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finattriat
TO,
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 115.
rontde
Railway Sc Industrial Section
Bankers' Convention Section
SATURDAY, AUGUST 5, 1922
Electric Railway Section
State and City Section
NO. 2980
The third and chief proposal—that all strikers be
permitted to return "with seniority and other rights
PUBLISHED WEEKLY
unimpaired and both sides agree that there shall be
Terms of Subscription—Payable in Advance
For One Year
$10 00 no discrimination by either party against the emFor Six Months
6 00
European Subscription (including postage)
13 50 ployees who did or did not strike"—is rejected as
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50 "impossible." The Executives say they fully agree
NOTICE—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made with the President's belief that the Labor Board canIn New York Funds.
not be made a useful agency unless employers and
Subscription includes following Supplements—
BANK AND QUOTATION (monthly)
RAILWAY& I tiousTRIA n(semi-annually) workers yield prompt and unquestioning acceptance
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually)
BANKERS' CONVENTION (yearly)
to its decisions and that its authority should stand
Terms of Advertising
unchallenged,"because we must have the recognition
Transient display matter per agate line
45 cents
Contract and Card rates
On request of suitable authority in order to decide and end such
CHICAGO OFFICE-19 South La Salle Street, Telephone State 5594.
disputes as menace the continuity of transportation."
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C.
This, the Executives say, cleffrly and forcibly exWILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
presses the policy they advocate. But the shop crafts
Published every Saturday morning by WILLIAM B. DANA COMPANY. flouted and defied the Board's decisions and called a
President, Jacob Seibert; Business Manager, William D. Riggs; Secretary. Herbert
D.Seibert; Treasurer. William Dana Seibert. Addresses of all. Office of Company. strike, and contemptuously ignored its summons to
a hearing to which they were asked along with the
CLEARING HOUSE RETURNS.
Executives. Many men remained in the service, and
Returns of Bank Clearings heretofore given on were assured of their seniority rights; thousands of
this page now appear in a subsequent part of this pa- new ones came, and definitely received
a promise
per. They will be found to-day on pages 615 to 618. (without which they could not
have been hired) that
:they would be retained and their rights of position
THE FINANCIAL SITUATION.
secured to them. Moreover, the Executives make the
The fifth week 9f the present railway strike will strong point that to disregard these assurances given
ever be memorable for the display of independence to both old and new "would have just the opposite
and backbone it has revealed on the part of the rail- effect to that desired by the Presidentand would most
way executives of the country—backbone that has seriously discredit the Labor Board." This would
been sadly lacking in recent years in face of pressure follow, because "the Board itself prescribed the rules
from the White House. On Tuesday a full meeting of seniority under which the men referred to have seof the Executives unanimously rejected the Presi- cured their seniority rights and the railroad comdent's so-called peace proposals, and with all respect panies have neither the legal nor the moral right to
for him and with full appreciation of the tasks which deprive the men of those rights." The Board itself has
have fallen to his hands the "Chronicle" is unable to also recognized and emphasized those rights since the
avoid the conclusion that he is mistaken in his esti- strike began. The strikers were amply warned before
they revolted. The Board's Chairman told them that
mate of the points at issue.
His first proposal, that managers and men agree by their own action (not the Board's) they would
to recognize the validity of all decisions of the Labor abandon all rights held under Board decisions, seBoard and faithfully carry them out is accepted by niority included, and on July 3 the Board passed resthe Executives, with a reasonable reservation that olutions that the men remaining and those entering
this shall not preclude "any party to a controversy" be accorded the benefit of the Board's outstanding
from legal action to question the validity of an order wage and rule decisions.
on the ground that such order is beyond the Board's
The strike has thus been in defiance of the Governdelegated powers. The second proposal, that all law ment's own agency, and the issue has been between
suits growing out of the strike be withdrawn and the the country and the strikers, not between them and
Board's decisions which have been involved may be the railway Executives. It was deliberately assumed
taken to it by either party for re-hearing is accepted, by the union leaders that the movements of trade and
with the understanding that the strike be called off industry would be so blocked by their action that the
and the strikers pledge themselves to refrain from pressure thus put upon the country would produce
violence directed against either the men now at work an irresistible pressure upon the roads to make any
or against property; otherwise it would be impossi- terms which would end the present trouble. This
ble to consider dismissal of injunction proceedings was exactly as in 1916 and at other dates of threats
and other protective measures.
to tie up everything.
The Thurnicit
576
THE CHRONICLE
[VoL. 115.
feared and coddled and yielded to until it has taken
up the monstrosity of assuming that union men once
on any job own that job, that they may leave it at
any time and for any time, and that if others tackle
the work it may be defended by any means from the
milder dissuasives used in picketing to the "scab"
shooting which burst into full flower at Herrin. Unless we Americans are willing to be permanently in
a state of industrial bondage and warfare we must
destroy—not organizations of labor but the efforts
of those organizations to hold and wield the major
power. Upon both the railway strike and its helper
"It is submitted that the striking former employstrike, both principle and regard for expeees cannot be given preference to employees at pres- the coal
future safety bid us to stand firm.
and
diency
ent in the service without doing violence to every
matter
this
in
of
involved
principle right and justice
and without the grossest breach of faith on the part
The monthly condition report on cotton issued on
of the railroads to the men at present in their serby the Crop Reporting Board of the DepartTuesday
vice. Under these circumstances it becomes apparat Washington, was a quite reAgriculture
of
ment
ent that the railroads cannot consider any settlement
of the present strike which does not provide protec- markable document, and its effect was to cause a
tion in their present employment both to the loyal sensational rise in the price of the staple on the Cotemployees who remained in the service and to the ton Exchange—which, however, has been entirely
new employees entering it."
lost since then. The report, which undertakes to
New men having been taken on in large numbers, show the status of the crop on July 25, places the conit is obvious that there cannot be present or, at least, dition at only 70.8, whereas the reports of private incannot be permanent, employment for all therefore, vestigators made it well above 73. On the basis of
if seniority were waived, when men have to be this condition of 70.8 the forecast, we are told, is for
dropped the new ones would be sacrificed. This is "a total production of about 11,449,000 bales." The
the stand of the roads, and upon it the thoughtful private reports, on the basis of their condition figopinion of the country must be with them. More- ures, gave promise of a production running from
over, wrongdoing is never expedient, and although 500,000 to 1,000,000 bales larger than that. Most rethe strikers eagerly approve the President's pro- markable of all, the Agricultural Bureau puts the
posal to accept, that would be not compromise, but condition actually somewhat lower than a month
another surrender. If men could defy the Labor ago, when the figure was given as 71.2—as against
Board when it displeased them and could leave their the present 70.8.
posts and then, perceiving themselves beaten, could
We have made no special investigation of our own
slip back again and have everything go on as before, but have nevertheless kept in close touch with weaththe seeds of new strikes would be planted and it er and crop news from reliable sources, and basing
would become almost impossible to find new men. our judgment on these advices, it seems to us there
Indeed, we might almost as well, as a question of pol- cannot be a shadow of a doubt that the condition of
icy, take up the plan of the late Glenn E.Plumb and the crop improved between June 25 and July 25 inthrow what remains of the roads to the employees as stead of having retrograded, as the Department
would have us believe. We are constrained to say,
a gift.
too, that it seems to us there is danger the DepartWhat the country needs is to so treat this trouble ment may repeat its error of last year, when it perthat it shall have no recurrences. To secure that, it is sisted in underestimating the size of the crop month
necessary only to keep our heads and use a little after month, and could not be convinced of its mismore patience. All indications are that the strike take until the ginning returns made the blunder palis lost to the men, and their leaders are trying fran- pable to the whole world. Just what value attaches
tically to save what they can. The action of the Ex- to the monthly condition reports would seem a debatecutives on Tuesday was followed by a great in- able question in any event, seeing that a condition of
crease in the numbers of men seeking places, and 71.2 on June 25 was said to foreshadow a production
among them were many of those who went out. The of 11,065,000 bales, while now for July 25 a condiNew York Central reported that 3,000 of the latter tion of only 70.8 is said to forecast a production consought reinstatement on Wednesday and that the to- siderably larger, or 11,449,000 bales.
What the harvest may be this year is, of course,
tal of shop applications on that day was larger than
in all the previous ten days, this statement applying still problematical. These condition statements, isnot only to this but to other cities on the line. Many sued by the Department of Agriculture, while dated
men say they have only been waiting to be assured of the first of each month, relate as noted above, to the
permanent employment. Other Eastern roads also position of the growing crop on the 25th of the prereport increased numbers of applications, and the ceding month. Since the latest report was prepared,
New Jersey Central says the men now coming are up to the present writing, ten days have elapsed,
mainly those who went out and have staid out which is practically one-third of the critical period
through fear but are now emboldened to return. Traf- to be covered by the next Government statement to
fic is well maintained and is fast moving back to nor- be issued on September 1. Conditions have been vamal. The slipping off of the strikers to get back on riable during these ten days, as is generally the case,
the jobs they now repent having left is daily increas- but with no definite reports of positive injury. The
weather is said to be too dry in Texas and Oklahoma
ing and may soon become a rush.
too wet in the East. Twenty-one days remain to
cowardly
a
that
dread
and
is
of
temporary
truth
The
25, when the report to be issued on SeptemAugust
caused
has
organized
be
to
labor
inconvenience
There is a principle involved, and principle cannot be yielded, being fundamental nor can questions
of principle be referred to arbitration or be put forward for a future consideration. It is much—indeed,
it is far too much—that the roads should waive the
matter of outside contracting, since that means not
merely a waiver of their rights but a depletion of
their resources in order that certain labor may receive more than the current market wage. Upon the
question of principle, the Executives say in conclusion:
AUG. 5 1922.]
THE CHRCNICLE
ber 1 will be tabulated. But nothing has yet happened to indicate any impairment of condition. As
stated, the acreage is undoubtedly larger than the
estimate prepared by the Government on which the
present probability of yield is based, and such additional area would add to the present estimate of production. In Texas alone, where the output is enormous, a change of 2,000,000 bales one way or the
other is not unusual, and in Texas on July 25, as
shown by the Governmentreport,the condition was 10
points higher than it was a year ago, and up to the
10-year average. Other important producing States
report a high average condition this year. One exception is Georgia, but allowance has been made for
marked deterioration there in the latest Government
estimate. Altogether there is much reason for thinking that the Agricultural Department has underestimated the probable extent of the growing crop.
Mercantile defaults still show little tendency to
recede, either in number or in the amount of indebtedness involved, as might be expected as the year advances. Reference to this unfortunate phase of the
commercial situation was made in the "Chronicle"
at the time comment was published on the June
statement of mercantile defaults, and likewise for
the two preceding months. R. G. Dun & Co.'s report
of commercial failures for July, on which our present comments are based, shows as to number 1,743
defaults in that month of strictly mercantile houses,
as distinguished from banking and other strictly
financial concerns. This figure contrasts with 1,740
similar defaults in the preceding month and 1,444
in the corresponding month of last year. Likewise
as to liabilities, the amount involved in July this
year was $36,900,000, which contrasts with $38,242,450 for June and $42,774,153 for July 1921. Much
space has been devoted for several months to comparisons showing how greatly these figures, both as
to number and liabilities, exceed or closely approach
the heavy totals of preceding years, even those of the
unfortunate year 1915, following the outbreak of the
war in Europe, and conditions in July show no
change in this respect meriting particular comment.
The question of the German reparations payments
has again been uppermost in foreign affairs. In accordance with his original plans, Premier Poincare
of France presided on Sunday at the dedication of
an Argonne war monument. In an address on that
occasion he is reported to have said: "Germany,who
was responsible for the war, must repair the harm
she wrought. Either with good grace or under compulsion, she will repay." The Paris correspondent
of the New York "Times" declared that "with these
words at the unveiling to-day of a memorial to all
who fell in the Argonne fighting, Premier Poincare
once more gave a plain warning to Germany and to
the world that Ferance is ready, should the vanquished country further voluntarily default in payments, to take by force some equivalent. He chose
with care the future tense of the verb, for the onecertain thing in the situation, as the French see it,
L that Germany will repay and it is for her to decide
which of the two methods for extracting payment is
to be used."
Much uneasiness was reported to have been expressed by French Government authorities over the
failure of Premier Lloyd George to name a definite
577
date on which he would receive Premier Poincare to
discuss war debts and other big problems. The date
has now been finally set. Word came from London
Tuesday morning that the night before "Premier
Lloyd George sent to Premier Poincare an invitation'
to come to London next Monday, August 7. The Belgian and Italian Governments will also be invited to.
send representatives to the conference of Premiers,.
and Mr. Lloyd George is suggesting that their discussions shall be confined to the question of reparations." The London correspondent of the New York
"Herald" cabled that "notwithstanding the apparent
limitation of the scope of the coming conference between Prime Minister Lloyd George and Premier
Raymond Poincare, to the question of reparations, it
is admitted in official circles that it will grow into
one of the most far reaching meetings, in its general
importance, held since the armistice." He added that
"the limitation, it is explained, is meant to apply
only to the preliminary meeting, now set for August
7, which probably Italy and perhaps Belgium cannot
attend. M.Poincare, according to unofficial advices,
is coming here with a large staff of Ministers and experts, probably prepared to stay several weeks." The
Premier returned to Paris Tuesday morning, and
according to the New York "Times" correspondent,
"his first act was to reply to the British Government
invitation to attend a conference in London next
Monday." He added that "for the success or otherwise of his mission everything is believed here to depend on the attitude adopted by the British Government as to cancellation of the French debt."
The British Government on Tuesday "communicated to the French Government through the French
Embassy in London an important note dealing with
the question of inter-allied indebtedness. An identical note, save the necessary changes in wording,
was simultaneously communicated to the Governments of Italy, Jugoslavia, Rumania, Portugal and
Greece through their representatives in London." It
became known that "at the same time a copy of the
note was conveyed to the American Embassy in London for transmission to Washington." It was explained that "the United States Government is not
directly addressed in the document, but as the course
of action decided upon by Great Britain is the outcome of the position taken by America in regard to
the British indebtedness to the United States a copy
of the note was communicated to the American Government as a matter of courtesy." The understanding in London was that it was drawn up by Lord Balfour. It was signed by him as Acting Secretary of
State for Foreign Affairs. The New York "Times"
correspondent, in his summary of the note, pointed
out that"the British position is that the British Government cannot cancel the debts of the Allies to
Great Britain since the American Government has
called upon his Majesty's Government to settle the
war debt due to Washington. But the British Government does not intend to try to collect more than
it has to pay." He added "that while taking this attitude, the British Government states that it would
prefer to have a general cancellation of indebtedness,
in which ease it would give up all claims on German
reparations. Such a settlement, the note includes,
would be of more benefit to mankind than the enforcement of the legal claims of the nations against
each other."
578
THE CHRONICLE
[VoL. 115.
The note contained the following outline of the Government, and that British Government officials
money owed to Great Britain and of what she owes have been perfectly well aware for some time that
to the United States on account of the World War: there is no possible chance of the American Govern"Speaking in general terms, the war debts, exclusive ment budging from its attitude in favor of insisting
of interest, due to Great Britain at the present mo- upon refunding and payment of the Allied debt to the
ment amount in the aggregate to about £3,400,000,- United States." Prominent United States Senators
000, of which Germany owes £1,450,000,000 Russia expressed themselves as antagonistic to the Balfour
£650,000,000 and our allies £1,300,000,000. On the note. They oppose cancellation but are in favor of
other hand, Great Britain owes the United States liberal terms of settlement. The press of this counabout a quarter of this sum, say £850,000,000 at par try evidently is strongly against a general forgiveof exchange, together with interest accrued since ness of debts.
1919."
Referring to the effect of the note on Paris sentiThe London financial correspondent of the New
ment, the New York "Times" representative said: York "Evening Post" reflected the British sentiment
"Lord Balfour's note to the debtor countries of Great in part as follows: "With the text of the GovernBritain was received in Paris to-night [Tuesday] too
ment's note to its allies made public, the financial
late for comment by Government officials or the
district is profoundly disappointed that we should
press. In newspaper circles, however, it is consid- have
cast on America the responsibility for Britain's
ered as certain to have not only a very great effect
attitude towards her debtors. The cases are not in
on the forthcoming London conference, but as plac- the
least parallel, and it is considered here that the
ing the United States Government in a position
position taken may impair the effect on our credit of
which cannot be ignored and may react most la- the funding of our debt to you. The only
conceivable
mentably on American prestige." In attempting to use of the note may be to occasion France to take a
forecast Premier Poincare's policy at the London more practical view of the question of German repconference he said: "M. Poincare, it is understood, arations payments, and even that is doubtful." He
will not directly suggest that this cancellation should added that "in justice to ourselves, one point may
be granted to France. His method is more subtle. perhaps be usefully emphasized. No one here doubts
He will instead offer England that she accept a that the motives inspiring the note are mostly laudmortgage for the amount of the loan on France's 52% able. It must be remembered that Britain has studof the reparations claims. That is a very different ied this inter-Allied debt question at very close quarthing from asking cancellation of the debt of £550,- ters and, rightly or wrongly, is imbued with the idea
000,000, though in the end it may amount to very that only a great,scheme for the cancellation of inmuch the same, so far as actual payment goes. If ternational indebtedness can avert world-wide finanthe English refuse to accept this arrangement it will
cial and commercial distress for many years. That
be for them to suggest an alternative of direct canview is honestly held in the best quarters." With
cellation of the French debt, and if the suggestion
respect to the ideas held in London's financial discomes from them, then it is calculated here it will be
trict the "Post" representative said: "Nevertheless,
harder for them to make conditicns than if France
and on principle and the actual hard facts of the
went hat in hand asking that the debt be canceled."
matter, Lombard Street believes that the GovernHe asserted that "it should be clearly understood
ment should have quietly proceeded to fund our debt
that the French Premier is not in any way directly
to you, irrespective of all other considerations. It
seeking to obtain for France out of these negotiations should then have told its allies that it is
impossible
the right to take separate action against Germany. to cancel debts at the present juncture,
but that no
He is sincerely desirous of such a settlement as can interest would be required for a
certain number of
come alone from the flotation of an international years. It should have continued to
exert its moral
loan for Germany which will go directly to recon- influence in inducing France to
exercise similar restruction of the devastated districts. Toward that straint towards ,the German reparations
payments
goal he wishes to proceed very carefully, step by and have left it to time and circumstances to
have
step." Jules Jusserand, French Ambassador to the shaped American opinion."
United States, upon sailing for home for his annual
The Paris correspondent of the Associated Press
vacation, was quoted as saying that "we shall pay, said Wednesday evening that "the British note on the
but while we borrowed during the war $3,000,000,- inter-Allied debt question has removed all possibility
000 we loaned 15,000,000,000 francs to other coun- of France consenting to a moratorium for Germany,
tries, and I trust that the United States will be no in the view of official circles, expressed here to-day."
harder with us than we are with our debtors." •
He said also that "the note is regarded here as decreasing the possibility of an international loan to
The attitude of the Washington Government was Germany." According to the correspondent's inforoutlined as follows in a dispatch to the "Times"from mation, "no reply will be made by the French Govits correspondent at the national capital: "The Brit- ernment, its view being that the note simply sets
ish Government's note on inter-Allied debts, sent to forth the British position." The New York "Times"
all Allied capitals, declaring a willingness to write correspondent in the French capital, in a long cableoff the whole body of inter-Allied 'indebtedness if gram Thursday morning, made the following asserAmerica is willing to cancel Great Britain's debt of tions regarding the plan, presumably from the
$4,500,000,000 to the United States, came as no sur- French point of view: "The British note on the inprise to officials of the American Government. It is ter-Allied indebtedness is due to have a very grave
learned in an authoritative quarter that American effect on European politics and in a direction not
Government officials, dating back even into the Ad- generally hoped for in America. It cannot but stiffen
ministration of former President Wilson, have been the French attitude toward Germany, for when the
fully aware that this was the position of the British Government of Prime Minister Lloyd George pro-
AUG. 5 1922.]
THE CHRONICLE
579
claims that Great Britain cannot at the same time tinue payments on the debts contracted by her napay what it owes and not be paid what is owing to it, tionals with Allied nationals before the war." It was
he sets a tune to which Premier Poincare can sing added that "these penalties will be applied at the end
tenor to the London bass. Lord Balfour's note has of the ten-day period indicated by Premier Poincare
thus for the time being swept into the proverbial in his note to Berlin last week." According to the
waste basket all the mooted reduction of German Associated Press correspondent in Paris,"Germany's
reparations. And more than that. It will mean, refusal to continue the payments was made known in
when M.Poincare meets Mr. Lloyd George next week a note from the German Government to-day" [Tuesthe chances are nine out of ten he will demand that, 'day]. He added that "the German reply to the
inasmuch as things are as the London note says, French note regarding these payments reasserts that
France has every right to collect as she can or try as Germany finds it impossible to continue the monthly
she may see fit to collect 52% of the German repara- payment of £2,000,000. Germany's argument is that
tions. Iq.,fact, it was admitted at the French For- the reparations transactions and the clearing house
eign Office that the British note entirely changed the process constitute one indivisible whole, and that the
prospect for the London meeting, where the French German financial situation makes it impossible for
hoped England would remit the French debt in re- the Government to continue payments, either on acturn for a cut in reparations and a moratorium for count of reparations or to the clearing house under
Germany. It is very evident M. Poincare will not present conditions." It was understood that the
consent to any reduction of French claims at Lon- note argued that "German payments to the clearing
don, and so, according to the Quai d'Orsay, all that house should not be made until the German private
remains to be discussed at London is the application claims on German sequestrated property had been
of the Treaty of Versailles, which means discussion settled. The German standpoint is that the whole
of methods of trying to collect some 120,000,000,000 question must be settled jointly by all the Governmarks gold which Germany still owes. Therefore, ments concerned."
immediately the British note has the effect of making
In a cablegram Thursday morning the New York
worse instead of better the reparations situation."
"Times" correspondent said: "The limit given by
The same morning the Associated Press corre- Premier Poincare to the German Government wherespondent made the following prediction regarding inlo reconsider the attitude taken with regard to the
the length of the London meeting: "The conferences payment of private debts will expire at noon on Satbetween Premier Poincare of France and Prime Min- urday [to-day]. At any time after that, should Berister Lloyd George, which are to begin in London lin still persist in the attitude adopted in the letter
next Monday, are not likely to continue longer,than of yesterday, he will take action to protect the interthree days and are expected to be confined to the ests of French private firms and individuals to whom
questions of reparations and inter-Allied debts. Mr. money is owing from Germany, by what is described
Lloyd George is planning to attend the annual Eis- as a fully prepared plan. In well-informed circles
teddfod, the Welsh musical festival, on August 9."
this plan is stated to be the seizure of properties,
Sir Robert Horne, Chancellor of the Exchequer, in plants and offices of certain big German industrial
reviewing in the British House of Commons Thurs- firms situated in the occupied part of the Rhineland
day afternoon the British position on German rep- and at the same time the seizure of goods and properarations, said: "I wish to make it clear beyond all ties of German citizens in Alsace-Lorraine. If these
question of misapprehension that we recognize to the measures do not suffice they may be extended to the
full our obligations to pay our debt to the United Ruhr district."
States, and we do not mean in any shape or form to
According to a New York "Herald" correspondent
evade that obligation." Premier Lloyd George fol- at Berlin, "the German Government will not admit
lowed with a reply to former Premier Asquith and that the note sent by Premier Poincare of France relothers, in which he made a similar assertion.
ative to the payment of £2,000,000 on account of prewar civil debts incurred by German nationals dealing
The Committee on Guarantees, "composed of as- with the citizens of the Allied countries partakes of
sistant delegates of the Reparations Commission," a the nature of an ultimatum, and probably will make
week ago yesterday made the following recommenda- no response to the threat of sanctions being enforced.
tions for the reform of German finances under Allied Moreover, the Government is not trying to check the
supervision: "First—An international loan to Ger- decline of the mark. The Germans regard the abmany, which is to be shared in equally by Germany ruptness of M. Poincare's demands as due less to
and the Reparations Commission. Second—To cut French anxiety over Germany's next payment than
unnecessary expenditures of 30,000,000,000 marks to M.Poincare's desire to create a political situation
(roughly $60,000,000) off the German budget. Third such that the French can point to Germany's failure
—A series of new taxes and increased taxes. Fourth to fulfill her obligations in order to induce Mr. Lloyd
—Measures to prevent the flight of German capital in George to approve more vigorous action on the part
the future." The Paris correspondent of the Chicago of all the Allies against the former enemy. It is be"Tribune" said that "these recommendations are the lieved that in return the French would leave the
result of months of study of German State finances British with a free hand in the Near East." Accordin Berlin by the committee, the British and French ing to Paris dispatches yesterday morning, as a redelegates agreeing." He added that "the Repara- sult of the Balfour note, Premier Poincare has detions Commission will not begin to study the recom- cided to revise his reparations demands somewhat.
The New York "Times" correspondent said that "it
mendations until Monday" [of this week].
The statement was reported to have been made in is understood that M. Poincare's revised plan calls
French official circles on Tuesday that "France will for a reduction in German reparations which will deimpose penalties of an economic and financial char- pend as to size on what Lloyd George can assure him
acter upon Germany because of her refusal to con- about the British claim on France." The revised plan
580
THE CHRONICLE
was said to have received the approval of the French
Cabinet. The New York "Herald" correspondent in
Berlin said in a cablegram yesterday morning that
"approval of Chancellor Wirth's stand, that Germany cannot make further payments in gold to the
Allies, is expressed by the commercial press. There
is indignation mingled with anxiety over the form of
the sanctions which Premier Poincare of France
threatens to enforce, and the hope usually reposed in
Great Britain is less general, some papers giving free
voice to the fear that the British are more interested
in the Near East than in Germany's salvation."
Practically every week fresh political trouble
breaks out in some section of Europe. At the beginning of this week it was reported that King Constantine of Greece had decided to seize Constantinople.
According to an Associated Press dispatch from that
centre an announcement was made there a week ago
to-day that "the Greek Government has informed the
Allied Commission that it does not intend to order
a march upon Constantinople without the permission of the Allies." It was added that "the military
movements in Thrace are explained as a reorganization of the positions of the army in the event that the
Allies authorized action against Constantinople."
The Paris correspondent of the New York "Time"
cabled that "if King Constantine attempts to seize
Constantinople the Greek troops will be opposed by
the French, English and Italian forces of occupation,
and any advance by Greek troops upon territory occupied by the Allies will be considered an act of war
against them." It seems that the Greek Government
"delivered to the Ministers of England, France and
Italy a note which, after a long disquisition on the
pacific intentions of Greece, ended by saying that the
Greek Government resumed its entire liberty to take
what steps it thought fit to end the war with the
Turkish Nationalists." The French Government replied that "it will in no case permit a Greek army to
transgress upon the territory of Constantinople and
its environs, which is under the occupation of Allied
troops, and that in the event of any such occurrence
the French Government will use all its force to oppose such a move. The Italian Government has replied in a like sense." Announcement was made in
Paris that "Premier Poincare has caused Premier
Lloyd George to be notified of the French Government's action, and expressed the wish that the British Government at once make known its views."
Word came from Paris the next day that "King
Constantine has had it announced in Smyrna that
the occupied districts of Asia Minor will never be
given back by Greece to the Turks, but will be created
into an autonomous State under the protection of the
Greek army." The New York "Times" representative in Paris observed that "to the already tangled
situation this new action has added a tangle which
seems at first sight to have no less consequence than
a terrible new outbreak of war in the Near East. But
at the same time a settlement is rendered extremely
difficult from the fact that no one really knows how
serious are the intentions of any one else." Continuing to outline the situation as he saw it, the correspondent asserted that "in its simplest consequences
Constantine's action knocks the bottom out of the
Allied proposal for peace, as drafted in Paris last
March. These proposals called for the evacuation of
the whole of Asia Minor by Greek troops within three
[VoL. 115.
months of the date on which an agreement had been
reached, and the re-establishment of Turkish sovereignty over the whole district. The Greek Government was then thought to be agreeable to this course;
but with his declaration of autonomy Constantine
has declared also that he refuses absolutely to hand
back to the Turks any of the territory now under
Greek control. He has preferred, on the eve of the
conference which was to decide the fate of his country's colonial aspirations, to play for all or nothing."
On Monday in Smyrna M. Stergiadis, Greek High
Commissioner, "issued a proclamation announcing
the establishment of a regime of self-government for
the regions in Asia Minor occupied by the Greeks."
The Associated Press representative added that "the
proclamation states that the new regime is in conformity with the principles recognized by the Entente Allies during the World War, and decrees a
Greek protectorate over the specified territories."
He gave also the following details of the proclamation: "The populations of the occupied regions, regardless of their racial or religious affiliations, are
invited to participate in the administration of the
country by the creation of local councils. A civic
guard, composed of local elements, is to be intrusted
with the task of maintaining law and order in the
interior, the Greek army being responsible for the
defense and protection of the country against any external enemy. No provision is made for the creation
of a local Parliament, but several clauses of the proclamation deal with the protection of the interests of
foreigners." The opinion was said to have been expressed in French official circles that "the Entente
Powers probably will declare null and void the Greek
proclamation of autonomy for Smyrna." It was
added that "the Athens Government may first be
asked to withdraw the proclamation, which, if it refuses, will be declared valueless."
The British Government sent troops on Monday
"across the Bosphorus to reinforce French forces 30
miles west of Constantinople." It was explained in
an Associated Press dispatch from that centre that
"this measure is being taken in order to be prepared
to oppose any possible violation of the neutrality of
Constantinople by Greek troops wishing to cross into
Asia Minor to oppose the Turkish Nationalists." He
asserted also that "the Allied fleet has been ordered
to steam up in readiness for any eventuality." In the
British House of Commons on Monday "Premier
Lloyd George in a statement was able to give reassuring information concerning the crisis—to the effect
that Greece had reaffirmed its previous undertaking
not to invade the neutral zone, including Constantinople, without the consent of the Allies. The Premier expressed the opinion that the motive for the
Greek action was to expedite the settlement of the
Near Eastern question." He added that "a meeting
of the Powers chiefly concerned would be convened to
discuss the situation."
According to the representative of the New York
"Tribune" in Paris, "Greece's threat to occupy Constantinople and her proclamation of autonomy for
Smyrna are believed here to be really threatening a
new tangle in the Near East between Great Britain
and France. Premier Poincare, who was in Eastern
France early to-day [Monday], instructed the Quai
d'Orsay by telephone to dispatch a strong note to the
Allies proposing compulsory action to force Greece's
AUG. 5 1922.]
THE CHRONICLE
'useless'forces concentrated in Thrace, and failing in
this to notify Athens of the Allied intention to cut
communications between Greece and Asia Minor."
Official announcement was made at Allied headquarters in Constantinople on Tuesday that "the
Greeks now have twelve divisions of troops concentrated in Thrace." A report was in circulation in
Athens the same day that "the Government has instructed the commander-in-chief of the Greek army
in Asia Minor and Thrace to avoid all contact with
the Allied troops."
At a luncheon given in London a week ago yesterday by. 300 prominent Free Churchmen, Premier
Lloyd George made a speech in which he pleaded for
peace, but which has been characterized as alarmist
and pessimistic. He asserted that "more terrible
machines than in the late war are being constructed."
He added, "What for? To attack cities and maim,
destroy and burn helpless women and children. Keep
your eyes on what is happening. If the churches of
Europe and America allow that to fructify they had
better close their doors. We reduced our armaments
and if other nations follow the example there will be
no serious menace to peace. But it is difficult for a
nation to remain defenseless while others are preparing for war." Continuing, he declared that "the next
war, if it came, would be a war against civilization
itself." Outlining his thought still further he said:
"The war germ is like any other germ—you do not
know that you have it until it has got you. It is of
no use arguing with an epileptic when the fit is on
him. There is that atmosphere in the world now and
the explosive material is scattered over the face of
Europe. When a match is dropped it is too late to
wave the covenant of the League of Nations. It is
the new spirit that is wanted. Lock up the explosives and especially lock up those given to dropping
matches. The churches must promote the new spirit
which is necessary." Setting forth his own attitude
in specific terms, the Prime Minister said: "I have
seen the horrors of war and they made me vow to
concentrate my remaining energy to making it impossible for humanity again to pass through the fire,
the torment, the cruelty, the horror and the squalor
of war."
Commenting upon the speech a few days later, and
its effect upon the English people, the correspondent
of the New York "Times" in the British capital said
that "pessimism is the word of the moment in London." He added that "Lloyd George's speech on Friday is being cited as an indication of how serious is
the general situation in Europe and showing how
new wars, even more horrible and devastating than
the last one, may be precipitated at almost any moment." The correspondent hastened to observe, however, that "Lloyd George is not a pessimist. He is
characteristically an optimist of optimists, and,
grave though his warnings were, he only uttered them
because be was profoundly convinced that every danger would be overcome if met in time; that every
poison has its antidote; that if there is one bad dog
in the pack the rest will set upon it and worry it until its life becomes a misery. Lloyd George still retains his faith in human nature, even nerve-racked,
war-shocked human nature of the present Europe,
where new ambitions have been grafted on old fears
and crude theories are seeking to upset lessons of
age-long experience. This pessimism of the hour is
581
more superficial than fundamental. Nobody will
say things are for the best in the best of all possible
worlds just now. Difficulties and dangers are too
obvious for that, but below and beneath them are
facts which in this country at least, foster hopes for
the future. Trade and industry are reviving, slowly
enough, it is true, but steadily. France and England are progressing, slowly again, but still steadily,
toward agreement on questions that have chiefly divided them."
All the prominent Italians who endeavored to form
a new Cabinet experienced great difficulty in harmonizing the opposing political factions. One after
another gave up the task in despair. Accordingly,
on Monday the King "intrusted Luigi Facta, who
with his Cabinet resigned on July 19, with the task
of forming a new Ministry." It was added that
"Signor Facta is making an effort to keep in his
proposed new Cabinet those Ministers whose actions
did not incur the criticism of the majority which
overthrew his recent Administration. He began by
asking Signor Schanzer to remain as Foreign Minister. International questions in which Italy is involved have already been somewhat dealt with by
Schanzer." The Italian situation became more involved by a general strike "called in protest over recent Fascisti reprisals against Communists." Tuesday morning King Victor Emmanuel received Signor
Facta again,"and heard from him a report of progress
in attempting to solve the Ministerial crisis." It was
said that "Signor Facta was hopeful of being able
to form a new Cabinet, especially if adequate measures are adopted to keep peace during the strike, thus
strengthening the authority of the Government."
Announcement was made in Rome Tuesday evening
that he had succeeded and that his selections had
been approved by the King. Luigi de Facta, who
was at the head of the last previous Cabinet, is Premier of the new Ministry. Carlos Schanzer remains
as Minister of Foreign Affairs. The Associated
Press correspondent explained that "the new Cabinet
is composed of a representation of the same parties
which formed the old Cabinet and includes Democrats, Reformists, Catholics and Conservatives. Both
the Socialists and the Fascisti are excluded. The
appointment of Senator Taddei, who is Prefect of
Turin, is taken to mean that the Government intends
to enforce order throughout the country." It became
known through a dispatch from the Italian capital
on Wednesday evening that Signor de Facta had
made slight changes in his Cabinet, "evidently in order not to give it too much of the appearance of being
inspired by Signor Nitti." Announcement was also
made that "it has been decided that the Chamber of
Deputies shall reopen on August 10, when Premier
de Facta will announce the program of the new Cabinet." The Associated Press correspondent added
that "the general strike appears to have been a complete failure in Rome. Republicans and Anarchists
have announced their separation from the Socialists,
not wishing to share the responsibility with the latter. Announcement was made Thursday afternoon
by the Italian Ministry of the Interior that the strike
"was declared ended at noon." According to an Associated Press dispatch from Rome last evening,
"Fascisti occupied the municipal building in Milan
yesterday [Thursday]. This act is regarded as the
gravest episode in connection with the strike troubles
582
THE CHRONICLE
caused by the hostility between the Fascisti and the
Communistic elements." Some disorder in Rome,
incidental to the ending of the strike, was reported
also.
Poland has a Cabinet at last also. It is headed by
Dr. Julian Nowak, Rector of the University of Cracow. The Parliament, by a vote of 240 to 184, confirmed his nomination. The Cabinet situation in
Poland had been uncertain since early in June, when
the Bonikowski Cabinet resigned. The record shows
that"on June 26 Arthur Slivinski was nominated for
Premier by President Pilsudski and formed a Cabinet, but on July 7 the Silvinski Cabinet resigned because of its failure to win the support of a Parliamentary majority. On July 14 the Parliament proposed Adelbert Borfanty for Premier, but the determined opposition of President Pilsudski prevented
his formation of a Ministry."
As to Irish affairs, the Associated Press correspondent asserted that the Free State Cabinet at a
meeting a week ago yesterday "decided to refuse to
consider the suggestion advanced at the recent meeting in Cork for an armistice in the South. The Government will assent to nothing short of unconditional
surrender by the irregular forces." The author of
the latter dispatch added that an official report was
issued the same day in which it was claimed that
"there is good ground for hoping that within the next
fortnight the organized resistance of the Republican
irregulars will have been so broken that further postponement of the Irish Parliament will be unnecessary." In Skerries, a fishing town near Dublin,
early Monday morning, Harry Boland, formerly representative of the Dail Eireann in the United States,
was wounded "in attempting to evade capture by
national army troops." It was explained that "Boland and a friend were spending the week-end at the
Grand Hotel in Skerries. At 2 o'clock in the morning troops surrounded the hostelry and several entered Boland's room to arrest him. In resisting arrest Boland drew a revolver and during the scuffle
that followed, the message adds, he was shot in the
abdomen." The incident was said to have caused
great commotion. He died in a Dublin hospital Tuesday night, as a result of his wounds. With the passing of the days fresh victories for the Free State
troops were reported. They involved the capture of
several important towns, among which was Tipperary.
No change has been noted in official discount rates
at leading European centres from 5% in France and
Denmark; 5% in Norway and Madrid; 6% in
Germany; 4% in Belgium and Sweden; 4% in
Holland; 31A% in Switzerland, and 3% in London.
Open market discount rates in London are now
quoted at 14% for both long and short bills, as
1@1 13-16% for ninety days and 1 13-16@
/
against 13
8% for three months a week ago. Call money
1/
at the British centre, however, was a shade firmer,
4%,against 134% the previous
having advanced to 15
week. In Paris and Switzerland open market discounts have not been changed from 4% and 114%,
respectively.
The statement of the Bank of England for the
week ending Aug. 3 reflected the heavy strain incidental to month-end dividend and interest payments
[voL. 115.
and showed a sharp decline in reserve ratio and a
heavy expansion in note circulation. Gold holdings
were reduced nominally, £4,410, but total reserve,
as a result of an increase in note circulation of £1,017,000, fell £1,021,000. The deposit items were
expanded, public deposits £1,059,000 and "other"
deposits £393,000. The Bank's temporary loans to
the Government decreased £2,225,000; loans on other
securities, however, increased £4,737,000. As a
result of these changes the proportion of reserve to
liabilities showed a reduction to 16.28%, which
compares with 17.30% last week and a high point
for the year of 19.97% on June 22. The lowest thus
far was 11.04% in the first week of January last. In
the corresponding week of 1921 the ratio of reserve stood at 14.50% and a year earlier at only
10.2%. Gold stocks on hand aggregate L127,399,520, in comparison with £128,382,461 last year and
£123,108,175 in 1920. Total reserve stands at
£20,074,000. Last year it was £8,133,286 and
£15,069,100 the year before. Loans amount to
£76,981,000. This compares with £77,281,469 in
1921 and £74,788,565 a year earlier, while note
circulation is now £125,774,000, as against £128,699,175 and £126,489,075 one and two years ago, respectively. No further change has been made in the
Bank of England's official discount rate, which continues at 3%. Clearings through the London banks
for the week totaled £750,007,000, against £726,910,000 a week ago and £637,551,000 last year. We
append herewith comparisons of the principal items
of the Bank of England's returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1920.
1921.
1922.
Aug. 7.
Aug. 6.
Aug. 4.
Aug. 3.
Aug. 2.
£
£
£
125,774,000 128,699,175 126,489.075 80,128,070 56,777,930
Circulation
15,356.000 16,317.580 17,462.454 22,934.735 39,878,383
Public deposits
107.968,000 108,710,132 130,685.798 99,844,674 132,762,292
Other deposits
44,279.000 47,596.955 76,265,940 33,675,356 57.855,332
Govt. securitfes
76,981,000 77,281,469 74,788,565 80,493,213 103,193.758
Other securities
26.033,982 29,624,305
Reserve notes & coin 20,074,000 18,133,286 15,069,100 88,312,052 67,952,235
Coln and bullion-127,399,520 128,382,461 123,108,175
Proportion of reserve
21.70%
17.16%
10.20%
14.50%
16.28%
to liabilities
5%
5%
7%
5A %
3%
Bank rate
The Bank of France continues to report small gains
in its gold item, the increase this week having been
211,000 francs. The Bank's gold holdings, therefore,
now aggregate 5,530,360,075 francs. This compares
with 5,521,285,750 francs in the corresponding period
last year and with 5,589,479,979 francs the year previous;of these amounts 1,948,367,056 francs were held
abroad in both 1922 and 1921 and 1,978,278,416
francs in 1920. During the week silver gained 100,000 francs; bills discounted increased 414,022,000
francs and general deposits rose 5,378,000 francs.
On the other hand, advances decreased 15,921,000
francs and Treasury deposits were diminished by
54,575,000 francs. Note circulation shows an increase of 349,355,000 francs, bringing the total outstanding up to 36,399,294,000 francs, which contrasts with 37,364,596,000 francs at this time last
year and 38,213,359,530 francs in 1920. In 1914,
just prior to the outbreak of war, the amount was
only 6,683,184,785 francs. Comparison 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.
Francs.
Gold Holdings—
211.000
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Aug. 3 1922. Aug. 4 1921. Aug. 5 1920.
Francs.
Francs.
Francs.
3,581,993,019 3,572,918,694 3,611,201,563
1.1)48,367,056 1,948,367.056 1,978,278,416
Inc. , 211.000 5,530.360,075 5,521,285,750 5,589,479,979
Total
275,535,495
285,355.495
100.000
247,980.80
Inc.
Sliver
Inc. 414.022.000 2,517,259,000 2,989,636,298 2,360,512.967
Bills discountsd
2,211,990,000
2,170,930,000
15,421,000
1,934,309,464
Dec.
Advances
Note circulation Inc. 349,355.000 36,399,294.000 37,364.590,000 38,213.359.530
25,415.000
36,285.000
56,973,959
Treasury deposits_Dec. 54,575.000
General deposits Ine. 5,378,000 2,357,661,000 2,788,870,000 3,235,152.30
•
AUG. 5 19221
THE CHRONICLE
The Imperial Bank of Germany in its statement,
under date of July 22, shows the following changes:
A decline in Treasury and loan association notes of
1,438,811,000 marks and an increase in bills of exchange and checks of 1,011,022,000 marks. Discount and Treasury bills were expanded 888,551,000
marks. A large gain was shown in other assets,
namely 1,024,375,000 marks, while note circulation registered another striking expansion, this time
of 1,5891606,000 marks, so.that the total of notes
outstanding is at another new high record of 177,027,024,000 marks, which compares with 75,352,635,000 marks last year and 53,846,760,000 marks
in 1920. Deposits declined 672,315,000 marks and
advances 35,310,000 marks. In other liabilities
there was an increase of 545,406,000 marks And in
investments 9,931,000 marks. Total coin and bullion
increased 1,004,000 marks, but gold remained unchanged, with gold stocks on hand reported at 1,004,859,000 marks, as against 1,091,544,000 marks in
1921 and 1,091,660,000 marks the year before.
583
reserves with the Reserve Bank by $5,280,000, and.
this, despite the contraction in demand deposits,.
was instrumental in bringing about a loss in surplus
reserves of $4,257,220. As a result of the decrease,.
excess reserves now total $39,623,560. The figures
here given for surplus are on the basis of reserves
above legal requirements of 13% for member banks
of the Reserve System, but not including cash in
own vault to the amount of $56,536,000 held by these
banks on Saturday last.
Call money was bid up from time to time, but no
significance should be attached to that fact in measuring the real position of the money market at this
and other important financial centres in the United
States. The renewal rate yesterday was 4% and
around midday there was a decline to 3%, which was
maintained until the close. The figures are more
significant than the temporary advances earlier
in the week. Ordinarily the quotations for call
money are higher on Friday because loans made
that day carry over until the following Monday.
An analysis of the Federal Reserve Bank statement, That funds were in such abundant supply yesterissued as usual on Thursday afternoon, revealed day that the early 4% rate could not be maintained
another large gain in gold, increases in reserve ratios, proved the real condition of the money market.
both locally and nationally, and a small expansion Time money was easy also and in light demand,
in rediscounting operations. For the system, an with no important changes in prices. If further
increase in gold holdings of $17,000,000 was shown, proof of the present status of the money market
while bill holdings expanded $14,000,000, bringing is asked for, it might be found in the fact that the
up the total to $550,296,000, as against $1,647,579,- total subscriptions to the offering of $300,000,000
000 a year ago. Earning assets declined about 4%% short term Treasury notes were approximately
$29,000,000; deposits fell $3,000,000, but notes in $1,200,000,000. The Treasury has not made an
circulation were $14,000,000 larger than in the issue of certificates of indebtedness or short term
preceding week. In the New York institution the notes for a long time that was not heavily oversame general trend was noted. Gold reserve in- subscribed. Conditions with respect to general
creased $15,000,000. Owing to a decline in bill business in the stock and bond markets have not
purchases in the open market, the total of the bill changed appreciably during the week. The conholdings was increased only $4,000,000, notwith- tinuance of the coal and railroad strikes naturally
standing a substantial gain in discounts of Govern- has a restricting influence upon industry, particularly
ment secured paper. A reduction of more than steel, and a depressing influence upon general busi$26,000,000 was reported in earning assets. Deposits, ness. The stock market has been characterized
however, gained $6,000,000, and Federal Reserve as largely professional. The fresh upset in sentinote circulation expanded $7,000,000. A feature of ment in. Europe occasioned by the Balfour note to
both statements, local and national, was considerable England's debtor Powers in Europe and Premier Poinincreases in member banks reserve accounts; that of care's rather peremptory reply to the Germans,
the system reporting an addition of $22,000,000, naturally have made international bankers slow in
to $1,837,840,000, while in New York there was an considering the offering of European securities in
increase of $15,000,000, to $746,735,000. The gain this market. An international banker said only
in the ratio of reserves for the twelve reporting banks yesterday that there is still a good demand for bonds
and the local institution was the same-0.4%, to and a paucity of new issues. In his judgment, as
79.6% and 86.0%, respectively.
soon as conditions in Europe are more settled again
and the strikes are over in this country, many new.
Last Saturday's New York Clearing House bank bonds will be put on the market.
statement presented somewhat of a contrast to the
statements issued in the two preceding weeks, in
Referring to specific money rates, call loans this
that loans were qxpanded and surplus reserves week ranged between 3 and 5%,which compares with
reduced. The loan item increased $32,945,000. 3@4% a week ago. Monday a high figure of 5%
Net demand deposits fell $17,740,000, to $3,957,880,- was quoted, but renewals were made at 33/2%, which
000. This total is exclusive of $25,790,000 in was the low. On Tuesday call funds loaned and reGovernment deposits, a contraction in the latter of newed at 4%, and this was the only rate quoted.
$2,654,000 for the week. In net time deposits, The range on Wednesday was 4@5%, with the basis
however, there was an increase of no less than for renewals still 4%. A rather easier tone prevailed
$40,776,000. Other changes were not particularly on Friday, so that just before the close there was a
important and included a decline of $528,000 in decline to 3%; renewals were again negotiated at
cash in own vaults of members of the Federal Reserve 4%, and this was the maximum quotation. Funds
Bank, to $56,536,000 (not counted as reserve), a were in plentiful supply for all lines of business. The
gain of $115,000 in reserves in own vault of State above figures are for both mixed collateral and allbanks and trust companies, and a reduction in industrials alike. For fixed-date maturities there is
reserves of these institutions kept in other deposi- very little doing and no large individual transactions ,
tories of $156,000. Member banks reduced their were reported in any period. The market was a dull
584
THE CHRONICLE
[VOL. 115.
suspended operations, so far as dealings in exchange
are concerned, while speculative operators are still
holding aloof. As a matter of fact the whole market
is in a waiting attitude, with the feeling quite general
that the Lloyd George-Poincare meeting is likely to
bring results of far-reaching importance to foreign
trade relations. In the closing days of the week,
Chancellor Home's assurances that Great Britain
had no intention of evading debt obligations were well
received and the final range was very near the top.
While the outlook is at present clouded by a number
of unsettling developments, bankers stoutly maintain
their belief in the intrinsic value of sterling and predictions are freely made that, except for an occasional
setback, demand bills may be expected to rule at
very close to 4 50 in the near future. More grain
bills are making their appearance than a week ago,
though the season in this respect is backward, owing
to the railroad strike. Hardly any cotton bills have
as yet been seen. Moreover, the new and heavy
demand for British coal is likely to constitute an
important element in sustaining sterling rates at a
time when pressure from other sources is expected
to depress values. So a resumption of the movement
toward higher levels is looked for just as soon as
SPOT DELIVERY.
6(1 Days.
30 Days some decision has been reached regarding the over90 Days.
334@)3
33403 shadowing reparations problem; that is, in the
33403
Prime eligible bths
FOR DELIVERY WITHIN THIRTY DAYS.
developments
3g bid absence of any actually unfavorable
Eligible member banks
34 bid of a serious nature. Some market observers, usually
Eligible non-member banks
334 bid
Ineligible bank bills
well informed, are responsible for the statement that
if sterling rates continue at present levels during
There have been no changes ihis week in Federal August• and September, there is every reason to
Reserve Bank rates. The following is the schedule believe that materially higher levels will be reached.
of rates now in effect for the various classes of paper In the opinion of some experienced traders, it is
at the different Reserve Banks:
within the power of London to place sterling at par
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
whenever she chooses to do so. On the other hand,
IN EFFECT AUGUST 4 1922.
it is quite within the range of possibility that in the
viscountea Mils maturing
within 90 days(incl, memevent of a failute to properly adjust debt and reparaber banks'15-day collateral
notes) secured by—
Bankers'
Agricid- tion matters, sterling may temporarily, at least,
accepTrade brat and
Treasury
Federal Reserve
lances
accep- lire- stock sustain another setback.
Other- disc'ted
notes and Liberty
Bank of—
lances
paper
certifibonds
wise
for mi maturing maturing
As to quotations in greater detail, sterling exchange
and
cafes of
secured member
within 9110 180
Victory
and
indebtbanks
days
90 days
on Saturday last was weaker and demand declined
notes unsecured
edness
to 4 443@4 443"2, cable transfers to 4 44%@4 44%
4
4
4
4
4
4
Boston
4
4
4
4
4
4
New York
2; trading was very
and sixty days to 4 423@4 423/
434
434
434
434
414
434
Philadelphia
434
434
434
435
434
43.5
Cleveland
Monday
increased
ease
developed and
On
quiet.
434
43i
4;1
434
4 ti
435
Richmond
434
43i
43i
434
434
4 35
Atlanta
443' for
4
further
to
43%@4
recession
a
was
there
4
,
41
436
435
434
434
435
Chicago
436
43,6
43i
434
4ii
43i
St. Louis
and
44%
for
43%@4
cable
transfers
4
demand,
5
5
5
5
5
5
Minneapolis
5
5
5
5
5
5
Kansas City
due
was
423..
for
weakness
sixty
days;
the
A
4
413/@4
434
434
434
6
,
43
434
4
Dallas
4
J.
4
a
4
4
%tr. FranrIvrn
mainly, to less favorable international news. Although dealings were still restricted in volume,
The sterling exchange market continues to mark prices recovered slightly on Tuesday and demand
3
time pending a settlement of the international debt ranged at 4 44@4 44%, cable transfers at 4 44%@
4. Wedness@,4 423
/
4 423
sixty
days,
and
%
and
dull
443
lifeless throughout 4
tangle, and trading ruled
trifle
easier, at
a
and
was
market
unsettled
day's
with
week,
of
entire
the volume
practically the
44 11-16
443@4
4
for
44
demand,
5-16
43%@4
small.
4
a
comparatively
and
Irregularity
business
11-16
for
42
sixty
423'@4
4
and
transfers
cable
levels
for
were
in
lower
much
evidence
to
alight tendency
on
tendency
developed
slightly improving
of the time and the quotation for demand sagged off days. A
made
a
small
bills
fracdemand
that
so
to 4 433/2—a loss of about 23/2 cents from the high Thursday,
8@
/
with the range for the day 4 441
point of last week. Later on, however, there was tional advance,
4
were
transfers
44%@4
45
cable
and
while
44%,
a recovery to 4 453/2. In the early dealings renewed 4
2@4 43. Friday's market was firm
intimations that a definite date had at last been sixty days 4 423/
to 4 44%@4 453/2 for deadvanced
quotations
of
conference
and
Premiers had little
set for the London
cable
transfers and 4 42 8
for
45%
@4
4
447
4
mand,
on
Tuesday
but
cent
gains
prices;
a
of
or no effect on
Closing
days.
sixty
quotations were
for
43%
a
later
@4
large
Still
the
part
of
or more resulted.
453'
for
4
days,
and 4 45%
demand
sixty
for
the
43%
on
4
partly
the
of
publication
lost,
advance was
sight
bills
Commercial
transfers.
cable
finished
note,
and
for
cancellation
fears
on
partly
British debt
4
at
417',
days
sixty
ninety
443/8,
days
at
4
German
at
the
situation.
reparations
in
crisis
of a new
The decline was also, however, ascribed more to a 4 409, documents for payment (sixty days) at
lack of interest than to any underlying weakness.. 4 423. and seven-day grain bills at 4 443. Cotton
London banks have for the moment almost entirely. and grain for payment closed at 4 443.
affair, with quotations unchanged at 39@4% for
sixty and ninety days, 4% for four and five months
and 43% for six months, the same as last week.
Mercantile paper was also quiet and featureless,
but at slightly higher levels. Sixty and ninety days'
endorsed bills receivable and six months' names of
choice character were quoted at 4%, as against 3%
@4% last week, with names less well known at 43%,
unchanged. A good demand was noted, but the
supply of prime bills was limited. Local- and outof-town institutions were in the market.
Banks' and bankers' acceptances were steady and
unchanged. The market was not active and offerings continue light. Buying of moderate amounts
was noted on the part of New York and country
banks alike. For call loans against bankers' acceptances the posted rate of the American Acceptance
Council is 332%, which compares with 3% last week.
The Acceptance Council makes the discount rates
on prime bankers'• acceptances eligible for purchases
1
by Federal Reserve banks 33% bid and 3/%
bid
31/%
asked for bills running for 150 days and
and 3% asked for bills running 30 days to 120 days.
Open market quotations were as follows:
A.ua. 5 1922.]
THE CHRONICLE
Gold arrivals for the week were95 boxes valued at $3,500,000 on the Aquitania and 56 and
73 boxes respectively on the steamers Laconia and Baltic,
totaling $4,300,000, all from England; $106,000 in bar gold
on the Westerdyk from Rotterdam; 12 cases of bars on the
Oscar II and 11 cases bars on the Stavangerfjord, both from
Christiania; and valued at about $1,615,000. Smaller, miscellaneous amounts from South America and elsewhere
included: 75 gold bars and 1 case gold dust and platinum
on the Bridgetown from Colombia, and 4 cases of gold and
silver on the Santa Elisa from Valparaiso, and $32,000 in
gold bars and one case of platinum on the Tivives from
Colombia. The Mayaro from Trinidad brought some small
consignments of gold to several banks. The Huron from
Porto Plata brought 4 cases U. S. currency. The Cunard
liner Berengaria is said to be bringing gold amounting to
$3,000,000.
Movements in Continental exchange this week
were completely overshadowed by renewed weakness
in marks and a sensational break occurred, which
carried the check rate on German exchange to the
%, a loss of 55%
extraordinarily low level of 0.111
points from the low record established a week ago,
though later recovering to 0.14%. Conditions
bordering upon panic appeared to prevail among
holders of mark exchange who made frenzied efforts
to unload huge amounts of bills -upon a market
absolutely bare of takers. This is especially true of
foreign holders and the selling was particularly heavy
in London and Berlin. At the latter centre cable
advices stated that following receipt of the new
French note the dollar bounded upward from 715
to 850 marks. The rise in the dollar rate was said
to have caused the failure of a number of brokerage
houses. A factor worthy of note is that this collapse
in prices has taken place almost immediately after a
rise in the Reichsbank rate of 1%. Under normal
conditions an advance in official discount rates results
in improvement in exchange values; in the present
instance the step is not regarded as likely to result
in drawing funds to Germany. In the early part of
the week, some encouragement was felt over the
setting of a date for the London conference and talk
was heard of possible modification in reparations
requirements, also improved prospects for a German
loan; but later on fears of a disruption of existing
arrangements as a result of Germany's inability to
meet French reparation demands had a depressing
effect and brought about the demoralization above
mentioned. Toward the close a more or less natural
reaction took place and prices rallied slightly. French
exchange was also under pressure and the quotaiion
sustained a series of small declines, until 8.09 was
reached, or 40 points under last week's highest level.
Belgian currency followed suit. Austrian krone,
after a comparatively steady opening, at 0.0025,
slumped in sympathy with Reichsmarks and lost 12
points, to 0.0013. With the possible exception of
marks,trading was not active and operators are still
exhibiting extreme caution in making commitments.
The rest of the market ruled about steady, at or
near last week's levels. Italian lire covered a range
of 4.583/
2@4.50. Greek exchange opened firm, but
subsequently lost ground and declined to 2.95 for
checks. Czechoslovakian exchange, on the other
hand, advanced from 2.30 to 2.48, on improvement
in trade conditions. Polish marks continue .their
downward course, touching 0.00155, but Rumanian
and Finnish currency was firmer, advancing to 0.72
and 2.12, respectively. Advices to the effect that
the moratorium decision of the Reparations Committee may be expected next week aroused some
•
585
attention, since this is expected to come at about the
time of the conference in London, and notwithstanding the many gloomy reports circulated concerning
the German situation, there were a good many who
regard the recent action of the Reichsbank in advancing its rate to 6% as a hopeful sign.
The London check rate in Paris finished at 54.26,
against 53.83 last week. In New York sight bills
on the French centre closed at 8.20, against 8.241A,
cable transfers at 8.21, against 8.251A; commercial
sight bills 8.18, against 8.22, and commercial sixty
days 8.15, against 8.183/ last week. Antwerp
francs finished the week at 7.76 for checks and 7.77
for cable transfers. A week ago the close was 7.803/2
and 7.813/
2. Berlin marks closed at 0.14 for checks
and at 0.143/
2 for cable transfers, against 0.17 and
last
week.
Austrian krone finished at 0.0017
0.173'
for checks and 0.0022 for cable remittances, which
compares with 0.0025 and 0.0030 a week earlier. Lire
closed at 4.63 for bankers' sightlls and 4.64 for
cable transfers, in comparison with 4.57 and 4.58 the
week before. Exchange on Czechoslovakia finished
at 2.45, against 2.30; on Bucharest at 0.90, against
0.643/
2, on Poland at 0.00150, against 0.00168, and
on Finland at 2.11, against 2.11 the previous week.
Greek exchange closed at 2.95 for checks and at 3.00
for cable transfers, against 3.20 and 3.25 last week.
In the exchanges on the former neutral centres
the volume of business passing is as small as ever,
and changes in quotations comparatively unimportant. Dutch guilders again lost ground slightly,
but Swiss francs ruled steady as did Swedish, Norwegian and Spanish currencies, each reporting
fractional net gains. Copenhagen exchange proved
the exception and during most of the time the quotation was a few points lower.
Bankers' sight on Amsterdam finished at 38.65,
against 38.67; cable transfers at 38.70, against 38.72;
commercial sight at 38.60, against 38.62, and commercial sixty days at 38.24, against 38.26 a week ago.
Closing rates for Swiss francs were 19.00 for bankers' sight bills and 19.02 for cable remittances.
This compares with 18.99 and 19.02 a week earlier.
Copenhagen checks finished at 21.46 and cable
transfers at 21.51, against 21.50 and 21.55. Checks
on Sweden closed at 26.04 and cable transfers at
26.09, against 25.97 and 26.02, while checks on Norway finished at 17.18 and for cable transfers at 17.23
against 17.07 and 17.12, respectively, last week.
Spanish pesetas finished at 15.48 for checks and
15.53 for cable transfers, as compared with 15.51
and 15.56 on Friday of the preceding week.
With regard to South American quotations, the
situation remains about steady, with the check rate
on Argentina firm at 363
% and cable transfers at 3614,
against 36.87 and 37 last week. For Brazil the close
was 13.70 for checks and 13.75 for cable transfers,
compared with 13.65 and 13.70 a week earlier.
4,
Chilean exchange was strong and finished at 137
against 133/
2, while Peru advanced to 4 10, against
4 08 the week before.
Far Eastern exchange was quoted as follows:
Hong Kong, 58%@583
8®58%;Shang/
/
8, against 583
hai, 773@785
/
1; Yokohama,
4
@781
773
/, against
49%@49%, against 48@483; Manila, 49%@49%
%@52(unchanged);Bom(unchanged);Singapore,513
bay, 29@293 (unchanged); and Calcutta, 293@,
293' (unchanged).
586
THE CHRONICLE
[VoL. 115.
Pursuant to the requirements of Section 403 of the THE PART THAT IS GREATER THAN THE
Emergency Tariff Act of May 27 1921, the Federal
-WHOLE.
Reserve Bank is now certifying daily to the Secretary
President Harding pierced the core of this whole
of the Treasury the buying rate for cable transfers on
the different countries of the world. We give below railroad and mine controversy when he said in his
the record for the week just past:
letter to Governor Groesbeck of Michigan: "If the
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
coal producers of the United States were so organTREASURY
UNDER
BANK TO
EMERGENCY TARIFF ACT,
JULY 29 1922 TO AUGUST 4 1922. INCLUSIVE.
ized that a national body were to determine the pol1 Noon Buying Rate for Cable Transfers in New Yak.
icy of every member and permit no sales of coal exValue in United States Money.
Country and Monetary Unit.
cept
on dictation of terms by the national officials,
July 29. July 31. Aug. 1. Aug. 2. Aug.3. Aug. 4.
S,
State Legislature and Congress itself would
every
8
EUROPES
S
S
$
Austria, krone
.000029 .000028 .000022 .000017 .000018 .000019
instantly put to an end such a practice. The mine
Belgium, franc
.0774
.0767
.0774
.0767
.0774
.0777
Bulgaria, ley
.007310 .007288 .007267 .007258 .006808 .006992
Czechoslovakia, krone
.022889 .023564 .024361 .024550 .024400 .024453 workers unhesitatingly assumed national dictation.
Denmark, krone
.2149
.2142
.2146
.2147
.2148
.2149
England, pound
It is the big issue involved in the present dispute.
4.4469 4.4447 4.4447 4.4429 4.4477 4.4563
Finland, marker'
.020900 .020975 .020963 .020988 .020900 .020963
France,franc
.0815
Frankly, I think it must be dealt with if we are to
.0811
.0817
.0811
.0819
.0823
Germany, reichsmark _ _ _ _ .001543 .001527 .001493 .001197 .001322 .001381
Greece, drachma
.0315
.0317
.0303
.0297
.0292
.0292
have any security and any assurance of a supply of
Holland, guilder
.3865
.3861
.3864
.3860
.3864
.3860
Hungary, bone
.000599 .000581 .000496 .000438 .000353 .000397
Is it not of record that the miners' union has
Italy, lire
.0458
.0454
.0453
.0451
.0459
.0464
Jugoslavia, krone
.003199 .003188 .003108 .003044 .002953 .002935 refused to allow district or State settlements as well
Norway, krone
.1713
.1690
.1687
.1706
.1713
.1711
Poland, Polish mark
.000163 .000163 .000155 .000152 .000143 .000147 as settlements direct with individual operators? Is
Portugal, escudo
.0708
.0713
.0713
.0708
.0711
.0702
Rumania.leu
.006413 .006453 .006600 .006969 .008849 .008713 not decentralization exactly what the operators seek
Serbia, dinar
.012700 .012764 .012400 .012200 .011971 .011821
Spain, peseta
.1553
.1547
.1549
.1551
.1549
.1549
and the miners refuse? Can any form of compromise
Sweden, krona
.2611
.2602
.2608
.2608
.2603
.2607
Switze!land, franc
.1904
.1901
.1901
.1901
.1900
.1901
obliterate these opposing attitudes?
• ASIA.
China, Chefoo tadl
• .8096
.8088
.8088
.8063
.8096
.8088
- Hankow tael
But despotic and unbridled power must in a re.8017
.7983
.8008
.8008
.8008
.8017
" ShanghtI tael
.7726
.7702
.7711
.7712
.7713
.7709
- Tientsin tael__.,_ .8133
public work its ultimate undoing or the Government
.8125
.8117
.8133
.8142
.8142
" Hong Kong dollar_ .5784
.5780
.5777
.5777
.5774 • .5775
" Mexican dollar.__ .5698
must enervate and finally fall. Coal is an essential
.5679
.5660
.5690
.5668
.5667
" Tientsin or Pelyani
dollar
.5592
to
the preservation of human life and the prosecution
.5667
.5683
.5683
.5683
.5683
" Yuan dollar
.5746
.5738
.5738
.5738
.5738
.5733
India, rupee
2886
.2891
.2898
.2893
.2891
of
human industry. Unless the miners' union can
.2897
Japan, Yen
.4768
.4767
.4766
.4765
.4757
.4765
Sings pore. dollar
.5071
.5079
.5075
.5083
.5079
.5079
submit
itself to the service of the public it must be
NORTH AMERICACanada, dollar
.993472 .992306 .993472 .99413! .995278 .996417 counted in opposition to the great body of people who
Cuba. peso
.997969 .998000 .998000 .998125 .998875 .999063
Mexico, peso
.488500 .488625 .487500 .487750 .487344 .486500 support that Government. If there is no law now,
Newfoundland, dollar..
.991094 .990313 .991406 .992344 .993750 .994531
SOUTH AMERICA- .
there will come in time a law that will protect the
Argentina, peso (gold)_
.8309
.8288
.8229
.8229
.8227
.8235
Brazil, milreals
.1350
.1356
.1358
.1350
.1354
.1355
whole against the "assumed dictation" of a part.
Uruguay, peso
.8159
.8169
.8165
.8158
.8151
.8155
Chile, peso (Payer)
.1321
.1361
.1246
12A1
'IRAQ
1./49
There is no form of"national dictation" sufferable in
The New York Clearing House banks, in their a republic but the will of the whole people expressed
operations with interior banking institutions, have at the polls. Law is paramount, not the power of ungained $2,386,293 net in cash as a result of the cur- incorporated minorities of men nursing their grievrency movements for the week ending Aug. 3. ances by strikes that shut down production and preTheir receipts from the interior have aggregated vent the flow of trade in transportation.
$3,331,293, while the shipments have reached $945,There has been hesitation in enacting Congres000, as per the following table:
legislation declaring so-called nation-wide
sional
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
strikes a form of conspiracy against the life and propInto
Out of
1 Galn or Loss
erty of the citizens of the United States. But whether
Week ending Aug.3.
Banks.
Banks.
to Banks.
a law shall pass, or some other equally effecsuch
I
Banks'interior movement
83,331,293
8945.000 Gain 82.385.2 9
time has about come when the masses must
the
tive,
As the Sub-Treasury was taken over by the Fed-8
eral Reserve Bank on Dec. 6 1920, it is no longer perceive that organizations in certain occupations
possible to show the effect of Government opera- seeking by "cessation of work" through the agency of
tions on the Clearing House institutions. The Fed- federated unions to prevent production and transeral Reserve Bank of New York was creditor at the portation, have nothing in common with the man's
Clearing House each day as follows:
individual right to work or not to work as he elects.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
The exercise of this right by the individual worker
himself and not by a collusion with others
for
Wednesd'y,
Tuesday,
Thursday,
Saturday, Monday,
Friday,
Aggregate
Aug. 3.
Aug. 2.
Aug. 1.
July 29. July 31.
Aug. 4.
for Week.
through the offices and mandates of a union would
$
$
hinder production or paralyze transportation.
54.600,000 58,500,000 37,400,000 47,700,000 66.900,000 50,900.000 Cr. 316,000,000 never
Note.-The foregoing heavy credits reflect the huge mass of checks which corne
people have had great sympathy for "workers"
The
of
from
all
parts
the
Bank
to the New York Reserve
country in the operation o.
the Federal Reserve System's par collection scheme. These large credit balances, whatever their trade or occupation. They have often
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 expressed assent to organisms of workers intended
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
to better conditions and advance wages. But when
The following table indicates the amount of bul- these organisms by arbitrary demands fail to so betlion in the principal European banks:
ter conditions and increase wages, turn and rend the
very industrial instrumentalities that produce necAug. 4 1921.
Aug. 3 1922.
Banks ofTotal.
Gold.
essaries and pay wages, then they pass out from the
Silver.
Silver.
Gold.
Total.
good-will of the citizenry and appear to unprejudiced
127,399,520 128.382,461
England __ 127,399,520
128,382,461
154,680,221142,918,748
11,400,000
143,280.221
11
France _ a _
,900,000153,916,748 and personally uninterested citizens for what they
946,150 51,037,530 54,577,850
Germany _ 50,111.380
594,750 55,172,600
Aug.-Hun.. 10,944,000 2,369.000 13,313,000 10,944,000 2,369,000 13,313,000 are, selfish organizations bent upon a rule or ruin
100,934.000 25.953,000 126,887,00 99,653,000 25,003,000 124,656,000
Spain
34.567.000 3,048,00 37,615,000 33,141,000 3,001,000 36,142,000 policy regardless of employers and people alike. And
Italy
670,000 51,166,000 50,497,000
930,000 51,427,000
Netheri
'
ds 50.496,000
Nat. Belg_ 10,664.000 1,758,00 12,422,000 10,662.000 1,584,000 12,246,000 the hour is now striking when some curb will be put
Switz'land 20,947.000 4.653,00 25.600,00 21,770,000 4,429,000 26,199,000
15,220,000 15,630.000
15,220,000
Sweden
15,630,000 upon this coercive power cultivated through
years of
218.000 12.902,00 12,642,000
207,000 12,849,000
Denmark _ 12.684.000
8.183,000 8,115,000
8,183,000
Norway
8,115,000 "organization."
Total week 585,430,121 51.015.150 636.445,271 588,931,059 49,117,750
809
The fact of the matter is that producers and operaPrey, week 585,405,091 50.848.150 636,253,241 588,805.211 48,903,900637,769,
638.048.II 1
a Gold holdings of the Bank of France this year are exclusive of £77,934,182 tors are barred by their own interests
from seeking
held abroad.
AUG. 5 1922.]
THE CHRONICLE
this form of domination. The capital which enters
the various industries now covered by trade unions
must be free to protect its own life in its own investment. The contractor who puts up a building in
which all these trades work produces but one thing,
a building. The railroad shops which repair rolling
stock do so for one purpose, no matter how varied the
mechanics employed, and that purpose is equipped
trains to transport freight and passengers. The operators and owners of a single coal mine are in inevitable competition with every kind of coal mine and
every section of production and would only surrender their power (capital and native resources) if they
submitted to a "national dictation." The ultimate
end is the market for coal and that end is the goal toward which every mine strives and must strive. And
the more the individual mine strives to outdo all others, the more coal there is, the more comfort the people as a whole enjoy, and mark the statement, when
each is free to operate by its own acumen,energy and
resource, any so-called national agreement as to price
only cripples its power in the end. There are at present unlimited unexploited quantities of coal in the
country. Anthracite and bituminous coals themselves compete with each other. The natural position
of the coal strata prevents combinations in price and
procedure.
But under the cover of a disregard (shown by a
proper popular sympathy toward men who work),
these "unions," through the exertions of paid officers
and leaders, have insidiously grown, until an organism is created capable, at its worst, of temporary
stoppages of production, by its combined power to
"sanction" (really to order) cessation of work and
thus production. If this is longer to be permitted
(we say emphatically free individuals uninfluenced
by organized unions would in no considerable numbers all strike or cease to work at the same day and
hour, no matter what the wages and conditions),
then it is possible for a minority, a class, to rule the
country, to throttle every unorganized industry, and
to flout the power of Government to protect the
people!
THE UNIONS AND "FUNDAMENTALS."
On the same day (July 26 1922) there appeared
in the newspapers"statements" by Mr. Gompers and
Mr. Lewis regarding the strikes. For the purpose
of giving emphasis, we take from their context these
pronouncements by Mr. Gompers:
First, "The strike is effective and it will be effective until railroad management agrees upon terms of
employment with the men now on strike." Second,
"Industrial peace on the railroads and in all industries controlled by financial power for financial purposes in which the dominant idea and demand is for
profit and in which service is an after-thought, if
thought of at all, may be difficult enough under any
circumstances, but under the Government court idea
it is impossible."
"The sooner we have a return to fundamental principles, getting away from the concept of force and
compulsion, the sooner we shall be again on the road
to industrial order and prosperity. There is no reason for delay except the reason that greed is too much
blinded by a misconception of its own interest."
And we quote this by Mr. Lewis:
"Not a single union miner has returned to work
throughout the length and breadth of the land, and it
must now be obvious to all that the American miner
will not be driven back to work at starvation wages
and under non-union conditions by any fanfare of
587
trumpets or vain military display. The assembling
and parading of engines of war to awe American citizens who are merely exercising their inherent constitutional right to cease work in order to maintain
their industrial and social status as citizens of the
Republic would be a national farce did it not possess
the elements of tragedy."
Now, there are so many "angles" to these strike
disputes that we wish, if possible, to confine attention to the larger elements involved at this time. We
think no one will dispute the statement that these
two chief labor leaders and officials are qualified to
utter the contentions and concepts of "the unions."
We think no one will question the fairness of our interpretation when we say that Mr. Gompers in what
he says is, in general, inveighing against the processes and powers of courts in the settlement of industrial disputes; and that Mr. Lewis is severely criticising the Executive and executive processes of the
Government in assuring to the people the orderly
observance of law in the prosecution of two of our
chief industries and in exercising preventive care in
the protection of property at a time when violence
threatens, even though this be due to the uncontrolled passions of men, which the "unions" would
control if they could. These are some of the facts—
the Railroad Labor Board, after attempts at a sort of
intervention, has withdrawn its efforts; conferences
with the President have come to nothing and in the
case of the coal strike a plan has been rejected by the
miners, and in the case of the railroads the Federal
Government has requested the State Governments
under their police powers to act, promising Federal
aid if and when needed.
Further facts in contradiction of assumptions of
Mr. Gompers as to "financial power for financial
purposes," if it can be said mere assumptions can be
met by facts at all, are that first what are commonly known as the financial interests have shown
an unprecedented indifference to both these strikes,
and second, that no such far-off indefinite control as
Mr. Gompers believes to exist, does really exist, and
the fact has been conclusively shown time and again
by actual analyses of railroad boards. An equally
important fact is that if there is one thing clear and
unassailable about the "Administration" or Governmental attitude at this time it is that no man can be
compelled to work against his will nor prevented
from working when he has the will to do so and a way
is provided. We must find, therefore, that the only
"coercion" that exists is that imposed by these
"strikes" upon the continued and normal operation
of industry, whether that coercion be defined as direct or indirect. More than this, the Government
(and this has not always been so marked) is electing
to stay within its own field, it is not "taking sides" in
the controversies, in such action as it is taking it is
as representative of the whole people. And though
ultimately there may ensue an agreement by mutual
compromise these aspects stand.
One step further. Our courts were instituted as
tribunals of justice to adjudicate the rights of employer and employee, and to decide upon the infractions of contracts in all civil affairs and compel their
performance or provide penalties for non-performance, such as are provided by law established under
our Constitution. And it is an established principle
that a court, State or Federal, is empowered to enforce its processes. The so-called "involuntary servitude," so often called into being by the imagination
588
T H PI CHRONICLE
[VOL. 115.
of certain "labor leaders," is merely a myth; for, save stitutional prerogatives of protection without severe
in a few cases, not applicable here, there is no shadow criticism and even condemnation. What causes all
of "imprisonment for debt," and no power to compel these industrial troubles if it be not the unions? And
a man to work under a condition of peonage. These even if there is "greed" in the world, that greed may
are "fundamentals." But we find in the course of make the people pay more, but it does not starve them
time, and in the growth of industry, that what have by sudden "cessation." And when are the people to
been variously denominated as "trusts," good or bad, be freed from these recurrent deprivations as long as
sprang up, and for our purpose here we may call the unions proceed with "strikes"? "Fundamentals"
them groups of owners, operators, capitalists, what- would seem to be the scorn of unions.
not, which have, it is claimed, exerted undue influence in restraint of interstate trade, against which a
THE DILUTING OF ANGLO-SAXON BLOOD.
law was framed. On the other hand, there have
In a recent discussion of an article by the Admiral
grown up these unions of craftsmen in the mechanthe British Fleet with regard to the reduction of
of
ical trades that have been federated into one body.
respective navies, Admiral Sims* challenges his
the
Against the charge of restraint of trade these unions
"the old Anglo-Saxon stock" and the sigobtained exemption. If trade depends upon trans- reference to
present dilution.
its
of
portation, if there are two bodies in production, op- nificance
Sims says: "Race has little or nothing
Admiral
erators and workers, the latter can, by the action of
matter. Precisely the same factors are
a strike, stop, so far as work is concerned, all pro- to do with the
of Anglo-American friendship as are
bottom
the
at
duction, as far as their part is concerned, and they
of the feeling that keeps the British
bottom
the
at
claim they are immune in doing this. Employers,
together—community of ideas, community
Empire
where they conduct public utilities, are by their charinter-dependence. Citizen Goldters compelled to continue their service to the pub- of interests and
O'Houlahan, Citizen Popoff and CitiCitizen
stein,
lic, under penalty of forfeiture. We speak of the
zen Wurtzberger are not deeply interested in our
general rule.
Anglo-Saxon blood, but they are mightily interested
The miners and railroad shopmen elect at this time
in Anglo-Saxon liberties and institutions and ideals."
to cease from working. They do so under the soAs a matter of American history the statement is
called "sanction" of union rule and procedure. These
sufficiently familiar, but quite apart from the matunions are unincorporated bodies, having no standter under discussion between the Admirals, we want
ing under the civil law. They were not in existence
to call attention to its pre-eminent importance in
and were unknown at the time of the framing of the
connection with the problems before us to-day. ImConstitution. Their avowed purpose is to advance migration, however it may be controlled or repressed,
wages, obtain better living conditions, and control
is not likely in the near future to be so reduced as to
certain powers and processes of operators and owndiminish the cross-breeding and dilution of Angloers. Their only quasi-recognition as parties to conSaxon blood already established by our open-door
tracts lies in recognition given them by the Railroad
policy in the past.
Labor Board. Are they not by reason of their existThe American of to-day is a man of a new and defence and their acts clearly conspiracies in restraint
inite type. He has a heredity of his own, more or
of trade, since they function outside the law and by
less valuable in his eyes. He may, or may not, know
concerted action can prevent transportation and proand esteem "Anglo-Saxon blood." He is interested
duction? The only "coercion," if it can be called
in, and as a rule, highly values "Anglo-Saxon liberthat, possible to incorporations in industry, tends to
ties, institutions and ideals." Americans of to-day
increase transportation and production. The "coerare also interested in their country's future, and
cion," direct or indirect, possible to unincorporated
many of them realize that it is a case of "hang tobodies, to unions, tends to hamper and stop transgether or hang separately."
portation and production. And the conclusion is
This is important and generally so well known as
inevitable that these bodies are excrescences that
hardly to need illustration. When the Moseley Eduhave grown up outside the law, and have cultivated
cation Commission was here a few years ago, a memthe use of a power which is a menace to the continu- ber was asked the night before their departure what
ous operation of industry, and a source of suffering was the most significant thing they had encountered
to the public.
on their visit. He replied: "It occurred to-day. WeIf we come down to fundamentals, their only right asked a teacher in an East Side public school if she
to exist is the passive one we accord to benevolent so- could send one of her pupils to conduct us to one of
cieties for purely benevolent purposes. To these we the new docks which had been fitted up as a resort
consent to the exercise of no power purely in their for mothers with little children. She called out a
own interests. If such orders as the Masonic, such lad some 13 or 14 years of age. As we walked on the
societies as the horticultural and agricultural, such street I drew him into conversation and learned that
semi-religious organizations as devote themselves to he had been in the country a little over two years, and
the betterment of the poor and afflicted, were to at- was a Pole. I asked what he intended to do. He retempt to secure laws and powers of Government to plied, 'Since last night I intend to be a lawyer.'
obtain for themselves wages, or to compel recogni- 'Why "since last night"?' 'We had a debate in our
tion and gratuities to themselves from the public school and I won a prize.' When we reached the
they would be hooted out of existence. But "labor river he stopped and said,'There is the dock.' I put
unions," crying aloud for better and higher life, for my hand in my pocket and offered him a quarter of
freedom and joy and equality in all good things, may a dollar. He drew back, saying, 'No, sir! I thank
"sanction" cessation of transportation and produc- you, but I cannot take money from a foreigner for
tion, which seems to be their chief function, and not
*Note: Admiral Sims's estimate of the character of the young Americans
even the Government and the courts instituted in the of to-day (despite the dilution of their Anglo-Saxon blood) will be found in
the tribute to them in his thrilling story in his recent book, "The Victory at
interests of all the people, are to be allowed their con- Sea,"
Doubleday, Page & Co.
AUG. 5 1922.]
THE CHRONICLE
showing him our country." A native American in
a Western city meeting a former acquaintance, an
educated Hungarian,a radical Socialist whose views
he had tried in vain to change when he first knew
him soon after his arrival several years before, said:
"Well, how are you? Still talking Socialism?" "Oh,
no," was the quick answer; "I have thrown all that
away. I have become a genuine American. I'm on
the School Committee in my ward now and I find
you have here all the thin,,
-3 I have been struggling
for."
It is worth while asking j.:st what are "the AngloSaxon liberties, institutions and ideals" that are so
well worth preserving and that are held so dear by
all Americans,
The basic one is Liberty. This is not a theory, but
an attainment. We can "deliver the goods," not, perhaps, on demand to everyone or everywhere, even in
our own territory, or in perfect equality and form;
but through three centuries of conflict with difficulties both in nature and in man, we have striven to
make it complete. We have fought several great
wars in its defense. We have set free every slave;
we have worked out a national Constitution and
Government which has made a Union of individual
States a reality; we have established a system of law
making with a method of enforcement to which the
people render allegiance, and which is intended to
determine and preserve the rights and to promote the
welfare of all who live under them. Whenever the
laws are found ill-advised or inadequate to this task
they are changed, often, indeed, too hastily, but always to the end of reaching the desired result. The
flag which was flung to the breeze at the outset to
declare an ideal independence is now recognized
around the world as the emblem of a people who are
themselves free, and in making themselves so have
set an example of how such freedom is possible to
any people who are willing to make the sacrifices we
have made to secure it.
Then as to our institutions. What are they?
Primarily, the Ballot, as a means of expression, subject, of course, at times to abuse, but which in the
hands of men and women capable of understanding
it, is the best and the safest instrument of permanent
government humanity has as yet devised.
To,this is added Representative Government. Democracy, with the rule of the majority, has its limitations. Left to itself it may easily become the rule
of the mob, or, escaping this, the autocracy of the
"boss" or of the political ring. It is the ever-inviting field of corruption, both by money and by office.
Theoretically, belief in the people must be justified,
and, when things are bad we comfortably say, "The
people have got what they deserve," we still hold
that democracy may be expected on occasion sooner
or later to discover, possibly to throw up out of its
body, an autocracy of the best, men best fitted by exceptional talent or character to guide and rule the
State.
Unhappily, experience shows that this may become
simply the Cult of the Incompetent, as it has been
elsewhere proclaimed. But we recognize that time
and a certain amount of general education are necessary to form the Public Opinion which is the only
permanent and adequate instrument for the proper
functioning of any democracy. Until that has been
secured, Representative Government is the one hope
of deliverance of the State from the rule of the ignor-
589
ant or the powerful corrupt. It gives room for such
moral sense as exists in the several communities to
find expression when representatives are to be
chosen, and to look to them in the debates which must
occur in their assemblies to exhibit a collective wisdom or to give to their constituents such an understanding of the questions at issue as will produce a
general consent, and through that, the enacting of
laws which will express the mind of all, or will, in
any case, secure the sufficient consent which is requisite to preserve Liberty regulated by law.
This leads to the establishment of courts which,
while of the people and for the people, are above the
people in their power to interpret law and even to secure its reversal when it is found not to accord with
the Constitution. So far as the rights and liberty of
the individual are concerned, these courts are reinforced with trial by jury, which with all its defects
has survived the centuries. Twelve of a man's fellows are selected, who, representing his own immediate community, will determine, so far as is humanly possible, exactly the facts of the case, and
their bearing upon his action and interests. This is
the Anglo-Saxon feature of law and justice
:
One other function has come to be recognized as
the duty of the free State, that is providing Public
Education. The best assets of the State are the
brains of its young people. These are not to be suffered to go to waste or be perverted to the loss and
injury of the nation. While it may be imperfectly
administered and at times fail of its purpose, Public
Education has its position of importance, and AngloSaxon Democracy is prepared to accept the cost, and
to demand that its children shall not be untaught. It
also has from the first asserted its right to enforce
this upon all. It is, in fact, proving to be the great
solvent of the diversity of race.
As to Anglo-Saxon ideals, they are most difficult
to define, they are so far reaching. They belong to
the wide vision and the "Long," as distinct from the
"Short Swing." They pertain to life in its entirety
and to man in all the possibilities of his mysterious
personality. The State recognizes the place of "The
True, the Good and the Beautiful" in the final estate
of man. Therefore it aims to promote Art, because
of its immediate and enduring relation to human
happiness; Philanthropy in every form, as binding
men together and obliterating selfishness, envy and
all uncharitableness; and Search for Truth always
and everywhere, as that without which man cannot
do the work of Life successfully or attain his own
highest well-being.
Thus in the face of the problems which confront
the world to-day the Anglo-Saxon Democracy need
not quail or distrust its own efficiency. It has only
clearly to see its duty. It does not hesitate to reduce
its armament, or need to narrow its sympathies. It
has welcomed people of many lands, and has thus far
round them appreciative of its opportunities and
ready with a reasonable uniformity of mind and
habit, to accept its standards of life and to co-operate for the common good. It has learned that no
man and no race has a monopoly of kindliness or of
loyalty or of unselfish courage and readiness for sacrifice. It still believes that love for one's family and
nation are of vital and enduring importance, and
that they do not hinder but help men to acquire the
generous toleration, the wide sympathies, the intellectual understanding upon which as a foundation
THE CHRONICLE
590
human society as a collective achievement alone can
rest.
It sets its hand to the task of to-day while it faces
without fear the possibilities of to-morrow, because
it still cherishes the ancient faith that the Religion
which brings to each man the strengthening assurance of "saving his soul," opens his heart to other
men to whom through him it proffers the same
blessed assurance.
It has still the right to call to a weary world:
"Learn the new chants of times democratic;
Free as the ocean, strong as the tempest;
Sing the new life of conirades close-tethered;
Sing the new love that leaps over mountains,
Crossing the sea and flooding like sunrise."
THE COURSE OF THE MINERS' STRIKE.
As this week opened, it was daily becoming more
plain that both mining and railway strikes were nearing their just end by defeat. As for the former, while
nobody pretends indifference to its seriousness as respects supply and cost of fuel for next winter, the
overwhelming present and future question is that of
making sure that men who wish to work shall be able
to do so in safety. The blood spilled at Herrin still
cries from the ground. The National Coal Association calls for action in the case, and offers any possible assistance to the Illinois Executive, and the
actions for redress in terms of money will not be forgotten; meanwhile, the Illinois branch of the United
Mine Workers announces, through its official head,
that it "will finance and erect the defense" of every
union miner brought to trial, and he also declares
that "the very magnitude and sternness of the agitation for the punishment of those involved in the rioting creates danger for innocent men." That discovering and punishing men guilty of the highest offense
known to the criminal law endangers innocent persons is a new proposition, by which unionism again
exhibits itself.
The Governor of Indiana has invited Executives
of six coal-producing States to a conference in Indianapolis, and has also proclaimed several counties
under martial law and has called upon Indiana miners to respond to his appeal for workers. The anthracite operators of Pennsylvania have informed
the union heads of their willingness to meet the men's
committees at any time. President Lewis of the
United Mine Workers has asked operators "in the
central competitive field" to a joint conference on
Monday next, declaring that while "able to fight indefinitely," they desire peace and that a basic settlement in the central competitive field will permit "an
immediate following settlement in all the outlying
bituminous coal districts and should pave the way
for an immediate adjustment in the anthracite fields
as well." This has a smooth sound, but it involves
that old attempt for a country-wide control of wages,
an impossible idea to which ambitious leaders cling,
because it would exalt them. There has been a national agreement, but Mr. Lewis announced, almost
two years ago, that it had been "disrupted"; further,
he and his comrades fostered strikes in separate
fields, scoffed at court injunctions, and carried their
own noses high aloft. The head of the National Coal
Association replies that Mr. Lewis's offer is ill-timed;
that if he had followed past precedents he would have
authorized district and State officials of the organized miners to meet and negotiate in the respective
States and districts when a four-State conference
[voL. 115.
could not be held; that to now attempt the latter can
only hinder and delay the former; that operators are
still ready to negotiate in each State and that in Indiana, as already said, they will accept full arbitration on any and all points upon which "we may not
be able to agree with the miners and their officials
within our own State."
The Pittsburgh Coal Producers' Association,
which two weeks ago pointed out, in answer to the
President's letter, certain objections to any attempt
to cover the entire country in one adjustment commission, and also made a counter-proposal for "district" arbitration and settlement, stated their view
of the subject to the public, in a broad advertisement
on Wednesday. They are opening their own mines,
they say, without an agreement with the United
Mine Workers, under the wage scale of the two years
ending with October of 1919, and doing this because
the union refuses to meet them in the district to negotiate a working plan, after invitations to such a
meeting had been twice refused and "the mines had
been closed by order of the union." In every instance,
they say, the unions refused to enter a district conference and said they would meet only in a "fourState" conference of miners and operators from
Western Pennsylvania, Ohio, Indiana and Illinois.
President Wilson's commission made an award effective April 1 1920, but the miners broke it in August following; this ended the "four-State" agreement and so stands on the record; but the Association made for its own district a new agreement which
allows $750 a day of eight hours, against that Commission's award of $6.
As for wages, says the Association, the 1917 scale
under which "we now open our mines," is not new.
The men worked under it for two of the years of
highest living costs, and prospered; they could prosper under it now; it is 68% above the 1914 scale and
15% above the actual increase in living costs for
that same year. The operators in the Pittsburgh district having taken the ground that operators and
men there are "district," and the questions there are
also district, so should the settlement be; they object to losing their economic advantages in a socalled "four-State" settlement. Further, they refuse
to continue the "check-off," a practice under which
operators must become collectors for the union of its
initiation fees and dues and any special assessments.
Its objections are that it forces the employer to act
as bookkeeper, collector and pay-agent for the unions
by keeping tab on these moneys and taking them out
of each man's pay envelope before handing it to him;
its further (and even worse) objection is that it applies to every worker in a union mine. He may desire to be non-union, he may do his utmost to stay so,
but he is penalized for $10 initiation and anything
more demanded. It is a "closed-shop" practice, applying to employer as well as man, for the latter is
sweated, even against his will, and if the former refuses this unpaid and abhorrent service "the union
officers will take from him the right to operate his
mine." Readers of the "Chronicle" will recall that
an injunction against this practice of "check-off"
was once issued by Judge Anderson of the Federal
District Court in Indianapolis.
The Pittsburgh Association also raises a pertinent
question : what becomes of this "check-off" money?
Assuming an annual 300 millions of coal produced
from union mines and an average of five cents as the
AUG. 5 1922.]
THE CHRONICLE
check-off, this indicates 15 millions of annual income
for the United Mine Workers. As a rule, the miner
believes a large part of this goes for insurance of
wage losses during strikes, but (say the operators in
their advertisement) "our miners have been left to
shift for themselves and all the help they have had
"is rent credit from the operators."
However this may be, and whatever sympathy may
still be felt for miners who are said to be on a "starvation basis" yet show no concern over the possible
cost of the winter's fuel for even good union men
who have nothing to do with coal mining, it must be
plain that union leaders are not yet on the verge of
starvation. What harrows their souls may be the
prospect of some abridgment of their own powers
and of the high creature comforts of their own habits
of living. And the fact that the miners are able to go
on strike for months at a time, and to repeat the process over and over again, is in itself evidence that their
scale of pay is inordinately high (else they could not
indulge in the luxury of prolonged idleness) and
should be reduced to normal levels.
WEEKLY RETURN OF FEDERAL RESERVE BANKS.
Aggregate gains of $16,900,000 of gold and of $4,300,000
of other reserve cash, accompanied by a reduction of $3,100,• 000 in deposit liabilities and an increase of $13,300,000 in
Federal Reserve note circulation, are shown in the Federal
Reserve Board's weekly bank statement issued as at close of
business on Aug. 2 1922 and which deals with results for
the 12 Federal Reserve banks combined. The reserve ratio
shows a rise for the week from 79.2 to 79.6%. After noting
these facts the Federal Reserve Board proceeds as follows:
Discounted bills held by the Reserve banks showed an increase of $19.800,000, MN purchased in open market fell off $5,600,000, while Government securities, mainly Treasury certificates, show a reduction for the
week of $43,500.000.
No material changes in the ownership of gold arc shown, an addition of
$14,600,000 to the gold reserves of the New York Bank representing the
bulk of the increase in gold reserves reported for the week.
Additions, aggregating $390,000, to the capital account of the Reserve
banks represent chiefly increases in capitalization of existing member banks.
Holdings of paper secured by Government obligations show an increase
from $115,200,000 to $130,300.000. Of the total held $100.800,000, or
77.4%, were secured by Liberty and other U. S. bonds, $3.800,000, or
2.9%, by Victory notes, $18,000,000, or 13.8%, by Treasury notes, and
$7,700,000, or 5.9%, by Treasury certificates, compared with $93,200,000.
$5,400,000, $12,300,000 and $4,300,000 reported the week before.
591
represents the reduction of loans secured by corporate obligations and $17,000,000, the reduction of other loans and
discounts, largely loans of a commercial character.
Investments of the reporting banks in U. S. bonds show
an increase for the week of $20,000,000, while holdings of
other Government securities declined by $2,000,000. For
member banks in New York City an increase of $7,000,000
in U. S. bonds and of $3,000,000 in other Government
securities is noted. As against the substantial liquidation
of loans secured by corporate securities, bank investments
in these securities show an increase of $41,000,000, the
greater part outside of New York City. Total loans and
investments of the reporting institutions declined by $8,000,000 and those of the New York banks by $54,000,000.
As against a nominal decline in Government deposits and
a reduction of $58,000,000 in other demand deposits ($56,000,000 in New York City), time deposits show a further
gain of $28,000,000 ($19,000,000 in New York City).
Borrowings of the reporting institutions from the Federal
Reserve banks show a reduction for the week from $158,000,000 to $98,000,000, or from 1 to 0.6% of their combined
loans and investments. For the New York City banks a
reduction from $72,000,000 to $10,000,000 in borrowings
from the local Reserve bank and from 1.4 to 0.2% in the
ratio of these borrowings to total loans and investments
is noted.
Reserve balances of the reporting institutions show a.
decline for the week of $46,000,000, while cash in vault fell
off 1.:,000,000. Member banks in New York City report a
decrease of 824,000,000 in reserve balances and a nominal
increase in cash on hand. On a subsequent page—that is,
on page 623—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
July 19 1922.
July 27 1921.
Loans and discounts—total
—$67,000,000 —$920,000.000
Secured by U. S. Govt. obligations
—2,000.000
—377.000,000
Secured by stocks and bonds
—59,000,000
+484.000.000
All other
—6,000.000 —1,027,000.000
Investments, total
+59,000,000 +1,220,000.000
U. 8. bonds
+20,000,000
+439.000,000
Victory notes
—122.000.000
U. S. Treasury notes
—12.000.000
+462.000,000
Treasury certificates
+10,000,000
+158,000,000
Other stocks and bonds
+41.000.000
+283,000.000
Reserve balances with F. R. banks
—46,000,000
+149.000,000
Cash in vault
—8,000.000
—41.000,000
Government deposits
—1,000.000
+4,000.000
Net demand deposits
—58,000.000 +1,041.000.000
Time deposits
+610.000,000
+28,000,000
Total accommodations at F. R. banks_ __ _ —60.000,000 —1,015,000,000
The statement in full in comparison with preceding weeks
and with the corresponding date last year, will be found on
GREAT BRITAIN'S NOTE TO ALLIED PS
RS 1
subsequent pages, namely, pages 622 and 623. A summary
ON WAR EBTS.--f
of changes in the principal asset and liability items of the
Reserve banks, as compared with a week and a year ago,
In a note bearing on the inter-Allied indebtedness, adfollows:
dressed by Great Britain this week to the French Government
Increase (+) or Decrease (—) and other Allied Powers indications are given that the
Since
British Government would not be adverse to the cancellaJuly 26 1922.
Aug. 3 1921.
Total reserves
+$21.200.000 +$498,800.000 tion of its indebtedness to the United States. The note,
Gold reserves
+518.600,000 signed by the Earl of
+16,900,000
Balfour, Acting Foreign Secretary of
Total earning assets
—29.300,000
—855,500,000
Discounted bills, total
+19,800,000 —1,217,800.000 Great Britain, has been addressed to France, Italy, JugoSeemed by U. S. Govt. obligations
—442,600.000 slavia, Rumania, Portugal and Greece. It enters a plea for
+15,000.000
—775,200.000
Other bills discounted
+4.800,000
international settlement of debts and reparations on the
Purchased bills
+120,500,000
—5,600.000
total
securities,
States
+241,800.000 basis of a general cancellation of interallied indebtedness
—43,500,000
United
—2.900,000
+164,600,000 and a generous reduction in German reparations. The note
Bonds and notes
—1,500.000
—137,400,000 states that
Pittman certificates
the British Government "cannot treat the repay—39,100,000
+214.600,000
Other Treasury certificates
—3,100,000
+180,000,000 ment of the Anglo-American loan as if it were an isolated
Total deposits
+22,600.000
+217,900,000 incident in which only
Members' reserve deposits
the United States of America had any
—29,600,000
—39,800,000
Government deposits
concern."
It
is
added
that "it is but one of a connected+3.900.000
+1.900,000
Other deposits
+13,300,000
—396,600,000 series of transactions . . . and if our undoubted obliFederal Reserve notes in circulation
—60,300,000 gations as debtor
F.It, bank notes in circulation, net liability +1,600,000
are to be enforced our not less undoubted
rights as creditor cannot be left wholly in abeyance." "To
WEEKLY RETURN OF THE MEMBER BANKS OF THE generous minds," says the note, "it can never be agreeable
FEDERAL RESERVE SYSTEM.
to regard the monetary aspect of this great event
. .
Continued loan liquidation, aggregating $67,000,000, as as a thing apart to be . . . treated as no more than
against a further increase of $59,000,000 of investments, ordinary commercial dealing between traders who borrow
largely in corporate securities, accompanied by substantial and capitalists who lend." Referring to Great Britain's
reductions in demand deposits, reserve balances and borrow- concern in "the economic unjury inflicted on the world by
ings from the Federal Reserve banks, is indicated in the the existing state of things" Lord Balfour makes the stateFederal Reserve Board's weekly statement of condition on ment that "this country would be prepared, subject to the
July 26 of 794 member banks in leading cities. It should just claims of other parts of the Empire, to abandon all
be noted that the figures of these member banks are always further right to German reparation and all claims to repaya week behind those for the Reserve banks themselves. ment by the Allies, provided that this renunciation formed
Loans and discounts of member banks in New York City part of a generol plan by which this great problem could be
show a reduction of $78,000,000, of which $61,000,000 dealt with as a whole and find a satisfactory solution." The
••
592
THE CHRONICLE
Associated Press cablegrams from London August 1, regarding the note said:
Though not formally addressed to the Washington Government, having
been ostensibly meant only for some ofthe Allied and associated powers, it
evidently is intended primarily for consumption in the United States.
The note.places on formal record, on the eve of the coming conference
between Raymond Poincare, the French Premier, and David Lloyd George,
the British Prime Minister, with representatives of Italy and Belgium in
London,the British Government views on the question of interallied indebtedness and reparations.
Briefly, the policy advocated is that it would be unjust to the British taxpayer to ask him to forgive Allied war debts while at the same time he was
required to shoulder the indebtedness to America.
The following is the text of the note as reported in a copyright cablegram from London Aug. 1 to the N. Y."Times":
[VOL. 115.
These evils are courageously borne but were they to be increased by an
srrangement which, however legitimate, is obviously one-sided, and the
British taxpayer would inevitably ask why he should be singled out to bear
the burden which others are bound to share. To such a question there can
be but one answer and I am convinced that Allied opinion will admit its
justice.
But while his Majesty's Government are thus regretfully constrained to
request the French Government to make arrangementsfor dealing to the best
of their ability with the Anglo-French loans, they desire to explain that the
amount of interest and repayment for which they ask depends not so much
on what France and other Allies owe to Great Britain as on what Great
Britain has to pay America. The policy favored by his Majesty's Government is, as I have already observed, that of surrendering their share of
German reparation and writing off through one great transaction the
whole body of inter-allied indebtedness, but if this be found impossible
of accomplishment, we wish it to be understood that we do not in any event
desire to make a profit out of any less satisfactory arrangement.
Before concluding I may be permitted to offer one further observation
In order to make still clearer the spirit in which His Majesty's Government
desire to deal with the thorny problem of international indebtedness. In
•an earlier passage of this dispatch I pointed out that this after all is not a
question merely between the Allies; ex-enemy countries also are involved,
for the greatest of all international debtors is Germany. Now His Majesty's Government do not suggest that, either as a matter of justice or
expediency, Germany should be relieved of her obligation to France or the
other Allied States. They speak only for Great Britain and they content
themselves with saying once again, so deeply are they convinced of the
economic injury inflicted on the world by the existing state of things, that
this country would be prepared, subject to the just claims of other parts of
the empire, to abondon all further right to German reparation and all
claims to repayment by the Allies, provided that this renunciation formed
part of a general plan by which this great problem could be dealt with as a
whole and find a satisfactory solution. A general settlement would, in
their view, be of more value to mankind than any gains that could accrue
even from the most successful enforcement of legal obligations.
As your Excellency is aware, the general question of the French debt to
this country has not as yet been the subject of any formal communication
between the two Governments, nor are his Majesty's Government anxious
to raise it at the present moment. Recent events, however, leave them
little choice in the matter and they feel compelled to lay before the Government their views on certain aspects of the situation created by the present
condition of international indebtedness.
Speaking in general terms, the war debts, exclusive of interest, due to
Great Britain at the present; moment amount in the aggregate to about
£3,400,000,000, of which Germany owes £1,450,000,000, Russia £650,000,000 and our allies £1,300,000,000. On the other "and, Great Britain owes
the United States about a quarter of this sum, fay £850,000,000, at par
of exchange, together with interest accrued since 1919.
No international discussiori has yet taken place on the unexampled
situation partially disclosed by these figures and pending a settlement which
would go to the root of the problem his Majesty's Government have silently
abstained from making any demands upon their allies, either for payment
of interest or repayment of capital. But if action in the matter has hitherto
been deemed inopportune, this is not because his Majesty's Government
either underrates the evils of the present state of affairs or because they are
reluctant to make large sacrifices to bring it to an end. On the contrary SIR ROBERT HORNE SAYS THERE IS NO INTENTION
they are prepared, if such a policy formed part of a satisfactory interTO EVADE DEBTS.
national settlement, to remit all the debts due to Great Britain by our
allies in respect of loans or by Germany in respect of reparations.
That Great Britain has no intention of suggesting any
Recent events, however, make such a policy difficult of accomplishment. alteration of her financial obligations to the United States
With most perfect courtesy, and in the exercise of their undoubted rights,
the American Government have required this country to pay interest was re-emphasized in the British House of Commons on
accrued since 1919 on the Anglo-American debt, to convert it from an Aug. 3 by Sir Robert Horne, Chancellor of the Exchequer,
unfunded to a funded debt, and to repay it by a sinking fund in 25 years.
in reviewing the British position on German reparations.
Such procedure is clearly in accordance with the original contract. His
Majesty's Government make no complaint of it; they recognize their The Associated Press cablegrams reported Sir Robert as
obligations and are prepared to fulfill them. But evidently they cannot saying:
do so without profoundly modifying the course which in different circumI wish to make it clear beyond all question of misapprehension that we
stances they would have wished to pursue. They cannot treat the repay- recognize to the full our obligations to pay our debt to the United States,
ment of the Anglo-American loan as if it were an isolated incident in which and we do not mean in any shape or form to evade that obligation.
only the United States of America and Great Britain had any concern.
The remarks of Sir Robert, as well as those of Premier
It is but one of a connected series of transactions in which this country
appears, sometimes as debtor, sometimes as creditor, and if our undoubted Lloyd George, upon the same occasion, with reference to the
obligations as debtor are to be enforced, our not less undoubted rights as
claims against Germany, will be referred to another week.
creditor cannot be left wholly in abeyance.
His Majesty's Government do not conceal the fact that they adopt this
change of policy with the greatest reluctance. It is true that Great Britain LONDON CONFERENCE OF PREMIERS LLOYD GEORGE
is owed more than it owes and that if all inter-Allied war debts were paid
AND POINCARE TO DISCUSS REPARATIONS.
the British Treasury would on the balance be a large gainer by the transaction, but can the present world situation be looked at only from this narrow
proposed conference between David Lloyd George, the
The
financial standpoint? It is true that many of the Allied and Associated
Minister, and Raymond Poincare, the French
Powers are as between each other creditors or debtors or both, but they British Prime
wore and are much more. They were partners in the greatest international Premier, to which we referred in our issue of Saturday last,
effort ever made in the cause of freedom and they still are partners in July 29, will open on Monday next, Aug. 7. In his invitadealing with some at least of its results. Their debts were incurred, their
Premier Poincare, the British Premier is said to have
loans were made, not for the separate advantage of particular States, but tion to
for the great purpose common to them all and that purpose has been in suggested that the discussions be confined to the reparations
the main accomplished.
question.
To generous minds it can never be agreeable, although for reasons of
Belgium has also accepted an invitation to the conference,
State it may perhaps be necessary, to regard the monetary aspect of this
great event as a thing apart, to be torn from its historical setting and and has informed the Earl of Balfour, Acting Secretary for
treated as no more than ordinary commercial dealng between traders who Foreign Affairs in London, that Premier Theunis and
borrow and capitalists who lend.
There are, moreover, reasons of a different order to which I have already Foreign Minister Jaspar, accompanied by their chiefs of
referred which increase the distaste with which his Majesty's Government Cabinet and reparation experts, will be present in London
adopt so fundamental an alteration in the method of dealing with loans to
the opening of the conference.
Allies. The economic ills from which the world is suffering are due to many for
causes, moral and material, which are quite outside the scope of this
dispatch, but among them must certainly be reckoned the weight of inter- COMMENT BY LONDON NEWSPAPERS ON LORD
national indebtedness with all its unhappy effects, upon credit and exBALFOUR'S NOTE REGARDING INTER-ALLIED
change, upon national production and international trade. Peoples of alt
countries long for a speedy return to the normal, but how can the normal
INDEBTEDNESS.
be reached while conditions so abnormal are permitted to prevail, and
Regarding some of the comment occasioned in the London
how can these conditions be cured by any remedies that seem at present
likely to be applied?
press by the letter of Lord Balfour on the debts of the Allies,
Seeks Only to Pay Debt.
contracted as a result of the war, we take the following from
In no circumstances do we propose to ask more from our debtors than is a copyright cablegram to the New York "Times" from
necessary to pay to our creditors, and while we do not ask for more all will London Aug. 1:
admit that we can hardly be content with less, for it should not be for"The American Enigma," is the heading used by "The Westminster Gagotten though i sometimes is, that our liabilities were incurred for others,
on Lord Balfour's note. This journal thinks
not for ourselves. Food, raw material and munitions, required by the zette" for its editorial article
likely to win the unanimous approval of outside public opinimmense naval and military efforts of Great Britain and half the two thou- the note is not
attention," it says,"might and should have been paid to that
sand million sterling advanced to the Allies were provided, not by means of ion. "Moro
growing volume of opinion in this country, especially in financial circles,
foreign loans, but by internal borrowing and war taxation.
see Great Britain pursue her own policy in all European
Unfortunately a similar policy was beyond the power of other European which wishes to
reference to any action which may or may not be taken by
nations. An appeal was therefore made to the Government of the United affairs without
States at some future date. However desirable may be the conStates and under an arrangement then arrived at the United Sates insisted, the United
the American Government, in the process of drafting our final
in substance if not in form, that though our allies were to spend the money currence of
sheets, we cannot afford to wait for America forever. Failing the
it was only on our security that they were prepared to lend it. This co- balance
must accept the second best.
operative effort was of infinite value to common cause, but It cannot be best, we
"The British note, however, definitely lays it down that there can be no
said that the role assigned in it to this country was one of special privibetween Great Britain and her late allies until simisettlement
financial
lege or advantage.
settlement is possible with the United States. America is thus once more
For evidently the policy hitherto pursued by this country of refusing to lar
arbiter of the economic fortunes of Europe. It is very likely that
make demands upon its debtors is only tolerable so long as it is gener- made the
necessity for universal cancellation of all forms of international indebtedally accepted. It cannot be right that one partner in a common enterprise the
plain to the Washington Government as it is to ourselves. But the
should recover all that she has lent and that another, while recovering ness is as
Government has the American public to consider, and the
nothing, should be required to pay all that she has borrowed. Such proced- Washington
public has not yetlearned the hard economic lessons with which we
ure is contrary to every principle of natural justice and cannot be expected American
are now only too familiar. How long it will take them to learn no
to commend itself to the people of this country. They are suffering from in Europe
one can say therefore—on the basis adopted in the new
an unparalleled burden of taxation, from irdmense diminution in national one can say, and no
distant date we must postpone the prospect of finanwealth, from serious waht of employinent and from severe curtailment of British note—to what
We are not our own masters; we are at the mercy of
Europe.
in
stability
cial
Woeful. expenditure.
AUG. 5 1922.]
THE CHRONICLE
the Middle West, or at least of the Washington estimate of what Middle
West thinks.
"If this is really the postion, there will have to be some very much plainer
speaking than there has been hitherto. We might ignore for the present the
attitude of America—and that in our opinion would be the wiser policy—
but if we are not to ignore it, then we shall have to do our best, even at a
certain risk, to hasten the educative process.
"The attitude of the British Government as expressed in this note is of
course on the face of it perfectly reasonable and perfectly logical. Our
position toward America is, strickly speaking, not that of a debtor but that
of a guarantor. We borrowed not for ourselves but for our allies, whose bills
we hacked, because America made our signature a condition of the loan.
That we should shoulder the whole burden now and forever merely because
we are the only great European State which is not on the verge of bankruptcy does not seem a fair or a very reasonable proposition. The case,
therefore, for the policy adopted in the British note is manifestly a strong
one, but it does not follow that the policy is really sound.
"If America does not cancel our bond we shall pay, but there is no sense in
pretending that we do not wish her to cancel our bond. The practical question, therefore,is how best to persuade her to take that step. There are two
alternative policies. The first is that we should force her in her own interests to face the whole problem of international indebtedness by insisting
upon its being treated as a single question; the second is that by cancelling
indebtedness of our allies we should set her a generous example which in the
long run she would be morally bound to follow."
"The Balfour note," says 'The London Times.' "may prove to be of
momentous importance. It has been issued deliberately after, it must be
assumed, full consideration of all the consequences it may entail, and, we
believe, despite the weighty representations against the policy it embodies
from the Treasury and from the most authorized representatives of finnacial
circles in the city. In these circumstances neither the author of the note
nor Government as a whole can be regarded as having acted with precipitation.. . . .
"While it is not formally addressed to the United States it amounts to an
indirect intimation that if the United States will not cancel our debt we
must require our European debtors to pay to us amounts equivalent to that
debt, and that we shall not be able to deal as generously as we might have
wished to deal with Germany.
"In effect, therefore, the note is aimed quite as much at American public
opinion as at the opinion of Europe. Whether the policy it suggest proves
in practice to be sound or unsound, wise or unwise, must in large measure
depend upon the effect produced in America. Only last week we received
the clearest possible warning from Washington against any attempt to make
cancellation of European war debts in Europe contingent upon the cancellation of European debts to America. This warning was not new,it was and
Is regarded as axiomatic by authorities closely in contact with American
feelings.
"That feeling is ungereus, but it is still dominated by the determination
that the United States shall not be linked up with European affairs, however strongly it might be inclined presently to imitate generosity on the part
of European nations in the settlement of their own affairs.
"We trust that our estimate of the influence of the Balfour note upon
America may prove to be wholly erroneous. We should rejoice were it to
meet with a response which its author and the British Government evidently
anticipates.
"We should be glad—wrong though the assumption might be—were the
leaders of American opinion to ascribe the method which the Government
have adopted to considerations of British domestic politics rather than to any
desire to 'put the screw' on America. But in all circumstances of the case
we fear the prospect of securing a general settlement of the reparations
question and of inter-allied indebtedness has not been improved by the note.
We await, not without anxiety for this country and for Europe, echoes
which it is certain to awaken on the other side of the Atlantic."
WASHINGTON'S ATTITUDE TOWARD WAR DEBTS.
In another item we give the note addressed by Lord
Balfour to Allied Powers on the subject of the payment
of the inter-allied war indebtedness, in which Great Britain
indicates its willingness to cancel the debts due her if the
United States will similarly remit the sums owed to the
latter by the British Government. As to the attitude of
the Administration at Washington on this subject, the
New York "Times," in a Washington dispatch Aug. 1,
stated:
The British Government's note on inter-Allied debts, sent to all Allied
capitals, declaring a willingness to write off the whole body of inter-Allied
Indebtedness if America is willing to cancel Great Britain's debt of $4,500,000,000 to the United States, came as no surprise to officials of the
American Government. It is learned in an authoritative quarter that
American Government officials, dating back even into the Administration
offormer President Wilson, have been fully aware that this was the position
of the British Government, and that British Government officials have
been perfectly well aware for some time that there is no possible chance
of the American Government budging from its attitude in favor of insisting
upon refunding and payment of the Allied debt to the United States.
In the same authoritative official quarter it was learned to-night that
the British Government on several occasions proposed to the American
Government the annulment of the Allied debts, but this was not acceptable to this Government. The British Premier, David Lloyd George,
made such a proposal to former President Wilson, and it was rejected.
J. Austen Chamber!tin, as British Chancellor of the Exchequer, also
made such a sugg.-ition to the Administration and Vie proposal was rejected. Consequently the declaration ot Britain's willingness to wipe out
the Allied debt to herself provided the United States will cancel the British
debt to the United States comes as no surprise to American Government
officials.
"The position taken by the British Government in its note to the Allies,"
said one official to-night, "is not new. It is merely a new development
If such a note has been sent to the Allied capitals."
If the text of the British Government's note to the Allied Powers is being
communicated to the American Government, its text, it is understood,
has not reached Washington. In one official quarter to-night It was
stated that it was not anticipated that the British Government would
address the proposal to this Government because British officials are
known to be well aware of this Government's position in the matter.
The belief here is that the note has merely been sent to the Allied Powers
for the purpose of letting them know, in the face of representations they
have made to the British Government, that while the British Government
is willing to annul the Allied debt,it cannot be done so long as the American
593
Government insists that Great Britain shall pay the 14,500,000,000 that
is due to the United States by the British Government.
The Administration is not in favor of cancelation of the British or any
other part of the Allied debt, and in this the Harding Administration has
been following in the footsteps of the Wilson Administration. Responsible
fiscal officers of the Government under both Administrations have felt
that for this Government, even if it were permitted to do so by law, to
cancel the Allied debt, or the British portion of it even, would leave this
country "holding the bag," as one official put it to-night, because Treasury
plans have all along contemplated that payment of the principal and interest
on the Liberty Loan obligations would be largely met ultimately by funds
coining from foreign Governments.
As a matter of fact the Administration cannot cancel the British debt,
If it wished to do so, without authority from Congress, and Congress has
specifically prohibited by law the cancelation of any part of the Allied
debt to the United States. On the contrary, Congress has created a Commission which has been authorized under certain condition to fund or
convert obligations of foreign Governments owing to the United States.
The law creating this Commission contemplates that the debt be refunded
into obligations payable in not less than twenty-five years and at a rate of
Interest not less than 4!.4%
Officials of both the executive and legislative branches of the American
Government do not believe the American people would sanction or tolerate
any cancelation of Allied debts to this country when the effect of such
cancelation would be ultimate heavier taxation for this country. As it
is, the American Government is counting upon the recovery of a very large
part of the Allied debt, both principal and interest, and the use of this,
Instead of funds from new taxes, for Liberty and Victory bond obligations.
It is also emphasized here in authoritative quarters that the American
Government is a creditor only so far as inter-Allied debts are concerned,
that while It might be advantageous to other Powers to cancel the interAllied debt, the United States Government would gain nothing and lose
more than $11,000,000,000 in principal and interest through such an
arrangement.
BRITISH FEDERATION OF INDUSTRY OBJECTS TO
CANCELLING DEBTS TO ENGLAND.
The following copyright cablegram from London appeared
in the New York "Times" of July 29:
The British Federation of Industry issued to-day a memorandum embodying its views on the proposal to cancel the inter-Allied debts. It points out
that Great Britain is paying 150,000,000 interest on her debt to us, the
United'States, and is receiving nothing in interest on the sums she has loaned
her allies, and the British taxpayer is shouldering a burden equivalent to
more than a shilling in the pound on his income tax, which may rise to more
than a shilling and sixpense in the pound, in order to relieve the taxpayers of
other countries from a liability they cannot at present meet.
It then shows how heavy is this handicap on industry in these days of keen
commercial competition and declares that in its view proposals for a further
sacrifice on the part of Great Britain should be subjected to the closest scrutiny.
"The reception by the French and American press of recent suggestions
for the cancellation of the French debt in return for a reduction of French
claims on Germany," says the memorandum, "is significant of the almost
unanimous appreciation of the generosity of the proposal as expressed; but
there is no hint of reciprocity. Leading French papers expressly declare that
such action on the part of Great Britain must not be held to involve a corresponding sacrifice of French claims, while a somewhat similar tone
underlies
all American comments, and a bill providing for the funding of the debts
owed by Great Britain, France and other Allies to the United States of
America has already been passed by Congress."
The Federation does not believe that the time is ripe for a general scheme
of readjustment, and it says:
"In such circumstances the risk involved in cancelling any substantial portion of the debt owed to this country outweighs any possible advantage to be
gained. To cancel the debt is not only to throw away our principal bargaining weapon in any future settlement, but to run a great risk that that settlement may never be made. Neither the nation nor industry can afford to gainble on the chance that a 'beau geste' will invoke corresponding philanthropy
in other countries."
The Federation, however, thinks that further postponement of interest payments, or even a definite undertaking to defer the beginning of capital payments for a term of years might not be too high a price to pay for acquiescence by France, Italy and Belgium in a readjustment of the reparations
claims which would enable Germany, under suitable safeguards and supervision, to set her finances and currency in order.
FRENCH INTERNATIONAL COUPONS NO LONGER
HONORED.
The Post Office Department, in a notice issued July 28,
states that American citizens holding French International
coupons postmarked prior to Jan. 1 1922 and prior to May 1
1922, woke up this morning with scraps of paper upon their
hands. The Department adds:
An order issued to-day to all postmasters of the country by Third Assistant
Postmaster-General Glover directs them to refuse to honor them. The order
was prompted by an announcement by the Postal Administration of France
that international reply coupons, having been withdrawn from sale in that
country for the period beginning May 1 1920 to Dec. 31 1921 and ample time
having been given for their redemption, would no longer be honored.
The only recourse left for the Post Office Department after this refusal on
the part of the French Postal Administration was to stop payment by postmasters in the United States.
AUSTRALIA PLANS 75% DUTY TO PREvErur DUMPING OF GERMAN COMMODITIES.
Sydney, N. S. W., Associated Press advices June 21, were
reported as follows in the New York "Times" of July 31:
A proposal to protect British and Australian goods against the dumping
of German commodities, which is expected to ensue when trading is resumed
on August 1, is being formulated,by the Tariff Board, according to announcement by the Chairman. The proposal contemplates a tariff of 75%.
An exposition of the measure was furnished by Board officials who cited
an instance where a foreign country'which had been Raying subsidies to use
shipping lines decidedz in view of the anti-dumping act, to withdraw the subsidy and pay a poundage rate for carrying mails which was far in excess of
594
THE CHRONTCLE
For. 115.
the original subsidy. One important section of the act deals with the opera- assurance
must be given that, until the unanimity indispensable before any
tions of depreciated exchange, the duty being limited to 75% and applicable modification
may be obtained by Germany, the agreement of June 10 1921
only when the fate of an Australian industry Is Involved.
will be strictly fulfilled, and especially that the sum of .£2,000,000 will
be
The following rates would he applied: Germany and Austria, 75%; paid Aug. 15.
Czechoslovakia, 74%; Italy, 46%; Belgimn, 30%; France, 26%.
Should such assurances not be forthcoming the French Government will
It is believed that no matter how cheaply German goods are quoted they have the right, in order to
insure application of the existing agreement, to
will cost the merchant just as much when landed here as English or local ar- take such measures of retortion which it
will deem necessary, both In the
ticles, as the result of the scheme. Samples of German goods already have interests of its citizens and those of the other Allied
signatory States.
been landed here in anticipation of the resumption of trading.
Those measures will come into force, as I have indicated, at the beginning of Aug. 5, and the Government of the Republic does not feel at liberty
Just now to disclose the plan which has been decided upon to that effect.
GERMAN GOVERNMENT NOTE ON INABILITY TO
While making its reservations against the allegations contained in the
note of Aug. 1, the Government of the Republic simply observes that the
FRENCH
PRIVATE CLAIMS.
MEET
German Government makes no effort whatever to insure the payment of
The German Government in a note to France regarding the sums due to Allied officers by real debtors, namely,individual
Germans,
the former's inability to continue the monthly payment of. who, according to best information reaching us, have contributed by their
purchases
of foreign currency to the present fall in the mark.
L'2,000,000 in discharge of the debts to French citizens conA n A ssociated Press cablegram from Paris Aug. 2 said:
tracted by Germans before the war, declares that the policy
All German property
which was sequestrated by the Governof threats by France, works destructively, instead of con- ment during the war willinheFrance
permanently taken over and the proceeds from
structively. The German Government states that. it aims, Its sale kept by the Tres Airy as a penalty for Germany's refusal to conthe present scale of payments for private debts contracted with Frenchnot at curtailment of the clearing payments but at distribu- tinue
men prior to the war, according to reliable reports in circulation to-night.
tion of such payments over a longer period, reposing on the
A large number of estates, villas, art collections and other property bethe very principles which have caused its request for a mora- longing to Germans taken over by the Government during the war are being
torium for reparation payments, viz., the present exhaustion held pending a general understanding with Germany. It is probable also
that the payments which now are being
by Frenchmen to German
of Germany's capanity for payments in foreign exchange, for pre-war business debts will be diverted made
to the French Treasury and Geras expressed in the fall of the mark. Elsewhere we give the many informed that she can expect no more funds from this source.
note of the French Government in the matter. The following is the text of the German Government's note as made WITHDRAWAL BY GERMAN BANKS OF FUNDS
known in Associated Press cablegrams from Berlin August 1:
FROM PARIS.
The agreement regarding clearing house payments ofJune 10 1921, was
The transfer by German banks to Holland and Switzernot made by Germany with single powers but with all the Allied Governments concerned at one and the same time. Therefore the German Govern- land within forty-eight hours, of between 60,000,000 and
ment's note of July 14 was, as is known to the French Government, ad70,000,000 French francs, was reported in Associated Press
dressed simultaneously to all the chief powers concerned.
The German Government for this reason cannot come to any decision as cablegrams from Paris yesterday (Aug. 4), which,in addition,
to their future attitude before having received aesseers from all the Govern- state:
ments In question. It is furthermore imposs'ble for them to act otherwise
on atcount of France's threat, made In the form of an ultimatum, to take
steps. which'. however, are not specified. against Germany. But even now,
under reservation further to enter into the matter, the German Government
would like to make the following remarks:
"Clearing payments, as well as payments according to Article 297(of the
Treaty of Versailles) to be made by Germany, will ultimately have to
emanate from the same sources as reparations payments. No matter
whether the debts are owed by the Reich or by private Germans,the necessity of providing bills of exchange out of the national economy as a whole
remains unaltered.
"Sofar as the influence of this operation on the mark's rate of exchange is
concerned. it is of no importance through which agency and according to
which paragraph the payments are made. Given Germany's inability to
bear tne monthly extraction of 50,000.000 gold marks for reparation payments. It would be an illusion to believe that clearing payments of almost
40,000,000 gold marks per month could be further provided. All such payments can only be considered as an organic whole and be treated according
to a unified plan.
"The German request.aiming not at curtailment ofthe clearing payments.
but at distribution of such payments over a longer period, reposes on the
very principles which have caused the German Government's request to
obtain a moratorium for reparation payments, namely—the present exhaustion of Germany's capacity for payments in foreign exchange, as clearly
expressed in the catastrophic fall of the mark.
"Meanwhile, since tee receipt of your excellency's note a further fall of
German exchange has occurred, reducing the mark to 1-170 of its pre-war
value. Germany makes every effort to fulfill her obligations arising out of
tuse This, however, presupposes the restoration to I- r Ott eft- er raticral
economy. Such economic restoration, as well as that of Europe as a whole,
can only be effected through the speedy co-operation of all the powers concerned. The policy of threats, however, does not work constructively, but
destructively."
In giving the above the Associated Press says:
The French note, of a peremptory nature,to which Germany thus replies.
was received last week. The note from the British Government in reply to
Germany's request for the reduction of her clearing house payments, followed somewhat later. As its substance became available to-day, it said
Great Britain intended to discuss the questions raised as soon as possible
with the other powers concerned in order to make a reply in conjunction
with the other Allied nations.
The money was hurriedly withdrawn, it is understood, in anticipation
of being seized by the French Government as part of the penalties to be
Imposed upon Germany for her refusal to pay the £2 000,000 installment
due for private debts contracted before the war with Frenchmen.
These penalties are to become effective be:tinning at noon to-morrow,
and although their exact nature has been carefully gaurded by the Government, it has been assumed that all German bank deposits in France.
Alsace-Lorraine, and possibly in occupied territory, would be confiscated
to meet this payment. it is emphasized in official quarters that the funds
on &emit In Paris were sufficient to pay more than half of the August
debt installment.
The Paris deposits, it was learned, were withdrawn by telegraph and
telephone when Premier Poincare's last reply to the German Government
on this question was received in Berlin.
A very small percentage of the deposits of German banks has been kept
with French institutions in Paris. This money has been entirely withdrawn. In the csse of American and other foreign banks the Germans
have left nominal sums to meet day-to-day transactions. These foreign
banks were surprised when the orders came to transfer the cash to Dutch
and Swiss banks, but th,re was nothing for them to do but to obey the
request of their German el ents.
The money withdrawn was being held in Paris by the German banks for
the account of German business houses and also for the German Government,the latter's policy having been to establish credits in foreign currency
in Par's, Brussels. and London to most reparation payments.
Reports have also reached Paris banking circles that the Germans had
also withdrawn large sums from the banks In the occupied districts of
Germany and from Alsace-Lorraine, but these have not been confirmed.
The German reply to the Poincare ultimatum has not arrived in Paris,
but official circles believe It will merely be another refusal and will not
delay the imposition of the penalties.
REPORT OF ALLIED COMMITTEE ON GUARANTEES
READY NEXT WEEK.
According to Associated Press advices from Paris Aug. 1,
the complete report of the Allied Committee on Guarantees
will he ready for the consideration of the Reparations
Commission next week. It is stated in these advices:
Only sections of the report, which Is very long, are being handed to the
Commission, just as the Committee completes each one of them. In this
way the members of the Commission have been able to begin the study of
the contents. It Is expected that the Commission will he in a position to
give its view on the demand for a moratorium for Germany about the
same time that the Premiers make a decision in London.
FRANCE CALLS UPON GERMANY TO GIVE ASSURANCES OF PAYMENT OF PRIVATE CLAIMS
DUE AUG. 15.
A demand upon Germany to give assurances by Aug. 5
Regarding the reeommendatiors of the Committee, the
that the £2,000,000 monthly installment on account of New York "Times" of July 29 printed the following from
debts to French citizens contracted by Germans before the Paris July 28, copyright by the Chicago "Tribune" Co.:
war be paid by Aug. 15 is contained in a note addressed by
The Guarantee Committee, composed of assistant delegates of the
Commission, to-day made the following recommendations for
Premier Poincare of France to Herr von Hoesch, the German Reparation
the reform of German finances under Allied supervision:
Charge d'Affaires, made public Aug. 1. The German note
First—An international loan to Germany, which is to be shared in
announcing its inability to continue the payments is given equally by Germany and the Reparation Commission.
Second—To cut unnecessary expenditures of 30,060,000,000 marks
under another head in this issue. The note of M. Poineare (roughly, $60.000.000)
off the German budget.
states that with the failure of assurances being given by
Third—A series of new taxes and increased taxes.
Fourth—Measures to prevent the flight of German capital in the future.
noon of Aug. 5 the £2,000,000 due will be paid on Aug. 15
These recommendations are the result of months of study of German
the French Government will take such measures of retortion State finances in Berlin by the Committee.
the British and French delegates
agreeing. The Reparation Commission will not begin to study the recomas it deems necessary. Premier Poineare's note read:
I have the honor to acknowledge the receipt of your letter of today's mendations until Monday.
James Logan. the unofficial American member, helped to write the report.
date, replying to my communication of July 26. 1 regret to note that you
The Committee points out that service on the German internal loan could
letter does not contain the assurance demanded by my communication.
The agreement of June 10 1021 was entered upon between Germany and the be suspended without recommending this.
The apparent desire of Prime Minister Lloyd George to delay his meeting
various Allied Powers. 'Effectively its modification may result only from
in London with Premier Poincare until early in September is likely to confine
unanimous accord between the contracting Powers.
already
has
Republic
made
known
the
The Government of
'to you that the study of Germany's request for a cash moratorium of thirty months,and
It does not intend to -accept the proposals contained in the German note of also the reparations question In its larger aspect, within the Reparation
July 14. The Government of•the Republic thus has the right to demand Commission. A temporary decision will allow Germany a moratorium of
that within the time set forth in my note of July 26, namely. noon'Aug. 6, two or three months.
AUG. 5 1922.1
THE CHRONTGLE
595
The new attitude of Mr. Lloyd George is likely due to the discovery of Include provincial parliaments or municipalities. The "Neue Prete Press"
M. Poincare's radical plan for settling the reparations problem. The criticises the statutes sharply, declaring that they foreshadow continued
general idea of M. Poincare is to reduce the reparations bill, dollar for dollar. depreciation of the currency.
with reduction of the Allied debt and German payments. M. Poincare
offers cancellation of the war claims against the European allies in return BELGIAN
SOCIALIST WRITER PROPOSED REPARAfor English cancellation of the French debt. He demands priority for the
TIONS BE REDUCED TO 50,000,000,000 MARKS.
devastated regions.
The French Cabinet decided yesterday to make public the French
Press advices from Brussels July 29 stated:
proposition in a few days unless Mr. Lloyd George agrees to receive M.
Former Minister Charles Wauters, the Socialist writer, discussing resoon.
London
Poincare in
vision of the Treaty of Versailles in the newspaper "Peuple," considers that
once the equitable regulation of inter-allied debts is effected the German
debt could be reduced to 50.000,000.000 gold marks. The latter figure
PLAN FOR FINANCIAL CONTROL OF GERMANY.
would represent the cost of restoring the devastated regions, the article says.
The following from Berlin, July 30, is copyrighted by the It would be divided as follows:
France, 32,500.000,000 gold marks; Italy, 6,250.000.000; Belgium,
"Times":
York
New
The Foreign Office holds that Germany is not bound by its agreement 5.000.000.000: Serbia, 3,125,000,000, and Rumania, 1.750,000.000. The
with the Allies' Guarantee Committee unless there is a substantial mora- small fraction remaining would be left to settle among the Allies. M.
torium on reparations payments. It is pointed out that the agreement. Wauters considers that such an arrangement comes nearer the conditions
though as yet only in principle, gives the Guarantee Committee the right to of peace foreseen by former President Wilson.
exact timely sta!istics and information concerning Germany's financial plans
and binds Germany ty pass more strictly on the flight of German capital
SIGNING OF COVENANT WHEREBY GERMANY WILL
to foreign markets.
PURCHASE PROPERTY FORMERLY HELD IN
‘' The most important provision is that two representatives of the committee
are to be formally accredited to the German Finance Ministry, one for matITALY.
ters of revenue, the other for matters of expenditure. To these representaThe New York "Times" reported on July 26 the following
tives must be submitted without any special demand all budgets, supplefrom Berlin:
mentary budgets, fiscal hills and administrative finance plans.
The Guarantee Committee's represents, ves are empowered to inspect
Count Teethe Rossi, the Italian Minister of Industry, and Count de
local taxation offices, though without violating the secrecy of the individual Nettrath. the German Ambassador to Italy, have signed a convention for
developments
taxpayer. The committee must he daily informed of the
the purchase of former German property in Italy by the German Govaffecting the floating debt. Banks, before transferring money abroad ernment.
must obtain official sanction for the transmitters at the local taxation ofThe 'German Government will buy back all the confiscated German
fice. Exporters caught smuggling out capital indirectly through leaving property as a whole. It will then be restored to Its former owners.
countries,
maybe
In the foreign markets the proceeds of their sales to other
The purchase price is fixed at 800.000.000 lire, to be paid in installments,
deprived of the right to export.
the first falling due after the agreement is ratified. The property already
liqri lated or nationalized by the Italian Government for political, historical or military reasons 's excluded from the nereement.
GERMAN FINANCE MINISTER HERMES SAYS.
MORATORIUM AND INTERNATIONAL LOAN
HUNGARIAN GOVERNMENT FORBIDS FREE TRADE
ARE NECESSARY TO COUNTRY'S STABILITY.
IN FOREIGN CURRENCY.
Declaring that only through a moratorium and an interPress advices from Budapest, Aug. 3, stated:
national loan could Germany co-ordinate her chaotic curOwing to the constant decline of the Hungarian crown and the enormous
in exchange the Government has forbidden free trade in foreign
rency and balance her budget, Dr. Andreas Hermes, German speculation
currency, it was announced this evening.
a few days a special
Minister of Finance, asserted that "doctoring on symptoms department of the Hungarian Bank of IssueWithin
will be organized, with the
observations
further
his
of
Som
and
exclusive
senseless."
right to buy and sell foreign moneys.
is useless
On Aug. 1 the Associated Press reported the following
are reported as follows in the Associated Press cablegrams
from Budapest:
from Berlin Aug. 2:
"'Big stick' pol:cies are bad medicine to cure economic ailments."
the Minister added.
Dr. Hermes pointed out that the crucial evil infesting present-day
world politics might be said to be an arbitrary inclination to ignore the
obvious interdependence of international economic interests and failure
justly to appraise national psychologies.
"In some quarters," Dr. Hermes continued, "it is believed even to-day
that a country of such economic Importance as Germany has been during
the last decade, and is now fundamentally, can be bled ruthlessly without
grave international results."
The Minister of Finance said the opposition forces had done nothing to
help the Germans clarify the domestic political atmosphere in such a way
that the weight of their problefris could be settled. It was his opinion that
had a far-seeing and more tolerant policy been adopted results would have
been achieved henef Mal to Germany and not iniurioes to her oppone •ts.
"Burdens have been laid upon us of a severity which is unbearable." Dr.
Hermes continued. "We have striven for a loyal fulfillment of our obligations. We have drained the German economic structure, which was already
weakened through the effects of a lost war, sacrificed territory and other
things of the value of billions of marks, and placed them at the disposal of
our opponents.
"Truly it has not fallen lightly upon us. Yet, isn't it true if one works and
keeps busy, somewhere he must eventually see light at the end of his path?
We need air and light."
was
k Dr. Hermes asserted that the fall in the mark, with its ruinous effects,that
an urgent warning. It was his opinion that it was impossible to think
colinto
structure
efforts were being made to drive Germany's ecenomic
people
lapse, since owing to her normal economic connections with various
the consequences would be incalculable.
Chancellor Wirth and Dr. Norms.; to-day discussed reparations and
of Finance
clearing payments with the departmental chiefs of the Ministries
lasted several hours. It was said the conand Economics. The session
been summoned
ference was of a wholly informal nature, the experts having
to the Cabinet Ministers, who felt
for the purpose of giving information
regarding the present status of the reparation
that they were in arrears
recently having been given by the Cabinet to
Issue, owing to precedence
deliberations over the Bavarian conflict.
it was denied that there was any definite infor1, In official quarters to-day
moratorium for Germany. The belief was expressed
mation concerning a
prior to the coming discussion between
decided
that this issue would not be
Premier Poincaire in London.
Premier Lloyd George and
Minister of Finance Hallay to-day summoned the country's most important bankers into conference to discuss ways and means for the prevention of further depreciation in Hungarian exchange, so as to avert a situation such as is prevailing in Austria. The Finance Minister asked the bankers to refuse loans to speculators in exchange, and proposed to bring under
the supervision of the big banks the transactions of 1.600 smaller institutians.
EXCHANGE RATE ON CROWN IN AUSTRIA REACHES
51,000 TO THE DOLLAR. EXPORTS OF AUTOMOBILES PROHIBITED.
The following press accounts came from Vienna Aug. 3:
The exchange rate on the crown reached 51.000 to the dollar yesterday
and the Government Is in constant conference with representatives of
industry, finance and labor in an endeavor to devise means for averting
a complete breakdown. Closer scrutiny is being imposed on demands for
exchange and only those necessary to the public welfare are being allowed.
The exportation of automobiles has been prohibited at the request of
the trade in order to prevent their purchase at cheap rates for foreign sale.
VIENNA EXCHANGE BUREAU CLOSES TO CHECK
DECLINE IN EXCHANGE.
In cablegrams from Vienna Aug. 1 the Associated Press
sto.ted:
The official exchange bureau was closed to-day on the pretext that
yesterday's enormous transactions had swamped its force. In the street,
however, the closure was ascribed to the necessity of gaining a breathing
spell in which to devise some means of checking the declining exchange.
According to the newspapers the Government is considering the adoption of the Socialists' plan for prohibition of all imports except breadstuffs, fats, and coal for eight weeks in order to weaken the demand for
standard moneys. It is declared the Austrian industries have accumulated
sufficient stocks of raw materials to enable them to operate for this period.
AUSTRIA TO ASK ALLIES FOR LOAN OF £15,000,000.
Reports of a request by Austria to the Allies for a loan of
£15,000,000 were contained in Associated Press advices
from Paris Aug. 1 which we quote herewith.
Austria within the next ten days will formally request the Allied Powers
to guarantee an international loan exceeding £15.000.000, according to
Dr. Schuler, Under Secretary kr Foreign Affairs in the Austrian Government. who has come to Paris to lay before the Reparation Commission details of a plan for Austria's financial reconstruction and to obtain the ComFinancial conditions in Vienna
Austrian bank of issue. The bank
statutes for a new national bank, but the mission's approval of a law creating an
Council has sanctioned the
is to be used as a means of improving the value of the crown.
original
the
with
compared
as
weakened
provisions have been undesirably
The sum of 60.000.000 gold Swiss francs has been guaranteed by Austrian
capital is to be 60,000,000 Swiss francs
plan. For instance, tho paid-UP
hanks as capital for the bank of issue, and subscription through these banks
100,000,000.
proposed
Commission. According to the
instead of the
the proposed reserve against note will begin if the plan Is approved by the
These changes have also reduced
plan, circulation of the crown will pass into the hands of the bank of issue
circulation
note
that
provide
statutes
circulation. In their present form the
be issued without its approval.
precious metal and foreign currency more from now on, and no paper money can
must not exceed the reserve of
currencies contained in the
foreign
that
declare
than threefold, and they
purposes at the average Vienna
FORCED LOAN FOR AUSTRIA.
reserve shall be valued for ''covering"
the Bank may under certain
In
Bourse rates. It is added, however, that
reporting the adoption of the bill by the Austrian
if current exchange falls maconditions raise its valuation of the reserve
Assembly
providing for a forced interior loan to yield a
terially.
program, which categorically revenue of
400 billion kronen, press accounts from Vienna
But this is a repudiation of the original
exchange. Further, although the
provided for stabilization of current
prohibition does not July 25, said:
State is not allowed to borrow from the banks, this
AUSTRIAN BANK PLANS.
Berlin (copyright) appeared
A cablegram as follows from
31:
July
of
"Times"
York
in the New
show no improvement. The National
596
UTE CHRONICLE
After passing a group of bills, among them the Government's financial
measures, the Assembly adjourned to-day for the summer recess. The
measures provide for a forced loan, reduction in the number of Federal
officials. issuance of bank bills, upward revision of the tariff; and heavy
increases in postal telegraph and railway tolls.
[Vol,. 115.
It is obvious that as long as Russia remains in a state of prostration the
rehabilitation of the rest of Europe, and indeed of the world, will remain
incomplete. And that brings us back to the first question, what, for the
purpose of our discussion, we should understand by the term "rehabilitation." It cannot mean Europe's complete return to social, economic or
Previous reference to the loan appeared in these columns financial conditions such as prevailed before the war. To my mind we
must be satisfied with a much more modest interpretation. I think we
July 22, page 365.
come nearer to defining our problem if we express it by the question:"How
can the further decomposition of Europe be arrested ?" In other words,
how can Europe secure the first stages of political, social, economic and
AUSTRIA MAKES MONEY SMALLER TO REDUCE financial
stability?
BULK.
How far ultimately "rehabilitation" will progress, and how fast it will
proceed,
is
a later consideration. Our immediate concern must be, how
The following from Vienna July 10 (copyright by the can we reach
a truly solid foundation and escape the quicksands which
Public Ledger Co.) appeared in the New York "Evening threaten to swallow us at present.
The
problem
of "rehabilitation," as thus defined must be considered
Post" of July 11:
The devaluation of money could not be better expressed than it is by the from the two aspects of results to be secured:
First, by measures that in themselves and independently are helpful and
Austrian Government which is turning out new hundred kronen bills of
much smaller size as, under present conditions, it is impossible to carry constructive, and
Second,
by measures constructive only in that they destroy,or counteract,
enough hundred kronen bills in one's pocket to meet the slightest expense,
and there is no need to protect the owner from losing these notes by giving the effects of destructive and harmful actions committed in the past or
still at work.
them a larger size.
Frequently, during the earlier discussions of the problem, it was not
recognized clearly enough that the purely constructive work in its most
PAUL M. TVARBURG VIEWS AS INCONCEIl'
WAl ABLEJIN- important phases could not be undertaken until some of the most perSISTENCE OF U. S. ON PAYMENT OF
dons influences of destructive work had been eliminated. Thus, ever
DEBTS
,s
he conclusion of the Peace of Versailles, the public at large has been
BY ALLIES UNABLE TO PAY.
-•
led to believe that financial stabilization—so indispensable fJr the return
At the "round table discussion" of "The Rehabilitation of of sound economic conditions—could and should be brought about by
Europe" at the Institute of Politics at Williams College, Wil- huge international banks regulating exchanges, or by issuing a world
currency, or by large international loans, and that the United States, in
liamstown, Mass., on July 31, Paul M. Warburg,former mem- particular, should play a decisive part in this regard. Ambitious plans
ber of the Federal Reserve Board, deprecated "our policy of towards these ends were launched from time to time by political and
leaders and stimulated the people's expectations at home and
aloofness" toward Europe, and declared that "we must shake financial
abroad. All the keener was their disappointment and resentment when,
off our foolish and cowardly fear that actively lending a one after another, these schemes failed to materialize.
It is better understood to-day that internal organic troubles must be
helpful hand in the salvation of Europe might dangerously
cured before external remedies can be applied with success, in other words,
entangle us and commit us to another war." "It is true," that loans for purposes of stabilization can neither
be placed on a comsaid Mr. Warburg, "that we are helpless to help Europe un- prehensive scale, nor that they can serve any permanently constructive
purpose,
unless
at
the
same
time
the underlying conditions are straightened
til a modus vivendi has been found between France and Ger- out. No
sane architect would put a new roof upon a building without
many; that is, until the indemnity question has been settled first underpinning a thoroughly rotten foundation. He would be all the
on a truly practicable basis. Unless that settlement can lie more reluctant to tackle the job in a case where the owners frankly objected
to seeing the crumbling houses of their neighbors put in order, and where
brought about Europe is doomed beyond hope and repair. they
could not be brought to realize that they themselves were bound to
But I cling to the belief that the day is near when France become submerged in the general wreckage if the adjoining party walls
were
not prevented from caving in. It is hard to see how even the most
will recede from her present suicidal attitude of wanting the
unwilling minds can escape the conclusion that economic and social remilk of the cow and her meat at the same time. When that habilitation in Europe are predicated
upon the re-establishment of orderly
day comes our confidence in the future of Europe will begin and more normal internal and international political relations, and upon
removal
of
some
of the most flagrant artifice] impediments that now
to return, and with that our willingness to change our atti- the
block the way.
tude of aloofness into one of sympathetic co-operation." "In
While, with its many ramifications, the question reserved for our round
such circumstances," continued Mr. Warburg,"it would seem table discussions thus had the advantage of opening up an almost unrange of interesting topics, it presents at the same time the distinct
inconceivable that America would continue to insist on claim- limited
disadvantage of raising a problem so closely interlocked that views,coning payment for war debts from such of our Allies as plainly elusions and suggestions concerning each phase can only be developed
could not repay us without disastrous consequences to them- upon certain preliminary assumptions. And these assumptions, in many
cases, will again be of a character that will relegate us to the modest role
selves and to other nations, including ourselves, as well." Mr. of expressing fond hopes and wishes, while the ultimate fate would rest
Warburg recognized that "public opinion in the United States helplessly in the hands of all too powerful or all too powerless politicians.
discourage us. Even though we know, that since 1919,
at present is not prepared for so far-reaching a concession," But that must not
conferences of experts of the highest authority have over and again
but expressed himself as profoundly convinced that "if discussed our problem and, with insignificant variations have always
France showed proper spirit of enlightened generosity" our reached the same general conclusions without being able to arrest the continuous progress of Europe's decomposition, it is true none the less that
country, "properly guided, would ultimately respond in the under the growing pressure of inevitable economic consequences, the breach
same spirit." Addressing the second session of the confer- is constantly widening through which truth and reason will enter. We
be reluctant, therefore, in our discussions to re-state things
ence on August 2, Mr.'Warburg stated that "it is generally must not
already convincingly expressed by others. Reiteration of facts, presented
admitted that reasonable stability of exchanges and prices courageously and without bias, is, indeed, a service of the greatest imIs a prerequisite for the restoration of orderly commerce and portance at this juncture. Perhaps it may be well for us in this regard
remember a paragraph written by Maynard Keynes in his preface to
trade, and that such stability cannot be attained until a to
Section Four of his "Reconstruction in Europe" series, published in the
definite
some
country returns to
relation to gold or gold ex- Manchester "Guardian." He says:
"Whilst no individual can much affect events which aro the resultant
changes." America, he said, through her holdings "of giganof innumerable particulars, nevertheless the totality of individual wills, if
tic amounts of gold and short and long term obligations of they can be set moving rightly, can repair the injury which another totality
foreign Governments, individuals and corporations, occupies of wills, wrongly directed, have done."
There never was a time when the world was faced with graver political,
a strategic position which cannot be ignored by any country social,
economic, financial and moral issues, than the present. There
desiring to return to a condition in which gold obligations never was a time when clear and unafraid thinking was more needed than
are actually payable in gold without any hampering restric- now, when public opinion governed the fate of peoples more completely
than it does to-day, and when it was more thoroughly misguided and
tions." Mr. Warburg's addresg of July 31 follows:
misinformed.
There never was a time when public men were offered a greater opporIt is a great privilege to be called upon to preside over a round tatrie
discussion by these earnest and distinguished experts and students. All tunity to serve their countries by speaking the truth,or when more brazenly
a
corresponding
them
with
carry
honors, however,
measure of responsibili- and more cowardly they whispered the truth in private, while from the
ties, and, therefore, he who sits in this chair faces a trying task, all the housetops and soap boxes they told the stories that would get them votes
more perplexing because the topic to be considered, "The Rehabilitation and keep them in their political jobs.
of Europe," opens up a field as wide as the African deserts and as full of
Democracy, for whose victory millions bled and died, is being stabbed
impasses, thorns, swamps and snakes as the tropical woods of South in the back by selfish political leaders; it can be saved only by enlightened
America. I am frank to admit that in these circumstances I hesitate a, and courageous public opinion.
good deal before accepting to act as one of the guides of this expedition,
I trust I may count on your indulgence for this seeming digression; but
and, indeed, I would not have ventured to serve at all had I not been to me these thoughts are the very essence of the work of these round-table
did
not
members
really
What we say in the confines of this room is not meant to
conferences.
its
require a leader, and
convinced that most of
that much rather they might be relied upon to help him to pilot the party serve as headlines for the papers; but by a frank and unbiased discussion
on its slippery path. It is the duty of the leaders, however, to fix the we hope to compare, clarify and broaden our views, and then—each in
compass and chart the map, and this they have tried to accomplish in a his way—with all the greater strength to carry our conviction into the
hearts and minds of others. Our distinguished guest, Mr. Lionel;Curtis,
preliminary meeting.
In order to clarify the problem, they have first asked themselves the upon landing in the United States,said recently:"In the long run the foreign
question: What are we to understand by the term, "rehabilitation," and policy of any nation is determined by public opinion. In so far as public
what by the term, "Europe"?
opinion is sound,the resulting policy will be right; in so far as public opinion
To begin with the second question.
is wrong, the resulting policy will be wrong."
We believe it will be well for the purpose of our discussion' toagree
No truer, no timelier words could have been said,not only to the peoples
upon having the term "Europe" mean:Europe minus Russia. The Russian of Europe, but also to our own.
Problem is unfortunately so hopelessly involved that, if we wish to grapple
If the present attitude of the people of the United States with regard to
with it at all, we might best attack it as a separate, independent topic at Europe should be permitted to become the closing chapter of the great part
the end of our program, except where indirectly it touches our general we played in the World War,it would be a grave injustice to our country. 41
topic or particular phases. No matter how deeply we may regret it, we
Every war that can be won only by the united will and unreserved devocannot escape the conclusion that steps towards the rehabilitation of the tion of a nation must end in defeat unless it arouses the passions and emorest of Europe cannot wait for Russia's return to a condition of reasonable tions of the people, and at the same time stuns the logic of cool deliberation.
normalcy, or anything approaching it.
America rose to the call with a burst of patriotism and idealism that aston-
AUG. 5 1922.]
THE CHRONICLE
597
ished the world. The war has been over now for almost four years; tures, removal of harmful trade barriers, increase of production, stability
America's passions and emotions have died down, but, strange to say, she of prices and wages as the prerequisite of an effectual and non-destructive
has not yet been able to shake off the condition of intellectual drowsiness system of taxation, &c. The fourth week will be devoted, it is proposed,
to the
into which she had been stunned. From a superlative moral effort we to the part to be played by America in Europe's rehabilitation,
in case that
seem to have sunk into a subnormal condition. The Peace of Versailles problem of Russia, or that of any other particular country,
general
of
and the subsequent events were a deep and shocking disappointment to be desired, and finally to the summing up and to the presentation
be in the hands
the people of the United States. They appear now to be afraid lest another conclusions and recommendations. This final session will
Chase National Bank of
burst of idealism might lead them once more into new sacrifices and fresh of Dr. B. M. Anderson, Jr., the economist of the
leading economists and
disillusions. In self-protection we are surrounding ourselves with a wall New York, who is known to all of you as one of our
addition, Doctor
and moat of cynicism and selfish materialism, which are to guard us against ablest writers on present economic world questions. In
of the problem as
survey
a
of
session,
will
Anderson
give
you, at this opening
being drawn into the snares of European diplomats, or into the battles
secretary of the
her implacable militarists, with our shield and sword besmirched and he sees it. Mr. Henry Mills nas consented to act as
for the benefit of the
deadened by party politics. But plain reasoning would tell us that neither meetings, of which a stenographic record will be kept
however, except after
morally nor materially can we hope to find a satisfactory solution in such a Insticute. Nothing will be reported by the press,
press, or unless at the
state of mind. We must arouse ourselves from our present condition of consultation with the director of relations with the
intellectual coma if we Wish to do justice to our self-respect and self-interest. special request of the speakers.
I hope that time will permit the members of the round table to dwell in
If plain logic tells us that in order to prosper the United States needs reasontheir discussions, not only upon the material, but also the moral, side of
able stability in the rest of the world; if, as every child knows, trade means
the
rehabilitation problem. The latter phase, to my mind, is of all the
exchange of goods, how do we expect to see our world commerce restored,
moral aspect of the case
while Congress strives still further to increase our inordinate power to sell greater significance because, as we shall see, the
has most important bearing on the practical side of the question.
and collect, even though the ultimate result of such a policy would needs
It is the curse of our present generation that too many of us profess
be farther to weaken the ability of other nations to settle with us? Can
the one thing, and do the other. While this is bad enough when applied
thinking people fool themselves into the belief that billions of dollars of
to the individual, it is fatal when it becomes characteristic of nations as
international debts can be paid without inquiring by what means, and with
sane a whole. Since the armistice the art of breaking pledges—openly or by
what consequences, these settlements could be effected? Can any
a science. The consequence of such a condition
person believe that the standard of living in Europe can sink to deplorably sophistry—has become
must he either a fatal lowering of the general morale of the people—such
low levels without affecting our own industries or standards? Or, that
as unfortunately we witness already in many countries—or a moral uprising
in such circumstances, we could build and maintain a Chinese wall that
off that in a burst of indignation openly acknowledges errors committed
would keep out a tidal wave of European goods or, failing that, ward
(pardonable enough after the heat of the war), and undoes some of the
a tidal wave of starving people, who would have to consume in our midst
harm, as far at least as it still can be done. England and Italy are boldly
the goods that we could no longer exriort to them.
moving in this direction; in the United States progress on these lines has
haft
vivendi
It is true that we are helpless to help Europe until a modus
been disappointingly slow. A few of our men have had the courage to
been found between France and Germany; that is, until the indemnity
speak out, but if we compare the attitude of English statesmen, men of
question has been settled on a truly practicable basis. Unless that settlescience and letters, and of British labor, with that of our own; if we read
ment can be brought about Europe is doomed beyond hope and repair.
their books and papers, we are forced to confess that it is time for us to
But I cling to the belief that the day is near when France will recede from
wake up and speed up. The moral aspect of the case has a distinctly
her present suicidal attitude of wanting the milk of the cow and her meat
practical bearing upon the problem, because without a return, or nearer
at the same time. When that day comes our confidence in the future of
to what I should like to call our pre-armistice ideals, there is
approach,
Europe will begin to return, and with that our willingness to change our attismall hope for the creation of an atmosphere in which anything but the
tude of aloofness into one of sympathetic co-operation. In such circumrankest selfishness and materialism will govern the attitude of man to
stances, it would then seem inconceivable that America could continue to
man,of class to class, and of people to people. That is not the atmosphere
insist on claiming payment for war debts from such of our Allies as plainly
In which production thrives, in which people make efforts to save, or in
could not repay us without disastrous consequences to themselves and to
which nations would stop wasting their substance in excessive armaments.
other nations, including ourselves, as well. That public opinion in the
The pulpit, the platform in school and college, the rostrum, and the printing
United States at present is not prepared for so far reaching a concession is
opportunities for service at this juncture in the
no doubt true; but if Franco showed the proper spirit of enlightened generos- press offer unequaled
proper guidance of public opinion.
ity I am profoundly convinced that our country, properly guided, would
We must shake off our foolish and cowardly fear that actively lending
ultimately respond in the same spirit. I believe, however, that as in the
a helpful hand in the salvation of Europe might dangerously entangle us
case of naval disarmament, we shall first have to reach an understanding
and commit us to another war. To begin with: Whether we play the
with England about the funding and ultimate payment of her debt to us.
ostrich or not, our international finance and trade relations are such that
As long as we tie the English debt, which our people may hesitate to forego,
we cannot possibly avoid being deeply involved in European affairs, as,
to those of our other Allies, whose debts under certain conditions clearly
indeed, we were before the war,and are to-day. Moreover,our intervention
should be forgiven, no headway can be made.
insured the winning of the war, and determined the terms of the armistice,
When once the fundamental questions are properly disposed of, the suband in a great measure, the map and living conditions of a new Europe.
seem
may
they
as
operations,
financial
bewildering
sequent economic and
Can we, in self-respect, now smugly wash our hands of the whole affair
to-day, will solve themselves one by one in comparatively simple and natural
because we are tired and disgusted? Moreover, no military intervention
ways, and it will not be difficult to play our part effectively and wholeon our part is involved or urged. We could render invaluable services,
heartedly in them, provided always that public opinion will demand it, and however, by permitting our "unofficial observers" to take a seat officially
provided also that relief may not come too late.
at the council table and to tell Congress and the people what, in four
There remains not• much time to be wasted; indeed, the avalanche is critical years, they have "observed." so that, based upon authoritative
gaining speed at so terrific a rate that it is doubtful to-day whether it can facts; the country could at last form a clear and definite opinion about
be arrested in its fateful plunge.
the problem that confronts it. Not military operations or blockades.
The topic of inter-Allied debts will form the subject of special study and but only moral pressure—and if need be economic pressure—is what is
deliberation under the able leadership of any good friend the Hon. Oscar T required at this time in order to help the moderate and constructive elements
Crosby, who has just returned from a prolonged stay in Europe, thus to overcome the destructive and militaristic forces that, in or out of power,
adding first-hand information to the treasure of knowledge accumulated block the path to the world's return to genuine peace and healthy prosperity.
during his years of active connection in Washington with war finance. Governments could co-operate on such lines without waiting for the day
I was doubtful, therefore, whether it would be quite proper to include when all the "i's" will be dotted and the "t's" crossed in the instrument
in my opening remarks any observations concerning inter-Allied debts. that some day will unite them in a league, or association, or whatever its
.
But, in surveying the question of Europe's rehabilitation, I found it im- name may be.
possible to leave unconsidered the role that America will have to play in
was invented because it is
table"
conference
term
"round
the
think
I
that connection. A consideration ofthat relation leads, however,inevitably
the duty of the leader of such a discussion to put his head on the table,
into the hornet's nest of inter-Allied debts, and while our round table will, so that the other members may have the fun of swinging their axes and
of course, leave to Mr. Crosby's group the duty of making an exhaustive chopping it off. I have prepared my introductory remarks with this end
study and authoritative report on that topic, I do not see how we can In view, and shall cheerfully face my judges and executioners, if by offering
entirely avoid it.
my neck I should prove instrumental in starting a free and fruitful debate./
And that brings me to the question of the general plan that your chairmen In any case, I thank you for your courtesy and indulgence in listening
which
and
session,
have ventured tentatively to prepare for the four weeks
to me so long.
they beg leave to submit for your approval.
Mr. Warburg's observations of the 2nd inst. on the gold
We propose to start from the roof and go down from one story to the
standard follow:
other until we reach the foundation. That will best enable us to develop
In each case the understructure on which the superstructure must rest, ---As a thesis for this first part of our discussion and expressing it in very
and tho inter-dependence of the various phases will be brought out most rough terms may I submit the following:
Rehabilitation of Europe involves the return to a state of things where
clearly in that manner. It is suggested that each week be devoted to the
special discussion of particular phases thus lined up,under the chairmanship countries once more function fairly normally as economic unii s individThus,the Wednesday ually and in their relation to one another and, collectively, in th.ir relation
of men especially interested in the topics involved.
August second session, at which it will be my privilege to preside, will be to the United States. Europe's recuperation on the other hand cannot be
devoted to the discussion of "Stability of Exchanges as a Pre-requisite for hoped for until certain internal and external condition ani influences are
the Restoration of Orderly World Trade." This discussion is expected to eliminated, which make for unbalanced budgets, resulting in excessive
develop the fact that stability of exchanges is predicated upon the return and uninterrupted increases of government indebtedness and note circulato some definite relation to gold standards, and that the chances of success tion, with their concomitants: depreciation of money, wildly fluctuating
in that regard depend on the restoration of credit, which in turn calls for prices for goods, wages and exchanges, disorganization of industries and
the cessation of the issue of excessive Government indebtedness and circulat- trade, extreme and destructive taxation, cruel suffering on the part of all
ing notes. The two meetings of the second week will be devoted to the classes, with consequent social unrest.
It is generally admittod that reasonable stability of exchanges and prices
topic of "Reparation." It is felt that the unsatisfactory condition in which
this question finds itself is the millstone around Europe's nocli, which is is a prerequisite for the restoration of orderly commerce and trade, and that
bound inevitably to drag her down unless a proper solution is found in such stability cannot be attained until a country returns to some definite
the very near future. Restoration of credit and the rehabilitation of relation to gold or gold exchanges. Some nations will undoubtedly, sooner
Europe, it is believed, are beyond our grasp without a practicable readjust- or later, return to the level of their old ante-bellum gold parities. Some,
ment of the reparation question. There is nobody in the United States undoubtedly, will never return to the old level; while others are still in doubt
who has given this problem a more earnest and more condnuous study as to whether or not they should seek their future gold parity on a new
than Mr. Paul D. Cravath. He was in Europe during the war as the legal basis or make a semingly hopeless attempt to return to the ante-bellum
adviser of the American Mission to the Inter-Allied Conference, held at standard. America, through her holdings of gigantic amounts of gold
Governments, individuals
the end of 1917, and during 1918 of the American Mission to the Inter- and short and long term obligations of foreign
be ignored
Allied Finance Council. He also prepared a study ofthe indemnity problem and corporations, occupies a strategic position which cannot
which gold obligations
for the American Mission to the Peace Conference. He has been 'n Europe by any country desiring to return to a condition in
restrictions.
hampering
his
from
trip.
last
returned
are actually payable in gold without any
every year since then, and has only recently
We may expect that most countries thus returning to a gold standard
I think we are to be congratulated upon having secured his acceptance as
of
will wish to secure the command of some of our yellow metal so as to make
the
meetings
two
third
topic.
The
this
on
discussion
the
of
leader
the
in addition they must have
week will be presided over by the Honorable D. F. Houston, whose vast it servo as a gold reserve. But that is not all;
foreign creditors by pressing
experience as head of the United States Treasury, qualifies him,like nobody a very definite assurance that their main
funded or refunded obligations will
else, to guide and enrich a discussion of the "Rehabilitation of Govern- the sale or collection of the debtor's
standard. Before most of them may
mental Credit." This topic will lead,as a matter of course,into a discussion not endanger a new established gold
gold standards debtor countries must.
of balanced budgets. abandonment of avoidable unconstructive expendi- venture to return to unrestricted
598
THE CHRONICLE
therefore, be protected through cancellation, or carefully circumscribed
extension of threatening foreign debts. In addition, however, their general credit must be restored to such an extent that they will be able to
borrow in foreign markets, not only for the purpose of securing the first
gold reserve, but also to command a reserve borrowing power upon which
to fall back in case seasonal demands or unexpected emergencies should
lead to heavy adverse balances and temporary drains. It would be madness and a senseless waste to make gold loans to countries that are menaced
by uncertain credit, heavy adverse trade-balances and large foreign debts.
The gold so loaned would travel across the ocean with an "excursion ticket"
because the debtor country in such cases would not be able to hold it.
It is true that the return to the gold standard is the dot on the "I", that
it is the finishing touch without which recuperation would remain incomplete. But it can only be brought about after, or in connection with,
a thorough restoration of credit. Without wishing to discuss the ultimate
merit of the plan suggested, such schemes as proposed in Senator Owen's
and Senator Hitchcock's foreign exchange banks, or Mr. Vanderlip's international Federal Reserve plan, are dealing with the sauce in which the
chicken is to be served before the poor bird has been hatched. Neither
Russia, nor Austria, (nor Germany, nor France, nor Italy for that mat,ter), could be saved by the sole remedy of substantial gold loans,—or
other operations for the purpose of stabilizing or steadying their exchanges
—unless underlying conditions are first straightened out. It has been
well said that to try to cure the patient by "fussing with foreign exchanges"
is like trying to break a fever by blowing upon the thermometer.
After the accomplishment of the most essential preliminary steps towards
the restoration of Europe's credit of which the most important are the
granting a moratorium to Germany liberal and thorough enough to make it effective and the reduction of the ultimate reparation charges in cash or kind to a
reasonable and practicable scope—then America's and England's constructive tasks can begin. They would consist primarily in the cancellation of some of the debts owed them by their allies, and with the assistance of some of the neutrals in the grant, of a substantial loan to Germany
for the benefit of herself and of some of her main creditors.
Finally, banking syndicates in countries enjoying a free gold standard could
grant credits
to foreign banks acting for the benefit of the central banks in countries
returning to the gold standard. Our Federal Reserve banks could assist
in such moves by gold loans or exchange purchases. In addition, our
market would have to continue to absorb large amounts of foreign securities
In order to assist other countries to settle their debit balances with us and
in order to enable Europe to buy our goods and live during the period of
recuperation.
[VoL. 115.
RATIFICATION BY JUGOSLAVIAN PARLIAMENT OF
$100,000,000 LOAN.
Belgrade press advices July 23 reported the ratification
by Parliament, by a vote of 163 to 10, of the loan of
$100,000,000 contracted for in the United States. The
initial offering of $25,000,000 of the bonds was referred to
in our issues of June 17, page 2664, and July 1, page 22.
OFFERING OF KANSAS CITY JOINT STOCK LAND
BANK BONDS.
A syndicate composed of Blair & Co., Inc., the First National Co. of Detroit, and Kelley, Drayton & Co., offered on
July 31 a new issue of $2,100,000 Kansas City Joint Stock
Land Bank of Kansas City, Mo., 5% farm loan bonds. The
issue is dated May 1 1922 and becomes due May 1 1952. The
bonds, which are redeemable at par and interest May 1 1932
or any interest date thereafter, were offered at 103 and interest, to yield 4%% to the redeemable date and 5% thereafter. They are in coupon form, in denominations of $1,000
each, and are fully registerable, and are interchangeable.
Interest is payable May 1 and Nov. 1, and principal and semiannual interest are payable at the Kansas City Joint Stock
Land Bank or coupons may be presented for collection at the
office of Blair & Co., Inc., New York.
The bonds are exempt from all Federal, State, municipal
and local taxation, excepting only inheritance taxes. They
are issued under the Federal Farm Loan Act, are the obligations of the Kansas City Joint Stock Land Bank of Kansas
City, Mo., and are secured by deposit of first mortgages on
farm lands or United States Government bonds or certificates of indebtedness. As we reported in our issue of May
COMPARATIVE FIGURES OF CONDITION OF
20, page 2190, the bank was chartered by the Federal Farm
CANADIAN BANKS.
Loan Board on Jan. 9 1918 as the Liberty Joint Stock Land
In the following we compare the condition of the Canadian Bank of Salina, Kan. In the early part of 1922 the main
banks under the June 1922 statement with the return for office of the bank was moved to Kansas City, Mo., and the
May:
name was changed to Liberty Joint Stock Land Bank of KanASSETS.
sas City. The present name, Kansas City Joint Stock Land
June 30 1922. May 31 1922.
Bank, was adopted by an amendment to the charter approved
Gold and subsidiary coin—
$
$
In Canada
60,203,255
60,485,710 by the Federal Farm Loan Board, effective May 18 1922. In
Elsewhere
15.141,085
14,888,276 a letter to the syndicate offering the present issue, Walter
Total
President of the bank,says under date of July 28:
75,344,340
75,373.986 Cravens,
Dominion notes
163,174,830
The paid-in capital of the Bank is now being increased to $1,170,000.
151,234,364
Deposited with Minister of Finance for sewhich under the law carries double liability. It has outstanding $15,curity of note circulation
6,614,463
6,534,020 452.000 bonds, excluding this issue. In point of size the Kansas City Joint
Deposit of central gold reserves
53,752,533
55,252,533 Stock Land Bank of Kansas City, Mo., ranks as one of the three largest
Due from banks
181,513,680
182,471,328 Joint Stock Land Banks of the United States.
Loans and discounts
1,471,895,931 1,479,362,434
From the very beginning the Bank has been successful and the United
Bonds, securities, &c
318,753,310
313,490,564 States Supreme Court has held that the bonds of the Joint Stock Land
Call and short loans in Canada
99,804.892
101,239,898 Banks are instrumentalities of the United States Government and are
Call and short loans elsewhere than in Canada 174,613,572
186,546,931 exempt from Federal. State, municipal and local taxation. At the present
Other assets
108,032,691
109,470.572 time the Bank holds over $14,523,000 farm loan mortgages.
Total
Capital
Capital
Capital
Reserve
2,653,500,242 2,660,976,628
LIABILITIES.
authorized
subscribed
paid up
fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
187,175,000
124,993.500
124,239,632
130,175,000
187,175,000
124,413,600
124,116,539
130.175,000
166,085,839
89,024,568
871,528,507
1,181,404,188
45.467,481
6.171,595
21,313.763
155,652,145
96,412,308
861,619,731
1,197,789,747
45,964,805
6,134,074
23,807,166
Total, not including capital or reserve fund_ 2,380,995,941 2.387,379,976
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
ARGENTINE GOVERNMENT REJECTS BIDS FOR
LOAN—FURTHER PROPOSALS SOUGHT.
The New York "Times" of'Aug. 1 stated:
The Argentine Government has notified bankers here that all bids for
the pesos loan requested for last Saturday have been rejected.
Four bids
were received. One of them was submitted by a syndicate headed
by the
Guaranty Co., another by a National City Co. syndicate and a third by
Blair & Co., Inc. The fourth bid was in behalf of British bankers.
There were no bids for the entire amount offered, approximately
$200,000,000. This was considered by the American bankers too large an
amount to be sold in the New York market at the present time. It is
the general belief in the financial district here that the request for bids
was merely a "feeler" put out in the market, and that a more modest
request for new proposals will be received later in the year.
On Aug. 2 press advices from Buenos Aires stated:
Despite the rejection of the bids made by American banking interests
last Saturday, the Argentine Government is still prepared to entertain
proposals for a 500,000,000 peso loan under more favorable terms than
were then offered, it is indicated in offical circles.
Reference to the call for bids was made in our issue of
Saturday last, page 486.
A $4,000,000 ffering of the bonds of this bank was referred
to in our issue of May 20, page 2190.
LIVE STOCK MEN COMPLAIN OF UNJUST CHARGES.
Charges of maintaining unjust, unreasonable and discriminatory rates for the sale and purchase of live stock and of
conducting "an overdone and overmanned business" have
been made before the Packers and Stockyards Administration against the live stock exchanges at Chicago,Kansas City,
Omaha, St. Paul and Portland, and all commission men market agencies at these markets, and against individual commission firms at Fort Worth, by the American National Live
Stock Association, the National Wool Growers' Association,
and 13 State live stock associations. The complaints were
sent out July 29 by the Secretary of Agriculture to each of
the defendants, who were given until Sept. 1 1922 to file an
answer or satisfy the complaints. In making this announcement August 1 the U. S. Department of Agriculture says:
The producers' organizations making the complaints represent that the
live-stock commission charges are substantially 100% higher than those
prevailing on these markets in 1905, that they are unlawful and should
be reduced.. They also complain that charges are discriminatory in that
a great average per car charge is imposed and collected on shipments of
certain classes of light-weight live st9ck than is imposed on heavier animals
where a smaller number is loaded in a car. They also point out that in
assessing charges no distinction is made as to the value of the individual
animals, or the gross per car value of animals selling at a low price as compared with those selling at a high price. Further, they complain that
charges for the sale of mixed live stock in car lots, and for the sale or
unmixed or mixed live stock of two or more owners, and for the purchase
of stockers and feeders, are unjust, unreasonable, and discriminatory. :41
The complaining associations ask, on behalf of all shippers of live stock
to the markets mentioned,for an award of damages against the defendants
by the amount of commission charges collected over and above what may
be determined by the Secretary of Agriculture to be reasonable and Just,
reparation to date from the time these agencies became registrants under
the Act.
The producers' organizations also direct attention to the alleged general
belief of stockmen that the live stock comnmiaslon business is overdone..
AUG. 5 1922.]
THE CHRONICLE
that there are too many men engaged in it and that because of the large
number gaining a livelihood from it an unfair, unjust, and unreasonable
burden is imposed on the shippers of live stock.
NEW CANADIAN STAMP TAXES.
Among the new stamp taxes which became effective In
Canada on J-ily 28 is one making checks subject to a tax of
2 cents on every $50, the maximum fax being limited to $2.
In reporting that steps to protest against this tax had been
considered on July 27, the Montreal "Gazette" of July 28
stated:
A joint meeting, under the chairmanship of Mr.Zeph Hebert, of members
of the various trade branches of the Board of Trade was held yesterday
afternoon at 2.30 o'clock in the Council Chamber to consider what action,
if any, might be taken to secure alteration of the tax on cheques, drafts,
&c., which becomes effective on Aug. 1. Representatives of the following
associations attended: Montreal Produce Merchants Association, Wholesale Grocers' Guild, Wholesale Dry Goods Association, Real Estate Board,
Merehandise Brokers' Association and Metal and Hardware Association.
It being doubtful whether the Government would have the power to
alter the tax or postpone its coming into effect on the date fixed by Act of
Parliament, and the early departure of the Minister of Finance for Europe
precluding the possibility of effective protest at the moment,it was decided
that the Council of the Board of Trade should be asked to arrange for a
deputation, representing all the trade associations of the Board, to wait
on the Hon. Mr. Fielding at an opportune time,for the purpose of bringing
to his attention the serious effect of the tax on different trades, more
especially on export business, and to urge that the tax be changed from the
present graduated scale to a flat rate.
Produce Trade Hit.
One of the most serious objections to the cheque tax as adopted at last
session of Parliament, it was stated, is that in some lines of business,
notably export trade in all natural products, such as butter, cheese, eggs
and grain, it has to be paid several times over on the same goods, with the
result that the exporter of Canadian produce is handicapped in his competition with produce from other countries.
Announcement of the new taxes was contained in a Canadian Press dispatch as follows, which appeared in the Toronto "Globe" of July 29:
With the first of next month, important changes will apply to the stamp
taxes on telegrams and cables, cheques, promissory notes, bills of exchange,
overdrafts, express money orders and stock transfers. The rates in effect
on Aug. 1 will be:
Telegrams and Cables.—Three cents on each message (other than press
messages) costing 15 cents or more.
Cheques, Bills of Exchange, Promissory Notes, Express Money Orders.—
Two cents for each $50 with a maximum tax of $2.
Stock and Bond Transfers.—Three cents per hundred dollars of par value.
The above tax on bills of exchange and promissory notes applies
when they are transferred to u bank in such a manner as to constitute
the bank the holder, or when they are delivered to a bank for collection. In the case of a promissory note transferred to a bank for an advance by the bank or advances by way of overdraft, the tax is two cents
for every $50 of the maximum amount advanced.
•
The New York Trust Co. in a circular letter July 31 calling attention to the new taxes said: •
We invite your attention to the recent Act passed by the Dominion of
Canada, Federal Government, in accordance with which, beginning Aug. 1
1922, cheques payable at or by any bank in Canada or drawn upon or
addressed to any such bank and requiring or directing payment of a sum of
money, are subject to a stamp tax of 2 cents for every $50 or fraction
thereof, the maximum charge being $2.
In negotiating Canadian cheques through this company, this fact should
be taken into consideration in all cases. If such cheques do not bear the
requisite stamps upon receipt in Canada, the relative amount will of
necessity be deducted from the proceeds.
You may also be interested to learn that the tax on bills of exchange
payable in Canada on demand or at sight or on presentation or within three
days after date or sight, is the same as that on cheques. The tax on other
bills of exchange and promissory notes payable in Canada has been increased to 2 cents per every $50 or fraction thereof; and in the case of
promissory notes payable on demand, the tax is collectible each and every
quarter on the maximum amount outstanding during the quarter.
TAX ON NEW YORK CITY BANK SHARES UPHELD
BY COURT.
The assessment of 1% imposed by the Commissioners of
Taxes and Assessments of the City of New York on bank
shares has been upheld by the Appellate Division of the
Supreme Court, which has affirmed an order of the lower
court and dismissed a suit brought. by the Hanover National
Bank of this city, to review the assessment. The decision
was given in a test case, suits having been filed by nearly
every bank in the city; the banks oppose the law because it
requires the deduction of 1% on the shares from the dividends
paid to stockholders and imposes a penalty for non-compliance therewith.
LOAN OF $4,600,000 TO RAISIN GROWERS OF SAN
JOAQUIN VALLEY.
Announcement is made of a loan of $4,600,000, at an
equitable rate of interest and upon liberal time allowance,
to the raisin growers of the San Joaquin Valley to assist in
the proper marketing of the raisin crop. We are advised
that the loan has been possible through the recent merger
of banks in 24 California cities under the leadership of the
First National Bank of Los Angeles, the Los Angeles Trust
599
& Savings Bank and the First Securities Co. These banks,
it is stated, have been joined in the raisin financing by the
Mercantile Trust Co. of San Francisco. It is also stated
that this financing, arranged by W. A. Sutherland, VicePresident of the Los Angeles Trust& Savings Bank at Fresno.
with papers drawn by J. Dabney Day, Vice-President of
the First National Bank of Los Angeles, will have a full
effect upon the prosperity not only of the San Joaquin Valley, but of all California from Fresno south, because proper
marketing of the raisins will return additonal moneys to
care in due rotation for other California crops.
COURT DENIES DISTRICT ATTORNEY USE OF FULLER
& CO. BOOKS.
Judge Hand in the Federal District Court on Aug. a
denied District Attorney Banton access to the books of the'
failed firm of E. M. Fuller & Co. The books will remain
inthe hands of the Federal receiver, Samuel Strasburger..
The partmers in the failed firm, Edward M.Puller and William F. McGee, when it failed stipulated that the books and
other records were to be used only in the bankruptcy proceedings. Judge Hand in his opinion said:
This is a motion to restrain the receiver from turning over the books to
the New York County District Attorney or County Grand Jury in response
to a supoena. It is argued that this court is without jurisdiction to grant
the relief prayed for and that the question must be raised in the State Court.
I do not think this is so.
The books got into the possession of the receiver with all the bankrupt's
rights reserved, and the receiver only held them to aid his civil administration. When it is meant to use them in a criminal proceeding this Court is
bound to see that the bankrupt's run no risk of losing the privilege which
was guaranteed upon their surrender of the books and that their contents are
not disclosed to the authorities entrusted with enforcing the criminal law.
The only way to be sure that this is done is to see that they are retained.
Mr. Banton said he would appeal to the United States
Supreme Court.
GUARANTY TRUST CO. BIDS IN PRACTICALLY ALL
RYAN COLLATERAL.
On Wednesday of this week (Aug. 2) the stocks and bonds
and other collateral deposited with the Guaranty Trust Co.
and other banks for loans of approximately $14,000,000 by
Allan A. Ryan were sold, Judge Hand in the Federal District
Court on Aug.1 having denied the motion of the receiver for
a stay to enjoin the sale. The following account of the sale
appeared in the New York "Times" of August 3:
The Stutz stock and other securities of Allan A. Ryan sold at auction
yesterday brought $3,615,791. They were collateral in banks to secure
loans of about $14,000,000. The Guaranty Trust Co., the largest of the
secured creditors, bought in practically all the Stutz and with it the control
of that corporation. George L.Burr, Vice-President of the Guaranty Trust
Co., was the successful bidder for all but 1,500 of the 134,414 1-3 shares of
Stutz put up by Ryan as collateral. The Stutz stock sold for $20 a share,
compared with the peak price of $701, which it reached when Ryan engineered the famous Stutz corner two years ago.
The auction was conducted by Adrian H. Muller & Son, at the direction
of the Guaranty Trust Co., the Lawyers' Title & Trust Co., the Chase
National Bank, the Chase Securities Corporation, the Empire Trust Co..
and the Mechanics & Metals National Bank, the principal banking creditors. Of the proceeds of the sale, $3,087,418 was derived from the sale
of securities offered for the account of the "Guaranty Trust Co. of New
York, individually or as trustee" and $528,373 from the sales of securities
offered by the other banks. The sale attracted an audience of 500,including
George F. Lewis, personal attorney for Allan A. Ryan, and representatives
of banks, brokerage firms, private banking institutions and individuals
who attend such sales in the hope of picking up bargains.
In front of the auctioneer's stand was a table at which sat Vice-President Burr of the Guaranty Trust, as well as Mr. Lewis and representatives
of other banks. The procedure was in decided contrast with the previous.
occasion when Stutz stock was offered by the same auctioneer following
the suspension of the shares from trading on the New York Stock Exchange
and when the short bid it up to $701. Of the 65 lots of securities and
claims offered for sale Mr. Burr bid in all but six for the Guaranty Trast_
The first block of Stutz was 4,500 shares. The first bid was $15 a share.
Th's was immediately raised to $20 a share, and with little hesitation the
auctioneer pounded his gavel and announced the block sold. In most of
the
loseodthaer
t 2o
boc
lk
a ssoffe
hare.red bids started around $19 and were immediately
$
In all $134,414 1-3 shares of Stutz were offered. It brought a total of
$2,688,280. All but 1,500 shares, bought in by the Empire Trust Cofer $30,000, was taken by the Guaranty Trust.
Mr. Lewis, personal attorney for Mr. Ryan, acted only as a spectator
until almost the end of the sale.. At the time of the offering of claims
held by lvt*
— • -.nil against certain individuals Mr. Lewis took his first part
in the proceedings. This was due to the fact that a claim held by Mr.
Ryan against Mr. Lewis, amounting to $4,450, was being offered for sale.
When the auctioneer offered the claim a roar of laughter arose from the
gathering. This note was offered near the end of the sale and the active
bidders were in a jocular mood. When the auctioneer asked, "What am I
bid for this claim of $4,540 against G. F. Lewis?" Mr. Burr bid 50 cents.
Mr. Lewis raised the bid to $1 and followed it to $15. The claim brought
$100.
A claim for $31,359 against C. 0. Connor brought active bidding from
$1,000 to $2,500. A claim of $366,197 against C. S. Ryan was disposed
of for $5,000 and one of $393,435 against W. B. Thompson went for the
sp
amH
ee
a
m yu
amount.
nro
.
ons
Aicdter
iva
n developed for the $8,905 claim ageing!
ebclo
ioy
emm
py
es
titter
50y0.
As
ofeh
"D
fo.r H
$2
7
estperersioouns
and t e claim was bought in by an eq
h
d mysterious Mr.
vu
eiallely
Included in the sale was a note of $1,551 of Henry L. Beyer which matures
Mr.
Burr.
by
This
made
on Feb. 15 1923. The first bid was for $1,000
600
THE CHRONICLE
(Wu 115.
hibits the Federal Reserve banks from erecting any buildings costing more
than $250,000 without the consent of Congress having been given therefor
in express terms.
A joint resolution was passed by the Senate a few days ago authorizing
the Federal Reserve Bank of St. Louis to erect a building for its own use at
St. Louis and buildings for its branches, which was amended at the instance
of Senator Smoot to provide also for the erection of a building for the use
of the Salt Lake City branch of the Federal Reserve Bank of San Francisco.
In the form in which this resolution passed the Senate it seemed doubtful
whether it would be of any effect as far as the Salt Lake City branch was
concerned, and Senator Smoot introduced the resolution ba another form
on July 11 1922, a copy of which (S. J. Res. 222) Is inclosed herewith.
Unless you would prefer to introduce a separate resolution. I would suggest
that you might ask for the further amendment of Senate Joint Resolution
222 as indicated in the inclosed copy.
The capital and surplus of the Federal Reserve Bank of Chicago is something over $43,000,000, and if that bank is authorized to invest an amount
not exceeding 234% of the paid-in capital and surplus in a building for its
branch bank at Detroit, on the lot previously acquired, the amount, somothing over $1,000,000, would in the judgment of those who have looked into
the matter be ample.
It may be said for the proposed joint resolution that Congress is not appropriating any money out of the public Treasury, but is merely authorizing
the Federal Reserve banks to invest a portion of their own capital and swings in the buildings described.
I have a telegram to-day from Chicago stating that the Governor of the
Federal Reserve Bank of Chicago expects to be in Washington Friday or
Saturday and that he is anxious to lay before you complete information rogarding the proposed building for the branch bank at Detroit.
Very truly yours,
W. P. G. HARDING, Governor.
Hon. Truman H. Newberry,
United States Senate.
FEDERAL RESERVE BANK OF CHICAGO.
,/taii 21 1922.
Hon. Truman H. Newberry,
United States Senate Office Building,
Washington, D. C.
Dear Senator Newberry:—Governor McDougal has just telephoned me
that he has had a very satisfactory and pleasant interview with you in rogard to the branch of the Federal Reserve Bank of Chicago located at Deof a building for the branch. He has asked me
Late Monday afternoon (July 31), according to the New troit and the desirability
to furnish you certain data, as follows:
York "Times" of August 1, Mr. Ryan filed a petition in the
The capital stock of the Federal Reserve Bank of Chicago is at this date
and what we call "DeFederal Court, in which he asked permission to amend his $14,622,900. Of this capital the banks in Detroit
troit territory" contribute $2,472,850, or 16.91% of the total capital.
bankruptcy petition by stating "that the firm of Allan A. The surplus of the Federal Reserve Bank of Chicago at the present time is
Ryan & Co. has unnledged assets of about $800 (office furni- $29,025,000, or a trifle over that figure.
The reserve deposits of the Federal Reserve Bank of Chicago,figured as
ture), that it is insolvent, that his only partner in the firm
of June 30 1922, were in round numbers $265,000,000. Of this the reserve
is li:enneth R. Howard of 316 West 79th Street and that on deposits contributed by the Detroit banks and those in Detroit territory
were a little over $39,000,000, or 14.32%.
information and belief Howard also is insolvent."
You will notice that I speak of Detroit and Detroit territory. I do so
for the reason that when the branch was opened certain counties in Michigan
were set apart to be served directly from the branch, rather than the home
SENATE PASSES RESOLUTION AUTHORIZING EREC- office
in Chicago. The inclosed map of the southern peninsula of Michi.ON
TV
s OF BUILDING FOR DETROIT BRANCH qF
gan—the only part of Michigan in the Seventh Federal Reserve District—
this division is
shows the counties included in Detroit territory. However,
FEDERAL RESERVE BANK OF CHICAG0.4
but that a goodly part of Michian arbitrary one, and there is no question
The enate on July 31 passedTrairt—re-gorfthoriz- gan outside of the territory which we have allotted to Detroit relies on Dofor the major part of its banking service. I preing the Federal Reserve Bank of Chicago to enter into con- troit rather than Chicago
Bank,the People's State Bank,
sume that the First & Old Detroit National
tracts for the erection of its branch at Detroit. The resolu- and perhaps a number of other large banking institutions in Detroit, carry
part of the business demands in the
tion reads as follows:
much of the reserves and supply a large
of the State which is marked on the map as Chicago
Whereas the Act of Congress approved June 3 1922 abridged the right of territory in that part
Federal Reserve banks to enter into contracts by providing that no Federal territory.
in the United States.
Detroit is, I understand,the fourth city in population
Reserve bank should have authority thereafter to enter into any contract
the great industrial centres, is constantly growing in financial,
or contracts for the erection of any building of any kind or character or to It is one of
serves
as one of the
likewise
and
and industrial importance,
authorize the erection of any building in excess of $250,000 without the commercial
gateways to Canada, and it appears from the map that the railway
main
been
given
previously
terms,
in
having
express
therefor
Congress
of
consent
Michigan have been largely planned with Detroit as a centre, •
which, however, did not apply to buildings under construction on June 3 systems of
and, therefore, bring the whole State largely tributary to and dependent
1922; and
Whereas many of the Federal Reserve banks were not affected by this upon Detroit.
The Seventh (or Chicago) Federal Reserve District is the second in
provision, since they had already completed or commenced construction
importance in the country and contains within its bounds the second and
of buildings for their head offices and branches; and
cities in population—namely, Chicago and Detroit. The Detroit
Whereas the Federal Reserve Bank of Chicago had not on June 3 1922 fourth
branch is the only one operated, or contemplated, by the Federal Reserve
actually commenced the construction of any building for its branch at
Bank of Chicago.
Detroit, Mich., but had acquired the site therefor; and
-day informed by Mr. John Ballantyne, of Detroit, that the DoI am to
Whereas the Act of June 3 1922 operates inequitably on said Federal
Clearing House, or the Clearing House Committee, at a meeting held
troit
Reserve Bank of Chicago: Now,therefore, be it
Bank of Chicago be and it is this morning, adopted a memorial to you requesting that you prepare a
OU Resolved, etc., That the Federal Reserve for
the erection of a building bill, or rider to an already existing bill, authorizing the Federal Reserve
hereby authorized to enter into contracts
Bank of Chicago to construct a building for the use of its branch at Dotroit,
for its branch bank at Detroit, Mich., on a lot previously acquired: Proat a cost not to exceed 81,400.000. You are, of course, aware that we have
vided, That the total investment in such building shall not exceed an amount
already purchased a building site at Detroit, the net cost of which to us is
equal to 234% of its paid-in capital stock and surplus.
the neighborhood of $650,000. If the building, equipped and furnished,
In
we
referred to the reso- should
In our issue of July 22, page 372,
cost as much as $1,400,000, the total cost for the Detroit building
$2,000,000. Governor McDougal inlution passed by the Senate authorizing the Federal Reserve and ground would be a little over
me that Governor Harding is of the opinion that 234% of our capital
Bank of St. Louis and the Salt Lake City branch of the Fed- forms
of the present and probable future
take
care
perhaps,
would,
and surplus
eral Reserve Bank of San Francisco to enter into contracts needs of the Detroit branch, and that he (McDougal), after consultation
6%, instead of the
had expressed himself that probably the 23,
for the erection of buildings. On July 31, when action in the with you, for
by the Detroit Clearing House, might see us through.
3% asked
of our executive
members
such
with
informally
case of the Detroit branch of the Federal Reserve Bank of
matter
this
I discussed
at the regular meeting this morning, and after
Chicago was taken by the Senate, certain correspondence in committee as were presentour
architects, we are inclined to the belief that
further consultation with
the matter was presented by Senator Newberry—among a total of 234% of our total capital and surplus may be found sufficient to
Governor
Harding
of
the
Federal
from
the Detroit branch building. Therefor
for
needs
following
reasonable
them the
supply the
and present your bill or rider at the suggestion of the Detroit
Reserve Board and W. A. Heath, Chairman of the Federal If you prepare
Clearing House,I think that we,as well as the board of the Detroit branch,
Reserve Bank of Chicago:
will be fairly well satisfied that the 234%, or $1,090,000, may be practically
sufficient.
FEDERAL RESERVE BOARD.
Washington, July 18, 1922.
If there is any other data which I can furnish you in connection with this
do it.
over
the
conversation
our
telephone
this
to
morn- matter I shall be only too happy to
My Dear Sir—Referring
that I have been requested by officers
You are probably aware that the Detroit branch of the Federal Reserve
ing, I beg to confirm my statement
in an out-of-date building, with
housed
inadequately
is
Chicago to discuss with you the matter of Bank of Chicago
of the Federal Reserve Bank of
of that bank at Detroit.
out-of-date vaults, and that the major part of its cash and securities now has
erecting a building for the branch
Reserve Bank of Chicago purchased some to be carried in the vaults of the Wayne County & Home Savings Bank for
As you may know, the Federal
in Detroit, known as the Couzens lot, the reason that there is neither room nor proper protection for these in the
time ago a lot opposite the post office
sold to the National Bank of Commerce vaults of the building now occupied, and that there is a constant danger
immediately
and
fori$850,000,
retaining 9.750 square feet on the through daily transportation of cash and securities between the branch and
one-fourth of the property for $200,000,
had been contemplated to erect a building the vaults where said cash and securities are kept.
Corner at a cost of $650,000. It
Very truly yours,
but before plans could be made and
on this lot at a cost of about $800,000,
W. A. HEATH, Chairman.
the Act of June 3 1922, which procontracts let the law was amended by
was followed with a bid for $1,001 made by Mr. Beyer himself, who finally
dropped out at $1,200, the note going to Mr. Burr.
Two notes aggregating $40,000 in the name of the Knox Hat Co. were
offered in two parcels. The first note, which was for $20,019 34, sold for
320,040 and the other, with a face value of $20,019 33, brought $20,020.
The buyer was understood to have been bidding for the hat company.
These two notes were the only securities offered which brought anything
like face value. Another block ofstock offered in which the Guaranty Trust
met with keen competition was the 5,910k shares of common stock of the
Royal Typewriter Co., Inc. Bidding on this block of stock started at $5
a share. In all, eighteen bids were made for this lot, and by advances of
3.6 to a point the price was raised to $15, at which price it was sold to
M. J Meehan of the stock exchange firm of M. J. Meehan & Co., who
said he was acting as a broker.
The proceeds of the sale of the New York Stock Exchange seat formerly
owned by Mr. Ryan went to the Guaranty Trust Co. for $75,000. Following Mr. Ryan's suspension from the New York Stock Exchange, the
Board of Governors disposed of the seat for $98,000, which was deposited
with the New York Trust Co. and pledged to the Guaranty Trust Co.
Under the heading "for the account of whom it may concern," the
Lawyers' Title & Trust Co. sold 4,500 shares of Stutz, the Chase National
Bank 7,800, the Chase Securities Corporation 1.600. The Mechanics &
Mettls National Bank sold 400 Stromberg Carburetor, 1,000 Bethlehem
Motor, $170,000 Continental Candy Co., 8% "B" notes due 1924. and
$100.000 of the "C" notes of the same company due in 1925. Also 7,400
Stuts:, 6,125 shares of Times Square Auto Supply Co. (new company)
certificate of deposit of assignment of claims against Consolidated Distributors, Inc., and 3,918 shares Times Square Auto Supply Co. second
Preferred trust certificates.
The auction saleis a direct result of the recent filing of a voluntary petition
in bankruptcy by Allan A. Ryan. This action was taken on July 21 in
the United States District Court before Judge Augustus N. Hand. The
liabilities were about $18,000,000 and the assets $14,000,000. The principal creditors were the Guaranty Trust Co., $8,822,553; Chase National
Bank, $3,456,429; Mechanics & Metals National Bank, $1,402,963; Lawyers' Title & Trust Co., $389,089, and the Empire Trust Co., $166,705.
These were listed as the principal secured creditors. The principal unsecured creditors were Charles M. Schwab, $309,555; T. Coleman du Pont,
$66.000; Federal Motor Truck Works of Indianapolis, $100,000; Mrs.
Sarah Tack Ryan (wife of Allan A. Ryan), $2,860,669; Samuel Unter, $45,000; H. Content, $16,575.
myer,
THE CHRONICLE
AUG. 51922.]
REFINERY PRODUCTION OF GOLD AND SILVER IN
THE UNITED STATES IN 1921.
The Bureau of the Mint, with the co-operation of the
Geological Survey, has issued the following statement under
date of July 28 1922 of the final estimate of refinery production of gold and silver in the United States during the
calendar year 1921:
State or
•
Territory.
Alaska
Alabama
Arizona
California
Colorado
Georgia
Idaho
Illinois
Maine
,..,
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
.,
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
Wyoming
Philippines
Gold
Ounces.
386,927
4
160.498
728,590
355,459
53
26,229
Value.
$7,998,500
100
3,317.800
15,061,300
7,347,800
1,100
542,200
9
200
83,476
155,791
9,824
82
39,454
24
315,550
241
116
91,636
29
7,309
1,725,600
3,220,500
203,100
1.700
815,600
500
6,523,000
5,000
2,400
1.894,300
600
151,100
60,705
1,254,900
Silver.
On. (Pe Val.*
753,999
4
2,519,200
3,606,708
6,310,694
3
7,200,319
1,616
316,551
63,470
9,677.020
6,998,774
579,374
13
53,118
1,707
111,670
106,664
548.827
14,028.661
8
147,584
65
26,392
53,052,441
$50.067,300
2,422,006
* Valued at $1 per ounce, provided by the Pittman Act of April 23 1918,
product.
for domestic
Compared with 1920 these estimates indicate reductions
of $1,119,600 in value of gold production and 2,309,132
ounces of silver product. The country's record production
occurred in 1915, the figures being $101,035,700 gold and
74,961,075 ounces silver.
U. S. TREASURY NOTES OVERSUBSCRIBED—BOOKS
FOR EXCHANGE OF 434% VICTORY
NOTES STILL OPEN.
Secretary of the Treasury Mellon announced on Aug. 1
that subscriptions to the offering of 4 WI% U. S. Treasury
notes of Series B-1926, dated Aug. 1 1922 and maturing
Sept. 15 1926, were closed at noon Aug. 1 1922, and that
preliminary reports received by the Treasury from the
Federal Reserve banks indicated that the offering, which
was for $300,000,000 or thereabouts, had been heavily oversubscribed. The subscriptions, it is stated, aggregated over
$1,200,000,000. Exchanges of 4Y
i% Victory notes for the
new Treasury notes, Secretary Mellon announced, are proceeding satisfactorily. The books are being kept open until
Aug.8 in order to give Victory note holders throughout the
country additional time to take advantage of the opportunity to make the exchange.
DEATH OF DR. ALEXANDER GRAHAM BELL, INVENTOR OF TELEPHONE.
Dr. Alexander Graham Bell, inventor of the telephone,
died on Aug. 2 at Beinn Breagh, his estate near Baddeck,
N. S., of progressive anemia.
TREASURY CIRCULAR DETAILING PLANS RESPECTING RESUMPTION OF 4%% VICTORY NOTES.
Last week, page 497, we referred to the call issued by Secretary of the Treasury Mellon for the redemption on Dec. 15
1922 of approximately $1,000,000,000 of 4%% Victory notes,
publishing the letter issued in the matter by Secretary Mellon. As we indicated in our item of a week ago, the Victory
notes called for redemption are only those notes with the letters A, B, C, D, E, or F prefixed to their serial numbers.
The others, letter G, H, I, J, K, or L, are not included
In the redemption call, and will not become due and payable
until May 20 1923. Along with the redemption call, Secretary Mellon announced a new offering of U. .S. Treasury
notes. The 4%% Victory notes, whether called for redemption or not, may be exchanged for the new issue of Treasury
notes which are dated Aug. 1 1922, bear 4Y4% and mature
Sept. 15 1926. The Treasury Department has issued the following circular detailing the plans respecting the partial redemption of the 4%% Victory notes:
PARTIAL REDEMPTION OF 434% VICTORY NOTES BEFORE
MATURITY.
1922.
Treasury Department,
Department Circular No. 299.
Office of the Secretary,
Debt.
Public
Washington, July 26 1922.
To Holders of 434% Victory Notes and Others Concerned:
The Secretary of the Treasury hereby gves notice that, in order to facilitate the refunding of the Victory Liberty Loan and provide for the retire% Victory
ment of part of the outstanding notes before maturity, all
notes which bear the distinguishing letters A, D, C, D, E, or F, prefixed
601
to their serial numbers, are called for redemption on December 15 1922.
and may be surrendered for redemption before that date at the option of
the holder, upon the terms and conditions and subject to the rules and regulations hereinafter presribed:
3 % Victory notes, otherwise known as
1. Call for Redemption.—All 44
United States of America Gold Notes of 1922-23, which bear the distinguishing letters A. B. C, D,E,or F, prefixed to their serial numbers, having
been designated for the purpose by lot in the manner prescribed by the
Secretary of the Treasury, are called for redemption on December 15 1922,
pursuant to the provision for redemption contained in the notes and in
Treasury Department Circular No. 138, dated April 211919. under which
the notes were orginally issued. Interest on all the 434% Victory notes
thus called for redemption will cease on said redemption date, December
15 1922. Holders of the notes hereby called for redemption, upon presentation and surrender thereof as hereinafter provided, will be entitled
to have the notes redeemed and paid at par, with an adjustment of accrued
interest, on said redemption date. Accrued interest to said date will be
covered as to coupon notes by the coupons due December 15 1922, which
should be detached and collected in ordinary course when due, and as to
registered notes will be covered by interest payments to be made simultaneously with the payment on account of principal. The transfer books
for registered notes hereby called for redemption will not close on November
15 1922, but will remain open until December 15 1922. Victory notes of
the 434% series bearing the distinguishing letters G, H. I, J, K, or L,
prefixed to their serial numbers, are not in any manner affected by this call
for redemption, and will become due and payable as to principal on May 20
1923, according to their terms.
2. Presentation and Surrenderfor Redemption.—(a) Coupon Notes. Any
% Victory notes in coupon form which are called for redemption hereunder should be presented and surrendered for redemption to the Treasury
of the United States in Washington, or to any Federal Reserve Bank or
branch, and must have the coupons due May 20 1923, attached. The
notes must be delivered in every case at the expense and risk of the holder,
and should be accompanied by appropriate written advice (see Form P.
D. 726). In the event that any notes are presented for redemption with
the May 20 1923 coupon detached, the notes will, nevertheless, be redeemed, but the full face amount of any such missing coupons will be
deducted. The amounts so deducted will be held in the Treasury to
provide for the redemption of such missing coupons, if subsequently
presented.
% Victory notes in registered form which
(b) Registered Notes.—Any
are called for redemption hereunder should be duly assigned to "The Secretary of the Treasury for redemption," in accordance with the genera;
regulations of the Treasury Department governing assignments, and should
be presented and surrendered for redemption to the Treasury Department.
Division of Loans and Currency, Washington, D. C., or to any Federal
Reserve Bank or branch. The notes must be delivered at the expense and
risk of the holder,and should be accompanied by appropriate written advice
(see Form P. D. 727). If assignment for redemption is made by the
registered owner, payment of principal and interest to the date of redemption will be made to the registered owner at his last address of record,
unless written instructions to the contrary are received from the registered
owner. If assignment for redemption is made by an assignee holding
under proper assignment from the registered owner, payment of principal
and interest to the date of redemption will be made to such assignee at
the address specified in the form of advice. Assignments in blank, or
other assignments having the same effect, will also be recognized, and in
that event payment will be made to the person surrendering the notes for
redemption, since under such assignments the notes become in effect payable to bearer. In case it is desired to have payment of registered notes
presented for redemption made to some one other than the registered owner,
without intermediate assignments, the notes may be assigned to "The Secretary of the Treasury for redemption for account of (Here insert name and
address of payee desired.)," but assignments in this form must be completed before acknowledgement and not left in blank.
(c) Presentation Prior to December 15 1922.—In order to facilitate pay3 % Victory
ment of the notes hereby called for redemption, any such 44
notes may be presented and surrendered in the manner herein prescribed
at any time in advance of December 15 1922, for redemption and payment
on that date with interest to such redemption date.
3. Redemption of Called 434% Victory Notes Before December 15 1922, at
Holder's Option.—In order to meet the convenience of Victory note holders
and facilitate the redemption of called 434% Victory notes, the Federal
Reserve Banks and the Treasurer ofthe United States have been authorized
effective this date, to redeem at any time before December 15 1922, at the
option of the holder, at par and accrued interest to the date of optional
redemption, any of the 434 % Victory notes hereby called for redemption.
Any holder who desires to surrender his notes in accordance herewith for
redemption prior to December 15 1922 should make appropriate written
request therefor and should present and surrender the notes in the manner
provided in paragraph 2 hereof, except that coupon notes must in that event
have all unmatured coupons attached, including the coupons due December 15 1922. Appropriate forms of written request will be found in Forms
P. D. 726 and 727.
4. Miscellaneous.—Any further information which may be desired as
to the redemption of Victory notes under this circular may be obtained
from the Treasury Department, Division of Loans and Currency, Washington, D. C., or from any Federal Reserve Bank or branch. The Secretary of the Treasury may at any time or from time to time prescribe supplemental or amendatory rules and regulations governing the matters covered
by this circular.
A. W. MELLON, Secretary of the Treasury.
RESOLUTION PASSED BY CONGRESS APPROVING
HOLDING OF SESQUICENTENNIAL CELEBRATION AT PHILADELPHIA IN 1926.
A joint resolution under which Congressional approval is
given to the holding of a national and international exhibition in Philadelphia in 1926 upon the Fairmount Park site,
selected by the Sesquicentennial Exhibition Association for
the celebration of the one hundred and fiftieth anniversary
of the signing of the Declaration of Independence, was
passed by the House of Representatives on June 5 and by the
Senate on July 18. The enactment by Congress of legislation to commemorate the anniversary was asked by President Harding last March, reference to his request having
been made in our issue of April 8, page 1485. The following
is the resolution approved by both the House and Senate:
602
THE CHRONICLE
H. J. RES. 170.
JOINT RESOLUTION to approve the holding of a national and international exhibition in the city of Philadelphia in 1926 upon the
Fairmount Park and parkway site selected by The Sesquicentennial
Exhibition Association, and lands contiguous thereto that may be
acquired for that purpose, as an appropriate celebration of the one
hundred and fiftieth anniversary of the signing of the Declaration
of Independence.
Whereas preliminary steps have been taken by the Mayor and Council
and a citizens' committee of Philadelphia to celebrate in that city in 1926
the one hundred and fiftieth anniversary of the signing of the Declaration
of Independence by holding an exhibition in which it is expected that the
various States of the Union, the Federal Government, and all the nations
of the world will be represented; and
Whereas the Legislature of the Commonwealth of Pennsylvania unanimously passed a resolution April 28 1921, that the Commonwealth should
prepare for and participate in such sesquicentennial celebration by making
a suitable exhibit therein on the part of the Commonwealth, and requested
that the Federal Government should approve the holding of such an exhibition in Philadelphia in 1926 and that appropriate steps should be taken to
Invite the participation and co-operation of the States of the Union and
the nations of the world; and
Whereas the Governor of the Commonwealth of Pennsylvania, in the
name and by the authority of that Commonwealth, has issued letters patent
• Incorporating The Sesquicentennial Exhibition Association, May 9 1921,
for the purpose of educating the public by exhibiting artistic, mechanical,
agricultural and horticultural products and providing public instruction
in the arts and sciences, thereby celebrating the one hundred and fiftieth
anniversary of the signing of the Declaration of Independence by holding
in the city of Philadelphia, in the State of Pennsylvania, an exhibition of
the progress of the United States in art, science, and industry, in trade
and commerce, and in the development of the products of the air, the soil,
the mine, the forest, and the seas, to which exhibition the people of all
other nations shall be invited to contribute evidences of their own progress
to the end that better international understanding and more intimate
commercial relationships may hasten the coming of universal peace: Therefore be it
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That the holding of a national and international exhibition in the city of Philadelphia in 1926 upon the Fairmount
Park and parkway site selected by The Sesquicentennial Exhibition Association and lands contiguous thereto which may be acquired for that purpose
be approved as an appropriate celebration of the one hundred and fiftieth
anniversary of the signing of the Declaration of Independence, and that
such steps be taken as the President may deem proper to invite the participation and co-operation ofthe States of the Union and the nations of the world.
Sec. 2. That a copy of this resolution be forwarded to all the States of the
Union requesting co-operation upon their part.
[VOL. 115.
SENATE RESOLUTION CALLING FOR INFORMATION
REGARDING RAVAGES OF THE BOLL WEEVIL.
In our items, on a subsequent page, devoted to cotton
matters, we give the response made by the Crop Reporting
Board of the U. S. Department of Agriculture, to the
resolution (S. 320) passed July 12 by the Senate directing
the Secretary of Agriculture to ascertain from State Agricultural Commissioners and county agents, together with
the forces employed by the Crop Reporting Bureau, the
total acreage now infested by the boll weevil. The resolution follows.
Whereas, The boll weevil has covered practically the entire cotton
belt; and
Whereas, Its ravages have a decided effect in the ultimate production
of the cotton crop: Therefore be it
Resolved, That the Secretary of Agriculture is authorized and directed
through the Crop Reporting Bureau, to ascertain from State Agricultural
Commissioners and county agents, together with the forces now employed by the Bureau, the total area now infested by the weevil, and the
estimated damage to the crop caused by the weevil;such area and estimated
damage to be given by States, as is now done in giving the condition of
the growing crop, and to publish the same in the next monthly (August)
report.
PROPOSED RESOLUTION CALLING FOR INQUIRY
INTO NEW ENGLAND COTTON INDUSTRY.
A resolution submitted to the Senate on July 25, and
referred to the Committee on Education and Labor, calls
for an investigation into labor conditions in the New England
cotton industry. The resolution reads as follows:
Resolved, That the Senate Committee on Education and Labor, or any
subcommittee thereof to be appointed by it, is hereby authorized and
directed to make a thorough investigation of the labor conditions existing
In the cotton industry in New England, and report its findings to the
Senate.
Senator Gerry, in submitting the resolution, said:
I have offered the resolution just introduced because, for a considerable
time past, there have been very serious labor conditions in New England,
which have given rise to great hardship among the people. I believe
that those conditions should be investigated; and I also believe that at
this time, when we are debating the tariff, and we have just considered
the committee amendments in the cotton schedule, it is very appropriate
that we should take up and find out more in detail the cost of production
and what labor is receiving in this industry.
In answer to an inquiry by Senator King as to whether
an appropriation was to be sought from the Federal Government to aid in carrying out the purposes expressed in the REVISIONS OF GOVERNMENT CROP ESTIMATES BY
joint' resolution, Senator Pepper said:
U. S. DEPARTMENT OF AGRICULTURE.
(have no expectation on the subject. I was asked by this influential
Estimates of acreage and production of crops made by the
and authoritative organization in Philadelphia to present the matter for
Department of Agriculture are subject to rethe consideration of the Senate. My own expectation would be, following United States
the course of such matters in the past, that if and when adequate financial vision according to the following rules recently adopted:
support is provided by State and city, and there is demanded a more
extensive participation by other States and by other nations than they
can finance, there will be at some stage an application to Congress for a
grant; but there is no implication of such a step here, and I am not authorized to state either that there will or will not be any such step taken. I am
answering the Senator out of the experience we all have had regarding
similar exhibitions.
SENATE RESOLUTION CALLING FOR REPORT ON
ABANDONED COTTON ACREAGE.
As we indicated in these columns July 22, page 382, a
resolution introduced by Senator Heflin, calling upon the
Secretary of Agriculture to ascertain the percentage of
abandoned cotton acreage up to July 1 1922, and to report
thereon on Aug. 1, was adopted by the Senate on July 11.
A statement to the effect that the resolution was overlooked by the clerks, and was not sent to the.Department of
Agriculture, and that hence it was too late to get in the report
in July, was made in the Senate by Senator Heflin on July 24
when he submitted a resolution providing for an extension
of time until Aug. 25, so that the information would become
available in the Sept. 1 crop condition report. The Senator
however, appears to have been mistaken in his statement
that it was not possible to get a report in the matter on Aug.1,
since the Crop Reporting Board has presented data regarding
cotton acreage ab=fied to July 1 in the Aug. 1 crop
report, which we give in our "Cotton News Department"
on a subsequent page. The resolution agreed to by the
Senate on July 24 reads as follows:
Whereas the Crop Reporting Bureau of the Agricultural Department
has heretofore made no report on abandoned cotton acreage until the 1st
of December each year; and
Whereas failure to obtain a good stand of cotton in many places and the
Increased ravages of the boll weevil in other sections of the cotton-producing
States have caused abandoned cotton acreage to be larger than usual; and
Whereas the cotton producer, the spinner and the public are entitled to
know as early as the information can be obtained what per cent of cotton
acreage has been abandoned; therefore be it
Resolved, That the Secretary of Agriculture be, and he Is hereby authorized
and directed to immediately confer with the commissioners of agriculture
In the cotton growing States and with the agricultural agents of the various
counties in said States, and ascertain just what, in their opinion, is the
percentage of cotton acreage abandoned since planting in the spring up to
Aug. 25 1922.
Resolved further, That the Secretary of Agriculture shall publish said
information In Ins Sept. 1 Crop Condition Report.
1. Original estimates of acreage are made at time of planting or soon
thereafter, and of yield per acre at time of harvest or soon thereafter. These
are preliminary estimates.
2. A general revision of preliminary estimates is made in December of the
year of crop production. This revision may not be final.
3. Under urgent conditions, correction of previous year's estimates may
be made at the time of making the preliminary acreage estimates for the current year, so as to maintain as nearly as passible proper comparison between
the current and preceding years.
4. General and final revision is made in December of the year following
the year of crop production.
The Department in announcing this on Yuly 21 said:
The State is the unit of crop estimates and any changes made for a State
necessitates a change in the United States total.
After the regular December estimates, made in the year of production, information for particular States is sometimes received, such as Assessors' reports, or commercial movement, sufficient to justify a modification of the
Bureau's December estimates. Such additional information may be available
for one State in May, for another State in June, and still later for another
State. If changes are made as causes appear, the figures for the United States
total would be changing constantly and this is very objectionable and leads
to confusion and uncertainty. As a compromise between accuracy and stability the department has adopted the foregoing rules.
ATTORNEY-GENERAL IN REPLY TO SENATE RESOLUTION ON PROPOSED STEEL MERGERS SAYS THEY
WOULD NOT VIOLATE ANTI-TRUST LAWS.
After an exhaustive Investigation of the proposed mergers
of big independent companies in the iron and steel industries,
Attorney-General Daugherty has declared that the purpose
of the mergers, in his opinion, is a furtherance of, not a restraint of, trade. Mr. Daugherty expressed these views in a
letter to the Senate on July 21 which was in response to a
resolution adopted on May 12, at a time when there was active discussion of the proposed mergers. The Attorney-General holds that neither of the consolidations would violate
the Sherman Act, the Clayton Act or the Webb Act. There
is not the slightest ground for the belief, the Attorney-General declares, that monopolistic control would result from
the mergers. The mergers In question are unrelated to each
other in any way, Mr. Daugherty says, and are in process of
formation. One is between the Bethlehem Steel Corporation,
owning plants in Pennsylvania and Maryland; and the Lackawanna Steel Co., whose plant is at Buffalo. The other
merger is by the Midvale Steel & Ordnance Co., owning
AUG. 5 1922.]
THE CHRONICLE
plants in Pennsylvania and Delaware, the Republic Iron &
Steel Co., owning plants in Ohio, furnaces in Pennsylvania
and Alabama, and certain plants in East Chicago and Muncie, Ind., and at Moline, Ill., and the Inland Steel Co., owning plants close to Chicago. While holding that neither of
the proposed consolidations would violate the anti-trust laws,
Mr. Daugherty would not advance an opinion as to whether
they would constitute a violation of the Federal Trade Act,
deeming such an opinion out of his jurisdiction. The Attorney-General's opinion was furnished to the Senate in response to a resolution sponsored by Senator La Follette, calling on him for information as to the legality and effect on
the public interest of the Bethlehem-Lackawanna and Midvale-Republic-Inland mergers. His letter is said to be about
9,000 words long, going into details of the production, competitNe and other phases of the business of the companies
concerned, and Washington dispatches of July 21 to the New
York "Times" gave the following summary of it:
According to his view taken after his investigation of the proposed consolidations, there is but one underlying purpose in them, and that is to
enable the new combinations to compete with the United States Steel
Corporation. While the Attorney-General does not deal with the question
of violation of the Federal Trade Act, his opinion is considered broad
enough to refute any charges of violation of that Act.
The La Follette resolution recited the announcement of the proposed
merger of steel companies to be followed later by the inclusion of the
Bethlehem Steel Corporation and declared that if such a merger took place
the corporation thereby formed would control the steel production of the
country outside of that part in the hands of the United States Steel
Corporation.
The Attorney-General and the Federal Trade Commission were requested
to inform the Senate of the steps they had taken to ascertain the purpose
and effects of such a merger, the results of any investigation they might
have made and what action they had instituted to protect the public
interests. Mr. Daugherty was also requested to inform the Senate whether
he thought it advisable to proceed under the Sherman Act and the Clayton
Act to prevent the impending combination.
Warns of Executive Rights.
"At the outset," the Attorney-General's letter to the Senate set forth,
"I think it proper to call attention to the fact that my predecessors have
consistently adhered to the doctrine that the duties of the Attorney-General
are prescribed by statute; that he is a member of the Executive Branch and
as such is under the guidance and supervision of the President; that for
the Legislative Branch to direct his conduct is a measureable interference
with the Executive Branch; and that he is under no duty to obey the mandates of one Branch of the Government when not sanctioned by positive
law.
"Compliance with this resolution in all of its details demands a departure on my part from what has heretofore been regarded as settled law.
I do not intend, however, to allow these rulings to stand in the way of
making a full and comprehensive report, but it must not be inferred that
by so doing,I manifest any intention to challenge the correctness of these
rulings or to assail in the slightest degree the reasoning on which they are
founded."
The opinion takes up each of the mergers separately and says that in
order to furnish the information desired it was necessary for the companies
to set a large clerical force to work for many days going through hundreds
of thousands of invoices covering each individual sale for the years 1919,
1920 and 1921 and tabulate the results. Mr. Daugherty informs the
Senate that all these figures are before him, but that to repeat them would
require an inordinately long report.
The opinion points out that in New England the Bethlehem and Lackawanna enjoy a very substantial amount of the trade in rails. This was
because of the fact that the Lackawanna plant is in Buffalo, and the
Bethlehem in eastern Pennsylvania. Figures of other companies in this
regard were not set forth.
Same Prices Quoted on Rails.
All manufacturers of steel rails throughout the country, it is shown,
quote substantially the same prices on rails. As the prices are quoted
f, o. b., it is to the advantage of the railroads to trade with the manufacturers nearest them. The Lackawanna does only a small amount of
work on bridges, viaducts, caissons and buildings. The Bethlehem equipment, it was shown, enables that company to do all work of this character,
although it does not interfere with small companies.
The opinion states that the principal products produced by other manufacturers and the competition that will exist if the Bethlehem-Lackawanna
merger goes through, are as follows:
by Bethlehem and Lackawanna.
Pig Iron.-7.56 percentage produced
Structural Shapes.-21.43 percentage produced by Bethlehem and Lack
603
prompts the Bethlehem to acquire the Lackawanna plant is the sole desire
to secure greater efficiency and economy in the production, handling and
distribution of steel products,and that the thought of acquiring a monopoly
or of enhancing prices was never present. The whole transaction from
beginning to end impresses me as being thoroughly clean, honest and
straightforward.
I need not stop to point out that in United States vs. United States Steel
Corporation the Supreme Court refused to declare illegal a combination of
much greater magnitude. In that case the court apparently adopted the
findings of two of the four judges of the lower court that the combination
there assailed was formed for the avowed purpose of acquiring a monopoly:
but because monopoly was found to be impossible of attainment and all
attempts with other manufacturers to control prices had been abandoned in
good faith before suit was brought, the court refused to order the combination dissolved. The merger now under consideration will be neither an
actual monopoly nor even an attempt to monopolize; and, of course, the
decision just referred to is controlling.
Application of the Clayton Act.
The opinion also holds that the Bethlehem merger is not a violation of the
Clayton Act. It is pointed out that Section 7 makes it illegal for one corporation to acquire the stock of another corporation engaged in inter-State
commerce, where the effect may be to lessen substantially competition
between them or to restrain commerce or to create a monopoly.
"Here also I am constrained to the conclusion that it will not," says Mr.
Daugherty in answering the question whether this merger would violate
the Clayton Act. "But different considerations in part apply. That
Act makes it illegal f3r one corporation engaged in inter-State commerce
to acquire the stock or other share capital of another corporation engaged
also in such commerce where the effect of such acquisition may be substantially to lessen competition between them or to restrain commerce in any
section or community, or tend to create a monopoly of any line of commerce.
It is obvious that the acquisition of the stock of one company by another
is not prohibited where all that takes place is a mere lessening of competition. The Act denounces the acquisition only where the effect may be
substantially to lessen competition between the companies.
"I have set forth with considerable detail the extent of the competition
existing between the two companies mentioned. In my opinion, the facts
are not such as to bring the proposed merger within the prohibition of the
Clayton Act.
Question of Physical Assets.
"This conclusion renders it unnecessary for me to consider another question, the solution of which is attended with no little difficulty, and that is
whether the proposed merger would fall within this Act if its effect were to
substantially lessen competition. As we have just seen, that Act does not
in express terms prohibit the acquisition of physical assets. What it prohibits is the acquisition of'the stock or other share capital.' What the Bethleham company in this instance proposes to do is to acquire, not the capital
stock of the Lackawanna, but an outright conveyance of its physical assets.
"The Federal Trade Commission, by a ruling made in 1916, announced
that, in its opinion, the Act did not prohibit the aqcuisition of the physical
assets of one corporation by another. As that body, no less than myself,
is charged with the duty of enforcing certain provisions of this Act, its administrative construction of the section in question is entitled, under a long
and well-recognized line of authorities, to great weight.
"In this instance, however, the plan of purchase contemplates that the
Lackawanna shall convey its property to the Bethlehem in return for shares
of stock of the latter company, to be followed by an early winding up and
dissolution of the Lackawanna and the distribution of these shares among
the Lackawanna stockholders. I need not, however, stop to consider
whether, under other circumstances, this would be a violation of the Act,
for the conclusion I have just announced makes it unnecessary to do so."
In holding that the Bethlehem merger is not a violation of the Act of
April 10 1918, commonly called the Webb Act, Mr. Daugherty says:
"These companies are members of an association formed pursuant to the
authority granted by this Act to handle export trade. It is obvious from
what I have already said that this Act will in no wise be violated if this
merger goes through."
Midvale Trade Percentages.
With respect to the proposed Midvale-Republic-Inland merger, Mr.
Daugherty's opinion begins by taking up the products common to all three
of these companies and presents sales figures, showing the geographical
distribution of the products and the percentage which the production of
these companies bears to the entire production in the United States.
s
in the case of the other merger, the Midvale opinion deals alone with the
year 1920.
Setting forth that these companies manufacture pig iron, blooms, billets,
slabs, rails and merchant bars, &c., the opinion states that there was very
little competition in any but the last of these items, that merchant bars
is the most important in the steel industry in point of tonnage and Midvale's contribution to this production was 2.72%. Republic's 4.77% and
Inland's 1.75%, or 9.44% in all.
Dealing with the question whether the Midvale-RePublic-Inclland merger
violates the Sherman Act, Mr. Daugherty says:
"I see nothing in the proposed merger that offends this Act. In my
opinion, there is not the slightest ground for supposing that it will result
in any restraint of trade or monopolistic control. The plants of these companies are widely scattered; and my Investigation leads to but one conclusion and that is that the underlying purpose of this combination is not to
acquire a monopoly or to restrain trade, but t3 enable the new company
more effectually to compete with the United States Steel Corporation.
which, because of the wide distribution of its various plants and their easy
accessibility to the sources of raw materials, is enabled to produce and sell
its products much cheaper than other manufacturers.
awanna.
by Bethlehem and Lackawanna.
Plates.-4.73 percentage produced
by Bethlehem and Lackawanna.
Rails.-21.96 percentage produced
by Bethlehem and Lackawanna.
produced
Steel Ingots.-9.7 percentage
percentage of ingots is 45%.
Corporation's
The United States Steel
Violation of Sherman Law Denied.
Bethlehem merger would violate
Dealing with the question whether the
says in part:
Furtherance of Trade Indicated.
the Sherman Anti-Trust law, Mr. Daugherty
any ground for aserting
"Instead, therefore, of being in restraint of trade, the new combination
In my opinion it will not. I am unable to find
will
Bethlehem
the
offend
the
by
Lackawanna
will be in furtherance of trade. Its formation has,I believe, been in a great
that the acquisition of the
the Supreme Court, ranging measure prompted by the heavy losses which all of these companies susAct of July 2 1890. The numerous decisions of
doubt as to the true scope taihed following the
marked depression in the steel industry, which began
over a period of thirty years,leave little room for
combination formed for over a year ago. These losses, aggregating many millions of dollars, have
and meaning of this important statute. Every
acquiring
of
monopa
or
trade
-State
naturally induced these companies to devise methods of cheapening the
the avowed purpose of restraining inter
condemnation.
production,sale and distribution of their products. By owning plants that
oly therein, falls, of course, within its
Court, it is not every are widely
scattered, where production can take place in accordance with
As pointed out in an early decision of the Supreme
this
that is prohibited by
the needs of the community lying closest to the plants, by manufacturing
contract or combination in restraint of trade
fall
would
beyond
its
contract
products
ucts e
atses
dadvantageously
n eliminatingtageous located to ore supply, by reducing overAct; for if that were the case, scarcely any
planstnsadsy-an
unnecessary sales agencies, substantial
.reach. It obviously applies, however, to every contract or combination head expenses
In unreasonable restraint of trade; and manifestly the evils that may be economies can be effected. The combination being formed for this sole
inflicted upon the public, such as the enhancement of prices, are of para- purpose, I am unable to see wherein it is tainted with illegality."
The opinion holds that the Midvale-RePublic-Inland merger is no violamount concern.
tion of the Clayton Act, physical assets being acquired outright, and shares
Finds Monopoly is not Sought.
I am unable, however, to find in the exhaustive investigation I have of stock in the new company being distributed to stockholders of the old
m
inr. aha
made any reasonable warrant for asserting that the public will suffer if
n eertfy
ug
their Present holdings. On this phase of the
orsays:t
this consolidation is consummated. I am persuaded that the motive which companyquestion
•
604
THE CHRONICLE
"What these companies plan to do is to merge the Inland with the Midvale and to acquire outright the physical assets of the Republic. To accomplish this, shares of the stock of the new company will be issued to the
stockholders of the old companies in exchange for their present holdings,
accompanied in the case of the Inland Steel by a payment of something
.
like $24,000,000 to retire its preferred stock.
"In the light of the facts which I have set forth, I fail to discover any
ground for asserting that the Clayton Act will be violated."
Operations in Export Trade.
Also holding that the Midvale merger will not violate the Webb Act,
Mr. Daugherty says:
"As in the case of the other merger, these companies, too, belong to an
association formed to handle export trade alone and functioning under the
permission which this Act gives. In my opinion it is impossible to conceive
how a merger of these companies will in any way offend this Act."
Mr. Daugherty points out what he calls the impropriety of his expressing
any opinion on the question whether either merger will violate the Act of
Sept. 26 1914, commonly known as the Federal Trade Commission Act.
"The Senate's resolution," he says, "is broad enough to call for an expression of my views upon this point; but for obvious reasons I must decline
to express any. The Federal Trade Commission is alone vested with the
power of enforcing that Act, and that body has preferred a formal complaint
against the companies, charging that the proposed merger is an unfair
method of competition within the meaning of Section 5. The Senate will no
doubt be quick to perceive the impropriety of my expressing an opinion
upon this matter."
[Vol,. 115.
The making of a basic settlement in the central competitive field will
permit of an immediate following settlement in all of the outlying bituminous coal districts and should pave the way for an immediate adjustment
in the anthracite coal fields as well. Such a result will be acclaimed by
every citizen. Those who block the success of such a conference by refusal
to participate should therefore be made to bear full responsibility for the
continuing situation.
REPLY OF NATIONAL COAL ASSOCIATION TO
UNION'S INVITATION TO CONFERENCE—"ATTEMPT TO DICTATE ILL-TIMED."
A. M. Ogle, President of the National Coal Assocaition, replying on August 1 to the invitation of President Lewis of the
Mine Workers for a wage conference on the central competitive field basis, said:
This is the first time in the history of collective bargaining in the coal
industry that any one has attempted to dictate what form of conference
should be held in the central competitive district. The arrangement
whereby the four States, Indiana, Illinois, Ohio and western Pennsylvania
orginally associated themselves was a purely voluntary one. It was always
understood that any one of the States had a right to refrain from joining,
or reserved the right to withdraw, even after the convening of a wage
conference, and on several occasions no general group meeting has been
held, each State carrying on its own separate negotiations and making its
own separate contracts.
The President of the United Mine Workers' attempt now to dictate is
not only ill-timed but entirely discredits his profession of solicitude for the
public welfare and industry. If the precedent established by all of his
predecessors in office had been followed, Mr. Lewis would have authorized
district and State officials to meet and negotiate in the respective States
and districts when he found it was impossible to convene a four-State
conference.
On the other hand, the offer to negotiate in each State is still open, and
we in Indiana, as stated before and again repeated now, will accept unrestricted and unlimited arbitration on any and all points upon which we
may not be able to agree with the miners and their officials within our own
State.
JOHN L. LEWIS ASKS COAL OPERATORS TO CONFERENCE ON STRIKE—SOME REFUSE TO ACCEPT.
Telegrams were sent on August 1 by John L. Lewis, President of the United Mine Workers' union, to coal operators
in the central competitive field, which embraces Western
Pennsylvania, Ohio, Indiana and Illinois, inviting them to a
conference at Cleveland on August 7 to negotiate a wage
scale which in his estimation would end the strike, but,the
prospects of the strike conference taking place appear to be
rather slim. Indiana operators, the Pittsburgh Coal Producers' Association and the Southern Ohio Coal Exchange SECRETARY DAVIS' COMMENT ON JOHN L. LEWIS
Immediately declined the invitation. The telegram sent by
INVITATION TO OPERATORS FOR CONFERENCE.
Mr. Lewis to the operators was as follows:
Secretary Davis of the Department of Labor, who with
Secretary Hoover has been active in the efforts to settle the
coal strike, expressed approval on Aug. 1 of the joint conference called for Aug. 7 by John L. Lewis, President of the
United Mine Workers.
Secretary Davis, commenting on the prospects of the conference, said that even with the earliest return to work it
will be difficult to avoid suffering this winter, so great has
been the loss in production, and that he hoped and believed
The reply of the Pittsburgh association to the invitation
the men participating in the conference would appreciate the
read:
responsibilities they bear to the country. He added:
Philadelphia. Aug. 1 1922.
In behalf of the United Mine Workers, I am, herewith, inviting the coal
operators of the central competitive field to meet in joint inter-State conference at the Hollenden Hotel, Cleveland, Ohio, at 10 o'clock a.
m. Monday,
Aug. 7 1922,for the purpose of negotiating a basic wage
agreement designed
to terminate the present suspension in the mining
industry. I express the
sincere hope that the interests represented by you will
find it possible to
participate in the joint negotiations.
JOHN L. LEWIS,
President United Mine Workers of America.
We will not attend a four States joint conference
for the reasons already
given you. As you have been r3peatedly informed,
the
trict are ready and willing to meet the mine workers'operators of this disdistrict to negotiate a wage for this district, all miners organization of this
to return to work at
once and abide by the wage to be agreed upon. In case of
failure to agree,
we offer to arbitrate in accordance with the proposal
made by us to President Harding on July 17 last, that the mine workers return to
work immediately on the wage scale in effect in November, 1917, without
the check-off.
The board of arbitration to be appointed by the President from
residents
of the Pittsburgh district, no arbitrator to be a miner
or operator or in any
way connected with the bituminous coal industry. The
check-off practice to be eliminated and the competitive relations in and about
our district
with competing non-union and union districts and operations to be determining factor in arriving at a wage.
If you are sincere in your desire to terminate the strike in order that the
public may get coal, our proposal is obviously fair to the miner. We cannot, however, be expected to agree indefinitely to meet representatives of
the union.
This strike is the greatest we ever have had and so far methods that have
been effective in ending previous strikes have been entirely futile. The
return to the joint conference method is approved by this department.
The facts at this time are that two-thirds of the industry, employing over
600,000 men, have been idle mole than four months, and we are on the
verge of facing a winter of empty coal bins and suffering. If the strike
continues, other industries, dependent upon coal, will stop and add to the
suffering.
The Labor Department will extend every assistance in hastening the
adjustment of the strike. I suppose the full policy committee of the miners'
organization will attend the conference, and I trust that arrangements can
be made quickly to resume work in all the districts.
Operators and miners in States and districts should meet and solve their
own problems. The welfare of the employees of Southern Ohio mines, as
well as the operators, and the communities in which they live, must be given
first-hand consideration which can only be given at a meeting of the operators and representatives of the United Mine Workers of Southern Ohio
in a district conference.
The fire was returned by the guards and later the firing was taken up
over :the entire area. Automatic rifles were brought into action by the
troops and the firing continued for more than an hour.
Reports received by Major-General Robert Tyndall, in command of the
troops, said that no one was injured. It was said, however, by some of
the men on duty that one man was slightly injured.
Investigation by military officials indicated that although the firing
lasted several hours, the attacking party was small. It was reported that
several men from nearby towns came to this city and announced that
they were going to "get a flock of soldiers." They fired on an outpost and
the fire was immediately returned. As a result of this firing, whenever
there was any movement in the woods near by the guardsmen fired. Several
men when called upon to halt by the guards were fired upon when they failed
to obey the guards' command.
Officers in command of the troops belittled the affair, saying that it was
a minor skirmish. The situation was regarded as quiet, despite the firing,
which began soon after midnight and continued until daybreak.
The firing was the result of the "take no chances" oi ders given the militia.
No one is supposed to be in the occupied zone without a pass, and the men
with passes are supposed to travel only on the public highways out in the
open. As a result, when the attacking persons fired the militia swept the
spot with machine gun and rifle fire.
Although no local miners had answered Gov. McCray's call for volunteers
to man the shafts taken over by the State, officials expected production of
coal for State institutions and essential industries to be started in the martial
law area to-day. Following the ordering of troops into this district, the
Governor announced that labor would be imported if local miners could not
be obtained. Although the State officials made no announcement that
would indicate that outside labor had already been contracted for, they
werefirm in their opinion that actual digging of coal would start to-day.
OUTBREAKS IN INDIANA AS STATE TROOPS TAKE
OVER MINES.
The action of Governor McCray in taking over certain
In their reply to the invitation the Southern Ohio Coal mining properties in Indiana precipitated on Aug.4 hostilities
Exchange reiterated the Southern Ohio operators' stand that near Staunton, National Guardsmen on picket duty being
they did not believe in interstate action to negotiate a basic fired on from ambush. Associated Press dispatches from
wage agreement. The reply added:
Staunton had the following to say regarding the matter:
In connection with his invitation to the conference, President Lewis gave out the following statement:
In issuing an invitation to the coal operators of the central competitive
field to assemble in joint conference in Cleveland on Aug. 7, I am actuated
by the highest considerations of public welfare and the impelling necessity
for an early adjudication of the issues involved in the bituminous and
anthracite coal fields.
This strike, unparalleled in its magnitude, is now in its eighteenth week,
and constitutes an industrial convulsion which menaces the financial and
social fabric of our nation. Aside from the tremendous personal sacrifices
so bravely endured by the mine workers, the strike is exacting penalties
from every citizen of our land and is clogging the channels of commerce
and disturbing the realms of finance and credit throughout the civilized
world. Its effect will continue to be felt long after its termination, and
the burden will fall heavies upon those least able to bear it.
In consideration of these facts and notwithstanding the powerful position
of advantage now enjoyed by the mine workers, we have resolved to again
attempt to assemble a conference where passion will be allayed and reason
predominate. We are able to fight indefinitely, but much prefer the
pursuit of peace to the ills of industrial warfare. We feel that the American
public will support our offer to meet at the conference table and will encourage the corporate interests involved to have their representatives
present.
AUG. 5 1922.]
THE CHRONICLE
GOVERNOR OF MINNESOTA SAYS GOVERNMENT
MAY BE ASKED TO TAKE OVER COAL CARRYING ROADS.
Unless the threatened coal famine in the Northwest is
averted, the Federal Government will be asked to take over
four of the main coal carriers of the Middle Eastern States,
Governor Preus of Minnesota declared in an address at St.
Paul Aug. 3. Speaking before a gathering of railroad
officials, who had as their guest S. M. Vauclain, President
of the Baldwin Locomotive Works, Governor Preus said:
If no other way of getting coal to the Northwest succeeds, then we will
appeal to the National Administration in an effort to make these four
railroads—the Baltimore & Ohio, Chesapeake & Ohio, Louisville & Nashville and Norfolk & Western— be taken over by the Government. These
lines, carrying coal to the Lake Erie ports, can supply the Northwest with
enough fuel to keep alive our industries and to ward off an impending crisis
ka the situation.
If the Government cannot undertake this move under present laws,
Congress will be asked to provide necessary emergency regulations by which
it can be done.
GOVERNMENT'S PLAN FOR DISTRIBUTION OF COAL—
H.B. SPENCER FEDERAL FUEL DISTRIBUTER.
Definite plans for distribution of coal supplies by the
Federal Government were made public on July 29 by Secretary of Commerce Hoover, Chairman of the President's Fuel
Distribution Committee. This Committee will work in
co-operation with the several States and with Herbert B.
Spencer, of Washington, D. C., who has been appointed
Federal Fuel Distributer by President Harding. Mr.
Spencer was formerly Vice-President of the Southern Railway
System and was in charge of national coal distribution after
dissolution of the old coal administration of which Dr.
Garfield was the head. Mr. Spencer's appointment was
made known on July 28, simultaneously with the names of
an Advisory Committee of Operators from coal producing
districts under the Chairmanship of C.E. Bockus of Virginia.
In making the announcement Secretary Hoover said:
President Harding has appointed Henry B. Spencer to act temporarily
as Federal Coal Administrator, pending development of the situation. He
becomes administrative member of the Coal Distribution Committee.
Mr. Spencer was formerly Vice-President of the Southern Railway, General
Purchasing Agent of the Railroad Administration during the war, and had
charge of national coal distribution after tin dissolution of the old Fuel
Administration.
The Governors of the following States have undertaken to erect the
necessary administration to control profiteering and distribution of coal
within their States: Ohio, Indiana, Illinois, Michigan, Wisconsin, North
Dakota, Minnesota, Maine, Massachusetts, New Hampshire, Connecticut,
Rhode Island, New York, New Jersey, Maryland, Pennsylvania, West
Virginia, Oklahoma, Florida, Kentucky, Tennessee and Louisiana. Kansas
has already an establishment under its Industrial Court. It is not considered necessary to establish coal control in the Inter-mountain and Pacific
States, as they have supplies of coal and fuel oil.
The following have so far been designated as members of the Advisory
Committee of Operators from the producing coal districts under the Chairmanship of C.E. Bockus of Virginia; E.L. Douglas of Kentucky, George S.
Francis of Pennsylvania, E. C. Mahan of Tennessee, W.J. Magee of West
Virginia, E. E. White of West Virginia, C. E. Tuttle to advise as to lake
and northwest movement, and Le Baron S. Willard to advise on bunker
and tidewater movement.
Following the announcement of Mr. Spencer's appointment, Secretary Hoover on the 29th announced the Government's plans for coal distribution in the emergency. He
explained that the Government would limit its activities in
distribution to inter-State problems. While the Government would endeavor to control prices at the mines, Mr.
Hoover emphasized that each State was expected to make
rules and regulations to control speculation within its
boundaries. Secretary Hoover said that all producing
mines would have the preference as to coal cars and that the
Committee would endeavor to see that coal could be obtained
at the mines at the fair prices agreed on. It would then be
the duty of the States to take care of distribution within
their borders and maintain fair prices by the prevention of
re-sales and other methods of profiteering.
Practically all of the States had replied favorably to the
Government's suggestion that they set up organizations to
regulate distribution and prices, Mr. Hoover said. These
emergency organizations will be adapted to the Administrative needs of each State. It was indicated by Mr. Hoover
that States distant from coal producing centres must be
provided with better transportation facilities than those near
producing fields. He mentioned the New England States
and the Northwest as such sections. The ship supply
situation also has been taken up by the Administration, it
was stated, and companies along the Atlantic Coast had
been requested to provide bunker coal for ships only to the
next port of call, and after Aug. 1 to require all foreign
ships to bunker for round trips at ports abroad. The Committee also has recommended to Canadian consumers that
they import coal "for their own safety," an intimation that
605
the supply of American
coal will .be cut•._ off if the strikes
_
continue. Provision will be made, however, to get supplies'
to Cuba. After a series of conferences with his advisers,
Secretary Hoover made public a statement setting forth the
principal points in the program of the Fuel Distribution
Committee. It read:
The plan of coal distribution communicated to different Governors
embraces the following principles:
The Federal Government will limit its activities in coal distribution
entirely to inter-State questions. Mr. Spencer has been appointed Fuel
Distributor, not Fuel Administrator, because the Federal distribution is
concerned with coal ditribution between different States, not with coal
administration in the sense of the war organization.
The control of coal distribution to individual consumers within the
State boundaries is entirely in the hands of State authorities, except for
railway coal.
The methods of handling coal for railways responsible to the Inter-State
Commerce Commission will be determined directly from Washington in
maintaining inter-State commerce.
Distribution problems vary in different groups of States; that is in New
England, Middle Atlantic, Southern, Middle West, Northern Lake States,
Inter-mountain and Pacific States. The last two groups are able to look
after themselves and are not now embraced in active administration.
Each State outside the latter groups has been requested to canvass its
situation as to stocks and requirements in order of the priority in different
classes—public utilities, public institutions, households, and industrial coal.
Each State has been asked to make such rules and regulations as it may
see fit to control speculation and distribution within the boundaries of
the State. It has been suggested that the co-operation of their State
wholesale and retail coal dealers' associations should be secured. The
Federal Government has no authority and can exert none in this matter
beyond moral pressure.
Each State that must import coal from other States has been asked to
create a central Stateagency or committee for the purchase or guarantee
of purchases of coal that may be imported into the State from other States
or from abroad all coal to be consigned to an agency designated by the
State. By this arrangement, a great deal more mobility is given the
State authorities in shifting coal to meet its local emergencies. Furthermore, this arrangement will remedy the financial impossibility of asking
coal producers to ship to strange consumers whose reliability must be
established.
The Federal Fuel Distributor will place these State central purchasing
agencies or committees in contact with the coal producers in States of coal
surplus and will undertake to see that coal is sold to the central purchasing
agencies at a fair price. The State purchasing agencies will indicate
the destinations within the States to which coal is to be shipped.
The Federal distribution will pro-rate the available supplies between
States following the general basis of priorities declared by the Inter-State
Commerce Commission.
Where coal is already flowing through natural channels to priority
concerns approved by the State agencies, it will continue, but it will form
part of the State quota.
The whole plan is one of complete decentralization into the hands of the
State authorities, the Federal agencies acting solely in inter-State commerce.
CASUALTIES IN HERRIN OUTBREAKS EXCEED 70-NATIONAL COAL ASSOCIATION ASKS FOR
STATE INQUIRY.
The attack in June on the strip mine in Herrin by union
coal-miners on strike entailed more than 70 casualties,
according to a check-up made by various labor agencies and
coal associations, announced on July 31. There were 72
men in the mine at the time of the outbreak, it is stated,
and of this number 64 are dead, wounded, or missing. Only
8 of the 72 men in the mine are known to have escaped unhurt, or with minor injuries.
Delos Duty, State's Attorney of Williamson County, in a
statement at Marion, took exception to the figures compiled by the coal associations and labor agencies. He
declared the figures were falsified to enable relatives of
victims and the coal company to pile up damage suits against
the county. Suits aggregating more than a quarter million
dollars have already been brought as a result of the killing
of the non-union men and the subsequent wrecking of the
mine property. Mr. Duty said his report shows that 21
union men were killed, three union miners killed, and 18
wounded, including both union and non-union. The checkup by the labor agencies and coal associations showed:
Non-union miners and guards in the mine
Bodies of massacred victims officially buried
Non-union men wounded
Non-union men missing and believed to be dead
Total casualties on non-union side
Union men killed while attacking the mine
Union men who died from wounds
Union men wounded (estimated)
Total casualties on union side
Total causalties on both sides
72
19
34
11
64
2
1
4 to 8
7 to 15
71 to 79
The official report of Colonel Samuel N. Hunter, given
out July 31, puts direct responsibility for the failure to
prevent the killing of the non-union miners at Herrin upon
Sheriff Thaxton of Williamson County. Colonel Hunter
said that if Sheriff Thaxton had taken his advice and asked
for troops the massacre would have been avoided.
Incidentally, it was announced on July 31 by Frank
Farrington, President of the Illinois Branch of the United
Mine Workers, that the union will "finance the defense"
of every union
to trial for the Herrin murders.
d:
Mr.
Olt
606
THE CHRONICLE
The United Mine Workers do not condone lawlessness. We believe in
the common law doctrine that every man is innocent until proved guilty,
and consequently will finance the defense of every man who is brought to
The very magnitude and sternress of LI,t, agitation creates danger for
innocent men. An overwrought public does not always exercise discrimination in selecting its victims and public officials to satisfy public
clamor often convict innocent men when the culprits cannot be found.
The National Coal Association, in a statment issued
at Pittsburgh on July 31, announcing completion of "a
sweeping, impartial investigation" of the Herrin affair, declared that the leaders of the mob were known and that at
least 500 "members of the mob can be arrested any time
that Attorney-General Brundage of Illinois gives the word."
The Association "is laying its evidence and findings before
the Governor of Illinois," the statement said. It added:
Particular emphasis should be laid on the point that survivors of the
massacre are able to point out the official of the United Mine Workers of
America who gave the word to take the unarmed prisoners off the road into
the woods and shoot them down in the manner of an army squad executing
spies or traitors.
The National Coal Association report supports the contention of the Illinois Attorney-General that the masacre was the result of a well-laid conspiracy and that the riot was not spontaneous. The report deals comprehensively with such matters as the telegram sent to Herrin by John L. Lewis,
President of the United Mine Workers, failure of the Sheriff to do his duty;
organization of the mob as a military machine and the unkept truce pledges
assumed Jointly by the sheriff and the ranking local officials of the United
Mine Workers.
Lewis' telegraphic instructions to treat the members of the Steam Shovelmen's Union as "an outlaw organization and common strike-breakers" was
followed on successive days by a mass meeting, the attack on the mine and
the massacre. Lewis and State Senator W.J. Sneed, President of the Williamson County Sub-district of the United Mine Workers, must assume direct
responsibility for throwing a match into the powder-box.
The statement announces that its investigations corroborated stories "of barbarous treatment of wounded" as
reported by press associations and newspapers, and declare
that some bodies were found to have been branded.
Further efforts to have a State inquiry into the causes of
outbreaks were made on July 30 when Governor Small was
urged by the National Coal Association to use the State
forces to get at the bottom of the matter and have those
guilty punished. The board of directors of the Association
sent to Governor Small the following letter, signed by A.
M. Ogle, President of the Organization:
Thirty-five days have elapsed since the massacre of more than twenty and
the serious wounding and multilating of thirty-three men who were at work
In the strip mine of the Southern Illinois Coal Co., near Herrin, Williamson
County, by an attacking force of union miners numbering several
thousand.
The men had surrendered under a flag of truce, with a pledge from union
officials that they should be given safe conduct out of the county. Instead,
they were marched to a woods lined up in front of a barbed wire fence, and
treacherously shot down. So far, not a single arrest has been
made in connection with this crime against the law and against humanity.
Local
authorities, according to the best information obtainable, have
done little
or nothing.
They have excused their inaction with the statement that Williamson
County is so highly unionized that it would be impossible at this time to convene any tribunal which would consider the affair in an impartial way.
The impression also seems to be gaining ground that State authorities
are failing to show that determination necessary to discover and punish those
responsible for this outrage. This wholesale murder by members of the
United Mine Workers organization was an attack not only upon the inalienable right of a man to work, but it was a most vicious attack upon every
Industry, upon every community, even upon the Government itself.
The safety of every home is imperilled if such a crime is to go unchallenged and unpunished. Such murders have been flaunted by the international officers of the United Mine workers as an example of what may
be expected in other parts of the country if the operators and American
public do not bend the knee and bow the head in humiliating subservience
to their arrogant domination.
The enclosed report of an investigation conducted by this association
shows that this massacre was the result of a conspiracy on the part of the
officials of the United Mine Workers of America to stop the operation of
the strip mine by men not belonging to the mine workers' union; that
the conspirators prevented Deputy Sheriffs being sworn in and militia
being mobilized; that the conspirators incited and inflamed their followers
with a telegram sent by John L. Lewis, International President of the
miners' organization to State Senator William J. Sneed, Subdistrict President, in which Lewis declared the workers at the strip mine should be
treated as common strikebreakers.
The facts of the massacre and atrocities stand undisputed. Radical and
unprincipled trade unionism cannot be allowed to make a mockery of
our laws and Government, and we respectfully urge that you throw all
the forces of Illinois into a proper and thorough investigation of the Herrin
massacre, so that the conspirators and assassins will be promptly brought
to justice. The entire resources of this association are at your service.
It i conservatively estimated that 85% of the residents of Williamson
County are miners or connected with them by family ties or otherwise,
and reflecting unionized labor sentiment. All business in the county is
dependent to a vital degree upon tho patronage of the mining element.
The mining vote elects or defeats candidates for public office. many
of the public officials holding elective office are miners, have been miners
or are in sympathy with union labor whose strength is such that, without
question, it is its vote that elects or defeats any candidate for local or
county office.
POSTMASTER GENERAL WORK WARNS UNIONS
AGAINST FLOUTING LAWS—SEES DANGEROUS
PRECEDENT IN HER/UN OUTBREAK.
In an address before the Pageant of Progress, an industrial
exposition in Chicago, on July 29, Postmaster-General
Hubert Work declared the murder of non-union miners at
'Herrin, Ill., in June by union men would have "pallored
[Vol,. 115.
the painted Indian." He severely rebuked the State Administration for a lack of continuity of purpose and of law
enforcement. The rebuke accompanied a warning which
the Cabinet Officer gave to organized labor, that the
100,000,000 of the unorganized public, though slow to
anger, would frame laws and compel their enforcement, if
those in authority continued to allow laws to be flouted
and were tardy in executing them. "Zephyrs may direct
the weather vane," declared the Postmaster-General, "but
wise men can determine its portent. The public mind is
dependable in ultimately forming, and will soon demand of
its lawmakers a continuity of purpose, and of its officers
law enforcement."
THREE RAILROADS PUT EMBARGO ON GENERAL
FREIGHT.
Three coal-carrying railroads, the Norfolk & Western,
Chesapeake & Ohio, and Louisville & Nashville, have
declared embargoes over their lines against the acceptance
of any freight except foodstuffs, livestock, and fuel, it was
announced on July 28. The action was taken under the
Inter-State Commerce Commission declaration of an emergency, which authorized roads embarrassed by the shopmen's strike to show preference and establish priority in
transportation. The object of the embargoes is to conserve
all the equipment and facilities of the three carriers for the
transporation of coal. The roads serve the non-union
bituminous mining areas south of the Ohio River which
have furnished most of the country's coal output since
April 1, when the miners struck in all the unionized fields,
and officials have declared that the tie-up on their lines
indicated railroad unions were working with the miners to
stop production of soft coal. All three had been carrying
record-breaking quantities of coal until the shopmen went
out, after which their tonnage was immediately cut in half.
The Louisville & Nashville lines serve Kentucky coal
fields, which have been the principal source of coal supply
since the strike for Chicago and other Middle Western
points. The obstructions to the movement of coal over this
system placed by the rail strike were considered largely
responsible for a runaway coal market immediately created
in that territory. It was believed that the first result of
the embargoes would be to increase coal shipments from
the non-union territory. Managements of the roads notified the Inter-State Commerce Commission that they would
modify the embargo orders as rapidly as conditions permitted, and gradually accept other classes of freight for
movement as they were able to transport it without interfering with the coal flow.
FEDERAL FUEL DISTRIBUTOR SPENCER EXPLAINS
PLANS FOR CO-OPERATION WITH STATES AND
SUPPLYING COAL TO RAILROADS.
Final plans for organization and procedure in fuel distribution by the Federal Government co-operating with the
several States were announced on Aug. 2 by H. B. Spencer,
Federal Fuel Distributor. The combined Federal and
State agencies will, subject to the rulings of Secretary
Hoover, and the Inter-State'Commerce Commission, have
control of the distribution of every ton of coal in inter-State
commerce and within the States where necessary. Coal
operators, however, will continue to function individually
in respect to filling ordinary business orders until priority
orders require all of their output. Orders for coal to the
States of the Northwest are to be handled through the Ore
and Coal Exchange of Cleveland, which hopes to arrange
a regular weekly movement of coal.
The announcement by the Federal Fuel Distributor,
placed responsibility on the States for the distribution of
coal within their borders and for the control of prices charged
by wholesalers and retailers. He also indicated that the
Federal authorities would expect coal to be distributed first
to public utilities and public institutions; second, to households; third, to industries and manufacturing public necessities, and fourth, to industries in general. A special committee with headquarters in Washington will distribute
coal to the railroads. At the same time, it was said, the
personnel of the regional committees to be placed in the
producing mine fields as agents of the central body will
be placed before Mr. Hoover for approval, together with a
draft of the detailed instructions which will govern the
activities of those organizations in combating profiteering
and insuring a ready distribution of fuel. The details of
•
AUG. 5 1922.]
THE CHRONICLE
the plan were contained in an announcement by Mr. Spencer,
outlining the organization and procedure in part as follows:
Organization.-1. The President's Fuel Distribution Committee, consisting of Secretary of Commerce Hoover, Chairman; Attorney-General
Daugherty, Secretary of the Interior Fall, Commissioner Aitchison, InterState Commerce Commission; Federal Fuel Distributor H. B. Spencer.
2. The Federal field distribution will be set up in Washington to direct
the distribution of available supplies among the railways. Federal institutions and States, consisting of an administrative committee as follows:
H. B. Spencer, Chairman; Samuel Porcher, railroad fuel; Lebaron S.
Willard, tidewater coal; J. N. Snyder, New England and Eastern; C. E.
Tuttle, lake coal; George G. MacGregor, Southwestern region; E. M.
Durham Jr., Southeastern region; E. W. Thomley, manager of orders
P. G. Tryon, geological survey; Lieut. Commander E. A. Cobey (South
Carolina), U. S. Navy.
Coal Operator's Advisory Committee.—C. E. Bockus, Chairman, Virginia;
E. E. White, Southern West Virginia; E. C. Mahan, South Appalachian;
E. L. Douglas, Eastern Kentucky; William J. Magee, high volatile district
ofsouthern West Virginia; George R. Francis, Pennsylvania; M.J. Gormley,
American Railway Association; J. C. Roth, Inter-State Commerce Commission; D. R. MacLeod, Secretary to the Committee.
3. Creation of district committees in the principal producing districts
east of the Mississippi to distribute orders from the Federal Fuel Distributor among the mines, consisting of a representative of the Federal
Fuel DistElbutor, the Inter-State Commerce Commission, coal operators,
railroads.
4. Creation of a fuel committee by each Governor, the orders from whom
will be sent to the Federal Fuel Distributor at Washington and thence
out to the district committees.
Governors have been asked to set up a single consignee in each State on
behalf of all coal shipped into that State on orders from the Governor's
committee through the Federal Fuel Distributor.
The Governor's committee will distribute coal made available to him
according to their judgment of the respective needs in the State, and is at
liberty to reconsign or to move coal after it has reached points in the State.
Governor's committees are entirely responsible for the prevention of
profiteering and extortion in the sale and distribution of coal within their
States.
On receipt of orders for coal from the Federal Fuel Distributor, the
service agent of the Inter-State Commerce Commission in the district
committee will issue an order on the recommendation of the representative
of the Federal Fuel Distributor to the railroads to place the cars for the coal
shipment. The district committee will specify the mines from which the
coal shall be shipped. The representative of the Federal Fuel Distributor
will, subject to a guarantee of payment which shall be satisfactory to the
mine operator with due regard to the Hoover fair price, allocate such
orders to the various mines in the district.
Distribution of fuel for the railroads will be gradually concentrated in
the hands of a railroad coal committee, composed of coal buyers from the
different railway groups. The railway committee will consist of B. P.
Phillippe, Chairman, Eastern group; E. A. Clifford, Western group; F.
H. Fechtig, Southern group; W. G. O'Fallon, Southwestern group.
607
needs. This committee will be headed by a high-class executive and will
have immediate power of allocation.
Of course, New York will have to be placed on a strict coal rationing
basis. Before imposing regulations to enforce this we are waiting to see
what action may be taken by Washington officials and what their desire
in the matter may be.
The householder will come first, however, and everything possible will
be done to see that he has a normal coal supply this winter.
The Committee decided that everything must be done to prevent profiteering in coal. Coal will be kept at a reasonable price, because we will allot
no coal to dealers whose prices are excessive.
A sub-committee on plan and scope, of which Major C. C.
Church of the Port Authority and General L. C. Andrews
of the Public Service Commission are members, was appointed by the State Committee. Other committees will be
appointed to deal with problems of profiteering and distribution, to make coal surveys and allotments and to co-operate
with authorities in Washington.
GOVERNOR OF INDIANA DECLARES MARTIAL LAW
IN MINING DISTRICTS AND CALLS FOR VOLUNTEER WORKERS.
Repeated efforts to bring the coal miners and operators
together to settle the strike which now has been running
since April culminated in the declaration of martial law on
August 2 in certain mining areas in Indiana and a call by
Governor McCray for volunteers to work the strip mines.
Governor McCray ordered more than 800 Indiana National
Guardsmen, to Staunton, Clay County, declared martial law
in Staunton, Cloverland, Williamstown, Turner and adjacent
territory in Posey Township, Clay County, containing in all
about eight square miles. The soldiers, under the command
of Major-General Robert H. Tyndall of Indianapolis, arrived
at Staunton from Camp Knox, Ky., where they were in annual summer camp. The Governor in his martial law proclamation set forth the fuel situation resulting from the
strike and the inability of local authorities to give sufficient
protection to those who would work the mines. He especially requested Indiana miners to respond to his call for
workers. He has been informed, however, that if Indiana
Mr. Spencer made public the following appointments of miners do not respond, miners will
be available from elseState fuel agencies which have been reported to the Central where.
Committee:
Governor McCray issued a formal martial law proclamaAlabama—Roy R. Cox, Fuel Administrator, Montgomery.
tion and a formal call for volunteer miners. He proposed
Connecticut—Public Utilities Commission, Hartford.
Florida—Florida Railroad Commission, Tallahassee.
that the volunteers go to work at the wages in effect on
Illinois—Robert M. Medill, Director Department of Mines, Springfield. March
21 1922, the day the strike began. No larger wages
Indiana—Indiana Public Service Commission, Indianapolis.
are asked in the strike demands of the organized miners, it
Iowa—Charles Webster, Fuel Administrator, Des Moines.
Kansas—Court of Industrial Relations, Topeka.
was said. The Governor believes the mines will begin proKentucky—J. Sherman Cooper, Chairman Kentucky Railway Commisducing
coal within a few days. Men are now getting the
sion, Frankfort.
machinery ready. The mines in the territory taken over by
Massachusetts—Fuel Administrator, Boston.
Michigan—State Administrative Board, Lansing.
the State are those of the Rowland-Power Consolidated ColNebraska—State Railway Commission, Lincoln.
New York—Committee composed of representatives of the Port lieries Company, now in the hands of James Cooper of Terre
Authority, the Public Service Commission, the Transit Commission and Haute, Federal Court
receiver. Records in the State Mines
the Attorney-General.
Inspection Bureau show the mines in Clay County both proNorth Carolina—State Corporation Commission, Raleigh.
duce third-vein bituminous coal up to 18,000 tons a month.
North Dakota—Railroad Commission, Bismarck.
Pennsylvania—Public Service Commission, Harrisburg.
Coal from the mines taken by the State will be distributed
Rhode Island—George H. Webb, Fuel Administrator, Providence.
by the State Emergency Coal Committee, which is composed
South Carolina—B. E. Gerr, Chairman Governor's Coal Committee,
of members of the Public Service Commission. It will be
Greenville.
Tennessee—State Commission composed of W.N.Beasley,representative
distributed in accordance with Interstate Commerce Comof Public Utilities Commission; Wilbur A. Nelson, State Geologist; T. F.
Peck, Agriculture Department, and 0. P. Pile, Bureau of Mines and mission priority orders. The immediate demands of State
Mining.
institutions, public utilities and canning factories will first
Vermont—Hugh J. M. Jones, Montpelier.
be met. "It must be remembered that the Federal receiverVirginia—Major Alexander Forward, Coal Administrator, Richmond.
ship places the United States Government behind these
West Virginia—J. Walter Barnes, Fuel Commissioner, Charleston.
Wisconsin—Edward Nordman, Commissioner of Markets, Chairman; mines," said
the Governor in announcing his action. This
L. E. Gette, Chairman of Railroad Commission; John G. Mack, State
statement was taken to mean that any interference with the
Chief Engineer, and J. B. Borden, Secretary Board of Public Affairs.
operation of the mines would be an offense against both FedPLANS OF NEW YORK STATE COAL COMMISSION eral and State laws.
FOR DISTRIBUTION OF COAL.
The State Coal Commission of New York, appointed by
Governor Miller to supervise the distribution of fuel, held STATEMENT BY A. M. OGLE IN REPLY TO UNION
LEADERS ON CONTRACT VIOLATIONS.
an organizatiot meeting on July 31 and elected E. H.
Impelled by statement from John L. Lewis and John HessOuterbridge Chairman. Preliminary plans were outlined
by Mr. Outerbridge, who looks forward to a coal shortage ler, Presidents respectively of the United Mine Workers and
which may be severe enough to cause unessential industries the Indianapolis union district, A. M. Ogle, President of the
to close. It was decided that the private consumer should National Coal Association, issued a statement on August 1
have preference in the distribution of coal. Then will come in which he set forth the attitude of the operators and the
State and county institutions, such as court houses, State "facts about contract violations which are proved by the
hospitals and jails. Industries will be served last. Mr. record." Mr. Ogle said: "Mr. Lewis and Mr. Hessler continue to hide behind a smoke screen and confuse the issues
Outerbridge announced the Committee's plans as follows:
The amount allotted to the various groups will depend on the allocation by chargin contract violations by the operators. This is only
to New York State by the United States Government, but it does not a continuation
of their brazenly deceitful policy. There has
seem possible that there will be enough to go around satisfactorily.
Various groups will receive percentage rations and the least coal will not been one statement issued by the miners' officials since
be given to the non-essential industries. It is quite possible that a con- the beginning of the strike that could stand the acid test If
tinuation of the strike will cause a number of them to close for lack of fuel.
compared with facts as they actually are and have been."
We hope to have one main committee whose members shall represent
the private consumer, public utilities and State, county and municipal His statement continued:
608
THE CHRONICLE
Here are the facts about contract violations that are proved by the
record: In April 1917 the miners threatened to strike unless an existing
contract was modified in their favor, and the operators yielded in October
1917. The miners again threatened a nation-wide strike when the country
was at war. This was their patriotic contribution to the cause. The
operators and public were again forced to yield and substantial increases
were added to the then existing contract rates.
On Nov. 1 1919, the miners again struck in violation of their contract
• and were enjoined in Judge Anderson's court, but they flouted the court
and the strike continued. President Wilson, it will be remembered, denounced this strike as being both "illegal and immoral." Settlement was
finally accomplished with a further increase to the miners and the appointment of a commission by President Wilson which handed down an award
granting a still further increase upon which a contract for two years from
April 1 1920 was entered into. Almost immediately, however, the miners
struck again to enforce the minority report of the commission signed by
one man, John P. White.
To settle this strike, in August 1920, the central competitive field conference convened at Cleveland and because the operators refused to yield
further to the lawless demands of the miners, the conference was adjourned
sine die. Through the newspapers and his "United Mine Workers'
Journal" of Sept. 1 1920, Mr. Lewis stated that the inter-State joint wage
movement of the miners and operators of the central competitive field,
which was in successful existence for many years, was disrupted at the
joint conference held at Cleveland. As a result various districts in the
central competitive field are working out individual contracts. These
Individual district agreements were worked our by substantially increasing
the wages again in violation of contract to the satisfaction of the miners.
Individual State agreements were pleasing then when wages were being
forced upward, but they become abhorrent and impossible now when
wage reductions are under consideration. •
In addition to the nation-wide contract violations by the miners, we have
had during the last two years over 800 strikes at individual mines and
groups of mines in the State of Indiana, all in flagrant disregard of contract. Can anyone read this record and have any confidence in any
statement made by Mr. Hessler or Mr. Lewis about their high regard
for the sanctity of contract? The miners have during the past several
months been clamoring before the public for a complete investigation of the
coal industry. The operators, both anthracite and bituminous, have
offered them not only complete arbitration but also a fact-finding tribunal.
The Government also subsequently offered to appoint a tribunal to make
a complete investigation but the miners now reject. Why? Because
they are afraid to have all the facts known and they are afraid to put their
case before that last and final tribunal, the American public.
MILLION TONS OF COAL COMING HERE FROM
BRITAIN.
More than a million tons of coal will be moving from
Wales and the east coast of England by Sept. 1, according
to figures compiled by J. Barstow Smull, Vice-President
United States Shipping Board Emergency Fleet Corporation,
in charge of allocations and charters. In a statement on
July 31 Mr. Smull said:
The Shipping Board has already chartered 50 of its vessels to import
coal from the British Isles, and by Sept. 1 a million tons will be moving
to this country.
The 50 vessels operated through the Shipping Board will carry approximately 400,000 tons, and with the charters made abroad there will be
moving to this country the above quantity within the next 30 days.
COMMITTEE NAMED BY CANADIAN GOVERNMENT
TO SUPERVISE FUEL SUPPLIES.
The Canadian Government on Aug. 2 announced that it
had appointed a Central Advisory Fuel Committee to have
general supervision over the supply of coal and other fuel
throughout Canada. It consists of W. C. Kennedy,
Minister of Railways,and C. A. McGrath and Fred McCourt
of Montreal.
ANTHRACITE OPERATORS READY TO REOPEN
NEGOTIATIONS WITH MINERS.
Anthracite operators are "ready and willing" to reopen
negotiations with their employees committee at any time,
according to a statement issued on Aug. 1 by S. D. Warrifler, head of the operators' committee, after a conference
with the Mayors of six leading cities of the hard coal fields
in Philadelphia.
The statement said the operators were ready either to
continue negotiations for a new wage scale by direct coifference or to refer the matter to unrestricted arbitration in
accordance with the proposal made by the operators to the
miners' representatives at a conference June 2. The
Mayors, constituting a volunteer committee, seeking to
bring operators and miners together for an amicable settlement of the present controversy, conferred with John L.
Lewis, International President of the miners' union. They
carried word to the operators' representatives that Mr.
Lewis was willing to meet the anthracite operators to negotiate by direct conference for peace.
NATIONAL CIVIC FEDERATION URGES PRESIDENT
TO TAKE STEPS TO END ANTHRACITE STRIKE.
In a telegram sent to President Harding pn Aug. 3, Judge
Alton B.Parker,President of the National ivic Federation,
ged the Government to take steps to end the anthracite
[VOL. 115.
coal strike. The Conciliation Committee of the Federation, the message said, "does not believe that the differences
between the anthracite coal operators and the United Mine
Workers present obstacles so insurmountable as to justify
a continuance of the shutdown of the mines one unecessary
day at this crucial time." It added:
While we realize that you are working assiduously on the innumerable
and distracting problems connected with both the railroad and the miners'
strike, we desire to urge especial consideration of the anthracite situation
because, comparatively speaking, it offers few serious problems to solve.
No question of collective bargaining is involved because both sides are
organized and have been dealing collectively for twenty years. There is
no question of unionism or non-unionism involved because practically
every miner belongs to the mum.
There is no question of seniority because every man is wanted back in
his job. There is no question of State or inter-State agreements because
anthracite mining is all in one State. There is no question of too many
men or too many mines, for all the anthracite mines will be worked and all
the men will have all the work they can do after a settlement is brought
about. No question of troops is involved, because the anthracite miners
all belonging to the union, the operators are not attempting to operate their
mines—the only situation which calls for troops.
If the operators desired to train new miners, it would take them two
years to accomplish I,even if there were no obstacles, because the Pennsylvania law provides that no man can mine anthracite coal unless he has had'
two years' experience and can show a certificate issued by the Miners
Certificate Board, which Board is appointed by the County Judge from a
list supplied by the miners' union.
Copies of the message, together with a statement commending their efforts to settle the strike, were sent to the
following Mayors of cities in the Pennsylvania hard coal
region: John J. Durldng, Scranton; J. J. Blessler, Pottsville; J. J. Harvey, Hazleton; P. R. Brown, Pittston; John
Lostis, Carbondale, and John L. Hart, Wilkes-Barre.
CHAMBER OF COMMERCE COAL BUREAU ON
ISSUES IN COAL STRIKE.
The addition of 100,000 men of equal producing efficiency
to those now mining coal, if favorable conditions obtain,
would mean that the bituminous coal needs of the country
would be met, according to the Coal Bureau of the Chamber
of Commerce of the United States, which has just issued
a detailed review of the fuel situtation. The bulletin was
put out to the membership of the Chamber for the purpose
of informing it as to coal supplies and the outstanding issues
involved in the controversy between the operators and the
miners. The Coal Bureau bases its opinion regarding the
number of men required to bring about a return of normal
bituminous production on figures showing that with 610,000
men on strike and 185,000 at work the mines produced in
the week ending before the shopmen's strike began 5,337,000 tons of coal as against the country's weekly requirements of 8,100,000. At the same time the Bureau calls
attention to the fact that production has fallen off in the
last three weeks due to the railroad strike and that any prediction having to do with coal output must take into consideration the railroad situation. As to the anthracite
situation the Bureau says that as it is customary to operate
anthracite mines in summer to build up winter stocks the
shortage is causing concern and that some substitution
of bituminous for anthracite is likely. There are no reliable figures, says the Bureau, as to the amount of anthracite
stock on hand. There are positive indications, says the
Bureau, that certain industries in various parts of the
country have reached an end of their bituminous resources.
A development of the strike which has caused much concern,
it is declared, is the interruption of the delivery of coal at
Lake Erie ports for shipment to the Northwest. It is pointed
out, however, that the requirements of the North-West
can be met if beginning September 15 or possibly as late as
October 1 coal can be delivered in volume of at least 1,000,000 tons a week until cold weather closes navigation.
In its explanation of the issues involved in the strike, the
Coal Bureau declares that the question of wages is not the
main issue and that the chief point at issue is the difference
over the basis upon which the operators shall deal with the
miners both as to wages and conditions of work. The
Bureau says:
"From the beginning, the United Mine Workers have contended for
negotiations upon a national basis. The method for carrying this out is an
agreement between operators and mine workers as to wages and conditions
In what is known as the Central Competitive Field, comprising the mining
districts in western Pennsylvania, Ohio, Indiana, and Illinois. Wages and
conditions in other fields throughout the country would be adjusted in
accordance with the agreement for the Central Competitive Field. The
operators, on the other hand, in view of different mining and living conditions, contend for separate working agreements by districts, or at most by
States.
"The mine workers have refused and are still refusing either to confer or
to consent to arbitration upon anything less than a national basis. This
Is evident from reports as to efforts by governors following the appeal to
them from the President to bring about conferences between mine workers
AUG. 51922.]
THE CHRONICLE
•
609
31 1922:
attempt- Total payments to July
and operators by States. The mine workers, wherever this is being
(a) Under Section 204, as amended by
Workers
Mine
United
the
by
ed, refuse to confer because of the stand made
Section 212 for reimbursement of defiof America, for a national basis of adjustment.
cits during Federal Control:
preserve the
"Closely related to the desire of the United Mine Workers to
(1) Final payments, including partial
is the
$2,789,007 82
Central Competitive Field as a basis for national wage agreements they
payments previously made
of
unionization
complete
polic of the United Mine Workers in urging
(2) Partial payments to carriers as to
payment
coal industry.
which a certificate for final
in importance
"Another factor in controversy, which holds higher place in
has not been received by the Treasas the 'checkwith both parties than the wage schedule, is what is known
ury from the Inter-State Commerce
assess1,201,603 54
off.' This is an arrangement whereby union dues and all union simple
Commission
the
through
operators
the
by
miners
the
ments are collected from
3,990,611 36
of deficits
ent
envelopes.
reimbursem
pay
Lotal payments account
process of withholding such dues and assessments from the
enabled the
(b) Under Section 209. as amended by
The contention of the operators is that this arrangement has
have accumSection 212 for guaranty in respect to
miners to accumulate larger sums than they could other wise
industry and the
railway operating income for first six
ulated, which have been used for the unionization of the
legitia
check-off is
months after Federal control:
maintenance of strikes. The miners contend that the
which originated
(1) Final payments,including advances
mate means of collecting dues and is based on long practice
and partial payments previously
in England.
of the United
$91,201,862 25
made
"There are no figures available showing the total income
g
Accord'
-off.'
(2) Advances to carriers as to which a
Mine Workers of America through the medium of the'check
Union
a
Pennsylvani
certificate for final payment has not
to statements of Mr. Brophy, President of the Central
Illinois, Kansas,
been received by the Treasury from
District, at congressional hearings, and figures for the
is approximonth
per
00
$3
districts,
the Inter-State Commerce CommisArkansas
and
Missouri, Oklahoma
of
number
the
222,102,672 00
sion
mately the amount paid by individual members. Assuming
which were the
(3) Partial payments to carriers as to
paid up members of the United Mine Workers to be 425,700,
organizthe
of
income
e
payment
approximat
final
for
which a certificate
figures of 1221, this would represent an
that of the
has not been received, as stated above 132,182,922 09
ation per year of $15,500,000. Mr. Brophy's figures indicated
paid out by the
amount collected in his district, approzimately 45% was
unions to verify
445,586,456 34
Total payments account of said guaranty
local unions as wages to check weighmen, employed by the
of calculation if
(c) Under Section 210 for loans from the revolving fund
the weights of coal paid for by the ton. The same basis
from total
314,693,943 00
of $300,000,000 therein provided
applied to the entire organization would require a reduction
income is also
income of approximately $7,000,000. The organization's
$764,271,010 70
Total
drawn upon for out-of-work relief and death benefits.
was that the
The carriers to which final payments have been made by the Treasury
'President Harding's proposal at the Washington Conference
amounts severally
pending a re-ad- of the guaranty under Section 209 and the aggregate
miners should return to work at the March 31 1922, scale
to them on the guaranty including advances and partial payments
paid
Presithe
are as follows:
made,
justment of wages. Certain of the operators who did not accept
previously
miners return
500,918 65
$5,246 20 Lake Erie & Western RR_
dent's proposal to arbitrate the wage scales suggested the
Alabama Central Ry
10,851 76
set by the Alabama Mississippi RR.,
LufkinHemphlII&GulfRy.
on the lower wage scale of November, 1917, this being the scale
20,864 90
_
_
_
RR_
Middle
Tennessee
16,54361
Receiver
Fuel Administration during the War.
193,167 95
Range RR
Mineral
85
315,261
Co
Railroad
Arbor
Ann
in
only
"It is difficult to establish a basis for a comparison of wages, not
20,802 29 Minneapolis St. Paul &
Northern RR
field, Apalachicola le&CherawRR
5,127,467 82
Sault Ste. Marie Ry_
16,319 94
the coal industry itself, but with other industries. In the anthracite
Bennettsvil
283,581 46
averlabor
2,961 03 Mississippi Central RR
day
RR
inside
Sullivan
for
&
wages
the
Bloomsburg
strike,
on March 31st, Just prior to the
12,994 77
_
_
Ry_
Eastern
Mississippi
70
2,995
the Bridgeton & Saco Riv. RR
aged $4 76 per eight hour day. The present demands of the miners in
27 New Orleans Great North6,551
Ry.
So.
&
No.
Brownwood
Mine
366,555 93
ern
RR
anthracite field which were ratified by the conference of the United
&
PittsRochester
Buffalo
1,754,864 47 Norfolk Southern RR_ _ __ 1,311,700 63
Workers of America at Indianapolis, February 14 1922, call for a flat Inburgh Ry
21,558 36
21,954 88 Pacific Coast Railway Co_
___
crease of $1 per day over the above rate. In the central competitive Bullfrog Goldfield RR_
81,105 81
56 Paris & Mt.Pleasant RR2,223,982
& East. Illinois RR_
384,329 87
bituminous field the wage rate for team drivers, frequently used as a basic Chic.
1,565,319 54 Peoria & Pekin Union Ry_
Ry
Junction
Chicago
9,506,060 80
wage typical of average day labor, was $7 50 for a day of eight hours just Chic. Milw.& St. Paul Ry 23,111,528 05 Phila.& Reading Ry
& TerChic. & North West'n RR 16,533,520 55 Port St. Joe Dock
prior to the strike.
1,410 22
Ry
minal
Crip&
industry
Springs
coal
Colorado
the
"The operators contend that wages should be reduced in
72,226 86
170,921 69 Quanah Acme & Pacific Ry.
ple Creek Ry., Receiver
in keeping with reduction in other industries. The miners contend that Deering Southwestern Ry.
7,623 67 Rapid City Black Hills &
23,685 30
Western RR
wages have not been raised in the coal industry above a proper wage, and The Denver & Rio Grande
104,305 19
1,415,153 32 Raritan River RR
RR.,Receivers
also take issue with the argument that there should be uniform 'deflation'
58,711 84
Southern Ry_
Island
Rock
Bay
&
no
West
is
Detroit
City
of wages. The miners further contend that their rate of daily wage
107,813 36 The San Antonio & Aranern RR
556,354 39
sas Pass Ry
measure of annual earnings, as their occupation is intermittent and irre- Duluth South Shore & At10,513 78
94 Santa Maria Valley RR__
459,959
lantic Ry
gular."
ez Phillips
REPAYMENT OF LOANS ADVANCED TO RAIROADS
UNDER TRANSPORTATION ACT.
Repayments of $81,363,500 have been made of loans advanced by the Treasury to the railroads of the country under
the Transportation Act. According to an announcement
made by the Treasury Department on August 1, total payments to the railroads up to July 31 1922 were $764,271,010,
of which the Director-General advanced $314,693,943 to the
carriers out of the $300,000,000 revolving fund. With the
exception of two or three applications, which were made before the life of the fund expired, the Government, it is said,
will make no more loans to the carriers. Since July 1 1922
advances aggregating $3,261,014 have been made to the railroads. The following is the Treasury Department's announcement:
59,993 67 Stanley Merrill
Electric Short Line Ry_ _ _
32,482 71
Ry
3,158 56
Elec. Short Line Term.Co.
32 St. Louis San Francisco &
_
1,191,408
_
El Paso & Southwestern
314,967 53
Texas Ry
'Fernwood. Colum. & Gulf
71.480 50 St. Louis-San Fran. Ry__ 5,385,449 76
RR
5,238 91 Terminal Railroad AssociFlint Riv.& Northeast RR
1,693,960 75
ation of.St. Louis
251,885 67
Ft.Worth&RioGrandeRy.
158,367 54
7,132 37 Texas Midland RR
Ry.
Northern
The Georgia
96,683 34
RR_
Tonopah & Goldfield
Gulf Florida & Alabama
314,250 00
253,68492 The Ulster& Delaware RR
Ry., Receiver
Fork
North
&
Ursina
The
and
Illinois Central RR.
4,150 90
Ry
13,689,078 57
its subsidiaries
938 59
48,362 49 Waterville Railway Co_ _ _
Jefferson & Northw'n Ry.
17
84,226
_
_
RR_
Allegheny
Western
KansasCity Clinton &
7,123 47
86,228 29 Woodstock Ry
Springfield Ry
Kansas City Mexico &
554,715 19
Orient Ry. Co. of Texas
Kansas city Mexico &
$91,201,862 25
Total
478,904 17
Orient RR., Receiver__
for
The carriers to which payments have been made by the Treasury
them
loans under Section 210 and the aggregate amounts severally paid to
in this respect are as follows:
4,440,000 00
Illinois
i oi Centra RR
Alabama Tennessee &
579,000 00
lHarbor Belt ER.
Northern RR. Corp_ _ _ $489,000 00 Indianal
North.
Great
&
Internat.
&
RyVicksburg
00
Alabama
1,394,000
194,300 00
of
Ry., Receiver
Akron Canton & Youngstown Ry
212,000 00 Des Moines & Cent. Iowa
Interthe
erly
y
m
R
for
n
.
a
.
b
R
lulr
50:0
0000
65
00
Ann Arbor RR
633,500 00
Aransas Harbor Term.Ry.
Kansas City Mexico & OriAtlanta Birmingham & AtWashington, D. C., August 1 1922.
00
_
y
5,000,000
of..
f
R
o
Receiver
,
City.
sRIt
0 Kaennsta
200:00
00
0000
lantic Ry
580,000 00
Since last announcement, dated July 1 1922, payments under Sections Baltimore & Ohio RR.._ _ 3,0
Terminal
&
Franklin
Erie
Lake
00
204, 209, 210 and 212 of the Transportation Act 1920, as amended, have Bangor & Aroostook RR
200,000
25,000 00
Clarion RR
Birmingham & Northw.Ry
75,000 00
been made by the Treasury as follows:
719,000 00
IisIllaen
nigsv
Lou
19,705,479 00 L0
Boston dr Maine RR
Section 204:
effersonville
JR
R
d
&
&
Rochester Pitts162,000 00
$18,078 37 Buffalo
Butler County Railroad Co
Bridge & RR
burgh Ry
1,000,000 00
00
46,478 60 Cambda & Indiana RR..
250,000 00 Maine Central RR RR_ 2,373,000
Fernwood Columbia & Gulf Railroad Ce
00
1,382,000
L.
St.
&
Minneapolis
5,009 25 Caro. Clinchf.& Ohio Ry_ 10,000,000 00
Knoxville Sevierville & Gulf Railroad Co
Kan. & Texas Ry.
Mo.
of
00
Georgia
Ry_
Central
___
237,900
07
6,517
450,000 00
Lumpkin Hemphill & Gulf Railway Co
of Texas, Receiver of..
Central New England Ry00
300,000
Ry_ 3,500,000 00
14,802 09 Central Vermont Ry
Mansfield Railway & Transportation Co
193,000 00 Mo.& Nor. Arkansas
10,071,760 00
18,498 53 Charles City Western Ry_
140,000 00 Missouri Pacific RR
Nacogdoches & Southeastern Railroad Co
_ 11,437,830 00
Corp_
Service
Sty.
Nat'l
&
Ohio
Ry- _ _ 9,097,000 00
17,977 70 Chesapeake
234,000 00
Ry__
St. John & Ophir Railroad Co
Mex.
N. 0. Tex. &
'Chicago & Eastern Illinois
RR___ 26,775.000 00
Section 209:
RR., Receiver
785,000 00 New York Central
00
19,430,000
RR_
20
Hartf.
2,246
&
H.
N.
N.Y.
Chicago Great WesternRR 2,685,373 00
Alabama Central Railway Co
- 1,311,000 00
2.961 03 Chic. Ind.& Louisv. Ry
200,000 00 Norfolk Southern RR_ _8,000,000 00
Bloomsburg & Sullivan Railroad Co
Ry
Pacific
Northern
&
Milw.
00
Chic.
Ry.
St.Paul
60,340,000
1,051 27
12,480,000 00
Brownwood North & South Railway Co
R.I. & Pacific Ry_ _ 9,862,000 00 Pennsylvania RR
1,799,000 00
6,319 94 Chic.
Bennettsville & Cheraw Railroad Co
Chic.& West.Indiana RR. 8,000,000 00 Peoria & Pekin Union Ry61,00000
05
RR
12,480
Rutland
&
00
Cisco
Northeastern Ry_
180,726
Fernwood Columbia & Gulf Railroad Co
1.000,00000
RR
Utah
&
Salt Lake
41,885 67 Cowlitz Chehalis & CasFort Worth & Rio Grande Railway Co
Air Line RY--- 8,698,400 00
Seaboard
Ry
cade
00
45,000
57
1,313,078
Eta Line Co__ _ 2,200,000 00
Illinois Central Railroad Co
Seaboard-y
Cumberland & Manchester
29,000 00
31,228 29
Shearwood RY
RR
37,
Kansas City Clinton & Springfield Railway Co
100,000 00
Northern RR_ __ _
19
84,715
Tampa
Railroad
Erie
00
11,574,450
Texas
of
Kansas City Mexico & Orient Railway Co.
563,000 00
Ry.
-Central
Tennessee
32,904 17 Evansville Indianapolis &
896,925 00
Kansas City Mexico & Orient Railroad Co., Receiver.
Terminal RR. Asso., St.L.
Terre Haute Ry
400,000 00 Termil
20,864 90
Toledo St. Louis & WestMiddle Tennessee Railroad Co
FernwoodColumbia &Gulf
692,000 00
of.
22
Receiver
1,410
RR.,
ern
RR
33,000 00
Port St. Joe Dock & Terminal Railway Co
. 1,000,000 00
RR17,226 86 Flemingsburg & North.RR
7,250 00 Trans-Mississ. Term.Ry-106,000 00
Quanah Acme & Pacific Railway Co
Ridge
Blue
Virginia
Dodge
Des
Fort
Moines &
114,967 63.
38,000 00
RR_ _ - _
St. Louis San Francisco & Texas Railway Co
Southern RR
200,000 00 Virginia Southern
2,000,000 00
855,449 76 Fort
Virginian Ry
Smith & Western RR.
St. Louis-San Francisco Railway Co
1,320,000 00
Ry_
No.
&
F.
C.
Waterloo
Co., Receiver of the._ _
156,000 00
Section 210:
Ry... 3,422,800 00
27,863 00 Gainesville & Northw.RR.
75,00000 Western Maryland
Cisco & Northeastern Railway Co
Wheeling & Lake Erie RY- 2,960,000 00
563,000 00 Georgia & Florida Ry.,
&
Tennessee Central Railway Co
Brunswick
Receivers of
792,000 00 Wilmington
90,000 00
Section 212:
Southern RR
Northern Ry
33,496,000 00
381,750 00
00 Great
Ry.
4,000
Northwestern
Wichita
Co
Greene
County
Port Bolivar Iron Ore Railway
RR
60,000 00
Gulf Mobile & North.RR. 1,433,500 00
$314,693,943 00
Total
$3,261,014 36 Hocking Valley RR
1,665,000 00
Total
610
THE CHRONICLE
LVoL. 115.
Repayments on loans under Section 210 have been made as follows:
tives to consider President Harding's proposals was referred
Ala. Tenn. & Nor. ER__ _
813,750 00 Lake Erie Franklin &
to
in our issue of last Saturday (page 505). The recommenAnn Arbor ER
100,000 00
Clarion RR
2,500 00
Atl. Birm. & Atlantic Ry_
20.000 00 Long Island RR
219,000 00 dations, however, were not made public until the time for
Bangor & Aroostook RR_
16,000 00 Mo. Kan. & Texas Ry.
Boston & Maine RR
of Texas, Receiver
5,000,000 00
30,000 00 the meeting of the executives. At Tuesday's meeting,
Cambria & Indiana RR
250,000 00 Missouri Pacific RR
4,442.000 00
Carolina Clinch'. & 0.Ry. 2,000,000 00 Nat'l Ry. Service Corp
612.540 07 when the plan was brought up for consideration, Herbert
Central of Georgia Ry.,_
15,860 00 New York Central RR.... 3,040.000 00
Hoover, Secretary of Commerce, was present as President
ChicagoGreat West. RR_
240.000 00 Norfolk Southern RR_
11,100 00
Chic. Ind. & Louisv. Ry
45,000 00 Northern Pacific Ry
6,000.000 00 Harding's representative and urged the railroad heads to
Chic. Milw. de St. P. Ry_ 25,340,000 00 Peoria & Pekin Union
Ry_
2,000 00
Chic. & Western Ind. RR.
183,000 00 Salt Lake & Utah RR_ _ _ _
96.000 00 "uphold the President." Secretary Hoover's talk was brief,
Great Northern fly
30,134,000 00 Term'l RR. Asso. of St. L..
377,750 00 consuming, it
Greene County RR
is said, only twenty minutes. As to what he
6,000 00 Toledo St. Louis & WestIndiana Harbor Belt RR_
165,000 00 ern RR., Receiver
46,000 00 had to say, we quote the following from the New York
Illinois Central RR
296,000 00 Waterloo C. F.& Nor.Ry.
60,000 00
Kansas City Mexico &
Western Maryland fly.,.. _
100,000 00 "Times" of the 2nd inst.:
Orient RR., Receiver.._ 2,500,000 00
"I simply presented the position of the Administration,"said Mr.Hoover,
Total
$81,363,500 07
Note.—The payments above mentioned are in addition to disbursements smiling as he emerged from the conference room. "I made some further
explanations of the President's proposals, which were already before the
made to carriers by the Director-General of Railroads.
meeting. I did not take take part in the discussions and I was not asked
any questions."
It was explained by an official spokesman of the executives, that Mr.
REPLY BY RAILWAY EXECUTIVES TO PRESIDENT
Hoover said in effect at the meeting that the first issue, that of upholding the
HARDING'S PROPOSALS FOR RAILROAD STRIKE
Railroad Labor Board, transcended all others, in the opinion of President
Harding. He said the President was determined to uphold the Railroad
SETTLEMENT—SENIORITY PROPOSAL
Board, and was especially desirous of seeing the men return to work
Labor
REJECTED.
and both sides manifest obedience to the Board's findings.
The meeting in this city on Tuesday, Aug. 1, of the
President Harding did not consider seniority a serious issue, Mr. Hoover
executives of about 150 major railroads of the United States, was quoted as saying, because it did not affect the integrity of the Labor
Board, the Government or any one else. He said that the President realized
called to consider President Harding's plan for the settlement the railroads' viewpoint as to the seriousness of the seniority question, and
of the shopmen's strike, resulted in the absolute rejection did not wish to seem to belittle it. However, he did not count it a "major
of the proposal that the employees on strike "be returned to issue" and must not obscure the main question, which was upholding the
Labor Board.
work and to their former positions with seniority and other Railroad
The coal situation was regarded as a "complicating factor" in the Presirights unimpaired." This was one of three recommenda- dent's mind, Mr. Hoover was reported as having said. If that situation had
tions made by President Harding in his efforts to adjust the been different the President might not have taken the point of view he did,
according to Secretary Hoover. In closing the Secretary urged the railroad
differences between the carriers and the men; conditional executives to go along with the President's plan. Mr. Hoover returned to
acceptance of the other two proposals submitted by the Washington last night.
President was agreed to; in the case of the first—that railway
managers and workmen agree to recognize the validity of
all decisions of the Railroad Labor Board—the carriers
consented to accede to it with the understanding that it
was "not intended to preclude any party to a controversy
from proceeding by legal action to question the validity of
any order of the Board on the ground that jurisdiction and
authority to make the order was not conferred by the statutes creating the Board and defining its authority." The
second proposal made by President Harding, viz., that the
carriers withdraw all lawsuits growing out of the strike,
and that decisions of the Railroad Labor Board involved in
the strike be submitted to the Board for rehearing, the carriers agreed to with the understanding that the strike be
first called off, and the representatives of the strikers pledge
themselves and the strikers against violence against the men
at work and the property of the carriers.
The reply of the railway executives was devoted principally to the question bearing on the restoration of seniority
rights of the striking shopmen. In declaring that it was
impossible to agree thereto, the executives pointed out that
many men in the service had refused to join the strike, and
that in doing so were assured of the seniority rights accruing
to them and of the permanence of their positions. Furthermore, they stated that "to these old loyal employees have
been added thousands of new men who were employed and
could be secured only upon a definite promise that their
services would be retained regardless of the settlement of
the strike, with all the rights appertaining to such employment, including that of seniority." The letter calls attention to the fact that "the Board itself prescribed the rules
of seniority under which the men referred to have secured
their seniority rights," and added that "the railroad companies have neither the legal nor moral right to deprive these
men of those rights." The railway executives likewise state:
In addition to the necessity of upholding the Labor Board, and maintaining the pledges made by the railroads to the men now at work, there
Is the practical effect on the supervisory officers of a violation of the pledges
they were authorized to make. Their discouragement and demoralization
would be far more disastrous than this or any other strike. Much harm
has already been done by repeated publication of rumors in recent days
that the loyal men and the new men are to be sacrificed to the strikers.
This has discouraged new men from accepting employment in as great
numbers as would come forward if certain that the pledges given would be
fulfilled. Such published rumors only delay the complete collapse of the
strike.
In conclusion it is contended 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"
the railway executives state "it becomes apparent that the
railroads cannot consider 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."
The calling of this week's meeting of the railway execu-
Regarding the discussion of the President's proposals by
the executives the same paper stated:
Immediately upon the reading of the President's letter the executives
began a discussion of its contents, with Robert Lovett, Chairman of the
Board of Trustees of the Union Pacific RR., regarded as dean of the railway
executives, taking the floor. He said that there was "no moral reason"
why the roads should recede from their stand against restoring seniority
rights to the strikers."
"There is no practical reason either," Mr. Lovett is quoted as having
said, pointing out that the railroads were filling up their shop forces rapidly,
some of them recruiting to 80% of normal. He declared the railroads
were in a position to handle the nation's traffic.
A. H. Smith, President of the New York Central Lines, followed with
the statement that to agree to the President's plan would bring about
"demoralization of the existing forces." He said the supervisory forces on
several roads were now threatening to quit in a body if any proposals
restoring seniority rights to strikers should be accepted.
"Here is proof of every word I have said," emphasized Mr. Smith, as he
threw down upon the conference table a stack of telegrams from supervisors,
foremen and assistant foremen on the New York Central Lines, who had
telegraphed protests.
"We must be loyal to the men who have been loyal to us," continued Mr.
Smith. "We cannot give way. There is no necessity for such action.
The railroads are running and will continue to give the public service."
Warns of Union Domination.
Mr. Smith warned that to accept the strikers back on such terms would
mean eventually that the unions again would dominate the railroad employees and that they would discipline and oust gradually from the service
the loyal old employees and the new men.
Secretary Hoover arrived at the conference promptly at 12 o'clock, and
was greeted with a roar of applause as he appeared before the executives.
He spoke less than 20 minutes, explaining that he had come as the personal
representative of President Harding.
Stating that the real text of the President's proposal was
a complete surprise to the executives, as it was entirely
different from the unofficial reports given out at Washington
and Chicago, the "Times" added:
That instead of counseling protection to the loyal men on seniority rights
and partial penalization of the strikers the President urged unrestricted
restoration of seniority, came as a bombshell to the session,
The drafting of the reply to President Harding's proposals
was delegated to the following committee: Robert S. Lovett,
Chairman of Executive Committee, Union Pacific, Chairman;
A. H. Smith, President of the New York Central Lines; Hale
Holden, President of the Chicago Burlington & Quincy RR.;
W. W. Atterbury, Vice-President of the Pennsylvania; A.P.
Thorn, General Counsel, Association of Railway Executives;
W. R. Cole, President of the Nashville Chattanooga & St.
Louis By.; and J. C. Markham, President of the Illinois
Central.
The committee's reply received the unanimous approval
of the full quota of executives present at the meeting, two
votes against it having, it is said, been registered by L. F.
Loree, Chairman of the Eastern Presidents' Conference,
simply because he considered that the executives had not
taken a "strong enough stand." According to Robert S.
Binkerd, Assistant Chairman of the Association of Railway
Executives, altogether 267 votes were cast, a vote being
allowed each carrier for each 1,000 miles or fraction of line.
There are 201 Class A railroads in the United States, Mr.
Binkerd said, of which 186 are members of the Association
of Railway Executives, but not all the 186 were represented
at the meeting, since their lines were not affected by the
AUG. 5 1922.]
THE CHRONICLE
questions at issue. In its account of Tuesday's meeting
the "Times" said:
The outcome of the conference, it was said by one of the officials last
night, was tantamount to a declaration of "fight to a finish." The seniority
proposal was conceded to be the crux of the situation and "impossibility of
agreement" on that issue automatically imposed practically the same condition on the other two, despite their partial endorsement.
Elsewhere we give the proposals of President Harding. The
following is the reply telegraphed to President Harding by
the ralway executives in the form of a resolution:
Resolved, (1) That we accept the first recommendation of the President.
reading as follows:
"First. Railway managers and workmen are to agree to recognize the
validity of all decisions of the Railroad Labor Board, and to faithfully
carry out such decisions as contemplated by the law"
to
with the understanding that this is not intended to preclude any party
validity of
a controversy from proceeding by legal action to question the
to
any order of the Board on the ground that jurisdiction and authority
and
make the order was.not conferred by the statutes creating the Board
defining its authority.
reading as
(2) That we accept the second proposal of the President,
follows:
growing out of the
"Second. The carriers will withdraw all lawsuits
have been involved in
strike, and Railroad Labor Board decisions which
rights by either
recognized
of
exercise
the
in
taken,
the strike may be
party, to the Railroad Labor Board for rehearing"
611
It must be understood that any proposal that employees now on strike
shall be permitted to return to the service, without impairment of their
seniority, is merely another way of suggestion that those men who took
employment in this crisis in good faith, relying on the promises of the railroads to protect them in their positions, these promises being justified by
the authoritative utterances of the Labor Board,and thus have made possible the continued operation of the railroads, shall now be sacrificed in favor
of men now on strike, who not only brought about the crisis, but, by thir
own action and declaration are no longer employees of the railways, under
the jurisdiction of the United States Railroad Labor Board, or subject
to the application of the Transportation Act.
In addition to the necessity of upholding the Labor Board, and maintaining the pledges made by the railroads to the men now at work, there
is the practical effect on the supervisory officers of a violation of the pledges
they were authorized to make. Their discouragement and demoralization
would be far more disastrous than this or any other strike. Much harm
has already been done by repeated publication of rumors in recent days
that the loyal men and the new men are to be sacrificed to the strikers.
This has discouraged new men from accepting employment in as great nembers as would come forward if certain that the pledges given would be fulfilled. Such published rumors only delay the complete collapse of the strike.
In view of the above, it is submitted 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 consider 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.
represenwith the understanding that the strike is first called off, and the
tatives of the strikers pledge themselves and the strikers against violence in
any form against the men now at work and the property of the carriers,
since otherwise it would be impossible to consider the dismissal of injunctions
and property
and other legal measures necessary to protect such persons
PRESIDENT HARDING'S PROPOSALS FOR SETTLING
from the violence and intimidation of the character resorted to in many
SHOPMEN'S STRIKE.
localities since the strike was called.
(3) That it is impossible to agree to the first sentence of the third proposal
President
Harding's
proposals for the settlement of the
follows:
as
reads
of the President, the whole of which
to work and to strike of the railway shopmen, considered at Tuesday's
"Third. All employees now on strike to be returned
The meeting (August 1) in this city, of executives of about 150
their former positions with seniority and other rights unimpaired.
representatives of the carriers and the representatives of the organizations
especially agree that there will he no discrimination by either party against major railroads of the country, met with a flat rejection by
the employees who did or did not strike."
the carriers—in so far as concerned his recommendation that
The railroad executives and managers agree entirely with the President's the men now on strike be returned to work and to their
Labor
Railroad
the
that
unthinkable
wholly
is
"it
that
letter
his
in
statement
Board can be made a useful agency of the Government in maintaining former positions with seniority and other rights unimpaired.
industrial peace in the railway service unless employers and workers are The President's proposals were presented in the form of a
I
both prompt and unquestioning in their acceptance of its decisions.
letter addressed under date of July 31 to T. DeWitt Cuyler.
think it is more desirable than I know how to express to have established
must Chairman of the Association of Railway Executives. In
the unchallenged authority of the Railroad Labor Board, because we
of suit- stating that he had
do those things which are necessary to bring about the recognition
"made a very full appraisal of all the
able authority to decide and end such disputes as menace the continuity embarrassments involved in making the
seniority restoration"
of transportation."
clear- President Harding added: "It has seemed to me that the
By this language the President has expressed with great force and
Railroad
proposition that the order of things on the day the strike
ness the policy which we advocate. But the decisions of the
comprising
Labor Board were flouted and defied by the six organizations
be restored, and that both employers and workers
began
11922,
July
effect
take
to
was
called
strike
the Federated Shop Crafts; the
railroad executives agree against discrimination toward either those who
and even the summons of the Board to appear with the
it took effect, struck or
before the Labor Board, after the strike was called and before
did'not strike, will leave to the managers only
strikers who refused to
was contemptuously ignored by the leaders of the
the railroads the difficult problem of dealing with the new men emof
duty
plain
the
attend the hearing. Thereupon it became
processes for ployed." The President urged that the settlement which
actively and vigorously to undertake to uphold the orderly
the statute creating he
the adjustment of industrial disputes contemplated by
proposed "brings, first of all, the restoration to normal
against
Board
that
the Labor Board, and represented by the decisions of
same time continue operations in transportation for which the country is calling.
which the strike in question was directed, and at the
public as common In the second place, it establishes definitely the full recogto the best of their ability to discharge their duty to the
carriers.
doing were nition of the Railroad Labor Board by all parties concerned."
Many men in the service refused to join the strike and in so
the permanence Aside from the proposal that seniority rights of the striking
assured of the seniority rights accruing to them and of
more refused to join shopmen be restored, the
of their positions. On some important lines 50% or
President's plan also contained
thousands of
the strike. To these old loyal employees have been added
a definite two other recommendations—first, that railway managers
new men who were employed and could be secured only upon
settlement and workmen agree to recognize the validity of all decisions
promise that their services would be retained regardless of the
including
of the Labor Board; second, that the carriers withdraw all
of the strike, with all the rights appertaining to such employment,
approved
that ofseniority under the working rules and regulations previously
lawsuits
growing out of the strike, and that both the carriers
to
refusal
a
that
by the Railroad Labor Board. We especially point out
the old men who remained in the service and to the new men who accepted and workmen agree to a rehearing before the Railroad
have
service of the rights of seniority incident to their employment would
strike. As we
would most Labor Board of the issues involved in the
Just the opposite effect to that desired by the President, and
the state in our item dealing with the reply of the railway
prescribed
seriously discredit the Labor Board. The Board itself
their
executives, the latter accepted, conditionally, these two
rules of seniority under which the men referred to have secured
nor
seniority rights, and the railroad companies have neither the legal
recommendations. They declined absolutely the proposal
utterances
moral right to deprive these men of those rights. By public
these to restore seniority rights to the strikers, contending that
since the strike began the Board has recognized and emphasized
of the
ights, and to deny them now would, instead of upholding the authority
Railroad Labor Board itself had "prescribed the rules of
the Labor Board, overthrow its rules and discredit its authority.
seniority
under which the men referred to have secured their
called
was
The Chairman of the Labor Board at the time the strike
seniority rights, and the railroad companies have neither
made the following public statement:
not be deceived. the legal nor moral right to deprive these men [the old men
"Upon one question, the striking employees should employees
of the
no longer
Their leader has said that the strikers areabandoned
the rights they who had continued in the service and the new men who
all
thus
automatically
railways, and they have
under the decisions of the Board,
rights." The resolution
possess under their agreements and
This is not the Board's action. It is their own. replaced the strikers] of those
Including their seniority.
their former employees the opportunity to adopted by the executives and telegraphed to President
"Many carriers are giving
time. It must be understood now that
re-enter the service within a limitedand
those who are now entering it will Harding said in conclusion: "The railroads cannot consider
men who remained in the service
have rights of seniority that the Board could not ignore."
not
The Chairman of the Board's statement that—
expresses, in substance, the
"This is an individual utterance, but it of
sentiments of a large majority of the members the Railroad Labor Board."
was justified by formal action of the Board taken in its resolution of July 3
1922, which stated, among other things, as follows:
in the service and
"Be it further resolved. That the employees remaining and
benefit of the
the new ones entering same, be accorded the application
Labor Board, until
outstanding wage and rule decisions of the Railroad
arrived
said
with
employees,
agreements
by
modified
or
amended
they are
or by decision of this Board;
at in conformity with the Transportation Act,
and
that the employees who
"Be it further resolved, That, if it be assumed
of their dissatisfaction with any
leave the service of the carrier because
in so doing, It must
rights
their
within
are
Board
Labor
the
of
decisions
in the service and those who
likewise be conceded that the men whoinremain
accepting such employment, that
rights
enter it anew are within their
to impose the arbitrary will of an emthay are not strikebreakers seeking
have the moral as well as the legal right to
ployer on employees; that they
public to avoid interruption of InAmerican
the
of
service
such
in
engage
they are entitled to the prodispensable railway transportation, and that
of the Government. State and
r ion of every department and
provide
any settlement of the present strike which does
protection in their present employment both to the loyal
employees who remained in the service and to the new
employees entering it." Thefollowing is President Harding's
letter to Mr. Cuyler setting out the former's recommendations for settling the strike:
July 31 1922.
My dear Mr. Cuyler:
as I understand
agreement,
I am writing to convey to you the terms of
them, upon which the railway managers and united shoperaft workers are
to agree, preliminary to calling off the existing strike.
First. Railway managers and workmen are to agree to recognize the
carry
validity of all decisions of the Railroad Labor Board, and to faithfully
out such decisions as contemplated by the law.
out of the strike,
Second. The carriers will withdraw all lawsuits growing
and Railroad Labor Board decisions which have been involved in the strike
either party, to the
may be taken, in the exercise of recognized rights by
Railroad Labor Board for rehearing.
612
THE CHRONICLE
Third. All employees now on strike to be returned to work and to their
former positions with seniority and other rights unimpaired. The representatives of the carriers and the representatives of the organizations especially agree that there will be no discrimination by either party against the
employees who did or did not strike.
In view of the things said in our personal interview, it is hardly necessary
for me to emphasize my belief in the wisdom of the railway managers accepting this compromise in order to bring the strike to an end. I have made
a very full appraisal of all the embarrassments involved in making the
seniority restoration. It has seemed to me that the proposition that the
order of things on the day the strike began be restored, and that both
employers and workers agree against discrimination toward either those
who struck or did not strike, will leave to the managers only the difficult
problem of dealing with the new men employed. It would be futile for me
to attempt to point the way of most easily solving that difficulty. I have
only attempted to appraise the situation from the larger viewpoint. It
seems to me that such a settlement brings, first of all, the restoration to
normal operations in transportation for which the country is calling. In the
second place, it establishes definitely the full recognition of the Railroad
Labor Board by all parties concerned. I have not specifically stated It in
the terms of settlement, but of course the abandonment of the contract
system, in accordance with the decision of the Board, is to be expected on
the part of all railroads. It is wholly unthinkable that the Railroad Labor
Board can be made a useful agency of the Government in maintaining Industrial peace in the railway service, unless employers and workers are both
prompt and unquestioning in their acceptance of its decisions. I think it
Is more desirable than I know how to express to have established the unchallenged authority of the Railroad Labor Board, because we must do those
things which are necessary to bring about the recognition of suitable authority to decide and end such disputes as menace the continuity of trans-.
portation.
You are at liberty to present the situation as I have outlined it to you,
and I hope you will convey to the members my deep conviction that this
dispute must be brought to an early termination. I need hardly add that
I have reason to believe these terms will be accepted by the workers. If
there is good reason why the managers cannot accept, they will be obligated
to open direct negotiations or assume full responsibility for the situation.
With very best regards, I am,
Very truly yours,
WARREN G. HARDING.
Col. T. Dewitt Cuyler,
Chairman, Association of Railway Executives,
care of Waldorf-Astoria Hotel,
New York City, N. Y.
[VOL. 115.
Timothy Healy, President of the Firemen and Oilers' Union, which is
also
on strike, signed the shopmen's acceptance of the President's proposal,
stating that his union would abide by the suggestions and would "follow
the
shopmen."
The following is the message of acceptance forwarded to
President Harding:
The representatives of the employees feel themselves under obligation to
support every proper effort on the part of the Government, to bring about
or to preserve the uninterrupted operation of the transportation industry.
The stubborn refusal of the railway executives to establish a board of
adjustment, as contemplated by law, in order to settle efficiently disputes
over rules and working conditions between the carriers and their employees;
the continued refusal of railways, representing over a quarter of a mileage
of class 1 railroads, to comply with the decisions of the Railroad Labor
Board against the practice of contracting bout work and shop; the persistent campaign to deny the railway employees just and reasonable wages;
to impose upon them unfair working conditions and to disintegrate their
organizations, all in cumulative effect rendered service by railway employees
under the terms and conditions to be effective July 1 1922, intolerable to
over 95% of thes..: employees, who therefore voted to suspend work.
It is now proposed that they return to work, temporarily accepting wage
and working conditions which they feel to be unjust, with reliance upon the
following program for redress of grievances:
"First—Railway managers and workmen are to agree to recognize the
validity of all decisions of the Railroad Labor Board, and to faithfully carry
out such decisions as contemplated by law."
The employees have always taken the position that as long as they
continued to render service they should abide by the rules and working
conditions and accept the wages agreed upon by proper negotiation, or
determined by the Labor Board after a hearing of a dispute upon any of
these matters. They respectfully point out again that violations of law
and refusals to comply with decisions of the Labor Board have been exhibited only by the railway managements and that it has been universally
admitted that the employees, in exercising their right to suspend work
under non-acceptance conditions, were neither violating the law nor the
decisions of he Board.
We understand that the recognition of the validity of all decisions by the
Railroad Labor Board, as contemplated by the law, means, for example,
that in the case of the Pennsylvania Rail waod all employees will return to
work under the wages and working conditions established in the decisions
of the Labor Board, and that the sole question of "validity" pending is the
authority of the Labor Board to determine, as in Decision No. 218, the
method of selecting accredited representatives of the employees, assuming
that the railroad has appealed from the decision of the United States
Circuit Court of Appeals, which sustained the action of the Labor Board.
ACCEPTANCE BY STRIKING SHOPMEN OF PRESI"Second—The carriers will withdraw all lawsuits growing out of the
DENT HARDING'S PROPOSAL FOR ADJUSTMENT
strike and the Railroad Labor Board decisions which have been involved
In the strike may be taken, in the exercise of recognized rights by either
OF STRIKE.
party, to the Railroad Labor Board for rehearing."
Acceptance of President Harding's proposals for the set
It is our understanding that the representatives of the employees, upon
tlement of the shopmen's strike was voted at Chicago on seeking a rehearing of the controverted decisions concerning wages and
working conditions, will be afforded a prompt rehearing and decision by
Aug. 2 by leaders of the striking shopmen, who in their mes- the
Labor Board. We assume also that the practically unanimous action
sage to President Harding state that "we accept reluctantly, of the employees in electing to suspend work and in continuing this susunder the sanction of and in accordance with laws of their national
pension
it is true, but commit ourselves to carry out the terms of setorganizations has ended any captious questioning as to who are the properly
tlement in utmost good faith and in aid of the general wel- accredited
spokesmen of the vast majority of railway employees.
fare." The President's recommendations are given elseWe desire to call attention to the orderly and disciplined conduct of
employees
these
under difficult conditions, which has demonstrated the
where, as is also the reply of the railway executives, who deindispensable
of their national organizations in aid of the effective
clined to accede to the proposal of President Harding that adjustment ofvalue
controversies and the efficient conduct of the industry.
the strikers be returned to work with seniority rights un- "Third—All employees now on strike to be returned to work and to their
positions with seniority and other rights unimpaired. The repreimpaired. Regarding this proposal of the President's, the former
sentatives of the carriers and of the organizations especially agree that
there will be no discrimination by either party against the employees who
message of the shopmen said:
did or did not strike."
It would certainly be a wholesale injustice of unparalleled extent if
We are glad to observe that the obvious justice of this proposition has
hundreds of thousands of experienced men who have given four to forty
years' been accepted. It would certainly be a wholesale injustice of unparalleled
service, and whose value to the transportation industry is proportionated extent if hundreds of thousands of experienced men who
have given four
to the length of their service, should be placed in a position of inferiority to forty years' service, and whose value to the transportation
industry
to a limited number of men who have been employed as substitutes for these Is proportioned to the length of their service, should be placed
in a position
experienced railroad workers.
of inferiority to a limited number of men who have been employed as
In answer to President Harding's recommendation that substitutes for these experienced railroad workers.
The demand that such a wrong should be perpetrated, as a penalty
railway managers and workmen agree to recognize the valid- against
men who have exercised a fundamental and admitted right not to
ity of all decisions of the Railroad Labor Board, the shopmen tender service under non-acceptable conditions, was so unfair that we
state that "the employees have always taken the position could not believe it would receive the sanction of any impartial judgment.
understand the language "all employees now on strike" to include
that so long as they continued to render service they should allWe
employees who hold seniority rights under the rules agreed upon between
abide by the rules and working conditions and accept the the carriers and the organizations of employees or as promulgated by the
States Railroad Labor Board.
wages agreed upon by proper negotiations or determined by United
Would be understood that in acting favorably upon the proposals
the Labor Board after a hearing of a dispute upon any of forItsettlement of the pending controversies
the representatives of the .
these matters." Regarding the President's proposal that organized employees feel that they are making concessions and sanctioning
on the part of the employees which entitle them to the highest
lawsuits growing out of the strike be withdrawn and that sacrifices
consideration and to recognition as law-abiding American citizens, who are
Railroad Labor Board decisions to which exception is taken ready and willing to do all in their power, even beyond that which is
by either aide may be taken to the Board by either side for a strictly unreasonable, in order to promote industrial peace and to further
uninterrupted flow of the commerce of the nation.
rehearing, the message said "it is our understanding that the theWe
see evidence of little sacrifice required on the part of the managerepresentatives of the employees, upon seeking a rehearing ments to whom like proposals have been submitted. They will suffer no
of the controverted points concerning wages and working loss in abandoning a host of futile lawsuits, complaining of wrongs which
have never been committed. It is understood that the Labor Board must
conditions, will be afforded a prompt rehearing and decision confirm
its previously announced position and that the railways must
by the Labor Board," and that it is assumed "that the prac- abandon the condemned practice of contracting out work from shops and
their former status. It should be noted that this
tically unanimous action of the employees in electing to restore the employees to
practice is not only a violation of the Transportation Act and of the desuspend work and in continuing this suspension under the cisions of the Board, but, as shown by many decisions of the courts, is a
sanction of, and in accordance with laws of their national violation of the charter obligations of the railroads and would have been
the passage of the Transportation Act or any action by
organizations, has ended any captious questioning as to who unlawful without
Labor Board.
are the properly accredited spokesmen of the vast majority theWe understand that an effort will be made to insure the setting up of a
of railway employees." As to the decision of the striking board of adjustment, but inasmuch as such a board can function effectively
the full co-operation of both managements and employees, we
shopmen, the Associated Press dispatches from Chicago only withmerely
with hope and not with certainty for the establishment
can look
Aug. 2 said:
of this essential part of the machinery to decide disputes between the
suggestions
was
President's
reached
The decision accepting the
after the carriers and their employees. In the meantime, upon advice from you of
Policy Committee of ninety men of the shop crafts' organizations had con- the expressed acceptance of your terms of agreement contained in your
sidered the proposal for two days. After the Executive Committee had telegram of July 31, by all carriers, we will take the responsibility of directing
decided to recommend acceptance,the Policy Committee followed its recom- the employees to return to work and upon the confidence that by action of
mendation, but demanded that it be given the right to give approval to the Labor Board upon rehearing of the recent controverted decisions a
the message of acceptance and the interpretation of the proposal sent to delayed justice will be rendered to the employees in the matter of wages and
the President to-night.
working conditions.
AUG. 5 1922.]
THE CHRONICLE
We should certainly assume that the railway executives,in their own obvious interest, eventually will accept the proposals made, unless their counsels
are dominated sufficiently by anti-labor forces to resist even the
pressure
of public opinion exerted through your high office and to carry
on to the
bitter end a nihilistic policy of attempting to destroy
the self-protecting,
democratic institutions of organized labor.
We can hardly believe that such a counsel of folly will finally
prevail
within the railroad managements. It therefore appears
that upon the organizations of railway executives and employees rests
the immediate responsibility of serving the public interests in bringing
about a resumption
of efficient operation of the railroads.
Under pressure of this responsibility we have voted by the requisite constitutional majority to accc,
,t the terms of agreement which you have submitted to us. We acynpt reluctantly, it is true, but commit ourselves
to
carry out the terms oi settlement in utmost good faith and in aid
of the general welfare. If these proposals fail to bring about the results which
you
desire, the responsibility of failure will not rest upon
the representatives of
the organized employees.
PRESIDENT HARDING'S TELEGRAM TO B. M. JEWELL
REGARDING PROPOSAL FOR ADJUSTING RAILROAD STRIKE.
The acceptance by the striking shopmen of President
Harding's proposals for the settlement of the railroad strike
- is referred to at length in another item. In a telegram
addressed to B. M. Jewell, President of the Railway Employees' Department of the American Federation of Labor,
regarding the proposals President Harding said:
I am hereby conveying to you terms of agreement upon which railway
managers and united shop crafts workers are to
unite preliminary to calling
off existing strike.
(1) Railway managers and workers are to agree to recognize validity
of all decisions of Railroad Labor Board and to faithfully carry out such
decisions as contemplated by laws.
(2) The carriers will withdraw all lawsuits growing out of strike and
Railroad Labor Board decisions which have been involved in strike may
be
taken in exercise of recognized rights by either party
to Labor Board for
rehearing.
(3) All employees now on strike to be returned to work, and to their
former positions with seniority and other rights unimpaired. The representatives of carriers and representatives of organizations especially agree
that there will be no discrimination by either praty against employees who
did or did not strike.
I think it is fair to say that I have changed the second condition from the
original form in which it was discussed with you and your association.
You will note that I have suggested that appeals from rehearing may be
taken in the exercising of recognized rights by either party to the Board for
rehearing.
This does not change the substance, but I thought it only fair to have the
statement apply to either side of the controversy alike.
I hope you and your associates will see fit to express your approval of
the terms submitted. Confirmation follows by mail.
A. O. WHARTON OF RAILROAD LABOR BOARD SAYS
RESPONSIBILITY FOR CONTINUANCE OF STRIKE
RESTS WITH GROUP REJECTING IT.
A. 0. Wharton, labor member of the U. S. Railroad
Labor Board, in a statement on July 31 regarding President
Harding's recommendations for the adjustment of the
shopmen's strike stated:
If either the railroad executives' meeting in New York Tuesday or the
shop crafts policy committee meeting in Chicago should reject Mr. Harding's
peace proposal the group that rejects it will face full responsibility for
continuation of the rail strike and all that may result therefrom. While
I have not seen Mr. Harding's suggestions, I have enough confidence in
the President of the United States—and I believe the public has—to feel
that whatever plan he suggests will be just and fair.
•
▪
613
The Chicago Association of Commerce is
disturbed by current press
reports that it is proposed to settle the railway shopmen's
strike on the basis
of restoring the lost seniority rights of the striking
employees.
Such a basis of settlement, in our opinion,
would not only create a dangerous precedent but would constitute a serious
breach of faith with those
employees who from the beginning of the present
trouble have remained in
the service of the carriers, as well as
those men who have since entered that
service and whose joint efforts have so
largely contributed to continuous
operation.
There has been practically no inconvenie
nce to the public in this district. If the railroads are properly
protected by State and national authorities the strike will soon end by men
returning to work under decision of the
Unitad States Railroad Labor Board,
as they are already doing in large
numbers.
To reszore the lost seniority rights,
in our opinion, would serve to discredit the Labor Board and in all
probability its future decisions not to the
liking of railroad labor would be
followed by strikes and disorders. We
believe that if the railway executives
are compelled to repudiate their word
and obligations to the faithful
employees as well as the new workmen,such
action would be a moral disaster.
RAILROAD UNIONS NOT ON STRIKE ASKED
TO
MEET TO DISCUSS SHOPMEN'S STRIKE.
Press advices from Chicago Aug. 3 announce
d that E. J.
Manion of St. Louis, President of the Railway
Telegraphers,
had sent letters to the heads of the twelve
railroad unions
not on strike suggesting a meeting to
discuss the growing
tendency to involve their men in the shopmen'
s strike. The
Chicago dispatch further said:
Mr. Manion's letter, it was learned,
pointed out that the members of the
twelve unions still at work had many
problems in relation to the strike, and
suggested the advisability of a conference
of the twelve Grand Chiefs,
including heads of the four big
brotherhoods, "to consider strike developments and possible action."
A high official of one union said Lee
of the trainmen and Shepherd of'the
conductors were known to be opposed to
the Manion suggestion, but probably would co-operate if the majority of
the twelve Presidents favored it.
Advices from various other cities regardin
g this move
were reported in yesterday's issue of the New
York "Times"
as follows:
St. Louis.—E. J. Manion, President
of the Order of Railroad Telegraphers, this afternoon told the Associated Press
public the letter he had sent to Presidents that he preferred not to make
of twelve railroad unions whose
men did not strike.
Mr. Manion said, however, that the
letters suggested a meeting of the
organizations to consider the relation
of the unions not on strike to the
shopmen's walkout. He asserted that
he proposed the meeting primarily to
discuss widespread reports of dissatisfact
ion among railroad workers not on
strike, who, he said, were being
requested to perform the duties of striking
employees.
Declaring that a large number of
members of the twelve organizations to
which he sent the letters are
reported to be "in a bad state of mind," Mr.
Manion said that if the proposed
meeting materialized, "there might be
something bigger behind it than
discussion of a tendency to involve other
railroad crafts in the shopmen's
strike."
He said he had not received any
replies from the union heads.
Cleveland,0.—When told of the
Chicago dispatch, W. G. Lee, President
of the Brotherhood of Railroad
Trainmen, said he had received such a letter
from Mr. Manion, but declined
to comment on it.
D. B. Robertson, President
of the Brotherhood of Locomotive Firemen
and Enginemen, acknowledged
receipt of Mr. Manion's letter and said he
favored such a meeting. He
said he understood a majority of the twelve
Grand Chiefs were favorable to
Mr. Manion's suggestion.
Warren S. Stone,President of
the Brotherhood of Engineers and the other
local members of the "Big
Four," could not be reached late to-day.
Cincinnati.—The Brotherhood
of Clerks will go along with any plan
for a conference of the leaders
of twelve railroad unions not on strike, E. H.
Fitzgerald, President of the
Brotherhood of Railway and Steamship Clerks,
Freight Handlers, Station and
Express Employees, announced to-day.
Mr. Fitzgerald stated that
he
correspondence with President
Manion since July 25 regarding had been in
such a conference, but had not received any
definite communication
calling such a meeting as that proposed by Mr.
Manion. He said that in
all probability the conference, if sufficient acceptances were received to
attend it, would be held in Chicago.
WESTERN PRESIDENTS COMMITTEE AND OTHER.
BODIES ON SENIORITY ISSUE IN
SHOPMEN'S STRIKE.
The Western Presidents' Committee on Public Relations of
the Association of Railway Executives in a statement issued SOUTHERN RAILWAY SYSTEM INVITES STRIKING
SHOPMEN TO RETURN ON BASIS OF PRESIDENT
on July 30 contending for the recognition of seniority rights
HARDING'S PROPOSALS.
working,
its statement saying:
of shopmen now
An invitation to the striking shopmen of the Southern
Not only justice, but the public interest, demands that in any settlement
of the strike the seniority rights of all men who are now working shall be rec- Railway system to confer with the management with a view
ognized. If those who have struck against the decision of the United States to their returning to
work on the basis of President Harding's
Railroad Labor Board and tried to interrupt transportation are favored in
proposals, including the restoration of seniority positions,
and settlement that may be made, the incentive of men to stay at work in
case of future strikes will be destroyed and the difficulty of maintaining came on Aug. 2 from Henry W. Miller, Vice-President in
transportation service increased. The new men, in many cases left other charge of
operation. In announcing that the Shop Crafts
employment with the understanding that if competent they would be retainCommittee of the Southern Railway had been invited to
ed in their present positions.
Mr. Miller issued this statement:
In a message forwarded to the White House on July 30 confer,
The policy of the managemen
t of the Southern Railway system has been
upholding the contentions of the railroads on the question to create no conditions
pending a termination of the strike that would embarrass
the
Manufact
seniority
urers' Association referred
the Illinois
of
company,its employees or the public, and with this end in view,
no ultimatum has been issued
to.the men, no promises have been made, no
to the pledge many railroads had made to employees who new
men have been employed and no writs If injunction have been invoked.
refused to join the strike and to those who took the places There is therefore now no obstacle of the company's creation to prevent its
men returning to work under
of strikers, and added:
the President's proposals as of their former
After this solemn declaration (promising seniority preference to men now
in railroad service), we do not understand how these executives can be
expected to waive the issue involved, and we,therefore, as citizens and taxpayers having the welfare of our country at heart and the principle of fair
dealing between man and man, respectively urge you do not demand that
the railroad executives recede from their position.
The Chicago Association of Commerce through its Presisident, Edward E. Gore, likewise dispatched a telegram to
the White House in the matter saying:
seniority. The Shop Crafts Committee
on the Southern has been invited
to confer on this basis.
With regard to the action of the Southern Railway, the
following statement was authorized by the Association of
Railway Executives on Aug. 3:
In the interest of a clear understanding,and not in any sense as expressing
an opinion, it should be stated that the action of the Southern Railway
system in offering to take back its striking employees upon the terms
suggested in the President's letter does not in any way indicate a change
in the position taken by the railroads in the meeting of Aug. 1.
614
THE CHRONICLE
Association of
The Southern Railway System is not a member of the
vote upon the
Railway Executives. It was not represented and did not
dent Miller
President's proposal as submitted. As set forth by Vice-Presi
the great majority
in the statement accompanying his announcement, unlike
employed no new
of the railroads of the country, the Southern Railway has
other rights
men and has set no date for the termination of seniority and
of its strikers if they did not return.
that
It is, therefore, an exception to the general rule. It does not follow
great
what may be equitable under its conditions would apply to the
majority of the railroads of the country.
[Vole. 115.
John I. Jones, Robert L. Kennedy, James P. Kernochan,
Thomas W. Ludlow, Henry Parish, Robert Ray, Joseph
Sampson, William C. Schermerhorn, George T. Strong, Moses
Taylor and John D. Wolfe, the leading financiers of the day,
constituted the board of the New York Life Insurance &
Trust Co. at the time of Mr. Stevens's election. In adopting
resolutions of appreciation for Mr. Stevens's half century of
service, the board said in part:
Ring had disThis was a period of general prosperity, 1872. The Tweed
watching the interests of the city
LOCOMOTIVE FIREMEN IN MESSAGE TO PRESIDENT appeared. The better class of citizens were
although far-sighted
and the country was enjoying unprecedented prosperity,
HARDING SAY LIFE OF RAILROAD UNIONS DEwas to break in the
financiers were beginning to prepare for the storm that
PENDS ON OUTCOME OF SHOPMEN'S STRIKE.
fall of the following year.
that
d
Clevelan
from
4)
y
(Aug.
yesterda
during the exfinally
It was reported
During the panics of 1873, 1884, 1893 and 1907, and
always placed
Timothy Shea, Vice-President of the Brotherhood of Loco- traordinary conditions produced by the World War, Mr. Stevens
affairs. He
disposal his wise judgment and his knowledge of men and
to
our
at
a
long
telegram
sent
had
en
Enginem
and
Firemen
motive
of value and
was constant in his attendance, his suggestions were invariably
notia
virtually
was
said,
of the company.
President Harding which, it was
his sound advice was always at the disposal of the officers
earnest hope that as
fication to the Administration that the brotherhoods would In accepting his resignation from active duties, it is ourour
and give
meetings
attend
trustee, he will for many years to come
be unable to operate trains much longer in the face of "defec- honorary
benefit of his counsel.
the
us
York
New
tive equipment and irresponsible guards." The
Evening "Sun" last night announced this in a Cleveland
The Corn Exchange Bank of this city has opened a branch
dispatch which also said:
Jackson Heights, Elmhurst, L. I. Pending the erection of
at
Mr. Shea declined to disclose the contents of the telegram, though it is
for the new branch, it is occupying temporary
understood to incorporate some sort of peace plan. Since the shopmen a building
walked out on strike the heads of the big railroad brotherhoods have held quarters.
numerous conferences, the results of which they have persistently declined
to make public.
In a statement made to-day Mr. Shea said the life of the railroad unions
depended largely on the result of the shopmen's strike, and he pointed out
that the brotherhoods also "would be in the path of the railroad steam
roller."
"Thirty per cent of the locomotives on the railroad lines of the country
will
are out of service now," he said. "Within thirty days 40% additional
trainbe in such a condition that operation will endanger the lives of the
service.
of
out
be
will
men. In thirty days thereafter the other 30%
brother"If the shopmen are crushed all railroad unions, including the
come the
hoods, can expect the same. First are the shopmen; then will
the
contracts,
other weaker unions. In the meantime, according to our
have
brotherhoods must remain neutral. Finally after the railroads
smashed all the other unions, the brotherhoods' time will come.
em"If we strike then we can expect no mercy from the other railroad
by and
ployees. They will point out that we failed to help them and stood
p
membershi
use
the
will
railroads
The
allowed the railroads to crush them.
of the railroad unions they have shattered to defeat the brotherhoods."
first
Mr. Shea's message to the President is interpreted by many as the
move of the brotherhoods to force a settlement of the strike or withdraw
unsafe.
is
that
equipment
contention
the
on
their members from the trains
HEARING OF MAINTENANCE OF WAY MEN BEFORE
U. S. RAILROAD LABOR BOARD TO BE HELD
AUGUST 28.
Under a resolution adopted by the U. S. Railroad Labor
Board on Aug.2, the hearing of wage and rule disputes of the
maintenance of way men is scheduled for Aug. 28. The
Associated Press advices from Chicago Aug. 2 state:
The Board's action is in line with promises made to E. F. Grable, head
of the maintenance of way organization, when the union's strike plans were
abandoned on July 4. At this time an agreement was reached by which
Mr. Grable instructed his general Chairmen to take up with the individual
roads the matter of wages It was provided that if an agreement could
not be reached the matter woul be submitted to the Labor Board for and
early hearing.
Labor Board members pointed out that the Board made no concession
in granting a rehearing of cases which resulted in slashing the pay of maintenance of way men, effective July 1, as any organization was privileged to
since
ask for reconsideration on the ground that living prices had advanced
overtime.
the decision was rendered. The principal rule involved concerns
Board,
now
have
the
been
roads
to
e
submitted
Cases involving forty-thre
submission
these railroads waiving their right to a thirty-day notice before
to
have
a similar policy.
said
pursued
are
roads
Other
cases.
of the
the Board
Mr. Grable and several of his Vice-Presidents appeared before
Most of the cases are on joint submisto-day and agreed to the date fixed.
identical.
being
involved
sions, the questions
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
of
One hundred and eighty-five shares of National Bank
week.
e
Stock
this
the
at
Exchang
sold
were
Commerce stock
No sales of bank or trust company stock were made at auction this week. Extensive tables reporting bid and asked
quotations, deposits, surplus, &c., of banks and trust comthe United States are pubpanies in all important citi:s in
and
Quotation Section", the
"Bank
the
in
lished monthly
August 1922 issue of which accompanies to-day's "Chroni
ns for all New York City bank
quotatio
asked
and
Bid
cle."
are also published weekly in anand trust company stocks,
and will be found to-day on
other department of this paper
page 618.
Low. High. Close. • Last previous sale.
Shares. BANES.
270
270
June 1922— 2643i
265
185 National Bank of Conuuerce
regular monthly meeting of the
Frederic W. Stevens, at a
York Life.Insurance & Trust
New
the
of
board of trustees
resignation as an active trustee,
Co. on August 1 tendered his
the board for 50 years. Mr.
after having been a member of
the August meeting of the
at
trustee
Stevens was elected a
usly since that time.
continuo
served
has
and
1872
board in
l, James Colles, Wil•
Aspinwal
H.
William
John Jacob Astor,
,
liam Earl Dodge, Jr., Meredith Howland, John T. Johnsten
to the Comptroller of the CurApplication has been made •
rency for permission to organize the National Commercial
Bank in New York with a capital of $400,000.
William Fischman has been elected a director of the Bank
of United States, of this city.
the last four years New York
Frederick C. Harding, for •
agent of the Anglo-South American Bank, Ltd., of London,
has resigned, and after a brief vacation in England will return to this country. Mr. Harding has spent some 25 years
with the bank, most of it in South America and the last 10
years in New York as accountant, sub-agent and latterly as
agent.
A consolidation between the National State Bank and the
the
First National Bank of Camden, under the charter of
National State Bank, became effective June 30. The name
of Camof the new bank is "The First National State Bank
and Marden." Its principal bank building will be at Second
223 Market
ket Streets, Camden, and its office will be at
t of the
Street, Philadelphia. F. Morse 'Archer, Presiden
anletter
a
recent
in
Camden,
of
Bank
State
National
First
said:
merger
nouncing the proposed
began business on these
Beginning in 1812, the "State Bank of Camden"
Bank, into which the old State Bank
sites. Then came the National State
we are happy to have the First National
was converted in 1865. And now
hands
Bank—itself an old Camden institution dating back to 1855—join
worthy of greater Camden.
institution
with us in making a banking
of
We surely will be able, by reason of greater resources and larger volume
business, to render more complete service. We shall be thoroughly equipped,
for valuables
not only to take care of accounts and extend credit, but to care
in our safe deposti vault, furnish credit information, deal in foreign exchange,
the
of an all
offer
facilities
generally
—and
act in all fiduciary capacities
round banking institution.
Until such time as depositors may require new pass books and check books,
all checks drawn upon the National State Bank will be honored by the First
National State Bank.
One innovation which we expect to make at once, in order to give quick
and efficient service to our customers, is what is known as "The Unit Teller
System" for the receiving of deposits and payment of checks. Under this
plan, deposits may be made, checks cashed and money changed at each of the
tellers' windows. This enables a busy customer to attend to his business with
and find
the bank in one transaction. We believe you will like this change
at our
it one that will save considerable time. the plan will be adopted
Philadelphia office as well as in Camden.
depositors
of
approval
the
We hope that this consolidation will meet with
and customers in the same way as it has received the hearty and unanimous
approval of the officers, directors and stockholders.
The June 30 statement of the consolidated institution—The
First National State Bank—shows capital of $850,000; surplus and undivided profits of $850,000; deposits of $14,131,662, and total resources of $16,470,347. The following are
the officers of the enlarged bank: David Baird, Chairman
of board; F. Morse Archer, President; Charles Lafferty,
Vice-President and Cashier; A. D. Ambruster, Vice-President
and Trust Officer; S. C. Kimble and Theodore Thompson,
Assistant Cashiers.
The Northwestern National Bank of Portland, Ore., announced on July 1 an increase in its capital stock from $1,000,000 to $2,000,000. The Northwestern National Bank
started business on Jan. 2 1913 with a capital of $500,000,
resources of $2,500,000 and 2,400 depositors. In 1918 its
capital was raised to $1.000,000. To-day it has a capital and
surplus of $2,400,000 resources of over $20,000,000 and
33,000 depositors. Emery Olmstead is President of the bank.
AUG. 5 1922.]
THE CHRONICLE
615
In the following we furnish a summary by Federal Reserve
COURSE OF BANK CLEARINGS.
districts:
Bank clearings continue their upward course though the
SUMMARY OF BANK CLEARINGS.
ratio of increase is more moderate. Preliminary figures
Inc.or
compiled by us, based upon telegraphic advices from the
Week ending July 29.
1922.
1921.
Dec.
1920.
1919.
chief cities of the country, indicate that for the week ending
Federal Reserve Districts
$
$
Saturday Aug. 5, aggregate bank clearings for all the cities (1st) Boston
10 cities 304,067,094 264,555,758 +14.9 358,025,011 371,949,037
New York
8 " 4,064,339,706 3,347,172,097 +21.4 4,182,199,370 4,798,543,181
in the United States from which it is possible to obtain weekly (2nd)
(3rd) Philadelphia
9 "
442,630,545 375,526,313 +17.9 487,828,224 429,556,452
(4th) Cleveland
9 "
336,753,571 301,139,474 +11.8 412,421,047 336,218,814
returns will show an increase of 9.3% over the corresponding (5th) Richmond
5 "
135,466,562 118,904,874 +13.9 169,781,133 167,024,111
(6th) Atlanta
week last year. The total stands at $7,457,653,459, against (7th)
12
125,014,884 113,015,337 +10.6 169,591,571 155,550,746
Chicago
19
682,847,938 620,446,893 +10.1 799,989,697 775,653,389
$6,819,291,319 for the same week in 1921. This is the (8th) St. Louis
7
47,759,180 42,954,422 +11.2 56,779,494 46,437,793
(9th) Minneapolis
7
97,849,257 97,000,677 +0.9 105,203,785 69,661,463
nineteenth successive week in which our weekly aggregates (10th)
Kansas City_ _ _ _11
215,566,339 241,427,994 -10.7 339,064,391 352,681,404
(11th) Dallas
5
have shown an improvement as contrasted with last year. (12th)
42,272,261
41,424,114 +2.0 60,722,315 54,951,281
San Francisco_ _ _13 '.
325,444,736 271,855,384 +19.7 336,186,993 292,948,469
Our comparative summary for the week is as follows:
14
1,
.6
.4
Clearings-Returns by Telegraph.
Week ending Aug. 5.
Grand total
116 cities 6,820,012,073 5,835,423,337 +16.9 7,477,793,031 7,851,176,140
Outside New York City
2,810,378,563 2,533,761,205 +10.9 3,354,027 046 3,100,328,515
Canada
28 cities 276,792,209 319,599,534 -13.4 354,256,815 301,665,279
1922.
1921.
Per
Cent.
New York
Chicago
Phl;adelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,732,500,000
457,144,359
366,000,000
269,000,000
110,398,307
a
*115,000,000
*125,000,000
94,347,617
*72,000,000
39,394,216
33,440.200,000
423,665,616
313,000,000
227,707,904
125,498,376
a
103,000,000
118,500,000
81,042,371
67,321,757
40,311,658
+8.4
+7.9
+16.9
+18.1
-12.1
a
+16.5
+5.4
+16.4
+6.9
-2.3
Ten cities, 5 days
Other cities, 5 days
$5.380,784,499
833,926,717
$4,940,247,682
742,495,084
+8.9
+12.3
Total all cities, 5 days
All cities, 1 day
$6,214,711,216
1,242,942,243
$5,682,742,766
1,136,548,553
+9.3
+9.3
$7,457,653,459
36,819.291.319
Our usual monthly detailed statement of transactions
on
the New York Stock Exchange is appended.
for the seven months of 1922 and 1921 are also The results
given:
Month of July.
1922.
Seren Months.
1921.
Stockf No. of shares_
15,118,063
IPar value__ _ _ $1,262,256,143
Railroad bonds
144,188,350
U.S. Govt. bonds__ _
110,792,400
State,for'n, ece., bds_
47,352.000
1922.
1921.
9,288.054
151,212,888
102,955,107
$731,205.604 313411.822,389 $7,665,662,984
81,792.500 1,217,585,900
532.419,600
137,670.500 1,092,492.305 1,087,838,690
24,013,100
367,380.000
167,955,700
Total par value_ _ _ 31.564,588,893
$974,681,704 $16089.280,594 $9,453.976.974
The volume of transactions in share
on the
* Estimated. a Refuses to furnish f gures.
New York Stock Exchange each monthproperties
since Jan. 1 in
1922
and
1921
is
indicated in the following:
Complete and exact details for the week covered by the
SALES OF STOCK AT THE NEW YORK STOCK
foregoing will appear in our issue of next week. We cannot
EXCHANGE.
furnish them to-day, inasmuch as the week ends on Saturday
1922.
1921.
and the Saturday figures will not be available until noon
No. Shares. Par Values. No. Shares. Par Values.
to-day, while we go to press late Friday night. Accordingly
Month of January
16,472,377 31,494,639,000 16,144.876 $1,327,513,750
in the above the last day of the week has in all cases had
February
16,175.093 1,413,196.925 10.169,671
795,420,453
March
22,820,173 2,013,907,820 16,321.131 1,178,823,470
to be estimated.
Total first quarter
55,467,645 $4,921,743,745 12.635,678 83,301,757,673
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete Month of April
30,634.353 $2,733,531,850 15,529,709 $1,044,593,348
May
28.921.124 2,532,995,600 17,236.995 1,218,686,980
results for the week previous-the week ending July 29. For
June
24,080,787 1,938,579,750 18,264,671 1,369,519.461
that week the increase is 16.9%, the 1922 aggregate of the
Total second quarter__ _ _ 83,636,264 $7,205,107,200
51,031,375 $3,632,799,989
clearings being $6,820,012,073 and the 1921 aggregate
Month of July
15,118,063 $1,262.256,143 9,288.054 $731.205,604
$5,835,423,337. Outside of this city the increase is only
The following compilation covers the clearings by months
10.9%, the bank exchanges at this city having recorded a
gain of 21.4%. We group the cities now according to the since Jan. 1 in 1922 and 1921:
Federal Reserve districts in which they are located and from
MONTHLY CLEARINGS.
this it appears that in the Boston Reserve District the
Clearings, Total All.
Clearings Outside New York.
increase is 14.9%, in the New York Reserve District (includ- Month.
1922.
1921.
1922.
%
1921.
ing this city), 21.4%; in the Philadelphia Reserve District,
%
S
s
17.9% and in the Cleveland Reserve District 11.8%. The Jan ___ 29,673,793,613
$
s
32,413,901,452
12,377,729,779 13,840,863,127 -10.6
Richmond Reserve District shows a gain of 13.9%, the Feb.... 26,067,849,202 25,697,138,881 -8.5
+1.4 10.727,396.219
March 31,735,066,701 29,889.010,139 +6.2 13,015,493,749 11,168,517,812 -3.9
13,207,021,872 -1.5
Atlanta Reserve District 10.6% and the Chicago Reserve
District 10.1%. The St. Louis Reserve District records an 1st qu_ 87,476,709,516 88,000,050,472 -0.6 36.120,619,747 38,216,402,811 -5.5
increase of 11.2% and the San Francisco Reserve District April__ 31,153,956,381 27,921,712,690 +11.6 12,394.912,026 12,385,897,549 +0.1
May _ _ 32.398.452,93127,634,023.687 +17.2 13.183.640,077 11,786,718,969
19.7%. The Kansas City Reserve District is the only one June__
+ 11.9
33,732,844,399 29,076,120,832 +16.0 13,621,947,649 12.226,741,830 +11.4
reporting diminished clearings and has a decrease of 10.7%.
qu_
2d
97,285,253,711
84,631,857,209 +15,0 39,200,499,752 36,399,358,348 +7.7
The Minneapolis Reserve District and the Dallas Reserve
District both show gains, but they are quite small, being 6 mos. 184761963227 172631 907681 4-7.0 75,321,119,499 74,615,761,159
+0.9
0.9% for the former and 2.0% for the latter.
July _ _ 31,197,360,53527.225,495229
13.159.917.372
Total all cities for week
+9.3
+15.7
11,870,265,738 +10.9
CLEARINGS FOR JULY, SINCE JAN.1 AND FOR -WEEK ENDING JULY 29.
Month of July.
Seven Months.
Clearings al1922.
1921.
$
$
First Federal Rese rye District- Boston3,550.076
3,873,863
Maine-Bangor
14,690,671
11,155,525
Portland
1,316,000,000 1,149,611,001
Mass.-Boston
8,683,600
5,821,566
Fall River
3,597,029
3,195,954
Holyoke
4,863,985
4,449,671
Lowell
a
a
Lynn
6,583,818
5,849,054
New Bedford
20,420.438
Springfield
16.637,844
15,367,114
Worcester
14,736,364
42,895,858
Conn.-Hartford
41,192,135
26,935,134
New Haven
23,076,073
a
Waterbury
a
45,844,900
R. I.-Providence_ _ _
43,315,000
Week ending July 29.
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
•
1920.
%
$
$
%
$
$
%
$
-8.4
22,934,084
26,404,369
90,483,938
+31.7
80,432,452
+14.5 9,128,000,000 8,211,528,328
+49.2
53,393,287
42,602.790
+12.6
24,428,262
27,231,842
+9.4
33,063,962
32,571,589
a
a
a
43,095,089
+12.6
39,364,917
129,133,778
+22.7
127.484,047
105,792,996
+4.3
106,683,206
282,373,698
+4.1
267,291,463
166,529,120
+16.7
164,928,838
a
a
a
+5.8 Not included In total.
Total(11 cities) _ - 1,463,589,723 1,279,599.652 +14.4 10,079,228,214
9,126,523,841
-13.1
+12.5
+11.2
+25.3
-10.3
+1.5
a
+9.5
+1.3
-0.8
+5.6
+1.0
a
791,539
2.858,555
275,000,000
1,717,007
a
927,088
a
1,521,272
3,907,521
2,864.702
8,995,535
5,483,815
+10.4
304,067,094
a
1,027,119
2,190,346
239,248,193
1,144,573
a
858,460
a
972.270
3,229,990
2,743,107
8.800,321
4,341,379
a
-22.9
+30.5
+14.9
+50.0
a
+8.0
a
+56.5
+21.0
+4.4
+2.2
+26.3
a
264,555,753 +14.9
870,336
2,900,000
321,320,012
1,670,697
a
1,157,304
a
1,728,303
4,746,849
4,368,016
12.236.088
7,027,406
a
358,025,011
1919.
$
696,434
3,000,000
339,211,399
2,262,708
a
1,287,569
a
1,798,582
4,379,442
3,257.440
10,552,938
5,502,525
a
371,949,037
Second Federal Re serve District -New York23,020,349
New York-AlbanY- 136,353,201
18,111,248 +27.1
133,401,335
+2.2
c
c
c
c
Binghamton
c
4,740,890
4,259,067 +11.3
30,093,890
27,979,347
+7.6
f926,512
849,444
+9.1
1,119.900
Buffalo
969,600
173,951,235
149,312,338 +16.5 1,115,546,004 1,062,895,865
+5.0 e39,745,544
31,866,136
+24.7
43,651,323
33,856,718
Elmira
2,727,357
16,303,571
2,294,314 +18.9
15,292,681
+6.8
503,798
Not incl. In t otal
Jamestown
4,769,103
30,782,589
4,118,718 +15.8
27,398,641 +12.4
d973,009
977,712 -0.5
New York
18,337,443,163 15,355,229,491 +19.4 127,778,286,891 113,371,376.013 +12.7
4,009,633,510 3,301,662,132 +21.4 4,123,765,985 4,750,847,625
Niagara Falls
*4,500,000
*28,784,024
4,407,566
+2.1
28,869,791 -0.3
Rochester
41,989,306
280,089,173
35,765,024 +17.4
277,131,372
+1.1
7,447,923
6,203,610 +20.1
8,587,917
Syracuse
9,114,301
19,953,145 ' 16,869,470 +18.3
126,042,608
122,020,075
+3.3
3,047,896
3,049,127 -0.05
3,915,239
4,018,889
Conn.-Stamford_ _ _ _
10,589,022
9,530,505 +11.1 Not Included in total.
d2,304,496
2,138,382
+7.8
New Jer.-Montclair.
1,632,651
12,932,341
1,816,534 -10.1
13,625,725 -5.1
260,816
425,554 -38.7
528,972
366,082
Newark
57,131,151 Not Included I n total.
Oranges
30,071,812
4,017,326
3,678,666
+9.2
25,696,121 +17.0
Total(11 cities) _ _ 18,618,744,525 15,595,862.436 +19.4 129,585,286,104 115,105,686,966 +12.6
4,004,339,7063,347,172,007 +21.4 4,182,199,370 4,798,543,181
[VOL. 115.
THE CHRONICLE
616
CLEARINGS (Continued).
1922.
1921.
Week ending July 29.
Seven .81oaths.
Month of June.
Clearings at-
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
1922.
1921.
Inc. or
Dec.
1920.
%
$
$
%
$
3
$
%
$
S
Third Federal Res erve District -Philadelph la23,834,605
4,301,516 +7.8
29,981,080
4,636,726
Pa.-Altoona
89,696,447
14,671,756 -19.9
88,029,633
11,745,299
Bethlehem
a
a
a
a
a
Chester
115,156,202
15,098,994 +10.3
115,719,896
16,653,879
Harrisburg
79,810,364
+15.1
9,470,597
84,087,182
10,905,306
Lancaster
19,540,820
3,100,000 -33.4
15,433,498
2,066,169
Lebanon
19,564,600
2,870,413 +17.6
21,393,012
3,374,350
Norristown
1,868,466,000 1,665,000,000 +12.2 12,463,438,000 11,909,229,473
Philadelphia
75,577,616
9,390,354 +32.7
80,512,717
12,464,526
Reading
140,723,897
19,662,822 -8.0
133,672,388
18,082,590
Scranton
76,735,169
11,382,016 -0.9
83,422,431
11,284,884
Wilkes-Barre_ _._ _ _
39,946,428
6,287,719 -4.2
38,765,930
6,024,448
York
a
a
a
a
a
N.J.-Camden
104,540,480
15,050,547 +13.9
113,586,390
17,147,323
Trenton
a
a
a
a
a
Del.-Wilmington
+4.0
-1.9
a
+0.5
+5.4
-2.1
+9.3
+4.7
+6.5
-5.0
+8.7
-3.0
a
+8.6
a
1,982,851,500 1,776,286,734 +11.6 13,268,042,157 12,699,356,101
Total(12clties)
1919.
$
970,122
2,856,659
a
931,028
2,850,809
a
+5.2
+0.2
a
1,157,808
3,915,020
a
961,638
2,364,726
2,052,527 +15.2
2,467,476
2,362,200
423,000,000
2,430,000
e3,863,055
e2,053,597
1,139,426
357,000,000 +18.5
1,926,219 +26.2
4,014,523 -3.8
2,484,922 -16.7
1,241,063 -8.2
464,912,664
2,559,991
4,626,330
2,686,317
1,222,074
413,010,647
2,165,876
4,264,186
2,600,000
1,379,076
3,943,960
a
3,045,222 +29.5
a
a
4,280,544
a
2,812,829
a
+4.5
442,630,545
375,526,313 +17.9
487,828,224
429,556,452
-10.2
-6.3
+2.1
-12.4
+8.4
a
+13.4
-12.9
-11.4
-4.4
6,862,000
4,309,109
53,848,717
f97,212,668
14,565,400
a
6,706,000 +2.3
3,381,698 +27.4
50,811,295 +6.0
79,567,863 +22.2
11,532,800 +26.3
a
a
10,139,000
4,977,084
68,488.086
133,819,424
13,453,600
a
10,980.000
2,692,320
56,043,877
103,290,928
16,214,000
a
1,081,765
800,000 +35.2
854,109
1,150,332
c
a
a
e4,833,405
c
c
a
a
a
a
3,400,833 +42.1
c
a
a
3,878,740
c
a
a
5,097,544
a
Fourth Federal Re serve District -Cleveland-Ohio-Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Hamilton
Lima
Lorain
Mansfield
Springfield
Toledo
Youngstown
Pa.-Beaver CountyErie
Franklin
Greensburg
Pittsburgh
Ky.-Lexington
W. Va.-Wheeling _ _ _
Total(15 cities)
30,241,000
18,604,523
250,893,920
417,790,333
61,809,700
a
3,187,078
3,044,703
1,565,028
*5,000,000
a
a
18,862,649
3,000,823
a
1,647,829
c
*650,000,000
6,071,996
19,476,341
27,609,000
15,208,525
227,687,378
356,073,450
58,732,400
a
2,724,828
4,001,762
1,384,487
5,208,912
a
a
15,616,396
2,729,485
a
1,144,262
c
642,000,000
4,914,375
16.294,566
+9.5
176,499,000
+22.3
100,793,838
+10.2 1,688,776,176
+17.3 2,551,628,536
+5.2
422,359,100
a
a
+17.0
20,299,049
-23.9
22,719,210
+13.0
8,976,442
-0.4
*36,173,430
a
a
a
a
106,273,118
+20.8
+9.9
18,648,335
a
a
9,912,547
+44.0
c
c
+1.2 *3,746,336,000
53,774,055
+23.6
142,445,517
+19.5
-9.0
45,790,362
a
207,132,729
1,217,973,321
a
47,788,962
a
74,001,015
58,438,685
2,147,420,633
11,549,507
19,326,771
560,045,824
52,305,186
a
209,346,397
1,180,435,910
a
34,208,497
a
79,773,313
59,347,895
2,259,159,093
15,374,873
19,689,881
502,075,321
-12.5
a
-1.1
+3.2
a
+39.7
a
-7.2
-1.5
-4.9
-24.9
-2.8
+11.5
4.389.467,809
4,411,716,366
-0.5
+10.4 Not included in total.
87,531,844
-5.0
81,870,482
496,352,401
+14.2
498,758,801
+4.0 1,148.285,313 1,192,802,713
55,319,978
-16.8
49,501,376
21,185,254
-12.1
20,571,341
35,012,075
+18.2
34,088,019
a
a
a
305,075,031
300,678,512
+15-8
70,577,879
+4.9
71,770,694
493,780,683
+26.9
566,256,256
49,500,186
+21.7
51,317,979
38,132,609
+9.9
37,422,268
19,739,546
+29.1
*24,243,227
20,935,937
+19.9
24,283,177
8,615,619
+11.6
9,486,379
+10.7 1,285,807,166 1,252,389,916
-6.5
+0.4
-3.7
-10.5
2.9
-2.6
a
-1.4
+1.7
+14.7
+3.7
1.9W
+22.8
+16.0
+10.1
+2.7
4,146,951,711
+1.4
+7.9
Fifth Federal Rese rve District- Richmond6,396,304
7,133,885
W. Va.-Huntingtona
a
Va.-Newport News_
27,448,671
31,089,125
Norfolk
152,047,073
177,849,803
Richmond
a
a
No. Caro.-Asheville_
5,128,611
Raleigh
8,082,463
a
a
Wilmington
9,749,679
9,874,445
So. Caro.-Charleston
8,001,152
Columbia
8,114,050
296,846,257
315,814,566
Md.-Baltimore
1,906,249
Frederick
1,661,354
2,889,487
3,007,494
Hagerstown
D. C.-Wash1ngton
77,859,567
70,151.691
+11.5
a
+13.3
+17.0
a
+57.6
a
+1.3
+1.4
+6.4
-12.8
+4.1
+11.0
640,486,752
580,565374 +10-3
Sixth Federal Rese rve District- Atlanta19,732,088
21,779,471
Tenn.-Chattanooga
12,394,459
11,780,243
1,- Knoxville
61,278,199
69,958,426
1.Nashville
158,325,010
152,271,821
Georgia-Atlanta__
7,749,669
6,447,349
Augusta
2,684,335
3,054,930
Columbus
5,842,799
4,943,697
Macon
a
a
Savannah
Fla.-Jacksonville - -40,242,586
34-743-583
7,836,400
8,220,775
Tampa
67,085,084
85,104,206
ma.-Birmingham_
6,022,879
7,332,521
Mobile
4,272,575
4,696,506
Montgomery
2,323,708
*3,000,000
Mississippi-Jackson2,552,469
3,060,711
Meridian
1,037,892
1,157,919
Vicksburg
162,526,186
179,948,719
La.-New Orleans_
Total(15 cities)- -- -
587,802,105
a
-11.9
-7.4
a
a
-7.0
c
c
-13.4 b149,750,000
+16.0
4,190,507
+6.9
9,105,614,352 10,010,303,758
1,491,195,923 1,381,329,826
Total(10 cities) _ _ _ _
196,619,000
107,567,152
1,653,285,338
2,912,955,493
389,504,400
a
17,901,104
26,089,949
10,134,332
37,841,986
a
a
120,657,944
20,133,142
a
10,664,821
c
4,327,302,491
46,367,217
133,279,389
530-093.551 +10-9
4,204.340,990
Seventh Federal R eserve Distric t-Chicago5,957,570 +7.0
805,954 +1.2
815,418
6,375.627
Michigan-A drian _ _ _
2,416,625 +13.3
16,993,633 +18.2
2,737,400
20,085,632
Ann Arbor
388.811028 +18-4 2,937,530,997 2,615,121,150 +12.3
460,394,851
Detroit
41,956,317 +11.5
6,687,419 -6.6
6,247,872
46,782,384
Flint
167,482,355 +8.4
23,452,558 +11.2
181,815,797
26,068,333
Grand Rapids
37,007,566 +0.6
5,317,099 +11.6
5,932,867
37,212,874
Jackson
48,607.000 +5.5
7,751.000 +6.6
51,303,123
8,260,000
Lansing
53,375,683 +5.4
8,041,851 +15.1
9,252,843
56,277,002
Indiana-Fort Wayne
4,322.766 +171.8
38,270,643 +51.1
11,750,681
57,823,409
Gary
+18.2
67,220,000
+20.4
433,694,000
80,941,000
512,549,000
Indianapolis
8,262,945 +17.1
71,854,395 -20.0
9,678,338
57,452,819
South Bend
in to tal.
incl.
Not
1,944,192
Terre Haute
838,851,987 +5.2
117,564,786 +9.5
128,743,619
882,133,663
Wis.-Milwaukee....-..
20,221,357 -9.2
2,764,211 -1.7
2,716,713
18,353,910
Oshkosh
7,916,187
65,068,825 -4.8
+17.2
9,274,335
61,929,589
Iowa-Cedar Rapids..
46,536,823 Not included in total
304,968,653 Not included in total
Davenport
268,084,516 +6.3
33.985.543 +21.1
284,942,324
41.049,805
Des Moines
17,805,311 -1.1
2,170,197 +12.4
2,439,663
17,606,038
Iowa City
2,049,481 +22.0
16,754,816 -7.3
*15,528,794
*2,500,000
Mason City
-5.9
+4.0
167,130,739
22,949,001
23,863,508
166,657,058
Sioux City
5,429,953 +1.3
42,123,042 -6.7
5,499,214
39,312,488
Waterloo
26,888,868 +4.4
3,437,342 +21.7
4,181,708
28,084,395
['lino's-Aurora
42,649,695 -7.7
5,011,788 +3.7
5,196,814
39,378,944
Bloomington
2,309,221,585 2,049,434,791 +12.7 15,887,320,968 15,135,104,267 +5.0
Chicago
a
a
a
a
a
a
Danville
33,908,615 -3.0
4.908,010 +4.6
5,133,893
32,880,459
Decatur
14,322,726 +21.8
115,526,685 -0.07
17,447,925
115,442,623
Peoria
7,851,675 +7.5
56.337,187
58,152,474 -3.1
8,440,733
Rockford
10,337,458 -2.5
10,077,147
68,185,620 , 75,552,130 -9-8
Springfield
+7.4
+13.6
a
a
+15.8
+12.2
-11.1
+24-5
-13.1
+3.6
+7.4
128,391,167
3,845,723
a
a
755,157,651
13,906,964
48,108,340
467,378,836
243,770,300
9,217,700
38,392,130
+11.0
1,708,168,811
a
c
+5.8
a
c
171,480,603
3,338,985 +28.5
5,330,401
4,925,848
412,421,047
336,218,814
1,583,575
1,254,988 +26.2
1,659,137
5,299,829 +15.9
33,901,055 +21.0
9,027,438
48,839,919
c
c
135,823,960
301,139,474 +11.8
e6,141,517
41,012,760
70,715,931
a
c
65,300,988
c
+8.3
c
94,604,049
8,386,443
49,749,377
c
94,637,220
16,012,779
13,148,014 +21.8
15,650,090
14,251,071
135,466,562
118,004,874 +13.9
169,781,133
167,024,111
e5,222,774
2,267,364
15,252,724
32,657,321
1,443,056
4,257,607 +22.7
2,520,038 -10.0
13,845,233 +10.2
31,319,763 +4.3
1,601,204 -9.9
6,358,441
2,396,069
18,640,825
49,286,241
3,105,736
5,288,112
2,320,808
14.060,373
50,325,896
3,212,004
1,137,114
a
9,144,578
*1,100,000 +3.4
a
a
7,400,741 +23.6
2,200,000
a
10,405,300
2,000,000
a
7,243,009
18,105,996
1,469,093
14,143,535 +28.0
1,118,812 +31.3
16,463,348
2,400,000
11,696,788
1,700,000
+8.7
464,697
445,663
216.339
37,534,342
180,891 +19.6
35,008,689 +7.2
278,289
57,592,625
374,837
56,883,256
125,014,884
113,015,337 +10.6
169,591,571
155,050,746
158,375
456,539
99,959,561
153,790 +3.0
416,478 +9.6
83,307,281 +20.0
212,882
546,287
109,309,638
78,000
396,538
92,679,714
064,183
518,824
5,555,023
5,221,381
+6.4
6,438,942
6,226,709
1,761,000
1,620,579
2,033,000 -13.4
1,661.289 -2.5
1,843,628
1,930,220
1,440,241
1,523,786
15,873,000
1,959,300
15,372,000
1.800,000
+3.3
+8.9
19,513,000
1,875,079
17,209,000
1,521,365
26,046,050
23,523,401 +10.7
30,166,755
27,224,033
1,763,467
1,764,751,-0.08
2,213,778
2,381,949
8,173,891
7,076,957 + 15.5
9,109,071
10,726,349
5,122,925
1,017,538
4,889,297
1,097,947
+5.2
-7.3
7,551,781
1,641,162
10,335,196
1,729,038
1,177,141
503,280,855
a
1,167,007
3,706,550
1,704,571
2,344,566
1,194,415 -1.4
462,662,048 +8.8
a
a
1,425,178 -18.1
2,964,780 +25.0
1,545,036 +10.3
2,357,864 -0.6
1,486,095
593,435,084
a
1,704,241
5,368,793
2,288,756
3,354,505
1,582,377
589,559,355
a
1,470,076
4,521,553
2,100,000
2,948,110
+0.9
682,847,938
620,446,893 +10.1
799.989,697
775,653,389
121,363,814 +5.8
3,694,239 +4.1
a
a
a
a
+7.6
701,816,461
13,384,403 +3.9
46,885,684 +2.6
414,923,485 +12.6
261,730,644 -12.7
10,560,775 -12.7
41,381,895 -7.2
4,171,734
-7.0
4,501,393
4,752,117
Total (26 cities) _ _ _ 3,197,866,265 2.813,221,394 +13.7 21,679,192,724 20.464,143,639
LouisEighth Federal Re serve District -St.
18,177,378
19,523,073
[nd.-Evansville
523,947
595,158
New Albany
a
a
,lo.-St. Louis
a
a
Springfield
93,099,579
107,828,054
Ky.-Louisville
1,445,574
1,621,789
Owensboro
5,624,073
5,002,138
Paducah
48,520.233
60,425,787
renn.--memphis
37,264,450
32,389,423
krk.-Little Rock
1,529,121
1,584,446
:11.-Jacksonville- - - 4,930,429
5,293,884
Quincy
211,114,784
234,263,752
Total(9 cities)
336,753,571
a
c
141,600,000
1,615,741,400
+5.7
a
4,485,983
a
a
a
a
22,123,762
324,086
19,432,333 +13.8
324,763 -0.2
24,879,988
600,533
15,101,770
708,319
12.632.069
7,074,270
385,790
1,047,469
10,270.730 +23.0
7,173,145 +23.0
290,920 +32.6
976,548 +7.3
15,843,959
8,887,397
855,609
1,210,615
15,992,850
7,410,068
829,462
1,643,207
47,759,180
42,954,422 +11.2
56,779,494
46,437,793
AUG. 5 1922.]
THE CHRONICLE
617
CLEARINGS (Concluded).
Month of July.
Clearings at
1922.
1921.
Seven Months.
Inc. or
Dec.
Ninth Federal Res erve District -Minneapoli s-Minn.-Duluth_
23,354,920
25,699,214 -9.1
Minneapolis
264.865,885
256,282,959 +3.3
Rochester
1,274,848
1.841,859 -30.8
145,373,545
St. Paul
136,966,450 +6.1
7,838,854
N. D.-Fargo
8,249,450 -5.0
Grand Forks
4,208,000
5,215,000 -19.3
Minot
1,196,569
982,891 +21.7
5,324,000
S. D.-Aberdeen_ _ _ _
4,665,000 +14.1
12,173,835
Sioux Falls
9,258,487 +31.5
-Billings
2,291,771
Mont.
2,547,604 -10.0
Great Falls
3,497,689
4,221,951 -17.2
13,240,718
Helena
13,041,670 +1.5
Lewistown
*1,700,000
1,629,842 +4.3
1921.
1922.
Week ending July 29.
Inc. or
Dec.
144,797,705
1,778,379,248
12,861,724
884,651,622
50,743,434
31,337,000
7,741,686
33,492,755
79,653,093
17,887,975
22,211,779
87,526,351
*9,012,554
175,629,937
1,851,735,361
12,684,721
971,627,107
57,468,452
35,599,000
7,576,333
36,589,125
89,186,634
23,245,720
32,681,619
82,417,256
14,198,474
-17.6
-4.0
+1.4
--9.0
--11.7
--12.0
+2.2
---8.5
+15.1
---23.1
--32.0
+6.2
+3.3
3,160,296,926
3,370,639,739
Tenth Federal Res erve District -Kansas Cit yNebraska-Fremont _
1,750,320
• 2,101,710 -16.7
Hastings
2,298,204
2,590,637 -11.3
Lincoln
17,252,959
13,830,382 +24.7
Omaha
164,587,608
154,444,975 +6.6
Kan.-Kansas City_ _
20,351,050
17,694,360 +15.0
Lawrence
a
a
Pittsburgh
a
a
a
Topeka
13,372,578
11,741,057 +13.9
Wichita
42,643,838
51,778,507 -17.6
Missouri-Joplin _ _ _ _
5,237,000
3,870,000 +35.3
Kansas City
544,559,590
614,782,795 -11.4
Joseph
St.
a
a
a
Oklahoma-Lawton _ _
a
a
a
McAlester
a
a
a
Muskogee
a
a
a
Oklahoma City_ _ _ _
91,009,815
96,519,533 -5.7
Tulsa
a
a
a
Colo.-Colorado Sp'ga
4,400,236
4,139,868 +6.3
Denver
128,457,418
107,943,875 +19.0
Pueblo
3,256,247
3,341,236 -2.5
11,294,808
16,542,201
114,886,315
1,114,240,954
123,564,910
a
a
82,570,158
317,250,322
36,086,000
3,811,570,352
a
a
a
a
590,642,362
a
29,819,067
854,124,520
22,133,745
15,549,818
17,663,092
106,334,957
1,132,498,481
121,376,193
a
a
83,885,639
320,440,657
31,201,000
4,431,689,737
a
a
a
a
696,289,264
a
28,035,167
696,919,994
24,905,506
-4.2
7,124,725,714
+0.1
a
+15.5
-5.6
-6.7
-21.1
a
+9.0
-6.7
+6.7
+11.6
+24.4
44,785,233
a
693,737,838
143,399,230
312,149,095
176,832,763
a
11,526,246
12,141,084
• 64,048,190
52,943,034
127,729,196
1922,
1921.
Inc. or
Dec.
1920.
1919.
e4,559,749
56,796,705
5,346,006 -14.7
54,127,353 +4.9
7,447,709
75,846,219
6,099,138
39,550,022
30,407,540
1,751,873
31,373,753
1,786,089
-3.1
-1.9
15;448,100
2,666,346
16,658,312
2,758,543
1,012,228
975,671
+6.8
1,592,895
1,700,103
502,423
470,250
+6.8
923,521
1,148,207
2,788,739
2,921,555
--4.5
1,278,995
1,747,138
-6.2
97,849,257
97,000,677
+0.9
105,203,785
69,661,463
-27.4
+6.4
+8.0
-1.6
+1.8
a
a
-1.6
-1.0
+15.7
-14.0
a
a
a
371,237
526,479
3,104,167
36,707,327
414,291 -10.4
641,004 -17.9
2,923,001
+6.2
35,691,683 +2.8
851,125
837,685
5,260,847
50,406,681
742,173
806,153
5,164,544
55,326,148
e2,616,210
e8,075,942
2,595,708 +0.8
11,938,541 -32.4
3,316,713
14,398,737
3,316,364
15,613,493
124,225,814
a
147,355,906 -15.7
a
a
230,623,944
a
•
236,900,890
a
-15.2
a
+6.4
+22.6
-11.1
a
e19,866,465
a
818,852
18,669,738
1584,108
a
a
21,573,469 -7.9
a
a
750,000 +9.2
16,911,669 +10.4
632,722 -7.7
a
11,550,071
a
840,000
20,115,532
863,076
a
12,019,547
a
800,000
21,420,523
571,569
7,706,789,505
-7.6
215,566,339
241,427,994 -10.7
339,064,391
352,681,404
39,070,248
a
724,464,133
160,091,465
353,164,267
213,540,686
a
12,076,794
14,399,913
68,389,844
69,146,340
114,715,727
+14.6
a
-4.2
-10.4
-11.6
-17.2
a
--4.6
--15.7
---6.3
--23.4
+11.3
1,013,522
1,031,043
-1.7
2,067,550
1,500,000
22,795,529
20,738,111
+9.9
29,964,864
25,548,844
e9,228,303
5,805,700
a
9,897,875 --6.8
6,921,036 --16.1
a
a
17,615,825
7,389,005
a
15,523,851
9,781,024
a
3,685,071
2,597,562
Total(10 cities) _ _ _ _
224,487,620
216,779,517 +3.6 1,639,291,909 1,769,059,417
Twelfth Federal R eserve Distric t-San Franc iscoa
Wash.-Bellingham _ _
a
a
•a
a
850,153,469
Seattle
133,409.663
934,082,290
116,696,421 +14.3
Spokane
42,575,000
40,289,130 +5.7 Not included in total.
a
Tacoma
a
a
a
a
33,591,039
Yakima
40,293,043
5,306,313
4,372,791 +21.4
Idaho-Boise
8,224,535
8,556,986
Oregon-Eugene
1,425,134
1,097,605 +29.8
834,236,209
872,534,557
Portland
132,318,377
107,852,881 +22.7
51,673,395
Utah-Ogden
37,668,502
5,050,000
6,081,322 -17.0
370,564,884
Salt Lake City
351,072,013
53,346,925
47,773,140 +11.7
a
Nevada-Reno
a
a
a
a
Arizona-Phoenix _ _ 6,771,155 Not included i n total.
Calif.-Bakersfield_ _ _
4,419,651
5,018,348 -11.9 Notincluded in total.
a
Berkeley
a
a
a
a
98,922,190
109,369,072
Fresno
16,110,000
13,575,553 +18.7
103,503,260
127,730,376
Long Beach
22,157,496
15,125,074 +46.5
Los Angeles
332,929,000 +28.1 2,861,116,000 2,395,221,000
426,580,000
19,100,292
19,925,177
Modesto
2,948,860
2,670,270 +10.4
301,610,595
376,932,929
Oakland
56,028,627
42,758,333 +31.0
95,382,184
Pasadena
114,582,119
16,554,126
12,884,760 +28.5
15,719,183
Riverside
18,210,449
2,800,337
2,334,056 +20.0
Sacramento
150,627,247
168,756,923
27.640,790
22,777,550 +21.4
San Diego
80,565,746
89,717,624
13,790,316
11,421,842 +20.7
San Francisco
588,700,000
514,400,000 +14.4 4,028,800,000 3,782,800,000
San Jose
60,326,041
47,912,119
9,691,289
7,207,949 +34.5
Santa Barbara
27,418,433
24,792,662
4,026,278
3,037,718 +32.5
Santa Rosa
11,120,776
12,541,600
1,963,542
1,705,384 +15.1
Stockton
144,322,800
66,570,800
10,708,800
18,558,900 -42.3
-7.3
42,272,261
41,424,114
+2.0
60,722,315
54,951,281
29,808,310
a
a
1,055,007
25,823,808 + 15.4
a
a
a
a
814,140 +29.6
34,677,339
a
a
1,119,802
39,327,155
a
a
1,011,866
27,551,945
23,133,666 +19.1
30,760,034
26,000,000
10,925,032
a
a
9,605,416 + 13.7
a
a
a
a
10,093,931
a
a
13,359,135
a
a
e3,661,172
4,545,887
95,363,000
3,018,621 +21.3
3,037,285 +49.7
71,881,000 +32.7
2,987,933
2,296,122
71,945,000
2,616,844
719,579
44,798,000
12,153,271
3,467,082
9,676,644 +25.6
2,540,298 +'36.5
9,714,890
1,630,492
9,079,199
1,524,654
+20.5
a
+13.4
+14.9
+16.4
5,446,690
a
150,700,000
2,500,000
755,060
5,000,000
a
145,233,459
1,911,033
Total(13 cities) _ _ _ _
486,338,634
470,602,377
Total(13 cities) _ _ _ _ 1,039,176,863 1,084,778,935
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
4,708,436
4,703,622
Beaumont
a
a
Dallas
96.307,733
83,403,931
El Paso
19,402,860
20,558,306
Fort Worth
43,186,188
46,270,085
Galveston
22,084,504
27,997,662
Houston
a
a
Port Arthur
1,687,092
1,547,706
Texarkana
1,638,489
1,756,229
Waco
9,241,154
8,660,224
Wichita Falls
8,582,237
7,692,000
La.-Shreveport
17,648,927
14,189,752
Total(20 cities) _ _
1,530,556,873 1,285,260,549 +19.1 10,315,758,052 9,430,490,467
-Grand total(165cities) 31,497,360,535 27,225,495,229 +15.7 216,259,323,762 199,857,402,910
Outside New York_ _ _ 13,159,917,372 11,870,265,738 +10.9 88,481,036,871 86,486,026,897
a
+9.9
a
+20.0
+4.0
+4.6
-27.1
--5.3
a
a
-9.5
+23.4
+19.5
+4.3
+25.0
+20.1
+15.8
+12.0
+11.4
+6.5
+25.9
+10.6
+12.8
-53.9
+9.4
3,429,207
e5,627,769
a
126,200,000
2,011,180
745,581
2,836,049 +20.9
4,669,014
a
'
111,300,000
1,750,000
640,292
2,329,500
3,965,200 -41.3
5,559,700
2,367,545
325,444,736
271,855,384 +19.7
336,186,993
292,948,469
+8.2 6,820,012,073 5,835,423,337 +16.9 7,477,793,031 7,851,178,140
+2.3 2,810,378,563 2,533,761,205 +10.9 3,354,027.046 3,100,328,515
CANADIAN CLEARINGS FOR JULY, SINCE JAN. 1, AND FOR WEEK ENDING JULY 27.
July.
Seven Months.
Week ending July 27.
Clearings al1922.
Si
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Victoria
Edmonton
Hamilton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Brandon
Lethbridge
Brantford
Fort William
New Westminster__
Medicine IIat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Total Canada
1921.
Inc. or
Dec.
$
$
%
394,742,099
487,967,989 -19.1
409,470,271
400,200,129 +2.3
169,100,232 -3.0
164,055,741
59,571,725 -1.2
58,885,385
30,021,784
29,242,987 +2.7
23,871,791 -19.1
19,322,303
25,629,822 +0.7
25,816,727
10,324,988 +3.0
10,637,482
18,760,263 -8.9
17,098,364
24,374,555 +5.9
25,805,355
14,520.007 -2.5
14,150,139
13,486,603 -1.5
13,277,663
12,251,853 +7.4
13,160,911
15,944,599 -13.8
13,738,861
7,817,146 -10.8
6,972,996
5,927,532 -17.6
4,884,702
3,166,105 -19.1
2,560,841
2,555,724 -14.3
2,189,913
4,781,444 +5.1
5,023,667
3,446,027 -2.3
3,366,153
2,599,087 -10.7
2,320,909
1,673,275 -22.8
1,291,718
3,546,742 -10.8
3,165,412
4,312,623 -4.4
4,121,950
4,352,014 +1.4
4,414,072
19,036,721
16,351,804 +16.4
1,694,603 Not included 1 n total.
5,802,299
4,805,281 +20.7
3,414,867 -6.3
3,201,076
1922.
1921.
Inc. or
Dec.
$
$
%
2,982,297,479 3,394,295,540 -12.1
2,903,982,880 2,941,347,767 -1.3
1,226,052,854 1,372,403,534 -10.7
388.079,572
409,364,325 -5.2
218,465,147
242,625,641 -10.0
146,804,971
197,625,853 -25.7
158,604,864
180,201,784 -12.0
62,388,457
72,217.263 -13.6
127,370,790
142,171.313 -10.4
160,916,671
178,104,528 -9.7
92,723,732
106,716.233 -13.1
83,221,982
85,980,456 -3.2
88,952,414
97,198,995 -8.5
89,775,813
109,407,826 -17.9
46,404,705
53,665,817 -13.5
32,288,802
40,019,503 -19.3
16,469,716
20,558.960 -19.9
15,765,157
18,980,907 -16.0
31,395,040
36,962,225 -15.1
22,268,762
25,057,297 -11.1
15,410,231
17,936,156 -14.1
9,430,548
12,418,914 -24.1
21,457,789
26,842,711 -20.1
25,451,934
33,708,030 -24.5
30.575,755
29,559,874 +3.4
99,833,211
95,020,941
+6.6
9,986,628 Not included in total.
33,333,123
33,600,209 -0.8
20,243,348
810.319,930 +96.2
1922.
a
1921.
Inc. or
Dec.
a
a
119,352,959 -29.6
1920.
a
143,467,269
1919.
a
114,909,507
83,987,288
90,091,603
77,592,038
95,839,837 -6.5
89,576,773
40,065,807
39,813,469
36,674,021 +0.4
36,806,401
15,608,895
11,936,235
13,870,587 +0.3
13,917,003
7,071,090
7,910,891
5,602,596 -0.5
5,577.281
7,265,152
5,791,112
5,196,798 -23.6
3,970,987
7,047,780
5,370,389
5,634,284 -9.6
5,092,443
2,442,271
2,571,201
2,644,489 +11.5
2,946,527
4,281,533
3,881,724
4,062,899 -7.9
3,741,679
7,279,492
5,806,973
4,967,089 +3.3
5,132,353
4,422,472
4,680,765
3,045,005 -11.4
2,697,911
3,610,058
2.889,518
2,969,936 +1.6
3,017,767
3,308,991
2,155,547
2,342,209 +8.5
2,541,300
3,374,742
3,551,472
3,394,462 -14.3
2,910,594
2,028,502
2,258,015
1,600,000 +1.2
1,619,336
1,600,916
1,518,043
944,854
1.175,713 -19.6
820,353
858,738
-20.5
693,814
551,457
574,848
1,047,149
527.444 -14.7
449,898
1,354,507
921,149
920.713 +15.3
1,062,059
897,219
760,653
783,540 +2.2
800,981
676,950
636,548
526,354 +6.0
558,114
430,445
418,028
338,314 +22.5
262,345
884,736
839,952
681,085 -9.2
618,547
1,258,228
838,568
992,987 -25.1
743,892
1,019,220
852,633
+13.9
826,384
941.076
3,373,736
1.856,962
3,317,241 +30.1
4,314,128
299,345 Not included in total
+36.0
1,031,860
1,403,466
586,914 +2.9
603,840
_
97A 700 ono .510 500 514 --13.4 354,256,815 301,665,279
1 970 nnA Al4 1 272 007 914
9149.985.745 9.984.310.532 -5.4
--R 0
a No longer report clearings or only give debits against Individual accounts, with no comparative
figures for previous years.
b Report no clearings, but give comparative figures of debits: we apply to last Year's clearings the same ratio of decrease (or increa
shown by the debits.
c Do not respond to requests for figures. d Week ending July 26. e Week ending July 27. f Week
ending July 28. g Three months. * Estimated.
,
618
THE CHRONICLE
BANK CLEARINGS AT LEADING CITIES.
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
1922.
S
18,337
2,309
1,316
1,868
a
650
589
231
316
545
418
180
265
108
460
129
427
a
165
174
145
81
128
178
60
133
43
53
(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Jan. 1 to July 31
July
1921. 1920.
1921. 1920. 1919. 1922.
1919.
S
$
s
$
41
$
S
15,355 19,832 21,875 127,778 113,371 145,570 126,386
2,019 2,853 2,676 15,887 15,135 19,3A 16,313
1,150 1,643 1,659 9,128
5,212 11,402 9,728
1,665 2,196 1,935 12,463 11,909 14,773 12,168
a
a
a
a
a
a
a
611
3,746
778
642
4,327 4,995 4,019
633 4,029
698
514
3,783
4,720
3,793
262
1,689
319
228
1,653 2,123
1,749
432
406
297
2,147 2,259
2,799
2,372
945
615 1,026
3,812 4,432
7,186
5,896
356
638
499
2,552 2,913 4,010
2,926
262
252
163
1,286
1,252 2,001
1,672
353
256
183
1,778
1,852
1,142
2,072
93
122
71
755
702
682
573
389
523
369 2,938
2,615 3,576
2,291
118
153
118
882
839
1,023
893
333
338
210
2,861
2,395
2,247
1,197
a
a
a
a
a
a
a
154
138
257
1,114
1,132 2,009
1,680
149
215
161
1,115
1,063
1,338
807
137
83
84
885
972
900
512
67
88
80
513
434
566
444
108
153
125
854
697
1,104
852
152
239
224
1,218
1,180
1,858
1,502
49
79
79
467
415
778
541
117
171
171
934
850
1,272
1,083
41
51
45
282
267
311
254
48
70
65
351
371
518
425
Total
Other cities
29,328 25,245 33,553
2,169 1,980 4,023
-Total all
31,497 27,225 37,579
Outside New York_13,160 11,870 17,747
33,995 201,464 185,030 239,189 201.218
3,518 14,795 14,827 29,708 22,686
37,513 216,259 199,857 268,897 223,904
15.638 88.481 86,486 123,327 97,518
[VOL. 115.
July 29-The First National Bank of Lorimor, Iowa
35,000
Succeeds the Citizens Bank of Lorimor, Lorimor, Iowa.
Correspondent: M. G. Bacon, Lorimor, Iowa.
July 29-The Swenson National Bank, Swenson, Texas
25,000
Succeeds the First Bank of Swenson, Texas.
Correspondent: R. S. Ward, Swenson, Texas.
APPLICATIONS TO CONVERT RECEIVED.
40,000
July 27-The National Bank of Fries, Va
Conversion of Washington Banking & Trust Co.,
Fries, Va.
Correspondent: F. L. Elkins, Fries, Va.
25,000
July 27-First National Bank in South Bend, Wash
Conversion of the First Guaranty Bank of South Bend,
Wash.
Correspondent: First Guaranty Bank of South Bend,
Wash..
APPLICATION TO CONVERT APPROVED.
25,000
First National Bank of Clayton, Mo
-The
29
July
Conversion of The Farmers & Commercial Savings
Bank of Clayton, Mo.
Correspondent: Farmers & Commercial Savings Bank,
Clayton, Mo.
CHARTERS ISSUED.
July 26-12240 The Citizens National Bank of Emporia, Va_ _ _ _ 180,000
Conversion of The Citizens Bank of Emporia, Va.
President, H. W. Hall; Cashier, W. T. }larding.
30,000
July 26-12241 The Farmers National Bank of Buda, Texas_ _
Conversion of The Farmers State Bank of Buda, Texas.
President, W. M. Woods; Cashier, F. A. Jamison.
VOLUNTARY LIQUIDATIONS.
July 26-11102 The First National Bank of Taos, N. Alex
Effective July 15 1922. Liquidating agents: First
State Bank of Taos, N. Mex.
Succeeded by First State Bank of Taos, N. Alex.
July 26-1080 The Atlantic National Bank of the City of New
York, N.Y
Effective July 111922. Liquidating committee: II. D.
Kountze, 141 Broadway, New York, E. K. Cherrill,
C. F. Junod and F. E. Andruss, 257 Broadway, New
York.
Absorbed by The Bank of America, New York, N. Y.
50,000
?
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
ENGLISH FINANCIAL MARKET-PER CABLE.
at auction in New York, Boston and Philadelphia:
The daily closing quotations for securities, &c., at London,
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Prtce. Shares. Stocks.
as reported by cable, have been as follows the past week:
Shares. Stocks.
National Bk.,
July 29. July 31. Aug. 1. Aug. 2. Aug. 3. Aug. 4.
London,
Sat.
Week ending Aug. 4Mon. Tues.
Wed.
Thurs. Fri.
d 353.
Silver, per oz
350
353i
35%
355(
353-i
Gold, per fine ounce
92s. 8d. 92s. 8d. 92s. 8d. 92s. 9d. 92s. 9d. _ _ _ _
Consols, 25 per cents
59%
59
'593
593
59
58%
British, 5 per cents
100%
100%
1003-f
1003-i
1005
1003.
96%
96%
British, 4% per cents
973
97%
97%
97%
French Rentes (in Paris), fr. 58.75
59
59.60
59.75
58.85
58.70
French War Loan(inParis),fr _ 77.55
77.55
76.30
76.25
76.25
76.15
The price of silver in New York on the same day has been:
Silver in N. Y., per oz. (eta.):
Domestic
99%
Foreign
6994
9994
6994
9994
6934
%
995
6934
5
99%
69%
9994
6934
gonnnexcial audscelluLtous
ev
New York City Realty and Surety Companies.
Alliance R'lty
Amer Surety.
Bond& M G.
City Investing
Preferred __
Bid
90
74
257
60
89
Ask
95
77
262
63
92
All prices dollars per share.
Bid
Ask Realty Assoc
Lawyers Mtge 170 177
(Brooklyn)_
Mtge Bond_ _ 115 125 U S Casualty_
Nat Surety_ 214 219 U S Title Guar
N Y Title &
West Chester
Mortgage__ 160 165
Title& M G
Bid
150
160
105
Ask
175
200
New York C ity Banks and Trust Companies.
All prices dollars per share.
B,d
Ask
B inks
Ask Trust Co.'s Bid
218 Imp & Trad_ _ 555 570
New York
285 Industrial* _ _ 140
160 American_ _
130 Irving Nat of
Bankers Trust iji
209 213 Central Union 380
NY
450
150 Manhattan • 255 260 Columbia.
327
HE_ Mach & Met_ 405 410 Commercial 105
500
Mutual*
_ _ Empire
295
155 Nat American 150 160 Equitable Tr_ 290
145 National City 328 332 Farm L dz. Tr_ 440
215 New Neth _ 125
135 Fidelity Inter. 208
345 New York_ _ 540 550 Fulton
240
300
_ _ Guaranty Tr _ 222
271 Pacific *
440 450 Hudson
60 Park
170
290 31() Law Tit & Tr 187
515 Public
195 Seaboard _ _ _ _ 289 297 Metropolitan. 280
,Standard *__ 230 260 Mutual (West
220 State•
290 300
chtster) _ _ _ 115
275 Tradesmen's. 200
- N Y Life Ins
_ 23d Wards__ 250 270
655
& Trust 145 United States* 160 170 N Y Ti ust__ _ 350
415 Wasb'n IFts * 325
_ _ _ Title Cu & Tr 390
USMtg&Tr 310
85 Yorkville *__ 420_ _
United States 1055
Brooklyn
Brooklyn
170 Coney Island* 155 165
First
255 265 Brooklyn Tr_ 425
245 Mechanics'
100 115 Kings County 700
Manufacturer 230
185 Montauk
125
_ 325
People's
265 Nassau
225
625 People's
160
400
•Banks marked with (*) are State banks. t New stock. z Ex-dividend y Ex
Banks-N.Y. Bid
America _- 214
Amer Exch. 280
Battery Park. 125
430
Bowery._ _ _
Broadway Cen 140
Bronx Boro._
Bronx Nat.. 155
Bryant Park• 145
Butch & Dros 135
Cent Mercan 200
342
Chase
Chat St Then. 267
Chelsea Exch.
Chemical_ _ _ 500
Coal & Iron_ _ 185
Colonial * . 325
'Columbia._ _ 200
Commerce_ _ 271
Com'nwealth. 215
Continental_ . 130
410
Corn Excli
75
Cosinoplan
170
East River
Fifth Avenue. 1010
160
Fifth
_. I 100
First
Garfield_ _ _ 235
180
Gotham
Greenwich *_. 250
Hanover_ ___. 615
Harriman ____ 390
Ask
5J/i.
385
332
123
305
298
445
213
250
226
180
195
290
130
670
357
400
320
rights
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT RECEIVED.
Capital.
$25,000
July 26-The First National Bank of Wyckoff, N. J
Wyckoff, N. J.
Correspondent: Richard E. Lawlin,
50,000
July 27-First National Bank in Hayward, Calif
the
State Bank of
Succeeds to the commercial business of
San Leandro, Calif.
San
Leandro
Care
State
Weaver,
Correspondent: A. S.
Bank, San Leandro, Calif.
APPLICATIONS TO ORGANIZE APPROVED.
July 26-The First National Bank of Garwood, N. J
Correspondent: De Witt Van Buskirk, Bayonne, N. J.
50,000
5 Tuxedo
10 Hotel Irvin for Women,
Tuxedo, N. Y. -$200 per sh.
$100 ea.
Inc
5 Arena Centerfreze, pref__ _$2 lot Ctf. of dep. of Reorganization
Committee for 11,880 shares
60 Savannah River Lumber,
of Consol. Distributors, Inc.10c. per sh.
pref. v. t. ctf__ _ _59 per share
Rights to receive 2,363 shares
86 8-10 Amer. Malt & Grain (23%
Times Square Auto Supply
Paid in liquidation), no
Co.. Inc., voting trust ctfs.
par
$134 per sh.
$1 per sh.
for 2d preferred stock
Dominican)
1,837 Cuban
Sug,ar Co.,com_ )$14,000 lot Rights to receive 1,199.75 shares
Supply
Auto
Square
Dominican)
Times
Cuban
142%
Co., Inc., voting trust Ws.
Sugar Co., pref
Si per sh.
for 2d preferred stock
25 Foundation Co., Port)
Huron Shipyard, pref_ )$55 lot All right, title and interest in and
ExStock
of
sale
of
to proceeds
13 Foundation Co., Port I
change seat of Allan A. Ryan_ _$75,000
Huron Sh., no par_ ___ j
Per cent.
Bonds.
10 VitagraPh Co. of Amer.,
sh.
$50 per
$3,000 Birmingham & So. Eastern
preferred
14
1961
(is,
Ry.
Gas
Oil&
Valley
Ohlo
300
$2 per sh. $170,000 Continental Candy Corp.)
Co, $10 each
)10
8s"B", 1924
138,414 1-3 Stutz Motor Car
$100,000 Continental Candy Corp. I
Co. of Amer.,Inc.
$20 per sh.
8s "C", 1925
no par
sh. $1,551 42 Notes of Henry L.
200 Chic. Pneum. Tool_ _S71 per
Supp.
Beyer, last note maturing
Auto
1,000 Times Square
$1,200 lot
$500 lot
Feb. 15 1923
deposited stock
sh.
Continental Candy
per
400.000
_$4294
_
Carb_
Stromberg
400
notes
sh.
Gold
per
Serial
8%
_34c.
Corp.
1,000 Bethlehem Motor.._
Series"A", 1923-Jan. 1921_836,000 lot
6,125 Times Square Auto Supp.
100,000 Cont. Candy Corp.8%
(new) ctfs. of dep. of
Serial Gold notes, Series"A",
assignment of claim
$9,000 lo
1923
against Consol. Dislot
$100
130.000 Cont. Candy Corp.8%
tributors, Inc
Serial Gold notes, Series "B,"
3,918.54 Times Sq. Auto Supp.
$10,000 lot
1924
2d pref., v. t. ctfs_ _ _ _ $3 per sh
100,000 Cont. Candy Corp.8%
2,500 Argonaut Salvage Corp.
$50 lot
Serial Gold notes, Series"C,"
$5 each
$8,000 lot
due July 1 1925
92 Bethlehem Motors Corp per sh.
36c
55,000 Cont. Candy Corp. 8%
no par
"C,"
Series
notes,
Gold
Serial
Side
West
8,728 Claremont
$4,000 lot
1925
Corp.. $10 each_ _ _$10 per sh.
200,000 Cont. Candy Corp.
5 Continental Candy Corp..
lot
$15,000
lot
$5
notes
demand
7%
no par
20.019.34 Knox Hat 6s, 1923_S20,020 lot
6,100 Green Monster Min.
634c. per sh. 20,019.33 Knox Hat 6s, 1924_520,020 lot
50e.each
.4.114
10,000 C.J. Ryan demand note
457 Johnstown Trac., $50
S25 per sh.
on which $300 has been paid_$5,000 lot
each
Reorg.
of
Traction
Dep.
of
Ctf.
Johnstown
$7,425
500
$50 per sh.
7% preferred
Committee of Assignment of
claim against Consol. Dist.
125 Josephine Theatrical Co_ _$19 lot
Inc.,
Kennedy,
B.
David
Inc., representing div. scrip_ _$500 lot
15
$140 lot $30,000 Ctf. of Dep. of Reorg•
$10 each
Comm. of Assignment of
250 Mexican Internat.,
25% paid. $5 ea$1 per sh.
claim against Consol. Dist.,
250 Mexican Internat.,
Inc., Class A general creditors
$2,000 lot
7% pref., 25% pd_S25 per sh.
claim
500 Noah MacDowell &
Assigned claims against the follow$1 per sh.
Co., $10 each
ing persons on account of Allan
10,625 Republic Match Co., no
A. Ryan & Co., customer's
$110 lot
par
account receivable, in the following approximate amounts, sub5,910% Royal Typewriter,
S15 per sh.
DO par
ject in each case to any and all
defenses, offsets & counterclaims
1,673 Royal Typewriter, pt-S45 per sh.
thereto:
49,256 Ryan Consol. Petrol.
sh.
per
%
_$5
_
_
Bethlehem Motors Employees,
par
no
Corp.,
$1.000
$115 lot
$27.627 17
75 Seller Rose. Inc
1,000
1,200 Stromberg Carburetor
H. M - Biggs. $35,483 84
$45 per sh.
5,000
F. S. Burden, $187,789 98
no par
Agnes NV. Gill, $9,784 37
1,000
All right, title and int. in and
D. Henry, $8,905 23
2,500
to unendorsed certificate for
G. F. Lewis, $4,540 19
100
100shares of Consol. Textile
J. H. Mackin, $361 45
15
Corp. in name of Evelyn B.
$10 per sh.
C.0. Connor, $31,359 73
2.300
Burden
C.0. Roomier, 521,685 94
2,000
All right, title and int. in and
C. S. Ryan, $366,199 69
5,000
to unendorsed ctfs. for 66434
B. Schneewind, $14,665 l8....._ 1,000
shares of Royal Typewriter
NV. B. Thompson, $393,435 80_
500
Corn. in name of Allan A.
SIO Perth. Mrs.C.D.K.Walsh,$128,257 86_ 2,500
Ryan
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
1 American Manufacturing
10 National Shawmut Bank, Bost_239%
9435
2 Southern N. E. Telephone_ _ _ _12494
261
10 Beacon Trust, Boston
67c.
3 American Manufacturing
50 U. S. Worsted, par 10
9434
2 Fall River Electric
a Ludlow Mfg, Associates
14194
1274
5 State Street Exchange
4 Quincy Mkt. Cold Storage &
504
1384
1-10
American
Warehouse
Manufacturing
_
127% 13 Merrimac Chemical, par 50__ _ 8994
4 Fall River Electric
10 irill Mfg. Co., es-dividend_ _ _ _153%
5 Converse Rubber Shoe, pref__ _ 90
3 Crowell & Thurlow Steamship,
Bonds.
6%
par 10
Per Cent.
15434 $5,000 Carson 11111 Gold Mines 7s,'27 95
5 Draper Corporation
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
.5 Turners Falls Pow. & Elec__..100
1003-5
10 American Glue
10 rights New Bedford Gas & Edi835
son Light
I United Elec. Light, Springfield_215
25 Commonwealth Trust, Boston_180
1 Pepperell Manufacturing Co 16735
29 American Glue
1003-5
6 Plymouth Cordage Co
1743.5
Shares. Stocks.
$ per sh.
2 National Union Bank, Boston _195
137
1 Lockwood Co
70
50 Maverick Mills, pref
2 Dartmouth Mfg. Co., pref
834
1 Hill Mfg. Co., ex-dividend
1523-5
10 Connecticut Mills, 1st pref
743-5
9 Old Colony Woolen Mills, pref.,
par 10
5%
833.5
45 Boston Elevated fly
400 Roy de France Toilet Products,
Inc., par 5
$3 lot
249 Central Wharf & Wet Dock
162-167
Corp
1 Boston Athenaeum, par 300_ _ _502
122
5 American Tel. & Tel
.5 North Boston Lighting Properties, pref
90-9035
10635
5 Boston Wharf
1013.5
10 Hood Rubber, preferred
Per cent.
Bonds.
66,000 Lynn & Boston RR.5s, 1924,
ext. to Dec. 1 1929 at 6%
944
$2,000 Brockton St. fly. 5s, Oct. 1
1924, ext. to Oct. 1 1929 at 6%- _ 9435
$48 Eastern Mass. Street fly. adj.
stock scrip
3935
$40 Eastern Mass Street fly. ref.
58, 1948, Series B
743-5
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. SlotIts.
1 Kensington Nat.Bk.,par $50.1184
15 State Bank of Phila., par $50_ 48
9 Integrity Trust Co., par $50_2354
2 Penn. Co. for Ins. on Lives &
Granting Annuities
550
3 Cobbs Creek Title & Trust 60
636
1 Philadelphia Trust Co
1523
30 West End Trust
2 Northeastern Title & Trust,
par $50
55
30 Amer. Sec.& Tr., Wash.,D.C274
.50 Baltimore Trust
155%
13 Equitable Trust Co., Wilmington, Del
29535
20 Trust Co. of Amer., Kan.Cy_S1 lot
$4 lot
25 Standard Cordage Co
100 Reading Traction
24
25 Philadelphia Bourse, pref_ _
23%
4 Philadelphia Bourse, common 816
10 John B. Stetson Co
360-361
154 Manufacturers Casualty Co_ 10
9 Lumbermens Ins., par S25_ _ _110 35
Shares. Stocks.
Price.
9 Phila. Life Ins., par SIO
1035
8 Edward G. Budd Mfg. Co__ _98-99
12 Huntingdon & Broad Top Mt.
RR. & Coal, pref
15
3,200 Bay State Gas (Delaware)..$40 lot
120 Ocean Co. Elec. Co.(N.J.)_$20 lot
Bonds.
Per cent.
48
$1,000 Doylestown Gas 5s
$1,000 13erks County Pub.Serv. 5s- 48
$10,000 General Gas & El. 7s, 1934_ 88
$39,000 York Haven Water & Pow.
5s, 1957
7735
$20,500 York Haven Water & Pow.
5s, 1951
94
$25,000 Vinton Land Co. 5s, 1946_ _ 90
$1,000 American Gas & El. 5s, 2007 88%
$400 Phila. Elec. 5s, 1966, reg_ __ _100
$4,000 Guanajuato Reduc. & Mines
30
6s, 1924
$5,000 Ocean County (N. J.) Elec.
8150 lot
65, 1949
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July29 to Aug. 4, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale.
of Prices
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
9
7835
90
107
9
435
395
243-5
74
3
11
2735
51
8
1834
153-5
5034
2135
2935
735
9634
23e
83-5
175
114
14
137
53
935
80
91
107
935
5
335
25
74
335
11
283.5
52
835
183-6
1634
5134
223.5
2935
755
9634
24e
9
180
1134
14
140
53
93
7835
2935
85
94
7834
2935
85
...0,
,...00,
OLt000000,
,000.,000.00,
1,..000M00
0,
cl co.cl Cm .t'- ..,-..cy •-. t`,...D. C.
> ....“41,101
,
..14 .--. ,-,,., ON h N•cl. ,-,
.. ..,..
..4
N...4
I-1M
m
0=M
Cl
M ,,,N Cl
Cl
ui
Cl
8
643-6
84
97
835
23.6
23-5
23
69
I%
635
20
45
63-5
15
1534
443/5
19
263-5
5
9035
19c
6
130
835
11
1153-6
40
8235
8035
6934
18
72
9935 9935
803-6 81
10035 10094
000
000
000
u,N0
Am Vitrified Prod, corn_25
9
Am Wind Glass Mach_ _ 100 7935
Preferred
100
Am Wind Glass Co, pt.100 107
Arkansas Nat Gas, corn_10
935
5
Carnegie Lead & Zinc_
Consolidated Ice, com 50
Preferred
50 2435
Exchange Nat Bank
50
Indep Brewing, com_ _ _ _50
Preferred
50
25 2835
Lone Star Gas
Mfrs Light & Heat__ _ _100
Nat Fireproofing, corn_ _50
8
50
Preferred
1
Ohio Fuel 011
1635
Ohio Fuel Supply
25
Oklahoma Nat Gas
25 2235
Pitts Bess& L E RR,com50
Pittsburgh Brew, pref
50
Pittsburgh Coal, pref _ _100
Pittsb & Mt Shasta,Cop 1
Pittsburgh Oil & G'as_ _ _100
Pittsburgh Plate Glass_AO 180
Salt Creek Cons Oil
10
Tidal Osage Oil
Union Natural Gas__ __100 140
U S Glass
100
US Steel Corp, corn__ _100
West'house Air Brake _50
West Penn Rys, pref
100
WestPennTr&WP,com 100 2934
Preferred
100
BondsCent Dist Teleg 5s_ _ _ _1943
Pittsburgh Brew 6s_ _ _1949
Union Gas Os
1923
* No par value.
9635 Jan 100 June
Jan 81
74
Aug
10034 Aug 10034 Aug
10135 iotu
Feb
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
July
Jan
Jan
Mar
Feb
May
May
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
2434
90
9135
107
129-5
635
4
25
74
33-5
11
3134
54
995
21
23
55
263-5
294
83.5
97
31e
1134
180
1434
14%,
142
55
10235
1003.5
80
2935
8635
Apr
May
June
Aug
Apr
June
Apr
Feb
Aug
July
Aug
June
May
Apr
Apr
June
May
Apr
Aug
June
June
Mar
June
Aug
May
Apr
June
May
July
Feb
Apr
Aug
Apr
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.
Street and Electric Railways.
Cent. Miss. Vali:Elec. Prop., pref.(qu.)
Federal Light & Traction, pref. (quar.)_
United Rye.& Elec. of Baltimore, corn_ _
13-5 Sept. 1 Holders of rec. Aug. 15a
1% Sept. 1 Holders of rec. Aug. 15a
*50e. Aug. 15 *Holders of rec. Aug. 13
Banks.
Twenty-Third Ward
Extra
5
5
Miscellaneous.
Amer. Smelt. & Refining, pref.(quar.)_ _
Amer. Smelters Secur., pref. A (guar.)_ _
Preferred B (quar.)
American Stores, common (quar.)
American Sumatra Tobacco, pref
Atlas Powder,common (guar.)
Cabot Manufacturing (quar.)
Consumers Company, preferred
Cosden & Co.. pref. (quar.)
Eastern Shore Gas & Elec., pref. (quar.)
Electric Investment Corp., pref.(quar.).
General Asphalt, preferred (quar.)
Harmony Mills, preferred (quar.)
Hartman Corporation (quar.)
Homestake Mining (monthly)
Laclede Gas Light, common
Libbey-Owens Sheet Glass
Lit Bros
Extra
Ludlow Manufacturing Assn. (quar.)_ _ _
Manhattan Shirt, common (guar.)
Common (Payable in common stock)_
Mexican Seaboard Oil (monthly)
619
THE CHRONICLE
AUG. 51922.]
Aug. 1 July 28
Aug. 1 July 28
to
to
July 31
July 31
*1 n Sept. 1 *Holders of rec. Aug. 11
*1;5 Oct. 1 *IIolders of rec. Sept. 15
*14 Oct. 1 *IIolders of rec. Sept. 15
*14 Oct. 1
*334 Sept. 1 *Holders of rec. Aug. 15
Sept. 11 Holders of rec. Aug. 31a
3
61.50 Aug. 15 Holders of rec. July 31
*gyi Aug. 20 *Holders of rec. Aug. 10
yi Sept. 1 *Holders of rec. Aug.
15
Sept. 1 Holders of rec. Aug. 15
2
Aug. 22 Holders of rec. Aug. 12a
In Sept. 1 Holders of rec. Aug. 15a
1 n Aug. 1 Holders of rec. July 28
*1 n Sept. 1 *Holders of rec. Aug. 18
*25c. Aug. 25 *Holders of rec. Aug. 19
*1% Sept. 15 *Holders of rec. Sept. 1
50c. Sept. 10 Holders of rec. Sept. 1
*50c. Aug. 21 *Holders of rec. Aug. 10
*25c. Aug. 21 *Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 2
$2
*50c. Sept. 1 *Holders of rec. Aug. 14
*I2% Sept. 1 *Holders of rec. Aug. 14
*50c. Aug. 21 *Holders of rec. Aug. 14
Name of Company.
Miscellaneous (Concluded)
National Cloak & Suit, pref. (quar.)__ _ _
Newmarket Mfg., corn. (quar.)
Nyanza Mills (quar.)
Piggly Wiggly Stores, Class A
Salmon Falls Manufacturing
Sharp Mfg.(quar.)
Southern California Edison, corn.(guar.)
Southern Pipe Line (guar.)
Standard 011 (California) quar.)
Standard Oil of N. Y.(quar.)
Stern Brothers, preferred (quar.)
Studebaker Corporation, corn. (guar.) _ _
Common (extra)
Preferred (quar.)
Timken-Detroit Axle, pref. (quar.)
United Cigar Stores, pref. (quar.)
United Dyewood Corp., corn. (guar.)_
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Sept. 1 *Holders of rec. Aug. 25
Aug. 15 *IIolders of rec. Aug. 1
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 21
Aug. 22 Holders of rec. Aug. 2
Aug. 15 *Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Sept. 15 Holders of rec. Aug. 19
Sept. 15 *Holders of rec. Aug. 25
Sept. 1 Ifolders of rec. Aug. 15a
Sept. 1 *Holders of rec. Aug. 10
Sept. 1 *Holders of rec. Aug. 10
Sept. 1 *IIolders of rec. Aug. 10
Sept. 1 *Holders of rec. Aug. 20
Sept. 15 *Holders of rec. Aug. 31
1% Oct. 2 Holders of rec. Sept. 15
*I n
*2%
$1
$1
2%
2
*2
2
$1
*4
2
*2%
*1%
*195
*1%
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).
Alabama Great Southern, preferred _
Atch. Top. & Santa Fe. corn. (quar.)_ _ _
Baltimore & Ohio, preferred
Buffalo Rochester & Pittsburgh, corn_ _ _
Preferred
Buffalo & Susquehanna, corn.(quar.) _ _
Central RR. of New Jersey (quar.)
Chic.St. Paul Minn.& Omaha,corn _ _ _
Preferred
Cleveland & Pittsburgh, guar. (guar.) _ _
Special guaranteed (quar.)
Cripple Creek Central, pref. (guru%)- Cuba RR.. preferred
Preferred
Delaware & Hudson Co. (guar.)
Illinois Central, common (quar.)
Preferred (No. 1)
Louisiana & North West (No. 1)
Louisville & Nashville
New York Chicago & St. Louis,
First preferred (quar.)
First preferred (quar.)
Second preferred (guar.)
Second preferred (quar.)
Norfolk & Western,common (quar.)__ _ _
Adjustment preferred (quar.)
North Pennsylvania (quar.)
Pennsylvania (quar.)
Peoria & Bureau Valley
Pittsb. Cinc. Chicago & St. Louis
Pittsb. dz West Virginia, pref. (quar.)_ _
Preferred (guar.)
Reading Company,common (guar.) _ _
First preferred (quar.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
3;6 Aug. 17 Holders of rec. July 13
135 Sept. I Holders of rec. July 28a
Sent. 1 Holders of rec. July 15a
2
Aug. 15 Aug. 6 to Aug. 15
3
Aug. 15 Aug. 6 to Aug. 15
1% Sept. 30 Sept. 16
to Oct. 1
2
Aug. 15 Holders of rec. Aug. 3d
2% Aug. 21 Holders of rec. Aug. la
3% Aug. 21 Holders of rec. Aug. la
87%c Sept. 1 Holders of rec. Aug. 10a
50c. Sept. 1 Holders of rec. Aug. 10a
*1
Sept. 1 *Holders of rec. Aug. 15
3
Aug. 15 Holders of rec. July 20a
3
Feb 15'23 Holders of rec. July 20a
2% Sept.20 Holders of rec. Aug. 28a
1% Sept. 1 IIolders of rec. Aug. 4a
$1.10 Sept. 1 Holders of rec. Aug. 4a
.1% Oct. 1
3% Aug. 10 Holders of rec. July 17a
135
135
Sept.30 Holders of rec. Sept. 19a
Dec. 30 Holders of rec. Dec. 19a
13/
5 Sept.30 Holders of rec. Sept. 19a
13/5 Dec. 30 Holders of rec. Dec. 19a
135 Sept. 19 IIolders of rec. Aug. 31a
1
Aug. 19 Holders of rec. July 31a
2
Aug. 25 Aug. 10 to Aug. 20
50c. Aug. 31 Holders of rec. Aug. la
*4
Aug. 10 *Holders of rec. July 24
6
Aug. 15 Holders of rec. Aug. 7a
1;5 Aug. 31 Holders of rec. Aug. la
135 Nov.29 Holders of rec. Nov. la
Aug. 10 Holders of rec. July 18a
$1
50e. Sept.14 Holders of rec. Aug. 290
Street and Electric Railways.
Brazilian Trac., Light & Pow.,ordinary_
1
Sept. 1 Holders of rec. July 31
Connecticut fly. & Ltg., corn. & pl.(qu.) 135 Aug. 15 Aug. 1 to
Aug. 15
Montreal Lt., Ht.& Pow. Cons.(gu.)-1% Aug. 15 Holders of rec. July 31
Philadelphia Co.,preferred
S1.25 Sept. 1 Holders of rec. Aug. 10a
Philadelphia Traction
$2
Oct. 2 Holders of rec. Sept. Sc
Tampa Electric Co. (guar.)
235 Aug. 15 Holders of rec. Aug. la
West Penn Rys., pref. (guar.)
1% Sept. 15 Holders of rec. Sept. 1
West Penn Trac. & W.P., pref. (quar,). 1% Aug. 15 Holders of
rec. Aug. 1
Preferred (account accum. dividends). 10%r Aug.
15 Holders of rec. Aug. 1
Miscellaneous.
Acme tea, 1st & 2d pref. (quar.)
135 Sept. 1 Holders of rec. Aug. 126
Ahmeek Mining
$I
Aug. 7 Holders of rec. July 26
Allis-Chalmers Mfg.,corn.(guar.)
1
Aug. 15 Holders of rec. July 240
American Art Works, corn. & pref. (qu.) 1;6 Oct. 15
American Bank Note, common (quar.).,, $1
Aug. 15 Holders of rec. July 26a
American Bank Note, pref. (guar.)
75c. Oct. 2 Holders of rec. Sept. 12a
Amer. La France Fire Eng., corn,(guar.) 2;6 Aug. 15 Holders of rec. Aug. be
American Mfg., pref. (guar.)
13/5 Oct. 1 Sept. 17 to Oct. 1
Preferred (guar.)
135 Dec. 31 Dec. 17 to Dec. 30
American Metal,common
*75c Sept. 1 *Holders of rec. Aug. 19
Preferred (quar.)
*$1.7r Sept. 1 *Holders of rec. Aug. 21
American Radiator,common (quar.)__ _ _ $1
Sept.30 Holders of rec. Sept. 15a
Preferred (quay.)
135 Aug. 15 Holders of rec. Aug. la
American Shipbuilding, common (quay.) 2
Nov. 1 Holders of rec. Oct. 15
Common (guar.)
2F ob. 123 Holders of rec. Jan.15'23
Common (quar.)
2 M ay 1'23 Holders of rec. Apr.14'23
Common (quay.)
2A ug. 1'23 Holders of rec.July 14'23
American Soda Fountain (quar.)
1;6 Aug. 15 Holders of roe. Aug. la
Amer. Sugar Refg., pref. (guar.)
134 Oct. 2 Holders of rec. Sept. la
American Telegraph & Cable
Sept. 1 Holders of rec. Aug. 31a
(guar.)
13/5
Amer. Tobacco, com. & corn. B (guar.)_
Sept. 1 Holders of rec. Aug. 10a
Amer. Water-Works & Elec.,
pref. (qu.) 13-5 Aug. 15 Holders of rec. Aug. la
Amparo Mining (quar.)
Aug. 10 Aug. 1 to Aug. 10
3
Associated Dry Goods, 1st pref.(quar.).
134 Sept. 1 Ilolders of rec. Aug. 12
Second preferred (guar.)
134 Sept'. 1 Holders of rec. Aug. 12
Beacon 011, preferred
1.87% Aug. 15 *Holders of rec. Aug. 1
Beech Nut Packing, corn
4c. Aug. 10 Holders of rec. Aug. la
Belding-Corticelli, Ltd.. pref. (quar.) _ _ _ *1 n Sept. 15 *Holders of rec. Sept. 1
Bethlehem Steel, corn. & corn. B (quar.)
Oct. 2 holders of rec. Sept. 15u
13/5
Preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 15a
Eight per cent preferred (quar.)
Oct. 2 Holders of rec. Sept. 15a
2
Bond & Mortgage Guarantee (quar.)_
Aug. 15 Holders of rec. Aug. 8a
4
__
Borden Co., common
Aug. 15 Holders of rec. Aug. la
4
Preferred (guar.)
*1;6 Sept. 15 *Holders of rec. Sept. 1
Brandram-Henderson, Ltd.. common _
1 Holders of rec. Nov. 10
Dec.
135
Brooklyn Edison (guar.)
Sept. 1 Holders of rec. Aug. 18a
Buckeye Pipe line (quar.)__
Sept. 15 Holders of rec. Aug. 21
$2
Burns Bros., corn., Class A (quar.)
*52 . Aug. 15 *Holders of rec. Aug. 1
Common, Class A (extra)
550c. Aug. 15 *IIolders of rec. Aug. I
Common, Class B (quar.)
1
*50c. Aug. 15 *Holders of rec. Aug. 31
Burroughs Adding Machine (in
Aug. 15 Holders of rec. July
stock)_ _ e25
Butler Bros. (quar.)
Aug. 15
Aug. 15 July 30 to
3%,
Butler M111 (quar.)
Aug. 15 IIolders of rec. Aug. 5
2
Cantor Ida Packing Cornet
anon (quar.). 11-5 Sept. 15 Holders of rec. Aug. 31a
California Wine Assn., common
Aug. 21 Holders of rec. Aug. 15
5
Canada Cement, pref. (quar.)
1% Aug. 16 Holders of rec. July 31
Canadian Converters', common (quar.).
1 n Aug. 15 Holders of rec. July 31
Casey-Hedges Co., common
(quar.)
234 Aug. 15 Holders of rec. Aug. la
Cedar Rapids Mfg.& Power
Aug. 15 Holders of rec. July 31
(guar.)
Central Ariz. Lt. & Pow.,corn.
Aug. 15 Holders of rec. July 310
2
(guar.)- Preferred (quar.)
Aug.
15 Holders of rec. July 31a
2
Cities ServiceCommon (monthly, payable in cash)*3-5
1 *Holders of rec. Aug. 15
Sept.
Common (pay, in com,stock scrip)...- *01 4 Sept. 1 *Holders of rec. Aug. 15
Pref. & pf. B (mthly.. Pay, in scrip)..
*g% Sept. 1 *Holders of rec. Aug. 15
Colorado Fuel & Iron, pref.
Aug. 25 Holders of rec. Aug. 10a
2
Columbia Gas & Electric (quar.)
1% Aug. 15 Holden of rec. July 31a
(guar.)
Consolidated Gas of New York
Sept. 15 Holders of rec. Aug. 10a
(guar.)- - 2
Continental Mills
Aug. 10 Holders of rec. July 27
3
Continental Pap. & Bag Mills,com (qu.) 1% Aug. 15 Holders of rec. Aug. 8
Preferred (quar.)
135 Aug. 15 Holders of rec. Aug. 8
Crow's Nest Pass Cord (quar.)135 Sept. 1 Holders of rec. Aug. 12
-Davis Mills (guar.)
*1% Sept. 23 *Holders of rec. Sept. 9
Deere & Co.. preferred (guar.)
75c. Sept. 1 Holders of rec. Aug. 15a
Diamond Match (quar.)
Sept. 15 Holders of rec. Aug. 31a
2
620
Name of Company.
Per When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
1
Aug. 15 Holders of rec. July 31
Dominion Bridge (quar.)
3% Aug. 15 Holders of rec. Aug. 50
Dow Chemical, common (quar.)
1N, Aug. 15 Holders of rec. Aug. 5a
Preferred (quar.)
Eisenlohr (Otto)& Bros.,Inc.,com.(qu.) 13 Aug. 15 Holders of rec. Aug. 1
1% Sept. 11 Holders of rec. Sept. la
Elk Horn Coal Corp., pref.(quar.)
Firestone Tire & Rubber 7% pref. (qtr.) 134 Aug. 15 Holders of rec. Aug. 1
134 Sept. 1 Holders of rec. Aug. 24a
General Cigar, preferred (quar.)
134 Oct. 2 Holders of rec. Sept.250
Debenture preferred (quar.)
25c. Aug. 21 Holders of rec. Aug. 100
General Development (quar.)
$3
Sept. I Holders of rec. Aug. 1
Gillette Safety Razor (quar.)
Dec. 1 Holders of rec. Nov. 1
e5
Stock dividend
14 Oct. 2 Holders of rec. Sept.22a
Goodrich (13. F.) Co., pref. (quar.)
Aug. 15 Aug. 9 to Aug. 15
Great Lakes Dredge & Dock (quar.)_ _ _ _ 2
*194
. Oct. 2
Great Western Sugar. pref. (quar.)
*Holders of rec. Sept. 15
Aug. 31 *Holders of rec. Aug. 18
Hart.Schaffner & Marx.Ine..com.(qu.)_ *1
1
Hollinger Consol. Gold Mines (quar.)_ _ _
Aug. 12 Holders of rec. July 28
2
Hoosac Cotton Mills, pref. (quar.)
Aug. 15 Holders of rec. Aug. 5
134 Aug. 15 Holders of rec. July 31
Ilium. de Power Secur., pref. (quar.)_ _ _ _
Imperial Tob. of Grt. Brit. & Ire., ord_ _ *7.6 Sept. 1
Indiana Pipe Line
$2
Aug. 15 Holders of rec. July 18
Industrial Salvage Co. (special)
10c. Aug. 10 Holders of rec. July 31
Inland Steel (quar.)
525e. Sept. 1 *Holders of rec. Aug. 10
Internat. Harvester, pref. (quar.)
1N Sept. 1 Holders of rec. Aug. 100
Intertype Corporation, corn.(quar.)_ _ _ _ *1
Aug. 15 *Holders of rec. Aug. I
Iron Products Corp., pref.(quar.)
2
Aug. 15 Holders of rec. Aug. 10
Jefferson & Clearfield Coal & Iron, pref.. 2;1 Aug. 15 Holders of rec. Aug. 8a
Kaministiquia Power (guar.)
2
Aug. 15 Holders of rec. July 310
Kelly-Springfield Tire, pref. (quar.)_ _ _ _ 2
Aug. 15 Holders of rec. Aug. la
Lancaster Mills, common (quar.)
231 Sept. 1 Holders of rec. Aug. 26
Lee Rubber & Tire Corp.(guar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Lehigh Coal & Navigation (guar.)
2
Aug. 31 Holders of rec. July 31a
Liggett & Myers Tob.,corn.&com.B(qu.) 3
Sept. 1 Holders of rec. Aug. 15
Lima Locomotive Works, prof
2 1-3 Sept. 1 Holders of rec. Aug. 160
MacArthur Conc.Pile & Found. pr.(qu.) 2
Aug. 15 Holders of rec. July 31a
Madison Safe Deposit
Aug. 15 *Holders of rec. Aug. 10
Extra
Aug. 15 *Holders of rec. Aug. 10
Marine Oil (quar.)
*2
Aug. 5 *Holders of rec. Aug. 1
Marland Oil(No. 1)
Sept.30 Holders of rec. Aug. 310
$1
Martin-Parry Corp. (guar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Massachusetts Cotton Mills
3
Aug. 10 Holders of rec. July 25
Massachusetts Lighting Co., corn
25c. Aug. 21 Holders of rec. Aug. 1
May Department Stores, corn, (quar.)_ _ 2
Sept. 1 Holders of rec. Aug. 150
Common (quar.)
2
Dec. 1 Holders of rec. Nov. 15a
Preferred (quar.)
134 Oct. 2 Holders of rec. Sept. 150
McIntyre-Porcupine Mines, Ltd
25c. Sept. 1 Holders of rec. Aug. la
Miami Copper (guar.)
500. Aug. 15 Holders of rec. Aug. la
Montreal Light, Heat & Power (quar.)_ _ 2
Aug. 15 Holders of rec. July 31
Mutual Oil (quar.)
*234 Sept. 15 *Holders of rec. Sept. 1
National Biscuit, corn.(quar.)
134 Oct. 14 Holders of rec. Sept. 30a
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug. 17a
Nat. Enameling & &pg.. pref. (quar.)
IN Sept.30 Holders of rec. Sept. 8a
Preferred (quar.)
131 Dee. 30 Holders of rec. Dec. 80
National Lead, common (guar.)
1;4 Sept.30 Holders of rec. Sept.150
Preferred (quar.)
131 Sept. 15 Holders of rec. Aug. 25a
New Cornelia Copper (quar.)
25c. Aug. 21 Holders of rec. Aug. 4a
New Jersey Zinc (quar.)
2
Aug. 10 Holders of rec. July 3Ia
North American Co., corn. (quar.)
$1.25 Oct. 2 Holders of rec. Sept. 50
Preferred (quar.)
75c. Oct. 2 Holders of rec. Sept. 5a
Osceola Consolidated Mining
Aug. 7 Hiders of rec. July 26
$1
Pacific Gas& El., 1st pf.& orig. pf.(qu.) 131 Aug. 15 Holders of rec. July 31a
Patchogue-Plymouth Mills, pref. (quar.) *2
Sept. 1 *Holders of rec. Aug. 18
Peerless Truck dc Motor (quar.)
750. Sept. 30 Holders of rec. Sept. Its
Peerless Truck & Motor (guar.)
750. Dec. 31 Holders of rec. Dec. la
Penmans Co., Ltd., corn. (quar.)
2
Aug. 15 Holders of reo. Aug. 5
Pennsylvania Coal & Coke (quar.)
Aug. 10 *Holders of rec. Aug. 7
*2
Pittsburgh Steel, pref. (guar.)
131 Sept. 1 Holders of rec. Aug. 150
Pressed Steel Car, preferred (quar.)_ _ _ _
1% Aug. 29 Holders of rec. Aug. 8a
Procter & Gamble, common (quar.). 5
Aug. 15 July 16 to Aug. 15
Common (payable in corn. stock)
Aug. 15 July 18 to Aug. 15
j4
Producers & Refiners Corp., pref. (qu.)..
Aug. 7 Holders of rec. July 260
Pullman Co.(guar.)
2
Aug. 15 Holders of rec. July 31a
Pure Oil, common (quar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Quaker Oats pref. (guar.)
134 Aug. 31 Holders of rec. Aug. la
Quissett Mill, common (quar.)
Aug. 15 Holders of rec. Aug. 5
Reo Motor Car (stock dividend)
el00 Aug. 10 July 16 to Aug. 10
Shell Union Oil Corp., pf. ser. A (quar.) _
134 Aug. 15 Holders of rec. July 29
Sinclair Cons. 011 Corp., corn. (quar.)_ _ 50e. Aug. 15 Holders of rec. July 15a
Preferred (quar.)
2
Aug. 31 Holders of rec. Aug. 15a
Southern States Oil Corp
1
Aug. 20 Holders of rec. Aug. 1
Standard Milling, common (quar.)
2
Aug. 31 Holders of rec. Aug. 21a
Preferred (quar.)
1% Aug. 31 Holders of rec. Aug. 21a
Standard Oil (Ohio), pref. (quar.)
*1N Sept. 1 *Holders of rec. July 28
Standard Sanitary Mfg., corn.(quara_ _ _
2
Aug. 15 Holders of rec. Aug. 3
2
Common (extra)
Aug. 15 Holders of rec. Aug 3
134 Aug. 15 Holders of rec. Aug. 3
Preferred (quar.)
2
Stern Brothers, preferred (quar.)
Sept. 1 Holders of rec. Aug. 150
*75c. Aug. 15 *Holders of rec. July 31
Stewart Mfg., corn. (quar.)
Stewart-Warner Speedometer, corn.(qu.) 75c. Aug. 15 Holders of rec. Ju'y 310
2
Superior Steel, 1st & 2d pref. (quar.)
Aug. 15 Holders of rec. Aug. la
90e. Aug. 15 Holders of rec. July I5a
Swift International
'
4
Oct. 2 Holders of rec. Sept.20
Thompson-Starrett Co., preferred
Tobacco Products Corp., corn. (quar.)_ _ $1.50 Aug. 15 Holders of rec. July 30
Underwood Typewriter, corn.(quar.)_ _ _ 2% Oct. 1 Holders of rec. Sept. 2a
134 Oct. 1 Holders of rec. Sept. 2a
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 50
Union Tank Car, corn. & pref. (quar.)_ _
2
Sept. 1 Holders of rec. Aug. 150
United Cigar Stores, common
134 Oct. 1 Holders of rec. Sept. 150
United Dyewood, pref. (quar.)
50c. Sept. 15 Holders of rec. Aug. 31a
United Gas 'met. pref. (quar.)
15c. Oct. 2 Holders of rec. Sept. la
'United Profit Sharing (guar.)
*El
Sept.30 *Holders of rec. Sept. 1
U. S. Radiator, corn.(quar.)
*13i Sept.30
*Holders of rec. Sept. 1
Preferred (quar.)
134 Sept.29
U.S. Steel Corporation, corn.(quar.)_ _ _
Aug. 30
134 Aug. 30
Preferred (quar.)
Aug. 1
134 Sept. 1 Holders of rec. Aug. 18a
Van Raalte Co., Inc., let pref. (quar.)
50c. Sept. 1 Holders of rec. Aug. 23a
Wahl Co., common (monthly)
500. Oct. 1 Holders of rec. Sept.220
Common (monthly)
134 Oct. 1 Holders of rec. Sept. 22a
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 15
White (J. G.) & Co., Inc., pref.(quar.)_
White(J.G.)Engineering Corp., pf. (qu.) 134 Sept. 1 Holders of rec. Aug. 15
White(J. G.) M'g'nt Corp., pref.(quar.) 134 Sept. 1 Holders of rec. Aug. 15
Will & Baumer Candle, corn. (quer.)_ _ _ *25e. Aug. 15 *Holders of rec. Aug. 1
IN Aug. 19 Holders of rec. July 31
Wisconsin River Power, pref. (quar.)__
Sept. 1 Holders of rec. Aug. 100
Woolworth (F. W.) Co., corn. (quar.)_ _ 2
25c. Aug. 31 Holders of rec. Aug. 15a
Wright Aeronautical Corporation
50c. Sept. 1 Aug. 28 to Aug. 31
Wrigley(Wm.)Co.,corn.(monthly)
50c. Oct. 1 Sept.26 to Sept.30
Common (monthly)
50e. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50c. Dec. 1 Nov. 26 to Nov. 30
(monthly)
Common
50c. Jan. 1 Dec. 26 to Dec. 31
Common (monthly)
Wurlitzer(Rudolph) Co.
75c. Aug. 25
Common (monthly)
750. Sept.25
Common (monthly)
Sept. 1 Holders of rec. Aug. 22d
2
(guar.)
preferred
cent
Eight per
Dec. 1 Holders of rec. Nov. 21
2
Eight per cent preferred (quar.)
Marl'23 Holders of rec. Feb.19'23
2
Eight per cent preferred (quar.)
J'nel'23
2
(quar.)
Holders of rec. May 22'23
Eight per cent preferred
134 Oct. 1 Holders of rec. Sept. 21
Seven per cent preferred (guar.)
'34 Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
1
Aprl'23 Holders of rec. Mar. 22
Seven per cent preferred (quar.)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for this dividend. b Less British income tax. a Correction.
e Payable in stock. f Payable In common stock. g Payable in scrip. h On
Payable in Liberty or Victory Loan bonds.
account of accumulated dividends.
.1 Payable In New York funds. k Payable in Canadian funds.
r One and one-quarter per cent of this in cash and the balance in 6% dividend
warrants in three in.stailments of 3% each on Feb. 15 1923, Aug. 15 1923 and
Feb 15 1924
I Made up of two quarterly dividends of 75 cents each.
[Vol,. 115.
THE CHRONICLE
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 July 29. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 1000] omitted.)
I Net
ICapital.1 Profits. Loans,
'Reserve
Time Bank
Discount, Cash
with
Net
Week ending I
I
in
Legal Demand
De- CircuJune30 InvestJuly 29 1922 iNat'l,
State, June30 mews, Vault. Deposi- Deposits, posits. latortes.
&c.
lion.
(000 omitted.) Tr.Cos, June30
I
Members of F:Id. Res.
$
Bk of NY,NB . 2,000
Bk of Manhat' I 5,000
Mech & Met Na; 10,000
Bank of Americ l 5,500
Nat'l City Ban : 40,000
Chemical Nat.
4,500
500
Nat Butch & D •
Amer Exch Na ; 5,000
Nat Bk of Consuli 25,000
1,000
Pacific Bank_ _
Chat&Phen Na • 10,500
Hanover Nat'l
5,000
8,250
Corn Exchange
1,500
Imp & Tract Na
Nat Park Bank 10,000
1,000
East River Nat
First Nat Bank 10,000
Irving Nat Ban 12,500
Continental Bk
1,000
Chase Nat Ban 20,000
Fifth Ave Bank
500
Commonwealth
400
Garfield Nat B
1,000
Fifth Nat Bank
1,200
Seaboard Nat_ _ 4,000
Coal & Iron Na
1,500
Bankers Tr Co_ 20,000
U S Mtge & Tr_ 3,000
Guaranty Tr C 25,000
Fidel-Intern Tr _ 1,500
Columbia Tr C
5,000
N Y Trust Co.._ 10,000
Metropolitan T
2.000
Farm Loan & T
5,000
Columbia Bank. 2,000
Equitable Tr C 12,000
Bank.
$
7,642
17,277
17,328
5,828
49,730
15,987
171
7,450
36,405
1,712
9,865
20,169
11,147
8,500
23.230
776
43,695
11,066
882
21,503
2,273
884
1,575
973
6,783
1,311
24,083
4,110
17,400
1,788
7,877
17.073
3,704
14,624
1,908
15,392
Average Average Average
$
$
$S
627 4,151
40,957
122,039 2,195 14,172
164,358 7,869 23,021
68,019 1,482 8,977
458,456 7,262 62,653
125,942 1,233 14,199
5,021
91
534
100,628 1,061 11,227
335,561 1,146 36,286
22,091 1,039 3,214
154,542 4,748 17,613
115,493
445 13,912
163,857 6,057 20,575
35,291
470 3,655
160,597
819 17,225
b2,420
353 1,503
286,226
447 25,401
190,021 4,130 24,836
6,798
139
971
343,231 6,214 43,788
574 2,644
20,020
8,154
405 1,123
14,785
441 1,993
16,524
306 1,834
77,003 1,079 9,771
14,234
624 1,673
286,671
891 35,092
54,626
653 6,289
375,774 1,333 44,454
19,416
355 2,538 .
79,987
729 9,626
156,253
522 17,704
41,582
510 5,146
133,756
540 13,732
26,359
509 3,578
185,589 1,469 24,317
Average Average Avge.
$
$
$
29,527 2,853 1,957
101,716 17,132
162,198 3,940 996
68,907 2,926
*524,995 40,923 1,808
103,527 16,219 345
3,764
5 297
84,246 9,918 4,970
270,189 30,458
_ __
22,792
5,634
598127,710 21,871
103,654
100
148,823 21,144
50
658
27,727
131,282 4,786 5,449
50
10,961 1,862
182,866 54,548 7,377
184,291 8,820 2,525
35
5,976
325,826 24,601 1,097
20,349
8,221
70 398
14,060
769 249
13,907
69
73,895 1,70
643 415
12,191
*269,158 21,457 ____
46,140 7,125
*418,727 34,859
714
18,661
72,279 7,412
131,579 18,077
36,908 3,498
*98,464 28,566 __ -26,393 1,437
208,987 30,172
Total of averages 272,350432,091 4,422,281 58,787 529,427c3,852,680419,823 33,786
Totals, actual co ndition July 294,462,931 56,536 553,759 3,856,605 44,686 33,738
Totals, actual c ndition July 224,430,052 57,064 559,039 3,874,177 403,86733,703
Totals, actual c ndition July 154,514,414 58,273539,735 3,969,154 108,776 33,686
State Banks Not Me mbers of Fed'i Res've Bank.
Greenwich Ban
50
1,000 2,027
17,702 1,431 1,931
17,985
250
884
5,398
321
2,595 2,208 _ __ _
Bowery Bank_ _
370
77,796 3,147 1,797
26,152 49,094 _
State Bank_ _ _ 2,500 4,281
Total of averages
3,750
7,193
100,896
4,899
4,098
46,732 51,352
Totals, actual c ndition July 29 101,397 5,087 3,977
Totals, actual co ndition July 22 100,880 4,854 4,091
Totals, actual Co ndition July 15 101,961 4,918 4,517
Trust ComPan les Not Members of Fed'1Res'y e Bank.
52,196 1,346 4,071
Title Guar & Tr. 7,500 13,784
27,033
833 1,897
Lawyers T & Tr 4,000 6,440
47,332 51,3361
46,625 51,3231
48,275 51,337
36,040
18,120
1,116
750
Total of averages 11,500 20,224
79,229
2,179
5,968
54,160
1,866
Totals, actual co ndition July 29
Totals, actual co ndition July 22
Totals, actual co ndition July 15
79,266
79,717
78,303
2,043
2,161
2,178
6,068
6,110
5,981
53,943
54,818
53,791
1,878
1,934
1,909
__ _ _
Gr'd aggr., avge 287,600459,5134,602,406 65,845539,493 3,953,572473,041 33,786
Comparison wit 11 prey. week .._ -57,438 +442-4,128 -62,087 +15608 -7
Gr'd aggr., act'l cond'n July 294,643,594 63,666563,804 3,957,880497,90033,738
Comparison wit tr prey. week.. +32,945 -413-5,436 -17,740 +40776 +35
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., aced cond'n
aggr., eel cond'n
aggr.. act' cond'n
aggr., act' cond'n
aggr., act' cond'n
July 2214,610,649
July 154,694,678
July 84,689,543
July 114,737,893
June 24.4,842,923
64,079569,240
65,369550,232
70,496 570,279
62,404562,143
67,785558.138
3,975,620457,i24 33,703
4,071,220 462,022 33,686
4,035,058452,204 34,021
4,133,524 433,192 34,416
4,285.515.332.28134,628
Note.-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average for week, July 29, $27,574,000; actual totals July 29,
$25,790,000; July 22,$28,444,000; July 15, $28,465,000; July 8, $31,607,000; July 1,
$35,122,000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week June 29, $341,908,000; actual totals July 29, $378,728,000: July 22,
5364,960,000: July 15, $325,597,000; July 8, $384,231,000; July 1, $336,508,000.
* Includes deposits in foreign branches not included in total footing as follows:
National City Bank, $97,965,000; Bankers Trust Co., 411.655,000; Guaranty Trust
Co., $98,663,000; Farmers' Loan Sr Trust Co., $108,000; Equitable Trust Co.,
$27,827,000. Balances carried in banks in foreign countries as reserve for such
deposit were: National City Bank, $25,956,000; Bankers Trust Co., $720,000:
Guaranty Trust Co., $22,789,000; Farmers' Loan & Trust Co., $106.000; Equitable
Trust Co., $2,492,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks.._ _ _
State banks*
Trust companies__ _ _
Total July 29.. _ _
Total July 22..__
Total July 15..._ _
Total July 8....
4,899,000
2,179,000
Total
Reserve.
a
Reserve
Required.
Surplus
Resolve.
529,427,000 529,427,000 513,443,090 15,963,910
4,098,000 8,997,000 8,411,760
585,240
5,968,000 8,147,000 8,124,000
23,000
7,078,000 539,493,000 546,571,000 529,978,850
6,950.000 543,621,00(1 550,571,000 537,599,050
7,363,000 553,616,000 560.979,000 540,754,510
7,508.000 548.562.000 556,070,000 542,653,800
16,592,150
12,971,950
20,224,490
13,416,200
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount in reserve required on net time deposits, which was as follows:
July 29,$12,594,690;July 22,$12,125,760;July 15, $12,132,480; July 8,$11,862,420.
AUG. 5 1922.]
THE CHRONICLE
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
La
La Vault. Depositaries
Members Federal
Reserve banks..
State banks*
Trust companies_ _ _ _
Total July 29W..
Total July 22__
Total July 15
Total lily
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
BOSTON CLEARING HOUSE MEMBERS.
$
553,759,000 553,759,000 514,699,230 39,059,770
5,037,000 3,977,000 9,064,000 8,519,760
544,240
2,043,090 6,038,000 8,111,000 8,091,450
19,550
7,130,000 563,804,000 570,934,000 531,310,440
7,015,000 569,240,000 576,255,000 532,374,220
7,096,000 550,232,000 557,328.000 545,011,450
7,681.000 570,279,000 577.960,000 540,052,510
39,623,560
43,880,780
12,316,550
37,907,490
•Not members of Federal Reserve Bank.
b This is the reserve required on net
deposits in the case of State banks
and trust companies, but in the case ofdemand
members of the Federal Reserve Bank in-
cludes also amount of reserve required on net time deposits, which VMS as follows:
July 29,513,340,580;July 22,512,116,010; July 15, 812,263,280; July 8,811,970,120.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
previous week.
July 29.
Loans and investments
$748,470,600 Inc. $111,300
Gold
5,584,200 Inc.
3,000
Currency and bank notes
17,604,700 Dec.
273,900
Deposits with Federal Reserve Bank of New York
65,030,500 Inc. 1,588,700
Total deposits
785,789,000 Dec. 4,176,300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U.S. deposits 746,970,500 Inc.
449,900
Reserve on deposits
116,441,600 Dec. 1,226,200
Percentage of reserve, 19.4%.
RESERVE.
-State Banks
-Trust Companies
Cash in vault
*$11,237,200 7.20%
511,951,700 2.70%
Depositsin banks and trust cos
20,972,200 13.44%
72,280,500 16.33%
Total
S32,209,400 20.64%
$84,232,200 19.03%
* Includes deposits with the Federal Reserve Bank of New York, which for
the
State banks and trust companies combined on July 29 were $65,050,500.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
OOMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
621
Aug. 2.
1922.
Changes from
previous week.
July 19
1922.
July 26
1922.
$
$
$
$
Capital
59,520,000 59,520,000
59,520,000
Surplus and profits
84,665.000 84,665,000
84,665,000
Loans, disc'ts & investments_ 819,228,000 Inc. 3,556,000 815,672,000 817,012,000
Individual deposits,incl. U.S. 598,738,000 Dec. 653,000 599,391,000612,597,000
Due to banks
117,386,000 Dec. 262,000 117,648,000 123,283.000
Time deposits
104,093,000 Dec. 514,000 104,607,000 105,019,000
United States deposits
9,406,000 Inc.
890,000 8,516,000 8,556,000
Exchanges for Clearing House 23,759,000 Inc.
4,842,000 18,917,000 23,600,000
Due from other banks
63,365,000 Dec. 505,000 63,870,000 76,047,000
Reserve in Fed. Res. Bank
71,241,000 Dec.
74,000 71,315,000 72,617.000
Cash in bank and F. R. Bank 9,594,000 Inc.
54,000 9,540,000 9,522,000
Reserve excess in bank and
Federal Reserve Bank__
4.494.000 Inc.
433.000 4.061.000 5,142,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending July 29, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits,
to be kept with the Federal Reserve Bank. "Cash all
in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending July 29 1922.
Two Ciphers (00) omitted. Membersof
Trust
F.R.System Companies
July 22
1922.
July 15
1922.
839,675,0
110,226,0
665,539,0
29,257,0
93,572,0
119,743,0
540,323,0
17,000,0
677,066,0
5,174,0
3,400,0
54,090,0
10,165,0
67,655,0
57,317,0
10.338.0
539,675,0
110,226,0
663,090,0
29,676,0
100,155,0
120,740,0
544,029,0
16,866,0
681,635,0
5,399,0
3,511,0
54,275,0
10,233,0
68,019,0
57.622,0
Total.
Capital
535,175,0 84,500,0 839,675,0
Surplus and profits
96,143,0 14,083,0 110,228,0
Loans, discla & investm'ts 625,722,0 38,437,0 664,159,0
Exchanges for Clear.House 25,749,0
766,0 26,515,0
Due from banks
85,428,0
21,0 85,449,0
Bank deposits
116,823,0
398,0 117,221,0
Individual deposits
501,708,0 24,801,0 528,509,0
Time deposits
17,071,0
523,0 17,594,0
Total deposits
635,602,0 25,722,0 661,324,0
U.S.deposits(not incl.)_
5,623,0
5,623,0
Res've with legal deposit's_
3,846,0
3,848,0
Reserve with F. R.Bank__ 52,009,0
52,009,0
Cash in vault*
9,202,0
1,096,0 10,298,0
Total reserve and cash held 61,211,0
4,942,0 66,153,0
Reserve required
52,651,0
3,687,0 56.338,0
Excesq res & rash In vault_
8.560.0
1.255.0
9.815.0
•Cash in vaults not counted as reserve for Federal
Reserve
10.20711
members.
GREATER NEW YORK.
Week endedApril 8
April 15
April 22
April 29
May 6
May 13
May 20
May 27
Juno 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Deposilarie;
$
5.087.991,900
5,086.819,300
5,141,226,100
5,180.822,800
5.209,013,900
5,233,359,300
5,297,769,500
5,334,400,700
5,372,704,700
5,408,101.600
5,372,704,700
5,491,415,000
5,370,259,900
5,457,357,300
5,421,585,700
5,408,203,300
5 350 578 nnn
$
4,555,297,200
4,577,182.300
4,619.860,900
4,657.698.400
4.694,822,600
4,738,487,800
4,807,891,800
4,827,593,600
4,853,005.100
4,852.544,100
4.853,005,100
4.980,544,500
4,816,507,000
4,808,047,500
4,792,536,500
4,762,119,600
4 700 549 Ann
$
91,810,600
94.189.300
91,853,200
92,431,500
91,100,100
132,818,400
91,723,900
91,161,400
91,486,700
93,253,000
91,486.700
90,155,600
88,730,000
92,436,900
95,874.700
88,862.800
$20 Mg gm
i
608,504,800
612.177.500
623,404,900
611.583.000
621,974,300
642.139,400
648,307.500
638.697.600
646.059.900
660,162,300
646,059.900
663,100,900
657,840.80(
651,619,800
717,627,500
701,290,80(
A07 708 20(
•This item includes gold, silver, legal tenders,
national bank notes and Federal
Reserve notes.
New York City Non-Member Banks and Trust Coinpanies.-The following are the returns to the Clearing House
oy clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Net Loans,
Capital.I Profits. DieCLEARING
Reserve Net
Net
Nat'l
NON-MEMBERS
counts, Cash
with Demand Time Bank
Nat.bks.June30 Investin
Legal
DeDe- Cir c uWeek ending statebkslune30 meats, Vault. Deposi- posits, posits. lotion.
July 29 1922.
r. cos. June 30 Sec.
tortes.
Members of
Red'i Res. Bank.
Battery Park Nat_
W R Grace & Co__
$
$
Average Average Average Average Average Average
$
$
170
1,190 9,567
23
1,245 10,947
193
2,435 20,514
$
8
$
$
1,102
514
7,379
1,379
313
8,643
1,616
8,758
8,776
State Banks
Not Members of Fed. Res've Bank
Bank of Wash.IIts
250
564
315 4,403
200
.-.lolonial Bank_ __ _
800 1,715 17,316 2,175 1,255
4,167
18,140
476
1,503
22,307
476
Crust Companies Not Me mbers of Fed. Res've Bank
kilech.Tr.,Bayonne 200 606 9,220 434 146
Total
200 606 9,220 434 146
...
3,660
5,568
__ _ _
3,660
Total
Total
1,500
500
2,000
1.000
2,030 21,719
2,739
kand aggregate
3,200 5.07251,453 3,366 3,267
l'omparison with previous week- --18,813 -575-1,702
led aggr. July 22 3,400 5,870 70,266 3,941 4,969
led aggr. July 15 3,400 5,889 69,535 4,052 5,182
)r'd aggr. July 8 3,600 6,702 69,139 3,906
5,135
3r'd aorr.Jah, 1 Q ann a AKA ;IQ A012 A no; A 14831
a U. S. deposits deducted. $189,000.
Bills payable, rediscounts, acceptances and
Excess reserve. 8204,750 decrease.
197
197
5,568
____
197
-1
a44,578
244,713
a44,954
244.546
198
198
199
190
other liabilities. $460,000.
Aug. 2 1922. July 26 1922. Aug. 3 1921.
Resources$
$
Gold and gold certificates
206,159,779 206,764,913 323,674,000
Gold settlement fund-F.It. Board
-- 79,680,095
92,990,937
20,363,000
Total gold held by bank
285,839,874 299,755,851 344,037,000
Gold with Federal Reserve Agent
863,241.398 833,440,098 463,002,000
Gold redemption fund
4,496,972
20,000,000
5,781,517
Total gold reserves
1,153,578,245 1,138,977,467 827,039,000
Legal tender notes, silver. drc
35,581,021
34.255,348
67,462,000
Total reserves
1,189,159,267 1,173,232,815 894,501,000
Bills discounted: Secured by U. S.
Government obligations-for members
22,036,478
16,216,554 135,175,000
For other F. R. banks
30,950,000
All other-For members
16,844,883
14,393,706 244,245,000
For other F. R.. Banks
6,935,000
Bills bought in open market
12,733,000
33,331,353
37,571,570
Total bills on hand
68,181,831 430,038,000
72,212,715
U. S. bonds and notes
19,357,750
1,005,000
44,357,750
U. S. certificates of indebtedneesOne-year certificates (Pltttnan 52,276,000
18,500,000
18,500,000
Act)
Allother
9,857,000
94,671,000 119,274,000
Total earning assets
255,313,581
493,176,000
229,741,465
Bank premises
8,993,419
5,387,000
9,015,009
5% redemp.fund agst. F.R.bank notes
1,751,000
819,060
849,060
Unoollected items
119,069,319
111,827,000
140,457,072
All other resources
3,100,812
3,456,000
2,992,904
Total resources
1,572,214,779 1,560,859,038 1,510,098,000
LiabilitiesCapital paid in
Surplus
Deposits:
Government
Member banks-Reserve
account,,_
All other
27,519,800
60,197,127
27,571,900
60,197,127
26,874,000
59,318,000
2,145,141
746,735,381
11,000,120
12,481,771
731,617,169
9,740,324
11,969,000
620,916,000
12,394,000
Total deposits
759,880,643 753,839,265
F.R. notes in actual
623,044.159 616.778,975
F.R. bank notes in circulation
14,244,200
14,725,200
el/a:urn-net liability
Deferred availability
83,993,527
82,019,869
All other liabilities items
4,234,044
4,227,979
Total liabilities
1,572,214,779 1,560,859,038
645,279,000
647,346,000
29,822,000
79,492,000
21,967,000
1,510,098,000
Ratio of
a34,725 14,82%
-9,853-10,334',
25,1541
24,4441
23,320
23.0771
Condition of the Federal Reserve Bank of New
York.
-The following shows the condition of the Federal
Reserve
Bank of New York at the close of business
comparison with the previous week and theAug. 2 1922 in
corresponding
date last year:
total reserves
F R. note liabilities to deposit and
Contingent liability oncombined
bills purchased
for foreign correspondent
s
86.0%
10,988,674
9,540,302
69.2%
18,355,658
CURRENT NOTICES
-"The Baltimore & Ohio Situation" is the title of a 34-page booklet
issued by Rutter &
14 Wall St., New York. Copies may be secured
on request. AmongCo.,
the many topics discussed, the following are fairly
indicative of the general
scope and treatment of the subject: "HistoryExpansion-Extent of the System," "Industrial Foundations," "Intensive
Development the Policy of the Past Twelve Years," "Earning Power and
and Possibilities," "Funded Debt," "1925 Maturities," "Interest Requirements," "Bond Issies," and "Dividend ProsPeCts."
[VOL. 115.
THE CHRONICLE
622
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
The following is the return issued by the Federal Reserve Board Friday afternoon, Aug. 4, 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 591 being the first item in our department of "Current Events and Discussions."
OF BUSINESS AUG. 2 1922.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
Aug. 3 1921.
Aug. 2 1922. July 26 1922. July 19 1922. July 12 1922. July 5 1922. June 28 1922. June 211922. June 14 1922.
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
316,231,000
489,619,000
Total geld Dela by Danks
Gold with Federal Reserve ageets
Gold redemption fund
Total gWd reserves
Legal tenaer notes, silver, &o
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
Total bills on hand
notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
Allother
Municipal warrants
g. S. bonds and
317,459,000
498,309,000
317,980,000
490,620,000
317,832,000
514,590,000
$
317,040,000
518,679,000
316,937,000
532,351,000
318,614,000
531,290,000
316,435,000
504.707,000
412,836,000
425,766,000
838,602,000
805,850.000 815,768,000 808,600,000 832,422,000 835,719,000 849,288,000 849,904,000 821,142,000 1,615,482,000
2,121,680,000 2.142,118,000
2,293,384,000 2,197,645,000 2,195,062,000 2,161,560,000 2,123,816,000 2,123,373,000
98,729,000
44,534,000
48,376,000
48,207,000
61,142,000
41,851,000
41,673,000
42,190,000
11,118,000
2,552,813,000
3,071,424,000 3,054,531,000 3,045,335,000 3,035,833,000 3,020,677,000 3,020,868,000 3,019,960,000 3,007,794,000 151,030,000
131,260,000 126,967,000 123,987,000 121,207,000 113,252,000 127,498,000 127,715,000 128,684,000
2,703,843,000
3,292,684,000 3,181,498,000 3,169,322,000 3,157,1)40,060 3,133,929,000 3,148,366,000 3,147,675,000 3,136,478,000
572,867,000
140,713,000
140,639,000
189.909.000
130,293,000 115,238.000 176,263,000 157,555,000 185,390,000
280,855,000 272,978,000 1,044,751,000
269.506,000 204,743,000 267,205,000 272,387,000 313,482,000 279,192,000
29,961,000
121,407,000
123,975,000
154,060,000
155,065,000
150,497,000 156,138.000 148,970,000 157,675,000
550,29(3,000
198,751,000
536,119,000
201,624,000
592,433,000
201,901,000
587,617,000
208,424,000
853,937,000
216,237,000
623,161,001)
224,638,000
543,035.000
227,374,000
5:37,592,000 1,647,579,000
34,114,000
238,308,000
70.500,000
228,098,000
3,000
72,000,000
237,175,000
9,000
74,000,000
265,948,000
9.000
74,000,000
274,349,000
4.000
74,000,000
260,271,000
74.000,000
257,969,000
74,000,000
254,160,000
75,500.000
315,875,000
207,875,000
13,541,000
1,098,569.000 1,167,275,000 1,903,109,000
Total earning assets
1,017,648.000 1,076,927,000 1,134,296,000 1,144,394,000 1,204,445,000 1,179,768,000
25,892,000
41,368,000
41,074,000
41568,000
41,642,000
41,985,000
42,417,000
Bank premises
42,491,000
42.569,000
9,614,000
7,565,000
7,639.000
7,587,000
7,496,000
7,496,000
7,551,000
5% redemp. fund agst. F. R. bank notes
6,769,000
7,527,000
580,959.000 624,732,000 493,700,000
Uncollected items
542,711,000 537,883,000 592,345,000 011,733,000 514,725,000 511,571,000
17,176,000
15,672,000
20,829,000
15,988,000
16,208,000
16,169,000
10,186,000
All other resources
16,803,000
16,750,000
4,891,808.000 4,998.027,00(1 5,153,334,000
Total resources
4,859,131,000 4,863,134,000 4,962,062,000 4,978,872,000 4,918,443.000 4,904,848,000
LIABILITIES.
Capital paid in
105,078,000 105,079,00(1 104.879,000 102,372,000
215,398,000 215,398,000 215,398.000 213,824,008
2,231,000
2,231,000
2,281,000
56,747,000
73,273,000
10,383.000
43,780,000
20,837,000
36,677,000
49,376,000
16,926,000
46,455,000
1,619,920,000
1,837.840,000 1,815,278,000 1,861.145,000 1,875,229,000 1,818,996,000 1,865,199.000 1,812,010,000 1,821,450,000
28,399,000
34,313,000
32,006,000
30,297,000
28,871,000
29,029,000
29,010,000
30,257,000
26,381,000
1,705,066,000
Total
1,885,023,000 1,888,111,000 1,942,531,000 1,924,937,000 1,884,702,000 1,939,276,000 1,854,399,000 1,929,036,000 2,536,673,000
F. R. notes in actual circulation
2,140,121,000 2,126,809.000 2,132,848,000 2,158,122,000 2,194,323,000 2,124,422,000 2,126,304,000 2,122,610,000 122,379,000
67.689,000
68,000,000
67,259,000
67,380,000
68,148,000
F.R.bank notes in circulation—pet llab.
613,053,000
62,046,000
63.622,000
535.464.000 409,227,000
Deferred availability Items
429,712,000 442,713.000 479,274,000 488.360,000 430,161,000 430,314,000 500,0,19,000
63,793,000
20,409,000
20,659,000
20,820,000
21,451,000
20,496,000
All other liabilities
20,719,000
21,242,000
21,280,000
4,891,808,000 4,098,027,000 5,153,334,000
Total liabilities
4,859,131,000 1,863,134,000 4,962,062,000 4,978,872,000 4,918,443,000 4,904,848,000
Ratio of gold reserves to deposit and
60.2%
72.4%
75.9%
74.3%
74.0%
74.4%
F. R. note liabilities combined
76.3%
76.1%
74.7%
Ratio of total reserves to deposit and
63.7%
77.4%
79.1%
77.5%
70.8%
F. It, note liabilities combined
77.3%
79.6%
79.2%
77.8%
Surplus
105,589,000
215,398,000
105,198,000
215.398,000
35,841,000
200,044,000
2,749,000
23,794,000
36,089,000
2,400,000
33,427,000
58,154,000
45,347,000
3,000
33,296,000
60,942,000
41,678,000
52,682,000
187,036,000
23,261,000
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
4,139,000
44,590,000
206,424.000
15,210,000
44,557,000
226,390,000
105,239,000
215,398,000
105,221,000
215,398,000
105,217,000
215,398,000
58,775,000
224,711,000
10,645,000
37,783,000
39,243,000
24.235,000
3
68,992,000
289,805,000
5,813,000
29,628,000
39,586,000
22,930,000
59,415,000
263,576,000
4,1(16.000
27,845,000
38,675,000
1,500,000
$
31,868,000
221,015,000
33,700,000
27,022,000
39,608,000
500,000
27,454,000
210,195,000
69,306,000
29,269,000
46,370,000
1,000,000
19,028,000
947,421,000
15,265,000
3,053,000
149,629,000
12,500,000
34,629,000
64.650,000
14,027.000
43,061,000
61,811,000
26,292.000
40,548,000
61,529,0110
26,329,000
30,652,000
61,953.000
31,717,000
4,271,000
270,797,000
36,450.000
16,580,000
53,983,000
42,057,000
15,156,000
50,208.000
40,873,000
15,415,000
46,375,000
37,652,000
25,564,000
44,112,000
3,900,000
3,606,000
198,782,000
29,456,000
7,236.000
50,848.000
249,144,000
8,580,000
54,831,000
259,198,0?0
6,614,000
53,041,000
229,979,000
5,036,000
50,987,000
285,452,000
3,000
50,989,000
127,745,000
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account__
All other
Distribution by Maturities1-15 days bills bought in open market_
1-16 days bills discounted
1-15 days U. S. certif. of indebtedness_
18-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
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
81-90 days bills bought in open market_
81-90 days bills discounted
81-90 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
$
59,016,000
247,284,000
22,959,000
30,883,000
33,234,000
3,900,000
6,000
27,831,000
58,007,000
38,361,000
21,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
34,562,000
59,959,000
3,900,000
1.000
20,220,000
57,801,000
52,792,000
3,000
8,335.000
48,228,000
258,777,000
Federal Reserve Note:—
Outstanding
Reid by banks
2.572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,561,837,000 2.5'37,485,000 2,522,750,000 2,518,799,000 2,917,123,000
432,176,000 445,154,000 451,020,000 431,387,000 367,514,000 413,063,000 396,446,000 396,189,000 380,450,000
In actual circulation
2,140,121,000 2,128,809,000 2,132,818,000 2,158,122,000 2,194,323,000 2,124,422,0(10 2.126,304,000 2,122,610,000 2,536,673,800
3,720,177,000
Amount chargeable to Fed. Res. Agent 3,339,569,000 3,338,365,000 3,350,935,000 3,341,921.000 3,301,379,000 3,294,062,000 3,284,031,000 3,279.696,000 803,054,000
767,272,000 766,402,000 767,067,000 752,412,000 730,542,000 756.577.000 761,281,01)0 760,897,000
In hands of Federal Reserve Agent
2,572,297,000 2,571,983,000 2,583,868,000 2,589,509,000 2,561,837,000 2,537,485,000 2,522,750,000 2,518,799,000 2,917,123,000
Issued to Federal Reserve banks
How Secured-By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
416,523,000 416,522,000 416,122,000 418.122,000 116,122,000 416,123,000 416,122,000 418,122,000 344,992,000
318,913,000 374,318,000 388,806,000 427,949,000 438,021,000 414.112,000 401,070,000 376,681,000 1.301,641,000
121,354,000 124,016,000 127,651,000 126,010,000 124,985,000 127,309.000 121.96:3,000 134,167,000 119,176,000
1,685,507,000 1,657,107,000 1,651,289,000 1,619,428,000 1,582,709,000 1,579,941,000 1,583,595,000 1,591,829,000 1,151,314,000
2,572,297,000 2,571,963,000 2,583,868,000 2,589,509,000 2,501,837,000 2,537,485,000 2,522,750,00(1 2,518,799,000 2,917,123,000
Total
635.631.000 600,648,000 529,749,000 525,071,000 1,607,793,000
Eligible paper delivered to F. R. Agent_ 533,600,000 523,804,000 585,242,000 576,633,000
FEDERAL RESERVE ri ANES AT CLOSE OP BUSINESS JULY 26 1933
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES 015 EACH OP THE 11
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. Si. Louis Minneap Kan.City Dallas. San Fran
— -----____ -------- _3
3
$
$
$
$
3
$
3
RESOURCES.
14,125,0 206,160,0 5,640,0 13 352 0 3 373,0 5,358,0 24,685,0 4,133,0 7,305,0 2,611,0 9,120,0 20,369,0
Gold, and gold certificates
70,680,0 35,358,0 51:3740 35090,0 21,091,0 127,021,0 14,143,0 26,349,0 32,495,() 2,226,0 28,635,0
Gold settlement fund—F. R. B'd 36.157,0
Two cipher:(00) omitted.
Federal Reserve Bank of—
s
s—
$
285,840,0 40,998,0 64 726,419,0 151,706,0
863,241,0 154,407,0 1896630 55'0400 98,398,0 382,761,0
4,497,0 5,790,0 3,627:0 3:637:0 1,077,0 7,239,0
—
—
203,760,0
1,153,578,0
201,255,0 238,016 0 07140.0 125,921,0 541.706,0
Total gold reserves
35,581,0 10,583,0 10,347:0 8:573,0 6,951,0 21,437,0
Legal tender notes, silver, &0... 9,276,0
Total gold held by banks
Gold with F. R agents
Gold redemption fund
50,282,0
147.019.0
6,459,0
Total.
$
316,231,0
489,619,0
18,276,0 33,654,0 35,106,0 11,346,0 49,004,0 805,850,0
57,228,0 29,258,0 53,379,0 19,434,0 193,496,0 2,223,384,0
769,0 2,903,0
1,984,0 1,695,0 2,513,0
42,190,0
77,488,0 64,607,0 90,998,0 31,549,0 245,403,0 3,071,424,0
736,0 4,404,0 6,546,0 5,313,0 131,2(30,0
11,510,0
213,036,0 1,189,159,0 211,841,0 248,363,0 105,713,0 132,875,0 563,143,0 88,998,0 65,343,0 95,402,0 38,095,0 250,716,0 3,202,684,0
Totalreserves
2ills discounted: Secured by
22,037,0 29,709,0 18,401 0 9804,0 1,857,0 15,908,0 7,351,0 2,007,0 1,719,0 1,534,0 10,642,0 130,293,0
9,326,0
obligations....
Govt.
U. S.
16,845,0 10,452,0 10,5090 26340,0 28,676,0 36,636,0 11,620,0 25,120,0 18,153,0 33,185,0 33,942,0 269,506 0
20,028,0
All other
2,832,0 15,279,0 150,497:0
33,331,0 26,284,0 28,115:0
786,0 13,801,0 15,381,0
.'487,0
Bills bought In open market.... 16,201,0
—
27,127,0
17,372,037,551,0
34,352,0
59,863,0 550 2900
66,343,0
72,213.0
31,319.0
45,555,0
66,445,0 55,025 0 30 631 0
Total bills on hand
44,358,0 23,870,0 26,893:0 1:241:0
189,0 6,514,0 12,386,0 5,302,0 28,378,() 3,318,0 41,682,0 198:751:0
4,642,0
(1.S. bonds and notes
Indebtedness
U. S. certificates of
70 500 0
18,500,0 5,000,0 50000 3560 0 6,199,0 8,667,0 3,571,0 4,000,0 4,321,0 1,900,0 4,832,0
One-year ctfs. (Pittman Act). 4,950,0
2,381,0 19,066,0 9,152,0 2,157,0 13,000,0 1,265,0 11,463,0 298:098:0
94,671,0 5,655,0 36,035:0
' '
33,253,0
All other
3,0
3,
Municipal warrants
100.0 229.742.0 100,970,0 122.950.0 41 4'12 n 40.088.0 100.590.0 59.411.0 35,589.0 63,571.0 44,032.0 117.840.0 1 (147 11451 a
Totsl earning assets
AUG.
5 1922.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
BOnon.
Bank premises
5,251,0
IS% redemption fund against Federal Reserve bank notes
422,0
linenfleeted items
50,860,0
All other resources
772,0
New York.
9,015,0
623
Clevelona Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San Fran
---------- ---s
S
S
S
601,0 5,672,0 2,571,0
1,553,0 7,632,0
944,0
925,0 4,987,0 2,093,0 1,325,0
Pitfin.
849,0
250,0
239,0
188,0
468,0
777,0 2,023,0
164,0
279,0
916,0
212,0
140,457,0 44,974,0 50,121,0 43,521,0 19,782,0 64,984,0 24,409,0 13,837,0 35,483,0 18,407,0 35,876,0
2,993,0
1,000,0 1,035,0
465,0
124,0
666,0
797,0 1,823,0 5,106,0
522,0
1,397,0
Total.
42,569,0
6,769,0
542,711,0
16,750,0
Total resources
358,741,0 1,572,215,0 359,636,0 428,433,0 193,890,0 104,890,0 737,792,0 176,337,0
120,303,0 201,156,0 104,596,0 411,142,0 4,859,131,0
LIABILITIES.
3,106,0
Capital paid in
27,520,0 3,999,0 11,603,0 5,622,0 4,306,0 14,695,0 4,770,0 3,576,0 4,549,0 4,200,0 7,643,0 105,589,0
16,433,0
Surplus
60,157,0 17,945,0 22,509,0 11,030,0 0,114,0 29,025,0 9,388,0
7,468,0 9,646,0 7,394,0 15,199,0 215,398,0
Deposits: Government
835,0
2,145,0
872,0 1,591,0
313,0
1,499,0 1,388,0
1,557,0
16,926,0
165,0 2,824,0
873,0 2,864,0
Member bank-reserve acel.._ 120,363,0 746,735,0 108,610,0 149,277,0 57,145,0 47,932,0 261,535,0
60,277,0
43,020,0
75,066,0 43,887,0 123,491,0 1,337,840,0
713,0
All 'other
11,001,0 1,767,0 1,242,0
243,0
605,0 2,974,0
685,0
30,257,0
172,0 9,682,0
365,0
808,0
122,411,0 759,881,0 111,249,0 152,110,0 57,701,0 50,036,0 265,897,0
Total deposits
62,519,0 44,260,0 78,738,0 44,224,0 135,997,0 1,885,023,0
F. R. notes In actual circulation- 167,512,0 623,044,0 177,995,0 194,025,0 78,129,0 110,685,0 368,285,0 68,081,0
48,874,0 59,433,0 26,860,0 217,198,0 2,140,121,0
?. R. bank notes In circulationliability
4,116,0
14,725,0
net
4,508,0 4,341,0 2,713,0 4,393,0 7,619,0 3,377,0
62,046,0
38,756,0
Deferred availability Items
82,620,0 37,533,0 42,209,0 37,537,0 15,215,0 48,811,0 27,364,0 2,970,0 3,184,0 2,588,0 2,512,0
11,750,0 39,568,0 17,649,0 30,700,0 429,712,0
1,357,0
4,228,0
All other liabilities
1,407,0
1,636,0
1,158,0 1,141,0 3,460,0
838,0
1.405,0
21,242,0
1.038,0
1,681,0 1,893,0
358,7.11,0 1,572,215,0 359,635,0 423,433,0 193,890,0 194,890,0 737,792,0
Total liabilities
176,337,0 120,303,0 201,156,0 104,596,0 411,142,0 4,859,131,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
73.5
36.0
73.2
71.8
77.8
82.7
88.8
68.1
70.2
69.0
53.6
79.6
71.0
Contingent liability on bills purchased for foreign corrospond'te
1,880,0
10,989,0 2,332,0 2,441,0
1,459,0 1,098,0 3,543,0
1,399,0
804,0
1,429,0
774,0
29,567,0
1.369,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF
BUSINESS AUGUST 2, 1922.
Federal Reserve
Agent at-
Boston. New York Phila.
Resources(In Thousands of Dollars)
S.
Federal Reserve notes on hand
37,350
Federal Reserve notes outstanding
185,356
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
5,300
Gold redemption fund
13,719
Gold fund-Federal Reserve Board
128,000
Eligible paper f Amount required
38,337
Excess amount held
7,218
Cleve. Riclam'd Atlanta Chicago.
Si. L.
Minn. K .City. Dallas. San Fr.
Total.
-*
S
82,940 26,750 12,075 16,200 20,753 58,330
409,135 83,913 52,174 69,016 29,504 250,390 767,272
2,572,297
^
-
S'
277,650 45,920 36,320 30,610 72,374
877,562 203,715 209,400 86,689 115,443
363,184
39,057 14,578
461,000 139,889
14,321 49,248
53,517 8,199
13,275
2,400
11,388 3,245 2,098
145,000 51,795 93,000
39,737 31,649 17,045
13,263 4,470 14,111
11,610 13,052
7,702
14,116 3,818 1,206 3,019 1,732 12,478 416,523
368,645 41,800 15,000 50,360 10,000 181,018 121,354
26,374 26,685 22,916 15,637 10,070 56,894 1,685,507
39,959 7,660 3,989 2,235 27,385 2,681 348,913
181,687
Total
465,280 2,086,291 461,549 468,383 208,458 317,371
LiabilitiesViet amount of Federal Reserve notes received from
Comptroller of the Currency
,̀72,706 1,155,212 240,635 245,720 117,259 187,817
Collateral received from JGold
147,019 863,241 154,467 169,663 55,040 98,358
Federal Reserve Bank'Eligible paper
45,555
67,833 57,447 53,000 35,119 31,156
041,169 202,236 120,412 156,467 107,146561,791 6,096,553
-^
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks_
Federal Reserve notes In actual circulation
492,075 110,663 64,249 85,216 50.2571308,720 3,339,569
382,761 57,228 29,258 53,379 19,434 193,496 2,223,384
66,333 34,345 26,505 17,872 37,455, 59,575 533,600
465,280 2,086,291 461,549 468,333 208,458 317,371
941,169,202,236 120,412 156,467 107,146 .561,791 6,096,553
185,356
17,844
877,562203,715209,400 86,689 115,443
254,518 25,720 15,375 8,560 4,758
409,135 83,913 52,174 69,016 29,504 250,390 2,572,297
40,850 15,832 3,3()0 9,583 2,6441 33,1921 432,176
167,512
623,044 177,995 194,025 78,129 110,635
368,285 68,081 48,874 59,433 26,860 217,1982,110,121
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 794 member banks,from which weekly returns are obtained. These figures are always a week behind
those
or the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 14
1017, published in the "Chronicle" Dee. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest
week appear in our Department of "Current Events and Discussions" on page 591.
I. Data for all reptIrting member banks in each Federal Reserve District at close of business July 26 1922.
Three ciphers (000) omitted
Federal Reserve District.
Number of reporting banks
Loans and discounts, Including bills rediscounted with F. R. bank:
Loans sec. by U. S. Govt. obligationsLoans secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U. S. bonds
U. H. Victory notes
U. S. Treasury notes
U. S. certificates of indebtedness
Other bonds, stocks and securities
Boston. New York Philada. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap.
Kan, CM Dallas. San Fran. Total.
----------- -- - -•
75
42
84
56
105
49
109
37
35
78
52
6S
794
$
s
s
s
s
$
s
s
$
s
s
$
s
11,583
32,957
I
7,826
15,133
79,810
14,373
43,117
15,216
9,129
10,087
4,426
17,0531
260,769
57,041 499,847 123,716
213,539 1,593,483 229,133 337,983 117,662
34,053
64,490
42,654 146,162 3,459,763
563,6592,203,484 313,487 626,873 296,818 289,015 1,021,048 273,789 189,882
354,089 186,869 700,72 7,019,740
791,5713,876,786 557,303 997,81.3 426,063 353,882 1,564,012 412,721 233,064
428,666 233,049 863,942 10,740,272
57,023
25,890 123,413
54,8601 149,205
90,425 540,451
31,795
25,681
56,356
34,563 116,114 1,305,789
654
1,651
1,976
9,6081
1,071
11,757
4,814
1,062
190
1,181
556
7,081
43,401
3,901
26,158
1,669
19,293
10,871 358,475
50,984
5,762
7,012
5,098
7,257
14,517
519,907
2,968
10,147
7,512
8,9051
6,303 125,703
30,291
11,634
5,710
7,243
17,884
22,580
256,910
55,797
169,211 848,734 189,0971 285,901
33,897 400,967
82,270
59,204
7,241 166,468 2,322,585
23,798
-
Total loans, disc'te & investments, incl.
bills rediscounted with F. R. Bank
1,079,3525,761,906 839,575 1,471,204 546,406
Reserve balance with F. R. Bank
33,566
85,438 669,639
65,121 102,697
Cash in vault
13,810
• 18,217
27,005
87,537
14,184
Net demand deposits
798,5224,911,693 677,264 859,807 334,715
Time deposits
228,826 783,423
51,843 493,561 145,144
Government deposits
9,079
3,050
9,873
33,566
7,675
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt. obligations
2,188
2,143
3,205
6,420
5,043
All other
13111s rediscounted with F. R. Bank:
Secured by U. S. Govt. obligations
348
100
7
55
All other
14.024
5,776
4.455
9.042
6.639
424,5312,174,481
28,445 192,086
9,361
51,428
244,202 1,440,402
151,976 682,359
11,331
3,034
95
43
3,985
546,144 297,233
36,036
19,036
6,400
5,988
313,31' 186,478
163,873
77,611
3,722
3,414
2,996
1,000
1,291
3.200
65
1 ino
9
568,389 289,031 1,190,702 15,188,954
84,593 1,386,4.57
47,2801 22,620
8,845
20,186
274,824
11,8631
444,0671 204,553 628,37511,043,393
549,529
65,186
3,515,379
116,0481
2,559
8,105
99,287
3,8791
188
22
300
6,525
177
34,414
1,177
500
n,i4
721
01601
16
3.627
65
4,839
1,271
60,970
3. Data of reporting member banks in Federal Reserve Bank and branch cities
and all other reporting banks.
Three ciphers (30())
omitted.
New York
---______ City.
All F. R. Bank Cities. P. R. Branch Cities. AllOtherReport.Bks.
Total.
July 26. July 10. July 26. July 19. July
26. July 19. Ju/y26'22. Pay 1922. July27'21.
271
272
.50
210
794
79
814
313
210
313
City of Chicago.
July 26. July 19. July 26.1 July 19.
umber of reporting banks
64
65
50
sans and discounts, incl. bills rediscounted with F. It. Bank:
s
s
s
$
Loans sec. by U. S. Govt. ohlifens
69,959
69,780
33,257
32,926
Loans secured by stocks es bonds_ 1,416,378 1,477,786 373,041 380,383
All other loans and discounts
1,027,253 1,044,082 645,751 639,121
Total loans and discounts
3.413,5903,401,648 1,052,049 1,052,430
. S. bonds
477,742 471,010
50,240
53,974
. S. Victory notes
10,143
3,172
10,148
4,286
. S. Treasury notes
345,277 338,815
38,918
32,424
120,568 124301
. S. certificates of indebtedness
17,253
10,919
tber bonds, stocks and securities
650.556 635,618 176,759 174,83'
Total loans dc disc'ts & Invest'ts.
-Inn, bills rediss'ted with F. B. Bk.5,017,8765,071,541) 1,336,7851,330,564
eserve balance with F. R. Bank
623.059 647,397 134,761 145,529
ash in vault
74,749
74,340
28,680
27,834
et demand deposits
4,414,272 4,470,275 918,590 983,039
ime deposits
579,825 560,705 322,781 320,646
overnment deposits
31,336
31,336
7,892
7,867
13ills payable with F. It. Bank:
See'd by U. S. Govt. obligations...
3,780
1,625
57,520
417
All other
ills rediscounted with F. R. Bank:
Sec'd by U.S. Govt. obligations...
All other
14,021
2,025
5,948
1,241
atio of bills payable & rediscounts
with F. it. Bank to total loans
and Investments, per cent
0.2
1.4
0.2
0.2
s
$
$
s
$
$
s
s
s
165,369
165,467
53,834
54,920
41,566
42,275
260,769
262.671
637,550
2,523,166 2,586,941 492,082 493,252
435,070 3,459,763 3,519,263 2,975,522
444,515
4,393,968 4,397,628 1,365,337
1,361,114 1,260,4351,266,853 7,019,740 7,025,595 8,046,975
7,032,503 7,150,036 1,911,253 1.909,2951,746,516 1,748,198 10,740,272 10,807,529 11,660,047
757,110
741,215 282,535 280,406 266,135 264,863 1,305,789 1,236,484
866,979
30,542
30,491
42,981
43,401
165,594
6,987
5,954
6,536
5,872
428,781
433,749
531,674
519,997
58,361
56,819
34,561
63,364
34,397
100,946
189,513
246,536
256,915
98,765
47,295
17,997
39,026
18,669
1,287,245 1,260,505 626,281 619,774 409,059 401,035 2,322,585 2,282,214 2,038,963
------9,777,136 9,805,5092,931,170 2,918,401 2,480,648 2,473,503 15,188,954 15,197,418 14,888,709
1,017,709 1,053,781 211,708 219,396 154,040 158,874 1,386,457 1,432,051 1,237,555
147,103
149,425
283,549
315,554
274,824
55,010
79,027
72,681
55,097
7,697,750 7,767,340 1,775,318 1,764,762 1,570,325 1,569,371 11,043,393 11,101,473 10,002,061
1,749,570 1,762,3641,014
,0501,011,617 751,759 740,034 3,515,379 3,487,015 2,905,293
71,797
72,052
100,245
99,287
95,460
19,258
3,304
8,232
10,709
20,202
73,438
8,097
177
13,402
132
6,115
1,000
9,209
34,414
1,177
96,049
• 182
289,459
619
460
35,203
201
29,790
26:
10,525
274
13,364
543
15,237
555
17,185
1,271
60,970
1,031
60,339
35,390
737,047
0.6
1.1
0.7
0.9
0.9
1.11
0.6
,
1.()
7.3
624
[VOL. 115.
THE, CHRONICLE
(?).:lanitere
tj
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
anti*,
STOCKS.
Sales
Week ending Aug. 4. for
Week.
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest,
Highest.
Par. Shares $ per share. $ per share. 3 per share.$ per share.
Am LaFrance Eng,pf.
.100 800 95% Aug 1 101% Aug 4 95% May 101% Aug
Am Malt & Grain stmpd
3d paid
• 100 2 July 29 2 July 29 2
July
July
Am Metal Co temp ctfs.• 1,300 45 Aug 3 47 July 29 45
Aug 47
Aug
Preferred
100 2,500107% Aug 1 108% Aug 2 107% Au 102
8%
31 Aug
Amer Radiator, pref_100
25 119 Aug 3 119 Aug 3 119
Aug 119
Aug
Amer Teleg & Cable_ 100 300 57 July 31 57 July 31 54
Feb 70
Mar
Assets Realization_ _ _ _10 700 2 Aug 3 2 Aug 3
Jan 3 June
july
Atlan Fruit ctfs of depos_ 3,200 2 Aug 3 2% July 31 2
July 2%
Atlas Powder, pref_ _100
100 82 Aug 1 82 Aug 1 82 June 8
2% June
36
Beechnut Packing Co_20 700 32 Aug 2 34% July 31 30
July
July
.i00
_
pref_
Shoe,
Brown
100 93 July 31 93 July 31 89 May 93
July
Ch St P M & Om,pf_100
200 97 Aug 4 103 July 31 83
eb 100
u
July
3
Aug
Cluett,Peabody, pref100
100 100% Aug 2100% Aug 2 85
Jan
Cosden & Co, pref _ _ _100 300 93% July 29 95% Aug 4 93% July 97% June
El duP de Nem&Co_100 3,600 132% Aug 2138% July 31 115 May 150
July
100
Debenture 6s
100 82% Aug 2 82% Aug 2 80 June 85 June
• 2,200 73% July 29 75% Aug 3 70
Eastman Kodak
July 77% May
Elec Storage Battery_ _ _s 2,900 46% July 31 47 July 29 40% June 48 June
25
Fairbanks Co
100 15% Aug 4 15% Aug 4 15
May 20% June
Gen Am Tank Car, p1100 300 97% Aug 2 98 Aug 4 96 June 99 June
Gilliland Oil, pref_ _ _100
100 54% July 29 54% July 29 45
Apr
Jan 78
100, 200 83 Aug 3 84 Aug 4 80% July 103 May
Hartman Corp
Hudson Motor Car_ _ _ _* 19,000 19% Aug 1 21% July 31 19% Aug 23% July
Ill Cent pref6% Ser A wi 3,100 111 July 29 113% Aug 3
June 113% Aug
400 28% Aug 4 28% July 29 28% July 30% June
Interboro Rap Tran, w L
Inter & Grt North'n, w L
700 233i July 31 24% Aug 1 22% June 26% June
* 8,400 53% Aug 3 55% Aug 4 53% Aug 55% Aug
Lima Locom, new
July 29 5% July 31 3
4,300
Rights
July 5% July
300 90 Aug 1 90% Aug 3 62% Jan 93
Mallinson & Co,pref_100
July
Manhattan Elec,ctfs dep 2,400 45% July 31 47 Aug 3 44
July 47
Aug
24%
29
July
4
Aug
20%
Oil_
Seaboard
_*126700
Mexican
July 34% July
Voting trust certifs_ _ _ 32,100 18 Aug 2 21% Aug 4 16
July
July
32215 Aug 2220 Aug 2 120
Feb 232
Michigan Central _ _.i00
'
20
Aug
100 12% July 31 12% July 31 1% Jan 14% May
100
Mo K & T, pref
9% Aug 3
05
18
14
3
14
00
15
3% Jan 109% Aug
Montana Power, pref 100
g
Aug
A
9
5
0
8
1
184
•
"
Nash Motors
JulY z525 July
10 103% Aug 2103% Aug 2103% Aug 103
100
Preferred
Aug
185265 July 29270 Aug 4x284 June 272 June
Nat Bk of Commerce.100
59
2
Aug
Aug
57
1
100 200
42% Jan 66% Apr
Otis Steel, pref
100 200 70 July 29 70 July 29 69
Jan 80
Panhandle, pref
Mar
70 41% Aug 2 42% Aug 3 39% July 4934 June
Piggly Wiggly
200 96% Aug 3 96% Aug 3 85
100
Mar 97% June
Pitts Steel, pref
• 1,700 27 Aug 3 31% July 31 27
Aug 5034 June
Reynolds Spring
July
10 13,800 9% Aug 3 9% July 29 9% Aug 10
Skelly Oil
100 91% July 29 91% July 29 83% Jan 9331 July
Standard Milling, p1_100
100 350 125 July 31125% July 31109% Mar 137% May
Tidewater Oil
Tobacco Products rights_ 1,600 23% Aug 2 24% Aug 4 22% July 24% Aug
200 22 Aug 1 22 Aug 1 21% June 25% May
U S Hoffman Mach'y_ _*
% July 434 July
Unit Retail Stores, rights -2,800 3% Aug 2 3% July 31
500 108% Aug 3 109% July 29108% June 112 June
Western Elec, pref_ _ _100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
eek ending
Aug. 4 1922.
Saturday
Monday
Luesday
Wednesday
Thursday
Friday
Total
Railroad,
Stocks.
Shares.
Par Value.
268,426 $20,897,000
740,758 65,900,000
680,575 61,410,000
561,162 44,828,000
575,095 50,694,500
532,100 37,400,000
Bonds.
State, Mun.I
and Foreign
Bonds,
U. S.
Bonas.
$2,447,000 31,270,500 $1,655,000
5,786,000 1,671,000 3,433,000
8,084,000 2,015,000 5,069,400
5,803,000 2,339,000 5,889,150
7,184,000 1,704.500 3,358,900
7,861,000 1,024,000 4,096,000
3,358,116 $281,129,500 $37,165,000 $10,024,000 $23 501 450
Week ending Aug. 4.
Sales at
New York Stock
Exchange.
1922.
1921.
Jan. 1 to Aug. 4,
1922.
1921.
2,143,519
153,571,004
3,358,116
104,960,426
Stocks-No. shares__ _
$281,129,500 $168,645,900 $13,603,074,389 $7,825,517,884
Par value
Bonds.
Government bonds_ - - $23,501,450 $33,385,670 $1,110,905,755 $1,118,117,360
7,187,500
375,462,500
174,210,900
State, mun.,&c.,bonds 10,024,000
37,165,000 20,218,000 1,280,043,350
550,787,600
RR.and misc. bonds
Totalbonds
$70,690,450 860,791,170 $2.766.411,605 $1,843,115,860
Week ending
Aug. 4 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday Friday
Total
Shares
Baltimore
Philadelphia
Boston
Wall Street, Friday Night, Aug. 4 1922.
Railroad and Miscellaneous Stocks.-The trading element at the Stock Exchange seems disinclined to take
seriously the possibility of a coal famine, or the embarrassing
railway situation. The transactions in stocks have averaged
640,000 per day and sales of bonds at the Exchange have,
on at least two days of the week, amounted to over $14,000,000, par value. Moreover, prices in both departments
have been well maintained. Of a list of 20 notably active
and important stocks more than twice as many have advanced as declined during the week and in the bond market
the tendency towards higher prices has continued.
Evidently this element regards the improved crop prospects, increasing activity in some industrial lines and the
unprecedented bank statements as of paramount importance
and believes that the unfavorable factors in the general
situation will soon be adjusted or removed. There can be
no doubt, however, that in conservative business circles a
cautionary spirit prevails and an inclination to hold projected
undertakings in abeyance until normal conditions are
restored in coal mining and railway operations.
Events of the week which attracted considerable attention
in Wall Street, as elsewhere, was the British note to Continental countries regarding international war indebtedness
-our Government cotton crop reports showing a condition
of 70.8% and an estimated yield of 11,450,000 bales-a
statement that 13 blast furnaces, or 10% of those previously
in operation,were "banked" in July, reducing the output,
of course, proportionately-and a drop in the price of wheat
in the Chicago market to $1 05 per bushel.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Bond Sales' Shares
Bond Sales
Shares
Bond Sales
3,866,
12,208
9,665'
7,890
8,584
8,015
$26,400
64,000
127,400
70,850
102,950
39,000
3,507
9,516
7,838
6,722
7,117
4,234
$20,200
9,600
39,300
44,200
37,000
25,500
406
999
3,887
6,215
2,165
1,458
$23,000
72,600
119,500
111,000
75,000
128,000
50,228
430,600
38,934
175.800
15,130
529,100
41
Daily Record ofLiberty Loan Prices. July29. July31. Aug. 1 Aug.2 Aug 3 Aug.
First Liberty Loan
(High 100.98 101.06 101.22 101.26 101.00 101.04
334% bonds of 1932-47_ _(Low_ 100.92 100.90 100.96 100.06 101.00 100.94
(First 3%s)
(Close 100.92 101.06 101.22 101.10 101.00 100.98
204
411
286
851
505
Total sales in $1.000 units._ 63
Converted 4% bonds of(High
--------------------1932-47 (First 4s)_ ___(Low_------____
____
Total sales in $1,000 units__ _
Converted 434% bonds(High 101.60 101.50 101.50 101.64 101.44 101.34
01 1932-47 (First 4%s)( Low_ 101.54 101.30 101.32 101.36 101.34 101.24
(Close 101.54 101.40 101.34 101.40 101.44 101.24
32
23
88
167
36
49
Total sales in $1,000 units_ _ _
---____
____
____ 102.00 101.30
Second Converted 4%%(High
---102.00 101.30
bonds of 1932-47 (First( Low_
- - ------------____ 102.00 101.30
____
_ ___
(Close
Second 1%s)
1
Total sales in 81,000 units__
---(High 100.52 100.50 100.42 100.52 100.52
Second Liberty Loan
--(Low_ 100.52 100.50 100.41 100.52 100.52
4% bonds of 1927-42
- --(Close 100.52 100.50 100.42 100.52 100.52
(Second 4s)
10
12
2
2
Total sales in $1,000 units.....
Converted 4 % bonds(High 100.74 100.68 100.60 100.66 100.64 100.60
of 1927-42 (Second (Low_ 100.60 100.56 100.48 100.50 100.52 100.52
(Close 100.62 100.56 100.56 100.52 100.60 100.56
4%s)
648
794
532 1,025
844
230
Total sales in $1,000 units_ _ _
(High 100.60 100.68 100.60 100.70 100.66 100.60
Third Liberty Loan
(Low_ 100.56 100.50 100.50 100.52 100.54 100.51
434% bonds of 1928
(Close 100.56 100.42 100.54 100.62 100.62 100.54
(Third 434s)
615
502
780 1,372
381
168
Total sales in $1,000 units.. _
(High 101.54 101.40 101.34 101.50 101.50 101.38
Fourth Liberty Loan
101.28
101.30
101.30
101.22
101.24
101.36
%
434 bonds of 1933-38_ _{ Low_
(Close 101.36 101.28 101.32 101.40 101.34 101.32
(Fourth 4%s)
807 1,643
864 1,153 1,029
558
Total sales in $1,000 unit._ _ _
(High 100.46 100.48 100.48 100.50 100.52 100.90
Victory Liberty Loan
431% notes of 1922-23_ _{ Low_ 100.44 100.42 100.48 100.46 100.48 100.88
(Close 100.46 100.48 100.46 100.48 100.50 100.88
(Victory 43.4s)
168
452
271
402
448
396
Total sales in $1.000 anus._ _
X
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
157 1st 334s
1 1st 4s
12 1st 4%s
1 2d 4s
100.10 to 100.58
100.36 to 100.58
101.10 to 101.44
100.30 to 100.54
100.90 to 101.041 38 2d 4348
1195 3d 454s
100.90
100.12 to 100.181 944th 434s
163 Victory 434s
100.10
I
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Sept. 15 1922..
Sept. 15 1922 _June 15 1924.._
Sept. 15 1924 __ _
Dec. 15 1922..
534%
434%
531%
5;4%
4%%
Bid.
Maturity.
Asked.
100ife Mar. 15 1925...
4 ;Mar. 15 19261001
100'
103A 103%, 'Mar. 15 1923._
June 15 1923_
102% 103
1001% 1001% Dec. 15 1925.--
/,
f
Icto'
l
Int.
Rate.
Bid.
Asked.
434%
4%%
434%
331%
434%
101*,
102'
i00'(
10034
%
100,
101
102
100
100%
10014
Foreign Exchange.-The market for sterling exchange
has ruled dull and a trifle easier. Continental exchange
moved irregularly, with Berlin marks sensationally weak, at
the lowest level on record.
@
To-day's (Friday's) actual rates for sterling exchange were 4 4 ,2 for
4 44%@4 4534
443% for sixty days, 44434 @44534 for cheques andsixty
days 4 41%@
cables. Commercial on banks sight 4 44%@4 4534,
(sixty days)
4 42%, ninety days 4 4004 41 and documents for payment
4 41%g4 4254. Cotton for payment 4 44%®4 45% and grain for payment 4 44%@4 4554.
To-day's (Friday's) actual rates for Paris bankers' francs were 8.14©
8.18% for long and 8.17@8.21 31 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.16@38.24 for long and 38.52©38.60 for shart.
Exchange at Paris on London, 54.26 francs; week's range, 54.26 francs
high and 55.02 francs low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days.
Cheques.
Sterling, Actual4 453/
4 43%
4 4534
High for the week'
4 43%
4 4334
4 4031
Low for the week
Paris Bankers' Francs8.24 Bi
8.183/
8.2334
High for the week
8.03
8.0234
Low for the week7.97H
Germany Bankers' Marks0.16%
0.16
High for the week
0.11%
0.1134
Low for the week
Amsterdam Bankers' Guilders38.70
38.65
38.24
High for the week
38.60
38.55
38.14
Low for the week
Domestic Exchange.-Chicago, par. St. Louis, 15@25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $7 50 per $1,000
premium. Cincinnati, par.
The Curb Market.-Activity in the Curb Market this
week was confined to a few issues, business elsewhere being
quiet. Prices show an easier tendency. Philip Morris Co.
continued to absorb attention. Jt lost all of the improvement noted last week, dropping from 23% to 193/2, the close
to-day being at 19%. The announcement of the reorganization plan for Intercontinental Rubber had a disturbing
1, to 3%, the final
/
influence, the stock selling down from 63
figure to-day being 4. Durant Motor declined from 423/i
to 39 and finished to-day at 393%. Gibson-Howell eased
%. Hayes Wheel
off from 20% to 1834: and sold finally at 183
4. Standard
was off from 313/ to 273/i but recovered to 303
group,
oil
the
in
feature
advancing
a
was
some
(Indiana)
Oil
four points to 11134:. The close to-day was at 1103..
Maracaibo Oil Exploration was a strong feature. After an
early loss from 17% to 15% it ran up to 23, the close to-day
being at 223j. Kirby Petroleum sold down from 5 to 4.
Elsewhere price changes were narrow. Bonds were quiet.
A complete record of Curb Market transactions for the
week will be found on page 634.
New York Stock Exchange-Stock Record, Daily, Weekly arid Yeariy
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see precedi
ng page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 29.
Monday,
July 31.
Tuesday,
Aug. 1.
Wednesday
Aug. 2.
Thursday,
Aug. 3.
Friday,
Aug. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100-share lots
625
PER SHARE
Range for previous
year 1921
Lowest
Highest
Lowest
Highest
Railroads
Par $ per share $ per share
per share $ Per share
Ann Arbor
100 10 Jan 3 207 Mar 6
8 Mar 123 Feb
Preferred
100
20 Apr 3214 Dec
Ateh Topeka & Santa Fe_ _100 287a Jan 28 5114 Mar 24
9114 Jan 8 10278Ju1y 27
1
4 June 94 Dec
77/
Do pref
100
7512 Jan 88 Nov
Atlanta Birm & Atlantic.. 100 845o Jan 8 92 Aug 3
14 Jan 14
5/
1
4 Apr 17
1 Dec
712 Jan
Atlantic Coast Line RR_ _ _100
83 Jan 9 113 Aug 4
77 Apr 91 Nov
Baltimore dr Ohio
100 331k Jan 27 5834 Aug I
3053 Mar 4238 May
Do pref
100 5212 Jan 11 64 July 28
47 Mar 5653 Nov
Buffalo Rc,ch & Pitts
100 50 Jan 4 68 May 25
49/
1
4 Dec 723, Mar
14,201 brooklvn Rapid Transit__ A00
6 Jan 4 29 June 30
6 Dec 1478 Jan
3,001
Certificates of deposit
alla
Jan
11
312 Sept 10
247sJune 30
8,201 Canadian Pacific
Jan
100 119/
1
4 Jan 6 145 Apr 17 101 June 123%
601 Central RR of N J
100 184 Mar 31 197 July 31 186 Oct 209 Nov
Mar
27,001 Chesapeake & Ohio
100
737
54
Jan 10
Aug 1
46 June 6512 May
20,101 Chicago & Alton
100
118 Jan 24 1234May 26
4 Nov
8,001
834 Jan
Preferred
3/
1
4 Jan 25 2078May 25
618 Dec 12 Apr
1,001 Chic & East In RR (new) 100
1253 Jan 26 397sMay 8
13/
1
4 Dec 1678 Nov
2,401
Do pref
32 Jan 80 59 Apr 28
3312 Det. 37 Noy
70' Chicago Great Western_...100
1034May 27
553 Jan 11
1,4010
6/
1
4 Dec
Do pref
P's May
100
1412
Jan 81 2412May 29
14 June 2078 May
43,10,0 Chicago Milw dr St Paul.. _100
17/
1
4 Jan 9 31 Aug 4
1714 Dec 31
48,60
Do prof
Jan
100
29
Jan
10
48
/
1
4 Aug I
14,70 Chicago & North Western_100
2912 Dec 461: Jan
59 Jan 9 7912July 31
20
6018 Apr 71
Do pref
Jan
100 100 Jan 9 115/
1
4June 27
19,20 Chic Rock Isl & Pac
95
July 110 Jan
100 30114 Jan 11 4814 Apr 20
2238 Mar 35 Sept
7% preferred
40
100 8314 Jan 10 9812June 7
1,20
6834 Mar 8934 Dec
6% preterred
100 70/
1
4
8458Jun
Jan
e
9
8
56/
500 Chic St P Minn & Om_ _ _100
1
4June 77 Dec
1,200 Cloy Cin Chic & St Louis....100 51 Jan 10 6938July 31
50 June 63 Jan
54 Jan 4 78 July 28
1,30
32 June 5712 Dec
Do pref
100 7234 Jan 3 98 Aug 2
1,400 Colorado & Southern
60 Feb 75 Dec
100 88 Jan 10 53/
1
4 Apr 24
27 Jan 467 Nov
Do 1st pref
100 55 Jan 16 68 Mar 23
49 Jan 59 Dec
4,80 Delaware & Hudson
100 10634 Jan 4 127 July 31
3,500 Delaware Lack & Western.. 50
90 Apr 11012 Nov
108
Feb 14 131 Aug 2
93 Aug 249 May
200 Duluth S S & Atlantic_ _ _ _ 100
238 Jan 27
6 Apr 25
155 Mar
Do prof
412 Jan
100
334 Jan 7 188m
014.
s Apr
r2
18
3
27,300 Erie
353 Nov
738 Jan
100
7 Jan 9
10
18,20
Dec 1514 May
Do 1st pref
100 Ills Jan 9
1518
4,000
Dec 223. May
Do 26 pref
100
7/
1
4 Jan 10 2
20
73
1:M
Ma
nY
y 23
10 Dec 157 Jan
26,400 Great Northern pref
100 70/
1
4 Jan 10 8414 July 31
60 June 7914 Dec
5,500
Iron Ore properties_No par 8153
Jan 6 4558 Apr 13
2553 June 3412 Nov
20 Gulf Mob & Nor tr Ws_...100
5 Jan 4 19 May 22
434 Dec 1112 May
50
Do prof
100 16 Jan 5 41 July 19
15 Dec 26 Feb
2,50 Illinois Central
100
12 Jan 3 1097s Apr 18
8512 Mar 10012 Nov
2,40 Interboto Cons Corp_.No par 97
1
Jan
10
5
Apr 8
118 Dec
57 Jan
1,90
Do pref
100
1
4June 20 12% Apr 8
3/
3/
1
4 Dec 16
3,30 Kansas City Southern_ _ _ _100 22
Jan
/
1
4 Jan 11 3014 Apr 25
1812 Feb 2878 May
50
Do prof
100 5284 Jan 5 5912 Apr 2t)
4512 Jan 55 Nov
Keokuk & Des Moines.... _100
5 Jan 17
934June 6
412 Nov
61',
40 Lake Erie & Western
May
100 10 Fel, 2 39%June 6
10 Mar 1412 Jan
Do pref
loo 26/
1
4 Feb 8 64 July 17
4,600 Lehigh Valley
1755 Aug 30 Dec
50 5658 Jan 8 6738May 29
4718
Louisvil
June 6034 Dec
2,100
le & Nashville_ _ _ _ 100 108
Jan 9 13012 July 6
97 Apr 118 July
2,200 Manhattan Ry guar
100 35 Jan 6 5578May 3
32 Dec 5812 Jan
400 Market Street Ry
100
3
/
1
4
Jan
28
11
Mar
14
28 Dec
Do prof
7 May
100 17 Jan 9 6
57141.
0 Aitatrr 1
14
1
12 Aug 1812 May
Do prior prof
40
100 85/
1
4 Jan 7
Do 28 pref
27 Aug 4512 May
100
558
Jan
9
32
Apr 10
4,70 Minneap & St L (new)
414 Aug
853 May
5 Jan 6 1413 Apr 29
400 Minn St P & S S Marie_ _ _ 101)
5/
1
4 Dec 143.: May
500 Missouri Kansas & Texas_ _100 55 June 29 71% Feb 27
63 Aug 7412 Nov
..100
% Jan 16 14 May 23
6,40 Mo Kan Ss Texas(new)
1 Dee
318 Nov
.712 Jan 11 1912May 22
3,000
Do prof (new)
8 Dec
978 Dec
Do part warr 1st asst paid 2412 Jan 27 43% Apr 28
223 Dee 2638 Dec
1014 Jan 30 2212 Apr 28
Do prof
-;.Y2 -2-e8 -.5.- 2314 - i.‘t 23-1-2 -i2.
i4 22
955 Jan
1
8 -iiI2 -i2-1-2 -2212 -227-8 6,30 O Missouri Pacific
56
trust ctfs_190 16 Jan 16 2814May 22
502 5612 57
5638 5738 56
5634 5614 5634 56
10 2514 Apr 18
57
7,6i
O
Do
*453
pref trust ctfs
18 Mar 23l May
453 455
5
*43
5
434 434
5
5
*4
3( O Nat Rys of Meg 2d pref...100 64 Jan 10 5934 Apr 17
5
3312 Mar 4918 Nov
*68 6812 68 68
65/
1
4 6818 *67
100
68
3
663
Jan
4
663
28
4
*66
68
714May 27
61
O
On
New
Tex
&
2% Dec
Alex
98 9834 97
v t c_ _100 547 Jan
658 Feb
9734 98
977
9614 9812 9612 9712 9612 9758 30,41 0 New York
1
10
70
June 23
Central
46 June 771: Feb
*7,311 7714 77
77
78
100 72114 Jan 4 9834July 31
7812 *7512 78
417512 78 *75
76
21
O
Y
N
Chicago
6418
dr
June 76 Dec
St
85 *8212 85
*84
*83
Louis_
..100 5118 Jan 5 82
85
83
83
83
83
*80
85
31
Do
May
2d
25
prat
39 June 6138 Sept
3114 3112 3114 313
3078 3212 3038 3153 3034 3112
100 6114 Jan 8 85 May
31
31% 30.11 O N Y N H & Hartford
25
54 June 6812 Sept
2612 2612 2634 2714 26
2678 *25
26
*2512 26
*2512 26
2,0( O N Y Ontario Sr Western_ 100 1218 Jan 5 3514May 20
12 Nov 231: Jan
*181
19
/
4 20
19
*18
20
..,100 1953 Jan 9 2912
18
183
4
181
/
4
1812
*18
Norfolk
20
91
O
Apr 10
Southern
16 Mar 2314 Sept
11214 1147 1121
112 112
/
4 115
100
11414 11812 11658 118
814 Jan 3 2212June 6
11534 11612 12,51 O Norfolk dr Western
80
814 Sept 1314 May
77
78 .76
*76
80
100 9814 Jan 9 11812
*76
77/
1
4 *76
78
*76
78
21 O
Do pref
Aug 2
88% June 104% Feb
7818 7812 7912 777 7953 77% 78/
78
100 72 Jan 9 78 July
1
4 775 7312 77% 7833 15,21
Northern Pacific
7
62
June 74% Dec
4718 4753 4714 477 Z4612 47% 4613 47/
100
1
4 4658 47
7334June 19 8212 Mar 15
4614 4334 26,81 O Pennsylvania
6114 June 88 Jan
23
23
*22
23
2258 22% 22
50 8314 Jan 3 477 July 31
22
*20
22
*20
22
61 0 Pam la & Eastern
3214 June 4134 Jan
3414 3412 3415 3434 3312 3434 33/
100
1
4 3334 3358 3455 34
1034
Jan 14 247sJune 6
3512 21,91 10 Pere Marquette v t c
*77
8 Nov
78
78
78
12
*77
Jan
78
100 19 Jan 10 347gMay 29
77/
1
4 7734 *77
78 *77
78
31 0
Do prior pref v t c
1b34 Mar 23% May
6834 6834 *68
443853 69
69
6853 6858 *68
100 63 Jan 17 78/
70
6812 6812
41 0
Do pref v 00
1
4June 3
4014 4018 4018 4078 40
50 Apr 651: Dec
4114 3912 4014 3914 40
100
801s Jan 6 71 July 13
4014 4114 24,51 Pittsburgh & West Va_
35 Jan 6034 Dec
*89
90
90
90
*89
90/
1
4 *89
_ _ _100 23 Jan 27
9012 9012 9012 *89
41 0
4114 July 28
9012
Do pref
23 Oct 32
7534 7534 7534 7678 7512 768
Jan
7434 757
100 76 Jan 13 9012 Apr 25
70 Mar 80 Dec
52
52
5212 5212 5212 5212 5212 5212 7512 7512 7553 7618 11,61 0 Reading
50
*5258 53
71% Jan 3 827aMay 29
5258 5258
61 0
Do 1st pref
6034 June 8914 Jan
50 43 Mar 27 57 May 31
5212 5212 *5212 53
: 5212 5212 52/
521
3612 June 55 Feb
1
4 *511
: 523
5212 5212
81 0
Do 2d prat
45
*41
*42
45
*42
45
*43
45
50 45 Jan 27 5912May 31
*42
47
47
- - _ Rutland RR pref
381s Aug 5753 Jan
2914 3053 30
3053 29
3014 28% 2912 2918 2934 *42
2953 30 -12,71 0 St Louis-San Fran tr offs_ 100 1712 Feb 6 5314June 1
5034 5114 5112 52
52
53
53
53
5212 5212 52
2,01 0
52
Do prof A trust ars_ _100 20% Jan 15 3113 Apr 29
19l Mar 2034 Aug
/
4 3078 3012 3034 30
301
3012 30
..100 36 Feb 1 53 Aug 1
30/
1
4 3012 3155 3114 3218 13.71 0 St Louis
2778 June 3912 Nov
48 4818 471 4814 4853 483
473 477
Southwestern__ _ _100 20%
49
5012 50
Jan 3 32%May 22
5053 7.3, 0
Do pref
1912 June 301
712 712
:May
712 778
712 78
100 32as Jan 10 5034Mar 3
755 755
71s 77
734 734 3,5 O Seaboard Air Line
28 June 41
1212 1212 1231 1212 1234 12
*12
Jan
1234 1214 1234 1212 1212 2,9' 0
100
2118 Jan 4 10 Apr 15
Do pref
2/
1
4 Oct
May
9112 9178 917 921
/
4 911
714
/
4 9214 9034 9158 9112 91
100
7
41s Jan 13 14% Apr 15
90% 91% 15,800 Southern Pacific Co
3 Dec 121
/
4 May
2514 2534 2478 25% 2514
2538 2512 2518 26
100
93%May
7812
Jan
25%
29,1,
10
29
6712
0
251
Souther
June
2553
n Railway
101
Jan
58
5818 5814 58% 5734 5812 5734 58
100 1714 Jan 10 28 July 31
5853 5855 5812 5918 7,7 0
1738 Juno 24% Jan
Do pref
30% 3112 2934 30
*301s 3014 3014 31
100 46 Jan 10 59% Apr 24
30
3018 2934 3018 6.2'00 Texas & Pacific
42 June 60 Jan
2112 2312 2234 2314 217 21%'213., 22
100
*21
24
22
June
Apr
21
22
36
18
1618
22
Third
1,9 0
Jan 2734 Dec
Avenue
-_-- ---- ---- ---- ---- ---- ---- ---- ---- ____
100 14 Jan 8 25% Apr 25
____ ____
1213 Aug 20% Mar
__ Tol St L & West Series
B
14 Jan 24 5518June 23
Do pie' Ser B
:
i li- -.524 -5-21-2 -iiiis 522'50 li- ;iiO" ii- ;'85- ii- ---& ii Twin
5034Jun
2212 Jan 20
e 15
14238 14355 14314 14378 14218 1445s 14112 14334 14353 1437 14212 153 10,3 0 UnionCity Rapid Transit_ _100 34
Jan 12 5612June 10 -311-8 Dec 551. -kit;
Pacific
7553 7555 7573 76
*7512 76
7518 76
100 125 Jan 10 14434July 6 111 June 131% Nov
7514 7512 *75
1,1, O
76
prefRa
*12
13
: 1312 1314 1314 *1314 1312
131
13
13
100
6214 July 7412 Dec
United
1318 1318 1,000 Un
D
iiways Invest.. _100 7114 'Jan 7 76% Apr 21
*27
3012 *27
29
*28
30
*28
29
2812 2878 2818 281
712 Jan 8 19% Apr 11
6 Aug 121
Do pref
/
4 Mar
/
4
3, 0
127 13
1318 131
/
4 1212 1353 1212 123
100 20% Jan 9 3612 Apr 11
1212 127
17 Aug 26 Mar
1234 1272 7,51 0 Wabash
323 33
3234 3338 22
3355 3134 3253 32
100
6% Dec
6 Jan 30 1438May 26
3258 3218 3234 11,5, 0
9
May
Do
pref
A
*2212 2234 2234 2234 *2234 24
*22
2314 *2112 23
100 19 Jan 25 3458 Apr 17
18 Mar 2412 May
*21
23
11 0
Do prat B
12
100 1234 Jan 25 24 May 26
12
1134 12
1258 Mar 1578 Nov
1134 1218 1134 113
115
1155
2,6
117
Western
11%
00
20
20
Maryland (new)_ _100
2014 201
/
4 20/
1
4 2012 *1912 2034 *1914
8% Dec 1112 May
814 Jan 80 1312June 6
20
20
300
*19
Do 2d pref
*1812 1934 1912 1912 *19
20
1914 191
100 18 Jan 17 24 June 6
/
4 19
1414 Dec 21 May
1918 19
19
700 Weston Pacific
5878 587
59
5955 60
6034 6018 61
100
1412
15 Dec 30% May
Jan 30 2472 Apr 24
6014
61%'60
Do pref
53 6212 2,900
•1334 14
14
141
/
4 1378 1453 1312 14
100 51% Feb 1 6413 Apr 21
611
/
4 Dee 7012 Jan
*1358 133
1312 131
: 1,500 Wheeling & Lake Erie
*2512 26
*2512 26
26
2618 2534 2534 *2512 2612
614 Dec 1118 May
Ry-100
6 Feb 2 1612June 7
2612 1,100
*25
Do pref
*30
3012 30
30
2912 2912 30
100
1212 Dec 1912May
30
914 Jan 4 2932June 7
30
30
*29
30
800 Wisconsin Central
100 25 Jan 10 33/
1
4 Mar 13
23 Oct 3712 May
Industrial &
64
64
644 6431 65
6634 6512 66
6612 6812 6812 7218 11,200 Adams ExpressMiscellaneous
*1712 18
18
1818 18
18
*18
100 48 Jan 12 72% Aug 4
1812 18
2612 Jan 5334 Dee
18
400 Advance Rumely
*18
1812
*49
4912 49
4912 4855 48%
1012 Dec 19% Jan
100 10% Jan 19 2014June 6
*48/
300
1
4 49
Do pref
5634 5634 5634 5634 5512 5512 *4812 4912 *4812 49
5534 5534 *54
100 31% Jan 12 5012June 6
3112 Dec 5218 Feb
55
55
5
00
55
Air
Reducti
1114 12
12
on,
Inc
1355 117 1212 1218 1212 1214
__No par 4513 Jan 3 5714 Mar 28
June 50 Dec
30
8
115
18,2
1255
00
/
4
121
Ajax
Rubber, Inc
*3s
12
*38
12
12
,2
50
912July 28 1884 Apr 25
%
1514 Dec 39/
%
1
4 Jan
*32
00 Alaska Gold Mines
12
*32
138
12
138
114
138
114 132
14 Dee
114
10
%May 10
114 *114
112 Feb
112 *114
14 Jan 13
112 2,300 Alaska Juneau
70
7253 7114 747
Gold Min
72
74
7112 7314 71/2 7312 7138 73
12 Oct
10
2 May 17
1% Feb
as Jan 24
34,900 Allied Chem dr Dye__
*1061
/
4 108 .10612 108 *10614 108
__No
7
10778
Aug
July
par
31
34
10778 108 108 *106 108
55% Jan 3 74
59/
1
4 Dec
300
Do met
5353 54
5312 543
5334 5413 5314 5312 53
83 June 10334 Dec
100 101 Jan 3 110 June 14
5312 5314 5314 4,100 Allts-Chalmers
*973 99
*9734 99
Mfg
*9734 99
9812 9812 *9734 977 *97
2814 Aug 3934 Dec
100 3784 Jan 4 58 July 19
99
100
Do pr f
.3.354 3712 3718 3712 3712
37
78 *3714 38
6712 Aug 90 Dec
*3712 38
3714 3714
64
C00 Amer Agricultural Chore.. 100 8612 Jan 5 100 Apr 21
64
6412 6412 *64
66
63% 6378 *6312 64
_100 29% Jan 3 42%June 1
2612 Aug 651: Jan
*63
64
900
*07
Do pref
70
*R7
4151.
AO
AO
*RA
50
*(15
no
*85
51 Aug 90 Jan
451)
100 56 Jan le 69 Mar 10
200 American Bank
Note
1
4 Apr 7
4612 Jan 561
50 5812 Jan 7 77/
:Dec
•Bid and asked prices; no sales on this
day. 3 FA-rights. I Less than 100 shares. a
share for share to stock of Glen Alden Coal Co.
Ex-dIvIdend and rights a Ex-dIvIdend. 3 Er-rights (June 15) to subscri
at $5 per share and ex-dividend 100% in stook
be
(Aug. 22).
$ Per share $ per share 8 per share $ per share $ per share $ per share
*14
18
17
17
*17
20
*17
20
15
15
*14
20
*41
43
4214 42/
1
4 43
44
43
4314 44
44
*42
44
*10114 10134 10112 1018 10112 1017g 101 10134 101 10112 10114 102
9112 9112 9118 9118 9112 9112 9112 9134 92
92
92
92
314 314
314 388
314 3/
1
4 *3
314 314
312 *314 338
*10812 110
110 11112 10912 11012 10814 109
10914 10912 110 113
3714 3738 5778 5858 5612 5834 5612 5734 57
5818 56% 5734
*63
64
6334 6334 6312 6378 6314 6334 *63
6334 6312 63/
1
4
70
*64
.64
70
*64
70
*64
70
*64
70
*64
70
2678 2518 2612 2514 2618 25
26
2518 2412 2518 2418 2514
*22
2234 2218 2234 22
2234 23
22/
1
4 2118 22
21
21
118358 1404 14018 1417 140 1417s 14014 14014 14014 14014 140 14014
197 197
19212 196
194 195 *191 200 *190 200 *190 200
738 7114 7314 7253 72% 717 72%
71
7118 7153 7314 72
1014 1014 1012 1034 1053 1058 1058 1118 11
121
/
4 12
1214
1712 1712 17
17
1738 17
17
1712 18
1918 1912 197
*35/
1
4 3612 3612 3612 3612 3612 36
36
3518 3512 35
35
55
56
56
55
57
*54
56
56
55114 56
55/
1
4 5518
8% 9
87s 88
9
9
*878 9
*834 9
*834 9
2112 2112 2134 21% 2112 217
2112 211
/
4 21
21
*20
22
29
294 2912 3034 2912 30% 295 3012 29% 31
284 29
4518 4553 4514 473
4638 4818 4618 477
4612 4714 4658 477
7718 7734 7912 7678 79
77
77
781
/
4 78
7834 7712 7955
114 114 *113 114 *113 114
*113 115
114 114 *113. 114
4414 4532 4358 4514 4418 45
4438 4414 447
44
438 4412
96
961
/
4 9614 9612 93/
*9434 9512 96
1
4 *96
97
961
/
4 9618
83
83
8234 8234 83
8314 83
83
84
84
84
84
6812 681
6812 398 *65
69
*65
6712 *65
6712 *65
68
78
78
78
78
77
77
*73
7912 *76
80
*76
80
1
4 9712 9712 9712 9712 98
9714 97/
*98
98
9912 9614 9614
4734 4734 477 48
47
481
/
4 *4612 48
*46
48
478 4753
*61
62
62
.61
*61
62
*61
62
*61
62
*61
62
12514 12514 124% 127
12612 127
126 126
12512 12678 125 12614
128 12912 130 130
1291
/
4 130
130 131
130 13014 12914 129%
41: 412 *4
412
*4
434
41
/
4 4/
1
4 *4
412 *4
412
*8
9
*7
812 *7
812 *7
812 *7
812 *7
812
1
4 1718 18
17/
17
17/
1
4 18
1718 1734 1753 17% 1712 173
2512
2558 2634 26
1
4
25/
2753 2534 2612 23
2655 2618
8
*18 1812 1812 1878 18% 1953 1834 1834 1834 1834 1858 265
1858
83 83/
1
4 8312 8414 83/
1
4 8414 8214 8378 82% 8318 8258 8378
40
40
40
40
40
4014 3934 4012 397 397
40
40
*17
18 *16/
1
4 18
*1612 18
1612 1612 *1612 18
*17
18
*3912 41
*39
41
*38/
1
4 40
38
3812 .38
40
*35
40
1084 10834 10878 109
109 10953 1091
/
4 109% 10912 10978 10778 108
138 112
112 112
153 112
153 112
153 133
153 153
312 312
318 312
353 312
312 312
314 318
314 314
*2618 2614 261
/
4 2612 2614 2612 261
/
4 2653 *26
2612 26
2612
5834 *58
.58
5812 58 58
577 577 *57
59
5658 565
*5
*5
10
10
*5
10
*5
10
*5
10
*5
10
*30
3114 32
33
*31
33
*31
33
*31
33
3212 3212
68 *65
.65
6712 *65
08
*65
68
*65
6712 *65
58
: 65% 6512 6314 6512 65% 64
651
6514 6413 647
65/
1
4 6518
13014 131
13412 13434 133 134
133 133
132 132
132 13212
1
4 4614 4634 4678 *46
45/
48
47
4633 47
4712 468 468
*6
•7
618 518 *6
712
612 612 *6
634
6
6
*32
3212 *32
331 *32
33
*32
33
*32
33
*32
35
*59
59
60
59
*59
60
57
59
59
59
591
/
4
5914
*16
19
*16
20
*15
20
*1534 20
*16
20
*16
23
*1112 1218 1134 1234 1158 1214 1112 1134 *1112 1134 *1112
1212
*631
: 65
6212 63
64
64
*63
64
*63
64
*63
64
12
12
12
*1112 1212 *1112 12
12
*1112 12
12
12
18
181
/
4 18
17% 18
1814 177 1818 1755 18
18
18
4012 4012 4012 4158 41
4134 4012 41
41
41
41
42
___ ---- ---- ---- ---- ---- ---- ---- ____ ____
-__ ____
Shares
200
1,200
6,400
1,00(
1,000
2,900
46,801
1,00(
626
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
Sales
for
the
liTeelc.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
PER SHARE
Range for previous
year 1921
Friday,
Wednesday, Thursday,
Monday,
Tuesday.
Saturday,
Highest
Lowest
Lowest
Highest
Aug. 3.
Aug. 2.
Aug. 4.
Aug. 1.
July 31.
July 29.
- --per
per
pershare
Par
share
share
$
per share
(Con.)
$
$
Miscell.
&
share
per
$
share
Indus.
per
$
per
$
Shares
share
share
per
$
share
Per
Per share $
4312 Jan
5012 Dec
50 52 Jan 12 54 Mar 3
53
*52
5234 5234 *52
100 Am Bank Note ()ref
53
55
*52
55
55
*53
*52
2412 Oct 51
100 31% Jan 3 49 June 9
Feb
4612 4634 17
4712
600 American Beet Sugar
455 *4512 4112 *4513 45
*45
45% *45
5134 Dec 74% Jan
77 June 24
100 61 Jan 11
Do pre(
*73
80
*7312 80
*73
80
*7312 80
*7312 80
*7312 80
49 Apr 11
2912 Aug 6512 May
3114 Jan 31
700 Amer Bosch Magneto....No par
*35
3512 3534 3534
*3612 3712 3534 3034 3512 3514 3578 35
42
Jan
51 Jan 4 65l July 31
5532 Dec
6514 658 *65
67
700 Am Brake Shoe & F.._.No par
6518 6134 65
651s 55
65
*5412 65
8834 Jan 100 Dec
100 9814 Jan 18 109 June 14
Do prof
*10514 10812 *103 10713 .101 10812 *10.3 1033 *105 10834 *105 109
2312 June 3512 Dee
100 3214 Jan 5 611,3July 31
5932 60
32,709 American Can
61 12 5938 6118 5912 60% 583* 60
58
5812 59
7634 June 97 Dec
100 9314 Jan 3 10913 July 28
Do pref
109 109 *108 110 *108 110
100
*108 109 *108 110 *108 110
17012 171
172 172
2,400 American Car & Foundry.100 141 Jan 10 17212July 23 11514 June 15114 Dee
188 172 *17012 172
17114 172
17134 172
100 11513 Jan 6 12112June 6 108 May 11613 Dee
Do pre(
•121 125 *121 125 *122 123 *122 123 *122 123 *122 123
(312 Nov 29
Jan
7 Jan 27 14 May 5
No par
*934 1014
109 American Chicle
*914 1913 *934 10
972 9% *934 1012 *934 1014
1573 June 2434 Nov
100 1914 Jan 10 3012MaY 31
2612 *26
2514 2514 *26
600 American Cotton Oil
2512
2614 255
27
*2514 267
*26
Apr
3512 July 67
100 -41 Jan 11 61 May 31
Do pref
*50
55
*50
55
*59
55
55
*50
55
*50
55
*50
4 June
83e Jan
53
112 Jan 13
613 Jan 23
709 Amer Druggists Syndicate....10
538
514
512 512 *41:: 512
538
512 512 *514 512
100 120 June 23 14312 Apr 22 114 July 137 Dec
138 138
400 American Express
133 13114 *132 135 *13212 135 *131 137
*128 131
13
Apr
16
Apr
8
1738
Dec
18
100
12
Jan
Leather..
&
Hide
14
14
*133
American
4
134
14
*13
4
133
300
143
14
4
*1334
133
4
1334
4012 Feb 62% Dec
100 58 Jan 3 73 May 31
Do pref
71
71
*70
70
70
1,709
71 18 *70
6313 7014 7032 71 18 71
Jan 8312 Dec
42
100 78 Jan 12 11412 Mar 22
110 11134 11012 11113 110% 1/234 112 11334 112 11334 112 11334 14,700i American Ice
57
Jan
7314 Nov
100 72 Jan 13 9514 Aug 4
91
9112 93
Do pre
Ws 91
*90
90
90
9338 9514 3,2001
*8814 90
21,4 Aug 53% May
417 4212 4913 4134 39
4114 3914 4012 8,509 Amer International Corp_ _100 381e Jan 5 5053/une 2
4214 4214 4212 43
Apr
23
1132
July
7%
14
Aug
912 Jan 16
1212 1253 1234 13
1278 128 2,003 American La France F E....10
1314 51234 1234
13% 13% 13
1714 Aug 6212 Jan
100 2938 Jan 10 4034June I
700 American Linseed
3114
31
34
31
*3313 36
31
31
*335s 3112 *3312 31
Jan
1
8.1une
Aug
93
3
22
397
607
51
June
100
Do prof
55
55
51
51
*53
55
*53
55
100
*53
56
*52
*53
7312 June 110 Dec
118 11934 11912 121 15 11812 12012 11812 11934 118 11914 11814 11014 23,809 American Locomotive _ _ _103 102 Jan 5 12118July 31
115
Dec
13
Mar
9814
June
12
118
Jan
100
112
11812
.11712
*11712
11812
prof
Do
*11712
11812
*117
11712
11712
209
118
118
116
.
65% Jan 91 Nov
25 82 Jan 30 10112 Aug 1
103 101
10112 10314 103 10112 10312 10312 103 103
4,200 American Radiator
101 101
6,3
Jan
10
312 Aug
853 Apr 6
3% Jan 31
25
638 613 2,600 American Safety Razor
*633 812
614 68
634
612 612
(358 634
414 Aug
Jan
14
31
2414Nlay
3
par
Jan
512
No
Comm
&
Ship
19
193
19
1914
1814
1814 19
3 1934
6,809 Am
19% 19% 19% 20
2953 Aug 4714 Dec
6114 60% 61% 60% 6133 6012 608 6012 6038 6012 607
61
5,000 Amer Smelting & Refining_100 4353 Jan 6 6712May 19
3314 Aug 90 Dec
100 8613 Jan 1 99's July 15
98
9818 98% 1,590
97% 97% 9714 977
93
9812 93
Do pref
*9712 98
Jan 88 Dec
63
95
95
*91
Am Smelt Se= prof scr A..100 87 Feb 8 9353June 6
*9313 95
*94
95
*91
*9313 95
*9312 95
Jan 11134 Dec
95
109 10912 Jan 3 133 Feb 18
American Snuff
*132 33,513 *133 13512 *131 13.312 *135 13.313 *135 13313 *135 13-3
18 Aug 35 Dec
39
3813 3812 3753 3814 3734 3814 3838 387 11,100 Am Steel Miry tom etts_33 1-3 304 Jan 26 4012 Apr 24
3734 37% 38
24
9514 Dec
Apr
Aug
100
8
78
91
Feb
100
Da pref tom etfs
9912 *97
9932 993 99%
*98 100
*98
9933 *98
109
*98 100
Jae
4753 Oct 96
81 12 82,2 904 8134 8012 8112 81
8134 81
82
3,601 American Sugar Refining_ _100 51% Jan 4 8232July 28
*8112 82
Jan
10714
1
6712
Oct
10712
Aug
3
Jan
84
100
prof
Do
107 107
107 10712 90134 108 *107 108 *107 108
400
*106 107
2812 Dec 88 Mar
40
39
*3912 40
*39
37% 39
398 40
4934 4013 4034 3,209 Amer Sumatra Tobacco_ _ ..109 2314 Feb 14 47 May 29
6134 Nov 91.34 Feb
100 52% Jau 27 71 Jan 16
Do pref
65
6212 6212 1,109
*6014 6312 *60
6312 63
65
6314 *60
*60
9534 Jan 11912 Nov
122 12218 122 12214 122 12213 122 12214 12212 12214 122 12212 10,300 Amer Telephone & Teleg 109 11413 Jan 4 12412 Mar 14
100 12912 Jan 5 14912July 31 11113 June 13634 Dec
14712 14734 14812 1488 9,100 American Tobacco
145% 14912 148 149131 14734 148
14412 147
July
31
105
86 Aug 9912 Dec
3
Jan
9612
109
(new)
Do
pre
203
103 103
101 101 *10312 103 1 4'103 101 *103 101
*103 101
Jan 13112 Dec
Do common Class 13_100 126 Jan 3 145 July 31 110
14114 1418 7,409
142% 145
14472 14178 141 14434 143 141
14114 143
4 Sept
612 Oct
(i Jan 7 1758July 7
1,300 Am Wat Wks & El v t
1634 1634
16% 16%
1673 161
16%
17
1712 16% 16% 15
48 Sept 6653 Dec
Do 1st pref (7%) v t c_100 (37 Jan 4 88 July 5
*8514 85
*8514 8658 *8514 85
*87
8712 *87
8712 *8512 87
817 Sept 20 Dec
Do partic pf(6%) v t c 100 1714 Jan 4 43 July 11
41
803
41
41
41
41
4114
41
41
*4053 41
*4012 41
57 Feb 8312 Dee
100 7814 Jan 10 9538 Apr 17
90% 908 5,103 Amer Woolen
9012 9114 90% 9012 90% 91
9134 9134 9112 92
93 Feb 10412 Dec
100 10212 Jan 11 109 Juno 21
Do prof
200
*10714 10812 *10714 10812 *107 10812 108 10833 *10714 10812 *10714 10813
2012 Aug 39)2 Jan
30
30
1,200 Amer Writing Paper pref_ _ 100 2212 Jan 13 3712 Apr 15
30
*28
30
30
29% 30
30
*28
2918 *28
634 Sept 14% Dec
1212 Jan 3 2032.1une 1
18
1,309 Amer Zinc. Lead & Smelt _25
1712 1712 *17
1772 1772 1752 1734
*1713 1812 1712 1814
4072 Dec
2 Aug
19
227
4814May
18
Jan
pref
25
Do
38
46
45
100
*45
*45
46
*44
46
4512 *45
45
45
*44
3134 Aug 5032 Dec
4 5314 5373 5314 533* 8,900 Anaconda Copper Mining_ _50 47 Jan 31 57 May 31
53,
5312 53% 5312 53% 5314 53% 53
Jan
5012 Dec
24
5312 54
54
5134 5173 5614 55% 5614 5512 5534 553 5512 7,200 Associated Dry Goods._ _ _100 43 Jan 5 5712 Mar 17
7634 Dec
5534 Jan
100 75 Jan 6 8312 Apr 19
Do 1st pref.
82
82
*81
*81
100
81
82
81
83
*81
83
*81
*81
Jan
78 Dec
45
100 76 Jan 17 86 May 9
Da 2(1 pre(
85
86
*83
81
81
*83
*83
*83
80
*83
*83
80
91 Sept 10712 Mar
100 98 Jan 31 13512May 3
110 110
10912 10913 112 112
500 Associated Oil
11212 11212 *111 114
*110 112
Jan
9
1% Oct
512 Apr 17
214 Jan 3
To par
212 212
212 2%
2% 2%
212 2,2
212 212
212 213 2,900 Atlantic Fruit
Jan
18 June 76
3214 3233 3233 3,700 Atl Gulf & W I 58 Line___100 23% Mar 2 4314May 29
3134 3234 3134 3212 32
32
3234 3314 3314
Jan
4112
29
1534
June
31.14May
6
Mar
109
1812
pre(
26
Do
*24
*23
26
*2312 26
*24
26
*24
26
*24
26
May
a1125
June
1
a820
May
1145
7
100 900 Mar
10 Atlantic Retiniug
1000 1000 *950 1000 *975 1000 *975 1000 *975 1000 *975 1000
100 113 Jan 9 11878.1une 30 103% July 1131: Nov
Do prof
*116 118 *116 118 *116 118 *115 118 *116 118 *116 118
Apr
1232 Dec 20
1312 Feb 28 2212May 4
No par
Atlas Tack
. *16
*1612 181
1814 *1612 1814 *1613 1814 *1612 1814 *1612 1814
1314 Jan
818 June
914 Jan 5 337aJune
27% 2712 27
27% 2814 2712 28
27
2634 27
2638 2814 3,400 Austin Nichols & Co_ No par
Jan
50% Aug 70
90 June 1
100 68 Jan
85
87 .
33
*82
85
8512 8512 *83
85
Da pref
.82
209
8312 8312
514 Dec
212 Sept
7 Mar 17
50
312 Jan 3
*312 414 *3,2 412 *312 412
414 *312 412 *312 414
Auto Sales Corp
Apr 15
Jan
10
50 1012July 27 1513 Mar 16
12
*912 12
Do pref
*912 1212 •8
*912 12
*912 12
*9,2 12
6214 June 10038 Dec
11912 12012 12012 122% 119 12134 11912 12034 11914 120% 11914 12078 43,403 Baldwin Locomotive Wks_100 9312 Jan 13 12238July 31
95 June 2105 Dec
100 104 Jars 13 114 12Ju11e 1
*11114 11414 *11114 11412 *11214 11412 *11114 11412 •11212 11413 *11212 11412
Do prof
Jan 41
Aug
12
July
23
60
19
Jan
par
40
No
*56
59
59
.56
*56
59
59
*56
Barnet Leather
*56
59
59
*56
Jan
86 Dec
70
100 89 Apr 12 9613June 23
9712 *91
9712 *91
*91
9712 '01
Do pref
9712 *94
9712
9712 *91
May
28
Dec
27
Apr
20
5614
18
Jan
1953
__25
A._
Class
2812
Corp.
3
28
28
28
273
4
273
2812
2813 32
3312 7,039 Barnsclall
32
28
Jan
1434 June 35
25 191s Jan 9 39 Apr 27
25
*2312 24,4 *24
2114 2114 251 4
Do Class B
2412 2412 *23
1,400
2513 27,4
Jan
1
12 Aug
I
4.78
153 Mar 23
11,
*72
12 Jan 14
20
1
1
1 18
1 12
I
*%
209 Batopilas Mining
1
•78
1
29
June
Aug
June
27
52
28
Apr
33
par
No
52
52
*52
51
*52
.58
5.3
*51
58
*52
109 Bayuk Bros
*51
51
3912 June 6212 May
100 51 Jan 10 79 Mai 12
7612 *7314 76
76
*73
73
Bethlehem Steel Corp
*72
7612 *72
*75
74
74
4112 June 65 May
7,334 77% 7514 7712 76% 7713 9,090
7714 78
Da Class B common_ _ _100 5512 Jan 3 8214May 12
78% 7812 76% 79
87 June 9314 Jan
100 9018 Mar 7 101 Apr 15
97
95
97
97
*95
98
*95
*95
97
Do prof
*95
1,009
98
*93
90 June 112 Sept
Da cum cony 8% pref_100 104 Jan 4 11652June 14
11412 11412 *110 115
*113 115 *11412 1148 111% 11438 *11414 115
209
3 Aug
9% Feb 10
712 Dec
434 Jan 10
No par
813 812
9
9
812 9
812 812
813 812 2,809 Booth Fisheries
834 9
9 Dec
812 Jan 9 1414June 6
100
814 Dec
*10
12
11 .
*10
*1012 12
British Empire Steel
*1012 11
13
10
*10
11
55 Dec 58% Dee
100 58 Mar 2 7634 Apr 15
*70
74
73
*70
Do 1st Prof
74
7312 *70
*70
74
*70
74
*70
22 Dec 2332 Dec
100 1912 Mar 17 36,2 May 31
*391 4 39,2 3012 3912 *30
Do 25 pref
3012 *39
3912
203
3014 3014 *3914 31
88
Jan 101
100 100 Jan 3 11314 Aug 4
Dec
10912 11012 11012 11013 10934 11034 11112 11314 2,570 Brooklyn Edison. Inc
10934 110
*108 110
9
119
June
31
51
Jan 7612 Nov
Jan
100
70
Gas
11112
Union
*10312
110
*109
110
Brooklyn
111
110
111
*108
111
390
*108 112
33 Feb
4532 Nov
100 42 Jan 16 5412July 20
5214 51,3 51 18 5112 5112
5214 52,4 *51
52
409 Brown Shoe Inc
*5134 5214 52
538June 6
212 Aug
212 Mar 3
*212 312 *212 3,2
*212 4
514 Jan
Brunswick Term & Ry Sec 100
4
*214
*212 4
*212 3
81 14 Jan 12212 Dec
131 131 *131 136
131 135
13534 13534 2135 135
609 Burns Bros__ _ _________ 100 11312 Jan 10 13912June 5
*135 137
31 13 Dec 33% Dec
2832 Jan 19 50 June 3
11
45
45
Do navy Class B corn
4514 4512 3,309
4134 41% *4113 4134 41
45
*44
91
*9214 9114 *9212 9114 *9214 9114 91
97
709 Bush Term Ridge, pref..,,....100 8714 Jan 3 975sMay 1 x87% Dec 90 Nov
*9214 9114 *94
814Jurse 7
742
718
4
614 De°
,
7% 7
314 Aug
712 7% 5,900 Butte Copper & Zinc v t c___5 514 Mar 1
733 7%
6%
712 718
1412 Jan 3334 Dec
100
18 July 27 34 Feb 3
22
*2012 21% *2012 21%
21% 21% 22
22
900 Butterick
1834 1834 19
1014 June 22 Dec
3013 30,4 3014 2934 3013 3,300 Butte & Superior Mining......10 2038 Jan 4 3334May 18
30
31%
18
31
8
317
31
30%
3012
1512 Apr 15
1933 Apr
1014 Jan 11
4 *1112 12
1034 10,
734 Aug
1034 11
1053 10%
900 Caddo Central 011&Ref No par
1034 1034
1034 1034
74 Nov
No par 88 Jan 11 8073 Apr 25
53% July
79
7914 7914 79% 7912 1,700 California Packing
7912 7912 79
79
79
*7812 79
2
3 Dec
Jan
505,
25
100
71%June
10
4312
Petroleum
Jan
5914
5(112
5818
5812
California
60
59%
58
13,400
6012
4
573
60
6012 59
88 Dec
100 83 Jan 3 9812 Apr 17
6812 Jan
97
*93
97
Do Prof
*93
9334 9334 *90
209
97
95
*91
9612 *91
712 Jan
10
514 Feb 14 1138May 27
813 8,4
334 Aug
814 8%
8
818 4,800 Callahan Zinc-Lead
814 812
818
8
7%
77.3
60 Dec
4112 Jan
*6012 6113 *6012 61
Calumet Arizona Mining_ -10 5734 Apr 5 6812June I
6112 *60,8 6112 *6012 - *60
62
*57
1512 Nov
Dec
11
1014Aug 4
11
1632 Mar 29
*1014 11
*10
11
1014 1014
*10
100 Carson Hill Gold
11
*10
11
*10
1(114 Apr
No par
3 Nov
912June 6
3 Mar 8
612
6
6
612
*6
*6
300 Case (J I) Plow
7
*6
7
612
Feb
85%
Dec
I
63
M,
88
ctf
May
pf
21
88
Thresh
Feb
87
100
64
*84
8614
I)
(J
87
*84
Case
87
87
600
85
85
*85
88
4314
Jan
Aug
2212
42
July
20
100
29% Jan 10
3814 3914 3818 3914 38% 3812 38% 38% 4,700 Central Leather
3914 3812 39
39
Jan
5718 Aug 96
100 63% Jan 8 7433May 31
7112
*71
pref
7112
Do
*71
4
71%
713
73
7112
500
72
*7034
*71,4 7112
3618
Dec
Mar
23
par
21i
Copper_/Vo
sMay
4
323
4
407
Jan
38
Pasco
3712
de
2
37,
37,2
3712 38
3734 38% 3,100 Cerro
38
3814 3712 38
Jan
22 Aug 41
.46
50
*48
50
50
*46
Certain-Teed Prod_ _ __No par 31 Feb 14 5312June 7
*46
50
50
*46
*46
50
3814 Oct 86 Apr
6072 34,200 Chandler Motor Car_ _No par 4734 Jan 5 7914 Apr 6
5834 62% 58,2 6014 5834 60% 59
65
62
6314 85
Ai=
7011
Jan
24
47
7153Juiy
100
7112
*71
14
Tool
60
Jan
7112
Pneumatic
*71
75
Chicago
*71
75
7112 *71
*71
7112 *71
9 Mar 1672 Dec
25 1512 Jan 5 25'* May 29
22% 2178 2218 2153 22
6,500 Chile CoPPe"
2253 21% 2238 22
22% 2253 22
1912 Mar 2912 Dee
5 2513 Feb 21 3338June 1
2952 2972 30
*2912 30
30
900 Chino Copper
*2912 3012 3014 3012 30% 30% 56
June 6212 Jan
3614
3
Feb
60%
43
......100
II
Co..
Jan
&
56
57
56
58%
*55
57
57
3,400 Cluett, Peabody
59
5612 56
*55
4312 Dec
19 Feb
No par 41 Jan 5 7412July 5
69% 7014 6934 7012 70
70% 5,300 Coca Cola
707 7134 7014 71
7014 71
July 3234 May
19
22
3678May
100
24
Jan
Iron
10
3012
&
30,4
Fuel
3018
3018
Colorado
3012 3018 1,200
*3013 3012
3312 3012 304 31
52
June
19
9412
6734 Dec
July
4
Jan
6134
Electric....100
&
92
Gas
4
923
9278
92% 92%
9312 9213
92
7,100 Columbia
9334 9334 9212 93
2% Aug
534J11110 5
1234 Jan
1,4 Jan 26
418
412
414
414 414
43
4,4
414 7,300 Columbia Graphophone No par
414
412 412
812 Dec
2
4June
6214 Feb
5
203
Feb
9
100
17
17
prof
1714
*1613
Do
3
1632
163
400
16,4 1614
2834 June 5372 Dec
1612 1612 *1612 164 *65
3 7934 Apr 2()
*6534 6618 6514 6712 6734 6834
67
300 Computing-Tab-RecordNo par 5514 Jan 10
668 07,8
57
66
1312 Dec 59,4 Jan
3812June 29
18% Feb
3512 3512 3512 3514 3633 1,400 Consolidated cigar.. _ _ No par
*35
35
35
3318 3334 3452 35
53 Dec 80 Feb
100 47 Feb 27 7212June 20
75
*66
*6634 75
Do pref
*66
*6634 75
75
*6634 75
*6634 75
34
12 Sept 10 Mar
4.38
214 Mar 16
14 Feb 17
3
55
Distributors,Inc No par
53
*53
3,
Consol
400
4
3
84
34
7712 Jan 93 Nov
*12
12434 125% 124 12513 12414 12514 34,600 Consolidated Gas (N Y)_ _100 8512 Jan 30 12572 July 14
12258 125
122 124
12132 122
1234
19
Apr
1532
Aug 21% Jan
25
par
July
9
_No
Textile_
10
2
10
95
10
1018
10
978 1012 10,700 Consolidated
1014
10
10
1033
3432 Aug 66
100 4534 Jan 4 7472July 31
Jan
77
77
*75
7612 7612
75
7612 77%
5,700 Continental Can, Inc
764 777
95 66 Jan 20 85 June 23
7434 77
Aug 73 Dec
58%
8112
Insurance
85
85
8412
Continental
85
*85
500
8312 8312 *8312 85
83
83
59 June 9914 Dec
10814 10933 10812 109% 10912 11034 29,300 Corn Products Refining......100 9114 Jan 4 11034 Aug 4
107% 109
10714 /0712 10712 108
96 June 112 Dee
100 111 Jan 10 11812June 23
116% 116% 117 11712 117 117
Do pref
1.400
11638 117
*115 117 *115 117
2212 Aug
4334 Apr
31% Jan 10 5314June 7
No par
4314 4412 24,000 Cosden & Co
433* 4214 43,3 41% 4213 4112 44
43
4214 43
49 Aug 1071t Jan
9014 9234 9012 93
Crucible Steel of America..100 5234Feb 27 9412July 31
9312
8
93%
903
2
91,
67,500
9412
92
8812 913*
77 June 91
100 80 Jan 17 95 May 2
93
9312 9312 93
Jan
pref
93
Do
9312
93
9312
500
*9212 9312
95
*90
1934 Mar 15
5% Oct 26 Feb
No par
812 Jan II
1612
1612 1614 16% 11,400 Cuba Cane Sugar
16
1618 16% 16
16
163
1512 1614
68,2 Dec 1312 Feb
100
39% 3914 4073 40
1514 Jan 3 417 July 27
39
prof
4
393
Do
38%
11,500
4072
384. 4912 3912 4014 26
10% Oct 3334 Feb
1412 Jan 3 28 Aug 4
2714 27% 2712 28
2612 25% 27
54,600 Cuban-American Sugar__ ....10
231 4 2518 26%
26
68
Oct 95 Feb
100 78% Jan 17 05 Aug 2
95
9412 9412 9112 9412 1,700
91
Do pref
9014 904 90% 92
*9012 91
23 Mar 5953 Nov
4712 4712 18
c_No par 43 June 13 65% Apr 8
t
2
v
487
2
477
Chemical
Davison
4912
487
47%
12,800
3
488
4914 47
47
1352
par
283
2
81Vlay
21
21%
21%
3
1512
Jan
No
Mines..
June
21
21
Cons
Beers
213
4 22
Jan
21%
2,400 Da
*2112 214 2118 2113 21 100
1, *10512 105 *105 106
9312 Nov 100
100 10032 Jan 11 10872 Mar 21
100 106
Oct
1(10 Detroit Edison
*10512 10012 106 106 .10514
4 Ex-dividend and rights e Assessment paid, s Ex-rights. a Ex-dividend. r Par value it 5 per snare.
day.
this
on
sales
no
prices:
• Bid and asked
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually Inactive, see third page
preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT
Saturday,
July 29.
Monday,
July 31.
Tuesday,
Aug. 1.
Wednesday, Thursday,
Aug. 2.
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
627
PER SHARE
Range for previous
year 1921
Friday,
Aug. 4.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share
per share Shares Indus.& Miscell.(Con.) Par $ per share $ pr share $ per
*29
share $ per share
3014 2978 30
30
3014 2978 30
30
30
301. 3012 2,000 Dome Mines, Ltd
10 1812 Jan 4 3012 Aug 4
1018 Jan
2134 Apr
- - - - -- - ---Eastman Kodak
- --- - 100 600 Jan 9 800 Apr 15 *598 Nov a690 Feb
Electric Stor Battery
100 125 Jan lb 17934 Apr 15 12414 Dec 12138 Dec
20 -2-6- -13
1- -2-1-1:3 iiois 2114 -261-2 -2-0-12 - 01-2 2012 2018
1,400
Elk
Horn
2014
Coal
Corp
.712 9 *712 9 *712 9 *714 9 *712 9 *712 9
50 1414 Jan 25
2314June 14
16
Jan
2534 May
Emerson-Brantingharn_ _ _ _100
1118June 5
258 Jan 4
*82
8234 83
212 Dec
83
972 May
82
83
8134 8234 83
83
1,900 Endicott-Johnson
8212 8218
50 7614 Jan 10 8712 Apr 19
*113 115
115 115
Jan 81
52
11434 11431 113 113 *113 114 *113 114
Dec
300Do pP
r
e
l
a
100 104 Jan
8172 82
115 July 31
8212 8334 8312 3434 81
87
10612 Dec
Jan
8514 8478 8572 8412 8514 25,800 Famous
yers-Lasky_No par 7518 Jan 10 8718May 29
94
94
9418 9414 9438 9438 *9312 95
4458 July
8212. Apr
*9412 9478 9412 9412
Do
500
preferred
(8
%)
_ _ _ _100 9112 Jan 28 99 Jan 14
*1214 1412 *1212 1312 *1212 1412 *14
7434 July 97 Dec
1412 13
1514 *14
1412
700 Federal Mining & Smelting 100
9 Jan 3 1612May 17
50
50
50
518 June 1334 Dec
5012 51
51
51
52
5238 5432 5212 5312 3,752
Do pref
_100 3712 Mar 14
*110 114
5438 Aug 3
110 110
11012 11018 *110 112 *110 112 *110 112
21 Sept4312 Dec
Fisher
600
Body
Corp
No par 75 Jan 5 12712 Apr 20
8712 8712 87
88
*87
June 90
75
89
Jan
*87
871
. *47
88
8672 8678
500 Fisher Body Ohio, pref__ _ _100 7612 Jan 5 10314June
1234 13
1212 13
14
1252 1278
57 Sept 84 Dec
1212 1272
1212 1272
1212 1234 6,300 Firseke pR
ou
be
rtbT
er
25 118a Jan 10 1912 Apr 25
2252 23
2138 2212 2114 22
834 Aug
1938 May
2078 2158 2078 2112 2112 2134 8,800
xasCo
No par 1214 Jan 24
2678June 3
912 Aug 2012 Jan
Gaston, W & W,Inc__ _No par
;.81-!Es 63
Is Jan 20
-6:258 -6378 63 63 *6214 63 *61 62 - ;8i112 Mar 16
18 Oct
518 Jan
---666 Gen Am Tank Car
No par 4584 Jan 14 6772May 8
71
7112 6934 7152 6812 7078 6852 70
3978 Oct 5912 Dec
6834 7012 6912 7078 27,500 General Asphalt
100 55111 Jan 28 7334 July 20
10712 10712 108 108
106 107 *104 107 *10614 108
3918 Aug 7832 May
10612 10618
900
Do pref
100 90 Jan 10 111 July 20
77 Aug 11712 May
7714 7772 78
78; 77
781,
, 7678 7671, *76
77
4,100 General Cigar, Inc
*76
77
100 65 Mar 3 78's July 20
*10112 102
10178 10178 10178 102 *10114 105 *10114 105 *101 105
Jan 7038 Dec
54
Debenture pref
300
100 94 Jan 4 10214 Jan 18
17934 180
181 182
17912 17912 180 180
8018 Apr 9512 Dec
17914 180
1,700 General Electric
17934 17934
100
1334 14
1312 1418
13
1358
1318 1312
1338 1352 1314 1334 62,100 General Motors Corp_ No par 136 Jan 9 18012July 28 10912 Aug 14334 Dec
8112
814 Jan 5 1514 July 5
8112 8112 8112 8112 8112 8012 8112
82
*80
932 Aug
1614 Jan
Do pref
700
8112 81 12
100 69 Jan
*8012 8134 81
85
*80
81
*8114 8134 8112 811. 81
63 June 75 Dec
81
500
Do Deb stock (6%)_ _ _100 6734M ar 24 83 June 6
95
6 84 June 28
95
*94
95
*94
95
94
60 Aug 7319 Dec
9472 94
94
9432
94
SOO
Do Deb stock (7%)_ _ _100 7914 Mar
*1434 1512 *1434 1512 *1434 1514
8 97 June 28
15
69 Aug 85 Dec
15
*1412 15
*1412 15
100 Glidden Co
No par
1352July
3712 3734 3914 3952 3714 3712 *37
1814June 2
38
3612 37
3,400 Goodrich Co (B F)__ _ No par 3412 Jan 1
36
37
*8614 8914 *86
4
4478May 31
8914 *86
88
2652 June 4418 Jan
86
8614 86
86
*85
300
Do pref
87
100 8512 Jan 7 91 Apr 22
*2934 31
*2934 31
30
30
*2912 30
6212 June 86 Dec
*2934 31
31
*29
100 Granby Cons M,Sm & Pow100 26 Apr
3 35 May 24
*1512 1614 1712 19
1734 18,2 1534 1732 1414 16
15 Aug 3412 Nov
1514 1578 12,600 Gray & Davis Inc
No
par
12
Jan
33
*3012 32
*30
3012 30,2 *3012 32
9,2 Jan
1634 Mar
*3012 32
3038 3038
200 Greene Cananea Copper_ _100 2534 Feb 3 1972May 31
27 3458May 29
13
13
1314 1332 *13
19 July 2912 Dec
13 1314
1314
13
1378 1378 4,300 Guantanamo Sugar__ _ No par
1378
7
16 1458Mar 15
8214 8272 84
513 Dec
85
82
8312 *82
82
8312 82
1672 Jan
82
8312 3,700 Gulf States Steel tr Ws_ _ _100 4472 Feb
Jan
9 9012 Jan 20
238 234
212 252
212 212
25 June 5072 Dec
218 218
214 214 *214
212 2,100 Harbishaw Elec Cab_ _No par
34 Jan 20
21
21
2114 2114 2112 9112 *2112 22
378 Mar 16
*2112 22
12 Nov
1358 Jan
22
22
500 Hendee Manufacturing_ _ _100 15 Jan
71
*65
12 2612June 1
*6812 71
*69
13 June 2512 Apr
A.
71
71
*69
71
*69
71
100 Homestake Mining
100
55
Jan 14 75 Apr 11
75,2 7512 7514 7512 *7312 7412 7414 75
4919 Mar 61 May
7512 7414 7738 4,600 Houston Oil of Texas
74
100 70 Jan 9 85 June 3
*1812 19
1838 1812 18
4012 Aug 86 May
1812 18
1832 1712 1778 1758 18
5,600 Hupp Motor Car Corp_
10 1072 Jan 6 2114May 17
912 10
934 978
912 952
1012 June 1634.May
9
9
878 934
9
9
6,200 Hydraulic Steel
No par
312 Feb 9 14 June 2
358 358 *352 334 *358 334
6 Dee 2034 Jan
35a
3%
33
4
33
1,100
2
4
37
37
2
Indiahoma
Refining
*734
5
314 Jan 27
558May 26
8
834 834 *814 9
2 June
9
718 Jan
•834 9
9
*834 9
500 Indian Refining
10
5 Jan 20 1152June 7
612 Dec 1534 Jan
4132 4112 *41
4112 41
4114 4034 4114 4034 4034 4012 4078 1,100 Inspiration Cons Copper
20
3712
Feb 11 45 June 1
*8
9
9
9
*818 912 *818 912 *818 9
295
8
Mar
4214
Dee
*818 9
Internat
100
Agricul Corp_ _ _ _100
758 Jan 6
*37
1184May 4
38
3712 3712 *39
6 Aug
3912 *37
3712 *37
1334 Jan
3712 *37
39
200
Do pref
100 33 Jan 16 43 Mar 15
*3112 32
32
32
*31
31 Dec 57
3114 32
32
3178 3178 32
Jan
32
500
Internatio
nal
Cement_
par
No
26 Jan 23 3834May 8
*22
2234 2214 2318 2318 2334 2338 2352 2312 2352 2312 2312
21 June 29 Nov
3,700 Inter Combus Eng
No par 2134July 22 2852 Apr
*103 104
10312 104
10438 10438 104 104
10314 10312 *103 105
1,100 Internat Harvester (new)_ _100 7958 Jan 3 10612June 11
*115 117 *115 117
1
117 117 *117 11714 *116 118 *116 118
6758 Aug 1661; Feb
100
Do pref (new)
100 10512
1812 1818 *18
1838 1714 18
9914 June 110
1612 1712 1518 17
Jan
1514 1578 10,600 lot Mercantile Marine_ _ _ _100 1314 Feb 14 117 July 6
Jan 4 2712May 3
7138 7214 7112 7214 6934 7134 6834 7012 66
718 Aug
69
1714 Jan
6514 6714 10,300
Do
pref
1712 1734 1712 1734 1752 18
36 Aug 6734 Dec
1712 1734 1714 1712 5,200 International Nickel (The)100 6214 Jan 4 8732MaY 3
173* 1712
2" 1114 Jan 9 1934 Apr 21
*78
8214 *78
821 1 *78
1112 Aug
8214 *78
17 May
8214 *7812 8212 *78
85
Preferred
100 80 Jan 4 85 Jan 20
5234 .5314 5312 54
54
6() Dec 85 May
5618 5434 56
5312 5518 54
5478 20,900 International Paper
100 431M' 8 5818 Aug 1
.70
71
*70
71
713g 7132 7114 7114 *71
383
2 Aug 7334 May
72
7112 7112
400
Do stamped prof
100
1234 13
Mar
59
9
Aug
13
7112
4
1334
13
67 Aug
1314
7538 Nov
1258 1358 1212 1278
1212 1212 11,900 Invincible 011 Corp
50 1218July 24 2014 Apr 17
3214 32,4 3212 3212 32
512 Aug 26
3212 32,4 3312 33
Jan
3312 33
2,800 Iron I'roducts Corp_ __ _No par 24 Jan 19
33
3572 July 6
34
78
2212 Sept40
34
78
34
78
Jan
34
31
34
78
ki
78 8,400 Island Oil & Transp v t c
10
Apr
*1734 19
8
5
6
3
1812 1812 1812 1812 1712 18
Jan 25
2 Sept434 Jan
*17
18
1712 1718
Jewel
Tea,
800
Inc
100 10 Jan 4 2212May 2
*67
69
*67
09
4
*66
67
67
Jan
67
1212 Dec
66
6614 *65
Do pre(
67
400
100
46
3812
Jan
46
4
7312Nlay
4552 46
26
4512 4512 4514 46
812
Jan 4634 Nov
4512 46
4512 4512 1,800 Jones Bros Tea, Inc
100 3412 Feb 11 47 July 20
418
418
4
418
4
412
1412 Jan 3834 Dec
4
418
4
418
4
418 13,300 Kansas & Gulf
10 4 June 16
712 Jan 3
412 Oct
9 Nov
Kayser (Julius) & Co
100
81
43 13- -4512 15.- -715- -475-2
110
Jan
17
May
6
68 Mar 85 Dee
47 -4-5-8 4434 4712 3i:566 Kayser (J) Co, (now)__No pa 34 May 1 4852
.102 104 *102 104 *102 104
Aug 3
102 102 *10214 10314 *102 105
100 1st preferred (new)-No par 94 May 1 10612June
9
46
47
45
4614 4314 4512 4312 4412 4312 4412 4312 4414 13,400 Kelly-Springfield Tire
25
*9952 101
9912 9912 100 100
3212 Aug 5472 May
99
9912 9812 9812 9814 98,4
Temporary 8% pref_ _ _ _100 3414 Jan 4 5334Nlay 5
800
9012
*82
86
Jan 4 107341‘lay 9
*82
86
*82
86
84
7014 May 94
84
*84
86
6% preferred
Jan
*84
86
100
*9412 95
7112 Jan 3 80 June 5
*95 100
*95 100
70 May 80 June
*95
98
*95
Kelsey Wheel, Inc
98
*95
98
100
3614 3634 36
61
Feb
9
111
3612 3552 3614
Apr 6
3514 36
35 Mar 69 Nov
6,100 Kennecott Copper
3552 36
353
4
357
8
Vo
par
1014 1034 1032 1078
2512 Jan 4 3958May 31
978 1038
9
16 Mar 2778 Dee
934
812 938
878 918 21,800 Keystone Tire & Rubber__ 10
*14214 147 *146 148
812 Aug 3 2432May 4
147 147 *14514 147
814 Jan
14412 146
148 150
1,300 Kresge (S S) Co
1778 May
100 110 Jan 10 17234June 2
7734 7734 7784 7812 7714 7834 767g 7672 7614 7634 767 768 6,400 Lackawanna Steel
130
Jan 177 Dec
100 4412 Jan 4 8158May 16
8412 86
8718 8912 8712 8778 8712 90
32
June 5812 Jan
887
Laclede
5,300
89
8
Gas
89
(St Louis)_ _ _100 43
8934
*28
29
2834 2834 2752 2814 2752 2734 *2714 2812 2752 2752
Jan
13
90
Aug
2
40
Jan 5712 May
2,500 Leo Rubber & Tire___ No par
17634 17634 175 175
176 176 *175 179 *175
1712 Jan 30 Dec
400 Liggett & Myers Tobacco 100 2632 Jan 6 3518 Mar if
*116 120 *116 120 *116 120 *116 120 *115 180 *175 180
15314 Feb 18 17634July 29
Do prof
120 *115 118
100 108 Jan 10 118 July 18 13814 Jan 164 Dec
109 10938 109 11012 10818 1091. 10834 109
9758 Jan 110 Nov
6,500 Lima Locom Wks Inc
100 91 Jan 3 11778May 24
•11112 113 *111 113 *111 113 *110 113
64 Aug 102 Dec
*110- 1-1-3 - *110- 113
Preferred
1518 1518
1512 16
1514 16
1512 1512 1552 1534 157s 1614 12,300 Loew's Incorporated__ _No 100 93 Jan 30 z117 May 26
8712 Aug 10014 Dec
pa,
*12
14
12
111
1212 *12
4 Jan 26
1214 *12
1858 Apr 17
1212 *1214 1212 12
10 June 2112 Mar
Loft
Incorporat
300
1218
ed
No
*43
par
44
*43
44
9 Jan 9 1414MaY 3
*43
44
*44
46
*44
46
Loose-Wile
46
734 Aug 1234 Jan
*44
s
Biscuit tr ctfs_100 36
16212 16312 164 16412 16478 16514 165
Jan 7 5114 Ain- 15
30 Aug 42
164 164
Jan
162 162
2,000 Lorillard (P)
*105 117 *105 117 *105 117 *110 165
100
14714 Jan 6 16514 Aug 1 136 Feb 16418 Feb
117 *110 117 *110 117
Preferred
10134 10134 10114 10114 101 101
100 109 Jan 13 115 Mar 16 100
101 101 *10014 101
Jan 111 Dec
900 Mackay Companies
10014 101
*6334 6712 *6378 6714 *6334 6712 *67
100
72
Jan
5 105 July 12
6712 *67
5912 Jan 72 Dec
6712 67
Do prof
100
67
5812 481, 58
100 57 Jan 13 69 June 1
5834 5612 5812 5614 58
55 June 62 Dec
56
.5613 5614 5714
8,100 Mack Trucks, Inc
*88
8912 *88
No par 2512 Jan 13 (10 July 22
8914 *88
8914 *88
89
*88
2512 Oct 42 May
89
Do 1st pref
8834 8834
100
100
6812
Feb 27 90 June 9
Jan
82
*81
6312 Oct 76
*80
82
81
81
81
81
*80
81
81
Do 2d pref
300
81
35
3514 3518 37
100
3734 39
3712 3814 3814 391/3 3852 39,4 39,400 Mallinson (11 R)
Jan 6 8378June 9
Oct 6412 Apr
54
& Co_ No par 54
*47
*47
49
49
*47
48
*47
1512 Jan 16 3914 Aug 4
48
Jan
Sept
48
18
10
4834
Manati
48
600
Sugar
4814
81
Si
811s 8118 8012 8012 *80
100 3014 Jan 3 52 Mar 13
8138 8112 8112 8014 821
Oct 8912 Feb
600
Preferred
*5312 56
54
54
5378 54
*51
7314 Apr 3 82 Mar 26
54
*51
92
Jan 93
Jan
54
*51
500 Manhattan Elec Supply No 100
*3618 36
36
3612 37
par 41 Mar 13 6934 Apr 24
3838 *37
3834 38
38
Manhatta
800
3832 385*
n Shirt
39
3818 39
3918 39
3934 3818 3912 3814 39
25 32 Mar 6 42,8 Feb 6
18 June 3654 Dc
12 39
10,500 Marland Oil
38
*15
*15
18
17
*15
No
16
par
15
15
2252 Jan A
*15
1218 Aug 3072 Nov
16
4638June 19
15
100 Marlin-Rockwell
15
*30
30
No par
3012 30
2958 2934 2834 2912 29
5,2 Mar 4 2632 Mar 27
Oct 1912 Jan
29
5
29
1,800 Martin-Parry Corp_ _ _ No par
29
4734 4734 4734 48
4712 4818 47
4818 48
2014 Jan 4 3614June 3
13 Sept 22 Dec
4838 48
3,400 Mathieson Alkali Works__
49
6014 6112 6012 6112 5812 61
5734 5834 58
50 22 Jan 11
1112 Aug 24 Nov
49 Aug 4
5834 5838 5958 7,700 Maxwell Mot Class A
21
2014 21
22
1934 2072 1912 2012 1914 1934 20
100 48 Mar 17 7434May 17
38 June 4512 Dec
16,200 Maxwell Mot Class 13_
20
11614 11614 117 119
119 122
_No par
12012 12112 12112 12112 120 12112 4,800 May
8 June 1532 Dec
Department Stores .100 11 Feb 15 257sJune
16
1612 17
16
21612 1634
1612 1612 1612 17
101
Jan 114 Dec
6512
Jan
12278May
3
3
17
McIntyre
4,100
For
1712
Mines
16614 16912 16614 17034 16412 16872 16612 143912 16812 17412
1058 Jan 10 2158 Mar 23 - - _ 173 17732 405,400 Mexican Petroleum
*94
9512 *94
*9312 96
100
9512 *94
9514 *94
8412 Aug 16714
96
10634 Jan 10 20412June 26
*94
96
Preferred*30
2934 30
31
2912 2934 293* 2958 2918 2938 *29
100 7914 Jan 12 97 June 26
2938
1,100 Miami Copper
1234 13
1258 1272
1234 13
1234 13
5 2584 Feb 15 3138MaY 31
1258 1272 1258 1272 17,500 Middle States
.I53 Jan 28 Dec
Oil
Corp
3518 3584 3512 3614 35
10
3552 3412 3514 3334 3458 3334 3432 21,500 Midvale Steel
10 July
1612 Nov
16 Apr 17
& Ordnance_ 50 1158 Jan 11
7212 73
72
7314 73
73
723* 73
*70
75
2612 Jan 6 4514May 17
22 June 3312 Jan
73
7375 4,300 Montana Power
22
2218 2214 2252 22
100 83 Jan 4
2278 22
2212 2134 2232 2214 2334 26,000
43 Aug 6432 Dec
75 May 15
MontWard&ColllsCorpNo par
2258 23
24
24
*23
23
2772 23
*2212 25
12 Feb 11
2434May 22
1258 Dec 25 May
*2212 25
600 Mullins Body
17
17
*17
No par
18
17
17
17
17
1672 1672 *1618 17
1912 Jan 71 34 Mar 31
1734 July 2872 Jan
700 National Acme
1,88
91
50
2114 Apr 25
1018 Dec 30
Jan
Jan
15012 151
151 15134 15112 15112 *148 150
149 149
150 150
900 National Biscuit
*122 12412 *122 125 *122 12412 *123 124 *123 124
100 12314 Jan 4 157 May 1 102
Jan 12812 Dec
124 124
Do prof
100
*4634 49
*45
48
*44
100
*45
49
*45
49
49
11312
Jan
July
120
*45
Aug
7
105
Jan
125
4
49
National Cloak & Sult
214
214
214
214
214 214 .214
212 *214
212
15 Sept 3552 Jan
234 234
800 Nat Conduit & Cable_ No 100 26 Jan 17 471,July 25
5512 56,4 5638 5752 5614 5738 56
5612 5434 5534 55
58 Sept
5
Jan
118 Jan 16
418 Apr 13
55
8,400 Nat Enam'a & StarnP'g_ par
101 10132 10012 10132 *99 10012 *99 101
_ _100 3034 Jan 11
*99 101
*99 101
5758July 31
26 Aug 65 Feb
1,200 National Lead
*111 113 *111 113
100 85 Jan 12 10312 July 19
111 11134 *108 113 *108 113 *108 113
6734 July 87 Dec
300
Do pref
*1658 1672 1634 1672 1634 1672
1658 17
1634 1678
1672 17
1,700 Nevada Consol Copper__ 100 108 Jan 10 11814 Feb 23 100 June 108 May
_ _ 5 1314 Feb 16
.76
80
80
80
*75
80
*76
80
79,2 *76
9 Mar 1558 Dee
*76
1918June 1
80
200 New York Air Brake
3614 3614 *35
100 58 Jan 3 8212July 19
3634 *3412 3614 36
36
3712 36
*34
4712 Aug 89 Feb
36
800 New York Dock
5834 5834 *5831 61
100 28 Mar 10 46 June 9
*5834 61
5914 5914 *59
*5834 61
2052 Feb 39 May
60
300
Do pref
1612 1612 *16
*16
100 5314 Jan 17 6812June 6
17
21
*1612 20
*1612 20
*16
Jan 5712 May
45
21
100 N Y Shipbuildi
No par
70
7032 7032 7052 6934 7058 6952 7114 7014 7058 7012 7134 10,800 North Americanng
13 Jan 3 25 Feb 28
13 Dec 33 Feb
Co
*44
46
4438 4412 4432 4412 4412 4412 44,4 4438 4414 4438
50 4418 Jan 4 7134 Aug 4
3214 Aug 46 Dec
1,000
Do pref
1114
3178 Aug 4112 Nov
50 38 Jan 7 45 July 13
1114
111. 12
12
1114 1114
12
1,600
Rights
;ii- 33 *3118 3412 *31
*30
31
31
32
32
*30
32
31s Jan 13 12 Aug 13
18 Dec
18 Dec
200 Nova Scotia Steel &
*978 10 *914 10 *912 10 *938 10 *9 10
914
3
12
978 Mar
914
280;88
400 Nunnally Co (The)_ Coal_ _100 2034 Feb 28 3884 Apr 12
__
•7
_No
8
par
*7
8
Mar
*7
8
8
672 7
7
July
7
14
30
7
Mar
*6
300
4
123
Ohio
Body
&
Blow
212 252
258 234
714 Nov
252 3
252 234
1158 Dec
672 Aug 3 1414 Apr 17
258 234
234 234 6,600 Oklahoma Prod & Ref No par
*738 758 *738
of Am .5
*7
8
758
738 738 *732 778 *7
438June 2
214 Feb 24
8
Jan
300 Ontario Silver
*1814 1812 1812 19
Mining__ _100
3
134
12 May
1872 1912 1938 1932 1914 1912 1958 2014 4,600 Orphourn Circuit,
412 Jan 6
Aug6
9s8Mar 25
4 May
*13212 135
134 134
__ 1
13218 13212 *123 135 *132 135 *132 135
14 Dec 3058 Apr
1252 Jan 6 2112MaY 4
500 Otis Elevator
•1132 1152 *1132 1112 1132 1132 1114
100 116 Jan 4 14384 Mar 30
87
8 NA
11
Ati l 148
11 1 1
11
11
16 :\
1114
900 Otis Steel
No par
938 Jan 7 1612 Apr 11
•Bldand asked Wow; no sales on this day.
I Lees than 100 shares. a Ex-dividend and rights. s
Ex-dividend. •• Es-right -.
628
New York Stock Record-Concluded-Page 4
For sales during the vr*ek at stocks usually inactive. see fourth page preceding.
P- F.1? SHARE
PER SHARE
Range for previous
Range since Jan. 1 1922.
STOCKS
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT
year 1921
lots
-share
of
100
basis
On
STOCK
YORK
NEW
for
EXCHANGE
the
Friday,
Wednesday, Thursday,
Tuesday,
Monday,
Saturday,
Highest
Lowest
Highest
Lowest
Week.
4.
3.
Aug.
Aug.
Aug. 2.
Aug. 1.
July 31.
July 29.
(Con.) Par $ per share $ per share $ per share $ per5 share
Miscall.
&
Indus.
Shares
share
per
$
share
per
$
share
per
$
share
per
$
3 per share $ per share
Jan
2434 Nov 54
23 24% Jan 27 387sJune 5
3434 3434 36
4 37
1
37/
3714 3,800 Owens Bottle
35
4 Dec 1934 Jan
*3414 3534 3434 3534 35
6 July 18 1412 Apr 27
7,8 712 8,500 Pacific Development
714 7%
612 778
6% 7
612
6
4614 Jan 68 Dec
613
6
60 Jail 30 74 June 23
100
Electric
&
Gas
Pacific
600
7018
7018
*70
70
708
70
70
7038 7078 70
72
8 Aug 1714 Jan
*70
5 11 Jan 18 19 June 3
300 Pacific Mail SS
1312
1312 *12
1312 *12
*12
13
13
*1334 14
*1312 14
274 Mar 503 Dee
4438 Jan 10 6938May 4
38,300 Pacific Oil
5312 558 548 55
5534 541s .55
5438 5613 54
3818 Aug 793 Feb
5412 53
8612June 26
Jan
11
4878
50
Trans
&
Pet
Pan-Am
69,900
7612
7312 7534 7438
7412 7314 74
7412 73
7413 73
3418 Aug 7134 Jan
73
50 44 Jan 10 8212June 26
Do Class B
7114 21,100
6734 674 6912 68
67
67 6818 6612 68
6 Aug 1312 Dee
6711 68
512July 25 1212 Jan 4
1,700 Panhandle Prod & Ret_No par
8
718 718 *7
7323 738
7% 718
978 June 1512 Apr
*612 713 *6
7
12
Apr
17
3
4
Aug
103
par
No
Bingham
&
Parish
1,500
12
1034 1034 *10
.10
12
1112 *1034 11
6% June 17 Jan
*1034 1112 11
24
1338May
27
Feb
6%
73
714
7
634 718 16,300 Penn-Seaboard St'l v t c No par
714
7
7
71
7
712
71
3338 Jan 648 Dec
4 88 Apr 26
Jan
4
3
59
_100
_
(Chic)
C
&
L
G.
People's
1,900
8618
8618
88
867s 87 *8612
4 87
/
8714 851
87
8678 87
2612 Aug 351? Jan
1,800 Philadelphia Co (PIttsb)__ 50 3112 Jan 4 4012May 23
39
4 384 38% 388 3878 *38
/
384 3873 3834 381
3712 Apr 10518 Dec
383 383
No par 75 Aug 3 1051s Jan 3
300 Phillip-Jones Corp
*74
75
7814 7814 75
75
83 *7814 84 *7814 84
16 June 3414 Dee
*60
7
5914June
11
Jan
4
/
281
par
No
Petroleum
7
Phillips
443s 38,800
4512 431 45 . 4234 4412 43
444 43
914 Aug 4214 May
25
Apr
438 4412 44
24
8
2413
July
par
93
978 10
1012 1012 7,700 Plerce-Arrow M Car__ No 100
934
934 10
938 10
1012
*10
Oct 88 Mar
21
July 24 49 Apr 15
187
s
prof
Do
5,100
2214
8
23
2312
22
2512
237
2212
2212
4 22
1
514 Aug 14% Nov
4 2212 20/
1
20/
12
Jan
12
23
Feb
7
25
_
_
_
011
Corporation_
734 778
734 734
712 758 3,500 Pierce
734 77
734 8
78 Jan
Am,
712 734
3012
3
Jan
71
2
100 39 Mar
Do pref
41
42
41
45
41800
4212 41
*42
45
*42
41
*42
52 July 66 Dee
100 587 Jan 30 68 June 6
*6412 6512 6412 6412 1,000 Pittsburgh Coal of Pa
6412 65
6412 647
65
65
65 63
827 Jan 93 De'
100 9018 Feb 3 98 June 10
Do pref
1,000
9618 968
*9612 98
9512 9614 97
*96
96
9534 9534 96
1218 Mar 1612 May
10 1414 Feb 2 2434June 22
21
21
2014 2078 1,700 Pond Creek Coal
21
20% 21
2114 21
2118 21
21
19 86 June 3
Apr
854
par
No
Cereal
Postum
9,900
81
8134
78
8114 8434
78
8034
78
7734 78
77
77
2
e
11118Jun
29
Apr
1054
100
8% preferred
500
108 10812 10814 10834
*107 108 *107 108 *10712 108 *10712 108
48 Aug 98 Jan
100 63 Jan 12 8384 Apr 22
200 Pressed Steel Car
85
83 *80
83 *80
82 *80
8212 8212 *8112 8212 82
83 June 104 Jan
100 91 Feb 16 10078May 9
Do prof
100
*9934 101
*99 101
*9934 100
100 100 *100 101
*99 100
Oct 344 Des
2038
2
June
50
10
Jan
2418
50
Corp_
377
7,400 Producers & Refiners
3513 3814 3634 3634 3734 373
37% 3778 3734 3838 37
54 Jan .7014 May
7 9158July 31
8934 8934 3,200 Public Service Corp of N J_ 100 66 Jan
9138 9034 9138 9034 9034 8938 90
898 8978 90
8918 Aug 11414 Nov
24
Apr
129%
6
Jan
10512
100
121 12112 6,200 Pullman Company
12014 121
11978 12012 12012 121
11934 121
*122 123
2434 Oct 5112 Jan
0 2938July 14 5314June 9
9,300 Punta Alegre Sugar
504 .5114 5038 5078 5034 5234 5114 527
51
51
5014 51
2112 Aug 4038 Dec
25 2634July 21 3838 Jan 3
2978 297 10,800 Pure 011 (The)
297
2978 29
29
2812 2938 294 3012 2912 30
25
Apr
10234
20
July
94
100
8% preferred
900
9612 9638
967s 967
97
97
*9,314 97
96
96
Dec
97
*95
July
1
-if"
Aug
10u14
100 94 Jan 10
10812 10812 1,600 Railway Steel Spring
108 10834 109 1091 10812 10914 106 108 *108 110
19 Apr 2634 Sept
No par 1912 Jan 28 31 Aug 4
900 Rand Mines Ltd
31
31
30
May
2912 *2812 2912 2912 2912 30
*2812 2934 29
16
Mar
11
31
May
19
11
Feb
4
133
10
1612 1612 1658 1034 1012 1634 1638 1612 1614 1638 1612 1612 2,200 Ray Consolidated Copper_
178 June 3834 May
6 42 Mar 14
3634 3734 3,800 Remington Typewriter v t c100 24 Jan 12
36
361 3714 3012 3612 36
31
35
36
*35
4714 Nov 80 Jan
75 June 6
100 5h Jan
1st preferred v t c
_
*74
*74
*74
__
*74
_
*74
*74
4 Nov 75 May
473
14
Mar
83
23
100 5012 Feb
2d preferred
*58 -6-5-- ---580
59
59
57
13-2-- 5612 -57 - 57
*57
58
58
18 June 3912 Jan
No par 2513 Jan 3 3812May 18
3218 2,600 Replogle Steel
324 32
3414 3212 3212 3212 3213 32
3234 3314 33
June 7314 Jan
4118
29
7812May
25
Feb
4614
100
7118 7238 4,400 Republic Iron .±is Steel
7012 71
72
71
73
7314 7412 72
4 Mar
/
74
*72
7514 Oct 961
100 74 Feb 24 9512June 2
Do prof
900
9214 928 9134 9212
927 9278 9238 92% *9214 9212 *9212 93
5 Dec 2412 Jan
2
8.1une
143
2
Mar
412
par
Truck_No
512
512
Motor
17,400 Republic
414 6
818
5
938
9
912 934
10
*9
4
Aug
4912
27
Mar
4812 4812 4912 30,300 Reynolds(R J) Tob Cl B_ 25 43
47
4613 4612 454 4-312 4612 4612 4638 467
100 11118 Apr 11 11614 Aug 4
7% preferred
400
11614 11614
;May
*115 11534 *11514 11534 11534 11534 11558 11558 116 116
8May 3 -4012 -Oct -697
5358 12,500 Royal Dutch Co(NY shares)_ 4712 Feb I 663
5334 53
54% 5412 5314 538 5234 5312 5238 5338 53
1912 Aug 141 Des
10 1258 Jan 9 1578May 4
400 St Joseph Lead
1538 1538
17
1534 *13
151 1518 *13
15
15
15
512 Feb
15
114 Oct
614 Mar 21
10
Jan
112
par
v
c_No
t
San
Sugar
Cecilia
1,900
4
4
4
334
338
338
338 338
334 414
334 38
87 Oct 2338 Jan
100 11% Jan 4 2478 Apr 1
Savage Anna Corp
15
*13
*1312 1412 *1312 1412 *1312 1412 *1312 1412 *1312 15
634 Apr
218 Oct
514June 2
14 Feb 23
418 434
418 438
438 434 18,000 Saxon Motor Car Corp_No par
418 434
5414 Dec 9834 Jan
:334 334 *334 5
4
Aug
82
27
Jan
100
&
Co
Sears,
Roebuck
6038
5,700
82
8112
8034 80 8034 8012 81
80
81
80 8012 80
June
104
Nov
85
1
Aug
107
5
Jan
100
91
Preferred
100
4 10712 107 107 *10614 108 *106 108 *106 108
/
•10534 10712 *1061
1234 Mar 2512 Nov
No par 1078 Feb 20 2314 Jan 3
1,100 Seneca Copper
12
12
12
12
12
12
12
12
12
47 Jan
1134 1134 12
938 Dec
2
June
12
28
Feb
738
10
Arizona
Copper__
Shattuck
300
12
*10
12
*10
10
912 912 10
10
.
1012
912 912
307 Oct 49 May
600 Shell Transp & Trading___ £2 355 Jan 30 4812May 3
367 368 *3612 38
*28
3312 3714 3734 3612 3612 3538 36
1618 Aug 2838 May
31,100 Sinclair Cons oil Corp_No par 1834 Jan 10 3834June 9
3018 31
3012 31
3112 3118 3138 3073 3114 3033 31
Jan
31
3218 June 56
13
5412May
7
3412
Mar
100
Iron
&
Steel
Sloss-Sheffield
200
47
47
*45
47
*45
4712 *45
47
48
*47
49
*46
June 75 Nov
6814
24
7712May
21
100 66 Mar
Do prof
*55
75
74
74
*65
*65
75
*70
70
*70
76
*70
t 1_0_3_ _J_r_
.
26 Oc.
9 574 Mar 3
Jan
43
100
Rico
Sugar
Porto
So
500
58
53
54
53
*51
54
52
*51
53
*50
53
.50
No par 17 Apr 27 24 June 5
1,800 Spicer Mfg Co
18
1812 1818 1814 18
18
18
18
100 84 Apr 28 9212June 10
Preferred
100
90
88
878 LP
9078 1014 *1
*8814 90 *88
90
*89
90
*89
100 11012 Jan 26 12534 Apr 27 --a: Aug Hsi" lie.;
Milling
oi
Standard
s
117
117
*110
118
*116 118
117 117 *116 119
*116 117
6734 Juno 9812 Dec
25 9134 Jan 10 121 May 3
2
10458 10638 10478 10738 1051 107 105 1063 10434 101 10512 10038 21,76000
25 16914 Jan 5 19834June 6 1241? June 19214 Dec
1,800 Standard 01101 NJ
18112 18112 181 18114 181 182
18212 183
18012 180/2 18134 182
Dec
1_1 112._
4 Aug 3 105% Jan :
1173
7
Jar,
11338
_100
_
non
voting__
prof
Do
1,776
117 11733 11712 11734 11738 117%
*117 11714 1107s 11714 117 117
4 Dee
1
66 Sept 85/
Steel & Tube of Am pref_ _100 68 Mar 10 90 May 25
*8118 84
84
*8112 84
*81
84 *8118 84
*81
84
*81
7
5512July
No par 4518May 4
930 Sterling Products
51
5114 5114 51
51
51
52
5034 5034
5112 *50
*51
Oct 119 Aug
81
100 81 Jan 8 106 May 4
*9812101
*97 101
*97 101Stern Bros pref(8%)
*98 100 "9813102
*9812 100
21 June 37 Jan
par 2412 Jan 5 4534May 31
Corp_No
Sp
-Warn
43 8 4338 *4318 435 *43
44
44
1,600 Stewart
45
4514 4412 445
45
3
5
46 Apr
Aug
2514
12
Apr
59
5
Jan
1,100 Stromberg Carburetor_No par 3514
43
43% *43
43
45
*43
4238 Jun 9314 Apr
4238 4338 4233 4238 4212 44
5 13912July 18
212,200 Studebaker Corp (The)_ _ _100 794 Jan 17
12814 13112 131 13414 12912 13338 12814 13038
4 Dec
Jan
1033
83
114
21
June
118
Feb
100
100
re
inefBoar
Do arp
sabm
116 'ie. "11,9
116 116
114
413 11478
419
4 *__ 118
/
*116 1161
3 Oct 1038 Jan
834June 30
312 Jan 31
No par
4
1,70000
67
634 7
7
7
65
678 *678 712
638
634 77
334 Aug 1314 Jan
1014June 7
20
Feb
5
par
No
011
Superior
61
618 618 *36
4
/
6
6
6
3 *30
36
0
6
6
578 1,900
534 33
26 June 48 Jan
100 26 Jan 3 3912 Apr 7
32
31
32
31
800 Superior Steel
3112 32
33
*31
5 Mar 14
2 Aug 3
10
3
2
3
3
2% 234 6,200 Sweets Co of America
34
234 3
3
31s 31s
4 -iiii
-i- Dec -2i31
514
25
Feb
138July
par
_No
_
A
CI
P,
F
&
C
*112 2
200 Temtor
134 134
134 134
*112 178 *112 17
*112 17
638 Aug 11 Dec
934 Jan 13 1234MaY 19
C tr ctfs_No par
1014 1014 1014 1038 1014 1014 101s 104 101s 104 104 101s 1,100 Tenn Copp & (The)
29 June 48 Dee
10 5012May 4
Jan
4214
25
Company
7
Texas
4614
4
3
4614
29,100
46
4738
468
4634 4738
46
461 468 4618 46
10 3812 Jan 4 52 June 5 23238 Dec 4218 Dee
2,100 Texas Gulf Sulphur
477 48.2 4713 48 *47 49
50
4738 485
48 4814 *48
1534 Aug _3_13_7!
5,200 Texas Pacific Coal & OIL_ 10 23 Jan 9 3234June 3
2414 2478 2458 25
2518 2512 2512 254 24% 2514 2413 25
15234 Aug 2 15714 July 17
_100
Corp__
Products
Tobacco
53
5413 5234
5.558 53
.54
t2 5334 5414 5414 5458 8,900
5438 55
19
2
8114July
Aug
76%
100
15)
July
Do CIA (since
7734 767 7712 7712 7833 78% 7914 16,900
7812 784 7712 7914 77
Jan
e 91
100 88 Mar 2 10912June 9 -761-2 JUir1067s 10678 *10312 10634 *10312 10612 *104 10612 *104 106
105 106
6 Aug 13 Apr
712 Mar 3 2018May 22
ntal Oil_ _No par
*72 ,1478 *N38 43
800 Transcontineental
12,6
1438 144 1418 1434 1334 1414 1313 14
June
245411,2
28
4
Apr
454
Jan
16
33
par
3
40
100 Transue & Williams Eit_No
*38
*3818 39
39
39
*3812 39
57 Sept 75 Jan
s 2,
1 71% Jan 5
5
;
r 15
0.1
1 714 ga
a0
l. .
p0
60
60
600 Union Bag & Paper Cori
*60
*60 ____
5938 5934 5978 60
60 60
1518 Aug
June 21
May
1978
20
700 Union 011
4 19
/
4 2012 204 201
1
2018 2012 2012 204 20/
8712 Sept 107 Mar
Alti
100 98 Jan 13 111.35 j
TankCar
Union
10012
*100
*10078
10012
10114
400
1
5,
*9912
*100
100
100
.98 100
Nov
104
Oct
3
92
Aug
8
100
9
Feb
1083
102
10812
108 10838 *108 1r(1)%
108 108 .108
*107 108 *107 108
19 June 34 Jan
4May 13
/
No Par 25 Jan 11 411
100 United Alloy Steel
3814 3814
40
3834 *38
*38
39
3912 *3812 3914 .38
*39
Jan
106
46
20
Sept
July
82
*8014 8012
82
2,600 United Drug
4,‘I
*7914 7934 7934 80% 81
3638 July 47 Feb
128 V178
ug 3
al; 1t
,Ve
2 Aug
,8
4 12
*.,,g
Jan
1st preferred
2 118'112 *
200
1
4818 4818 48% *48 4812 Vi113
*48
50
Jan
207
.48
June
100
t
le
p
149._
119%
u
a
r
.
r
edF
niited
un
.3 14712 14914 3,300 U
146 1477 147 14738 14712 14712 14712
*144 146
Paperboard Co_ _100 1438 Apr 21 19%May 3 29334
4
-ii1May
Aug
8
J7.
-.I
29
7114May
par
28
4312
_No
Retail
Feb
Stores__
United
5
3112
21,166
61-7-s -this 63 - -aig lil
a,
- 1-4 -filli4 61-7-s
Jan 19 May
s -13-/- -5i
-f-1ir2 -6-2-735
347
3512 35
34
34
36
5.600 US Cast Iron Pipe & Fdy_100 184 Jan 13 3834 Mar 15
3512 35
38 Aug 5712 Nov
3434 3538 35
100 50 Jan 11 73 July 31
7 Jan
,173144 78?3,4s 1,300 u IdoExgrre,ers
7f24 *17
2
124 77
1:42 777
77
8 *7
1,
%
.
2758
211: "T,77
77:22 777
72
"
8
7012 7212 74% 73
538 June
712J uly 28
5 Feb 1
100
8
*6
812 Sept 2714 Jan
284 Feb 8 1018 Jan 3
2,700 U S Food Products Corp_ _100
734 8
3514 Nov 7412 May
26
6514July
*712 734
6
Ian
g
!
Igg
Alcohol
Industrial
US
63
62
10,600
8
6238
614
6214
643
4
/
6238
,
84 July 102 Mar
6312 6334 6312 6434 611
9 97 May 27
Do prof
100
9512 951
9634 *9412 9634 *9412 97
4118 Mar 6312 Dee
7212May 26
*9412 9634 *9412 9634 *9412
69
70
70
Mf8" 4,000 US Realty & Improvement 100 58 Jan 8 8712
7012 7138 6912 70
4012 Aug 7934 Apr
17
Apr
7112 7112 7134 72
9
Jan
Rubber
100
States
5138
United
574 58
5638 58 29,700
_7%
74 Aug 10378 Jan
4 5912 5712 5912 . _5
/
11
July
5834 59% 581
107
7
Feb
99
100
.10412 11 "1u II
106
4.
26 Apr 3818 Dec
10612 10638 10634 10638
106 106
f ei & M._ _ _ 50 33 Feb 27 4534May 29
elsttinpgr,eR
rnil
Aug 4412 Jan
4034 4034 40% 407 *4012 415
37
4
42
Aug
8
9
483
Feb
4214
*38
50
prof
o
DS
S
D
*47
00 U
000
10
*4718 49
49
36
49
*48
4838 483s
49
7014 June 8612 May
*4738 4812 *48
6 10314June 5
1011s 100 10118 10018 101
10038 10112 60,900 United States Steel Corp_188 Alta Jan 8
e 113 Dec
ng
tru
.2g Its Jji
1a4Lualr
10078 10118 10118 1024 100 1184 11838 11914 119 119314 1193
prof
Do
1,300
4 11978
11834
119% 120
121 121
Utah Copper
4 64
6512 64314
2,100
6412
65
64
ee
6533
65
IR Bar
(
Aug
7
4
66
8May
197
*6434 65% 6514
)g 13(1M elan" 1
1(1
1714 1712
17
900 Utah Securities v t c
Jan
2518 June 41
4 1758 1734 1734 1734 4812 4934 4833 1712 1714 1712 27,500
/
171.1 171
No par 3014 Jan 1i 53 May 18
Vanadium Corp
494 4814 49
Dee
5114 48% 50%
8812
Mar
72
7
9612June
4 49
/
17
491
Jan
92
100
49
prof
*92
94
94
*92
94
*92 94Van Raalte 1st
*92
94
*92
94
*92
2034 July 4212 Jan
Chem_ _ _100 2612July 29 3678 Mar 13
2678 2714
D
28
00 Virgainla;eFaf
00
1:0
2
5734 July 10234 Jan
2712 2734 274 *2714 62
27
100 58 July 28 82 Apr 10
2612 27
6012
*61
4
1
/
714
6012
2678 262
*60
59
Aug 95 Jan
18
Jan
9412
27
6012 6134 6112 62
Mar
43
100
C
&
C
5814 60
Iron,
Virginia
*47
55
55
*47
*47
55
55
*47
55
*47
100 66 Mar 13 80 Aug 2
55
*50
Preferred
*77
80
80 *77
80
100
80
80
4 May
6 14 May 8 - -Ai Vfai -11
Jan
61s
par
No
*7714 -_ __ *7714 80 *77
1012
(V)
103
8
1012
1012
Vivaudou
10
1014 2,800
1034 11
11
812 Jan 134 Oct
17 Apr 24
11
*1012 11
13
13
100 Weber & Heilbroner_ _ No par 1034 Jan 16
1212 *1212 1238 *12
*12
*12
4912 Jan 72 Jan
100 6614 Jan 4 8578 Feb 15
eieg
ress
*1218 1278 1218 1218 79
EaxpT
oia
gn
Faru
ern
s
r
l
i
80
7912
s
a
1Wve
*7712
0
0
80
2
:3
4
3
79
12
1
12
18
79
76 Aug 94 Apr
77
raph_ 100 89 Feb 8 11112 Aug 4
77
*75
1710912 9
1054 10612 10618 10734 10838 110
811? Sept 9678 Jan
,
*92
10538 10538 10558 10513 *92
g6
100 Westinghouse Air Brake_ _. 50 80 Mar 16 100 Feb 21
*92
94
94
96
96
38% Aug 5212 Dec
*92
4918 Jan 4 64 Apr 10
50
Mfg_
96
&
Elea
ors
.92
Westinghouse
61
6134
18,100
61
s
18 --4 6118 6112
6318 614 627
62
No par 2514May 4 2912Juno 7
6112 62
300 white Eagle 011 •
*25
27
*25
27
2614 2618 2618 *2512 26
4 June -ii - iiii
1
29/
26
50 35% lan 6 5134June 2
*2512 26
48
4714 4734 48 48
1,400 White Motor
4834 48
7 July 175 Jan
74 Jan 30 12 May 5
par
_No
CorporatIon
4814 4814 *4814 4834 4814
011
814
White
8
2,200
812
8
8
8
8
8
8
g
812
Nov 1834 Dec
12
734 772
2178May
22
8
3
13
Mar
5
16
8 1614 1634 1612
12 1638 1612 5,700 Wickwire Spencer Steel
438 Nov 1012 May
412 Feb 17 10 May 29
25
1612 1612 1678 1614 167
16
84
8
84 818
818 7,200 Willys-Overland (The).....
8
81s 81s
111132
l;3
17
r
1y
13
Z1
42 May
:
8
Feb
814 812
24
..100
(new)._
81s 833
Preferred
Do
5,100
44
4212 4418 4312 4334 4314 4438 44
4
4412 4412 4314 4414 43
; '?14 J
44
4312 4312 *43
700 Wilson & Co, Inc, v t c_No fgi
42
43
42
PP 11
0uoevgt 47
i
d)
978 r
10 88 Aug 3
Jan
66
.4412 4512 434 44
87
8512
Preferred
88
8612
8612
200
*86
87
*86
100 137 Jan 6 187, Aug 4 105 Aug 139% Dee
87
*86
89
*86
17714 17714 179 18012 182 187
2,000 Woolworth Co (F W)
177 177
3012 Aug 5514 May
e_ _100 4371 Jan 4 5578June 2
t
v
17434 17434 17514 177
M
51
&
P
4
513
Worthington
5134
8
527
*5112
1
,300
53
51%
8
%
527
5138 .52
7012 Aug 85 Dec
100 83 Mar 31 94 May 4
5138 52
Do pref A
94
*8812 9314 *88
94
*88
93
*90
93
54 Aug 70 Nov
9312 *90
100 6434 Jan 9 79 May 9
*75
*89
76
7612 *75
*75
76
77
77 .76
*7,3
77
*75
iVo nor
912 Mar 17
612 June
8 Jan 27
93R Nov
iy,R4,45atittlrart1
*87
834 878
9'
8 9l8% 878
91e than 100°
-rights. a Ex-dividend and rights s Ex-dividend. 0 Reduced to basis of $25 Dar.
saus4 o 1 tots dal'9 8 1,3,
1 .40()
:Ex
•Bid and 444ced tillInd nu 15) with United Retail Stores Corp.
share:.
k Range since merger (July
-iiii
_._ _
Ag7182
:_
2..,,,
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Rzchange method of quoting bonds was changed and prices are now-"and interes4"-ezcept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 4
Price
Friday
Aug. 4
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 4
Price
Friday
Aug. 4
Week's
Range or
Last Sale
629
Range
Since
Jan. 1
Ask Low
U. S. Government.
Bid
High No. Low High
Bid
Ask Low
High No. Low High
First Liberty LoanRoch & Pitts Con 1st g 6s_ _1922 J D 10014 Sale 10014 10014
6,1 997j 10012
3%% of 1932-1947
.1 D 100.98 Sale 100.08 101.26 2322 94.84 10126 Canada Sou cons gu A 55_ _ _ _1962 A 0 100 10034 997
9978
4 93 100
July'22
-__101.68
Cony 4% of 1932-1947
95.70 101.68 Canadian North deb s f 78_1940 J D 113 Sale 11218
f_iiii_e_
J D
113
37
10812 115
2
101.24 101.64 395
Cony 4%% of 1932-1947
.1 D io7721
25-year s 1 deb 651s
1946 J J 11138 Sale 11012
49 10712 114
2d cony 451% of 1932-1947__.... J D --------101.30 102.00
08
0 Canadian Pac Ry deb 48 stock ___ J J 8038 Bale 7938 11138
02.7
96.64
82 1°
8012 494 77 81
Second Liberty LoanCar Clinch & Ohio 1st 3-yr 5s 1939 J D 8918 95
9034 9034
2 83 94
4% of 1927-1942
M NSale 100.81 100.52 28 95.76 100.80 Central of Ga 1st gold 5s ___p1945 F A 19
07
112
% _9
_9
__ ,
102
714 July' _ _ 33
_ _1 954
89 19
092:
1
-- Bale 100.48 100.74 4073 95.32 10150
Cony 451% of 1927-1942
MN li056
Consol gold 53
Third Liberty Loan10-year temp secur 68_June 194
5J
MD
N 18
29
004 !0_0_7
!
17
_8-0_ 94
08
01144
7412 10
81
1%
.98
M $ 100.54 Sale 100.50 100.70 3918
451% of 1928
Chatt Div pur money g 4s_1951 J D
Jun
1e
9122
'
Fourth Liberty LoanMac & Nor Div 1st g 58_1946 J J 9538 ---- 9812 Mar'22 ___ 93 964
451% of 1933-1938
95:86
4 1001
16
A 0 101.32 Bale 101.22 101.54 5054 867
Mid Ga & All Div 5s
1947 J J 954
. 9512 June'22 --7 95
9512
Victory Liberty LoanCent RR & B of Ga coil g 58_1937 M N 9338 9534 9312
955
8, 8812 9534
J D 100.88 Sale 100.42 100.90 2137 100.03 101.00 Central of N J gen gold 55._ _ _1987 J J 10918 110 109 July'22
451% Notes of 1922-1923
- __I 10372 1104
J D .. ---- 99.93 June'22 --- 99.96 100.30
351% Notes of 1922-1923
Registered
h1987 Q J
1
107
107
9 105 107
d1930 @ J --_ ---- 10212 Apr'22 --- 10214 1034
2s consol registered
Am Dock & Impt gu 5s_ _ _ _1921 J J --------107 Mar'22 ---- 107 107
38 consol coupon.
d1930 Q J -...... ---- 10314 Mar'22-• 10314 10314
N Y & Long Br gen g 4s_ _ _1941 M S 8814 93
91 July'22 ---- 91
94
48 registered
1925 Q F -...... ---- 1054 Mar'22 --- - 105 105
Ches dr Ohio fund dr impt 5s_ _1929 J J 9512 9712 9712 July'22 _--- 9012 98
45 coupon
1925 Q F -..__ ---- 10512 Feb'22-- 104 1054
1939 M N 10318 ---- 10234
1st consol gold 53
10278 10 9412 10278
PanamtvCanal 10-30-yr 2s_ _k1936 Q F --.... ---- 100 July'21 ---- -------Registered
1939 M N _--- ---- 100 May'22 --,7 100 100
Panama Canal 3s gold
1961 Q M *
--- 83 Dee'21-General gold 4515
1992 M 8 8834 Sale 8834
8918 23 82% 8912
--- 79 Feb'22 --- - -fii" -filli
Registered
1961 Q M
Registered
86% Nov'21 --- - ___
Foreign Government.
I
S 89% Sale 88%
2M
F A
20-year convertible 4jis- _ _19
90
93
89% 94 -8212 -01
10012 286 99 10214
Argentine (Govt) 78
1927 F A 10014 Bale 100
30-year cony secured 5s
1946 A 0 9578 Sale 954
96
324 844 96
9512 106
8678 13
Argentine Internet 5s of 1909_ _ _ _ M S 85 86 10%
77 1871
58
5 10334
0914
2
Big Sandy 1st 43
1944 J D 85 ---- 84 July'22 __-- 784 84
Belgium 25-yr ext a f 7518 g_ _1945 J D 10512 Sale
Coal River Ry 1st gu 4s_ _ _1945 J D 824 84 8112 June'22 .-78 82
34
13(
10:8
4
)
-year
10578
6% notes
5
10078 60
Jan 1925 J 5
2 10438
Craig Valley 1st g 55
1940 J J 9238 ____ 88% June'22 ---- 887i 8872
107
20-year s f 8s
48 10412 10838
1941 F A 106
Potts Creek Branch 1st 48_1
80
111: 7
J .1 7812 8
198
949
8912
6j
0 :n
:
il y
e:22 -_-___.„.
7
7_538
.
1.
.
7
8
2.1..2
9
Bergen (Norway)s f 88
10912 12 105 112
1945 M N 109 110 109
R & A Div 1st con g 48_ _ _1989 J J 8212 85 8338 July'22 __ -- 824
8338
Berne (City of) s f 8s
1945 M N 11312 Sale 11034 11312
2d consol gold 4s
Bolivia (Republic of) Os
04
112
°834
6 11
3 19
1947 ail N 98% Sale 9834 10012 3430
Greenbrier Ry 1st gu g 48._ _1940 M N 82% -.-. 69 Atir'21 __-.
Bordeaux (City of) 15-yr 6s_ _1934 M N 83 8312 82
8334 121 8012 90
Warm Springs V 1st g 5s__ _1941 M S 8
90
2%
12 -al
0- 6
8014
2 Dec
8'1
631214 _2812
_. _521.
2 ..i.i12
Brazil, U S external 8s
1941 .1 D 10114 Sale 99% 10112 445 9978 108
Chic & Alton RR ref g 3s.. _ _ _1949 A 0
Canada (Dominion of) g 5s_1926 A 0 9912 Sale 98
10114 70 96 10114
Railway 1st lien 351s
19505 J
;
:
7
.111
10014
51
995
942
8
129
4
Sale
do
do
9934 10014
do
5s...1931 A 0
81212 B8
Chic Burl & Q-III Div 3%8_1949 J .1 •5
°3
1°78 8
52
912
83
6 7714 85
202
0z14
0
7
tialle 1
10-year 5%s
234 sa
1929 F A 102
1
03
1003338
Illinois Division 4s
1949 J J 9112 928 9212
93
12 8712 93
Chile (Republic) ext s f 8s
1941 F A
Nebraska Extension 4s_ _ _ _1927
9612 ---- 968
N
1 93 96%
9638
10214
External 5-year 5 f 8s
10112 10212 73 19
372
6418
838
121
103
1926A 0 10178
88aafee
Registered
.
. 19
1927 M N _109_21_ 9
00
0
1134 01
c'
0
t912
1.19
2
25-year 8188
1946 M N 103 Sale 102
General 4s
19
97
51
8F
M A
S
-g1113 -iiiChinese (Hukuang Ry) 58 of 19111J D I 531* Sale 5312
5712
5412 30 141 196
Temporary 58
--19
7-9
1 96% 10178
Christiania (City) s f 8s
7 108 1124 Chic & E Ill ref & imp 4s g......1955 J J ---- ----_ 3
109
1945A 0 108 109 109
33
4142 D
Ian
eo:12
1 ..:..
.. -7 .. 3
.14 _ail-2
Copenhagen 25-year s f 5%s_ _1944 J J 9034 Sale 9034
9214 51 8512 934
U S Mtge dr Tr Co ctfs of dep _ _
3
Cuba-External debt 58 of 1904 M 8 90
712
412 9034
8
n
97 _ 9612
9612
1st consol gold 68
l934 ;Co 1,05E17; 167 10534
10534
2 102 10612
Ester debt of 5s 1914 Ser A_ 1949,F A
89% June'22 --;,r1
1937 51 N ____ ........ 96 July'22
General consol 1st 58
9358 1003
- _ _ - 96
9612
External loan 410
8012
814 10 76 82
19491F A -i
U S Mtge & Tr Co Ws of dep ____ --------10334 Jan'22,_--- 103 10354
9518
9912 200
Czechoslovak (Repub of) 88_ _1951 A 0 9538 96
4
____ ---Stamped
Danish Con Municipal 88"A"1946 F A 108 Sale 108
10912 11 10512 114
Guar Tr Co ctfs of deposit_ _ _
18
04
5 F
22
21jan
---.
eb.2
- 18
0431 4 10
85
454
Series B
15 105 113
1946:F A 109 Sal: In12 109
82%
C & E Ill RR (new co) gen 58_1951
83 1 105 68
84
Denmark externals f 88
no
58 10712 11218 Chicago Great West 1st 48_ 19594 -i
19451A, 0 110
5i:
4 tali 59
6038 86 59
M
6412
20-year 6s
99
19425 J 99 Sale 9834
116 904 9975 Chic Ind & Loulsv-Ref 68_1947 5
07
538
18 1_0_7_ 1905714
.2
5 19
_______- 10
871
1 2 10
98
712
Dominican Rep Con.s Adm s 158'58;F A 90 9012 94
9412
9 8512 95
Refunding gold 58
July'22
1947
9514 253 94 97
Dutch East Indies ext 65_ _ _ _194715 5 .95 Sale 9418
Refunding 4s Series C_ _ _ _1946 J J 8218 __-- 7714 JJ0juir
ly
e:
.2
22
2 ........_-__-:
8112
95 405 934 97
40-year 68
1962 m E4 9434 Bale 94
Ind & Louisville 151 gu 48_ _1956 .1 J
French Republic 25-yr ext 88_1945 M g 101 Sale 9934 10218 620 994 10834
Chic Ind & Sou 50-year 4s...._1956 .1 J
88
773512 8
75
6
20-year external loan 7518_1941 J D 9912 Sale 984 10018 805 94 106
Chic L 8 dr East 1st 4%8_ _ _ _1969 J D 9
8860
154 83
12
8 9
9
7018
6 July'22 ___- 88 904
8576
03
Gret Brit de Ireland (U K of)Ch M & St P gen g 4s Ser A_e1989 J .1
2 9
214
105
98634 10
20-year gold bond 551s_._1937 F A 1048 Bale 104
15
1,4
General gold 3%s Ser B. e1980 .1 J 6
79
812
% 6
7
9
8
%
5
4
6
76
8
71 July
:
7
'
9221 _6
1 674118 6
4
4 Bale 1091* 1113118
79
10-year cony 551s
934
1929;/4 112368
General 451a Series C__e1989 J J 6
854
8
78
a17214 ,
734I 13
02
3 6
88634 89
72
9 :
8
7 '
784 100 11032
3-year cony 5518
p1922
Gen & ref Series A 451s... _a2014 A 0
67 I
Italy (Kingdom of) Ser A 85181925 F A 9614 Sale 9614
OR
9612 69 9212 -At
Gen ref cony Ser B 58......_a2014 F A 7512 Bale 75
258148 654:
9318 38 8668 92%
apanese Govt-£ loan 4%8_1925 F A t 93 9312 9212
Convertible 4%s
89
8al
sie
112
72
e 6
0%
128
8
72
1781 515, go
1932 J D 8
73
93
6828%
69 86% 93
Second series 4%s
1925 5 .1:
2 97727324 Sale 92
Permanent 4s
1925 J D
777
7814 78 721* 7812
Sterling loan 48
1931 J J
6638 67 64
25-year debenture
67
51
54
67
83
8012
90
Sale
8314
4
823
Lyons (City of) 15-year 6s_ _ _1934 M N
8418
Chic & Mo Riv Div
5s
4819
192
36
4j
J j 9514 ---- 9438 June'22 ---- 89 97
84
62 8012 90
Marseilles (City of) 15-yr 68_1934 M N 834 Sale 8212
C M & Puget Sd 1st gu 48_1949 2 j 75 Sale 7312
75
10 6312 77
Mexico-Extern loan £ 58 of 1899 Q J A 58 Sale 5734
60
Milw & Nor 1st ext 4%s_ _ _1934 .1 D 8812 ---- 844 Mar'22.- 8412 8432
1
°
14
8
8
3
9
4
34
7
6
9
2
12
P. Gold debt 48 of 1904
1954 J D 4534 Sale 45
Cons extended 451s
1934 5 D 8812 ---. 88% July'22 ---- 85
887s
9612
Netherlands s f 6s
1972 M 8
,
9612
2 924 961
23 "
8
54 Chic & N'west Ext 4s_ _ _1886-1926 F A 9638 ---- 96
0
15
4 19
09
72718
19
167
0
01124 153
149
0
Norway externals f 8s
1940 j
A 0 11018 Sale 110
Registered
1886-1926 F A
9314 Apr'22 ---- 9314 934
11
100 Sale 9973
Porto Alegre (City of) 8s_ _ _ _ 1961
General
351s
gold
3
1987 aa N -5
1
2 -793 76
23 10578 111%
7638
1
72
81
1e12
110
10
a9
07
Queensland (State) ext a f 7E1_1941 A 0 19
9 8
Registered..
p:9
287
7 QF
m N _8
__
7 _ ---- 70 Dec'241---1;
25-year 6s
99
1,4 102
1947 F A 10134 Sale 10
General 4s
1997 m N 8718 88
8712
8712' 10 821k
Rio Grande Do Sul 8s
10012 46 99 10514
1946 A 0 1004 Sale 100
Stamped 45
88
87
July'22____
6
9
6
8
8
9
8
812
1
8112
0
0
3
5
12
Rio de Janeiro 25-years f 8s_ _1946
87
9934
General 58 stamped
1987 al N 10534 10638 10512 July'22 _ _ - - 997
10012 58 9938 10472
8s
10512
1947 A 0
Sinking fund 6s
1879
9119
: 929
41
9 A 0 1_0_12_2 _10_6_1_
22!-_103
01% JAulpyr:
l00
a1672 993893'4 10012 31 99 106%
San Paulo (City) s f 8s
11003172
1952 M S 96999812 BaleB
Registered
34
106
116201
100
Sale
San Paulo (State) ext: f 8s 1936
10012
100
1004
Sinking fund 5s
10012
1
92
9
2
9
9
9834
July'22
983
_
_
A
_
0
_
4
9612 100
Seine (France) ext 7s
1942 j
J .1
5 92 Sale
Registered
97 100
1188779-99518 July'22 --- 9518 954
Sweden 20-year 68
4 454
1939 J D 104 10412 103534
Sinking fund deb 5s
1933 M N 10034 --:10112 July'22 ---- 96 1014
Swiss Conferer'n 20-yr s f 88_1940 J 5 11914 Sale 11834 11912 95 11212 120,2
Registered
_- 984 May'22 --- 9812 10014
1933 M N
72
Tokyo City 5s loan of 1912
72
6 67 7812
71,2
M •S
10-year secured 7a g
1930.2 D jail; 108 1071* 108
5 105 109
7%Sale 104
Uruguay Republic ext 8s_ _ _1946 F A 104
105
31 10214 10838
15-year secured 651s g_ .. _ _1936 m 5 1108 ---- 1104 11034 14
20 106 11434
Zurich (City of) s f 8s
106 11034
113
1945 A 0 113 114 112
Des Plaines Val 1st gu 434s 1947 M S 9134 ---- 10112 Oct'19
(These are prices on the basis of $5 to AD
Frem Elk dr Mo V 1st 68_1933 A 0 11034 -_ -- 11034 1103
4 10 7a 11034
State and City Securities.
ManGB&NW
1st
7938.83
70
Mar21
'
3%8_1941 J J
NAY City-451s Corp stock_ _1960 M s 10078 10112 1007s 10078
1 98 10312
Milw & S L 1st gu 351s_ _ _ _1041 J J
79 8 ---- 6618 Aug'21 ---- ---.
10314
2 974 10334
451s Corporate stock
1964 m s 10312 Sale 10314
Milw L S & West imp g 5s_1929 F A
9935 ---- 9912 June'22 ---- •98% 994
451s Corporate stock
11 99 10334
1966 A 0 10312 Sale 10334 10334
Ashland
Div
1st
_1925
g
68_
s
____
100%
m
Mar'21
99
--_
..
451s Corporate stock
1110338 108%
1971 _I D 10712 10818 10712 10712
Mich Div 1st gold 6s_ _ _1924 J j 10112 -7- 10114 Mar'22 --.... 1
.
(1/14 1.(114518 Corporate stock.. _July 1967 J j 10714 1074 10714 July'22 -.110312 10712
.14
Mil Spar &N W 1st gu 444. _1947 m 8 8835 893-4 8812 July'22 __-: 8514 90
4518 Corporate stock
25 103 108
1985.1 D 10714 10778 10778 108
St
L
Peo
& N W 1st gu 5s_ _1948 .2 .1 10234 104 103
103
95 103
4518 Corporate stock
10714
1963 m s 10714 10778 10714
2 103 1074 Chic RI & P
-Railway gen 48 1988 d i 8478 8512 84%
8512 12 79
8512
4% Corporate stock
1959 M N 9934 10012 10018 July'22 ---- •9312 10012
Registered
4% Corporate stock
8214
1988 J J 82 -_-:- 82 July 22 -„,•,' 78
1958 m'N 9934 10012 100 July'22 ---- 9334 9978
Refunding gold 48
8234 atiti 754 84
4% Corporate stock
1934 A 0 82% Bale ' 8134
10012 10 934 10012
1957,M N 9978 10012 100
R I Ark & Louis 1st 4%8.._1934 m s 8234 Sale 81%
4% Corporate stock reg
8241 76,: 7614 82%
195619,I N 9938 100 9932 July'22 ---- 94 998
Burl C R & Nor Ist 5s_ _ _ _1934 A 0 9914
12 9912
9912' • 1' 90 99%
New 451s
19571M N 10614 107 10612 10612
3i 10312 107k
Choc Okla & Gulf cons 5s_ _1952 M N 9612 -L'u
__ - 98 July'22'--,-II 89 98
4 1034 10712
451% Corporate stock__ _1957 M N 10614 107 10612 10612
ICeok
&
8' 10 72 918
Des
913
91
91
9112
Moines
1st
58.1923 A
3%% Corporate stock_ _ _ _1954 M N 9034 ---- 90 July'22
8472 9012
215' 76
St Paul& K C Sh L 1st 4%51941 F 0
85
New York State-48
1961 M S
A 8234 Bale 81'3
834'I
SIP M &0cons 68
2 10412 108
108
90
2
912 June'22
isii- i6i' Chic
Canal Improvement 4s_._ _196115 .2 --_--_-:-.: -HE 10
1930 J D 108 -- _ - 108
Cons
55
reduced
87
904
91
to 3%s_ _ _1930 J D 90
1091, 110
Apr'221____ 87
Highway Improv't 4%8_ _ _1963 M S
Debenture 5s
10422 10412
95 98 • 9424 'July'22 - --- 9114 964
Highway Improv't 4jig_ _ _1965 M s -------- 10412 Apr'22
1930 M
North Wisconsin 1st 6s_ _ _ _1930 J 8
Railroad.
5 105,4 ---- 118 No3016 ---- ---- ___
Superior Short L 1st 5s g e1930
95 )day'18- ----. .
k1395 Q j 67
._.
7014 6812 July'22
5514 so
Ann Arbor 1st g 43
M
8
- - 79%
3 7334 g12
80
-51; 85 951s Chic T II dr, So East 1st 58_ _ _1960 D 96
Atch Top & S Fe-Gen g 4s.._1995 A 0 9312 Sale_ Ira
7912.82
103 10412
7612 May'22
AR
i ____ 8714 8814 Chic & West Ind gen g 6s e1932 Q al 105 1June'22
1995 A 0
Registered
Consol 50-year 4s
7418
7612 97 6712 7612
741. 75
8378
1 7712 8434
*1995 Nov -gal-2 -i4-, 8378
Adjustment gold 48
1952J
J
6
-year
s
f
15
8
1023
1023
8
9978 1024
Sale
7Jis
*1995
8512
7812
8312
8412
Nov
54
8512
1023
;
10112
1935 Si S
Stamped
.j 85 9012
Cm H & D 2d gold 4%s
9012 _1
834
6 76 84
1955 J D --------8212
Cony gold 48
1937 J J 9012 Sale 9012
C Find & Ft W lst gu 4s g_1923 M N
____ - 88 Mar'17
10118
2 9114 10218
1960 .1 D 101 102 10118
Cony 4s issue of 1910
Day & Mich 1st cons 4%81_1931 J
/
11;W 9234
92,
4
-, 1
9414 July'22 ---- 914 9414
East Okla Div 1st g 42... _1928 M S 9412 95
2
,8 c7,:',7
8234 33 7612 83
Cleve Chi Ch & St L gen 48_ _1993 J J 92
7 38 85
Rocky Mtn Div 1st 4s.. _ _ _1965 J J 8234 8312 83 July'22 --D 8:4'4 "--- 81%
20-year deb 4%s
90
91
4; 85
91
7 74
9 88
88
Trans-Con Short L 1st 4s_ _1958 J .'874 88 8734
1931 .1 J 9034 91
General 5s Series B
- - -I 864 10038
Cal-Ariz 1st & ref 4518"A" 1962 M S 9312- - 9278 July'22 ---- 8618 93
1993
D 10035 ---- 10012 July'22,Ref & limit 65 Series A_ .. _ _1929 .1
102121 39 95 10234
9112 19 85 93
Atl Coast Line 1st gold 48_ _k1952 M 8 91 Sale 9034
J j 10218 Sale 101%
Cairo Div 1st gold 4s
87 July'22 _- - _ '793: 87
10-year secured 78
10712
3 10912 108
1930 M N 107 Sale 107
_1939 .1 J 853s 92
C1n W & M Div 1st g 4s_ _ la91 5
8212
1 76
8812
1 8312 89
8212
General unified 43is
1964 .3 D 8812 8912 884
j 80 8134 8212
St L Div 1st coll tr g 48_ ...,_ asp MN 8112 84,4 8312
83,2,
1 774 83,2
Ala Mid 1st guar gold 58.._ _1928 M N 100 ---- 100 May'22 -- _. 9834 100
-___
Spr
June'21
---&
Col
--77
Div
-88%
1st
38
May'22
-g
88
4s
Bruns dr W let gu gold 42_ _1938 .1 J 89%
-- -88
1940 M S 851* Junc'22,--W W Val Div 1st g 4s
8314 94
8412 86 78 S412
al952 M N 84% Sale 83%
L & N coil gold 48
- 8512 0314
1940 J J 8434
891k
C 1 St L & C 1st g 4s
9478 42 8834 9478
1925 J J 937s Sale 9334
Ball Sr Ohio prior 351s
k1936 Q ' F 8938 ---- 8918 July'22 _.-- 83
Registered
92
i .1-3 91
---*1925 Q J 911* __--_ _ 92 May'22 -.j
Registered
1:1936 Q F ......- ---- 864 May'22
Chi 8 dc Cl cons 1st g 5s., _1928 j 5 9732 -- 964 July'22 -_ - - a
86
86
78
618 81
7
k1948 A 0 8534 Mlle 85
1st 50-year gold 45
May'22 ---. 104 in5i8
C C C dr I gen cons g 68_ _ _1934 j 5 106%
8114 83 81 July'22.-_
*1948
Registered
-- - - 1054
Ind B dr W 1st pref 48
1933 m s 851. 86
8514
8634
8634 180 74
10-year cony 451s
1940 A 0 8812 ,--- 90 June'22 ---- 90 90
83
Peoria & East 1st cons 4s_ _1940 A 0 82 Sale 8012
17 70,1 g3,2
77 77 89
89
Refund &gen 58 Series A...1995 J D 89 Sale 8812
3524
36
40, 227
Income 45
149 9412 101
1929 J d 101 Sale 10012 101
Temporary 10-year 68
1990 Apr. 3512 3578
10, 90
96
Cleve Shor Line 1st gu 410_1961 A 0 9514 ---• 96
96,4
9212 July'22
P Juno & M Div 1st g 3%8_1925 M N 91,4 358 Colorado & South 1st g 4s__ _1929 F A 9312 Sale 93_,,12
9312 25
8
8.3
87
234 9
-0
- 7
82 -3
82-1-4 8112
89%
P L E & W Va Sp]ref 45_ _ _1941 M N 81
Ref nding & exten 451s. _ _1935 M N 8934 Sale'
86 86 93
93
Southw Div 1st gold 351:...19255 .1 9212 9234 9212
u
v
Ft W & Den C lat g 5%s_ _1961 J D 105 10512 10012 10512
4 1014 10612
99
Clev Lor & W con 1st g 5s_ _1933 A 0 9818 -- __ 98 June'22 ____ 92
8414
854 25 77
cc
87
1 9652 9838 Cuba RR 1st 50-year 53 g
9838
1952 j 2 84 Ohio River RR 1st g 55_ _.. _ 1936 J D 9818 -- - - 9852
14 100 10612
let ref 7;ts
1937 A 0 9628 9712 98 July'22 ---- 90 96%
General gold 5s
1036 J D 104 Sale 1034 10438
5 7714 8112
W
-M
dr
&
D
L
7714
E
6912
774
62
Sale
7
16
8
77
70
,
41
69
1st
7912
69
gu
.J
J
_1959
A_
3%s 2000 J D
Tol & Cin Div Sat ref 48
100141
1 I 9812 103%.
N Y Lack & Western 55_1923 F A 9934 100 10014
Buffalo R & P gen gold 55_ _ _ _ 1937 M S 102 --__ 10014 June'22 --- 9852 100,2
cii12
Terminal & improve't 45_1923 M N 9878 100 9872 July'22 __ -- 97
.
26 9
927 .
80
.
8:: 9
0::
1957 M N 9278 ____ 9212
Consol 4%s
----I 7414 7412
824
pr'22
Warren
1st
A
7414
ref
gu
g
Mar'22
8218
-_-3lis.. _ _2000 F Ai 764 79
---- 8218
Alleg & West 1st g 45 gu_ _1998 A 0 8422
Cleanf &Mali 1st gu g 58_ _1913 J J 9514 ... -.9012 Jan'22
obiu price Friday; latent bid and asked. a Due Jan. 4Thla ADM. oDua May. Due JIM. 81)91 JULY. Ulm Aug. °Duo Oct, auo Nov. :Due Dec. sOption sale.,
18s%
21 Z419084
T., Li66,142
1111:tr
New York Bond Record—Continued—Page 2
630
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 4
r.: +
Price
Friday
Aug. 4
<.
.?
.
...,:.2. I
Week's'
Range or
4'
411
Last Sale
High No. Low High
Ask Low
151d
Delaware & Hudson—
91
4 8318 9112
9058
91
8
907
N
Al
1943
1st k rei 43
88 8934 99
98
1935 A 0 98 Sale 9714
30-year cony 5s
102
1 99 103
1937 m N 101 Sale 101
5 kis
1930 J D 11118 ____ 11058 July'22 ---- 107 11112
10-year secured 73
7658 82
82
----1,
85
June'22
8
805
1946 A 0
Alb & Susq cony 3!is
10818 --.
Renns & Saratoga 20-yr 6s 1941 M N
8
- ---ig3s
-ii5
Sale
8
775
J
.1
45..1936
Den & R Cr— 1st cons g
82
1 7t02 84
1936 J J 8114 8212 82
Consold gold 4 tis
22 7412 85
81
1928 J D 8012 81 14 8U3s
Improvement gold 55
Sale
5212
42
4534
45,
4
8
60
407
A
1955 F
1st & refunding Os
_I 4312 4512 42 July'22 ---- 40,4 47
Trust Co cert ifs of deposit__ _,___D 8314 88
8012 89
87
---'
July'22
J
1939
Rio Gr June 1st gu 5s
1712 61 14 Ayr'1 I. --- -_.
5
J
Rio (Sr Sou 1st gold 4s__..1940 J J
1012 --__ 1018 Feb'22'-- - 101f -1618
1940 1
Guaranteed
79,2
80
80 1 40 7334 80,2
7912
J
J
Rio (Sr West 1st gold 4.3._ 1939
15 ft2i8 70
6812
6812
6712 68
Mtge & coil trust 45 A..1949 A 0 69 ___ . 78 June'22 ---- 74
78
D
.1
1995
4s
Det & Mack-1st lien g
67
67
---67
May'22
70
671s
1995.3 D
Gold 43
93
8558 8878 91 July'22 ---- I 82
N
M
1961
kis
4
Tun
Ter
Det Illy
0
0%
10
9934 9912 July'22. --; 9538 1
J 99
Dui Missabe & Nor gen 53_1941 J 0 9638 99
9812
9812!
1 9514
1937 A
"___ 1 1.
Dui & Iron Range 1st 53
--__ ____ toot m ar
0
A
1937
Registered
87
3 8
96178 100
'221 ---,
8178 July'22
I937 J J 8212 84
Dul Sou Shore & MI g 5s_
99
99 190
Elgin Joliet & East 1st g 5s.._1941 M N
H)058 .97
0
I
14
19514
106
•
10512
105
S
M
.A930
7s
ext.
gold
Erie 1st consold
_ 9
738 i.1
6,1,.i12 ---88
July'22
7,
892
9;2 _8_9_12
__ __ 1 0
3 9
88
8034
N Y & Erie 1st ext g 48__ _1947 M N 9
1943 M 5
3rd ext gold 4 kis
5
95'4
9514
9012
----I
June'22
95
0
A
1930
4th ext gold Os
9434 N..y'15 ..
1928 J D 8418 _ _
5th ext gold 4s
10218
$
1 10218 10218
10218
N V I. E & W 1st 79 ext.1930 M S 11121
09
152 54.4 69
tki
Sale
69
1996 J .1,
Erie 1st eons g 4s prior.
37
57 Mar'22 „.... 57
1995 J J 5612 63
Registered
57
397 1 3914 57
1st consol gen lien g 4s 1990 J J 50'4 Sale 5512
-.
A ug'21
1996 J J .....-- 5378 39
Registered
91
1 79
91 June'22 -Penn (.011 trust gold 49_1951 F A 8812 90
52
57
3414
1-1i
53
Sale
5212
0
1953 A
50-year cony 43 Ser A
5378
47 32
53
1953 A 0 5258 Sale 5212
do Series B
02 3454 5735
57
6634 06
1953 A 0 50
Gen cony 43 Series II
9034
80
Chic & Erie 1st gold .5s_ _ _ _11182 M NI 9718 --- - 96,4 July•22 --,1 9012 9908
1
Cleve & Mahon Vali g 531938 J J 9278 ____ 91eli Jau'22 ----1 7812 96'4
8
95
9378 93
1955 J J 91
Erie & Jersey 1st s f 6s
9238 10 7938 97
11457 J 1 921s Wei 9238
Genes:see River 1st s f 63
1935 A 0 10814 109 199 June'22 -- 109 109
Long Dock consol g fis
....: 100 100
,8 D
1922 M N 68 --- 181Ape::222ii...
Coal & RR 1st cur gu 6s
.... ---J J 9413
1
Ss_
Dock & Imp' 1st ext 5s......343
88
88
86
----,
...
8
Peb'22
5v7
1 11
N Y & Green L gli g 5s1946 M ,
704
6878 July'22 ----' 54
N Y Susi' & w 1st ref 58__ _1937 J .1, 6012 68
52
4712
-1
May'22,-52
56
52'8
Al
F
1937
2d gold 4(48
3
60
3812
15
I
537
55
55
1940 F A 54
General gold Os_
. - 811 May'22 -- -- 8312 861
1943 M N 874s
Terminal 1st gold 5s
94 3
93 July'22 --__ 93
0 94
1940 A 091.8
Mid of N .1 1st ext. Ss
73
7112 7278 72 July'22 ---- 53
Wilk & East 1st gu g 5s_ _ _ _1942 .1 D
---•
..___
211Ayr'
88
---105'3
0
A
1942
5s
g
gen
1st
11
T
Evans &
---_
__
_
69'2
------Apr'21
---0
Mt Vernon 1st. gold 6s___ _1923 A
, 4 pr'21 -- - ._ „
-- --692
1930 A 0 --Sul Co Brunet) 1st g 5s
4
2 -911.
Florida E Coast 1st 4 Lis_ _ _1950 J D 8878 8978 9114 July'22 ---- -3301
.
798
09
I
-- Fort St U II Co 1st g 4 k48_..1941 .1 J
85
78
Ft Worth & Rio Or 1st g 4s_ .192S J J 8938 • - - -' 80'3 July 22 ..
/1958
4 83
8812 88,2
8812
Gab/ Hous & Henri 131 9*... _1933 A 0 85
11234 11 10812 1108
Grand "Frunk of Can deb 7s_ _1940 A co 112 11244 112,2
72 100 105
104
1936 M S 1114 651e 1034
15 year s fits
11112 4,15 10718 111 12
1936 J J 11114 Sale 110
Great Nor Gen 75 ser A
1st & ref 4.43 Series A _ _ 9
1411 j .,41 .9_!!
8214 Oe9
1 -.::: 9
t ..2 I •I - - 4 .
I 88
93'8
Registered
11)334 225 mit 10334
1952 j j 11,3% Sale 101 12
Temporary 5'.is
1933 j J
9438 .___ 91
Alar'22 - --, 9014 91
St Paul NI & Man 4s
1933 J J 1t19,8 111 ,110 July'22 -105.8 Ill
1st volksol g (Is
.
---1933 J J
Registered
99 elet0•20
- 2I 9
6 9314 9912
9814
1114
J i
J n34 -iiiiReduced to gold 4 14S. 193:1 i
97
97 1 10 95
Regi•dered
9212
8014 July'22
mar.21 ......1 88
Mont ext 1st. gold 49_1937 j D 93 ____ 91
1937 J D — Registered
1940 J J --------83 Mar'20 ---Pacific ext guar 4s
11)48 A 0 8934 ...._ 8934 June'22 -E Minn Nor Div 1st g 4*...(48
9434 May'22 -- ' 9 4
4
1922 J J -- - Minn Union Ist g fii
113 I
5 1001s 113
1937 J J 1 1212 11412 113
Mont C 1st gli g (Is
.. . 13014 May'116'
i
19:37 .1
Registered.
1937 J j
10018 103 101)14 June'22 .--- 99 10014
J.
1st guar gold 55
00
2'4 -i..0-I
lti,,
, JAull,
4
y'21 -.
,
8 11;4%4
- 6
7;9
1)9
Will & S F 1st gold Os__ .1938 j D 16
Green Bay & W Deb ctfs "A"_ ___ Feb
612 1238
.0
1178 2
1124 12
1134
Feb
Debenture etfs "IV'
79'2
7633 _,_ 7613
5 72
7013
Giilf & S I 1st ref & t g 5s_ _51952 J .1
i71 8634 July'22 ---- 8112 86'2
Hocking Val 1st eons g 4 kis. _1999 J J 87
1999 J J -------- 732 iwie'le
-Registered
8012
1948 A 0 84's .7 _ 80,2 June'22 --__ 78
Col& H V 1st ext g 45
8234 8414 7912 Mar'22
1955 F A
Col & Tol 1st ext 43
94
93 July'22 — -- 8
7i314a
Flouston Belt & Term 151 58_1937 J J 93
Illinois Central Ist gold 4s__ _1951 J J 9212 ---- 95 May'22 ---- 83,s 95
_i _
1951 .1 J ---- - - -- 8318 elept'21
Registered
1151 .1 J 828 84I 8278 July'22 - —I 7653 827$
1st gold 3 kis
,
---------84
J
_ ---•
J
1951
----I
Nov'15
Registered
Oet'21 ---Extended 1st gold 3 kris_ _1951 A 0 8234 ----' 72
::::
::::
.....1--__I
A
-1951
I-RegiAtered
1951 M S ---- ---- 80 July 09,-1st gold 3s sterling
8518 8512 85
Collateral trust gold 4s___ _ 1952 M S *._ _ _ 8212
95% lieu8
4 ---41 -861;
i•5139
. .6i ' A 0
1152
Registered
8934 36 8218 9112
8912 8934 8834
1955 01 N
1st refunding 49
8153 7812 July'22 —1 7658 78,2
774
J
J
1052
3(45
lines
Purchased
8214 8318 83
83,4
86 7818 8312
L N 0 & Texas gold 45... _ _1953 M N -------68
1953 51 N
Registered
1:41311cj89
4 --ijii1 9634 it-r2.34
4 Sale 101
1013
.
J
1
1s434
Skis
15-year secured
1 99s4 III
11034
1939 j j 111(4 _ _ .... 11054
15-year secured (3 143 g-- _ 9234 87 Jely'22 —1 8154 87.
85
D
J
1950
Cairo Bridge gold 45.
1
72
,
69% June'22
7U
I 6358 69
Litchfield Die 1st gold :18_ 1951 1 J
2 7334 79
J
79 I
78 ---- 79
Lotilsv lily & Term g 3 kis.1953 j
69
I
69
69
A
0814
3
09
F
66
_1951
_
33,
gold
lily 1st
Omaha
m
70 ---- 71
j .1
7-t LOillS Div & Term I( 39..1951
1 5
j 7812 80 I 7812 July'22
7 6
8 778
2 —__
312
76
2:2
Gold 31.88
1951 i j
7778 __-..1 7812 July'22 -- -- 7812 7812
:-• prIngf Div 1st it 3 Lis
85
. 6
2 Ju
N oivy:2
)72
Ii2
F Al 86(2 .......1
83'2
-82
Western 1.1m-3 1st g 4s..1951 F A
-1951
Registered
- -ci934 10018
1923 .1 D 10018 Sale 10018 July'22
Belle,/ &. Car 1st 68
5:__ _.
58
go (1 4
t gold
o
14 wN1s
i,h8,
4T., S
1
tir6b /
a
19'
511;
r4 fl 18
01;18 19111 11(7).:/2.1Muraier:21921----:-- -6_::_," .
i6212
- 9
Au-e2i,
_
1951 .1 D -------- 9
Registered
1951 J D 7478 ---, 6534 Dee'211—:
..25
3
Gold
9934 27 -6 i 69'4
j D 9934 Sale 97
Joint 1st ref 53 Series A.1963
7834 8412 82 May'22,-- 7834 82
Memph Div 1st g 4s___ _1951 J D
SO4 - --- 80 Elept'211-._
S
01
_1931
43._
g
go
131
St Louls Sou
1950 J j 8712 - .1 88 July'22
- -85. -4Ind III & Iowa 1st g 49
2 97 101
10014
1922 NI N lOokt 10034 10014
Jot & Great Nor 1s1, g ext 79._ 1952 J J
52 Sale 51 18
52 I 59 50,4 5512
Adjust 6,4
.1 D 8534 - - -- 84 12 JUIY•22 -- I 80,2 85
James Frank & Clear 1st 49_1959 A 0 71 Sale 7038
71 1 68 63
39..1950
72
Kansas City Sou 1st gold
Oct'09 -__ .1
A 0 --------78
1950
Registered
8934 25 .iii - -8.014
J J. 8914 8928 89
1950
Apr
55
Inipt
&
Ref
J. 837s 8434 84
8458
8 7938 85
Kansas City 'rerm 1st 4s___ _1960 1
9-1,2
9438
9214 94
9412
6 85
Lake Erie& west Ist g 53____1937 .1 J
86114
77
85% 8818 8518 July'22
J
J
1941
2d gold 53
78
7318
____
7414
68
July'22
0
A
39..1945
North Ohl° 1st guar g
95 - - -, 90% July'22 --- 9058 95's
Leh Val N Y 1st gu g 4 kis-1940 J J
__
80 Juiy'21 -J -- -- 95
J
1940
Registered
' '90—
i -i.734
83
Ni 8214 82% 8213
Lehigh Val (Pa) cons g 4s__ _2003 M
93
92
0 85
n
2003 M N' 92 Sale 91 12
Ge eral eons 4,0
102
10134
9818
.......
I
102
June'22
0
A
59_1941
Venn ItY 1st gu g
Leh
113
Mar 12 ._-1
1941 A 0 9958
Reg. ered
8 loth, 10312
19338
S 103 108 10278
Leh Val RR 19-yr coil (Is. n1928 M
I
--ia -ii-- -;i7-„
id
8,1; -,g),jia
L'il'2
--
week. a Due .1161i. 0 Due Feb.
• No price Friday. Latest old and asked One
Week's
Range or
Last Sale
BONDSPrice
':::',.,.1
Friday
N.Y.STOCK EXCHANGE.
4-'1 Aug. 4
Week ending Aug. 4
Range
Sirl
Ja
4.3:5.
e,5,
)
°4
Range
JSainn.
ce1
High No. Low .
Ask Low
Bid
.
High
Leh Val Coal Co 1st gu g 5s__1933 J J 10018 10134 IOU July'22 ---- 9028 100
Oct'131
1933 J J --------105
rstte
loetgii,
R
1033 J J ____ ___ . 831s
relticed to 4s
85 July'22 --„. 8318 Eig
Leh & N Y 1st guar gold 4s 1945 NI S 8318 86
3 9512 100
100 I
Long Isld lot cons gold 5s_519:31 (2 J 9912 100 100
51931 Q J 9058 . __ 8914 June'22 ---- 8914 90
1st consol gold 4s
77
---July'22
8934
85
D
8412
8934
J
1938
General gold 4s
9934 9934
1922 M 5 ---. ____ 9934 Feb•22 -Ferry gold 4(4s
84141-- 8213 8414.
1932 J D 8414 ___ 8414
Gold 4s
1949 M 5 8012 8112 79 July'22 ---- 73,4 8018
Unified gold 4s
_ _ i_,i_ 7534 9
2 __88
2;2
.1uliy'
2
8.44
4:4
4
85
93 .1,ne
94
1934 J D 92
Debenture gold 5s
4,2
85
M N 8414 Sale 9
1937
20-year p m deb 55
8214
8212 67 72
1949 M S 8214 Sale 7914
Guar refunding gold 4s
9511
N V 13 & M B 1st con g 53_1935 A 0 9528
Aor'2I
83
1927 M S 9712 99
N Y & R B 1st gold 5s
:i5-8
1)4
- g12 6
9458 July'22 ---5
95
Nor Sh B 1st eon g gu ,5s .a1932 Q J 94
94
1927 M S 9012 9212 03
Louisiana & Ark 1st g 5s
1
I
Louisville & Nashville—
102 June'22 ---,1 9812 10212
1937M N 10278 _
Gold 53_
3 8712 95
93341
933
_-4 9224
93
1940 J J
Unified gold 4s
1940 J 1 8814 ..-. 91.1's June'22 ----I 8814 9018
Registered
9812 July'22 --„ 9512 9858
9834 - Collateral trust gold 5s_ __ _1931 M N
13 10612 10914
108
1930 M N 107 10734 1(1712
10-year secured 7s__
124 16
03
778
08
10734 34 16
2003 A 0 10712 108 10714
1st ref 5(4s
July'22Y'22
95%
SO
L On & Lex gold 4
10234 10578
34 10712 10534 July'22
6'8
95
J 10
M N
1 J
930
N 0 & M 1st gold 69 __ _1193
101
2
101 July'22
81
s9
J J 101 13 -- -.
2d gold6'1930
8434 ____ 86 July'22
1946 F A
Paducah & Mem Div 4s
4 7
0
.
588
9,s 9
862
65588
8
71:
66
12
:
1980 M S 6558 Sale 6514
5t Louis Div 2d gold 3s
8658 8634
86
1955M N
ALI Knoxv & Cin Div 4s
9914
Atl Knox & Nor 1st g Os...l946 J D 101 18 --__ 9 14 May'22 -.9 __ I 9834
_ 104 July'22 ---- 103 104
Hender Bdge 1st s f R (33_1931 M 5
134
0
3.
)
(
- - 84
84
_ Ia 11
8318 85
Kentucky Central gold Is_ _1987 J J 1023898 18
*
9834
Lex & East 1st 50-yr Os gu. 19(15 A 0 9838 99
1 9212 9415
9418
9418
LA N & M & 01 1st g 4 is_1945 M S 941s 97
81 74
8312
8312
1952 J J 8312 Sale 8212
L & N South NI Joint 4s
Feb'05
- - 95
51952 Q J --_- Registered
i0012
101
—
101
i
01
May'22
-12
9714
A
1.
'
1937
N Fla & S 1st gu g 5s
9312
1 89
9312
9:312 9512 9312
N & C Bdge gen gu 4(-4s_.1945 J J
1936 F A 102 .... 1o2 July'22 ---- 96 102
S & N Ala cons zu g 5s
97.2
-. .9_5
.
12_.
.
Gen cons guar 50-yr 5s_ _1963 A 0 9814 9934 97 July'22 -83
1.ou & Jeff 13dge Co gu R 49..1945 M S 821 847 8214 July'22 ---- 77
-77
10
---_
Mar'
---S
NI
1977
Mex Internal 1st cons g 4s
_ . 75 Nov'10
1977 NI S ____
----Stamped guaran
teed-- • --99 101Y'20 - .-Midland Term-1st s f g 5s 1925 J 13 -1927 J I) 10312 ___ 104 June'22 --- 101 104
Minn & 5t L0111,11st 7s
5 6958 83
8014
8014 8014
1934 NI N 80
1st consol gold 5s
16 31
47
50,2
1949 M S 46 Sale 4512
1st & refunding gold 43_
50
41 30
48
4634 4512
1962 Q F 46
Ref & ext 50-yr 5s Ser A
212
63
8
6
30
8, 7
7914
583
1935 1 J 5712 5834 5534
1)-us NI & Ft D 1st gu 49
79
Sale
4
793
D
IotR
1d Os.._1938 J
l s)tidgo
48
tliitrnagl g(
ytetrC
e,
un
905
3
38 90
4, 8
038
25
4058 106
1951 M 5 4514 4014 44'4
90
NI StP:
t c 6855
5* NI con g 43 Int gu 1938 J J 8938 8912 8934
14 105
1938 --__ 10102 102 12 10112 .July'22 ----1
19334 19 10012 10334
1931 M S 10334 I0334 10314
10-year coil trust 6 kis
: 8933
8912 July'22 ---- 881
91 ..
1941 M N
1st Chicago Terms f 49_
9414 97I
01 S 5 NI & A 1st g 4s Int gu.1926 J J 9678 9758 9712 July'22 ---- 823
4 8814
1949 J J 87(3.. .1 8538 May'22 ---Mississippi Central It 5s.
57 73
83
8334
8218
84
82
D
J
&
Mo Kan Tex-1st gold 49._1990
2d gold 49
8'4
5 4
2
2
988%12 68
814
66
8'142
_ n _A_ :::: :7_71 66
_9
_9
Trust Co certifs of depos0119
1944 NI N ___ ____ 5514 ssee'22 --- 3512 5534
13t ext gold 5s
8614
73
---Aprn
2004 M 5 ---- ---- 8104
1st & refunding 48
84
2 08
80 I
Trust Co cortifs of deposit_ __ ------------80
6412
1936 J J _ _ —_, 0412 June'22 ----, 5214
Gen sinking fund 4 '-45
1)14 :7
52
8
)::
I 67 July'22
Triist Co certifs of deposit_ __ --__ *6314 44
.. 44 June'22 ---- 27
.
2001 A 0 ..
St tolls Div 1st ref 4s
77
5812
---76
June'22
8314
*8212
5% secured notes "ext"
9018
"221
i >alias & Waco 1st gu g 58_ _ 1940 M N 8978 ____ 777s Mit,
July'22 --- 7012 7778
7834 ____
Kan City & Pac 1st g 4l..1990 F A
93
77
83
vlar'221—
..
__
42 A 0
1,
Mo K & E 1st gu g5
5 7814 9138
9138
1942 M N 9158 Sale 9158
NI ft & Okla 1st guar 5s
9758
77
...
1
July'22
86
__
_
-S
51
1942
M K & Tot T 1st gu g 5s
3418 July'22 -- 3418 3418
Sher Sh & So 1st gu g 55....1942 J D 35
36 May'22,
'
40
5
1
01:
6
7
36
8
4
3214
:
764
S
NI
1943
5s
g
gu
1st
Okla
TeXtiS &
8434
8434 Sale 84
o
M K AT fly—Pr 15s Ser A 19(12 J J 0912 7012 6912
7012 80 02
7074
1962 J J
40-year 43 Series B
12
254 89
97
4
953
Sale
97
9614
J
.1
1932
10-year (Is &Iles C
5914 2080 4334 59t2
4 Sale 5718
Cum adJust 53 Series A._ 1967 l J 583
I
Missouri Pacific (reorg Co)—
41 8412 895$
8814 1
8712 8878 8738
1st & refunding 53 Ser A__ _1965 F
614
k422 110
,
6(0114
9978 10014 9978 July'22 ____I 9
Jot & refunding 5s S .1' 13„a1923 I, A
9612
8
967
.
_7;1
A
F
1920
C
Ser
5s
refunding
1st &
._.
.
.
.
_
_
1
.
i
.
.
j
0
'
2
6
,
4
8
,44
3
7
3
1
i1:
6
1
9
4
5
(
.
1
(
0;
0
036
165
-11e
16006524
s
A
F
ni
5
79
94
16
63. Series D
Sale
General 4s
S
M
1945
4s
Missouri Pacific 40-year
82.8 8634 83 July'22 -___1 763s 83
1938 M N
3r1 78 extended at 4%
747S
19-18 J 0 7412 7712 74,4 Jiine'22 ____ 74
Cent Br U P 1st g 4s
6212 6
--83
._.
5 .1Na
l r.;
812 8
116
88
:22 -.
711:
86
o
02
,8 6
87
9
i
A
F
i
8
9:338
pac [([(of Mo 1st ext g 4s.. 1119
2d extended gold .55
1
9418
987
4
973
4
9754
983
98
0
A
59_1931
g
gen
con
S
&
51 1, Ir M
_7- -.
788
1
.1 .
gi
July'14-718
Gen eon stamp gu g 53..1931 A 0 --.. ..... 102
88
1929 .1 1 88 Sale 8712
Unified A ref gold 4s
8412
8
753
51
I
84
8312
Sale
4
833
N
M
193:3
Riv & G Div 1st g 4s
93 Mar'22 __-- 9034 93
Verdi V I & %V 1st g Os. _1926 M 5 9518 98
10112 105
Mobile & Ohio new gold 6s...1927 J D 10434 105 10434 July-22 ._ 9712 100
___
100
9978
May'22
51927 Q J
1st ext gold Os
-. __
1938 01 S 7418 ___ _ 75 July'22 ____ 6728 76
General go114
9412 97 , 8912 ‘19'22 — 8612 891 2
Montgomery Div 1st g 59_1947 F A
9234 July'22 --- 8734 9234
1927 J D 94 __
St Louis Div 5s
91
9034 ____ 90'4 July'22 —. 81
1931 J J
St L & Cairo guar g 4s
101
10112
July'22 ____ 97 10358
10012
0
Nashv Chatt & St L 1st 59.....1928 A
1923 J J 10018 ____ 10014 July'22 .--- 100 19014
Jasper Branch 1st g Os_
3938 July'22 ____ 21 18 45
Nat Rys of Mex pr lien 4343..1957 J .1-__ 3512 2912 Feb'22 ____ 2912 33
1977 A 0 -2812 43
Guaranteed general 4s
32
1920 J .1 •3958 .___ 3138 Mar'22 _-_ 28
Nat of Mex prior lien 4 kis
338
30
20
1:: 8
4; 7
2 --_
9,2
7'2
1951 A 0 --_- .__ 25 July
1st consol 43
5
80
79
1
84
4
833
Sale
N O& N N 1st ref & Imp 4 kis A '52 .1 J 84
4 78
793
79
J
J
_1953
1st
Term
4s___
Orleans
New
9938 10014 100 July'22 ---' 9512 10112
N 0 Texas & Mexico 1st 63_1925 J D
7214 49 62
72,4
1035 A 0 72 Sale 71%
Non-cum income 5s A
320 98 108
108
Sale 10714
108
N
M
1935
deb
cony
Os..
RR
N Y Cent
8 1797
42123
1671535
132
05:
57384 1798
:
5r:2z
8
07
978.577
10
1051s
Sale
105
S
1930 NI
10-year eon trust 7s
8512 8524 85
1998 F A
Consol 45 Series A
8734 373 8514 90
8718
Sale
8718
0
A
2013
"A"
Ref & impt 414*
2013 A 0 9712 Sale 1 96
Temp ref & impt 5s
1
I
N Y Central & Hudson River—
4)
76121 211 7412 8034
.I 77
.
7/2. -7_7_58
J 70
97 .i1 j
190
Mortgage 3 kis
Registered
91 14 23 84
12 91
9214
91
9114
N,
M
1934
45
gold
Debenture
1934 M NI --.. ____ 6612 June'211 ---- 6612 7474
airstrerl
Ryeeg
30.
90
1042 J J 8834 90 I 88 July'22 _— 83
debenture 4s
6 69,4 70
75% Sale I 75(4
7534
Lake Shore coll gold 3 kis 1998 F A
7412 7512 7378 July'22 _..-.-72
7474
191)8 F A
Registered
Mich Cent coll gold 3
2 July75272
5718
8'-4
_ a_i_e_ 74
- 7P
9% 8
75
1
7'
2
4178
5
998 F A
.is 1199
rretkst1us1
Registered
eae8ctlhe
89
5
58 ____:__ 6
9(4
0 July'22 __-.
88
.0
6
2_
0_ _6
(3_0
A to"22 ___. .
:
1
8_2
_9
8
_
8
8_0
1
0
J
j
8
6
3
9
9
19
::1
.
8
.
3
4s
gu
g
1
u
8
1
g
Beech Creek
1936 J J —. 8814 7612 July'21
Registered
9518 ... _ _ 104 May'16
1936 J J
2d guar gold 5s
6 ..i6_14_ _i(irs
2
2.
.
0
'
8
60 July
A 0 7134 76
kis...01951
Beech Cr Ext 1st g 3
8212 Mar'22
7878 83
1981 J D
Cart & Ad 1st gu g 4s
..
.
....._
07
.1
J
1935
5s
g
gu
1st
Ka A & 0 R
1997 .1 DI 791.9 8014 79
Lake Shore gold 3 kis
1997 J 0, 80 --__ 79 July'22 _— 7473 79is
Registered
9434
19 89'4 9512
1928 M S 9434 Sale 9318
Debenture gold 4t3
9312 304 8812 9313
9312 Sale 9314
1931 M N
25-year gold 4s
____ 5512 jiii,..21 ____ ___ ........
____
N
M
1931
Registered
yue June. A iJun July. a Lau
dept.
a Dug
Oct.
I
Option
Sale.
New York Bond Record—continued—Page 3
Ivo
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 4
,•`•2
Wice eek's
Range or
Last Sale
Pr
Friday
Aug. 4
.'
'2 .7; I
8 c% I
.
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
N Y Cent & II It RR (Con)—
Mob & Mal 1st gu g 4s__1991 M $ 84% 8512 8212 Jan'22 ---- ' 8212 821,
9778
Mahon C'l RR 1st 5s
1934 .1 J 988 --- 9778 June'22 ____ 96
Michigan Central as
1931 M S 9878 ____ 9018 Juue'21 -- -- -------.i13
0812 Nov'18 -- -- _ -7.1-4 -i
Registered
1931 Q M
1540'J J 8812 8912 8812 May'22 ---- 82
43
7414 dept'20 ---1940 J J
Registered
-s
6618 SA ar'20 ---- s8 -80
- -1951,M S -i77J L&S lst gold 3y5s
8158 July'22 ---- -7634
_--_- 8118
1942 M N
1st gold 33
,
28
22 8638 93
93
1929IA 0 9214 03 - 9134
20-year debenture 4s
-1986 F A 781s ---- 70% Apr'21.---NJ June RR guar 1st 4s
78% May'22 ---- 78% 78%
2000M N
N Y & Harlem g 35is
Dee'21I---& Northern 1st g 5s.A9271A 0 99 ____ 99
N
1 -ii1; "gi8312
8312
N Y & Pu 1st cons gu g 48.1998;A 0 825s 88
n 83
8114 ____ 7834 Apr'22
19411J J
Rutland 1st con g 4Sis_
7513 July 22 -- 68
7512
78
Og & L Charn 1st gu 4s g_ 1948 J J 75
kete21
---_
50
7018
Rut-Canada lstgli g 43_1949 .1 J
-84128913
St Lawr & Adis 1st g 58_1996 J .1 90 __-_ 8914 May'22
1996 A 0 972 ____ 103 Nov'18 ---- 169 109
2d gold 68
A pr'22 ---- 97
97
a1928 A 0 9814 --- 97
Pitts & L Erie 2d g 53
109 1
1
Pitts Mac & Y 1st gu 68_1932 J J 1104 111 14 109
9514 June'20
I_ _
j
9718
1934
guaranteed
J
Os
2d
85
7812
25
I
85
2361 .1 .11 8412 85
West Shorq 1st 4s guar
71 765 8212
8212'
2361 J .1 8214 Sale 32
Registered
---- --- 99,2 Feb'19
N Y C Lines eq tr 5s__ _1920-22 M
8712 June'201 ---0
-Equip trust 45•Ss_ _ _1920-1925 J J-------4 824 9014
90141
- Sale 90
N Y Chic & St L 1st g 45_ _1037 A 01
8612 8612
1937 A 0,
- 8612 June'22
Registered
8712
1931 m N 8718 8818 8712 July'22 ---- 80
Debenture 4s
90
86
71' 8112 92
898 8812
N Y Connect 1st gu 4 jir3 A_ _1953 F A
NY NH & Hartford—
63
6314
6314
2 45
1947 M S
Non-cony deben 45
56
53
53 July 22 ---- 44
1947 M S 50
Non-cony deben 3Es
5114
52
51
4 3814 5512
1954 A 0 50
Non-cony deben 3155
6 4(J12 6018
57141
1955 J J 5514 5972 567s
Non-cony deben 4s
60
59 1 11, 91
59
60
1956 M N 59
Non-cony deben 4s
5178 51% July'22 --ss
-' 3738 5318
1956 J J
Cony debenture 3
85
80
8112 1° 57
1948.1 J 80s Sale 5
Cony debenture 6s
Oct'17,---1630 F A
Cons Ry non-cony 43
1955
Non-cony deben 45
J 56% Sale 60 July'18 ---53 June'22 ---; I 3812 53
1956 J J
Non-Cony deben 4s
37
31
53 I
54 - 53
50
1957 M N
4% debentures
80
71)
9 i 71
79,8
Harlem R-Pr Cites 1st 4s 1954 M N 7918 83
July'22
73
73
59
!
____
7212
_1955
4s_
Air
1st
I.1ne
F
A
_
B& N Y
87 July'22 ---- ' 5114 8812
Cent New Eng 1st gu 48_ _ _1961 J J 6734 68
Housatonic fly cons g 55_1937 M N 87,8 ---- 80 lsec'211---Naugatuck RR 1st 4s
1954 M N
7F8 ------- 8837 j
lY
g:1
1 1 1 -----AUll
N Y Prov & Boston 431942 A 0 6
591,
5513 96 33
NY W'ches& B 1st Ser I 4Sis'46 J J 5434 E514 5412
93
1945 J J 89
New England cons 55
70 Sent'17
1945 J J 743 _ ._
Consol 4s
5012 July'22 ---- 26
56
Providence Scour deb 4s _1957 M N 5014 55
_ 88,
8 Feb'18
Providence Term 1st 4s_ _ _1956 M S 7634
. •67712 tia May'22 ---_
- 60
6b
1943 J J
W & Con East 1st 4 Sis_
____ 75
774
77,8 3‘ 69
N Y 0 & W ref 1st g 48_ _ _ _g1992 M S
_ 5912 Nov'2U
Registered $5,000 only ,.g1992 M 5
- 70
70 I
5 6.612 i(j
.
1953 J D 6812 70
General 43
1
68
6812
08 2 July'22 ---- 50
70
Norfolk Sou Ist & ref A 5s_ _ _1961 F A
98
88 May'22 --794 88%
_1991 M N 95
Norfolk & Sou 1st gold 55
8 1077
_1931 M N 16838 ____ 1064 Apr 22 ---,- 105,
Nonf & West gen gold 6s
:
2 109 109
109
Improvement & extg
1934 F A 1(1918 ____ 109
_ 104% Mar 22
19434 10,114
1932 A 0 10814
New River 1st gold
1 2
9:
i3i7182 .6
-ti
oll.84
oc9
1.3202 --8
? Sale
.
N St W By 1st cons g 48_ _ _1996 A 0 _92
9274
1996 A 0
Registered
____
8918
8814
00
48_1944
J
J
gen
g
Div'l 1st lien &
1_867
1
81)
80
0234 F
Aspbr:2,
1932 .1 I)
10 25 year cony 48
1932 M S
10-20 year cony 45
1E5
8
106
_
_
10012
July'22
---9212
631938 M S
10-25 year cony 45,
11712 196 1(1314 11 713
1329 M S 116:18 li.6% 113
10-year cony Os
8812
87 July'22 ---- 84
Pocah C & C joint 48_1941 .1 D 8712 90
Dec'211 -99
_
C C & T 1st guar gold 5s_ _1922 .1 J
9212 8918 July'221 -- -- 8314 S9'
91
Scio V & NE 1st gu g 48_1989 MN
Northern Pacific prior lien rail89121 68 84
90,2
891s
90
1997 Q J 89
way & land grant g 4s
-i 84 85,2
8a11!Jun6e'22
_ 02
5 —8
Registered
1997 Q .1
80 65
Sole
a2047 Q F 638
General lien gold 3s
62
60
62 June'22,
Registered
a204; Q F
109 1 1395 10514 110
2047 j j 10858 Sale 11/773
Ref & impt 68 ger B
9014
3 86
8918'
2047 J .1 88,2 894 88'2
Ref & imp 4 135 Ser A
8412 May'22.---- 7914 5412
St Paul-Duluth Div g 4s 1991! J D, 8614 88
103% July'22 -- -- 10338 109
1936
N P-Gt Nor joint 61ss
St P & N Is gen gold 6s_ _ 192:1 F A
-- 100,4 June'22 -- -- 10011 101
100 May'21i---Registered certificates 1923 Q A
_
18
06
0 June'222
9912 100
2
St Paul & Duluth 1st 58_1931 Q F io652
_
8234 86
1st consol gold 4s
1968 j D 8512
85,4
82
22
May
Wash Cent 1st gold 48_ _ _1948 Q
84
82,8 845
-8
4
Nor Pee Term Co 1st g 6s_ _ _1933 J J 10143s —. 10858 June'22 ---- 107 108,
34h133 77
84
Oregon-Wash 1st & ref 4s_ _ 1961 j .1 8212 Bare 82
837s
83
Pacific Coast Co 1st g 58
1, 75
1946 j D 8212 83
83
90
Apr'22 -- -- 90
Paducah & Ills 1st s f 4 Sss_ _1955 .1 .1 9138
- 90
7,514
85
Paris-Lyons-Nled 1511 95
su
278 76
1958
Pennsylvania RR 1st g 4s_ _ _1923 8,3 N
£1912
. 983 Juns'22 ---- 9034 19
Consol gold 4s
92 July'22 ---- 874 9218
95
1943
N 90
ooesol gold 48
9312
93s8
3 851t 93%
1941' M N 9312
Lou July'22
921 28103
Consol 4 Sis
1961 F A 1011
1965 j D 93 gale 9212
General 41ss
9314 16 11012 94
8 1003 lu138
General 5s
1961' J D 100,
10178 112 9312 10212
1930 A 0 lit) Sale 199
10b 12 11014
11014
10-year set-tired 73
1931 F A 1095 Sal, lu014
15-year soured 6 Sis
10934 114 103% 110
1942 as 5 92 Sale 9112
Alice Val gen guar g 49
01 12
80
9113
87
DR RR & Ildgelst gu 43 g_1936 F A 898
87 M as '22i --- 87
Pennsylvania Co—
Guar 3SO coil trust reg A 1937 m sl 82,4 --, - 814 July'22 ---- 81% 8134
5 7'4 14 83
831 2 83
83 I
Guar 310 coil trust Ser 11_1941 F A 82
83 July'22 ----,
J D 83
Guar 310 trust ells
63
82
D 8014 84
.
s 82 82
82
Guar 315s trust ctfs D____1944
92
84% 9212
92
Guar 15-25 year gold ls__1931 A 0 92
_
8513
I
8814
87 July'22 ---- 80
40-year guar 4s et fs Ser E_1952 M N
Cin Leb & Nor gu 4s g____1942 m N 854 --- 8678 May 22 • --- 8018 8678
8813 Dec 21
CI & Mar 1st gu g 41Ss_ _ _ _19:35 M N, 9378 _
91 Nov'21
Cl & P gen gu 4135 Ser A_ _1042 j J 98
---- -1942 A 0 98 _— 104
Dee'15
Series 11
904 Feb'12
Int reduced to 31Ss__ _1942 A 01 7712
9018 Doc'12
79%
11)48 M N
Series C 31,2s
Jan'21
1950 F AI 7934 --- 67
Series I) 310
---19411 J J 914 • --• 85
Erie & Pitts Cu g 3 Sis B
Apr'20
7914 M ay'19
1040J J 8134
Series C
Gr & I ex 1st gu g 410_ _1941 J J 9l34 93
904 July'22 ---- -86" 61-12
98
98
Pitts Y & Ash 1st cons 5s 1927 NI N
96 14 ---- 98 June'22
92% 94
Niay'22
Tol W V & 0 gu 4
94
_1931
J
J
9458
A_
Serles B 410
1933 J j 93% -- 82 Dee'20,---Series C 43
1942 NI S 83 ---. 77 Elept'211
PCC& St I. gii 4 1is A _1940 A 0 9538 --__ 9438 July'22
s
88% 9513
9512
9512
Series B 4 Sig guar
1942 A 0 958
Series C 4 sis guar
8 Apr'22 -- 894 91%
1942 NI N
9538 -- 91,
8414 914
Series D 4s guar
8918 __-- 8812 Apr'22
1945 NI N
Series E 3103 guar gold_ _1940 F A
91 I
3 89,3 91
91 ---. 91
92,8
84
Series F guar 95 gold_ _ _1953 J 0 91 14 -- 8914 June'22
Series
48 guar
80 May'211--1957 Isl N
91 14
2 -8913 -66 96
Series 1 cons suits 4 Vas_ _1963 F A
90
96
95
99
General 5,3 Series A
7 90
99'
9814 9878 9812
1970 J D
C St L& P 1st sons g 5s_ _ _1932 A 0 10014 --- - 100 May'22 -- 99 10018
8978 92
Phlia Belt & W 1st g 48_1943 M N
92 ---- 8978 June'22
U N J KR & Can gen 48_ _ _1944 M S-- 8012 Juue'21 --ss
Pere Marquette 1st Ser A 58._1956 J
-8i1-2 98
98 I
9734 s-male 97,2
1st Series 13 48
82
8178
u, 75
81% 843 8178
1956 -1 J
Philippine Ely 1s1 30-yr s f 4s 1927 J .1
41 18 59
52
52%
52
52%
Pitts Sh & LB Ist g 58
sou Mar'22 -- 952, 100
1940 A 0 9878
1st CODS01 gold 5s
1943 J J 98%
9714 Dee'17 ---1
-
-fig;; -664
NO Klee krlday: latest bid and asked [hie wook
BONDS
N. Y. STOCK EXCHANGE
Week ending Ang. 4
csus
ssi
631
Price
Friday
Aug. 4
Week's
Range or
Last Sale
It
Range
Since
Jan. 1
Bid
Ask Low
High No, Low High
Reading Co gen gold 4s
1997 .1 j 554 ---- 85
8612 146 80
8734
Registered
8312 July'22 --__ 82
1997 j j
8312
Jersey Central coil g 4s_ _ 195I A 0 -i
7c
5 8 g_634 8614 86 14 2 8112 88
St Jos & Grand tel 1st g 4s_ - -1947 J J
76
76 I
1 6578 79
St Louis & San Fran (Icons Co)—
Print lien Ser A 4s
734 -6i 88
1950 J j 7314 73% 73
7434
Prior lien Ser
le
58
8658
8758 81 82
1950 J j
8812
7)7
4
33 S
Fs_'a
ra_ile 9418
555s
1942 j j 198(:
95
17 93
9512
Prior lien Ser C 6s
10014, 52 945 10014
1928 J J 12_0_14 Sale 9912
Cum adjust Ser A 63
81
8178 196 71
81955 A o
824
Income Series A Cs
le
7138
7314 281 54
81960 Oct
7314
St Louis & San Fran gen 6s_ _1931 .1 j
10312 June'22
10114 1034
7
General gold 5s
99
_
_
_
_
98
.July'22
1931 J j
95
9912
St L & 5 F RR cons g 4s1996 .1 j
6714 uer2(11- Southw Div 1st g 5s_ __ _1947 A 0 89%
90
Feb.22
90
90
KC Ft S& M cons g 6s_ _ _1928 M N
10313
10334 12 101 104
K C Ft S & M Ry ref g 4s I936 A 0 18
°733
0:18
:;8
0-0
8034 191 7234 82
4-1.4 7914
K C & NI R & 13 1st gu 5s_ _1929 A 0 9212 _
92
Apr'22
8814 92
_
St I. S W let g 4s bond ctfs_.1989 m N
7912 7934 79
7934 14 7234 793
2d g 4s income bond ctfs_p1989 J J 68
70
78 July'22
6412 70
Consol gold 4s
77
78
1932 .1 D 77
78
67 8812 78
let terminal & unifying 5s_ _1952 J J 8
76
134 Sale 80,2
84
8134 12 71
S A & A Pass 1st gu g 4s
77
1943j J
7714
14 70
794
Seaboard Air Line g 4s
6012
604
1950 A 0
8018
1 50
84
Gold 4s stamped
5914
1950 A 0
60 1 20 48
61
Adjustment 59
28
°718
2S
ga
ltilee 28
0949 F A 5
2812 178 1312 30
Refunding 48
452 113 3118 46
1959 A 0 45 Sale 4412
lot & cons 6s Series A
1945 NI S 6412 Sale 63
6412 516 41
6412
Atl & Birrn 30-yr 1st g 4s_e1933 M S 6778 6814 6718 July'22
__ 5912 7513
Caro Cent 1st con g 4s_ _ _ _1949 J J 6818 7213 63
reb'221____ 63
83
Fla Cent & Pen 1st ext 68_ _1923 J .1 9714 9912 96
Jan'22 ___ 96
96
1st land grant eat g 5s...1930 J J 9014 _ _ _. 89
A or'22r - 89
89
Consol gold 5s
1943 J J 9018 ____ 90 July'22 ____ I 8212 90
Ga & Ala Ry 1st con 5s_ o1945 J .1 804 ____ 78 July'22 _.....- ; 71
78
8838
Ga Car & No 1st gu g 5s_ _ _1929 J J
_
s718 June'22 ___. 84
91
Seaboard & Roan 1st 5s_ ,1926 J .1 915 95
9158 July'22
8424 95
Southern Pacific Co—
Gold 48 (Cent Par coll)
k1949 J D 8814 893 873
8912 48 78
9412
20-year cony 4s
01929 M S 9213 Sale 9218
934 247
20-yeat cony 5s
10312 July
1934 J D ,'221
o _ 1_ 1,
__ 8
98
5
1,
1: 19
,
04
3
:
14
8
Cent Pac 1st ref gm g 4s_ _ _1949 F A
9014 Sale 89
Mort guar gold 3 Sig_ k1929 J D 9138
__ 91%
9258'
7 86
92%
Through St L 1st gu 4s_ _ 1954 A 0 8113 85
85,2
8512
5 784 874
GII&SAM&Plst5s 1931MN
9812 ____ 9812
9812
5 9414 98 1 3
2d exten 5s guar
1931 J .1 94% .___ 94%
9438
2 92
98
Gila V G & N 1st gu g 5s_ _1924 M N
J1113'22 ----, 97
99,2 9812
Hous E & W T 1st g 5s_
9658 ____ 94 12 May'22 --_' 94
1933 M N
94,2
1st guar 5s red
81
96,3
_
Mar'21
1933 M N
H St T C 1st g 5s Int gu
98
3% N,A,,,
p3r,:22
I 37J .1 98114
8
98
334 9
98
334
A &. N W Ist gu g 5s
1941J .1
No of Cal go.- g 5s
.01
1938 A 0 9858
Apr'22,
! 96 103,2
Ore .4, Cal 1st guar g 58_ _1927 J .1 997 10538 9978
MO 1 16 954 101
So Pee of Cal—Gu g 5s
__ 10312 July'22 ____ 1(1012 10312
1937 M N l024
_1937
So Pac Coast 1st gu 4s g
1937 J .1 898 ____ 9(1 Ms3'22
8812 9218
Tex & N 0 con gold 5s_ __ _1943 J J
9412 98
98,4 May'22
89
9614
So Pac RR 1st ref 4s
1955 J J 90
9058 377 83s8 92
908 8812
San Fran Terml let 4s_ _1950 A 0 84 Bale 8314
85
53 80
85
Southern-1st cons g 5s
1994 J .1 9734 9834 07
9712 96 8718 984
Registered
90
Apr'22 .
1994 J .1
88,4 90
Develop & gen 4s Ser A _1956 A 0 6912 Sale 6918
6934 219 6114 6914
Temporary 6 s•Ss
1956 A 0 10214 Sale 10214
10212 153 944 10234
Mob & Ohio coil tr g 4s_ _ _ _193g m s 7514 76
747
7512
5 6611 7512
Mom Div 1st g 4538-53, _ _ _1996 .1 J
9412 ____ 96 July'22 -- -_ 89
97
St Louis div 1st g 4s
771 1 ____ 8234
1951 J .1
8234
1 73
89
Ala Gt Sou let cons A 5s_ .1943 J D 9718 99
97 June'22 __.
6412 97
AU & Char) A I. 1st A 41.38_1944 J J
91 12 _
9214
9214
15 87
93%
18t 30-year 53 Ser B
1944 J .1 99
993-4 9914
9914
1 91 100
Ad & Danv 1st g 4s
7658 June'22
1948 J .1 7718 811
_ 72
78
2d 4s
1948 J J 6038 71% 66 June'22
80
8818
At] & Yad 1st g guar 4s_ _1949 A 0 7814 8078 7612 June'22 --__
---- 7534 82
E T Va & Ga Div g 5s
1930J .1 9912
9714 June'22 ---- 935 9712
Cons 1st gold 5s
98 ___ 9814 July '22
1956 NI N
... 93
9812
E Tenn roots lien g 5s
1938 M S 943 ____ 9512 July'22 ___ 93% 9514
Ga Midland 1st 3s
14
1946 A 0 6114 63
63
58
1
6114
81
Knoxv & Ohio 1st g 6s
,10113 101134 July'22 --__ 9878 10034
192r J .1 100,
Mob & Bit prior lien g 5s_ .1945 J
15%
'21
.1 921
Mortgage gold 44
1945.1 J
741
'8 May'22
Rich & Meek 1st g 5s
66
1948 M
7418 ____ 66 May'22 __-- 66
So Car & Oa 1st ext 53•38_1929 M N
N
99
9614 June 22 ____ 94
9734 99
Virginia Mid Ser E 53
9914
1926 M S 9912 ---- 9914
1 97
9914
Ge.leral 5s
975 ____ 98
193s M N
98
1 9512 98
Va A: So'w'n st gu .5s
9258 ____ 9312 July'22 -__11 80
2003 ./ J
97
1st csn8 50-year 5s
83
82
83
74
1958
W 0 & ‘4, 1st cy gu 48._ _1924 A 0 82 ____ 97 July'22
3 9412 97
F A
97
97
Spokane Internal 1st g 5s. _ _
_1955 J J
8218 ____ 7718 Mar'22 .... 7718 774
Term Assn of t L lot g 4 Sis_1939
9778 July'22 --__ 95
9778
A 0 9414 _
1st cons gold 5s
1944 F A 985 99,2 99 July'22 ____ 8838 9914
Gen refund s f g 4s
82
13 7612 8313
Sale 8112
82
1953
.1
J
St L Al Bridge Ter gu g
971
'8 July'22
4312 97%
53. MO A 0' 9718 108
Texas & Pa .st gold 5s
99
20 8712 8100
2000 .1 D 96 Sale 9478
2d gold income 51
ft0
telS22 .
50
.1 50
___
g2000
58
Mar
La Div 11 L 1st g 5s
794 90
90 _ _ 90 May'22
1931 J -1
W Min W & N W 1st
89
88
A pr'22 _
gu 59_193( F A
5212 88
79
Tot & Ohio Cent 1st tsti
97
91
9712 97 July'22
5s_ ._193r J .1: 97
Western Div 1st g 53
95
90
927e 1‘,1 my'22
193r A 0: 9438 97
General gold 5s
8912 8812 July'22 ____ 81% 8812
88
19:35J
D
Ran & NI 1st gu g 48
49 7512 83
80
i 8118 ____ 80
JA O
2d 20-year 59
.6..._ :9912'05
97
1 91
97 I
- 97
1927 J J 97
Tot St I. &W Pr lien g 3
84
9213
9212 91 July'22
9014
50 year gold 4s
12 58
7012
715
7014
1950 A 0 7(114 71
Coll trust 4s g Ser A
1514 June'21 --1917 F A
Trust co(Ms of deposit
3134
24
Fetr'29
315
8
-Tor Ham & Buff let g 4s_ _
1 7712 85
8318
_k1946 J D 8318 848 834
Ulster & Del 1st cons
92
_ 89
917 9412 91 12 July'22
1st refunding g 4s g 5s- --- 1928 J 13
July'22
658
65
_
8
657
1952 A 0 86% 68
Union Pacifle 1st g 4s
9512 301 88
9634
9512 9434
95
1947 J J
Registered
90
88
_
I 92% June'22
.
1947 J .1
20-year cony 4
96
9512
10 89
9512 95
92
1927 .1 J
1st & refunding 4s._ _
8914 61 8112 8914
8912 8812
g2008 NI 5 89
10-year perm secured10412 23 102 105
6s_ 1928 .1 .1 10414 10412 104
Ore RR & Nay con g 4s.__1946 .1
3 8314 8934
891
1 ----1 89,
4
Cite Short Line 1st g 6s__ .1922 F D 89 8
98 .0014
9971, Apr'22
A
1st consol g 5
5 9812 10512
10518
1047
s
Sale
8
1946s1 .1 .10i7Temporary 5s
19412 July'22
- - -1946
J
J
Guar refund 4s
9313 135 8812 9313
9278 Sale 9214
1929 J D
Utah & Nor gold 58
99 10012 9914 June'22 ___ 9618 9914
1926.1 J
1st extended 48
91% -___ 8612 Feb'2 ._. 8612 86
1933 J J
Vandalla cons g 4s Ser
Apr'22 --_ 7814 8812
85% -_-_ 88
A__1955 F A
Consol 4s Series B
- _ — .
7218 Jan'21
sr,5s
N
ClNI
19.57
Vera Cruz & P 1st gu
4714
43.1s. _ _1934 .1 J 3012 3812 3512 July'22 .... 26
Virginian 1st 5s Series A__ _ _1962 M N
97 I 144 8814 97%
9654 Aale 9534
Wabash 1st gold 5s
9 93% 1110
99%
9914
9914 100
M
1939
N
2(1 gold 5s
1 131 12 9012
9012
893 9114 9012
A
1st lien 50-yr g term 4s_ _ 1939 F
6712 July 22,- , 6712 6713
6818
Dot & Ch Ext 1st g 5s _ _1954 J .1 96 ---- 96 Nlay 22 ---- 91
9614
1941 J J
--- Des Moines Div 1st g 4s_ _ _1939 J
74
74
73% .., - 74 May'22
J
Om DIY 1st g 33.0
664 69- 6638 July'22 ____ 66% 66%
1941
0
A
'rot & Ch Div g 4s
_ 69
79%
7412 July'22
1941 M S 7478 80
Wash Term 1st gu 310
72% 81
81,
8 ---- 8012 July'22
1945 F A
1st 40-year guar 48
85
85
Feb'22 _ _
85
8812 _ - 8512
1945 F A
(-St ,laryla d 1st g 48
6714
66
I
584
49
6512
66
0
1952 A
est N Y & Pa 1st g 5s
98 July'22 __ __ 95 100
1937 J J 98 100
Gen gold 4s
78 Job '22 —_, 72,2 80,8
80
1948 A 0 78
Western Pee 1st Ser A 5s_ __ .1946 M S 86
8718 69 8418 8812
8812 85%
Wheeling & I. E 1st g 58
£97
712
)9
.
14
2 9
1926 A 0 9878 9912 97 July'22 . _.i tS32
Wheeling Div 1st gold 5s.1928 .1 J 92,
4 ---- I 93
Eaten & !mot gold 5s
92
92 June'22 ____ 89
935 • s 7
1930 F A
Refunding 41se Series A_ _ _1966 NI S 6812 087-8 68
6912 124 62
8934
RR 1st consol 4s
7614
10 62
7614
1949 M S 7512 7614 7434
a Due Jan. ()Due Feb. 0 Due June. tiDue July
--
t
Due Aug.
°Due Oct. pl)ue Nov. g Due Lee. S Option sale
New York Bond Record—Concluded—Page 4
632
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug.4
zg
1'41.3
Price
Friday
Aug. 4
Week's
Range or
Last Sale
,§41
Range
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week ending Aug. 4
Price
Friday
Aug. 4
Week's
Range or
Last Sale
10
Range
Since
Jan, 1
Ask Low
High No. Low High
jgj
A8k Low
High No. Low High
1 76
80
7934
1951 F Al 7818 8012 7934
N Y Dock 50-yr Ist.g 4s
77 80
8112 _-__ 8112July'22
Winston-Salem S B 1st 4s__ A960 J
3 94 101
Niagara Falls Power 1st 5s_ _1932 .1 J, 10018 Sale 10038 100381
82 —56; 7412 82
Wis Cent 50-yr 1st gen 4s__1949 J J 82 Sale 8112
3 10012 10434
10318 104 10334 104
0
A
a1932
3
6s
gen
1
&
Sale
Ref
291
79
4
793
7518
81
N
2
M
80
'36
45
Sup & Dul div & term 1st
9534 June'22,--. 95 9534
Niag Lock & 0 Pow 1st 55_ _1954 M N 9538
Street Railway
91121 20 8812 93
6472 Nor States Power 25-yr 5s A.1941 A 0 9112 Sale 91
31
Brooklyn Rapid Tran g 5s_ _ _1945 A 0 6218 64 60% July'22
2 90 99
95131
9512
9614
9512
A
F
_1943
_
_
55_
1st
F
N
59
Power
64
5538
3513
Ontario
5578
8
557
.1
J
1st refund cony gold 4s_ _ _ _2002
9112
--__ 79
July'22
9112
1
2
91
M
N
_1945
_
_
88
Ontario Transmission 5s_
8334 411 58
3-yr 7% secured notes_ __..k1921 J J 8214 Sale 8258
10114 21 9412 103
7s.1930 F A 101 Sale 101
10-yr
1st
T
87
Pan-Amer
8212
&
835
24,
P
82
8
5813
8214
____
deposit
of
Certificates
2
9413
9814
102
9814
53
9812
98
D
J
1931
Ss
f
s
4
011
,
7914
79
28
Pierce
so
79
Certfs of deposit stamped_
2 99 115%
1931'J D 102 Sale 10812 10812
11 75
Prod & Refining s 83
84
Bklyn Un El 1st g 4-5s_ _ _ _1950 -A. 8318 84 84
8514 49 73 8512
8434
Sale
85
0
A
55_1959
84
J
N
81
of
gen
Pub
8314
Corp
Sony
84
A
F
1956
Stamped guar 4-58
-- 10438 10413 49 98 10658
7513 7234
Sinclair Con 011 cony 7%s_ _1925 M N
74
64
Kings County E 1st g 4s_ _1949 F A 74
9934 132 98 10012
1937 M S 9918 Sale 9878
7512 73
2
0
114
11 5413 78
76
15-year 7s
1949 F A 74
78837182
Stamped guar 48
9538
9834 109 98 9984
Sale
9812
5312
0
5312
A
1925
5513
Oil
5112
5).s
Crude
6312
27
Sinclair
1
Nassau Elec guar gold 4s_ _1h51 J J
71 10514 10712
10658
106
Sale
10612
A
a1931 F
Standard 01103 Cal 73
79% 86 67 85
1927 F A 79 Sale 7812
Chicago Rys 1st 5s
N 9913 10014 100 July'21 ---- 9212 101
M
..1925
6s_
cony
1st
Cop
7612
-80%
Tennessee
J
June'22
1951.1
Conn Ry & L 1st & ref g 4%s
10314
40378
75
100 1043
10358
10314
A
F
1931
73
Tide Water 011 6%s
Apr'22
1951 .1 J 8034
Stamped guar 43-s
49 8
Union Tank Car equip 7s_ _ _ _1930 F A 10313 104 10212 10334 46 101$4 105
84
773
°54 877535
Det United 1st cops g 4)•as__ _1932 J J 8312 8378 8278
9834
_ 9634 June'22 --__ 95
_
951
J
J
1939
--58
56
f
s
58
Wat
Power
Wash
Jan
.
20
S
M
Ft Smith Lt & Tr 1st g 5s__ A936
3
6 89 93
9334.
8512
West Penn Power Ser A 5s_ _A946 M S 9338 93 4 9234
1957 F A 8518 Sale 8412
Hud & Manbat 55 ser A
103'g 10458
F A 104 10412 10938 July'22...... 1031s
c1996
Sale
64
-2126
7s
series
D
1st
6412
4
,
63
0
A
1957
5s
-66'614;
income
Adjust
79 93 100
100
9534 July'22
96
Wilson & Co 1st 25-yr s 6s_ _1941 A 0 100 Sale 9914
1932 F A
NY & Jersey 1st bs
36 84
957
93
4 10112 9234
1928 J D 99,
2 26
1
1234 1214
53 9934
13
10-year cony s 16s
Interbero Metrop coil 43s_1956 A 0 12
10434 48 9412 10712
Sale 104
10414
A
19311F
Salo
123
8
1238
7%s
1234
Temporary
771
383-1
55957773847;i
8
Certificates of deposit
85306
5
4
70,
Interboro Rap Tran 1st 5s_._1966 .1 J 6918 Sale 69
36
7838 7812 77
79
Manufacturing & Industrial
9
10-year 6s
9912 Sale 9914 10014 40 9914 10314
253
6797
9813 Sale 9534
97
Ajax Rubber 8s
1932
7s
2 81% 9812
9712
9712
O 9712 98
1. D
6 .A
28
Am Agric Chem 1st 53___ -_ _1193
68% 20
Manhat Ry(NY)cons g 4s_ A990 A 0 6814 88% 6612
F N
m
A 10413 Sale 10378 10934 54 100 105
07%
1st ref s f 7%s g
67% May'22
Stamped tax exempt
1990 A 0
93
81
89
8912
6
60
56
1
76'3
4
19
July'22
Am Cot Oil debenture 5s_ __ _1
20132 D
2d 4s
9434 69 8612 9434
84 80 June'22
Am.Sm & R 1st 30-yr 5s ser A 1947 A 0 9412 Sale 9234
Manila Elec Ry & Lt s f 5s_ A953 M S 78
10414 Sale 10212 10414 164 9712 10414
4
873
J
2
8712
45
Sale
87
1937
6s
Refining
Sugar
American
Market St Ry 1st cons 5s_ _ _ _1924 M S
24 80% 88
86
85
86
8478
10 9
4 93
93
Am Writ Papers f 7-6s
4860
4811:4
24 998°517
5-year 6% notes
1924 A 0 9314 93,
1 102 10978
j 104 105 10412 10412
9t A
Atlas Powder cony 7%s g__ _ _11936
Metropolitan Street Ry—
5 99% 10312
10312
10314
10314
72
72
6
72
N
M
71
1940
_
72
50
Baldw Loco Works 1st 5s_ _ _
B'way & 7th Av 1st c g 53_1943 J D
12
10178
101 103,
4
8
Sale
10178
1013
1712 25
20 July'22
Canada Gen Else Co 6s
Col & 9th Av 1st gu g 5s_1992 M S 1912 22
88
7 76
84
84 Sale 8314
39 50
Cent Foundry Ist s f 6s
Lex Av & P F 1st gu g 5s_ _1993 M S 4134 47,2 4314 June'22
9914
9314
37
9734
9712
9712
9758
0A
0
A
21 F
345
9714 July'22
992
9714 97,4 Cent Leather 20-year g 5s_ __ _19
3.111w Elec Ry & Lt cons g 58_1926 F A 9714
1 95
9914
99
1931 M N 99 ___ _ 9914
7914 8812 Corn Prod Refg s 1 g 5s
4 ---- 86 July'22
Refunding & exten 4s__ _1931 .1 J 86,
10114 ---- 10114 July'22 - - 96 101%
90
8818 8712
1st 25-year s 1 5s
4 10 83
88,
Montreal Tram 1st & ref 5s_ _1941 J
165 60 9012
9012
Sale
4
9014
883
50 reb.21
MN
4i
J
Cuba Cane Sugar cony 7s_ _ _11930
New On Ry & Lt gen 4%s_ _1935 .3 J 6112
9314 214 5913 93,4
9178 Sale 8878
Cony deben stamped 8%
N Y NIunic Ry 1st s f 5s A_1966 J J 63 --- 34 Dec'21
10712 66 10112 10712
3838
3812 11 2512 4412 Cuban Am Sugar 1st coil 8s__1931 M S 10634 Sale 106
N Y Rys 1st R E & ref 4s_ _ _1942 J J 37a8 39
8 107 11012
108
10712
44
33 24
3613 3712 36,2
38
Diamond Match s f deb 7s 1938 M N, 10734 108
Certificates of deposit
5313
7 33
45
11
24 512 15
10,
8
11
Distill Sec Cor cony 1st g 5s_1927 A 01 45 Salo 45
30-year adj Inc 5s
a1942 A 0 10
8712 90
-June'22
904
90
95
812 878 878 July'22 ---434 1312 E I du Pont Powder 4%s_
1936.3 D
Certificates of deposit
10712 Sale 10712 10734 64 10318 10812
7218
1
6112
Sale
du
69
69
M
69
Pont
'31
N!
de
&
7%s
Co
Nemours
N Y State Rys 1st cons 43-0_1962 M N
34 9978 10812
10612 Sale 10534 107
9512 95
951,
5 95 9712 Fisk Rubber 1st s f 8s
Nor Ohio Trac & Light 6s_ _ _1997 M S 95
9934 73 95 102%
88
8612 July'22 - - 81 88
Frametlc Ind & Dev 20-yr 7%1
89
1i
42
'4
N1 S
JI 96 Sale 96
Portland Ry 1st & ref 5s_ _ _ _1930 M N 83
--•
9313 97
97
Apr'22
100
Sale
Di
.1
86
_1936
8612
86
87
General
65_
25-yr
1st
Baking
6 78'2.92
Portland Ry Lt & P 1st ref 5s 1942 F A
5 7034 81
81
8034 Sale 79%
3 102 JOS_
Gen Electric deb g 33s
1st & refund 7348 Ser A__ _1946 M N 103 10312 10312 10334
101 10158 10112 10178 14 95 102
8812 16612
Debenture 5s
Portland Gen Elec 1st 5s_ _1935 J J 8834 ___ I 8812 June'22
10 103 109
9450
94
9
1 NI
22
30 5618 68
MF N
F
64
AS'
A
20-year deb 6s
! 10712 10812 10712 109
1960.3 J 64 Sale 6378
Third Ave 1st ref 48
11612 Sale 116
110 11014 117
117
349 4412 65
4
65
Tlfrd
eedrb R
Goodyear s
gu0bslstFseb
f 8s111
Adjincome 5s
a1960 A 0 64 6413 613
10134 165 9734 1034
54
101
Sale
101
9434
--99
4
-1
943
96
88
11
1937J
J
Third Ave Ry 1st g 5s
8012 18 7212 82
10 96 100,
4 let Agric Corp 1st 20-yr 5s_
100
A I 80 8038 80
N
Trl City Ry & Lt 1st s f 5s_ _ _1923 A 0 100 10014 100
10812 11 102 11634
Internet Cement cony 8s_ __1926 J D, 108 10812 108
Undergr of London 4%s_ _ _ _ 1933.3 J 8513 ---- 73 Jan'22 ---- 73 73
8812
12 10 86
871142
10486
ee
aail
6712
Sale
sSales
____
64
87
108860865511422
6418
II
Aj
.
5s
June'22
1948hJ
t,
-I
7
60
42
90
944
1
International
Paper
---J
Income 65
42 8314 88
87
1st & ref 5s B
1 75 8812
United Rye Inv 58 Pitts issue 1926 M N 8634 8714 87
778 26 102 108
85
10
6058 6112 6112
63
Kayser dr Co 7s
7 5112 63
1934 J
United Rys St L 1st g 4s
37 10178 110
110
10812
58 May'22
Kelly-Springfield Tire 8s
58
58
1931 1W N1
St Louis Transit gu 5s_ _ _ _1929 AO 57 59
97 July'22 --- 97 9814
2 72 8012 Kinney Co 7%s
8012
1938 J 1:1,' 9618 97
Va Ry Pow 1st & ref 5s
1934 J J 80 8012 80
8 112 11612
11634
Liggett & Myers Tobac 7s_ _ _1944 A o: 11812 11634 116
Gas and Electric Light
36 91% 99
993
99
96
9818
131 8978 96.
96
2951 F AI 100 102
,
5
Bklyn Edison Inc gen 5s A 1940 J J 95
18
558
11612 21 112 11612
12
::11514
1944 A iri 19
10212 12 100 103.2 Lorillard Co (P) 7s
General 6s series B
1930 .1 J 10214 10212 102
10 921s 9978
9978
9918
105 10578 105
2 102 10712
105
5s
1951 F A 9978
General 78 series C
1930
988 9r1 9718 100%
9818
1942 A 0
1940 J D 10714 Sale 10634 10734 32 1061. 10878 Manati Sugar 7)4s
General 78 series D
32 -,i..- 9834 July'22 ---- 9212 97
99
Nut Enam dr Stampg 1st 5s. _1929 J D 96
3 8712 99
Bklyn Un Gas 1st cons g 5s_ _1995 M N 96 100 9658
9754 9734
21, 92 981
4 Nat Starch 20-year deb 5s_ _ _10
/
J
J N
8
2 51
30
95
Mein Gas & Elec 1st & ref 5s 1956 A 0 97
512
90
9458 10
2 95
7
99212 10
90
9618
5
5 19
90
0
10
05
71 8814 97
1927.3 J 94 96
National Tube 1st 58
Columbia G & E 1st 58
9812
1 B.
11
8 14 97 1014
1011;1 1134 "112
97
D 10
1V1 N
9 88
2181 J
19272 J
N Y Air Brake 1st cony 6s__ _ 193
Stamped
4
1828
1731
74
8
0
104900
111
4
0
894
8
10712
9890
9
3
2.5
2
..
Sale
10714
1
co
10712
A
Packard Motor Car 10-yr 85_ _1931
1932 J .1
Columbus Gas 1st gold 5s
75 SePt'21
121
240 103 iig
1931 M N ---- ---- 10312 103,2
1925 Q F 11089002453384
Porto Rican Am Tob 8s
Consol Gas 5-yr cony 75
9613 12412
961'
Sale 100
8 20 93 10038 Sharon Steel Hoop 1st Ss ser A1941 M s 9878 Sale 98
1093
9834
Detroit City Gas gold 5s_ _ _ _1923 J J
,
4 Sale 100
9814
9 93 9973 South Porto Rico Sugar 78_10
N 100
51 D
1 .1
9838
30
94
Detroit Edison 1st coll tr 5s_1933 .1 J 9838 99
101
21. 61914 97
9414
838
4211169535 :992773::
96
Standard Milling 1st 53
1st & ref 5s ser A
k1940 M S
;900:52
9
3
10
S8.
10
3
1813
e4 1
1
3
12 19
738
2
07
00
9
10
1023
12
104
4
28
J
9912
s
gen
7s
&
f
104
Tube
Steel
C_1951jJ
B
ger
S
series
M
6s
k1940
1st & ref
Sale
Tobacco Products s 1 7s
Duquesne Lt 1st & coil 6s_ _ _1949 J J 10338 Sale 10218
10314 56 100 104
70 ___- 10934 June'22
2
0592
7 10434 10734 Union Bag & Paper 1st 5s_ _ _1930 J 2 10
10712
1936 J J 10634 107 1106
Debenture 7%s
35 104 112
4 United Drug cony 8s
9858 16 98 98,
Empire Gas & Fuel 7%s_ _ 1937 M N 9812 Sale 9858
1 7714 92
111 DJ
9178 8512
8512
U S Realty & I cony deb g 50_111
1952 F A 91
Havana Elec consol g 5s
3
1r14
4 10012 10412
Sale
9
1(
2
)
89
-1
89
D
J
90
_1923
90
3
5
10725g
7s.._
-year
_
sec
Rubber
8512
N
S
U
M
g
1st
1949
58
Hudson Co Gas
91
170, 86
91
- 955g June'22
9112 98
1947i J 9034 Sale 9012
lit & ref 5s series A
1937 A 0 9734
Kings Co El L & P g 53
10812 15' 104 10934
1930 F A 10714 10814 107
10-year 7%s
10613 11112
110
1997 A 0 10912 11112 110
Purchase money 6s
9'
9512
101
1035
8
Sale
101
10514
---A
10514
107
M
&
_1926,F
cony
101,2
fls_
Ref
Smelt
S
Apr'22 -- 98
US
1925 M
Convertible deb 65
61I 93 10112
8118 8312 Va-Caro Chem 1st 15-yr 5s_ _1923,J D 10018 10014 10018
8 ----I 8314 May'22 _
10018
Ed El III Bkn 1st con g 48_1939 i J 855
102
9134 Sale 91
IN 102 100
92
100
0
0
A
5
9134
deb
9314
A
Cony
86
17
6se1924
1934
&
5s
ref
ext
L
St
of
Lac Gas L
99
162 98 997s
N 98% Sale 9778
7J D
9212 12 8712 93
32m
94
7s
210
1927,M N 9213 9278 9213
Milwaukee Gas L 1st 4s
10558 Sale 105
Sale 10912 112
10558 64 WI 10559
75 10534 112
12-year s f 734,s
N Y Edison 1st & ref 6%s A_19411A 0 11113
9912 Sale 9812
10334 Sale 10314
37 9912 104
5
9913
104
7s
4
,
Sugar
99
D
Warner
1948J
925g
NYGEL&Pg 59
83 1
6 76 8312 West Electric 1st 5s_ _ __Dec 1922
41 j
D 100 10018 10018 10014 13 99 10012
JJ
1949 F A 8212 Sale i 8134
Purchase money g 4s
10734 Sale 10758 108% 35 105 10818
10058
---101%
M
&
7s
E
10158
10113
10
10012
Westinghouse
J
J
_1995
_
5s_
g
cons
1st
Ed Elec III
9978 100 July'22 ---. 97 101%
9213 194 90 93
Wickwire Spen Steel 1st 7s.. _119
1%1 N 99
11—_
35
93
1937 MN 9214 Sale 9113
No Amer Edison 6s
Coal. Iron and Steel
Pacific G & E Co—Cal G & E—
9514
Sale
9912 :6 9518 100
9913
99
1st
s
9814
9
97
ext
9
f
1
55
Steel
81
2
965
93
1926.3
Beth
MN
_1937
_
Corp unifying & ref 5s_ _
9612 29 8912 100
9078 Sale 908
91141 33 87 9214
1st & ref 5s guar A
1942 M N
Pacific G dr. El gen & ref 53__ _1942 J J 90 9012 90
9484
17 86
92
Imps f 58
9112
&
90
Sale
m
p
94
8734
92
6
J
20-yr
J
1938
FA
'30
58
20-yr
ref
&
1st
Lt
&
Pow
Pac
153 98 100
Sale
105
4
6
9
8
9
6
83
104
100
5
9
105
A
A
6s
105
July'22
_
1948,F
10114
A0
Peop Gas & C 1st cons g 68_ _1943
1
2
2
:
r
pg
9014 91 908
8 tu
70
10
91 I
2 85 92
Buff & Sum Iron s f 5s
I932,J D
1947 M
Refunding gold 58
i66"
2 7::
014
051
9514 9513 95
Debenture 53
alga M S 18
89 95
Ch G L & Coke 1st gu g 5s-1937 J J 9014 96 92 May'22
9112
May'22-- 92 92
Colo F & 1 Co gen s f 5s
1943 F A 89 -___ 91 July'22 --__ 82 7912
Con G Co of Ch 1st gu g 5s_1936 J J 8758 ---- 7813
71
8
24
78
78
_1934 F A 77 4 78
-- 7813 7812 Col Indus 1st & coil 5s gu
Mu Fuel Gas 1st cu g 5s--1947 M N 9914 Sale 9834 June'22
9012
90 86
9914
9012
8812
Md
of
1st
D
4
/
01
9
dr
Coal
Sale
J
34
ref
9612
9914
Cons
53_1950
FA
1944
1 9612 10214
Philadelphia Co 6s A
9778
904 9514
95
19251J D • 97 -___ 9778
9212 9612 Elk Horn Coal cony 65
Stand Gas & El cony s f 6s_.1926 J o 92 ---- 91 June'22
33 8653 98
13 92
43s
July'22
4
3
deb
9113
90
Steel
91
Illinois
0
92
A
1940
85
1)
.1
...1951
5s_
g
Syracuse Lighting 1st
5s
10013 34 9614 10112
Indiana Steel 1st1952
,M N 10013 Sale 100
1949•S 86 ---- 73 June'21
Trenton G & El 1st g 58
22 9334 10014
100
9213 ---- 9314
9013 -9414 Lackawanna Steel 1st g 53_ 19231A o 100 10018 100
92%
Union Elec Lt & P 1st g 5s... A932 M 5 97 9714 9658 May'22
17 82
12 90
90
97
8914
A
5s
series
89
cons
s
M
1st
19
4
,
98
9314
1950
J
J
_A936
United Fuel Gas 1st s f 6s_
-- 90 94
June'22
Sale
9238,._
94
f
s
9034
9014
4%3
Nav
j
A_
&
C
J
..
91
_1954
28 8712 9334 Lehigh
1944 FA
Utah Power & Lt 1st 5s
43
4
,
83
92
8934
Midvale Steel &0 cony s f 58_1936 M S 8912 Sale 89
8434 91
1957 J J 9034 ---- 91 June'22
Utica Gas & Elec ref 55
1941 F A 9912 Sale 9912 10012 50 9812 103
Otis Steel Ss
Miscellaneous
92
89
--July'22
7
8738
90
s
1st
80
Colliers
1 53_1957 J .2
80
8012
8012 Pocah Con
5 75
S 8014
Adams Express coil tr g 4s_ _1948
19 90 97
93
10
9 July'22
0-yr 55 s f_ _ 1940 A 0 90
9234 9212
_
1212 Repub I & S 10-30
9
Alaska Gold M deb 6s A_...1925 M S
8778
78
6
812 6
1 6
6
L Rock Mt & P 58 stmpd_ _1955 J .1 82 8514 82 July'22 ----1 9613
10%
1926,M S
Cony deb 65 series B
100
100
8012 8012
81
18 70 8234 Tenn Coal I & RR gen 55_ _ _ _1951 J .2 100 10014 100
19341A 0 8(1
Am Wat Wks & Elec 5s
151 9912 10914
12 Sale 90
10318 104
N
,
M
103
4
Sale
Corpjcoup
90
51963
Steel
903
4
94
US
40
8612
D
19391J
5 99 102%
Armour & Co 1st real est 4%s
10278 1027s
51963 MN
3814 39 3812
3912
s f 10-60-yr 5slreg
2312 5012
Atlantic Fruit cony deb 7s A_1934IJ D 10338 Sale 1033s 10312 36
9254
8 9212 July'22 --- 87
55 102% 105
Va Iron Coal & Coke 1st g 5s_1949 M S -ii- ii71931 M S
Atlantic Refg deb 6 Ms
5
5
and
Telegraph
Telephone
99
12
8
997
99
99
93
10018
12
A
Braden Cop M coil tr s 1 6s_ _1931 F
92
8814
106
.1
92
J
8518
_1929
92
coil
Sale
9134
827
tr
8
Teleg
43_
July'22
7714 8518 Am Telep &
1952 A 0 84
Bush Terminal 1st 4s
3 8014 8834
8634
90 8878
8634
Convertible 4s
89
4 8214 9214
19552 J 89
Consol 5s
6 9534 103
101
fIN 4
19
1 g gr4 1g7134 101
9212 Sale 92
93
15 8614 93
20-year cony 4%s
Building 5s guar tax ex_ _ _ _1960 A 0
9912 57 9112 9912
1946 J D 9918 Sale 9812
122 Sale 119
12012 112 110 12414
30-year temp coil tr 5s_
.1
J
1931
Ss
Cop
Cerro de Pasco
1151 145 108 1181
4
/
1925 F A 115 Sale 115
92 9012
91
92
8 8712 93
7-year convertible 6s
Chic Un Sta'n 1st gu 4%s A_ _1963 J J 11512 ---- 11512 11512
1 11158 11812 Bell Teleph of Pa s 178 A _ _ _ _1945 A 0 108 Sale 10758 10814 54 107 112
1963 J
1st Ser C 63-s (ctfe)
2 9718 100
100
Sale 105
Tel 1st 30-year 58_ _1943 J D 9912 9958 100
Dist
10512
105%
Cent
10712
99
50
N
M
_1923
7s_
76
Chile Copper 10-yr cony
75
261 72
Commercial Cable 1st g 4s_ 2397 Q .i 7412 7012 7412
9228 Sale 9214
9278 250 84
93
Coll tr & cony 6s ser A___ _1932 A 0 98
9414 10, 8818 9414
97 96%
9712 21
9713 Cumb T & T 1st & gen 58_ _ _ _1937 J .1 9414 9438 9334
Computing-Tab-flee s f 6s_ _ ..1941 J J 8558 90 86 July'22 ____ 89
9914 10; 9434 9914
F A 9914 Sale 9814
_1924
_
58_
1st
Teleph
State
90
Nlich
87
N
M
Granby Cons M 5&P con 6s A '28
9512 59, 8814 9512
3
N Y Telep 1st & gen s 1 4%8_1939 M N 95 Sale 9412
87 99
1928,M N 87 4 94 94 June'22
Stamped
25110134 108
9914 99
9912
30-year deben 13 f 6s_ _ _Feb 1949 F A 107 Bale 10658 107
86 102
1925 M N 98
Cony deben 8s
106
Sale
0
A
1
79 10138 10614
_1941
6s_
gold
3
refunding
10614
4
105
98
98%
-year
981
I
2---20
8
985
9413
sale
108
Great Falls Power 1st s f 5s_ _1940 M N 8814 8838 88
A
10512 10834
F
1101
A.1941
108
1071.
78
1st
T
Bell
89
38 88 9414 Northwest'n
Holland-American Line 6s.._ _1947 M N 97 Sale 9614
51 9138 9838
1937 J J 9759 9838 9718
9834
97
61 89
9912 Pacific Tel & Tel 1st 58
Inter Mercan Marine s f 6s_ _1941 A 0 9814 Sale 9513
SIN
91 95
9212
84,
1952
Sale
9214
8
925
98
10
.
5
90 981%
1931 M S
9818 10 93 981s
Invincible 01188
119
1 8434 126
119 120 119
South Bell Tel & T 1st s f 58_1941 .1 J 9818 9812 98
Marland 011s f 8s with war'ts 193I1 A 0 10534 106 105% 106
J 98 9834 98
71 9034 100
.1938.3
5s_
8
cur
987
tr
coil
Union
15
Western
10712
99
N
9314 93
Mexican Petroleum s f 8s_ _ 1936 M
6 8812 943s
9314
971
36 93 99
Fund dc real estate g 4%s_ _1950 114 N 93
97 9712 97
Montana Power 1st 5s A_ _ 19431J J 86
, A 11053 Bale 10934 11012 36 1012 11012
1936 I
87 887s
8678 ____ 78
15-year 61.s g
8734
1939J .1
Morris & CO 1111t s f 4%s
aDue Jan. dDue April. cDue Mar. sDue May. gDue June. TiDue July. kDue Aug. oDue Oct. /Due Dec. a Option sale.
•No price Fridays istea2 bid and asked.
f119321 Fp4
633
BOSTON STOCK EXCHANGE—Stock Record seVnrtspage
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT
Saturday,
Judy 29.
14612 147
14612 147
83
8312 8312 8312
*98
99
99 100
117 117 *117 11812
104 104
104 104
2612 2718 *2612 2718
*31
34
34
*31
*39
3914 *3914 40
56
57
56
*56
51
*50
*5014 51
71
*7(3
71
71
*163
_ _ _ _ *163
24,
4 25,
4 2512 2658
71,
4 71,
4 7134 72
55,
4 56
5612 5612
44
42
42
38
*41
45
43
43
3112 3112
_
*91
96
;;51- -66
9112 92
92
*42
46
43
43
_
*312
324
*1812
12214
*11214
*85
*1512
*18
18,
4
12238
113
____
1712
19
2'uesday,
Aug. 1.
Monday,
July 31.
147 147
147 147
8312 84
8312 84
99 100
99 100
11612 117 *117 11812
103 103
104 101
27
27
2712
27
31
*31
*31
31
3912 3912 3912 3912
58
56
51
51
;86f4
71
71
*163
2514 -1614 2112 -2-5-71
*7012 72
5112 5612
5612 57
40
40
40
42
*4118 45
42
41
3058 3118
3114 32
*77
*77
-94'
96
-9-6-*95
.04 .01
*312 334
*1812 - - - 8
122 122,
113 113
*85
____
*1512 3712
*18 '19
—146
24
*312
334
70
*45
178
*1214
35
25
25
2512
414
4
4
9
8
912
70
70
7018
46
46
46
17912 180 18112
13
1258 1258
35
36
36
1112 1112
*1112 12
20
19
20
*19
*4818 4914
*4812 50
32
3214 3112 3112
+__-_ 30
-33- *60
63
4
4
*3
*3
*912 15
*912 15
1
*.75
1
*.75
712 8
*7148
10
10
*9
10
7712 79
79
79
69
6814 6814 68
*150 15212 151 15112
*2212 2312 2212 2212
29
29
2914
29
80,
4 81
80
+79
8
8
753 812
*I
2
1 12 112
11712 11712 117 11712
*7
8
8
*7
*1818 1812 19
19
*157
____ 165 165
____
*15
*31
. 4
10158 10134
*4112 42
*11
12
3912 3912
*2614 2634
30
3084
+291. 30
1012
*10
3712 3712
12
12
321. 321.
*36
37
*40
45
*16
1612
*312 4
10134 102
4178 4178
*11
1112
39
40
*2618 2634
3014 3012
2912 29'2
1038 1012
38
38
12
12
3214 3214
36
26
*10
42
*1614 1634
--- -
+.60 .75 *.60 .75
63
63
*62
63
*.20 .50
.20 .20
*25
26
*25
26
3,
4 3,
4
*918 912 *918 912
*1412 15
1412 1112
275 282
275 275
1012 1012 1012 1012
*912 10
*9
10
*4312 4112 43
4414
*7
712
712 7,
4
*10,
4 1114
*1012 11
2,
8 238
*218 27s
*212 3
*212 3
114
*118
112 *118
104 10412 10314 10412
*9312 95
*9312 95
*2312 21
25
*24
3,
4 3,
4
378 37s
4
*214
2
,
4 *214 2,
*4,
8 458
412 5
*1,
4 278 *112, 134
*1,
4 2,4
*134 214
3,4 5
314
*314 312
*41,
*412 5
112
*1,
8
158
1,
4,
*6012 6112 61
61
1914 1912
.15
*34
37
*75
7712
*538 578
4
*1214 12,
*258 3
2514 2514
*34
35
*1312 4112
*15
17
+.85 .99
..85
118
*418 412
114
114
2'A 218
..66 .7()
*258 278
*278 318
*14
1
118
*112 2
*112 124
*1 1 12 1212
19
*34
*75
512
1214
*258
2512
35
*4312
*45
*.85
*.85
*418
*14
2
.70
258
2,4
*138',
*112
112
Wednesday, Thursday,
Aug. 3.
Aug. 2.
92
*42
98
92
47
98
314 314
18,
4 18,
4
12218 12238
11214 113
*85
*3512 1712
*17
18
.49 .75
*.30 .45
90
*42
92
45
- -314 -/18
20
20
122 122,
8
113 113
*86
__
*1512 1712
1714 1712
---*.30 .40
;2
.i11
*31::
8
70
46
180,
4
12,
4
36
*1112
19
4318
3112
Friday,
Aug. 4.
.60 .60
6312 631',
*.20 .50
*25
26
*313 334
*918 912
*1414 1134
233 285
10
10
914 9,4
43
44
712 738
1012 1031
*214 238
*212 3
*118
112
10134 10312
*9312 95
*21
25
378 37s
*214 214
*412 414
*134
178
178 2
314 314
*412 5
278 278
6012 6112
1934 1912 1958 1918 1912
.15
.15
.15
*34
37
37
*31
37
7712 *75
7712
7712 *75
534
512 534 *512 534
1214 1214
8 12,
1212 12,
8
3
3
3
3
3
251. *2512 26
2512 2512
36
36
36
35
35
4312 4312 4312
43
45
46
46
*45
47
47
.95 *.85 .95
.85 .85
118 *.35
118
jIg *.85
412 *118 412 *418 41.
138
138
138
114
1 14
2
218
217(4 213
214
.70 .70
.70
.78 .78
258 *258, 278
*258 27.8
278
278
*2,4
3
314
14
1 ; 138'.
1384 1 if.
118
*112 2
*112 2
2
112 *114
11.
112 *111
1 112
11
*111. 1212
°Bid and asked prices. no sales on this day.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Shares
100
137 Boston at Albany
145 14512
14612 147
100
160 Boston Elevated
8312 8378
81
84
pref
Co
100
48
99
99
*99 100
Do 1st prof
100
20
119 119
118 118
Do 2d pref
100
46
103 104
103 103
100
385 Boston & Maine
8 2612 2618 2634
26,
Do pref
100
Last Sale 30 July'22
Do
Series
A
1st
pref_
_
_100
68
39
39
Do Series B 1st prof_ _.i00
77
8512
*54
5812 *54
Do Series C 1st pref_ _ _100
80
5014 5014
Do Series D 1st pref_ _ _100
9
*69
__
*69
-Boston & Providence
100
Last Sale 163 July'22
1,524 East Mass Street Ry Co 100
25
24
21
24
Do 1st pref
100
125
70
70
*69
70
Do pref B
100
425
55,
4 55,
4
56
56
Do
adjustment
545
100
39
38
40
*39
100
100 Maine Central
*4118 -- *4118
100
965 NYNH& Hartford
3112
3138 31,
8 31
Northern New Hampshire _100
Last Sale 96 July'22'
40 Norwich & Worcester prof..100
*95,
4 97
*95,
4 97
100
104 Old Colony
4 90
89,
90
89
4 Rutland pref
100
*42,
8 45
*42,
8 45
21 Vermont & Massachusetts _100
9914
98
Miscellaneous
300 Amer 011 Engineering
10
25
1,385 Amer Pneumatic Service
3,
4 4
-314 -334
Do pref
50
398
1912 1912
1934 20
1212
3 12
12
412 3,539 Amer Telephone & Teleg_ _100
12218 12238 12
407 Amoskeag Mfg,
No par
113 11312
Do pref
No par
Last Sale 8778 July'22
10 Art Metal Construe Inc_ _ _ 10
15
15
No par
20 Atlas Tack Corp
*16,
4 18
*16,
4 18
10
225 Beacon Chocolate
Boston Mex Pet Trus_ _No par
Last Sale .30 July'22
Century Steel of Amer Inc.. 10
Last Sale .15 July'22
10
570 Connor (John T)
25
25
10
200 East Boston Land
*312 4,4
*312 414
5
805 Eastern Manufacturing_
8
7
,
4 8
25
70
635 Eastern SS Lines Inc
70
7014 70
pref
Do
50
70
4578
*45
4578 *15
100
179 180
377 Edison Electric Illum
179 180
No par
1212 1212
710 Elder Corporation
1212 13
258 Galveston-Houston Elea_ _100
4 36
36
35,
36
2,,
2514 25
414
*334 414
8
*7
,
4 9
70
7012 70
46
4578 4578
181
178,
4 179
*1212 13
13
36
*3512 36
1114 1114 -___
11
11,
12
4
*19 • 20
1912 --191;
20
20
19
4812 4912
48
48
4812 *4812 50
32
32
32
32
*31
3112 32
Last Sale 30 July'22
2 *:36
6213 -(f2-1621.1 *60 621 *60 6212
*3 4
Last Sale 314 July'22
*3
4
Last Sale 912 July'22
*912 15
*912 15
1
*.95
.75 .75
*.80
1
*.80
1
8
8
712 8
778 8
778 77s
911
9
10
912 10
10
*914 10
79
79
7812 787:3 7734 79
7712 771
*6712 70
69
6912 6812 69
70
69
152 153
15112 15138 152 152
151 152
2212 2212 *22
23
2214 22,
1
*2112 22
29
2912
29
29
29
2914 2914 29
81
81
Si
80
80
*79
8
818
818 818
8
8
8
8
112
112
112
112
112 2
_11712 11712 117 11712 11712 11712 11712 1-1-7-12
Last Sale 1238 May'22
734
*7
*7
8
1912 20
1912 1958 1912 1958 1914 1914
162 162
165 165
165 165 *163 165
15
15
15
1514 1512
15
15
15
*312 4
*312 412 *312 412
*312 4
10112 1017s 10112 10134
10112 102
10112 102
42
1153 41,
42
4312 4312 41
4 42
Last Sale 11 July'22
1112
*11
1112 *11
3914
3834
3934 39
39
3978
3912 40
2614
2618 2612 2618 2612 2612 2612 26
3018 2914 30,4
3014 3012 30
3018 31
2912 2912 2912 30
*2912 30
*2912 30
10
1012
1014 1014
10
10
1014
10
38
3812 3712 33
3712 371:: 38
38
1112 12
121 1
12
1218 121s
12
12
321s
*32/4 33
32
3212 3214 3234 32
*36
3612 3612 3612 3612 3612
Last Sale 44 July'22
40
40
1612
16,
4 16,
4 .1614 1634 *16
1612 *16
Last Sale .80 June'22
-.60 .60
63,
4 6334
*.20 .50
*25
26
37s
378
*91/t
912
*1414 1434
285 235
10
1014
*9
10
1312 44
712 712
*10,
4 1114
2
,
8 238
*212 3
*118
112
103 10412
93
93
25
25
3,
4 4
3
3
4
,
4 4,
4
*134
/78
*178 2,
8
318 314
412 4,
4
234 2,
4
61
61
Sales
for
the
Week.
Range since Jan. 1.
Lowest
Highest
Range for precious
year 1921
Lowest
Apr 133 Nov
152 May22 119
6178 Jan
79 Nov
8458 May 2
78
Jan 100 Dec
104 June14
120 June10
104 June23
1314 Dec 2534 Feb
3112 May20
Jan
Apr 8
1612 Nov 30
37
Jan
19 Aug 33
4412 Apr26
Feb
47
Nov
May20
27
62
Jan
40
24 Nov
51 May25
Jan
36 Nov 58
7712 May 1
Jan
163 July17 110 June 133
2658 July31
77 July14
57 Aug 1
41 July31
48
Apr15
30;- Dec 4313 e_
12 Dec 2314 Jan
3478 May22
96 July19
60 Apr 75 Feb
Jan
100 June 1
51 Nov 76
Jan
Jan 6 9814 May23
50
Oct 75
Jan
Jan20 5278 June 5
15
Apr 21
Jan23 9914 Aug 4
69 Nov 78 Dec
13014 Jan 4
73 Feb20
941k Mar 1
116 June22
102 June10
Jan/0
14
Jan 9
20
22
Jan 5
Jan17
36
Jgn 9
30
Jan12
40
Jan12
125
18 July13
70 Aug 4
51 July13
28 July14
2711 Jan30
1,14 Jan 3
69
Jan10
58
Jan17
57
15
78
.02 Feb 8
238 Feb 4
13 Feb20
11453 Jan 3
104
Jan10
18012 Jan17
1412 Feb20
13
Jan 7
.25
Jan20
.15
Apr 27
.05 Jan20
1538 Jan 4
3
Jan 4
714 July23
3812 Jan 4
42
Jan 7
166 Mar 2
3 Mar 14
33 July 11
.06 Jan25
.04 Aug
414 Jan27
2
Jan
20 Aug 2
812 Jan
12434 Mar14
9618 Jan
117
Jan24
74
Jan
86 July 5
78 Feb
2012 May19
12
Jan
22 May 4
1234 Dec
.75 Feb21
.15 Dec
.50 May 4
.15 July
20 July17 .0812 Oct
2512 July31
912 July
6
Apr21
3
Oct
1414 Feb10
918 Oct
7334 June22
16
Jan
4712 _Apr 14
42 Nov
18112 July21 14214 Oct
13 May17
3 Nov
36 July10
1614 Apr 6
958 Sept
2714 Feb 27
1914 Dec
5314 Mar 20 - - - - 3712May 13
19 July
32 Jan 27
32 Dec
7812 Jan 6
74 Dec
612 Mar 25
2 Sept
17 Apr 1
5 Nov
3 Jan 24
2 Sept
1112June 3
518 Dec
13 Jan 16
r814 Dec
7934 July 20
5334 Sept
70 Aug I
5813 Oct
156 May 10 117 Sept
2738June 26
1312 Sept
2912 Aug 4
11 Sept
82 Feb 25
60 June
1158 Jan 21
214 Dec
5 Jan 28
4 Aug
118 Apr 13
9512 Jan
14 Mar 16
7 July
21141Alay 3
1412 Dec
17412Mar 11 146
Jan
16 July 17
1212 Apr
718 Apr 6
3 Dec
10878 Feb 23
8812 July
8112June 5
47 June
1414 Feb 3
10 Dec
45 Mar 24
33 Sept
2713 July 15
2214 Apr
3312June 2
1614 July
3112June 2
1678 Jan
1434 Apr 26
6 Dec
49 Apr 25
36 Sept
1234June 15
8 Sept
35 May 29
11
Apr
3734June 14
17 Aug
4434 July 12
16
Oct
21 May 13
8 July
4 Jan 4
.35 Oct
1,
Gardner Motor
No par
10 Jan 12
Greenfield Tap 8: Die
25
19 Jan 26
43 Mar 9
Hood Rubber
No par
Internat Cement Corp No par
26 Jan20
Internat Cotton Mills
50 28 Mar 25
Do pref
100 62 July 25
15
International Products_No par
314 Jan 0
Do prof.
7 Jan 5
100
10 .62 Apr 15
170 Island Oil At Transp Corp
158 Apt 24
10
278 Libby, McNeill & Libby
8 July 1
25
116 Loew's Theatres
326 Massachusetts Gas Cos_ _ _100 63 Jan 3
Do pref
100 62 Jan 3
202
274 Mergenthaler Linotype_ _100 130 Jan 3
10 20 Mar 27
255 Mexican Investment Inc
_100 13 Jan 6
260 Mississippi River Power,
Do stamped pref
77
100 7212 Jan 9
712June 28
614 National Leather
10
1 July 17
830 New England Oil Corp
142 New England Telephone_ _100 109 Jan 4
Ohio Body & Blower No par
11 May 18
13 Jan 10
950 Orpheum Circuit Inc
1
160 July 3
65 Pacific Mills
70 Reece Button Hole
10 1212 Apr 18
Simms Magneto
3 Feb 20
5
866 Swift & Co
100 9214 Jan 3
414 Torrington
25 r39 July 3
Union Twist Drill
8 Mar 29
5
1,679 United Shoo Mach Corp
25 34 Mar 3
Do pref
642
25 25 Jan 3
1,132 Ventura Consol Oil Fields_ 5 2172 Jan 27
243 Waldorf System Inc
10 2312 Jan 4
500 Waltham Watch
100
7 Jan 3
Do pref
123
100 31 Feb 15
712 Feb 7
305 Walworth Manufacturing_ 20
205 Warren Bros
50 1712 Jan 3
Do 1st pref
110
50 3012 Jan 4
Do 25 pref
50 3312 Feb 18
25 Wickwire Spencer Steel__ _ 5 1334Mar 27
Wollaston Land
5 .80 June 16
Mining
200 Adventure Consolidated_ _ _ 25 .50 Jan 31
.4 Mar
1 Apr 15
*.60 .80 *.60 .80
Ahrneek
178
61
25 69 May 11 66 May 29
40 Aug
6312 6312 64
100 Algomah Mining
25
.15 July
.50 Apr 17
.20 Jan 13
*.20 .50 *.20 .50
Allouz
Apr
16
25 22 Jan 9 3212 Jan 26
Last Sale 2512 June'22
40 Arcadian Consolidated__
118 Sept
25
2 Mar 10
45sMay 23
334 334
*312 378
125 Arizona Commercial
678 Jan
5
814 Feb20 1012June 5
838 858
334 9
40 Bingham Mines
8 Mar
1614June 6
10
13 Jan 5
*1414 1434 *1412 1434
95 265 Jan 6 298 May 31 210 Apr
75 Calumet &. Recta
287 287
286 287
1,825 Carson Hill Gold
11 Dec
1614 Mar 29
10
10
1018
10 June 19
10
15 Centennial
7 Jan
10
25
*9
914 Aug 2 1312 Feb
10
*9
Jan
312 Copper Range Co
27
25 3712 Jan 3 4634MaY 31
4212 4214
4234 44
5,4 Mar
914 Jan 26
712 734 1,015 Davis-Daly Copper
10
612 Jan 3
734 8
220 East Butte Copper Mining_ 10 10 Mar 27 1214 Jan 20
7 Aug
1012 10114 *1034 11
138 Apr
45 Franklin
378 Apr 15
*218
238
25
1 Apr 11
238 238
Hancock Consolldated____ 25
112 Sept
338 Mar 16
Last Sale 212 July'22
2 Jan 13
1 June
50 Helvetia
214 Apr 17
11 1
*114
158
114
25 .99 July 13
48
Jan
102 10312 101 10412 1,515 Island Creek Coal
8112 Jan 10 11658June 21
Jan
75
Do pref
28
9312 9312 *9312 91
88 Feb 14 96 June 15
1614 Jan
50 Isle Royale Copper
*24
25
*24
25
25 2218 Feb 28 2634M aY 31
2,
8 Mar
310 Kerr Lake
478 Apr 17
*334 4
3 Feb 6
5
537s 4
.98 Sept
578M ay 5
25 Keweenaw Copper
25
1 Feb 24
*214 234
3
3
2
Jan
103 Lake Copper Co
534MaY 31
*412 434
25
214 Feb 18
434 414
114 Jan
La Salle Copper
214 Apr 17
112 Feb 6
Last Sale 134 July'22
25
114 Jan
234May 19
25 Mason Valley Mine
138 Jan 4
5
*178 214
*17s
211
.55 Apr
200 Mass Consolidated
4,
4 Apr 13
2 Mar 24
25
314
311
*31s 314
25s Aug
6 may 22
80 Mayflower-Old Colony_ _ _ _ 25
*412 5
158
214 Jan 20
458
114 Aug
160 Michigan
7 Apr 13
25 .75 July 10
*214
3
*214 3
4312 Jan
103 Mohawk
61
25 5312 Jan 7 68 June 5
*6014 6112 61
1214 Sept
2012June 2
1,133 New Cornelia Copper
1912
17 Feb 21
5
1912 *19
*19
.40 Nov
218 Mar 23
650 New Idrla Quicksilver.. _
5 .10 July 7
.10 .15 *.15
40 Feb
New River Company
100 37 Jan 6 40 Feb 9
Last Sale 37 June'22
Dec
74
Do
7812
Apr
7
pref
July'22
7
Jan
Sale
75
Last
100 73
4 July
7 Jan 4
212 Nipissing Mines
5 July
5
512 512
*512 534
Mar
225 North Butte
1214 1214
11 Feb 15 15 May 29
15
1214 1214
1
Aug
418 Apr 15
132 Ojibway Mining
218 Jan20
25
*258 3
21 i'6 2%
15,
8 Jan
17 Old Dominion Co
*2512 26
25 23 Jan 4 27 Jan 25
*2512 26
21 Aug
302 Osceola
3618
36
25 3012 Jan 5 38 May 31
*3512 36
3312 Aug
112 Quincy
25 42 Feb 20 50 May 3l
4334 4314 *4314 44
28 Jan
2 St Mary's Mineral Land
47
*45
17
25 4158 Jan 9 4812May 31
*45
.75 Jan
18
461ay
1
,
237
Shannon
10
.95
Mar
.75 .80 *.80
10 .25
.35 Nov
jig May 18
South Lake
July'22
Last Sale 1
25 .50 Jan 31
2 Sept
4July 13
Superior
1,
2 Mar 29
25
Last Sale 114 July'22
1 June
15
Apr
Superior
2
474
&
31
Boston Copper_ 10
114
138
.90 Mar
114
114
1'A July
318 Apr 3
218 1,570 Trinity Copper Corp
2
114June 5
%
3
2 ,11,i's 21
.34 Aug
5 .49 Mar 7 .92 May22
.74 .74 *.70 .72 1,000 Toulumne Copper
4 Aug
1,
4 Mar 22
70 Utah-Apex 'Mining
*238 27s
*238 278
212 Jan 19
5
112 Nov
312June 5
470 Utah Consolidated
1 Feb 21
1
234 278
214 234
Jan
.95
13
Apr
212
Utah
560
Metal
&
15
Feb
118
Tunnel
1
1 ;f4 1 if, 1 ife
1
.40 May
212 Jan 30
Victoria
Last Sale 112 July'22
14 Jan
25
.35 Jan
4 Apr 15
2,
100 Winona
153
158
*114
112
.25 Jan 16
25
812 July
25 Wolverine
'*11
1512 *1 11. 111,
25 10 Feb 10 16 May 31
a Ex-rignts. b Ex-dividend and rignts. X Ex-dividend. 0Ex-stock dividend. x Ex-dividends.
240
90
296
235
Highest
Jan
3
534 Dec
1538 Nov
11912 Nov
109 Dec
8414 Dec
16 Sept
20 Apr
4
Jan
.95 Jan
118 Jan
1778 Dec
412 Feb
23
Jan
42 Dec
45 Dec
16512 Dec
17
Jan
2314 Apr
29 Nov
-—
-2878 Dec
4112 Feb
86 Mar
13
Jan
32
Jan
478 Mar
13
Jan
18 June
85
Jan
64 May
136 Nov
3518 Apr
1412 Mar
84 Apr
914 Jan
6 Aug
11254 Dec
1124 Dec
3014 Apr
171 Dec
14
Jan
914 May
10534 Jan
61
Feb
22
Jan
3914 Jan
2512 Dec
2412 Dec
2978 Dec
Jan
17
75
Jan
17 Feb
2212 Apr
3312 Dec
3534 Dec
1814 Jan
134 Dec
Mar
Dec
Apr
Nov
Jan
Apr
Oct
280 Dec
1618 Jan
10
Jan
40,
4 Dec
1714
132 Jan
Dec
Jan
312 Jan
2
37
18
3 Nov
c
8812 Dee
9012 Dec
2412 Dec
4 Sept
3
211442 1%i
Dec
aaeyn
63
.75
.50
2112
3
,
4
0
14
214
2 S
I epbt
358 Jan
59
Dec
De
5172
834
May
Mar
Jan
14
8114
2 Dec
212 Dec
2
436
5,2
34 Nov
DDeeee
95
45 Dec
1% Dec
2
Jan
4112 Feb
214 Feb
412 Nov
.35 Dec
3 2 Oct
5
Jan
2 7A, Jan
214 Feb
1.4
80 M
Feab
r
634
THE CHRONICLE
[VOL. 115.
soup
Last
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange July 29 to Aug. 4, both inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low, High. Shares.
Bonds—
Range since Jan. 1.
Low.
Amer Tel & Tel 4s_ _1929
91% 92
2.000 86%
All G & W I SS 5s_ _ _ _1959 60
60
6055 30.500 47
Chic Jet Ry & U S Y 5s _'4()
95
05
6.000 8951
1940 81
81
81
21.000 74%
Co A zucarera Bar 735s 1937
100 100%
2,000 100
East Mass Ser B 5s_ _ _1948
69
71
2,000 69
Hood Rubber 7s
1936 99% 98% 99'4 12.000 9554
Int Cement 85
1926 107% 107% 1078% 11.000 101
K C Ciln & Spring 5s_.j925
76
76
1.000 75
K C Mem & Birm 4s_ _1934
86
86
1.000 79%
Mass Gas 48%8
1929 92
938% 93% 8.000 86
454s
1931
90% 90%
1.000 86
Miss River Power 5s_ _1951 94% 93
948% 10.500 88
N E Telephone 58_ _ _ 1952
97% 97% 8.000 97%
55
1932
97% 98
17.000 93
Punta Ailegre Sugar 78.'37 111
108% 111
132.000 104%
Swift & Co 59
1044
95% 96% 14.000 91
Warren Bros 7158_ _ 1937 114
34.000 97%
1138% 114
Western Tel & Tel 5s. _1932
95
95% 17,000 90
Jan
Mar
Jan
Feb
July
Aug
Jan
June
May
Feb
Jan
Jan
Jan
June
Jan
July
Jan
Feb
Jan
High.
92
Aug
65
May
July
95
825
% June
100% July
Aug
71
99% Apr
114
May
7754 June
88% May
July
94
91% June
9456 Aug
97% July
99
May
110% July
97% June
115% May
96
May
ztaica
Week's Range
for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Stocks (Continued)
Warwick Iron & Steel_.. _10
West Jer & Sea Shore_ 50
Westmoreland Coal
50
Wm Cramp & Sons_ _ _ _100
York Railways, pref_.. _50
9
37
9
37%
70
55
3614
9%
39
70
55
37
Bonds—
Am Gas & Elec 5s_ _ _ _2007
8855 88%
small
do
2007
88
88
East St L & Sub Belt Is '32
73
73
Flee & Peoples tr etfs 4s'45 69
60
71
Inter-State Rys coil 4s 1943 48
48
4854
Lake Superior Corp Is 1924
37
37
Leh C & Nay gen 4558 1924 96
9556 96
Lehigh Valley—
Gen consol 45
2003
8251 8251
Philadelphia Co—
Cons & coil tr 5s_ _ _ _1951
88
88
Phila Electric 1st 58_1966 1001% 100 10034
do
1966
loo 10034
1947 10151 101
554s
10254
small
do
10234 103
Os
1941 10334 10354 104
small
do
103% 105
United Rys Invest 55_1926
86% 86%
895
170
85
12
154
Range sin e Jan. 1.
Low,
High.
755 Feb
2734 Jan
67
Jan
40
Jan
3131 .Tan
934
39
74
75
3734
81
82
73
64
3735
30
9054
Jan
Jan
Aug
.Tan
Jan
Jan
Jan
9034
88
73
72
4815
3955
96
77
Jan
8251 Aug
1.000 85
July
Jan
23,000 93
2,100 94
Feb
37,500 9934 June
900 99% July
39.000 10034 Jan
1.300 10051 Jan
1,000 7135 Mar
May
93
101 • July
101 ;July
10254 Aug
103
Aug
10434 May
July
106
87
Apr
$1,000
800
500
14,000
6,000
3,000
5,000
8,000
June
Aug
June
July
May
1134 tal
July
July
Aug
Apr
Aug
June
July
* No par value.
Baltimore Stock Exchange.—Record of transactions at
Chicago Stock Exchange.—Record of transactions at
Baltimore Stock Exchange July 29 to Aug. 4, both in- Chicago Stock Exchange July 29 to Aug. 4, both inclusive,
clusive, compiled from official sales lists:
compiled from official sales lists:
Stocks—
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel _100
Benesch (I)
*
Celestine Oil
1
Cent Teresa Sugar
10
C & P Tel of Bait, 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. preferred..5
Houston Oil pref tr etfs _100
Manufacturers' Finance—
2d preferred
25
MtV-W'db'y Mills v t r 100
Preferred v t r
100
Northern Central
50
Penna Water & Power_100
United Ry Ar Flee
50
Wash B & Annap
50
Preferred
50
Bonds—
Alabama Cons C & I 58'33
Bait Elec .58
1947
Charles Con RyG&E 5s'99
Consolidated Gas 58_1939
General 4%s
1954
Consol Gas E L & P 4558'35
754s
1915
78
1931
68 Ser A
1949
Consolidation Coal ref 58'50
Convertible 138
1923
Cosden St Co 6s
Davison Sulphur 68_ _ _1927
Elkhorn Coal Corp 68_1925
Fla Cent & Penin 68_1923
Is
1943
Lake Roland El gu 53_1942
Macon Dub & Say 5s.1947
Md Electric Ry tat 58_19:31
Monon V Trac 5s
1942
78
1923
Pennsy W & P 53
1940
United Ry & E 4s
1949
Income 4s
1949
Funding 5s, small_ 1936
1927
6% notes
68 (w l)
1949
Va Mid 5th series 58_1926
Wash B & A 5s
1941
Range since Jan. 1.
Low.
3755 3754
2554 2554
.40
.45
2% 2%
108
10554 1088%
6054 5854 6054
27
26% 27
27
27
2754
10654 105 10655
1u354 10351 10354
1145', 114 41134
86
87
454
451
451
89
89
89
3754
77
19%
90
109
106
10155
90
10354
10554
9851
9751
9451
8051
9754
74
58
9856
101
9855
81
2755
1354
50
77
10654
17
15
3234
55 26
Jan
40 25
Mar
300
.35 Jan
15
1
Jan
203 105
June
262 49
Mar
94 25
Jan
151 2554 Jan
160 91
Jan
133 102
July
100 105
Jan
157 80
Jan
220
434 Jan
170 78
Feb
80
Jan
60 23
May
2754
1354
50 10
Jan
50
60 44
Jan
35 72 June
77
107
125 9255 Jan
21
11,697
9
Jan
16
495 1434 Jan
3254
47 29
Jan
90
90
9434 9454
85
85
8
9934 99%
8754 8734
8954 898%
109
109
10534 106
100% 10154
89
90
100% 10055
1058% 10554
9754 9734
9834 9854
98% 9855
918% 918%
9731 9734
57
57
9451 9454
808% 808%
99
99
9714 9754
7334 748%
568% 58
79
79
98
988%
10055 101
9854 9855
81
81
3,000 83
1.000 88
1.000 8154
3,000 93
2,000 818%
2,000 8554
9,000 106
14,000 1018%
154.500 100
21.000 86
14.000 968%
8,000 9854
1.000 968%
17.000 943%
1.000 9634
2,000 838%
2.000 97
3.000 3854
3.000 86
10.000 75
17,000 95
2.000 92
31.000 6631
37,000 46
100 66
65.500 98
58.000 988%
1,00(1 94
19,000 788%
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
July
Feb
Jan
Mar
Jan
Mar
Feb
Feb
June
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Aug
Apr
Jan
Mar
High.
44
3554
.74
234
10834
65
28
28
110
10355
11654
87
47/
s
92
87
2754
1754
5534
78
103
21
19
3455
June
June
May
Aug
June
July
Apr
Apr
May
July
June
M LY
Apr
July
May
June
Apr
Apr
June
June
Aug
Apr
Apr
90
95
8555
10034
88
90
10934
106
101%
90
10054
107
104
9814
9814
918%
9734
588%
9454
828%
99
99
753%
588%
7954
9851
101
988%
84
July
June
May
Apr
May
May
Apr
May
July
July
June
June
Feb
May
May
July
Aug
July
Aug
Apr
May
May
June
May
July
Aug
June
Apr
May
* No par value.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange July 29 to Aug. 4, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares.
69
67
American Gas of N J.._100 69
American Railways
50
138% 15
60
60
Preferred
100
a 130
American Stores
1278% 143
51
51
Consol Trac of N J_ _ _ _100
4656 4754
Elm Storage Battery__* 46%
25
25
Erie Lighting, pref
-*
General Asphalt
6954 698%
100
107 108
Preferred
100
28
28
Hestonvile Pa's
50
Insurance Co of N A_._ _10
373
3734 38
898% 898%
JO Brill, pref
100
9
9
9
Keystone Telephone_ _ _ _ 50
375; 378%
Preferred
50 ..
054 9%
Lake Superior Corp_ _ _ _100 ..---.
Lehigh Navigation
50 7455 '7455 7554
648% 658%
Lehigh Valley
50
51
Minehill & S H
50__-- 51
Penna Salt Mfg
50
__-75
75
50 _____
46% 4751
Pennsylvania
5354 5355
Penn Cent L & P, pref_.
Phila Co (Pittsburgh)—
Pref (cumulative 6%)_ 50 ------3934 39%
2914 3054
Phila Elec of Pa
25 305
30% 3151
Preferred
25 _____
37
37
Phila. Insul Wire
*
30
3054
Plalia Rapid Transit____50
66
66
Philadelphia Traet ion _ _ _50
4%
4
Radio Corp of Amer
____
7554 7651
Reading
50_____
134
Tono-Belmont Devei_ _ _ _1 _------154
18%
18%
Tonopah Mining
1
Union 'frac, $1755 pd__ _50 3954
39% 3954
200 200
United Cos of N J
100
5254
51
United Gas Impt
50 52
,,.._ .
..,.
r.54( .553.1
88
671
99
4,405
180
1,151
45
210
325
5
60
15
15
38
345
796
95
35
40
6,118
11
Range since Jan. 1.
Low.
47
4
26
83
44
3734
25
555/s
90
28
30
75
7
278%
651
6651
57
48
6954
3355
4834
242 36
2.126 23
1,484 273.4
15 30
3,916 1754
56 58
115
4
230 72
935
111
1,250
151
592 34
20 177
1,604 38
200 313
high.
Jan 75
May
Jan
17
June
Jan 63
June
Jan 143
Aug
Jan 5655 Apr
Mar 4754 July
July 27
May
Jan 7334 July
Mar 1108% July
Aug 28
Aug
Jan 3855 June
Mar 897
/6 Aug
Jan
123', Mar
Feb 39
June
Jan
12% May
Feb 7715 Apr
Jan 67% May
Feb 52
June
Jan 7594 July
Jan 478% July
Jan 5555 May
Jan 39%
Feb 3054
Jan 3154
May 5054
Jan 3554
Jan 6855
Aug
654
Jan 8154
July
1'9io
Jan
2
Jan 43
Jan 200
Jan 54
ifin
An ii
Mar
Aug
July
Jan
June
Apr
may
May
June
Feb
May
June
June
filly
Stocks—
Friday
sates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator
100
American Shipbuilding_100 70
Armour & Co, pref_ _ _ _ 100 9956
Armour Leather
15 1234
Preferred
100
Beaver Board, ca3
Both Fisheries, new
*
Preferred
100
Bunte Bros
10
. 6
Case (J I)
1st preferred
100
Chic City & Con Ity. Pf- -*
Chicago Elev Ry, pref _100
Chicago Rys, part ea ser 2
Part ctf series 3
Chicago Title & Trust_ _100
Commonwealth Edison 100
Consumers Co, com_ _ _100
Preferred
100 70
Continental Motors_ _ _ _10
Crane Co, preferred
10955
Cudahy Pack Co, com_100
Earl Motors
Deere & Co, pref
100 77
Diamond Match
100
Godchaux Sugar,com* 1435
Gossarcl, H W, pref_ _100
_ _100 2554
Great Lakes D & D_ _ _ _ 100
Ifartman Corporation _ _ 100 83
531
Holland-American Sugar 10
10 1734
Hupp Motor
100
Illinois Brick
100
Inland Steel
2
Libby, McNeill & Libby_10
New
334
10
Lindsay Light
Mid West Utilities, corn 100 48
100
Preferred
97
Prior preferred
*
6
Mitchell Motor Co
734
10
National Leather
* 2631
Pick (Albert) & Co
pig Wig Stores Inc "A"...5 4254
Pub Ser of Nor III, com_100 99
100
Preferred
51
Rights..
100
Quaker Oats Co
100
l'referred
10 13
Reo Motor
Sears-Roebuck, corn_ _ _100 8151
Standard Gas & ElectrIc..50
50
Preferred
Stew War Speed, com_ _100 4334
100 10154
Swift & Co
15 19%
Swift International
Thompson, It J, corn_ _25 5154
Union Carbide & Carb_ _10 5754
United Iron Works v t c..50
United Paper lid, coM -100
United Light & Ry_ _ _ _100 53
Preferred
7534
17S Gypsum
* 5731
Wahl Co
Ward, Montg'y. & Co—
Preferred, when issued 20 238%
Western Knitting Mills...'
Wrigley, Jr, common__ _25 106
10 145
Yellow Mfg
7134
Yellow Taxi
Bonds—
Beaver Prod 1st ref 755s'30
Chicago City fly Is.....i927
Chic City & Con Rys 5s_'27
Chicago Railways 5s_ _1927
1927
4s. Series"B"
Commonw Edison 55....1913
1943
6s
Metrop W Side El 1st 4s'38
... MI,. NIre•• P. Vine+ ft ii; Fl 1042
993-4
7855
99
Ranee stnce Jan. 1.
Low.
255 83
Jan
101
10254
585 60
70
70
June
99
1.070 91
Jan
9994
1254 1234
Feb
604 12
8655 8654
Mar
200 83
554 554
100
Apr
5
480
Jan
5
831 0
49
Mar
100 34
50
July
6
30
654 694
Jan
6
651
150
3
20
20
July
25 20
5
551
1,190
Jan
200
155 Jan
6
6
IN Jan
234 231
125
1
1
100
51 June
225 225
Aug
20 225
130 130%
461 11414 Feb
105
Feb
634 651
5
225 3994 Feb
6954 7055
Feb
470
5
734
754
Mar
90 85
10955 10955
Jan
65 55
62
62
254 Jan
234
200
234
Feb
77
160 60
7711
Jan
35 105
115 115
125 10
Feb
1451 1455
2535
570 25
25
July
10 8154 Jan
8951 8934
180 7735 Jan
84
83
140 4 % Jan
554 534
1751 18%
3,370 103-1 Jan
75
135 56
Feb
74
51
110 4854 Mar
51
2
735
2
234
June
78% July
495
8
8
195
374 4
33-4 Mar
47
49
262 27
Jan
160 53
7654 77
Jan
381 82
Jan
9654 97
6
400
354 Feb
634
774 8
855
751 July
1,680 19
26
2794
Jan
4154 4234
7,140 2336 Mar
98 100
723 8034 Jan
91
92
55 883-5 Jan
%
18,067
July
180 180
20 143
Jan
9834 99
155 933-4 Mar
1,390 1214 July
1254 13
8151 8151
25 5955 Feb
20
20
200 13
Jan
49
49
110 42
Jan
438% 4534 5,782 24
Jan
10154 102
2,480 9154 Jan
1834 1931 3,127 17
Apr
5135 .5254
1,775 40
Jan
.5651 5791 5,067 43
Jan
80
735
751
Jan
6
15
15
50 1314 Feb
5254 54
527 29
Jan
325 70
Mar
7534 7634
533-4 54
125 5354 July
1,125 50
Jan
5734 59
454
31
54
2136
754
105
144
71
2354
8
10755
14534
733.5
9931
7854
463-5
7855
46
9854
1073-4
57
9931
9931 8,000
7856 5,000
23,000
47
1.000
7855
4655 11.000
99
6.000
10734 3.000
57
2,000
9934 2.500
High.
10234 July
Mar
96
9934 Aug
1254 Feb
10255 May
734 May
July
9
50
Aug
Jan
9
9 June
2934 Mar
934 Feb
12
May
6
Mar
154 Feb
300
July
13234 Apr
May
9
7534 June
Apr
9
July
110
Feb
68
Jan
6
7931 June
Mar
118
Mar
18
2834 May
106
Feb
103
Mar
734 Juno
2134 May
7534 June
5834 May
73-4 Feb
851 July
Mar
6
5331 May
78
July
99
Apr
715 June
113-4 Jan
2834 Apr
5454 May
101
Mar
9834 June
% July
180
Apr
99
July
281; July
8151 Aug
207-4 June
4931 July
4534 May
10854 Feb
2334 Feb
53
July
5934 Mar
93-4 Feb
1814 May
6951 may
8134 May
June
57
713-4 Apr
4,920 1234 Jan 245/
450
5
Jan
1034
3,898 97
Mar 11034
545 132
Mar 246
8,493 5755 Jan 825;
9934
07
4654
67
33
933.5
9851
52
9931
July 100
Jan 84
Aug 533-4
Jan 8434
Jan
5256
Jan 99
May 10734
Jan 6451
June 100
May
May
Feb
Feb
Mar
July
Apr
Apr
Apr
May
July
Aug
May
May
• No par value.
Pittsburgh Stock Exchange.—This week's record on the
Pittsburgh Stock Exchange will be found on page 619.
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from July 29 to
August 4, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
isni
AUG. 5 1922.]
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
CHRONTCLE
Week ending August 4.
Range since Jan. 1.
Stocks—
Low.
Industrial & Miscell.
1
Acme Coal Mining
Acme Packing..10
Allied Packers Inc
(5)
New
Allied Pack, prior pref.__ _
Aluminum Mfrs. corn. _ •
Amalgam Leather. corn_ *
Amer Gas & Elec pref _ _ _50
American Hawaiian SS 10
Amer Light & Tree,corn100
Amer Power & Lt corn.100
Atlantic Fruit when issued.
Brit-Amer Tob ord bear. £1
El
Ordinary
10
Brooklyn City RR
Buddy;Buds,Inc
•
Car lighting & Power_ _25
Carlisle Tire
10
Chicago Nipple Mfg cl A
100
Cities Service corn
1011
Preferred
10
Preferred B
Cities Serv Bankers' sh__*
Cleveland Automobile...
Colombian Emerald Synd
Colorado Power, corn_ _100
Columbia Motor Corp_
Comml Solvents Corp c1A*
Class B stock
Commonwealth Hotel corn
Com'w'Ith Pr, Ry &I.t_100
Conley Tin Foil
Continental Motors___ _10
Cuban-Dominican Sue w I •
Daniels Motor common..•
Davies(Wm A)Co Inc_ *
Denver dr Rio Or, pref. 10(1
Dictograph Prod, corn 10
Dubiler Condenser& Radlo•
•
Durant Motors. Inc
Durant Motors of Ind __ _10
Earl Motors, Inc
Elec Bond & Share pref_100
5
Federal Tel & Tel
Firestone Tire& Rub,pf 100
Gardner Motor Co
Garland Steamship
Gibson-Howell Co, corn JO
Gillette Safety Razor____'
•
Glen Alden Coal
•
Goldwyn Pictures
Goodyear T & R com__1011
100
Preferred
10
Grant Motor Car
Hayes Wheel w I
Heyden Chemical
100
Hudson Cos, pref
Hudson & Tvian RR,com 100
25
Inland Steel
Intercontinental Rubb_100
Internet Carbon
Lake Torpedo Boat corn _10
Lehigh Power Securities *
Libby, McNeil & Libby _10
New when issued
Lima I.ocom full pd rcts w
Part paid rcts w
Lincoln Motor Class A _ _50
•
Locomobile Co
•
Mercer Motors
Voting trust cite
Mitchell Motors
•
Moon Motor Car
Morris (Philip) Co, Ltd_ 10
National Leather new _ _ _10
New Mexico & Ar IA
N Y Tel 6%% pf w l_ _ 100
Packard Motor Car corn. 10
100
Preferred
Peerless Trk & Mot Corp 50
Pub Seri Corp of NJ pf 100
10
Pyrene Mfg
Radio Corp of America__•
5
Preferred
10
Reo Motor Car
•
Republic Rubber
Southern Coal & Iron.. _ _ 5
Stutz Motor Car
15
Swift International
Technical Prod Corp
Tenn Elec Pow, corn w 1_ 0
•
2d pref. w 1
Tenn Ry L & Pow 00111_100
Timken Detroit Axle
Tob Prod Exports Corp..•
Todd Shipyards Corp__ _ _.
*
Torbenson Axle corn
United Prof Sharing new.1
Un Retail Stores Candy...*
US Light & Ileac corn..10
10
Preferred
10
U S Ship Corp
10
Steamship
S
U
5
Wayne Coal
1
West End Chemical
Willys Corp, let prof__ _100
54c
44
32
45
129
234
187A
61c
113
182
67%
6
18%
457
/
3
40%
3031
9%
1153
8%
39%
1353
23,
1
80
1333
222
63.1
10
75c
3091
153
5251
4
153
153
5434
29
353
1933
233
107
13
8453
56
103%
433
3%
26
58c
33c
1731
5%
14
2%
29
633
67
6%
6
134
191
10c
1%
Rights-Cuba Cane Sugar
Former Standard CHI
Subsidiaries
Anglo-Anrerican 011_ _ _ _ £1
Eureka Pipe Line
100
Illinois Pipe Line
100;
Indiana Pipe Line
50
National Transit _ _ _ _12.50
Ohio 011
25
Penn-M ex Fuel
25
Prairie Pipe Line
100
South Penn Oil_ _ _ _ __ _ _ 100
South West Pa Pipe L_100
Standard 011 (Ind)
25
Stand Oil (Hy) new w 1.100
Stand 011 of N V
100
Standard Oil (0111o)_ _ _100
Swan & Finch
100
Vacuum 011
100
Other 011 Stocks
Aetna Cons 011
Alcan 011 Corp
_
Allied 011
.1
Amer Fuel 011, corn
10
Preferred
10
Arkansas Nat, Gas, corn.10
Atlantic Lobos 011 com__ •
Boone Oil
5
Boston-Wyoming 011_ - _ 1
500 85c
40c 47c
10% 10%
9% 953
31
32
21% 2131
931 9%
44
45
21
22
126 129
12014 120%
2%
2
1831 18%
1831 1831
834 831
1% 17
4
55e 61e
1% 1%
453 5%
180 199
67% 67%
6
633
18 19%
27
27%
70c 72e
1813 1833
3% 3%
44% 45%
4033 40%
51
51
30% 309,4
13% 13%
753
853 9%
1153 11%
32% 32%
550 60c
1%
13.4
8% 9
42%
39
13% 14%
231 2%
96% 96%
5% 553
88
80
11% 11%
75c 75c
1811 2033
220 225
55%
55
6% 7%
9% 10%
31
31
75c 85c
27% 3134
1%
1%
17
1734
12
12
52% 52%
334 6%
11
12
134
113
1553 15%
2
2
8
8
53% 5434
29
29
233 233
25c 25c
2% 353
253 3%
7% 733
ION 10%
19% 23%
8
8
2% 2%
10631 107%
13
1433
8453 85
56
59
103% 103%
9
9
4% 434
333
3
25% 26
550 58c
30c 40c
1334 21
18% 1853
5
5%
13% 1414
3731 3734
2
234
2931 29%
653 6%
70
65
25
30
631
6%
6
1%
194
1%
Ili
lie
12c
9c
100
133
Ili
50c 55c
3033
26
.50c
30c
56,400
19,000
100
100
400
200
100
55
200
40
20
2,400
1,100
200
500
16,800
1,900
600
1,200
2,175
800
300
3,800
200
1,800
200
100
1,900
400
100
10
100
400
1,700
800
100
600
400
8,500
5,100
2,000
100
10
100
120
200
100
1,000
360
400
9,900
1,600
200
1,700
5,800
2,500
200
200
100
7,000
500
300
100
300
200
600
100
200
1,000
23,000
6,400
50
1,70
21,900
100
300
3,35'
2,30
120
700
100
100
13,300
4,400
800
800
72,100
16,400
100
4,300
1,900
100
GOO
200
400
815
900
500
1,835
4,000
600
7,000
14,000
2,300
3,500
1,000
200
50t) Aug
200 Mar
Jan
5
9% Aug
Apr
26
Jan
15
711 Feb
42 June
19% Jan
113% Feb
12053 July
June
2
12% Feb
12% June
4% Jan
Jan
45c
50c July
13% May
1% Apr
Jan
158
Jan
51
43.4 Jan
Jan
17
Jan
20
Apr
500
1333 Mar
3% Aug
44% June
38% June
July
51
20% Mar
Feb
10
5% Feb
May
8
1033 May
Jan
25
Jan
38c
13.1 June
733 June
223% Jan
8% Jan
Jan
2
0634 July
5% Mar
80
Aug
11
Jan
560 May
15% Jan
169
Jan
42
Jan
4
Jan
933 Jan
24
Jan
50c
Feb
27% Aug
80e
Feb
75i Feb
3% Feb
49
Mar
3% Atig
10% July
50c Mar
15% June
2
July
8
June
53;3 Aug
29
Aug
750
Feb
be July
1% Apr
2
Feb
Jan
3
10
June
543 Jan
79.1 July
1% Feb
106
July
513 Feb
633,3 Mar
3331 Feb
99
Mar
831 July
253 Jan
2
Jan
18% Jan
20c Feb
30o July
July
11
17% Apr
5
Aug
10 June
36
June
Feb
1
2931 Aug
3
Jan
65
Aug
2433 Apr
5
Mar
47
/. Jan
75c
Jan
96e
Feb
4e Mar
4e June
85c Mar
50e July
6
Mar
50c
Aug
18% 19% 4,800 169-4
88
20 7933
89
185 160
160 162
80 84
88% 89
500 26
26
26
26
25 257
270 278
270
34
1,200 17
27
50 224
254 255
10 173
210 210
10 52
63
63
11031 107% 11131 56,900 8334
2,800 76
95% 9453 96
340 341
422 426
15 390
455 455
455
10 33
33
33
10 299
423 423
Jan
Jan
Aug
Jan
July
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
July
Jan
I
234
20
15c
I
83%
731
8o
57e
June
Apr
Jan
July
June
Feb
July
May
Mar
19
160
2
235
190
10
15c
78c
1,080
2
3
17,200
1% 4
3c
4e 2,000
19c 5,500
15c
400
113 2%
800
9%
9
6.800
8
11
15c 20,000
12c
750
81c 10,200
635
1uk
Last Week's Range for
Other Oil
Sale,
of Prices
Week.
Stocks (Concluded) Par. Price Low. High Shares
High.
Brit Amer Oil Ltd
400
3131
25
31
British Con Oil Field
1% 3,500
1%
r'arib syndieste
7% 7% 7,400
734
Continental Refining
1%
100
133
'reole Byndlcate
700
233
233
Cushing Petroleum Corp_5
.5c
4c
5c 3.000
Fngineers Petrol f`o
23c
23c
30c 33.000
Equity Petrol Corp. pref _
600
1413 1434
14%
Ertel Oil
1,000
Sc
Sc
5
Federal 011
1%
1% 37,100
Fensland 011
900
14% 1431
Oilinand 011 COM
4
2.5(10
431
451
flienrock 011
. ....10
1%
153
134 11,400
Granada Oil Corp el A 10
100
131
131
Hudson 011
17e 103.000
... 1
15c
16c
Oil (Canada) coup 11031 109 111
247
Internal Petrol,
_.• 21
20% 2134 16.500
Keystone Ranger Tievel_. 1
450
52c 24.700
46c
Kirby Petroleum
4
1.800
5
___.•
4
Lance Creek Royalties _1
3c
3c
1.000
Livingston Petrol
7.500
1%
1%
•
134
Lyons Petroleum
69c
69c
71c 9,200
tkirtraealbo fill pxolor..” • 22%
15% 23
16.800
Margav Oil Corp
1%
100
134
Marine Oil
1
1%
1
1.700
Mariam-I 011
5% 6%
4,100
531.1
Marland Refining
600
4
4%
413
5
Meridian Petroleum.... I()
30
4c 12.000
4c
Merritt Oil Corn
8% 8%
1.000
10
8%
Mexican Eagle 011
12
1.300
12%
5
Mexico Oil Corn._ .
1%
134
1% 6,200
_ 10
mountain Producers._ __10 14%
1433 14% 3.400
_
Mutual 011__
9
913 30.900
914
New England Fuel Oil__
60
4,500
59% 57
New York 011
2213 24%
500
Noble 011 & Gas
18c
19c 14.000
19c
Noe° Petroleum corn _ _ _ _10
353 3%
201)
356
North American Oil
5
233 2.300
2
Ohl, Ranger
30
1
3c
4c 4.000
Omar 011 & Gas
1%
1% 33.400
10
13,4
Pennock 011
634 6%
10
200
Red Bank 011
13c
15c 16.000
Ryan Consol
4% 6
434
3,900
•
Salt Creek Consol Oil_
11
11
200
Salt Creek Producers__ 10 15%
1551 15%
1,400
Sapulpa Refining
.
353 3%
400
Shell Union Oil, pref, w 1_ _
96
96
400
96
Simms Petroleum
___ •
854
831
87-4 10.500
South Petrol & Rein.
100
100
15c 31.000
Southern States Cons Corp 29c
28c
29c 6,000
Southern States 011
12% 1334
5.100
1354
Spencer Petrol Corp_ __ _10
5
6
5.500
Teton 011 & Land
1
650
74c 70,900
70c
Tidal Osage Oil
12% 13
200
Turman oil
1
1% 9,100
1
1%
Ventura Cons Oil Fields_ _ 5
2953 2934
100
Wilcox fill & Gas.
5
5
5% 15.100
Woodburn MCorp
600
650 6,200
"Y" 011 & Gas
15c
13c
160 10,000
Rano, olov e Jan. 1.
lituh.
29
Jan
35
June
2.
(
,0 July
234 Juin°
35: Jan
91-4 June
153 Feb
4
Mar
% Jae
33% Apr
3e
Jan
12c Mar
20e Judy 72e
Jan
123% June 144 June
2c
Jan
9c July
I
Jan
2% May
9
Mar
1953 June
94 Apr
33% June
53e
Feb
134 June
133 July
334 Apr
7e
Jan
Me Mar
9755 Mar 12734 May
14
Mar 2734 May
40c July
13-4' Jan
4
Aug 2634 Feb
3c June
10c
Jan
1
July
1% Mar
58e
Jan
134 June
1534 Aug 277,4 Mar
1
Mar
233 Jan
1
Feb
2
May
1
Jan
10
June
2
Jan
434 June
2c July
200 Mar
8
July 1434 May
12
July
1974 Feb
131 Jan
4% Mar
9 3-3 Jan
1834 May
12
55i Jan
June
40
Slay
603% July
1194 Mar
38
June
13c
Jan
35e Mar
1% Apr
5
Mar
11.4 Apr
39-4 June
2c July
12c Mar
67e Mar
3
Juno
43-4 Jan
733 June
I lc July
35c
Jan
4
Feb
813 June
10
Apr
15
May
1234 Jan
2094 May
23% Feb
6
June
9531 May 9794 May
833 June
1233 Jan
10o July
5
Jan
18c July
35c
Jan
1254 June
1414 July
75c
Feb
7
July
40e
Jan
I
Mar
10
Jan
1434 June
1
July
1,:fis Apr
23
Jan
31
June
234 Jan
7
Jully
60c
Jan
1
Feb
90 July 380
Jar
1% Apr
Mer
15
Apr
12 June
Jan
42
June
25
14% Apr
45% Apr
June
34
June
165
120% July
June
3
19% July
July
19
yi May
2% Apt
1% May
2% Jan
6% July
242
May
June
72
6% June
24% A re
June
35
153 May
July
19
5% June
45% Aug
40% Judy'
July
51
July
32
15
Mar
9% May
124 May
14% June
Feb
34
Apr
75c
214 May
9% May
July
43
163% Apt
6% Jan
9691 July
714 Apr
July
89
1631 Apr
990 June
20% July
July
225
565,6 July
9% May
15% May
40 June
1% June
32% July
Jan
1%
May
21
15% Slay
May
58
Mining Stocks.
11% Feb
13% July
Alaska Brit-Col Metals..10
213
1,900
233 2%
Jan
543 May
1% Aug
Amer Corn M & M
30
3c
40
3c July
5,600
10c
Apr
18% May
American Exploration _ _ _ _1
134 May
1% 234
2,900
1%
3% Apr
7% Mar Anglo-Amer Corp of S Afr_
1933
1953 20
600 1131 Apr 24% Mar
10
May Belcher Extension
10c
4c
30
Sc 76,000
2c Mar
70 May
54 34 Aug
Big Ledge Copper Co
6 10c
10c
13e
29.000
8c July 29c
jan
29
Aug
Boston & Montana Corp 25
1%
114 V% 119,600 730 July
5
Jan
Boston & Montana Day, 6 19c
8% Jan
180 210 94,300
130 July 94e
Jan
Jan Caledonia Mining.
690
1
8c
8c
1.000
4c
Feb
10c May
5% May Calumet & Jerome Copp.1
20c 200
1.000 13c
Jan
300 Feb
47/s May Canada Copper Co
20c
160 230 27,500
9, Mar 650
Apr
7% July Canario Copper
231
2%
4.700
2%
1% July
3% July
12% July Candelaria Silver
1
33c
330 34c 54.000 19,
35c May
Jan
23% July Cash Boy Consul
7c
7c
8c
6.000
40
Feb
8e July
11% Jan Consol Copper M ines___ _5 60c
50c 600
9,300 200 July
2% Apr
3% May Cons Nevada-Utah
6c
7c
2c
4,000
Feb
90 May
10833 July Cortez Silver......... _
1%
1
1% 18.400 84c
)% June
Jan
June
Creeson
Con Gold M & M 1
1614
213 2% 1,200 233 June
3
Jan
90% May Davie-Daly Mining
10
7;3
733
400 6%
8% Juno
Jan
July
59
Divide Extension_ .......1
12c
12c
10.000 110 M ar 2H
13c
Jan
June
107%
Dolores Esperanza
5
2%
2% 2% 2.600 82c
253 May
Feb
14% May
El Salvador Silver Mines 1
30
2c Mar
3c
8c Mar
4c 30.000
6% Apr
Emma Silver
1
lc Mar
25.000
40 Mar
lc
lc
3% May
Eureka Croesus
1
35c
18c
320 38c 116.000
Jan 41e July
July Fortuna Con Mining
29
17c
I5c
17c 39.500 10c July 240 June
May Gadsden Copper
1
600 590 Mar
85c
1.38 Apr
85c
90c
23% Ian Golden Cycle M & It
200 80c Mar 88c Aug
880 88c
June Golden 'Slate Muting
45
8.000 24e May 45o June
45c
43c 45c
2312 Feb Goldfield Consol Mines_10
30
3.000
Apr
120
Jan
6c
6c
6c
5% Aug Goldfield Deep
he
Apr
30
Jan
lc
1c
lc 162 100
14% June conineid I/evelopment _
3c June 13o Aug
162.100
10c
70
13c
40% June Goldfield Florence
9c July 30c
Apr
1.000
.1
12c
120
33-4 June Goldfield Kewanas
20
40 Feb
Jan
1.000
40
40
29% Aug Goldfield Oro Mining
lc June
40 July
3.000
lc
10
10% May Gold Zone Divide
15e
7c Slay
Apr
5.000
1
Sc
9c
80% Feb
Hard Shell Mining.....
6c July 484' Mar
14.000
60
Ilc
Aug
Harmill DIvIde
30
ISO May
7c June
13.000
10c
9c
7c
Slay
9
Heels Mining
6% Aug
453 Jan
7,200
26c
6%
651 6%
8% May
Hilltop-Nevada Mining _
13% July
1%
1
1% 27.700 75c June
2'A. Apr
Hollinger Cons G Mining .5
10
793 Jan
1.300
Aug
10
993
1% Apr
Howe Sound Co.....
2% Jan
1.300
33-4 May
I
3
3
3%
Aug
12c
Independence Lead Min__
760 May
6e
Jan
480 58c 1011,300
50c
Jan Jerome Verde f Neve)._ _
15o
5
1,900
2% Jar
Feb
3%
31.4
353
214 May Jim Butler Tonopah
40 July
10c Feb
2.000
1
70
60
Jan Jumbo Extension
87c
20
60 May
Jan
1,0(10
1
4c
40
July
31
Kerr Lake
Mat
3
4% Apr
2(10
6
33i
331 3%
Knox Divide
3c
6c Mar
Jan
8.000
40
10c
40
40
La Rose Consul Mines__ _5 28c
Jan 63c Mar
13.000 250
250 300
500 Aug
Lone Star (tons.'
Jan
100 July
lc
80 134,000
6c
1
7c
McNamara Mining
Sc
Jan
14c Mar
19,000
Se
7c
1
7c
magma Copper
3253
Jan
203%
400
Feb
27%
2753
5
Marsh Mining
3Ic May
Jan
4e
13,000
15c
14c
150
Mason Valley Mines
1% Jet
1.900
314 May
13
,
y
2
17,4
80 June 40c
25 June Mckinley-Darragh-Sav
Apr
1,000
200 200
1033% May Mohican Copper
Jan
2.000 150 Mar 47c
150 150
Apr Mot heriode Coaill Ion__ _ _•
10% May
6% Jan
198
9% 1031 13.800
954
Mar Nabob Cons Mining
1 lc June
5c
106
Apr
3.000
70
6c
7c
Apr
National Tin Corp
313-3
310 410 109.000 27c Mar 67e May
60c 3Ic
May
Au g 52c Mar
130
332
Nevada Otthir
190 11,000
130
170
20
June
443% July New Cornelia
200 17% Jan
19% 19%
June
Jan
2
270
Jan
New Dominion Copper...
1,600
231 2%
June New Jersey Zinc
June
Mar
141
55
249
1473%
100 14454 14233 14431
6% Mar
Feb
5% July
66
Nipissing Mines
593
5%
393 2.900
14c
70 Mar
Apr
1243/ May Ohio Copper
9,000
10c
Sc
Sc
10
54
5% July
1 July
108 June
Park Utah Mining
511 5% 2,500
5%
June Peterson Lake
3c Mar
10c July
443
2.000
Ito
lie
Apr Pitts & Mt Shasta
29,3
472
Jan
4,000 210 June
220 220
1
Feb
June Ray Hercules Inc
234 June
37
3,800
133 I%
13,4
Sc Jan
120 May
June Rex Consolidated Min__.1
9,100
450
80
70
7c
134 June
113 May
1,900
Sheldon Mining
1% 19g
1%
120 June
July Silver Horn M & D
Sc May
2
1,000
7c
70
5% Jan
414 Apr
1533 July South Amer Gold & Plat .1
200
4% 493
4%
110 June
lc May
Sc July Spearhead
5.000
20
lc
lc
Jan
24c May
48c Feb Standard Sliver Lead_ _1
2.000 100
190 210
Jan Stewart Mining
Jan
160
20
Apr
3
4.000
70
60
60
lo Mar
410 Aug
Apr Suecess Mining
13
300 410 135.000
1 380
Jan 660 Aug
12,200 20c
12% May Teck Hughes
600 660
66c
Jan
Jan
29c
June
700
Tonopah Belmont Dev _1
1% 111
990 June
8.600 46c
Mar 87c June'
Tonopah Divide... 770
73c
1
73c
af6
4
636
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Lou'. High. Shares.
Range since Jan. 1.
Low.
High.
1% 1% 1,400
15
4 Feb
1% June
Tonopah Extension
1
1%
1%
1,300
1748 Jan
1% July
1
Tonopah Mining
70
7c
1,000
2c Feb
120 June
Tonopah North Star
12e
12c
4,000
5
Tr -Bullion S & D
5c Mar 26c May
300
2% 2%
Trinity Copper
1
3
Jan
2%
July
700 75c
4,700 450 Mar
72c
Tuolumne Coppee
1
1
May
19
4 1% 5,800
United Eastern Mining 1
2% Jan
1%
1% Apr
27% 27%
300 27
United Verde Exten___50e
Mar 3035 Jan
1
1%
900 75c June
United Zinc Smelt
1% May
334 3%
1,100
Unity Gold Mines
2% May
334
54 Feb
30e 35e
11,000 305 July
34c
Volcano Mining
55f3 Mar
134
13,g 7,800 70c Feb 1% Mar
West End Consol.
11%
Sc
Sc
8c
9,000
White Caps Mining ___10c
30 Feb
90
Apr
Sc
7c
1
8c
5,000
Wilbert Mining
lc
150 July
Jan
95c
5
1
1,600 80e June
Yukon Gold Co
134 June
Bonds82% 83
$5,000 59
Bled Pack cony deb 6e '39
Apr
Jan 90
Certificates of deposit__. 64% 64% 64% 16,000 50% Jan 65
May
5,000 76
Allied Pack 8s Per B WI '39 94% 94% 95
Feb 99% MAY
Aluminum Mfrs 70_1925 103% 103% 103% 66,000 100% Jan 104
June
105% 105%
1933
4,000 102% Feb 106
Ts
Apr
Amer Cotton Oil 6s_ _ _1924 99% 99% 99% 15,000 93
Feb 99% July
Amer Light & Trac 6s_1925
100% 103% 11,000 96
Jan 107% May
Without warrants
100% 100% 100% 39,000 100
May 100% June
Amer Repub Corp 63w I'37
93
9334 44,000 93
July 93% Aug
1
Amer Tel & Tel 6s____1922 100%
wog 100% 47.000 99% Jan 101 Mar
611
1924 101% 1014 101% 31,000 99% Jan 10178 Apr
Amer Tobacco 73
1923
102% 102% 4,000 101% Jan 103 May
Anaconda Cop Min 7s 1929 103% 103% 103% 23,000 100% Jan 10434 June
6% notes Series A__1929 loon 100% 101
31,000 9834 Jan
101% July
Anglo-Amer 0117%s_ _1925 103% 103% 101% 26,000 10233 Jan 104
Aug
Armour & Co 7% notes1930 101% 104% 105
48,000 101% Jan 105% July
Atlantic Fruit Inc 8s, w 1_ _
38
38
38
1,000 38
June
Aug 50
Atl Gulf & W I SS L 531959 6014 60
26,000 57% Apr 66% May
01
Baragua Sugar 7%8_1939 1001% 100 100% 13,000 100
July 100% July
Bethlehem Steel 7s___1923 105
104% 105% 60,000 10031 Jan 105% May
Equipment 7s
1935 1033e 103% 103% 23,000 100% Jan 103% Aug
Bklyn Union Gas 7s w 1 '32 1091% 109% 110% 40,000 1054 May 112% June
6swl
1947 1011% 101% 101% 16,000 104
June 105% May
Canada SS Lines 7s w 11947 9434 94
94% 16,000 94
July 96% May
Canadian Nat Rys 73_1935 1101% 109 111
62,000 104% Feb 111
Aug
w1
1925 993.1 99% 99% 33,000 9834 June 99% Mar
Canadian Pac Ry (is. _1924
101% 101% 72,000 99% Jan 101% Jan
Central Steel Ss
1941 1051% 105% 106
30,000 aS
Apr
Feb 108
Charcoal Iron of Am 8s '31 94
94
94% 12,000 92% Mar 99% Apr
Chic Un Stet Is Ser B_1903 100
99% 100
27,000 99% June 100% July
Col Grapnophone
1925
Certificates of deposit_
3334 3934 12,000 31
Mar
Apr 40
Com'wealth Pow Corp Cs'47
88% 88% 16,000 88
July 90% May
Cons GEL&P Bait 73'31 10634 105% 106% 12,000 102% Jan 106% June
6sSerAwi
1949 1011% 1003e 101% 43.000 99% June 101% July
Consol Textile 8s
1941 981% 96% 98% 25,000 94
Feb 10034 June
Copper Export Assn 8s_'24 1021% 102% 103
12,000 102
May 103% Apr
8% notes_ _Feb 15 1925
103% 101% 25,000 103% Feb 105
Mar
Cuban Tel lel 7 eis _ 1941
105% 106% 3,000 102%, Jan 10734 June
Deere & Co 734s
1931 1021% 102 102% 8,000 95
Feb 102% July
Empire Gas dr Fuel Cis A924 1011% 101% 10134 22,000 92% May 101% July
Os
1926
98% 98%
1,000 98% Apt 10134 July
Fed Land Bk 434s w 1_1942
101% 10134 26,000 100
May 101% July
Freeport Texas Co 78_1937
123% 123%
2,000 100% Apr 156
June
Ga.ir (Robert) Co 78_ A937 9734 9734 98% 10,000 95
May
Feb 100
Galena-Signal 011 73__1930
10534 105% 12,000 100% Jan 10594 Aug
General Asphalt Se___1930
101% 105
8,000 102
Jan 107
Apr
Goodrich (B Fl Co 7e_1925 1031% 103% 103% 86,000 96% Jan 103% July
Grand Trunk Ry 0%8_1936 106% 106 107
21,000 102
Aug
Jan 107
Gulf 011 Coro 7s___ _1933
101 104% 30,000 102% Jan 104% May
Hershey Chocolate 734s'30 1031% 103% 103% 9,000 100%
June
Feb 104
Hood Rubber 7% notes '36
99
98% 99
47.000 95
Apr
Jan 100
Humble 011 & Ref 7s_ A923 1001% 100% 100% 28,000 99% Jan
May
101%
Interb R T fisJ P M recta__
921% 91% 93 360.000 72
May
Jan 95
Certificates of deposit _
91
92
20.000 89% July 9234 July
7% notes
1921
9834 98%
2,000 76
Jan 99% June
Kansas Gas & El63 w11925 9514 95% 96
38,000 95
97% Apr
Kennecott Copper 75_1930 1051% 104% 105% 38,000 101% June
Jan 106% Ant
Kings County Ltg 63es NV 1_
9836 981% 98% 2.000 96% Mar 99% May
Laclede Gas Light 7s_ _ _ 10134 100 101% 212,000 9434
Feb 10134 Aug
LibbyMcNeill& Libby 78'31 9934 99% 99% 51,000 98% Apr 101% Apr
Liggett-Winchester 78_1942
100% 101
12,000 98% Mar 101% Apr
Magma Copper 7s w 1_1932
107 108% 27.000 106
May 110% Juno
Manitoba Power 75.. _1941
96
96
19,000 89
May
Jan 100
Morris & Co 734s
1930
105% 105% 3,000 10234 Jan 107
May
Nat Acme Co 7348-1931 97% 96% 9734 18,000 92
Mar 98% Apr
Nat Cloak & Suit 89_.A930
103% 104
5,000 95
July
Jan 104
National Leather 8s .1925
98
99
27,000 9534 Jan 101
Apr
NYNH& Hartf 4s_ _1922
89% 89% 10,000 68% Jan 101% July
7swi
1925
86% 87% 221.000 77
Mar 92% May
75
500 franc bonds
75
75
21,350 64% Mar 78
May
Phila Electric 534s w 1_1947 10134 101 101% 23.000 99 June 101% July
Phillips Petrol 730-1931
117 117
6,000 101
May
Feb 126
Without warrants
102
101% 102% 35,000 99
Apr 104.4 May
Procter & Gamble 78_ _1023
100% 100%
1,000 100% Aug 102
Feb
Public Serv Corp 7s w 11941 1031% 10234 104
85,000 96% Feb 104
Apr
Sears, Roebuck & Co 73 '22 10034 100% 10034 11.000 9834 Jan 101% Apr
7% serial notes Oct 15'23 1011% 1014 101% 33.000 97
Jan 102
Apr
103% 104% 38,000 101
Shawsheen Mills 75.. _1931
Apr
Jan 105
106 100% 16,000 102% Jan 107% July
Solvay dr Cie 8s
1927
Southw Bell Teiep 7s_1925 104% 102% 104% 260,000 100% Jan 104% Aug
Stand Oil of NY deb 8%8'33 10934 109% 109% 23,000 105% Mar 109% July
105 105% 12,000 104
7% serial gold deb _1925
Jan 106
Apr
77 serial gold deb_ _ 1926
106% 10634 6.000 104
Jan 10634 July
77: serial gold deb_ _1927
106 106
1.000 104
Feb 107
May
7% serial gold deb_ _1928
106% 108% 9.000 105
Jan
Feb 107
77 serial gold deb_ _1929 1071% 107% 107% 15,000 105% Mar 108
July
10714 10734 11,000 106
77: serial gold deb_.1930
Ann 109
June
109% 110
7% serial gold deb_ _1931 110
12,000 10734 Mar ill
July
109 113
Stewart Warner 8s_ __ _1926 109
16,000 100% Jan 1144 July
101% 101% 15,000 98% Jan 101%
Sun Co 78
1931
1 May
Swift & Co 7s
1925 102
102 102% 31.000 1003.4 Jan 102% July
10234 103
7s
34,000 101
Aug 15 1931 103
Jan 103% Apr
101% 101% 6.000 9934 JAII 101% Apr
Tidal Osage Oil 7s___ _1931
22,000 100% June 102
Union 011 of Cal 6s.. _1942 1001% 100% 101
May
98 100% 31,000 90
United Oil Produc 8s_ _ 1931 981%
Feb 110
Apr
United Rys of Hay 734s'36 103% 105% 10634 30,000 100
Apr
Jan 108
1936 107% 107% 107% 44,000 106
Vacuum 011 7e
Jan 107% Feb
12,000 98% July 100% May
98% 99
Valvoline 01163Ser A wi..'37
Western Elec cony 7s.1925 106% 106% 103% 166,000 103% Jan 109
Mar
101% 10231 22,000 95% Mar 102% July
Wincti Repeat Arms? 3,18'41 102
Foreign Government
and Municipalities.
Argentine Nation 7s_1923 100% 100
1%
§Berlin 4s
2
1932-52
§Elberfeld 58
51
1043
French Govt 4s
I%
§Hamburg 434s
1945 3931 38
Mexico 4s
9234
Montevideo (City) 7s w 152 921%
96
Netherlands(King,d)6313'72 96
100
Peru (Rep of) Ss w 1_ _1932 100
15%
1919
Russian Govt 634s_
13
Certificates
15
1921
5eis.
Serbs, Croats and Slovenes
(Kingdom of) 88 w 1_1926 95% 95%
Switzerland Govt 534s 1929 103% 103%
100% 93,000 97
1% 00,000
1%
2 830,000
2
9,000 46
51
1% 10,000
1%
39% 120,000 38
96% 97,000 92%
115,000 96
96
10,000 100
100
1,000 13%
15%
27,000 13
15
15
4,000 1334
Jan 100% may
Aug
5% Jan
Aug
6% Apr
Jan 6135 Apr
July
5% May
June 52% Apr
Aug 97% June
July 96% July
July 100% July
Jan 30% Apr
July 26% Apr
Jan 28
Apr
95% 119,000
103% 95,000
July
9588 July
Jan 107% Mar
95
953,1
+ Odd lots. * No par value. / Listed on the eitock Exchange this week, where
additional transactions will be found. o New stock. w When issued. x Exdividend. y Ex-rights. z Ex-stock dividend. x Dol am per 1,000 lire, flat. § Dollars
Per 1,000 marks. g Marks. k Correction.
[VOL. 115.
Quotations for Sundry Securities.
All bonds prices are "and interest" except where marked "f."
Standard Oil Stocks Par Bid. Ask Joint Stk. Land Bk. Bonds
Anglo-American Oil new. Ell 1878 1918 ChicJt Stk Land Bk 58_1939 9934 10012
Atlantic Refining
100 970 1000
10238 103
Ifs 1951 opt 1931
Preferred116 118
Sc 1952 opt 1932
10212 10314
Borne Seryinser Co
1
, 00
92 415
Blair
534e 1951 opt 1931
is. 106
Buckeye Pipe Line Co__ _115°0°
0
94
RR. Equipments-Per CI
Chesebrough Mfg new._100 190 200
Atch Topeka & Santa Fe 8s_ 5.35 5.10
*10338 111
Preferred new
Allan Coast Line
6348 5.40 5.15
132 135
Continental 011
Baltimore dr Ohio 4358 & Cs. 5.50 5.10
Crescent Pipe Line Co.. 0
50
35 BuffRoch & Pitts 4s & 43.4s 5.20 4.90
Cumberland Pipe Line_ _100 135 140
5.30 5.00
Equipment 68
Eureka Pipe Line Co...100 88
90 Canadian Pacific 434e dc 6s
5.30 5.00
Galena Signal Olicone_ _ _100 101 105 Caro Clinchfield & Ohio 5s
6.00 5.50
01
8 112 Central of Georgia 434n... 5.60 5.25
Preferred old
100 15
Preferred new
53 Central RR of N J fle
5.30 5.00
Illinois Pipe Line
162 Chesapeake & Ohio 60& 63.4n 5.55 5.25
Indiana Pipe Line Co_ 151 6
5.50 5 10
90
180
8
Equipment 5e
International Petrol (no par) *2078 211s Chicago & Alton (is
5...3
.41
505
0
6.
53.. .000
49490 556
5.35 5.10
National Transit Co__12.50 *26
27 Chicago Burl & Quincy 8s
New York Transit Co__ _100 163 167 Chicago & Eastern III 5eie
Northern Pipe Line Co_ _100 98 100 Chicago Ind & Louifiv 434a. 5.60 5.15
Ohio Oil Co
275
ChicagoSt Louie & N 05e.... 5.35 5.00
Penn Mex Fuel Co
5.25 5.00
30 Chicago & N W 454s
2
0
8581i82 '80
3122
210693104
*/
70530
Prairie Oil & Gas
10
00
0
11 5
Equipment 6s ez 634s....
252 ChicR I de Pae 434s, Is, 6s 5.65 5.25
Prairie Pipe Line
.1
20
5
345 Colorado & Southern 5e, fis_ 5.6
40 5.
Solar Refining
100
94 Delaware & Hudson 61
Southern Pipe Line Co_ _100
212 Erie 4%s,5s&Cs
South Penn Oil
100
5.15
62 Great Northern (35
Southwest Pa Pipe Line8.100
20
100
40 5.3
Standard Oil (California) 25
Hocking Valley 454a, Si et (is 5.6
Standard Oil (Indiana)._ 25
11.038 Illinois Central 434e, 51 & Sc
Standard 011 (Kansas)..100 535 545
Equipment 7e & %e
5.30
96 Kanawha & Mich 154e. t3a
Standard 011 (Kentucky) 25 *95
Standard 011 (Nebraska)100 175 185 Louisville & Nashville 5s
•
2
15
5
2530
505 5
55 °
555 4
Standard Oil of New Jer_ 25 *181 183
Equipment Os et 6348-- - - 5
Preferred
100 117 11734 Michigan Central 5s,(in__ _
10
0
5..0
3°
5 0
Standard 011of New Y'k.100 418 422 Minn St P dr 58 M 4358 de a 5..4
5.5
.30
0
60 5
6
5.
.0
Standard Oil (Ohio)....100 155 465
Equipment 636s & 78Preferred
100 *116 118 3,11esourl Kansas & Texas 5s
5
5.23
35 Mleeouri Pacific 5s
5.75 6
Swan & Finch
100 32
5
5..9
70 5.30
Union Tank Car Co..-.1001 59814 10032
Equipment Cs & %me
100 x107 109
Preferred
Mobile & Ohio 43.s. 5s
100 420 424
2
10
0
Vacuum 011
New York Central 434s, Sc.
10 *24
5..
45
0 5
28
5..3
Washington Oil
Equipment (313 & 7s
N Y Ontario ec Western 434s
°
.• 50
Other Oil Stocks
5.9
25
° 5.0
Norfolk & Western 454e_._ 6
Atlantic Lobos Oil (no par) .912 10
Equipment(Is
10
43
5.
Preferred
30
5 55
5..3
50 .38
Northern Pacific 7f1
Imperial 011
25 •110 112 Pacific Fruit Express 7s...
.• 10
5
Magnolia Petroleum___ _100 175 180 Pennsylvania RR to & 434n
5 :235
5 5.0
Merritt Oil Corporation 10 *813 834
Equipment6e
5
Mexican Eagle Oil
.• 20
50
° 5.2
5 *11 12 1312 Pitted) ee Lake Erie (3s &($34s 5..4
5,35 5.10
Reading Co 4348
Tobacco Stocks
0
51 5.20
St Louis Iron Mt & Sou 5f1._ _ 5.7(
American Cigar common.100 64
67 St Louis & San Francisco 5e.
Preferred.
60
84 Seaboard Air Line 434e & Is. 6.
65 50
6320 5..00
655.. 0005
100 81
Amer Meohine & Fdry__100 225 250 Southern Pacific Co 454e.._
134 137
American lobacco scrip_
Equipment 7e
5.20
British-Amer Tobac ord. Ll *1812 19 Southern fly 434e, 55 & 6s
Brit-Amer Tobae, bearer Ll •1812 19 Toledo & Ohio Central
14
0°
0
65.602 5:3
Conley Foil (new)__(no par) *12
Union Pacific 7e
Heime (Geo W)Co,com.100 152 157 Virginian fly 6e
5.70 5.15
Preferred
100 109 112
Imperial Tob of G B & Ire _ _ •1413 15
95
Johnson Tin Foil & Met_100 85
MacAndrewe & Forbes_ _100 100 105
Public Utilities
100 97 100 Amer Gas et Elee, corn._ 50 *155 158
Preferred
32
100 28
Mengel Co
50 *431
1
Preferred
2
56 Amer Light & Tree,com.100 1:)7 114
012
Porto Rican-Amer Tob 100 51
75
*65
98
Scrip
Preferred
100 96
*65
SO
28
0
17
5 18
Reynolds(R J) Tobacco_ 25
Am
perrefP
eo
rrw
ed
er & Lt, corn 100 18
Schulte Ret. Stores(no par) •3412 36
19
Universal Leaf 'l'ob con:1_100 118 123
Amer Public UM,corn_ _10(1 15
100 98 162
Preferred
Preferred
100
86 BlackstoneVaIG.ecE.com 50 d 7
3°
0
100 81
8
72
5,2
Young (J S) Co
97 Carolina Pow & Lt, corn _100 46
50
100 93
Preferred
Cities Service Co, com 100 182 185
Rubber Stocks (Clevel and pr ices)
Preferred
80 Colorado Power, corn_..100
Firestone Tire & Rub,com_10 78
18
6
18
8
'
14
8
19° 6"k
91
100 90
Preferred
6% preferred
100 8534 87 Com'w'th Pow,Ry & Lt_1(
7% preferred
0
)
(
0
) 1.7
) 6
32
250
Gen'l Tire & Rub,cona 100
Preferred
98 Eiec Bond & Share, prof_ MS )
100 92
Preferred
16 )
11
91
1014 Federal Light & Tree
36
Goodyear Tire & R,com.100 10
100 34
3012
100 30
Preferred
Preferred
100 71
74
70
100 68
Mississippi
Prior preferred
ippi Riv Pow,com100 28
29,2
75
80
Goodyear T&R of Can pf 100
Preferred
100 79
81
67
100 63
9312 9412
Miller Rubber
First Mtge 5s, 1951__J&J
93
9414
Preferred
S f g deb 7s 1935._ _M&N 100 102
10f1
Mohawk Rubber
1212
Northern Ohio Elec.(no par) .10
Swinehart Tire & R,com-100 22
Preferred
Preferred ____
Noprrtehr
9
43
'
enrrSetdates Pow,com.110
37
00 80
Sugar Stocks
16
50 *14
Caracas Sugar
80
Cent Aguirre Sugar com_ 20, *78
1.2
Central Sugar Corp.(no par)1 *- --- ---100 * 12
Preferred
20
50
_100
Cupey Sugar common__
70
100 50
Preferred
77
100 73
Fajardo Boger
Federal Sugar Ref, com_100 104 _-_-_-_100 104
Preferred
16
Godchaux Sug Inc_ _(no par) •14
78
100 74
Preferred
Great Western Sug,com_100 250 260
100 106 110
Preferred
25
Holly Sug Corp,com(no par) *20
35
100 50
Preferred
58
0
Juncoe Central Sugar__ _100 50 10
National Sugar Refining_100 155
11
14
SantaCecillaSug Corp.pf.100
Savannah Sug.com_(uo par) 46
100 92
Preferred
West India Sug Fin,emn.100 50 1095061
52
100 49
Preferred
industrial &Miscellaneous
American Hardware__ _100 187 192
55
Amer Ty pefounders,com.100 52
118
100 94
Preferred
32
Slim(EW)Co,new_(no par) *131
50 '57
Preferred
Borden Company.come-100 100
100 100 102
Preferred
98
100 92
Celluloid Company
100 112 116
Childs Co, coin
100 105 107
Preferred
Havana Tobacco Co_ _100 ---- ---100
Preferred
late Sc, June 1 1922_J&D
100 65 _68_
International Salt
International Silver. prof 100 •102
78
Lehigh Valley Coal Sales. 50 *76
100 160 175
Phelps Dodge Corp
105
_100
110
Pow,
com
Baking
Royal
100 98 101
Preferred
94
Singer Manufacturing. _ .100 92
Nor Texas Eie
pooC
90
3,
213 150
9:
woa:clo
,tm 100 104
3
512
25_ _
Preferred
100 8312 _8
Pacific Gas et El. 1st pref 100 80
Puget
7% Sound
6% preferred
preferred
Gen Si 7%s 1941_ _ _M&N
18g 1(1
13
1 11.41
6
Republic Ry & Light
100
'403
5 1
South
Preferred0
Calif Edieou,com_ 1 00
° 113
A'
°
Preferred
100 ,14...p. 1g,
Standard Gas & El(Del). 60 16
50
Preferred_ _ . ____ .._ 50 •49
1412 15
Tennessee Elec Pow (no par)
39
(no par) 36
2d preferred
55
U nited Lt & Rye,com__ _100 52
100 7412 77
1st preferred
31
2
71, 8
Western Power Corp_ __ _ 100 3
Preferred
short Term Securities-PC? Cent
0;212924_ _ M&S2 9938 9938
Am
e%
Co:
of:LI 1
1 10
00
1114
Amer Tel& Tel 65 1924_44kt:
10
00
1312
e
Am Tob 7% notes '23.MtIcN 10238 10258
AnacondaCopMin63'29.J&J 10034 101
Jdc.1 10334 104
7s 1929 Series B
Angio-Amer 0117%8'25 Ale° 10378 10418
Arnfr&Co73July15'30J&J15 10134 105
Deb Cs J no 15'23 J&I)15 WO
Deb fis Joe 15 24.J&DlIp 100
Beth St 7% July 15'23J&.115 103 10512
Canadian Paces 1924.M&S2 1011e 10138
Federal Sug Ref Oti'24.M&N 10034 101
Goodrich(11F)Co 78'25.A&O 10338 10318
Hocking Valley fie 1924.M&S 10058 10078
Interboro R T 75 1921_M&S 98 1 9812
K 0 Term ley Cle'23.M&N15, 10114,10112
deis July 1931
JAL! 102 1104
Laclede Gas 7t) Jan '29-F&A 101 1 10112
Lehigh Pow Sec Cc '27.F&A 90 41 91
Sloss Shelf S & I (is '29 _F&A
981 9834
Swift & Co 7% 1925_A&015 102 110214
77e notes Aug 15 1931_ _ __ 10278 1031s
U S Rubber 754* 1930_F&A 10713 10812
West Elea cony 7ii 1925-A&O 1071 140712
• Per share 0 Bashi. fi Purchaser also ()aye accrued dividend
e Now stook.
/Flat price. k Last bale. nNomiaal. x Ex-dIv. y Ex-rights. t Ex stock div.
butestutent awl gailroati ptellagente.
637
..././goy.ko•Ao
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan.1 to Latest Date.
Latest Gross Earnings.
ROADS.
Current
Year.
Previous
Year.
Alabama & Vicksb_ June
281.735 247,211 1.575,090 1,598,223
Amer Ry Express.- April
12945965 17403473 51,737,855 70,123,003
AkrCanton&Youngs June
198,848 142.445 1,071,614
656,192
Ann Arbor
3d wk July
97,040
97,913 2.681,082 2,576.658
Atch Topeka & S Fe June
15524584 14850226 83.402,328 89,200,128
Panhandle S Fe June .
574.661 737,824 3,471,006 4,133.565
Gulf Colo & S Fe- June
1.892.718 2.437,915 9.994.276 14,011,192
Atlanta Birm & Atl- June
312.517 261.610 1,842,846 1.489,894
Atlanta & West Pt.- June
207.363 196.055 1,147,232 1.254,772
Atlantic City
June
467,594 448,789 1,874,969 1,865,233
Atlantic Coast Line_ June
5,571,036 4,955,101 37.095,580 36.732,035
Baltimore & Ohio June
17580515 16316024 98,079.159 96,230.951
B & 0 Ch Term June
290,213 195,443 1,477,424 1,208,657
Bangor &..Aroostook June
562.672 438,983 4.488,387 3,776,160
Bellefonte CentraI _ . March
8.283
6,874
21,856
20.949
Belt Ry of Chicago.. June
501,780 457,235 2,890.776 2,503,441
Bessemer & L Erie_ June
1.389,042 1,656,893 4.664,649 5,928.169
Bingham & Garfield June
$6,625
11,425
82.380
106,495
Boston & Maine... June
6,523,383 6,440.900 37,848,763 37.149.810
Bklyn E D Term_
June
127,723
96,103
797.420
661,067
Buff Roch & Pittsb_ 3d wk July 210,548 259.526 7,877.124 8.457,004
June
Buffalo & Susq
68,622 130,268
731,749 1,035,466
Canadian Nat Rys- 4th wk July 2,642,311 3,009,977 60,019,756 67,492,258
Canadian Pacific
4th wk July 4,596,000 5,063,000 88,039,000 97,091.000
Caro Clinch & Ohio.. June
699.220 609,085 3.863.255 3.581,721
Central of Georgia June ' 1,993,095 1,941,432 10.747,997 11.132,682
Centro.. RR of N J _ June
3.443.405 4,426.928 23.199.980 25,149.836
Cent New England_ June
458,67
684,374 3,511,250 4.109.667
June
Central Vermont
642,13
533,235 3,168.328 3,086,836
Charleston & W Car June
271.72
25 1,724.476 1,690,322
Ches & Ohio Lines June
8.870,114 8,564:712 44,172,859 41,883.146
Chicago & Alton__ _ June
2,306,082 2,580.089 14.132.672 14,467,083
Chic Burl & Quincy.. June
13084755 13343856 74,635.952 78.379,915
Chicago & East Ill June
2.010.422 2,101.847 11,903.154 12,850,818
Chicago Great West June
2.038,290 2,004,593 11,323.144 11,659,886
Chic Ind & Louisv_ June
1.358,6511,286,639 7,757,916 7,313.189
Chicago Junction May
292,6691 409,419 2,045,955 2,042,576
Chic Milw & St Paul June
13513554112353001 71,156,775 67.769,580
Chic & North West_ June
13665322 11864185 67,660.629 67,606,358
Chic Peoria & St L_ June
168,0921 160,589 1,133,185
956.619
Chicago River & Ind June
594,994
792,263
Chic R I & Pacific June
10733758 11106855 56,053,682 62,313.356
Chic R I & Gulf June
516,269 646,349 2,716,060 3.568.395
Chic St P M & Om_ May
2,206,981 1,926,903 10.589,61b 10,901.450
Chic Ind & Western June
376.757 288,806 2,043,584 1.697,748
3d wk July 492.761 560,829 12,476,141 13.907.683
Colo & Southern
Ft W & Den City.- June
784,649 789,072 4.362,143 5,238,474
Trin & Brazos Val June
139.785 228.571 1,580,058 1,297,283
Wichita Valley.... June
89,779 102,306
786,343
571.445
Cumb V & Martin June
60.211 147,897
453,318
732,958
Delaware & Hudson June
2.296.018 3.723,608 18.866.430 22,411.257
Del Lack & Western June
5,501,267 7,566,132 35,882.808 42.279.985
Deny & Rio Grande June
2,737,227 1,858,507 14,456,21114,240.766
Denver & Salt Lake June
41,963 298,097
555,823 1,161.268
Detroit & Mackinac June
185,535 177,363
916.795
815.311
Detroit Tol & front_ May
889,503 651.663 3.573,291 2,077,291
Det & Tol Shore L.._ June
310.025 222,784 1.809,131 1,204,187
Dul & Iron Range June
1,317.150 701,531 2.176.549 2,128,259
Dul Missabe & Nor_ June
2.679.074 1,993,538 3,844,734 4.497.117
Dui Sou Shore & A tl 3d wk July
77.975 2,216.887 2.501.518
93,305
Duluth Winn & Pac June
972.664 1,390,987
194,909 119,575
East St Louis Conn_ June
808.487
173,377 128,885 1,011,166
Eastern SS Lines... May
480,300 416,136 1,585,195 1,259,123
Elgin Joliet & East._ June
1,731,845 1.311,078 10.507.235 10,414.300
El Paso & Sou West June
1.066,440 1.025.721 5.209,396 6,003.017
Erie Railroad
June
6,911,866 8,112,296 44,433.306 49.596.485
Chicago & Erie June
903.500 748,409 5,492.774 5.325,183
NJ&NY RR Jime
719.990
728,748
123.401 124,023
Florida East Coast_ June
813,138 874,874 8,065,238 8,295,665
Fonds Johns & Glov June
667.413
684,008
101.380 109.747
Ft Smith & Western June
142.073 109,467
913.912
730,608
Galveston Wharf_ _ _ June
98.602 199,839
706,854 1,245.161
Georgia Railroad_ _ _ June
421,356 412,195 2,367,734 2,636.266
Georgia & Florida.... June
138,050 127,938
691,403
665,104
Grand Trunk Syst_ _ 4th wk July 3,267,785 3,748,903 57,326,245 56.571.719
Atl & St Lawr
June
164,862 154,999, 1,364,899 1,573,471
Ch DetCan0TJct June
155,448 132,0061 1,124,3761 969,681
Det G H & Milw_ June
553.815 362,982 2,536.005, 1,792,541
Grand Trk West_ June
1,683,523 1,333.4381 7,343,6331 6,819.328
Great North System June
9,242,241 8,448,603 42,730,195 41,903,787
Green Bay & West_ June
125,040 106,9161 686,695
690.298
Gulf Mobile & Nor_ June
417,466 306,017 2,259,011 2,049,326
Gulf & Ship Island_ June
259,108 225,263 1,437,784 1,391,474
Hocking Valley.._ June
1,178,018 1,520,863 6.350,410 6,380.872
June
Central. ILios
12355745 114 )4595 69.773,121 68.876.747
Total system........ June
13780720 12917300 78.501.739 78.870.926
Nor_
June
Internat & Grt
1,090,186 1,461.262 6,741,669 9,473.963
Internat Ry of Me_ June
201,647 149.742 1,508,504 1,599.810
Kan City Mex & Or June
123,182 116,059
665.313
833,332
K Mex &0 of Tex June
135,325 134,656
740,236 1,016,538
1,518,100 1,631.238 8.732,517 9,996,367
Kansas City South_ June
June
Sm..
183.464 150,132
Texark & Ft
977,860 1,090.731
1.701.563 1.780.800 9.710,377 11.056.319
Total system___.. June
250,799 142,921 1,341,614 1,147,873
Kan Okla & Gulf_ _ _ June
26,311
247,681
Lake Sup & Ishpem June
177.980
74,139
551,559
94.005
84.266
697.620
Lake Terminal Ry.... June
160,126 269,240 1,200,236 1,594,706
Lehigh & Hud Riv_ June
240.118 431,181 1,987,365 2.210,735
Lehigh & New Eng.. June
June
4.682.192 6,579,729 30.941.221 36.841.367
Lehigh Valley
Los Ang & Salt Lake June
1,844,979 1,749,608 9.450.004 9,964,066
320,341 264,640 1,633.284 1.683,880
Louisiana & Arkan.,June
Louisiana Ry & Nay May
0,121 1,326,140 1,571,988
271,890
Louisville & Nashv. June
11882969 9,829,545 62,050,125 57.604,139
Louisv Hend & St L June
297,736 218,403 1,531,388 1,406,985
Maine Central
1.699,621 1,595,84210.126.725.10.476,772
'June
Midland Valley_ _ June
434,597 320,814, 2,281,899 2,251,298
Mineral Range
197.974
2.4611 144,638
6,059
3d wk July
Minneap & St Louis 4th wk July
45.3 255,735 8,609,073 8,820.974
Minn St P & S SM.. June
4,204,331 3,281,i5819,254,928 19,378,742
1
Week or
Month.
Current
Year.
Previous
Year.
IJan. 1 to Latest Date.
Current
Year.
Previous
Year.
513,416
739,741
97,200
129,211
Mississippi Central_ June
-1,464
291.750
56,734
-810
Mo & North Arkan _ March
2,747,099 2,670,216 14,698,965 16,004.242
Missouri Kan & Tex June
1,816,892 2,017,792 10.008,850 13,200,106
Mo K & T Ry of Tex June
4.669.393 4,840.601 25.391.496 30,329.342
Total system....__rune
8,663,836 8.584.383,48,524.436 52,400,955
Missouri Pacific..
.. June
Mobile & Ohio769,812
714,658
96,258
126,183
Colum & Greens. June
129,932 307,540 1,730.964 1,885.174
June
Monongahela
370.066
832,985
51,769
155,429
Monongahela Conn.. June
803,784
348.006
21.802 144,361
Montour
1,751,912 1,612,637 10,143.436 10,096.138
Na.shv Chat & St L.. June
177.088
135,343
9,227
4,496
Nevada-Cal-Oregon 3d wk July
207,743
186.150
14,446
46,078
Nevada Northern June
648,942
997.496
178.888
99.775
Newburgh & Sou Sh June
213,954 217,405 1,267.449 1,260,648
New Orb Great Nor_ June
197,823 209,565 1.319.005 1,385,215
N 0 Texas & Mex._ June
1.111,034
148,020 137,008
Beaum S L & W_ _ June
316,856 388,508 2.602,675 2,992.7U
StL Brownsv & M June
29462408 2786I73 158557783 15'579512
New York Central.... June
822.389 722,324 4,638,822, 4,402,755
Ind Harbor Belt_ June
856,905 774,517 4,588,9211 4,454,359
Lake Erie & West June
7,224,128 6,331,525 37,437.749 34,484,225
Michigan Central June
7,613,870 6,942,887 40,829,638 39,593,766
Clev C C & St L June
317.754 368,045 1,750,3111 1.752,663.
Cincinnati North.. June
2,061,173 1,639,711 11,800.206 12,360,145
Pitts & Lake Erie June
401,560 922,950 3,684,9211 4,994.529
Tol & Ohio Cent_ June
203,839 458,243 1,560,542 2,280,864
Kanawha & Mich June
2,606.879 2,209,246 14,222,570 13,120,306
N Y Chic & St Louis June
209,726 330,484 1,391,125 1,783,7U
N Y Connecting... June
10249837 9,772.686 57,847.72755.055.001
NYNH & Hartf June
888,365 1,323,626 5.591.2681 6,479,855
N Y Ont & Western June
324,241 458,992 1,975.049 2,157.441
N Y Sus & West June
NorfolkSouthern.... June
752,968 704,163 4,200,225 3.931,407
9,473,091 7.050,018 46,011.351 39,191,071
Norfolk & Western_ June
8,300,557 7,408,685 41.922,104 40,427,221
Northern Pacific.._ June
Northwestern Pac_ _ June
719,158 834,554 3,557,3851 3,690,774
Pennsylv RR & Co_ June
40260248 43268215 240161 064 248584923
148,510 156,936
Bait Ches & Atl_ _ June
667.302
719.259
une
94,519
100,082
Cinc Leb & Nor.._ June
519,111
530,080
712,602 617,668 4,125,809 4,086,038
Grand Rap & Ind June
Long Island
2,917,091 2,792,777 13,964,429 12,767.134
Mary Del & Va.... June
107,654 113,033
483,500
539,666
N Y Phila & Norf June
659,842 621,100 3,483,385 3.072,357
Tol Poor & West_ June
791.224807,315
10.6945,72
W Jersey & Seash June
1.090.194 1,105.933 5,725,940 5,543,978
Pitts C C & St L._ June
8,910,749 7,942,514 47.521,41748.177.641
Pennsylv System.. June
55367 758,57184018 319078076 326464 335.
Peoria & Pekin Un_ j
Jun
une
129.845! 125,121
e
891,0541 830,612
Pere Marquette_ _ _ _ June
3,304,993 3,151,544 18,207,976 17,052,939
Perkiomen
122,1081 105,195
585,458
646,297
Phila & Reading.._ _ June
5,673,491 7,215,001 38,260.119 42,321,725
Pittsb & Shawmut June
55,345
81,871
510,067
617,230
Pitts Shaw & North June
72,413
523,890
96,884
596,212
Pittsb & West Va.... June
228,343 367,276 1,391,143 1,416,662
Port Reading
June
92,507 157,734
998,840 1,206,703
Quincy Om & K C.... Jun
une
e
98,873 109,145
530,687
628,263
& Potom_ June
Rich FredRi
960,332 792,254 5,407,635 5,397,385
Rutland
234,919 254,390 1.505,620 1,510,122
St Jos & Grand Isl'd June
234,919 254,390 1,505,620 1,510,12
St Louis San Fran June
7,566,589 6,406,079 39,420,419 39,950,38
Pt W & Rio Gran_ June
104,424 145,122
832,49
595,052
St L-S F of Texas June
141.489 154,121
855,76
780,826
St Louis Southwest.. June
1,449,634 1,351,086 8,351.238 8,294,98co
St L S W of Texas June
634,760
3,438,201 3,613,713
Total system__ _ 3d wk July 475,467 594,587
404.218
St Louis Transfer June
566,072
62,455
370,574
88.057
San Ant & AranPass June
416.187 524,403 2,483,789 2,813,338
San Ant Uvalde &0 June
619,498
69,044
514,482
96,957
Seaboard Air Line June
. ,199„ 1 22,426,507 22.178,211
Southern Pacific...... June
16740374 17131280 83,205.310 91,967,339
Southern Pacific Co June
22897098 23044 227 120127219 130248364
Atlantic S S Line_ June
883,427 761,680 5.635,528 5,149.520
Arizona Eastern. June
281,019 180,730 1,494.068 1,586,998
Galv Harris & S June
1,932,907 10,506,166 12,831,852
1,860,437
Hoes & Tex Cen_ June
1,074,835 6,904,226 6.071,872
1,094,774
Hous E & W Tex.. June
240,650 1,413,013 1,353,630
281,942
Louisiana Western June
310,701 298,168 2,108,193 2,097,288
Morg La & Tex_ June
3,850.216 4,295,347
627,443
,
Texas & New Orl. June
686,184 749.643 4,34P,660 4,253,797
Southern Railway 3d wk July 2,768,738
90.998,449 91,128,745
3,057,919
Ala Great South_ June
861,026 753.124 4,711,466 4,704,441
Cin N 0& Tex P June
1,821,509 1,400,327 9,119,251 8,827,258
Georgia Sou & Fla June
406,800 338,726 2,371.003 2,228,121
New Orb & Nor E_ June
558,572 474.809 3,120.822 3,261,386
Northern Ala_ _ _ _ June
628,932
444,843
63.714
122,001
Spokane Internat'l_ June
541.334
633,117
96,547 101,541
Spok Portl & Seattle June
3,390.108 3,530.877
679,148
646,532
Staten Island R T June
216,099 1,151,808 1,197,108
202,266
Tennessee Central June
219,064 196,047 1,193,731 1,178,396
Term RRsAsnofStL June
383,404 346.118 2,283,855 2,176,331
St L Mar Bdge T_ June
274.955 1.781.5461.742,584
278,309
Texas & Pacific
3d wk July 503.645 616,408 15.767,946 19,686,376
Toledo St L & West June
4,906,257 4,357,888
740,353
917,607
Ulster & Delaware... Jun
713,527
une
e
684.579
154,490 164,408
Union P
on
acsi
8,785,175 45,402.183 48,705,977
8,401,925
rhio
ert Line Juno
16.380.589 15.652.677
2.621.958
2.804,310
Total system
June
15394264 15604 253 83.931.504 87.812.711
Ore-Wash RR &N
2,343,050 2,447,510 12,698,727 13.489,989
Union RR (Penn)-- June
4,985,188
June
859,2551 5,071,
e
1,192,11
June
560,861
59,2921 760,531
159,033
Vita
ck
hs Shreve & Pac_ June
1,881,316 2.047,288
339,9151
350.342
Virginian Railroad_
2,069,254 2,004.240 10,485.198 9,596,649
Wabash RR
5,362,371 4,738,996 28,630,584 28,832,260
Western Maryland June
June
1,271,571 1,451,225 8,244,039 9,133.334
Western Pacific_
1,064,742 963,152 5,099,241 5,555,690
Western Ry of Ala_ June
June
213,381204,405 1,194.732 1.214.118
Wheel & Lake Erie: June
1,346,652 1,484,823 6,822,930 6,748,926
Wichita Falls & NW June
583,582 1,124,994
105,402 152,594
Yazoo & Miss Valley June
1,424,976 1,512.706 8,728.619 9.994,180
g
•
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
ad
4th
1st
2d
3d
4th
1st
2d
3d
4th
week May (18 roads)........
week May (15 roads)......_
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 ( 8 roads)._ -
Current
Year.
Previous
Year.
12,713,122 12,617.570
17.398.247 16,502,052
12,953,923 12,404.769
12.971,0591 12,740.850
12.985,740, 12,798,352
17.624,246i 16,810.702
13.154.413 13,056,097
12,880,105 13,090,802
12.354.510 12,969,484
10.800,549 11,115,739
Increase or
Decrease.
+95,552
+896,195
+549,154
+230,209
+187.388
+813.544
+98.316
-210.697
-614,974
-314,830
0.76
5.43
4.43
1.81
1.46
4.84
0.75
1.61
4.74
2.83
Increase or
Previous
Current
Monthly Summaries.
Decrease.
Year.
Year.
Mileage.
Curr.Yr. Prey.Yr.
$
August
233.815 233.067 504.599.664 554,718.882-50.119.218 9.03
September 235,155 234,559
496.784.097 617.537,676 -120.753.579 19.55
October -235.228 234.686 534.332,833 640.255.263 -105922430 16.54
November
-- 236.043 234,972 464.440,498 590.468.164 -126027666 21.84
December
225,619 224.784 406,864.055 527.480.047 -120.615.992 22.87
January _235.395 234,636
469.195.808 -75.303.279 16.05
February _235.625 234,880 393,892.529
400.430,580 405,203 414 -4,772,834 1.18
March
234.986 234.202 473.433.886 457.374.46(1 4-16.059.426 3.51
April
234.955 234,338 416,240,237 432.106.647-15.866.410 3.67
May
234.931 234.051 447,299 150 443.229.399 +4.069,751 0.92
[VOL. 115.
THE CHRONICLE
638
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of July. The table covers 8 roads and shows 2.83% decrease
in the aggregate over the same week last year.
Fourth Week of July.
1922.
Canadian National Railways.__
Canadian Pacific
Grand Trunk of Canada
.
Grand Trunk Western
Detroit Grd Haven & Milw_
Canada Atlantic
,
Minneapolis & St Louis
Iowa Central
(8
Total
roads)
7,-,1
Net rieerease (2 R.3,
1921.
Increase. Decrease.
$
$
$
367,666
2,642.311 3.009,977
467,000
4,596,000 5.063.000
3,267,785 2,786,667 481,118
$
294,453
255,735
38,718
10,800,549 11,115.379 519,836 834.666
a 14.830
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:
from Railway- -Net after Taxes
1921.
-Grossfrom Railway- -Net
1922.
1921.
1922.
1921.
1922.
Alabama & Vicksburg34,065 -29,522
53,564 -11,058
247,211
281,735
June
156,504 -147,524
281,166 -33,984
From Jan 1 1,575,090 1,598,223
Express
American Railway
277.410
81,156
459.351
279,229
12.945,965 17.403,473
April
870,267
389,118
From Jan 1 51,737,855 70,123,003 1,139,256 1,584,246
Ann Arbor31,021
70,647
51,452
93,447
412,045
435,353
June
73,875
385,713
190,568
511,838
From Jan 1 2,413,075 2,304,447
Atchison Topeka de Santa Fe15,524,584 14.850,226 3,644,067 5,917,271 2,595,290 5,059,719
June
From Jan 183,402.328 89,200,128 16,962,334 19,810,336 10,756,490 14,714,786
Gulf Colorado de Santa Fe950,216
340,364
413,243 1,029,084
1,892,718 2,437,015
June
360,810 2,164,321
757,892 2,620,847
From Jan 1 9,994.276 14,011.192
Panhandle Santa Fe270,060
2,541
291,698
25,449
737,824
574,661
June
400,497
517,514 -78,414
59,014
From Jan 1 3,471,006 4,133,565
Atlanta Birmingham & Atlantic261.610 -40,881 -146,482 -55,460 -169.467
312,517
June
From Jan 1 1,842.846 1,489,894 -211,559 -908,375 -300,703-1,023,123
Atlanta & West Point-7,974
29,320
7,543
41,696
196,055
207,363
June
32,090
112,149
125,190
173,439
From Jan 1 1,117,232 1,254,772
Atlantic City78,430
97,965
76,333
95,582
448,789
467,594
June
36,649 -166,578
157,819 -51,855
From Jan 1 1,874,969 1,865,233
Atlantic Coast Line31,042
306.360 1,027,798
5,571,036 4,955,101 1,304,406
June
From Jan 137.095,580 36,732.035 11,178,063 5,583,943 9,564,834 3,979,704
Baltimore & Ohio Chicago Terminal50,163 -15,074
195,443
290.213
June
-1,234 -53.429
157,513 -179,913 -125,093 -401,167
From Jan 1 1,477,424 1,208,657
Bangor & Aroostook24,005
79.945
438,983
562.672
June
44,415
56,733
313,713
From Jan 1 4,488,387 3,776,160 1,672,675
529,774 1,336,442
Belt Railway of Chicago158,259
457,225
68,286
501,780
June
124,886
98.548
From Jan 1 2,890,726 2,503,441
963,860
303,297
458,727
751,577
Bessemer & Lake Erie
1.389.042 1,656,893
459,248
June
615,452
426,539
647,631
From Jan 1 4,664,649 5,928,169
371,551 -178,367
175,111 -358,975
Bingham & Garfield11,425
23.625
June
-6,310 -24.320 -10,554 -30.916
106,495 -101,935 --121,825 -133,002 -152,504
82,380
From Jan 1
Buffalo & Susquehanna130,268 -34.878 -59,616 -38,128 -62,916
68,622
June
731,747 1,035,466 -22,365 -273,428 -41,902 -293,228
From Jan 1
Canadian Pacific Ry13,810,447 14,461,642 2,362,313 3,104,758
June
From Jan 1 76.295,358 84,055,671 9,814,071 12,950,166
Carolina Clinchfield & Ohio609,085
275,642
699,220
150,977
181,137
June
235,622
541,674
723,531 1,071,206
From Jan 1 3,863,255 3,581,721 1,311,694
Central of Georgia506.921
1,993,095 1,941,432
144,884
223,145
June
395,207
91,855
592,714 1,651,310
From Jan 110,747.997 11,132,682 2,188,296
Central New England27,216
684,374
164,531
185,914
458,678
4,962
June
964,617
896,171
From Jan 1 3,511,250 4,109,667 1,032,120 1,100,295
Central Vermont38.457 -81,962
533,235
542,133
21,398 -103,086
June
277.058 -677,692
174,445 -803,456
From Jan 1 3,168,328 3,086,836
Charleston & West Carolina72,548
231,025
-53.620
271,725
61,540 -63,678
June
457,128 -91,164
390,505 -151,455
From Jan 1 1,724,476 1,690,322
Chesapeake & Ohio8,870,114 8,564,711
2,410,053 2,113,520
June
9,288,282 5.956,248
From Jan 1 44,172,859 41,883,146
Chicago & Alton2,580.089
141,604
2,306.082
216,576
June..
743,350
1,996,603
From Jan 1 14,132.672 14.467,083
Quincy
&
Chicago BUrIllagtOrl
13.084.755 13,343,856 2,878.884 3,164,444 1,961,361 2,363,090
June
From Jan 1 74,635,952 78,397,915 17,912,058 16,200,969 12,386,073 11,381,806
Chicago & Eastern Illinois201,562
189,088
103,416
2.010,422 2,101,827
115,756
June
From Jan 1 11,903,154 12,850,818 1,804.200 -22,912 1,290,880 -536,312
Chicago Great Western207,966
368.413
309,160
129,275
2.038.290 2.004,593
June
916,597
628,067
From Jan 111,323,144 11,659,886 1,117,817 1,355,402
Chicago Indianapolis & Louisville311,404
203,638
137,253
244,725
1,358,651 1,286,639
June
838,961 1,479,989
481,373
From Jan 1 7,757,916 7,313.189 1,859,647
Chicago Milw & St Paul13,513,554 12,353.001 2.337,886 1,896,212 1,533,726 1,101,136
June
From Jan 1 71,156,775 67,769,580 8,611,901 3,491,587 3,790,425 -976,481
Chicago Peoria & St Louis160.589 -31,150 -19,447 -40,674 -30,094
168,092
June
956,169 -56,790 -310,600 -113,887 -367,600
From Jan 1 1,133,185
Chleago River & Ind234.803
190.359
594.994
June
297,363
238,496
792,263
From Jan 1
Pacific
&
Island
Rock
Chicago
10,733,758 11,106,855 2,569,774 1,888.075 2,024,764 1,417,254
June
From Jan 158,053,682 62,313,356 9,609,090 9,133,201 6,416,478 6,465,697
• Chicago Rock Island & Gulf129.439
143,714
646,319
132,683
118,279
516.269
June
416,527
611,490
533,102
346,465
From Jan 1 2,716.060 3,568,395
Western
&
Ind
Cincinnati
64,296 -88.259
288,806
47,760 -102.693
376,757
June
214,498 -372,536
128,758 -454,451
From Jan 1 2.013,584 1,697,748
Colorado & Southern233,364 -34.273
864,887
1,136,706
June
From Jan 1 6,059,966 6,196,755 1,239,491 1,107,660
165.203
839,691
-98,701
652,877
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1922.
1921.
1922.
1921.
1922.
1921.
Colo & South$
$
$
Fort Worth & Denver City330,020
784,649
June
316,722
789,072
275,906
305.155
From Jan 1 4,362.143 5,238,474 1,410,534 1,516.120 1,173,344 1,346,816
Trinity dr Brazos Valley
2.278
40.826
-4,733
228,571
139,785
June
33,626
144,359
44,399
186,494
From Jan 1 1,580,058 1,297,283
2,559
Wichita Valley33,261
17,963
38,663
23,483
102,306
89,779
June
107,055
199,103
786,843
571,445
From Jan 1
164,989
141,622
Cumberland Vail & Martinsb75,517
82,056 -11,166
-3,627
147,897
60,211
June
54,987
272,051
243,507
87,900
453,318
From Jan!
732,958
Denver & Rio Grande455,853 -686,748
June
619,603 -536,484
2,737,227 1,858,507
750,745
From Jan 114.456,211 14,240,766 3,366,837 1,637,572 2,427,149
Denver & Salt Lake-55,599
61,284
•
53,280
June
41,963
-46,599
298,097
From Jan 1 555,823 1,161,268 -64,870 -155,594 -118,880 -203,714
Detroit & Mackinac13,684
23,506
24,846
33,741
185,535
June
177,363
From Jan 1
1,890 -100,422 -70,156
916,795 -36,848
815.311
Detroit & Toledo Shore Line67,867
166,672
June
81,867
222.784
310.025
180,691
294,227
884,308
From Jan 1 1,809,131 1,204,187
968,368
370.727
Duluth & Iron Range218,911
709,706
259,412
797,478
781,531
1,317,150
June
92,592 -501,345
234,372 -362,423
From Jan 1 2,176,549 2,128,259
Duluth Missabe & Northern975,233
2,679.074 1,993,538 1,853,704 1,215,709 1,652,902
June
201,446 -54,829
801,471
442,119
From Jan 1 3,844,734 4,497,117
Duluth Winn & Pacific37,464 -34,074
119,575
47,402 -28,680
194,909
June
35,920
27,067
107,679
81,308
972,664 1,390,987
From Jan 1
East St Louis Connecting
26,748
85,123
29,413
93,178
125,885
173,377
June
205,149
456,875
529.445
222,851
808,487
From Jan 1 1,011,166
Elgin Joliet & Eastern1,731,845 1,311,078
June
From Jan 1 10,507.235 10,414,300
El Paso & Southwestern1,066,040 1,025,721
June
From Jan! 5,209,396 6,003,017
Erie RailroadChicago & ErieJune
748,409
903,500
From Jan 1 5,492,774 5,325,183
New Jersey 4c New York124,023
June
123,401
From Jan!
719,990
728,748
Florida East CoastJune
874,874
813,138
From Jan 1 8,065,238 8,295,665
Ft Smith & Western109,467
142,073
June
913,912
730.608
From Jan 1
Galveston Wharf199,839
98,602
June
706,854 1,245,161
From Jan!
Georgia Railroad412,195
421,356
June
From Jan 1 2,367,734 2,636,266
Georgia & Florida127,938
138,050
June
691,403
665,104
From Jan 1
Grand Trunk System
Atlantic & St Lawrence154,999
164,862
June
From Jan! 1,364,899 1,573,471
Jet
Trk
Chic Det Can Grd
132,006
155,448
June
969,681
From Jan 1 1,124,376
Detroit Grd Hay & Milw362,982
553,815
June
From Jan 1 2,536,005 1,792,541
Western
Grand Trunk
1,683,523 1,333,438
June
From Jan 1 7.343,633 6,849,328
Great Northern System9,242,241 8,448,603
June
From Jan 1 42,730,195 41,903,787
Western
Green Bay &
106,916
125,040
June
690,298
686,695
From Jan 1
Gulf Mobile & Northern417,466
306,017
June
From Jan 1 2,259,011 2,049,326
Island
Ship
Gulf &
259,108
225,263
June
From Jan 1 1,437,784 1,391,474
Hocking Valley1,178.018 1,520,862
June
From Jan 1 6,350,410 6,380,872
Great
NorthernInternat'l &
1,090,186 1,461,262
June
From Jan 1 6,741,669 9,473,963
Internal Ry in Maine-149,742
201,647
June
From Jan 1 1,508.504 1,599,810
&
Mex
Orient
Kansas City
116,059
123,182
June
833,332
665,313
From Jan 1
Kan City Mex & Or of Tex134,656
135,325
June
740,236 1,016,538
From Jan 1
Southern
Kansas City
1,518,100 1,631,238
June
From Jan! 8,732,517 9,996,367
Texarkana & Ft Smith150,132
183,464
June
977,860 1,090,731
From Jan 1
Terminal
Kansas City
June
From Jan!
Kansas Oklahoma & Gulf142,921
250,799
June
From Jan 1 1,341,614 1,147,873
Lake Superior & Ishpeming26,311
177.980
June
74,139
247,681
From Jan!
Lehigh & Hudson269,240
160,126
June
From Jan 1 1,200,236 1,594,706
Lehigh & New England431,181
240,118
June
From Jan 1 1,987,365 2,210,735
Lake
Salt
&
Angeles
Los
1,844,979 1,749,608
June
From Jan 1 9,450,004 9,964,066
285,228
468,155
355,234
560,542
4,130,339 2,568,695 3,607,179 2,124,178
341,398
1,507,084
461,942
1,202,044
245,410
930,583
373,534
640,193
210,993
1,377,979
19,174
290,918
155,986
1,059,689
-24,586
28,393
12,159
101,877
29.761
80,075
26,830
9,159
83,655 ' 62,453
66,866
129,613 -23,597
3,226,607 2,208,474 2,860,698
-71,200
1,867,356
38,669
87,653
-17,247
-37.776
32,820
52,604
-22,747
-71,394
-73
35.471
79,904
555,811
-17,119
-68,611
62,904
452,806
71,560
328,576
20,474
-63,366
64,467
285,400
14.466
-99,314
37,374
101,267
-6,466
-63,655
-21,023
14,216
-38,252
-42,378
-37,923
47,007
526,421
36,862
328,473
33,684
476,875
16,217
187,323
598,139 -217,175
546,239
1,273,561
195,414
351,725
31,073 -14,836
63,487 -111,087
-57,457
-87,228 -155,722
30,486
297,297
9,981
183,618
559,004 -249,581
473,058
885,957
139,905
35,548
2.434,661 1,893,819 1,731,326 1,145,023
6,949,616 2,695,198 3,279,703 -1,787,709
36,221
164,464
15,035
121,254
28,221
116,464
7,535
81,226
125,045
622,438
3,055
75,789
107,747
578,991
-19,629
-28,322
85,932
401,388
31,663
170,174
68,246
294,174
12,399
53,050
429,807
2.053,365
283,571
-75,937
196,593
337,629
1,507,772 -590,144
194,452
1,076,971
97,532
553,501
48,385
160,472
873,585 • 334,072
46,552
260,638
-16,300
179,232
30,552
164,638
-31,300
89,232
-8,047 -61,638
273 -53,598
-91,873 -236,103 -141,819 -284,375
278 -68,988
-188,514 -335,461
-5.722
-75,138
-224,825 -372,386
253,979
422,554
349,440
343,325
2,101,807 2,617,041 1,515,777 2,153,885
97,501
346,601
17
67,584
352,459
13,241
349,070
86,547
285,003
5,887
304.899
21 -27,710 -26,490
91 -167,451 -159,178
-6,107
-8,688
116,576 -16,589
-21,136 -233,929
56,869
292,578
-18,193
-63,328
110,869 -22,623
-54.273 -267,018
12,790
260,237
85,346
393,306
-3,488
18(),869
73,195
320,397
-30,900
124,057
96,398
424,484
-37,545
61,180
80,945
331,766
469,998
1,360,776
431,232
1,545,454
359,070
699,292
339,493
984,590
AUG. 51922.]
THE CHRONICLE
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
$
Louisiana & Arkansas25,105
104,185
41,602
123,576
264,640
June
320,341
155,671
324,762
255,622
441,060
From Jan 1 1,633,284 1,683,880
Louisville & NashvilleJune
11.882,969 9,829,545 3.276,076 -36,669 2,681,539 -341,579
From Jan 162,050.125 57.604,139 12,194,657 -83,065 9,811,924 -1,912,301
Louisville Henderson & St Louis5,142
59,266
12,522
218,403
68,028
June
297,736
157,633
319,231
201,943
371,774
From Saul 1,531,388 1,406,985
Maine Central241,343 -19,223
340,792
86,449
1,699,621 1,595,842
June
24,163 1,009,307 -609,639
From Jan 110,126,725 10,476,772 1,605,177
Midland Valley43,131
203,358
51,270
186,154
320.814
434,597
June
289,724
837,348
919,006
338.739
From Saul 2,281,899 2,251,298
Minneapolis & St Louis114,814 -17,815
183,240
57,387
1,232.471 1,253,388
June
591,595 -584,527
974,913 -126,081
From Jan 1 7,469.918 7,692,033
Minn St Paul & Sault Ste Marie891,135 -103,704
147,162
4,204,331 3,281,158 1,150.886
June
691,952 -2,518,787
From Jan 1 19,254,928 19,378,742 2,218,326 -8C0,147
Mississippi Central-7,708
12.687
-2,103
97.200
18,990
129,211
June '
63,870 -65,766
513,416
100,542 -26,717
739,741
From Jan 1
Missouri Kansas & Texas298,018
807.093
454,414
2,747,099 2,670,216 1,005,454
June
From Jan 114.698,965 16,004.242 5,148,902 2,284,431 4,117,157 1,506,330
Mo Kan & Tex Ry of Tex344,858
364,762
393,212
417.403
June
1,806.892 2,017,792
From Jan 1 10,008,850 13,200,106 2,384,453 2,256,344 2,072,846 1,936,577
Missouri Pacific525,696
863,634 1,194,057
8,663,036 8.584,383 1,545,739
June
From Jan 1 48,524,436 52,400,955 7,387,915 4,964,568 5,129,170 3,159,922
Mobile & Ohio291,517 -129,999
June
1,480,222 1.303,285
345.642 -108,399
614,002 1,584,429
285,469
From Jan 1 8,522,874 9,241,562 1,930,946
Columbus & Greenville--36,310
18,089
126,183
23.569
June
96,258
-51.906
88,621 -203,736
From Saul
714,658
116,591 --119,382
769,812
Monongahela46,946
-4,057
June
129,932
3,943
40,446
307,540
977,636
669,156
238,636
From Saul 1,730,964 1,885,174
717,156
Nashville Chattanooga & St Louis143,797
211,580
176,239
June
1,751.912 1,612,637
89,395
774,639 -653,410
From Jan 1 10,143,436 10,096,138
997,341 -344,950
Nevada Northern18,389 -20,071
24,506 -10,294
June
46,078
14,446
From Jan 1
186,150
207,743
50,937 -22,794
14,243 -81,690
Newburgh & South Shore50,306
15,777
June
178,888
99,775
37,642
5,584
648,942
336,118
51,753
261,964
-6,245
From Jan 1
997,496
New Orleans Great Northern217,405
101,207
23,328
7,257
213,954
86,141
June
359,942
182,426
269,560
88,638
From Jan 1 1,237,149 1,260,648
New Orleans Texas & Mexico60.567
209.565
50,625
76,309
29,751
197.823
June
269,263
399,850
369,400
296,196
From Saul 1,319,005 1,385,215
Beaumont Sour Lake & W42,331
-6,235
37,252 -10,405
148,020
137,008
June
229,350
255,511
249,045
278,970
From Jan 1 1,015,176 1,111,034
St Louis Brownsville & Mex58,409
53,244
73,687
65,691
316,856
388,508
June
476,815
751,191
565,589
842,258
From Jan 1 2,602,675 2,992,733
New York CentralIndiana Harbor Belt138,073
256,368
194,072
295,387
722,324
June
822,389
454,541
595,158 1,436,365
From Jan 1 4,638,822 4,402,755 1,663,466
Lake Erie & Western1,787 -29,379 -42,363 -76,279
774,517
June
856,905
269,540 -245,878
55,330
532,981
From Saul 4,588,921 4,454,359
Michigan Central1,481,843
2,283,903
1,697,919
June
7,224,128 6,331,525 2,826,456
From Jan 1 37,437,749 34,484,225 10,440,886 6,186,040 8,313,096 4,840,482
Cincinnati Northern151,019
63,848
169,555
78,718
368,045
June
317,754
319,538
349,942
411,142
452,988
From Saul 1,750,311 1,752,663
Pittsburgh & Lake Erie24,002
173,554
June
2,081,173 1,639,711
208,784
255.679
From Jan 1 11,800,206 12,360,145 -52,826 1,153,661 -534,464 -116,671
Toledo & Ohio Central102,915
June
401.560
922,950 -148,878
157,700 -203,909
216,344
From Jan 1 3,684.921 4,994,529 -129,923
548,884 -460,083
Kanawha & Michigan38,345
June
203.839
458.243 -127.372
70,661 -153,729
From Jan 1 1,560,542 2,280,864 -141,859 -28,468 -305,894 -239,064
New York Connectine197,540
June
209,726
330,484
138,399
96,621
242,286
From Jan 1 1,391,125 1,783,733
941,570 1,259,355
705,330 1,015,739
N Y Susquehanna & Western133.362
324,241
458,992
373
159,441 -25,098
June
173,023
84,286
21,651 -71,230
From Jan 1 1,975,049 2,157,441
Norfolk Southern77,922
704,163
186,145
752,968
110,602
153,732
June
227,334
819,349
421,478
638,568
From Jan 1 4.200,225 3,931,407
Norfolk & Western984,376
9,473,091 7,050,019 3,860,137 1,374,652 3,259,622
June
From Jan 146,011,351 39,191,071 15,126,054 5,422,114 12,271,486 3,078,770
Northern Pacific8,300,557 7,408,685 1,643,318 -243,396 1,0-19,293 -909,681
June
853,252 -3,328,664
From Jan 1 41,922,104 40,427,221 5,213,206 1,009,753
Northwestern Pacific207,992
264,402
253,523
294,960
834,554
719,158
June
475,391
565,201
845,701
658,732
From Jan 1 3,557,385 3,690,774
Pennsylvania RR & CoBait Ches & Atl20,657
-948
3,762
25,327
156,936
148,510
June•
719,259 -83,224 -82,888 -94,072 -93,830
From Jan 1
667,302
Cincinnati Lebanon & Nor-4,417 -13,688
-4,031
3,993
94,519
June
100,082
530,880 -18,584 -105,213 -59,577 -152,197
From Jan 1
519,111
Grand Rapids & Indiana617,668 -27,478 -38,379 -59,395 -69,186
June
712,602
66,813 -216,529 -88,223
From Jan 1 4,125,809 4,086,038 -62,121
Long Island475,113
799,298
679.077
June
2.917,091 2,792,777 1,004,743
117,267
667,923 2,384,520
From Jan 113,964,429 12,767,134 2,987,114
Maryland Del & Virginia-18.363
-11,049
-9,013 -15,917
June
113,033
107,654
From Jan 1
483,500
539,666 -101,311 -59,010 -106,365 -65,078
N Y Phila & Norfolk25,295 -36.132
-9,566
June
51,840
659,842
621,100
160,005 -424,339
From Jan 1 3,483,385 3,072,357
251,927 -332,314
Toledo Peoria dr WesternJune
145,712
110,619
464 -49,242 -10,536 -59,432
From Jan 1
791,224
807,315 -29,532 -266,929 -95,932 -327,119
Pittsburgh C C & St L404,727
June
8,910,749 7,942,514 1,825,626
830.600 1,438,533
From Jan 147,521,417 48,177,641 8,689,532 1,744,174 6,748,664 -389,028
Peoria & Pekin UnionJune
3,769
-2.660
129,845
14,669
125,121
12,340
From Jan 1
113,771 -84,872
-8,824
891,054
830,612
200,271
639
-Grossfrom Railway- -Net from Railway--Net after Taxes,
1922.
1922.
1921.
1921.
1922.
1921.
Pere MarquetteJune
3,304,993 3,151,544
959,452
637,849
805,719
541,771
From Jan 1 18,207,976 17,052,939 4,292,964 2,375,251 3,411,238 1,824,391
PerldomenJune
122,108
105,195
61,327
44,427
56,455
41,283
From Jan 1
585,458
646,297
246,757
332,256
214,377
313,392
Pittsburgh & ShawmutJune
55,345
81,871 -63,420 -26.090 -63,456 -26,237
From Jan 1
510,067
617,230 -98,785 -99,272 -99,532 -100,204
Pittsburgh Shawmut & Nor•
June
72,413
96,684 -25,716 -27,027 -27,916 -29,269
From Jan 1
523,890
596,212 -123,919 -227,401 -137,253 -240,843
Pittsburgh & West Virginia228,343
June
317,276
73,426
129,590
44,770
100,718
From Jan 1 1,391,143 1,416,662
328,023
16,776
172,112 -121,547
Port Reading92,507
157,734
June
6,882
50,221
-7,871
35,816
From Jan 1
938,840 1.206,703
487,256
575,755
397,956
494,292
Quincy Omaha & Kansas CityJune
93,873
109,145
9,745
-5,350
5,787
-9,834
From Jan 1
530,687
628,263 --17,525 -49,457 -41,131 -74,823
Richmond Fred & Potomac792,254
June
960,332
324,246
103,306
270,899
68,063
From Jan 1 5,470,635 5,397,385 1,822,404
955,219 1,527,521
750,987
St Joseph & Grand IslandJune
234,919
254,390
--8,528
-2,547 -28,146 -15,198
From Jan 1 1,505,620 1,510,122
200,682
108,773
92,237
31,662
St Louis-San FranciscoJune
7,566,589 6,406.079 2,299,299 1,652,121 1,924,664 1,350,421
From Jan 1 39,420,419 39,950,387 10,437,556 9,576,263 3,413,501 9,710,897
Fort Worth & Rio Grande104,424
145,172 -29,773 -45,953 -33,382 -49,293
June
595,052
832,494 -161,798 -138,646 -184,825 -160,474
From Jan 1
St Louis-San Fran of Texas154,121
6,174
141,489
June
13,168
4,057
12,075
36,704 -150,766
780,826
855,767
From Jan 1
24,722 -162,303
St Louis Southwestern1,449,634 1,351,086
576,457
June
531,910
492,692
472,391
From Jan 1 8,351,238 8,294,988 3,010,805 2,749,735 2,635,403 2,435,285
St Louis S W of Texas634,760
June
594,587 -51,208 -93,829 -75,495 -117,979
From Jan 1 3,438,201 3,613,713 -774,206 -708,647 -918,714 -853,115
St Louis Transfer62,455
June
88,057
11,652
36,019
10,771
35,652
370,574
From Jan 1
566,072
76,401
238,860
73,834
236,519
San Antonio & Aransas PassJune
416,187
524,403 -15,201
46,944 -29,423
33,667
From Jan 1 2,483,789 2,813,338 -191,792 -298,883 -276,383 -379,980
San Antonio Uvalde & GJune
69,044
96,957
2,470
25,719
-701
22,758
From Jan 1
514,482
619,498
96,999
120,573
79,074
103,305
Seaboard Air LineJune
3,600,199 3,056,711
829,729
71,966
654,088 -77,542
From Jan 122,426,507 22,178,211 4,697,683 2,518,417 3,665,033 1,610,430
Southern PacificJune
16,740,374 17,131,780 5,914,182 4,482,413 4,555,017 3,100,607
From Jan 1 83,205,310 91,967,339 21,974,776 19,990,153 13,848,888 14,333,640
Atlantic Steamship LinesJune
883,427
761,680
136,893
33,271
124,472
21,748
From Jan 1 5,635,528 5,149,520 1,099,330
273,309 1,024,077
204,139
Arizona EasternJune
281,019
110,730
126,436 -10,146
102,923 -32,072
From Jan 1 1,494,068 1,586,998
394,836
239,120
451,911
82,701
Galveston Harrisb & S AJune
1,860,437 1,932,907
365,829
274,242
314,255
231,516
From Jan 1 10,506,166 12,831,852 1.540,345 1,738,690 1,231,349 1,479,169
Houston & Texas CentralJune
1,094,774 1,074,835
185,431
136,751
143,332
92,907
From Jan 1 6,904,226 6,071,872 1,329,017
204,230
468,684 1,065,820
Houston E & W TexasJune
281,942
240,650
60,471
56,093
49,565
57,504
From Jan 1 1,413,013 1,353,630
56,488
166,707
104,471
130,386
Louisiana WesternJune
310,701
298,168
11,306
62,716
36,575
65,373
From Saul 2,108,193 2,097,288
228,933
367,813
502,125
394,235
Morgan's Louisiana & TexasJune
627.443
569,585
1,198 -180,276
47,713 -138,875
From Jan 1 3,850,216 4,295,347
229,292 -33,878 -51,977 -311,407
Texas & New OrleanSJune
686.184
42,063
749,643
62,074 -29,876
-7,603
From Jan 1 4,346,660 4,253,797
355,114 -340,869
493,658 -219,046
Southern RailwayJune
11,385,785 10,218,486 3,273,947 1,721,943 2,777,481 1,320,352
From Jan 161,995,455 62,416,785 13,718,364 6,598,906 10,912,759 4,464,771
Alabama Great SouthernJune
185,619
100,389
861,027
129,762
753,125
239,157
From Saul 4,711,467 4,704,441 1,235,956
232,585
977,227
389,926
Cincinnati New Orleans & Texas PacificJune
396,394
257,036
1,821,510 1,400,328
308,489
475,847
From Jan 1 9,119,251 8,827,258 2,150,653 1,065,969 1,720,292
769,354
Georgia Southern & FloridaJune
74,481 -68,645
406.801
94,558 -51,566
338,727
From Jan 1 2,371,004 2,228,122
314,876 -360,306
418,298 -257,261
Northern AlabamaJune
36,392
6,534
10,348
122.001
40,460
63,714
From Jan 1
201,297
23,459
47,783
628,932
225,659
444,843
New Orleans & Northeastern_.
69,344 -25,922
26,769
June558,572
106,050
474,811
From Jan 1 3,120,824 3,261,387
265,060 -34,310
224,164
498,476
Spokane International_
June
27,255
20,638
13,011
96,547
32,732
101,541
From Jan 1
110,363
131,786
175,151
541,334
143,336
633,117
Spokane Portland & SeattleJune
185,124
139,522
234,538
646,532
269,296
679,148
From Jan 1 3,390,108 3,530,877 1,168,141
662,835
456
4:8
4467
5
961,530
Tennessee CentralJune
25,275
11,466
219,064
196,047
From Jan 1 1,193,731 1,178,396
35,173 -130,926
3850
7 -102,008
8
6
20
9,
Term RR Assn of St Louis70,537
June
12,982
65,794
130,758
383,404
346,118
485,148
From Jan 1 2,283,855 2,176,331
248,669
535,542
807,653
St Louis Merchants Bridge Term47,737
June
21,672
38,299
65,367
278,309
274,955
385,902
129,419
From Jan 1 1,781,546 1,742,584
217,927
502,110
Texas & PacificJune
476,566
381,597
509,973
576,913
2,566,841 2,688,122
From Jan 114,370,805 17,840,491 2,281,121 2,250,936 1,604,230 1,481,955
Toledo St Louis & Western282,269
181,989
June
218,019
330,269
917,607
740,353
513,624
From Saul 4,906,457 4,357,888 1,612,062
720,173 1,328,991
Ulster & Delaware11,217
--5,879
June
2,007
17,220
154,490
164,408
3,111 -110,443
From Jan 1
39,377 -68,040
713,527
684,579
Union PacificOregon Short Line258.044
251,165
June
515,148
537,132
2,804,310 2,621,958
From Jan 1 16.380,589 15,652,677 3,927,699 2,706,742 2,272,919 1,150,662
Oregon-Wash RR & NavigationJune
376,795 -168,170
195,847
13,095
2,343,050 2,447,510
835,424 -704,064 -252,116
From Jan 112,698,727 13,489,989
383,504
640
-Grossfrom Railway- -Net from
1922.
1921.
1922.
$
Union RR (Penn)June
1,192,118
859,255
471,923
From Jan 1 5,071,267 4,985,188 1,425,542
UtahJune
159,033
59,292
55,241
From Jan 1
760,531
560,861
233,731
Vicksb Shrevep & PacificJune
350,342
339,915
85,779
From Jan 1 1,881,316 2,047,288
350,901
Virginian RRJune
2,069,254 2,004,240
996,750
From Jan 1 10,485,198 9,596,649 4,410,789
Western MarylandJune
1,271,571 1,451,225
298,676
From Jan 1 8,244,039 9,133,334 2,027,050
Western PacificJune
1,064,742
963,152
251,786
From Jan 1 5,090,241 5,555,690
634,950
Western Ry of AlabamaJune
213,381
204,405
55,116
From Jan 1 1,194,732 1,214,118
232,777
Wheeling & Lake ErieJune
1,346,652 1,484,823
409,344
From Jan 1 6,822.930 6,748,925 1,723,994
Wichita Falls & NorthwesternJune
105,402
152,594
15,089
From Jan 1
583,582 1,124,994
31,878
Yazoo & Mississippi ValleyJune
1,424,976 1,512,706
88,179
From Jan 1 8,728,619 9,994,180
865,168
-Deficit.
THE CHRONICLE
Railway- -Net after Taxes1921.
1922.
1921.
260,443
458,093
577,158 1,345,052
251,277
514,407
-26,628
55,094
50,083
194,876
-34,729
5,499
69,110
224,770
62,841
231,612
52,461
133,334
893,368
873,466
789,253
3,355,587 3,758,883 2,770,347
323,410
258,676
263,410
1,563,609 1,757,050 1,213,609
82,024
485,865
165,186
116,223
2,210
40,882
22,711
93,102
44,590
178,547
13,911
40,299
466,157
271,303
1,039,219 1,036,892
390,628
583,475
-24,668
196,219
-27,119
-41,259
-35,532
130,791
30,627
823,111
-30,854
153,218
-89,174
176,080
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
Current
Previous
Previousj Current
3 1„ Year. _
Year.
Year,
L Year.
,
$
I
$
•
$
0
$
Barcelona Tr.L&P,Ltd _Junek3,617,712- 7c27,912
k2,088,174 k1,774,541
Jan 1 to June 30
k22,515.219 k18100,834 k13687,012 k11647,132
Br
-Zilian Tr.L&P,Ltd _June*16,266,000 *14257,000-*10447.000-1778-03,000
Jan 1 to June 30
*92,515,000 *80199.000 *56655,000 *40826,000
Balance,
Gross
Net after
Fixed
Surplus.
Earnings.
Taxes.
Charges.
$
$
$
3
Amer Water-Works June '22 1,638,301 x605,071
513,488
91,583
& Elec & Sub
'21 1,600,861 x497,050
439,174
57,876
12 mos ending June 30'22 19,911,688 x7,522,823 6,067,743 1,455,080
'21 20,008,680 x6,493,714 5,374,562 1,119,152
Asheville Power & June '22
74,765
22,847
x28,054
5,207
Light
'21
72,641
x28,967
23,773
5,194
12 mos ending June 30'22
871,359 x342,505
62,384
280,121
848,991 x326,434
'21
264,150
62,284
Binghamton Light, June '22
84,946
21,433
Heat & Power
'21
67,663
22,969
12 mos ending June 30'22
980,522 x242,356
119,038
123,318
'21
860,115 x239.3011D1125,483 .:11' 113,818
Brooklyn City RR June '22 1,044,852
249,734
50,375
199,359
'21 1,011,502
243,695
189,688
54,007
12 mos ending June 30'22 11,848,701 2,466,958
654,377 1,812,581
'21 10,549,014
332,832
683,690 -350,858
Carolina Power & June '22
154,959
x93,141
18,297
74,844
Light
'21
130,102
x71,716
17,730
53,986
12 mos ending June 30'22 1,791,711 x678,889
215,348
463,541
'21 1.
6, 1,1n7 x638,091 211,769
..;t
426,322
Cleveland Painesv June'22
67,811"--- 23.532-- 14,518
-9,014
& East
'21
72,188
19,037
14,673
4,364
6 mos end June 30 '22
339,741
95,283
83,524
11,759
'21
371,240
94,436
83,259
11,177
Consumers Power June '22 1,189,201
487,929
202,904
285,025
Co
'21 1,095,801
391,016
189,969
201,047
6 mos ending June 30'22 7,261,780 3,333,596 1,228,113
2.105,483
'21 7,135,353 2,882,491 1,131,112 1,751.379
Port Worth Pow June '22
193,458 x102,461
19,455
83.006
& Light
192.836 5100,126
'21
16.918
83,208
12 mos end June 30 '22 2,484.365 51,297,185
208.243 1.088,942
'21 2,900,623 51,093,752
109,122
894,630
General Gas & Elec June'22
944,480
245,607
& Subsid Cos
898.822
'21
226,406
12 mos ending June 30'22 11,722,443 x3,353,608 2,072,653 1,280,955
'21
Honolulu Rapid
80,662
June '22
35,081
9,283
25.798
Transit
79,717
'21
32,099
6,172
25,927
478,295
6 mos ending June 30 '22
170,049
53.390
116,659
461,808
'21
155.969
40,827
115,142
205,629
Lake Shore Elect June '22
48.769
34,540
14,229
213,149
'21
36,027
35.367
660
261.542
6 mos end June 30 '22 1,144,604
207,768
53,774
167,720
'21 1,250,035
210,724 -43,004
814,563 x188,732
June '22
Market Street
62,895
125,837
Railway Co
'21
6 mos ending June 30 '22 4,675,809 x980,237
377,965
602,272
'21
211,825
68,721
June '22
Metropolitan
209,075
73,491
'21
Edison Co
12 mos ending June 30 '22 2,718,544 x1.203,771
629,182
574,589
'21 2,806,923 x950,440
599,949
350,490
June '22 1,488.027 x444.150
Milwaukee Elec
192,049
252,101
'21 1,433,705 x339.209
By & Lt
210.503
128,706
12 mos ending June 30 '22 18,640,964 x5,766.217 2,445.784 3,320,433
'21 19.702,286 z4,453,489 2,015,874 2,437,615
x95,404
280,540
June '22
51,243
44,161
Nebraska Power
238,898
x68,396
'21
48,803
Co
19,593
605,897
707,034
12 mos end June 30 '22 3,224,204 x1.312,931
'21 3,044,850 x971,085
469,563
501,522
441,562
156,209
81,592
74,617
New England Co June '22
427,406
112,703
'21
74,840
37,863
Power System
893,203
582,632
12 mos ending June 30'22 5,550,935 1,475,835
'21 5,785,345 1,729,831
864,925
864,906
12,388
46,940
New Jersey Power June '22
10,724
33,776
'21
& Lt & Subside
589,287 x180,105
93,641
86,464
12 mos ending June 30'22
477,223 z154,025
'21
74,478
79,547
164,214
x36,548
28,320
8,228
Newport News & May '22
545,395
215.521
28.854
'21
El
&
16,541
Ry
G
Ramp
809,670 x187,365
141,107
46,258
5 mos ending May 31 '22 1,112.164
x204,602
143,669
'21
60,933
x51.476
187.593
27,208
24,268
Newport News & June '22
240,283
x54,135
28,708
25,427
Hamp Ry, G & El '21
997,263 x238,842
168,315
70,527
6 mos ending June 30 '22 1,352,448
x258.738
172,376
'21
86,361
171,947
752,120
115,041
56,906
June '22
Nor Ohio Trac
217,213
690,635
111,755
105,458
'21
& Light
682,492
583,142
6 mos ending June 30 '22 4,405,803 1,266,034
568,199
336,544
'21 4,408,531 1,004,743
7.001
41,698
Northwestern Ohio June '22
1,548
38,223
'21
Ry & Power
584,453
462,714
68.550
15.903
12 mos ending June 30'22
x70,490
68,712
1,778
'21 496,225
F Companies:7%.
[VOL. 115,
Gross
Earnings.
Net after
Tares.
Pacific Pow & Lt June '22
249.259 x115.713
'21
235.187 x111.403
12 mos end June 30 '22 2,925,994 z1,350,894
'21 2,731.175 x1,350.731
Palmetto Power
June '22
46.352
z21,886
& Light
'21
44.656
x20.665
12 mos ending June 30 '22
578,261 z274,492
'21
570,675 x262.598
Penn Edison &
June '22
196,877
55,388
Subsidiary Cos
56,081
'21
197.008
12 mos ending June 30 '22 2,470.542 z832,760
'21 2,518.606 z644,186
Portland Gas &
June '22
x91,322
268.611
Coke
x83,107
'21
262,336
12 mos end June 30 '22 3,310,711 x992.167
'21 3,211.426 x951,740
Reading Transit, June '22
34,595
239.658
Light & Sub Cos
22,631
'21
249.005
12 mos ending June 30'22 2.953.803 x410.616
'21 3,028.962 x258,013
Republic By & Lt June '22
643,386 x220,539
'21
565,694 2144,451
12 mos end June 30 '22 7.306,149 z2,649,902
'21 8,277,147 x2,037,534
10,923
Rutland Ry, Light June '22
45,946
7.573
'21
43.676
& Power
563,489 x162,171
12 mos ending June 30'22
584,741 x126,585
'21
15,043
58,290
Sandusky Gas&El June '22
12,099
48,312
'21
727.281 z175,915
12 mos ending June 30'22
773,719 x165,230
'21
-1,500
10,032
Sayre Electric Co June '22
2,212
'21
13,667
z43,114
182.563
12 mos ending June 30'22
193,460
z42,233
'21
910,565
June '22 1,436,839
Southern Cali848,266
'21 1,375,812
fornia Edison
12 mos ending June 30 22 16,860,1029,927,339
'21 16,209,088 9,417,840
356,579 z126.573
Texas Power & Lt June '22
359,010 x118,561
'21
12 mos end June 30 '22 4,771,469 x1,914,445
'21 5,240,608 x1,480.729
976.477 x336,551
United Gas & Elec June '22
895,414 z291,436
Corp
'21
12 mos ending June 30'22 11,908,240 x4,150,852
'21 11,354,454 x3,337,744
15.727
Vermont Hydro- June '22
39,715
12,745
Electric Corp
36,155
'21
12 mos ending June 30'22
527,149 x163.504
550,280 x207,542
'21
West Penn Co & June '22 1,132,730 x355,771
Subsidiaries
'21 1,116,829 x298,408
12 mos ending June 30'22 14,194,376 x4,877,818
'21 14,631,059 x4,268.144
x40,518
97,080
Yadkin River Pow June '22
x36,025
84,914
'21
Co
12 mos ending June 30'22 1,160,368 x487,922
996,623 x431,007
'21
* Given in milreis.
it Given in pesetas.
z After allowing for other income received.
Fixed
Charges.
Balance,
Surplus.
54,626
54,500
680.312
639.361
20,456
17,475
216.060
209.236
61,087
56,894
670,582
711,370
1,430
3,190
58,432
53,362
401,920
436,034
35,614
41,889
447,583
412,783
43,840
208,152
55,708
41,218
544,584
538,957
86,528
89,076
174,565
162.021
2,024,946
1,776,855
324,088
168,937
45,974
-17,570
624.956
260,679
96,722
98,381
65,449
28,204
85,759
76,150
90,156
89,080
21,717
22,903
317,806
345,635
4,060,033
3,431.257
61,581
70,809
1,754,071
722,440
142,794
140,894
1,724,665
1,645,086
21,397
19,330
592,759
502,630
5,867,306
5,986,583
64,992
47,752
1,160,374
758,289
193,757
150,542
2,426,187
1,692,658
135,167
118.188
232,202
185.088
2,686.090
2,243,597
14,667
14,932
175,888
180,274
28,337
89.354
. 123,569
113,320
2,191,728
2,024,547
25,851
21093
I312:034
250,733
--Stop. after ChargesGross- --Net after Taxes
1921.
1922.
1921.
1922.
1922.
1921.
$
$
Co
Baton Roug eElectric
7,649
16,009
12,004
19,664
43,562
50,983
June
102,877
164,305
154,500
214,011
521,224
570,261
12 mos_ __ _
Blackstone Val13Y Gas & Elec Co59,501
79,647
87,436
107,304
284,315
307,811
June
609,450
936,316 1,097,972
3,889,726 3,387,984 1,432,473
12 mos
Cape Breton Elec Co, Ltd
3,024
-2,406
9,013
3,133
52,196
46,053
June
32,394
7,006
101,252
74,621
681,900
666,487
12 mos
Central Mississippi Valley Elec Co6,559
6,677
10,336
10,221
41,565
43,123
June
81,941
101,508
125,249
145,326
506,043
534,492
12 mos__
Columbus Electric Co86,183
74,413
145,773
158,350
June
741,666
1,896,555 1,622,536
998,134
12 mos
Connecticut Power Co42,944
12,764
60,634
32,753
138,774
112,204
June
569,484
401,930
329,630
1,617,512 1,469,489
627,660
12 mo8
Eastern Texas Electric Co42,255
61,531
156,024
141,865
60,038
51,826
June
407,544
371,552
1,683,682 1,719,110
573,565
622,206
12 mos
Edison Elec Ilium of Brockton26,131
99,711
29,389
28,460
93,471
27,821
June
282,348
448,025
1,312,945 1,240,265
460,237
317,263
12 mos
El Paso Electric Co46,692
50,547
185,464
67,465
57,617
189,499
June
556,400
534,083
686,188
2,289,586 2,162,333
734,406
12 mos_
Elea Light & Pow Co. of Abington & Rockland5,320
1,143
25,913
5,320
27,762
1,778
June
49,834
55,105
59,948
358,178
62,868
356,473
12 mos__
Fall River Gas Works Co22,415
16,672
22,588
83,978
85,778
16,886
June
103,721
263,249
165,347
977,619
265,360
12 mos_ _ _ - 1,003,610
-Houston
-Elec
Co
Galveston
23,004
59,015
94,742
321,689
61,661
287,438
June
700,298
354,078
794,896 1,124,607
12 mos_ _ _ _ 3,453,652 3,927,858
Haverhill Gas Light Co17,748
13,160
13,996
17,759
47,571
44,966
June
140,417
65,667
74,860
146,467
539,685
479,739
12 mos_ _ _ _
Elec
Light
Co
County
Houghton
3,383
e-5,205
-139
7,714
39,878
41,056
June
11,973
75,474
87,713
147,864
599,573
550,350
12 mos_
Keokuk Electric Co7,416
3,763
7,443
30,330
30,933
June
5g,
;
22:
81,263
42,901
93,997
366,107
381,173
12 mos
Co
Electric
Key West
3,293
5,903
5,928
4,030
21,483
19,438
June
84,610
46,391
61,782
73,348
268,112
249,514
12 mos
Lowell Electric Light Corp24,545
25,662
24,082
25,681
92,398
100,116
June
266,435
287,401
373,896
397,607
1,228,264 1,208,520
12 mos
Mississippi River Power Co
98,345
59,667
164,121
221,700
201,301
259,423
June
889,374
888,828
2,836,657 2,821,167 2,125,617 2,116,031
12 mos
Northern Te-xas Electric Co98,616
45,196
287,091
70,254
73,244
240,156
June
823,026 1,046,850
3,207,311 3,892,281 1,124,482 1,349,854
12 mos..
Paducah Electric Co10,142
41,826
15,232
43,674
1,822
June
133,441
165,773
508,520
540,616
48,392
12 mos_ _ _ _
Power
Co
&
Light
Sound
Puget
751,871
316,706
267,587
785,174
173,616
123,626
June
12 mos- _10,138,086 10.203,194 4,370,357 4,260,461 2,610,685 2,391,169
Savannah Electric & Power Co49,466
133,551
26,218
June
1,083,291
377,356
191,254
8 mos
THE CHRONICLE
AUG. 5 19221
Gross
1921.
1922.
$
Sierra Pacific Co79,821
73,304
June
818,497
887,504
12 mos
Electric
Co
Tampa
138,145
138,608
June
1.755,007 1,607,684
12 mos_ _
-Net after Taxes- -Surp.after C7sarges1921.
1921.
1922.
1922.
28.935
399,885
38,121
352,086
23,345
326,876
31,815
276,924
50,006
723,180
50,751
604.723
45,585
670,431
46,309
552,978
New York State Railways.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
234,884
273.195
•aBklyn City RR (Rec)_May 1,072.348 1.014,156
612,597
4,863,523 4,634,570 1,123,455
Jan 1 to May 31
1,660
1,625
6.150
8.218
•aBklyn Heights (Rec)__May
-1,863
782
30,431
36,466
Jan 1 to May 31
52,795
45,276
228,558
BklifQ Co & Sub (Rec)_May 232,157
117,873
248.216
864.644
1,067.298
Jan 1 to May 31
72,634
80,588
251,853
-Coney Isl & Bkin (Rec)_May 269,566
169,346
311,650
1,109.733 1,046,007
Jan 1 to May 31
2,073
10,139
2,477
9,687
-Coney Isl & Gravesend_May
-5.454
-4,106
30,518
29,613
31
May
to
..Jan 1
108,790
134.283
413,656
Nassau Electric (Rec)_May 466,068
234,853
2,052,439 1,877.624
529,994
Jan 1 to May 31
487,569
632.883
NW Consolidated (Rec)..May 2,074.299 1,954,490
9.733.022 9,144,559 2,699.530 1,780,546
Jan 1 to May 31
May
24,802
Brooklyn
99,299
41,952
74,213
'South
418,470
90,796
152,402
353.627
Jan 1 to May 31
(Rec)__May
Railways
825,369
8.055
61,511
807,633
.barlY
3.774,287 3,862.287
82,527 -113,111
Jan 1 to May 31
__May
-33,858
RR__
111,653
108,772
9,585
bEighth Ave
490,628 -37,921 -98,641
507,115
Jan 1 to May 31
44.091
894
1,724
48.246
bNinth Avenue RR_ _May
218,941
226,144 -53,670 -32,858
Jan 1 to May 31.
Interboro R T SystemSubway Division_ _ __May 3.048.671 3,006,506 1,254,288 1,160,544
23,033,215 15,282,178 6,318,076 5,795.513
Jan 1 to May 31
512,422
397,778
Elevated Division_ __May 1,654,183 1,723,985
7,822.253 8,392,966 2,076,911 1,579,183
Jan 1 to May 31
25,560
3,521
25.093
2,337
Manhat Bdge 3c Line_ May
8,217
8,508
118.783
117,795
Jan 1 to May 31
May
85,017
1,097
-3,949
90,365
'Second Ave (Rec)
394.366
366,176 -34,295 -56.199
Jan 1 to May 31
87,002
-1,616 -29.682
119,720
N Y & Queens County_ _May
518.000
502.053 -40,851 -162,962
Jan 1 to May 31
36,824
35,854
5,743
9,857
Long Island Electric_ __May
145.960
133,341
12.443 -11,476
Jan 1 to May 31
May
29.793
23,231
8,537
8,787
Ocean Electric
72,224
94.525
Jan 1 to May 31
9,195
3.517
i 36,973
Manhat 8: Queens (Rec)May
33,337
6,641
10,638
148,766
136.257
23.981
11.026
Jan 1 to May 31
148,498
14,944
17,823
N Y&Harlem(CityLine)May 140,035
675,566
731,308
81,220
Jan 1 to May 31
79,317
May
54,064
54,849
-2,830
-4,657
NY & Long Island
224,573
224,341 -53,814 -49.620
Jan 1 to May 31
Richmond Light & RR_May
67,388
68,350
-4,166
957
301,669
318,471 -42,046 -56,159
wkijan 1 to May 31
Note.-All the above net earnings are after deducting taxes.
pqa The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
.System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the court, declined to continue payment of the rental; therefore,
since Oct. 18 1919. the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased by the New York Railways Co., but these leases were terminated on
July 11 1919 and Sept. 26 1919, respectively, since which date these roads
-Deficit.
have been operated separately.
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
•on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 29. The next will appear in that of August 26.
St. Louis Southwestern Ry. (Cotton Belt Route).
(31st Annual Report-Year ended Dec. 31 1921.)
The report will be cited fully another week.
CORPORATE AND FEDERAL INCOME STATEMENTS FOR CALENDAR YEARS 1920. 1919 AND 1918 AND CORPORATE FOR 1921.
[Road operated by U. 5. R diroad Administration Jan. 1 1918 to Mar. 1
1920, with guaranty to Aug. 31 1920.1
1921. 4
1920.
1919.
$20,827,602 $25,260,354 $15,821,318 $141,9
Freight revenues
5,854
36
18
3,038,200 4,026,709 3,819,762 4,235,669
Passenger
920,988 1,312,712
749,220
755,751
Mail, express, &c
303,373
401,183
Incidental, &c
237.818
264,331
Total oper. revenue-_$25,140,164 $31,020,958 $20,661,163 $19,588,761
Maint. of way & struc_ - $3,953.502 $6,326,553 $4,127.516 $3,226,375
_ _ 4,415.226 6.717,152 5,220,162 4,688,980
Maintenance ofe
800,444
755,704
376,207
Traffic expenses
314.114
8,754,292 10,898,597 7,880,833 6,843,340
'Transportation
1,166.095
1,188,051
705,714
General, &c
789,959
Total oper.expenses_ -$19.089,559 $25,886,056 $18,332,583 $15,840,615
$6,050,605 $5,134,902 $2 328 579 $3,748,146
Net earnings
1,119.056
1,247,677
'Tax accruals
822,610
'853,182
3,708
Uncoilectibles
1,777
2,303
4,182
Operating income_ _-- $4,927,841 $3,885,448 $1,471,215 $2,923,233
$332,340
Hire of freight cars
$921,840
$578,658
5158,474
219,811
Joint facility rents
208,531
236,909
260.711
299,727
Interest income
367,162
284,775
300,400
Miscellaneous
110.733
311,041
954.806
940,099
Gross income
$5,890.452 $5,722,400 $3,130,899 $4,950,003
Deductions$735.416
Joint facility rents
5581.644
$602,952
$546.967
325,622
Rent for leased roads_ _ _
318,618
283,600
283,600
Miscellaneous rents_ _ _ _
37.473
67,113
32,238
41,580
_
_
bonds_
_
2,071,390 2,071,390 2,071.390 2,071,390
Int.on 1st M.
121.700
Int.on 2d M. inc. bonds
121.700
121,700
121,700
Int. on equipment trusts
57.707
71,928
43,797
57,400
Other interest
1,567
32.195
15,924
103.932
Miscellaneous
46,096
830.308
92,041
833.923
Total deductions
$33.396.970 $3,298,656 $4,060,492 $4,059,879
$2.493.482 $2,423,743 def$929,593
Net income
$890,124
Federal net income
def536,093def2,275,501
29,472
income_
net.
Corporate
$2,493,482 $2,959,836 $1,345,909
$919,596
-V.114, p. 1064.
641
General Motors Corporation.
(Semi-Annual Report-Six Months ending June 30 1922.)
The full income account by quarters and the profit and
loss account for the six months ending June 30 1922, together
with the comparative balance sheet as of June 30 1922 and
Dec. 31 1921, will be folind under "Reports and Documents"
on a subsequent page. The preliminary statement of income account was given in V. 115, p. 442.
INCOME ACCOUNT FOR SIX MONTHS ENDING JUNE 30.
1922.
1921.
1920.
1919.
Net profits
$34,811,238 $14,238,876 $47,759,357 $48,900,800
Prov.for Fed. taxes, &c_ 4,100,000
29,473 12,250,000 17,706,636
Deduct acct. of price
reductions
4,549,871
Balance
$30,711,238 $9,659,532 $35,509,357 $31,194,184
Gen. Mot. prop'n thereof$30,559,347 $9.605,676 $35,151,114 $30,591,988
Pref. divs.(6% p. a.)
485.502
485,502
485,112
522,392
Deb. divs.(6% p. a.)__.. 1,773,666 x1.752,614
1,475.221
943,653
Deb. divs.(7% p. a.)--896,750
x899,009
686,119
Corn. divs. (cash)
(50c.)10,230,975(53)8,617,887(6)8,842,434
do
(stock)
(25.)3,896.087
Surplus
Previous surplus
$27.403,428def$3,762,425 $19.990,689 $20,283,508
55,814,160 121,273,217 78.641,897 36,408,937
Total surplus
583,217,589$117,510,792 $98,632,586 $56,692,445
x Approximate.-V. 115, p. 550, 442.
Barcelona Traction, Light & Power Company, Ltd.
(7th Annual Report-Year ended Dec. 31 1921.)
Pres. E. R. Peacock, Toronto, May 31,wrote in substance:
Results.-The following figures give the revenue and interest
charges
for each of the years:
1919.
1920.
1921.
Revenue of the company
$1,783,296 $1,998.878 $2,065,537
Less-Admin. & gen. exp.. &c
225.012
214.783
160,936
Int. on 7% Prior Lien "A" bonds,
6% Prior Lien "B" bonds (payable in cash).6% 6-yr. bonds and
service of 8% Sec. debentures_.._ 1,079,232
1.232.316
1.307,346
Bal. avail, for int. on 1st M. bds__ $479,052
$551.779
$596.755
Amt. of int. paid on 1st Mtge. bonds
(being at the rate of 2% p. a.)- 723,937
731,169
In the revenue account for 1921 no credit has been taken for the 753,627
receivable from the Tramways Co.(Les Tramways de Barcelone) inrevenue
respect
of 1921, as at the time of closing the books of this company the board
of
the Tramways Co. had not declared the dividend for 1921 or
determined
the amount payable to this company. It has now been ascertained
that
the amount receivable by this company will be approximately
5250,000,
and this sum will be brought into the 1922 accounts.
The operating results of the Tramways Company (Les
Tramways de
Barcelone) showed an increase in gross earnings of nearly
18.64% over
1920, but the net increased only about 13.35%.
Amortization of Bonds, &c.-The usual provision was made for
amortization of underlying bonds and in addition reserves for
depreciation were
made by the chief operating companies as follows: Light
and power companies, $771,868; railway company. $119,106.
Interest on 1st Mtge. Bonds.-In December 1921 holders of
the 1st Mtge.
bonds passed resolutions by which the nominal
interest payable on the
1st Mtge. bonds was raised to 6% and the minimum
interest payable in
any event was fixed at 2%. and the interest for the year
1921 was paid
at this rate as the revenue did not justify a higher percentage.
Exchange of Income Bonds for 1st Mtge.
-The directors were also
authorized by the resolutions referred to Bonds.
above to offer to exchange the
company's Income bonds for 1st Mtge. bonds
on the basis of one 1st Mtge.
bond for 5 Income bonds. In response to this
offer, which is still open,
a large number of Income bonds have already
offered for exchange.
New Bond Issue Authorized-Exchange Offer.been
-Towards the end of 1921
an issue of 7% 30-Year bonds was authorized
to an amount of Pts.
50.000.000 (subject to further increase). Of these,
Pts. 6,000,000 have
been sold for cash, and an offer has
made to holders of the 6% 6-Year
bonds duo 1924 to exchange them been
par for par into the 7% bonds, which
has already been accepted by holders
of over 76% of the 6% bonds
outstanding.
Spanish Operating Cos.-Attached hereto Inamphiet
the report of Fraser Lawton the Managing Director report] is a copy of
of the Ebro Irrigation
& Power Co.. Ltd., and the Ferrocarriles
de Cataluna, S. A., on the operating companies in Spain, showing an increase
of
Pts.
5.622,207
in the gross
earnings of the combined enterprises operating in Spain
the net earnings an increase of Pts. 3,234,798, whichover 1920, and in
are regarded as
encouraging in view of the condition
of trade in the first half of the year.
Social conditions remained tranquil throughout
1921 and relations with
labor were satisfactory.
The importance to this company
favorable rate of exchange is illustrated by the following comparison:of a
In 1921 the net earnings of the operating companies were Pts.
3,234,798
greater than the net earnings for 1920,
but in sterling there was a decrease
of £46,747. The average monthly
was
rate
1920
23.32
for
pesetas
to the
pound sterling, whereas for
average was 28.52 pesetas to the
pound. representing a fall of 1921 this the average
value of the peseta for
1921. as compared with 1920.22.3% in
Ezfensions.-Considerable extensions were made to the distribution
system, during the year,
and further extensions are contemplated to meet
the growing demand for power.
Cataluna Railway.-The operations of the Cataluna Railway Co. (Ferrocarriles de Cataluna) were again satisfactory.
Work upon the extension
to Sabadell, which was commenced in November 1920. is now
practically
completed. This extension
should yield a large volume of traffic.
A contract was made in 1920
10,000,000
sale
Pts.
of
the
for
the 5%
bonds of the Ferrocarrhes de Cataluna. and at the end of the of
year 1921
these had all been paid for.
To complete the extension and provide additional rolling stock a
further
Pts. 2,000,000 of these bonds have been sold and at the end of 1921
Pts.
1,000.000 of bonds had been paid
balance was paid for during
the
and
for
the current year, so that at May 31 1922 the whole issue of Pts.
20,000,000
of such bonus has been sold.
Tazalion.-There was a
substantial increase in the amount of taxes
payable by the operating very
companies in 1921. and still further additions
have been imposed
since the close of the year. The burden of taxation
constantly grows heavier and is causing the board of directors some concern.
NUMBER OF CUSTOMERS AT DEC. 31.
1920.
1919.
1921.
1918.
Electric light
90.609
98.065
85,027
105,432
Power,.
10,463
9,746
9.353
10.968
Total
108,528
100,355
94,380
116,400
AMOUNT OF STEAM AND HYDRAULIC GENERATION (K.W.H.).
1919.1921.
Steam generation
386:530
80,190
32,470
Hydraulic generation Pobla
9,980.216 2,735,230 3,916,650
Corbera
6.853,790 4.055.030
1.654.880
Seros
90.557,500 123,342,814 111,005,903
Tremp
111,278,800 91,221,167 65.071,172
Camarasa
21,444.100 56,705,160
Total
218.750,496 243,184,871 238,386.235
COMBINED RESULTS OF EBRO IRRIGATION & POWER CO., LTD.
AND FERROCARRILES DE CATALUNA, S. A.
(In Pesetas)-_
1920.
1919.
1921.
1918.
Gross receipts
37,700.431 32,078,223 25.949,539 27.004,721
Operating expenses
13,675,094 11,287.684 10.203,323 10,067,235
Net rec,from oper_ --- 24,025,337 20,790,539 15.746,217
16,937.468
642
THE CHRONICLE
COMPANY'S INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1920.
1919.
Dividends, interest. &e., received..__ $2,063,794 $2,147,191 $2,242,691
Res.for int. charged to controlled cos_
37,626
181,346
495,678
Net income
$2,026,168 $1,965,845 $1,747,013
Miscellaneous receipts
39,370
33,033
36,283
Total receipts
$2,065,558 $1,998,878 $1,783,296
Admin. & gen. exp. incl. French taxes
160,936
188,893
147.786
Interest on loans
25.890
77.226
do
7% prior lien "A" bonds
615.266
690,072
583,127
do
6% prior lien "B" bonds
a462,333
292,000
292.000
do
6% six-year bonds
230,247
250,244
204,105
do
% 1st M. bonds
b731,169
723,937
do
6% 1st M. bonds
b753,627
Depreciation reserve
c52,497
373,146
Balance, surplus
def$156.872 def$231,887 def$618,031
a Payable in cash including amount set aside for the service and expense
of issue of 8% secured debentures.
b At the rate of 2% per annum.
c Transfer of proportion of revenue from Les Tramways de Barcelone,
S. A.(after deduction of loan interest), applied in repayment of the
balance
of the loan in connection with the purchase of the shares of that company.
Note.-Peseta conversions at Pts. 5.86=
-81.
BALANCE SHEET DEC. 31.
1921.
1920.
1921.
1920.
Liabilitiescapital account_106,928,622 103,932,601 Ordinary shares_ 27.450,000 27,450.000
Constro. exp. on
7% non-cum. pf. 8,483,500 8,483,500
Lt. Pow.& Ry 2,478,928 3,292,686 Shs. of control.
Int. on 6% prior
cos. in hands
lien "B" bds__
81,750
408,526 of public
55,504
55,501
Exp. of issue of
7% prior lien
debentures _
655,513
264,266 "A" bonds._ 8,063.216 8,063,217
Profit on exch'e_
298.622 6% "B" bonds_l 9,733,333 9,733,333
Dep. & amort.
8% sec. deb__ f
approp
deb1,183,947deb1,268,080 6% 6-yr. bonds_ 4.212,467 3,862,434
Inv. In associa'd
5t% 1st M. bds 36,524,333 36,524.333
undertakings.. 8.565,936 8,543.805 5 Si% inc. bds
8.662,569 3,998,551
Materials
1,213.232 1,459.152 Interest a
Debt.& deb. bal 1,949,879 1,844,829 Bond issues of 2,881,812 7,540,696
Cash
2,468.636 2,761,766 control cos.. 14,849,757 13,109,924
Revenue acct__ _ 1,003,954
847,082 Bond int. accr'd 1,007,247 1,086.675
Bds. unredemed
85,094
64,795
Creditors& cred.
balance
2,153,668 2,412,293
Total
124.162,503 122,385,256
Total
124.162,503 122,1185,256
a Interest In discharge of which there is an obligation to issue 5%7
0
income bonds.
Nole.-There are contingent liabilities in respect of guarantees, and also
liabilities for future annual payments under agreements in connection with
controlled and associated companies.-V. 114, p. 2467, 2358.
AS3Ca--
Studebaker Corporation.
(Financial Statement for Quarter ending June
30 1922.)
The directors have declared a quarterly dividend of 23/
2%
and an extra of 1
on the outstanding 860,000,000 Common stock, par $100, in addition to the regular quarterly
dividend of 14
3 % on the Preferred stock, all payable Sept. 1.
to holders of record Aug. 10. Cash dividends paid on common stock (from 1915 to date) follows:
1915.
5%
191.6.
10%
1917.
7%
1918.
a'19-'21. Mar.&Jne.'22. Sept. '22
4%
7% P. a. 1%% each
4%
a In May 1920 a dividend of 33 1-3% in Common stock was paid,
Increasing the outstanding amount to $60,000.000.
Pres. A. R. Erskine,in a letter to stockholders, says:
The total net sales of the Studebaker Corp. and subsidiary companies
for the 6 months ended June 30 1922 amounted to $73,422,862
and the
net profits derived therefrom, with other net income, after reserves
for
increased depreciation but before income tax reserves, amounted to
$12.686.763. Reserves for U. S. and Canadian income taxes of
$1,530.362
reduced the net profits to 811.156.401. These net profits
exceed the net
profits of the entire year of 1921 of $10,409,691 by '7.2%, and
exceed also
by 9.6% the combined net profits of the first 4 years of the corporation's
business, 1911 to 1914. inclusive, which amounted to $10,181,267.
Freed from the restrictions of war service,immediately after the armistice,
the corporation entered vigorously into plant expansion and sales development in order that its products might maintain a foremost position in the
markets of the world.
The new automobile plant erected at South* Bend, together with the
South Bend plant previously devoted to the manufacture of horse-drawn
vehicles, and the Detroit and Canadian plants, were developed by Jan. 1
1922 to the production point of 440 cars per day, as against 225 capacity
in 1918. The corporation thus prepared itself to benefit from the unprecedented demand for motor cars which has prevailed this year, but it could
only participate to the extent of its capacity, and its one regret this year
has been the loss of sales of thousands of cars it might have made had its
capacity been 50% greater.
Firmly believing in the ever-widening demand for Studebaker cars, the
directors this spring authorized further expenditures for the erection and
equipment of additional units of the new South Bend plant and certain
extensions of the Detroit plants, which are now under way and will add
160 cars per day to capacity by Jan. 1923, when the combined plant capacity
will be 600 cars per day or 150.000 per annum.
These expenditures will be financed from net profits, as others have been,
and in this connection it may be interesting to refer to the fact that the
total increase of $51,078.932 in plant account and net working capital in
the 1114 years since Jan. 1 1911, was financed out of profits with the
exception of $10,950.000 (being $15,000,000 new Common stock capital
paid in by stockholders in 1919, less $4.050,000 Preferred stock retired by
purchase), while cash dividends have been maintained since 1915, and a
:33 1-3% stock dividend was paid in 1920. Thus has the expansion program
been carried forward and have stockholders been taken care of in the past.
The corporation now stands as the second largest manufacturer in the
Industry, in actual net assets, cost and size of plants and value of sales.
but not in number of cars produced. It has ample cash reserves and
facilities to maintain its position, and a minimum earning capacity of
$15,000,000 under normal conditions.
The remarkable demand for motor cars in 1922 has been a most welcome
surprise to the industry, which 6 months ago anticipated a sharply competitive market instead of the sellers' market that has prevailed. With
peak production, competition must become keener in duo course, and those
concerns best fortified to stand it will naturally show the best results.
This corporation is in a highly favorable commercial and strategic position
to meet all emergencies and make money.
The management expects that the sales of the last 6 months of the year
will approximate 75% of the sales of the first 6 months of the year. As
heretofore stated, the corporation will enter 1923 with a production capacity
of 150,000 cars and expects to continue its development without serious
setback.
C7Mrif & LOSS & SURPLUS ACCOUNT-QUARTERS & 6 TONTHS
ENDING JUNE 30.
1922-2d Quarter-1921. 1922-6 Mos.-1921.
21,842
31.362
58,027
32,825
No. of cars produced_
22.846
60.053
34.466
No. of cars sold
$45.63067..024542 $33,059,834 $73,422,862 $51,535,105
Net sales
$12,686,763 $7,392,458
Net profits before taxes- $8.110,926 $5,281,881
1,011.333
1,530,362
1,011,333
Res. for U. S. & Can. tax 1,024.374
)171,500(33i)343,000(33i)343.000
Preferred dividends_(1 %)171,500(1%)1050000
(334)2100000(3 )2100000
Common dividends(1 %)1.050,000(1%
$5,865,052 $3,049,048 88.713.401 $3.938.125
Surplus
18.279,744 13.467,0,18
Previous surplus
ift Total surplus
$26,9913,145 $17,405,173
[VOL. 115.
CONSOLIDATED BALANCE SHEET JUNE 30 1922 & DEC. 31
June 30 '22 Dec. 31 '21'
June 30 '22
!AssetsLiabilitiesPlants & property_37,573,184 37,290,414 Preferred stock_ _ _ 9,450.000
Housing develop'ts 1,864,213 2,255,716 Common stock _ -60,000,000
Trade name and
Accounts payable.. 4,657,648
good will
19,807,277 19,807,277 Reserve for taxes_ 3,749,697
Cash _
18.282,737 8.334,800 Reserves, dealers'
Sight drafts
4,047,318 1,822,393
disc. & deposits_ 1,262,850
Investments
3,263.097 2.178,170 Other pay'le res've 2,172,258
Net rec. (less res.) _ 6,574.804 4,035,221 Spec. surp. account 4.050,000
Inventories
16,508.658 22,209.885 Surplus
22,943,145
Deferred charges
364,310
394,262
Total
108,285,597 98,328,138
-V. 115, P• 554-
Total
1921.
Dec. 31 '21
9,800,000
60,000,000
3,492,415
2,904,374
1,306,446
2,545,160
4,050,000
14,229,744
108,285,597 98.328,138
American Light & Traction Co.
Year ending June 30 1921.)
President Alanson P. Lathrop, N. Y., Aug. 1, says:
(Report for the
The board on July 5 1922 declared the regular quarterly Preferred
dividend of 134% with a cash dividend of I% to holders of Common stock.
and a stock dividend, at the rate of 1 share of Common stock on every
100 shares outstanding; all payable Aug. 1 to stockholders of record July 14.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1921-22.
1920-21.
1919-20.
Earns, on stks. of sub. cos $3.978.245 $1,881,242 $3.215,996
Miscellaneous earnings_ 1,258,593
1.295.763
946,520
Gross earnings
Expenses
Interest on 6% notes
1918-19.
$3,417.867
793,531
$5.236.838 $3,177,005 $4,162.515 $4,211,398
516.959
365.721
254,081
239,681
360,000
350.838
14,199
Net earnings
x84,359,879 $2,460.447 $3,894.234 $3,971.718
Preferred dividends_ _ _ _
$854.172
$854.172
$854,172
$854,172
Common dividends. cash 1.137.802
1,092.108
2,340,492
2,300.822
Common (stock) divs
1.137.802
1,292,754
2,340.492
2,300,822
Balance, surplus
$1.230.103 def$778,587d1$1,640,921df$1,484,099
Surplus & reserve June 30 $9.961,291 $8,731,188 $9.509,775 $11,150,696
x Net earnings for the quarter ended Sept. 1921, $1,032.684; quarter
ended Dec. 1921, $1,251,716; quarter ended March 1922, $1,008,099:
quarter ended June 1922, $1,067,381; total, $4,359.879.
CONDENSED BALANCE SHEET JUNE 30.
1922.
AssetsInvestment acct__35.472.678
Temporary invest_ 1.032.001
Earns, sub. cos__x10,560.988
Bills receivable__ _ 8,723.992
Accts. receivable__ 275,107
Miscellaneous ____
10,593
Note discount _ _ _ _ 341.732
Int. & divs. receiv_
38,200
Cash & U.S. Treas.
certificates
4,161,510
1921.
1921.
35,471,007
3.165.245
8,092.807
9,199,320
505,676
24,697
460,872
55,938
14,236,200
27,732,800
6,000.000
180,365
27,751
419,931
60,000
13,226
697,018
8,731,188
1922.
LiabilitiesPreferred stock __ _14,236,200
Common stock _ _ _ 28,866,300
5-yr.6% gold notes 6,000.000
Warrants
181,635
Miscellaneous
44,133
Accrued taxes_
545.398
Interest accrued
60,000
Accounts payable_
2.157
Dividends accrued 719,688
1,122,916 Surplus & reserve_ 9,961,291
Total
60.616,802 58.098,479
Total
60,616,802 58,098,479
x Includes earnings receivable $4,311,561 and reconstruction reserve
$6,249,427.-V. 115. p. 185.
General Cigar Co., Inc.
(Report for Half-Year Ending June 30 1922.)
INCOME ACCOUNT FOR HALF-YEAR 1922 AND CAL. YEARS 1921.
1920 AND 1919.
Six Months
Calendar Years
Period1922.
1921.
1920.
1919.
$3,861,478 $7,724,610 $9,879,798 $7,422,414
Gross earnings
Selling. adm.& gen. exp.
Federal
taxes)
2,876,777
5,956,260
(incl.
6,539,363 4,616,436
Operating income........
Other income
Gross income
Interest on loans
$984,701
89,061
$1,768,350
678,791
$3,340,435 $2,805,979
366,638
222,505
$1,073,762 $2,447,142 $3,707,073 $3,028,483
57,686
333,256
306,653
255,551
$1,016,076 $2,113,886 $3,400,420 $2,772,933
Net earnings
Preferred dividends_ _(334 7,)175,000 (7)350,000 (7)350,000 (7)350.000
Debenture pref. divs-(3 %)147.350 (7)300,474 (7)311.731(334)132,887
Common dividends- -(3%)543,120(6)1.086.240(6)1,086,240 (5)905,200
Balance, surplus
$150,606
$377,172 $1,652,449 $1,384,846
Profit and loss,surplus_ - $8,083.530 $7,932,924 $7.704,375 $6,051,926
BALANCE SHEET JUNE 30 1922 AND DECEMBER 31 1921.
June 30'22 Dec. 31 '21
June 30'22 Dec. 31 '21
AssetsLiabilities-Land, buildings,
7% Cum. Pref.stk. 5,000,000 5,000,000
machinery, &c__ 2,094,935 1,936,850 Debenture Pref___ 4,420,000 4,420,000
Goodwill, patents,
Common stock__ _18,104,000 18,104,000
trade marks, &c.19.326,003 19,326,003 Spec. cap'l reserve. 1,000,000 1,000,000
nv. In other cos__ 1,022.914 1,019,930 Bills payable
2,500,000 1,250,000
Co.'s deb Pref. stk.
Acc'ts pay'le, pay198,828
(at cost)
178,848
rolls, &c., et 1921
Co.'s corn. stock
Federal taxes__ _ 1,338,725
042,899
purch. or subscr.
Deb. Pref. d iv.pay
73.850
73,500
78.435
for by employees
207,770 Fed. tax provision. 145.000
360,000
Raw materials,supInsurance reserve.. 336,342
261,031
12,767,326
11,038,523 Sur. appr. for red.
piles, &c
436.483
Bills receivable__ _ 306,717
of deb. pref. stk _ 175,000
175,000
Acc'ts receivable 3,917.852 2,921.264 Surplus
y8,083,530 7,932,924
1,202.578 1,932,130
Cash_
171,904
Deferred charges__ 260.508
41,176,097 39,219,705
Total
-V. 115. p. 188.
Total
_41,176,097 39,219.705
Phillips-Jones Corporation (Shirt, &c., Manufacturers).
(Report for Fiscal Year ending June 30 1922.)
1922.
1921.
1920.
1919.
1918.
$10,317.396 $7,258,759 $7,064,567 $7,212,132 $6,739,923
Sales
Prof.bef.Fed.tax
771.240
181.729
850,424 1.172,328 1,278,944
676.240
Prof.aft.Fed.tax
161.729
660.424
642.328
719,882
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Sales
Cost of sales
1922.
1921.
1920.
1919.
$10.317,396 $7.258,759 $7.064,567 $7,200.980
6,595.467
5.116,242
5,184,835
5.453,504
$3,721,930 $2.142,516 $1,879,732 $1,747,475
Gross profit
1,830,115
996,336
Gen. admin. & sell. exp_ 2,619.606
647.829
81,102,324
$312,401
$883,396 $1,099,647
Net
65,226
39,217
18,994
Other Income
6.658
31.167,550
$351,618
$902,390 $1,106,304
Total
386,556
157,716
Interest & discount, net..
29,1541
55,669
9.754
12.174
Corporation taxes
22.812J
Fed.inc.&exc.prof.taxes_
95,000
20,000
190,000
13530,000
146.806
Preferred dividend
Balance, surplus
$676,240
$161,729 a$513,618
$520,634
b Excess reserve for Federal taxes for 1919, aggregating $12,237,
been credited to the profit and loss account.
AUG. 5 1922.]
THE CFIRONTCLE
BALANCE SHEET JUNE 30.
1921.
1922.
Assets1922.
Liabilities1921.
Cash
$322,794 $449,052 7% cum. pf. stk_$2,350,000 $2,425,000
Acc'ts rec., cust'rs. 1,975,727 1,452,583 Common stock__ _y2,000,000 2.000.000
Chain Shirt ShopsNotes payable_ _ _ 3,350,000 2,318.000
268.128
current account_
626,646 Accounts payable_ 322,589
20,985
48,383
Notes receivable
23,826 Accrued payroll.._
41,644
139,0841 101,113
Miscell. accounts_
48,009
51,848 Taxes payable_ _
5,238.984 3,816.439 Dividends payable
Inventory
27,4171
Insurance
89,100 Deposits on rents &
104,850
18,893
25,033
146,522
leases prepaid__
Investments.x
40,543
156,545
11,253
Due by officers__ _
16,011
29.323 Deposit accounts_
80,128 Royalties payable_ 158,636
Adv. to salesmen_
89.739
1,906,349 1,400,643
331,677 Surplus
Deferred assets_ _ _ 334,432
Real es. & bldgs.,
machinery,&c__ 2,126,008 1,612,165
Trade name, good
will, &c
Total
$10,338,742 $8,709,309
Total
$10,338,742 $8,709.309
x Includes mortgages receivable, $10,208; investments in various companies, $1,335: and Preferred stock, 320,000. y Authorized 100,000 shares;
outstanding, 85,000 shares without par value.-V. 114, p. 2725, 955.
Simms Petroleum Co., Inc.
(Semi-annual Statement-Six Months ending June 30 1922.)
Pres. Ed.T. Moore, Dallas, Texas, July 26, wrote in subst.
The stockholders June 14 changed the stock from no par value to a par
value of $10 a share. The outstanding capital stock of Simms Oil Co. and
Rowe Oil Corp was reduced-so that the item of"excess of par value over
book value of capital stock of subsidiaries owned" might be eliminated
from the consolidated b dance sheet.
As these steps have resulted in a substantial change in the liability items
on the consolidated balance sheet, there follows a condensed consolidated
balance sheet as of June 30 1922, and a preliminary income statement
for the 6 months ending June 30 The reserve of $4,435.310 for abandonment of leases and contingencies represents the amount remaining in
the reserve after charging off $1,361.561 for book value of leases acquired
at organization, or shortly afterwards, which were allowed to lapse during
the first 6 months of 1922.
Net quick assets on June 30 amounted to $3.298.694, or an average
of $4 81 per share of stock outstanding. This included 936,798 barrels of
rcude oil in storage, carried on the books at an average of $1 87 per barrel
Shortly after July 1 and before the cut in crude prices, the company sold
approximately 750,000 barrels of crude oil at an average price of $1 95
per barrel, or about $60,000 in excess of June 30 book value and it had on
band unsold only about 245.000 barrels of oil at the time of the cut in
crude oil prices.
The company has, in addition to the treasury certificates, &c., amounting
to $854,796, cash on hand to the amount of $1,291,908. or cash and its
equivalent, not including other quick assets, in excess of $2,000,000.
The only long-term obligations on June 30 were $362.000 Equipment
Trust notes on 600 tank cars bought shortly after organization at a delivered
cost of over $1.675.000.
The average daily net production after all royalties for the 6 months'
period ending Juno 30 was 6,984 barrels. The average daily net production for July to date has been about 5.350 barrels. The company is
carrying on drilling operations on its producing leases in Haynesville. La.,
and Bunger, Mexia and Caddo, Texas, and on apparently proven acreage
acquired by it in Juno in the now Pioneer. Texas, field. It is also drilling
or has interests in drilling certain pieces of wildcat acreage.
The company has ample pipe lino and storage facilities for handling
and storing its current production from its producing leases at Homer and
Haynesville. La., and tile production from its producing leases at Mexia.
CONSOL. INCOME STATEMENT FOR HALF YEAR ENDED JUNE
30 1922, AND CALENDAR YEARS 1921 & 1920.
Half Yr 1922. Year 1921. Year 1920.
(barrels)
Production
1.264.260
1,167,225
1,104.376
Gross revenue
$2.157.974 $1,855.646 $3.896,902
Operating expenses, &c
1.111,919
2.576.116
977,589
Operating profits
Other income
$1,046.055
156,231
Gross income
Rentals, interest, &c
$1,202.285 $1,166.096 $1,652,500
125,966
249,814
225.349
Balance
$1,076.319
Depreciation
255,085
Develop & leasing exp
Other income charges: Aband. leases,
depletion, &c
$878,058 $1,320,786
288,038
331.714
$916,282 $1,427.118
305,052
403.880
406,987
1,996.114
2,097,098
Balance.
sur$821,234df$1,890,700 def$974,975
BALANCE SHEET JUNE 30 1922 & DEC. 31 1921.
June 3022.Dec.3121.
June 30'22. Dec.31'21.
AssetsLeaseholds active_ 6,364.876 6,800,147 Capital stock
16,856.800y24,919.550
inactive _ 3,272,361 4,602.483 Equip.trust notes_ 362,000
do
566.000
Tank cars(600)_ _ _ 1,677.158 1,677,158 Accounts payable_ 247,869
278.540
719,121 Accrued interest,
Storage tanks__ __ 776,147
887,944
742.386
taxes, &c
Pipe lines
77.484
93,057
Miscellaneous_ __ _ 510,094
414,931 Deprec. reserve..
879.968
664,155
Invent. adj. res.... _
Inv. in cap. stk. of
89,974
402,929
381,679 Doubtful accts_
other cos
12,135
1,004,652 Res. for abandonMarketable secs_
105,871
268,604
of leases, Sec_
4,435,310
Cash
Surplus
z4,764,189
Treas. cert., Ste_ _ _ 854.796
205,518
Notes & accts. rec_ 376,004
2,287.378 2,229,585
Inventories
198,035 1,153.684
Def. debit Items
6,333,470
Total(each side)17,713,593 26,533.438
P.& L. deficit__
authorized,
1.000,000 shares, par value $10, Issued,
stock
Capital
x
42.680
treasury,
shares.
y In Juno 1922 the value of
728.540 shares; in
the stock was changed to $10 per share (see text above). The number of
Dec
31
1921
was
outstanding
718.180.
z Surplus includes:
shares
no par
Capital surplus, $2,500.000; surplus from appreciation of oil leases by discovery, unrealized portion, $1.442,955; surplus from operations 6 mos.
of 1922 (before depletion and Fed. inc. taxes), 3821,234.-v. 115, p. 553.
Waltham Watch Co., Waltham, Mass.
(Report for Fiscal Year ending March 311922.)
Treasurer Harry L. Brown, May 22, says in substance:
The company's business during the year amounted to about 75% of that
of the year before. While several of the fall
of the preceding year and 65%
months showed an operating profit, it was not sufficient to take up the loss
of the earlier months nor was the business after the turn of the year sufficient
in volume to make a profit, and the operating loss for the year was approximately $170,000 after the payment of $600,000 interest charges.
Among the many things which have been accomplished during the year
are a complete internal reorganization of the plant and an actual reduction
from its high point of Aug. 1
in inventory of approximately $1,000,000
and a corresponding decrease in the payables of approximately 3650.000
and
year
nearly
the
$1,000,000
from the high mark
of
beginning
the
since
in inventory a further reof Aug. 1. In addition to the actual reduction
duction of approximately $2.000.000 was taken to bring all active merchandise to replacement cost, which included a complete write-off of all
other merchandise. Accounts receivable were written off $200.000, or am
proximately 10%, and approximately $280.000 in allowances were made on
account of the reduction in prices on July 1 1921. These items explain the
change in the balance sheet from the surplus of $1,268,692 to a deficit of
$1,283,086.
The watch business has not yet recovered from the general depression
sufficiently to indicate a good year to follow, but the worst at least is over
and during the past very difficult year the company has at least sold its
product. Continued reductions in the inventory from operation are expected until it is brought to the lowest working basis and a corresponding
decrease in the loan. The consequent reduction in interest charges and the
643
economies already effected in operation should show someprofit for_the year
to come even with little or no increase in business.
BALANCE SHEET March 31.
1922.
1921.
1922.
1921.
Assets.
LiabilUiesReal estate
1.807,766 1,537.874 Preferred stock ___ 5,000.000 5,000,00G
Machinery
3.207,356 3,571,945 Common stock__ 7,000.000 7,000.000
Merchandise
355,670
7,906.611 10,329.550 Accounts payable_ 369,335
Cash
209.326
428,978 Notes payable_ ___ 4,570,525 5,216,000
Acc'ts receivable_ _ 1,929,507 2,728.418 Coupon notes (due
Notes receivable_ _ 323.981
3,000,000 3.000.000
Aug. 1924)
Subsid. selling cos_ 506,149
173.000 a250.000
506.148 Reserves
Trade names,&c_ _ 2,790.091 2,790.091 Surplus
def1,283,086 1,268,692
Deferred assets.._.. 148,987
197.358
Total
18.829,773 22,090,362
18,829,773 22.090,362
Total
a In 1920-21 includes reserve for taxes.-V.114, p. 1418.
Rolls-Royce of America, Inc.
(Annual Report-Year ended Dec. 31 1921.)
[Works and Executive Offices Springfield, Massachussetts.1
President L. J. Belnap says in brief:
Results.-The statement for the year ending Dec. 31 1921 shows a lose
of $791,553. The extraordinary conditions which prevailed during the
past year are Ni7Cii known to every one. A curtailment of buying pow.er
particularly affected your company because of the high price at which its
cars had to be sold.
Production & Falling Off in Sale.-The company was organized in Nov.
1919 and the year 1920 was a period of construction and development
during which plant equipment, tools and materials were purchased and
erected preliminary to production. The first chassis was produced in
Jan. 1921. From that time on, the development toward production
progressed exactly on schedule.
Working on old orders which had accumulated prior to the commencement of operatior s. production reached capacity in Juno as anticipated.
During that month 30 chassis were manufactured, and the results attained
proved that with slight additions in machinery a considerable increase in
output could be obtained.
During June the estimates of profit previously made were realized.
Unfortunately, as soon as the company caught up with its orders, sales
fell off to such an extent that curtailment of operations became necessary.
In the last quarter of the year only the nucleus of its manufacturing organization was retained.
The lack of business in these months, together with the necessary charges
against operation during the earlier part of the year when production had
not reached a point where it was capable of carrying all charFes, resulted
in an operating deficit to which was added a further loss occasioned by the
unprecedented decline in values of inventories of raw materials.
Inventories.-inventories have been written off to cost of replacement
and taken at cost, or market, whichever was the lower.
No Bank Debts.-Company has no bank debt, nor accounts payable,
other than those for current requirements and payroll, all of which are taken
care of promptly.
Outlook.-Since company announced its reduction in prices on March 7,
a marked revival of business has set in. It is believed that the lower
prices of materials and labor, with a possible greater resulting volume of
sales, may again bring about satisfactory operating results. The entire
trend of developments would appear to be favorable to your company, as
the field for a particularly high-grade car in normal times in the
United States is greater than it has been at any time in the past.
Preferred Dividends.-Preferred dividend due Nov. 1 1921 is in arrears.
PROFIT AND LOSS ACCOUNT YEAR ENDED DEC. 31 1921.
Credit balance Jan. 1 1921
34,80
Deduct-Net loss for the year ended Dec. 31 1921
796,402
Debit balance Dec. 31 1921
$791,553
BALANCE SHEET AS AT DECEMBER 31 1921.
1921.
1920.
1921.
1920.
Assets$
Liabilities-$
$
Land & bldgs., much.,
Preferred stock
3,500.000 3,500,000
&c., less deprec_ _ _1,846,049 2,019,140 xCornmon stock_ _ _ 3,600,000
3,600,000
Trade-name, designs,
Trade acceptances &
models, patents,
notes payable
10,6051 719,916
good-will, &c
4,316.189 3,600,000 Accounts payable
143,811)
Cash
57,828
45,677 Deprec. reserve
106,335
Notes rec. (cust'rs)Adv. collec. on sales_ 23,467
St accts. receiv_ _
191,353 226,250 Accr. wages,Inc., &c. 38,461
Adv.& loans to empl.
1.757
Customers deposits_
59,950
Inventories
1,378,635 1,003,699 Accr. int. on 10-year
Urine. exp. during
8% notes
45,333
16,483
constr. & develop.,
Rolls-Royce, Ltd _ _ _ 20.201
1919-20, and disc.
Purch, money cont_ _ 1,740,301
51,205
on 10-year notes
529,756
4,841.
Profit and loss__ _def. 791,553
Prepaid exp., Maw..
taxes, &c
12,058 385,225
Int. during coast.
disc, on pref. stks_
Total (both sides)_8,333.626 8,058,741
778,750
x Com, stock consists of 35.000 shares no par value.-V. 113, p. 1990.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
For Strike Details See "Current Events" T71 This Issue and the Daily Papers.
Cleveland (Ohio) Street Railway Fares Reduced from 6 to 5 Cents.-"Boston
News Bureau" Aug. 3 ,p. 3.
Chicago Electric Rail Service Paralyzed.-150,000 motors put to use in
strike of 25.000 street and elevated railway employees. "Boston News
Bureau" Aug. 3, p. 3,
Chicago Threatens to Establish Bus Lines.-City officials would take
330.000.000 traction fund in city Treasury. Traction officials begin peace
negotiations. "Boston Financial News" Aug. 4, p• 3.
Car Loadings -Total loading of revenue freight during week ended
July 22 was 861.124 cars an increase of 217 cars over week ended July 15
and an Increase of 73.090'cars over the corresponding week in 1921.
Principal changes compared with week ended July 15 were: Coal.
76,060 cars, decrease 1.274; grain and grain products, 57.566 cars, increase
8,655; coke, 9,949 cars. increase 251; live
stock 27,455 cars, decrease 2.761;
merchandise and miscellaneous freight (including manufactured products).
75ccaarrss
5
66
4,
7.
4116
;ddeeccr
reea
assee 4
30
0
4: forest products, 58,512 cars, increase 391; ore.
75
Idle Cars -Freight cars idle totaled 417.029 cars on July 15, compared
with 405,120 on July 8. an increase of 11,909 cars.
nuO
mfbteh
reuttloftiati r2
o3r3s.e02
r9
vicweer
. e serviceable (a decrease of 6.131 cars within a
week), while the remaining 184.000 were in bad order in excess of tho normal
Idle box cars totaled 51,683 cars, decrease 9,384 since July 8; coal, in15,727 cars, increase 4.984 within the same period; coke .cars, 3,902, increase 86; stock cars. 10.605 cars. decrease 1,411.
Of the 2,258,267 freight cars on line, 342,079, or 15.1%, were in need
o
cr
feraesp
ead
iru
sroinngJtuhly
atip
5,
ercio
32s
4..583, or 14.3% on July 1, an inodmpoa
thear
fre1.4
1 w9i6
Idle Cars on or about 1st of Month, and on July 15 1922 (in Thousands).
July 15. July 1. June 1. May 1. April 1. Mar. 1. Feb. 1. Jan. 1.
331
471
245
Good order_ __ _233
207
372
305
239
159
148
173
Bad order
161
184
158
175
166
Matters Covered in"Chronicle" July 29.-(a) Inter-State Commerce Comof
freight.
moving
direct
mission's orders for priority of shipments and
644
THE CHRONICLE
p. 504. (b) Developments in strike of railroad shopmen; Labor Board's
plan for settlement, p. 505. (c) Correspondence between President Harding
and J. C. Dean, Chairman Railway Employees' Publicity Association,
p. 506. (d) Samuel Gompers describes J. C. Dean as a "straw man";
appears to be a local union man,p.507. (e) Pres.L.F. Loree, of Delaware &
Hudson Co., says possibility of strikers tying up roads has passed, p. 507.
(f) Seniority of railroad workers, p. 508. (g) Samuel Gompers, in answer
to President Loree,says strike is effective, p. 508. (h) Conference between
workers and employers urged by Samuel Gompers, p. 508. (i) Menace of
delay to mails through railroad strike passed, p. 508. (j) Strike order
halted by rail signalmen, p. 508. (k)"Big Four" railroad clerks agree to
new agreement, p. 508. (1) Southern Ry. clerks sign agreement. p. 509.
(m) Freight embargoes declared by Norfolk & Western, Chesapeake &
Ohio and Louisville & Nashville, p. 509. (n) Movement for formation of
new rail company unions, p. 509. (o) Western roads on seniority, p. 509.
(p)"Big Four" union to legislate U. S. RR. Labor Board out of existence.
p. 509. (q) Railroad shopmen preparing for strike since April 1921, p. 509.
[VOL. 115.
Chicago & West Towns Ry.—Bond Issue.—
The Illinois State Commerce Commission has authorized the company
to issue a trust deed to Harris Trust & Savings Bank as security for a
$5,000.000 mortgage loan. Permission to issue $1.000,000 of the mortgage
bonds, dated July 1 1922, and maturing in 10 years, also has been granted.
—V. 111, p. 588.
Chicago Rock Island & Pacific Ry.—Ownership &
Holding of Stock of Chicago & Alton RR.—
The application of the company for an order approving the ownership
and holding of certain shares of the Capital stock of the Chicago & Alton
RR. was dismissed July 21 by the I.-B. C. Conunission. the application
being held not to be within the scope of paragrapn (2) of Section 5, of the
Inter-State Commerce Act. The report of the Commission says in part:
"The Rock Island on Jan.6 1922 filed an application for an order approving its ownership and holding of 35,120 5 shares of the Preferred stock and
68,140.5 shares of the Common stock of the Chicago & Alton RR * * *
Aberdeen (So. Dak.) RR.—Ceases Operations.—
of the record we find that the application does not
The company closed down operations July 31. It is said that the com- Upon consideration
involve the acquisition, by the applicant, of control of the Alton company,
pany has been operating at a loss for several years.—V. 113, p. 1771.
and in our opinion the proposals do not come within the jurisdiction conAtchison Topeka & Santa Fe Ry.—Lease, &c.—
ferred by paragraph (2), Section 5, of the Inter-State Commerce Act.
The I.-S. C. Commission has granted authority: (1) to the Eldorado & —V. 114, p. 2823.
Santa Fe Ry. to construct three new lines of railroad of about 434 miles
Chowchilla Pacific Ry.—To Sell Propertu.—
in Chase and Butler Counties, Kan.; (2) to the Eldorado & Santa Fe Ry.
This company has asked permission of the Calif. RR. Commission to
to issue $50,000 of capital stock. par $100, the stock to be sold at par for
cash and the proceeds used for construction purposes; (3) to the Atchison sell its entire property to Frank G. Drum for an agreed price of $730,000.
Topeka & Santa Fe Ry. to acquire control of the Eldorado & Santa Fe Ry.
Citizens' Traction Co. of Oil City, Pa.—Officer.—
• Co. by purchase of the capital stock of that company; (4) to the Atchison
Charles Day has been elected Vice-President succeeding James Crosby
to acquire control, by lease, of the lines of railroad of the Eldorado &
Santa Fe Ry.—V. 115, p. 72.
Brown.—V. 112, p. 2413.
Boston & Maine RR.—Mercer of Subsidiaries.—
Denver & Rio Grande RR.—Western Pacific RR. Corp.
Withdraws Reorganization Plan—Hammond Committee Seeks
Deposit of First & Ref. 5s Under New Agreement.—The coin mittee for the First & Ref. Mtge.5s (John Henry Hammond,
Brockton (Toon.)& Plymouth St. Ry.—Plan of Reorg.— Chairman), in a notice July 31 to the holders of these bonds
The .plan of reorganization outlined below has been adopted by the and certificates of deposit of Bankers Trust Co. therefor,
committee for the 44% 20-Year Gold Mortgage bonds due Dec. 1 1920.
pages):
The property was sold at foreclosure in July last and purchased on behalf said (see also advertising
At the annual meeting the stockholders voted to take over the Portsmouth Bridge RR., York Beach & Harbor RR., Sullivan County RR.,
Vermont Valley RH. Barre & Chelsea RR. and Montpelier & Wells River
RR. Stock in the several companies has been owned in part or in full by
the Boston & Maine for some time.—V. 115, p. 542.
of the bondholders by the State Street Trust Co., Boston. The plan includes the 44% bonds (with June 1 1919 and subsequent coupons attached)
the 6% Demand notes and the Pref. stock. No provision has been made for
the Common stockholders.
Brief Outline of Reorganization Plan.
New Company.—A new company will be organized in Massachusetts and
will acquire all or substantially all the property of the Brockton & Plymouth
Street Ry.(sold at foreclosure (V. 115, p. 435) and will issue new securities
as follows:
Bonds.—The new company will create a mortgage covering all or substantially all the property to be acquired by the new company and all
property subsequently acquired. Old Colony Trust Co. shall be trustee
under this mortgage. The mortgage shall authorize the issue thereunder of
$300.000 bonds, of which $170.000 shall be 1st Mtge. 10-Year 6% gold
bonds and $130,000 10-Year 6% Income Mortgage gold bonds. The entire
authorized amount of Income bonds and $130,000 of Mortgage bonds will
be issued in exchange for the old 44% bonds.
The remaining $40,000 of Mortgage bonds may be issued from time to
time with the approval of the Mass. Department of Public Utilities for
additions, extensions and improvements at not to exceed 70% of the actual
cost or fair value of such additions. extensions, &c.
The Mortgage bonds and the Income bonds will be equally secured as to
principal by the mortgage. Both Mortgage bonds and Income bonds will
be dated July 1 1922 and will mature July 1 1932, and will be callable at
par and int. on any int. date. The Mortgage bonds shall be coupon bonds
and int. shall be payable Jan. and July.
The Income bonds shall be coupon bonds with hit. paybale July 1 of each
year if the net earnings for the previous fiscal year are sufficient. The
mortgage shall provide for a sinking fund for the retirement of Income bonds
by purchase at not exceeding par or by call at par. The company shall appropriate for the sinking fund an amount not exceeding $5,000 on July 1
of each year if the net earnings for the previous fiscal year (after accrued
and overdue interest on the Income bonds) are sufficient.
The mortgage shall contain a provision whereby the payment of the interest on the Income bonds when earned and the annual sinking fund apyment
when earned can only be postponed by the vote of 75% of the entire board
of directors.. The interest on the Income bonds, whether or not earned,
and the annual payment of $5,000 for the sinking fund, whether or not
earned, shall be cumulative so that no dividends can be paid until all of such
unpaid accumulated interest and unpaid accumulated sinking fund installments have been fully paid. Income bonds acquired with sinking fund
money will remain alive and draw interest for the benefit of the fund.
Stock—Trust Certificates.—Three persons chosen by the bondholders'
committee shall constitute the noteholders' trustees, who shall receive and
hold $60,000 stock for the benefit of the holders of trust certificates. The
trust shall terminate whenever the trustees so determine but in any event
one year after all the Income bonds of the company mature or shall have been
retired by the operation of the sinking fund provided for or shall have been
redeemed and canceled. These certificates will be distributed to holders
of the 6% Demand notes.
General Claims.—All claims, debts and liabilities not represented by securities entitled to participate under the plan shall be paid in full or assumed
by the new company, to the extent that such claims, &c., shall have been
duly proved and allowed by the Court.
Table of Exchange of Old for New Securities
— Will Receive
Out
Mtge,
Income
Common
standing.
Bonds.
Bonds.
Stocks.
Existing Securities—
$260.000 $130.000 $130,000 $130.000
First Mortgage 4%s
500
500
500
Each $1,000
90.000
x60.000
° Demand notes
67
2,000
Each $3,000
110.000
110.000
Preferred stock
100
Each $100
x Each $3,000 of Demand notes will receive $2,000 of trust certificates
evidencing an interest in an equal amount of capital stock.--y. 115, p. 435.
Central RR. Co. of N. J.—Lehigh & W.-B. Coal Case.—
a
S. District Court at Phila. by the
The $1,000.000 bond filed in theaU.
guarantee that if a resale of the Lehigh
Franklin Securities Corp. July 31 aswere
to
be ordered a bid higher than that
property
Co.
Coal
& Wilkes-Barre
of the Jackson E. Reynolds syndicate would be made, has been approved
Thompson.
Judge
by
a petition in the names of Isaac T. and
Following approval of the bondthe
Court asking for leave to intervene to
with
Mary T. W. Starr was filed
Wilkes-Barre Coal Co. stock by the
&
Lehigh
the
of
sale
set aside the
Reynolds
the
to
syndicate and for an order
Central RR. Co. of N. J.
be made to the highest bidder. This
directing that resale of the stock
to the one filed last March.
petition was supplementarypetition
that
avers
a number of those persons
Among other things the
syndicate are "acting in concert for
who have subscribed to the Reynolds
Coal
Co. in the interest of the
Wilkes-Barre
&
the control of the Lehigh
so as to assure to the railroad company the
Central RR. of New Jersey coal
at
the
produced
mines of the coal company
the
all
of
continued shipment
of the railroad company." This, the petition says, would be
the lines
over
in
violation
of the Reading dissolution decree. The petition mentions in
names: George
Baker Jr., ames S. Alexthis connection the following L. Kemmerer,F.
William H.'Moore, Jackson
ander, Francis L. Hine, JohnVanderbilt.
S.
Harold
E. Reynolds and
subscribers to the Reynolds syndicate
The petitioners also say that other
Wilkes-Barre Coal Co. and other persons
are employees of the Lehigh &
the stock and that they believe these
for
pay
to
unable
who are financially
names are used for the purpose of
subscribers are not bona fide and their
(Phila.
"News Bureau" Aug.
purchasers.
real
concealing the
V. 115, p. 182. 72.
Chicago Elevated Railways Collateral Trust.—Strike.
See Chicago Surface Lines below.—V. 115, p. 307.
Chicago Surface Lines.—Strike.—
Motormen, conductors and icuards on the surface and elevated lines
went on strike Aug. 1. against a 17% wage reduction.—V. 115, p. 307.
Historical.—This Committee was organized May 28 1917 at about the
time the Western Pacific RR. Corp. obtained a judgment against the
Denver & Rio Grande for upwards of $39,000.000. The bondholders were
requested to deposit their bonds immediately. They neglected to do so
in sufficient amounts to enable the committee fully to protect. their interest.
After long negotiation, the Western Pacific made an offer. dated Jan.
27 1922, which this committee approved. In brief, it provided that the
bondholders should receive 50% of their holdings in a new 5% bond and
the remaining 50% in a new 7% Pref. stock, with a continuity of income
during reorganization. Under that plan the Western Pacific would have
turned over to the reorganized company assets estimated at roughly
$7.500.000, and in addition $10,000,000 in cash, that is to say, about
317,500,000 altogether in cash and assets, all of which would have been
.red by Common stock) (See details of proposed plan in V. 114,
9e
1s
re
ep5
rp.
The Perkins Committee was formed in the interest of the Missouri
Pacific, for the purpose of blocking the plan, and by the promise of a
better offer from "one or more connecting lines" succeeding in doing so.
This was months ago and since then no offer of any kind has been forthcoming—not even from the Missouri Pacific. Instead a receiver has been
appointed, and the Court stated upon his appointment that the property
would be rehabilitated out of earnings and, if necessary, by the sale of
receivers' certificates.
Western Pacific Withdraws Plan.—As bondholders to a sufficient amount
still failed to support this committee, the Western Pacific has now withdrawn its offer. The plan has, therefore, been abandoned. The bondholders, instead of receiving a continuity of income, are now threatened
with a long default in the payment of interest, and unless the various
conflicting parties can agree speedily upon an acceptable plan of reorganization, years of litigation may result. The Denver & Rio Grande, however.
originates a large proportion of the traffic which passes over its lines and
Missouri Pacific and Western
it is vitally needed as a connection by both the
Pacific, and also is of importance to other large Western systems.
Committee Has Over 30% of Bonds.—This committee has on deposit
approximately $10,000,000 face value of the 1st & Ref. bonds, being over
exclusive of the bonds pledged under
30% of the entire issue outstanding,
far the largest single holding of bonds
the adjustment mortgage. This is by
of their owners. This comprotection
the
for
intact
kept
and should be
mittee is prepared to continue its efforts for the protection of the bonds,
co-operate.
promptly
bondholders
if
New Deposit Agreement.—The agreement under which the bonds were
originally deposited has expired and a new protective agreement, dated
Certificate holders may, if they desire,
July 31 1922, has been prepared.cost,
as all of the past expenses of the
withdraw their bonds, without
committee will be paid by the Western Pacific under the provisions of its
of deposit should be presented for
certificates
event,
any
former offer. In
cancellation to the depositary or any sub-depositary, and bondholders who
them
should
obtain new certificates, to
represent
to
committee
desire the
be issued under the new protective agreement. Application will be made
to list these new certificates on the New York Stock Exchange.
Committee.—John Henry Hammond Chairman. Bertram Cutler, Charles
Hayden, Andrew J. Miller, Frederick Strauss, Melvin A. Traylor, with
B.'W. Jones, Sec., 16 Wall St., New York, and Cadwalader, Wickersham
.LBankers Trust Co., 16 Wall St., New York. Subse
uines
or
sicia
afto.
Tep
&D
Depositaries: First Trust & Savings Bank, Chicago; Provident Trust Co.,
Philadelphia; Mercantile Trust Co., St. Louis; International Trust Co..
Denver.
Statement by Perkins Committee—Timefor Deposits Extended
to Sept. 1.—The committee for the 1st & Ref. 5% bonds and
certificates of deposit of Farmers' Loan & Trust Co. and
Bankers Trust Co., representing such bonds (James H.
Perkins, Chairman), in a notice July 31, says (see also
advertising pages):
In January 1922 the Western Pacific RR. proposed a plan for the reorganization of Denver & Rio Grande RR., which it had arranged with the
so-called Hammond Committee. Our committee was formed after the
publication of that plan and because we believed that plan unfair. We
are an absolutely independent committee whose sole interest is to get as
much as we can for the bondholders.
did not believe
We opposed the Western Pacific plan, first, because wesecond,
because
its terms were sufficiently favorable to the bondholders,
that
the cash and
convinced
was
committee
our
plan
the
of
analysis
on
were much less than $17.500,assets to be provided by the Western Pacific
Hammond Committee advertisements; third,
000. the figure mentioned in thethe
bondholders to _place the control of the
because it seemed perilous to
the hands of the Western Pacific without
future of the Denver property in
fourth, because during
greater safeguards than the plan afforded, andplan
the Western Pacific
of their
the five years preceding the publication
RR.—acting under a judgment recovered against the Denver company—
company,
without
effective
Denver
opposition
the
from
obtained
had
cash and assets of great value, some of
from the Hammond committee, were
not, as against the Refunding bondwhich we are advised by counsel
e
ed.
elery
cqpu
eem
holdersya
The
t our request has recently been placed in the
Denver
legal matters will henceforth be in the hands of
all
and
receiver
a
of
hands
announced that the Western Pacific plan
the Court, and it is now publicly
our efforts. We believe that the abandonhas been abandoned because ofadvantageous
to the bondholders and that
wholly
is
plan
ment of that
the way for a reorganization. Whether
the appointment of a receiver 'clears
an
as
independent
railroad or in connection
be
shall
reorganization
that
with some connecting carrier is yet to be determined.
In view of the change in conditions, this committee therefore announces
that it has extended, until and including Sept. 1 1922, the time for the
deposit of 1st & Ref. bonds under the deposit agreement under which the
committee is acting.
Statement by Committee for 7% Cumul. Adjustment Mtge.
Bonds.—The committee for the 7% Cumul. Adjust. Mtge
THE CHRONICLE
AUG. 5 1922.]
Gold bonds, and certificates of deposit issued in respect
thereof (Richard Sutro, Chairman)says (see also adv.pages):
As a result of the efforts of your committee, a receiver has been appointed.
the
The application was made by New York Trust Co. as trustee under
adjustment mortgage, at the request of your committee, for the purpose
of conserving the earnings and assets of the road for the benefit of the
bondholders and to prevent the Western Pacific RR. Corp.. through its
subsidiary, Denver & Rio Grande Western RR., from obtaining the
earnings properly applicable to the property by which your bonds are
secured.
Your committee believes that the position of the bondholders has been
of
vastly, strengthened by thus removing the property from the control
the Western Pacific interest and by placing it in the custody and under the
protection of the Court.
Having regard to the beneficial results so far achieved by the committee,
of
you are urged to further strengthen its ability to defend the interests
American
the adjustment bonds by immediately depositing your bonds withYork.
-V.
Now
Broadway,
Exchange National Bank. Depositary, 128
115, p. 542. 307.
Detroit United Railway.-Notes Called.-
Five hundred ($500,000) 5-year 7% Collateral Trust gold notes, dated
April 11918, have been called for payment Sept. 1 at 1003-s and int. at the
Central Union Trust Co., 80 Broadway, N. Y. City.-V. 115, p. 182.
645
Missouri Pacific RR.-Definitive Bonds Ready.-
The Guaranty Trust Co. of N. Y. is now ready to exchange definitive
1st & Ref. Mtge.6% Series "D" gold bonds for temporary certificates now
outstanding. (For offering see V. 114, p. 1287.)-V. 114, p. 2823.
Montreal Tramways Co.-Income Acct.for Stated Periods.
Years ending June 30-- Feb.10'18to
June 30'19.
1919-20.
1920-21.
Period1921-22.
Gross earnings
$11,712,525 $11,773,005 $10,782,470 $11,572,210
5,849,912 6,640,715
Oper. expenses & taxes
5,769,403 6,327,841
45,928
46,607
47,442
Operating profit
47,960
2,098,121
2,190,557
2,529,055
Maintenance & renewals 2,579,200
Balance
$3,315,962 $2,868,667 $2,695,394 $2,787,447
Allowances due Co.
capital
on
value
$2,177,178 $2,177,178 $2,177,178 $3,018,224
6%
40,645
23.833
12,491
6% on working capital
6,596
32,919
69,827
118,859
7% on add'ns to capital_
145,684
251.353
181,431
181,431
Expense of financing....
181,431
Total
$2,510,889 $2,489,959 $2.452,269 $3.343,142
$243,124 def$555,696
Balance
$378,708
$805,073
Payable as earned$692,694
$500,000
City of Montreal rental_
$500,000
16500,000
115,722
107,825
117,730
117,125
Contingent reserve
$808,416
$607,825
Total
$617,730
$617,125
ELtern Massachusetts Street Ry.-Listing.$364,700 $1,364,112
Deficit
$239,022
$187,948
The Boston Stock Exchange on July 31 placed on the list the following
Aug. 1'
due
bonds,
Debenture
Sterling
1st
The
Mtge.
$584,000
4%%
bonds: (a) $14,956,000 Ref. Mtge. 4%s, Series "A," due Jan. 1 1948; are being retired. It is not the intention of the company to make any
(b) $2,832,547 Ref. Mtge. 5s, Series "B," due Jan. 1 1948; (e) $841,800 further issue at this time in connection with this retirement.-V. 114.
1
Jan.
1948);
Ref. Mtge. 6s, Series "C," due Sept. 15 1927 (extended to
to p. 2013, 1180.
(d) $685,100 Ref. Mtge. 6s, Series "D," due April 1 1925 (extended
1925
Jan. 1 1948); (e) $500.000 Ref. Mtge. 6s, Series "E," due May 1 Series
N. Y. New Haven & Hartford RR.-To Abandon Line.6s,
(extended to Jan. 1 1948); (f) $2,100,000 Ref. Mtge. Serial
.
The 1.-S. C. Commission has issued a certificate authorizing the abandon"S.A" ($300,000, due serially Jan. 1 each 1923-1929), and (g) $552,500 ment of company's line of road between Saybrook Junction and Saybrook
Ref. Mtge. Serial 6s, Series "S.C."
Point,Middlesex County,Conn.,a distance of 1 4 miles.-V.115,p.544,309.
The Ref. Mtge. Serial 6% Bonds, Series "S.C." are dated Feb. 1 1922
and are due as follows: $115,000 Feb. 1 1925; $115,000 Feb. 1 1927;
North Alabama Traction Co.-Sale.435..
p.
$110,000 Feb. 1 1928; $107,500 Jan. 1 1929.-V. 115,
The property of the company will be sold at public auction on Aug. 11
at Albany, Ala., by A. A. Hardage, special master, under orders of the U.
Authorized.
Gary Street Ry.-Issuance of Bonds
S. •District Court.-V. 112, p. 563.
The Indiana P. S. Commission has authorized the company to issue $110,Pennsylvania RR.-Lease of G. R. & I. RR. Approved.000 of its $130,000 20-Year 5% 1st Mtge. gold bonds at not less than 75%
See Grand Rapids & Indiana Ry. above.-V. 115, p. 544. 437.
par value, instead of 80% previously authorized-V. 114, p. 2579.
to Penna. RR.-
Pere Marquette Ry.-Not to Abandon Branch.-
Grand Rapids & Indiana RR.-Leasc
The L-S. C. Commission has denied the company's application for
The 1.-S. C. Commission has approved and authorized the acquisition authority to abandon that portion of its line of road extending from a
by the Pennsylvania RR. of control of the Grand Rapids & Indiana Ry. point near White Cloud, on its Grand Rapids-Petoskey line, in a northby lease. Under the terms of the proposed lease the Pennsylvania is to easterly direction to a connection with its Edmore-Big Rapids line at a
pay to the Grand Rapids as rental a sum equivalent to 4% per annum on point near the northeast corner of Third and Jacksons streets in the city
the $5,791,000 Grand Rapids capital stock (of which the Pennsylvania of
Big Rapids, a distance of 19.67 miles.
owns 98.66%), and a like percentage on any additional capital stock that
The Commission has authorized the company to abandon its Freeport
may be issued, and in addition thereto a sum necessary to pay the expenses branch, which extends from a connection with the Detroit division of the
of maintaining its corporate organization, its taxes and all installments of company's road, at a point near Elmdale station, in a general southerly
interest and sinking funds, when due and payable, on its bonded and other direction to Freeport, a distance of 6.23 miles.-V. 115. p. 437, 183.
indebtedness. The proposed rental payment is substantially equivalent
to the average earnings on the capital stock of the Grand Rapids for the
Philadelphia Company, Pittsburgh.-Tenders.past ten years. The Grand Rapids has an authorized bonded indebtedness
The Guaranty Trust Co. of N. Y., as trustee, will until Aug. 11 receive
of $14.000,000, of which $11,373,000 was outstanding on Dec. 31 1920. bids for sale to it of 1st Ref. & Coll. Trust Mtge. gold bonds, due Feb. 1
Its railway operating revenues for the year 1920 were $9,769,277 and its 1944, series"A" to an amount sufficient to exhaust $120,005 and at a price
railway operating income account for the same period showed a deficit of not exceeding 105 and int.-V. 115, p. 180.
$438,789. At the end of the year 1920 its road and equipment account
Reading Co.-Protective Committee for Gen. Mtge. 48.aggregated $22,805,313 and its profit and loss account showed a credit
balance of $1,676,744.-V. 112, p. 932.
to the holders of the
The
below in a
Illinois Central RR.-Government Guaranty.-
The 1.-S. C. Commission has certified payment of $1,313,078 to the
company as partial payment under the guaranty provision of the Transportation Act -V. 115, p. 543, 307.
notice
committee named
Gen. Mtge. 4% gold bonds of Reading Co. and Philadelphia
& Reading Coal & Iron Co. says (see also advertising pages):
The U. S. Supreme Court in a suit to dissolve the relation existing between the above companies and others and to separate railroad properties
from coal properties, has directed the U. S. District Court for the Eastern
District of Pennsylvania to approve a plan for such dissolution and dispoFederal Judge Mayer has adjourned until Aug. 11 the final date
sition of properties.
interrogatories in the suit in equity instituted against the company by the
The District Court is directed to sever the interests and joint obligations
American Brake Shoe & Foundry Co.-V. 115, p. 543, 183.
of the Reading Co. and the Coal & Iron Co.; to determine the respective
values of their properties which are covered by the lien of the said mortgage;
road
Ry.-Sold.-The
International & Great Northern
to apportion the liabilities of the said companies and the liens upon their
properties according to the values so found, and to determine
was sold at public auction July 28 at Houston, Texas, to respective
what, if any. injury to the bondholders such modification of the terms of
Central
the
representing
Maurice P. Moore and Earle Baile,
their debt and mortgage may cause and to compensate therefor by payment.
It is regarded as most important that the bondholders should unite in
Union Trust Co. of New York. The purchasing price was
order to be represented in Court in the said proceedings, to the end that the
$5,000,000.
plan ultimately approved by the Court may preserve and protect their
The sale was in accordance with the reorganization plan, announced rights and interests.
on May 31 1922 by J. & W. Seligman & Co. and Speyer & Co.,reorganizaWith this object in view the committee (see below) has been formed and
tion managers. See V. 114, p. 2468, 2464.-V. 11.5, p. 176, 183.
has, by order of the District Court, been made party to the proceedings and
authorized to appear as representative of the holders of the said bonds.
Holders of the bonds are requested to deposit their bonds immediately
Iron River Stambaugh & Crystal Fall Street Ry.
with coupons maturing on and after Jan. 1 1923, with one ofthe depositaries.
Michigan).-Purchased.--M. WillcoxChairman (V.-Pres. Philadelphia Saving
Commitee.-James
This road has been purchased for $109,797 by Benjamin F. Loos of Fund Society). Phila.; George W.'Davison (Pres. Central Union Trust Co.).
Minneapolis. Mr. Loos, according to a local newspaper, plans to issue New York; William A. Day (Pres. Equitable Life Assurance Society of
stock in the company for public sale.
U. S.), New York; Edward D. Duffield (V.-Pres. Prudential Insurance
Co. of America), Newark, N. J.•, William P. Gest(Pres. Fidelity Trust Co.),
Louisville & Nashville RR.-Attorney-General of Con- Phila.; E. B. Morris (Pres. Girard
Trust Co.). Phila; C. S. W. Packard
Penn. Co. for Ins. on Lives & Granting Annuities), Phila.; AsaiS.
necticut Rules 1st & Ref. Mtge. Bonds Not Legal Investments (Pres.
Wing (Pres. Provident Trust Co.), Phila., with A. S. Fenimore, Sec.,
3
for Connecticut Savings Banks.-In an opinion issued Aug.
700 Walnut St., Phila., and Henry, Pepper, Bodine & Stokes, counsel.
.o1r83
M
p
.n & Co., New York, and Drexel & Co.,
ga
by Attorney-General Frank E. Healy of Connecticut the PhDepositari
iladelphia.-V. 1P5.
outFirst & Refunding Mtge. bonds ($12,753,000 at present
Suit.Interborough Rapid Transit Co.-Receivership for
filing
standing in hands of the public) are barred as legal investments for Connecticut savings banks.
The Attorney-General held that the authorized amount of the 1st &
Refundinig_Mtge., which at present stands at $216,000,000, plus the outstanding $3,472,000 Southeastern & St. Louis Div. 1st Mtge. 6s due 1971.
brings the total obligations of the company to an aggregate exceeding three
times the amount of the $72000,000 outstanding capital stock and would
1913.
therefore exceed the legal limit specified in Connecticut statutes&since
St. Louis
The Attorney-General however, holds that the Southeastern
Connecticut.
in
banks
savings
for
investments
legal
Div. bonds are
Division issue should
The attorneys for the company claimed the St. Louisheld
that the issue is
be considered a prior issue but the Attorney-Generalissues
are equal.-V.
bond
both
that
but
neither prior nor subsequent
114, p. 1643.
Midland Ry.-Interim Dividend.
income tax) has been
An interim dividend of 2% (less
Deferred Converted Ordinary stock, payable Aug. 12.
dend of 1%% was paid in Aug. 1921.-V. 114, p. 1179.
declared on the
An interim divi-
Milwaukee Electric Ry. & Light Co.-Balance Sheet.
Dec. '21
June 30'22 Dec. 31 '21
AssetsProperty & plant,
general account _63,253,872 59,398,548
Capital expend'res,
current Year. _ _ 1,580,231 3,855,324
500,000
Treasury securities 5C0,000
13,500,000
Secs, with trustees
55,000
50,000
Sundry investmls.
512,172
Cash
419,968
19,097
Notes & bills rec__
26,470
Acc'ts receivable__ 1,113,951 1,279,910
Matrials & supp__ 2,556,860 2,602,229
605,964
Inter-com'y acc'ts. 411,810
Prepaid accounts..
6,966
21,704
Open accounts_ _ _ _ 1,069,859
732,133
Bond & note disc' 1,465,620 1,577,279
Equipment leased- 1,634,413 1,633,319
Total
74,104,759 86,337,940
-V. 114, D. 2718, 2116.
31
June 30'22
$
LiabilitiesPreferred stock_ __ 7,287,300 6,073,600
Common stock. _ _ 9,850,000 9,850,000
36,723,000 50,296,250
Funded debt
925,000
Notes dr bills pay620,198
Accounts payable_ 590,757
255,383
279,443
Sundry.
Inter-company ac3,990,783 4,642,133
counts
202.575
Taxes accrued_ _ 706,024
488,133
489,963
Interest accrued
54,977
62,228
Dividends accrued
Sundry accrued lia3,538
2,668
billties
435,291
Open accounts_ _ _ _ 559,071
11,529,018 10,610,690
Reserves
2,034,504 1,880,171
Surplus
Total
74,104,759 86,337,940
Rockford (Ill.) City Traction Co.-Fares.-
Effective Aug. 1, cash fare will be 10 cents with 4 tickets for 25 cents; in
addition a 40-ride ticket can be bought for $2.-V. 112,P. 470.
St. Louis El Reno & Western Ry.-Receiver's Certfs.-
The 1.-S. C. Commission has authorized the company to issue $20,198
of receiver's certificates to be used for the following purposes: (a) To retire
$15,000 of receiver's certificates dated Feb. 12 1921, together with interest
amounting to $1,125 on June 12 1922; (b) to liquidate unpaid balance of
$2,823 due to Arthur L. Mills for his services as receiver, and (c) to liquidate unpaid balance of $1,250 due to H. P. Warner for professional services
w rnec
tr
aoto
eyeitvoerAr
iss n
a
.ithy
.L
ur
.2
11
7pi lls
191 he as receiver. [Karl E. Humphrey
. 2while
St. Paul & Kansas City Short Line RR.-Bonds Offered.
-R. W. Pressprich & Co., New York, are offering at 83M
and int., to yield about 6%, a block of $700,000 1st Mtge.
4Y2s, due Feb. 1 1941 (see advertising pages).
The bonds are secured by a direct first mortgage on 182.93 miles of road
and are unconditionally guaranteed both as to principal and interest, by
endorsement by the Chicago Rock Island & Pacific Ry.Co.-V.115,P.309.
Scranton (Pa.), Montrose & Binghamton RR.yidnerntS
prz
tuv
ar.t F
il
3mi
le
, n
p5h
g 3
s. been elected President and R.W. Day Vicea5
Seaboard Air Line Ry.-Equip. Trusts SobL-Freeman
& Co., Commercial Trust Co. and Stroud &-1&.,
4%,according to
have sold at prices to yield from 5% to 53
adv. pages).
maturity,8952,900 6% Equip. Gold Notes (see
.
5
)
Jarle1n5criit,c6ord
Dated Jan. 15 1920. Maturing $73,300 annually
1935. inclusive. Int. payable J. & J. in N. Y. CitY.
60 days' notice at 103 and int.
aanstya
te Co..only Nonewanyynirnkt;
Guaranty Trust
trustee.
and retired, $220,000.
Matured
Authorized and issued, $1,650,000.
the
Held by the Director-General of Railroads to be subordinated to
Issued
remaining notes. 3477,100. Balance now offered, $952,900.
of
Rail-General
Director
the
under equipment trust agreements between
agreements.
roads, the company and the trustee. Through supplemental
33 1-3% of the notes of each maturity originally issued are to be stamped
notes.
as subordinate in lien to the above prior lien
646
THE CHRONICLE
These $952,900 notes constitute the entire first lien indebtedness on
equipment costing originally over $1.650,000. This equicy, together with
the two annual installments which have matured, give these notes a present
cash equity of over 42%. Secured by a prior lien on the following standard
railway equipment: 10 light Mikado locomotives, 15 light Santa Fe
locomotives. 10 switching locomotives.—V. 115, p. 184.
Sherman Shreveport & Southern Ry.—Plan of Readjustment.—The committee for the 50-Year 1st Mtge. 5%
Gold bonds, guaranteed by the Missouri Kansas & Texas
Ry.(of Kansas)announces that it has prepared and adopted
a plan and agreement of readjustment for the above bonds
(see advertising pages).
.[vol.. 115.
amount as the reorganization managers may request or approve. If the
Shreveport properties shall be purchased by the reorganization managers.
whether separately or in block with other properties, the Committee will
purchase the Shreveport properties from the reorganization managers, as
provided.
(b) If the Shreveport properties shall be purchased by the committee
in either of the events aforesaid the committee agrees to sell the same to
William Edenborn. the purchaser, and the purchaser agrees to purchase
the same from the committee, for $750,000. Payment of purchase price
shall be made as follows: $450,000 on delivery of conveyance, and $300.000
(with interest at 4i% per annum) when the property shall have been
cleared of all liens. &c.. subject to which the same may be sold, or which
the judicial sale of said property shall not cancel and discharge, including
the balance due, if any, under the bid made at judicial sale for the Shreveport properties.
As security for the faithful performance by the purchaser under the
Edenborn Contract he has deposited with the committee in escrow $100.000
U. S. Government bonds, with all unmatured coupons attached thereto,
said bonds being pledged pro tanto for the payment of any damages which
the committee may be entitled to recover if the purchaser should default
In the performance of the agreement. The bonds are to be returned to
the purchaser when he accepts conveyance under the contract and makes
the payment and deposit of collateral mentioned below. If conveyance is
not made to the purchaser on or before Nov. 1 1922. the liability of the
purchaser thereafter for failure of performance of the agreement shall not
exceed the market value of the $100.000 of Government bonds, and if the
Committee is not ready to make the conveyance on or before March 1
1923. it shall thereafter be optional with the purchaser as to whether or
not he shall accept the same, the purchaser, however, to be bound until a
written notice of his intention to withdraw is given.
Properties Agreement.—The reorganization managers and the purchaser
have entered into an agreement dated May 25 1922 termed the properties
agreement. This agreement provides, among other things, (a) for reciprocal sales or exchanges of certain properties; (b) for the execution of
an agreement between the purchaser and the company in which the properties of the Texas Corporation to be acquired by the reorganization managers
shall be vested, covering the joint use of certain tracks and facilities;
(c) for the delivery to the purchaser if and to the extent acquired by the
reorganization managers, of certain equipment (described below).
Under the properties agreement the provisions relating to such sales or
exchanges of properties, to such agreement for the Joint use of tracks and
facilities, and to such delivery of equipment, shall be effective only if the
Edenborn Contract is carried out or the Shreveport properties are otherwise or in any manner acquired by the purchaser, and if the reorganization
managers acquire the properties of the Kansas Corporation and the Texas
Corporation.
List of Equipment.—Six locomotives, 2 coaches, 2 chair cars. 9 flat cars,
4 auto cars, 5 coal cars, 103 box cars, 6 cabooses, 2 cinder cars, and 24
outfit cars.—V. 115, p. 437.
The notice states that holders of the certificates of deposit of Columbia
Trust Co. shall be assumed to have assented to and ratified the plan unless
within 20 days after July 19 1922, the date of first publication of the
announcement, they shall dissent from the plan and withdraw the bonds
represented from the deposit agreement. Holders of undeposited bonds
who do not deposit their bonds on or before Sept. 15 shall have no right
to participate in the plan of readjustment.
The committee has also issued a notice amending the deposit agreement
so that it shall be deemed to specifically approve and adopt the plan and
agreement of readjustment.
Digest of Plan of Readjustment.
Outstanding Bonds.—There are now outstanding $3,680,000 50-year
of
which
5s,
$1,689.000 are outstanding in the hands of the
1st Mtge.
public and guaranteed by the M. K. & T. Ry.. and $2,000.000 held by
the Missouri Kansas & Texas Ry.. and pledged under its 1st mortgage,
2d mortgage, general mortgage and consolidated mortgage..
Majority of Bonds Deposited.—The bondholders committee, R. Walter
Leigh, Chairman, holds $1,307,000 of the $1,689.000 bonds under the
deposit agreement of Feb. 15 1916, on which the Dec. 1 1915 and subsequent coupons have been defaulted.
Foreclosure Proceedings.—The principal of the 1st Mtge. bonds has
been declared to be, and has become, due and payable and has not been
paid. A decree has been entered for the foreclosure of the mortgage
and for the sale of the properties covered thereby.
Shreveport Properties Not In M. K. (S. T. Plan —The Missouri Kansas
& Texas reorganization plan [V 113, p. 23111 does not contemplate the
inclusion of the Shreveport properties, out in the reorganization plan it is
provided that the reorganization managers [J. & W. Seligman & Co. and
Hallgarten & Co.1 may in their discretion at such times or time as they
may determine make adjustment of indebtedness and I or offers to creditors.
secured or unsecured. including the holders of guaranteed or assumed
bonds, and may call in such bonds for deposit and may provide for participation or adjustment, and for the purpose of adjustment they may use
any of the securities presently issuable in the reorganization and not
required for delivery to depositors, or in their discretion they may procure
Southern Pacific Co.—Asks Rehearing in Central Pacific
the present issue of, and may use, additional securities of any class or Decision.—The company filed in the U. S. Sunreme Court
character contemplated by the plan.
Southern-Central
Summary of Agreement Between Reorganization Managers and Committee, July 31 an application for rehearing of the
Pacific case, in which the court recently handed down an
Dated May 25 1922.
Committee Approves Reorganization Plan.—The committee approves of opinion directing the company to divorce itself of ownership
the Missouri Kansas & Texas reorganization plan and will prepare and
adopt a plan and agreement for the readjustment of the rights and securi- and control of the Central Pacific RR.
A press dispatch from Washington July 31 says:
ties of the guaranteed 1st Mtge. bonds. Any such plan shall include the
No action will be taken on the petition until the Court meets for its
carrying out of the Agreement of adjustment and shall not be inconsistent
with Missouri reorganization plan. All bonds withdrawn Nam any such next term in October.
"The company in its petition grouped the grounds advanced for the
plan and agreement adopted by the committee, or the holders of which
shall dissent from such plan, or from the Missouri reorganization plan or rehearing under five heads and among other things urged an application
from any amendment to the deposit agreement shall be deemed with- of the Sherman Act'in the light of the rule of reason,' insisting that under
drawn from the Missouri reorganization plan and from the agreement of the laws of California there was authority for the lease made by the Central
adjustment. All deposited bonds not so withdrawn will be bound by the Pacific in 1885, which, if valid, constituted the Southern Pacific propr,letor of the Central Pacific for 99 years
agreement of adjustment.
'The petition asserted that it was not the intention of the Sherman Act
Provisions for Sale of Shreveport Properties.—If the Shreveport properties
in conare separately offered for sale at foreclosure the commtitee will bid for to 'subvert titles vested before its passage.' and that Congress
same up to $750.000, and to such greater amount as the reorganization sidering the refunding of the Central Pacific debt always looked 'for a
Pacific.'
Southern
payment
by
the
its
of
guaranty
approve,
and
may
in
managers
making payment of the purchase price
"The petition further stated that the Sherman law 'should not be interwill use the deposited 1st Mtge. bonds so far as may be permitted by
preted as requiring the disintegration of railroad lines which in the 50
the decree of sale.
years
of their history have had a community of operation through a single
To enable the committee to complete any such purchase the reorganizaAll consolidations, leases and
tion managers will pay the sum apportionable out of the net proceeds management of unbroken continuity.'
of California companies holding Federal franehises to construct
conveyances
f$2.000.0001
the
pledged
1st
Mtge.
of sale to
bonds. but such payment
basis which prevailed in the
upon
the
were
made
railroads
shall not exceed $350.000 unless at the request or with the approval of and operate
the reorganization managers the committee shall have bid more than Coatral Pacific lease, the petition asserted, and 'have stood unchallenged
times.'
earliest
from
which
latter
event
the
in
$750,000,
reorganization managers will pay an
"The Federal Refunding Committee, the petition said, 'was clearly
additional sum equal to the difference between the amount payable out
to make a settlement calling for a guaranty by the
of the net proceeds of sale upon the pledged 1st Mtge. bonds and the coupled with authority
Pacific predicated upon its position as lessee, inasmuch as such
Southern
amount which would have been so payable thereon had the Shreveport
a settlemt was in line with what had always been regarded in Congress
properties been knocked down for $750,000.
to refunding.'
If the receivership properties shall, as contemplated by the Missouri as practically indispensable
The opinion of the Court, the petition said, 'fails to do justice to the
reorganization plan, be purchased at Judicial sale by the reorganization
of our case under the settlement,' in that it leaves
managers the reorganization managers will (1) if the Shreveport properties moral or legal aspects
Governmental action from 1885 to 1898'indispensable
are sold subject to any part of the receiver's certificates or other receiver- out of consideration
to a sound interpretation of the powers conferred upon the (refunding)
ship claims or liabilities, assume and pay or provide for the discharge or commission
settlement
made by it.'
the
and
receivership
Shreveport
the
of
expenses
payment
subject to which the
"The opinion also 'ignores the lease as the predicate upon which the
Shreveport properties are sold: or (2) if the Shreveport properties are not
guaranty was requested and given, the petition asserted, claiming that it
sold subject to the Shreveport receivership expenses, but the same are 'assumes
that the Commission did not request but merely, unresistingly,
payable out of the proceeds of sale of the Shreveport properties, reimburse appointed,Thelodetehisograimorf
the committee for all amounts which as purchaser it will be required to
the'
Court is further criticized on the ground that 'it
payment
of
of
purpose
the
the
for
cash
Shreveport receivership ignores the fact that without the guarantee
pay in
the Government could not have
of the debt'; also that 'it takes no account of the fact
expenses.Thecommittee itself assumes and will pay the costs and expenses of the obtained payment
concurrence
the
of
the
Southern
without
Pacific the Central Pacfic
that
including
mortgage,
any
compensation
foreclosure of the first
allow- could not have complied with the terms of the
agreement of settlement
ances to the trustee, &c.
the lease of the Southern Pacific to be subordinated to the
required
which
shall
be
properties
purchased
by
Shreveport
the
reorganization bonds issued by the reorganized company,' and that 'it ignores the fact
(c) If the
in
block
or
with other properties, the
managers, whether separately
that it was the first duty of the Commission to familiarize itself with the
Shreveport properties will be sold by the reorganization managers to the plan
of reorganization and to satisfy itself that it was adequate to insure
committee under certain stated terms and conditions which are designed the
payment of the Government debt within ten years.'
to accomplish the same result and effect that would be achieved if the
"The Court, it asserted, 'treats the question of the legality of the
Shreveport properties had been purchased at foreclosure sale by the acquisition
of the stock as determinative of the case, thus overlooking
committee.
managers will cause to be transferred for account that it was the intention of Congress to authorize the Commission to
(d) The reorganuation equipment
matter under circumstances which would confirm the Southern
the
with
deal
which
shall
not
have
certain
been
sold as part
of the committee
will at the request ovfeeptehomertecooTtmsekrmmolotinwteanel Pacific in its position as lessee, and then the ownership of the stock would
of the Shreveport properties, and
not present a practical question under the Sherman law until the lease
interest Extension),
to three certasih
nra
e
agreements
transfer all their right, title and
expired.'
as the Joint Track Lease (Waskom
"The
'he company asked an opportunity for counsel to present an argument
Station Shreveport, Louisiana Agreement,
Contract. and Union Passenger
that part of the opinion relating to the apportionment or use of certain
on
obligations
of
the
any
Shreveport
assume
Co.
to
the transferee
'constructed or acquired during the unified control of the two
properties
shall
not
be
properties
purchased either by the
(e) If the Shreveport
contending that 'propositions upon which they may be brought
systems,'
managers the provisions of the agreecommittee or by the reorganization
never presented by any pleading, never mentioned in the
were
rest
to
have
future
to
effect.
cease
shall
ment of adjustment
M. K. ct. 7'. Ry.—In settlement of taking of evidence, at no time argued . . . and are not to be supported
Settlement of Any Liability AgainstM.
by any rule heretofore announced or applied' by the Supreme Court."
K.
&
the
T.
either
Ry.,
or
any
part
of
the
other
corporaon
any liability
Co., on or in respect to the 1st Mtge. bonds (For decision of Supreme Court ordering divorce of the Central Pacific,
tionsother than the Shreveportwill
on the consummation of the Missouri see V. 114, p. 2470.)—V. 115. p. 74, 09.
the reorganization managers
production
of guaranteed 1st Mtge. bonds for
the
upon
plan,
reorganization
Third Avenue Ry. System.—Earnings.-Common stock without par
folloves..
committee
arv
proapleurettes
of
stamping. deliver to the
Twelve Months ended June 30.
(1) If the Shreveport
as
eorganizedcompany
r
the
committee
or
the
by
1922.
by
the
1921.
1922.
purchased
1921.
reorganization
shall have been
for each $1.000 of guaranteed bonds, or (2) if
managers 8 shares of stock shall
have
been
not
96
5
A4,136,153
Taxes
7,075
13,499,226
purchased
8759,319
rev__
properties
oper.
either
Total
by
the
the Shreveport
reorganization managers, at the rate of 1 share of
Operating Exp.—
committee or by the remaining
for principal and interest up- to Maint. of way_ ___ 1,658,009 1,696,067 Operating income_ 2,612,526 1,582,301
unpaid
$100
each
stock for
213,486
tran such guaranteed 1st Mtge. bonds, after application Maint. of equip't. 1,201,064 1,347,667 Interest revenue__ 259,710
,
Jan. 1 1922.,
thereon out of the net proceeds of sale Depreciation
376,718
632,744
thereon of 9flle amounts payable
Gross
income___
1,119,461
1,257,292
2,872,236
supply_
properties.
1,795,787
Power
Shreveport
of the
consideration the committee will Operation of cars_ 4,490,466 4,896,077
Deductions—
Release from Guarantu Provisions.—In
managers a release of any and all liability Miscellaneous
1,453,909 1,462,885 Int. on ist M.Ms_ 548,080
548,080
execute to the reorganization
and
will
bonds
produce
Int.
Mtge.
the
on 1st ref. M_ 879,620
deposited
1st
879,620
1st
on the guaranteed stamped with such release and, if the
reorganization
Total open exp_10,556,552 11,037,607 Int. on adj. M.bds. 1,126,800 1,126,800
Mtge. bonds to be
of any endorsed guaranties thereon.
Net open revenue_ 3,579,602 2,461,620 Miscellaneous...... 119,879
117,899
managers determine, a cancellation to
Benefits Thereof.The agreement of
Only Parties to Agreement Entitled the benefit of the
Net income____ 197,857 def876,611
parties thereto and
adjustment is made exclusively for
thereunder or be entitled to any of the —V. 114, p. 1767, 1288.
no one else shall have any right
benefits thereof.
Toledo Traction Light & Power Co.—Notes Sold.—
25 1922 Between Committee and
May
Dated
Summary of Agreement
William Edenborn.
Harris, Forbes & Co. and National City Co. have sold at
substance
as
in
provides
follows:
The Edenborn contract
98 and int., yielding about 6%%, $6,500,000 3-Year 6%
(a) If the Shreveport proerties are separately offered for sale at foreclosure the committee will bid for same up to $750,000 and to such greater Secured Gold Notes.
AUG. 5 19221
THE CHRONICLE
Dated Aug. 1 1922, due Aug. 1 1925. Int. payable F. & A. without
deduction for any normal Federal income tax not exceeding 2%. Company
will refund Penna. and Conn. 4-mills taxes. Callable on first day of any
month on 30 days' notice at 101 ,A and int. during first year, at 101 and
int. during the second year and at 100M and int. during third year. Denom.
$1,000 and $500 (c). Harris Trust & Savings Bank, Chicago. trustee.
An amount exceeding $200,000 per annum accruing to the trustee, through
the operation of a sinking fund for the bonds to be pledged with the trustee,
will be used for the purchase or call of these notes.
Listing.-Application will be made to list notes on N. Y. Stock Exchange.
Data from Letter of President Henry L. Doherty, New York, July 29.
Company.-Owns $7,671,000 1st Mtge.6% bonds of Community Traction
Co. and $13.135,400 (over 94%) of the entire outstanding Common stock
of Toledo Edison Co., as well as substantial blocks of the Preferred stocks
of both these companies. Toledo Edison Co. does the entire electric light
and power and artificial gas business and Community Traction Co. the
entire electric street railway business in Toledo. Population served,
estimated, 300,000.
Capitalization Outstanding Upon Completion of Present Financing.
Common stock
$7.882.843
6,661,675
6% Cumulative Preferred stock
6,500.000
3-Year 6% Secured Gold notes (auth. $7.500,000)
Security.-Specifically secured by pledge with the trustee of $7.521.000
1st Mtge. 6%.bonds of Community Traction Co. and $13,000,000 Common
stock of Toledo Edison Co.
Earnings 12 Months Ended June 30 1922.
Toledo
Community
Edison Co.
Trac. Co.
Gross earnings
$3,498,096 $6,372,138
3,603,546
Operating expenses, maintenance & taxes
2,716,010
Net earnings
Bond interest
x$782,086 $2,768,502
1,038,770
Balance
$1,729,822
Other int. charges, divs. on Prior Pref. & Preference stock,
res. for renewals & replacements in accordance with provisions
591,967
of 1st M. & amount accruing to holders of minority stock..
Amount accruing to Toledo Edison stock owned by Toledo
Trac., Light & Power Co
$1,137,855
Income accruing on other securities owned: (a) Interest on
$7.671,000 Community Trac. 1st M. 6s, $460,260: (b) Dividends on $500.000 Community Trac. 8% Pref. stock, $40,000:
(c) Dividends on Toledo Edison 7% Preference stock owned,
$575,960
$75,700
$1.713.815
Gross accruing to Toledo Trac., Light & Power Co
Expenses and taxes
89,790
Net accruing to Toledo Trac., Light & Power Co
Annual interest charges on these $6,500,000 notes
Balance
$1,624.025
390,000
$1,234.025
x Net earnings after operating expenses, taxes, maintenance and repairs
and depreciation reservw, available for payments into the sinking fund and
stabilizing fund, from which interest charges of $476,360 were paid.
To Redeem First Lien 7% t Debenture Gold Bonds.All of the outstanding 1st Lien 7% gold bonds, dated Sept. 11921, and
3-year 7% Debenture gold bonds, dated Dec. 11919, have been called for
payment Sept. I at 100 14 and int. Payment of the 1st Lien bonds will
be made at the Metropolitan Trust Co.. 120 Broadway, N. Y. City, and
of the Debenture bonds at the Bankers Trust Co., 14 Wall St., N. Y. City.
The privilege of converting said bonds into Series"D" 7% Cony. gold
debentures of Cities Service Co. will expire on Sept. 11922.-V. 113, p. 1361
United Pvs. r Elec. Co. of Baltimore.-llesurnes Div.A quarterly dividend of 50 cents per share(1%) has been declared on the
Common stock. payable Aug. 15 to holders of record Aug. 3. From 1913
to and including Jan. 1919, the company paid dividends at the rate of 4%
per annum: none since.
1, H. B. Flowers, V.-Pres. & Gen. Mgr., says: "We are declaring this
dividend out of money that properly belongs to the stockholders, although
for the last two years they have been willing to forego dividends until we
could get the company's physical property into good condition.
"The Maryland P. S. Commission has ruled that the company is entitled
to a minimum of $1,000,000 a year surplus, and a maximum of $1.500,000.
This money is applicable to dividends under the ruling, but to reduce fares
now would mean that after receiving no distribution for two years the
stockholders would have to wait still longer. The company is not yet
earning its minimum surplus and a reduction of fares would soave it close
to no surplus at all."-V. 115, p. 546.
U. S. Railroad Administration -Final Settlements.
The I.-S. C. Commission has certified payments of $78.372 to Chicago
Peoria & St. Louis RR. and $26,534 to the Sandy River & Rangeley Lakes
RR. in final settlement of the guaranty for the six months following Federal
control. A payment of $21,740 was certified to the Owasco River Ry
in reimbursement of its deficit during Federal control.-V. 115, p. 546, 438
ff Virginia Ry. & Power Co.-Cottage Line to Resume.The Virginia State Corporation Commission has authorized the company to restore service July 31 on its Cottage lino in Norfolk County.
The company discontinued the service several months ago because of
jitney competition, contending that it was losing money daily.-V. 115,
p. 310.
Wabash Railway.-Eouipment Trusts Authorized.The I.-S. C. Commission has authorized the company to assume obligation and liability, as guarantor and otherwise, in respect of $4,245,000
Equip. Trust certificates to be issued by the Commercial Trust Co., Phila.,
and sold at 95%% in connection with the procurement of the following
equipment:
7'otal Cost.
No.Units. Description & Unit Cost$907.500
• '150 50-ton all-steel hopper coal cars at $1,210
2050 40-ton steel-underframo composite gondola cars at $1,291 2.646,550
1,378.500
'750 Steel-underframe automobile box cars at $1,838
1,373.250
750 Steel-underframe automobile box cars at $1,831
Total------------------------------------------------- $6,305,800
See offering by Kuhn, Loob & Co. in V. 115, P. 75, 184.
Yazoo & Mississigni Valley RR.-Bonds Authorivq.-
The I.-S. C. Commission has authorized the company. to issue $5,034,000
5% gold improvement bonds, Series V: said bonds to be delivered, at par,
to the Illinois Central RR. Co. in reimbursement of advances made by it
to the applicant.-V. 115, p. 438.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in tho industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
in brief:
The "Iron Age" Aug. 3 says
has brought a further tightening of the
Effect of Coal Strike.-'"Phe weekupon
iron and steel works. It is realized
grip of the coal and railroad strikes
before
it is better and that it has in it
worse
grow
will
situation
that the
have yet entertained.
more serious possibilities than producers
now well the industry was
"Pig iron production figures for July show
strike, until the priorities order
maintaining itself, in spite of the railroad
of steadily increasing output. July
became effective. After 6 months However,
the large majority of these
brought a net loss of 21 furnaces.
blew out in the last week of the month.
was 2,400,045 tons, or
Production.-"In the 31 days of July production
tons for the 30 days of June, or
77,421 tons per day, against 2,361,028
hardest, their loss being
4.701 tons per day. Merchant furnaces were hit
647
nearly 1,100 tons per day, while steel works furnaces held nearly up to
the June rate.
Shutdowns.-"The 171 furnaces in blast Aug. 1 had a capacity of about
70.000 tons per day, as against 81,845 tons per day for 192 furnaces on
July 1. Since July ended other furnaces have been compelled to bank and
with still others the uncertainties of getting coke are likely soon to be the
certainty of not getting it.
"This week the Steel Corporation has ordered the banking of two Carrie
furnaces in the Pittsburgh district and of one Gary and one Joliet furnace
in the Chicago district. In the Pittsburgh and adjoining districts 9 furnaces
have been thrown idle in the past week.
Steel Operations.-"Steel works operations, owing to the large use of
scrap, have not suffered in proportion to the falling off in pig iron. The
Steel Corporation entered this week with steel output at nearly 70%,
but this is not likely to be maintained-and the average for independent
steel companies has been nearer 60. Further reductions are impending
in the Youngstown district.
Effect of Priority Order -"In view of the enforcement of priority orders on
coal shipments, a number of steel companies having stocks on hand are conserving their supply by slowing down steel works operation. A slight increase in Connellsvillo coke production is reported and some improvement in
shipments of Kentucky and West Virginia coal.
"Throughout the trade the view prevails that even with an early settlement of the two strikes, steel producers will not be greatly helped. Railroads and public utilities will be served first. Thus far few coal producers
have regarded an order from the Pennsylvania RR. calling for 20% of
their production.
"The control of coal shipments has not gone yet to the point of holding
prices in bounds. Some steel companies have paid as high as $10 for
producer gas coal. Connellsville foundry coke has sold up to $17 and in
most districts blast furnace coke is unobtainable at any price.
"Already a good many consumers are taking less steel because fuel scarcity
has cut down their operations, but others who have fuel are offering premiums for steel. Thus on a small scale the situation of the first half of
1920 is repeated and there is evidence of duplicate ordering to insure getting
material. Prices in some cases have gone to 2c., Pittsburgh, and higher
for bars and plates.
Railroad Orders.-"Railroad buying is still the strong feature of the
situation. Several thousand additional cars are added to the list of repair
orders. In locomotives the N. Y. Central contract for 150 is conspicuous.
"The Pennsylvania RR. has bought about 5,000 tons more of steel,
principally plates, for car repair work, making 17,000 tons it has taken for
this purpose in two or three weeks.
"In export trade several rail inquiries are up, including 8,000 tons for
Bolivia, 10,000 tons for Siam and 3,000 tons for the Cuba Cane Co. London
reports a 7,000-ton rail order taken by the United States in competition
with British makers.
"The persistence of structural business is another factor, and there is
surprise at the continued buying in other lines, including automobile manufacture in spite of the accumulating difficulties in all industries.
Prices.-"Pig iron markets show further advances in prices, with only
moderate inquiry, producers having little iron to offer in view of the curtailment of coke supply. At Chicago foundry and malleable irons are $1
higher and Lake Superior charcoal iron has advanced $1 50 per ton. In
the Central West the advance on foundry iron is in some cases $2 per ton
in the week. Foreign irons are still coming in at Atlantic ports to help
out the Eastern market. Probably 30,000 to 35.000 tons has been sold
here or sent over since the movement began in May.
In spite of the difficulty in getting coal, lake vessel owners expect to move
all "the Lake Superior ore the furnaces can take this month."
Coal Production, Prices, &c.
The U. S. Geological Survey on July 29 reported in brief as follows:
"Returns on coal output in the 17th week of the strike (july 24-29)
give the first test of the response to the invitation to reopen mines. There
has been a slight recovery as compared with the 16th week. Production
is running at the rate of 3,900,000 tons, against 3.700,000 tons last week.
The increase is due partly to more wen at work in Pennsylvania, partly
ti improved car supply in Southern West Virginia, and partly to heavier
shipments from Alabama and the Far West. Production of anthracite
remains practically zero.
"It thus appears likely that the total output for the 17th week will be
less than 4,000,000 tons, probably only 3 900.000 tons. In the lowest
week of the strike, 3.575,000 tons were produced and in the highest week
(June 19-24), 5,363,000 tons. The decrease since Juno is attributable to
traffic congestion resulting from the s.hopmen's strike. In the Middle
Appalachian region, the congestion is still acute although a slight improvement over last week has been reported from certain districts.
"Normal production at this season,including anthracite,is from 9,500,000
to 12.000.000 tons.
"There is no indication of increased production in response to the invitation to reopen mines in any of the strongly organized districts. More coal
is coming out of the former non-union fields of Pennsylvania and a little
more from the Fairmont and Kanawha districts of West Virginia, but the
additional supply from these sources is not yet significant in comparison
with the requirements of the country."
Estimated United States Production in Net Tons.
1921
1922
BituminousCal.yr.to dale
Week.
Week.
Cal.yr.to dote.
July 8
3,678,000 191.530.000 6,165,000 202,629,000
July IF,
4.123,000 195.653.000
7,401.000 210,030,000
July 22
3,701.000 199.354,000
7,380,000 217,410,000
AnthraciteJuly 8
23.000 22.9.16.000
1,525.000 49,072,000
July 15
1,876,000 50,948,000
31.000 22.977,000
July 22
27,000 23.004,000 8,837.000 52,785,000
Beehive CokeJuly 8
3,433,000
34.000
94,000
3,310.000
July 15
44.000 3,476,000
100,000
3,410,000
July 22
3,517,000
41,000
104,000
3,514.000
The "Coal Trade Journal" Aug. 2 says in brief:
"In the preceding week, no reductions were registered, but last week's
reports show that 33 1-3% of the changes recorded were declines, averaging
$I 76 per ton, against an average advance of $I 18 in 66 2-3% of the
changes. Lees than 19% of the spot quotations were unchanged as compared with the preceding week. Outside of scattered quotations in the
smokeless regions, however, no spot prices were within striking distance
of the Hoover maxima of $3 50, the general range being between $5 and
$8 50. At the same time, these prices affected less than 10% of the
tonnage, and big operators are
serving contract customers at prices
as low or lower than the Hooverstill
figures.
"The most serious phase of the Present
situation is the question of supplies
for the Northwest. Up to July 24, cargo
dumpings at the Lake Erie ports
were over 8,000,000 tons behind last. year and
nearly 1,500,000 tons behind
1920, when priority orders were issued.
The latest priority orders place
lake business third upon the list of preferred consumers. Stocks of coal
at the Head of the Lakes have dwindled down to about 125,000 tons of
free bituminous. New England, the second danger point, is in somewhat
better shape because of the increased water movement. The past week
saw an increase of 11,000 tons
in the daily dumpings at the Virginia piers
and the embargoes upon general merchandise
laid by the Norfolk & Western
and Chesapeake & Ohio lines will further help
situation, while the
Louisville & Nashville embargo should ease up the this
Middle Western situation
to some extent.
"With four months' anthracite production lost, the otlook for the
winter is grave. Storage stocks of domestic sizes at the mines are exhausted. In many large cities, retail
yard stocks have vanished and even
pea, which has been the mainstay at many
plants, is fast disappearing.
Many retail coal merchants are advisingretail
their customers to use coke or
bituminous. Under the circumstances. the advice appears wise, because
it would be practically impossible
for the hard coal mines to snake up the
lost tonnage between now and next April."
Oil Production, Prices, &c.
Further Cuts in Crude Oil Prices.-A
reduction of 25c. a barrel for
crude oil was announced by Prairie Oilthird
& Gas Co. Aug. 2. Sinclair Consolidated and Texas companies met the cut. Prairie Pipe Line and Sinclair
Crude Oil Purchasing Co's have also reduced prices 250. a bbl., to $I 25
as did Magnolia Petroleum, Standard Oil (La.), Midwest Refining and
Gulf Refining. Ohio Oil reduced 20c. a b trrel.
Gasoline Prices Reduced.--Further cuts in price of gasoline during the past
week were as follows: Standard Oil (9hio), lc a gallon, effective Aug. 1:
Atlantic Refining, Standard Oil (N. J.), Standard Oil (N. Y.), Texas and
Transcontinental Oil companies, 2c. a gallon each. Service station charge
Is 27c. and garage 24c. a gallon.
648
THE CHRONICLE
Kerosene Price Reduced.-Atlantic Refining. Texas and Transcontinental
companies reduced price of kerosene lc. a gallon to ]3c.
Oil Interests Ask or Revision of Priority Order -American Petroleum Institute requests offi ls to substitute "petroleum and its products" for "fuel
oil" in I. C. C. Service Order No. 23. "Times" Aug. 3, p. 3.
The American Petroleum Institute estimates daily average gross crude
oil production as follows:
July 29'22. July 22'22. July 15'22. July 30'21.
(In Barrels)411,850 ' 414,500
309,600
408,000
Oklahoma
85,800
84,550
95,550
84,600
Kansas
49,650
70,350
49,900
49,300
North Texas
148,700
146,900
113,980
129,950
Central Texas
126,450
123,200
127,200
North Louisiana & Arkansas_ 125,100
104,800
99,750
98,220
102,150
Gulf Coast
120,000
117,000
121,000
116,500
Eastern
79,250
46,340
84,450
Wyoming and Montana
86,750
375,000
336,000
375,000
370,000
California
1,500,150 1,498,500 1,474,450 1,314,240
Prices, Wages and Other Trade Matters.
Commodity Prices.-Wholesale cash prices in New York reached the
following high points during the week ended Aug. 3: Wheat, July 28 and 29,
1.29k; corn. Tilly 29, .83; oats, July 29, .47: flour, July 28. 7.75; sugar,
Aug. 3. .07; lard, July 29. 12.10; pork, July 28, 30.00; iron, Aug. 3. 29.75;
lead, July 31 and Aug. 3. 5.80; tin, July 28, 32.50; cotton. Aug. 1, 22.55.
Zinc Price Advances.-Price advances $2 a ton for spot metal. Western
quotation at 6.10, and New York at 6.45. "Boston Financial News"
July 28. p. 1.
German Steel Price Advances 8.000 Marks a Ton for Bar Iron, Owing to
Highest Cost of Coal and Labor.-"Times" Aug. 3, p. 7.
Sugar Prices Further Advanced.-The following advances in prices of
refined sugar per pound were made during the week just past: Arbuckle
Bros., Franklin, National,Pennsylvania, Revere and Warner sugar refining
companies. 10 pts., to 7c. each; Edgar and Federal sugar refining companies,
10 pts., to 7.10c. each. The McCahn Sugar Refining Co. has practically
withdrawn.
Cuban Raw Sugar Sells at 3% Cents Cost and Freight.-"Wall St. Journal"
Aug. 3, p. 1.
Export Refined Sugar Sells at 5.10c. F. A. S.-"Phila. News Bureau"
July 28, p.3.
Reductions in Tire Prices.-Reductions averaging 10% for cord and 15%
for fabric tire have been made by the following companies: Fisk Rubber,
B. F. Goodrich, Goodyear Tire & Rubber, Hood Rubber, Miller Rubber,
U. S. Rubber and United States Tire. Prices for tubes, remain practically
unchanged, a few slight upward revisions having been made.
Reductions in Automobile Prices.-The following companies have made
reductions in prices: Chandler Motor Car, Cleveland Automobile, General
Motors Corp. (Buick, Chevrolet, Oakland and Oldsmobile), Nash Motors
and Studebaker Corp The range of cuts will be found under the names of
the several companies below.
American Woolen Prices.-Additional prices for fancy worsteds show 11
lines have been reduced 2% to 223.ic. a yard and 4 lines advanced 23.i to
10c. a yard. Women's wear prices range from 1.6 to 5% lower than last
spring opening.
Haverhill (Mass.) Shoe Workers Strike.-Due to manufacturers failure to
sign new price lists. "Boston Financial News" Aug. 2, p. 3.
Newsprint Production.-June production was 127,230 tons, against
86,770 in June 1921. "Boston News Bureau" Aug. 2, p. 5.
Developments in Textile Strike.-The 26th week of the strike shows steady
gains by the manufacturers. (a) In Massachusetts the Tremont & Suffolk
and the Booth Mills at Lowell announce wage cuts. (b) Ipswich Hosiery
Co. cuts wages from 5 to 12% without causing walkout. (c) At Lawrence
the Pacific Mills have about 1,500 at work (normal 8,000) and are operating about 12 out of 48 printing machines. (d) The Monomac is operating
at more than 50% capacity. the Acadia at 30% and the Katama at 20%.
(e) In New Hampshire operatives of Newmarket Mfg. Co., out since
Feb. 13, agree to return on 50-hour no-wage-reduction basis. (f) Textile
workers in other mills standing firm for 48-hour week.
(g) Amoskeag (Manchester) is running 2,800 cotton looms (capacity,
20.000). About 2,000 out of 15,000 are at work. 500 applications being received last Monday. (h) Nashua Mfg. Co. is running over 33% capacity,
the Jackson over 50%. the Great Falls Mfg. (Somersworth) about 10%.
with 175 operatives out of 1,800 at work. (i) The Pacific mills at Dover
are still shut down.
(j) In Rhode Island the Phoenix Mill of the Hope Company at Phoenix
opened with 17 out of 250 Aug. 2. This leaves 2 plants in the State shut
down-Natick of Knight. Inc., and Pawtuxet Valley Mill of the Hope Co.
In the Blackstone Valley sector the return of operatives is slower, this being
the most unionized portion of the State.
Matters Covered in "Chronicle" July 29.-(a) A merchandise fair in N. Y.
City (editorial), p. 478. (b) New capital flotations for June and the halfyear (editorial), p. 481 to 485, inclusive. (c) Conditions incident to conversion of United Kingdom of Great Britain and Ireland 53 % gold notes,
p. 486. (d) Argentina seeks $225,000,000 loan, p. 486. (e) J. P. Morgan
& Co. prepared to receive tenders for 5% Argentine Government Loan of
1909, p. 486. (f) J. P. Morgan & Co. deny reports of interest in Mexican
bank, p. 487. (g) Expected call for deposit of Mexican bonds account of
plan for debt adjustment, p. 488. (h) Offering of Fremont (Neb.) Joint
Stock Land Bank 5% bonds, p. 492. (i) First Joint Stock Land Bank of
Chicago changes name to Chicago Joint Stock Land Bank, p. 493. (j) Results of first year's operation of Stock Growers' Finance Corp., p. 493.
(k) Advances by War Finance Corporation to tobacco and wheat growers'
associations, p. 493. (1) Advances approved by War Finance Corp. for
agricultural and live stock purposes, p. 494. (m) Increase in chain store
sales in N. Y. Federal Reserve District, p. 496. (n) Approximately one
billion 4%% Victory notes called for redemption on Dec. 15 1922, p. 497.
(o) Offering of U. S. Treasury notes in exchange for 4%% Victory notes,
p. 497. (p) Garment workers' strike in N. Y. City, p. 500. (o) Priority
orders and the coal strike (editorial), p. 479. (r) Government program for
distribution of coal and control of prices; Attorney-General's letter approving plan, p. 500. (s) Secretary of Commerce Hoover calls for co-operation
of States in coal distribution, p. 501. (t) Samuel Gompers's comment on
Government's policy in coal strike situation, p. 501. (u) Coal operators
)Mayagain urge appointment of Federal commission of inquiry, p. 502. (i,
ors of anthracite districts in Pennsylvania urge President Harding to appoint arbitration commission, p. 502. (w) Governor of Indiana to take
to
fail
miners
reach agreement, p. 502. (x) John
over mines if operators and
L. Lewis says joint conference will end strike, P. 502. (y) Pennsylvania
miners ask Governor to recall National Guard from mine centres, p. 503.
) Correspondence between President Harding and Governor Groesbeck
Michigan). on the coal strike, p. 503. (1) Indictments against miners in
Ingo County, W. Va., wiped from docket, p. 504. (2) Price of coal in
large quantities doubled in Chicago since strike started, p. 504. (3) Mining
operations resumed in Pennsylvania, Illinois and Maryland, p. 504.(4) Employment in selected industries in June, To. 510.
Total
t
[VOL. 115.
The reason for the proposed increase and reclassification and change of
par value of stock, as explained by Darius E. Peck, Secretary, is that the
directors believe that the time has now arrived when the market will absorb
stock with smaller dividend rates than 8%, and that the stockholders of
the company should have the benefit thereof.
Income Account Year ending June 301921.
1922.
Gross earnings
$4.797,882 $5,185,893
Operating expenses, taxes and rentals
3,484,854 3,694,069
Net earnings
Accrued mortgage bond and debenture interest..
Balance
$1,313,027 $1,491,823
666,938
802,179
$646,088
$689,644..
American Bank Note Co.-Balance Sheet June 30.1922.
1921.
1921.
1922.
Liabilities$
Assets-$
Pref. stock & scrip. 4,495,781 4,495,781
Land, buildings,
machinery,&c_ _10,302,976 9,273,396 Com.stock & scrip 4,495,831 4,495,831
1,204,217 1,269,985 Accounts payable_z1,441,590 1,602,410
Cash
Pref. div. payable
Cash & secur. for
67,435
67,435
July 1
169,199
156,376
special reserve
639,232
2,009,864 2,251,184 Insur., &c., res'ves 570,085
Inventories
5,651,694 4,475,384
Acc'ts receivable 2,169,496 1,766,729 Surplus
776,850
Marketable invest. 554,878
240,000
Corn.stk. for empl. 162,550
Deferred & unad41,552 Total (each side)16,722,416 15,776,072
justed charges__ 149,235
x Incl. reserves for taxes and for exchange losses, and advance payments.
The comparative income account for 6 months ending June 30 1922
was given in V. 115, p. 547.
American Hide & Leather Co.-Quarterly Report.Results for Quarter and Six Months ending June 30.
1922-6 Mos.-1921.
1922-3 Mos.-1921.
399,566lossx$803,996
*$55,291
$329,015
154,742
134,991
77,371
67,495
Cr.495,000
Net earnings
Depreciation
Extraordinary income z_
$459,575 loss$958,738
$251,644
loss$12,204
Balance, surplus
* Results from operations after charging repairs, interest on loans and
reserves for taxes. x Results for six months in 1921 are obtained after giving effect to adjustments of inventories of approximately $950,000, as shown
on report of Mar. 31. z Extraordinary income from use and occupacy
insurance on plant destroyed by fire.-V. 114, p. 2016, 1183.
American Bosch Magneto Corp.-Underwriting of Pref.
Stock of Gray & Davis, Inc., &c.See Gray & Davis, Inc., below.-V.115, p. 434.
American Locomotive Co.-Orders.-
The company has received the following orders for locomotives: Delaware
Lackawanna &'Western RR.,25 Mikado type locomotives weighing 355,000
lbs. each;5 Pacific type locomotives weighing 382,000 lbs. each. (b) Illinois
Central RR., 25 Mikado type locomotives weighing 293,000 lbs. each.
(c) Southern Pacific Co., 2 snow-plows, 12 ft. cut. (d) For industrial companies, 2 locomotives of the smaller type.-V. 115, p. 311.
American Public Service Co.-Notes Called.-
All of the outstanding 7% Serial gold notes, Series "D," dated March 1
1919, have been called for payment Sept. 1 at 101 and int. at the New York
Trust Co., trustee, N. Y. City.-V. 114, p. 1769.
American Smelting & Refining Co.-Contract.-
A published statement, confirmed for the "Chronicle," says: "The
final contract covering shipment of the entire output of Day Brothers to
the American Smelting & Refining Co. from their Hercules and Custer &
Tamarack mines, has been signed. Mining was resumed about two weeks
ago at both properties. The Day ore will go to the East Helena plant of
Amer. Sm. & Ref. Co., and, with half the output of Bunker Hill & Sullivan
and the shipments of Federal Mining & Smelting's lead concentrates, will
of
give the company ample lead base for greatly increasing its smeltingthe
custom silver and gold ores. Lead bullion from Day ores will go to
185.
p.
115.
-V.
Omaha plant for refining.
American Steel Foundries Co.-Earnings.6 Mos.ending June 30-- 1922.
$2,098,139
Net earnings
406,031
Depreciation
1919.
1920.
1921.
$777,547 $4,002.645 $2,970,600
133.517
287,209
267,373
Balance
Other income
$1,692.108
193,126
$510,174 $3,715,436 $2,837,083
219,631
162,096
183.210
Total income
Other charges
Federal tax reserve
$1.885.234
191,305
241,070
$693,384 $3,935,067 $2,999,179
28,403
223,253
277.109
965,000
81,500
1,025,500
Balance, surplus_ _ _ _$1,452,359
-V. 114, p. 24'72, 1175.
$334,775 $2,686,314 $2,005,776
American Telephone & Telegraph Co.-Obituary.Dr. Alexander Graham Bell, inventor of the telephone, died Aug. 2.
--Nr. 115, p. 311.
Ames-Holden-McCready, Ltd.-Readjustment.-
The 1st mtge. bondholders of Ames-Holden-McCready, Ltd., and AmesHolden-Felt, Ltd., will vote Sept. 5 on sanctioning a modification of the
rights of the bondholders and on sanctioning the exchange or conversion of
their holdings into the shares of other securities of another company to be
formed to acquire the properties and assets of the comapny, and also on
sanctioning the release of the mortgaged premises with the foregoing object
in view. Interests in the company, it is said, have agreed to put up about
$1,000,000.-V. 114, p. 2119.
Anglo-American Oil Co., Ltd.-Notes Called.-
Certain 5-Year 73% Sinking Fund gold notes, dated April 1 1920.
aggregating $1,226,000, have been called for payment Oct. 2 at 103 and int.
Morgan & Co., sinking fund trustees, 23 Wall St., N. Y. City.
at J.
P. P. 304.
-V. 115,
Appalachian Power Co.-Capital Stock.-
The company has filed an amendment to its charter changing its authorized capitalji stock from $6,000,000 Common (par $100), $3,500,000 7%
1st Pref. and $2,500,000 7% Pref. to $7,500,000 Pref. and 60,000 shares of
stock, no par value. The change in the capital is in accordance
Acadia Sugar Refining Co., Ltd.-Reorganization.- Common
with the plan to pay off the accumulated dividends of 70% on the Pref.
A reorganization of the company involving a reduction
the capital of stock
referred to in the "Chronicle" for June 3, p. 2472.-V. 114, p. 2721
$1,000,000 and the provision of $1,000,000 working fund, was decided On
by the shareholders July 26. The plan involves the surrender and canPower Co.-Acquisition, &c.Arkansas-Missouri
cellation by the shareholders of their present holdings and the subscripThe company has been granted permission by,the Arkansas RR. Commistion by them of $1,000,000 mortgage debentures to the extent of 20% of
for extensions and developments. The combonds
$625,000
issue
to
sion
their present holdings.
the properties of the Missouri-Southeastern
G. H. Murray, Prime Minister of Nova Scotia, and Geo. W. Hensley, pany, it is said, will acquire
Co. (V. 101, p. 2075) and the Caruthersville-Kennet Light &
Utilities
directors.
elected
-V,
been
115,
439.
p.
have
Halifax,
Power Co.(V. 115, P. 78)•
Accounting & Tabulating Machine Corp.-/ncorp.--
Incorporated July 27 1922 in Delaware with an authorized Capital stock
of 30,000 shares of no par value. The company will succeed the Powers
Accounting Machine Co. and Accounting & Tabulating Corp. as per plan
in V. 114, p. 2472, 2478.
Art Metal Construction Co.-Voting Trust Expires.-
The voting trust agreement expired by limitation on Aug. 1 1922 and has
not been renewed. The voting trust certificates for the shares on the
Boston Stock Exchange list has been dropped therefrom.-V. 115, p. 439.
Atlantic Fruit Co.-Deposits Accepted Until Aug. 21Adirondack Power & Light Corp., Amsterdam, N. Y.- Over 77% of Debenture Bonds Deposited.Increase and Reclassification of Capital Stock-Earnings
On July 20 1922 Columbia Trust Co. receipts for 7% Convertible DebenYear Ended June 30.ture bonds issued under the plan of readjustment of debt and capitalization
were listed on the New York Stock Exchange, which required that further
The stockholders July 28 voted to increase the authorized capital stock deposits
of bonds be accepted by the protective committee for the bondand reclassified the same so that the
from $23.100,000 to $25,000,000, is
for a period of 30 days. The committee has formally announced
holders
increased
stock
Common
from
$9.500,000 (par $50)
present authorized
stock increased from $4,- that deposits will be accepted under the plan until the close of business
to $12,000,000 (par $50) and the 7% Cum. Pref.
211922.
300,000 (par $100) to $10.000,000 (par $100) and the 8% Cum. Pref. stock Aug.
The committee has also announced that bondholders may elect to accept
reduced from $9,300,000 (par $100) to $3,000,000 (par $100). The Comrate of$5 per share in lieu of bonds up to and incl. Sept. 1 1922,
mon and Pref. stocks have equal voting powers (that is, one vote for each stock at the
and calls attention to the requirement in the plan that bondholders so elect$50 par value thereof).
AUG. 5 1922.]
THE CHRONICLE
ing to take stock must present their certificate of deposit to Columbia
Trust Co. to be stamped.
To date more than 77% of the Debenture bonds have been deposited
under the plan.—V. 115, p. 440.
Atlas Powder Co.—Stockholders' Rights.—
Central Indiana Power Co.—Notes Offered.—A. B.
Leach & Co., Inc., and Paine, Webber & Co., New York,
are offering at 99 and int. yielding 7.39%, $2,000,000 7%
3-Year Collateral gold notes (see advertising pages).
The rate at which stockholders of record July 27 may subscribe, on or
before Aug. 15, to new Common stock at $127 50 a share has been fixed at
34 share for each share held. Compare V. 115, p. 186, 311.
Booth Fisheries Co.—Capital Increase—New Debentures.
On July 14 1922 the stockholders amended the articles of incorporation
to read as follows (in substance):
"The total authorized Capital stock shall consist of 625,000 shares of
Common stock of no par value, which may be issued from time to time,
and for such consideration as may be fixed by the directors, and 100,000
shares of 1st Preferred stock, par $100 each.
"Further resolved, That the directors and officers be authorized to issue
however,
7% 15-Year Convertible debentures, or 1st Mtge. bonds, not,times,
and
to exceed $7,500,000 to be issued in such amounts and at such advisable,
to be payable at such time or times as the directors shall deem
per
7%
exceed
to
not
at
bear
to
int.
and
of
1
July
1922,
datechas
to be
shares
annum; said debentures to be convertible into a number of whole
will equal
of the Common stock, which when computed at $20 per share
the principal amount of such debentures. The agreement under which
such debentures are to be issued shall contain such terms as the directors
may approve."
atoscoe L. Parkinson has been elected Treasurer and is to be elected a
director, to take effect on Aug. 15.1—V. 115, p. 312.
Boston Consolidated Gas Co.—Gas Output.—
July 1922. June 1922. May 1922. Apri11922.
Month of—
Gas output (cubic feet)-579,447,000 483,593,000 524,950,000 540,812,000
—V.115, p. 312.
Braden Copper Mines Co.—Tenders.—
Dated July 1 1922. Due July 1 1925. Int. payable J. & J. at Nationa
Bank of the Republic, Chicago, trustee, or National Park Bank, New York,
without deduction for the normal Federal income tax not in excess of 2%
Denom. $1,000, $500 and $100 (c*). Red. all or part at any time on 30
days' notice. Prior to July 1 1923. at 104; on July 1 1923 and prior to
July 1 1924, at 103; on July 1 1924 and prior to Jan. 1 1925, at 102; on
Penn. and Conn.
Jan. 1 1925 and prior to maturity at 100, plus in
4 mills tax and Mass, income tax on the int. not exceeding 6% of such
interest per annum refunded.
Convertible at the holders' option at any time prior to maturity, or if
called for redemption prior to the red, date, at 101 and int., into the Preferred 7% Cumulative stock of the company at 95 and div. Preferred
stock is tax-exempt in Indiana.
Security.—Secured by lien, subject only to the lien of the 1st Coll. Mtge.,
on all the outstanding bonds and at least 75% of the issued voting stock of
the subsidiary companies now deposited with the trustee under the 1st
Coll. Mtge. (or upon cash deposited with the trustee in lieu of any such
bonds or stock not so deposited).
Earnings.—Consolidated gross earnings for the year ended May 31 1922
were $3.210,518 and net earnings for the same period, $1.019,271. The
annual interest requirements on the present issue of bonds and notes is
only $590,000. The balance, after allowance for bond interest requirements, is in excess of 4 times the annual interest on the 7% 3-Year Collateral gold notes.
Purpose.—Proceeds from the sale of these notes and the $7,500,000 1st
Mtge. Coll. & Ref. gold bonds(V. 115, p. 440) will be used in the acquisition
of the bonds and stocks of the subsidiary companies heretofore not owned,
for refunding purposes and for other corporate uses. (For history, capitalization, earnings, description of property, &c., see offering of $7,500,000
1st Mtge. Coll. & Ref. gold bonds, Series "A," in V. 115, p. 440.1
The Bankers Trust Co. of N. Y. trustee, will, until Aug. 16, receive
bids for the sale to it of 15-Year 6% Sinking Fund Gold bonds to an amount
sufficient to exhaust $667,659, at a price not exceeding 105 and interest.
—V.114, p. 2017.
Sugar Estate, San Francisco, Calif.—Pref.
Stock Offered.--Sutro & Co., Strassburger & Co., Wm. Cavalier & Co. and McDonnell & Co. are offering at 823/2, yielding 8.48%, $1,228,100 7% Cumul. Pref. (a. & d.) stock,
par $100.
FirCalamba
Dividends payable Q.-J. Callable as a whole or in part at 1075,5. No
additional mortgage shall be placed upon the property or increase made
of
In the authorized Preferred or Common stock without the consent
66 2-3% of the Preferred and Common stockholders. Preferred stock
has full voting power.
Data from Letter of Pres. Alfred Ehrznan, San Francisco, July 15.
Authorized. Outstanding.
Capitalization After This Financing—
$2,000,000 $2,000,000
Preferred 7% Cumulative (including this issue)_
5.000,000
5,000,000
stock
Common
1,500,000 x1,167,000
First Mortgage 6% bonds (closed issue)
x $63,000 retired by sinking fund; $202,000 held in treasury; $68,000
unissued but held by trustee.
Company.—Organized in Philippine Islands as a trust estate June 14 1912
and owns 18,000 acres of land, of which about 12,000 are under cultivation
ice plant,
for sugar and cocoanuts. Owns directly a modern sugar mill,
sites, which
warehouses, lime plant, office buildings, dwellings and town
at
$4,600.000.
appraised
recently
been
has
estate
together with the real
Also owns 35 miles of railroad and has installed water, sewerage, irrigation
and electric light and telephone facilities, having a fair value of $900,000.
Pampanga Sugar Mill.—In addition to its own mill property, the comCo.,
pany during 1918, jointly with the J. D. and A. B. Spreckels Securities
40,000
built the Pampanga sugar mill with present grinding capacity of having
tons at an initial cost in excess of $3,000,000, more than $4,500,000
this expendibeen invested in this mill to date. The Calamba estate for of
Pampanga
ture, which was taken out of earnings, received $1,500,000
its Common stock.
Sugar Mills Co. 1st Mtge.6% bonds and 15,000 shares of
Pmapanga
the
from
derived
interest
The
each.
one-half of the total issue of
to pay yearly
bonds is equivalent to about 1 3 times the amount required
bonds outstanding.
interest on all the Calamba Sugar Estate 1st Mtge.6%
21,37()
During the 1920-1921 season, Pampanga sugar mills produced is
estitons, and during the 1921-1922 season. 28,000 tons of sugar. It
season.
the
1922-1923
for
production
the
be
will
tons
mated that 38,500
Net Income Available for Preferred Stock Dividends, Calendar Years.
$1,265,000
$446,00011919
1916
742,000
1,100,000 1920
1917
101,000
469,000 1921
1918
which
railroad,
the
of
extension
the
for
$400.000
provide
Purpose.—To
run the
to
sufficient
will make available an additional supply of sugar cane
mills at capacity, and increase net earnings approximately 35%. The
balance will be used to retire floating debt, Provide advances to planters
and additional working capital.
Calumet & Arizona Min. Co. —Production (in Lbs.).—
Mar.'22. Feb. '22.
Apr.'22.
May '22.
June '22.
July '22.
2,462,000
3,056,000
3,756.000
3,566,000
3.362.000
3,310.000
Note.—Operations were suspended in May 1921 and resumed early in
Feb. 1922.—V. 115, p. 186.
Car Lighting & Power Co.—Stock Rights, &c.—
649
Chandler Motor Car Co.—Prices Reduced.—
The company has made price cuts ranging from $20 to $300 a car.—V.
115, p. 548.
Chicago Mill & Lumber Co.—Obituary.—
Chairman Hermann Paepcke died in Chicago July 22.—V. 114, p. 2120.
Chicago Pneumatic Tool Co.—Earnings.--
Earnings for the six months ended June 30 1922
Deduct reserve for depreciation and contingencies
$258,477
111,604
Net profit
—V. 115, p. 78.
$146,873
Cities Service Co.—Holders of Prof. Dividend Scrip Offered
Option to Exchange for 8% Debentures.—Pres. H. L. Doherty
in a notice to stockholders July 31 says in substance:
The directors June 21 announced that the company would pay dividends
stock on
In cash on its Pref. stock on Sept. 1 1922 and on its Preference
on these stocks
Oct. 1 1922, after all scrip heretofore issued as dividends
to a
reference
with
taken
been
has been redeemed. No action has as yet
stock.
modification of the present scrip dividend policy on the Common
scrip,
div.
Preference
and
Preferred
the
of
In planning the redemption
who have
the board has provided a way of compensating stockholders
scrip have the
temporarily foregone cash dividends. The holders of such
only be
would
it
event
which
in
option (instead of taking cash for scrip,
on a basis that
worth par) to exchange their scrip for a debenture bond
quomarket
present
the
of
view
In
reward.
should insure a satisfactory
new
tations on outstanding debentures of earlier series, we believe the
debenture will be quoted in the market at a substantial premium.
Convertible
8%
"E"
Series
The scrip will be exchangeable at par for
this issue that
gold debentures. There will be a provision incorporated inoff
only at 115.
during their first year of life the debentures may be paid
1% each 6
of
rate
and this call premium of 15% will diminish at the
months down to par, at which price they may be called for redemption
after 734 years.
the option
The new debenture bonds are to be convertible at any time at for
$85 of
of the holder as follows: Each $100 bond may be exchanged
Co.,
Service
Cities
of
Preference stock and $15 par value of Common stock
receive an
and, at the time of making conversion, the holder will alsooutstanding
the
on
paid
to
all
dividends
equivalent
additional amount
him if he had
Common stock, equal to those which would have been paiddebenture.
In
owned such Common stock from the date of issue of the not only receive
will
bonds
a
"E"
of
$100 Debenture
other words, the owner
the full rate of divi88 a year in interest, but his debenture will also earn
to the owner
dends on 15-100ths of a share of Common stock to be distributedusual
manner
at the time of conversion. This feature wih be operated in the
now obtaining with respect to other debentures heretofore issued.
his
send
should
he
debentures,
cash
of
desires
instead
If any stockholder
Preferred scrip or Preference scrip, duly assigned to the company.
1 1966. In
Debentures "E" will be dated Sept. 1 1922, maturing Jan.scrip,
adjustthe case of those issued in exchange for Preference "B" stock
The
ment for one month's interest will be made on all coupon debentures.
will be
form
coupon
in
issued
"E"
for
dates
payment
debentures
interest
registered
fully
in
available
March 1 and Sept. 1. Debentures"E" will be
Interform, in denom. of $10, $100, $500, $1,000 and multiples of $1,000.
all denomiest will be payable monthly on the registered debentures"E" of be
payable
will
nations except the $10 denomination, on which interest
$100.
annually. Debentures in coupon form will be issued in denom. ofdeduc$500 and $1,000. Interest will be payable in all cases without any
tion for normal Federal income tax not exceeding 2%.
In the case where the aggregate amount of scrip owned by a stockholder
reis in excess of a multiple of $10, the fraction of scrip remaining will be
deemed for cash at par.
p.441.
115,
31.—V.
July
on
York
W.
V.-Pres. Frank
Frueauff died in Now
stock
The stockholders will vote Aug. 22 on a plan to create two kinds ofshares
Preferred,and to make 40,000
out of the present stock. viz: Corn. andinto
40,000 shares of Pref. stock (par
of the stock now held in its treasury
and voting privileges
$25), containing such preferences, terms, conditions
Cleveland Automobile Co.—Prices Cut.—
the balance of the company's
as may be voted at such meeting, and to have
Small reductions in prices have been made, ranging from $10 to $65, the
The directors are to be empowered to dispose
stock remain Common stock. in
share
one
being on the roadster.—V. 111, p. 1569.
latter
thereof
for
share
each
exchange
receiving
by
stock
of the Pref.
$5, or for such other consideration and in such manof Common stock andmay
Coast
Counties Gas & Electric Co.—Gas Rates.—
that all Pref. stock
however,
provided,
decide,
directors
the
ner as
The California RR. Commission has authorized rates in Santa Cruz
the Common stockholders before sold elsewhere.
shall be offered tostockholders
30
March
and Watsonville reduced 8 cents per 1,000 Cu. ft., effective Aug. 15.—
Aug. 3 says that at the meeting of
A circular to the
proxies were not signed by stockholders in the exact V. 115, P. 187.
1922 a large number of
shares
200
owning
a
stockholder
and
signature,
place designated for their
Colorado Fuel & Iron Co.—Operations—Outlook.—
injunction restraining the company from
of stock obtained a temporary
President J. F. Welborn in the company's booklet. the "Industrial
certificates for the Pref. stock.
sending out the rights
authorBulletin,"
dated July 15, saYs:
was
Prof.
of
the
stock
creation
the
The U. S. District Court held
"Operations at the steel works and coal mines during the last three
legal, but that the proxies were defectively
ized by law and was entirely
and
months
have
meeting,
been at a fairly satisfactory rate for that time of the year,
another
held
if
company
that
stated
executed. The Judge
were properly executed and a majority of the yet the volume of business done at the low prices made necessary by keen
if the proxies there iprosented
outlined, and such competition has not been sufficient to pay all direct charges and take
as
stock,
Pref.
the
of
issuance
the
for
voted
stockholders
to the stockholders, the proceedings would be care of depreciation.
stock was then all offered
"Operations for the quarter ending March 31 returned a loss of $431,269.
with this ruling the meeting of stockholders
beyond attack. In conformity
An analysis of these statements for the first two quarters of the year (V.
is now called.
plan
above
to authorize the
some
to
obtain
position
a
p. 441) shows that after paying wages of employees the receipts
115,
in
is
subsidiary,
The Clothel Refrigerating Co.,
time, but is restricted largely due to from business done during the first six months of this year were barely
advantageous business at the present
stockholders
feel
that
to meet the other necessary charges for conducting the business.
sufficient
directors
reason
this
For
lack of working capital.
such as freight on raw materials, cost of supplies, interest on borrowed
additional capital.
should approve the raising of
to offer money and taxes, leaving less than half the amount necessary to take
propose
directors
proposed,
now
as
sale
of
terms
the
According to
half year the stockas of Aug. 22 the right to acquire and receive care of depreciation for the period. Obviously, in thisbusiness.
to each stockholder of record
stock for each 7 shares Common stock then ho1ders received nothing from their investment in the
next few months,
one share of 5% Cum. Pref.
share
the
for
such
each
cash
in
for
'
Business
in
well
the
$5
of
coal
promises
payment
department
the
standing in his name, upon
no enlargement
surrender of one share of Common stock. Should although the demand Ls not abnormal and there has been
of the strike
result
of Prof. stock and thesubscribed
for, directors will offer the unsold portion of the territory in which our coals are marketed as a
other products
and
the total issue not be
bars
2473.
elsewhere.
p.
114,
merchant
Orders
rata.—V.
for
pro
wire,
nails,
prosto all subscribing stockholders
of the small mills are at a rate slightly less than our capacity. The
eeths,
c me
ar
that d t mbuasyinincrease.esswill not decrease in volume during the next
peewts
f
Reading, Pa.—Steel Merger.—
Carpenter Steel Co.,company
WaterCo.,
Steel
the
Ludlum
and
rail
Progress in the merger of the
"We have made no sales of heavy rails in recent months, and our
is reported. Securities in the shape of
probability the rail
vliet, N. Y. (V. 112, p. 2755),
$3,500,000 debentures are soon to be offered. orders will be completed in the near future when in all
necessitate
course,
of
$4,500,000 1st Mtge. 7s and
will,
This
mill
will
the
that
to
have
company,
Carpenter
close down for a period.
Pres. of the
ingots, and reduce
It is announced by F. A. Bigelow,
curtailment h production
seheuiprmtaeielmte
s
v. 5 pir
of
. coke,
the Penn. Seaboard Steel Co. (V. 114,
pleet.o
negotiations for consolidation with
441.
to tinesteel
definitely broken off. (Chicago"Econo- coal
p. 2832; V. 115, p. 82) have been
mist.')—V. 111, p. 391.
Commonwealth Power Corp.—Listing.—
ed.
The Boston Stock Exchange Aug. I authorized for the list interim cerCaruthersville-Kennet Light & Powerp.Co.—Acquir
78.
tificates for $12,500.000 25-Year 6% Secured Sinking Fund gold bonds
115,
See Arkansas-Missouri Power Co. above.—V.
650
THE CHRONICLE
[VOL. 115.
dated May 15 1922, due May 15 1947. See offering, &c., in V. 114, p. on 60 days' notice at a premium of 754% if red. on or before
Sept. 1
2246. 2364.
If redeemed thereafter and on or before Sept. 1 1934, the premium 1924;
•
shall
decrease 3,6 of 1% for each year or fraction thereof elapsed from Sept.
1
Computintr-Tabulating-Recording Co.-Earninas.-1924 to date of redemption; if redeemed after Sept. 1 1934 the
1922.
Six Months ended June 301921.
Increase. shall decrease 1% for each year or fraction thereof elapsed frompremium
Sept.
1
earnings
4814,793
Net
$449.507
$365,286 1934 to date of redemption.
x Divided into monthly periods, the earnings were as follows: Jan., $78,The right of exchange of the bonds for stock will continue,
even
231: Feb., $126,998; March, $197,545; April, $140,560; May, $138,867; though the bonds be called for redemption by the sinking fundhowever,
or otherwise,
June, $132,592.-V. 114. p. 2364.
until the date fixed for redemption.
Underwritten.-This offer to the stockholders has been underwritten by
Consolidated Cigar Corporation.-New Directors.a syndicate formed by J. & W. Seligman & Co., Hayden, Stone & Co. and
Elton Parks, representing the Brady interests, Samuel McRoberts, the Chase Securities Corp.
President of the Metropolitan Trust Co.: and Joseph W. Harriman, PresiPurpose of This Issue-Renewal of Loan, &c.-Proceeds will go toward
National
Bank,
have been elected directors. The reducing outstanding short-time debt. The loan will not increase
dent of the Harriman
the agboard now consists of 18 members.-V. 115, p. 549, 78.
gregate debt. The interest charges will likewise not be increased by this
With this financing completed, the dead season requirement
Consolidated Coppermines Co.-Time for Deposits. financing.
will be taken care of.
Arrangements have been made whereby the $10,000,000 loan maturing
The reorganization committee, Edwin 0. Holier, Chairman announced
July 31 that over 90% of bonds, 95% of the notes, and a majority of the Oct. 1 next will be extended at the reduced amount of $7,500,000 for one
stock of the company have been deposited in accordance with the plan of year. In order to do this it has been found necessary to continue the suborreorganization (V. 114, p. 2829). In order to become a party to the dination of the 8% Debenture bonds for another year, but only for the rereorganization, security holders must deposit their securities with New duced amount aforesaid. It is hoped that the corporation will be able to
York Trust 0o., 100 Broadway, N.Y ,on or before Aug. 14.-V. 115, p.441. pay off this loan, which, as above stated, will not be due until Oct. 1 1923,
out of the operations of next year. If this is not wholly feasible, any balConsumers Gas Co., Reading, Pa.-Acquisition.ance then remaining can doubtless be other wise financed withoet difficulty.
This company, a subsidiary of the United Gas Improvement Co., has When this has been accomplished, the 8% Debenture holders will finally be
announced the purchase from Schuylkill Canal Co. of the remaining part relieved from the subordination to which they voluntarily assented under
of Willow Grove Island, Reading. The company bought the major part the emergency conditions existing a year ago.
five years ago. It purposes to erect on the island a gas manufacturing
Operations of Present Year Should Show Profit, &c.-Although Cuba Cane
plant to cost $1,000,000, to which the present plant would be auxiliary. Sugar Corp., in common with other sugar corporations, sustained a very
-V. 107, p. 406.
large loss during the fiscal year which ended Sept. 30 1921, still, at the commencement of the present fiscal year the corporation had a surplus, even
Crown Cork & Seal Co.-Business.after the reserve of $I 1,750,000 set up out of profits of past years for depreIn denying rumors that the officers of the company were negotiating for ciation. It is believed that the operations of the current fiscal year will
the sale of the controlling interest of the company, John M. Hood Jr. show an operating profit over and above all interest charges. The corporasaid in part:
tion's properties to-day are in the opinion of the management in good con"Gross sales for the current year have increased 55% for the first six dition and ready to undertake efficiently the grinding of next year's crop.
months in comparison with the same six months last year, while in June Furthermore, the prospects now are that the prices for next year's crop will
they were 73% ahead of June 1921 and 90% ahead of July 1921. The be satisfactory.
sale of trade machines, which is a most important collateral feature of our
On the completion of this financing the total annual fixed interest charges,
business, has increased even in greater proportion in comparison with last including the interest on the extended loan of $7,500,000, will be approxiyear. Our present volume of sales is entirely adequate to assure the com- mately $3,125.000. A profit of only 3-10 cents per pound, based on next
pany a satisfactory operating profit were it not for the fact that a substantial year's estimated production, will be much more than sufficient to cover this
portion of current sales is being taken care of from previously manufactured sum;and except for the extraordinary year 1921 this corporation has always
inventory and our current volume of production thereby curtailed.
earned much more than that profit per pound.
"However,the losses resulting from such curtailed production and possible
Rights to Stockholders.-The right to purchase the bonds will be offered to
inventory adjustments are, I believe, more than adequately taken care of by the stockholders of record Aug. 24. Each stockholder will be entitled to
the contingency reserve which we set up on our balance sheet. Applying purchase at the rate of $100 per value of the bonds for each 10 shares of
this reserve we expect the operations for the balance of the current year stock "(Preferred and Common) owned. The rights must be exercised on
to show a profit." See offering of $4,000.000 bonds in V. 115. p. 441.
or before Sept. 11, and payment of the purchase price must be made in full
on Sept. 111922.-V. 115, P• 549.
Cuba Cane Sugar Corp.-New Financing Plan-To Increase Capital-To Offer $10,000,000 Eastern Cuba Sugar
Bonds to Stockholders (Guaranteed by Cuba Cane Sugar Corp.)
at Par-Underwritten--Status of Company-Outlook, &c.-
Dalton Adding Machino Co.-Balance Sheet Dec. 31.Assets1920.
Liabilities-1920.
1921.
1921.
Property account-$1,340,923 $1,207,077 Common stock._. _$2,596,900 $2,550,000
Goodwill, pat'ts,drc 773,877
750,000
773,877 Preferred stock ___ 750,000
Devel t, &c., exp_ 179,831
540,090
155,214 Notes payable_ _ _. 514,000
94,549
Subscr. to cap. stk.
3,056
32,188
41,013 Accounts payable_
128,994
Stks.own.inoth.cos
23,922 Agents' commis'ns
21,500
66,000
Cash 127.738 Unpaid dividends23,567
17,649
U.S. Govt. securs.
20,128
75,188
3,884 Accrued
72,701
Inventory
77,791
826,564
905,484 Defer'ed income_ _
Deferred charges_ _
95,238
139,753 Reserve for Federal
28.500
1,050
Notes & acc'ts rec. 723,435 1,039,762
taxes
198,811
Other accounts__ _
88,402
17,282
29,480 Profit and loss_ __ _
The stockholders will vote Aug. 21(a) on increasing the number of shares
which may be issued from 1416.667 to 2,100,000, no par value: (b) on
providing that the stated capital with which the corporation will carry on
isusiness shall consist of the aggregate of the amounts received by it as consideration for the issuance of its shares without par value, and the aggregate
par value of all its issued and outstanding shares with par value; (c) on
authorizing the issue and sale of such additional Common stock and the consideration for which the same may be issued, and the exchange of such Common stem for bonds of Eastern Cuba Sugar Corp. at the rate of
$20 Per
share (as set forth below).
$4,080,480 $4,447,284
Total
To
$4,080,460 $4,447,204
Total
v.
The Common and Preferred stockholders of record
24 will be given 13, p. 2824.
the right to subscribe at par for $10,000.000 EasternAug.
Cuba Corp. 15-Year
734% Mtge. Sinidng Fund gold bonds. Rights expire Sept.
issue,
11.
The
Dodge Bros.-To Build in Canada.which is being underwritten by J. & W. Seligman, Hayden, Stone & Co.
The compan,v has purchased a 734-acre factory site at Windsor, Ont..
and Chase Securities Corp., will be guaranteed principal
interest by with
the Cuba Oane Sugar Corp. and will be convertible for the and
a view of erecting a large plant ,to care for the Canadian trade.the
bond
life
of
into Cuba Cane Sugar Corp. Common stock at $20 per share.
V. 114, p. 742.
Data from Letter of President W. E. Ogilvie, July 28.
(E. I.) du Pont de Nemours & Co.-Earnings.-PresiImprovement in Sugar Industry, &c.-This corporation is pleased to be
Irenee du Pont, Aug. 3, says:
dent
able to report to its stockholders a material improvement
in the condition
of the sugar industry and of this corporation since the date of
The earnings for the 6 months ended June 30 1922 of the company (incl.
annual
the
last
report (V. 114, p. 193). At that time the sugar business was completely the E. I. du Pont de Nemours & Co. of Pa., the E. I. du Pont de Nemours
demotalized. Sugar was tnen practically unsaleable and because of tnat Export Co. and the Rokeby Realty Co.) amounted to 36,346.857, after
fact the floating debt had mounted to more than $35.000,000,
of all expenses, depreciation, taxes, &c.
a large part deduction
of which was in the form of short-term drafts and bills payable.
After providing $1,403.653 for bond interest and discount and $2,137,791
The corstock dividends, there remain $1,805,413 available for the
poration then needed also $10,000.000 of additional money for its dead
debenture
for
season
expenses t,o
yit isto tee new crop.
Common stock equivalent to $2 85 per share for the six months' period.
Cash and call loans on June 30 amounted to $19.271,054, an increase of
Loan of $10,000.000--Subordination of Debentures, &c.-With difficulty
the corporation managed last fall to secure this emergency loan of $10,- $2,282,847 since Dec. 31 1921. Inventories amounted to $22,242,278, a
000,000 for one year. To do this it had to ask its 7% Debenture holders decrease of $2,632,289 since Dec. 31. Current liabilities continued about
for subordination of their holdings to the priority of this emergency loan. the same, being less than $4,500.000. There were no bank loans.
The earnings of the General Motors Corp on its Common stock for the
Over 70% of the Debenture holders agreed to this subordination, for which
ending June 30 last amounted to $27,403,428 (see under "Reports
they received compensation by having the rate of interest on their
bonds 6 months
raised from 7% to 8% (compare
Documents" and "Financial Reports" on other _pages of this issue).
and
V. 113, p. 1475).
portion of these earnings corresponding to the 36.98% ownership of
Present Situation in Sugar Industry Good.--The
situation at present is That
entirely different. The unsold stock of last crop sugars, not only of the the Common stock of that company by the du Pont company and its subcorporation but that of the entire island, has all been disposed of. The de- sidiaries amounted to $10.133,788. These earnings are not reflected in the
mand for sugar during recent months has been such that of the new crop du Pont earnings shown above with the exception of $750,000 interest
only about 900,000 tons remain unshipped in the Island of Cuba, and a con- accrued on the bonds of the du Pont American Industries, Inc., which
holds substantially all of the du Pont investment in General
siderable part of this sugar has been sold for future delivery. The stocks of comptu
sugars on hand are probably not more than sufficient to supply the world's Motors."-V. 114, p. 2364.
needs until the 1923 crop shall be available for market. The price of sugar
Duquesne Light Co., Pittsburgh.-Contracts Awarded.
has nearly doubled in value since the low price obtaining earlier in the year.
See Dwight P. Robinson & Co., Inc., below.-V. 115, p. 181.
Floating Debt Largely Reduced.-Although the corporation was compelled
during the past year, in order that it might meet its loans, to sell most of its
Durant Motors, Inc.-Ends Stock Sales.sugar promptly, without awaiting the recent higher prices, nevertheless it
The company has announced that it will discontinue, effective Aug. 5,
is able to report that it sold the carry-over from last year's crop for more
than enough to pay off the loans against these old sugars ,that it has largely the sale of its stock on a partial payment plan.-V. 115, p. 549, 442.
reduced its floating indebtedness, and that the audited annual statement
East Ohio Gas Co.-Decision Affecting Commission.Is expected to show an operating profit above all Interest charges. The
In denying the company a writ of prohibition against the issuance of an
.tion has already sold all of the sugars of its present crop.
Slow Assets Liouidated.-The corporation has also recovered in cash interlocutory order by the Court of Appeals, to which the company has
part of its dead season advances on previous crops, and has liquidated carried a rate ordinace passed by the City Council of Cleveland, the Ohio
Supreme Court declared that the Act creating the Public Utilities Comsome other slow assets.
Other Collections Will Pay Remaining Acceptances.-The estimated re- mission of the State in no way withdrew from the courts any of the jurisceipts from the sugars sold but undelivered,
and collections from other diction in equity which they theretofore had, and that when a case is stated
sources, will enable the corporation to pay off all its remaining acceptances which if true involves confiscation the Court will have jurisdiction and issue
may be necessary to preserve the rights of the parties to the
against sugars of the present crop, and at the same
make it possible such orders as
for the corporation now to present a plan definitely totime
take care of its finan- controversy.-V. 114, p. 2722.
cial requirements. To this end this corporation proposes
the following:
Eastern Steamship Lines, Inc.-Earnings.New Proposed Financing Plan.
Results for Month and Six Months ending June 30.
Eastern Cuba Sugar Corp. Bonds-Guaranty, &c.-Eastern Cuba Sugar
1922-6 Mos.-1921.
1922-June---1921.
Corp. (the entire capital stock of which is owned by the corporation) is
Total oper. revenue_ _ _
$641,650
$615,750 $2,226,845 $1,874,933
issuing and delivering to this corporation $10,000,000 of
its bonds, to dis- Total income
$190,466
$178,059
$196,833
$50,885
charge part of its debt to this corporation. It is contemplated
Cuba
that
23,274
22,399
Total deductions
146,760 'R31133,714
Oane Sugar Corp. will guarantee these bonds, principal and
and
will then sell them, offering to its stockholders the right to interest,them
purchase
Balance, surplus
$167,191
$155,659
$50,073 def.$82.829
pro rata at par and Int.; that in connection therewitn, Cuba
Cane Sugar -ar. 115, p. 313.
Corp. will, for the life of the bond, give to the
holder thereof the right to
exchange the same for Common stock at the rate of $20 per
Manufacturing
Eastern
(with
Co.
of
share
Mass.-Status.appropriate int. and div. adjustments), by means of
An official statement issued in connection with the passing of the dividend
and tendering in payment therefor such bonds at par. subscribing therefor
The bonds will be limited to $10,000,000 and will be secured by a mort- on the 1st Preferred stock, says:
"When the first mortgage bonds were sold at the end of 1921, it was
gage on the property of Eastern Cuba Sugar Corp., consisting of
Vio- expected that the improvement in the paper and pulp business would Mime
letta Plantation and its mills, plant, equipment and rolling stock,the
and ad- in time to allow a continuance of the 1st Preferred dividends. Unforjacent cane lands, all of which were acquired in 1920 or subsequently thereto.
has not been the case. Paper sales have resulted in subThis will be a first mortgage (subject to approximately $1,260,000 of prior tunately this
full operation of the paper mills at a profit, but declining prices
liens on part of the property falling due in installments over a series of Years stantially
sulphite pulp and small volume has resulted in a loss on this business
until 1935) and all of its covenants will be guaranteed by Cuba Cane Sugar of
more than offsetting the profit on the manufacture of paper.
•., Corp.
"The usual depreciation reserve of $160,000 for the year to June 17
Description of Eastern Cuba Sugar Corp. Bonds.
has been set up, after which there is a consolidated operating leas of
The bonds, in denom. of $1,000, $500 and $100, will be dated Sept. 1 $66,000. This, however, is after extraordinary items amounting to more
1922, will mature in 15 years and will bear int. a the rate of 734% Per than the less. Last year we charged down our pulp wood which we are
annum, payable without deduction for Federal income tax not in excess continuing to carry at about $3 per cord less than replacement cost.
of 2% per annum. Sinking fund will retire annually for 5 years, beginning Expenses have been materially reduced and further reductions are.in
in 1925,3%,and thereafter annually 5% of the maximum amount of bonds progress. For example, on the same oest for wood the cost of pulp is now
at any one time outstanding; red. at any time after one year, all or part, about $10 per ton less than it was in January 1922.
cozz
•Aua. 5 1922.]
THE CHRONICLE
"While it is hoped and expected that the paper and pulp business will
return to a more nearly normal condition in the near future, it does not
seem advisable to continue the payment of dividends that are not earned."
-See V. 115, P. 549.
Elder Mfg. Co. (of Mo.).-Listing-Earnings,
Tho Boston Stock Exchange Aug. 1 authorized for the list voting trust
certificates for 89,985 shares Common stock (par $10).
Voting trustees are Murray Carleton, William P. Rowan and Herbert
C. Wright. The voting trust expires April 20 1927 unless terminated sooner
by holders of 90% in share interest of the 1st Pref. stock and 75% in share
interest of the 2d Pref. stock and holders of voting trust certificates representing an aggregate of 65,000 shares of the Common stock.
The company was reorganized in accordance with a plan of Jan. 19 1922
(V. 114, p. 527).
Operations for Year Ending April 30 1922.
Net sales, $3,210,209; less cost of goods sold, $2,671,230; gross
$538,978
profit
442,236
Deduct-General, administration and selling expenses
•
$96.742
income
Net
12,626
Miscellaneous income
651
Fort William (Ont.) Paper Co., Ltd.-Bonds Offered.Peabody, Houghteling & Co., Inc., are offering at par and
interest $2,100,000 first mtge. 7% serial gold bonds. Dated
Aug. 11922, due serially Aug. 1 1925 to Aug.1 1937, inclusive.-V. 115, p. 188.
Fox Typewriter Co.-To Foreclose.The First National Bank, Chicago, has been given permission by Federal
Judge Sessions, at Grand Rapids, to file a bill to foreclose a mortgage of
$100,000 against the company. Interest on the mortgage is alleged to be
in default.
Freeport Texas Company.-Earnings.6 Mos. ending May31- 1922.
1919.
1920.
1921.
Gross sales
$2,190.859 $1,606.364 $2,225.375 $1,438,371
Cost of sales
1,011,362
239,041
1,569,984
931,054
Gross profit
$620,875
General expenses, &c__.. 449,099
$675,309 $1,214.013 $1,199,330
419,960
480,045
356,528
Total income
Deduct-Int. paid on borrowed money. net, $85,161; depreciation, $35,630; shrinkage in merchandise inventories, bad
debts, reorganization expenses, &c., $166,695
$109,368
Net profit
Other income
$171.776
31,572
$318,781
7,920
$733.968
4,525
$779,370
101,857
Net income
Interest
Dividends
$203,348
87,649
$326,701
107,836
$738.493
$881,227
287,486
Total loss for year ending April 30 1922
Deficit as at April 30 1921
$178,118
923.071
$115,699
$218,865
$738.493
3768,238
$1,101,189
Total deficit
Credits arising from reorganization:(a) Readjustment of capital
stock issues, $270,000; (b) readjustment of good-will account,
1,116,613
$846,613
Surplus, April 30 1922
-V. 114, p. 1539.
$15,424
Empire Fuel Products Corp., Dallas, Tex.-Pref.
Stock Offered.-J. W. Bell & Co., New York, are offering
at 100 per share, $650,000 8% Cumul. Prof. (a. & d.)
stock, par $100. A circular shows:
Balance, surplus
V. 115. p. 188.
112,989
Gas & Electric Securities Co.-Earnings, ecc.-
A circular issued by Charles Wesley & Co., New York, who are interested
In the Coll. Trust Serial 6% notes affords the following:
Earnings Year ending Dec. 311921.
Gross earnings
$802,191
Expenses, taxes, &c
74,104
Interest on notes outstanding
43,325
Balance
$684,761
Balance Sheet Dec. 311921.
AssetsLiabilitiesSecurities and property
Capital stock, Preferred_ _$1,000,000
Dividends payable Q.-F. Red. all or part on any dividend date at 120
owned
$5,814,268 Capital stock, Common__ 1,143,561
and dividends, on (10 days' notice.
Bills & accts. receivable.._
11,299 Coll, Tr. Ser. 6% notes__ 612,325
Company.-Incorp. in Delaware. Consolidation of Rockdale Lignite Collateral Trust note disColl. Tr. note coup. accr_
15.313
Co., International Coal & Brick Co. and Santa Fe Coal Co. Owns in
count
19,010 Dividends payable
140,943
rights
additional
leasehold
in
2,444
acres
of
coal
lands
fee 910
and has
Cash
24,085 Bills and accounts payacres. It is estimated that the unmined and recoverable coal in these
able
701.455
lands is in excess of 75,000,000 tons.
2,255,065
Total (each side)
$5.868,662 Surplus
Authorized. To Be Issued. -V. 111, p. 1954.
CapitalizationPreferred stock (par $100)
$1,500,000
$650.000
General Electric Co.-Pays Bonus to Employees.Common stock (par $10)
3,500.000
1,900.000
Purchase money mortgages
The company announced on July 31 that it has paid $1,011,568 to
215,000
215,000
-Plant
for
carbonizing
and
Purpose.
briquetting coal will be erected employees of its plants who have bee.n in the company s service five years
from funds provided by the sale of this Preferred stock.
or more. The sum represents 5% of the earnings of the employees for the
Earnings.-Net earnings of combined companies for 5-year period from six months ending June 30.-V. 115, p. 550.
June 1 1916 to June 1 1921 were in excess of $350,000, or at an average
General Motors Corp.-Prices Cut-Sub. Co.rate of over $70,000 per year. These earnings were obtained from mining
of lignite coal in its raw state only.
Price reductions ranging as follows have been made: Chevrolet Motor
Car Co., from $10 to $.250 a car; Buick Motor Co.,from $35 to $220 a car:
Empire Tire & Rubber Corp.-Receivers' Sale.Oakland Motor Car Co.,from $100 to $240; Oldsmobile,from $40 to $150.
Pursuant to the terms of an order of sale made by J. L. Bodine, U. S.
President Pierre S. du Pont, commenting upon the change in prices of
District Judge. dated July 10, the real and personal property of the corpora- certain of the line of General Motors cars, says in part:
tion will be offered for public sale by Arthur H. Wood and C. E. Murray, Jr.,
"On Aug. 1 there was announced a readjustment of the prices of the Chevreceivers, at the main entrance to the factory in Trenton on Sept. 13. rolet, Buick, Oakland and the Oldsmobile. In certain of these lines new
-V. 103, p. 2082.
models and new types of cars have been offered for the first time.
"These changes whicn have been announced have been made possible
Fairbanks Co., New York.-Balance Sheet June 30.by economies effected in manufacturing processes and better methods of
marketing
products, together with a volume of sales which approximates
(As Filed with the Massachusetts Department of Public Utilities.)
the highest point in the history of the corporation."
1921.
1922.
1922.
1921.
The
General
Motors Corp. nas issued a special pamphlet describing the
A ssets$
General Motors Research Corp., which was organired in 1920. President
Real estate
2,437,350 2,619,280 First Pref. stock... 1,000,000 1,000,000 Pierre S. du Pont
says: "The General Motors Research Corp. is an insurPatterns
432,922
Preferred stock _ 2,000.000 2,000,000 ance of useful service to consumers of General Motors products because its
Good-w. tic contr'ts 898,500
898,500 Common stock___ 1,500,000 1,500,000 efforts lead to the improvement
of our present products and to the creating
Mdse.,mat'1,&c
4,726,825 7,622,430 Accounts and notes
Cash & debts recle 3,111,717 5,766,698
payable, &c____ 6,717.567 7,785,098 of more efficient products at lower cost."-V. 115, p. 550.
Sinking fund
1,109
165,134
100,236 Accrued taxes__
General Railway Signal Co.-Contracts.Advances
1,576,808 1.205,460
30.449
Reserves
This company. has received an order from the Takata Exporting Co. for
Cuba Co. stock_ _ _
99.500
99,500 Profit and loss__ def.179,555sr•3941324
270 automatic signals to be used on the Imperial Government Rye. of Japan.
European Co. ink_ 480,000
A contract has been received from the Great Northern Ry. for the inDeferred charges
233,532
325,238 Total (both sides) _12,615,929 17.431,882
of automatic block signals on 165 miles of single track in Montana,
* Before 1920 Federal tax reserve and adjustment of 1918 prior taxes stallation
Idaho
and Washingten. The Northern Pacific Ry. has also placed a
in dispute.-V. 114, p. 2829.
contract with the General Railway Signal 0o. for the complete installation
of automatic block signals on 151 miles of single track and en 52 nines of
Fergus Motors of America, Inc.-Receiver.V. 112,
Samuel I. Kessler has been appointed receiver by Federal Judge Bodine double track, in North Dakota and Minnesota.-V. 114, p. 743;
at Newark, N. J., on complaint filed by Joseph Bell Ferguson, Pres. p. 1149, 937.
Company has an authorized capital of $1,000,000.
Gimbel Brothers.-Bankers To Offer Stock.It is understood that Goldman, Sachs & 00. and Lehman Bros. have
Firestone Tire & Rubber Co.-Earnings-Sales,
acquired
an interest in the Preferred and Common shares of the company,
A published statement, understood by the"Chronicle" to be correct, says: and that same
will be offered for public subscription in the near future.
Net profits for the past 8 months are approximately $5,000,000. On
Gimbel
Brothers conduct department stores in NewYork, Philadelphia,
the basis of reduced profits caused by lower prices for tires, it is estimated and Milwaukee.
The business will continue to be managed by the Gimbels,
that sales will run in the neighborhood of $75,000,000 for the present year,
against $66,372,000 in 1921 and $114,000,000 in 1920. Sales for July who retain control.-V. 115, p. 188.
should exceed those of June, in which all previous records were broken,
(B. F.) Goodrich Co.-Notes Called.with a total of more than 700,000 tires shipped.
All of the outstanding 5-Year 7% Cony. Gold notes dated April 1 1920
"The company reports that the placing of machinery at the new steel
have
beon called for payment Oct. 1 at 103 and int. at the Bankers Trust
products plant is progressing rapidly and that that department will be in
Co., trustee, 16 Wall St., N. Y. City. Holders have the option of prethe now building early in September. The new rim plant is more than senting
notes any time prior to Oct. 1; and receive 103 and int. to date of
mile
long
and 250 ft. wide. Progress is also reported at
one-sixth of a
the Canadian plant at Hamilton, Ont., and production will be started with
1,500 tires a day early in September.
Gray & Davis, Inc.-New Financing-Earnings."Prospects for the remainder of the year are good. Sales for this period
The stockholders will vote Aug. 9 on authorizing $1,500,000 10-Year
should be larger than those of the first 8 months, because the period just
1st
Mtge. 7% bonds, of which $1,000,000 are now to be issued, and on auof
the
so-called
dull
months.
four
ended contained
thorizing the issuance of 115,500 shares of additional Common stock, part of
"The company has previously absorbed all inventory losses.
stock.
"Production remains in the neighborhood of 25,000 tires daily, with which is to be issued only on the conversion of the bonds and Preferred
Of the remaining 28,000 shares, 20,000 shares are to be sold at once for cash
some increase registered in heavy pneumatic tires as well as truck tires, to
purchasers not connected with the company, to net the company $250,000.
in anticipation of railroad difficulties."-V. 114, p. 2475.
Further Data from Letter of President Arthur T. Murray, Aug. 1.
Fisk Bu'lber Co.-Semi-Annual Statement.The officers and directors have recommended the proposed action as the
The report for the half-year ended Juno 30 1922 says:
best feasible plan to secure the necessary cash to reduce current debt and
Inventories showed a reduction of 30% compared with a year ago. The produce sufficient working capital to carry on the present business and to
company states that it has no forward commitments at other than current enable the management aggressively to seek new business which is in sight.
prices; stocks of rubber and fabric on hand are said to cover production
Since the present management assumed control, Aug. 1 1920, there has
requirements for immediate use only;and finished products are at a minimum been practically no change in the quick asset position of the company exbased on present sales requirements. Not sales volume for the first six cepting changes duo to essential expenditures to add increased fixed facilimonths of the year shows an increase of 23.5% as compared with the same ties to take care of a wider range of production. The business which this
period last year, while unit sales increased 85%.
company has been able to secure during the last two years has been underThe balance sheet as of June 30 1922 shows total current assets of $27,- taken on a very profitable basis, evidenced by the fact that the Ernst &
910,432; total current liabilities of $9,737,417; cash and receivables of $14,- -Ernst six months operating statement for the period ending June 1 1922
778,904.
showed a net profit, prior to interest charges, of $208.563. The proposed
June 30'21. Dec. 31 '21. June 30'22. financing puts the company permanently on a sound financial basis and proEarnings,6 Months endedvides ample capital to operate the plant at capacity with the result that
$16,862,145 $22,407,179{
Not sales
Not stated. earnings should be on a basis that will be very gratifying to the Common
Cost of sales, including depreciation,
stockholders.
selling and administration expenses 16,265,876 19,799,747
If the proposed plan is adopted a syndicate of bankers will underwrite
commission
Net income
$596,268 $2,607,432 $1,774.024 the sale of $1,000,000 bonds in consideration of a cash selling
393,333 and 8,000 shares of Common stock. Several of the directors will be directly
202,420
Interest on First Mortgage bonds
or indirectly interested in this underwriting.
512,2021
Interest on borrowed money
Voting trust certificates representing a new issue of $750.000 of Preferred
269,500
Amort.ofdisc. & oth.exp.in come with mtge. bds_
19,3931
stock will be offered to the Common stockholders pro rata at par. The
American
$1,111,191
Bosch Magneto Corp. and one of the directors will underwrite
Balance,surplus
$1,873,418
the subscription of the stock for a commission.
-V.114, P. 1060.
Both the bonds and the Preferred stock will be convertible into Common
Ford Motor Co. of Detroit.-New Plant.stock on a sliding scale basis, the periods of conversion and prices being as
This company has awarded a contract for the construction of an assem- follows: First and second years, $20 Per share; third year, $22; fourth Year.
year and thereafter, $30 per sh.
bling plant in New Orleans, La., to have a capacity of no automobiles $24; fifth year, $26: sixth year, $28:seventh
The bonds and Preferred stock will be callable at 105 and int, or div.
daily. The plant will servo the States of Louisiana, Texas and Mississippi
-V. 115, p. 550.
In case of call an opportunity will be given to convert prior to redemption.
652
[VOL. 115.
THE CHRONICLE
(a) All shares of stock in (or v. t. c. representing the same) and all obliThere is an option agreement outstanding covering 30,000 shares of Common stock to be issued at $25 per share. This agreement runs to Jan. 1 gations and indebtedness of the subsidiary companies of the old company,
1924, and in it the company agrees not to issue Common stock at less than owned by the latter.
(b) An exclusive license or licenses to use without payment of royalties
$25 a share. The American Bosch Magneto Corp. and various officers of
patents, patent rights, trade-marks, trade names and processes
the company are interested in the option. They are willing to release the and and
also all data, statistics and reports relating to
company from its agreement not to issue Common stock below $25 a share owned by the old company;
which the old company or its subsidiary companies
In consideration of the extension of the option to Feb. 1 1925 and the re- the experimental work
on.
carrying
been
have
duction of the price to $20 a share.
Tao new company, as a further consideration for such transfer, will re[It is reported that for the six months ending June 30 1922 the company
imburse the old company for all advances made by the latter to its subsidiearned $210,000 before deducting interest charges.)-V. 114. -. 1658.
112, p. 2542.
aries from June 30 1922 to the date of such transfer
Holly Sugar Corp.-Bonds Offered.-Mercantile Securities Co. and Bond & Goodwin & Tucker, Inc.; San Francisco,
are offering at 100 and int. $3,500,000 1st Mtge. 15-Year
7% Sinking Fund gold bonds (see advertising pages).
Dated July 1 1922. Due July 1 1937. Int. payable J. & J. at Mercantile Trust Co., San Francisco, trustee. and Columbia Trust Co., New
York, without deduction for any normal Federal income tax not exceeding
2%. Auth., 35,000.000. Denom. $500 and $1,000 (e*). Callable as a
whole only, except for sinking fund, on 60 days' notice on any int. date at
105 and int.
Bonds in excess of $3,500.000 (this issue) shall be issued only for acquisition of new properties, and then only in amounts not to exceed 66 2-3%
of the value of the acquired properties, such value to be established by two
appraiser's, one of whom shall be selected by the trustee. It is further provided that additional bonds may be issued only when current assets equal
at least 200% of the current liabilities, and when earnings for preceding year
are at least three times the interest charges on bonds outstanding, plus
bonds to be issued.
Summary of Letter to Bankers from President A. E. Canton.
Company.-Is one of the large beet sugar companies of the United States,
and, as successor to the Holly Sugar Co., has been in successful operation
since 1905. Owns or controls through subsidiaries 7 modern,fully equipped
sugar mills, located in the States of California, Colorado and Wyoming.
with a present annual output of approximately 1,000,000 bags of refined
sugar.
Security.-A first mortgage on all the physical properties now or hereafter
acquired. Additionally secured by deposit of all stocks of subsidiary companies owned.
Assets.-After giving effect to present financing, as of June 30 1922, corporation showed total tangible assets in excess of $12,000,000. As of the
same date, current assets amounted to $3.321,663, against current liabilities
of but $283,139 or a ratio of more than 11 to 1.
Earnings.-For the 10 years ended Mar. 31 1922 net earnings applicable
to taxes and interest have averaged $1,142,000 per annum,or over 4% times
the maximum interest requirements on this issue. This average of $1,142,000 is after liberal depreciation charges and includes the net loss for the last
fiscal year of $1,245,000, which was due almost entirely to a full inventory
readjustment to date of statement.
Sinking Fund -A sinking fund has been provided, which shall be payable
semi-annually, beginning July 1 1924, and which shall be in the annual
amount of $200,000. plus an amount equal to the total amount of cash distributed to the Common stockholders in the preceding 12 months. The
fund is to operate to retire bonds up to 105 by buying in the open market
or by calling by lot at 105.
Purpose.-Proceeds will be used to retire current debt and to provide
additional working capital.
[A dispatch from Los Angeles states that the company has acquired the
Grand Junction Sugar Co., owning a large plant at Grand Junction, Colo.
The merger, it is stated, was consummated by the exchange of Holly Sugar
Corp. Common stock for all the outstanding securities of the Grand Junction Sugar Co.1-V. 115. D. 305.
Imperial Oil, Ltd.. Canada.-New Secretary.-
E. V. A. Kennedy has been elected Secretary, succeeding James II
Archibold.-V. 114, p. 416.
Indiana Electric Corp.-Consolidation Case.The Indiana Supreme Court has set Oct. 4 as the date for hearing argument in the appeal of the Indiana P. S. Commission against the injunction
granted to the cities of Indianapolis and Kokomo by the Superior Court
which forbade the execution of the order of the Commission authorizing the
consolidation of seven Indiana electric traction and gas utilities into the
Indiana Electric Corporation.
Pending the decision of the Supreme Court the P. S. Commission has
granted the company permission to issue $7,000,000 of stocks and bonds
so as to be prepared to start construction of a power plant on the Wabash
River near Terre Haute at once if the Court acts in its favor.
The $7,000,000 issue is authorized as follows: $4,500.000 in 6% 1st
mtge. bonds; $1,500,000 in 7% preferred stock and $1,000,000 in common
stock.-V. 114. p. 2020.
Indiana General Service Co.-Bonds Sold.-Dillon,
Read & Co. have sold at 90 and mt., to yield 59%
$3,322,000 1st Mtge. 5% gold bonds. (See adv. pages.)
Dated Jan. 2 1918. Due Jan. 1 1948. Denom. $1,000, $500 and
3100 c*&r*. Interest payable J. & J. in New York. Red. all or part at
105 and int. on any int, date on or after Jan. 1 1923. Penn. 4-mill tax
refunded. Guaranty Trust Co., New York, trustee.
Data from Letter of Pres. R. E. Breed, New York, July 31.
Company.-Owns and operates electric generating plants and distributing systems supplying electric power and light service in Muncie, Marion,
Elwood, Hartford City, Alexandria, Dunkirk, Montpelier and 16 other
communities in Indiana, all interconnected by a system of high-tensior
transmission lines. Furnishes heating service also in Marion, Muncie atd
Elwood. Operates without competition in any part of its territory. Population served, 101,000. Number of electric customers, 27,337, and of
heating customers, 461.
The properties are operated in three general divisians, known as the
Muncie district, the Marion district and the Elwood district. The generating stations are at Muncie with an installed electrical capacity of 19,950
k. w., at Marion with 7,750 k. w.. and at Elwood with 1,250 k. w. The
high tension transmission lines total 126 miles in length,and the distribution
system covers 387 miles. There are 6.83 miles of heating mains. Company
has a connected load in excess of 47,100 k. w. Electric generating output
for 12 months ended May 31 1922 was 63,817,304 k.w.h.
Earnings Years ended May 31.
Net Rev.
Bond Int.
Gross Rev.
Balance.
$420,775
$1,359,845
$118,206
$302,569
1918
474,808
1,423,636
158,920
315,888
1919
478,047
1,593,930
156,924
321,123
1920
460,900
1,894,235
155,779
305,121
1921
489,310
1,955,494
168,064
321,246
1922
Capitalization Outstanding After Completion of Present Financing,
First Mortgage 5s-----------------------------------------33,322,000
12
*754,000
Muncie Electric Light Co. 'First
& Refundin 5s of
tin Co.
246,500
Marion Light
- --------------------420,400
Preferred stock-------------------3 000 000
Common stock
under First Mortgage.
' '
* Not including bonds pledged
Cofttrol.-Entire common stock owned by American Gas & Electric Co.
-An improvement and sinking fund is
Improvement and Sinking Fund.
to %% per annum of all bonds outstanding, payable
provided, amountingfrom
1924 to 1929, 1% from 1930 to 1935, 1Y% fro.n
May!of each year
1942 to 1947, incl., to be used to reimbui.Se the
from
2%
and
1936 to 1941
acquisition or construction of additional plant
company for expenditures inimprovements
or extensions, or for purchase of
or properties, or permanent
1 1923,at or below 105.-V. 112, p. 2647.
Jan.
after
bonds
First Mortgage
International Harvester Co.-Outlook, dec.Chairman Harold F. McCormick says in substance:
"Our business is gradually improving, but still has a long way to go. The
last half of the year, however, will be much better than the first half was.
Our works in Russia are still in operation, but on a very small scale. Our
plants have never been nationalized, and we have been allowed to continue
operations practically unmolested. We had no special working agreement
with the Soviet Government."-V. 114. p. 2585.
Internat. Rubber Co. of America.-Capital Increase.-
The company has filed notice at Dover, Del., of an increase in capital
from $20,000,000 to $23,000,000.
Island Oil & Transport Corp.-Production of Sub. Cos.1922.
5 Mos. to May 31Prod. of'sub. cos.(bbls.) 1,353,247
See also V. 115. p. 551,442.
1921.
5,009,306
1920.
10,538,389
Invincible Oil Corporation.-Earnings.-
1919.
5,158,975
Six Months ended June 30Gross earnings
Other income
1922.
$2,571,050
153,106
1921.
$796,931
159,360
Total income
Interest, &c
Adjustment oil inventory
Development expenses
$2,724,156
302,339
$956,291
329,387
765,154
745,219
Net income, before deprec., depletion, &c_ _ _31,676,598
-V. 115. p. 551.
def.3138,250
Jersey Cereal Food Co.-Receivership.-
The Real Estate Trust Co., Pittsburgh, has been appointed receiver by
by the Federal Court at Pittsburgh. The First Wisconsin Trust Co..
Milwaukee, was appointed receiver for the company at Milwaukee. The
receivership was approved by the directors as a means to protect creditors
and stockholders.
Keystone Tire & Rubber Co.-Earnings--Director.-
A tentative statement for the 6 months ended June 30 1922 shows: Operating income, $872.351; operating expense, $75,400; and loss after various
other charges, $145,026.
Isadore Brenner has been elected a director, succeeding Sydney Bernheim.-V. 115, p. 443.
Keystone Watch Case Co.-Dividend Omitted.-
The directors have decided to omit the quarterly dividend usually paid
Aug. 1 on the outstanding $6,000,000 Capital stock, par $.100. In May
fast a distribution of V4 of 1% was made as compared with I % paid
quarterly from Aug. 1 1916 to Feb. 1 1922.-V. 114, p. 1897.
Laclede Gas Light Co.-Resumes Dividends-Earnings.
A dividend of 1U% has been declared on the outstanding Common Stock.
par $100, payable Sept. 15 to holders of record Sept. 1. In March 1919
a dividend of 1%% was made; none since.
Gross income for the 6 months ending June 30 1922 amounted to $4,000,295 and surplus after charges and Prof. dividends to 3462,351.-V. 1154).314
La Fayette Motors Corporation.-To Move.-
from IndianapIt is reported that the company will trar sfer its operations
year, and that it will erect a new
olis to Milwaukee, the latter part of this
plant is exnew
The
Milwaukee.
at
factory
Nash
plant adjacent to the
pected to be in operation by the beginning of 1923.-V. 114, p. 2830.
Libbey-Owens Sheet Glass Co.-Defers Div. Action.-
the ComIt is reported that no action will be taken before September on
Common dividend. On May 10 last a distribution of 2% was made on the
mon stock.-V. 115, p. 314.
Lima Locomotive Works.-Agent for Subscriptions.-
Columbia Trust Co. has been designated agent to receive subscriptions
p.
to shares of Common stock (without par value).-Compare V. 115,
443, 551.
Lit Bros. Corp., Philadelphia.-Extra Div. of 23/2%.-
An extra dividend of2%%(25 cents) has been declared on the outstanding
capital stock, together with the regular semi-annual dividend of 5%, both
payable Aug. 21 to holders of record Aug. 10. An extra dividend of 23. %
has been paid semi-annually from Feb. 1917 to Feb. 1922, inclusive. A
40% stock dividend was paid to holders of record April! 1921, increasing
the outstanding capital stock to $3,500,000, par $10.-V. 114, p. 312.
Lncomobile Co. of America.-New Officer.Col. E. H. Havens has been elected Vice-Pres. and Gen. Mgr.-V,115.
p,551.
Long-Bell Lumber Co., Kansas City, Mo.-Bonds
Offered.-Halsey, Stuart & Co., Inc., George H. Burr & Co.,
New York and Chicago; Lacey Securities Corp., Chicago, and
Hibernia Securities Co., Inc. New Orleans and New York,
are offering, at 96 and interest, yielding about 6.35%,
$9,000,000 1st Mtge. 6% Sinking Fund Gold Bonds, Series
"A" (see advertising pages).
Dated July 1 1922. Due July 11942. Int. payable J.& J.in Chicago
or New York, without deduction for any normal Federal income tax not in
excess of 2%. Denom. $1,000, $500 and $100 (0). Red. as a whole only
at any time upon 60 days notice, at 105 and int., and for sinking fund purposes at any time no 30 days' notice at 101 and int. Authorized, $30.000,000. To be presently issued, $10,000,000. Penn.4-mill tax refundable.
Data from Letter of Chairman R. A. Long, Kansas City, Mo., JUIY 28.
Company.-Business was founded in 1875. Company is one of the
largest lumber manufacturers and distributers in this country under a
single ownership. Heretofore operations have been conducted largely
through subsidiary and associated companies. With a view to simplifying
the corporate structure, the parent company has acquired and now owns the
physical properties of all the important subsidiary and associated companies, with one exception,and in this case upon acquisition of the remaining
7% of its capital stock the physical assets of this subsidiary will also be
conveyed.
•
Authorized. Out
Capitalization After This Financing0 0 490
95
18:
700
3:0
000 $2
000:0
:0
Common stock
First Mtge.6% Gold Bonds,Series"A"(this issue)x$3300
Other long-term debt, including timber purchase
(Closed) 18,765,211
contracts and mortgage notes
restricx The remaining $20,000,000 are issuable only under conservative
u
tions.
pose.-Proceeds will be applied to the payment of current debt and to
betterments and improvements.
Security.-Series "A" will be secured by a direct first mortgage on unenIntercontinental Rubber Co.-Financial Plan.on a proposed plan for financing the cumbered standing timber having a value,as independently appraised,equal
The stockholders will vote Sept. 12
its
at least 100% of the face amount of the outstanding bonds, and will be
subsidiaries
and
to
company
through
the
of
transfer
the
requirements of
and obligations of its subsidiary further secured by a mortgage on plants, mills and other properties, having
certain of its properties, including stocks
be organized under the direction of tli• a value at least sufficient to make the aggregate security under the mortgage
companies, to a new company, to the
issue and sale by the new company' not less than 200% of the par amount of outstanding bonds, both of which
Intercontinental Rubber Co.. and
Notes.
ratios the company covenants to maintain at all times.
Trust
of certain Convertible Collateral
Sinking Fund.-Mortgage shall contain provision for a sinking fund,
mill have an autnorized capital
The plan proposes mat the new company
The
value.
under which company shall pay.into such fund the sum of $6 per 1,000 ft.
Co.
Intercontinental
par
Rubber
of 60,400 shares without
or sold in the States of Louisiana and Texas, and $3 per 1,00u
will transfer to the new company in exchange for 31,370 shares of stock the of timber cut
ft. for all timber cut or sold in the States of California and Oregon. Prior
following property:
AUG. 5 19221
653
THE CHRONICLE
payto July 1 1925, the funds in such sinking fund may be applied to the
ment and discharge of existing liens against certain tracts of timber, or may
be used for the payment of interest on bonds secured by the mortgage.
After July 1 1925. the funds in sinking fund shall be used to pay and
discharge such existing liens or for the retirement of bonds in accordance
if
with the following schedule, and the balance remaining in such fund.
by the
any, may be used for the payment of interest on bonds secured
company
the
fund,
sinking
the
of
amount
mortgage. Regardless of the
shall retire either by purchase or redemption out of the sinking fund the
following amounts of bonds at the times specified:
On or before each July 1, 1925, 1926 and 1927, $200,000 annually; on or
before each July 11928, 1929 and 1930,$300,000 annually; on or before each
July 1, 1931, 1932 and 1933, $500,000 annually; on or before each July 1.
1934 and 1935, $700,000 annually; on or befor eeach July 1, 1936 to 1942,
inclusive, $800,000 annually.
Earnings Years Ending December 31.
Net after Fed'l
Net before
Depletion
Taxes but
Federal Taxes
and
Depreciation. and Interest. before Interest.
951,784,243
$1,795,431
$1,902,485
1912
1,824,446
1,844,393
2,212,216
1913
••
1,281,517
1,294,911
2,402,413
1914
1,074,904
1,096,558
2,487,306
1915
2,666.079
2,706,334
2,723,173
1916
4,069,392
5,196,353
2,849.296
1917
5
4.473.889,
3.090.608
1918
5037,116
6,906.785
3.407,153
1919
6,511.778
8,805.642
3,634,826
1920
836,321
857,711
3.551,044
1921
During the above ten-year period operating interest charges have averaged
annually $651,692; the maximum annual interest on these bonds requires
$600,000.
Business Property, &c.-Business is a complete industrial unit, comprising
the ownership of raw material which it manufactures, wholesales and retails.
In the States of Missouri, Kentucky, Kansas, Texas, Louisiana, Oklahoma,
California, Arkansas, Mississippi, Oregon, New Mexico and Washinton,
company owns 127 retail lumber yards selling 78,000.000 ft. of lumber per
annum; 11 modern saw mills with a capacity of 2,000,000 ft. per day, or
570,000,000 ft. per annum; 12 planing mills; 61 dry kilns; 8 sash and door,
box, veneer and other wood products plants, windows and doors manufactured (average per annum). 875.000: 22 general merchandise (retail) stores
(average annual sales over $3,000,000) used in connectoni with its manufacturing enterprises: 1 wholesale grocery (average annual sales over $1,000,000)
2,100 dwelling houses in connection with its mills; 363 miles of railroad and
equipment including 77 locomotives and 1,131 log and freight cars; 11,672,882,622 ft. log scale of standing timber of highest commercial quality;
1,003,407 acres of land.
The company ships 27,597 cars of lumber and lumber products per year
(3-year average) and averages 6,500 persons upon the payroll.
The company manufaceares long and short leaf Southern yellow pine
lumber and timber, Southern hardwood lumber and timber, oak flooring,
gum, California white pine lumber, California white pine sash and doors,
veneers, standardized woodwork, creosoted posts, poles, ties, piling and
wood blocks. The extraction and marketing of turpentine and rosin from
the pine trees is one of the important activities of the company.-V. 113, p.
1366.
9
Long Island Lighting Co.-Merger.It was announced Aug. 1 that negotiations to consolidated the Nassau
Light & Power Co. (V. 114, p. 2586) with the Lond Island Lighting Co.
have been concluded by W. C. Langley & Co. An application to authorize
the consolidation will be made soon to the New York P. S. Commission,
and if approved, it is proposed to issue $3,000,000 6% bonds and approximately $2,000,000 Common and $1,000,000 Preferred stock for immediate
needs.-V. 114, p. 1659.
(Walter M.) Lowney Co.-Reorganization Plan Approved.
The stockholders have approved the refinancing plan outlined in V.
115, p. 314.
Ludlum Steel Co.-Merger Rumor.See Carpenter Steel Co. above.-V. 112, p. 2755.
McCord Manufacturing Co.-To Segregate Property, cfcc.
Mathieson Alkali Works.-Earnings--Bank Loans.Results forGross earnings
Reserve for depreciation
2d Quar. 1922. 2d Quar. 1921. Six Mos. 1922.
$656,240'
$369,490 loss $234,325
270,674
126,926
135,592
$385,566
Net earnings
$233,898 loss $361,251
Hayden Stone & Co. of New York and Boston, in their weekly market
letter for July 28, say:
"Earnings have continued to show progressive improvement and expansion during the second quarter of 1922. In the three months to March 31
last, the corporation earned a dividend balance of $151,667, or at an annual
rate of a trifle over $600,000. This contrasts with a deficit in the fiscal
year to Dec. 31 1921 of $318,002.
"On Dec. 31 last the company had a bank debt of $850,000. In the
first half year these have been cut almost 33% to a present total of $550,000.
The complete elimination of this debt should be effected very comfortably
early in 1923 if not by the end of this year. Despite the $300,000 reduction
in bank debt made in the past six months, the June 30 cash balance of
$340,000 was practically the same as the cash on hand on Dec. 31 last."
-V. 114, p. 2365.
Maxwell Motor Car Co.-Notes Retired.-
The corporation has retired $1,750,000 Series "B" 7% gold notes, due
June
11923, tenders for which were recently invited. See V. 115, p. 189.
M.
emphis Gas & Electric Co.-Sale.-
Frank S. Elgin and J. F. Ramier,special masters, will sell the entire property as a whole or in five separate parcels on Aug. 28 at the Shelby County
Court House, Memphis. The upset price of the total property as a whole
is set at $5,385,000.-V. 114, p. 2724.
Merchants Heat & Light Co.-Bonds Called.All of the outstanding 15-Yr. 754% Gold bonds, dated March 1 1921,
have been called for payment Sept. 1 at 105 and int. at the Continental
& Commercial Trust & Savings Bank, trustee, 208 So. La Salle St.,
Chicago,
115. p. 443.
Mesabi Iron Co.-Stock Sold.-Shonnard & Co. New
York, announce that the subscription books to the 50,000
shares of no par value Common stock offered by them at
$12 a share have been closed, the issue having been oversubscribed. The circular shows:
Capitalization.-589,600 shares (no par value), against which has been
paid in $4,746,000 cash. Company has no Pref. stock or funded debt.
Midvale Steel & Ordnance Co.hasacquired approximately a 32% interest in
the Common stock.
Purpose.-Production of high-grade low phosphorous sinter (manufactured iron ore concentrate)from the low grade magnetite ore on the eastern
end of the Mesabi Range in Minnesota by modern, large-scale mining and
in use by the large porphyry copper
'
milling methods,similar to the methods
companies in the West.
Company.-Incorporated in Delaware in 1919. Company holds part in
fee and balance under long-term operating leases, approximately 25 square
miles in solid block located on the eastern end of the Mesabi Iron Range.
Also holds 1,360 acres under royalty leases at Black River Falls, Wisc.
Exploration work to date has shown that company's acreage contains millions of tons of material assaying about 25% iron, extending over the
surface and to an average depth of at least 50feet, easily taken out by quarry
methods.
z
Probable Earnings.-Itis estimated that on its present productive capacity
with the present base price of iron, the company can do better than
even, without considering any income from the sale of crushed rock. Witn
the increased production looked forward to by the iranagernent, the cost of
production will drop materially, and it is estimated that on production
base of 3,500 tons of sinter per day, the cost will be approximately $2 61
per ton. This would indicate annual profits in excess of $2,500,000, which
is equivalent to $4 25 a share from sinter alone.
Officers.-Charles Hayden (of Hayden, Stone & Co.), Chairman; D. C.
Jackling (Mng. Dir. of Utah Copper Co.), President; W. G. Swart (mining
engineer), V.-Pres. & Gen. Mgr.; John R. Dillon, Treasurer; Arthur J.
Ronaghan, Secretary.
Directors.-The foregoing, with John D. Ryan, Chas. M. MacNeill,
Sherwood Aldrich, W. Hinckle Smith, H. V. Winchell, J. Carson Agnew,
Percy A. Rockefeller, W. E. Corey, Alva C. Dinkey, Seeley W. Mudd.
The stockholders will vote Aug. 7 on segregating the radiator gasket and
lubricator divisions of the company into a new organization to be called the
Metropolitan Edison Co.-Definitive Bonds Ready.McCord Corporation. Under the plan the new company will issue to the
The Guaranty Trust Co. of N. Y. is now prepared to deliver 1st & Ref.
existing company all of its capital stock, to consist of 50,000 Class A shares Mtge. 6% gold bonds, Series "B" due 1952, in exchange for outstanding
and 150,000 Class B shares. The company proposes to sell the Class A temporary bonds. See offering in V. 114, p. 1541, 2021.
stock so received and to use the proceeds to reduce obligations, making
possible retirement of the advisory committee which has been in charge of
Mexican Seaboard Oil Co.-Usual Dividend Declaredthe company's affairs since August 1921.
It is stated that Eastern interests have taken the "A" stock at 30. The Dividends to Be Considered Quarterly in Future-Statement by
"A" stock will have preference over the "B" stock in dividends up to $4 President Hammond.-The directors on Aug. 4 declared the
annually and is redeemable at 52. Class "B" stock, possessing sole voting
power, will be held in treasury at present but eventually will be offered to usual monthly dividend of 50 cts. a share, payable Aug. 21
holders of company's 125,000 no par shares on share for share basis. The to stock of record Aug. 14. President Harris Hammond at
$1.243,800 Cumulative 7% Preferred outstanding will not be disturbed. the conclusion of
the directors' meeting issued the following
Through sale of Class "B' stock creditors will be offered 80% in cash and
the remainder of their claims in one, two and three-year notes.-V. statement:
114, p. 1897, 1069.
The directors met to-day (Aug. 4) to consider the question of paying a
dividend.
Mack Trucks, Inc.-Report.The President stated that during the month of July the company had
Period ending June 301922-3 Mos.-1921. 1922-6 Mos.-1921. delivered approximately 2,500,000 bbls. of oil and that for the first three
days of the month of August the company's production from the Toteco
Net earn, after maint. res've,
field had averaged approximately 28,0100 bbls. per day, not including the
deprec., repairs & est. Fed.
had
co
oild cefrom
in
taxes
Mexican 6nG,u131f5,08i519C. o. and that the company
$1,315,634 $523,639 $1,570,632 $528,035 royalty
cash
After payment of preferred dividends, the balance applicable to the
receivable $
of
holders
to
share
a
e Adiurgecto147
rd
Th
cts.
common stock amounts to $3 53 per share for the six months ended June 30 reco
50
of
pay 2
vidend
di
.
a1
1922.
payablevoted
The directors further decided that hereafter the question of dividend
The report states:"There are no bank loans. The company has no bonded indebtedness, and other income from receivables and cash discounts is payments should be considered quarterly instead of monthly as heretofore.
equal to approximately one-half of the required amount for dividends for 'Me decision to change the dividend program was due to changed conditions
in the field which makes it uncertain what amount of oil can be taken out
the first and second preferred stock."
per day from this time forward and thereafter what the company's earnings
Balance Sheet June 30.
from future production will be.
1921.
1922.
1921.
1922.
In our statement of July 12 1922 to the stockholders it was pointed out
$
Liabilitiesthis
$
$
Assets$
large quantities of oil
still be produced from Toteco and that
3,811.318 3,464,743 Capital stock
17,889,700 17,869,700 daily production wouldwould
Cash
be on a continually reducing scale and that actual
Awls & notes rec_ 7,858,413 5,000,519 Accounts payable_ 2,180,578 1,005,258 production could only be determined by conditions as they develop from day
9,478,090 12,013,262 Accrued accounts_
817,620 to day in the field. At the time of the previous statement a conservation
Inventories
50,245 Reserve for taxes
Investments
P°1Icy was being followed by the three companies producing from this field
Plants & equIpm't. 7,815,071 8,051,898 & contingencies_ 1.148,392 1,375,105 in the belief
that if the
extractions from the field was regulated by good
453,141 Surplus
10,308.796 10,338,803 practice the amount oftotal
Deferred assets__ _ 163,807
daily production would be stabilized and that the
2,380,761 2,372,738
Good will
off in production woukf be gradual and over a long period of time.
falling
Total(each side)--31,507,466 31,406,546
Since this statement this company has been forced into competitive draw-V. 114, p. 2830, 2477.
ing by action of its competitors; this competitive drawing has resulted in
raising artificially and prematurely the level of the salt water and if conManhattan Shirt Co.-21 % Stock Dividend.tinned may reach a point when all wells in the pool will have to be closed
, % has been declared on the outstanding down and a period
oil and water to settle-A quarterly stock dividend of 2 4
of from
to 60 days allowed for
surface.
Common stock, par $25, in addition to the regular quarterly cash dividend thus allowing the pure oil30
to again come to theescape,
but is so disturbed
of 2%, both payable Sept. 1 to holders of record Aug. 14. Like amounts
It must be remembered that the oil does not
emulsion, which is a.
were paid in June last. The company on March 1 last paid on the Common by over-production
it forces what is called an
commercial pronot
stock a special dividend of 10% and a quarterly dividend of 23i %, both in froth or mixture of that
is
which
and
salt water and oil
stock, in addition to a quarterly cash dividend of 2%.-V. 114, p.2365.
duction. It is the appearance of this emulsion in our wells that has forced
production of all
When
wells.
to
rs
s
u
u
o
es
v
r
el
es
lga
a
tr
ct
in
our
in
in
a
pinching
production
Massachusetts Gas Companies.-Sub. Co. Earnings.- interests in that field is by
basis we should find
resumed on a conservative
12.
July
Combined Net Earnings of Subsidiaries.
Position indicated in the statement of
Six Months ending June 30statement said in subst.:
Class of -Month of Juneprevious
President
a
in
Hammond
It
Gas.,
Total.
Afiscell.
Miscell.
Total.
Gas.
Earns.
"The company is taking its oil in Toteco from three shallow wells.
to let them settle.
$156,885 $83,823 $240,708 $969,310 $433,003 $1,402,313 has closed
1922
some wells which showed salt water, in order
Nacida,
Ague
518,326 1,432,079 The company
913,753
15,907 175,687
in
three
159,779
Sebastian,
1921
is drilling one well in San
equipment ready
622,280 1,535,759 2,158,039 oneinTodr
57,224 243,372 300,596
1920
mhp_ool and one in Western Toteco, and has
Chiapas and the
943,895 1,643,689 awaiting teco
699,794
122,922 183,618 306,541
1919
permits for developing its holdings in
634,886 2,067,277 2,702,164 Isthmus of
105,121 374,015 479,137
1918
Tehuantepec.
applied for perhas
"The company has made locations for drilling and
1922-6 Mos.-1921
Increases in Gas Output (in %)- 1922-June-1921.
Toteco, one in
p6.049'
*6.40% mits to drill on the following tracts: One well in northern
3.14V
Boston Consolidated
2.76%
the comdistrict
Panuco
the
2.72%
4.44%
*1.49%
5.30% western Toteco and one in Cincuenta. In
Citizens' Quincy.
pany has approximately 9,000 barrels per day_production, is drilling two
* Decrease. See also V. 115, p. 552.
•
wells, and has locations for four more wells."-V. 115, p. 303, 81.
Massachusetts Oil Refining Co.-Earnings.--
Miami Rubber Co.-Receivership.Sales for the five months ending May 31 1922 were $1,447,507; operating
Edward F. Peters and William McCauley were appointed receivers July
profit, $203,508; interest, taxes, &c., $267,858; loss for the five months,
31 by Common Pleas Judge Stanley Struble at Cincinnati.
$64,350. See also V. 115, p. 443, 81.
•
654
THE CHRONICLE
Michigan State Telephone Co.-Rate Decision.Judge Tuttle in the U. S. District Court for the Eastern District ofMichigan on July 29 issued a temporary injunction, returnable Aug. 8,restraining
the Michigan P. U. Commission from enforcing its order reducing the company's rates.-V. 114, p. 1293.
Midvale Steel & Ordnance Co.-Earnings.Results for Quarter and Six Months Ending June 30.
1922-3 Mos.-1921.
1922-6 Mos.-1921.
Net, after taxes
$352.374 loss$87,490
$740,344 $1,108,101
-Operating profit adjustml
from first quarter
659,014
Net
Interest
Depreciation reserve
$352,374
737.209
1,050,276
$571,524
755,439
1,105,478
[Vorm 115.
operative. It is now proposed to proceed at once to the organization of a
Massachusetts corporation and to wind up the present receivership as soon
as Receiver James D. Colt can secure the proper authority from the Federal
Court. See plan in V. 114, p. 2724.
New Jersey Zinc Co.-Earnings.-
Quarters end.June 30-- 1922.
1921.
1920.
1919.
Income
x$1,637,161
$637,440 $3,341,577 $1,971,337
Interest on mtge. bonds_
40,000
40,000
40,000
40,000
Res. for retirem't of bds_
75,000
75,000
Reserve for Fed'I taxes_
470,000
365,000
Accr. int. on stk.subscr_
10,516
13,513
Dividends
(2%)964,706 y see below (4)1.680,000(4)1,400,000
$740,344 $1,108,101
1,480,458
1,515,726
1,847,824 2,276,970
Surplus
$621,939
$583,928 $1,076,577
$91,337
x Income (incl. divs. from subsid. cos.) after deductions for expenses,
taxes, maintenance, repairs and renewals, betterments, depreciation and
contingencies. y As previously announced, a dividend of 2%, amounting
Balance
def$1.435,111 df$1.289.393df$2,587,938df$2,684,595 It
is understood, to about $910,000, was declared from surplus, payable
-V. 115, p. 552, 444.
Aug. 10. Stockholders of record May 12 1920 received a stock dividend
of 20% ($7,000,000), increasing the outstanding stock to $42,000,000, and
Mississippi River Power Co.-Tenders.
The State Street Trust Co. of Boston, trustee, will, until Sept. 5, receive were allowed to subscribe at par on additional 87,000,000 new stock, payabids for the sale to it of 15-Yr. 7% Sinking Fund Gold debentures, due ble in four equal semi-annual installmentsfrom Nov.I 1920 to May 15 1922.
Nov.1 1935. to an amount sufficient to exhaust $108,210.-V. 114, p. 1541. -V.114, p. 2022,529.
Missouri-Southeastern Utilities Co.-Acquired.-
See Arkansas-Missouri Power 00.-V. 101, p. 2075.
Montgomery Ward & Co., Chicago.-Earnings-Sales.
Net profits, after depreciation, taxes and reserve, for the six months ending June 30 1922, were $1,241,117,as compared with a net loss of
for the first six months of 1921. Net sales for the first half of$2,578,009
1922 were
$38,450,810,compared with $33,510,676 in 1921,an increase ofover 14.74%.
Number of orders received was 7.381,648, an increase of 35.03%.
sk• President Theodore F. Alerselcs says: "The company's affairs are in
satisfactory condition. Inventories are lower than at any time during the
pastfive years,and consistofsalable new merchandise. We have continued
to reduce expenses and have made further large saving. Our service
to
customers has been materially improved and our catalogs, sale booklets
and sales promotion work have been substantially changed and made more
effective. Present business conditions have naturally created more than
usual interest in progress of your company."
Gross Salesfor Month and Seven Months Ending July 31.
1922-Julg--1921.
Increase., 1922-7 Mos.-1921.
Increase.
$5,110,163 $4,329,164 $780,9991$46,910,634 $41,499,555 $5,411,079
-V. 115, 1. 189.
•
New York State Realty & Terminal Co.-Bonds.-
The Guaranty Trust Co. of N. Y. is now prepared to deliver definitive
5% gold mtge. bonds, dated May 1 1922, in exchange for the outstanding
temporary bonds. See V. 114, p. 2366.
New York Steam Corp.-Pref. Stock Offered.-The
National City Co., New York, are offering at 95 and div
to yield about 7%%, $1,000,000 Prof. (a. & d.) stock, 7%
Cumulative, Series A.
[Bainbridge & Ryan. New York. are also offering the stock.]
Dividends payable Q.-J. Red. all or part on any dividend date on 30
days' notice at 115 and dividends. Issuance authorized by New York
P. S. Commission.
No bonds, notes or other debt maturing beyond one year, excepting
bonds as permitted by the conservative restrictions of the First Mortgage.
(V. 114, p. 2831) may be issued without the consent of holders of twothirds of the outstanding Preferred stock.
Listing.-Application will be made to list stock on N. Y. Stock Exchange.
Sinking Fund.-The corporation is required to purchase quarterly on
each dividend date an aggregate par value of Preferred stock equal in each
case to at least 1% of the greatest aggregate par value thereof at any one
time outstanding, provided that such stock may be purchased at not
Mount Royal Steamship Co.-Judgment.exceeding $105 a share.
Purpose.-Proceeds from the sale of the present issue of $1,000,000
Judgment by default for $932.109 was obtained July 28 in the Now York
Supreme Court against the company in favor of the Guaranty Trust Co., Pref. stock and of $5,000,000 1st Mtge. Gold bonds recently sold (V. 114,
New York. on three notes made hy the steamship company in 1919 and p. 2831) will be utilized in retiring $4,969,000 bonds of New York Steam
before maturity transferred to the Trust company. Two of the notes were Corp. and the New York City District Realty Corp. (the property of
payable to Alexander Johnson and the other was payable to Dilsizian which has been acquired in connection with the present financing), and in
reimbursing the New York Seam Corp. for important construction exBrothers.-V. 112, p. 1030.
penditures made prior to May 1
Mullins Body Corp.-Earnings6 Mos.ended June 30 1922 in V. 114, p. 2831; V. 115, p. 81. 1922. Further data regarding company
Six Months
Calendar YearsNew York Telephone Co.-Tenders.Period1922.
1921.
1920.
The Guaranty Trust Co. of N. Y., trustee, will, until Aug. 24. receive
Net sake
$1,070,874 $1,431,243 $3.711,420 bids
for the sale to it of 30-Yr. 6% Sinking Fund Gold Debenture bonds.
Cost of sales
949,837
1,301,182 2,403,668 due Feb.
1 1949, to an amount sufficient to absorb $226,035, and at a
not exceeding 110 and int.-V. 115. p. 444.
Gross profit on sales
$121.038
$130,061 $1,307,751 price
Administrative,getfl& selling expens.
80,362
217,679
412,254
North Butte Mining Co.-Production.Operating income
The company, in June last, produced 800,000 lbs. of copper. This is
$40,676 loss$87,618
$895,498
Other income
553
70.793 the first full month's production since operations were resumed in the
latter part of May.-V.114, p. 1542.
Total income
$40,676
$87,065
$966,291
Federal taxes (est.)
Northern Pacific Terminal Co. of Ore.-Bonds Called.
265,000
Income charges_
0 Gold bonds, dated Jan. 1 1883;
Fifty-nine ($59,000) 1st Mtge. 67
5,670
23,328
have been called for payment Aug. 14 at 110 and int. at the Farmers
Balance
sur.$35,006 def.$110,393sur.$701,291 Loan & Trust Co.. trustee, 16-22 William St., N.Y.City.-V.107. p. 697.
Previous surplus
$1,941,135 $2,264,015 $2,189,136
Federal taxes
Nunnally Co., Atlanta, Ga.-Earnings.4,747
136,412
Bad debts written off
29,339
Results for Six Months Ending June 30.
10.000
Preferred dividends
38,800
78.400
80,000
1922.
1921.
1920.
Common dividends
100,000
400,000 Net sales
$625,156
$838,031 $1,301,977
252,294
341,939
of sales
669,535
Profit and loss surplus
$1,937,341 $1.941,135 $2,264,015 Cost
s349,623
General, &c., expenses
402,570
442,243
Balance Sheet June 30 1922 and Dec. 31 1921.
AssetsJune 30'22 Dec. 31 '21 Liabilities-$23,239
$93,522
Net profit
June 30'22 Dec. 31 '21
$190,199
Real estate, &c.,
8% Cum.Pret.stk, $970,000
1oss2,899
Other income
2,731
10,482
less depreciation $2,334,048 $2,380,414 Corn.stock(no par) x500,000 $970,000
500,000
85,210 Notes payable__ _ _ 450,000
85,210
Patents & goodwill
Gross Income
$20,340
$96,253
$200,681
550,000
52,600 Acc'ts pay.& accr_ 148,256
Invest'ts (at cost)_ 125,015
80,000
104,895 Dividend
79,990
295,638 Accrued taxes__ _
212,398
Cash
21,000
745,414 Due to officers Of
Awls & notes rec- 437,718
Balance, surplus
$20,340
$16,253
$120,681
Inventories (less reCorporation....- 109,819
656,688 Disc. res. for Pref.
702,556
serve)
x Includes depreciation of $33,126.
stock
Officers& employ's
Note.-No provision for Federal taxes for 1922.-V. 115, p. 315.
3,155
3,155
Cust'rs cash adv
stock subscrip's_ 238,269
7,768
Ohio State Rubber Tire Co., Port Clinton, 0.-Sale.Unclaimed wages
Sinking fund-re523
4.200 Bank checks unied
4,200
tire't of pf. stock
William J. Slater and Jesse P. Dice, receivers announce that the plant
80
56,277 Credit balances_
Liberty bonds.._
203,502 and property of the company will be sold at public auction July 29. Com2,397 Surplus
Debit balances__ _
1,937,341 1,941,135 pany was placed in receivership July 16 1921.
2.222
160
Deferred charges._
Total (each side) _ _$4,139,571 $4,281,058
Old Dominion Co., Maine.-Copper Production.Smelter production in July amounted to 2,787,000 lbs. of copper,of
x Common stock, no par value, 100,000 shares declared in accordance
with the laws of New York State at $5 per share.-V. 115, p. 81.
which 2,110,000 lbs. was Old Dominion and 677,000 lbs. Arizona Commercial.-V.115, p. 552.
hosto
Mto
i tsow
T
N
re
.
hasp
sk CEo.-.hanLgtiest
Ontario Power Co. (Calif.).-To Issue Stock.July 27 1922 placed on the list 35,000
shares Preferred Capital stock (par $100) and 54,600 shares Common
The California RR. Commission has authorized the company to issue
Capital stock (no pr value)•
at not less than par, $41,000 of 7% Cumul. Pref. stock, proceeds to be used
The company announces price reductions on its fours and sixes ranging for financing construction expenditures from Feb. I to May31 of this year.
from $50 to $200.-V. 115. p. 315.
107, P. 186.
Nassau Light & Power Co.-Merger.-
See Long Island Lighting Co. above.-V. 114, p. 2586.
in pa
National Cloak & SuitCo.-Sratf
Ontario Steel Products Co., Ltd.-Annual Report.years ending June 30- 1921-22.
1918-19.
1919-20.
1920-21.
$81,282
Net, after deprec., &c_._
$198,770
$285,900
$193.446
30,222
32,292
31.332
Bond interest
36,000
12,000
Sinking fund
17,778
15,708
16,668
arrears
incl.
(7
%)52,500 (7%)52,500 (9%)67,500 (931)73,125
Pref. div.,
(5%)37,500 (8%)60,000
Common dividends
Additional deprec'n
44,269
50,000
Inventory reserve
"Sales .
eS&c
according to reliable,
A statement given out Aug- 3 says
information, for the six months end June 30 last were in excess of $18,500,000, which, with the exception of 1920, were the largest in the history
of the company for a similar period. Orders received for the six months
were 3,700,000
"It is stated that the company earned a substantial profit after all exBalance, surplus
penses for the half-year.
def$150,987
$170,400
$32,946
$77,645
"The balance sheet as of June 30 last shows cash and liberty bonds of -v.114, p. 1772. 416.
approximately $3,000,000. and the company has no current notes payable
-To Increase Capital, &c.Co.
Steel
Otis
outstanding and no bank loan. Inventories have been materially reduced
and current assets to current liabilities show in excess of 4% to 1.-V. 114,
The stockholders will vote Sept. 15 on increasing the Common stock to
.
rovtaic
lu
eeto
pan
araenstooif inno a
shB
0.
,0
.00
,r0
es
re 1070.
1,0
10
stockholders July 24 says in brief:
Officer-Di
-New
-rector.
Co.
National Lead
Riverside works constitute company's largest and most important
The
Edward F. Beale of Philadelphia has been elected a Vice-President to plant. As originally completed in 1914 they comprised only finishing mills
succeed the late R. P. Rowe; Evans McCarty of New York has been elected for the manufacture of plates and sheets. To conduct their operation it
a director and a member of the executive committee.-V. 115, p. 315.
has been necessary to purchase semi-finished steel from other manufacturers.
In 1919 we acquired two blast furnaces adjoining the Riverside works to
Co.-Capital Increase.provide a supply of pig iron-the principal raw material in steel manufacNebraska Gas & ElectricDover,
Del..
of
an
at
notice
the intention of constructing, later on, the open hearth furnaces
increase
ture-with
filed
in
capital
The company has
-V. 99, p. 1218.
and mills intermediate in the manufacturing operations between the blast
from $1,500,000 to $5,000,000.
furnaces and the finishing mills,in order to round out the plant and make its
New Cornelia Copper Co.-Copper Output (in Pounds).
.ment has now decided that it would be desirable and adaigte
mau
let
'
e nn
Th
Pe
July 1922. June 1922. May 1922. April 1922. Mar. 1922. Feb. 1922. coni
1,496,242
1,544,770
1,682,579
1,565,442
1,459,063 vantageous to proceed with the construction of the open hearth furnaces,
1.783,950
Note.-Operations were suspended in May 1921 and resumed early in and it has accordingly approved a plan for the construction of 4 open hearth
furnaces, a blooming mill, a sheet ear mill and a new mill for the manufacFeb. 1922.-V. 115, p. 190.
ture of hot and cold rolled strip steel. The management believes
the
New Idria Quicksilver Mining Co.-Plan Operative.- operating economies and the addiblonal earning power to be created that
by these
The reorganization managers, A. J. Meserve and Philip L. Reed, have new additions will amply justify their construction at this time.
now
been
have
subscriptions
proposed
received
to
estimated
cost
to assur€
of the new construction
finance the
announced that sufficient
It is
the success of the reorganization plan, and the plan is therefore declared to raise approximately $1,000,000 additional working capital through and
the
AUG. 5 1922.]
THE CHRONICLE
issue of $5,000,000 1st Mtge. gold bonds and through the issue of approximately 330,000 shares of Common stock, which will oe offered to the Common stockholders for subscription at $11 a share.
It is proposed to sell to Blair & Co., Inc., of New York, the bonds (see
offering in V. 115, p. 552) and so many of the shares of Common stock as
the Common stockholders shall not subscribe for.
To carry out tnis plan in compliance with the laws of Ohio (which requira
that all the authorized shares of Common stock be subscribed for before the
number of authorized shares can be increased) it is proposed to amend the
charter so that the amount of authorized Common stock and of issued and
outstanding Common stock shall be the same, and then to increase the
authorized amount of Common stock to 1,000.000 shares, so that out of
this number approximately 330,000 shares of Common stock may be issued
in addition to the 411.668 shares of Common stock now outstandihg. [The
stockholders July 25 took the necessary action in reducing the Common
stock as stated.]
This plan is advantageous to the Preferred stockholders, as it provides
for an additional cash investment in the business through the sale of Common stock. It is likewise advantageous to all stockholders, as the earning
power and prospects of the company will be materially strengthened by
making the Riverside works a complete unit. [Compare offering of bonds
in V. 115. D. 552.1
Owens Bottle Co.-Earnings (Incl. Sub. Cos.).1919.
1921.
1920.
6 Mos. end. June 30-- 1922.
Mfg. profit & royalties__ $2,226,661 $1,526,061 $2,305,527 $1,374,491
49,183
604,828
Other income.
514,054
228,714
Total income
Operating expenses
$2,831,489 $2,040,115 $2,534,241 $1,423,674
473,823
681,935
544,205
718,547
Net earnings of Owens $2,149,554 $1,321,568 $1,990,036
Net earns, ofsub. cos_ _ _
1,201,881
Total net
Federal taxes
$949,851
752,928
$2,149,554 $1,321,568 $3,191,917 $1,702,779
263,791
220,400
686,800
174,000
Net profit
$1 929,154 $1,147,568 $2,505,117 $1,438,988
-V. 114, p. 2022, 1294.
Sept. 1 1947. All proposals must be received at the office of Peabody,
Brown, Rowley & Storey, counsel, 70 State St., Boston, Mass., on or before Aug.9 1922.
The bonds are to be secured by a first mortgage upon all the assets and
property of the company now or hereafter owned. National Shawmut
Bank, Boston, trustee. Subject to redemption, all or part, on any int. day
between Mar. 1 1923 and Mar. 1 1944, at 110 and on any int. day between
Sept. 1 1944 and Mar. 1 1947 at par and int.
Ralston Purina Co.-Notes Called.-
All of the outstanding 6% Series Gold notes, dated March 1 1919,have
been called for redemption Sept. 1 at the First National Bank, St. Louis,
Mo.,or at the First National Bank of Chicago, Ill. Payments will be made
as follows: For all said notes of Series E maturing March 1 1925, 101 and
int.; on Series D, notes maturing March 1 1924, 1003- and int.; on Series
C, maturing March 11923, par and int.-V. 108, p. 1065. '
Remington Arms Co., Inc.-Injunction Denied.-
Judge Morris of the U. S. District Court (Del.), according to reports,
has denied the motion for preliminary injunction sought by National Cash
Register Co. to restrain further manufacture of cash registers by Remington
Co. Infringement of patents on machines recently brought out was alleged
by plaintiff.-V. 115, p. 190.
Remington Typewriter Co.-New Chairman, &c.-
B. L. Winchell, President of the company, has been elected Chairman of
the Board, succeeding F. M. Kondolf, who has resigned. Mr. Winchell
will serve in both capacities.
Elisha Walker, President of Blair & Co. succeeds Mr. Kondolf as director and member of the executive committee.-V. 115, p. 316.
Riordan Co., Ltd.-Reduction iv Bank Loans-Outlook.-
The creditors' cotnmittee, R. Montague Davy, Chairman, in a circular
to creditors July 31, says in substance:
Bank Loans & Reductions -Following are the bank loans and the reductions made since March 23 1922:
Imperial Bank. flank of Montreal
March 23 1922
$2,422.103
$1.167,959
July 31 1922
2,374,798
639.707
Pacific Gas & Electric Co.-Gas Rates-Bond Issue.-
The California RR. Commission has authorized reductions in gas rates
In Central and Northern California ranging from 5 to 7 cents per 1,000 cu. ft.
This is the second reduction within a year, the total cut ranging from 10
to 15 cents. For San Francisco and the east bay cities, the new rate is
97 cents per 1,000 cu. ft. The cut, it is announced, is due to the decline
of 25 cents a barrel in the price of crude oil to the company.
The California RR. Commission has authorized the company to issue
and deposit with the Mercantile Trust Co., trustee under its first and
refunding mortgage, $2,889,000 of its Gen. & Ref. Mtge. 5% gold bonds.
The company has asked approval of an agreement to sell power to the
San Francisco-Oakland Terminal Railways. The contract covers the
period from Oct. 1 1921 to Sept. 30 1924, and calls for the furnishing of
direct current between 500 and 650 volts at the rate of $0.1166 per k. w. h.
-V. 114. D. 2355.
Paige-Detroit Motor Car Co.-Production.In July last the company turned out 3,500 cars.-V. 115, p. 82.
(J. C.)Penney Co.-Earns.6 Mos. end. June30-Sales.Sales
Costs
*1922.
1921.
1920.
$19.710,836 $20,590,850 $15,850,873
15,286.485 16,020.625 11.889.217
Balance
Other income
$4,424,351 54.570,225 $3,961,656
434,002
194,479
206,240
Gross profits
Expenses. Federal taxes, &c
$4,630,591 $4,764,704 $4,395,658
3.420,642
4,050,775 4,143,066
Net profits
Preferred dividends
$579,816
92,638
$621,638
98,438
$975.016
104.069
Surplus
$870,947
$523,200
$487,178
* Subject to adjustment at end of fiscal (calendar) year.
Balance Sheet June 30 1922 and Dec. 31 1921.
Llune 30'22. Dec.31 '21.
x June 30'22. Dec.31'21.
AssetsLtahilittes$
$
$
$
Furniture & ftxt__ 974,219
971,092 7% Cum.Pref. stk. 2,611,700 2,700,000
Inv. in and adv. to
Common stock._ 4,715,000 3,626,000
1,250,911
subsidiary cos__
50,000
68,000 Accounts payable_ 2,235,659
Cash
325,380
2,144,398
864,159 Res. for Fed. taxes 532,364
U. S. securities_
167.522
2,383,512 Fire loss regerve__ 209,635
Merchandise
y2,391,398 3.363,420
8,884,135 6,636,555 Surplus
Due from empl___ 622,748
389,141
Spec. wets ree
6,435
Deferred charges__
20.252
114.339 Total (each side)12,695,751 11,433,23
Note.-ContIngent liabilities ascertained, none.
x Subject to adjustment at end of fiscal (calendar) year. y Includes
estimated gain for six months of 1922.-V. 115. p. 444.
Penn Seaboard Steel Co.-Merger Negotiations with
Carpenter Steel Co. Reported Broken Off.See Carpenter Steel Co. above.-V. 115, p. 553, 444.
Phillips Petroleum Corporation.-Earnings.-
Operating income for the quarter ending June 30 last was $3,669,011;
operating, &c., expenses, taxes and interest, $634,581; net before depreciation and depletion, $3,034,430. Compare V. 115, p. 553.
(Albert) Pick & Co., Chicago.-Business-Sales, &c.'
655
To which add accounts receivable resulting from
current operations assigned to bank, amounting to about
$67.306
$528,252
465,000
Net betterment
$532,306
$528,252
This makes a net improvement of $1,060,558, and a total improvement
since Nov. 17 1921. of $1,863,835. During that period, there has been
expended $268.153 on harvesting last year's logs in streams.
Sales Outlook.-The sales outlook is more reassuring than for any time
for the past two years. The full output of pulp from both
the Kipawa and
Hawkesbury mills has been marketed at satisfactory prices
up to date,
and orders are now on hand to cover the production for the summer
Calumet sawmill has been in operation since May, and willmonths.
be run
day and night for the balance of the sawing season.
Settlement of Gatineau Obligations, &c.-The possibility
the loss of
the Gatineau Co.'s timber limits and mill properties whichofwere
bought
from W. C. Edwards & Co., Ltd., and from Gilmour & Hughson,
Ltd.,
is averted through arrangements consummated with both these companies.
The obligations on these limits and prciperties have been
reduced
to a
reasonable sum. This has been accomplished in the following manner:
Outlying limits of the Gatineau company have been sold for a total of
31900,000, which is an increase of about 80% over the average
purchase
price The areas of limits are as follows:
Gilmour &
Edwards,
Hughson,
sgT.o
Total
Sq. M.
Sq. M.
M.
Limits purchased
4.407
3.484
7.891
Limits sold
1.312
____
1.312
Limits retained
3,095
3.484
6.579
The obligation to the Edwards company as of April 1 1922 was approximately $3,500,000. The sale of outlying limits (partly
credited in the
foregoing figure of April 1) plus the payment of about $500,000 new money,
reduces the indebtedness to the Edwards company to 31,550,000, which is
not due until 1925.
The obligation to Gilmour & Hughson, as of April 1 1922, was about
$2,240,000. A payment of $240,000 is being made at the present time:
the remaining $2,000,000 to be reduced to $1,500,000 by Jan. 1 1925, and
the balance to be paid off by Jan. 1 1930.
These payments were made possible by a loan upon the security of
bonds of the Gatineau company.
General Results.-To sum up the result of operations to date, we would
emphasize the fact that large quantities of inventory material have been
converted into cash,thereby building up future working capital by increasing
the existing equity in the inventories over and above the bank loans; and
the negotiations explained above have saved to the company an equity
in the Gatineau property which, it is estimated, will go far in asset value
to offset the bonded debt of the company.
[A notice to the creditors dated Aug. 1, says that the creditors' committee has been working for over one year without expanse to the creditors,
but no individual member is able to devote sufficient time to the affairs
of the company to gather and tabulate all the information necessary to
keep the members fully informed. A representative has been engaged by
the committee to be on hand at all times and to make reports as instructed.
The committee states that its present plans make it necessary to request
creditors to remit a sum equal to 3,6 of 1% of their claim. Cheques should
be made payable to Royal Bank of Canada.]-V. 114, p. 2367.
Robbins & Myers Co., Springfield, 0.-Notes Called.All of the outstanding 6% serial gold notes, dated Sept. 1 1919, have
been called for payment Sept. 1 at the Union Trust Co., Euclid,0. Holders
of notes due Sept. 1 1923 will receive 1003-5 and int., and of notes due
Sept. 1 1924, 101 and int.-V. 115, p. 190.
President Albert Pick says: "Our business is running along at a very
satisfactory rate. Sales for the past three months have been quite in
excess of our shipments, since many of our customers anticipate their
(Dwight P.) Robinson & Co., Inc.-New Contract.wants some time ahead. This, of course, augurs for very heavy shipThe Duquesne Light Co., Pittsburgh, awarded contracts aggregating
ments from Sept. 1 on. The general building of hotels, apartment houses,
$900,000 to Dwight 1.. Robinson & Co. for the construction of tnree subhospitals and schools has created the possibility of a very active field for stations,
to be completed by Nov. 1.-V. 114, p. 2249.
our company."-V. 114, p. 860.
Pierce-Arrow Motor Car Co., Buffalo.-Earnings.-Results for Three and Six Months ending June 30.
1922-6 Mos.-1921.
1922-3 Mos.-1921.
$638,929 loss$989,060
$348,855 loss$828,866
*Operating income
900,992
675,921
571,684
360,621
Federal taxes, int., acc.._
(2%)200,000
Preferred dividends.. _ _ _
$36,992 $2,090,052
Deficit
$11,766 $1,400,550
* After deducting all expenses of operation, incl. repairs and maintenance,
and for depreciation of property and equipment.-V. 115, p. 444.
Piggly Wiggly Stores, Inc.-Div.-Earns.--Sub. Co.-
The directors have declared a dividend of $1 per share on the Class "A"
stock, payable Sept. 1 to holders of record Aug. 15. A like amount was
paid in June last.
Net earnings for the six months ended June 30 were $511,000. The corporation now has 489 stores operating, with leases that will bring the total
to 600 by Oct. 1.
The Connecticut Piggly Wiggly Corp. was incorporated in Delaware,
July 28, with an authorized capitalization of $4,500,000.-V. 115, p. 553.
Postum Cereal Co., Inc.-Earnings.-
Royal Dutch Co.-Additional Shares.-
Adviees from Amsterdam state that it is understood that the company
has issued 730,000 guilders nominal new shares, which are to be used for
the payment of participation of foreign interests.-V. 115. ro• 304•
St. Joseph Lead Co.-Options Mine La Motte.-
The company has secured an option on the property of the old Mine
La Motte Co., whose name was changed to Missouri
Metals Co. in 1916.
The property consists of 37,614 acres of mineral and farm
lands in Madison
and St. Francis counties, Missouri. The mine was closed
in 1919.-V.
114. p. 1188.
Sears, Roebuck & Co., Chicago.-July Sales-Scrip.-
1922-July
1921. Increase.! 1922-7 Mos.-1921. Decrease.
$12,244,961 $10,676,1;83 $1,568,6781594,748.186 $100,091,574 $5,343,388
The company, it is stated, will retire the remaining outstanding interestbearing Common dividend scrip (approximately $1,300,000) at maturity.
Aug. 15 1922. Amount outstanding Dec. 31
$2.190,000, of which
over $800,000 have already been taken up. 1921 was
President Rosenwald says: "Our cash balance always runs from
$8,000.000 to $11,000,000. Consequently this maturity now, which must
be met Aug. 15, is pretty much a routine transaction."-V.115, P. 445.
Security Oil Corporation.-Bonds Called.Net earnings after taxes for the 6 months ending June 30 1922 are reported
All of the outstanding Coll. Trust 6% Gold bonds duo Juno 15 1924
as $1,546,000.
he Anticipating sinking fund requirements, beginning 1924 the company, have been called for payment Aug. 28 at 101.697 and interest at the
has Purchased 6,500 shares of Preferred stock. (See offering in V. 114, p. Guaranty Trust Co., trustee, N. Y. City.-V. 110, p. 2082.
745.)-V. 114, p. 1660.
Saxon Motor Car Co.-Capital Increase.Powers Accounting Machine Co.-Reorganized.Tne stockholders Aug. 3 approved an increase in the Common stock from
See Accounting & Tabulating Machine Corp. above; also V. 114, p. 2478. 200.000 shares to 400,000 shares of no par value.
The stockholders, it is understood, authorized the issuance of 200,000
Quincy Electric Light & Power Co.-Proposals.4oa
shares of new stock, whicn a group of New York bankers has underwritten
The company invites sealed proposals for the purchase of $250,000 1st for $750,000 in cash and 31,000,000
ng
par value of the now outstandi.
Mtge. Series A. 5% 25-Year gold bonds, to be dated Sept. 1 1922 and due Preferred stock, plus accrued dividends of $130,000, equivalent to
[voL. 115.
THE CHRONICLE
656
share on Saxon Motor stocks. The company will c:ancel and retire the
$1,000,000 Preferred stock.
Equity for Common Shares Dec. 31 1921.
$4,286,701
Surplus Dec. 31 1920
Deductions for good-will, and reduction of materials to current
3,242,272
market prices
$1,044,428
Results from oper. year 1921: (a) Car sales, dr.$396,804;(5)Parts
dr.396,264
sales, cr.$12,757: (c) miscellaneous, dr.$12,217
935,000
187,000 shares at $5 per share
stock. This company is successor to the Wagner Electric Mfg. Co., as
per financial reorganization plan in V. 114, p. 2727.
Wagner Electric Mfg. Co.-Successor Company.See Wagner Electric Co. above and compare V. 114, p. 2727.
Wayne Coal Co.-Tenders.-
The Colonial Trust Co., trustee, 317 Fourth Ave., Pittsburgh, Pa., will.
until Aug. 9, receive bids for the sale to it of 1st Mtge. 607 20-Year Sinking
Fund Gold bonds to an amount sufficient to absorb $45,123°.-V. 109, p. 180.
Western Electric Co.-To Redeem Bonds.-
The directors have voted to call for redemption. on Oct. 1 the out$1,583,164 standing Convertible 7% Gold bonds. These bonds are convertible up
Total equity Dec. 31 1921
Comparative Balance Sheet.
to Sept. 20 into 7% Cumul. Pref. stock. All bonds not so converted
31 1921 was
LiabilitiesDec.31'21 Mar.31'21 will be redeemed at 102 and int. Amount outstanding Dec.
Assets. Dec.31'21 Mar.31'21
$28.600,000, of which over $6.000,000 has already been converted into
Preferred stock.._ -$1,356,200 $1,354,300
Property acc't(less
$210,947 $220,399 Common stock_ __ x935,000 x935,000 Preferred stock.-V. 115, p. 555.
reserve)
Bank loans
100,000
100,000
Dev. cost Duplex
Westinghouse Electric & Mfg. Co.-Business.410,296 Notes and trade
550,044
model
The final figures for July indicate that the company, since April 1, has
95,466
73,144
2,000,000 2.000,000 acceptances_ _
Goodwill, Arc
45,983 taken business at the rate of $130,000,000 a year.-V. 114, p. 2355.
} 72,8901 212,279 Current account& 117,703
Cash
1 372,290 Dealers'deposits
25,675
12,050
Receivables
Willys Corporation.-Claims Settled, &c.948,734 Accruals,res'veofirc
24,863
60,666
Invent. (less res.)_ 457,486
All claims and counter claims of Willys-Overland Co. and Willys Corp.
16,748
Car drafts
15,456
Prepaid insurance,
recently brought into Federal Court at Toledo have been settled by order
27,917
28,610 Reserves (material
taxes, &c
Willys-Overland Co. has agreed to pay Willys Corp.
Inventories)270,925 of Judge Killits.
settlement, payment to be made by three notes of $250,000 each
$750,000
Total(each side)$3,318,383 $4,192,608 Surplus
648,164 1,323,648 bearing in %
interest and due the last days of May, June and July 1923.
4
Common stock, auth. 200,000 shares (no par value), less unissued,
been turned over to Frank P. Kennison, one of the receivers
13,000 shares, nominal value $5 per share on 187.000 shares.-V.114.1).2833- Notes haveCorp.
All inter-company accounts are to be straightened out
for Willys
agreeable to all
Southern Canada Power Co., Ltd.-Earnings (Includ- by Special Master Curtis T. Johnson. The settlement is
parties concerned, it is said.
judgments aping Sub.(los.-)
total
that
reported
have
corporation
Receivers for the
proved for payment amount to $663,388, and that the mechanics' liens,
Results for Month and Nine Months ending June 30.
judgment, do not exceed $1,200,000.
to
reduced
not
but
filed
1922-June-1921.
1922-9 Mos.-1921.
an
It is announced that the Federal Court at Syracuse, N. Y., has made
Gross earnings
$66.732
$632,762
$553,836 order
$61,253
a subdirecting the sale of all assets of the New Process Gear Corp.,not
Oper. exp.& pur. power_
31,472
32,041
277,260
279,658 sidiary,
be
shall
price
the
that
decided
has
court
The
22.
on Aug.
are
$1,900,000, although unofficially it is estimated that the assets
Net earnings
$29,212
$274,178 under
$35,260
$355,502
complete the liquidation of the
practically
will
sale
This
$3,000,000.
worth
-V. 113, p. 2828.
physical properties of the Willys Corporation.-V. 115, p. 447, 193.
(John B.) Stetson Co., Philadelphia.-Recapitalization.
It is understood that a very large proportion of both the Preferred and
Common stock has been deposited with the Philadelphia Trust Co., depositary, in accordance with the terms of the agreement, so that it would appear the success of the recapitalization plan is assured. See V. 115, p.317.
Studebaker Corp. of America.-Report----Prices Cut.The company announces that it has made price cuts on all its models
ranging from $70 to $300 a car.
See under "Financial Reports" on a preceding page.-V. 115, p. 554.
Willys-Overland Co.-Claims Settled, &c.-
See Willys Corporation above.
The company has applied to the New York Stock Exchange to list
$8,878,706 Non-Cum. 7% Pref. stock.
of direct
The company, it is stated, having adopted the new policy branches.
dealerships in all parts of the country, has decided to sell its sale
which
the
from
raised
be
can
It is estimated approximately 316000,000
will about liquidate outstanding indebtedness. Toledo sales branch, it is
193.
448.
p.
115,
$400.000.-V.
than
more
for
sold
said, has been
Stutz Motor Car Co.-Stock Sold at Auction.George L. Burr, V.-Pres. of the Guaranty Trust Co., bought all of the
134,314 1-3 shares of Stutz stock sold Aug. 2 at public auction in the Exchange Sales Rooms, 14-16 Vesey St., with the exception of one lot of 1,500
shares. The stock comprised the major amount of collateral put up by
Allan A. Ryan, now bankrupt against loans of $14,000,000 made to him
by various banks. The sale price of Stutz was $20 a share.-V.115, p. 554.
Transue & Williams Steel Forging Corp.-Earnings.-
An official announcement shows:
"Net sales for the first six months of 1922 amounted to $1,866,000;
and for June approximately $477,000.
"In the first six months of 1921, the company made a profit of $72,998."
Press reports stated that "the company showed a deficit in the first half
of 1922 of approximately $116,000 after all charges and that June operations showed a net profit of $19,000."-V. 114, p. 746.
United Alloy Steel Co.-Earnings, &c.-
Profits, $1,913,113; other income,$45,916; total income
Interest and depreciation
Pr3ferred divs., $115.500; Common diva., $400,000; total
Balance,surplus,for 6 months ending June 30 1922
-V. 115, p. 83.
$1,959,029
684,106
515,500
$7$9,423
United Drug Co.-Listing-Earnings.-
On recommendation of the Committee on Stock List, approved by the
Governing Committee July 26 1922, there have been authorized for the
Boston Stock Exchange list, on notice of issuance and payment, 50,000
additional shares (par $100) Common stock, making the total authorized
for the list 400.000. The issuance and sale of these 50,000 additional
shares was authorized by the stockholders June 14 1921 and the issue
was for the purpose of exchange, at par for par, for 50,000 shares Common
stock, Class A. of Liggett's International Ltd., Inc.
Earnings for Six Months ending June 30.
Earns.for 6 Months end. June 30-- 1922.
1921.
1920.
Net sales
$28,472,766 $28,409,125 $32,896.190
Cost of merchandise sold
19,316,826 19,550,425 21,523,524
Gross profit
Operating expenses
$9,155,940 $8,858,700 $11,372,666
6,938,045 7,277,132 8,154,662
Net merchandising profit
Other income
$2.217,895 $1,581,568 $3,218,004
43,175
89,015
34,487
$2,261,070 $1,670,583 $3,252,491
682.202
479,080
600,452
41,678,868 $1,191.503 $2,652,039
Net profit before interest
Analysis of Surplus Account June 30 1922.
$874,265 Less int.on bonds & notes_ $653,020
Surplus Jan. 1 1922
Deduct Fed.tax & misc.adj. 17,907 Div. on stk.(incl.sub.cos.) 598,905
Total deductions
$856,358
Balance
$1,251,926
1,678.868
Earnings(as above)
Surplus July 1 1922.._ _ _51,283,300
$2,535,226
Total
-V.115, p.83.
Total profit
Depreciation, taxes, &c
U. S. Worsted Co.-Reorganization.--
A reorganization plan, according to Boston dispatches, is being prepared
and will be announced s ortly. While not fully completed, the essential
details are as follows:
All creditors, with the exception of Winslow & Co., are to receive 50%
in cash,25% in 6% debentures, 1234% in Second Preferred stock and 123-'s%
in Common stock.
First Preferred shareholders are to pay an assessment of $20 per share
and are to receive 1-20th of a share of First Preferred and one share of Common stock.
Second Preferred shareholders and the 6% income certificate holders are
assessed $20 per share and are to receive 1-20th of a share of First Preferred
and 5,i of a share of Common stock.
Common stockholders are assessed $1 50 per share and are to receive
Di-100ths share of First Preferred and 1-20th share of Common stock.V. 114, p. 1284, 1296.
ur
y als,112,2.&ACp
r. 1
.United Verde Extension Mining Co.T
'22.
$661,621 $1,056,700
Cash on hand
Liberty bonds, par val. $3,365,100; market value_ _ 3,368,495 3.325,015
notes_
_
_
_
717,000
717,000
Copper Export Association, Inc.,8% gold
-V. 115, p. 318.
Utah Power & Light Co.-Definitive Bonds Ready.-
prepared to exchange the outThe Guaranty Trust Co. of N. Y. is now 6%
gold bonds, due 1944, for
standing temporary 1st Lien & Gen. Mtge.
definitive bonds. (For offering of these bonds, see V. 113, p. 2081.)V. 115, p. 184.
Wagner Electric Co.-Incorporated.-
Incorporated July 28 1922 in Delaware with an authorized capital of
80,000 shares Common stock of no par value and $3,000.000 7% Cum. Pref.
CURRENT NOTICES.
-Rutter & Co. have prepared in booklet form a 36-page review of the
Baltimore & Ohio situation, indicating (1) extent of the system, development of the past twenty years and industrial possibilities of the territory
served; (2) physical condition of property and present operating efficiency;
(3) traffic characteristics from the standpoint of both tonnage and revenue:
and (4) earnings-past, present and future possibilities. It also gives a
schedule of all funded and unfunded obligations, with approximate interest
charges for the current year, and a discussion of the outlook for permanently
maintaining, through resumption of common stock dividends, the present
status of various B. & 0. bond issues as legal investments for savings banks
and trustees.
-Nesbitt, Thomson & Co., 145 St. James St., Montreal, have issued a
booklet entitled: "Power, The Investment with a Future," devoted to
the development of Canadian water powers. A brief sketch of publicutility and hydro-electric bonds is presented supplemented with statistical data on earnings and prices. While the edition lasts, copies will be
sent free on request.
-Mr.Paul C. Dodge,formerly of Dodge & Ross, Inc., Joseph S. Wilson
and Albert S. Harnstrom announce the incorporation of Paul C. Dodge
& Co. to conduct a general business in investment securities, with offices
In the Otis Building, 10 So. La Salle St., Chicago, and the First Wisconsin
National Bank Building, Milwaukee.
-Messrs. H. L. Horton & Co., 43 Broad St., New York, announce
that at the close of business July 311922, Clem B. Mears, Russell G. Colt
and James B. Sinnott withdrew from partnership in their firm. They
also announce that Sherburn M.Becker was admitted as a general partner:-0. H. Squire & Son, 25 Broad St., New York, have discontinued
business. G. H. Squire 3d will take charge of the unlisted trading depart-vment of Simmons & Slade, members of the New York Stock Exchange,
5 Nassau St., New York, as of August 15.
-F. Harmon Curtis became associated with Eldredge & Company on
August 1st., and will be connected with their Boston office. Mr. Curtis
Is well known on the Street, having been a trader in municipal bonds for
the past 18 years.
-Millett, Roe & Hagen, members of the New York Stock Exchange,
have prepared an analysis of the position of the Canadian Pacific Ry. Co..
with special reference to the investment status of the company's ordinary
shares.
-Louis Levenson, dealer in public utility bonds, 27 William St., New
York. has issued for distribution a comprehensive booklet listing over
350 public utility bonds, together with interesting trading details regarding
same.
-William Carnegie Ewen has prepared a circular giving a complete
analysis of Broadway & Seventh Ave. RR. Co. first consolidated mortgage
gold 5% bonds of 1943, and containing a detailed map of the properties.
-Carl L. Schmidt announces the formation of C. L. Schmidt & Co., 39
South La Salle St., Chicago. John Harvey Ellis, Louis S. Palmer, Arthur
W. Rogers and John S. Talbot will be associated with this new firm.
-Metzler & Company, Inc., 111 Broadway, New York, announce that
Theodore P. Lauffer, formerly with Geo. B. Gibbons & Co., is now manager
of the New Jersey Municipal Department.
-The Stock Exchange firm of Herrick, Berg & Co., 14 Wall St., New
York, announce the admission of Harry C. Cushing 3d to general partnership in their firm.
-Harry J. Tanke,formerly with Hornblower & Weeks, has become associated with F. S. Smithers & Co. in their Standard Oil Trading Department.
-Nicol, Ford & Co., Detroit, announce that Lewis Le Baron Goodwin,
formerly with Halsey, Stuart & Co., has become a member of their firm.
-Messrs. Merrill, Lynch & Co., 120 Broadway, New York, announce
that Mr. Paul V. Shields has become a general partner in their firm.
-H.E. Phillips, formerly with Otis & Co., is now in charge of the bond
department of Stone, Prosser & Doty, 52 William Street, New York.
-Ernest J. Wardle & Co., 74 Broadway, New York, have opened an unlisted securities department to deal in all unlisted stocks and bonds.
-William H. Jones, formerly connected with W. C. Langley & Co.,
has joined the bond department of Dominick & Dominick.
-Bankers Trust Company has been appointed Registrar for Preferred
and Common stock of Johnson-Cowdin-Emmerich, Inc.
-The Columbia Trust Co. has been appointed Dividend Disbursing
Agent by The American Metal Co., Ltd.
657
THE CHRONICLE
AUG. 5 1922.]
Reports anti Potunxents,
GENERAL MOTORS CORPORATION AND SUBSIDIARY COMPANIES
INCOME ACCOUNT—SIX MONTHS ENDED JUNE 30 1922.
First Quarter Second Quarter Total 6 Months
Net profits before deducting interest but after all expenses of manufacturing
(including maintenance), selling and administration, as well as ordinary taxes,
insurance, depreciation ($6,539,418 25for six months) of plant & equipment _$9,445,630 40 $27,276,764 29 $36,722,394 69
$509,985 00
$262,640 00
$247,345 00
Less: Provision for employees' investment fund
536,080 93 1,401,171 35
865,090 42
Interest on notes and trade acceptances
$798,720 93 $1,911,156 35
$1,112,435 42
$8,333,194 98 $26,478,043 36 $34,811,238 34
4,100,000 00
$30,711,238 34
Less: Provision for Federal taxes and contingencies
$30,559,346 57
8896,750 17
1,773,666 05
485.502 00
$3,155,918 22
$27,403,428 35
•General Motors Corporation proportion thereof
Debenture dividends at rate of 7%
Debenture dividends at rate of 6%
Preferred dividends at rate of 6%
Amount earned on Common stock
SURPLUS ACCOUNT.
'Surplus over and above $10 00 per share of outstanding no par value Common stock at beginning of the year_$55,814,160 46
27,403,428 35
Amount earned on Common stock as per income account above
$83,217,588 81
Less: Dividends paid on Common stock
$83,217,58881
'Surplus over and above $10 00 per share of outstanding no par value Common stock at June 30 1922
'CONDENSED COMPARATIVE CONSOLIDATED BALANCE SHEET OF GENERAL MOTORS CORPORATION
AND SUBSIDIARY COMPANIES AS OF JUNE 30 1922 AND DECEMBER 31 1921.
ASSETS.
•
June 30 1922 December 311921
'Cash in banks and on hand__________________________ $35,527,973 13 $40,057,401 53
4,528 04
5,228 04
______________________________
United States Government Bonds
30,190 82
27,009 31
Marketable securities
10,430,382 50
4,677,241 39
'Sight drafts against bills oflading attached and C.O.-15----------------------4,794,978 99
_ ________ _______ __ ------------------------ 3,278,178 44
Notes receivable
18,620,956 32 18,944,844 09
Accounts receivable and ------ acceptances, custoer nd others
94,166,601 36 108,762,625 35
Inventories at cost or market, whichever is lower
898,903 83
1,944,988 35
Prepaid expenses
44
$162,957,714
$179,214,317 05
Total Current and Working Assets-------------------------------------------357,289,030 76 $56,377,031 68
Investments in allied and accessory companies, etc
3,889,799 51
3,288,933 26
'General Motors Corporation Common and Debenture Stock held in treasury
249,897,407 56 248,593,751 60
Real estate, plants and equipment-----------------4,609,677 87
Deferred expenses-------- __ --- _ ------------------------------------------------- 4,635,350 93
22,458,163 29 22,438,401 22
'Good-will, patents, copyrights, etc----------------$337,568,885 80 $335,908,661 88
Total Assets
_____________----------
--
---------
--------- —$500,526,600 24 $515,122,978 93
LIABILITIES, RESERVES AND CAPITAL.
Accounts payable---------------------------------------------------------------- $22,184,843 18 $15,640,429 41
48,974,996 29
Notes payable-------------------------------------------16,979,253 06 15,894,778 40
Taxes, payrolls and sundries accrued not due---------------------------------------------------1,043,763 07
1,068,354 74
Accrued dividends on Preferred and Debenture Stock-------------------------------Total Current Liabilities--------------------------------------------------- $40,232,450 98 $81,553,967 17
Purchase Money Bonds ___________________________________________________________ $1,399,466 91* $1,475,592 82
4,000,000 00** 4,000,000 00
Purchase Money Notes, account Fisher Body Corporation stock purchase
35,399,466 91 $5,475,592 82
$43,772,138 49 $37,527,774 94
Reserve for depreciation of real estate, plants and equipment
2,171,885 00
Reserve for employees' investment fund
4,218,351 98
13,071
7,5°
Reserve for Federal taxes and contingencies
18
14
107
9
1:84
17,630 87
6,682
Reserve for bonus to employees
14,000,000 00
'Special reserve to cover anticipated losses and unforeseen contingencies
1,639,263 56
2,499,261 00
Reserve for completion of office building
$59,723,964 59 $60,434,903 79
Total Reserves_______________________ ________________________
Capital Stock—
Debenture Stock 7%------------------------------------------------------------- $26,931,600 00 $26,931,600 00
Debenture Stock 6%_______________________________ ------------------------------ 60,801,000 00 60,801,000 00
Preferred Stock 6%______ _________________________ ------------------------------ 16,183,400 00 16,183,400 00
Common Stock, no par value:
20,553,538 13-40ths shares issued and outstanding at $10 per share_ _ _ _$205 535 383 25
92,452 shares held in reserve account of subscriptions not fully paid, at
924,520 00 206,459,903 25 206,456,575 25
$10 per share
7,400 00
2,50000
Common Stock ($1.00 par value)-------------------------------------------------Total Capital Stock ___ _______ - _ ----478 41
69
$3111°,17
Interest of minority stockholders in subsidiary companies
83,217,588 81 55,814,160 46
Surplus over and above $10 per share of no par value Common Stock
$395,170,717 76 $367,658,515 15
Total Capital Stock and Surplus________________
$500,526,600 24 $515,122,978 93
Total Liabilities, Reserves and Capital__________
3?
------ws-p-e-c-t---------------------.-Iii:iyu-s$3101;3571:1(435
* Represents mortgages resting against miscellaneous properties acquired—approximately sioo No will mature during the balance of 1922.
** $1,000.000 Is due August 1 1922, the balance matures $1,000,000 each year thereafter.
658
THE CHRONICLE
Pt- Ty:minutia' 'gimes.
COMMERCIAL EPITOME.
[VoL. 115.
tion to the Shop Workers' Protective Union. The latter organization to-day called out on strike 300 employees of seven
of the principal cut sole plants in the city. They explained
the action as due to failure of the manufacturers to sign
new price lists, said to be identical with lists which expired
last night, except for an increase of a dollar a week for
sorters.
In July 1922 the tire output was the largest on record in
the Akron district. Over 2,500,000 tires were turned out.
last 30 days and hams are relatively cheap compared with
Wholesale prices for hams have gone down 15 to 20% in the
other foods, according to Edward Morris, President of Morris & Co. He said to-day that consumers have so far failed
to take advantage of the decrease in costs.
The Manchester Federation of Master Cotton Spinners
advises British spinners to close their mills 48 working hours
during August, applying to spinners of American cotton.
Mills spinning Egyptian cotton are not affected.
LARD quiet; prime western, 12.15@12.25c.; refined to
Continent, 13c.; South American, 13.25.; Brazil in kegs,
14.25c. Futures declined on selling for Eastern account, a
fall in grain and general liquidation by commission houses.
Friday Night, Aug. 4 1922.
The coal and railroad strikes still overshadow American
trade because the workers in these branches refused to join
their brethren in other lines and help to bring back the business of the country to somewhere near the normal plane of
pre-war times. That would help the coal and railroad workers themselves. Just now they are crippling the industries
of this country, including such basic industries as iron and
steel. It suggests the Samson exploit of pulling down the
pillars of the temple. Certainly the manufacturing industries are hard beset by the fuel scarcity. Iron and steel
necessarily suffer by the priorities order. Iron production
is decreasing. Iron prices tend to rise. More than 10% of
the furnaces, regrettable as this sounds, have been forced to
stop; the deadening hand of the strike is upon them. Steel
production is falling. Iron and steel were beginning to feel
the pulsing of new life when the strikes suddenly chilled it.
Industry halts; labor must be laid off; labor, of course, Besides, other provisions declined. The exports last week
loses wages. It is tantamount to labor striking at labor as included 14,500,000 lbs. of lard and 16,250,000 lbs. of bacon.
well as at society at large. General trade suffers on account To-day prices declined with a pressure to seel at Chicago.
of labor's discontent; it is suggestive of something too nearly Edward Morris issued a statement at Chicago to the effect
resembling the policy of rule or ruin to be creditable. To that hams are selling at relatively cheaper prices than other
make matters worse, big strikes of street car workers in Chi- prodwits. The cash trade there was only fair to-day. It
cago and elsewhere have struck at retail business. It inten- is true that hogs were steady or firm at $7 80 to $10 80 on
sifies the usual midsummer quiet. In a word, trade and most of the sales. Exporters at times this week have been
commerce are feeling the effects of indefensible strikes. buyers of steam lard on a fair scale. Middle West lard is
They are mitigated in some degree by the transfer of surplus reported scarce, and holders have been asking as much
shop workersfrom Northern railroads to Southern coal roads; for it as for Western steam lard. Still lard has followed the
it will increase the output of coal by adding to the supply of general direction of grain markets and September closed
cars at the mines. The soft coal output has gained some- 20 points lower than a week ago.
what for this reason. But at best it is only a palliative; the DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Than.
Fri.
main trouble, of course, persists. The priorities regulations
cts_11.42 11.35
11.32
11.37
11.27
11.17
have proved in the main salutary, but, of course, it means September
October
11.42 • 11.32
11.22
11.50
11.40 11.37
9.72
9.52
9.45
9.50
9.40
9.40
rationing of coal instead of a free movement of it to wher- January
ever it is needed; it cramps industry.
PORK quiet; mess, $28; family, $27@$29; short clear,
Yet trade is doing the best it can. Collections are even $24@$26 50. Beef dull; mess, $12 50@$13; packet, $13@
somewhat better. Automobile and tire prices have been re- $14; family, $15@$16; extra India mess, $24@$25; No. 1
duced. Lumber sells about as well as ever. The jewelry canned roast beef, $2 25; No. 2,$3 20;6 lbs. $15. Cut meats.
trade is better. The sales of shoes and leather increase. firm; pickled hams, 10 to 20 lbs., 2034@223c.; pickled belEurope is buying wheat freely. Food prices have declined. lies, 10 to 12 lbs., 190. Butter, creamery fresh extras,
Cheese, flats, 15@21c. Eggs, fresh gathered
The cotton crop has not suffered the setback that was feared. 31 @35
Its size is larger than expected. The grain crops are doing extras, 17@29c.
well. Export trade gains in various kinds of merchandise. • COFFEE on the spot rather more active at one time at
Money is easy; the stock market has held up well despite the lower prices. No. 7 Rio, 9%@10c.• No. 4 Santos, 1434®
strikes, as it is hoped and believed that a way will soon be 143/2c.; fair to good Cucuta, 143@14
Y243. Futures de9
found under the pressure of public opinion to settle them. clined and later rallied somewhat with rather firmer markets
In the main the feeling in the business community is hope- in Brazil. But the buying has been on a very moderate
ful. A large sized straw is that the Treasury offerings have scale. No decided characteristics have struck attention.
been subscribed four times over. Give the business of the The market is largely a waiting affair. To-day prices were
United States half a chance, let labor join with others in do- almost stationary. Trade continued light. The weather
ing what it can to restore the business equilibrium in this in Brazil was favorable everywhere. Port receipts were
country and it is felt that all will go well. It is believed that rather small. Santos advanced 150 to 225 reis. Here
the trend is towards betterment in all branches of business, closing prices were 6 points higher than a week ago.
and only the palsying hand of big strikes is holding it back. Spot (unofficial)9j-10C.I December.. _ _9.3409.36 I May
939( _ _ _
9.369.37 July
9.3909.41
Business men are also encouraged by the fact that rail- September.... _9.3409.35 I March
SUGAR has been quiet but firm. Canadian refiners paid
road earnings for the first six months are showing up remarkably well and they believe that when labor difficulties 3.45c. c.i.f. New York for 3,200 bags San Domingos afloat
are over, conditions will naturally be still better. They take (less lighterage), while a cargo of Cuba August shipment
the ground that the railroads cannot help but benefit by the sold at 19s. 3d. c.i.f., United Kingdom, equal to 3.60
business revival that is with us and which, barring unfore- f.o.b. Cuba, or 3%c. c. and f. New York. One cable asked
seen accidents, will remain with us for some time to come. for further offerings at 19s. 3d. on Aug. 2 and in some
was claimed that 3.65e. net f.o.b. had been bid.
Competition in the industries, it is true, is at a more or less quarters itmarket
was reported strong owing to large shipJava
acute stage, but this, while it tends to decrease industrial The to India. Recent
predictions of 4 cents have now
profits, increases turnover and makes more business for the mentsraised in some
quarters to 4Mc. The buying, it is
been
railroads.
argued, seems to be shifting more and
from legitimate
Within the past week operatives have been applying for wants to speculative operations and more
some of the more
work at the plants of the Nashua, N. H., Manufacturing Co. conservative trade are said to be less inclined to follow the
in increasing numbers. Only one Rhode Island mill remained advance. Cuba is said to be taking advantage of the bulges
closed by the textile strike at the opening of the 28th week from time to time to hedge against the next crop. Lamborn
of the strike. Boston reports little change in the New Eng- & Co. state in part as follows: "Available world crops of
land textile strike, although in New Hampshire there is a sugar are figured at 17,325,000 tons for 1921-22, which
growing tendency on the part of operatives to return to mills. compares with a pre-war total of over 18,000,000 tons.
A wage reduction ranging from 5 to 12% was effected at With proper distribution, there can be no question of surplus.
Lowell, Mass., on Monday at the local branch of the Ipswich Europe, including Germany, which previous to 1914 was a
Hosiery Co. Governor Cox of Massachusetts says he will heavy exporter of sugar, has been a heavy purchaser of
soon announce a date for a conference with a Lawrence supplies both here and in Cuba this year. Even the Far
delegation with a view of settling the Lawrence textile East, which broke the back of the 1920 sugar boom with its
strike. Striking textile workers in the Newmarket (N. H.) exports, has been an active participant in the buying.
Manufacturing Co.'s mills have voted to accept a proposal to Any material increase in the European crop cannot be
return to work on the basis of 50 hours a week and no reduc- expected for a year to come. In view of the fact that
tion in wages. Wage reductions, it is said, will be announced plantings of the new cane in Cuba in 1921 were well below
shortly at the Tremont & Suffolk and Boot mills at Lowell, the average, there should logically be a falling off in that
Mass. The Quidnick plant of the Quidnick, Windham Co., crop the coming season, and 3,500,000 tons is predicted.
of Providence, R. I., has cut wages 20% . The National As- This may be increased through the stimulus of high prices.
sociation of Men's Neckwear Manufacturers is asking its In any event, consumption is running so heavy that we
believe every pound of sugar produced will be needed and
workers to accept a 15% wage cut.
At Haverhill, Mass., on August 1, the shoe factory of J. H. there is even a possibility of a shortage before the end of
Winchell & Co., Inc., was closed after the 500 employees had 1923. Prior to 1914 the world consumption was figured at
struck in protest against a wage reduction made in a recent 18,000,000 tons, and the annual increase in countries like
award by the State Board of Conciliation and Arbitration. the United States was estimated at 5%. In the United
Officials of the Boot and Shoe Workers' Union, which or- States consumption is at the rate of 5,500,000 tons annually
ganized the plant, are making an effort to have the strikers and promises to be about 51200,000 tons for 1922, or fully
return, but many of their number have changed their affilia- 1,000,000 tons greater than in 1921.
AUG. 5 19221
THE CHRONICLE
From the sugar beet sections of northern Colorado, Wyoming and Nebraska the Federal Reserve Bank for that district reports damage to growing beets, due to a shortage of
irrigation water. The reports say that growers who prepared their soil and did their planting in time to catch the
beneficial snowstorm of April 14 have their crops beyond
danger. Beet acreage contracted by the Great Western
Sugar Co. for the present season is 77% of the acreage of
1920, which was the most successful year in the history of
the company. The acreage in 10 districts of Colorado is
placed at 122,810, while in Nebraska the total was reported
at 58,596 acres. Complaint is being heard here over the
slow delivery from refiners of orders accepted months ago.
Willett & Gray report receipts at Cuban ports for the week
as 68,195 tons, against 65,047 tons last week and 18,273
last year; exports, 85,800, against 123,231 tons last week
and 42,450 last year; stock, 640,464 tons, against 658,069
last week and 1,410,886 last year; centrals grinding 13,
against 14 last week and 4 last year. Later Cuban raws
were held at 33/ge. August shipment. One refiner advanced
to 7c. on hards and softs Nos. 1 to 7 and on sorts Nos. 8 to
16 to 6.75c., shipment during August. Receipts at Atlantic
ports for the week were 97,040 tons against 114,597 last
week and 48,488 last year; meltings 85,000 against 87,000
last week and 63,000 last year; total stock 233.363 against
221,323 last week and 104,558 last year. Spot raw sugar
to-day was firm with a moderate demand. Cost and
freight Cuban was held at 37
/0. On Thursday 150,000 bags
of Cuba sold at 3.65c. f.o.b. to 3%c. c.&f. Refined,
7@7.10c. Closing prices of raw futures are 6 points higher
than a week ago.
Spot(unofficial)
5.42 I December _ _ _3.93(43.94 I May
September_ _ _3.7703.78 I March
3.66(43.671
3.7603.77
OILS.-Linseed quiet. The firmer seed markets in the
Northwest and at Buenos Aires, and the sharp recovery of
late in the Duluth flaxseed market coupled with the prospect
of an early passage of the tariff bill have naturally attracted
attention. Spot oil has been scarce, and although the
demand has been light, it is enough to hold up prices.
Business, it is understood, could have been done early in the
week at 85c., but now there appears to be no oil available
below 86c. Tanks, 82c.; August carloads, 86@87c.; less
than 5 bbls., 89@90c. Cocoanut oil, Ceylon, bbls., 8'/2@
83
/0.; Cochin, 9Wi 0,9%c. Corn, crude, 93
/0. Olive,
$1 15@$1 20. Lard, strained winter, N. Y., 11%e.; extra,
lie. Cod, domestic, 550. nom.; Newfoundland, 57c.
Spirits of turpentine, $1 16@$i 17. Rosin, $5 75@:: 15.
Cottonseed oil sales to-day, 11,000 bbls., including switches.
Prices closed as follows:
Spot _cts10.60 10.8810ctober
8.228.23
9.4309.45 January
August _ _ _10.600
November__8.4008.42
November...8.40@8.42 February__ _ _8.20 8.23
September_ 10.40010.42 December.._ _8.22g8 25 March
8.31(58.35
PETROLEUM.-The Sinclair & Prairie Co. announced
a cut of 25c. per barrel in the price of crude at the wells in
the Mid-Continent divisions. The Atlantic Refining Co.
cut prices 2c. per gallon in Pennsylvania and Delaware on
the 3d inst. Gasoline weaker. Home consumption, though
quite heavy, is not up to expectations. In the opinion of
many in the trade a cut in the tank wagon price would not
occasion surprise. Kerosene quiet as is usual at this time
of the year. But the outlook for kerosene is more promising
owing to the scarcity of gas oil; the growing demand for that
produc
@FedFRASER