2914 2912 3018 32
2,100 Martin-Parry Corp_ _ _ No par 2014 Jan 4 3614 Mar 27
3
*49
4834 4834 4812 4858 *48
4914 4878 49
4834 48
48
1,600 Mathieson Alkali Works__ 50 22 Jan 11 4914 June
Aug 18
59
*5912 5934
5934 5818 5834 5712 5812 5712 5712 *5714 58
1,900 Maxwell Mot Class A
100 48 Mar 17 7434May 17
1914 1978 19
1934 2038 1912 20
194 1834 19
1834 18,
4,800
Maxwell
4
Mot Class B_ _No par 11 Feb 15 2578June 8
*129 12934 12812 12812 128 128 *127 12812 *125 128 *125 128
500 May Department Stores_ _100 101 Jan 3 12914
Aug 9
1958 1934 1912 1934 1914 1958 1914 1958 1918 1978 19
1958 6,400 McIntyre Por Minas
1058 Jan 10 2158 Mar 23
173 17334 173 17612 17314 17614 175 184
18212 18678 18112 18514 120,900 Mexican Petroleum
100
10634
Jan
10
20412June
26
*95
*95
9612
9614
9612
9614
*94
•96
9614
97
97
97
300
Preferred
100 7914 Jan 12 97 June 26
2012 1912 204 20
2012 1958 2038 19
1912 204 20
20
35,600 Mexican Seaboard 011_ No par 20 July 27
3412July 13
17
174 1758 1734 1834 1712 1838 1712 18
1712 164 17
Voting trust ctfs
12,800
16 July 27 324 July 13
30
3014 304 3014 2978 3014 4,700 Miami Copper
2938 2938 2912 2934 2978 30
1278 1314 1314 1312 1314 1334 1312 1334 1338 1334 1312 1334 30,500 Middle States 011 Corp_ _ _ 5 2534 Feb 15 3138May 31
10
1 158 Jan 11
16 Apr 17
344
3518
347
3512
3512
3612
8
3512
36
36
3512
354 3618 17,500 Midvale Steel &
7434 7434 7034 74
7312 7434 *7214 7338 5,600 Montana Power Ordnance_ 50 2612 Jan 6 4514May 17
•7234 7334 7334 75
23
2312 234 2418 28,600 MontWard&CoIllsCorpN 100 63 Jan 4 75 May 15
2378 2418 234 2418 2334 2418 2314 24
o par 12 Feb 11 2534 Aug 11
23
24
23
*2018 23
24 •23
24
*23
*23
*2018 25
100 Mullins Body
No par 1912 Jan 7 34 Mar 31
*16
1618 1618 1658 17
17
17
1618 1658 *16
1678 164 1,000 National Acme
50 1038 Jan 9 2114 Apr 25
151 153 *152 15312 154 154
152 152
*150 15212 *150 152
607 National Biscuit
100 12314 Jan 4 157 May 1
123 123 *120 123 *120 123
•115 123 *115 124 *120 123
100
Do pref
100 11312 Jan 4 125 July 7
5378 54
54
51
54
*5212 5312 5312 5312 *52
*55
57
400 National Cloak & Suit_
100 26 Jan 17 54 Aug 14
238 238 *238 234 *238 234
234 234
*238 234 *212 234
600 Nat Conduit & Cable_ No par
118 Jan 16
44 Apr 13
5858 5858 5814 5838 5812 5918 4,500 Nat Enam'g &
5812 5914 59
5938 5812 59
Stamo'g1
00 3034 Jan 11 5938 Aug 21
10314 10314 10234 103
102 10434 10312 10412 104 10412 10412 10712 9,400 National Lead
100 85 Jan 12 10712 Aug 25
•114 115
11478 11478 *114 115 *114 115 *114 115 *11214 115
Do prof
200
108 Jan 10 1144 Aug 21
1678 17
1718 1718 1714 1738 1738 1758 1714 1712 174 1738 4,100 Nevada Consol Copper.._ _ _ 100
5 1314 Feb 16 1918June 1
74
77
79
77
7458 7434 77
*7434 7534 2,700 New York Air Brake
7714 7934 79
100
58 Jan 3 8212July 19
3912
8
387
*35
4012
38
37
38
38
38
37
*35
38
4,800 New York Dock
100 28 Mar 10 46 June 9
*59
61
*59
6012 6012 6012 *59
61
*59
6012 59
59
200
Do pref
100 5314 Jan 17 6812June 6
1618 1618 *16
*16
*16
20
20
18
*16
*16
20
20
100 N Y Shipbuilding
No par 13 Jan 3 25 Feb 28
7814 7838 7818 7834 7758 844 8112 8618 8358 8558 8358 87
26,700 North American Co
50 444 Jan 4 87 Aug 25
47
4538 4512 4534 4578 4578 464 4614 464 46
46
46
5,600
Do pref
50 38 Jan 7 47 Aug 24
20
20
20
19
18
• 1718 174 18
20
20
Rights
34 Jan 13 20 Aug 23
;ii- 35 35 35 35 36 37 38 38 38 36 38 5,400
1,600 Nova Scotia Steel & Coal_ _100 203
4 Feb 28 3834 Apr 12
12
10
*11
1158 1158 *11
1014 1034 1 114 1 112 12
12
Nunnally Co (The)_ _ _ No par
2,300
July 14 1234 Mar 30
612
8
*6
612
*6
612
*6
612
612
*6
634
612 658
700 Ohio Body & Blow__..No par
6 Aug 5 144 Apr 17
234 3
234 278
234 24
234 3
234 24 4,700 Oklahoma Prod &Refof
278 3
Am 5
438June 2
Feb 24
714 *634 714
214
714 *7
*7
7
7
*614 712 *612 712
200 Ontario Silver Mining__ _ _ 100
412 Jan 6
938 Mar 25
194 1978 1912 2038 1978 204 2018 2038 204 204 2018 21
7,100 Orpheum Circuit Inc
1258 Jan 6 2112May 4
1
148 148
148 150
150 15014 4,200 Otis Elevator
148 1544 151 15412 150 150
100 116 Jan 4 1544 Aug 22
1114 1134 1178 1258 1112 114 118 1 134 1113 1112 1158 1134 3,900 Otis Steel
No par
94 Jan 7 1612 Apr 11
*37
3714 37
36
37
3612 3612 36
36
3634 37
36
1,400 Owens Bottle
os 2478 Jan 27 3874tJune 5
*658
634
458 5
418 434
312 514
358 412
57s 64
8,800 Pacific Development
6
July 18 144 Apr 27
7812 7038
8158 79
7912 8238 8034 8218 814 8178 1 80
8038 18,000 Pacific Gas & Electric
100 60 Jan 30 824 Aug 21
• Bid and asked pewee: no sales on this day. I Leas than 100 share,. a Ex-dividend and
rights. x Ex-dividend. es Ex-rights.
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ per share $ per share
16- Jan
212 Dec
2534 May
94 May
Jan 81 Dec
52
87 Jan 10612 Dec
4458 July 8212 Apr
7434 July 97 Dec
518 June 1334 Dec
21 Sept 4312 Dec
75 June 90 Jan
57 Sept 84 Dec
834 Aug 1938 May
912 Aug 2012 Jan
394 Oct 5912 Dec
3918 Aug 7838 May
77 Aug 11712 May
54 Jan 7038 Dec
804 Apr 9512 Dec
10912 Aug 14334 Dec
938 Aug 1614 Jan
63 June 75 Dec
60 Aug 7312 Dec
69 Aug 85 Dec
2658 June
6212 June
15 Aug
912 Jan
19 July
512 Dec
25 June
12 Nov
13 June
4912 Mar
4012 Aug
1012 June
6 Dec
2 June
612 Dec
294 Mar
6 Aug
31 Dec
21 June
4418 Jan
36 Dec
3412 Nov
1634 Mar
2912 Dec
167s Jan
507s Dec
1353 Jan
2518 Apr
61 May
86 May
1634 May
2034 Jan
74 Jan
1534 Jan
4214 Dee
1334 Jan
57 Jan
29 Nov
6758 Aug 1661; Feb
9914 June 110 Jan
718 Aug 1714 Jan
36 Aug 6734 Dec
1112 Aug 17 May
60 Dec 85 May
3838 Aug 7334 May
67 Aug 7538 Nov
512 Aug 26
Jan
2212 Sept 40 Jan
2 Sept
434 Jan
4 Jan 1212 Dec
812 Jan 4634 Nov
1412 Jan 3834 Dec
412 Oct
9 Nov
---3211 Aug 547 May
7014 May 94 Jan
70 May 80 June
35 Mar 69 Nov
16 Mar 2778 Dee
814 Jan 177s May
130 Jan 177 Dec
32 June 5812 Jan
40 Jan 5712 May
1712 Jan 30 Dec
1384 Jan 164 Dec
9758 Jan 110 Nov
8712 Aug
10 June
734 Aug
136 Feb
100 Jan
5912 Jan
55 June
2512 Oct
6318 Oct
54 Oct •
10 Jan
21
Oct
92 Jan
100.14 Dec
2112 Mar
1234 Jan
1644 Feb
111 Dec
72 Dec
62 Dec
42 May
76
Jan
6412 Apr
18 Sept
8912 Feb
93 Jan
18 June 3634
124 Aug 3078
5 Oct 1912
13 Sept 22
1112 Aug 24
38 June 4512
8 June 1538
6512 Jan 114
_
8412 Aug 16714
153s Jan
10 July
22 June
43 Aug
1258 Dec
1734 July
104 Dec
102 Jan
105 Aug
15 Sept
18 Sept
26 Aug
67% July
100 June
9 Mar
4712 Aug
204 Feb
45 Jan
13 Dec
3214 Aug
3178 Aug
Is Dec
2018 Nov
812 Mar
714 Nov
134 May
312 Aug
14 Dec
87 Aug
8 Nov
2434 Nov
4 Dec
4614 Jan
Dec
Nov
Jan
Dee
Nov
Dec
Dec
Dec
Jan
28 Dec
1612 Nov
3312 Jan
6438 Dec
25 May
2878 Jan
30 Jan
12812 Dec
120 Jan
355s Jan
5 Jan
65 Feb
87 Dec
108 May
1558 Dec
89 Feb
39 May
5712 May
33 Feb
46 Dec
4112 Nov
4 Dee
39 Mar
127s Jan
1158 Dec
4 Jan
6 May
305s Apr
148 May
16
Jan
5453 Jan
1934 Jan
68 Dec
972
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
PER SHARE
Range since Jan. 11922.
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
On basis of 100-share lots
NEW YORK STOCK
for
the
EXCHANGE
Friday,
Saturday,
Tuesday, Wednesday, Thursday,
Monday,
Highest
Lowest
Week.
Aug. 2o.
Aug. 24.
Aug. 23.
Aug. 21.
Aug. 22.
Aug. 19.
PER SHARE
Range for previous
year 1921
Lowest
Highest
16 per share $ pe share $ per share $ per share 3 per share $ per share Shares Indui. & Miami!.(Con.) Par $ per share 3 per share $ per share $ per share
8 Aug 1714 Jan
5 11 Jan 18 19 June 3
Pacific Mall SS
1412 *12
14
14
*12
*12
15
*13
15
*12
*13
15
2712 Mar 50% Dec
4438 Jan 10 6938May 4
5858 5714 5814 5658 5712 52,100 Pacific Oil
4 5734 57
1
568 5714 5634 5712 56/
3818 Aug 7938 Feb
50 48/
4 Jan 11 8612June 26
1
7834 8034 66,100 Pan-Am Pet St Trans
748 758 7514 7612 7514 7714 7614 7913 7914 81
3418 Aug 7134 Jan
50 44 Jan 10 8212June 26
Do Class B
7612 7418 7618 16,000
71
7138 7112 7178 7112 7212 7212 7418 75
6 Aug 1312 Dec
200 Panhandle Prod & Ref_No par
7
52July 25 1212 Jan 4
634 *6
*6
4 *634 7
1
612 6/
*638 7
612 612
9/
4 June 1512 Apr
1
No par 1012 Aug 10 17 Apr 12
1,800 Parish & Bingham
1314 *1112 1214 *1112 1212 .1212 15
*1212
1314 *13
638 June 17 Jan
24
8May
v
133
St'l
c
t
par
No
Penn-Seaboard
27
Feb
8
838
63
7
41,300
4
1
/
7
8
67
718
7
714
7
714
7
714
7
33% Jan 6438 Dec
4 Aug 17
1
2,800 People's G. L & C (Chic)_.1O0 5954 Jan 4 93/
92
92
91
9212 9234 91
9212 93
93
92
92
92
2613 Aug 35/
4 Jan
1
4 Aug 24
/
21,400 Philadelphia Co (PIttsb)__ 50 3112 Jan 4 441
4 448 4338 44
1
4234 4334 4338 4434 43/
42
4238 4212 427
3712 Apr 10518 Dec
Phillip-Jones Corp
No par 75 Aug 3 10518 Jan 3
78
*7314 78
4 *7314 8014 *75
/
*7314 801
*7312 82
*7312 82
16 June 3414 Dec
Vo par 2814 Jan 11 5914June 7
4934 4812 4912 4818 4914 16,900 Phillips Petroleum
48
4 49
1
47/
4 48% 493
1
49/
49
914 Aug 4214 May
3,600 Pierce-Arrow M Car_ __No par
8 July 24 2458 Apr 25
4 1112 1214 1178 12
/
1218 1218 1234 1234 1218 1258 1134 121
Oct 88 Mar
21
Do pref
100 181
4 July 24 49 Apr 15
/
30
30
30
30
308 1,400
*29
30
30
30
30
30
30
4 Nov
/
514 Aug 141
7 Feb 23 12 Jan 12
714 712 4,700 Pierce 011 Corporation_ _ _ _ 25
4
1
4 7/
1
7/
714 738
714 714
4 712
1
7/
4
1
4 7/
1
7/
78 Jan
Aug
3012
3
Jan
Do
2
400
pref
71
100
Mar
44
4312
39
*43
4312
44
44
4412
4412
43
43
44
*42
*4214 4234 *4214 4258 4212 4234 1,000 Pigg WIgg Stores Inc_ _No par 397s July 14 4912June 1
43
43
4212 4212 4234 43
66 Dec
100 58/
4 Jan 30 6812 Aug 15 127- -J-u-1
1
66'4 8,400 Pittsburgh Coal of Pa
6838 6714 6734 6612 6734 6614 6612 66
6712 67
67
4 Jan 93 Deo
1
82/
4 Aug 25
/
Do pref
500
9858 9858
98
100 9018 Feb 3 981
98
*9712 99
*9712 99
9712 9712 98
*97
4 May
1
1218 Mar 16/
10 1414 Feb 2 2434June 22
2214 2114 2218 2114 2114 4,900 Pond Creek Coal
2238 *22
22
2218 2134 22
22
8912 4,900 Postutn Cereal
No par 651
4 Apr 19 91% Aug 18
/
89
91
9138 90
91
91
9113 91
9114 91
90
8% preferred
10713 10712 10712 10712 2,200
100 10512 Apr 29 11118June 2
108 108 *10712 108
108 108
*108 109
Jan
48 Aug 96
100 63 Jan 12 84 Aug 24
8314 2,100 Pressed Stzel Car
83
8338 8378 8312 84
*8012 8112 8112 8212 8234 83
Jan
83 June 104
203
Do pref
100 91 Feb 16 101 Aug 24
10078 101 *101 105
*99 101
*99 101
*99 101
*99 101
Dec
4
1
/
34
Oct
2038
2
June
50
50
&
Corp_
2418
Producers
Refiners
10
Jan
4312
31,600
43
4212
4314
4114
4
413
445
42141
4218
4138
4
4212
4134
Jan 7014 May
54
4 Aug 25
/
9638 21,000 Public Service Corp of N J_100 66 Jan 7 961
93
95
9234 9212 9312, 9212 94
9434 9512 95
92
4 Aug 11414 Nov
/
891
100 10512 Jan 6 12918 Apr 24
21,503 Pullman Company
12614 12612 12534 127
124 124781 123 12414 12412 128
12312 124
2434 Oct 5112 Jan
4June 9
/
50 2938July 14 531
49% 5,009 Punta Alegre Sugar
4938 4934 49
4 50
/
5078 51
5012 491
5034 51141 50
4 Dec
1
2112 Aug 40/
25 2634July 21 3958 Jan 3
3058 30/
4 335* 3178 3278 3212 3338 61,900 Pure 011 (The)
/
4 3112 3258 3234 3438 321
1
100 94 July 20 10234 Apr 25
403
8% preferred
*9812 100
*9912 100
9912 *9913 100
*98
9812 9813 99
99
9912 Dec
100 94 Jan 10 11314 Aug 24 -67 3,300 Railway Steel Spring
11278 113
113 11314 113 113
11114 113
112 113
110 111
19 Apr 2634 Sept
No par 1912 Jan 25 3234 Aug 22
3258 *3112 3218 1,303 Rand 1k1Ines Ltd
3234 3234 3212 3212 32
32
*3012 32
32
11 Mar 16 May
1612 161
4 1614 1612 1614 1658 1612 1638 1614 1612 1638 1658 5,700 Ray Consolidated Copper_ 10 1334 Feb 11 19 May 31
/
1718 June 38/
4 May
1
4 3678 3678 3812 3712 3778 3,403 Remington Typewriter v t c100 24 Jan 6 42 Mar 14
1
3638 3634 3634 3612 3634 36/
36
4714 Nov 80 Jan
100 55 Jan 12 89 Aug 25
1st preferred v t c
330
89
87
88
89
*85
*85
85
*86
89
*82
85
88
4734 Nov 75 May
100 5012 Feb 23 67 Aug 19
2d preferred
100
68
67
68
*6513 69
67
*66
*63
_ *6713 69
18 June 3912 Jan
No par 2512 Jan 3 3812May 18
32
4 33
1
32/
4 3278 3212 3378 33
1
3334 7,000 Replogle Steel
33
- -8 32/
325
32
*67124118 June 531
4 Jan
/
100 4514 Feb 25 7812May 29
74
73
74
7314 7414 7334 7412 5,803 Republic Iron & Steel
7318 7334 7212 7312 72
7514 Oct 9614 Mar
100 74 Feb 24 9512June 2
9412 1,003
94
Da pref
91
*94
*9314 9334 9314 9314 9312 9334 *93/
4 94
1
314 312 2,900 Republic Motor Truck_No par
5 Dec 2412 Jan
212 Aug 7 1438June 2
35* 334
312 334
4
1
312 312
314 3/
312 312
--- 4 Aug 25 -- - 1
25 43 Mar 27 53/
5378 45,100 Reynolds(R J) Tob Cl B
4934 4978 4958 50
4934 51
5118 5214 5212 5314 53
100 11118 Apr 11 11614 Aug 4
7% preferred
*115 11614 *115 11614 *115 116 *115 116 *115 116 *115 116
4May 3
1
4012 Oct 6978
Y shara1)- 4712 Feb 1 66/
5434 55/
4 55
1
5614 5538 5614 5512 5612 5334 5534 5312 5458 27,400 Royal Dutch Co
4 Dec
/
4 Aug 141
1
19/
4 Jan 9 1578May 4
1
10 12/
900 St Joseph Lead
4 1558 *1534 1578 1534 1578
1
1558 1558 1534 1534 1578 1578 15/
512 Feb
114 Oct
614 Mar 21
112 Jan 10
300 San Cecilia Sugar v t c_No par
338 338 *314 334 *314 334
*334 378
334 33
314 314
4 Jan
1
4 Apr 1
1
4 Oct 23/
1
8/
100 1118 Jan 4 24/
1,800 Savage Arms Corp
12
4 1312 1312 1212 1212 10
1
1313 13/
13
15
13
*13
218 Oct
514June 2
118 Feb 23
634 Apr
4 4
1
4
*3/
4
378 4
378 378
4 378 1,000 Saxon Motor Car Corp. No par
1
3/
4 378
1
3/
5414 Dec 9834 Jan
4 Aug 14
1
100 6058 Jan 27 94/
91
9014 11,200 Sears. Roebuck & Co
9114 9114 9212 9112 9212 8912 9112 90
9034 90
85 Nov 104 June
100 91 Jan 5 112 Aug 22
Preferred
100
112 112 *110 115 *108 112 *109 112
*100 115 *100 113
1234 Mar 2512 Nov
4 Feb 20 2314 Jan 3
/
No par 101
1134 1134 12
1134 12
1134 1134 •1113 1212 1134 1134 1,200 Seneca Copper
12
938 Dec
4 Jan
1
4/
758 Feb 28 12 June 2
800 Shattuck Arizona Copper__ 10
834 834
834 834
912 912 *9/
4 1018 *834 914
1
4
1
914 9/
3
4 Oct 49 May
1
/
30
4812May
Transp
Shell
&
£2
30
_
_
Jan
8
355
Trading_
700
3812
3812
*3713 38
*3734 3834 3858 39
*3814 3934 *3713 38
4 Aug 2838 May
/
161
3338 3234 3312 3213 3314 3214 33
43,700 Sinclair Cons Oil Corp_No par 1834 Jan 10 3834June 9
4 33
1
3258 32/
3338 33
10
918 Aug 3 11 18 Aug 18
1013 10/
1012 1034 101z 105* 1014 10/
4 1012 11
1
4 1018 1014 17,500 Skelly Oil Co
1
8 June 56
Jan
51
49
*48
5,300 Sio3s-Sheffield Steel & Iron 100 3413 Mar 7 5412May 13 12-1
49
49
48
4812 4812 4834 *48
5034 52
6814 June 75 Nov
Do pref
100 66 Mar 21 78 Aug 25
2,400
7614 77
7512 7312 *73
75
*70
*70
77
77
7778 78
Jan
Oct 103
26
100 43 Jan 9 5714 Mar 3
5278 5278 *51
53
700 So Porto Rico Sugar
53
52
5134 5134 52
52
5112 5112
17 Apr 27 24 June 5 - 20
No par
2058 2038 2012 20
20
20
1978 1978 1,901 Spicer Mfg Co
20
2054 20
Preferred
100 84 Apr 28 9212June 10
*91
9313 *91
*91
9338 *91
93
9338 *91
93
*91
93
88 Aug 119 Dec
100 11012 Jan 26 12534 Apr 27
*121 123 *119 121
120 120
122 12238 12218 12213 *12212 12314
820 Standard Milling
6734 June 9812 Dec
25 9134 Jan 10 121 May 3
109 10958 10958 11134 11012 11234 11013 11238 109 111
31,100 Standatd Oil of Cal
109 110
25 16914 Jan 5 19834Juhe 6 12412 June 19214 Dec
186 186
185 186
5,300 Standard Oil of N J
185 18613 185 18514 18414 18414 *182 183
100 113/
Do pref non voting_
11718 1171
4 Jan 7 11814 Aug 23 10518 Jan 11412 Dec
4 11634 11714 11738 11734 11778 11814 11712 118
1
/
11534 11614 1,500
66 Sept 8514 Dec
82
*81
82
*82
82
83
*81
83
300 Steel & Tube of Am pref_ _100 68 Mar 10 90 May 25
*82
8238 8238 8212
No par 4518May 4 5512 July 7
*5214 5234 5234 5312 5312 54
5412 5378 5412 *5338 5334 2,000 Sterling Products
54
Oct 119 Aug
4
May
-if
106
3
Jan
100
81
(8%)
pref
Bros
*95 102
*95 102
Stern
*90 102
*95 102
*95 102
*95 100
21 June 37 Jan
4478 45
45
4 45
1
45/
4 4412 45
/
451
4478 4512 4534 47
5,800 Stewart-Warn Sp Corp_No par 2412 Jan 5 47 Aug 25
2514 Aug 46 Apr
4 53
1
52/
5134 531
4 53
/
5212 53
53
5312 5312 5313 5634 8,700 Stromberg Carburetor_No par 3514 Jan 5 59% Apr 12
4238 Jan 9314 Apr
100 7918 Jan 5 13912 July 18
4 12838 126 12714 12534 128
1
12614 12734 126/
12638 129
12778 12912 96,100 Studebaker Corp (The)
83 Jan 10334 Den
100 100 Feb 17 118 June 21
*11414 116 *11414 116 *11414 116 *11414 116 *11414 116 *11414 116
Do pref
3 Oct 1038 Jan
Vanua 30
312 Jan 31
No par
658 658
612 612
612 658
612 612
638 612
638 634 1,600 Submarine Boat
334 Aug 1314 Jan
5 Feb 20 1014June 7
No par
612 678
4 612
1
6/
638 634
638 638
614 3,500 Superior Oil
6
658
6
26 June 48 Jan
100 26 Jan 3 3912 Apr 7
*32
34
35
35
*32
*32
*3212 35
3212 3312
700 Superior Steel
5 Mar 14
2 Aug 3
10
3
*234 2/
2/
4
1
4 *278 3 *32
1
4 2/
1
200 Sweets Co of America
7l 32
2:
478 *258 3
- Dec 2534 Jan
4 Feb 1
/
51
1 Aug 21
1
*112 134
134 *112 2
*134 2
400 Temtor C St F P, Cl A_ _No par
138
112 112
138
6% Aug 11 Dee
934 Jan 13 1234May 19
1018 1058 1034 11
1034 11
1012 111
4 1034 1054 *1012 1058 3,100 Tenn Copp & C tr etfs_No par
/
29 June 48 Dec
25 4214 Jan 10 5012May 4
48
4858 4812 4834 4818 4858 48
4813 4818 4838 4818 4858 33,100 Texas Company (The)
10 3812 Jan 4 52 June 5 z3258 Dec 4218 Dec
4912 4978 4978 511
4934 50
4912 50
4 5018 51
/
6,500 Texas Gulf Sulphur
5012 51
1534 Aug 36/
4 Jan
1
10 23 Jan 9 3234June 3
2534 2614 2558 261
2558 26
2514 26
4 2512 2614 2518 2512 10,000 Texas Pacific Coal & Oil
/
-- - 5638 5678 57
5714 5634 581
4 5734 5814 5712 5814 5578 5738 27,509 Tobacco Pt oducts Corp_ _ _100 *5234 Aug 2 5858 Aug 12 - - /
- - - -- _--- 4 Aug 2 8534 Aug 25
/
8114 8112 8118 8134 8138 8234 8234 8414
Do CIA (since July 15) 100 761
8418 8534 58,000
7612 June 91
4June 9
/
Jan
100 88 Mar 2 1091
4314
3
15
8
2' 10875i1%22
Do pref
*106 10712 *10512 10712 *10512 10712 *10512 10713 *10
15 *10512 10712
6 Aug 13 Apr
712 Mar 3 2018May 22
1578
4 1434 1534 15
/
1438 1458 1413 141
1414 1434 20,900 Transcontinental Oil__ _No par
28 June 4412 Apr
*3434 39
*37
39
38
*35
38
100 Transue & Williams St_No par 33 Jan 16 4518 Apr 4
*3434 38
39
38
*35
Jan
57 Sept 75
72
71
68
70
69
7112 72
69
7178 72
6912 6912 3,100 Union Bag & Paper Corp_ _100 55 Mar 25 7212 Aug 17
1518 Aug 251)
, May
No Par 1714 Mar 4 25 June 3
1958 20
1958 1978 1958 1978 13,800 Union Oil
20
4 2018 1912 20
1
2018 19/
8712 Sept 107 Mar
100 96 Jan 13 104 Aug 25
4 10234 103
1
1,300 Union Tank Car
10314 104
10012 10012 *10114 10234 10258 10258 10258 102/
Oct 104 Nov
92
100 102 Feb 9 11012 Aug 21
Preferred
200
11012 11012 *108 11012 110 110 *108 110 *108 110
*108 111
Jan
19 June 34
Vo par 25 Jan 11 4114May 13
*3812 40 1 3834 3834 3834 3834 *3812 39
500 United Alloy Steel
3858 39
*3812 40
46 Sept 106
,
Jan
100 6078 Mar 3 93 Aug 17
8114 8114 8114 *80
8012 1,300 United Drug
8214 81
8012 80
8212 8212 *81
Feb
5
Aug
50
July
36%
50
47
18
Feb
4118
preferred
50
1st
*49
50
4978 4978 50
50
*49
500
*49
4978 *49
50
100 11934 Jan 4 15518 kug 23 z9534 June 207 Jan
15112 15
*14
2 6,200 United Fruit
12
1,
19
149 149 *14834 14938 14938 15412 154 15518 151 153
100 1438 Apr 21 2014 Aug 14
1712 1712 --__
_
100 United Paperboard Co_
- Aug 6214 May
7312 75
7338 -76-- 7434 7612 42,500 United Retail Stores_ _ _No par 4312 Feb 28 7612 Aug 25 -4678
-i6itt
1111112 Jan 19 May
8,500 U S Cast Iron Pipe & Fdy..100 1618 Jan 13 3834 Mar 15
3518 3518 3412 3412 3413 3412 *3413 35
38 Aug 5712 Nov
100 50 Jan 11 7512 Aug 25
3312
*7212 74
74
Do pref
1% 3534
7.5
7512
2 3
41114
7314 74
74
800
*7112 74
73
538 June
7 Jan
8 Aug 14
714
5 Feb 1
100
*714 8
.714 8
*714 8
U S Express
8
14 8
,
7
*7
*7
*714 8
714 812
812 Sept 2714 Jan
58
234 Feb 8 1018 Jan 3
812 858
712 6,200 U S Food Products Corp_ _100
7
812 85*
834 834
812 878
27
2578May
par
2018
1912
23
20
No
Aug
1913
USHoffmanMachCorp
21
2018
21
1,500
2212
*20
4 2212 *2112
/
*211
2114
4 Nov 7/41-2 May
3516538 6412 6538 65
64
66
S Industrial Alcohol....100 37 Jan 6 6734 Aug 17
6738 17,000
6612 6558 6658 65
66
84 July 102 Mar
96
100 90 Jan 9 97 May 27
Do pref
*94
9512 9538 *94
*9412 97
96
300
*9412 9634 *9413 96
21
Aug
Mar 6312 Dec
4118
7412
&
Realty
7312
74
56
73
3
7412
100
Jan
Improvement
US
7314
737
8 7312 7378 3,500
7412
4 7312 74
/
731
4 Apr
1
4013 Aug 79/
4 5714 5838
1
100 51% Jan 9 6712 Apr 17
4 58/
1
28,300 United States Rubber
5858 5878 5838 5878 58/
4 Jan
1
Aug 103/
pref
912
1404
74
14
11
1st
106
July
58
106
4
0
Do
99
107
4
7
100
Feb
1053
551355%
10514
5
54
10
1,200
3
18
1
10512
54
10
10512
*10514 106
2
61%
Dec
Apr
3818
26
45
&
*43
Ref
29
M___
Smelting,
4534May
50
44
_
33 Feb 27
44
400 U S
44
4212 4212 4258
42
42
4812 4812 4812
4912 4812 4812 *45
37 Aug 4413 Jan
50 4214 Feb 9 49 Aug 16
Do pref
200
4834 *45
*45
49
*45
May
8612
10414
States
June
Steel
25
Aug
10314
United
10512
1
10418
Corp_
7014
6
_100
Jan
10434
82
10312
0358
104
140,700
4
1043
10512
10312 10414 104
12114 12112 12114 12112 2,300
100 11414 Jan 3 122 July 8 105 June 115 Dec
Do pref
12012 12134 12134 12134 12058 12134 12078 121
4118 Aug 66% Dec
10 6058 Jan 5 6914May 29
6734 6658 6812 16,800 Utah Copper
6634 6713 6678 6858 6714 685* 67
6658 67
Securities
C
t
v
1712
17
1714
100
1712
4 Jan 18 1978May 4
/
91
7 Aug 12% Mar
Utah
1738
17
17
4,100
1712
17
17
17
Jan
No par 3014 Jan 10 5314 Aug 25
5238 3134 ‘U14
2518 June 41
3 55,100 Vanadium Corp
4812 4938 4912 5014 4912 5138 4912 5114 51
4 Dee
1
pref
Mar 98/
1st
Raalte
921
100
4
/
92
97
17
4
/
921
Jan
97
Van
9612June
72
*92
7
8
*927
87
*92
97
97
*92
97
*90
4212
Jan
,100
Chem_
July
Virginia-Carolina
29
13
30
Mar
4
4
1
2912
/
2612July
36
203
2914
2978
8
303
30
4
1
/
29
4,300
8
2978
4 305
/
3018 3038 301
100 58 July 28 82 Apr 10
71
6878 70
4 Jan
1
71
5734 July 102/
Do pref
72
*71
6914 6914 1,400
7114 72
71
71
100 43 Mar 27 9412 Jan 18
5512 5512 55
59 Aug 95 Jan
55
*5512 56
500 Virginia Iron, C & C
56
*55
56
5512 5512 56
22
Aug
Preferred
66
100
13
Mar
81
82
*7714
*80
81
81
81
*77
81
81
*77
81
*77
No par
618 Jan 6 14 May 8
4 May
55* Mar - -61
1112 12
1214 1134 12
1134 12
1158 1218 5,400 Vivaudou (V)
11
1034 11
812 Jan 1312 Oct
4 *1212 13
/
4 1258 1,300 Weber & Heilbroner_ _ No par 1034 Jan 16 17 Apr 24
/
121
1212 1238 1238 1218 121
1214 1238 12
4 Feb 15
1
4913 Jan 72 Jan
100 6614 Jan 4 85/
791e 7912 8012 8012 *7912 81
81
600 Wells Fargo Express
8112 81
*79
7812 81
76 Aug 94 Apr
115 11732 11314 115
115 117
7,900 Western Union Telegraph_100 89 Feb 8 118 Aug 22
10918 10918 110 1101z 11058 118
8112 Sept 967s Jan
4 10038 1,400 Westinghouse Air Brake__ - 50 80 Mar 16 10134 Aug 22
1
100/
9818 10134 10012 10012 100 100
98
97
97
*96
3878 Aug 5212 Dec
6414 65
6334 6434 6334 6414 38,800 Westinghouse Elec & Mfg_ 50 4918 Jan 4 6518 Aug 22
6212 6234 6234 6338 6314 6518 2612
par 2514May 4 2912June 7
011
No
Eagle
White
2738
2714
2714
26
27
2,300
26
27
26
2534
28
26
2914 June -44 May
50 3518 Jan 6 5134June 2
4834 4834 4812 4858 4858 4934 4914 4914 2,900 White Motor
4 49
/
4813 4812 *481
7 July 1752 Jan
4 Jan 20 12 May 5
1
7/
914
934 914
9
3,100 White 011 Corporation_No par
858 9
4 878
1
7/
8
8
*778 8
12
May
4
/
812 Nov 1834 Dec
211
22
Mar
8
133
1512
5
Spencer
Steel_
1412
Wickwire
1512
1518
15
5,300
4
153
1634
4
1
/
8 1512 15
1512 153
*15
7
7
718
458 Nov 1013 May
412
10
17
29
Feb
May
7
25
(The)
718
Willys-Overland
7
678 718
7
7
7,300
4 7
1
6/
23 Aug 42 May
40
40
Do Preferred (new)...._ _ 100 24 Feb 17 4912July 19
40
39
40
38
*39
3834 2,100
40
4038 *38
40
Nov 47 Jan
2712
4
par
26
Jan
Apr
4938
c_No
2714
t
v
Inc,
Co,
&
4512
*4312
Wilson
4312
45
433
4312
400
4
4358
4512 *4334
4514 4514 *44
65 Oct 89/
100 66 Jan 10 90 Aug 11
4 Feb
1
Preferred
92
92
*88
*9,9
90
92
200
*88
90
92
*88
92
*88
100 137 Jan 6 194 Aug 7 105 Aug 13934 Dec
(F W)
Co
Woolworth
190
190
*175
*180
100
*180
190
190
*180
*175 190 *175 190
4113
2
Aug
5578June
3012
23
100
c
t
Aug
P&Mv
5514
May
Worthington
42
4313
42
4112
10,400
12 4218 43
4 4713
1
4634 45/
4612 46
46
7012 Aug 85 Dec
100 83 Mar 31 94 May 4
*9612 93
88
89
Do pref A
89
400
8814 8814 87
92
*88
93
*89
May 9
79
54
9
Jan
4
643
100
Aug
B
prat
70
Nov
73
Do
75
73
*73
76
*72
100
7412
*73
76
7612 *73
*73
6 Jan 27 11 Aug 22
612 June
4 Nov
1
9/
107s 101
4 101
/
1012 11
4 4,100 Wright Aeronautical_ _ _No par
/
4 101
/
4 1038 1038 1034 1012 11
1
9/
a
to
rights.
Reduced
e
and
Ez-divldead.
basis
Ex-dividend
of
$25
a
par.
Less
f
Man 101l
ails day.
t Ex-rights.
ellid and asked prices: no sales on
shares*
with United Retail Stores Corp.
k Range since merger (July 15)
In *n.
ayli
May
*278
--4 -Hi -ii- -H- -iiii
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
973
Jan. 1 1909 the Exchange method of Quoting bonds was changed and prices are now-"and interest"-exceptfor income and defaulted bonds.
Price
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 25
Friday
Aug. 25
Weelc's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 25
Price
Z;1.
)
Friday
Aug. 25
Week's
Range or
Last Bale
co
Range
Since
Jan. 1
Ask Low
Bid
High No.1 1oto High
Ask Low
High No. Low High
Bid
U. S. Government.
Buffalo R & P gen gold 5s.._..1937 M S 10214 10414 102 Aug'22
First Liberty Loan94
Consol 4%8
94%
3D 100.68 Sale 100.60 101.00 1268 94.84 101.28
3%% of 1932-1947
3 95.70 101.68
100.24 101.00
Alleg & West 1st g 48 gu_ _ _1199
9434
8
99
2
88r8: 19
8
903
2
4258
3
1.
3D
O 84% -- 8218 Mar'22
A N
7M
Cony 4% of 1932-1947
958
3D 100776 Sale 100.64 101.00 398 96.04 10178
Clearf & Mah 1st gu g 5s- -1913 J
9534
_ 9012 Jan'22
Cony 434% of 1932-1947
Roth & Pitts Con 1st g 6s 1922 J
101.50 Aug'22
0012
3 102
96.82 102.00
99%
10014 -- 10014 Aug'22
2d cony 434% of 1932-1947_ --- .ID
102
10
Canada Sou cons gu A 5s___ _1962 A 0 100/
1
4 102 10034
Second Liberty Loan11312 19 10812 115
95.76 100.80 Canadian North deb s f 7s__ _1940 J D 112 11212 11234
MN 100.10 Sale 100.10 100.36
4% of 1927-1942
25-year s 1 deb 63-4s
65 10712 114
11314 11312 11134 113
MN 100 20 Sale 100.10 100.36 3401 95.32 101.50
Cony 434% of 1927-1942
Canadian Pac Ry deb 4s stock_4
8212 498 77
_j
JJ
j 8214 Sale 8012
Third Liberty Loan8212
19 _6
91
11 83 94
MS 100.38 Sale 100.22 100.78 3068 06.74 101.98 Car Clinch & Ohio 1st 3-yr 5s 19383 D 9012 9134 9012
434% 01 1928
Central of Ga 1st gold 5s__.p1945 F A 10138 -- 102 July'22 --- -1 95/
1
4 102/
1
4
Fourth Liberty LoanConsol gold 5s
99
10012 22 89% 10012
10012 101
AO 100.78 Sale 100.66 101.08 5691 95.86 101.86
4%% of 1933-1938
10-year temp secur 68_June 19
22 94 101
92
49
5 JD
M N 10034 Sale 10012 101
Victory Liberty Loan100.70
Sale
100.62
994
100.74
Chatt Div pur money g 4s_1951 J D 80% ---- 7814 June'22 ____ 7412 8138
3D
100.02 101.00
431% Notes of 1922-1923
99,93 June'22
99.96 100.30
Mac & Nor Div 1st g 5s..1946 J J 9534 ---- 9612 Mar'22 ___ 93 9612
3D
% Notes of 1922-1923
10212 Apr'22
Mid Ga & Atl Div 5s
9512 June'22 ____ 95
10214 103%
9512
2s consol registered
d1930 Q J
19473 J 9534 /03% 10314 Cent RR & B of Ga coil g 58_1937 M N 9614 9712 9312 Aug'22
10314 Mar'22
8812 9534
d1930 Q J
38 consol coupon
Central of N J gen gold 5s
1051
/
4 Mar'22
105 105
43 registered
1925 Q F
1587 .1 J 10914 110 110 Aug'22 ____ 10378 11012
105/
1
4 Feb'22
10714 Aug'22 __-_ 105 107%
Registered
1925 Q F
104 10512
131987 Q J 10818
4s coupon
N Y & Long Br gen g 4s___1941 M S 8934 93 91 July'22.. 91
100 July'21
91
Panama Canal 10-30-yr 25_ _k1936 Q F
Ches di Ohio fund & impt 5s_ 192.3_
83 Dec'21
97
1 9012 98
1961 QM
Panama Canal 3s gold
J 96% 98 97
1st consol gold 5s
.;/9
79 Feb'22
7938
1961 @ M
10312
3 9412 10312
Registered
1939 M N 10318
- 10314
Registered
100 May'221
00034
Foreign Government.
238 10
10
80
General gold 4%s
1927 F A 10214 Sale 10012 10214 376 66 10214
8
96
9 Nev9921,4‘:16-!.
Argentine (Govt) 75
1992'M S 90
85
19 77 8714
Registered
8512 54
Argentine Internat 5s of 1909_ _ _ _ M S 84
901'4
123 10384 10912
105
20-year convertible 4%s
Belgium 25-yr ext s 1 734s g 1945 J D 10434 Sale 104
92
150
F N
A
S
1119
993
930
29 MM
30-year cony secured 58__ _1946 A 0 -6
10018 118 9412 104%
5-year 6% notes
98
Jan 1925 .1 J 100 Sale 9914
f12 Sale 9714
9934 735 -82
:1114
2 -9
99
234
10434 55 10314 108%
Big Sandy 1st 48
20-year s f 8s
1941 F A 10314 Sale 10314
84 July'22 ___-1 7612 84
Coal River Ry 1st gu 45__ _11945
Bergen (Norway) 18e
5 -8
1945 M N 10912 Sale 10512 11018 33 105 112
-7
- - 8714 Aug'22 __-- 78
J D 86
4j
87/
1
4
44
11212
114
log 115
Craig Valley 1st g 5s
Berne (City of) s 8s
8878 June'22'
8878 8838
ale 971
98
173 9758 10112
4 ga
/
4
91
2578
g -8
Potts Creek Branch 1st 48_11946
Bolivia (Republic of) 88
/11
4 108
-4
- - 79 June'22 ____ 71
194
194r
79
9j
J j
J 8
8212 40 80 90
8318
84
R & A Div 1st con g 4s_ __ 198.3_
Bordeaux (City of) 15-yr 68_ _1934 M N 81 Sale 80
84
84
1
J
8214 84
184 99% 108
102
Brazil, U S external 8s
80 8012 May'22._-_ 7558 801s
2d consol gold 4s
1941 J D 10112 Sale 10034
9134 121 90
96%
69 Apr'211___
Greenbrier Ry 1st gu g 45_ _1
75
1952J D 9112 Sale 9012
198
40
9j
lk1 N
j 8418
8634
159
80,
9212
_
_8712
73,4s
4
Warm
1952 A 0 8714 Sale
Dec'21
Springs V 1st g 5s_..1041 111 S
8434 8712
112
67
10014 171 66 10114 Chic & Alton RR ref g 3s___ _1949 A 0 65 66 64
Canada (Dominion of) g 5s_ _19261A 0 10014 Sale 997s
85 521g 67
10034 49 94% 101
do
Railway 1st lien 334s
do
5112 226 3712 52
do
58_1931 A 0 10014 10012 99
1950 J J 5112 Sale
1)2
158
Sal
l
e
85
64 7714 85
10234
10-year 5;4s
8412 Bale 8318
9332 10332 Chic Burl & Q-Ill Div 3%5_1949 J
1929,F A in
99
5s
9178
9912 501 9758 10612
91%
5 8712 93
Illinois Division 4s
1952 M N 99
1041
/
4 66 10018 106
Chile (Republic) ext s 1 88_..1941 F A 104 Sale 103
96
15
%
8 96
Nebraska Extension 45.......192
3% 96,
s
96%
5 93
9j
M
1947
96%
External 5-year s f 8s
9014 Oct'19 -1926 A 0 102 Sale 10134 10218 51 9812 10378
Registered
1927 M N
104
50 100 10612
25-year 8 f 8s
General 48
'Wig; -173.
1946 MN 104 Sale 103
19
90
1
3
1
8
4
19
0
53
2
1
2
8
4
10
91
1
10
Chinese (Hukuang Ry) 58 of 1911 J D 0 5314 54
983
2
92
1
5
12
8
9
4
4
5
&
ref
1st
55
538 18 44
M AS
101%
19
97
51
8F
57
Christiania (City) s f 8s
11034 19 106 11212 Chic & E
1945 A 0 109 10934 109
Copenhagen 25
9314 105 8512 9312
-years 1534s_ _1944 J 2 9278 Sale 9134
10738 109 10912 Aug'22
1st consol gold 6s
102 10912
M34
90
96
July'22
93
Cuba-External debt 5s of 1904 M S 92 ,
12
General consol 1st 58
8412 99
96
9612
95
,,
Exter debt of 5s 1914 Ser A_I949 F A - - .
85
78 68
77 9034 C & E Ill RR (new co) gen 5s-1119
85
0 8938 June'22 -9951 M
A N
N0 8418 8514 8412
82
External loan 434s
6212 225 59 64%
1 76 82
Chicago Great West 1st 4s
1949 F A if 82 82
1959 M S 6238 Sale 603s
94
Sale
9512 113 93% 10034 Chic Ind & Louisv-Ref 68_1547 J .1 107 112 107 Aug'22
Czechoslovak (Repub of) 8s_ _1951 A 0 9412
101 107
1 8712 98%
11034 14 10512 114
Danish Con Municipal 88 "A"1946 F A 110 11012 110
9838
9738 -___ 9812
Refunding gold 58
Series B
77 July'22
77
2124
1946 F A 110 111 10934 11014 10 105 113
75
8112
Refunding 48 Series C....19
94
46
7j j 8
Denmark external s 1 88
•
111
119 10712 11212
8112 77
1945 A 0 111 Sale 11018
Ind & Louisville 1st gu 4s 1956 J J
75
77
9912 Sale 99
20-year 68
1
4 June'22
9958 208 9014 99% Chic Ind & Sou 50-year 4s
1
4 83/
864 85
1956 J .1 8578 87/
95
Dominican Rep Cons Adm s f 5189
9712 17 8512 9712 Chic L S & East 1st 4%s__ _1969 3 D 9038 91
9055 Aug'22
'58
F A
j 9518 96
42 j
88 90%
Dutch East Indies ext 6s_ __ _ 1947 J J 95/
9512 118 94 97
7812
80 1 44 7112 80
Ch M & St P gen g 4s Ser A_e1989 J
1
4 Bale 95
7914 80
95 Bale 9412
9518 480 9314 97
40-year 6s
General gold 334s Ser B__e1989 J J 663g 7312 6912 Aug'22
64 6978
10052
Sale
10034
102 709 99% 10834
French Republic 25-yr ext 8s_1196
8838 24 79
45
General 434s Series C... e1989 J .1 87/
2M
M SS
1
4 88 8712
883s
20-year external loan 7%8_1941 .1 D 9712 Sale 9714
9912 1054 94 106
Gen & ref Series A 4348a2014 A 0 69 Sale 6734
6978 744 5412 6978
Great Brit & Ireland (UK of)80
234 62 80
Gen ref cony Ser B 5s____a2014 F A 79 Sale 77
20-year gold bond 534s_ _1937 F A 105 Sale 10434
10514 144 96 10672
Convertible 434s
77 . 624 gg
7614 Bale 7434
77
1932 J
10-year cony 5348
11014 93 98s, 111
...1929 F A 109 Sale 109
Permanent 48
8634 Sole 8414
87
917 69% 87
3-year cony 5348
P1922 F A S 10812 Sale 10812 109% 330 100 110%
25-year debenture 48
68 69 6712
69
87 54 89
9612 37 9212 9634
Italy (Kingdom of) Ser A 6301925 F A 9614 9634 9514
Chic & Mo Riv Div 58_ _1
2 June'22
193
26
4j
J j
89 97
J 9634 --__ 94,
9434 157 86% 0512
Japanese Govt-.£ loan 4345_1925 F A I 9413 Sale 9412
7612 '72 6312 77
Puget Sd 1st gu 4s 1949 J J 7512 7612 75
94
Second series 434s
303 8638 9414
1925 J J 1 212 94(212 9312
Milw & Nor 1st ext 434s_1934 .1 D 93 ____ 9138 Aug'22
9188
84%
Sterling loan 4s
8118 433 n5, 811s
793
1931 .1 J
Cons extended 434s
to
8878
A 9018 94 887s July'22
1934 J D
Lyons (City of) 15-year 68_ _1934 M N 8114 Bale 81
8212 97 8012 90
Chic & N'west Ext 4s..
709936581,42
_79_65385
9214
26
22.
Marseilles (City of) I5-yr 68_1934 M N 81 Sale 8012
8212 85 8012 90
.186-92Registrd 1886-1926 F
Apr'22
931, ve.4
M A
Mexico-Extern loan £ 5s of 1899 Q .1 0 58 Sale 5612
5814 120 54 7012
en
G eral gold 3%s
N 795 7934
1987
72 81
D
2
45
Gold debt 4s of 1904
Sale
4414
4612
84
1954.,
39% 62
Registered
70 Deo'2i
p1987 Q F
9312 34 93 941
Montevideo 78
1952 J D 93 Sale 9212
General 48
/
4
8978 89%
89% 18 8238 7I77;
1987 M N 89
Netherlands s f 65
98
315 94 9814
1972 IW S 9758 Bale 96%
Stamped 45
1987 M N 8814 -___ 88 Aug'22
8112 88
Norway externals 18s
11212 99 10734 115
1940 A 0 11134 112 11138
General 58 stamped
10612 10814 1061
/
4 10612
1 9972 10612
M
N
1987
Porto Alegre (City of) 8s_ _ 1961 J D 99 9934 99
Sinking fund 68
9934
9 99 105
102 103
1879-1929 A 0 102 10614 103 July'22
Queensland (State) ext Si 7s.1941 A 0 111 112 111
11214 501
35 105% 11214
Registered
---_ 101% Apr'22
1879-1929 A 0
101 101%
25-year 68
1947 F A 10234 Sale 10212 103
99 103
Sinking fund 58
_
10012 10312
9812 104
1879-1929 A 0
991, 39 99 10514
99
Rio Grande Do Sul 8s
1946 A
Registered
1879-1929 A 0 97 100 100 Aug'22
9514 100
6
1
10,
9
9
%
Janeiro
25
t
e
981
/
4
-year
s
f
100
86 9812 105%
88_ _1946 A
Rio de
Sinking fund deb 5s
10012 10012 --- 98 10112
1933 M N
129 9812 104%
88
1947 A 0 100 Sale 9812 100
Registered
9812 May'22
98/
1
4 100/
1
4
1952 M S 3100 Sale 100
10134 48 99 106%
San Paulo (City) s f 88
10-year secured 7s g
10838 -___ 10814 1091
/
4
4 Dm 1091
100
1007s 52 100 108
San Paulo (State) ext s f 8s 1936
15-year secured 634s g__ _1
2 100 115
112 ____ 11218 11212
99
19
3
3
36
93
j
1"
111
DN
S
1 12T4
8714
90 236 87% 98
Seine (France) ext 78
1942 I :
Des Plaines Val 1st gu 434s 1947 M 5 9134 ____ 10112 Oct'lio
le 10412 105
a Sale
Sweden 20-year 68
68 94 105
1939 J D
Frem Elk & Mo V 1st 68_1933 A 0 11118 ____ 11034 Aug'22
_ jai fig
11912 12012 215 11212 12012
Swiss Contereen 20-yr s f 8s_ _1940 J .1 120
Man GB&N W 1st 3%8_1941
j 797 -___ 70 Mar'21
7212 71%
Tokyo City 5s loan of 1912
7238
7 67
M S 72
M11w & L Ist gu 3%s_1941 J .1 7978 ____ 661
7812
/
4 Aug'21
Republic
105
Uruguay
ext 8s_ _ _ _1946 F A
106
105/
19 10212 108%
1
4 1048
Milw L & West imp g 58_1929 F A 100 ____ 9938 Aug'22
985 9955
Zurich (City of) s f 8s
1945 A 0 114 Sale 11312 115 ' 54 we 115
Ashland Div 1st g 68_
1925 M S 1007 ____ 99 Mar'2I
(These are prices on the basis of $5 to
10114
Mich Div 1st gold 6s_ _ 1924 J J 10078 ____ 10114 iv,ar'22
_
State and City Securities.
Mil Spar & N W 1st gu 48_1947,M 5 90 913 9138
1 9514 9132
9138
68 10312
N Y City-43s Corp stock_ _1960 M 5 101 10138 101 Aug'22.
St L Peo & N W 1st gu 58_ _1948 J .1 10414 10514 1041
/
4 10414
2 95 10434
43(8 Corporate stock
1964 M S 10314 10334 10314
10314 1 10 9n 10334 Chic RI& P-Railway gen 481988:3 J 8514 Sale 86
8614 14 79 8614
66 103%
434s Corporate stock
1966 A 0 10314 - ___ 10312 10312
Registered
8214
19883 J 82 8434 82 July 22 _ _ 78
108
434s Corporate stock
1971 .1 D 10734 108 10734
10 103,
R
ite
;uAnrdki L
go
eludi841
8534 548 7512 8534
s8t 4 ,5,3 1
8512 8312
8 108%
'M
A O
s 85
,
9
3
4
108
15 10312 108
8614 41 764 8614
434s Corporate stock_ _July 1967 J J 10734 10778 1078
8414 Sale 8414
/
4 10738 Aug'22
1965 J D 10734 1081
103 108
Burl C R & Nor 1st 5s_ _ 1934'A 0 99 --__ 9912
434s Corporate stock
9912 10 90 100
108
1963 M S 10734 108 10734
4 103 108
434s Corporate stock
422 __-6
Choc Okla & Gulf cons 5s 1952 M N 93
758 Aug;
-6_ _ 92
7% -9
-1 89 98
100
1959 m N 100 10012 100
4% Corporate stock
6 9312 10012
Keok & Des Moines 1st 58_19231A 0
72 94
165
7 RI
958
M N 000
100 100
01 ,2 100/
1
4 Aug'22._
6334 10018
4% Corporate stock
8412
8412 18 76 85
StPaul&KCShL 1st 4%81941 F A 8438 85
10012
9312 100% Chic St P M &0cons 6s
Aug'22
4% Corporate stock
10818 ____ 10818 10818' 6 10412 1081s
100
1 94 100
Cons bs reduced to 3%s__ _1
4% Corporate stock reg._ _1956 MN 100 Sale 100
9212i 87 Apr'221____I 87
9012
1930 D 91
1957 m N 1067s 10758 10612 Aug'22
Debenture
New 434s
9612 20 9114 9612
9812 96
10312 10741
97
1957 RI N 106% 1075 10634 10678 10 103% 10712
North
434% Corporate stock
sin 1st
10614 ----1118 Nov•loi
S
J
M
J
_1
1
9
3
0
9
84% 9012
Superior Short L 1st 55 g__e1930 M S 96 -___ 95 May'181
334% Corporate stock__ _ _1954 M N 9114 92 9034 Aug'22
1961 M S ---- ---. 90 Dee'20
Chic T H & So East 1st
82
314
9
84
3128 2
New York State-48
18
2, "fis; 7(718318 841. ,
2
-1960 J
Chic Un Sta'n 1st gu 4%8 A._ 1963 J
Canal Improvement 4s_ _ _ _1961 J J -------- 102 June'22
fed" 102
1
4 9418
87/
1st Ser C 634s (ct(s)
109l 110
117%
3 11182 11738
19
13
Highway Improv't 4346_1963 M S ---- ---. 10912 Apr'22 714
2 8
!
-4-!- 117
1963J
___.
____
10412
Apr'22
Highway Improv't 431s__ _1965 M S
10412 10412 Chic & West Ind gen g 6s_..e1932 Q M 10578 106 10
75
634 Aug'22
2
103 105
Consol 50-year 4s
Railroad.
97 6712.771
/
4
1952 3 J 7712 Sale
72
7012
7012
k1995 Q J 70
4 5814 80
15-year s f 7%s
Ann Arbor 1st g 4s
10212 Sale 10212 10212 13 99% 302%
Sale
4
9278
9334 213 85 951s Cin H & D 2d gold 434s
Atch Top & S Fe-Gen g 4s_ _ 1995 A 0 _933.
98
1 m
Au
er
g:2
17
21.
_90
._ .
.
92
.. 8
......... 85 91
10
gi3
4
r !T
AI
I
88 June'22
1995 A 0
C Find & Ft W 1st gu 4s g_
Registered
8714 8814
N
85
86
33 7712 ,
Day & Mich 1st cons 4;43_1931
/1995 Nov 8458 86
Adjustment gold 4s
80
76;
1 95
J 9318 -- 9234 Aug'22
8
86
612 5
13
3 7812 o612 Cleve Cin Ch.& St L gen 44_ _1993 J D 8358 8334 8312
/1995 Nov 8614 87
Stamped
8
1, 7812 8414
8
,2
318
2
it5E2
G
0eiy
i
e
e
r
a
a
rl
d
1955 J D
I
ss
eb
se
4
Cony gold 4s
r
%
ies
s 33
76 85
/
4 Sale 92
921s
1,
9
,
33
85
13 D
3 921
iCii4
102
Aug'22
91% 104
1960 .1 D
Cony 48 issue of 1910
,
100
1
86% 10118
10018 ____ 101
Ref & impt 6s Series A._ _ _1929 .1 J 10112 10134 101
East Okla Div 1st g 4s_ _ _ _1928 M S 9438 -- 95 Aug'22
9114 95
10218 28 95 10234
82
3
4
8312
8312
Aug'22
J
78
Div
1965
.1
85
Cairo
1st gold 43
Rocky Mtn Div 1st 4s
7934 92
1939 J J 891. 90 90
8812 26 7934 90
Cin W & M Div 1st g 4s1991 J
Trans-Con Short L 1st 48.. _1958 J J 8714 8814 883
8212
8212 8314 8214
7 76
8212
9458
3 8618 94%
Cal-Ariz 1st & ref 434s"A" 1962 M S 9412 Sale 9412
St L Div 1st coll tr g 4s_ _ _ _1900 M N
84
8418
5 7712 8418
92
9112
9138
Atl Coast Line 1st gold 4s..11952 M S
918 32 85 93
Spr & Col Div 1st g 4s
85
412 Aug'22
5,18
4
191
0S0
0J
M J 83
8512
8512
10-year secured 7s
1930 M N 10712 108 10714 108
14 10412 108
W W Val Div 1st g 4s
834 84
8,334 ---- 8314 June'22
1964 J D 9038 91 19412 A08
General unified 4348
C I St L & C 1st g 4s
9...5
0212
3 . 8312 90%
/1936 Q F 89%
Registered
Ala Mid 1st guar gold 5s_ _ _1928 M N 100 - _
9834 100
86
9112
2 11,Alauyg:2222
/1936 Q F
8
6
312 88°
9%
9114
Bruns & W 1st gu gold 48..1938 J J 90 63Cin S & Cl cons 1st g 5s_ __1928 3 J
9114
3 86 9114
- 99 Aug'22 ____ 94 99
al952 MN 8514 Sale 848
8514 50 78 8512
CCC&Igenconsg ss. 19343 J 10658 _- 1051
L & N coil gold 4s
/
4 May'22 ____I 104 10518
/
4 Sale 9438
Ind B & W 1st pref 4s
1925 J J 941
Bait & Ohio prior 3345
95
27 88% 95
1940 A 0 8858 ---- 99 June'22 ____I go
90
/1925 Q J 9138 ---_ 9278
9278
Peoria & East 1st cons 4s_ _1940 A 0 82 8214 8134
Registered
1 91
92%
823
4 708 84
8512
/1948 A 0 8734 88
Income 4s
88
62 7618 87%
1st 50-Year gold 4,1
1990 Apr. 3534 3858 3578
3812 178 227 3912
81 July'22
k1948 0 J 8314 84
Registered
75 81
Cleve Shor Line 1st gu 4%8_1961 A 0 9718 981
/
4 1311%
96%
1 90 96%
87
S
Sale
1933 M
8634
8758 164 74 8734 Cleve Union Term 534s
10-year cony 4345
1972 A 0 10614 10534 10514
10534 14 lows 10534
Colorado & South let g 4s_ 1929 F A 9334 94
Refund & gen 5s Series A_ _1995 J D 9212 Sale 8938
93
174 77 93
93,
4
94 1 37, 8414 94
1929 J J 10134 Sale 10112 102
Temporary 10-year 6s
Refunding & exten 4348_ _ _1935 M N
917s 51 3118 92
88 9412 102
05
112 Aug'22 ..$ 10118 1061
Ft W & Den C 1st g 534,s_ _1961 J D 10
P June & M Div 1st g 3%8_1925 M N 92 9312 92 Aug'22 __ _ _ 87 93%
_a
_l_e_ 19
114 S
95
/
4
8514 14 77
87
P L E & W Va Sys ref 48_ _ _1941 MN 8378 Sale 8212
Cuba RR 1st 50-year 5s g__ _1952 J .1 8514 Sale 1 8412
85
197 7234 85
1st ref 734s
Southw Div 1st gold 3348_ _1925 J .1 9312 9334 9312
12 100 10612
1936 J D 10512 106 110534 106
94
78 86 94
1
4 80% 7714 Aug'22 ____ 7714 8112
D L & W-111 & E 1st gu 3Iis 2000 J D 77/
Clev Lor di W con 1st g 5s..1933 A 0 9914 100 98 June'22.
92 99
N Y Lack & Western 5s
Ohio River RR 1st g 53._ _ _ 1936 J D 9812 -__- 9838 Aug'22 __ -- 96% 98%
9812 1037
1923 F A 100 10014 10014 Aug'22
9912
1937 A 0 9638 9712 98 July'22
Terminal & improve't 48_1923 M N 0834 9914 98% July'22 ____ 97
General gold 5s
90 98
7414 Apr'22 ____ 7414 7412
Warren 1st. ref gu g 349. _2000 F A
Tot & On Div 1st ref 48 A _ _ 1959 J .1 71
72
761s 79
7112 71
71 62% 72
*No price Friday; latest bid and asked. a Due Jan. aDue April.'Dm May. /Due June. ADue July. kDue Aug. oDue Oct. pLue Nov. zDue Dec. 9 Option Wee
g
E
• &
?3:.elle
1
21
974
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 25
New York Bond Record-Continued-Page 2
Price
Friday
Aug. 25
Week's
Range or
Last Said
i
c51
Range
Since
Jan. 1
Ask Low
HighNo.'Low High
Bid
Delaware & Hudson13 8318 034
927
8
9314
92
9314
MN
1943
1st & ref 4.9
9834 32 8934 99
1935 A 0 9812 Sale 9812
30-year cony 5s
10184 10212 39 99 103
10212
10218
N
M
1937
5%s
1.0014 !ale 110
110
107 11112
1930 J D 119
10-year secured 7s
7658 82
1
4 85 82 June'22
1946 A 0 80/
Alb & Sum cony 3%s
N
M
68_1941
Renns & Saratoga 20-yr
1
4
7934 69 73 81/
Den & R Or-let cons g 4s_ _1936 .1 J 79 Sale 78
/
4 Aug'22 ..„ _ 7612 84
1936.3 J 83 8312 811
Consold gold 4;4s
8112
82
29
85
8112
7412
81
D
1928
Improvement gold 5s
4758 133 42 521
/
4
1955 F A 4758 Sale 46
let & refunding Ss
44
4314 50
44
4 404 47
deposit_
Trust Co certifs of deposit_______
89 9012 8612
88
11 8012 89
1939
Rio Gr June 1st gu 58
1
4 1712 6114 Apr'll
Gr Sou 1st gold 4s___ A940 J J 10/
-fors 1018
1940 J J 13 ____ 1018 Feb'22 -Guaranteed
86
7334 8612
8612
Rio Or West let gold 4s__ _1939 J J 7934
5 621
71
/
4 69
/
4 711
/
4 71
Mtge & coll trust 4s A 1949 A 0 691
78
____
78
70
June'22
74
Det & Mack-lst lien g 45.._ _1995 .1 D
_ 67 67
1995.3 D 6758 70 67 May'22
Gold 4s
15
Sale
90
90
90
82
93
MN
1961
4%s
Det Riv Ter Tun
9914
100
100
2 95/
1
4 100,
Dul Missabe & Nor gen 5s__ _1941 .1 J
98
5/
1
42
1 m
9514 100;4
Au
agr:
028
2_
1937 A 0 9914 10038 10
Dul & Iron Range 1st 5s
- _
1937 A 0
Registered
83
3 -8178 8783
Dul Sou Shore & Atl g 5s_ ......l937.3 J 83 -831;
95 100
Elgin Joliet & East 1st g 5s 1941 M N 9818 100 100 Aug'22
10612
10612
10678
30
10612
1005s 1°7
Erie let consold gold 7s ext_ 1930 M S
8038 87
N Y & Erie 1st ext g 4s__ _ _1947 MN 89 -___ 87 July'22
'
2
9634 09
1943M S 9812 ____ 9838 June'22
3rdextgold45s
9012 954
4th ext gold 5s
1930 A 0 9614 ____ 9514 June'22
1928 .1 D 845s ____ 9434 Nov'15
5th ext gold 4s
10218 jail;
/
4 Aug'22
NYLE&Wlst 7sext
1930 M S 10318 _. 1021
86 5414 71
71
5,,
Erie 1st cons g 48 prior__ _ _1996 J J 6812 Sale 6812
5612
57
66
Mar'22
-,7g
57
Registered
1996
J
328 39/
58
1
4 58
let consol gen lien g 4s 1996 J J 5714 Sale 5634
56
51 Aug'22
51
51
Registered
1996.3 J
8 79 9„
8912
1
4 8812
1
Penn coil trust gold 4s.._1951 F A 8814 89/
1
4
55
89 3414 51
,
50-year cony 4s Ser A_.._1953 A 0 5438 Sale 53/
101
55
5312
5434
Sale
32
Series
B
1953
A
do
0
59
83 3434 5v,
1
4 59 5714
Gen cony 4s Series D_
1953 A 0 58/
9814
1 80 08'4
Chic & Erie 1st gold 55._ _ _1982 M N 9714 9838 9814
9358
1
4
____
995
8
9012 90/
Jan'22
Cleve & Mahon Vail g 5s 1938 J J
3 7812 ,
96
9914 96
98
,
s 14
Erie & Jersey 1st s f 6s
1955 J J 96
97
29
95
97
8
965
793
8
v
,
Genessee River 1st s f 6s
1957 J J
Long Dock consol g 68_ _ _ _1935 A 0 10814 109 109 Aug'22 -- 109 109
8312 pee'21 Dock & Impt 1st ext 5s__1943 J J 9478
N Y& Green L gu g 5s___ _1946 M N 8978 ____ 88 Feb'22 -- 88 88
73
05s 5
76
134 5
72
124 may2
713
42
54 .2
N Y Susq & W 1st ref 5s__ _1937 J J 5
4712 52
1937 F A
2d gold 43.is
57 -22 384 60
1940 F A 57 Sale 55
General gold 5s
8312 86
Terminal let gold 6s___ _1943 M N 8858 ____ 86 May'22 --- 93
9412
Mid o1N J 1st ext 58
1940 A 0 905s 94 93 July'22 ---0
8
78
0
53
3
Wilk & East 1st gu g 5s_....1942 J D 67 71
Apr'21
Evans & T II 1st gen g 5s_ 1942 A 0 ____
6912 Apr'21
Mt Vernon 1st gold 6s___ _1923 A 0
6912
Apr'21
Sul Co Branch 1st g 5s
1930 A 0
90;2
-ii19
78012 4
Florida E Coast let 430
1959 .2 D 9012 91l 90
_ 66
Apr'21 -J 8014
Fort St U D Co 1st g 4%8_1941
86
Ft Worth & Rio Gr 1st g 4s_ _1928 J J 82 ____ 8038 July'22 -- 78
8912 19 83 09%
Galv Hous& Head let 5s_
1933 A 0 8914 90 89
Grand Trunk of Can deb 7s 1940 A 0 11314 11312 11238 11314 32 10812 11474
1
4 10418 129 100 105
15-year s f 6s
1936 M S 10418 Sale 103/
1913174 Aug'221134
166 10718 11134
19
13
17
12 Sale
_
Great Nor Gen 78 ser A
1936 J J .
88
9412
1st & ref 454s Series A
1961 J J
8214 Oct'21 -Registered
1961 J J
.34
148 96120
j
1952 J J 10312 9;1Temporary 53is
/
4 Aug'22
944 ---- 921
1933
gots 9258
St Paul M & Man 4s
111 ---_ 713
114 1 103
2 10518 111
134
1933 J
1st consol g 6s
99 Sept'20
Registered
1933 j .1
9912 11 9314 100
Reduced to gold 4%s
1933 J J 9913 ____ 99
1 95
97 Aug'22
1933
Registered
97
9212
1 88
Mont ext 1st gold 45___ _1937 J D 92 9212 9212
9212
80 Mar'24
Registered
1937 J D
83 Mar'20
Pacific ext guar 48
1940 J
1
4 June'22
8934
HI Minn Nor Div lst g 4s_ _1948 A 0 8738 9238 89/
88
13
164
3 m
Aa
uy0
g:26
2
Mont C let gu g 6s
1937 J .1 113
1094 113
Registered_
1937 J ./
99
2 103 10019 Aug'22,„
1937 J J 100-11st guar gold 5s
Will & S F 1st gold Is.... _1938 .1 D 10214 ____ 10214 July'22 --- 9914 10214
Green Bay & W Deb ctfs "A"---- Feb 60 70 701s Apr'22 - - 6712 7012
/
4
612 17/
1
4
1738
Feb 17 Sale 131
Debenture ctfs "B"
1
4
79
14 72 8°
Gulf & S I 1st ref & t g 5s__61952 J J 7634 8012 76/
Hocking Val 1st cons g 4s 1999J. .1 _8814 89
8112
89
8
78
34 June
8
'
1999J J
918.-- 21
Registered
1948'A 0 8518 ____ 8012 June'22,__ -- 78
80 3
Col & II V 1st ext g 4s
83 Aug'22 ---- 7812 83
1955 F A 83 Col & Tol 1st ext 48
893s 96
Houston Belt & Term 1st 5s_1937 J J 96 100 96 Aug'22
/
4
8634 313 75 8634
1957 F A 8638 Sale 851
Hud & Manhat Is ser A
663 334 471
/
4 6634
1957 A 0 6638 Sale 6412
Adjust income 5s
1932 F A *9658 ____ 9514 July'22
92 96
N Y & Jersey 1st 5s
83/
1
4 95
Illinois Central 1st gold 4s...._1951 J J 9314 -___ 95 May'22
8318 Sept'21
1951 J J
Registered
87 8278 July'22
8278
1..;51 J J 83
-7638
let gold 3%s
1951 J J *76_ 84 Nov'15
Registered
Safe
72
8412
Oct'21
_1951
A
0
Extended let gold 3%s_
---1951 A 0
Registered
81) Jul-y-'89
1951 M S
1st gold 3s sterling
85!
z :6
Aeupgt:
210
2
8012 -sir
Collateral trust gold 4s___ _1952 M S 86 ____ 9
1952 A 0
Registered
90
-661;
9114 140 8218 91'2
1955
M
N
1st refunding 4s
/
4
80/
1
4 15 7658 805s
1952 J J 7958 8958 791
Purchased lines 332
82
3
/4
28 7818 84
L N 0& Texas gold 4s__ _ _1953 MN 835s Sale 8
Aug'22
1953 M N
82 82
Registered
102
32 9634 10234
1934 J J 1514 102 10134
15-year secured 532
5 9934 113
1936 J J 11114 113 11212 113
15-year secured 6;is g
9138
_-__
9212
93
6 8134 93
1950.3 D
Cairo Bridge gold 48
79/
272 6
1
4 JA
79
7733
8 77
uuu
ngg
e,
'
,2
22
2
6358 6934
Litchfield Div 1st gold 38.._1951 J J 6
7334 79
Louisv Div & Term g 33,82-1953 J
4 691
/
4
71
5 66
71
Omaha Div 1st gold 3s......_1951 F A 6978 703
6358 7212
7214 7414 7212
St Louis Div & Term g 3s-1951 J
7912
7918
7918
80
7612
10
7912
1951 J .1
Gold 3;is
7812 July'22
7812 7812
1951 .1 J 7734 79
Springf Div 1st g 3%s
82
95 N
Juolvy1
:22
0
1951 F A 86
82 8512
Western Lines 1st g 4s
1951 F A
Registered
8 101 10012 July'22
9984 Nil;
1923 .1 D 1551Bellev & Car 1st 6s
73 Mar'19
8712 90
Carb & Shaw 1st gold 48_1932 M S 9884.
0_212 June'22
1.05.1,9Ai
,g21
D
J
_1951
99 idiCa
5s__
gold
0
N
&
Chia St L
1951 J D
Registered
6524 Dee'21
1951 J D 75 Gold 3s
9934
667-8 9914
9012 100
Joint let ref 5s Series A_1963 J D 9634 -_
82 May'22
7834 82
1951 J D 8114
Memph Div let g 4s
86
90
-78 80 Sept'21
S
M
1931
4s
g
gu
1st
Louis
Sou
St
88 July'22
93
8712
J
J
1
E 80
1950
Ind Ill & Iowa let g 4s
10012 10034 100/
1
4 Aug :12
97 101
Int & Great Nor 1st g ext 7s 1922 MN 5412 Sale 511
/
4
5514 110 5014 5512
J
J
1952
Adjust68
8612
_ 8412 July'22
8013 85
James Frank & Clear let 4s_ _1959 J D 711
72
/
4 Sale 71
62 63 72
Kansas City Sou 1st gold 38-1950 A 0
Oct'09
78
0
A
1950
Registered
93
65 84 WApr 1950 J J 93 Sale 92
;Ref & impt
8538 30 79% 86
J 8334 8478 8412
Kansas City Term 1st 45_ _ _1960 J J
100
944
Aug'22
95
9412
85
J
Lake Erie& West 1st g 5s__ _ _1937
8758
77
1941 J J 8534 8734 8758 Aug'22
2d gold Is
__ 7318 July'22 - _ 68
7418
78
North Ohio let guar 8 55-1945 A
95
1 905s 96
1940 J J 95 ____ 95
%s
4
g
gu
1st
Y
N
Val
Leh
80 July'21
J
J
1940
Registered
8312 84 83
83
23 "ii3; "90"
Lehigh Val (Pa) cons g 4s__ _2003 M N 93 Sale t 90/
1
4
93
93
24 85
1M N
03
19
04
gug
General cons 4%.;2
___ 10134 June'22 __ 9818 102
102
59_A
0
Leh .' Term Ry 1st
113 Mar'12
1941 A 0
- -Rea-tared
----
-_-
____
BONDS
N. Y.STOCK EXCHANGE.
Week ending Aug. 25
11.1
Price
Friday
Aug. 25
Range
Since
Jan. 1
Bid
Ask Low
High No I Low High
Leh Val RR 10-yr coil 65_n1928 M S 10338 Sale 10318
104
9 10012 104
Leh Val Coal Co 1st gu g 5s__1933 J J 100 10112
9038100
Registered
105
0 j
O
ueltY'2
'13
2
1933 .1 J
1st int reduced to 48
1
4 Oct'21
1933 J J 8634--- 83/
2
Leh & N Y 1st guar gold 4s 1945 M S 83/
1
4 86 86
86
-a; 86
Long Isld 1st cons gold 5s ..h1931 Q
984 -100 Aug'22
9512 100
8914 Do
1st consol gold 42
51931 Q J 9112 92 894 June'22
8612 8612
8612
General gold 42
1938.3 D 85
77 8934
Gold 4s
8212 8414
1932.3 D 8512 --__ 8414 Aug'22
8112
_ 8112
Unified gold 4s
734 8112
1949 M S 7914
4 88 95
97 95
95
Debenture gold 5s
1934.3 D 95
8512 8914 Aug'22
20-year p m deb 58
7534 8512
1937 M N 85
132
813
8438
72
Guar refunding gold 4s.... _1949 M S 834 Sale 95
8458
1
4
_ 9S1 June'22
9512 9512
NYB&MB lsteong 5s_1935 A 0 95/
1
4 99 83
Apr'21
N Y&RB let gold Is........1927 M S 97/
94
_ _ 9438 July'22
8913 -6i5Nor Sh B 1st con g gu 5sa1932 Q
8
5 78 94
Louisiana & Ark 1st g 5s
1927 M S 9214 94
Louisville & Nashville92% June'22
/
4
9812 10213
Gold Is
1937 MN 1031
- 102
41 8713 95
94
Unified gold 4.9
1940 J J 9314 9334 9314
8,
718 June'22
e:222
8814 90/
Registered
--- 90
1
4
1940 J J
95/
1
4 9872
Collateral trust gold 5s
1931 MN 995 _
13 10612 10914
109
10-year secured 7s.._ _ _ _1930 MN 108 109 108
47
/
4 107 10614 10634
101 10772
let ref 5;is
2003 AO 1061
9334 98
L Cin & Lex gold 43is
1931 MN 9834 9914 9558 July'22
10534 July'22
10258 105/
1
4
N 0 & M let gold 6s
1930 J J 1063s 10712
_
10112
101 July'22
9812 101
2d gold 6s
1930 J J
86 July'22
80 9112
Paducah & Mem Div 4s_ _1946 FA 8434 _
67
3 58 67
St Louis Div 20 gold 3s......1980 MS 6678 6714 6634
10 79/
1
4 88
Knoxy & Cin Div 4+9_1955 MN 88 8834
9
89
814 May'22
8 22
9834 99/
1
4
At! Knox & Nor let g 5s
1946 J O 10118
-- -- 104 July'22 -- 103 104
Hender Bdge 1st s f g 6s......1931 MS -Kentucky Central gold Is.. _1987 J J 86 _ _ 86 Aug'22 -- -- 7958 86
1
4 Aug'22 -- -- 93 100
Lex & East let 50-Yr Is 8u-1965 AO 9838 100 98/
/
4 97 97
97
6 9212 97
L&N&M&Mlstg 4;0_1945 MS 931
1 74
8312
8312
L & N South M joint 4s
1952 J J 84 _ _ _ _ 8312
95 Feb'Ob -- -51952 Q J
Registered
1003 10112
1 101 101 May'22
1937 FA -97;
N Fla & S Ist gu g 5s
9312
1945 J J 9414 9534 9312 Aug'22 ---- 89
N & C Bdge gen gu 4%s
/
4 10212 102 July'22 ---- 96 102
S & N Ala cons g1 g Is......j936 FA 1021
97 July'22 ---- 9512 9912
Gen cons guar 50-Yr 5s-1963 A0 99 __
8358
82/
1
4
831/4 20 77
Lou & Jeff Bdge Co gu g 48.._1945•S 8233 83
--- 77 Mar'10
1977 M S
Mex Internal let cons g 45
75
WW1()
---MS
1977
Stamped guaranteed
99 July'20
Midland Term-lst s 1 g Is....1925 J o
idf" ioi.
104 June'22
1927 J D Mil;
Minn & St Louis 1st 7s
8
48
134
87
0
6958 83
80/
1
4 4
1934 MN 80
1st consol gold Is
133 31
5012
1st & refunding gold 4s_ ,...l949 MS 4812 Sale
50 30 60
48
Ref & ext 50-yr 5s Ser A_ _ _1962 Q F 4712 4734 4614
36 62
/
4 60 5
79
712 Aug'22
81 _
Des M & Ft D 1st gu 4s
1935 J J 581
19
70 8312
Iowa Central 1st gold Is......i938 3D 78 81
46 32 5038
1951 MS 4634 Sale
Refunding gold 4s
1
4 91
85/
22
4
46
94 Aug'22
MStP&SSMcong4sintgul938 J J 9014 914 8
7 9614 105
10114 106 10112 10112
1st cons 5s
1938
80
10012
105
105
Bale
10312
105
10-year coil trust 6;is
1931 MS
8812 8934
9114
8912 July'22
9712
let Chicago Term s 6 49_ _ _ _1941
9414
1
4 9734 9678 Aug'22
M SSM &A 1st g 4s int gu.1926 J J 97/
Mississippi Central 1st 5s..__ _1949 J J 8812 ____ 8535 May'22 96 8234 8814
73 8378
83/
1
4
1
4 834
Mo Kan & Tex-1st gold 4s 1990 3D v 8234 83/
4838 6814
---- 6814 Aug'22
2d gold 48
91990 FA
4813 68
---- ---- 67 Aug'22
Trust Co certifs of deposit_ _ _
73 8614
1st & refunding 4s
2004 MS ---- - 8614 A pr'22
86 ____ 80 Aug'22
68 84
Trust Co certifs of deposit.._ _
5214 6412
6412 June'22
Gen sinking fund 4%s
19361-3
70 _
5214 674
67 July'22
Trust Co certifs of deposit_ _ _
27 44
44 June'22
St Louis Div 1st ref 4s___ _2001 15
5812 77
0
70
612 J
mun
ay
e:222
2
5% secured notes "ext"
80
9018
MN
Dallas & Waco 1st gu g Is.. _1940
777
83 8 July'22
704 7778
Kan City & Pac 1st g 4s___1990 FA
77 88
Mar'22
1942 AO
Mo K & E 1st gu g 5;
1
4 Aug'22
7814 9158
51 K & Okla 1st guar Is
1942 MN 9138 -6278 91/
77 9758
M K & T of T 1st gu g 5s_1942 M S ---- -- 85 July'22
42 42
1 341
42
/
4 42
Sher Sh & So let gu g 5s__ _1942 J O 35
734 3612
36 May'22
Texas & Okla 1st gu g 55_ _1943 MS 3214 45
8738 251 7634 8738
Mo K & T Ry-Pr I 5s Ser A 1962 J J 8512 Sale 86
/
4 7214 71
69 62
72
72
1962 J J 711
40-year 4s Series B
/
4 Sale 971
327 89 98
98
/
4
1932 J J 971
10-year 6s Series C
1
4
6434 2735 4334 6434
Cum adjust 5s Series A
1967 J J 64 Sale 59/
Missouri Pacific (reorg 00)93
144 8412 93
1965 F A 9234 _ _ _ _ 90
1st & refunding Is Ser A
991
9712 100
/
4 July'22 let & refunding Is Ser B....a1923 F A
1926 F A -617 gi-;1-43- 9712
1st & refunding Is Ser C
971
/
4 15 9512 100
46 98 103
103
1949 F A 10234 Sale 10114
6s, Series D
6934 350 5934 69/
General 4s
1975 M S 6912 Sale 68
1
4
Missouri Pacific1938 M N 8518 _ _ _ 8312 Aug'22
7638 8413
3d 7s extended at 4%
773
8
_
_
_
_
74' June'22 -- 74
Cent Br U P lst g 4s
1948.3 D
741
/
4
/
4 8812 Aug'22 Pao RR of Mo 1st ext g 4s_1938 F A 8878 891
8312 8812
2d extended gold Is
1938 J .1 98 Sale
98
St L Ir M & S gen con g 58_1931 A 0 9858 99
99
--- 1'9
0
'6
8
2 July
Gen con stamp gu g 5,9_1931 A 0
986
'14
0
Unified & ref gold 4s
-.
499
1929 J J 90 Sale
9013
04:718
8
- 9012
Riv & G Div 1st g 4s_ 1933 M N 8614 8612
8678 86 753s 867s
/
4 98 9
Verdi V I & W 1st g 5s
886
6
9'812 Aug'22
90/
1
4 964
1926 M S 971
Mobile & Ohio new gold 6s
4 10112 105
1
4
1927 J D 10478 105 104/
1041/4
let ext gold 6s
9712 100
100 May'22
h1927 Q J 101
7518
_ 75 July'22
(375s 76
General gold 4s
1938
8612 8912
95 97 8912 A pr'22
Montgomery Div 1st g 5s
r
96
......87's91
98
St Louis Div Is
Aug'22
95
93
St L & Cairo guar g 4s_ _ IN7
1j
.1 .
17I° 91
01 Aug'22 ____ 81
97 10358
Nashv Chatt & St L 1st 5s__ _1928 A 0 10078 10138 100 Aug'22
Jasper Branch 1st g 6s
10014 July'22 ...- 100 15514
1923 .1 J 10014
2118 45
3512 30 Aug'22
Nat Rys of Mex pr lien 4%s 1957 J J
2912 33
Guaranteed general 4s
2912 Feb'22
1977 A 0 2813 43
28
32
---- 3138 Mar'22
Nat of Mex prior lien 43s
1926 J J
2112 3338
- 25 July'22
1st consol 45
---1951
16
79
8614
8634
85
85
8614
1
?I
N O&N E 1st ref &
4;is
45 7012 80
1
4 Sale 7914
80
New Orleans Term let 4s__ _1953 J J 79/
7t 954 10112
10018
N 0 Texas & Mexico 1st 68_1925 J D 1004 10012 100
7534 45 62 7534
Non-cum income 5s A
1935 A 0 7512 Sale 7438
/
4 1081
/
4 207 98 10813
N Y Cent RR cony deb 6s
1935 M N 108 Sale 1071
10512 43 105 108
105 10518 105
10-year coll trust 7s
1
4 8678
8613 Sale 85
86/
1
4 36 78/
Consol 4s Series A
9012 90
9012 23 8514 9012
) 90
t
Ref & impt 4;is "A"
i (
1F1(
9912 1630 9334 994
Temp ref &!mot 58
2013 A 0 99 Sale 98
N Y Central & Hudson River451 74
698
412
83
2 8
794
3
2712i
Mortgage 3;is
1997 J J 803s Sale 793s
75
7712
Registered
1997 J J 7914 8012 77 Aug'22
/
4 Sale 9118
911/4 71
1934 MN 911
Debenture gold 45
Registered
1934 MN -___ ---- 6614 June'20
1942 J J 9012 _ _ _ _ 91 Aug'22 _ .._- 83 91
30-year debenture 4s
7014 8478' 7634
3 6914 7934
7934
Lake Shore coll gold 3%s_1998 FA
7412 Aug'22 ____ 72
741
/
4
1998 FA 754 79
Registered
80
__-7834
FA
80
10 7114 80
Mich Cent coll gold 3%s 1998
7413
1998 FA 76 _--- 7413 July'22 ____ 72
Registered
5978 _ _ _.- 60 July'22 ---- 6
8012
2 6
90
2
Battle Cr & Slur let gu 3s_ _1998 J O
9
,
1
786812
---- 8434 88
Beech Creek 1st gu g 48_1936 J J _8_9_7_8 8
July'21 -1936 J J
Registered
1936 5.3 8512 _-- 104 May'16 ---20 guar gold Is
GO July'22 .....__-_- "tici" -JO"
Beech Cr Ext let g 31.I8_61951 A0 72 69
8212 Mar'22
1981 J o 8312 86
Cart & Ad 1st gu g 4s
1935 J J 9718 ........_ _ .
Ka A & OR lot gu g 5s
7912 81 -8012
8112 --55 7e14 8112
1997 J
Lake Shore gold 3%s
1997 J D 8034 ____ 79 July'22 --- 7478 79i2
Registered
9512 9512
96
15 894 96
1928 M S 95
Debenture gold 45
N 94 Sale 93/
1
4
9534 7 881
1931
25-year gold 48
/
1
4
1
4 July'21 ------------_
___
1931 MN ---- ---- 85/
Registered
week. a Due Jan, 5 Due Feb. p Due June, h Due July. a Due Sept. o Due Oct. • Option sale.
•No price Friday; latest 081 and asked this
Vt
Week's
Range or
Last Sale
-
I
I
New. York Bond Record - continuo—Pm 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 25
4-
Price
Friday
Aug. 25
Week's
Range or
Last Sale
Range
Since
Jan. 1
te,
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 25
975
Ct]
Price
Friday
Aug. 25
Week's
Range or
Last Sale
144•
Range
jSincei
—
Bid
Ask Low
High No. Low High
Ask Low
High No. Low High
Bid
N Y Cent & H R RR (Con)—
87
8212 Jan'22 --- 8212 8212 3
31 J
Loosudr
is Grand I
1
4 76
Esrialnst(rgeo
Moh dr Mal 1st gu g 4s____1991 M S 85
)41 j j 7534 --__ 7534 Aug'22 _ _ _ _I 65/
4sr_g_610
1934 J J 9914 ---- 97% June'22 ---- 96
977s
Mahon CI RR 1st 55
1931 M 5 9918 ---- 9018 June'21 ---- ___ ..—
7434 -ids 68
Prior lien Ser A4s7
7434
Michigan Central 5s
Sale94
3 j 978458583858 Saleale
0 .3
195
950
1931 Q M ---- ---- 9812 Nov'18 ---- __I 741_2
89
Prior lien Ser B 5s
10
0(T
7 9
83
2 8
88
Registered
99
558
1940 J J 883 ____ 8812 May'22 ---- 82
53is
95/
1
4
95/
1
4
45
1942 j j
----7414
sept.20 ---- -------- Prior lien Ser C Os
10024 s.....le 1001
1940 J J ---Registered
/
4 10118 71 9458 1011s
rs i
Cum adjust Ser A 6s
6618 Mar'20
8478 499 71
84/
1
4
J L & S 1st gold 330____1951 M 5
h1192
58
5 .1
A OM 8414 Sale 8318
8134
4 -813-4
1942 M N 8112 8412 8134
_ -faIncome Series A 6s
577 54
79
79
1st gold 330
h1960 Oct
7812 Sale 7434
9312 ' 8638 9312 Sti
t,
to
et
ueisrillitgSA5R
20-year debenture 4s__ _ _1929 A 0 8912 9312 9312
11:
F
8
/12
srean
onsge
gn 6s__1931 j j 10378 _-__ 104
1
4 ____ 7034 Apr'21 ---100 ---- 99 Aug'22
N J June RR guar 1st 4s_ _ _1986 F A 78/
7858 May'22 ---- -5
2000 MN 8014 82
NY&Harlemg 330
5-8 -f1711--__
g 5s
1,82
---,7.. 690714
4
13
3„
4_s______ 199
4
36
7
1
Southw Div 1st
'
Feb'22 ---- -ki" -id
N Y & Northern 1st g 5s 1927 A 0 9914 ---- 95 Dec'21 ---- ___ _ ..-I
A Ojj
88
8312 Aug'22 ---- 7712 84
K C Ft S & M cons g 6s_ _ A928 M N' 104 10312 Aug
_ ia 1(1134 12
N Y & Pu 1st cons gu g 9s_1998 A 0 83
'
8112
____
7834 Apr'22 ---- 78 83
1941 J J
K C Ft S & M Ry ref g 45__1936 A 0 8234 Sale 81
83
Rutl nd 1st con g 430
77
75 Aug'22
92
Og & L Cham 1st gu 4s g_ 1948 J J 74
KC&MR&BIstgu5s1929 A qj 9254 96 92 Apr'22 ____ 8814 a
7314
7314
1
4 75
7314 73/
1
4 St L SW 1st g 45 bond ctfs_ _ _1989 m N 80/
8034 37 7234 8C1
1
4 Sale 80
Rut-Canada 1st gu g 4s-1949 J J 70/
/
4
9114 96
8914 May'22
'22 ---- 6
795:2
2d g 4s income bond etfs_p1989 J J 72 Sale 71
86
2
912 8
3, 6412 72
72
St Lawr & Adir 1st g 55_ _ _1996 J J
103 Nov'16 -1996 A 0 9738
Consol gold 4s
88' 6812 80
80
2d gold 6s
33
18
2 Sale 7812
8
79
9812
____
5s____a1928
97
A 0
Apr'22 --- -07.- -4-f1st terminal& unifying 5s_ _1
Pitts & L Erie 2d g
84
8114
8312 30 71
195
922 j DT
1()9 109
S A & A Pass 1st gu g 4s
. Pitts McK & Y 1st gu 65-1932 J .1 11012 112 109 Aug'22
8014 23 70 8114
7934
1993 j j 7912 8012 65
1934 3 j 9812
9614 June'20 --::
Seaboard Air Line g 4s
13 50 65
2d guaranteed 6s
65
1950
A
0
61
--51
8412
2
11
8412
iE"
84/
8478
1
4
Gold 4s stamped
West Shore 1st 4s guar__ 2361 .1 J
1950 A 0 6134 Sale, 60
8212 Aug'22 ---- 7658 8234
8 83
2361 J J 82,
Registered
Adjustment 52
13112 412 1312
o1949 F A 31 Sale 2912
.
2 k'en'19 ---N Y C Lines eq tr 55_ _ _1920-22 M N --------991
4s
1959 A 0 4715
6712 June'20
Bales VI:
PA MI 1118 6
Equip trust 430_ _ _1920-1925 J J
1s1 & cons 6s Series A g 4s_ei
4 r8
6
70
77
38
4 Sale
1
9
9
4
3
5
3
M
AI
:
4 -5i 92
9218
Atl & Birm 30-yr 1st
-g23-4 -6U58
N Y Chic & St L 1st g 4s__ _A937 A 0 -50-119 5912 7512
6734
69
__ 8612 June'22 ---- 8612 8612 Caro Cent
1937 A 0
Registered
7213
1st con g 4s_ _ _ _1949 J J 68
2
8
2 80 89
89
Debenture 4s
1931 M N
Fla Cent dr Pen 1st ext 6s_ _1923 3 j 9914 9912 a
t
1
37In
b4---.
---g031-4
g 4 -8
99
17; 9
9312
82
9 Aug'22 ---- 8112 9214
1st land grant ext g 5s_1930 J J 9
N Y Connect 1st gu 430 A_ _1953 F A -9
g4
n ---- 8312 Aug'22 ____ 89
148 LI:: 90 July'22 ___ 8212 90
i,3
Consol gold 5s
N Y N H & Hartford—
6314 Aug'22
45
1947 M S
631/4
Ga & Ala Ry 1st con 5s_ __01M .-1 j
Non-cony deben 4s
8014
Aug'22
____
78
71
J
1947 M S —Ed- -Ei- 53 July 22 ---- 44
56
Ga Car & No 1st gu g 5s__ _1929 3 j 8912
Non-cony deben 330
90 Aug'22 ____ 84
91
6
5112
1954 A 0 4918 4978 4918
Non-cony deben 330
Seaboard & Roan 1st 5s....1926 j j 921
911
/
4 July'22 ____ 8434 95
/
4
---10 4
5812 5712
deben 48
58.
1955 J J 58
30
8114
2 6
50
5118
2 Southern Pacific Co—
60
Non-cony deben 45
1956 M N 5712 5812 60
Gold 4s (Cent Pac coll)___k1949 J D 8912 Sale 8918
8934 42 78
9412
/
4 5178 50 Aug'22 - — -1 3
9314 9414.0
Cony debenture 330
1956 J 3 501
20-year cony 4s
47
13s 53%
. 1.2
2 19
0,5
134 11
41
7 86
114 95
:
18
4
851. 155 57 811
8412 8234
/
4
Cony debenture 6s
20-year cony 5s
1948 J J 84
si
4 Ws 10458
1934 J D 10453 ---- lu'i
60
Cons Ry non-cony 4s
Oct'17 ---- -------1930 F A -------Cent Pac 1st ref gu g 4s__ g_194
91
29 F
M AS 9014 Sale 9014
Non-cony deben 4s
Mort guar gold 330_ „k1929 J D 9212 9234 92
1955 .1 J ____ 5678 60 July'18
9258
921
5 86
/
4
Non-cony deben 45
1956 J J 5018 5212 53 June'22:IT -811-2 -ii8512 85 Aug'22 --- 7814 87,4
Through St L 1st gu 4s__1954 A 0 82
23 31
1
4 5012
52
4% debentures
1957 M N 5018 52/
1
57
GH&SAM&Plst 5s__1931 MN 9834 -_-_ 9834
9834
/
4 Aug'22 ---- 71 80
Harlem R-Pr Ches 1st 4s_ _1954 M N 8018 ____1 791
2d exten .5s guar
j 95/
1
4 ____ 94/
1
4 Aug'22 -___ 92
414 9
98
918
B dr NY Air Line 1st 4s_ _ _1955 F A 7212 75 1 73 July'22 ---- 59 73
Gila V G & N 1st gu g 5s_ _ 1
97
11
(21
N q
s /
1
3
44 -_-_-_-. 13,91:32 Aug'22
:
4
7 :
4
24
1
6712 67 Aug'22 --- 511
Cent New Eng 1st gu 4s__ _1961 j j 58
/
4 6812
Hous E & W T 1st g 5s__ _ _1933
1
4 __-_1 80 Liec'21 ---- _...- - ---Housatonic Ry cons g 58__1937 MN 87/
1st guar 58 red
96
334 M
_
AD
ar
r:22
1 ---- _3_4 -iii..34
1933 m N 97 100 8
---Naugatuck RR 1st 4s
H & T C 1st g 5s int gu _ _.1037 J j 9814 -- -1954 m N 6818 --- i 87 July'19
N Y Prov dr Boston 4s___ _1942 A 0 77 • --- 83 Aull'13 -.;;:, ---- ---A dr N W 1st gu g 5s
May'22
1941 J J ?PE ::::
N Y W'ches& B 1st Ser I 430'46 J .1 5712 Sale 5514
5814 oo' -5- -ill;
No of Cal gu.” g 5s
1901
(
:--- 9
6534 19
1938 A 0 99
012
New England cons 5s
Ore & Cal 1st guar g 5s_ _ _1927 ,T J 10034 Sale 10012 10034 -1945 J .1 8
-.i.3
..
.
9 93 514 101
-- 93
Consol 4s
So Pac of Cal—Gu g 5s_ _ _1937 M N ,
1945 J J 1°12 - -- f(i- Sepr17 -------- ---- ---10
80
97118
2 19
08
0
3384
12
92
„% ---- 10312 July'22 _-__ ,
50
54
5012
Providence Secur deb 4s.._ _1957 M N
July'22 ---- -id.- -gSo Pac Coast 1st gu 4s g__ _1937 J .1 au ____ 90 May'22 ____ 884 92%
Providence Term 1st 4s__ _1956 M 5 76/
Tex & N 0 con gold 5s_ _ _ _ 1313
1
4 ---- 88/
1
4 Feb'18 ---9458
5 j j 94/
1
4 Sale 9458
W & Con East 1st 430._ _ _1943 J J 60 6712 65 May'22
So Pac RR 1st ref 4s
j 9214 Sale 91
-Er
9212 -i6E 8338 9212
-ii.
!
. 77
77 !al
7838 —i6 6_9_ 79
N Y 0& W ref let g 9s_ _ _g1992 M s
San Fran Terml let 4s.._ _1950 A 0 8412 85 8438
8514 18 80 8512
S.
5912 Nov'20
Registered $5,000 only___q1992
Southern—Ist eons g 5s
,
.:„.
1994 J J
4 7012 6834
General 48
1955 J D g369
Sale 9
Registered
°I -651-2 -V. 90
91' Ap
17
9 22
8 130 88/
1
4 90
1994
J
J
30' 50
tr.
70
71
Norfolk Sou 1st & ref A 5s..1961 F A 7012 71
Develop dr gen 45 Ser A_ _ _1956 A 0 -iff2 Sale 692
69,2
72 -56
1 8114 72
Norfolk dr Sou 1st gold 5s_..__1941 M N 9438 100 88 May'22 -- 7914 88%
Temporary 630
1
4 10312 134 9414 10312
A rii 10314 Sale 102/
58
6M
93
10838
107
____
/
1
4
---104
104
Aug'22
Non dr West gen gold Os____1931 M N
Mob & Ohio coil tr g 4s_
765s 84
76/
1
4 Aug'22 ___, raid ;7;48
34
I1
Improvement & extg
Mom Div Ist g 430-5s__1996 J J 9612 97,2 97%
1934 F A 109 11312 109 Aug.22 --..- 109 109
97%
St Louis div 1st g Is
New River 1st gold
1
4 10514
104/
1932 A 0 10912 ---- 10434 Mar 22
8212 82/
73 89
1
4
823
1
1951 J .1 82
11
-92%
9214
N & W Ry 1st cons g 4s.._ _1996 A 0 92.4 Sale
Ala Gt Sou let cons A 5s 1943 J D 9812 99 97 June'22 --_. 6412 97
8478 9412
Registered
Oot'20
Atl dr Chad A L 1st A 43,0_1944 J .1 93 95 93 Aug'22 ____ F
1996 A 0 ------- 74
. E
1
4 ____ 89/
1
4
Div'l 1st lien & gen g 4s_1944 sT .1 89/
8978
1st 30-year 5s Ser B
-gi1-2 76.9934 100
100
194
948
4J J
771 10
10-25 year cony 430_ _ _ A938 M S 1011
Atl dr Deny 1st g 4s
/
4 ---_ 10012 July'22 - -_-„- 921
/
4 106
771s Aug'22
80
0
11812 19° 10314 11812
10-year cony 65
2d 4s
1929 m s 11634 Sale 11614
8
1948 J J 6038 7138 67 Aug'22 _
Pocah C & C joint 48_1941 J D 8712 88
87 July'22 ---- 84
E
AtT
1&
va
Ydt
8812
adGlastDgivgu
ga5r24s
8 8113 7912 Aug'22 ;;;
I:.
1949 A 0 79,
:1
- '71344
3
Selo V & N E 1st gu g 4s 1989 M N 91
91
9218 91
4 June'22
1930 J .1 9912 ---- 07,
8314 91
072
E,
Northern Pacific prior lien railTe
ons
n lrestorggoldn5sg
1956 M N 99 ---way& land grant g 4s
90/
1
4 177 84
1997 Q i 90 Sale 90
69
g 2 -___-___-_-.
512 j
tuuly
5s
1938 M S 95,2 ---- t
Registered
Ga Midland 1st 3s
8734 20 84 8734
1997 Q j 87 --__ 8734
66
3 Aug'22
5
6
1946 A 0
232 60 65
General lien gold 39
65
ILnocir3x/iff3iO
r hio
a2047 Q F 6312 6414 6312
prior1
s
3
t
l
1
.
i
172%
12
.
2,________
2
1
.
.
;,
.
L6s
.i
ugy:2
g
58A2
16
A
J.
1
4,2
—4,,-1
Registered
a2047 Q F
(1,-/e- 62 June'22
0
12
Ref &'rapt 6s sec B
10814 10912 7- 10
534 10
69
Mortgage gold 4s
2047 J j 15F4
2 -ii 1945 j j 82 ____ 74/
1
4 May'22 __-- -'51Rich & Meek 1st g 5s
Ref & imp 435s SerA
89% 4° 86 9014
2047 J J 9012 9112 89%
__
66
78
78 Aug 22 _____
97
0014
1948 M N
9978 250 9658 9978
So Car & Ga 1st ext 530....1929 M N 7438
1
4 Sale 9612
5s
2047 J J 99/
--- 100
100
4 94 101
100
99/
1
48412
______
8612
7914
D
8412
48_1996
j
May'22____
Virginia
g
Mid
Div
St Paul-Duluth
sec E 5s _ _ _1926 m s 9914 9934 9914 Aug'22
103/
__
1
4 July'22,--- 10338 109
So'w'nral 5s
N P-Gt Nor joint 030_ _ _1936 ,T J
995 99 Aug'22 ____ 9512 9958
1936 M N 99
VaGr
10
8 _____ 10014 June'22'---- 10014
19
St P & NP gen gold 6s_ _ 1923 F A lik11___ _
12 July'22 __ 80 97
2003 J J 95 3
613
1st cons 50-year 55
Registered certificates_ 1923 Q A
100 May'211---8512
1
0 8312 Sale 8312
A
1958
W 0 & W 1st cy gu 4s.._ _ _1924 F A 9714 St Paul & Duluth 1st 5s__ _1931 Q F 1.(30-5; -_:-__ 100 June'22---- -661-2 i(5695
718
74412 8
--- 97 Aug 22 _-- 9
823
4
86
Spokane
1st consol gold 4s
1
Internal 1st g 5s
1968 .1 D 85 2 ---- 86 May'22!---/
4 Mar'22 ___- 7718 771s
.1 8218 ____ 771
1955
J
Wash Cent 1st gold 4s_ _ _1948 Q M 8312 8512 84 May'22 ---- 82 85,4 Term Assn of St L 1st g 430_1939 A 0 94,4 ---- 9778 July'22 ---- 92 9773
Gsetnco
l
renfsug
1
4 June'22 --_- 107 10834
nodlds pg 49
Nor Pee Term Co 1st g 6s__ _1933 .1 J 108/
1
4 --- 108/
_ _ _ _ 9518 Aug'22 __-- 883s 9912
1944 F A
8958 73 77 84%
Oregon-Wash 1st & ref 4s___ _1961 J J 8412 Sale 83%
12 7612
214 8
8
97
11
:
1 ,
96
212 Aug
89
2 __,5
82
212
11122 81158
83,2
St L M Bridge Ter gll g 5s_1
Pacific Coast Co 1st g 5s
1946 j DI 8234 83 83 Aug'22 ---- 75 83%
193
50
3j
A 0
j
Tel
Paducah Cir Ills 1st s f 430__ _1955 J .1 9384 9414 93 Aug'22 --, oo 93
ecolm
3
97
stegsoild 5s
9718 98 9634
D
2000
J
dasgoldPia
)° 7512 85
78 6.
n
Paris-Lyons-Med RR Os
50 Feb'22
1958 F Al 7512 Sale 7512
q2000 Mar 58 La Div B L 1st g 55
Pennsylvania RR 1st g 4s_ _ _1923 M N 9912 ---- 993 Aug'22 ---- 9634 9938
---1931 J J 89 g- Sa2 Aug'22W Min W & N W 1st gu 5s_1930
8712 92/
1
4
Consol gold 4s
6 8612 90
1943 M N 90 95 90 Aug'22 ---F
A
76
8
9212
8518 9334 Tol & Ohio Cent 1st gu 58_1935 J j 9712 99 97 Aug'22 ---- 91
. Consol gold 4s
97
1948 M N 92 93 92
1
4 Aug'22 ---- 92128103
Western Div 1st g 5s
Consol 430
95
1
4 May'22 ----, 90
1960 F A 98 9914 99/
1
4 .-7.7. 92/
1935 A 0 94/
9412
95 .57 9012 95
General gold .5s
General 43ts
12 8138 90
90
90
1965 J D 9912 Sale 103
89
D
J
1935
1(13
01142 ir
11
)
3
5112
2 11.1N14
Kan & M 1st gu g 4s
General 5s
1968 J D 103 Sale
1990 A 0
2d 20-year 5s
10-year secured 7s
1930 A 0 110 Sale 109
4 El -iiiii gr `ituu0---- 784 83
78 10338 112
Tol St L & W pr lien g 330 IN7
15-year secured 630
1936 F A 11038 Sale 11018 112
.1 J 92% ---- 93 Aug'22 __ _ _
5.
94
50-year gold 4s
75
63 58
75
Alleg Val gen guar g 4s_ _ .. _1942 M S 92 _-__ 94 Aug'22 ---- 86
1950 A 0 75 Sale 72
87
Coll trust 4s g Ser A
D R RR & Bdgelst gu 4136-1936 F A 9018 - — 87 May'22 ---- 87
1917 F A ____ ____ 15,4 June'21 --_
Feb'22
Trust co ctfs of deposit_ _
/
1
4
-34
31
-i1
____
____
24—
Pennsylvania r.';o—
_--- - 1
4 July'22 ---- 8134 8134 Tor Ham dr Buff let g 4s___k1946
8434 ___! 65
84/
1
4
70
771
/
4 85
Guar 330 coll trust reg A_1937 M 5 8534 ---- 81/
J-1) 8434 85
Ulster dr Del 1st cons g 5s_ _ 1928 J D 9212 ---- 9112 July'22 —_ 89 92
1
4 85
8514 85 Aug'22 ---- 72/
Guar 330 coll trust Oar B.1941 F A 84
1st refunding g 4s
70 Aug'22
Guar 330 trust ctfs C____1992 J D 83 _ .-. 83 July'22 ---- 7512 83
5 A 0 6714 74
Union Pacific 1st g 48
9512 68 86
96/
1
4
, Guar 330 trust ctfs D_ __ _1944 J D 8638 ____ 82 Aug'22 ---- 82 82
95 Sale 9434
Registered
90
Guar 15-25-year gold 98_1931 A 0 9214 94 92 Aug'22 ---- 8458 9234
__-_ 9234 June'22 --- 88
___
8534
87
20-year
/
4
July'22
-881
-80
953
4 30 89
96
cony
N
95
_1952
/
1
4s
4
M
Sale
E_
-year
Ser
4s
ctfs
40
guar
1927 J .1 9512
85%
88
1st
8
86
867
/
1
4
&
May'22
11 8112 100
--- 8018
refunding 4
Cin Lab & Nor gu 4s g-- —1992 M N
90 Sale 8912 100
10-year perm secured
105 12 li:
t11
3 12
2 1234 17
11 102
Cl dr Mar 1st gu g 4 .68----1935 M N 9415 -_-- 8812 Deo'21 ---- -------8314 105
8934
6s_ _
/
4 991a 91 Nov'21 --- -------Ore RR & Nay con g 4s
Cl & P gen gu 430 Ser A__1942 J J 981
J D 90
_1946
Ore Short Line—
/
4 104 Deo'15 ---/
4 991
1942 A 0 981
Series B
2 9612 10512
10518
consol g 5s
Int reduced to 330_ _ _1942 A 0 7712 ____ 9614 Feb'12 ---1 16 J .1 105,s 10512 105,8
__ 90/
1
4 Deo'12 -- --- -Guar con 5s
106
97 106
1948 M N
Series C 330
1946 .1 J 10534 Sale 105
53 8612 9518
Guar refund 4s
Jan'21 ---- -------1950 F A 80 -- -- 67
Series D 335s
83 Apr'20 --- -------9914
9618
____
Utah & Nor gold 5s
22
Erie & Pitts gu g 330 B.._ _1990 J J 85 91
J
ISN j
7914 May'19 ---1st extended 4s
Feb'22 ___5_ 8612 86
1940 J .1 85 88
Series C
; Vandalia cons g 48 Ser
9114 July'22 ---- -i0-- -61-1
22
--__
7814
Gr R & I ex 1st gu g 430_ _1941 J J 9214 95
8612
F
A
A_
_
.1
5
_ _123
85
Consol 4s Series B
Pitts Y & Ash 1st cons 5s....1927 M N 9812 --__ 98 June'22 ---- 98 98
g558 ____ 7219 Jan'21 ---1957 m N
Vera Cruz dr P 1st gu 43s
Tol W V & 0 gu 430 A_1931 J. j 9612 ____ 94 May'22 ---- 92/
1
4 99
1(i- -iiii
3512 July'22 __
3112 38
J
J
1934
36 8814 9912
Series B 4s
1933 T j 9512 9614 82 Deo'20 ---- --------. Virginian let 5s Series A_ _ _ _1962 M N 99 Sale
9
9873
2Series C 45
Wabash 1st gold 5s
11 9378 100
1942 M g 83 ..-_, 77 Sept'21 ---- ------Sale
1939 M N
S9114
98 Aug'22 ...__
P C C & St L gu 430 A__ _1990 A 0 9614 98
2d gold 5s
7 8112 93
ii
—14
?3?
A
F
1939
Series B 430 guar
1st lien 50-yr g term 4s_
67%
1942 A 0 9614 ____ 98 Aug'22 ---- 8838 98
6712 67/
1
4
...-July
22
I954 J J 71 ---Series C 430 guar
/
4 Apr'22 ---- 89/
Det & Ch Ext 1st g 5s........1941 J J
1942 M N 9914 ---- 911
1
4 9152
96 May'22 ---- r
414
i r
96
.
---Series D 4s guar
1945 M N 8918 __-_ 8812 Apr'22 ---- 8414 9112
Des Moines Div 1st g 4s__ _1939 J J
May'22
74
75'8 ---Series E 330 guar gold1949 F A 91 ---_ 91 Aug'22 ---- 8912 91
Om Div 1st g 33,0
6638 70
70
1941 A 0 70 ____ 69
Series F guar 4s gold---1953 J D 9114 --__ 8914 June'22 ---- 84
92,8
Tol & Ch Div g 4s
20 69
80
80
1941 M s 7912 80 80
Series 0 4s guar
1957 M N 9114 --- 80 May'21 ---Wash Term 1st gu 330
____
7258 8213
8212
8212
Aug'22
8158
1945 F A
12 weti
Series I cons guar 430_1963 F A 9612 ---- 96 Aug'22 --;i -iii's -66llt
ay
85
ry
elaarTasrt 4sg
8818 ____ 85 Feb'22 ---- 85
A
F
1945
AR
General 5s Series A
10012
1970 .1 D 100 Sale 9912
90 10012 west
6812 144 ---13 6812
Sale 67
4s
1
1952 A 0
g79,2
C OIL & P 1st cons g 5s_ _ _1932 A 0 100 ---- 100 Mar= ---- 99 10034 v. est N Y dr Pa 1st g 5s
9958
3 95 100
1811s
1937
J
-J
Philo Salt & W 1st g 4s__ _1943 M N 92 ____ 8978 June'22 ---- 89/
1
4 92
gold 4s
so 79
79
2 7212 801s
1943 A 0 79
U NJ RR & Can gen 4s_ _ _1949 M 5 8878 ---- 8012 June'21 --, -8-8-1-2 ioo-18734 52 84/
1
4 8812
2 Western Pac 1st Ser A 5s_ _ _1946 M S 8734 Sale 801
/
4
Pere Marquette 1st Ser A 5s_ _1956 J J 100 Sale 99
98 Aug'22 --- 9212 98
Wheeling & L E 1st g Os
10012 66
0
---A
1926
98
,
2
1956 J .1 83/
1st Series B 4s
1
4 84
85
85
4 75
85
Wheeling Div 1st gold 5s_ _1928 J i
1
4 9712
93 Aug'22 ---- 89/
Philippine Ry 1st 30-yr s f 4s 1927 J J 5234 Sale 5212
__, 80
5234
9 4118 59
Exten & /rapt gold 5s
05
18
2 _7.i.1-2
92
1930 F A 94
1940 A 0 99/
Pitts Sh & L E 1st g 5s
1
4 102 100 Mar'22 __-- 9534 100
s — 171 52
72 Jung72
72/
1
4
Refunding 430 Series A_ _ _1966 M 5 7
1943 J J 9918 ____ 9714 Doo'17 ---1st consol gold 5s
7612 27 62
RR 1st consol 4s
7634
/
4 Sale 7612
1949,M 5 761
1997 J J 8614 Sale 8538
Reading Co gen gold 4s
8612 14 id - -iF3-4 Winston-Salem ET B 1st 4s_ _ _1960 J .1 8153 ---- 8112 July'22 --- 77
80
Registered
19971J J 8434 Sale 83
8434 Ms Cent 50-yr 1st gen 4s_ _ _ _ 1949 J J 82 84 83
8434
7 82
84
8 7412 84
Jersey Central coil g 4s_ __ .1951'A 0 83
84/
1
4 8614
Sun & Dul dly & term 1st 4s '36 M N 84 Sale 81%
8612
8112 12, 7518 84
7 8112 88
bid
Friday;
latest
this
and
asked
price
•No
w38k. a Due Jan. bDus Fab. c Due June, ODus July. 4 Due Aug. °Due Oct. pDue Nov. g Due Leo. *Option sale .,
--
--
121,
----
-- --
N..
--------Refunding
V. :g
-- --
iL
I%:953i.
987.1004
g. 12
-- --
___
131771 I ____
g_ig2g.r 7
--------
- 1st79
a Aug9P
1:0414 :2
1„ a
91% ::::
--
-
3r8
21 N
New York Bond Record—Concluded—Page 4
976
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug 25
Price
Friday
Aug. 25
Bid
Street Railway
Brooklyn Rapid Tran g 5s_ __1945 A 0
1st refund cony gold 45___ _2002 J J
3-yr 7% secured notes_ __..k1921 J J
Certificates of deposit
Certfs of deposit stamped__ _ _
Bklyn Un El 1st g 4-5s___ _1950
1956 F A
Stamped guar 4-5s
Kings County E 1st g 45_ _1949 F A
1949 F A
Stamped guar 4s
Nassau Elec guar gold 45_ _1651 J J
1927 F A
Chicago Rys 1st 5s
Conn Ry & L 1st & ref g 4)is 1951 J J
1951 J J
Stamped guar 43s
Det United 1st cons g 4Jis__ _1932 J
Ft Smith Lt & Tr 1st g 55_ _ _1936 M S
Interboro Metrop coil 4%3_ _1956 A 0
Certificates of deposit
Interhoro Rap Tran 1st 55_.A966 .1 J
10-year 6s
1932
75
Manhat Ry(NY)cons g 4s1990 -A -0
1990 A 0
Stamped tax exempt
2013.3 D
2d 4s
Manila Flee Ry & Lt s f 5s_ _1953 M S
Market St Ry 1st cons 5s_ _ _ _1924 M S
1924 A 0
5-year 6% notes
Metropolitan Street RY—
B'way & 7th Av 1st c g 5s_1943 J D
Col & 9th Av 1st gu g 5s_1992 M S
Lex Av & P F 1st gu g 5s_ _1993 M S
Milw Elec Ry & Lt cons g 55_1926 F A
Refunding & eaten 4 yis_ _1931 J J
Montreal Tram 1st & ref 55_ _1941 J J
New On Ry & Lt gen 4)0_1935 J J
N Y Munic Ry 1st 5 f 5s A_I966 J J
N Y Rys 1st R E & ref 4s__ _1942 J J
Certificates of deposit
30-year adj Inc 58
a1942 A 0
Certificates of deposit
N Y State Rys 1st cons 4s 1962 M N
Nor Ohio Trac & Light 6s_ _ _1947 M S
Portland Ry 1st dc ref 5s_ _ _ _1930 M N
Portland Ry Lt & P 1st ref 5s 1942 F A
1st & refund 73.is Ser A..1946 M N
Portland Gen Elec 1st 5s_ _1935 J .1
Pub Serv Corp of NJ gen 58_1959 A 0
Third Ave 1st ref 4s
1960.3 J
AdjIncome 5s
a1960 A 0
Third Ave Ry Ist g 5s
1937J .1
Tri City Ry & Lt Ist s f 5s_ _ _1923 A 0
Undergr of London 4 As_ _ _ _1933 J J
1948.3 J
Income 6s
United Rys Inv 55 Pitts issue 1926 M N
United Rys St L 1st g 43__ _ _1934 J J
1924 A 0
St Louis Transit gu 58
Va Ry Pow 1st & ref 5s
1934J J
Gas and Electric Light
Am Wat Wks & Elm 5s
1934 A 0
Bklyn Edison Inc gen 5s A..1949.3 J
1930.3 J
General 6s series B
1930.3 J
General 78 series C
1940!J D
General 7s series D
Bklyn Un Gas 1st cons g 5s 1945 M N
1942 F A
Canada Gen Elec Co 65
Cinc1n Gas& Elec 1st& ref 5s 1956 A 0
1927.3 J
Columbia G & E 1st 5s
1927 .1 J
Stamped _
Columbus Gas 1st gold 5s_..1932 J J
1925 Q F
Consol Gas 5-yr cony 75
Detroit City Gas gold 5s_ _ _ _1923 J J
Detroit Edison 1st coll tr 55_1933 J J
k1940 M S
1st & ref 5s ser A
k1940 M S
1st & ref 6s series B
Duquesne Lt 1st & coil 6s_ __1949 J .1
1936J J
Debenture 7s
Empire Gas & Fuel ”is_....1937 M N
Great Falls Power 1st s f 5s_ _1940 M N
1952 F A
Havana Elec consol g 55
1949 IW N
Hudson Co Gas 1st g 58
1937 A 0
Kings Co El L & P g 55
1997 A 0
Purchase money (is
1925 M S
Convertible deb 65
Ed El Ill Bkn 1st con g 48_1939 J J
Lae Gas L of St L ref Sc ext 5s 1934 A 0
1927 M N
Milwaukee Gas L 1st 45
Montana Power 1st 5s A._ _ _1943 J J
N Y Edison Ist & ref 6hs A_1941 A 0
1948J D
NYGEL&Pg 5s
1949 F A
Purchase money g 45
J J
_1995
5s..
Ed Elec III 1st cons g
Niagara Falls Power lit 5s_ _1932.3 J
A 0
al932
6s
gen
Ref &
Niag Lock & 0 Pow 1st 55_1954 M N
Nor States Power 25-yr 5s A.1941 A 0
No Amer Edison 68
N
F A
7M
33
194
Ontario Power N F 1st 5s_ _ _ _1
Ontario Transmission 55___ _1945 M N
Pacific G & E Co—Cal G & E—
Corp unifying & ref 5s_.._ _1937 MN
Pacific G & El gen & ref 5s_ _ _1942 J j
Pac Pow & Lt 1st & ref 20-yr 5s'30 FA
Peop Gas & C 1st cons g 6s 1943 AO
1947 MS
Refunding gold 5s
Ch G L & Coke 1st gu g 5s_1937 J J
J J
5s_1936
g
gu
1st
Ch
Con G Co of
Mu Fuel Gas 1st cu g 58..1947 MN
1944 FA
Philadelphia Co 68 A
Stand Gas & El cony s f 6s_ _ _1926 J O
Syracuse Lighting 1st g 5s_ _ _1951 J D
1941 M S
Toledo Edison 7s
1949 MS
Trenton G dc El 1st g 5s
S
1932
Union Flee Lt & P 1st g 5s
United Fuel Gas 1st s f 65._ _1936 J J
1944 FA
Utah Power & Lt 1st 5s
1957 J J
Utica Gas & Elec ref 5s
1939 J J
Wash Wat Powers f 55
West Penn Power Ser A 5s_ _ _1946 M S
F A
1st series D
7s9
& Industrial
Manufacturing
D
J
1936
8s
AjaxAjax Rubber
1928 AO
Am Agile Chem 1st 5s _ _
1941 FA
Ist ref s f 7)4s g
Ann Cot 011 debenture 5s_ _ _ _1931 M N
1936 J J
Am Dock & Impt gu fis
American Sugar Refining 6s--1937
1939.3 J
Am Writ Paper s 1 7-6s
D
Armour & Co Ist real est 4 s 1939
J D
A.1934
7s
deb
cony
Atlantic Fruit
A tial Powder cony 7%s g_ _ _ _1936 F A
1940 M N
Baldw Locd Works 1st 55_
1952 A 0
Bush Terminal 1st 4s
1955 J J
Consol 5s
Building 55 guar tax ex_ _ _ _1960 A 0
1931,A 0
Cent Foundry let s f 6s
Cent Leather 20-year g 5s_ _ _ _1925 A 0
Computing-Tab-Rec s f 6s---1941IJ
1931 M N
Corn Prod Refg s f g 5s
19341 M N
1st 25-year s 1 5s
Week's
Range or
Last Sale
Ask Low
High No Low
64
64
57 Aug'22
8212
8434
84
82
7912
8034
84
9014
90
8478
7412 Aug'22
7578
77
51
5234
82
8212
7811 June'22
73 Anr'22
8318
8612
58
Jarf2u
1212
1334
15
1234
6912
7212
82
7434
96
97'4
68
67
6758 May'22
56 "ier 60 July'22
79 84 84 Aug'22
8934
8914 8934 89
9414
941s Sale 937s
6214 65
57
56
84 Sale
8312 8478
80 8114
89
8978
8912
88
75 80
7578
75
53 55
8238 Sale
8078 81
85
81
8438
84
56
14
13
15 Sale
72 Sale
80 82
9638 97
6712 6812
Range
Since
Jan, 1
2 31
3512
72 58
118 5812
40 54
39 75
88 7512
64
2 66
7 27
74 67
75
_ 7034
68 6312
BONDS
N. Y STOCK EXCHANGE
Week ending Aug. 25
tfe,
High
6472
64
88
87
8378
9014
90
75
77
5312
85
7612
73
8612
-.13: -H74 1834
75%
54
7614 82
9312 9714
5712 70
6712 673s
4834 57
6412 84
63 81
92
67 9034 97
14
76
78
77
77,2
77,2
50
2 1713 25
23
23
22
24
5012 10 39
50
5012
5414 55
9714 July'22
9814 99
9714 97'4
_ 8912 Aug'22 -- -- 7914 90
883s
_
8938 19 83 90
8812
8834 90
-65 __ _ 50 Feb'21
34 Dee'21
63 64
41
41 Sale 3712
2512 4412
20 24
39
3612
3812 39
44
918
1118
93 512 15
1118 Sale
87 434 1313
10
812
10 Sale
6978 57 6112 72Is
6978 Sale 69
9578 46 95 9712
96 Sale 95
8612 July'22 -- 81 88
8714
4 7812 90
8658
86%
87
86
1 102 106
104
104
104
9112 ___. 8812 June'22
8812 8812
45 73 87
87
8614 8612 86
6412 12 6612 68
6512 667s 64I8
304 4412 67
67
6638 Sale 64
97 Aug'22
9612
88 97
3 96 10034
100
100 10014 100
87 ____ 73 Jan'22
78
73
7038 _ _ _ 64 June'22 --- 60 8418
64 76
90
8934 Sale 88
90
8
8
62
613
6112 62
5112 63
57 691z 58 May'22 -- 56 58
2 72 8212
8212
8212
8234 84
83
256
553
128
275
35
23 5
82
8112 8212 8112
51
2:
89
978 9
70
7
9918
- 9918
9914
3 100 10312
10358 106 10212 10312
12, 102 10712
10512 106 10512 106
14 10612 10878
108
10712 10410734
9814 9812 99 Aug'22
8712 99
10312 29 101 10334
10312 Sale 10234
2
9814 Sale 9812 100
6 88
9838
9618 9612 96
214 19
7
00
9614 Sale 9614
7 88
963*
97
75 Sept'21 ---__
12412 Aug'22
10038 21 93 10014
1614 10014
99
9978 100
100
3 93 100
3 8914 97,2
97
9634
9634 97
18 19912
104 Sale 10314 106
00 10
112
10412 Sale 10314 10412 69
4 10434 10734
10734
107 10714 10678
9878 944 9718 9834
9712 Sale 97,3
6, 9412 100
9934 ____ 100
100
7' 7714 92
92
91 ____ 91
91
93 90 Aug'22 -- 8512 90
9814 99 971 Aug'22
9113 98
109 110 110 Aug'22
106 ___ 105,4 Apr'22
87 88 90 Aug'22
1:8
88
9
1°68
2 110
1712
10
9 86
95
95 Sale 9312
95
2 87Iz 93
9278
9278 ____ 927s
981s
99
138'
9914
9818
93 99
11214 27 10534 11212
11134 Sale 111
11 9238 9934
9934
99 9912 9912
2 76 84
84
84
8312
10112 Aug'22
10118
10012 10138
100 ___ _ 10034 10034
94 101
10412 1008 10412 10412 10 10013 10454
9564 June'22
9614
953,
95
56
94
9334 Sale 9312
881z 94
9334 229 90 9334
933s Sale 9314
211 90 99
98
98 Sale 9778
9112 July'22
79
9113
1 93 9778
963s 9712 9
9612
n.6,;2
47: 87 94
94
933s 9334 .0•2
93% 10 8734 94
9212 9312 9212
107 108 1053s Aug'22
10114 10538
96
9512
2 85 98
9512 96
97 __ _ _ 98 Aug'22 _
92
May'22
9612 _ _ _ _
88
9
2 98
2
_ 7812 June'22
9212
7812 784
10112 Sale 10034 10112 51 9611 10112
9614 11
96
9438 97
921, 9612
9314 ____ 91 July'22
85
92
16 10412 108
10812 111 10738 108
8914 - - 73 June'21
9612
9612
1
_
_
_
_
96
2
1(318 9314 9834
98
98 Sale 98
9312 15 8712 9334
93 Sale 92%
91
June'22
434 934
9034 -85
9
1
96
9878 Sale 9634 June'22
9412
9514 9512 9412
89 9412
10512
105 106 105
1 1031* 10512
8
9914 311 9838 10314
0812 sale 98,
10012 10 811z 10012
99 100 100
103
334 55,
04
34
038
1,
241100
19438 Sale ,
51 105
93
9112 Sale
197 107
_ 107 Mar 22
108 _
103
93
104
971
10414
Sale
10334
2
8612 L7
8614 Sale 85
., 807s 88
I/ 8612 94
92
9134 Sale 9114
3812
39
3812 sale
10212 109
27123
5014
;104,8 Aug'22 -10338
1611; 1 10212
9918 10312
- 8278 July'22—.7.1 7714 8518
94
2 8214 94
91
9114 93
94
4 8614 95
9412 11
94
I 76 88
84 Aug'22
82 84
5 9314 9
9818
94
93 Sale 98
5 gg
97
9614 sale 96Is
9742
95
9914
9912 --__ 9914 Aug'22
98 10138
10134 ____ 10114 July'22
Cuba Cane Sugar cony 75_ _1930 J J
Cony deben stamped 8%
Cuban Am Sugar 1st coll 8s__1931 M
Diamond Match s f deb 7)is_1936 M N
Distill Sec Con cony 1st g 5s_1927 AD
E I du Pont Powder Ois__..1936 J D
du Pont de Nemours & Co 7;is'31
N
1941 MS
Fisk Rubber 1st 8 f 8s
Frametic Ind & Dev 20-yr 734s'42 J J
General Baking 1st 25-yr 6s..1936 J D
1942 FA
Gen Electric deb g 33-i5
1952 MS
Debenture 5s
Feb 1940 FA
20-year deb (is
Goodyear Tire & Rub 1st s f 8e '41 MN
e1931 FA
10-years f deb g Ss
Holland-American Line 6s _1947 MN
lot Agric Corp 1st 20-yr 5s_ _1932 MN
Internat Cement cony 8s_ _ _ _1926 3D
Inter Mercan Marine s f 6s_ _1941 A0
1947 J J
International Paper 5s
1947 J J
1st & ref 5s B
1942 FA
Kayser & Co 7s
N
Kelly-Springfield Tire 8s_ _ _ _1931
1936 J o
Kinney Co 73-Zs
1944 A0
Liggett & Myers Tobac 7s
1951 FA
,
.
5
1944 A0
Lorillard Co (P) 7s
1951 FA
5s
1942 AO
Manati Sugar 7;is
1939 .1 J
Morris & Co 1st s f 4;is
Nat Enam & Stampg 1st 5s_ _1929 J D
Nat Starch 20-year deb 5s__ _1930 J J
N Y Air Brake 1st cony 6s__ _1928 MN
1951 FA
N Y Dock 50-yr 1st g 4s
Packard Motor Car 10-yr 8s_ _1931 AO
1931 MN
Porto Rican Am Tob 8s
1937 J J
Punta Alegre Sugar 7s
1942 MS
Saks Co 7s
South Porto Rico Sugar 7s_ _ _1941 JD
1930 MN
Standard Milling 1st 5s
1931 J O
Tobacco Products s f 78
Union Bag dr Paper 1st 5s__ _1930 J J
1942 MN
6s
Union Tank Car equip 78__ _ _1930 FA
1941 J D
United Drug cony 8s
U S Realty dc I cony deb g 5.5_1924 ii
1923 J D
U S Rubber 5-year sec 7s
1st Jr ref 5s series A
1947 J J
10-year 73.s'
1930 FA
Va-Caro Chem 1st 15-yr 5s_ _1923 J O
Cony deb 6s
e1924 AO
78
1947 JO
12-year s f 7s
1932 MN
Warner Sugar 78
1941 Jo
West Electric 1st 5s_ _ _ _Dec 1922 J J
Westinghouse E dr M 7s
1931 MN
Wilson & Co 1st 25-yr s f Os_ _1941 AO
10-year cony s 168
1928 JO
Temporary 79-s
1931 FA
Oils
Atlantic Refg deb 8s
1931 MS
Humble Oil dr Refining 5).s _1932 J J
1931 MS
Invincible Oil 8s
Marland 011s f 83 with war'ts 1931 AO
Mexican Petroleum s f 8s___ _1936
N
Pan-Amer P & T 1st 10-yr 713_1930 FA
1931 JD
Pierce 011 s f Ss
Prod dr Ref s f 88(withwart511931 JD
Sinclair Con 011 cony 7Hs_1925 MN
1937 MS
15-year 7s
1925 AO
Sinclair Crude 011 534s
a1931 FA
Standard 011 of Cal 7s
1931 FA
Tide Water 011 63s
b8
in
de
(is A_ _ _ _1925 M S
Min
Alaska Gold M
1926 841
Cony deb 6s series B
Am.Sm & R 1st 30-yr 5s ser A 1947 A 0
Braden Cop M coll tr s f 65._1931 F A
Cerro de Pasco Cop 8s
MN
1j
23
i
93
19
Chile Copper 10-yr cony 75_1
Coll tr & cony (is ser A___ _1932 A 0
Granby Cons M S& Peon 6s A '28 M N
Stamped
1928
5M N
Cony deben 58
Tennessee Cop 1st cony 8s__ _1925 M N
U S Smelt Ref dr M cony 8s_ _1928 F A
Coal. Iron and Steel
1928 J
Beth Steel 1st ext s 1 5s
1942 M N
1st & ref 5s guar A
1936.3 J
20-yr p m & Imp s f 58
1948F A
68 A
1932.3 D
Buff & Susq Iron s f 5s
Debenture 5s
Colo F & I Co gen s f 5s
MF A
AS
36 F
424
993
_ 19
Col Indus 1st & coil 5s gu___a
Cons Coal of Md 1st & ref 5s_1950 J D
1925 J D
Elk Horn Coal cony Os
1940 A 0
Illinois Steel deb 430
1952 M N
Indiana Steel 1st 5s
Lackawanna Steel 1st g 58__ _1923 A 0
1950 M S
1st cons 5s series A
Lehigh C & Nav s f 4)is A_ _ _1954 J J
Midvale Steel &0 cony 5152_1936 M 5
94
,
1
M N
1F
52
A
National Tube 1st 5s
Otis
ocaSteel
Colliers 1st 5 f 5s_1957 J .1
Repub I & S 10-30-yr 5s 5 f_ _1940 A 0
.1
St I. Rock Mt dc P 58 stmpd_ _1955
Sharon Steel Hoop 1st 8s ser A1941 M S
Steel & Tube gen s f 7s ser C.1951 J J
Tenn Coal I & RR gen 55._ ..1951 J J
d1963 MN
U S Steel Corp/coup
d1963 MN
e 1st g 5s_1949 m8
__ __
VasIron CoalMaYlr& Coke
ntdeeI
Telephonel st 7s_ 135
Telegraphlre Spen S
Wickv
Adams Express coil tr g is_ __1948 M S
926
9 .1
61 .S1
Am Telep & Teleg coil tr 4s_ 1,3
Convertible 4s
1933 M
:ye rr cons. 4)s
0
20
20
3
-year
str 5s
temp
1946 J D
1925 F A
7-year convertible 6s
Bell Teleph of Pa s 178 A _ _ _ _1995 A 0
Cent Dist Tel 1st 30-year 5s..1943 J D
2397 Q J
Commercial Cable 1st g 4s
Cumb T & T 1st & gen 58_ _ _ _1937 J J
Mich State Teleph 1st Ss_ _ _ _1924 F A
New England Tel 8c Tel 55 ..1952 J D
N Y Telep 1st dr gen 51 450_1939 MN
30-year deben s f 65_ __Feb 1949 F A
20-year refunding gold 69_ _1941 A 0
Northwest'n Bell T 1st 75 A.1941 F A
1937
Pacific Tel & Tel 1st 5s
1952 MN
.
5
South Bell Tel & T 1st s f 55_1941 .1 J
Western Union colt tr cur 5s_ _1938 J
Fund & real estate g 4)0..1950 M N
1936 F
15-year 63-is g
Price
Friday
Aug. 25
Week's
Range or
Last Sate
14
'
High No, Low High
24 60 91
90
9312 111 54Iz 95
46 10111 10712
107
10838 15' 107 11012
5312
30 33
46
8712 95
Aug'22
10778 54 10318 1081,
139 9978 10812
107
9534 65 95 103
9312 97
Apr'24
Aug'22 —__ 7034 81
13 95 103
103
10818 23 103 109
121 11014 117
116
10012 174 97114 10314
8912 26 88 9414
4 7212 82
8012
11 102 11654
109
957 438 89 9912
9012
9 86
9012
8912 225 8314 90
15 102 108
105
10838 25 10178 110
Aug'22 _.._ 9634 9834
Aug'22 __ 112 11712
10012 18 9172 10012
11612 11 112 118,2
6 9218 100
9938
9934 95, 971/1 10014
9914 Sale 1 9838
9014
9014 119 78
8834' 87
88
9212 97
9634 July'22
95 95
95 Aug'22
95 97
10114 10; 97 10114
10112 102 101
81
4' 76
81
81
__ 8034
1073s 151 98 10814
10714 Sale 10714
104
10312 --__ 104
73f4
9:114 10
0
19
11012
109 Sale 109
8' 8 1014
101
101 103 100
103
7:
103
103 Sale 10214
971g
9712
4' 96
9714
9712 ____ 9718
17 9714 108
106
10512 10614 10514
8812 10475
102 ____ 10434 June'22
05
144 100
973
4 10
15
3
100
9912 Sale 99
10312 10334 10312
10418
113
104
12
112 Sale ,11112 113
9812 56, 92 9812
9734 Sale 1 97
9' 10012 10412
102 10234 102
10234
9054 221 86 91
9014 Sale 9014
6 104 10954
108%1
10834 1087s 1053*
1 93 10112
100121
10014 Sale 10014
3 92 102
100
100 10014 100
9834 206 98 9972
9812 Sale 9818
10578 1 57 9912 10578
10538 Sale 10512
4 994 104
103
10212 Sale 102
11 gg 10012
10018
10018 10014 1001.3
31 106 109
109
10834 Sale 1083*
10112 10134 10012 101% 45 93 10158
9812 42 84 9612
9612 9512
96
10634 42 9412 10712
106 Sale 106
1
10314 63 1027s 106
10314 Sale 103
10018 58 100 1003*
10063 Sale 100
9614 25 90 9853
9534 Sale 9512
12214 16 8484 126
12214 Sale 11812
10612 14 gg 10712
106 Sale 10514
10112 13 944 103
10114 Sale 101
35 9412 1023*
97
98
9712 98
5 99 1157k
10834 113 10812 10812
104 sale 103
10478 40 98 1063*
10014 145 98 10012
100 Sale 9953
9914 244 98 9954
99 Sale 9834
106 Sale 10514 10638 59 10614 1074
10312 Sale 10312
10334 11 100 104
3
'
Ask Low
Bid
90 Sale 8914
9314 Sale 9134
10612 107 10612
10814 Sale 108
45 Sale 4512
9018 -___ 95
10778 Sale 107
10678 Sale 10614
95 Sale 943*
10018 ___ 97
8012
7918 81
10212 10234 10212
107 Sale 107
11434 Sale 11414
10018 Sale 9978
89 Sale 89
8012
8012 _
10812 109 109
9212 Sale 9058
8914 Sale 9014
891s 89
89
10412 10434 10414
108 Sale 108
9738 9734 9714
1183* -_ 11612
100
100 _ _
712
,
9612 __9
9 _1_21116
115
.-I
9 Aug'22 _
10
9
612 872 6,2 Aug'22 ---9582 93
9512 Sale 9414
9912 Sale 9912
9934 30
125
128
126 Sale 125
10514 10578 10514 106
95 Sale 9312
9512 443
90 _ _ 88 July'22 ---9012 94 94 June'22
98 9934 99
100
4
9934 100 100
100
9
10138 102 102
10212
1212
9
10%
6
8612 16
93 1001s
110 128
99 107
84
9513
87 90
87 99
86 102
9912 101
9512 1033*
8 9512 100
987s 99
99
98,2
9638 11 3912 100
96,2 9712 9612
9312 34 86
9484
9314 Sale 9212
10034 Sale 10014
10078 122 98 10114
78 Aug'21
86,2
100 Apr'22
91
91 Aug'22
92
82 91,2
294 71
8212
81
7818 7812 78
92
9112 34 86
91 Sale 91
9712 -- 977s Aug'22 ____ 9612 10214
9378 32 8612 9378
9314 9314
92
10034 101 10012 10138 36 661, 10114
36 9384 10012
100
1001s
100 10012
92
33 82 93
93
9234 93
_ 94 June'22 ---- 90 94
93
9284
9112 48 83
9012 9058 90
101
3 045s 101
10034 Sale 101
103
9612
11
101
100
10012 101
91
9312 8714 Aug'22 ---- 8714 92
9938
9412
1 90 97
95
94
877s
84 Aug'22 ---- 78
8234 85
9 931z 100
99
98
9834 9812
102
97
17
10112
101
10112 Sale
2 9618 100
9912
99 10014 9912
103% Sale 10312 10414 103 9912 10412
103
Aug'22
____
_ 103
87
9234
94% 9212 July'22 ___
93
7 97 10114
99
9912
9918 997s
8
,3711 134 9
3
8012
5 75
8012
80
8034 89
9334 148 8014 9373
8014 87
8734 Aug'24
1023s
95% 103
101Is 103 101
94 9112 100
100
100 Sale 99
11614 62 108 11653
114 Sale 114
10834 37 107 112
10812 Sale 1081s
0712 100
9934 Aug'22
9978 100
76
76
72
7514
78 Sale
96
15 8812 96
9434 Sale 9912
_ 9434 9914
9834 99
9854 Aug'22
9938 Sale 9834
9912 177 9712 9912
9514 58. 8814 9554
9511/3 Sale 95
10734 108 1071s
10878 12' 10114 10878
10678 Sale 10618
10634 78 1017s 10634
64 10512 10854
108
108 Sale 1075s
2 91% 9833
9838
9814 Sale 9814
95
499 91 95
99,4 Sale 9334
9912
9912 Sale 9938
9912 13 93
2 9054 1003*
100 Bale 10018
10018
2 8812 9453
93 Sale 93
93
11314 23 10812 11314
11312 11412 11318
dDue April. cDue Mar. sDue may. gDue June. hDue July. kDue Aug. oDue Oct. g Due Dec.
•No price Friday; latest bid and asked. aDue Jan.
Range
Since
Jan. 1
Option sgie•
BOSTON STOCK EXCHANGE-Stock Record seBec.','eTtspage
HIGH AND WW SALE PRICE-PER SHARE, NOT PER CENT
Saturday,
Aug. 19.
Monday,
Aug. 21.
Tuesday,
Aug. 22.
1Vednesday. Thursday,
Aug. 23.
Aug. 24.
Friday,
Aug. 25.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
9"
Range for previous
year 1921
Highest
Lowest
Lowest
Highest
Shares
Railroads
•
40 Boston & Albany
148 148
148 148
147 147
148 148 *147 148
148 148
100 1301
/
4 Jan 4 152 May 22 119
Apr 133 Nov
604 Boston Elevated
8312 84
8312 8378 8312 84
8312 84
8334 84
8312 84
100 73 Feb 20 8458May 2
61% Jan 79 Nov
9
Do pref
*99 100
99
9914 9914
99
*99 100
99
100 9114 Mar 1 104 June 14
99
78 Jan 100 Dec
44
Do 1st pref
120 12014 *121 125 *121 125
120 120
119 119
119 119
100 116 June 22 12014 Aug 23
--29
Do 2d pref
104 104
105 105
*10312 105 *10312 105 *10312 105 *104 105
100 102 June 10 105 Aug 14
867 Boston & Maine
28
2714 28
2712 2712
2814 27
28
2712 27% 2758 28
100 14 Jan 10 3112Nlay 20
1314 Dec 2534 Feb
pref
30
*31
34
*31
34
34
3412
Do
*31
3412
34
34
34
100 20 Jan 9 37 Apr 8
*31
1612 Nov 30 Jan
Do Series A 1st prof.. 100 22 Jan 5 4412 Apr 26
213
3914 4012 3812 39
41
40
3912 40,4 4934 41
19 Aug 33 Jan
436
Do Series B lot pref.. _ _ 100 36 Jan 17 62 May 20
591 60
60
60
6012 61
6012 61
58
60
27 Nov 47 Feb
Do
684
Series C 1st pref.._ _ 100 30 Jan 9 54 May 25
53
5312 53
53
*53
5312
5312 *53
54
5114 5114 54
24 Nov 40 Jan
119
Do Series D 1st pref _ _ 100 40 Jan 12 7712MaY 1
75
75
74
7412 75_
7412
*7112 ---- *7414 75
36 Nov 58 Jan
4 Boston & Providence
*160
160 160
*160 --- *160 162 *160
100 125 Jan 12 163 July 17 110 June 133 Jan
497 East Mass Street Ry Co 100 6
24 -ii- 24
,
i
2412 2414 2412
2312 2312 24 -2
16
8 July
A 13
14 2638July 31
Do 1st pref
72
72
322
72
72
72
72
72
72
71
71
71 -if
100
_
77 July 14
-_
Do pref B
55
*5412 55
55
250
55
*5412 55
55
55
55
55
100 51 July 13 57 Aug 1
55
19
42
Do adjustment
*40
42
42
42
*41
43
43
4312 *40
44
*40
100 28 July 14 47 Aug 17
4312 *42
70 Maine Central
4312 *42
*42
45
*42
4312 4312 44
45
*42
100 2712 Jan 30 48 Apr 15 -30 Dec 4313 Feb
3238 3278 3214 33
3214 3214 1,423 NYNH& Hartford
3312 32% 33
3134 '3218 32
100 121
/
4 Jan 3 3478May 22
12 Dec 2314 Jan
71 Northern New Hampshire..100 69 Jan 10 96 July 19
79
79
80
80
80
*77 - -- - 79
79
*77
60 Apr 75 Feb
Norwich & Worcester pref 100 58 Jan 17 100 June 1
99
*97
Last
Sale
Aug'22
*9612
96
98
*96
*9612 97
51 Nov 76 Jan
217 Old Colony
93
91
95
95
95
91
*92
95
93
92
100 57 Jan 6 9814May 23
9012 91
50 Oct 75
Jan
533 Rutland pref
5012 52
50
50
49
49
47
50
*4512 47
100 15 Jan 20 5278June 5
15 Apr 21
Jan
99
99
98
99
283 Vermont & Massachusetts..100 78 Jan 23 9912 Aug 10
9814 9814
*98 100
99
*98
69 Nov 78 Dec
Miscellaneous
312 312 *312 334
334 3%
312 312
125 Amer Pneumatic Service
*312 334 *312 334
25
234 Feb 4
414 Jan 27
2 Jan
534 Dec
1912 1912 1912 1912 *1912 20
20
*191 20
*1918 1934 *19
50 13 Feb 20 2014 Aug 10
812 Jan
1538 Nov
9,6
1
735
Amer
12412
122 124
r Telephone
p hone & Teleg_ _ 100 11458 Jan 3 12434
118 12234 -------12378 12438 123
12234 124
Mar 14
9618 Jan 11912 Nov
29,197
Rights (w 1)
238 3
238 Aug 24
3 Aug 24
97 Amoskeag Mfg
iiiii 1-1-33-4 114 114
11378 ill
115- 113-1-2 *iii- 1-1-4 - 114 115
No par 101 Jan 10 117 Jan 24 -if- -.11-1 166- -J5e;
5
Da pref
91
*89 - - -- *89 __- - 9012 9012 *90 ____ 91
No par 28012 Jan 17
78 Feb
8414 Dec
Art Metal Construe Inc_ _ _ 10 1412 Feb 20 91 Aug 24
Last Sale 15 July'22
*1512 1712 *1512 1712 *1512 1712 *1512 1712
2012May 19
12 Jan
16 Sept
40 Atlas Tack Corp
*17
*17
18
*17
18
*16
16
16
*16
18
18
18
No par 13 Jan 7 22 May 4
124 Dec 20 Apr
Beacon Chocolate_
Last 8217 25 Aug'22
10
.25 Jan 20
.75
Feb
21
.15 Dec
4 Jan
,-36- ;io- -36- ;16- -36- *.20 .30
253 Boston Mc Pet Trus_No par
*-_-_-_-_ 40 .5.20 .20
.15 Apr 27
.50May 4
.15 July
.95 Jan
Century Steel of Amer Inc_ 10
Last Sale 15 July'22
.05 Jan 20
.20July 17 .0812 Oct
Ps Jan
8 24
25.- -..ii- I412712 2612 2634 2612 2634 1,790 Connor (John T)
;21- -ig- ;ii- .
10 1534 Jan 4 2712 Aug 23
912 July 177 Dec
*312 4
*312 4
*312 4
*312 4
East Boston Land
July'22
Last Sale 4
10
3 Jan 4
6
Apr
21
Oct
Feb
412
3
93
812 858
814 838
834
703 Eastern Manufacturing-- 5
878
*8
*714 8
834 87
714 July 28 1414 Feb 10
918 Oct 23 Jan
7178 7178 7134 7378 7312 738 7212 7314 73
1,433 Eastern SS Lines Inc
73
*7012 72
25 3812 Jan 4 73% Aug 22
16
Jan 42 Dec
45
*4412 45
45
*44
45
33
45
Do pref
*45
4512 *44
47
45,2
50 42 Jan 7 4712 Apr 18
42 Nov 45
185 Edison Electric Illum
17934 180
179 180
179 17912 179 180
179 17912 178 17912
100 156 Mar 2 18112July 21 14214 Oct 16512 Dec
Dec
*1112 12
435 Elder Corporation
1214 12
814 838 *1112 12
12
12
12
12
No par
3 Mar
13 May 17
3 Nov
17
Jan
320 Galveston-Houston Elec__100 33 July 14
*3612 3818 3812 3812 3838 3812 3838 39
3814 3854
3812 39
11 39 Aug 15
10
10
Gardner
429
10
10
10
10
Motor
*934 10
934 934
934 934
No par
934 Aug 24 1614 Apr 6
958 Sept2314 Apr
1814 1812 19
19
75 Greenfield Tap & Die
1834 1834 *1814 1834 1814 1834 1812 1834
25 1814 Aug 9 2714 Feb 27
1914 Dec 29 Nov
4912 4912 49
48
48
4914 4812 4812 48
299 Hood Rubber
48
No par
43 Mar 9 5314 Mar 20
35
*33
34
34
*32
635 Internal Cement Corp_No par 26 Jan 20
3434 3412 3412 3418 341
3712May 13 -19 - July 287
28
28
*25
28
*25
20 Internat Cotton Mills
28
28 '
'h2778 28
-1
28
50 27% Aug 23 32 Jan 27
32 Dec 4112 Feb
7812 7812 78% 7812 79
79
Do pref
*7512 78
78
78
78
78
133
100 60 Aug 5 79 Aug 22
4414
2 15
74 Dec 86 Mar
*212 5
*212 5
Last Site 314 July'22
*212 5
International Products...Vo Par
Jan
9
314
612 Mar 25
*914 15
2 Sept 13 Jan
*914 15
Do pref _
Last V:912 July'22
*914 15
100
7 Jan 5 17 Apr 1
Jan
5 Nov 32
Sale
Island Oil 3, Transp Corp
---10
.62 Apr 15
47 Mar
3 Jan 24
2 Sept
-;7/4 - -8 8
778 8
417 Libby, McNeill & Libby
8
-8
8
812
8
8
10
158
Apr 24 1112June 3
Dec 13
Jan
518
91
190 Loaw's Theatres
*914 934
98 9%
918 914
9,8 918
912 912
912
25
8 July 1
13 Jan 16
004 Dec 18 June
821
/
4 81
82
8134 8214 8112 82
7934 8178 81
81
8112 1,840 Massachusetts Gas Cos- 100 63 Jan 3 8214 Aug
21
5334 Sept 85 Jan
68
6858 69
*68
70
104
70
Do pref
69
70
69
70
70
70
100 62 Jan 3 70 Aug 1
5812 Oct 64 May
*152 15312 153 153 *152 15312 153 15312 154 155
124 Mergenthaler Ltnotype
154 1551
/
4
100 130
*1612 2012 18
18
1812 19
1914 2014 1912 20
705 Mexican Investment Inc.... 10 18 Jan 3. 156 May 10 117 Sept 136 Nov
19
19
1312 Sept 358 Apr
31
31
3114 3114 3134 3112 32
31
598 Mississippi River Power_ 100 13 Aug 21 273e June
3112 3212 3214 3234
Jan 6 3234 Aug 25
11 Sept 1412 Mar
83 *81
83
84
84
*81
15
Do
*82
84
*83
81
84
84
stamped pref
100 7212 Jan 9 34 Aug 22
4.7% 3
60 June 84 Apr
734 8
8
8
y34
734
4 3
330 National Leather
13
8
778
74
8 3
8
10
712June 28 1158 Jan 21
914 Jan
214 Dec
212 234 .*212 3
2,665 New England 011 Corp
1 July 17
5 Jan 28
6 Aug
4 Aug
11914 11912 11912 120
3
9
212 120
119 120
127 New England Telephone.. _100 109
119 119
11612 1-191-2
Jan 4 120 Aug 22
9512 Jan 11234 Dec
*6
7
*6
7
*6
7
6
6
40 Ohio Body .3, 1310 war_ No par
*6
7
*6
7
11 May 18 14 Mar 16
1958 2014 20
7 July 1134 Dec
*1912 20
2,329 Orphaum Circuit Inc
2038 *20
21
2012 20
20% 20
1 13 Jan 10 2134May 3
1412 Dec 3014 Apr
162 162 *160 162 *160 162
160 160
161 161
161 162
70 Pacific Mills
160 July 3 17412 Mar 11 I 146
Jan 171 Dec
15
15
15
15 .15
1512 *15
1512
25 Reece Button Hole
10 1212 Apr 18 16 July 17
*312 4
Jan
*312 4
122 Apr 14
105 Simms Magneto
*312 4
314 312
5
3 Feb 20
718
914 May
Apr
5
Dee
105 10512 10414 10512 10412 10512 105 10612 10512
3
1114 10634
1314
100 9214 Jan 3 1087 Feb 23
8312 July 10534 Jan
4412 4514 4412 45
44
44
44
44
44
44
44
4412
25 039 July 3 8112June 5
1114 11
*II
11
47 June 61 Feb
Ills 1114 *11
80 Union Twist Drill
1114 *11
1114 '11
11 14
5
8 Mar 29 1414 Feb 3
4014 4012 4018 4012 4012 41
10 Dec 22 Jan
1,297 United Shoe Mach Corp... 25
4058 40% 4058 4078 4012 41
34 Mar 3 45 Mar 24
33 Sept3914 Jail
*2618 2678 27
27
*26
*2614 2634 2678 2678 26
_
267
25 25 Jan 3 2712July 15
2214 Apr 2512 Dec
3012 30 -3-03- 2912 3018 2934 30
3038 3012 30
73 VeD
2,68Ventura
nlo
3Ttrisol Oil Fields.. 5 217
2912 30
8
Jan
27
3312June
2
1614 July 2412 Dec
1,115 Waldorf System Inc
318 3214 3214 3234 32
33
3212 33
3034 3214 3012 31
10 2612 Jan 4 33 Aug 23
16% Jan 29% Dec
350 Waltham Watch
934 934
914 912
912 912 *912 934
912 912 - - -- -- - 100
7 Jan 3 1434 Apr 26
3312 3312 3312 3312 3312 34
6 Dec 17 Jan
3312 *30
*31
34
pref
_ __
100
2612
Aug
14
49 Apr 25
1172 1178 *1134 12
36 Sept75 Jan
12
12
12
o
12
1134 -12
17
58 Wlailwor
12
12
Manufacturing.. 20
712 Feb 7 1234June 15
8 Sept17 Feb
*3
3212
6
12
4 3334 3334 3314 3312 3234 33
36
33
610 Warren Bros
3234 3234 3212 33
50 1712 Jan 3 35 May 29
11
*3512 36
Apr 2212 Apr
*3512 3612 *36
17
Do lot pref
3612 3612 37
3612 3612
50 3012 Jan 4 3734June 14
17 Aug 3312 Dec
*39
43/
1
4 *39
45
4312 *41
*38
Do 2d pref
Last Sale 44 July'22
42
50
16
*15
Oct3534 Dec
1512 *1514 16
16
*15
*15
Last Sale 1634 Aug'22
16
Wickwire Spencer Steel__ _ 5 3312 Feb 18 4434 July12
133
4
Mar
27 21 May 13
8 July 1814 Jan
Last Sale .80 June'22
Wollaston Land
5
.803une 16
.35 Oct134 Dec
134 Jan 4
Mining
.75 1
*.50 1
*.50 .80 *.50 .80
*.50
320 Adventure Consolidated__ 25
*.50
1
1
.50 Jan 31
.4 Mar
1 Apr 15
.75 Mar
62
*6212 6412 62
64
181 Ahmeek
6412 6412 64
*64
65
6312 6412
25 59 May 11 66 May 29
40 Aug 63 Dec
*.20 .50 '.20 .50 *.20 .50 *.20 .50
150 Algomah Mining
.20 .20 *AO .50
.20 Jan 13
.15 July
.50 Apr 17
.50 Apr
*2512
26
26
2512 26
*25
2512 2512 *2512 26
M lirinoaudz
2414 2412
22 Jan 9 3212 Jan 26
16 AP
2412 Nov
312 312
312 312
312 312
312 334
312 358
Arcadian Consolidated
314 312
2
225
55
2 Mar 10
458May 23
1% Sep
334 Jan
834 834 *834 914
895 Arizona Commercial
918 91
9
9
*9
914 *9
914
5
Jan
Feb
814
678
20
1012June
10 Apr
5
*1414 15
*1414 15
*1414 15
*1414 15
Last Sale 1412 July'22
Bingham Mines
Mar
14 Oct
8
297 297
296 298
296 298
295 295
115 Calumet & Hecla
298 299
299 301
26.1 jan
:
n 2g 210 Apr 280 Dec
3$3
1 114jAlu
1014 101
/
4 10% 1014 10
1038 10
645 Carson Hill Gold
10
*
191
014
2
10
10
1
10 June 19 1634 Mar 29
11 Dec 1618 Jan
*912 10
10
*912 10
11014 *9
Last Sale 10 Aug'22
Centennial
25
9
Aug 18 1312 Feb 1
7 Jan 10
Jan
4412 4334 44
44
486 Copper
4414 4312 441
4334 4334 4314 4358 44
Range Co5
2
2
712 g
27 Jan 4034 Dec
39
05 DavisH-DalycCuoppppeerrmining.
712 758
712 712
734 778 *7% 8
715 712 2,6
3
:6:1
712 Jan
la
apri
nr ii
/
4 Mar
51
1034 11
1058 10%
1034 1078 1078 10% 10% 1078 *1078 11
10
7 Aug 1134 Dec
2
2
2
2
214
51 H
*2
1
4
Fraann
214
214 214 *2
214 2/
1% Apr
314 Jan
212 *2
212 *2
1_12 112 *2
Hancock Consolidated__
212
212 *112 212
*2
2
35
5 1112 Aug 18
112 Sept
312 Mar 16
312 Jan
112
Last Sale 114 Aug'22
Helvetia
*1% 112 *118 112 *Vs 112 *118
25
1 June
.99July 13
278 Nov
/
4 Apr 17
21
10878 11012 10934 111
109 110
10912 110,2 1,316 Island Creek Coal
108 10912 10912 110
48 Jan 8812 Dec
8112
95
95
*94
95
*94
95
*94
95
94
94
95
*94
Jan 90% Dec
75
2314 2314 23
ag Isle
23
Coppar _ _ _ _ _ _ _ 21
2334 23% 2312 232 2412 24% 2314 24
n 1rg3%
1614 Jan 24% Dec
4
i
j nnY
1130
ee 1
5 i
3% 3% *312 4
*312 4
•312 4
lle
erwreL
334 334 *312 4
en
aa
ke
w
4 Sept
234 Mar
4% Apr 17
3 Feb 6
*214 234
3
3
278 2%
--278 2% *214 3
:Copper
.......
25
.98 Sept
2 Dec
3
412
412 434
580 It
414
412 412 - *413 -434
4
412 413
:
, ral
5
Jan
25
2
2'14
312 Dee
I
F
e
a
l
l
41
1
'1
1Z
8738
3
*114
13
4
*114
Last
Sale 112 Aug'22
LakeasonSalle Copper
134 *114 134
*114 134
114 Jan
25
214 Feb
112 Feb 6
214 Apr 17
2
L3cist Sate
Aug'22
*134 214 4.134 214 *134 214 :
Copperca17sValley
Mine
1134
3 2314
114 Jan
178 23A4
2 Sept
258 2%
Mass
'
2232
258
4
212 278
41
2238
.55 Apr
3% Jan
AapYr 13
4:4M
if
raanr 21
2
418 414
414 412
414 414
Mayflower
414
418 414
Conl
i
-Old
418 412
olo-iii
,___ -- ____ L
258 Aug
514 Jan
214 Jan 20
6 May 22
312
312
3
603
3%
Michigan
318
318
3%
314
3%
318
314 314
312 may
114 Aug
25
5
.75July 10
7 Apr 13
19
50
7 Mohawk
Neweeww i
oirvrineare
*6112 6212 6212 6212 6212 6212 6212 6234 6212 64
6112 62
4312 Jan 59 Dec
25 5312 Jan 7 68 June 5
1914 18% 1914 18% 19
1878 1914 1,975
19
c
l16auoi kopal
19
*19
1914 19
alp
nveyerr._.._.__:_
Sept
121
/
4
2012June
2
183
4 De°
17
Feb 21
____ 15
Last Sale .15 Aug'22
• _ 15 *____ 15 *___ _ 15
.40 Nov
2 De°
2% Mar 23
.10July 7
37
*37% - --37
*3512 37
Company
40
Feb
9
100
108
Feb
57
May
40
37
Jan
6
,-1,ii- ---_:: -iiii8 2
15
07
0 NiDpioasinpgremfinea
7-81-8 *75 ____
76
75
75
74 Dec 95 Mar
100 73 Jan 7 7512 Apr 7
57
57
6
-;4- --616
*6
4 *6
64
638 *6
814
4 July
4
Jan
5
Jan
812
7
5
July
8
1,085
13
1258
13
North
1234
121 13
Butte
1234 1334
1234 1234 *1234 13
8 Mar 1414 Dec
15 11 Feb 15 15 May 29
*212 3
95 0.11bway Mining
27
278
234 234
*258 3
278 2% *212 3
25
1 Aug
212 Dec
418 Apr 15
20
Jan
218
*2512
16
2612
Old
*2512
2612
*2512
2612
2612
Dominion
2412
26
*25
26
*25
Co
15% Jan 2534 Nov
25 23 Jan 4 27 Jan 25
37
38
38
*3612 3734 3712 3734 *38
38'2 3818 3818 38
21 Aug 3512 Dec
3012 Jan 5 3512 Aug 23
41 Osceolatui cayr y,s
44
4312 4334
4412 4312 4412 *43
44
44
4212 43
44
3312 Aug 46 Dec
50 MaY3I
42
Feb
20
4612
47
8
*46
48
M
46
46
46
46
48
49
Mineral Land
48
.48
28 Jan 45 Dec
H 4158 Jan 9 4812MaY 31
gu
ha
u r.
.90 .90 *.85 .93 *.80 .95
Lake
*.80 .90
2
*.80 .95 *.90 1
.75 Jan 1% Dec
134May 18
105
.25 Mar 10
1
108
1
*.75
11s
*.95 114 1.95 114 *.95 114 *.75 114
114May 18
.35 Nov
2 Jan
31
Jan
.50
41
*4
Superior
412
Last
Sale
Aug'22
412
*418 412 *4
412 *4
2 Sept
434July
13
412 Feb
29
Mar
2
114
112
112 112
870 Superior & Boston Copper_
112 112
1,4 *138 112
1 June
214 Feb
2 Apr 15
Mar 31
.90
1,425
Trinity
2
2
*2
214
2
2
2
Copper
2
1/
,
4
f. 21
Corp
21
2'/, 2'/,
14
3% Apr 3
3 July
5
412
Nov
114June
5
100 Toulumne Copper _
*70
*70 75
75
70
70
*70 73
*70 73
.34 Aug
.92May 22
5
*70 75,
.85 Dec
3
.49 Mar 7
312
2% 2% *218 318 1,465 Utah-Apex Mining-----3
3-4
234 278
27
312
2%
134 Aug
4 Mar 22
5
Oct
19
:
Jan
212
222
3
Utah
3
3
3
3
*212 3
3
*212 3
Consolidated _ _
2
112 Nov
312June 5
3
1
5 Jan
1 Feb 21
112 152
11 1;(
112 112 4,265 Utah Metal & Tunnel
112. 112 *114 112
1 4
158 158
.95 Jan 2.(. Jan
212 Apr 13
1 Feb 15
_
Victoria
391
Last
Aug'22
13
134
4
Sale
*112
1-4
...
1
'l
*134 2
4,
*134 2 4
.40 May
212 Jan 30
214 Feb
21 1 We Jan 5
173 Winona
134
158 158 *114
1
134
138 *11
34 *114
/
4 134 p114
.35 Jan
234 Apr 15
.80 Mar
25
.25 Jan 16
1112 *11
135 Wolverine
12
*10
1012 11
1134
1158 1158
812 July 14 Feb
- --- *11
25 10 Feb 10 16 May 31
•Bid and asked prices; 00 dales 00 this day. • Ex-rights. b Es-dividend and rights. x Ex-dividend. vEx-stook dividend. s Ex-dividends.
Dec
-77i
*1;
-i-oa-: 1-0-y- 1,1N vorirftin>oCno
g
2
Jan
32 N,ppanr,11 !
,84
415:
4.2a8
gg?
s
ii4 ii, 114
?(5:,
THE CHRONICLE
978
[Vol,. 115.
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug. 19 to Aug. 25, both inclusive:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
Bonds-
Atl G & W I SS L 5s_ _1959 59%
Chic Jet Ry & U S Y 5s_'40 97
48
1940 82,6
East Mass Ser B 5s_ _ _1948
1948
Series A 434s
1936 101
Hood Rubber 78
1926
Internat Cement 8s
K C Clin & Spring 58_1925
1929
Mass Gas 4348
Miss River Power 5s_ _1951
N E Telephone 5s__ _ _1932 98%
1948
NYNH&H 6s
Punta Alegre Sugar 78_1937 109
1944 99
Swift & Co 58
Warren Bros 7348_ _ _ _1937
Western Tel & Tel 58_1932
59% 60
97
97
82,6 8234
76%
75
69% 70
100% 101%
109 10934
75% 75%
93%
93
95%
95
9834 99
80
80
109 110%
99
97
114,1 115%
96% 9631
Range since Jan.!.
Late.
17,000 47
4,000 89%
2,000 74%
7,950 69
6,000 69%
15,000 95%
5,000 101
1,000 75
3,000 86
10,500 88
28,000 93
100 80
11,000 104%
55,000 91
37,000 97,1
1,000 90
Mar
Jan
Feb
Aug
Aug
Jan
June
May
Jan
Jan
Jan
Aug
July
Jan
Feb
Jan
High.
65
97
82%
7634
70
101%
114
7734
94
95%
99
80
111%
99
116
96%
May
Aug
June
Aug
Aug
Aug
May
June
July
Aug
May
Aug
Aug
Aug
Aug
Aug
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Aug. 19 to Aug. 25, both
inclusive, compiled from official sales lists:
awes
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Friaay
Stocks-
Alliance Insurance
li
American Gas of N J_ _ _100
American Railways
50 1434
Preferred
100 5931
American Stores
* 148
Buff & Susq pref v t c_ _100
Consol Trac of N J
100
Elec Storage Battery
* 4734
Erie Lighting pref
* 2534
General Asphalt
100
Hunt & Brd Top pre
50
Insurance Co of N A_
10
J G Brill Co
100
Keystone Telephone__ _ 50
Lake Superior Corp__100
93,
Lehigh Navigation
50 75
Lehigh Valley
54)
Pennsyl Salt Mfg
50
Pennsylvania
50
Penn Cent L & P pref_
*
Philadelphia Co (Pitts)__50 4434
Preferred (5%)
50
Prof (cumul 6%)
50 44
25 3231
Phila. Electric of Pa
Preferred
25 3131
Phil Rapid Transit
50 3234
Phila maul Wire
*
Philadelphia Traction__ _50 6731
Phila & Western
50
Preferred
50
Radio Corp of Amer
Reading
50
Tono-Belmont Devel
_1
1
Tonopah Mining
Union Tree $1734 paid_ _ 50 4031
50 53%
United Gas Impt
50 5531
Preferred
10
Warwick Iron & 5
West Jersey & Sea Shore_50
50
York Railways
BondsAmer Gas & Elec 58.. _2007 8834
Baldwin Locom 1st 58_1940
Elec & Peoples tr et's 4s'45 70
Hunt & Brd Top 5s_ _ _1925 84
Keystorri Telep 1st 58_1935
Lake Superior Corp 59_1924
Lehigh C & N gen 434s 1924
Penn RR consol 4%s_ _1960
Phila Co cons& coil tr 5s'51
Mils Electric 1st 5s__ _1966 100%
1947
5348
1941 10531
6s
25
25 '
66
66
1434 15
5934 5931
146 150
52
52
51
52
4731 49%
2534 2534
6531 6731
16
21
3934
39
50
50
8
8
9%6 9%
75
77
6831 7031
7934 8031
4631 47%
53
53
4434
42
33
33
42
444
32
3231
3131 3231
3231 3231
3734 3734
6631 6731
9
9
34
34
4% 534
73
8031
1% 1%
1% 2
4031 4031
52
5331
543.4 5534
9% 934
38
38
274 29
8834
10131
6931
7334
80
35
9531
9831
89
100
101%
105
88V
9231
102
7031
75
80
35
9531
9831
8931
101
102
105%
891.4
60
30
445
68
1,245
100
306
1,960
40
80
452
177
10
100
1,120
382
240
67
4,769
20
160
60
2,553
2,249
1,284
1,533
70
85
5
20
75
377
800
1,050
1,020
6,168
390
60
50
960
Range since Jan. 1.
Low.
19
47
4
23
83
4734
44
3734
25
55%
10
30
36
7
631
6631
57
6931
3331
4834
3231
2931
36
23
2731
1731
30
58
5
29
4
72
131
131
34
38
38
734
2731
9
High.
Jan 25
July
Jan 75 May
Jan 17 June
Jan 63 June
Jan 11534 Aug
Feb 55
Apr
Jan 5634 Apr
Mar 4934 Aug
July 27 May
Jan 7334 July
Mar 21
Aug
Jan 3934 Aug
Mar 59
Aug
Jan 1231 Mar
Jan 1231 May
Feb 7734 Apr
Jan 7031 Aug
Jan 8034 Aug
Jan 47% July
Jan 5534 May
Jan 44% Aug
Apr 33
Aug
Jan 4434 Aug
Feb 3231 Aug
Jan 3231 Aug
Jan 3531 June
May 5031 Jan
Jan 6831 Apr
Jan 1031 June
Jan 3434 June
Aug
631 May
Jan 81% May
July
1154s June
Jan
2
Feb
Jan 43 May
Jan 54 June
Jan 5534 July
Feb
934 June
Jan 39
Aug
Jan 29 June
$2,100 81
Jan
2,000 100
Jan
11,000 64
Jan
5,000 7334 Aug
2,000 7234 Jan
8,000 30
Jan
1,000 9031 Jan
4,000 94% Mar
8,000 85
July
30,(')00 93
Jan
12,500 9934 June
9,000 100% Jan
11.000 71“ Mar
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Friday
Outside Stock Exchanges
9231
102
72
74
81
3934
96
9831
93
101
10231
106%
Aug
July
Apr
Aug
May
June
July
Aug
May
July
Aug
Aug
Stocks (Concluded)-
Pub Serv of N Ill, eom_100
100 100
Preferred
100
92
9234
Quaker Oats Co, pref _ _100 9831 98
99
10 14
Reo Motor
13% 1431
Sears-Roebuck, coin__ _100
91
91
Standard Gas & Elec_ _ _ _50 2034 20
2034
Preferred
50 49
48% 49
Stew Warn Speed,com_ 100
__ 4434 47
100 10634 10434 10634
Swift & Co
Swift International
15 21% 20
22%
Temtor Prod C & F"A"__.
1% 1%
134
Thompson, J R,com_ _ _ _25 5434 53
5534
Union Carbide & Carbon.10 6034 5834 62
United Iron Wks v t c_ _50
634 7
United Light & Ry
55% 53
5534
Rights
104 1034
Preferred
77
76% 77
5834 5731 5836
U 8 Gypsum
Wahl Co
* 63
57% 6334
Ward, Montg & Co, w I__
2334 23% 24%
Western Knitting Mills.. _*
731
7
734
Wrigley Jr, corn
25 104% 104% 105%
10 160
Yellow Mfg
148 176
75
Yellow Taxi
7434 80%
Bonds4734 4734
Chic City & Con Rys 5s'27
Chic Rys 4s, Ser "B"_1927
4834 4831
99
99%
Commonw Edison 5s _ _ 1943
Cudahy Pack 1st M g 58'46
91% 91%
6131 6131
;fetr W Side El 1st 4s_1938
5934 60%
Extension gold 4s_ _ _1938
1939
8834 8834
Vorris& Co 434s
9734 99
;Mit
&
_
_ Co_ Is 8 f g 5s_1944 99
Range since Jan. 1.
Low.
High.
65 8031
70 8831
445 93%
2,330 1234
25 5934
850 13
345 42
25,525 24
2,080 9134
17,610 17
1
380
7,700 40
33,500 43
6
300
290 29
300 10
220 70
75 5334
15,620 50
3,300 1234
5
895
340 97
2,795 132
24,750 50
Jan
Jan
Mar
July
Feb
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
Jan
Jan
Aug
Mar
Aug
Jan
Jan
Jan
Mar
Mar
Jan
101
9834
99%
28%
94%
20%
4934
47
10834
23%
534
5536
62
934
6934
1034
8134
5836
71%
25%
1031
110%
246
80%
Mar
June
Aug
July
Aug
June
July
Aug
Feb
Feb
Feb
Aug
Ang
Feb
May
Aug
May
Aug
Apr
May
May
Feb
Feb
Aug
$2,000
1,000
13,000
5,000
5,000
20,000
12,000
83.000
Aug
Jan
Jan
Mar
Jan
Jan
Feb
Feb
5334
52%
99%
91%
64%
60%
88%
99
Apr
May
Aug
Aug
May
Aug
Aug
Au.
4634
33
9334
8734
52
50
83
9031
* No par value.
Baltimore Stock Exchange.-This week's record on •the
Baltimore Stock Exchange will be found on page 961.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 19 to Aug.25, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Feb
8
10
1034
210
Am Vitrified Prod, com_25
792 6434 Jan
8134
Am Wind Glass Mach__100 8134 80
285 84
Jan
91
91
100 91
Preferred
sy, Mar
Arkansas Nat Gas, com_10 1034
934 1234 14,665
234 Jan
5
6
655
5
Carnegie Lead & Zinc
2%, Apr
195
Consolidated Ice, com__50
334
33.4
Jan
10 23
50
Preferred
2531 2534
295
1% Jan
334 3%
Indep Brewing, corn_ _50
50 13
340
Preferred
6% Feb
1231 13
Jan
25
283.6 29% 1,813 20
Lone Star Gas
Jan
2,030 45
Mfrs Light & Heat__100 57% 54% 58
6% Jan
9% 1,545
9
9
Nat Fireproofing, com50
Jan
50 2131 2034 2134 3,360 15
Preferred
1 17
17
710 1531 Aug
18
Ohio Fuel Oil
320 4434 Jan
25 5234 5234 5334
Ohio Fuel Supply
Jan
995 19
23
Oklahoma Natural Gas_ _25 2231 22
Feb
5
135
7% 734
Pittsburgh Brew, pref._ _50
Jan
70 60
Pittsburgh Coal, com__I00 65% 6534 66
23c 25c 36,500 190 May
Pittsb & Mt Shasta Cop_ _1 25c
Feb
'6
335
10
9%
_100
Gas_
_
Pittsburgh Oil&
Jan
70 130
175 180
Pittsburgh Plate Glass_ _10 175
8% Jan
12%
535
12
10
Salt Creek Cons Oil
11
Jan
600
13
1134
1234
Tidal Osage Oil
70 11534 Jan
143 145
Union Natural Gas.. _ _ _100 143
Jan
30
40
5036
4934
100
Glass
US
360 80% Mar
9531 1013%
West'house Air Brake_ _50
510 4934 Jan
6334 65
W'house El & Mfg,com_50
1,030 18
Jan
West PennTr&WP,com 100 35% 35% 36
Bonds$2,000 9634 rJan
100 100
Cent Dist Teleg 58_ _ _ _1943
7,000 67 June
73
73
Indep Brewing 65_ _1955
92% 92% 1,000 87% Jan
Pitts McK & Conn 5s_1931
....- ..-.- ...
.
,
, 10f11
021.4 9211 5.000 8234 Aug
High.
24%
90
9131
1234
631
4
25%
331
13
313%
58
98%
2134
23
55
26'%
8%
6631
31c
113%
180
1434
1434
14734
55
101%
6931
36
Apr
May
June
Apr
June
Apr
Aug
Aug
Aug
June
Aug
Apr
Aug
June
May
Apr
June
June
Mar
June
Aug
May
Apr
Aug
May
Aug
Apr
Aug
100 June
Jan
75
92% July
9234 Aug
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Aug.19 to
no 1090
320 t.4.
5201A Mut
Aug. 25, both inclusive, as compiled from the official lists.
• No par value.
As noted in our issue of July 2 1921, the New York Curb
on June 27 1921 transferred its activities
Chicago Stock Exchange.-Record of transactions at Market Association
Broad Street curb to its new building on Trinity
Chicago Stock Exchange Aug. 19 to Aug.25, both inclusive, from the
Place, and the Association is now issuing an official sheet
compiled from official sales lists:
which forms the basis of the compilations below.
•
nuay
r
•......
Stocks-
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
American Shipbidg_ __ _100 72
Armour & Co, pref_ _ _ _100 9934
15 1231
Armour Leather
100
Preferred
*
934
Booth Fisheries, new
Chicago Elev Ry, com_100
Chicago Rys Part Ctf Ser 2
Comrnonw'th Edison_ _100
6
Consumers Co, corn__ A00
8
Continental Motors_ _ _ _10
Cudahy Pack Co, com_100
10931
Crane Co, Preferred
100
Deere dr Co, pref
100 116
Diamond Match
*
231
Earl Motors
Godchaux Sugar, com___ *
Gossard, H W,pref_ _ _100 27
100
Great Lakes D & D
Gimbel Bros, Inc, corn, w 1 4634
Hartman Corporation_ _100 8636
Hart, Schaffner & Marx100
Common
100 107
Preferred
Holland-Amer Sugar_ _ _ _10
10 18%
Hupp Motor
100
Illinois Brick
100
5134
Inland Steel
8
Libby, McNeill& Libby_ 10
531
10
Lindsay Light
Middle West Util, corn..100 47%
100
Preferred
Prior preferred
. 5
Mitchell Motor CO
Nat'l Carbon, pref(new)100
--National Leather
10
New
Orpheurn Circuit, Inc_ __ _1 20
Phillipsborn
Preferred
26%
_•
_
Pick (Albert) & Co_
....__ -,._ ,
.
- ...... ..1,
Range since Jan. 1.
Low.
7131 72
994 100
1231 1231
8734 8734
934
9
234 234
231 234
130 13034
6
6
734 834
62
62
10934 10934
76% 77
116 116
231
2
15% 16
2631 27
8531 8534
4634
46
8634
84
175 60 June
780 91
Jan
358 12
Feb
34 83
Mar
220
5
Jan
100
131 May
100
1% Jan
309 11431 Feb
25
5
Feb
5
5,345
Feb
25 55
Jan
325 85
Mar
275 60
Feb
60 105
Jan
1,340
2
Aug
455 10
Feb
845 25
July
75 8134 Jan
525 44
Aug
825 7734 Jan
7834 7334
107 107
6% 6%
18%
18
743.4
73
50% 5134
7% 8
5%
5
46% 47%
77
77
9734 98
5
5
118% 120
1% 1%
7% 8
20
20
42
41
101 10131
26% 2631
43
d9
38 73
25 102
4%
100
2,400 10%
260 56
198 4834
1,245
7%
650
331
315 27
450 53
210 82
225
336
225 11234
50
1%
1,205
7%
75 1234
2,375 41
350 101
550 19
3,242 2331
High.
96
Mar
100
Aug
1234 Feb
10234 May
934 Aug
234 Mar
6
Mar
13234 Feb
9 May
9
Apr
68
Feb
110
July
79% June
118
May
6
Jan
18
Mar
2834 May
106
Feb
4634 Aug
103
Mar
Jan 85
Apr 107
Jan
734
Jan 2131
Feb 7534
Mar 5834
Aug
8%
Mar
6
Jan 53%
Jan 78
Jan 99
Feb
734
Feb 120
Aug
1%
July 11%
May 21
Aug 42
Aug 101%
Jan 28%
Mar 5431
Jan
Aug
June
May
June
May
July
Mar
May
July
Apr
June
Aug
Aug
July
May
Aug
Aug
Apr
May
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Aug. 25.
Range since Jan. 1.
Stocks-
Low.
Industrial & Miscell.
1 85c
Acme Coal Mining
___ 10 35e
Acme Packing
Aluminum Mfrs. 8 m _ *
9%
Amalgam Leather,com.
:
100
Preferred..
Amer Gas & Elec ref _ _ _ _50 44
Amer Lt & Trac pref_ -.100
Amer Pow & Light corn_
Amer Writing Pap com_100 ..
236
Atlantic Fruit, when iss'd _*
75
Bethlehem Steel, new w L. _
96
New preferred w J.
Borden Co., common_ _100 108
Brit-Amer Tob ord bear...El x19%
£1
Ordinary
10
Brooklyn City RR
1%
*
Buddy-Bucis,Inc
Car Lighting & Power__25 900
*
Tire
Carlisle
134
Cent Teresa Sugar, corn.10
10
Preferred
pref__
105%
Ci
A
.
L:hes &Ohio Ry
534
Chic Nipple Mfg, CI A_ _10
Cities Service, com____100 19531
100 69
Preferred
Cities Serv, Bankers' sh__* 19%
..* 27
0.eveland Automobile__
78
Preferred
72c
Colombian Emerald Synd _
Colombian Syndicate
Colorado Power, corn_ _100
Columbia Motor Corp____
Com'l Solvents Corp CI A.* 4834
* 41
Class B stock
Com'w'th P It & L pref_100
836
Continental Nlotors____10
Cosgrave Breweries
51%
__ .
-........,..., ch., wi *
80c 95c
35e 45c
22
22
9% 10
3936 3934
44
44
94
94
126 126
3
4
3%
231 2%
75
77
9434 96%
10631 108
219% 20%
1931 20
836 836
131
134
1.06
900
1
1
134 234
2% 2%
10534 105%
431 5%
19434 196
6736 6934
19% 20%
2531 27
78
78
67c 750
234 24
2134 22%
3% 336
4834
47
41
41
62% 6234
7% 836
8%
8
514 9
High.
131 Apr
30,800 50c Aug
24,000 20c Mar
734 Mar
Jan 25 June
100 15
7% Feb 1431 Apr
500
Mar 43 May
100 33
33 42 June 4534 Apr
10 94
Aug 9834 May
Aug
50 12034 July 126
5% May
Feb
3
600
3 June
11,900
1% Aug
Aug
700 75
Aug 82
3,600 9434 Aug 10034 Aug
Apr
200 94
Feb 110
1,100 12% Feb 20% Aug.
300 12% June 20
Aug
1,000
4% Jan
934 May
14,900 45c
Jan
2316 Apr
10,380 500 July
13. May
200
1
Aug
2% Jan
1% Aug
9,700
331 Feb
2% Aug
100
4
Feb.
500 105% Aug 105% Aug
3,900
1% Apr
63.4 July
May
721 158
Jan 242
1,800 51
Jan 72 June
Jan 2434 Apr
2,300 17
500 20
Jan 35 June
10 50
Jan 8334 May
5,700 50e Apr
1% May
300
13(.1 June
334 July
200 1336 Mar 23
Aug
534 June
100
3% Aug
2,200 4434 June 4834 Aug
600 3836 June 41
Aug
100 6234 Aug 6234 Aug
4,600
5% Feb
931 May
7
Aug
200
8% Aug
1.600
8
May 121 May
AUG. 26 1922.]
•
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Curtiss Aeropl & Mot corn*
Daniels Motor, corn
Del Lack & West Coal_ 50
Denver dr Rio Gr pref_ _100
Dictograph Prod, corn 10
Dublier Condenser&Radlo*
Durant Motors, Inc_ _ _ *
Durant Motors of Ind__ _10
100
Eastern Steel corn
Federal Light & Tr corn 100
Federal Tel & Tel
5
Firestone T & Rub com..10
Gardner Motor Co
Gibson-Howell Co, corn
Gillette Safety Razor
*
Gimbel Bros, corn, w 1_ *
ioo
Preferred
Glen Alden Coal
Goldwyn Pictures
Goodyear T & R,com_ _100
100
Preferred
100
Prior preferred
.10
Grant Motor Car
Hall Sw di: Signal corn_ _100
100
Preferred
Hayes Wheel when issued _*
Heyden Chemical
100
Hudson Cos,pref
Hud & Manh RR,corn _100
Imp Tob of Gt Brit& Ire Ll
25
Inland Steel
Intercontinental Rubb _100
International Carbon
*
Lehigh Power Securities_ _*
Lehigh Valley Coal Sales.50
Libby McNeil & Libby_ _10
New stock
10
Liggetts Intemat pref
50
Lima Locom full pd rcts w 1
Part paid rects w 1
Lincoln Motor, Class A .50
Locomobile Co
Macy(RH)& Co,Inc,com_*
Preferred
100
Manhattan Transit
20
Mercer Motors
Voting trust certifs
Mesabi Iron Co
I Moon Motor Car
Morris(Philip)Co, Ltd_ _10
Nat Leather new
10
N Mex & Arizona Land_ _1
N Y Tel 634% pf w I_ _100
Packard Motor Car,com.10
Preferred
100
Peerless Trk & Mot Corp50
Perfection Tire & Rubber_*
Phillipsborn's, Inc., corn.*
Preferred
100
Pub Serv Corp of NJ, pf100
Radio Corp of America__ _*
Preferred
5
Reo Motor Car
10
St Lawrence Feldspar_ _ _10
Schulte Retail Stores
Southern Coal & Iron_ _ _ _5
Standard Gas & El com_50
Stutz Motor Car
Swift & Co
100
Swift International__ _15
Technical Prod Corp_
Tenn Elec Pow,corn, w 1 _*
Tenn Ry L & Pow com _100
Timken Roller Bearing w 1_
Tob Prod Exports Corp_ *
Todd Shipyards Corp_ _ _ _*
Torbenson Axle, emu
*
Union Carbide & Carbon.
United Profit Shar'g, new.1
1/n Retail Stores Candy_
U S Distrib Corp corn
50
US Light & Heat,corn._10
Van Raalte Co,Inc
Wayne Coal
5
West End Chemical
1
Willys Corp. 1st pref _ _100
1st prof ctf of deposit_
50c
24
20%
4631
102
54
6%
65c
30%
1%
17
12%
4%
16%
80
2
54%
1064
70c
11%
20
234
108%
14%
88
2
41%
100%
106
5%
3%
14
9%
37%
46c
22
106
21%
14
29%
67
2%
62c
18
18
Rights-Chesapeake & Ohio Ry__
Cuba Cane Sugar
Union Oil
134
Former Standard Oil
Subsidiaries
•
Anglo-American OIL _ _ _El 19%
Buckeye Pipe Line
50
Chesebrough Mfg
100.
Galena-Signal Oil, corn _100
Illinois Pipe Line
100 168
Indiana Pipe Line
50
New York Transit
100 168
Northern Pipe Line_ _ _ _100 103
25 287
Ohio Oil
Prairie Oil & Gas
100 600
100 259
Prairie Pipe Line
Southern Pipe Line_ _ _ _100
Standard 011 (Indiana)_ _25 114%
Stand Oil(Ky)new 1.100 100%
Standard Oil of N V - _100 x441
Vacuum Oil
.
00 469
Other Oil Stocks
Aetna Consol 011
Alcan 011Corp---- -----5
Allied Oil
1
American Fuel Oil, pref _10
Arkansas Nat Gas, corn _10
Atlantic Lobos Oil, corn_.*
Boone 011
5
Boston-Wyoming Oil_ _ _1
Brazos 011 Corp
Brit-Amer Oil, Ltd_
25
Brit Consol Oil Fields_ _ _25
Carib Syndicate
Columbia Petroleum
Cosden dr Co,old pref._ _ _5
Creole Syndicate__ ------5
Cushing Petroleum Corp..5
Darby Petroleum
Engineers Petrol Co
1
Equity Petrol Corp, pref _ _
Ertel Oil
5
Federal 011
5
Fensland Oil
*
Gilliland Oil, corn
*
Glenrock 011
_10
Hudson 011_ _ .
1
Imperial 011 (Canada)coup
International Petroleum_ -*
Keystone Ranger Devel_ _1
214
114
1034
10%
12c
810
1
1%
7
1,
4
34
14%
134
16%
19e
21%
37c
414 4%
11% 11%
99
99
50c 55c
1% 1%
8% 8%
3834 38%
14% 15
24
19
42
42
7
7%
75
75
9% 10
20
22
224 229
4414 46%
102 102
54
5514
5% 6%
10
10%
32
32
65% 66%
60c 80e
3% 4
7
7
30% 31
134
1%
17
17
1231 1234
15% 15%
51
51%
35% 4%
9% 9%
16
16%
80
82
2
2
7% 8
53% 55%
58
59%
34
35
234 2%
14c 14e
5434 56%
105% 107
20c 78c
3
3
2% 2%
11% 12%
10% 13%
19% 21
7% 8
2% 2%
107% 108%
14% 15%
86% 89
59% 59%
2
2
41% 41%
100% 100%
103 106
4% 5%
3L/16 3
13% 14%
9
9%
3734 3734
35c 55e
20% 20%
22
23%
106 10734
20% 22%
5% 6
13% 14%
2% 2%
29% 30%
634 7%
67
69
23
26
60
61%
6% 7
6
6%
19% 19%
1% 1%
48
48
234 2%
54c 63c
18
22%
19
25
1
25c
19c
200
300
25
900
100
700
200
1,600
190
10
4,100
50
300
800
655
5,100
500
2,500
10,100
700
100
200
1,100
1,600
100
5,100
1,800
300
500
300
200
3,200
300
1,200
160
200
200
200
2,100
300
1,000
1,000
2,900
3,300
5,000
100
900
5,900
14,000
11,600
300
300
3,155
3,500
200
100
100
2,600
700
2,200
74,800
30,600
5,200
6,300
400
77,400
100
9,400
20
2,100
2,300
1,700
100
19,900
2,000
105
200
600
1,100
8,300
200
2,200
100
23,500
7,100
800
900
131 10,200
25e
2,000
190
1,000
Range since Jan. 1.
Low.
2%
10%
86
38e
1%
7%
22%
84
19
19%
514
42
9%
Jan
May
Apr
Jan
Aug
June
Jan
Jan
Aug
Apr
Mar
Jan
Aug
154 Jan
169
Jan
44% Aug
102
Aug
42
Jan
4
Jan
7% Aug
24
Jan
64
Aug
50c Feb
2% Mar
July
7
27% Aug
80c Feb
7% Feb
3% Feb
10% Jan
49
Mar
334 Aug
931 Aug
15% Aug
66
Feb
July
2
7% Aug
47% Apr
52% Aug
Aug
28
750 Feb
100 July
5411 Aug
105% Aug
20c Aug
1% Apr
2
Feb
11% Aug
10 June
5% Jan
7% July
1% Feb
106
July
514 Feb
63% Mar
33% Feb
2
Aug
40% Aug
100
Aug
99
Mar
214 Jan
2
Jan
al3
Aug
8% Aug
33
Apr
30c July
15
Mar
11
July
95
Jan
17% Apr
5
Aug
10 June
1
Feb
29% Aug
3
Jan
65
Aug
23
Aug
44
Jan
5
Mar
4% Jan
12% Feb
75e
Jan
40
Jan
85c Mar
50c July
Mar
6
13
Apr
1
250
19e
19% 21% 9,200 16%
96
97
50 84%
195 195
10 175
52
52%
140 40
167 168
150 160
90% 96
120 84
168 168
10 140
103 103
10 90
287 287
10 257
600 606
135 520
249 267
600 224
95
95
10 77
114 116% 98,200 83%
97% 101
10,200 76
440 457
520 341
465 482
165 299
2%
1%
3c
114
9%
10
12c
81c
1
30%
1%
7
234 1,100
3% 13,200
3c 15,000
1%
100
12% 7,000
3,100
11
13e
8,000
87c 12,100
100
1
300
31
400
1%
7% 2,100
600
1
18
100
4% 4%
2% 3% 10,200
1,000
Sc
Sc
200
1% 1%
22e 27c 30,000
300
14% 14%
5,000
3c
2c
1f6 1% 20,100
15
16% 6,400
300
4% 434
I% 1% 6,200
17c 21c 147,000
329
114% 115%
21% 2335 22 800
35c 45c 34,000
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
1
June
1% Aug
2c
Jan
1
June
Feb
731 July
8e May
570 Mar
1
June
29
Jan
1% Aug
311 Jan
1
June
4
Mar
Jan
3c
Jai
1% Aug
200 July
12% June
2c
Jan
Jar
Mar
3% June
83c Feb
70
Jan
97% Mar
14
Mar
40e July
High.
Friday
Sales
Last Week's Range for
Other Oil
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
7
Apr Kirby Petroleum
6%
6,300
4% 7
14% June Land Creek Royalties_ _ _ _1
3c
1,000
3c
100
July Livingston Petroleum_ _ _
1%
1% 1% 6,200
75c Apr Lyons Petroleum.
640 690
7,000
2% May Magna 011 & Ref _
1
1%
134 1%
800
9% May Maracaibo Oil Explor_ _ _ _* 20%
19% 2014 2,400
43
July Margay Oil Corp
1%
134 1%
200
16% Apr Marine Oil
1
1%
1
600
36% Apr Marland Oil
514
3,000
5% 6
42
Aug Marland Refining
_5
4
4%
700
7% Aug Meridian Petroleum _ _ _ _ 10
3c
9c 26,000
30
July Merritt Oil Corp
78
_.10
8%
1,700
8% 9
16% Apr Mexican Eagle Oil
5
134 13%
300
Aug
22
Mexico Oil Corp
1%
10
1% 1% 4,100
229
Aug Mid-Colombian Oil & Dev.
3% 3%
100
46% Aug Mountain & Gulf 011_
98c
1
900
102% Aug Mountain Producers_ _
14% 144 1434 5,500
56% July Mutual Oil
10% 10% 11% 51,000
9%, May New England Fuel 011_ _ _ _
74
71
74% 5,400
15% May New York 011
2214 23%
500
40 June Ncble 011 & Gas
1 25e
200 25c 19,000
7334 June Noco Petroleum, com_ _10
3% 3%
100
1% June North American Oil
5
2
2
300
Apr Omar Oil & Gas
5
19,4 14„is 27,600
10
Apr Pennock Oil
10
10
6% 6%
100
32% July Red Bank Oil
18c
170 19c
9,000
1% Jan Ryan Consolidated
6% 7% 1,300
21
May Salt Creek Consol 011
11% 11%
300
15% May Salt Creek Producers_ -10
15
15% 6,300
15% Aug Sapulpa Refining
3%
5
3% 3% 1,600
58 May Shell Union 011, corn, w I.. 13% 13% 13% 1,000
11% Feb Simms Petroleum
814
8% 84 6,600
13% July South Petrol dr Refining...
80
8e 10c
4,000
18% May Southern States Oil
17% 14
1734 6,000
82 June Spencer Petrol Corp_
10
4% 5
700
7% Mar Texon 011 & Land
50c 65c 92,600
1 55c
May Texon Oil & Refining
10
30
1,000
3c
55% Aug Tidal Osage Oil
1211
500
1234 13
59% Aug
Non-voting stock
12
100
12
Aug Turman Oil
35
1
13,f6
13,f 4,700
8% Jan Western States Oil & Gas_l
26e 29e
2,000
Jan Wilcox 011 & Gas
69c
5%
5
531 5% 9,600
61% Aug Woodburn Oil Corp
50c 50c
2,400
108
Aug "Y" Oil & Gas
1 10e
10c 14c 20,000
78c Aug
5% May
Mining Stocks
4% May Alaska Brit-Col Metals:_10
2%
2% 2%
1,200
13% Aug American Exploration. 1
1% 1%
900
13% Aug Belcher Extension
10c
6c
6e
Sc 77,000
23% July Big Ledge Copper Co _.5 lie
9c 12c
9,000
11% Jan Boston dr Ely
1
55e 55e
1,000
3% May Boston & Montana Corp.25
1
1346 8,800
108% Aug Boston & Montana Dev_ _ 5 15e
14e 17c 77,000
16% June Caledonia Mining
1
8c
8c
1,000
90% May Calumet Sr Jerome Copp _1 200
20e 22e 11,000
5931 Aug Canada Copper Co
5
6c
6c
00 38,000
4% May Canario Copper
10
2% 2%
1,000
42
Aug Candalaria Silver
1 32c
32e 33c 22,000
100% Aug Cash Boy Consolidated_ _1
9c
8c
4,000
90
107% June Combination Fraction_ _ _ _
3c
3c
5c 10,000
6% Apr Consol Copper ctf of dep..
2
2% 5,700
3% May Copper Canyon
700 83c
2,100
82c
29
July Cork Province Mines
180 180
_1
3,000
9% Aug Cortez Silver
1
1
1,
,f6
1'4 13,500
40 May Cresson Con Gold M & M.1
24(6
2,300
2",(6
234 Jan Davis-Daly Mining
10
7% 8
300
21
June Dean Consolidated Corp_l 42c
360 42c 41,000
45 June Diamondfleld Daisy G M _ _
lc
be
1,000
lc
109
Feb Divide Extension
1
14e 14c
4,000
23% Feb Dolores Esperanza
5
900
2
2%
6% Aug El Salvador Silver Mines_l
90
6c 10c 100,000
14% June Ely Consolidated
90 12e 28,000
10c
314 June Emma Silver
1
3c
4c 68,000
2c
30% Aug Eureka Croesus
1 33c
32c 350 64,000
10% May Fortuna Cons Mining
20e 26c 54,200
20e
80% Feb Gadsden Copper_
800 84e
84c
300
30
Aug Galena Mining
300 300
2,000
61% Aug Golden State Mining
44e 44c
3,000
9
May Goldfield Bluebell
2c
30 11,000
834 May Goldfield Consol Mines _10
8c
90 12,000
2034 Feb Goldfield Deep.
3c
5c
Sc 58,000
V/r6 Apr Goldfield Development
240 40c 336,000
40c
61
Mar Goldfield Florence
_.1 22c
14c 29e 94,000
2% Aug Goldfield Kewanus
Sc
7c 16,000
87c
Jan Goldfield Oro Mining
2c . lc
30 33,600
31
July Gold Zone Divide
6,000
1
8c
8c
30
July Green Monster Mining 50c
7c 12c 12,000
Hard Shell Mining
1
8c
7c
9c 12,000
Harmill Divide
4,000
10c
8c
7c
7c
1% Aug Hasbrouck Divide
1,000
1
2c
2c
50e Aug Hecht. Mining
25e
7
6% 7% 3,200
19e Aug Henrietta Silver
55c
30e 60c 15,400
Hilltop-Nevada Mining.
19,900
1%
Hollinger Cons Gold Min _5 11% 11% 12
1,600
Howe Sound Co
3
314
3% 3,400
25 June Hull Copper
1,000
30e 300
100
Apr Independence Lead Mining 57c
52e 600 94,300
195
Aug Iron Blossom Cons Min 10c
1,000
330 380
62 May Jerome Verde Devel
.1
800
3% 3%
198
Apr Jim Butler, Tonoriah_ _ _ _1
4,000
7e
7c
70
106
Mar Jumbo Extension
3,000
1
(le
90
181
Mar Kerr Lake
5
500
3% 3%
110
May Knox Divide
10c
7c
70 35,000
50
332
May Lake Shore Mines
100
2%
2%
648 June La Rose Consol Mines_ _5
1,000
32c 32c
270 June Lone Star Consol
1
70
8c 110 91,000
104
May McNamara Mining
1 10c
70 10c 26,300
124% May Magma Chief
2,000
1
Sc
2e
108 June Magma Copper
5
500
27
2711
457
Aug Manhattan Consol Mines_ _ -----2,000
5c
5c
482
Aug Marsh Mining
1 16e
12e 17c 59,000
Mason Valley Mines__ __ _5
1% 2% 2.900
234
McKinley-Darragh-Say..1
280 31e 18,00
3
Aug
Mining Co of Canada
100
810 81c
15% July Mohican Copper
1,000
15e
15c
15c
5c July Morington
120
100 13c 40,000
3
Jan National Tin Corp_ _ _ _50c 330
300 36e 40,000
13
Apr Nevada Ophlr
1
14c 18c 17,000
12% May Nevada Silver Hills
3,000
50
6c
29c
Jan New Cornelia
1,200
19
19%
18%
99d June New Dominion Copper_ _ _ _
8,300
234
2%
2%
234 Feb New Jersey Zinc
135
100
144 151
35 June Nipissing Mines_
5
5% 6% 1,900
2% June Nixon Nevada
8,000
3c
30
4c
9% June Ohio Copper
10
90
6c
9c 14,000
2% Mar Park Utah Mining
5% 5% 7,300
5%
514 July P1ttsb-Mt Shas G M & M _1
1,000
23c 23c
3% Apr Prince Cons Min & Smelt..
2,000
8c
Sc
12c Mar Ray Hercules, Inc
41,800
214
2%
1% July Red Hills Florence
Sc
Sc 98,000
4c
72c
Jan Rex Consolidated Mining _1 10c
9c lie 36,000
1411 Aug Rosetta Divide Mines
2,000
20
2c
7c
Jan Sandstorm Kendall
3c
5c 166,000
20
21 May San Toy Mining
8,000
3c
30
19% June Sheldon Mining
1% 19
4 1,000
9% Apr Silver Horn M & D
4,000
Sc
7c
1% June Silver Pick Consol
1
3,000
12e
11c
50e Mar South Amer Gold & Plat_ _1
800
4% 4%
127% May Spearhead
22,000
3c
2c
27% May Standard Silver Lead
2,000
_1
19e 19e
Jan Stewart Mining
5.000
Sc
__ 1
70
8c
4
979
Range since Jan. 1.
Low.
4
3c
1
580
50c
15%
1
1
1
2
2c
8
12
1%
2%
70c
9%
5%
40
11%
13c
1%
1%
67c
4%
11c
4
10
1234
2%
1314
8%
6c
12%
75e
40e
3c
10
10
1
22c
2%
50e
7c
Aug
June
July
Jan
Apr
Aug
Mar
Feb
Jan
Jan
July
July
July
Jan
Feb
Jan
Jan
Jan
May
Mar
Jan
Apr
Apr
Mar
Jan
July
Feb
Apr
Jan
Feb
Aug
June
Aug
June
Feb
Jan
Aug
Jan
Apr
July
Mar
Jan
Aug
Aug
1% Jan
136 May
2c Mar
8c July
60c Feb
73e July
130 July
4c Feb
13e
Jan
6c
Aug
1% July
19e
Jan
4c Feb
be July
2
Aug
70c Aug
18c Aug
84e
Jan
2% June
614 Jan
36e Aug
lc Aug
10e
Aug
82c Feb
2c Mar
30 Mar
be Mar
18c
Jan
10e July
59c Mar
20e June
24e May
lc Aug
30
Jan
10
Jan
Sc June
9c July
Jan
2c
be June
70 May
10c
Jan
6e July
7c June
be Mar
4% Jan
30c Aug
75e 'June
7% Jan
2% Jan
Jan
300
Jan
6c
16c Mar
2% Jan
4c July
Jan
2c
Mar
3
Jan
3c
2% May
250 Jan
Jan
lc
Jan
5e
20 June
264, Jan
5c Aug
Jan
4c
74 Jan
Sc June
Jan
75c
15c Mar
10e May
270 Mar
12e Aug
Jan
2c
17% Jan
Jan
2
141 June
54 July
2c July
Aug
6c
511 July
21e June
6c Apr
Feb
1
lc July
Jan
Sc
2c Aug
lc Aug
3c Aug
134 may
50 May
Jan
3c
4% Apr
lc May
10e
Jan
Jan
20
High.
2614 Feb
10c
1m Jan
1% Mar
June
1% Aug.
27% Mar
214 Jan
2 May
10
4%
20e
1414
19%
4%
4%,
1%
18%
12
7414
38
350
3%
3
7%
35c
834
15
2014
June
Mar
May
Feb
Mar
June
Jan
May
June
Aug
June
Mar
Mar
June
June
June
Jan
June
May
May
13%
5 JuneA
Aug
u
12% Jan
5
Jan
1714 Aug
30
71
MayjAuulg
y
14% June
14
May
'
.f
50
10 6A
lapr
1%y
7
1
y
JFuelb
380
554
3%
90
290
90c
Jan
May
Apr
Aug
Jan
May
Jan
940
Jan
10e May
30e Feb
65e Apr
3% July
35c May
90 Aug
50 Aug
231 Aug
1
Mar
19c Aug
1%) June
Jan
3
8% June
42c Aug
10 Aug
21c
Jan
2% May
10e Aug
12c Aug
50 Aug
410 July
26e Aug
1.38 Apr
37c May
45e June
30 Aug
12c Apr
Sc Aug
40c Aug
30c Apr
7c Aug
40 July
15e Apr
22e Mar
480 Mar
18e June
2c Aug
8
Aug
60e Aug
1% July
1214 Aug
3% May
33e Mar
760 May
38e Aug
5
Feb
100 Feb
9e Aug
4% Apr
70 rAug.
24 Aug
63e Mar
12o
Aug
14e Mar
7c Feb
3234 Feb
Sc Aug
31e May
334 May
40e Apr
1% Apr
47c
Jan
16c June
670 May
52e Mar
14c May
20 June
2% Jan
151
Aug
6% Mar
18c Mar
14c
Apr
5% July
29e
Jan
110
Jan
2% June
8c Aug
12e May
2c Aug
Sc Aug
10c Mar
1% Aug
12c June
23c Mar
5% Jan
Ile June
24c May
16c
Apr
THE CHRONICLE
980
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Low. High. Shares.
Success Mining
Teck Hughes
Tonopah Belmont Dev._ _1
1
Tonopah Divide
1
Tonopah Extension
Tonopah Gypsy
1
Tonopah Mining
Tonopah North Star
Tri-Bullion S & D _____ _ _5
Trinity Copper
1
Tuolumne Copper
United Eastern Mining__ -1
United Verde Exten__ _ 50c
U S Continental Mines new
5
Unity Gold Mines
Victory Divide Mining _10c
West Dome Cons
West End Consolidated _
White Caps Mining__ ___10c
White Caps Extension'.10c
White Knob Copp, pref _10
Yerrington Cons
5
Yukon Gold Co
Bonds
Allied Pack cony deb 6s '39
Allied Pack 8s Ser B w 1'39
Aluminum Mfrs 75.. _1925
1933
70
Amer Cotton 0116s_ _ _1924
Amer Light & Trac 68.1925
Amer Tel & Tel 6s...1922
6s..1924
American Tobacco 78_1923
Anaconda Cop Min 7s.1929
6% notes Series A _ _ 1929
Anglo-Amer Oil 731s_ _1925
Armour & Co 7% notes1930
Atl Gulf & WISS L 5s 1959
Baragua Sugar 7318_1939
Bethlehem Steel 78_ _1923
1935
Equipment 7s
Bklyn Union Gas 6s w 1_'47
Cony 7s _
1929
Canada SS Lines 76 wil947
Canadian Nat Rys 78.1935
5swi
1925
Canadian Pac Ry (is_ _1924
1941
Central Steel 88
Charcoal Iron of Am 8s1931
1 Chic Un Stat 55 Ser B1963
Cities Serv deb 7s ser C '66
Deb 78 ser D
1966
Com'w'th Pow Corp 651947
Cons GEL&P Balt '76 '31
68 Series A w 1.__1949
1941
Consol Textile 8s
Copper Export Ass'n 8s'24
8% notes__ .Feb 15 1925
Cuban Tel 1st 734s_ _ .1941
Cudahy Packing 7s.._1933
Deere & Co 7345
1931
East Cuba Sug734s w 1 '37
Fed Land Bk 4345w 1_1942
Freeport Texas Co 78.1937
Gair (Robert) Co 7s..1937
Galena-Signal Oil 7s..1930
General Asphalt 8s.. _1930
Goodrich(B F) Co 70_1925
Grand Trunk Ry 6318.1936
Gray & Davis 7s wi_ _ _1932
Gulf 011 Corp 75._ _1933
Hood Rubber 7% notes '36
Humble Oil & Ref 7s_ _1923
Interb R T 8s J P M recta
Certificates of deposit...
1921
7% notes
Kan City Term Ry 68_1923
Kansas Gas& El 6s w 11925
Kennecott Copper 78_1930
Kings County Ltg 634
.
.....
Laclede Gas Light 78
Libby McNeill&Libby7s'31
Liggett-Winchester7s.1942
Magma Copper 78w 1_1932
Manitoba Power 78__ _1941
Merch & Mfrs Exch 78 1942
Morris & Co 7%s_ _..1930
Nat Acme Co 7345-- -1931
Nat Cloak & Suit 8s_ _1930
National Leather 8s_ _1925
NYNH& Hartf 48..1922
1925
7swi
Certificates of deposit.
500 franc bonds
Otis Steel 73-15w 1_ _..1947
Phila Electric 534s w 1_1947
Phillips Petrol 734s--.1931
Without warrants
Procter & Gamble 7s_ _1923
Public Serv Corp 78w 11941
Sears, Roebuck & Co 7s'22
7% serial notes Oct 15'23
Shawsheen Mills 7s...1931
1927
Solvay & Cie 8s
Southw Bell Telep 78_1925
Stand 01101N Y deb 63.48'33
7% serial gold deb_ _1925
7% serial gold deb_. 1929
7% serial gold deb_ _1930
7% serial gold deb_ _1931
Stewart Warner 8s_ _ _ _1926
1931
Sun Co 7s
1925
Swift & Co 75
Aug 15 1931
78
Union()Hof Calif 6s_ _1942
United Oil Produc 8s_ _1931
United Rye of Hay 730'38
U S Rubber 1st ref 58_1947
1936
Vacuum Oil 75_
Western Elec cony 78_1925
1 WlachRepeatArms7340'41
50c
73c
1114
720
2146
3c
214
Sc
Sc
18%
28%
4
2c
I7c
17/(6
13c
40
98c
9431
106
1005'
1014
10431
10234
10334
105
59%
10651
101
106
114
95%
112
9931
1084
10231
9034
10634
1033-4
9934
1033-4
101
122
99
10534
1033.4
10734
100
1043-4
101
10034
9234
92
102
97
10531
99
103
104
10831
9934
wog
974
9931
74
9531
10334
10031
102
103
1094
10731
10731
108
114
10131
10131
10331
10131
10034
106
9031
10934
10631
Range since Jan. 1.
Low.
64.200
18,700
3,300
14,800
5,300
6,000
2,200
12,000
11,000
800
800
12,200
900
11,000
2,300
2,000
32,000
16,500
14,000
6,000
400
9,000
900
lc Mar
20e
Jan
6 Jan
,(
15
46c Mar
15,(6 Feb
3c Aug
4 Jan
17
2c Feb
5c Mar
1% July
450 Mar
134 Apr
27
Mar
Ile Aug
2% Mar
be Mar
lie June
70e Feb
30 Feb
lc June
31c May
2c Apr
80c June
8134 82
11,000
9434 944 3,000
104% 104% 5,000
40,000
1054' 107
99% 9934 4.000
2,000
107 107
10034 10034 26,000
10131 10134 39,000
10234 102% 11,000
10494 10431 47,000
10174 1024 80,000
10334 10334 58,000
10431 10534 47,000
21,000
59% 60
100 100% 12,000
10654 1067-4 71,000
104 1044 33,000
1043-4 106 110,000
25,000
11034 120
73,000
95
96
30,000
111 112
9934 993j 46,000
10134 101% 20,000
17,000
1064 107
16,000
9434 95
10134 102% 19,000
8,000
94
93
90
9134 7,000
88
88)4 20,000
10634 1064 6.000
103 10334 8.000
9834 9934 13,000
102% 102% 22,000
10334 10434 54,000
18,000
108% 107
101 101% 6,000
10234 102% 5,000
16,000
101 103
101% 101% 2,000
122 122
1,000
98% 99
26,000
10534 1064 34,000
105 1057-4 18,000
10334 10334 104,000
107 10834 68,000
100 100
25,000
104 1043-4 37.000
10034 101
43,000
100% 100% 8,000
913-4 93 333,000
9134 9534 70,000
98 102
11,000
101% 10134 7,000
96% 98% 71,000
1053.4 1053-4 16,000
97% 99
12,000
10131 103 103,000
10034 100% 5,000
4,000
10131 104
10834 1083-1 6.000
9734 98% 23,000
993-4 9931 11,000
1063.4 10631 3,000
9731 98
56,000
104% 105
18,000
9931 9934 13,000
102 102
1,000
864 87% 49,000
8634 87
53,000
74% 190,500
74
9534 953-1 41,000
101 10114 16,000
118 118
2,000
102 102
1,000
10034 100%
1,000
1024 10331 26,000
1,000
1004 10031
1014 102
34,000
105% 106
5,000
108% 108% 25,000
103 10331 27,000
10931 10931 7,000
23,000
10631 108
10731 10731 5.000
1074 10831 9,000
1094 110% 7,000
77,000
111 117
10131 1014 15,000
10131 10231 90.000
10331 10331 37,000
101 10131 29,000
100 10031 26,000
105 10634 20,000
9031 904 43,000
10834 10931 44,000
10631 107 783,000
15,000
101% 102
Jan
59
76
Feb
10031 Jan
10231 Feb
93
Feb
Jan
96
9931 Jan
997-4 Jan
10131 Jan
10031 Jan
964 Jan
10231 Jan
10131 Jan
573-1 Apr
99
Aug
10051 Jan
10034 Jan
104 June
109 June
July
94
10431 Feb
9831 June
9931 Jan
98
Feb
9231 Mar
994 June
Feb
87
Mar
85
88
July
10231 Jan
993-4 June
94
Feb
102 May
10334 Aug
10231 Jan
10031 Jan
95
Feb
101
Aug
100 May
10031 Apr
95
Feb
10031 Jan
102
Jan
9631 Jan
102
Jan
100
Aug
1024 Jan
Jan
95
997-4 Jan
Jan
72
894 July
76
Jan
9931 Jan
95 June
10131 Jan
9631 Mar
9431 Feb
9831 Apr
9831 Mar
106
May
89
Jan
9954 June
1023-1 Jan
92
Mar
95
Jan
953-4 Jan
68h Jan
77
Mar
86% Aug
64% Mar
95
Aug
99 June
101
Feb
99
Apr
100% Aug
96% Feb
98% Jan
97
Jan
101
Jan
10231 Jan
10031 Jan
105% Mar
104
Jan
105% Mar
106
Apr
107% Mar
10031 Jan
98% Jan
10031 Jan
101
Jan
1003-1 June
90
Feb
100
Jan
9034 Aug
106
Jan
1034 Jan
9531 Mar
39c
72c
67e
4
117
3c
1%
Sc
Sc
2
71c
,f6
17
28%
11c
3%
2c
16c
14
13c
30
1
3c
98c
53c
75c
111/(6
72c
21%
3c
21 6
Sc
Sc
2
72c
1%
28%
lie
4
2c
17c
1%
18c
4c
1%
4c
1
High.
53c Aug
75c Aug
134 June
87c June
21/16 Aug
3c Aug
21,1e Aug
12c June
26e May
Jan
3
May
1
2% Jan
SO% Jan
Jan
550
5% Feb
2c Feb
17e Aug
4 Mar
117
18e Aug
4c Aug
I% Aug
50 May
131 June
90
99%
104%
107
9951
107%
101
101%
103
10451
102%
104%
105%
66%
100%
106%
105
106
123
96%
112
994
101%
107%
99%
10234
9734
91%
9031
106%
103%
100%
103%
105
107%
102
102%
105%
101%
156
100
106%
107
103%
108%
100
1044
101
10131
95
95%
102
101%
98%
106%
99%
103
101%
104
110%
100
100%
107
98%
105
101
102
92%
87
78
9534
102
126
104%
102
104
101%
102
106
10731
104%
109%
108
109
109
III
117
102
102%
103%
102
110
108
9051
10951
10931
102%
Apr
May
Aug
Aug
July
May
Mar
Apr
May
Aug
Aug
Aug
July
May
Aug
Aug
Aug
Aug
Aug
May
Aug
Aug
Jan
Aug
Apr
Aug
June
June
May
Aug
Aug
June
Apr
Mar
June
July
Aug
Aug
Aug
June
May
Aug
Apr
July
Aug
Aug
May
Aug
May
May
Aug
Aug
June
Aug
Jan
May
Aug
Apr
Aug
June
May
May
May
Apr
Aug
Apr
Aug
May
Aug
May
Aug
Aug
May
May
Feb
Apr
Apr
Apr
Aug
July
Aug
July
Aug
Aug
June
July
Aug
Aug
July
Apr
May
Apr
Apr
Aug
Aug
Mar
Aug
Foreign Government
and Municipalities
100% 10134 208,000 97
Jan 101% Aug
Argentine Nation 7s_ _1923 101
1945 3734 3734 3934 335,000 37% Aug 52% Apr
Mexico 43
12% 12% 25,000 11% Aug 12% Aug
3s.
18
1831 40,000 17% July 23 June
5s
sox 50% 10,000 50
July 50% Aug
Os 10-Ye8r series B
96% 65,000 96
July 9634 July
Netheriands(Kingd)68B'72 96% 96
15
15
48,000 13% Jan 28
Apr
Russian Govt 534s- _ _1921
15% 154 16,000 1331 Jan 26% Apr
Certificates
10% 14
11,000 10% Aug 2651 Apr
1919
6345 certificates
Serbs,Croats and Slovenes
July 96
Aug
(Kingdom of)8s w 1_1926 95% 95% 9534 141,000 95
104 105 100,000 95% Jan 107% Mar
Switzerland Govt 53451929
Dollar per 1,000 marks. a Ex-100% stock diviue.
t Odd lots. * No par va
Dollars per 1,00011re flat. 1 Listed on the Stock
dend. g Marks. k Correction. 1
will be found. 0 New stock.
Exchange this week, where additional transactions
Elx-rights. z Ex-stock dividend.
tv When issued. r Ex-dividend. y
[VOL. 115.
Quotations for Sundry Securities.
AS bonds prices are "and Interest" except where narked "f."
au Joint Stk. Land Bk. Bonds
Standard 011 Stocks Pal Bid
£
1934 2014 ChloJt Stk Land Bk 58_1939 9934 10012
Anglo-A mericaninew_
(S1
10232 103
be 1951 opt 1931
Atlantic Refining
100 993 1025
10212 10314
5s 1952 opt 1932
Preferred
100 115 118
105
106
Borne Scrymser Co
531s 1951 opt 1931
100 440 425
.
Buckeye Pipe Line Co_ _ _ 60 *96 98
RR.Equipments-Per C1 Basis.
Chesebrough Mfg new_ _100 193 225
Preferred new
100 108 111 Atch Topeka & Santa Fe 65. 5.30 5.00
Continental 011
100 140 143 Atlan Coast Line 611 & 6345 5.40 5.00
Crescent Pipe Line Co 50 .33 35 Baltimore & Ohio 4391& 6.- 5.50 5.00
Cumberland Pipe Line...100 145 150 Buff Roch & Pitts 49 & 4346 5.20 4.90
91
53 caEquipment
9
t %8& es_ 5.30 5.00
Eureka Pipe Line Co...10054
nadlaiipaoi
5.30 5.00
Galena Signal Oil com__ -100
6.00 5.50
Preferred old
100 108 112 Caro Clinohfleld & Ohio be
5.50 5.00
101
105
434s
Preferred new
100
Central of Georgia
5.30 5.00
Illinois Pipe Line
100 166 170 Central RR of N J Os
Indiana Pipe Line Co__ 50 .95 98 Chesapeake & Ohlo(is &6%s 5.50 5.00
5.50 5 00
Equipment be
International Petrol.(no par) *2134 22
0.00 5.50
National Transit Co_ _12.50 *2612 27 Chicago & Alton 61
New York Transit Co__ _100 167 170 Chicago Burl & Quincy 65.. 5.30 5.00
5.40
5.90
Northern Pipe Line Co. 100 103 106 Chicago & Eastern Ill 630
5.10
Ohio Oil Co
25 '284 288 Chicago Ind & Loulev 4%8- 5.50 5.00
5.35
'27
30
Penn Mex Fuel Co
25
Chicago St Louie & N 05s
5.25 5.00
25
Prairie Oil& Gas
eNW4348
100 5
mnt68
95 2660,5 Chicag &
& em8- -.,.. 5.40 5.00
p
9
Prairie Pipe Line
Equipment
100
340
350 Chic R I & Pao 4;411, 51/, 6. 5.65 5.00
Solar Refining
100
5.10
Southern Pipe Line Co. 100 94 96 Colorado & Southern 5e, 65- 5.60 5.00
5.35
213
218
100
011
South Penn
Delaware & Hudson Os
5.20
6.80
Southwest Pa Pipe Lines.100 60 62
6.40 5.10
Standard 011 (California) 25 *10912 110 Great Northern 6e
6.20
Ercile
ey64
ek4ing
a811*
.5
e3fe. 511 & 6. 5.60
HaV
Standard 011 (Indiana)._ 25 11412 1156s H
13
5
0 5
00
100
4012 Illinois Central 4315, be &(Is 5,25 5.00
Standard 011 (Kansas)_ _100.
5.00
5.25
25
(Kentucky)
7s
011
&
Standard
Equipment
63411--6.00
Standard 011 (Nebraska)100 18/ 185 Kanawha & hfich 431e,65- 6.50
5.00
Standard Oil of New Jer_ 25 4,2182 183 Louisville & Nashville bis-. 5.25 6.10
5.35
2116
11634
100
Preferred
miEchqigulapnmcenetntresal&546.34045::::
5.30 5.00
Standard Oil of New Y'k.100 1439 442
5.10
Standard 011 (Ohio) _ -106 z150 460 MinnStP&SSM 43‘e&be 5.45 5.20
Equipment 634s & 75...- 5.60
100 .117 119
Preferred
35 Missouri Kansas & Texas 6e 5.75 5.25
100 32
Swan & Finch
6.60 5.10
Union Tank Car Co_ _ _ _ 10C 104 106 Missouri Pacific 54
5.20
100 108 110
Equipment 6e & 63411--- 6.60 6.25
Preferred
5.90
100 465 470 Mobile & Ohio 4319,5s
Vacuum Oil
4.90
5.30
*22
27
New York Central 434s, Lie_
10
Washington 011
5.35 6.10
Equipment Cis & 7e
6 00 5.50
Other 011 Stocks
4 80
5.15
.1014
1034 NOY
Oln
rfo
kta
o &te
434
n te
&riW
es Wrea
Ths:11_
3!
°
Atlantic Lobar 011 (no par)
5.30 6.00
Equipment68
50 *40 50
Preferred
5.10
5.30
515
530
Northern Pacific 7s
Gulf Oil
7..... 5.30 5.10
Humble Oil & Refining_ _ _ _ 230 235 Pacific Fruit
5.15 4.85
Expres7.PnylvaiRR 4e & Oft
25 *113 115
Imperial Oil
5.25 5.10
Equipment Os
Magnolia Petmleum__ _ _100 175 180
5.20
Merritt Oil Corporation_ 10 *834 914 PIM/ dc Lake Erie Os & OW 5.40
5.20 4 80
*13
1414
Reading
Co 430
Mexican Eagle 011
5.75
5.20
1514
1512 St Louie Iron Mt& Sou be..
Salt Creek Producers
St Louis& San Francisco be. 5.70 5.20
b 40
5.90
Seaboard Air Line 4345& 5s. 5.15 4
Tobacco Stocks
85
.
...
8.
dks
%
44
Rayc4
P
.5.
oeCo
%
ifi
74 2857680
American Cigar common.100 8
5.25 5.00
Equipment 75
100
Preferred.
5.20
5.60
225
Southern
Amer Machine & Fdry_ _100
5.40 5.20
American Tobacco scrip___. 143 145 Toledo & Ohio Central Os . 5.20 5.00
British-Amer Tobac ord. £1 *1912 2012 Union Pacific 75
5.70 5.15
Brit-Amer Tobao, bearer £1 *1912 2012 Virginian Ry Os
lic Utilities
ed
ub
err
Conley Foil (new)._(no par) 01212 14
*160 164
O
N
170
60
corn_
Elm
&
er
Amers
Helme(Geo W)Co. oom.100 111
115
bt *4334 44.4
P
Pref
100
Preferred
1534 Amer Light & Tree,oom.100 138 140
Imperial Tob of CI B & Ire.. •15
96 98
94
100
100
preferred
Johnson Tin Foil dc Met-100 115
138
5 10
12
7 Amejeferrc
i. Pow
eer & Lt. oom 101 135
MacAndrews & Forbes_ _100
8812
10( 86
100
Preferred
15
19
100
31 Amer Public Util. corn..
10() 29
Mengel Co
32 35
Preferred
67
100 a,
75
Porto Rican-Amer Tob 100 *76
7212
85
50
'
'
BlackstoneVaIGAE.com
Scrip
*75
Pdow & Lt.com-100 47
erre
oellfna
pr
Car
Reynolds(R J)Tobacco_ 25
once service Co. coin_ loo 195 197
Schulte Ret. Stores(no par)
13
'
0
6
2
1328385
9 6912
,
0
100 6
Universal Leaf Tob com_100 99
2412
161 Colorado Power, coin_ _ _100 -100
Preferred_
92
99
Preferred
100
83
3
4
8
9
100
Go
8)
(J
Young
30
3112
98
100
Lt_
Ry
Pow,
&
oom'iv'th
100
Preferred
63
Rubber Stocks (Cleve! 427
a3
in le
g Eleo
ed& Share, pref.:
nd
00 61
101
orr
PreB1e
Firestone Tire& R ub.com-10
90
x3
911
Federal Light & Tree-.-100
100
6% preferred
5 85z
preferred
100
7% preferred
397296:
2 479581
1634
250 300 Lehigh pow See. (no par.). 41.62
Gen'l Tire & Rub,corn..100
mpr
iprp
fer
iseetss
eid Riv Pow.coval09 3178 3212
100
Preferred
8212
9105
5
27
9
9
100
com.100
R.
&
Tire
Goodyear
First Mtge be, 1951__J&J 9434 9512
100 2912 3012
Preferred
80 865
9
S f g deb 7e 1935__M&N 101 103
100 6
Prior preferred
12
Ohio Eleo.(no par) *9
Northern
Goodyear T&R of Can pf 100
38
Preferred
100
100 35
Miller Rubber
77
9
012 10
0 94
70
1 No
d tee Pow,com.100 111
rifte
Preferred
Preferred
100
100 70 75
Mohawk Rubber
87
Swinehart Tire & R.com-100 22 29 Nor Texas Elec Co,com-100 84
---- ---Preferred
Preferred
Sugar Stocks
412 8126 Pue
010
pacieftieSG
,1&
Eolw
&P
Pt
stL
and
ou
re_1_1
50 .8
2 5141:42 1836912
1100
Caracas Sugar
100 8112 84
6% preferred
Cent Aguirre Sugar corn. 20 •
112
05
312 1(4
14
9i
10
7% preferred
Central Sugar Corp.(no par) •112 e
Preferred
100
50 Republic
L4ii
.- M
.
g17t.
74
100
'1
.
C° M Ry °&19
100 25 '
CupeY Sugar common
100 4712 4813
6
7
74
a5
Preferred
100 45
Preferred
South Calif Edison,oom..100 104 10412
Fajardo Sugar
100
100 118 122
Preferred
Federal Sugar Ref, com_100 194 ---1.2
29
9 4
18
4
50 :
Preferred
100 104 - - Standard Gas & El (Del). 6
•15
ii
Preferred
Godchaux Sug Inc..(no par)
1312 1414
Preferred
100 76 80 Tennessee Eleo Pow (no par) 35
37
(no par)
2d preferred
Great Western Sus,com-100 250 260
55
15
0 UnliettedprL
Rdys.own__ _100 52
eftete
100 100 12
Preferred
100 74 77
Holly Sug Corp.com(no par) •20
36
8 100Westernef
50
Western Power Corp.__ _100 35
6Westernrerrd
100 8
Prererred
100 80 82
JULICAS Central Sugar__ _100
National Sugar Refining _100 145 150
Ities-Pe
-Pc'
14 Short Term Securities
SantaCecillaSugCorp,p1.100 11
Savannah Sug,corn.(no par) 6
2 53 Am Cot Oil Os 1924_ _M&S2 19
138
09
.a 10
s
1758
99
99 Amer Tel& Tel 6e 19241/Itt r1C
Preferred
100 vo
00
enS 10014
West India Sue Fin.com.100
0 1(31 Am
58
tes '23.M&N 10258 10272
22
9o
6%
geln
Tonbot
100 6
Preferred
AnacondaCopMin(is'29_J&J 10134 102
Industrial&Miscellaneous
.1.4.1 10412 10434
7s 1929 Series B
American Hardware_ __ _100 187 190
10363
Amer Typefounderiecom.100 53 57 Anglo-Amer 011730'25 A&O 10358
10478 1051s
08
30J&J15
.
94
Arm'r&Co7sJuly115
100
Preferred
Deb 6s J no 15'23 J&D15 16014 ---100 130 140
Atlas Powder
32
Deb 135 J'ne 15'24_J&D15 1004 ---Bliss(EW)Co,new-(no par) .31
:so *54 60 Beth St 7% July 15'23J&J15 10612 107
Preferred
131111311%
3
Borden Company,00m..-100 107 109 Canadian Pao(is 1924.M&S2 199
100 100 102 Federal Sue Ref 65.24_M&N
Preferred
100 92 98 Goodrich(BF)Co 7s'25.A&O 103% 10338
Celluloid Company
100 108 112 Hocking Valley 661924.M&S 101 110112
Childs Co, corn
100 106 108 Interboro R T 8a 1922.M&S
Preferred
93
411
25
1
04
10
7 10
60
75
112
93
2 IC8
$
115 10
C%
3191'23.M&.1
Taerm
julyR1y96
100 10
Hercules Powder
100
Preferred
68 Laclede Gas 75 Jan'29.F&A 10138 10134
100 61
International Salt
International Silver, pref 100 *102 105 Lehigh Pow See 6s '27_F&A 9114 9154
Lehigh Valley Coal Sales. 50 *80 83 Sloes Shelf BA I (Is'29.F&A 9938 9934
100 160 170 Swift & Co 7% 1925.A&016 101% 102%
Phelps Dodge Corp
7% notes Aug 15 1931... 10314 10368
Royal Baking Pow.com-100 108 112
99 ,U S Rubber 73-45 1930.F&A 10812 109
100 90
Preferred
97 1West Elec conv7s 1925..A&0 10663 1007s
Singer Manufacturing.--100 94
•per share S Bads. 6 Purchaser also pays accrued dividend. s New stock.
Ex-div y Ex-rights. 1ExBtoolc di v.
/Flat price. k Last sale. a Nominal.
ininstment awl
ailfroati
981
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various
M roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the STEA
gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and includi
ng the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Alabama & Vicksb_ June
281.735 247,211 1,575,09 1,598,223 Mississippi
Central._ June
Amer Ry Express__ April
129.211
12945965 17403473 51,737.8550 70,123,0
97.200
739.741
513.416
03 Mo & North Arkan_ June
AkrCanton&Youngs July
76,953
115,262
183,942 158,695 1,255,556
814,887 Missouri Kan & Tex Juno
Ann Arbor
2d wk Aug
2,747,09
9 2,670,216 14,698,965 16,004,242
96,675 110,383 3,009,620 2,925,528 Mo K &
T
Ry
of
Tex
June
Atch TOpeka & S Fe June
1,816.892 2,017,792 10,008,850 13,200.106
15524584 14850226 83,402,328 89,200,128
Total system_ __ _IJune
Panhandle S Fe June
4.669,393 4,840,601 25,391,496 30,329.342
574.661 737,824 3,471,00 4.133,56
5 Missouri Pacific......'June
Gulf Colo & S Fe.. June
8.663.836 8.584.383 48.524.436 52.400,955
1.892.718 2.437,915 9.994,276
14,011.1
6
Mobile
92
&
Ohio
'June
Atlanta Birm & Atl_ June
1,480,222 1,303,285 8,522,874 9,241,562
312.517 261,610 1.842,846 1,489,894
Colum & Greens..'June
Atlanta & West Pt_ June
126,183
207,363 196.055 1,147,232
96.258
714,658
769,812
1.254,772 Monongahela
IJune
Atlantic City
June
129,932 307,540 1.730,964 1.885,174
467,594 448,789 1,874,969 1,865,23
Mononga
3
hela Conn.. June
Atlantic Coast Line_ June
155.429
5,571,036 4,955,101 37.095,580 36.732,0
51,769
832.985
370.065
35 Montour
Baltimore & Ohio June
July
16,932 109,686
1'7580 515 16316024 98,079,159 96,230.951
364,938
913,470
Nevada-Cal-Oregon 2d wk Aug
B & 0 Ch Term June
7,725
290,213 195.443 1,477,42 1,208,657 Nevada
9,897
157,162
210,056
Northern_ _ ;June
Bangor & Aroostook June
46,078
562.672 438,983 4.488,3874 3,776,16
14,446
186,150
207.743
0
Newburg
Bellefonte Central July
h
&
Sou
Sh'June
178,888
9,259
99,775
997.496
4,573
648,942
56,155
40,976 New On Great Nor_'July
Belt Ry of Chicago_ June
218,620 217,644 1,486,069 1,478,292
501,780 457,235 2.890,77 2,503,44
1 N 0 Texas & Mex 'June
Bessemer & L Erie_ June
197,823 209,565 1.319.005 1,385.215
1,389,042 1,656,893 4.664,646
9
5,928,16
Beaum
9
Bingham & Garfield June
S
L
&
W
June
148,020 137,008 1,015,176 1,111,034
23,625
82,380
106,495
StL Brownsv & M June
Boston & Maine... June
316.856
6,523.383 6,440.900 37.848,763 37,149,8
88,508 2,602.675 2,992.733
10 New York Central June
Bklyn E D Term_ June
29462408 27868 173 158557783 157579512
127,723
96,103
797.420
661,067
Ind Harbor Belt_ June
Buff Roch & Pittsb_ 3d wk Aug 216,426 301,443
822,389 722,324; 4.638,822 4,402,755
8,956,88
9
9,745.69
3
Lake Erie & West June
Buffalo & Sus
June
856,905 774.5171 4,588.921 4,454.359
68,622 130,268
731,749 1,035,466
Michigan Central June
Canadian Nat Rys.. 2d wk Aug 2,076,93
7,224,128 6,331,525 37,437.749 34,484.225
4 2,384,012 64.743,086 72.260.283
Clew C C & St L.. _!June
Canadian Pacific_ 3d wk Aug 3,369,00
7,613,870 6,942,887 40,829,638 39,593,766
0
3,494,00
98,204,0
0
00
108
003000
Cincinnati North..'June
Caro Clinch & Ohio.. June
317,754 368,045; 1,750,311 1,752,663
699,220 609,085 3,863.255 3.581,721
Pitts & Lake Erie June
Central of Georgia June
2.061.173 1,639,711111,800,206 12,360,1
1,993,095 1,941.432 10,747,997 11.132,682
45
Tol & Ohio Cent_ June
Central RR of NJ.... June
401,560 922,950 3,684,921 4,994,52
3.443.405 4,426.928 23.199.980 25,149.836
& Mich June
Cent New England_ June
203,839 458,243 1,560,542 2,280,869
468,678 684,374 3,511.250 4,109,667 N Kanawha
Y
Chic
&
St
Louis
Central Vermont...... June
June
2.606.87
9 2,209,246 14,222,570 13,120,3064
542,133 533,235 3,168,328 3,086,836 N Y Connecting
Charleston & W Car June
June
209,726
271,725 231.025 1,724,476 1.690,322 N V
N
H
&
Hartf_
June
_
Ches & Ohio Lines June
10249
837
9,772,686 57,847.727 55,055,001
8,870,114 8,564,712 44.172,859 41,883,146 N Y Ont& Western_ July
Chicago & Alton_ _ _ June
1,161,445 1,655,941 6,752,713 8,135,797
2.306,082 2,580,089 14,132,672 14,467,083 N Y Susq & West
June
Chic Burl & Quincy- June
324,241 458,992 1,975.049 2,157,441
13084755 13343856 74,635,952 78.379,915 Norfolk Southern....'June
Chicago & East III June
752,968 704.1631 4.200,225 3.931.407
2,010.422 2.101.847 11,903.154 12,850,818 Norfolk & Western_ June
Chicago Great West June
9,473,091 7,050,018 46,011.351 39,191.0
2,038,290 2,004.593 11,323,144 11,659,886
71
Northern Pacific_ _ _ June
Chic Ind & Louisv June
8.300,557 7,408,685 41,922,104 40,427,221
1.358,651 1,286,639 7,757,9161 7,313,189 Northwestern
Pac_ June
Chicago Junction May
719,158 834,554 3,557,385 3,690,774
292,669 409,419 2,045,955 2,042,576 Pennsylv RR &
Co_
June
Chic Milw & St Paul June
40260248 43268215 240161 064 248584922
13513554 12353001 71,156,775167,769,580
Balt Ches & Atl_ _ June
Chic & North West_ June
148,510 156,936
13665322 1186418567.660,629 67.606,3
667,302
719,259
Cinc Lob & Nor June
58
Chic Peoria & St L_ June
100,082
168,092 160.589 1 ,133,185
94,519
519,111
530,080
956,619
Grand
Rap & Ind June
Chicago River & Ind June
712,602
594,994
617,668 4,125,809 4,086,038
Long
Island
June
Chic R I & Pacific.- June
2,917,09
1 2,792,777 13,964,429 12,767,134
10733758 11106855 56,053:682 62,313.356
Mary Del & Va.... June
Chic R I & Gulf__ June
107,654 113,033
516,269 646,349 2,716,06 3,568,395
483,500
539,666
N Y Phila & Nor? June
Chic St P M & Om_ June
659,842 621,100 3,483,385 3,072,35
2,466,833 2,145,519 13.056,4510 13,046.9
7
Tol Poor & West_ June
69
Cinc Ind & Western June
145.712 110,619
376.757 288,806 2,043,584 1.697,748
791,224
807,315
W
Jersey
&
Seash June
Colo & Southern_ __ 2d wk Aug 480,195 523,909 14,033,2
1,090.194 1,105,933 5,725,940 5,543.978
52 15,692,225
Pitts C C & St L_ June
Ft W & Den City_ June
8,910,74
784,649 789,072 4.362,14
9 7,942,514 47,521,417 48.177.641
3 5,238,47
Pennsylv System_ June
Trin & Brazos Val June
55367758 57184018 319078076 326464 335
139.785 228,571 1,580,058 1,297,284
3 Peoria & Pekin Un_ June
Wichita Valley... June
129,845 125,121
89.779 102.306
891,054
571.445
830,612
786,343 Pere Marquette_ __ _ June
Cumb V & Martin__ June
3,304,993 3,151,544 18,207,976 17,052,9
60,211 147,897
732,958 Perkiom
453,318
39
Delaware & Hudson June
June
122,108 105,195
2.296.018 3,723,608 18.866,430 22,411,257 Phila & en
585,458
646,297
Reading.._ _ June
Del Lack & Western June
5,673,491 7,215,001 38,260.119 42,321,725
5,501,267 7,566,132 35,882.808 42,279.985 Pittsb & Shawmut
.June
Deny & Rio Grande June
55,345
2,737,227 1,858,507 14.456,211 14,240.766 Pitts Shaw & North
81,871
510,067
617.230
June
Denver & Salt Lake June
72,413
41,963 298,097
96,884
523,890
555,823 1,161,268 Pittsb & West Va.... June
596,212
Detroit & Mackinac June
228,343 367,276 1,391,143 1,416,662
185,535 177,363
815,311
Port
916,795
Reading
Detroit Tol & Iront_ June
92,507 157,734
904,632 578,245 4.477,923 2,655,536 Quincy Om & K C.._ June
998,840 1,206,703
Det & Tol Shore L__ June
98,873 109,145
310,025 222.784 1.809,131 1,204,187 Rich Fred & Potom_ June
530,687
628,263
June
Dul & Iron Range__ June
960,332 792,254 5,407,635 5,397,385
1,317,150 701,531 2.176.549 2,128,259 Rutland
Dul Missabe & Nor_ June
234,919 254,390 1,505,620 1,510,122
2,679,074 1,993,538 3.844,734 4,497.117 St Jos & Grand Isl'd June
June
Dul Sou Shore & Atl 2d wk Aug
234.919 254,390 1,505,620 1,510,122
99,471
83,839 2,572,415 2,784,959 St Louis San Fran.... June
Duluth Winn & Pac June
7,566,589 6,406,079 39,420,419 39,950,387
194,909 119,575
972,664 1,390,987
Ft W & Rio Gran.. June
East St Louis Conn_ June
104,424 145,122
173,377 128,885 1.011,166
808.487
595,052
St L-B F of Texas June
832,494
Eastern SS Lines__ May
141.489 154,121
480.300 416,136 10585,195 1.259,123 St Louis Southwest.. June
780,826
855,767
Elgin Joliet & East_ June
1,449,63
1,731.845 1,311,078 10,507.235 10,414.300
4 1,351,086 8,351,238 8,294,988
St
L
S W of Texas June
El Paso & Sou West June
634,760
1.066,440 1.025.721 5.209.396 6,003,017
594,587 3.438.201 3,613.713
Total
system.._
.._
2d
Erie Railroad
wk
Aug
June
466,292 475,952 11,636,125 11,648,133
6,911,866 8.112,296 44,433.306 49.596.485 St Louis Transfer.. June
Chicago & Erie June
62,45a
903,500 748,409 5.492.774 5.325,183 SanAnt & AranPass June
3 ,7
566,072
NJ&NY RR June
416.187 524,4031 2,483,789 2,813,338
123.401 124,023
728,748
719.990 San Ant Uvalde & G June
Florida East Coast.. June
69,044
813,138
874,874
96,957
8,065,23
Seaboard
514,482
8,295,66
8
5
Air
619,498
Line_ _ June
Fonda Johns & Glov July
3,600,19
110,479
3,056,71
9
1122,426,507 22,178,211
111,633
794,487
779.047 Southern Pacific_ _ _ June
Ft Smith & Western June
142.073 109,467
16740374 17131280'83,205,310 91,967.339
730,608
913,912 Southern Pacific Co June
Galveston Wharf
June
22897098 23044 227 120127219 130248364
98,602 199,839
706.854 1,245.161
Atlantic S 8 Line_ June
Georgia Railroad...._ June
421,356
883,427
761,680 5,635,528 5,149.520
412.195 2,367,734 2,636.266
Arizona Eastern.. June
Georgia & Florida June
138,050 127,938
281,019 180.730 1,494,068 1,586.998
665,104
691.403
Galv Harris & S_ _ June
Grand Trunk Syst_ _ 2d wk Aug 2,299,73
1,860,437 1,932,907 10.506,166 12,831.852
8 2,291,882 61,926,114 61,009,737
Hous & Tex Cen_ June
Atl & St Lawr_ _ _ June
164,862 154,999 1,364.899 1.573.471
1,094,774 1,074,835 6,904,226 6,071.872
Hous E & W Tex_ June
Ch DetCan G TJct June
155,448 132.006 1,124,376
281,942 240,650 1,413,013 1.353,630
969,681
Louisiana Western June
Dell G H & Milw_ June
553.815 362.982 2,536,005 1,792,541
310,701 298,168 2,108.193 2,097,288
Morg
La
Grand Trk West_ June
&
Tex....
June
1,683,523 1,333,438 7,343.633 6,849,328
569,585 3,.850
6:2 16 4
1:29
Texas
55
3:3
74
97
7
&
Great North System June
New
Orl_
June
9,242,24
1
662876,441843
8,448,60
749,643
3
42,730,1
41,903,7
Southern
95
87
Green Bay & West.. June
Railway.... 3d wk July
125,040 106,916
2.768,738 3,057,919 90,998,449 91,128,745
686,695
690,298
Ala
Great
Gulf Mobile & Nor_ June
South..
June
417,466 306,017 2,259,011 2,049,326
861,026 753,124 4,711,466 4,704.441
Cin N 0& Tex P._ June
Gulf & Ship Island_ June
259,108 225,263 1,437,784 1,391,474
1,821,509 1,400,327 9,119,251 8,827.258
Georgia Sou & Fla June
Hocking
June
1,178,018 1.520,863 6,350,41
406,800 338.726 2,371.003 2,228,121
6,380,87
New
0
2
On
'Lino's Central.... _ June
&
Nor
E
June
12355745 11404 595 69,773,1 68,876.747
558,572 474,809 3,120,822 3,261,386
Northern Ala...... June
Total system_ _ June
13780720 12917300 78.501,721
122,001
63,714
628.932
78,870,926 Spokane Internat'l_ June
444.843
Internet & Get Nor.. June
1,090.186 1,461,262 6,741,6639
96,547 101,541
541,334
9,473,96
Spok
9
Portl
3
633,117
&
Internet Ry of Me_ June
Seattle
June
201,647 149,742 1,508,504 1,599,81
646,532
679,148
3,390,108 3,530.877
Staten
0
Island R T.._ June
Kan City Mex & Or June
123,182 116,059
202,266
216,099 1,151,808 1.197.108
665,313
833,332 Tennessee Central...
KOMex&OofTex June
135,325 134,656
219,064 196,047 1,193,731 1,178,396
740,236 1,016,538 Term R RsAsnofStL. June
Kansas City South_ June
1,518,100 1,631,238 8,732,51
June
383,404 346,118 2.283,855 2,176,331
St L Mer Bdge T_ June
7 9,996,367
Texark & Ft Sm.. June
183,464 150,132
278.309 274.955 1.781.5461.742.584
977,860 1,090,731 Texas & Pacific........ 2d
Total system_ _ _ _ July
1,506,357 1,803,086 11,216,7
wk Aug 536,704 674,442 17,761.34421,912
12,859,406 Toledo St L & West
,515
Kan Okla & Gulf_ _ _ June
250,799 142,921 1,341,6134
617,607 740,353 4,906,257 4,357.888
4 1,147,873 Ulster & Delaware June
Lake Sup & Ish_pem June
177,980
June
26,311
154,490 164,408
713,527
247,681
Union
684,579
74,139
Pacific
Lake Terminal RY-- June
84.266
94,005
8,401,925 8,785,175 45,402.183,48,705,977
551,559
697.620
Oregon Short Line June
Lehigh & Hud Riv_ June
160,126 269,240 1,200,23
June
2,804,310 2,621,958 16,380,58W15.652.677
1,594,706
Total system........ July
Lehigh & New Eng.. June
240,118 431,181 1,987,3656 2,210,73
14599313 15675657 98,530.817 103488368.
Ore-Was
5
h
RR & N June
Lehigh Valley
June
4.682.192 6,579,729 30.941,221 36.841.3
2,343,05
0 2,447,510 12,698,727 13,489,989
Union RR (Penn)_ _ June
Los Ang & Salt Lake June
1,844,979 1.749,608 9.450.004 9,964,0667 Utah
1,192,118 859,255 5,071,267 4,985,188
6
Louisiana & Arkan_ June
320,341 264,640 1,633,284 1,683,88
June
159,033
59,292
760,531
Vicks
560,861
0
Shreve
& Pac_
Louisiana By & Nay June
281,851 274,399 1,607,991 1,846.38
350,342 339,915 1,881,316 2,047,288
7 Virginian Railroad_ June
Louisville & Nashv_ June
11882969 9.829.545 62,050,125
June
2.069.254 2,004,240 10,485,198 9,596.640
57,604.1
Wabash
39
RR
Louisv Hend & St L June
297,736 218,403 1,531,388 1,406,98
5,362,371 4,738,996 28,630,584 28,832,260
5 Western Maryland June
Maine Central
June
1.699,621 1,595,842 10.126,725
1,271.571 1,451,225 8,244,039 9,133.334
72 Western Pacific........ June
Midland Valley........ June
434,597 320.814 2,281,899 10,476,7
June
1.064,742 963,152 5,090,241 5.555,690
2,251,29
Western
8
By
Mineral Range
of
Ala June
1st wk Aug
6,380
2,774
213,38.1 204,405 1,194..732 1:2
160,584
Wheel
11
206,564
244:994
& Lake
118
Minneap & St Louis 2d wk Aug 310,441 397,640
June
1,346,652 1,484,823 6,822,930 6,748,925.
9,203,459 9,551.096 Wichita Falls &Erie:
Minn St P& S S M_ June
NW
4,204,331 3.281,158 19,254,928 19.378,742 Yazoo &
June
105.402
,594
Miss Valley June
1,424,976 1,512.706 8,728.619 9,994.180
9
9
•
•
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly.
Weekly Summaries.
let
2d
3d
4th
1st
2d
3d
4th
let
2d
week June (17 roads)_ ..__
week June (18 roads)____
week June (13 roads)____
week June (16 roads).--week July (18 roads)____
week July (16 roads)____
week July (17 roads)._
week July 16 roads).._....
week Aug. 14 roads).._.._
week Aug 15 roads ___ _
Current
Year.
Previous
Year.
Increase or
Decrease.
$
12.953,923
12,971,059
12.985,740
• 17.624,246
13.154,413
12,880.105
12,354,510
13,403,786
9,800.291
10.098.184
$
12,404,769
12,740,850
12,798,352
16,810,702
13,056,097
13.090,802
12.969,484
13.976.759
10,603,153
10.999.399
S
$N0:10t
187,388
+813.544
+98,316
-_6
2110
4:9
69
77
4
%
4.431
1.8
1.46
4.84
0.75
4
1.6
74
1
-572,973 4.09
-802,862 7.57
-901.215 8.19
Previous
I Current
Increase or
Monthly Summaries.
Year.
Year.
Decrease.
I
%
Mileage.
Curr.Yr. Prev.Yr.1
$
September ....235.155
496,784,097 817.537,676 -120,753,579 19.55
October. -235,228 234,559 534,332.
833 640,255.263 -105922430 16.54
NovemPer -236,043 234.686
234,972 464,440,498 590,468,164 -126027666 21.3-;
December..--225,619 224.784 406.864,055 527.480,047 -120,615
,992 22.87
January -235,395 234.636 393,892,529 469.195.
808 -75,303.279 16.05
Februari -.235,625 234,880 400,430,580 405,203.414
-4,772,
834 1.18
March _ -234,986
473,433,886 457.374.460 +16.059.426 3.51
April____ 7-234.955 234,202
234,338 416,240,237 432,106,647 -15,866,410 3.67
May
7-234.931 234.0511447,299.150 443.229,399 +4,069.7
51 0.92
June
__235.310 234.5681472.383,903 460.007.081 +12,376.822
2.69
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of August. The table covers 15 roads and shows 8.19%
decrease in the aggregate over the same week last year.
Second Week of August.
1922.
Increase. Decrease.
1921.
$
$
110,382
96,675
Ann Arbor
301,443
213,009
Pittsburgh_
&
Rochester
Buffalo
Canadian National Railways.. _ - 2,076,934 2,384,013
3,511,000 3,745,000
Canadian Pacific
523,909
480,195
Colorado & Southern
83,839
99,471
Duluth South Shore Sr Atlantic_
Grand Trunk of Canada
2,299,738 2,291,882
Grand Trunk Western
Detroit Gr Haven & Milw__
Canada Atlantic
397,640
310,441
Minneapolis & St Louis
Iowa Central
9.897
7,725
Nevada California & Oregon_ _ _
475,952
466,292
St Louis Southwestern
675,442
536,704
Texas & Pacific
10,098,184 10,999,399
Total (15 roads)
Net decrease (8.19%)
$
13,707
88,434
307,079
234,000
43,714
$
15,632
7,856
87,199
2,172
9,660
138,738
924,703
901.215
23,488
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Grossfrom Railway- -Net from Railway- -Net after
1922.
1921.
1922.
1921.
1922.
$
3
$
3
$
Akron Canton & Youngstown58,052
77,203
69,052
158,695
183,942
July
482,096
207,332
551,183
814,887
From Jan 1_ 1,255,556
Montour RR4,339
-40,156
-37,802
109,686
16,932
July
-3,123 -114,885
913,470 -97,406
From Jan 1_ 364,938
New Orleans & Great Northern76,137
38,102
91,497
217,644
218,620
July
345,697
220,529
451,439
From Jan 1_ 1,486,069 1,478,792
New York Ontario & Western307,508
605,521
345,528
1,161,445 1,655,941
July
815,950
FromJan 1_ 6,752,713 8,135,797 1,082,963 1,109,715
Southern Pacific System21,664,974 22,627,508 5,848,515 5,174,606 4,256,038
July
From Jan 1 141792 194 152875873 33,807,142 28,119,022 22,640,291
Union Pacific System14,599,313 13,675,657 3,732,334 3,604,954 2,564,668
July
Fromian_ 198,530,817 103488,368 22,541,244 22,469,272 14,539,110
Taxes
1921.
$
68,203
144,332
661
-29,724
21,803
110,441
569,992
860,900
4,103,515
19,945,996
2,502,181
15,134,469
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack Pow & Lt July
Alabama Power Co__ July
Amer Power & Light_ June
American Rys Co...._.. March
Amer Water Wks Elec June
Appalachian Pow Co.. July
Arkansas Lt & Power June
Asheville Pow & Light June
Associated Gas & Elec June
Bangor Ry & Elec Co June
kBarcelona Tr Lt & P June
Baton Rouge Elec Co June
Beaver Valley Tree__ June
Binghamton Lt H & P June
Blackstone Val G & E June
fBrazillan Tr, Lt & P.. June
Bklyn Rapid Transit_ July
Bklyn City RR.._ June
1-11clynHeights(Rec) May
Bklyn Qu Co & Sub May
Coney Isl & Bklyn_ May
Coney Lsl & Graves May
Nassau Electric..._ May
N Y Consolidated_ May
South Brooklyn._ _ May
Dape Breton Elec Co_ June
Darolina Pow & Light June
Dentral Illinois Lt.-- May
Dentral Miss Val Elec June
Dhattanooga By & Lt May
Dities Service Co_ --- July
Ditizens Trac & subs_ June
:neve Paines & East_ June
June
Dolorado Power
Dolumbia Gas & Elec July
Dolumbus Electric_ _ _ June
Dom'w'lth Pr,Ry&Lt June
Donnecticut Power June
Donsumers Power Co June
Dumb Co Pow & Lt... June
Dayton Power & Lt June
July
Detroit Edison Co
Duluth-Superior Trac June
Duquesne Lt Co subs
light and power cos Juno
!last St Louis & Sub June
CasternShore Gas&El June
iIastern Texas Elec._ June
ildison El Ill of Brock June
June
!II Paso Electric
flee L & Pow of Abington & Rockland_ June
Crie Lt Co & subsid June
rall Riv Gas Works June
rederal Lt & Trac Co June,.
rt Worth Pow Sr Lt June
;alv-Houston Elec._ June
;en G & El & Sub Cos June
1eorgia By & Power_ June
;mat Western Power June,
lavana El Ry,LtdrPr May
Iaverhill Gas Light June
Ionolulu Rap Trans_ June
Ioughton Co El Lt.... June
Iudson & Manhattan May
Iunting'n Dev & Gas May
lunting'n Dev & Gas June
June
daho Power Co
May
llinois Traction
ndiana Power Co- June
May
Corp_
Service
ndiana
nterborough Rap Tr June
June
Ceokuk Electric
Centucky Trac & Ter June
Ceystone Telephone_ July
[ey West Elec Co.._ _ June
,ake Shore Electric June
,exineton Mil ,S. TCA_ June
[Vou 115.
THE CHRONICLE
982
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
3
3
$
438,488 358,925 *5,265,455 *4,782,001
438,097 355,970 2,944,408 2,594,561
1935.950 1866,662 *24527586 *24142158
1587.888 1598.785 4.717.101 4.832.092
1638,301 1600,861 19,911,688 20,008,680
241,290 199,610 1,669,539 1,392,567
132,939 125,411 *1,107,341 *1,187,493
74,765 72,641 *871,359 *848,991
149,865 148,457 *1,933,605 *1,619,642
115,958 105,226 *1,457,502 *1,366,246
3617,712 2912,556 22,515,219 18,100,834
50.983 43,562 *570,261 *521.224
312,368
49.565 52,187
352,265
84,946 67,663 *980,522 *860,115
307.811 284.315 *3,889,726 *3,387,984
16266000 14257000 92.515.000 80.199,000
3161,762 3045,950
1044,852 1011,502 11,848,701 10,549,104
30,431
8.218
6,150
36,466
864,644
232,157 228,558 1,067,298
269,566 251,853 1,109,733 1,046,007
29,613
10,139
9,687
30,518
466,068 413,656 2,052,439 1,877,624
2074.299 1954,490 9,733,022 9,144,559
353,627
99,299 74.213
418,470
46,053 52,196 *666,487 *681,900
154,959 130,102 1,791,711 1,656,107
222,766 210,222 1,274,875 1,186,199
43,123 41,565 *534,492 *506,043
125.931 111,845 *1.461.798 *1.345,769
1060,862 698,671 *13844852 *18503064
492,982
76,916 75,724
472,466
371,240
67,811 72.188
339,741
81,927 81,177 *963,588 *1,126,688
1271,228 978,746 10,756,412 8,843,434
158,350 145,773 *1,896,555 *1,622,536
2531,029 2491,036 15,832,836 15,773,822
138.774 112,204 *1,617,512 *1,469,489
1189,201 1095.801 7,261,780 7,135,353
280,611 275,034 *3,377,098 *3,264,120
2,196.505 2,0515,024
, ' 99,
1872,542.1671,161 14,749,287 13,295,561
905,176
137,368 148,552
849,457
1279,245 1242,578 8.193,990 8,304.834
251,608 297,290 *3,620,221 *4,371,085
248,094
273,323
43,231 39,422
156,024 141,865 *1,683,682 *1,719.110
99.711 93,471 *1,312,945 *1,240,265
185,464 189,499 *2,289,586 *2,162,333
25,913 27,762 *358,178 *356,473
530,787
553,160
83,275 68,638
83,978 85.778 *1,003,610 *977,619
379,687 369,470 2,492,346 2,431,369
193,458 192,836 1.206,594 1,282,865
287,438 321,689 *3,453,652 *3,927,858
944,480 898,822 5,869,428 6,664,747
1170.184 1128,736 *14554948 *14020023
617,327 580,479 3,660,507 3,633,414
1087,916 1100,117 5,459,542 5,341,730
47,571 44,966 *539,685 *479,739
808 'I
461
478,795
80,662 79,717
'
41,056 39,878 *550,350 *599,573
928,071 881,451 4,618,889 4,343,186 1
486,475
508,168
106,566 86,452
82,927 68,428 *1,102,282 *1,242,461
222,081 208,044 1,131,349 1,070.606
1753.198 1761.290 9,353.546 9,211,294
846,303
763,318
58,632 60,590
247,986 238,617 1,225,052 1,250,030
4322,480 4387,398
30,933 30,330 *381,173 *366,107
147,052 157.430 1.592,294 1,614,871
967,058 1.011.454
140.920 143,177
19,438 21,483 *249,514 *268,112
205,629 213,149 1,144,604 1,250,035
103.074 113.088 *1.099,114 *1,051.829
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
145.960
133,341
36,824 35,854
Long Island Electric_ May
100,116 92,398 *1,228,264 *1,208.520
Lowell Elec Corp...... _ June
117,795
118,783
25.560 25,093
Manhat Bdge 3c Line May
136,257
148,768
36,973 33,337
Manhattan & Queens May
5,460,922
785,112
t Market Street By.... July
211,825 209,075 1,374,772 1,322.476
Metropolitan Edison_ June
1490,417 1445,502 *18695909 *19572120
Milw Elec By & Light July
259,423 221.700 *2,836,657 *2.821,167
Miss River Power Co_ June
220,533 197,838 1,310,176 1,247,891
Munic Serv Co & subs June
325,355 310,854 *3,975,128 *3,743,143
Nashville Ry & Lt Co June
280.540 213,149 1,680,855 1,523,440
Nebraska Power Co__ June
360,685 332,124 2,064,057 1,902,464
Nevada Calif Electric July
441,563 427,406 2,725.318 2,587,061
New Eng Power Sys_ June
219,340
315,100
46,940 33,776
N J Pr & Lt Sub Cos_ June
997,263 1.352.448
187,593 240,283
N'p't N & Hamp By.. June
3,300,214
2,354,407
409,141
July
327,640
N Y Dock Co
825,369 807,633 3,774,287 3,862,287
New York Railways_ May
490,628
507,115
111,653 108,772
bEighth Avenue RR_ May
226,144
218,941
May
44,091 48,246
bNinth Avenue RR
372,418
407,619
98,862 94,094
Nor Caro Public Serv April
731,308
675,566
148,498
May
140,035
N Y & Harlem
224,341
224,573
54,064 54,849
N Y & Long Island May
502,053
518,000
87.002 119,720
N Y & Queens County May
761,204 699,343 4,459,235 4,440,579
Nor Ohio Elec Corp June
752,120 690,635 4,405,803 4,408,531
Nor Ohio Trac & Lt June
41,698 38,223 *462,714 *496,225
Nor W Ohio Ry& Pow June
240,156 287,091 *3,207,311 *3,892,281
Northern Texas Elec. June
72,224
94,525
May
29,793 23,231
Ocean Electric
249,259 235,187 1,426,278 1,366,704
Pacific Pow & Lt.._ _ _ June
43,674 41,826 *540,616 *508,520
Paducah Electric_ _ .._ June
46,352 44,656 *578,261 *570,675
Palmetto Power & Lt June
190,960 183,078 1,206,222 1,159,969
Penn Central Lt & P.. June
196,877 197,008 *2,470,542 *2,518,606
Penn Edison & Sub June
Philadelphia Co and
988,202 552,907 7,342,073 6,172,083
Natural Gas Cos June
661,269
501.711
93,158 63.039
Philadelphia 011 Co June
461,832
463,957
73,043 71,651
July
Phila & Western
3355,818 3340,592 24,474,601 24,894,626
Phila Rapid Transit.._ July
435,493
448,549
81,183
75,776
July
Co
Pine Bluff
268,611 262,337 1,710.519 1.871,640
Portland Gas & Coke.. June
836,856 815,862 *9.908,387 '10103606
Portland Ry, Lt & P_ June
785,174 751,871 '10138086 *10203 194
Puget Sd Pow & Lt June
239,658 249.005 1,436,604 1,474,159
Read Tr dr Lt Co& Sub June
643,386 565,694
June
Republic Ry & Lt
318,471
301,669
67,388 68,350
Richmond Lt & RR.._ May
45,946 43,676 *563,489 *584,741
Rutland By Lt & Pr_ June
1,912,798
1.522,444
423,634
277,037
June
Pac
&
Mt
L
St Rocky
404,339 *367.922
58,290 48,312
Sandusky Gas & El June
1,083,291
133,551
Savannah Elec & Pow June
*96,484
*89,350
13,667
10,032
June
Sayre Electric Co..
366,176
394,366
May
90,365 85,017
Second Avenue
25,352
22,077
4.508
3,685
July
17th St Incl Plane
73,304 79,821 *887,504 *818,497
June
Sierra Pacific
1436,839 1375,812 7,870,569 7,056,149
Southern Calif Edison June
City of Los Angeles
1406.466 1251,691 7,238,812 6,916,100
Wholesale Basis.. June
65,663 59,835
South Canada Power_ May
743,914 754,828 *9,665,730 *10172235
Co
June
Lt
&
P
1Southwest
138.608 138,145 *1,755,007 *1,607.684
.Tune
Tampa Electric
220,342 205,272 1,039,277 1,031.378
Tennessee Power Co_ May
576.837 558.256 2,881,441 2,881.366
Tennessee Ry. Lt & P May
215,931 226,726 1,903,452 2,099,821
Texas Electric By...... July
356,579 359,010
Texas Power & Light_ June
1235,861 1225,484 7,009,890 6,757,264
June
Third Ave By Sys
793,542 844,890 6,998,654 7,015,223
Twin City Rapid Tran June
947,536 890,080 7,220,446 6,701,694
United Gas & El Corp July
549,694 519,609 3,350,571 3,341,897
Utah Power & Light_ June
696,068 667,910 *8,447,160 *8,757,397
Utah Securities Corp.. June
245.692
249.319
39,715 36,155
Vermont Hy-E1 Corp June
8091,170 8475,281 31,789,301 34,360,958
Western Union Tel Co April
417,754 448,209 .2753,488 2,856,715
Winnipeg Electric By June
97.080 84.914 *1.160,368 *996,623
Yadkin River Power_ June
part of the Brooklyn Rapid Transit
a The Brooklyn City RR.Is no longerHeights
RR. Co. having, with the
System, the receiver of the Brooklyn
payment of the rental; therefore
continue
to
declined
approval of the Court,
been operated by its owners.
since Oct. 18 1919 the Brooklyn City RR. has
were formerly
b The Eighth Avenue and Ninth Avenue RR. companies
were terminated
leased to the New York Railways Co., but these leases
dates these roads have been
on July 11 1919, respectively, since which
operated separately. f Earnings given in milreis. g Subsidiary companies
Rockonly. i Includes both subway and elevated lines. 5 Of Abington & opera..
land (Mass.). k Given in pesetas. 1 These were the earnings from
for
*
twelve
Earnings
companies.
subsidiary
of
lion of the properties
months. t Started operations April 1 1921. z Earnings for ten months.
y Earnings for 11 months.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
.
3
3
$
$
181,001
232,385
July 438,097
355,970
Alabama Power Co
Aug 1 '21 to July 31 '22.... 4,913,474 4,491,138 2,562,248 2,256,491
*68
*111
4,508
3,685
17th St Incl Plane Co_ _ _July
*9,705
*1,997
25,353
22,077
Jan 1 to July 31
* Does not include income from investments, and is before providing
for interest on debt and other income deductions.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
$
$
$
70,290
52,073
241,290 x1222,363
July '22
Appalachian
13,910
56,263
x70,173
199,610
'21
Power Co
723,827
638,099
12 mos ending July 31 '22 2,764,580 x1,361,926
417,902
'21 2,492,783 x1,093,567 .675,665
12,935
27.808
x40,743
145,059
Associated Gas & July '22
5,082
21,734
z26,816
148,263
'21
Electric
293,884
274,427
x568,311
1,929,987
31
July
'22
ending
mos
12
253,297
154,542
x407,839
'21 1,674,810
738,727
334,944
July '22 3,151,762 x1,073,671
Brooklyn Rapid
762,414
288,570
'21 3,045,950 z1,050,984
Transit
290,781
117,429
408,210
1,872,542
Detroit Edison Co July '22
286,379
62,611
348,990
'21 1,671,161
2,080,433
2,041,171
4,121,604
14,749,287
'22
31
July
ending
7 mos
'21 13,295,561 3,414,789 1,932,158 1.482,631
110.400
62,744
785,112 x173,148
July '22
Market Street
'21
Railway Co
712,676
440,709
x1,153,385
5,460,922
'22
31
July
ending
7 mos
'21
239,060
187,250
z426,310
1,490,447
'22
July
Milwaukee Electric
133,776
217,829
'21 1,445,502 x351,605
Railway & Light
12 mos ending July 31 '22 18,695,909 x5,840,921 2,415,205 3,425,716
'21 19,572,120 x4,543,115 2,054,003 2,489,211
118,395
66,947
185,342
360,685
Nevada California July '22
105,598
66,193
171,791
332,124
'21
Elec Corp
921,430
794,288
12 mos ending July 31 '22 3,338,701 1,715,718
922,083
762,447
'21 3,172,243 1,684,531
65,731
120,440
327,640 b186,171
July '22
N Y Dock Co
91,023
123,074
409,140
b214,097
21
442,087
836,943
2,354,407 b1,279,030
7 mos ending July 31 '22 3,300,214
695,985
845,951
b1,541.916
'21
Companies.
•
AUG. 26 1922.1
THE CHRONICLE
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
$
:Philadelphia &
73,043
July '22
35,412
15,088
Western Ry
'21
71,651
33,218
lh,201
463,957
7 mos ending July 31 '22
202,884
105,903
461,832
'21
170,272
110,946
Philadelphia
July '22 3,355,818 x833,098
821,856
Rapid Transit
'21 3,390,592 x807,947
816,983
7 mos ending July 31 '22 24,474,601 x7,046,727 5,735,778
'21 24,894,626 x6,743,342 5,735,970
'Texas Electric Ry July '22
215,931
80,640
38,106
226,726
'21
88,051
39,987
12 mos ending July 31 '22 2,727,671 1,055,538
466,789
'21 3,226,632 1,328,302
474,762
United Gas & Elec July '22
947,536 x322,786
144,029
'21
Corp
890,080 x283,795
140,328
12 mos ending July 31 '22 11,966,191 x4,189,842 1,728,366
'21 11,364,167 x3.372,788 1,652,328
b Net Earnings here given are before deducting taxes.
x After allowing for other income received.
-Balance,
Surplus.
20,324
18,017
96,981
59,326
11,241
-9,036
1,310,949
1,007,372
42.534
48,064
588,749
853,540
178,757
143,467
2,461,476
1,720,460
FINANCIAL REPORTS.
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
July 29.
This index, which is given monthly, does not include
reports in to-days "Chronicle."
Bold-faced figures indicate reports published at length.
•
%
Steam RoadsPage.
Alabama & Vicksburg Ry
540
Chicago & Eastern Illinois RR
538
Chicago Union Station Co
542
Internat. Rys. of Central America
538
Lehigh Valley RR
869
Missouri Pacific RR
759
St. Louis Southwestern Ry
641, 754
Vicksburg Shreveport & Pacific Ry_ 755
Electric RailwaysAmerican Light & Traction Co
642
Barcelona Tmc. Light & Power Co.. 641
Boston Elevated Rys. Co
759
Brazi tan 'frac., Lt.& Pow. Co., Ltd 541
Brooklyn Rapid Transit Co
542
Chicago Elevated Rys. Co
759
Eastern Massachusetts Street Ry
868
Havana Elec. Ry. Light & Power Co. 543
Illinois Traction Co
864, 880
Milwaukee Electric Ry.& Light Co_ 645
Montreal Tramways Co
645
--
983
_
Virginia Railway & Power Company.
(Annual Report Year ended Dec. 31 1921.)
OPERATING STATEMENT FOR YEARS ENDED DEC. 31 1921 AND
1920 AND JUNE 30 1920 AND 1919.
-Calendar Years- -Years ended June 301921.
• 1920.
1920.
1919.
Rev, passengers carried.. 85,637,593 94,560,011 95,675,311 91,556,39
2
Rev, transfer pass. car'd
998,086
1,805,096
1,215,977
Transf. & free pass. car'd 18,556,853 17,250,568 18,305,783 18,189.760
Total passengers car'd 105.192,532 113,615,67
1 109,746,152
Total k.w.h.commercial 158,066,825 156,224,7858 115,197,07
142,819.071 121,893,102
Rev, per k.w.h. comm'l_
2.99c.
2.85c.
2.73c.
2.64c.
Gross earnings
$10,173,335 $9,993,576 $9,908,006 $8,429,283
Operating expenses
7,067,662 7,080,070 6,115,670 5,393.533
Net earnings
$3,105,672 $2,913,506 $3,792,336 $3,035.750
Other income
235,457
147,068
161,424
154,772
Gross income
$3.341,130 $3,060,574 $3,953,760 $3,190,522
Taxes and licenses
698,112
668,253
686.380
551,029
Interest on bonds
1,163,052
1,164.200 1,195,000
1,195,040
Sinking fund payments_
202,500
201,408
203,399
205,363
Norfolk Ry..k Lt. rental
99,000
99,000
99,000
99,000
Miscellaneous interest
95,894
90,082
103,685
54,269
Direct charges
92,471
310,907
150,657
144,732
Surplus for year
$990,099
$526,722 $1,515,639
$991,089
Previous surplus
1,301,076
1,254,306
1,165,453
1,270,777
Total surplus
$2,291,175 $1,781,028 $2,681,092 $2,211,866
Common dividends
y300,679
Preferred dividends.._x(6%)507,738 x(6)479,952
(3)239,976
Depreciation reserve_
594,480
505,756
Industrial Companies (Concl.)- Pace.
Balance, surplus
Laclede Gas Light Co
$1,783,437 $1,301,076 $2,086,612 $1,165,453
875
Lindsay Light Co
x Stock dividend payable in 6% Pref. stock. y Represents 2.5158%
551
Long-Bell Lumber Co
787 in stock of Old Dominion Iron & Steel Corporation.
Mack Trucks, Inc
653
BALANCE SHEET DEC.31 1921 AND JUNE 30 1920.
Mackintosh-Hemphill Co
551
(Virginia By. & Power Co. and Norfolk R.& Light Co. charges between
Manhattan Electrical Supply Co__ _ 551
Marlin-Rockwell Corp
companies
eliminated.]
767, 876
Massachusetts Gas Cos
552, 653
Dec. 31 '21. June 30'20.
Dec. 31 '21. June 30'20.
Mathieson Alkali Works
Assets
653
Middle West Utilities Co
552 Property, plant,
Common stock_..13,600,500 13,600,500
Midvale Steel & Ordnance Co
654
franchises, &c..37,611,971 37,715,478 Preferred stock_ _ _ 8,462.400
7,999,400
Montana Power Co
552 New constr.&bett_10,012,119 8,124,779 Preferred scrip_
16,952
Montreal Lt., Heat & Power Con.sol_ 867 Real estate availFunded debt
23,326,626 23,335,626
Mullins Body Corporation
able for sale_
654
77,605
77,605 Bills payable
1,359,938 1,464,000
Nevada Consolidated Copper Co_ _ _ _ 757 Work in progress__
501,677
459,799 Pay-rolls and acNew Bedford Gas & Ed. Lt. Co-768, 876 Investments
1,265,764 1,267,687
counts payable.. 745,445
New Jersey Zinc Co
654 S.F. bonds redeem. 2,253,000 1,622,000 Matur.int. on bds. 360,400 1,048,342
369,750
Newport Co
876 Cash dep. to red.
Dividends Payable x508,566
1,328
New York Dock Co
sink. fund bonds
552
31,411
27,260 Consumers & emNunnally Co
Proceeds
sale of
654, 768
ployees' credits_
104,452
81,495
Oklahoma Gas & Electric Co
property
552
depos_
120,189
163,316
Unred'med
tickets
Industrial Companies5,998
24,491
Ontario Steel P oducts Co., Ltd_ _ _ _ 654 Dep.to red.bd.scrip
34
34 Interest accrued
Air Reduction Co., Inc
87,843
83,547
547 Otis Steel Co
553 Def. charges, &c
428,120
476,446 Taxes & rent. accr. 199,542
Ajax Rubber Co., Inc
335,943
762 Owens Bottle Co
Allied cos. acc'ts
655
309,922
Sinking fund inAmerican Bank Note Co
547, 648 Pacific Development Corp
864 Material & supp
586,372
586,616
stallments neerAmerican Cyanamid Co
7,179
26,075
871 Pacific Oil Co
768 Bills receivable...
52,132
93,079 Suspense account_
American Hide & Leather Co
6,305
9,630
648 Panhandle Prod & Refining Co_
Accts. receivable_
553
546,563
678,432 Allied co. accounts
American La France Fire Engine Co.,
7,235
Penney (J. C.) Co
655 Deposits to pay inDepr.& renew. res. 1,625,810
Inc
958,529
547 Penn Seaboard Steel Co
terest coupons
553
360,524
366,999
Other
reserves_ _ _ _
American Locomotive Co
182,884
39,261
755 Pennok 011 Co
877 Dep. to Pay dive
828
1,328 S.F. bond retirem't 2,284,445 1,649,294
American Metal Co. (Ltd.)
547 Philipsborn's Inc., Chicago
877 Cash
827,650
644,119 Surplus account
American Republics Corp
1,783,437 1,587,689
547 Phillip-Jones Corp
642
American Steel Foundries
648 Pierce-Arrow Motor Car Co
Total
655
54,675.960 52,614,901
Total
Art Metal Construction Co
54,675,960 52,614,901
762 Pond Creek Coal Co
553
Dividends payable amounting to
Bayuk Bros., Inc
548 Postum Cereal Co
$507,738 are payable Feb. 1 1922
768 in Pref. stock of the
company.-V. 115, p. 647.
Beech Nut Packing Co
872 Procter d•-• Gamble Co
864
Butte & Superior Mining Co
783 Pullman Co
864
California Petroleum Corp
Yale & Towne Manufacturing Company.
873 (R. J.) Reynolds Tobacco Co
538
Canton Co. of Baltimore
756 Rolls-Royce of America, Inc
643
(53rd Annual Report-Year Ending Dec. 31 1921.)
Central Leather Co
548 Rossia Insurance Co. of America_ __ _ 878
Cerro de Pasco Copper Corp
549 Royal Dutch Co. for the Working of
The annual report says in brief:
Certain-Teed Products Corp
Petroleum Wells in Netherlands865
Results.-In view of the adverse conditions
Chicago Pneumatic Tool Co
India
649
866 results were
prevailing in 1921 the financial
Cleveland Electric Illuminating Co_ _ 549 Royal Worcester Corset Co
878 capital was reasonably satisfactory. The ratio of net profits to invested
7.7%, as compared with 15.5% in 1920.
(John T.) Connor Co
769 in liquid
764 San Diego Consol. Gas & Elec Co
large increase
assets
(cash and securities) reflects the releaseThe
Consolidated Textile Corporation_ _ _ 764 Saxon Motor Car Co
655 by reduction
of capital caused
of inventories, and of accounts
Corn Products Refining Co
643 is restored
549 Simms Petroleum Co., Inc
receivable; when the business
to
its
Dalton Adding Machine Co
normal
volume the capital thus temporarily released will
650 Skelly 011 Co
865 • again be
needed.
Eastern Steamship Lines, Inc
650 Southern Canada Power Co., Ltd_ _ _ 656
Profit et Lop Account.-The
Eccles Co. (David)
net earnings from all sources, after deducting
549 Southern Cities Utilities Co
878 (a) all
operating
Elder Manufacturing Co
expenses, including
651 Stewart-Warner Speedometer Corp_ 866 of
for repairs and maintenance
plant; (b) $316.581 for depreciati$390,447,
English Sewing Cotton Co., Ltd_ _ _ _ 764 Strathmore Paper Co
on on plant and equipment; (c) after
76
charging
Fairbanks Co.(N. Y.)
554, 642 previous all losses to current operations instead of to reserves set up in
651 Studebaker Corp
Fisk Rubber Co
years,
but excluding taxes accrued but not paid, were
651, 764 Stutz Motor Car Co
554 add interest
$1.177,547;
Freeport Texas Co
received, $254,447;
651, 765 Texas Gulf Sulphur Co
554
$1,431,994; deduct reserve for taxes,
Gas & Electric Securities Co
net profits, $1,269,214total,
651 Tide Water 011 Co
756 $162,780;
. Add balance in surplus account Jan. 1
General Cigar Co., Inc
1921,
$11,465,795, plus subsidiary
642 Tooke Brothers, Ltd
554
adjustmen
company
ts.
$44.875;
total.
General Motors Acceptance Corp__ _ 765 Union Natural Gas
756 $12,779.884; deduct dividends paid, $999,753; balance in surplus account
Corp
General Motors Corp
641, 657 Union Stock Yds, of Omaha, Ltd... 867 Dec. 31 1921, $11,780,131.
General Refractories Co
During 1921 we shared, with all other industries, the world-wide
United Drug Co
765
656,
770
in
depresGimbel Brothers
sion of commerce and industry. Expressed
765 United Iron Works,Inc
879 in
in money value, our business
Godchaux Sugars, Inc
1921 was slightly less than one-half
United Paperboard Co., Inc
864 largest
of 1920, which latter was the
Goodyear Tire & Rubber Co_ _ __755, 874
year in our history. If expressedthatquantities
772 United States Rubber Co
864
. the shrinkage would
in
Gray & Davis, Inc
766 United States Steel Corp
539 be much less, because of the large reductions during the year in the prices
Great Western Power Co. (Calif.)._ 540 Utah Copper Co
obtained. In a few lines of nroduct
757 in
the quantities sold were actually larger
Hercules Powder Co
1921 than in 1920. The low point
550 Vanadium Corp
555
as to volume was reached about the
Hudson Motor Car Co
766 Virginia-Carolina
Co_.555, 756 middle of the year, the subsequent months showing considerable imInspiration Consolidated Copper Co- 756 Virginia Iron CoalChemical
& Coke Co
555 provement.
International Cotton Mills Co
Employees
.
766 Waltham Watch Co
-These
643
conditions involved reduction in the number of
International Nickel Co
employees from about 4,000
766, 875 Wickwire-Spencer Steel Corp
881 it
Jan. 1921 to about 2,700 Dec. 31. In addition
International Salt Co
was found necessary to operate
551 Willys Overland Co
771 total
on short time much of the year. The
Invincible Oil Corp
number
652 Wolverine Copper Mining Co
of
"men-hours" was only 40% of the total for 1920.
771
Island Creek Coal Co
The
process of deflation involved repeated reductions in prices of
551 Woolworth (F. W.) Co
771
our
Kinney (G. R.) Co., Inc
551 Yellow Cab Manufacturing Co
555 products, and correspond
National Railways of Mexico.
(Report for Fiscal Year ended June 30 1921.)
The system being still in the hands of the Mexican GovernL
ment the company has no earnings to report. Even the
skeleton figures furnished by the Government authorities in
recent years are lacking, while the balance sheet is practically
a repetition of that published at intervals since 1915, after
allowing for the increasing deficit, aggregating to date
192,918,018 Mex. gold pesos (about $96,459,009 U. S. gold),
on June 30 1921, due to non-payment of interest, sinking
fund, &c., charges.
FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE
IN MEXICAN CURRENCY (NATIONAL GOLD).30 1921
Expenses of company's Mexico, N. Y. & London offices
430,021
Taxes in Paris and other sundry taxes
195,626
Interest on sundry obligations
107.458
Interest on funded debt, equip. & coll. trust & notes payable__ _21,875,9
77
5th installment acct. sinking fund Prior Lien 43s.due Feb 1 1921
2,289,434
Total
24,898,517
Credit balance of exchange account
2,422
Interest & dividend on securities owned
573,834
Interest on pending amounts spent
in construction of now linos
447,361
Miscellaneous earnings
Total credits
Bal.. def. [increasing
-V.114, p. 2823, 1408.total p. & I. deficit to 192.918,018]
410,241
1,433.858
23.464,659
ents of salaries, wages and piece
rates. Further readjustming readjustmaccomplish
ents must be
ed before a stable oasis
can be reached.
Canadian Co.-The business of Canadian Yale & Towne, Ltd.,
during
1921 was subject to the same influences
as that of the parent company,
and its volume was approxima
tely one-half that of 1920.
Export Business.-The serious
decline noted last year was intensified in
1921 by the demoralized condition
of international exchange, the total
value of this business
during 1921 being only about 30% of the corresponding business
in 1920.
Plant in Germany.-The continuing
loss of export trade led the directors
to organize a small manufactu
ring plant in Germany, for the production of
a limited line of products
market. It is hoped to have
for
European
the
this experimental plant in
operation toward the close of 1922.
Electric Furnace.
the Stamford plant during the year we installed
an electric furnace-At
It should effect veryfor the production of malleable iron and steel castings;
le economies.
[Signed by Henryconsiderab
R. Towne, Chairman, and Walter C. Allen, Pres.]
Calendar Years1919.
1918.
1921.
1920.
Net earnings
$3,956,174
Interest received (net).,x$1 494 128 $3,754,609 $3,263,292
194,177
3
'254,447
131.841
19 ,663
Total net earnings_
$1 748 575 $3,948,272 $3,457,469 $4,088,015
Depreciation
75 2,4
300
568:0
8
23
29
00
1
2,7
16
580
16
4
81
13
98
3:3
310
40
Reserve for Federal taxes '3
:059002
Dividends
995,830
1,124,290
999,'753
991,042
Rate, regular
(10%)
(165) • (10
Extra
aSa
(10%) (124%)
(10%)
Balance, surplus
$405,381
$269,461 $1,200,180 $1,367,264
x After deducting cost
of production, operating expenses, incl. $390.447
for repairs,
maintenance net charges to current expenses; after setting up
reserve accts. but excluding
interest earned and taxes accrued but not paid.
Note.-The capital employed
the business (capital and surplus as of
Jan. 1 1921) was $16,500,000, oninwhich
the net profits realized were 7.7%.
THE CHRONICLE
984
[VoL. 115.
During 1920 St. Maurice Paper Co., Ltd., paid the following dividends.
BALANCE SHEET JANUARY 1.
on its stock: 30% stock dividend in April and 113i% in cash, viz.: Feb.,
1921.
1922.
1921.
1922.
1X
%; May,1% and 5% extra; Aug., 2%, and Nov. 2%. In 1921 the
$
$
LiabilitiesMaurice Co. paid four quarteriy c,ash dividends of 2% each. The
Assets74,998,774 4,996,909 St.
Bag & Paper Co. Dec. 31 1921 owned 48,791 shares out of 78,999
Plant & equipment 5,547,673 5,643,904 Capital stock
Union
611,965
261,925
528,015 Accounts payable_
of capital stock of the St. Maurice Paper Co., Ltd.
Invest.in sub. cos_ 574,890
shares
249,845
249,939
payable_
Dividend
2,000,000
2,000,000
the Union Bag & Paper Co. reported a total income of $2,475,880
&
pats_
1919
In
Tradem'ks
513,045 1,400,000 after incl. dividends totaling $140,525 (3%%)received from the St. MauCash & receivables 1,920,084 2,600,302 Reserve for taxes..11,780,131
11,485,795 rice Co., but before depreciation. This contrasts with a total income of
733,439 Surplus
Mtge. receivable__ 758,151
x2,912,611 4,183,082
Inventories
$2,666,048 for the 11 months ending Dec. 31 1918, after adding $46,875
(1(%) dividends received from the St. Maurice Co., but before deprec.
U.S.notes,ctfs.,&c_ 4,059,653 2,803,002
227,380
The Union Bag &, Paper Co. in 1920 paid dividends as follows: On May
Due from sub. cos_
13.
25,390
30,752
Prepaid expenses..
20, a 50% stock dividend ($4,977,850), and on Mar. 15, June 15, Sept.
Dec. 14 quarterly cash dividends of 2% each (31,081,896). See beand
18,724,514
Total
17,803,814
18,724.514
17,803,814
dividends.
1921
low for
Total
x Merchandise inventories, $3,912,611; less depreciation reserve, $1,000.SURPLUS ACCOUNT FOR CALENDAR YEAR 1921.
totaling
000. y Capital stock, issued, $4,877,400; subscribed, $122,600;
$1,874,305.
1900.
Surplus as of Jan. 1 1921
$5,000,000; less balance due on unissued shares 1,226.-V. 114, p.
383,754
Net profit for the year 1921, as per profit and loss account
y.
American Cyanamid Compan
.
$2,258,059
Total
Add-Reserve for dividends at Jan. 1 1921, $1,200,000; less
(10th Annual Report-Year ended June 30 1922.)
dividends of 2% paid Mar. 14, June 13, Sept. 15
quarterly
Cr.35,134
and Dec. 15, $1,164,866: balance
C.M.Grant,Treas., New York,August 1922,says in brief:
profit of Less-Reduction in value of materials and merchandise on hand
The profit and loss account (V. 115, p. 871) shows a gross
at
that
g
outstandin
nts
commitme
wood
on
of
and
depreciati
1
at Jan. 1921
$624,765 after charging to the year's operations $699,081 for
1,107,151
date to market prices subsequently determined
of plant and equipment, and a net income of $197,992 after providing
The
reserves of $288,975 for income tax and depreciation of patents.stands
'
$1.186,042
sheet
balance
per
as
1921,
Surplus as of Dec. 31
surplus account shows a decrease of $148,213 for the year and now
DATED BALANCE SHEET DEC. 31.
at $3,143,276 in addition to various reserves totaling $4,200,246. d is eviCONSOLI
maintaine
That the physical condition of the plants has been
1920.
1921.
1920.
1921.
denced by the fact that, in addition to the expenditure during the year
$
$
Liabilities$
Assetsof $232,100 for ordinary repairs and maintenance, there was expended Plants,
_14,077,850 14,977,850'
stock_z__
Capital
11,387,973
471
&c_12,409,
bldgs.,
for extraordinary repairs and maintenance the sum of $113,945.
2,198,000
y2,195,000
5s
M.
1st
Maurice Paper
The claim of the Government for additional income and excess profits St.Co.
590,500.
stock at par 4,879,100 4,879,000 Cheboygan 5s._ _ _ x495,000
taxe.s mentioned in the footnote of the statement is being contested by the
410,000
130,000
Allen Bros. 6s._
at or below cost:
company, and we believe that a substantial reduction in the amount of Inventory
549,550.
1,113,828 Acc'ts payable.... _ _ 692,864
1,611,714
Pulpwood
be
made.
t
will
this proposed assessmen
852,026 Bills pay.(bankers) 2,500,000
Supplies, &c_ _ _ 441,323
We consider the year's return gratifying, in view of the abnormal con84,604
63,725
Merchandise ___ 1,751,598 2,717,454 Interest accrued....
ditions prevailing during the period covered and the reduced activity in Acc'ts
952,746 Res. for taxes and
x840,218
receivable__
year
fiscal
new
the
for
most departments of the company. The outlook
1,000,000
582,159
es__
contingenci
812,882
802,599
Cash
Is encouraging.
1,200,000
78,901 Reserve for divs_
86,617
Though not occurring within the fiscal year for which this report is Prepaid ins., &c
1,186,042 1,874,305
Surplus
being made, the board feels that it should say to the shareholders that,
at a meeting of the board held July 15 1922, Frank S. Washburn, on
22.822,640 22.594,809.
Total
22,822,840 22,594,809
Total
account of continued ill health, retired as President, becoming Chairman
of St. Maurice Paper Co.,
Note.-Contingent liabilities in respect of note
of the Board, and being succeeded as President by William B. Bell.
for $474,523 endorsed.
Ltd.. for $270,225 discounted, and contractors' notes
(at cost) company's
The usual comparative income account table and balance
x Includes in 1921 accounts and bills receivable, incl.
employees. z Includes 275.5 shares resevred
to
sale
for
purchased
stock
p.
871.
115,
V.
in
given
sheet were
Common stock of
for exchange for outstanding shares of Preferred and
outstanding,
BALANCE SHEET JUNE 30.
Union Bag & Paper Co.in accordance with consolidation plan;to
retire this
July 1 last. Funds
payment
for
1921.
Called
y
shares.
1922.
149,503
1921.
1922.
6s, dated
Mtge.
1st
0
of
$6,500,00
issuance
through
$
Issue were provided
LiabilitiesAssets554.
p.
115,
6,594,300 May 1 1922. See offering in V. 114, p. 2024.-V.
Lands, bldgs., &c_x3,711,172 4,241,831 Common stock..___ 6,594,300
5,595,900
5,595,900
stock__
Preferred
136,335
Notes & accts. cc. 176,628
164,209
380,340 Accounts payable_ 218,047
640,077
Loose-Wiles Biscuit Co.
Cash
1,019,385 1,850,438 Notes payable to
Inventories
cos.:
subsid.
Report for Year Ended Dec. 311921.)
(Annual
License, vats., &c_y4,587,227 4,821,203
531,226
Am. Plies. Co.._ 809,888
Inv. Am.Phos.Co_z4,929,650 4,845,713
299,000
President B. L. Hupp, Feb. 17, reports as follows:
Air Nitrate Corp 285,300
1,000
1,000
Inv.in Nitrates Co
s-all such
83,939
Dividends payable 167,877
1921 the company has taken deflations in inventorie
During
Inv.in Owl F.Co.,
is lower. Attention is
1 Accrued wages and
1
510 sh.(no par)..
Items being carried at cost or market, whichevers and
s and the
receivable
49,184
57,217
taxes
inventorie
433,033
of
n
to
the
liquidatio
cos_
277,620
especially directed
Due from sub.
50,376 Inc. & prof. taxes
n of proceeds therefrom to pay off bank loans and for temporary
U. S. Govt. secs.. _ 1,292,697
we
202,417 applicatio
212,949
51,375 (est.)
t in Government securities; it is the first time since 1914 that
Prepaid insurance.. 227,299
investmen
Surplus
3,143,278 3,291,489 have had no bank loans at the close of the year.
of $1,693,597,
contrast with the 1920 statement showing notes payable
In
16,862,755 16,811,644 the company had at the close of 1921 temporary investments in Government
18,882,755 16,811,844 Total
Total
liquid assets to
on in 1922, against $2,170,485 securities, &c., in the value of $1,162,229. The ratio of
x After deducting $2,764,883 for depreciati
have been
and quick liabilities is approximately seven to one. The plants
in 1921. y After deducting $1,169,877 for proportion of licenses
earnings the custhe
against
charged
been
has
there
and
losses.
d
for
against
reserve
$52,537
maintaine
fully
patents written off. z After deducting
on.
for depreciati
While the U. S. Government is making claim for additional taxes, based tomary liberal provision6%
bonds were issued in connection with the purThe First Mortgage
principally on charges made for depletion and depreciation of the properties
land at Minneapolis,
claim, chase of the modern seven-story fireproof building and
and on determination of the amount of "Invested Capital," the
ten years under a
been occupied by the company for to
in the opinion of the company's officials, will be substantially reduced, Minn., which has
the initial cash,
addition
In
run.
to
years
ten
still
position
has
on
effect
the
general
no
which
important
have
will
lease
and in any event,
serially over a
maturing
bonds
in
for
provided
is
balance
of the company. All known liabilities have been included.-V.115, p. 871. payment, the years.
bonds are "1st
these
that
[The balance sheet shows
period of ten
ts from Feb. 15 1923 to
installmen
equal
in
due
bonds,
gold
serial
Mtge.6%
Michigan Sugar Co., Saginaw, Mich.
is property."-Ed.] We do not conFeb. 15 1931, secured by Minneapol
or equipment during 1922.
(Report for Fiscal Year ending June 30.)
template any substantial outlay for buildings
1922.
1921.
1919.
1920.
INCOME STATEMENT FOR CALENDAR YEARS.
1918.
1919.
1920.
1921.
Net earnings, before FedNot shown.
($2,008,851
$945,793 $2,136,569 $1,053,222
$208,773
eral taxes
profits*
Net
344.050'
325,481
excess
320,229
and
311,826
Federal taxes
First pref. div. (7%)- - _
't 600,000 Second
profits tax
(8 %)175.000 (7)140,000
pref. div
None
290,000
150,000
stk
x150,000
pref.
Sink,fund of 1st
Net earns., after taxes_ loss$877,869 loss$423,319 $1,843,156 $1,408,851
$709,172'
$1,521,088
3
$335,564
Loss on sales & inventory_ 214,707
def$428,05
surplus
Balance,
11,250
Canadian exch. disc. adj..
(6)222,210 (6)222,210
operations . . . after dePreferred dividends......(134 %)55,533 (6)222,210 (1
In 1921 represents "net profits from
(1%)74,711 (8)597,688 0)747,110(83)635,044 ducting
Common dividends
all expenses, interest charges, depreciation Federal taxes and loss,
on sale of subsidiary company." (V. 113. p. 2509.)
$551,597 of 310,000
$873,836
of $76,545 was set aside as a reserve for the
Balance, surplus_ _ _def$1,222,841df$1,254,467
x On Jan. 31 1915 a reserve
2,426,409
4,376,930
2,995,106
3,122,462
$8,455 arisingadjusted)..
(as
Prey. surp.
redemption of the 1st Pref. stock. To this was credited
, making $85,000 in all. No further
on
stock
purchased
discount
from
$1,899,623 $3,122,462 $3,868,942 $2,978,006 reserve was set aside until 1919 as shown above.
Total surplus
period from.
BALANCE SHEET JUNE 30.
A dividend of 1 % on account of back dividends covering
Feb. 1 to holders
Feb. 1 1917 to May 1 1917 was paid on the 2d Prof. stock
1922.
1921.
1921.
1922.
of record Jan. 19.
'3
$
$
Assets31.
6% Cum.Prof........ 3,703,500 3,703,500
CONSOLIDATED BALANCE SHEET (INCL. SUB. COS.) DEC.
Land,bldgs.,macb.
stock _ __ 7,471,100 7,471,100
1920.
1921.
1921.
1920.
dr equipment_ _ _ 8,010,816 7,962,913 Common
payable
Bills
$
3,286,000
$
Liabilities
$
Good will, trade
Assets3,742,924 3,742,924 Accrued taxes (not
1st pref.7% cum.._ 4,434,000 4,579,700.
bldgs.,
names, &c
due), &c
76,433 Real estate,
55,029
2d pref.7% cum.._d2,000,000 2,000,000,
Inv. in other cos.
plant, goodwill,
for
Res've
deprec'n
1,512,797
1,074,240
1,512,767
8,000,000 8,000,000.
1,074,240
812,989,410 13,241,088 Common
(at cost)
dsc
1,893,597
1,899,623 3,122,482 Inventories
783,479 4,977,645 Surplus
b2,938,848 5,230,811 Notes payable_
Inventories
310,002
g.
29,392
ser.
M.
6%
1st
receivable
Accounts receivle_
Accounts
e275,850
293,480
bonds
Bills receivable__ _ 294,126
(less reserve)...... 1,805,588 2,894,114 Accounts
782,587
payable- f559,292
Advance payment
U.S. Govt.sec. &c c1l82,227
5,527
138,593 Prey. for Federal 418,519
. 387,671
investments
on beet seed.&c.
Misc.
457,394
55,879
conting_
&
taxes
83,303
692,934
831,807
arc_
Land contracts rec.
hand,
on
Cash
177,403 Res've for redem'n 875,000
U.S.Govt.securs. 175,084
prepaid insur.,dm_ 195,942
525,000.
175,084
of 1st pref. stock
-bonds
3,728.833 4,154,888
265,956
293.570
Surplus
Cash
4,728
Accrued Int. rec'le.
20,089,294 22,172,944288,841 Total(each side)_ _14,642,018 19,152,292
20,089,294 22.172,944 Total
Deferred charges_ - 170,355
Total
approximate cost or
accountants, say:"No specific provireserve for depreciation. b At
[Price, Waterhouse & Co., public
deducting
After
a
nt securities
plants
ring
have
since
Governme
been
made
manufactu
S.
whichever were lower. c U.payment
sions for depreciation of the
for period ending
ce and repair expenditures during this two- market prices,
dividend
June 30 1920, but the miantenan
including interest thereon. d Last
equal annual
in
put
due
es
to
Repair
bonds
expenditur
necessary
gold
heavy.
very
serial
been
e First mortgage 6%
year period have
for the coming season are being treated May 1 1917.
15 1931, secured by Minneapolis
the plants into operating condition
installments from Feb. 15 1923 to Feb.
to disnot
June
ending
30
subject
&c.,
year
se,
Depreciathe
1912.
for
merchandi
business
for
the
to
payable
as applicable
f Accounts
to June 30 1922 on the other properties of the cora- property.
876.
tion has been provided
count and accrued items.-V. 115, p.
pany."1-V. 115, p. 552.
Union Bag & Paper Corporation.
(Report for Fiscal Year ending Dec. 31 1921.)
FOR CALENDAR YEARS.
INCOME ACCOUNT (INCL. SUB. COS.)
1921.
1920.
from sub. cos.) after deNet earnings (incl. income
ce, but
maintenan
and
repairs
ordinary
,ducting
$797,192 $5,046,301
depreciation
before providing for
266,977
428,173
depredation
Less: Provision for profits
_
ies_
contingenc
&
taxes
982,956
Provision for inc. &
Union Bag & Paper
of
5s
M.
1st
5%
on
Interest
n Paper
Cheboyga
of
58
M.
1st
on
Co.. $109,753;
of Allen Brothers
Co., 328,708; on 6% bonds
146,461
160,245
Co..$8,000; total
surplus account
Net profitfor the year,carried to
$383.754 $3,474,926
(see below)
Brooklyn Edison Co., Inc., Brooklyn, N. Y.
(Annual Report for the Year ending Dec. 31 1921.)
signed by N. F.
The annual report, dated Feb. 27 and says
in substance:
Pres.,
S.Sloan,
M.
and
n,
Chairma
Brady,
was an evident readjustment in prices.
there
Prices, 8a.-During the year
extent, in labor cost. We expect a further reof materials and, to some
construction and operadjustment this year, so that the outlook as regards
g.
ating costs is encouragin
more
reasonable than thosewere
1921
during
coal
Our contract prices for the coal secured was of a superior grade. We
of 1920; and, moreover,
1922,
during
prices
y
satisfactor
anticipate more
in the pa,st year contracts for supplyBusiness Development.-We secured
industrial plants. With a return to normal conng over 40,000 h. p. tomanufactu
lines, we expect sales for power serring
ditions and activity in satisfactory volume.
vice to show a large and
AUG. 26 1922.]
T1TE CHRONICLE
In 1921 37,601 new customers were connected to our system, so that the
total of all customers reached 199,420 as of Dec. 31 1921.
During the year 43,290 meters were set on customers' premises, which
was the largest number in any year in the history of the company. There
were 220,209 meters connected to our system, as of Dec. 311921.
The increase in kilowatt hours sold in 1921, as compared with the year
1920, was 9%. The kilowatt hours sold for 1911 amounted to 73,581,315,
as compared with 325,764,518 k. w. h. sold during 1921.
Generating Stations.-The remodeling of the 66th St. Station was continued by the erection of additional coal and ash handling equipment and by
the installation of a 15,000 k. w. 60-cycle high efficiency turbo generator,
which was put in commission in the early part of 1921. Construction has
been commenced on a battery of8 boilers, which, when completed, will make
the total generating capacity of this station 65,000 k. w., all in modern
high efficiency units, 6,600 volts.
At the Gold Street Station a 12,500 k. w. unit was replaced by a 25,000
k. w. 25-cycle turbo generator, with the necessary condensing, switchboard
and auxiliary equipment. The total capacity of this station is now 108,500
k. w. A 9,000 ldlowatt turbo generator will be removed in 1922 and a 25,000
k. w. 25 cycle turbo generator erected in its place; thereby making the total
generating capacity of the station 124,500 k. w.
Sub-Stations.-We have 19 sub-stations with total capacity of 172,100
k. w., of which 84,600 k. w. are direct current and 87,500 k. w. alternating
current.
Transformers aggregating 23,000 Kv-a have been installed in our various
60-cycle sub-stations and 16,000 k. w. in direct current converting capacity
have been placed in the direct current sub-stations.
The Washington Ave. Sub-station was completed during 1921 and supplies the rapidly growing commercial section in the vicinity of Wallabout
Market. It is designed for an ultimate capacity of 10,000 k. w. in direct
current synchronous converters and a 1,000 k. w. storage battery.
The Grand Ave. Sub-station was also completed during the year and will
ultimately have a capacity of 22,500 Kv-a in step-down transformers, with
24 outgoing 60-cycle 2,400 volt feeders.
An addition has been built to our sub-station at No. 366 Sumpter St. to
provide adequate switching facilities for the 60-cycle alternating current.
A new sub-station is in the course of erection at Livonia and Miller Ayes.,
In the East New York section, and will be completed in time for the fall
load of 1922. It is planned for an ultimate capacity of 22,000 Kv-a in
step-down transformers and distributing feeders with necessary switching
facilities.
Proposed New Generating Station.-Anticipating the need for additional
generating capacity, company purcahsed a plot of land on the East River
between Hudson Ave. and the Navy Yard, on which to erect another generating station. The proposed station will have an ultimate capacity of
approximately 300,000 k. w. The continuous growth of the company
necessitates the construction of a new station at an early date.
Extension of Lines.-The increasing business necessitated the addition to
the transmission and distribution systems of 19 miles of 13,200-volt feeders;
19 miles of 6,600-volt, 60-cycle feeders; 7 miles of 6,600-volt, 25-cycle feeders, and 649 miles of alternating current and direct current distribution
feeders and mains, 313 miles of•which are underground.
New Financing.-The stockholders Dec. 28 voted (a) to increase the capital from $19,000,000 (par $100) to $30,000,000; (b) to issue and sell debenture bonds not exceeding $10,000,000, in one or more series, convertible
Into capital stock upon such terms. &c., as may be determined by the directors.
Outlook.-The directors believe that the peak of the difficulties and high
costs caused by the World War and the readjustments that necessairly
followed has been passed and that the future should show materially lower
operating and construction costs. With such lower costs and more reasonable interest rates in financial markets, the company should be able, at
moderate outlay, to enlarge its plant and extend its lines so as to be able to
meet the ever-Increasing
demands for power. and light.
_
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1921.
1920.
1918.
1919.
Gross operating revenue $16,396,880 $13,174,875 $10,709,234 $8,768,038
Operating expenses
9,585,646
8,909,991
5,967,819
4,659,936
Taxes
1,385,000
1,141,896
925,000
999,940
Res.(renewals & replac.)
719,116
577,509
315,988
389,387
Net operating revenue $4,707,118 $2,948,955 $3,210,132 $2,605,592
Net non-oper. revenue
118,218
86,264
133,994
140,880
Gross income
$4,825,336 $3,082,950 $3,351,012 $2,691,857
Interest on bonds
715,374
1,735,374
1,182,265
954,791
Int. on unfunded debt
163,034
146,001
88,200
184,638
Bond &set. written off.. _
20,269
45,458
132,903
92,068
Dividends (8%)
1,381,650 1,374,216
1,389,702
1,387,366
Employ,profit sharing_ _
121,534
106,756
121,897
144,807
Contingencies
199,620
456,150
982.837
Surplus
$97,809
$318,007
$255,075
$153,353
Previous surplus
$3,542,756 $3,629,881 $3,365,225 $3,267,416
Less adj.for prey. years..
156,345
53,351
240,478
Profit and loss surplus $3,641,486 $3,542,756 $3,629,881 $3,365,225
985
kilowatt hours of the total output against 13,727,300 in 1920, the rainfall
having been greater in 1921.
The number of customers served increased from 284,191 to 303.011. as
of the December billing dates. The increase of 18,820 is practically all in
the older territory and mostly for new residences. Reduced sales of industrial power account for practically all the changes in sales.
Rates.-Rates for electric service remained unchanged except for the
adjustments of certain rates for certain large power sales which follow the
price of coal. Our general rate schedules of electric rates established as of
July 1 1920, anticipated the lower costs now becoming effective. Steam
heating rates were reduced in March and again on Oct. 1.
Operating Expenses.-Freight rates on coal, however, remained at the
same high figure, and even with the removal of the war tax as of Jan. 1
1922, the freight is more than half the total cost of coal, and coal costs more
than double the pre-war price. Our largest single economy has been in the
reduction in the amount of coal burned per unit of electricity produced.
There is a reduction in the average wage rate paid. We have not, however,
reduced the wages paid to any permanent operating employee.
Maintenance expenditures during 1921 were $1,303,664. We have also
expended for reconstructions and replacements, $1,183,504 out of Renewal,
Replacement and Contingent Reserve. These expenditures have in several
instances amounted to complete reconstruction.
Construction.-Net increase in Plant Investment Account-that is to say,
total construction and reconstruction during the year, less value of the
property taken out of service, was $6,691,586.
The larger items were (1) completion of the Connors Creek power plant
building and boiler plant; (2) substructure and steel framework for the
Marysville plant; (3) the purchase of part of its machinery; (4) the completion of Congress Street steam heating plant building and the addition of'
a 2,800 h. p. boiler thereto, with its auxiliaries and stack; (5) additions to
the transmission and distributing system, both overhead and underground:
(6)the new 10-story Service Building at 2000 2d Ave., in which our general
offices and most of our staff are now housed. That building has a gross
floor area of 223,966 sq. ft., of which 179,882 sq. ft. is in use.
We opened two more branch offices in Detroit, making a total of four
outlying branches in the district, for the receipt of orders, payment of
bills, &c.
Profit & Loss.-These accounts show only a small net addition to Surplus,
raising it from $1,653,687 to $1,965,843.
The rapid appreciation in values which began in 1916 invalidated all
prior calculations of depreciation, and from 1917 to 1921, inclusive, our
business carried such a narrow margin that we could make only small net
additions to any reserve. With more stable conditions which now seem to
be in sight we will be able to deal with this account in more methodical
fashion.
Stock.-The small increase in the Capital stock from $27,663,000 to
$28,012,700 is due to conversion of Debenture bonds.
8% Debentures, etc.-The increase lathe total of Convertible Debentures,
after conversions into stock as above, and after paying off the $11,200
which fell due on Feb. 1 1921, represents the issue of $5,532,600 of 8%
Convertibles, being the Series of 1931 (V. 112. p. 261). We also sold
during the year 88.319,000 of 1st & Ref.6% bonds of 1940, Series B, which
brings the total of that series up to $18,319,000 (V. 112, p. 1521; V. 113,
p.539).
Proposed General Sate of Stock -There was at no time during 1920 a market
which would have absorbed any measurable part of the stock which we
asked our stockholders to release a year ago. In December 1921, we
made a final offer of this stock to our stockholders. The result was as
expected; only a small amount being taken. We are now proceeding to
offer part of this stock in small lots, on the installment plan, to our customers, and have also arranged to sell part of the stock in other districts
and particularly in those Eastern States where our issues have always been
held in high esteem by investors.
Beginning in February 1921. we offered to our employees the opportunity
to purchase stock on the installment plan,and up to Dec.31 we had received
651 subscriptions for a total of 2,909 shares. Such subscriptions as were
fully paid in 1921 were filled by purchasing stock in the market.
Offtces.-The New York office was moved to 60 Broadway, and the
Detroit executive offices to the new Service Building, 2000 2d Ave.
Outlook.-From April onward general business in our territory improved
slowly but without recession. We do not think that further progress will
be sudden or rapid, but we expect a healthy growth of our business in 1922.
CONSOL. INCOME ACCOUNT (INCL. ALL CONSTITUENT COS.).
Calendar
revenue1
Years1918.
920.
1919.
Gross
;898 $21,990,351 $16,498,391 $13,801,527
Oper. & non-oper. ex-$231,398221
penses and taxes
15,639,063 c17,056,658 11,428,073 9,331,537
Depreciation reserve..
782,000
1,460,000
400,000
860,000
Net income
$6,283,836 $4,533,693 $4,210,318 $3,687,990
Interest paid & accrued.. $3,433,665 $2,462,757 $1,721,583 $1,353,767
Dividends (8%)
2,055,625
2,058,531
2,234,339 2,201,627
Balance
sur$615,832 def$130,691 sur$430,204 sur$278,598
Previous surplus
2,401,213
2,302,801
1,653,687
2,659,758
Total
$2,269,519 $2,529,067 $2,831,417 $2,581,399
Adjustments
$19,447 Cr.$16,360
Cr.$1,185 Cr.$59,037
Renewals,&c.(add'1)_
700,000
B.ALANCE SHEET DEC. 31.
Insurance reserve
32,584
,,
1921.
Extinguishment of disc't
1920.
1921.
1920.
Assetson securities, &c
$
152,212
Liabilities196,546
234,415
272,276
3
$
Plant & property_57,598,351 49,946,295 Capital
stock
17,394,500 17,355,000
Stocks & bonds in
Total surplus Dec. 31.. $1,965,843 $1,653,687 $2,659,758 $2,401,214
Und'iy'g
11,951,000
mtg.bds_11,951,000
other companies 411,798
423,148 Gen. mtge. bonds 18,500,000 15,500,000
Cash
893,888
The reports for the years 1919, 1920 and 1921 do not show item of
296,194 Cony. deb. bonds_ 1,605,500 1,645,000
Coupon int. & div.
Federal and other taxes. Statistics furnished to New York Stock Exchange
Real estate P. M.
deposits
445,119
for years ending Nov.30 1919 and 1920show that for those years the Federal
406,408
mtge.
due
1923_
750,000
Acc'ts receivable 1,789,222 2,171,058 Consumers' depos_
851,496 and other taxes included in operating and non-operating expenses amounted
Material & suppl's 1,786,251 2,783,048 Notes pay., bank 1,054,950
to $973,850 and $1,127,350, respectively.
Notes receivable.._
89,605 loans
5,750
1,225,000
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Central Union Tr.
Aud. vouch. & tax 1,897,565
757,959
Co., tr. guar. Id. 1,000,000 1,000,000 Other items
1921.
1920.
1921.
176,742
1920.
391,213
Liberty bds., &c
179,350
Assets180,750 Coup. Int. & diva.
$
LiabilitiesUnamort. bd. disc.
Property
86,162,841 79,471,255 Capital stock_ _ _ _z28,012,700 27,663,000 .
matured
406,408
445,119
2,108,598 2,011,768 Accr'd i
lw &expense
Inv. & speel adv_ 3,595,018 3,302,453 Funded debt _x__ _64,298,800 50,808,100
taxe
taxes
Sundries suspense_ 178,770 Cr.358,599 & expenses
801,700
890,190 Notes, &c., pay'le_ 2,950,000
473004:926120 Cash
Insur. panic. fund 422,564
Notes & acc'rs roc_ 3,897,888 3,941,336 Dividends payable 560,254 8,137,197
400,980 Insur. panic. res_ 1.402021,8543403
553,260
Pension fund
331,600
299,268 Pension reserve_ _ _ 331,800
299,288 Materials & supp_ 4,111,622 4,575,455 Accounts payable_ 1,096,634 3,174,774
Seeurs. depos. with
Special
Prem. on stock..
deposits
73,742
74,424 Accrued liabilities.. 2,241,329 1,582,526
10,542
10,542
6 N. Y. State InRenew. & replac'ts 3,621,687 3,749,207 Deferred charges 5,099,631 3,741,627 Perm. & corp. ree_
55,765
55,764
75,000
68,000 Ca
dus. Commis'n.
olta
inugyenoc
ciesic;.ri 2,804,485 1,821,649 Prepaid accounts_ 564,251
378,870 Operating reserve y3,551,997 3,105,535
Cash depos. with
Insur. investments 428,650
360,435 Surplus
1,965,843 1,653,687
28,700
40,313
N. Y. City
men's compen
343,363
393,316
Total
Other
104,733,322 98,733,845
104,733,322 96,733,845
206,902
Total
6,878
Surplus
3,641,486 3,542,756
x See itemized statement of funded debt on p. 164 of Nov. 1921 issue of
"Railway
Total
Total
67,249,208 59,758,215
and Industrial Section." .
67,249,208 59,758,213
y Includes (a) renewal, replacement and contingent depreciation reserve,
114, p. 2363.
$2,848,209; (b) casualty insurance reserve, $426,650; (c) other reserves,
$277,138.
The Detroit Edison Co.
z Capital stock authorized 360,000,000.-V.115,p. 441.
(Annual Report for Fiscal Year Ending Dec. 31 1921.)
Alex. Dow, President, Jan. 16 1922, reports in substance:
Condensed Comparison, 1921-1920.-Gross revenue shows an increase of
6.3%; and net income at $6,283,835, an increase of
38.6%. Interest
on funded and unfunded debt aggregated 33,433,665 (in 1920, $2,462,757)
leaving a balance net of $2,850,170, as compared with $2,070.936, or an
increase of 37.6%.
Territory Served-Business of the Year-Rates.--We extended our transmission lines late in the yearfrom Howell, 19 miles, to the
villages of Fowlerville, Webberville and Williamston. This extension into
new territory is
about the last that we should be called upon to make. Our boundaries in
all directions now approach territory which is served either by efficient local
plants or by corporations of the same class as our own. In this instance
we will replace two small private electric plants and one municipally owned
plant.
illOutput, &c.-The total output of current from all power houses for the
year was 897.980,200 kilowatt hours and the maximum load (Nov. 23)
was 201,500 kilowatts. The corresponding figures for 1920 were 1,002,306,000 kilowatt hours and 218,800 kilowatts. This is the first year in our
corporate history in which the annual output has been less than that of the
preceding year. The Huron River Water Powers furnished 17,650,800
Hartman Corporation.
(Report for Fiscal Year ending Dec. 31 1921.)
President Max Straus, Feb. 15, reports as follows:
The operations for the unusually difficult year just ended disclose a net
profit of$373,574, after setting
up all ordinary and special reserves. While
we did not fully earn our dividend
of $840,000, the directors felt justified,
in view of our large surplus and comfortable
financial condition, to fall back
on accumulated surplus to take care of part of our dividend requirements.
Our inventory Dec. 31 was taken at cost or market, whichever was lower,
and as a result all losses due to declining prices are reflected in our current
Income account. The accumulated
surplus is now $4,296,683. The ratio
of current assets to current liabilities is seven to one. This reflects
by far
the best financial position we have thus far attained. In view of this
position the directors feel that the present dividend rate should be
maintained.
The opening months of 1922 lead us to believe that the deflation process in
our business has about run
its course. We have adopted a policy of rigid
economy and we believe that we are back to a normal pre-war basis. The
requests for our catalogs are much greater than at any previous time in our
THE CHRONICLE
986
history. This should forecast better business. Our sales this year to date
show a gain of 7% over the corresponding period of last year, while our
operating expenses are 10% less.
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
1918.
1920.
1921.
$816,989
$455,783 $1,975,209 $2,328,293
*Total profits & income_
21,656
41.068
116,006
82,209
Interest charges
(7%)840,000 (7)840,000 (5)600.000 (5)600,000
Dividends paid
$195,333
def$466,426 $1,019,203 $1,687,224
Balance, surplus
Total surplus Dec.31_ - - $4,296,683 $4,763,109 $3,743,906 $2,056,682
on, incl.
and
administrati
merchandise
of
expenses
all
*After deducting
provisions for losses on customers' accts., depreciation, accrued commissions, Federal and other taxes, &c.
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
LiabilUies$
$
$
Assets-12,000,000 12,000,000
920,716 Capital stock
Prop.,fixtures, drc. 922,111
Mdse. ds supplies_ 1,907,778 2,803,130 Notes payable_ __ _ 619,400 1,765,000
Merchandise seDue from custom292,698
counts payable_ 455,311
ers (net), &c__ _ 9,272,163 10,074,913
accts. payOther
539,309
571,076
Cash
278,000
456,970
75,000 able
75,000
Investments
232,778 Taxes and other
U.S. Lib. bonds__ 226,342
625,367
189,528
accruals
85,336
50,430
Deferred charges__
4,296,683 4,763,100
Good-will, &c_ _ _ _ 4,992,992 4,992,992 Surplus
18,017,892 19.724,174
Total
--V. 115, p. 550.
Total
18,017,892 19,724,174
American Chicle Co., New York.
(Report for Fiscal Year ending Dec. 31 1921.)
President Thos. H. Blodgett, New York, Feb. 20, wrote
in substance:
Results.-General business depression, plant over-expansion, manufacturing difficulties, overstocks of distributers and dealers, collapse of export
trade and sharp reduction of inventory values combined to make the year
1921 a most unfortunate period for your company. Its activities resulted
In a net operating loss of $1,378,015.
In addition, an appraisal of inventories and other quick assets on Dec. 31
1921, based upon present-day values, resulted in writing off $3,678,843.to
Retrenchment.-The present executive management is taking steps
bring the operating expenses into conformity with current conditions and
has already accomplished:
•
a) Reorganization of the purchase and sales departments.
b) Reduction by approximately 50% of the administrative expense.
head,
the
at
Britten
T.
S.
with
management
c) Reorganization offactory
for many years the company's successful manager on the Pacific Coast.
A sharp reduction in operating expense has resulted.
(d) Sale of Chicago property for $100,000 and surplus refinery plant in
Long Island City for $90,000.
permits
(e) Reorganization of factory lay-out at Long Island City which releases
of maximum anticipated volume of business, and at the same time
nearly 505 of the space in the new building for rental to outside tenants.
Part of this surplus space is now productive of rentals approximating $100,000 annually.
(f) Advertising campaigns to stimulate the most profitable brands.
(g) Transfer of the executive offices from New York City to the factory
at Long Island City will be completed within the nest 60 days.
Outlook.-The economies already effected as well as others under way and
the esteem in which our products have been held by the purchasing public
for fifty years, together with our excellent manufacturing facilities, cause
your directors to look forward to a progressive improvement in the company's affairs.
INCOME ACCOUNT FOR CALENDAR YEARS.
Consolidated.-Company Proper
1920.
1919.
1921.
•
exng
after
manufacturi
profit
Gross
$1,930.935 $4,694,172 $6,027,653
penses, cost of material, &c
88,278
320,117
54,735
Other income
Total income
Admin., selling exp., taxes, &c
Net income
Depreciation
Interest
Preferred dividends
Common dividends
$1,985,670 $5,014,289 $6,115,931
4,394,033
3,645,589
2,897,047
def.$911,377 $1,368,700 $1,721,898
122,153
141,740
466,639
434,809
(1 %%)45,000(6%)180,000(6%)180,000
($4)451,172 ($4)318,136
def.$1,423,016
Balance, surplus
adj 2,124,379
Previous surplus
Less adjustments and loss on inven3,678,843
tories as of Dec. 31
$160,919 $1,101,609
1,794,134
2,895,744
1.056,291
Profit and loss,surplus or deficit_ def.$2,977,480sr.$2.000,371srS2.895,744
BALANCE SHEET DEC. 31 (Sub. Cos. Incl. in 1921 but not in 1920).
Con.sol. Co. Proper.
Consol. Co. Proper.
1921.
.1920.
1920.
1921.
Liabilitiess
$
AssetsPreferred stock_ _ _ 3,000,000 3,000,000
Land,bidgs.,equip4,838,740 4,278,461 Com.stk.equity_ _x7,417,686 10,352,945
meat, &c
Deferred deben's__ 277,200
Trade-marks,good1,943,500 2,047,500
8,826,642 8,159,432 Bonds
will,&c
1,900,000 2,200,000
2,114,838 4,929,862 Serial notes
Inventories
594,345 Accounts payable_ 266,071
104,611
Advances
Notes & acc'tsrec_ b322,002 2,033,626 Notes pay., banks 2,860,000k 3,834,663
585,427 Accruals
80.000
1,186,289
Cash
85,072 Cooling. reserve
255,550
Gov't securities_ _ _ a95,674
464,001 2,107,002 Reserve for invest.,
Investments
720,336
adj., &c
456,619
503,829
Def. charges, &c
58,084
Res. for taxes, &c_
2.000.371
Surplus
Total
18,456,826 23,493,563
18,456,626 23.493,563
Total
a At market. b After $61,400 reserves for doubtful accounts and notes.
z Common stock equity before defic t, $10,395,166, incl. 1,322 shares of
Common stock, par $100, $132,200, and 153,703 shares no par, with a
stated value of $10,262,966; after deducting net deficit of $2,977,480 (see
income account above), the Common stock equity is $7,417.686.-V. 114.
p. 1537.
Coca-Cola Company Atlanta, Ga.
(Report for Fiscal Year Ending Dec. 31 1921.)
Pres. Charles H. Candler, Feb. 27, wrote in substance:
FoL. 115.
in
remainder written down to market, thus accounting for the decrease
the inventory. Therefore, the results of operations for the ensuing year
should be very gratifying.
present.
Extension.-Aside from two much needed main plants, relocatingby
your
inadequate plants, the building of which have been approved
the
United'
in
business
the
handle
to
equipped
are
adequately
we
Board,
by first fullyStates and western Canada. The business will be expanded
be able to carry
occupying those foreign fields closest home. We should
out this program of expansion with net earnings after reasonable taxes and
to
dividends. Our sales depatrment is being deluged with applications
the foregin field
handle Coca-Cola throughout the world. We believe
ng
manufacturi
plants,
owning
n,
should be occupied by direct representatio
and bottling our product. The trade-mark, Coca-Cola, has been registered
countries.
the
of
foreign
majority
In the great
expectaSales.-The volume of sales in 1921 was considerably below
general depression,
tions. This was due in the main to the condition of
controversy,
bottlers'
The
also to the lethargic attitude of many bottlers.
adjusted
extending over an 18 months' period, at great expense, is entirely
and all interests are working harmoniously.
extent
an
such
to
reduced
Costs.-The cost of manufacture has been
them of doing
that our prices to dealers, together with reduced costs to
percents
five
at
Coca-Cola
retail
to
them
enables
business, justifies and
stimulating
glass or bottle, as the case may be, which will have a very
effect upon demand.
Carbonic.
Subsidiaries.-We own the entire capital stock of the Crystal
acid gas and
Laboratory, having at Atlanta, Ga., a most complete carbonic
plant
old
the
from
moving
of
expense
the
ding
Notwithstan
epsom plant.
on account of obsoto its present location and the amounts charged off shown.
lescence, at the old plant, a profit on operations wasbottling
plant. This.
The Coca-Cola Co. of France operates our Paris
we are
being its first year, an operating loss was sustained. However,
investment.
profitable
a
be
to
prove
will
it
confident
decided
been
have
suits
Legal Status.--Since organization the following
the legality
in our favor:(a) The U. S. Supreme Court in a case involvingis the valid
of the trade-mark, Coca-Cola, has decided that Coca-Cola
of Appeals
Court
trade-mark of this company;(b)during the year the Circuit
an infringement of
for the Third Circuit, has held that Taka-Kola was
Northern
the
for
Court
District
U.
S.
the
in
Coca-Cola;(c) a recent decision
held
District of Georgia considering the question of unfair competition,
on
product
any
dispense
not
could
fountain
soda
a
having
that a dealer
company.
this
of
calls for Coca-Cola other than the product
is at this time a
Federal Taxes.-As revised by the Act of 1921, there
fountains,
tax of nine cents per gallon upon Coca-Cola syrup when sold to the
and five cents per gallon when sold for bottling purposse.
The comparative income account was published in the
"Chronicle" March 4, page 951.
CONSOLIDATED BALANCE SHEET DEC. 31.
1920.
1921.
1920.
1921.
$
LiabilitiesAssetsx10,000,000 10,000,000Plant, machy.,&c.a5,767,091 4,850,004 Preferred stock-.
15,010,000
0,000
stock__x15,01
Common
Formulae, trade2,165,750 8,409,668
Notes payable_ _
marks and good
716,680
24,966,230 24,960,222 Accounts payable_ 1,024,898
will
5,523
2,752
accounts_
894,808 1,967,139 Accrued
Cash
20,394 Real estate notes
19,669
Govt. securities__ _
107,250
81,500
_
1923-1925_
due
4,969
10,961
_
_
Bills receivable_
300,000
838,368 Res. for Fed. taxes 427,000 4,590,000'
1,704,224
Accts. receivable
1,816,993 3,170,847 P.&I.surp. paid in 4,590,000 1,066,098
Inventory
2,208,045
earned
do
4,017,425
Adv.on sugar con_
178,744
154,772
Notes receivable
Sundry notes &
110,126
accts. receivable 127,820
88,978
47,375
Deferred charges
35,509,945 40,205,219
35,509,945 40,205,219 Total
Total
value
allowance for depreciation. x Par value.
a After deducting $731,205 for
without par
shares,
500,000
of Pref. stock, $100; Common stock p.
8'73.
115.
-V.
cash.
$15,010.000
Issued for
(H. H.) Franklin Manufacturing Co.
(Report for Fiscal Year Ending Dec. 31 1921.)
Pres. H. H. Franklin, March 10, reports as follows:
rs during 1921 was the safeguarding or
The chief concern of manufacture
liquidate high priced materials on both a decapital. It was necessary to
sales volume. Our company was fordeclining
a
and
market
price
clining
its capital but also in making
tunate in not only successfully safeguarding
a small profit.
, was $452,489. In addition,
depreciation
and
taxes
all
after
Net profit,
$2,167,825 through the sale `of capital
we increased our available capital
for the year were $268,000.
stock. Preferred dividend requirements
out position in the industry by
In the number of cars sold we improved
and in value of sales from 14th to 10th
moving from 19th to 16th place,
rs of the country].
manufacture
car
motor
the
[among
place
to $20,433,481, compared with $26,Our sales of automobiles amountedcars
sold was 8,548, compared with
402,773 in 1920. The number of year,
including subsidiaries, were $22.for
the
sales
Total
10.539 in 1920.
543,484, against $28,444,829 in previous year.sales. The sales of the inNumber of cars sold represents 81% of 1920
dustry as a whole, not including Ford, were 59% of 1920.
developing our four-cylinder
Late in the year we took up the work ofhad
been discontinued. This.
, which, due to the depression in 1920,
car,
the idea of havcar, which will sell at about $1,000, is being projected with
in
market
1923.
the
on
it
ing
Cumul. Pref,
7%
additional
in
of
1922
$5,000,000
March
[As to offering
$50 a share,
stock at par, $100 per share, and a block of Common shares at
953.]
P.
see V. 114,
RESULTS FOR CALENDAR YEARS.
1918.
1919.
1920.
1921.
8,977
9,173
_
10,539
sold_
8,548
cars
of
Number
$16,187,827
$23,466,522
Sales of automobiles_ _- _20,443,481 $26,402,775 20,765,304 15,151,725
Not stated
Cost of mat'ls, mfg., ad-1
min. & sales expenses Not stated
82,235,625 $2,701,218 $1,036,102Net profit
345,280
900,000
135,000
Federal taxes
1,404,110
Adj. of inventory, &c_ _ _
$690,822
$696,515 $1,801,218
$452,489
Balance, surplus
states: "Physical inx The accountant's report in regard to inventories
at
priced
and
1921,
31
of
Dec.
as
companies
by
the
ventories wore taken
that date the cost values
cost; from tests of prices prevailing on or about
values, and reserves
market
the
of
excess
in
to
be
$550,771
estimated
were
in 1920 said: "Physical invenof that amount have been set aside." And
31 1920 and priced at cost;
tories were taken by the companies as of Dec.
date
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