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financial
The
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rontrie
Railway 8c Industrial Section
Bankers' Convention Section
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SATURDAY, DECEMBER 16 1922
VOL. 115.
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THE FINANCIAL SITUATION.
The President's address was delivered too late in
the week to allow reference to it in our last issue, and
any discussion of it, point by point, would now be belated; yet it cannot be quite dismissed without mention. In the antiquated phrasing of their day, and
recognizing the scanty means of communication then
available, the framers of our Government required
the President to give to Congress, from timb to time,
"information on the State of the Union," which naturally included all foreign countries and our relations with them, and to "recommend to their consideration such measures as he shall judge necessary
and expedient." In this day, when even the air
throbs with the world's happenings and utterances,
it is hard for him to tell anything, outside of official
work, and he now recommends very few specific
"measures." Mr. Harding does, however, discuss situations; and in a manner which has won admiration
even from his party opponents, he urges getting together in a serious and patriotic effort to give some
constructive aid to the problems of the time. It is
creditable to him that he offers no curative specifics;
there are none, and they who profess to have them
are merely empirical. Civilization, he says, is itself
on trial. It cannot merely drift. It must scan the
horizon, interpret the signs, and attempt to aid itself.
Congress should be serious, studious, broad-minded,
above sectional or class interests, and should move
Electric Railway Section
State and City Section
NO. 2999
cautiously though firmly. This is about the keynote
of an unusually earnest and thoughtful address.
Agriculture is the beginning of the long line of
human subsistence and effort. The farmer is crying
for relief, and his cry is not the faintest among the
many plaints; yet the President refrains from accepting the wildest of the nostrums which have been offered. Agriculture, he says, needs more than increased credit facilities, and "permanent and deserved agricultural good fortune depends on better
and cheaper transportation." This, he says, "has to
do with more than agriculture," and demands "the
most rigorous consideration." To it he devotes a
large and earnest part of his address. In the last
three decades, he says, our population increased less
than 70%, while our freight movement increased
over 250%; we built 40% of the world's new mileage,
yet already find that inadequate; we have inadequacy to-day, we face greater inadequacy to-morrow,
"and it is easy to believe that the next few decades
will witness the paralysis of our transportation."
Here is indeed a problem which needs combined and
co-ordinated statesmanship and business wisdom.
Forcing down rates—and we note at this point that a
bill with such intent has already made its appearance
—is not a solution of the problem. Last summer,
says Mr. Harding, he sought informally to have the
railway executives agree to a heavier cut on farm
products and leave unchanged much of the schedules,
but this was not done, and we had instead horizontal
cuts which were too slight to be felt by higher-class
cargoes and too slight, also, to help the heavy tonnage which was clamoring most loudly. That Government handling has been mishandling is perceived,
for in these striking sentences Mr. Harding adopts
the contention of the "Chronicle" that the seizure of
the roads by the Government in 1917 was an unhappy
mistake:
"Government operation does not afford the cure.
It was Government operation which brought us to
the very order of things against which we now rebel,
and we are still liquidating the costs of that supreme
folly."
He places a duty before us all in this added remark: "Railways are not to be expected to render
the most essential service in our social organization
without a fair return on capital invested, but the
Government has gone so far in the regulation of rates
and rules of operation that it has the responsibility
of pointing the way to the reduced freight costs so
essential to our national welfare." The "reduced
freight costs"? Yes, but the immovable arithmetic
conditions rate reductions upon expense reductions.
2612
THE CHRONICLE
[VoL. 115.
The President does not say so in just these wOrds, but many different localitie
s where none at all had been
he suggests it. He points out the failure of "partisan expected. Besides
this, high prices have prevailed
membership" in the Labor Board; he perceives and and still are prevaili
ng in the markets, affording
says that wages and the employer's earning capacity, an inducement for picking
cottca to the very last
theoretically to be determined separately,"are insep- bale. Throughout the
past season there ;las been a
arable" in railway service. He perceives the absurd- constant tendency in the
direction of depletion in
ity of having one body fix rates and another fix the yield, owing to insect
damage and in some secwages. He would apparently consolidate the two tions serious drouth. The
first estimate made by the
functions; at least, he thinks the Labor Board could Department in July, based
on the report of acreage
do better in Washington, and if it is to continue at planted this year, and the early conditio
n was 11,065,all "it ought to be in contact with" the rate-making 000 bales. This was more than
1,100,000 bales
body; he suggests a labor division in that body, made greater than that now reported
as th3 final yield.
up from its membership, and with power to hear and
According to the report of the Census Bureau, as
decide labor disputes which proper committees of published by us last
week, 9,318,144 bales had alroads and men have failed to settle. Having gone so ready been ginned out of
the current crop up to
far in responsibility for necessary regulation, "we Dec.1. If, therefore, the estimate
of the Agricultural
unconsciously have assumed responsibility for main- Department is correct, only
646,000 bales remained
tained service; therefore, the lawful power for en- to be ginned on that day. It may
be that this will
forcement of decisions" is necessary.
prove to be accurate, and yet, with the single excepNew economies and new efficiencies in co-opera- tion of last year, a great deal more
cotton than this
tion must be found,says the President, and adds that has been ginned after Decemberin each
season during
although the consuming of 50 to 60 cents of each rail- the last decade. The amount has run
all the way
road dollar by labor makes the limitations of econ- from 1,000,000 to over 3,000,000 bales.
Taking a crop
omy more difficult the demand for economy is not as recent as that of 1920, no less than
3,129,677 bales
less insistent. Merging lines into systems, facilitat- were ginned subsequent to Dec. 1.
ing interchange of freight cars, better use of terBut taking the estimate just as it stands, a yield
minals, and "consolidation of facilities" are sug- of close to 11,000,000 bales of cotton
in one form or
gested as ways of economy and efficiency. These another is likely to be available to the
trade out of
general suggestions are worth noting, and the more the current crop. The fact seems
to be generally
so because consolidating has been among the bug- overlooked that the estimate
of the Agricultural Debears of the past. "Surely the genius of the railway partment covers only lint
cotton and that linters
builders has not become extinct among the
railway form'no part of the total. The Department lays emmanagers," says Mr. Harding. Not wholly extinct phasis on the fact, and yet
it does not seem to have
yet, but greatly hampered and discouraged. The dawned upon any one that
these linters, which we are
builders worked in a time when the country cried for told "are a product obtained
at mills from the seed,"
rails and was eager to bid for them, but then came
a constitute an important item in themselves. That in
time when they were imagined to be devourer and figuring supply and
s
consumption these linters must
protection from them was demanded; we have not be reckoned with and that
they are for many manuoutgrown that delusion and pasm, and although the facturing purposes the equivale
nt of lint cotton, beneed of more rails and more efficiency in those we comes plain when we examine
the census returns ishave is keen, the old attitude yields slowly. Read un- sued this week showing the
consumption of cotton
der the lines, this address recognizes the need of a for November and the four weeks
ending with Nochange in the public attitude towards railroads, and vember. From these returns we learn
that the conthat is an encouraging symptom. They are our vehi- suming establishments reporting to the
Census show
cles of communication, our draught animals, our 238,186 bales.of linters consumed in the four
months
veins and arteries of circulation—take whatever this year and 239,910 bales in the corresponding
four
simile you prefer, but our course of safety and prog- months last year. These linters, too, go
into the exress is to appreciate and nourish them instead of hat- port trade the same as cotton.
ing and pounding them.
The question arises, therefore, how much will these
We cannot feel sure that this excellent address will linters add to the size of the current crop.
The Agribe an effective challenge to the better part—still
less, cultural Department furnishes the material for makto the worse part—of Congress, but we may hope
so. ing an estimate in that regard. An explanatory reThe spoils system and the habit of faction die
hard, mark tells us that "the production of linters is about
yet we are compelled to hope. Having done,
all, 7.4% as much as the lint production (average 1916stand, wrote Paul to the Ephesian Christians.
The 20)2' Applying this percentage to the estimated
counsel is still good and timely, for to falter and yield of roughly 10,000,000 bales,
it readily becomes
shrink from difficulties and problems is to
surrender apparent that here we have a further addition of
to them before the clinch.
nearly three-quarters of a million bales, raising the
product to (roughly) 10,750,000 bales. If now the
The Crop Reporting Board of the Department of estimate of 9,964,000 of lint cotton
should prove too
Agriculture at Washington issued on Tuesday the small by only 250,000 to 300,000 bales,
the product
final estimate of the yield of cotton from this year's would be brought up to a full 11,000,000 bales.
growth. With the exception of last season this estimate of yield is the smallest of any year since 1901.
After giving due consideration to all the rumors
The production is now placed by the Department at afloat relative to European affairs the outstanding
9,964,000 bales. This contrasts with 10,135,000 bales, event the present week was the further sharp adthe October estimate, prepared on the basis of re- vance in the pound sterling to $469 on Wednesday.
ports issued during the progress of the crop, a de- Naturally, there has been a reaction of several cents,
crease since that time of 171,000 bales. Yet picking but in view of the rapidity and extent of the advance
continued late, and there was more or less top crop in the sterling market was firm to the very close yester-
DEC. 1.6 1922.]
T-FrE
CHRONICLE
2613
This should represent the total reparations indemnity: The loan will be guaranteed by the wealth of
the German republic." The correspondent further
explained that, "according to this plan the German
debt would be reduced to between 30,000,000,000 and
40,000,000,000 gold marks and France must abandon
all idea of military or economic pressure on Germany. The Germans would be required to effect
rigid financial reforms, including balancing the
budget and stabilizing the mark. Part of this loan
would be handed over to Germany for that purpose." Another feature of the Belgian plan was a
postponement of the Brussels Conference until the
end of January or the middle of February.
M. Poincare for France "offered acceptance of a
+wo-year moratorium for Germany provided satisfactory guarantees were forthcoming. These guarantees embraced measures for economic control of
the Rhineland industries and partial occupation of
the Ruhr district with a division of soldiers to collect
customs on the coal output. M.Poincare did not consider that this program would be regarded as military action against Germany." It was stated that
Bonar Law's reply was"a surprise to the French and
greatly encouraged M. Poincare, who early in the
day had been extremely pessimistic as to the, outcome of the conversations."
Premier Mussolini "followed M. Poincare with an
explanation of Italy's point of view." He was said
to have "expressed the opinion that any review of the
circumstances of the case showed that Germany
needed both a further moratorium and international
loan, but that if these Were granted to her she must
The conference of Allied Premiers began last Sat- agree to reform her economic policy and submit to
urday forenoon at No. 10 Downing Street, London, some form of financial control." He then "passed on
the official residence of Premier Andrew Bonar Law. to consider the finances of other European countries
Those who met with him were Raymond Poincare, and suggested that there should be a general review
Premier of France; Benito Mussolini, Premier of of inter-Allied debts and the entire financial condiItaly, and Premier Theunys of Belgium. They were tion of Europe."
Sunday forenoon the French, Italian and Belgian
dinner guests of the British Prime Minister the evenat the same place. On Saturday they delegations were received by the Bing at Buckinging before
"held two meetings lasting five hours." Plans for ham Palace. In the afternoon at 3 o'clock they gathadjusting the troublesome reparations question to ered again at 10 Downing Street"and were in consulmeet the financial position, particularly of Germany, tation for three and a half hours."
France and Belgium, were presented by each of the
Dr. Bergmann presented the latest proposal of the
Cabinet heads. The one that attracted the greatest
attention was that of Bonar Law. At the Afternoon German Government with regard to reparations at
session he asserted that "the Balfour note no longer the British Office a week ago tonight. While
existed for the British Government and that he was it had not been published officially, the London corfree to consider the whole question of remitting the respondent of the New York "Times" cabled that "it
war debt of France to his country." He added, "I is understood to propose the raising of both internal
am prepared to reconsider the question of cancella- and external loans, the whole of the external and
tion of debts if such cancellation would insure a set- half of the internal loans being handed over to the
tlement satisfactory to the British Government." Reparations Commission. Moreover, the German
Thereupon "the British Prime. Minister briefly out- Government suggested giving the Reparations Comlined the kind of settlement he desired—a morato- mission bonds for another 3,000,000,000 gold marks."
rium sufficient for Germany to re-establish her fi- The "Times" representative added,"in return it asks
nances and credit and stabilize the mark, no mili- that the moratorium should be extended for at least
tary action of any character by the French, and a re- two years and for still longer if the amount handed
duction of the indemnity to between 30,000,000,000 over to the Reparations Commission as a result of
and 40,000,000,000 gold marks." Premier Poincare, the internal loan exceeds 1,500,000,000 gold
according to the Associated Press correspondent, marks, and asks that reparations in kind shall be
"although reserving his formal reply to the new sug- suspended during the moratorium period." He also
gestion until to-morrow, expressed deep pleasure at stated that"Signor Mussolini said definitely to-night
that the Allied Premiers were unanimous in considthe British attitude."
of Belgium, presented ering the proposal unsatisfactory and had decided to
Premier Theunys, on behalf
a plan which "calls for a two-year moratorium for send to-morrow a reply refusing it." A similar asGermany and a loan to be participated in by all na- sertion was received from other sources, and a little
tions at the rate of 5,000,000,000 gold marks a year later an official communique was issued in which anfor seven years, making a total of 35,000,000,000. nouncement was made that "the scheme of prelimin-
day. There were many guesses as to the principal
cause of this movement. No official statement was
forthcoming from any quarter. After the Cabinet
metting yesterday, however, word went out from the
White House that the Administration would take an
active part in the economic and financial rehabilitation of Europe, particularly Germany. All day there
had been rumors that an international loan of $1,500,000,000 for that country that would be guaranteed .by the Allied nations of Europe and the United
States, would be floated in this country. Regarding
this rumor no official statement was forthcoming
either in any of the Allied capitals abroad or at
Washington. On the contrary;it was emphasized at
the White House late yesterday afternoon that the
President was firmly of the opinion that it would be
unwise to discuss present plans at this time. The
conference of Allied Premiers began a week ago this
forenoon in London and adjourned last Monday evening at 6 o'clock, without having reached an agreement on German reparations and kindred subjects,
to meet in Paris on Jan. 2. For a while the Russian
and Turkish delegates at the Lausanne Conference
preserved a more tractable and conciliatory policy.
Then, again, they became hard to manage, but before
the close of the week once more yielded. Announcement was made in Lausanne dispatches yesterday
that the Turks had agreed to give guarantees to the
Christian minorities in Turkey and that Turkey
would join the League of Nations. The British trade
statement for November was well received on both
sides of the Atlantic.
. 2614
THE CHRONICLE
ary reparations settlement presented by the German
Chancellor was examined, and was unanimously
found to be unsatisfactory." According to a dispatch from Berlin on Dec. 14 the German Government had begun "working out new reparations proposals which it will present to the Allied Premiers
when they reassemble in Paris Jan. 2."
[VOL. 115.
don." The New York "Times" representative added
that "the British officials declined, as they have
throughout this Conference, to add a single word to
the communique, but it was learned from other
sources that the reason for this adjournment was
really as stated. The discussions showed that the
Premiers were a long way from reaching an agreement on their policies, and there is not at the moment
Adjournment was taken Monday evening at 6 time for them to continue their exploration."
o'clock to that place and time. The Associated Press
correspondent cabled that "the Conference adjourned
In reply to questions in the House of Commons on
after the British Prime Minister, Mr. Bonar Law, Tuesday, Premier Bonar Law indicated that at the
and the French Premier, M. Poincare, had failed to week-end Conference of Premiers he had not gone as
reach any common ground for agreement. The far as originally reported in his offer to remit the
French insistence upon rigid guarantees before war debt of France to Great Britain. In the House
granting a moratorium to Germany was the prin- he said that he told the other Premiers, "I said it
cipal reason for the collapse of the present negotia- would not be right that a settlement should be eftions." The French Premier, after the adjournment, fected in such a way that we only, of all the Allied
was quoted as saying,"It is finished." According to countries, would be virtually paying an indemnity.
the Associated Press representative "it was stated in What did seem fair to me was to consider the whole
an authoritative American quarter that the chief amount that would be obtained from Germany, and
hope of bringing the British and French together say, 'as you are not getting all that you expected
during the period of adjournment, to which the Con- from Germany we must reduce our claims.' For that
ference now seems doomed, lies with the United reason, and I think it is an important thii.g, I added
States." He added that "it was said by this author- that if we saw some chance of a complete settlement
ity that Britain will probably ask the American Gov- with the prospect of finality, we should be willing to
ernment if it is willing to cancel the French debt to run a certain risk in the end of not receiving as much
the United States provided Britain in turn cancels from the Allies and Germany as we might have to
the French debt to Great Britain, and at the same pay America. But I added that it would be foolish
time enters a definite agreement with the American to make such a concession if the whole question were
Government ultimately to pay the British debt to to be reopened again."
America. This suggestion was made informally last
evening to a certain important American now in
According to the Associated Press correspondent
London, and it will probably be presented directly in London,"in British official circles it was pointed
to Mr. Hughes, the American Secretary of State, in out to-day [Tuesday] that Stanley Baldwin, the
the course of the present week. Great Britain is said Chancellor of the Exchequer, and the British Debt
to look favorably on the cancellation of the French Funding Commission would leave for the United
debt due her, provided the United States cancels the States Dec. 27 for discussion of the whole question
French debt to America."
of the Allied debts." . ,'as suggested that "this conCasual readers of the London cable dispatches sultation will be too late for the next Premiers' ConMonday evening and Tuesday morning were inclined ference, but the opinion was expressed that the
to speak of the Conference of Premiers as a "failure." problem was so broad that it could not be easily setIt was so characterized in the headlines of most of tled by telegraph before the meeting of the Premiers
• the New York newspapers. In the later advices an was reconvened." The correspondent added that
effort was made to convey the impression that some "the British Financial Mission will include, besides
things of importance had been accomplished. Prom- Mr. Baldwin and his staff, M. C. Norman, Governor
inent among those mentioned were a better mutual of the Bank of England,and his staff, and Rowe Dutunderstanding by the British and French of their ton, Adviser to the Treasury."
respective positions: a rejection of the "suggestions
put forward in the German note presented by Dr.
Before any official word was received in WashingBergmann," and the reaching of "a more hopeful ton relative to international debts, it was indicated
view as to the probability of continued united action at the White House Tuesday afternoon, following a
by the Allies in the future." The New York
"Times" Cabinet meeting which lasted two and one-half
London correspondent cabled that "Mr. Bonar
Law's hours, that "the United States Government might be
view, it is learned, is that, while the Conference willing to help in straightening out the chaotic Eurofailed to reach an agreement, mainly over the French pean situation." The New York "Times" representaattitude concerning the Ruhr, the atmosphere of the tive said that "while the American Government is
discussions was friendly and cordial, throughout. understood to entertain no desire to become entanHe has hopes that the influence of what is taking gled in the reparations controversy, there is no doubt
place at Lausanne will have still more favorable re- that its moral influence, which is now very great in
actions on Anglo-French relations." The official European councils, is being used to the utmost in the
communique stated that "it has not been possible in direction of endeavoring to effect harmonization of
the time available for the Allied Prime Ministers to the divided views of the Allies on the subject of reparrive at definite conclusions on the momentous is- arations." The correspondent referred to what Pressues involved. In the circumstances it was decided ident Harding said in his annual message to Congress
to continue the conversations between the Allied last week with respect to the Four-Power peace
Prime Ministers in Paris on Jan. 2, so as to allow of compact, and observed that "this statement, cautious
a plenary conference being assembled immediately as it was, gave rise to reports that the Government
afterward, in order to arrive, before Jan. 15, at defi- contemplated calling an international conference, or
nite decisions on all the questions discussed in Lon-, possibly seeking an agreement through diplomatic
DEC.16 1922.1
THE CHRONICLE
exchanges, which would include concerted action by
the United States and the principal European Powers looking to an agreement for the peaceable solution of questions affecting their interests other than
those in the Pacific and the Far East covered by the
Four-Power compact. There appeared to be some
reason to believe that these reports had a foundation.
Some Senators indicated that the statement in the
President's address fitted in with reports they had
heard." The "Times" representative explained that
"at the White House, however, it was said that the
President's designation of the Four-Power compact
as a model for international agreements was a 'gesture,' although a wholly sincere gesture. He believed, it was explained, that so
.much good had come
out of the understanding concerning the Pacific and
the Far East that the principle might be applied
elsewhere with excellent results without trespassing
on the sensibilities of any nation. What the President said, according to the White House interpretation, was only the expression of a hope that additional understandings might result from the example
of the Four-Power compact. All that could be
learned to supplement these remarks tended to show
that the Administration has no thought of seeking
an application of the principle of the Four-Power
compact to the mainland of Europe and America.
While there was no authoritative expression, the attitude of the Administration was presumed to be
that it could not enter into an arrangement affecting
the mainland of Europe without bringing the United
States into direct participation in European political affairs, and such a prospect has no place in
present American international policy."
2615
ready to withdraw 'gracefully' if the Chamber
thought it had ready another Cabinet better qualified than his to work for France." According to an
Associated Press dispatch yesterday afternoon he
asked for a vote of confidence, but the latest advices
received before going to press did not contain the result of the vote.
I
Dispatches from Berlin on Wednesday stated that
"a wordy war between the Government and the industrialists has broken out following the rejection
of Germany's reparation proposals by the Allies."
It was asserted that "at the same time all parties are
united in the determination that whatever concessions•Germany makes to pay the Allied demands, ute.
withdrawal of the armies of occupation will be askedi
as the first condition, and then a scaling down of thei
total will be insisted on." The New York "Herald"
correspondent said that "Chancellor Cuno challenged the industrialists before the Imperial Council of Economics when, though not rnentionmg by
name Hugo Stinnes, he said: 'The industrialists
must remember that the Government is the leading
factor and that they are only secondary in conducting the affairs of the nation. There is no faction or
central force in economic circles that can take the
reins out of the hands of the Government under any
circumstances.' He said that the propositions submitted to London were not final, but the forerunners
of what,will lead to freeing the occupied territory'."
While in some circles there has been a disposition
to interpret recent reports from Washington regarding the attitude of the Administration toward European affairs as a radical change in a well defined
Commenting upon the rather persistent reports policy that had been steadfastly maintained, it was
that the French would invade the Ruhr district, the asserted in dispatches from the National Capital
New York "Times" correspondent in Paris said in a Thursday morning that there was no ground for each
dispatch Wednesday morning that "there will be no an assumption. The New York "Herald" represenseparate seizure of the Ruhr by France for the pres- tative said that "President Harding's purpose not to
ent. If it has to be done it will be only after the hold aloof from the European crisis over reparations.
meeting of the Allied Premiers here on Jan. 2, and does not involve a departure of policy on the part of
only in the event of England agreeing, at least tac- the Administration, it was explained in official
itly, to some such move by the French on condition quarters. The readiness of the Administration to
that it *ill merely be a demonstration pending a gen- give aid and advice to tide over the crisis and help
eral settlement. That much has been made clear in solve the reparations tangle is consistent with the
the situation since the return of Premier Poincare policy adopted since the matter became first acute
from London this evening [Tuesday]." As against in April 1921, it was stated. Neither the White
rumors that the apparent failure of the London con- House nor the State Department sees justification
ference would result in the fall of Premier Poincare for interpreting the Administration's purpose as a
and his Cabinet, came the word from Paris Wednes- change a policy." The New York "Times" correday evening that "the French Cabinet this morning spondent at Washington in an account of a brief
approved the attitude taken on the reparations ques- address made by President Harding at the annual
tion by Premier Poincare at the recent London Con- meeting on Wednesday of the General Board of the
ference of Premiers, after hearing M. Poincare's re- American Red Cross said that "assertions that
port of the meeting. It also expressed agreement United States Government was not doing all it could
with him regarding the declarations to be made in to meet the human side of world appeals were chalthe Chamber of Deputies on Friday, when it is ex- lenged to-day by President Harding." The Presipected the Government will be called upon to reply dent was reported to have said that America in its
to an interpellation." The Associated Press corre- attitude was heeding "a cry of the world." Various
spondent added that 'Premier Poincare, it is fore- interpretations have been placed upon the call of
cast, will ask the Chamber for a free hand in the President Harding at the State Department on Wedreparations negotiations with the Allies and for like nesday to see Secretary Hughes and the call there
freedom regarding the seizure of such pledges as are later in the day of J. P. Morgan. No official statepermitted under the Treaty of Versailles, if a settle- ment has been issued in explanation. The idea that
ment is not reached by negotiation before the next in- the United States Government is about to take a destallment of Germany's debt is due, on Jan. 15." At cisive step in European affairs, particularly in helpyesterday's session of the Chamber, Premier Poin- ing Germany, seemed to be still further strengthened
care did make an extended report of the Premiers' by reports from Washington yesterday morning that
Conference and was said to have stated that "he was an international loan of $1,500,000,000 to that coma-
2616
THE CHRONICLE
try is under consideration, and by the announcement
that Ambassador Harvey will leave for the United
States soon and will be here when the British Mission, headed by the Chancellor of the Exchequer, arrives. Andrew Bonar Law,speaking in the House of
Commons on Thursday, was quoted as saying that
Great Britain could not pay her war debt to the
United States, "if nothing were received from
France, Italy or Germany." Yesterday a great number of rumors came from Washington,European capitals and from local financial circles relative to what
the United States Government may have in mind in
the way of remedial measures for Europe. No formal official statement was obtainable from any
source. The Washington correspondent of "The
Sun" asserted, however, that he had learned the following: "The United States Government may communicate within a reasonable time, either through a
common note addressed to the Allied Governments or
through representations of American diplomacy, the
American plan for settling the reparations question
ending the turmoil of Europe and for putting Germany in a position to meet her reparations payments."
[Vol,. 115.
to all warships, proposes that the waterway shall be
open to vessels for commerce and to light warships
for their protection, and in other respects furnishes
a basis upon which a compromise may be reached.
Tension is decreased, and a real peace in the Near
East now seems assured, though requiring still a
week's hard work of the peacemakers." The New
York "Times" representative asserted the next day,
however, that, "notwithstanding their conciliatory
attitude at yesterday's session of the Conference,
when they accepted the general terms of the Allied
plan for the regulation of the Straits, the Turks took
a more independent line to-day in the discussions by
experts of the concrete application of the proposed
rules. While there is little doubt that they intend
finally to accept the °
Allied plan, it is apparent that
they will bargain on every item." In a dispatch
made public here Monday morning he suggested that
"the results of the London Conference may have an
important repercussion in Lausanne. Here there is
a general attitude of waiting to see what comes of
the conversations of the Allied Premiers. If the Alied Entente remain unaffected it is evident that England, France and Italy will continue to work side by
side at Lausanne to carry out the common program.
As to the Lausanne Conference, announcement was If France and England don't agree on reparations
made a week ago to-day that, at the session of the it is more than possible that their differences may be
Conference the day before,"even George Tchitcherin, reflected here."
the Bolshevist Foreign Minister, abandoned his previously extremely hostile position on the Dardanelles
Apparently the Russian representatives gave the
question and expressed guarded approval of the Allied leaders more trouble than did Ismet Pasha
Turkish proposals for regulation of the Straits, with and his associates. George Tchitcherin demanded
the reservation that he must see the actual words of representation between the Allied and Turkish exthe sections covering the various points at issue be- perts, but was flatly turned down by Lord Curzon.
fore he could give full approval of them." The New The New York "Times" correspondent asserted that
York "Times" correspondent said that "Japan to-day "the Russians are doing all they can to stir up diffispoke for the first time on the Straits problem. culties here. After the British had refused TchitchBaton Hayashi, the Japanese representative, said erin's request for representation at the private conthat Japan, as a power having great shipping inter- versations between the British and Turkish experts
ests in the Mediterranean, hoped for trade in the on the clauses of the Straits settlement, the Russian
Black Sea and was vitally interested in the regula- Chief Delegate sent another note to the Conference
tion of Near Eastern waters. He said that he was leaders last night asserting Russia's right to be repentirely in accord with the words of Richard Wash- resented at any and all conversations relative to the
burn Child, the American Ambassador, concerning Straits, even if they were called private. The Allied
the Straits and freedom of commerce in the Black leaders sent M. Tchitcherin a note telling him that
Sea, and that he had listened with great delight to the Russians would be heard when the matter came
the statement of Ismet Pasha on behalf of Turkey, before the Conference committees, but they would
who had approached the difficult problems in a sym- ask in vain for admittance to the discussions of the
pathetic and conciliatory manner. Baron Hayashi private experts. The Russians say the Allies are
added that the address of Lord Curzon, the British thus running the risk of their refusing to sign the
Foreign Minister, had assured him that a solution of Straits agreement."
the Straits question was near." It was recorded that
"in opening the afternoon session, Lord Curzon said
Considerable time was given at Tuesday's session
he was glad the Turks had accepted the principle of to the discussion of guarantees for the Christian
demilitarized zones on the Straits, provided they re- minorities still left in Turkey. Ambassador Child
ceived assurances of adequate protection that the made a formal plea in which he said that "the United
Turks had accepted the principle of the free passage States and the whole world expect and may rightof warships and merchantmen in times of peace or eously require tolerance and justice and concession
war, and also in principle an international commis- on the part of the Turkish Government." In explainsion to regulate commercial navigation. He added ing the American position he said: "Humanitarian
taat the Turks had laid down the basis of the regime interest is as much our right and duty as the right
they desired to see applied to the Straits, and that it and duty of every nation." He declared that it
seemed possible to harmonize this with the En- would be in the interest of Turkey to give protection
tente's views." The New York "Herald" correspond- to the minorities, and that it was "unthinkable that
ent presented the situation in part as follows: "The the aspirations of Turkey for independence and progAllies, helped by the moral effect of the principles of ress should not rely in part upon a generous policy of
America's declaration, have won the Turks away contribution to the safety and relief from suffering
from the Russians. The Turks' counter proposal of mankind. The safety and relief from suffering of
made to-day, far from supporting the Russian de- mankind is one of the principal concerns of Governmand for closing the Dardanelles and the Bosporus ments." He added that "the safety of many thou-
DEC.16 1922.]
THE CHRONICLE
sands now in peril in the Near East has for the people of the United States a vital interest." Lord Curzon declared that "the Turks'failure to give any evidence of an intention of guaranteeing the safety of
the minorities would cause bitter disappointment
throughout the world. He assured the Turks that
the Allies would not permit the concluding of peace
terms which did not provide guarantees for the safety
of the Greeks, Armenians and other minorities remaining .under the Crescent banner. To prove the
necessity for such guarantees he cited the eloquent
fact that there were now in Turkey only 130,000 of
the 3,000,000 Armenians who lived there a few years
ago,"
The New York "Times" correspondent added that
"the Allied plan is in two parts: First, that there
shall be written into the Turkish treaty the general
guarantees for minorities contained in the Paris
Peace Conference treaties with the various Central
European nations and the Allies; second, tha‘ t action
be taken by which a general amnesty shall be granted
by both Turkey and Greece,in accordance with which
Christians in Turkey and Turks in other countries
shall be allowed to purchase exemption from military
service, all minorities than have freedom of movement, and the League of Nations shall establish a
board in Constantinople to watch over the welfare of
the minorities." Apparently the British and American representatives did not have much confidence in
the suggestions of the Turks on this question. Ismet
Pasha,in their behalf, was said to have "offered two
solutions of the problem of the minorities: First,
that all minorities should quit Turkey; second, that
they trust in 'the spirit of good-will and sense of justice which has always characterized the Turkish nation.'" According to the Associated Press correspondent Ismet Pasha outlined the attitude of the
Turks still further, in part as follows: "Ismet Pasha, head of the Turkish delegation, dashed the hopes
of the Near Eastern Conference for a speedy and satisfactory settlement for the protection of minorities
in Turkey when, in an address at this [Tuesday] afternoon's session, he insisted upon an exchange of
the Greek populations in Anatolia for the Turks in
Macedonia. He demanded exclusion of all foreign interference in Turkey, which he said would protect
the remaining minorities, as the Turks had alrays
been able to get along with other nationals when
they kept out of the politics and were not stirred p
by outside influences. According to Ismet, there are
now no minorities in Turkey which can claim the
right to belong to any other nation, and this disposes
of the Armenian claim for a national home in Turkey."
Toward the end of the week the attitude of the
Turks became more unfavorable again for a time.
According to a dispatch to the New York "Times,"
Lo:d Curzon, speaking for the Allies, threatened to
break up the Lausanne Conference if the Turks did
not agree to give more than paper guarantees for
the safety of the decimated Christian minorities in
Turkey." The correspondent added that "a break-up
of the Conference under these conditions might lead
to wars or massacres. It migl,t lead to both." His
assertions appeared to be substantiated by those of
other American newspaper correspondents at the
Lausanne Conference. In a dispatch Thursday afternoon the Central News representative there said that
he understood that the Conference would be contin..
2617
ued. In the dispatches from Lausanne yesterday
morning announcement was made that at Thursday's
session "Ismet Pasha declared that Turkey would
join the League of Nations and give the minorities in
her territory the same guarantees as those accorded
by the Central European Powers to the minorities on
their soil." In an Associated Press dispatch from
Lausanne last evening it was said that "Turkey's
delegates on the minorities sub-commission of the
Near East Conference to-day again declared the establishment of a special Armenian homeland in Turkey impossible. Allied spokesmen suggested that,
instead of abruptly rejecting any project framed to
settle the Armenian problem, the Turks wait until
the Allied proposition was fully framed. The subcommission's deliberations to-day dealt with ten distinct points, and the Turks replied to all, making
many reservations."
From the very begining of the week the cable advices regarding the Moscow Disarmament Conference were encouraging. The New York "Times" representative at that centre said that it "bids fair to be
a real success." He added that last Saturday's discussions "not only settled practically all the original
clauses of the proposed treaty, but actually made
good progress toward the additional Russian clause
for immediate reduction of military forces and expenses." He added that "vith regard to the additional Russian clause for mmediate disarmament a
commission was formed to-day to determine the following four points: First—Reduction of military
forces; the border States did remark that the proposed Russian 75% cut seemed rather 'radical,' but
accepted it in principle and seem willing to accomplish what reduction they can. Second—Reduction
in military budgets. Third—Neutralization of frontier zones as already determined by the Russo-Finn
treaty. Fourth—Naval reductions. As this was
proposed by the Finns and as the Finr s had no program ready for discussion, this point will be deferred
until the Finns have communicated with Helsingfors." It was stated in a cablegram from Moscow
Tuesday evening that "a joint declaration signed by
Poland, Latvia, Esthonia and Finland, demanding
the signing of a non-aggression pact before the technicalities of armament limitation are considered, has
resulted in a critical situation in the Disarmament
Conference, according to a statement issued by the
Foreign Office. Russian officials have let it be
known that Russia will not sign a non-aggression
pact until an agreement has been reached on limitation of armaments."
Things have not been going smoothly•in Ireland.
They never have, and apparently, never will. There
has been further taking of life and destruction of
property by the Republicans as counter reprisals.
On Dec. 11, however, the Free State Senate assembled in Dublin "for the first time for the swearing in
of the members preparatory to the formal opening of
the Free State Parliament to-morrow [last Tuesday]
by Governor-General Healy." The accounts stated
that "the Dowager Countess of Desart was the first
to take her seat. Mr. W.B. Yeats, the poet, dropped
into a seat apart from the rest. President Cosgrave
welcomed the Senators and the oath was administered by the Deputy,E. J. Duggan,a signatory of the
treaty, and Minister without portfolio. A committee was appointed to prepare standing orders, in-
2618
THE CHRONICLE
eluding Sir Thomas Esmonde, Lord Dunraven and
Mrs. Wise Power."
A joint session was held on Tuesday to hear Governor-General Healy make his first speech. After
reading a message from the King he "outlined the
legislative program which the Cabinet has prepared
for the Irish Free State." The Dublin correspondent
of the New York "Herald" said that "this program is
one of wide scope and includes a reform of the judicial system, the question of land purchase and compensation for damages, regularizing the civil police
and the national army, the electoral franchise and
patent laws. It also mentions a bill conforming to a
promise of the late Michael Collins about granting
amnesty to British soldiers who took part in the
fighting before the truce was signed."
The King in his message said: "It is my earnest
hope that, by faithful observance by all sides of the
pact so concluded, peace and prosperity in Ireland
may be secured. In the spirit of that settlement I
have chosen you to be the first representative of the
Crown in the Irish Free State. With all my heart I
pray that the blessing of God may rest upon you and
the Ministers of the Irish Free State in the difficult
task committed to your charge." According to the
New York "Tribune" representative, the Free State
Senate Tuesday evening "appointed a committee of
five to consider ways and means of ending civil war
in Ireland. This action was taken after Governor-General Timothy Healy, addressing the first meeting of
the joint assembly of Dail and Senate, declared the
Government's first care must be a speedy end of all
disorder."
Announcement was made in a Belfast dispatch
Tuesday evening that "the Duke of Abercorn, appointed by King George, was sworn in to-day. The
ceremony took place in the court house here in the
presence of Premier Craig and the other members of
the Ulster Cabinet, the local members of the Privy
Council, and the Judges of Northern Ireland. The
oath was administered by Sir Denis Henry, the Lord
Chief Justice."
Desmond Fitzgerald, Minister of External Affairs,
in the course of a debate on appropriations for his
department in the Dail Eireann on Wednesday, was
quoted as saying that "the Free State intends to enter into direct diplomatic relations with the United
States, besides having a special commissioner in London." He added that "Ireland already has industrial
representatives in the United States, France, Belgium, Holland, Germany, Italy and Spain." Mr.
Fitzgerald explained that "their chief function was
to watch the Free State's legal interests and to conduct minor negotiations."
Most of the comment abroad and in this country
on the British trade figures for November have
been favorable. They disclosed a larger volume of
business both in and out of the United Kingdom.
Compared with October there was an increase in
total exports of £6,054,006 aLd in imports of £10,585,471. Exports were £2,911,9•9 larger than for the
corresponding month of 1921, while imports expanded £5,341,205. In each instance there was an increase in the excess of imports of considerably more
than 0,000,000. Gradually this situation will be
rectified. The returns for November and the first
eleven months of this year compare as follows with
those for the corresponding periods of last year:
imports
Exports
Re-exports
[VoL. 115.
BRITISH EXPORTS AND IMPORTS. •
-Month of November- -Jan.1 to Nov.301922.
1922.
1921.
1921.
£95,600,000 £89,258,795 £909,156,825 £1,001,566,061
66,490,000
9,140,000
62,894,842
9,823,199
661,612,610
95,290,677
643,821,53t
97,848,481
Total exports
£75,630,000 £72,718,041 £756,903,287
£741,670,013
Excess imports
£19,970,000 £16,540,754 £152,253,538
£259,896,04&
According to a recent cablegram from London, the
Imperial Bank of India has raised its discount rate
from 5% to 6%. The 5% rate had been in effect
since Oct. 26, prior to which the rate was 4%. On
Dec. 15 the Bank of Bombay at Bombay and the
Bank of Bengal at Calcutta advanced their discount
rates from 5% to 6%. Aside from these changes,
official discounts at leading European centres continue to be quoted at 10% in Berlin; 53/2% in Madrid;
5% in France, Denmark and Norway; 43/2% in Belgium and Sweden; 4% in Holland; 332% in Swi4erland and.3% in London. Open market discounts
at the British centre were slightly firmer, there having been an advance to 2 9-16@24% for sixty and
ninety-day bills, as against 2 7-16@23/ last week.
%
2
Call money in London, however, remained at 131%,
unchanged. In Paris the open market discount rate
has not been changed from 43/2%, nor in Switzerland from 2%.
A nominal reduction in gold was shown by the
Bank of England, in its weekly statement, namely
£327, and there was a loss of £98,000 in total reserve, as a result of an increase in note circulation
amounting to £97,000. However, heavy reductions
were reported in the deposit items, so that the proportion of reserve to liabilities advanced from 16%%
a week ago to 183,%, which compares with 144%
last year and 94% in the same week of 1920. Public
deposits fell £1,030,000. "Other" deposits decreased £11,782,000, while loans on Government
securities were reduced £12,965,000. In loans on
other securities an increase of £292,000 was reported
The bank's stock of gold now stands at £127,446,441,
as against £128,437,271 last year and £126,811,532 in 1920. Total reserve aggregates £22,731,000.
This compares with £22,152,821 in 1921 and £14,025,142 a year earlier. Circulation is £123,160,000,
as against £124,734,450 last year and £131,236,390
in 1920, with loans at £66,122,000, in comparison
with £80,682,795 in 1921 and £72,206,889 the year
prior to that. No change has been made in the
Bank's minimum discount rate from 3%. Clearings through the London banks for the bank week
totaled £592,289,000. A week ago. they were £743,082,000 and last year £734,399,000. We append
a statement of comparisons of the principal items of
the Bank of England's returns for a series of years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
Dec. 13.
Dec. 14.
Dec. 16.
Dec. 17.
Dec. 18.
Circulation
123,160,000 124,734,450 131,236,390 90,299,620 68,963,400
Public deposits
10,112,000 13,858,179 19,400,584 21,538.293 28,868,255
Other deposits
113,771,000 140,869,430 126,069,985 126,311,507 143,884,583
Governm't securities 53,927,000 69,7 9,630 77,122,702 68,188,552 69,255,516
Other securities
66,122,000 80,682,795 72,206,889 76,860,193 93,217,685
Reserve notes dr coin 22,731,000 22,152,821 14,025,142 19,649,227 28,091,311
bullion__ _127,446,441 128,437,271 126,811,532 91,498,847
Coin and
78,604,711
Proportion ofreserve
to liabilities
18%
9%%
14%%
1334%
18%
Bank rate
3%
5%
7%
6%
5%
The Bank of France in its statement this week
reports a further small gain of 126,000 francs in
the gold item. The "Chronicle's" special cable
shows that while the stock of gold in hand was
augmented by 33,726,006 francs, holdings abroad
THE CHRONICLE
DEC.16 1922.]
were reduced 33,600,006 francs. The Bank's gold
holdings are thus brought up to 5,534,530,825 francs,
comparing with 5,524,121,895 francs at this time
last year and with 5,499,044,859 francs the year
previous; of the foregoing amounts 1,864,367,050
francs were held abroad in 1922 and 1,948,367,056
francs in both 1921 and 1920. During the week,
silver gained 195,000 francs, bills discounted increased 2,571,000 francs, advances rose 39,303,000
francs and general deposits were augmented by
5,661,000 francs. Treasury deposits, on the other
hand, fell off 11,178,000 francs. Note circulation
took a favorable turn, a contraction of 313,932,000
francs being registered. The total of notes outstanding is now 36,070,029,000 francs, contrasting
with 36,407,132,475 francs on the corresponding
date last year and with 37,509,197,420 francs in 1920.
Just prior to the outbreak of war,in 1914, the amount
was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in both 1921
and 1920 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Dec. 14 1922. Dec. 15 1921. Dec. 16 1920.
for Week.
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
In France
Inc. 33,726,006 3,670,163,775 3,575,754,838 3,550,677,803
Abroad
Dec. 33,600,006 1,864,367,050 1,948,367,056 1,948,367,056
Total
Inc.
126,000
Inc.
Silver
195,000
Bills discounted_ _ _ Inc.
2,571,000
Advances
Inc. 39,303,000
Note circulation_ _Dec. 313,932,000
Treasury deposits_Dec. 11,178,000
General deposits_ _Inc. 5,661,000
5,534,530,825
288,837,000
2,267,299,000
2,256,671,000
36,070,029,000
17,355,000
2,124,288,000
5,524,121,895
279,448,665
2,347,515,427
2,289,237,780
36,407,132,475
42,347,826
2,446,282,737
5,499,044,859'
264,468.350
3,255,933,739
2,208,938,041
37,509,197,420
110,074,704
3,542,463,820
The Imperial Bank of Germany has issued as of
Dec. 7, another of the sensational statements which
have become so frequent in recent months. The
latest returns show increases running into billions
of marks in nearly all of the principal items. The
largest was an expansion in note circulation in the
huge sum of 92,808,176,000 mks., which brings
the total of outstanding notes up to the colossal
figure of 846,313,038,000 mks. In the corresponding week of 1921 notes in circulation stood
at 101,789,634,000 mks. and a year earlier at 64,684,655,000 mks. Treasury loan and association
notes increased 61,511,180,000 mks., bills of exchange
and checks 34,251,157,000 mks., discount and treasury bills 54,464,080,000 mks., advances 50,259,045,000 mks., other assets 10,837,499,000 mks. and
deposits 16,359,328,000 mks. Only 3,904,000 mks.
increase was reported in notes of other banks and
with 1,627,787,000 mks. increase in other liabilities.
Investments were reduced 13,758,000 mks. Total
coin and bullion registered a gain of 274,000 mks.,
while gold fell off 1,000 mks. The Bank's stock
of gold is reported as 1,004,847,000 mks., in comparison with 993,697,000 mks. a year ago and 1,091,561,000 mks. in 1920.
The Federal Reserve Bank statement, issued on
Thursday, showed a recovery of part of the gold
lost last week, and a contraction in rediscounts,
thus indicating a falling off in commercial demands.
For the system as a whole gold reserves expanded
$16,000,000. At the same time portfolios showed
shrinkage, total bills on hand falling $49,000,000,
to $922,330,000, which compares with last year's
total of $1,252,568,000. Earning assets and deposits were materially reduced, but Federal Reserve
notes in circulation expanded $18,000,000. At the
New York institution gold remained about the
same, but here also the total bills on hand declined,
namely by $31,000,000, to $235,106,000, in cent-
2619
parison with $258,515,000 a year ago. Reductions
were reported in earning assets and deposits, with
$2,000,000 decrease in the volume of Reserve notes
in circulation. Shrinkage was also shown in member
banks' reserve account, which fell $24,000,000, to
$680,828,000 at New York, and $26,000,000, to
$1,817,744,000 for the system. As a result of these
changes reserve ratios were strengthened, that of
the twelve reporting banks being advanced 0.8%,
to 75.1% and that of the local bank 2.3%, to 80.4%.
Saturday's statement of New York Clearing House
banks and trust companies made a more favorable
showing and the most noteworthy feature was the
wiping out of the deficit in the required reserves
and the restoration of a substantial surplus. Loans
were reduced $29,113,000, while demand deposits
fell no less than $66,562,000 to $3,791,481,000,
a total which is exclusive of $57,029,000 in Government deposits. Time deposits were also smaller,
declining $1,776,000 to $433,186,000. Cash in
own vaults of members of the Federal Reserve Bank
expanded $2,271,000 to $58,521,000 (not counted
as reserve). Reserves in own vaults of State banks
and trust companies were likewise increased, namely,
$103,000, but a decline of $441,000 was shown in
the reserve of these institutions kept in other depositories. Member banks again added to their
reserve credits at the Reserve Bank, this time no
less than $22,260,000, and this in conjunction with
the contraction in deposits brought about a gain
in surplus of $30,618,600, which after eliminating
the existing deficit left excess reserve of $23,146,410.
The above figures for surplus are based on reserves
above legal requirements of 13% for member banks of
the Federal Reserve System, but do not include cash
in vault amounting to $58,521,000 held by these
banks on Saturday last.
That call money at this centre was both quotably
and actually easy could not be disputed. The supply appeared to be well in excess of the demand from
all sources. This was best evidenced by renewals
as low as 4% and by quotations on new loans below
that level. Time money was W lower at 4%7 on
0
I%
small and special loans, although 5% continued to
be the prevailing rate. As a matter of fact, the market at that figure was largely nominal. These conditions were the more significant in the light of the
fact that yesterday the Government withdrew $67,000,000 from local institutions in preparation for
the heavy disbursements of the Treasury. They
totaled $1,000,000,000, consisting of $700,000,000
maturing Victory notes, $200,000,000 maturing
Treasury certificates, and approximately $100,000,000 in interest on Liberty bonds and Victory notes.
Of course, these payments were offset in part by tax
receipts, present balances in banks and the proceeds
from the recent short-term loan of $700,000,000.
December interest and dividend disbursements are
estimated at $322,245,904, against $301,951,400 in
December last year. The money market continues
extremely puzzling. Although the statement has
come from a seemingly authoritative source that
brokers' loans here at the lowest level recently were
only about $150,000,000 below the peak, and although the volume of business throughout the country is reported to be on a large scale in most lines,
money was extremely easy. Last week, with practically the same conditions, the tendency was in the
2620
[VoL. 115.
THE CHRONICLE
There have been no changes this week in Federal
opposite direction. Because of the recent declines
in bonds and the low rates for call money, nearly all Reserve Bank rates. The following is the schedule
departments of the bond market showed distinct of rates now in effect for the various classes of paper
improvement. Several new issues of good size were at the different Reserve Banks:
brought out and met with a ready market, according
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT DECEMBER 15 1922.
to definite statements in investment circles. • Others
are expected in the near future. Those who have had
Discounted bills maturing
within 90 days (ma. member banks' 15
-day collateral
the $50,000,000 Cuban loan in hand were quoted a
AgriculBankers'
notes) secwed by—
Trade tural and
accepfew days ago as saying that all but a few "details"
Treasury
accep- live-stock
Federal Reserve
tances
notes and U. S.
paper
Other- discounted lances
Bank of—
have been arranged. No announcement has been
maturing maturing
bonds
for
cerlifiwise
cates of
and
within 91 to 180
secured member
made of the filing of bids by the three or four groups
indebtdays
Victory
and
banks
90 days
edness
notes unsecured
of New York bankers that are said to have been in
4
4
4
4
4
4
negotiation with the Cuban Government regarding Boston
4
4
4
4
4
4
New York
4%
4%
4%
4%
Philadelphia
4%
4%
this much discussed piece of financing, but it was Cleveland
434
4%
4%
4%
454
454
4%
454
4%
4%
434
434
stated in a Washington dispatch last evening that Richmond
4%
434
4%
4%
4%
Atlanta
434
4%
4%
4%
454
4%
434
Chicago
an American loan for the above amount had been St. Louis
454
4% .
4%
454
4%
434
4%
4%
4%
4%
434
4%
Minneapolis
approved by the United States Government.
434
434
4%
Kansas City
434
456
436
Dallas
San Francisco
434
4%
4
4%
4
4%
4
434
454
Referring to money rates in detail, loans on call
have ranged this week between 3%@5%, which
The sterling exchange market again attracted widecompares with 4@5% a week ago. Monday spread attention by a further sensational advance
43/2% was the highest quoted, with renewals at 43% of nearly 12 cents in the pound, which carried the
and 43% the low. There was a drop to 3% quotation for demand this time up to 4 69—the
on Tuesday, although the renewal basis was still highest level touched since the spring of 1919, and
43%, which was also the maximum. On Wednes- only 17 cents under par. It should, however, be
day call funds did not get above 4%; the low was noted that the extreme high point was maintained
4
33 % with 4% the ruling figure. A flat rate of 4% merely for a brief period, profit taking sales bringing
prevailed on Thursday all day, this being the high, about a swift reaction downward to 4 63 or therethe low and the renewal basis. Friday a firmer abouts. Almost from the start price levels showed
tone was noted, so that while renewals were again strength and, as was the case a week ago, new high
negotiated at 4%, the minimum, there was an ad- levels were established on several successive days.
vance to 5% late in the day. Offerings were fairly On Tuesday and Wednesday the rate shot up with
liberal but the inquiry was not particularly active. startling rapidity, gains of more than 5 cents at a
The above figures apply to mixed collateral and all-in- time being recorded on both days. The same general
dustrial loans alike. In time money also a slightly tendencies were at work as in the preceding .week,
easier trend developed and early in the week fixed- and the prime market influences were said to be
date loans were quoted at a range of 4%%@5%, light offerings of commercial bills, an active inquiry
as against 5% last week. The demand, however, for sterling for making remittances abroad and the
was light; with the result that although offerings receipt of materially higher London cable quotations,
were in freer s,upply, no really important loans were which encouraged the belief that British interests
put through and the market was a dull affair.
were taking an optimistic view of exchange condiCommercial paper was not active, the supply of tions and in turn made for substantial improvement
high grades being still inadequate to meet all require- in the local market. Trading was active for the most
.
ments; hence transactions attained only moderate part, with total transactions on a larger scale than
proportions. Sixty and ninety days' endorsed bills for quite some time. While speculative interests, at
receiveable and six months' names of choice charac- least in this market, took only a small part in the
/
,@4%%, unchanged. Names week's operations, it is understood that a number of
ter remain at 4 2
not so well known require 4V 5%, the same as dealers who had been heavily short of the market
t@
heretofore.
have again been badly "squeezed." In the latter
Banks' and bankers'acceptances were dealt in to a part of the week the m.arket followed the usual course
moderate extent. Both local and out-of-town insti- after so spectacular a rise; that is, recession set in,
tutions continue in the market, but the supply of induced by profit taking sales and the final range
prime names was not large and this served to restrict was at 4 63 3-16@4 65/.
trading. The undertone was slightly easier, though
As was to be expected, the remarkable strength disactual quotations remain without change. For played by sterling price levels constituted the chief
call loans against bankers' acceptances the posted topic of discussion in banking circles this week and
rate of the American Acceptance Council has been interest seemed to centre upon the question as to
reduced to 3%%, against 43/2% a week ago. The whether the advance was likely to be permanent,
Acceptance Council makes the discount rates on and, if so, how much further it would go at the presprime bankers' acceptances eligible for purchase ent time. A very considerable body of opinion in1
4% bid and 4% clines to the view that British currency is now defiby the Federal Reserve banks 4.
running 30, 60 and 90 days; 43% nitely out of reach of European political developasked for bills
bid and 4% asked for bills running for 120 days and ments and in a class by itself, and predictions are
432% bid and 43% asked for 150 days. Open heard of a return to par in the very near future.
Rumors that the advance is being engineered for
market qqotations were as follows:
political purposes are seemingly discredited as withSPOT DEUVERY.
30 Days.
60 Days.
90 Days.
out foundation, but it is generally felt that the rise
43460
Prime eligible bills
43404
41i1g4
is in some measure the result of operations on the part
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
'Pi bid of the British Government, which is now preparing
44 bid
Eligible non-member banks
in dead earnest to meet its wartime obligations and
DEC.16 1922.]
THE CHRONICLE
pay off outstanding debts to the United States.
Most of the buying of late has undoubtedly come from
British sources and the claim is made that Great
Britain is straining every nerve to lower the cost of
this undertaking as much as possible. It is pointed
out also that gold continues to flow to America, while
the large reserve fund already accumulated here is
being steadily augmented by the purchase of dollar
credits. One of the theories advanced is that England plans to use this fund to maintain price levels
with a view lb restoring a free gold market as soon as
practicable. While all this is of course largely conjectural, it nevertheless served to bring about a
feeling of optimism which aided in advancing quotations. So marked a rise at a time when rates usually
recede could not fail to excite curiosity, although it
lends color to the views just outlined. On the other
hand, the more conservative element draw attention
to the fact that international affairs are still in an apparent state of flux, and that notwithstanding the
improvement in Britain's trade position, there is still
much to be done before normal conditions are actually
restored; hence occasional reactions of more or less
severity may be encountered. Much will depend,
however, upon the progress made in adjusting the
reparations question and the Turkish problem. An
explanation put forth which received some credence
was that the British Government was bringing pressure to bear on her debtors for the payment of interest on outstanding obligations and that this was
bringing France and Italy into the market for the
purpose of accumulating sterling. Toward the close
of the week predictions became general that a resumption of old-time arbitrage transactions between
London and New York might reasonably be expected early next year, in the event, of course, that
continued progress is made in the direction of higher
levels.
As regards the day-to-day rates, sterling on
Saturday last was firm and fractionally higher,
with demand at 4 56 13-16@4 57 1-16, cable transfers at 4 57 1-16@4 57 5-16 and sixty days at
4 54 11-16@4 54 15-16; trading_ was quiet. On Monday price levels again shOt upward and a new high
of 4 593-16 was established for demand; the low
%
was 4 563 , while cable transfers ranged at 4 57@
4 59 7-16 and sixty days at 4 54 8@4 57 1-16;
/
better foreign news was mainly responsible for the
strength. A spectacular advance of nearly 5 cents
took place on Tuesday, which carried demand up to
4 59%@4 63%, cable transfers to 4 597 3@4 63/s
/
and sixty days to 4 573'@4 603; most of the buying
emanated from abroad, while light offerings and
short covering were featured in the rise. Wednesday's market witnessed a further sensational rise of
more than 5 cents, with the range 4 633@4 69
for demand, 4 633/@4 69% for cable transfers and
2
4
4 61•A@4 667 for sixty days. A reactionary tendency developed on Thursday, mainly on profit
taking sales and rates declined to 4 633/2@4 663 for
demand, 4 633%@4 663/ for cable transfers and
4 61 1-16@4 63% for sixty days. On Friday the
market was a trifle easier but quotations were not
materially changed, so that demand covered a range
/
of 4 63 3-16@4 653 8, cable transfers 4 63 7-16@
4 65% and sixty days 4 61 1-16@4 63 8. Closing
quotations were 4 62 1-16 for sixty days, 4 64 3-16
for demand and 4 64 7-16 for cable transfers. Commercial sight bills finished at 4 63 15-16, sixty days at
4 61 3-16, ninety days at 4 60 13-16, documents for
2621.
payment (sixty days) 4 61 9-16, and seven-day grain
bills 4 63 3-16. Cotton and grain for payment
closed at 4 63 15-16.
Gold in large volume was received this week.
The consignments included $3,500,000 on the Majestic and $1,450,000 on the Berengaria, both from
England, mainly in gold bars, and $850,000 on the
Paris from Havre. The Berengaria also brought
4,000,000 francs in gold from Cherbourg. Gold
coin valued at $13,330 in the form of Turkish gold
pounds and Russian gold rubles arrived from Constantinople on the SS. Ossa. From South America
the Baracoa brought 21 gold bars and several small
consignments of gold and platinum.
Continental exchange was more or less in neglect
this week and while values to some extent benefited by the rise in sterling, trading was dull and
featureless, and changes in rates confined to a few
points in either direction. This was not unnatural
in view of the uncertainty still existing as to the
outcome of the reparations negotiations; also the
Near East question. However, rumors became
generally current later in the week that the European
situation was clearing up and that prospects of an
early adjustment of the Near East problem had
greatly improved. Moreover,, the belief is gaining
ground that,a compromise agreement will be reached
whereby Germany will be granted not only a short
moratorium but a reduction in the amount of indemnity payments still to be made, this consummation to be reached by means, of a partial concellation of Nyar debts on the part of. Great Britain.
The conviction is growing that some such program
is the only way out of the present impasse that has
so long prevented, a return. to normal international
trade conditions. At the extreme close prices firmed
up and francs made a notable gain.
Owing to the failure to arrive at any definite
conclusions at Lausanne, operators here continue
to maintain an attitude of extreme caution. French
and Belgian exchange moved within comparatively
narrow limits until yesterday, when there were advances of 23 to 26 points on intimations from Washington that the United States intended to participate
in war debt adjustments. The extremes for the week
were 7.48, 7.00 and 6.883/ and 6.41, respectively.
Italian lire hovered between 5.0532 and 4.99. German currency rallied late in the week and closed at
0.156. Greek exchange was steady and slightly
higher, while exchange on the Central European countries remained at or near the levels.
of the previous week, with the exception. of Polish,
marks, which registered another new low record.
The London check rate in Paris closed at 63.55,
as compared with 64.40 a week ago. In New York
sight bills on the French centre finished at 7.483,
against 7.113; cable transfers at 7.493, against
7.123; commercial sight at 7.4634, against 7.093',
and commercial sixty days at 7.43M, against 7 Q3/
.
. 2
.
last week. Closing rates for Antwerp francs were
6.883' for checks and 6.893/ for cable transfers.
Last week the close was 6.553' and 6.563/. Reichs2
marks finished at 0.0156, for both checks and cable•
transfers as against 0.013 a week earlier. Austrian
kronen closed at 0.00014% (one rate), against
0.00014. For lire the final quotation was 5.041 for4
bankers' sight bills and 5.053' for cable remittances,
in comparison with 5.0234 and 5.0334 the preceding week. Exchange on Czechoslovakia finishedi
2622
(VOL. 115.
THE CHRONICLE
at 3.06, against 3.173/2; on Bucharest at 0.62, against
0.623/; on Poland at 0.00057, against 0.000573/, and
2
2
on_,,Finland at 2.52, against 2.53. Greek drachma
gained ground and advanced to 1.25 for checks and
1.29 for cable transfers, but receded and finished at
1.13 and 1.18, which compares with 1.18 and 1.23
last week.
Movements in the former neutral exchanges were
more closely parallel to those in sterling than those
at other Continental centres. This is especially
true of guilders and of some of the Scandinavian
exchanges, which scored substantial gains, bringing
these currencies to very close to a normal parity.
Fairly active buying was noted, though much of it
was said to be speculative in character. Spanish
pesetas were also strong and closed higher.
Bankers' sight on Amsterdam,after having touched
40.06, receded and closed at 39.93, against 39.77;
cable transfers at 40.02, against 39.86; commercial
sight at 39.88, against 39.72, and commercial sixty
days at 39.57, against 39.41 a week ago. Swiss
2
francs finished at 18.953/ for bankers' sight bills and
for cable remittances, which compares with
18.973/2
18.83 and 18.85 last week. Copenhagen checks
closed at 20.85 and cable transfers at 20.89, against
20.58 and 20.62. Checks on Sweden finished at
26.89 and cable transfers at 26.91, against 26.94
and 26.98, while checks on Norway closed at 19.08
and cable transfers at 19.21, against 19.01 and
19.05 a week earlier. Closing rates on Spanish
pesetas were 15.72 for checks and 15.73 for cable
remittances. This compares with 15.54 and 15.55
last week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922, DEC. 9
TO DEC. 15, INCLUSIVE.
12.45 the previous week. Chilean exchange opened
unchanged, but turned strong and closed at 12.75,
against 12.20, while Peru remains at 4 19, unchanged.
The Far Eastern exchanges were not materially
altered, with the exception of rupees, which scored
advances to new high records in sympathy with the
A
strength in sterling. Hong Kong closed at 537 @
541
4 against 541%@549 t; Shanghai, 723©v723/2,
against 72@723; Yokohama, 48N@49, against
48%@49; Manila, 49%@495 (unchanged); SingaA
4
pore, 541 @54%, against 5332@53%; Bombay,
3
30%@31, against 303/et30V and Calcutta, 313/@
2
2
t,
8
31,against 301%@303/.
The New York Clearing House banks in theii
operations with interior banking institutions, have
gained $4,269,686 net in cash as a result of the currency movements for the week ending Dec. 14.
Their receipts from the interior have aggregated
$5,789,786, while the shipments have reached $1,520,100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Banks'interior movement
Into
Banks.
Out of
Banks.
$5,789,786
Week ending Dec. 14.
$1,520,1001 Gain $1,269,685
Gain or Loss
to Banks.
As the _Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE DANK
AT CLEARING HOUSE.
Saturday, Monday,
Dec. 11.
Dec. 9.
Tuesday, Wednesd'y, Thursday, Friday,
Dec. 12. Dec. 13. Dec. 14. Dec. 15.
A goregate
for Week.
51,000,000 64,000,000 53,000,000 59,000,000 59,000,000 75,000,000 Cr. 361,000,000
. Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary Unit.
EUROPE
Austria, krone
Belgium,franc
Bulgaria, lev
Czechoslovakia, krone_ _
Denmark, krone
England, pound sterling
Finland, Markka
France, franc
Germany,reichsmark
Greece, drachma
Holland, guilder
Hungary,krone
Italy, lire
Jugoslavia, krone
Norway, krone
Poland, mark
Portugal, escuda
Rumania,leu
Serbia, dinar
Spain, peseta
Sweden, krona
Switzerland,franc
ASIA
China. Chefoo tadl
" Ffankow tadl
Shanghai tael
Tientsin tadl
Hongkong dollar_
Mexican dollar_ _ _ _
Tientsin or Pelyang
dollar
" Yuan dollar
India, rupee
Japan, yen
Singapore (S. S.) dollar
NORTH AMERICA
Canada,dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar_
SOUTH AMERICA
Argentina, peso (gold)
Brazil, murals
Chile, Peso (paper)
Uruguay, peso
Dec. 9. Dec. 11. Dec. 12. Dec. 13. Dec. 14. Dec. 15.
.000014 .000014 .000014 .000014 .000014 .000014
.0648
.0655
.0653
.0656
.0661
.0669
.006983 .00695 '.0070
.007067 .006783 .006967
.031747 .031681 .031661 .031228 .030769 :4442003809
.2062 , .2062
.2080
.2099
.2087
4.5706 4.5860 4.6217 4.6799 4.6526 4.6401
.025238 .025188 .025169 .025175 .025075 .025175
.0715
.0707
.0710
.0713
.0718
000120 .000120 .000121 .000126 .000131073142
:0
00
.011686 .012043 .013414 .013429 .012471 .011986
.3982
.3986
.4000
.4013
.4005
.4004
.000433 .000431 .000432 .000131 .000431 .000433
.0502
.0504
.0499
.0502
.0503
.0504
.003347 .003342 .003253 .003141 .093109 .002963
.1909
.1891
.1900
.1924
.1906
.1906
.000057 .000056 .000057 .000057 .000056 .000055
.0434
.0425
.0438
.0438
.0436
.0432
.006238 .006228 .006216 .006188 .006166 .006141
.013129 .0134
.013071 .012721 .012486 .011843
.1554
.1555
.1563
.1578
.1570
.1573
.2697
.2632
.2695
.2696
.2693
.2692
.1884
.1882
.1894
.1900
.1899
.1898
.7433
.7425
.7157
.7483
.5375
.5229
.7425
.7417
.7155
.7475
.5380
.5256
.7375
.7367
.7127
.7433
.5364
.5235
.7400
.7392
.7146
.7450
.5377
.5254
.7392
.7383
.7123
.7442
.5352
.5225
.7375
.7367
.7084
.7425
.5330
.5221
.5383
.5308
.3024
.4871
.5300
.5450
.5367
3038
.4873
.5300
.5442
.5358
.3061
.4878
.5317
.5442
.5367
.3103
.4895
.5325
.5392
.5317
.3085
.4896
.5300
.5433
.5300
.3083
.4893
.5325
.998681
.999188
.48475
.995781
.996507
.999609
.48425
.993984
.994201
.999063
.48325
.991406
.994139
.999188
.486525
.991563
.995694
.999375
.484792
.993594
.996055
.999125
.485875
.993828
.8533
.1224
.1204
.8395
.8530
.1205
.1218
.8386
.8556
.1195
.1221
.8443
.8612
.1202
.1245
.8461.
.8580
.1209
.1238
.8470
.8599
.1209
.1261
.8496
As to South American quotations the tendency
was in sympathy with improvement elsewhere and
the close *as strong with Argentine currency up
%
1
to 38. for checks and 383.1 for cable transfers,
with the close .37% and 38, against 37.65 and 37.75
a Week ago. Brazilian exchange, however, was 'a
trifle easier, finishing at 12.25 for checks and 12.30
for cable traiisferS, in comparison with 12.40 and
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions. They represent only one side of the account, as checks
drawn on the Reserve Bank itself are presented directly to the bank and never
go through the Clearing House.
The following table indicates the amount of bullion in the principal European banks:
Dec. 15 1921.
Dec. 14 1922.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
128,437,271
127,446,441 128,437,271
England_ 127,446,441
154,190,194
France _ a _ 146,806,551 11,520,000 158,326,551 143,030,194 11,160,000
602,650 50,287,500
Germany _ 50,110,780 7,050,300 57,161,080 49,684,850
Aus.-Hun _ 10,944,000 2,369,000 13,313.000 10,944,000 2,369,000 13,313,000
100,927,000 25,926,000 126,853,000 100,383,000 25,121,000 125,504,000
Spain
35,039,000 3,024,000 33,063,000 33,769,000 2,969,000 36,738,000
Italy
679,000 51,176,000
722,000 49,205,000 50,497,000
NetherPds. 48,483,000
12,276,000
Nat. Belg_ 10,757,000 2,094,000 12,851,000 10,663,000 1,613,000 26,405,000
Switzlancl. 21,277,000 4,536,000 25,813,000 21,805,000 4,600,000
15,274,000
15,225,000 15,274,000
Sweden __ _ 15,225,000
217,000 12,902,000
252,000 12,934,000 12,685,000
Denmark _ 12,632,000
8,115,000
8,183,000 8,115,000
Norway_ _ 8,183,000
634,617,965
Total week 587,880,772 57,493,300 145,374,072 535,287,315 49,330,650(334,673,620
Prey. week 586,398,109 57,407,950643,806,059 585,253,870 49,419,750
exclusive of £74,574,682
a Gold holdings of the Bank of France this year are
held abroad.
HOW THE FEDERAL BUDGET FOR 1924 WAS
PREPARED.
documentary information has now been
Sufficient
promulgated by the Government to show the intimate processes whereby the national Budget for
1924 was prepared and submitted to Congress. In
view of the fact that the preparation of the Budget
involves the ultimate expenditure of public moneys,
which expenditures must, in turn, be met by the imposition of taxation upon every form of human endeavor, it may not be without interest to point out
some of the salient features of the preparation of this
Budget.
DEC. 16 1922.]
THE CHRONICLE
2623
In the first place, the President of the United usual order. In the past the departments had to be
States, acting as head of the business organization shown that they did not need certain funds. This
of the Government,at the beginning of the fiscal year stroke of General Lord has brought into the financial
last July, called together in open meeting all of the administration of the Government a new element of
officials of the Government (comprising about one financial control which no doubt will have a most
thousand) having any connection with its financial salutary effect.
When the final revised estimates were submitted in
operations. At this meeting the President made a
review of the financial operations for 1922 September, the Board of Estimates called before
general
and 1923, and outlined the policies which would gov- them the various departmental officials and openly
ern the preparation of the Budget for 1924, the chief examined them with reference to the various items of
feature of which was that the Budget would not con- proposed expenditure of public funds. These heartain estimates of appropriations the total of which ings were supplemented by further investigations
would exceed the estimated receipts, which figure he and analyses. There were also numerous conferthe announced. He was followed by the Director of ences with the Cabinet heals and with the President.
the Budget, General Lord, who explained the policy These proceedings continued from Sept. 15 to about
of the President in detail, and urged upon the offi- the middle of November before the final figures for
cials the necessity for close co-operation in making •each item of appropriation had been arrived at. The
final revised total of the estimates of appropriations
retrenchments.
About this time the Bureau of the Budget sent out showed a further cut by the Bureau of the Budget,
a call for the submission by all of the departments upon the approval of the President, of about $180,and establishments of tentative estimates of appro- 000,000. The grand total of reductions in the estipriations on or before Aug. 1 1922. These were not mates submitted by the departments was $480,000,required in detail, but were to be group totals. In 000. These are the figures made public by Mr. Madthe meantime there had been organized in the Bureau den on the floor of the House when he spoke on the
of the Budget a Board of Estimates, composed of the Treasury Bill. Under the procedure before the adopDirector of the Budget and four of his assistants. tion of the Budget system, all of these items would
Operating under each member of the Board were have gone to Congress for consideration and many
groups of departmental investigators. These inves- more additional.
From Nov. 15 to Dec. 2 the Bureau of the Budget
tigators are the field experts of the Bureau of the
a large part of their time was engaged upon preparing the Budget for the
Budget, and they spend
studying and investigating in the departments them- printer for submission to Congress by the President
selves the financial plans and procedure of the va- on Dec. 4.
A simple recital of the steps by which the Budget
rious bureaus and offices in the departments assigned to them. For example, a member of the Board was prepared shows in itself the commanding posiof Estimate was assigned to the Department of Agri- tion of the President in the administration of naculture and the Department of the Interior. Under tional finance under the Budget system. The Bureau
him were two investigators, each covering one of of the Budget is the only agency of the Federal Government that can take the point of view of the taxthese departments.
When the tentative estimates were submitted on payer and devote his whole energy towards holding
Aug.1 it was found that the total requests for appro- down the expenditure of public moneys. As an inpriations for the whole Government exceeded the es- strumentality of the President, it speaks with the
timated revenues by several hundred millions of dol- authority of the President himself. Under our syslars. Director Lord, with his Board of Estimates tem of government, however, with Congress in absoand the investigators, in order to carry out the an- lute control over every phase of financial policy, the
nounced policy of the President, went over each item future of the Budget system depends largely upon
•of these estimates and cut them down somewhat be- the proportion of respect which Congress will give to
low the total of the estimated receipts. These cuts the decisions of the President, arrived at through the
were carefully and intelligently made. The figures operations of the Bureau of the Budget.
The Budget once prepared as the financial policy
were then laid before the Prseident, who, upon the
of the of the Administration,and based upon a most careful
basis of the investigations of the Bureau
Budget, ordered the prospective revenueA 'to be ten- analysis of the needs of the Government, should be
tatively apportioned to the several departments and considered by Congress in a different light from the
establishments upon the basis of the provisional fig- old Book of Estimates, which was nothing more than
ures arrived at by the Director of the Budget. This a miscellaneous hodgepodge of gross departmental
was done and the departments so notified, but in requests for funds. The chief danger to the Budget
order, however, to guard against unforeseen disas- at the hands of Congress does not lie so much in pos(
trous effects upon any Government service, the de- sible increases in departmental requests except as to
were permitted, upon public works, and rivers and harbors improvements,
partments and establishments
the submission of their final estimates on Spt. 15, to etc.); nor in decreases below the actual needs of desubmit also supplemental estimates with a view of partments (such reductions are met later by defiproviding for departmental activities not covered in ciency appropriations), but in enacting legislation
the provisional allotment of funds. The allocation, requiring expenditures to be made which were not
which form no
as ordered by the President, was about $300,000,000 contemplated in the Budget at all, and
of the Administration
less than the tentative estimates as first submitted part of the financial program
at the time the Budget was submitted. The Budget,
by the departments.
supplemental estimates, the no matter how carefully prepared, can be destroyed
With regard to these
deparmental officials were put on the defensive, and by an improvident Congress. Such new appropriaupset the unity and equilibrium of the Budget
the burden of proof was placed upon them to show that tions
operate without funds additional to and have a demoralizing effect upon the whole systhey could not
tem of financial administration.
those contained in the allotment. This reversed the
2624
THE CHRONICLE
[vou 115.
of what is called "liberal" or collegiate education,
JOHN WANAMAKER.
and whether that is not wasted rather than useful in
Several good and timely lessons can be drawn a business career, also whether the youth (of either
from the career of this man who has just'passed on, sex) to whom circumstances deny a "course" is or
crowned with years and usefulness. The first is the not our debtor for sympathy. Yet education of some
old one: "honor and shame from no condition rise, sort is as certain as growth to maturity, and every
act well your part"; here is more cumulative evi- course, of every kind,is only opportunity what is in
dence that this is the country of equal natural oppor- the youth will come out in the adult.
tunity and that grumbling at destiny and rancorous
Another lesson is that business itself is growing
envy of others ought to be kept out of it. A brick- and developing, and will keep doing so. Human
maker's son who loses his father when only 13 and wants increase in number and demand, discoveries
has to exchange the common school for odd-jobbing constantly widen, more materials and processes
about the brickyard is not born in the sunshine; this yield new products. The "banker" of to-day is more
one sturdily plodded on, rose to a clerk's job at $125 than a lender of money and a broker in credits;'he is
a week, saved up $2,000 before he was 21 years old, constructive and initiative, or unworthy of the title.
and went into a modest retail clothing business with Similarly, the merchant is more than a mere trader;
a partner, having a joint capital of $3,500. He never unless he is at least a helper of progress if not a
had a "union" to boost him or hold him back; his leader in it, he is unequal to his place.
union was of substantial qualities of personal character. Judged by magnitude of transactions, he was
THE VETERANS AND THE BONUS.
possibly not the greatest of American merchants, yet
Experience having proved that schemes for raids
he won both wealth and eminence. His predecessor upon the public treasury have more lives than a
here, A. T. Stewart, who went from teaching to trad- dozen cats, probably nobody is surprised that the
ing, was a prominent and successful merchant, but barely beaten bonus still has its partisans in the exMr. Wanamaker probably has the credit of develop- piring Congress and that even the old form of it
ing the "department" idea in merchandising, and threatens to reappear. One might, however, supthat may have led by a natural process into the fruit- pose that Mr. McCumber and Mr. Fordney, both deful "idea" which grew into the low-priced combina- feated men and defeated chiefly upon the bonus,
tion, whose great tower downtown, matched by the would have had enough. The former is a lawyer,
Metropolitan Life's great tower uptown, so con- and if he advised his clients no better than he advises
stantly proclaims the value of service and the en- the Treasury his practice would surely dwindle; the
lightened self-interest which helps itself to the full- latter is a lumber merchant, and successful as far as
est by striving always to give the most for the least, is known, yet if he assumed personal obligations as
instead of following the labor union idea of giving recklessly as he has striven to make the country asthe least for the most.
sume them he would be in danger of a swift insolMr. Wanamaker considered the buyer and thus vency. That men can be careful in their private afmade him friend and helper of the seller. He figur- fairs and dismiss reason in their attempted handling
atively kept himself on both sides of the counter. of public trusts is one of the phenomena of the time.
"Money back" he adopted early, if he did not originNothing new can be said upon this bonus raid,
ate it. He was, at least, a pioneer in thinking and which the "Chronicle" has fought from the first and
caring for employees; he adopted co-operation, he will fight to the last, and yet it cannot be quite disfounded a savings scheme; he devised insurances and missed. When Mr. McNider stormed away in assertinstruction classes; he was enthusiastic and active ing that he represented "millions" of ex-service men
to the last in every philanthropic and Christian work. and women and that not merely all the veterans, but
We discover phenomena, although even the wisest all the "people," wanted a bonus, he was obviously
cannot explain the least one of them; yet we are wrong in the nature of the case and was proven wrong
forced to have some theory of the universe, and must by the sturdy and honorable opposition in the vetertake the benevolentand progressive,or the malevolent an ranks. That opposition is now renewed by the writand degenerative, or the mechanical and indifferent. ten protest made to Mr. Fordney by the head of the
Mr. Wanamaker never hesitated over his own choice. Ex-Service Men's Anti-Bonus League, which is inThe little bits of homily, with their "Signed, John corporated and has headquarters at 19 West 44th
Wanamaker," which have so long had their regular Street. The letter to Mr. Fordney begins by admitplace in the daily advertisements of his store, may ting his sincerity and commending his desire to do
have caused amusement to the cynic, but they were something for ex-service men,and perhaps,in view of
quaint, kindly, and soundly wise. There is no better his singular persistence, he ought to be credited with
tribute to the personality of the man than that those sincerity and a desire to do good and debited only on
who knew him best loved him most; and that he went the score of practical common sense. He, and other
out of life here with a smile is both proof and result friends of the veteran in Congress, this letter tells
of his persistent optimism. An optimism which re- him, "have been led to believe things that are not
fuses to be shaken yet never omits to keep effort true."
linked to faith was surely never more needed and
Chief of those things, the writer of this protest benever had more promise in it than just now.
lieves, is the attitude of the proposed beneficiaries.
•
Another lesson is that the place of "business" in Of the four millions of ex-service men only a few
the scheme of human life is illustrated and approved. over 700,000 are American Legion members,"with an
The time has been when the learned professions, as immense shrinkage in sight" for January 1, when
they were called, were quite largely reckoned high- next year's dues will become payable, this shrinkage
est; yet man is body as well as soul, and can neither being largely because of the Legion's effort for the
rise nor endure without attention to both. All life is bonus. So the letter affirms, and this is in line with
consumption, reprodvtion, and not simply change figures of withdrawals and with published protests
but exchange. We are still discussing the just place at various dates through the active campaign which
DEC. 16 1922.]
THE CHRONICLE
2625
reform. Rome had made
ended with the veto in September. Repeated efforts ernment wrought no moral
re- the attempt to transfer the long moribund gods of
to get an individual poll of the Legion have been
as was their art and easy as
fused consideration by its leaders, proceeds Mr. Allen Greece, but, elegant
than a hundred were their morals, they had no reforming value, and
to Mr. Fordney, although more
in Rome's own grosser worship.
"posts" in the country have gone on record in oppo- were already sunk
turn was giving place to the assigning of disition. He confidently asserts that no bonus is This in
the Emperor, and what remnant of rewanted by the majority, but it is now proposed to vine honor to
ligion there was soon found its last asylum at the
put the matter to a straight test; the League intends
of the rustics; hence the "heathen." The
to make a poll and to give every opportunity for a hearths
poll are gods were gone.
full and unbiased expression. Plans for this
"The Oracles were dumb. No voice or hideous hum
now being perfected and will be pushed; meanwhile
roof in words deceiving.
Mr.Fordney is asked to refrain from introducing any ran through the arched
from his shrine could no more divine. Peor
bill prcposing gratuities to the uninjured, but is told Apollo
Temples dim, with that
that it would be to his "everlasting honor" if he and Baalim forsook their
twice battered god of Palestine. And sullen Moloch
would,instead, turn his efforts towards "relief of the
his burning idol. Nor is
disabled veteran as a class." To this reasonable and had left, in shadows dread,
insulting Osiris seen in Memphian grove or green. The brutish
courteous letter Mr. Fordney has sent an
Orus, the Dog Anubis"
reply, of which, when he regains his composure, he gods of Nile as fast. Isis and
is the picture that has come
—all were gone. This
may feel ashamed.
were worn out.
Once more we may be permitted to state, without down to us. The world's religions
Even the living faith of Israel was swallowed up in
expansion or argument,the reasons why any bonus to
Roman world and
the uninjured is indefensible. First, it is a violation the accepted rule of force in the
provision the universal wallow of greed and wealth and pleasof good faith and moral obligation, since
yet, when the angels
was made, by the insurance scheme of 1917, in lieu ure and hopeless misery. And
new day for the world
of all after-war compensation, and this was so ac- were summoned to herald the
the sudden word they
cepted and understood. Second, over 132 millions in in the birth of Christ, this was
"On earth peace to men of
bonds have already been issued or are in course of found on their lips.
find "good pleasissue, in a dozen States,for bonuses; a Federal bonus good will"; men in whom God shall
ure." This was echoed when Jesus's disciples were
would to that'extent be a duplication, and one fallas it
ing unequally, for it is a ghastly jest to pretend that told to "Go and make disciples of all peoples";
other lad been in His saying,"Other sheep have I which are
those who must pay a Federal levy are any
not
than the people in the several States. Third, a bo- not of this fold"; and when He commanded them
an injustice to the injured—for whom much to forbid the man who followed not with them; "for
nus is
has been done and more should be done, to the limit he that is not against you is with you." But the
of reasonable practicability—and is a diversion of word was new, and has been much forgotten since
funds which some of them have repeatedly and unan- then.
But if there were men of good will, for whom God
swerably protested against as such. Fourth, the
con- had special thought, in that day, how many more
• country is in no condition to assume a burden
cerning whose magnitude and duration nobody has 'there must be to-day! Calendars differ, but Christtried to do or can do more than guess. Fifth, such mas Day will come in all lands. Everywhere there
an undertaking would prolong and increase unem- are those who will greet it with gladness, not only
multiployment by darkening the outlook and discouraging His professed followers, but the unnumbered
benefi- tude who have been reached by His Gospel, and the
business commitments. Sixth, the proposed
s of Him,
ciaries, who unhappily seem incapable of seeing any- still greater host of those, all unconsciou
imaginary among whom are many, known to God, looking for
thing or thinking of anything except an
the deeper
largess of cash, would have to stand their share, with light, feeling their need, cherishing
the inevita- thoughts of their hearts, as they strive for such good
other earners and taxpayers, in bearing
Christble tax load; moreover, this load would be inequit- as they know. "Men of good will," to whom
appeal even though
ably distributed, falling upon not a few sufferers by mas Day brings a message and an
the war who would not be able to thrust out a, hat for they have not heard of Him whose name it bears. The
frivolous "Gaiety of Nations," here and there so
some of the dole.
•
conceal- lightly invoked, and such a bitter sarcasm when
The raid has seized and tried to wear the
ing mask of "adjusted compensation"; on the con- tossed from careless lips, gives place to the gladness
trary, is it not immovably true that the losses and of Christmas which returns each year with its promsufferings and burdens of the struggle have not been ise of peace on earth, and a joy which the world canand never can be equitably distributed in this mor- not but sing.
So Christmas Day awakens good will in countless
tal life and that a cash bonus to the unhurt would be
hearts and carriesjoy into thousands of happy homes.
so unadjusted as to be an offense against righteousMany will seek to share their happiness with othness?
ers who are less favored; and none care to forget the
distress of the world. The evils everywhere seem too
CHRISTMAS AND MEN OF GOOD WILL.
earth the great for remedy, and in the face of conditions diffiThat there were "men of good will" on
cult to fathom and impossible to change, apathy is
first Christmas day is an easily forgotten fact.*
taking the place of care. In such circumstances
It is true the world was at peace and the temple of
Christmas comes diffusing good-will. Sir Walter
Janus was closed; but despite the prevalent wealth
Raleigh said long ago of the function of the poets, of
and luxury, the world was in an evil state. The Emwhom in his time there were notable ones: "By espire had arisen upon the Roman Republic dying of
tablishing sentiments of admiration, love and hope
inward corruption and decay. The change of govthey establish a tradition that bridges over the
*The English translators of the Bible were hesitant to say so, and they treacherous currents and quicksands of time and
rendered the text in Luke's Gospel "Good will to men."
2626
•
THE CHRONI LE
[Von. 115.
fashion." In an even more effective way Christmas personal aggrandizement, these are the plagues
establishes an atmosphere of pleasant memories, which paralyze and defeat the Conferences. All men
kindly thoughts and helpful impulses, which give talk of naval and military disarmament, when moral
courage for facing trouble. God is in His world; disarmament is the supreme need. The rampant
and there are men of good will who look to Him and spirit that challenges any form of authority, whether
seek to do His will. Man has an indestructible im- concealed in mandate,in superior force, or even in orpulse to persist and to succeed. Life is full of prom- ganization or in knowledge, that,in its extreme form,
ise and charm. God made us for it; how could it, invites anarchy, and, in its impatient independence,
then, not be so? The.cheer of Christmas is for all, spells hatred and disorder. This finds no place at
as well the sad, the sorrowing. Yes, the sinful and Christmas. Hatred, envy and all uncharitableness
the sordid; even "Old Scrooge"found it to be. Christ- do not enter there. The family is the supreme ormas proclaims it. Good-will helps to doing good and ganization; its source is in the bosom of God, its
being good; pleasure awakening in us answers to authority is parental, its bond is affection, its pracpleasure in the heart of God.
tice is mutual respect, its result is strength and freeThe committee appointed during the war to in- dom and service, for lo e prevails, and love leads up
quire into the state of religion in the British Army to God.
reported as one of its findings"a practically universal
America has few ancestral homes, if they are to be
reverence for the beauty of Christ's character, cou- sought in ancient buildings; but it has, from the Atpled with an almost universal ignorance of any lantic to the Pacific, thousands of homes in which
method of relating Him to the moral life." This indi- Christmas once more will reopen the springs of the
cates the line of need, if the gladness of Christmas is Nation's life.
not to end with the day. In the one case as in the
It would be strange, then, if many do not find in
other an emotion, however pleasant, like an aesthetic Christmas new testimony to the real meaning of Life.
possession, will prove powerless to direct the con- In the war Death seemed to have the world under its
science or to secure any moral result, unless it is heel. And we have not escaped the feeling, and life
gathered up and directed to a definite purpose. As is little regarded.
Pascal said: "All the good impulses are abroad in
To the world as it is to-day Christmas comes bringthe world, we only fail to apply them."
ing'a joy which the sacrificial death of which it was
The day after Christmas we shall face the same the prelude lifts at once out of the ruck of daily
world that confronted us the day before. We alone deaths and sorrows and wrong. It announces the
have had an experience; we still have to learn its transforming of human life from its earliest moment,
worth.
through all its pains and labors, its fears and sorSpeaking on Christmas Eve two years ago, the late rows, its loves and joys and hopes, even through the
Pope Benedict said that five plagues were affecting darkness of its close, into a creation and transcendhumanity. His successor, Pius XI, addressing his ent gift of God. It returns whence it came. It is not
first conclave the other day, took occasion to refer to to be destroyed by unresisted "plagues," or to be reckhis predecessor's work. The "plagues" were,"The un- lessly and hopelessly thrown away.
precedented challenge to authority." "An equally
The first Christmas opened to earth, in the new
unprecedented hatred between man and man." "An life that was born.in Bethlehem of Judea, the heart
abnormal aversion to wort." "An excessive thirst of God. Back to Him He seeks at last the return of
for pleasure as the great aim of life." And,"A gross the life He has entrusted to us. So far as Christmas
materialism which denies the reality of the spiritual helps us to fulfill this trust the joy of the day may
in human life." In varying degree these will all be well be extended to all and made abiding.
recognized as present to-day. Indeed, if the new
Pope should on Christmas Eve feel the need of em- RAILROAD GROSS AND NET EARNINGS FOR
phasizing any one of them it would be recognized as
OCTOBER.. .
authoritative and needed.
The returns of the gross and net earnings of
What, then, are some of the Christmas thoughts United States railroads for the month of October, as
which we can gather up for use? With the joy of the revealed by our compilations further below, are a disassembling of scattered children and friends, espetinct disappointment, particularly in the case of the
cially if it is in the home, there is the sense of securnet. The showing is a trifle less adverse than was
ity and peace. Here at least good-will abounds.
that for the month of September, but with both the
Why should we not carry it away with us? Here is
coal miners' strike and the strike of the railway
an atmosphere; it envelopes all. It irons out wrin- shopmen out of the way a very decided turn
for thern
kles and drives away care. Why should it not go better had been looked for. There is only a
moderwith us? It is within; it is of ourself; no one has ate increase in the gross revenues after a very noteput it over; it is not talked about, but it permeates worthy shrinkage in October last year as a conseall; and surely, the world needs it. Aversions, quence of the great depression in trade prevailing at
hatreds, sinister distrust, antipathies, abound; they that time, while on the other hand, augmented exare keeping nations apart; they are making peace penses are as pronounced a feature of the returns as
well-nigh impossible. And Christmas is everywhere, they were before. It is plainly apparent that during
all will come under its influence, God has men of October, at least, the carriers had not yet fully recovgood will in all lands. What if they all should feel ered from the effects of the shopmen's strike and that
as we do? Some certainly will. We at least can do the cost of that strike to the great body of roads was
our part.
very much heavier than anyone had supposed it
Here also are the springs of the National life. would be, even among those in close touch with the
That depends on its moral strength; and that is the state of affairs and supposed to be well informed in
point of chief attack. Power, profit, pleasure, these the matter.
beguile the nation as they do the people. The wrangNeither the showing as to gross earnings nor that
ling, the threats, the tricky diplomacy, the desire for as to expenses is up to expectations. The addition to
DEC.16 1922.]
THE CHRONICLE
gross earnings is no more than $13,074,292, or 2.45%.
To be sure, freight rates were lower in 1922 than in
1921, the Inter-State Commerce Commission having
ordered a horizontal cut of 10% last May, which has
been in effect ever since July 1. In the case of grain,
grain products and hay in Western territory a reduc.
/
1
2
tion of about 16 % has been in effect since Jan. 1
the Commission. But on the other
1922, by order of
hand, trade and business during October continued
active, particularly in contrast with the extreme
prostration prevailing 12 months before, and coal in
large quantities was rushed to market, both from the
bituminous and the anthracite fields, to make up for
the scarcity created by the prolonged abstention
from work at the mines during the summer. In addition, Western roads were favored by a larger grain
and live stock traffic and Southern roads by a larger
cotton movement. That all this should have yielded
only a relatively slight addition to revenues would
seem to show that the carriers continued, after all,
to be more or•less handicapped in their operations,
either because the shop workers having in larger or
smaller part been recruited by new men had not yet
been brought up to the required state of efficiency or
because, as undoubtedly happened, the carriers had
to contend with rolling stock scarcity—that is, with
insufficient equipment and motive power. This conclusion is further emphasized by the way expenses
have continued to mount upward. The cut of 7@8%
in the wages of the maintenance of way men and in
that of the shop crafts employees would in normal
circumstances have served to reduce expenses to that
extent, but in the disorganization produced by the
strike this was more than counterbalanced by heavy
losses in other directions and operating efficiency
generally must have been greatly impaired thereby,
heavily increasing operating cost. At all events,
with only $13,074,292, or 2.45% increase in gross
earnings, operating expenses moved up no less than
$30,758,244, or $7.79%. The consequence is that net
earnings have fallen off $17,683,952, or 12.84%, as
will be seen by the following:
Month of October—
•
(
1922.
1921.
Inc.(+)or Dec.
(190 Roads.)
Miles of road
Gross earnings
Operating expenses
Net earnings
+990
233,872
232,882
5545,759,206 $532,684,914 +513,074,292
425,542,910 394,784,666 +30,758,244
0.43
2.45
7.79
5120,216,296 5137,900,248 —$17,688,252 12.84
As modifying unfavorable conclusions, it is important to bear in mind that last year in October a
prodigious saving in expenses had been effected—
dire need having forced the utmost economy and compelled the elimination of every item of outlay that
could be spared or deferred for the time beilig, so that
from that standpoint some increase again in the expenses does not appear very strange after all. Then,
also, the great saving,in expenses last year brought
with it a substantial addition to the net in face of
the enormous contraction in the gross revenues. It
follows, therefore, that this year's decrease in the net
marks merely the loss of a part of the recovery in the
net in 1921. The really singular point is the circumstance that so small a part of the great loss in the
gross revenues in 1921 has been recovered in 1922, as
already pointed out. In brief, the decrease in the
gross in October 1921 reached the huge sum of $105,922,430, of which only $13,074,292 has now been regained. On the other hand, this loss of $105,922,430
in gross operating revenues in 1921 was attended by
a saving in expenses in amount of no less than $128,453,510, giving a gain in net of $22,531,080, of which
$17,683,952 has now been yielded up again.
2627
Lest doubt be created as to the permanency of the
drastic cut in expenses effected last year and now in
small part again lost in 1922, it is important to bear
in mind that the real basis for the very substantial
cut in the expense accounts last year existed in the
huge antecedent increases in expenses that had been
accruing for a long time, year after year. In addition, also, the carriers had the advantage of a 12% reduction in the wages of railroad employees made by
the Railroad Labor Board effective July 1 1921. As
indicating the extent of this antecedent rise in operating costs, it is only necessary to say here that expenses had been rising in very pronounced fashion
for a number of successive years owing to repeated
advances in wages and the growing cost of operations
generally. So much wag this the case that even the
big advances in railroad rates—passenger and
freight—did not suffice to absorb the constant additions to the expenses. The experience in that respect
of the carriers in October 1920 furnishes a capital
illustration of the truth of this remark. The roads
had then just been favored with a new advance in
rates, calculated to add $125,000,000 a month to their
gross earnings, and accordingly our tabulations then
showed an increase in gross earnings in amount of
$130,570,938, or 25.94%; but unfortunately, $115,634,417 of this was consumed by augmented expenses,
leaving only $14,936,521 gain in the net earnings, or
14.49%. We remarked at the time that there was
nothing to boast of in such results, and unfortunately, the growth in the expenses assumed added significance in view of the huge rise in operating costs
in preceding years. Thus in October 1919 our tables
showed $18,942,496 increase in gross, accompanied
by $21,136,161 increase in expenses, leaving actually
$2,193,665 loss in net. In October 1918, owing to the
first great advance in passenger and freight rates
made by the Director-General of Railroads under
Government control, gross earnings registered a gain
in the large sum of $106,956,817, or 28.30%, but expenses moved up in still more striking fashion, increasing in amount of $122,450,404, or 47.97%—in
volving a shrinkage in net, therefore, in October of
that year, of $15,493,587, or 12.63%. In October
1917 the situation was much the same. The gross at
that time increased $43,937,332, but expenses ran up
in amount of $50,267,176, leaving net smaller by $6,329,844.
Carrying our comparisons of the figures further
back, we find that even in 1916 and prior years rising
operating expenses were a feature in railroad affairs.
For October 1916 the comparisons were fairly good,
our compilations then having recorded $35,050,786
gain in gross earnings, or 11.28%, and $11,798,124'
gain in net, or 9.91%. .In October of the year preceding (1915) we had a better exhibit than the average as regards both gross and net, the addition to the
gross having been $37,087,941, or 13.57%, and the
addition to the net $30,079,562, or 33.70%. These
gains, though, at that time represented in considerable part recovery of previous losses, the totals of
earnings having shown decreases in gross aid net
alike in both the two preceding years. Thus for
October 1914 our compilations registered $28,740,856
decrease in gross, or 9.64%, and $8,014,020 decrease
in net, or 8.38%, while in October 1913 our table
showed a shrinkage in the gross of $1,281,011 and in
the net of $13,110,853, or 11.85%. In the following
we furnish a summary of the October comparisons
of gross and net for each year back to 1906. For
2628
THE CHRONICLE
1910,1909 and 1908 we use the Inter-State Commerce
totals, but for the preceding years we give the results
just as registered by our own tables each year
-a
portion of the railroad mileage of the country having
been unrepresented in the totals in those days because of the refusal at that time of some of the roads
to report monthly figures for publication.
[VOL. 115.
form the New York Central Lines, the result is a gain
• of $8,631,766 in gross and of $1,045,088 in net. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER.
Increase.
Increase.
b$5,347,757 Chicago Burl & Quincy.._
New York Central
$100,153
Pennsylvania_
_
a7.272,897
Illinois Central
1,627,717
Representing 44 roads
Gross Earnings.
Net Earnings.
Pittsburgh & Lake Erie.._ 1,361,067
In our compilation_ _$31,109,429
Michigan Central
1,272,500
Decreases.
Year
Year
Increase or
Year
Year
Increase or
Atchison Top & S Fe (3)_ 1,040,341 Union Pacific (3)
$1,939,001
Preceding. Decrease.
Given.
Given.
Preceding. Decrease.
Philadelphia & Reading914,252 Missouri Pacific
1,503,125
-Chicago Milw & St Paul_
899,511 Lehigh Valley
1,423,160
Oct.
8
- 3
$
$
$
$
882,978 Chicago R I & Pac (2)
1,372,705
1906 _ 143,336,728 128,494,525 +14,842,203 51,685,226 46,826,357 +4,858,869 NY N H & Hartford..
Bessemer & Lake Erie
855,992 St Louis-San Fran (3)
1,304,772
1907 _ 154,309,199 141,032,238 +13,276,961 46,983,606 50,847,903
819,983 Northern Pacific
1,021,899
1908 - 232,230,451 250,426,583 -18,196,132 88,534,455 83,358,002 -3,864,297 Buffalo Rochester & Pitts
+5,176,453
656,277 Erie (3)
1909 _ 281,117,144 232,556,223 +28,560,921 104,163,774 88,803,236 +15,380,538 Baltimore & Ohio
017,855
575,751 Chesapeake & Ohio
1910 _ 263,461,605 260,821,546 +2,643,059 93,612,224 104,101,228 -10,489,004 Atlantic Coast Line
903,873
491,585 Louisville & Nashville_ _ _
1911 _ 260,482,221 259,111,859 +1,370,362 93,836,492 91,725,725 +2,110,767 Mimi St Paul & S S M.
694,883
Cleveland C C & St L. 484,190 Great Northern
1912 _ 293,738,091 258,473,408 +35,264,683 108,046,804 93,224,776 +14,822,028
683,983
465,573 Wabash Ry
Elgin Joliet & Eastern_ _ _
1913 _ 299,195,006 300,476,017 -1,281,011 97,700,506 110,811,359
620,603
.730 Southern Pacific
1914 _ 269,325,262 298,066,118 -28,740,858 87,680,694 95,674,714 -13,110,853 Duluth Missabe & North
524,197
-8,014,020
444,350 Chicago & Alton
1915 - 311,179,375 274,091,434 +37,087,941 119,324,551 89,244,989 +30,079,562 Southern Railway
518,570
391,468 Wheeling & Lake Erie_ _ _
N Y Chicago & St Louis_
1916 - 345,790,899 310,740,113 +35,050,788 130,861,148 119,063,024
426,994
325,496 Pere Marquette
1917.389,017,309 345,079,977 +43,937,332 125,244,540 131,574,384 +11,798,124 Seaboard Air Line
400,561
-6,329,844 Duluth & Iron Range_
317,678 Denver & Rio Grande_
1918 _ 184,824,750 377,887,933 +106958 817 107,088,318
387,091
304,043 Chicago St Paul M & Om
1919 _ 508,023,854 489,081,358 +18,942,498 104,003,198 122,581,905 -15,493,587 Western Ry of Alabama_
339,112
108,198,863 -2,193,665 Toledo St Louis & West_
286,166 Chicago & East Illinois_ _
1920 _ 633,852,568 503,281,630 +130570938 117,998,825 103,062,304 +14,936,521
330,498
282, 04 Midland Valley
Union RR of Perna _ _ _ _
1921 _ 534.332,833 640,25,5,263 -105922 430 137,928,640115,397.560
299,394
+22,531,080
273,896 Colorado Southern (2)_ _
1922 _ 545,759'203 532.684.914 +13.074.292 120.218.291 137.n00.245 -17 ern Gm, Central of New Jersey_ _
298,708
264,313 Spokane Port & Seattle.._
Tennessee Central
272,352
243,720 , Texas & Pacific
221,624
Note.
-In 1906 the number of roads included for the month of October was 91; in Western Pacific West_ _
233,730 Maine Central
200,588
1907, 88; in 1908, the returns were based on 231,721 miles: in 1909 on 238,955 Chicago St NorthNorth_ _
218,638'Missouri Kan & Texas(2)
Internat'l Great
172,094
miles: in 1910 on 241,214 miles; in 1911 on 236,291 miles; in 1912 on 237,217
218,482 Alabama great North
miles;
168,277
n 1913 on 243,690 miles; in 1914 on 244,917 mile?: in 1915 on 248,072 miles: in 1916 Indiana Harbor Belt_ __ _
213,178 Monongahela
Grand Trunk Western_ _
163,560
in 246,683 miles; in 1917 on 247,048 miles; in 1918 on 230,184 miles; in 1919 on
Shore_
193,961 Bangor & Aroostook_ _ _ _
160,974
233,192 miles; in 1920, 231,429 miles; in 1921, 235,228 miles, and 233,872 miles in West Jersey & Sea Potom
191,998 Hocking Valley
Richmond Fred &
151,707
1922,
172,261 . Trinity & BrasosValley_
Long Island
127,671
169,004 Northwest Pacific
Central of Georgia
120,465
The returns of the separate roads are a duplicate Boston & Maine
159,464 Kansas City Southern_
114,998
Central
St Louis_
_
Nashv
112,298
of the general results, the augmentation in expenses DetroitChatt &Ix Ironton 152,033 CarolinaNew England_ _ _ 101.330
149,925
Clinch ac Ohip_
Toledo
128,802
Missouri &
as a rule outstripping the additions to the gross re- Chicago IndNorth Ark_ _ 123,013 Representing 49 roads & Louisville
in our compilation..-$17,998,922
120,752
Central Vermont
ceipts, leaving larger or smaller losses in the net. Not.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
And yet there are marked exceptions to the rule
- returns do not show the total for any system, we have combined the sepaas to make the results conform as nearly as possible
exceptions of roads that fared a great deal worse rate roads so statements furnished by the companies themselves. to those
given in the
R. (including
a This is the result for the Pennsylvania
than the average, and also exceptions of roads that Pennsylvania Company, Pittsburgh Cincinnati Chicago & St.the former
Louis and
Grand Rapids &
did remarkably well in face of all the obstacles and increase. For the Indiana), the Pennsylvania RR. reporting $7,272,897
entire Pennsylvania System, including all roads owned
controlled, the result is an
of $7,637,856.
drawbacks referred to, and have been able to enlarge and Thfse figures cover merely increase in grossof the New York Central
the operations
S
itself. Including the various auxiliary and controlled roads, like the
their net earnings in very notable degree. South- Michigan Central, the "Big Four," &c., the whole going to form the New
western and Northwestern roads have done poorly as York Central System, the result is a gain of $8,631,766.
PRINCIPAL CHANGES IN NET EARNINGS IN OCTOBER.
a rule, heavy additions to expenses having frequently
Increase.
Decreases.
Reading_ _ $981,539 Groat Northern
1,243,740
been coincident with decreased gross revenues, while Philadelphia St
979,285 St Louis-San Fran (3)- - -$ 980,815
Pittsburgh & Lake Erie_ _
790,589 Del Lack & We,tern _ _
Illinois Central
814.853
Erie__ _
on the other hand, some Southern roads are able to Bessemer & Lake
746,829 Chicago & Alton
763,872
635,296 Wabash Railway
Atlantic Coast Line__
746.425
give a very good account of themselves, which latter Southern Railway Looic 492,344 Colorado Southern (2)- - - 593,512
623,602 Chic R I & Pacific (2)
Cloy Cin Chic & St
is not strange, seeing that the South is enjoying quite Central RR of New Jemey 397,208 Delaware & lluthon _ - - 575,607
Pittbburgh & W Virginia.. 372.789 Denver & Rio Grande_ __ _
570,887
North_
221,765
519:7
203
general prosperity by reason of the high price ruling Duluth Missabe & & Pitts 214,796 Chicago & North Western 50416
Hocking Valley
Buffalo Rochester
North
19 1,956 Atch Topeka & S Fe (3)..- 5)2,626
,
for cotton. The Southern • Railway, the Atlantic International Sr. Gr;,
17i4,667 Wheeling & Lake Erie
We,tern Pacific
494,682
RR__
New Orl iv, Texas Pac 151,848
Coast Line and the Seaboard Air Line are among Cin;t, Jerney & Seashora_ _ 141,943 Pennsylvania Ohio _ _ - _ a451,734
Baltimore &
446,803
We
143,021 Texas &
I.ine
384,381
those distinguished for better net, though contrari- Seaboard AirHartford_ _ _ 140,487 Southern Pacific_ (8)
Pacific
p,984
NYN u&
138,822 New York Central
b35 ,644
Central of Georgia_ _
wise, the Louisville & Nashville and one or two other Grand Trunk Western__ _ 126,331 St Louis & South West(2) 328.526
Po 124,533 Chicago & Etwitern Illinois 318,671
Richmond Frederick &
Southern carriers have fallen behind in net. The Lehigh & New England__ 120,272 Chic Milw & St Paul... 305,869
Range_ ___
271.336
118,482 Chicaao Great Western_ _
Duluth
Illinois Central is also distinguished for improved Western& Iron Alabama_ _ 112,342 Chic St Paul Minn & Om.. 255,756
Ry of
2:35,058
Orleans Great North 107.160 Micialgan Contra__
New
net. Those two large bituminous-carrying roads, Cm Indianap & Western.. 105,165 Louisville & Nashville__ _ 244,007
102,060 Spokane Port & Seattle_ _
2:30,266
Penna
100,139 Chic Burl & Quincy
namely the Norfolk & Western and the Chesapeake & Union Rit of
228,116
Montour..
100,007 N Y Ontario & Western.. _
209,330
St L Merch Bdge & Term
Bangor & Aroostook
157,396
Ohio are both obliged to report heavy losses in the
Pere Marquette
155,594
Representing 28 roads
8,670,277 Monongahela
155,038
net.
in our compilation_ _ _ Decreases. Boston &
Maine
114,995
$1,935,755 Carolina Clinchfield & O. 110,968
Western
The anthracite carriers, in view of the full resump- Norfolk &Pacific
1,883,19 Mo Kansas & Texas (2)
110,195
Northern
1,683,611 Detroit Tol & Ironton__ - 106,690
tion of mining in the anthracite fields, might
Union Pacific (3)
1,621,025 Virginian
100,390
be ex- Lehigh Vail Ohio
1,531,952
Chesapeake
pected to present uniformly satisfactory
1,384,716
Representing 62 roads
results, but Missouri Pacific
1,310,890
in our compilation_ _325,931,496
. the exhibits
Erie (3)
•
display considerable irregularity. The
Philadelphia & Reading and the Central Railroad of
New Jersey show noteworthy additions to
gross and
net alike, but the Lehigh Valley, the Erie, the
Lackawanna and the Delaware & Hudson report even
more
noteworthy losses in net. As far as the great East
and West trunk lines are concerned, the Pennsylvania Railroad on the lines directly operated has added
$7,272,897 to gross, but falls $451,734 behind in the
net owing to the augmentation in expense accounts.
For the. entire Pennsylvania System, including all
roads owned and controlled, the result is an increase
of $7,637,856 in gross, with a decrease of $444,337 in
the net. The New York Central has added $5,347,757
to gross, but loses $357,644 in the net. This is for
the New York Central itself. Including the various
auxiliary and controlled roads, the whole going to
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $451,734 decrease. For the entire Pennsylvania System, including all roads owned
decrease in net of $444,337.
and controlled, the result is a
cover the operations of the New York Central
S These figures merely
,
the, various 1,uxiliary and controlled roads, like the
Itself. Including the
Four. &c.,the result is an increase of$1,045,088.
Michigan Central,the
What has already been said is emphasized when
the roads are arranged in groups or geographical divisions, according to their location. In the gross the
Southwestern group and the Pacific Coast group
show decreases, while the Southern and the
Northwestern groups register only nominal gains.
On the other hand, the Eastern and Middle group
and the Middle West show very substantial additions, while the New England group also has a fair
average increase. Contrariwise in the matter of the
net, the Middle Western group alone is able to
record any improvement, all the remaining
2629
THE CHRONICLE
DEC.16 1922.]
groups being distinguished for losses. Our summary October 1921 and 962,140 bales in October 1920, as
will be seen from the following:
by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1922.
1921.
Inc.(±)or Dec.(-).
Section or GroupOctober
23,331,115
Group 1 (9 roads), New England
Group 2(33 roads), East & Middle__ .171,410,807
Group 3(26 roads), Middle West_ _ __ 46,012,877
Groups 4 dc 5(34 roads), Southern__ _ 67,602,080
Groups6 & 7(28 roads), Northwest_ _122,679,774
Groups 8 Sr 9 (49 roads). Southwest _101,346,q21
Group 10(11 roads), Pacific Coast__ _ 13,375,732
Total (190 roads)
OctoberGroup 1
Group 2
Group 3
Groups 4 & 5
Groups 6 & 7
Groups 8 & 9
Group 10
-Mileage-1922. 1921.
7,523
7,462
33,825 33,706
15,569 15,589
39,060 38,629
66,811 66,805
61,428 61,044
9,717 9,586
+870,125
22,460,990
158,239,408 +13,171,399
42,339,009 +3,673,868
+516,376
67,085,704
+646,989
122,032,785
10,i,506,758 -5,159,937
-C41,528
14,020,260
3.88
8.33
8.68
0.77
0.52
4.84
4.60
545,759,203 532,684,914 +13,074,292 2.45
Net Earnings
1922.
Inc.(+)or Dec.(-).
. 1921.
$
4,571,655
4,750,611
-178,956
3.77
28,339,174 32,858,715 -4,519,541 13.75
11,185,607 10,348,881
+836,726 8.09
10.99
14,143,840 15,890,831 -1,746,991
30,431,601 36,023,681 -5,592,080 15.52
27,735,729 33,608,419 -5,872,690 17.47
3,808190 4,419,110
-610,420 13.81
Total
233,872 232,882 120,216,296 137,900,248 -17,683,952 12.84
NOTE.
-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Matyland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan,.all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota abd North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa be and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
We have already noted that Western roads were
favored with a large grain movement. At the Western primary markets, the receipts of wheat for the
four weeks ending Oct. 28 1922 were 44,752,000 bushels, as against 38,951,000 bushels in the corresponding four weeks of last year; the receipts of oats 21,515,000 bushels, against 19,263,000; the receipts of
barley 4,326,000 bushels, against 3,145,000, and the
receipts of rye 7,261,000 bushels, against 1,936,000
bushels. Adding corn, in which there was a falling
off, the receipts of the five cereals combined for the
four weeks the present year aggregated 107,146,000
bushels, against 95,844,000 in 1921. The details of
the Western grain movement in our usual form are
set out in the table we now present.
Wheat.
Corn.
4 Wks. end. Flour.
(bush.)
(bush.)
(bbis.)
Oct. 28.
Chicago
1922 -__ 1,309,000 3,969,000 16,400,000
1,796,000 19,925,000
912,000
1921 ..__
Minneapolis
475,000
15,607,000
1922
1,010,000
15,558,000
1921
Duluth
397,000
9,744,000
1922
1,224,000
8,288,000
1921
Milwaukee
1,651,000
406,000
272,000
1922 ___
491,000 2,831,000
130,000
1921 ___
Toledo
297,000
1,463,000
1922
182,000
576,000
1921
Detroit
170,000
108,000
1922
161,000
184,000
Omaha dr Indianapolis
2,443,000
4,057,000
1922
1,991,000 2,550,000
1921
St. Louis
392,000 3,278,000 2,267,000
1922 ___
546,000 3,164,000
2,151,000
1921 -__
Peoria
374,000
163,000
2,528,000
1922 ___
230,000
82,000
1,595,000
1921 _
Kansas City
6,012,000
551,000 •
1922 _._
6,821,000
920,000
1921 __ _
St. Joseph
1,286,000
561,000
1922 -__
1921 ___
Oats.
(bush.)
Barley.
(bush.)
(bush-)
8,566,000
5,406,000
940,000
537,000
327,000
90,000
3,100,000
4,362,000
1,438,000 1,726,000
388,000
570,000
185,000
515,000
800,000 4,586,000
952,000 1,260,000
2,068,000 1,027,000
2,537,000
943,000
301,000
129,000
1,000
249,000
2,000
2,480,000
2,302,000
50,000
119,000
54,000
65,000
1,579,000
1,121,000
70,000
24,000
18,000
2,000
374,000
190,000
230,000
186,000
2,085,000
2,036,000
724,000
608,000
124,000
Total all
1922- 2,136,000 44,752,000 29,292,000 21,515,000 4,326,000 7,261,000
1921 ___ 1,818,000 38,951,000 32,549,000 19,263,000 3,145,000 1,936,000
Western roads also had the advantage of a much
heavier live stock movement. At Chicago the receipts of live stock for October 1922 comprised 25,411
carloads, against 23,190 in October 1921; the receipts
at Kansas City 17,883 cars, against 14,677, and at
Omaha 11,937, against 8,985 cars.
That the Southern cotton movement ran heavier
than a year ago is evidenced by the fact that the receipts at the Southern outports in October 1922 aggregated 1,263,728 bales, against 1,098,830 bales in
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JANUARY 1 TO OCTOBER 31 1922, 1921 AND 1920.
Since January 1.
October.
Ports.
Galveston
Texas City, &a
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News, dm_
Total
1921.
1920.
1922.
1921.
1920.
615,998
144,163
287,916
20,736
2,158
74,802
5,131
20,438
30,903
61,483
505,789
82,543
214,795
24,880
2,906
147,964
7,405
15,018
21,552
75,834
140
527,187 2,117,940 2,486,934 1,550,007
85,167 508,711 462,291 165,346
164,508 995,347 1,120,723 1,113,499
8,322 121,118 116,879 109,646
19,717
18,214
566 577
1
4
9
3
107,617
352
610 6809 1,016:0 0
7 : 29 176 13
3
5,200
39,095
90,484 198,850
13,257 140,968
96,381 133,430
23,310
87,197
27,050 211,507 278,830 266,398
2,160
1,512
170
1,263,728 1,098,830
962,140 4,803,324 5,346,586 4,748,276
1922.
4
current gileld23 and
ptscnssians
WEEKLY RETURNS OF FEDERAL RESERVE BANKS.
Aggregate gains of $15,400,000 in gold refierves, as against
a decrease of $3,500,000 in other cash reserves, accompanied
by a reduction of $49,000,000 in deposit liabilities and an
increase of $18,000,000 in Federal Reserve note circulation,
are shown in the Federal Reserve Board's weekly consolidated bank statement issued as at close of business on Dec. 13
1922, and which deals with the results for the twelve Federal
Reserve banks combined. The reserve ratio shows a rise
for the week from 74.3 to 75.1%.
All classes of earning assets show decreases for the week:
bills discounted by $45,200,000, bills bought in open market
by $4,200,000, and Government securities by $4,600,000.
Pittman certificates, held as cover for Federal Reserve Bank
notes, show a further reduction of $3,000,000, coupled with
a decrease of $2,800,000 in the Reserve Banks' aggregate
net liability on Federal Reserve Bank notes in circulation.
This liability has shown a practically steady reduction since
the beginning of the year, the present total of $16,500,000
being $244,500,000 below the maximum shown on Dec. 26
1919. After noting these facts, the Federal Reserve Board
proceeds as follows:
Gold reserves of the Chicago bank increased by $17,200,000, those of
San Francisco by $9,800,000, while smaller increases totaling $10,100,000
are shown for Philadelphia, Boston, Kansas City and New York Reserve
banks. Minneapolis reports a decrease of $7,700,000 in its gold reserves,
followed by Richmond with a decrease of slightly over $5,000,000, while
smaller decreases totaling $8,900,000 are shown for the four remaining banks.
Holdings of paper secured by Government obligations decreased from
$374.400.000 to $344,808,000. Of the total held last Wednesday, $191,800,000, or 55.6%, were secured by U. S. bonds, $4,700,000, or 1.4%, by
Victory notes, $139,800,000, or 40.6%, by Treasury notes and $8,500,000,
or 2.4%, by Treasury certificates, compared with $203,000,000, $5,200,000,
$156,200,000 and $10,000,000 reported the week before.
The statement in full, in comparison with preceding weeks
and with the corresponding date last year, will be found on
subsequent pages-namely pages 2661 and 2662. A summary of changes in the principal assets and liabilities of the
reserve banks on Dec. 13 1922, as compared with a week
and a year ago, follows:
Increase (±) or Decrease (-)
Since
Dec. 14 1921.
Dec. 6 1922.
Total reserves
+$11,900,000 +$183,300,000
Gold reserves
+192,100,000
+15,400,000
Total earning assets
-253,000,000
-54,000,000
Discounted bills, total
-493.100,000
-45,200,000
Secured by U. S. Govt. obligations
-114,800,000
-29,600,000
Other bills discounted
-378,300,000
-15,600,000
Purchased bills
+162,800,000
-4,200,000
United States securities, total
+77,500,000
-4,600,000
Bonds and notes
+126,500,000
-I- 600.000
Pittman certificates
-101,000,000
-3,000,000
Other Treasury certificates
+52,000,000
-2,200,000
Total deposits
+118,400,000
-49.000,000
Members' reserve deposits
+172,100,000
-25,900,000
Government deposits
-46,200,000
-23,800,000
Other deposits
-7,500,000
+700,000
Federal Reserve notes in circulation
-14,600,000
+18,000,000
F. R. Bank notes in circulation, net liability -2,800,000
-61,800,000
WEEKLY RETURN OF THE MEMBER BANKS OF
THE FEDERAL RESERVE SYSTEM.
Increases in loans secured by Government and corporate
obligations, aggregating $12,000,000 and $16,000,000, respectively, as against net liquidation of $4,000,000 of
investments, are shown in the Federal Reserve Board's
weekly consolidated statement of condition on Dec. 6 of
784 member banks in leading cities. It should be noted
that the figures of these member banks are always a week
behind those for the Reserve Banks themselves. Only a
nominal change is shown in all other, i. e., largely commercial, loans and discounts. Member banks in New York
City report a reduction of $21,000,000 in loans against
2630
THE CHRONICLE
corporate securities, as against an increase of about $15,000,000 in other loans, and net liquidation of $14,000,000
of investments, mainly of United States bonds. Loans and
investments of all reporting institutions show an increase
of $24,000,000, while those of the New York City banks
show a decline of about $20,000,000 for the week under
review.
Substantial withdrawals of bank balances from the New
York member banks account for the reduction in net demand
deposits, the New York City members reporting a decrease
of $90,000,000 under this head, as against a decrease of
$84,000,000 for all reporting banks. Government deposits
show a reduction for the week of $8,000,000, of which
$3,000,000 are shown for the New York City banks. Time
deposits, on the other hand, show a gain for the week of
$47,000,000, largely outside of New York City. Since
December of last year time deposits of the reporting institutions have increased. by over _$700,000,000, or 24%,
while demand deposits have increased by about$800,000,000,
or 8% only. The New York City members show for the
same period an increase of $260,000,000 in time deposits
and an increase of only $82,000,000 in demand deposits.
The New York City banks report an increase of their
borrowings at the local Reserve bank from 1,000,000 to
$158,000,000. Total borrowings of the reporting banks
from the Reserve banks went up from $382,000,000 to
$450,000,000, or from 2.4 to 2.9% of the banks' combined
loans and investments.
Reserve balances show an increase for the week of $36,000,000, while cash in Vault, largely Federal Reserve notes,
increased by $22,000,000. Member banks in New York
City report an increase- of $24,000,000 in Reserve balances
and a nominal gain in cash. On a subsequent page--that
is, on page 2662—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:
[VOL. 115.
If arbitrage operations are resumed leading stock market operators believe
that the list of securities which would figure in the trading will be larger
than at any time in the past.
DOLLAR DROPS TO PAR IN HOLLAND.
London press dispatches, Dec. 13, said that, for the first
time in more than three and a half years, the dollar on that
day had dropped to par on the Amsterdam Bourse, according
to a dispatch to "The London Times" from Amsterdam.
INVESTMENT OF 100,000,000 MARKS IN GERMAN
STOCKS REPORTED BY UNITED EUROPEAN
INVESTORS, LIMITED.
The following is from "Financial America" of yesterday
(Dec. 15):
•
The United European Investors, Ltd., announces through its President,
Franklin D. Roosevelt, that the first 100,000,000 mark investment had
been made by the corporation in a widely diversified list of 19 German
stocks, all but one of which are quoted on the Boerse. The investment, in
dollars, amounts to approximately $15,000.
Intention of the new corporation is to invest marks in German tangible
properties, through a committee of prominent German citizens. The idea
Is to save further loss to those in this country who purchased German
marks, on the theory that if the mark depreciated further or even passed
out of existence, proportionate interest in the corporations or property in
which investmeats had been made would still belong to the purchasers.
The formation of the corporation, for the purpose of investing the millions of German marks held in the United States
and Canada in real estate, mortgages, securities, and other
physical assets in Germany,was noted in our issue of Sept. 16,
page '1267.
$50,000,000 LOAN TO CUBA AUTHORIZED.
Official announcement was made at Washington late
yesterday (Dec. 15) that an American loan to the Cuban
Government of $50,000,000 had been officially authorized
by the United States Government. It is stated that the
loan will be financed by selling of Cuban Government bonds
in the American market through J. P. Morgan & Co. and
other large New York banking interests.
Increase (+) or Decrease (—)
Since
Nov.29 1922.
Dec. 7 1921.
Loans and discounts—total
+$28,000,000
$66,000,000
Secured by U. S. Gov't obligations
+12,000,000
—198,000,000
Secured by stocks and bonds
+16,000,000
+607,000,000
PERUVIAN STERLING LOAN OVERSUBSCRIBED.
All other
—475,000,000
Investments—total
Cable advices from London on Dec. 14 announced that
—4,000,000 +1,093,000,000
United States bonds
—7,000,000
+574,000,000 the Peruvian Government VA% loan offered that day by
Victory notes
—127,000,000
j. Henry Schroeder & Co. and Baring Brothers was an
United States Treasury notes
+1,000,000
+532,000,000
Treasury certificates
—80,000,000 immediate success, subscriptions being four times in excess
Other stocks and bonds
+2,000,000
+194,000,000
of the amount of the flotation. The following cablegram
Reserve balances with F. R. banks
+36,000,000
+150,000,000
Cash in vault
+22,000,000
—6,000,000 from London regarding the loan appeared in the "Wall
Government deposits
—8,000,000
+47,000,000 Street Journal" of Dec. 14:
Net demand deposits
—84,000,000
+802,000,000
Peruvian Government 73-i% £1,250,000 loan floated in London by J.
Time deposits
+47,000,000
+705,000,000 Henry Schroeder & Co. on security of guano revenues, reported in these
Total accommodations at F. R. banks_ _ _ _ +68,000,000
—232,000,000 columns Dec. 5, will be redeemable at par on or before June 1 1948 by
means of an accumulative sinking fund of 1M % a year, to be applied to
purchase of bonds when price is at or below par,exclusive of accrued interest.
POST OFFICE FIXES POUND STERLING AT $4.70. When price is above par, exclusive of accrued interest, bonds will be drawn
redeemed at par. Application of sinking fund conditions comBecause of the change in the market rate for bills of by lot and 1924.
mences June
exchange on London since the order of Nov. 21 1922, the
The Peruvian Government reserves the right to redeem any outstanding
issue at 105
Post Office Department at Washington announced on portion of bondinterest date.on or after June 1 1933 by giving notice preany
after Dec. 15 1922, and until further viously to Government
Dec. 15 that on and
% (Guano) loan has been fully subscribed
Peruvian
notice, postmasters in issuing international money orders and lists closed.
payable in Great Britain, Ireland, Commonwealth of Australia, New Zealand and the Union of South Africa, shall COLOMBIA WILL INVEST TREATY PAYMENTS IN
convert the money of the United States at the rate of £1
UNITED STATES.
equals $4.70.
The following appeared in the "Wall Street Journal" of
Dec. 13:
WALL STREET SEES ARBITRAGE RETURN.
Colombia will purchase United States Government bonds with the
The following is from the "Wall:Street Joural" of Dec. 14. $5,000,000 paid by United States Secretary of State to Colombian Minister
on
Resumption of arbitrage operations between London and New York,
In the opinion of Wall Street, is likely to take place in the early part of 1923.
This view is based on the assumption that sterling will continue to make
progress toward a return to parity, with perhaps occasional interruptions
in the upward movement from time to time.
Well informed authorities in the financial district express the opinion
that if London remittances get back td the neighborhood of par, and
become stabilized, it will result in tho re-establishment of an international
market for American securities.
The London market for American stocks is bound to improve with the
rise and stabilization in sterling, one experienced arbitrage man said yesterday. He predicted that there would be a resumption of active trading in
American securities abroad early in the year and that by next July operations
would be conducted on an extended scale. Good rails, he said, would
be favorites in the trading, particularly such shares as Southern Pacific,
Union Pacific and Atchison. Steel issues and other good dividend paying
stocks would also be in demand,he believed:and the market would gradually
broaden out to include other industrials.
Another stock market operator, however, expressed the opinion that
exchange levels had nothing to do with arbitrage. "There could he arbitrage
now if it was permitted," he said. "People who think excimges have to
be at a parity for arbitrage to take place are confusing cause and effect.
Lack of funds for speculation probably has more to do with preventing
arbitrage than difference in exchange."
account of 1921 Panama Treaty. These
at Washington, Dec. 6,
bonds, which will he left in care of a New York bank, will constitute gold
paper emissions of the Bank of the Colombian Nation, in
reserve for
addition to gold provided by the other banks of Colombia and by merchants, in the same proportion as the Government contributions. This
gold will also he invested in the United States.
Thus, gold reserve will total $10,000,000 the first year, $20,000,000
the second year, and $50,000,000 in the fifth year. Bank note issue
will be $75,000,000 at the outset, and will not be increased for five years.
Ratio of gold to paper will be 13.4% in the first year, 26.8% in the second
year, and 66% in the fifth year.
Bank will earn interest on gold reserve and will lend currency at market
rates. Control will be divided between the Government and other share
holders.
payment, due in July, was offered to the Colombian GovernFirst treaty
ment at that time. General Holguin, acting President, pending General
sP,a assumption of office on Aug. 7, asked that the payment be held
at the disposal of Ospina. The latter completed his selection of cabinet
early in November. Discussion of plans for investment of the treaty
payments has been active since then. A decision having been arrived
at, the Government notified Washington that it was ready to receive
r
$2 t.
Remaininginstalim o
mentsthe r
0,000 of treaty payment will he paid in yearly install$5,000,000 each. ca,
hi!
Ills
of
DEC.16 1922.11
THE C
U. S. DISPOSAL TO ASSIST EUROPE THROUGH LOANS
TO GERMANY—J. P. MORGAN'S CONFERENCE—
WITH SECRETARY HUGHES.
Indications that the United States was disposed to lend
it said in adjusting European conditions have been features
of the week's developments. Reports to this effect came
from Washington on the 12th inst. "Financial America"
in its account of developments following the Cabinet meeting
that day, saying:
At the conclusion of the Cabinet meeting to-day it was said, President
Harding and Secretary Hughes were in complete accord on the efforts of
this Government to bring about the stabilization of Europe and the world.
For two hours and a half the Cabinet was in conference, and it was acknowledged discussions of international affairs took up the entire time.
No statethent was forthcoming as the matter discussed nor as to what steps
had been taken to accomplish the objective of the Government, or subjects
discussed.
President Harding is said to be heartily in favor of joining in any proposal that may settle the uneasy situation in Europe. This inclination
was said to extend even to the discussion of economic questions. The White
House acknowledged the reparations question was "very acute" and said
this would undoubtedly be taken up in a conference that might be held.
The attitude of France and the stand-off attitude of the smaller nations
with regard to payment of their debts is said to be causing the Administration considerable concern. It was said discussion of this phase took up
much of the time of the meeting.
The "Four-Power Pact," to which the President made reference in his
recent speech in Congress and which had worked out so well in the Pacific,
might well be followed in Europe, it was emphasized by the White House.
This Government would be willing to enter into any arrangement whereby
accord might be obtained, according to the White House spokesman, but
it was adamant against "trespassing on certain grounds that were peculiar
to Europe." This was interpreted to mean the Administration would
not, under any circumstances, involve itself in political affairs there.
Secretary Hughes came early to the White House, loaded down with an
imposing brief case filled with papers. It was reported he carried all the
confidential dispatches received from London and Lausanne conference.
That these were under discussion is known, but what decision was rc ached
in connection with the questions was no:, made public
It was said President Harding felt that this was not the time to make
any public announcetrant as to the London meeting, and as to Lausanne
he is understood to have been silent.
To-day's Cabinet meeting, in the opinion of those who saw the members
afterwards, was undoubtedly the most important held in many months.
Whether it adopted a program that will mean readjustment of world
finance, or decided to "put the screws" on the settlement question, is unknown. It is probable, however, Secretary Hughes will begin at once a
series of notes seeking to feel out the sentiment of the Old World governments.
From a special dispatch to the New York "Times" from
Washington on the 12th inst. we take the following:
At the moment when the European Allied Premiers have been obligeC. to
adjourn their London conference on account of failure to reach an agreement on the pressing problems growing out of the World War, word came
from the White House to-day of a character to indicate that the United
States Government might be willing to help in straightening out the
chaotic European situation.
While the American Government is understood to entertain no desire to
become entangled in the reparations controversy, there is no doubt that its
mord influence, which is now very great in European councils, is being
used to the utmost in the direction of endeavoring to effect harmonization
of the divided views of the Allies on the subject of reparations.
What was said to-day was mainly a repetition of statements which have
been made at the White House and in other Administration quarters from
time to time, but there was a significant intimation that some practical
step by the United States bearing on the European situation was either
pending or in contemplation. The Government, it was said, had not
been "inactive."
This information came after a disclosure from a White House spokesman
that the Cabinet, at a meeting to-day, had discussed world affairs as well as
domestic affairs. The Government, it was said, was doing all that it
could to bring about an adjustment of economic conditions in Europe, but
it would be manifestly improper for officials to tell the press what was
being done. And to this, it was added, in response to an inquiry, that the
reparation question was one of the acute questions in which the'Government was taking an active interest.
A visit to Washington by J. P. Morgan on the 13th inst.,
when he conferred with Secretary of State Hughes, was
believed to have a reference to the European situation, although no statement in the matter has been vouchsafed by
either Mr. Morgan or Secretary Hughes. These developments have been followed by reports from Washington on
Dec. 14 that the floating of an international loan of $1,500,000,000 to Germany had been suggested to American banking interests. The "Journal of Commerce," Washington
dispatches, in indicating this, also said in part:
The disclosure that the leading financial interests of the United States
are being asked to come to the aid of Germany was accepted as directly
related to the sudden conference here yesterday of J. P. Morgan with Secretary Hughes and Under Secretary of State Phillips, although regarding the
subject of this meet':g absolute silence was maintained by Government
officials.
with
Official reports to the American Government reveal that Germany,
her finances paralyzed, is on the brink of an "economic and financial
restore confidence
precipice," and that unless immediate steps are taken to
and bolster her cred:t , a collapse is inevitable. It is stated that Germany
must have at least a billion and a half dollars with which to accomplish this
purpose and to purchase 2,000,000 tons of grain before next spring.
Reparations Question.
Germany's prospects of floating a loan of such proportions, however, it
is acknowledged, are predicated upon the final settlement of the reparations question, but Administration officials expressed the belief that the
United States will bring pressure to bear to effect a reduction of the burden
on Germany to a point where daylight can be seen ahead. France is conceded to be the stumbling block over which the efforts of this country to
aid the recovery of Europe must step. So far the intentions of the United
NICLE
2631
--.States he been faced with what was described in high Administration
circles as the stone-wall attitude of Premier Poincare.
While the Government refused to discuss in any way the visit of Mr.
Morgan, some high Administration officials expressed the opinion that the
foreign situation was the only matter of sufficient importance which could
bring the banker to the State Department, and the coincident appearance
of Elihu Root in Washington was frankly regarded as significant.
The conference of Mr. Morgan with Secretary Hughes continued to
be treated with the same confidential respect which the Government
accords what it regards as the interesting, delicate and difficult international foreign situation now obtaining. At the Treasury it was said
that no information as to a German loan being offered for subscription
In this country has been received, but the State Department carries out
the function of supervising the foreign loan by private American interests
and the official reports'of the conditions requiring the $1,500,000,000
loan have been detailed.
Would Float Part Here. . •
It was disclosed that an effort is being made to float a loan of "at least"
this amount, to be subscribed partly in Germany and partly in the United
States. The loan would be guaranteed by France, Germany and possibly
Great Britain, if the presept plans are carried out. It was made plain,
however, that no part of the amount would be subscribed by the American
Government.
The New York "Evening Sun" of last night (Dec. 15)
in special Washington advices indicating that the United
States would assist Europe through a credit loan to Germany,
said:
The United States Government may communicate within a reasonable
time, either through a common note addressed to the Allied Governments or
through representations of American diplomacy, the American plan for settling the reparations question ending the turmoil of Europe and for putting
Germany in a position to meet her reparations payments, the "Sun"learned
to-day.
While delivery of the American-plan to the Allies will be contingent somewhat on the attitude taken by the French Chamber of Deputies to-day
when Premier Poincaire reports on the London meeting,it is confirmed here
to
-day that the American Government is actually working out a concrete plan for settling Europe's immediate difficulties and has hopes that
the plan, when completed, will prove acceptable.
This plan was gone over at to-day's meeting of the Cabinet after its general details had been submitted to 'President Harding by Secretary of State
Hughes, Secretary of the Treasury Mellon and Secretary of Commerce
Hoover. It is unlikely that any announcemeht will be made after to-day's
Cabinet meeting because this Government does not want to make premature
declaration and desires to see first the effect of Premier Poincaire's statement to the French Chamber.
Depends on France.
•
If, however, the French attitude is anywhere near conciliation, and if the
French do not hnmediately demand strict enforcement of the Versailles
Treaty and the seizure of the Ruhr,then an announcement may be expected
from this Government within a reasonable time.
The keystone of the American plan is the flotation of a credit by a syndicate of international bankers In favor of Germany. The credit would be
in the neighborhood of $1,500,000,000 and would be allocated to the
bankers of the various nations according to a preconceived schedule. American bankers, it is understood, will take at least half the credits and possibly
. .
as much as $1,000,000,000.
This credit should not be confused with a direct loan to Germany,"The
Sun" was warned to-day by persons known to be familiar with the plan
being evolved. Instead the credit would be on the same basis as nearly
all American war credits for Europe; that is, Germany would be able to
buy in the United States and other countries participating in the credit,
foodstuffs and raw materials up to the total amount of the credit in each
of the countries.
Seek Mortgage on Germany.
Security for this credit would be a mortgage on all German resources,
including export and import duties which mortgage is now held by the
Allied Governments under the Versailles Treaty. Iri other words the
Allies would have to agree to surrender sufficient of their mortgage to give
the international bankers security for their credit. Getting France and
Belgium to agree to abate their first mortgage claims is one of the supreme,
although not insuperable, difficulties of the whole scheme.
Contrary to reports circulated this morning no actual money would be
paid France, Belgium or Great Britain on account of reparations, but
Germany would be obligated to meet a scaled down annual payment of
reparations, amounting at this time to somewhere between $300,000,000
and $500,000,000 in gold and possibly ascending slightly as Germany's
ability to pay increases.
Credit on Lang Time Basis.
The credit to Germany would be on a reasonably long time basis, possibly
ten years, and Germany would be required during each of the years that
the credit runs to pay into a sinking fund a sum sufficient to retire the
whole credit at the end of the credit term. If the ten year term is provided
Germany's sinking fund payment would be less than $150,000,000 a year,
taking into account the interest that would be earned by the money in the
sinking fund.
The theory of the whole proposition is that Germany, in order to pay
reparations, must build up an exportable surplus of goods. Since Germany
has no surplus gold and practically no available holding of foreign securities,
an exportable surplus by which she could pay her debts is regarded as essential. This must be done, too, in the face of the fact that up until the time
of the war Germany actually had a surplus ofimports over exports, amounting on an average to 3370.000,000 a year. However, France had a surplus
of imports over exports when the Franco-Prussian war ended in 1870, but
soon built up an exportable balance.
In return for the advantages gained, Germany would have to agree to
balance her budget and lessen the printing of paper marks. How Germany
could be compelled to adhere to such an agreement is not known here, and
the presumptions is that this is one of the grave difficulties confronting the
Cabinet in forming an American plan.
American investors in a German credit, it is pointed out, would want
sufficient security from Germany. Although they would have a mortgage
on German resources, they would have no way of collecting on the mortgage if the American Government did not step in and guarantee the credit.
International Action.
This Government could not leave its investors in the position of investing
In a German credit recommended by the Government of which the Government would be unwilling to guarantee collection. On the other hand, the
Administration is committed strongly against a policy of joining with other
nations to enforce financial measures against Germany or any other nation,
and how to reconcile the two viewpoints is giving much concern. It is
2632
THE CHRONICLE
[VOL. 115.
certain that investors of other nations would want their credit to Germany
Thus the Prime Minister indicated that the new Government, despite
guaranteed by their respective Governments, and so an American guaranty Its first declaration that the Balfour note no longer existed so far as the
would have to be in conjunction with the guarantees of the other nations.
present British Government was concerned and that it would not consider
Presumably some kind of committee would be set up by the international itself bound by it, feels impelled to the same policy as the previous Govbankers participating in the syndicate which would work with the Repara- ernment.
tions Commission in adjusting Germany payments into a sinking fund with
The remainder of Mr. Bonar Law's speech was clearly addressed to both
which eventually to pay off the credit. Assuming, for instance, that Ger- France and the United States—to France, a plea for moderation in dealing
many met sinking fund obligations but did not meet the scaled down sched- with Germany on the ground that that country is already on the verge of
ule of reparations to France, Belgium and Great Britain, would the Allies collapse; ter America, a call for help and co-operation in settling the difficult
be able to take steps to force Germany's payment of reparations?
problems of reparations and interallied debts.
Advantages of the scheme of a credit to Germany, as indicated here,
Another important phase of his speech was the dark picture drawn et'
lie in the fact that Germany would be able to use the money now diverted England's economic and industrial future, should the much hoped for imto payments for food bought from outside into productive channels with provement in trade not materialize.
which an exportable surplus could be built up. Germany is now unable
The Prime Minister showed the utmost anxiety that there should be no
to buy raw materials on a sufficient scale so that the credit would enable misunderstanding BritLsh feelings toward both France and the United States,
her to start productivity at once, thus in turn creating wealth with which and said that it was only England's difficult position he was making clear.
reparations and sinking fund obligations could be mot.
England was burdened with very heavy taxation, which was a clog on
Inasmuch as the whole problem is so complicated and intricate and Industrial enterprise, resulting in terrible unemployment—a problem that
inasmuch as the consent of every signatory to the Versailles Treaty would made it necessary first that there should be
no military occupation of Gerhave to be given before the plan could be put in operation it is useless man territory, which would still further
handicap European trade without
to expect fruition of the tentative American plan for some time. How- producing results in cash, and, second, compelled him frankly to face the
ever, it is possible that this Government may be able to announce the fact that England was unable to pay
the American debt if she received
plan in principle in a short time, leaving the details to be worked out nothing from Europe.
later after the Allied Governments have agreed to the principle.
Strong points in the speech were the unfairness of the view that because
It is emphaLszed here to slay that no plan is under consideration for a England had made sacrifices to pay
her way she should be expected to
Government loan to Germany, inasmuch as that would make necessary pay her debts, while others who had made nb such sacrifices escaped, and
Increased taxation, which would be intolerable. Furthermore, the formula the warning that too sudden deflation in
Germany might produce there
for putting through a Government loan would require the consent of all the evils of unemployment from
which other countries are already
Congress, and that might be hard to obtain, even for an extremely worthy suffering.
cause.
In the subsequent debate Mr. Lloyd George expressed complete approval
Harvey To Be Channel.
of Mr. Bonar Law's speech.
It is regarded as possible that George Harvey, American Ambaseador
The most noteworthy contribution was by James Ramsay Macdonald.
at London, who is looked on as more completely in the confidence of the the Labor leader, who gave a complete elucidation of the policy of the
President than any other American Ambassador, may be coming to the Labor Party.
United States to get first-hand details of the proposed tentative American
He maintained that the United States held the key and was the only
reparations plan.
country able to give Great Britain any help. He differed from the Prime
Mr. Harveys' advice on the German situation is badly wanted by the Minister, however, in believing that it was inadvisable to mix together
President and Secretary of State Hughes, who, though they have been too much the questions of reparations and inter-Allied debts. He adreceieing every day long cable accounts of the reparations situation from mitted that Germany possessed enormous industrial possibilities, yet
the American Ambassador, undoubtedly feel that first-hand information she must be carefully handled, or she would follow Austria into bankon ninny points would be desirable.
ruptcy. He feared that both France and England would need to lower
Officials here feel encouraged in one respect over France's attitude. They their expectations from Germany very substantially.
feel that former Premier Clemenceau, the severity of whose attitude toward
Declaring that reparations were a curse to both those who paid and
Germany has been only second to that of Premier Poincare, has been won those who received, the Labor leader said the real question was not what
over to American opposition to the seizure of the Ruhr. Inasmuch as Germany was able to pay, but what the Allies could afford to receive,
Clemenceau came here for the express purpose of obtaining American co- and even if Germany could pay the full amount demanded, it would not
operation with France, since he talked to hundreds of prominent Ameri- be to the advantage of the Allies to mealy° it. Franco must remember
cans, including the principal members of the Cabinet and the President. that England had her own trade to consider, and while threats of military
his going back to advocate milder measures toward Germany is expected penalties were mixed up with economic a'ins peace would be impossible.
to have considerable effect on the French attitude.
E. D. Morel maintained that it would be ridiculous to say that Germany
It is regarded as very likely that France and Italy will attempt to bring had paid nothing, and declared that, including the cost of the armies
up the question of inter-Alliod debts if the United States advances a scheme of occupation, her actual cash payments. coal deliveries, surrendered
for a German credit. From the outset, however, this Government will mercantile marine and other payments, Germany had already paid the
take the position that the debt question must be kept out of the contro- equivalent of £1,000,000,000, or quadruple the indemnity France paid
versy, inasmuch as this country is making no demands for immediate in 1870.
payment of war debts and does not intend to press the question for some
Great unanimity was displayed in support of the Government throughout
time.
the whole debate. The submission of questions drafted by agreement
Armaments in the Way.
between Mr.Macdonald,Mr.Asquith an I Mr.Lloyd George was a complete
Opinion among the members of the Cabinet is general that such a loan novelty in parliamentary procedure.(specially as the questions had been
as proposed could be floated if the proper guarantees were
shown to the Prime Minister in advance. Similarly, after Mr. Boner
furnished by
Germany. It is understood fhat to-day's discussion hinged around the Law's speech, Mr. Asquith and Mr. Lloyd George had a consultation,
proposition as to the way the money to be raised through a loan is to be and agreed that there was no occasion for them to speak, as they were
expended. It was pointed out by one member of the Cabinet that Germany in accord with the Prime Minister's pronouncement.
would reap no benefits from such financial assistance if she was compelled
The opinion in the lobbies was that this unusual unanimity would not
to turn a large share of the loan over to the Allied nations, particularly be without influence on the a ijourned conference to be held in Paris Jan. 2.
France and Italy, who would be disposed to use it in building up their
The British Prime Minister said he did not wish to say a word in criticism
armies and navies.
of America, because he believed America to-day was the nearest to Great
If assurances could be received by this Government that the money Britain in ideals and that the United States entered the late war without
advanced to Germany was to be used in the main for internal improvement any motive of gain, but solely to help the world in its great struggle. He
and a restoration of the financial and economic situation in that country, therefore could say nothing against America. but he could not forget the
then the United States would give its sanction to any plan which private facts.
Great Britain had secured a strong budget position and financial organiAmerican bankers might outline for the raising of the billion, and a half
zation because she had made the taxpayer poor, but, he asked, did any
dollars for Germany's needs.
imagine these enormous sums could have been taken from industry
Incidentally the fact that Col. Harvey, the Ambassador to one
without seriously impeding the possibility of industrial expansion?
Great Britain, is returning to the United States for a short
"Had we adopted different methods," he said, "we might have had
recognized
less unemployment, and the world would
visit was made known in Associated Press cablegrams from to-day muchless sound financial position that we were nothave position to
in a
through our
London Dec 14, these advices also stating:
pay these large sums. That is the unfairness of it.
The reason ascribed for his visit is his anxiety about his wife's health,
"Public opinion abroad has assumed that we are able to meet our obligawhich has been unsatisfactory of late, and the Ambassador desires to give tions and help our friends. In reality we are in no such position. We are
her a much-needed rest.
paying £100,000,000 yearly to the unemployed."
As the Ambassador's visit will coincide with the present in America of
The effect of the unemployment he described as terrible, declaring that,
the British mission headed by the Chancellor of the Exchequer, Stanley unless there was a trade improvement within a reasonable time, Britain
Baldwin, it is assumed that Mr. Harvey will take topportunity to confer would reach a position which, in his opinion, would be worse than almost
with his Government on the European situation generally.
any of the Allied countries.
In outlining the British policy toward Germany, he said that the Govof past imstakes or of enmity, but only
BONAR LAW SAYS GREAT BRITAIN CANNOT PAY ernment was not thinking ascertaining the amount Germany could desired
pay.
to find the best method of
UNITED STATES UNLESS EUROPEAN
does recover," he added, "she will be in a far better
"If Germany ever
pay these indemnities than we should be to pay our debt to
position to
COUNTRIES PAY HER.
America. That is a fact."
Warning of the inability of Great Britain to pay her war
indebtedness to the United States if the British Government
was to receive nothing from Germany, Franco or Italy
was given by the British Prime Minister Bonar Law in the
House of Commons on the 14th inst., in which he appealed
to France to consider the disastrous consequences which
would follow the threatened occupation of the Ruhr Valley,
and besought the United States to co-operate in effecting
an adjustment of the reparations and interallied indebtedness matters. Stating that the Premier frankly declared
for the policy of the Balfour note of last August (given in
our issue Of Aug. 1, page 591), which advocated an adjustment of interallied debts by an all-round cancellation,
England on her part surrendering her share of reparations
to be paid by Germany, the Associated Press advices from
London on the 14th inst. gave the following account of the
• Premier's speech:
ALLIED PREMIERS' CONFERENCE IN LONDON ON
GERMAN REPARATIONS ADJOURNED UNTIL
JANUARY 2.
has witnessed the adjournment without
This week
results of another' of the many conferences which have
been held to reach a solution on the German reparations
question. The meeting the past week was participated in
by the Allied Premiers (Bonar Law of Great Britain, M.
Poincare of France, Premier Mussolini of Italy, and Premier
Theunis of Belgium), the Finance Ministers of Great Britain,
France and Belgium; the French Ambassador, Count de
Sainte Aulaire; Foreign Minister Jasper of Belgium, and the
Italian members of the Allied Reparations Commission.
The conferences opened at London on the 9th inst. and
'adjourned on the 11th inst. until Jan. 2, when the Premiers
DEC. 16 1922.]
THE CHRONICLE
2633
M. Poincaire is described as frankly skeptical about the efficacy of his
will again come together at Paris to once more take up
action in the Ruhr
the discussions. It is stated that the insistence of France threatened independent militaryis said to be willingin event of failure to
to forget about this
agree with Great Britain. He
guarantees be exacted before Germany's request for military action if Premier Bonar Law consents to the imposition of ecothat rigid
nomic guarantees in return for a moratorium, the guarantees to be imposed
a moratorium is acceded to caused the failure of the present
week's conferences. The endeavor to secure the co-operation more as coercive measures than as revenue producing measures.
Premier Poincaire is not impressed with the unofficial accounts of the
of the United States before proceeding further in the working new reparations settlement proposed by Chancellor Cuno of Germany. The
scheme,if actually offered to the Allies, would be viewed by the French,it is
out of the reparations and attendant problems, would,
reported, as more of a manoeuvre than a real plan of settlement.
it was indicated in the London cablegrams of the 11th inst.,
The Italian Premier, Mussolini, is expected to spring several surprise
be made. In another item we refer to reports which have when the Premiers meet over the week end, such as a demand for a 25%
share of the reparations.
emanated from Washington during the week of a suggestion
On his arrival in London M. Poincaire was cordially received at the staof a loan of $1,500,000,000 in the United States for Germany, tion by Premier Boner Law. Both statesmen expressed hope that the conto prevent that country's economic collapse and a reparations ference would insure Franco-British co-operation for many years to come.
With the start of the conferences on the 9th inst. the
crisis. The Associated Press advices from London Dec. 11
in reporting the adjournment of the Premiers' conferences, Associated Press cablegrams from London gave the following
said:
account of the day's proceedings:
The London conference on German reparations, generally described
as the critical conference, ended to-day in agreement only on another
conference. The next link in the long chain of the Allies' struggles to
get together will be forged at Paris on Jan. 2. There will be a fortnight
then left for the Allies to agree upon some program.
Nowever steadfastly she may stand aloof and protest her detachment
from these European debates, the United States cannot prevent her name
from being involved and the possibilities of' her participation being made
the subject of speculation. Continental politicians contend that reparations and the adjustment of war debts cannot be separated and that
the United States cannot avoid becoming a party to the solution of these
problems.
It was stated in an authoritative American quarter that the chief hope
of bringing the British and French together, during the period of adjournment, lies with the United States.
It was said by this authority that England will probably ask the American Government if it is willing to cancel the French debt to the United States
provided England in turn cancels the French debt to Great Britain and at
the same time enters a definite agreement with the American Government
ultimately to pay the British debt to America.
This suggestion was made informally last evening to an important American neve in London, and it will probably be presented directly to Mr.
Hughes, the American Secretary of State, in the course of the present week.
Great Britain is said to look favorably on the cancellation of the French
debt due her, provided the United States cancels the French debt to America. It is the belief of British officials that the United States would be
willing at least to attend a conference at which such a proposition could be
thoroughly discussed.
It was also stated in American circles this Morning that the definite
agreement to pay the British debt to the United States could or might be
accompanied by a proposal for a long-period, say fifty years, in which only
interest would be paid. It was explained that this was on the theory that
the United States was primarily interested in securing the ultimate payment
of the British debt rather than an immediate settlement.
In conference quarters it was the general view that France has indicated
her willingness to give up military penalties in return for the cancellation
of debts by the United States and Great Britain, and would be ready also
to give a long moratorium to Germany.
The conference adjourned after the British Prime Minister, Mr. Bonar
Law,and the French Premier,M.Poineare, had failed to reach any continon
ground for agreement.
The French insistence upon rigid guarantees before granting a moratorium to Germany was the principal reason for the collapse of the present
negotiations.
The Fiench demands included occupation of the Ruhr district with sufficient forces to insure collections of the customs, and the taking over by
France of the administration of the Rhineland.
M.Poincare refused to consider any proposals not including the occupation
of the Ruhr, while Mr. Boner Law throughout the conversations insisted
that the majority of the British people opposed military sanctions.
The moratorium granted she Germans expires Jan. 15 and the next payment on account of reparations, which Germany protests she is unable to
meet, will be due on that date.
As to the suggestions to be presented by M. Poincaire at
the conferences (one of these calling for a loan of 100,000,000
gold marks to stabilize the mark,) we quote as follows the
Associated Press cablegram (London) of Dec. 8,—the day
before the start of the discussion:
Premier Poincare has come to London to suggest a "reasonable and just"
way out of the long-standing reparations problem, and he believes that
Great Britain, in the interest of preservation of the Entente and fair play,
should whole-heartedly endorse his suggestions.
Such is the view expressed by the French delegation this evening upon
its arrival for what the French Government believes will be the most
Important meeting of Allied Premiers since the armistice was signed.
Reports have been heard here that the United States might unoificially
intimate she would not ask fox payments on the war debts for the duration
of any moratorium decided upon, this being Ame.ica's contribution to a
settlement of the problem. Such a move,in the view of the French, would
pave the way to a real settlement of the debts between England and France.
The French Premier is greatly interested in the presence in London of the
American Ambassadors to Get many and Belgium, Alanson B. Houghton
and Henry P. Fletcher. He made several inquiries during the course of
his trip from Paris to find out the purpose behind their visits.
The suggestions of M. Poincare form the basis of the much-heralded
plan 'whieh the French Premier is said to be reserving for the proposed
Brussels conference, and their adoption, in the opinion of the French,
would insure the success of the pout parlers in the Belgian capital.
Brieay, they are: A two or three year moratorium for Germany in return
for certain definite guarantees, such as the temporary taking over of the
mines and forests of Germany and the collection of certain customs as a
means of forcing Germany to carry out reforms.
A loan of 100,000,000 gold marks to be used to stabilize the mark, under
the strict supervision of the Reparations Commission. There would be
continuation of deliveries of coal and wood during the moratorium period.
Reduction of the German indemnity to about 40,000,000,000 gold marks
if England canceled the French debt, or, failing this, an agreement to set
aside for a long term of years all questions either of trying to collect this
debt or the so-called "reparation bonds." The latter would, in effect, be
a reduction of the indemnity to well under 50,000,000,000 gold marks.
The Brussels conference, according to the French plan, should be called
as soon as possible, probably on Dec. 18, so that details of settlement could
be worked out before Jan. 15.
The clouds that overhung the reparations conference last night have
been partly dispelled by to-day's proceedings.
The four Premiers, Boner Law, Poincare, Theunis and Mussolini, held
two meetings lasting five hours. There was nothing approaching an
agreement, nor had any agreement been expected from one day's deliberations. The chief result was something more nearly approaching an understanding in the positions of the two principal nations, Great Britain and
France, than had existed at any time during the last few weeks.
M. Poincare offered in behalf of France acceptance of a two-year moratorium for Germany provided satisfactory guarantees were forthcoming.
These guarantees embraced measures for economic control of the Rhineland
industries and partial occupation of the Ruhr district with a- division of
soldiers to collect customs on the coal output. M.Poincare did not consider
that this program would be regarded as military action against Germany.
Premier Boner Law's reply, which came in the afternoon, was a surprise
to the French and greatly encouraged M. Poincare, who early in the day
had been extremely pessimistic as to the outcome of the conversatiens.
Mr. Boner Law at the morning session had intimated that Amtrica's
insistence on the payment of the British debt bad made it very difficult
for England to discuss remission of the French war debt. He began his
afternoon address by saying that the Balfour note no longer existed for the
British Government and that he was free to consider tl'e whole question.
"I am prepared to reconsider the question of cancellation of debts," he
went on, "if such "cancella lion would insure a settlement satisfactory to
the British Government."
The British Prime Minister briefly outlined the kind of settlement he
desired—a moratorium sufficient for Germany to re-establish tut* finances
and credit and stabilize the mark, no military action of any character
by the French, and a reduction of the indemnity to between 30,030,000,000
and 40,000,000,000 gold marks.
M. Poincare, although res Tying his formal reply to the new suggestion
until to-morrow, expressed deep pleasure at the Thet'sh attitud r.
The Belgian plan presented by Premier Theunis this afternoon calls for
a two-year moratorium for Germany and a loan to be participated in by all
nations at the rate of 5,000,000,000 gold marks a year for seven years,
making a total of 35,000,000,000. This should represent the total reparations indemnity. The lean will be guaranteed by the wealth of the Gerrie&
Republic.
According to this plan the German debt would be reduced to between 30.000,000,000 and 40,000,000,000 gold marks and Franco must abandon all
idea of military or economic pressure on Germany. The Germans would
be required to effect rigid financial reforms, including balaneing the budget
and stabilizing the mark. Part of this loan would be handed over to Germany for that purpose.
The Belgians propose postponement of the Brussels conference until the
end of January or the middle of February. Their plan will probably be
discussed Monday.
. Karl Bergmann, German financial expert, arrived to-day and presented
Chancellor Cuno's proposal to Premier Bonar Law, who in turn will probably present it to the other Premiers at 11 o'clock to-morrow morning. He
will submit the plan at Germany's request, and Great Britain has in no sense
approved the suggestions. Certain changes have been made in the plan as
announced by the German press several days ago, and it is reported that the
idea of an external loan has been dropped for a scheme of Allied participation in German industry.
It is understood that the King will receive the four Premiers and four
Finance Ministers to-morrow. He is greatly interested in the European
economic problem and desires an Allied agreement as soon as possible.
The presentation of the German proposals figured in the
conferences of the 1st inst., details being given as follows in
a copyright cablegram from London to the New York
"Times":
The proposal from the German Government for a new arrangement with
regard to reparations accompanied by a personal letter from Herr (lune,
the new German Chancellor, to Premier Bonar Law, was to-day before
the conference of'Prime Ministers. It was considered to be unsatisfactory
and a teply declining it will be drafted and adopted in all ptobability
to-morrow.
The only other plan before the conference at present is one submitted by
Signor Mussolini, the Italian Premier, which links up the reparations
problem with the question of the inter-Allied debts and general economic
condition of Europe. It does not, nowever, deal with the debts owned by
the European countries to the United States. Consideration of this will
be resumed as soon as the German proposal has been disposed of.
The Premiers to-day had only one conference in the afternoon. The
nerning was occupied by visits of the French, Italian and Belgian delegations to Buckingham Palace, where they were received by the King. They
proceeded to Downing Street at 3 o'clock and were in consultation for
three and a half hours.
Boner Law To Report to Cabinet.
A brief official communique then issued merely stated the fact that
the German note had been received and discussed and announced that
before the Premiers meet again to-moirow a full Cabinet Council will
be convened to listen to Mr. Boner Law's report on the situation.
The German note was handed in to the Btitish Foreign Office last night
by Dr. Bergmann. It has not been published here, but it is understood
to propose the raising of both internal and external loans, the whole of
the external and half of the internal loans being handed over to the Reparations Commission. Moreover, the German Government suggested giving
the Reparations Commission bond,for another 3,000,000,000 gold marks.
In return it asks that no moratorium should be extended for at least
two years and for still longer if the amount handed over to the Reparation
2634
THE CHRONICLE
Commission as a result of the internal loan exceeds 1,500,000.000 gold
marks, and asks that reparations in kind shall be suspended during the
moratorium period.
Signor Mussolini said definitely to-night that the Allied Premiers were
unanimous in considering the proposal unsatisfactory and had decided
to send to-morrow a reply refusing it.
On the succeeding day (the .11th), as we indicate above,
/ the conferences were terminated, the discussions to be
take p anew with the advent of the new year.
Nd&IRY
OF FINANCIAL EXPERTS ON GERMAN
MARK STABILIZATION—MINORITY REPORT.
At the time of the conversations of the Allied Reparations
Commission with the German authorities in Berlin, about a
month or more ago, on measures for the financial and economic rehabilitation of Germany, it will be recalled that
recommendations looking to the stabilization of the mark
were submitted by a body of neutral financial experts. The
conclusions of the majority members of this body—Robert
H.Brand, Prof. Gustav Cassel of Stockholm, Prof:Jeremiah
W. Jenks of New York and John Maynard Keynes of England—were given at the time in these columns (Nov. 11,
page 2098). During the past week (Dec. 9) the New York
"Evening Post" printed the minority report, submitted by
Dr. G. Vissering of Holland, Leopold Du Bois of Switzerland and -Boris Kamenk, and we reproduce the same herewith:
•
The Minority Report.
Following is the text of the minority report:
Question 1.—Is any stabilization of the mark possible in the present
circumstances?
We reply: Any permanent stabilization of the mark cannot be achieved
so long as:
(1) No end has been put to the paper money inflation, the principal
cause of which at the present.time is the deficit in the German domestic
budget and public services;
(2) The balance of payments remains unfavorable in consequence of
excess of imports, the flight of capital from the country, the aversion to
the mark at home,and the deliveries in kind and cash payments on account
of reparations.
Question 2.—If not, what essential conditions must be created in order
to render stabilization possible?
Our reply is already contained in the answer to the first question. However, some further elaboration appears to us to be advisable.
(1) The devastating effects of paper money inflation made themselves
felt in Germany, as elsewhere, when in the course of the war expenditure
was no longer metfrom the ordinary tax revenue, but by inverted borrowing;
that is to say, by increasing the floating debt. Later on this inflation was
increased by the necessity for procuring fOodstuffs and finally by the
deficit in the ordinary and extraordinary domestic budget of the State.
Each inflation, however, leads automatically to further inflation, for
every time the purchasing power of the paper mark is diminished a larger
sum is required to transact the same business.
Ifthe measures taken to stabilize the mark are to have a permanent effect,
the causes of inflation, which lie with the Government, must disappear.
Must Balance Budget.
This means to say that the domestic budget of the State must actually
balance, the actual expenditures must be kept within the limits of the
estimates, which should be cut down to the lowest possible figure; if the
receipts do not suffice to cover expenditures, new sources of revenue muss
be opened up. Finally, the extraordinary budget must not be burdened
with expenditure for investments of capital which might be avoided or
postponed until better times, nor must the estimates for the extraordinary
expenditure contain proposals for reparation payments in excess of surplus
from the receipts of the ordinary budget.
To obtain this object it will be necessary to exercise the strictest economy
in State finance, to decrease the staff of the Government offices and administrative departments, and gradually to diminish direct or indirect subsistence allowances.
(2) Unfortunately, we have no exact statistics regarding Germany's
present balance of payments, nor even any trustworthy figures as to the
balance of trade. All that can be said is that these balances apparently
show a considerable deficit.
What is the cduse of this deficit?
(a) The falling off of exports, the reasons for which are said to lie partly
at home and partly abroad. Among the causes originating at home the
decrease in the power of production consequent upon present labor conditions is mentioned. It is not for us to judge upon internal questions of
German legislation, but in our opinion both the Government and people
should make every possible effort to regain this power of production.
The most important external cause is said to be the obstacles placed in
the way of the import of German goods by foreign countries. This is a very
delicate question. Complaints have constantly been heard abroad, and not
without reason, of the lively competition of German industry with the industries of the various countries during the last few years, which has led
to
. the ruin of several branches of industry.
If Germany wishes the restrictions placed upon her trade to cease, her
competition must be normal; that is to say, it must not be based on the
cheapness of her goods in consequence of the continual depreciation in her
currency.
In any case, however, it may be said that her balance of payments cannot
be adjusted unlessshe securessome possibility ofdeveloping her export trade.
(b) An abnormal development of imports in the present circumstances.
German Confidence Shaken.
The mark has depreciated to such an extent that the confidence of Germans in their own currency has been more than shaken. The result has
been the cessation of saving and an inclination to spend the mark, either
in direct enjoyment or in hoarding up supplies. Were confidence to be
restored by the commencement of stabilization, this inducement to import
would disappear.
On the other hand, import is promoted by Germany's obligation to
allow certain foreign commodities to enter the country, and it is also
facilitated by the so-called Hole in the West. It is obvious that if the
German Government remains powerless in this respect, it will have great
trouble in seriously controlling imports and effectively restricting them.
[Vol,. 115.
Moreover, at the present time the imports of one commodity have increased, I. e., of corn; these have been particularly large this year in consequence of the bad harvest in Germany. This factor is only temporary.
Finally, the import of coal is chiefly a result of the obligation to supply
coal to the Allies. So long as no other arrangements are made this cause
of an adverse balance will continue to exist.
(e) The flight of German capital abroad and the aversion to the mark at
home. We have no data which would enable us to estimate the extent
of this. We are, however, of opinion that, on the one hand, so soon as
stablization of the mark was begun one of the reasons for the flight of
capital would be removed and there would be a prospect of a general
reflux, and on the other hand, that German finance legislation should
take account of the fact that by the taxation of capital and income in
excess of certain limits, the flight of capital is promoted and cannot be
entirely prevented by draconic regulations.
(d) Finally, Germany has been compelled during the last few year
and until quite recently to make cash payments and deliveries in kind on
account of reparations, which have considerably influenced her balance
of payments.
We consider that any attempt to stabilize the mark would be futile unless
these payments are suspended until there is a prospect of equilibrium being
insured.
What the Government Says.
To sum up, we would say that as it is one of the essential conditions
of the stabilization of the mark that the balance of payments should no
onger be adverse to Germany, the above-mentioned unfavorable factors
must be removed. The German Government informs us if they were
relieved for a sufficiently long period from the reparation payments, they
are convinced that a noticeable improvement in the situation would speedily
set in. We can but take cognizance of their statement.
Question 3.—What means should be adopted for stabilization so soon
as the essential conditions are fulfilled?
So soon as the essential conditions described above are fulfilled or are
on the way to realization, we propose the following measures:
I. Standard Value.
.
In view of the fact that in the present circumstances the paper mark
lost its character of standard of value steps must be taken in
has entirely
the immediate future for the creation of a new and constant standard of value.
This would best take the form of a new gold mark, in face of the present
impoverishment of the entire political economy of Germany, it will, however, be advisable to abandon the former unit of value and to select a lower
unit, whicttin order to facilitate conversion should be equivalent to a component of the pound sterling or the dollar: for instance, 1-40 of a pound.
half a shilling or 1-10 of a dollar. This unit should be called the "new gold
mark."
II. Specie Bank.
With a view to effecting the stabilization of the mask, it would be advisable to create an independent organization possessing a legal entity,
which might, for instance, take the form of a share company and be styled
"specie bank." since it would come into existence with the object of introThe
ducing
netial one .
iniw mcaprtal would be fixed at 100.000,000 gold marks, which must
be subscribed by the Reichsbank in gold. The Reichsbank would receive in
exchange the shares of the new "specie bank, so that the assets of the
Reichsbank would thus in no wise be diminished.
As, however, the creation would require a considerable period, we believe that in the first instance a committee consisting of representatives of
the Ministry of Finance, of the foreign lenders and of the Reichsbank,
should be formed, in order to start the first operations for stabilization.
Reference to the "specie bank" in the following paragraphs should be
taken to apply in the meantime only to this committee.
III. International Bank Credit.
Stabilization of the mark can only be effected with the assistance of a considerable credit from foreign sources, amounting for instance to 500,000,000
gold marks in the old currency. This credit would most suitably be granted
by foreign banks in the form of an acceptance credit. It must be placed
at the disposal of the "specie bank," which could utilize the advance as
required by drawing bills, which would enable it to purchase foreign exchange
banks in the United States of America and in European countries
with normal Currency would be most suitable to grant this credit. This
group might also include banks in other countries: which would be approached with a view to their co-operation and declare themselves willing to
participate In
th enarsilpes
aboutatthe a the t
i transactth pa
Under eauspices of the Ren ration Commission there should be brought
possible date the appointment of an international combanking consortium, to
mittee of bankers, whose task it would be to form a
with the Reparation Commission and the German Governexamine in touch
to
ment the question ofthe credit in connection with the guarantees be given.
IV. Preliminary Conditions of Stabilization.
to repeat that final stabilization
We consider it advisable at this point
that conditions within the country render
can only be achieved provided
namely:
possible a stabilization de facto,
equilibrium of the budget.
(a) By recovering the
trade balance in favor of Germany, or at
(b) By restoring a favorable
least by restoring its equilibrium.
of the balance of payments.
(c) By restoring equilibrium
impossible to balance the budget by increasAs regards (a): Should it be
must be made to do so by reducing
ing the revenue from taxation,an attempt
will scarcely be posexpenditure. As any considerable addition of revenue
be attainable by a reduction of expenditure.
sible, the end will probably only
only must the deficit disappear in the railway and
In the first place, not
telephones and telegraphs) so that the
postal administration (including
expenses, but these departments should also
earnings cover the working
insure an adequate depreciation fund and to
show surpluses sufficient to
invested. Moreover, it is imperatively
provide interest upon the capital
payable in consequence of State connecessary that the various subsidies
scale of prices, should be discontinued at the
trol, which give rise to a false
Finally, arrangement should be made to reduce the
earliest possible date.
officials.
number of Government
charges, in so far as these relate to necessary
As regards extraordinary
be ways, by means of i man b lo ema ate
on railraised canals, &c., it nteryaie rng-drked
and permanent expenditure
that the funds required should
reparation payrnente fuieher on.
nieans must bs tr rtd to
loans. We shall refer to
Store a favorable
With regard to (b): Every
the same time exert a beneficial influence on
trade balance which would at
in the first place, an increase of
this end,
the balance of payments. To
thp worngi g ththoos, ng
ngb y e rolo kinngmee wdrhib y
by
production must be obtained, both
pressure, and, necessary,
working at increased
hours.
of a reduction of wages should be considAt the same time the question
existing value of money. It can..
ered, together with their adaption to the
DEC. 16 1922.]
THE CHRONICLE
2635
The Ambascadors' Council to-morrow will discuss the note, but pending
worker would agree to such measures,
not, however, be expected that the
holdings and Premier Poincare's return from London it is unlikely that a reply will be
long as, on the one hand, the bank would buy up mark
so
concentration of drafted.
banknotes expressed in marks, principally through the
Associated Press advices from Munich the same date
their activity in the foreign markets.
effectively to deal
By suitable action we believe it would be possible
and to obtain a (Dec. 10) said:
with any counter-operations which might be attempted
That protection for the allied Commissions in Bavaria is impossible, if
foreign markets.
very appreciable improvement in mark exchange on the
principal ob- they do not want to be protected and do not advise the police authorities,
To effect an upward movement of the mark is one of the
and the of purposed visits to various localities, is semi-officialry announced as the
panic,
jects, as the recent collapse of the mark was mainly due to
tendency.
standpoint of the Bavarian Government regarding the attacks on the interrestoration of confidence may speedily bring about a counter
possible in this way to restore the mark to an appreci- ailed military control officers at Passau and Ingoldstadt.
Assuming that it is
In view of this attitude the Bavarian Administration holds that the allied
result:
ably higher level, the following important advantages will
depreciation of demand for indemnity arc unjustified and untenable in international law.
(a) A stop will be put to the disproportionately heavy
Calling attention to the alleged aim of the commissions to keep secret their
the mark;
with the present plans of visits in order to drop in unexpectedly on communities, the Govern(b) The mark will be placed on a basis which, compared
holdings;
ment asserts that it is understandable, humanly and politically, why such
position, will not represent the absolute depreciation of all mark
the sooner excursions"in the midst of peace" will not be borne willingly by the Bavarian
(c) The higher the value at which the mark can be stabilized,
poeple. Yet, it is stated the Government thinks excuses could be admitted
the country.
will the note circulation suffice for the requirements of
wages to the as due the Allies, because such attacks are regretted by the Administration.
On the other hand: (a) Definitive adaption of the scale of
lengthy period, The Government is declared to be ready at any time to assume the protection
ea internal value of the mark will require a more or less
(b) an of Entente commissions.
during which very serious difficulties will have to be overcome; and
The above attitude is expected to be announced in the Diet to-morrow by
appreciable reduction in prices will be natural consequences.
Improvement in the economic situation by means of stabilization will also Premier Von Knifing. Meanwhile, conferences have been proceeding beThe tween the Premier and the Minister of the Interior, but these have been
make it easier for the Government to follow a sound economic policy.
be rendered difficult of accomplishment through the fact that quick consultabudget will then rest upon a secure foundation and equilibrium will
tion with the Berlin Government is impossible because snowstorms have
restored.
broken down the telephone lines.
VI. Moment For Provisional Stabilization.
It is generally feared here that the Berlin Government again will adopt the
If all these desirable consequences are aken into consideration,it would
attitude of yielding to the Entente. This apprehension was expressed at a
certainly appear advisable to make an immediate attempt to effect stabiliza- large
mass meeting of the Nationalist organizations held in Munich yester-mentioned contion, provided there is a reasonable prospect of the above
day.
ditions being fulfilled at no remote date.
It is commonly believed that the recent demands have not exactly created
new discontent among the masses because the dislike of France among the
VII. Exchange Office.
a sufficiently high value every effort must Bavarians is of longstanding, and the large number of veterans of the war of
When the mark has attained
1870 still living are not slow to relate instances of alleged injustices the Gerbe made to maintain it at that rate, either by the purchase of foreign exchange when the mark appreciates or by purchase of marks if the rate mans suffered during the occupation of France.
The antipathy for France reached such heights at yesterday's meeting that
office. The
requires support. This could best be achieved by an exchange
the leaders of the movement had to exhort the thousand present to remain
"specie bank" might also take over the functions of this office.
calm. The assemblage passed a resolution demanding unconditional rejecVIII. Eventual Parallel Currency.
tion of the Entente demands on Ingoidstadt and Passau and a firm attitude
aimed at consists in the restoration of a gold currency. on the part of the Central Government against the allied ultimr.tum and
The end to be
Should a transition period be necessary, it might be advisable to leave the thanked the Bavarian Governmentfor the steps it has taken in the situation.
The resolution also demanded the abrogation of the new law for the
paper mark temporarily in circulation and at the same time to introduce
the gold mark as a real currency. We hope, however,that direct transition defense of the republic and the release of Captain Ehrhardt, who was
arrested some time ago and taken to Leipsic for trial for participation in the
currency,to gold currency may be possible.
from paper
Kapp coup. Ehrhardt was described in the resolution as "a fellow com/X. Definitive Stabilization.
batant in the battle of Skagerrak." Other demands included the deportawill then be necessary to consider by what method the paper mark tion of non-Bavarian dealers in the commodity market; sharp control of
It
notes still in circulation can be exchanged for gold mark notes or corres- production and export; greater restrictions on foreigners, and the death
ponding credits. After these measures have been carried out the aboli- penalty for all profiteers and speculators.
The adoption of the resolutions was followed by an address by Dr. Roth,
tion of the "specie bank" may be considered, when the Reichsbank would
resume solo charge of the issue of notes and the manipulation of the parity former Minister of Justice, in which he assailed the parliamentary system
and advocated a national dictatorship. With regard to the Cuno Ministry,
of exchange.
X. Floating Debt.
Dr. Roth said:
"Because this Cabinet is not at the apex of the national movement it
During a certain transition period the increase of the floating debt could
a pos- will not have long life. Will the Cabinet show the necessary firmness
be entirely prohibited; therefore, the Government should be given
increasing the floating debt within certain limits to be prescribed against the French ultimatum? God grant that the German Government
sibility of
may not constitute itself the executioner for the French intention at
later, until the favorable effect of stabilization has made itself felt.
The measures to be taken must be initiated forthwith, as otherwise it is to humiliation."
success.
be feared that any action will come too late to have any chance of
A protest by Ingolstadt municipality against the Allies'
(Signed) DR. G. VISSERING,
demands was made known in cablegrams from that city
LEOPOLD DUBOIS,
BORIS KAMENK.
(Associated Press) Dec. 10 as follows:
GERMANY AGREES TO PAY BAVARIAN FINESTIMPOSED BY ALLIES—BAVARIA WITHHOLDS
APOLOGY CALLED FOR.
On Dec. 2 it was announced in Paris press cablegrams
that the Allied Governments had sent a note to Berlin
notifying the German Goverment of the imposition of fines
of 500,000 gold marks each against the cities of Ingolstadt
and Passau, Bavaria, in consequence of the attacks upon the
Allied Control Missions which visited those places in a
search for concealed arms. It was also stated in the Dec. 1
cablegrams:
Sharply protesting against the Entente demands for compensation in
connection with the attacks of members of the Inter-Allied Military Commission, the Municipal Council has published a formal statement in which
it calls attention to the fact that neither the Council nor the police were
advised in advance of the intended visit to the town of the Commission.
The statement declares that, notwithstanding the fact that the authorities only learned of the visit of the Commission several hours after it had
taken place, the Entente proceeded to levy on Ingoldstadt "this absolutely
impossible fine," without awaiting an investigation or establishing the
responsibility of the municipality for the attack.
"Such procedure," the statement continues, "is understandable only if
one regards the blindest of frenzy of an enemy as the cause. The Council
of Ingolstadt protests most solemnly before the world against this procedure
of our enemies, dictated by such terrible hate. It refuses such a senseless
demand for money."
The protest has been unanimously adopted by all the political factions.
On Dec. 24 the Associated Press reported from Paris that
the Allied Council of Ambassadors had decided not to accept
the Berlin Government's offer to pay the 1,000,000 gold
marks demanded of the Bavarian Government as penalties,
for the recent attacks on Allied Military Control officers at
Passau and Ingolstadt, unless the Bavarian Goverment
Advices to the effect that Germany had agreed to pay the agrees to carry
out the other penalties imposed. These,
it had found it impossible to dismiss the
fines, but that
it is stated,include an apology from the Bavarian Premier and
officials involved, were contained in the following copyright punishment of
those guilty for the attacks.
cablegram to the New York "Times"from Berlin, Dec. 10:
In a copyright cablegram from Paris Dec. 1 the New
Mayer this afternoon called at the Qual d'Orsay with the
Ambassador
reply of the German go vernment to the note of the Ambassadors' Council York "Times" said:
The German Government was informed that if these fines are not paid
by Dec. 10 the amounts will be withheld from the Rhineland's remittances to the Bavarian Government.
This action is in pursuance of the recent decision of the Allied Ambassadors' Council, which also demanded apologies from the Bavarian Government, its responses having been unsatisfactory.
in regard to the recent incidents at Passau and Ingolstadt, in Bavaria, when
officers of the Allied Armament Control Board engaged in carrying out
their duties were attacked and brutally beaten by a mob.
Everything pointed to a deliberate plot on the part of the Bavarian local
authorities, for the officers were lured into an evident trap. They escaped
with difficulty from rectiving what might have been more serious injuries
or even a worse fate. Severe penalties were called for both by France and
England, an English offices having been among the party attacked, and the
Ambassador's Council dispatched a note demanding a full official apology,
the imposition of a fine of 500,000 gold marks on each town and the removal
of their Burgomasters and Chiefs of Police.
In to-day's reply the German Government, having reiterated the apology
contained in its previous declaration, submitted some days ago, sets forth
that it alone is qualified under the German Constitution to act on behalf
apologize.
of the Federal States, thus covering the Bavarian refusal to
The note then states that it is impossible to dismiss the officials involved
because they were appointed, not by the authorities but by public election.
Lastly, while protesting that the amount of fines imposed is excessive in
that it holds the 11)00,000
the extreme, the German Government announces
gold marks demanded at the disposal of the Ambassadors' Council.
The severity of these measures is due to the very insufficient excuse which
has been given by the German and Bavarian Governments in reply to the
former note of the Allies sent through the Council of Ambassadors sitting
here. Three main incidents occurred at Stettin, Ingolstadt and Passau,
and immediately on their occurrence the Ambassadors sent a demand for
an apology and redress. To each demand the German reply was said to
be evasive, and the Allied Governments were forced to decide on energetic
measures as essential if the protection of the members of the Commission
of Military Control and the efficacy of their work were to be assured.
The Council of Ambassadors, therefore, after consultation with their
Governments, sent last evening to the German Ambassador here a note
signed by Premier Poincare as Chairman of the Council, asking him to make
known to his Government immediately the following decisions:
"Before Dec. 10, satisfaction which has not yet been given for incidents
at Stettin and Passau must be given. Reparations and penalties which
will be indicated to the German Government by the Interallied Control
Commission for the affair at Ingolstadt must be carried out. A letter must
be sent by the Bavarian Prime Minister to the Interallied Commission expressing apologies for the incidents at Passau and Ingolstadt. Each of
these towns will be fined 500,000 gold marks. In the event that these
2636
THE CHRONICLE
payments are not made, or being only partially made by Dec. 10,the Allied
Governments will collect to their account the sum of 1,000,000 gold marks
—or whatever remaining sum may be due from the resources which the
Bavarian Government has in the Palatinate."
not been given full authority to come to a final conclusion,
and that it would return to Rumania for a further discussion
of the situation.
GERMANY FEARFUL OF UNITED STATES TARIFF.
In Berlin cablegrams Dec. 10 the Associated Press said:
The effects of the new Tariff Law of the United States are so intense
and far-reaching as to be equalled only by the "monstrous disturbing
powers" of the Versailles Treaty, declares the "Allegemeine Zeitung."
The customs barrier erected by America, says the newspaper, leaves
but a limited opportunity for countries requiring imports from the United
States to pay for them in exports to America.
Coupled with the general destitution of Europe, this could mean nothing
other than a passive trade balance for every European country. If the
oft
-expressed wish of the United States for "the recovery of the unhealthy
economic world" were really in earnest, the new law would have presented an entirely different appearance.
"In any case," adds the "Zeitung," "it is a very sharp, yet unfortunately double-edged, weapon, whose point must ultimately be directed
against their own people."
['Wm. 115.
The Rumanian Commission, consisting of Mr. Eftimie Antonesco, Mr.
Constantin Antoniade and the Charge d'Affaires of the Rumanian Government, Mr. Frederic C. Nano, had a formal meeting with the World War
Foreign Debt Commission this morning.
The Rumanian Commission was charged by its Government first to consider and verify with the American Government the exact amount of the
debt of the Rumanian Government to the United States and the amount of
interest. This has been done.
The Rumanian Commission, on behalf of the Rumanian Government,
has also presented full information as to the financial condition of Rumania and explained to the Funding Commission the difficulty which the
Rumanian Government finds in determining at the present time the exact
date when it may become possible to begin payment of interest on its debt
to the United States.
The Rumanian Commission has not been given full authority by its Government to come to a final conclusion as to the refunding of its debt and the
determination of the time at which interest payments shall begin. Th
Rumanian Commission, however, presented to the Funding Commission a
statement to the effect that it was the intention of the Rumanian Government to meet the debt at such time as it should become possible to do so,
and has received from the Funding Commission a complete understanding
as to the position and desires of the United States Government regarding
the funding and ultimate payment,and the exact powers which the Funding
Commission has for accepting bonds running for not more than 25 years
for the principal of the debt, the funding of accrued interest, and to such
extent as may be desirable, the funding of future interest.
It is understood that the Rumanian Commission will now return to Rumania for a further discussion of the situation, and desires that this meetng
should be considered in the light of a preliminary meeting,further negotiations to be undertaken at a later date.
THE RAILWAYS OF FRANCE—BOOKLET BY
BROWN BROTHERS & CO.
Charles F. Spears made an investigation of the French
railways for Brown Brothers & Co., of this city, a few
months ago. The result is seen in an attractive booklet
just published by the firm. The matter is presented in an
interesting way and in brief compass furnishes a very good
outline of the situation and characteristics of the leading
French railways. A distinctive feature of the essay is that
FAR EASTERN REPUBLIC AT CHITA VOTES TO
each of the French systems is compared with some one imAMALGAMATE WITH SOVIET RUSSIA.
portant American railroad as it was thought that through
The Far Eastern Republic at Chita (Siberia) was abolished
such comparison the field of operations and development
Nov. 17, when the Assembly voted to unite with the
of the French lines individually might come into plainer on
Government at Moscow. An Associated Press cableview in the American mind. As the best way of indicating Soviet
gram from Berlin Nov. 17 said:
the method of treating the subject, we quote the first two
A Russian telegraphic agency message from Chita is quoted in a Moscow
paragraphs on the Paris-Lyons-Mediterranean System, as dispatch to the Socialist "Red Flag," to the effect that the Government
follows:
of the Far Eastern Republic has unanimously decided to dissolve that
Paris—Lyons—Mediterranean.
The Physical characteristics of the Paris-Lyons-Mediterranean RR.,
the leading system in France,are quite similar to those of the Great Western
By. in England and the Atchison Topeka & Santa Fe By. in the United
States. They are perhaps best comparable to the latter, inasmuch as each
is the largest transportation line under one corporate management in its
country and each radiates from a capital in the interior, across mountain
ranges, through arid regions to tidewater and along a semi-tropical coast.
In such a study Paris compares with Chicago, Lyons with Kansas City,
Dijon, entering way to Switzerland, with Denver, and Marseilles with
San Francisco. It is true that the Paris-Lyons-Mediterranean covers
only half the mileage of the Santa Fe, or 6,125 miles as against about 12,000
miles, but it represents 25% of the total French railroad mileage and its
gross earnings fluctuate between 30-35% of the combined gross receipts
of the six separate French systems. The company also operates 641 miles
in Algeria, of which 412 miles are under least. In railroad nomenclature
the "P.L.M." would justify the designation "granger" road as traversing
great regions of agricultural land. Its tattle is made up to a considerable
degree of farm products, but it also moves a large amount of manufactu.ed
articles into and away from the busy industrial centres south of Paris, while
its volume of passEnger traffic and particularly long distance traffic is in
excess of that of the other roads. Here again she parallel with the Atchison is justified when we think of the trains de luxe leaving Paris for the
Riviera or Italy and even Constantinople and the California limiteds of
the Santa Fe between Chicago and Los Angeles.
Better possibly than any other French system the "P.L.M." illustrates
the policy of non-competitive transportation. We find it the only railroad
entering Marseilles, a city with a population of800,000 and having exclusive
rights to the very profitable traffic between Marseilles and the Italian
border. Also it has nearly a complete monopoly of the traffic of Lyons
and of the Rhone Valley.
First in territorial extent, the Paris-Lyons Mediterranean is second in
point of credit and, while the Nord Ry. throughout its long life to 1914 was
independent of French Government assistance, the "P.L.M." after 1897
paid up all of its debts to the Government and thrreafter until the great war
earned its fixed charges, returned its shareholders a dividend which was
11.4% in 1914 and had for some time been sharing its excess profits with
the French Treasury. Like the Nord Ry., its Government guarantee
expired just after the crisis in 1914 developed. Subsequently it was permitted to issue bonds to cover deficits of approximately 1,200,000,000 francs
which accumulated between the end of 1914 and 1920.
EFTIMIE ANTONESCO, OF RUMANIAN DEBT FUNDING COMMISSION, RETURNS HOME—CONFERENCES IN WASHINGTON.
The Rumanian Debt Commissioner, Eftimie Antonesco,
who arrived in the United States early last month to confer
with members of the World War Foreign Debt Commission
at Washington on the funding of the Rumanian war debt,
sailed for Europe on Dec. 4 on the steamer Aquitania,
following the conclusion of the conferences. With his departure Mr. Antonesco was reported as saying:
It is agreeable to the American authorities that a plan be worked out
similar to the handling of the Austrian debt, but this is contingent upon the
approval of the plan by the interested Allied nations.
A reference to preliminary confernces between Secretary
of the Treasury Mellon, Mr. Antonesco and Constantin
Antoniades, also a member of the Rumanian Commission,
appeared in our issue of Nov. 18, page 2211. On Nov. 22
the Treasury Department at Washington issued the following
statement indicating that the Rumanian Commission had
Republic and make it a part of Soviet Russia.
The message declares a re iolutionary board of seven members has been
establlshed and that fifteen delegates to the all-Russian "Red Congress"
have been selected.
Moscow advices in the matter contained in a coypright
cablegram to the New York "Times" Nov. 14 stated:
The National Assembly of the Far Eastern Republic has just voted
a resolution abrogating its own death and demanding union with Soviet
Russia. This probably will be granted, which means that the Far East
territory will retain local autonomy in the same degree as the Tartar
Republic to-day. The direct authority of the Soviet Government henceforth will extend from Petrograd to Vladivostok.
In connection with the recent occupation by the Red forces of the latter
city the real significance of the projected change in the Far Eastern Republic's status becomes apparent. First of all, it eliminates the possibility
of a separate agreement between the United Eastern Republic. Secondly,
it cuts away the ground from the Japanese pretension to treat only with the
Far Eastern Republic on the Siberian question without participation of
Soviet Russia. Finally, it is an announcement to the whole world that
Russia has now re-established her former sovereignty.
Unless the Baltic States, Finland or Poland adopt an aggressive atitude
toward Russia they will be allowed to retain full independence, though in
the case of the Baltic States it is likely that economic reasons will bring
them back to the Russian fold before long. But apart from them the
Russian flag—the Red flag of world revolution, which has become the
national flag of Russia—rules from the Baltic to the Pacific.
In announcing that troops of the Chita Red Army representing the Far Eastern Republic of Siberia were in complete possession of Vladivostok on Oct. 26, Associated Press
cablegrams that date added:
The last of the Japanese soldiers evacuated the city yesterday after
handing over to the Russians an inventory of the (Allied) arms left behind
and the keys to the warehouses containing them. Only a Japanese staff
captain remained to complete the transfer of military stores.
The Japanese troops left the Siberian port in ten transports. An American gunboat, British and French cruisers, and Japanese warships remain in
the Vladivostok Harbor to protect foreigners until the Chita forces have
taken over the administration and assumed responsibility for maintaining
order.
The only Japanese soldiers remaining on Russian soil are those in the
northern part of Saghalien Island.
But the Japanese public is demanding their return also, as it is feared
that restoration of trade with Siberia will be impossible unless this is
accomplished.
OFFERING OF $5,000,000 DALLAS JOINT STOCK LAND
BANK BONDS.
At 1023 and accrued interest, to yield over 4.70% to
1932 and 5% thereafter, Lee, Higginson & Co., the Illinois
Trust & Savings Bank of Chicago and the Merchants' Loan
& Trust Co. of Chicago, offered on Dec. 15 $5,000,000 5%
Farm Loan bonds of the Dallas Joint Stock Land Bank of
Dallas, Tex. The bonds, issued under the Federal Farm
Loan Act, are dated Nov. 1 1922 and are due Nov. 11952.
They are redeemable at 100 and accrued interest on Nov. 1
1932 or any interest date thereafter. They are coupon bonds,
and fully registered bonds, interchangeable, in denominations of $10,000 and $1,000. Principal and semi-annual
interept (May 1 and Nov. 1) payable at the bank of issue, or
coupons may be presented for payment at offices of Lee,
DEc.16 1922.]
THE CHRONICLE
2637
Higginson & Co. in Boston, New York or Chicago. A let- Cravens, President of the bank, embodied in the circular,
ter from Hugh W. Ferguson, Esq., President of the Dallas says in part: the
The charter of
bank confines its operations to the States of Kansas
Joint Stock Land Bank, incorporated in the offering, is and Missouri. The policy of the bank limits itsloans to the lotSiagricultural
as follows:
summarized
districts in these States. The 53 Kansas counties in which it has made
Security.—These bonds are direct obligations of the Dallas Joint Stock
Land Bank and are secured by deposit of United States Government bonds
or certificates of indebtedness, or by first mortgages upon improved farm
lands having a value at least 100% in excess of the mortgages thereon, which
equity is steadily increased by semi-annual amortization of the loans. All
such mortgages have been approved by the Federal Farm Loan Board,
based upon appraisals by its own agents. Further protection is afforded
by $850,000 paid-in capital stock carrying double liability and surplus and
undivided profits amounting on Nov. 30 1922 to $118,237.
Government Supervision.—The bank operates under a charter dated July 3
1919, granted by the Federal Farm Loan Board, which exercises rigid supervisory powers over the Joint Stock as well as the Federal Land banks. The
Farm Loan Board approves all loans hefore authorizing issuance of bonds
agalfist them, appoints registrars who are custodians of the securities, and
appraisers, prescribes the terms and form of bond issues, and examines the
condition of the banks at least twice each year. Provisions of the Federal
Farm Loan Act and regulations of the Federal Farm Loan Board rigidly
prescribe the investments of the banks, the amortization of loans and the
accumulation of reserves or surplus.
Territory Served.—States of Texas and Oklahoma. The bank's policy
is to restrict loans to the black land belt of Texas and Southern Oklahoma,
where land values have been well established for many years. Within the
loaning field covered by this bank lie more than one-tenth of the farms and
approximately one-twelfth of the total farm wealth of the United States.
In the,setwo States,comprising a farm wealth according to the United States
Census in excess of $6,100,000,000, there are estimated to be more than
$1,500,000,000 of farm credits, assuring a large supply of prime loans for
this bank for many years.
Legal Investments.—These bonds are legal investments for all fiduciary
and trust funds under the jurisdiction of the Federal Government and are
acceptable as security for postal savings and certain deposits of Government
funds. The banks may be designated by the Secretary of the TreasurY
as fiscal agents of the Government and depositaries of public funds.
loans have the greatest rainfall and greatest productivity of any farm
land in that State. They embrace 50.58% of the farm area in the State.
The 54 Missouri counties in which the bank operates have soil and climate
of the same general character as the soil and climate of Iowa and Illinoi
Their area is 51.69% of the total farm area of the State. According to th
United States Census of 1920, the average value of land in the 53 Kansas
counties was $70 24 per acre. In the 54 Missouri counties it was $106 51
per acre. The bank's loans in effect in these two States on Nov. 29 1922
averaged about $36 per acre of land mortgaged for their security, or about
40% of the appraised value of the mortgaged land. (The law permits 50%
plus 20% of the value of insured improvements). The average size of its;
loans is about $8,000. All loans are first mortgages and are for strictly
agricultural purposes.
The paid-in capital of the bank is $1,602,750, which under the law
carries double liability. It has outstanding $17,552,000 bonds, excluding
this issue. In point of size the Kansas City Joint Stock Land Bank of
Kansas City, Mo., ranks as one of the three largest Joint Stock Land
banks of the Unit:A States. From the very beginning the bank has been
successful. At the present time the bank holds over $20,000,000 farm
loan mortgages.
The Wichita Joint Stock Land Bank is restricted by its charter, granted
Sept. 29 of this year, to loans on farm lands in Kansas and Oklahoma, a
territory with which the management and directors of the institution have
been familiar for a great many years.
C. L. Davidson, the President of this institution, and who serves in the
same capacity the Guarantee Title & Trust Co. and the Guarantee State
Bank and as Chairman of the board of directors of the Fourth National
Bank, all of Wichita, started in the farm loan business in Wichita as early
as 1882, when he was associated with his father, whose firm was the S. L.
Davidson Mortgage Co. Mr. Davidson continued actively in the mortgage
business until 1914, when he organized the Guarantee Title & Trust Co.,
which has continued loaning money on farm lands in Kansas and Oklahoma. Mr. Lock Davidson. who has been associated with his father in the
farm loan business since 1908, will serve the bank in capacity of Treasurer.
Robert Campbell, the Secretary, was formerly Chief Appraiser of the
Federal Land Bank of Wichita and established practically
•all of the national
farm loan associations of that bank.
school buildings and other public improvements, ale direct obligations of
the Municipality of Bayamon and are payable, principal and interest,
from taxes levied on all the taxable property of the municipality assessed.
levied and collected by the Treasurer of Porto Rico, in the same manner as
the taxes of the Government of Porto Rico.
Under an Act of Congress of the United States and of the legislature:of
Porto Rico, the good faith of Porto Rico, is irrevocably pledged to payment
of principal and interest on these bonds. Porto Rico, with/-a population
of 1,297,772, has an assessed valuation of $304,297,564 and net debt of
4eeiisv!s•••,4
about 31)% •
Legality to be approved by John C Thompson, Esq., Attorney, New
York.
OFFERING OF $500,000 BONDS OF MUNICIPALITY OF
BAYAMON, PORTO RICO.
Ames, Emerich & Co. of this City, announced on Dec. 13
an offering of $500,000 5% gold bonds of the Municipality
of Bayamon, guaranteed principal and interest by the Government of Porto Rico, (an insular possession of the United
States). The bonds are dated July 1 1922 and are due
semi-annually July 1 1923 to Jan.1 1952, inclusive. Principal and semi-annual interest (Jan. 1 and July 1), are pay:
able at the National City Bank, New York. The bonds
OFFERING OF $1,000,000 WICHITA JOINT STOCK are in coupon form in $1,000 denomination. Principal
LAND BANK BONDS.
payable in gold, interest payable in lawful money. The
On Dec. 12 Halsey, Stuart & Co., Inc., of New York and bondS are exempt from all Federal, State and local taxation
Chicago, ane William R. Compton Co. of New York and in the United States and Porto Rico. The following financial
St. Louis offered at 1023/ and interest, to yield over 4.65% statement is presented in the offering circular.
to the optional date and 5% thereafter, $1,000,000 Wichita
Financial Statement.
$6,434,246
Joint Stock Land Bank 5% bonds. They are dated Dec. 1 Asses.sed valuation, 1921
Total bonded debt (this issue only debt)
500,000
1922, due Dec. 1 1952, and are redeemable at par and acPopulation, 1920 Census, 30,739.
crued interest on any interest date after ten years from date
The bonds were offered at a price to yield 4.65% in the
of issue. Coupon bonds of $1,000 denomination, fully case of those due 1923
to 1931, inclusive, and 4.60% due1932
registered and interchangeable. Interest is payable semito 1952, inclusive. It was announced yesterday (Dec. 15)
annually, June 1 and Dec. 1. Principal and interest are
that the offering had been closed, the bonds having been sold.
payable at the Wichita Joint Stock Land Bank, or through The
following is from the offering circular:
the bank's fiscal agent in Chicago at the holder's option.
The Municipality of Bayamon is one of the largest in point of population
The bonds are acceptable as security for postal savings and in Porto Rico. It is situated about 7 miles from the capitol, San Juan,
other deposits of Government funds. They are exempt and comprises the town of Bayamon, the adjoining town of Catano and a
number of tura' communities. Its resources are essentially agricultural.
from Federal, State, municipal and local taxation. The the principal products being sugai cane, fruits, tobacco and coffee.
These bonds, issued for the construction of an aqueduct, a sewer system,
following is from the circular:
OFFERING OF $3,000,000 KANSAS CITY (MO.) JOINT
STOCK LAND BANK BONDS.
An offering of $3,000,000 Kansas City (Mo.) Joint Stock
Land Bank 5% Farm Loan bonds was announced on Dec. 12
by Blair & Co., Inc., the First National Bank of Detroit,
and Kelley, Drayton & Co. They were offered at 103 and
interest, to yield 4% to the redeemable date and 5% thereafter. The bonds are dated Nov. 1 1922, are due Nov. 1
1952, and are redeemable at par and interest on Nov. 1 1932,
or any interest date thereafter, and they are in coupon form
of $1,000 each, fully registerable and coupon and registered
bonds are interchangeable. • Principal and semi-annual
interest (May 1 and Nov. 1) are payable at the Kansas City
Joint Stock Land Bank or coupons may be presented for
collection at the office of Blair & Co., New York. As we
have before indicated, the bank was chartered by the Federal
Farm Loan Board on Jan. 9 1918, as the Liberty Joint
Stock Land Bank of Salina, Kan. In the early part of 1922
the main office of the bank was moved to Kansas City, Mo.,
and the name was changed to Liberty Joint Stock Land Bank
of Kansas City. The present name was adoped by an
amendment to the charter approved by the Federal Farm
Loan Board effective May 18 1922. A letter from Walter
OFFERING OF $250,000 SHENANDOAH VALLEY JOINT
STOCK LAND BANK BONDS.
A $250,000, issue of Shenandoah Valley Joint Stock Land
Bank 5% farm loan bonds of Staunton, W. Va., wase:offered
jointly by Fred'k E. Nolting & Co., of Richmond, Va., and
Baker, Watts & Co., of Baltimore, Md., on Dec. 15. The
offering price is 102.50 and accrued interest. To yield
about 4.65% to optional maturity (1932), and 5% thereafter. The bonds, issued under the Federal Farm Loan Act,
are dated Dec. 1 1922 and become due Dec. 1 1942. They
are not redeemable before Dec. 1 1932. They are in coupon
form, fully registerable and interchangeable, and are in
denominations of $1,000 and $500. Principal and interest
are payable at the office of the bank, Satunton, Va., or at
the Hanover National Bank,in New York City. The bonds
are legal investments for all fiduciary and trust funds under
the jurisdiction of the Federal Government and acceptable
as security for postal savings and other deposits of Government funds. • By Act of Congress these bonds are declared
instrumentalities of the Government of the United States,
and are prepared and engraved by the Treasury Department. The circular says:
These bonds are obligations of the Shenandoah Valley Joint Stock Land
Bank of Staunton, and are collaterally secured by either first mortgages
on farm lands or United States Government bonds or certificates of indebtedness. The liability of the.bank's shareholders is double the amount
of their stock.
The Shenandoah Valley Joint Stock Land Bank of Staunton, Va., is
restricted by its charter to loans on farm lands in Virginia and West Vir-
2638
[Vol,. 115.
THE CHRONICLE
ginia, a large proportion of its loans having been made in the famous
Shenandoah Valley of Virginia, where farm values are very stable, the
farms exceptionally productive, and in demand.
This bank operated under Federal charter and the supervision of the
Federal Farm Loan Board, a bureau of the Treasury Department of the
United States. The issuance of these bonds and the collateral pledged
as security have been approved by the Federal Farm Loan Board.
The Act under which they are issued provides that: "Farm Loan Bonds
issued under the provision of the Act shall be deemed and held to be instrumentalities of the Government of the United States and as such they and
the income derived therefrom shall be exemptfrom Federal, State, municipa
and local taxation."
BROKERS UNCONCERNED OVER ACTION OF EXCHANGE IN DISCONTINUING BORROWING REPORTS—LOANS NOW ABOUT $1,825,000,000.
Anent the action of the New York Stock Exchange in
rescinding its requirements for reports.of members' borrowings (referred to in our issue of Dec. 9, page 2525), we quote
the following from the "Wall Street Journal" of Dec. 9:
Wall Street paid little attention to the Stock Exchange announcement
that brokers no longer were required to make periodic reports of money
borrowings. This order waived a ruling enacted in September
1918.
Abolition of the money loan reports was granted by the Federal Reserve
Bank upon request of the New York Stock Exchange.
Coming when Wall Street brokers' loans seemingly were largo, the announcement was a surprise. Within the past few months brokers' loans
soared close to $2.000,000,000, and now are approximately $1,825,000,000.
Although many securities are selling below their recent high levels, the
shrinkage in brokers' loans has been small.
When loans were higher recently, bears seized upon this fact as an argument to sell stocks. That element was of the belief that loans were excessive, irrespective of banking opinion that such was not the case, in view
of the soundness of the country's credit structure. The Stock Exchange
announcement was especially important,as it reflected what had been stated
in these columns repeatedly—that brokers' loans were far from any danger
point, owing to our enormous gold holdings. smaller Reserve bank loans and
moderate demand for credit in other quarters.
BANKRUPTCY DISCHARGE OF ALLAN A. RYAN
AMENDED,
Judge Julian Mack in the Federal District Court on
Dec. 13 granted a motion interposed by Allan A. Ryan to
amend his discharge from bankruptcy granted Nov. 20 last,
so that he might be relieved of all liabilities and obligations
contracted by Allan A. Ryan & Co., as well as his individual
debts. This action was taken by Mr. Ryan, it is said, to
remove all doubts of his being relieved of liability under the
Ryan company obligation which was not mentioned in the
original petition through, he alleges, the inadvertence of the
Clerk of the Federal District Court. We referred to Mr.
Ryan's release from bankruptcy in our issue of Nov. 25,
page 2325.
CORTLANDT WARD & CO. AND M. C. SCHNEIDER
&
CO., NEW YORK, IN BANKRUPTCY.
On Dec. 12 an involuntary petition in bankruptcy was
filed in the Federal District Court against Cortlandt Ward
and Andrew Nimmo, composing the stock brokerage firm of
Cortlandt Ward & Co., 25 Broadway, this city.
An involuntary petition in bankruptcy was filed in the
Federal District Court on the same date (Dec. 14) against
Milton C. Schneider and Charles A. Haldimand, doing a
stock brokerage business under the firm name of M. C.
Schneider & Co. at 50 Broad St., this city.
The Consolidated Stock Exchange of New York had removed ticker service from both the above firms and also
from W. W. Weese & Co., 23 Beaver St., following an investigation by the Committee on Business Welfare and the
Bureau of Auditing and Accounting. None of the firms
were members of the Exchange.
sition therefor from him, and in the same form in which it is made to the
Comptroller shall be published in a newspaper published in the place where
such association is established, or if there is no newspaper in the place,
then in the one published nearest thereto in the same county, at the expense of the assoication; and such proof for publication shall be furnished
as may be required by the Comptroller. The Comptroller shall also have
power to call for special reports from any particular association whenever
in his judgment the same are necessary in order to a full and complete
knowledge of its condition.
INVESTMENT BANKERS ASSOCIATION ENLISTS
CO-OPERATION OF MEMBERS IN EFFECTING
REDEMPTION OF CALLED VICTORY NOTES—
USE OF ASSOCIATION'S NAME.
The Investment Bankers Association of America announced this week plans for enlisting the co-operation of the
memebers of its country-wide organization in bringing to
the attention of the investing public the importance of
presenting- for payment or exchange the United States
Victory notes called for redemption on Dec. 15. Clarkson
Potter, Chairman of the New York group of the Association,
issued a notice to all the members of that group, making
public a statement issued by John A. Prescott, President
of the I. B. A. Members of the Association were urged to
devote advertising space where possible up to Dec. 15 for
the purpose of impressing upon the public the necessity of
presenting the Victory notes when they fell due. President
Prescott said:
In connection with the efunding of United States VicWry notes called
for payment Dec. 15, Treasury certificates due same date and Victory
notes maturing next May, you have noted the present offering for subscription of certificates bearing interest at 334% and 4% and maturing
ion of certificates bearing interest at 334% and 4% and maturingyear
in three months and one year respectively, and two and one-half year
434% Treasury notes aggregating all told some $700,000.000.
It is very important to the investment market in genet al that owners
of Victory notes called for payment Dec. 15 should promptly present same
for payment or exchange in order to avoid loss of interest which certainly
will result if present indifference continues.
I am officially advised that a very substantial part of the Victorys called
for redemption Dec. 15 are still in the hands of the public and I therefore
urge you to request each member of your group to use either a part of his
advertising space between now and Dec. 15 by insertion of small block
advertisement or preferably devote entire space available for that purpose,
and I suggest that an advertisement along the following linos will be most
effective.
Important notice to owneis of United States Victory Loan 4U% notes.
It is officially estimated that of $70,;.000,000 of these notes called for payment on Dec. 15 1922, more than half have not yet been presented for
redemption. Interest ceases after Dec. 15 1922. In order to avoid loss
of interest you should present your notes now either for payment in cash
or in exchange for new issue United States Terasury 43.6% notes maturing
June 15 1925, offered for subscription at par. We recommend such exchanges and offer our services in connection therewith withuut charge.
Where entire space in daily press is devoted to this subject, you are
hereby authorized fo. the first time to use after your signature the words—
"Members Investment. Bankers Association of America"—up to and
Including Dec. 15 1322, but not thereafter, hut where such notices constitute
part of other advertisements, no such use of these words is permitted.
F. J. PARSONS, MEMBER OF REAL ESTATE SECURITIES COMMITTEE OF INVESTMENT BANKERS
ASSOCIATION.
Frank J. Parsons, Vice-President of the United States
Mortgage & Trust Co., of this city, has been appointed a
member of the Real Estate Securities Committee of the
Investment Bankers Association of America.
NEWLY APPOINTED CLASS "C" FEDERAL RESERVE
DIRECTORS.
Announcement was made Dec. 11 of the appointment
of the following by the Federal Reserve Board to serve as
Class "C" directors for a term of three years each, beginning
Jan. 1 1923, on the board of directors of the Federal Reserve
SENATE PASSES BILL LIMITINNATIONAL BAWKS banks indicated:
REPORTS TO THREE A YEAR.
Federal Reserve Bank of Boston.
Jesse H. Metcalf, Providence, R.
Jay, New York City, Federal Reserve Bank of New York.
The U. S. Senate on Dec. 5 passed the bill reducing the Pierre Thompson, Wilinington, Delaware, Federal Reserve Bank
H. B.
of Philanumber of annual reports which are required of national banks
delphia.
The bill (as we stated in our issue of L. B. Williams, Cleveland, Ohio, Federal Reserve Bank of Cleveland.
from five to three.
Kettig, Birmingham. Ala., Federal Reserve Bank of Atlanta.
July 15 1922, page 254), passed the House on June 3. The F. C. Ball, Muncie, Ind., Federal Reserve Bank of Chicago. .
only particular wherein they differ is as to the enacting C.P. J. Mooney, Memphis, Tenn., Federal Reserve Bank of St. Louis.
clause, which in the House bill had amended "paragraph 440 George W. McCormick, Menominee, Mich., Federal Reserve Bank of Minneapolis.
of Section 5211 of the Act of June 3 1864, as amended 1877," Fred 0. Roof, Denver, Colo., Federal Reserve Bank of Kansas City.
William Sproule, San Francisco, Calif., Federal Reserve Bank of San Franwhile the Senate bill simply amends "Section 5211 of the Recisco.
vised Statutes of the United States as amended." The folThe Board's announcement also said:
lowing is the bill passed by the Senate on the 5th inst.:
At a later date the Board will announce the name of its appointee to serve
Be it Enacted, ckc., That Section 5211 of the Revised Statutes of the
for a three-year term as Class "C" director on the board of directors of the
United States, as amended, be further amended to read as follows:
Federal Reserve Bank of Dallas. Texas. The unexpired term of the late
Sec. 5211. Every association shall make to the Comptroller of the CurW.F. Ramsey as Class"C" director of the Federal Reserve Bank of Dallas
rency not less than three reports during each year, according to the form
Linz of Dallas. Mr.
has been filled by appointment of Mr. Clarence
which may be prescribed by him, verified by oath or affirmation of the presiLinz's term expires Dec. 311923.
dent or cashier of such association, and attested by the signature of at least
date, will also announce the name of its appointee
The Board, at a later
three of the directors. Each such report shall exhibit, in detail and under
to serve for a term of three years As Class "C" Director of the Federal
appropriate heads, the resources and liabilities of the association at
the Reserve Bank of Richmond.
close of buisness on any past day by him specified, and shall be transmitted
The Federal Reserve Board has designated the following named Class
to the comptroller within five days after the receipt of a request or requi"C" directors to succeed themselves for a term of one year as Federal
E.
DEC.16 1922.]
THE CHRONICLE
Directors of the Federal
Reserve Agent and Chairman of the Board of
Reserve banks indicated:
Pierre Jay, Federal
F. H. Curtiss, Federal Reserve Bank of Boston;
Bank of PhilaReserve Bank of New York; R. L. Austin, Federal Reserve
Caldwell Hardy,
delphia; D. C. Wills, Federal Reserve Bank of Cleveland;
Reserve Bank
Federal Reserve Bank of Richmond; J. A. McCord, Federal
Chicago; Wm. Met).
of Atlanta; Win. A. Heath, Federal Reserve Bank of
Federal Reserve
Martin, Federal Reserve Bank of St. Louis; John II. Rich,
of Kansas
Bank of Minneapolis; Asa E. Ramsay, Federal Reserve Bank
City, and John Perrin, Federal Reserve Bank of San Francisco.
name of
The Fedbral Reserve Board will, at a later date, announce the
Chairman
the Class "0" director designated as Federal Reserve Agent and
Dallas, Texas.
of the board of directors of the Federal Reserve Bank of
2639
glad to forward extra copies of these papers and the poster in any number you
may desire.
The redemption of about $700,000,000 of outstanding Victory notes on
Dec. 15 will be significant step in the Government's financial operations
and banking institutions will render an important service to the Treasury
by assisting their customers as far as possible in handling the redemptions.
Very truly yours,
BENJ. STRONG, Governor.
The following summary of Treasury regulations governing certain features of assignments of registered notes has also
been issued by the New York Federal Reserve Bank:
PRESIDENT HARDING APPROVES SECRETARY MELLON'S PROPOSAL TO REDUCE SURTAX.
The following from Washington Dec. 12 appeared in the
"Journal of Commerce":
Administration indorsement to Secretary Mellon's.proposal for reducing
the existing surtaxes on income of over $300,000 by 50% was given to-day
by President Harding.
President Harding let it be known that he considers Mr. Mellon's recommendations to Congress for slicing in half the existing surtax rates as very
wise. At the same time, however, the President was said to see no possibility of action upon the matter at this session of Congress.
Secretary Mellon, it is understood, does not expect any Congressional
action upon his suggestion until next year, although some steps towards
revision of the revenue laws to prevent the disappearance of Government
receipts from loopholes in the Act are looked for before Congress adjourns.
Secretary Mellon's recommendations respecting lower surtaxes were referred to in our issue of a week ago (page 2533).
GOVERNOR BLAINE, OF WISCONSIN, WRITES, REPEATING HIS CHARGES OF TAX DODGING
AND PROFITEERING.
December 13 1922.
New York Commercial and Financial Chronicle, New York,
N. Y.:
Gentlemen:—I enclose herewith a copy of a telegram sent
to Secretary Mellon, and it is apropos to your editorial of
December 6th.
That the tax-dodgers and profiteers have been cheating
the Government on income taxes there is no doubt.
Yours truly,
JOHN J. BLAINE, Governor.
EXECUTIVE CHAMBER
Madison, Wis.
(COPY)
Madison, Wis., Dec. 5 1922.
Hon. Andrew Mellon, Secretary of the Treasury, Washington, D. C.:
this morning, prompts me to suggest that
Your interview published
you re-read my address of last Saturday before the People's Legislative
Service Organization at Washington. If you were to make public the
names of certain corporations and millionaires and the amount of tax
refunded to them and the amounts they saved through readjustments of
their tax and offsets and other claims having the effect to reduce their
tax, you no doubt then would be able to explain why there is a loss to the
Federal Government in tax revenues in 1922 of over a billion dollars.
You either misunderstood or misapprehended my address. I was discussing the secrecy clause in income tax laws, which fosters and promotes
frauds and cheats on the Government.
JOHN J. BLAINE, Governor.
% VICTORY NOTES BEFORE
PARTIAL REDEMPTION OF
MATURITY.
Summary of Treasury Regulations Governing Certain Features of Assignments of Registered Notes.
(To accompany Federal Reserve Bank of New York Circular No. 508.
dated December 5 1922.)
The attention of banking institutions is directed particularly to assignments
for their account as stated in Paragraph 11 on the reverse side.
The Way to Assign.
-1. Any 454% Victory notes in registered form,
bearing the distinguishing letters A, B, 0, D, E, or F, prefixed to their
serial numbers, which are called for i edemption under Treasury Department Circular 299 of July 26 1.422, should be duly assigned to "The Secretary of the Treasury for redemption," in accordance with the general
regulations of the Treasury Department governing assignments. Reference
is made to Treasury Department Circular 141 of September 15 1919, as
amended, for further details.
Bank Officers Authorized as Witnesses.
-2. The registered holder of a
% registered Victory note, or some one duly autnorized to act
called
for him, must go before one of the officers authorized by the Secretary of
the Treasury to witness assignments, must establish his identity, and in
the presence of such officer must execute an assignment on the form appearing on the back of the note. Detached assignments will not be accepted.
Among the officers authorized to witness assignments are the executive
officers of incorporated banks and trust companies, including incorporated
sa sings banks, who are authorized to perform acts attested under the seal
of their respective institutions. A notaly public, a justice of the peace, or a
commissioner of deeds, however, is not among the officers authorized to
witness assignments.
Representative Assignments.
-3. Assignments of notes registered in the
names of corporations, lodges, societies, churches and other organizations,
deceased persons, minors, etc., must be supported by proper ducuments
showing authority for such assignments.
Joint Holders.
-4. Assignments for redemption of notes registered jointly
(John Smith and—or Mary Smith) may be made by either registrant.
By Guardian.
-5. Notes registered in the name of a natural guardian,
thus, "John Smith, guardian for James Smith, a minor," will be accepted
for redemption without supporting evidence providing the assignment agrees
with the inscription on the face of the note. Notes registered in the names
of minors under legal guardianship, or in the names of minors without
more, must be assigned by the legal guardian and accompanied by a certificate of the proper court showing his appointment, except where it is shown
that the proceeds are necessary for the support or education of the minor
(See Form L. & C. 302).
Identical Inscription.
-6. In all cases where assignments are executed by
the registered owner, his signature must agree with the inscription on the
face of the note.
Shipping Expense.
-7. The notes must be delivered at the expense and
risk of the holder,and should be accompanied by appropriate written advice.
Form G.B.60,"Request for Redemption," may be used for this purpose.
SENATE CONFIRMS PRESIDENTIAL NOMINATIONS
TO U. S. COAL COMMISSION.
On Dec. lithe U. S. Senate confirmed the nominations
made by President Harding of the following as members
of the U. S. Coal Commission. John Hays Haniniond,
George Otis Smith, Thomas Riley Marshall, Edward T.
Devine, Samuel Alschuler, Charles P. Neill and Clark
Howell.
4
REDEMPTION OF 43 % VICTORY NOTES BEFORE
MATURITY.
Calling attention to the fact that the Government would
pay out this week hundreds of millions of dollars to holders of
certain 4Yi% Victory notes which the U. S. Treasury has
called for redemption on Dec. 15, the Federal Reserve Bank
of New York in a circular (No. 508, dated Dec. 5) to banking
institutions in the local Federal Reserve District urged the
importance of the turning in of the called notes in both coupon
and registered form as soon as possible to assure prompt payment Dec. 15. The bank's circular says:
PAYMENTS.
Payment to Registered Owner
If assignment for redemption is made by
the registered owner to "The Secretary of the Treasury for redemption,"
payment of principal and interest to the date of redemption will be made
to the registered owner unless written instructions to the contrary are
received from him.
Payment to Assignee.
-9. 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 =de
to such assignee at the address specified in an appropriate written advice.
Assignments in Blank.
-10. Assignments in blank, or other assignments
having the same effect, will also be recognized and in that event payment
will bo made to the person surrendering the notes for redemption, since
under such assignments the notes become in effect payable to the bearer.
"For Account of."
-11. In case it is desired to have payment of registered
notes presented for redemption made to someone other than the registered
owner, without intermediate assignments, the notes may he assigned to
"The Secretary of the Treasury for redemption for account of (here insert
name and adress of payee desired)," but assignments in this form must be
completed before acknowledgment and not left in blank.
REPRESENTATIVE FREAR RENEWS ATTACK ON
STOCK DIVIDEND DECLARATIONS—SECRETARY
MELLON IN ANSWER TO GOVERNOR BLAINE.
Representative Frear of Wisconsin, whose correspondence
with Secretary of the Treasury Mellon in October, bearing
on the 400% stock dividend declaration of the Standard Oil
Co. of New Jersey was referred to in these columns Oct. 28,
page 1895, has continued to urge upon the Secretary of the
Treasury Mellon that he invoke a section of the Revenue Act
of 1921 designed to reach "holders of surplus stock held for
the purpose of escaping taxation." In his remarks before the
House, Representative Frear referred to criticism in the
matter against Secretary Mellon by Governor Blaine of Wisconsin, and the reply thereto, which had been made by Mr.
Mellon. This statement of Mr. Mellon's was given as follows in a dispatch from Washington Dec. 4 to the New York
"Times":
Registered notes in particular should reach us without delay as they must
payment can
be forwarded to Washington for discharge of registration before
be observed in assigning the
be made. There are some requirements to
registered notes and for your convenient reference we are enclosing herecovering the most usual aswith a summary of the Treasury's regulations
or broker
signments. Please note that we will make payment to a bank
been executed in blank
presenting such notes only when assignments have
I wish to call attention to statements made by Governor Blaine of Wisconthe Treasury for
assigned "To the Secretary of
or when the notes have been
and address of payee desired)" sin, on Saturday, at the open forum of the group called by Senator La Folredemption for account of (here insert the name
requirements. In other cases we will make lette. The press report, which I have read, is as follows:
in accordance with Treasury
"Governor Blaine's speech was largely an attack on Secretary Mellon for
assigning the note for redemption.
payment by check to order of the person
Request for Redemption, his recent statements in letters to Representative Frear of Wisconsin, that the
also find enclosed a copy of the form of
You will
surrendering the notes. Sepa- Government could not reach the undistributed surplus of corporations which
which you and your customers may use in
and registered notes. We shall be . was thc basis of stock dividends. In part, the Governor said:
rate forms should be used for coupon
2640
THE CHRONICLE
[Vol,. 115.
"What Mr. Mellon meant when he said that the Government cannot collect complete exoneration of him and others mentioned if the statements publicly
taxes due from incomes and surtaxes on excess profits was that what the made are disclosed to be unfounded.
profiteers and the millionaires do to escape the income and surtaxes is to
As the amount of penalties and taxes alleged to be involved reaches many
make false returns, sometimes through innocence, perchance, but often millions of dollars, I submit the facts presented in the correspondence conthrough fraud and deceit, or by legal advice and tricks of the trade, legally tained in the "Record" of Nov. 28 warrants such action on his part, and I
cheat the Government.
invite his aid to that end.
'
"But suppose Mr. Mellon would scourge the profiteer and the millionaire
Mr. Chairman, I have written Secretary Mellon substantially as stated to
with the same vigor that he does the lesser criminals? Suppose he would the House. Any investigation that amounts to more than a whitewash of the
really try to collect the taxes assessed on the rich? Is it true that the Gov- Government's tax administration must have Presidential permission to inspect
ernment is powerless to enforce the law against the rich, or is it just a lack Departmental records.
of desire on the part of Mr. Mellon to place all taxes on an equality before the
I have briefly charged that upwards of $2,000,000,000 in corporation-acculaw?"
mulated surpluses are disclosed to be escaping penalties and individual surThere is no basis whatever for the charges and suggestions sought to be taxes due to the refusal of Secretary Mellon to enforce the law. That Secreconveyed in the above remarks. The Internal Revenue Bureau is administer- tary Mellon's own Gulf Oil Co. started the wild melon-cutting race. That
ing the law impartially in its application to large corporations and wealthy one purpose of sudden disclosures of huge profits is dug to fear by great interindividuals as well as to others. My letter to Mr. Frear definitely explained ests that tax laws by future Congresses may reach the enromous excess profthe question of taxation as applied to stock dividends and corporation sur- its and tax dodging now practiced under Secretary Mellon's regime. That the
pluses. The taxes imposed by existing law are being completely enforced to tax administration of the Internal Revenue Office is under the control of a
the fullest extent which the law prescribes, and any further action in this re- small group of men in and out of the Office, whose activities have become a
spect would have to be in the nature of new taxes levied by Congress. But he public scandal and have resulted in a large loss in Government revenues.
reiterated his attacks with assertions irrelevant to the issue, and now GovAmong other charges placed in my hands by well-informed witnesses, that
ernor Blaine distorts my statements and endeavors to portray an injurious should be investigated, are that the Aluminum Co. of America received from
situation which does not exist.
Treasury officials an amortization of $15,000,000 on about $30,000,000 valuCriticism of public officials and of their administration, where there is ation, although the property was then generally employed in production.
laxity and ineffective service in the conduct of office, is commendable and
That the Standard Steel Co. has an alleged $8,000,000 tax due, although
useful to the people, but when wholly unjustifiable and without any basis of the assessment letter has never been sent out but remains in the files of the
truth, is harmful, as in this instance, which can only be understood as an Income Tax Unit.
appeal to class prejudice in a selfish effort to obtain some political capital.
That the tax audit of Gulf Oil has been made under questionable surroundings and methods that challenge full publicity. Secretary Mellon is alleged to
Representative Frear in addressing the House proposed largely own or control these companies. I do not claim that it is with his
that Secretary Mellon ask the President to lift the ban pro- knowledge that these facts exist or rulings have been had.
Further, that the methods of appointment of Commissioner Blair, Internal
vided by law so far as the secrecy of records is concerned, Revenue Collector, the tax still due from the estate of his father-in-law, J. W.
so that a Congressional investigation may ascertain the facts. Cannon, amounting to $869,369, and other matters that will be formally presented should be given full publicity by a thorough investigation of such
In his statement in the House, Representative Frear said:
charges.
Mr. Chairman, the report of Secretary Mellon given to the press to-day
I have no brief from Governor BlaMe, nor have I directly or indirectly
discussed Mr. Mellon or tax matters with him. I do not know on what evi- makes confession of the most shameful conditions ever disclosed in the Treasdence Governor Blaine made his charges when discussing taxation before the ury taxing machinery.
He devotes an entire page of his report in describing tax-dodging, taxprogressive conference. I do know that all the letters written by Secretary
Mellon to me, and found in the "Record" of Nov. 28, contain nothing but evading, tax-escaping methods employed by men of large wealth. It is the
general denials or assertions, and evade or avoid specific charges I have made most serious indictment of great financiers ever given to the public.
After a miserable confession of assumed weakness of present laws and of
in letters to him.
Let me courteously, but frankly and publicly, put questions to Mr. Mellon a tax administration that "permits" this situation to exist, he proposes a
complete surrender to tax dodging by reducing surtaxes from 50% on incomes
that he has thus far refused to answer.
Have you, Mr. Mellon, imposed a single penalty under Section 220 or prior over $200,000 to 25%, thus placing a premium on tax dodging which he fails
law which requires you to do so whenever accumulated surpluses of corpora- to reach.
Knowing Secretary Mellon's great wealth, his personal interest, his associtions are held in order to avoid payment of individual surtaxes? This
sec- ates, and his opposition to surtax,
excess profits, inheritance, and other tax
tion was a continuance of authority contained in prior laws cited you
in my legislation passed by
Congress, is it not time that the financial adviser of the
letter of Oct. 23 1922.
Administration put forth his own efforts to stop accumulated surplus tax
In this connection, I call your attention to Standard Oil of
New Jersey's
fraud evasions that reach many millions of dollars of lost income to the Govstatement of 775% net profit in 10 years, or 77%% net profit
annually, of ernment, due to his failure
which over 400% is alleged to be held in surplus for stock
to enforce existing law? Is it not time the
dividends. Also Treasury records were made
public, when Secretary Mellon permits the man
Atlantic Standard Oil, with 900% stock dividends recently declared;
Vacuum
wealth to escape because he knows how to dodge the law but holds
large
Oil, wiht 300% stock dividends, and many other companies
quoted in the of small taxpayer down to
the limit? That is new doctrine in this country,
press. Have you made any demands on such companies
for the facts or have the reviewing his proposal
you imposed any penalties?
we may well say of his report, "Verily the mounand
I repeat a press statement previously quoted in my
tain has labored hard to bring forth a mouse." Is it not strange and signifiletters to you, which
that no recommendations for curative laws are found in the report
says you have not, and based on such statement and your
failure to answer I cant
allege you have not.
whereby tax evasions can be restricted? No proposal to reduce the surtax
Did you, Mr. Mellon, begin the stock dividend melon
will meet the situation. All we need to do is to enforce the law and such
cutting with a 200% additional laws as may be found
dividend for Gulf Oil, your own company? Did
necessary to protect the Treasury from tax
Standard Oil only follow
evasions.
your lead? Did you fail to penalize yourself or that
company? Again, on
Chairman, I do not believe that Secretary Mellon is personally anything
Mr.
information in my hands I charge these to be the facts.
Stock dividends from corporation surplus declared
a man of integrity. I believe that at this time he has failed to enforce
within the last three but
months are estimated at nearly $2,000,000,000 in
the law because, as I say, of his environment, and, judging from the recorded
addition to former cash statements before our committee, he
has not any understanding of the imdividends, which in case of Standard Oil, United States
Steel, and many other portance of it. I could pick out a
dozen men before me whom I believe, if
companies, represent extortionate prices charged the
general public. What
placed in that position, would enforce the law and recover the penalties, and
cases, if any, have you penalized to check the merry
riot now filling the
financial columns of the press? Based on your previous
with them the surtaxes that would be released, reaching hundreds of inollions
failure to answer spedollars
cifically, I allege you have not penalized any company.
dul a
of Botla s.
confronts us, and I am placing it before the House without
ituation co
Did you sell the Gulf Oil Co. or aid in its proposed
Standard Oil during the last six months? I so understand. consolidation with any personal feeling or partisanship. It makes no difference who the individual is. I have the highest respect for him personally, but I say we cannot
Have you imposed tax penalties on any of the companies of
which you were
an official before becoming Secretary of the Treasury?
close our eyes as a Congress to the fact that this law is here, and that he
makes no recommendation for any law to cure conditions except by virtue of
You say in your letters these are secret records, under
your control as such.
That is what Governor Blaine, I understand, has
a long-distance constitutional amendment. Doctor Seligman says there are
condemned.
$20,000,000,000 worth of these securities out to-day that are subject to InWill you ask the President to lift the ban provided by
law so that a Conn.hil
vestment.
gressional investigation may ascertain the facts?
You state in the press dispatch that you are enforcing
While some of the correspondence between Representative
the law impartially.
I cannot set forth the facts in my possession further
than to say I am in- Frear and Secretary Mellon was published in our issue of Ocformed that an organized coterie of agents exists to-day
for pressing tax regive herewith a recent letter of Secretary Melfunds and tax contests on the Treasury. That the
chief agent is a former tober 28, we
White House usher who was made chief solicitor of the
Income Tax Division lon (Nov. 17) in answer to one of Mr. Frear's:
without previus experience, and whose income now
exceeds that of the PresiThe Secretary of the Treasury, Washington, Nov. 17 1922.
dent. That upon his resignation as a Government
reeeivedta.our
t
,
employee two or three years
Freg re sm us:
Jameseon ar slIoane ofIRepresen 3ives.
n
ago his brother-in-law was made Chief Solicitor of
the
letter of Nov. 12, further comMy dear
which position he now holds. That the first named Income Tax Division,
of the Revenue Act of 1921 and urging its enforceex
Section 220
has been the attorney for some of your own companies, -Chief Solicitor is or menting on
surpluses accumulated by the Standard Oil Co. of New Jersey
practicing before your ment to reach
Department seeking to relieve these companies from taxes.
r
saido bons e
These statements and s
other vosarp ratisfu.
o
have been made to me by several men, and I allege them
Section 220 applies only to corporations formed or
to be facts based on
As
such information.
availed of for the purpose of preventing the imposition of the surtax upon
I now ask a direct question that an investigation will
stockholders through the medium of permitting gains and profits to accudisclose. Is it true the
that due to legal evasions possible under existing law,
disclosed by the secret mulate instead of being divided or distributed, and it expressly provides that
records of your office, that Mr. Rockefeller, Mr. Morgan,
Mr.
fact that the gains and profits are in any case permitted to accumulate
others of great wealth are not paying one-fifth of the income Mellon, and the become surplus shall not be construed as evidence of purpose to escape
a
tax they are and
popularly supposed to pay under the law based on their wealth,
due to invest- the tax unless the Commissioner of Internal Revenue certifies that in his
ments in tax-free securities, stock dividends, trusts, stock and
bond exchanges, opinion such accumulation is unreasonable for the purposes of the business.
and other forms of tax avoidance? I gather this is so from
your official re- The section does not impose a tax on undistributed profits or on accumulated
port, issued to-day.
surplus, as you seem to suggest, but rather puts penalties on the accumulation
These are matters that Congress has permitted to remain
secret for no of gains and profits beyond the reasonable needs of the business when made
logical reason, apparently, and I am hoping your answers will be
specific, so for the purpose of escaping the surtax. As heretofore stated, the Commisthat the necessity for full publicity can be determined by Congress.
sioner of Internal Revenue has found no evidence in the case of the Standard
Mr. Chairman, I have written Secretary Mellon to that effect and
here re- Oil Co. of New Jersey of the accumulation of gains and profits for this purpeat the statement in substance.
pose beyond the reasonable needs of the business, and there are, on the other
That Mr. Mellon may have no embarrassment, and after repeated
requests hand, many evidences—as, for example, in the dividend reports of the comon my part have been overlooked, I suggest an
investigation of these charges pany—that it had for many years, before there was any income tax, been conmay properly be had on his request by Congress
and that he ask the President sistently putting a substantial part of the profits back into the business, and
to permit Congress to see the public
records in his office.
that its dividends since the surtax have been maintained at no less rate. I
That the charges may be placed in definite
form I here state I believe them understand that it has also, within a few years, sold about $200,000,000 of
to be true and that an investigation
should be had in justice to Mr. Mellon if preferred stock in order to get additional capital to meet the needs of the
untrue and in justice to the country
if they are based on facts.
business. This does not indicate accumulation of gains and profits beyond
For reasons that will be apparent I
will not now offer such resolution, the reasonable needs of the business, and the same holds true of other comawaiting his own action in the
matter, and will aid in any way possible to panies actively engaged in business whose capital and accumulated surplus
DEC.16 1922.]
THE CHRONICLE
2641
How to Reach Stock Dividends.
necessary working
take the form of plant, equipment and inventory, with
Fourth. Enact specifically a stock dividend tax law, making it retroactive.
capital.
in The Macumber decision by the Supreme Court (252 U. S. Repts.) arose under
You request information as to cases that may have been penalized, but
from Congress relative to
view of the restrictions imposed by law on the publication of income tax re- a general statute without any direct expression
disclose stock dividends. Five justices there held that stock dividends were non-taxturns and information derived therefrom, I do not feel at liberty to
able, and four justices, the balance of the full Court, dissented and held them
the status of any cases which have arisen under the section.
You will appreciate, of course, that this section, which for the first time taxable.
until the
Justices Brandeis and Clarke in their dissenting opinion held that the maimposed a penalty upon the corporation, did not become effective
income of the intaxable year 1921, and that the Bureau of Internal Revenue did not receive jority decision "would result in limiting taxation to 'the
proposition that "most peothe returns for that year until March 1922, and is only now in the course of come.'" All dissenting judges subscribed to the
amendment) that
examining them. The Commissioner of Internal Revenue has standing in- ple, not lawyers, would suppose when they voted for it (the
they put the question (stock dividends) at rest . . . the amendment jusstructions to enforce the provisions of Section 220 wherever applicable.
dividends repAs to the statements put out in Wall Street speculative circles, which you tifies the tax." Again, the dissenting justices said: "If stock
Amendquote in your letter, they were evidently intended for stock market purposes resenting profits are held exempt from taxation under the Sixteenth
able to
and have no bearing on the question of tax administration. To endeavor to ment, the owner of the most successful businesses in America will be
largely escape taxation on a large part of what is actually their income. . . .
answer questions arising from these statements, based as they are so
That such a result was intended by the people of the United States when
on statements from irresponsible sources, would be impossible.
adopting the Sixteenth Amendment is inconceivable." This opinion of four
Very truly yours,
justices was based on a Standard Oil stock dividend melon and the reasoning
A. W. MELLON.
appears to be eminently sound.
One justice on reargument swung his decision against the above principle
We also give herewith the measures proposed by Represenmeasures hav- and held that the will of the people as expressed in the Sixteenth Amendment
tative Frear "to stop Treasury leaks"—these
to the Constitution was of no effect, but four able justices digsented from the
ing been submitted by him in a letter to Secretary Mellon un- majority decision. Is it probable that the Court which has rendered several
unpopular decisions by a bare majority of one vote will declare unconstituder date of Nov. 26:
tional a direct law by Congress expressing specifically the will of the people
to tax stock dividends, as declared by the people in the Sixteenth Amendment
These Measures Will Stop Treasury Leaks.
and heretofore found to be the law by four justices of the Supreme Court?
The tax administration of the Treasury should not be left discretionary,
If so, sufficient unto the day is the evil thereof, for then it will be the right
even if records are made public. The disease needs more heroic treatment if
of Congress to say that no Act of the House and Senate approved by the Presiwe would save to posterity a country in which every citizen has a vital interdent shall be held unconstitutional by a bare majority of one or two justices,
est, notwithstanding all its natural resources have been gobbled up by a few
and little doubt will be had of the approval of the people to that proposal.
monopolies and money kings. Let us in this rebuilding plan—
Fifth. I offer no further argument against the income tax secrecy clause
First. Re-enect the corporation excess profits tax for 1922, fixing a reathat was retained by the Senate last session only by a vote of 35 to 33. Your
sonable graduated tax rate to discourage extortion.
own administration, the record of the Internal Revenue Commissioner, the
Second. Let us place a retroactive graduated tax on undistributed corporasecret accumulation of $1,000,000,000 surplus by one company known only to
tion profits to reach large surpluses heretofore accumulated to avoid taxation.
your office, the wide-spread evasion of taxes now disclosed, enormous secret
Third. Increase the inheritance tax after reasonable exemptions, and add a tax
refunds reaching hundreds of millions of dollars, also known alone to
gift tax to prevent a menacing money oligarchy.
your office, all are offered without further comment. With these few obserFourth. Enact a stock dividend tax law, making such law retroactive, subvations, Mr. Secretary, I leave a subject in which we may differ, but you
ject to action on the second proposal.
have no more vital interest than I, because public interest is not measured by
Fifth. Make all tax returns and all tax proceedings public.
dollars. Citizenship and interest in the country's prosperity and perpetuity
Every proposed tax will afford needed legislation to meet existing tax-dodg- comes
not with wealth. It finds place equally with the humblest citizen, who
ing evils or dangerous economic conditions. Graduated tax rates will prevent
often is most contented with life if blessed with a mere competence.
injustice to legitimate business, and the country has been so satiated with
It need not be expected that all the proposals, however meritorious, will be
big-business tax propaganda that it will not be frightened when motives and enacted
into law, nor have I sought to offer any cure-all, but these suggestions
methods are disclosed.
if adopted will ultimately reduce the Government's fiscal obligations and will
First. The excess profits tax is sound and right in principle according to meet
a present need for more equitable charing of tax burdens. Let those
eminent tax authorities. It taxes according to ability to pay. It grants reawho have profited enormously and unduly under our laws give generously
sonable exemptions (8%), and then reaches the man who would squeeze hu(without dodging) from their profits to their Government's support. By so
manity because he has the tools. The only pretext for its repeal was a claim
doing they will quiet a growing unrest that cannot safely be ignored. There
it hurts business and removed incentive. This is not a vital objection to the
must be proposed a constructive program not found in vague party platform
farmers of the country, whose incentive is only a livelihood and who made
platitudes, and my suggestions are to that end. Other legislation is needed,
less than $200 last year on the average. This tax is just and should be reof course, but after some hesitation I have proposed a means of reducing the
enacted to help reach present profiteering and to compel large profits to pay
evil of high finance tax dodging that ought also to strenghten and improve
just taxes because best able to do so.
When Standard Oil on a fictitious capitalization of previous stock dividends our whole fiscal policy.
Very sincerely,
exacts 771
/ from the 10,000,000 of $200 a year agriculturists and from
2
%
JAMES A. FREAR.
10,000,000 of car users, I believe they would all look with equanimity while
the Government exacted three-fourths of that hard-fisted extortion, if need be,
for Government use.
NEW CONFERENCE ON NAVAL LIMITATION PROSecond. The tax on undistributed profits urged by Secretary IIuston at
POSED BY HOUSE NAVAL COMMITTEE AT
20% was estimated to produce in 1921 $690,000,000 in addition to the excess
profits tax returns, as explained in my letter of Oct. 23. Apart from its value
WASHINGTON.
as a Government agency with which gradually to shave away $23,000,000,000
A request that President Harding enter into negotiations
of national indebtedness and a $670,000,000 revenue deficit in 1922, a tax of
that kind would do away with tax-dodging stock dividends by forcing a dis- with Great Britain, France, Italy and Japan with a view
tribution of any unnecessary surplus. No greater need for this tax can be
to reaching an understanding or agreement relative to limitshown than in announcements this year of $437,500,000 stock dividend melons to be cut by big stockholders of a single company, thereby freezing out ing the construction of sub-surface and surface craft and of
the little fellows and avoiding surtaxes on profits that are generally paid by aircraft is contained in a report of the House Appropriations
abiding citizens from necessity if not from desire.
A graduated tax of from 5 to 20%, depending on the profits, would permit Committee which accompanied the Naval Appropriation bill
legitimate laying by of surplus for banking and other business needs, and a presented to the House on Dec. 13. The Associated Press
maximum 20% rate would release large surpluses accumulated to avoid taxes accounts from Washington of the recommendations of the
and would protect small stockholders.
Third. A graduated inheritance tax after $50,000 exemptions contained in Committee follow:
Blunt notice that the United States cannot avoid a new naval program
existing law, reaching 50% on all amounts over $30,000,000, and a gift tax
graduated to 25%. This is less than extremists advocate. For many years In swift cruisers and fleet submarines unless treaty limitations are extended
to such craft was served by the House Appropriations Committee to-day
during their lifetime men have built up private fortunes from a few dollars a
week to a surplus reaching hundreds of millions and even billions in a single in reporting the $293,806,538 Naval Appropriation bill. A six-line profamily. Sometimes it avoids estate taxes by gift distributions before death. vision placed in the bill by the committee requests President Harding to
A gift tax would reach such evasion. Through consolidations, destruction of negotiate with Great Britain, France, Japan and Italy for such an extension
competition, railway rebates, profits on fictitious stock, monopoly, and tax of the treaty, limitation of aircraft to be included.
The committee report asserts that large cruiser and submarine programs
evasions they have laid aside more wealth than was conceived to exist in the
wildest dreams of a century ago. What is it all for? Only to play the money are planned abroad, adding:
game, the gamesters declare. They have done this while the vast majority
"In other words, competition is on again in the single direction to which
have been struggling for a bare exitsence. What does it profit that 2% of the unratified agreement (the Washington naval treaty) does not extend,
purse strings again must be
be
the men in the country now control 60% of the national wealth? To what and if itand allowed to go on unchecked the will be constrained to launch
relaxed,
this Government, like all others,
purpose is the game played? Every day the world is informed of escapades, a new program to the extent necessary to keep us at least abreast of any of
divorces and extravagances of heirs to this wealth; of fortune hunters of for- the other Powers."
eign title; American huntresses, whose pot of gold, contributed by the AmerPresident Harding was not consulted by the committee with relation to
ican public, is the price of a title; of inherited wealth that tends to leave Its limitation conference request. The project for negotiations apparently
arrogance, un-Americanism and discontent with the heritage, while the con- came as a surprise even to naval officials. It was originated by Chairman
centration of power grows. The country has unwillingly and restlessly ac- Kelley of the Naval Appropriations Subcommittee.
cepted a situation that certainly demands correction.
The chief reason prompting Mr. Kelley to propose a new naval conference
Is it not time, Mr. Secretary, then to do the common-sense thing and say was understood to have been the light-cruiser program recommended by the
generous exemptions will be allowed to save from want, not work, a chance Navy General Board. No mention of this is included in the published
progeny, but that men who accumulate must after death leave to their Gov- copies of committee hearings on the bill. The program urged, however,
ernment for its needs an equal share of vast accumulations of wealth over lib- as necessary to keep the United States on a parity with other navies in
eral exemptions, of accumulations wrung from their fellow men because of cruisers, the construction of sixteen new light cruisers, within the 10,000
-ton
protection by the laws of our Government? Men have avoided tax laws size limitation of the Washington treaty and to cost $168,000,000.
through stock dividends and have invested in tax-free securities, which you
The committee also eliminated from its published hearings testimony of
denounce. This money or property has been laid away like the miser's gold, naval intelligence officers on the program of construction abroad. Presumsometimes accumulated in a lifetime, often by unscrupulous methods. We ably it was this information and the recommendations as to new construccannot differentiate with these estates beyond saying a generous exemption tion made by the General Board, which prompted the attempt to check
free from taxes may first be deducted before the tax applies and then a gradu- post-treaty competitive building through diplomatic negotiations.
ated tax to reach the enormous fortunes that have become all powerful and a
Administration officials who were closest to the Washington arms confermenace to the people. Many millions of people have no estate to leave; they ence deliberations expressed the view to-night that there appeared little
fight for existence, and to them this proposal seems liberality personified.
likelihood of success for new negotiations to limit, in accordance with the
A gift tax to reach gifts made to avoid the inheritance tax, such as was "5-5-3" or some other ratio, the size of cruiser and submarine fleet. The
introduced last session in Senate and House, should also be enacted. To the conference, it was pointed out, in prolonged discussions had found no basis
complaint that estates cannot be unscrambled in a day it may be answered of agreement possible on these points or as to fighting aircraft.
that is true on the existing maximum 25% tax on estates, and sufficient time
The French position at the conference in opposition to limiting submarine
to collect the tax should be provided by law.
fleets, it was added, brought a specific reservation by British delegates of
2642
T1TE CHRONICLE
the right to build anti-submarine craft,such as light cruisers and destroyers,
without restriction, save as to the maximum size of cruisers, 10,000 tons,
and limitation of the maximum size of guns they could carry to 8
-inch weapons.
'
In addition to the new cruiser program, the committee is known to have
been informed of the General Board's recommendation that a start be made
on moderizing the pre-Jutland battleships of the navy,the point being made
that Great Britain has already remodeled to a large extent, to increase gun
range and deck protection, her capital ships to be retained under the treaty.
The American moderization project would cost in the neighborhood of $60,000,000, it has been estimated. Lacking such remodeling work, American 14-inch gun ships would remain outranged by otherwise similar but
modernized British ships by five miles, navy officers have declared.
Faced with this double prospect of heavy naval expenditures in the near
future, Chairman Kelley turned to the precedent of the accepted capital
ship treaty ratio in search of a way to avoid such outlays.
The request to the President was place at the very end of the fifty-five
page naval bill. It reads:
"The President is requested to enter into negotiations with the Governments of Great Britain, France, Italy and Japan with the view of reaching
an understanding or agreoment relative to limiting the construction of all
types and sizes of sub-surface and surface craft of 10,000 tons standard
displacement or -less and of aircraft."
The suggestion was made by some members of the House that the paragraph might be subject to a point of order, and hence go out in the House.
It was indicated, however,that there was every reason to believe the Senate
would put it back into the bill, which in the shape of a conference report
would bring it before the House, to be voted up or down.
It was claimed by committee friends of the Kelley proposal that the saving
In capital ship expenditures under the arms treaty would be more than offset
in the building of lighter vessels of a size permitted by the treaty, and that
this situation possibly prevailed as to other participating nations.
The bill will be taken up to-morrow and while the disarmament item is not
expected to be reached before Friday at the earliest, Mr. Kelley,in charge
of the bill, will explain at the outset the nature of the request and give his
reasons for the proposed step.
APPROPRIATION BY EUROPEAN STATES ON ACCOUNT OF LAND ARMAMENTS—PRESIDENT
HARDING'S ADVICES TO SENATE.
A statement of financial affairs of European States was
transmitted to the Senate by President Harding on Dec. 12,
the information dealing especially with the annual cost of
land armaments. While only the letter of transmittal appears in the "Congressional Record," the press dispatches
from Washington Dec. 12 had the following to say regarding
the figures supplied relative to budgets and land armament
allotments:
European nations continue GO devote substantial parts of their
revenue to
land armaments, according to official figures collected by the State
Department and transmitted to the Senate to-day by President Harding, in
response to a resolution of inquiry. Senator McCormick, Republican,
Illinois, introduced the resolution last winter during the Arms
Conference.
Neither President Harding nor Secretary Hughes commented
on the expenditures in their letters. The figures gave 1921 revenues and
expenditures
and 1922 budges of fifteen European countries, together with statements
of
interest due on their debts to the United States.
The respective total 1922 budgets and allotments for land armament
were:
Austria, kronen-347.533,000,000 and 4,787,821,000.
Belgium,francs
-7,500,000,000 and 676,000,000.
Czechoslovakia, crowns
-19.000,000,000 and 3,108,000,000.
Esthonia, marks-5,803,000,000 and 1.324.000,000.
Finland, marks
-2,176,000,000 and 306,000,000.
France, francs-35.287,000,000 and 3,426,000,060.
Great Britain, pounds
-910,000,000 and 82,300,000.
Greece, drachmas-3,397,000,000 and 2,142,000,000.
Hungary, crowns-26.764,000,000 and 3,600,000,000.
Italy, lire-18,500,000,000 and 1,876,000,000.
Latvia, rubles
-8,982,000,000 and 1,233,000,000.
Lithuania, marks-879,000,000 and 491,000,000.
Poland, marks
-591,000,000 and 152,000,000.
Rumania, leu-10,208,000.000 and 1,157,000,000.
Serbian State, dinar-6,257,000,00()and 1.421,000,000.
The following is President Harding's letter to the Senate:
To the Senate:—
In response to Senate Resolution 208 of Jan. 16 1922, requesting the
Secretary of State, if not incompatible with the public interest, to lay
before the Senate "such information regarding the revenues, expenditures
and deficits of the European States as may be available to the Department
of State, showing for the last and current fiscal years especially the annual
cost of land armaments in the several States, as compared with the annual
deficits of the several States (Including both 'ordinary' and 'extraordinary'
expenditures) and the sum of the interest annually due from the several
States on account of the loans made to them by the United States," I
transmit herewith a report of the Secretary of the State furnishing the
information requested by the resolution.
WARREN G. HARDING.
The White House, Dec. 12 1922.
[VOL. 115.
the Act." An opinion in the matter by U. S. Attorney-General Daugherty which Secretary Wallace makes public,
states that neither the Stockyards Act itself "nor the regulation provided for therein contemplates or requires that you
should advise the industry In regard to such a transaction
In advance of its consummation." Attorney-General Daugherty likewise says "the language used in the 'Packers and
Stockyards.Act, 1921' makes it clear to me that the Act does
not require you to take any formal action unless you have
reason to believe that the law has been violated or is being
violated. To constitute a violation of the law within the
meaning of this Act there must be something more than a
mere statement of what a person or corporation contemplates." The following is the statement Issued by Secretary
Wallace on Dec. 12:
Mr. J. Ogden Armour came here and stated in an informal way that his
firm had under consideration a proposal to purchase the physical assets of the
packing plants owned and operated by Morris Sr Co. The full details of the
purchase had not been worked out, but it was expected that the purchase
price would be paid part in cash, part in prefered stock, and part in common
stock, approximately one-third of the amount in each form. Mr. Armour submitted an extended statement prepared by his attorney dealing with the law
and facts applying to the proposed transaction and containing certain arguments. This statement contains a discussion of the Packers and Stockyards
Act, as well as of the Sherman Anti-Trust Law, the Clayton Act, and the Federal Trade Commission Act, as they bear on the action proposed. He submitted another statement which is in fact a brief on law points. He submitted also a mass of detailed information, compiled mainly from public records
and showing the purchase and slaughter of animals by the various packing
concerns, the volume of the business of each over extended periods of time,
and indicating the points at which there is competition, both in packing and
in the distribution of meats, between Armour & Co. and Morris & Co.
Contrary to what seems to be the general opinion, Mr. Armour did not present an application for the privilege of merging these two plants. He came
to me with the frank statement that by buying the business of Morris & Co.
he expected to be able to add largely to the volume of the business of Armour
& Co., and thus effect large economies in the administration of that business.
During the war, when there was most urgent demand for the largest possible
amount of meat to maintain the Allied forces overseas, most of the large packers made extensive extensions to their plants at large expense. Under conditions which have prevailed since the war the volume of business has not
been sufficient to enable them to run their plants at full capacity, and, as is
the case with many other business enterprises, this has left them with an
overhead expense out of proportion to the volume of business being done. By
adding the business of Morris & Co. to that of Armour & Co., Mr. Armour
stated that they would be able to affect economies running into many millions of dollars each year, and believed that because of such economies they
would be able to serve the public more efficiently than at the present time.
He said that he would like to make a careful study of the proposed transaction and of the papers submitted, together with any other conditions which
might seem pertinent to me, and that he hoped that such study wnuld lead
me to the conclusion that the action he proposed would in fact result in benefit
both to producers and live stock and consumers of meat and that I would not
oppose it.
Such authority as I have in the matter is found in the Packers and Stockyards Act, which carries also the authority which the Federal Trade Commission previously had over the packing industry. There is nothing in this Act
which specifically prohibits the purchase by one packer of the physical assets of another. The question to be considered, therefore, is whether the purchase proposed would bring about conditions or actions which would come
wiFrin te oe to titions 0foohe Act.
th omth h prohibi me 0 0 t nded s
statements have been made intimating that
there was disagreement between other Government officials and myself with
regard to this matter. On Monday, Nov. 27, I had a nonference with the
President and with the Attorney-General. At this conterance the proposed
purchase and sale was considered. There was no thought on the part of any
of us that anyone connected with the Government would, or could be expected
to, approve in advance such a transaction as had been proposed. Such a suggestion has had no sanction. The question discussed was whether the purchase by Armour of the plants of Morris might in and of itself constitute a
violation of the law, or whether it was a transaction of :t sort which would
warrant any of us to take action in advance of its consummation.
In response to an inquiry from me, the Attorney-General submitted to me
anForpoimniothnedtefamliengthweimthatttheirs wmasatter.
first suggested, I have been making investigations and accumulating information which might serve as a basis for reachto the probable effect on competition if the proposed puring an opinion as
chase
seems censu o o ated
There see
ebase elleuld to be nm mccasion for action at the present time.
Wallace in seeking from the Attorney-General
an expression of view in the matter, addressed Mr. Daugherty as follows:
November 22 1922.
e d
e
General:rab le ThThAetPackerstorney Ganer
The ellarono
ai ockyards Act, 1921, in Title II, Section
S.
t
202, makes unlawful certain conduct on the part of packers as defined in the
Act; and in Section 203 provides for a procedure in case the Secretary has
reason to believe that any packer has violated or is violating any provision of
Title II.
Title IV, Section 402, provides that for the efficient execution of the provisions of this Act, and in order to provide information for the use of Congress, the provisions of Sections 6, 8, 9 and 10 of the Federal Trade Commission Act are made applicable to the jurisdiction, powers and duties of the
Secretary of Agriculture in enforcing the Packers and Stockyards Act. The
above references are not comprehensive, but serve to direct attention to the
basis for the question on which I desire your advice.
Recently the head of one of the five largest packing concerns has called
upon me and has stated that he has in contemplation the purchase of the
physical assets of another of these five largest packing concerns, the purchase
price being part cash and part in the stock of the purchasing concern, and
including the assumption of certain liabilities of the selling concern. The
question upon which I desire your opinion is whether the terms of the Packers
and Stockyards Act contemplate or require me to take any action with regard
to such a transaction in advance of its consummation.
secretary.
Very truly yours,
c
HENRY
WALLACE,
NO GOVERNMENT ACTION AT PRESENT TIME RESPECTING ARMOUR-MORRIS PACKING PURCHASE.
Secretary of Agriculture Wallace on Dec. 12 made known
his conclusion that "there seems to be no occasion for action
at the present time" respecting the proposed purchase by J.
Ogden Armour of the business of Morris & Co. Secretary
Wallace's statement setting forth his decision said that
"such authority as I have in the matter is found in the Packers and Stockyards Act, which carries also the authority
which the Federal Trade Commission previously had over the
packing industry. There is nothing in this Act which specifically prohibits the purchase by one packer of the physical
assets of another. The question to be considered, therefore,
is whether the purchase proposed would bring about condiThe following is Attorney-General Daugherty's reply to
tions or actions which would come within the prohibitions of Secretary Wallace:
DEC.16 1922.1
THE CHRONICLE
2643
December 9 1922.
ment by all the cotton-producing States of adequate laws
the
My dear Mr. Secretary: In your letter of Nov. 22 1922 you state that
for preventing the spread of the boll weevil. The convention
head of one of the five largest meat packing concerns has called upon you and
was addressed by Secretary of Agriculture Wallace, who
stated that he has in contemplation the purchase of the physical assets of
another of these five largest packing concerns, the purchase price being part pointed out that the drawback in cotton production is
cash and part in the stock of the purchasing concern and including the as- the advent of the boll weevil and the coming of the pink boll
sumption of certain liabilities of the selling concern. You also state in your
letter that you desire my opinion as to whether the terms of the "Packers worm. The best we can do for the present, so far as the
and Stockyards Act, 1921" contemplate or require you to take any action weevil is concerned, he said, is to control the growth of the
with regard to such a transaction in advance of its consummation.
pest to a reasonable degree. Weith the pink worm, he said,
Section 202 in Title II of the "Packers and Stockyards Act, 1921," makes
certain acts by a packer, as packer is defined in such Act, unlawful. Section the problem is "whether we can keep the fellow out." The
203, in Title II, of this Act provides that "whenever the Secretary has reason "Commercial Appeal" of Memphis Dee. 6 reports Secretary
to believe that any packer has violated or is violating any provision of this Wallace as
saying:
title" he shall cause a complaint to be issued and a hearing to be held. This
All Sections Interested.
section also provides that if "after such hearing the Secretary finds that the
Mr. Wallace, after praising the hospitality of the South, said: "The
or is violating any provision of this title" the Secratary
packer has violated
make a report of his findings of fact and shall issue an order requiring problems of the cotton men in the South are of almost equal importance to
shall
the people in the North, for whenever anything occurs to cut down the
the packer "to cease and desist from continuing such violation."
Section 402, of Title IV of the "Packers and Stockyards Act, 1921," pro- cotton crop of the South, the purchasing power of the people of this section
"for the efficient execution of the provisions of this Act and in or- is correspondingly reduced and the result is felt by the manufacturers and
vides that
der to provide information for the use of Congress the provisions (including farmers of every other part of the country.
"In nearly every section," Mr. Wallace continued, "There seems to be
penalties) of Sections 6, 8, 9 and 10 of the Act entitled "An Act to create a
Federal Trade Commission, to define its powers and duties, and for other an almost continuous crisis with respect to the dominant crop, especially
approved Sept. 26 1914, are made applicable to the jurisdiction, during the last eighteen mInths, during which we have experienced one of
purposes,"
the greatest agricultural depressions in many years. And," he declared,
powers and duties of the Secretary in enforcing the provisions of this Act."
The provisions of the Federal Trade Commission act pertinent to this in- "each section thinks its problem is the worst.
"The war brought a great economic crisis," he said. "The South is
quiry are those found in Section 6 and are as follows:
"TheCommission shall also have power (a) to gather and compile infor- recovering very easily from the depression of the war years, considering
mation concerning and to investigate from time to time the organization, other sections of the country. This is in spite of the fact that farm prices
business, conduct, practices and management of any corporation engaged have dropped to a level below the war prices, with the cost of living remainin commerce, . . . and its relation to other corporations and to indi- ing about the same, or perhaps a little less.
viduals, associations and partnerships . . . (f) to make public, from
"There is a better appreciation of the farmer now than,there used to be.
time to time, such portions of the information obtained by it hereunder,
except trade secrets and names of customers as it shall deem expedient in We used to pray for him in our sleep, but now we realize that he is the
the publicbinterest."
backbone of out commercial and industrial life.
"Of courze the drawback in cotton production is the advent of the boll
It is my opinion that the "Packers and Stockyards Act, 1921," is essentially
Act and that the duties and powers of the Secretary of Agricul- weevil and the coming of the pink boll worm. The weevil is here and we
a regulatory
ture thereunder are to regulate the industry included within its provisions. must adjust our farming to meet the situation. The best we can hope
Neither the Act itself nor the regulation provided for therein contemplates to do for the present is to control the growth of the pest to a reasonable
or requires that you should •advise the industry in regard to such a transaction degree.
in advance of its consummation.
Need Pink Worm Cure Now.
In the opinion in the case of Stafford and others vs. Wallace and others,
"The pink boll worm presents an entirely different problem. As yet
decided by the Supreme Court of the United States May 1 1922, Mr. Chief It has only gained a foothold to a noticeable degree in Texas. It came
Justice Taft said:
over the border from Mexico, on the heels of its brother, the boll weevil.
The languageof the law shows that what Congress had in mind primarily The question is, 'Will you go through the same experience with the pink
was to prevent such conspiracies by supervision of the agencies, which would worm as you did with the boll weevil, or will you make an heroic effort to
be likely to,be employed in it. . . . Congress has found as an evil eradicate it?'
There are many instances where the pink boll worm has been
to be apprehended and to be prevented by the Act here in question, (in)
the use and control of stockyards and the commission men to promote utterly stamped out.
packers monopoly of inter-State commerce. . . . Its provisions
"In order to fight the pest intelligently we must heed the advice of our
a
are carefully drawn to apply only to those practices and obstructions which trained men,the scientists who study
the life of the pest, with special referin the judgment of Congress are likely to affect inter-State commerce pre- ence
to what varieties offer the strongest resistance. The tendency is to
judicially.",tard
follow the course of the average sick man. We want a cure immediately.
The act in Section 203 provides that when you have reason to believe that This
can hardly be done, because of the var3hg con'itions in the,several
any packer has violated or is violating the provisions of that Act you should States.
The problem is, with the pink worm, whet er we can keep the
proceed to issue a complaint hod conduct a hearing, and if you find that the
fellow out. We must put our confidence in the Got ernmental Departpacker has violated or is violating such Act you shall render a report of the
mental Departments handling the agricultural interest, just as during war
facts and issue an order requiring the packer to cease and desist front con- time we
help the man in charge of the War Department.
tinuing such violation. The provisions of the Federal Trade Commission Act
"The Agricultural Department is primarily a department of service. We
are carried into the "Packers and Stockyards Act, 1921" for the purpose, as do not seek
to use a high hand. We are here to help wherever our help is
expressed therein, of enabling the efficient execution of the provisions of the needed.
We want to fit in.
"Packers and Stockyards Act, 1921" and in order to provide information for
"The South is largely dependent upon its cotton. I am in favor of comthe use of Congress. This does not seem to broaden the purposes or the essen- modity councils,
the same as are in use in the North, where the wheat
tial powers conferred by the "Packers and Stockyards Act, 1921." The lan- problem
must be faced and other agricultural problems. We stotild heed
guage used in the "Packers and Stockyards Act, 1921" makes it clear to use the
advice of our trained men and enter into free discussion at all times to
that the Act does not require you to take any formal action unless you have work out
the common problem.
have reason to believe that the law has been violated or is being violated. To
constitute a violation of the law within the meaning of this Act there must
Marketing ProblemTlifig.
be something more than a mere statement of what a person or corporation
"I believe that it is good for the entire South to produce cotton. If
contemplates.
you raise the things they do in the North it will only hurt your market
In answer to your question as to whether the terms of the "Packers and and theirs as well. The marketing problem is a big one. It is dependent
Stockyards Act, 1921" contemplate any action on your part in connection largely upon the farmers and not the Government. It is better for the
with the proposed purchase of physical assets, I am of opinion that the Act market that one crop be grown in a section, because it both stabilizes and
vests you with broad powers of inquiry and that you may make such inquiry. standardizes the market.
"The Department of Agriculture spends about $38,000,000 per annum
Your very truly,
in its various departmentsand bureaus to assist the farmers in the United
H. M. DAUGHERTY, Attorney-General.
Tie Honorable, The Secretary of Aoriculture.
States. A prosperous farmer makes a prosperous nation. The Federal
Press dispatches from Chicago Dec. 12 commenting on the Government is constantly sending men abroad to study conditions.
"This is the time when exploitation must come to an end. Agriculture
decision of Secretary Wallace said:
must be self-sustaining."
Decision of the Administration at Washington that there was no occasion
The resolution adopted, urging action by the various
for formal action on the proposal of J. Ogden Armour that Armour & Co. buy
Morris & Co. and merge the two packing concerns, was interpreted by local States to
prevent the spread of the insect pest, reads as folpacking officials as placing no obstacle in the way of the half-billion-dollar
lows:
merger.
Memphis, Dec. 5 1922.
Mr. Armour withheld any statement for the time being, but indicated that
The Coimnittee on Resolutions recommends the adoption of the following:
he might make some announcement later.
(1) That in view of the possible infestation in the future of new areas
Merger of Armour & Co. and Morris & Co. would represent a combination
of capital of approximately $500,000,000, with an aggregate of 65,000 em- by the pink boll worm, and of the necessity for immediate and drastic
packers action in the event of such a contingency, we recommend that all of the
ployees. The merger plans had their origin some months ago when
sought a means to reduce the overhead cost of production and maintenance cotton-producing States which have not already done so, adopt adequate
laws for preventing the spread of such an insect pest. That for this
expenditures.
The approval of the Government officials and farm organization chiefs was purpose we recommend the adoption of uniform laws in substantially
desired by the packers, although it was generally understood here that a the same form as the Pink Boll, Worm Laws, now in effect in the States
packing merger did not require specific approval of Government officials and of Texas and Louisiana.
(2) It appears from the information available that the supply of calcium
that the Packers and Stockyards Act did not forbid such a consolidation.
The initial investment in the Armour firm was $160,000. In 1920 re- arsenate recommended by the United States Department of Agriculture
in connection with methods of boll weevil control is very limited and the
financing authorized a capitalization of $400,000,000, with $100,000,000 in
preferred stock and two classes of common stock of $150,000,000 each. On price liable to be so high as to render its general use impossible. It is
account of general business conditions only a part of the new common stock recommended therefore, that the ad interim committee to be appointed
by this conference be directed to use its best efforts to co-operate with the
was issued.
and means of
Morris & Co.'s balance sheet a year ago showed $3,000,000 in common United States Department of Agriculture in finding ways
obtaining an adequate supply of said arsenate at reasonable prices in
stock, $10,000,000 in preferred stock and a surplus of $1,299,265.
order that same may be available for use by the cotton producers during
The chief duplication which a merger is expected to obviate is that of
the coming year. We also recommend that action be taken by way of
branch houses throughout the world. The cost of maintaining separate branch
uniform laws or other statutory regulations (where no such laws or regulahouses and selling agencies runs into many millions a year.
tions now exist) for the purpose of co-operating with the Federal Government
in safeguarding the quality of calcium arsenate and other insecticides
COTTONFSTATES COMMISSION IN MEMPHIS CON- by inspection, analysis or otherwise. In this connection we commend
the laws relating to these subjects recently adopted by the State of Alabama.
FERENCE URGES MEASURES BY SOUTHERN
We warn cotton growers against a too great dependence upon the use of
SPREAD.
STATES TO PREVENT BOLL WEEVIL
calcium arsenate, or upon any other'single means of meeting the effects
of weevil damage, and would advise the careful study of the experiments
At the concluding session of the second annual convention of sections of the cotton belt which have been fighting this pest for many
of the Cotton States Commission, held at Memphis Dec. 4 years. That cotton is being successfully grown in so many areas in spite
and 5, a resolution was adopted recommending the enact of the weevil and only by the use of cultural methods and better seed.
2644
THE CHRONICLE
[VOL. 115.
should encourage the more recently infested territory to continue the
fight, regardless of the ability of the growers in such territory to secure
or to use boll weevil poison.
(3) We commend and endorse the research work of the Bureau of
Entymology of the United States Department of Agriculture in connection with boll weevil control, but we are convinced that the appropriation
heretofore granted by Congress, amounting to about $165,000 annually,
is wholly insufficient to provide for the prosecution of said research work.
in as comprehensive a manner as the magnitude and seriousness of the
problem demands. In order that said research work may be conducted
In the future on a more comprehensive and intensive scale, to meet the
existing needs, we recommend that the Governments of the cotton-growing
States seriously consider taking immediate steps to establish a research
laboratory at the experiment stations now maintained in connection with
the agricultural colleges in said States, for the purpose of supplementing
the work now being carried on by the central laboratory of the Department
of Agriculture at Tallulah, La. We further recommend that the Federal
Government be urged to greatly enlarge the appropriations for research
work in connection with the boll weevil, in the hope that by increasing
the number of experts as well as the facilities devoted to said work, a
specific remedy may be found to either eradicate entirely, or effectually
control the boll weevil in the near future.
• (4) We recommend that an ad interim committee consisting of the
Commissioners heretofore appointed by the respective States to this
conference, be appointed to carry on the work of the Cotton States Commission, including the work outlined in the above resolutions, until the
States concerned have had an opportunity to adopt the statutory plan of
co-operation recommended by this conference.
Respectfully submitted,
ANGUS W. McLEAN.
Chairman, Committee on Resolutions.
housing, and a system of financing the farmer during the periods of production and marketing, as well as other problems of like character; and
Whereas, Experience has demonstrated that these common problems
cannot be completely solved under our dual system of Federal and State
governments without co-operative action on the part of the various State
governments as between themselves and also in conjunction with the
Federal Government; and
Whereas, At conferences of said commissions, held first in New Orleans in
February 1922, and later in Memphis, in 1922, it was recommended that
the Legislatures of the said States adopted a statutory plan of organization
and providing for representation thereon; and
Whereas, At a conference of said corporation held at Memphis, December 4 and 5 1922, a statutory plan substantially as herienafter set out was
approved and recommended by the said commission for adoption as a
uniform Act by the Legislatures cf the cotton-growing States; and
Whereas, It appears that certain matters of common concern, particularly
In respect to insect pest control, are obviously of general welfare and necessity. Now, therefore,
The General Assembly of the State of_
do enact:
Section 1. That the State of
does hereby recognize the
said Cotton States Commission, to the extent that it may function within
the limits prescribed by this Act, as an instrumentality of the State of
for the purpose of providing a general organization whereby
said State may co-operate with the other cotton-producing States, and with
the United States Department of Agriculture, in respect to certain problems
affecting the production and marketing of cotton, which are obviously to
the common interest of the cotton industry in all the States and not to
matters in which there may be serious conflict ofinterest as between the said
States, particularly in respect to the control and eradication of insect pests.
Sec. 2. That the Governor of this State shall within thirty days after
this Act shall take effect, as hereinafter provided, and biennially thereafter,
According to Mr. McLean, who was formerly Chairman appoint three commissioners to represent the State of
on
of the War Finance Board, and who is one of the largest said "Cotton States Commission," each of whom shall serve for a term
years and until their successors are appointed and qualified.
two
cotton growers in North Carolina, heroic and comprehen- of One of said Commissioners shall be an officer of the Department of
sive efforts by Federal and State authorities working in har- Agriculture or of the agricultural extension service of said State; provided,
that if
mony and as a unit is needed at once to prevent serious dis- however, Act, or any person appointed on said Commission shall fail or
if any vacancy shall occur
refuse to
resignation
aster to the Southern cotton-growing industry. The "Com- or otherwise, the Governor of said State shalltherein by death, to fill said
appoint some one
mercial-Appeal" in reporting him to this effect, also quotes vacancy for the unexpired term of said Commissioner*. Said Commissioners shall, before entering on the discharge of their duties, take the usual
him as saying:
oath required of public officers of said State, to support the Constitution
The meeting has been most successful in every respect, in that it has
and laws of the United States and the Constitution and laws of said State,
pointedly called to the attention of representatives of the cotton growing
not inconsistent therewith, and that they will faithfully and honestly disStates and experts of the U. S. Department of Agriculture efforts of the
charge the duties of the office of Commissioner,to the best of their skill and
promoters of the Cotton Sales Commission to bring about concerted action
ability. Said oath shall be subscribed to and recorded in the minutes of
on the part of the Federal Government and the cotton growing States in
Commission and also in the office of Secretary of State of said State
respect to the serious problems of insect pests, particularly the booll weevil said
of
control.
Section 3. Said Commissioners shall perform such duties, not inconsistent
It is realized that the Federal Government, on account of
questions with the terms and spirit of this Act, as may be prescribed from time to
involving inter-State commerce, must assume leadership in the
control and time by said "Cotton States Commission" after it is organized as herein
eradication of the insect pests. But nevertheless, it is true that much
can provided.
be done by the States involved, particularly if their governments
can be
It shall be the duty of said Commissioners particularly to advise and copersuaded to act as a unit in their efforts to solve the common
problem.
operate with the Commissioners appointed by the Governors or LegisUndoubtedly it is true that some progress has been made in boll
weevil latures of the other cotton-growing States, members of said Commission,
control, but there has been no adequate solution as yet.
Methods of and also with the Secretary of Agriculture of the United States or his duly
control recommended and practiced generally impose an
additional cost authorized representative, with respect to methods whereby the cottonand burden on the producers on account of additional labor
required, and producing States and the Department of Agriculture of the United States
this they are unable to bear. Even without this extra burden
those who may co-operate with each ether in respect to the measures for the control
have been producing cotton have never received anything like
a fair return and eradication of insect pests, and the said Cotton States Commission
on the investment, or decent wages for the labor involved.
shall recommend to the Governors of the cotton-growing States what measThis unwholesome condition is only accentuated by the
advent of the boll ures by way of uniform laws or otherwise, which in the opinion of said Comweevil for the reason that the amount of labor required is greatly
increased mission shall be for the common interest of all of said States in respect to
and the yield is materially decreased, thus seriously
reducing the gross said problems; provided, however, that said Commission shall exercise
return.
no police powers in the said State, unless and until the Legislature shall
It is evident that some heroic and more comprehensive effort
must be specifically authorize the same.
made to solve the problem now confronting the cotton industry.
This can
Section 4. That it shall be the duty of said Commission at its first meetbe brought about by increased effort on the part of the
Federal Govern- ing to organize by the election of a Chariman and Secretary and to also
ment, supplemented by very vigorous action on the part of
the State adopt rules and regulations not inconsistent with the terms of this Act„
governments. We may not be able to improve the quality
of the brain to carry out the purposes for which it was created.
power now engaged in an effort to solve the boll weevil problem,
but we can
Section 5. That each of the States represented on said Commission shall
Increase the quantity of brain power by establishing more
research labora- be entitled to three votes, to be cast by the respective representatives of
tories of the experiment stations in the cotton States as
recommended by said States as a unit, on all matters coming before said Commission.
the Commission at this meeting.
Section 6. That this Act shall not take effect unless and until the LegisThere is one factor in the situation which most of those at work
on latures of at least six of the cotton-producing States shall have enacted a
the problem seem to overlook and that is unless a successful
remedy is statute in substantially the terms of this Act, and providing for representapromptly applied it will be too late to repair the damage. I refer
par- tion on said Commission, and making appropriations for the expenses and
ticularly to the danger of large numbers of producers, including
tenants, maintenance of the same, on the basis as herein provided.
becoming discouraged and leaving the cotton farms never to
return. The
Section 7. That whenever six of said States shall have adopted this Act,
solution of the problem in the future may not bring about a
return of and that fact is made to appear to the satisfaction of the temporary Chairfarmers to the cotton farms.
man of the "Cotton States Commission," appointed pursuant to the said
Many of the negro tenants will leave, never to return, thus
causing conference held at Memphis, he shall request the Governors of the States
an irreparable damage to the cotton producing sections.
that have adopted said Act to appoint the Commissioners to represent
Before concluding its convention the Commission approved their States.
Within 30 days after said Commissioners have been appointed,said Chaira uniform bill which will be presented to the Legislatures of
man shall notify the said Commissioners to meet at a time and place to be
the twelve cotton-producing States. The bill provides that designated in said notice, for the election of officers and for the permanent
the Governors of the Cotton States shall appoint delegates, organization of said Commission as herein provided.
Section 8. That until the organization of said Commission pursuant to
one of which from each State shall be a member of the
uniform Act to be adopted by said States, as herein provided, the temGovernment Agricultural Department to act as the "Cotton the organization of said "Cotton States Commission" heretofore effected
porary
States Commission." It also provides for the appropriation and shall thereon cease and determine, provided, however, that until said
Commission" is permanently organized under and pursuant
of $3,000 by each State to the work. The bill prescribes, in "Cotton States Acts to be enacted by six of the said cotton-growing States
to said uniform
general, the methods which will protect the cotton growers as herein Provided, the said temporary organization now existing shall
Tho pli o oforg
and help them fight the boll weevil and pink boll worm, the continue an effect.
adopted at the conference held at New Orleans
two enemies of the South's greatest crop. It also provides and Memphis in 1922 shall govern the acts of said Commission in the mean-
a general plan of procedure, that may be adopted to the
varying conditions to be found in the several States. Its
text is given as follows in the "Commercial Appeal.":
time.
Sec. 9. That for the purpose of carrying out the provisions of this Act
notlly out ofe appunds in thethtroeassourmy
there is hereby appropriated annua otherwis any fropriated,
of
the State of
expended by said Commission in carrying on the work as
A bill to be entitled: An Act to authorize State of
to $3,000, to be
co-operate with other cotton-producing States in the work of the herein provided.
Provided that all the States represented on said Commission shall approCotton States Commission, providing for the appointment of representation on said Commission, and for other purposes:
priate and pay a like sum for the work of said Commission.
Whereas, The Governors of a number of the cotton-growing States in the
Sec. 10. The Commissioners appointed to represent the said State
United States have heretofore ...ppointed commissioners representing their
on said Commission shall report to the Governor of said
respective States on a commission to be known as the "Cotton States State the work which has been done by said Commission and the expendiCommission" organized for the purbose of providing for a general or ganiza- tures made on account of said work,giving in detail the amount and purpose
tion through which the gov,,rnment of all of said States may advise with of said expenditures; and shall also report to the Governor of said State
each other and with the Department of Agriculture of the Federal Govern- any measure by way of uniform laws or otherwise, which said Commission
ment,in respect to certain problems reLting to the production and market- may recommend for adoption by said States, to carry into effect the puring I cotton such as the control of insect pests, a uniform system of ware- poses for which said Cotton States Commission was created.
DEC.16 1922.]
THE CHRONICLE
Sec. 11. That neither the said "Cotton States Commission" nor the Comherein shall in any
missioners representing the State of
manner contract any obligation or pledge the faith or credit of said State,
except for necessary expenses within the limits of the appropriations hereinbefore provided.
Sec. 12. That this Act shall continue in force and effect for a term of
six years; provided,however,that the Legislature of said State of
may discontinue its representation on said Commission and may withdraw
the appropriation as provided herein for the expenses of said Commission,
on 12 months' notice, given to the Governors of the other States represented on said Commission by the Governor of the said State of
Sec. 13. That this Act shall be in force and effect from and after its ratification, subject, however, to the action to be taken by the other States
as provided in Section 5 hereof.
WASHINGTON CONFERENCE LAYS PLANS FOR
FIGHTING BOLL WEEVIL—FLORIDA PLAN
RECOMMENDED.
An effort to unify the various recommendations proposed
by the different States and Federal Government towards
assisting cotton growers in combating the problems arising
out of the .boll weevil menace was made at a conference held
in connection with the meetings of the Land Grant College
Association at Washington, D. C., Nov. 23, attended by
extension directors and college presidents and deans of
various cotton States, as well as prominent officials of the
United States Department of Agriculture.
It was indicated by the U. S. Department of Commerce
prior to the conference that among the important questions
to be discussed would be that of encouraging the growth of
uniform varieties of cotton in communities. Besides considering uniform time of planting, various methods which
had been recommended for controlling boll weevils under
different conditions were also gone into. The Department
of Agriculture in its preliminary announcement said that no
attempt would be made at the conference to dispose finally
of the various problems of fighting the boll weevil, the work
being intended to pave the way for another meeting in which
all interests involved would be represented. In referring to
the developments at the conference the "Journal of Commerce" in Washington advices Nov. 23 said that the Government had indicated its faith in the possibility of conquering
the boll weevil in the cotton producing States by the new
Florida method when the experts of the Department of
Agriculture recommended to the Association of Land Grant
Colleges that experimental application of the plan be made
in each of the cotton belt States. The dispatch added:
The details of the Florida plan were not discussed at length, but the
plan was urged by the Government for a thorough trial.
With the formation of a complete prop am of research for methods of
exterminating the pest and generally improving the situation of the cotton
planter, the Association closed its thirty-sixth annual convention here
to-day. The Department of Agriculture presented tentative suggestions
for methods of combating the cotton ravaging insect, which will be
investigated by the Association through sub-committees and a report
rendered at a meeting to be held in Memphis the first week in February.
Would Improve Quality.
The Department presented to the Association suggestions for consideration on four major subjects—improving the quality of American
cotton, greater uniformity of action in the production of cotton under
boll weevil conditions, the cotton marketing problem, and a tentative
plan for the production of cotton under boll weevil conditions with a
view of final extermination by research.
It was made plain by officials of the Agricultural Department that
suggestions were not recommendations, but simply subjects for discussion
and investigation by each State.
The Department's plan for controlling the weevil was prepared before
the announcement of the Florida station of a new method for reducing
boll weevil injury to short staple cotton, which consists of stripping off
the squares in May and immediately treating the plant with calcium
arsenate.
"In view of the promising results reported for Florida conditions it Is
clearly desirable that experimental application of the Florida plan should
be made in each of the cotton belt States," the Department annduhced.
2645
under some conditions, but spacing eight to twelve Anches in the drill, with
two stalks to the hill, will probably give best results throughout the entire
region of severe weevil infestation. To be sure of securing a full stand the
liberal use of planting seed is advised.
"Chop to the desired stand as soon as safe from cold or other adverse
conditions. Great care should be taken,particularly in the latter part ofthe
season, to cultivate shallow and not too close to the row. Careless or deep
cultivation at this period may mean disaster.
"If weevils are numerous at the,time cotton is just beginning to square destroy all possible adult weevils, either by hand picking or poisoning, as may
be most practicable. It is probably that only at this stage can the molasses
and calcium arsenate mixture be used effectively. When squaring begins.
especially if not equipped to poison by dusting, pick and destroy all punctured squares from the ground and the stalk once every week or ten days for a
period of about thirty days.
"Then, if weevils are still numerous or as much as 10 to 15% of squares
are infested and other conditions warrant, apply the calcium arsenate dry
dust poison. In making applications of the dust always carefully follow
directions of the United States Department of Agriculture and the college
of agriculture of your own State.
Urges Rapid Picking.
"Pick cotton in the fall as rapidly as possible and immediately kill all cotton stalks, preferably by cutting and plowing under. The object is to destroy
the food supply and breeding placed of the weevil before the hibernation
period. To be effective, this must be done as long as possible before the
first killing frost.
"A very light infestation or even practical immunity from weevil damage
until late in the following season could be insured if all cotton growers in
entire communities or counties, would, when conditions permit, co-operate
to destroy all cotton stalks at least two or three weeks before frost."
According to the Department of Agriculture, the plan of
calling the conference originated with Dr. H. A. Morgan,
President of the University of Tennessee, who made three
trips through the South for the Government studying boll
weevil conditions. It is stated that Dr. Morgan believes
that unity in the methods recommended by the States and
the Federal Government for combating the pest is one of
the most important steps toward that end.
GEORGE D. SMITH AND WILMON NEWELL ON
FLORIDA PLAN OF BOLL WEEVIL CONTROL.
In its issue of Dec. 9 the "Journal of Commerce" devoted
considerable space to articles on cotton production, the
ravages and fight against the boll weevil, &c.,and the details
of the Florida method of boll weevil control, as summarized
by George D. Smith, Assistant Entomologist of the Florida
Agricultural Experiment Station, were given as follows
in this special cotton edition:
On account of a more or less imperfect understanding of the improved
method of controlling the boll weevil recently announced by the State
Plant Board of Florida, the following brief summary of the essence of the
method is given herewith for the benefit of "Journal of Commerce" readers:
Every Florida cotton grower knows that nature is one of the main factors
in controlling the boll weevil. In other words, the Florida'grower of upland
cotton knows that when he experiences a very dry and hot period—say
about May 20 to June 20—the first eggs of the weevil, or rather the eggs
deposited in the squares by the weevil, are killed by the hot sunshine. The
hot sunshine literally parches to death the young weevils in the squares on
the ground beneath the plants.
The killing of the first weevils in the squares offsets the hatching of the
flist generation and so retards the development of the first generation that
the upland cotton matures its crop before the weevil can overcome the
handicap induced by the dry, hot weather.
The Improved Method.
The improved method for controlling the boll weevil creates a condition
similar in every way to the condition caused by the hot weather killing off
the immature stages of the weevil been c the first generation has had time
to hatch. By taking off all squares, whether punctured or non-punctured,
the egg crop of the weevil is destroyed, and at the same time the one application of poison completely controls the few adult weevils that were not
captured when the squares were removed.
Some cotton farmers might argue that it is well enough to remove the
punctured squares, but that it is best to leave the non-punctured squares on
the plants. To this argument it can be stated that the laborer does not
have time to open the involucres around each square to determine whether
they have been punctured by the weevil. On the other hand, by taking
off all squares very good progress can be made, and at the same time the
removal of all squares insures the total destruction of all immature stages.
Then, too, if a few clean or non-punctured squares were -left on the
plants the weevils that were not captured would immediately sceerte themSuggested Program.
selves in these clean squares where the application of poison would be
The suggested program the Department presented for consideration of little value.
the production of cotton under boll weevil conditions are:
on
Getting Back to Nature.
Under boll weevil conditions, the prime necessity is to mature the
In other words, do what Nature does during a dry, hot period to the
largest possible crop in the shortest possible time. It is, in a sense, a
immature weevil stages. Then follow this up with one application of poison
race between the farm: ard the boll weevil. To accomplish this end,
and make the operation about one thousand per cent more thorough than
the Department makes the following recommendations:
Nature could ever do.
"Select for cotton planting well drained fertile soils—if possible, only
Wilmon Newell, Chairman of the Florida State Plant
rand capable of producing, with the use of a reasonable amount of fertilizer,
Board, was also quoted in the same issue of the "Journal
at least one-half a bale per acre should be planted to cotton.
"Prepare a good seed bed and fertilize liberally. Whatever fertilizer
of Commerce" as follows, anent the Florida plan:
Is used should usually be distributed in the soil before planting.
Prior to the advent of the boll weevil cotton was the most valuable and
"Plant good seed of an improved, early maturity variety, recommended
seldom
States De- dependable crop available to the Southern farmer. As a crop it was
for the locality by the State experiment station and the United
is past a total failure. As a source of credit It was unsurpassed. A cash market
partment of Agriculture. Plant as soon as danger from frost and cold
insure rapid germination and vigorous existed for it at all times.
and the ground is sufficiently warm to
With the coming of the weevil cotton growing became in many sections
simultaneously
growth. The planting of seed of a single variety, as nearly
a hazardous occupation, a game of chance with most of the chances against
and counties is strongly urged.
as possible, by entire communities
the grower. Profitsfrom cotton culture became so uncertain that the farmer
who engaged in it exclusively found himself as a rule with neither cash nor
Full Stand Important.
a full stand cannot be over- credit.
"The importance of securing and maintaining
Numerous efforts were made to find other dependable sources of revenue
in the row may
emphasized. The best width of rows and spacing of cotton
Rows should be only wide enough to for the cotton grower. In some instances these efforts were successful.
vary with soil and climatic conditions.
drill should uniformly be spaced and there are Southern communities that are to-day even more prosperous
allow proper cultivation, and cotton in the
-foot rows,spaced than they were in the daye when "Cotton Was Ring."
Cotton in 3
closer than under non-boll weevil conditions.
The boll weevil has undoubtedly taught the Southern farmer the valuable
has given high yields in spacing
two stalks to the hill, a hoe width apart,
spacing may prove undesirable lesson of diversification, but the price paid for it has been, to say the lea.st,.
tests in the Mississippi delta. This close
2646
THE CHRONICLE
exorbitant (the annual reduction in cotton yield ascribed to the boll weevil is
now variously estimated at from 4,000,000 to 6,000,000 bales). Nevertheless, no crop has been found for the South which possesses the many advantages characteristic of cotton.
In north Florida the consequences following the boll weevil invasion were
particularly unfortunatf. For a time after it was realized that the boil
weevil would make cotton growing generally unprofitable, the farmers
turned their attention to raising cattle and hogs.
During the war and post-war periods, with prices high, the returns were
very satisfactory, but soon the prices for cattle and hogs foil to the level
.of or below the cast of production. Growing peanuts was a similar experience; at first prices were high, then fell to the point where the farmer could
not secure as much for his crop as it had cost him to produce it.
During the last two years the farmer of north Florida has needed a dependable cash crop as never before. Confronted by this situation, the
State Plant Boatd inaugurated an intensive investigation of the boll weevil
believing that the "last word" in control measures had not been
reached.
For carrying out its investigations the Board employed as associate
entomologist George D. Smith, formerly with the Bureau of
Entomology,
United States Department of Agriculture. His experiments,
conducted
In three Florida counties during 1922, have given most gratifying
results;
so gratifying and encouraging, in fact, that it is felt that a
new era is at
hand for the Florida cotton grower.
With the accumulated data of many years at his command
and with
thirteen years' experience in studying the weevil problem, Mr.
Smith began
his investigations with the State Plant Board. To him must
be given the
credit of discovering what had been overlooked by all
previous investigators, namely, the weak point in the weevil's existence, and
of perceiving
how it could be taken advantage of in making a successful
attack upon the
Insect.
The method of control which he has evolved, while in a
way a logical
outgrowth of past investigations, nevertheless is the biggest step
toward
complete.repression of the pest that has ever been made.
This happy
development is a most striking justification for long continued
and persistent scientific investigation of difficult problems.
Those who have followed closely and critically the experimental
work
during 1922 and have visited and examined the treated cotton
fields from
time to time have come inevitably to the conviction that the
relatively
simple control method which has been evolved through Mr. Smith's
work
for himself at least 90% of a normal crop so far as weevil damage
is concerned.
So striking and uniform are the results secured in the 1922
experiments
that we would feel remiss in our obligations to the farmers of
Florida if
we deferred placing this information before them until after the
experiments have been repeated another year. Here,undoubtedly,is
information
by which any intelligent farmer can materially increase his
cotton crop,
and the cost of applying it is so low that the method can be
profitably
used upon the poorest of cotton lands in the State. The
experimental
result, therefore, are given to the public in order that they
may be made
use of during the coming year. No claim is made that a
perfect weevil
remedy has been developed, but only that a very great
advance has been
made in the methods of controlling the pest and reducing
its damage.
Mr. Smith's experiments have been made on typical
cotton lands of
north Florida, consisting largely of Norfolk and
Orangeburg sandy loam,
rolling and well drained. On such lands the cotton
plant normally shows
a very determined habit of growth and matures its
crop relatively early,
whether weevils are present or not; a condition
somewhat at variance with
that which prevails on the alluvial lands of Texas,
Louisiana and Mississippi.
At the same time conditions is north Florida are
perhaps as favorable
to a large winter survival of weevils as anywhere in the
South.
While for the present the improved method is
actually recommended
for Florida only, there appears to be no reason, on
theoretical grounds
at least, why the method cannot be successfully
adapted to conditions
existing elsewhere in the cotton belt.
Reference to efforts of Mr.Smith to control the boll weevil
was also made in these columns Dec. 2, page 2442.
HIGHER COTTON PRICES, LIKE WEEVIL, A MENACE.
The following, by T. C. Revere, of Munds & Winslow,
members of the New York Cotton Exchange, is one of the
cotton articles published by the "Journal of Commerce" in
its issue of Dec. 9:
Considered from the standpoint of broad economic
consequences, it may
be stated that the future of cotton production in the United
States presents
our great outstanding agricultural problem. Heretofore
the South has
maintained a virtual monopoly in this respect by reason of
abundant yields
and a fair degree of price stability around levels which
the whole world
could afford to pay.
The history of cotton culture demonstrates, of course
provided we go
back to the days before the Whitney gin and improved
textile methods,
that some one was willing to pay almost any price for cotton.
Along in the
thirteenth century England imported cotton for lamp wicks,
and as nearly
as we can estimate the approximate price it must have been
around $2 per
pound.
[VOL. 115.
costs of cultivation, poison.and other weevil control methods have not
been the sole items in determining the expense.
The farmer could have withstood all these and made a profit if he could
have successfully combated the pest. With production in many cases
reduced to a bale to ten or fifteen acres, the grower found himself faced
with a loss practically regardless of how high cotton might go.
Weevil Control Vital.
Obviously, the only development that will restore normality—provide
cotton at a reasonable price and give a living reward to the grower—will be
weevil control. Whether this can be brought about by any of the methods
previously tried is a matter that may be s3riously questioned. The methods
hitherto attempted not only are expensive but they require a great deal
of labor. This complicates the situation seriously, for negro labor in the
last year or so has left the South by tens of thousands and at present it is
taking on the proportions of a virtual exodus.
Taking,for example, the adoption of the so-called "Florida plan" for controlling the weevil, it may be seen that a great deal of labor would be required as this plan involves the picking of the early squares on all the stalks.
Fields have to be gone over carefully and much labor and time are called
for. It is also doubtful whether this method would prove efficacious in the
northern latitudes of the belt where the seasons are shorter. The crop in
many instances would be exposed to frost damage. In the southern tier of
counties where the seasons are longer the method should prove effective.
The Weather Factor.
Calcium arsenate has been fairly successful, and probably would be more
so if the growing season should not be too wet, as was the case this year.
With this method it is necessary to take into consideration the cost of the
posion and the supply that might be available. Its general use over the
cotton belt would be impracticable with the present supply of calcium
arsenate.
l'robably the most effective agents in weevil control will be the weather—
a cold winter, frequently dry, hot periods during the summer—and constant
cultivation.
There is no method that has received competent endorsement, however,
that does not inviovo great expense and consumers,both manufacturers and
ultimate consumers, will have to take this into consideration in attempting
to estimate a reasonable raw material cost.
EXODUS OF FARM LABOR FROM COTTON STATES
TO NORTHERN AND WESTERN CITIES.
The following is from the "Journal of Commerce" of
Dec. 9:
South Carolina is apparently in the midst of a general exodus of negroes
—former farm hands leaving to seek jobs and high pay in northern and
western industrial centres, according to Columbia, So. Caro., railroad
men quoted in the papers of that city.
The northward movement, S. H. McLean, District Passenger Agent
of the Southern Ry., and C. T. Buster, agent in charge of the consolidated
ticket office, say is largely an individual movement, and has been in
progress since the early Summer, when conditions in the industrial centres
first showed signs of improvement.
There have, however, been instances of apparent concerted moves,
0. G. Donny, Commercial Agent for the Seaboard Air Line Ry., points
out, but these were chiefly for points in nearby States.
The negroes, Mr. Buster says, are leaving from every section of the
State and are going to practically every section of the nation. The
majority of the tickets, he finds, have been bought for New York, Philadelphia, Chicago, Washington and Detroit.
There has been little evidence of any mass or group, movements, Mr.
Buster says, but farm hands by ones and twos are daily leaving, so that
traffic has jumped to a point where it has been in some instances difficult
for the railroads to take care of it, since none of the lines had any intimation
of the movement, which is equalled only by the war-time negro exodus.
Disgusted with Boll Weevil.
The movement, Mr. McLean believes, is largely due to the failure of
the Negro tenant farmers to make money in the State under boll weevil
conditions. The majority of the negroes leaving are farm hands and the
fact that farm conditions are subnormal throughout the State will explain
the general character of the exodus.
The movement, Mr. McLean says, appears to be spontaneous and not
the result of solicitation of northern employers. Included in the groups
leaving he finds many negroes who during the war found work in northern
Industrial centres and were forced to return to the South during the period
of depression that followed. These negroes, lured northward again by
reports of the return of high wages, are carrying with them other negroes
who are unable to make enough money in South Carolina and are willing
to try their fortunes with the high industrial wages. In some instances
negroes who remained in the North after the war-day exodus have sent
for relatives and these relatives are now joining in the moving.
Seeking Industrial Work.
Large groups have also left the State for North Carolina, where road
building projects and other contract work offer high wages.
W. E. McGee, Division Passenger Agent, Southern Ry., said that the
northward migration of negroes was considerable and increasing. Numbers
of the negroes go to Philadelphia and New York, many to Chicago, but
Cotton, in those days, was a luxury, even more so, probably,
than silk, probably the principal steady movement just now is to Detroit.
and we are now dealing with one of mankind's major necessities,
Manufacturers there are no longer able to rely on the flow of immigration
the raw
material for one of the world's basic industries. It is doubtful,
therefore, to recruit their unskilled labor forces and are turning to the South for
if the South would find itself ultimately prosperous by a continuance
of the cheap help. Many negroes are enabled to make the move by receiving
25c. level for cotton. It may be questioned whether the sincere friends
of loans from relatives or friends already settled at the North.
the Southern grower desire such a fate for him.
Mr. McGee said there was reason to believe that in some cases the
The result that would bring the maximum of wealth to the South and prospective employers made advances toward defraying the cost of removal,
consolidate its position as purveyor to the world of this prime necessity but if this were being done the cash was being sent directly to the negroes:
would be a price that would permit a large consumption and at the same the railroads are not receiving transportation orders.
time provide the producer with a living margin for his investment and
Movement Is Individual.
services.
Little or no evidence of organization has been noted by Mr. McGee.
High-Priced Cotton Not Profitable.
"It is distinctly an individual, or at most a family group movement,"
Cotton at 25 cents is an abnormal price. At the same time it should be he said. "And it is by no means confined to South Carolina. For instance,
stated, in justice to the Southern producer, that he is actually making a we picked up from the Central of Georgia on one train the other day
smaller average profit on the basis of this return than he received on the forty-eight persons bound North."
basis of 15 cents for crops ranging from 11,500,000 to 14,000,000 bales a
Numbers of negroes from around Alston are going North, principally
few years ago. Twenty-five-cent or thirty-cent cotton benefits no one. to Detroit.
In the long run it will restrict the market for finished goods and will stimulate competitive cotton culture all over the world. Lands will be devoted
DEPARTMENT OF AGRICULTURE FINDS ABNORto cotton that would be more suitable for raising something else, but the U. S.
MAL MOVEMENT FROM FARM.
price will provide the incentive for diverting them to this operation.
Let it not be assumed, however, that the Southern grower is waxing
The U. S. Department of Agriculture in its monthly agriprosperous at the expense of the consumer. Millions of acres of cotton
have been cultivated in the South this year that would have brought no cultural review, made public Dec. 9, reports that November
profit if cotton had doubled its peak price of the present season. The figures indicate an abnormal movement of people
from farm
161922.1
D.
THE CHRONICLE
towns.. According to the Department, the general agricultural situation in the United States improved slightly in
November. Cotton, grain and livestock products prices,
as 'mall as prices of things farmers have to buy, have risen
slowly, the October price index on ten farm products being
110 compared with 100 for 1913. "This has put a little
money into the pockets of some farmers, put heart into many
more, and has done both for those who carry farm products
through the channels of trade," the review says.
The prices the farmer pays for other than food products,
accortling to the wholesale price index, has risen to 169,
compared with 100 in 1913. Thus a unit of farm products
will purchase 35% less of other commodities than it did in
1913. According to the review, agricultural conditions in
the East are relatively poor. Potato, apple, hay and truck
growers are thoroughly discouraged, the report says. Some
poultrymen are doing fairly well, but most dairymen are
having all they can do to break even. The cotton belt is
said to show the best general recovery of any region as a
whole. Cotton is very poor in many areas, but those having
cotton to sell feel fairly good at present prices. General
business is reported as having been much stimulated.
2647
of bales of the several classes graded, and from consumers and exporters the
numbers of bales of the several grades consumed or exported.
li6
I accordingly recommend the enactment of legislation providing for the
grading and stapling of cotton under the supervision of the Federal Government.
CENSUS REPORT ON COTTON CONSUMED AND ON
HAND, ALSO ACTIVE SPINDLES.
Under date of Dec. 14 1922 the Census Board issued its•
.
regular preliminary report showing cotton consumed, cotton
on hand and active cotton spindles for the month of November
1921 and 1922 and the four months ending with November.
More cotton was utilized during November than in any
month since October 1917, the Census Bureau announced.
Cotton consumed amounted to 577,561 bales of lint and'
55,122 of linters, compared with 533,950 of lint and 62,406
of linters in October this year, and 527,940 of lint and
57,949 of linters in November last year, the Bureau announced. The statistics of cotton in this report are given
in running bales, counting round as half bales, except
foreign bales, which are in equivalent 500-pound bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
KEEN INTEREST IN NEW METHOD OF CONTROLLING
BOLL WEEVIL.
The Bureau of Entomology of the United States Department of Agriculture, it was reported on Nov. 29, takes great
interest in the new method of boll weevil control announced
by the Floricla State Experiment Station, in its bulletin
dealing with experiments by G. D. Smith, under the direction of Dr. Wilmon Newell. In these experiments, which
were conducted in northern Florida, the treated fields averaged 439 pounds of seed cotton per acre; the untreated
checks averaged only 164 pounds of seed cotton per acre, or
an average increase of 275 pounds of seed cotton per acre in
all tests. The average cost of treatment for the entire season was $1 57 per acre. The new method consists of the removal and destruction of all squares present on the plants
at a time when about two souare per plant were resent.
This operation destroys a large percentage of the weevils
and is immediately followed by a thorough dusting to poison
the terminal buds where the remaining weevils are forced
to feed. This announcement is particularly important, the
Agricultural Department points out, because it apparently
offers a means of controlling the boll weevil on low yielding
land on which it has so far been unprofitable to use the
dusting method. A very large proportion of the cotton crop
is produced on low yielding land and the Bureau of Entomology is greatly pleased that this new method has been developed, well knowing Professor Newell's standing as a careful and reliable investigator, and urges a widespread and
thorough trial of this method during the coming season
wherever the conditions appear suitable for its use.
LEGISLATION FOR FEDERAL GRADING AND STAPLING OF COTTON URGED BY DIRECTOR OF
U. S. CENSUS.
The enactment of legislation providing for the grading
and stapling of cotton under the supervision of the Federal
Government is recommended in the annuil report, made
public Dec. 12, of William Steuart, Director of the Census
of the U. S. Department of Commerce. Mr. Steuart, in
making the recommendation, says: •
The Act of Aug. 7 19I6 provides that: "The Director of the Census shall
collect and publish statistics of raw and prepared cotton and linters, cotton
waste and hull fibre consumed in the manufacture of gun cotton and explosives of all kinds, and of absorbent and medicated cotton, during the
year 11/15 and quarterly thereafter, and the quantity held in such establishments at the end of each quarter."
At the time this law was passed the consumption of cotton in the manufacture of explosives was so great that it had an effect on the price, and it
was, therefore, important to know the quantities thus consumed. Such
information, however, is no longer of value, and I renew the recommendation made in my report km the fiscal year 1921 that this provision of the
law be repealed.
There is considerable demand for statistical information as to the quantities of the several grades of cotton held in stock in the United States.
Obviously under present conditions it is impossible to secure reliable
information of this character, since much of the cotton is not accurately
graded until it reaches the more important cotton markets or concentratien
points, the grading in the less important markets not being uniform. Since
practically all the cotton produced in the United States enters into either
inter-State or foreign commerce, it is within the power of Congress to enact
legislation requiring such cotton to be graded and stapled under governmental regulations at central grading stations. The Government could
provide the necessary personnel and facilities, but the cost of the grading,
which probably would not amount to more than 30 or 40 cents a bale,
should be paid by the owner of the cotton.
With uniform grading thus provided for throughout the cotton-growing
.
region, it would be possible to ob, ain from the grading stations the numbers
Cotton Consumed
Cotton on Hand
During (Bales)
- • Nov. 30 (Bales)
LocalUg.
Year
Nov.
Cotton
Spindler
Active
Four
In
In Public During
Months Consuming Storageand November"
ending Establish- I at Com- (Numbey):Nov. 30. ments.: presses.:
United States
1922 .577.561 *2,134,259 *1,721,425 *4,198.095 34,664,630
,
United States
1921 527,940
Cotton growing States.. 1922 363.813 1,974,034 1,655,359 5,292,941 34,428,339i
1,376,139
Cotton growing states_ 1921 322,593 1,192,500 1,107,826 3,983,041 15,859,962
877,486 4,952,202 15,489,965
All other States
1922 213,748
758,120 613,599
215,054 18,804,668
All other States
1921 .
205,347 781,534
777,873 340,739,18,938,374
1
x Stated in bales.
•Includes 27,350 foreign, 6,689 Am.
599 Sea Island consumed, 77,889
foreign. 15,558 Am. Eg. and 2,981 SeaEg. and in consuming establishments,
Island
and
52,125 foreign, 30,777 Am. Eg. and 5,243 Sea Island
in public storage.
Linters not included above were 55,122 bales consumed during Nov.
57,949 bales in 1921; 95,969 bales on hand in consuming establishments 1922 and
on Nov. 30
1922 and 152,652 bales in 1921, and 21,634 bales in public
in 1922 and 177,378 bales in 1921. Linters consumed storage and at compresses
during the four months
ending Nov. 30 amounted to 238,186 bales in 1922 and
239,910 bales In 1921.
Cotton exports for November were 858,337 bales,
compared with 798,664 bales, including 1,535 of including 2,827 bales of linters,
linters in October.
U.S. COAL COMMISSION WARNS AWAY NEW CAPITAL
• FROM SOFT COAL MINES. '
The studies already made by the United States Coal Commission all point to the fact, it is stated, that the bituminous
coal mining industry is over-developed. "Too many soft coal
mines and too many miners" describes the situation in plain
English, according to a statement made public by the
U. S.
Coal Commission Dec. 11, which said further:
In these coal mines more capital is invested
and more miners are employed
than are needed to produce the coal the
country requires. This condition,
of course, involves waste on a country-wide
scale.
How great is the present inflation of the
industry cannot be stated exactly
at this time, but unquestionably the
inflation is excessive. Estimates of the
excess mine capacity range from 30 to fully
60% above the country's normal
demand, which for the last five years has averaged
about 510,000,000 tons a
year. Figured on the basis of their actual
output for the best week in 1918,
the capacity of the soft coal mines was
then 685,000,000 tons. Since 1918,
unfortunately, the mine capacity has been further
enlarged, and another estimate of it can be made from the average daily
output last year: 300 days'
work at that rate would have resulted
in 840,000,000 tons being mined, or
fully 60% more than the normal needs
of the country.
How to deflate the coal industry is one
of many problems before President
Harding's Coal Commission, and its reports
may be expected to present facts
bearing on this question. It seems plain
enough, however, that the industry
should not be further inflated by opening
new mines. The facts already presented furnish a valid argument against
continuing to enlist new capital in
the business, thereby opening new mines
that are worse than unneeded, for
they further spread and thus overtax car
supply and shorten the possible working time of mines in the vicinity that are
already well equipped to ship 50 to
100% more coal than they ship now.
Indeed, the ratings of mine capacity
reported to the railroads for the purpose of obtaining
cars would indicate that
the bituminous mines of the country have
a total annual capacity of not far
from a billion tons, instead of the half
billion tons needed.
Exceptions may possibly be made here and there
to the ban which the investing public should put on coal mine
development. A local market not well
supplied with coal may warrant the opening of a
nearby mine, which would
thereby help to relieve the burden on transportation
lieved that such exceptional conditions are rare. In facilities, but it is bethe public land States of
the West, unfortunately, the Federal Government
itself has not been able to
discourage coal mine development, for, under the
leasing law, the lessee of
Government coal land is required to open the mine and
to produce coal on a
scale proportionate to the acreage leased. There
seems to be no legal warrant for refusing a lease to bona fide applicant, even
though the public interest does not seem to indicate the need of more coal. The
result will be that
the West will soon find its coal mines and coal miners
as badly off as those
in Indiana and Illinois, where the working time is too
short to pay adequately
either owners or workers.
If the public can appreciate the strength of the
evidence already available
on this subject of over-development, refusal to
invest
ventures under present conditions will be recognized in new coal mining
as both good business
and good citizenship. It is plain enough that the
coal mines but more work for the coal mines, we country needs not more
already have. One
reason that coal is not cheaper to the consumer
potent
is that he is supporting
vast surplus of investment and capacity. The
a
large excess capacity
cannot
for long lower the price of coal, however,
simply because that
condition of
things is wasteful.
2648
THE CHRONICLE
[vol.. 115.
ADJUSTMENT OF PRICES ON DOMESTIC COALS IN POSTAL RECEIPTS AT FIFTY INDUSTRIAL CITIES.
SOUTHERN ILLINOIS.
November postal receipts at 50 industrial cities, representThe following statement relative, to the adjustment of ing each State in the Union, showed an increase of 9.13%
prices on domestic coals produced in southern Illinois was over Noveber 1921, as compared with the October increase of
issued on Dec.8 by Federal Fuel Dikributor C. E. Spens:
10.62%. November is usually a light month in postal reThe following named coal operators in the Fifth and Ninth districts of ceipts. Only four Novembers out of the last 12 have shown
Illinois have individually signified to the Federal Fuel Distributor a willinggains over the previous month, and these very small, the Post
ness not to exceed $4 50 per ton as a maximum f. o. b. price at the mines
on prepared sizes of coal for household use, and, in most instances, these Office Department states under date of Dec. 8, and adds:
operators have stated that this maximum will be observed at least until
The average gain of 9.13% was made in spite of the fact that 12 cities out
April 1 1923:
of the 50 reported decreases for the month as compared with the same month
Southern Coal, Coke & Mining Co., St. Louis, Mo.;
last year. The decreases were counterbalanced by seven cities reporting gains
Breese Trenton Mining Co., St. Louis, Mo.:
of more than 20%.
Mount Olive & Staunton Coal Co., St. Louis, Mo.;
The largest gain-35.15%-was made by Waterbury, Conn., closely folPrairie Coal Co., St. Louis, Mo.;
lowed by Pueblo, Col., with 33.47%. Cheyenne, Wyo., ranked third with
St. Louis & O'Fallon Coal Co., St. Louis, Mo.;
32.94%; Phoenix, Ariz., fourth, with 28.12; Butte, Mont., fifth, with 24.27;
Groom Coal Co., Belleville, Ill.;
Oakland, Cal., sixth, with 21.12, and Knoxville, Tenn., seventh, with 20.54%.
Coal & Mining Co., St. Louis, Mo.;
Egyptian
The cities reporting decreases were Tampa, Fla., Bridgeport, Conn., SpringAbbey Coal Corporation, Collinsville,
field, Ill., Trenton, N. J., Madison, Wis., South Bend, Ind., Cedar Rapids,
Jones Bros. Coal & Mining Co., Marissa, Ill.;
Ia., Lexington, Ky., Boise, Ida., Burlington, Vt., Cumberland, Md., and Reno,
Mulberry Hill Coal Co., Freeburg, Ill.;
Nev. Boise, Ida., with 11.40, reported the largest percentage of decrease.
Kolb Coal Co., St. Louis, Mo.:
The largest gain in dollars and cents was made by Springfield, 0., with
General Qoal & Mining Co., Freeburg, Ill.;
$19,521 42, followed by Oakland, Cal., with $15,864 33, and Oklahoma City,
Eldnar Coal Co., Belleville, Ill.;
with $15,103 41. Complete tabulation follows:
Fullerton Coal Co., Belleville, Ill.;
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
Donk Bros. Coal & Coke Co., St. Louis, Mo.
FOR THE MONTH OF NOVEMBER 1922.
These operators represent approximately 60% of the production in these
Per Cent.
districts. Some of the best grades of domestic coal in these districts have
1922
been selling for as high as $5 50 per ton, and some have been selling and are
November
over
November
to-day selling, for less than $4 50 per ton. The maximum price of $4 50
1922.
1921.
1921.
Increase.
Officeshould tend to establish prices on the different grades of domestic coal on
16.88
$19,521 42
Springfield, Ohio ____ $135,181 25 $115,659 83
a proper commercial level.
85,422 41
15,103 41
100,525 88
17 68
Oklahoma, Okla.
C. E. SPENS,
13,429 55
17 21
91,411 25
77,981 70
Albany, N. Y.
Federal Fuel Distributor.
4.52
73,533 34
3,321 62
76,854 96
Scranton, Pa.
10.19
6,570 45
64,477 71
71,048 16
Harrisburg, Pa.
.21
146 77
,PAYMENTS BY TREASURYDEPARTMENT TO RAIL- San Antonio,Tex
70,887 74
71,034 51
15.53
10,186 05
66,535 95
75,722 00
Spokane, Wash
ROADS UNDER TRANSPORTATION ACT.
21.12
15,864 33
75,106 11
Cal.
90,970 44
Oakland,
The Treasury Department at Washington issued on Dec. 1 Birmingham, Ala._
16.71
11,798 14
70,574 93
82,373 07
17.63
13,579 85
76,980 46
90,560 31
the following statement regarding payments made to the Topeka, Kan.
13.10
7,245 36
55,309 54
62,554 90
Peoria, Ill
railroads under the provisions of the Transportation Act:
5.02
3,007.45
59,872 69
62,880 14
Va.
Norfolk,
Since last announcement, dated Nov. 1 1922, payments under Sections Tampa, Fla
*11.03
*8,881 83
80,164 00
71,282 17
the Transportation Act 1920, as amended, have Fort Wayne, Ind._
-204, 209, 210 and 212 of
10.12
6,412 16
63,369 72
60,781 88
!been made by the Treasury as follows:
15.29
8,800 66
57,539 65
66,340 31
Lincoln, Neb.
:Section 204:
9.85
Minn.
55,513 07
5,469 11
60,982 18
Duluth,
Bloomsburg & Sullivan Railroad Co
16.94
8,870 53
61,230 39
$15,234 59 Little Rock, Ark._
52,359 86
Bristol Railroad Co
5.93
3,154 63
56,357 05
729 31 Sioux City, Ia.
53,202 42
Chicago Tunnel Co
*1.31
*818 70
61,809 03
62,627 73
22,747 33 Bridgeport, Conn.__
Chicago Warehouse & Terminal Co
15.52
53,376 53
7,171 57
46,205 16
Portland, Me.
64,246 10
Frankfort & Cincinnati Railway Co
8.61
51,966 58
,58
47,847 00
4,119
7,551 16 St Joseph, Mo.
La Salle & Bureau County Railroad Co
*.57
39,122 16
39,345 24
*223 08
13,414 14 Springfield, Ill.
Madison Southern Railway Co
*5.44
*2,721 63
47,302 89
50,024 52
5,953 10 Trenton, N. J.
Moshassuck Valley Railroad Co
1.51
46,099 52
Wilmington, Del
45,412 50
687 02
9,224 09
San Joaquin & Eastern Railroad Co
*.66
39,641 78
39,905 06
*263 28
53,741 34 Madison, Wis.
Sterling Mountain Railway Co
44,351 14
*1.89
*854 18
45,205 32 •
48,632 15 South Bend Ind.
Wisconsin & Northern Railroad Co
16.41
44,810 56
*6,316 07
38,494 49
2,224 05 Charlotte, N. C.
Section 209:
39,257 91
2.27
38,388 20
Savannah, Ga.
869 71
Asheville & Craggy Mountain Railway Co
1,224 19 Cedar Rapids, Ia._
36,959 76
*.17
*61 82
37,021 57
Carolina & Tennessee Southern Railway Co
4,434 82 Charleston, W. Va._
40,951 16
6.67
38,389 67
2,561 49
Central New York Southern Railroad Corporation
15,277 25 Knoxville, Tenn
42,004 62
20.54
7,157 91
34,846 71
Chicago Tunnel Co
16,812 53 Schenectady, N. Y._
32,138 44
3.86
1,042 69
31,095 75
Chicago Warehouse & Terminal Co
33,058 16
46,806 40 Lynn, Mass.
9.57
2,886 48
30,171 68
Cincinnati, Indianapolis & Western Railroad Co
282 ,081 00 Shreveport, La.
31,429 20
1.89
582 67
30,846 53
Cumberland Railroad Co
15,827 79 Columbia, S. C.
8.12
2,048 01
27,822 68
25,234 67
Danville & Western Railway Co
37,548 74 Fargo, N. D.
3.84
26,826 13
990 76
25,835 37
Durham & Southern Railroad Co
70,166 99 Sioux Falls, S. D._
4.45
23,722 60
1,001 12
22,721 48
Frankfort & Cincinnati Railway Co
151 56 Waterbury, Conn.__
35.15
7,970 29
30,642 44
22,672 15
Georgia, Florida & Alabama Railway Co
15,450 03 Pueblo, Col
33.47
36
6,219
24,805 28
18,585 92
Gulf & Ship Island Railroad Co_ ,.
160,969 75 Manchester, N. H._
1.79
410 97
23,435 04
23,024 07
LaSalle & Bureau County Railroad Co
375 09 Lexington, Ky.
*259 86
*1.11
23,068 45
23,827 81
Marlton & Southern Railroad Co
2,923 72 Phoenix, Ariz.
28.12
18,330 24
5,155 85
28,486 09
San Antonio, Uvalde & Gulf Railroad Co
82,718 43 Butte, Mont.
19,277 07
15,512 97
3,764 10
24.27
Washington & Choctaw Railway Co
2,201 99 Jackson, Miss
18,876 56
17,098 30
1,778 53
10.40
Wisconsin & Northern Railroad Co
45,866 57 Boise, Ida.
14,493 14
16,857 28
*1,864 12
*11.40
Yadkin Railroad Co
11,007 59 Burlington, Vt.
17,665 75
*68 13
17,735 88
*.38
Section 210-------------------------------------------11,479 10
11,885 72
*406 62
*3.42
Cumberland, Md.
Section 212-------------------------------------------11,549 20
12,637 96
*1,088 76
*8.61
Reno, Nev.
11,695 65
11,004 83
690 72
6.28
Albuquerque, N. M.__
Total _____________________________________________$1,055,541-80
9,643 72
7,254 23
2,389 49
32.94
Cheyenne, Wyo. •
Total payments to Nov. 30 1922:
(a) Under Section 204,as amended by Section
$2,399,319 08 $2,198,634 91 $200,784 17
9.13
Total
Section 212 for reimbursement of
deficits during Federal control:
*Decrease.
(1) Final payments, including partial payPer cent. of increase
ments previously made
$4,142,914 15
8.16%
August 1922 over August 1921
(2) Partial payments to carriers as to which
September 1923 over September 1921
6.34%
a certificate for final payment has
10.62%
October 1922 over October 1921
not been received by the Treasury
-S. C. Commission
from the I.
1,079,502 34
Total payments account reimbursement of deficits..---$5,222,416 49
(b) Under Section 209, as amended by Section
212 for guaranty in respect to railway
operating income for first six months
after Federal control:
(1) Final payments,including advances and •
partial payments previously made_111,245,533 63
(2) Advances to carriers as to which a
certificate for final payments has
not been received by the Treasury
from the I.
-S. C. Comnaission_ _ _ _212,965,672 00
(3) Partial payments to carriers as to which
a certificatefor final payment has not
been received, as stated above_ _ _ _126,494,722 09
Total payments account of said guaranty.._
(c) Under Section 210 for loans from the
revolving fund of $300,000,000 therein
provided
Total
450,705,927 72
317,886,667 00
8773,815,011 21
FARM CREDIT LEGISLATION URGED BY SECRETARY
OF AGRICULTURE IN ANNUAL REPORT.
Need of early action by Congress on agricultural credit
legislation is emphasized by Secretary of Agriculture Wallace in his annual report to the President, made public on
Dec. 5. Among the relief measures urged is an increase in
the mortgage loan limit of the Federal Farm Land Banks
from $10,000 to $25,000. This should be done as quickly as
possible, the Secretary declares, as the low limit deprives
many farmers of the benefit of the banks. The Secretary
also points to the need for a system of intermediate credit
under which the farmer can borrow for periods of six months
to three years. This form of credit, he says, is needed especially for live stock production and feeding and for development purposes, such as the purchase of certain kinds of machinery, the building of silos and barns, and the fencing and
DEC.16 1922.]
T1TF CHRONICLE
draining of land. Lack of longer credit made necessary the
activities of the War Finance Corporation last year, but the
Secretary believes that agriculture should not be required to
depend on emergency organizations of this sort. "No Congress in our history," declares the Secretary, "gave more extended, sympathetic and understanding consideration to
agriculture than the Congress which convened in March
1921." In his review of its helpful legislation for the farmer,
the Secretary mentions:
Representation for agriculture on the Federal Reserve Board.
Activities of the War Finance Corporation, which, he declares, "undoubtedly saved many thousands of farmers from bankruptcy and hundreds of
banks in agricultural States from passing into the hands of receivers."
The act to encourage the organization of farmers' co-operative marketing
associations by giving them proper standing under the law.
The Packers and Stockyards Act, bringing all packing houses, stock yards
and stock yard agencies under Government supervision.
The Grain Futures Act, extending Government supervision over the grain
exchanges on which grain is bought and sold for future delivery.
The Joint Commission on Agricultural Inquiry, composed of members of
the House and Senate, which gathered much information that is expected to
be helpful in working out national agricultural policies.
•
PLANS OF U. S. DEPARTMENT OF AGRICULTURE FOR
MORE COMPLETE INFORMATION ON LIVE STOCK.
Plans for greatly improving and broadening the statistical
work of the Department of Agriculture, especially as it relates to crop and live stock production, are outlined in the
annual report of Secretary of Agriculture Wallace to the
President made public Dec. 5. "For many years the Department's statistics on acreage and production of the principal
farm crops have been regarded as very accurate," the Secretary says. "Live stock statistics have not been so satisfacfactory, due in large part to insufficient funds. Congress
gave larger appropriations for the current year, and in cooperation with leading live stock producers, a program has
been worked out which should result in much more reliable
and complete live stock statistics in the future."
The program provides for the elaboration of the annual
estimates of numbers of live stock on farms to show age and
sex; preliminary and final estimates yearly of the calf and
lamb crops of the range States; periodical reports of the
numbers of cattle, sheep and lambs on feed for market; periodical surveys of special live stock producing areas; reports
of the seasonal movement of cattle, sheep and lambs from
the range to the feed lots and from feed lots to market; semiannual reports of the spring and fall pig crop gathered
through rural mail carriers and field representatives of the
Department, and monthly reports of feed and pasture conditions. Through co-operation with the buying and selling
agencies at the Chicago market live stock marketing information is also being gathered to show the State origin, number
and average weight of each grade of beef steers received,
together with the average price paid and the final dosposition. "This information makes it possible to determine the
seasonal supply of the various grades of steers arriving at
Chicago and the number going to the country for further
feeding or grazing," the Secretary says. "Information of
this sort is necessary as a basis for enabling producers and
feeders both to plan their operations and to regulate the
marketing of their stock, and becomes more and more valuable as it accumulates."
principle of the standardization of retail packages accepted.
Audits of books of commission merchants in some yards revealed conditions needing correction, and many adjustments
were made. In one case an offensive boycott by one group
of market agencies against another at one of the principal
markets was promptly stopped and the principle of open,
competive marketing established. Certain arbitrary price
discriminations working to the injury of live stock producers
are being brought to an end and actual market values substituted in the sale and purchase of live stock. As a result of
complaints filed with the packers and stock yards administration against live stock commission rates at one of the important markets the commission merchants at several of the
large markets have agreed to have their rates adjusted without formal hearings, promising to abide by the Government's
decision. In summing up his comments on the enforcement
of this Act, the Secretary says "the dominating thought is to
bring about harmony and co-operation and remove causes for
antagonism, misunderstandings and irritations, to the end
that confidence in the manner in which live stock is marketed shall be established."
U. S. DEPARTMENT OF AGRICULTURE ON GOOD RESULTS IN. ENFORCING PACKERS AND
STOCKYARDS ACT.
Administration of the Packers and Stockyards Act, begun
when the constitutionality of the Act was upheld by the Supreme Court last May, has resulted in a growing spirit of
understanding and willingness to co-operate between the
traders on the various markets, the packers and the stock
yard agencies, according to Secretary of Agriculture Wallace.
In his report to the President, made public Dec. 5, Secretary
Wallace says there are now 78 stock yards in 70 cities in 35
States subject to the jurisdiction of the Secretary of Agriculture under this Act. The provisions of the law also apply
to 1,075 market agencies and 3,436 dealers at these markets.
They are all registered and their schedules of rates and
charges have been published and filed by the Department.
According to the Secretary's statement, the application of
the law has been greatly facilitated by the disposition of
packers. stock yard companies and commission concerns to
co-operate in its enforcement. As a result many undesirable
practices have been corrected without formal proceedings
and with the minimum of trouble and expense. Through
such conferences the use of butter packages containing fractions of a pound was discontinued by the packers, and the
2649
GREATER APPRECIATION OF LICENSED WAREHOUSE SHOWN, SAYS ANNUAL REPORT OF
SECRETARY OF AGRICULTURE.
Unprecedented increase in the number of applications from
warehousemen for licenses under the United States Warehouse Act is reported by Secretary of Agriculture Wallace in
his annual report presented to the President on Dec. 5 According to the report the volume of business handled by the
offices of Federal Grain Supervision during the past year is
also stated to have exceeded greatly that handled in any
previous year. Secretary Wallace Says:
At the beginning of the past fiscal year there were licensed 238 cotton
warehouses having a combined capacity of approximately 430,000 bales. By
the close of the year this number had increased to 268 warehouses having a
combined capacity of 1,210,000 bales. The number of grain warehouses licensed under the Act increased from 56, with a capacity of about 2,110,000
bushels, to 263, with a capacity of about 14,441,000 bushels. The number
of wool warehouses licensed increased from 5, with a capacity of about 24,375,000 pounds, to 18, with a capacity of about 27,500,000 pounds. Fourteen
warehouses controlling space to accommodate 68,3p5,000 pounds of tobacco
were also licensed.
The substantial progress made in the warehouse work is
attributed to three important factors:
(1) More general appreciation on the part of bankers of the value of warehouse receipts issued under the Act for collateral purposes.
(2) Insistence on the part of some of the farmers' co-operative associations
that their products should be stored only with warehousemen who were Federally licensed.
(3) The recognition accorded the Federally licensed warehouse receipts by
the War Finance Corporation.
LABOR PROGRAM RECOMMENDED BY SECRETARY
• OF LABOR DAVIS IN ANNUAL REPORT.
A series of recommendations comprising a labor program
accompanied the annual report of Secretary of Labor Davis,
made public Dec. 12. The report, after reviewing the labor
history of the year, and pointing out the industrial lessons
of the coal and railroad strikes, makes the following recommendations:
The extension and expansion of the Conciliation Service of the Department of Labor to provide it with facilities which will permit it to deal with
nation-wide industrial disturbances.
The strengthening of the United States Employment Service to enable
It to meet the problem of unemployment. .
Provision for the examination abroad of all aliens seeking admission to
the United States with rigid physical, mental, moral and blood tests.
The enrollment by the Federal authorities of all aliens within the borders
of the United States and provision for the education in Americanism of
such as are eligible for naturalization.
A Federal constitutional amendment to prohibit the employment of
Children.
A Federal juvenile court system.
Discussing the industrial conflicts of the year and means
for preventing similar clashes in the future, the Secretary's
report said:
We mustfind a way to avert these futile,fatal appeals to force in industry,
with their vast losses to the worker, the emplcyer, and to the public, which
is to-day so vitally dependent upon industry in its daily life. We must and
will find a way to settle these disputes by the force of reason and justice
before the appeal to force is made. Instead of conferences after months
of industrial battle, 1 would have council before the strike is called.
There is a close community of interest between the employer and the
Unless obscured by passion and pejudice in the
worker in every industry.
heat of dispute, that community of interest will operate to adjust any
may arise between the two, to their common benefit. This
differences that
community of interest, to my mind, is the secret of ending these industrial
conflicts.
There seems to be an unalterable opposition on the part of both employer
and worker to the bringing into any dispute of a third party vested with
any coercive powers sufficient to force a settlement. Our people have not
indorsed any general policy of compulsion in dealing with these disputes.
The principle of enforced arbitration, in any guise, is generally rejected
by both parties to these controversies.
It has been the experience of the Department of Labor that disinterested.
Intelligent, practical conciliation is capable of ending many of these disputes.
In the less than 10 years that the Department has been in existence. the
2650
THE CHRONICLE
Conciliation Service, hampered by limitations in personnel and equipment,
has accomplished much in these disputes. It has handled thousands of
them, involving millions of workers. It has had no a.bitrary power, no
coercive authority. Its Commissioners have been peacemakers in industry,
seeking to ascertain and appreciate thc differing points of view of the two
parties to a controversy and by earnest and painstaking appeals to the
innate fairness and common interests of both sides to bring them to a common ground 'where sn agre. ment can be reach.d. Of all the cases handled
by this service more than 90% of the disputes have been adjusted through
their efforts or with their co-operation. Furthermore, where
70% of these
disputes in which the set vibe acted when it was organized reached the
stage of a strike or lockout, to-day less than 30% of them become actual
suspensions of work before they are adjusted.
It seems to me that before enacting any radical legislation or changing the
adminstrative scheme for dealing with these strikes, we might well consider
the perfecting and extension of the machinery which has proved so effective
in the past. I have no doubt that by improving and increasing the facilities
of the Conciliation Service we can materially increase its effectiveness in
dealing with the 10% of industrial disputes in which it apparently falls. In
many of these cases of apparent failure, however, the efforts of a conciliation commissioner become the ultimate basis of settlement.
As to unemployment the report said:
Here we have two problems to meet,—to prevent a recurrence of the employment depression which threw between five and six million men into idleness and to reduce the number of our workingmen who are daily without
means of livlihood.
We have a powerful agency in meeting both of these problems in the
United States Employment Service, which, fully organized and equipped,
would have its finger at all times upon the pulse of the labor supply and
demand of the country. The past year this service, with its co-operating
agencies, proved its effectiveness. It listed between 2,500,000 workers
seeking employment, and placed nearly 1,500,000 of them in jobs without
expense to the worker or employer. Its usefulness and the need for its
development are plain.
The causes of idleness among our workmen call for instant remedy. Industrial strife and unemployment offer opportunities to the enemy of government too favorable for us to overlook them. Wherever worker and employer clash and wherever men are in enforced idleness, there is the opportunity for the unscrupulous employer with his hired guard,his mercenary
plug-ugly. There,too, the ultra-red radical finds conditions ripe fot his
efforts. Both threaten the subversion of all government, as they preach
contempt for law and order, and by stirring the passions and hate of men
bring to fruition their gospel of violence and bloodshed. These things
are a menace to our whole national existence. They threaten the fundamentals of our Government. No duty is more pressing upon us to-day
than that of safeguarding ourselves from these dangers.
NEW YORK STATE TAX ON NATIONAL BANK
SHARES HELD INVALID.
The Court of Appeals at Albany on Dec. 12 decided, Judge
Cuthbert W. Pound writing the opinion, that the present
State laws taxing shares of stock of national banks conflict
with Acts of Congress and that such assessments made
against shares must be vacated. It is likely that the case
will be appealed to the United States Supreme Court. It
is understood that about $12,000,000 is involved in the case,
which was that of Goldfogle versus the Hanover National
Bank. In effect the decision holds that when the Legislature imposed an income tax on bank dividends and retained
the valuation tax on national banks and exempted competing capital of private bankers from taxation, the result was
a conflict with certain Acts of Congress, which has thi sole
authority for taxing shares of national banks. It was held
that the State tax puts a double tax on bank shares and their
dividends and leaves competing capital in the hands of private bankers taxed upon income only. The Court therefore held that the tax on bank shares was invalid. We quote
the following from the New York "Times":
[VOL. 115.
imposed,the discrimination would be clear. The respondent contends, by a
process of statutory construction which would exclude by implication,the
particular from the general, that no income tax is imposed on the dividends
of bank stock. The question is not whether such dividends may lawfully be
included in the income of the individuals taxed by the State, but whether
they are in fact so included.
"It is urged that the State had no power to tax such income for the reason that section 5129 of Revised Statutes of the United States permits a tax
on valuation only and therefore that it did not tax it. The language of the
statute suggest no such punctilious regard for those whose income is derived
from dividends on national bank shares. On the contrary, it plainly includes such dividends in gross income. Gross income includes income from
dividends. Dividends from stock in bank corporations owned by resident
tax payers is not included in the list of exemptions.
"A clear discrimination is made against resident holders of bank shares
• which are taxed according to their book value, who are also taxed on their income. The shares of bank stock are taxed by one method and the dividends
thereon taxed by another method. Competing moneyed capital in the hands
of individuals is exempt from taxation, according to its valuation, and is
assessed according to income only. The provisions of the law are explicit.
The discrimination is unfortunately too plain to escape recognition. We
cannot assume that any such exemption was in the legislative mind. On the
contrary, the report of the special Joint Committee on Taxation and Retrenchment, submitted to the Legislature March 1 1922, the opinion of the
Attorney-General March 31 1922, and the practice of the Income Tax
Bureau indicate that by legislative and administrative construction a personal tax upon dividends on the shares was contemplated and collected.
"When it appears on the face of the statute," says Judge Pound in conclusion, "that bank shares are taxed at a flat rate and that the owner of
competing moneyed capital is taxed on income only, the court is powerless
to say that equality of taxation has been secured and injustice prevented.
We are forced to compare the two methods which are wholly unlike. How
can equality be established or presumed as the necessary results of the taxing
statutes? In a very considerable number of cases the flat rate must inevitably be the heavier burden. It is fixed and certain. The income tax
is variable and dependent on income and amount of income. It is conceivable that when returns on such capital are low, the bank stock would be
taxed and the competing capital would be exempt. In no event would
equality exist unless the income on competing capital were large beyond
the dreams of avarice and the usual returns on invested capital. The relator is entitled to the relief asked for. Orders reversed and assessment
vacated with costs in all courts."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock Exchange membership was reported
posted for tranfer this week, the consideration being stated
as $93,000. The last previous sale was for $94,000.
The tenth annual dinner of the Bankers' Forum, New
York Chapter, American Institute of Banking, will be held
to-night (Saturday, Dec. 16), at the Hotel Astor. The
guest of honor will be John P. Puelicher, the newly elected
President of the American Bankers Association, and head
of the Marshall & Ilsley Bank, Milwaukee. It is estimated
that about 600 bankers will be present, besides the members
of the administrative committee of the American Bankers
Association and other out-of-town financiers. Included
among the speakers, in addition to Mr. Puelicher, will be
L. F. Loree, President of the Delaware & Hudson RR., and
Rev. Wm. W. Bellinger, D.D., Vicar of St Agnes' Chapel,
Trinity Parish. Romaine A. Philpot, of the banking firm
of Philpot & Cannon, Inc., who organized the Bankers'
Forum ten years ago, and since then has been the Chairman,
eXcept during last season, will preside. Richard W. Saunders, Comptroller Famous Players-Lasky Corporation, formerly Cashier of the National Bank of Commerce, will be
toastmaster. The banquet will conclude with dancing.
In his opinion Judge Pound said:
"Relator seeks to review an assessment of its capital stock for taxation
for the year 1921. A national bank is an agency of the national GovernRegarding a report that the' Banque de Paris et des Pays
ment. The State has no constitutional power to lay any tax upon it. Its
activities of The Farmers' Loan &
shares of stock are taxable by the State only when and as Congress permits. Bas had taken over the
"Section 5214 of the Revised Statutes of the United States imposes upon Trust Co., of this city, James H. Perkins, President of the
national banks the obligation to pay to the Treasurer of the United States latter, on the 11th inst. said:
certain duties in lieu of all existing taxes and Section 5219 provides that anyThe announcement from Paris that the Banque de Paris et des Pays Das
thing contained in the Federal National Bank Act shall prevent all the had taken over the French activities of The Farmers' Loan
& Trust Co. is
shares in any association from being included in the valuation of the personal inaccurate. The company disposed of its French banking
business to the
property of the owner or holder of such shares in assessing taxes imposed National City Bank more than a year ago. Since that time our
relations
by the authority of the State within which the association is located, but with the National City Bank, where our representative has had an office,
the Legislature of each State may determine and direct the manner and have been most agreeable and satisfactory.
place of taxing all the shares of national banking associations located
The only foundation for the report referred to is that negotiations have
within the State, subject only to two restrictions—that the taxation shall been completed with the Banque de Paris et des Pays Bas for the establishcapital in the ment of the offices of The Farmers' Loan & Trust Co. representative
not be at a greater rate than is assessed upon other moneyed
in
hands of individual citizens in such State, and that the shares of national the new building now being constructed by the Banque de Paris et des Pays
banking associations owned by non-residents of any State shall be taxed in Bas. This step was taken in the belief that the company could best serve
the city or town where the bank is located and not elsewhere."
its American customers by handling their business through a French bank.
Judge Pound quoted from the Tax Law of the State affecting shares Such activities as the company has carried on since the sale of its Paris
associations and from the Personal Income Tax Law office to the National City Bank will continue to be discharged by the
of stock of banking
Shares of'stocks in banks and banking associations, he wrote, both State company's Paris representative.
and national, were subject to a 1% valuation tax. Certain other corporations were subject to franchise taxes, but moneyed capital in the
hands of individuals was exempt from taxation locally for State or local
The American Bankers Association has issued a booklet
purposes. A long line of decisions defined the business of banliing and
setting forth the history and development of the organizaheld that the words "moneyed capital" in the hands of individual citizens
included moneys invested in private banking houses such as J. P. Morgan tion and describing its present structure, service and aims,
& Co., Kuhn, Loeb & Co., and others, together with investments of indi- Copies of this book are available on request.
viduals in securities that represented money at interest and other evidences
of indebtedness such as normally entered into the business of banking.
The National Government thus permitted State taxation only on terms
At the regular monthly meeting of Lawyers Title & Trust
of substantial equality and entire fairness and friendliness.
Webb was elected a director of
"The question is," continued Judge Pound, "first whether the State of Co., Dec. 13, Vanderbilt
New York discriminates against national bank shares by imposing a tax both the company to fill a vacancy in the board. At the same
on the shares and the dividends, while it imposes a tax on the income only of
meeting the directors declared a regular cash dividend of
other competing capital in the hands of private bankers and other individuals. It was held below that if the direct tax and the income tax were both 1 M% and an extra cash dividend of 2% on the existing
•
DEC.16 1922.]
THE CHRONICLE
2651
capital of $4,000,000, payable on Jan. 2 1923 to stockholders
'of record on Dec. 23 1922. The increase of the capital
stock of this company from $4,000,000 to $6,000,000 has
been effected, pursuant to a vote of the stockhcilders at the
special meeting held on Dec. 7 1922, by transferring $2,000,000 from surplus and undivided.profits to capital account.
The board of directors duly voted to distribute 26,000 shares
of stock as a stock dividend to stockholders of record at
the close of busines on Dec. 26 1922. Such Stockholders
will accordingly receive one additional share of the capital
of the company for each two shares held by them. Scrip
certificates, Which will not be entitled to dividends or
interest but which may be exchanged in sums of $100 for
whole shares, will be issued to represent all fractions of shares
resulting upon this distribution. It is expected that on or
about Dec. 30 1922 new stock and scrip certificates will be
mailed to the stockholders at their address appearing on the
books of the company.
to 1.:8,144. Deposits are reported in excess of $1,270,000
and the number of depositors exceeds 3,000.
The Standard Bank of this city has declared a cash dividend of 432% for the past six months and a stock dividend
of 100%, both payable Dec. 30 to stockholdeits of record
Dec. 29, subject to the approval of the State Banking Department and the stockholders at a meeting called for Dec.
27. Richard M.Lederer, President of the bank', states that
the stock dividend will be paid out of the surplus account
from earnings accrued since the incorporation of the bank in
August 1919. To enable the employees of the Standard
Bank of New York to become shareholders, one'of its directors has purchased a block of the bank's stock for re-sale on
a partial payment plan extending over a period of forty
months. A piice of subscription considerably - nder book
p
value has been established, the difference between that and
the purchase price being assumed by the bank.' This privilege is extended as an incentive towards thrift :on the part
of its employees. More than 90% of the employees, it is
stated, have subscribed for the stock allotted. ;
The directors of the New Jersey Title Guarantee & Trust
Company, Jersey City, at a meeting on Dec. 12th, declared
a regular quarterly cash dividend of 5% and an extra cash
dividend of 15%. The board also adopted a resolution
increasing the capital of the institution from $1,000,000 to
$1,300,000. If the action of the board is approved by the
stockholders at a special meeting called for Dec. 20th, the
new stock will be issued to the Stockholders as a 30% stock
dividend.
The stockholders of the Mutual Bank of this city at a
meeting on Dec. 12 ratified the proposal to increase the
capital from $200,000 to $500,000. As indicated in our issue
of Nov. 25 (page 2346), the additional shares will be distributed as a stock dividend to stockholders of record
Dec. 11. The increased capital became effective Dec. 14.
At a special meeting of the stockholders of the Commercial
Trust Co. of Jersey City, N. J., on Dec. 6, plans to increase the capital stock from $1,000,000 to $2,000,000
were ratified. The new stock (par $100 per share) is to
be paid to the stockholders as a dividend. The new stock
will become effective Dec. 14 1922.
We are advised by F. C. Ferguson, President of the
Union Trust Co. of New Jersey, Jersey City, that on Jan. 9
the stockholders of that institution and those of the Hudson
County National Bank, Jersey City, will vote on a proposed
consolidation of the institutions under the National Banking
Act of the United States recently recommended by their
respective boards of directors. Should the merger become
effective, the capital of the resulting institution will be
$750,000.
Officials of the National State Bank of Elizabeth, N. J.,
plan to increase its capital from $350,000 to $700,000. A
stock dividend of 100%, payable from the bank's surplus
and undivided profits, has been recommended by the directors and the stockholders have been called to vote on the
plan at a special meeting to be held on Dec. 22.
The shareholders of the Broad Street National Bank of
Philadelphia have sanctioned the proposal to increase the
capital stock of the bank from $250,000 to $375,000. The
new stock ($50 par) is offered to the stockholders of record
as of Dec. 4 at $75 per share. Payment will be certified to
the Comptroller as soon as completed, which will probably
be the very first of January, and the new capital will become
effective as soon as the Comptroller's approval is received.
The International State Bank of Chicago, the majority
of whose depositors are said to be of foreign birth or extraction, was closed by order of H. S. Savage, State Bank
Examiner for Cook County, on Dec. 7, according to newspaper advices from that city. Intervention by the police
prevented a riot by the depositors, it is said, when the bank's
On Nov. 28 the stockholders of the Hudson Trust Co., of doors were closed. Later in the day, it is said, the following
this city, ratified the proposal to increase the capital of the statement was given out by Mr. Savage:
On
institution from $500,000 to $700,000. As indicated in our few account of recent withdrawals the bank has had difficulty the last
days in meeting the balance against it
clearing house.
issue of Nov. 18, page 2238, the new stock will be disposed Due to this condition, the department deemed through thein the interest of
it advisable
of at $200 per $100 share. The increased capital will become the depositors to close the bank this morning pending an investiagtion of
its assets and liabilities. It is hoped arrangements can be made to reopen
effective on Jan. 1.
the bank or at least provide
depositors in full
To fill a vacancy, Edward F. Goltra, St. Louis, was
elected a director of the Equitable Life Assurance Society
of the United States at the annual meeting last week. The
retiring directors were re-elected.
sufficient cash to pay the
within a short time.
The National City Bank of New York, through its Trust
Department, has prepared for distribution a booklet entitled
"The Modern Insurance Trust," which gives complete information concerning the manner in which such trusts are
established and administered. An illustrative copy of such
a trust is also given with the booklet, so that a complete
picture may be had of the manner in which insurance funds
are cared for when left in the custody of the bank's Trust
Department. Copies of booklet and trust, we are advised,
may be had on request.
Welch Walker has been appointed an Assistant Treasurer
of the Guaranty Trust Co. of New York.
At a recent meeting of the board of directors of the Seaboard National Bank of this city, a bonus of 10% was declared, based on a year's salary.
Subsequent newspaper advices from Chicago state that
a shortage has been discovered in the bank's funds and that
Eugene Braslawsky, its President, has disappeared. The
closed bank had a capital of $100,000 and surplus of $25,000.
A special meeting of the respective stockholders of the
Illinois Trust & Savings Bank of Chicago and the Merchants' Loan & Trust Co. of that city will be held on Jan. 18
1923 for the purpose of voting on the question of increasing
the capital stock of each institution from $5,000,000 to
$7,500,000 out of surplus and also upon the question of consolidating the two institutions.
At the regular monthly meeting of the board of directors
of the Central Manufacturing District Bank of Chicago on
Dec. 6, the regular quarterly dividend of 2% was declared,
and in addition an extra dividend of 2%,both payable Jan. 2
1923 to stockholders of record Dec. 30 1922. The directors
further voted to place the stock on a regular 10% dividend
basis, payable 2y% quarterly, effective April 1 1923. At
the same meeting it was also voted to transfer $150,000 from
undivided profits account to the surplus account, which will
make the capital at this time $500,000 and surplus $400,000.
The stock of the bank sold recently at $301 a share.
The directors of the Peninsula National Bank of Cedarhurst, Long. Island, have declared an annual dividend of
6% upon the capital stock out of the surplus earnings,
payable to stockholders of record, 132% quarterly on the
first day of January, April, July, and October 1923. The
According to a press dispatch from Madison, Wis., on
transfer books will close Dec. 26 1922 and reopen on Jan.
1923. The bank has been in operation two years. Its Dec. 15 appearing in "Financial America" of this city of
2
capital is $100,000 and surplus and undivided profits aniount the same date, the Jackson State Bank of Jackson, Wis.,
2652
has been closed by the State Banking Commissioner. The
failed bank had a capital of $20,000 and deposits, it is said,
of $175,000.
A press aispatch from St. Paul under date of Dec. 14, appearing in "Financial America" of the same date, reports
the closing by the State Banking Department of Minnesota
of the Sturgeon Lake State Bank of Sturgeon Lake, that
State, with a capital of $10,000 and deposits of $60,000.
Depleted reserves and bad paper were given as the reason
for the failure, it is said.
According to an Associated Press dispatch from Charleston, W. Va., under date of Dec. 13, appearing in the New
York "Times" of Dec. 14, Homer H. Dean, former VicePresident of the defunct First National Bank of Sutton, W.
Va., who had been a fugitive from justice since August 1914,
when he disappeared while an audit of the bank's books was
in progress, was on that day (Dec. 13) given a minimum
sentence of one year and on day in the Federal Penitentiary
at Atlanta "because it was officially recognized that he
"made good" in a position of trust during the year he was
at large." The dispatch goes on to say:
Dean was located and arrested last June. He had changed his name and
had become sale manager for a successful concern. Executives of the company informed Federal authorities that Dean had their complete confidence
and that they would grant him a leave of absence until he served his sentence.
Judge McClintic, the Prosecuting Attorney and Dean's counsel held a
conference to-day and the consequence was a verdict of guilty on two counts,
alleging misapplication of $3,500. The other counts were dismissed.
Dean had until Jan. 2 to arrange his affairs. At the request of the Court
Dean's assumed name and the idenity of his employer were not disclosed.
•
The 105th annual statement of the Bank of Montreal (the
first since the absorption of the Merchants Bank of Canada)
was submitted to the shareholders at their annual meeting in
Montreal on Dec. 4, an account of the proceedings of which
we print elsewhere in our pages to-day. The report, which
covers the fiscaj year ending Oct. 31 1922, shows net profits
for the period, after deducting charges of management and
making full provision for bad and doubtful debts of $4,756,668, which, when added to $1,501,647, the balance to credit
of profit and loss brought forward from the preceding year,
made the sum of $6,258,315 available for distribution. This
amount was appropriated as follows: $3,657,500 to pay four
quarterly dividends at the rate of 12% per annum ($3,112,500) together with a bonus of 2% ($545,000) ; $492,000 to
take care of Dominion Government taxes; $500,000 reserved
for bank premises and $1,050,000 transferred to rest account,
leaving a balance of $558,815 to be carried forward to next
year's profit and loss account. Total assets as of Oct. 31
1922 were $713,569,567, of which $417,819,493 are quick
assets.
Sir H. Montagu Allan, former President of the Merchants
Bank of Canada, now merged in the Bank of Montreal, was
on Nov. 13 acquitted of charges that he had signed and presented to the Canadian Government a false statement of his
bank's financial standing. D. C. Macarow, the former General Manager of the Merchants Bank of Canada, was acquitted on a similar charge some weeks previously. We last
referred to the affairs of the defunct bank in these columns
in our issue of July 22 last.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 30 1922:
GOLD.
The Bank of England gold reserve against its note issue is £125,617,935.
as compared with £125,617,630 last week.
A fair amount of gold has been on offer, and has been absorbed mainly
on account of the United States of America. A few purchases were made
on behalf of India. The price fixed on the 28th-91s. Od.-is the lowest
quoted since the price of exportable gold was fixed per fine ounce, and
represents a premium of only about 7 7-16%.
Gold valued at $5,340,000 has been received in New York from London.
The Southern Rhodesian gold output for October 1922 amounted to
54,670 ounces, as compared with 55,443 ounces for September 1922 and
53,424 ounces for October 1921.
Gratifying news is still coming to hand as to the gold mining possibilities
of Canada. A rush to stake claims has recently been made to the neighborhood of the Mackenzie River (Northwest Territory) where gold-bearing
quartz has been found. Even without this fresh source of supply, the
gold production in Ontario, according to the Ontario Government Bureau
of Mines, gives promise of an output exceeding 20 million dollars in value
for the whole of 1922, as compared with 14,624,085 dollars in 1921.
It is reported that Albania is one of the few European countries which
now enjoy a gold currency. As foreign paper money has not been accepted,
both gold and silver coins freely circulate.
SILVER.
The depression that is now resting upon the market has carried prices
lower than any touched since the Spring of last year when, between March
2 and March 14. prices dipped below 32d., reaching on March 5 30%d.,
and 30d. for cash and 2 months' respectively. The fall was then tran-
[VoL. 115.
THE CHRONICLE
sitory and a quick recovery ensued. At the present time the factors at
work do not appear to be in favor of a similar reaction. The very fact
that a change from a market practically all sellers on Tuesday to one of
buyers on Wednesday only raised the quotation for forward delivery
1-16d. is an indication of a lack of stamina which does not augur well
for the future. The strength of the sterling exchange with the United
States of America brought out silver with some freedom during the week
and India re-sold some previous purchases, being able to secure supplies
cheaper from China and Australia. China and the Continent also sold.
the main support still comes from bear covering, Indian or otherwise.
It is reported from Washington under date of Nov. 21 that the total
amount of silver acquired by the Government under the Pittman Act
was 141,693,576 ounces, including a purchase of 70,000 ounces on that date.
The total exports of silver from San Francisco to China during the
month of October last amounted to 3,210,402 ounces.
Canadian silver bullion exports during October totaled 1,320,000 ounces;
the amount of silver in ores and concentrates exported during the same
period amounted to 916.000 ounces.
INDIAN CURRENCY RETURNS.
Nov. 7, Nov. 15. Nov. 22.
(In Lacs of Rupees)17761
17820
17920
Notes in circulation
9002
9062
9067
Silver coin and bullion in India
Silver coin and bullion out of India
2432
---and bullion in India
---2432
2432
Gold coin
Gold coin and bullion out of India
5742
.
5
.742
Securities (Indian Government)
5837
585
584
584
Securities (British Government)
No silver coinage was reported during the week ending 22d inst.
The stock in Shanghai on the 25th inst. consisted of about 38,200,000
ounces in sycee, 33,500,000 dollars, and 210 silver bars, as compared with
about 40,000,000 ounces in sycee, 34,000,000 dollars, and 1,160 silver
bars on the 18th inst.
The Shanghai exchange is quoted at 3s. id. the tael.
Statistics for the month of November are appended:
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine.
2 Mos.
Cash.
Quotations92s. 6d.
33d.
34 1-16d.
Highest price
91s. Od.
31 %d.
31 %d.
7
Lowest price
91s. 11.4d.
32.552d.
32.282d.
price
Average
91s. 9d.
31 15-16d.
32 5-16d.
November 24
32d
32 7-16d
November 25
91s. 7d.
31 13-16d.
32 3-16d.
November 27
91s. Od.
31%d.
%
311 d.
November 28
91s. ld.
31 11-16d.
32 1-16d.
November 29
91s. 3d.
5
31 4d.
324d.
November 30
91s. 4d.
31.802d.
32.166d.
Average
The silver quotations to-day for cash and forward delivery are respectively
%d. and 7-16d. below those fixed a week ago.
COURSE OF BANK CLEARINGS.
Bank clearings this time show a decrease from a year ago,
though the percentage of falling off is small and almost
entirely at New York. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending Saturday Dec. 16
aggregate bank clearings for all the cities in the United
States from which it is possible to obtain weekly returns
will show a decrease of 2.0% as compared with the corresponding week last year. The total stands at $7,454,994,891,
against $7,610,999,840 for the same week in 1921. Our
comparative summary for the week is as follows:
Clearings-Relurns by Telegraph.
Week ending Dec. 16.
Per
Cent.
1922.
1921.
New York
Chicago
PhiladelPhia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit-Baltimore
New Orle,ans
$3,323,000,000
485,165,988
396,000,000
307,000,000
124,020,610
a
131,800,000
120,166.923
94,488,577
76,062,075
55,192,640
33,669,400,000
443,794,775
370,000,000
286,000,000
110,265,116
a
130,000,000
*136,000,000
78,469,157
62,297,222
41,714,732
-1-1.4
-11.6
+20.4
+22.1
+32.3
Ten cities, 5 days
Other cities, 5 clays
Total all cities, 5 days
All cities, 1 day
$5,112,896,813
1,099,598,930
$5,449,936,002
892,563,865
-6.2
+23.2
$6,212,495,743
1,242,499,148
$6,342,499,867
1,288,499,973
-2.0
-2.0
37,454.994.891
-,......., all mtIpli for week
clearings. 4. Esti mated.
a No longer report
37.610.999.840
-2.0
-9.4
+9.3
+7.0
+7.3
+12.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday
will not be available until noon
and the Saturday figures
press late Friday night. Accordingly,
to-day, while we go to
day of the week has in all cases had
in the above the last
estimated.
to be
statement, however, which we
In the elaborate detailed
further below, we are able to give final and complete
present
9. For
results for the week previous-the week ending Dec.
week there is an increase of 5.6%, the 1922 aggregate
that
$7,246,748,392 and the 1921 aggregate
of the clearings being
$6,863,568,315. Outside of this city, however, the increase
this centre having recorded
is 18.8%, the bank exchanges at
We group the cities now according to
a decrease of 3.8%.
districts in which they are located, and
the Federal Reserve
appears that in the Boston Reserve District the
from this it
increase is 19.6%, in the Philadelphia Reserve District
Reserve District 16.0%. In
16.5% and in the Cleveland
the New York Reserve District (including this city) there is
a falling off of 3.7%. The Richmond Reserve District
shows an improvement of 15.0%, the Atlanta Reserve
District 33.8% and the Chicago Reserve District 14.6%.
In the St. Louis Reserve District there is a gain of 39.5%,
in the Minneapolis Reserve District 21.0% and in the
Kansas City Reserve District 17.7%. The Dallas Reserve
District and the San Francisco Reserve District also both
register gains, the former showing an increase of 20.0% and
the latter 22.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Dec. 9.
1922.
1921.
Inc.or
Dec.
Federal Reserve Districts.
S
$
10 cities 374,573,412 313,222,330
(1st) Boston
9 " 3,925,707,263 4,065,654,053
(2nd) New York
(3rd) Philadelphia 10 "
499,646,220 428,714,617
(4th) Cleveland
340,792,678 293,743,313
6 "
(5th) Richmond
181,444,133 157,750,839
11 "
(6th) Atlanta
184,380,059 137,848,587
19 "
(7th) Chicago
767,383,066 669,816,257
7 "
(8th) St. Louis
88,312,512
63,319,905
(9th) Minneapolis
7 "
141,109,262 116,617,813
(10th) Kansas City
11 "
257,567,532 218,744,700
(11th) Dallas
5 63,820,642
53,204,737
12th) San Francisco_ 14 "
422,011,613 344,931,164
Grand total
• 118 en!
Outside New York City
Canada
1919.
1920.
%
$
+19.6 339,784,189 471,247,503
-3.7 4,215,571,477 5,100,286,473
+16.5 465,052,137 494,611,656
+16.0 382,184,452 374,832,534
+15.0 179,722,710 211,059,202
+33.8 175,813,858 243,582,849
+14.6 743,194,710 790,452,542
70,577,407
62,433,637
+39.5
+21.0 149,112,782 100,178,218
+17.7 276,485,664 • 297,297,427
81,188,694
63,851,30E
+20.0
+22.3 346,464,998 360,203,182
7,246,748,392 6,863,568,315 +5.6 7,399,671,922 8,595,517,687
3,394,157,946 2,856,931,091 +18.8 3,249,996,52E 3,555,580,091
28 citt
443,776,699
457.340,141
397.503.989 -1-11.6
431,873,767
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week endtng December 9.
Clearings at
1922.
1921.
Inc. or
Dec.
$
$
%
First Feder& Reserve Dist rict-Boston 873,362
daine-Bangor__
931,357 -6.2
3,596,281
Portland
2,790,445 +28.9
1ass.-Boston- - 340,000,000 284,000,000 +19.7
2,370,465
1,763,707 +34.4
Fall River_ _
a
a
Holyoke
a
Lowell
1,188,707
1,074,223 +10.7
a
a
Lynn
a
1,694,358
New Bedford
1,427,705 +18.7
5,331,376
Springfield_
3,758,239 +41.9
3,411,000
Worcester
3,194,000 +6.8
10,108,559
l'onn.-Hartford
9,367,944 +7.9
5,999,304
New Haven_ _ _
4,914,710 +22.1
-Providence
a
1..I.
a
a
Total(10 cities)
374,573,412
313,222,330 +19.6
1920.
1919.
$
$
1,118,387
2,750,000
306,990,948
1,753,033
a
1,234,716
a
1,518,279
4,532,450
3,854,214
10,571,779
5,460,383
a
957,870
2,500,000
434,348,442
3,162,015
a
1,249,132
a
3,077,961
4,782,026
4,641,473
9,261,398
7,267,186
a
339,784,189
471,247,503
Second Feder al Reserve D istrict-New York
-Albany
5,297,404
g. Y.
4,660,547
4,675,569
4,205,229 +26.0
1,077,200
f1,300,600
Binghamton_ _ _
1,034,100
984,900 +32.1
37,798,360
Buffalo
e45,896,377
41,132,753
37,358,894 +22.9
Elmira
584,082 Not incl.Into talJamestown_ _ _ _
e1,261,217
1,143,880
1,075,087 +17.3
New York_ _ _ _ 3,852,590,446 4,006,637,224 -3.8 4,149,675,396 5,039,937,596
11,870,761
Rochester
10,898,103
10,741,007
9,441,359 +15.4
4,479,188
Syracuse
3,842,565
4,757,055
3,244,521 +46.6
.::onn.-Stamford
2,511,938
d2,597,953
2,094,892 +24.0
462,821
7. J.
-Montclair
1,107,608
814,269
613,947 +80.4
Total(9 cities) _ 3,925,707,263 4,065,654,053
-3.7 4,215,571,477 5,100,286,473
Third Federal Reserve Dist rict-Philad elphia.Pa.
1,122,270
-Altoona
1,163,303
902,910 +28.8
4,454,137
Bethlehem_ _ _
3,406,555
2,552,319 +33.5
1,166,331
Chester
1,182,205
908,868 +30.1
2.249,614
Lancaster
2,687,851
2,380,595 +12.9
Philadelphia
473,000,000 407,000,000 +16.2 440,453,448
2,589,278
Reading
3,194,601
2,534,891 +26.0
5,524,281
Scranton
e5,254,466
4,886,033 +7.5
2,489,023
Wilkes-Barre_
e3,709,047
2,780,054 +33.1
1,310,195
York
1,399,851
1,254,899 +11.6
3,693,560
g. J.
-Trenton_
4,657,341
3,514,048 +32.5
Del.-Wilmingt'n
a
a
a
a
1,319,590
2,300,000
473,041,016
3,419,429
4,642,072
2,648,933
1,625,191
4,471,777
a
465,05%137
494,611,656
eland 8,976,000
+9.2
4,238,992
+64.1
62,253,298
+23.7
+32.0 113,957,838
13,978,100
+14.3
a
a
938,772
-14.8
c
c
a
a
a
a
4,020,917
+56.8
a
a
c
c
+4.1 168,267,799
5,522,736
-5.2
9,966,000
3,000,000
64,917,477
114,526,979
15,485,200
a
1,256,703
c
a
a
4,538,713
a
c
156,234,965
4,926,497
293,743,313 +16.0
382,184,452
374,832,534
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'on
2,231,664
1,668,678 +33.7
Va.-Norfolk
el1,674,817
9,856,528 +18.4
Richmond
55,065,047
53,268,514 +3.4
B.C.-Charleston
e2,4113,102
2,358,629 +2.4
Md.-Baltimore..
88,188,296
70,354,915 +25.3
D. C.-Wash'ton
21,868,207
20,243,575 +8.0
2,103,088
9,541,835
55,378,923
3,000,000
91,168,484
18,530,380
13,616,919
80,778,500
5,000,000
93,927,723
17,736,060
179,722,710
211,059,202
Total(10 cities)
499,646,220
428,714,617 +16.5
Fourth Feder al Reserve D istrict-Cley
Dhito-Akron
e6,247,000
5,721,000
Canton
4,623,275
2,817,172
Cincinnati
62,954,740
50,885,410
Cleveland
97,978,161
74,210,647
Columbus
14,445,000
12,637,000
Dayton
a
a
Lima
754,031
884,966
Mansfield
c
c
Springfield _ _ _ _
a
a
Toledo
a
a
Youngstown
e4,899,378
3,124,331
Fa.
-Erie
a
a
Greensburg
c
c
Pittsburgh
144,659,782 139,000,000
W.Va.-Wheeling
4,231,311
4,482,787
Total(9 cities) _
Total(6 cities).
340,792,678
181,444,133
157,750,839 +15.0
Sixth Federal Reserve Dist rict-Atlant a6,717,725
Tenn.-Chatt'ga.
e6,729,017
5,127,775 +31.2
2,981,917
Knoxville
3,143,696
2,952,752 +6.5
20,901,213
Nashville
16,406,945 +28.0
21,006,759
52,310,864
Ga.-Atlanta __ _ _
40,156,384 +28.5
51,614,179
2,266,405
Augusta
1,611,039 +40.0
2,256,146
*2,000,000
Macon
1,074,992 +44.4
1,552,601
a
a
Savannah
a
a
11,411,932
Fla.-Jacktenville
9,383,649 +25.5
11,752,350
18,948,397
+48.5
19,435,051
Ala.-Birm'gham
28,473,058
c
Mobile
c
c
c
761,003
Miss.
-Jackson
923,441 +27.2
1,174,810
388,938
Vicksburg
428,782 +3.8
445,126
57,125,464
La. NewOrleans
56,232,317
40,367.777 +39.3
Total(11 cities) 184,380,059 137,848,587 +33.8 175,813,858
2653
THE CHRONICLE
DEC.16 1922.]
1,143,648
7,997,783
3,008,587
24,836,379
87,029,075
7,133,844
*2,849,541
a
10,725,876
17,218,692
c
809,047
441,912
81,532,113
243,582,849
Week ending December 9.
Clearings at
1922.
1921.
Inc. or
Dec.
$
$
%
Seventh Feder al Reserve D istrict-C hi cago
Mich.
-Adrian _ _
237,592 -2.8
230,870
Ann Arbor _ _
705,058
525,000 +34.3
Detroit
80,688,444 +28.3
103,481,986
Grand Rapids_
5,704,111 +8.7
6,201,388
Lansing
2,311,536
1,625,000 +42.2
Ind.
-Ft. Wayne
2,719,215
1,889,887 +17.4
Indianapolis._ _
20,030,000
18,039,000 +11.0
South Bend__ _
1,706,112 +55.6
2,654,318
Wis.-Mllwaukee
33,585,879
27,607,835 +21.7
Iowa-Cedar Rap
2,338,053
2,007,442 +16.5
Des Moines_ _ _
9,410,849
9,817,975 -4.1
Sioux City...
4,669,610
4,507,308 +3.6
Waterloo
1,639,299
1,411,838 +16.1
Ill.-Bloomgint'
1,542,497
1,118,926 +37.8
Chicago
5'35,778,388 503,806,657 +12.3
Danville..
a
a
a
Decatur
1,276,286
1,117,492 +14.2
Peoria
4,991,144
3,664,286 +36.2
Rockford
2,154,012
1,900,000 +13.4
Springfield_ _ 2,162,678
2,454,386 -11.9
1920.
1919.
$
$
211,268
617,880
91,734,646
5,725,884
1,800,000
2,056,074
17,461,000
1,750,000
29,810,137
2,312,100
9,629,610
6,411,336
1,557,940
1,454,048
559,965,162
a
1,312,883
4,571,566
2,200,000
2,613,176
270,000
562,503
92,599,787
6,171,257
2,085,465
1,885,422
18,978,000
1,600,000
30,334,695
2,109,049
9,119,193
9,889,490
1,543,504
1,685,243
600,663,931
a
1,434,638
4,759,928
2,400,000
2,360,437
743,194,710
790,452,542
4,183,506
a
26,542,330
459,249
18,992,886
10,102,568
472,080
1,681,018
4,513,844
a
18,124,842
1,395,006
31,147,781
13,189,022
616,908
1,590,004
Total(7 cities) .
62 433,637
88,312,512
63,319 005 +39.5
Ninth Federa I Reserve Die trict-Minn eapolisMinn.-Duluth_ .
10,956,431
10,043,445
6,398,114 +57.0
Minneapolis_ _ 86,458,397
83,521,772
68,473,200 +22.0
St. Paul
43,252,321
•
37,638,698
32,819,488 +14.7
N. D.-Fargo_ _ .
2,886,576
2.445,080
2,235,346 +9.8
S.D.
-Aberdeen.
1,788,952
1,445,392
1,124,575 +28.5
-Billings Mont.
1,488,360
730,329
765,514 -4.6
Helena
2,281,745
•
5,274,546
4,801,576 +9.9
70,577,407
Total(19 cities
767,383,066 669,816,257 +14.6
Eight Federal Reserve Dist net-St. Lo uisInd.
-Evansville
4,974,933
4,120,283 +20.7
Mo.-St. Louis_
a
a
a
Ky.-Louisville_ •
30,533,146
26,869,976 +13.7
Owensboro _ _ _
729,955
979,085 -25.4
Tenn.-Memphi;
29,082,318
20,263,261 +43.5
Ark.-LittleRocli
14,374,072
9,600,617 +49.7
Ill.-Jacksonville
366,511
308,257 +18.9
Quincy
1,661,577
1,178,426 +41.0
Total(7 cities).
Tenth Federa I
Neb.-Fremont_ .
Hastings
•
Lincoln
•
Omaha
•
Kan.
-Topeka _ .
Wichita
Mo.-Kan. City.
St. Joseph_ _ _
Okla.-Muskoge
Oklahoma Cit
Tulsa
•
Col.
-Colo. Spgs.
Denver
Pueblo
141,109,262 116,617,813 +21.0 149,112,782
Reserve Dis trict-Kane as City 516,000
e585,045
452,106 +29.4
645,579
601,556
525,000 +14.6
4,254,603
4,764.900
3,602,488 +32.3
41,480,183
43,701,552
34,968,988 +25.0
2,862,315
e3,593,253
3,049,951 +17.8
11,429,349
el0,864,676
10,763,954 +0.9
143,998,456 122,036,661 +18.0 164,469,192
a
a
a
a
a
a
a
a
27,213,720
e26,021,801
22,421,375 +16.1
g
a
a
a
1,058,069
982,474
909,317 +16.4
21,525,317
21,712,693
19,256,464 +11.8
852,907
919,556
758,396 +12.5
Total(11 citiesI 257,567,532 218,744,700 +17.7
Eleventh Fed:ral Reserve District
-Da has
Texas
-Austin__
1,451,262
1,626,630 -10.8
Dallas
34,272,592
26,526,606 +29.2
Fort Worth . e14.323,061
13,399,529 +6.9
Galveston.._ _ _ 9,235,834
7,901,106 +16.9
Houston
a
a
a
La.
-Shreveport.
4,537,893
3,750,866 -1-21.0
Total(5 cities) 63,820,642
53,204,737
Twelfth Fede r al Reserve D istrict-San
Wash.
-Seattle _.
33,377,154
29,945,218
Spokane
a
a
Tacoma
,
a
a
Yakima
1,679,448
1,780,687
Ore.
-Portland _ 31,948,639
29,291,371
Utah-S. L. Cit 7
19,224,414
14,879,005
Nev.-Reno__ _ _ a
a
Ariz.
-Phoenix _ a
a
Calif.-Fresno_ _ 9,040,827
6,993,204
Long Beach_ _ 6,851,706
4,384,564
Los Angeles.. _ - 122,406,000
88,432,000
Oakland
18,131,676
13,335,907
Pasadena_ _ _ _ 4,715,708
3,439,255
Sacramento _ _ 8,737,335
8,317,758
San Diego__ _ _ a
a
San Francisco
. 159,300,000 138,600,000
San Jos.
2,707,263
2,155,816
Santa Barbara _
1,183,543
1,030,979
Stockton
2,707,900
2,292,400
17,751,392
54,347,270
18,557,842
3,694,238
1,701,149
1,408,615
2,717,712
100,178,218
748,829
490,145
4,009,389
53,524,854
2,758,347
8,906,314
190,544,503
a
a
15,358,194
a
807,396
19,307,642
841,814
276,485,664
297,297,427
1,671,565
32,492,903
16,168,493
9,711,182
a
3,807,165
1,922,620
40,784,029
22,604,993
10,800,000
a
5,077,052
63,851,308
+20.0
Franci sco32,233,990
+11.5
a
a
a
a
1,545,702
-5.7
32,547,070
+9.1
17,076,300
+29.2
a
a
a
a
6,837,231
+29.2
3,787,875
+56.3
80,247,000
+38.4
11,638,110
+36.0
3,520,318
+35.2
7,967,030
+5.0
a
a
+14.9 139,500,000
2,279,292
+25.6
1,119,880
+14.8
6,165,200
+18.1
40,793,226
a
a
1,779,658
30,381,709
19,087,188
a
a
6,343,720
2,678,178
58,993,000
9,890,112
2,116,041
8,743,212
a
169,465,919
2,321,919
81,188,694
7,609,300
Total(14 cities1 422,011,613 344,931,164 +22.3 346,464,998 380,203,182
Grand total (11 3
cities)
• 7,246,748,392 6,863,568,315 +5.6 7,399,671,922 8,595,517,687
---OutsideNewYor k 3,394.157.946 2.856.931.091 4-18.8 3.249.996.526 3.555.580.091
Week ending December 7
Clearings at
1922.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ _ _
New Westminster
Medicine Hat__ _
Peterborough _ _ _
Sherbrooke
Kitchener
Windsor
Moncton
Kingston
Prince Albert_ - _
1921.
Inc. or
Dec.
$
130,166,193 128,391,651
+1.4
133,963,910 113,708,333 +17.8
86,327,563
72,346,135 +19.3
16,264,489
13,924,645 +16.8
11,440,858
11,217,119 +2.0
7,655,001
5,519,973 +38.7
4,453,297
3,767,727 +18.2
6,717,707
5,942,772 +13.0
7,396,821
6,795,463 +8.9
3,199,893
2,771,793 +15.4
2,600,297
2,448,850 +6.2
3,484,812
3,601,662 -3.2
5,449,949
6,001,608 -9.2
5,926,874
5,019,727 +18.1
855,908
921,254 -7.1
1,038,664
848,149 +22.7
2,129,805
2,301,266 -7.4
1,956,331
1,124,366 +74.0
1,276,420
1,171,692 +8.9
1,250,855
1,174,070 +6.5
605,810
577,346 +4.9
501,068
453,742 +10.4
910,840
860,873 +5.8
909,318
800,588 +13.6
1,255,018
1,172,704 +7.0
3,918,649
2,618,457 +49.7
1,311,114
1,117,276 +17.4
809,235
946,748 -14.5
479,922 Not included in total
1920.
136,972,026
108,930,543
106,626,003
20,209,320
12,570,145
7,439,815
5,044,717
7,289,368
10,339,849
3,288,059
3,046,755
3,745,759
6,463,420
5,336,541
1,042,958
1,047,457
2,656,470
2,601,395
1,882,992
1,244,664
935,239
728,916
1,052,771
1,175,954
1,441,651
3,550,337
897,017
1919.
$
167,028,108
110,131,036
63,081,116
15,598,088
12,454,386
6,099.587
5,480,300
6,857,302
9,550,301
3,642,214
2,444,075
4,347,859
4,600,000
4,500,000
1,058,664
749,185
2,497,027
2,028,068
2,102,640
1,000,312
529,508
589,256
878.647
1,018,442
1,407,646
2,200,000
Total(28eities). 443,776,699 397.543,989 +11.6 457,340,141 431,873,767
a No longer reports clearings or only gives debits against individual accounts, with
no comparative figures for previous years. b Report no clearings, but give comparative figures of debits; we apply to last year's clearings the same ratio of decrease
(or increase) as shown by the debits. c Do not respond to requests for figures.
d Week end. Dec. 6. e Week end. Dec. 7. f Week end. Dec. 8. * Estimated
2654
THE CHRONICLE
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
firm,. 115.
Shares. Stocks.
Price. Shares. Stocks.
Price.
2,380 Fire Detecting Wire Corp..
10 East Meets West, pref
$1 lot
1,500 shares v.
2. t 5 East Meets West Corp., corn_...$I lot
5
500 Cent. Am.Petroleum_ _10c. pershare 50 Gourland Typewriter Corp.,PL$60 lot
Leis$
1,000 Nat. Oil of N.J., com_5c. per share 500 Stan. Hydro-Amalgam.,$1 ea. $1 lot
10 Dan Smith Rotary Engine, pref ,
200 Penns.. Gasoline Co
•1
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
1,000 Southern Oil & Transp.39c. pro sot 10 Dan Smith Rotary Engine, corn! lot
$5 lh.
Week ending Dec. 15Dec. 9. Dec. 11. Dec. 12. Dec. 13 Dec. 14. Dec. 15.
260 Delano Self-Starter Corp
$3 lot 2,000 Tri-State Dev., Co., $1 ea_ _11 lot.
Silver, per oz
d 31%
31 7-16 31 7-16 30 15-16 30 15-16 309
500 Cort Film Corp., pref., $10 ea.t 2 1,000 Wheeler Gold Mines, each.$2 lot
Gold, per fine ounce
90.1
90.3
89.7
884
88.10
88.6
3i
1,000 do corn., V. t. ctf., $5 ea.(lot 45 Nat. Drug Stores Corp., corn. $15 lot
Consols, 2% per cents
55%
55%
55/
5.5:,/
55%
58
647 White Pine Extension Copper_S8 lot 30 National Drug Stores Corp., pf.$35 lot
British, 5 per cents
99%
999(
99%
99%
99%
999
200 Lake Torpedo Boat
$145 lot 50 Audiffren Refrig. Mach., com..$26 lot
British, 45 per cents
95
95
95
95
943(
949i
$50 lot
300 Mexican Lead Co., corn
$11 lot 50 do pref
French Rentes (in Paris)_fr_ 59.65
59.65
59.65
59.40
59.30
59.55
1,000 Astra Oil& GasCorp.,no par$27lot
325 Sackett & Wilhems Corp., corn.
French War Loan (in
V. t. ctfs., $50 each
$20 lot 200 Ivers-Lee Co., pref
fr 76
76
Paris).
76
75.35
6
_ -75 do 1st
per
400 do Common
}
sr,
The price of silver in New York on the same day has been: 288.52 do pref. V. t. ctfs_$1.10_$55sh. 6,000 Little Cottonwood Transporta2(1 pref. V. t. ctfs_ _
lot
Silver in N. Y., per oz. (cts.):
300 Mexican Lead Co., prof
tion Co., pref
$50 lot
$160 lot
Domestic
99%
9991
3,600 Little Cottonwood Transporta50 New Almaden Quicksilver Mines
9991
995i
999g
/
9991
Foreign
643.
643.
tion Co., Corn
pref
643.
64
$50 lot.
$75 lot
63%
6291
48 Radford Realty Co
2,200 Confidence Gold Mines, corn.
$50 lot
$1 each
550 lot
$10 lot 500 Garden City Devel. Corp
125 Sunbury Coal, pref "A"$10 ca _$5 lot 101 Holland Realty Co., pref
11150
40 do pref. "B" $10 each
j lot
$5 lot 113 do Common
138 Imperial Tr. Co., Quebec $1 p•r sh. 100 Steel & Radiation, Ltd., ord._116 lot
35,226 Montana Cons. Copper Co., 640 Falk Co
10c. per sh.
each
$5 lot 1,000 N.Y.Sanitary Utilization$1 per
National Banks.
-The following information regarding 50$1 hwire Mitchell Royalty trust 2,500 Carlisle Min. Co.,$5 each__ _32 sh.
lot
ctf
$2 lot 110,000 Princess Pat Coy.,$1 ea.
.$I5 lot
national banks is from the office of the Comptroller of the
100 Pomander Walk,Inc,$100 ea_ $30 lot
75 Mexican Internal Corp., pref.,)
Currency, Treasury Department:
partly paid
MOO 106 Black Hawk Petroleum, pref._1$55
75 do corn., partly paid
) lot 535 do Common, no par
J lot
APPLICATIONS TO ORGANIZE RECEIVED.
250 Fraser Oil& Refining $10 each_S3 lot 160 Earlston Wore. M.,Inc., com.$35 lot
Capital. 208 Malbohn Motors,$10 each._ _ _9117
265 Sterling Gum,stamped ctfs.. $5 ea.
Dec. 4
-State National Bank in Cordell, Okla
$30,000 111 Rio Grande Farms, Inc
lot
17c. per sh.
Succeeds the Oklahoma State Bank, Cordell, Okla.
1,000 Wilfys Corp., 2d pref
$75 lot 10 Hall Switch & Sig., corn_.12 per sh.
Correspondent, I. L. Hill, Cordell, Okla.
$10 per sh. 5,400 Mon.Chief Min.$1 each. lc. per sh.
450 AotomTru i oprefR
5 Sturd y atiocki ket .
0
Dec. 4
-The Liberty National Bank of Glrardville, Pa
60,000
egister_ _1500 lot 3,400 Hedley G.Min., $10 ea. $1 per eh.
Correspondent, Edward J. Maginnis, Girardville, Pa.
15 Nova Scotia Tramways, corn_ _ _ _COO 300 Illinois Surety, mg each
$5 lot
clo prhi o co.
50 m oLaugefrrred
$2,000 20 Kanawha & Hocking C.& C.$7 per sit.
APPLICATIONS TO ORGANIZE APPROVED.
,pref
$10 per sh. 1,000 Doleee dr Shepard
$5 per sh.
Dec. 6
-The First National Bank of Sheffield. Iowa
$25,000 150_5
Io
rcommon
$5 per sh. 287 Standard Fire Ins., $50 ea_$60 per eh
Correspondent, Walter W. Duft, Waddams Grove, Ill.
8 timber Licenses in
1,000 Willys Corp. wd pref. att. of del).
Inter
Dec. 6
-The First National Bank of Mocana qua, Pa
25,000 1,0C00alglasrlya,o6Caonailda&
$100 lot
$50 lot
Correspondent, D. Z. Menscb, Shickshinny, Pa.
Transport, corn.
1,000 Delta Oil, $1 each
1$5
Dec. 7
-The Franklin National Bank of Jersey City, N. J
200,000
$105 lot 1,000 Burk-Owen 011, $1 each
v. t. c. ctfs
f lot
Correspondent, Lewis G. Hansen, 586 Newark Ave.
2,021 Holland-St. Louis Sugar, corn,.
100 Maressi-Mazzettl Corp. 1st pref.
Jersey City, N. J.
each
$10 each
8% stock, $10
$3 per oh.
$7% Per sh.
Dec. 9
-The First National Bank of Bellflower, Calif
25,000 63 Natural Color Pictures, corn_ _..$1 lot 1,000 Biograph Co
$1 per sh.
Correspondent, F. E. Woodruff, 305 Grant Bldg.
il lot 500 Bethlehem Mot. Corp., no par.$4 lot
63 do preferred
Los Angeles, Calif.
2,000 Kinemacolor of Amer.,com $1 lot 712 Meridian Pet. Corp,. $1 ea. $11 lot
Dec. 9
-The First National Bank of Marlon, Wis
50,000 500 do preferred
$2 lot 100 Tintic Co., $3 each
$5 lot
Succeeds First State Bank of Marion, Wis.
143 Rowe Calk, pret., "B"
lot
900 Northwestern Pennsylvania Ry.
Correspondent, J. H. Driessen, Marion, Wis.
ill lot 7 O'Donohue Estates
common v. t. ctfs
per alt.
APPLICATIONS TO CONVERT APPROVED.
200 Continental Asphalt Petroleum,
225 North Jersey Rapid Transit,
$7 lot
$100 $26 lot
common
Dec. 4 -The Third National Benz of Ashland, Ky
-7
3100,000
re
58 Metallurgical Securities, corn_ _11 lot 40 ContinentalAsph. Petr., corn._15 lot
Conversion of the Ashland Day & Night Bank, Ashland, Ky.
.
100 Excello T.de Rub..com,.$10 ea_1$10
100 De Lima Correa dr Cortissiz,
Correspondent, John W. Woods, Ashland, Ky.
j lot
$10101 5 Crane New York 011
Inc
-The First National Bank of Ferrum, Va
Dec. 6
25,000
7,500 People's Collateral Pledge Soc., 600 Ocean Leather,com,, no par.._17 lot
Conversion of the Bank of Ferrum, Ferrum, Va,
$40 lot 262 Pathe Freres Phon.,$10 each. _11 lot
pref., $1 each
Ccrrespondent, W. B. Thompson, Ferrum, Va.
Ave. Mall Order,$10 each_S5 lot 100 Connecticut Mills, 2d pf_ $40 per sh.
Dec. 9
-State National Bank of Alpine, Tex
30.000 400 5th
212 Guayaquil & Quito Ry. pref._ $25 lot 30 New Dominion Copper,$5 each_S5 lot •
Conversion of the Alpine State Bank, Alpine, Tex.
$1 lot 16 V. D.L. Rubber Corp
$20 lot
Correspondent, Benj. F. Berkeley. Alpine, Tex.
131 Troc, Inc
1$10
249 Butterworth-Judson, corn_ _ _ _125 lot 10 Ivers-Lee 8% preferred
•
CHARTER ISSUED.
J lot
$45 lot 100 do Common
250 do preferred
-Midland Oil Co., 25c.
100 Lamson & Hubbard Canadian Co.,
Dec. 5-12280 The Ozone Park National Bank of New York, N.Y$200,000 32,500 Texas
preferred
$100 lot
$1 lot
President, Gaston F. Livett; Cashier,P.E. Rieder.
each
380 Spotted Fawn Mines, Inc
lot
455,000 Peruvian Copper & Smelting,
$1 lot
$65 lot 200 White Salmon Fruit Co
$1 each
$2 lot 556 Behring Dredging Corp., pref 1$200
85 Trow Dir. Ptg. dc Bkbdg
TREASURY MONEY HOLDINGS.
-The following 85 Trow
Ptg.& Bookbinding...32 lot 1,406 do Common, no par •
J lot
compilation made up from the daily Government statements, 200 Central 011 Devel., no par
$6 lot Receipts for subscription to 150 shares
of stock of Consumers' Sulphur Co.,
500 Island Oil & Transport, Corn.
shows the money holdings of the Treasury at the beginning
Inc
$5 lot
$80 lot
v. t. c., 5c. paid
$4 lot 24 New Britain Machine Co.,com.$25 lot
of business on the first of September, October, November and 2431 Deep Sea Fisheries
$3 lot 36 J.S. Robeson, Inc.,"A",Corn..1E30
200 Douglass Mining. $1 each
December, 1922.
j lot
100 Amer.& Met. Mines.$5 each .11 lot 89 do Preferred
$50 lot
200 Iroquois Porcupine Min.,$1 ea...$1 lot 1,600 Iona Gold MinIng Co
Sept. 1 1922. Oct. 11922. Nov. 1 1922 Dec. 1 1922. 27 Guardian Liquidation, no par__ -11 lot 500 Century Oil, Corn.,$10 each._110 lot
Holdings in
sh. 400 General Tractors,corn., no par_S4 lot
$1 per
150 BlograPh Co
$
U.S. Treasury.
$
$
$
$11 lot 370 La Porte Oil & Refining Corp.,com.
100 Lawson & Co
$10 each
U kl.
pricet
Net gold coin and bullion_ 345.662,663 356,044,945 351,021.212 373,538,557 £1,000 Algoma Central Terminals,
York Railways Co
$545 lot 89
$10 lot
Ltd., tr. ctf.
49,792,613
53,733,589
Net silver coin and bullion
55,196,922
60,270,205
$80 lot
4,500 Choc-Lo Co., Inc
1,422,438
2,141,595
United States notes_ _
Net
3,695,423
2,769,917
$5,000 Chicago Utilities Co. 55, 1942_4%
Claim for money due
12,934.699
17,481,690
Net national bank notes__
21,465,128
19,383,499 $124,059 49
$95 lot $50,000 Colima Lumber Co.6s,'24125101
from Choc-Lo Co., Inc
2,110,474
2,099,710
Net Fed. Reserve notes__
2,875,198
2,406,913
10 East Meets West, Inc., pref_ _ _ ..$1'lot $1,250 Derf Mfg. Co., Inc., 7s,'23.$25 lot
694,632
1,334,943
Net Fed. Res. bank notes_
1.072,587
833.491
$1101 $13,000 Colo. Fuel & Iron 5s
common, no par
70%
18,296,291
18,584,585
Net subsidiary silver
16,831,701
15,152,103 5 do
Metal. 1st pref, $10 ea_ _ 33 lot $15,400 N. Y.& Greenwood Lake Ry.
7,862,057
10,628.030
Minor coin. &c
,
19,450,428
5,240,392 50 Magna
$16 lot
Co. prior lien bonds
common,$10 each
8431%
50 do
Total cash in Trees.__ -- 438.775,865 462,049,087 471,608,599 479,595,077 295 Gillen Laboratories Corp.,com_S6 lot 812,000 Mobile&Birm.Ry. prior lien 86%
$25 lot $4,000 Moblle&Birm.RR. 1st Mtge.76%
Leas gold Teserve fund_ - - 152,979,026 152,979,026 152,979,026 152,979,026 245 do preferred
$15 lot 84,000 N. Y.& N. J. fly
50%
1,000 Dempsey OIL pref
$10 lot 78192 rubles Russian internal 531s,
,006
0
285,796,839 309,070,061 318,629,573 .326,616,051 500 do preferred
Cash balance in Trees..
$10 lot
lot
750 do preferred
Dep. in spec. depositories:
Radiator, corn __ -525 lot $1,000 Nat.WeeklyCorp. ctf.indeb 0 lot
$ 5
3
Acct. certa. of Indebt-_ 215,724,000 164,851,000 287,384,000 220.933,000 100 Livingston
$25 lot $14,000 Second Ave. RR. 54, 1948,
58,393,905
100 do preferred
33,477,959
59,207,901
Dep.In Fed. Res banks.
56,410,445
Guaranty Trust elf. deposit_ _ __iq%
245 Gillen Laboratories, pref.._ _111 lot
Dep.In national banks:
El lot '20.000 Burbank Co. 1st Mtge.6s$100 lot
common
8,448.711
9,323,372
8,203,540
To credit Treas. U. S._
8,556,545 245 do
$25 lot $20,000 Rio Grande Farms, Income
1,500 Dempsey 011, pref
16.824,338
17,434,872
officers_
19,355,873
To credit di.
19,206,691
bonds: 10 of $100; 19 of $1,000...$5 lot
Louisiana Oil Lease Synd_ _ _$9 lot
1.961,933
1,463,129
1,091,912
Cash In Philippine Islands
1,288,584 $3,000 Montana &Mexican Mining,
154,000 Russian Roubles Internal 53-4s
1.178.441
920,060
394,550
Deposits In Foreign Depts.
338,417 8,000
1101ot
of 1916
$5 each
$40 lot $14,760 Dauphin Island Land Co. and
20101
89 Moran 011 dc Ref
Net cash In Treasury 588,328,167
Dauphin Island Ry. dz Harbor Co.
536,540,453 694,267,349 633,347,733 25 Vegetable Oil, corn., no par_ _ _ _1850
and in banks.
J lot
68
do preferred
Broadwia.0loty0Oar
Deduct current liabilities_ 249,816,964 279,700,723 281,921,809 294,437,453 50
$20 lot $16,900 Dry Dock, E.
$
96 Kenjohn Co
shares Home 011
Battery RR. reg. Ref. M. Income
Available cash balance_ 336.511,203 256,839,730 412.345.540 33g.oin 9un Receipt of 15,000
$5101
bonds, 1960, with $239 scrip..$600 lot
Refining Co
Inc.
.15 lot $37,500 North Jersey Rap, Tran. 1st
•Includes Nov. 1, $31 947,779 silver bullion and $3,412,622 minor coins, &a., 70 Neuland Electrical Rights,
$5 lot
M.5s, ctfs. of deposit
10 Neuland Magneto, $5 each
0of
48
0
!
not included in statement "Stock of Money."
40 Neuland Patent Rights, Ltd...35 lot $3,000 Chic. R. I. & Pacific R11..
$2
2002 stamped
20 Adjusto Shoe Lace,com.,no par_510 lot
$1181t1ot
Ay.
$10 lot
Chicago
do pref., $50
-Among other securities, the following, 20 Amer.011 Eng.,each $10 ea_8100 lot $1,000Si, ctf. of & Ind. Coal
Auotion Sales.
prof.,
M.
deposit
lot
200
Co. no par
$1
usually dealt in at the Stock Exchange, were recently sold 1 Engineers LandNoble Oil dc Gas $10 lot $6,270 Kronyte Mfg. Corp., Liquidation
not
Co.,
1000 Charles F.
auction in New York, Boston and Philadelphia:
20c. per sh. $30O New Dominion Copper 6s_ _ _110 Lt
C ew
at
$ o
5
each
2
$7 lot $37,500 Great Lakes 011 dz Refining
$
10 Biograph
By Messrs. Adrian H. Muller & Sons, New York:
$7 per sh.
Co., Ltd., Bond Ctfs. of Dep.
.1200 lot
Corp.8% pref
Price. Shares. Stocks.
Price. 55 Willys Freres Phonograph, corn.,
Shares. Stocks.
$3,947 La Porte 011 & Refining Corp.
550 Pathe
590 Chicago Utilities Co., pref___ _12 lot 13,250 Un. Malay. Rubber, .£1 ea.$3
1st 7s, 1924
$10 each
$3 lot
$500 North Shore County Club 5% InMotor Specialties 3o., corn.$5 ea..$1 lot 13,250 do
$5 101
5
30 Eagle Cement Corp. of N. J.,
$51 lot 118 National Nassau Bank, 219%
$6 lot
come Bonds
2 Clinton Hall Association
$70101
$25 each
liq. diva, paid
$180 lot
$30 lot
3 Ardenia Corporation
$80 lot
$50 lot 50 do
Corporation
5 Ardenla
By Messrs. R. L. Day & Co., Boston:
Ranger Royalties, Inc., pref_ _ _$5 lot
200 Albany So. RR., com-S11% per sh. 50
$5 lot Shares. Stocks.
Shares. Stocks.
_126 per sh. 150 do common, no par
sit.
100 Albany So. RR.,
460 Montpelier & Barre Lt.&Pow.
lot 5,000 Carib Syndicate.---$4% per share 6 National Shawmut Bank
$ p"
pref_100 Toggery Divide MiningCo_ _ _ _El
$ 1'2 %h ' Co., pref
2 53
17
48
$10 per sh 1,000 Marland Oil of Mex._34 per share 1 Merchants National Bank
50 Ansco Co. v. t. ctf
$9 per share 6 Second National Bank
32831 4,405 Cassoday Oil Co
75c.
$10 lot 50 Prizma, 1st pref
50 Derf Mfg. Co., Inc
International Ry. Co. corn.
4 Edwards Manufacturing Co_ _ _ _111% 20 Columbian Nat. Life Ins. Co_..122
16,800 El Progresso Silver,$1 each $25 lot 230
$13 per share 5 York Manufacturing Co
21031 10 Winthrop Building Trust
voting trust ctfs
50
Hardshell Mining,il each $750 lot
61.494
200 North Star Mines Co_ _ _11 per share 5 Naumkeag Steam Cotton Co-2803i 4 Bronxmont Realty Syndicate_ _ _ _
nc.,
190 Madison Tire & Rubber
Asphalt Co.,pref.$79 Per sh. 25 U. S. Worsted Co., 1st pref.__ 491 50 Tex-La-Homa 011 Corp
Co.,:
common temp .ctf., no par_ 1400 lot 200 General
$160 per share 3 Old Colony Woolen Co
preferred
131 10 do
111
$25 lot 5 Phelps Dodge Co
50,000 White Star Petroleum... _
Shipyards Corp_ $52 M per sh. 11
431 8 Empire Tire & Rubber Corp
I lot
Preferred
do
100 Dubiller Cond.& Radio Corp.$60p.sh. 400 Todd
Wilhelms Corp.,
do
preferred
139% 8
25 Lancaster Mills
$50 per sh. 320.34 Sackett dz
do
400
$10 per share 5WotracresRterrowCiongns.
Ry.,1st pref. 57% 10-20 Gillette Safety Razor Co_ _ _13-12%
15 s
1st pref. v. t. ctfs
13,950 Arkansas Diamond Corp.,
22
t. ctfs $1 per sh.
25 Walter Baker & Co., Ltd..12631-125M
Co
10c. lot 11831 do 2d pref. V.
$10 each
1431 200 Boston Maritime Corp
132 do common V. t. ctfs-25c. per sh. 68 Nevada Consol. Copper Co
1,091 Independent Chemical Co.,
15 M iy Stt s or.
1391 245 0a 1kstareettTrult
12 Ray Consol Copper Co
$50 lot 100 do 1st pref. v. t. ctf
2d pref. tr. ctf
131
W'house Co1 8100
1
$40 lot 280.78 do 2d pref. v. t. ctfs---- $1,405 70 Trinity Copper Co
711 do 1st pref. tr. ctf
lot
25 Electric Bond & Share Co, Mei- 9831 110 Springfield Warehouse Trust' lot
500 do common v. t. ctf
47 Canadian Hauck Burner Co Ltd
100 Olympia Theatres
1031 10 Lowell Warehouse Trust
$5 lot 11-500 Ctf. of interest In Gavcoger
$10 lot 25 Walter M.Lowner Co., new. 8
12 Southw. Cities Electric Co
Texas Acreage
16 lot
g.0111111ere
al a itdTaisceilanzonsBarg
.
•
yy.
DEC.16 19221
THE CHRONICLE
•
Shares. Storks.
$ Per sh.
5
60 Atlantic Coast Co
150x,
5 U. S. Envelope Co
63
55 Laconia Car Co., pref
25%
50 Reed Prentice Co., pref
89 Amer. Fire Cracker Mfg. Co__ -1$15
preferred
do
f lot
166
200 Alaska Gold Mines
26c.
50 C. H. Wills Co., corn., as bonus1$1
do preferred, no pref
100
f
50 Waltham Watch Co., coin. ctf.
deposit
3X
50 The Winchester Co., 1st pref.__ 50
100 Cities Serv. Co., Bkrs. shares
16
40 Empire Steel & Iron Co., pref.__ 50
40 La Fayette Motors Corp.,2d pf_ 15%
10 Taxi Service Co., pref
25 Coe-Stapley Mfg. Co., pref
I
25 Coe-Stapley Mfg. Co., com_ _ _ _1
10 Troy Foundry & Mach. Co., pf_l
10 Troy Fdry. & Mach. Co.,com
$370
30 Herschell-Spilliman Mot.Co.,pf. lot
12 .do common
20 Hartford Automotive Parts, pf_ _
100 Mastercraft Photoplay Corp.,
common
60 Int. Abrasive Corp., corn
2d pref
do
34
$1
$68 Div. warrant on 34 shares Int. lot
Int. Abrasive Corp., 2d pref._ _ _
8 Colwell Lead Co., pref
$2 lot
10 Taconey Steel Co.,8% pref._ _ _ 40%
1
Shares. Stocks.
$ per sit.
50 C. H Wills & Co., 1st pref
25 do corn., as bonus, on pref._ 13
100 C. H. Wills & Co., 1st pref_ _ _ _
50 do corn., as bonus, pref
13(
18 La Fayette Mot. Corp., 2d pref. 15
15 New Eng Equit. Ins. Co
6% lot
10 De Witt Mfg. Co., pref
1$1 lot
20 do common
15 Fall River Gas Works
210%
5 Reed Prentice Co
$3 lot
13 do sub warrant, Class A_ _
25 Becker Milling Mach. Co., pref.
participation certificate
3
25 Samoset Chocolate Co., pref3150 lot
10 Rolls-Royce of Amer.,Inc., pref. 46%
Percent.
Bonds
Receipt for 10,000 rubles, par value,
Imperial Russian Govt. 5K%
War Loan, 1915
$1 lot
$1,000 Cent. Vermont Ry. Co. 5s,
1930, and interest
,___
88X
$2,000 The Parr Shoals Power Co.
1st 5s, 1952
83
$25,000 Gila Sulphide 8s, 1926 (625
shs. Gila Cop.Sul. stock as bonus 5%
$10,000 Distillers Securities 58, 1927
deposit receipts
10%
$6,000 New Eng. Oil Corp. 88, 1925 26%
$10,000 Gila Copper Sulphide 88,
1928 (250 shs. Gila Copper Sulphide stock as bonus)
8%
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
1,037-U. S. Worsted Co
100.-9c.
5 Fairhaven Mills
130
10 Scotia Worsted Mills, pref
50c.
30 U. S. Worsted Co., 1st pref_5-4%
2 Bates M.Co., half shares 119-1203
5 Nashua Mfg. Co
73
25 Farr Alpaca Co
179
3 Quincy Market C.S. W
142
10 Winchendon E. L.& P. Co 1093
20 W. M. Lowney Co., new..... 8%
-7 Rivett L.& G.Co
20c.
7 do preferred
70c.
3 Draper Corp
z166%
10 Blackstone Val.G.& E., pref. 98%
50 Telepost Co., v. t. ctfs
25c.
50 •do Cony. Seri B,Class 3_ 25c.
50 do Class 2
25c.
5 Merrimack Chemical Co_ _ _ .. 91%
100 Yukon Gold Co
50c.
750 Utility Batter Co. of Amer
25c.
1,000 McKinley-parragh-Savage
Mines
20c.
100 U.S. Metals
t $1
75 do preferred
J lot
5-20 Gillette Safety Razor Co.._ _ _ 12%
5 Lamson & Hubbard Canadian
Co., Ltd.: 10 do pref
$35 lot
30,000 Northern Copper Co.
$10 lot
15 Merrimack Hat Co., pref._ __ 30 K
Shares. Stocks.
Price.
3 Greenfield Tap & Die, pref.- 95%
25 West Boston Gas Co., rights_ 75c.
100 Fred Stone Production Co.,
Inc.: 100 do pref
$1,000 lot
26 Converse Rubber Shoe, pref. 87%
13.000 Luthy Storage Bat. Corp_ _$30 lot
500 The Expl'n Synd- Inc
$40 lot
25 California E. G. Co., pref.__ 87
25 Ojibway Mining Co., canceled
for non-pay, of assessment.._ _$1 lot
200 Nonant, Houghton & Co._ _ _ 40
25 Liggetts Intl, Ltd., pref.._ _ _ 53
4 Manitoba Power Co., warts.. 5
66 Walpole T.& R.Co., pref _$2.50 lot
8 Plymouth Cordage Co_204q-202
25 liar. S. M. Co., Inc., pf_ _$2% lot
300 Rivett Lathe & Gr. Co_ _ $22 lot
10 Lane-Libby Fisheries Co.,Pf
5 do common
f$10
6 N. E. Equit. Ins. Co
lot
Bonds.
Per cent.
$10,000 Note The Wids Co., dated
Mar. 13 1922, due Apr. 12 19233300
$12,500 Lamson & Hubbard Canadian Co., Ltd., 8s. 1926
66
$5,000 New England Oil 8s, 1925,
flat
35%
S Ex-dividend.
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shlres. Stocks
Price.
126 Mexican Silver Metal Co_ ....$2 lot 100 Dayton
Coal, Iron & RR. CO..
1,600 Allied Oil Corp
$17 lot
lot
common, par $5
80 Bethlehem Motors, corn
$2 lot 480 do Preferred, par $5_______$ lot
$11
80 Bethlehem Motors Corp_ _ _ _32 lot 20 do Pref.,
par $5 (temp. ctf.).31 lot
1,000 Caledonia Mining Co
$2 lot 50 Rockhill Coal & Iron Co., pref._ 70
10 City Service scrip
$2 lot 23 Curtis Publishing Co., Pref.,
100 Cultex Petroleum, common_ ..$2 10t
par $100
_____ ,._ _$6 lot
125 East Coast Fisheries, com_ _.$1 lot 10 Mich Copper
Min Co., Par $25.36 lot
30 Jerome Verde Copper
$1 lot 4 Abbotts Alderney Dairies 1st pref 90
1 Philadelphia Electric, pref.-328
100 Falk T.& T.Co., pfd., par $1035 lot
1 Philadelphia Electric, pref_ _$29
$29
1,000 do
$5 lot
100 Texas Ranger Prod. & Ref _.$2 lot 88 PenhomaCommon,par $1
$2 lot
Oil Co
10 The Vu Vac Co., common_ ...$1 lot 10 Belle
$3125 lotlot
Meade Farms Co
25 Submarine Boat Corp
$1 lot 100 Bond 011 & Gas Co., Inc
100 Woodburn Oil Corp
$11 lot 500 Int. Money Mach., par il0-$150 lot
MemberShip Commercial Exchange $57
10 Astoria Mahogany Co., pref....$120 lot
1,000 Harrisburg Leather Products
3 Dr. Vons Health Biscuit Co
$2 lot
Co., pref., par $10
$20 lot 75 Montana Tonopah Mining Co..
768 Harrisburg Leather Products
____$3 lot
Par $1
Co., common, par $10
$20 lot 20 Northwestern Metal Co
$1 lot
30 G. R. Kinney Co., Inc., pre134 Associated Industry Co
$1 lot
ferred, no par
$2,300 lot 6 Realty Associates of Pa
$1 lot
25 Mutual Trust Co., par $50.... 54
15 Nettle & Anglo Swiss Milk Co
12 Northern Liberties Gas Co._ 334 148 Industrial Correspondence Urn3 Northern Trust Co
er
505%
$50 lot
versity, common
2 Northern Trust Co
505
48 do Preferred
$25 lot
4 Bank of North America
296% 5 Northeast Penna. RR
$2 lot
4 Fire Ass'n of Phila., par $50....335
150 Ind. Chemical Co
85 lot
4 Guarantee Trust & Safe DeSimmonstch netooroc cora.. _ 310 lot
on M agmot C .,o
Ha
s
posit Co
130% 4503
$20 lot
10 West Philadelphia Bank
70
50 Prizma Inc.,2d preferred
$10 lot
5 National Bank of Commerce_120
cent.
Bonds.
6 Philadelphia Nat. Bank
396
Per
$3,000 Keystone Tel. Co. of Phila.
10 Girard National Bank
421
79%
5s, 1935
a
2 National Bank of German$5,000 Cincin. Abattoir Co.,7s '29_ 22
town, par $50
2253 $8,000 Haytian Amer. Corp. 7s,'24 8K
20 Broad Street Tr. Co., par $50 70
$2,C00 Certificate of assessment paid
15 Chelten Trust Co
130
to Managers Haytian Syndicate.
20 Tacony Trust Co
271
1
account above deposit
2 Real Estate Tr. Co., prof..-....120
$5,000 Green Stat SS. Corp. 7s '24_ 7
5 Darby Bank, Darby, Pa__ _ _ 67
85,000 Amer. Hominy Co. 75, 1st M.
1,300 Allison Steel Co
$450 lot
Series "G", coupons Jan. & July.
16 Pathe Freres Phon., corn_ _ _ 31 lot
19
Due Jan. 1 1923
80 Pathe Freres Phon., pref._ ..$2 lot $25,000 Choate Oil Corp. fis, 1925_ 5
315 Pathe Freres Phon., corn......-$2 lot $25,000 Island Ref. Corp. 75 1929_ 25
75 Willys Corp., 1st pref. ctfs $450 lot $20,000 Choate 011
Corp.
30 Natural Gas Prod., corn__ --$50 lot
5
1
,
Oil Corp. rs,
15 Natural Gas Products, prof340 lot $35,000 Choate
$25,000 Island Ref. Corp. 7s, 1929_ 25
315 Paterson Bridge Co.,com _$250 lot 31,200 Chic. &Interurban Tr. Co.
20 Abbotts Alderney Dairies,
20
5s, 1932
1st preferred
90%
Oil Corp. 58,'25..$150 lot
40 Empire The & Rubb., pref...81 lot $10,000 Choate Ry. Co. 55, '43.39 lot
$18,800 Ohio El.
40 Empire Tire dr Rubb., corn..31 lot $1,000 American Finance & Semi
50 International Lace Co... _ _.$65 lot
ties Co. Os
25 Penna. Cold Stor. &Mkt__ _ 16% $1,500 Continental Hotel & Safe lot
"
64 Phila, Life Ins., par $10
$1 lot
10
Co. 6s, 1915
62 Bridgeton Cemetery Co
50
$1,000 Phila. Elec. Co. 5s, 1966_ --100%
1,000 Goldfield Belmont Mining _32 lot $5,000 St. Cloud Public Service Co.
130 Nevada-Utah Mines & Sm_ 31 lot
93%
6s, 1934
10 Loan Society of Phtla
$1 lot $25,000 Ctf. of Int. Anhydrous Food
200 Equitable Loan Society, prof.
$100 lot
Products Co
(50 shs. common bonus)- _.$170 lot $54,000 Seaboard Finance & Invest
200 Libby, McNeill & Libby (old
30
ment Co 78 1923
stock)
$35 lot $2,000 Choate Oil Corp. 7s, 1921-811 lot
100 Lincoln Motor Co., Class A..$25 1081,000 T indel-Morris Co. 6s, 1921
273 Warrior Copper Co., prefdeposit)
(ctf. of .$100lot
(98 ails. common bonus)_ _ .$155 lot $6,000 Consumers Brewing Co.
400 Maxim Munitions, par $5_ _31 lot
$10 lot
4s, 1943
3 Atlantic City Co., common...$2 lot $15,000 Allegheny Valley Water Co
5 Tacoma Gas Co., pref
110 lot
5s, 1936
mil lot
50 Janney Zr Burrough, Inc.,
50,000 francs, Republic of France,
pref
Ss, Nat. War Loan of 1916
$1 lot
10 The Isko Co., 1st pref.__ _
1$$
Si lot $7,000 Taylor-Wharton Iron & Stee$ m
5 The Isko Co., common
92K
Co. 7%s, 1946
$1 lot
8 Phila. Bourse, corn., par $50.. 10% $1,000 Choate Oil Corp. 5
-year 8s,
5 Republic Oil & Gas, par $50_ 8
coupons June 1 1922
10 Fifth & Sixth Sta. pass. Ry....287
"
ca
$100,000 America Metallurgical Co. lot
$25 lot
17 Atlas Paper Box, common. _ _
150 Schwartz Motor Truck, pref. 365 Seaside Heights Yacht Club
s
$1,0 0 2
1
8100 lot
Os
Mk
0
2655
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
W hen
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Albany & Susquehanna (special)
Jan. 6 *Holders of rec. Dec. 21a
2
Baltimore & Ohio, preferred
Mar. 1 Holders of rec. Jan. 13a
2
Canada Southern
Feb. 1 *Holders of rec. Dec. 29
5
Chic. St. P. Minn.& Omaha,common
*2% Feb. 20 *Holders of rec. Feb. 3
Preferred
*3K Feb. 20 *Holders of rec. Feb. 3
Cleve. Cin. Chic.& St. L., common.... •1
Jan. 20 *Holders of rec. Dec. 20
Preferred (quar.)
51% Jan. 20 *Holders of rec. Dec. 20
Detroit River Tunnel (quar.)
Jan. 15 *Holders of rec. Jan. 8
*3
El Paso Southwestern (quar.)
1K Jan. 2 Holders of roe. Dec. 26
Joliet & Chicago (quar.)
*1% Jan.. 1 *Holders of rec. Dec. 15
Little Schuylkill Nay. RR. de Coal
*$1.25 Jan. 15 *Dec. 19 to Jan. 15
Louisiana & Northwest (quar.)
1% Jan. 1 Holders of rec. Dec. 15
Mahoning Coal RR., common
*$10 Feb. 1 *Holders of rec. Jan. 15
Common (special)
*$15 Dee. 29 *Holders of rec. Dec. 16
Preferred
•$1.25 Jan. 2 *Holders of rec. Dec. 22
Manhattan Ry.certificates of deposit_ _ _
1% Jan. 2 Dec. 16 to Jan. 1
Certifs. of depcsit (in scrip warrants). B5% Jan. 2 .Dec. 16 to Jan. 1
Michigan Central
*4
Jan. 29 *Holders of rec. Dec. 29
Extra
Jan. 29 *Holders of rec. Dec. 29
.6
New York Central RR.(guar.)
1% Feb. 1 Holders of rec. Dec. 29
Northern Securities
4
Jan. 10 Dec. 28 to Jan. 10
Extra
2
Jan. 10 Dec. 28 to Jan. 10
Pittsburgh & Lake Erie
*52.50 Feb. 1 *Holders of rec. Jan. 11
Western Pacific RR. Corp., pref. (qu.).. 51K Jan. 2 *Holders of rec. Dec. 18
Public Utilities.
American Gas & Elec., common (quar.).. 2% Dec. 30 Holders of rec. Dec. 15
Common (payable in common stock).... 125
Dec. 30 Holders of rec. Dec. 15
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 15
Amer. Power & Light, pref. (quara_ _ _ _
1% Jan. 2 Holders of rec. Dec. 18
Asheville Power & Light, pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 16
Bell Telep. of Canada (quar.)
Jan. 15 Holders of rec. Dec. 23
2
Capital Tract., Washington, D. C.(qua 1% Jan. 1 Holders of rce. Dec. 11
Carolina Power & Light, pref.(quar.)
1% Jan. 2 Holders of rec. Dec. 16
Cin. Gas & Elec. (quar.)
I% Jan. 1 Holders of rec. Dec. 14
Cin. Gas Transportation (annual)
Jan. 1 Holders of rec. Dec. 20
10
Cincinnati Street Ry.(quar.)
1% Jan. 1 Holders of rec. Dec. 16
Consumers Gas (Toronto) (quar.)
2K Jan. 2 Holders of rec. Doe. 15
Consumers Power,6% pref. (quara_ _ _ _
1% Jan. 1 Holders of rec. Dec. 15a
7% preferred (quar.)
1K Jan. 1 Holders of rec. Dec. 15a
Dominion Power & Transmission, pref._ 3K Jan. 15 Dec. 23 to Dec. 31
Haverhill Gas Light (quar.)
$ 1.12K Jan. 2 Holders of rec. Dec. 16a
Kansas Gas & Elec.: pref. (quar.)
1K Jan. 2 Holders of rec. Dec. 19
Kentucky Securities Corp., common_ _ _ _ *1
Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
.1% Jan. 15 *Holders of rec. Dec. 29
Mackay Companies, common (extra)._ 10
Jan. 2 Holders of rec. Dec. 21
Manufacturers' Lt.dr Ht.(Pittsb.)(qu.).. $1
Jan. 15 Holders of rec. Dec. 30a
Extra
Jan. 15 Holders of rec. Dec. 30a
$1
Mohawk Valley Co
Jan. 2 Holders of rec. Dec. 20
2
Newport News & Hampton Ry., Gas &
Electric, preferred (quar.)...
*1% Jan. 1 *Holders of rec. Dec. 15
N. Y. State flys., common
51K Jan. 2 *Holders° f rec. Dec. 22
Preferred (acct. accum. dividends)...- *h10 Jan. 2 *Holders of rec. Dec. 22
Preferred (quar.)
*1% Jan. 2 *Holders of rec. Dec. 22
Northern Ohio Tr.& Lt.,6% Pf.(qua
1% Jan. 2 Holders of rec. Dec. 15a
7% preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 15a
Pacific Telep. dr Teleg. Pref. (guar.).- *1% Jan. 15 *Holders of rec. Dec. 30
Penn Central Lt. & Pow., pref. (qu.)...... $1
Jan. 2 Holders of rec. Dec. lie
People's Gas Light & Coke (quar.)
*1% Jan. 17 *Holders of rec. Jan. 3
Providence Gas (quar.)
Si
Jan. 1 Holders of rec. Dec. 15
Reading Traction
*75c. Jan. 1 *Dec. 16 to Jan. 1
Rochester & Syracuse, pref. (quar.)__.._
1
Dec. 15
Savannah Elec. Power, deb.ser. A (qu.)- $2 Jan. 2 Holders of rec. Dec. 15a
Southern Canada Power, pref. (quar.).... 1K Jan. 15 Holders of rec. Dec. 31
Toledo Edison, pref. (guar.)
2
Jan. 2 Holders of rec. Dec. 15
United Gas Impt., common (quar.)........ *1K Jan. 15 *Holders of rec. Dec. 30
Preferred (quar.)
8
*14 Mar. 15 *Holders of rec. Feb. 28
West Kootenay Power & Lt., pref. (qu.) 1% Jan. 2 Holders of rec. Dec. 22
Western Union Telegraph (quar.)
*1% Jan. 15 *Holders of rec. Dec. 26
Worcester (Mass.) Gas Light, com.(qu.) *2
Jan. 2 *Holders of rec. Dec. 23
Preferred (guar.)
*2
Jan. 2 *Holders of rec. Dec. 27
Yadkin River Power, pref.(quar.)
1K Jan. 2 Holders of rec. Dec. 16
Banks.
America, Bank of (gnarl
Tan. 2 Holders of rec. Dec. 21
3
American Exchange National (quar.)--- 3% Jan. 1 Holders of rec. Dec. 26
Butchers & Drovers Nat. Bank (guar.)- *2
Jan. 2 *Holders of rec. Dec. 29
Colonial (guar.)
3
Jan. 2 Holders of rec. Dec. 20
(
,
-ern Ex hange (onto%)
5
Feb. I Tiollersi of rel. Dec. 30
Coal dr Iron National (quar.)
Jan. 2 Holders of rec. Dec. 13
3
Coney Island (Bank of)
Jan. 2 Holders of rec. Dec. 26
5
Fifth Avenue (guar.)
Jan. 2 *Holders of rec. Dec. 30
*6
First National (quar.)
Jan. 2 *Holders of rec. Dec. 30
*10
Extra
Jan. 2 *Holders of rec. Dec. 30
*10
Greenwich (quar.)
Jan. 2 *Holders of rec. Dec. 21
*3
Extra
Jan. 2 *Holders of rec. Dec. 21
*1
Manhattan Co., Bank of the (quar.)___ - 3
Jan. 2 Holders of rec. Dec. 20a
1 xtra
,
Jan. 2 Holders of r/e. Dee. 20a
1
Mutual (quar.)
*3
Jan. 2 *Holders of rec. Dec. 25
Extra
Jan. 2 *Holders of rec. Dec. 25
*
3
• Importers dr Traders National (quar.).... 6
Jan. 2 Holders of rec. Dec. 21
Extra
Jan. 2 Holders of rec. Dec. 21
6
State (quar.)
Jan. 2 Holders of rec. Dec. 15a
4
Trust Companies.
•
'41
Lawyers Title & Trust (quar.)
1A Jan. 2 Holders of rec. Dec. 23]
Extra
2
Jan. 2 Holders of rec. Dec. 23 t
Manufacturers (Brooklyn) (guar.)
3
Jan. 2 Holders of rec. Dec. 20a
Miscellaneous.
Abitibi Power & Paper, pref. (quara_ _ _ 1K Jan. 2 Holders of rec. Dec. 20
Air Reduction (guar.)
El Jan. 15 Holders of rec. Dec. 30a
Amalgamated 011 (quar.)
75e. Jan. 15 *Holders of rec. Dec. 30
•
Amer.Brake Sh.az Fdry.,new corn.(qu.) $1 Dec. 30 Holders of rec. Dec. 22a
New preferred (quar.)
1K Dec. 30 Holders of rec. Dec. 22a
Amer. La France Fire Eng.,corn.(guar.) *2K Feb. 15 *Holders of rec. Feb. 1
Preferred (guar.)
*1% Jan. 2 *Holders of rec. Dec. 26
American Lace Manufacturing (guar.)._
Dec. 30 Holders of rec. Dec. 15
2
Extra
2
Dec. 30 Holders of rec. Dec. 15
American Screw (quar.)
1K Jan. 2 Holders of rec. Dec. 26a
Extra
% Jan. 2 Holders of rec. Dec. 26a
Amer. Type Founders, corn.(quar.)---- *1
Jan. 15 *Holders of rec. Jan. 10
Preferred (quar.)
'1K Jan. 15 *Holders of rec. Jan. 10
Amparo Mining (extra)
Dec. 22 Holders of rec. Dec. 12
5
Ault & Wiborg Co., prof. (quar.)
1K Jan. 2 Holders of rec. Dec. 16
Bancitaly Corporation
*3% Jan. 1 *Holders of rec. Dec. 15
Barnhart Bros& Spin-lst& 2d pref.0111
*la( Feb. 1 *Holders of rec. Jan. 26
Beatrice Creamery, corn.(guar.)
*4
Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
.
013i Jan. 2 *Holders of rec. Dec. 20
Beach Royalties (monthly)
Dee. 15
2
Monthly
Jan. 15
2
Beech-Nut Packing, corn. (quar.)
*60e. Jan. 10 *Holders of rec. Dec. 30
Bowker Roller Bearing
*5
Dec. 20 *Holders of rec. Dec. 16
Stock dividend
. 1-3 Dec. 28 *Holders of rec. Dec. 24
33
Brier Hill Steel, preferred (guar.)
*1K Jan. 1 *Holders of rec. Dec. 29
Brunswick-Balke-Collender, pref. (qu)_ *1% Jan. 1 *Holders of rec. Dec. 21
Burns Bros., preferred (quar.)
*1 K Jan. 2 *Holders of rec. Dec. 22
Prior preferred (quar.)
*1% Feb. 1 *Holders of rec. Jan. 20
Burt (F. N.) Co., common (quar.)
2% Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 15
Canada Bread, preferred (guar.)
11
K Jan. 2 Dec. 17 to Dec. 30
Canadian Fairbanks-Morse, preferred_ _ _ 3
Jan. 15 Holders of rec. Dec. 30
Canadian Locomotive, corn. (quar.)_ _ _ _
1
Dec. 31 Holders of rec. Dec. 20
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. 20
Central Coal & Coke, Preferred (quar.).. *1
Jan. 15 *Holders of rec. Dec. 31
1K
1K
2656
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Champion Coated Paper, pref. (quar.)_ _
134 Jan. 1 Holders of rec. Dec. 20
Chapman Valve (stock dividend)
*e50 Subj. to stockholders meet. Dec.19
Continental Motors, pref. (guar.)
*1% Jan. 15 *Holders of rec. Jan. 5
Continental Can, corn.(in corn. stock)- _ 133 1-3 Subj. to stockholders meet. Dec.29
Cornell Mills (quar.)
*4
Dec. 23 *Holders of rec. Dec. 12
Stock dividend
*e50 Subj. to stockholders meet. Dec.22
Corona Typewriter, first pref. (quar.)
2
Jan. 2 Dec. 16 to Jan. 1
Second preferred (quar.)
Jan. 2 Dec. 16 to Jan. 1
Dixie Terminal, pref. (quar.)
$1.623 Jan. 1 Holders of rec. Dec. 15
Diebold Site & Lock (stock dividend)
*e100
Dodge Manufacturing, pref. (quar.)_ _ _ *2
Jan. 1 *Holders of rce. Dec. 21
Dolores Esperanza Corp. (guar.)
23. Jan. 10 Dec. 31 to Jan. 9
Dominion Canners, pref. (guar.)
ly, Jan. 2 Holders of rec. Dec. 18
Eagle Warehouse & Storage
Dec. 20 *Dec. 16 to Dec. 20
Extra
*4
Dec. 20 *Dee. 16 to Dec. 20
Edmunds dr Jones Corp., corn. (quar.)
*50c. Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
*1% Jan. 2 *Holders of rec. Dec. 20
Electric Controller .3r Mfg., corn. (quar.) $1
Jan. 2 Holders of rec. Dec. 20
Preferred (nusr.)
1 %, Jan. 2 Holders of rec. Dec. 20
Empire Safe Deposit (quar.)
1% Dec. 29 Holders of rec. Dec. 23a
Famous Players-Lasky Corp., pref.(qu.) 2
Feb. 1 Holders of rec. Jan. 15
Fleischmann Co., preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 15
Flint Mills
*4
Jan. 1 *Holders of rec. Dec. 8
Stock dividend
*50
Subj. to stockholders meet. Dec.20
Foundation
$1.50 Dec. 15 Holders of rec. Dec. 1
Garfield Safe Deposit
4
Dec. 14 to Dec. 27
Extra
2
Dec. 14 to Dec. 27
*/200 Dec. 28 *Holders of rec. Dec. 22
General Baking (stock dividend)
General Fire Extinguisher
*e20
Gimbel Brothers, preferred (quar.)
Feb. 1 *Holders of rec. Jan. 15
Grasselli Chemical, common (quar.)
2
Dec. 30 Holders of rec. Dec. 15
Preferred guar.)
Dec. 30 Holders of rec. Dec. 15
Great Lakes Towing, common (quar.) _ _
Dec. 30 Holders of rec. Dec. 15
Preferred (guar.)
Tan. 2 Holders of rec. Dec. 15
Hamilton-Brown Shoe
*2
Dec. 22 *Holders of rec. Dec. 16
Extra
Jan. 2 *Holders of rec. Dec. 16
Hart,Schaffner & Marx,Inc., pref.(qu.)
Dec. 28 *Holders of rec. Dec. 19
Hathaway Mfg. Co
5e25
Hendee Mfg., pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 20a
Hibernia Securities, corn
5 • Dec. 15 Holders of rec. Dec. 11
Preferred(qu ar.)
1 y Jan. 2 Holders of rec. Dec. 26
i
Hollinger Cons. Gold Mines
*1
Dec. 30 *Holders of rec. Dec. 15
Hudson Motor Car (quar.)
50c. Jan. 2 Holders of rec. Dec. 22
Extra
25c. Jan. 2 Holders of rec. Dec. 22
Hurley Machine, corn. (quar.)
*500. Jan. 4 *Holders of rec. Dec. 28
Common (in stock)
*110
*Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 *Holders of rec. Dec. 20
Independent Pneumatic Tool (quar.)__ _ *2
Jan. 2 *Holders of rec. Dec. 20
Special
*2
Indiana Pipe Line (quar.)
$2 Feb. 15 Holders of rec. Jan. 15
Intercolonial Coal Mining, corn
4
Jan. 2 Holders of rec. Dec. 23a
Preferred
3)i Jan. 2 Holders of rec. Dec. 23a
Island Creek Coal, corn. (quar.)
$2 Jan. 1 Holders o, rec. Dec. 20
Common (extra)
35 Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
$150 Jan. 1 Holders of rec. Dec. 20
Jones Bros. Tea, corn. (guar.)
Jan. 11 *Holders of rec. Dec. 20
*S1
Preferred (guar.)
*13
4 Dec. 30 *Holders of rec. Dec. 15
Kanawha & Hocking Coal & Coke, pref_ *334 Jan. 1 *Holders of rec. Dec. 15
Kerr Lake Mines, Ltd. (guar.)
1234c. Jan. 15 Holders of rec. Jan. 2a
Kilburn Mill(stock dividend)
*e50 Subj. to stkholders m'ting Dec. 18
Kirby Lumber, pref
(l) Dec. 30 Holders of rec. Dec. 20
Extra
14 Dec. 30 Holders of rec. Dec. 20
Kroger Grocery & Baking, new pi.(qu.)_
14 fan. 1
lders of rec. Dec. 15
Laurentide Co. (quar.)
1)4 Jan. 2 Holders of rec. Dec. 22
Library Bureau,corn.(quar.)
1% Jan
1 Holders of rec. Dec. 21
Preferred (quar.)
2
Jan. 1 Holders of rec. Dec. 21
Lincoln Mfg. (stock dividend)
'440
Lockwood Co. (stock dividend)
*e44 Subj. to stkholders in'tting Dec. 15
Loft, Inc. (quar.)
25c. Dec. 30 Holders of rec. Dec. 20
Lone Star Gas (quar.)
*134 Dec. 30 Holders of rec. Dec. 23
Lord & Taylor, 1st pref
*h21 Dec. 20 *Holders of rec. Dec. 12
Mack Trucks, corn. (No. 1)
*ill Dec. 28 *Holders of rec. Dec. 18
4V„,j; Jan. 2
1st & 2d pref. (quar.)
*Holders of rec. Dec. 20
Macy(R. H.)& Co., Inc., pref. (quar.)_
1% Feb. 1 Haters of rec. Jan. 13
Magor Car Corp.,corn
25c. Dec. 30 Holders of rec. Dec. 23
Pr(f,
rred (^,,ar)
1% Dec. 30 Holders of rec. Dec. 23
Maple Leaf Milling, corn. (quar.)
2
Jan. 18 Holders of rec. Jan. 3
Preferred (guar.)
Jan. 18 Holders of rec. Jan. 3
Maresi-Mazzetti Corp. (guar.)
2
Dec. 1 Holders of rec. Nov. 30
Marland Oil (guar.)
*51
Jan. 2 *Holders of rec. Dec. 20
Maverick Mills (quar.)
*51.50 Jan. 2 *Holders of rec. Dec. 15
McCall Corp., 1st pref. (guar.)
14 fan. 2 Holders of rec. Dec. 20
McCrory Stores Corp., pref. (quar.)_ _ *1% Jan. 2 *Holders of rec. Dec. 20
Melville Shoe Corp.(extra)
E10
Dec. 20 Holders of rec. Dec. 15
*234 Dec. 30 *Holders of rec. Dec. 27
Merchants Despatch Transp. (quar.)_ _
Merrimack Chemical (guar.)
$1.25 Dec. 30 Holders of rec. Dec. 16
Mexican Petroleum, corn. (quar.)
*4
Jan. 20 Holders of rec. Dec. 29
Preferred (quay.)
*E2
Jan. 10 Holders of rec. Dec. 29
Midwest Oil, corn. (quar.)
*4
Jan. 15 *Holders of rec. Jan. 2
Mother Lode Coalition Mines
*50e Dec. 30 *Holders of rec. Dec. 20
National Licorice, common
2% Jan. 9 Holders of rec. Jan. 3
Preferred (quar.)
134 Dec. 30 Holders of roe. Dec. 22
National Refining, pref.(guar.)
2
Tan. 2 Holders of rec. Dec. 15
National Surety (stock dividend)
(3) Subject st'khol'rs meet'g Dec 28
Neild Mills (extra)
*$20 Dec. 20 *Holders of rec. Dec. 11
Stock dividend
5e50 Subj. to spec. meet'g of stkholders
New River Co., pref. (acct. accum.)---- 5/4150 Dec. 28 *Holders of rec. Dec. 20
New York State Realty & Terminal_ _ _ _ *6
Jan. 2 *Holders of rec. Dec. 29
Nlpissing Mines (quar.)
3
Jan. 20 Dec. 31 to Jan. 17
Extra
3
Jan. 20 Dec. 31 to Jan. 17
*3
Northwestern Yeast (quar.)
Dec. 15 *Holders of rec. Dec. 12
Extra
*3
Dec. 15 *Holders of rec. Dec. 12
Ogilvie Flour Mills (quar.)
3
Jan. 2 Holders of rec. Dec. 21
Oklahoma Natural Gas
*1
Jan. 20 *Holders of rec. Dec. 26
Ottawa Car Mfg.(quar.)
1
Jan. 2 Holders of rec. Dec. 15
Bonus
2
Jan. 2 Holders of rec. Dec. 15
*e
Pacific Mills (stock dividend)
Pan Amer. Pet. & Transp., corn. A & B_ *e20 Feb. 8 *Holders of rec. Dec.
29
Panhandle Prod. dr Ref., pref. (quar.)
$2
Jan. 2 Holders of rec. Dec. 21
Parke-Davis & Co. (stock dividend)_ _ _ _ *e100
Phelps
-Dodge Corp. (quar.)
*S1
Jan. 2 *Holders of rec. Dec. 20
Phila. de Camden Ferry (special)
*510 Dec. 30 *Holders of rec. Dec. 20
Pierce Mfg
*S20
Stock dividend
*50
Subj. to stockholders' meeting.
Pittsburgh Rolls Corporation, corn
*2
Dec. 30 *Holders of rec.
u Jan. 1 *Holders of rec. Dee. 23
Preferred (quar.)
Dec. 23
Plymouth Cordage (stock div.)
*e100 Subj.to stkholders meet'g Jan 20
Pond Creek Coal, common (quar.)
37%c. Jan. 1 Holders of rec. Dec. 20
Potomska Mills
*525
Prairie Oil dr Gas (guar.)
*2
Jan. 31 *Holders of rec. Dec. 30
Price Brothers & Co., Ltd. (quar.)
Jan. 2 Holders of rec. Dec. 18
Pullman Company (quar.)
2
Feb. 15 Holders of rec. Jan. 31
Quissett Mills (stock dividend)
*60
Subj. to stockholders ineet.Dec. 20
Reo Motor Car, common (guar.)
Jan. 2 *Holders of rec. Dec. 15
•1
Common (extra)
Jan. 2 *Holders of rec. Dec. 15
Richardson Co., pref. (quar.)
Jan. 1 Holders of rec. Dec. 15
Richman Brothers (quar.)
Jan. 2 Holders of rec. Dec. 21
$1
Extra
50c. Jan. 2 Holders of rec. Dec. 21
Stock dividend
el00 Dec. 31 Holders of rec. Dec. 21
Royal Baking Powder, corn. (quar.)
2
Dec. 30 Holders of rec. Dec. 150
Common (extra)
2
Dec. 30 Holders of rec. Dec. 15a
Preferred (guar.)
134 Dec. 30 Holders of rec. Dec. 150
Royal Dutch (interim)
*10
Jan. 1
Rogers(Wm. A.) Co., pref. (quar.)
Jan. 2 Holders of rec. Dec. 15
St. Joseph Lead (quar.)
25c. Mar .20 Mar. 10 to Mar. 20
Extra
25c. Mar. 20 Mar. 10 to Mar. 20
St. Louis National Stock Yards
*2
Jan. 2 *Holders of rec. Dec. 20
St. Maurice Parer (guar.)
134 Dec. 27 Holders of rec. Dec. 20
Santee Cotton Mills
Jan. 15
Stock dividend
*e50
Scovill Mfg. (quar.)
134 Jan. 1 Dec. 24 to Jan. 1
Sinaloa Exploration & Development_ __ - $5
Dec. 31 Holders of rec. Dec. 30
[VOL. 115.
THE CHRONICLE
*134
134
*134
*134
14
134
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
3)4 Jan. 1 Holders of rec. Dec. 22
Southeastern Express
Jan. 20 Holders of rec. Dec. 30
1
Southern States 011 (monthly)
Jan. 2 Holders of rec. Dec. 21
2
Spicer Manufacturing, pref. (quar.)_
Dec. 30 Holders of rec. Dec. 26
3
Standard Safe Deposit (quar.)
Dec. 30 Holders of rec. Dec. 26
2
Extra
*170 Subj. to stockholders meet. Dec.22
Standard Screw (stock dividend)
Feb. 1 /folders of rec. Jan. 9
Steel Co. of Canada, corn. & pref. (qu.)
3 Jan. 1 Holders of rec. Dec. 23
Steel & Tube Co. of Amer., pref.(quar.)_
*75c. Jan. 15 *Holders of rec. Dec. 31
Sullivan Machinery (quar.)
Jan. 1 *Holders of rec. Dec. 23
Thompson (John R.) Co., com.(mthly.) _ 4,1
Feb. 1 *Holders of rec. Jan. 23
Common (monthly)
Mar. 1 *Holders of rec. Feb. 23
Common (monthly)
Jan. 2 *Holders of rec. Dec. 23
Preferred (quay.)
Jan. 2 Holders of rec. Dec. 15
Tobacco Products Corp., pref. (guar.)_ _
Jan. 5 *Dee. 17 to Dec. 25
*15
Tonopah Mining
46
,
Jan. 15 *Holders of rec. Dec. 29
Troy Union Co.(annual)
*2
Jan. 15 *Holders of rec. Jan. 5
Truscon Steel, common (quar.)
1
Jan. 20 Holders of rec. Dec. 30
Truman Oil (monthly)
*1% Jan. 15 *Holders of rec. Jan. 12
Union Bag & Paper (quar.)
*e50 Dec. 28 *Holders of rec. Dec. 22
Union Tank Car (stock dividend)
2
Jan. 15 Holders of rec. Dec. 20
United Fruit (quar.)
2
Jan. 15 Holders of rec. Dec. 20
Extra
United Shoe Machinery, corn. (guar.)_ _ 537%c Jan. 5 *Holders of rec. Dec. 19
*50c.J an. 5* Holders of rec. Dec. 19
Preferred (quar.)
*51.50 Dec. 11 *Holders of rec. Dec. 11
United Verde Copper Co
$1 Jan. 1 Holders of rec. Dec. 20
U. S. Playing Card (quar.)
Jan. 1 Holders of rec. Dec, 20
50
Extra
Jan. 1 Holders of rec. Dec. 21
U. S. Print. & Litho., 1st pref. (quar.)_
Jan. 2 Holders of rec. Dec. 15
Universal Leaf Tobacco, corn. (quar.)_ _ _
2
Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
50e. Dec. 30 Holders of rec. Dec. 15
Utah Copper Co.(quar.)
*2
Jan. 2 Holders of rec. Dec. 20
Ward Baking,common (quar.)
*5
Jan. 2 Holders of rec. Dec. 20
Common (extra)
Common (payable in common stock)_ _ *.r.20 Jan. 2 Holders of rec. Dec. 20
*1% Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
*300
Washburn Wire, corn. stock div.)
*$1.50 Jan. 5 *Holders of rec. Dec. 30
West Coast Oil (quar.)
*e900
*Holders of rec. Dec. 5
Whiting & Davis (stock dividend)
5e1400
Whitin Machine Works (stk. div.)
Jan. 2 Holders of rec. Dec. 23
Wilson & Co., Inc., pref. (quar.)
2, Jan. 2 Holders of rec. Dec. 16
4
Wright-Hargreaves Co. (quar.)
134
14
*1
*1
*1%
134
134
Below we give the dividends announced in previous weeks
and not yet paid. This list Soes not include dividends
announced this week.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
3% Dec. 28 Holders of rec. Nov.29
Alabama Great Southern, ordinary....
3% Feb. 16 Holders of rec. Jan. 19
ProfPreferred
4% Jan. 2 Holders of rec. Dec. 150
Albany & Susquehanna
Dec. 25 Holders of rec. Dec. la
1
Ashland Coal & Iron Rv.(quar.)
2% Feb. 1 Holders of rec. Dec. 29a
& Santa Fe, pref
Atch. Topeka
Dec. 30 Dec. 19 to Jan. 1
3
Atlanta & West Point
3% Jan. 10 Holders of rec. Dec. 150
Atlantic Coast Line RR., common
1% Jan. 1 Holders of rec. Dec. 150
Bangor & Aroostook, pref.(quar.)
50c. Jan. 2 Holders of rec. Dec. 15a
Beech Creek (quar.)
2% Dec. 30 Holders of rec. Nov.300
Boston & Albany (quar.)
2% Jan. 1 Holders of rec. Dec. 200
Boston dr Providence (quar.)
1% Dec. 30 Dec. 16 to Jan. 1
Buffalo & Susquehanna, corn.(quar.)
10
Dec. 30 Dec. 16 to Jan. 1
Common (special)
2
Dec. 30 Dec. 16 to Jan. 1
Preferred
2% Dec. 30 Holders of rec. Dec. la
Canadian Pacific, common (quar.)
2
Jan. 1 Holders of rec. Dec. la
Chesapeake & Ohio, common
1% Jan. 1 Holders of rec. Dec. la
Preferred (No. 1)
*5
Dec. 26 *Holders of rec. Dec. 16
Chicago Burlington de Quincy
Chicago Thdianp.& Louisv.,common__ _ 1% Jan. 10 Holders of rec. Dec. 300
2
Jan. 10 Holders of rec. Dec. 30
Preferred
2% Jan. 15 Holders of rec. Dec. 140
Chicago & North West, common
3% Jan. 15 Holders of rec. Dec. 14a
Preferred
Chicago Rock Island & Pacific, 7% pref.. 3% Dec. 30 Dec. 9 to Jan. 1
3
Dec. 30 Dec. 9 to Jan. 1
Six per cent preferred
3
Dec. 26 Holders of rec. Dec. 5a
Cin. N.0.& Tex. Pacific, common
3% Dec. 26 Holders of rec. Dec. 5a
Common (extra)
3
Dec. 30 Dec. 17 to Jan. 1
Colorado & Southern,common
2
Dec. 30 Dee. 17 to Jan. 1
First preferred
4
Dec. 30 Dec. 17 to Jan. 1
Second preferred (annual)
3
Feb16'23 Holders of rec. July 20a
Cuba RR., preferred
2% Dec. 20 Holders of rec. Nov. 27a
neiaware & Hudson Co.(quar.)
3
Dec. 20 Holders of rect. Dec.. 4a
Greene Railroad
2
Dec. 30 Holders of rec. Dec. 80
Hocking Valley
2
Jan. 1 Dec. 12 to Jan. • 4
Illinois Central, leased lines
1
Jan. 2 Holders of rec. Dec. fla
RR. of N.J. (quar.)
Lackawanna
8734c Jan. 2 Holders of rec. Dec. 9a
Lehigh Valley, corn. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 90
(quar.)
Preferred
Dec. 28 Holders of rec. Dec. 15a
Minn.St. Paul .3r S.S. Marie,corn.& pf_ 2
Jan. 1 Dec. 2 to Jan. 1
2
Mobile & Birmingham, Preferred
4% Jan. 2 Holders of rec. Dec. 90
Essex
Morris &
New York Chicago etc St. Louis
1% Doe. 30 Holders of rec. Dec. 19a
Common
1% Dec. 30 Holders of rec. Dec. 19a
First preferred ((Mar.)
1% Dec. 30 Holders of rec. Dec. 190
.
second preferred (gunn)
$2.50 Jan. 2 Holders of rec. Dec. 15a
York & Harlem, corn. & pref
New
1% Jan. 2 Holders of rec. Dec. 140
Western (quar.)
N. Y. Lackawanna de
Dec. 31 Holders of rec. Dec. 15a
Norfolk
$3
New York Philadelphia &
1% Dec. 19 Holders of rec. Nov. 29a
Western,common (quar
Norfolk &
1
Dec. 19 Holders of rec. Nov. 29a
Common (extra)
*3
Dec. 30 *Holders of rec. Dec. 15
Phila. Bait. & Washington
2% Jan. 10 Dec. 31 to Jan. 11
Trenton (quar.)
Philadelphia dr
com.&Pf.(qu.) 1% Jan. 2 Holders of rec. Dec. 9a
Pitts. Ft. Wayne & Youghiogheny
151.50 Jan. 2 Holders of rec. Dec. 15a
Pittsb. McKeesp. &
Virginia, pref.(quar.) 1% Feb. 28 Holders of rec. Feb. la
Pittsburgh & West
4
Jan. 1 Dee. 151 to Jan. 1
Rensselaer & Saratoga
2% Dec. 30 Holders of rec. Dec. 15a
pref
St. Louis Southwestern,
1% Jan. 2 Holders of rec. Nov. 29a
Southern Pacific Co. (quar.)
2% Jan. 2 Holders of rec. Dec. la
Union Pacific, corn. (guar.)
(quar.)
2% Jan. 10 Dec. 21 to Dec. 31
United N.J. RR. dr Canal
2% Jan.
Holders of rec. Doe. 160
Valley RR.(New York)
3
Dec. 30 Dec. 9 to Jan. 1
Ry. of Alabama
Western
Public Utilities.
1% Jan. 1 Holders of rec. Dec. 20
Alabama Power, pref. (quar.) (quar.)
1% Jan. 2
rec. Dec. 15
American Public Service, pref. (quar.) 2% Jan 15'23 Holders of rec. Dee. 200
Holders of
American Telephone & Telegraph
2% AprI8'23 Holders of roe. Mar.16'23
Quarterly
J'Iy16'23 Holders of rec.June 2013
Quarterly.
Jan. 15 Holders of rec. Dec. 30
Appalachian Power, pref.(quar.)(N0.1 )
88c. Dec. 30 Holders of rec. Doe. 15
Electric. pref. (quar.).
Associated Gas &
1% Jan. 1 Holders of rec. Dec. 9
(quar.)
Bangor Ry.& Electric, pref.
_(2 )$1.50 Ian. 2 hollers of rec. Dec. 16
Boston Limited Hy., corn. (quar.)
$4
Jan. 2 Holders of rec. Dec. 16
First preferred
$3.50 Jan. 2 Holders of rec. Dec. 16
Seven per cent preferred
1% Jan. 2 Holders of roe. Dec. 150
Pow., pref. (quar.)_ _
Brazilian Tr., L.&
2
Jan. 2 Holders of rec. Dec. 150
Brooklyn Union Gas(Vox.)
Dec. 30 Holders of rec. Dec. 15a
2
Buffalo General Electric (quar.)
1% Jan. 1 Holders of rec. Dec. 15a
corn.(quar.)
Canadian General Elec.,
Jan. 15 *Holders of rec. Dec. 30
Central Ills. Public Service, pref. (qu.)... *134 Dec. 30 Holders of rec. Dec. 9
(ouar.)___ _
Central States Electric, pref.
Jan. 1 Dec. 21 to Jan. 1
(quar.)
Cinc.& Hamilton Tract.,common
Jan. 1 Dec. 21 to Jan. 1
(quar.)
Preferred
Jan. 1 Dec. 17 to Jan. 1
Cincinnati Street Ry.(quar.)
Jan. 2 Holders of rec. Dec. 15
_
Cincinnati & Sub. Bell Telp.(quar.)_ _ _
Jan. 1 Holders of rec. Dec. 20a
Ry., Phila. (guar.)
Citizens Pass.
Jan. 2 Holders of rec. Dec. 16
(quar.)
City Gas of Norfolk, pref.
Dec. 31 Holders of rec. Dec. 12
Cleveland Ry. (quar.) Balt.,com.(qu.)
Jan. 2 Holders of rec. Dec. 150
Consol.Gas,EI.L.& P.of
Jan. 2 Holders of rec. Dec. 150
Preferred, Series A (guar.)
Jan. 2 Holders of rec. Dee. 150
Preferred, Series B (quar.)
•
DEC.16 1922.]
Pcr
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
2
Jan. 15 Holders of rec. Dec. 30a
Consolidated Traction of N. J
Dec. 30 Holders of rec. Nov. 29a
Continental Passenger Ry., Philadelphia to$3
2
Dec. 21 Holders of rec. Dec. 18 /
Dayton Power & Light, common
135 Jan. 2 Holders of rec. Dee. 207
Preferred (quar.)
Jan. 15 Holders of rec. Dee. 20a
2
Detroit Edison (quar.)
Jan. 1 Holders of rec. Dec. 21
1
Duluth Edison Electric, pref. (quar.) _ _ _
Jan. 2 Holders of rec. Dec. 15a
El
Duluth-Superior Traction, preferred_ _
2
Jan. 2 Holders of rec. Dec. 13a
Eastern Texas Elec. Co., corn. (quar.)_ _
Jan. 2 Holders of rec. Dec. 13a
3
Preferred
El Paso Electric Co., preferred
Jan. 8 Holders of rec. Dec. 18a
3
Erie Lighting, pref.(quar.)
50c. Jan. 2 Holders of rec. Dec. 15
Southw . Pass., 1-1111a. (qu.) $4.50 Jan.
Frankfort
Dec. 2 to Dec. 31a
*135 Jan. 2 *Holders of rec. Dec. 30
Gold & Stock Telegraph (quar.)
Illinois Bell Telephone (quar.)
Dec. 29 Holders of rec. Dec. 280
2
Illinois Traction. pref. (quar.)
1
Jan. 2 Holders of rec. Dec. 15
Kansas City Power & Lt., 1st pf. A (qu.) 14 Jan. 1 Holders of rec. Dec. 15
Kansas City Pow. Secur., corn.(No. 1)_ $2
Dec. 20 Holders of rec. Dec. 5
Preferred (quar.)
$1.25 Jan. 1 Holders of rec. Dec. 20
Mackay Companies, corn. (quar.)
Jan. 2 Holders of rec. Dec 6a
Preferred (guar.)
1
Jan. 2 Holders of re . Dec (la
,
Manila Electric Corp., corn. (quar.)_ _
2
Dec. 30 Holders of rec. Dec. 18a
Market St. Ry., San Fr., prior pf. (qu.)
135 Jan. 2 Holders of rec. Dec. lla
Mississippi River Power, pref. (quar.)_ _
135 Jan. 2 Holders of rec. Dec. 9a
Monongahela Power & Ry., pref.(quar.) 3735c Jan. 8 Holders of rec. Dec. 26a
Montana Power, corn. (quar.)
Jan. 2 Holders of rec. Dec. 130
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 13a
New England Tyler). So Teleg. ((Mar.)--Dec. 30 Holders of rec. Dee. ha
New York Telephone, pref. (guar.)
Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, pref. (quar.)
Jan. 15 Holders of rec. Dec. 31a
Northwestern Telegraph
Jan. 1 Dec. 16 to Dec. 31
Pennsylvania Power & Lt., pref. (qu.)_ _
Jan. I Holders of rec. Dec. 15
Pennsylvania Water & Power (quar.).. _ _
Jan. 2 Holders of rec. Dec. 150
Public Serv. Corp. of N. J., corn. (qu )_
Dec. 30 Holders of rec. Dec. 15a
Preferred (ouar.)
Dec. 30 Holder, of rec. Dec. 1
Puget Sound Power & Lt., corn. ((FL)- Jan. 15 Holders of rec. Dec. 20a
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 20a
Prior preference (quar.)
Jan. 15 Holders of rec. Dec. 20a
Second & third Sts. Pass., Phila. (qu.) _
Jan. 1 Holders of roe. Dee. ii
Shawinigan Water & Power (quar.).
Jan. W Holders of rec. Dec. 22
Springfield Ry.& Light. pref.(quar.)_ _ _
Jan. 2 Holders of rec. Dec. 15a
Tennessee I ACC. Power b% 1st pref. (qu.)
Dec. 30 Holders of rec. Dec. 12
Seven per cent preferred (quar.)
Dee. 30 Holders of ree. Dee. 12
TM-City Ry.& Light, pref.(quar.)
Jan. 2 Holders of rec. Dec. 20
Twin City ftap 'I'ransit, Minneap., corn_
Dec. 30 Holders of rec. Dee. 15o
Preferred (quar.)
Dec. 30 Holders of rec. Dee. 150
Union Passenger R v., Phila.
Jan. 1 Holders of rec. Dec. 15a
Union Traction, Phila
Jan. 1 Holders of rec. Dec 97
United Light & Rys., common (quar.)- Feb. dl Holders of rec. dJan.151
Common (extra)
Feb. dl Holders of rec. dJan.15 /
Six per cent preferred (quar.)
135 Jan. 2 Holders of rec. Dec. 157
Seven per cent preferred (quar.)
14 Jan. 2 Holders of rec. Dec. 15a
Utah Power & Light, pref.(quar.)
1% Jan. 2 Holders of rec. Dec. 12
Utilities Securities, pref. (uqar.)
Dec. 27 *Holders of rec. Dec. 16
Washington Water Pow., Spokane (qu.) 13 Jan. 15 Holders of rec. Dec. 22
Extra
Jan. 15 Holders of rec. Dec. 22
1
West Philadelphia Pass. Ry
(6)55 Jan. 1 Holders of rec. Dec. 15'
West India Electric Co.(quar.)
1y, Jan. 2 Dec. 24 to Jan. 1
Winnipeg Elec. Ry. pref. (quar.)
Jan. 1 Holders of rec. Dec. 18
Wisconsin Edison
Dec. 30 Holders of rec. Dec 6a
Wisconsin Power & Light, pref. (quar.)_
Jan. 20 *Holders of rec. Dec. 31
•
Banks.
Amer. Exch. Secur. Corp., Cl. A (qu.)-2
Chase National (quar.)
4
Chase Securities Corp.(quar.)
$1
Chatham & Phenix National (quar.)_ _
4
Columbia
•4
Extra
*2
Commerce, Nat. Bank of (quar.)
3
Extra
4
East River National
6
o Manhattan Co.(Bank of the) in stock. el00
Mutual (payable in stock)
150
'National City Bank (quar.)
4
National City Company (quar.)
2
Extra
2
8 Public National (payable in stock)___ _ elti's
Public National (attar.)
4
Seaboard National (guar.)
3
Extra
2
Bank of the United States (quar.)
235
Trust Companies.
Bank of N. Y.& Trust Co.(quay.)
Commercial (No. 1)
Equitable (payable in stock)
Guaranty (quar.)
Hudson (guar.)
Lawyers Title & Trust (in stock)
United States (quar.)
Jan. 1 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Holders of rec. Dec. 18a
Jan. 2 Dec. 17 to Jan. 1
Dec. 31 *Holders of rec. Dec. 18
Dec. 31 *Holders of re . Dec. 18
,
Jan. 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 15a
Dec. 31 Dec. 26 to Dec. 31
(o)
Nov. 29t to Dec. 5
Holders of rec. Dec. 11
Jan. 2 Holders of rec. Dec. 16)
Jan. 2 Holders of rec. Dec 16
Jan. 2 Holders of rec. Dec. 16
Dec. 29 Holders of rec. Dec. 20
Dec. 30 Holders of rec. Dec 20
Jan. 2 Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dec. 20a
5
Jan. 2 Holders of rec. Dec. 157
*3
Jan. 2 *Holders of rec Dec. 20
• e33 1-3 Sub). to stockholders meet.Dec. 20
3
Dec 30 Holders of rec. Dec. 15
235 Dec. 30 Dec. 10 to Jan. 1
*e50 Dee. 30 *irolders of roe. Dec. 26
1235 Jan. 2 Holders of rec Dec. 21a
Fire Insurance.
Globe & Rutgers Fire (pay. in stock) _ _ _ e400
National Liberty (payable in stock)_
e50
Niagara Fire
5e50
Miscellaneous.
Acceptance & Finance Corp., corn
Preferred A (guar.)
Preferred 11 (quar.)
Acme Coal Mining
Adams Express (quar.)
Advance-Rumely, pref. (quar.)
Alliance Realty (quar.)
Allied Chem.& Dye Corp., pref. (qu.)_ _
Allis-Chalmers Mfg., Inc., pref. (quar.)_
Amer. Art Works,corn. & pref.(quar.)_ _
Amer. Bank Note, corn. (extra)
Common (payable in common stock)_ _
Preferred (quar.)
American Beet Sugar. preferred (quar.).
American Can,common (guar.)(No. 1)
Preferred(quar.)
Amer. Car do Fdy., corn. (quar.)
Preferred (quar.)
American Cigar, preferred (quar.)
American Express (guar.)
American Locomotive,common (quar.)_
Preferred (quar.)
American Manufacturing, pref. (quar.)_
American Multigraph, pref. (quar.)
American Piano, common (quar.)
Preferred (quar.)
American Radiator, corn. (quar.)
Common (payable in common stock)_ _
American Sales Book, common
American Shipbuilding, common (guar.)
Common(quar.)
Common (quar.)
American Smelt. Scour., pref. A (quar.)_
Preferred B (quar.)
American Snuff, common (guar.)
Preferred (guar.)
Amer.Steel Foundries. com.(in com.stk
American Steel Foundries, corn.(quar.)
Preferred (quar.)
American Stores (guar.)
American Sugar Refining, pref.(quar.)._
American Thread. preferred
American Tobacco, pier. (quar.)
American Wholesale Corp., pref. (guar.)
2657
THE CHRONICLE
(2)
Ratified by
stkhldrs' Dec. 14
Jan. 2
Jan. 2 Dec. 21 to
Jan. 2 Dec. 21 to Jan. 2
Jan. 2 Dee. 21 to
Jan. 2
Feb. 5 Holders of rec. Jan. 25
Dec. 30 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 15a
Jan. 16 lfolders of roc Dec. 28
Jan. 2 Holders of rec. Dec. 157
Jan. 15 Holders of rec. Dec. 23a
Jan. 15
Dec. 29 Holders of rec. Dec. 15a
Dec. 29 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 152
Dee. 30 Holders of rec. Dec. 9a
Feb. 15 Holders of rec. Jan. 31a
2 Holders of rec. Dec. 15a
13 Jan
3
Jan. 1 Holders of rec. Dec. 15a
1% Jan. 1 Holders of rec. Dec. 157
135 Jan. 2 Holders of rec. Dec. 150
$2
Jan. 2 Holders of rec. Dec. 141
135 Dec. 30 Holders of rec. Dec. 13a
Dec. 30 Holders of rec. Dec. 13a
151 Dec. 31 Dec. 17 to
Dec. 30
Jan. 1 Dec. 20 to
Jan. 1
135 Jan. 1 Dec. 27 to Jan. 1
Jan. 1 Dec. 27 to Jan. 1
$1
Dec. 30 Holders of rec. Dec. 15a
/50 Dec. 30 Holders of rec. Dec. 15a
Jan. 15 Holders of rec. Dec. 15
8
2F eb. 1'23 Holders of rec.Jan.15'23
2M ay V23 Holders of rec. Apr.14'23
2A ug. 1'23 Holders of rec. July 1423
135 Jan. 2 Dee. 14 to Dec. 22
Jan. 2 Dec. 14 to Dee. 22
Jan. 2 Holders of rec. Dec. 14a
3
135 Jan. 2 Holders of rec. Dec. 14a
Dec. 30 Holders of rec. Dec. I 9a
118
75c Jan. 15 Holders of rec. Dec. 31a
Dec. 30 Holders of rec. Dec. 15a
14 Jan. I Dec. 22 to Jan. 1
14 Jan. 2 Holders of rec. Doe. la
O235 Jan. 1 *Nov. 15 to Nov. 30
135 Jan. 2 Holders of rec. Dec. 9z
Jan. 1 Holders of rec. Dec. 20a
Si
235
14
2
$1
75e.
2
14
1Y,
135
$10
110
75c.
135
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer. Window Glass Mach., corn. (qu.)
Jan. 2 Holders of rec. Dec. 8
Preferred ((Mar.)
Jan. 2 Holders of rec. Dec. 8
American Woolen,corn. and pref.(quar.)
Jan. 15 Dec. 16 to Dec. 26
Armour & Co., preferred (quar.)
iq Jan. 2 Dec. 16 to Jan. 1
Associated Oil (quar.)
Jan, 25 Holders of rec. Dec. 30a
Atlantic Refining, corn. (In corn. stock)_
Dec. 20 Holders of rec. Dec.f 12a
Atlantic Terra Cotta, pref. (quar.)
Dec. 18 Holders of rec. Dec. 8
uBabcock & Wilcox (guar.)
Apr. 2 Holders of rec. Mar. 20
uStoek dividend
Holders of rec. Dec. 20
(u)
33 1-3
Baldwin Locomotive, corn, and pref._ _ _
34 Jan. 1 Holders of rec. Dec. 2a
Beech-Nut Packing, corn. (extra)
48e. Dec. 26 Holders of rec. Dec. 16a
Bethlehem Steel, corn. & coin. Is (guar.)
1.4 Jan. 2 Holders of rec. Dec. 15a
Seven per cent cum. preferred (quar.)_
1
Jan. 2 Dec. 16 to Jan. 1
Seven per cent non-cum. pref. (quar.)_
1
Jan. 2 Dec. 16 to Jan
Eight per cent preferred (quar.)
2
Jan. 2 Holders of roe. Dec. 15a
Borne, Scrymser & Co.(in stock)
Dec. 30 Dec. 10 to Dec. 30
e400
British-American Oil (quar.)
50c. Jan. 2 Holders of rec. Dec. 23
Extra
50c. Jan. 2 Holders of rec. Dec. 23
Buckeye Pipe Line (special)
525 Dee. 30 Holders of rec. Nov. 290
Bucyrus Co., pref.(quar.)
Jan. 2 Holders of rec. Dec. 20a
Pref.(extra) (acc't accumulations) _ _
Jan. 2 Holders of rec. Dec. 200
Prof. (special) (acc't accumulations)_ _
Jan. 2 Holders of rec. Dec. 201
Burroughs Adding Machine (quar.)-- - 2
Dec. 30 Holders of rec. Dec. 20a
Bush Terminal Bldgs., pref. (quar.)_ _ _ _
1U, Jan. 2 Holders of rec. Dec. 20a
11,1110 & swwrior NI Ming
50e. Dec. 30 Holders of rec. Dec. 15a
California Oil & Gas
5e
Jan. 2 Holders of rec. Dec. 15et
California Petroleum, pref. (guar.)
Jan. 2 Holders of rec. Dec. 20a
Calumet & Arizona Mining (quar.)
50e. Dec. 18 Holders of rec. Dec. 20
Canadian General Elec., corn. (quar.)_ _ *135 Jan. I *Holders of rec. Dec. 15
Case (J. I.) Threshing Mach., pref.(qu.) I
Jan. I Holders of rec. Dec. lie
Central Aguirre Sugar (guar.)
135 Jan. 2 Holders of rec. Dec. 16a
Celluloid Company, common (quar.)_ *135 Dec. 30 *Holders of rec. Dec. 15a
Certain-Teed Products Corp
First and second preferred (quar.)1L1 Jan. 1 Holders of rec. Dec. 14a
Chandler Motor (guar.)
*31.50 Jan. 2 *Holders of rec. Dee. 19
Charlton Mills (quar.)
Feb. 1 *Holders of rec. Dec. 7
*2
Sto k dividend
,
Subject to stkhldrs' meet. Dec. 15
*50
Chesebrough Mfg., corn. (quar.)
Dec. 28 Holders of rec. Dec. 12
Preferred (quar.)
Dec. 28 Holders of rec. Dec. 12a
Chicago Mill do Lumber, pref. (quar _ 4 1% Jan. 1 *Holders of rec. Dec. 23
‘
Chicago Railway Equipment (quar.)..., 2
Jan. 2
Dec. 30 Dec. 20 to
Stock dividend
Jan. 2
e50 Dee. 30 Dec. k0 to
Chicago Yellow Cab (monthly)
33 1-3c Jan. 2 Holders of rec. Dec. 20
Cities Service
Common (monthly pay. In cash scrip)_ 03-5
Jan. 1 Holders of rec. Dec. 15a
Common (payable in corn, stock scrip) 131 Jan. 1 Holders of rec. Dec. 15a
Prof. and Prof. B (payable in cash)....
Jan. 1 Holders of rec. Dec. 15a
Cleveland Union Stock yards (quar.)_
2
Jan. I Holders of rec. Dec. 20
Special (In cash)
20
Dec. 23 Holders of roe. Dec. 2
Cluett, Peabody & Co., pref. (quar )_
1 Y, Jan. 1 Holders of rec. Dec. 21
Coca-Cola Co.,common (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15a
Preferred
335 Jan. 2 Holders of rec. Dec. 15a
Colonial Finance Corp., corn. (quar.)
25e
Jan. I Holders of roe. Dec. la
Preferred (ntrar.)
Jan. 1 Holders of rec. Dee. la
2
Commercial Solvents Corp.. Cl. A.(qu.) Si
Jan. 1 Holders of rec. Dec. 202
Computing-Tabulating-Recording (qu.)_ $1.50 Jan. 10 Holders of rec. Dec. 22e
Connor (J.T.) Co. eon'. ((mar.)
50c. Jan. 2 Holders of rec. Dec. 200
Preferred
.Ian. 2 Holders of rec. Dec. 20a
3
Consolidated Car-Heating (guar.)
*135 Jan. 15 *Holders of rec. Dec. 20
Continental Can, common (quar.)
750. Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)
15.1 Jan. 1 Holders of rec. Dec. 20a
Cramp(Wm.)&SonsShip&Eng.B1g.(qu.) 1
Dec. 30 Dec. 16 to Jan. 1
Crucible Steel, preferred (quar.)
1U Dec. 30 Holders of rec. Dec. 15a
Cuban-American Sugar, pref. (gnarl_
1% Jan. 2 Holders of rec. Dec. 150
Cumberland Pipe Line (stock dividend). *e100
(4)
*Holders of rec. Dec. 30
Dalton Adding Machine, pref. (quar.)_ _
1
Jan. 1 Dec. 21 to Jan. 2
Del. Lack. & West. Coal (in stock)
*e4()
Sub. to stkhldrs' meet. Dec. 18
Detroit & Cleveland Navigation
$1
Jan. 2 Holders of rec. Dec. 15a
Detroit Creamery (payable in stock). _ 5e50
Dec. 19 *Holders of rec. Dec. 8
Detroit Motor Bus (quar.)
*2
Jan. 15 *Holders of rec. Dec. 30
Extra
*1
Jan. 15 *Holders of rec. Dec. 30
Dome Mines, Ltd. (guar.)
50e. Jan. 20 Holders of rec. Dec. 30
Dominion Glass, corn, and pref. (quar.)
1 34 Jan. 2 Holders of rec. Dec. 15
1
Dominion Iron a: Steel. Pref.(quar.)..-1X Jan. 1 Holders of rec. Dec. 15a
Dominion Oil (quar.)
20c. Jan. I Holders of rec. Dee. 10a
Extra
10c. Jan. 1 Holders of rec. Dec. 10a
Dominion Textile, corn. (guar.)
3
Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
1% Jan. 15 Holders of roe. Dec. 30
Draper Corporation (quar.)
3
Jan. 1 Holders of rec. Dec. 2a
Dunham (James H.) & Co., corn. (qu.)13.5 Jan. 2 Holders of rec. Dec. 20s
First preferred (quar.)
135 Jan, 2 Holders of rec. Dec. 20a
Second preferred (quar.)
i3( Jan. 2 Holders of rec. Dec. 20a
duPont(E.I.)deNem.& Co.,(in com.stk) /50
Dec. 29 Holders of rec. Dec.t18a
dinPont(E.I.)deNem.&Co.,deb.stk.(qu.)
IE Jan. 25 Holders or roe, Jan If la
Eastman Kodak, corn. (guar.)
51.25 Jan. 2 Holders of rec. Nov. 29a
Common (extra)
50c. Dec 30 Holders of rec. Nov. 29a
Preferred (quar.)
135 Jan. 2 Holders of rec. Nov. 29a
Eisenlohr (Otto) do Bros., Inc.. rd. (qu.) 14 Jan. 1 Holders of roe. Dec. 20a
Elec. Stor. Battery, new corn.&pf.(qu.)_ Si
Jan. 2 Holders of rec. Dec. 15a
New common and Prof. (extra)
75e. Jan. 2 Holders of rec. Dec. 152
Ely-Walker Dry Gds.,com.(in com.stk.) 133 1-3
(Y)
Endicott-Johnson Corp., corn. (guar.)_ _ $1.25 Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
1 y, Jan. 1 Holders of rec. Dec. 15a
Equity Petroleum, Prof. (quar.)
*3
Jan. 10 *Holders of rec. Dec. 30
Famous Players-Lasky Corp.,com.(qu 3• $2
Jan. 2 Holders of rec. Dec. 15a
Fidelity & Casualty(
'om pan v in stock _ _ el(10
Firestone-Apsley Rubber, pref
Jan. 1
335 Jan. 1 Dec. 29 to
Galena-Signal Oil. common
1
Dec. 30 Holders of rec. Nov. 29a
Old and new preferred (quar.)
2
Dec. 30 Holders of rec. Nov. 29a
General Amer. Tank Car, common
51.50 Jan. 1 Holders of rec. Dec. 15a
Preferred (quar.)
1U Jan. 1 Holders of rec. Dec. 152
General Baking, corn. & pref. (quar.)_ _ _
2
Dec. 30 Holders of rec. Dec. 16a
General Cigar, debenture pref. (quar.)_ _
1U Jan. 2 Holders of rec. Dec. 23a
General Electric, common (quar.)
2
Jan. 15 Holders of rec. Dec. 70
Special stock
15c. Jan. 15 Holders of rec. Dec. 7a
General Motors Corporation. com
50e. Dec. 20 Holders of rec. Nov. 270
General Railway Signal, pref. (quar.)_ _ _
135 Jan. 2 Holders of rec. Dec. 20
Glen Alden Coal (No. 1)
*$1.50 Dec. 20 *Holders of rec. Dec. 1
Golden Cycle Min. & Reduct. (quar.)_ _
2c. Dec. 10 Holders of rec. Nov. 30
Goodrich (B. F.) Co., preferred (quar.)1% Jan. 2 Holders of rec Dec. 22a
Goodyear Tire & Rubb. of Can.,pf.(qu.) 14 Jan. 10 Holders of rec. Dec. 20a
Prior preference (guar.)
135n Jan. 10 Holders of rec. Dec. 20a
Goulds Manufacturing, com. (quar.)
135 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
13( Jan. 2 Holders of rec. Dec. 20
Great Northern Iron Ore Properties
$1
Dec. 21 Holders of rec. Dec. la
Great Western Sugar, new common_ _ _ _ *$1
Jan. 2 *Holders of rec. Dec. 15
Preferred (quar.)
*I3.1, Jan. 2 *Holders of rec. Dec. 15
Greenfield Tap & Die Corp., pref.(qu )_
2
Jan, 2 Holders of rec. Dec. 15
Guantanamo Sugar, pref. (quar.)
2
Jan. 3 Holders of rec. Dec. 15a
Gulf States Steel. 1st pref. (inar.)
1U Jan. 2 Holders of rec. Dec. 15a
oliamilton-Brown Shoe(payable in stock) e25
(o)
Hanes (P. 11.) Knitting (quar.)
194 Jan. I Holders of rec. 1)ec. 20
Harbison-Walker Refrac., pref. (guar.)135 Jan. 20 Holders of rec. Jan. 10a
Hawaiian Pineapple, Ltd. (special)
SI
Dec. 20 Holders of rec. Nov. 3()
Heels Mining (quar.)
•15c. Dec. 20 *Holders of rec. Dec. 1
Extra
535c. Dec. 20 *Holders of rec. Dec. 1
Helme (Geo. W.) Co., corn. (quar.)___ _
3
Jan. 2 Holders of rec. Dec. 18a
Common (extra)
4
Jan. 2 Holders of rec. Dec. 18a
Preferred (guar.)
13.f Jan. 2 Holders of rec. Dec. 182
Hercules Powder, corn. (quar.)
135 Dec. 23 Dec. 16 to Dec. 22
Homestake Mining (monthly)
50c. Dee. 28 Holders of rec. Dec. 20
Hood Rubber, corn. (quar.)
4$1
Dec. 30 *Holders of rec. Dec. 20
Hoover Steel Ball, common (quar.)_ _
2
Dec. 22 Holders of rec. Dec. 152
Illinois Pipe Line
8
Dec. 30 Nov. 30 to Dec. 26
Imperial Oil, common (quar.)
25c. Jan, 1 Holders of rec. Dec. 100
Common (extra)
5c. Jan. 1 Holders of rec. 1)ec. 10a
Preferred (quar.)
20e. Jan. 1 Holeers of rec. Dec. 10a
Indiana Pipe Line Co (special)
$20 Dec. 30 Holders of rec. Dec. la
fIngersoll-Rand Co.,corn.(special, cash) 10
Jan. 5 Holders of rec. Dec. 15a
Ingersoll-Rand Co., preferred
3
Jan. 2 Holders of rec. Dec. 18a
Internat. Button Hole Sew. Mach.(qu.) 10c. Jan. 2 Holders of rec. Dec. 15
noo
.)_
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cent nued).
75c. Dec. 30 Holders of rec. Dec. 151
International Cement, common (quar.)_
14 Dec. 30 Holders of rec. Dec. 15a
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 231
Internat. Harvester, corn. (quar.)
Jan. 25 Holders of rec. Dec. 23a
Common (payable in common stock)_ _ 12
14 Jan. 1 Holders of rec. Dec. 15a
International Salt (quar.)
..an. 1 Dec. 16 to Jan. 1
International Silver, pref. (quar.)
Jan, 1 Dec. 16 to Jan. 1
1
Prof. (account accum. dividends)
3
Jan. 1 Dec. 2 to Jan. 1
Inter-State Gasoline, common
*52
Jan. 2 *Holders of rec. Dec. 15
Intertype Corp., 1st pref. (quar.)
*$3
Jan. 2 *Holders of rec. Dec. 15
Second preferred
50c. Dec. 22 Holders of rec. Nov. 15a
Isle Royale Copper Co
Kaufmann Dept. Stores. pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 20
Dec. 21 Holders of rec. Dec. 1
Kellogg Switchboard & Supply (in stock) e15
1;i Jan, 2 Holders of rec. Dec. 157
Kelly-Springfield Tire, prof. (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 20a
Kelsey Wheel, common (quar.)
75c. Jan. 15 Holders of rec. Dec. 227
Kennecott Copper Corp. (quar.)
•15i Jan. 2 *Holders of rec. Dec. 20
King Philip Mills (quar.)
*25
Dec. 20 *Holders of rec. Dec. 9
Extra
3;•6 Dec. 30 Holders of rec. Dec. 16a
Kresge (S. S.) Co., common
1X Dec. 30 Holders of rec. Dec. 16a
Preferred (quar.)
Kress (S. H.) & Co., pref. (quar.)
15( Jan. 2 Holders of rec. Dec. 204
*2
Dec. 30 *Holders of rec. Dec. 15
Laclede Steel
*e100 Sub, to stkhicirs' meet. Dec. 28
Lanett Mills (payable in stock)
35•6 Dec. 31 11 iders of rec. Dec. 23a
Laurens Cotton Mills
Lehigh Valley Coal Sales (guar.)
$2 Jan. 2 Holders of rec. Dec 14a
Liggett & Myers Tobacco, pref. (quar.)_
1% Jan. 1 Holders of rec. Dec. 154
Lit Bros.(payable in stock)
se100 Subj. to stockh'rs' meet. Dec. 28.
14 Jan. 2 Holders of rec. Dec. 16a
Loose-Wiles Biscuit, 1st pref. (quar.)
7
Feb. 1 Holders of rec. Jan. 20a
Second preferred (annual)
3
Lorillard (P.) Co.,com.(quar.)
Jan. 2 Holders of rec. Dec. 154
Preferred (quar.)
13( Jan. 2 Holders of rec. Dec. 151
Mallinson (H. R.) & Co., Inc., pf.(qu.) 1X Jan, 2 Holders of rec. Dec. 20i
manati Sugar, pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 15
Manhattan Electrical Supply (quar.)__ _ $1
Jan. 2 Holders of rec. Dec. 20m
in Jan. 2 Holders of rec. Dec. 181
Manhattan Shirt, pref. (quar.)
Mathieson Alkali Works, pref. (ouar.)_ _ '13 Jan. 2 *Holders of rec. Dec. 20
25c. Jan
2 Holders of rec. Dec. In
McIntyre Porcupine Mines, Ltd
May Department Stores, corn. (quar.)_ _ *25i Mar. 1 *Holders of rec. Feb. 15
Conunon (payabie In common siock) _ _ 13)) Dec. 21, fielders of rec.. Dec t131
15( Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
23.6 Dec. 30 Holders of rec. Dec. 6a
Mergenthaler Linotype (quar.)
2
Jan
2 Do.2) to Jan. 1
Mexican Crude Rubber
*2), Jan. 25 *Holders of rec. Jan. 15
Michigan Stamping (quar.)
*1
Jan 25 *Holders of rec. Jan. 15
Extra
Middle States Oil (guar.)
30c. Jan. 1 Holders of rec. Dec. 10
Extra (in stk. 011 Lease Devel. Co.)_ (k) Jan. 1 Holders of rec. Dec. 10
Jan. 1 ii(11.liT3 of roe. inc. 21a
Montgomery Ward & uo., pref. (guar.) _
Dec. 20 *Holders of rec. Dec. 12
*2
Motor Wheel Corp., corn. (quar.)
20c. Jan
2 Holders of rec. Dec. 15r
Mountain Producers (quar.)
Dee. 21 Mutters of reo. De,. Li
Murray M fg., on,. (in onimon stock) .150
75c Jan. 15 Holders of rec. Dec. 300
National Biscuit, new common (quar.)
Dec. 30 Holders of rec. Nov. 24
Common (payable in common stock). f75
Jan. 2 Holders of rec. Dec. 15t
d$1
Nat. Breweries (Canada), corn
14 Jan. 2 Holders of rec. Dec. 154
Preferred (guar.)
1X Dec. 30 Holders of rec. Dec. 9a
National Enam.& Stpg. pref. (quar.)
National Fuel Gas (payable in stock)
*e100 Dec. 30, Hoiders of rec. Dec. t
Ian. 11*I1001era of re.. Dee. 21
National Gro,er, prof
*3
National Lead, corn. (quar.)
2
Dec. 30 Holders of rec. Dec. 15a
National Sugar Refining (quar.)
1X Jan. 2 Holders of rec. Dec. 11
National Surety (quar.)
Jan. 2 Holders of rec. Dee. la
3
New York Air Brake, class A (quar.).... 84c Jan. 1 Holders of rec. Dec. 11
234 Jan. 15 Holders of rec. Jan. 5
New York Dock, preferred
,
N. Y. Plate Glass Ins. (stk. dividend).... e33 1-3 Subject to stkhlders' meet. Dec. 15
NewYork Steam Corp., pref. (quar.)__ _
1% Jan. 2 Holders of rec. Dec. 15
New York Transit
Jan. 15 Holders of rec. Dec.
3
Special
80
Dec. 30 Holders of rec. Dec. 6
North American Co., corn. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 5
Northern Pipe Line
5
Jan. 1 Holders of rec. Dec. 4
Special
15
Jan. 1 Holders of rec. Dec. 4
Northwestern Yeast (payable in stock)_ el00 Dec. 16 Dec d14 to Dec. 17
Nunnally Co
50c Dec. 30 Holders of rec. Dec. 9a
Ohio Oil (quar.)
*53
Dec. 30 *Dec. 2 to Jan. 1
Stock dividend
*e300 Dec. 30 *Holders of rec. Dec. 1
Orpheum Circuit, Inc.. pref. (quar.)..
2
Jan. 1 Holders of rec. Dec. 15a
Osceola Mining (quar.)
$1
Dec. 22 Holders of rec. Dec. 1
Owens Bottle Co., common (quar.)-50c. Jan. 1 holders of roe. Dee. 1 a
Preferred (guar.)
14 Ian. 1 Holders of rec. Dec. 16a
Pacific Burt Co., common.
3
fan. 2 Holders of rec. Dec. 15
Preferred ((luar.)
4 fan. 2 Holders of rec. Dec. 15
13
Pacific Oil
31.50 Jan. 20 Holders of rec. Dee. 150
Packard Motor Car corn. (in corn. stock) 1100 Dec. 16 Holders of rec. Dec. t9.
Paige-Detroit Motor, corn. (quar.)
*3
Jan. 2 *Holders of rec. Dec. 15
Common (payable in common stock)_ *1100 Dec. 29 *Holders of rec. Dec. 22
Preferred (quar.)
*IX Jan. 2 *Holders of rec. Dec. 15
Petrol. & l'rans.,em.A&B/qu.) $2
Pan-Are
Jan.
Holders of rec. Dee. 30a
Park City Mining & Smelting (No. 1)
10e. Jan, 1 Holders of rec. Dec. 15
Park Utah Mining (quar.)
15c. Dec. 21 Holders of rec. Dec. 11
754' Dee iii rioiderti ot roe. Dee. Ia
Peerless Pruch r4 Motor Kilian)
Penney (J. C.) Co., pref. (quar.)
13.i Dec. 30 Holders of rec. Dec. 204
Pettibone, Milliken Co., 1st & 2d pf.(qu.) 1% Jan, 2 Holders of rec. Dec. 211
Phillips Petroleum (quar.)
50c Jan. 2 Holders of rec. Dec. 15a
Pick (Albert) & Co., pref. (quar.)
1X Jan. 1 Dec. 22 to Dec. .10
*8
Pierce Manufacturing Co.(quar.)
Extra
*18
Pittsburgh Plate Glass (quar.)
2
Dec. 31 Holders of rec. Dec. 15 /
Extra
5
Jan. 20 Holders of rec. Jan. 5z
Stock dividend
*MO
Subj. to st'kh'rs meeting Jan. 29
Prairie Oil& Gas (stock dividend)
*e200
Holders of rec. I)ec. t20
Prairie Pipe Line (stock dividend)
*e200 Sub, to stkhkirs' meet. Dec. 20
Provincial Paper Mills, corn. (quar.)_ _ _
1Y5 Jan. 2 Holders of rec. Dec. 15
Common (special)
1
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
1U, Jan. 2 Holders of rec. Dec. 15
Pure Oil,8 pref.(quar.)
2
Jan. 2 Holders of rec. Dec. 15a
Six per cent pref. ((mar.)
1, Jan. 2 Holders of rec. Dec. 15a
x,
Five and one-quarter per cent pf. (qu.)
1/f Tan. 2 Holders of rec. Dec. Ira
Quaker Oats, common (quar.)
*2Y5 Jan. 15 *Holders of rec. Dec. 30
Preferred (quar.)
Feb. 28 *Holders of rec. Feb. 1
Railway Steel-Spring, corn. (quar.)
2
Dec. 30 Holders of rec. Dec. 16a
Preferred (guar.)
1.X Dec. 20 Holders of rec. Dee. 7a
Ranger Texas Oil (quar.)
2c. Jan. 1 Holders of rec. Dec. 10a
Extra
lc. Jan. 1 Holders of rec. Dec. 103
Realty Associate
3
Jan. 15 Holders of rec. Jan. 5
Extra
2
Jan. 15 Holders of rec. Jan. 5
Reece Buttonhole Machine (quar.)
3
Jan. 2 Holders of rec. Dec. 15
Reece Folding Machine (quar.)
M Jan. 2 Holders of rec. Dec. 15
Reynolds(R.J.)4ot)., com.A
.com.13 (qu.) 750. Jan. 1 Holders of mi.% Dec. 18
Preferred (quar.)
Ian. 1 Holders of ree. Dec. 18
Reynolds Spring, pref. A & B (quar.)
Jan. 1 Holders of rec. Dec. 18
Rickenbacker Motor Co.(No. 1)
*5
Feb. 1 *Holders of rec. Dec. 30
St. Joseph Lead (war.)
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
25e. Dec. 20 Dec. 10 to Dec. 20
Safety Car Heat & Ltg. (quar.)
,
156 Dec. 23 Holders of rec. Dec. 12 ,
Sagamore Mfg. (stock dividend)
e66 2-3 Subj. to stockholders meet. Dec. 18
St. L. Rocky Mt.& Pac. Co., corn.(qu.) 1
Dec. 30 Holders of rec. Dec. 16a
Preferred (quar.)
1X Dec. 30 Holders of rec. Dec. 16a
Schulte Retail Stores, corn. (in pref. stk.) $5
Dec. 29 Holders of rec. Dec. 15
*3
Scotten-Dilion Co. (quar.)
Dec. 30 *Holders of rec. Dec. 20
Extra
*10
Dec. 30 *Holders of rec. Dec. 20
Stock dividend
e33 1-3 Dec. 18 *Holders of rec. Dec. 8
Scott & Williams, Inc., corn. (in stock)_ *AO
Sears, Roebuck & Co., pref. (quar.)_
1 X Jan. 1 Holders of rec. Dec. 15a
Shell Union Oil, common (quar.)
25c Dec. 30 Holders of rec. Dec. 29
Sherwin, WilliamsCo., Can., corn.(qu.)_
,
136 Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
1.X Dec. 31 Holders of rec. Dec. 15
m Singer Mfg.(Livable in stock)
e 33 1-3 (m)
a Solar Refining (payable in stock)
*Holders of rec. Dec. 23
*e100
(z)
Solar Refining
5
Dec. 20 Nov.30 to Dec. 10
Extra
5
Dec. 20 Nov.30 to Dec. 10
South Porto Rico Sugar, pref. (quar.).,
2
Dee. 30 Holders of rec. Dec. 9a
South West Pa. Pipe Lines (quar.)
4
Dec. 30 Holders of rec. Dec. 15
[VOL. 115.
THE CHRONICLE
2658
Name of Company.
When
Per
Cent. Payalfle.
Books Closed.
Days Ihcluslue.
Miscellaneous (Concluded).
Jan. 20 Holders of rec. Dec. 31a
Southern States 011 (payable in stock)__ e8
Dec. 22 Holders of rec. Dec. 5
Standard Milling, corn. (in corn. stock)- 160
pDeti.30 Holders of tea. Dec. t9a
el00
p 'Standard Oil (Calif.) •-tock div.
*Holders of rec. Dec. 28
(4)
*e100
Standard Oil (Indiana) (In stock)
Standard Oil (Kansas) (stock dIvidend)- *e300 Dec. 30 *Holders of rec. Dec. 16
Standard 011 (Kentucky)(quar.)
$1.25 Dec. 30 Dec. 16 to Jan. 2
Dec. 30 Dec. 16 to Jan. 2
Extra
$5
*e 66 2-3 Dec. 30 *Holders of rec. Dec.515
1 Stock dividend
Dec. 20 Nov. 23 to Dec. 20
Standard Oil (Nebraska)
5
Dec. 20 Nov. 23 to Dec. 20
10
Extra
Standard Oil of N.J., corn.(in nom.stk.) /400 Dec. 20 Hold, of rec. Nov.(7)250
Jan. 1 Holders of rec. Nov. 24
Standard Oil (Ohio), common (quar.) _
3
Jan. 1 Holders of rec. Nov. 24
Extra
1
75c. Dec. 22 Holders of rec. Dec. 6a
Sterling Products (extra)
*e25 Subj. to stockholders meet. Dec. 20
Sterling Salt (stock dividend)
•15
Jan. 15 *Holders of rec. Oct. 31
Stetson (J. B.) Co., corn
Preferred
*4
Jan. 15 *Holders of rec. Oct. 31
51.25 Jan. 2 Holders of rec. Dec. 14a
Stromberg Carburetor (quar.)
Studebaker Corp., corn. (in corn. stock)_ /25
Dec. 29 Holders of rec. Dec. 16a
50c. Dec. 31 Holders of rec. Dec.t10
Submarine Signal (quar.)
2
Swift & Co. (guar.)
1 Dec. 10 to Jan. 4
Jan
20c. Jan. 1 Holders of rec. Dec. 10a
Texas Chief Oil (quar.)
10c. Jan. 1 Holders of rec. Dec. 10a
Extra
75c. Dec. 30 Holders of rec. Dec. 10
Texas Company (quar.)
25c. Jan. 2 Holders of rec. Dec. Oa
Texas Pacific Coal & 011 (quar.)
Timken Roller Bearing (guar.)
75c. Dec. 20 Holders of rec. Dec. 53
*$2
Dec. 20 *Holders of rec. Dec. 5
Todd Shipyards Corp. (quar.)
Dec. 21
5c. late 1 Or. 16 to
t'ouot)ali iteltnoac Devei. ((mar.)
Sc. Jan. 1 Holders of rec. Dec. Ila
Tonopah Extension Mining (guar.)
Sc. Jan. 1 Holders of rec. Dec. Ila
Extra
62
Torrington Co., corn. (quar.)
Dec. 20 Holders of rec. Dec. 8
Common (extra)
$3.75 Dec. 20 Holders of rec. Dec. 8
Jan. 2'Holders of rec. Dec. 23
Traylor Engineering & Mfg., pf. (qu.)._ *2
1
Dec. 20 Holders of rec. Nov.29
Turman Oil (monthly)
2
Jan. 1 Holders of rec. Dec. 2a
Underwood Typewriter, corn. (quar.)
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 2a
$1 Jan. 1 Holders of rec. Dec. 6a
Union Carbide & Carbon (quar.)
2
Jan. 1
Jan. 15 Dec. 16 to
Union Natural Gas (guar.)
e75e. Dec. 30 Dec. 10 to
Jan. 1
Stock dividend
Dee. 20 *Holders of rec. Dec. 5
Union Oil of Calif. (payable in stock).-_ *MO
IX Feb. 1 Holders of rec. Jan. 15a
United Drug, 1st pref. (quar.)
1
Mar. 1 Holders of rec. Feb. 15
Second preferred (quar.)
1 Y5 Jan. 2 Holders of rec. Dec. 157
United Dyewood, common (quar.)
Jan. 2 Holders of rec. Dec. 157
Preferred (quar.)
2
Dec. 30 Holders of rec. Dec. Ila
United Retail Stores, Class A (cash).
Dec. 30 Holders of rec. Dec. ha
Special (In On. Ret.Stores Candy stk.)
1
Dec. 31 Dec. 16 to Jan. 1
U.s. Gypsum,common (quar.)
Dec. 31 Dec. 16 to Jan. 1
Common (payable in common stock).. _ /10
Dec. 31 Dec. 16 to Jan. 1
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 15
U. S. Radiator, pref.(acct. accum. diva.) h14
136 Dec. 15 Holders of rec. Doe. 8a
U. S. Realty & Impt. (quar.)
Mar. 15 Holders of rec. Mar. 8a
Quarterly
Nov.30
14.' Dec. 30 Nov. 29 to
United States Steel Corp., corn.
750. Jan. 2 Holders of rec. Dec. 181
S. Tobacco, common (quar.) (quar.)U
Jan. 2 Holders of rec. Dec. 182
Preferred (quar,)
*e300 Dec .30 *Dec. 16 to Dec. 29
Vacuum 011 (stock dividend)
*e114
Van Zandt, Inc. (stock divi(lend)
Jan. 2 Holders of tee. Dec. 15a
Virginia Iron, Coal & Coke, wet
Jan. 20 Holders of rec. Jan. 9a
Vulcan Detinning, pref. & pref. A
Jan. 2 Holders Of rec. Dec. 15
51
wanasso Cotton co. (guar.)
50c. Jan. 1 Holders of tee. Dec. 22a
Wahl Co., common (monthly)
3
1 4 Jan. 1 Holders of rec. Dec. 22a
Preferred (guar.)
50e. Jan. 2 Holders of rec. Dec. 20a
Waldorf System, common (quar.)
20e. Jan. 2 Holders of rec. Dec. 20a
First preferred (quar.)
20c. Jan. 2 Holders of rec. Dec. 20
Second preferred (quar.)
Jan. 1 *Holders of rec. Dec. 20
Walton Adding Machine, pref. (quar.)
Dec. 30 *Holders of rec. Dec. 20
Walworth Mfg., Prof. (guar.)
*1
\this ()to,k dividend)
550c.
lbje • to a klikirs' meet. Dee. 26
2
Dec. 30 Nov. 30 to Dec. 30
Wayne Coal(No. 1)
,
Fargo A Co
I we. 20 Bolder of rec. Nov. 20a
23
Jan. 1 Holders of rec. Dec. 15
West Point Manufacturing
236 Dec. 30 Holders of rec. Dee. 120
Western Electric, common (quar.)
Preferred (quar.)
Dec. 30 Holders of rec. Dec. 12a
tan, I * !eiders of rec. Dee. 21
*3
xvi, erg Gro..er. preferred
Westinghouse Elec. & Mfg., corn. (qu.)_ $1
Jan. 31 Holders of rec. Dec. 291
Jan. 15 IIolders of rec. Dec. 29'z
$1
Preferred (guar.)
50c. Jan. 20 Holders of rec. Dec. 31a
White Eagle Oil & Ref. (guar.)
25
white Eagle Oil & Ref. (In stock)
Dec. 26 Holders of rec. Dee. 22a
Dec. 30 Holders of rec. Dec. 20a
$1
White Motor (quar.)
,
*21 i Jan. 3 *Holders of rec. Dec. 20
Williams Tool, Preferred
*e200
Wiscassette Mills (stock dividend)
10
Jan. 1 Holders of rec. Dec. 31a
Woodruff Cotton Mills
Jan. 2 Holders of rec. Dec. 9a
Woolworth (F. W.) Co., pref. (quar.)
*e100 Subj. to stockholders meet. Dec. 19
Worcester Salt (stock dividend)
Worthington Pump & Mach., DE A (qu.) 14 Jan. 2 Holders of rec. Dec. 22a
Jan. 2 Holders of rec. Dec. 22a
Preferred Class B (quar.)
Wrigley (Wm.) Co., corn. (monthly).__ 50c. Jan. 1 Dee 26 to Dec. 31
*el°
Dec. 30 *Holders of rec. Dec. 23
Wrigley (Wm.) Co. (stock dividend)
Wurlitzer(itudolPh) Co.MarE23 Holders of tee. Feb.19'23
2
Eightper cent preferred (quar.)
I'nel'23 Holders of rec. May 2223
2
Eightper cent preferred (quar.)
15.' Jan 1'23 Holders of tee. Dec. 22
Seven per cent preferred (quar.)
13.' AnrE2,3 Holders of rec. Mar. 22
gpven per rent preferred (quar.)
Jan. 12 *Holders of rec. Dec. 15
*2
Wyoming Associated 011 (quar.)
Jan. 2 Holders of rec. Dec. 14
$1
Yale & Towne Manufacturing Co
The New York Stock Exchange has ruled that stock
• From unofficial sources. t
will net be quoted ex-dividend on this date and not until further notice. a Transfer
books not closed for tills dividend. b Less British income tax. d Correction.
Payable in scrip. h On
e payable in stock. !Payable In common stock.
secount of accumulated dividends. i Payable in Liberty or Victory Loan bonds.
k fi
\
shal ,of0iior
k
j payable lrreNew '
Lease Development Co. stock for every 100 shares of Middle
Three
itc
ra stock.7°
Oil s 7.
States
i
Per annum on the pref. stock entitled to dividends for the period
of
urate
At
1903.
from Jan. 1 to July 15
stockholders at meeting on Dec. 6.
ni Ratified by
dividends on prior preference stock since Jan. I 1922.
n Also all accrued
stockholders at meeting on Dec. 5.
o Ratified by
stockholders at meeting on Dec. 5.
p Ratified by
(Founders'shares)in corn,stock of United RetallStores Candy Co
r One-half share
Subject to approval of stockholders.
Quoted ex -dividend on Dec. S.
by stockholders on Dec. 12.
Ratifed
at stockholders' meeting Dee, 26.
o Subject to approval
share for 3d and 4th installments of 1921 income tax on cap.stk.
w Less 41 cents per
stockholders meeting on Dec. 1.
z Ratified at
special meeting of stockholders.
y Subject to approval at
:
Ratified by sto:.1tholders at me. 'ing on Dec. 12.
stock.
er
co s
' ' ulem
I
b
N , s n new xc hang B r
Pay\ale tockEClass 'e'
soll-Rand Co. shall sell eX the 100%
.
)cc 1‘,
y
riclend oornkICurb. 7
strkdois
x
i
Market Association has ruled that stock will not be Quoted
The New
dates and not until further notice.
ex-dividend on these
at meeting on Dec. 21.
Subject to approval by stockholders
1
last week as 31.37 y.
2 Erroneously reported
every seven shares held.
3 Three new shares for
by stockholders at meeting on Dec. 27.
4 Subject to approval
and fourth installments of 1921 Income tax.
5 Less 67c. to cover third
and fourth installments of 1921 income tax.
6 Less 70c. to cover third
ruled that Standard 011 (Ohio) be quoted ex the 100%
7 N. Y. Curb Market has
common stock dividend on Dec. 13.
DEC.16 1922.]
THE CREONICLE
-Further
STOCK OF MONEYakIN THE COUNTRY.
below we give the customary monthly statement issued by
the U. S. Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation Dec. 1 1922 is found to be $41.80,
whereas by the old method the amount would have been
$52 16. The change dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515. The money and
circulation statement in its new form follows:
2659
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 Dec. 9. 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 //lowlands of dollars-that C. three ciphers 10001
omit:ed.)
Nero I
Capital Profits Loans,
Week ending
Discount
Dec. 9 1922 Nat'l, Sent.15 InvestState, Nov.15 ments,
(000 omitted.) Tr.Cos, Nov.15
&c.
Members of Fe d. Res. Bank.
Bank of N Y &
$
Trust Co____ 4.000 11,841
Bk of Manhat'n 10,000 12,500
Mech& Met Bat 10,000 17,847
Bk of America__ 5,500 4,551
Nat City Bank. 40.000 50.929
Chem Nat Bank 4,500 16,004
Nat Butch & Dr
500
214
Amer Exch Nat 5,000 7,846
Nat Bk of Corn. 25.000 37.778
Pacific Bank.... 1,000 1,701
Chat &Phen.Nat 10,500 9,810
Hanover Nat Bk 5,000 20.529
Corn Exchange. 8,250 11,553
Imp & Trad Nat 1.500 8,627
National Park_. 10,000 23,757
East River Nat_
1,000
834
First National__ 10.000 47.398
Irving National 12.500 11.027
Continental Bk. 1,000
920
Chase National_ 20,000 21.787
Fifth Avenue__
500 2,430
Commonwealth.
400
975
Garfield Nat ___
1,000 1,621
Fifth National_ 1.200 1,058
Seaboard Nat__ 4,000 6.934
Coal & Iron Nat 1,500 1.339
Bankers Tr Co_ 20,000 25,039
U S Mtge & Tr_ 3,000 4.419
Guaranty Trust 25,000 17,654
Fidel-Intern Tr. 1,500 1,866
Columbia Trust 5.000 8,003
N Y Trust Co_ _ 10.000 17,696
Metropolitan Tr 2,000 3,804
Farm Loan & Tr 5.000 15,065
Columbia Bank 2,000 2.115
Equitable Trust 12.000 15.754
Reserve
Cash
with
Net
Time Bank
in
Legal Demand
De- Moir
Vault. Deposi- Deposits. posits. latortes.
Igoe.
Average Average Average
Average
Average Argo.
66,227
780 6,529
124,862 2,503 14,076
169,135 4,245 20,975
68,618 1,388 9,092
500,492 7,162 61,708
117,315 1,128 12,994
4,876
566
93
93,509 1,291 10,281
330,513
827 35,057
22,558 1,284 3,426
147,780 6,598 18,085
111,561
366 12,963
168,339 7,378 21,991
33,810
566 3,345
155,034 1,016 16,172
15,022
351 1,765
320,371
470 22,842
184,027 4,577 24,382
144
7,300
961
323,942 4,670 40,598
23,136
658 2,732
9,096
597 1,184
424 1,915
14,337
17,470
312 2,151
75,790 1,144 9,631
15.308
810 1,657
263.607 1,120 29,564
53,488
769 6,139
349,875 1,402 39,771
19,900
338 2,283
79,614
923 9,781
150,360
458 16,115
39,016
563 4,407
130,609
576 12,676
28,964
794 3,863
143,633 1,403 21,513
48,145
101,044
157,182
68,077
*555,590
96,496
3,868
75,302
264,698
22,934
120,636
97,828
153,828
25,299
123,071
12,926
169,382
180,581
6,085
292,858
20,822
8,716
13,503
16,303
70,947
12,942
*230,102
45,851
*373,870
17,596
74,071
119,241
33,057
*89,751
28,780
*188,390
5,900
18,927
994
5,938
2,971
62,381 2,139
10,424
344
298
7.973 4,953
14,713
898
24,152 5,735
100
22,204
964
51
5,381 5,425
1,983
50
28,589 7,278
8,477 2,525
360
31,356 1,092
89
33
745
1,661
854
22,253
5,549
30,976
661
5,895
11,992
4,307
26,741
2,049
12,616
397
248
65
410
Total of averages279 350443,270,4,379,494 59,128 503.190c3,702,344 380,01232,104
Totals, actual co nditlon Dec. 94.369,163 58,521 513,569 c3,691,468377,59232,159
Totals, actual condition Dec. 214,398.558 56,250 4 1, 09 c3 757,311 379,49632,112
Totals, actual condition N ov.254.386,268 56.254488,804 c3,718,493385,28531.971
State Banks Not Me others of Fed'I Res've Bank.
Greenwich Bank 1,000 2,119
18.364 1,749 1,874
18:8 9
23
739
56
Bowery Bank__
250
877
5,597
368
398
2,093
State Bank____ 2.500 4,684
82,479 3,437 1,883
28,200 51,394
Total of averages
3,750
7.681
106,440
5,554
4,155
49,778 53,543
Totals, actual co ndltIon Dec. 9 107.279 5,566 4,280
Totals, actual co ndition Dec. 2 106,477 5,487 4,103
Totals, actual co million Nov.25 106,974 5,529 4,048
Trust Compan lea Not Memb era of Fe di Res've Ban k.
Title Guar & Tr 7,500 15,066
52,123 1,629 3,455
Lawyers Tit & T 4,000 6.632
25,747
934 1,649
50,768 53.588
49.836 53,424
50,559 53,400
33,727
16,230
1,054
980
Total of averages 11,500 21.899
77,870
2,563
5,104
49,957
2,034
Totals, actual co ndltion Dec. 9
Totals, actual co ndltion Dec. 2
Totals, actual co nelltIon Nov.25
77,341
77,861
80,669
2,534
2,510
2,356
4,941
5,559
5,793
49,245
50,896
53,565
2.006
2,042
1,885
Gr'd aggr-avge294.600 472.8514,563,804 67,245512,449 3,802,079435,58932,104
Comparison with prey, week__ -7,575 +2.027 -780 --38,320 +492 +56
Gr'd aggr.. actleond'n Dec. 94,553,783 66,621 522,790 3,791,481 433,18632,159
Comparison with prey week__ -29,113 +2,374+21819 --66,562--1,776 +47
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
*The form of circu Mien statement was revised as of July 1 1922, so as to
exclude from money in circulation all forms of money held by the Federal Reserve
banks and Federal Reserve agents, whether as reserve against Federal Reserve notes
or otherwise. This change results in showing a per capital circulation on Dee. 1 1922
of 541 80, whereas under the form of statement heretofore used it would have been
$52 16. For the sake of comparability the figures for Dec 1 1921 and Apill 1 1917
have been computed on this statement in the same manner as those for July 1 1922.
a Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
b These amounts are not Included in the total since the money
held In trust against
gold and silver certificates and Treasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
c The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the U. S.
d This total Includes $20.535.948 of notes in process of redemption, $207,296,915
of gold deposited for redemption of Federal Reserve notes, $2,343,196 of lawful
money deposited for redemption of Federal Reserve Bank notes, $11,655,604 deposited for redemption of national bank notes, $55,130 deposited for retirement of
additional circulation (Act of May 30 1908) and $6,669,623 deposited as a reserve
against postal savings deposits.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $152,979,025 63 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard silver dollars, held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of
the Issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as is eligible under the terms of the Fedearl Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%. Including the gold
redemption fund which must be deposited
United States Treasurer, against
with
Federal Reserve notes in actual circulation. the
Federal Reserve bank notes and
national bank notes are secured by United
States Government obligations, and a 5%
fund for their redemption Is required to be maintained with the Treasurer of the
United States in gold or lawful money.
aggr., actlicond'n
aggr., act'l cond'n
aggr., actleond'n
aggr., acricond'n
aggr., act'l cond'n
Dec. 24,582,896
Nov.254,573.911
Nov.184,568,907
Nov.114,562,330
Nov. 44,603,240
64,247500,971
64,139498,645
63,537481,000
68,482 536,230
63,701,501,969
3,853,043 434.96232,112
3,822,617440,57031.971
3.796,514 437,89532,128
3,797,844,436,87931,621
3,838,875437,77531,777
Note -U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Dec. 9, 557,030,000; actual totals Dec. 9, $57,029,000; Dec. 2, 557,119,000; Nov. 25, $60,033,000; Nov. 18, $66,318,000; Nov. 11,
$70.196,000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week Dec. 9, 5498,375,000; Dec. 2, $462,929,000; actual totals Dec. 2, 5455.415,000; Nov. 25, $454,011,000; Nov. 18, 5444.779,000; Nov. 11, $479,085,000.
*Includes deposits in foreign branches not included in total footing, as follows:
National City Bank, $100,647,000; Bankers Trust Co., $10,595,000; Guaranty Trust
Co., $79,180,000; Farmers' Loan & Trust Co., $35,000; Equitable Trust Co., $26,971.000. Balances carried in banks in foreign countries as reserves for such deposits
were: National City Bank, $21,443,000; Bankers Trust Co., $1,067,000; Guaranty
Trust Co., $9,120,000; Farmers' Loan & Trust Co., $35,000; Equitable Trust Co.,
$3.550.000. c Deposits in foreicn 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
in Vault.
Members Federal
Reserve banks
State banks
Trust companies....
Total
Total
Total
Total
Dec. 9
Dec. 2
Nov.25
Nov. 18
$
5,554,000
2,563,000
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
s
$
$
s
503,190,000 503,190,000 492,705,030 10,484,920
4,155,000 9,709,000 8,960,040
748,960
5,101,000 7,667.000 7,493,550
173,450
8,117,000 512,449,000 520,566,000 509.158,670 11,407,330
7,881,000 513,229,000 521,110,000 514,219,640
7,844,000 515,137,000 522,981,000 510,414,550 6,890,360
7,827,000 514,774,000 522,601,000 510,282,110 12,566,450
12,318,890
*Not members of Federal Reserve Bank.
a This Ls the reserve required on net demand deposits in the case of
State btu:L..
1A
and trust companies, but In the case of members of the Federal
,
includes also amount In reserve required on net time deposits, which Reserve 11 an.
was as follows
'
Dec.9,$11,400,360; Dec. $11,388,870; Nov. 25, 514,622,420; Nov. 18, $11,42..),080.
[VOL. 115.
TI-I1ll CHRONICLE
2660
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Reserve
Required.
Total
Reserve,
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks
State banks
Trust companies_ _
Total
Total
Total
Total
Dec. 9_ _ _ _
Dec. 2..
Nov.25W.
Nov.
513,569,000 513,569,000 491,218,600 -22,350,400
707,760
5,566,000 4,280,000 9,846,000 9,138,240
88,250
2,534,000 4,941,000 7,475,000 7,386,750
8,100,000 522,790,000 530,890,000 507,743,590 -23,146,410
7,997,000 500,971,000 508,968,000 516,440,190 -7,472,190
7,885,000 498,645,000 506,530,000 512,098,010 -5,568,010
7,862,000 481,090,000 488,952,000 508,594,600 -19642600
*Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but itf the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec.9,$11,327,760; Dec.2,$11,384,880; Nov.25,$11,558,550; Nov.18,$11,483,700
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
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.)
Differences from
Dec. 9.
previous week.
$745,684,800 Dec.$10,839,400
Loans and investments
1,500
4,129,600 Inc.
Gold
430 900
20,039,600 Inc.
Currency and bank notes
66,229,300 Dec. 2,117,100
Deposits with Federal Reserve Bank of New York
789,469,000 Dec. 11,893,800
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City exchanges and U. S. deposits 740,750,600 Dec. 10,979,900
121,000,900 Dec. 1,793,100
Reserve on deposits
Percentage of reserve, 20.1%.
RESERVE.
Trust Companies
State Banks
$61,782,800 14.40%
$28,613,700 16.45%
Cash in vault
22,577,500 05.26%
8,026,900 04.65%
Deposits in banks and trust co's
$36,640,600 21.25%
Total
$84,360,3001
9.66%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and companies combined on Dec. 9 was $66,227,300.
Banks and Trust Companies in New York City.-Tho
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:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
,
'Total Cash
in Vaults.
Loans and
Investments.
Week endedAug. 19
Aug. 26
Sept. 2
Sept. 9
Sept 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Der_ 0
Demand
Deposits.
$
5,372,803.000
5,334,972,100
5,311,517,600
5,297,744.400
5,297,309,200
5,338,205,100
5,317,017,500
5,326,359,700
5,305,281,600
5.397,918,900
5,402,995,200
5,394,373,600
5,348,725.300
5,331,639,900
5.314.686,500
5,327,903,200
5.309 4118 gnn
$
4,613,652,400
4,599,909,500
4,597,237,500
4,566,272.800
4,615,836,300
4,640,919,500
4,634,695,500
4.649,378,900
4.628,334,800
4,699,067,600
4.650,020,500
4,623,416,200
4.573,740,400
4,569,953,000
4,561,416,100
4,592,129,500
4 M9 890 Ann
$
86,469,800
86,492,800
86,259,400
88,946,400
90,326,700
86,359,200
88,271,200
86,018,300
90,361,200
89,798,300
88,484,300
87,350,900
91,084,000
89,248,900
87.309.000
88,954,800
AAA onn
al.
Reserve in
Depositaries.
$
618,135,000
609,486,700
619.063,200
616.544,100
625,919,600
680,815,100
616.428,800
624.721.000
623,563,900
642,922,400
616,226,400
623,119,700
614,915,700
617,659,300
013.970.600
612 086 200
en.,,ner.
* This item includes gold, silver, legal tenders, nation/I bank and Federal Reserve
notes.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.
Net Loans
Capital. Profits DUCLEARING
Reserve
Net
Net
Nat'l
NON-MEMBER 3
counts, Cash
with Demand Time
Bank
in
Nat.bks SePt.15 InvestLegal
DeDe- Cir cuWeek ending StatebksNov15 ments, Vault. Deposi posits, posits. tattoo.
Dec. 9 1922. Tr.cos. Sept.15. &C.
?
10fie,.
Members of
Average Average Average Average Average Average
Fed'I Res. Bank•
$
ISIS
$
$
$
$
$
. 1,500 1,219 10,967
162 1,246
Battery Park Nat
198
437
7,778
W.R.Grace dr Co.
23
500i 1,339 12,131
538
1,315 9,689
---1
Total
185 1,784
2,000 2,559 23,098
198
9,093 10,126
State Banks
Not Members of Fed. Res've Bank.
Bank of Wash.11ts.
673
329 5,160
2001
298
Colonial Bank_ __ .
800 1,879 18,630 2,561 1,456
Total
1,000i
2,208 23,790
3,234
1,754
Trust Companie'Not Members of Fed. Res've Bank.
372
200
289
661 9,734
Mech.Tr.,Bayonn 1
,
200
289
4,971
19,836
756
24,807
756
4,134
Grand aggregate__
3,200i 5,435 56,622
Comparison with revious week __ -1,965
3,791
+240
3,827 a38,034 16,358
-257-1,678
+62
3,551
3,643
3,734
3.805
3,765
3,701
3,653
3.756
Gr'cl
Gr'd
<led
Gr'd
aggr. Dec.
situ. Nov.2
aggr. Nov.1
aggr. Nov.1
3,2001
3,200
3,200
3,200
5,295
5,295
5,295
5.295
58,587
59,276
60,198
58.664
038,291
a38,686
a39,198
a39.016
18,036
18,433
18,279
17.8731
'U. S. deposits deducted, $312,000.
n
i is Payable, rediscounts, acceptances and other Ilabitltles. $1,976,000.
reserve, $394,780 increase.
2,457,000
2.480.000
518.000
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Dec. 9, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve System the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Dec. 9 1922.
Trust
Two Ciphers (00) omitted. Members of
F.R.System Companies
Capital
Surplus and profits
Loans, dIsc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not Intl.)..
Res've with legal deposit's_
Reserve with F. R.Bank_ _
Cash in vault•
Total reserve and cash held
Reserve required
Excess res. dr cash in vault_
$4,500,0
14,617,0
42,135,0
684,0
15,0
685,0
27 515,0
556,0
28,756,0
8,565,0
3,380,0
$35,175,0
98,838,0
648,752,0
27,594,0
91,402,0
114,421,0
520,106,0
21,205,0
655,732,0
54,926,0
11,214,0
66,140,0
53,966,0
12,174,01
1,346,0
4,726,0
4,152,0
1,920,0
Nov. 25
1922.
Dec. 2
1922.
Total.
539,675,0
113,455,0
690,887,0
28,278,0
91,417,0
115,106,0
547,621,0
21,761,0
684,488,0
8,565,0
3,380,0
54,926,0
12,560,0
70,866,0
58,118,0
14,094,0
539,675,0
113,455,0
690,493,0
31,236,0
97,783,0
114,241,0
557,468,0
21,807,0
693,516,0
9,256,0
3,197,0
53,708,0
11,970,0
68,875,0
58,713,0
11,300,0
$39,675,0
113,455,0
692,32:;,0
26,409,0
94,457,0
114,290,0
555,181,0
23,191,0
692,662,0
9,860,0
3,284,0
54,965,0
11,754,0
70,003,0
58,831,0
11,172,0
* Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 13 1922 in
comparison with the previous week and the corresponding
date last year:
Resources
Gold and gold certificates
Gold settlement fund-F. R. Tioard
Dec. 13 1922. Dec. 6 1922. Dec. 14 1921.
$
S
138,892,998 337,050,000
145,467,932
75,397,000
194,562,420
190,227,862
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, do
335,695,794
659,469,428
9,150,317
333,455,418
659,653,228
10,738,267
412,447,000
593,537,000
15,000,000
1,004,261,541 1,003,846,914 1,020,984,000
43,561,000
32,161,645
29,742,088
1,034,003,629 1,036,008,560 1,064,545,000
Total reserves
Bills discounted: Secured by U. S. Gov177,084,210 126,448,000
-for members_ 160,669,710
ernment obligations
For other F. It. banks
87,379,000
30,961,342
23,212,921
All other-For members
For other F. It. banks
44,688,000
58,925,384
51,223,507
open market
Hills bought In
Total bills on hand
U. S. bonds and notes
indebtedness
U. S. certificates of
Act)._
One-year certificates (Pittman
All other
235,106,139
36,172,650
266,970,937
35,264,450
258,515,000
2,500,000
4,000,000
23,143,000
4,500,000
24,962,500
36,400,000
66,089,000
298,421,789 331,697,887 363,504,000
Total earning assets
6,620,000
10,325,180
10,324,975
Bank premises
1,629,000
199,060
224,060
redemp. fund agst. F. R. bank notes..
5%
157,055,560 139,803,509 137,699,000
Uncollected items
4,115,000
2,036,353
1,809,781
other resources
All
1,502,041,572 1,519,868,776 1,578,112,000
Total resources
-Liabilities
Capital Paid In
Surplus
Deposits:
Government
-Reserve account.._
Member banks
All other
28,680,950
60,197,127
28,680,950
60,197,127
27,113,000
59,318,000
2,475,564
680,828,371
11,437,293
18,145,245
704,183,456
10,725,379
29,716,000
642,748,000
15,435,000
694,741,229 733,054,081 687,899,000
Total deposits
591,809,217 593,519,743 646.659,000
circulation
F. R. notes In actual
18,704,000
3,818,200
3,559,200
notes in circurn-net liability
F. R. bank
94,702,407 112,950,000
116,994,262
items
Deferred availability
25,469,000
5,896,266
6,059,586
other liabilities
All
1,502,041,572 1,519,868,776 1,578,112,000
Total liabilities
and
Ratio of total reserves to deposit
F. R. note liabilities combined
liability on bills purchased
Contingent
correspondents
for foreign
5,476
372
667
$
$
59,100,000 59,100,000
85,928,000 85,928,000
3,138,000 848,579,000 849,832,000
1,605,000 613,805,000 611,703,000
4,789,000 115,174,000 106,385,000
118,000 112,759,000 112,682,000
52,000 14,157,000 14,787,000
4,982,000 28,099,000 22,157,000
4,622,000 75,359,000 67,824,000
56,000 68,698,000 68,894,000
723,000 9,994,000 9,284,000
$
80.4%
78.1%
79.8%
11,673.377
11,613,670
12,045,336
5,476
4,134
9,734
Total
$
„000
Capital- 59 100
' 85,928,000
Surplus and profits
Loans, disc'ts & investments. 845,441,000 Dec.
Individual deposits, incl. U.S. 615,410,000 Inc.
110,385,000 Dec.
Due to banks
112,641,000 Dec.
Time deposits
14,105,000 Dec.
United States.deposits
Exchanges for Clearing House 23,117,000 Dec.
70,737,000 Dec.
Due from other banks
68,754,000 Inc.
Reserve in Fed. Res. Bank
Cash in bank and F. R. Bank 10,717,000 Inc.
Reserve excess in bank and
1.962.000 Dec.
Federal Reserve Bank_ _ _ _
Nov. 29
1922.
Dec. 6
1922.
Changes from
previous week.
Dec. 13
1922.
CURRENT NOTICES.
198
196
196
19.,
announces that it has been appointed
-Guaranty Trust Co. of New York
and paying agent, under the Brier Hill Steel CO
trustee, as well as registrar
1922,securing an authorized issue of $10,000,000
first mortgage dated Oct. 1
first mortgage 5M % bonds dated Oct. 1 1922 and
principal amount of its
Guaranty Trust Co. has also been appointed
maturing Oct. 1 1942. The
Industrial By-Products, Inc., consisting of 200,000
registrar for the stock of
shares of common stock, all of the
shares of preferred stock and 300,000
par value of $10 each.
DEC.16 1922.]
THE CHRONICLE
2661
•
WEEKLY RETURN OF THE FEDERAL RESERVE BOARD.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Dec.14, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. 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 2629 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
DEC.13 1922.
Dec. 13 1922. Dec. 6 1922. Nov. 29 1922. Nov. 22 1922. Nov. 15 1922. Nov. 8 1922. Nov. 11922. Oct. 25 1922. Dec. 14 1921.
RESOURCES.
Gold and gold certificates
Gold settlement, F.R. Board
304,810,000
596,851,000
298,094,000
616,574,000
303,219,000
644,959,000
289,750,000
651,862,000
276,414,000
651,930,000
267,207,000
648,429.000
266,718,000
618,727.000
277,629,000
615,866,000
430,560,000
504,744,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
901,661,000 914,668,000 948,178,000 911,612,000 928,344,000 915,636,000 885,445,000 893,495,000 935,304,000
2,103,069,000 2,045,210,000 2,048,084,000 2.077,582,000 2,078,901,000 2,094,050,000 2,126,535,000 2,124,432,000 1,813,422,000
76,596,000
69,131,000
85,914,000
56,493,000
66,603,000
71,069.000
66,269,000
67.156,000 120,447,000
Total gold reserves
Legal tender notes, silver, &c
3,061,223,030 3,045,792,000 3,072,858,000 3,088,325,000 3,073.848,000 3,080,755,000 3,078,249,000 3,085,083.000 2,869,173,000
123,665,000 127,189,000 129,952,000 130,358,000 130,912,000 130,527,000 133,696.000 126,835,000 132,413,000
Total reserves
Bills discounted:
Secured by U. S. Govt. obligations_
All other
Bills bought in open market
3,184,888,000 3,172.981,000 3,202,810.000 3,218,683.000 3,204.760,000 3,211.282,000 3,211,945.000 3,211.918,000 3,001,586,000
Total bills on hand
U.S. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
Municipal warrants
344,793,000
314,965,000
262,572,000
374,409,000
330,536,000
266,827.000
315,280,000
334,816,000
259,226,000
307,976,000
306,215,000
257,405,000
330.285,000
322,520,000
260,894,000
300,337,000
340,075,000
258,656,000
271,497,000
316,267.000
260,858,000
195,510,000
273,889.000
257,691,000
922,330,000
170,020,000
971,772,000
169,413.000
909,322.000
162,336,000
871,596,000
151,731,000
913,699,000
171,732,000
899,068,000
188,821,000
848.422.000
191,095.000
727,090,000 1,252,568,000
43,575,000
206,060.000
18,500,000
118,718,000
34,000
21,500,000
120,889,000
26,000
23,500,000
118,625,000
24,000
28,500,000
114.888,000
27,000
31.500.000
122,482,000
27.000
34,500.000
123,268,000
27,000
38.000,000
131,216,000
24,000
41,000,000
161.576,000
27,000
459,630,000
693,203,000
99,735,000
119,500,000
66,710,000
273,000
Total earning assets
1,229,602,000 1,283,600,000 1,213,807,000 1,166.742,000 1.239.440.000 1,245,684.000 1,208,757.00011.135,753.000 1,482,626,000
Bank premises
46,282.000
46,204,000
46,394,000
46,455,000
45,650,000
34,336,000
45,420,000
45,295.000
45,241.000
6% redemp. fund agst. F. R. bank notes
3,410,000
3,130,000
2,780,000
2,680,000
3.535.000
7,889,000
3,635,000
3.750,000
3,635,000
Uncollected items
709,289,000 660,119,000 599,806,000 684,519,000 821,132.000 583,827,000 657,179,000 653.493,000 629,790,000
All other resources
15,050.000
14,605,000
15,379.000
15,729,000
20,209,000
15,056,000
15,611,000
15.358.000
14,940.000
Total resources
5,188,643,000 5,181,253,000 5,080,905,000 5,134,163,000 5.329,573.000 5,105,459,000 5,142.169.
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt. franchise tax
Deposits—Government
Member banks—reserve account
All other
107,244,000
215,398,000
107,265,000
215,398,000
107,207,000
215,398.000
106,495,000
215,398,000
108.448,000
215,398.000
106,355,000
215,398.000
106.292,000
215.398,000
5.065.095,000 5,176,436,000
108,277,000
215.398.000
103,130,000
213,824,000
.
13:1-36;555 46,976,000 33,449,000 45,198,000 57,252,000 26,402,000 36,047,000 23,659,000 69,407,000
1,817,744,000 1,843,601,000 1,807,631,000 1.829,069,000 1.859.652.000 1,812,051,000 1.847.693.00011.799,931,000 1,645,610,000
19,143,000
20,721,000
19,527,000
20,230,000
22,606,000
27,743,000
24,235,000
30,508,000
18.180,000
Total
1,861,110,000 1.910,104,000 1,860,223,000 1.894,988,000 1,939.510,000 1,862,688,000 1,914,248,00011,841,770,000 1,742,760,000
F.R. notes in actual circulation
2,379,185.000 2,361,222,000 2,329,814,000 2,299,391,000 2,321.219.000 2,340,074,000 2,309,265.000 2,298,536,000 2,393,777,000
F.R.bank notes in circulation—net liab.
20,868,000
26,220,000
16,497,000
19,259,000
29,313.000
32,441,000
78,309,000
35,573,000
37,995,000
Deferred availability items
580,883,000 540,233,000 520,497,000 564,796,000 691.406,000 522,564,000 538,140,000 539,773,000 562,974,000
All other liabilities
26,898,000
26,875,000
28,326,000
27,772,000
26.279.000
25,939,000
81,662,000
25,253,000
25,346,000
Total liabllities
5,188,643,000 5.181,253,000 5,080,905,000 5,134,163.000 5.329.573,000 5.105,459,000 5,142,169,000 5.065.095.000 5,176.436,000
Ratio of gold reserves to deposit and
F. R note liabilities combined
73.6%
73.3%
72.1%
71.7%
72.1%
73.3%
72.9%
69.3%
74.5%
Ratio of total reserves to deposit and
F. R. note liabilities combined
76.7%
76.4%
75.1%
74.3%
75.2%
76.4%
72.6%
76.0%
77.6%
Distribution by Maturities
1-15 days bill bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
18-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
81-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Held by banks
71,874,000
499,882,000
2,258,000
60,451,000
445,401.000
3,484,000
61,707,000
418,318,000
2,471,000
68,127,000
444,24u,000
1,933,000
63,762,000
449,209,000
733,000
53,195,000
58,631,000
720,000
44,747,000
56,419,000
1,007,000
42,733,000
50.636,000
507,000
42,040,000
62.840,000
1,086,000
45,649,000
45,942,000
76,000
83,830,000
69,028,000
1,000,000
26,000
47,247,000
48,689,000
576,000
88,869,000
73,103,000
1,720,000
24,000
47,121.000
45,218,000
76.000
92,365,000
74,195,000
4.220,000
27,000
49,383,000
42,694,000
76.000
87,143.500
77,989.000
5,720,000
24,000
52,642,000
41,492,000
43,127,000
52,444.000
1,398,000
3,000
76,499,000
74,174.000
6,726,000
8,246,000
30,619,000
135,197,000
10,681,000
28,715,000
137,835,000
18,038,000
29,955,000
135,835,000
11,127,000
28,348,000
136,114,000
3.000
12,942,000
26,244,000
145,243,000
73,985,000
462,861,000
225,000
8,000
56,344,000
54,663,000
1,720,000
26,000
78,029,000
65,992,000
64,749.000
39,838,000
500,000
24,000
10,519,000
24,747,000
148,411,000
64,162,000
397,712,000
2.606.000
65,797,000
288.140.000
5.806.000
3.000
39,272,000 ' 35,594,000
48,506.000
47.3.53,000
599,000
100,000
74,632,000
74,822,000
6,437,000
69.693.000
43,190,000
3,220,000
24.000
12,899.000
23,534.000
156,134.000
65,469,000
696,923,000
29,490,000
14,815,000
123,154,000
1,500,000
32.000
14,034,000
69,753.000
73,473.000 167,762.000
2,500
42.699.000
194,000
5,401,000
74.176.000
39,180.000 106,217,000
11,869,000
5,220.000
47,000
24.000,
16,000
12,371,000i
58,777,000
20,623.0001
148,751,000 140,851,000
2,775,320,000 2,730,882,000 2,718,471,000 2,694,644,000 2,699,633,000 2.695,470.000 2,683,851.000 2.688,822,00012,726.175,000
396,135,000 369,660,000 388.657,000 395,253,000 378,414,000 355,396,000 374,586,000 390.286.000' 332,398,000
In actual circulation
2,379,185,000 2,361,222,000 2,329,814,000 2.299.391,000 2,321,219,000 2.340,074,000 2,309.265,000 2.298.536.000 2,393,777,000
Amount chargeable to Fed. Res. Agent 3,640,536,000 3,606,113,000 3,609,182,000 3,583,482,000 3.561,781,000
3,517,643,000 3,544,204,000 3.531,074.000 3,571,335,000
In hands of Federal Reserve Agent
865,216,000 875,231,000 890,711,000 888,838.000 862,148,000 852.173.000 860.353,000 842,252.000 845,160,000
Issued to Federal Reserve banks
2,775,320,000 2,73(1.852,000 2,718,471,000 2,694,644,000 2,699.633,000 2.695,470.000 2.883,851,000 2,688.822,000 2,726,175,000
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
346,292,000 346,292,000 346,317,000 376,317,000 376,367,000 391,367,000 386,467,000 386.507.000 450,063,000
672,251,000 685,672,000 670,387,000 617,062,000 620,732,000 601,420,000 557,316,000 564.390.000 912,753,000
131,365,000 131,716,000 131,560,000 128,489,000 126,496,000 124,744,000 122,629,000 127.104.000 116,301,000
1,625,412,000 1,567,202,000 1,570,207,000 1,572,776,000 1,576,038,000 1,577,939,000 1,617,439,000 1.610.821,000 1,247,058,000
Total
2,775,320,000 2,730,882,000 2.718.471,000 2,694,644,0002,699,633.000 2,695,470,000 2,683,851,000 2.688,822,000 2,726,175,000
Eligible paper delivered to F. R. Agent_
887,347,000
924.788,000
867,683,000
835,535,000
878,995,000
857.826.000
817.731,000
706.102.000 1,201.743,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS DEC. 13 1922
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cto Dallas. San Fran.
Federal Reserve Bank of—
Total.
.
RESOURCES.
s
17,471,0
Gold and gold certificates
Gold settlement fund—F. R. B'd 43.937.0
$
145,468,0 26,954,0 13,593,0 5,587,0 5,659,0 47,171,0 3,168,0 7,629,0 2,735,0 10,065,0 19,310,0
190,228,0 25,861,0 63,963,0 27.904,0 25,639,0 90,996,0 22,457,0 22,790,0 32,781,0 8,081,0 42,214,0
Total gold held by banks
Gold with F. R.agents
Gold redemption fund
61,408,0
141,718,0
9,645,0
335,696,0 52,815,0 77,556,0 33,491.0 31,298,0 138,167,0 25,625,0 30,419,0 35,516,0 18,146,0 61,524,0 901,661.0
659,409,0 172,299,0 181,220,0 67,899,0 100,644,0 384,314,0 76,519,0 43,736,0 52,628,0 25,404,0 197,273,0 2,103,069,0
9,156,0 4,030,0 4,046,0 3,442,0
1,701,0 11,239,0 2,749,0 3,004,0
1,233,0 4,270,0
1,978,0
56,493,0
Total gold reserves
Legal tender notes,silver. &c
212,771,0 1,004,261,0 229.144,0 262,828,0 104,832,0 133,643,0 533.720,0 104.893,0 77,159,0 90.122,0 44,783,0 263,067,0 3,061,223,0
10,503,0
29,742,0 14,613,0 5,898,0 9,113,0 6,315,0 21,006,0 11,048,0
706,0 4,314,0 6,366,0 4,041,0 123.665,0
—
223,274,0 1,034,003,0 243,757,0 268,726,0 113,945,0 139,958,0 554,726,0 115,941,0 77,865.0 94,436,0 51,149,0 267,108,0 3,184,888,0
Total reserves
Bills discounted: Secured
U.S. Govt. obligations
All other
Bille nought in open market
by
$
$
s
$
s
s
$
$
$
$
$
304.810,0
596,851,0
22,702,0
40,439,0
28,365,0
160,669,0 36,955,0 31,241,0 20,875,0 3,937,0 31,787,0 13,451,0 2.091,0 9,136,0
776,0 11,173,0
23,213,0 15,873,0 22,375,0 28,320,0 26,756,0 56,366,0 14,258,0 19,208,0 22,209,0 13,718,0 32,230,0
51,224,0 20,255,0 61,568,0 1,969,0 11,386,0 8,553,0 12,660,0
402,0 24,827,0 41,363,0
344,793,0
314,965,0
262,572,0
91,506,0
Total bills on hand
5,466,0
U.S. bonds and notes
U. S. certificates of indebtedness
One-year °Us. (Pittman Act). 1,250,0
12,144,0
All other
Municipal warrants
235,106,0 73,083,0 115,184,0 51,164,0 42,079,0 96,706,0 40,369,0 21,299,0 31.747,0 39,321,0 84,766,0
36,173,0 23,987,0 11,896,0
1,241,0
165,0 6,347,0 16,765,0 10,385,0 27,325,0 2,653,0 27,617,0
.
4,000,0 1,000,0 1,000,0 1,360,0
1,571,0
1,500,0
999,0 2,167,0
1,321,0
1,000,0 1,332,0
23,143,0 4,148,0 13,823,0
2,031,0 33,740,0 2,780,0
499,0 10,951,0 8.310,0 7,149,0
8,0
26,0
922,330.0
170.020,0
.r...,..1
wapnincr astRatA
_
110.366.0
18,500,0
118,718,0
34,0
298.422.0 102.218,0 141,903,0 53,765.0 45,282,0 138,960,0 61,485,0 33,709,0 71,344,0 51,284,0 120.804,0 1229,602.0
[VOL. 115.
THE CHRONICLE
2662
RESOURCES (Concluded)
Two ciphers (00) omitted.
New York.
Boston.
Phila,
6,970,0
639,0
10,325,0
5,251,0
Bank premises
5% redemption fund against Fed422,0
eral Reserve bank notes
68,766,0
Uncollected items
508,0
All other resources
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
2,571,0
2,007,0
7,766,0
971,0
5,136,0
1,020,0
2,094,0
1,705,0
Total.
46,455,0
408,587,0
Total resources
LIABILITIES.
8,126,0
Capital paid in
16,483,0
Sur pl11E1
2,317,0
Deposits: Government
Member bank-reserve acc't_ _ 122,106,0
222,0
All other
2,680,0
19,0
146,0
200,0
103,0
196,0
665,0
468,0
98,0
89,0
75,0
199,0
47,649,0 709,289,0
157,056,0 58,926,0 64,117,0 59,430,0 29,552,0 87,572,0 43,955,0 18,648,0 43,913,0 29,705.0 4,988,0
15,729,0
965,0 1,922,0
512,0 1,710,0
795,0
304,0
530,0
2,037,0
692,0
766,0
442,333,0 5,188,643,0
1,502,042,0 406,307,0 432,571,0 230,339,0 217,571,0 790,484,0 222,667,0 133,148,0 215,994,0 136,300,0
7,570,0 107,244,0
28,681,0 9,326,0 11,708,0 5,599,0 4,309,0 14,753,0 4,813,0 3,533,0 4,630,0 4,196,0
215,398,0
60,197,0 17,945,0 22,500,0 11,030,0 9,114,0 29,025,0 9,383,0 7,463,0 9,646,0 7,394,0 15,199,0
23,136,0
421,0 1,938,0 1,464,0 3,648,0
1,939,0
2,476,0
1,544,0 2,610,0 2,182,0 1,596,0 1,001,0
1,817,744,0
680,828,0 107,877,0 145,161,0 57,893,0 52,720,0 265,816,0 68,211,0 45,554,0 82,875,0 53,854,0 134,849,0
20,230,0
285,0 3,255,0
1,135,0
325,0
575,0
1,175,0
213,0
107,0
11,437,0
480,0
1,021,0
124,645,0
Total deposits
F. R. notes in actual circulation_ 201,671,0
F. It. bank notes in circulation
650,0
net liability
55,059,0
Deferred liability items
1,953,0
All other liabilities
141,752,0 1,861,110,0
694,741,0 109,901,0 148,792,0 60,182,0 54,529,0 267,902,0 70,725,0 46,300,0 85,048,0 55,603,0
2,379,185,0
591,809,0 216,166,0 241,974,0 99,045,0 124,479,0 407,345,0 94,501,0 57,894,0 69,022,0 38,937,0 235,842,0
16,497,0
65,0
076,0 3,467,0 1,397,0
1,457,0
1,853,0
508,0
777,0
921,0
867,0
3,559,0
580,383,0
116,995,0 50,317,0 53,789,0 52,338,0 22,984,0 65,336,0 40,922,0 15,408,0 41,745,0 26,909,0 39,081,0
28,326,0
1,536,0 1,864,0 2,824,0
1,161,0 1,569,0
1,379,0 3,680,0
1,278,0
6,060,0 2,144,0 2,878,0
5,188,643,0
408,587,0 1,502,042,0 406,307,0 482,571,0 230,339,0 217,571,0 790,484,0 222,967,0 133,148,0 215,994,0 136,300,0 442,333,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com75.1
70.7
54.1
74.7
60.9
70.2
82.1
78.2
74.8
68.8
71.6
80.4
68.4
bined, per cent
Contingent liability on bills pur31,366,0
826,0 1,461.0
857,0
1,524,0
11,673,0 2,132.0 2,604,0 1,556,0 1,143,0 3.779,0 1,493,0
chased for foreign correspondt's 2,318,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 13 1922.
Boston. New York Phila.
Federal Reserve Agent al-
$
Resources(In Thousands of Dollars)
80,900
Federal Reserve notes on hand
221,905
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
15,300
Gold and gold certificates
13,418
Gold redemption fund
113,000
Gold fund-Federal Reserve Board
80,187
Eligible paper!Amount required
11,319
lExcess amount held
Cleve. Richned Atlanta' Chicago. St.Louis Minn. K.City. Dallas.1San Fr.
399,610 34,640 27,940 28,120 70,519
795,080 236,826 263,483 109,578 131,045
102,360 24,220 12,558 16,560 13,019 49,770 865,216
444,808 113,634 61,370 80,305 43,539 273,747 2,775,320
2,400
13,275
12,951 2,104 3,244
155,000 65,795 95,000
82,257 41,679 30,401
31,462 7,758 11,674
346,292
7,471
11,610 13,052
16,669 4,609 2,684 4:268 2,933 20,850 131,365
367,645 60,300 28.000 48,360 15,000 176,423 1,625,412
60,494 37,115 17,634 27,677 18,135 76,474 672,251
36,212 3,235 2,472 4,065 20,851 8,154 215,096
283,184
35,225 12,410
341,000 159,889
135,671 64,527
76,135 1,750
536,029 2,065,905 510,051 586,368 255,034 344,283 1,028,188 254,723
Total
Ltalyttttlet
Net amount of Federal Reserve notes received from
302,805 1,194,690 271,466 291,423 137,698 201,564 547,168 137,854
Comptroller of the Currency
141,718 659,409 172,299 131,226 67,889 100,644 384,314 76,519
Collateral received from'Gold
96,706 40,350
91,506 211,806 66,236 113,719 49,436 42,075
Bank lEligible paper
Federal Reserve
536,029 2,065,905 510,051 536,368 255,034 344,283 1,028,188 254,723
Total
221,905 795,080 236,826 263,483 109,578 131,045 444,308 131,634
Federal Reserve notes outstanding
36,963 19,133
20,234 203,2711 20,660 21,509 10,533 6,566
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
591,809 216,166 241,974 99,045 124,479
201,671
Total.
- 137,770 181,235 125,948 605,418 6,630,952
73,928 96,8651 61,558 323,517 3,640,536
43,736 52,628 25,404 197,273 2,103,069
20,106 31,742 38,986 84,628 887,347
137,770 181,235 125,943 605,418 6,630,952
61,370 80,305 43,539 273,747 2,775,320
3,476 11,283 4,602 37,905 396,135
407,843 94,501 57.894 69,022 38,937 235,842 2,379,185
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 784 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
1917, 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 2629.
1. Data for all reporting member banks in each Federal Reserve District at close of business Dzcember 6 1922. Three ciphers (000) omitted.
Federal Reserve District.
Boston. New York Ph iladel.Cleveland.
46
/Homed.
109
37
31
70
52
12,026
120,663
314,327
45,122
7,732
56,700 338,592
337,088 1,007,303
18,622
136,762
289,463
8,233
45,046
196,374
10,597
74,321
364,325
4,527
54,458
212,293
16,235
309,271
150,637 3,704,074
743,987 7,233,451
607,751 1,061,359
63,833 177,920
748
2,037
25,849
33,500
3,185
4,013
181,894 292,283
447,016
65,643
491
3,744
3,202
56,352
401,520 1,591,017
28,198 139,812
4,728
1,517
82,964
3,615
29,172
7,458
36,897 418,413
444,847
52,669
2,833
12,639
3,545
88,008
249,653
27,293
219
10,029
4,493
27,109
449,243
63,688
1,737
14,544
7,105
59,820
271,278
35,391
956
7,705
4,788
9,053
910,859 11,246,796
137,896 1,503,677
33,539
6,185
655,190
24,523
95,132
11,479
162,717 2,251,450
883,260 1,571,162
71,509 104,137
17,843
34,528
698,028 868,276
57,971 552,767
14,518
10,693
576,443
35,242
15,161
336,539
146,022
5,533
479,205 2,266,106
32,052 197,883
57,539
11,001
273,863 1,399,470
160,916 733,975
14,796
5,168
604,541
40,100
8,325
343,229
177,745
11,542
318,796
25,156
6,274
205,437
33,601
3,024
596,137
48,010
12,577
440,131
123,974
3,181
320,171 1,253,659 15,785,784
88,019 1,392,010
25,930
22,555
10,311
303,777
241,729 649,202 11,010,180
70,646 568,055 3,694,727
1,009
5,226
162,592
Number of reporting banks
Loans and discounts, including bills
rediscounted with F. R. Bank:
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
105
56
81
73
17,186 117,993
241,229 1,653,267
570,702 2,211,876
20,375
248,704
333,672
30,623
383,695
647,041
Total loans and discounts
U. S. bonds
U. S. Victory Notes
U. S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities
829.117 3,983,136
103,824 607,510
898
11,140
20,974 415,104
4,556
12,136
170,174 748,730
Total loans de disc'ts & investm'ts,
incl, bills redise'd with F.11 Bk_ 1,129,543 5,777,756
Reserve balance with F. It. Bank__ _
83,686 640,286
Cash in vault
20,120
92,543
802,011 4,752,265
Net demand deposits
Time deposits
239,230 779,825
Government deposits
16,767
70,215
Bills payable with F. R. Bank:
11,839 159,423
Secured by U.S. Govt. obligations
All other
Bills rediscounted with F. R. Bank:
203
Secured by U.S. Govt. obligations
35,301
All other
26,063
Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
41
784
66
15,502
11,853
20
12,116
500
1,500
25,870
7,968
1,023
8,008
160
15,565
130
270,877
650
1,555
14,410
253
15,401
160
11,611
145
10,508
241
24,601
92
9,85(1
3,021
2
9,617
9
3,240
58
12,574
2,719
176,197
all other reporting banks.
2. Data pf reporting member banks In Federal Reserve Bank and branch cities and
CitieslAllOther Report Bits.
Total.
All F. R. Bank Cities. F. R. Branch
Dec. 6. Nov. 29. Dec. 6. Nov. 29. Dec. 6 '22.Nov .2922 Dec. 7'21.
Dec. 6. Nov. 29. Dec. 6. Nov. 29. Dec. 6.
Nor. 29.
----311
784
311
209
808
784
209
64
50
264
64
50
264
New York City.
Three ciphers (000) omitted.
Number of reporting banks
Loans and discounts incl. bills redis
s
S
counted with F. R. Bank:
99,765
Loans sec. by U. S. Govt. oblig'n i 108,030
Loans secured by stocns & bonds 1,475,390 1,495,796
. 1,927,013 1,920,100
All other loans and discounts
City of Chicago.
s
$
s
$
s
s
$
a
$
s
$
41,847
507,436
43,062
309,271 *297,401
50,421
49,847
33,299
217,577 *203,918
521,007 462,212 446,978 3,704,074 *3,688,457 3,097,167
414,965 2,705,315 *2,717,472 536,547 1,470,482 1,327,194 1,333,312 7,233,451 7.232,873 7,708,141
620,377 4,425,399 4,429,079 1,480,858
2,044,910 1,831,253 1,823,352 11,246,796 11,218,731 11,312,744
3,510,4333,515,661 1,062.065 1,068,641 7,348,291 7,350,460 2,067,252 351,159 299,552 298,621 1,503,677 1,510,540
Total loans and discounts
929,777
860,760 352,066
56,09„
55,910
527,264
852,059
515,972
U. S. bonds
34,165
160,493
4,906
33,539
4,334
8,639
9,712
20,620
4,113
3,888
10,974
19,493
9,869
U. S. Victory notes
123,353
655,190 *653,766
47,457
47,678
75,386 *75,831
530,478
532,126
59,137
397,105 392.904
59,279
U. S. Treasury notes
95,132
175,384
14,142
*95,094
14,060
31,239 *30,749
50,203
9,366
17,917
17
8,738
.741
49,833
U. S. certificates of indebtedness_ _
626,494 426,015 425,450 2,251,450 2,249,041 2,056,999
518,690 555,132 180,132 180,520 1.186.820 1,197,097 638,615
Other bonds, stocks and securities_
Total loans St elects & invest'ts,
10,009,6273,174,270 3,137,732 2,622,8922,613,928 15,785,784 15,761,337 14,758,750
,
161,708 159,357 1,392,010 1,356,129 1,241,604
incl. bills redisc'ted with F. R. 13k. 4,990,8075,011,301 1,379,463 1,385 979 9.988,622
970,050 222,495 226,722
594,145 560,973 142,516 141,759 1.01)7,807
286,463
308,777
315,174
74,929
Reserve balance with F. R. Bank
82,953
57,922
64,824
153,612
161,000
29,838
32,055
75,762
77,373
Cash In vault
1,807,603 1,628,343 1,606,353 11,010,180 11,094,036 10,208,340
1,800,238
4,256,352 4,346,583 964,528 990,967 7,581,599 7,680,078 1,122,846 1,082,420 777,294 777,409 3,694,727 3,647,977 2,989,967
Net demand deposits
350,499 1,794,587 1,788,148
549,306 542,754 351,427
162,592
21,022
170,637
Time deposits
115,391
20,408
22,953
21,763
126,662
120,421
8.532
8,250
66,298
62,983
Government deposits
30,021
270,877
204,014
13111s payable with F. R. Dana:
28,060
228.270
53.043
52,260
120,950
190,557
3,645
5,550
69,330
650
141,195
661
520
Seed by U.S. Govt. obligations_
520
1,242
141
130
All other
2,716
238
Bills rediscounted with F. R. Bank:
306
1,640
586
34,420
547
766
1,866
28
106
403
176,197
Seed by U.S. Govt. obligations_
33,828
34,483
175,578
418,691
44,311
37,197
97,439
104,517
7,408
13,098
11,496
16,420
All other
Ratio of bills payable St rediscounts
with F. It. Bank to total loans
2.6
2.5
2.4
2.4
4.6
3.1
2.8
2.2
30
1 r.
8
1 ,,,
and Investments, per cent
• .t !/,,, i figures.
35,611
409,346
617,10.
DEC.16 1922.]
THE CHRONICLE
2663
tions, is to embark upon an energetic immigration policy, of which the first
fruits, we may hope, will appear next year.
REVISION OF THE BANK ACT.
The Bank Charters expire on July 1 1923, and unless the Government deems
proper to extend them for another year, a revision of the Bank Act will occur
at the approaching session of Parliament.
The subject is already engaging attention in the press and elsewhere. Some
ONE HUNDRED AND FIFTH ANNUAL MEETING.
suggested changes are so radical that alarm might well be caused but for the
conviction that caution, the lessons of the past and the sound sense of ParliaSIR VINCENT MEREDITH, PRESIDENT, REVIEWS ment will interpose against their acceptance. I have yet to learn of any Parliamentary or other enactment that will wholly provide against the errors or
OUTSTANDING DEVELOPMENTS OF PAST YEAR
misjudgments of those who conduct affairs in any business.
-GENERAL OUTLOOK IN CANADA.
The banking system of Canada is the product of long experience. It has
operated to the advantage of the people, despite an occasional failure, from
which, however, nu country and no plan has been free. I can confidently
SIR FREDERICK WILLIAMS-TAYLOR, GENERAL MAN- claim that to venture upon radical changes in the Banking system as to incur
AGER, DEALS WITH CANADA'S ECONOMIC
grave danger to the stability of trade and to imperil the credit structure of
the country, and I know of nothing more certain to arrest the development
POSITION AND PROGRESS OF BANK.
and progress of Canada than rash experiments in the domain of banking and
currency.
The annual meeting of the Bank of Montreal was marked by especially inLABOR AND COSTS.
teresting announcements by both Sir Vincent Meredith, Bart., the President.
The labor problem and its near-relation, the cost of living, are still with
„and Sir Frederick Williams-Taylor, the General Manager.
Sir Vincent in his address referred particularly to the conditions that pre- us. Certain classes of labor have accepted a lower wage, but there has not
vailed throughout the world. The President also made special reference to been a pronounced general movement in this direction, nor has the tendency
the revision of the Bank Act and to the absorption of the Merchants Bank. been wholly downward. It may be, indeed, that for a time diminished proBefore beginning his annual address, Sir Vincent also took occasion to pay duction cost will have to be sought in improved machinery and equipment, in
special tribute to the memory of the late R. B. Angus, who had served for efficiency and economy and in a larger output per man and machine rather
over 30 years as a director of the Bank, and who also for some years had than in cheaper labor.
Transportation rates are frequently complained of as keeping prices high.
acted as General Manager.
Sir Frederick Williams-Taylor, the General Manager, dealt more particu- As a matter of fact, rates are lower in Canada than they are for similar serlarly with the affairs of the Bank, but laid special emphasis on the economic vices in other countries. It is obvious, therefore, that there can be no amelioposition of Canada. Sir Frederick also referred to the exchange problem and ration unless there be a reduction in operating costs, represented chiefly by
labor, a process experience is proving to be slow, difficult and uncertain.
reviewed the general features of the annual statement of the Bank.
On motion of Lord Shaughnessy, Sir Vincent Meredith, Bart., was requested
GENERAL CONDITIONS.
to take the chair.
The condition of business in Canada is, upon the whole, more satisfactory
THEPRESIDENT'S ADDRESS.
than
Sir Vincent Meredith, President, in moving the adoption of the report said: not a year ago. The opinion I then ventured to express, that trade would
yet
The recent death of our greatly esteemed director, Mr. R. B. Angus, must made in enter a period of pronounced expansion, although a spurt might be
some departments, has been borne out by events. Price recessions
cast a shadow over our meeting to-day.
seem to have been checked somewhat generally, the cost of living indices comAs a director of the Bank for 31 years and its President for three years, he piled by many
statisticians not having been materially reduced within the
rarely, if ever, was absent from a meeting of the Board except on occasions year, while some
important commodities move more freely at higher prices.
when he was abroad. His wise counsel and mature judgment were at all times Lumber, pulp and
paper manufactures, sugar, all show improvement. The
at the Bank's service.
textile industry has been well employed and the boot and shoe industry is apHe will be greatly missed, not only by his confreres in the Bank and other parently emerging from the slough.
The building trade has been decidedly
but by the public in better the country over, to the
large corporations with which he was closely identified,
gain of artisans as well as of dealers in buildgeneral, by whom he was held in high esteem.
ers' supplies.
for me to make at
Before beginning the few remarks that it is customary
For several months
diminishing
the
this time, I wish to state that your Directors authorized a donation of $50,000 until it can almost be past, thatarmy of the unemployed has beenexcess of the
unemployment is not greatly in
In May last to enable the Hospitals to continue their commendable work with- normal. On the other said farmers
hand,
have had to contend with a further fall
out curtailment, and I am confident this has your sanction.
in prices, which have
The banking year just closed has required constant vigilance and I am glad gives the grower a slimpractically receded to pre-war figures. Dollar wheat
margin of profit.
to be in a position to inform you that, while our profits on the basis of capiAgricultural products
tal employed have not been as large as those of the immediately preceding to a greater degree than have been deflated in price, as respects the producer,
other commodities, and the former relation of foodyears, as was to be expected with lessened activity in business generally, stuff prices to other articles has
still to be restored.
coupled with increased taxation, we have been fortunate in escaping serious
Fortunately, farmers have reaped a bountiful harvest, more bountiful as a
losses, and the liquid position and great strength of the Bank remain unim- whole than in any year
since the phenomenal crop of 1915, so that the excess
paired.
in quantity will in
Since your last annual meeting, the Merchants Bank has been absorbed by portation interests, some measure compensate for the drop in prices. Transmoreover, will benefit materially from the increased trafthe Bank of Montreal. To the incidents connected with this transaction it is fic arising from the
splendid harvest, and the transportation interests are
not necessary to refer, nor to the criticism it evoked, further than to say that,
in my judgment, the prompt action of your Directors, subsequenntly ratified probably the largest employers of labor in Canada.
The live stock trade has been hard hit by the high tariff of the United
by you, averted a situation that might otherwise have proved serious to the States,
country at large, and secured the shareholders of that institution from losses removalparticularly in the case of cattle breeders in the West. Whether the
of the British embargo will realize all the expectations of Canadian
greater than were suffered.
breeders may
It will interest you to know that the work of co-ordinating the staffs with long-imposed be a moot question, but it is very satisfactory to learn that this
enfbargo is at last to be lifted and the hope may be indulged
a view to economies is proceeding with all possible celerity, and that the ac- that an impetus
to Canadian exports of cattle to Great Britain will be given
quisition of the Merchants Bank is reasonably realizing the expectation of thereby.
your Board. Under our own organization and with the economies that have
been effected, the future gives promise of increased earnings.
CONCLUDING REMARKS.
In conclusion, the crisis of 1920-1 has passed into history. The fact that
CANADA'S TRADE.
the depression was world-wide makes it highly improbable that the return to
The foreign trade of Canada is again expanding, having reached a value of normal will be other than slow.
We have experienced a more sudden and acute depression of trade than our
$921,700,000 in the seven months ending Oct. 31, being an increase of $67,748,000 over the corresponding period last year. If the comparison is carried generation had ever known, and though conditions, including the agricultural
results, are undoubtedly more favorable, prudent business men will not build
back two years, the considerable decrease of $575,000,000, or nearly 40%, is
shown; but having regard to the fall in prices, it is probable that the quan- up an unduly speculative position after the lessons of 1920.
The outlook, as I see it, is for reasonably profitable operations in most lines
tity movement is now little less than in 1920, when the peak was reached.
A satisfactory feature of the figures is the large export of agricultural pro- of business, though there can be no great trade boom without a further important expansion of foreign commerce, and this, unfortunately, is not yet in
duce, amounting in the seven months to $270,084,000, an increase of $27,000,000 over the seven months of last year—a substantial addition to the income sight.
of our farmers.
THE GENERAL MANAGER'S ADDRESS.
The improvement in the lumber, pulp and paper industries which set in Mr. Chairman and
Gentlemen:
during the summer is reflected in an increase of $26,780,000 in the value of
The one hundred and fifth annual balance sheet of the Bank, which I have
exports of these commodities since April 1. Imports, after a sharp decline
pleasure in presenting for your approval, shows many changes as compared
following the general reaction in trade towards the close of 1920, have latterly
expanded, increasing upwards of $7,000,000 in October, but in the seven with a year ago.
These changes are the result in part of incidental variations in what might
months period, the total value of goods brought in is slightly less than last
year. The balance of trade has turned in favor of Canada, having been the be termed our natural position and, in a larger measure, of the absorption of
the Merchants Bank of Canada, which, I am gratified to say, has been effected
considerable sum of $60,000,000 in the April-October period, as compared
with an adverse balance of $22,700,000 in 1921 and of $140,600,000 in 1920. with scarcely a ripple on the surface of our affairs.
Speaking in general terms, the increase in our liabilities to our shareholders
Within two years, therefore, there has been a betterment of no less than $200,'
000,000 in our foreign trade, a factor contributing in a considerable degree and depositors is balanced by a corresponding increase in our assets, while our
towards the restoration of the Canadian dollar to par. Taken altogether, the liquid position remains as strong as ever and the status of the Bank is enhanced through the acquisition of many branches, as well as in other ways,
foreign trade figures afford encouragement.
The net debt of Canada on the 31st of October amounted to $2,369,000,000, from all of which we shall presently derive the benefit in increased earning
.an increase of $40,000,000 during the year. The deficit of the National Rail- power.
•
It is trite, yet undeniable, to remark that in Canada, as elsewhere, trade
'ways during the same period will probably amount to upwards of $50,000,000.
generally has not been good. Bankers, more distinctly than others, perceive
the detailed results of this condition, which in large measure is brought home
CONDITIONS IN GREAT BRITAIN.
•
In Great Britain the past year has witnessed an improvement in general to them through losses and diminished profits.
In the case of our own Bank, if losses are moderate, as they have been, it
'business conditions, but it has been a very gradual one. The outlook, however, is for a continuance of this movement. Deflation is still taking place, must of necessity be the result of prudence in granting credits and of accurate perception of the inexorable working of economic laws, for there is litas evidenced by the reduced amount of Treasury Bills, the fewer currency
notes outstanding and the reduction in bank deposits. The floating debt is tle that can be ascribed to luck in such matters.
Criticism of bankers is never lacking in Canada, but I trust It is recognized
over £388,000,000 lower than a year ago, mainly represented by a reduction
that the best interests of our shareholders and of that much larger section of
In Treasury Bills outstanding.
the community, our depositors, continue to be fully protected, while we have
The first payment by England on account of interest on her debt to the
United States is an earnest of her willingness and ability to discharge all lia- at the same time met the proper requirements of all borrowing customers.
Naturally, we have less control over our profits; yet you will observe that
bilities, even those contracted for the benefit of Allies and in the common
we have earned our dividend for the past year and are fortunately able to pay
cause.
a 2% bonus as well. We enter upon a new year with confidence born of
IMMIGRATION.
strength and experience.
As you are aware, the tide of immigration into Canada has not flowed
Before going into a detailed explanation of the various items
'freely in recent years, and while reasons more or less convincing are given for sheet and the factors that affect our well-being, it is customaryin our balance
for your Genlarger population, the fact remains that the situation in
the failure to attract
eral Manager to touch upon the general trade and financial situation and out'this respect is unsatisfactory.
look.
The return of the census taken last year revealed that if we had held the
Your President
Immigration of the decade as well as the excess of births over deaths, our in very few words has covered the matter amply. My views can be expressed
indeed.
'population should have been some two millions greater than computed by the
Canada's economic position is not satisfactory. How could it be satisfacofficial figures. Obviously, if our confidence in Canada is to be justified, a tory, with the whole financial world out of joint? As everyone is
aware,
radical change in the immigration policy becomes necessary.
our troubles are partly the result of this universal condition; partly the
It seems to me there are two ways only to check and reduce the mounting sult of the war. It is well, however, to bear in mind that our problems reare
debt with which this country is now burdened; one is by the creation of fresh largely of our own creation.
wealth through having more people on the land and the other by strict econoReadjustment will come in time, for this is a country of virility and manimies in Government expenditures.
fold resources; yet one thing stands out signally, in my opinion, namely that
Our country's natural resources exist in abundance; we have an exhilarat- Canada cannot go ahead again as she should while taxation and
the cost of
ing climate, fertile soil, immense forests, rich deposits of minerals, both base living are higher in this country than they are in the United
States of
and precious, providing opportunities for livelihood that should attract the America.
surplus population of the Old World. Doubling population will halve our
Canada is one of the best countries in the world
our railway problems, expand our trade and enhance the general play in—in point of stability, security and comfortto live in, to work in, to
debt, solve
it is
/prosperity. It is gratifying, therefore, to learn that the Dominion Govern- as compared with Europe—but we must not stand still, an earthly paradise
and in order
anent, in co-operation with the Provincial Governments and private organiza- gress the cost of living and taxation must be diminished; otherwise, to prowe will
Vanhing and financial.
BANK OF MONTREAL
2664
fail to attract immigration; and improved conditions are largely dependent
upon increased population.
As to ways and means, they are obvious to all who reflect, and the necessity thereof is now being brought home to the heedless by that pitiless but
unerring teacher, necessity.
To revert to our balance sheet, you will note that our bank premises account
has been nearly doubled, but I am able to inform you that important sales
have already been made and further realizations are in prospect, so that we
look forward to a steady reduction in this none too satisfactory form of asset.
As you know, an ample volume of deposits is essential to the prosperity of
any bank, and I feel sure you share our gratification that this department of
our business has been well maintained during the deflation period. Our total
deposits are $605,600,000, divided as follows:
31st October 1922.
Current in Canada
$189,000,000
Time Deposits in Canada
276,700,000
Deposits outside
139,900,000
I should add that both in Canada and outside, we had at 31st October special large sums on temporary deposit, which have since been in part withdrawn.
Our total loans are now $409,000,000. Of this amount $24,000,000 represent commercial loans in Canada, which are less after taking Merchants Bank
figures into account, by $27,000,000 than a year ago, and therein, and in the
lower rates of interest at our other reserve centres, London and New York,
lies the explanation of our somewhat smaller percentage of earnings to capital.
I need hardly tell you of the daily problems which come to us in dealing
with this great volume of commercial loans or of the lively interest maintained through this intermediary in every phase of Canada's trade and in the
economic welfare of the country generally.
Current loans in Canada for all the Banks, including advances to Provincial
Governments, Municipalities, et cetera, are $130,000,000 less than a year ago,
reflecting a period of deflation in trade and lessened demand upon the Banks.
It is the case also that during the year so-called "frozen credits," to an appreciable extent, have been liquidated. The same period has recorded business
failures in Canada and Newfoundland numbering 3,571, with liabilities of
$73,500,000. The number is larger than in any year since 1915.
Our call and short loans in this country and elsewhere at nearly $135,000,000 and balances due us by banks outside Canada at $54,000,000 reflect to
some degree the disposition of certain large temporary deposits to which I
have already referred.
We now have $41,550,000 notes in circulation, the highest point in our history. Notes of all the Banks of the Dominion Government in public circulation at 31st October totaled $375,800,000.
The free movement qf gold into this country enabled the Bank to strengthen
its metallic reserves in Canada, as indicated in our balance sheet.
The past half year has witnessed many fluctuations in the Foreign Exchanges. The most important for us is the rapid decline .in the value of New
York funds, which have fallen from the high point of 19% premium in December 1920, to a slight discount at this date. The decline would have been
greater but for Canada's imports of gold from the United States of America.
We may congratulate ourselves on this state of affairs; yet we must not
lose sight of the fact that it is brought about not so much by the improvement in our trade balance, although that is considerable, but more through
the sending of special large sums into Canada and by heavy borrowings in
New York on the part of Federal and Provincial Governments, Municipalities
and Industrial Corporations, borrowings which have been extraordinarly easy,
owing to the plethora of funds in the New York market.
We cannot, therefore, look upon our present position as permanent, and
should be prepared for the possible return of the premium on New York funds.
Since January sterling has ruled at higher rates and has been much steadier,
moving within the comparatively narrow limits of $4 35 and $4 58 to the
pound. The higher and steadier rates have tended to offset to some extent the
fall in prices of our principal exports to Great Britain, and less violent fluctuations have reduced the risk in making commitments.
In London, existing conditions, particularly in. regard to exchange, have
made business with countries overseas increasingly difficult, but the services
of our branches in London and Paris continue to be most useful, not only in
handling transactions, but in keeping the Bank's executive in intimate touch
with financial and other developments abroad.
The improved value of the pound sterling in terms of the Canadian
Inspires us to look forward to the time when Canada may again issue dollar
loans
in London, where a warm welcome would be accorded to so popular a borrower. Rates for money in London steadily declined throughout the year, but
the fall had been anticipated, with the result that our resources in London
have been continuously employed to the best advantage practicable and without sacrificing liquidity.
There is evidence of increasing interest by Canadian producers and manufacturers in the English market, and vice versa, and we have every reason to
believe that the services of our London Office is rendering in conjunction with
our Foreign Department in Head Office, in furnishing information as well as
other assistance, are fostering this movement to the benefit of Empire trade
and to the direct advantage of the Bank's customers.
The new office of our Paris subsidiary was opened in February of this
year, and we have received many compliments on its dignified appearance.
The Place Vendome, where it is situated, is, I need hardly say, one of the
best known and most central spots in Paris, and large numbers of Canadians
and other visitors have made use of the facilities offered.
In the United States, money was plentiful early in the year, owing partly
to liquidation of old business commitments, but of late a fresh expansion has
absorbed the surplus with a consequent firming of rates. The average rate
for call money in New York for the year was 4.37%.
The business failure record in the United States reached its height in February. Since then the improvement in commercial mortality has been substantial.
The financial situation is looked on as sound, although labor troubles have
had their serious effect.
The high tariff measures adopted by our neighbors have restricted the export from Canada of many of our farm products, for which we must now seek
markets elsewhere. Yet it is noteworthy that the trade figures of a recent
month showed Canada as first of all countries as a consumer of United States'
goods, and first also as a provider of the United States importing needs.
Canada borrowed in New York $240,000,000 out of an estimated total of
$700,000,000 raised in that centre by foreign countries during the nine
months ended 30th September. Our borrowings were chiefly new money, and
$100,000,000 of the amount was raised by the Dominion Government on conspicuously favorable terms to Canada.
It may be of interest at this point to state that Canada's debt abroad, according to a close analysis, is now about $3,600,000,000, divisible as follows:
$ 546,000,000
Dominion Government
Provincial and Municipal Governments
720,000,000
1,600,000,000
Railways
Public Utilities, Industrials, et cetera, accounting for the balance.
Canada's obligation in interest on this great sum is estimated at about
$500,000 per day.
In conclusion, I think we can claim that the manner in which our Banks
generally have come through the agitating times since 1914 is evidence of the
fundamental soundness of our Canadian banking system. We must be thankful that no great commercial breakdown has occurred.
The ballot for the appointment of Auditors and the election of Directors
for the ensuing year VMS then proceeded with.
The Scrutineers appointed for the purpose reported that Messrs. James
Hutchison, C.A., and J. Maxtone Graham, C.A., were duly appointed Auditors, and the following gentlemen duly elected Directors: D. Forbes Angus,
J. H. Ashdown, E. IV. Beatty, K.C. • H. W. Beauclerk, His Honor Henry
Cockshutt, General Sir Arthur Currie,'G.C.M.G., K.C.B., LL.D.; H. R. Drummond, G. B. Fraser, Sir Charles Gordon, G.B.E.; Sir Lorimer Gouin, K.C.
M.G.; C. R. Hosmer, Harold Kennedy, William McMaster, Sir Vincent Meredith, Bart.; Lieut.-Colonel Herbert Molson, C.M.G., M.C.; the Right Hon.
Lord Shaughnessy, K.C.V.O. • James Stewart.
The meeting then terminated.
At a subsequent meeting of Directors, Sir Vincent Meredith, Bart., was reelected President, and Sir Charles Gordon, G.B.E, was re-elected Vice-President.
[VoL. 115.
TTEF CHRONICLE
Vaulters'
azeitt,
Wall Street, Friday Night, Dec. 15 1922.
Railroad and Miscellaneous Stocks.—Operations in
the stock market have been quite overshadowed this week
by an unexpected and probably unprecedent advance in
European exchange and to steadily increasing activity in the
bond market. This activity which increased the total par
par value of bonds traded in from $11,500,000 on Monday
to over $26,000,000 on Thursday, was due chiefly to a revival of interest in Government bonds, especially the various
Liberty Loans, but extended to other high grade investment
issues. During all this time sterling exchange continued the
upward movement noted last week until it touched $4 69
on Wednesday, as against $4 57, the highest then quoted.
Amsterdam very near to par, Stockholm again to a premium
and practically all the European exchanges, including German, to-day, to new high figures, a movement not easily
accounted for.
Under these conditions it is not surprising that the stock
market has been neglected, so to speak. Prices have generally fluctuated within narrow limits and net changes,
some higher and some lower, are for the most part unimportant. New York Central is the outstanding exception in the
railway list. It declined nearly 4 points on disappointment that the dividend rate was not increased as had been
expected. Canadian Pacific, on the other hand, moved
up over 3 points and Reading nearly as much. Fluctuations
have been wider, of course, in industrial stocks where the
business is, as usual, chiefly in the hands of professional
traders.
The Produce market has been decidedly strong this week.
Wheat again sold at $1 2434 per bushel, corn made a new high
record for this year's crop and the tendency of cotton has
been upward. All this is in harmony with the fact that
general business the country over continues ususually active
for the season, as evidenced by reports of the number of
freight cars loaded week by week, and the steadily increasing iron and steel output.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Dec. 15.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Highest.
Range since Jan. 1.
Lowest.
Highest.
$ per share. $ per share. $ per share.
Oct
100 94 Dec 12 94 Dec 12 92% Nov 94
& Ar o dspref___
BangorRaliross,
Apr
16 92 Dec 15 92 Dec 15 85
Aug 95
Buff Roch & Pitts, pf 100
2,100 101 Dec 1210231 Dec 15 100% Dec 10531 Oct
2d
South,Ohio pref
:
s
CobCliea
Jan 59% Sept
pf_100 100 56 Dec 11 56 Dec 11 49
Oct
100 11331 Dec 15 11334 Dec 15 10434 June 116
Illinois Central, pref
Oct
Jan 79
50 74 Dec 13 74 Dec 13 -71
Leased line stock__ 100
Nov 31% Aug
Interboro Rap Tran (w 1) 1,000 1834 Dec 15 1931 Dec 11 18
Int & Gt No Ry (WI) 100 3,000 2131 Dec 11 2434 Dec 14 21% Dec 26% June
Man Ry Eq Tr Co of
5,100 4031 Dec 15 5134 Dec 11 40% Dec 55% Aug
N Y certif of deposit
Dec
Feb 270
25 250 Dec i2270 Dec 14 120
Michigan Central__ _100
M St P & 55 M—
Sept
Leased line certifs_100 100 65 Dec 13 65 Dec 131 63 June
Nov 68% Sept
3
690 36 Dec 9 3634 Dec 9 31
Nat R y
M K & T full paid
D 67
J. 1
s Max 1st pref 100 700 6% Dec 11 7% Dec 9 634 :934 Aug
Dec
New York & Harlem__ 50 200 143 Dec 12 143 Dec 12 100
Dee
290 6734 Dec 15 673-1 Dec 15 2231
Tol St L & W Series B
Feb 148% Sept
ja 53
500 55 Dec 15 57 Dec 13 33
Preferred Series B
Dec
Jan 89
Twin City R T pref_100 100 89 Dec 12 89 Dec 12 34
,
Industrial & Miscell.
Dec
Jan 125
All America Cables_ _100 100 121 Dec 13 121 Dec 13 107
Sept
11 4931 Dec 13 44
Am Metal temp ctfs__ _* 11,600 4731 Dec 12 11134 Dec 12 107 8eu t 16234 Sept
A pg 1.3
34
Am Metal temp ct, p1100 300 11031 Dec 13 1 Dec 13
34 Jan 2% July
Assets Realization_ __ _10 800 1 Dec
100 131 Dec 13 134 Dec 13 1% Nov 2% July
AtlFruitCoITCoctfofdep
53
Dec 164 m Oct
100 87 Dec 15 87 Dec 15 87
Atlas Powder
Dec
Dec
Beech-Nut Packing__ _20 14,000 5034 Dec 9 5331 Dec 12 48% Nov 101
Oct
Dec 15 96 Dec 12 94
1,200 95
Beth Steel, pref, new
Dec 98
49
Aug
11
Booth Fisheries lst pf 100 100 30 Dec 11 30 Dec 12 30
Nov
90%
pre1100 400 9831 Dec 14 99 Dec
Brown Shoe,Inc,
Feb 10534 Dee
100 200 105 Dec 11 10534 Dec 9 94
Burns Bros pref
Jan 103 Sept
100 10231 Dec 14102',I Dec 14 85
Cluett, Peabody pref___
Oct
100 4534 Dec 12 45% Dec 12 4434 Sept 50
Corn Solv A
Dec
900 1534 Dec 12 1634 Dec 14 13%
Conley Tin Foil
v 17
32,600 60% Dec 15 62% Dec 9 59% Nov 6231 Dec
gw i)
Consol Gas
88,500 2 Dec 14 231 Dec 9 1% Nov 234 Dee
Rights
12
11 1 i Dee
10,100 108% Dec 131123-1 Dec 13 10834
Continental Gas
31
Cont Motors certifs... 16,700 1134 Dec 14 1134 Dec 14 11% Dec 10231 Dee
Sept
400 9934 Deo 13, 00 Dec 14 9334 July
Cosden & Co pref
Feb 80 May
100 200 71% Dec 151 72 Dec 15 61
Deere & Co pref
Dec
13 121 Dec 13 121
100 121 Dec
Diamond Match
Dec
Elk Horn Coal Corp pf 50 400 40 Dec 11 40 Dec 11 34
D arec 313 4
D 2
200 2731 Dec 9 28 Dec 11 2734 Mee 141% Oct
Exchange Buffet
0
Feb 2
Dea 44u July
Emerson-Brant pref_100 400 30 Dec 11 3031 Dec 11 23
June
Fairbanks Co (The)__25 200 12 Dec 11 12 Dec 11 12
100 10634 Dec 1410631 Dec 14 100% Dec106% Dee
Fidelity-Phen Fire Insur
Dee
Jan 175
General Baking Co____. 100 175 Dec 13 175 Dec 13 102
Sept
1,800 1031 Dec 9 11 Dec 9 1031
General Electric Spl
eacvett 45341862 m,434 Dec
13 4634 Dec 13 46%
Gilliland 011,pf.(8%).100 100 4631 Dec
Oct
1,800 40 Dec 11 4231 Dec 14 3831
Gimbel Bros
2,300 9631 Dec 9 97 Dec 14 93% Nov 102% Oct
Preferred
Oct
Dec 11 534
5,000 531 Dee 13 6
Goldwyn Pictures
Mar
Nov 103
84% Dec 9 8431 Dec 11 81
22u Dea
Hartman Corp
11 2631 Dec 12 19% Nov 26% Dec
Hudson Motor Car_ _ .. * 40,460000
1r
Apr 60 June
Dec 11 30
Hydraulic Steel, pref_100 200 40 Dec 11 40 Dec 13 116
Dec
Dec 225
100 116 Dec 13 116
Ingersoll Rand
Nov
ea
Dec 15 104 Dec 15 103% Nov 104
D
Preferred
14 109% Dec 15 108% Dec 109% Dec
00
Jones & L gh n S Pr, w 1_ 2,624 11008434
D 161% Oct
J: 15x
100 5634 Dec 12 56% Dec 12 36
Loose-Wiles Biscuit
Nov 62
Dec
1,500 61 Dec 11 62 Dec 15 59
Macy
Nov
500 110% Dec 13 III Dec 12 11034
Preferrel
Dec 35% Sept
4,200 28 Dec 9 29% Dec 15 27
Magma Copper
Aug 19% Dec
15,646 1831 Dec 11 1931 Dec 13 13
Moon Motors
*23,800 11 Dec 9 1231 Dec 13 93-1 Nov 12% Deo
Mother Lode Coal
Sept 325
4
Dec
524 Dec 9625 Dec 13 450 June60
* 433
Nash Motors Co
Dec
72 302 Dec 13 304 Dec 13 264
Nat Bk of Commerce.100
41,200 37 Dec 15 3934 Dec 11 35% Nov 39% Dec
Biscuit, w 1_
National
Jan 102
Dec 9 102 Dec 9 69
Nat Cloak *Suit, pf_1(10 100 102 Dec 14 4934 Dec 9 4534 Nov 5034 Dec
Oct
600 4831 DecN
Y Air Br0ke A
Oct
12 90 Dec 12 90 May 95
Orpheum Ore,Inc,p1100 100 90
/
Nl
Range since Jan. 1.
Range for Week.
STOCKS (Concluded)- Sales
for
- Week ending Dec. 15.
Week.
Lowest.
Highest.
Lowest.
Highest.
Ind.& Misc.(Con.)Par Shares $ per share $ per share $ per share $ per share
Nov
200 102 Dec 12 102 Dec 12 93
Jan 104
Otis Elevator, pref.. _100
100 45 Dec 11 45% Dce 15 40
Nov 4534 Dec
100
Otis Steel, pref •
200 925 Dec 15 923 Dec 15 86% July 91% Oct
Pacific Tel& Tel, pref100
Nov
2,100 19% Dec 11 20% Dec 9 18% Nov 21
Packard
Dec
100 92 Dec 14 92 Dec•14 92
Dec 92
Preferred
Mar
300 61 Dec 13 6234 Dec 14 61
Dec 80
Panhandle P & R,pf_100
100 10434 Dec 12 10434 Dec 12 10434 Nov 10434 Dec
Penn Edison, pref
Nov
200 9434 Dec 11 95 Dec 9 8834 Jan 97
PhillipsJones Corp,pf100
100 75 Dec 12 75 Dec 12 74
Oct 9634 Oct
Porto Rico-Amer Tobac_
P S.Corp of NJ, pref__ _
Oct 10634 Dec
60010634 Dec 910634 Dec 11 75
100 42 Dec 15 42 Dec 15 41
Nov 4534 Sept
Philadelphia,6%
Mar
900 1534 Dec 12 16% Dec 15 834 Jan 21
Reis (Robt) & Co
100 78 Dec 11 8034 Dec 15 49
Ja. 8034 Dec
First preferred____100
Reynolds Spring Co . 5,100 1734 Dec 14 32 Dec 15 1234 Nov 5034 June
700 9234 Dec 14 9234 Dec 9 9234 Dec 9634 Sept
Shell Union Oil, pref__ _ _
Oct
Stnc air Cons Oil, pref__ 1,900 100 Dec 9100 Dec 9 9734 Sept 102
200 10234 Dec 14 10334 Dec 14 10234 Dec 10334 Dec
Spalding, 1st pref
Nov
200 9434 Dec 15 95 Dec 11 84
Standard Milling, pf_100
Apr 98
Dec
Standard Oil of NJ, w i_ 2,800 3934 Dec 15 40 Dec 15 3934 Dec 40
Oct
100 1,000 12434 Dec 1 127 Dec 13 10954 May 154
Tidewater Oil
Oct
Timken Roller Bearing- 19,000 3234 Dec 11 3354 Dec 11 2834 Sep 35
% Dec 14
U S Realty & Imp rights 10,400
% Dec 11
% Dec 154 Nov
100 10134 Dec 11 101% Dec 11 10134 Dec 10134 Dec
U S Realty & Imp, w i__
1,300 63 Dec 14 6434 Dec 11 5734 Oct 673.4 Nov
Van Raalte
Va-Caro Chemical B"
400 1634 Dec 12 1634 Dec 13 14
Nov 254 Aug
West Elec 7% cum,pf100 1,000 112 Dec 12112% Dec 11 11154 Nov 112% Nov
* No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Dec. 15 1922.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
Ate.,
Bonds.
Per Value.
448,5381 $22,238,000
694,798 53,859,000
734,789 54,207,900
858,158 66,404,100
900,777 68,424,000
872,000 66,988,000
State, Men.
and Foreign
Bonds.
$3,894,000 $1.169,500
5,243,000 2,163,500
6,338,000 1,838,000
6,701,000 1,926,500
6,974,500 2,060,000
5,509,000 1,528,000
U.S.
Bonds.
$1,597,990
4,060,830
4,109,750
4,742,900
16,988,800
5,072,000
4,509,060 $332,121,000 $34,659,500 $10,685,500 $31,572,270
Total
Sales at
New York Stock
Exchange.
Jan. 1 to Dec. 15.
Week ending Dec. 15.
1921.
1922.
1921.
1922.
219,961,095
4,894,363
246,7 2,0811
Stocks
-No. slim
4,509,060
Par value
$332,121,000 $358,260,300 $21,556,088,239 $18,741,526,775
Bonds.
$31,572,270 $40,526,300 $1,826,433,885 $2,599,320,800
Government bonds
337,216,400
10,685,500
13,393,000
574,206,000
State, mun., &c., bds_
757,723,000
RR.and misc. bonds
34,659,500 28,290,500 1,260,068,500
$86,917,270 $92,209,800 $3,660,708,385 $3,694,260,200
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Dec.151922.
Bo2timore
Philadelphia
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
*7,648
*19,087
*13,173
*26,829
*49,710
22,861
Saturday
Monday
Tuesday
Wednesday
Thursday.
Friday
Total
$7,850
119,100
31,700
72,850
65,300
18,000
4,972
7,690
4,815
6,488
4,493
3,420
$3,000
76,900
39,700
293,850
132,400
80,000
439
924
1,199
1,378
2,095
760
$625,850
6,975
139,308
Prey, week revised
2665
THE CHRONICLE
DEc.16 1922.1
$314,800
31,878
81,957
$292,150
$30,300
31,100
17,400
32,000
26,000
99,000
_
$235,800
42,853
$361.650
8.046 $224,700
•In addition there were sales of rights Saturday, 1,315; Monday, 3 728; Tues
day, 6,715; Wednesday, 4,164; Thursday, 4,710.
Daily Record of U. S. Bond Prices. Dec. 9. Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15
(High
First Liberty Loan
234% bonds of 1932-47._i Low_
(Close
(First 334s)
Total sales in $1.000 units....
Converted 4% bonds of(High
1932-47 (First 44----S Low[Close
Total sales in $1,000 units_
-li
Converted 4%% bonds(Hig
of 1932-47 (First 454s)i Low_
[Close
Total sales in $1,000 units_ _
Second Converted 4%%(High
bonds of 1932-47 (First( Low_
(Close
Second 454s)
Total sales in $1,000 units....
(High
Second Liberty Loan
4% bonds of 1927-42_ _ _ _{Low_
[Close
(Second 4s)
Total sales in $1,000 units_ _
Converted 434% bondsplikh
of 1927-42 (Second {Low_
(Close
45(s)
_
Total sales in $1,000
units_(High
Third Liberty Loan
{Low_
434% bonds of 1928
(Close
(Third 43(s)
Total sales in $1,000 ends...
(High
Fourth Liberty Loan
(
434% bonds of 1933-38_ _ Low_
[Close
(Fourth 43(s)
Total sales In $1,000 units_ _
(Hlkh
Victory Liberty Loan
434% notes of 1922-23 i Low_
(Close
(Victory 454s)
Total sales in $1,000 units_ _
(High
Treasury
{Low..
454s, 1947-52
(Close
'non? .n7.. en 11 ow)arida_ _
100.44 100.48 100.34 100.30 100.38 100.54
100.34 100.30 100.24 100.20 100.26 100.30
100.34 100.30 100.32 100.24 100.32 100.58
6
1,440
------------------- 98.70
___
___
____
_
98.70
------------------- 98.70_
___
____
____
____
3
99.10 99.24 9-- 20 9- :10 9- :645 98.96
-- .
-9.
9
9
99.00 99.06 98.80 98.74 98.80 98.70
.
99.10 99.24 98.60 99.00 99.00 98.78
45
92
162
132
122
2/9
99.56
____
____
____
____
•____
99.56
99.56
-------------98.36
98.50 98.54
98.36 98.38 98.50 98.54
98.36 98.38 98.50 98.54
3
2
1
1
98.64 98.66 98.56 98.58 98.50 98:28
98.42 98.52 98.50 98.46 98.22 98.06
98.50 98.52 98.50 98.46 98.22 98.14
413 1,005
504
338
662
996
99.06 99.08 99.00 98.90 98.92 98.82
98.76 98.92 98.88 98.76 98.80 98.60
98.86 98.92 98.90 98.84 98.88 98.72
407
601
833
583 1,283 5,741
98.94 98.98 98.95 98.80 98.74 98.66
98.79 98.86 98.74 98.70 98.62 98.36
98.84 98.90 98.84 98.76 98.66 98.48
340
.698 1,228 1,400 7,811 1,335
100.34 100.42 100.42 100.50 100.46 100.4(
100.30 100.38 100.38 100.40 100.42 100.30
100.24 100.38 100.40 100.44 100.42 100.34
60
92
214
350
185
258
99.74 99.92 99.90 99.80 99.84 99.76
99.68 99.74 99.80 9956 99.68 99.66
99.74 99.84 99.88 99.84 99.68 99.74
421
930
219
890
971
204
9--.46
8
Foreign Exchange.-Sterling exchange prices were
strong and higher, moving up nearly 12 cents, to 4 69 for
a brief period, on improved trade conditions. The Continental exchanges, however, were only barely steady and
changes were relatively unimportant, with one or two
exceptions.
To-day's (Friday's) actual rates for sterling exchange were 4 61 1-16®
4 6354 for sixty days, 4 63 3-16@4 6554 for cheques and 4 63 7-16®
4 6554 for cables. Commercial on banks sight 4 62 154604 6554. sixty
days 4 60 3-16@4 62, ninety days 4 59 13-16(4)4 62 ad documents for ••
payment (sixty days)4 60 9-1604 62%. Cotton for payment 4 62 15-16®
4 6534 and grain for payment 4 62 15-16®4 6534.
To-day's (Friday's) actual rates for Paris bankers' francs were 7.213-40
7.4334 for long and 7.243(©7.4654 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.57@39.65 for long and 39.88 39.96 for short.
0
Exchange at Paris on London, 63.55 fr.; week's range, 63.55 fr. high and
64.75 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualCables.
Cheques.
Sixty Days.
High for the week
469(
469
4663/s
Low for the week
4 54 11-16 4 56 13-16 4 56 946
Paris Bankers' France
High for the week
7.48%
7.4954
7.4354
Low for the week
7.01
6.95
7.00
Germany Bankers' Marks
High for the week
0.0159
0.0159
Low for the week
0.0120
0.0120
Amsterdam Bankers Guilders
High for the week
0.15
39.70
0.06
Low for the week
39.76
39.67
39.31
Domestic Exchange.
per $1,000
-Chicago, par. St. Louis, 15©25c.
discount. Boston, par. San Francisco, par. Montreal,$2 75 per $1.000
discount. Cincinnati, par.
The Curb Market.
-Trading on the Curb Market this
week was rather quiet, on the whole, with a firm undertone to prices; though changes were for the most part within
narrow limits. The industrial list assumed more prominence
than the oil shares. Motor shares showed strength, and
Durant Motors advanced from 64 to 72% and closed to-day
at 71%. Durant Motors of Ind. gained over three points
to 18 and ends the week at 17%. Nash Motors new stock
were traded in for the first time, the Common advancing
from 603' to 703 and reaching finally 673. Stutz'Motor,
after an early rise from 17 to 19, dropped to 16 with the final
transaction to-day at 163/2. Campbell Soup pref. sold up
from 1065 to 1093 and at 109 finally. Continental Can,
%
%
new stock, from 423/i eased off to 413/2, moved up to 433/s
and closed to-day at 42%. Glen Alden Coal improved from
52 to 56% and reacted to 5432. May Department Stores
new stock gained about three points to 69% and sold finally
at 683%. Standard Oil issues, in contiast with recent weeks,
were very quiet, with prices steady, though changes were
small. Prairie Oil & Gas, after early loss from 636 to 610,
recovered to 624 and sold finally at 620. Standard Oil
(Indiana) WPS off from .L18 to 1155 , the close to-day being
%
at 11634. Standard Oil (Kentucky) new fell from 127 to
and ends the week at 1195'. Simms Petroleum was
1183/i
conspicuous for heavy transactions, the price after an early
rise from 1434 to 158%, dropping to 12%, with the close
3
to-day at 133. Mammoth Oil declined from 43% to 42
and closed to-day at 423'g. Bonds were only fairly active
and about steady.
A complete record of Curb Market transactions for the
week will be found on page 2677.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday Dec. 9
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Nov. 30
1922, to the amount of 6,840,242 tons. This is a decrease
of 62,045 tons from the unfilled orders on hand Oct. 31 last,
and contrasts with 4,250,542 tons on hand at the close of
November 1921. This is the first decline reported mire
Jan. 31 1922. In the following we give comparisons with
previous months:
Tons.
Nov.30 1922___ 6,840,242
Oct. 31 1922___ 6,902,287
Sept. 30 1922...6,691,607
Aug.31 1922_ 5,950,105
July 31 1922___ 5,776,161
June 30 1922_ 5,635,531
May31 1922___ 5,254,228
Apr. 30 1922___ 5,096,917
Mar.31 1922___ 4,494,148
Feb.28 1922_ _ _ 4,141,069
Jan. 311922... 4,241,678
Dec.31 1921_ 4,268,414
Nov.30 1921___ 4,250,542
Oct. 31 1921_ 4,286,829
Sept.30 1921___ 4.560,670
Aug.31 1921_ 4,531,926
July 31 1921_ 4,830,324
June 30 1921... 5.117,868
Tons.
May 31 1921___ 5,482,487
Apr. 30 1921___ 5.845,224
Mar.31 1921... 6,284,765
Feb. 28 1921___ 6,933,867
Jan. 31 1921___ 7,573,164
Dec.31 1920___ 8,148,122
Nov.30 1920- 9,021,481
Oct. 31 1920_ 9,836,852
Sept.30 1920-__10,374,804
Aug.31 1920-10.805,038
July 80 1920-11.118,468
June 30 1920-10,978,817
May 31 1920___10.940.466
Apr. 30 1920...10,359,747
Mar.30 1920- 9,892,075
Feb. 28 1920_ 9,502.081
Jan. 31 1920___ 9,285,441
Dec.31 1919-__ 8.265.366
Tons.
Nov.80 1919___ 7,128,330
Oct. 31 1919_ 6,472.668
Sept.30 1919___ 6,284,638
Aug.31 1919... 6,109,103
July 31 1919_ 5,578,661
June 30 1919_ 4,892,855
May 31 1919_ 4,282,310
Apt.80 1919___ 4,800,685
Mar.31 1919___ 5,430,572
Feb. 28 1919- _ _ 6,010.787
Jan. 31 1919_ 6,684.268
Dec.31 1918___ 7,379,152
Nov.30 1918___ 8,124,663
Oct. 31 1918_ 8,353,298
Sept.30 1918___ 8,297.905
Aug.31 1918_ 8,759,042
July 31 1918- 8.883.801
June 30 1918._ 8,918,808
ANTHRACITE COAL SHIPMENTS.
-The shipments of
anthracite coal for the month of November 1922, as reported
to the Anthracite Bureau of Information at Philadelphia,
Pa., amounted to 6,420,102 tons, comparing with 5,314,014
tons for the same month last year. The Bureau states:"The
-The above table includes only sales of coupon average shipments for the days the mines were in operation
Note.
.m.
bonds. Transactions in registered bonds were:
November [of this year] exceeded those of October. Ship71 3d 434s
98.66 to 98.94 ments by originating carriers were as follows:
100.20
27 1st 334s
98.59 to 98.84
99.00 to 99.10 100 4th 454s
9 1st 4%s
45 Victory 454s
98.00
98.30 to 98.50
1 2d 4s
21 2d 454s
100.00 to 100.06
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Int.
Int.
Maturity.
Rate.
June 15 1924._
Sept.15 1924.__
Mar.15 1925.._
Mar. 15 1928...
5)(%
534%
4%%
4%%
Asked.
101%
101%
10034
100%
Maturity.
Mar. 15 1923...
102
101% June 15 1923...
100% Dec. 15 1925-100% Sept. 15 19235ept.15 1926__.
Rate.
Asked.
434% 100
33(% 99%
434% 99%
3%% 99%
431% 98%
1008
4
100
99%
100
994
November
Road1922.
1920.
1919.
1921.
Philadelphia St Reading
1,224,990 1,017,409 1,238,994 1,358,643
Lehigh Valley
1,109,449
913,737 1,002,329 1,079,266
Central Railroad of New Jersey
583,835
512,613
453,139
506,737
Delaware Lackawanna & Western.... 896,182
814,131
792,157
860,356
Delaware dc Hudson
876,861
756,598
814,167
663,782
Pennsylvania
546,214
429,638
424,745
406,606
Erie
706,747
503,488
603,766
620,703
161,660
New York Ontario & Western
136,945
175,074
161,385
Lehigh & New England
314,164
229,455
260,976
314,193
Total
6,420,102 5,314,014 5,765,347 5,971,671
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
2666
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday. 1
Dec. 9.
Monday,
Dec. 11.
Tuesdae.
Dec. 12.
Wednesday. Thursday,
Dec. 13.
Dec. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On tRists of 100-shareiots
PER SHARE
Range for previous
year 1921
Prtdag.
Highest
Lowest
Highest
Lowest
Dec. 15.
Railroads
Par $ Per share $ per share $ per share $ per share
per share S per shier S err share $ ner share S Per shire S per share Shares
$
1234 Feb
8 Mar
/00 10 Jan 3 21 Aug 31)
Ann Arbor
*12
23
*13
*1212 23
20
22
20
20
*12
*11
.11
Apr 3214 Dee
20
100 287 Jan 26 52 Aug 25
Preferred
42
*35
*35
39
43
43
100
39
*35
*32
*3212 43
3612
7718 June 94 Dec
101 1013 1011g 1013 101 10158 4.800 Atch Topeka &Santa Fe__100 9134 Jan 3 10412Sept 14
4
101 1011. 100% 10112 101 101
8
7512 Jan 88 Nov
100 84% Jan 3 9512 Aug 21
Do prat
92
92
92
92
2,740
*91
92
92
92
9114 92
92
*91
712 Jan
Dec
1
512 Apr 17
84 Jan 14
17
8
158
17
17
4
134
17
17
13
4 18
4
4
13
13
13
1,500 Atlanta 131rm fir Atlantic 100
77 Apr 91 Nov
1 1247 Sept 1
8
Line RR
100
11412 11412 11412 1145s 114 11414 11414 1145 11418 11514 112 11212 2,200 Atlantic Coast
30% Mar 4238 May
100 g113
27 6014 Aug 21
8
4114 427
4278 4318, 42/. 4314 42% 437
8 423 43
8
415 42% 19,500 Baltimore &Ohio
47 Mar 5658 Nov
6614 Aug 23
100 5212 Jan 11
4
573 578 5734 58
Do prof
53
59
5814 577 577
1,300
5312 5878
58
4913 Dec 724 Mar
100 50 Jan 4 73 Oct 4
Buffalo Roch & Pitts
*60
66
60
*60
*60
66
68
60
*60
*66
•
66
66
5
6 Dec 147 Jan
an 1
„.
6 .1,,,:i ! 2972June 30
1614 17
rooklyn Rapid Transit__ _100
4
153 1633 1414 1512 1434 15
1613 1658 161. 167
9,300 ,
Jan
312 Sept 10
24 June 30
Certificates of deposit
4 1314 133
8 135 133
8
1358 135
137 137
123 123
s 2,200
4 1213 13
g
8
4 1515 Aug 31 101 June 1237 Nov
100 14;1 5r
4
14112 1417 14114 1423 14214 14414 1433 1443 1433 144
14214 14312 10,100 Canadian Pacific
Oct 209 Mar
100 184 Mar 31 245 Oct 23 186
225 230
22213 223
218 218
215 215
1,950 Central RR of NJ
232 235
230 234
46 June 6512 May
100 54 Jan 10 79 Aug 21
66
6612 66
6614 66
66 18 6512 66
66
4 698 713 17,500 Chesapeake & Ohlo
683
4
15 Jan 24 1234May 26
4
83 Jan
4 Nov
100
218 218
218
218 218
218 218
21s
213
218,
218
218 1,400 Chicago &Alton
Apr
618 Dec 12
33
sMay 25
100
31s Jan 25 207
900Preferred
358 3%1
338 358
,
32
38 33
s
3
4 34
4 33
33
33
4
1312 Dec 167 Nov
3
8
125 Jan 25 43 4 Aug 21
2714 2714 2712 2712 28
30
*27
23
*2813 30 I *2317 29
300 Chic & East III RR (new)
3312 Dec 37 Nov
32 Jan 30 6.112 Aug 22
55
5412 5412 55
*56
58
*55
Do pref
56
900
55
5512 56
56
918 May
614 Dec
1034May 271
4
412 48
434 4541
458 412 *438 412
414
414 412
438 2,000 Chicago Great Western___100
14 June 20% May
100
iTr y
lIc v 141 2412NIay 29
:
912 938
938
Do pref
934
s 97
912 934 2,300
93
s
9% 97
917 98
Jan
8
1714 Dec 31
2178 2258 217 2258 22
227
2258 2238 15,800 Chicago Milw dr St Paul 100 1714 Tan 9 363 Aug 22
2212 2338 2212 23
2913 Dec 4613 Jan
100 , 29 Jan 10 55 Aug 22
4 3418 33
3412 353
3534 35
348 353
358 348 3512 19,900 • Do pref
4 35
Jan
6018 Apr 71
& North Western_ 100 59 Jan 9 9518Sept 11
807 8114 8017 81
817 8214 7812 7912 78
8014 82
900 Chicago
7918
Jan
100 /00 Jan 9 125 Aug 21
95 July 110
•122 124 *121 124 *121 124
Do prof
200
121 121 *11712 12312 1171.3 11712
100 303 Jan 11 50 Sept 14
4
8
323 3234 3212 327g 321s 337
2255 Mar 35 Sept
3238 32 8 92% 933,
,
328 3312 93,2 937
2 33
278 13 600 Chic Rock Is! dr Pac
100 8314 Jan 10 105 Sept 14
6834 Mar 8934 Dec
94
94
94
94
7% preferred
600
935s 93% *9312 94
100 7014 Jan 9 95 Sept 14
5612 June 77 Dee
8212 827s 827 83
6% preferred
4 1,700
4 8213 8213 8212 823
4 8234 823
8258 823
Jan
100 51 Jan 10 90 Sept 15
50 June 63
*73
75
*72
75
*72
75
75
200 Chic St P Minn & Orn
73
*73
73
*7212 75
32 June 5712 Dec
*7312 78
76
76
100 Cloy Cin Chic & St Louis_ _100 54 Jan 4 8012 Sept 15
*7312 80
*7312 80
*7312 80
80
*73
100 723 Jan 3 10013 Oct 17
75 Dec
4
60 Feb
Do Prof
____ 99
467 Nov
Jan
100 38 Jan 10 5313 Apr 24
27
-441- iili *4458-f5 - -iiis ii3 ;iii; - -.
4
8
1
4414
41 -ii- -- - *43
,:
400 Colorado & Southern
4..
49
Jan 59 Dee
100 55 Jan 16 66 Mar 23
Do 1st pref
*59
63
*59
*59
62
63
*59
62
62
*57
*59
60
90 Apr 11012 Nov
4
100 1063 Jan 4 14112Sept 8
121 121
11912 1193 120 120
3
12012 12012 *119 121 '119 12014 1,400 Delaware & Hudson
93 Aug 249 May
133 133
13212 133 *132 13312 133 133
133 133
13214 13314 1,300 Delaware Lack & Western_ 50 108 Feb 14 143 Oct 4
6 Apr 25
413 Jan
8
15 Mar
233 Jan 27
100
8 358
3
*27
3
300 Duluth S S & Atlantic
•2% 3
27
27
4 314
4 3
*23
*23
8
8
33 Nov
73 Jan
4
33 Jan 7 1013 Apr 18
100
Do pre!
*458 5
458 45
8 *413 5
100
*412 458 *412 4% *412 5
4May 23
10 Dec 1514 May •
7 Jan 9 183
100
1058 107
8 1013 1038 103 103
8
4 1013 1034 103 103
8
4 103 1058 7,600 Erie
s
1518 Dec 224 May
100 11% Jan 9 2813 Aug 21
153
Do 1st pref
15
1514 15
1538 153
8 6,300
4 1512 153
153
15
158 15
10 Dec 157 Jan
718 Jan 10 2014May 23
100
Do 2d pref
1117 1162
*1112 12
1112 1112 *1112 1212 *1152 1212 1114 11% 3,300
00 June 7914 Dec
100 7014 Jan 10 95% Oct 18
8 773 79 I 73
4
4
783 793
81
4
793 81
8012 82
7914 808 39,700 Great Northern pre
8
2555 Juno 3412 NO
s
237 Nov 17 455 Apr 13
Iron Ore properties_No par
31 18 313
8 3118 3112 31 1s 3114 31
3114 3012 30% 3012 30% 4,000
4
43 Dec 11% May
5 Jan 4 19 May 22
100
12
12
300 Gulf Mob & Nor tr ctfs
*12
14
*12
13
14
*13
14
1312 1312 13
15 Dec 26 Feb
100 16 Jan 5 47 Oct 19
Do pref
*43
.4112 45
45
*43
45
*4314 45
4534 *4414 4512
*44
8512 Mar 10012 Nov
100 9713 Jan 3 115345ep1 15
10714 10714 107 108
107 1073 107 107 *107 108
10712 10712 4,500 Illinois Central
4
57 Jan
118 Dec
5 Apr 8
14 Oct 10
14 4,200 Interboro Cons Corp__No par
14
8
14
3
14
"
1
14
8
14
3
14
14
14
Jan
4
3% Dec 16
12 Dec 5 123 Apr 8
100
5
Do Prot
5
3
12
5
4 3,700
8
5
3
19
12
%
12
4
4
3
3
%
1812 Feb 287 May
100 17 Nov 27 3014 Apr 25
1858 1918 181. 1913 19
1914
1914 19
19
19
1914 3,400 Kansas City Southern
1914
4513 Jan 55 Nov
100 5214 Nov 27 5913 Apr 26
Do prof
54
•53
300
531s 53% *53
54
8
53% 5378 *53
55
8
533 533
613 May
412 Nov
934June 6
5 Jan 17
Keokuk &Des Moines_ 100
*3
10
*3
16
*3
10
10
10
10
*3
*3
*3
Mar 1413 Jan
1
100 10 Feb 2 3978June 6
34
34
34
34
400 Lake Erie & Western
*31
*31
34
34
4
333 34
*3012 34
1758 Aug 30 Dec
100 2618 Feb 8 77 Sept 27
.74
Do pref
77
77
.74
*74
77 .74
*7014 77
761s *7014 76
4
4718 Juno 603 Dec
50 5658 Jan 3 72 Sept 9
6313 6312 63
63
6234 637
6314 6312 63
633
4 63. 6418 5,300 Lehigh Valley
Apr 118 July
97
1337 1337 1337 1337 134 134 *133 134
8
8
8
131 134 *13313 135
500 Louisville & Nashville_.._ 100 108 Jan 9 1447 Oct 17
32 Dec 5812 Jan
100 35 Jan 6 53 Aug 30
Manhattan Ry guar
5134 5134 5218 5212 5214 5212 52
8
1,700
52
5212 *485 50
*42
7 May
,
23 Dec
100
31s Jan 28 11 Mar 14
*7% 814 *77
s 9
ori ieet Ry
814 8 4 *7%
300 Market tr
,
914
*3114 4g14
12 Aug 1817 May
100 17 Jan 9 5014 Apr 11
*3612 45
*3612 45
*36
45
*37
*678 411%
45
•36
27 Aug 4513 May
100 3513 Jan 7 76 Nov 9
69
.
71
6614 6614 *67
Do prior pref
68
*6718 68
500
6714 6713 673 68
.
s
414 Aug
83 May
*22
100
5% Jan 9 32 Apr 10
2334 *22
24
22
Do 2d prof
22
*2113 24
2214 2214 2214 2212
400
.6% 714 *65, 71, *65, 7
5% Dec 144 May
100
5 Jan 6 1413 Apr 29
8 65s
65
63
4 63
4 *612 7
700 Minneap &St L (nezo)
63 Aug 7412 Nov
4
•63
85
*6312 65
64
65
•64
66
400 Minn St P & S S Marie..,. 100 55 June 29 753 Oct 19
64% 64% 63
63
31 Nov
Dec
1
*8
*8
12
11
8
3 Jan 16 14 May 23
1012 1012 *912 10
10
10
300 Missouri Kansas & Texas 100
*912 10
8
97 Dec
8 Dec
3
19 4 Aug 25
8
145 147
8 1412 1412 1438 1518 15
713 Jan 11
1518 143 1514 147 151s 10.000 Mo Kan & Texas(new)
4
8
8
2284 Dec 263 Dec
4
41
2413 Jan 27 433 Aug 30
*38
.39
41
397 40
*3334 4017 *39
Do prof (new)
40
39
40
1,100
•1612 17
16 Mar 2314 May
*1634 17
1612 163
4 1612 167
1614 1612 1614 1614 2,900 Missouri Pacific trust ctts_190 1513 Nov 22 2514 Apr 18
s
4214 4212 42
10
2
8 41;c
0 , 2:842 Nov ?j 6384 Sept 12
oaa vnn
3313 Mar 491 Nov
423
8 4218 4312 4234. 4311 4214 43
Do prof trust ctfs
4234 5,800
4213
34 312
314 312
,27
4 2 314
3
3
4
23 Dec
638 Feb
714May 27
314 3,300 Nat Rys of Max 2d prof_ _ _
3Is *3
318
46 June 7712 Feb
37% Dee 14
I
8314 8314 8314 847
8 847 8614 843 87
4
8613 8733 87
8,300 New Oni Tex dr Mex v t c 100
87
6418 Juno 76 Dee
100% Oct 18
9514 96
943 9658 95% 96% 93
4
New York Central
8 9234 94
955
9212 9312 100,400
Oct 16
39 June 6138 Sept
Jan
86
*85
86
85
.
*8413 86
8412 8412 8234 823
4 81
8212
500 N Y Chicago & St Louis_ 1 ^^
00 V131 an
93 Sept 15
54 June 6812 Sept
4
4
'
/
89
88
*86
*85
90
86
Do 2d pref
*86
90
*86
90
86
86
300
100 1212 Jan 5 3514May 20
12 Nov 2313 Jan
4
4
213 2212 2158 2214 213 225
N II & Hartford
8 2158 2218 2112 22
2119 22
23,500 N Y
In 1912 Nov 27 2913 Apr 10
16 Mar 2314 Sept
20
21
20
20
20
*20
2014 2014 2014 2014 2014 2013 1,000 N Y Ontario & Western
814 Sept
1314 May
.
Lan g 1,22251,22Jsuenpot 1
:
16
*14
*14
16
*14
16
14
*14
14
15
100 Norfolk Southern
*14
16
100 I/144
88% June 10478 Feb
8
11114 11112 11114 1115 111 1117 111 112
11214 11212 11112 11212 3,900 Norfolk dr Western
8
62 June 744 Dec
100 72 Jan 9 82 Oct 8
76
*7613 7712 77
7712 76
*75
Do pref
77
77
77
79
79
400
6114 June 88 Jan
100 7314 Nov 27 9033 Aug 24
7512 7612 7538 7714 757 767
4
4 743 76
7513 753
8 747 7534 13,200 Northern Pacific
50 3314 Jan 3 493 Oct 28
4
3214 June 4184 Jan
4638 465
4 4613 463
8 4614 4617 4614 4613 4618 46% 10,937 Pennsylvania
4612 463
Jan
12
8 Nov
100 1034 Jan 14 2638 Aug 23
1512 *15
15
16
*15
16
*1312 16
*15
16
15
15
900 Peoria & Eastern
1534 Mar 231 May
100 19 Jan 10 405s Aug 21
Marquette
8 3614 377 .V
3314 3413 3414 3512 3512 367
4
2
9
312 1712 4g1, g3 33,900 Pere
50 Apr 6512 Dee
100 63 Jan 17 82 Aug 21
76
76
*76
Do prior pref
77 •
7317 7312 *7313 76
300
Jun 6634 Dec
35
4
100 501/1 Jan 6 743 Aug 23
Do prat
69
6712 6714 6714 6314 6814 69
69
*67
69
800
68
68
Jan
Oct 32
23
12 g Izlu 27 4138 Aug 8
an
de West Va_
4 34% 3417 3312 34
343
4 34
4
333 333
14 44 r4 2,100 Pittsburgh
8
2
70 Mar 80 Dee
13 94 Oct 10
*8912 9012 4 g1:4
*8912 9()
90
90
*8713 90
Do pref
300
604 June 8914 Jan
50 7118 Jan 3 8718 Oct 25
4 77
7814 775 7918 7812 801s 40,800 Reading
7614 7714 7612 773
,7614 775
3612 June 55 Feb
50 43 Mar 27 57 May 31
*4912 53
*4913 53
5014 5014 51
Do 1st pref
50
51
50
8
600
517 52
4
381s Aug 573 Jan
50 45 Jan 27 5913May 31
'
5112 4 5014 5112 *5014 51
Do 20 pref
5112 52
5112 *50
.50
300
52
52
100 I71g Fob 6 5314June 1
*32
Rutland RR pref
35
36
31
31
*30
*32
35
36
.32
*27
31
100
4
1918 Mar 253 Aug
8
Louis-San Fran tr ctfs_ _100 205 Jan 15 32% Aug 21
2178 2112 22
2112 217
8 2134
4
213 217
8 215s 21% 2134 2134 3,800 St
27% Juno 3913 Nov
v
A trust r n..
uth, tectf3__ ....
4
343 Nov 22 56 Aug 21
40
40
8
4
385 39
3812 337
3912 3912 393 40
s
1912 Juno 3011 May
8,Jan 3 3612 Oct 18
20 203
2978 30
2919 30
30
2912 293
4 2918 30
30
28 June 41
Jan
s
100 323 Jan 10 597 Nov 3
8
5812 5714 5858 583 5858 5812 585
5812 583
4 553 5613 4,900
4
58
21s Oct
2% Jan 4 10 Apr 15
714 May
100
6
6
*513 6
a o pro
613 612
*514 6
612
6
4 1900 Sej board Air Lino
*51. 53
4
3 Dec 1213 May
418 Jan 13 143 Apr 15
100
9
9
9
9
918
834
9
Do prof
834
878 9
817 812 2,400
6712 June 101
Jan
8618 8714 8614 867 8638100 7818 Jan 10 9614 Oct 16
8
8638 8755 8618 87
s 8613 8718 25,200 Southern Pacific Co
-67
8
100 1714 Jan 10 285 Aug 21
1738 June 247g Jan
2378 2414 2314 24
4
23% 24
233 24
2314 24
2334 24
11,000 Southern Railway
Jan
42 June 60
100 46 Jar. 10 71 Oct 17
prof
65
6514 65
65
65
647 647
65
6418 65
Do
2,300
647 647
4
100 183 Nov 27 36 Apr 21
1618 Jan 2784 Dec
2112 2218 2112 2153 21
2112 215
215s 217
215
5,200 Texas & Pacific
8 2012 21
100 13% Nov 27 2558 Apr 25
1213 Aug 203 Mar
*1513 1612 157 157 *1512 161.1
16
16
•1513 17
406 Third Avenue
1
1614
._100
31% Dec 5513 Ain
5914 *59
*58
60
5914 .57
56
.
400 Twin City Rapid Transit.
59
5912 '
.57
i
lgg 1N lan 10 lb:1314 l i
a 1
:p
3 i d 111 June 13178 Nov
13818 13914 13712 1385 13612 1377 19.000 Union PacIfIc
8
3
138 1383 1373 13314 13734 139
8
100 71 14 Jan 7 80 Aug 30
6214 July 7412 Dec
73
733 74
74
Do prof
4
4
7412 7413 743 75
*74
7412 74
7413 3,000
1978 April
6 Aug
1214 Mar
Ills 1114 *1112 113 *1112 113
4 1152 117
4
4
4
113 113
700 United Railways Invest
1117 1158
12 27114 Pann
03
17 Aug 26 Mar
2717 2712 *2514 27
Do prat
2534 26
500
2512 251. *2514 27
26
26
100
9 May
6 Jan 30 1,6 111471 28
)
;
1'3
63 Dec
Wabash
918
9
9
918 918
9
9
9
918 5,000
9
9
9
100 19 Jan 25 3512 Aug 21
18 Mar 2413 May
Do pref A
243
2414 2412 2418 2412 2412 2434 2458 2434 2418 2412 24
7,000
100 123 Jan 25 247 Aug 21
2
4
8
123 Mar 157 Nov
Do prof B
*16
1612 *16
18
18
*16
17
1618 *16
100
1658 165
8
•16
1
2
838 Dec 1112 May
g14 Jan 30 1714 Aug 30
Ills 1138 1114 1112 1118 113
s 12
12
4 4,800 Western Maryland (new) 1
s
1158 12
117 117
1414 Dec 21 May
17 2812 Dec 7
Do 2d prof
2312 2312 2313 *24
2312 1.600
25
248 23
23
24
25
*24
2
100 1413 Jan 30 247 Apr 24
15 Dec 307 May
16
16
1614 157 16
1534 16
157 157
s 1,300 Western Pacific
1618 1613 16
100 515 Feb 1 647 Sept 13
5112 Dec 7012 Jan
8
8
Do pref
58
400
5653 5655 *5612 5712 5614 5614
5712 5612 5612 *56
.56
Dec 114 May
Lake Erie Ry- MS
7
614
t314 Feb 2 1612June
jan
)
93
95
800 Wheeling &
93
93
*914 93
4
912
958
912
913
98 938
1212 Dec 1911 May
4 2938lune 7
*1513 _16
DO pref
1,000
1618 1618 *1534 16
*15
16
16
.15
4
•153 16
Oct 3713 May
23
100 25 Jan 10 3314 Mar 13
400 Wisconsin Central,
28
2812 27
*28
*2814 29
4
*273 29
2714 27 4 *2714 29
'
Industrial & Miscellaneous
26% Jan 5334 Dec
100 48 Jan 12 83 Oct 6
2,800 Adams Express
66
66
68
*67
6714 6714 6712 68
671s 6717 *6714 69
1012 Dec 1984 Jan
100 10% Jan 19 23 Aug 18
300 Advance Rumely
15
14% 141s
15
4
133 137 *1312 1412 .14
•1338 1513 *14
31iii Dec 5218 Feb
100 315 Jan 12 6012 Aug 18
8
Do prof
100
45
*46
4712 45
46
*45
47
*45
46
4612 •45
.45
30 June 50 Dee
jail 3 6512 Oct 6
4,512
800 Air Reduction, Inc____No par
59
•58
59
5712 59
59
59
*58
60
5614 5714 *58
I
:
W
ec
4
15: Dec
4
912July 28 183 Apr 25
50
7,900 Ajax Rubber, Inc
4 1214 12%
4
12% 12% 123 123
8 1212 1318 1212 13
s
125 135
Feb'a
1
78May 10
10
14 Jan 13
14 1,500 Alaska Gold Mines
14
14
14
14 ' 14
14
14
8
3
%
14
14
4
13 Feb
33 Oct
2 May 17
10
as Jan 24
114 3,700 Alaska Juneau Gold Min
118
1
118
1
1
1
1
118
1
118 *1
34 Aug 5914 Dee
8
41,300 Allied Chem dr Dye__No par 553 Jan 3 9134 Sept 5
8012
4 78
803
7814 791s 78
7814 79
80
7418 7614 75
83 June 10334 Dec
Do Pre100 101 Jan 3 115138ept 19
700
4
112 1123
113 113
113 113
•109 112 *110 11312 113 113
4
2814 Aug 393 Dec
4Sept 7
100 373 Jan 4 593
4
4412 4,500 Allis-Chalmers Mfg
44
4312 437
4312 44
44
4414 44
38
44 4478 44
ma Dec
12 u
g13 i:Lg
3
t ege 1
Do pr .f
100 8612 Jan 5 10478ju t 23
98
*96
98
*96
08
*96
*95
98
98
93
*95
*95
7,700 Amer Agricultural Chem 100 2714 Nov 27 42
4
4 3058 3118 303 31
4 311s 323
317
4
313 323
4 31
3013 303
Jan
51 Aug 90
Do pref
100 56 Jan 16 7214 Sept 11
1,700
60
6014 60
60
59% 60
4 60
60% 6014 603
60
.59
4613 Jan 561i Dee
50 5858 Jan 7 91 Dec 13
300 American Bank Note
77
*70
91
91
91
91
85
*86
.88
.
91
91
91
4312 Jan 50% Dec
50 52 Jan 12 5513 Dec 13
100 Am Bank Note pref
5512 *55
5512 5512 5512 *54
5512 *55
5512 *55
*55
Feb
2413 Oct Si
100 314 Jan 3 49 June 9
1,200 American Beet Sugar
4 -4012 41
4112 4112 *40 - -1
43 43
4034 4034 41
41
5484 Dec 74% Jan
Do prof
100 61 Jan 11 80% Oct 17
80
*72
*72
80
80
80
80
72
*72
*72
*72
.
80
291* Aug 651g May
49 Apr 11
3514 3714 7,000 Amer Roaeh Marmer.n_ _ No par 31 14 Jan 31
8 3378 3612 3512 36
3458 345
35
4
343 35
35
Ex-dividend. b Ex-rights (June 15) to subscribe
•Bid and asked prices: no sales on this day. I Ex-rights. II Less than 100 shares. a Ex-dividend and rights.
stage tor share to stock of Glen Alden Coal Co. at ill per share and ox-dividend 100% In stock (Aug. 22).
Jan
an
I
2 9,,,
*N3, N34 Ogg stpLoogrg
New York Stock Record-Continued-Page 2
2667
For sales during the week of stocks usually inactive, see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 0.
Monday, I Tuesday,
Dec. 12.
Dec. 11.
Wednesday. Thursday, i Friday.
Dec. 15.
Dec. 13.
Dec. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1922.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowing
Highest
5 per share $ per share $ per she;
$ per share S Per share $ Per share $ Per share $ ver share $ ver share Shares Indus. & Miscell. (Con.) Par 5 per share
1,400 Am Brake Shoe & F...
.No par 51 Jan 4 883k Sept 12
7434 7314 7434 75
7412 *7212 75
42
Jan 5838 Dee
73
7512 *7312 75
*73
Do pref
100 9814 Jan 18 113 Oct 16
88% Jan 100 Dee
*109 110 *109 110 *109 110 *109 110 *109 110 *109 110
100 3214 Jan 5 7814 Oct 20
8
735 7412 735 743
3
4 7212 741s 7212 74% 40,100 American Can
4
2312 June 3512 Dee
723 737
723 737
4
Do prof
500
100 9314 Jan 3 1137 Dec 13
11378 1137 1123 1123 1125 1125
8
8
4
112 11213 *11012 113
4
4
*11112 112
763 June 97 Dec
18412 1843
18412 18412 184 18412 185 189
1875 188
184 184
4
4 3,000 American Car & Foundry_100 141 Jan 10 201 Oct 10 11514 June 15114 Dee
Do prof
100 11512 Jan 6 12618 Nov 6 108 May 11612 Dee
*123 125 *123 125 *12314 125 *12314 125 *12314 125 *12112 125
900 American Chicle
4 714
No par
814 7
67
5 Nov 14 14 May 5
*612 7
.8 138 *63
712
812 Nov 29 Jan
718 712 *7
100 143 Nov 22 3012May 31
4 18
18
8 2,800 American Cotton Oil
8
4
18
1814 173 185
1818 174 1814 175 173
18
15% June 24% Nov
36
36
8512 3512 *3312 36
Do pref
100 331 Nov 27 81 May 31
3414 35
36
3712 3712 1,500
37
35% July 67 Apr
63
8 612
618 612
638 612
6
412 Jan 13
614
614 638
4 June
8% Jan
7 Sept 13
68 614 5,600 Amer Druggists Syndicate_.10
1,200 American Express
141 141
140 142
100 126 June 23 182 Oct 13 114 July 137 Dee
1383 1383 136 136
4
4
1393 1394 *138 140
4
300 American Hide & Leather_100 1014 Dec 6 1738 Apr 13
*1014 11
1014 1014 *1014 11
1014 1014 *1014 11
*1014 11
8 Apr 16 Dec
Do pref
700
63
*61
62 623 *6212 63
63
4
100 58 Jan 3 743 Sept 13
827 647
s
*6212 64. *61
8
4
4012 Feb 62% Dee
8,400 American Ice
110 11112 10714 10912 1085 109
8
100 78 Jan 12 122 Sept 8
109 10912 109 11012 110 112
42 Jan 8312 Dee
Do pref
300
*8714 90
90
88 88
100 72 Jan 13 9514 Aug 4
*87
88
88
88
8812 8812
*86
57 Jan 7314 Nov
12,200 Amer International Corp_ _100 2518 Nov 27 505
2912 304 29
8
287 297
30
2838 288
2818 29
2918 30
sJune 2
2114 Aug 63% May
8 111s 1118 *1118 1114 114 1112 1158 1158 1112 1112 2,700 American La France F E__10
8
113 113
91s Jan 16 14 July 26
7% Aug 113 Apr
8
5,600 American Linseed
313
4 3118 3112 3012 3112 3117 317
30
4
100 28 Nov 23 4213 Oct 14
2912 2012 293 30
1714 Aug 8212 Jan
Do prof
1,300
4 521s 53
482 4812 4933 523
*5112 53
53
*51
53
*48
100 .48 Nov 25 8312 Oct 14
39% Aug 93 Jan
8
123 1243 12212 12312 12212 12412 12314 12412 123 12434 12212 1247 21,600 American Locomotive _ _ _ _100 102 Jan 5 1363 Oct 14
4
7312 June 110 Dec
Do pref
1,120
120 122 *121 12214 *120 12214 121 121
120 120
121 121
100 112 Jan 12 12214 Dee 7
98% June 115 Dec
118 118 *11812 119
118 118
80 American Radiator
118 118
119 119
119 119
25 82 Jan 30 129 Oct 11
883 Jan 91 Nov
s
634 678
65
8 63
4
7
63
4 7%
7
71s 73
7
25
7 14 7,100 American Safety Razor
33 Jan 31
4
4 a Oct 23
7
312 Aug 10 Jan
8
4 9,700 Am Ship & Comm
2118 2118 2114 2178 2118 2138 203 21
19
2038 1912 193
No par
512 Jan 3 2414May 31
414 Aug 14
Jan
5414 5314 5458 548 5514 5434 5534 5514 557
3 5814 13,900 Amer Smelting & Refining_100 435 Jan. 6 6712May 19
538
55
s
29% Aug 4714 Dee
8
Do pref
9912 998 9914 *99
s
9912 9912 993 993 *99
9912 98
6314 Aug 90 Dec
993* 2,180
100 8818 Jan 4 10413 Oct 23
4
Am Smelt Secur prof ser A _ 100 87 Feb 8 1017 Nov 9
*1013 102 *1013 10214 *10128 10214 *100 ___ - *100
4
____ *100
-8
63 Jan 88 Doe
148 148 *143 147
*148 150
--Rio American Snuff
14818 14818 *145 147 *144 117
100 109% Jan 3 15812Sept 6
95 Jan 11434 Dec
3818 3812 38
5,900 Am Steel Fdry tern ctfs_33 1-3 3034 Jan 28 46% Sept 11
3812 38
3
3838 377 38
387 39
3734 38
18 Aug 35 Dec
Do prof tern ctfs
1,200
*105 10518 *105 10512 *105 10512 *105 10512 105 105 *1013 105
4
100 91 Feb 8 10814 Oct 16
78 Aug 9514 Dee
7614 7612 *7512 76
7612 77
76
765
8 76
4
768 743 7514 3,100 American Sugar Refining--100 54% Jan 4 8578 Aug 21
475 Oct 96
8
Jan
107 107 *107 110 *107 110
Do pref
107 107
300
107 107 *106 10714
100 84 Jan 3 112 Aug 18
8712 Oct 10714 Jan
4
301 29
/
4
4,600 Amer Sumatra Tobacco_ 100 2314 Feb 14 47 May 29
*2818 2812 273 2812 28
2918 30
30
30
29
28% Dec 88 Mar
5758 575 *5712 5912 58
*575s 59
8
*5712 59
Do pref
200
58
*5712 5912
100 5212 Jan 27 71 Jan 16
84% Nov 91% Feb
8
4
124 12414 1233 1243 12414 12434 1247 125
8
1247 1253* 8,000 Amer Telephone dr Teleg_ _ 100 11412 Jan 4 12814 Aug 31
8
12434 125
4
953 Jan 119% Nov
156 15612 1547 1548 154 154
15434 15512 1557 156
155 1554 2,100 American Tobacco
8
100 12918 Jan 5 16912Sept 1 111% June 136% Dec
*103 105 *103 105 *103 105
Do prof (new)
400
10318 10318 *10312 104
103 10353
100 9612 Jan 3 1083 Oct 23
86 Aug 99% Dec
8
152 1533 15134 15214 151 1523 15312 15312 153 153
154 154
8
Do common Class)3_ _ _100 126 Jan 3 165 k Sept 5 110 Jan 13112 Dec
1,700
4
5
2712 2712 2712 2712 277 277
8
900 Am Wat Wks as El v t c..100
28
28
8
28
28
284 283
4 Sept
6 Jan 7 3314 Nov 3
612 Oct
4
893 *88
Do 1st pref(7%) v t 0.100 87 Jan 4 937
200
*88
893 *88
4
893 *88
4
894 88
88
8512 8512
8Sept 13
48 Sept Ms Dee
*49
50
4914 4812 4914 4914 5012 5012 5012 1,200
5012 5012 50
Do partici pf(6%)I' t c 100 1714 Jan 4 5514 Oct 5
81p Sept 20 Dec
953 953
3
4 96
9512 955
4 958 953
4
978 9613 9712 9434 958 13,000 Amer Woolen
100 7814 Jan 10 105 Sept 13 • 67 Feb 8312 Dee
11114 11114 •1107 11114 10912 10912
Do prof
*109 111 *110 111 *110 111
300
8
100 9914 Oct 19 10114 Dec 13
93 Fob 10412 Dee
27
27
27
27
28
28
*26
600 Amer Writing Paper pref _ _100 22% Jan 13 3718 Apr 15
28
2612 2632
28
28
2012 Aug 3912 Jan
1612 *1558 17
16
*1514 16
*1512 16
400 Amer Zinc, Lead dc Smelt _25 1218 Jan 3 203
16
16
*1512 1612
634 Sept 1438 Deo
8June 1
51
51
51
51
51
51% 52
Do pref
600
*50
*50
52
54
*50
25 36 Jan 18 57 Sept 20
4
22% Aug 407 Dec
47% 483
8 47% 4858 4812 49
4814 49
48% 4918 49
31% Aug 50% Dee
503 39,600 Anaconda Copper Mining_.50 45 Nov 27 57 May 31
3
6658 665
8 67
6812 6512 673
8,600 Associated Dry Goods_ _ _ _100 43 Jan 5 885 Nov 29
8
6738 673
4 64% 66
3
7012 707
8
24 Jan 5012 Dec
86
833 8338 8314 8314 8312 8312 *82
8
*83
Do 1st pref
300
*8414 86
83
100 75 Jan 8 86 Oct 5
e
4
553 Jan 763 Dec
88
88
88
88
*8712 88
Do 2d pref
300
8712 8712 *88
90
*88
90
100 76 Jan 17 91% Oct 6
Jan 78 Dec
45
Associated Oil
*11512 11712 *115 117 *11412 116 *115 1161 *1143 116 *11412 116
4
100 99 Jan 31 13512May 3
91 Sept 10712 Mar
134 2
2
2
1% 17
500 Atlantic Fruit
*13
8 *178 2
4 2
*1% 2
No par
15 Oct 16
8
1% Oct
9 Jan
512 Apr 17
2414 2412 247
24 • *24
2418 25
24
2334 24
2314 2312 1,300 Atl Gulf &WISS Line_ _ _100 21 Oct 26 4314May 29
18 June 76
Jan
18
*17
1812 *1712 18
Do pref
17% 17% *17
*17
100
18
18
*17
100 1712Sept 28 3114May 29
1554 June 4412 Jan
1227 1227 1225 1230 1225 1225 *1210 1250 1225 1225 1215 1215
68 Atlantic Refining
100 900 Mar 7 1575 Oct 10 a820 June a1125 May
Do pref
200
119 119 *119 120 *119 120 *119 120 *119 120 *119 120
100 113 Jan 9 119 Nov 3 1033 July 113% Nov
8
1614 17
*163 18
8
*1632 18
*1512 18
16
500 Atlas Tack
17
*1512 17
No par 131s Feb 28 2212May 4
12% Dec 20 Apr
8
313 313
4
3,000 Austin Nichols & Co__..No par
3212 3212 317 3212 3112 32
4 31
31% 31
31
914 Jan 5 393 Sept 21
818 June 1314 Jan
4
89
*87
*87
89
88
*87
*87
89
Do pref
100
*87
89
88
88
100 68 Jan 9 91 Sept 12
60% Aug 70 Jan
*318 4
*318 4
4
*3
4
*3
Auto Sales Corp
*3
4
*3
4
50
514 Dec
2% Sept
2 Nov 14
7 Mar 17
*14
14
1512 14
155
8 14
14
*14
Do pref
*13
300
1512 13
13
50 1012July 27 1512 Mar 16
Jan
10 Apr 15
123% 124% 12214 12414 12214 125
12514 12812 126% 128% 125% 127% 116,500 Baldwin Locomotive Wks_100 93% Jan 13 1451s Sept 13
8214 June 100% Dec'
Do pref
11112 11112 *111 112
100
*110 113 *111 112 *110 112 *110 112
100 104 Jan 13 118 Oct 19
95 June 2105 Dec
*42
4612 *42
*42
46
46
42
*42
45
100 Barnet Leather
45
*44
46
No par 40 Jan 19 87 8Sept 11
29 Jan 41 Aug
5
*93
9714 *93
9714 *93
9714 *95
9714 *93
Do pref
9714 *93
9714
100 89 Apr 12 97128ePt 13
70 Jan 86 Dec
33
3212 3314 3212 337
3214 3212 3212 3312 32
32
3214 5,200 Barnsdall Corp, Class A._..25 1953 Jan 16 6614 Apr 28
20 Dec 27 May
23
22
*19
*18
*1812 20
22
100
*20
Do Class B
193 193 *1812 20
4
25 18 Nov 27 39 Apr 27
1434 June 35 Jan
*3
8
12
2
2
3
2
14
2
2
%
12
12
58 34,600 Batopllas Mining
12
12
20
12 Aug
1
Jan
14Dec 14
153 Mar 23
*45
50
50
*45
*45
50
52
*45
Bayuk Bros
*4514 52
*46
52
No par 33 Apr 28 86 Sept 22
27 June 29 June
4
*61
02
613
4 613 62
*8012 6112 *60
6234 63
4 1,600 Bethlehem Steel Corp
6112 623
100 61 Jan 10 79 May 12
39% June 82% May
8214 6314 6218 6278 6212 6312 627 633* 6312 65
43,300
Do Class B common..
6234 64
.100 551 Jan 3 82I4May 12
4112 June 65 May
*9658 98
*9612 98
963 963 *96
98
*96
300
4
Do prof
97
*94
4
973
100 9078 Mar 7 105 Aug 31
87 June 9314 Jan
11112 11112 *1103 1113 *11012 1113 1117 1117 *109 11112
4
110 111
Do cum cony 8% pref_100 104 Jan 4 1165
400
4
8
sJune 14
90 June 112 Sept
434
434 *43* 434
47
1,100 Booth Fisheries
43
4 5
5
5
434 43
4
434
7% Dec
No par
4 Nov 22 10% Aug 30
3 Aug
918 *9
91s *9
*9
9
*9
9
g
9
9
200 British Empire Steel
91
100
814 Dec
812 Jan 9 14128e1St 14
9 Dec
*6714 69
70
*66
*67
69
Do 1st prof
___ 69
*67
69
100 58 Mar 2 763 Or 15
8
55 Dec 585 Dee
4
257 87-253 253
*2412 26
*25
3 257
26
2612 *25
3
Do 2d pref
300
4
26
4 26
100 1913 Mar 17 39 Sept 14
s
22 Dec 233 Dec
8
1137 115 *11414 115
11412 1147 1141s 11412 3,450 Brooklyn Edison, Inc
114 11514 114 115
8
100 100 Jan 3 12438 Aug 30
88 Jan 101 Dec
11414 11414 *114 117
400 Brooklyn Union Gas
11414 11414 115 115
118 *114 117
*114
100 70 Jan 31 124 Nov 3
Jan 76% Nov
51
60
3
587 60
613
s 603 604 59
*5912 601 60
6012 2,700 Brown Shoe Inc
*58
100 42 Jan 16 647 Sept 11
33 Feb 46% Nov
4 *218 23
4 *218 23
100 Brunswick Term & Ry Sec 100
8 *218 23
4 *218 23
258 25
4 *2% 234
2 Oct 31
5% Jan
538June 6
212 Aug
143 14514 144 1453* 144 14434 144 14453 5.000 Burns Bros
8
4
1453 1467 14314 14512
100 11312 Jan 10 147 Dec 7
8114 Jan 122% Dec
4314 4312 43
433, 43
4518 433* 4414 8,800
Do new Class B corn
4612 438 46
*48
3118 Dec 333 Dec
4
2838 Jan 19 6114 Aug 18
*9812 100
*97 100
Bush Term Bldgs, pre_ _ _ _100 8714 Jan 3 10112 Nov 6 28734 Dec 90 Nov
*9812 100
*9812 100
*97 100
*98 100
958 1018
93 10
4
4
914 93
918 93 55,000 Butte Copper & Zinc v t c.
914 98
4
914
9
._5
514 Mar 1
3 Aug
14
614 Dec
101s Dee 12
*1712 18
*1712 173
300 Butterick
4 1712 18
*1712 187 *1712 18
8
*1714 19
. 100 16 Nov 24 34 Feb 3
1412 Jan 333 Dec
4
8
8 30% 3134 6,900 Butte & Superior Mining -10 203* Jan 4 35 Oct 5
8
4 305 3114 3113 3153 313 317
303( 313
3014 31
1014 June 22 Dec
/
1
4
73
8 4
74 7 4 *73
3
4 8
3
4 1,900 Caddo Central 011.ScRof No par
4 8
73
73
4 73
734 77
7% Aug 19% Apr
7 Nov 27 151s Apr 15
8112 81
81
*81
800 California Packing
82
8112
81
8112 8012 8114 *81
*81
535 July 74 Nov
No par 68 Jan 11 8612Sept 12
5612 5614 5714 5618 57
1,100 California Petroleum
56
' 56
65
563
4 66
58
67
100 431 Jan 10 717 June 2
25 Jan 5011s Dec
*9312 94
94
94
900
94
94
Do pref
94
94
*9312 94
9353 94
100 83 Jan 3 9812 Apr 17
8812 Jan 88 Deo
914 912 16,700 Callahan Zinc-Lead
834 918
8
3
83* 8 4
8 14
73
4 813 *55
71 Jan
s 8
73
10
38 Aug
514 Feb 14 1138May 27
5512 *55
5512 56
56
56
5614
500 Calumet Arizona Mining
*55
5512 *55
5512
10 5012 Nov 14 8812June 1
4115 Jan 80 Dec
7
7
*614 7
*634 7
600 Carson Hill Gold
*614 7
3
714 7 4 *614 712
1
612 Nov 23 1838 Mar 29
11 Dec 1511 Nov
312 312
*317 4
312 4
353 4
*312 4
600 Case (J I) Plow
*312 4
No par
3 Mar 8
912June 8
3 Nov 101 Apr
75
75
- --- 89
*75
200 Case (J I) Thresh M,pf ctf 100 68 Feb 21 034 Aug 23
80
____ 79
75
75
____ 79
63 Dec 853 Feb
8
343
4
4 333 3413s 338 338 34
3412 3,500 Central Leather
8 3314 3458 34
3312 335
100 293* Jan 10 4418 Sept 13
2218 Aug 431 Jan
7018 7018 7014 7012 7012 70% 1,895
70% 693* 70
Do pref
70
70
70
100 633 Jan 6 8234 Sept 14
3
Jan
571 Aug 96
18 43
4514 443 4514 443 4512 437 4514 46,500 Cerro de Pasco Copper_No par 323 Jan 4 4514 Dee 12
427 43
3
43
4
43
23 Mar 3612 Dec
46
*40
*40
46
46
100 Certain-Teed Prod__..No par 34 Feb 14
*40
*40
44
46
44
46
*40
22 Aug 44
Jan
7
6412 6312 643* 6312 643* 6312 64
20,900 Chandler Motor Car. No par 473 Jan 5 6318June 8
6318 638 6212 6358 63
4
7914 Apr
8814 Oct 86 Apr
824 8214 8214 8214 833
4
4 823 823
7912 7912 82
4 813 8214 2,700 Chicago Pneumatic Tool 100 80 Jan 14 8912Sept 8
47 Aug 7014 Jan
274 273 278
8
2738 273
2712 283* 52,200 Chile Copper
2853 2712 2612 278 27
25 1518 Jan .5 2918 Nov 8
9 Mar 16% Dec
237 24
24
24
2312 233
2418 2518 7,300 Chino Copper
4 235 24
2312 24
5 2214 Nov 27 333
8June 1
1911 Mar 2912 Dee
6512 *64
6512 64
*64
663
6518 6612 6312 6312 1,500 Cluett, Peabody & Co____100 43 Jan 11 6814 Aug 31
64
*83
3614 June 6212 Jan
4 7653 77
7612 763
763 7712 7512 7512 5,900 Coca Cola
4
s
767 7718 7612 77
No par 41 Jan 5 823 Oct 14
4
19 Feb 4312 Dec
8
245 253* 25
2512 2,200 Colorado Fuel de Iron
25
25
243* 25
244 25
24% 25
100 24 Jan 10 367
8May 19
22 July 323 May
4
101 10212 10212 10318 1023* 103
8
1027 10412 13,900 Columbia G88 & Electric_ _100 643 Jan 4 1147 Sept 14
4
4
993 1003 1001s 101
4
s
52 June 6734 Dec
23
8 212
23
8 212
238 212
23
212 5,500 Columbia Graphophone No par
23
238
212 212
114 Jan 28
21 Aug 128 Jan
53
4June 5
*91* 1014
*912 1012
500
9
0
914 914
Do prof
*914 10
100
• *914 10
5 Feb 9 2034June 2
912 Dec, 6214 Feb
8
4
3 9,600 Computing-Tab-RecordNo par 5514 Jan 3 793 Apr 28
4 723 7412 725 7353 7212 7212 711 723
(
881 8912 698 723
4
8
28% Junel 587 Den
378 36
373* 3614 368 2,700 Consolidated Cigar__ __No nt
3734 378 *37
o 058 f: D 10 428 Oct 5
3711 38
eg
3758. 3858
13% ec 5914 Jan
8
847 *80
*80
848 8
84
100
84
Do pre!
*80
4
*793 84
84
Feb 27 8714 Nov 10
.80
17
63 Dec 80 Feb
Consol Distributors,Inc No par
3
8
12
*14
*14
12
12
*14
14
, *14
1
*14
18 Sept 10 Mar
214 Mar 16
12
*14
4
4
12118 12212 1202 1217 1203 12214 19,400 Consolidated Gas (N Y).100 8512 Jul. 30 1453 Sept 15
8
4
7713 Jan 95 Nov
12412 125% 123 12434 12214 123
1238 1253 1214 1212 1218 1238 10,700 Consolidated Textile___No par
9 July 25 1534 Apr 19
Jan
123 Aug 21
4
123* 1212 1214 1258 1212 123
4
10814 11214 1093 11214 111 11314 29,200 Continental Can, Inc
100 453 Jan 4 11514 Dec 15
4
Jan
1054 1083* 108 109
34 8 Aug 66
1054 107
933 93% *91
94
94
4
100 Continental Insurance
*91
94
*02
94
25 66 Jan 20 93% Aug 22
*99
5859 Au
8 Aug 73 Dec
95
*91
49,100 Corn Products Refining___100 9114 Jan .1 1343 Oct 21
8 130
13014
8
59 June 99% Dec
4
13012 13214 13012 13312 1323 133% 131 1333 *121 13214 *12012 132
12212
12212
300
100 111 Jan 10 1223
4Nov 14
96 June 112 Dec
120% 12018 122 122 *121 12212
*119 122
4
4858 498 4834 5014 493 50% 498 513 83,500 Cosden & Co
No par 313 181i to 53144.1 itar 15
493
8
19 x ule 7
2212 Aug 43% Apr
4912 5018 49
7012 733 80,Ng Cwiblererel of America_ 100 524 1,•t, 27 983 Sept 5
o pS
6712 683* 6712 72
49 Aug 107% Jan
s
8 6512 677
6614 6412 665
65
91
9012 9012 *88
91
91
100 80 Jan 17 100 Sept 8
02
t
Jan
77 ,June 91
5
8953 8958 9014 9014 92
1414 1438 8,100 Cuba Cane Sugar
1412 143
1412 1414 14%
No par
8% Jan 11
26 Feb
1412 14% 1412 1478 14
19,200
Do pref
8 3914 40
3934
100 1514 Jan 3 4178July 27
68% Dec 1318 Feb
40% 3914 4014 3914 39% 39% 40% 2512 407
3912
263
8 2514 2618 35,L.sg Cuban-American Sugar____10 1412 Jan 3 28 Aug 4
10% Oct 33% Feb
4
247 253* 2453 2514 243 2514 24% 253
100 781s Jan 17 1J214 Dec 13
68 Oct 96 Feb
.99 101
10012 10012 100% 100% 10212 10212 *103 10314 102 102
23 Mar 59% Nov
3114 3033 3114 3012 3112 3012 313* 15,800 Davison Chemical v t c_No par 2318 Nov 25 6553 Apr IS
3012 30
2734 2734
27
23
800 De Beers Cons Mines__No Par
8
*223 23
2314
1512 Jan 3 2838May 2
135 June 21
8
Jan
22% 22% 22% 2212 *2218 22% 2212 2212
600 Detroit Edison
100 1003* Jan 11 11412 Aug 30
9312 Nov 100
Oct
*109 110 *10914 1093 10918 10918 10914 10914 *109 110 *109 110
4
43
43
2,000 Dome Mines, Ltd
10 1812 Jan 4 46% Nov 6
8 43
101s Jan 21% Apr
43 43
4212 423
4 4212 4212 4213 42l7 I
3,300 Eastman Kodak Co__ _.No par 70 July 3 8s14 Aug 28 .... .. _
8412 85
,
8512, 8412 8512
.
_
8412 8453 8453 843* 843 8434 85
_
156 156
155 1554 . 154% 15512 *154 15512 1,400 E I du Pont de Nem & Co 100 115 May 27 167% Oct 10
15514 155% 155 156
800 6% cumul preferred.. _ _100 Rn June 12 90Is Sept 8
8 8553 8614
855
8512 *84
84
84
*84
8
88
857 857 *84
s
si
.dividend And rights • Ackled41110111. paid.
Si-rights 8 1.:1-tilVIdeUti
c i',, v..1.1,3 i It) per endre
•Bld and asked prices: no sales on caw day. a
New York Stock Record-Continued-Page 3
2668
For sales during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday.
Dec. 9.
Monday I Tuesday.
Dec. 12.
Dec. 11.
Wednesday. Thursday, 1 Friday,
Dec. 13.
Dec. 14. / Dec. 15.
Sales
for
me
lreck.
STOCKS
NEW YORK STOCK
EXCHANGE
I
PER SHARE
Range since Jan. 1 1922.
On basis of 100
-share lots
Lowest
Highest
e,
$ per share $ uer shire 3 .er sh7re $ ,, shi, $ - !tr shi-e I $, r sh ,Shares Indus.& Miscall.(Con.) Par $ per share $ per share
i'
574 575
5 5715 573
5815 5814 5713 58
4 5715 573
41 553 5 4 10,600 Electric Storage BatteryNo par 4012June 17 5834 Dec 4
5
5,
211s 2215 2() 2375 2213 237
234 2312 2214 23
5 2315 2315 7.200 Elk Horn Coal Corp
50 1414 Jan 25 2412 Dec 1
.7
734
734 8
.71s 812 .712 812 .712 815
1,200 Emerson-Brantingham
100
255 Jan 4 1115June 5
8
8
4
8755 8912 8614 8712 10,500 v Endicott
-Johnson
50 7614 Jan 10 904 Nov 8
867 8714 873 894 .8712 8814 8714 88
11713 118
•11815 119
1184 11812 11812 11815 11855 1185* .118 119
100 104 Jan 5 1185 Dec 13
Do pref
5
600
9114 9375 92
934, 93 937
5 93
947
5 9234 9414 89
907 20,600 Part10119 Players-Lasky _No par 7515 Jan 10 107 Sept 5
5
98 .97 98
9634 9634' .97
*9634 98
9734 9734 *9734 98
-...._100 9112 Jan 28 1073*Sept 5
200
Do preferred (8%)
.9
10
*9
10
*9
10
10
10
10
10
600 Federal Mining & Smelting 100
11
12
9 Jan 3 1615May 17
53
53 53 .5212 54
53
52
53
54
100 3715 Mar 14 6234Sep 20
574 58
/
1
3,40C
Do pref
56
18213 183 1834 1913 192 202
4
197 202
*18212 183
201 20412 12,800 Fisher Body Corp
No par 75 Jan 5 20412 Dec 15
9815 9834 9734 9875 93
9734 9814 9815 99
9812 984 9914 2,403 Fisher Body Ohio, pre__ 100 764 Jan 5 10314June 14
5 1234 1275 1255 13
1234 134 1234 127
*1212 1234 124 1255 5,200 Fisk Rubber
No P r 108a Nov 27 194 Apr 2.5
184 18
18
183
4 18
19
193
5 185a 19
1834 *177 18
No par
5
1214 Jan 24 2714 Oct 14
6,000 Freeport Texas Co
723
2 70
694 6912 6912 72 1 72
65 4 66
3
711, .6812 6912 2,600 Gen Am Tank Car
No par 4534 Jan 14 80 Oct 23
5 4514 473
4 4614 4741 43 4714 4412 474 4512 4738 61,900 General AsPhalt
45
463
100 3714 Nov 21 73 4 July 20
3
80 .7814 80 1 761 7814 78
80
7815 79
/
4
100 69 Nov 22 111 July 20
8012 *78
81
Do prat
'1,800
834 825 8314' .823 8314 8314 831s 83
5
8175 83 4 82
3
4
100 65 Mar 3 843 Dec 0
3,972 General Cigar, Inc
83
4
.103 1043 .103 10434 10112 10412 10455 1045* .10415 1043 10413 10115
4
Debenture prof
100 94 Jan 4 109 Oct 25
41
300
18012 18215. 180 18214 182 18213 182 18212 18114 18134' 1894 1814 5.803 General Electric
100 136 Jan 9 189 Oct 18
1334 14 I1375 14 I1334 14 I 135 14 I 1334 14
5
814 Jan 5 151
133 137 20,403 General Motors Corp_.No par
4
/
4July IS
s
.
8213 8414 .8211 8414 8114 8114 8414 85
85
85 .824 8115
100 69 Jan 24 86 Sept 2
Do pref.
6))
83
8315 8315 834 *8215 81
14 8212 8213 83
83
4
823 8312 1,700
4
Do Deb stock (6%)._100 673 Mar 6 86 Sept 1
9815 9815 9812 9312 9813 9813 9815 984 98
Deb stock (7%)___100 7914 Mar 8 100 Sept 1
9835 .9613 93
Do
2,033
.10
1014, 1015 1015 104 104 10
1015 .1015 1014 1015 104
No par
93 Nov 1-3 1814June 2
4
903 Glidden Co
3434 3512' 347 3555 3475 353
5
4 3134 354. 3415 35 , 3415 344 5,90C; Goodrich CO (B F)-__ _No par 234 Nov 25 447
5May 31
85
85 I .83
8512 *83
8134 . 4 85 1 .83
100 7913 Niv 13 91 Apr 22
831
85
8313 8312
Do pref.
203
2412 25
25
25 , 25
25
2175 2515 244 247
8 217 2513 4,203 Granby Cons M,Sm & Pow100 22 Nov 14 35 May 24
8
1114 115
4 1112 115
5 114 113
4 1175 12% 12 2 134 13
No par
9 Nay 13 197
,
sMay 31
134 15,500 Gray & Davis Inc
2475 241g *2413 2; I 25
25
25
2515 2415 2435 26
800! Greene Ca.nanea Copper__100 22 Nov 1 345
5May 29
26
.104 1112 *104 114 *1015 11 I 11
11 1 11
11 , 1015 1012
, 7 Feb 16 145 Mar 15
5
930 Guantanamo Sugar_ __ No Pa
744 7512 7312 743
4' 7414 7712 7614 783
5
5 76
5
781
4 77
7935 23,300 Gulf States Steel tr ctfs_ _100 447 Jan 9 947 Oct 9
112 115 .115 134 .14 13
4
155 15
5
112 • 113
3 Jan 20
4
3 5 Mar 16
7
112 112
9)0 flarbishaw Bloc Cali No par
.1915 19141 1915 2015 2013 2015 194 2014' 19
19 .184 1913 2.503, Heudee Manufacturing_ _.100 15 Jan 12 2834 Sept 16
.
804 8112 803 8075 .80
4
8113 .8012 8112 *80
100 55 Jan 14 82 Nov 15
8115 .80
8115
200, Flornestake Mining
.68
70 I 63 69 I 68
7115 70
100 614 Nay 27 9014 Oct 6
7134 70
70
6912 704 5,300 Houston Oil of Tetas
243 26
5
254 26152434 26 • 2513 26 I 2518 26 I 23
/
4
2515 15,603 Rapp Motor Car Corp_ __ _ 10 101 Jan 6 2315 Dec 11
435
415
4
4 15
4
4 I
4
No par
4 1
313 Feb 9 14 June 2
4
4
4
435 3,300 Hydraulic Steel
.
1515 17
1534 153 *154 16 I 154 1512 .1514 153 .154 1515
4
4
5
314 Jan 27 153 Dec 11
4
400 Indlahorna Refining
634 63
74
10
5 Jan 20 115
713 *7
sJune
4 .63
* 4 74 *7
63
4 714 .61
500 Indian 'Refining
4 7
3314 3335 3314 33141 324 331
5 327 337
5
5 3355 331
4 3315 35
8,800 Inspiration Cons Copper__ 20 31 Nay 27 45 June 1
*612 8 I .64 8 I .64 71, *615 74
535 Des 14 1134May 4
54 54 *612 8
50() Internal Agricul Corp ___100
.
2813 3034 2834 231
4 31
100 2312 Nov 27 43 Mar 15
314 3015 314 30
Do rod
1,493
30 , 31
31
International Cement__No par 26 Jan 23 383
*35
3515' 35
35141 3514 3514' 35
4MaY 8
3534' 354 35151 .3412 35
1,9313,
.
No par 2134July 22 304Sept 20
24
24
24
244 2112 247g 25
2514 243 24341 2414 244 1,900 Inter Combo Eng
4
884 89
8814 8934 87
8815 8614 8712 8712 9113 903 9214 8,901 internat Harvester (new)..100 7955 Jan 3 11575 Aug 14
4
100 10512 Feb 14 119 Sept 18
'112 115 :*107 115 I 115 115
115 115 .4
709
Do pref (newL
*112 115 .112 115
3
124 13 *12
4
123
4 123 1315 113 1212 1114 113
4
4 1112 113
4 4,300 Int Mercantile Marine._..i00 10 5 Nov 17 2712MaY 3
100 4134 Nov la 873
5112 52
51
5MaY 3
513
4' 503 5314 513 5212 4834 5114; 4914 51
4
5
Do prat
20,800
1415 1435 1415 1413 144 1414. 144 1435. 14
1435' 14
144 9,000 International Nickel (The) 25 1114 Jan 9 5413Sept 12
100 60 Jan 4 85 Jan 20
70
70
70
70 I 70
7015 70
70 I 69
6912 65
6814 1,800; Preferred
5
5215 5315 52
5234 5212 5375 5312 544 5312 537
100 4313 Mar 8 637 Oct 16
5 5212 533
4 6,409; International Paper
7012 7012 .7015 73
100 59 Mar 9 8015Sept 11
74 I *72
*71
75 .724 72141 7214 7214
200; Do stamped pref
50 1215July 24 2014 Apr 17
154 1512 1514 153
1514: 143 147
5 15
4
5 1412 147
5 1412 145
5 3,800' Invincible OH Corp
.3712 39 4 393 411, 42
3
4314! 4314 4315 42
4
9,300, Iron Products Corp____Ny par 24 Jan 19 5315 Oct 16
43121 4313 451
3 Jan 25
4 Nov 13
13,700 'stand Olt& Transp v t c__ 10
*4
4
13,
%
12
%
%
%
20
20
100 10 Jan 4 2212May 2
1975 2015 20
21
2014 204 2055 21181 2014 21
6,603, Jewel Tea. Inc
100 3815 Jan 4 7315May 26
6912 604 71
7112 7312 1,450
68 68 .67 68
Do Prof
6855 694 *67
100 3415 Feb 11 57 5Sept 21
514 517
7
5 5112 52
524 5214 5114 514 51
513
5, 513 5212 3,200 Jones Bros Tea, Inc
5
2 Oct 9
243 214
10
74 Jan 3
2
214
2
2 1
24 215
8,1001 Kansas & Gulf
2
24
2
2
._No ear 34 May 1 485 Aug 3
4115 4215 4134 4234 4234 444 4112 4515 444 45
5
44
447
5 6,800 Kayser (J) Co. (new)
•101 102 *101 103 .101 102 .101 102 ,.101 102 .101 102
94 May 1 10612Jtine 9
1st preferred (Sem)_ _No par
25 3414 Jan 4 533
4435 4514 4412 4514 4435 453
4May 5
4 445 4514 4414 45
5
4314 4455 23,509 Kelly-Springfield Tire
Tetnporary 8% pref___ _100 9013 Jan 4 I073
101 101 .10114 105 .100 105 ,*100 10412 *100 10115 101 101
4May 9
200
7115 Jan 3 86 June 5
8212 83 .82
6% preferred
85 .8212 85 I *824 85
*824 8312 8112 8112
300
100 61 Feb 91 111 Apr 6
.98 102
98
98
*96
97 1 97
98 1 102 105
1,930 Kelsey Wheel. Inc
103 101
No pat 2515 Jan 4 395
3514 3515 3514 36 I 3534 3618 362 37 1 3635 3735 3612 3714 25,700 Kennecott Copper.
!
5
5May 31
10
434 Nov 13 244May 4
10
1014 1013 1115 103 113
5 1014 10 4 .1014 1012 50,700 Keystone Tire & Rubber
4
s' 1014 113
3
100 110 Jan 10 189 Oct 4
1844 1844 .182 1844 .182 1844 .182 18412 182 182 *180 184
300 Kresge (8 8) Co
100 4415 Jan 4 85 Oct 16
78
78
774 7713 77
7715 76
76 , 76
76
763 763
4
4 1,400 LACk3WA111111 Steel
Tlreu_.:- _
t i.o 18 N0
2 43 Jan 13 944 Aug 28
.83
86 .83
86 .83
86 1 .81
86 1 *81
84 .81
84
par 2414 Nov 28 354 Mar 16
8
26 5 265
5
5 2634 2675 2634 2714; 2612 263 *26
4
2675 2612 2615 1,700 Lee Rubber1
21514 21514 2193 219 4 .215 219 .215 220 .215 220
4
3
21514 2154
420 Liggett Sr Myers Tobacco_100 15314 Feb 18 230 Oct 20
100
•11714 119 .11714 119 .1174 119 .11714 119 1.11714 119
11515 1163
Do prof- ---100 108 Jan 10 1234 Nov 6
4
200
itz 52 Nov 25 6535Sept 1
•
5815 58
59 1 583 59
3
58 5 60 1 583 5912 5815 594 17,500 Llrnreferr
5
i a LoeraterapetfsNo r
,
4
93 Jan 30 12515 Aug 30
.1G0 ____ .109 ____ *109 ____ .113 ___ .113 ____
184 1875 184 184 18
1815 18
184 1815 2055 1915 - -1 1 --Loew's Incorporated__.No pa? 1114 Jan 26 2312Sept 19
20 4 15,T10()
No par
9 Jan 9 1414Mae 3
114 114 .1115 12 .1135 12 r *1135 12
.1112 12
1113 1115
B81 Logill'anrcdoWrated
14714 Jan 6 180 Sept 1/
17014 1704 .165 170 .165 169
169 169 1.169 170 .163 170
100 109 Jan 13 121 0 1 28
,
.110 119 .110 118 .110 117 .110 118 1.110 118 .113 118
100 72 Jan 5 11413 Der. 12
.11315 1134 .112 11312 113 1144 113 113
1123 113
4
113 114
1,000 Mackay Companies
100 57 Jan 13 70 Nov 6
694 69 • 69 I 89
69
69 69 .69
*69
6934 *69
Do prof
70
1,400
5Sept 11
5775 5515 567
5712 56
No Par 2512 Jan 13 617
56
574 56
5 564 5612 5635 5675 11,700 Mack Truck5. Inc
100 6813 Feb 27 9412 Dec 13
92
92
923 923
4
4 934 94141 9415 9412 *933 95 I *934 94
4
Do 1st prof
1,000
100 54 Jan 6 873
4Seet 19
8475 8475 85
8514. 8514 8514 8475 8475 *8514 8512
.82
83
Do 2d pref
500
; 1515 Jan 16 40 Aug 28
i
3
3273 33
3235 3254 32 5 35161 354 36
3455 34 4 U2 115141 21 133 Nallanrn(arR)& Co_ _No N
a n i t suiTLI
:
,
3014 Jan 3 52 Mar 13
4715 4934 50
51 I 50
48
48
51
5012 5134
•8014 82
100 7314 Apr 3 8414 Sept 13
833 833
4
4 83
82
83
84 .8134 8412 •80
8412
Preferred
500
.46
50 .48
51
51
51 ' 50
50 .47
513 *4715 5134
4
600 Manhattan Eleo Supply No par 41 Mar 13 6934 Apr 24
25 32 Mar 6 58 4 Oct 25
8
454 4515 47
4534 46
.45
4634 *45
45
4534! 45
45 I 2,100 Manhattab Shirt
5.1une 19
No par 2255 Jan 6 463
3014 31
2734 30
32
Ms 313
28
5 31
2935 2814 2875 33,700 Marland Oil
5
54 Mar 4 263 Mar 27
No par
144 1414 .13
.12
16 .12
127; 1275 14
14
12
12 1
900 Marlin-Rockwell
.No par 2014 Jan 4 3614June 3
273
4 28
2915 2915 3115 30
264 27 *2613 3715 27
30
5,300 Martin-Parry Corp...
50 .49
4815 4815 49 49
*48
50 .47
*48
49 1
200 Mathieson Alkali Works__ 50 22 Jan 11 54 Nov 4
100 4113 Nov 28 743
4May 17
4615 47 .4615 48
*47
4712 4634 47
464 47
463 464 1,600 Maxwell Mot Class A
4
16
164 154 16
16
16
1434 1513 143 153
4
5 145 15 1 4,600 Maxwell Mot Class B._No par 11 Feb 15 2x75June 8
5
174 179
178 179
17414 17414 173 174
Department Storee_100 101 Jan 3 179 Dec 12
6735 68
4 5,500 May
664 663
1055 Jan 10 2155 Mar 23
1834 1875 18 5 187
1875 19
1834 19
7
5 1813 187
5 18
1812 4,900 McIntyre For Mined
4
100 1063 Jan 10 243 Dee 4
238 23915 235 23714 235 23535 240 242
240 243 240 240 I 2,300 Mexican Petroleum
5
.99 103
*98 103 .98 103 .98 103
100 7914 Jan 12 1027 Oct 25
*98 103 .98 103
Preferred.
15 Oct 7 3412July 13
16 4 167
3
5 153 1613 167 1614 1615 1612 1615 1655 16
4
5
1615 9,300 Mexican Seaboard Oil_ _No par
12 Oct 5 3215July 13
1555 154 14 4 154 15
3
1515 15
1515 1515 1555 1512 1515 5,500
Voting trust Ws
5 25 Nov 15 313
27
5 2714 2714 27
274 2714 *27
5May 31
2714 273
2712 2712 2712 1,300 Miami Copper.......
12
1235 1158 1214 1112 117
5 114 113
4 1112 1134 1135 1134 23,800 Middle States Oil Corp.... 10 11 Nov 15 16 Apr 17
2812 2775 2835 2775 2835 2835 284 2855 2914 33,600 Midvale Steel & Ordnanee_ 50 2612 Jan 6 4514May 17
2835 283
4 28
•
6878 6855 6855 .674 68
6615 67
100 63 Jan 4 763
5Sept 1
67
67
67 5 6734' 1,300 Montana Power •
5
2135 2114 215
5 2115 2115 214 2135 21
2034 214 21
10 12 Feb 11 2534 Aug 11
224 23,800 MoutWard & Colas Corp
197 197 .183 20 .1812 20 .1812 20 I
5
g
1912 1915 .1812 20
4
NO Par 1714 Dec 4 34 Mar 31
200 1MullIns Body
12
1134 12
12
113 113 .1134 124 .12
4
4
50 1015 Jan 9 2114 Apr 25
*12
13
1212
400 National Acme
100 12311 Jan 4 27,5 Dec 2
*270 280 .271 286 .260 280 .255 280 .250 230 .250 280 1
National Biscuit
122 122
123 123 .122 125 .122 125 I
123 123
100 1134 Jan 4 126 Oct 20
124
582
Do prof.
*61
*61
64
64
64
637 64
5
58ept 13
64 .69
.60
6412 6515 1,400 National Cloak & Suit_ -1001 26 Jan 17 667
415 Apr 13
115 Jan 16
14 114 *114
135
114 14
135
*114
14 114
1
141 3,1001 Nat Conduit & Cable._No Par
100 31434 Jan 11 684 Oct 21
68
4 6513 654 65
6635 6535 653
4 653 653
4
65
6515 6512 1,700 Nat Euaufg & Staw p•g
127 12914 1215 127
5
100 85 Jan 12 12914 Dec 11
4
123 12412' 27,800 National Lead
118 4 12412 1243 12914 12612 129
3
115 115 .112 1143 .112 11434
100 108 Jan 10 117 Oct 5
4
11415 115 .11415 115
*114 116
930
Do pref
4 1415 1412 1412 1412 1434 15 I 2,500, Novada Consol Copper__ _ _ 5 1315 Nov 15 1915June 1
1414 1414 1415 143
14
14
28 .26
28 I 27
2714 2714 *26
28
23
28
28
28
1,1001 N Y Air Brake (new)_No par 2415 Nov 27 4138Sept 20
2412 244 2115 23 4 2515
100 20 Nov 25 46 June 9
2512 .24
3
2512 2515 2513 .24
25
900 New York Dock
50 1 .50
100 46 Nov 25 6815June 6
.48
50 .48
58
504 51
55 .51
*51
50 I
700
Do prof.
14
14
*12
14
/
4
No Par 13 Jan 3 25 Feb 28
13
1314 131 .1312 14
13
1,100 N Y Shipbuilding
*124 14
4
50 4415 Jan 4 1003 Oct 9
4
9435 933 9414 933 9435 9314 91
4
6,200 North American Co
9338 93 4 934 941g 94
3
Jan 7
45 I 4415 45
so 38 Jan 13 4714 Aug 29
5
5 45
454 4515 447 447
45
9001 Do pref
45
45
44
29 Oct 19
34
27
*254 264 .25
*2512 27 *254 27
.2515 29
Rights
28
.25
4
28 1 .2612 28
*25
27 .26
300 Nova Scotia Steel & Coal..100 203 Feb 28 40 Sept 14
*2514 26
26
.2555 2612 26
4
8 July 14 123 Mar 30
*10
10
1012
200 Nuunally Co (The)___ -No par
4
.1012 114 1015 1012 *93 1012 10
.1012 11
5 Nov 15 144 Apr 17
3
500 Ohio Body & Blow_ ___No par
4 6
8 *53
57
.9 57
3
53
4 54
s 6
57
54 54
3
*5 4 6
3
435June 2
17 Dec 14
5
2
17
2 2
17
2 17
212
2
18,300 Oklahoma Prod& Ref of Am 5
24
2
2
2
24
2
935 Mar 25
413 Jan 6
200 Ontario Sliver Mining____100
53
5 5%
614 614 *514 6141
.6
64 .614 612 *614 612
5
1 125 Jan 6 28 Oct 5
1834 3,303 Orpheurn Circuit, Inc
183 1914, 18
4
1914 19
19 .1875 19
19
19
19
100 116 Jan 4 18884 Oct 9
14212 14314' 145 1464 1,400 Otis Elevator
150 1543 11414 147
4
.142 , 149 .142 150
.
6 Nov 29 1615 Apr 11
No par
84 9 , 10,300 Otis Steel.
94
875 9
83
4 9 I
g
835 812
8
55 914
25 2475 Jan 27 424Sept 26
37 1 1,000 Owens Bottle
38
38
38 1 37
.3614 37
3612 3612 .3612 3713 37
1 Oct 21 1415 Apr 27
0,
3,
5
8
58 18,000 Pacific Development
78 1
75 1
14 175
14 lig
100 60 Jan 30 9115Sept 15
4
4
863 8612 863 883
5
4
5 87
8712 8715 853 8714 853 864 7,800 Tacifie ORM dic Electric)
88
•
.Bid and asked prices: no sales on this day. I Less than 100 shares. a Ex-dividend and rights. s Ex-dividend. •• EX-rlabte.
PER SHARE
Range for previous
year 1921
Lowest
Highest
$ r hare $er share
----------------- . _
16
Jan 253 May
4
212 Dec
Vs May
Dee
52 Jan 81
87 Jan 1064 Dee
4455 July 8215 Apr
7434 July 97 Dec
51g June 133 Dec
4
21 Sept 434 Dec
Jail
75 June 90
57 Sept 84 Dee
83 Aug 19% May
4
915 Aug 2012 Jan
397 Oct 594 Dee
5
5
391g Aug 783 Mal
77 Aug 11712 May
54
Jan 703 Dee
8
8015 Apr 9515 Dor
1091, Aug 1433 Die
4
93 Aug 1614 Jar,
5
63 Juno 75 Da.
,
60 Aug 7312 De
69 Aug 85 Dec
ifis; Jail;
621, June
15 Aug
S13 Jan
Ii' July
1.12 Doc
22 June
12 Nov
13 June
4915 Mar
4015 Aug
1012 June
6 Dec
2 June
615 Dec
2955 Mar
6 Aug
31 Dec1
21 June
44.1; Jan
86 Dec
314 N!),
163 Ma
4
2912 Der
1675 Jan
7g DA
50
,
135* Jac
25'13 AP'
61 Ma'
86 Mae
163 Ma.
4
2034 Jan
74 Jan
1534 Jan
4214 Dif
1334 Jae
57
Jan
29 Na,
Ws; VIZ; 166.; Feb
9914 June 110
Jan
715 Aug 171 Jan
/
4
38 Aug 673 Den
4
1115 Aug 17 Ma.
60 Dee 85 May
383 Aug 733 MaY
5
4
67 Aug 7535 No4
512 Aug 26
Jan
2212 Sept 40 Jan
2 Sept
43 Jao
4
4
Jan
1213 Dec
812 Jan 4634 Nov
144 Jan 383 Dee
4
9 Nov
44 Oct
321k Aug
7014 May
70 May
35 Mar
16 Mar
814 Jan
130 Jan
32 June
40 Jan
1712 Jan
13814 Jan
9738 Jan
- 7
(4
;
Jala
94
SO June
69 Nov
274 Dec
1774 Ma,
177 Dvr
5813 Jan
574 May
,
30 au
164 Dee
110 Nov
872 Aug 1661:, Dec
10 June 214 Mar
734 Aug 1234 Jan
136 Feb 16415 Feb'
100
Jan Ill Dec
59, Jan 72 Dec
2
55 June 82 Deo
2512 Oct 42 May
Jan
634 Oct 76
54
Oct 644 Ain
10 Jan 18 Sept
21
Oct 894 Feb
92 Jan 93 Jan
18 June 3634
444 Aug 3075
5 Oct 1915
13 Sept 22
1112 Aug 24
38 June 454
8 June 1535
6512 Jan 114
Dec
Nov
Jiff
Dec
Nov
Dee
Der
Doc
8412. Aug l67'
_
Jac
153* .Jan
10 July
22 June
43 Aug
125 Dee
5
1734 July
1015 Dec
102 Jan
105 Aug
15 Sept
5 Sept
5
26 Aug
6734 July
100 June
9 Mar
_
5
20 5 Feb
45 Jan
13 Doc
3214 Aug
3175 Aug
15 Dec
2015 Nov
812 Mar
714 Nov
134 May
313 Aug
14 Dec
87 Aug
8 Nov
243 Nov
4
4 Dec
464 Jan
is -
Dec
164 Nov
3315 Jan
6435 Dec
25 MAY
287 Jan
5
30 Jan
1.
2815 Dee
120 Jan
8538 Jan
5 Jan
65 Feb
87 Dee
108 May
1538 Dee
-air May
574 May
33 Feb
46 Dee
414 Nov
15 Deo
39 Mar
127 Jan
5
1155 Dee
4 Jan
6 May
3055 Apr
148 May
16 Jan
5455 Jan
19 4 Jan
3
88 Dec
New York Stock Record-Concluded-Page 4
2669
For sates during the week of stocks usually inactive, see fourth page precedlat.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Dec. 9.
Monday,
Dec. 11.
Tuesday.
Dec. 12.
Wednesday.1 Thursday, 1 Priday.
Dec. 13.
Dec. 14.
Dec. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11922.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for previous
year 1921
Lowest
I
Highest
g per share 5 per share $ per share $ per share 3 ner share 3 ner share Shares Indus.& Macon.(Con.) Par I per share
500 'Pacific Mall SS
14
1312 *1214 1312 *12
*12
5 11 Jan 18
14
13
*1134 13
.
13
12
473 473
19,400 PacificOil4 lao v 23
8
80 48% Ja
4
465 4714 463 4714 465 4718 4414 45
8
4 4135 475
'212 .1 1
804 837g 8153 8438 808 833 194,900 Pan-Am Pet & Trans
4
4 7812 807
3
9914 100 4 9712 993
Do Class B
50 44 Jan 10
7412 7812 7614 783* 768 79
947
9414 9514 93
763 78$4 146,800
434
900 Panhandle Prod & Ref_No par
434 *434 5
412 412
5
*43
4
4
4 43
5
5
43
418 Nov 6
95
958 95
95
8 10
1214 2.000 Parish & Bingham
934 934
No par
10
11
*1018 11
712 Nov IS
312 353
312 353
312 353
312 353
33
8 312 8,600 Penn-Seaboard Sta v t a No par
312 38
314 Oct 26
91
91
91
9312 n
9312 93 9312 917 9334 93 9414 7,500 People's G. L & C (Chic)_100 5934 Jan 4
4012 4012 *40
.404 41
41
4012 4118 4053 41
4012 4012 1,200 Philadelphia Co (Pittsb)__ 50 314 Jan 4
100 Phillip-Jones Corp
7933 *70
7933 *74
*74
No par 7314 Oct 30
74
74
80
*70
793* ____ 793*
24,200 Phillips Petroleum
42
4 423 4312 4253 433
4
4218 4318 40
No par 2814 Jan 11
443 4514 433 443
4
1212 1212 1253 12
•12
No par
8 1178 1238 8,1300 Pierce-Arrow M Car
8 1114 127
1212 1214 127
8 July 24
Do pref
2918 2812 303
2912 29
29
29
29
100 l8* July 24
4 2712 2812 2753 2814 4,900
412 458
412 45
8
4
453 43
414 412
43
25
8 412
4 Nov 14
43* 412 5,000 Pierce 011 Corporation
397 40
500
Do pref
40
40
40
•
38
4
*38
4
393 *38
100 32 Sept 27
4
393
4 393 393
8 5212 533
8 53
543
513 525
8 543 5558 443 5512 4838 4912 71,800 Plgg Wigg Stor Inc"A"No par 3978July 14
4
8
4
581 583
6012 61
59
59 80
6014 59
59
100 55 Nov 18
4 5818 5818 4,300 Pittsburgh Coal of Pa
200
Do pref
*99 100
100 '100 .99 100
*99 100
*9914 100
100 9018 Feb 3
*9914 100
2012 2012 20
8
2012 2012 21
2112 2212 2238 233
4 2238 233 16,800 Pond Creek Coal
10 1414 Feb 2
.1103 11134 1103 1103 110 11012 *107 110 *10912 III
4
500 Poatum Cereal
4
4
10912 109121
No pan l 655 Apr 19
8
.109 111 *108 111 *108 111 *109 111 *109 111 *1104 111
8% preferred
100 10512 Apr 29
79
79
*77
787 *77
8314 1,100 Pressed Steel Car
787
8 7878 82
100 63 Jan 12
8312 8312 *83
*99 100
Do pref
*98 100
*98 100
*98 100
*98 100
*98 100
100' 91 Feb 16
4414 42
4358 4414 42
40,400 Producers & Refiners Corp_ 50 24Ia Jan 10
43
8
417 4214 434 4412 425 44
9434 963
95
8,600 Public Service Corp of N J_100 66 Jan 7
9612 9414 951
9312 9412 9212 93
9353 947
12712 12812 127 1277 127 1293 1295 131
17,600 Pullman Company
100 1052 Jan 6
12714 130 1 128 131
4
8
48
487
3 4712 48
4712 48
4712 4834 48
50 29%,July 14
4812' 4712 4814 7.000 Punta Alegre Sugar
288 283
4 27 8 283
5
8 275 2778 2712 273
8 5,300 Pure 011 (The)
8
25 264 N w 27
4 2738 2753 274 277
99
99 .99 101
200
8% preferred
*99 100
100 94 July 20
9914 9914 *9812 101 I *9617 100
*11312 1143 1133 1133 *114 116
400 Railway Steel Spring
*
4
4
100 94 Jan 10
11612 11612' 114 114
115 115
*333* 3412 *333 3414 3312 34
500 Rand Mines Ltd
8
No par 1912 Jan 26
342
*3258 3334 *3238 3312' *33
13 s 133* 1338 133
5
: 8,000 Ray Censolidated Copper_ 10 124 Nov 16
4 1314 133
134 1312 1314 1353 134 131
*36
1,300 Remington Typewriter v t c100 24 Jan 6
3612 3512 363
35
4 357 36
35
35
35
357
35
*97 105
1st preferred v t o
____ 97
*97 110
100 55 Jan 12
*97 110
*97 105 .97 105
100
.
2d preferred
76
78
78 78
*764 78
*754 80
100 5012 Feb 23
*7518 79
*7512 80
24
No par 21 Nov 27
243* 233* 2412 237 237
4 7.600 Replogle Steel
2412 *2414 2434 244 253
8 24
47 474 46
474 4512 4634 455 47
100 4312 Nov 27
4612 4812 12,100 Republic Iron & Steel
47
8
46
Do pref
*82
84
100 74 Feb 24
8212 83 *8214 823
4
4 824 8212 8214 8234 823 83 I 1.800
Republic Motor Truck _No par
112 Nov 14
*184 1 8
.
gi2 1-.3- " i'l'i - fill 4818 4838 12,100, Reynolds(R J) Tob Cl B__ 25 43 Mar 27
8 4 ii3i8 - 3- -4§i8 - 5- -- -- ifi- -,
ii 4
ii 3
117 117 *1163 11712 1163 11714 *1183 118 *11634 11812' 118 118 I
800' 7% preferred
100 1114 Apr 11
4
4
5319 5438 523* 533* 5212 5314 50% 523
5112 23,900 Royal Dutch Co(N Y shares)_
4712 Feb 1
4 5053 5112' 51
10 123* Jan 9
*1914 1912 1914 1012 *1814 1834 1812. 19141 1918 1914 1918 1918, 1,300 St Joteph Lead
3
3
214 278
112 Jan 10
500 San Cecilia Sugary t O-Ne Par
4
*253 23
27
4 234 *212 3
g
2 27
23
me 1,500 Savage Arms Corp
,19
•18
100 10 Aug 26
19
184 1818 18
1818 1818 1938, *1812 1912 4
4' 3,000 Saxon Motor Car Corp_No par
118 Feb 23
1% 13*
lls
13
4 13
17
17
13* 17
14
81
17 3
13*
8
8053 81
808 8212 8112 82
8
827 83%' 8312 8612' 26,800 Sears, Roebuck & Co__.100 605 Jan 27
837
82
Preferred
300
_100 91 Jan 5
*10818 109
107 107 I
1081s f084 *10712 109
108 108 11108 109
No par
6 Oct 13
.n% 814 *71: 138 772 818 *8 8 ; 8734 77 8,4' 3,000 Seneca Copper
9 2 38 8t . 141 718 8
734
:
3
1
612 Nov 2
*73
4 8 1 2,000 Shattuck Arizona copper__ 10
6,500 Shell Transp & Tiading___ £2 3412 Dec 6
3$14 3612 351 3538, 3518 3514 3518 3532, 36
3618 3638 37
3112 31%42,200 Sinclair Coas On Corp_No par
1834 Jan 10
3234 3112 323
32
4' 315 32
8 938 3153 3241 31% 32
9
98
,
98
,
98
.
94
,
98
,
938
914
91
4
914
c
:TY I ; ie0
T fC
10
8 8 Nov 23
,
953 15,700 la
42
42
id Steel & Iron 100 3412 Mar 7
*39
*39
*41
41
42 .39
40
41
*39
40
Do pref
74
73 *64
*84
100 66 Mar 21
73 *64
73 *64
73 .64
*63
73
400 So Porto Rico Sugar
*42
44
*43
44
45
43 43
4334 44
43
43
100 33 Nov 17
*43
No par 15 Nov 27
184 1814 20
183* 187a 1818 1858 18
1914 1912 .5,700 Spicer Mfg Co
1918 197
1001 Preferred
*90 92
92 I .90
*90
92
92
93
100 84 Apr 28
92 .91
93 .91
25 Standard Milling
.129 130 *129 132 1'128 134
131 131 •124 148 *129 132
100 11012 Jan 28
116 1183 11514 11612 11453 115% 115 1163 115 116
4
25 913 Jan 10
1143* 115% 8,100 Standard Oil of Cal
4
7,300 Standard 011 of N J
1994 2004 198 199 1 198 19912 19612 200
1964 1983 *19734 199
4
25 16914 Jan 5
Do pref non voting__ _100 11353 Jan 7
1184 11813 118 11814 1173 1184 11778 1171 117 11714 11612 11612 2.100
8
800 Steel & Tube of Am pref_ _100 68 Mar 10
774 777
771
*77
7718 78
78
*78
78
767 7878. *77
'62, 83
6212 6212 82
5,400 Sterling Product.,
3w 627
8 62 6212 611 62
61
4518May 4
No pa
59
.106 110 *10612 1083 *10812 1083 1063 1083 *10812 1083 108 2 109
530 Stern Bros prof(8%)
4
4
4
4
4
100 81 Jan 3
,
57
57
5717 5934 5972 6078 597 603g 595 60
-Warn Sp Corp_No par 2473 Jan 5
6014 6,200 Stewart
2
60
4
565 565* 563 573
57
58
571.. 587
574 814 13,800 Stromberg Carburetor-No Par 3514 Jan 5
8 571a 577
1323 13414 13112 13353 1334 13312 1323 13553 13253 1353* 132 13312 178,800 Studebaker Corp (The)_ _100 7918 Jan 5
4
4
:
•
116 1161 *116 1164 *116 11814 116 116 *116 11612 41116 1164
Do pref
100
100 100 Feb 17
712 788
714 7141
714 75* 9,000 Submarine Boat
714 714
7
714
No par
7
77
8
312 Jan 31
43
8 417
414 43*
414 412
412 4,600 Superior 011
412 43
414
4Ig 412
No par 4.2:44 N:7
4 JO 21
::
8
*29
*29
30
30
30
*29
*29
30
2912 2912 29% 3012 1,000 Superior Steel
100 26 Jan 3
17
8 17a
1,600 Sweets Co of America
17
8 I%
13
4 17
13
4 13
4
13
4 13
4
10
8
15 Nov 25
sis
.14
Temtor C & F P. CI A _ _No par
--iii: --612
912 912
918 94 2.0110 Tenn Copp & C tr ctfa_No par
93
8 93
4
9 4 012 - 8 -- -1,
53
92
8% Nov 16
488 49 8 4834 4912 4712 4918 4734 4814 473 4814 47% 47% 60.500 Texas Company (The)
1
4
25
10
591, 6014 583 5912 5914 597
10,401) Texas Gulf Sulphur
8 593 60
4
5714 5912 574 58
10 3812 Jan 4
2112 2234 223 2312 2212 23
118 224 2318 215 2212 201. 2112 15.800 Texas Pacific Coal & Oil_ 10 1812 Nov 22
4
8
5414 58
5418 55 I 5418 5418 537 55
25,300 Tobacco Ploducts Corp_ 100 4914 Nov 17
8
543* 5614 55% 574
8,78 8414 32.800
81141 80
8114 81
81
Do CIA (since July 15) 100 7673 Aug 2
803* 80
813* 8012 83
*104 109 *104 109 ,*104 109 *104 109 *104 109 *104 109
Do pref
100 88 Mar 2
12
117 121g 113* 117
1214 124 11% 123* 1144
4 9,800 Transcontinental OIL __No par
712 mar 3
* 113* 113
32
32 1 *31
*31
.
32
33
700 Transue & Williams St_No Par 32 Nov 21
31
33
4
3313 34
333 3314
*65
300 Union Bag & Paper Corp_ _100 55 Mar 25
*67
69
69
*65
*65
70
69
88
68
67
67
8
8
1814 20.900 Union 011
184 1918 183 1844 184 18 * 1814 183
18
1812 18
No 1 w 1334 Nov 27
par
*125 130 *125 130 *122 127 *127 130 *127 130
500 Union Tank Car
1294 130
98 Jan 13
400
109 109 *108 10912 *108 10912 109 109 *108 10912 109 109
Preferred
100 102 Feb 9
35
35
35
1,000 United Alloy Steel
347 347 *34
4 35
353
35
•35
35
35
No par 25 Jan 11
4,300 United Drug
100
300
1st preferred
50
6,909 Mated Fruit
100
'Allied Paperboard Co..
100
-------------• - 8 32,700 United Retail Stbrea_...No par
717
70
27
2912 28
*28 ° 284 7,300 US Cast Iron Pipe dr Fdy_100
29
1,300
6578 67
Do pref
67 67
*6512 67
100
300 U S Express
678 67
4 63
*67
4
63
8 7
100
51, 58
514 514
,
54 5 4 2,100 U S Food Products Corp_ _100
1934 2013 20
204 *1912 20 4 1.900 USHoffmanMachCorp No par
,
48,500
67
6812 664 68
S Industrial Alcohol-- _100
6514 67
100
*99 102
Do pref
*9912 102
*99 102
100
84
S Realty & Improvement 100
853* 2,400
4
85
8453 833 84
2
52
53
525 533* 5212 5314 28,400 United States Rubber
8
100
977
2,200
97
Do 1st pref
8 97
97
973* 975
100
39
39
3812 3912 383* 3912 1,900 US Smelting, Ref & M
50
4712 48
760
4818 4833 471g 4718
Do pref
50
1037 1041s 10438 10614 10512 108 8 251,800 United States Steel Corp.._100
8
,
12112 12112 1213g 1215* 12112 1213
3,000
Do pref
4
100
6214 8312 627 63
6214 6312 8,200 Utah Copper
8
10
*163* 17
16
1.300 Utah Securities v t o
16
163* 16
100
351
35
354 347 3653 10,500 Vanadium Corp
34
par
o
No i0
*95
98
98 .95
*95
98
Van Raalte 1st pref
2434 2512 2413 2412! 244 24 21 3,100 Virginia-Carolina Chem_ _.100
,
62 62 I *60
62
6018 60'8' 1,900
Do pref
100
*54
*54
56
100 Virginia Iron. C & C
56
*55
56
100
*7912 83 , *7912 85 .80
300
85
Preferred
100
133 1412 1414 143* 14
4
14% 5,800 Vivaudou (V)
No par
1212 1214 1214 123 123
*12
4
4. 2,106 Weber & IIellbroner_ _ _ No par
90
91
*8812 90
88
88 2' 1,400 Wells Fargo Express
,
100
1113 112
8
1117
81123* 11212 113 I 5,515 Western Union Telegraph. 100
1053 108
8
104 105
104 104 2, 6,900 Westinghouse Air Brake
,
50
593 593
4 5914 598 594 597g• 5,000 Westinghouse Elec & Mfg_ 50
4
324 324 32
323* 32
32141 8,100 White Eagle Oil
No par
5014 501
4 503 .507
4
50. 504 4,200 White Motor
50
41
44 48
414
38 418 16,000 White Oil Corporation_No par
114 113
4 1112 113
4 1153 12
4,500 Wickwire Spencer Steel_ _ _ 5
. 618 7
612 67
8
612 7 15.100 Willys-Overland (The)
25
43
43
4014 4273 *41
42
3,200
Do Preferred (new)_ _ _ _100
37
37
3612 3612 36
3714
600 Wilson & Co,Inc, v t c_No par
-___ 84
*S1
83
Preferred
100
4
4
20414 2093 195 1993 1954 19814 7,100 Woolworth Co(F W)
100
332
81 3,760 Worthington P & M a t e 100
33
33
3212 3212 33
_ _ 85 1
5
300, Do pref A
100
68 1 1,500
5
4
Do pref B
-___ 6812 ____ 673 *i1100
912 2,000 Wright Aeronautical__ .1-10 par
914 *9
*9
9
9
m a 79
*70
80
*78
79 41 *774 79
80 •77
824
*77
*4614 48
*461g 473 *4618 473 *4612 48
47
4
47
48 48
156 15912 1563 15712 15512 15712 15612 157
/56 1584 15714 159
4
-';153 W18
4
2514 2514
*821e 64
*63
4 7
*512 57
8
197 2014
843 657
3
4
*99 102
.
86
85
.5212 5314
ea
07
8
*385 39
*463g 4814
4
10318 1033
12012 12012
62
82
167 168
344 3412
98
*95
25
*24
60 6014
56
.
55
83
.81
8
13% 137
4
4
113 113
90
*89
112 112
4
1024 1043
5934 6014
3212
32
4912
*49
418
4
11
1153
53
4 61g
41
4140
38
*35
___ 84
2124
i1214
2714 2912
8412
84
0412 65
94 93
4
-1361, 678
2412 251g
*621. 64
*634 7
53* 53
4
20
20
6312 6612
*99 102
85
853*
523* 53
97
9778
*3814 39
4612 4612
4
1028 1037
8
12012 121
6218 63
*1612 17
3412 343
4
98
*95
263
4
25
8214
60
55
55
81
80
134 14
1178 1212
89
89
4
1133 1154
1043 1058
4
50
593*
323*
32
4912 493
4
8
418 47
1112
11
8 6
57
404
40
38
*35
__- 84
4
21214 2133
2934 3253
853 858
4
67
66
9
9
-6i8 1678
2412 2712
64
65
*83
4 7
512 55
1933 20
6412 68
100 100
85
85%
5212 54
9712 98
39
39
4712 4712
2
1027 104
12133 12112
62
823
4
163* 163*
3412 3518
*95
98
2414 253
62
6212
56
*54
*7912 85
133e 133
4
123
*12
*8812 90
8
1107 114
104 108
59% 597
8
3214 3212
5012
50
414 434
1112
*11
818
6
4014 4014
354 354
---_ 84
21014 212
3218
32
878 678
94
9
per share $ per share $ Per shat.
8 Aug 1714 Jan
19 June 3
601:May 4
274 Mar 513% Des
798 Feb
3818 Au
1017 Dec 7
8
4
3418 Aug 713 Jan
943 Dec 8
4
6 Aug 1312 Dee
1212 Jan 4
97 June 151: Apr
8
17 Apr 12
Jan
1338May 21
65 June 17
8
8
333* Jan 643 Dec
99 Sept 15
2612 Aug 354 Jan
45388ept 21
10518 Jan 3
3712 Apr 10518 Dec
16 June 3414 Dec
5914June 7
914 Aug 424 May
243* Apr 25
Oct 88 Mar
21
49 Apr 15
54 Aug 14% Nov
12 Jan 12
78 Jan
3012 Au
71 Jan 3
8
555 Dec 13
52 July 16- Dec
7238Sept 15
10012Sept 13
8278 Jan 93 Dee
1218 Mar 1612 May
243 an;22
4J
120 Oct 18
_
1124 Oct 16
9514 Sept 13
Jan
48 Aug 98
106 Sept 12
Jae
83 June 104
51 Sept 12
2038 Oct 3412 Dec
109 Nov 20
54 Jan 7014 Ma,
1393
45ept 12
894 Aug 11414 Nov
5314June 9
2414 Oct5112 Jan
2112 Aug 4038 Dee
383* Jan 3
10234 Apr 25 -_
82P.14 Sept 13
67 July -661; Dee
3612Sept 7
19 Apr 263 Sept
19 May 31
11 Mar 16 May
42 Mar 14
1718 June 383 May
4
105 Dec 6
47 Nov 80 Jae
14
80% Dec 6
4734 Nov 75 May
18 June 3911 Jan
3812May 18
78I2May 29
414 June 7314 Jan
7514 Oct9614 Mar
9512J1lno 2
1438June 2
5 Dec _2_413!an
. ..
8334 Nov 21
1183 Oct 19
4
sMay 3
863
2014Sep 25
814 m: 1
a 2
1011 Aug 14% Dce
114 Oct
512 Feb
247 Apr 1
872 Oct 231 Jan
k
*
218 Oct
81 Apt
/
1
4
514June 2
9478 Aug 14
5414 Dec 9834 Jan
112 Aug 22
85 Nov 104 June
1234 Mar 2512 Nov
2314 Jan 3
95 Dee
12 June 2
47 Jan
8
4812May 3
3078 Oct 49 May
4June 9
164 Aug 281 May
383
*
11% Oct 4
5412May 13
32'5 Jun
16 ".ii;
80 Aug 29
884 June 75 Nos
5714 Mar 3
26 Oct 103
Jat,
24 June 5
93 8Sep1 15
3
141 Sept 15
88 Aug 119 Dee
135 Oct 4
873 June 984 Dec
4
25012 Oct 10 1241y June 19214 Dee
120 Nov 18 1053* Jan 11412 Dec
90 May 25
88 Sept 8514 Deo
833 Dec 5
4
109 Dec 15 "
Eii"
1%
21 Jan- 4
60% Dec 12
AJas
593* Apr 12
254 Aug
Apr
13912Ju1y 18
4253 Jan 9314 Apr
1184 Nov 2
83 Jan 10344 Dec
3 Oct 105* Jan
8% Nov 23
10I4June 7
3 4 Aug 1314 Jan
3
26 June 48 Jan
3912 Apr 7
5 Mar 14
Dec 1i3 -Jig;
4
4
51 Feb 1 - - 1214May 19
6 8 Aug 11 Dee
5
5214 Oct 10
29 June 48 Dee
674 Nov 6 z324 Dec 424 Dec
15 4 Aug 367 Jae
3
32 4June 3
3
s
67 Sept 13 ----- - -8912Sept 13 --7612June 91
J110
110 Sept 12
2018May 22
6 Aug 13 Aga
28 June 444 AIR
4518 Apr 4
57 Sept 75 Jan
78 Sept 12
1518 Aug 254 May
25 June 3
874 Sept 107 Mar
132 Dec 4
113 Sept
92 Oct 104 Nov
34
J an
4114May 1111 19 Jun
8078 Mar 3 85 Oct 5
46 Sept 106 Jaal
4118 Feb 18 511 Oct 5
Mg July 47 Felt
11934 Jan 4 162 Oct 18 295% June 207
Jan
14 Nov 10 2014 Aug 14
467k Aug 6253 May
4312 Feb 28 8712 Oct 27
1618 Jan 13 39 Aug 29
1112 Jan 19 May
38 Aug 574 Nov
50 Jan 11 78 Aug 29
53 June
5 Feb 1
8 Aug 14
7
Jan
2% Feb 8 1018 Jan 3
81: Sept 2714 Jae
1812 Nov 14 2578May 27
37 Jan 6728 Oct 18 - 4 Nov "fit; May
1517
90 Jan 9 102 Oct 18
84 July 102 Mar
58 Jan 3 921 Oct 10
4118 Mar 8312 Dec
46 Nov 25 674 Apr 17
4012 Aug 793 Apt
91 Sept 14 107 July 11
74 Aug 1037 Jan
8
33 Feb 27 4844 Oct 4
26 Apr 3618 Dee
4214 Feb 9 49 Aug 16
37 Aug 4412 JILD
82 Jan 6 11112 Oct 16
7014 June 8612 May
11414 Jan 3 123 Sept 19 105 June 115 Dec
5312Nov.22 711:Sept 5
4118 Aug 863 Dee
*
97 Jan 18 2318Sept 20
7 Aug 125* Mat
3014 Jan 10 53 4 Aug 30
25% June 41
Jan
3
92 Jan 17 100 Oct 7
72 Mar 884 Dec
2314 Nov 23 367 Mar 13
2014 July 4212 Jan
8
58 July 28 83 Oct 18
5734 July 10234 Jan
43 Mar 27 9412 Jan 18
59 Aug 95 Jan
66 Mar 13 86 0t31
64 Jan 6 1414 Nov 9 -15 Mar -11- May
8
4
1058 Oct 19 17. Apr 24
812 Jan
1312 Oct
6614 Jan 4 98% Oct 18
494 Jan 72 Jan
89 Feb 8 1214 Aug 29
76 Aug 94 Apr
80 Mar 16 116 Dec 12
814 Sept 967 Jan
8
491 Jan 4 6518 Aug 22
38% Aug 524 Dec
514 Oct 25 33 Oct 5
353* Jan 6 54 Sept 12 -291- June -44 - May
4
4 Nov 22 12 May 5
7 July 175* Jan
81:Nov 15 2178May 12
812 Nov 1814 ma
102 Dec
3
,
412 Feb 17 10 May 29
43* Nov
24 Feb 17 4912July 19
23 Aug 42 Map
2714 Jan 4 5012Sept 15
2712 Nov 47
Jan
66 Jan 10 90 Aug 11
65 Oct 89% Feb
137 Jan 6 223 Nov 20 105 Aug 1393 Dec
4
267 Nov 28 5573June 2
8
3012 Aug 5514 Mal
83 Mar 31 94 May 4
704 Au
85 Dee
63 Nov 27 89 Oct 4
54 Aug 70 Nov
Jan 27 11 Aug 22
84 June
93 Na.
• Bid and asked Prices: no sales an this day. a Less than 100 shares. / Ex-rights. a Ex-dividend and rights. z Ex-dividend. e Reduced to basis of $25 par.
k Range since merger (July 15) with United Retail Stores Corp.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2670
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now--...and ingcrest..-ercein for income and defaultea bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec 13
E`g
Price
Friday
Dec 15
Bid
U. S. Government.
First Liberty Loan
JD
33.% of 1932-1947
JD
Cony 4% of 1932-1947
D
Cony 43% of 1932-1947
J D
-1947
2d cony 44(% of 1932
Second Liberty Loan
MN
4% e11927-1942
MN
Cony 43j% of 1927-1942
Third Liberty Loan
MS
of 1928
43
-1%
Fourth Liberty Loan
AO
431(% of 1933-1938
Victory Liberty Loan
JD
43(% Notes of 1922-1923
Treasury 4148 1947-1952
_d1930 Qi
28 consol registered
dI930 @ J
Ss consel coupon
1925 Q F
45 registered
as coupon
1925 Q F
Panama Canal 10-30-yr 2s_ _k1936 Q
Panama Canal 38 gold
1961 QM
Registered
1981 QM
Week's
Range or
Last Sale
Ask Low
h
4°2
Range
Since
Jan. I
High No. Low
7 95.76 100.80
98.54
93.66 3888 95.32 101.50
98.72 Sale 98.69
99.08 9448 96.74 101.98
98.48 Sale 98.62
98.98 12815 95.86 101.86
100.34 Sale
99.74 Sale
------- ------- •
-
.92
94
100.30
99.60
1.0212
10314
10212
1033
8
100
93
79
100.50 1153
99.92 3641
Apr'22
Mar'22
10212
2
2
10338
July'21
Nov'22
Feb'22
-
Foreign Government.
10002 101.00
98.50 100.34
10214 1033
4
10314 10314
10212 105
10212 1051s
9234 -93
79 794
Price
Friday
Dec 15
Bid
High
100.58 Sale 100.20 100 54 4395 94.84 103.02
98.80 90.20 98.70 98.70
3 95.70 101.68
93.76 Sale 98.70 99.24 782 96.04 101.78
99.00 99.70 99.56 99.56
96.32 102.00
98.16 98.32 98.36
98.14 Sale 98.22
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec 15
All Coast Line 1st gold 4E4_11952 MS
10
-year secured 7s
1930 MN
General unified 433s
1964 JD
Ala Mid let guar gold 5s_ 1928 MN
Bruns & W let gu gold 4s_ _1938 J J
L tit N cell gold 4s
a1952 MN
Bait & Ohio prior 33.43
1925 Si
Registered
11925 Q J
let 50
-year gold 43
11948 AO
Registered
11948 Q J
10
-year cony 433s
1933 MS
Refund & gen 5s Series A._1995 SD
Temporary 10
-year 6s
1929 J J
P Juno & M Div let g 330_1925 MN
P L E dc W Va Sys ref 4s_ _ _1941 MN
Southw Div let gold 3As_ _1925 Si
Cleo Lor & W con 1st g 5s 1933 A0
Ohio River RR 1st g 5s
1936 JD
General gold 5s
1937 AO
Tol & Cin Div 1st ref 4s A._1959 Si
Buffalo It dc P gen gold 5s___ _1937 M S
Consel 4 As
1957 MN
Alleg & West 1st g 48 gu
1998 A0
Clearf Jr Mah let gu g 53-1943 J J
Rech & Pitts Con 1st g 6s 1922 Jo
Week's
Range or
Lass Sale
Ask Low
&am
g ks
High No.I Low High
88121 86
8681344 Sale 8712
83 __ -9:0_
888
2
0 14
6 2 ec12
4
1u63 10712 1873 D1072 36
12
100 Nov'22
Oct'22
91
2
8332 S,a374
914 1e
14
98
94
93
802 le 9412 Nov'22
9112
8112 -288
Sale 80
79
84 Sept'22
85
8
114 94
018
___- Sale 84
4
803
127
8438 Sale
120
101
10612 Sale 10012
13
7% % Sale 7.2
0
9212 9211'
79
2
9% 48
88
9112
9138 Sale 9118
95 4 _ 92_! 98 Nov:22 -_-_-_-_
96
3
%
1 99 N o 221
92
96
Since
Jas. 1
9712 Sept'22:----,
1077 _6_4 106%3
6 18 _7 _ 60 4
' 1
0
106073%4; 14
92 Sale 9112
93141 49
,
84 87
8312
8312
_Of! T.:: 9012 Jan'221--- •
_
10) Aug'22 ---14
85 93
1044 108%
8312 913
4
983 10038
8
86 9114
77 861
/
4
8834 96
91 9412
7618 8818
75 84
74 874
77 93
9412 102
87 94%
723 86
4
86
9
418
92 9914
665 99
2
90 98
627 73
8
986 103
8
8812 9612
8218 8312
9012 935/3
ge% 10018
45 93 102
208 99 10238 Canada Sou cons gu A 5s____1962 A0 934 Sale 9814
99
8 77 5714 Canadian North deb s f 7s- __1940 Jo 1123 Sale 112
4
113181 42 10812 115
4
158 98 10912
1115
8 t 10712 1143
25-year s f deb 843s
1946 J J 11118 Sale 111
69 9412 1043
8
80 I
„ 77 85
8 Canadian Pao fly deb 4s stock__ _ 55 797 Sale 7914
94
96 98 10858 Car Clinch & Ohio let 3-yr 5s 1938 J D 9212 Sale 9034
83
94
3 105 112
_ 9712
9712 „ 95% 10218
1
Central of Ga 1st gold 5s___p1945 FA 100
8
15 106 115
9714
93 1 " 895 10114
98
Consel gold .5s
1945 MN 97
92 9238 10112
8
10014 1003 977
10014' 48 94 10112
10-year temp scour 63_June 1929 JD
8
73 7412 90
7814 June'22 -- 7412 8158
Chatt Div our money g 48_1951 JD 78 _
8
168 934 108
93 984
_ _ 965 Sept'22
Mac & Nor Div let g 58_1946 is 9258
9512 June'22 -- 95
84 79 9678
9513
Mid Ga & Atl Div 5s
1947 J J
376 844 96 4 Cent RR & B of Ga cell g 5s_1937
4
N 913 0412 9178 Nov'22.---- 8812 9778
,
61 96 10114 Central of N J gen gold 5s
3 107 1 79 10378 110%
1987 is 107 Sale 1065
105 110
48 943 101
- - 106 109 Sept'22 -Registered
4
7;1987 Q
91
N Y& Long Br gen g 4s___1941 MS 8712
_ 91 July'22 ---- 91
119 953 10338
8
97 I
1 9012 98
566 975 10612 Ches & Ohio fund dc !rapt 5s_ _1929
97 97
J1 96
8
944 103%
62 10018 106
1005 101 100% Dec'22
8
1st consel gold 5s
1939 M
,
100 • • 0 100 100
29 984 1044
Registered
1939
N 94 101 100
3
867 " 82 8 91
8
58 9614 963
8.4 Sale 864
General gold 440
1992 M
4
2i 100 10612
_ 86 Nov'2 -Registered
1992 MS
8812
8933 24 8213 92l
81 44 58
-year convertible 440- _1930 FA 83 Sale
20
943 673 8414 99%
4
109
5112 22 10512 11212
30
-year cony secured 5s
1946 AO 9458 Sale 9212
7612 8612
27 9734 9812
Big Sandy let 4s
1944 JD 7912 86 8118 Nev'22
5 78
8712
63 I
00
9711 67 854 953
Coal River fly 1st an 4s.._ _1945 JD 83 -84% 83
4
8
9612
887 887
8
11
5 8412 99
Craig Valley let g 53
8
1940 Si 925 --- 887 June'22
79
Dec'22
77 92
Potts Creek Branch let 46_1946 J J 7714 84 79 June'22 ---- 71
17 76 8512
8%
4
84
,
11& A Div let con g 4s
1989 is 8118 82 2 81 Dec'22 -- 81
1
118 8412 1003
7712 80 Sept'22 ---- 73 8 801
5
2d censor gold 49
4
1989 J J 75
-. 69 Apr-211108 2 33 1054 114
37
8
Greenbrier fly let gu g 48_1940 MN 815
;
Warm springs V 1st g 5s
4
91)12
_ 803 Dee21
10812 17 105 113
1941 M
51 W5212
1103
8 76 107 11212 Chic dr Alton RR ref g 3s
1949 A0 5212 Sale 52
2318
2512 127 2318 52
9858 90 9014 10014
Railway let lien 340
1950 Si 23 Sale
9 8512 97 2 Chic Burl &(3
9538
8
815
8
-Ill Div 33.0_1949 J J 8112 84 815
3 7714 85
_
,
18 86
4
86
4
894 42 87
90
Illinois Division 48
9313
1949 Si 883 92 883
9438 201 91
973
81 14 93 98
Nebraska Extension 4s_ _ _ _1927
4
97
N 963 Sale 9634
158 904 9714
94
Registered
- 9014 Oet'19
1927 MN - - - 67
113 9314 1083
887 Sale 8814
89
General 4s
8
1" 355 93
4
1938 M
9438 676 91 1043
101
°I go% 1024
1st & ref 58
4
1971 FA 101 Sale 100
Chic & E Ill
103% 477 96 1087
1st cense! gold 65
1934 A0 10318 107 10518 10518
8
2
115 1412 983 115
817s 223
C & E Ill RR (new co) gen 58_1951 MN 8078 Sale 66112
4
75% 19) 68 0114 Chicago Great West let 4s
195g MS 52 Sale
9612; 34 96
517
& Loulsv-Ref 6s_1947 J J 106% Sale 1U6 8 101,718 91 146077Z 196/
, 82
01
8882
625473
14 8
2
:
01
32 s
963
4 Chic Ind
03121 16 9212 064
Refunding gold 5s
1947 Si 9718 9814
85 8651) 9512
94
66 Sept'22
8712
75 :6
Refunding 48 Series C
1947 Si 83 85
0712
2
1.1 79
953
41 48 86 8 953
75 8612
79
6312 8714
91 2 ,
8271i2
,
General 5s A.
1966 MN 82
4
8214, 2741 725 8312
8
General 63 B
c1966 J J 9612 98
7118 78
79 I 971 74 90
773 Oct'22,
s
Ind & Louisville 1st an 4s__1956 J
78121 89 74
90
5
141 4712 7012 Chic Ind & Sou 50-year 43___1956 J J 8518
_ 8434
8514
52
8
911s
37
99 3412 62
Chic L S & East let 430____1989 J D 875 98 9118 Sept'22 166 87
9114 20 89 9412 Cb M & St P gen g 4s Ser A..61989 J .1 7114 Salo 70
72
44 613 7712
6 12 1
849:2 880
9912 767 9214 9912
62
General gold 340 Ser B__e1989 J J 6112 62 6112
114 79
90
8
81
112 1 37 1073 115
General 4335 Series C____e1989 J J 8012 Sale 795
4
10018' 27 99% 10014
5912 3b3
Gen Sc ref Series A 433s._a2014 A 0 58 Sale 54
68
273
9812
9 97 105
Gen ref cony Ser B 58_ _a2014 F A 6614 Sale 66
66131 4/0
10812 21 1057 11214
1932 .1 D 6514 Sale 64
Convertible 440
8
7914 323; 6914 652 8
10112 26 99 105
934 8 997791
50: 887:
66 24 3
8
Permanent 45
1925 .1 D 7714 Sale 77
2
5713 122 64
9914 21 9312 10514
69
debenture 48
1934 J .1 5712 5934 5518
-year
25
13 89 97%
97
97
24 94 10512
Chic dr Mo Rio Div 58__ _1926 J J 9613 93 , 9614
62 634 77
65
67
97 I 86 9338 10478
C M & Puget Scl 1st gu 4s 1949 J J 65 66
- - 923 023 Dec'22
4
4
9814 20 96 1065
Milw Sc Nor let ext 4 As- _1934 J D
8
78938 8
1
us
9812 41 9312 106
907 Nov'22---- 8232 1148 9212
8
7795
1034.5 D 91
Cons extended 440
4
8
885 323 81
98
Chic Sc N'west Ext 48_1886-1926 F A 9514 9612 955 Nov'22,---7
97 72
9512'
74
Registered
1886-1926 F A 9538 ____ 954
74
3
7812 471 76
77
General gold 333e
74 4
77 I "
1987 M N 75
8438
10412 126 94 107
Registered
p1987 Q F
Sale8512
11814' 46 11212 123
8214 91
General 4s
1987 M N
0
7
875
34 67
72
Stamped 4s
-1•
'
8
7612
1987 M N 8314 8 14 852'1 Nov
19
10-1
24 1024 1085
106
General 58 stamped
1987 M N 104 10412 104
8
4
1123
8
0'11: 05
2
Sinking fund 68
4 17 106 115
1879-1929 A 0 104 .1043 103 Dec'22 -- 1896 104
8
1]
Registered
1
0598 181
989 008
1879-1929 A 0 10014 --_- 1017 Aor'221---- 10171:;013
1
8
98.8
Sinking fund 5s
1879-1929 A 0 985 Sale,: 984
8
Registered
1879-1929 A 0 955 ___- 100 Aug'22 -State and City Securities.
4
4
Sinking fund deb 53
1933 M N 983 --- 1003 Nov'22
Registered
9812 May'22
14 0
8812 10 14
93 8314
1933 M N
26
1 98 10312
4 1003
X Y City-4gs Corp stock_ _1960 M S 10014 1007 1003
-year secured 7s g
4
109
10
1930 .1 D 109 Sale 108
23 106 115
1936 M s 11014 Sale 1094
1964 M 83 10112 102 1101 Nov'22
9712 104
4343 Corporate stock
15-year secured 640 g
111
the Corporate stock
99 105
1966 A 0 1014 102 1 105 Sept'22
91 ___- 9314 Sept'22 -Des Plaines Val 1st an 440 1947 M
8 ;8
4343Corporate stock
1035 10914
8
1971 .1 D 10614 1667 10, 3 Nov'22
Frem Elk Sc Mo V 1st 6s 1933 A 0 10612
Ill
Oct'22 -- 10578 11113
8 1063
s Corporate stock_ _July 1967 J J 106 10612 1063
8 10 10312 1087
Man GB&N W lst 3As_ _1941 J .1 7614 8212 70 Mar'21
8
10612 48 103 10812
1965.8 D 186 10612 1u6
Milw & L lst gu 3As
4335 Corporate stock
88% Aug'21
1941 J J 7414 86
106 10612 10.- 8
,7
3 103 11212
1061s
1963 M
Milw L S Sc West imp g 58_1929 p A 9934 ____ 9912 Oct'22 -43.43 Corporate stock
9912
3 9312 10012
8411114422
:8
993
4% Corporate stock
4
1101
18890067531
Ashland Div 1st g Os_ _ _1925 M 8 10034
1959 M N 6912 100
10112 Nov'22
100
5 9334 101
4% Corporate stock
Mich Div 1st gold 6s_ _ _1924 J J 11)1184 -.-. 10114 Mar'22
1958 M N 9912 100 100
mil Spar & N W 1st gu 4»._1947 M
934 1005
4% Corporate stock
8
8733 884 891 Nov'22 -1957 M N 9912 160 9912 Dec'22
/
4
1 94 1003
8
9),4 98%
98%
i% Corporate stock reg _ _ .10.56 M N 99
St L Pee & N W 1st gu 5s_ _1948 J J 10112 103 101 Dec'22
8
Oct'22 - _ 1034 108
4
New 440
1957 M N 1055 1063 106
8
5
1067
2 26 10314 108
Chic R I & P-RatItray gen 48 1988 J J 87 ___
7114 8212_ 88,
802
434% Corporate steck
1957 M N 105 8 106 1057
8214 17
1 78
2
2
21 82 9312
4
Registered
897
8
3A % Corporate stock
1954 M N 893 9012 885
1988 ii
833, .269 7512 8713
1023 Nov'22
4
Refunding gold 48
8
4
102% 1023
Now York State
-4s
1961 M
1934 AO 835 Sale 83
805
8 17
102 June'22 --- 102 102
8018 Sale 80
R I Ark Sc Louis let 440 1934 M
Canal Improvement 4s..._ _1961 J J
8:
0901
2918 9 4
ii4 :
98 Dec'22 -- w0 10 18:
Burl C R& Nor 1st 5s_ _ _1934 AO 9818 '39
Highway Improv't 43.3& _1963 M
- 1094 Apr'22 ---- 10912 110
_ 10412 Apr'22 ---- 10412 10412
4
Choc Okla Sc Gulf cons .5s_ _1952 MN 973 9914 98% Oct'22
Highway Improv't 4ge
1965 M S
Keek Sc Des Moines let 5s_1923 A0 92 9212 9112 Dec'22 -- -3 76
863
4
82
8
St Paul& K C9h L 1st 440 1941 FA 895 82 81
Chic St PM Sc 0cons 6s
1930 JD 10512 10714 10512 10512
87
92
Cons 6s reduced to 3As
Railroad.
1930 JD 8918 ____ 92 Sept'22
9114 98
953 Sale 953
4
4
953
4
Debenture 53
1930 M
- 118 Nov•10
3 5814 80
North Wisconsin let Os_ __ _1930 J J 10414
Ann Arbor 1st g 4s
k1995 Q J 6312 65 63 Dec'22
8912
9518
319 85
Superior Short L 1st 5s g__e1930 MS 9618 --_- 95 May'18
99
8
Atch Top & S Fe-flea g 4,13_ 1995 A0 895 Sale
4 733 8612.
81 12
1 8578 9212 Chic T H & Se East 1st 5s_ 1980 Jo 81 Sale 81
8712
91
8712
Registered
1995 A0 38
4
92
9212 893
,
. 8749438
73
Chic Un Sta'n 1st gu 4 As A I963 J J 91
865 8218 Dec'22 --__ 7712 86
8
Adjustment gold 4s
k1995 Nov 82
115
4
1134 1144 1133
1 11112 11738
‘
1st Ser C 640 (ate)
1963 Si
Stamped
83 2 35 7812 8612
,
k1995 Nov 8312 Sale 8114
8112
88
Chic Sc West Ind gen g 6s. e1932(3M 105 __-- 105 Nov'22 ---- 103 105
Cony gold 4s
62% 33 76
1955 .1 D
117 6712 79
75
1952 Si 748 Sale 7412
9114 10778
Cony 4s issue of 1910
Consel 50
-year 45
.
1(1(1f2 1E4 100 Dec'22
1960.8 D .
8
1023
8 11 9978 102%
1935 MS 102 10214 1017
East Okla Div 1st g 411
15
-year s 7As
911 973
/
4
4
1928 M 9 9512 9618 9512 Dec'22
4
85 9115
J J 873 93 9112 Nov'22
82 Dec'22
Rocky Mtn Div let 4s
- 78 85 4 Cm H Sc D 2d gold 4431/
83
,
1965 J J 82
1937
88 Mar'17
Trans
-Con Short L 1st 4s_ _1958 J .1
84
84
1 7934 90
C Find Sc Ft W 1st gu 48 g_1923 MN
90 8
,
Cal-Ariz 1st & ref 4 A s"A" 1962 M S 92
4
923
933 923
4
Day Sc Mich 1st cons 43.38-1931 is 8912 ---- 904
4
I 8018 9438
Argentine (Govt) 75
1927 F A 10038 Sale 10014
Argentine Treasury 55 of 1909_ _- M S 8312 8412 83
Belgium 25-yr ext s 1 7;0 g_.1945 J D 10012 Sale 100
5
-year 8% notes
Jan 1925 .1 J 9514 958 0514
20
4
-year s f 8s
1941 F A 100 Sale 993
Bergen (Norway)51 88
1945 MN 108 110 10812
8
4
Berne (City of) s f 13s
1945 MN 1115 Sale 1103
Bolivia (Republic of) 85
,
1947 M N 9334 Sale 93 4
Bordeaux (City of) 15-yr 6s_ _1934 MN 7814 Sale 78
8
Brazil, U El external 8s
1941 J D 985 Sale 98
7s
1952 J D 8612 Sale 86
7As
1952 A 0 9618 Sale 93
Canada (Dominion of) g 5s_ _1926 A 0 9912 Sale 9914
do
3
do
do
5s_ _1931 AO 99 Sale 98 4
10
-year 540
1929 F A 10118 Sale 100%
N 99 Sale 983
Se
8
1952
8
Chile (Republic) ext s f 8s_ _ _1941 F A 1033 Sale 103
External 5
1926 A 0 10112 Sale 10114
-year s f Ss
75
1942 M N 6614 Sale 9614
25
-years f 8s
1946 M N 10314 Salo 103
Chinese (Hukuang Ry) Os of 1911 J D 151 Sale
5 8
8
Christiania (City) s f 8s
4
1945 A 0 1083 Sale 104314
4
Colombia (Republic) 63-3s_ _ _1927 A 0 9'r 3 98
0
%
Copenhagen 25
1 9014 Sale 97
-years 15As_ _1944
Cuba 5s
953 9612 96
8
1944 5A
Exter debt of 53 1914 Ser A..1949 F
- - 93 91
External loan 4 A s
1949 F A , 814 83 8312
Csechosiovak (Repub of) 8s_. _1951 A 0' 8612 87
58
Danish Con Municipal 8s "A"1946 F Ai 10512 Sale 10613
Series B
1946 F A 108 199 108
Denmark external s 1 8s
4
1945 AO 1093 Sale 10914
20
-year 6s
1942 J J 9812 Sale 96
Dominican Rep Cons Adm s f 53'58 FA 9514 Sale 94,
558
540
86
S 1942
Dutch East Indies ext 6,3_ __ _1947 J J 9334 Sale 93 2
,
40
-year 6s
934
/
1
1962 MS 9312 Sale 98%
French Republic 25-yr ext 8E4_1945 MS 9812 Sale
20
-year external loan 73.0_1941 JD 9512 Sale 9312
Great Brit dc Ireland (UK 01)20
4
-year gold bond 5A s__ _ _1937 FA 1033 Sale 102%
10
-year cony 5 As
1929 FA 11314 Sate 11158
Greater Prague 733s
1942 MN 7412 7512 7312
Haiti (Republic) 6s
1952 A 0 9614 Sale 96
Italy (Kingdom of) Ser A 6301925 FA 94 Sale 93
9312 93 8 9358
Japanese Govt
--S loan 4A s_1925 F A
Second series 4As
1925 J J 2 934 Sale 9338
Sterling loan 4s
2 8112 Salo 81
1931 J
Lyons (City of) 15
-year Os_ _ _1934 M NI 7812 Sale 7734
J.
s
4
Marseilles (City of) 15-yr 6s..1934 M NI 783 Sale 773
50
Mexico-Extern loan £ 55 of 1899,Q
4912 50
36
Gold debt 45 of 1904
19541.1 D'2 3512 36
9012
91
Montevideo 7s
1952J D
Netherlands s f 6s
1972M S 9812 Sale 98
5
Norway externals f 8s
0 11012 112 110 8
19401A
3
6s
1952A 0 10012 Sale 99 8
Porto Alegre (City of) 8s. ...1961J D 97 9812 9812
Queensland (State) ext s 1 714_19411A 0 108 Sale 10,4
25
-year as
1947 F A 10114 Sale 110014
Rio Grande Do Sul 8s
194.6 A 0 9814 99 1 9814
Rio de Janeiro 25
-years f 8s 19461A 0 967 Sale I 9614
80
4
1947 A 0 963 Sale 9814
9812 98
San Paulo (City) s f 8s
1952 M 9 98
San Paulo (State) ext s i 88_.1936 .1 J 98 9812 9712
,
Seine (France) ext 7s_
I942
'J J 8612 Sale 85 2
Serbs, Croats & Slovenes Ss_ _1962-M N 73 Sale 72
Soissons (City) 6s
1936 M N 78 Sale I 78
10414 Sale 104
Sweden 20
-year 6s
1939
4
Swiss Conferer'n 20-yr s 1 8s_ _1940 J J 118 Sale 1163
4
/
4
Tokyo City 55 loan of 1912
MS 713 721 71
4
Uruguay Republic ext 8s____1946 FA 1043 105 104
Zurich (City o1) s 1 8s
1945 AO 11212 sale 11214
1005
8
8312
1005
8
957
8
10012
1034
112
93%
787
8
99
8714
9614
99 2
,
9912
10112
99
1035
8
1013
4
9612
1033
4
8
-685651 4
1706897 0 91,1:12
•No price Friday: latest bid and asked. aDue Jan. aDue April. cDue May. oDue June. hDue July. 1 Due Aug. oDue Oct. pDue Nov. iDue Dee. 8(*Mori sale.
267121
New York Bond Record—continued—Page 2
BONDS
N. Y.STOCK EXCHANGE
Week ending Dee 15
z.
Price
Friday
Dec 15
Bid
Week's
Rangoon
Last Sale
Ask Low
I
_ova
Range
Since
Jan, 1
High No, Low
High
BONDS
N. Y.STOCK EXCHANGE.
Week ending Dec 15
Price
Friday
Dec 15
Week's
Range or
Last Sale
Ask Low
:o m
s
gc
?,
Range
Since
Jan, I
High No. Low
High
Illinois Central (Concluded)
8112 65
Cleve Cin Ch & St L gen 4s__1993 J D 8114 Sale 7912
71
Omaha Div 1st gold 33_..__1951 F A
6812 _ _ _ _ 6834 Oct'22 -- 66
2
1931 J J 9034 92
907
8
91
20-year deb 4 .5ri
635 7612
8
8614 104214
8
75612 982
8
7014 _ _ _ _ 697 Nov'22
St Louis Div & Term g 3s1951 J J
1903 J D 9778 10014 977
8
97 8
7
General 58 Series B
7612 8()
80
79 _ _ _ _ 80
Gold 31.0
1951 J J
4
1013
4 76 95 10314
Series A___:,1929 J .1 1013 Sate 10034
Ref & inapt 6s
7812 July'22 -- 7812 7812
Seringf Div 1st g 3;is
761s
1939 J J 8612 87
793 92
4
8612
8612
Cairo Div 1st gold 4s
Western Lines 1st g 48_1951 F A 83 _
_ 83 Nov'22.--- 82 8614
8212
76
9 3 2
80
Cin NiV & M Div 1st g 45_ _1091!J J 80 Sale 80
92 Nov'10 -46 7712 841s
Registered
1051 F A
4s__1990.M N
80
8178 80
813
4
St L Div 1st coll tr g
10014 seDt:2 2
- -114 10 ;
69 - . 1
0
a
8512 3512
tlellev &Car lot 68
0212 0 22
1558513 Aug'22
19401M S 8218
Spr & Col Div lot g 45
9212 9213
Carb & Shaw 1st gold 4s_ 1922 11S 8918:9412
933 3 D
1
1940J . J
8214
813 Nov'22
8
W W Val Div lst g 4s
9858 1043
4
Chic St L & N 0 gold 581951 J D 983 ____ 9858 Nov'22
8
91114
85 2
83
81
ki9361Q F 8814 ---- 9112 Oct'22
C I St L & C 1st g 4s
8612 9012
99 Aug'21:—
Registered
1951 J D
9012 Oct'22
11936,Q F
Registered
Gold 3;0
6558
4
723 ____ ,53 Dee'21
4
94
99
s& CI cons 1st g 5s_ __192S1J J 981s - -- _ 99 Aug'22
On
957 -2'7 -6612 1668
Joint 1st ref 55 Series A_1963 3 D 953 96
4
104 107
9
151 J13
8
C C C & I gen cons g 68____19341.1 .7 1057 10812 10513 May'22
m3, 8214
882142 Oct'22Nov
61
90
Memph Div 1st g 43
83
1051 J 13 80
90
90 June'22
19401A 0 815 92
8
Ind B & W 1st pref 4s
8612 8612
3
St Louis Sou 1st gu g
M S
7418
East let cons 43_19401A 0 7414 7614 7418
Peoria &
8
3
,
843 86
Ind Ill & Iowa 1st g 4s
14
8514 Dec '22 -_-- 843 86
48
4
1990 Apr. 2812 2912 28
29
Income 4s
Ms 10112
lut & Great Nor 1st g eat 78_ _ 1952 2 N ---- -- 9618 Nov'22
929 M 3
1 is_19611A 0 91
9618
97
967 115
8
Cleve Sher Line 1st gu 4 7
9412
939
12
105 1901:8 104
533 Sale
8
Adjust68
0:2758 ,
84
27 , 87
50
A 0 10412 10458 10313
667 402 5512
1972
105
Cleve Union Term 536
lames Frank & Clear 1st 4s 1959 2 D 8512 8612 85 Dec '22 ---- 8012 89
3
9218 Sale 9218
952
9212 18
Colorado & South 1st g 4s_1929 F A
72
6912 74' 63
Kansas City Sou 1st gold 3s 1950 A 0 6914 Sale 69
Refunding & exten 43s......1935 M N 8714 Sale 87
87 8 53 8118 92
5
9412
89341 32 84
893 Sale 887
10412 1033
4
Ref & lmpt .58
2 10118 10612
8
8
1033
8
Ft W & Den C let g 55is 1961 J D 10314
8
8438 103 793 863
8
4
8812
8312 Sale 823
Kansas City Term 1st 4s_f_1969 .1
5 77
1952 J J 8312 8414 835
84
1950.11
A
-year 5s g
s
Cuba RR 1st 50
87%2
94
7 85
1
99
854
32
Lake Erie & West 1st g 5s___1937 J J 9412 Sale 941
16 100 18712
7618 0 1
1936J D 104 1043 104
105
1st ref 7%8
4
77
87%
2d gold 5s
9
851 873
4
4
7612 77 8 77
777
8
D L & W—M & E 1st gu 3;0 20002 D
,
78
68
North Ohio 1st guar g 5s 1941 2 0 751a 8518 731s July'22,81
945 A 3
94712 103 8
7 , 97897
1923 F A
907 100
8
99 Nov'22
N Y Lack & Western 58
935 9514 9212 Nov'221 ---- 905 07
8
Leh Val N Y let gu g
8
J
Terminal& improve't 48_1923 M N 9918 100
9918 Nov'22
00 _
80 July'21
_
Registered
7412 _ _ __ 7412 Nov'22
Warren 1st ref gu g 3 '•jf3.. 2000 F A
81
, 2 17 778g 90
81112
Lehigh Val (Pa) cons g 48_2 03 M N
5
9
1049 J i 8118 82
Delaware & Hudson
91
9112 92
85
8812 136
96
General cons 4348
1943 M N 8712 Sale 8712
1st & ref 4s
831 9472
03
102
19 9818 10212
Leh V Term Ry 1st gu g 5s
9618
1935 A 0 9612 98
2 41 M N 10014 - - 102
1993 A O
-year cony 58
80
973
4 25 994 10318
113 Mar'12
Rein.°tared
1937 M N 10118 Sale 10034
1941 A 0
10112 16
530
10412 30 10013 105
- ;
Leh Val RR 10-yr coil 6s ..n1928 M S 1(41 Sale 104
107 11318
1930 J D 11012 112 10918
112
10-year secured 79
99
1001s Dec '22 -- 905s 102
Leh Val Coal Co 1st gu g 5s 1933 J
1946 A 0 80
82
765 84
s
80 Dec'22
Alb & Susq cony 335s
105
Oct.'13
Registered
Renns & Saratoga 20-yr 68_1941 hi N 10918 --__
8318 Oct'21
86
7378 sale
_
5 4
let it reduced to 48
r
7314
73 8 28 7212 -g;217
Den dc R Gr—lot cons g 4s 1936 J J
ov22
80
874 86
8318 86
Leh & N Y 1st guar geld 48_ _199945 III
3
1 333 N
1936 J J 7712 7878 7872 Dec'22
Consold gold 434s
8
9512 100
7 7412 8
Long Isld 1st cons gold 55__51931 Q J 975 9912 (3712 Nov'22
?
1028 J D 83
8412 84
8412
Improvement gold 53
897 _
8
_ 8914 June'22
8914 90
1st consol gold 4s
5212
61931 Q J
1955 F A 4612 Sale 453
4
4612 54 42
1st dr refunding 5s
77
8934
4
General gold 4s
43
1938 3 D 8418 043 8412 Nov'22
42 Dec'22
4014 4858
Trust Co certlfs of deposit
81 Nov'22
81
81
8414
Gold 48
D 8314 811
8012 89
1939 J
8314 Dec'22
Rio Gr June 1st gu 5s
5 7314 82
80
807 80
s
Unified gold 4s
P). 4,1
3 m 1,1 80
19
104 ___. 61 4 Apr'll
1940 J J
,
Rio Or Sou 1st gold 48
8 34 DNecov:2222
37
8
8712 94
837 981ts
8
Debenture gold 5s
•108
1013 Feb'22
1940 J J
Guaranteed
82
8314
4
7534 8714
2 733 00.2
20-year m deb 5s
4
7812
1939 J J -771- -7812 7812
Rio Gr Wrst 1st gold 4s
803
s
18 72
845
8
11 0218 71
807 80
8
Guar refunding gold 45_ __ _1993347 j D 80
66
,,,
11949 M S
6514
66
Mtge AL roll trust 4s A_ _1949 A 0 65
5
9512 9612
N Y 11 &
74
.
4
B 1st eon g 59_1935 A 0 95 8 ____ 9612 Sept'22
1995 J D 75 _ _ _ _ 70 Sept'22
Det & Mack—lst lien g 4s
9914 Sept'22
9914 9914
67
7018
•N Y & R B 1st gold 5s
1927 M S 96
1995 .1 D 751s 78
7018 Oct'22
Gold 4s
0212
95 Nov'22
8912 98
Nor Sh B lot con g gu 5sa1932 Q J
12
1961 MN 8, Sale 8812
8972 23 82 93
Oct Ms' Tun 4348
92
5 78
02
8
9812
6 953 100
9212 92
Louisiana & Ark 1st g 58
99 Sale 93
1941 .1 J
99 4
,
Dui NIissabe & Nor gen 58
77
81 721s 78
954 1021s
s
Louisiana & N W 5s
127'
1 5 A s! 77 Sale 757
N ,
1937 A 0 10012 Sale 10312
10012
Oul & Iron Range 1st 58
Louisville & Nashville—
1937 A 0 ---- ---- 10512 Mar'08
Registered
101 Nov'22
9812 10212
N 10034
Gold 58
80
1937
79 Dec'22
7712 -g):
ot
-.
9
1937 J J 74
Dul Sou Shore & Atl g 5s
5 1 4
993 91
4
9014
91
9 8712 95
J J
993 983
2
Unified gold 48
4
993
8
Elgin Joliet & East 1st g 5s 1941 M N 99
outs June'22 ____ 8814 901,
21
Registered
1033
4 39 1005, 108
lot consold gold 7s ext 1930 M S 10312 Sale 103
Brie
101 1 2 9512 9958
Collateral trust gold 5e___ _ 1 94399 MN -oil; ioi- io078
99 4 1
803s 87
87 July'22
N Y & Erie let est g 4s1947 MN 88.
8
109
10 1045 110
8
10
-year secured 7s__ _1030 MN 1085 109 10712
963
4
,
3
1943M S ---- --__ 9914
9914
8rd ext gold 4 As
4
105
9838
10112 10774
96
let ref 5348
9012
2003 AO 1033 10414 104
1930 A 0 ---- _ _ _ _ 9112 Nov'22
in ext gold Is
8_
_
L Cin & Lee gold 434s
1931 MN 9718 9734 98 Nov'22 —_3
1928 J D 9112 _ _
9. 0 Nov'15
44
Sth ext gold 4s
4
8
8
73142 007112
N 0 & M 1st gold 6s _ _ _1930 J J 10218 105 1053 July'22 -- -- 1025 1057
3550 8 .
105 10313
1 1
10312 21 1021- 1u573
47 Y L E & W 1st 7s ext_1930 M S *
90 Dec '22 —1 I:1i 78
1_ I
0118
1
2d gold Os
555 Sale 55
8
1996 .1 J
1930 IJ 99 101
.Crie 1st cons g 46 prior _
563
8 83
86 July'22 ---- 80
9112
Paducah & Nlem Div 4s
1946 FA 8318 88
1995 .1 J ---- --- 57 Mar'22
Registered
6178 62
62
284
St Louis Div 2d gold 3s__ _1980 MS 61
8
45
1St copse' gen lien g 4s 1996 J J 44 Sale 437
51
51
4
4
863
8
At Knoxv & Cin Div 4s
1955 MN 853 8638 853
Aug'22
1996 J J
61
Registered
8
9914
9914
Atl Knox & Nor let g 58
79 „
91
-1
8 1
1946 J o ..9_8_34 7
Penn coil trust gold 48 1951 F A . - ;Sale 88
Oct'22
104 May'22---- 10 104
July'22 --9,3Hender Bdge 1st s f g 68_1931 MS
8 41 3414 57
1953 A 0 4114 4312 4034
50
-year cony 4s Ser A
423
833 ____ 84
s
84
10 7958 86
28 32 65
Kentucky Central gold Is 1987 J J
,..n
4212 433
1953 A 0 42
4
do Series B
4218
9814
983
4
6 93 100
1.ex & East 1st 50-yr 5s gu_1965 AO 9814 100
Gen cony 4s Series D
427 104 3434
8
1953 A 0 4214 Sale 41
99
101 9212 99
L & N & 51 & M let g 4%8_1945 M S 99 Sale 93
so 99
96
96
1982 M N 94
Chic & Erie 1st gold 53
95
8014 81
8014
8014
6 74
8618
L & N South joint M 4s_ _ _ 1952 J J
9012 ,9”2,12
Cleve & Mahon Vail g 53 1938 J J 03 ____ 9212 Dec'22
4
95
Feb'05 ____I
71 8812 go.
Registered
4
89
Q J
Eris & Jersey 1st s f 6s
1955 J J 883 90
89
4
s
16 793, 973
N Fla & S lst gu g 58
FA 967 ____ 9712 Nov'22--__ -9'712 i.(51 2
89
1957 J .1
-90
Genessee River 1st s f 6s
90
.
883
4
_ 9312 Aug'22 ---- 89
9312
N & C Bdge gen gu 43-68_411945 J J
1 1935 A 0 0212 110 10812 Nov'22 -- 10812 10i!
3
Long Dock consol g 6s
..19572
983 10012 10312 10312
4
1 9218
7 95 10212
9218
S & N Ala cons an g 58
8
Dock & Impt 1st ext 58
1943 J .1 925 ____ 9218
1936• A
9,1
993
4
9934
1 9512 10012
8
Gen cons guar 50-yr 5s 1963 A0 98
_ _ 8612 Nov'22 ---;1 86 .
N Y & Green L gu g 58
1946 M N
SO
8018 10 77
85
Lou dr Jeff Bdge Co an g 45 1945 MS 795s 84
72
NY Susq & NV let ref 58
l• 54
59 Sale 59
5912
1937,3 J 84'
56
2
8
977
s'
7, 0012 99
Manitoba Colonization 5s_ _1934 ID 9714 _ __ _1 977
4814
46
4814 4814
2d gold 4 Ws
1937,F A
75
603 76 Nov6 1_5 59
87 4 0
4
_1
'
7 221
70
Manila RR (Southern Lines)_1939 M N 63
4612 48 Nov'22 ----I 3812 e()
General gold 58
1940 F A 45
Mex Internal 1st cons g 48_ 1977 SI S ---- ____ 77 Mar'10 _ ___
Terminal 1st gold 5s _ __ A943 M N 84 8 90
90 Sept'22.----' 8312 90
,
100 __ __ 104 June'22 ---- 101 iiii -Minn & St Louis 1st 78
93
96
Mid of NJ 1st ext Is
95 Nov'22
1940 A 0 - - - - 97
53
73
69's 83
1st consol gold 5s
51
5812 57
57
Wilk dr East 1st gu g 53__1942 J D 57
39
33 31
5012
lot &refunding gold 4s
14 MS 3812 39 1 3714
119324
99
9 7
Apr'21
DN
1942 A 0 ---- ____ 88
Evans & T H 1st gen g 5s
3712 36
37
36 30
50
Ref & ext 50-yr Ss Ser A
1962 Q F 35
1923 A 0 ---- ____ 6912 Apr'21
Mt Vernon lot gold 65
6
4414 44 Nov'22 _ _ _ _I 32 623,
50
Des M dr Ft D 1st gu 48_1935 J j 49
6912 Apr'21---i . iiii - -i12
6
Sul Co Branch 1st g 5s
1930 A 0
74 1
4 70
85
Iowa Central 1st gold 58
89
8)
0
9
1938 J D 72 Sale 72
Florida E Coast 1st 434s1959 J D 89
.
3812
17
33
38
37
Refunding gold 4s
Apr'21 ---- --------Fort St U D Co 1st g 4 yis1941 .1 J 7718 _ __ 66
89 ' 52 8558 9112
84 M St P&SSM con g 4s int gul931 7 S 8828 Sale 88
8578 8412 815 Nov'22 -- :-.
8
6
8 s
1
1958 1 I
Worth & Rio Gr 1st g 4s1928 J .1 83
Ft
8 9614 106
100 I
1st cons 53
86 1 -2 83 ,9,0
1938 ---- 10J Sale 9914
1933 A 0
Galv Hous & Hend 1st 5s
105
10 10012 193
5 8 1 07
8
105 sale 104
10
-year coil trust 634s
81 35 10812 5
"
Grand Trunk of Can deb 7s 1940 A 0 11212 Sate 112 .1127
4
lot Chicago Term s f 491 41 1 N
92 2
,
S 923 97 9212
10414 75 100 108
10334
1 u38 Sa
,8
1931 1\
9 1
15-year a f lie
1936 M S 1037 sale
1
95 8 9(1
,
9512 Nov'221----,' 9414 9712
7
MSSM&A lstg 4sint gu.1926 J
11034 156 1881s 1ii334
9078 33 0
11018
Great Nor Gen 7s ser A •
1936 .1 .1
4
883 Nov'221-- - -1 823 8838
s
8
Mississippi Central 1st 5s_
1949 J J 883 02
90
9012 91
1st & ref 43.s Series A_
1961 .1 J
__ . — Mo Kan & Tex-1st gold 4s....1990 J D
'
Registered
• 1961 J J ---- ---- 8214 Oct21 -114 9612 106
_8 2_ ' 681 Aug 21- 3 483 68
_9 2 8 _1
.!. ,f_ 79 14
4
89212 ! 73 8 8511
1 _1
2d gold 4s
:
103
512s
1952 J J 10212 Sale 10214
70 Sale
412 7758
8
Trust Co certits of deposli9_9
9014 9438
4
g t _9_
St Paul M & Man 4s
1933 3 3 923 9512 93 Nov'22
1051,
8
---- __•__ 697221 —_' 73
90 Nov'22
90
1st & refunding 4s
4
1073
4
let consol g 68
1933 j 3 10734 Sale 1673
6
_ 855 Nov'22 ---- 68
8
Trust Co certifs of depositr_4 M S .. ..... _00
92
99 Sept'20
Registered
2 _ ____ 8
1933 j 3 107 110
96mi:4'1 1.:-6).T
6412 June'22,---- 5214 6412
Gen sinking fund 4
97
98
4
Reduced to gold 4348_1933 J .1 973 98
• Trust Co certifs of deposit------78
81
6812 Dec '221-- 521a 77
_ 0712 97 Aug'22 ---Registered
1933 J 3 _
1938
5% secured notes "ext"
88
91
83
Oct'221---- 5812 93
O -18 ____ 9018 9018 2 8 922
-O
Mont ext 1st gold 4s
1037 J D
M K dr Okla let guar 58_ _1942 M N 93 ____ 8314 Dec '22,---- 7814 9478
90 Mar'21 -Registered
1937 J D
42 Aug'221—.._ 3418 42
Sher Sh & So 1st gu g 581942 J D 35
Pacific ext guar 48
85 Dec'22 -- 85 "
1940 J J 8112
8934
3318
3318 61
Texas & ()kla 1st an g 5s_ _1943 M S 33 __
73 3612
9012 89 Nov'22 --__
E Minn Nor Div 1st g 4e_1948 A 0 89
4
10012 11412
Mo K & T fly—Pr 155 Ser AI962 J J
Sale
__ 1133 Nov'22
845s 166 763 885
4
8
4
Mont C 1st gu g Os
1937 J J 114
40-year 4s Series B
8 11s
68
69 1 25 62
75
Registered
4
8 12
2
13614 May'05 --1937 J .1
9912
10
-year 6s Series C
9778 322 89
963 Sale 9313
4
1
let guar gold 5s
1937 J 3 15(7 4 10212 103 Sept'22 ---- 99 - ioi
991, 10214
Cum adjust 5s Series A _ _ 11936 22 1 .1 64 Sale 583
8
Will & S F let gold 58
607 9J4 4334 66
1938 J D loo 10213 10914 Nov'22
/3
19967 31 23
Missouri Pacific (reorg Co)
70
701s Apr'22 ---- 6712 7012
1
Green Bay & W Deb ctfs "A"_ - _- Feb 60
612 1733
931.
1st & refunding 5s Ser A _ 1965 F A
87
88
4
8512
8714 32 84
Debenture ctfs "B"
Feb 103 Sale 103
4
113 ---44
13 72
8212
8614
1st & refunding 58 Ser C
97
97
5 9512 100
Gulf & 8 I 1st ref & t g 50__61952 J .1 8212 Sale 8212
1026 F A 0612 97
11 90
17
99
98 98 10312
985 Sale 985
8
8
Os, Series D
86
Rocking Vol lst cons g 4 is__1999 J j 86 Sale 86
1949 F A
4
4
282 593 693
64
4
General 48
1999 J J ---Registered
4
- 7312 June'18 --__ -------1975 M S 623 Sale 623
8512
8312 Nov'22 ---- 78
1948 A 0 8078 88
Missouri Pacific
Col & H V 1st ext g 48
1
'
8014 8534 8312 Oct'22 --- • 7812 2
815 84
815 .Nov'22 __-- 7638 8512
8
1955 F A
s
3d 78 extended at 4%
Col & Tol 1st ext 40
1938 M N
70
71
7518 Oct'22 __-- 74
92
9358 91
Dec'22
7728
Cent Br U P 1st g 4s
Houston Belt & Term let 53_1937 J J
8812
8434 148 75
89
84 Sale 8314
1957 F A
Poe RR of Mo 1st ext g 45_194 3 D 8658 8914 86 Nov'22'__-- 83
8
193 FA
Bud & Manhat 5s ser A
4
6178 151 4712 673
1957 A 0 61 sale 6334
2d extended gold 58
1938 J J 96 ____ 9912 Nov'22 ..-- 92 100
Adjust Income 5s
963
4
16 9418 9978
8
09
1937 F A
965 975 963 Nov'22 ---- 92
8
4
St L Ir
& gen con g 58_1931 A 0 98289 812 973
N Y & Jersey 1st 58
102 July'14
, --1951 J J 9312 .___ 96 Sept'22 ---- 83 8 96
Gen con stamp an g 5s 1931 A 0
,
Illinois Central 1st gold 4s
87
8712 865
8
87
7 787 9212
8
1051 J J --_- ____ 8318 Sept'21 -Unified & ref gold 48_
I929 J J
Registered
-8178
- -5;
85
103 753 8812
8414
8
8112 8612 8212 Oct'22 --_ -76
1251 .1 J
Riv & G Div 1st g 4s
1933 M N 8414 85
lot gold 334s
Oct'22 -_-____ 80
80
82
80
1951 J J 78
Verdi V I &
1926 M S 9512 ____ 98 Sept'22 ____, 9078 98
1st g 58_
Registered
1 10018 105
Oct'21 ---- ....__ ---..
A927 J D 10312 104 10312 10313
19e1 A.0 7612 __. '72
Mobile & Ohio new gold
Extended let gold 3345.
8
...„_._ --1st ext gold 6s
61927 Q J 10014 ____ 101 Nov'22 ----11 9712 103
1951 A 0 765
Registered
7412 ____ 7478 Nov'22 —Hi 675 7812
„ ig13 -SW- July155 ---_
8
General gold 4s
1951 M S _
1st gold 3s sterling
,
8 *g6198
9212 Nov'22 ---- ; 8612 97
85
8
90 847
517 1 S 94
Montgomery Div lot g 58__1199438 F A
1952 M S 86
Collateral trust gold 4s
95 8 Sept'19 ---- ..___ ---3
St Louis Div 5s
1952 A 0
Registered
881, 20 8212 9112
8
9 112
8 2
4
8
8 ! 87
1 8 1% 93
612
1
192 1 .A 1 9 :2 91:2 9452
St & Cairo guar g 4s__1937 2 0 84 2 9 2 87%
1955 M N 83 Sale 87
1st refunding 49
100 1003 993
4
4 100
2,1 97 1035s
4
8
1928
791 Oct'22 ---- 7653 803
71
) 80
Nashv Chatt & St L 1st 5s
1952 J J
Purchased lines 354s
4
29 7913 8438
82
68_ _ 1923 I J
8112
Jasper Branch 1st g 434s1957I 100 __ 1003 July'22 ....--1,100 1005
4
8
1953 M N 815 82
L N 0& Texas gold 4s
9634 0358
8 2118 45
22
-_-- 28
2612
82 Aug'22--.- 82 182
Nat Rys of Mex pr lien
1953 M N
Registered
I 2912 33
A
1977 I 1 „__ 2234 2912 Feb.22
10112
Guaranteed general 48
1934 J J 10128 FiCtife 101
15
-year secured 534s
4
8
313 Mar'22 --__' 28
__-1926
32
11014 14 993 113
Nat of Mex prior lien 434s
4
8
15
1936 1 .1 110 1127 1093
-year secured 0345 g
25 July'22 __II 2112 335
1951 A 0
86 Nov'22 ---- 8134 93
s
let consol 43
4
Cairo Bridge gold 4s
1950 1 0 813 87
79
1 6353 747
8
81
8112 Dec '22 _---1 1 79
72
NO& NE lstref &Imp 4;i8A'52 J J
8604
Litchfield Div 1st gold 3s 1951 J J 73 ____ 72
763 775 7638
4
8
7614
1953 J J
7 7012 8112
New Orleans Term 1st 42
4
Louisv Div & Term g 3;0_1953 J J 77 ____ 8134 Dec'22 ---- 733 8118
-66
• No price Friday: latest bid and asked this week. a Due Jan. b Due Feb. c Due June. 5 1)ue July. n Due Sept. o Due Oct. 8 Option sale.
2672
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec 15
New York Bond Record—Continued—Page 3
L I:
2
-a it
Price
Friday
Dec 15
814
Week's
Range or
Lass Sale
Ask Low
Range
Since
Jan. 1
High No. Low
BONDS
- N. Y. STOCK EXCHANGE
Week ending Dec 151
b•-•
vt
High
Price
Friday
Dec 15
Bid
Week's
Range or
Last Sale
Ask Low
g
Range
Since
Jan. 1
High No. Low High
N 0 Texas & Mexico 1st 6s_ A925 J D 10012 10112 1001 100% 12 9512 10112 Pennsylvania Co
/
4
(Concluded)
7712
Non-cum income 5s A___ _1935 A 0 781 79
103 82 8012
4
79
CI & Mar ist gu g 4 hs_ _ _1936 MN 95
9612 95 Dec'22
314 98 10812
N Y Cent RR cony deb 68___1935 M N 104 Sale 1033
4 105
C1&Pgengud34sSerA_.1942J J 973
4
_ 91 Nov'21
85 18% 86%
Consol 4s Series A
8284 Sale 82
83
1998 F A
Ser
i
1942 A 0 928 973 104 Deo'15
4
8712 8712
Ref & impt 4hs "A"
88
2013A 0 ST
8514 92
reduced to 3Ms
B
1948 1,, O 8084 ____ 9614 Feb'12
1 942 A1 N
Ref & lmpt 58
2013 A 0 9712 Sate 9718
97% 1159 933 9978
4
Series C 33-s
795 ____ 901 Dec'12
/
4
N Y Central & Hudson River—
Series I) 33-5s
195(1 F A 783 ____ 67
Jan'21
38 7412 83,
Mortgage 35s
08
78
1997 J .1 7658 7712 7
Eele & pins gu g 3348 B
4
19 0 J 1 84 88
94
4
87
87
84 Dec'22
2
79
1 7412 7712
Registered
75
1997 J .1
Series C
84 8712 7914 May'19
"92c4 -5258 9078 92% 68 84 93
Debenture gold 4a
1934 M N
Grit& lex lstgug 4;49_1941 J J 9018 94
88 -6E94 Nov'22
_
8912 Nov'22
Registered
1934 M N
6612 8912
99
Pitts Y & Ash 151 cons 5s 1927 M N ,4 .9.i4 ,12 June'22
.c 9
85
98 98
_ 89 88
12 83
30
-year debenture 4s
83
1942 J J
9112
Tol W V & 0 gu 4;48 A
1931 J J
92% 951s
Nov'22
7312 7412 7314
20 6914 7934
Lake Shore coil gold 3he_ _1998 F A
75
9712 9712
Series B 4;48
4
1933 J J 933 947 9712 Oct'22
8
hAs Nov'e2
73
Registered
1998 F A 70
70% 7478
Series C 45
867 86%
8
1942 M 5 8512 ____ 867 Nov'22
8
3 7114 8114
78
Mich Cent coil gold 3;0_1998 F A 79 80
78
P C C & St L gu 4heA
1940 A 0 9478 ____ 943 Des'22
942
8812 98
4
79
76 Nov'22
Registered
1998 F A 78
76
72
Series B 444s guar
9478 9612 9318 Nov'22
8858 98
_
60 July'22
Battle Cr dc Stur 1st gu 38.._1998 J D 60
60 62
Series C 4348 guar
1942 M N 9478 ____ 95 Nov'22
8918 9534
Beech Creek let gu g 4s_ _ _1936'J J 89% 904 9114 Nov'22
/
1
8434 91%
Series I)45 guar
1945 M N 8914 ____ 8812 Dec'22
8414 91 2
,
Registered
1936'J .1 ---- -- 7012 July'21
Series E 3345 guar gold_ _1949 F A
8912 91
9414
_ _ 1,4 May'16
2d guar gold 58
1936:J .1
Series F guar Is gold___ _ 195 JD 8914---- 9112 N ug"22
1 953 m N
87 Aov 22
7
84
92
/
1
4
'
Beech Cr Ext 1st g 3;48_519511A 0 76 _ _ _ _ 60 July'22
60 60
Series G 4s guar
8912
_ 8714 Nov'22
85 87 4
,
Cart & Ad 1st gu g 48
5212 5213 Mar'2X ---• 8212 90
1981 J D 8J
Series 1 cons guar 4348_1110 2 D 93 ____ 9312
1 3F A
,
8912 9612
935
8
/
1
Ka A & G R Ist gu g 58_1935 J J 954 __
-General 5s Series A
9,12 9. s 98
7
941* 15 90 10114
76 Dec'22
Lake Shore gold 33-48
1997J D 781s 80
761- -8112
4
C St L & P lat cons g 5s__ _1932 A 0 9934 ___ 100 May'22
99 100%
- 7712 ou3 Aug'22
4
Registered
1997) D
7478 8034
Piffle Ball dc W 1st g 48_1943 M N 8814 ___ 9112 Nov'22
89% 93
94% 94% 9418
62 804 96
Debenture gold 4s
1928 M S
95 4
,
/
1
U N J RR & Can gen 4s__ _1944 M S 89 _
8012 June'21
25
-year gold 4s
4
9458 89 884 953
1931 M N 93 933 9214
/
1
4
Nlarquette 1st Ser A 5s.. _1956 .1
97 Sale 9612
195 J
Pere
6
151 8812 10112
97
8312 July'21 __-Registered
1931 M N
1
8178 80
miiet Sins s B 1 30_yr s f 4s 1994337 J., jj 81
l u0perieR y 4;
817
8 22 75 85
Moh & Mal 1st gu g 48
199i.M $ 8212 _ _ __ 8512 Nov'22 __-- 8212 8512
47 8 Sale 4712
7
13 4118 59
48
Mahon CI RR 1st 58
1934 J J 993 - - _ _ 10212 Aug'22
96 10212 Pitts Sh & LE 1st g 58
1940 A 0 987 ____ 99 Nov'22 ____ 9534 100
8
Michigan Central 58
Oct'22
1931 M S 96% 10113 100
100 100
9134 ___ 971g Dec'17
1st consol gold 5s
Registered
1931 Q M
--- 9812 Nov'lb
8514 59 1997 .1 J 843 Sale 8412
4
Reading Co gen gold 48
gr "iF37,
9012 Oct'22
2
48
1940) J 873
/
4
8214 901
83 Nov'22
1997) J
Registered
-E4%
82
74 4 Sept'20
,
Registered
1940 .1 J
/
4
Jersey Central coil g 4s__1951 A 0 8714 88 871 Dec'22
811 90
/
4
6612 Mar'20
82
J L & S lat gold 3hs
1951 MS 79
Grand 1st 1st g 4s_ 1947 J J 74
75
74
74
St Jos &
1 657 78
8
let gold 3 hs
8112 7014
81
3 '765- "iffs 81 Louis & San Fran (reorg Co)—
1952 MN 81
8
9114
9112 91
20
6 8638 94
-year debenture 48
1929 A 0 91
/
4
1950 J J 711 Sale 7012
Prior lien Ser A 4s
7112 272 68
767
703 Apr'21
N J June RR guar 1st 48__ _1986 F A 82 ___
4
1950 J
8684 Sale 86
Prior lien Ser B 5e
773
4
_ 80 Nov'22
N Y & Harlem g 3;0
2000 M N
78% 81
1942) J 931p Sale 9312
87
94
53 9212 9112
8 8
9
8
534e
/
1
99
N Y & Northern 1st g 58_ _1927 A 0 994
Oct'22
99 99
1928 J J 100 Sale 9912 100
Prior lien Ser C 613
39 9458 10212
N Y& Pu let cons gu g 48_1998 A 0 82% 8512 85
2 7712 8612
85
78
51955 A O 78 Sale 7414
5 1960 ocf
Corn adjust Ser A 68
536 71
8684
811 E614 803 Sept'22
/
4
Rutland 1st con g 4 hs
1941 J J
8512
78
5/34 Sale 58
6014 755 54
Income Series A 61
794
/
1
Og & L Cham let gu 48 g _ 1948 J J 691s 73% 71 Dec'22
66
7514 St Louis & San Fran gen 13s_ _ 1931 J 2 10:3% ____ 103 Dec'22 -- -- 1011 10414
1
1,3
/
4
70 Dec'22
72
Rut-Canada 1st go g 4&1949J J 69
9812 99 67 % N ov 221::::
9 4 oc'0
67% 73 4
,
t.
General gold 5s
,
29:2
.
.
1
92% 95% 96 Sept'22
St Lawr & Atilt' 1st g 58.._ _1996 J J
8912 96
St L &SF RR consg 43_1996 J .1, 808
103 Noy'16
2d gold 68
1996 A 0 95%
794
/
9 58 'web9 21___ 90 90
75
0
7 24
'
.
Southw Div 1st g 5e....„19471A 0 871
99 Nov'22
Pitts & L Erie 2d g 5s_a1928 A 0 9414
'if" 66
_ 101 104
K C Ft S & M cons g 6s _ _1928 M N 102% 10312 10214 Dec'22
_ 105
101
Pitts McK & Y 1st gu 68_ _1932 J J
105
4
105 1103
C Ft 8 & M Ry ref g 48_ _1936 A 0
K
_ 9514 June'20
2d guaranteed 68
1934 J J 99
904 Sept'22 —2_ 823414 986413
KC&MR&BIstgu5s_1929 A 0 911 90
/
4
-8 7
8
West Shore 1st 48 goat.. _.,2361 .1 J 83 8312 8212
49 781 87
84
8 4 7le
79
21 72% 8.4
St L 8 W 1st g 43 bond ctfs__ _1989 M N 713 Sa9
7,42
791,
Registered
2361 J J
7 312 Dec'22
:
8
768 84
6412 74
8
2d g 48 income bond ctts_p1989 J J
_
9912 Feb"19
N Y C Lines eq tr 58._ _1920-22 M N
7b3is 150 6812 827
1932 J D 781s Sale 77%
*
Consol gold 42
6712 June'2U
Equip trust 45s_ —1920-1925 J J
s
81 I 34 71
84
1st terminal & unifying 5e 1952 J J 8012 801 7912
X Y Chic & St L 1st g 4s.._ _1937 A 0 8912 9012 8914
8914 10 -E3 92
755s 34 70
19432 J
S A & A Pass 1st gu g 48
8114
918 Sept'22
4
Registered
1937 A 0
73 :53
5
A
7618
53181
1950 A 0 5 1'SB
5 50
733
4
9134 Seaboard Air Line g 48
Debenture 48
8718 12 802 898
1931 M N 87 88 87
4
80
5434' 32 48
1950 A 0
Gold 45 stamped
N Y Connect 1st gu 4 he A1953 F A 89 Sale 8 7
8
887
2 37 811 94
2314
23
/
4
2312 103 1312 3112
.
Adjustment 58
01949 F A 5212 Sale 6212
NYNH& Hartford—
,
Refunding 48.
1959 A 0 3812 3912 38 2
4J12' 80 3118 4884
Non-cony deben 48
57
597 Nov'22
1947 M S 51
59 Sale 5753
,
45 63 4
601s 165 41
1945 M
733
4
lst & cons &Series A
Non-cony deben 3hs
51 Nov'22
1947 M S 45 92
,
44
56
Atl & Birm 30-Yr 1st g 4s_e1933 M s 6614 8,12 68 2 Dec'22L,,,, 5912 7612
Non-cony deben 31.e
1954 A 0 5512 5
41
3814 5512
71
9 83
Caro Cent 1st con g 48_ __ _1949 .1 J 68 ____ 7014
7112
5 ,)j1 Nov'22Nov4's22
1
'12
Non-cony deben 48
1955 .1 J
96
60
9912
401
/
4
Fla Cent & Pen 1st ext 68..1923 J J
5212 52
Non-cony deben 48
53
3 41 60
1956 M N 4J
884
1st land grant ext g 58_ _1930 J J 991
89 Aug'22
95 poeect22
9 !2
3
89 9312
Cony debenture 3he
4712
3 37% 5412
1956 J J 4712 Sale 4712
91
-21_
Consol gold 55
1943 J J 8012 _8- 2 914 Nov'22
8212 9114
Cony debenture 68
1948) J 7.34 8ale 724
Ga & Ala Ry 1st con 5s_....o1945 J J
50
Cons Ry non-cony 48
94 No7 22 46 57 8512
t4
,
'
1930 F A
91, Sept'22
2
Ga car & No 1st gu g 58__ _1929 J J 9,38 95
50 5
4
9 1
8
5
8134 9112
74 8 ,
8
60 July'16
Non-cony deben 48
1955 .2 .7 503 _
9312
Seaboard & Roan 1st 5a__ _1926 J ./ 9384 __ 9312
Non-cony deben 4e
s
1
52
2 381 561, Southern Pacific Co—
1956) J r),•3 52 5. 8
40
4% debentures
4,12 4012
4034 15 31
1957 M N
85
57
Gold 4s (Cent Pac coll)___k1949 J D 8412 sale 8412
Harlem R-Pr Chea 1st 48._1954 M N
18
914 81
71 8214
s
01929M 8 925 Sale 917
92% 207 86 .A1
-year cony 4s
20
4
B & N Y Air Line 1st 4s_ _1955 F A 55 80
75 0c7' : 59
C22 :
88
7
,
79
1934 J D 10.18 1023g 100 8 Nov'22
s
9512 105
20-yea rao 1 vt5
Cent p cons ref gu
Cent New Eng 1st gu 48_ _1961 .1 .1
62 Dec'22
/
4
g 4S___1949 F A
Housatonic Ry cons g 58_ _1937 M N 8414 95 80 4../ec'21 --- 511 68%
Mort guar gold 334s_k1929 J D
Naugatuck RR 1st 48
87 July'14 ---1954 M N
982 4 83
9
9826 2
8214 1219 784 9341 7115
971
: 711 8876
Through St L 1st gu 4s_ _1954 A 0 87114 8 "21:4 82314
8114 8 4
997 3
N Y Proy & Boston 4s___ _1942 A 0 70
_
83 Aug'13 - -9884 Dec'22 --_- 9414 9918
OH&SAM&P1et52__1931MN
N Y W'ches & B 1st Ser I 4)4E1'48,J 2 465 Sale 46
468 50 33 5912
1931 J J 9412 97 9508 Nov'22_._ 92 98
2d eaten 58 guar
22
9a3 Jely,
New England cons Se
4
95
1945'J J 8614
98
933 9334
4
9912
7 97 9984
Gila V G de N 1st gri g 58._1924 M N 9512 ____ 984
70 sept'17
Como'4s
1945'J .1 73 81
____ 941 May'22
/
4
94
9412
Hous E & W T 1st g 5s_ _1933 M N
Providence Recur deb 4s__ _1957 M N 3512 52 52 Sept'22
9 14 I
7 ::: 9334 M r 22
8
6
56
Ar 2
:1
1933 M N 9432 .
26
1st guar 58 red
70
_ 8b84 eb'18
Providence Term 1st 48......1956 M S
1937 J
9384 938
El & T C 1st g 58 int gu
W dc Con Eaat 1st 4 hs_ _ _ _1943 J J 6212 _ _
65 May'22
94 .___ 96 Sept'22 -- 8634 98
1941J J
60 85
A & N W 1st gu g 5a
12
N Y 0& W ref 1st g 4g1992 M S 0 7138 693
8
7114
7 67 79
Apr'22 —
_119927 J.1 101 103 101
96 1031
38 A 0
/
4
No of Cal guar* g 58
Registered $5.000 only ___g1992 M S
69'2 NOV.21,
99 8 997 997
2
8
100
/
1
4
8 95 101
Ore Sr Cal 1st guar g 58__
General 48
4
6634
1 6512 7012
1955 .1 D -651y -6634 663
/
4
So Pac of Cal—Gu g 58__ _1937 M N 100 ___ _ 1031 July'22 -- -- 10012 10312
e2 63 62
Norfolk Sou 1st & ref A Ss__ _1961 F A
63
9.;3
8
91
10 881 924
/
4
/
1
8
71
So Pao Coast 1st gu 4s g__ _1937 J J 88 8 9334 905
Norfolk & Sou 1st gold 58__1941 MN 8953 94 8.,8 Dec'22 ---- 50 95
8
9J1 9184 Nov'22'._ 89 9614
/
4
7914
Tex A N 0 con gold 5s__ _1943 J J
Norf & West gen gold 6s_ _ 1931 M N 10812 ____ 10.12 Nov'22 -- -- 104
875 Sale 87
8
2
88 I 194 834 9212
10984
So Pac RR 1st ref 48
10718 -___ 107 Nov'22
Improvement & extg
1934 F A
8312 8414
8312 20 80 867
/
4
s
5
19. 8 A j 82
---- 107 1091
San Fran Term! let 4s-1930 j O 9712 Sale 96,
New River 1st gold
1932 A 0 107 ____ 10684 Dec'22
4
. 9712 143 8718 10084
108
/
4
;,012 52 10434 9412 Southern 1st cons g 55
N & W Ry 1st cons g 4s__ _1996 A 0 901 Sale 8,12
90 Aer'22 ____ 8814 90
84%
_
74
Registered
Oct'A
1996 A 0 8512
'3
883 219 8114 7284
4
1999944 jj O - - Sale 67
11956 A jj 6814
- - DevegoP gden 48 Ser A
Rel te g
Div'l 1st lien & gen g 48_1944 J .1
Os 101 Sale 10012 10118 176 9414 105
Temporary 6348
1
2 iris
66
_912 1091'2 July712
66 2
10-25 year cony 4he.._ 1938 M 5 10252 -6
8 24
'
77
80
77,
77 I
1 6614 793
5
8
19 6 51
93
9212 Loor
Ohio coil tr g 48
Mob &
10
-year cony 88
114
97
1929 M S 113 11412 112
99 97'4
9714
2 89 9812
4
10314 1243
Mem Div 1st g 4 hs-58_ _ _1996 J J 8) 82 80
Pocub C & C joint 48_1941 J D 87 .9 87
88
16 84 891
82 i
573 89
1951 J .1
/
4
St Louis div let g 48
/
1
Selo V & N E let gu g 48_ _1989 M N 88 884 87
87
9518 99
94 Nov'22 3 8314 91%
8412 98
Ala Gt Sou 1st cons A 5s._1943 J D
Northern Pacific prior lien rail93 I
7 87 94
All & Chari A L lst A 4348_1944 J J
/
4
way & land grant g 4s
87 " 84 9118
1997Q .1 861 8712 85%
-1944 J J
5 91 101
-year 58 Ser B
30
1st
84 Dec'22
Registered
9; 998 4 990
887182
8
1997 Q .1
.
72 8212
1948 J J 7 3 738314 86912 009t'92122
---- 84 89
Atl & Danv 1st g 4s
General lien gold 38
62% 66 60 85
a2047 Q F 62 Sale 6114
72 72% Nov'22 _-_ 60 725
1048J J 64
2d 4s
58 Noy'24 Registered
a2047 Q F
79
79 I
58 62
5 7534 82
guar 42_ _ _1949 A 0 7812 79
At! & Tad 1st g
"
"
Ref & impt 68ser B
8
2047 J J 1156 ii;Te 1o812 10 ,14 381 1053 11(384
1930 J J 9,18 993 10014 Oct'22
9384 100%
4
ETVa&GaDivg 5s
4
Ref & imp 4he SerA
2047) J 883 90 8814 Dec'22 ----86 93
97 Dec'22
1956 NI N
93 995g
Cons 1st gold 58
Sc
9912 83 9614
2047J J 99 Sale 9812
8
93. Nov'22...--- 9384 9514
1
%
1938 M S 977
E Tenn reorg lien g 58
St Paul-Duluth Div g 4s 1996 J D 841a __-- 8412 May'22 ---- 7914 10084
63 Aug'22
6a1 65
8
1946 A 0
8412
58 83
Ga Midland 1st 35
_
N P-Gt Nor joint 6 hs_ _ _ _1936 J .1
103-% July'22
1925 J .1 10118 ____ 101
101
10338 109
1 98% 101 4
,
Knoxv & Ohio 1st g Se
Eit P & N P gen gold 68_ _1923 F A ioo
100 Dec'22
9,7
100 101
Mob & Bir prior lien g 58..1945 J J 70 __-_ 7584 Aug'21
7 Nov'22
Registered certificates_ _1923 Q A
100 May'21
76
74
1945 J J
Mortgage gold 4s
St Paul & Duluth 1st 5s......1931 Q F 9812 ____ 100 June'22
____ 74 Oct'22 ____ 68 78
991 1.66"
Rich & ieck 1st g 58
1st consol gold 4s
- 8412 Dec'22
995
1968) D 821
M
1948 M 8
823
6
So Car & Oa 1st ext 5;0_1929 NI N 9914 101
Wash Cent let gold 48_ 1948 Q M 7118 90 84 May 22 ---- 82 4 8
49712 9912 9712 Nov 954
1926
9 22
'
91
97 100
4
---8514
Virginia Mid Ser E 5s
Nor Pac Term Co 1st g 6s_ _1933 J J 10812-_ 10884 June'22 -7,7,- 107 1088
99 9918 99, Oct'22
4
- 9512 9984
General 5.s
. Oregon-Wash lst & ref 4s__ _ _1961 J J 8112 Sale 8112
8214 440 77 8812
:J
6
933
10: M 0A 94 ____ 80 Nov'22 --__ 80 97
Va & So'w'n st gu 58— _2 1 I N
Pacific Coast Co 1st g 58_ _ _ _1946 J D 7112 81
79 Nov'22 ---- 75 837
8084 85 8012
8012
1 74
8912
-year 58
1st cons 50
Paducah & Ills 1st a f 4 hs
1955 J .1 9118 9312 9118 Nov'22
9514 ---- 9714 Aug'22
9413 9714
- 90 93
Paris-Lyons-Med RR 68
84
89
1058 F A 7318 Sale 7214
737 433 5614 85
8
83 Sept'22
7718 9214
Spokane Internar 121 g 58_ _ _ _1955 J J
4
Pennsylvania RR 1st g 4s
7
1923 M N 993 ---- 9914 Nov'22 ---; 963 9984 Term Assn of t L 1st g 4;0..1939 A 0 935 ---- 95
97
1 92
95
4
95
Consol gold 4a
95
1944F A 98 10014 9814 Nov'22 -- 888 100
1943 M N 91
8
8712 95
1st cow; gold 58
907
8
Consol gold 4s
8312 87 80
91
1948 M N _ _ _ __-- 91
45 7612 8312
82
t, 8512 933
4
refund s f g 4.
Gen
9684 ---- 965
Consol 4hs
98
2 43
1960F A 9712 Sale 978
96%
/ 9784
1
4
9248103
/
1
St L M Bridge Ter gu g 58_1930
General 4ha
928 173 89 95
1965) D 934 8510 9112
2000 D 96 Sale 9314
4
16
13 8712 1001
Texas & Pa- st gold 5s
5
General 5s
1017s 210 9312 10312
50
1968J D 10112 Sale 100 8
g2000 Mar 42 ____ 40 Dec'22 --_. 40
2d gold income 55
11014 Sale 1093
10
J 8814 9314 9
-year secured 78
8 11012 96 10512 11314
1931)
791s 9314
0 Oct'22
1930 A 0
La Divf3 L 1st g bs
75 ____ 8012
131 103% 11214
15
8012
-year secured 133e
r, 8013 90
4
111
19361F A 11012 1103 110
W Min W & N W lst gu
96 ____ 964 Nov'22 ___ 91 100
Alleg Val gen guar g 4&,._1942 M S 90 91
91 Dec'22 -- 86 94
Tol & Ohio Cent let gu 58.....1935
1935 A 0
D R RR & Bdgelst gu 4s g_1936 F A 9114 ____ 87 May'22
87 87
Western Div let g bs
93
8834
9212 Eieet22
0 ppc 2
Pennsylvania Co—
:
9801% 99058142
1935 J
General gold 5s
7712 7812 7812 Nov'22
Guar 3s coil trust reg A_1937 M S 8114 ____ 8412 Nov'22
7512 83
813 8412
4
Kan & M 1st gu g 48
9(11 9712 9 14 Nov'22 ____ 91 9912
/
4
Guar 33'8 colt trust Ser B_1941 F A 80% ____ 824 Oct'22
/
1
6
7214 85
-year 5s
2d 20
934 94
/
1
94 Nov'22 ____ 84 94
Guar 35s trust ctfs C_1942 J D 81
85 83 July'22
Tol St L& W pr lien g 3hs 1925
754 83
/
1
7212 Sale 7212
Guar 3h8 trust atm D
78
9 10 A
* 58
1957 F O
733
1944 J D 8112 8312 83'2 Nov'72
82 8412
50
-year gold 4s
F
Guar 15 -year gold 4s
-25
92 Nov'22
1931 A 0 92 ___
4
84% 933
Coll trust 4s g Ser A
154
1
358 1eb2June'22_______2 --_ 2
40
-year guar 48 etle Ser E 1952 M N 86
4
31%
87 g 86 Dec'22
7
go
9012
Trust co ctfs of deposit
Cin Leb & Nor gu 4a g19421 M N 85 4 --__ 867 May'22
6
8212
8212
3
6 7712 b814
s
80 86% Tor Ham &Buff let g Is.. k1948 1/
1
4
2)5_
_
4
-
114
J
12.71 3,
I
'No price Friday; latest bid and asked this week. anue Jan. ODue Feb. °Due June. hDue July. kDue Aug
1
ol)ue Oct. pDue Noy. gDue Dec. :Option sale
:
New York Bond Record --continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec 15
Price
Friday
Dee 15
11
Bid
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1
Pi
to:
vire.
1M 1P iX
igi.
Street Railway
59 31 67
60
Brooklyn Rapid Tran g 5s__ _1945 A 0 547 56
545k
64
8 31
53%
63 55
Trust certificates
53
571: Dec'22 -- 3512 64%
1st refund cony gold 4s...._ _2002 J 3 56 60
9112 97 58 96
3-yr 7% secured notes_ _ _ _k1921 J .1 8914 9138 89
9112 es 5812 95
8912 Sale 5918
Certificates of deposit
-867
8412 7353 8914
4
s 45 54 92
Certfs of deposit stamped;1;
i 861s 8912 00 Dee'22 ---- 75 91
City RR 5s
81 Dec'22 ---- 51. 6912
Bkln Qu Co& Sub con gtd es_191 I.-. MN
794 Nov'22 _-- 788 7912
794 91
1st es
..
8212 83 824
8212
Bklyn Un El 1st g 4-5s
1 76 9014
1051 ‘1 j
910 F A
4.2131
Stamped guar 4-5e
1 7512 93
lgee F A 8218 83 6212
78
Kings County E 1st g 48_1949 F A 75
75
1 64 81
75 1
82
78
74
74
5 66
Stamped guar 4s
F A 74
ell,. 11 27 65
5) 80 6912
Nassau Elec guar gold 4s_ 111,9549
11
777 Bale 7714
s
Chicago Rye 1st 5s
78 I 53 67 85
834
81 Nov'22 -- 76 82
Conn Ry & L let & ref g 4%s 19F1
) ;a
Stamped guar 454s
3
3
1951 J J 84 ---- 73 Apr 221_ --- 70 4 7
9712 June'20 -- Denver Cons Tramy .55
J 0 --A 3
2
Det United lst cone g 4hs.._.1 93
8512 15J 6312 -1161831: 84 8 85
1933
2
_
58
8
Ft Smith Lt & Tr 1st g 5s_1038 M El
Jan'20'--__
812, 11 -174 Ifbiz Wile
Interboro Metrop coil 4%5_19581A 0
- 812
1034 Sale 1012
li 1 65 73 184
Certificates of deposit
784
Interboro Rap Tran 1st 5s___1966 J 3 7314 Sale 734
744' 154 54
7518 Sale 75%
10
-year 05
7512 67 751s 8312
—_.
78
14 82 9312 98%
9,
1932!--- - 957 Sale 95
Manhat Ry(N Y)cons g 4s 1990 A 0 6312 Sale 6312
647
s 54 6712 7212
Stamped tax exempt
6738 May'22 ---1 6712 694
1990 A 0
2d 4s
"E" "iii- 634 Oct'22
%
48% 63
Manila Elec Ry & Lt 5 1 68_ 2953 MS 8114 82% 8114 Dec'22 ---- 6412 84
101311 D
Market St Ry 1st cons 5s
914
92
4
58 81 92
1924 M $ 915 92
6
-year 6% notes
4
9515 44 90% 97
1924 A 0 95 Sale 943
Metropolitan Street R9-B'way dr 7th Av 1st e g 5s..1943I J D 89
70 6970
1
: 15 60 78
171, 25
Col dr 9th Av 1st gu g 58_1992 M 5 16% 20
134 Nov'24
57 8
7
7 Oct'22 _-- 39
Lex Av & P F 1st gu g 5s_ _1993 IM 5 ---- 50
57
Milw Elec Ry & Lt cons g 5s_1926 F A 9812 99
99
10, 91% 99
99
Refunding & extcn 41-3a1931 3 J. 894 9112 891k Nov'22 --I 794 90
Montreal Tram 1st &ref 5s_ _1991 J .
8838 Sale 883
8
8114 10 83 9238
1
New On Ry & Lt gen 9%8_1935 3 J 604 . __ 50 Feb'2r.
.. ..
.-.... - -- N Y Munie Ry 1st a f 5s A_19013 .5 J 934 _ _ _ _ 34 Dee'3I
N Y Rys 1st R E & ref 45_1942 3 3 305 3234 304
3034
5
:
31 Sale 304
Certificates of deposit
303
4 2! tr t2
15
30
els 13 5
-year adj Inc 5s
018 612 5
01942 A 0
134
512 24 4
512 5
Certificates of deposit
5
N Y State Rya 1st cons 4%6_1962 il88 Sale 6638
29 814 73
6)
N
Nor Ohio Trae & Light 6s__ _1947 M 8 914 937 9312
9414 27 92 974
9112
1 81
86
Portland Ry 1st & ref 5s__1930 M N 87 8712 86
8
Portland Ry Lt & P 1st ref 5s 1942 F A 83% 847 8314
93% 12 784 90
1st & refund 73.e Ser A __ _1946 M N 10712 Sale 1, 7
1 102 10 1
107
n, 3
5
91)12 9312 90%
6 884.
Portland Gen Elec 1st 58_1935
95
,
90%
i
'4
Pub Serv Corp of NJ gen 58.1959 3 0 85 i§ale 83%
8512 67 73 90
A
Third Ave 1st ref 48
013 805
4
1980 .1 J 61
6175 __ 3_7_ 561a 66%
Adjincome 5s
57
:
al960 A 0 561 Sete , 581s
Third Ave Ry lst g 5s
96 ! 9218 Nov'22
1937 3 3 94
Tol Tree, L & P (is
975 9812 9618
5
4884
'
9812 1271 93t 1906681
:
1925 A .
.
'Fri City Ry & Lt 1st a 1 5s__ _1923} t 100 10014 100
78
100
S 93
88
04
19
Undergr of London 43 s _1933 3
/
4
/
1
,
3 904 961 88 Dec'22
Income (3e
7832 ____i 743 Nov'22 - - — 60 7483
2
United Rya Inv 5s Pitts issue Ing
87% 14 75 91
8712 88 1 8712
5112 6914
United Rys St L 1st g 4s1934 J 1
061: 65 Dec'22
. J 61
Bt Louis Transit gu 5e
58
n ,,,,,
6912 68 May'22 _-__ 66
1924 A 0 61
Oa.
,
Va Ry Pow 1st & ref 58
2 72
84%
4
5
1934 3 3 843 8512 843
4
Gas and Electric Light
843
4
4
833 84 833
4
97
9712 9,14
97%
10414
102 1043 1034
4
10612 1u65 1084 107
8
10312
10 12 los14 107
954
9512 9612 954
11312 Sale 11212 113
4
1033
10 3 1037 1634
103 10434 1014 102
98
97 98 , 98
964
/
1
98
96% 97
'4
96%
97 Bale 1614
963
4
91 2
9614 Sale 9614
Dec'22
954 97
89%
89 Sale 804
31 70 88
/
44 8911 1001s
24
4
8
2 10012 10214
10 06
2
2 1874 1:7:31
2 02
12 110 120
104
1
0
5
15 110902's l05'
3
92 101
1
7 9
2 884 10 12
8 9
97
27, 88
%
8 2 9e2
98
924 39 92 9212
92 92% 92
/
1
6 894 914
88%
8812 Sale 8312
9)%
100 ---- 9975
100
9838 Sale 994
9b
4
242 89 1907112
7 9934
3
/
1
4
95 Sale 948
44 9912 10612
10318 Sale 1,212 104
5) 100 10
53
104
10,4 107 10314
4
4
1073
4 25 1043 1083
10314 104 107
94 289 9112 985
94 Sale 93
9218 ____ 100 Feb'13
21 9412 100
4 100
99
9918 103
PriceWeerit
Range or
Fridas
Last Sate
Dec 15
Bid
High No. Low High
98
1 89 98
Ulster & Del 1st cons g 59-- _.1928 .1 D 98 ____ 96
70
68 663 Oct'22 _--- 65
4
1952 A 0 64
1st refunding g 4s
4
4
4
913 240 88 983
1947 J J 913 Sale 9118
Union Pacific let g 4s
2 88 923
9012 90
90
1947 J .1 -Registered
9514
4
4
1927 J J 993 Sale 993
-year cony -Is
20
.7
8614 86
8612 173 Zs 1070
g2008 M El 86
let & refunding 4s
0,458 3J 102 106
4
10
-year perm secured Os_ _1928 J .1 10.38 105 1033
5 83 934
88
14
5
4
Ore RR & Nay con g 4s_ _ _1946 J D 863 888 8.5
Ore Short Line
4
1948 J .1 1013 103 1025 Dec'22 ---- 9612 106
1st eonsol g 58
s 10312 13 97 106
1948 J J 10212 1034 1025
Guar con 5s
923
8
4 59 8612 954
1929 ./ D 9214 925 92
Guar refund 4.8
s
8
1926 J .1 993 -___ 9912 Nov'22 ---- Ms 1003
., Utah & Nor gold Sts
864 8612
22
864 Feb.
1933 J J 9112 1st extended 4s
86
Apr'22 --- 7814 86
Vandal's cons g 4s Ser A__ A955 F A 804 ___
1957 M N 8012 _ . 854 Nov'22 ---- 8514 86
Consol 45 Series B
2912
7
7
Vera Cruz & P 1st gu 4Xs_ _ _1934 J J 3212 ____ 968 Dec'22 -.61 Its
1st 5s Series A__ _1962 M N 9718 Sale
9812 36 937 101
Wabash 1st gold5s88 8138 973
16 814 9312
90
2d gold 59
8912 Bale 88
,
I
let lien 50-yr g term 4s_ _ _ _1954. j 638 ___ 71
Oct'22 --- 6712 718
97
964
2 91
Det dr Ch Ext 1st g 55_ _ _1941 J J 95
96 May'22 2_
7512 Nov.21
Dee Moines Div let g 4a__ A939 J J 7314 79
P
% 7
74 7
Om Div 1st g 3%e
1941 A 0 C618 70 6814 Oct'22 ____ 65
8 69 81
Tol & Ch Div g 4s
7738
1941 PA El 7,4 -- -_ 774
8
899
Wash Term 1st gu 33es
8
1945 F A 703 8012 804 Nov'22
1st 40
212
-year guar 45
845 Nov'22 ----7%
1945 F A 8112 __
---- 89
v est Maryla d 1st g 40
63k61 :5812
1952 A 0 6112 6134 8112
1606112
1937 3 2 99% _ _ __ 994
eat N Y & Pa 1st g 613
9912
Gen gold 4s
912 883
7238 8112
79 814 Nov'22
1943 A 0 78
Western Pee 1st Ser A 5s
la
82 .
1946 M 8 80 Sale 7.138
a
Wheeling & L E 1st g 5s
9312 12 922(017
8
1926 A 0 934 Sale 967
4
Wheeling Div 1st gold 55....1928 J .1 94 Sale 94
5 893 9712
94
Erten dr Impt gold 5s
1930 F A 95% 978 945 Sept'22
82 94758
9 72 s
13, 6
62 81
Refunding 4%s Series A___1988 M 5 61
62
RR 1st control 4s
.
3 82 71 1%
68
1949 M 5 6613 C712 674
77 84
Winston-Salem S B 1st 45_ _1960 J J 8012 84
7912 Nov'22
Wie Cent 50-yr 1st gen 4s_
20 744 862
81
_,
4
1
4
1949 J J 803 813 804
Sup & Dul div & term 1st 45'30 M N 80% 7014 79%
80
38 751 69's
Am Wat Wks & Flee 58
1934 A 0
Bklyn Edison Inc gen 5s A_ _1999 J J
General&series B
1930 .1 3
General 75series C
1930 3 3
General 7s series D
1940 J D
Bklyn lin Gas let cons g 65.._1945 M N
7e
1932 M N
1st lien & ref 8 Series A _ _ _ _1947 M N
Canada Gen Elee Co 8s
1942I F A
Mein Gas& Elee lst & ref 58 1958 A 0
61-4% Ser B dueJan 1
1931 A 0
Columbia G & E 1st 511
19273 J
1
Stamped
1927 J J
Columbus Gas 1st gold 5s__ _1932 J .1
Oemmonwealth Power (is_
1947,M N
Consumers Power lien dr unifying I
is Series C interim eertifs 1952 M N
Deny Gas& E L 1st & rest g 58'51 MN
Detroit City Gas gold 58.._.1923 J J
Detroit Edison 1st coil tr 5s_1933 J J
let & ref 5s ser A
k1940 M S
let dr ref 6s series B
X1940 M S
Duquesne Lt 1st & coil(le_ _1999 J J
Debenture 73es
1936 J J
Empire Gas & Fuel 73e___ _1937M N
Gas & El of Berg Co cone le es .19494.J D
Great Falls Power 1st s I 58.._1941M NI
BONDS
N. Y STOCK EXCHANGE
Week ending Dec 15
2673 -
Havana Elec eonsol g 5s___ _1952 F A
Havana E Ry L & P gen 5s A _.'54 M
*Judson Co Gas 1st g 55_ .__ _1949 P4 N
Kings County Lighting 5s_..1954 J J
8%s
1064J J
Kings Co El L & P g 5e
1937 A 0
Purchase money 6s
1997 A 0
Convertible deb Os
1925 IN 53
Ed El III 13kn 1st con g 43_1939 J J
Lao Glit3 I. of St L ref dr ext 5s 1934 A 0
Metr Ed Ist&ref g Gs Ser B_..1952 F A
Milwaukee Gas L 1st 4s
1927 M N
Montana Power 1st 5s A__ 1943 J J
N Y Edison 1st & ref 83.es A_1941 A 0
N Y GE L&Pg 5s
19483 D
Purchase money g 4s
1949 F A
Ed Elec III 1st cons g 5s_..1995 J
NYQE1L&Plstg4s
3 A
F 3
Niagara Falls Power 1st 6s_ .1932
Ref & gen as
01932 A 0
Niag Lock & 0 Pow 1st 5s_ _1954 NI N
Nor States Power 25-yr 5s A..1941 A 0
1st ,Sr ref 25-year Os Ser B_ _1941 A 0
No Amer Edison Os
Ontario Power N F 1st 5e
94 M
53
19 2 F
Ontario Transmission 5s_..1945 M N
Pacific G & E Co—Cal0& E—
Corp unifying & ref 55_ _.A937 M N
Pacific G dr El gen & ref es_ _ _1942 J J
Pac Pow & Lt 1st & ref 20-yr &'30 F A
Pat & Passaic G & Eleons g 5s 1999 M
Peop Gas & C 1st cons g 6s._1993 A 0
Refunding gold 5s
Ch L dr Coke let gu g 55_1949 37 JJ
7M S
Con G Co of Ch 1st gu g 58_1936 J J
Mu Fuel Gas 1st cu g 58_1947 M N
Philadelphia Co(is A
_11926 F A
949
J D
Stand Gas & El cony s f Os_ _
Syracuse Lighting 1st g 55__ _1951 J D
Light dr Power Co col tref 513'59 3
Toledo Edison 78
Prenton G & El lat g Se
4
1941 M S
1 99 M
Union Elec Lt & P 1st g 5s
1932 M
United Fuel Gas 1st s f 88_1938 J J
Utah Light dr Traction 5s_..A944 A 0
Utah Power & Lt 1st
F A
Utica Elec L & Pow 1st s f 5s_ 1 954 J .1
5s94
0
Utica Gas & Elec ref 55
Wash Wat Powers f 58
959 J
• 1937 j
Westches Ltg g 68 strnpd gtd_1950 J D
West Penn Power Ser A eta__ _1940 M S
1st 40
-year 6s Series C__ _1958 .1 D
1st series D 7s
c199e F A
Ask Low
Range
I.1
fa
Jar. 1
a
High No. LF,777,7.
904 92 8812
4 79
821: 14 99
8214 8212 82
92% -___ 93 Nov'22 ---- 8512 93
81
804 - -_- 81 Dee'22 -- 81
881t
2 7714 10214
8890 2
5
994 9912 994
9912
9738 --__ 98 Nov'22 ---. 9112 995
11012 ____ 10912 Dec'22 ---- 10612 11112
7
1018 --- . 1051 Aor'22 -- 98 10
/
4
5.1358 597 87 Dec'22 -- -- 811k 90
9312
9538
9312 Sale 92
7 86
11
9234 8 4314
9
CIS Sale
lie% Sale
8834 8
9 34 Sle
2
9238
9
9
1.68
110
9814
s2
5
3114 10
1
1,714 52
Ill's 85
8
995 12
8214 10
/
4
874 991
971 9412
g
93 997
11153 1125
4
925s 1014
76
85
5
1 10012 101%
102 10212 1015
8 10138
9538 99
9412 Nov'22 ---- 9412 9412
8 94 1013
03128
03
103 Sale 19314 19C7
99% io
2 1001: 105
9512 -___ 98 Dec'22 ---- 96 9912
9218 Sale 92
8
9212 62 8 1s 95
10112 28 98 108
1004 102 101
63
9
:99 1
95L2 Sale95138
93
81
94 109 90 93 24
,: 397
051 3
8
09314
Sale
92 _ a9_211
9927
%
9212S48
8312 No'7 —9 i895
69925144
v 28 2 1, 6 : :
981234 1
587 3- i998
6
57
a. 1 4 ;
106 Sale 1- 514 1j514
95 Ss_ _l_e_ 994 sepe212 47 85 9O12
92
v2
2
78
9 99
92% 98
92
2
9212 —5 9 12 ,
9
4
9
19 78 95
95 Sale
sale 91%
1,39e
19 1
0(
3
6 95 104ss
8 8612 02e,
4
99% Sale 995
3 9212 10114
995
5
912 94
1
854 ____ 94 Nov'22 ---- 8512 94
1061 Sale 106
37 712 109
1041i iil;
:
107
6
92% __— 73 June'21
9414
gal.
9912 98
971 Sale 974
:
98
11 93 9938
4
21 9712 894
13712 88
83
8712
92 Sale b0 4
92
5
67 874 9412
1.418 ____ 95 Mar'20 -9112
_ 9138
915
s
1 -ail;"
(IN
99 __ __ 9712 Dec'22 ---- 9
5 998
967 9914 967 Dee'22 ---- 984 100
13
s
1a
19 12 Sale 2 9212
0
2
3
i
9212
7 89
9514
10112 102 10.3
4
1018
96
6 10
9911 166
108
1023
4
1023
4
salc,
9534
Manufacturing er Industrial
1896,00:348
Ajax Rubber 8s
42.32456191 8112
9712 9812 973
6
98
Am Agri° Chem 1st 55
4
10012
102 Bale 1011
67,8958:::::11°9990335111142
72 100 1053
: 103
1st ref s f 7501 g
73 2 Sale 7812
,
Am Cot 011 debenture 5s_
1 Ar
1923488 3 •N
11 98931 1111 A00
10518 _ __ 104%
11 104% 10812
1e47
Am Dock dr Impt gu 85
06
3. 971:4 047
American Sugar Refining Ss_ _ 1936j j 1324 Sale 101% 13214 _7_9 :11:71 104
401
;
937 J ./ 0514 :152 35
8414 8g1 817 88
8
Am Writ Papers f 7-6s
1939 J J 84 Sate 84
7
9014
Armour & Co 1st real est 434e 19393 D 8' a Sale 8914
Atlantic Fruit cony deb 7s A _1939 J D
Baldw Loco Works 1st 15e
1940 P4 N 10112 10314 101 Dec'22
.- - 90_2_3 8677141182 NO0et:2221 --Booth Fisheries deb s f 6s
1926 A 0 -8*36-838 _9 4_ 1.6
Bush Terminal let 4s
"ffi; "girg
1952 A 0
v8812 21 92's 94
Congo'5s
9214 94
-0
94 --4 861 953
9212
Building 55 guar tax ex_1 55 j
4
_ 198 A
90
9712 978 9712
977. 17 974 97 1
Camaguey Sug 1st s f g 7s __..1942 A 0
5
3
/
1
4
Canada SS Lines 1st eon sf7s 1942 M N 94 4 95 943
s
95
11 9
4 964
88
88 89 Nov'22 ---- 76 9212
cent Foundry 1st s f (113
Cent Leather 20
99
-year g Ss
_1925 A 0 984 98% 9838
19 1
8
95195 1094
89 90
4
Companla Azucarera Benign.%
100 Bale 994 10012 6111 90 101%
98 004
1st s 15-year g 73es
,
1937 3
8.
Computing- Lab-Ree s f (1s__ _1941 J .1 98 Sale 97
98
9912 ___ _ 9912
9912
2, 95
Corn Prod Refg s f g Is
9914
100 1014 100
1st 25
-year a 5s
Crown Cork & Seal Co of Balti81 92% 9812
3'
93
more 1st sf 20-yr g 6s._ _ _ _1943 F e 9212 93
93
A
4
Cuba Cane Sugar cons' 7s.._1flI0J J 873 Stile 85%
88
Cony deben stamped 8%..19303 J 93% Sale 894
Dery Corp D G 1st 5 f 20-yr
98
99 98
gold 7s
9812
10112 108
Cuban Am Sugar 1st coil 85..1931 SI 8 1074 Bale 107
10712
1942 M S
15 033 0 2
2
4 0
Diamond Match s f deb 7%s_1938 M N 10,12 Sale 107
1073
4 43 1064 :1,12
12 934 16312
33
Distill See Cor eons 1st g 58.1927 A 0 49 Sale 47
004
49
,
874 95
E I du Pont Powder 4%s
1938 J D 9.) 9212 95 Aug'22 ii51
du Pont de Nemours & Co 7%a '31 MN 1077 Bale 10718 108
s
4
East Cuba Sug 15-yr s f g 7%81937 M S 977 Sale 963
977 2,9
e
10514 105 8 105
Flak Rubber 1st s f 85
10612 65 997 10812
5
871 854 103
90
Frametie Ind & Dev 20-yr 7%s'92 JJ 9u14 Sale 8914
1941 M S
102 10238 10114 102
Francisco Sugar 7%8
73 994 1035
4
General Baking 1st 25-yr 6s 1938 M D 10018 .....__ 10012 Oct'22 ---- 93 10012
4
942 J N
Gen Electric deb g 33s
1942 F A 78 80 804 Nov'22'---- 7038 82
41 99 103
Debenture 55
1952 M S 10034 Bale 10e35 101
38 .0104 107
1 25 1
7
20
-year deb 88
106
9
Feb 1940 F A 105 Sale 105
99
33 97 100
GenRefr 1st s f g 6s Ser A-195'2 F A 98 Sale '97%
0414 Sale 114
:
Goodrich Co 6/
2
15 s
13
1947J J 1b13 sate 10158 1015 275 9067:11
84
Goodyear Tire dr Rub 1st e I Se '41 1111 N
173
4
10
194
034
99
-years f deb g 8s
e1931 F A 963 Sale 981z
f
Gray & Davis 1st cony s
i
97
gold
2 0512 100
7sF i
M is4 9512 me 9512
9&4 Sale 904
Hershey Choc 1st s f g 6s _____ 11994822
953 106 98% 9838
4
Holland-Amerlean Line tie _1947 M N 8712 Sale 87
8812 411 8438 9414
Ingersoll Rand 1st gold 5s_ _1935 J J 95 ---- 96 Nov'22 -77 Sale 77
77 I 10 -fifs -Si:
Int Agri° Corp 1st 20-yr 53_1932 P4 N
Internal Cement cony 8s_ _ _1926 3 D 10814 10912 108
11 102 116%
108
8
9
897 129 88% 9912
8734
Inter Merean Marlue s f Os_1941 A 0 8,4 Sale 871s
2.
89
45 88 90 2
International Paper 5s
19473 J
89, 8314 90
1st dr ref 58 B
4
19473 J 874 8712 863
1
:
2 0 104
3 71
6
8
8112 Sale 781z
Jurgens Works Os
3 102 108
lee 1
Kayser & Co 7s
s
1947 j A 1(3438106 10.5
F j
Kelly-Springfield Tire Ss__ _ _1942 M N 10712 Sale 107
314 196
s 10
31
108877131'242
19
98 9912 99
10012' 8 9614 101
Kinney Co 71is
Liggett & Myers Tobao
1173
s' 18 112 120
_1944A 0 1174 11,3e 1174
1936 .1 11 963
98 968
4
9715 13 91% 10012
55
Hee
l 27 112 11914
1154 116 115
Lorillard Co (P) 7s
1951 F OA
4 A
4
1363 Sale 964
4
9412 12 92% 100
: 9812 79 9 4 10112
7
8 01
6
Manati Sugar 74e
5s
:
D 98 Sale 9,1
O
A
9855 Sale 9838
9912 14
Merchants & Mfrs Exch 7s_19521
4
2
Morris dr Co 1st at 4%e
8712 28'
1939 J 0 874 Bale 87
A J
lc
---- ---- 83 Apr' ---- ---- ---Mortgage Bond 4r3
.._
94 June'18 1 ---5s.
1988
1932 A 0 92
4
Nat Enam & Stamm lst 581929 J D 97 -971; 97 Nov'22 -- -GI;iii7
_ 19 2
Nat Starch 20
-year deb 5s
1930
10112' 4 97 10212
N Y Air Brake 1st cony 6s.._1928 M N 1014 102% 10114
7
3
72
4' 2
- 74 85
5
-8 7
1951F A 974 -7- - 9714 8° 712 ....-2 95 92
N Y Dock 50-yr lst g 4s
4
973
35 9635 98
N Y Steam 1st 25-yr 8sSer A_1997 MN 9734 Sale 9634
10712 17, 98 108
/
1
4
Packard Motor Car 10-yr 811.._1931 A 0 10312 107% 1071
-- -- 1t212 104 Nov'22 —I 99 1043
3
4
Porto Rican Am Tob 85
19 7 33
1931 M N
107 118 108
10812 49 10114 11138
Punta Alegre Sugar 711
94 Bale 1 933
4
95 I 311 934 99
Remington Arms (ie
193? M N
-year 5 f
Robbins & Myers 1st 25
9812 9814
9814 12 9814 9912
j
19424 D 98
1 52 3 s
gold coupon 7s
10038 101 1 9812 101 1 19 98 1035
Saks Co 7e
8412 ____ 884 Oct'22 -- _ _1 8814 8614
St Joseph Stk Yds 1st g 4%8_1930
I
21
ve.o price Friday: latest bid and Baked. aDue Jan. dDue April. cDue Mar. eDue May. gDue June. hDue July. kDue Aug. oDue Oct. qDue Dec. sOption sale.
2674
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[Vol,. 115.
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "I,"
Standard Oil Stocks Par Bid. Ask. RR. Equipments
-Per Ct.tuts.
23
.
Price
Week's
i t l Ran'a
BONDS
Anglo-American Oil new_ £1 *175 1778 Atian Coast Line 65 & (13is 8 5.60 5.10
5
Friday
Range or
4.,. Since
N.Y STOCK EXCHANGE. ti
.
Atlantic Refining
100 1200 1240 Baltimore & Ohio 430& 68. 5.70 5.10
.... lk.
4:105
Dec 15
Jan. 1
Lest Sale
Week ending Dec 15
Preferred
100 119 120
Buff Roth & Pitts 45 & 4, 5.10 4.50
3i
Borne Scrymser Co
100 m118 123
Equipment68
- 5.80 5.00
Bid
Ask Low
High No. Low High Buckeye Pipe Line Co_ -- 50 *85 87 Canadian Pacific 4345 & 6s- 5.60 5.15
Rico sugar 7
8___1241 7 D 100 Sale 9912 100
38 94 103
chesebrough Mfg new.._100 215 225 Caro Clinchfield & Ohio 55_. 6.00 5.25
South Porto
112 July'04
1923 J J 9112,South Yuba Water 65
Preferred new
100 112 115 Central of Georgia 434s_..__ 5.75 5.25
__1930 M N 9912 10012 97
98
8 96 100
Standard Milling 1st 58
100 150 152 Central RR of N J 6s
Continental Oil
5.60 5.20
98
60 97 98
.
Sugar Estates (Orienti) 75._ _1942 M $ 9712 Sale 9714
Crescent Pipe Line Co__ 50 *46
47 Chesapeake & Ohio 65& 63is 5.70 5.10
1931 .1 D 10312 Sale 103
104
11 97% 108
Tobacco Products s f 78
Cumberland Pipe Line_ _100 164 188
Equipment 5s
5.60 5.10
4
8812 10478 Eureka Pipe Line Co_ _ _100 98 100 Chicago & Alton 6s
Union Bag & Paper let 58_1930 J .1 ---- ---- 1043 7une'22 __
8.50 5.75
1942 M N 9712 Sale 9712
io 9614 101
Galena Signal Oil corn_ _100 58
68
60 Chicago Burl & Quincy 65_ 5.60 5.15
3 1033
4 10 10134 105
Car equip 78__ _ _1930 F A 10312 1031 1033
100 108 110 Chicago & Eastern Ill 530_ 8.10 5.50
Union Tank
Preferred old
1941 .1 D 1121s 11252 112%
United Drug cony 88
1125
4 21 104 113
100 105 109 Chicago Ind & Louisv 434s_ 5.65 5.28
Preferred new
,
United BS Co Ltd (The) CopenIllinois Pipe Line
100 162 165 Chicago St Louis & N 0 5s_ 5.40 5.00
9112 17 8934 9512 Indiana Pipe Line Co_ _ _ 50 *9012 9112 Chicago & N W 430
M N 9112 92 91
hagen int rots 15-yr 81 6s_ _1937
5.25 4.75
I
United Stores Realty Corp 20-Yr
International Petrol (no par) *203 21
4
Equipment 65 & 630--- - 5.60 5.15
10014 179 993 10012 National Transit Co_ _12.50 *2712 28 Chic R I & Pat 430, 58, 6s_ 5.80 5.15
1942 A 0 10014 Sale 100
4
s 1 deb gold 65
1932 j j 103 10412 103
103
11 98 105
U S Hoffman Mach 88
New York Transit Co_ ...100 0130 134 Colorado & Southern 5s, 65_ 5.70 5.25
3
993
8 40 92 993
US Realty & I cony deb g 55_1924 J j 991s 993 9818
4 Northern Pipe Line Co_ _100 100 102 Delaware & Hudson 68
5.60 5.35
-year sea 78_1923 j D -------102 Nov'22 _
10012 10412 Ohio Oil new
*71
U S Rubber 5
74 Erie 434s, 5s & 6s
6.10 5.40
1947 j j 8812 Sale 88
89
177 86 92
let & ref 58 series A
25 *18
22 Great Northern Os
Penn Mex Fuel Co
5.60 5.20
108
38 104 11012 Prairie Oil & Gas new.._100 /205 215 Hocking Valley 430,5s & 8s 5.65 5.20
-year 7348
1930 F A 10812 Sale 108
10
Va-Caro Chem 1st 15-yr 58.. A923 J D 10012 Sale 10014 10012 48 93 10112 Prairie Pipe Line
100 310 313 Illinois Central 430, 58 dr 68 5.50 5.10
8
Cony deb Os
92 102
e1924 A 0 10018 1003 10018 Dec:22
100 360 370
Equipment 7s & 630....._ 5.40 5.10
98
75
1947 J D 96 Sale 9512
144 9412 997
5 Solar Reffn pe
°uthern PifngLine Co_ _100 103 105 Kanawha & Mich 430, Os__
ji 9112 92 9112
12
-year a 1 734s
1937 J
63 9012 1073
92
100 163 167 Louisville & Nashville 55_ _ _
4 Soatimest n a pipe
s u h Pen p Oil
84
without warrants attached-- J .1 84 Sale 83
17 82 9814
Lines.100 84 67
Equipment 68 & 63is.. _ _ 5.60 5.10
10312 32 9912 10412 Standard Oil (California) 25 *11434 11512 Michigan Central 5s,(W.__ _ 5:80 5.
Warner Sugar 75
1941 J D 10314 Sale 103
25
10
550 .
5
997
West Electric 1st 5&_ _Dec 1922 J . J 992 100% 9)7
5
2 99 10012 StandardNew stockl
25 *57
53 Minn St P dr S 5 M 430& 5s
oi
Westinghouse E & hi7
1
1931 AI N 1063 10714 107
4
10735 31 105 109
Equipment 63is & 7s_ _ _ _
Standard Oil (Indiana)_ _ 25 *11814 11612
1007
8 45 93 1025
Wilson & Co 1st 25-yr s I es_ A941 A 0 100% Sale 100
(Han) new 25 *4214 423 Missouri Kansas & Texas 55 3 90 5..25
4
4
5 75 3 33
.
5
9412
10
-year cony 5 f Os
95
74 Missouri pacific 52
24 84 10012 Standard Oil (Kentucky) 25 170
1928 J D 945 95
5.75 5.10
1043
4 27 9412 110
• Temporary 730
1931 F A 10312 Sale 1031
Equipment 68 & 630
Standard Oil (Nebraska) 100 195 205
10214 Sale 1003
8 10112 18 10012 10412 Standard Oil of New Jer_ 25 *1973 199 Mobile & Ohio 430, 58
Winchester Arms 7340
4
1941 A 0
3.75 326
25 *3914 40 New York Central 430, 5s_ 5 75 5'34
530 5.00
:
,
New stock w 1
Oils
100 *11614 117
Equipment 6s & 75
. 5.60 5.15
1937 j j 99 Sale 98 4
3
9938 39 97% 10414 Standard O of New Y'k. 25 *47 4714 N Y Ontario & Western 430 8.00 5.50
Atlantic Refg deb 58
eferredil
8 102
Barnsdall Corp 8f cony 8% A.1931 J J 102 Sale 1015
57 997 1075
s
4 Stan
Prdard Oil (Ohlo)_ _ _ _new *280 270 Norfolk & Western 43is_ _ _ _ 5.25 4.65
1931 j j 10115 10214 10112 102
Serles B
2 101 108
100 117 119 Northern Pacific 78
Preferred
5.35 5.10
5
8
Humble 011 & Refining 5346 -1932 J J 977 Sale 977
9814 189 9714 1003
100 26
29 Pacific Fruit Express 7s........ 5.40 5.10
5
Invincible 0118s
90 110
1931 M S -_-- ___ 110 Nov'22 Svr ion& Fik C Co.._ _ ..100 129 132 Pennsylvania RR 45 & 434s _ 5.20 5.00
Unan Tan nenar
11012 113 110
112
9 8434126
Mariand Oils f 83 with waents '31 A 0
glg20
100 108 10912
2..
Equipment 85
Preferred
4
103
12 91% 106
25 *24012 41 Pitts & Lake Erie Os & 13;5s.
wlthoutwarrant at tached ___ A 0 101 1023 103
Vacuum Oil new
8 10312 25 9712 12014 Washington 011
730.9 erB
1
10 •24
1931 F A 102 103 1027
27 Reading Co 430
5.25 4.87
10714 Sale 10718
1081
Mexican Petroleum s 1 88_ _ _ _1936 M N
49 99 10812
St Louis Iron Mt & Sou 5s.._ 6.00 5.25
Pan-Amer P & T 1st 10
-ye 78_1930 F A 10214 10212 10214 10212 18 9412 10312
St Louis & San Francisco 58_ 5.60 5.20
98
9712
99
47 9412 10235
Pierce 011 5 1 813
1931 j D 97
Seaboard Air Line 430& 5s_ 8.00 5.40
er Oll Stocn s
Loboa Oil (ko par)
11812 Sale 118
119
Prod & Ref a f 8s(with war'nts)'31 J D
14 99 1237
*
614 612 Southern Pacific Co 430._ 5.25 4.75
s Atlantic
Oth
4
50 no
30
without warrants attached_ _ _ J D 1073 Sale 10714 1073
5.35 5.00
4 84 99 103
Equipment 7s
Preferred
Sinclair Con Oil cony 7;0_1925 M N __ _ - ___- 102% Nov'22 ____ 98 1107
'5212 53 Southern Ry 430,.5s & 6s
5.75 5.35
5 Gulf 011 (new)
4
15
-year 7s
1937 m s 1003 Sale 10014 10112 217 98 102
36 Toledo & Ohio Central 68_ _ _ 5.90 5.40
Humble Oil & Ref new - 25 *34
5
Sinclair Crude Oil 530
25 *113 115 Union Pacific 78
9814 43 97
1925 A 0 9815 Sale 977
6.30 5.00
993
4 Imperial 011
Sinclair Pipe Line 20-yr at g 58
5.90 5.40
Magnolia Petroleum_ ___100 ?NO 164 Virgiqlan Ry Os
Interim certifs due
3
1942 A 0 8912 Sale 89 5
4 7
893 115 873 95
4
4
Merritt 011 Corporation_ 10 *63
Standard Oil of Cal 7s
al931 F A 10614 Sale 10614
5 *912 1112
Tobacco Stocks
1067
8 69 10412 1067
8 Mexican Eagle Oil
10212 10312 1022
75
Tide Water Oil 6;0
5
1931 F A
10314 18 100 10412 Mountain Producers Corp.._ *21834 17 American Cigar common.100 72
95
Union Oil 545
9412
1931 J J 9412
245 207
5
Preferred
9412 10 9412 9412 Salt Creek Producers
s
___105
6a
1942 F A 10114 10112 101%
Public Utilities
Amer Machine & FdrY--12
10112 34- 10115 1004
Amer Gas & Elec, com__ 50 stil.35 149 American Tobacco scrip_ _ _ _ *146 149
Mining
21
50 *4312 4412 British-Amer Tobac ord. Ll *20
I
Preferred
Alaska Gold M deb 68 A
1925 M 13
21
1212 Amer Light& Trac,coin _100 136 138 Brit-Amer Tobac, bearer £1 *20
7
7
7 7
7"
Cony deb 6s series B
1926 m s
.,
100 96
5%
8
51
8 11! 51 107
94 Helme(Geo Mr) Co,com.100 173
8
Preferred
Am.Sm & R let 30-yr 5s ser A 1947 A 0 9;; ,312 9
116., 9_
s
_3
9378 1061 8612 96
Preferred
.
AMer POWer & Lt, cora_ -100 131 135
Braden Cop M coil tr 5 f (35_ _1931 F A 1 ' 00 • 99
18
100 85 88 Imperial Tob of G B & Ire1
. 2
9932 16 93 100.4
Preferred
109
4:
Cerro de Pasco Cop 8s
90
1931 J . 13612 Sale 128
1
13612 3011110 13612 Amer Public UHL corn....100 12
16 Johnson Tin Foil & Met_100 80
Chile Copper 10-yr cony 75_1923 M N 113 Sale • 110
100 32 36 MacAndrews & Forbes_ _100 12612 12812
11312 282 99 118
Preferred
Coll tr & cony 65 ser A_ _ _1932 A 0 9814 Sale 96
77
9612 157, 84 973
4 BlackstoneValG&E,com 50 *75
100 100 102
Preferred
Granby Cons M S& Peon Os A '28 M N 38 114
92 Sept 22 -.-J 87
33
94
.
Carolina Pow & Lt,com..100 57 60 Mengel Co
Stamped
1928 M N 22 95 92 Nov'22 --_1 87
76
1
99
.
Cities Service Co, com_ _100 174 177 Porto Rican Amer Tob_ _100 10
Cony deben 88
1925 M N '95 9312
100 6714 673
0
95
Preferred
7 86 102
'2
4
Scrip
Magma Cop 10-yr cony g 7s_ _ 1932 J D 11415 Sate 113
5
11434 18, 1095 123
Cities Service BankersShares *17% 18 Schulte Ret Stores_(no par)
9812 9912 9812
Tennessee Cop let cony 6s
1925 M N
115
11 9212 101
9912
Colorado Power, com__ _100 20 22
Preferred w 1
U S Smelt Ref & M cony 65_ _1926 F A 100 1007 10014 100 s 101 9512 1035
100 92 94 Universal Leaf Tob com_188
119
8
Preferred
s
7
om'w'th Pow,Ry & Lt_100 27 28
100 102 104
Preferred
Coal, Iron and Steel
100 65 67 young (J 5) Co
102
Preferred
Beth Steel 1st ext 5 1 55
8
1926 J j 987 9914 99
107
99
5
Preferred
9914 161 9512 100 3 Elec Bond & Share, pref_100 98
1st & ref 58 guar A
ices)
1942 M N 94 93 9312
46
1
e
Rubber Stocks (C11E anti
Federal Light & Tree__ _100 44
9612 35 8913 199
20-yr p m & Imp a 1 55
100 72
1936 .1 3 9314 Sale 93
75
74 Firestone Tire & Rub,com.10 73
Preferred
9312 16 86 95
4
68 4_
100
1948 F A 983 Sale 983
1734
5
6% preferred
99
14) 98 10112 Lehigh Pow Sec......(no par) *17
Brier Hill Steel 1st 530 - _ _ _1942 A 0 9414 Sale 9414
95
2812
7% preferred
1
1100 97
9434 232 91 100% MISSISSIPPI Riv Pow,com100 27
Buff & Susq Iron 5 f 55
100 8112 8312 Clen'l Tire & Rub,corn_ _100 325
1932 J D 9
e2i ____ ____ ___
0% ..,- 78 tkor
Preferred
Colo F & I Co gen 5 1 5s
1943 F A 88 8812 89 Nov'22
9314
100 97 ii36 -Preferred
82 9212
First Mtge 5s, 1951 _J&J 92
11
Col Indus 1st & coll 55 gu_ _ _ 1934 F A 7714 773 78
9
4
8212
78
-8 71
s i g deb 75 1935_ _ _M&N 100 101 S'oodyear Tire & It, com.100
29
Cons Coal of Md 1st & ref - 5_1950 J D 8312 Sale 8734
5
L, corn..(no par) 3712 39
Preferred
8 57 88 93
887
Nat Pow &
72
Donner Steel 1st ref 20-yr sf 7s
(no par) 79
81
Prior preferred
Preferred
86
J&J 86 88 Goody'r T&R of Can, pfa 62
• Series AA
1942 J J 8914 90
J
89
90
19 88 • 9813
Inc 7s 1972
70
Elk Horn Coal cony 68
1925 J D 99 -,, 1023 Dee'22 ....
100
7 Miller Rubber
4
4 Northern Ohio Elec (no par) *4
9612 1023
10012
10f 20
Illinois Steel deb 434s
1940 A 0 9112 92 91
Preferred
24
Preferred
9F8 8612 9372
3
0
25
1952 M N 10114 Sale 10114
Indiana Steel 1st 55
99 Mohawk Rubber
100 4.c5)
es14 103
States Pow, com_10f 97
102
92
North
70
10f 92 94
Lackawanna Steel 1st g U..._1923 A 0 997 100
8
Preferred
997
8 100
Preferred
4
17 933 10012
23
let cons 58 series A
1950 M 5 8912 9112 8912
99
2 82 943
4 Nor Texas Elec Co,com_100 82 85 Swinehart Tire & R.com_100
84
10f 81
Lehigh C & Nave f 430 A_..l954 J J 9012 --,- 94 June'22 .._ _ _ 90 94
Sugar Stocks
Preferred
15
50 *13
Midvale Steel &0cony s f 54_1936 M S 8838 89
885
8
8934 149 83 923
4 Pacific Gas& El, 1st pref 10f 88 90 Caracas Sugar
8312
56 r1ent Aguirre Sugar com_ 20 *82
National Tube 1st 5s
1952 M N 10J18 101 100 4 101
3
12 9455 101% Puget Sound Pow & Lt _ _100 53
*14 114
100 82 85 Central Sugar Corp.(no par)
1941 F A 9,4 9912 98,
3
Otis Steel 88
8 9612 103
9914
8% preferred
212
100 103 105
100
1
Preferred
lst 25-yr s f g 730 Ser B_ _ _1947 F A 9312 Sale 9212
935
8 20 92
961s
7% preferred
35
_M&N 103 105 Cupey Sugar common_ _ _100 25
Pleasant Val Coal 1st g 8 f 55_1928 J J 85_ -,- 80 Apr'22_ 80
80
Gen M 73is 1941_ _
18
100 45 65
Preferred
Pocah Con Colliers 1st 8 f 5621957 J J 94'8 9
0 923
4
Republic Ry & ,Light_ -100 14
0234
1 8714 95
10f . 42 44 Fajardo Sugar
100 80 82
Repub I & S 10-30-yr 55 a 1...1940 A 0 94 Sale 9112
Preferred
9312 32 90 981,s
com_10f 104 105 Federal Sugar Ref, com_100 160 85
-Brown Iron Co 20
-year gen
Rogers
South Calif Edison,
100 122 125
( 95 105
)
Preferred
par P .
l0
& ref mtge gold 78
1942 M N -„- 94
93
93
2 93 100
Preferred
*19
16
19
20 Godchaux Sug, Inc-(110
St L Rock Mt & P 58 strop& _1955 J J 835 --- 85
2
85
5 78
88
Standard Gas & El (Del) 50
50 *48
85
49
100 80
Preferred
Sharon Steel Hoop let 88 ser A1941 M 8 9114 Sale 97
Preferred
9914 25 2312 102
81
Steel & Tube gen s 1 7s ser C.1951 J J 10112 102 1003
4
Tenneslee Elec Pow (no par) *1412 1512 GreatWestern Sug new25 100 e*79
10234 61 97 108
(no par) *43
48
Tenn Coal I & RR gen 58__ _1951 J J 993 ---- 993 Dec'22 _
Preferred
100 107 109
4
4
9612 1005
8
2d preferred
72 Holly Sug Corp,com.(nopar) *15 20
U S Steel Corplcoup
dl983 MN 103 Sale 10234 1033/1 2 , 9912 10412 United Lt & Rys, corn.. _100 71
.61
100 77 80
at 10-60-yr 5slreg
Preferred
100 58 03
d1963 MN
preferred
10112 Nov'22 ____ 99 10412
1st
44 Juncos Central Sugar- _ -100 50 100
Victor Fuel Co 1st s f 5s
1953 J J 521- 645 56 Nov'22 ._ _
4
4
4 Western Power Corp_ _ _ _100 42
56 . 653
100 92
9512
96 National Sugar RefIning_100 8106 108
355
8
ii 87
Va Iron Coal & Coke 1st g 55_1949 M 13 93
9538 9512
Preferred
SantaCecillaSugCorp,91.100
9
13
Wickwire Spen Steel 1st 75_1935 J J ---- 94 94
9434
5 9414 10138
Pe
- r Cecil
(no par) *50 54
Savannah Sug, corn..
Short Term Securities
97
Preferred
100 102 105
5
Telegraph and Telephone
Cot 011 65 1924_ _ M&S2 1007 973
Am
_F&A
s 10118 West India Sug Fin,com_100 30 60
Adams Express coll tr g 48_ _ _1948 M El 80 8114 80
8i
11 75 81
Amer Tel & l 681924
4
100
Preferred
Am Telep & Teleg coil tr 4s_ _1929 J J 871 Sale 9114
/
4
TeM
9y)14 294 8614 94
Annconda Cop in68'29J&J 100%013
J&J 103% 0313 Industrial&Miscellaneous 37
43
4
Convertible 4s
1936 M S 87 883 87
4
885
4 34 8014 93
1929 Series B
7s
103
235 245
20
-year cony 430
1933 M S 102 10312 1027
8
4
1027
s 14 955 10412 Anglo-Amer 0117%825 A&O 10412 1033R American Hardware.._ _ _100 61
64
Arm'r&Co75Ju1y15'30J&J15
10434 Amer Typefounders,com.100
30
-year temp coil tr 55
1946 J D 9312 Sale 973
4
9812 243 9112 10014
J&D15 100 101
100 98 102
Preferred
7
-year convertible 65
1925 F A 11614 Sale 11512 1,1612 41 108 120
Deb 6s J'ne 15'23
'24_J&1315 100 101
100 151 155
Atlas Powder
Bell Teleph of Pa 5 1 7s A
_1945 A 0 10812 Sale 108%
10812 45 107 112
Deb 6s J'ne 15
39
10112
(no par) *38
4
Cent Dist Tel 1st 30
-year 5s_ _1943 J D 10014 ---- 9912 1004
/
1
6 971 10014 Beth St 7% July 15'23J&.115 101 1013 Bliss(EW)Co,new..
50 .60 65
10114
Preferred
1924 M&S2
Commercial Cable 1st g 45-2397 Q J __-- 7512 74
74
4 .72 78
Canadian Par 6s
Company,com_ _100 114 118
1003
Comb T dr T let & gen 55._ _1937 J J 92 9212 92
9212 30 8812 96
Federal Sug Ref68'24_M&N 100 4 10114 Borden
100 100 102
Preferred
M&S
10012
Keystone Telep Co 1st 5s_ .. _ _ 1935 J J - --- 94% July'21 _ _ _ ..
-,,
- Hocking Valley 65 1924
100 100 102
*97
99 Celluloid Company
Mich State Teleph 1st 55.. _1924 F A 9912 100
9912
943
4
Interboro R T 85 1922 _M&S 100 5 1007
9912 34 -..,,- 100
100 106 110
Preferred
5
8
New England Tel doTel 51_1952 J D 9814 Sale 98
Term Ry 85'23 M&N15
5
99
174 .973 100
KC
100 115 118
J&J 102 104 Childs Co,common
1931
N Y Telep 1st dr gen s f 4;0_1939 M N 9312 94
14
6;48 July
9312
28 83 9714
94
100 108. 110
Preferred
'29..F&A 101 10114
30
-year deben 8 f 68_ __Feb 1949 F A 106 10612 108
4
10612 51 1013 1087
s Laclede Gas 75 Jan '27_F&A 92 9212 Hercules Powder
98
Pow Sec 65
20
-year refunding gold 68_1941 A 0 1053 Sale 10514 10178 117 1017 10814 Lehigh
8
4
Preferred
103
1 00 103
65'29_E&A 9312 98
Northwest'n Bell T 1st 78 A_1941 F A 1077 Sale 10712 108
8
112 10512 109
Sloss Shelf 5& I
100 80
1023 10235 International Salt
5
Pacific Tel & Tel 1st 55
1937 J J 9712 97 5 9712
7
Swift & Co 7s Aug 15 1931- - 108 10812 International Silver, pf 100 103 166
14 9178 100
98
730 1930..F&A
58
1952 MN 913 Sale 9114
5
9112 79 90 95
us Rubber
Lehigh Valley Coal Sales. 50 *80
82
South Bell Tel & T 1st s f 55_1941 J J 98 Sale 95
4 Joint Stk Land Bk Bonds 992 1003 Phelps Dodge Corp
9614 21 93 993
4
4
100 155 165
Jt 5tk Land Bk 5s..193
11 9014 101
Western Union coll tr cur 5s.._1938 J J 9534 1173 9712
98
4
Chic
5
1023 1033 Royal Baking Pow,corn_ 100 122
4
Fund dc real estate g 4%8 1950 M N 91
8
9114 91
9 8812 945
58 1951 opt 1931
9114
Preferred
100 98 ior
1023 10312
4
14
15
-year 6548 81
1936 IP A 1097s 110 1093
58 1952 opt 1932
4 11014 1' 106
Manufacturing_ _ _100 114 117
1951 opt 1931- 10512 10612 Singer
Mut Un gtd bds ext 5%.---1941 MN 9314 ---- 10112 Sept'17 -----------5%s
NorthW T 1st fd g 434s gtd1934 J J 918s 94
94 Aug'22 ____ 94 94
Basis. d Purchaser also pays accrued dividend. e
* Per share. Lan sale, m Ex-400% stock dividend. r Ex-50% New stock.
I Flat prim. k b
stock diviof $80. p Ex-special dividend or
•No price Friday;latest bid and asked. aDue Jan. 4Due April. cDue March. e Due dend. o Ex-special dividend -stock div. u Ex cash and stock S15. n Nomln I. .
dividends.
y Ex-rights. t Ex
May. gDue June. hDue July. kDue Aug. oDue Oct.t Due Dec. s Option sale.
x Ex-cliv.
1
212 1. 2
S2
gg
5
427 92
112
2
BOSTON STOCK EXCHANGE-Stock Record See next
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
,Satvrday,
Dec. 9.
Monday,
Dec. 11.
Tuesday,
Dec. 12.
Wednesday. Thursday,
Dec. 13.
Dec. 14.
Friday,
Dec. 15.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2675
Range since Jan. 1.
Lowest
Railroads
Shares
83 Boston & Albany
100
.z145 148
14612 148 .2146 148 .21461214712 14612 147
434 Boston Elevated..
8412 8412 85
8412 85
100
831-831-2 - 2
*84
843
4 8312 8312 84
Do pref
64
101 102 *101 103
100
101 101
102 102
.101 102
Do 1st pref
118
123 124
123 123
123 124
100
123 123
123 123
257
Do 2d pref
10314 1031102 10212 10212 1033 103 103
4
4
100
102 10212 10212 103
12
224 Boston prel\
Do dr rfaine
1814 1814 183
18
4 1814 1812 1814 1814
1812 19
100
19
19
*2212 25
23
100
2312 2312 *2212 ____ *2212 26
23
292
Do Series A 1st pref
3014 30
30
30
100
3012 30
30
303 303 *30
4
4
47
4
0
Do Series B 1st pref
4714 47
72
014
4812 *48
48
48
48
47
100
236
Do Series C 1st pref... 100
.41
40
- _41
41
40
42
42
17'
Do Series D 1st pref_ _100
_
5812 *58.50
58
58
5814 5812 58
6 - 160 160 7 160 160 162 162 90 Boston & Providence
-100
*100
_ _ 160 16018 *160 1- -2
2214 2112 22
602 East Mass Street Ry Co 100
22
21
2012 21
22 2214 2214 2214 *22
9
Do 1st pref
*69
70
*69
70
*69
70
70
70
100
70
70
70
*69
417
Do pref 13
100
5919 5912 5912 5912 5934 60
*5812 59
5812 5812 59
58
3712 3712
39
*36
36
36
38
Do adjustment
38
*36
37
37
100
45
*41
93 Maine Central
44
45 *
45 *__ _ _ 45
43
42
45
45
100
2218 213 221 213 213
8 22
875 N Y N 11 & Hartford
4
4
8
/
4
215 2238 213 223
8
100
4
4 215 2218
Northern New Flampshire_100
66- d 2
1
*
6i- * N12 1- *g314 103-- -;56- 1Norwich dr Worcester pref_100
.9512 103
8112
80 .
*78
313 Old Colony
80
78
_
80
77
Si
80
100
_ Rutland prof
*3118 _ *3118 _ *3112 - *3118
;51;
100
98
96
_54 Vermont & Massachusetts_100
.96
9612 90 -- - *96
98
9612 *96
98
13014 Jan 4
73 Feb 20
9414 Mar 1
116 June 22
10112 Nov 20
14 Jan 10
20 Jan 9
22 Jan 5
36 Jan 17
30 Jan 9
40 Jan 12
125 Jan 12
18 July 13
66 Aug 14
51 July 13
28 July 14
2712 Jan 30
1214 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23
Highest
152 May 22
8912 Sept 12
105 Sept 13
126 Sept 27
104 Nov 28
3112May 20
37 Apr 8
4412 Apr 26
62 May 20
54 May 25
77121May I
163 July 17
2658July 31
77 July 14
60 Nov 10
47 Aug 17
55 Oct 21
347sMay 22
96 July 19
100 June I
9814May 23
5278June 5
9912 Aug 10
Range for previous
year 1921
Lowest
Highest
Apr 133 Nov
119
6178 Jan
79 Nov
Jan 100 Dec
78
_ ---4 15-1731- - eC 253 Feb
Jan
1612 Nov 30
Jan
19 Aug 33
47
Feb
27 Nov
Jan
24 Nov 40
Jan
36 Nov 58
Jan
110 June 133
_--____
-- Dec
3612
60
51
Dec
Apr
Nov
431
2314
75
76
Feb
Jan
Feb
Jan
50
15
69
Oct
Apr
Nov
75
21
78
Jan
Jan
Dec
Miscellaneous
25 Amer Pneumatic Service__ 25
234 Feb 4
Jan 1 53 NovN oe
4 14 Jan 27
2
95 8 Dec
235
Do pref
50 13 Feb 20 2014 Aug 10
812 Jan
1558
1247 12512 3,599 Amer Telephone & Teleg_100 1145 Jan 3 12814 Aug 31
s
8
9518 Jan
Nov
353 Amoskeag Mfg
1141 115
No par 104 Jan 10 117 Jan 24
Jan 109 Dec841
74
Do pref
77
---- ---No par 80 Nov 6 91 Aug 24
78 Feb
Dec
--------------Art Metal Construe Inc.._.. 10 14 Nov 16 2012May 19
Jan
12
86 Sept
--------Atlas Tack Corp
No par
13 .ian 7 22 May 4
1234 Dec 20 Apr
4
200 Beacon Chocolate
p10
a
, .05 Dec 12
.75 Feb 21
.15 Dec
- 0 .1.
-*;.1- -- 8 *.10 .18 ;do - 1- --:1- -- 5
.i.
- ;.10 -600 Boston Mex Pet Tnis_ _No
.3
3 .i.-. ---- - - -.I0Sept 14
.50May 4
.15 July
.1/5 Jan
Century Steel of Amer Inc.. 10
.05 .1an 20
.20July 17 .0812 Oct
Jan
34 -8ii- -- -2 -iA- lg.- -2- 58 -2i7- -` 4 -2'- - ---i4 27,4
-: - i
820 Connor (John T)
7
_.
- 4
.3
- s
5.5
10 1534 Jan 4 293 Sept 8
.,1
912 July
3
147 Inb
1171 Dee
..3
312 *3
312 *3
312
295 East Boston Land
312 4
.3
4
10
3 Jan 4
Oct
3
6 Apr 21
465 Eastern Manufacturing
714 73
s *7
712
72 72
,
,
7s
,
712
712 712 -- - - - - - 5
7 Dec 6
1414 Feb 10
Jan
918 Oct 23
8412 8414 843
8412 84
*84
225 Eastern SS Lines Inc
4 841. 35
*81
8478 8312 84
25 3812 Jan 4 89 Oct 26
Jan
42 Dec
16
Do prof
50 42 Jan 7 48 Sept 1
42 Nov 45 Dee
- 4
iiii4 1'113 171 17134 16958 171 - 17012 lil - OA 1715- 17034 1713
4 1,859 Edison Electric Illum
8
100 156 Mar 2 185 Sept 1 14214 Oct 16512 Dec
93
8 93
10
*9
*9
8
*9
10
10
250 Elder Corporation
914
912 *938 10
No par
3 Mar 14 13 May 17
Jan
17
3 Nov
3112 30
3112 3112 *29
30
50 Galveston-Houston Elec__100 2812 Oct 24 39 Aug 15, ---__ _
*29
__ __
____ _ _ _ _
30
30
-*912 10
*914 10
10
350 Gardner Motor
10
912 10
*912 10
No par
9 Nov 27 104 Apr 6
Sept 2314 Arr
978
/
1
18 .1812 18
19
*18
239 Greenfield Tap & Die
4
- 19
183
4 1814 1814 *18
-i3r2 -1 3
25
18 Aug 30 2714 Feb 27
Nno_e
_
2
1914 Dec _i
4812 4812 4812 48
*48
4812 -------/ 4834 *48
1
4
194 Hood Rubber
4814 48
No par
43 Mar 9 5314 Mar 20 -- - - -- -.3412 35
35
35
3518 3518 3512 3555 3514 355 - - -- - --135 Internat Cement Corp_No par
8
26 Jan 20 3712May 13
Dec
19 July
•__
22 .____ 22 .____ 22
22
22
10 Internat Cotton Mills
22
--_32 Dec 4112 Feb
36212
27
5
75
74
*72
80
74
*75
35
Do pref
72
72 **7 6- 72
7
---- -74 Dec 86 Mar
85 Dec 1
2
2
*112 2
--------200 International Products_No par
*13
4 21 i
17
8
17
8 *13
4 2
114 Nov 17
Mar
AJJ,I y:n
13 ,Nan
9 J aao:r
5
*6
*6
9
*6
9
812
Do pref
50
63
8 63
s *6
100
814 ---- ---512 Dec 4 17 Apr 1
473
5 BcPy 32Jan
2 No t
---- - _
_
Island Oil & Tramp Corp
-- 10
.62 Apr 15
Mar
3 Jan 24
2 Sept
7
614 678
7
63
4 714
658 63
825 Libby. McNeill & Libby__ 2;
4
612 - - 612 634
63
4
/
.?
8 8 si) 24 1112June 3
15
iy
ir
Jan
AN Dec 13
1014 1014 101. 1012 1012 1012 103 1038 103 103
8
531 Locw's Theatres
s
4 1012 1012
1
13 Jan 16
1814 Dec 18 June
89
8912 90
8914 89
* 8912 90
817 Massachusetts Gas Cos.. _..100 63 Jan 3 901 Nov 9
893
89,2 89
4 8814 8978
/
4
5334 Sept
70
70
70
71
70
71
7112 703 71
70
196
Do pref
8
7012 71
100 62 Jan 3 74 Oct 19
5812 Oct
175
175 1751 173 173
.2_ _ 17512 175 175 *x_
/
4
224 Mergenthaler Linotype__ ..100 130 Jan 3 181 Oct 13 117 Sep
173 180
12
1212 12
*12
1212 *12
1212 *12
*12
90 Mexican Investment Inc.._ 10 12 Sept 28 273
1212 12
12
8June 26
/
1
134 Sep
2712 2753 27
27
2712 27
27
/ 2712 2778 2778
1
4
27_12
179 Misslas1001 River Power.- _100 13 Jan 6 34 Aug 31
11 Sep
1412 Mar
84
84
84
8112 8312 *82
84
*82
105
*8112 8212 _ 2'712__ _
Do stamped pref
100 7212 Jan 9 854 Oct 6
/
1
Apr
60 June 84
714
714
718 77 ,
8
73
A
714
712 758
718
712
714 1,447 National Leather
7
10
7 Dec 15 115 Jan 21
14
8
214 Dec
*.35
1
.30 .30
.25 .30 ..35
1
205 New England Oil Corp
.50 .50
.22 Dec 6
5 Jan 28
6 Aug
4 Aug
119 119
1173 11814 118 118
4
121 121
117 118
179 New England Telephone..
-1i1.1§- 1 109 Jan 4 125 Sept 19
9.512 Jan 1123 Deo
4
_ __ Ohio Body & Blower__No par
53 Nov 28
4
14 Mar 16
7 July
1134 Dec
;i5- 1612 -i5- 16- -i6- 16- -i6- Ifi- -i6- 16- ---- ---- ___335 Orpheum Circuit Inc
1 13 Jan 10 28 Oct 5
1412 Dec 3014 Apr
,
167 167 *167 170. 170 18018 179 185
•16612 170 .1661 170
251 Pacific Mills
1543 Oct 4 185 Dec 15 146
4
Jan 171
Deo
•1514 ____ *1514 ____ *1514 10
.1514 16
Reece Button Hole
*1514 16
____ __
10 12 Apr 18 16 July 17
/
1
4
1212 Apr 14
Jan
.90
..75
1
1
1
1 • 1
839 Simms Magneto
1
5
914 may
.50 Nov 17
74 Apr 5
3 Dec
/
1
10614 1071, 10614 10612 10612 107
107 10712 10714 108
559 Swift & Co
106- 107
100 9214 Jan 3 11012 Sept 12
884 July 10534 Jan
/
1
4414 45
4412 4412 4412 4412 4412 4412 ' 417 Torrington
443 45
4
4
433 44
25 239 July 3 8112June 5
47 June 61
Feb
9
812 812 *8
812 9
812
9
9
50 Union Twist Drill
5
8 Mar 29 1414 Feb 3
10 Dec 22
Jan
4412 435 447
s
8 4312 4414 44
433 437
s
8 43 8 433
,
4
4 431 4312 12,123 United Shoe Mach Corp
N ali n .
ar z
3 g211
i
,
414
33 Sept
Jan
27
27
27
2618 2612 2612 2612 27
473
2012 27
Do prof
2612 27
39142512 Dec
265 267
8
8 2614 27
2614 2612 26
8 2014 2714 2612 27
267
3,584 Ventura Cnnsol 011 Fields.. 5 2178 Jan 27 3312June 2
5
2214 July 2412 Dee
16
1
r
3334 34
3314 34
3314 3314 333 3334 2,014 Waldorf System Inc
335s 34
4
8
333 34
10 2612 Jan 4 3438Sept 16
1678 Jan
2972 Dec
378 4
312 33
*314 4
33
4 4
4
4
1,915 Waltham Watch
4
4 4
33
100
214 Nov 29 143 Apr 26
Jan
6 Dec 17
4
14
14
1512 1414 1414
*14
.13
15
Do pref
*14
14
133 133450
4
100 11 Nov 29 49 Apr 25
Jan
36 Sept 75
10
1014 1018 1012 1012 11
1214 2,750 Walworth Manufacturing_
12
1114 1111 12
11
Feb'an '7 13 Oct 9
3
8 Sept 17 Feb
2718 2914 2812 30
2612 2612 27
2614 26
26
4 2,342 Warren Bros
283
28
,g 2212 Apr
/r
11 .k1,
3
OctSept9
36
36
Do 1st pref
35
3412 3412 *3412 36
*35
____ ____
36
35
*34
50 3012 Jan 4 r14
3312 Dec
4
39
.38
38
38
*3612 38
37
Do 2d pref
30
37
____ ____
*3612 38
5
0 3312 Feb 18 4434 July 12
5
Oct 353 Dee
16
4
4
4 113 113 ____ ___1112 1118 1118 *1114 113 *1114 113
66 Wickwire Spencer Steel
4
*11
4
5
.8 uov 17 21 May 13
83
,LN ne
1814 Jan
8 July
Wollaston Land
134 Deo
13 Jan 4
.35 Oct,
6
4
---- ---- ---- - -- Mining
125 Adventure Consolidated
.51 .51 *.50 .80 ..50 .30 *.50 .60 ..50 .80
.50 .50
25
.50 Jan 31
Mar
.4 Mar
1 Apr 15
57
57
58
59 .z57
235 Ahmeek
57
5312
573
4 58
59 *x57
.z56
25 56 Nov 15 66 May 29
3
40 Aug 6.75 De
Algomah Mining
...25 .40 *.25 .40 ..25 .40 ..25 .40 ..25 .40 ..25 .40
4
25
.03 Sept 25
.50 Apr
.50 Apr 17
.15 July
*19
21
22
*19
*19
235 Allouz
21
*19
20
22
2012
*19
19
25 19 Dec 15 3212 Jan 26
Apr 2412 Nov
16
23
3
4 3
3
278 3
2,405 Arcadian Consolidated
212 278
234
234
278 3
25
2 Mar 10
118 Sept
33 Jan
4
458May 23
.714
,
2.035 Arizona Commercial
7 2 712 .712 73
8
734
4 *712 77
4 73
73
4 8
4
73
5
6 Nov 2 1012June 5
ot
14 Apr
Vs Jan
10
1734 173 *173 1814 *1778 1814
18
4
220 Bingham Mines
4
4
•173 1814 *173 1814 18
4
10 13 Jan 5 184Sept 11
8 Mar
/
1
280 280
282 286
78 Calumet & Hecla
285 285
28112 28112 280 285 .r280 284
5
2 248 Nov 14 301 Aug 25 210 Apr 280 Dec
7'
8
714
712 712
67
8 7
712 712
678 67
718 1,055 Carson Hill Gold
4
s
63
1
578 Nov 20 163 Mar 29
11 Dec 1612 Jan
4
31
, .8
814 .8
10 Centennial
812 *8
812 *8
812
.8
8
8
25
8 Nov I
Jan
Jan
10
1312 Feb 1
7
3612 3512 3612 3514 3614 3518 3538 353 3612 1,390 Copper Range Co
36
37
36
4'
25 3518 Dec 13 463
Jan 473 Dec
0 14 jab
3
27
4May 31
*23
278 3
4 3
278
-Daly Copper
2,185 Davis
278 3
278
278 278
3
3 N.
10
218N0v 23
514 Mar
914 Jan 26
814
8
8
814 *8
322 East Butte Copper Mining_ 10
814
814
8
814
814
8
/ 818
1
4
712 Nov 28 1214 Jan 26
4
7 Aug 113 Dec
114
114 *114
1
1
112
112 *1
*1
396 Franklin
114
138
114
25
1 Apr 11
8
13 Apr
314 Jan
37 Apr 15
8
4 .214 23
23
25 Hancock Consolidated
4 *214 23
4 *214 234 *214
*214 23
212 212
4
25 112 Aug 18
112 Sept
Jan
312 Mar 16
.90 .90 *.90
1
*.75
I
200 Helvetia
..75
1
..90
1
+.75
I
25
.75 Oct 10
314 Nov
2
1 June
214 Apr 17
10912 11034 109 110
4
10812 10912 3,927 Island Creek Coal
10812 1083 10812 10938 108 110
1
8112 Jan 10 1165
Jan
48
8812 Dec
8June 21
4
4
9634 *9534 963 *953 97 .95
Do pref
96
15
96
.95
96
96
*96
1 88 Feb 14 9712 Nov 16
Jan
75
22
22
*2012 22 *22012 22
67 Isle Royale Copper
205 205
8
22
8 21
.220
21 14
25 18 Nov 1 263
1614 Jan 901323 Dee
4May 31
D
eo
41 Dec
33
*314
4 *314 3 4 .314 3 4 *3 4 33
Kerr Lake
3
,
3
*1
58 *314 4
3 Feb 6
478 Apr 17
5
8
4 Sept
23 Mar
112 ---- -11, .114
114 .114
114
*114
15 Keweenaw Copper
112
•114
13s
25
1 Feb 24
578May 5
Dec
.98 Sept
23
4 3
783 Lake Copper Co
318 318
312 312
3
*312 4
3
3
25
Jai
214 Feb 18
2
4May 31
53
118 *1
118 *1
300 La Salle Copper
118
118
118
A
1 1 1 ii,s .1
.1
1,
s
25
2235111,:21,DFJ1
1 Nov 2
114 Jan
214 Apr 17
8 2
*13
4 2
125 Mason Valley Mine
138
138
134 *13
8
158 15
8
4 *13
13
5
138 Jan 4
*114
234May 19
114 Jan
2 Sept
450 Mass Consolidated
2
*13
2
2
218
4 2
2 14 *2
214 *112 214
.2
25
2 Mar 24
434 Apr 13
33 Jan
.55 Apr
2
218 21
212 258
214
/
4
3
214
37
8
414 3,150 Mayflower-Old Colony
4
8
25
25
8 25
218 Dec 13
6 May 22
258 Aug
4 .15
13
15
8
8
178
4
387 Michigan
8
17
8
13
17
17
8
8
17
8
15
25
17+3
*15
8
.75 July 10
7 Apr 13
114 Aug
May
56
218 Mohawk
57
,
5612 5612 56 2 57
58
5512 5512 57
25 52 Nov 15 68 June 5
4
553 5614
434 Jan 59 Del
/
1
*1512 ,1614
8
155 16
16
530 New Cornelia Copper
16
1612
16
16
4
153
*1512 16
5 1514 Dec 4 2012June 2
1214 Sept 183 Dec
84 Jan
12
.10 .10 ..05 .10 -__- ____
400 New Idria Quicksilver_
.10 .10 ..05 .25
.10
5
.1u July 7
218 Mar 23
.40 Nov
2 Dec
37 *
37 *
37 *37River Company
*36
_ --------New 100 37 Jan 6 , 40 Feb 9
37
37
40 Feb
May
8334 *80
*80
10 Do pre(
82
.80 - 82
82
80
80
*80
100 73 Jan 7 85 Oct 16
4
833 *80
74 Dec
*55
655 Nipissing Mines
578 6
8 6
5% 57
8
57
8 6
5
5 July 8
4 July
7 Jan 4
4 *512 6
53
4 53
n
*94
914
912
914
918
9
914
914
978 1,300 North Butte
15
812 Oct 31 15 May 29
8 Mar
918 93
8 .
112
*112 2
*112 2
112
123 OilbwaY Mining
112 112 *112 2
25
95124
4
5
112 Nov 1
1
.112
44 Apr 15
/
1
1 Aug 35712 Dec
2
ecayr
1612 17
16
17
1612 1612 16
17
17
809 Old Dominion Co
17
25 10 Nov 27 27 Jan 25
253 Nov
153 Jan
4
8
17
*16
29
27
*x27
2712 29
27
31
29
314 Osceola
25 25 Nov 28 3818 Aug 23
2812 2812
21 Aug
29
*z28
*32
31
33
82 Quincy
.3314 34
33
*3112 33
32
25 30 Nov 15 50 May 31
32
*3112 33
3312 Aug 46 Dec
4012 41
41
*38
41
40 .38
1,540 St Mary's Mineral Land.... 25 37 Nov 28
38
Jan 4413 Del
5
28
31
40
3
7
37
*37
.50 .50
.60 ..50 .75
385 Shannot
.55 .55
.25 Mar 10
10
13
.75 Jan:
4May 18
12 2 D
J
..50 .60 *.50 .60 ..50
.50 .50 ..25 .75 • ..50 .75
250 South Lake
25
.30 Dec 5
114May 18
.60 .75 ..50 .75
.3 Nov
..25 . ,334 4
315 Superior
4
. 33
4 *31
43 July 13
4
4 33
33
25
8
2 Mar 29
312 37
4
2 Sept
3 8 33 .
5
*33
8 4
*158
13
134
295 Superior & Boston Conner- 10
17
8 *112
4
13
8
17
.90 Mar 31
1 June
2 4 Oct 19
3
158 *158
15
8
241142 NovNFoevb
178
17
8
114 2,453 Trinity Copper Corp
114 1.4
114
56
114 1/
114
14
171
114
118 Dec 14
34 Apr 3
/
1
13 4 July
/
*114
138
5
.47 .50
.47 .47
.55 .60 2,900 Toulumne Copper
.40Nov 10
.92May 22
.34 Aug
.85 Dec
..54 .65 *.53 .65 ..50 .60
5
3t8
8 278
278 27
/3
27
2% 2% 1.800 Utah-Apex Mining
2% 27
s
11 {8 Oct 20
,
4 Mar 22
11324
3
3
314
5
680 Utah Consolidated
13
8
4
13
17
4
2% 2%
17
8
2
I Feb 21
2
312June 5
Nov
*158 2
5
Jan
*158 2
.99 .99
.90 .90
.90 .92
Metal & Tunnel
yUitcathorN1
1
.80 Dec 12
ia
.80 .95
212 Apr 13
.93 .98
.95 Jan 2 if. Jan
4..90 .95
9051
112 *1
112 .1
21
112
.75 Nov 27
112 *1
212 Jan 30
.40 May
112 .1
214 Feb
.1
112 .1
112
145 Winona
118 .1
118
112
25
.25 Jan 16
114 *1
23 Apr 15
4
.35 Jan
,,,1
114
114 .1
14 Mar
.80 Feb
1
712 8
712 712
712 712
190 Wolverine
712 8
25
714 Nov 29
16 May 31
812 July
*712 8
•712 8
a Ex-stoes 01vmend
a Assessment oaid.
asked prices; no sales on this day. a Ex-rights. b Ex-dividend and rights. s Ex-dividend
• Bid and
*8 27
278 3
27
8
/
1
1712 174
.171, 18
4
124 12412 1233 12412
113 113
113 113
82
8218 8218 82
*1514 ---- *1514
*17
19
19
.17
27
8
173
4
12414
113
85
*1514
*17
.05
27
8 3
s *27
1734 1712 1712
1243 12434 125
4
113
113 11434
85
*82
85
.1514
19
*17
19
.05
*234 3
*17
17 4
,
12412 125
114 115
8212 821
*1514 ---*1'7
19
2
-ii -1-i1-
18g gg Nov
n
1) j1,
0 12
2676
For.. 115.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares•
Outside Stock Exchanges
Boston Bond Record.-Transactionsin bonds at Boston
Stock Exchange Dec. 9 to Dec. 15, both inclusive:
Frway
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Bonds-
3
3
97% 97%
Amer Agric Chem 5s_ _1928
9134 9134
Amer Tel & Tel 4s_ _ _ _1929
7,
53( 57
AU Gulf & W I SS T. 5s 1957
97
97
Carson Hill Gold 7s_ _1927
Chic Jct Ry & U S Y 4s'40
8034 81
1940
92
5s
93
95
95
Dunlop Tire & It 7s_ _1942
70
East Mass St Ry ser B 5s'48
7034
1948
66
66
Ser A 434s
1936 98% 9834 99
Hood Rubber 78
Interboro-Met 4%s_ _1956
1134 1134
Internat'l Cement 8s_1926
108 108
K C Men & Birm inc 55'34
8934 8931
1929
93
95
Mass Gas 4348
1931
91
4345
9034 91
Miss River Power 5s_ _1951 93
91
93
New England Tel 5s_ A932 9734 97
9734
Punta Alegre Sugar 781937
108 108
1944 98
97
Swift & Co 55
9834
Warren Bros 734s_ _ _ _1937 10734 10534 103
Wasstarn 'Val Ra
1029 nr,3A, CIA li 0111..4
Range since Jan. 1.
Low.
$2,000 9434
2,000 86%
15,000 47
1,000 93
3
5,000 74%
9,000 8934
1,000 95
4,900 69
10,000 66
3
31,000 95%
40,000 1134
500 101
5,000 7934
8,000 86
8,000 86
17,600 88
21,000 93
500 10434
16,500 91
97,000 9734
A •nnn nn
High.
May
Jan
Mar
Oct
Feb
Jan
Dec
Aug
Nov
Jan
Dec
June
Feb
Jan
Jan
Jan
Jan
July
Jan
Feb
T--
98
9334
65
97
84
97
95
7634
70
1013
%
1134
114
9134
9634
9434
96
993-4
11134
10034
118
es,T ••
4
Jan
Aug
May
Nov
Sept
Aug
Dec
Aug
Aug
Sept
Dec
May
Oct
Sept
June
Sept
Aug
Aug
Oct
Sept
e•
-s-e.
Baltimore Stock Exchange.
--Record of transactions at
Baltimore Stock Exchange Dec. 9 to Dec. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Balt Gas Appl Mfg corn 100
100
Preferred
BostonSand& Graycom100
1
Celestine Oil
cent Teresa Sugar com_ _10
10
Preferred
Ches& Pot Tel of Balt pf 100
25
,
Commer ial .Credit
25
" Preferred
2o
Preferred B
Consol Gas El & Power _100
100
7% preferred
100
8% preferred
Consolidation Coal_ _ _ _103
Continental Trust ' 100
5
Cosden & Co pref
*
Eastern Rolling Mill
100
8% preferred
50
Fidelity & Deposit
100
Fidelity Trust
Finance Co of America_ _25
Houston pref trust ctfs_100
25
I Benesch preferred
Manufacturers Finance 100
100
First preferred
25
Maryland Casualty
Maryland Trutt
100
Monon Valley Tree, pref 25
Mt V-Wood Mills pret100
Common
100
New Amster Casualty_100
50
Northern Central
Penna Water dz Power_100
United Ity dr Electric__ _50
50
U S Fidelity
Wash Bait dr Annap_ _50
50
Preferred
BondsAtl & Charlotte lst 5s_1944
Consol G,E L & P 4Ms'35
Ist ret series C 75_1931
Ist ref series E 5%8_1952
1949
Series A Os
Consol Coal ref 58_ _ _ _1950
1923
Convertiole 6s
Cosden & Co series A 6s'32
Elkhorn Coal coup 6s 1925
Fla Cent & Penin cons 61123
Houston Oil div afs1923-25
Lexington (Ky) St 58_1949
1951
Md & Pa inc 4s
Met St (Wash) 5s.. _ _ _1925
Monon V Tree 53___1942
1923
7s
Potomac Valley 58_ _ _ _1941
United Ry & Elec 48. _1949
1949
Income 4s
1949
6s w 1
1936
Funding 58
1927
6s
Wash Bnit & Amin 581941
* No par value
80
80
80
80
47
45
.30 • .32
134
134
234 2'%
10934 110
60
6034
2634 2634
2734 2734
10834 113
105% 10734
11534 119
9734 98
175 175
5
5
2434 2434
78
783-4
118 119
300 300
37
37
89
89
26
26
5734 5734
26
26
77
77
128 128
18
18
5434 56
15
15
34
36%
7734 7734
106 10834
1934 2034
14034 14134
13
13
29
30
Range since Jan. 1.
Low.
2 61
10 80
15 45
372 .30
300
1
140
2
74 105
440 49
278 25
315 253
%
77 91
17 102
125 105
106 80
10 175
20
334
37 18
160 60
475 10914
4 291
10 35
216 78
100 24
50 41
40 24
255 77
9 .126
10 17
77 44
26 10
682 31
257 72
35 9234
1,375
9
116 14034
5 13
27 29
Mar
Dec
Dec
Nov
Jan
Sept
June
Mar
Jan
Jan
Jan
July
Jan
Jan
Sept
Sept
Nov
Sept
Nov
Oct
Sept
Feb
Jan
Jan
Jan
Dec
Nov
Aug
Jan
Jan
Sept
June
Jan
Jan
Dec
Nov
Jan
High.
80
80
50
.74
234
4
11034
7034
28
28
120
10834
12234
9834
175
534
25
7834
119
300
37
92
26
6734
2634
110
128
20
60
1734
3634
79
118
23
153
19
3434
Dec
Dec
July
May
Aug
Mar
Oct
OPt
Apr
Apr
Aug
Sept
Sept
Nov
Sept
Sept
Aug
Dec
Dec
Oct
Oct
July
Aug
Dec
June
Nov
Dec
May
Nov
Apr
Dec
Sept
Sept
Oct
Nov
Apr
Apr
9834 9834 9834 153,000 9834 Dec 9934
9134 9134 91% 9,000 8534 Jan 9434
10734 10734 10734 2,000 10134 June 10934
9934 987-4 9934 15,000 983.4 Dec 9934
10334 10334 10334 16,000 100
July 107
- 8834 8834 2,000 86
Feb 9234
9954 9994 9954 1,000 9634 Jan 100%
110
110 11034 14,000 9834 Mar 11034
9934 9934 9934 4,000 9434 Mar 9954
9934 9954 9934 1,000 9634 Feb 99%
100 100
1,000 8934 ___ 101
86
86
2,000 8034 May 86
17
17
4,000 17
Dec 6834
9734 9754 1,000 95 May 9734
8134 8134 1,000 75
Feb 85
10034 9834 10054 58,000 95
Jan 10034
9734 9734 1,000 95
Apr 9754
7334 74
15,000 8634 Jan 77
5434 5434 5434 7,000 46
Jan 5934
10134 10034 10134 28,000 9834 Apr 10334
77
7736 2,500 66
Mar 81
993-4 10,000 9734 Dec 10034
973.4
7514 75
7634 27.000 713
n.. 54
Aug
Oct
Sept
Dec
Sept
Sept
June
Oct
Aug
Oct
Oct
Dec
Oct
Dec
Sept
Dec
Dec
Sept
Sept
Sept
Sept
May
134
10934
60
25
2134
10834
10534
11534
5
119
5734
26
77
15
35
7734
106
2034
14034
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Dec. 9 to Dec. 15, both
inclusive, compiled from official sales lists:
Stocks-
rrietay
Sales
Last Week's Range for
Sale.
of Prices. 'Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
2634 27
Amer Gas of N J
100 7834 7834 80
Amer Railways
50 1334 12
1334
Preferred
100
60
60
Amer Stores
* 15534 15434 15734
Baldwin Locomotive__ _100
12734 12734
Buff & Susq Corp
100
95
95
Preferred
100
54
54
Cambria Iron
50 41
41
41
Consol Tree of N J _ _ 100
51
51
East Shore G & E 8% p1_25
26
28
Electric Storage Batter3'100
5734 5834
Erie Lighting Co
*
2434 2434
General Asphalt
100
4434 47
Insurance Co of N A_ __ _10 4234 42
4234
1 & G Brill Co
100 48
43
46
Kentucky Secur Corp_ _100
3334 33%
Lake Superior Corp_ _ _ _100
sg
sg
554
Lehigh Navigation
50 75
7334 7534
Lehigh Valley
50
6234 63
Lehigh Valley Transit__ _50 1434 1234 1434
Lit Brothers
10
43
43
Minehill & S H
50 5134 5134 5234
North Pennsylvania RR_ 50
82
82
Otto Eisenlohr
100 77
77
78
Pennsylvania
_
so
41311 41374
Range since Jan. 1.
Low.
190 19
58 47
583
4
245 23
822 83
100 115
75 4734
105 4734
86 3734
50 44
10 2534
408 3734
30 2234
565 3734
269 30
445 36
200
634
534
2,870
233 6634
500 57
290
7
200 27
80 48
45 73
25 63
A non 221e.
High.
Jan 27 . Sept
Jan 82 .Nov
Jan 17 June
Oct
Jan 69
Oct
Oct 167
Oct 12734 Dec
Feb 95
Dec
Feb 55
Apr
Apr 53
Sept
Jan 5634 Apr
Nov
Nov 26
Mar 5834 Oct
Nov 27
May
Nov 7334 July
Jan 4234 Dec
Aug
Mar 59
Jan 33% Dec
Nov 1234 May
Feb 7934 Aug
Jan 7134 Oct
Oct 1434 Dec
Dec
Apr 44
Sept
Feb 53
Nov
Jan 82
May 86
Oct
Tan RA
clot
Range since Ian. 1.
Low.
High.
*
Pennsy Cent Lt & Pr
10 55
57
57
Pennsylvania Salt Mfg_ _50
26 6934
85
8534
50 42
Phila Co, pref 6%
4134 42
353 36
Phila Electric of Pa
25 3134 31
3134 1,402 23
Preferred
25 3134 3034 3134 1,116 2734
Phila Insulation Wire_ ___• 4734 47
200 30
4734
Phila Rapid Transit.. _ _ _50 31
7%
2,0051
3034 31
50
Filth' Traction
65
190 58
6534
50
5
Phila AC Western
40
8
8343
50
Preferred
15 29
3354 333.4
50
Reading
7634 77%
80 72
Tono-Belmont Develop_ _1
154 1 9-16 1,501
134
1
Tonopah Mining
234 234 1,600
134
100 19934 19934 19934
United Cos of N J
8 177
40
Union Traction 1731 p1650 40
4034 1,265 34
50 sly, 5034 52
Unibn Gas Impt
844 38
50 56
Preferred
413 38
5534 56 •
West Jersey & Sea Shore_50 36
36
36
35 2734
Westmoreland Coal
50
74
74
100 67
50
York Rys
32
32
9
5
50 35
Preferred
3434 35
155 3134
Nov 8334 Sept
Jan 8534 Dec
Jan 4534 Sept
Feb 3234 Aug
Jan 3234 Sept
May 5034 Jan
Jan 3534 June
Sept
June 69
Jan 1034 June
Jan 3434 June
Jan 8234 Nov
July 1 11-16 June
234 Sept
Jan
Oct
Jan 201
Jan 4134 Nov
Jan 5534 Sept
Jan 5634 Sept
Jan 393.4 Aug
Jan 7534 Sept
Oct
Jan 36
Jan 37% Jan
Bonds
Amer Gas & El 55_ _ _ _2007
Bethlehem Steel 6s_ _ _1998
Consol Tree of NJ 1st 5s '32
Elec & Peop tr cgs 48_1945
Equit Ill Gas L 5s_ _ _ _1928
Gen Asphalt deb 65_..1925
Hunt & Broad Top 58_1925
Interstate Rys 4s_ _ _ _1943
Lake Superior Corp 58 1924
Leh"C & Nav gen 4%s 1924
1928
Lehigh Valley 6s
2003
Gen cons 4s
2003
.
Gen cons 4348
Leh Val Coal 1st 5s_1933
1960
Penn RR cons 4%s
Peoples Pass tr etfs 4s 1943
1949
Phila Co 1st 55
1949
Stamped 5s
Phila Electric 1st 5s.1966
1947
54s
1941
68
1966
1st 4s
1997
Reading gen 45
3panish Amer Iron 68_1927
,x,-.10,0 oh (In Ace
1920
* No par value.
Jan
Dec
Jan
Jan
Jan
Dec
Dec
Jan
Dec
Jan
June
Jan
Mar
Feb
Mar
Jan
Dec
Jan
Nov
Nov
Oct
Dec
Sept
Dec
_Tan
85
84
85%
112% 112%
80
80
6634 6734
101% 101%
96
96
96
72
72
48
47
48
21
21
2634
93% 94
10334 10334
813-4 8134
91
9134
100
100 100
98
98
72
7134 72
8934 8934
100 100
10054 97 10034
101% 10136 101%
10554 1043-4 10534
81
81
81
85
85
85
99% 99%
00
0031
$4,500
6,000
6,000
11,000
2,000
1,000
4,000
10,400
49,000
7,000
4,000
15,000
6,000
1,000
10,000
4,000
1,000
1,000
92,100
56,000
25,200
2,000
14,000
2,000
2 1011
.
81
112%
74
64
98
96
72
3734
21
9034
10154
77
8834
98%
9434
64
893-4
93
9134
10054
102
81
7534
99%
0714
9234
114
8434
7454
101%
96
7634
4834
39%
96%
108
8534
98%
101
9934
75
100
101
101
1033-4
10554
85
85
10114
0034
Aug
Oct
Apr
Sept
Dec
Dec
Sept
Aug
June
Sept
Nov
Sept
July
Oct
Nov
Oct
May
July
Sept
Sept
Oct
Nov
Dec
Nov
Ant
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Dec. 9 to Dec. 15, both inclusive,
compiled from official sales lists:
'
Stocks-
r rzaay
Jale3
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
American Shipouilding _100
Armour & Co, pref_ _ _ _100
15
Armour Leather
*
Booth Fisheries, new
*
Case (J I)
Central Pub Serv, pref-100
Ch City & Con Ry pt sh Pf*
By, pref_100
Chicago Elev
Chic Pneumatic Tool_ _100
Chic Rys, part ctf series 3_
Part ctf Series 4
Commonwealth Edison.100
Consumers Co, pref_ _100
Continental Motors_ _ _ _10
Crane Co, preferred
Cudahy Pack Co, com_100
Decker (Alf) & Cohn Inc_*
100
Preferred
100
Deere & Co, pref
100
Diamond Match
e
Earl Motors Co
Fair (The),cum pref
Godchaux Sugar, corn. -*
Gossard, H W,pref_ _ _ _100
Great Lakes D & D_ _ _ _100
Hartman Corporation_ _100
Hartsehaft& Marx,cm 100
•
Hayes Wheel Co
10
Hupp Motor
100
Illinois Brick
100
Inland Steel
Kuppenheimer(B)& Co.10
Preferred
Libby, McNeill & Libby_10
10
Lindsay Light
Mid West Utilities, com100
100
Preferred
Prior lien preferred
*
Mitchell Motor Co
10
National Leather
People's Gas Lt& Coke 100
*
Pick (Albert) dIr Co
piggly Wiggly St Inc A"-8
com.100
Pun Serv of No Ill,
100
Preferred
100
Quaker Oats Co
Preferred
*
Reynolds Spring Co
10
Reo Motor
Sears-Roebuck, corn--100
Standard Gas & Electric _50
50
Preferred
_100
Stew-War Speed, corn_ 100
Swift & Co
15
Swift International
Thompson (J R) corn_ _ _25
10
Union Carla & Carb
United Iron Wks v t c._ _50
United Lt& Rys,com_ _100
100
1st preferred
United Paper Bd, com_100
20
U S Gypsum
100
Preferred
*
Corp
Vesta Battery
*
Wahl Co
M & Co, pref...-100
Ward,
20
When issued
Western Knitting M ills.. _*
25
Wrigley Jr, corn
Yellow Cab Mdg,el B_ _ _10
Yellow Taxi Co
Bonds
Chicago City Ity 5s_.1927
1927
5s,Series"A"
Commonw Edison 5s_ _1943
5s_ _ _ _1943
Commonw Elec
Peop G L & C ref g 5s_1927
Pub Serv 1st ref g 58_ _1956
aewe.. A t ses .ot a I 0 Aq 1944
1
,
* No par value.
74%
9834
9%
5
334
4
4
83
13734
6434
1154
63
117
34
10254
17
28
8354
8534
3834
25
42
93
63-4
434
4634
84
104
1
7
94
3234
49
98
9634
30
88
19
495-4
6054
10631
1954
4834
623-4
7134
78
10434
19
54%
108
2234
834
11434
19534
7234
99
98
98
Low.
320
2,668
1,880
50
285
140
2,615
1,350
150
1,400
400
1,196
45
44,555
175
160
10
10
96
115
2,140
1,390
1,340
2,164
125
390
115
550
24,970
430
1,770
100
145
2,265
550
783
212
669
1,500
1,373
350
2,780
43,967
120
105
70
690
100
1,295
250
645
1,020
36,795
1,976
8,993
890
21,018
2,805
295
240
200
65
45
114
3,565
136
18,352
225
1,680
950
1,825
60
91
9%
454
3
84%
4
134
56
%
34
11434
5934
5
85
55
15
71
60
105
34
102
10
25
8134
7734
72
3634
10%
56
40
25
93
634
334
27
53
82
1
7
6234
19
23%
8034
8834
143
93%
30
1234
5934
13
42
24
9134
17
40
43
6
29
76
1354
5354
104
19
5234
76
1234
5
97
132
50
10,000
77
8,000
62
9954 286,000
47,000
98
9134 4,000
8734 3,000
5.000
98
67
4934
9334
9334
873-4
8734
8034
74
75
9834 100
93-4 1034
5
5
334 3%
8834 89
4
4%
4
434
83
84
%
%
334 4
136% 139
6434 66
1034 1134
111 112
62
63
15
15
77
77
72
7234
117 118
%
4
10234102%
16
18
2734 2934
83
8334
84
8534
9854 99
3834 38%
2434 26
7934 83
4034 4234
25
25
93
9354
634 7
4
434
45
4654
833-4 84
103 105
1
1%
7
734
9134 94
31% 32%
46
553%
1033-4 103%
97
98
225 225
96
97
30
30
1334 1434
86
82
19
19%
48
4934
573-4 6034
106 1073-4
19
1934
4854 49
593-4 643-4
7
834
7134 7254
78
7934
1434 1434
6534 683-4
10434 106
19
19
54
55
108 108
20% 2254
834 8%
113 115
19534 200
72
7234
77
62
99
98
9134
8734
98
Range since Jan. 1.
High.
90
110
1234
10
9
92
93-4
12
84
3
4
140
7534
1134
112
68
1736
80
79%
122
6
103
18
30
106
103
99
3934
26
83
5834
3734
101
1034
634
5354
8834
106
73-4
11%
97
3234
553.4
108
98%
225
10034
5054
2834
9434
2134
50
60%
110
25
5554
6534
9%
7354
80
19
6834
106
40
7134
115
25%
12
11534
246
8034
Aug
Sept
Feb
Aug
June
Nov
Feb
May
Dec
Sept
Dec
Oct
June
Oct
Oct
Feb
Apr
May
June
Nov
Jan
Dec
May
Dec
Feb
Mar
Dec
Dec
Dec
Dec
May
Sept
Sept
Oct
Sept
May
Oct
Nov
June
July
Oct
Dec
Dec
Oct
Nov
Oct
Oct
June
July
Aug
Oct
Oct
Dec
Sept
Sept
Aug
Oct
Feb
Oct
Oct
Aug
Dec
Nov
Apr
Apr
Nov
May
Oct
Nov
Feb
Aug
Jan 84
Feb 76
Jan 100
Jan 99
Apr 9634
Aug 9234
Feb 100
Apr
May
Oct
July
Sept
Oct
Aug
June
Jan
Dec
Nov
Jan
Sept
Dec
Jan
Jan
Dec
Oct
Feb
Feb
Feb
May
Jan
Dec
Feb
Feb
Jan
Nov
Nov
Feb
July
Jan
Jan
Jan
Nov
Jan
Feb
Nov
Dec
Nov
Dec
Mar
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Dec
Sept
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Nov
Feb
Aug
Oct
Dec
Nov
Jan
Jan
Jan
May
May
Jan
THE CHRONICLE
DEC.16 1922.]
Pittsburgh Stook Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Dec.9 to Dec 15, both inclusive,
compiled from official•sales lists:
Stocks-
Friday
.sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_25
Am Wind Glass Mach_ _100
Arkansas Nat Gas. com_10
834
Carnegie Lead & zinc._ _ _5
3%
Consolidated Ice, com_ _50
50
Preferred
_50
Indep Brewing, com
50
Preferred
Jones & Laughlin, pref _ _ 109%
25
Lone Star Gas
Mfrs Light & Heat_ _100 5734
Nat Fireproofing, pref_ _50
Ohio Fuel Oil
1 16
25 5934
Ohio Fuel Supply
Oklahoma Natural Gas_25
Pittsburgh Brew, corn_ _50
234
Pittsbtkrgh Coal, pref _ _100
Pittsb & Mt Shasta Cop_ _I 200
Pittsburgh Plate Glass 10
Salt Creek Consol
10 10
Tidal.Osage Oil
11 •
1
Union Natural Gas
100
West'house Air Brake_ _50 104%
W'house El & Mfg, pref _50
West Penn Tr&WP.com100 32
* No par value.
Range since Jan. 1.
Low.
734
15
734 734
83
85
170 64%
734 834
1,770
7%
4
434
520
2%
3% 5
2%
400
30
30
425 23
4
44
185
134
9% 10
310
634
109 109%
486 109
27
26
385 20
57
57%
1,295 45
18% 18%
130 15
16
17
135 1334,
5834 61% 1,920 44%
2134 22
855 19
2% 3
1%
250
9934 99%
10 9034
20c 21c 21,000 19c
197 200
255 130
10
10%
8%
450
11
11
1,795 11
165 170
70 115%
102 106
1,374 80%
60
215 60
60
32
32
10 18
Dec
Jan
Dec
Jan
Apr
Jan
Jan
Feb
Dec
Jan
Jan
Jan
Sept
Jan
Jan
Jan
May
May
Jan
Jan
Jan
Jan
Jan
Dec
Jan
High.
244 Apr
90 May
12% Apr
6% Sept
6
Dec
Dec
33
Oct
7
Sept
17
10934 Dec
31% Jan
58
Aug
21% Aug
Jan
23
61% Dec
2634 Apr
Sept
4
Sept
100
31c Apr
Dec
200
14% May
14% Apr
170 , Dec
Dec
106
Aug
73
Aug
36
New York Curb Market.
-Official transactions in the
New York Curb Market from Dec.9 to Dec. 15, inclusive:
Friday
Sales
Week ending Dec. 15.
Last Week's Range for
Sale.
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Industrial & Miscell.
Acme Coal Mining
1 57e
.10 35c
Acme Packing
Allied Packers, new
2
•
Prior preferred
100
Aluminum Mfrs., com___*
Preferred
100
Amalgam Leather, cora__• 14
Preferred
100 4534
Amer Gas & Elec, corn_ _ 50
American Hawaiian SS_ _10
Amer Light & Trac.com100
Am Writing Paper,com_100
Armour Leather, com_ _15
Arnold. Constable &.C1....• 204
Bethlehem Motors
* 10c
Borden Co, common__ :100
Preferred.
100 102
-Amer Tob ord bear_LI 2034
Brit
Ordinary
.51 2034
Brooklyn City RR
10
81
4
Buddy-Buds.Inc
•
Campbell Soup pref w1_190 109
Lighting & Power_ _25
Car
Carlisle Tire
•
Preferred
25
Celluloid Co, com
100
Preferred
100
Cent Tere a Bug.com_10
,
134
Preferred
10
234
Century Ribbon Mills com* 2614
Chalmers ctfs
Chic Nipple Mfg. Cl A__10
314
Class li
10
Cities Service, com-- _ _100 x17834
Preferred
100 x6734
Preferred B
10
Preferred B B
100 663.4
Cities Serv. Bankers' sh •
Cleve Automobile, corn....5
Preferred
100
Colombian Emerald Synd_ 40c
Colombian Syndicate
1
Colorado Power corn_ _100
Columbus R.P&L, com 100
Continental Can, new wt..- 4234
Continental Motors_ ___10
Cox S Cash Stores
834
Cuban-Dominican Sug
*
Del Lack & West Coal. 50 10834
Dublier Condenser & Rad *
234
Durant Motors, Inc
• 7134
Durant Motors of Ind__113 1734
Earl Motors
Federal Tel & Tel
5
634
Fifth Ave Bus Corp v t c *
8
Ford Motor of Canada.100
Gillette Safety Razor_
•
• 5434
Glen Alden Coal
Goodyear Tire & R corn 100
Preferred
100
GtWestSug,comneww1_25 280
Preferred
100
Griffith (D W)el A
•
Hanna(M A)Co 1st pf_100 102
Hayes Wheel
3834
Heyden Chemical
•
24
Hudson Cos. pref
100 1434
Hud & Manhat,com__ _100
9
Preferred
100 35
Imp Tob of Gt B & Ire_LI
Inland Steel
25
Intercontinental Rubb_.10
Jones dt Laughlin St, pf, w I
Lehigh Power Sec
• 17
Lehigh Val Coal Sales- 50
Libby-McN & Lib, new_10
Lucey Mfg. Class A . _50
Pub Cl A_ •
Lupton(F M)
May Dept Stores new w ISO
20 350
Manhattan Transit
4
*
3.
Mercer Motors
3
Voting trust certifs.__ _
1234
Mesabi Iron Co
Morris(Philip)Co,Ltd--10 1834
. Nash Motors Co
91
Preferred
10
Nat Leather. new
New Fiction Pub Corp. _ _5 1234
N Mex & Arizona Land_ 1
N Y Tel 6 % pf .....100 112
No Amer Pulp & Paper_ *
1014
°acids Corp
534
Patten Typewriters
Peerless Truck & Motor_50
Perfection Tire & Rubb..*
Phillipsborn Inc com
Phoenix Hosiery, ccm._ 5 3334
100
Preferred
Prima Radio Corp
1346
55c 580
350 37c
2
5
19
19
2134 2134
1024 10234
133.4 14%
45% 484
182 182
16
17
135 135
24 234
11
11
2034 21
10c 250
112% 114
102 102
2034 2034
2034 2034
834 8%
1%
134
108% 10934
1% 2
50c 50c
1
1
97
97
109 109
114
134
234 234
26
264
1
1
3
314
234 3
166 191
673.4 6831
1
1
68
6634
17
1834
30
30
11
11
40c 55c
1
1
22
22
51
51
4134 4334
1034 11%
8% 10
yi 7
107 10854
234 234
724
64
1434 18
1
1
634 63.4
8
834
38934 397
250 255
52
5634
1034 11%
32
30
x80 x80
108% 10814
3
3
102 10234
38
3834
2
234
14
1534
9
8
35
36
17
17
4134 43
4% 534
10734 109
17
17
80
80
6%
6
654
224 2234
663.4 694
350 350
3
354
2% 334
1234 1234
19%
18
6014 7034
99
91
734 73-4
13
11
234 234
111 11234
75c
I
94 104
54 531
71
68
134 14
38
38
3314 3334
100 100
14 134
or
Range since Jan. 1.
Low.
19,100 500 Aug
10,900 20e Mar
Dec
2
300
100 15
Oct
Oct
' 100 15
100 85
Mar
2,000
734 Apr
Mar
300 33
Apr
100 143
Nov
900 16
10 11314 Feb
800
234 Dec
Dec
100 11
Nov
1,700 20
Jan
3,000
lc
300 94
Feb
25 9934 Nov
3,600 1234 • Feb
600 1234 June
2,200
4% Jan
9,200 450
Jan
2,100 10631 Nov
800 50c July
100 50c Aug
100 1
Nov
141 90 June
July
10 95
1,700
14 Aug
24 Sept
400
900 2534 Dec
Jan
1,000
1
2,300
134 Apr
134 May
400
Jan
2,416 158
Jan
2,100 51
44 Jan
300
Dec
200 66
Jan
3,800 17
Jan
100 20
Jan
10 50
7,400 40c Dec
Dec
1
200
10 1334 Mar
Dec
100 51
6,900 4134 Dec
5h, Feb
44,000
4.000
834 Dec
7,600
Nov
Apr
375 86
234 Dec
800
25,300 2214 Jan
12,700
834 Jan
Dec
1
100
54 Mar
3,200
Dec
8
1,500
40 38934 Dec
Jan
430 169
Jan
3.000 42
7% Aug
1,800
Jan
300 24
Oct
100 71
Sept
100 x105
234 Nov
2,000
Dec
300 102
1,300 2714 Aug
1,300 80e Feb
1,300
731 Feb
1,800
354 Feb
Jan
600 25
Jan
100 10
350 4134 Dec
34 Aug
1,000
5,600 10734 Dec
100 1534 Aug
Feb
55 66
300
634 Dec
4
300
Oct
4
300
Oct
4,400 nog Nov
500 20e Aug
16,500
154 Apr
25,400
144 Nov
3,600
9% Sept
3,600
534 Jan
3,000 6034 Dec
100 99
Dec
200
74 Dec
11,600
4% Nov
134 Feb
700
625 106
July
200 75c Dec
2,200
934 Dec
400
554 Dec
2,700 3334 Feb
Oct
1
100
Dec
100 38
200 3314 Dec
Nov
600 100
5,200
% Aug
11
534
High.
134
134
12
42
25
103
16
51
182
34
165
534
1231
2214
25e
11734
102
2034
2034
1034
2
109%
3%2
234
1014
107
111
:4
4
27
2
634
54
242
72
631
67
2434
35
84
134
3%
27
52
4334
1134
114
1234
110
934
7234
18
614
734
8%
402
266
,a334
1534
40
8134
10°
73.4
10234
41
3%
21
1534
45
17
58
1134
109
2034
82
10
26
26
6934
70e
554
474
134
2334
7034
99
1114
13
334
11234
33-4
1034
54
73
434
4431
3574
10074
154
,
4
AD,
Mar
June
Jan
June
Sept
Nov
Nov
Dec
June
June
May
Feb
Nov
Dec
Sept
Dec
Dec
Nov
Oct
API
Dec
lzIent
Jan
July
May
May
I. ell
Feb
Dec
May
July
July
MAY
June
Oct
Oct
Ocl
June
Dec
May
July
Oct
Nov
Dec
Oct
Dec
May
Dec
May
Dec
Dec
Jan
Aug
Dec
Nov
Oct
Sept
May
June
Nov
Nov
Jan
Dec
Oct
Oct
May
May
Mar
Dec
May
Feb
Dec
Sept
June
May
Mar
Mar
Dec
Aug
May
May
Aug
July
Dec
Dec
Jan
Dee
May
Dec
Jan
Dec
Dec
Nov
May
Oct
Nov
Nov
Sept
2677
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pyrene Mfg
10
midi()Corp of America
Preferred_
5
Reo Motor Car
10
'tenetti, Inc
5
Saguenay Pulp & Pr com _5
**butte Retail Stores__ .*
Smith Motor Co
loutnern Coal & Iron_ _..6
Standard Copra Corp
Standard Gas & El com_50
itandard Motor Constr-10
Stutz Motor Car
Swift & Co
100
Swift International
15
Technical Prod Corp
Technicolor,Inc, w 1
Tenn Elec Pow,com w I *
Titnken-oet Axle new w L
Fob Prod Exports Corp _ _*
Todd Shipyards Corp__ __•
Union Carbide & Carbon..'
United Profit Shang. new.1
Clu Retail Stores Candy_ _•
US Distrib Corp com__ _50
S Light & Heat.nom_ _10
Preferred
10
Universal Leaf Tobacco 100
Wayne Coal
5
West End Chemical
1
Willys Corp corn
•
First preferred
100
1st pref ctis of deP
2,1 preferred
WInther Motors. Cl A__•
Yale Cab Mfg, el B
Yale & Towne Mfg new w
Former Standard Oil
Subsidiaries
A °Rio
-American 011_ _ _ _
Buckeye Pipe Line
50
Continental Oil
100
Crescent Pipe Line
50
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena Signal 011 com_.100
Illinois Pipe Line
100
Indiana Pipe Line
so
National Transit_ ....12.50
New York Transit___100
Northern Pipe Line_ _ _ _100
Ohio 011
25
Pcnn-Mex Fuel Oil
100
25
Prairie 011 & Gas
100
Prairie Pipe Line
South Penn 011
100
Southern Pipe Line.._ 100
South West Pa Pipe L._100
Standard 011 (Cal) new _.25
Standard 011(Indiana)--25
Standard 011(Kanl new.25
Blair & Co receipts__ 25
Stand 011(Ky) new __ .-25
Stand 01101 N J. new_ _ _25
Standard 011 of NY new 25
Standard Oil (Ohio) pf_100
vacuum Oil__
.
New stock
00
25
Other 011 Stocks.
Allen Oil
1
Allied Oil Corp
1
New
10
Ark Natural Gas, coin _10
Atlantic Gulf 011
ttiantic Lobos oil, cora...
Boone 011
5
Boston-Wyoming 011_1
Carib Syndicate
Creole Syndicate__ __ _ _5
Cushing Petroleum Corp.5
Darby Petroleum
iiMgmeers Petrol Co
1
Equity Petrol Corp.pref 10
Frtel 011
5
Esmeralda 011 & Gas _
Federal Oil
pensland 011
,
Z.11111and 011, coin_
•
Olenrock Oil
_10
Granada 011 Corp cl A._10
Gulf Oil Corp of Pa w _ _ _
Hudson OIL
1
Humble Oil
lmperlal 011(Canada)coup
International Petroleum _ _•
Keystone Ranger Dovel_ _1
Kirby Petroleum
•
Latin Amer Oil Develop...1
Livingston Petroleum _ _ _•
.
Lowry Oil Corp
5
Lvons Petroleum
•
Magnolia Petroleum...100
Mammoth Oil, Class A____
Maracaibo Oil Explor_ _ .
•
Mama) 011
,
•
Marland Oil
Merritt Oil Corp
1
Mexican Eagle 011
5
Mexican Panne° 011_ _10
Mexico 011 Corp..... 10
Mid-Colombian 011 & Dev,
Midwest Oil com
1
Midwest Texas oil
1
Mountain Producers__ _10
Mutual 011
New England Fuel Oil
New York 011
Noble 011 & Gas
1
Northwest 011
1
Ohio Range1
Oklahoma Nat Gas
25
Omar Oil & Gas
10
Pennok Oil
10
Red Bank 011
Ryan Consolidated
•
Salt Creek Consol Oil.....
Salt Creek Producers__ _10
Sapulpa Refining
5
Savoy 011
5
Seaboard Oil& Gas
5
Shell Union Oil, com, w 1_ _
Simms Petroleum
•
South Petrol & Refining...
Southern States Cons Corp
Southern States Oil
Texon Oil & Land
1
'Tidal-Osage 011
•
Turman Oil
1
Wilcox Oil & Gas
5
Woodburn Oil Corp
•
"Y"Oil & Gas
1
3%
3
31e
16%
106
194
10%
55
5%
534
3234
174
214
45e
104
1034
5734
17%
86
4634
99
163
27%
133
310
161
104
5734
1164
11934
47
404
614
3c
93c
534
1%
17e
lc
82c
1234
3
1,f
,6
53
lie
243
113
20%
30c
3
60c
950
134
650
42%
15%
1
4
634
x17
11%
5234
21c
1
x93.4
140
20%
3
2%
1234
1334
70
21c
16%
32c
114,
6%
7c
Range since Jan. 1.
Low.
High.
8% July 144 May
300
9%
634 Apr
234 Jan
3% 11,900
334 Mar
Jan
2
4,200
3
July
14% 1,100 a12% Sent 29
2)4 Dec
2% 7,800 50c Mar
3:4 Jan
10 80c Dec
80c
Apr 65
Sept
2,000 33
61
Dec
1
1
Dec
1,000
1
2)4 Jan
34c 26,000 300 July
Dec
3
3% Dec
351 3% 1,500
Mar 21
June
100 15
18% 1834
234 Dec
Apr
6
2% 2% 1,400
July 45 June
1,400 11
16
19
Jan 111
Sept
200 95
100 107%
300 1734 Apr 24% Sept
1934 1934
5
Aug
6% Aug
500
5% 5%
Dec 263( Sept
700 13
154
13
1,000 10 June 1734 Oct
15% 16%
Nov
11
9
Dec
400
9% 10%
Jan 10% Feb
3
5% 2,400
5
0'.4 Feb
Nov
305 52
55
54
Jan 6434 Oct
500 44
81% 62%
Mar
5
May
9
800
5%
8% May
4% Jan
7,000
534 6
Oct
2,100 1234 Feb 35
3234 34
2% Apr
Jan
1% 14 4,700 75c
1% Apr
300 960 Feb
1% 1%
Dec 124% Nov
100 104
104 104
3% Sept
2% 2% 3,100 850 Mar
JIM
Dec 87n
7,600 45e
45c 59c
lc Dec 30e Mar
5,000
lc
lc
Mar 31
6
July
934 1034 1,000
634 Dec 30
July
6% 94 1,600
5c Dec
100
134 Jan
Sc
Sc
8
Dec 113( Dec
10% 11% 4,500
Dec 200
Dec
25 200
200 200
Nov
300 4934 Dec 51
5634 5714
934
3%
6
233f
13%
1%
80c
58
1
30c
1734 1934 9,700 16% Jan
Nov
86
90
1,379 m83
Jan
75 125
148 150
Jan
820 28
45
48
Jan
40 115
165 170
210 7934 Jan
90 100
Jan
185 40
58
60
Aug
163 16334
55 160
Jan
290 84
90
91
Nov
27
2854 4,200 24
Dec
545 p130
130 134
Jan
101 101
10 90
Jan
20 257
290 296
Jan
200 17.
18
18
Jan
610 636
95 520
Jan
865 224
306 322
Dec
161 170
390 157
Jan
104 106
520 77
Jan
70
50 52
70
5714 59
7,100 5554 Nov
115% 118
40,700 83% Jan
Nov
900 41
4234 4231
Nov
4234 4234 1,400 42
Apr
3,500 76
11854 127
393-4 4034 17,900 34% Dec
4634 4734 13,400 41% Nov
Feb
117 117
100 115
Jan
644 652
70 299
3834 Nov
40
4134 7,100
15c
15e
lc
2c
60 11c
834 8%
5% 5%
7
6
3c
2e
92e 99c
434 534
1% 2
2c
2c
1% 134
17c 17c
1434 1414
lc
be
lc
lc
70c 85e
1334
12
34
3
11 ( 154
,6
1% 1%
524 5334
bOo lie
243 250
113 11434
2034 2134
27c 30c
334
3
59c 60c
1
93c
134 134
64c 68c
240 24934
42
4434
1534 1634
1%
1
334 434
654 734
9
9
50c 50c
1
134
234 2%
234 24
13c 200
x1634 1734
11
1154
5034 58
1634 20
21c 230
9c 110
2c
2c
213.4 2234
90c
1
934
9
14c 150
4% 4%
1034 1034
2034 2034
234 334
3
3
24 234
134
12
1234 15%
Sc
9c
20c 23o
1634 23
32c 35c
1034 1034
13
1
534 634
20c 24c
9c
6c
1,000
13,000
14,000
1,200
100
4,000
66,000
4,100
14,000
3,100
1,000
300
21,000
300
1,000
1,000
99,200
1,000
1,900
6,800
100
3,700
40,000
235
735
12,100
38,800i
1,100:
3,900
5,200
2,000
5,100
275
24,300
1,
400
1,100
4,400
3,100
100
4,000
43,500
300
100
7,000
7,900
28,500
3,800
1,700
16,000
2,000
3,000
400
21,600
12,600
2,000
2,500
500
9,500
6,900
3,500
3,200
9,900
97,900
75,600
4,000
10,300
82,400
200
48,900
32,000
7,000
33,200
25
11054
15234
49
185
10334
62
198
111
3134
210
127
365
44%
750
31744
249
110
70%
83%
135
4234
42%
129%
48
57
11934
710
42%
Jun.
Nov
Oct
Dec
Dec
May
May
Apr
Nov
Apr
Nov
Nov
Oct
July
Oct
Dec
June
Nov
Dec
Nov
Oct
Dec
Nov
Dec
Oct
Oet
Nov
Oet
Nov
15c Dec 600 May
le Dec
Sc Feb
3c Nov 25o June
834 Dec 18
Apr
534 Dec 17 June
Dec 12% MaY
6
20 Nov 290 Jan
570 Ma
Oct754
934 June
334 Jan
3% Sept
134 Nov
20 Dec 12c Mar
1% July
750 Mar
13e Nov 720 Jan
Oct
12% June 18
70 Jan
10 Dec
4c May
lc Dec
2%3 May
650001
Mar 19% June
9% Apr
Dee
3
1% June
830 Feb
Sept
3% Apr
1
71% Oct
4841 Nov
70 Jan 50c Mat
Sept
21254 Feb 267
97% Mar 13034 Oct
Mar 2734 May
14
200 Nov
154 Jan
2% Nov 28% Feb
50c Nov 580 Nov
1% Mar
79c Nov
2% Nov
1% Doc
58c
1% June
Jan
Nov
175 June 259
Oct 45% Nov
40
15% Aug 2734 Mar
89c Nov
2% Jan
1
Jan 10 June
64( Oct 14% May
Dec 19% Feb
9
234 Mar
Oct
30c
4% Mar
700 Nov
4% June
2
Feb
2
Mar
3% May
Oct
8c June 38c
9% Jan 19
OM
53( Jan
1334 Oct
40 May 83
Illebt
11% Mar 38 June
13c
Jan 85e May
9c Nov 35c May
2c July 12c Mar
20
Apr 224 Dec
67c Mar
3 June
434 Jan
9% Dec
110 July 360 Jan
4
8% June
Feb
10
Apr 15 May
12% Jan 21% Oct
234 Dec
5 June
Apr
Dec
5
2
334 Nov
80e Mar
934 Nov 14
Sept
8% Nov
15% Dec
6o
Jan
Aug 85
180 July 350
Jan
Dec
1234 Jan 23
300 Nov
1
May
10
Jan
14% June
1
July
1)4 Oct
23( Jan
7
July
15c Nov
1
Feb
7e Aug 88o
Jan
Mining Stocks.
[Vol,. 115.
THE CHRONICLE
2678
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares.
Alaska Brit
-Col Metals_ _10
Belcher Divide
10c
Belcher Extension
10e
Big Ledge Copper Co _ _ 5
Bison Gold Inc
_I0c
Blackhawk Mining
Booth Mining
Boston-Montana Corp _25
1
Caledonia Mining
Calaveras Copper
Calumet&JeromeCopper_l
5
Canada Copper Co
Canario Copper
10
•
1
Candalaria Silver
Cash Boy Consolidated__1
Chief Consol Mining
5
Canso' Arizona
Consol Copper Mines new
Consol Nevada-Utah Cop.
Continental Mines. Ltd _
1
Cork Province Mines
1
Cortez Silver
Cresson Con Gold M Sz M.1
Crown Reserve
1
Davis
-Daly Mining
10
Dean Consolidated Corp.1
Diam'f'd Blk Butte reorg
Divide Extension
1
Dolores Esperanza
5
Dryden Gold Corp
El Salvador Silver Mines_ 1
Emma Silver
1
Eureka Croesns
1
Florence Silver
Fortuna Con Mining
Gadsden Copper
Goldfield Blue Bell
G( ldfidd Consol Mines_10
Goldfield Deep
Goldfield Development _ _
Goldfield Florence _
1
Goldfield Oro
Gold Zone Divide..
I
Green Mobster Mining_ 50c
Hard Shell Mining
1
Hecht Mining
25c
Henrietta Silver
Hilltop-Nevada Mining_
Hollinger Cons Gold Min .5
Howe Sound Co
1
Independence Lead Mining
Iron Blossom Coin M _ _100
Jerome Verde Devel
A
Jim Butler Tonopah
1
Kerr Lake
5
Knox Divide
10c
Lake Superior
La Rose Consol
5
Lone Star Consol
1
MacNamara Mining
1
Magma Chief
1
Marsh Mining
1
Mason Valley Mines__ __ _5
McKinley-Darragh Say_ _ 1
National Tin Corp__ __50c
Nevada Ophir
1
Nevada Silver Horn
New Cornelia
New Dominion Copper_ _5
New Jersey Zinc
100
Nipissing Mines-- 5
-Ohio Copper
10
Park Utah Mining
Ray Hercules, Inc
Red Hills Florence
Rex Consolidated Mining -1
Richmond Cop M & Dev_ _
Ruby Rand Mines
Sandstorm Kendall
Silver King of Arizona_ _
Silver King Divide Reorg_ _
Silver Mines of Amer
1
Silver Pick Consol
1
Simon Sliver Lead
South Amer Gold & Plat_ 1
Southwest Metals
Spearhead
Standard Silver-Lead__ _ _1
_1
Stewart Mining
_1
Success Mining
1
Superstition Cons
Sutherland Divide
Teck-Hughes
Terniskarning Mining......
Tonopah Belmont Dev__ A
1
Tonopah Divide
1
Tonopah Extension
Tonopah Mining
Trinity Copper
1
Tuolumne Copper_
UnitedEastern Mining_ _ _1
United Verde Extension_.A
U S Cont Mines, new
5
Unity Gold Mines
Utah Apex
100
Victory Divide
West End Consolidated_ _6
West End Extension Mg__
1
Western Utah Copper_
White Caps Mining..__ _10c
1
Wilber Mining
Yerrington Consol
5
Yukon Gold Co
Low.
High.
2
2
1,100
1% Jan
lc
lc 18,000
Jan
lc
6c
6c
6c 20,000
20 Mar
40
5c 21,000
4c
40 Dec
24e
27c 13,000 1 le Nov
250
10c
21c 10,000 100 Dec
2c
2c Nov
2c 1,000
34c
50c 54,700 34e Dec
80
8c 4,000
40 Feb
3
2% 3
300
2% Dec
120
100
16c 3,000
Oct
80
2c
2c 2,000
lc Sept
2% 2%
1% July
1,800
lie
27c
32c 115,000 190
Jan
lie
12e 15,000
4e Feb
5
4% May
400
5%
lc
lc
be 5,000
le Dec
8,400
Nov
31%
3
33.
7c
7c
1,000
20 Feb
4% 5% 6,800
4% Oct
13c
16c 11,000 13c Dec
16c
1%
1% 1% 13,100 840
Jan
2%
2%
2,900
2% Oct
23%
270
27e
1,000 lie
Jan
2% Nov
3
3
100
72c
70c
73c 14,500 36o Aug
2e
lc Sept
2c
1,000
lie
12e 2,000 10c Aug
2
1%
2
3,000 820 Feb
10
2,700
8% Sept
101%
2c
20
2c Mar
2c 50,000
3c
20
be Mar
3c 45,000
260
27c
Jan
30c 91,000 18e
38c
330
3Sc 3,000 15c Feb
22c
15c
5e
24e 188,000
Oct
850
70c
85c 3,700 59c Mar
' lc
lc
1,000
lc Aug
6c
Jan
6c 6,000
3c
100
Sc
10
Jan
11c 129,000
Sc
4c
3c June
5c 8,000
210
12c
9c July
23c 111,000
lc
lc
1,000
le June
Sc
Sc
70 May
1,000
30
7c 23,000
3c Dec
60
3c
7c 48,000
3c Dec
8
8%
4% Jan
1,100
54c
70c 39,000 300 Aug
94e
100c 3,000 75c June
12%
1,400
7% Jan
123% 121%
2%
2% 2%
4,700
2% Jan
30c
280
6e
35c 62,000
Jan
27c
27c 2,000 16c Mar
2% 2%
1.300
2
Dec
6c
40 July
6c 1,000
3% 3%
100
Mar
3
2c
20
Sc 36,000
Dec
2e
5% 5%
5% Dec
400
250
26c 2,000 25e
Jan
Sc
5c 7,000
le
Jan
6c
8c 7,500
5e
Jan
2c
2e 2,500
be Dec
7c
Sc
4e
7c 45,000
Jan
1% 1% 16,500
1
Oct
22c
22c 2,000
Sc June
15e
14c
28c 76,000 140
Dec
150
80
15e 34,000
8o Nov
lc
lc 5,000
be Nov
16
16
100 15
Oct
3
2%
2
Jan
33-3 4,300
171% 1681% 172
June
200 141
5%
4% 6% 4,600
5% July
520
47e
57c 82,600
60
Aug
4% 4%
4% Dec
200
1
Feb
1% 1% 17,600
2c
2c 21,000
be July
5c
5c
6c 6,000
Sc
Jan
24e
22c
27e 45,000 22.3 Dec
24c
29c 6,000 24e Dec
24e
lc
2c 3,000
le Aug
2c
lc
Sc 4,000
le Dec
12c
lie
12e 8,000
Sc Nov
16c
15c
18e 18,000
10c
Aug
Sc 2,000
5c
3c Sept
30c
30c
33e 57,000 290 Nov
33%
3%
3,400
3% Nov
333
6
8%
200
6
Dec
3c
6c
6c 34,000
IC May
25c
25c 6,000 10c
Jan
Cc
6c 1,000
2o
Jan
46c
46c 2,000
lo Mar
60
3c
Apr
6c 1,000
2c
2c 1,000
lc Sept
74c
77c
85c 10,200 20c
Jan
320
32c 1,000 270 July
14 Jan
,3
z1W6
17
4 193,600
70e
74c 14,400 46c Mar
70c
1% Feb
39 3 3' 6 17,000
4
4
5
3%
1% Jan
2% 2% 4,200
1% July
1% 14
100
63c 29,100 35c Nov
60c
50c
1% Apr
111
4
13-3 lu,(6 52,900
1,600 25% Oct
27% 26% 27%
9c
130
20c 8,001)
Oct
16c
33/3 3%
5,300
2% Mar
3%
3
Mar
3
3
509
le Nov
lc 2,000
10
Feb
1% 13,100 70c
1%
30 Nov
Sc
7c
7c 57,000
Sc May
Sc
11c 3,000
3c
Feb
1,000
lie
Ilc
Jan
le
Sc 2,000
7c
2c• Apr
3c
3c 1,000
900 50c Nov
700
80c
2
Bonds
Allied Pack cony deb (Is '39 75%
1939
8s Series II w 1
Aluminum Mfrs 78.._ _1933 103
1925
78_
1924
Amer Cotton Oil 6s. _1924 93%
Amer G&E deb B 6s_2014 . 97%
Amer Lt & Trac 6s_ _ _ _1925
Without warrants
Am Republic Corp 68 w 1'37
Amer Smelt d: Refin 5s 1947 93
Amer Sumat Tot)7%5_11125 961%
Amer Tel & Tel 6s_ __ _1924 101
Anaconda Cop Min 78_1929 103%
6% notes Series A _.1929 100%
Anglo-Amer Oil 710-1925 103%
Armour & Co 7% notes1930 101%
Atl Gulf & W I SS L 55 1959 55
Bethlehem Steel 75._ _1923 104%
1935 102%
Equipment78
Canadian Nat Rys 78_1935
1923 99
5s
Canadian Pacific 6s_ _ _1924 101%
Central Steel 84
1941 106
Charcoal Iron of Am 8131931 93%
Cities Serv 7s Ser C_ _ _1966
Deb 7s, Ser D
1966
Range since Jan. 1.
83%
75
84
83
106 106
103% 103%
97% 98%
975.i 97
100% 101
100% 101
83% 89%
92%
92
96% 96%
100% 101%
103% 103%
100% 100%
103% 103%
104% 104%
56
55
104% 104%
102% 102%
109% 110%
99
99
101% 101%
105% 103%
92% 93%
92
95
90
90%
13,000
4,000
17,000
7,000
21.000
35,000
7,000
7,000
14,000
18,000
1,000
44,000
29,000
62,000
16,000
89,000
12,000
41,000
27,000
15,000
1,000
4,000
37,000
17,000
7,000
13.000
Jan
59
Feb
76
102% Feb
100% Jan
Feb
93
96% Nov
Jan
96
May
100
Nov
86
Nov
92
95% Nov
99% Jan
100% Jan
96% Jan
102% Jan
101% Jan
50% Oct
100% Jan
1003-1 Jan
104% Feb
93% June
99% Jan
Feb
98
91
Dec
87
Feb
Mar
85
5% Mar
be Aug
tie Aug
Jan
29e
17e Dec
21c Dec
Sc May
Jan
5
20e Aug
Dec
3
30c Feb
Apr
69c
3% July
71e
Oct
13c Dec
5% Sept
Apr
10c
Oct
5
Sc May
5% Dec
22e Aug
15 1 Oct
,6
3
Jan
28c Nov
8% June
750 Dec
4c Nov
Jan
21c
3% Atig
10% Dec
220
Aug
Sc Aug
410 July
380 Dec
26c Aug
1.38 Apr
3e Aug
12e
Apr
120 Nov
60c Sept
Apr
300
40 July
Apr
15e
22c Mar
Mar
48e
Nov
9
1.12 Oct
1% July
14% Sept
3% Mar
76e May
38e Aug
Feb
5
10c Feb
4% Apr
Aug
7c
5% Dec
63e Mar
140
Oct
14c Mar
7e
Feb
31c May
3% May
40e
Apr
67c May
52c Mar
14c Mar
June
20
3% Dec
174% Dec
6% Mar
57e
Dec
5% Oct
21% June
Sc Aug
12e May
30s Nov
46c Nov
6c
Oct
Sc
Oct
20c
Jan
20e Mar
23c Mar
900 Apr
5% Jan
16
Feb
19c Sept
280 Dec
16o
Apr
700 Oct
10c June
20 Sept
99a Nov
45e Sept
1% June
96c Ass.
41 (6 Dec
/
21 6 Sept
4
3
Jan
1
May
2% Jan
10% May
55c
Jan
53% Feb
3
Mar
6c Sept
Ai„r
Oct
ga
17c
Jan
18c
Oct
15c July
Sc Mar
13% June
90
99%
107
105
99%
100%
112
101%
93%
93%
100'4
101%
104%.
102%
104%
105%
661%
106%
108
112
99%
101%
108
99%
98
92%
Apr
May
Aug
Aug
.July
Oct
Oct
Aug
Aug
Nov
Oct
Apr
Aug
Aug
Aug
July
May
Aug
Aug
Aug
Aug
Jan
Sept
Apr
Sept
Nov
Bonds (Concluded)
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Colum Graphophone 8s '25
Certificates of deposit__ _
30%
Cons GEL SrP Balt 65'49
1952 99%
534* Series E
1931 1073-1
7s
Consol Textile 85
1_'21 9
8
Copper Export Assn 85 945 103%
1924
8s
.1931 102%
Deere Sr Co 7345
Detroit City Gas fis.,.._ 1947 101
_1932 100%
Detroit Edison 6s
Dominion I & St 5s_ _ _1939 8534
DunloPT&R of Am 75_1942 07
Fed Land Bank 43-3s...1942 100%
Gair (Robert) Co 78_1937 97%
Galena Signal Oil 7s_ _1930 10333
General Asphalt 8s_ __1930 104
Grand Trunk Ry 6%8_1936
Gulf Oil Corp 'Ts__ _ 1933
1937 97
Gulf 011 of Pa 5s
Hocking Valley RR 6s 1924
Flood Rubber 7% notes '36 983%
Interb R T 8s J PM rects
963%
Certificates of deposit..... 00%
Kansas City Pow & Lt 58'52 903-3
Kansas City Term 68_1923
Kansas Gas & El 65_1952 97
Kennecott Copper 7E1
105
Laclede Gas Light 7s----- 1011%
Lehigh Power Sec 6s_ _ 1927 923-i
Libby McNeill& Libby7s'31
Liggett-Winchester 75_1942 101%
Loulsv Gas & Elec 5s_ _1952 91%
Manitoba Power 7s.. _1941 97
Missouri Pacific Ry Cs 1949 991%
Morris & Co 730_ _1930
Nat Acme Co 7345. _ _1931 95
Nat Cloak & Suit 85_ _1930 105%
National Leather 85_ _1925
Nebraska Power 6s_ _ _2022
NYNH&II 7swi__1925 80%
-franc bonds
68%
500
1952 90
Ohio Power 5s
Penn Power & Lt 5s_ _1952
Philadelphia Else 0_1941 105
1947
5%s
Phillips Petrol 73-3s _ 1931
Without warrants
101%
Public Serv Corp 7s w 11941 103%
Sears. Roebuck & Co 7s '23
Shawsheen Mills 75__1931
,2
4
Sheffield Farms 6%s_ _ 1927 100%
Solvay & Cie 8s
South Calif Edison 5s_1944 93%
Southw Bell Telep 78_1925 1023%
Stand 011 of N Y deb 610'33 106%
7% serial gold deb_ _1925 103%
7% serial gold deb_ _1926
7% serial gold deb.._ 1927
7% serial gold deb....1928 1063-3
7% serial gold deb_ _1929 107%
7% serial gold deb_ _1930 108
7% serial gold deb_ _1931 109%
Sun Co 7s
1931
Swift & Co 7s_Aug 15 1931 102%
5s, when Issued__ 1932 933/1
Tidal-Osage 0117s___ _1931 103
United 011 Produc 86 _ _ 1931 101%
United Rys of Hay 7%
s 93 107%
1 *36
vacuum 011
7
Valvoline Oil 68
1937 102
Wayne Coal 6s
1937 72%
Foreign Government
and Municipalities
Argentine Nation 70....1923 100
§Iterlin 48.
22c
§Hamburg 410
Mexico 45
1945 38%
3s
5s
Netherlands(Kingd)6s 14'72 983/3
Peru (Republic)8s w 1_1932 9734
Rtmlan Govt 63-3s __1919 10
Certificates
9%
Russian Govt 53-3s_ _ _ _1921
Certificates
9%
Switzerland Govt 510 1929 103%
37
2,000
37
24
30% 6,000
103 103% 27,000
24,000
98% .c9
7,000
107 107X
98% 99
23.000
103% 103% 13,000
23,000
101% 102
102% 102% 24,000
100% 101% 116,000
100% l00% 28,000
85% 85% 4,000
95% 97% 215,000
100% 100% 14,000
97
97% 20.000
103% 103% 12,000
10,000
103 104
105 105% 10,000
103% 103% 31.000
18,000
96% 97
4.000
100% 100%
30.060
98% 99
96% 97% 50.000
96% 97% 115,000
90% 90% 59,000
3,000
100% 100%
96% 97% 27,000
104% 105% 97,600
100% 101% 77,000
92% 92% 10,000
101
101% 9,000
101% 102% 4,000
91
91% 22,000
96% 98% 23,000
99
99% 9,000
3.000
106% 106%
a. 20.000
1044 105% 26,000
101
101% 14,000
87% 87% 5,000
78
82 193,000
66% 69% 453,950
90
90% 32,000
88
88% 4,000
2,000
105 105
2,000
101
101
12,000
112 113
101% 101% 11,000
101% 103% 65.000
101
101% 31,000
104% 105% 7,000
100% 100% 23.000
104% 105% 33.000
92% 93% 23,000
43,000
102% 103
106% 106% 43,000
103% 104% 10,000
5,000
105% 105%
um% mg 1,000
10,000
106% 107
107% 107% 19,000
103 108% 12,000
109 109% 13,000
14,000
101% 102
102% 102% 12,000
93% 93% 125,000
8,000
102% 103
100 '101% 69,000
21,000
105% 107
1074 107% 33,000
Dm% 102 23,000
72% 72% 16,000
Range since Jan. 1.
High.
Low.
Jan
Nov
June
Nov
June
Feb
101% Nov
Feb
195 % Nov
01
2234
23
993%98%
104 %
92
49
40
107%
10134
110
10034
105
1 333,
0
Mar
Mar
Sept
Sept
Sept
Juno
Mar
pr
Aug
Sept
99% Nov 103
e
T) ee 05
0
855
190s3i Dec 197s Nov
Dee
86
DeDec
May 101% Aug
100
May
Feb 100
95
Sept
100% Jan 107
0
0
Apr
Nov 107
Jan 10834 Aug
102
102% Jan 104% May
9633 Nov 973-3 Dec
Sept
1O04 Apr 101
Aug
95
Jan 102
Jan 98%3 Dee
72
89% July
98% Oct
Nov
9334 Sept
90
99% Jan 10134 June
Oct
Nov
Jan
Ja
101% Jan 10569
96
Aug
94% Feb 103
92% Dec 94% Oct
9834 Apr 102% Sept
983-3 Mar 104%1Sept
91
Dec 91%'Noy
May
89
Jan 100
983j Nov 100% Oct
May
102% Jan 107
92
Mar 100
Sept
95
Jan 106
Sept
9534 Jan 102
Oct
Oct
8734 Dec 90
77
Mar 92% May
64% Mar 78
Mar
893% Dec 9334 Nov
87
Dec 93
Oct
100% Jan 106% Sept
June 103
Sept
99
Feb 126
101
May
Feb 101% May
99
9634 Feb 10534 Sept
Apr
Jan 102
97
101
Jan 1063.3 Sept
100% Nov 101% Sept
1023% Jan 107% July
Nov
Dee 95
92
wog Jan 104% Aug
105% Mar 109% July
Aug
Oct 108
103
Jan 106% Sept
104
May
104% Feb 107
Sept
Feb 108
105
Aug
Mar 109
105
Apr 10934 Nov
106
July
107% Mar 111
Sept
98% Jan 103
Jan 10334 Apr
101
9029%
n
t
Jan 106
97)4 Sept
Apr
Feb 110
90
Aug
Jan 108
100
Jan 109% Aug
106
Oct
983-I July 102
Sept
711
Jan
50
•
Jan 101% Aug
101% 54,000 97
Dec
54 Jan
22c 200,000 22e
5% Mar
Oct
g1,000 20o
20e
52% Apr
38% 179,000 34% Nov
Sept
13
103-3 Nov
11% 8,000
Nov 23 June
5,000 14
153%
Sept 99% Dee
99% 455,000 94
Nov 100% July
8,000 96
98
9% Deo 30% Apr
1033 63,000
26% Apr
9% Dec
10 110,000
Apr
9% Dec 28
10% 35.000
Apr
28
9% Dec
29,600
10
1033% 49.000 95% Jan 107% Mar
t Odd lots. * No par va no. § Dollar per 1,000 marks. a Ex-100% stock dividend. g Marks. k Correction. in Dollars per 1,000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions will be found. b Ex-special
dividend of $25. n Ex-extra dividend of $20. o New stock. p Expspecial dividend
of $80 and regular dividend of $3. to When issued. x Ex-dividend. y Ex-rights.
z Ex-stock dividend.
99%
22c
20e
3731
11
153%
3
97%
97%
9%
931
9%
9%
102%
New York City Banks and Trust Companies.
An prices dollars per share.
Ask Trust Co.'s Bid
Bid
Ask
Banks
Ask
Banks-N.Y. Bid
New York
375 385
America .____ 217 220 Harriman..
Amer Etch__ 292 298 Imp & Trad_ _ 610 620 American _ _
143 Industrial. _ _ 195 205 Bank of N.Y.
Battery Park_ 135
& Trust Co_ 455 460
440 - - Irving Nat of
Bowery.
NY
245 248 Bankers Trust 373 378
Broadway Cen 130 145
445
152 Central Union 441
Bronx Boro... 110 - - - Manhattan'.1148
Bronx Nat _ 155
- Mech & Met_ 408 413 Columbia__ 315 320
130
Commercial__ 125
700
Bryant Park' 155 165 Mutual*
300 310
ii6 Empire
'
Butch & Drov 130 138 Nat American
Cent Mercan_ 210 225 National City 335 340 Equitable Tr_ 273 278
135 Farm L & Tr_ 500 510
125
343 348 New Nab *
Chase
_ Fidelity Inter. 212
23.9 Pacific *
300
Chat & Phen 251
255 285
450 iE6. Fulton
Chelsea Exch. 103 109 Park..
Chemical
535 54, Public
340 350 Guaranty Tr 220 225
190
Coal & Iron
215 225 Seaboard _ _ 335 345 Hudson
I 325
Standard
Colonial ...
230
280 300 Law Tit & Tr 220
Columbia._ _ _ 225
State.
345 365 Metropolitan_ 305 312
Commerce_- 290 302 Tradesmen's * 200 36o. Mutual (West
Com'nwealtti* 220 235 23d Ward._ _ 270
Chester) _ _ _ 115 130
145 United States* 165
Continental... 135
N Y Trust
351 357
435 440 Wash'n n'ts * 210
Corn Exch*
Title GU & Tr 332
339
_ 480
Cosmop'tan*- 90 -___ Yorkville
7: u s Mtg & Tr 310 320
United States 1200 1225
East River- 180
Brooklyn
Fifth Avenue* 1120
195 205 Coney Island* 155 165
Fifth
320 355
Brooklyn
1215 1235 First
First
Mechanics' •.. 128
_
240
138 Brooklyn Tr_ 460 480
Garfield
Kings County 750
182 190 Montauk.„. 150
Gotham
Nassau
225 iici Manufacturer 260
270
Greenwich •
.1People's
160
365
665 675 People's
Hanover
marked with (*) are State hanks. I New stock. z Ex-dividend y Ex -rights
•Bank,
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
Ask
Bid
Lawyers Mtge
Alliance R'Ity f1051160
-ga - Mtge Bond.. _ 117
Surety_ 84
Amer
270 Nat Surety_ _ 205
Bond & M 0_ 265
68 N Y Title &
City Investing 65
Mortgage__ 160
110
Preferred __ 100
New stook
Ask
164
123
210
165
Realty Assoc
(Brooklyn)_
U S Casualty..
US Title Guar
West Chester
Title & M G
Bid
160
200
105
Ask
165
9
00
220
HO"
2679
Investment anti failroatt
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Previous
Year.
198.796 190,116 1,821,853 1,391,816
Akron Canton & Y'n October
270,802 367,190 2,470,525 2,817,535
Alabama & Vicksb_ October
1st wk Dec
93,287 106,280 4.712,983 4,798.081
Ann Arbor
19861 746 18691 589 153656 745 158448 159
Atch Topeka & S Fe October
Panhandle & S Fe October
888,765 1,025,406 6,455,816 8,012,410
2,571,774 2,564,951 19,158,857 25,056,542
Gulf Colo & S Fe.. October
Atlanta Birm & Atl_ October
382,801 340,392 3,241,862 2,593,420
Atlanta & West Pt._ October
268,757 216,161 2,095.853 2,102,044
October
Atlantic City
307,113 288,966 4,106,416 4,163,201
Atlantic Coast Line_ Octooer
6,118,955 5,543,204 57,583,462 55,333,540
Baltimore & Ohio October
19702229 19045952 160049024 167216726
B & 0 Ch Term.._ October
,304,063 290,277 2,545,576 2,167,506
Bangor & Aroostook October
592,857 753,831 6,310,230 6,010,175
62,677
Belldfdnte Central October
88,695
12.189
7,104
Belt Ry of Chicago.. October
610.752 572,241 4,977.838 4,590,300
Bessemer & L Erie_ _ October
2,176,595 1,320,603 11,732,576 11,950,996
153,956
Bingham & Garfield October
181.328
27,094
11,302
October
Boston & Maine
7,474,118 7,314,654 65,949,045 65,245,877
Bklyn E D Term.._ - October'
123,582 121,066 1,309.776 1,099.803
Buff Roch & Pittsb_ 1st k Dec 470,059 316,317 15,159,466 14,620,631
October
Buffalo & Susq
175.348 221,281 1,213,120 1,706,813
Canadian Nat Rys_ 1st wk Dec 2,760,434 2,634,323 112330696 117970500
1st wk Dec 4,155,000 3,403,000 169503000 176723000
Canadian Pacific
Caro Clinch & Ohio_ October
633,332 734,662 6,293,675 6,219,053
Central of Georgia.._ October
2,194,087 2.025,083 18,913,304 18,835,161
Central RR of N J October
5,152,697 4,878.801 40,105,672 44,347,958
Cent New England.. October
669,220 781,518 5,539,200 6,963,639
October
Central Vermont_
791,590 670,838 6,006,912 5,933,207
Charleston & W C.._ October
267,945 2 .780 „061 2,751,618
Ches & Ohio Lines October
6,693,743 7,597,616 69.198,700 71,571,929
October
Chicago & Alton
2,439.707 2,958 277 22.136,817 26,028,751
Chic Burl & Quincy.. October
17093728 16993575 134239029 141724841
Chicago & East Ill October
2.371,433 2,701,931 19,936.499 22,826,018
2,345,274 2,383,312 19,925,452 20.631,130
Chicago Great West October
1,524,651 1,401,638 13,111,981 12,726.479
Chic Ind & LouLsv Octoner
15888955 14989444 128434131 123609668
Chic Milw & St Paul October
14864070 14630349 121255715 123335924
Chic & North West. October
178,033 207,834 1,747.642 1,738,359
Chic Peoria & St 14- October
632,595
Ciaric River & Ind_ _ _ October
3,090,926
11249 119 12515947 98,841,937 111753215
Chic R I & Pacific... October
505,847 611,724 4,813,605 6,475.952
Chic R I St Gulf October
October
2,537.965 2,877,077 23,146,827 23,694,228
Chic St P M & Om_
460.556 368,032 3,538,558 3,058.293
Olin Ind & Western October
1.200.578 1,336,780 10,819.039 10,973,339
Colo & Southern..__ October
953,246 1.115,749 7,848.756 9,471,516
Ft W & Den City_ October
Trin & Brazos Val October
237.333 365,004 2,352,150 2,575,686
Wichita Valley _ October
173,538 210,968 1,055,720 1,401,655
Delaware & Hudson October
3,972,663 4,002,492 30.432,304 38,357,067
Del Lack & Western October
7,475,022 7.548,162 61,245,545 72,430,985
Deny & Rio Grande October
3,397,224 3,784,315 27.218,189 27,417,892
Denver & Salt Lake October
233,764 330,956 1,178,978 2,423,381
Detroit & Mackinac October
190,387 181,333 1,580,725 1,674,155
Detroit Tol & Iront_ October
780.033 630,108 7,467,782 5.411,318
Det & Tol Shore L.... October
338,999 349.345 2,929,832 2,370,680
Dul & Iron Range__ October
732.705 415.027 6,317,042 7,782.240
Dul Missabe & Nor- October
1,775,056 1,313,326 13,687,250 12.086,035
Duluth So Sh & Atl_ 1st wk Dec
82.918
68,025 4,130,947 4,199,106
Duluth Winn & Pac October
170.997 190,718 1,642,707 1,988,733
East St Louis Conn.. October
192,530 168.038 1.647,976 1.360,345
Eastern SS Lines-.. October
548.465 495,889 5,141,941 4,661,058
Elgin Joliet & East_ October
2,095,680 1,630.107 17,140,196 16,186.969
El Paso & Sou West October
902,851 894,173 9,251,820 9,349,965
October
Erie Railroad
9.504,959 10540392 75,588,414 87,295,056
Chicago & Erie October
1,146,951 1,044,077 9,265,339 9,022,218
NJ &NY RR _ _ _ October
130,555 125,851 1,249,242 1,247,771
Florida East Coast_ October
934,202 930,711 11,147,440 11,376,884
October
Fonda Johns St Glov
129,950 117.598 1.159,353 1,130,537
Ft Smith & Western October
173,722 192,491 1,348,706 1,486,459
Galveston Wharf_ _ _ October
223,403 199,887 1,205,385 2,283,509
October
Georgia Railroad
541.319 484,785 4,226,160 4,438.368
Georgia & Florida October
128.726 121.645 1,111,583 1,170,479
Grand Trunk Syst 1st wk Dec 2,161,921 1,816,052 99,071,472 97,167,928
Atl & St Lawrence October
239.532 175,949 2,257,076 2,283,993
ChDetCanGT.Tct October
208,583 205,813 1,837,427 1,644.072
to
• Det G & Mil
576,737 537,645 4,427,924 3,709,695
Grand Trk West_ October
1,400,041 1,186,863 13,505,456 12.171,516
11605 480 12289463 84,415,554 82,967,604
Great North System October
Green Bay & West_ October
124,989 136,407 1,136,245 1.175,599
Gulf Mobile & Nor.. October
403,782 391,012 3,674.169 3,409,190
Gulf & Ship Island_ October
248.738 278,205 2,464,983 2,403,483
October
Hocking Valley_
1,503,820 1,655,527 11,174,715 12S179.665
Illinois Central Syst October
15595017 13967300 126023025 118916572
October
Illinois Central_
17692382 16096962 141709033 135926 186
Internet & Grt Nor.. October
1,654,293 1.435,655 12,016,867 15,311,204
Internet Ry of Me October
169,852 213,250 2.122,574 2,310.044
Ran City Meg & Or October
102.335 148.376 1,109,348 1,537,504
KO Mex &0 of Tex October
145.656 209.434 1,226,105 1.823,201
Kansas City South_ October
1,631.247 1,746.245 14.842.173 16,677.528
Texark & Ft Sm... October
221,625 198.700 1,736.564 1,859.729
Total system_ _ October
1,852,871 1,945.357 16,578,736 18,506,324
October
Kan Okla & Gulf
275,280 220,080 2,362,475 1,930,645
Lake Sup & Ishpem_ October
378,528
122,872
97,428 1,020,337
October
Lake Term Ity
100,498
870.486 1,019,401
89,105
Lehigh & Hud River October
284,826 319,165 1,974,461 2,705,288
Lehigh & New Eng_ October
555.823 538,286 3.437,504 4,081,205
October
Lehigh Valley
5,488,912 6,912,072 51,322,044 63,349,647
Los Ang & Salt Lake October
1,894,327 1.828,264 16,147,335 16,503.170
Louisiana & Arkan_ October
263.529 347,005 2,707,184 2,844.600
Louisiana Ry & Nay October
398,007 360,614 2,889,782 3,342,497
Louisville St Diashy_ October
10622 310 11317193 100757 149 98,980,898
Louisv Rend & St L October
299,341 268,165 2,723,475 2,424,924
October
Maine Central
1,697,855 1,898,43 16,967,159 17,401.922
Midland Valley_ __ _ October
142,836 442,230 3,845,482 3,754,245
1st wk Dec
260,994
Mineral Range
8,625
2,317
293,011
Minneap & St Louis 1st wk Dec 313,661 280,694 14,606,957 15,281,184
Current
Year.
:an. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Minn StP&SSM_ October
5.025,351 4.533,766 38,321,298 35,894.684
966,725
Mississippi Central_ October
135,462 136,415 1,231,253
491,781
128,802
Mo & North Arkan_ October
Missouri Kan & Tex October
3,218,571 3.130,751 25,939.290 28,129,286
.652,735 17.531,249 22,851,279
Mo K & T Ry of Tex October
2,392.221 2
Mo Kan & Tex Syst October
5,782,994 6,024,768 44,749,706 53,359,848
Missouri Pacific_ _ _ _ October
10690338 82,310,143 92,725,126
9,187,213
Mobile & Ohio
1st wk Dec 391,153 350,899 16,686,805 17,035,753
Columbus & Greenv October
145.914 178.053 1,270,384 1.276.625
October
Monongahela
382,016 545.576 2,900,122 3,522,058
620.153
Monongahela Conn October
95,978 1,344,688
162.707
809,625 1,230,135
Montour
October
213,355 121,681
Nashv Chatt & St L October
2,159,604 2,007,571 18,286,321 17,590,850
411.354
296.474
Nevada-Cal- Oregon 3d wk Nov
7,546
16,694
290,901
463,411
Nevada Northern.... October
76.176
27,388
171,051 186.318 1,587,065 1,147,838
Newburgh & Sou Sh October
227,741 220,116 2,111,704 2,150,807
New On Great Nor._ October
N 0 Texas & Mex October
329,184 304,780 2,290,616 2.220,631
207,990 183,603 1,677,317 1,830,612
Beaum S L & IV.... October
375,316 459,038 4,334,677 5,070,566
St L Brownsv & M October
35733437 30385680 291754 285 282994 130
New York Central__ October
Ind Harbor Belt_ October
1,168,737 950,255 8,472,273 7,621,124
Michigan Central October
8,255,638 6,983,138 67,610,184 61,090,774
Clev C C& St L.._ October
7,815,894 7,331.704 69,195,581 67,370,597
Cincinnati North.. October
324,409 376,639 2,776,666 3.248,820
Pitts & Lake Erie October
3,338,714 1,977,647 22,258,238 19,272,208
N Y Chic & St Louis October
3.697,433 3,305,965 32.337,457 30.128,540
313,430 254,984 2,459,237 2,828,389
N Y Connecting__ October
NYNH& Hartf__ October
11542713 10659 735 101487175 96,235,391
1,106,625 1,112,052 10,300,579 12,055,548
N V Ont & Western October
431,782 380,033 3,364,808 3,596,496
N Y Susq & West October
770,714 757,180 6,893,007 6,626,264
Norfolk Southern.... October
7,302,396 7,249,808 76,637,774 66,602,096
Norfolk & Western_ October
Northern Pacific_ __ October
10005134 11027033 78,299,890 78,117,319
Northwestern Pac__ October
791,157 911,622 6,817.526 7.389.364
Pennsylv RR & Co_ October
62950906 55678009 529497 176 515281 433
130,886 119,345 1,354,628 1.404,029
Balt Ches St Atl_ _ October
October
2,608.127 2.435,866 26.195,602 24,560,654
Long Island
996,696 1.073,212
98,970
Mary Del & Va.... October
101,979
25,514 1.405,299 1,445.965
Tol Peor & West.. 1st wk Dec
28,302
W Jersey & Seash October
1,168,692 974,731 12,058,932 11,403,309
Pennsylvania Syst October
67176453 59538597 572213174 555804114
180,995 164,576 1,500,624 1,399,427
Peoria & Pekin Un_ October
Pere Marquette_ __ _ October
3,602,421 4,002,982 31,587,005 32,342.129
Perkiomen
October
117.465 102,981 1,074,782 1,055,592
October
Phila & Reading
8,862,560 7,948,308 64,554,342 70,705,677
Pittsb & Shawmut October
69,836 136,845
835,478 1,059,916
Pitts Shaw & North October
146,162 111,535
991,018
976,926
Pittsb & West Va October
252.064 271,925 2,301,210 2,366,082
Port Reading
October
169,059 202,196 1,462,264 1,899,799
Pullman Company_ October
5,654,154 4,940,600 54,413,177 54,858,658
Quincy Om & K C.... October
153.186 118,282
975,427 1.093,433
Rich Fred & Potom_ October
965,594 773,596 9,050,343 8,413,282
Rutland
October
509,138 519,296 4,789,973 4,910,675
St Jos & Grand Isl October
305,303 398,373 2,594,241 2.847,628
St Louis San Fran October
6,429.608 7.721,301 65.320,897 68,968,217
Ft W & Rio Gr'de October
149,831 147,018 1,124,344 1,450,829
St L-S F of Texas October
158.031 173.023 1.406.885 1.615.993
St Louis Southwest.. October
1,842.404 1,834,219 14,714,201 14,193.892
St L SW of Texas October
706,552 844,183 6,156,746 3,396,575
Total system_ __ _ 1st wk Dec 2,549,887 2,337,538 24,590,250 24,043,646
St Louis Transfer.... October ,
952,994
68.292 122,994
614.688
San Ant & Aran Pass October
646.115 630,403 4,792,782 5,306,263
San Ant Uvalde & G October
88,638
889,286 1,016,878
84,514
Seaboard Air Line October
4.203,614 3,878,118 36.93_8,134 35,535,577
Southern Pacific__ _ October
26232894 26532231 214983175 227333285
Atlantic S S Lines October
1,199,461 963,459 9,758,518 8,711.904
Arizona Eastern_ October
286,117 194,812 2,592,584 2,314,979
Galv Harris & S A October
2,158,831 2,153,412 18,127,408 21,033,905
Hous & Tex Cent_ October
1,596,878 1,818,411 12,235,944 11,495,923
Hous E & W Tex.. October
308,534 305,612 2,594,547 2,472.608
Louisiana West October
382,825 460,687 3,447,569 3,717,546
Morg La & Texas October
814,876 861,158 6,576,767 7,260,162
Texas & New On.. October
772.937 834,927 7,171,702 7,184.058
Southern Railway.... 1st wk Dec 3,579,380 3 170,810 152752885 148712534
Ala Great South_ October
718,544 886,821 6,806.975 7,853,731
Cin N 0& Tex P. October
1,537,950 1,489,228 13,365,977 14,410,461
Georgia Sou & Fla October
371.733 389,791 3,730,676 3,741,277
New Orl & Nor E_ Ottober
483,270 554,087 4.361,453 5,328,090
Northern Ala_
October
151,334
84,977 1,141,307
728.331
Spokane Internat'L October
980,494 1,081,652
116,241 105,188
Spok Portl & Seattle October
662,128 934,480 5,985,589 6,647,478
Staten Island R T October
193,720 225,684 2,044,135 2,136,146
Tennessee Central.... October
1,877,872
264,313
Term RR Assn ofStL October
398,633 473,881 3.723,525 3,778,688
St L Mar Bdge T.. October
459,475 384,155 3,244.736 3.047,411
Texas Pacific
1st wk Dec 770,845 706,254 28,782,131 33,228,410
Toledo St L & West October
1,289,499 1,003,333 9.231,973 7.777.142
Ulster & Delaware October
126,865 147.152 1,414,235 1,523,077
Union Pacific
October
12688907 13890798 87,701,096 96,681,680
Oregon Short Line October
4,146,858 4,594.708 29.837,593 30.572.694
Total System...._ October
21633101 23506039 157088757 168555080
Ore-Wash RR&N October
2,903.010 3,192,270 23,402,733 24,797,535
Union RR (Penn) October
1,037,166 754,362 9,357,987 8,048,680
Utah
October
160,688 127,077 1.404,635
980.318
Vicks Shrev & Pac October
326,914 388,345 2.098,652 3,457.322
Virginian Railroad.. October
1,523,991 1,585,5M 16,066,983 15.452,432
Wabash RR
October
5,000,891 5.621,494 47,741,878 49,982,567
Western Maryland.. November 1.805.466 1,390,705 16,720.994 16,236,338
Western Pacific_ _ _ October
1,569,773 1,326.053 10,299.018 10,419,143
Western Ry of Ala.._ October
304,043 250,109 2,196,371 2,129,756
Wheel & Lake Erie_ October
1,074,344 1,501,338 11,004,773 12,668,143
Wichita Falls & N W October
171,602 241,281 1.279,167 2,379,283
Yazoo & Miss Valley October
2,097,365 2,129,662 15,686,008 17,009,614
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
4th week Sept (12 roads)......., 15.6/9,366 14,311,643
16.190,387 15,502,759
1st week Oct (14 roads)
2d week Oct (13 roads)____ 16,543,468 15,361,125
3d week Oct (16 roads)-___ 17,532,597 16,646,378
4th week Oct (18 roads)____ 24,891,958 23,710.585
1st week Nov (16 roads)- - 17,499,048 16,159,779
2d week Nov (18 roads) _ _ _ _ 17,766.169 15,880.145
3d week Nov (18 roads)____ 16,860,574 15,153.422
4th week Nov (15 roads)........ 15,338,192 13.967.120
1st week Dec (17 rolds)____ 15.442,132 13.397.109
• Grknd Rapids & Indiana and Pate. Chic. Obis.&
Increase or
Decrease.
%
Monthly Summaries.
Mileage. Curr.Yr.
January ____235,395
February ..--235,625
March
234,986
ty
rriI
a
234,955
234.931
235.310
June
235,082
July
235,294
August
September.. _235,280
October _ _ _ _333 872
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.
$
+1.317,723 9.18
234.636 393,812,529 469.115,808 -75,303,279 16.08
+687,628 4.44
234,880 400,430,580 405,203414 -4.772.834 1.18
+1,182,343 7.69
234,202 473.433.886 457,374,460 +16,059,426 3.51
+885.219 5.32
234.338 416,240,237 432.106.647 -15,866,410 3.67
+1,181,373 5.40
234,051 447.299,150 443,229,399 +4,069.751 0.92
+1,339,269 8.29
234,568 472,383,903 460.007,081 +12,376.822 2.69
234.556 442,736,397 462.696,986 -19,960.589 4.31
+1,886,024 11.87
235.090472,242,561 504.154.065 -31.911,054 6.35
+1,707,152 11.26
235.205 498,702,275 496,978,503 +1.722.772 0.33
+1.334,972 9.95
212.842 545.759.206 532.684.914 -1-13.074_202 24
+2,045,023 15.26
Louis included in Pennpylvanta RR. x Lake Rrie & Weatesn includad in New York Central-
2680
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of December. The table covers 17 roads and shows 15.26%
increase over the same week last year.
First week of December.
1922.
1921.
Increase. Decrease.
8
Ann Arbor
93,287
106,280
Canadian National
2.760,434 2,634.324 126.110
Canadian Pacific
4,155,000 3,403,000 752,000
Buffalo Rochester & Pittsb_ _
470.058
316,317 153,741
Duluth South Shore & Atlantic_
82,918
68,025
14,893
Grand Trunk
Canada Atlantic
2,161,921 1,816,052 345,869
Detroit Gr Hay & Milw_ _ _ _
Grand Trunk Western
Mineral Range
8,625
2,317
6,308
Minneapolis & St Louis
313,661
280,694
32,967
Iowa Central
Mobile & Ohio
391,152
350,899
40,253
St Louis Southwestern
626,549
516,623 109,926
Southern Ry System
3,579,380 3,170.810 408,570
Texas Pacific
770,845
705,254
64,591
Toledo Peoria & Western
28,302
25,514
2,788
Total (17 roads)
15,442.132 13,397,109 2,058,016
Net increase (15.26%)
12,045,023
12,993
12,993
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
-Grossfrom Railway-- -Net from Railway --Net after Tares--1922.
1921.
1922.
1921.
1922.
1921.
$
$
Louisiana Ry dr Navigation
October ___ 398,007
360,614
114,352
99,356
98,259
83,314
From Jan 1 2,889,782 3,342,497
492,189
741,273
329,339
580,289
Pullman Company
October ___ 5,654,154 9,940,600 2,162,166
414,770 01.616,103
From Jan 1 54,413,177 54,858,658 9,679,588 3,814,614 a6,545,083 a 150,724
a1,166,163
St Louis S W of Texas
October ___ 796,552
844,183 -26,955
122,018 -51,009
97,989
From Jan 1 6,155,746 6,396,575 -763,323 -698,826-1,004,352 -939,683
Seaboard Air Line
October ___ 4,203.614 3,878,118
937,470
794,449
762,044
637,548
From Jan 1 36,938,134 35,535,577 7,584,508 4,333,954 5,849,665 2,816,712
Southern Pacific
October __ _ 382,825
460,687
129,113
176,090
101.818
144,876
From Jan 1 3,447,569 3,717,546
852,495
933,276
600,329
065,346
Morgans' houlsiana & Texas-October ___ 814,876
861,158
84,420
145,429
38,204
94.082
From Jan 1 6,576,767 7,260,152
454,457
316,509 --11,642 -111,971
a Includes auxiliary operations.
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Name of Road
or Company.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
Adirondack Pow & Lt November 557,786 45S.887
*5,610,166
AlAbama Power Co-- Oetober
564,877 375.947 4.496,207 *4,773,846
3,696,690
American Pow & Lt.._ September 2171,769 2096,510
*25840365 *25706723
Amer Water Wks Elec October
2483,730 1632.392
_
Appalachian Pow Co_ November 265,184 230,206 _
*2,898,941 *2,475,954
Arkansas Lt & Power October
101,6,29 89,629 *1,264,670 *1,123,869
Asheville Pow & Lt__ October
74,868 69.837 *890,769 *849.340
Associated Gas & Elec October
174,672 146,408 *1,922,575 *1.694,931
Bangor Ry & Electric October
131,659 124,753 *1,476,772 *1,408,192
kBarcelona Tr.Lt& P October
4081.364 3185.93037,715,045 30,218,832
Baton Rouge Elec Co October
47,998 48,860 *578,604 *550,714
Beaver Valley Trac_ October
55,275 50,738
525,867
494,508
Binghamtpn Lt H & P October
89,329 81,648 *997,042 *894,264
Blackstone Val G & E October
46,762 44.628 *540,756 *515,856
Brazilian Tr, Lt & P_ August
17168000 15744000 126338000 111420000
Birlyn Rapid Transit_ October
8004,045 2800,910
Bklyn City RR_ ___ October
1054,440 1006,527
BklynHeights(Rec) June
7,449
6,079
43.915
36,510
Bklyn Qu Co & Sub June
216,775 213,477 1.284,073 1,078,121
Coney Isl & Bklyn_ June
271,618 267,507 1,381.351 1,313,514
Coney Isl & Graves June
17,443 16,294
47,961
45,907
Nassau Electric.. _.June
451,026 416,752 2,503,465 2,294,376
'
N Y Consolidated_ June
1955,669 1896,158 11,688,691 11,040.717
South Brooklyn__ _ June
111,042 91,521
529,512
445,145
CapeBretonElCo.Ltd October
57,789 62.182 *627,238 *699,205
Carolina Power & Lt_ October
207,870 150,921 *1.928,504 *1.655.370
Cent Miss Val El Co.. September
47.175 45,506 *538,622 *513.992
Cities Service Co_ _ _ _ October
1114,936 973,873 *14558623 *14880151
City,Gas Co, Norfolk October
69,076 64,631
747,776
748,913
Citizens Trac Co&Sub September
64,937 55,081 *780,697 *802,614
Cleve Painesv & East September
64,259 65,368
551,155
589,522
Colorado Power
October
87,430 69,398 *1,004,066 *1,045,254
Columbia Gas & Elec October
1497,203 1279,073
Columbus Electric_ _ _ September 165,851 156,980 14,899,560 12,252,853
*1,923,569 *1,687.282
Com'w'lth Pr,Ry& Lt October
2823,302 2644,468 26,311,730 25,749,569
Connecticut Power_ _ October
163,750 144,578 *1.693,166 *1,493,050
Consumers Power Co October
1324,767 1184,492 *12177340 *11564444
Cumb Co Pow & Lt October
301,688 268,638 *3,445,930
Dayton Power & Lt July
311,857 295.485 2,508,362 *3,254,501
2.380,509
Detroit Edison Co _ .. October
.
2381,961 2070,123 21,176,506 18,848,999
Duluth-Superior Trac September 146,659 143,220 1,293,941
1,340,580
DuquesneLtCosubsid October
1620,539 1290.012
East St Louis & Sub September 333,243 287,201 13,771,551 13,275,154
*3.611,154 *4.130.590
Eastern Shore Gas &
Electric & Subs_ _ _ September
43,979 38,378 *491,480 *453,937
East Texas Elec Co.._ October
149,076 130,793 1,738,201 1,692,590
Edison El Ill of Brock October
129,457 114,248 *1,354,031 *1,234,493
bEighth Avenue RR_ June
104,584 104,728
611,699
595,356
El Paso Electric
October
192,912 190,302 *2,281,237 *2,278,868
El Lt& Pr ofAb & Roc October
34.698 31.584 *369.772 *343,411
Erie Ltg Co & Subs September
90,409 67,740 *1,103,390 *1,080,666
Fall River Gas Works October
98,258 95,287 *997,127
Federal Lt & Trac Co October
422.391 404,723 4,058,723 *1,019,753
3,953,863
Ft Worth Pow & Lt _ _ September 223,327 218.038 *2,480,444 *2,766,650
Galveston-Hous El Co October
275,547 297,419 *3,300,945 *3,794,945
Gen G & El & sub cos October
1129,221 1008,054 *12105941
Georgia Ry & Power_ September 1197,858 1125,337 *14748802 *14253266
Great West Pow Sys_ October
633,308 567,719 6,239,267 5,987,883
Flavana ElRy,Lt& Pr October
1065,144 1088,689 10,688,372 10,592,760
Haverhill Gas Light__ October
49.043 50,372 *538,244 *512,947
Flonolulu Rap Trans_ October
82,785 81,359
804,443
781,738
Houghton Co Elec Lt October
45,935 46,721 *547,376 *579,374
FlucLson & Manhattan October
241,272 909,073 9,074,646 8,649,128
Flunting'n Dev & Gas October I
104,607 81,095 1,180,392 1.075,510
Idaho Power Co
October
186,406 166,28.5 2,424,076 2,279,100
Illinois Traction
October
645,358 633,203 5,607,883 5,994.254
Indiana Power Oo
June
58.632 60.590
763.318
846,303
interborough Rap Tr June
4322.480 4387,398 35,197,947 28,062,543
Kansas City Pow & Lt October
664,619 566,370 7,642,4416,704,012
Keokuk.Eleetric Co_ _ October
34.015 32.748 *383.818
371.474
Name of Road
or Company.
[VOL. 115.
Latest Gross Earnings.
Week or
Month.
Jan. 1 to Latest Date
Current Previous Current
Year.
year.
Year.
Previous
Year.
$
$
$
$
Kentucky Trac Term October
135,729 123,688 *1,598,430 *1,632,184
Keystone Telep Co__ November 142,628 136,955 1,534,442 1,574,766
Key West Electric.. _ .. October
21,718 22,267 *248,976 *267,194
Lake Shore Electric__ September 230,855 219.201 1.866.400 1.979426
Lexington Ut Co&Sub September 104,505 103,032 *1,093.312 *1,092,349
Long Island Electric._ June
162,977
36,644 36.636
182,604
Lowell El & Lt Corp_ October
123,484 104,885 *1,281,756 *1,166,870
Manhat Bdge 3c Line June
24,176 24,463
143.246
141,971
Manhattan & Queens June
33.555 30.014
182,321
160.720
Market Street Ry___ October
847,067 822.493 7,940,904 - _ --Metropolitan Edison_ October
281,520 223,842 *2,835.917 *2,707,424
Milw Elec Ry & Light October
1687,1851547,643 *19017672 *18911496
Miss River Power Co_ October
228,495 229,780 *2,889,278 *2,774,482
Mun:e Serv Co & Subs September 346,186 196,646 *3,004,417- *2,550,279
Nashville Ry & Lt Co June
325,355 310,854 *3,975.128 *3.743,143
Nebraska Power Co.._ September 293.770 264,014 *3,324,243 *3,111,004
Nevada Calif Electric October
249,680 253,518 *3,324,200 *3,168,249
New Bedford G & Lt_ October
283,598
2,687.320
New Eng Power Sys_ September 477.737 45.5,221 *5.596,282 *5,439,828
N J Pr & Lt & sub cos October
67,006 50,474 *656,837 *479,930
News & Hemp
Newpt
Ry, Gas & El Co.... October
176,083 178,857 1,744,778 2,216,043
New York Dock Co__ October
295,135 349,701 3,269.292 4.428,920
N Y & Harlem(City L) June
127.493 143,103
874,411
803,059
New York & Long Isl_ June
50,884 54,109
275,457
278.450
N Y & Queens County June
63,678 114,578
616,631
581,678
June
NY Railways
824,322 847,788 -4,598,609 4,710,075
bNinth Avenue RR June
42.064 46,376
272.520
261,005
Nor Caro Public Serv September 102.444 96,473 1.389.056 1,282,427
Nor Ohio Elec Corp October
817,838 701,560 *9,120,681 *8,912.011
Nor Ohio Trac & Lt October
814,834 694,002 7.569,543 7,144,204
Nor W Ohio Ry & Pr_ October
45,168 44,690 *467,613 *476,466
Nor Texas Elec Co..- _ October
273,076 297,927 *3.086,435 *3,664,983
Pacific Power & Light September 281,284 253.525 *2,979,772 *2,823.039
Paducah Electric_ _ _.. October
48,475 43,956 *552,710 *523,210
Palmetto Pow & Lt Co October
47,738 49.005 *582,614 *582,689
Penn Central Lt &
Power Co & Subs September 236,439 183,789 *2,347,211 *2,250.518
Penn Edison & subs_ October
253,072 211,625 *2,567,748 *2,527,159
Philo Co Subs and
Natural Gas Cos... October
1057,581 923,659 11,168.808 8,150,522
Philadelphia Oil Co October
72,358 70,253
769,932
647,119
Philanelphia & West_ October
73.691 74.360
681,932
678,025
Philo Rapid Transit October
3715,029 3619,961 34,953.172 35,131,599
October
Pine Bluff Co_
83,164 69,679 *824,998 *789.721
Portland Gas & Elec_ September 264.999 261,748 *3,345.942 *3,360,678
Portland Ry, Lt & P.. October
843,381 811,185 *10022177 *9,985,720
Puget Sd Power & Lt_ October
878,635 819,944 *10351213 *10086462
Read Tr&LtCo&subs October
243.265 249,839 *2.934,337 *2,993,412
Republic Ry & Lt Co_ October
719,918 570,061 *7,793.408 *7,568,619
Richmond Lt & RR June
71,384 74,205
378.053
244,276
Rutland Ry, Lt & Pr_ October
49,787 52,474 *569,830 *569,646
St L Rocky Mt & Pac June
423,634 277,037 1,522,444 1,912,798
Sandusky Gas & Elec October
57,178 59,230 *758,584 .717,410
Savannah Elec & Pow October
136,638
• *1.612,103
Sayre Electric Co_ _ .... October
15,294 15,725 *183,872 *192411
June
Second Avenue
89.849 91,905
457,181
484,215
17th St Incline Plane_ October
2,975
3,785
32,233
37,638
Sierra Pacific Electric October
78,464 72,118 *894,730 *862.714
Southern Calif Edison October
1453,428 1458,635 *16708073 *16328916
South Canada Power_ August
71.368 65,486 2773,028 z681,289
1Southw Pow & Light September 851,571 857,682 *9,652,154 *10231350
Tampa Electric Co October
153,649 136.915 *1,772,657 *1,695,595
Electric Ry
October
Texas
280,481 291,853 2.702,306 3,005,842
Texas Power & Light_ September 438,676 449.214 *4,783,777 *5,166,212
Third Ave Ry System October
1211,888 1169.485 11,855,775 11,534,322
Twin City Rap 'Fran.. October
1152,895 1144,351
United Gas 84 El Corp October
1055,916 975,959 *12251 268 13795O*
United Lt& Rys&Subs Octoner
938,:'35 910,695 *11555590 *11,528327
Utah Power & Light_ September 612.819 563,137 5,121,425 4,973,540
Utah Securities Corp_ September 744,366 697,476 *8,609,242 *8.767,908
Vermont Hy-E1 Corp October
63,017 56,064 *570,554 *521,475
Virginia Ry & Power.. October
872.342 841,716 7,703,164 8,450,771
Western Union Tel Co October
9729,941 9056,567 87,327,187 87.245,881
West Penn Co & sub. September 1665,412 1098.796 *15454181 *14437024
Winnipeg Electric Ry October
464.451 454,224 4,470,727 4,550,251)
Yadkin River Pow Co October
115,823 05,070 *1,219.349 *1,038,136
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court,declined to continue payment of the rental; therefore,
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 11 1919, respectively, since which dates these roads have been
operated separately. f Earnings given in milrels. g Subsidiary companies,
only. i Includes both subway and elevated lines. 5 Of Abington & Rockland (Mass.). k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. * Earnings for twelve.
months. t Started operations April 1 1921. x Earnings for ten months.
v Earnings for 11 months.
Electric Railway and Other Public Utility Net.
-The following table gives the returns or
Earnings.
ELECTRIC railway and other public utility gross and netearnings with charges and surplus reported this week:
Companies.
-Gros EarningsEarnings
Current
Precious
Current
Nei
Precious
Year.
Year.
Year.
Year.
557,786
458,887
Adirondack Pr & Light_Nov
5,610,166 4,773,846
12 mos ending Nov
Oct.
564,877
375,947
Power
Alabama endingPowe
12
ct. 31____ 5,366,144 4,488,209
mos
265,184
Appalachian Power_ _ _Nov.
230,206
12 mos. ending Nov. 30-- 2,898,941 2,475,954
131,659
Oct
124,753
2 m rt endiol
Bargoros y & E
g Oct 31_ __ _ 1,476,772 1,408,192
ec
301,688
268,638
Cumberland Co Pr & Lt_Oct
12 mos ending Oct 31---- 3,445,930 3,254,501
Nov '22 2.466,557 2,163,304
Detroit Edison
11 mos end Nov 30 1922 23,643,063 21,012,304
104,607
81,005
Dev & Gas_Oct
Huntington
12 mos ending Oct 31_ _ _ _ 1,180,392 1,075,510
142,628
136,955
Telephone_ _ _Nov
Keystone
1,534,442 1,570,766
Frem Jan 1
803,711
144.195
Nov '22
Market St Ry
11 mos ending Nov 30.. _ _
Milwaukee El Ry & Lt_ _Oct 1,667,185 1,547,643
19,017,672 18,911,496
12 mos ending Oct 31
545,349
503,056
Now line Co Pr System Oct
12 months ending Oct 31 5,638,567 5,409,378
817,837
701,568
Northern Ohio Electric_ _Oct
9,120,061 8,912,011
12 mos ending Oct 31
811,185
843,381
Portland Ry Lt & Pr_ .. _ _Oct
10,022.177 9,985,720
12 mos ending Oct 31- _ _
Southern Calif Edison_ _Oct 1,453,428 1,458,635
• 12 mos ending Oct 31_ _ _ 16.708,073 16,328,916
131,644
1,740,124
227,822
2,673,502
117,791
1,396,717
55,451
502,909
106,970
1,270,798
685,735
6,238,828
29,900
401,028
64,075
635,452
199,163
144,037'
1,287.822'
194,689.
2,329,817'
108,272
1,097,180.
46,939.
539,653
58,351
1,010.990'
.667,883.
5,461,358
25,718
407,590^
56.050"
558,273
164,733-
407,977
5,839,581
165,292
1,701,751
172,939
2,367,619
245,542
3,003,777
854,104
9,799,187,
479.228 •
4,940,976
75,268.
1,397,974
177,270'
2,069,806.
230,262'
2,984,858;
892,742!
9,643,371,
DEC.16 1922.]
Companies.
Western Union Tel
From Jan 1
Winnipeg Elec Ry
From Jan 1
2681
THE CHRONICLE
-Gross Earnings--Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
Oct 9.72t,941 9,051,567 1,72'.366 1.179.934
87.327.187 87,245,881 14,502.922 10.977,307
129,955
Oct
464,451
454,224
117,295
4,470,727 4,550,250 1,118,826 1,184,974
Balance,
Gross
Net after
Fixed
Surplus.
Charges.
Earnings.
Taxes.
557,786
Adirondack Pr & Lt Nov '22
'21
458,887
12 mos ending Nov 31 '22 5,610,166
'21 4,773,846
Oct'22
101,629
Arkansas Lt & Pr
'21
89,629
.
12 mos ending Oct 31 '22 1,264,670
'21 1,123,869
265,184
Appalachian Pr Co Nov'22
'21
230,206
12 mos ending Nov 30 '22 2,898,941
'21 2,475,954
Detro;t Edison Co Nov '22 2,466,557
'21 2.163,304
11 mos ending Nov 31 '22 23,643,063
'21 21.012,304
'21
774,195
Oct'22 1,667,185
Milwaukee El Ry
L Lt
'21 1.547,643
12 mos ending Oct 31 '2219,017,672
'21 18,911,496
New Eng Co Pr Sys Oct '22
545.349
'21
503,056
12 mos ending Oct 31 '22 5,638.567
'21 5,409,378
Northern Ohio El
Oct'22
817,837
Co
'21
701,568
12 mos ending Oct 31 '22 9,120,680
'21 8,912,011
Southern Calif
Oct'22 1,453,428
Edison Co
'21 1.458,635
12 mos ending Oct 31 '22 16,708,073
'21 16,328,916
Winnipeg El Ry
Oct'22
464,451
'21
454,224
10 mos ending Oct 31 '22 4,470,727
'21 4,550,250
•
131,644
144.037
1,740,124
1,287.822
40,174
32,184
458.861
309,901
117,791
108.272
1,396,717
1,097,180
685,735
667,883
6,238,828
5.461,358
164,733
407,977
479,228
5,839,581
4,940,976
165,292
75,268
1,701,751
1,397,974
172,939
177,270
2,367,619
2,069,806
854,104
892,742
9,799,187
9,643,371
117,295
129.955
1,118,826
1,184,974
84,835
76,797
1,043,730
928,025
19,161
20,330
222,723
180.814
65,169
56,080
770,474
424,009
294,625
303,550
2.247,190
3,130,390
64,473
206,705
211,494
2,397,210
2,060,973
86,990
65,800
940,935
874,912
167,591
157,490
1,957,337
1,875,183
311,574
365.271
3,971,743
3,680,668
53,723.
57,082
578,420
593.367
1919-20. 1918-19.
Deduct1920-21.
1921-22.
Res've for income & war
excess profits taxes as
may be finally deter$8,500,000 $4,000,000
mined
999,022
1,096,797
Depreciation
$1,243,786 $1,209,926
348,652
Int.on bills payable, &c_
307,323
647,656
572,145
108,333
45,833
Disc, on bonds & notes_ _
60.038
88,727
227,933
69,706
Loss on Lib. bonds sold_
145,808 ' 270,000
Int. on bonds and notes_
431,951
734,110
Balance. surplus
32,023,447df37,896,731 $12,117,191 $7,091,297
46,809 Previous surplus
18,982,468 29,931,765 22,367,140 16,828,168
67,239
Total
696,394
$21,005,915 $22,035,034 $34,484,331 $23,919,464
$552,566
$552,566
$552,566
359,797 Pref. dividends (7%) - - $552,566
(25)2500,000(40)4000,000(10)1000,000
21,013 Corn.(cash) dive
Cr.241
11,854 Prem. on Corn. stock_ _ _
236,137
P. Sr 1. surp. Sept. 30_$20,453,350 $18,982,468 $29,931,765 $22,367,140
129,087
11,794
a Denotes raw and refined sugar produced, less commissions, &c.
24,874
349,317
CONSOLIDATED BALANCE SHEET SEPT. 30.
83,682
1921.
1922.
1922.
1921.
Assets
Liabilities$
391,110
Common stock _ _ _10,000,000 10,000,000
364,333 Lands, bldgs., machinery, etc_ ---36,639,009 36,333,534 Preferred stock__ _ 7,893,800 7,893,800
2,991,630
3,929,340 3,929,340 1st M.gold bonds_ 9,035,000 9,507,000
2,330,000 Good-will
480,335
Real est. mtgs.,&c. 480,335
100,260 Advances to Colonos,&c. a
6,656,939 6,540,057 Bills dr loans pay_ _ 4,430,805 9,721,156
201,271
504,360
975,085 Accts. payable_ __ _ 1,231,203 1,971,225
267,733 Investments
64.894
74,548
Salaries and wages
3,442,371 Planted and growing cane
55,408
40,185
953,703 2,641,706 Interest accrued_ _
2,880,002
live stwk & equip
138,142
dividend
23,272 Inventory of raw 1,371,656 1,621,943 Pref.for income &
Res.
39,095
material, &c_ _ _ 3,582,532 5,141,818
excess prof. taxes
144,254 Raw & ref'd sugar_ 5,916,049 7,759,896
1,556,223 2,450,740
unpaid
9,513 Cash
1,479,151
743,681 Deprec'n reserve_ _ 8,951,274 7,862,393
5,348 Cash for 1st M.bds 250,702
Reeve for adj. of
19,779 a Accts.& bills rec _ 1,664,660 1,951,925 inv. of mat'is &
410,281 Other def'd chgs_ _ 658,546
suppl. to approx,
864,274
194,623 Advances
c716,500
market value
540,076
739,371
20,453,350 18,982,468
11300,530 Surplus
542,530 Price equalization_
527,470
Total
64,146,723 69,844,060
Total
64,146,723 69,844,060
5,827,444
5,962,702
a After deducting reserve for bad and doubtful accounts. b Price
63,571
72,873 equalization deposit on sugar sold through Sugar Finance Committee
540,405 (Cuba). c Reserve for adjustment of inventory of materials and supplies
-V. 115, p. 2586, 1735.
591,606 to approximate market value.
Central Aguirre Sugar Company.
(Report for Fiscal Year ending July 31 1922.)
The remarks of President Charles G. Bancroft, together
-An index to annual reports of steam with the
Financial Reports.
1922, are
railroads, street railway and miscellaneous companies which cited on aincome account and balance sheet for
subsequent page.
have been published during the preceding month will be given
on tho last Saturday of each month. This index will not CONSOLIDATED INCOME ACCOUNT YEARS ENDED JULY 31.
1918-19.
1019-20.
1921-22.
!
include reports in the issue of the "Chronicle" in which it is Sugar & molasses prod__ $4,048,085 $5,227.756 $17,034,030 $6,032,032
1920-2.
185,930
236,290
published. The latest index will be found in the issue of Miscellaneous receipts__
315,412 . 339,322
.
Nov. 25. The next will appear in that of Dec. 30.
Total income
64,363,497 $5,567,078 $17,270,320 $6,267,962
A gricul. & mfg. exps
y$3,505,931 $4,759,117 $7,887,595 $3,904,480
Baltimore & Ohio Railroad.
Freight, adm., &c., exp _
169,667
330,619
(Preliminry Statement for Year Ended Dec. 311922.)
Net earnings
$857,566
$807,961 $9,052.106 $2,193,815
President Daniel Willard in a statement Dec. 13 says:
Divs.rec'd--Cent.M.Co.
34,800
290.000
58,000
FINANCIAL REPORTS.
That the results for the year are not materially better is due, first, to
the suspension of a large proportion of the coal operation on the company's
lines from April to September, and second, and more particularly, to the
effect upon the earnings of the company for the three months to Sept. 30,
during which period the strike of the shopmen was in progress.
For the first six months to June 3(), net railway operating income was
$14,580,295, an increase, compared with same period of previous year, of
$6,950,000.
For the three months to Sept. 30 there was a deficit of $2.089,075, a decrease, compared with same period of previous year, of $9,729,000.
For the three months to Dec. 31 (December estimated) the income aggregates $10,212,489, an increase, compared with same period of previous year,
of $3,630,000.
Total net railway operating income for the year, $22,705,709, an increase,
compared with previous year, of $850,000.
If the company during the three months to Sept.30. instead of incurring
a deficit of $2,089,000, as actually did happen, haa obtained the same net
operating income that was realized in the same months of the preceding
year, when business was less active, the results from the year's operations
would have yielded a surplus of about $10,000,000, instead of only $1,117,110, as shown.
In this connection it is also proper to call attention to the fact that the
•
reduction of 10% in freight rates, effective July 1 1922, eaused a further
decrease in the earnings of the company for the last six months of the year
of approximately $7,500,000.
By the provisions of the $35,000,000 loan of July 1 1919, there is to be
set aside out of the income before dividends a sum equal to $3,500,000 per
annum to be devoted to capital expenditures. The total appropriations
made under these provisions, to and including the year 1922, aggregate
312250,000, on account of the total of $17,500.000, to be so appropriated
during the five years beginning with July 11919.
INCOME STATEMENT FOR YEAR TO DEC. 31 1922 (DEC. EST.).
$22,703,709
Net railway operating income
6,680,300
Other income
Gross corporate income
Deductions for interest, rentals, &c
$29,384,009
25,912,371
Net corporate income
Amount required for 4% dividend on Preferred Stock
$3,471,638
2,354,528
Leaving surplus of
-V. 115, p. 2277, 2045.
$1,117,110
The Cuban-American Sugar Co., New York.
(Report for Fiscal Year ending Sept. 30 1922.)
The report will be found at length on a subsequent page,
including the remarks of President James H. Post, the
consolidated balance sheet and consolidated profit and loss
account.
'
GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
1920-21.
1921-22.
1919-20.
1918-19.
2,256,736
1,829,818
1,660,797
1,965,641
Total bags
292,771
361.078
256,127
314,503
Total in tons
35,865 No meltings
75,675
43,164
Cardenas Ref.(1,000 lbs)
100,358
164,111
206.450
143,590
(1
Gram,ercy Ref. ,0001bs)
CONSOL. INCOME ACCOUNT FCR YEARS ENDING SEPTEMBER 30.
1920-21.
1919-20.
1918-19.
1921-22.
$23,949,568 $19,449.947 $90,412,179 $49,324,349
a Sugar sales
1,028,105
228,008
231.715
342,475
Molasses sales
426,982
506,995
347,051
390,206
Interest received
876,149
753,279
821,805
&c_
Profit on stores,
_$25,393,294 $20,184,950 $92,744,415 $50,767,165
Total
Prod. & mfg. costs, selling & general expenses 20,731.078 25,732,109 70,461,756 37,721,928
Net earnings
$4,662,216df$5,547,159 $22,282,659 $13,045,236
Net income
Depreciation, &c
$915.566
163,728
$842,761 69,342,106 $2,193,815
152,528
163,614
175,625
Balance, surplus
Previous surplus
Adjutt. of tax reserves
Miscellaneous
$751,838
7,703,460
- - -. 3,554
$667,136 $9,178,491 $2.011.287
2,949.653
3,373,762
6,103,927
2,246,195
19.352
3,000
Total
$8.458,851 $9,020,258 812,552.253 $5,010,292
Deduct-Res. for income
and excess profits tax_
:
$1130 2g3
$3,233,672 (
25,651
Dividends
(30%)902,250(40)1209,601 (x)2,463,887 10)
Revaluation by appraisal
96,817
Reserve for insur., &c__
750,766
10,743
10,380
P.& L.surp.. July 31_ $7,520,20S $7,703,460 $6,103,927 $3.373,762
x Dividends amounting to $2,463,887 (82). % for the year 1919-20 were
paid as follows: On old $100 stock, 234% regular and 10% extra in Oct.
1919 and 234% regular and 7%% extra in Jan. 1920, total 2234%. On
new $20 par value stock, April 1920, 5%; July 1 1920, 25%; July 311920,
extra of 25%; total, 60%.
y Agricultural mfg. gen. exp., $3,546,931; less amt. charged to res. for
rentals,.
reduction of
$
41,000.
CONSOLIDATED BALANCE SHEET JULY 31.
(Central Aguirre Sugar Co.. Luce & Co., S. en C.. and Ponce & Guayama RR)
1921.
1922.
1922.
1921.
AssetsLiabilities
R'l est.,131dgs.,&c. a4,500,498 4,407,733 Capital stock(150,Rolling stock, &c_ 6809,134
848,462 000 shares, $20
3,009,000 3,000,000
Cash
each)
171,029
297,040
19,756
17,946
Porto Rico 4% irriSundry accruals
57,424
136,267
gation bonds__ _
78,400 Accounts payable_
78,400
Accountsrecely'le_ 942,659
427,120 Reserve for restor10,000
5,634
Mate'ial & supplies 439,729
663,046
ation
Growing crops__ _ _ 676,265
859,856 Income, dm., tax
344,089 1,583,960
Sugar & molasses_c1,211,612 1,828,203
reserve
1,997
Bills receivable_ __
41,424
10,340 Unearned die
Coll. l'ns, ctf. dep.. 447,452 1,423,058 Reserve for reduc261,000
220,000
Cent.Machete stk_ 580,000
580,000
tion of rentals
18,393
29,135
Cub.Sug. Fin.stk.
50,000
100,000 Insurance fund__ _
Con. & irnpt. (not
7,520,208 7,703,00
Surplus
17,164
completed)
80,708
In.suranee fund_
18,392
29,135
Deferred charges
37,226
36,779
U. S. securities__ _ 1,162,709 1,075,695
11,194,437 12,734,833
Total •
Total
11,194,437 12,734,833
a Real estate, roadway and track, mill, builiinsrs and water supply,
467; less reserve for dep7oclation and deflation. $948,969.
$5,449,
b Rolling stock, portable track, steam plows, live stock, carts, implements, &c., $1,055,647: le-ss reserve for depreciation, $246,513.
-V. 113, p. 2181.
c At prices since realized.
Guantanamo Sugar Co. (Cuba), New York City.
(17th Annual Report-Year ended Sept. 30 1922.)
The report of President James H. Post, together with the
-income account and balance sheet, will be found on a subsequent page.
Cane Harvested by the Company and Purchasedfrom Colonos(Tons of 2,000 lbs.)
1920.
1919.
1921.
1922.
1918.
193,369 198,596 145,134 235.796 207,050
Company cane
57.470 105,826
84.769
80,107
Colonos Company land_ __ _144,105
157,421 110.631 130,051 186,070 191.861
Own land
Total
494,895 393.996 332,655 527.692 479,018
THE CHRONICLE
2682
Soledad
Ysabel
Los Canos
Amount of Sugar Made in Bags of 320 U. S. Pounds.
1922.
1918.
1921.
1920.
1919.
141,655 98,823 111,645 152,149 137.283
102,590 63,644 59,908 108,545 98,285
107,681
91.454 69,513 97,703 71.406
Total
351.936
Yield (96-deg. test)fr. cane_11.92%
INCOME ACCOUNT FOR FISCAL
1921-22.
*Gross sugar sales
$2,703,895
35,694
Molasses sales
253,921 241.066 358,397 306,974
10.54% 11.70% 11.01% 10.34%
YEARS ENDING SEPTEMBER 30.
1920-21.
1919-20.
1918-19.
$2,741,877 $7,796,162 $6,034,696
113.567
51,692
64,561
Total
$2,739,588 $2,855,444 $7,847,854 $6.099,257
a Producing & manufacturing expenses, &c__ _ 2,377,198 3,567,173 5,057,845 4,425.427
Profit on operations_ _
Other income,credit_ _ _ _
$362,391loss$711,729 $2,790.009 $1.673,831
c75.388
162,594
404,156
115,831
Total profits
Depreciation of mills, &c
Taxes & conting. (est.)_
Adj. charged to capital_ _
Prov,for bad debts
$437,779 loss$549.135 $3,194,165 $1,789.662
246,715
309,329
454,016
270,428
900,000
400,000
33,479
33,479
85,000
60,000
Total deductions
Balance, surplus
Previous surplus
Prof.fr. pur. of co.'s stk_
$3331,715
$369,329 $1,387,495
$703,907
$106.063 def$918,464 $1,806.669 $1,085,755
3,204,174 4,519,152 3,537,482 2,784.957
25,673
Total
$3,335,911 $3,600,688 $5,344,151 $3,870,712
Preferred dividends_ __ _
51,605
Common dividends
d375,000
e825,000 (10)300,000
Miscellaneous charges.._ b675,000
21,513
33,229
P. & I. surp. Sept. 30_ $2,609,306 $33,204,175 $4.519,151 $3,537,482
*After deducting sea freight, commissions, &c. a Also includes shipping
expenses and office expenses in New York and Guantanamo. b Transferred
to no par value stock. c Includes interest (net) $81,141, rents (net)
$25,155. less miscellaneous (net) $30,907. d $1 25 per share. e Represents 173i% ($525,000) paid on the old $50 par stock and $1 per share
($300,000) paid on the new no par stock.
BALANCE SHEET SEPTEMBER 30.
Liabilities1922.
Assets1921.
1922.
1921.
Pref. 8% stock__ _31,425,000
x Real est., bauild$4,951,082 $4,829,867 Common stock.._ _y3,610.600 $2,422,550
ings, &c
Guan.RR.notes_ _ 1,000,000 1,000,000 Old common
z139,400
577,450
44,440 Notes& accts. pay. 329,457
Adv.to Guan.RR. 26,119
207,792
1 Loans & accrued
1
Guan.RR.stock_ _
Grow, crops carr'd
interest
1,472,619
255,716 Taxes and contintofollowlngseason 112,835
942,907
907,201
gencies
Inventories
22,157
209,344
126,8.59
47,309 Repairs & maint
'Cash
113,252
91,272
945,179 Surplus
MLsc.accts.rec.,&c. 1,029,739
2,609,306 3,204,174
36,424
34,631
Unexpired ins.,&c_
25,000
19,063
Stock for emplo'es
Invest, at cost_
100,000
Total
$8,119,172 $8,185,200 Total
38,249,172 $8,185,200
x After adding $73.126 for machinery and apparatus purchased to be
installed, and after deducting $1,388,415 reserves for depreciation, replanting and extraordinary repairs. y Common stock authorized 375,000
shares of no par value, issued and outstanding 361,060 shares of no par
value. z $50 par value.
Results of Operations of the Guantanamo RR.for Years ending June 30.
1921-22. 1920-21. 1919-20. 1918-19. 1917-18.
Gross income
$446,136 $567,208 $493,703 $446,667 $417,133
Oper. expenses & taxes.: _ __ 317,951 416,226 369,798 323,932 280,070
Net earnings
Depreciation
Interest charges
Balance, surplus
-V. 114, p. 1292.
$128,185 $150,982 $123,905 $122,734 $137,063
50,570 65,674 58,969 56,003 49.899
84,437 84,251
64,107 64,932 63,931
loss$6,822
$1,059
$828
$1,800 $23,232
Cuba Cane Sugar Corporation, New York.
(Seventh Annual Report-Year Ended Sept. 30 1922.)
Pres. W. E. Ogilvie, N. Y., Dec. 1, wrote in substance:
-Since the last annual report (V. 114, p. 193), a
Review of Past Year.
great change for the better has taken place in the affairs of the company,
and In the sugar market. Since that time all of the 1921-1922 sugars of
this company have been sold; its floating debt has, as to $10,000,000 thereof,
been funded into long-term bonds; the $10.000,000 loan (to which certain
of this company's debentures were subordinated) has been reduced to
$7.500,000 and extended at the rate of 6% per annum to Sept. 30 1923.
and we expect that It can be paid off by the conclusion of the coming
season and the subordination lifted from the subordinated debentures.
Of the $6,908.062 set side last year out of surplus account for adjustment of the value of unsold sugars and of materials and supplies, $2,900,608
has proved to be not needed and has been returned to the surplus account.
The company ended its fiscal year with $3,584,943 of cash in banks, available for dead season expenses.
One year ago there was in Cuba a visible surplus of about 1,100,000 tons
of sugar, and although well-posted sugar merchants at that time believed
this to be a mere dislocation and felt convinced that the visible surplus was
actually balanced by an invisible shortage in the rest of the world, the
visible surplus nevertheless exerted a most depressing effect on sugar
prices. That apparently huge surplus has now been absorbed and Cuba
ends the 1921-1922 season with practically no surplus sugars on hand. As a
result, prices are correspondingly higher, the present market being 4c. c. & f.
-The corporation produced 3,379,451 bags of sugar, on which
Production.
it showed an operating profit of $3,599,491.
-During the past year the readjustSugar Finance Committee Dissolved.
ment of the sugar industry rendered necessary by the inflated prices of
1920 w as completed, and the Sugar Finance Committee, created by President Menocal in Feb. 1921 to control the sale and shipment of sugar of the
1920-1921 crop, was dissolved on Dec. 311921.
-In order to repay the large amounts which the
Liquidation of Sugars.
corporation had been compelled to borrow during 1921, against sugars
which it was not free to sell at will, owing to the control of the Sugar Finance
Committee, the corporation proceeded, upon the dissolution of the commit-.
tee, to liquidate its sugars as rapidly as conditions permitted.
The average price obtained for the entire crop was 2.2402c. f. o. b., which
compares well with the general price obtained by the entire island. The
exclusive of
cost per pound of production was 1.945c. f. o. b. The cost, year.
preceding
the cost of cane, was .946c., against 1.943c. the Violeta was completed
m1,1 extension at
Mill Extension at Violeta.-The
and that mill is now in first-class condition with a grinding capacity of
500,000 bags.
-The capacity of the company is now
ir Present Capacity of Company.
5,225,000 bags divided as follows: Cuba Cane Sugar Corp., 2,655,000 bags,
and Eastern Cuba Sugar Corp., 2,570,000 bags.
-During July 1922 the Eastern Cuba
Eastern Cuba Sugar Corporation.
Sugar Corp. (a subsidiary) issued $10,000,000 15-Year ni% Mortgage
Sinking Fund Gold Bonds, secured by a mortgage on all the fixed property
a capacity of
of that corporation. This consists of the Violeta mill with land, together
500,000 bags per annum,and of approximately 60,000 acres of
with appurtenant railway trackage and roiling stock. These bonds are
guaranteed, principal, interest and sinking fund, by the Cuba Cane Sugar
Corp which gives to the holders of the bonds the right to exchange them
for Cuba Cane Sugar Corp. Common Stock at the rate of $20 per share at
any time during the life of the bonds. The bonds were offered for subscription to the shareholders of the company, the offer to the shareholders
having been underwritten by a syndicate [compare V. 115, p. 549, 1326.
15381.
-ConcurReduction of Loan-Status of Ten-Year Convertible Debentures.
rently with the issue and sale of these bonds, the $10,000,000 loan of this
[Vol,. 115.
company (in favor of which certain of its Ten-Year Convertible Debentures
subordinated their claims) was reduced to $7,500,000 and extended to
Sept. 30 1923, at the rate of 6% per annum. The conclusion of these
refunding arrangements leaves the company at the close of its fiscal year
with only $2,714,169 ofcurrent liabilities apartfrom the $7,500,000 extended
loan above referred to, and with $20,065,909 of current assets, advances
to Colones and growing cane.
The position of the 8% Convertible Debentures which subordinated their
claims to the 310,000,000 loan contracted last year. has thus been improved
through the reduction of that loan to $7,500.000, and upon final payment
of this loan, the subordination will be entirely relieved and the 8%bonds
will be restored to their original position, but they will continue to bear
0
87_interest against 7% on the bonds which did'not agree to subordination.
Under the provisions of the indenture securing the Cuba Cane Sugar
Corp. Debenture Bonds, the issue of Eastern Cuba Sugar Corp. bonds
exchangeable into Cuba Cane Sugar Corp. Common Stock at $20 per share,
has operated to reduce the conversion price of the 7% and 8% Debentures
into Common Stock from $60 per share to $45 88 per share.
-These now amount to $3,125,511 as follows:
Fixed Interest Charges.
(1) $25,000,000 7% and 8% Convertible Debentures, $1,925,511; (2)
$10,000,000 Eastern Cuba Sugar Corp. 7% Bonds, $750,000; (3) $7,500,000 Extended Loan, $450,000.
It will be observed that the earnings even during the last year of disrupted conditions, nevertheless sufficed to meet the heavy interest charges
arising from the large amount of sugar the company was compelled to carry
and showed a surplus over the fixed interest charges as they now exist.
-At the close of the last fiscal year the
Reserves and Surplus Account.
unsold sugars amounting to 1,599,376 bags, were taken into the accounts
,
at 256c. c. & f., less expenses, but in order to provide for all contingencies
a reserve was set up against further declines down to 1%c. c. & f. The
average price obtained for these sugars when they were actually sold was in
excess of 1%c. C. & f., and the expenses considerably less than estimated,
so that of the reserve thus set aside there remains unused the sum of
$2,375.936.
At the same time a reserve was set up to provide for depreciation in
materials and supplies on hand, as prices for materials and supplies had
declined very sharply and the future in respect of such prices seemed very
uncertain. It has proved unnecessary to use the entire amount of this
reserve and $524,671 thereof remains unused.
On the other hand, it has been deemed wise to set up this year some
additional reserve against Colones and other accounts receivable, and the
sum of $500,000 has been set aside for that purpose. After these adjustments and after setting aside $1.750,000 for general depreciation, the
surplus account stands at $3,757,209, a gain of $1,006,730 in the surplus
account for this year.
-The U. S. Emergency Tariff Act,
Effect of the Tariff on Cuban Sugar.
which went into effect on May 27 1921, raised the duty on sugar from
$1.256 Per 100 pounds to $2. Inasmuch as Cuba receives a differential
of 20%, the effect was to raise the duty on Cuban sugar from $1 to $1 60
per 100 pounds. The Definitive Tariff Act made a further addition to
the duty on Cuban sugar of 16c. per 100 pounds, the duty on Cuban sugar
now being $1 76 per 100 pounds.
The Emergency Tariff Act went into effect at a time when there was an
apparent surplus of sugar and when this apparent surplus operated to make
the market substantially a buyer's market. The consequence was that
the change in prices necessitated by the increase of 60c. per 100 pounds in
duty was deducted from the price of raw sugar and borne by the Cuban
producer. By the time the Definitive Tariff Act wont into effect, these
conditions had changed and the market was, if not a seller's market, at
any rate a market in which a fair balance between buyer and seller had
been established, and consequently the additional 16c. per 100 pounds was
added to the price of refined and borne by the consumer in the United States.
-At the present time, with a
How the Tariff Affects U. S. Consumers.
duty of$1 76 on Cuban sugar, Cuban sugars are selling in this market before
payment of duty at 4c. per pound, and duty-free sugars are selling at
5.78e. per pound. The American consuming public is thus paying on the
5,000,000 tons consumed by it annually, the sum of $197,000,000 more
than it would be called upon to pay_ but for the existing tariff. Of this
$197,000,000 there goes into the United States Treasury the sum of
$98,500,000, being the duty on the 2,500,000 tons of Cuban sugar consumed in the United States, while the remaining sum of 398,500,000 goes
to the beet sugar producers and the Louisiana, Hawaii, Porto Rico and
Philippine cane sugar producers, whose product carries no duty, but who
get the advantage of the advanced prices.
Sugar Export Corporation.
-Recognizing early in 1921 that normalization
of the sugar trade required the distribution of the accumulation of Cuban
sugars over those portions of the world where supplies had been depleted,
the Sugar Export Corp. was formed by certain of the American refiners.
The purpose of the formation of this company was to facilitate the export
of sugars by co-operation with the producers of raw sugars in such manner
as to make American refined sugars available in all portions of the world.
Your company co-operated in the plan to bring about this much-needed
distribution, which resulted in the export of sugars from American refineries
ts.
to 56 foreign
Operating Profits per Pound of Sugar.
1916-17. 1917-18. 1918-19. 1919-20. 1920-21. 1921-22.
4.479c. 4.630c. 5.398c. 10.3450. 3.891c. 2.276c.
x Receipts
3.431c. 3.998c. 4.606c. 8.523c. 4.355c. 1.945c.
Production cost
Operatinaprofit_ _1.048c. 0.632c. 0.792c. 1.822c.loss.464c. 0.331c.
x This is the f. o. b. price obtained for sugar plus the proceeds from
molasses and other earnings; unused sugar being valued at 2%c. c. & f.,
less provision for shipping, selling and landing.
-Your corporation owns in fee 13,106 caballerias (436,867
Lands, &c.
acres) of land and holds under lease 10,210 caballerlas (340,333 acres) of
land, many of these leases being for long periods. Total lands owned and
leased 23,316 caballerias (777,200 acres).
Your corporation now owns and operates for the transportation of its
products and supplies 872 miles of' railroad, of which 643 miles are standard
gauge and 229 miles are narrow gauge, together with equipment consisting
of 164 locomotives, of which 112 are standard gauge and 52 narrow gauge,
and 4,017 cane and other cars, of which 2,726 are standard gauge and 1,291
narrow gauge.
Property Account.
Original cost of the 17 plantations, incl. taxes, notary fees, &c _ _$48,983,297
Additional purchases: Central Stewart, $8,400,000; Central VieIota, $3,568,820; warehouses, $159,600; lands, $4,634,236;
taxes, notary fees, &c., thereon, $207,707; total, $16,970,363;
less sale of centrals, lands, machinery, &c.,$3,178,198: bat__ 13,792,165
Additions, improvements, &c.: 1915-1916, $419,734; 1916-1917,
$5,033.354; 1917-1918, 810.081,364; 1918-1919, $44,039,339;
1919-1920, $3,456,945; 1920-1921, $7,867,759; 1921-1922,
total
to
en
33,169,337
Amount written f to cover dismantling and relocation of madeb.1,200,000
chinery
$94,744,798
Total as per balance sheet
,
Renewals, Repairs and Depreciation. -As usual, the corporation has made
adequate expenditures for renewals, extraordinary and ordinary repairs.
and changes in the location of machinery, all of which have been charged
to operating expenses. These charges for the past six years ending with
the fiscal year just closed are $27,341,433; those for the last fiscal year
amounting to $1,598,314.
The directors have made a charge of $1,750,000 for depreciation, making
the total reserve for that account to date, $13,500,000.
Stockholders on Sept. 30-- 1917. 1918, 1919. 1920. 1921. 1922.
Holders of Preferred Stock_ _3,840 4,494 4,880 5,755 6,246 6,312
5,565
Holders of Common Stock_ _1,843 1,860 2,584 2,204 4,164
5,683 6,354 7,464 7,959 10,410 11.877
Total
-Since the last annual report, the Cuban
Review of the Sugar Situation.
• Sugar Finance Committee was dissolved on Dec. 311921, and an absolutely
was thus restored. This was the final step in the
free market in sugar
readjustment of the sugar industry from war time conditions to normal peace
to
conditions, and involved contingencies that were difficult per meet. On
pound, as
the dissolution of the committee prices declined to 1 Ylc.
against the 1920 prices of 23c. per pound.
probably inevitable in view of the fact that the amount
This decline was
had largely
by
of sugar then carried by Cuban producers necessary tobeen financed inliquidate the
borrowed money and that Ptompt sales were
The violent fluctuations in sugar had, at that
debtedness thus incurred.
time, to a great extent, discredited it as a commodity on which to secure
prompt
loans
loans, and many lenders,were insistent upon a 11c. C. reduction ofwhich
& f., from
against sugar. This led to sharp declines to
DEC.16 1922.]
THE CHRONTCLE
level as the urgency of liquidation spent itself, prices gradually rose to the
present price of 4c. c. & f.
The ability of the Island of Cuba to produce a record crop in 1921 is a
remarkable example of its ability to adapt itself to changing conditions.
During that year practically all the Cuban local banks were compelled to
close their doors and the Cuban producer was left without the local banking
co-operation on which he had for years relied, but in spite of this fact a
record crop of 4,000,000 tons was made.
In the last annual report it was stated that the statistical situation of
sugar was unfavorable "If the Western Hemisphere alone is taken into
account, but not unfavorable if the world at large is considered." The
prediction was hazarded that "if the surplus of over 1,000,000 tons of sugar
now held in Cuba were spread, as it normally would have been over the
United States, Great Britain, France and Germany, it would not have
attracted attention, being but a normal supply, and hence would not have
had the same depressing effect on prices." This is what actually did occur
as soon as a free market was restored and the accumulation of sugars in
Cuba was spread over the world.
The normal demand of the world proved rather more than sufficient to
absorb Cuban production and present statistics indicate that by Dec. 1
1922 there will be practically no sugar left in Cuba, and less than a normal
reservesin the United States. It is interesting to note, that after making
due allowance for the large export of refined sugar from the United States
during 1921, the sugar consumption in this country has shown a marked
increase, and yet, if the usual annual rate of increase in consumption prior
to 1914 had continued from 1914 to 1922, the consumption during 1921
would have been still greater.
The usual comparative tables of income account and
balance sheet were given in V. 115, P. 2578.
Canadian Car & Foundry Co., Limited.
(13th Annual Report
-Year ended September 30 1922.)
President W. W. Butler says in part:
The industrial depression referred to in the last annual report prevailed
during the entire period under review, and at no time were any of the company's plants able to operate satisfactorily, owing to the lack of business,
while several units were of necessity shut down during the entire year.
The most important business carried forward from the preceding year
was the Russian order for tank cars. This order was completed satisfactorily during the first three months of current fiscal period, and was the
only business of any magnitude handled during the year, as the Canadian
railroads did not purchase any new equipment with the exception of a few
cars of special design, and apart from these and repair car work the domestic
market was practically stagnant.
As a result of this situation, the output of the year was the lowest in the
history of the company with the exception of 1915, and the small amount
of business transacted necessarily caused a great shrinkage in the net earnings.
Despite this adverse result, the working capital has not been greatly
impaired, and the liquid position shows an improvement to the extent that
inventories and accounts receivable aro substantially reduced with corresponding increases in cash and investments. All properties, including
those shut down: have been well maintained, and although further economies have had to be effected in salaries and general expenses, the organization has been kept practically intact, and the company is in a favorable
position to take advantage of the anticipated expansion in business.
Traffic on the Canadian railroads is now showing signs of substantial
improvement. The movement of the large crop seriously taxed their resources, and this, together with the general improvement in business, has
emphasized the need for additional rolling stock of all kinds.
The uncertain position of the Canadian National Rys. has now been
clarified by the conclusion of litigation between the Government and the
Grand Trunk Ry. and by the definite constitution of a board of directors
controlling the combined national systems. It is hooed that early action
will now be taken to provide the large renewals of rolling stock and motive
power which the Canadian railways will undoubtedly require.
INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
(Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)
1921-22.
1920-21.
1919-20.
1918-19
.
Approximate output _ _ _ _
Not stated
$27,000,000 $33,000,000
Net profits
$209,266 $1,188,853 $1,515,712 $2,993,471
Depreciation
385,800
568,719
365,800
516,800
Bond interest (net)
x410,098
493,910
715,449
459,515
Int. on bank loans, &c_
43,206
Pref. divs. (in cash)
Y(54)393,750(84)656,250(84)656,250
Balance, deficit
Surplus Sept. 30 1920_ _ _
$586,632
$116,853sur$1231,386
$286,147
3,251,207 z3,537,353 y6,360,456
5,830,172
2683
1.-S. C. C. Hearings on Safrty Brake Appliances End.
-Commission
expected to issue standard specifications for brake equipment after cons
sideration of evidence and briefs. "Wall St. Journal" Dec. 12, p. 6.
Cut in Freight Rates Vital to Agricultural Production, Says Secretary Wallace.
-"Times" Dec. 15, p. 15.
RR. Officials of U. S. Map Meet with Great Lakes
r
of
-St. Lawrence Waterway
,
Association for Discussion
Relations of Railways to Waterways in National"
Transportation System.-" oston Financial News" Dec. 12, p. 3.
.•
Secretary of Labor Davis Investgiates Charge of Shopmen that Foreign
Mechanics Were Imported To Replace Strikers.-"Times" Dec. 11, p. 9.
Car Shortage.
-Demand for freight cars over current supply totaled
133,786 cars on Nov. 30, a decrease of 18,781 compared with Nov. 23. ad
,
The shortage in cars compared with that of previous week was: Box cars,
67,468, decrease 11,569; coal cars, 42.848. decrease 835; stock cars, 9,541,
decrease 4,506; refrigerator cars, 6,675, decrease 1,541.
At the same time 5,595 surplus freight cars of various classes and in good
repair were reported, which was an increase within a week of 289 cars.'is
Car Loadings.
-Loading of revenue freight totaled 845,219 cars during
w,
.ek ended Dec. 2. Owing to the observance of Thanksgiving Day on
Nov. 30. this was a reduction of 110,276 cars compared with the preceding
week. Compared with the corresponding week last year, however, this
was an increase of 103,370 cars, but a decrease of 37,385 compared with the
corresponding week in 1920.
Principal changes compared with week ending Nov. 25 were: Coal, 186.158 cars, decrease 15,874; grain and grain products, 49,341 cars, decrease
5,449; livestock, 34,381 cars, decrease 5,836; merchandise and miscel-.
laneous freight, which includes manufactured products. 491.704 cars.
decrease 72,429; forset products, 60,010 cars, decrease 6,036; coke, 13,075'
cars. decrease 15Q: ore. 10,550 cars, decreave 4.502.
Matters Covered in "Chronicle" Dec. 9.-(a) New policies of Association
of Railway Executives, p. 2539. (b) Supreme Court to determine jurisdiction of U. S. RR. Labor Board in review of case brought by Pennsylvania RR., p. 2539. (c) U. S. RR. Labor Board rules roads having agree-_
ments with a union cannot make separate contracts with individual members of that union, p. 2540. (d) Further ruling against contracting work
by U. S. RR. Labor Board, p. 2540. (a) Wage reductions on Grand Trunk
Ry. of Canada, p. 2540. .(f) Wage readjustments on Northern Pacific
RR., p. 2540.
Albany & Susquehanna RR.
-Special Dividend.
-
A special dividend of 2% has been declared on the $3,500,000 capital.
stock (par VW), payable Jan. 6 to holders of record Dec. 211922. The
regular semi-annual dividend of 454% was also declared, payable Jan. 21923 to holders of record Dec. 15 1922.
Special Dividends Paid.
-30% Nov. 1909; 3.25% each in Jan. 1916,
and 1918; 1 A % in Jan. 1920;2% each in Jan. 1921 and Jan. 1922.-V.1917 113.
p. 2612.
Atlantic & North Carolina RR. -Bonds Authorized.-.
The I.
-S. C. Commissioner has authorized the company issued $325,000.
1st mtge. 20
-year 6% gold bonds,for the purpose of refunding a like amount
of bonds whin matured on July 1 1922.
The proposed bonds will be dated July 1 1922 and will mature July 11942.
Denom. $1,000. Amer,can Trust Co. of Charlotte, N. C., trustee.
The bonds will be sold for cash at par and the proceeds used for the above
purpose.
-V. 113, p. 291.
Atlantic Shore Ry.-To Sell Trolley Line.
-
The Goodall interests of Sanford, Me., have completed arrangements for
buying the Sanford-Cape Porpoise trolley line which has been in receiver-ship for several years.
-V. 114, p. 518.
Canadian National Railways.
-Asking Tenders for.
$15,000,000 Equipment.
A call for tenders, according to the "Financial Post" of Canada. has
submitted to various railway equipment manufacturers in Canada. been
It is
estimated the amount involved in the orders now under consideration would
run about $15,000,000.--V. 115. p. 1941, 1729.
Carolina Clinchfield & Ohio Ry.-Bond
Application.
The company has applied to the I.-S. C. Commission for
authority to
issue $9,500.000 6% First & Consol. Mtge. gold bonds. The company
proposed to use $8,000.000 of the proposed issue to
loans aggregating $8.000.000. maturing $6.000,000 pay off Government.
Dec. 31 1922 and
$2.000.000 July 9 1930. The remaining $1,500,000 bonds are to be used in
reimbursing the company's treasury for expenditures made out
of net
earnings since Jan. 1 1921, for improvements, additions and
betterments,
and to pay off installmentt. on equipment trust obligations.
The bonds are
to be sold at not less than 9134.-V. 115, p. 430.
Chesapeake & Ohio Ry.-Van Sweringens Get Option on
Tot. p.&1. sur. Sept.30 $2,664,575 $3,251,207 $6,243,603 $7.061,558 Stock-Listir g-Parnings.The Van Sweringen interests of Cleveland, it
x Includes int. on bonds outstanding, $433,845; int. on negotiable scrip,
$89,328; total, $523,173. less int. earned (net), $113,075.
on option on the C. & 0. holdings of Henry E.is stated, have secured
Huntington,
y The company in Dec. 1920 paid 224% in 7
of the Board, and if this option is taken up it is understood Chairman
-year 6% negotiable scrip,
it will go control of the property. The NOw York "Times" that with
due Dec. 24 1927, on the Pref. stock on account of accumulations.
of Dec .15
z After. deducting $800,000 reserve for shrinkage in inventory values, further states:
"The acquisition by the Van Sweringens of the C. & 0. would mean
$200.000 provision for Government taxes and general purposes, and
that they would control some 4,280 miles of railway, one
$1,706,250 dividends paid in Preferred scrip on Preference stock.
railway systems in the East. It would give them an outletof the largest
to the sea
CONSOLIDATED BALANCE SHEET SEPT. 30.
Fort Monroe, Va., and would also mean that they would tap one of at
the
(Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.) richest coal fields in the East.
"The C. & 0. owns and operates more than 2.500 miles of road. It has
1922.
1921.
1921.
1922
outstanding $12,558,500 63 % Cumul.Pref. stock and $62,792,600 Common
s
Assets$
14011111es$
s
Real estate, plant,
Preference stock__ 7,500,000 7,500,000 stock.
"In the Commission's tentative plan for railway consolidation's the
good-will, patOrdinary stock__ _ 4,975,000 4,975,000
23,136,072 23,188,776 Can.C.&F. 1st M.b4,596,497 4,813,335 C. & 0. is made the basis for the grouping of System 8, which includes
ents, eic
only the Hocking Valley and Virginian. The three roads which the
Material, supplies,
Can. Steel Fdries
•e
Van
a2,837,361 4,646,501
drc
1st M.& collat_b1,876,197 2,016,453 Sweringens now hold, however, have been placed in the same group by
Dom. of Canada
568,000 the Commission. The present move by the Van Sweringens follows the
Mont.St.W.lstM. 549,000
announcement made on Dec. 2 that negotiations have been completed
Victory bonds 1,398,418
522,291 Craig St. Mtge.._ _ 100,000
100,000
Company's bonds_ 480.896
534,223 7-yr.6% neg. scrip 1,483,689 1,553,768 whereby the Toledo St. Louis & Western, the New York Chicago & St.
Miscell. investm'ts 427,536
337,753 Accts., &c., pay__ 544,686 1,438,825 Louis, and the Lake Erie & Western were to be consolidated and operated
Accounts, bills
Interest accrued... 137,146
146,248 as one system. It was reported at that time that their consolidation
receivable, less
Deprec'n reserve__ 4,829,655 4,443,855 was to be accomplished by the issuance of new 6% stock of the New York
reserve
1,212,540 2,007,389 Swial reserve__ - 500,000
500,000 Chicago & St. Louis. Application was made shortly thereafter to the
-S. C. Oommission for this merger."
Cash in banks_ __ _ 514,247
212,647 Operat., Re., fund 345,057
433,391 I.
The New York Stock Exchange has authorized the
Deferred items__
94,432
190,500 Profit and loss_ _ _ 2,664,575 3,251,207
(authorized $30,000,000) 63.% Cumul. Cony. Pref. listing of $12,558,500
Stock, Series A, par
Total
30,101.503 31,740,083
Total
30,101,503 31,740,083 $100 each, with further authority to list $12,558,500 Common Stock on
a Inventories of manufactured and partly manufactured product, ma- official notice of issuance thereof in conversion of Pref. Stock, Series A.
General income account for period, Jan. 1 1922 to Aug. 311922, shows:
terials and supplies at cost or less, and not in excess of present market
prices. b Less redeemed by sinking fund, $1,678,502. c Legs bonds in Railway operating revenues. $56,630,225; railway operating expenses.
escrow by Montreal Trust Co.towards redemption of Montreal Steel Works, $42,692,236; net revenues from railway operations, $13,937,988; other.
Ltd., bonds. $649,311, leaving $3,000,689, from which is deducted amount income (balance), $839,150; gross income, $14,777,139; fixed charges,
retired by sinking fund, $1,124,492. Arrears of Pref. stock divs.,
%• $6.613,839: taxes, $2,140,000; net income for period, $6,023,300. The
profit and loss surplus Aug. 31 1922 amounted to $22,746,698.-V.
-v. 115. P. 873.
115. 1).
2266, 1941.
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."
Canadian Shop Men's Wage Reduction of 5 to 9 Cents an Hour Will Remain
-"Boston Fin. News" Dec. 9, p. 3.
-Imposed last August.
in Effect.
U. S. RR. Labor Board Cuts Rail Telegraphers' Pay on 11 Western Roads.
Effective Jan. 1 will reduce payrolls by $1,500,000 per annum. Equalizes
pay on roads affected. "Times" Dec. 9, p. 24.
-15 cents
American Ry. Express Chauffeurs and Drivers Seek Wage Increase.
employees to come up before U. S. RR. Labor
an hour increase for 2,50
Board on Jan. 18. 'Philadelphia News Bureau' Dec. 14, p. 3.
-Three
U. S. Supreme Court Upholds "Jim Crow" Law of Mississippi.
white men receive $400 each damages for being compelled to ride in pas1up l
, )ec 1
coach with l'Togpe1 on 1 isville & Nashville while road was under
senger
•
Chicago & Alton RR.
-Receiver's Certificates.
The company has applied to the I.-S. C. Commission for authority
Issue $2,000,000 receivers' notes dated Dec. 1 1922 and to mature to
18
months thereafter, to bear int. at either 5% or 6%, proceeds to be used
to reimburse payanent for labor, equipment, &c.
-V. 115, p. 2378. 2158.
Chicago Great Western RR.
-Equipment Orders.
-
President Felton recently announced that the company has purchased
500 box cars and three heavy type locomotives at a total cost of approximately $1,200,000.-V. 115, p. 2378, 2266.
Chicago Memphis & Gulf RR.
-Proposed Lease.
-
See Illinois Central RR. below.
-V. 96, p. 419.
Chicago Milwaukee & St. Paul Ry.-Extension of Loan.
The I.
-S. C. Commission on Dec. 12 granted the company a 7
-year extension of the $10,000,000 U. S. loan which becomes due Jan. 1 next. Application for renewal of the loan was made last February, just before the right
expired to ask for loans from the $300,000,000 revolving fund. The securities offered by the carrier for this loan consist of $14,000,000.Gen. Mtge. 54
and $1,000,000 Gen. & Ref. Mtge. 6s. In announcing renewal of the
loan the Commission said:
"Since the original loan the applicant has been unable to earn any
to apply upon it. Its current earnings are comparatively low, and sum
it
asserted that it is impossible to refund with proceeds of available funds is
at
any reasonable discount. It is apparent that this applicant needs
more
2684
THE CHRONICLE
time to recover from the effect of a period of depression and extensive improvement and to strengthen its financial structure. It must refund its
maturity when due in order to preserve its existing credits and the integrity
of its operating status."—V. 115, p. 2579, 2045.
Chicago Peoria & St. Louis. RR.—Would Dismantle Line
Bondholders of this road have petitioned the Circuit Court at Springfield,
for permission to dismantle the line and sell the right of way. This
proposal is being opposed by patrons of the line, who contend that the
property can be made to earn a fair return on $4,000,000, or one-half of the
present value. Several plans of reorganization have been proposed, one
calling for the issuance of $4.000,000 new capital, of which $1,000,000 would
be used to satisfy the claims of first mortgage bondholders, another plan
calls for issuance of $3,000,000 new capital, of which $300.000 would be
applied to the exchange of existing first mortgage bonds; while a third plan
is to merge the road with some connecting line. ("Chicago Economist.")
—V. 115, p. 1729, 1631.
Cincinnati Georgetown & Portsmounth (Elec.) RR.—
The I.
-S. C. Commission on Dec. 4 autnorized the company to issue
$42,000 7% Equip. Trust Certificates, Series A, to be issued and disposed
of at par, by Union Savings Bank & Trust Co., Cincinnati, under an equipment
-trust agreement dated Nov. 7 1922 and due $4,200 semi-annually
from May 15 1923.—V. 115, p. 542.
Cincinnati Indianapolis & Western RR.—Equipment
Trusts Offered.—Green, Ellis & Anderson, New York, are
offering at 100 and div. $300,000 Equip. Trust 532% gold
certificates, Series "C."
Dated Dec. 2 1922, maturing $10,000 each June 1 and Dec. 1 from
June 1 1923 to Dec. 1 1937. Not subject to redemption prior to maturity.
Denom. $1,000 (c*). Dividends payable J. & D. Chatham & Phenix
National Bank, New York, trustee. Prin. and semi-ann. divs. guaranteed
by endorsement by company. Issue has been approved by I.
-S. C. Comm.
These certificates are issued for 80% of the cost of new equipment, consisting of 207 standard gondola cars, which are being manufactured under
contract by the American Car & Foundry Co. at a net cost to the railroad
of $1,814 75 per car. The total purchase price is $376,653, of which 20%
is paid in cash by the railroad company at the outset.—V. 115, p. 1729.
[voL. 115.
The petition filed with the Court states that Mr. Sheffield has in his
possession, besides the share of stock of the Transporattion company, the
following: Balance on deposit with the New York Trust Co., $1,240,672;
on deposit with the Empire Trust Co., "coupon account,' $231,910:
principal amount of 2d Cony. 4 % Liberty bonds, $390,000, with a value
in the open market of $977 for each $1,000 bond; on deposit with Guaranty
Trust Co., $14,760, held as a dividend account and adjudged a trust fund
for the benefit of holders of Pref. stock of Interborough-Metropolitan
Co. who had not exchanged the stock for the Preferred stock of the Interborcugh Consolidated Corp.
Mr. Sheffield states in his petition that at least $400,000 should be
retained by him to meet Federal and State taxes, fees, commissions and
other outlays that may arise in the administration of the estate. It was
agreed to pay a dividend of $77 50 on each $1,000 bond. The payment
to the assenting bondholders would remain as a credit on the books of the
new company while the payment to the non-assenting bondholders would
be made in cash. Compary also V. 115, p. 2477.
. International & Great Northern RR.—Control Acquired
by St. Louis-San Francisco Ry.—
$3e St. Louis-San Francisco By. below.—V. 115, p. 2580, 2267.
Interstate Public Service Co.—To Merge Subsidiaries.
This company, a subsidiary of Middle West Utilities, has filed a petition
with the Indiana P. S. Commission for authority to acquire all property,
rights and franchises of the following subsidiary companies: Southern Indiana Power Co., Hydro-Electric Light & Power Co., Hawks Electric Co.,
Winona Electric Lfght & Water Co.. Middlebury Electric Co. and the
Electric Transmission Co. of Northern Indiana.
This is the second merger in which the Interstate company has figured
within two years. The United Gas & Electric Co., New Albany Water
Works, Louisville & Southern Indiana Traction Co., Louisville & Northern
Ry. & Lighting Co. and Central Indiana Lighting Co. were merged into
the company on Jan. 1 1921.—V. 115, p. 2478, 1731.
Interstate RR.—Equip. Trusts Offered.—Brown Brothers
& Co., Philadelphia, are offering at prices ranging from
100.24 and div. to 101.54 and div.,to yield from 5% to
5.35%, according to maturity, $1,200,000 Equipment Trust
Clev. Cin. Chic. & St. L. Ry.-1% Div. on Corn. Stock. Series "D" 53/2% certificates, to be issued under the "PhilaA dividend of 1% has been declared on the outstanding Common stock, delphia Plan." A circular shows:
par $100,
payabre Jan. 20 to holders of record Dec. 29. Dividends of 2%
each were paid on the Common stock in June and November last.
The regular quarterly 13,1% Preferred dividend has also been declared,
payable Jan. 20 to holders of record Dec. 29.—V. 115, 13. 2476.
Commonwealth Power, Ry. & Light Co.—Underwrites
8600,000 1st & Ref. Mtge. 58 of Michigan United Rys. under
Reorganization Plan.—
See Michigan United Rys. below.—V. 115, pr. 2477.
Death Valley RR.—Capital Stock.—
The I.-S. C. Commission recently authorized the ccapany to issue
exceeding S99,100 capital stock to be sold at not less than par, and not
the
proceeds used solely for the purpose of retiring certain first mortgage
bonds.—V. 115, p. 759.
Denver & Rio Grande RR.—Time Extended.—
The protective committee, headed by Richard Sutro, has issued
to holders of the 1st & Ref. Mtge. 5% gold bonds (certificates ofa notice
deposit
therefor issued by Bankers Trust Co.; deposit receipts therefor issued by
Farmers' Loan & Trust Co.), 7% Cum. Adjust. Mtge. gold bonds
cates of deposit therefor issued by Farmers' Loan & Trust Co. and(certificertificates of deposit or receipts therefor of the Equitable Trust Co.), announcing
that the time within which deposits of the securities may be made
committee has been extended to and including Jan. 10. American with the
National Bank is the depositary of the committee.—V. 115, p. Exchange
2266, 2045.
Denver & Rio Grande Western RR.—To Issue
Dated Jan. 1 1923. Maturing $40,000 July 1 1923 and $40,000 each
Jan. 1 and July 1 to Jan. 1 1938, incl. Divs. payable J. & J. Red.as a
whole on any div. date at 10234 and div. Denom. $1,000 (c*). Fidelity
Trust Co., Philadelphia. trustee.
These certificates will be payable out of rentals to be paid by company
as lessee of standard equipment consisting of 1,000 all-steel hopper coal
cars of 110.000 lbs. capacity each, having an aggregate cost of approximately $1,500,000, or $300,000 more than the aggregate certificates to
be issued.
-mile extension to its main line,
On completion, about Feb. 1923, of an 18
the company will operate about 74 miles of road in the southwestern part
of Virginia. Its lines have direct connection with the lines of the Southern
Ry., Louisville & Nashville RR. and Norfolk & Western Ry. and, upon
completion of the extension, will have direct conection with the lines of the
Carolina Clinchfield & Ohio By.
The Virginia Coal & Iron Co. will guarantee the payment of the rentals
specified in the lease.
The issue has been authorized by the I.-S. Commerce Commission,
113, P. 730.
Jackson & Battle Creek Trac. Co.—Reorganization.—
See Michigan United Rys. below.—V. 115, p. 2046.
Kansas City Southern Ry.—Trustee.—
Walton H. Holmes of Missouri, has been appointed trustee under the
1st Mtge. and Deed of Trust, dated April 2 1900 to succeed the late Selwyn
C. Edgar. Mr. Holmes is President of the Pioneer Trust Co. at Kansas
City.—V. 115, p. 1532.
Certifs.—
Joseph H. Young, receiver, has applied to the I.-S. C. Commission
for
Kentucky Securities Corp.—Common Dividend No. 2.—
authority to issue $5,000,000 6% receiver's certificates, dated
Dec. 11922,
The directors have declared a dividend of 1% on the Common stock,
and payable Dec. 1 1924. Proceeds will be used to rehabilitate
and im- payable Jan. 2 to holders of record Dec. 20. The regular quarterly diviprove the property.
The "Denver Rocky Mountain News" of Dec. 3 says:
dend on the Preferred stock of 13i% was also declared, payable Dec. 15
and expansion program of Joseph H. Young, receiver,"The rehabilitation to holders of record Dec. 29.
has been
by the Federal Court. This program involves the immediate approved
An initial dividend of 1% was paid on the Common stock in October
expenditure last.—V. 115, p. 1630, 1530.
of$14,100,000. The Court ordered the issuance of $5,000,0006%
receiver's
certificates to run for two years, and $5.000,000 Oi% equipment
Louisiana & North West RR.—Tenders.—
trust
notes to run for 15 years. The receiver also has placed at his
The company will until Jan. 2 receive bids for the solo to it of First
the Court the surplus earnings of the company, which should disposal by
approximately $1,100,000 by Jan. 1 1923, and approximately amount to Mtge. bonds to an amount sufficient to absorb $12,000 now in the sinking
$3,000,000 fund. The same amount was redeemed three months ago.
more by Jan. 1 1924.
The regular quarterly dividend of 1 % will be paid on Jan. 1 to holders
"Of the,receiver's certificates $2,000,000 worth already have been sold
of record Dec. 15.—V. 115, p. 2379, 226'7.
at 98 and interest."
The complete report of Special Master Herrington, as
Mahoning Coal RR.—Extra Dividend of $15 per Share.—
the receiver's budget of Nov. 21. was approved by the submitted upon
Court, Mthout
An extra dividend of $15 per share has been declared on the outstanding
modification. See V. 115, p. 2477, 2579.
$1,500,000 Common stock, par $50, payable Dec. 29 to holders of record
$10 per
also declared
Detroit Toledo & Ironton RR.—Employees' Certificates. Dec. 16. A semi-annual dividend ofto holdersshare wasJan. 15. This
payable Feb. 1
of record
The Ohio P. U. Commission has dismissed for want of jurisdiction the on the Common stock, with semi-annual dividends of $5 per share paid
compares
application of the company for authority to issue $1,000,000 employees' latter dividend
improvement certificates to be sold to employees of the company. A heretofore.
Extra dividends of $15 per share were also paid in July 1920, July 1921
similar application is now pending before the I.
-S. C. Commis:ion.—V..115, and July 1922,while in May 1920 and extra of 60% was paid.—Compare
.
p. 2378, 2579.
V. 114, p. 2717.
Erie RR.—Equipment Trust Certificates Ready.—
•
Drexel & Co. are now prepared to exchange definitive 534% Equipment
Trust Certificates, Series "GO, for outstanding interim certificates. (For
"
offering of certificates see V. 115, p. 82.)—V. 115, p. 2477,2378.
Fort Smith & Western RR.—Sale.—
The sale of this road has been set for Jan. 16 at Fort Smith, Ark.
L. Mills, special master, will conduct the sale.—V. 113, p. 2818. Arthur
Gulf & Ship Island RR.—Tenders.—
The New York Trust Co., trustee, will until Jan. 4 1923 receive
the sale to it of 1st Mtge. Ref. & Term. 5% gold bonds, due Feb. bids for
1 1952,
to an amount sufficient to exhaust 594,130.—V. 115, p. 2159.
Houston Bay Shore & Texas City Traction Co.—
A Houston, Tex., dispatch states that the John Kirby interests have
cluded negotiations for the acquisition of properties, franchises, conSze.,
through the purchase of the $300,000 Capital stock. The stock will be
taken over on a 50% basis, payment to be made in shares of a new concern
to be organized.—V. 113, p. 1155.
Illinois Central RR.—Would Lease Road.—
The company has applied to the I.
-S. C. Commission for authority to
ease the Chicago Memphis & Gulf RR.—V. 115, p. 2267, 1941.
Interborough Rapid Tran. Co.—Judgment Affirmed.—
The Appellate Division of the Supreme Court Dec. 15 affirmed the
judgment of $25,000 obtained by Clarence H. Venner against the company,
the amount alleged to be due on 25 notes of $1,000 each made by the company, with interest at the rate of 7%. The notes were part of the issue
which were to be paid on Sept. 11922.
The special meeting of stockholders scheduled for Dec. 11 has been
postponed until Dec. 22.—V. 115, p. 2580, 2478.
Interborough Consolidated Corp.—Adjustment.-Federal Judge Mayer on Dec. 14 authorized James R. Sheffield, trustee
in bankruptcy, to accept an offer of $4,000,000 for the 103.574 shares of
stock of the New York Transportation Co. held by him. The offer was
made by the Interborough-Metropolitan Collateral 43i% bondholders'
committee, of which G. M.
-P. Murphy is Chairman. The original offer
for the stock was $3.262,581, or $31 50 a share.
The committee is acting under the Interborough-Manhattan plan of
readjustment, and for the purpose of creating machinery by which the
stock could be taken over, a new company, the Fifth Avenue Bus Corp.,
was incorporated in Delaware Nov. 15 last with a capital of 400.000 shares,
no par value. This new company will issue a sufficient number of shares
to provide 5 shares for each $1,000 of the 434% bonds.
Maumee Valley Ry., Toledo, O.—Incorporated.—
Thsi company, formerly the Maumee Valley Ry. & Light Co., has been
incorporated in Ohio with an authorized capital of $500,000, which, it is
believed, will consist of $4400,000 Common and $100,000 Pref. stock.—
V. 115, p. 2580.
Michigan Central RR.—Extra Dividend of 6%.—An
extra dividend of 6% has been declared on the $18,736,400
capital stock, par $100, in addition to the regular semiannual dividend of 4%, both payable Jan. 29 to holders
of record Dec. 29.
Dividends of4% each were paid in Jan. and July last.—V. 114, p. 2710.
Michigan United Railways.—Reorganization Plan.—The
-Year 5% gold bonds
committee for the 1st & Ref. Mtge. 30
(G. R. Cottielle, Chairman) has approved and adopted a
plan and agreement dated Dec. 1 1922,for the reorganization
the
OfAny
holder of a .
companycertificate of deposit issued objecting to the plan, may
protective agreement.
10 1923, withdraw from
on or before Jan.not exercise such right will theentitled to the benefits
be
Holders who shall
the issue of new certificates of deposit.
of the plan without not deposited under the bondholders' protective agreeHolders of bonds
the debentures and Preferred
ment dated Nov. 8 1921, and holders of holders of
the
and Common stocks of Co. company, andentitled to bonds of Jackson &
may become
Battle Creek Traction securities (with coupon No. 31the benefits of the
and all subsequent
plan by depositing their
of the 1st &
coupons thereto attached in the caseFeb. 1 1923. Ref. Mtge. bonds) with
the depositaries on or before on etrlet 03 Michiganted pe rsii
one of
tere
ee te
John F. Collins, Gen. Mgr.,,swas p Dee. 1f appo n , r etvertby the
hill filed by
o
. f e ereditu
U. S Distrlct Coer f r the
Commonwealth Power, By. & Light Co.
prayer o
Cottrelle, Chairman Protective Committee,
Data from Letter of G. R.
New York, Dec. 15.
&c.—Owns and operates street railway system in Kalamazoo,
History,
Lansing, Mich., the interurban lines connecting
Battle Creek, Jackson and
interurbans from Lansing to St. Joluis and Pine
these cities, and also the
LaLLSirig to Owosso and Corrunna, a total of 258 miles
Lake, and from
Through passenger service between these
measured as single track.
of the Detroit
cities and Detroit is maintained over the linesmade through United Rys.,
with Grand Rapids is
arrangements
and direct connection
with Michigan RR. Cars in operation. 278.
DEC.16 1922.]
Year1912
1914
1916
1917 ______ - 1919
1920
1921_
1922 (10 mos.)
Statement of Earnings for Calendar
x Oper.
Gross.
Exp.
$1,649,571
$1,025,028
1,801,697
2,067,592
1,269,550
2,274,758
1,479,922
2,841,336
2,000,460
3,160,152
2,576,600
2,846,231
2,392,577
_ 2,268,102
1,804,049
THE CHRONICLE
Years.
° er
Inc..
$624,543
798,041
794,836
840,876
583,652
453,653
464,053
Bond
Int.
$519,900
527,096
621.970
620,016
618,630
620,596
622,420
516,113
x Including taxes, rentals, current maintenance and repairs, but not
depreciation.
-It will be seen that net earnings, without
Reason for Reorganization.
provision for depreciation, are not sufficient to carry interest charges.
On Jan. 1 1923 $1,200,000 5% bonds secured by a prior lien mortgage on
the interurban division between Battle Creek and Jackson will become
due and company has no funds to pay these bonds. Company is also in
heed of a substantial amount of additional cash with which to purchase
the equipment presently operated under lease with option to purchaes,
and to carry on its business.
The committee has been forced to the conclusion that a reorganization
of the company is absolutely necessary and that a plan of reorganization
must be devised and executed which in addition to yielding to bondholders
the maximum advantage and protection possible, should also place the
reorganized company in a position to meet the requirements above referred
to. The committee believes that the plan meets these conditions.
Effect of Plan.
-The interest charges against the property will be reduced
to an amount which the earnings should be sufficient to pay when due.
For the 12 months periods ended Oct. 31 1921 and 1922 the earnings of
the property applicable to the reduced bond interest charges were as follows:
1922.
1921.
Gross earnings
$2,905,777 $2,736,520
x Operating expenses
2,439,658 2,152,312
Operating income applicable to interest
$466,119
Annual interest charges on $7,780,500 mortgage
bonded debt of the new company at 5%
Balance
$584,208
389,025
$195,183
x Including taxes, current maintenance and repairs, but not depreciation,
or rentals on equipment now leased but proposed to be acquired in reorganization.
Digest of Plan of Reorganization Dated Dec. 1 1922.
Outstanding Obligations and Capital Stock of Michigan United Railways.
Jackson-Battle Creek Traction Co. 1st 58, due Jan. 1 1923
$1,200,0130
Jackson Consolidated Traction Co. 1st 55, due 1934
790,000
Michigan United Rys. Co. 1st and Ref. 55, due 1936
10,381,000
Interest accrued on 1st & Ref. 58from May 1 1921 to Jan. 1 1923 863,667
Debentures
703,800
Accounts and bills payable, not incl. current accounts payable,
approximately $204,000; paving assessments, $151,053; cars
leased and which should be purchased,net purch. price $202,903 557,956
1,000,000
Preferred stock
6,000,000
Common stock
-A new company will be created with powers appropriate
New Company.
to the ownership and operation of the properties of the present company.
Mortgage and Other Indebtedness and Capitalization of New Company.
-Secured by an open mortgage and may
(1) First 80 Ref. Mtge. Bonds.
provide for the issue of bonds in several series, all equally secured. Series A
bonds shall be dated Jan. 1 1923, shall mature 1958, red, all or part at 105
and int., and shall bear int. at rate of 5% per annum. The bonds shall be
(a) a first lien (excepting taxes, assessments and other minor liens) upon
properties now owned by the present company and held by it subject to
Its 1st & Ref. Mtge.
At the option of the committee, however, the new company may acquire
the interurban system between Jackson and Battle Creek, including all
equipment. &c., subject to the Jackson & Battle Creek Traction Co.
bonds, and in such event the 1st & Ref. Mtge. of the new company shall
constitute a second lien upon the said Jackson & Battle Creek interurban
property. The committee shall acquire all or some part of the bonds issued
under this mortgage and shall pledge them under the 1st & Ref. Mtge.
of the new
company.
The mortgage shall be (b) a second lien upon the property subject to the
lien of the $790,000 Jackson Consolidated Traction Co. bonds.
-Company shall assume all the indebtedness and
(2) Other Indebtedness.
liabilities of the present company which shall be imposed upon it by decree
of a court, and shall acquire the property of the present company subject
to all taxes and assessments which may then be liens.
(3) 5% Cum. Pref. (a. & d.) Stock.
-Shall have full voting power. Holders of Prof. and Common stock to have equal pro rata rights to vote cumulatively at all elections. Aggregate amount approximately $6,000,000.
-Shall have no par value; approximate amount
(4) Common Stock.
100,000 shares.
Table of Exchange for Securities Participating in Plan.
OutWill Receive
standing. lsteeRef.5s. Pref.Stock. Com.Stock.
Present Securitiesa$10,381,000 $5,190,500a$5,190,500
1st & Ref. 5s
Each $1,000
500
500
Jackson & Bat. Crk. Tr. 5s_ 1.200,000 b1,200,000
Each $1,000
1,000
x703,800
Debentures
x7,038 shs.
1 share
Each $100
y1,000,000
y5,000 shs.
Preferred stock
share
Each $100
z6,000,000
Common stock
z4,000 shs.
Each $100
1-15 share
a In addition, the full amount of the int. on the 1st & Ref. Mtge. 5%
bonds from May 1 1921 to Jan. 1 1923 (about $863,667), computed at the
rate of 5% per ann. will be paid in Prof. stock.
'
b In addition, it is proposed to sell at the most favorable price which
can be obtained, but in any event at not less than 85 and int.,.$600,000
additional 1st & Ref. 5s for the purpose of obtaining the necessary funds
to defray the cost of organization, &c. Federal, State, &c., taxes.
x Depositors will also receive pro rata, according to their holdings, the
'
following rights: (1) To subscribe at 85 and int. to $600,000 1st & Ref.
Mtge. bonds and to receive one share of Common stock of new company
in respect of each $50 subscribed. (2) To subscribe at $4 per share to 18,000
shares of the Common stock of the new company.
the
y Depositors will also receive pro rata, according to their
holdings'
following rights: (1) To subscribe at 85 and int. to $600,000 1st & Ref.
Mtge. bonds and to receive one share of Common stock of new company
in respect of each $50 subscribed, subject to prior rights of debentures.
(2) To subscribe at $4 per share to 18,000 shares qf the Common stock of
the new company, subject to prior rights of debentures. (3) To subscribe
at $4 per share to an additional 18,000 shares of the Common stock, no
prior rights in respect of such shares being created by the plan.
z Depositors will also receive the following rights, pro rata, according to
their holdings: (1) To subscribe at 85 and int. to $600,000 1st & Ref. Mtge.
bonds and to receive one share of Common stock-of new company in respect
of each $50 subscribed, subject to prior rights of debentures and Preferred
stock. (2) To subscribe at $4 per share to 18,000 shares of Common stock
subject to prior rights of debentures and Preferred stock. (3) To subscribe
at $4 per share to 18,000 shares of the Common stock subject to prior
rights of Preferred stock.
-Commonwealth Power, Ry. & Light
First o'c. Refunding 5s Underwritten.
less than 85
of the
Co. has underwritten the subscription at notconsideration and int. underand the
1st & Ref. Mtge. bonds. For this
$600,000
of Common stock
writing of the subscription of the 36,000 shares and for other cashof the new
items and
y
company (mentioned in foot notes x, ofand z)
the committee are or may be necescommitments which in the judgment
sary or desirable in connection with the plan, the Commonwealth company
Compare also V. 115, P. 2046.
will receive 36,000 shares of Common stock.
Minneapolis St. Paul & Saulte Ste. Marie Ry.-Dividend Situation.-President G. R. Huntington on Dec. 11
issued a statement to the stockholders explaining the present
situation in regard to the dividends declared this year.
He states that since his statement of Sept. 12 last advising stockholders
that the directors had decided to pay no further dividends in 1922 out
2685
of the surplus accumulated from 1909 to 1919 until a decision was handed
down on the appeal of two Preferred stockholders regarding the payment
of the March 1922 dividend, now set for argument at St. Louis on Jan. 31
next, the financial advisers of the company have expressed the opinion
that further dividends should be declared in the present year without
awaiting the decision of the appeal in order to maintain the high 'standing
of the company's bonds as authorized investments for savings banks.
Accordingly, the directors on Dec. 4 declared a dividend of $2 per
share on both the Common and Preferred stocks (for surplus accumulated
from 1909 to 1919 incl.), both payable Dec. 28 to holders of record Dec. 15.
On Dec. 8 the two Preferred stockholders who had brought the former
suit began another suit in the same court to restrain the payment of this
Common dividend. On Dec. 9 a Common stockholder intervened in
the new suit, praying that the company be restrained from paying the
dividends on the Preferred stock declared on Dec. 4. The questions
raised in the new suit are identical with those in the former suit. The
court on Dec. 9 entered orders preventing the payment of the dividends
(Common and Preferred) declared Dec.4 pending a decision of theformer
suit. The parties concerned have agreed that the final decision of the
former suit will determine the outcome of the second suit. Compare
V. 115, p. 1532, 2159.
Missouri Kansas & Texas RR.
-Further Datafrom Report
of 1.-S. C. Commission Approving Reorganization Plan.
-In
V. 115, p. 2581, we mentioned the approval by the I.-8. C.
Commission of the reorganization plan for the old Missouri
Kansas & Texas Ry. which will be succeeded to by the above
company. The report of the Commission says;
Missouri-Kansas-Texas RR. Co. of Texas.
-The applicant represents that
the Missouri-Kansas-Texas RR. Co. of Texas, a corporation proposed to be
organized in Texas, will shortly apply for authority: (1) To acquire and
operate certain lines of railroad,lying in the State of Texas. (2) To acquire
control under lease by the acquisition of certain leaseholds: Lease expiring
April 30 2013 made by the Texas Central RR.; lease expiring April 30 2013
made by the Wichita Falls By.; lease expiring April 30 2013 made by the
Wichita Falls & Northwestern Ry., and lease expiring April 30 2013 made
by the Wichita Falls & Wellington By.
(3) To issue $1,400,000 capital stock and $33,000,000 bonds.
Representations were made to us on behalf of the State of Texas concerning the relation to be created between the appliciat and the proposed
Missouri-Kansas
-Texas RR. Co. of Texas, by the acquisition of the capital
stock of the latter by the former. It was urged that our action in respect
of such acquisition of stock by the applicant should be so conditioned as not
to create a consolidation of the proposed Texas company with the applicant
in violation of the constitution and laws of the State of Texas. The proposed relation between the applicant and the new Texas company appears
to be substantially the same in nature and extent as the relation that now
exists between the present companies, and apparently the said proposed
relation will not create a consolidation of the proposed Texas company
with the applicant.
Lines Not to Be Embraced in Reorganized System.
-(a) Oklahoma City to
Coalgate, Okla., 123 miles;(b) Fallis to Guthrie, Okla. 23 miles; (c) Trinity
to Colmesneil, Tex., 66 miles; (d) McKinney to Waskiim. Tex., 182 miles;
(e) Weldon to Livingston, Tex., 51) miles; (f) Egan to Cleburne, Tex., 10
miles, and (g) Bonham Junction to Bonham, Tex., 24 miles.
The applicant states that the lines of railroad which are not to be included
in the reorganized system will be acquired by others and presumably operated by the purchasers. Our action in these proceedings is not to be construed as granting authority to abandon any of the lines of railroad which
are to be excluded from the reorganized system.
Maintenance of Machine and Repair Shops at Parsons, Kan.
-Representations were made to us by the Kansas P. U. Commission that, in consideration of grants of franchises, corporate privileges and advantages, the applicant's predecessor, a Kansas corporation, had agreed to maintain general
offices and machine and repair shops at Parsons, Kan., and that this agreement constitutes a contract attaching to the property located in the State
of Kansas comprising about 487 miles of railroad of which about 40 miles
are operated under trackage agreements; and further, that the retention
of the general offices and machine and repair shops at Parsons, Kan., is of
material advantage to that city and the State of Kansas. Denial of the
authority requested by the applicant was prayed. . . . We deem it beyond our province to determine questions between the State of Kansas and
the Kansas company, a predecessor of the applicant, relating to the maintenance of shops and offices at any specified place.
Companies the Capital Stock of Which is to Be Acquired by New Comtnany.
Stock
Par Value to
Name of CompanyOutstanding. BeAcquired.
*Missouri-Kansas-Texas RR. Co. of Texas
$1,400,009 $1,400,000
Texas Central RR. Preferred stock
1,325,000
1,310,000
do Common stock
2,675,000
2,672,300
Boonville RR. Bridge Co
1,000,000
1,000,000
Wichita Falls Ry. Co
2200:000000
Wichita Falls & Northwestern Ry. Co. of Texas_ _
21008
Wichita Falls & Wellington By. Co. of Texas__ _
15,000
15,000
Missouri Kansas & Texas Terminal Co. of St. Louis
100,000
100,000
San Antonio Belt & Terminal Ry. Co
117,400
117,400
Joplin Union Depot Co
40,000
10,000
Terminal RR. Association of St. Louis
3,087,800
205,800
Missouri & Illinois Bridge & Belt RR
13.000
34,000
Union Terminal Co. (Dallas)
6,000
48,000
Galveston Houston & Henderson RR
1,000,000
500: 01
0
0
* In respect of the proposed Missouri-Kansas
-Texas RR. Co. of Texas,
all of the capital stock of which the applicant proposes to acquire, our action
in these proceedings is not, in any way, to be taken and accepted as determining or passing upon the issue of stock or other securities by the
Texas Company.
Stock and Bonds to Be Pledged Under the Mortgage.
All of the above stocks, with the exception of shares qualifying directors,
and the following bonds, which are also to be acquired by the applicant
(said bonds constituting the entire outstanding issues under closed mortgages), will be pledged, first, under the Prior Lien Mortgage, and second,
under the Adjustment Mortgage of the applicant:
First Mtge. bonds of Wichita Falls & Northw. Ry. Co. of Tex_
$250,000
First Mtge. bonds of Wichita Falls & Welling. Ry. Co. of Tex_
225.000
First Mtge. bonds of Wichita Falls Ry
214,000
First Mtge. bonds of Mo. Kan.& Tex. Term'l Co. of St. Louis_ 4,776,000
First Mtge. bonds of Gainesville Henrietta & Western Ry_ _ _ _ x1,400,000
First Mtge. bonds of Dallas & Greenville By
x1,040,000
First Mtge. bonds of Taylor Bastrop & Houston Ry
x2,055,000
First Mtge. bonds of Denison & Washita Valley By
1,000,000
First Mtge. bonds of Altus Wichita Falls & Hollis Ry
675,000
x These bonds will be acquired subject to their prior pledge under the
Missouri Kansas & Texas Ry. First Mtge. of June 1 1890, and subject to
such prior pledge, will be pledged under the proposed Prior Lien and
Adjustment mortgages.
In carrying out the plan of reorganization, company will acquire if, as and
when issued, all of the stock and bonds of the proposed Missouri-KansasTexas RR. Co. of Texas, which will be pledged first, under the Prior Lien
Mortgage, and second, under the Adjustment Mortgage.
• Provision is made in the Prior Lien Mortgage and the Adjustment Mortgage for the pledge under those mortgages of all of the bonds refunded, paid,
purchased or otherwise acquired by the applicant through the issuance of
Prior Lien bonds, and for Adjustment bonds.
Prior Lien Mortgage Bonds.
-The proposed Prior Lien bonds, Series A.
will be dated Jan. 1 1922 and will mature Jan. 1 1962. will bear int. at rate
of 5% per annum from Jan. 1 1922 and will be red. at 105 and int. The
Prior Lien Series B bonds will be dated Jan. 1 1922 and will mature Jan. 1
1962, will bear int. at rate of 4% per annum from Jan. 1 1922 and will be
red. at par and int. The Prior Lien Series C bonds will be dated Jan. 1
1922 and will mature Jan. 1 1932, will bear int. at rate of 6% per annum
from Jan. 1 1922 and will be red. at 102% and int. The applicant desires
authority to issue the Prior Lien bonds. Series A, B and C,In coupon form
in denom. of $1,000, $500. $250 and $100, and in full registered form in
denom. of $1,000, $5,000 and $10,000, the coupon and registered bonds of
the respective series to be exchangeable.
Proposed Adjustment Mortgage Bonds.
-The proposed Adjustment bonds,
Series A, will be dated Jan. 1 1922 and will mature Jan. 1 1967. They will
rank for int. at rate of 5% per annum from Jan. 11922, will be red. at par
and int., and will be convertible prior to Jan. 1 1932 into 7% Pref. stock,
Series A, at rate of 10 shares for each $1,000 bond. Int. on bonds will be
payable
1 192 for hate anetent am as
1 35 t e p
0 ,
e
incons
the Adjustment Mortgage
.t,'°s;?aclf.suff
2686
TfrE CHRONICLE
declared by the directors to be then payable, and on and after said date
as such int. shall be declared to be payable by directors in accordance with
the Adjustment Mortgage, and thereafter at date of maturity of the bonds.
Int. on the bonds is to be cumulative from and after Jan. 1 1925, but accumulations of interest are not to bear int.
Preferred Stock.—Dividends on the Preferred stock shall be payable only
out of the net income or the surplus of the applicant and as and when
declared by directors. From and after Jan. 1 1928 dividends will be cumulative, but arrears of cumulative dividends shall not carry int. The maximum rate of divs. on the proposed Pref. stock, Series A,is to be 7% per ann.
Stock may be redeemed, all or part, at 110 and div. Dividends are not
payable on the Common no-par-value stock until provision has been made
to care for the dividends on Preferred stock.
Capitalization and Fixed Charges as of Jan. 11922.
Principal
Fixed
Amount.
Charges.
Bonds, notes, equip. obligations & receiver's ctfs_ _$146,543.142 $6,808,123
Interest accrued and unpaid Jan. 1 1922
25,252,238
4% Non-Cumulative Pref. stock
13,000,000
Common stock
63,283,257
Preferred stock Texas Central RR
15,000
Common stock Texas Central RR
2,000
Sink. rd. requirem'ts under various mtges. for 1922
621,253
Total
$247,095,637 $7,429.376
Less obligations solely secured on properties not to
be acquired
4,919,000
245,950
$243.176,637 $7,183,426
Proposed Capitalization and Fixed Charges of New Company.
Outstanding. FixedChgs.
Common stock (no par value)
1,000,000 shs.
Preferred stock
$30,000,000
Prior Lien 5% bonds
52,942,752 $2,647,138
Prior Lien 4% bonds
27,236,000 1,089,440
Prior Lien 6% bonds
29,121,347 1,747,281
Adjustment Mortgage 5% bonds
r
57,500,000
Total
$196,800,099 $5,483,858
Net decrease
$46.376,538 $1.699,568
Book Investment&Account—Earnings—Assets and Liabilities, &c.
The combined boo investment accounts as of June 30 1922 of the coml
panies comprising the Missouri Kansas & Texas system show a total investment, less accrued depreciation on equipment of $268,038,661. The
record shows that if the reorganization had been effected as of June 30 1922
the total book investment of the new Missouri-Kansas
-Texas RR. system
after deducting accrued depreciation on equipment as of June 30 1922
for the three companies whose properties are to be sold under foreclosure
decrees would have been $255,907,500, or a reduction in investment accounts of $12,131,161, which is caused almost entirely by leaving out of the
book investment of the Missouri
-Kansas-Texas RR. system the value, as
represented by the applicant, of the lines which are to be left out of the
reorganization.
It appears that the earnings of the system for the year 1921 and the 6
months ended June 30 1922 would have been sufficient to enable the payment of the fixed charges on the piroposed bonded debt, including interest
on the proposed Adjustment bonds. and also all rentals on leaseholds and
trackage or joint facilities to be acquired by the applicant, and to provide a
surplus after payment of such charges of 31.153,356for 1921 and $1,386,667
for the first 6 months of 1922. The applicant estimates that on the above
basis the surplus, after deduction of fixed and contingent charges and
rentals for the entire year of 1922, will be $31,968.279.
It appears further that after the reorganization, on basis of the accounts
as of June 30 1922, of the companies to be included in the reorganization,
substantially the following relation should exist between assets and liabilities, excluding capital liabilities:
Investments. $255,907,500; current assets, $23,331,947; deferred assets, $148,381; unadjusted debits, $801,741; total
assets
$280,189,569
Less current liabilities assumed: Current liabilities,
$5,127.890:
deferred liabilities. $94,404; unadjusted credits,$2,358,M6_..
7,580,840
or a net excess of assets to be acquired over liabilities to be
assumed of
$272,608,729
and that the capitalization of the applicant will be: Bonds,
Preferred stock, $30,000,000; total
$166,800,099;$196,800,099
Common stock (no par value)
1.000,000 shares
Book Value Sets Equity at $75,808,630.—From the foregoing statement it
would appear that the equity of the Common no-par-value stock in the
value of the properties and net assets to be acquired is $75,808,630. book
Valuation Not Yet Completed—Equity for Common Not Definitely Settled.
In our preliminary investigations of the valuation of the lines comprising
the present system we have taken certain exceptions to the investment
accounts. These exceptions aggregate approximately
consist chiefly of discounts on issues of capital stock and $74,228,798 and
bonds, including
an item of $48,124,630, represeting apparently a marking up of the book
value of road and equipment to offset securities issued in the reorganization of 1891.
Formal statement of these accounting exceptions has not yet been served
upon the carriers comprising the present Missouri Kansas & Texas system,
and the applicant represents that it is, therefore, impossible for it to determine whether said accounting exceptions are correct.
There have been filed with us by the carriers comprising the present
Missouri Kansas & Texas system statements of additions and betterments
and improvements made and new equipment acquired during the period
1882 to 1906, aggregating approximately $21,000,000, which
expenditures,
it is represented, were charged to accounts other than investment in road
and equipment.
this amount we have conceded the correctness of items
It appears that of
aggregating $6,284,772. The applicant contends that in the completion of
our valuation the remainder of its claim will be allowed. Deducting the
amount already allowed, $5,284,772, from the approximate total amount
of $21,000.000, as claimed by the applicant, would leave an •amount of
$15.715.228, the correctness of which has not yet been determined.
Assuming that it is correct, the accounting exceptions would be reduced
to approximately $58,513,570. On this basis the equity of the Common
no-par-value stock in the properties and assets to be acquired would be
approximately $17,295,060.
The total book assets as of June 30 1922 of the lines to be taken over
by the applicant, after deducting accrued depreciation on equipment,
aggregate $255,907,500. Deducting from this amount the total of the
accounting exceptions, $74,228,798, would leave an amount of capitalizable
assets of $181.678,701, to which should be added $8,302,085 for materials
and supplies and $8,000,000 for working capital, making a total of $197,980,786, which slightly exceeds the proposed capitalization, excluding
Common no-par-value stock.
This total properly may be increased by considering, as a permissible
capitalizable asset, the net current assets of approximately $18,000,000, less
the value of materials and supplies and working capital as stated above,
for the reason that in the reorganization the applicant must pay for the net
assets acquired. On this basis the total book assets would be $199,678,701,
and deducting from this amount the total of bonds and Preferred stock to be
issued, $196,817,099, would leave $2,861.602 as the equity of the Common
no-par-value stock , the book value of the properties and assets to be
n
acq e
We aye not yet established the final valuation of the properties to be inuirhd.
cluded in the reorganization, and we can not at this time state definitely
the equity of the Common no-par-value stock in the book value of the
properties and assets to be acquired.
From our preliminary study of the cost of reproduction new of the lines
comprising the present Missouri Kansas & Texas system, it would seem
that the nrincipal amount of bonds and par value of Preferred stock to be
issued will be not far short of, and may be in excess of, the cost of reproduction new of the properties to be acquired, allowing for current assests
and the book value of securities of affiliated companies. However, our
tentative valuation of the properties to be acquired has not yet been completed and served upon the carriers comprising the present system. The
applicant contends that until our final valuation is established the investment accounts should be accepted for the purposes of these proceedings.
Compensation for Reorganization Managers and Counsel Fees, &c.
Provision is made in the plan that the cash $18,420,820, to be raised by
assessing the old stockholders, shall be applied to the payment of certain
prior lien and other obligations, expenses of foreclosures, organization,
franchise and other taxes, compensation and expenses of reorganization
[Vol,. 115.
managers and fee of their counsel, &c., and also to payment into the treasury of the applicant, as working capital, of $4,000,000; and of any remainder of said fund of $18,420,820.
The proposed compensation of the reorganization managers and fee of
their counsel aggregate approximately $2,364,250. The reorganization
managers have agreed with the applicant and with us: .
(a) That determination of the amounts of their compensation and fee of
their counsel shall be made by a Federal or State court authorized to entertain jurisdiction for such purpose, and in a suit or proceeding to be brought
to that end, and that the dourt to be selected and the suit or proceeding
to be brought shall be subject to our approval; or
(b) That determination of the amounts of their compensation and fee of
their counsel shall be made by us in lieu of such suit or proceeding;
(c) That pending such determination they will retain of the moneys now
in hand for the purposes of reorganization, the sum of $2,364,250, and
(d) That the compensation of the reorganization managers and fee of
their counsel, as they may be determined, will be paid out of said fund and
the remainder, if any, shall be paid into the treasury of the applicant upon.
such determination.
(e) That the comrensation of the protective committees for the security
holders and the fees of their counsel, estimated at $1,150,000 maximum,
shall be settled as soon as may be, consistent with reasonable effort to settle
upon a proper basis; that the reorganization managers will advise us front
time to time as progress is made in negotiating adjustments of such claims
and will be guided by such limitations of amounts payable as we may make
and will make due showing of the amounts paid in settlement of such
claims and that any,saving effected in the settlement of such claims will
be paid into the treasury of the applicant.
It is thus apparent that the consideration which the applicant is to receive
for its securities proposed to be issued consists in part of moneys, in an
amount as yet undetermined, in addition to the properties which have been
mentioned.
we have
taken testimony as to the purposes for which it is proposed to
,
use the $18,420,820, which has been provided under the plan. Among
the purposes mentioned are:
Reorganization managers' compensation
$1,614,249.
Reorganization managers' counsel fees
750,000
It appears from the testimony bearing on the item for managers' compensation that their tasks were exceedingly difficult; that their services
have been continuous since 1914 and will continue for a considerable period
of time; and that as sponsors for the plan of reorganization they carry serious
responsibility. This item does not cover responsibility incurred as underwriters. Additional compensation is provided for underwriters' obligations. The testimony is to the effect that the reorganization managers'
compensation is measured by a percentage of the par value of the securities
issued and that this method has the sanction of established custom.
Furthermore, the rate of that compensation was distinctly stated as a
term of the plan and agreement of reorganization which set forth the
respective rights and interests of all security holders. The plan and'
agreement were given wide circulation, the agreement being signed in many
instances by depositors in person and in other instances on their behalf by
protective committees. It has been suggested to us that this agreement is
controlling and that we are charged with no duty and possess no power to,
look beyond it. There is testimony that the fees of counsel bear a proper
relation to fees customarily paid for services rendered in difficult matters
not ite on
tionsf large magnseude.
o a
r way clear upon the original and supplemental applicaWe
to grant such approval of the compensation of the reorganization
managers or their counsel as would be involved in authorizing unconditional
issuance of securities. If such compensation is appropriately measured by
the standards of current and recent practice, there anises the question as
to the correctness of those standards. If in one instance compensation is
excessive, it does not follow that the application of the same basis to a
number of instances makes the basis proper.
We were not prepared to accept the view that the situation presented
involved only the usual relations of client and attorney or of parties to.
contracts determining by 'agreement their respective rights. There is
involved an important question of public interest. By the amended application provision is made for resolving the elements of doubt, and the effect
to be given to the provisions of the reorganization plan and agreement in
respect of compensation of managers and the charges of their counsel is
not now determined but remains for future determination as thereby provided. We are confronted by urgent necessity that a reorganization be accomplished without further delay, and, as thus amended, we approve the
suggested that our policy with respect to reorganizations ought to be
ore clearly defined. We have had only a few such cases to
dsaopeamrltleiwiweasihtstahuiornaenisn.d these have come before us as individual cases in a continuous
procession of pressing matters, all of which are rather new to us, to be
administered under a new law. In the few cases referred to, the differences
between the methods of reorganization have been so substantial as to suggest
the inadvisability of attempting at this time to define a general policy with
t ist r reorganiza tions.
respec ptobable that in the
future, as in the past, each case of reorganization
will have to be considered and disposed of on its own merits and in the light
of its own conditions. However, just as soon as our experience with concrete cases may warrant it, we shall be prepared to establish any general
principles which the concrete facts may justify. In the meantime, general
expressions with respect to the policy which should govern reorganizations
can be of little assistance in the determination of concrete cases.
rt
P
ele in linero of
road and branch lines in Texas were bought in
y
tc
The main
$28,000,700 at auction at Colbert, Okla., Dec. 13 by J. & W. Seligman
for
•
& Co. and Haligarten & Co., the reorganization managers.Texas,
Dec. 14
The Texas lines were sold at auction at Sherman Jet.,
same bankers for $6,500,000.—V. 115, p. 2581, 2478.
to the
Missouri Pacific RR.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of $5,501,500
additional 1st & Ref. Mtge. 6% Gold Bonds, Series D, due Feb. 1 1949,
making the total amount of 1st & Ref. Mtge. bonds applied for: $24,238,000
of series A 5s, due Feb. 11965; $13,641,000 of Series B 5s, due Jan. 11923;
$9,044,000 of Series C 5s, due Aug. 11926: and $23,501,500 of Series D 66,
due Feb. 1 1949. The purpose of this issue is to reimburse the company
for capital expenditures and to provide funds for the purchase of new
eciTlie ieno. account for 9 mos. ending Sept. 30 1922 shows: Total railway
uipnl nct me
operating revenues, $73,122,930; total railway operating expenses, $61,642,203; net revenue from railway operations, $11,480,727; railway tax
accruals,$3,297,402; uncollectible railway revenues,$28,850; total operating
income, $8,154,47 non-operating income. $2,201,690; gross income $10,356,164. Deductions from gross income, $12,438,398. Net corporate
deficit for period. $2,082.234. The profit and loss surplus as of Sept.
30 1922 amounted to $30,782,744.—V. 115, p. 1838, 759.
New York State Railways.—Accumulated Dividends, &c.
A dividend of 11 X % (134% regular quarterly and 10% on account of
arrears) has been declared on the Preferred stock, together with a dividend
or 1 % on the Common stock (the first since July 1917, when 1% was
to holders of record Dec. 22.
paid), all payable Jan. 2 Pref. stock clears up
all arrears on that issue.
The payment on the
—ar, 115, p. 2268, 1942.
Northumberland County (Pa.) Rys.—
See Sunbury & Susquehanna RR. below and in V. 112, P. 1868; also
Sunbury & Selingrove Ry. in V. 113, p. 536, 294.
Ohio Electric Ry.—Sale of Electric Lighting Property.—
has authorized the Ohio Power Co. to
The Ohio P. U. Commission
to sell the electric lighting and steam
purchase, and Thomas Newhall,Phila.,the railway company in the city of
formerly operated by
heating system
Newhall recently purLima. The sale price was $1,700,000. Thomas elnprso
20 eo0h
rthb d'
T 0
Comparei
railway company at gec eoyer
chased the property of the
niy
r c"
.
in
assume$1250000 uenadsehrlyfoinr
Power Co. is to
prior liens, besides paying '$250,000
2047.
V. 115, p.
Pittsburgh (Pa.) Railways.—Reorganization.—
fin h,accorditntgtuorlg'hittsRbaurilgwhaydsispawtchhieehs,
The Union '1 rust Co., Pittsburgh, of insb
will
agreed to undertake the
City of Pittsburgh.
amount to $5,000,000, the amount specified by thenotes and
consist of $3,000,000 car trust
$2,000.000
The new financing will
she rt-term notes. No public offering of these securities is expected.
Before Jan. 1 1923 a petition will be presented in the U. S. District Court
at Pittsburgh asking retirement of the receivership under agreement with
DEC.16 1922.]
THE CHRONICLE
the City of Pittsburgh and about 30 boroughs and townships in which the
railways company operates. This procedure has been sanctioned by vote o
-V. 115, p. 2379, 2268.
the directors of the Philadelphia Co.
Richmond Light & RR.
-Reorganization.
,
The Transit Commission has reserved decision on the company's application to issue securities and transfer the railroad property to the Richmond
Railways, Inc., now being organized.
-Year
The Richmond Railways, Inc., plans to issue $2,000,000 6% 3(}
Mtge. bonds and 20,000 'shares of capital stock of no par value, to be
turned over to the old company, to cover the proposed transfer of the
property.
-V. 115, p. 2581.
St. Louis-San Francisco Ry.-Acquires Capital Stock of
International-Great Northern RR.
-The company on Dec. 14
that: "subject to the approval of its stockholders
-S.
"aid that of the I. C. Commission, it had purchased, and
and
subject to the approval of the holders of a majority of the
voting trust certificates, Willard V. King, James Speyer and
Frederick Strauss, voting trustees, have sold the entire
Capital stock ($7,500,000) of the International-Great
Northern RR.(the reorganized company), this stock having
been deposited according to the reorganization plan under
a voting trust giving the voting trustees the power of sale.
The price of sale is such as to net the certificate holders
approximately $26 75 per share." The announcement further
says:
Subject likewise to the approval of the stockholders of St. Louis-San
Francisco Ry. and of the I.
-S. C. Commission. the St. Louis-San Francisco
Ry. will offer to adjustment bondholders of the International-Great Northern
RR. to guarantee that during the calendar years 1924, 1925, 1926, 1927
(the Adjustment bonds become cumulative Jan. 1 1928) the distribution
on the Adjustment bonds for each of those years shall not be less than
3% per annum;in consideration of which Adjustment bondholders accepting
such offer will give to St. Louts-San Francisco Rv. the option to purchase
their bends until Jan. 1 1928 at 90 and int., and thereafter at par and int.
Acceptance of this offer is enth ely voluntary on the part of any Adjustment
bondholder.
-V. 115. p. 1943. 1732.
Schenectady (N. Y.) Ry.-Wage Cut.
-Strike.
-
The employees have voted to strike unless the* company cancels Its
proposed wage cut of 5 cents and hour, which became effective Dec. 1,
and agrees to recognize the employees' union.
-V. 115, p. 437.
Seaboard Air Line Ry.-Adjustment Mtge. Interest.
The August 1922 interest on the $25,000,000 Adjustment Mtge. (5%
cum. int.) bonds has been deferred. Interest on these bonds has been paid
as follows: 2 %,Aug. 11910; 1911 to Feb. 1921 incl.,5% yearly (F. & A.);
Aug. 1921 and subsequent int. payments deferred.
-V. 115. p. 1943, 1430.
Sunbury & Susquehanna RR.
-Distribution.
-
A dispatch from Sunbury, Pa. states that the bond holders of the company, which operated what is now the Northumberland County Rys. and
'
the Sunbury & Selingsrove Electric St. RR. will receive one one-hundredth
of their original investment, according to a court order-$3,000 in the
treasury for distribution to $300,000 worth of these securities. See Sunbury
& Selinsgrove By. in V. 113, P. 536, and V. 112, p. 1868.
Tennessee Electric Power Co.-List/no-Earnings.The New York Stock Exchange has authorized the listing of $18,000,000
First & Ref. Mtge. Gold Bonds, Series A,6%,due June 1 1947 (see offering
In V. 114. p. 2471).
The bonds were issued for the following purposes: (a) For the purchase
of property of Chattanooga & Tennessee River Power Co., $5,664,000: (b)
In exchange for underlying bonds to be pledged under the First & Ref. Mtge.
as follows: Chattanooga By.& Light Co. 55. $707,400: Tennessee Power Co.
55, $2,256,600: Nashville By. & Light Co. 5s, $338,400; Chattanooga,
Railways Co. 5s, $80,400; total, $3,382,800. (c) Sold to bankers to Provide cash for the purchase and exchange of $2,863,000 underlying bonds,
to pay the debts of the companies acquired, and to provide for working
capital, $7,968,300.
The earnings for the ten months ended Oct. 31 1922 (based upon present
consolidation of predecessor companies and subsidiary company) shows:
Gross earnings, $6,498,995; operating expenses, maintenance and rentals,
$2,777,554; net earnings, $3.721,440; taxes, $698,725: interest on bonds,
$1,393,276; dividend Nashville By. & Light Co. Prof. stock not owned,
$24.233; dividends First Pref. stocks (7% and 6%),$558,050; depreciation,
$662,078; surplus, $385,077.
The company has declared the regular quarterly dividends of 134% on
the 6% Pref. stock and 1Y1% on the 7% Pref. stock, both payable Dec. 30
to holder of record Dec. 12. Initial dividends of like amounts were paid
Oct. 2 last.
-V. 115, P. 2380, 2268.
Twin State Gas & Electric Co.
-Notes Paid.
-
The $229,500 7% gold notes maturing Dec. 1 1922 were paid off at
maturity from funds provided by the sale of 1st & Ref. 5% gold bonds
of 1953.-V. 114, p. 2826.
Union Passenger Railway Co.
-Dividends.
-
A semi-annual dividend of $4 75 per share has been declared on the stock
payable Jan. 1 to holders of record Dec. 15, less third and fourth quarterly
-V.
installments of the 1921 income tax, amounting to 67 cents per share.
114, p. 2580.
Virginia Ry. & Power Co.
-Jitneys.
-Fares.
The company has asked the Richmond, Va., City Council to eliminate
jitney competition and for permission to charge a 7-cent cash fare with 5
tickets for 30 cents.
-V. 115, p. 2160.
Western Pacific RR. Corp.
-Suit.
--
Trial was begun Dec. 11 before Federal Judge Learned Hand of the
equity suit instituted by the company against the Guaranty Trust Co.
and others for the recovery of $2,900,000 in dividends on the stock of the
Utah Fuel Co. The suit is one of the results of the receivership proceedings
against the Denver & Rio Grande RR.
Lindley M. Garrison and Jos. B. Cotton, representing the bond and stock
holders' committee in the litigation, challenged the jurisdiction of the
Court to act in the proceedings.
The action concerns dividends claimed by the Western Pacific to have
matured on the stock of the Utah Fuel Co. It was contended by counsel
that the plaintiff corporation never acquired possession of the stock of the
Utah Fuel Co., but simply based its suit against this company on writs
of attachment issued by the N. Y. Supreme Court in an action brought by
the Equitable Trust Co. against the Denver & Rio Grande.
Pending argument on the question of jurisdiction, the Court permitted
counsel to submit whatever documentary evidence and exhibits they
pleased.- -V. 115, p. 2474.
7
West Philadelphia Passenger Ry.-Dividend.-
A semi-annual dividend of $5 per share has been declared on the stock
payable Jan. 1 to holders of record June 15 less third and fourth quarterly
Installments of the 1921 income tax amounting to 70 cents per share.
114, p. 2851.
•
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" Dec. 14 said in brief:
Production.- "The week has brought greater activity in pig iron at
Pittsburgh, with sales of 40.000 tons, a continuance of the high rate of
reduction in
pig iron production throughout the country and a notable as more cars
the accumulation of finished steel at Pittsburgh district mills
have become available.
2687
"In its decrease of 62,000 tons in November the Steel Corporation's
total unfilled orders indicates what is to be expected also in this last month
of the year and in the case of all steel companies with the present remarkable output. As high as 85% of capacity has been reached this week in
the Pittsburgh district but there will be some falling off in ingot production in the holiday season and the piling of a corresponding amount of pig
iton.
"With a net gain of three furnaces in the past week, there are now in
blast in Warren, Ohio, Wheeling, W. Va., and Johnstown, Pa., triangle
99 out of 139furnaces, or nearly twice as many as at the low point in August.
Prices.
-"Under such conditions the try-out of prices on quantity buying of plates, shapes and bars is likely to be deferred for several weeks.
Meanwhile most mills consider it a 2c. market in spite of the 1.95c. and
1.90c. exceptions. One of the latter was made in the case of 6,000 to 8,000
tons of plates for the Pennsylvania RR., all for delivery this month.
"Activity in pig iron shifted the past week to districts in which there had
been little buying, particularly Chicago and Pittsburgh, and sellers in
nearly all parts of the country have been marking up prices, though they
report little done at the new quotations. Bessemer has declined $2 50
in the Pittsburgh market and malleable $1. In the South at least one
furnace is selling at $22 50 and resale iron can still be had at $22. Apart
from the large pipe foundry contracts, the tonnages of important interests
reported to have covered in the late movement have not been clearly developed.
Orders.
-"For the first time in 2 years farm implement manufacturers
who buy from Chicago mills report a sufficient improvement in the outlook
for farmer buying to warrant increases in their production programs. They
are now placing a part of their first quarter requirements in bars and other
materials.
"In the automobile field some orders are being placed for spring and rim
steel, but it is all for January shipment, as is some bar business just taken
at Cleveland. There is inequality in prices for concrete reinforcing bars,
both East and West.
"Some Central Western mills still have a 3.25c. price on black sheets, •
or $2 below the recently announced price of the Steel Corporation.
"Between 25,000 and 30,000 steel cars are now under more or less active
negotiation, the buying of the week amounting to 3,000 cars, with fresh
inquiries for nearly 8,000. Ninety locomotives have been added to the
pending business. Chicago district car builders, if all business were closed,
would have nearly a six months'supply of work.
"Fully three-fourths of new fabricated steel offering come from the Central West, and the total is about 33,000 tons. Awards approximate 20,000
tons, or up to the volume of recent weeks.
Exports.
-"British exports of iron and steel in November amounted to
372,332 tons, of which 117,708 tons was pig iron (including ferroalloys).
Of the 117.708 tons, 79,070 tons was sent to the United States
"The British Government has ordered work started this month on two new
-ton battleships, calling for some 60,000 tons of iron and steel.
35,000
"Germany has sold 15,000 tons of rails to the Far East at £5 5s. ($24 26)
f. o. b. The delivered price is considerably below the American, which
including accessories, averaged $44 63 per gross ton, against $45 16, the
British bid. On the rails alone the United States at $43 50 was only 4c.
below Great Gritain."
Coal Production, Prices, &c.
The United States Geological Survey, Dec. 9 1922, estimated total
production as follows:
"The total estimated outpot of soft coal in the week ended Dec. 2, including coal coked, mine fuel, and local sales, was 10,336,000 net tons.
As Thanksgiving Day reduced the working time during that week to about
53. days, the average daily production was 1,969,000 net tons, the highest
rate attained in any week this year.
"The estimated cumulative production of bituminous coal this year to
Dec. 2, inclusive, stands at 365,387,000 tons which is 11,899,000 tons. or
3% less than in the corresponding period of 1921; 139,979,000 tons. or 28%
less than in 1920; 59,717,000 tons, or 14% less than in 1919: 174,809,000
tons, or 32% less than in 1918; and 14B.032,000 tons, or 28% less than in
1917. The cumulative production of soft coal during the first 284 working
days of the past six years has been as follows (in tons):
1917
510,419,000 11919
377,286,000
425,104,000[1921
1918
540,196,000 1920
365.387,000
505,366,000 1922
"Work at the anthracite collieries virtually ceased on Thanksgiving Day,
and in consequence production for the week ended Dec. 2 declined to
1,819,000 net tons. This estimate is based on shipments of 31,788 cars.
Including besides freshly mined coal, that recovered by washeries and river
dredges, and allowances for mine fuel and sales to the local trade. Although
this was less than in recent preceding weeks, it was 10% more than the
output in Thanksgiving Day week of 1921 (1,650,000 net tons).
Estimated United States Production in Net Tons.
1921
1922
BituminousWeek.
Cal.Yr.toDate.
Week. Cal.Yr.tpDate
Nov. 18
11,215,000 343,951,000
8,871,000 363,080,000
Nov. 25
11,100,000 355,051,000
7,101,000 370,181,000
Dec. 2
10,336,000 365,387,000
7,105,000 377.286,000
Anthracite
Nov. 18
2,191,000
1,879,000 81,796,000
40,950,000
Nov. 25
83,446,000
2,174,000
1,650,000
43,124,000
Dec
2
85,178,000
1,815,000
1,819,000
44,943,000
Beehive Coke
Nov. 18
4,826,000
111.000
264,000
6,316,000
Nov. 25
4,936,000
110,000
283,000
6,599,000
Dec. 2
5,049,000
113,000
292,000
6,894.000
The "Coal Trade Journal" Dec. 13 reviewed market conditions as follows
"The post-holiday letdown was in evidence in the bituminous markets
of the country last week, but there was nothing approaching a general
slump. The worst breaks in prices were localized in the Connellsville and
northern West Virginia areas, although the general tendency of steam
coal prices was easier.
"The general level of spot prices worked lower, although 58% of the
quotations currently listed showed no change from the figures for the week
ended Dec. 2. Of the changes, however, 79.2% represented reductions
ranging from 10 cents to 31 per ton. The average reduction was 38.3 cents
per ton. Advances ranged from 25 to 75 cents and averaged 36.3 cents per
ton. The average minimum for the week was $3 28 per ton, a drop of 23
cents. The average maximum, 33 86, was 10 cents below the figures for
the preceding week.
"A. number of factors share the responsibility for the declines. In those
areas where prices have eased off the most, it is the withdrawal of the
support of lake business that has caused the slump. Weather, too, has
played its part in some sections, while in others it has been a factor of
strength. There is, too, in certain parts of the country, traces of the
buyers' strike, while the gradual letdown in general industrial activity incident to the holiday season also has its bearing on the volume of demand.
"During the week ended Dec. 3, shipments from the lower lake ports
dropped to 554,525 tons (including 19,020 tons of bunker fuel). Cumulative dumpings up to the close of business on that date, which practically
ended the lake season, were 18,991,482 tons, or 18% less than the average
for the three years preceding. Of the 18,171,965 tons of cargo coal dumped,
1,149,063 tons, or 6.3%, were consigned to destinations not ordinarily
taking lake coal.
"The significant developments in the anthracite situation the past week
were in the marketing, not the mining, end of the industry. Consumers,
notably in New York, were shocked into a realization of the inevitable
shortage of domestic sizes this season by a touch of winter weather and the
local fuel authorities decreed that householders must accept a certain percentage of substitute fuels with retail anthracite deliveries."
U. S. Supreme Court Holds Invalid Pennsylvania Law Making Criminal
-State
the Mining of Coal in Such Manner as to Endanger Surface Property.
declared to have exceeded police powers. "Times" Dec. 12, p. 29.
Oil Production, Prices, .Rce.
The American Petroleum Institute estimates daily average gross crude
oil production in the United States as follows:
Dec. 9 '22. Dec. 2 '22. Nov. 25 '22. Dec. 10 '211
(In Barrels.)
412,300
409,800
415,100
311,000
Oklahoma
87,600
87,200
87,450
90,000
Kansas
58,650
58,500
59,1_50
64,450
North Texas
125,400
129,450
125,100
167,700
Central Texas
170,750
172,050
North Louisiana & Arkan_ 178,500
132,800
120,550
121,250
121,000
104,300
Gulf Coast
115,000
115,500
116,000
Eastern
115,500
89,550
89,500
Wyoming & Montana..
82,850
60,250
California
470,000
460,000
455,000
315,000
Total
1,657,750
1,638.050
1,637,400
1,361,006
2688
TH t44 CHRONICLE
Crude Oil Prices.—Magnolia Petroleum Co. posted prices ranging from
65c. to $1 80 per barrel in Oklahoma (according to gravity). "Financial
America" Dec. 12, p. 2.
Standard Oil Co. of La. reduced Smackover crude 20c. a barrel. Price
now 30c. a barrel. "Financial America" Dec. 13, p. 2.
An additional classification for crude oil below 30 degrees gravity is posted
at 75c. a barrel by Standard Oil of La. (see "Chronicle" Dec. 9, p. 2582).
"Wall Street Journal" Dec. 12, p. 10.
Texas Co. posted crude prices ranging from $1 10 to $1 80, according
to gravity. "Financial America" Dec. 11, p. 2.
Tax on Texas Pipe Line Companies Held Unconstitutional.—Law imposing
tax of 2% of gross receipts of pipe line companies engaged in inter-State
business ruled against in Deistrict Court at Austin. "Fin. Am." Dec. 13.
Gasoline Price Reduced.—Tide Water Sales Corp. reduced tank wagon
price 2c. to 22c. a gallon. "Wall St. Journal" Dec. 15, p• 11.
The following figures show stocks of gasoline and kerosene on hand at
end of October:
United States Bureau of Mines Refinery Statistics.
Oct. 1922.
Gasoline (in Gallons)—
Sept. 1922.
Oct. 1921.
690,050,809 703,738,310 515,325,998
Stocks on 1st of month_ _ _ _ _
Production
566,278.689 536,491,988 440,955,518
Imports
4,563,315
2,954,326
Total
a Daily average production__
b Daily average consumption
1,256,329,498 1,244,793,613
18,267,054
18,035,177
18,491,427
17,185,337
c1,081,717
Excess consump. over produc_ _
Kersoene (in Gallons)— •
Production
215,203,459
Daily average production
6,942,047
Stocks at end of month
256,259,432
959,235,842
14,319,672
16,224,716
456,250
1,905,044
197,935,102
6,547,831
270,576,864
182,453,598
5,885,600
334.579,744
* Not available because of changes in new tariff. a Does not include
. imports for October 1922, but does for other months. b Including exports
and shipments to insular possessions. c Excess of production over consumption. Imports not included in production.
Prices, Wages and Other Trade Matters.
Sugar Price Reduced.—Following companies reduced price 15 pts. to 7.10c.
a lb.: American Sugar Refining, Edgar Sugar, Franklin Sugar Refining,
Warner Sugar Refining and Revere Refinery. The latter also reduced
price of soft 35 pts. to 6.90c. a lb.
Copper Price.—Copper sold at 14 W,.c. ]per lb. on Dec. 14, highest record
for year to date. "Times" Dec. 15, p. 30.
Tire Prices Advanced.—Fisk Rubber Co. advances its lines from 7 to 20%.
"Wall St. Journal" Dec. 12, p. 7.
Automobile Prices Reduced.—Hairnes Automobile Co. reduces prices as
follows: $100 on all "55" models, making standard touring $1,595; sport
touring, $1,850; and from $180 to $255 on all"77" models, making standard
touring $2,395, standard sedan $3,395. "Times" Dec. 12, p. 32.
Hudson Motor Car Co. reduced prices as follows: $100 each on speedster,
passenger and coach models, to $1,425, $1,475 and $1,525, respectively;
$200 on sedan, to $2,095. Essex coach, $100 to $1,145. "Financial
America" Dec. 13, p. 2.
Truck Price Advance.—Kalamazoo Motor /rruck Co. increased prices
ranginF from $100 to $300, due to increased cost of steel. "Boston Financial
News' Dec. 11, p. 2.
Woolen Blanket Prices Rise.—American Woolen Co. posts 1923 prices
. 5to 10c. higher than those at last opening. "Financial America" Dec. 16.
Belfast Cambric Manufacturers Association Reduce Price from 5 to 10%.—'
Sheers cut from 10 to 1234%• "Financial America" Dec. 9, p. 7.
Brick Price Rises $1 per Thousand.—Now $16 per 1,000 wholesale.
"Times" Dec. 11, p. 32.
Cincinnati Shoe Strike Developments—Compromise on basis of 5% wage
cut likely to be accepted to end 6 months strike against 10% cut. 'Philadelphia News Bureau" Dec. 14.
Shoe Output.—Production of boots and shoes during October amounted
to 31,093,296 pairs, compared with 28,961,051 pairs in Sept. and 28.077,392
pairs in August. Total from Jan. 1 to the end of Oct. 270,590,534 pairs.
—Department of Commerce.
Cab Co. Raises Wages.—Yellow Cab Co. of Chicago raises drivers' wages
1234 %. increase will amount to more than $300,000 annually. "Wall St.
Journal" Dec. 8, p. 8.
Postal Telegraph-Cable Employees Get Wage Increase.—All except messengers get 5% increase per annum. effective Jan. 1. Messengers in service
since Nov. 1 last will receive bonus of$10. "Boston Fin. News" Dec. 13,p.3.
New England Textile Situation.—(a) Rhode Island Textile Council, affiliated with United Textile Workers, passes resolution to demand restoration
of 22M7 wage cut in Dec. 1920, which will put wages back on war-time
scale. (b) Royal Weaving Co. of Pawtucket, R. I., grants 12347 wage
10
Increase to 3,000 in silk plants, first advance since recent strike. (c) Lan-hour additional work to adult male operatives at
caster Mills offers 5
straight-time pay. Union refused unless time-and-a-half was paid.
Armour-Morris Packing Merger.—See under "Current Events" In this
Issue.
Unions to Combat Proposed Anti-Strike Legislation.—American Federation
of Labor supported by Central Trades and Labor Council representing
800,000 organized workers in N. Y. City. "Times" Dec. 10, p. 9.
Matters Covered in "Cconicle" Dec. 9.—(a) Offering of $1,500.000 5%
Kentucky Joint Stock Land Bank bonds, p. 2524. (b) Repayments re, p. 2524. (c) Advances approved by War
ceived by War Finance
(d)Approval by War Finance Corp. of advance
Finance Corp., p. 2524. Corp*
to Louisiana Farm Bureau Rice Growers' Co-operative Association, p. 2524.
(e) Arthur H. Lamborn of Lamborn & Co., 7 Wall St., reinstated by N.
Y. Cotton Exchange, p. 2525. (f) Earl Mendenhall and Fred T. Chandler Jr., acquitted for second time of criminal charges, p. 2525.
esilverao advanced, F B26.
iot
3..
r
.
f
c )Price of domestic
K) of e g
j
Treasury
27. (i) Offering of 2 series
of U. S. Treas. Certificates of Indebtedness, p. 2528. (j) U. S. Victory
Notes retired, p. 2528.
(k) Government begins suits to recover damages from construction companies under war contracts, p. 2536. (I) Indictments against gas mantle
companies ordered quashed by Attorney-General, p. 2537.
(m) Bituminous coal regulations revoked, p. 2540.
(n) Taxability of stock dividends, p. 2542. (o) Simplified income tax
forms proposed by tax simplification board, p. 2544.
[VoL. 115.
Earnings, Year Ended October 31 1922.
Gross earnings
Net after oper. exps., maint.. taxes & rentals
Annual int. on $16,821.000 mtge. bonds (incl. this issue)
Balance for other int., deproc., dividends, &c
—V. 115, p. 2381, 1944.
$5,511,267
2,010,404
945,260
$1,065,144
Acushnet Mill Corp., New Bedford,—Stock Div.—
The company proposes to increase the authorized Capital stock from $1,500,000 to $2,000,000, par $100, by the payment of a 33 1-3% stock divi- •
dencl. In March 1917 a stock dividend of50% was paid.—V.107,p.804.
Ahmeek Mining Co.—Merger Proposed.—
See Calumet.& Hecla Mining Co. below.—V. 115, p. 547.
Alliance Realty Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing on or after
Dec. 15 of $500,000 additional Capital Stock, par $100, on official notice of
issuance as a 25% stock dividend, payable Dec. 15 to stockholders of record
Dec. 5, making the total amount applied for $2,500,000.
The income account for the ten months ended Oct. 31 1922 shows: Gross
income; interest frorn.loans, bank balances and mortgages owned, $23,185;
Divs. from realty companies whose stock is owned, $181,791; rentals from
properties owned, $60,479; total, $265,456; cost of operations, $49,160;
general and administrative expenses and taxes, 333,042; suriolus, $183,253;
surplus Dec. 31 1921, $809,885; total, $993.138. Deduct dividends paid,
$120,000: reserve for contingencies, $279,997; profit and loss, surplus.
Oct. 31 1922, $1,153,135.—V. 115, p. 2381, 1323.
Allouez Mining Co.—Merger Proposed.—
See Calumet & Hecia Mining Co. below.—V. 108, jy. 880.
Alvarado Mining & Milling Co.—Consolidation.—
William Loeb Jr., Vice-Pres., American Smelting & Refining Co., Dec. 4
Issued a statement to the effect that a consolidation is being proposed of the
Alvarado Mining & Milling Co. and three other mining companies adjoining the Alvarado company's holdings in the Parral district of Mexico,
namely the Refugio Mining Co., Hidalgo Mining Co. and San Juanico
Mining Co. The statement further says:
It is contemplated to form a new company to take over the Mexican holdings of the 4 above mentioned companies, together with the Parral & Durango RR., certain process patents of the Alvarado M. & M. Co. and certain timber limits, most of them adjoining the P. & D. RR.
This new company shall issue 600,000 shares of Common stock, no par
value, and it is contemplated exchanging Alvarado stock share for share for
for the new company's stock, with lesser amounts of the same stock going
to the other three companies in exchange for their properties.
It is also contemplated at the present time to issue 10,000 shares (par
$100) 7% Cumul. Pref. stock, with privilege of converting thePref. stock
into Common in the ratio of one share of Pref. for 10 shares of Common.
In the event the above consolidations are effected, the American Smelting & Refining Co. will take over the management of the group, which
adjoins their Veta Grande mines in the Parrai district, for a 10 years'
period and in consideration of the economies and advantages of the technical skill that will be thereby made avilable by the A. S. & R. Co., for the
new consolidation, the A. S. & R. Co. will receive 10% of the Common
stock of the new company, together with a nominal fee per annum to cover
New York office expenses, and the A. S. & R. Co. will also purchase $250,000
of the Preferred stock at the price at which it"will be issued, which will be
at not less than $90 per share.—V. 114, p. 2118.
American Bank Note Co.—Listing.—
The New York Stock Exchange has authorized the listing on and after
Dec. 29 1922 of $449,550 additional Common stock, par .650, on official
notice of issuance as a 10% stock dividend, payable Dec. 29 to holders of•
record Dec. 15, making the total amount applied for 34,949,550.—See V.
115, p. 2480, 648, 547.
American Book Co.—Capital Increased.—
The stockholders on Dec. 15 increased the authorized Capital stock from
$5,000,000 to $8,000,000, par $100. The additional $3,000,000 stock will
be distributed as a 60% stock dividend.—V. 115, p. 2583, 2480.
American Cotton Oil Co.—New Director.—
Foster Dulles of Sullivan & Crownwell, has been elected a director.—V.
115, p. 2374.
American Gas & Electric Co.
-25% Stock Dividend.—
A 25% stock dividend has been declared on the Common stock in addition
%, both payable Dec. 30 to holders
to the usual quarterly dividend of
of record Dec. 15. The regular quarterly dividend of 134% on the Pref.
stock will be paid on Feb. 1 to holders of'record Jan. 15. Extras of2% each
were paid in Common stock in Jan., April and July 1920, in Jan. and July
1921 and in Jan. and July 1922.—V. 115, p. 2049.
American Radiator Co.—Listing—Earnings.-The New York Stock Exchange has authorized the listing, on or after
Dec. 30 1922, of $6,903,125 additional Common stock, par $25 each, upon
official notice of issuance as a 50% stock dividend, payable to Common
holders of record Dec. 15 1922, making the total amount applied for
$20,709,375.
The consolidated income account for ten months ended Oct. 31 1922
shows: Gross profit, $9,018,049; selling expense, $4,533,708; depreciation
and obsolescence, $734,471; net trading profit, $3,749,870. Add: Interest,
discount and exchange, $94,746; rentals, $17,653; dividends received.
French company.$1,069,462; miscellaneous,$540; total income,$4,932,273.
Deduct interest paid, $127,544; net income,$4,804,728.—V. 115, p. 1734.
American Rolling Mill Co.—Plan To Finance Development of New Manufacturing Unit at Ashland, Ky.—Sale of
-Year Notes Contemplated.—The
New Preferred. Stock and 15
company contemplates new financing solely in the interest
of the new properties acquired at Ashland, Ky., on Dec. 31
1921. The financing will take the form of the sale of $7,000,000 Preferred stock and $7,000,000 15-Year 6% notes. The
Adirondack Power & Light Corp.—Bonds Offered.— plan also contemplates the retirement of the present Pref.
Harris,Forbes & Co., Coffin & Burr, Inc., and E. H. Rollins stock at .110 and the issuance of $2,000,000 additional
stock
& Sons are offering at 96% and int. to yield about 5% COT1Tihe1/1 perties at
stO
par.
properties acquired were the Ashland Iron & Mining Co. and the
$2,500,000 1st & Ref. Mtge gold bonds, Series of 53s.
Ashland Coal & Iron By., which were purchased through the payment
dated Mar.
payable
Bonds are
1 1920. Int.
M. & N. at New York
Trust Co. without deduction for any normal Federal income tax exceeding
2%. Callable all or p.rt on any int. date to and including Nov. 1 1927 at
10534 and int.; thereafter to and including Nov. 1 1932 at 10434 and int.,
and so on,reducing 1% every 5 years to, and including Nov. 11942. Thereafter at 10134 and int. Denom. $1,000 (c* & r*). Guaranty Trust Co.
of New York, trustee.
Issuance.—Authorized by New York P. S. Commission.
Data From Letter of Pres. T. Ledlie Flees.
Company.—Company generates and distributes electricity in an intensely
industrialir.A1 region located in Mohawk and upper Hudson River valleys,
its transmission lines extending from Lake Champlain on the north and the
State line on the east to beyond Utica and Oneida on the west. Company
Is the result of a consolidation in 1920 of two large hydro-electric properties in central New York, the Adirondack Electric Power Corp. and the
Mohawk Edison Co., Inc. General Electric Co. owns approximately 50%
of the Common stock.
Authorized. Outstanding
Capitarn After this Financing.
$12,000,000 x$9,223.800
Common stock
10,000,000 x 3,837,000
Pref. stock paying j7% Cumul. dividend
3,000,000
2,534,300
18% Cumul. dividend
9,121:000
57 3 0
Closed
0
Debenture bonds 5%, due 1930
1st & Ref. Mtge. bonds, Series of 6s due 1950
3'
2.500,000
do
Series of 534s due 1950 (this issue)
3,
5,000,000
Closed
Adirondack Electric Pw. Corp. 1st M 5s 1962
150.000
Closed
U. Gas, El. Lt. & F. Co. 1st. Consul. 5s. 1929__ _
x In addition there is outstanding $114,800 Common stock and $13,100
Preferred stock of the Adirondack El. Power Corp., for the retirement of
which a like amount of the Common and 7% Preferred stock respectively.
is reserved. y Unlimited except for the conservative restrictions of the
indenture.
of $1,000,000 Common stock and the assuming of about $6,000,000 of
indebtedness.
Theplan contemplates that the present authorized Preferred stock of
$20,000,000 be reduced to $7,000,000 (the present outstanding amount)
and the issuance of $30,000,000 of new 7% Cumulative Preferred stock
(par $100).
If the stockholders approve the plan on Jan. 16 next, it is contemplated
$7,000,000 Preferred stock at 110 or
to call in the present outstanding their
present stock for new Preferred
the holders thereof may exchange 10
shares will receive 11 shares of new
stock at 110 (i.e., each holders of the
present ($117,400) 6% Preferred
stock). It is also expected that
shares will soon be retired.
When the plan has been authorized the company proposes to sell
$7,000,000 of the new stock, which will be first offered to stockholders,
be underwritten. This, with the
any portion not subscribed will the present 7% Preferred stock,$7,700.000
will result
to be offered in exchange for
Preferred
In a total issue of about $14,700,000 new needed forstock.
the Ashland unit, the
balance of new capital
To supply the
-Year notes. •
directors propose to sell $7,000,000 6% 15
Capital Structure After Completion of Above Plan.
outstanding
$17,852,550
,Common stock
14,700,000
Preferred stock outstanding
7,000,000
-Year notes---------65 15
future time, when the above plan has
The company proposes at some
been authorized, to give the Common stockholders the privilege to subscribe at par for about $2,000,000 Common stock, proceeds to be used
to increase working capital.
Balance Sheet as of Sept. 30 1922 (after above financing)—Assets.—
Property account, $42,859,560; sinking fund Preferred stock, $58,800;
Investments, $2,391,563; inventory, $9,964,509; accounts receivable,
$2.893,116; notes & accept., $1,733,921: cash, $2.657,429; marketable
securities, $5,043,242; def. charges,$349,507; total, $67,951,647. Offsets.—
DEC.16 1922.]
TITE
CHRONICLE
Preferred stock, $14,700,000; Common stock, $19,852,550; 6% notes,
$7,000,000; notes payable. $1,000,000; accts. payable, $2,925,500; accrued
taxes, &c., $643,660; accrued divs., $479,311; def. credits, $83,463; deprec.
res., $8,352,248; all other reserves, $1,118,272: surplus, $11,796,642.V. 115, p. 2480, 2049.
American Smelters Securities Co.
-To Dissolve.
-
2689
Bryant Paper Co., Kalamazoo, Mich.
-Bonds Offered.
Union Trust Co., Chicago, and Halsey, Stuart &
ew
York, are offering, at 100 and int. $1,500,000 First
Co.,Mtge.
20
-Year 6% Sinking Fund Gold Bonds, Series A.
Dated Nov. 1 1922. Due Nov. 1 1942. Interest payable
without deduction for normal Federal income tax up to 2%,at M. & N.,
Co., Chicago, trustee. Callable, all or part, on any interest Union Trust
date at 105
during first 5 years, 104 during next succeeding 5
succeeding 5 years, 101 thereafter. Denom. $1,000 years, 103 during next
and $500
The stockholders of the American Smelters Securities Co. on Dec. 14, F. Chapin, Chicago, co-trustee. Authorized, $5,000,000. (c*). Rufus
voted to dissolve the company. The number of shares
Sinking Fund.
-Mortgage
for
fund, begindissoluation was 606,456, which represented more than of stock votedany ning May 1 1923, to be used provides for the following sinldng market
in purchase of
four-fifths of
open
of the classes of stock outstanding, and more than nine-tenths of the call bonds by lot at call price: $25,000 eachbonds in theuntil Nov. or to
six months
total number of outstanding shares.
Inclusive; $37,500 each six months from May 1 1928 until Nov. 1 1927.
1 1937.
All of the Common stock and 89% of the A and B Preferred stock of the Inclusive; $50,000 each six months thereafter.
Securrtfes Company had been acquired by the Smelting Company and its
ownership ofsuch a large majority of the stock made unnecessary the further Data from Letter of Pres. Felix Pagenstecher, Kalamazoo, Dec. 8.
Company.-Incorp. in Michigan. Owns and operates at Kalamazoo,
continuance of the Securities Company as a separate corporation. Through
the dissoluation a saving to the Smelting Company of approximately Mich., a complete modern pulp and paper-making plant with 10 paper
machines and 28 coating machines. Annual capacity, approximate
$115,000 annually in taxes and other expenses will be effected.
ly
The outstanding A and B Preferred stock of the Securities Company still 47,000 tons of high-grade finished paper products. Business started with a
In the hands of the public is entitled to be paid par, plus accrued dividend one-paper machine mill in 1895.
Purpose.
-Construction of a central power plant
to the date of dissolution, fixed as of Feb. 1 1923.
power plants at the Bryant, Superior and Imperialto replace the present
See Alvarado Mining & Milling Co. above.
divisions; also to im(The United States Zinc Co.,a subsidiary, contemplate building zinc prove the equipment, &c.
a
s
smelter, to cost approximatel^ $400,000, on property recently purchased
Net Sales and Net Profits, after Federal Taxe.1, Calendar Years.
adjacent to Amarillo, Tex).
1917.
-V. 115, p. 2049.
1918.
1919.
1920.
1921.
Net sales
$5,877,724 $6,403,044 $7,763,795 $11,990,559 $4,649,234
American Steel Foundries.
Net, after Fed'l
-Listing.
taxes
The New York Stock Exchange has authorized
831,026
429,198
694,434
1.915,483
the listing, on or after
217,417
Dec. 30,of $3,672,200 additional Cmomon
-During past eight years company has paid annual dividends
stock, par $33.33 1-3, on official ofDividends.
notice of issuance as an 18% stock dividend
not less than 12% on the Common stock.
($6 per share), making the
total amount applied for to date,$24,073,200
. See V. 115, p. 2583,2049.
Balance Sheet June 30 1922 (Before Present Financing).
Assets
American Stove Co. St. Louis,
Liabilities
The company has declared a 20% stock Mo.-20% Stock Div.- Cash
$164,388 Accounts payable
$112,629
dividend.
U. S. securities
Capital stock: Authorized, $10,000.000
152,541 Accr. payroll,(lilts. & taxes 168,634
, par $100, of which approxi- Notes & acc'ts rec.,less res. 1,333,614 Bonded
mately $7,451,700 is outstanding.
debt (since paid)_
-V. 113, P. 1475.
26,000
Inventories
1,286,269 Depreciation, &c., reserve 2,335,991
Securities owned
Amparo Mining Co.
1,226,000 Common stock
-Extra Dividend.
5,000,000
Land contracts and real
An extra dividend of 5% has been declared
Preferred stock
300,000
payable Dec. 22 to holders
estate not used
of record Dec. 12. This distribution Will
143,268 Surplus
1,091,284
make a total of 17% paid during Land, buildings, mach.
the current year.
,&c 4,702,036
-V. 114, p. 2245; V. 113, p. 1890.
Deferred charges
26,421 Total (each side)
$9,034,538
Anaconda Copper Mining Co.
-May Buy Chile.
Burns Bros., N. Y. City.
Although no official announcement has
-Proposed Recapitalization Plan.
been made, the purchase oy
the Anaconda company of 2,200,000
Directors on Dec. 12 declared the regular quarterly
shares of Chile
owned by the Guggenheims, is virtually consummate Copper Co. stock, classes of Pref. stock, payable Jan. 2 to stock of record dividends on both
Dec. 22.
d. The price mentioned is $35 per share according to reports
Regarding
district. The the proposed the proposed recapitalization, it was announced that action on
in
Rockefeller interests are said to have agreed to the financial
neces- understood plan has been postponed for a week. The postponement is
sary to complete the transaction, and nothingunderwrite the bondsbut
remains to be done
to rething theto be due to the failure of the board to agree upon the method of
arrange the formalities.
Preferred stock, which is believed to be contemplated.
According to reports in the financial district, the
In their weekly market review, Carden, Green Co. present discussion
&
a
the retirement of Preferred stock for cash. In turntentative plan calls for
of the proposed acquisition of the Chile Copper
it is proposed to issue
Co., pointing out the im- 80,000 shares of new
portance of the transaction and its significance in the copper world and marPreferred stock and 160,000 shares of new Common
ket. The bankers point out that the combined copper production of Ana- stock in place of the 80,000 shares of Class A and 80,000 shares of Class B
conda and Chile will approximate 25% of the refinery capacity of this coun- Common stock. The Class A Common stock, it is said, will receive one
share of new Preferred stock and one share of Common stock, while the Class
try, or about 550,000.000 to 600,000,000 lbs. of
copper annually, with mines B Common stock
operating to capacity.
will receive one share of the new
-V. 115, p: 1535, 1431.
The plan also calls for the issuance of an additional Common stock.
block
Armour & Co.
-Secretary of Agriculture Wallace Holds It of new Common stock, of which enought stock will be sold of 140.000 shares
at $40 a share to
retire the outstanding
Is Not Time to Interfere in Proposed Armour-Morris Merger.
of the Burns Bros. Co., as well as
- the Farrell Coal Co. Preferred stockis carried out, it is understood there
When the plan
Secretary of Agriculture Wallace issued a statement
Dec. 12 in regard will remain a sufficient amount of Common stock to declare a 25% stock
to the proposed purchase of the assets of the packing
by Armour & Co., in which he asserted that "there plant of Morris & Co. dividend.
An alternative plan, it is said, calls for the sale of the
seems to be no occasion
for action at the present time."
140,000 shares of new Common stock to present shareholder entire block of
Mr. Wallace's decision was based on
s at $27 a share,
by Attorney-General Daugherty after a an opinion rendered at his request the lower price compensating stockholders in place of a stock dividend.
conference
ing, Mr. Wallace and Mr. Daugherty to discuss among President Hard- V. 115, p. 2584.
the matter.
According to Washington dispatches, the
Butte Copper & Zinc Co.
-Output.
to the Senate were construed to mean that,documents which were sent
after
Official report discovery of ore
as to the probable effect of the proposed purchasemaking investigations
a ton on
on competition, Mr. at the 1,000 foot level. 'This ore assaying $55zinc, 10%the Emma property
Wallace felt that there was no reason for action
assays 20%
lead and 10 ounces
on his part unless later de- silver to the ton.
velopments gave indications of acts by the
packing interests which were
The company's present output is about 250 tons daily
plainly in violation of the laws.
and the company's
production schedule calls for the steady expansion
Chicago dispatches state that the packing
of operations until the
officials have interpreted the 1.000 ton a day rate is attained. The company
decision as placing no obstacles in the way
now has about eight times
of the merger.
as much property as it had originally, profits
For text of Secretary Wallace's letter see
from the war period having
under "Current Events" above. been used largely in the purchase of
-V. 115, p. 2382, 2270.
properties adjoining the original holdings.
The company is now shipping manganese ore,
Associated Dry Goods Corp.
and it is stated, has about
-Foreign Offices.
1,000,000 tons of manganese in sight.
Lord & Taylor, James McCreery &
-V. 115, p. 763.
will combine their foreign buying officesCo and other subsidiaries, it is said,
with Jordan Marsh Co.of Boston.
California Petroleum Corp.
V. 114, p. 2363.
-Listing
The New York Stock Exchange has authorized , &c.
additional 7% Cumul. Pref. participating stock, the listing of $2,500,000
Atlantic Ice & Coal Corp.
$2,500,000
-Bonds Called.
additional Common Stock, par $100, making thepar $100, and applied
One hundred forty ($140.000) 1st Mtge. 6%
total amount
for
-year gold bonds, dated $15.000.000 Preferred stock and
Feb. 1 1910, have been called for redemption 20
$17,500,000 Common stock.
Jan. 1 1923 at the Trust
The 25,000 shares of the Preferred and 25,000 shares of the Common
Co. of Georgia, Atlanta, trustee.
-V. 111, p. 2523.
Stock are to be issued in exchange for all of the $1,000.000 issued
and outstanding Capital Stock (par $100.) of Western Star Oil Co.
Atlantic Refining Co.
-Listing.
The Western Star Oil Co. was organized Feb.
The New York Stock Exchange has authorized the listing bn Or after
9 1922 in California. Capital Stock authorized, 20,000 shares, par $100; issued, 10,000 shares
Dec. 20 of $45,000,000 Common Stock on official notice
for cash
of issuance as a
900% stock dividend. payable Dec. 20 to holders of record Dec. 12, making at par. Company, as of Sept. 18 1922. owned and controlled approximately 200 acres of proven and prospective oil-bearing lands in the
the total amount applied for $50,000,000. See
Signal
V. 115, p. 2480, 1735, 1213. Hill, Santa Fe Springs, Huntington
Beach, Redondo and other districts in
California. Storage facilities consist
Babcock & Wilcox Co.
steel tanks of an
-Stock Increased, &c.
capacity of 30,000 bbls. On Sept. 18 of 16 there was in storageaggregate
The stockholders voted Dec. 12
1922
4,451.85
from $15,000,000 (all outstanding)to increase the authorized capital stock bbls. of crude oil carried on the books at approximate cost 75 cents per
tention to declare a 33 1-3% stock to $25,000,000, par $100. It is the in- bbl.; the total value of the oil being $3,338. Company possesses all the
dividend.
equipment necessary for the efficient operation of its properties.
The stockholders have also authorized
Company had expended to Sept. 18 1922,$l66,5 on lands and
dend of 1%% on April 2 1923 to holdersthe directors to pay a cash divileases:
shares then outstanding; this dividend to beof record March 20 1923 on all $526,902 on drilling and development, and $94,818 73 other miscellaneous
on
in lieu of the quarterly dividend Improvements. Geological
of 2% declared (in advance) on April 5 1922 and
and
payable April 1 1923 on Petroleum Corp. have reported Engineering Departments of the California
the present outstanding Capital stock.
1922 that
-V. 115, p. 2161, 1945.
proven lands and leases of the as of Sept. 18 Oil Co. the producing and
Western Star
had a then value of
Beech-Nut Packing Co.
based upon the recoverable oil
-60-Cent Quarterly Dividend.
- 84,827,900actually producing oil or that content of the lands and leases
that were
A quarterly dividend of 3% (60 cents per share)
were proven to be oil-bearing.
has been declared on the V. 115, p. 2481, 873.
outstanding Common stock, par $20. payable
Jan. 10 to
of
Dec. 30. Previous disbursements were at the rate of holders perrecord
share
4 cents
monthly, a distribution of that amount being paid
Callahan Zinc-Lead Co.
-Shipments-Acquisition.
Dec. 9
An extra distribution of 48 cents per share will be made last. Common
Shipments from the mine in November, the first after
on the
stock on Dec. 26. Compare V. 115, p. 2584.
shutdown, amounted to 2,063,524 lbs. of zinc concentrate a two years'
s, 785,243 lbs.
of lead concentrates, and 6,800 ozs. of silver.
Bethelehem Steel Corp.
-Time Extended.
The corporation announces that the directors have extended the time to ofPresident Borg says: "We have completed negotiations for the purchase
a minority
Mar. 31 1923, within which the 7% non-Cumulative Preferred stock can heretofore had interest in the Galena Mining Co., in which the Callahan
a 60% interest. The agreement provides
exchange
be exchanged for the new 7% Cumulative Preferred stock.
-V.115, p. 2584. of stock on the basis of one share of Callahan for each 15 for theof Galena
shares
stock. The deal will involve about 1,000,000 shares of Galena and
Boston Mfg. Co.-Pref. Stock Retirement.
66,666
of Callahan."
-V. 115, p. 2584, 2271.
The company on Feb. 15 1923 will retire at 110 and diva. the outstanding
$718,400 7% Cum. Pref. stock, par $100. See also offering of 635%
,
Calumet & Hecla Mining Co.-Mergre Proposed.
-At
stock in last week's "Chronicle."
Cum. Pref.
-V. 115, p. 2584.
the
See American Smelting & Refining Co. below.
-V. 115, p. 2161.
American Smelting & Refining Co.
-Securities Co.
Dissolves
-To Acquire Interest in Mining Company.
-
Boston office of the company the following statement was
Brockway Motor Truck Corp., Cortland, N. Y.
- given out Dec. 14:
-Hemphill, Noyes & Co., New York, have sold
Bonds Sold.
A thorough appraisal and valuation of the properties of the Ahmeek
Mining
-Year 7% Sinking Fund & HeclaCo., Allouez Mining Co., Centennial Copper Mining Co., Calu.met
at par and int. $500,000 1st Mtge. 15
Mining Co. and Osceola Consolidated Mining Co. is being made by
gold bonds. A circular shows:
Independent experts selected by the boards of directors,
Dated Dec. 1 1922. Due Dec. 11937. Int. payable J. & D. Red. at
any time, all or part, upon 30 days' notice, at 107)4 and int. Denom.
$1,000 and $500 (c*). Free from normal Federal income tax up to 2%.
Equitable Trust Co., New York, trustee.
Corporation manufactures a full line of trucks, from the one-ton
way express" to the five-ton heavy-duty truck. Has purchased the plants,
of
coiirwhichwasina
c.
business and other assets of the Brockway MotorTruckN
W.
in
corporated in 1912 to succeed to the business
Inc.
Plants located in Cortland, N. Y., with branches In New York, Brc3.O
Philadelphia, Albany, Syracuse, Rochester and Boston.
For the 6 years ended Dec. 31 1922 (last six weeks estimated), business
has shown average earnings of $314,200 per annum. equivalent to about
imes int. requirements of this issue. In no year during this period has
9t operating profit been less than 3.86 times these int. requirements.
the
with a view to establishing a sound basis for a plan of consolidation to be submitted to the shareholders of the respective companies.
Plans are also under consideration for the acquisition of manufacturi
facilities which will assure the consumption of a large part of the output ng
of
the mines. The examination and negotiations are still in the initial stages
and no plans have as yet been even discussed by the boards.
-V. 115, p.
1945, 1735.
Carpenter Steel Co.
-Merger Rumors Denied.-
Pres. W. B. Kuhnhardt says: "No merger of the company with any
other
steel company is pending or contemplated."
-V. 115, p. 1537, 763.
Centennial Copper Mining Co.
-Merger Proposed.
-
See Calumet & IIecla Mining Co. above.
-V.112, p. 1286.
2690
THE CHRONICLE
Central Indiana Power Co.—Pref. Stock Offered.—Stone
.& Webster, Inc., Spencer Trask & Co. and Tucker, Anthony
& Co. are offering at 90 and div., to yield about 7.78%,
$3,800,000 7% Cum. Pref. (a. & d.) stock (see adv. pages).
[vol.. 115.
Continental Motors Corp.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of 300,000
shares Common stock, no par value, with authority to add $1,460,845
shares of
shares on official notice of issuance in exchange for outstandingon official
Common stock (par $10), with authority to add 739.155 shares 2,500,000
of issuance and payment in full, making the total applied for par $100
notice
-M. Red. at 115 and divs. Auth. 810,000,000, shares. Present capitalization is 22,753 shares Pre . stock,
Dividends payable Q.
of which $5.500,000 (incl. the present issue and $250,000 reserved for ex- (called for payment Jan. 15 1923) and 3,000.000 shares of Common stock
called
sold
change for like amount of 6% Pref. stock outstanding) will be presently
no par value). The above 300,000 shares of Common stock were for
and
outstanding.
cash to provide funds for the retirement of the Pref. stock
Listed.—Listed on the Chicago Stock Exchange.
other corporate purposes.
shows: Total
The income account for the 9 months ended July 31 1922&c., expenses,
Data from Letter of Pres.Joseph H. Brewer, Indianapolis, Ind., Dec.2
income, $2,660,956; selling. administrative,
Preferred
Company.—Formerly Merchants Public Utilities Co. Owns or will ac- profits and
911.227; interest charges, $398,111; Federal taxes, $70.000; surplus
quire entire capital stocks and all except $1,564,000 of outstanding bonds
$109,867; balance, surplus, $1.711,751. Profit and loss
of operating companies furnishing a diversified public utility service in 70 dividends. $5,953,907.—V. 115, p. 1637, 1946, 2051, 2272.
July 31 1922
cities and towns located in 25 counties in Indiana. Total generating capacity of plants of these operating companies is 51,000 k.w. Population
-150% Stock Dividend.
Cordingley & Co.., Inc., Boston.
par
500.000. Company will also own all the outstanding stock,except directors'
The company has increased its capital from $300,000 to $750,000,
qualifying shares, of the Indiana Electric Corp. which company has con- $100. The additional 4,500 shares, to be distributed as a 100% stock
'
tracted for the construction and financing of a central-station generating dividend. The surplus as of Nov. 29 was $4478,120.
plant with an initial electrical equipment installation of40.000 k.w. capacity
•
on the Wabash River. The new plant is expected to be ready for operation
Cornell (Cotton) Mills Corp.—To Increase Capital, Capital
before Jan. 1 1924.
The stockholders will vote Dec. 22 on increasing the authorized the inPurposes.—Proceeds from the sale of this $3,800,000 Pref. stock and
$400,000 (all outstanding) to $600,000, par $100. If
from the sale of $4,248,000 1st Mtge. Coll. & Ref. 6% gold bonds, Series stock from
is authorized, it is the intention to declare a 50% stock dividend.
"A"(V. 115. p. 2585), and $4,500,000 Indiana Electric Corp. 1st Mtge. creaseextra dividend of 2% has been declared on the stock in addition to
An
record
6% gold bonds, Series ."A," to be issued, will finance the acquisition of
the quarterly dividend of 2%, both payable Dec. 23, to holders of comproperties and construction of the new plant.
In Oct. last, an extra dividend of like amount was paid as
Valuation of Properties.—Values placed on the properties of the operating Dec. 12. 3% extra in July last, 8% extra, in Dec. 1921 and extras of 1%
pared with
companies by the Indiana P. S. Commission and by independent engineers,
Jan.,.April, July and Oct. 1921.—V. 115,p. 1538, 79.
together with the value of the new power station to be constructed, aggre- each,in
gate about $28,000,000.
Crew Levick Co.—Tenders.—
Earnings.—For the 12 months ended Sept. 30 1922 the operating comThe Commercial Trust Co., trustee, Philadelphia, will until Dec. 28
panies reported a balance of revenues available for reserves (incl. Federal
for the sale to it of 1st Mtge. 6% Sinking Fund Gold bonds,
taxes), replacements and dividends equal to over 3 times that portion of the receive bids 1 1916, to an amount sufficient to exhaust $122,400 at a price
annual dividends on the 7% Cum. Pref. stock payable out of earnings up dated Aug. 107 and int.—V. 114, p. 2722.
not exceeding
the time of the completion of the new power station.
to
Stone & Webster, Inc., has estimated that the balance of revenues availDeep Sea Fisheries, Inc.—Time for Exchange Set.—
able for reserves (incl. Federal taxes), replacements and divs. in the cal.
See East Coast Fisheries Co. below.—V. 113, p. 1987.
year 1924, after deduction of charges on all funded debt outstanding upon
completion of the new power station and transmission line, will be equal to
Dominion Iron & Steel Co., Ltd.—Listing.—
well over 4 times the annual dividend requirements of the $6.500.000 7%
The New York Stock Exchange has authorized the listing of $4,645,000
°urn. Pref. stock which will be outstanding at that time. Compare also interim bonds, currency series, of a total authorized issue of $20,000,000
statement of earnings, capitalization, history, &c., in connection with Consol. Mtge. 30
-Year 5% Sinking Fund coupon bonds, due Sept. 1 1939.
offering of bonds in V. 115, p. 2585.
The Boston Stock Exchange has authorized for the list Interim bonds
-Year 5% Sinking Fund bonds, currency
$4,645,000 Consol. Mtge. 30
for
-50% Stock Dividend.—
Chapman Valve Mfg. Co.
series. Guaranteed principal and interest by Dominion Steel Corp.,
The stockholders will vote Dec. 19 on authorizing the payment of a 50% Ltd. See offering in V. 115, p. 2586.
stock dividend on the outstanding $1,000,000 Common stock, par $100.
The company has an authorized capital of $1,500,000 Common stock and
Dominion Textile Co., Ltd.—New Company Formed.—
of an
$500,000 Preferred stock, par $100.—V. 110. p. 1751.
The stockholders will vote Dec. 22 on authorizing "the acceptance
recently incorporatoffer from Dominion Textile Co., Ltd.,(a new company
Chile Copper Co.—Anaconda May Acquire Control.—
going concern.' An
ed) to purchase the undertaking of this company as a
Copper Mining Co. above.—V. 115, p. 2585, 2482.
See Anaconda
official announcement says:
by the
Cincinnati Gas Transportation Co.—Tenders.—
"The new company offers to pay for the company's undertakings, $100,
shares, par
The Provident Savings Bank & Trust Co., trustee, Cincinnati, 0., will issue and allotment of 19,406 Cumulative 7% Preferred
for the sale to it of 5% bonds, to an amount and 225,000 Common shares of no par value.
'until Dec. 20 receive bids
com"These shares would be distributed among the shareholders of the
sufficient to exhaust $21,474.—V. 106, p. 1342.
each one non-cumul.
pany on the basis of one cumul.7% preferred share forfor each
Graphophone Mfg. Co.—Sells British Sub'y.— 7% share, and three common shares of ho par value 2384. on common
Columbia
The company, which controlled the Columbia Graphophone Co., Ltd., a share of the par value of $100." See also V. 115, p.
British company, has sold its stock interest to Constructive Finance Co..
Donner Steel Co., Inc.—Definitive Bonds Ready.—
Ltd., of London. A satisfactory working agreement between the two
Kissel, Kinnicutt & Co. announce that definitive 1st Refunding Mtge.
• graphophone companies, it is understood, has been concluded, covering
will be exchangeable for outstanding interim cerfuture operation. The sale and contract not only transfer 7% Series "AA" bondsTrust Co. For offering see V. 114, p. 2584, 2829.
the territory and
funds to the parent company, but give valuable rights in the future, without tificates at the Bankers
necessity of further capital investment. The sale included both the real
Dunlop Rubber Co., Ltd., England.—Guaranly. &c.—
'estate holdings and sales rights.—V. 114, p. 2583.
See Dunlop Tire & Rubber Co. of America, below.—V. 111, p. 1475.
Columbia Textile Co., Lowell, Mass.—New Bond Issue.
—Merrill, Lynch & Co. and Harris, Abbott & Co., New
York, are heading a syndicate which has purchased an issue
-Year 7% Sinking Fund Cony.
of $1,000,000 1st Mtge. 20
Gold bonds and will offer them to the public Dec. 18 at par.
The company manufactures and converts grey cotton goods into khaki
cloth, gabardine, suitings, jeans, moleskins, &c., which are marketed under
the trade name of "Coltex." The products are standard and are in great
demand for clothing, uniforms, raincoats, work clothing, &c.
Consolidated Gas Co. of New York.—Listing, &c.—
The New York Stock Exchange has authorized the listing of 2,492,342
shares of Common stock, no par value, on official notice of issuance, in
exchange for 1,246.171 shares of Common stock now outstanding, par
$100 each, with authority to add 7,500 shares on official notice of issuance
on conversion of 7% Cony, bonds, and if not so issued, upon pyament in
Tull, and with further authority to add 500,158 shares of Common stock,
no par value, on official notice of issuance and payment in full; making
'the total amount applied for 3,000,000 shares (total authorized issue)
'Common stock.
The New York P. S. Commission has authorized the increase and change
in the capital stock to no par value shares, and the issuance of $15,000,000
6% Preferred stock, as outlined in V. 115, P. 2271, 2482, 2586.
-33 1-3% Stock Dividend ProContinental Can Co.
posed, &c.—Listing—Earnings.--
In a letter to stockholders. Dec. 7, Pres. Thos. G. Cranwoll states in brief
The company has invested more than $7,500,000 of its earnings in the
last seven years in extensions, &c., and $2,000,000 of this increased
invested capital is now to be provided by the sale of $2,000,000 preferred.
The remainder must be provided by the permanent capitalization of the
profits so invested and, therefore, these profits cannot be distributed in
cash at any time to the stockholders.
The directors feel that these earnings which have been, in effect, capitalized, should be represented in capital stock in the possession of stockholders. It is. accordingly, proposed to show on the books the transfer
of $4,500,000 from surplus to capital [which amounts to a stock dividend
of 33 1-3% on the present $13,500,000 common capital], and to issue new
stock to the stockholders based up On this additional capitalization.
The directors also believe that it will be advantageous to change the
common shares of the company from par value to no par value shares and
to increase the number of shares so that each stockholder will have in
effect two shares of stock for each share of stock which he now holds.
'his, together with the shares to be distributed on account of the transfer
of surplus to capital, will give to stockholders two and two-thirds shares of
no par value stock for each share of common stock which they now hold.
It is suggested that the total authorized capital be 500.000 shares, of which
60,000 shares would be presently issued to stockholders, leaving 140,000
shares authorized but unissued. The stockholders will vote Dec. 29 on
readjusting the capital (see V. 115, p. 2586).
The directors on Dec. 7 decided to resume dividends on the common
stock and voted to declare an initial dividend of 75 cents per share (or at
rate of $3 per share per year) upon the new common stock proposed to be
created, payable contingently upon the above plan being approved. This
is equivalent to $2 per share on the existing common stock, at the rate of
$8 Per share per year.
The New York Stock Exchange has authorized the listing of $2,000,000
additional 7% Cumulative Preferred stock, par $100, on official notice
of issuance and payment in full, making the total amount applied for
'
$7,_500,000.
The Executive Committee of the company, by resolution adopted Nov.
17 1922, authorized the sale of all or any part of the $2,000.000 referred
to for cash, which is to be turned into the treasury to be available for the
general corporate purposes of the company.
The consolidated income account for the 10 months ending Oct. 31 1922
for
shows: Net earnings. $4,436,891. Deduct: Reserve for depreciation
10 months, 1922, $399,597; reserve for Federal taxes, $472,829; reserve
.
net income.$3,309,806
for bad debts,inventory adjustment. &c..$254657;
Add: Balance to credit of surplus or undivided profits at beginning of
year, $3,749,314; total. $7,059,121. Dividends paid on Preferred stock.
$219,450; balance of surplus or undivided profit at Oct. 311922,$6,839,671;
balance of surplus applied in redemption of Preferred stock, $1,320,000;
profit and loss surplus, $8,159,671.—V. 115, p. 2586.
Dunlop Tire & Rubber Co. of America.—Offering of
Guaranteed Bonds (London and American Issues).—Lee,Higginson & Co. and Brown Brothers & Co., New York, are
offering at 95 and int., yielding over 7.60% $15,866,700
1st (closed) Mtge. & Coll. Trust sinking fund 7% Convertible gold bonds (see advertising pages). Of the above issue,
$11,000,000 Series "A" as designated American series and
£1,000,000 Series "B" is designated British series. The
issue is guaranteed by the London parent company, the
Dunlop Rubber Co., Ltd. The bankers announce that the
American series has been sold and the books closed.
by Higginson'&
The £1,000,000 Series B (British Series), is to be offered
Co. and British, Foreign & Colonial Corp., Ltd., London. any time after
Dated Dec. 1 1922. Due Dec. 1 1942. Convertible at of the AmeriCommon stock
Dec. 1 1924 into 8% Cumul. Prof. stock and (callable at 110 after Dec. 1
can company, at rate $1,000 of Pref. stock
for each $1,000 of bonds.
1037) and 2 shares of no par value Common stock to 10 days before redempIf bonds called, may nevertheless be converted up either through sinking
issue payable at 105 and int.,
tion date. Entire
Bank, New York,
fund or at maturity, Mechanics' & Metals National
trustee.
fund, payable semi-annually, first payment
Sinking Fund.—Sinking
those bonds at 105, and is sufficient to
Oct. 15 1924. must call and retire
at or before maturity.
retire all of this $15,866,700 issue at 105
Dec. 8 1922.
Data from Letter of Sir Eric Geddes, Chairman,
business established
British Company.— Incorp. in 1896. Is carrying on a
ago in 1889, constituting the earliest largo scale manufacture of
33 years
pneumatic tires. It has in England one of the largest tire-manufacturing
than 50% of the automobile tires used
plants in Europe, supplying more largely to British Dominions and foreign
exporting
in Great Britain, besides
countries.
American Company.—Controlled through 973 % stock ownership by
Was incorporated in New York in Dec. 1919.
by the British Company.
--Proceeds of these bonds will retire substantially all tho present
Purpose.
the American company and will provide additional working capital.
debt of
Consolidated Bal. Sheet as of June 30 1922(After This Financing.)
[British Company and Subsidiaries, including the American Company.]
Liabilities.
Assets.
Real est,,bidgsotc.,less depre$50,206,505 8% 1st Mtge. St., British CO_$14,600,100
estates, less reserves_ 12,032,998 7% 1st Mtge. bonds Am.Co_ 15,866,700
Rubber
503,017
338,399 Unsecured Deb,St., Br. Co__
Sundry investments
5,850,695 OM % A Pref. sh., British Co_ 4,866,700
Cash
62 ,509 7% 13 Pref. sh., British Co.._ 4,866,700
receiveable
Bills
7,577,512 8% C Pref. sh., British Co_ __ 14,603,100
Accounts receiveable
x23,211,346
• 21,727,476 Ordinary sh.,British Co
Inventories
3,749,200
Indebtedness to banks
8,493,358
Accounts payable
y3,594,013
Reserves
7% Pref. st. No.2 D.R. Cot4,002,860
ton Mills
Total- assets (excl. of goodwill
$98,354,094
patents)__$98,354,094 Total
going value and
per share) having a total valuation (in
x 14,891,833 shares (par value £1
accordance with above statement of assets, of $23,211,346. on
forward
y The $3,594,013 "reserves against contingent liability
contract" represents possible losses on forward contracts for rubber ordered
have advanced
Prices
prior to June 30 1922, but not delivered. liability for rubber
will probably prove much
considerably since that date, so that this
less than the above amount.
Earnings of British Company—Average annual net earnings of the British
company and subsidiaries for 6 years ended Aug. 311920, were $5,750,020,
or approximately 234 times the $2,303,827 annual interest requirement
on present $30,969,817 total funded debt. Net earnings for year ended
Aug. 311920. were $11,837,454, or more than 5 times this interest requirement.
For the year ended Aug. 31 1921 net earnings before int., deprec. and
inventory and other adjustments, were $1,788,726. In the years 1919 and
1920 the British company enormously overbought raw materials and on
Aug. 31 1921 the directors, including the new interests which by this time
DEC.16 1922.]
THE CHRONICLE
had entered the board, decided that most drastic write-offs and readjustments of inventories must be made, resulting in a net charge-off of
$38,580,852 for that year.
The board in the same year also set aside a reserve fund of $13,469,297
to meet the losses on forward contracts. This reserve now stands at $3,594,013 and in view of the recent rise in the price of rubber a substantial
portion will probably not now be required.
For the year ended Aug. 31 1922 net earnings, after depreciation charges
and all other adjustments, were $5,904.898, or more than 2M times the
interest requirement on total funded debt including this issue.
Except for the single year 1921 the company has shown a substantial
profit in every year of the entire 33 years of its history.
Security.
-Bonds carry the direct promise of the American company
and are guaranteed, principal, inteeest and sinking fund, by the parent
British Company. Also secured by $14,600,100 (£3,000,000) of the British
company's 1st Mtge. 8% Debenture stock and by a 1st Mtge. on fixed
assets of the American company valued at more than $16,000,000, including the company's large modern tire-manufacturing plant at Buffalo and
fabric plant at Utica.
Provisions of Issue.
-The Mortgage will provide that no dividends.
others than those paid in the company's own stock, shall be paid upon the
Common stock of the American company, except (1) out of surplus earned
subsequent to Dec. 11922, and unless (2) upon completion of such payment
total combined current assets of the American company and its subsidiary
companies would equal at least 200% of their total combined current liabilities.
The British company agrees that, so long as any
these bonds are outstanding, it will not make any further guarantiesof principal, interest,
of
sinking ftuid or dividends on any securities, shares or obligations of any
other company beyond the guaranty now existing of principal, interest
and sinking fund on these bonds and the existing guaranty of 7% Cumul.
Div. on the $7,300,050 issue Preferred stock
Cotton Mills,
of which $4.002,860 is now outstanding in the of No. D. R.
public and $3,
hands
297,190 is in the treasury of the British company. of the
Properties of British C'ompany.-Conipany's Fort Dunlop, (Eng.) tiremanufaturing plant is one of the largest in the world outside of the United
States. Has present equipment for production of
tires per day
and space available for an ultimate capacity of 10,0004,000per day.
tires
Also controls (through ownership of the entire Common stock and 45.2%
of the Pref. stock) one of the largest tire-fabric mills in the world, the No.
2 D. R. Cotton Mills, located at Rochdale, Eng. These mills have a present installation of 127,000 spindles which can be increased to 200,000.
They produced all the tire-fabric required by the British company.
Also owns all the outstanding
both bonds and stock, of Dunlop Plantations, Ltd., owning andsecurities, rubber estates, in the Federated
operating
Malay States and in Ceylon, aggregating 75,000 acres of which 47.000
acres are planted and 18,800 acres are in bearing. Also has a plant
at Birmingham manufacturing tubes, bicycle tires, motorcycle tires and
golf balls.
Controls through entire stock
Wheel Co.,
Ltd., with works at Coventry, ownership (1) Dunlop Rim & in France
(2) tire-manufacturing plants
and Germany, both of which are now being operated at full capacity.
Properly of the American Company.
-Owns at Buffalo, N. Y., one of the
most modern tire-manufacturing plants in the U. S. Plant, which is now
about to go into operation, consists of 18 main buildings with 1,219,000
sq. ft. of floor space. The plant has been constructed for a production
capacity of 12,500 automobile tires per day, in addition to truck tires and
tubes. Machinery and equipment at present installed, is capable of producing up to 6,000 tires per day. Initial operations
based chiefly
on the production of pneumatic cord tires, for which are to be is probably
type there
the greatest requirement in proportion to the country s present available
productive capacity.
Also owns the Utica Spinning Mills with a present capacity of 32,000
spindles available for the production of cord fabric for the Buffalo plant.
Officers and directors of American company: Sir Eric Geddes, Chairman; Frederic W. Allen, V.
-Chairman; E. B. Germain, Pres.; Sir J. George
Beharrell; Louis M.Bergin; Pierre S. du Pont. Robert VV. Pomeroy; Charles
A. Proctor, James J. Storrow, Frederic C. Walcott, J. Wostern.-V. 115, P•
1326.
East Coast Fisheries Co.
-Time for Exchange of Stock.
-
The U. S. District Court, district of Maine, has ordered
holders
of and subscribers to stock or voting trust certificates of Eastthat all
Coast Fisheries
Co. or East Coast Fisheries Products Co. may exchange their holdings for
voting trust certificates of stock of Deep Sea Fisheries, Inc., accordance
in
with the plan of reorganization (V. 113,
which date is fixed as the time limited p. 1255), on or before May 20 1923,
for said exchange.
All holders of and subscribers to stock or voting trust certificates of these
companies who have not on or before May
their
20
certificates of stock or voting trust certificates tendered for transferTrust
Co.. 160 Broadway, N. Y. shall be declared to Lawyers Title &
be
forever barred from exchanging or seeking to to be in default and to for
exchange their holdings
voting trust certificates ofstock of Deep Sea
Fisheries, Inc.
-V.113. p.1255.
2691
viding for reserves and taxes, earn an annual profit of at least $250,000
applicable to the Common stock.
Felters Co., Inc., Boston.
-Capital Increase, &c.
The company has increased its authorized Capital stock from 31,000,000
all outstanding) to $2,000,000, par $100. The $1,000,000 new stock will
be distributed to stockholders as a 100% stock dividend.
Surplus, it is stated, totals $1,360,961.
Firestone Tire & Rubber Co.
-Annual Report.
-
The company reports for year ended Oct.31.1922, sales of$64,507,301 as
compared with $66,372,938 in the previous year. Operating profits
amounted to $7,348,421.
The surplus account is placed at $20,595,595, an increase of about
$5.000,000 over 1921.-V. 115, p. 651.
Fisher Body Ohio Co.
-To Retire Preferred Stock.
-
The directors have voted to retire $100,000 of Preferred stock, leaving
$9,600,000 outstanding.
-V. 115, p. 2483, 2052..
Flint Mills, Fall River, Mass.
-Capital Increase, &C.
The stockholders will vote Dec. 20 on increasing the authorized capital
stock from $1,160,000 (all outstanding) to $1,740,000, par $100. If the
increase is authorized, it is the intention to declare a 50% stock dividend.
The directors have declared a cash
holders of record Dec. 8.-V. 113, p. dividend of 4%, payable Jan. 2 to
1476.
Foundation Co.
-Meeting Postponed.
-
The stockholders meeting scheduled
to
20,000 shares of 7% Pref. stock and an for Dec. 4the act upon an issue of
in
75,000 has been postponed to Dec. 28. increase115, p. common shares from
-See V.
2163, 2483.
Gas Securities Co., N Y.
-To Increase Stock.
-
The stockholders will vote Dec. 27 on increasing the authorized capital
stock from $1,500,000, net* $100 (consisting of 5,000 shares of Common
and 10.000 shares of Preferred) to $3,500,000, par $100, to consist of
10,000 shares of Preferred and 25,000 shares of Common stock.
-V. 115,
p. 1736; V. 111, p. 1475.
General Asphalt Co.
-Royal Dutch Agreement.
-
After the return from Europe of
Frank Seamans an announcement Pres. Arthur.W. Sewall and V.-Pres.
in connection
Oil operations of the company was made as follows: with the Venezuelean
"While in London a new agreement was entered into on behalf of the
company with the Royal Dutch-Shell group, whereby, instead of an onequarter interest of future surplus profits
Venezuelean Oil enterprise,
the company will realize at once upon of the
its holdings through receipt of a
royalty (commencing Jan. 1 1923 and continuing throughout the life of the
Daladrees concession) of one-eighth of the
produced therefrom,
delivered f.o.b. upon basis of Maracaibo crude oil similar ,royalty on
the majority interest(75%) of tho crude oilLake; also a the Colon Developproduced by
ment Co.,
in Venezuela, under the Vigas concession.
"The Asphalt company conveys its interest in the shares of the Burlington
Ltd..
Investment Co. Ltd., in exchange for the royalty, in addition to which it
will receive, prior to March 31 1923,
return of over
$1,100,000 invested in Caribbean and $1,500,000 for theshares, accrued
other underlying
interest, back royalty, &c., the shares thus represented being conveyed to
the group; all trading restrictions heretofore running against the two
Interests being abrogated, except that the asphalt
exclusive right to all native asphalts in Venezuelacompany retains the same
that may
joint venture as have been reserved from the beginning." arise out of the
-V. 115, p. 2273.
1843.
General Baking Co.
-Stock Dividend,
&c.
The directors on Dec. 13 declared a
stock, payable Dec. 28 to holders of200% stock dividend on the Common
record Dec. 22.
The stockholders on Dec. 12 increased the
authorized Common stock
from 150,000 shares (no par value) to
500,000
present authorized Preferred stock of 100,000 shares (no par value). The
shares of no par value remains
unchanged.
The company, beginning April 1 1923, will pay, it
is stated, dividends at
the rate of $4 per annum on the new
capitalization. This is equivalent to
$12 per share per annum on the present stock.
-V. 115. p. 2481.
General Electric Co.
--,Stock Dividend Not Discussed-To
Retire Bonds
-New Plant.
-
President Gerard Swope, regarding the question of stock dividend,
a
says
In substance: "The regular meeting of the
executive committee was held,
but at this meeting and at no previous meeting
has the subject of a stock
dividend been discussed or considered. The
adopted a regular policy which has been in effect for severalcompany haspast,
years in the
for a stock
dividend in addition to the cash dividend,
which during the last year was
changed and a stock dividend of 5% in special 6% stock
was paid to the
East Coast Fisheries Products Co.
shareholders. A statement was made earlier in the
- tion of stock dividend would
-Time Limit Set.
year that this distribuSee East Coast Fisheries Co. above.
be made annually in October.
-V. 113, p. 1255.
no change or no consideration of change in this program." There has been
In connection with the call for redemption
Easthampton Rubber Thread Co., Boston.
-Stock of the $15,000,000
on Feb. 1 1923 at 105 and int.
6% debentures, due 1940, at the Bankers Trust Co..
Dividend, &c.
New York, the company states that bondholders desiring earlier redemption
The company has increased its authorized
may at any time tender their bonds to the
stock from $400,000 to $1; will be
trust company when payment
200,000, par $100. The 8,000 additional shares
made at 105 and int.
a 200%
stock dividend to stockholders of record Dec. 7.are to be issued asNov. 30
The company on Dec. 12 will erect a new plant
The surplus on
at Pittsfield, Mass., to
last was $753,877.
be known as the wood-finishing department.
-V. 115, p. 2587, 2484.
General Fire Extinguisher Co.
•t
Elliott-Fisher Co.
-To Increase Capital.-Stock Dividend, &c.
A 20% stock dividend has been declared on the outstanding
The stockholders will vote Dec. 22 on increasing
the capital stock from
$3,500,000 to $6,500,000, par $100, the increase to consist of 30,000 shares Common stock. par $100. The company has increased its $7,500,000
,
authorized.
Common stock from $7,500,000 to $9,000,000.
of Series "B' Common stock, par $100.
It is announced
The company at present has an authorized Capital
of $3,500,000, par be decided until that the dividend rate on the new capitalization will not
$100, consisting of $2,500.000 Common and $1,000,000 Preferred.
the annual meeting of stockholders Feb. 7 1923.-V. 114
-V. 115.
p. 2019.
p. 2587.
Estey-Welte Corp., N. Y. City.-Pref. Stock Offered.McCowan & Co., Philadelphia, are offering in units of one
share of Pref, stock and two shares of Common stock at
$150 per unit $750,000 8% Cum. Pref. (a. & d.) stock (par
$100) and 15,000 shares Common stock (no par value).
(See advertising pages.)
Prof. dividends payable J.
30 days'
notice. Registrar, Guaranty & J. Callable at 110 and divs. on National
American Bank, Now York. Trust Co., N. Y.; transfer agent,
Capitalization (No Bonds)Authorized. Outstanding.
8% Cum. Pref. stock, callable at
$750,000
110
$1,500,000
Common stock (no par value)
‘
s
•
0x 0
s
shock3 .0hangt
st . E c 0 sh
Listing.
-Application will be made to list stock on N. Y.
0
Data from Letter of Pres. Geo. W.
1922.
Gittins, New York, Nov. 15
Company.-Incorp. in Now York.
subsidiaries are
extensive, superbly located, modernly Properties owned by
equipped and well managed. Properties embraced in the holdings of the
corporation are: Ego Piano Co.,
established in 1869, occupying a large,
modern factory and plant located
at 133d St. and Lincoln Ave.,ew
York; Welte-Mignon Corp., successors
to M.Welte & Sons, Inc., owner of the Welte-Mignon inventions, originally
established in Europe in 1832 and subsequently in America in 1865; principal
offices, showrooms and studios located at 665 Fifth Ave., N. Y. city;
Estey Co. of Philadelphia; business has
been successfully conducted for
upwards of50 years. The recent unification of these three important properties will greatly reduce manufacturing
and selling casts, standardize operations, and will further effect great savings in the conduct of the business.
Statement Giving Effect of New Financing.
AssetsLiabilities
Cash
$31,224
payable
Accts. & bills receivable_ - _ $586,271 Accounts mortgages
125,000
108,305 Real estate
Inventories
1,500,000
436,101 Preferred stock
Land, bldgs., mach'y, &c.. 686,655 x Surplus
508,159
Investments
•
53,200
Patents, royalties, &c
$2,167,383
296,847 Total (each side)
Good-will, &c
1I
x Applicable to 45,000
shares of Common stock (no par value).
Purpose.-Additlonal working capital to take care of constantly increasing
business.
Earnings.
-It is reasonably certain
working capital thus
provided, this corporation will, after that, with the
paying Pref. stock dividends and pro-
General Tire & Rubber Co. (Ohio.)
-Incorporated.
--
A charter for this company was
Nov. 29 1922 with an
authorized capital of $2,500,000. filed at Trentonare M. O'Neil, Pres.:
W. O'Neil, V.-Pres.; W. E. Fouse, Incorporators
Sec.; Chas. Herberich, Treas., all of
Akron, 0. This is probably a reincorporation for
the same name, which has an authorized capital ofan Ohio company of
$1,250,000 Common
and $1,250,000 Pref. stock.
-V. 115, p. 1948.
Godchaux Sugars, Inc.
-Earnings.
-
The company reports for the three months ending Sept.
30 1922 earnings.
of $314,843.-V. 115, p. 993, 874.
(B. F.) Goodrich Co.
-Definitive Bonds Ready.
The Bankers' Trust Co. are now prepared to deliver 1st
Mtge. 25
-year
63. % bonds in coupon form in exchange for the outstanding temporary
bonds. (For offering see V. 115, p. 188.)-V. 115, p.
1948, 1736.
Gram-Bernstein Motor Truck Co., Lima, 0.
-Receiver.
E. G. Kirby, Toledo, 0. has been appointed receiver. Operations
of
the plant will be continued and steps, it is said, are being taken
'
to effect
a reorganization -V. 111, p. 1954.
Hamilton-Brown Shoe Co.
-Two Cash Dividends.
-
The directors have declared a cash dividend of 2%
and a cash dividend of 1% payable Jan. 2, both to holders payable Dec. 22,
of record
This makes a total of 12% paid since Jan 1, 1922 See also V. 115, Dec. 16.
p. 2386,
1844.
(M. A.) Hanna, Co.
-Preferred Stock Sold.
-Dillon, Read
& Co., New York, and Union Trust Co., Cleveland, have
sold at 102 and div.$12,000,000 7% Cumul. 1st Prof.(a.& d.)
stock (see advertising pages).
Red. all or part at 110 and div. An annual sinking fund of 3%Tper
annum of the total amount issued provides for purchase up to the redemption
price or, if not so obtainable, for call at that price. Divs. payable Q.
-M.
Chase National Bank, New York. Guardian Savings & Trust Co., Cleveland, registrars. Central Union Trust Co., Ne* York, Unit% Trust Co..
Cleveland, transfer agents.
-Application will be made to list on N. Y. Stock Exchange.
Listing.
Data from Letter of President H. M. Hanna, Jr., Dec. 12.
Company.
-Is being organized in Ohio to take over the assets and business
of the firm of M. A. Hanna & Co., and affiliated interests in ore mines, coal
2692
voi.. 115.
THE CHRONICLE
---mines, vessels and blast furnace plants. Company will own a 100%
interest in the stocks of the following corporations: 'Wakefield Iron Co.,
Virginia Ore Mini:1g Co., American-Boston Mining Co., Pittsburgh &
Eastern Coal Co., M. A. Hanna Coal & Dock Co., Paint Creek Coal
.Mining Co., Wheeling & Lake Erie Coal Mining Co.
In addition company has controlling interest in the following companies
(except four), as well as other investments: Bates Iron Co., Boomer Coal
& Coke Co., Calumet Transportation Co., Consumers' Ore Co., Hanna
Furnace Co., Massillon Coal Mining Co., Mahoning Ore & Steel Co.,
'New Field By-Products Coal Co., New Field Coke Co., Nokay Iron Co.,
Producers Steamship Co., Richmond Iron Co., Susquehanna Collieries Co.,
Waukenabo Co.
History ee Business -The company takes over the various interests,
originally established by M. A. Hanna and others in 1867 under the name
of Rhodes & Co. This firm continued until 1885 when the *business was
taken over by the firm of M. A. Hanna & Co., which since that time has
managed and acted as sales agent for a large number of operating corporations, many of which are controlled by stock ownership.
Company handles, through the properties it operates and its sales agency
connections, a normal yearly tonnage of from 15 to 20 million tons of iron
ore, anthracite and bituminous coal and pig iron, comprising approximately
one million tons of pig iron with the remainder about equally divided between
ore and coal.
-These include the following: (1) Blast
Property & Investment Account.
-Through ownership of a substantial majority of its
Furnace Properties
Common stock and advances company has a large investment in Hanna
Furnace Co.. which operates 8 blast furnac-s. located at Detroit, Mich.,
Dover and Leetonia, O.; West Middlesex, Pa., and Buffalo. N. Y.: having
an annual capacity of about 1,000,000 tons of pig iron. Hanna Furnace
Co. through investments and long term contracts owns or controls over
50% of its iron ore and over 75% of its coke requirements, and through its
affiliations with M. A. Hanna Co. is amply protected for the remainder.
(2) Iron Ore Properties-Principal iron ore property in which company
owns a 100% interest is Wakefield Mine, located on the Gogebic Range in
upper Michigan. Company also has a substantial investment in the
Bates Iron Co., Consumers' Ore Co., Mahoning Ore & Steel Co. and
Richmond Iron Co., which companies conduct iron ore mining operations
on the Menominee, Mesabi and Marquette Ranges.
-Company has a 100% interest in companies owning
(3) Coal Properties
17 bituminous coal mines located in Fayette and Kanawha counties. W. Va..
Washington County, Pa., and Jefferson and Belmont counties, 0. These
properties have reserves of merchantable coal estimated at more than
150,000.000 tons, and have an annual producing capacity of over 3,000,000
tons. Company owns less than 100% inter st in Boomer Coal & Coke
Co., Massillon Coal Mining Co. and New Field By-Products Coal Co.,
but it operates the properties and sells the output receiving a commission
for its services. Properties owned by these companies are located in
Fayette County, W. Va.; Harrison County,0., and Allegheny County,Pa.,
respectively. Company also owns a 79% interest in the New Field Coke
Co., which owns the coal contents of over 3.500 acres of coal lands in
Allegheny County, Pa. Susquehanna Collieries Co., which company
controls, operates 12 collieries in the anthracite district in northeastern
Pennsylvania with an annual capacity of over 4,000,000 tons. Operation
and sale of the product are handled by the company on a commission basis.
-Company has a 22% interest in Producers
(4) Transvortation Properties
Steamship Co. and a 63% interest in Calumet Transportation Co. These
companies own 8 modern freighters of approximately 10.000 tons capacity
each, carrying the company's ore and coal on the Great Lakes.
Capitalization of New Comnany-Authorized. Outstanding.
1st Pref. 7% Cumul. stock (par $100)
$20.000,000 $12,000,000
Cony. 2d Pref. 8% Cumul. stock, each share cony.
until Jan. 1 1933 into 53-f shs. of Com. stock.. _ 10,000,000
2,594,800
Common stock (no par value)
500,000 shs. 275.198 shs.
Balance Sheet as of June 30 1922 (including Int. & Investments Owned in Above
Companies) After This Financing.
AssetsLiabilitiesplants, eq.. &c_x$14,008,250 io 1st l'ref. stock '
R'l est..
$12.000,000
Investment in companies 13,177,.588 8% Cony. Pref. stock_ __ 2.594,800
Miscell. notes. adv., &c_
535,309 Common stock
y12,000,000
Deferred & prepaid exp..659,652 Surplus
3,532,228
Cash
1,727.514 Assumed debt consol. cos 3,546,000
Inventories
1,789,966 Miscell. reserve
223,044
Accts. & notes rec. &c_ 6,080.039 General conting. reserve_
500,000
123,376 Accounts payable
Miscellaneous
2,160,496
Total (each side)
$38,101,695 Credit bal.of affil..&c.cos 1.545,127
x After deducting depreciation and depletion of $6,154,112. y 275.198
shares no par value, this being the declared value thereof.
•
Earns.Cal.Yrs. 1917.
1918.
1919.
1920.
1921.
xNet income_ _ _ _$5,273,607 $4.268,364 $2,378,184 $5,373.450 $496,143
t
Ded' Depr& depl 1,003,741
976,811
735,534
336,979
977,900
533,733
yFederal taxes__
411.444
205,331
549,444
19,895
Net aft. Fed. tax_ 3,736,133 2,880,109 1,437,319 3,846,106
139,269
zAdd cos. prop'n 2,146,771 1,987,433 1.134,491 1,100.375 *2,434,669
$5,882,904 $4,867,542 $2,571,810 $4,946,481 *$2295,400
Total
*Loss. x Net income after all charges, including interest, but before
depreciation and Federal taxes. y At present rate of 12% %. z This
represents company's proportion of undistributed net income of partially
owned companies applicable to dividends on shares owned, less Federal
taxes at 1236% •
Purpose -Out of the proceeds there will be retired $1,573,300 1st Pref.
stock of Standard Investment Co. (which company heretofore controlled
interests now being consolidated), and the balance will be usei to retire
obligations and to create working capital.
Ownership -The investment of the members of the firm of M. A. Hanna
& Co. in the capital of that firm and in the various affiliated corporations
Is being exchanged for Cony. 2d. Pref. and Corn. shares in M. A. Hanna
he members of the firm of M. A. Hanna & Co. will continue in the
Co.
-V. 111, p. 299.
active management.
Harleigh-Brookwood Coal Co.
-Bond Redemption.
-
Twenty-five ($25,000) 1st Mtge. 6% Sinking Fund Gold bonds, due
1928, have been called for redemption Jan. 1 1923 at 10236 and int., at the
Girard Trust Co., trustee, Philadelphia, Pa.
-V. 110, p. 81.
-Extra Dividend.-Prices.
Hudson Motor Car Co.
An extra dividend of 25 cents per share has been declared in addition to
the usual quarterly dividend of 50 cents per share, both payable Jan. 2 to
all holders of record Dec. 22.
The company announces reductions of $100 in the price of the Hudson
speedster, passenger and coach, of $200 in the price of the Hudson sedan.
and of $100 in the price of the Essex coach.-\. 115. p. 2163, 1949.
-To Increase Capital
Humble Oil & Refining Co.
Dividend Probable-Par Value of Shares to Be Changed.
The stockholders will vote Dec. 18 (a) on increasing the authorized Capital stock; (b) on authorizing a stock dividend from 60 to 80%, and (c) on
changing the par value of the shares from $100 to $25. The company at
present has an authorized and issued capital of $25.000,000, par $100.V. 115, p. 1949, 314.
-10% Stock Dividend.
Hurley Machine Co., Chicago.
An extra dividend of 10% has been declared on the common btock. no
par value, paYable in Common stock, in addition to the regplar quarterly
dividend of 50 cents per share, both payable Jan. 4 to holders of record
Dec. 28.
The regular quarterly dividend of 1 % on the Preferred stock has also
been declared payable Jan. 2 to holders of record Dec. 20.-V. 115, p. nori,
766.
-Special Dividend.
Independent Pneumatic Tool Co.
A special dividend of $2 per share has been declared on the outstanding
90,000 shares of Capital stock, no par value, in addition to the regular quarterly dividend of $2 per share, both payable Jan. 2 to holders of record
Dec. 20.
John A. McCormick, Vice-President of the Chicago Trust Co., and Nell
C. Hurley, President of the Hurley Machine Co., have been elected direc-V. 114, p. 1658.
tors.
-Valuation.
Indianapolis Water Co.
The Indiana P. S. Commission has placed the present valuation of the
physical operative property at $13,330,823. The present valuation of the
non-operative property is placed at $648,921.
The appraisal of the operative property is summarized as follows:
Cost of Reproduction. Present Value.
$2,476,442
$2,476,442
Land
5,259,593
5,463.825
Transmission and distribution
1.812,979
1.959,817
Buildings and miscellaneous structures
1,779.375
2,080,736
Plant equipment
86,697
119,292
General equipment
91,403
94,230
Paving
1,725.973
1,829,151
on above
15%
98,361
99,793
Materials and supplies
Grand total
8
-V. 115. P. 258 .
$14,123,286
$13,330,823
-Merger Rumors.
Inland Steel Co.
It is reported that officials of this company and the Steel & Tube Co. of
America have discussed a possible merger of both companies. Both companies operate in the Chicago district with plants at Indiana Harbor and
headquarters in Chicago. Steel & Tube and Inland had formerly figured
-company merger which included Midvale. Republic and Youngsin the five
town Sheet & Tube. The original five-company merger developed into a
three-company consolidation comprising Midvale, Republic and Inland.
which in turn was also abandoned. Later the Bethlehem Steel Corp.
announced a plan to acquire the Midvale company, which is at present
-V. 115, p. 1638.
being investigated by the Federal Trade Commission.
-Shipments, &c.
International Shoe Co., St. Louis.
The following published article has been pronounced substantially correct
for the "Chronicle":
Shipments of shoes to customers for the year ended Nov. 30 1922 represented a gross value of over $100,500,000, or approximately $20,000,000
controls
in excess of the previous year. As the company neither owns nor
any retail stores, these shipments were made entirely to independent rehas some 40,000 customers on its books.
tailers. It
The increases in factory capacity which have been made during the past
summer are now coming into production, and the output of shoes is now
,
substantially larger than at air previous time. Production is now over
135.000 pairs of shoes a day on the basis of a full six-day week.
The company has booked a large volume of orders for the spring, shipmeantime
ment of which will begin the latter part of this month. In theimmediate
It has been receiving a very satisfactory volume of orders for be received
It is expected that orders for spring will continue to
shipment.
through the winter months in satisfactory volume.(Boston"News Bureau"
Dec. 5.)-V. 114, p. 1293.
-Depositary, &c.
Invincible Oil Corp.
The Empire Trust Co. has been appointed depositary and agent under
-V.
capital stock.
a voting trust agreement dated Nov. 1 1922 respecting
115. p. 2588. 2485.
•
-Extra Dividend.Island Creek Coal Co.
Common stock
An extra dividend of $5 per share has been declared on the both payable
$2 per share,
in addition to the regular quarterly dividend of
dividends have been
Jan. 1 to holders of record Dec. 20. The following in 1917 and 1920;
each
paid extra: $3 each in 1912, 1913 and 1914: $2
115, p. 2588.
$5 in April 1922; $2 each in July and Oct. 1922 -V.
-Tenders.
Jamaica Water Supply Co.
will
St., N.
The Equitable Trust Co. trustee. 37 Wall Mtge. Y. City, fund until
sinking
gold
Consol.
Dec. 31 receive bids for the sale of 1st
to an amount sufficient to absorb $36,875, at a
bonds, dated July 1 1916
prince not exceeding 105 and int.-V. 115, P. 2386.
-November Sales.Jones Bros. Tea Co., Inc.
Decrease.
Decrease. I 1922-11 Mos.-1921.
-Nor.-1921.
1922
$3,674 1$15.709.995 $15,770,588 $60,529
$1,451,911
$1,448,237
115, p. 2386, 2274.
Jones & Laughlin Steel Corp.-Pref. Stock Sold.
Hathaway Mfg. Co., New Bedford.
-Capital Incr., &c. Union Trust Co., Pittsburgh; Guaranty Co. of New York,
and Bankers Trust Co.. New York, have sold at 107% and
div., $14,000,000 Cumulative 7% Pref. (a. & d.) Stock (see
pages).
Hayes Wheel Co., Jackson, Mich.
-Acquisition-Earns. advertising
authorized and issued $60.000,000 (including this $14,000,000)•
The company proposes to increase the authorized Capital stock from
$1.6i 0,00)(all outstanding) to $2,000,000, par $100, by the payment of a
-V. 10-1, p. 1595.
25% stock dividend.
It i • anoounced that negotiation.; have Dem • tarceo by the campany to
ther large manufac ure•2 of automodve wheel
abso o an,
Thi ; pr -nosed
cons lidation is said to be for the purpose of meeting more succezfully the
,
Incretsing demands for the Flaye; products in the automobile 'lulu .try.
On the ba'i-; of ac ual resul's to date, it is announced that net ssly1 of the
.;
Hay, Wheel Co. for 1922 will exceed $12,000,000. This compares with
611,535,533 in 1921. The number of wheel t that will be sold for the same
period is placed at between 4,000.000 and 4,500,000, which compares with
2,298,264 in 1921.-V. 115, p. 2053, 1539.
-Trustee.
Henry & Wright Mfg. Co.
The Coal & Iron National hank, N. Y., has been appointed trustee under
mortgage securing $150,000 736% bonds serially 1923 to 1942. inclusive.
See offering in V. 115, p. 2484.
-Stock Dividend, &c.
-Houghton-Mifflin Co., Boston.
The company has filed a certificate with the Massachusetts Commissioner
of Corr orations showing an increase in capitalfrom $1,800,000 to $2,580.000,
par $100, by the issuance of 7,800 additional shares of Common stock,
which will be distributed as a stock dividend to holders of record Dec. 2.
There are 500 shares of Preferred, of which 300 shares, par $1,000. are
outstanding. Of the 13,001 shares of Common stock outstanding one share,
which is owned by the company, has been canceled.
Balance Sheet Nov. 1 1922.
Liabilities
Assett$1,600,100
Real estate & machinery_ z $474,828 Capital stock
865,660
1,208,138 Accounts payable
Merchandise
170,000
Cash & accounts receiv--- 1,230.185 Surplus reserve
11,983
779.403 Other reserves
Other assets
6,000
22.823 Res. for Prof. dividend___
Prepaid charges
1,061,634
y. Total (each side)
$3,751,377 Surplus
-V. 114, p. 203.
To be
-J. Red. as a whole only after Jan. 11924, upon not
Dividends payable Q.
notice at 120 and diva. Has no voting power except
less than 30 days' of voluntary dissolution or in case any dividend is in
upon the question
Except with the consent of the holders of 75% of
arrears for one year. mortgage may be placed upon the properties (except
the Pref. Stock (a) no
remainproperty and
purchase money mortgages on hereafter acquired Co. 151 Mtge.the (b) the
5s);
Jones & Laughlin Steel
ing authorized$5,000,000
Stock may not be increased; and (c) no additional stock
authorized Pref.
or prior to this stock.
may be issued with rights as to dividends or assets equal
President B. F. Jones, Jr., Pittsburgh, Dec. 6.
Data from Letter of
acquire all of the
Pennsylvania
Company. Is to be formed in Co.. includingand is to properties and all
physical
Steel
assets of Jones & Laughlin
(except directors' qualifying shares) of its subsidiaries.
of the stocks
affected in any way by this transaction but
The management will not be active executives and directors who have
of the
will remain in the hands development of the business for many years, and
with the
been associated interest in the company is large through ownership of its
whose financial
capital stock.
of the
-The $14,000,000 Preferred stock now offered consists and is
Purpose.
actively connected with the company,
holdings of stockholders not
that will now be offered to the public. The remaining
the only stock
entire $60,000.000 of Common stock is to be
$46,000,000 Preferred and thesndersofJones &L yur hhtline Steel Co.
com pana s
f
u oiess of
retained by the present Ltoehi
result
the
a conProperty.
BUSiriCSS and
s
c
ove a p ri d odu0 y of .
padnevyeliosprheen hird rlargestoprof 7 er ears
tinuous
third
of 3,000,000 tons per annum. Business consists
having an ingot capacitysale of a widely diversified line of steel products,
of the manufacture and bars, skelp, bars, plates, structural shapes, cold
sheet
Including billets,
steel, rivets, railroad spikes, tie plates, light rails.
rolled and cold finished
wire rods and wire products.
tin plate, tubular products.
DEC.16 1922.]
THE CHRONICLE
The company is exceptionally well integrated, haying large supplies of
coal, iron ore and limestone. Its 39,000 acres of coal properties, practically all of which are directly owned, are sufficient to meet its requirements,
at maximum capacity of the plants, for more than 80 years. The ore properties owned are sufficient to meet these requirements for more than 30 years.
The properties have been largely increased since 1914, and the constituent
units of the properties are now well balanced as to producing capacities.
The manufacturing properties comprise 12 blast furnaces, coke ovens,
Including 300 Koppers ovens with by-product plant, open hearth and Bessemer steel plants, blooming mills, bar mills, plate and structural mills, cold
rolled and cold finished steel mills, tin plate mills, tube mills, rod, wire,
nail and fence mills, fabricating plants, &c. All plants are located on the
Monongahela River in the city of Pittsburgh and at Woodlawn, Pa., on the
Ohio River.
Company owns about 250 acres of land within the city of Pittsburgh.
Its transportation facilities are unusually favorable, the plants being served
by two company owned railroads which connect with the Pennsylvania,
B. & 0., and New York Central Systems. Maintains selling offices in all
of the principal cities in the United States, and owns extensive warehouses
in Chicago and Pittsburgh.
The plants of the company are at present .
operating at about 80% of
capacity, and it is expected that this percentage will increase during.the
ensuing months.
.
Earnings Years Ended December 31.
Net
Depr.,Dept. e.,
xNet
Sales.
Earnings.
Amortization.
1913
$43,101,196
$5,340,669
$1,420,650
1914
32,402,076
2,702,631
2,053,890
1915
44,431,035
7,267,022
2,054,895
1916
77,353,009
20,257,877
3,126,026
1917
129,810,539
26,622,033
6,117,696
1918
128,923,400
7,294,531
18.179,144
1919
103,243,608
17,120,237
6,M5,961
1920
148,615,441
8,568.55922,611,085
1921
39,930,625
3,682,774 def3,610,037
1922(December estimated)..
71,500,000
4,900,000
3,900,000
Average
81,931.092
11,050,604
5,564,959
x After depreciation, depletion, amortization, interest and taxes.
Consolidated Balance Sheet Oct. 31 1922 (After This Financing).
Assets
Liabilities
Real estate, plants, &c.
$57,330,600
stock
(after depr. & deplet.)$104,893,440 Preferred stock
Common
57,330,600
_
Cash
8,114,420 J. & L. Steel 1st M.5s_ _ 16,900,000
U.S. Govt. obligations_ 23,288,143 Channopin
4,800,000
Coal 1st 6s_ _
Other bonds and stocks_
863,852 Accounts payable
4,502,974
Accounts and bills reAccrued int. on bonds- 134,400
ceivable
8.362,765 Reserve for taxes._
1,460,698
xInventories
25,408,141 Res., exc. depr. & depl_
6,602,593
Fire insurance fund asRes've for accident llab_
573.512
sets
260,134 Fire insurance fund_ _
260,134
Miscellaneous
' 1,613,641 Miscellaneous
368,101
Surplus
22,540,924
Total
$172,804,536 Total
$172,804,536
Listing -Preferred Stock listed on the New
Pittsburgh Stock
Exchanges "when issued. -V. 115. p. 2588. York and
.2693
Lincoln Mfg. Co.
-To Increase Capital, &c.
-
The stockholders will vote Dec. 21 on increasing the author;zed
stock from $1,625,000 (all outstanding) to $2,250.000. par $100. Capital
If the
increase is authorized it is the intention to declare a stock dividend of approximately 40%.-V. 113. p. 1778.
Lord & Taylor.
-To Pay Dividend Arrearages.-
The directors have declared a cash dividend of 21% on the 1st Pref. stock,
payable Dec. 20 to holders of record Dec. 12. This wipes out all dividend
arrears up to Dec. 1 1922. Compare V. 115, p. 80.
(M.) Lowenstein & Sons, Inc., N. Y.
-Stock Div., &c.
-
The stockholders will vote Dec. 22 on increasing the authorized
stock from $2,027,000 to $2,527,000. par $100. If the increase is2d Pref.
authorized it is proposed to issue $600.000 of 2d Pref. stock as a $100% stock divdend on the outstanding 6,000 shares of Common stock, no par value.
After the above increase, the authorized capital will be: $1,428,000 1st
Prof. stock, par $100: $2,527,000 2d Pref. stock, par $100; 9,000 shares of
Common stock, no par value.
Abram L. Lowenstein is President and Edwin A. Weiller, Secretary.
(F. M.) Lupton,Publisher, Inc.
-Dividend-Earns., &c.
President M. B. Gates announces that a meeting of directors has been
called for Dec. 22 to act upon the regular quarterly dividend of 50c. a share
payable Jan. 11923.
Net earnings for October amounted
and it
ings for November are expected to be to $31,877 good. is stated that earnequally as
Rudolph Metz and H. B. Lake of Ladenburg, Thalmann Co. were recently elected directors.
-V. 115, p. 1540; V. 113, p. 2727.
McCrory Stores Corp.
--November Sales.
-
1922
-Nov.-1921.
$1,584,630
$1,205,650
-V. 115. p. 2387. 2275.
Increase.
1922-11 Mo .-1921.
Increase.
$378.980 I $14,155,344 $11,770,170 $2,385,174
Mack Trucks, Inc.-Initial Common Dividend.
The directors have declared an initial cash dividend of 161 per share
on the
Common stock, payable Dec. 28 to holders
stock dividend was paid on the Common stock of record Dec. 18. A 100%
The directors have also declared the regularin May 1920.
quarterly dividends
each on the 1st and 2d Prof. stocks, both payable Jan. 2 to holders of 1%%
of record
Dec. 20.-V. 115. 13. 2165.
Mackay Companies.
-Extra Cash Dividend of 10%.
An extra cash dividend of 10% has been declared on the outstanding
Common stock, par $100, payable Jan. 2 1923 to holders of record Dec. 21
1922. See also V. 115, p. 2378.
(H. R.) Mallinson & Co., Inc.
-Business-Sales.
-
An official statement says:"The company is deing the largest business in
its history; each month's sales sincl last summer have made new records,
the September business being largely in excess of the same month in 1921,
October and November having shqwn even larger increases. All plants
are working at capacity and the entire output is sold through March 1923."
-V. 115. p. 1630.
Manati Sugar Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of $8,000,000
1st Mtge. 20
-Year ?WY Sinking
°
April
The profit and loss account for Fund gold bonds, due Sept. 1 1942.
has filed a certificate with the Massachusetts Commissioner
the 11 months ending
30 1922
shows:
of Corporations showing an increase in capital from 860.000
to $750,000, 115.475; Total income, $3.798,081; operating expenses, f.o.b. basis, $3.of which $300,000 will be issued as a 500% stock dividend.
add interest on current accounts, 370,381;
Deduct interest on 1st Mtge. bonds, curr. accts., total profit, $752,987.
&c.,
Balance Sheet April 30 1922.
dividends, 14245,000; deficit charge for 11 months $853,275; Preferred
ended Sept. 30 1922,
Assets$345,288.-V. 114, p. 2365.
Liabilities
Real estate
$15,000 Capital stock
$60,000
Machinery
Manufacturers' Finance Co. Balt.-Stock Div., &c.11.650 Accounts payable
13,292
Merchandise
The directors have declared: a 121
199.139 Surplus
854.233
e% stock dividend and a cash
Cash & accounts receivable_ 142,826
dividend of 25% on the Common stock,,
and the regular quarterly dividend
Securities
528,910 Total
on the Preferred stock, all payable Dec. 27 to holders of record
8927,525 of 1
Dec. 6. A 50% stock dividend was paid on the
Common stock in 1916.
Jordan Motor Car Co.
-Orders.
The company has received orders for 4,350 cars
Manufacturers Light & Heat Co.
(total valuation about
310_ ,800,000) for delivery during December, January, February and March.
An extra dividend of 2% has been declared on -Extra Dividend.
the outstanding $23,000,000
-V. 115, p. 1949.
Capital stock, par $100, in addition to the regular
quarterly dividend of
2%,both payable Jan. 15 to holders ofrecord Dec.
30.-V. 115. p. 2275,2165
Judson Mills, Greenville, S. C.
-To Increase Capital.
-The stockholders will vote Dec. 27 on
Marland Oil Co. (Del.).
increasing the authorized Capital
No.2.stock from $2,500,000 to $3,500,000, par $100.
A dividend of $1 per share has -7-Dividend on the Capital stock, no
The proceeds will be used to
pay for plant expansion now under way.
been declared
par value, payable Jan. 1 to holders of record
The stockholders in November last, increased
the Capital stock from $1,- of like amount was paid in September last. Dec. 20. An initial dividend
200,000 to $2,500,000.
-V. 115, p. 2054, 1949.
(E. D.) Jones & Sons Co., Pittsfield, Mass.
-Stock Div.
The company
Kellogg Switchboard & Supply
-Fractional Shares.
Co.
In reference to stock dividend of 15%
(V,
1922, no fractional shares are to be issued. 115. p. 2386), declared Nov. 21
but fractions are to be sold to the
highest bidder for the benefit of owners offractional
shares, which amount to
239 shares. The company will receive bitls
stock
up to and including Dec. 16 1922 and the for all or any portion ofto the
certificates will be issued
successful bidders Dec. 21 1922.-V. 115, p.
2386.
Kellogg Toasted Corn Flakes Co.
-Reorganization.
-
May Department Stores Co.
-Listing-Earni
ngs.
The N. Y. Stock Exchange has
authorized the listing of $20,000,000
Common stock, par $50, upon official
notice of issuance in exchange for
present outstanding Common stock
certificates, Par $100 per share, at
the ratio of two for one: with authority to
add, on
000,000 (par $50) on official notice of issuance as or after Dec. 20, $6.a 30% stock dividend.
Consolidated Profit and Loss Account for 9 Months ended October 31 1922.
Net sales
$42.984,979
Deduct cost ofgoods sold,sell., oper.& gen. admin. exp., deprec.
of bldgs.& fix., and amort.ofleases acq. subs. to organ.
of co.,
deducting miscel. earns., incl. net int. earned, income from
investments, &c
38,779,592
Allowance for Federal taxes
560,000
At a meeting of stockholders Dec. lilt was
voted to reorganize under the
aws of Delaware. Accordingly, the Kellogg
Co. was incorporated in
Delaware Dec. 11 with a "stated capital of 841,800,000." According to
reports,the plan proposes to exchange each share of existing stock (cop.spiting
of $900.000 Common stock, par $10) for one-fifth
of a share of 7% Cumul.
Balance, transferred to surplus account
Prof. stock (par $100), four shares of no
$3,645,387
par value Common and $16 66 in -V. 115, p. 2589.
cash. This means that the present stockholder
2165.
s will receive a cash dividend
totaling 81,499.400, a stock dividend in Preferred stock aggregating
Mexican Petroleum Co., Ltd., of Del.--Div. Increased.
$1,800,000 and 360,000 shares of new no par common.
-V. 115, p. 2053.
The directors on Dec. 15 declared
Common stock, payable Jan. 20 to a quarterly dividend of 4% on the
Kilburn Mill, New Bedford.
-Capital Increase, &c.holders of record Dec. 29.
action places that issue on a 16% per annum basis. Heretofore This
The stockholders will vote Dec.
that
18 on increasing the authorized Capital stock has been
stock from $1,500,000 to
on a 12% per annum basis, quarterly dividends being
$2,250,000, par $100. If the increase is author- paid at rate
ized, it is the intention to declare
of 3%.
a 50% stock dividend. Compare V. 115.
The directors also declared the regular quarterly dividend of $2 a
P. 2589.
share
on the Pref. stock payable Jan. 10 to stock of record Dec.
29.-V. 115.
p. 2166, 2054.
King Motor Car Co.
-Solvent.
According to a Detroit dispatch, the
Michigan State Telephone Co.
voluntary bankruptcy effected in
Dec. 1020 was ended in court
-Accumulations, &c.
Dec. 14 and the receiver was discharged.
The directors have provided for the
A dividend of 17% was declared.
The property was purchased by C. A. dends on Preferred stock, and for immediate payment of past due diviFinnegan of Buffalo, N. Y., who
the retirement of all Preferred stock
is said to have paid $500,000 and to have Feb. 1 1923. The action taken
assumed $1.000.000 debts.
by the directors is the first
-V. 115, p. 314.
financial plan necessitated by the demand for developmen step in a new
t and expansion
of telephone lines.
-V. 115, p. 876.
Kirby Lumber Co.
Dividends.
-To'Pay Accumulated
The directors have declared a
dividend at the rate of 7% Per ann. on the
Minneapolis Gas Light Co.
Pref. stock entitled to dividends
-Gas Rate Increased.
July 15
for
The company has announced an increase
1903, and an additional dividend the period from Jan. 1 1903 to payable
gas, making the rate $1 03, effective Jan. 1. of 4 cents per 1,000 Cu.ft. of
Dec. 30 to holders of record Dec.of 14% on all Pref. stock, both
The present rate is 99 cents.
20.
-V. 115, p. 552.
The company has outstanding
$5,000,000 7% Cum. Pref. See also
V. 115, p. 1216, 1329.
Monon Coal Co.
-Tenders.
-
(S. H.) Kress & Co.
-November Sales.
-
1922
-Nov.
-1921,
$2,_582,053
$2,385,145
-V. 115, p. 2164. 1736.
Increase.
Increase. 1922-11 Mos.-1922.
$196,9081$25,172.107 $24,154,214 $1,017,893
Montana Power Co.
-Listing-Earnings.
-
Laconia (N. H.) Car Co.
-Report.
-
Years ended Sept. 30Operating profit
Other income
1922.
$168,804
9,375
1921.
$194.584
9,300
1920.
$256,785
6,843
Total
Inventory adjustment
Interest
Reserve for Federal taxes
$178,179
28,992
17,460
$203,884
$17,955
52,004
13,395
$263,628
$86,314
30,437
14,902
Balance, surplus
-V. 115. P. 80.
$131,726
$120,550
$131,975
Libbey-Owens
-Report.
Sheet Glass Co.
The company reports
for the year ended Sept. 30 1922 net earnings
after Federal taxes of
$1,719.726.-V. 115, p. 2275, 994.
The Bankers Trust Co., trustee, New York,
bids for the sale to it of 1st Mtge. 5% Sinking will until Dec. 22 receive
Fund Gold bonds, dated
May 18 1911, to an amount sufficient to exhaust $7,132 at a price
not
exceeding par and int.-V. 108, p. 485.
The New York Stock Exchange has authorized
of 884,600
additional Preferred stock, par $100, on official the listing issuance in
notice of
exchange for outstanding capital stock of Deer Lodge Electric Co., making
the total amount applied for $9,784,600.
The issue of the $84,600 of stock is to be applied, together with $28.200
of like stock held in the treasury, in the purchase by exchange of all of
the issued and outstanding capital stock of Deer Lodge Electric Co..
excepting 9shares heretofore purchased for cash and now owned by Montana
Power Co.
The consolidated income account for 10 months ended Oct. 31 1922
shows: Gross earnings,$5,878,030; operating expenses & taxes,
$2,262,692;
net earnings, $3,615,338; Int. & diva. received from invest., $28,348:
net income, $3,643,776; interest paid, $1,472.926; surplus income,
$2.170,849; total surplus after adding previous adj. surplus, $5,887,273; Preferred
divs., $507,710: Common divs., $1,116,749; p. & I. surplus.
84.262.755.
-V. 115, p. 1845, 552.
2694
THE CHRONICLE
Morris & Co.—Statement on Merger.—
See Armour & Co. above and "Current Events" this issue.—V. 115.
P. 2276, 1950.
Mother Lode Coalition Mines Co.—Dividend, No. 2.—
The directors have declared a dividend of 50 cents a share on the outstanding $2,500.000 Capital stock, no par value, payable Dec. 30 to holders
of record Dec. 20. The copany in June last, paid an initial dividend of like
amount.—V. 115, p. 2589, 2276.
[VOL. 115.
$4,000,030 First Mtge. & Ref. 7% Series B gold bonds, due Feb. 1 1947
(see V. 113, p. 1778; V. 114, p. 860).
The income account for the 12 months ended July 31 1922 shows: Gross
operating revenue. $6,006,164: operating expenses, maintenance and taxes
(including $92,442 Federal taxes). $3.745,653; net operating revenue,
$2,260,511: non-operating income, $19,874; gross income, $2,280,384: fixed
charges, $931.506: reserve for replacements. $543,744:.net income. $805.134;
pref. divs.. $293.140; balance, surplus. $511,994.—V. 115, p. 1541, 995.
Oklahoma Natural Gas Co.—Dividend Resumed.—
-100% Stock Dividend.—
National Fuel Gas Co.
The directors have declared a dividend of 1%, payable Jan. 20 to holders
of record Dec. 26. In April and July 1921 quarterly dividends of 2% each
were paid; none since.—V. 115, p. 1541, 82.
National Surety Co.—Capital Increase—Stock Div.—
The company has increased its Common stock from $2,500,000 ($2,250.has an
000 outstanding) to $4,000,000, par $100. The company also
authorized issue of $2,200.000 Preferred, all outstanding.
increased its capital stock
The Oppenheim, Collins & Co., Brooklyn, has
Co., Buffalo,
from $1,360,000 to $2.100.000. The Oppenheim, Collins & $1,350,000.—
has increased its authorized capitalization from $1,250,000 to
V. 112, p. 265.
The directors on Dec. 15 declared a 100% stock dividend on the outstanding $18,500.000 capital stock, par $100, payable Dec. 30 to holders
of record Dec. 15.
The stockholders on Dec. 11 increased the authorized capital stock from
$32.000,000 to $37,000.000, par $100. Compare V. 115, p. 2276.
The stockholders will vote Dec. 28 on increasing the Caton11 stock from
$7,000,000 to $10,000,000, par $100. If the increase is authorized it is the
intention to declare a stock dividend of 42 6-7% to stockholders of record
Dec. 29.
The New York Stock Exchange has authorized the listing of $2,000,000
additional Capital stock, par $100, on official notice of issuance and payment in full, making the total amount applied for to date $7,000.000.
Stockholders of record Dec. 5 1922 have the right to subscribe at $150 per
share to the new stock in the proportion of two shares of new stock for every
five shares of old stock held. Rights expire Dec. 20. The entire new issue
has been underwritten without cost.
The earnings statement Jan. 1 to Sept. 30 1922 shows: Income—Net
premiums written and other underwriting income. 169.856,807. Disbursements, $9,403,958: net underwriting profit, $452.849: interest and dividends received, $785.520: net operating income, $1.2:18.368; appreciation
and profit on sale of assets. 141,009,247; total, $2.247.615. Deductions,
$729,498; dividends, $450,000; surplus Sept. 30 1922, $6,831,364.—
V. 115, p. 2276, 2055.
Oppenheim, Collins & Co., N. Y.—Capital Increased.—
Osceola Consolidated Copper Mining Co.—Merger.
See Calumet & Hecla Mining Co. above.—V. 115. p. 2486, 552.
Pacific Development Corp.—Plan to Finance Current
Business of Two Subsidiary Companies.—The stockholders
will vote Dec. 20 on the plan outlined below, which proposes
the organization of two Finance Corporations to finance the
current business of the Pacific Commercial Co. and the
Andersen, Meyer & Co., Ltd., two subsidiaries. The plan
has the approval of the directors. Substantial support for
the plan has also been pledged by individual directors and
Neild Mfg. Co., New Bedford, Mass.—Extra Div. &c.— others.
An extra cash dividend of 20% has been declared on the outstanding
President Edward B. Bruce in a letter to stockholders
$800,000 Capital stock, par $100, payable Dec. 20 to holders of record
Dec. 9 says in substance:
Dec. 11.
The stockholders will vote shortly on increasing the authorized Capital
stock from $800.000 to $1.200,000. If the increase is authorized it is the
intention to declare a 50% stock dividend.—V. 115, p. 2166.
New Niquero Sugar Co.—Capital Increase—To Retire
Preferred Stock—Stock Dividend Proposed.—
The stockholders on Dec. 12 increased the authorized Common stock from
$500,000 to $4.500,000, par $100. Of the lacrease the directors propose to
issue $1,000.000 of Common stock in exchange for the outstanding $1,000.000 Preferred stock, par for par, and to cancel the Preferred stock so
exchanged and surrendered. It is also the intention to declare a stock
distribution upon the then outstanding Capital stock.—V. 115, p. 2485.
New River Co., Boston.—Accumulated Dividends.—
The directors have declared a Pref. div. (No. 51) of $1 50 a share (due
Feb. 11919), payable Dec. 28 to holders of record Dec. 20. A like amount
was paid on account of accumulations on Nov. 29 last. The payment of
the dividend Just declared will reduce accumulations to $22 50 a share.
—V. 115, p. 2388, 2276.
Newton Steel Co., Youngstown, O.—Larger Dividend.—
The company has declared a quarterly dividend of 2% on the Common
stock and the regular quarterly dividend of 14% on the Preferred, both
payable Dec. 30 to holders of record Dec. 20. In July and Oct. last dividends of 114% each were paid on the Common stock.—V. 115, p. 1541, 190.
New York Canners, Inc.—Circular.—
Stone. Prosser & Doty have issued a circular regarding this company,
packers and distributors of vegetables, canned fruits. &c.—V. 115. p. 2486.
Nipissing Mines Co., Ltd.—Extra Dividend, &c.—
The company has declared an extra dividend of 3% on the outstanding
$6,000.000 Capital stock. par $5. in addition to the regular quarterly dividend of 3%, both payable Jan. 20 to holders of record Dec. 30. A like
amount was paid extra in Jan. and Oct. 1922. In Jan. 1920 and 1921 and
in Oct. 1920 the company paid extra dividends of 5% each.
Financial Statement Dec. 9 1922. Showing Total Cash. &c., $4,547,112.
Dec.9 1922. Sept.23.'22.
Cash in bank,including Canadian war bonds, &c__ $3,836,005 $3,885,199
Bullion and ore in transit and on hand, &c
711.107
730,769
—V. 115, p. 2277, 1845.
Northern Indiana Gas & Electric Co.—Bonds Called.—
0
-year 5'7 1st Consol. Mtge. Gold bonds of the
Certain ($20,500) 30
Michigan City Gas & Electric Co. have been called for redemption Jan. 1
1923 at par and int. at the Central Trust Co., 125 West Monroe St., Chicago,
115, p. 1960.
Northern Securities Co.—Extra Dividend of 2%.—
An extra dividend of2% has been declared on the outstanding $3954000
capital stock, par $100, in addition to the regular semi-annual div'iden'd of
4%. both payable Jan. 10 to holders of record Dec. 27. In July last, a
semi-aanual dividend of4% was paid, making 10% for the current year —V.
114, p. 196.
Northwestern Bell Telephone Co.—Rates.—
Federal Judge T. C. Munger has issued a temporary restraining order
against the Nebraska Railway Commission forbidding that body to put
into effect a new rate schedule for the company which was to become effective Dec. 1. This temporary ordor will remain in effect until a hearing
can be arranged before three judges, when the telephone Company will
demand affirmative relief from the alleged confiscatory rates now in effect.
The company has filed a proposed rate schedule with the court asking for
and increase in rates of approximately 25%.—V. 113, P. 1060.
-100% Stock Div.&c.
Northwestern Yeast Co., Chicago.
The directors have declared a 100% stock dividend, payable to holders
of record Dec. 16. The stockholders on Dec. 12 increased the authorized
Capital stock from $3,000,000 (all outstanding) to $6,000,000, par $100.
An extra dividend of 3%,together with the regular quarterly dividend of
3%,have been declared both payable Dec. 15 to holders of record Dec. 12..
cash dividend of 3% has been paid quarterly since Sept. 1914.
An
—V. 115, p. 2486, 1437.
Norwalk Iron Works Co.—Dissolved.—
•
Notice has been filed with the Secretary of State of Connecticut that the
company has dissolved and all claims have ten settled. This company
and the Automatic Carbonic Machine Co. of Peoria, Ill., have been merged.
—V. 115, p. 1639.
Ohio Brass Co., Mansfield, 0.—Extra Dividend.—
An extra dividend of$1 50 per share has been declared on the outstanding
50,000 shares of Common Class "B" stock, no par value, payable Jan. 15
to holders of record Dec. 30. The regular quarterly dividend of $1 per
share has also been declared on the Common stocks, payable Jan. 10 to
holders of record Dec. 11.—V. 115, p. 1437, 190.
Ohio Fuel Supply Co.—Segregation.—
The stockholders on Dec. 14 authorized the directors to carry out the
segregation of' the properties, making it a holding company and separating
the gas, gasoline and oil branches of its business.—V. 115. p. 2590.
Ohio & Northern Gas Co.—Listing.—
The Boston Stock Exchange has admitted to the list temporary notes for
-Year 7% Secured Gold notes. Series A, dated
$6.000,000 Guaranteed 3
Nov. 1 1922, due Nov. 11925. See offering in V. 115, p. 2590.
Ohio Power Co.—Acquisition.—
See Ohio Electric Ry. under 'Railroads" above.—V. 115, p. 2055.
Ohio Public Service Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of(1)$5,100.01
First Mtge. & Ref. 716% Gold bonds, Series "A," due Oct. 1 1946; and (2)
,
The plan renresents the result of five months' effort on the part of the
executives of the corporation and its executive committee, after consultathe
tion with a groun of the principal creditors of the corporation, to evolveand
best plan for continuing the Oriental trading business of the corporation
securing a substantial extension of the obligations of the corporation and
The essence of the proposed plan consists in the organization of two Fithe
nance Corporations, one to guarantee obligations ofthat Pacific Commercial
comnany, and the
Co., created in financing the current business of
of
other to perform a like service for Andersen, Meyer & Co., Ltd. Each
these trading companies, as well as the Pacific Development Corp. itself,
large amount offrozen assets in the way of accounts receivable
is carrying a
or others, including industrial and merchanfrom the Chinese Goverrment and the Trading Companies have still a condise creditors in the Far East, g merchandise inventories which are being
of slow-movin
siderable amount
gradually disposed of, but which it will take some time to finally clean up.
Against these various assets each of the above companies has indebtedsubstantial loss is to
ness which has become overdue, and which, unless a
result. must have considerable extensions before they can be liquidated
assets.
out of our
After exhaustive investigations of our situation and the possible additional
resources available for the corporation, it was deemed impossible to secure
liability of
enough support for the corporation to take care of the existing
a sufficient margin
the corporation and its subsidiary companies and leave
working capital to enable the trading.companies to secure the necessary
of
credits to carry on the current business. To meet this situation and proexisting invide a margin for current obligations free from any lien of the
debtedness of the corporation and its subsidiary companies, the plan of the
Finance Corporation has been proposed.
• The corporation has already received assurances of substantial subscrippromises
tions to the stock of these proposed Finance Corporations, these to
being conditioned, however, on the securing of options referredit a in the
condiplan. Those who have pledged support to the plan have made
shall have an opportunity
tion that each stockholder in the corporation in subscribing for the stock
participate to the extent which he may desire
to
corporaof either or both of the Finance Corporations. The stock of each will be
tion will all be a one class issued in $100 shares, and subscriptions
payable at par for cash.
The ratio of subscrintions to stock of the new corporations based upon
outstanding stock of Pacific Development Corp. is one share of stock in
30 shares
each of the proposed Finance Corporations against approximately however,
Corp. The corporation,
of stock in the Pacific Development from stockholders of Pacific Develwould be glad to receive subscriptions
to subscribe
opment Corp. for any amount that such stockholders desiresubscriptions
In case
for in either or both of the proposed corporations. or both corporations,
the amount called for under the plan for either
exceed
to reduce the subscriptions. No subscripthe directors reserve the right
tions will be received after Dec. 23 1922.
Proposed Plan Dealing with Pacific Development Corp. Situation.
Co.—Tt is proposed to organNew Company to Finance Pacific Commercial $2,500,000, whose exclusive
with an authorized capital of
ize a corporation(a) by loans to or endorsement or guarantee of obligations
will be.
business
Commercial Co.. to finance ts current business; and (b) to
of the Pacific of the Pacific Commercial Co.
acquire stock
Subscription to Stock of This Comvany.—It is proposed to immediately
this corporation for $1,000.000. bet all
secure subscriptions to the stock of
by
subscripticns will be binding and callable in cash upon the agreement to
of the Pacific Commercial Co. to grant a revolving credit
the creditors
its current business and upon an agreement
forward
that company to carry obligations of the Pacific Development Corp. and
the
for the extension of Fr.
Commercial o
Pacific vinuannaceertcezrepi bny tiofl shall charge reasonable banking rates for any
It for the Pacific Commercial Co. and a reasonable
financing
PaTheefi
of obligations which it
commission for any guarantees or endorsements profit.
make, so that it will operate at a reasonable
may
company to Finance Andersen. Meyer & Co., Ltd.—Tt is proposed to
New
with
organize a corporation be (a)an authorized capital of $2,500,000, whose
to or endorsement or guarantee of
by
exclusive business will Meyer & loansLtd., to finance its current
Co.,
business:
Andersen,
obligations of
(h) to acquire stock of Andersen, Meyer & Co., Ltd. secure subscripand
Subscriptions to Stock.—It is proposed to immediately
this corporation for $1,000,000, but all subscriptions
tions to the stock of
by the creditors of Andercallable upon the
will be binding and Ltd.. to grant a agreementcredit to that company to
revolving
Co..
sen, Moyer &
business and upon an agreement for the extension
carry forward its current
'Meyer &
Pacific Development Corp. and Andersen,
of the obligations of
Co.. Ltd.
shall charge
banking rates for any
The Finance Corporation a reasonable reasonable for any guarantees
commission
financing undertaken and
of obligations which it may make, so that it will operate
or endorsementsprofit.
reasonable
at a
will be placed with
Voting Trusts.—Stocks of both Finance Corporations
by the creditor banks under two-year
voting trustees to be nominated
trust agreements.
voting
Pacific Development Corp.—All banking creditors of
ETtertSiOri of Loans of
are to grant to the corporation a two-years'
Pacific Development Corp.
rate
their present loans and accrued interest, with interest at twoextension of
cumulative and not payable until the end of the
of6% per annum to be as principal and interest are paid out of the liquidaextensions, except
year
held by the creditors. Inter-company debt shall be
tion of collateral now
Debt.—All creditors of Pacific Comof Pacific Commercial Co.
Extension
two-year extension of existing debt (principal and
mercial Co. are to grant a as has been fixed as current debt by and has
interest), except such debt
formation of the pool which is now financing the
been created since the
extended debt to bear interest at rate of6%
business of that company, the
per annum on Oriental accounts.
on American accounts and 7% until the end of the extension
Per annum
cumulative and not payable
interest to be
principal of extended debt can be paid from
and
period except as interest on
collateral.
the liquidation of existing
Andersen, Meyer & Co. Debt—All creditors of Andersen,
Extension of
two-year extension of existing debt (principal
Meyer & Co. are to grant a to bear 6% int. on American accounts and
and hit.), the extended debt
DEC.16 1922.]
THE CHRONICLE
7% on Oriental accounts, to be cumulative and not payable until the end
of the extension period except as interest en and principal of extended debt
can be paid from the liquidation of existing collateral.
All extending creditors of both subsidiary companies, are to agree that all
merchandise or accounts receivable acquired by virtue of credits guaran-j
teed by or secured from both Finance Corporationsshall be held ascollatera
to the credits so guaranteed or debt incurred to the Finance Corporations.
as a prior lien thereon, and that for the liquidation of such credits or debt
so incurred and to the extent of such merchandise and accounts receivable,
such extending creditors will subordinate their claims; it being the intent
of this agreement that in making such security effective it shall not be expected that the Finance Corporations need rely upon the technical protection of trust receipts or assignments of accounts receivable but that the
validity of such security shall be created by the extension agreement of the
creditors of Pacific Commercial Co. and Andersen, Meyer & Co.,
resent
-It is proposed that Pacific Development *
Corp.
Options to Purchase Stock.
shall grant to the Finance Corporations organized to finance the business
of Pacific Commercial Co. and Andersen, Meyer & Co., Ltd. options to
to purchase (1) all (but not part) of
continue until July 1 1923
stock of
Pacific Commercial Co. owned by Pacific Development Corp. at $70 per
share; arid (2) all (but not part) of the stock of Andersen, Meyer & Co.
for $500,000. Subscriptions to the stocks of the Finance Corporations will
be received effective upon the above mentioned options being granted to
the Finance Corporations. The failureto secure such options shall not affect the liability of subscribers whose subscriptions shall not in terms be
specifically contingent upon the granting of such options
Revolving Bank Credit.
-It shall be a condition to the putting into operation of the Finance Corporations for the Pacific Commercial Co. and the
Andersen & Meyer Co. that there be obtained a revolving bank credit for
both companies (with respect to their business guaranteed by the Finance
Corporations) in an amount not less than five times the amount of the effective subscriptions to stock of the Finance Corporations.
-V. 115, P1738, 1107.
2695
The stockholders on Dec. 12 increased the authorized Capital stock from
$20,000.000 ($18,000,000 outstanding) to $60,000,000, par $100. and
authorized the distribution of a 200% stock dividend to stockholders of
record Dec. 27.
The directors have declared a quarterly dividend of 2%, payable Jan. 31
to holders of record Dec. 30. This dividend will also apply to the new
shares that will be issued as a 200% stock dividend to holders of record
Dec. 27. Quarterly distributions of 3%, with various extras, were made
on the old capitalization since 1917.-V. 115, p. 2487.
Rand (Gold) Mines Ltd.-Gold Output (in Fine Ounces).
1922-Noa.-1921.Increase.'
764,476
704,236
-V. 115. p. 2278, 1739.
1922-11.Mos.-1921.
7,426.739
60,24016,229,398
Decrease.
1,197,341
Real Estate Title Insurance & Trust Co., Phila.-
The stockholders have authorized the declaration of a 33 1-3% stock
dividend. This will increase the outstanding Capital stock from $1,500,000
to $2,000,000.
Regal Shoe Co.
-Purchases Building.
-
This company in November last purchased the 3
-story building on the
southwest corner of 50th St. and Broadway, N. Y. City. The company in
May 1917 leased the property with an option to purchase same before the
expiration of the lease. All existing leases expire on May 1 1928.-V. 114,
p. 1542.
Repetti, Inc., N. Y.
-Earnings.-
Total sales in October aggregated $71,000 compared with $60,000 in
September and $53,000 in August. In November net profits were $7,900
and December is running at the rate of over $10,000 net. Current earnings
are at the rate of about $1 a share annually on the 158,000 shares outstanding.
Rome (N. Y.) Brass & Copper Co.
-Capital Increase.
-
The company recently filed notice at Albany of an increase in its capital
Pacific Mills, Lawrence, Mass.
-Capital Increase, &c.
The stockholders will vote Dec. 22 on increasing the authorized Capital from $5,000,000 to $10,000,000.-V. 106, p. 1342.
stock from $20,000,000 (all outstanding) to $40,000,000, par $100. If the
Royal Baking Powder Co.
increase is authorized, it is the intention to declare a 100% stock dividend.
-Extra Dividend.
An extra dividend of2% has been declared on the outstanding $10000,000
-V. 114, p. 1773.
Common stock, par $100, in addition to the regular quarterly dividend of
2%, both payable Dec. 30 to holders of record Dec. 15. Extra dividends
Packard Motor Car Co.
-Listing.
The New York Stock Exchange has authorized the listing on and after of2% each have been paid Dec.31 from 1915 to 1920,incl.-V. 114, p. 1543.
Dec. 16 of $11,885,100 additional Common stock, par $10, on official noRoyal Dutch Petroleum Co.
tice of issuance as a 100% stock dividend, making the total amount applied
-Interim Cash Dividend.
The company has declared an interim dividend of 10% in cash, payable
for $23.770,200.-V. 115, p. 2474, 2389.
Jan. 1 1923. In Jan. 1922 a 15% interim dividend was paid. The Equitable Trust Co. of New
Pan-American Petroleum & Transport Co.
-20% company stating that York announces that it has received a cable from the
the reason for the reduction in the interim dividend
Additional Stock Dividend.
declared by the board on Dec. 13 is the great uncertainty still existing with
The directors on Dec. 15 declared an additional stock dividend of 20% regard to the taxes to be
levied in the Dutch Indies.
-V. 115, p. 878, 866,
payable Feb. 8 to holders of both "A" and "B" stock of record Dec. 29.
769, 655, 316, 304.
The reason assigned for the payment of the additional stock dividend
Is that by the exchange of the Mexican Petroleum shares the surplus of
Ryder & Brown Co., Boston.
-Capital Increase, &C.
Pan-American has.b^en practically doubled In Oct. last a stock dividend
The company has increased its authorized Capital stock from $500,000
of 25% was declared on the Class "A" and "B" issues, payable in Class ($300,000
outstanding) to $600,000, par $100. A 100% stock has been
"B" stock in Jan. 1923. The amount of the stock dividend payable in declared payable Dec. 22 to
holders of record Dec. 1. Surplus as of Nov.30
Jan. 1923 is in accordance with the surplus of company existing at the 1922 totaled $420,611.
time that dividend was declared, but under the exchange arrangement
tvhereby over 90% of Common stock of Mexican Petroleum has been
St. Joseph Lead Co.
-Extra Dividend.
turned in in exchange for Class "B" shares of Pan-American, the latter
An extra dividend of
company's combined balance sheet shows that the surplus has been prac- standing capital stock, 25 cents per share has been declared on the outpar $10, in addition
regular quarterly dividend
tically doubled. See V. 115, p. 1951. 2166, 2389.
of 25 cents per share, both payable March to theholders of record March 9.
20
Like amounts are payable Dec. 20 1922.-V.to
Paragon Refining Co.
115, p. 1542. 655.
-Report.
-The company reports for the year ended Oct. 31 1922 an operating profit
Safety Car Heating & Lighting Co.
-New Director.
of
and after deducting taxes, depreciation and other charges
Samuel G. Allen has been elected a director.
-V. 111, p. 2249.
$640,000,
a deficit of $355,000.-V. 115, p. 2591.
Schulte Retail Stores Corp.
-November Sales.
-
Parke, Davis & Co.
-100% Stock Dividend,
&c.
Month of NovemberThe directors have declared a 100% stock dividend payable Dec. 30 to
holders of record Dec. 22, and a cash dividend of 8, on the old stock, Sales
%
payable Jan. 2 to holders of record Dec. 18. This makes 38% in cash -V. 115, p. 2390.
declared on the stock this year.
-V. 115, p. 2486, 1107.
1922
-Nov.
-1921.
$4,883,121
$5,716,792
-V. 115, p. 2277, 1845.
Increase.
1922=11 Mos.-1921.
$833,6721342.738,667 $41,704,149
Increase.
$472,522
Securities Corporation General.
-Annual Report.
-
Penn Central Light & Power Co.
-Rights.-
The stockholders of record Dec. 11 are offered the right to subscribe
for 13,859 additional Preferred shares to the extent of 30% of their present
holdings, at $54 per share. Payment must be made in cash on or before
Jan. 2. Shares not taken up by the stockholders prior to Jan. 2 1923
will be offered to the public at not less than $54 per share on such terms
as the directors may prescribe.
The earnings of the company applicable to dividends on the Preference
stock exceed $6 per share on the Preference shares now outstanding and
those to be issued
The money obtained from the sale of these additional Preference shares
is to be used for additions, improvements and extensions.
-V. 115, p. 1330.
(J. C.) Penney Co., Inc.
-November Sales.
-
1922.
1921.
$2,158,798 $1,686,276
June 30 YearsGross income
Interest on loans
General, &c., expenses
Preferred dividend
Inv. res. account
Tax adjustment
1
f
Balance. surplus
Previous surplus
Profit and loss surplus
-V. 113, p. 1478.
1921-22.
3168.211
40,022
1920-21.
$126.152
37.018
100,000
1919-20.
$360,558
21,301
31,372
1918-19.
$224,481
33.607
31.962
(1 )36,000
250.000
250,000
Cr.7,793
$28,189
369,262
396.928
272.334
$397,451
$369,262
$57,885 deft127,088
341,537
214.449
$272,334
3214,449
Shaffer
Oil
-11. M.
-Notes Offered.
gl
$1,034ea e Byllesby & Co.,& Refining Co.
ncr , $
Inc., are offering at 102 and int. a block of
Peoples Gas Light & Coke Co.
-Larger Dividend.
A quarterly dividend of 1 M% has been declared on the outstanding
$38,500,000 Capital stock, par $100, payable Jan. 17 to holders of record
Jan. 3. Since Jan. 15 1922 the company has been paying dividends at the
rate of 5% per annum (13-i% quarterly).
-V. 114, p. 2725.
$594,000 Convertible 8% Serial Gold Notes of 1921, due
May 1 1924.
These notes are a direct obligation of the company and are issued under
a trust agreement which authorized a total issue
of $3,500,000 notes, of
which $1,000,000 were due and paid May 1
1922. Of the remaining notes
$289.700 have been retired by sinking fund operations to
Dividend.
Philadelphia & Camden Ferry Co.
- $1.100,700 due May 1 1923 and $1.109,600 due May 11924. date, leaving
-Special
These notes
A special dividend of $10 per share has been declared on the outstanding are followed by $6,000,000 Participating Prof. 7% Cumul. stock, 40,000
$1.968,750 capital stock, par $50, payable Dec. 30 to holders of record shares (no par value) Class A Common stock, and 120,009 shares (no
par value) Coramon stock.
Dec. 20.-V. 111, p. 1189.
Net operating earnings, after deduction of
the 12
Pierce Mfg. Co., New Bedford, Mass.
- months ended Aug. 31 1922 were more than Federal taxes, for interest
-Stock Increase.
2.6 times annual
charges
The stockholders will vote shortly on increasing the authorized capital -V. on present outstanding funded debt, including thLs issue of notes.
115, p. 1739, 1542.
stock from $800,000 (all outstanding) to $1,200,000, par $100. If the increase is authorized, it is the intention to declare a 50% stock dividend.
Shell Transport & Trading Co., Ltd.
See also V. 115, p. 2486.
-Dividend.
The company has declared an interim dividend of 2 shillings a share,free
of British income tax, payable Jan. 5. A like amount was paid in
Pittsburg Rolls Corp.
-Dividend Resumed.
January
The corporation has declared a dividend of 2% on the Common stock, 1922.-V. 115, p. 1438. 191.
payable Dec. 30, and the regular quarterly dividend of 1 % on Preferred,
payable Jan. 1, both to holders of record Dec. 23. This is the first dividend
Sinclair Pipe Line Co.
-Listing.
on the Common since Jan. 1919, when 1% in Liberty bonds was paid.
The New York Stock Exchange has authorized the listing of
v. 114, P. 1773.
20
-Year Sinking Fund 5% gold bonds, due Oct. 1 1942 (see$25,000,000
offering in
-To Increase Capital
Plymouth Cordage.Co.
-Stock Div. V. 115. p. 1331). of income
The statement
for the 10 months ended Oct. 31 1922 shows:
The stockholders will vote Dec. 20 on increasing the authorized Common Revenue, 29,325,911;
oper. and general exp., $2,998,148; depreciation,
stock from $4,000,000 (all outstanding) to 38,000.000. par .$100. If the $2,072,146; net income
before Federal taxes, $4,255,618; dividends paid
ncrease is authorized, it is the intention to declare a 100% stock dividend.
during period,
The stockholders will also vote on increasing the Employees' Special P. 1543. 1331.$1,965,908; surplus per balance sheet, $3,669,138.-V. 115,
.
new shares. Each stockholder is to receive one
Stock, par $10, by 25,000
-V. 115, p. 1738
share a new employees' special stock for each share held.
Solar Refining Co.
-Stock Increased-Stk. Div. of 100%.
-25% Cash Div.
- The stockholders on Dec. 12 increased the authorized capital stock from
Potomska Mills, New Bedford, Mass.
The directors have declared an extra dividend of 25% on the outstanding $2,000,000 (all outstanding) to $4,000,000, par $100. The $2,000,000 new
stock will
$1,200,000 capital stock, par $100, payable in cash Jan,. 15 to holders of Dec. 23. be distributed as a 100% stock dividend to holders of record
Books close Jan. 31923. Compare V.115, p. 2167, 2279.
record Dec. 11.-V. 111, p. 902.
-May Increase Capital.
Producers' & Refiners' Corp.
A Denver dispatch states that Frank E. Kistler, Chairman,has announced
management is asking proxies from stockholders to authorize an increase
In the Common stock from 600,000 shares to 1,000,000 shares, par $50.
The purpose of this is to carry out pending negotiations as a result of which
approximately $5,700,000 new stock is expected to be required for acquisition of Fensland Oil Co., whose properties would be turned over to Producers' on Jan. 1. [Mr. Ksitler recently denied the reports that the company is negotiating for Texas & Pacific Coal & Oil Co. or Barnsdall corp.,
but did not deny the negotiations with the Fensland 011 00.1-V. 115,
p. 2389, 2056.
-Capital Increased-200% Stock
Prairie Oil & Gas Co.
Dividend-Dividend of $2 Per Share Declared on Increased
Capitalization.
-
Southwestern Utilities Corp.
-Tenders.
-
The Empire Trust Co., trustee, 12(1 Broadway. N. Y. City. will until
Dec. 21 receive bids for the sale to it of 1st Mtge.8% Sinking Fund Cony.
Gold bonds, Series "A," to an amount sufficient to exhaust $22,568 at a
price not exceeding 110 and int.-V. 115, p. 2057.
Standard Milling Co.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
Dec. 22 of $4,457,900 additional Common stock on official notice of issuance as a 60% stock dividend, payable in Common stock on Dec. 22 to holders of record Dec. 5, making the total amount applied for $11,957,900.
115, p. 2330, 1728.
Standard Oil Co. (N. J.).-Testimony of President
Teagle Before Investigating Committee.
-Upon his appearance
2696
THE CHRONICLE
before the subcommittee of the Committee on Manufactures
of the U. S. Senate, on Dec. .14, Pres. Walter C. Teagle
offered a prepared statement for the information of the
Committee. Among other things presented in the statement
were facts regarding the following:
the foreign and domestic business of the company,
.
(1) Description ofrefineries and marketing; (2)
including pipelines,
dissolution decree; (3)
policy of company since dissolution; (4) competition between the companir
and other so-called Standard Oil companies; (5) reasohs whY the company
has not created marketing facilities of own in States supplied by the
Standard Oil Co. (New York), Atlantic Refining Co. and Standard Oil
Co. (KY.).
The statement also states the position of the companY in respect to
the factors governing crude oil prices and the selling prices of finished
products, as well as an analysis of the earnings.
Regarding the stock dividend of 400% recentlY declared, Pres. Teagle
offered three reasons as justification of its declaration, viz.: (1) Standard
Oil Co. (New JerseY) has, practicallY from its inception, been undercapitalized, and the disparity between issued capital stock and net assets
has steadily increased. This fact has made possible the assertion, wholly
without real foundation, of abnormal earning rates. A profit percentage
is properly determined only bY the relation between the net earnings and
the invested capital which produced them. The issued cpaital stock
is not a factor in this determination, but has commonly been used by
critics of our company. Our prime purpose, then, was to bring about,
at the first opportunitY offered, substantial pant" between our outstanding
stock and the net value of the company.
(2) "It has long been our desire to effect a wider distribution of our
Common stock, which was impracticable when the market value of the
shares was high. Our first Ften was to reduce the par value from $100
to $25 and this made practicable the adoption of our stock acquisition
plan. The stock dividend will further reduce the market price to about
one-fifth of the present figure.
(3)"An increase in the outstanding Common stock was necessary to
put the companY in position to accomplish any further financing which
it might seem desirable to undertake through the sale of additional stock."
Mr. Teagle stated that John D. Rockefeller Sr. has not been a stockholder in the company since 1920 and the late William Rockefeller owned
700 shares at the time of his death. He stated that on June 30 last, six
stockholders owned 1% or more each of the outstanding stock of the
Standard Oil Co. of New Jersey. These shareholders were John D.
Rockefeller Jr., with 11.4%; General Education Board, 4.3%; Edward
T. Harkness 3%; Northern Finance Corp., 4%; Laura Felton Rockefeller,
1%, and Edith Rockefeller, 9-10 of 1%.
The New York Stock Exchange has authorized the listing of $1,623,100
additional 7% Cumul. Non-voting Pref. stock, par $100 each, on official
notice of issuance in exchange for outstanding Capital stock of West India
011 Refining Co.(Ky.), making the total amount applied for $199,972,900,
and $397,929,700 additional Common stock, par $25 each, on official notice of issuance as a 400% stock dividend, making the total amount applied
for $507,929,700.
When the exchange of stock for the West India Oil Refining Co.shall have
been consummated, the company will own 2,991 of the 3,000 shares of
West India Oil Refining Co.—V. 115, p. 2391, 2279.
Steel & Tube Co. of America.—Merger Rumors.—
See Inland Steel Co. above.—V. 115, p. 83.
Studebaker Corp.—Listing.—
The New York Stock Exchange has authorized the listing on or after
Dec. 29 of $15,000,000 additional Common stock, par $100, on official notice of issuance as a 25% stock dividend, payable Dec. 29 to holders of record Dec. 16, making the total amount of Common stock applied for $75,000,000.—V. 115, p. 2592, 2168.
Terry Steam Turbine Co., Hartford, Conn.—Stock.
The stockholders on Dec. 5 increased the authorized Capital stock from
$700,000 ($400,000 outstanding) to $800,000, par $100, to be divided into
4,000 shares each of Common and Preferred. Of the Preferred stock, 2,000
shares are to be paid for out of surplus, thus giving one Preferred share to
each holder of two shares of Common.
(John R.) Thompson Co.—Dividend Rate Increased.—
[VOL. 115.
of $100 par value is to be divided into four shares with par value of $25,
this action will accomplish all that would result from a greater distribution.
After completion of this exchange, Union Oil Associates will have four shares
of its own stock outstanding for each 1.8 shares of stock of Union Oil Co.
of California owned by this corporation.
It is expected that the quarterly dividend of Union Oil Associates payable
in Jan. will be at the rate of 75c. per share on the stock of the new par value,
being $3 per share on the old $100 par value. In addition to this dividend,
the company will be enabled to defray the major portion of the expenses of
organization and operation for the year.
(See also Union Oil Co. of California in-V. 115, p. 2593, 2488.)—V. 115.
p. 2391.
Union Tank Car Co.
-50% Stock Dividend.—The directors lave declared a 50% stock dividend on the outstanding
$12,000,000 Common stock, par $100, payable Dec. 28 to
holders of record Dec. 22. The company has an authorized
issue of $25,000,000 Common stock.
No fractional shares will be issued, but stockholders will be paid by
check the value of any fraction of a share to which they would otherwise
be entitled, at a price to be fixed by the Treasurer, determined upon the
average closing bid price on an ex-dividend basis for the shares of the company on the New York Stock Exchange from Dec. 13 to 22 1922, inclusive.
There are at present upwards of 300 certificates outstanding for fractions
of shares of the company. It is desired to do away with these fractional
shares, and the company offers to purchase such fractions of shares on the
basis of the current market price on the New York Stock Exchange on the
date these certificates for such fractions of shares are presented for sale.
Outstanding certificates for fractions of shares should be sent to Equitable
Trust Co. 37 Wall St., N. Y. City, and on their receipt check for the
amount due will be mailed to the stockholder.—V. 115, p. 2593, 1218.
United Cigar Stores Co. of Am. & Subs.—Earnings.—
The consolidated income account for six months ending June 30 1922
shows: Net profit, $2,051,718; deduct 2 quarterly dividends of 14% each
on Pref. stock, $158,445, and reserve for taxes (est.), $381,213; surplus for
period $1,512,000; total profit and loss surplus, $5,630,051.—V. 115.
p. 1953, 1642.
United Fruit Co., Boston.—Extra Dividend.—
The directors have declared an extra dividend of 2% on the Capital stock
in addition to the regular quarterly dividend of 2%,'both payable Jan. 15
to holders of record Dec.20.—V. 114, p. 1189.
United Gas Improvement Co.—Dividend Increased.—
A quarterly dividend of 1%% has been declared on the outstanding
$61,029,800 Common stock, par $50, payable Jan. 15 to holders of record
Dec. 30. From Jan. 1921 to Oct. 1922, inclusive, the company paid quarterly dividends of 1% each on the Common stock.—V. 115, p. 2593,2488.
U. S. Bobbin & Shuttle Co.—Capital Increased.—
The stockholders on Dec. 13 increased the authorized Common stock.
par $100,from $850,000 (all outtsanding) to $2,550,000. It is proposed to
distribute the additional stock as a 200% stock dividend.—V. 115, p. 2593.
United States Playing Card Co.—Notes Called.—
The company announces that it will redeem on Jan. 1 certain 8% serial
debenture gold notes, dated April 1 1921, amounting to $120,000, viz.:
$60,000 maturing Jan. 1 1924 at 101 and int.; $60,000 due Jan. 1 1925
at 102 and int.—V. 115, p. 2058.
United States Radiator Corp.—New Preferred Stock Authorized—To Pay Accumulated Dividends.—
The stockholders have authorized the issuance of $5,000,000 new 7%
Cumul. Pref. stock (par $100), callable after Jan. 1 1928, at 110 and divs.
The stockholders also voted to exchange each of the present shares of old
Pref. stock for new Pref. stock at the rate of 1.42 shares of new 7% Cumul.
Pref. stock for every one share of the old Pref. stock, thus capitalizing the
Preferred dividends unpaid, amounting to 42% on the present Preferred
stock, on Jan. 1 1923. See also V. 115, p. 2488, 2391.
United Stores Realty Corp.—Listing.—
The directors have declared three regular monthly dividends of 1% each
The New York Stock Exchange has authorized the listing of $6,000,000
on the Common stock, payable Jan. 1, Feb. 1 and March 1 to holders of
-year 6% sinking fund debenture gold (guaranteed) coupon bonds, due
record Dec. 23, Jan. 23 and Feb. 23, respectively. The regular quarterly 20 1 1942. See offering in V. 115, p. 1953, 2058.
Oct.
dividend of 14% on the Preferred stock has also been declared, payable
Jan. 2 to holders of record Dec. 23.
United States Realty & Improvement Co.—Listing.—
The directors in September last adopted the policy of declaring Common
The New York Stock Exchange has authorized the listing (1) on or after
dividends at the rate of 12% per annum, beginning Jan. 1 1923.
$8,081,400 7% Cumul. Pref. stock, par $100 each, on ofThe company from April 1921 to Oct. 1922, incl., paid quarterly divi- April 30 1923 of
issuance and payment in full; (2) on or after Dec. 8 of $16.dends on the Common stock at the rate of 8% per annum. On Nov. 1 ficial notice of
162,800 Common stock, par $100, on official notice of issuance in exchange
and Dec. 1 1922 two special dividends of 1% each were paid on the Comfor the present outstanding Capital stock, share for share, with authority
mon, making a total of 10% for the current year.—V. 115, p. 1332.
to add 80,814 shares of Common stock on official notice of issuance on conversion of Preferred stock, making the total amount applied for $8,081.400
Tiffany & Co.(N. Y.), Jewelers.—Capital Increased.— 7% Cumul. Pref. stock and $24,244,200 Common stock. Compare V. 115.
The stockholders on Dec. 15 increased the authorized capital stock P. 2391, 2154, 2168.
from $12,000,000 to $16,000,000. The additional $4,800,000 will be
distributed to stockholders as a 40% stock dividend.—V. 115, p. 2488.
United States Steel Corp.—Unfilled Orders.—
See "Trade & Traffic Movements" above.—V. 115, p. 2169.
Thurlow Steel Works, Chester, Pa.—Sale.--
The sale of the property to Edwin H. Gackenback, of Philadelphia. for
$75,000 has been approved by Federal Judge Johnson at Media, Pa. It is
stated a new company, the North American Foundries Corp,. will be organized to operate the property. Company was in receivership.—V. 115,
P. 770.
•
United States Worsted Co.—Reorganization Plan.—
The stockholders will vote Jan. 11 on approving a reorganization plan prepared by the committee of creditors, and which
has been recommended by the board of directors.
Tobacco Product Corp.—Shipments.—Earnings, &c.—
Data from Circular to Stockholders Dated Boston Dec. 5.
During the first 11 months of 1922 shipments of cigarettes by the corHistory of Present Difficulties.—In 1921 company, being unable to pay
poration increased approximately 63% over the corresponding 11 months of its maturing debt, applied to its creditors and sulbstantially all of them
1921. Current shipments, it is stated, are showing a proportionately agreed to take extension notes due in one year in order to give the company
larger increase than that indicated for the first 11 mohths. On the basis time to liquidate its inventory, settle its tax liabilities and refinance itself
of earnings thus far recorded in 1922, it is estimated that the company at if possible. At the end of the year the company, while it had liquidated
the close of this year will have a profit and loss surplus of approximately $6,- considerable of its inventory. was still unable to finance itself. The
000.000, which will mean a surplus for the 12 months after all charges, creditors again extended their notes for one year more. These notes,
dividend payments, &c., of around $3,500,000. At the close of 1921, which with interest amount to nearly $10,000,000, will fall due on Jan.
profit and loss balance was about $2,500,000.
next. The company is still unable to finance itself and the creditors
The corporation owns approximately 87% of the outstanding Capital 6 unwilling to grant a further extension. In order to avoid the necessity
are
stock of the United Retail Stores and the $2 a share cash dividend of the of enforced liquidation of the company's assets and to provide a method
United Retail Stores (V. 115, p. 2280) which is payable Dec. 30 to holders by which such of the stockholders as desire to make a cash contribution
of record as of Dec. 11 will mean a cash payment to the Tobacco Products may retain an interest in the company's business, the plan outlined below
To Receiv r —Theoz it ee
.
of about $1,368,000. The company also on the same date will receive hasvhatncrediaor ds Areby the creditoes c nmplan.
i bee prept re
the 342,000 founders shares of the United Retail Candy Stores (V. 115, p.
'provides that the creditors
2280) valued at around $5 a share, which will mean an additional asset (other than Winslow & Co., Inc.) shall receive in payment of their debt
-Year 6% debentures, 12%% in 6% Non-Cumul.
placed in the treasury of the Tobacco Products, on Dec. 30 next of about 50% in cash, 25% in 15
$1,710,000. or a combined total of $3,200,000 realized through the dividend Sinking Fund 2d Pref. stock, and 123 % in the Common stock.
distribution of the United Retail Stores.—V. 115, p. 1952.
Winslow & Co., Inc., whose claim was incurred for merchandise and
who, when the company was embarrassed, released for the benefit of the
company and its creditors a lien on a large amount of wool, will be entitled
Tonopah (Nev.)Mining Co.—Extra Dividend.—
The directors have declared an extra dividend of15% on the Capital stock, to receive interest up to the date of settlement and for the principal of the
-Year 6% debentures.
Jan. 5 to holders of record Dec. 16. The company in April and Oct. last, claim 50% in cash and the remaining 50% in 15 plan contemplates
further
New Money To Be Raised by Storkholders.—The
paid regular semi-annual dividend of 5% and 2%% extra.—V. 115, p.
be
that approximately $2,500,000 of new moneY shall be raised through sub1952, 1438.
used in partial payscriptions by the stockholders as outlined below, to
Ls
orwriedito T creditors' committee has
ment def cr tten. .
Transcontinental Oil Co.—Quarterly Earnings.—
requested Kidder, Peabody
he
The report for the quarter ended Sept. 30 192k shows: Gross earnings, &
together with F. S. Mosely & Co., members of both of which firms.
Co.,
$4,242,308; operating expenses, $3,641,128; net earnings,$601,180; adminis- are irectors, to form a syndicate to underwrite the payment of this
trative and selling expenses, $420,417; profit, $180,763.—V. 115, p .997, 83. $2,500,000, or such proportion of it as is not taken by the stockholders,
which underwriting they will receive a commission of $175,000.
Truscon Steel Co., Youngstown, O.—Larger Dividend. and for Peabody & Co. and F. S. Moseley & Co. may request other
Kidder,
A quarterly dividend of 2% has been declared on the Common stock, directors of the company to participate in such syndicate. The carrying
payable Jan. 15 to holders of record Jan. 5. ln April, July and October out of the plan is contingent upon the formation of this syndicate.
Outlook.—During 1922, while the company has not been in a position
last the company paid quarterly dividends of 1% each on the Common
market in view of the fact
stock (compare V. 114, p. 1417).—V. 115, p. 1642.
to take advantage of a rising wool raw material to any great that it was
extent ahead
not desirable to incur liabilities for
Union Oil Associates (Calif.).—Exchange of Shares.—
of sales of merchandise, the company has shown satisfactory earnings and
sufficient to pay the interest at 7% on
The directors announce that they will shortly be ready to effect the ex- for the current year this will be and to take care of the
customary deprechange of shares of Union Oil Associates on the basis of four shares of stock. approximately $9,600,000 of debt the new company, under
normal conpar $25. in lieu of each share of the old issue of $100 par value. After full ciation of the plants. Earnings of
discussion it is the opinion of the board that inasmuch as each share of stock ditions, should be at the rate of at least $850,000 a year after taxes. With
DEC.16 1922.]
THE CHRONICLE
the savings in interest charges brought about by the plan this sum should
be sufficient to provide for all interest, dividend and sinking fund charges
of the new company, annual payment of principal and int. account Saxony
mortgage and leave about $3 per share for the Common stock of the new
company.
Present Plan Only Hope.
-The plan is the most favorable from the standpoint of the stockholders which it is possible to secure. The creditors
have agreed to make substantial concessions. An opportunity is offered
to stockholders who desire to make cash contributions to retain an interest
In the new corporation. In the absence of some such plan there seems
to be no alternative except enforced liquidation which will in all probability
not only wipe out any equity of the stockholders of the present company,
but also result in a substantial loss to the creditors.
Balance Sheet (of Present Company) as of Oct. 31 1922.
AssetsLiabihtzesCash & U. S. Ctfs
$1,734,970 Notes payable
$9,597,580
Liberty bonds
1,600 Int. & accts. payable.. _ __
332,323
Accts. rec., less reserve.._
853,657 1st Preferred Stock
Inventories, less reserve_ 4,632,619 Sink, fund. inc. certfs__ _ 6,995,450
299,342
Investmentt
270,855 2d Preferred stock
348,800
Prepaid ins. & taxes__ _ _
75,734 Common stock
6,439,200
xReal,est., plant, mach.,
&c., less deprec
4,878,620
Goodwill
4,348,812
Deficit
7,215,828
Total (each side)
$24,012,695
x This item includes the equity in the Saxony Worsted Mills, subject to
an existing mortgage of $598,771, but not an obligation of the company.
Financial Condition after Plan.
-After giving effect to the new money
and the settlement with creditors, and taking the plants at their present
book value, the financial condition of new company will be approxunately
as follows assuming that the company on the date it takes over the property
is in the same financial situation as shown by the balance sheet of Oct.
311922.
Assets.
-Net working capital, $4,500,000; real estate, plant &
(present book value less deprec.). $4,878,620; total, $9,378,620 machinery
; offset by
-year 6% debentures issued, $2,868,400; 1st Pref. stock, $2,494,600;
15
2d Pref. stock, $965,200, and an item of $3,050,420 representing on the
foregoing basis 116,664 shares of Common stock (good
will item omitted).
Digest of Plan of Reorganization Dated Nov. 27 1922.
New Company.
-A new company shall be organized to purchase all the
property and business of the present company in
assumption by the new company of the indebtedne consideration of the
ss of the present
pany, including all notes held by the creditors' committee. This comdoes
not include any liability of the present company to holders
of its Sinking
Fund Income certificates.
•
Approximate Capitalization of New Company.
Authorized.
Issued.
-Year 6% debentures
15
$3.000,000
$2,868,400
x 1st Preferred stock (par $UM
3,000,000
2,494,600
x 2d Preferred stock (par $100)
1,000,000
965,200
Common stock (no par value)
125,000 shs.
116,664 shs.
x 1st and 2d Pref. stock shall be entitled to preferential dividends at
the rate of 6% each year.
What Creditors Receive.
-The creditors' committee shall release $9,597,580
notes hold by the committee in consideration of the payment to them by
the purchaser of:
(1) An amount of cash sufficient to pay the compensation and
of the creditors' conunittee and of previous creditors' committees expenses
;
(2) Cash, debentures and stock of the new company sufficient to distribute to depositors of such notes (except Winslow &
following on account of each $1,000 of principal indebtednesCo., Inc.) the
s: (a) interest
at7% to date as of which settlement is made;(b) $500
-Year
6% debentures; (d) 13% shares 2d Pref. stock (par cash;(c) $250 15
$100); (e) 13% shares
Common stock (no par value).
Winslow & Co.
-Winslow & Co., Inc., whose
merchandise and who, after the company was claims were incurred for
financially embarrassed,
released for the benefit of the company and its creditors
a lien on a large
amount of wool, will receive interest at 7% to date as
settlement
is made,50% of the principal of their notes in cash and of which
50% in debentures.
Approximate Amount of Cash & Securities To Be
Taken by Creditors' Corn.
Cash.
Debs.
2d Pref. Stk.
Corn. Stk.
$4,798,800.
$2.868.400
9,652 shs.
9,652 shs.
The above amounts are in addition to interest
compensation and expenses.
How New Money Is To Be Raised.
-In order
for the purpose of settling with the creditors' to raise additional cash
shall offer to sell to stockholders and Sinkingcommittee, the purchaser
holders approximately 24,946 shares of 1st Pref. Fund Income certificate
stock and 107,012 shares
of Common stock of the new company (being
for settlement with the creditors' committee).all of the stock not required
Terms of Offer to Stockholders.
-(a) Holders of 1st Preferred stock
(approximately 69,9543% shares, par $100,
outstanding) shall be offered
the right, on account of each share so held, to
of 1st Preferred stock and one share of Commonpurchase 20-100 of a share
stock of the new company
for $20 cash.
(b) Holders of Sinking Fund Income certificates (approxima
tely $299,342
outstanding) shall be offered the right, on account of
each $100 par value
held, to purchase 20-100 of a share of 1st Preferred stock and
of a share
of Common stock of new company for $20 cash.
(c) Holders of 2d Preferred stock (approximately 3,488 shares, par
$100, outstanding) shall be offered the
share
so held, to purchase 20-100 of a share ofright, on account of eachj,of a
1st Preferred
share of Common stock of new company for $20 cash. stock and
(d) Holders of Common stock (approximately 643,920 shares, par $10,
outstanding) shall be offered the right, on account of each share
so held.
to purchase 1 3%-100 of a share of 1st Preferred
stock and 1-20 of a share
of Common stock of new company for $1 50 cash.
The total amount to be received if all stock so offered stockholders
and Sinking Fund Income certificate holders is taken,
will be approximately $2,494,600. The net cash
stock, after the underwriters' fee to be received from the sale of the
of $175,000, will be approximately
$2,319,600.
The right to purchase must be exercised within
such offer is made, or within such other time as30 days from the date
the purchaser of the
property may determine.
2697
United Verde Extension Mining Co.
-Div. of 50c.
-
A dividend of 50 cents per share has been declared on the outstandin
g
$750,000 capital stock, par $50, naYable Feb. 1 to holders of record
Jan.
An extra dividend of 25 cents per share (in payment for the disburseme2.
nt
passed Aug. 11921) was paid Nov. 1, in addition to the regular quarterlY
of 25 cents.
-V. 115, p. 2593, 2280.
Universal Pictures Corp., N. Y.
-To Increase Capital.
-
The stockholders will vote Dec. 26 on increasing the capital stock from
$1.000,000 to $7,000,000, par $100.
Carl Laernmle is President and P. D. Cochrane, Secretary.
Utah-Apex Mining Co.
-Decision Upheld.
-
The Circuit Court of Appeals, at Boston. has denied the motion
Utah Consolidated Mining Co. for a rehearing of its suit with the of the
Apex Mining Co. This upholds the decision of the District Court, Utahwhich
found for the Utah-Apex and after which Utah Consolidated admitted
damages of $659,000. After a further hearing before the District Court
the latter awarded a judgment of $1,154,722 as of Dec.
Interest continuing at the rate of 8%, or about $6,200 15 1921, with simple
per month.
Utah Consolidated appealed from this award,
was ordered by the
Court to furnish bonds to cover the damages. and furnished American
Surety bonds for $1,300,000, and this latest decision It the Court Appeals
of
refuses Utah Consolidated a rehearing in the case. of
-V. 111, p. 1860.
Utah Consolidated Mining Co.
-Loses Appeal.
-
See Utah-Apex Alining Co. above.
-V. 114, p. 1900.
(G. W.) Van Slyke & Horton, Albany, N. Y.
-Bonds
Offered.
-Redmond & Co., New York, and New York State
National Bank, Albany, are offering at 100 and int. $750,000
15-Year 7% Sinking Fund gold bonds. A circular shows:
Dated
Jan. 1 1923. Due Jan. 1
payable
duction for normal Federal income 1938. Int. excess ofJ. & J. without detax, not in
2%,
State National Bank, Albany, N. Y., trustee, or Redmond at New York
&
York. Denom. $1.000 and $500 (c*). Red. all or part on anyCo. New
on 30 days' notice at 1073% and int., on or before Jan. 1 1928. mt. date
at 105 and
int. on or before Jan. 1 1933, thereafter at 1023% and int.
Business.
-Established in 1867. Is one of the oldest and largest manufacturers of cigars in this country. Owns factories located in
Albany.
ton and Poughkeepsie, and leases a factory at Catskill, New York.KingsEarnings.
-The stability, characteristic of the tobacco industry, is clearly
evidenced in the steady and consistent growth in both sales and
earnings
reported by this company. Net earnings for the 6 years and
11 months'
period ended Nov. 30 1922, after depreciation and
available for interest charges, averaged more than inventory adjustments,
4 times the annual interest requirements on this bond issue. In 1921 sales and net
earnings
were the largest in its history. For 11
earnings were approximately 8 times the months ended Nov. 30 1922 net
full year's interest requirements
on this issue of bonds.
Assets.
-Balance sheet as of Sept. 30 1922. adjusted to give effect
financing, shows current assets of $1,698.044 as compared with to this
current
liabilities of $366,075. Net tangible assets (exclusive of
good-will, &c.)
are $1,870,869.
•
Vertientes Sugar Co. (Compania Azucarera Vertientes).-Bonds Offered.
-National City Co. is offering
at 973/i and int. to yield about 73%, $10,000,000 1st
Mtge. Sinking Fund 7% gold bonds. (See adv. pages).
Dated Dec. 1 1922. Due Dec. 1 1942. Int. payable
J. & D. without
deduction for normal Federal income tax up to 2%.
interest payable free of present or future Cuban taxes. Both principal and
Pennsylvania and
Connecticut 4 mills tax refunded. Denom. $1,000
all or part at 105 on any interest day on 30 days' and $500 (c*). Red.
Interest payable in New York in U. S. gold coin at notice. Principal and
National
New York, trustee, or in Montreal in Canadian currency City Bank of
at the Bank of
Montreal.
Listing.
-Bonds listed on N. Y. Stock Exchange "when
issued."
Data from Letter of Goo. H. Houston, New York,
Dec. 9 1922.
Company.
-Incorporated in Cuba Nov. 6 1914.
modern mills known as Centrals "Agramonte" andOwns two thoroughly
"Vertientes" located
about 25 miles apart and a large acreage of adjoining lands
in the south
central portion of the Province of Camaguey. Lands
aggregate over 345,000 acres, of which company owned and controlled
owns about 124.000
acres, leases over 30,000 acres, has long-time
cane
covering the product of over 26,500 acres. Companygrinding contracts
is able effectively
to control production from a further area of over
165.000 acres. The
present aggregate installed capacity of the mills available
for grinding the
current crop is 600.000 bags. Company's
developme
enlargement of the aggregate capacity of its mills nt program calls for
ceeding crops to an ultimate capacity of 1,000,000 for the next and sucbags during a normal
season. The planting of additional cane by colonos
which this program
calls for is already in progress. Beginning with
the 1924-25 crop it is
anticipated that sufficient cane will be available adequately
to supply the
company's mills on the basis of 1.000,000 bags per
Company also owns over 93 miles of well-built annum.
standard gauge railroad,
11 locomotives, 386 railroad cars and a dock at Puerto
Santa Maria.
Purpose.
-Proceeds will be used to liquidate the
incurred for capital expenditures, and to provide present debt, principally
working capital.
Sinking Fund.
-Mortgage will provide for a minimum sinking
fund
beginning Dec. 1 1926, sufficient to retire
amount of bonds at any time issued, and annually 3% of the maximum
rill provide for an additional
sinking fund aggregating 25% of the surplus
earnings annually beginning
with the fiscal year ended Sept. 30 1926.
Sinking fund moneys shall be
w•ed in the purchase or redemption of bonds at
not exceeding 105.
Balance Sheet as of Sept. 30 1922 (After this
Financing).
AssetsLiabilities
Cash
$1,070,538 Current liabilities
$248,823
Sugar on hand
516,212 Censos
7,458
Materials & supplies_ _ _ _
205,649 1st Mtge. 7s (this issue).. 10,000,000
Accts.& notes rec. & adv.
7% Preferred stock
3,308,431
to colones
85,474 Common stock
5,000,000
Planted & growing cane..
138,543
1,620,254
Prop., plant & equip_ ___ 17,070,609 Surplus
Deferred charges
1,097,941
Total (each side)
$20,184,966
Production & Earnings.
-The production
during the past five years, has been as in bags of the Agramonte mill,
follows: 1922, 272,247; 1921,
296,681; 1920, 319,867: 1919, 268,431: 1918,
income available for interest and income taxes 239,244 bags. The net
resulting from this production of raw sugar has been as follows:
1922,
$410,294: 1920. $3,826,674; 1919, $1,401,367 $733,202: 1921, (deficit)
reduced to a bag basis these figures are: 1922, ; 1918, $883,428. When
$2 69; 1921 (deficit) $1 39;
1920, $11 96: 1919, $5 22; 1918, $3 69.
The foregoing figures are derived solely
mill, as the Vertientes mill was not in from operation of the Agramonte
operation
therefore did not grind on a commercial scale last until April 1922, and
season.
Directors.
-George H. Houston, Pres.; Carlos
Mgr.•, Ronald M. Byrnes„Guy Cary, Edward A.Alvarez, V.-Pres. & Gen.
Deeds, V.-Pres.,
E. Mitchell, Gordon S. Rentschler, P. A. Rockfeller, V.-Pres. Charles
Felipe
Eric P. Swenson, Joseph M. Tarafa.
Description of New Securities To Be Issued.
-Year Debentures.
15
-The 6% 15
-Year debentures shall be callable
on any interest date, all or part, at 105 and interest, upon 60 days' notice.
They may be issued in registered or coupon form or both. New company
shall have the right at any time to purchase debentures and at its option
to deliver them to the trustee for cancellation.
In order that new company may be assured of bank credit, provision
shall be made that in case the company shall be unable to pay its debt
in full, its assets shall be applied, so far as necessary, to payment of other
debt of the new company which has a maturity of not more than one
year, in preference and priority to payment of the 15
-Year debentures,
or other suitable provision made to subordinate said debentures to payment
of such other debt of new company.
-Shall be entitled to divs. at rate of 6% per annum
1st Preferred Stock.
and no more, payable quarterly and cumulative on and after Jan. 1 1925.
Callable as a whole on any div. date on 60 days' notice at 105 and divs.
and shall be entitled to 105 and divs. in case of liquidation.
-Shall be entitled to non-cumulative divs. at rate
2d Preferred Stock.
of 6% per annum and no more. Callable as a whole or by lot for sinking
Virginia-Carolina Chemical Co.
fund at any time on 60 days' notice at 1013% and shall be entitled to 1013%
-Definitive Bonds.
In case of liquidation.
It is announced that the 15
-year 734% sinking
-No dividends shall be paid unless all accrued dividends bonds, Series "A," are now ready to be exchangefund convertible gold
Common Stock.
dividends for that year on the 2d Pref. stock, and now outstanding, at the Equitable Trust Co. of N.for temporary bonds
on the 1st Pref. stock,
Y. (For offering of
the sinking fund on the 2d Pref. stock have been paid or set apart, and the aforesaid bonds see V. 115, p. 555).-V. 115,p. 2488.
only out of profits earned since the date of reorganization. No dividend
Virginia Coal & Iron Co.
shall be declared on the Common stock unless the net quick assets after
-Guaranty.
such payments are equal to at least 125% of the value of both the 1st
See Inter-State RR. under "Railroads" above V. 113,
p. 427.
Pref. and 2d Pref. stock outstanding, figured on the basis of $100 per share.
Voting Rights.-Holders of stock, whether 1st Pref., 2d Pref., or Common,
Waldorf System, Inc.
-Earnings.
shall be entitled to one vote for each share of stock held.
For the
nine months of 1922, net profits, after depreciatio
-Alfred L. Aiken, Charles P. Blum Jr.. George and taxes,firstreported
Creditors' Committee.
n charges
are
as $867,420.-V. 115, p. 1954, 1642.
L. Burr, H. H. Heins, Philip L. Reed, Fred W. Shibley, Philip Stockton
-V. 115, p. 770, 656.
Daniel G. Wing.
For other Investment News, see page
and
2701.
[VOL. 115.
THE CHRONICLE
2698
ports and, Documents.
THE CUBAN-AMERICAN SUGAR COMPANY
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1922.
New York, December 5 1922.
•To the Stockholders of The Cuban-American Sugar Company:
Your Board of Directors submit the following report for
the fiscal year ending September 30 1922.
The production of raw sugar during the year was 361,078
-tons (of 2,000 lbs.) as compared with 292,771 tons for the
previous year.
The total tonnage in cane ground was approximately 10%
.over that of the previous year, and the raw sugar production
showed an increase of about 23%.
The average sucrose realized, due to weather conditions
and the unusual richness of the cane, marked a high level in
the operations of the Company that will possibly not again
be reached unless by more advanced processes of cultivation
than now practiced in Cuba.
The year's output of Raw and Refined sugar for the last
-two years appears in the following table:
1921-22.
1920-21.
2,865,584 Tons 2,595,074 Tons
'Cane Ground
(Bags 320 lbs.) (Bags 320 lbs.)
693,266 Bags
426,691 Bags
1,062,844 "
780,384 "
186,755 "
253,989 "
Not Grinding
90,211 "
106,168 Bags'
119,443 "
207,703 "
159,100 "
Raw Sugar Produced:
Chappara
Dellcias
Tinguaro
Unidad
-,Mercedita
COnstancia
•
Total
Refined Sugar Production:
Cardenas Refinery, Cuba
Gramercy Refinery, La
••
35,864,848 lbs. No Meltings.
164,110,929 lbs. 100,358,102 lbs.
CERTIFICATE OF ACCOUNTANTS.
'To the President and Directors of The Cuban-American Sugar
Cornpany:
We have examined the books and accounts of The CubanAmerican Sugar Company and its Subsidiary Companies for
the year ended September 30 1922, and hereby certify that
the annexed Consolidated Balance Sheet has been correctly
prepared therefrom.
Investments in other Companies are carried at conservative values. Refined Sugars are at cost prices at September 30 1922, which were below market, while the stock of
Raw Sugar on hand has been valued at the net prices subsequently realized.
Subject to the foregoing and to the sufficiency of the
Reserve for United States Income and Profits Taxes, which
have not yet been finally determined by the Government,
we certify that, in our opinion, the annexed consohdated
Balance Sheet sets forth the true financial position of the
.companies as at September 30 1922, and that the relative
Profit and Loss and Surplus Accounts correctly show the
results of the operations for the period.
LOVEJOY, MATHER, HOUGH & STAGG.
Members of The American Institute of Accountants.
Liberty Street, New York City.
ASSETS.
Capital Assets
Lands
*9,397,60848
Buildings, Machinery, Railroad Tracks,
Rolling Stock, etc
27.241,400 12
$36,639,008 60
3,029,340 28
Goodwill
504,359 75
Investments in Other Companies
Work Animals, Live Stock and Miscellaneous Equip1,371,656 11
ment
Current Assets and Growing Cane
Planted and Growing Cane
$953,703 46
Advances to Colonos and Contractors (after
deducting Reserve for Bad and Doubtful
Accounts)
6,656,938 56
Materials, Supplies and Merchandise in
3,582,531 58
Stores
5,916,049 29
Raw and Refined Sugars
Accounts and Bills Receivable (after deducing Reserve for Bad and Doubtful Ac1,664,659 64
counts)
Cash in Banks, with Fiscal Agents and on
1,479,151 28
Hand
20,253,033 81
Assets and Deferred Charges to Operations
Other
Cash in Hands of Trustee for Redemption
$250,702 20
of First Mortgage 8% Gold Bonds
Advances in connection with Contracts for
540,075 50
Future Delivery of Fuel Oil
382,105 23
Discount on First Mortgage Bonds
276,441 11
Prepaid Insurance, Taxes, etc
1,449,324 04
2,256,736 Bags 1,829,818 Bags
or
or
361,078 Tons
292,771 Tons
The net profit of the Company for the fiscal year as shown
by the Profit and Loss Account amounts to $2,023,447 42,
.after making due reservation for taxes in process of adjust'raent, inventory losses, loss on the sale of investment securities and all other anticipated or known losses. The usual
provision has also been made for bad and doubtful accounts
.and for depreciation on buildings, machinery and equipment.
The capital outlay during the year was small, amounting
to $312,673 61, the major portion of which was for additional
railroad lines and equipment at Chaparra, necessitated by
the increased tonnage of cane and its products.
%
Regular quarterly dividends of 13 % were paid during the
year on the Preferred Stock. Of the First Mortgage Collat'oral Eight Per Cent Sinking Fund Gold Bonds,$472,000 have
been retired during the year, leaving $9,035,000 outstanding
.at September 30 1922.
During the current idle season the factories, railways and
.equipment have been thoroughly overhauled as usual, and
the estates are ready to proceed with grinding operations at
the first favorable moment, At each estate the ample supply of cane and the indicated good market for the sale of its
'raw sugar product give promise of a satisfactory season.
Respectfully submitted,
By Order of the Board of Directors,
JAMES H.. POST, President.
in
THE CUBAN-AMERICAN SUGAR COMPANY, AND ITS
SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET, SEPTEMBER 30TH 1922.
$64,146,722 59
LIABILITIES.
Capital Stock
(Authorized $10,000,000 00)
Common
1.000,000 shares of $10 00 each _ __ _ _ _ _ _$10,000,000 00
Seven Per Cent Cumulative Preferred Stock
(Authorized $10,000,000 00)78,938 shares
7,893,800 00
of $100 00 each
800 00
$17,893,
First Mortgage Collateral 8% Sinking
Fund Go d onds, due March 15 1931-$10,000,000 00
Less-Redeemed
965,000 00
9,035,000 00
480,335 49
Real Estate Mortgages and Censos
Current Liabilities
$4,430,805 28
Bills and Loans Payable
Accounts Payable
1,231,20273
74,547 59
Salaries and Wages Accrued
40,185 16
Interest Accrued
5,776,740 76
for Depreciation
8,951,273 55
Reserve
Reserve for United States and Cuban Income and
1,556,223 13
Excess Profits Taxes unpaid
20,453,349 66
Surplus, per annexed statement
$64,146,722 59
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED SEPTEMBER 30 1922.
Raw and Refined Sugars Produced-Net Proceeds, after deducting Commissions, Inven$23,949,567 87
tory Losses, etc
231,714 93
Molasses Produced
390,205 72
Interest Received
821,805 29
Profit on Stores, Cattle, etc
$25,393,293 81
Less-Producing, Manufacturing, Selling, etc.,
Expenses of
flaw and Refined Sugars, including losses on Investments and Growing Cane Sold, extraordinary Bad Debts
20,731,078 16
and Income Tax
*4,662,215 65
Deduct
$1,243,786 31
Provision for Depreciation
Discount on Collateral Sinking Fund Gold
88,726 89
Bond.s
lteral Sinking Fund
Interest
734,110 15
-------Bonds--------Interest on Kills Vayae,urreiCtA.ccounis,
572,144 88
etc---------------------------------
2.638,768 23
$2,023,447 42
Net Profit for the Year
CONSOLIDATED SURPLUS ACCOUNT FOR THE YEAR ENDED
SEPTEMBER 30 1922.
$18,982,468 24
Balance, October 1 1921
Add
per annexed
Profit for the year ended September 30 1922,
2,023,447 42
account
$21,005,915 66
DeductDividends on % Preferred Stock:
to
Paid January 3 1922for three months
January 1 i922-1%%
1922 for three months to
Paid April 1
'April 1 1922-134%
months to
Paid July 1 1922 for three
July 1 1922-134%
months
Paid September 30 1922 for three
to October 1922-1%%
Surplus at September 30 1922
$138,141 50
138,141 50
138,141 50
138,141 50
552,56600
$20,453,349 66
DEC.16 1922.]
THE CHRONICLE
2699
CENTRAL AGUIRRE SUGAR COMPANY
ANNUAL REPORT TO THE STOCKHOLDERS FOR 1922.
To the Stockholders of the Central AguirreTSugar Company,
Porto Rico:
Aguirre, Porto Rico, Dec. 1 1922.
The Twenty-Third Annual Report of the Directors of
the Central Aguirre Sugar Company and affiliated interests
is submitted herewith for the year ending July 31 1922.
Everything considered, the year covered by this report
has been quite satisfactory. The high cost of previous years
has persisted and entered into the product, when ready for
market, to a very considerable degree, but in the harvesting
and marketing processes, these costs have been reduced.
The prices obtained on the whole have been better than
the average price throughout the entire season, brought
about largely by delay in marketing a considerable portion
of the crop until after the elose.of the season. This delay
was decided upon after a most careful consideration of all
statistics and pertinent facts available, and it is gratifying
to say that results justified the action.
The crop is now entirely disposed of, the properties are
all in good condition and the organization is quite as good
as it has ever been. A large expenditure has been made in
improving the mill at the Machete property and with the
possible exception of a new warehouse, it is not anticipated
that any further large expenditure will have to be made
on that property.
The Aguirre Mills began grinding December 16 1921 and
finished May p9 1922, with a total of 44,497 tons of sugar.
The Machete Mill began grinding January 9 1922 and
finished May 26 1922, with a total production of 11,691
tons of sugar.
The present season has been an exceptionally dry one,
and will undoubtedly be reflected by a substantial decrease
in this year's crop. It is hoped, however, that lower costs
and a very substantial improvement in price may overcome
the decrease in volume, and that the current year will
bring satisfactory financial results.
I desire to express my hearty appreciation of the enthusiasm and loyal support and co-operation of the executive
staff, both in mill and fields, and wish to give them all due
credit for the results which have been accomplished.
For the Directors,
CHARLES G. BANCROFT, President.
CENTRAL AGUIRRE SUGAR COMPANY, LUCE &
COMPANY, S. en C.
-PONCE AND GUAYAMA
RAILROAD COMPANY-CONSOLIDATED
BALANCE SHEET AS AT JULY 31 1922.
ASSETS.
Current Assets
Cash on Hand and in Banks_ ___ $171,028 76
Accounts receivable
942,659 36
Bills Receivable
41,423 99
Sugar on Hand (at prices since
realized)
1,202,561 36
Molasses on Hand (at prices
since realized)
9,050 14
Investments:
Collateral Loans
& Certificates
of Deposit_ _ _ $447,451 72
U. S: Bonds at
Cost
1,162,709 44
P. R. Irrigation
Bonds
78,400 00
Cuba Sugar Finance Co.stock
50,000 00
Central Machete
Co. Stock_ _ _ 580,000 00
2,318,561 16
Insurance Fund (See Contra)___
29,135 10
$4,714,419 87
Deferred Assets
Growing Crops
$676,264 90
Construction and Improvements
(Not Completed)
17,164 35
Material and Supplies and Store
Merchandise for Resale
439,729 27
Deferred Charges to Operating_
37,226 26
1,170,384 78
Fixed Assets
Real Estate, Roadway and Track,
Mill, Buildings
& Water Supply$5,449,467 27
Less: Reserve for
Depreciation &
CENTRAL AGUIRRE SUGAR CO.
-Luce & Co. S. en C.
Deflation
948,968 96
and PONCE & GUAYAMA RAILROAD COMPANY
$4,500,498 31
CONSOLIDATED PROFIT AND LOSS STATERolling Stock,
MENT FOR THE YEAR ENDED JULY
Portable Track,
31 1922.
Steam Plows,
Sugar Made
Livestock,Carts,
Sugar Sales
$2,540,100 24
Implements, &c$1,055,647 15
Sugar on Hand (at prices since
Less: Reserve for
realized)
1,202,561 36
Depreciation_ _ _ 246,512 91
$3,742,661 60
809,134 24
Molasses Made
5,309,632 55
Molasses Sales
$29,158 49
Molasses on Hand (at prices
$11,194,437 20
since realized)
9,050 14
•'38,208 63
LIABILITIES.
Cane Sales(To Central Machete Co.)
267,214 12
Current
Miscellaneous Income
315,412 19 Accounts Liabilities:
Payable
$57,424 37
17,946 25
$4,363,496 54 Sundry Accruals
Reserve for Income and Excess
Agricultural, Manufacturing and
Profits Taxes
344,089 31
General Expenses
$3,546,930 80
$419,459 93
Less: Amount charged to
Reserves
Reserve for Reduction of
For Restoration of Property on
Rentals
41,000 00
Leased Lands
$5,634 12
3,505,930 80
For Reduction of Rentals
220,00000
For Insurance Fund (See Contra) 29,135 10
57,565 74
Less: Provision for Depreciation on Roadway
254,769 22
and Track, Mill, Buildings, Pump Stations
Capital Stock
and Equipment
Common:
163,727 88
Authorized $6,000,000 00.
Issued 150,000 shares of
$692,837 86
Add: Dividend-Central Machete Co. Stock_
$20each
58,000 00
3,000,000 00
Surplus
$751,837 86 Balance August 1 1921
• $7,703,460 10
Add: Balance from Profit and
Cable Address
Loss Statement attached_ _ _ _
W. T. WOODBRIDGE
751,83786
"Portowood"
Member American Insti Add: Plant Adjustments,
Net
3,553 53
P. 0. Box 54
tute of Accountants.
W. T. WOODRIDGE & CO.
$8,458,851 49
PUBLIC ACCOUNTANTS
Deduct: Dividends $902,250 00
San Juan, Porto Rico
Deduct:Reserve for
AUDITORS CERTIFICATE
Income Taxes__
25,650 93
We have audited the accounts of the Central Aguirre
Sugar Company, the Ponce and Guayama Railroad Com- Deduct: Reserve for
Insurance Fund
10,742 51
pany, and Luce & Company S. en C., for the year ended
938,643 44
July 31 1922 and certify that, in our opinion, the foregoing
7,520,208 05
Consolidated Balance Sheet and accompanying Statement
'
of Profit and Loss ate correct.
$11,194,437 20
W. T. WOODBRIDGE & CO.. Public Accountants.
Per W.T. WOODBRIDGE,
Member American Institute of Accountants.
2700
[Vol,. 115.
THE CHRONICLE
GUANTANAMO SUGAR COMPANY
SEVENTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING SEPTEMBER 30 1922.
New York, November 24 1922.
To the Stockholders of the
Guantanamo Sugar Company.
The Directors beg to submit the accounts of your Company for the year ending September 30 1922 and a copy
of the Balance Sheet, together with the report of the
General Manager on the operations of the Company.
The accounts have been audited by Messrs. Price, Waterhouse & Company, and a copy of their certificate is appended.
The cane ground amounted to 494,895 short tons, and
sugar made 56,310 short tons, or 351,936 bags of 320
pounds.
During the early part of last season the market price
of sugar was extremely low. A gradual improvement
occurred as the year progressed, but, all things taken into
consideration, it must be looked upon as fortunate that
the Company's operations show a profit, although'a moderate one.
At a Special Meeting of the Stockholders held January 17
1922 the Certificate of Incorporation was amended to provide for an increase in the Capital Stock of the Company
to 390,000 shares, of which 15,000 should be Cumulative
Preferred of $100.00 par value and 375,000 shares should
be Common Stook of no par value.
The new Preferred Stock, in conjunction with the additional Common Stock offered to the stockholders, was
oversubscribed. No commission or discounts entered into
the financing, which was accomplished at a minimum of
expense.
The above financing permitted the Company to pay off
current indebtedness and made it possible to market the
remaining sugar to advantage.
The capital expenditures for the year for improvement
and betterment to your property amounted to $197,239 70,
as shown in the General Manager's report.
The new fourth mill at Los Canes has resulted in better
extraction of sugar. In general, the factories are in excellent condition.
The dry weather which has been experienced during
recent months will result in a smaller cane crop for the
coming season.
By order of the Board of Directors.
JAMES H. POST,
President.
GUANTANAMO SUGAR COMPANY
-YEAR ENDING SEPT. 30 1922.
PROFIT AND LOSS ACCOUNT
Gross sugar sales, less sea freight,
$2,703,894 57
commissions, etc
35,693 78
Molasses sales
$2,739,588 35
•
Deduct-Producing and manufacturing costs
and shipping expenses, including New York
2,377,197 85
and Guantanamo office expenses
Profit on operations before providing for
depreciation of mills and equipment or
for replanting of cane.
$362,390 50
Add
Interest (net)
Rents (net)
1,140 68
25,155 07
Lees-Miscellaneous (net)
$106,295 75
30,907 46
75,388 29
$437,778 79
Deduct
Provision for bad debts
Provision for depreciation and
replanting of cane
.:5,00000
246,715 34
331,715 34
Profit for year
$106,063.45
DIRECTORS.
GEORGE E. KEISER.
ERNEST BROOKS.
R. WALTER LEIGH.
GEORGE R. BUNKER.
C. LEWIS:
THOMAS A. HOWELL.
JAMES H. POST.
OFFICERS.
.
.
President .
.
.
.
Vice-President .
Vice-President and General Manager
and Treasurer .
.
Secretary
JAMES H. POST.
GEORGE R. BUNKER.
0. G. SAGE.
GEORGE H. BUNKER.
GUANTANAMO SUGAR COMPANY
BALANCE SHEET SEPTEMBER 30 1922.
ASSETS.
Real Estate, Cane Lands, Buildings, EquipPermanent Investments__ _ $6,266,371 17
ment and other
Add-Machinery and apparatus purchased,
to be installed
73,125 76
36,339,496 93
-Reserves for depreciation, replanting
Less
1,388,414 53
and extraordinary repairs
$4,951,082 40
Investment in Guantanamo Railroad Company:
$1,000,000 GO
Notes
26,118 61
Advances
1 00
-7,708 shares
Stock
1,026,119 61
Current and Working Assets:
carried over to 1922-23 season_ _ $112,834 87
Growing crop
Inventories:
Raw sugar on hand
$425,531 62
38,460 bags
2.964 63
Molasses
Stores and supplies in stock and
394,771 67
in transit (at cost)
Materials and spare parts (at
•
119,638 65
cost)
942,906 57
34,630 90
interest
Prepaid insurance and
Sundry accounts receivable and advances to
1,029,738 03
colonos, etc., less reserves
Shares of Guantanamo Sugar Company purshares
-2,500
chased for sale to employees
25,000 00
of common stock
banks and on hand (New York and
Cash in
126,859 10
Cuba)
2,271,970 37
LIABILITIES.
Capital Stock:
Preferred 8% cumulative:
Authorized and issued
15,000 shares of $100 each $1,500,000 00
Less-750 shares purchased
75,000 00
for sinking fund
$1,425,000 00
Common:
Authorized, 375,000 shares of
nopar value.
Issued and outstanding:
361,060 shares of no par
$3,610,600 00
value
2,788 shares of unconverted
$50 par value stock (old
139,400 00
issue)
3,750,000 00
$5,175,000 00
Current Liabilities:
$329,457 16
Notes and accounts payable
22,157 15
Provision for taxes and contingencies
351,614 31
Unexpended Funds:
For 1922 dead season current repairs and 57.5,000 00
maintenance
38,251 78
For maintaining soil fecundity
113,251 78
•
Surplus:
$3,204,174 45
Balance at September 30 1921
Add
Profit on operations for the
year as per account an$106,063 45
nexed
Profit arising from purchase of
25,673 27
company's own stock
131,736 72
$3,335,911 17
Deduct
Transferred to no par value
$675,000 00
stock
Dividends on preferred stock.. _ 51,604 88
726,604 88
2,609,306 29
$8,249,172 38
$8,249,172 38
CURRENT NOTICES.
Place, Jersey City,
The Registrar & Transfer Co., of 15 Exchange
agent of the Common Stock of the
N. J., has been appointed co-transfer
Shell Union Oil Corporation.
Stock Exchange, have
-Gilbert Elliott & Co., members of New York
banks, comparing their
prepared an analysis of New York City national
with September 1921.
earnings and conditions as of September 1922
heretofore conducted by
Baar Company announce that the business
name of Baer & Comthem at 74 Broadway, will be continued under the
Broad St.
pany, at their new address, 30
-Tho United Security Co. of Canton, Ohio, has moved its offices to
new and larger quarters on the first floor of the Citizens Building, on the
east side of the Public Square. Canton, Ohio.
-John B. Works, since its establishment, manager of Otis & Co.'s Cincinnati office, has been placed in charge of all buying of municipal and
government bonds for that firm, with headquarters at its office in Cleveland.
-Bankers Trust Co. has been appointed transfer agent for the preferred
stock of the Wisconsin Telephone Co.
-The National Bank of Commerce in New York has been appointed
registrar of the 7% cumulative preferred stock of the Campbell Soup Co.
DEC.16 1922.]
2701
THE CHRONTOLE
Ward Baking Co., N. Y.-20% Stock Dividend, &c.—
The directors have declared (1) a 20% stock dividend: (2) an extra cash
dividend of 5%,and (3) a quarterly dividend of 2% on the Common stock,
all payable Jan. 2 to holders of record Dec. 20. The quarterly dividend of
2% just declared places the Common stock on an 8% annual basis, as
against 7% heretofore.
The company in July 1920 paid a 20% stock dividend, which increased
the outstanding Common stock to $7,92'7,000, par $100 (authorized issue
$15,000,000) —V. 113, p. 2197.
Washburn Wire Co. Philipsdale, R.I.-300% Stk. Div.
The company has declared and paid a 300% stock dividend on the
Common stock, increasing the outstanding Common stock from $1,250,000
to $5,000,000. The company also has an outstanding issue of $2,839,400
77 Preferred stock. Authorized capital is $7,500,000. Common and
°
33,500000 Preferred, par $100.
President E. R. Phillips says: "Our business picked up considerably
during the last 6 months of this year, as compared with the first half of
1922, which was very dull. The plants are now running full, and we are
comfortably sold ahead as far as we care to commit ourselves. There is a
decided shortage in steel products and the demand for them is keen.
"Earnings this year will be satisfactory and the $24 dividend on the
old stock will be fully covered. On the new stock the company shall pax
dividends at the rate of $6 a year, giving stockholders the same return.
—V. 109, p. 2363.
Western States Gas & Electric Co.—Tenders.—
The Girard Trust Co., trustee, Phila. Pa., will until Jan. 5 1923 receive
bids for the sale to it of 1st Ref. Mtge. 5% gold bonds, due June 1 1941 to
an amount sufficient to exhaust $132,965 at a price not exceeding 105 and
Int.—V. 115, p. 2392, 1954.
Whitin Machine Works, Boston.
-1400% Stock Div.—
The company has filed a certificate with the Massachusetts Commissioner of Corporations showing an increase in capital from 4600,000 to
$9,000,000, par $100, by the issuance of 84,000 shares of stock as a 1400%
stock dividend.
•
Balance Sheet Dec. 31 1921.
Assets—
Liabilities—
Real estate & machinery_ $5,654,194 Capital stock
$600,000
616,227
Merchandise
1,333,307 Accounts payable
Cash & accts. receivable.. 4,154,664 Reserves
800,000
Stocks in other cos
10,637,813
Surplus
860,151
U.S. ctfs of indebtedness
$12,654,040
651,724
Total (each side)
Fi Whiting & Davis Co., Boston.
-900% Stock Dividend.—
The company has filed a certificate with the Massachusetts Commissioner
of Corporations showing an increase in capital from $100,000 to $1,000,000,
par $100. the additional 9,000 shares to be issued as a 900% stock dividend
to holders of record Dec. 5. Undivided profits as of Dec. 31 last were
$1,173,313. •
(F. W.) Woolworth Co.—Reduces Good Will Account.—
The directors on Dec. 13 approved the transfer of $20,000,000 from surplus account to be applied to reduction of the company's "good-will"
account from $50,000,000 to $30,000,000. The good-will has been carried
on the company's balance sheet at the larger figure since it was incorporated
in 1912. This action was taken, it is said, in lieu of a stock dividend
payment, and it is Intimated that further reductions in this item will take
place from time to time until all of the intangible items in this account have
been eliminated.—V. 115, p. 2593, 2169.
•
Worcester (Mass.) Gas Light Co.—Larger Dividend.—
A quarterly dividend of 2% has been declared on the Common stock,
placing the issue on an 8% basis, as compared with 6% previously and the
regular quarterly dividend of 2% on the Preferred, both payable Jan. 2,
the Common dividend to holders of record Dec. 23 and the Preferred dividend to holders of record Dec. 27.—V. 114, p. 1794.
Wyman-Gordon Co., Worcester, Mass.—Capital Increased-70% Stock Div.—To Retire 1st Pref. Stock.—
The company has filed a certificate with the MassachusettsCommissioner
of Corporations showing an increase in capital from $3,750,000, par $10
(divided into 7,500 shares 1st Pref., 13,000 shares 2d Pref. and 17,000
shares Common) to $5,050,000, represented by an increase of 8,500 in the
number of 2d Pref. shares and an increase of 4,500 shares of Common. All
of the new 2d Pref. and 3,400 shares of additional Common stock will be
issued as a 70% stock dividend on the present outstanding $1,700,000
Common stock. All of the outstanding 7,500 shares of 1st Pref. stock has
been called for redemption on March 15 1923 at 110 and dividends.
The balance sheet as of Oct. 31 last shows surplus of $2,180,141.—
V. 115, p. 1955.
York (Pa.) Mfg. Co.—Stock Dividend.—
The stockholders will vote Dec. 26 on increasing the authorized Capital
stock so as to afford the payment of a 100% stock dividend.—V. 112, p.2205
• CURRENT NOTICES.
—The 1922 edition of Mundy's Earning Power of Railroads has been
Issued by Jas. H. Oliphant & Co., Members of the New York Stock Exchange. This book (440 pages) is printed on bible peal.'and bound in
flexible leather, pocket size. For twenty years this publication has presented earnings and finances of the principal railroads in a form permitting easy, reliable comparison.
Publication was suspended in 1919, and the new edition is especially
Interesting as a survey of the first full year of private operation following
the disruptions of Government rental. Where ever possible, lap-over
items arising from Federal operation and guaranty have been eliminated
from 1921 income accounts with a view to presenting true earning power
in that year.
I In the first half of the manual one page each is devoted to the 135 railroads
described, showing in tabular form income account, earnings in previous
years, capital structure, traffic density and relation of the different operating expenses and fixed charges to total income over a number of years.
Standardization of accounts and reduction of earnings to a per-mile basis
make the determination of the ,relative railroad earning power a simpler
matter. The remaining pages consist of text supplementing the statistic
cal tables with facts as to dividend, financing, control, corporate history,
&c. The book also contains prefatory chapters explaining how the material
offered should be used.
—A six-page folder entitled "How
Is Property Distributed Where There
Is No Will," is just off the press to-day for free distribution by the Trust
Department of the Liberty Central Trust Co. of St. Louis. The chart
shows how real estate and personal property in Missouri will descend and
be distributed when the owner dies without a will. Copies of the folderd
we are informed, may be had upon application.
—Messrs. Spencer Trask & Co. gave another of their pleasurable socia
affairs at the Hotel Astor Wednesday evening. It was a dinner dance
and upwardsrof two hundred from the New York office participated in
the festivities.
—Eugene F. Kinkead, Henry A. Libaire and Alfred B. Cooke have
formed a partnership under the firm name of Kinkead & Libaire. The new
firm will conduct a general commission business in stocks and bonds, at
74 Broadway, as members of the New York Stock Exchange.
—Columbia Trust Co. has been appointed registrar of the Common stock
and 7% cumulative preferred stock of the Phoenix Hosiery Co.
—The Equitable Trust Co. of New York has been appointed dividend
disbursing agent of the General Gas & Electric Corporation.
Arht, Octuuttertial Plums,
COMMERCIAL EPITOME.
Friday Night, Dec. 15 1922.
Decidedly wintry weather has stimulated trade all over
the• country. Retail business is conspicuous for activity,
partly, of course, from the holiday demand. Employment
Is widespread throughout the country, and the buying capacity of workers is better than it was a year ago. Trade is
noticeably larger than then. It is true that wholesale and
jobbing business has recently fallen off somewhat. But
there have been large sales of goods for the first three
months of next year. There is a big business in building
materials, regardless of the cold weather. Naturally, trade
in coal is larger throughout the United States. The output
of bituminous coal is large enough to make Western buyers
easy in contrast with the East, where the hard coal situation
is less favorable than that in soft coal. The recent output of
bituminous is the largest of the year. Car loadings in some
sections of the country are very large. The country is better supplied with transportation. The situation is noticeably better on the Pacific Coast. Meantime iron and steel
production is larger, and recent sales have increased, though
at lower prices. The railroads are still buying cars, locomotives, etc., on a large scale. But it is noticeable that Belgian
steel products in some cases are selling at $4 a ton below the
price of American. This seems to be due to the higher cost
of labor in this country. With a better supply of cars the
movement of lumber to the big centres is on a larger scale.
It is noticeable, too, that the building total in November was
very gratifying.
Raw cotton has advanced during the week rather sharply.
And the consumption in this country is the largest since
January 1920. The cotton crop has for years been subject to
the depredations of the boll weevil, but it now looks as ,
though determined measures will be taken during the coming year to control the pest. The high price for cotton has
naturally increased the buying power of the South. Of late
cotton goods have shown an upward tendency. Grain prices
have advanced, wheat moving up 4 to 5 cents per bushel.
With corn and other grain it is now at the highest price of
the season. Food prices in general are higher after some recent reaction. The automobile output is at the highest point
of the year, with prices for different cars declining. Failures in trade are smaller. For the week they are stated at
445, against 462 last week, and 565 in this week last year.
Exports of grain are, a large scale. The winter wheat
on
crop condition is fairly favorable, although in some sections
of the West a better snow covering for the plant is desirable.
It is pointed out that the demand for farming implements is
better. This is something distinctly new. As reflecting the
building movement the output of cement in November was
much larger than in the same month last year, and in fact
,for 11 months it shows a new high record. There has been
a big trade in heavy clothing and furs, as well as in shoes
and rubbers, the latter favored by stormy weather over great
tracts of the country. Significantly, too, the jewelry business is brisk. The big industries are active, whether on old
or new orders. Cotton mills are running at 100% and Iron
and steel at 80 to 85%.
Meantime, as already intimated, wholesale and jobbing
trade has slackened, but this is not unusual towards the end
of the year. It is noticeable in parts of the South and the
Northwest. And the European'situation is far from being
entirely satisfactory. In fact, it has attracted a good deal
of attention. Some of the features, it is true, have been favorable. Sterling exchange rose at one time to a point within
about 17% cents of the par value. And there has also been
a rise in francs, with an advance in lire and some other European currencies, although those of Southeastern Europe
have in general made a less favorable showing. But the German reparation tangle excites comment and gives no little
concern. There have been rumors of late that this country
would in conjunction with England grant a large loan to
Germany. It would appear that nothing definite has as yet
been decided. But it is believed that the Washington authorities are giving the matter more or less attention.
Rightly or wrongly the impression in business circles here
is that the United States Government is disposed to lend a
hand in Europe looking towards its economic rehabilitation.
At the same time it will refuse to become entangled in any of
the age-old political complications of Europe. There is an
impression that very important developments in the foreign
policy of the United States are impending, partly owing to
the break-up of the recent reparations conference in London
and the threat of France to occupy the Ruhr Basin. The fact
that Premier Bonar Law in a speech the other day declared
that Germany is in danger of complete collapse and that the
American Ambassador to Great Britain is to come over for a
consultation with the Washington authorities has attracted
wide attention. In other words, business men have their eye
on Washington, London, Paris and Berlin, as they have not
had for a long period. Elihu Root has visited the White
House and J. Pierpont Morgan has been in consultation with
Secretary Hughes. It is hoped, and by many believed, that
something looking to the better state of things will come out
of all this. Also, it may be noted that Turkey has expressed
a desire to enter the League of Nations, and following the
2702
THE CHRONICLE
firm attitude of the British Government and broad intimations from the United States, seems more amenable to reason.
The labor question is of increasing interest. The growing
scarcity of labor, the agitation for an increase of 29% in the
wages of New England cotton mill operatives and the coal
famine which might not have happened but for labor scarcity, nor the ill-advised settlement months ago of the coal
strike, the greatly restricted immigration, are only a few of
the many things which keep this weighty matter of labor
supply before the mind. And in Chicago on Dec. 13 James
A. Emery, general counsel of the National Association of
Manufacturers of the United States, addressed the convention of the American Farm Bureau Federation on the subject
of "The Problem of Immigration." He said what everybody
knows to be true, that agriculture and industry are equally
interest in the social and economic problem. "Each is feeling in an increasing degree a rising demand for labor to
which, with a single exception, there has been substantially
no foreign contribution in six years. The problem, then, is
to apply practically the rule laid down by James Madison in
his famous report on immigration to the First Congress:
'Welcome every person of good fame that really means to
incorporate himself into our society, but repel all who will
not be a real addition to the wealth and strength of the
United States.' We have established reliance- upon immigration as the great source of supply for rough and unskilled
labor, without which the basic work of expanding construction, transportation, manufacture and agriculture capnot go
forward. From 1915 to 1919 immigration was abruptly suspended by the great world catastrophe. During 1920 and
1921 it reached about 668,000. Alarmed by the well founded
fear that we were confronted with a serious invasion of undesirable aliens and unable to devise for the moment a constructive means to meet it, Congress enacted in 1920 a 3%
limitation, which was pocket-vetoed by President Wilson, but
was eventually re-enacted in May 1921. Under the first year
of the operation of this restriction 356,995 aliens were admissible to the United States, of which number but 243,953 were
admitted. The first fiscal year of the operation of the 3%
Act leaves us with a net gain of male immigrant aliens admitted over male emigrant aliens departed of but 6,518.
These facts are themselves the overwhelming evidence of a
shortage in industrial and agricultural labor that must be
steadily intensified and which must necessarily have the
most serious economic effects. - The time has come when the
American people should turn their attention to the formulation of a constructive policy of selective immigration and
abandon the present negative legislation. Labor dictated
the 3% restriction law. And how little labor cares for the
welfare of the great mass of the population is shown by a
recent agitation to have the restrictive immigration -law
made even more drastic, and also by the sufferings of
the
people in the present coal famine the direct outcome of a
causeless strike months ago. Why labor should not be made
amenable to the provisions of the laws against restraint of
trade or conspiracy it is not at all easy to understand. Everybody agrees that capital should be held to a strict accountability under these Acts. But the law should not play favorites. Every man, whatsoever his station in life, should be
equal before the law and no more than equal. That is common sense and common justice. Labor wants to be set above
the law. If wealthy men should try to `corner' a commodity
there would be loud outcries. Labor is trying to corner the
labor supply."
New Bedford and Fall River workers will meet this week
to consider the question of a demand for increased wages.
The Rhode Island Council has adopted resolutions calling
for a demand for an increase of 2%. At Pawtucket, R. I.,
cotton workers are said to have begun agitating for higher
wages, I. e. the same scale as before the last 22%% cut.
According to the National Automobile Chamber of Commerce, November production of motor vehicles approximated
232,000, or within 5% of October, and twice the volume of
November 1921.
On Dec. 12 a high wind brought the first severely cold
weather to the States of the Middle West, while the Northwest for the second time this winter was in the grip of zero
temperatures. The coldest weather recorded this winter
prevailed in the northern part of the Rocky Mountain region.
Temperatures ranged from 12 to 27 below in Wyoming and
Montana. To-day heavy snows and rains were reported in
virtually every State except Florida. The snowfall in the
lower Lake region was particularly heavy. It was warmer
in the Eastern and Southern States, but remained unusually
cold in the Northwest. In New York it began to snow on
Thursday, later turning to rain. To-day it has been cloudy
and mild.
LARD quiet; prime Western, 11.10@11.20c.; refines to
Continent, 12.25e.; South American, 12.50c.; Brazil in kegs,
13.50c. Futures have generally fluctuated within moderate limits, but showed some upward tendency in sympathy
with a rise in grain and hogs, though later on there was some
reaction with hogs lower. That caused more or less hquidaticin. Trading has not been large, in spite of the reports
that the Government will take financial measures for the
relief of live stock raisers and farmers. Cash trade has
shown less snap. Export business has been quiet. It is
true that on the 12th inst. New York cleared 8,309,000 lbs.
of lard and 4,870,000 lbs. of bacon. Liverpool on that day
[vol.. 115.
was 2s. lower on the spot for lard and unchanged to 6d.
higher for future delivery. The average weight of hogs in
Chicago was 234 lbs. On the 11th inst., on the other hand,.
there was a broader market: Talk of credits to Western
interests had begun to have a cheering effect. Prices advanced. Exports last week were large. Stocks at the
West are very moderate. In other words, though new business has not been very heavy either for home or foreign
account, the situation in the main has looked more hopeful.
Later prices fell with hogs and lower Liverpool prices, though,
the decline, to be sure, was small. To-day prices advanced,.
closing 25 to 28 points higher for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Sat.
Mon.
Wed. Thurs.
Tues.
10.35
10.25
December delivery_cts_10.40
10.42
10.25
10.30
10.25
10.12
10.05
10.12
January delivery
10.10
10.15
10.40
10.15
10.30
March delivery
10.30
10.30
10.22
10.50
10.40
10.25
May delivery
10.42
10.42
10.35
PORK dull; mess $28@$28 50; family $30@$32; short,
clear $22 50@$29. Beef quie6; mess $12@$12 50; packet,
$13 50@$14; family, $16@$18; extra India mess $28@$30;
No. 1 canned roast beef, $3 25; No. 2, $2 353;6 lbs. $16;
sweet pickled tongues, $50@$60 nom. per bbl. Cut meats
dull; picirled hams, 10 to 20 lbs., 17@,17 Vic.; pickled bellies,
10 to 12 lbs., 17e. Butter, creamery firsts to extra, 4532@
Ae. Eggs, fresh seconds to
553'c. Cheese, flats, 21 @281
extra, 500)62e.
COFFEE on the spot steady; No. 7 Rio, 11Mc.• No. 4
Santos, 15@153'c.; fair to good Cucuta, 15%615%c.
Futures advanced somewhat, though trading has not been
large. Deliveries on December contracts early in the week
brought the total up to 10,000 bags. There was a moderate
amount of switching from March to September at 110 points
and from May to July at 20 points, as well as from July to
September at 50 points. Western interests are supposed
to have bought May. Rio exchange was stronger early in
the week. Offerings of coffee here were light, a fact which
offset the smallness of the demand. The undertone became
firm, though the market lacked features of striking interest.
On the 13th inst., though Brazilian exchange was 1-32d.
lower, prices closed somewhat higher here. Europe sold
distant months but the market took the selling very well.
Switching continued. Later prices advanced with Rio
exchange up to 6 8d. and the trade covering in March.
Europe sold December and May. To-day Brazilian firm
offers were up. Futures here advanced slightly on covering.
The ending was 21 to 28 points higher than a week ago.
11 Hc!March
Spot (unofrl)
December 9.9609 97 I MaY
9 08© _ I July
9 7302
9 38©9.38 I September ....S.57@8.58
-Spot taw has been quiet, pending further
SUGAR.
developments, especially as refined has been dull. Yet
offerings of raw have been moderate. Prompt Cuba has
been quoted at 4c. c. & f. European cables reported offerings of Peru for December shipment at 18s. c. i. f., which is
6d. above the price recently paid; also Cuba for FebruaryMarch shipment at 17s. 9d. c. i. f. United Kingdom, or equal
to about 3.43c. f. o. b. Cuba. Twenty-three mills have
started work in Cuba as against 8 at this time last year.
Meantime it has been more or less of a waiting market here.
Refined was 7.10c., with nominal quotations 7.25c. There
was some export inquiry for refined, but apparently little or
no actual business. On the 13th inst. there was considerable liquidation of sugar. Shorts were about the only buyers. The West seemed to be selling September. Selling of
distant months weakened others. Havana cabled Dec. 11
.
that up to the end of last week no new sugar had reached
exporting points, according to the Guma,Mejer report.
Receipts of sugar last week at all ports were 4,276 tons,
while exports were 24,.505 tons and stock on hand now 29,206
tons. Cane cutters in the Camaguey Province have gone
on strike. On Dec. 13, 26 sugar mills were grinding in
Cuba. Jaronu has 12,743 sacks ready. Cunagua, 18,486,
and Cespedes, 6,000, These were the first mills to start
grinding. Manchester, Eng., reports the estimates for the
European beet sugar production for the year 1922-23 at a
total somewhat over 3,000,000 tons, according to the most
recent reports from the various countries. Of this total
about one-half will be grown by Germany, but practically
none of this can be reckoned on for export. The only
countries which will have an exportable surplus of any considerable amount will be Czechoslovakia, about 100,000
tons, and Poland about 40,000 tons. Russian production
has been practically abandoned. The figures for Sweden.
represent a considerable decrease. The estimates of production reckoned in tons are as follows: Germany, 1,600,000;
Czechoslovakia, 625,000; France, 400,000; Belgium, 300,000;
Netherlands, 275,000; Italy, 250,000; Poland, 225,000;
Spain, 140,000; Denmark, 110,000; Sweden, 100,000; Hungary, 60,000; Rumania, 40,000; Jugoslavia, 35,000; Austia,
20,000; Bulgaria, 15,000; United Kingdom, 9,000; Switzerland, 5,000; and Finland, 2,500 tons. Sugar cards, it is
stated, have been reintroduced in Germany after having
been discontinued some two years ago. Rationing again
from factory to dealer wholesale and retail, is to be the law.
Later spot raws were dull and rather unsettled, with futures
lower. The nominal price was still 4e. c. & f., though the
Street hazarded a guess that Mc. less might be accepted.
Refined remained at 7.10c. from second hands, 7c. Wall
Street sold March futures. To-day nearby Cuban raws
1c.
were firm at 3Y after sales on Thursday at 39c. for Cuba
in port. Futures were higher to-day, but end 5 to 6 points
lower for the week.
DEC.16 19221
THE .CHRONICLE
2703
3.6303.64
.39(3.4O July
3
3.5003.51 I September__ -3.7403.75
equal to the high price of the year. Considerable improvement in the demand is reported, and it is predicted by some
members of the trade that business will continue good during
the first half of 1923. The reported taking over of control
of the Chile Copper Co. by the Ryan-Anaconda interests
was considered the main reason for the advance.
TIN firmer. Spot tin is scarce. Spot straits quoted at
%
373 C. London has been higher of late. But business here
has been quiet. Lead lower at 7.15@7.20c. New York
and 6.85@6.90c. East St. Louis stocks are large. Zinc
declined slightly; spot New York, 7.55@7.60c.; East St.
Louis 7.20@7.25e. Stocks of slab zinc increased during
Nov. 1,500 tons. This is the first increase reported in sevDecember _ 9.700 ___ March__.. 9.960 9.99 June
10.28©10.29 eral months. Production also increased, while shipments
January_ _ _ 9.6503 9.66 Apr 1
10.04010.10 July
PETROLEUM.
-Crude oil prices were advanced on the fell off.
PIG IRON has been weak and unsettled. It is said that
14th inst. by the Texas Company to $1 60 for De Soto,$1 40
for Bull Bayou;$1 25for Crichton;$1 35for Mexia,and $1 60 charcoal pig has been sold recently at $3 under the usual
for Curria. In view of the large stocks of crude oil these quotations: Eastern Pennsylvania prices, it is declared,
advances were unlooked. for. Gasoline in poor demand and have dropned $1, with sales at $26. Buffalo, it seems, sold
weaker. On the other hand some improvement is noted at $25. Charcoal iron has been quoted at $33 nominally,
for kerosene. Yet business is confined in most cases to but it is said that business has been done at $30. Pittsburgh
small lots. Bunker oil in better demand at $1 45 per bbl. has been more active with sales reported of 40,000 tons.
refinery. Gas oil dull at Sc for 36-40 at refinery. New York British nig iron is less active. But on the other hand, it is
prices: Gasoline, cases, cargo lots, 28.75c.; U. S. Navy stated that 1,000,000 tons of American iron have been closed
'specifications, bulk, 15.50c.; export naphtha cargo lots, for the first quarter of 1923. Some say more than that,
18c.; 63-66 deg., 21c.; 66-68 deg., 22e. Kerosene, cases, with Cleveland put down for 500,000 tons. Pittsburgh some
cargo lots, 17c.• motor gasoline, garages (steel bbls.) 24c. 80,000 tons and Buffalo 50,000, with considerable tonnage at
Gasoline production was near a new high record. The total New York, Boston, Cincinnati and Chicago. In the Pittsfor Oct. of 566,278,689 gallons was the largest for any burgh district malleable iron fell $1 a ton and Bessemer $2 50.
month this year except July, which was about 3,400,000 Birmingham reports a large quantity booked. Some 6,000
tons of basic iron were taken by the Middle West and 10,000
gallons greater.
33 00 Wooster
tons by leading pipe makers. Most of the sales are said to
Pennsylvania
$1 con MM Continent
'Corning
90 be at $23.
1 75 Lima
Below 28
1 98
Considerable business, however, was recently
1 on
Cabell
1 86 Indiana
1 78
28at29.9
I 10 done on good orders, it seems, at as low as about $22. It
1 71 Princeton
30032.9
1 77
0 75 is said that of late
Somerset. light..
1 96 Illinois
Somerset_..
1 77 Healdton
makers have been asking higher prices,
1 35
Ragland
1 00
Mexia
1 25 though little business has been done at the new quotation.
Crichton
RUBBER has been only moderately active at best, but Only a small amount of business has been done for the second
prices remain firm. Smoked ribbed sheets and first latex quarter.
STEEL output has reached a high record for the year in
4c.;
crepe spot and Dec., 27Y Jan.
-March, 28c.; April-June,
4
'283O.; July-Dec., 293 c. There was a slight reaction later the Pittsburgh district. It is 85% there. A better new
in the week on lower London cables and a sharp reaction in demand in some directions is reported. • For the first quarsterling exchange. On the 14th inst. London reported that ter of 1923 the outlook is said to be promising, especially as
market dull at 14d. Cables from Singapore reported the the mills already have good heavy orders on their books.
market dull there. Lower grades of plantation were dull Consumers show more confidence. The steel industry in
and nominal. So was Para; up-river fine, 243/2c.; coarse, general is operating at about 80%. Chicago reports more
173'c. Central, Corinth, 16
London cabled Dec. 11 confident buying of agricultural implements. A good busithat rubber recovered somewhat with early buyers at ness is going on in wire products and pipe. But in many
133 d., and later 14d. was paid. London stocks increased other products consumers as a rule now seem to be pretty
4
'755 tons for the week, due to arrivals and are now 70,101 well supplied. Prices for plates, shapes and bars. it is detons, which compares with. 71,050 tons at the same time in clared. are not under existing circumstances really being
adequately tested. The quotation as a- rule is around 2
1921 and 47,891 tons in 1920.
HIDES.
-Late last week there was activity in Chicago cents, although such prices are still mentioned in connection
in big packer hides, with about 150,000 reported sold at with some business as 1.q0c. to 1.95c. The demand for
-steady prices. Native bulls sold there at 14c. Other deals cars keens UD. Chicago thus far this year has sold. it apwere reported pending. Smaller packers there were quoting pears, 131,537 cars. or a total for the country of 157.216.
15c. for native and 13c. for branded, with less trading, how- Germany has sold 15,000 tons of rails to the Far East. For
ever. Later the demand increased somewhat. Chicago Belgian bars. hoops and bands there has been a fair business
wired that big pncker hides were much more active and esti- in the New York district of late at $4 to $5 under American
mated 600,000 hides sold recently. Heavy hides advanced, quotations.
WOOL has been in moderate demand and steady. On
with sales of heavy Texas at 18
light Texas at 17c. and
Colorado steers at 18c. Packer calf active at 19c. and kip- Dec. 7 at Brisbane the wool auction there closed with the
skins at 18c. Country hides dull. Sales were reported of tone weaker on super greasy merinos and best greasy skirtings
12,000 Sansinena frigorifico steers averaging 24 kilos at and firm for short dusty and greasy merino and greasy
$51 25, which is figured the approximate equivalent of 21 34c. skirtings. Scoured wools virtually unchanged, with the
c.& f. Also 4,000 Wilson steers at $52, or equal to 21 9-160.; tendency, however, upward. In London on Dec.8 a smaller
4,000 Campana steers at $52 50 and 1,600 fngorifico La Plata selection was offered, only 9,300 bales of free grades. These
went to British, Continental and American buyers. Best
vows to Europe at 153'c., c. .8z f.
other
OCEAN FREIGHTS have at times shown not a. little life merinos fell 5% below October prices andMediummerinos
grades
in grain tonnage at firm rates and quite a god& business in qualities off 5 to 10%. Crossbreds firm.
time charters. Prompt grain tonnage advanced. West Indian strong on American buying. Crossbreds were fully 15%
tonnage was in better demand. Berth grain rates were easier above the October figures. Sydney, 897 bales; greasy crosslater in the week with little demand. Grain berth rates to bred,730.to 173'd.; Queensland,896 bales; greasy merinos,
193d. to 29d.; scoured merino pieces, 233/2d. to 423'd.;
the United Kingdom fell later 3d. to 6d.
Charters included grain from Atlantic range to West Italy, one port locks, 173d. to 3034d. Victoria, 652 bales; scoured memo,
2035c.; two ports 21c.; from Atlantic range to Bordeaux-Hamburg range, 29lAd. to 4634d.; crossbred, 9 Md. to 30d.; New Zealand,
16c. December; option of discharge to the United Kingdom at 17c.: to 6,733 bales;
chiefly greasy slipe and crossbred, best 24d. and
west coast of Italy, 21c. December;6 months'time hcarter, 1,412-ton steamer in West Indies trade, $I 45; January delivery north of Hatteras; grain 25d.; respectively. Small supply of scoured merino, 493/2d.
from Atlantic range to Greece, 24c. December; lumber from a Gulf port to 513/
2d.
to Buenos Aires or Rosario, 165s. January; 5 months' time charter, 1,295ton steamer in West Indies trade, $1 35 Dezember delivery; 6 months' time
On Dec. 8 at Wellington, New Zealand, 16,000 bales were
Decembercharter, 1,667-ton steamer in West Indies trade, S2, delivery
January; grain from Baltimore to Bordeau, 3s. 435d. December; lumber offered and 13,600 bales sold. Selection excellent. At.
from Gulfport or Pensacola to Buenos Aims, $15; option of Conception tendance large
Good demand. American buyers to4
at $16 January;linseed from Rosario to New York,$7 (if cargo is completed super
crossbreds at Yid. to id. below last series. Low mixed
below the bar $6 50), prompt; scrap iron from Antwerp to Boston, 12d.
late December; grain from Atlantic range (including Boston or Portland) crossbreds of average quality were %d. to id. dearer.
to United Kingdom, 1635c.; option Antwerp-Hamburg range at 1535c. Datails:
January; to west coast of Italy,
January; from Portland to west
Spot (unofficial)__..5.78 t March
December_ _.3.94 ©3.95 I May
-Linseed advanced 3c. per gallon on the 14th inst.
OILS.
in response to the strength of the seed market. Demand is
slow, however. Spot, carloads, 90c.; tanks, 86c.; less than
carloads, 93c.; less than 5 bbls., 96c. Cocoanut oil. Ceylon,
%
bbls., 9c.: Cochin, 10(101 c. Corn, crude, refined, bhls.,
11 Mc. Olive,$1 15@$1 17. Lard,strained winter, 13
ic
extra, 13 V . Cod, domestic, 58c. nom.; Newfoundland,
4
.61c. Spirits of turpentine, $1 38. Rosin. $6 256- . .
Cottonseed oil sales to-day 16 000 including switches.
Crude, S. E., 8.3734c. Prices closed as follows:
10.12010.13c
9.60c.(February _ 9 a 9.85c May
.75
Spot
10.15010.24
1835c.
coast of Italy, 21c. one port, 22c. two ports, December; one round trip
in West Indies trade, 2,391-ton steamer, $I January delivery in Cuba;
grain from West St. John to United Kingdom, 4s.; option or Portugal at
4s. 6d. spot.
TOBACCO has 'remained in much the same position.
Trade has been only fair at best. Consumption somehow
does not increase much. The holidays to all appearances
leave it pretty much as it has been. Supplies are abundant.
And truth to say, buyers are none too plentiful. Fair sales
of fillers and wrappers have been made at times, but this is,
of course, unsatisfactory. It shows no improvement on the
monotonous record of many weeks. Prices are called steady,
but with so many buyers holding aloof they often seem more
nominal than otherwise.
p COPPER advanced to 143/8e. for electrolytic. Some sales
were reported at 143o. for first quarter delivery. This is
Merino
Halfbrecis-56-58s
50-56s
Crossbreds-16-48s
44-46s
40-44s
36-40s
m
''Good firSuper. --Li;ii, to MicliTt- .
23d. to 25d.
26d. to 2735d.
15d. to 22d.
2330. to 2635d.
15d. to 19 35d.
20d. to 23d.
1235d. to'1435d.
11d. to 12d.
8d. to 113.1d.
1135d. to 13 Wo:I.
9d. to 1035d.
7d. to WO.
835d. (super)
Coarse crossbreds, 36-40s, medium to good, realized
7d. to 73'td.
In London on Dec. 11 the joint offerings were 11,000 bales.
Demand very good from British, Continental and American
operators. Prices firm or a trifle higher, especially greasy
crossbreds. Sydney, 3,137 bales; greasy crossbreds, 63/2d.
to 22d.; pieces, 10d. to 203/2d.; greasy merino, 21d. to 26d.
West Australia, 250 bales; greasy crossbreds, 17d. to 26d.;
Victoria, 2,323 bales; greasy crossbreds, 16d. to 26d.; come-
2704
TITE CHRONICLE
back, 18 2d. to 27d. New Zealand, 5,232 bales; greasy
crossbreds, chiefly medium to coarse, 73d. to 193d.; slipe
erossbred lambs, 9d. to 263/2d. In London on Dec. 12 the
joint offering was 12,650 bales, chiefly crossbreds. Yet
miscellaneous lots were numerous Demand brisk Prices
firm. Sydney, 4,877 bales; greasy crossbreds, 9d to 23d;
scoured, 73d to 233/2d Victoria, 4,210 bales; greasy
crossbreds, 8d to 203'd; scoured, 83 d to 36d.; greasy
4
comeback, 163..d. to 253d. Queensland, 374 bales;
scoured merino, 423'd. to 45d.; pieces, 30d. to 38d.; West
Australia, 380 bales; greasy merino, 173'd. to 24d. New
Zealand, 2,692 bales; crossbreds, greasy, 834d. to 22d.;
slipe, 93'd. to 22d.
In Melbourne, Australia, on Dec. 12, selection good.
Demand less active. Merinos and crossbreds lower. Skirtings in good demand and steady. All descriptions of lambs
were much lower. Prices paid were: Diamond 32d.; Toogimbrie, 273/2d. to 283'd.; comebacks Mertonvale, 283/2c1., and
May Park, 29d. Boston reported on Dec. 12 that advices
from the East India sales that day said that prices were up
10% generally over the closing rates of the preceding series.
Prices there were said to be about on a parity with Boston
prices, with a duty of 18e. a pound. A striking thing happened when Kandahar wools sold one farthing a pound above
the price for Joriax, something which has rarely or never
occurred before.
In London on Dec. 13 at the wool sale 12,700 bales of free
grades were offered. Active demand from British, Continental and American operators. Prices firm. Sydney,
2,684 bales; chiefly greasy crossbred, 53 to 20d.; Queens4
land, 2,218 bales; merinos, greasy, 15M to 28d.; scoured
pieces, 20 to 353'd.; locks, 16M, to 27d. Victoria, 2,469
bales; scoured merino, 25 to 43d.; greasy crossbred, 7Y to
1
193'd.; Adelaide, 730 bales; scoured merino pieces, very
burry, half withdrawn; best sold at 303/2d. New Zealand,
4,145 bales; crossbreds (active sale, especially to Yorkshire),
best greasy, 2034d.; slipe, 23d.
In London on Dec. 14 10,000 bales of free grades were offered. Demand sharp, prices firm. A few withdrawals.
Sydney, 8,300 bales; greasy merino, 20 to 33d.; scoured,
253 to 40d.• greasy crossbred, medium to coarse, 6% to
'
16d. Queensland, 707 bales; merinos, greasy, 21 to 28d.;
scoured, 27 to 443d. New Zealand, 5,605 bales; crossbreds, greasy, 7M to 223'd.; slipe, 93 to 24d.; scoured,
103/i to 33d. The auctions terminate to-day.
COTTON
Friday Night, Dec. 15 1922.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
138,941 bales, against 158,801 bales last week and 215,436
bales the pevious week, making the total receipts since the
1st of August 1922, 3,712,968 bales, against 3,181,223 bales
for the same period of 1921, showing an increase since Aug. 1
1922 of 531,745 bales.
Receipts at
-
Sat.
Mon.
Tues. I iVed.
Thurs.
9,567 9,839 18,803 7,156 10,634
Galveston
Texas City
------ ------ 4,7e3 -----------Houston
1New Orleans_ _ _ _ 5,822 6,999 6.276 9,217 3,039
384
745 1,057
596
Mobile
64
418 1,517
1,122
Savannah
973
531
Brunswick
100
223 2,385
260
Charleston
114
450
147
Wilmington
462
228
127
68
2,073 2.924 1,850 1,040 1.787
Norfolk
258
New York
45
Boston
144
377
Baltimore
94
Philadelphia_ _ _ _ -----316
180
140
Fri. I Tote,.
3.991 59,990
1,431 1,431
14.763
5,572 36,925
208 3,054
355 4,916
100
30 3,462
193 1,225
1,565 11.239
303
57
578
225
225
730
Totals this week_ 34,363 21.647i 32,666 19,548 17,090 13,627 138,941
The following table shows the week's total receipts, the
total Since Aug. 1 1922 and stocks to-night, compared with
the last year:
1922.
Receipts to
Dec. 15.
alveston
59,990 1,742,663
61,373
exas City
1.431
ouston
14,763 482,224
2.000
ort Arthur, &c
ew Orleans__ _ _ _ 36,925 747,476
ulfport
tobile
3,054
60,559
ensacola _
5,433
icksonville
, 7,814
wannah
4,916 250,902
runswick
100
25.073
harleston
3.462
53,317
eorgetown
llmington
1,225
67,783
orfolk
11,239 178,943
'port News, &c
ew York
303
4,165
)ston
578
11,244
iltimore_ _ __
225
9.053
nladelphia
730
2.046
Totals
1921.
This Since Aug This Since Aug
Week. 11922. Week. 11921.
49,141 1,484,718
1,300
15,219
2,000 204,641
986
10,305
26.636 594,956
4,289
1,515
75,272
200
15
1,779
12,033 396,351
300
13,266
1,851
39,962
1,993
12,133
28
792
2,074
1,018
61,909
197,612
583
7,071
12,396
34,285
21,409
Stock.
1922.
1921.
401,171
25,991
389,081
12,270
268,262
383,677
10,048
15,906
7,092
75,159
11
61,786
1,900
161,923
782
119,328
33,417
120.217
39.808
133,004
67.317
5,313
2.485
5,700
87,066
5.308
2,574
12,409
138.941 3.712.968 113.815 3.181.223 1.083.969 1.365.036
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at
-
[Vol,. 115.
1922.
1921.
1920.
1919.
1918.
1917.
84,547
8,444
63.747
4,826
10,058
150
2,304
2,680
8,482
47
4,357
74,489
20,172
45,846
3,648
55,220
2,000
8,241
3,975
11,552
79
3,139
51,857
5,067
49,001
7,962
34,255
3,267
49,141
4,286
26,636
1,515
12,033
300
1,851
1,993
12,133
28
3,899
6,889
3,351
10,435
78
2.462
30,221
487
44,310
902
1,766
1,000
5,761
595
10,222
214
11,521
138,941
113.815
189,642
228,361
171,357
122,999
Galveston_ __ _
Houston, &c_
New OrleanS_
Mobile
Savannah_ _
Brunswick _ _ _
Charleston_ _ _
Wilmington _ _
Norfolk
N'port N.,&c.
All others__ _ _
59,990
14,763
36,925
3,054
4.916
100
3,462
1,225
11,239
Total this wk_
Since Aug. 1_ _ 3.712,968 3,181.223 3,110.907 3,392,954 2,529,152 3.302,575
The exports for the week ending this evening reach a total
of 111,904 bales, of which 39,978 were to Great Britain,
3,854 to France and 68,072 to other destinations. Below
are the exports for the week and since Aug. 1 1922:
Week ending Dec. 15 1922.
Exported to
Exports
from-
From Aug. 1 1922 to Dec. 15 1922.
Exported to-
Gre'd
Great
Britain. France Other. Total. Britain. France.
Galveston..
Houston
New Orleans
Mobile
Jacksonville
Pensacola
Savannah
Brunswick
Charleston _
Wilmington.
Norfolk_ _ _ _
New York_ _
Boston
Baltimore
Philadelphia,
Los Angeles.'
San Fran__ _
Seattle
14,634
20,608
1,687
1,425
1,374
25
Total 1922- 39,978
Total 1921_ 23,977
Total 1920- 40,166
Other.
Total.
24,624
14,763
5,285
10,001
39,258 315,644 213,446 606,2421,135,332
14,763 186,340 98,449 196,276 481,065
25,893 88,664 37,290 211,428 337,382
10,001 16,158
4,31
20,032 40,500
75
575
650
4,723
710
5,433
650
650 100,631
3,324 41,231 145,186
18,943
6,650 25,593
1,978 3,665 10,665
1,094
9,892 21,651
5,600
37,300 42,900
100 1,525 39,694
13,192 52,886
3,554 2,87 7,803 31,763 29,849 108,358 169,970
23
235
658
1,260
1,918
479
167
646
291
291
550
3,04
7
550
4,290
5,569 5,509
42,462 42,462
1,992 1,992
1,992
1,992
3,854 68,072111,904 823,077 388,462 1,298,6082,510,147
10,918 76,378111,278 684,275 354,208 1.614,3702,652,853
81,769121,935 831,789 329,504 993,3052,154,598
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Great
GcrOther Coast- Britain. France. many. Cont'nt. wise.
Dec. 15 at
Total.
Leaving
Stock.
18,636 19,690 9,000 28,73() 13,000 89,056 312,116
Galveston
1.875 4,812 14,659 22,632 4,410 48,388 219,874
New Orleans_ _
3,400
700 4,100
Savannah
71,059
200
Charleston*
700
500
61,086
2,636
143
200 1,400 4,379
Mobile
5,669
7,300
Norfolk
7,300 112,917
2.000
Other ports *-- 4,000
6,000 141,326
37,847 24,845 23,659 53,562 20,010 159,923 924,046
Total 1922
30,883 5,039 18,674 .42,535 6,012 103,143 1,261,893
Total 1921
82,595 20,677 43.694 51,513 5,071 203,550 1,202,523
Total 1920
Speculation in cotton for future delivery has been more
active at rising prices, partly owing to an increasing American consumption, partly to better Liverpool and Manchester
advices, partly to rising spot quotations at the South, and the
fact that the Government crop estimate on Dec. 12 turned out
to be only 9,964,000 bales. Some had thought it might be
larger. Government reports some time back seemed to give
color to that idea. They said that the fall was so favorable
that the crop would probably turn out larger than had been
expected. Put this talk with the October Government crop
estimate of 10,135,000 bales, and it is not surprising that
some thought that the Government figures of Dec. 12 might
easily be much larger than they turned out to be. Perhaps,
too, the estimate will prove somewhat too fow. It was
greeted even as it was by a small temporary decline. To be
exact it was some 15 to 25 points. But then the market
struck the big buying orders from large operators. This
meant sold-out bulls who had been awaiting a good chance
to get in again and had expected to do so at much lower
basis. Their buying on the 12th inst. caused a rise of 50 to 60
points in the later trading. Also, cotton has advanced this
week partly on account of the rapid advance in sterling exchange. On the 13th inst. It touched $4 69, as against a par
of exchange of $4 8665, so that it got within about 17%c. of
the par, whereas at one time two years ago it was in the
neighborhood of $1 50 under par. The remarkable advance
in sterling exchange has been one of the outstanding features
of the week. Naturally it has encouraged the hope of larger
English buying of American cotton. And Continental currencies have also advanced, notably francs. And although in
Germany the situation is declared by Premier Bonar Law to
portend a complete collapse, there are, on the other hand,
persistent rumors that the United States will grant Germany a loan. Also, the political situation in the Near East
Is said to be better. And Turkey is said to be seeking admittance to the League of Nations. Lord Curzon says peace may
come in three weeks. It is also persistently rumored that the
United States will take part in some way not yet disclosed
in the financial rehabilitation of Europe. A good deal of
stress has been laid here on.this idea. It is argued, too, that
if the Government helps the grain farmer it will also help
the cotton farmer, at least to the extent Of granting loans to
Europe which will enable Europe to buy American cotton
more freely. Meantime, spot markets are rising and there
is a fear of a scarcity of both low and high grades as time
goes on. It is significant that discounts on the low grades
are being reduced. Texas and Georgia and other parts of the
belt report an increasing demand. The actual daily sales at
DEC.16 1922.]
THE CHRONICLE
the South are not so large as they were some weeks ago, but
they have latterly increased. The Southern farmer and spot
holder is firm. And of late Liverpool, whose spot trade has
been dull for weeks past has reported a better spot demand,
even if actual sales there have not yet increased. Manchester has been better. Its exports of cloths and yarns for 11
months make a surprisingly good showing.
Meantime, consumption in the United States is on a scale
that looks to not a few like 6,500,000 bales for the season, or
about the same as last season. In November, much to the
surprise of everybody, it turned out to have been 577,561
bales, against 533,950 in October, 526,610 in November last
year, 332,712 in November 1920 and 491,250 in 1919. The
November total was the largest since January 1920. Then
it was 591,725 bales. Some think the total consumption at
the South this season will be a surprise. The active spindles
are larger in number, too, than last month and last year.
Many have been estimating the world's consumption of
• American cotton at not much over 12,300,000 bales, as against
12,800,000 bales last year. But others incline to the opinion
that it is not yet safe to dogmatize about the matter. The
ultimate figures may surprise anybody who now takes a pessimistic view of the matter. American mills are now running at 100%. Many of them are buying in interior towns
rather than at the ports. That seems to explain the unexpectedly large total consumption thus far. The port sales of
spot cotton would hardly account for it. Last year, also,
there was an unusual percentage of spot business done at
the interior towns. This year many mills have even been
buying from the farm direct. And there is a growing fear
that scarcity is ahead. A campaign is to be started at the
South looking to active warfare on the boll weevil next year,
with the aid of calcium arsenate. It is hoped that much
may be accomplished in that direction. Meantime, spot
houses and mills have latterly been buying on a fair scale.
Liverpool has been covering straddles here as sterling advanced and Wall Street and Chicago has also been buying,
partly, in some cases, it is understood, to cover and double
up on the long side.
On the other hand, there have been frequent reactions. On
the 14th inst. somebody unloaded 30,000 to 40,000 bales here
in the afternoon, which caused a reaction. To be sure, it was
only moderate. But afternoon reactions have become a sort
of commonplace. Moreover, some 15,000 bales have been sent
here from New Orleans. On one day December for a time
was 22 points under January, although later on it rallied
and closed about even. It is believed, however, that notices
will be issued on all delivery days during the present month.
Some say that the shipments to New York from New.Orleans
simply means that New Orleans is short here and has been
shipping to this market rather than take the risk of trying
to cover in the open trading ring. But at times the sagging
tendency of December has attracted attention, and not altogether favorable comment. And so with the fact that the
near months have been at something of a discount as compared with the more distant deliveries. March has been
eight or nine points under May at.times. Even the friends
of cotton have not liked this much. And on the spot sales at
Liverpool, American cotton still figures for only about 40 to
50%. Most of the time Worth Street and Fall River have
been quiet. Manchester has latterly complained of poor bids.
No a little of its business has been done at low prices. Some
maintain that the market here may be more or less of a
trading proposition for a time here or until after the turn of
the year. Strenuous efforts will be made next year to raise
an adequate crop. The South has been selling here to some
extent. At times Japanese interests have sold heavily. But,
as already intimated, the trend has been upward, with sentiment in the main bullish.
To-day prices declined with Liverpool off and profit-taking general after a recent very sharp advance. Though
there was some decrease in spinners' takingg for the week
they were much larger than for the same week last year and
the year before. But the position here was long and that also
seemed to be the case in New Orleans and Liverpool. For
the week there is a net rise here of 45 to 75 points. Spot cotton closed at 25.50c. for middling, a rise since last Friday of
55 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 9 to Dec. 15Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
25.10 25.10 25.30 25.55 25.75 25.50
NEW YORK QUOTATIONS FOR 32 YEARS.
19221921
1920
1919
1918
1917
1916
1915
25.50c.
18.00c.
15.80c.
38.00c.
29.55c.
30.10c.
18.60c.
12.30c.
1914
1913
1912,
1911
1910
1909
1908
1907
7.35c.
13.00c.
13.20c.
9.45c.
15.20c.
15.15c.
9.10c.
12.10c.
1906
1905
1904
1903
1902
1901
1900
1899
10.55c.
12.20c.
8.00c.
12.45c.
8.65c.
8.50c.
10.12c.
7.69c.
1898
1897 _ _ __ _
1896
1895
1894
1893
1892
1891
5.81e.
5.88c.
7.19c.
8.56c.
5.75c.
8.00c.
9.81c.
8.00c.
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Saturday__ _
Monday _ _ _
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
Quiet, 15 pts. adv_ _ Steady
Quiet, unchanged_ _ Barely steady_ _
Steady, 20 pts. adv_ Firm
Steady, 25 pts. adv_ Steady
Steady. 20 pts. adv. Steady
Quiet. 25 pts. dee __ Barely steady
Total_ ___
SALES.
Spot. Contr't. Total.
800
2705
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 15Stock at Liverpool
Stock at London
Stock at Manchester
1920.
937,000
3.000
93.000
1919.
829.000
11,000
153,000
829,000 1.029,000 1,033.000
20,000
2,000
107,000 320,000 112,000
175,000 202,000 170,000
17.000
11,000
6,000
76,000
81,000 128,000
45,000
43,000
44,000
14,000
8,000
5,000
2,000
993,000
434,000
256,000
1922.
bales_ 761,000
5,000
63,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
422,000
1921.
952,000
77,000
732,000
180,000
7,000
38.000
31,000
Total European stocks
1,251,000 1,761,000 1,467,000 1.249,000
India cotton afloat for Europe_ _ _ 103.000
47.000
84.000
43,000
American cotton afloat for Europe 533,000 399,277 651,933 691,857
Egypt, Brazil, &c. afloat for Eur'e 117,000
55.000
63.000
73,000
Stock in Alexandria, Egypt
'
345,000 308,000 183,000 239.000
Stock in Bombay,India
390,000 715,000 886,000 521,000
Stock in U. S. ports
1,083,989 1,365.036 1,406,073 1,568,871
Stock in U. S. interior towns_ _ _ _1,426,330 1,593.187 1,640,145 1,347,767
U. S. exports to-day
9,722
16,831
15,995
Total visible supply
5,249,299 6,271,222 6,356,982 5,772.400
Of the above, totals of American and other descriptions are as follows:
American
Liver ool stock
bales_ 431,000 562,000 562,000 628.000
Manchester stock
59,000
81,000
41,000
82.000
Continental stock
364,000 654.000 364,000 199,000
American afloat for Europe
533.000 399,277 651,933 691.859
U. S. port stocks
1,083,969 1,365,036 1,406.073 1,568,871
U. S. interior stocks
1,426,330 1,593,187 1,640.145 1.347.767
U. S. exports to-day
9,722
15,995
16,831
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay.India
Total East India, &c
Total American
3,899,299 4,642,222 4,721,982 4.533.490
330.000
5,000
22,000
36,000
103,000
117,000
345,000
390,000
390,000
18,000
78,000
47,000
73.000
308,000
715,000
375,000
3,000
12.000
70,000
43.000
63,000
183,000
886.000
201,000
11,000
71.000
57,000
84.000
55,000
239,000
521,000
1,350.000 1,629,000 1.635,000 1,239,000
3,899,299 4,612,222 4,721,982 4,533.490
Total visible supply
5,249.299 6,271.222 6,356.982 5,772,490
Middling uplands, Liverpool
10.58d. 26.12d.
10.556.
14.561.
Middling uplands, New -York_ _ _ _ 25.50c.
16.00c.
39.25c.
10.56c.
Egypt, good sakel, Liverpool__ _ _ 19.15d. 23.50d. 27.00d. 51.00d.
Peruvian, rough good, Liverpool_ 17.25d.
17.00d. 39.50d.
13.75d.
Broach fine, Liverpool
10.15d. 23.85d.
10.03.1.
13.15d.
Tinnevelly, good, Liverpool
24.10d.
11.006.
13.90d. 11.05d.
Continental imports for past week have been 116,000 bales.
The above figures for 1922 show a decrease from last week
of 52,597 bales, a loss of 1,021,923 bales from 1921,a decline
of 1,107,683 bales from 1920 and a decrease of 523,101 bales
from 1919.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Dec. 151922.
Towns.
Receipts.
Stocks
Week. Season.
Ala.,Birming'ir
Eufaula
Montgomery
Selma
Ark., Helena_
Little Rock_ _
Pine Bluff_ _
Ga., Albany_
Athens
Atlanta Augusta
Columbus_ _
Macon
Rome
La., Shreveport
Shipmenu.
Week,
Dec.
15.
870
600
501
30,134
7,566
50,757
23
51,242
Movement to Dec. 16 1921.
Receipts.
IVeek.
Season.
8,935
5,850
562
__ _ _
20,581
20,907
377
41,471
657 29,621
2,672 146,664
4.763 86,703
96
6,073
873 26,339
1,374
200
980
398
1,259
4,394
4,766
52
1,077
7,05! 186,967
5,530 171,169
8,628 81,617
4,25 74,376
10,549
17,946
59,594
59,776
3,148
24,868
4,721
490 35,087
1,000 28,306
7,560 113.291
6,100 83,854
5,809
82
3,675 65,474
6,876 143,323:
7,856 206,744'
Ship- Lt
Stocks
._
'r ents. Dec.
Week.
15.
805 12.280
3.643
291 32,155
655 15.371
1,000 18,276
2,556 60,486
4,584 60.252
138 4,427
5,115 45,921
3,997 55.260
7,455144,310
2,031 21,784
916 13,527
____
3,194 83,182 10,179 22,256 3,952 30,775'
783 31,639 1,043 17,513
613 23,148,
626 28,905 1,022 7,401
336 11,859
455 25,914
400 66,400 1,900 24,300 1,000
48,913 1,000 48,0017
M L9S.,Columbu
278 21,028
336
14,213'
459 7,130
244 6,782
Clarkadale__ • 3,964 113,248 3,593 68,549 5,000 112,999 4,381 80.000
Greenwood _
1,811
99,516 2,119 65,322 1,302 82,140 6,762 55,469
Meridian. _ _ •
237 29,306
255 9,932
723 25,879
684 17,707
Natchez
•
887
27,908
____ 12,700
376 14,394
250 26,593
Vicksburg- _
688
20.608
21,897. 1,481 14,592
661 10,167
808
Yazoo City_ .
231
27,119
425 28,41320,244
788 22,717
Mo., St. Louis . 32,919 354,655 32,193 19,815 21,826 451,533 22,774 25.321
N.C.,Gr'nsbor ) 6,794 58,239 2,905 29,66' 2,723 27,279
841 21,827
Raleigh
338
7,837
34(
350
325
444
6,161,
312
Okla., Altus_ _ • 3,076
45,116 2,252 22,962 1,593 60,6671 1,666 18.04E
Chickasha_ _ • 3,33
836 12,001
69,145 3,001 13,025 1,539
43,373
Oklahoma _ _ . 1,377 66,784 3,788 24,211 2,136
44,982 1,276 23,682
S.C Greenvill, 2,503 91,352 1,252 57,858 3,322
94,355 3,113 45.954
200 11,611
11,304.
Greenwood _
6,967
_
_ 10,218 1,100
Tenn.
,Memphi; 36,:1.4 657,655 35.613 184,029 27,244i 547,094 33,292267,619
.
- 1
801
238
Nashville__ _
--1
226
_ _
__ __
70
-- - Texas, Abilene •
345 70,912 2,505 3,269
39,711 1,224 2,076
74.
4681 4,859
9,628
2711
Brenham__ _
81 4,275
17,819
57
642 2.509
1621 23,348
•
Austin
498
31,570
900
498
Dallas
47,792 1,340 17,720 5,1541 116,217, 4,640 48,111
• • 1,421
900 11,401
19,700
900
Honey Grove
110
Houston _ _ _ . 49,9252,202,185 60,347383,075 59,106 1,661.915 51,013310,719
896, 13,261
929! 38,7511
•
962 66,816 1,163 5,637
Paris
,
,
-1 76C
San Antonio . 2,000 46,889 2,000 2,279
45,289 1,3671 14,534
995 12,314 1,869
Fort Worth_ . 1,512 52,601
•
.
Total, 41 town iQn
5291 C 9/15 CAC 1051
507 14915550 1700754.475.275165,096 159315
1,500
800
The above total shows that the interior stocks have de1;5M creased during the week 18,675 bales and are to-night 166,851
1,500 bales less than at the same time last year. The receipts at
all towns have been 848 bales more than the same week last
4,200
4,200
1.§66
year.
2706
THE CHRONICLE
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday. Tuesday, Wed'day, Thursd'y, Friday.
Dec. 9. Dec. 11. Dec. 12. Dec. 13. Dec. 14. Dec. 15.
Week.
December
Range
24.82-.97 24.85-108 24.60-110 24.93-142 25.37-.60 25.29-.50 24.60-feC
Closing
24.88 -24.85 -25.10 -25.32 -25.51-.53 25.29-.32- anuaryRange
24.82-103 24.88-115 24.51-115 25.02-.52 25.40-.69 25.23-.60 24.51-169
Closing
24.92-.93 24.89-.91 25.11-.15 25.36-38 25.57-.58 25.23-.25--February
Range
25.51
25.48-.88--- 25.48-.88
25.00 -24.96 -25.20 -25.51 -25.68 -25.34 ---Closing
March
25.05-.34 24.82-136 25.20-.76 25.63-.95 25.47-.79 24.82-195
25.02-.22
Range
Closing _
25.12-.14 25.06-.19 25.32-.36 25.57-.59 25.78-.81 25.47-.41 --April
Range
25.10 -25.06 -25.34 -25.57 -25.83 -25.52 ---Closing
May
24.95-114 25.06-.30 24.80-143 25.30-.78 25.75-104 25.58-.88 24.80-104
Range
25.05-.08 25.06-.09 25.38-.41 25.57-.63 25.87-.90 25.59-.60--Closing
June-I
Range
Closing
24.90 -24.90 -25.20 -25.39 -25.74 -25.45 ---July
Range
24.67-.80 24.71-.94 24.53-104 24.91-146 25.48-.74 25.30-.60 24.53174
Closing
24.73-.74 24.72 -25.02 -25.26-.28 25.61-.63 25.30-.32--Augusti
Range
25.30 - -Closing... 24.35 -24.21 -24.66 - 24.85 -25.11 -- 24.80 - 25.30 _ _
eptemberI
Range
Closing
23.80 -23.80 -24.05 -24.21 -24.55 -24.25 - _
OctoberI
Range_
23.25-.36 23.25-.50 23.15-.50 23.40-.84 23.88-110 23.75400 23.15-110
Closin2
22 25 -222.c -2250 -22 71 -94. nn _ .9
1250. 126o. 124c.
OVERLAND MOVEMENT FOR THE WEEK AND
----1922---Dec. 15Since
ShippedWeek. Aug. 1.
Via St. Louis
32,193 355,321
Via Cairo,
13,780 152,228
Via Rock Island_
1,612
4,805
Via Louisville
3,810
36,387
Via Virginia points
4,804
71,898
Via other routes, &c
8,549 166,820
Total gross overland
64,748 787,459
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 1,836
27,308
Between interior towns
698
11,144
Inland, &c.,from South
14,149 217,736
3,884
876
42,014
80,161
11,714
174,772
Galveston, Tex
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
Shreveport, La
Mobile, Ala
Selma
Savannah, Ga
Charleston, S. C
Charlotte, N. C
256,188
46,774
266,647
531,271
28,777
685,130
*Including Movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 48,065 bales, against 28,777 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 153,859 bales.
1922---- -1921
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Dec. 15
138,941 3,712,968 113,815 3,181,223
Net overland to Dec. 15
48.065
531,271
28,777
685,130
Southern consumption to Dec. 15a 88,000 1,621,000 80,000
1,369,000
Total marketed
275,006 5,865,239 222,592 5,235,353
Interior stocks in excess
*18,675
910,339
16,877
475,943
Came into sight during week_ --256,331
239,469
Total in sight Dec. 15
____ 6,775,578
5,711,296
Nor. spinners' takings to Dec. 15_ 77,848 1,088,025 67,064
1,202,517
* Decrease during week.
a These figures are consumption; takings not available.
Movement into sight in previous years:
Bales.
Since Aug. 1239,469 1920
-Dec. 16
366,340 1919
-Dec. 19
326,328 1918
-Dee. 20
Bales.
5,711,296
5,920,261
5,514,220
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quo atians for Middling Cotton on
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
Galveston
24.95
24.95
25.20
25.45
25.65
25.35
New Orleans_ _ _ 24.75
25.00
25.00
25.50
25.50
25.50
Mobile
24.05
24.25
24.63
25.00
25.25
25.00
Savannah
25.00
25.00
25.25
25.50
25.81
25.50
Norfolk
24.75
24.75
25.00
25.38
25.56
25.38
Baltimore
25.50
25.50
25.55
26.00
26.00
Augusta
24.88
24.88
25.13
25.38
25.56
25.25
Memphis
25.00
25.00
25.00
25.25
25.75
25.75
Houston
24.90
24.90
25.15
25.40
25.60
25.30
Little Rock__ _ _ 25.00
25.00
25.00
25.25
25.50
25.50
Dallas
24.15
24.15
24.45
24.70
24.95
24.65
Fort Worth.._ _ _
24.15
24.40
24.65
24.85
24.55
Week ending
Dec. 15.
NEW ORLEANS CONTRACT MARKET.
December_
January __
March ___
May
July
October
Tone
Spot
Options
16.2
951,377
16,683
Monday,
Dec. 11.
23.8
x Includes about 8,000 bales of the 50,000 bales grown in Lower California (old Mexico).
*About 51,000 bales grown in Lower California (old Mexico) included in
California figures, but excluded from United States total.
The total production in 1921 was 7,953,641 bales (500-1b. gross); in 1920,
13,439,603 bales; in 1919, 11,420,763 bales; in 1918, 12,040,532 bales; in
1917, 11,302,375 bales; in 1916, 11,449,930 bales; and in 1915, 11,191,820
bales.
The average weight per running bale is estimated at 503.5 lbs. gross,
compared with 498.5 lbs. in 1921 (as reported by the Bureau of the Census),
506.4 lbs. in 1920, 504.2 lbs. in 1919, and 504.9 lbs. the average for the
preceding five years.
Reports of the Bureau of Agricultural Economics do not include"linters,"
which are a product obtained at mills from the seed. The production of
"linters" is about 7.4% as much as the lint production (average 1916-1920)
The price per pound of lint cotton to producers Dec. 1 1922 was 23.8
cents,compared with a Dec. 1 price of 16.2 cents in 1921, 13.9 cents in 1920,•
35.6 cents in 1919, 27.6 cents in 1918, 27.7 cents in 1917, 19.6 cents in
1916 and 11.3 cents in 1915.
75,551
48,065
Saturday,
Dec. 9.
United States_4,767,262,000*9.964,000 7,953,641 11,930,641
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
there has been rather heavy rainfall in the eastern portion
of the belt and cloudy weather with frequent shown's in most
of the other sections of the cotton region. Rain retarded
the opening of bolls in California but picking is practically
completed in New Mexico.
Total to be deducted
•
Bales of 500 Lbs. Gross Weight-6-Yr.Avge. Price per Lb.
Lbs. Lint
Dec. 1
Bales. -Census
1922.
State1916-20. 1922. 1921.
1922.
1921.
Virginia
11,932,000
22,930 23.0 16.4
25.000
16.368
North Carolina 406,489,000 852,000 776,222
785,081 24.5 16.4
South Carolina 253,128,000 530,000 754,560 1,357.568 24.3 16.0
Georgia
346,622,000 725,000 787,084 1,780,383 23.9 16.6
Florida
28,552 23.0 18.0
12,065,000
10,905
25,000
Alabama
399.046.000 835.000 580,222
645,570 24.0 16.0
Mississippi..
483.184,000 1.010,000 813,014
959,919 24.1 16.6
Louisiana
470,994 24.0 15.0
170,682.000 357,000 278,858
1,576.239.000 3,290,000 2,198,158 3,398,378 23.5 16.1
Texas
Arkansas
497,744,000 1.040,000 796,936 1,038,809 23.6 16.1
191,400,000 400,000 301.950
Tennessee
317,555 24.5 16.0
71,326,000 149,000
Missouri
65,716 21.5 15.0
69,931
303,911,000 635,000 481.286
Oklahoma
942,384 23.0 15.4
*40,562,000 *85,000 x34,109
California
60.017 22.0 17.0
20,097,000
Arizona
42.000
49,662 30.0 27.0
45,323
All other
7,172,000
15,000
7,123 25.0 20.0
8,715
SINCE AUG. 1.
----1921
Since
Week. Aug. 1.
22,774 434,966
8,909 206,674
183
5,511
1,714
39,446
4,987 108,107
36,984 157,073
Leaving total net overland *
Week1920
-Dec. 16
1919
-Dec. 19
1918
-Dec. 20
[Vol,. 115.
Tuesday, Wednesday, Thursday,
Dec. 12. Dec. 13.
Dec. 14.
Friday,
Dec. 15.
24.55 bid 24.64-24.71 24.83 bid 25.2625.49 bid 25.14-25,17
24.58-24.62 24.62-24.63 24.81-24.82 25.16-25.20 24.4225.08-25.09
24.67-24.70 24.71-24.74 24.87-24.90 25.23-25.26 25.47-25.49 25.16-25.19
24.57-24.68 24.61-24.65 24.82-24.83 25.19-25.21 25.41-25.43 25.16-25.17
24.33-24.35 24.37-24.40 24.6024.95-24.97 25.20-25.25 24.97-25.00
22.85-22.90 22.91-22.93 23.15 bid 23.37-23.40 23.6023.40 bid
Rain. Rain all.
3 days 119 in.
dry
2 days 0.05 in.
dry
1 day 0.02 in.
dry
3 days 0.05 in.
2 days 0.08 in.
1 day 0.01 in.
3 days 0.18 in.
4 days 1.92 in.
4 days 1.75 in.
6 days 0.82 in.
3 days 0.50 in.
7 days 0.79 in.
Thermometer
high 74 low 52 mean 63
high 78 low 26 mean 53
high 80 low 56 mean 68
high 80 low 50 mean 65
high 72 low 30 mean 51
low 42
high 82 low 38 mean 60
high 80 low 46 mean 63
low 36
high 77 law 34 mean 56
high 79 low 49 mean 64
high 76 low 30 mean 53
high 77 low 43 mean 58
high 76 low 42 mean 56
high 72 low 31 mean 44
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts no Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through the
oittports.
Week
ending
Receipts at Ports.
Slocks at Interior Towns.
Receiptsfrom Plantations
1922. 1921.
1920. 1922. 1921. 1920.
1922. 192'. 1920.
-Sept.
29... 253.298 205.490 159,041 743,160 1,147,941 920,155 305,164 315,437 227.369
Oct.
8.._ 275,188 258.740 173.236 897,611 1,225,335 982,695 380,561 :336,134 235,776
13.._ 250,881 275,129 202,284 1,067,545 1.301,337 1,054,046 420,815 351,131 273,635
241,843
280,446
20__ 328,020 269,084 271,682 1,186,813 1,312.699 1,147,781 445,288 285,136 335,578
340,968
1,280,881 1,380,236 1,217,067 391,607
27._ 297,539 217,599
Nov.
1,355.653 1.43E3.173 1,296,123439.852 294,124 340,920
3_ 385080238,187261,804 1,408,301 1,465,821 1,353,590 346,875214,253321.151
263,684
10.._ 294.227184,605 214,119 1,461,019 1,520,1901,423,547304,296
17._ 251,578 170,422 219,756 1,484.662 1,542,6601.483,140241,626 224,791284.076
159,695279,349
217,983 137,2251
24....
Dec.
1.457,156 1,546,8111,543,053242,942 172,082
L.. 215,438 167,931!231.76 1,445,0051,576.304 1,586,723 146,650,145,579 291,675
253,971
8__ 158.801 116.086 210,30
15._ 138,941 113,815 189,042 1,426,330 1,593.187 1,640,145 120,2661130,692243,064
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 4,688,518 bales;
in 1921 were 3,657,166 bales, and in 1920 were 3,891,111
bales. (2) That although the receipts at the outports the
past week were 138,941 bales, the actual movement from
plantations was 120,266 hales, the balance going to increase
stocks at interior towns. Last year receipts from the plantations for the week were 130,692 bales and for 1920 they
were 243,064 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1922.
Week.
Season.
1921.
Week.
Season.
6,278,338
5,301,896
Visible supply Dec. 8
6,111,250
3,760,450
Visible supply Aug. 1
_
American in sight to Dec. 15- - _ 256,331 6,775,578 239,469 5,711,296
735,000
94,000
465,000 109,000
receipts to Dec. 14_ _ _
Bombay
63,000
1,000
85,550
Other India shipm'ts to Dec. 14
379,000
17,000
791,800
48,000
Alexandria receipts to Dec. 13_ _
6,000
106,000
b96,000
*66,000
Dec: 13 *
Steady
Steady
Quiet
Other supply to
Steady
Steady
Steady
Steady
Steady Very st'cly Steady
Steady
Steady
5,707,227 11,974,378 6,649,807 13,105,546
Total supply
Deduct
AGRICULTURAL DEPARTMENT'S COTTON CROP Visible supply Dec. 15
5,249,299 5.249,299 6,271,222 6,271,222
ESTIMATE.
-The report on cotton, issued by the Agricul457,928 6,725,079 378,585 6,834,324
Total takings to Dec. 15_a
tural Department on Dec. 12, is as follows:
302,928 4,840,529 218,585 5,152,324
Of which American
The Crop Reporting Board of the Bureau of Crop Estimates of the United
155.000 1,884,550 160,800 1,682,800
Of which other
States Department of Agriculture estimates,from the reports of the corresfrom Brazil, Smyrna, West Indies, &c.
Europe
pondents and agents of the Bureau, that the total production of cotton in
* Embraces receipts insince Aug. 1 the total estimated consumption by
the United States for the season 1922-23 will amount to 4,767,262,000 lbs.
a This total embraces
(not including linters), equivalent to 9,964,000 bales of 500 lbs. gross Southern mills, 1,621,000 bales in 1922 and 1,369,000 bales in 1921
weight (478.4 lbs. lint and 21.6 lbs. bagging and ties estimated per 500 lbs. takings not being available-and the aggregate amounts taken by Northern
gross weight bale). The estimated production for 1922, with comparisons, and foreign spinners, 5,104,079 bales in 1922 and 5,465,324 bales in 1921,
by States, follows:
of which 3,219,529 bales and 3.783.324 bales American. b Estimated.
DEC.16 1922.]
THE CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1922.
Dec. 14.
Receipts at-
1921.
Since
Week. (Aug. 1.
Bornhav
94.000
Week.
465.000 109.000
For the Week.
Exp:rts.
1920.
Since
Aug. 1.
Week.
735.000 51.000
Since
Aug. 1.
470,000
Since August 1.
Great Conti- Japan&
Great
Britain. new. China. I Total. Britain.
Bombay
1922
1921
1920
Other India
1922
1921 __
1920
f,656
Total all
1922
1921
1920
30,000 30.000 46,000
7,000 29,000 36,000
1,00is 17,000 4,000 22,000
4%000
7,0001 29,0001 36,000
15,000
Contineat.
Japan cf:
China.
Total.
36,000 184,000 389,000 609,000
10,000 217,000 656,000 833,000
14,000 216,000 139,000 369,000
Receipts (cantars)This week
Since Am, 1
Exports (bales)To Liverpool
To Manchester, &c
To Continent and India_
To America
Nov. 24.
Sales of the week
25,000
Of which American
12,000
Actual export..
2,000
Forwarded
54,000
Total stock
686,000
Of which American
375,000
Total imports
•
139,000
Of which American84,000
Amount afloat
296,000
Of which American
189,000
Spot.
Saturday.
Market, I
12:15 9
45,000 290,550 389,000 649,550
12,000, 277,000 656.000 945,000
23,0001 276,000 183,000 482,000
1922.
1921.
240,000
120,000
9 220 ARO
90,000
1 .893.293
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
15,000 105,065
__-_
8,000 71.494 8,000
13,000 119,151
) 4.45f.
35,000 102,058 14,750
74.277
55,872
88.611
82,076
____ 39,953
31,280
6,500 43,654
____ 11,028
Pntal cernnrts
•
71 Ann 207 787 97 90(3 20(3 026 8 500 125.915
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Dec. 13
were 240,000 cantars and the foreign shipments 71,000 bales.
•
Tuesday. Wednesday. Thursday.
Quiet.
Dull and
Quiet.
Friday.
Dull.
14.48
HOLTDAY.
14.51
14.44
14.55
14.56
4,000
4,000
5,000
3,000
Steady at
12 to 24
pts. adv.
Very st'dy,
28 to 40
pts. adv.
Quiet at Quiet, 1 pt. Very st'dy,
Quiet
22 to 26 adv. to 2 15 to 21
8 to 12
pts. dec. pts. dec. pts. adv. pts. dec.
Steady at Barely st'y. Firm at
steady
12 to 15
29 to 35
5 to 11
2 to 12
pts. dec. pts. dec. pts. adv. pts. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 9
to
Dec. 15.
1920.
2 2275289
Dec. 8. Dec. 15.
20,000
18,000
10,000
9,000
2,000
5,000
54,000
55,000
770,000 761,000
446,000 431,000
51,000
136,000
101,000
24,000
281,000 290,000
166,000
181,000
4,000
Futures.
Market
opened
Market, I
4
P. M.
7,(350
Monday.
Quiet.
Mid.Upl'ds
Sales
Spec.&exp.
78,550
60,000
60,000
Dec. 1.
23,000
13X100
4,000
61,000
694,000
377,000
66,000
37,000
353,000
229,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
85,550
62,000
44,000 113,000
9,000
2,600
9,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts.of
15,000 bales. Exports from all India ports record an increase of 10,000 bales during the week, and since Aug. 1
show a decrease of 250,450 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Dec. 13.
2707
December
January
February
March
April
May
June
July
August
September
October
November
Mon.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1234 4:00 1234 4:00 1234 4:00 1234 4:00 1234 4:00
p.m. p.m. p. m.p. rn.p. in. I,. in. p.m. p. m.IL M. p.m. p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
13.93 14.09 13.96 13.8513.94 13.84 14.0514.16 14.0614.14
13.84 14.00 13.86 13.7513.8513.74 13.9514.0713.9714.04
13.73 13.88 13.75 13.6413.7513.6513.8513.98 13.8 h1394
13.65 13.50 13.67 13.56 13.67 13.58 13.7813.92 13.8313.88
13.57 13.71 13.59 13.49 13.6013.51 13.71 13.86 13.77 13.80
HOLI- 13.50 13.64 13.52 13.42 13.53 13.45 13.6513.8013.72 13.74
DAY
13.39 13.54 13.41,13.32 13.43 13.36 13.5513.71 13.63 13.64
13.29 13.44 13.31113.22 13.3313.2713.46 13.62 13.5413.55
13.09 13.24 13.10 13.01 13.12 13.06 13.2413.40 13.32 13.32
12.87 13.03 12.88 12.80 12.89 12.8513.02 13.16 13.0513.05
12.6412.80 12.66 12.58 12.6712.63 12.79 12.93 12.82 12.82
12.52 12.68 12.54 12.46 12.54 12.50 12.6512 79 • 1 •
BREADSTUFFS
Friday Night, Dec. 15 1922.
Flour has been in fair demand and firm with wheat prices.
MANCHESTER MARKET.
-Our report received by Also,
arrivals have been a trifle smaller at times, although as
cable to-night from Manchester states that the market for
both yarns and cloths are quiet. Manufacturers are re- a matter of fact they still reach a pretty liberal total. On
the 12th inst., for example, they were 65,584 sacks here, of
ducing output. We give prices to-day below:
which 37,889 were for American markets. The tone has
been better, however, even if prices have not moved up in
1922.
1921.
anything like the same ratio as wheat. They are hampered
• 81j tbs. Shirt- Cot'n
8% lbs. Shirt- Core
by large stocks of flour at this point. Also, many consumers
325 Cop
tags, Common Mid.
32s Cop
(es, Common Mid
Twist.
to Finest.
are pretty well supplied for the time being. So that in most
Upl's
UPI't
Twist.
to Finest.
_
grades there has latterly been only a moderate business,
Oct. d.
d. s. d.
s. d. d.
d.
s. d. (I.
and
d.
13 193j 0 20.4 15 4 (416 0 13.15 23'% (4 26 s. d. 019 9 12.65
at other times there was hardly that much. In the export
18 9
20 20
(4 2114 160 @164 13.50 22
0 25 189 @199 12.59
trade there has been very little new business. If present
27 204 0 214 16 3 017 0 14.14 211.4 0
241.4 18 0 019 0 12.31
Nov
prices of wheat are sustained, however, it is believed that a
3 204 0 22 16 3 017 0 14.56 2034 (4 23 17 9 (4)18 9 12.11
good foreign demand will spring up, especially if rates for
10 2134 14 2234 16 6 (417 2 15.55 19
10.81
0 21 17 3 018 3
17 2234 14 2334 166 @173 14.87 1834 0
foreign exchange continue firm. The big rise in sterling of
2034 17 0 @180 10.01
24 2134 0 2234 164 017 1 14.8j 19
0 21 170 @180 11.64
late has made exporters hopeful of better things. If sterling
Dec
rates are maintained at anything like the level attained early
1 21
0 22 16 2 016 7 14.74 18
0 21 18 9 017 9 10.6
8 20
0 2134 18 0 018 5 14.30 1734 02034 16 9 017 9 10.915 In the week, when
they were less than 20 cents below the par
on MIA le 7 rale A
15 On
ld RR 1731
.
98u lea
ra17 8
10.513
of exchange, it would not be at all surprising to see a better
business with the United Kingdom. As it is, moderate sales
SHIPPING NEWS.
-Shipments in detail:
have been made to northern Europe. Naturally, not a little
NEW YORK
-To Bremen-Dec. 8
-President Fillmore, 2,435_ __ Bales.
depends, so far as trade with Southeastern Europe is conNov. 12
-America, 150
2,585
To Genoa
-Dec. 8
-America, 290
290 cerned, on the state of politics in the Near East. At times it
To Liverpool
-Dec. 8
1,374 has been clouded
-Adriatic, 1,374
over, as the Turks seemed obstinate in adTo Havre
-Dec. 12-Roussillion, 554; Eglantier, 2,900
Dec. 13-Pipestone Counts'. 100
3,554 hering to a certain line of policy. But England's attitude
NEW ORLEANS
-To Rotterdam-Dec. 8-Carkfeld, 300
300 has been firm and it
is hoped that before long the political
To Port Barrios
100
-Dec.8
-Suriname, 100
situation in that quarter of the globe will clear up and that
To Liverpool
-Dec. 11-Duquesne, 3,280_ __Dec. 14-Inveaator, 15,581
18,861 commerce will then take its usual course along normal
lines.
To Manchester
1,747
-Dec. 11-Duquesne. 1,747
On the 14th the Turkish news was better, though Premier
To Japan-Dec. 13
-Memphis CIO 1 564Dec.14-Fuku,:o'
,
2,996
4,560 Bonar Law declared that Germany was near collapse.
To China
-Dec. 14--.14ukuvo, 325
325
Though trade later in the week was light, with stocks libGALVESTON-To Venice
-Dec. 8-Higho, 6.000-Dec. 12
Emilia, 1,150____ _
7.150 eral and offsetting in a measure
a rise in wheat, there was
To Piraeus
-Dec. 8-Higho, 50
10,13530 bracing news from Minneapolis. On the 14th inst. the mills
To Liverpool
-Dec. 9
-West Durfee, 10,133
To Manchester
-Dec. 9
4,501 there were said to have sold 50,000 bbls. Also, the export
-West Durfee, 4,501
To Bremen-Dec. 9
-Evergreen City, 7,938; Nerd Friesland,
2,900
10,838 situation here seemed rather more promising, with some
To Hamburg
-Dec. 9-Evergeren CIO% 100; Nerd Friesland,
business in small lots and a better inquiry. Flour tonnage
______________
1,100
1,200 for late
December and early January shipment to Europe
To Trieste
-Dec. 12
1,000
-Emilia, 1,000
To Genoa
-Dec. 12-Quistconck, 4,086
4,086 has been taken, it seems on a considerable scale. It suggests
To Savona
-Dec. 12-Quistconck. 300
300 good clearances
before long.
BOSTON
-To Hamburg--Dec. 6-Callisto, 235
235
CHARLESTON-To Liverpool
Wheat advanced to a new high with persistent reports that
-Dec.9
-West Harshaw% 1,287--- 1,287
To Manchester
400 rural credits will
-Dec 9 West Harshaw, 400
be established for the American farmer
To Ghent
400
-Dec.9
-West Harshaw, 400
To Ghent
969 and credits extended to Europe to facilitate America's ex-Dec. 11-Chebaulip,969
To Bremen-Dec. 11-Coldwater, 338
338 port trade in grain. Washington
will pass such legislation.
To Hamburg
671
-Dec. 11-Coldwater, 671
HOUSTON
5,913 That is the general belief. It seems to be well founded. The
-To Genoa
-Dec. 9-Quitstonck, 5,913
To Barcelona
5,350 politician has seen a light. The American
-Dec. 9
-Emilia, 5,350
farmer is in an
To Venice
3,000
-Dec.9
-Emilia, 3,000
To Trieste
500 ugly mood. Charged high prices for what he has to buy and
-Dec. 9
-Emilia, 500
MOBILE
10.001 paid low prices for what he has to sell, he has reached
-To Bremen
-Dec. 12
-Braddock, 10,001
the
100
NORFOLK
-To Ghent
-Dec. 11-Glenridge, 100
To Manchester-Dec. 9-Conehatta, 1,425
1,425 limits of his patience. He wants results, not talk, and rePORT TOWNSEND-To Japan-Dec.6
sults are what he is determined to get. This fact is one of
--Arizona Maru,1,5921,992
Dec. 11-Toi 00ka Maru, 400
,
SAN FRANCISCO
5,569 the' outstanding features of the present political and busi-To Japan-Dec. 7-Shinvo Maru,5,569
SAN PEDRO-To Liverpool-Dec. 1-Ocean Prince, 250
250 ness situation in the United States. Added to this were
To Havre
300 higher prices for wheat
-Dec. 11-Ocean Prince, 300
in Liverpool, due partly to a falling
SAVANNAH
•
650
-To Ghent
-Dec. 9-Chebaulip, 650
off of 6,000,000 bushels in the world's exports from last week
Total
111.904 and a decrease of 4,000,000
bushels in the amount afloat.
LIVERPOOL.
-By cable from Liverpool we have the fol- Also, commission houses were heavy buyers in Chicago. And
lowing statement of the week's sales,stocks,&o.,at that port: there was a disposition to buy new crop months owing to
•
2708
[VOL. 115.
THE CHRONICLE
cold weather at the West. Yet the lack of export demand
was a drawback and a reaction occurred when cash wheat
weakened. The United States visible supply last week increased 88,000 bushels, against 115,000 last year. It is now
33,516,000, against 47,877,000 last year.
The American Relief Association received tenders on
Monday of 90,000 bushels No. 2 hard or No. 1 or No. 2 Manitoba wheat for shipment to Greece.
1
/
On Dec. 12 prices advanced 1 to 1%c. at Chicago and 12
to 11 2c. at Winnipeg, owing to talk of Washington credit
/
legislation, a marked decrease in Canada's crop movement
and stronger markets in the Southwest. Exporters took
350,000 bushels.
July advanced on the 12th inst. on a cold wave at the West.
Also, outside speculative interest in wheat has increased.
Wall Street seems to have been buying wheat. Sterling has
advanced sharply of late and stocks have also been higher.
On Dec. 14 prices advanced, despite lower Liverpool cables
and profit-taking. For cash markets were firm, Argentine
shipments fell off sharply, the weather there was wet, its
crop prospects seemed not so good, and there was a better
flour trade at Minneapolis, with sales of 50,000 bbls. Foreign exchange advanced. Export demand, it is true, was
light despite deficient European supplies. Only 500,000 bushels, it is believed, will be shipped from Argentina this week.
Minneapolis mills have been buying in Nebraska.
Kansas City reported much uneasiness regarding winter
wheat in all drouth affected territory, which includes western Kansas, Nebraska, Oklahoma and Texas. Without abundant and long persistent snow covering this winter there will
be loss in acreage of poorly developed plant.
Julius H. Barnes says that the giving of credit of $70,000,000 to $80,000,000 abroad would probably result in an immediate advance of 20 to 30 cents per bushel in wheat, 10 to
15 in corn, 10 cents in oats and 30 cents in rye. He figures
that this would be brought about by exporting 20,000,000
bushels of wheat, 40,000 bushels of corn, 15,000,000 of oats
and 20,000,000 bushels of rye on credit to foreigners in addition to daily marketings. It would lift the weight of accumulations from our markets.
To-day prices broke under heavy selling to secure profits,
and with Liverpool down. But for the week prices at Chi1
/
cago show a rise of 4 to 52 cents.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
cts_137
No. 2 red
13734 1373I 14034 141
1383j
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Decemb(r delivery in eleva tor _cts_122% 12134 122% 124
124% 1234
May del,very in elevator
120% 12034 12134 12334 12334 122%
July del very in elevator
10934 11034 11234 11434 11434 113%
To-day prices were lower, with other grain, closing, how2
1
/
4
/
ever, at a rise for the week of 13 to 3 cents.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
58
5534 58
55
cts_ 54
55
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Sat. Mon. Tues,
5
% 46
459-1
December delivery in elevator_cts_ 4534 4634 453% 45
3
3
4434 44,4 45% 4634 46% 46%
May delivery in elevator
, 41% 4134 41% 4234 4231 42%
July delivery in elevator
Rye advanced with wheat and corn, especially as there
were rumors of large export buying over last Sunday. To
be sure, they were not fully confirmed, but for all that they
had a certain persistent influence. Yet the failure to confirm these statements did take the edge off for a moment.
The American visible supply last week decreased, however,
no less than 1,527,000 bushels against a decrease of only
530,000 in the same week last year. Still, the total even now
Is 8,757,000 bushels, against only 6,256,000 a year ago.
It was rumored that Germany was buying. The export
demand of late has been slow and prices irregular. To-day
prices were somewhat lower, but for the week they show a
net advance of 4 to 5 cents.
RYE FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator _cts_ 8734 87% 889' 90% 9034 90
9034 9094 9034 92% 93
9234
May delivery in elevator
The following are closing quotations:
GRAIN
Oats
58
No. 2 white
No. 3 white
57
Barley
Feeding
Nominal
9334
Malting
82©84
1 03
FLOUR
Barley goods
$6 50@$7 00
Spring patents
No.!
$575
5 90
6 25
Winter straights, soft
Nos. 2,3 and 4 pearl_ 850
6 60
6 15
Hard winter straights
Nos. 2-0 and 3-0
5 75055 90
6 00
5 50
First spring clears
6 00
5 50 • Nos. 4-0 and 5-0
5 00
Rye flour
-Carload
Oats goods
Corn goods, 100 lbs.:
spot delivery
2 923403 0234
210@ 220
Yellow meal
1900 195
Corn flour
Wheat
No. 2 red
No. 2 hard winter
Corn
No. 2 yellow
-No. 2
Rye
$1 38%
13834
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at
Flour.
When. I
Corn.
Oats.
Barley.
Rye.
ush.48Ihs hush.56I6s.
bbls.1901h5. hush.60 Ms hush. Ag lhs hush. 3'Flu ,
294,000
136,000
1,868,00
343,000
488,0001 3,661,0
Chicago
440,00
369,000 409,000
3,426,000
328,00
Minneapolis
2,00
18,00
2,000
912,000
2,535.000
Duluth
39,000
43,000
55,000
193,000
477,000 199,000
Milwaukee
24,000
539,000
90,000
Toledo
7,000
68,000
39,000
82,000
Detroit
93,000
561,000
116,00
Indianapolis_
83,000
1,000
771,000
389,000
722,00
29,101
Louis__
St.
39,000
52,000
701,000
389,000
24,00
10,000
Peoria
1,775,000
279,000
211,000
Kansas City_
505,000
491,000
196,00
Omaha
217,000 1,214,000
32,000
St. Joseph831,00 1,530,000
Total wk. '22 504,000 10,483,000 6,991,000 4,545,
664,000 7,481,000 7,500,000
376,000
Same wk. '21
533,00
:8 :
2 19 00
3 137 000 1,263"
638,000
Same wk. '20 325,000 8,511,000 3,085,00
Indian corn advanced with wheat and touched a new
"high" for the season. Shorts covered freely. They feared
a delay in the crop movement owing to cold, stormy weather.
It is true that on the rise country offerings increased, and
that this fact caused something of a price setback. But back
of it all was a fear with financial help ahead from land
banks farmers might not continue to sell freely. Besides,
the cash situation at times showed no little strength. Commission houses bought heavily. The American visible sup- Since Aug.110,709,000 226,152,000 119,806,000 98.017,00018,774,00 21,936,000
ply last week increased only 104,000 bushels, against 442,000
1922
3,949,000 206,651.000127,883,000 92,498,000 13,192,00 9,720,000
1921
in the same week last year. It is now 11,336,000 bushels,
5,121,000173,183,000 60,886.000 93,924,00020,832,00021,222,000
1920
against 15,950,000 last year.
Total receipts of flour and grain at the seaboard ports for
The relatively small stocks of corn in Chicago excited com1922 follow:
ment; also the decrease in primary receipts compared with the week ended Saturday Dec. 9
•
of a year ago.
those
Rye.
Barley.
Corn.
Oats.
Wheat.
Flour.
Receipts
December on the 14th inst. rose 2%c. on active covering. -- atB,,shels. Bushels,
Bushels.
Bushels.
Bushels.
Barrels
advance also found a response in corn. The cash
Wheat's
496,000 198,000 325,000
95,000
439,000 3,048,000
New York__ _
17,000
demand, too, was good. It took the edge off a rather large Portland, Me_
216.000
9,000
43,000
23,000
123,000
There was some export demand, but the Philadelphia__ 119,000 1,354,000
crop movement.
48,000
2,000 407,000
185,000
861,000
43,000
higher prices ran beyond exporters' limits. To-day prices Baltimore.._ _
4,000
Newp't News_
4,000
declined with those for wheat, ending, however, at a rise for Norfolk
28,000
424,000
548,000
69,000
New Orleans *
2
1
/
the week of 3 to 3%c.
277,000
.
Galveston_ _ _
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. 7'hurs, Fri.
No. 2 yellow
cts_ 9134 92
9134 9234
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.4
3
December delivery in elevator_cts_ 7234 7234 7234 73,4 7
5% 744
May delivery in elevator
3
7194 7134 7134 7334 7434 73,4
July delivery in elevatcr
70% 7134 7234 7334 7334
7034
Montreal _ .
-St. John N.B
Boston
Port Arthur
60,000
38,000
737,000
176,000
453,C00
312,000
18,000
142,000
52,000
2,000
44,000
2,000
72,000
801,000 269,000 827,000
847,000
7,982,000
Total wk. '22 786,000
66,545,000 16,746,000 45,451,000
Since Jan.1'2225,070.000 281,744,000141,531,000
41,000 604,000
489,0001
396,000 4,931,000 2,010,000
Same wk. '21 24,657,000273,016,000 94,305,000 43.859,00017,030,00023,891.000
Since Jan.1'21
Orleans for foreign ports
*Receipts clp not include grain passing through New
on through bills of lading.
Oats advanced in sympathy with corn and wheat, though
there has been as a rule no general activity in the speculation. Yet the cash demand has been somewhat better and
The exports from the several seaboard ports for the week
. certainly the cash situation has shown strength. Offerings
ending Saturday, Dec. 9 1922, are shown in the annexed
have been small. Shorts in December have covered freely.
December has at times shown conspicuous strength. Later statement:
months, too, went to a new "high" early in the week, though
Barley, Peas
Rue,
Flour, Oats,
Corn,
Wheal,
Bushels. Bushels. Barrels. Bushels' Bushels. Bushels. Bushels
later they sagged somewhat. Farm credits are going to be
Exportsfromextended, or at any rate there is a growing belief to that ef33,362 163,800 213.050 324,930 116,264
3,322,412
New York
17,000
9,000
218,000
fect. Wheat, corn, oats and rye are expected to benefit from Portland, Me
7,000 92,000
396,000
expanded credits to the sorely beset farming community. Boston
9,000
60,000 18,000
1,445,000
Philadelphia
455,000
785,000 438,000 11,000
The American visible supply of oats last week decreased Baltimore
4,000
81,000 bushels, against 1,069,000 in the same week last year. Norfolk News_ _
4,000
Newport
16,000 17,000
12,000
The total is now only 32,130,000 bushels, against 68,129,000 Mobile
1,447,000 344,000 44,000 3,000
New Orleans
last year.
546,000
Galveston
135,000 186,000 74,000 153,000 279,000 102,000
1,
Liverpool cabled that Argentine shippers are accepting Montreal
1,000
176,000
very low prices for the new crop, as prospects for a good St. John, N. 13_ _ _ _ 312,000
I
Arthur, Tex
yield there are very bright. There is only a small trade be- Port
1,082,362 352,800461,050 1,067,930 235,264
Total week 1922_ 9,792,412 1.495,178 130,422 264,178 909,048 111,986
ing done in Canadian sorts at slightly lower prices.
.....,. ,,,,,,,, 1091 7 eau.3R1
Chicago later reported a large cash business. Deliveries
were light, receipts moderate and buying by commission
The destination of these exports for the week and since
houses heavy.
July 1 1922 is as below:
DEC.16 1922.]
Exports for Week
and Since
July 1
THE CHRONICLE
Flour.
Since
July 1
1922.
Week
Dec. 9
1922.
Corn.
Wheat.
Week
Dec. 9
1922.
Stare
July 1
1922.
TVeek
Dec. 9
1922.
Since
July 1
1922.
Barrels. Barrels.
137,
Bushels. Bushels.
Piels.
Bushels.
United Kingdom_ 106,440 2,592,921 2,501,168 50,806,311 249,000 17,925,237
204,405 2,874,824 7,266,244 125,913,718 757,382 31,972,421
Continent
288,332
1,000
So.& Cent. Amer_
34,000
13,000
90,000
599,800
27,000
721,700
West Indies
76,000
12,000
21,000
2 ,000
Brit. No. Am.Cols
1,700
343,250
Other Countries__ 13,955
13,500
1,031,973
Total 1922
Total 1921
352,800 6,701,127 9,792,412 177,863,002 1,082,362 50,668,558
130,422 6,881,563 7,692,381 163,350,536 1,495,178 52,076,455
The world's shipment of wheat and corn, as furnished by
Broomhal to the New York Produce Exchange for the week
ending Friday, Dee. 8, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Exports.
1922.
Week
Dec. 8.
Since
July 1.
Corn.
1921.
Since
July 1.
1921.
1922.
1Veek
Dec. 8.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
North Amer_ 9,142,000231,160,000224,785,000 822,000 52,873,000 55,498,000
Russ.& Dan
3.223,000 2,704,000
3,576,000 9,716,000
Argentina__ _ 3,175,000, 42,490,000 13,881,000 4,764,000 63,496,000 71,664,000
Australia ___
328,0001 10,420,000 38,536,000
India
544,0001 1,828,000
712,000
0th. countr's
3,365,000 6,680.000
Total
13,189,000289,121,000280,618,006 3,586,000123,310,
143,558,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Dec. 9, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St. Joseph, Mo
Minneapolis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River.. _ __
GRAIN STOCKS.
Wheat,
Corn,
Oats,
hush.
bvsh.
hush.
1,387,000 1,209,000 2,357,000
132,000
3,000
33,000
221,000
711,000
416,000
678,000 1,897,000
375,000
Rye,
hush.
699,000
210,000
41,000
1,364,000
2,466,000 1,276,000
250,000
1,576,000
3,887,000
391,000 1,150,000
15,000
103,000
1,824,000
1,529,000
1,112,000
86,000
470,000
5,000
28,000
31,000
27,000
59,000
1,492,000 3,051,000 7,622,000
935,000
230,000
250,000
529,000
26,000
189,000
110,000
666,00086,000
1,455,000
65,000
638,000 1,064,000
873,000
144,000
21,000
124,000
4,335,000
57,000 13,224,000 1,545,000
1,305,000
435,000
300,000
7,000
3,689,000
411,000
986,000
140,000
18,000
289,000
421,000
425,000
255,000
338,000
1,913,000
750,000 2,274,000
200,000
3,449,000
315,000
355,000
713,000
34,000
90,000
Barley,
hvsh.
391,000
1,000
45,000
3,000
999,000
2,000
243,000
13,000
104,000
213,000
8,000
590,000
4,000
38,000
46,000
Total Dec. 9 1922____33,516,000 11,336,000 32,130,000 8,757,000 2,700,000
Total Dec. 2 1922_ _33,428,000 11,172,000 32,940,000 10,284,000 2,740,000
Total Dec. 10 1921_ _47,877,000 15,950,000 68,129,000 6,256,000 3,425,000
-Bonded grain not included above: Oats, New York, 127,000 bushels;
Note.
Boston, 3,000; Baltimore, 25,000; Buffalo, 1,004,000; Duluth, 24,000; Toledo afloat,
586,000; total, 1,769,000 bushels, against 1,061,000 bushels in 1921. Barley, New
York, 136,000; Buffalo, 1,269,000; Duluth, 68,000; total, 1,473,000 bushels, against
688,000 bushels in 1921. Wheat, New York, 1,226,000 bushels; Boston, 1,357,000;
Philadelphia, 1,297,000; Baltimore, 1,283,000; Buffalo, 8,089,000; Buffalo afloat,
8,534,000; Duluth, 202,000: Toledo, 1,128,000; Toledo afloat, 1,366,000; Chicago,
435,000; On Lakes, 5,822,000; total, 28,739,000 bushels, against 30,130,000 bushels
in 1921.
Canadian
Montreal
2,059,000
98,000
903,000
445,000
515,000
Ft. William & Pt. Arthur_ 11,810,000
1,287,000
2,772,000
12,060,000
Other Canadian
1,287,000
461,000
Total Dec. 9 1922_ _ _ _25,929,000
903,000
Total Dec. 2 1922_ _ __22,822,000
812,000
Total Dec. 10 1921___ _23,440,000 1,479,000
Summary
American
33,516,000
Canadian
25,929,000
903,000
3,748,000
3,572,000
6,591,000
445,000 2,672,000
443,000 2,889,000
3,000 2,125,000
3,748,000
445,000, 2,872,000
Total Dec. 9 1922_ __ _59,445,000,
Total Dec. 2 1922_
56,050,000 11,984,000 36,512,000 10,727,000 5,829,000
Total Dec. 10 192L_.71,317.000 17,429,000 74,720,000 6,259,000 5,550,000
WEATHER BULLETIN FOR THE WEEK ENDING
-The general summary of the weather bulletin
DEC. 13.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Dec. 13, is as
follows:
COTTON.
-Much cloudy weather with frequent showers prevailed in
most of the cotton belt, with rather heavy rainfall in the eastern portion.
Rains retarded opening of cotton bolls in California, but the picking pf
cotton was practically completed in New Mexico.
-The weather was unfavorable for harvesting late corn in TenCORN.
nessee. Harvesting and husking were practically completed in most districts, although much corn remained in the fields in northern Ohio. Considerable husking is yet to be done in Minnesota: this work was retarded, however, in South Dakota by cold and snow and in Iowa by heavy sleet.
-Substantial rains fell in most of the eastern half of the interWHEAT.
wheat belt and temperatures were moderate, but it was generall- dry and
cold in the western portions. The increase of moisture in the Ohio Valley
was beneficial for winter wheat, which continued to grow slowly in most
sections; but the crop was practically dormant in the more western wheat
growing districts. There was practically no snow cover at the close of the
week in many portions of the belt and a severe cold wave was overspreading
the interior of the country which was very favorable under the conditions.
Wheat continued in satisfactory condition in the Ohio Valley States,
but some complaints were received of alternate freezing and thawing in
parts of this area, particularly in Indiana. The crop has been stooling well
with ample moisture in Missouri where progress and conditions were saltsfactory.
The plants were practically dormant in Kansas at the close of the week,
but were in good shape for winter in the eastern half. It continued too dry
in the western half where conditions were much less favorable. The cold
winds with no snow cover in that State were detrimental.
It was too cool for much growth in Oklahoma, but wheat was in generally
good condition there, with the early planted well rooted. Severely cold
weather prevailed the latter part of the week in the more Northwestern
States, but winter grains were generally protected there by ample snow
cover. Cereals were doing well in the Southern States, where copiona
rainfall was very beneficial in most sections. The snow drifted badly in
parts of the northern Great Plains and highways and rail traffic was impeded by snow in Montana and in some higher northern Rocky Mountain
districts and many highways were impassable. Soil was generally in good
condition when covered with snow and was unfrozen in many localities of
the Far Northwest which will insure maximum benefit when it melts.
2709
THE DRY GOODS TRADE.
New York, Friday Night, Dec. 15 1922.
Markets for dry goods maintained a firm undertone during the past week, the rising tendency being given impetus by
demands for higher wages and higher raw material costs.
The Government report on the production of cotton for the
year, published on Tuesday, the 12th inst., estimated the
total yield this year at 9,964,000 bales, and was a disappointmenb to those who had hoped for lower priced cotton, though
the estimate covers merely lint cotton, and not linters, the
latter increasing the total by about 7.4%. With the outlook
for continued high priced cotton during the remainder of the
present crop year, the trade feels there is little possibility of
any lowering of values for the manufactured product. The
Government crop report had its effect in stimulating a more
active demand on the part of buyers who found sellers less
willing to make commitments except at full prices. While
buyers are not questioning the merit of possible advances,
they are giving considerable thought to their ability to sell
goods at higher prices. Many are already held in check from
further operations by advices from their home factors to the
effect that the high price levels were curtailing the flow of
new orders. Converters and printers who have not entirely
provided for their requirements of gray cloths for spring are
now making purchases on a more liberal scale for delivery
during the first quarter of the new year. Jobbers are taking
sheetings more freely, and bag manufacturers are purchasing
more goods, though none of these factors display the active
interest they .did a month or so ago. An encouraging development of the past two days or so, however, was the reordering of staple merchandise by houses located in the West.
DOMESTIC COTTON GOODS: Owing to a more active
demand, stimulated by the bullish Government estimate of
the total cotton yield this season, markets for domestic cottons ruled steadier during the past week. Southern mills
were firmer in all asking prices, and were particularly persistent in their refusals to accept business on heavy weight
goods at some of the low figures recently quoted. Second
hands have also been less willing to make offers at coneessions. The lower temperatures have stimulated distribution
of goods for winter use, which for a long time moved slowly
owing to the mild weather, and the increased demand has resulted in jobbers securing substantial re-orders from retailers. Many of the latter purchased too conservatively earlier
in the year, and their belated purchases are now, in many
instances, proving costly because prices are much higher
than they were a few months ago. Furthermore, there is a
pronounced scarcity in numerous seasonal lines of goods
available for prompt delivery. Sheetings have been more
active, as some of the bag manufacturers who have been hesitating for two or three weeks entered the market and closed
contracts for delivery during the first quarter of the new
year. More is being heard of new lines of printed goods to
be displayed after the turn of the year, and the idea is becoming quite general in some converting circles that printed
wash fabrics will move more freely during the coming spring
and summer. Unemployment in industrial centres no longer
exists, and the fullness of employment in Eastern industrial
sections is already showing in the quickened holiday business. Inventory returns so far received from Jobbers show
that stocks are in a healthy condition in distributers' hands.
Print cloth, 28-inch, 64 x 64's construction, are quoted at
8%c., and the 27-inch, 64 x 609s, at 7%c. Gray goods in the
39-inch, 68 x 72's, are quoted at 10%c., and the 39-inch, 80x
80's, at 13%c.
WOOLEN GOODS: The situation and outlook in regard
to the markets for woolen goods remain firm, and while there
has been some falling off in the demand for certain lines,
there continues to be good buying of others. Holiday carpet
and rug sales are said to have been exceptionally large, with
the direct sales to consumers through the retail and department stores much greater than the ordinary Christmas business. Owing to the remarkable demand for overcoatings
which has characterized the clothing and retail trade all
season, business in suitings, to some extent, has been overlooked. Serges, however, of good quality, have continued to
sell well. In many lines of woolens, selling agents for mills
are beginning to give more thought to fall than to immediate
business. More spring business will undoubtedly come forward, and it is predicted that low priced tropicals will constitute a large part of the coming spring and summer trade.
Although advances have been established in prices for wool
blankets, it is generally believed that they are not as yet near
what manufacturers are justified in asking. Therefore, still
higher levels are predicted.
FOREIGN DRY GOODS: Primary markets for linens
are less active awaiting the outcome of retailers' sales. Present indications are that these will be excellent, and that buyers will soon re-enter the wholesale markets for January and
February special sale purposes. While many buyers have
covered their requirements for these events, others are expected to become active immediately after the holidays. During the early part of the week the sharp advance in sterling
exchange stimulated more active buying of burlaps, and the
market developed firmness. During the latter part of the
week, however, the demand subsided, and prices became easier. Light weights are quoted at 6.85c. to 6.90c., and heavies
at 8.75 to 8.80c.
2710
ffitate anti Tity gitpartnutxt
NEWS ITEMS.
-Vote on Constitutional Amendments.-According
Arizona.
to the final count, the three measures submitted to the people
on Nov. 7-V. 115, p. 1964-were defeated. The count
on the $2,500,000 road bond amendment, which was very
-showed 24,688 "against" and 22,130
-V.115, p. 2498
close
"for." The constitutional amendment relating to the
school system lost by 24,022 to 14,212. The referndum
measure proposing the repeal of the fish and game law was
defeated by 23,014 to 10,555.
-On Dec. 8
-4515,000,000 Fire Damage.
Astoria Ore.
a fire destroyed the business district of the city. The
property loss is estimated at $15,000,000.
-The proposed
Illinois.-Voters Defeat New Constitution.
new constitution submitted to the electors on Dec. 12-was defeated by a vote of six to one.
V. 115, p. 1553
Incomplete figures gave 190,761 "for"and 880,046 "against."
-Louis L. EmmerOfficial Announcement of Nov. 7 Vote.
son, Secretary of State, on Dec. 7 issued a bulletin, containing, among other results, of the general election the vote
cast on the Soldier Bonus and the Light Wine and Beer proposals. The official canvass shows 1,220,815 "for" to 502,372 "against" the Bonus and 1,065,242 "for" to 512,111
"against" the use of light wine and beer.
Kansas City, Mo.-Charter Amendments Providing for
Non-Political Water Board and $11,000,000 Bonds Void.
Following the voters' rejection on Nov.21 of the new charter
and their approval of the alternative upholding the charter
amendment calling for a non-political water board, the State
Supreme Court on Dec. 6 handed down a decision in the
suit brought to oust the non-political board, declaring the
charter amendments establishing the board and providing
for bonds void. See V. 115, p. 2290 and 2401; also V. 113,
p. 2436 and V. 114, p. 1568.
Los Angeles, Calif.
-Gas & Electric Co. Apply for In-The city,
junction Against City's Condemnation Proceedings.
following failure to reach an agreement with the Los Angeles
Gas & Electric Corp. for the purchase of the company's
property, announced its intention to resort to condemnation
proceedings to carry out its plan of municipal ownership.
The company, according to the Los Angeles "Times,"
responded by asking for an injunction restraining the city
from taking the contemplated action. The application was
granted, and an order issued on Dec. 12 by Judge Crail of
the Superior Court, ordering Acting Mayor Criswell and
others to appear before Judge Hahn on Dec. 15 for a hearing.
We quote the Los Angeles "Times"from its issue of Dec. 12:
Superior Court Judge Crall yesterday afternoon issued an order summoning Acting Mayor Criswell and other city officials and members of the
State Railroad Commission to appear before Judge Hahn next Friday
morning at 10.30 o'clock to show cause why a permanent injunction should
not be issued restraining the city from embarking upon condemnation
proceedings to acquire the $17,000,000 electric generating and distributing
system of the Los Angeles Gas & Electric Corp. Summons was served
yesterday afternoon at the City Hall upon Acting Mayor Criswell, City
Auditor Myers and City Treasurer Powell and upon officials at the offices
of the State Railroad Commission.
The hearing next Friday morning will mark the beginning of a hardfought battle by the gas company to defeat the efforts of the Public Service
Commission and its municipal ownership and Socialist friends to embarrass
the company, while the corporation is expending more than $9,000,000 in
making extensions and betterments to its system to meet the needs of the
tremendously increased population.
The company in its application for an injunction, declares that the
action of the Council last Monday in adopting by a 5 to 4 vote, a resolution
calling upon the State Railroad Commission to make a survey to determine
the value of the electrical properties of the company, as the beginning of
condemnation proceedings, was illegal. This view of the Council's action
was set forth from the floor of the Council by Councilman Mushet, who said
that the resolution was not carried but was defeated,six votes being required,
he said, to adopt it. He based his stand on these two points:
First, that the city charter provides that an appropriation of city money
requires six votes in the Council, and the official vote as recorded showed
five-President Criswell and Councilmen Conaway, Mallard, Sanborn and
Wheeler-for starting proceedings before the State Commission, and four
Councilmen Allen, Langdon, Mushet and Sparks
-opposed; and second.
that President Criswell, who is Acting Mayor, had no legal right to cast a
ballot in the Council which would thus place him in the position offunctioning in two city jobs at the same time.
Councilmen Langdon and Allen stated yesterday that their reason
for voting against the resolution calling upon the Railroad Commissioft
to make a survey of the electric properties of the gas company was that they
believed it would be unfair to use the Council to discredit and embarrass
the company.
As showing the tremendous size of the electric system of the Los Angeles
Gas & Electric Corp., which the Public Service Commission hopes to get
the taxpayers to take over, Vice-President Champ Vance of the company
said yesterday that these electric properties, including generating and
distributing systems, were worth to-day $17,000,000, and not $7,0001,000,
which the municipal ownership advocates and Socialists who are behind
the present drive to gobble the gas company's electric business are saying
the properties are worth. Mr. Vance called attention to the extensions
the company is now making, and said that one year from now the properties
would be worth $20,000,000.
-Result of Election.
-The two proposed constituNevada.
tional amendments relating to the prohibition of local or
special laws and the appointment by county commissioners
of a successor to a deceased or resigned legislator, were
favorably voted upon at the general election-V.115, p. 1965:
The two propositions to change the divorce laws of Nevada failed.
Proposition No. 3, which would have altered the residence requirement to
one year instead of six months, lost by 8,024 votes, and proposition No. 4,
which, in effect, ratifies the present divorce laws of the State and forbids
their alteration under constitutional amendment for a period of three years,
had a plurality of 3,359 votes.
New Jersey.
-The official
-Official Vote on Road Bond.
canvass on the $40,000,000 Road Bond Act approved by the
people on Nov. 7-V. 115, p. 2291-gives the measure a
majority of 17,064, the vote being 260,929 "for" to 243,865
"against."
[VoL. 115.
THE CHRONICLE
BOND PROPOSALS AND NEGOTIATIONS
ths week have been as follows:
-Our Western
-BOND SALE.
AGUILAR, Las Animas County, Colo.
representative advises us that James H. Causey & Co. and Geo. W. Vallery
_
0
& Co., both of Denver, have purchased $75,000 57 water extension
bonds at 92, a basis of about 6.57%. Denom. $1.000. Date Dec. 1 1922.
-D.), payable at the Mechanics' & Metals NaPrin. and semi-ann. int (J.
tional Bank, N. Y. City. Due Dec. 1 1932.
COUNTY SCHOOL DISTRICT NO, 1 (P. 0. Laramie),
ALBANY
-The $40,000 5% 20
-year high school bonds offered
Wyo.-BOND SALE.
-were awarded to Crosby, McConnell & Co.
on Dec. 12-V. 115, p. 2292
of Denver, at 101.56.
-It is re-BOND ELECTION.
ALBION, Calhoun County, Mich.
ported in the Toledo "Blade" of Dec. 9 that a special election will be held
on Dec. 28 to vote on the proposition of issuing $50,000 city hospital improvement bonds.
-The
-BOND SALE.
ALHAMBRA, Los Angeles County, Calif.
Citizens' National Bank of Los Angeles, has purchased $200,000 4%%
sewer bonds at 100.15. Denom. $1,000. Date Aug. 11922. Int. F. &A.
Due serially on Aug. 1 from 1923 to 1947, inclusive.
-BOND SALE.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
coupon (with privilege of registration as to principal
The $2,250,000 4% %
and interest) bridge bonds, offered on Dec. 9 (V. 115, p. 2401), were
awarded to the Union Trust Co.. of Pittsburgh, on a bid of 101.87, a basis
of about 4.10%. Denom. $1,000. Date Jan. 1 1923. Semi-annual interest (J. & J.) payable at the County Controller's office. Due $75,000
Yearly on Jan. 1 from 1924 to 1953, inclusive.
-A. Grace
-NOTE OFFERING.
ASBURY CITY, Ocean County, N.J.
King, City Clerk, will receive sealed bids until 11 a. m. Dec. 19 for $100,00()
six months tax revenue notes. Due six months from Dec. 19 1922. Bidders to name rate of interest.
-BOND OFFERING.
ASHEBORO, Randolph County, No. Caro.
Sealed proposals will be received until 813. m. Dec. 19 by James B. Neely,
Town Clerk, for $7,500 5% coupon (with privilege of registration) sewer
bonds of 1920. Denom. $250. Date Dec. 1 1922. Prin. and semi-ann.
-D.), payable at the Town Treasurer's office. Due $250 yearly
in (J.
on Dec. 1 from 1923 to 1952, incl. A cert. check upon an incorporated
bank or trust company (or cash) for 2% of amount of bonds bid for, payable to the Town of Asheboro, required.
-Tucker, Robinson
-BOND SALE.
ATHENS, Athens County, Ohio.
& Co. of Toledo. were awarded the following 5%% bonds, totaling $80,000
that were offered for sale on Dec. 9 (V. 115, p. 2498), for a premium of
0
$536. equal to 100.67, a basis of about 5.357:
$45,000 bonds for the purpose of constructing storm sewers in Storm Sewer
District No. 2. Issued under authority of the laws of Ohio, and
an ordinance passed April 3 1922. Due $4,500 yearly on Sept. 1
from 1923 to 1932, inclusive.
of
35,000 street-improvement bonds. Issued under authority of the lawson
Ohio, and an ordinance passed July 5 1922. Due $3,500 yearly
Sept. 1 from 1923 to 1932, inclusive.
Denom. $500. Date Sept. 1 1922.
The above was the only unconditional bid received. The following is a
list of the bids received:
Premium.
$392 00 A. T. Bell & Ca., Toledo____ 672 00
Bonbright & Co., Inc
owman Co., Toledo.. 470 50 Citizens Trust Co.,Columbus 650 00
Ryan. B
Hanchett Bond Co., Chicago. 257 00 Provid't.Sa.Bk.& Tr.Co.Cin. 400 00
Hayden Miller Co.,Cleveland 656 00
Sidney Spitzer & Co., Toledo,
70 00 Well Roth & Co., Cincinnati_1002 00
(Street bonds only)
Breed, Elliott & Harrison,Cin 825 70 The Title Guarantee & Trust
720 00
Co., Cincinnati
W.L.Slayton & Co., Toledo_ 456 00
N. S. Hill & Co., Cincinnati_ 575 00 Stacy & Braun, Toledo_ . _ _ 848 00
1013 00
Detroit Trust Co
-BOND OFFERAtlantic City), N. J.
ATLANTIC COUNTY (P.
-Bids will be received until 3 P. m. Dec. 23 by E. L. Johnson, County
ING.
Treasurer, for the purchase at not less than par and interest of the following
two issues of 43 % coupon (with privilege of registration as to principal and
interest, or principal only), road improvement bonds, no more bonds of
either issue to be awarded than will produce a premium of $1,000 over the
amount of bonds offered:
$235,000 bonds. Date Dec. 11922. Int. J. & D. Due yearly on Dec. 1
as follows: $15.000 1923 to 1935,incl.. and $20,000 1936 and 1937.
71,000 bonds. Date Nov. 11922. Int. M.& N. Due yearly on Nov. 1
as follows: $4,000 1923 to 1926,incl.,and $5.000 1927 to 1937,incl.
'Denom. $1,000. Prin. and semi-ann. int., payable in lawful money of
the U. S. at the County Treasurer's office. Certified check on an incorporated bank or trust company for 2% of amount of bonds bid for,
payable to the County Treasurer required. Delivery to be made on
Dec. 30 at 11 a. m. at the County Solicitor's office, unless another date is
agreed upon. Legality to be approved by Clay & Dillon of New York.
ATLANTIC INDEPENDENT SCHOOL DISTRICT (P.O. Atlantic),
Cass County, lowa.-DESCRIPTION.-The $55,000 school bonds purchased by Geo. M.Bechtel & Co. of Davenport, as stated in V. 115, p.564Prin. and
are described as follows: Denom. $1,000. Date Aug. 1 1922.Davenport.
-A.), payable at Geo. M. Bechtel & Co.,
semi-ann. int. (F.
rate 4i%. Due on Aug. 1 as follows: $15,000, 1927, and $5,000,
Int.
1928 to 1935, inclusive.
Financial Statement.
$7,817,812
Actual value of property
4,882,363
Taxattle value 1921
89,500
Total debt (incl. this issue).
5,329.
Population,
-The $10,000
Minnehaha County,So. Dak.-BOND SALE.
BALTIC,
-have
4-V. 115,
6% town bonds offered unsuccessfully on Nov.Saint Paul, IL 2292 Date
at par.
been purchased by Magraw. Kerfoot & Co. of
Nov. 15 1922. Due Noy. 15 1942.
BIG MEDICINE CREEK DRAINAGE DISTRICT NO. 1, Sullivan
-The
and Grundy Counties, Mo.-BONDS OFFERED BY BANKERS.
Liberty Central Trust Co. and G. H. Walker & Co., both of St. Louis, are
offering to investors at par and int. $146,000 5% drainage bonds. The
bonds are described as follows: Denom. $1,000. Date Sept. 1 1922.
Prin. and semi-ann. int. payable at the Liberty Central Trust Co., St.
Louis. Due serially on Sept. 1 from 1926 to 193,inclusive.
-BOND SALE.
' EiLUE EARTH COUNTY (P. 0. Mankato), Minn.
The 338,0005% county ditch bonds offered on Dec. 13-V. 115. p. 2498,
were awarded to the Minnesota Loan & Trust Co. of Minneapolis, as
at a premium of $645, equal to 101.69, a basis of about 4.55%. Due
4 Yi s
on Dec. 1 as follows: $3,500 1927, $3,000 1928 to 1936, inclusive, and
$1,500 1937 to 1941, inclusive.
-On Dec. 14
BOONE, Watauga County, No. Caro.
-BOND SALE.
the Watauga County Bank purchased $14,000 6% street bonds at par.
-The Boone
(P.O.Lebanon), Ind.
-BOND SALE.
BOONE COUNTY
County State Bank of Lebanon,was awarded the issue of $30,8006% coupon
Edlin et al., Center, Harrison and Jackson Townships drainage
Lara E.
bonds, offered on Dec. 8 (V. 115, p. 2498). Date Nov. 10 1922....Due
$3,080 yearly on Nov. 10 from 1923 to 1932, inclusive.
BRIDGEWATER, McCook County, So. Dak.-BOND ELECTION
$10,000
On Dec. 22 an election will be held to vote on the question of issuing
electric light and power plant bonds.
ELECTION.
BRIDGEWATER, McCook County, So. Dak.-BOND
$10,000
On Dec.22 an election will be held to vote on the question of issuing
light and power plant bonds.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
loan of
F. S. Moseley & Co. of Boston, has been awarded a temporary
Oct. 19 1923, on a.4.23%
$200,000, dated Dec. 15 1922, and maturing
discount basis.
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 24 (P. 0.
-Sealed pro-BOND OFFERING.
Patchogue), Suffolk County, N. Y.
11:30 a.
posals will be received by Henry J. Bishop, District Clerk, until rate not
Dec. 27 for an issue of $480,000 coupon school bonds. Int.
m.
1923. Denom. $1.000. Due $18,000 on
to exceed 5%. Date Feb. 1
Feb. 1 from 1924 to 1933, incl.. and $20,000 on Feb. 1 from 1934 to 1948."
incl. Int. semi-ann. Cert. check for12%tof bonds bid for, payable to Frank
O.
DEc.16 1922.]
THE CHRONICLE
2711
A.Potter, Treasurer,required. Legality approved by Clay & Dillon, Attys., chase at not less than par and int. of the following 4 issues of 5% special
assessment street impt. bonds:
of New York. No bid for less than par and accrued int. considered.
$168,000 Winthrop Road bonds. Date Aug. 15 1922. Due $21,000
-The
-BOND SALE.
BROWN COUNTY (P. 0. Georgetown), Ohio.
yearly on Mar. 1 from 1925 to 1932, inclusive.
bonds offered
100,000 Adams Ave. bonds. Date Sept. 1 1922. Due $20,000 yearly on
$28,000 534% I. C. H. No. 30, Section "P." improvement
for sale on May 27 (V. 114, p. 2266) have been awarded to the Provident
Mar. 1 from 1928 to 1932, inclusive.
Savings Bank & Trust Co. of Cincinnati, for a premium of $644, equal to
122,000 Brunson Ave. bonds. Date Oct. 14 1922. Due yearly on Mar.
102.30, a basis of about 4.97%. Date May 1 1922. Due yearly on 'Nov.1
1 as follows: $15,000, 1925 to 1930, bid.; and $16,000, 1931
as follows: $3,000 from 1923 to 1930, incl., and $4,000 in 1931.
and 1932.
BOND SALE -The Provident Savings Bank & Trust Co. of Cincinnati,
.
91,000 Columbian Ave. bonds. Date Dec. 1 1922. Due yearly on
have also purchased the $28,500 534% Locust Ridge-Surryville road conSept. 1 as follows: $11,000, 1925 to 1929, id., and $12,000.
struction bonds offered for sale on June 10 (V. 114, p. 2506) for a premium
1930, 1931 and 1932.
of $572 85, equal to about 101.744, a basis of about 4.95%. Date June 1
Denom.$1,000. Prin. and semi-ann. int.(M.& S.), payable at the City's
1922. Due yearly on Dec. 1 as follows: $3,000 from 1923 to 1928, incl., agency, in New York. Cert. check for 1% of amount of bonds bid for,
and $3,500 from 1929 to 1931, inclusive.
payable to the City Treasurer, required. Bonds to be delivered and paid
for at the City Clerk's office,
award. Bids must
BRUNSWICK, Glynn County, Ga.-BOND SALE.
-The following be made on blanks obtained within 10 daysfrom date of
from the City Clerk.
two issues of 5% coupon or registered bonds offered on Dec. 12-V. 115,
-The
CONCORD, Cabarrus County, No. Caro.
-were awarded to the Brunswick Bank & Trust Co. of Brunswick,
-BOND SALE.
p. 2498
$350,000 coupon (with privilege of registration as to principal only) streetat a premium of $7,717 50, equal to 103.43. a basis of about 4.72%:
$175,000 bridge and road bonds. Due $7,000 yearly on Oct. 1 from 1928 improvement bonds offered on Dec. 11 (V. 115, p. 2499), were awarded to
the Concord National Bank of Ccncord as 531s at a premium of $1.925,
to 1952, inclusive.
50,000 sewerage bonds. Due $2,000 yearly on Oct. 1 from 1928 to equal to 100.55-a basis of about 5.18%. Date Jan. 1 1923. Due on
Jan. 1 as follows: $23,000, 1925 to 1934, inclusive; $10,000, 1935 to 1937,
1952, inclusive.
inclusive; $14,000, 1938 to 1940, inclusive; and $16,000, 1941 to 1943, Inch.
Date Oct. 1 1922.
CONWAY COUNTY ROAD IMPROVEMENT DISTRICT NO. 2
BRYAN VILLAGE SCHOOL DISTRICT (P. 0. Bryan). Williams (P.0. Morrillton),
Ark.
-DESCRIPTION.
-The $200,000 5% road bonds
-BOND OFFERING.
County, Ohio.
-E. E. Culbertson, Clerk Board of awarded as stated in
V. 114, p. 1094, are described as follows: Denom.
Education, will receive bids until 7.30 p. m. Dec. 22 for $25,000 5%
Date Feb. 11922. Principal and semi-annual interest (F. & A.)
coupon refunding bonds. Denom. 6 for $500 and 22 for $1,000. Date $1,000. at
the National Bank of Commerce, St. Louis. Due on Aug. 1
Dec. 10 1922. Prin. and semi-ann. int. (M. & S.), payable at the office payable
of the District Treasurer. Due yearly on Sept. 10 as follows: $1,500 as follows: $7,000, 1925 and 1926; $8,000, 1927 and 1928:$9,000, 1929 and
1924 to 1929, incl., and $2,000 1930 to 1937, mcl. Certified check on a 1930; $10,000, 1931 and 1932; $11,000, 1933 and 1934; $12,000, 1935 and
bank doing a regular banking business in Ohio, or a New York draft, for 1936; $13,000, 1937 and 1938; $14,000, 1939; $15,000, 1940 and 1941; and
an amount not less than 5% of the par value of the bonds bid for, payable $16,000, 1942.
to the Treasurer of the Board of Education required. Auth. Sections
COOK COUNTY SCHOOL DISTRICT NO. 148(P.O. Dolton), Ill.
5656 and 5658 of the General Code of Ohio.
BOND OFFERING.-Geo. H. Schaefer, Secretary of the Board of Education, will receive bids until 3 p. in. Dec. 19 for the following two issues of
BURBANK, Los Angeles County, Calif.
-BOND OFFERING.
5% bonds:
Sealed bids will be received until 6:30 p. in. Dec. 19 by F. S. Webster, City $10,000 site-purchase bonds. Due $500 yearly on Nov. 1 from 1923 to
Clerk, for $50,000 6% water impt. bonds. Denom. $1,000. Prin. and
1942 inclusive.
int. payable at the City Treasurer's office. Due $2,000 yearly on Dec. 1
45,00C school bldg. bonds. Due $2,500 yearly on Nov. 1 from 1923
from 1927 to 1951 incl. A cert. check for 10% of amount of bid required. •
to 1940 inclusive.
Date Nov. 1 1922.
Purchaser is to
for
CALDWELL, Noble County, Ohio.
-The $2,600 6% pay for examination of Cert. checkcost $3,000 required.
-BOND SALE.
of printing bonds.
record and
(village portion) Fairground, Railroad and Plainingmill Street impt. bonds
offered on Dec. 8 (V. 115, p. 2402), were awarded to the Farmers' &
CORPUS CHRISTI, Nueces County, Texas.
-BOND ELECTION.Merchants' Bank of Caldwell, for a premium of $100, equal to 101.613, We are advised by our Western correspondent that an election will beheld
a basis of about 5.71%. Date Sept. 1 1922. Due $600 on Sept. 1 from on Jan. 3 to vote on the question of issuing $2,500,000 harbor construction
bonds.
1924 to 1932,incl.. and $800 in 1933.
-The ComCOSHOCTON,Coshocton County, Ohio.
-BOND SALE.
-We are
CALIFORNIA (State of).
-BOND OFFERING POSTPONED.
Informed by Friend W. Richardson, State Treasurer,that the sale of the mercial National Bank of Coshocton, was awarded the issue of $2,500 6%
$5,000,000 4%% gold State Highway bonds wh ch was scheduled to have fire hose bonds offered for sale on Oct. 10 (V. 115, p. 1353), for a premium
taken place on Dec. 7 V. 115, p. 2402), has been postponed until Jan. 18. of $2.50 (100.10) and accrued int.,a basis of about 597%. Denom. $500.
This is the second time the sale has been postponed, the first time being Due $500 imarly on Oct. 1 from 1923 to 1927, inclusive.
from Nov. 23 to Dec. 7.
-BOND OFFERCRAWFORDSVILLE, Montgomery County, Ind.
-Bids will be received until 7:30 p. m. Dec. 28 by James W. Hamilton,
- ING.
CAMBRIDGE, Middlesex County, Mass.
-LOAN OFFERING.
City Clerk,for the purchase
Henry F. Lehan, City Treasurer, will receive bids until Dec. 19 1922 for 4%% coupon electric light at not less than par and accrued int. of$100,000
plant bonds. Denom. $1,000. Date Sept. 1
the purchase at discount of a temporary loan of 3400,000, dated Dec. 20 1922. Prin. and annual
National Bank
1922 and maturing May 10 1923. The notes will be issued under the of Crawfordsville. Due int. (Dec. 1), payable at the First to 1943,
1924
supervision of the First National Bank of Boston, who will certify as to the last 50 bonds being $5,000 yearly on Dec. 1 from 1 after 1934. incl.;
The
subject to call on any Dec.
their genuineness, and their legality will be approved by Ropes, Gray, City reserves the right to
withhold from delivery one-half or less, of the
Boyden & Perkins, of Boston, whose opinion will be furnished the purchaser. bonds, until June 1
1923.
CANTON SEPARATE SCHOOL DISTRICT (P. 0. Canton), MadiCRYSTAL SPRINGS, Copiah County, Miss.
-BONDS VOTED.
-BOND SALE.
son County, Miss.
-The $125,000 high school bonds At the election held on Oct. 9 (V. 115, p. 1654), the $15,000 sewerage
offered on Dec. 12-V. 115, p. 2499
-were awarded as 5 Vo to local banks system bonds carried by a vote of 148 to 84.
Date Feb. 1 1923. Due as follows: $500, 1924 to 1928 incl.;
at 100.81.
CUMBERLAND, Allegheny County Md.-BOND SALE.
-Alex
$5.000, 1929 to 1938 incl.; $6,000, 1939 to 1943 incl., and $6,500 1944 to
Brown & Sons, of Baltimore, were awarded the issue of $250,000 434%
1948 incl.
water bonds, offered on Dec. 11 (V. 115, p. 2602), for 102.5631-a basis
CANYON INDEPENDENT SCHOOL DISTRICT (P. 0. Canyon), of about 4.36%. Date June 1 1922. Denom. $1,000. Due June 1 1962.
Randall County, Tex.
-BONDS VOTED.
-At the election held on Nov. Int. J. & D.
25 the $100,000 school bonds were voted by a count of 198 to 25. These
DAKOTA COUNTY SCHOOL DISTRICT NO. 55, Neb.-BOND
bonds had been sold, subject to being voted at said election, to Breg, Gar- SALE.
rett & Co.of Dallas, at a premium of 375, equal to 103.75. The bonds bear $3,500-During the month of November the State of Nebraska purchased
6% school bonds
04% int. and mature in 40 years. Notice of the election and sale was optional five years from at par. Date Nov. 1 1922. Due Nov. 1 1932,
date.
given in V. 115, p. 2180.
DALLAS, Polk County, Ore.
•
-The Dallas City Bank
-BOND SALE.
SALE. has purchased $39,317 13 impt. bonds at a premium of $104 87, equal to
CERRO GORDO COUNTY(P.O. Mason City), Iowa.
-BOND
-The following four issues of 531% drainage bonds offered on Dec. 11 100.02. According to the "Pacific Banker" of Dec. 7 the other bidders
(V. 115, p. 2499) were awarded to Schanke & Co., of Mason City:
were:
$33,71387 Drainage District No. 87 bonds. Due $3,371 38 on Jan. 1 from
Premium
Premium
1924 to 1933, inclusive.
Freeman, Smith & Camp Co..$102 30 Ladd & Tilton Bank
$101 3g
10,132 00 Drainage District No. 67 bonds. Due $1,013 20 yearly on Lumbermen's Trust Co. and
101 45
Ralph Schecloch Co
Jan. 1 from 1924 to 1933, inclusive.
Bond & Mtge. Co
101 53
102 64 Robertson & Ewing
7,468 00 Drainage District No. 100 bonds. Due $746 80 yearly on Cyrus Peirce & Co
102 70
Jan. 1 from 1924 to 1933, inclusive.
DAVIESS COUNTY(P.O. Washington), Ind.
-BOND OFFERING.
5,621 00 Drainage District No. 86 bonds. Due $562 10 yearly on Jan. 1 Until 2 p.
m. Dec. 28 0. M. Vance, County Treasurer, will receive bids for
from 1924 to 1933, inclusive.
$20,800 5% 0. M. Vance et al., Washington Tvrp. road bonds. Denom.
Date Jan. 1 1923.
$520. Date Dec. 15 1922. Int. M. & N. 15. Due $1,040 each 6 months
-James S. from May 15 1924 to Nov. 15 1933, inclusive.
CHESTER, Orange County, N. Y.
-BOND OFFERING.
for an
Demerest, Village Clerk, will receive bids until Dec. 21 at 12
DAWSON SPRINGS, Hopkins County, Ky.-BOND OFFERING.
Issue of $10,000 5% coupon fire engine and equipt. bonds(V. 115, p. 2603). Bids will be received until 2:30 p. m. Dec. 18 by William Lynch, Mayor,
Date Dec. 1 1922. Denom. $1,000. Due $1,000 yearly on Dec. 1 from for $10,000 5j. % sewer bonds. Due in 20 years, optional after 5 years.
office
1923 to 1932, incl. Prin. and semi-ann. int. (J.
-D.), payable at the
DEER PARK, Hamilton County, Ohio.
-BOND SALE.
-W. L.
of the Village Treasurer. Cert. check for 10% of bid, required. •The official notice offering these bonds states: "Should any purchaser fail to com- Slayton & Co. of Toledo, were awarded the issue of $10,000 5% street lightplete his purchase, the Village may at its election forfeit said deposit and put ing bonds, offered on Dec. 1 (V. 115, p. 2072). Date Dec. 1 1922. Due
up for sale either on sealed proposals or at auction, such bonds, and the $2,000 yearly on Oct. 1 from 1923 to 1927, inclusive.
purchaser will be held liable for any deficiency between the amount of his
DELTA COUNTY (P. 0. Cooper), Tex.
-WARRANT SALE.
-The
bid and the price at which said bonds may be sold on such re-sale, together
with all costs and expenses of such re-sale, or the Village may enforce Brown-Crununer Co. of Wichita has purchased $11,000 public improvesaid bid by action or otherwise." Bonds will be ready for delivery on Jan. ment warrants at 97.
2 at 2 p. m.
DENTON, Denton County, Texas.
-On Jan. 13
-BOND ELECTION.
an election will be held to vote on the question of issuing $65,000 school-The $4,500 building bonds.
CHEWELAH, Stevens County, Wash.
-BOND SALE.
bonds offered on Mar. 21-V. 114, p. 1210
-were purchased by the First
DUBOIS COUNTY (P. 0. Jasper County), Ind.
-BOND OFFERING.
National Bank of Chewelah.
-Bids will be received until 10 a. m. Dec. 19 by Joseph A. Sonde/13mm,
CHIPPEWA COUNTY(P.O. Montevideo) Minn.
-BOND OFFERING. County Treasurer, for $17,200 43% coupon Albert Cummings et al.,
-Sealed bids will be received until 2:30 p. m. Dec. 18 by J. J. Stevenes, Jefferson Twp. road bonds. Denom. $430. Date Dec. 15 1922. Int.
County Auditor, for $10,701 89 44% bonds. Date Dec. 11921. A cert. M.& N. 15. Due $860 each 6 months from May 15 1924 to Nov. 15 1933.
3
check for 5% of amount of issue payable to the County Treasurer, required. Inclusive.
The county will furnish blank bonds and the approving legal opinion of
DUNKIRK, Chautauqua County, N. Y.
-BOND SALE.
-On Dec. 7
Ambrose Tighe, free of cost.
the Merchants' National Bank of Dunkirk was awarded the $25,000 414
CLEBURNE COUNTY (P.O. Heflin), Ala.
-BOND ELECTION. An water and electric bonds offered on that date for $25.060 25 (100.241) and
election will be held on Jan. 9 to vote on the question of issuing $115,000 int., a basis of about 4.43%. Date Dec. 11922. Due $5,000 yearly on
funding bonds.
Oct. 1 from 1924 to 1928 incl. Other bidders were:
G. B. Gibbons & Co., N. Y_ _100.131J. G. White & Co
100.114
COLORADO SPRINGS, El Paso County, Colo.
-BOND ELECTION.
A bid of $25,025 was also received from D. S. Wright of Dunkirk.
-F. A. Bartholomew, City Treasurer, advises us that an election will be
-According to
EAST POINT, Fulton County, Ga.-BONDS VOTED.
held during April 1923 to vote on issuing $250,000 paving bonds.
the Atlanta "Constitution" of Dec. 6 the citizens of East Point expressed
COLORADO SPRINGS SCHOOL DISTRICT NO. 11, El Paso their desire on Dec. 5 for a bond issue of$75,000 for school impt. and $75,000
12 in. for water works and sewerage, by an overwhelming majority. The "ConCounty, Colo.
-BOND OFFERING.
-Bids will be received until
Dec. 21 by T. J. Fox, District Secretary, for $100,000 bonds. Interest stitution" goes on further to say: The bond issue for school improverate not to exceed 5%. The legality has been passed upon by Pershing. ments carried by a majority of more than 40 to 1. the vote being: 'For,'
Nye Fry & Tallmadge of Denver, and their approving opinion will be 875; 'against.' 21. The water and sewerage bonds, while not having
furnished the successful bidder. The official circular states that "Bidders quite as large majority, nevertheless, carried more than 10 to 1, with a
may (and are requested to) include in their bids a proposal to furnish to vote of 783 to 74."
the district $1,100,000 steel engraved bonds, denorn. $1,000, all to be
dated Jan. 2 1923 and maturing in series of $100,000 annually from Jan. 1
ELAM CREEK DRAINAGE DISTRICT (P. 0. Corinth), Alcorn
semi-annual County, Mips.
-The $5,500 6% 1-20
-BONDS NOT SOLD.
1933 to Jan. 1 1943, inclusive, together with appropriate ,
-year drainage
Interest coupons
-were not sold.
bonds offered on Dec.8-V. 115, p. 2499
-all in form to be approved by the district.
.Bids
COLUMBUS, Bartholomew County, Ind.
-BOND OFFERING
-BONDS VOTED.
ELGIN, Bastrop County, Texas.
-The $40,000
will be received until 1 p. m. Jan. 1 by Mayme B. Norton, CIClerk, for
bonds (V. 115, p. 2293) were voted at the
the purchase at not less than par and accruedt. of $38,000 4 % refund- 5%7, serial water-extension
in
election held on Nov. 28.
big bonds. Denom. 30 for $1.000 each, 10 for $500 each and 0 for $100
each. Date Jan. 1 1923. Semi-ann. hit. (J. & J.), payable at the First
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
National Bank of Columbus. Due in 10 years from date. Cert. check for Fred A. Read, County Treasurer, will receive bids until 10 a. m. Dec. 23
234%,payable to the City of Columbus,required.
for $10,000 5% Geo. A. Crume et al., Concord Township road bonds.
COLUMBUS, Franklin County, Ohio.BOND OFFERING.
-Until 12 Denom. $500. Date Nov. 15 1922. Int. M.& N. 15. Due $500 each six
months from May 15 1924 to Nov. 15 1933, incl.
in. Jan. 10 Harry A. Turner, City Clerk, will receive proposals for the pur-
2712
THE CHRONICLE
[VoL. 115.
-BOND OFFERING.
ELKIN, Surry County, No. Caro.
-Sealed bids p. 2181) were awarded to the Hibernia Securities Co., Inc., of New Orleans
will be received until 2 p. m. Dec. 21 by Alex Chatham, Jr., Town Clerk, at a premium of $1,128, equal to 102.35. Date July 1 1922.
for the following coupon (with privilege of registration as to principal only
GORDON SCHOOL DISTRICT, Sheridan County, Neb.-BOND
bonds:
-The State of Nebraska has purchased $50,000 5% school bonds.
$39,000 street impt. bonds. Denom. $1,000. Due $3,000 yearly on July SALE.
1 from 1924 to 1936, inclusive.
GRANVILLE, Licking County, Ohio.
-BOND SALE.
-The following
$500. Due $500 yearly on July 1 from two issues of 534% Grainger Street impt. bonds offered on Nov.27-V. 115.
12,500 water bonds. Denom.
1925 to 1949, inclusive.
-were awarded to W. K. Terry & Co. of Toledo for $22,129,
p. 2181, 2403
3%
,5 to 0
0pT a bee
Date July 1 1922. Bidder to name the rate of interest not to exceed 6%. vuado villa ei arebasi%..f about 5.
D
yearly on Oct. 1 as follows: $500, 1924.
'
Prin. and semi-ann. int. (J. & J.). payable in gold in New York. The bonds
and 11,000, 1925 to 1931 incl.
will be prepared under the supervision of the United States Mtge. & Trust
Co., N. Y. City, which will certify as to the genuineness of the signature 14,500 assessment bonds. Due yearly on Oct. 1 as follows: $1,000, 1923.
and $1,500, 1924 to 1932 incl.
of the official and the seal impressed thereon, and the validity of bonds
Date Aug. 1 1922.
will be approved by Chester B. Masslich, N. Y. City, and J. L. Morehead
Other bidders were:
of Durham. Bids to be made on blank forms to be furnished by above
on or about Dec. 27. A cert. check
Premium.I
Clerk or said trust comgaeenrc.
Premium.
or trust company (or cash) for2: o of a
.
: t efmoe g Milliken & York Co., Cleve_ _$117 001 Durfee. Niles & Co., Cleve_ _$128 80
r
u
Sidney Spitzer & Co.,Toledo_ 26 40 Spitzer, Rorick & Co. Toledo 56 00
ru t cr,
oTreasure
anpinya o to the Town
t
Ir?or, a corafe rat
Well, Roth & Co.,Cincinnati_ 66 00 W.L. Slayton & Co. Toledo_ 24 20
was offered on Dec. 7-V. 115, p. 2402.
Ryan,Bowman & Co.,Toledo
6 60 N. S. Hill Co., Cincinnati_ __ 114 00
ELK RIVER SCHOOL DISTRICT (P. 0. Elk River), Clearwater
GREENVILLE, Hunt County, Tex.
-BOND OFFERING.
-J. 0.
-Our Western correspondent advises us
-BOND SALE.
County, Ida.
Willman, City Clerk, will receive sealed bids until 2 p. in. Jan.9for $125,000
State of Idaho has purchased $10,000 school bonds.
that the
5% street improvement bonds. Date Dec. 15 1922. Denom. $1,000.
County, Kans.-BOND SALE.
EMPORIA, Lyon
-The $100,000 5% Prin. and semi-ann. int. (J. & D.), payable at the National City Bank,
sewer disposal plant bonds registered by the State Auditor of Kansas, on N. Y. City. Due $5,000 yearly on Dec. 15 from 1925 to 1949, inclusive.
-have been purchased by the Brown-Crtunmer A certified check for 1%, payable to the above official required.
Oct. 7-V. 115, p. 2180
Co. of Wichita. Denom. $500. Int. F. & A. Date Aug. 1 1922. Due
GROVE CITY SCHOOL DISTRICT (P. 0. Grove City), Mercer
serially for 20 years.
-BOND SALE.
-The First National Bank of Grove City was
County, Pa.
•
-BOND SALE.
ESSEX COUNTY (P. 0. Salem), Mass.
-The $16,000 awarded the issue of $68,000 coupon (with privilege of registration) school
-for a premium of $1,250,
43i% coupon Plum Island Turnpike bonds offered on Dec. 12 (V. 115, building bonds offered on Dec.8-V. 115, p. 2500
p. 2604) were awarded to Estabrook & Co. of Boston at 100.05 a basis of equal to about 101.85 for 434s, a basis of about 4.37 %. Date Dec. 11922.
about 4.49%. Date Dec. 15 1922. Due $4,000 yearly on Dec. 15 from Due yearly on Dec. 1 as follows: $10.000 in 1932, $2,000 from 1933 to 1944.
1923 to 1926. Other bidders were:
incl.;$4,000from 1945 to 1951, incl.; $6,000 in 1952. Other bidders were:
Premium.
BidderNames of Other Bidders. Price Bid. I Names of Other Bidders, Price Bid.
BidderPremium.
Glover,
Arthur Perry & Co., Boston_ _99.50 iCape Ann Nat. Bank
& MacGregor,Pitts.$1,225 00 J. H. Holmes & Co., Pitts_$1,111 00
99.63
Graham,Parsons &Co.Phil.
Harris, Forbes & Co., Boston_99.75 Gloucester Nat. Bank, G1ouc_99.70
Morrison, Dinkey & Todd
6 80
855 00 Mellon Nat, Bank, Pitts__
Salem Trust Co., Salem 100 plus $5 Merchants Nat. Bk., Salem_100.025
Co., Pittsburgh
918 68
-BOND OFFERING.
FAIRFIELD, Fairfield County, Conn.
-BOND SALE.
HADDON HEIGHTS, Camden County, N. J.
-On Dec. 12
an issue of $425,000 coupon municipal bonds was awarded to R. M. Grant Arthur S. Beck, Borough Clerk, will receive bids until 8 p. in. Jan. 2 for
& Co. of Boston on a bid of 98.71 for 4s, a basis of about 4.08%. Denom. the purchase of the following 2 issues of 5% bonds, no more bonds of either
$1,000. Date Jan. 1 1923. Prin. and semi-ann. int. (J. & J.) payable issue to be awarded than will produce a premium of $1,00() over the amount
at the First National Bank of Boston. Due Jan. 11948. The bidders were: of the issue:
Name of Other Bidders4%-Price Bid
-43i%. $8,000 street and drainage bonds. Due $500 yearly on Feb. 1 from 1925 to
to 1940, inclusive.
Hinks Bros., Bridgeport
98.547
101.125
96.50
Bridgeport Trust Co
23,000 sewer impt..bonds. Due yearly on Feb. 1 as follows: $500, 1925
101.34
95.83
to 1954, incl., and $1,000, 1955 to 1962, inclusive.
Eldredge & Co., Boston
98.05
97.78
Date Feb. 1 1923. Cert. check on an incorporated bank or trust comConning & Co., Hartford
100.78
97.516
Fairfield Trust Co.
101.011 pany, for 2% of amount of bonds bid for, required.
98.71
R. M. Grant & Co., Boston
102.631
HARDING COUNTY (P.O. Buffalo), So. Dak.-BONDS OFFERED.
FAIRFIELD SCHOOL DISTRICT(P.O. Fairfield), Greene County, -Bids were received until 2 p. m. Dec. 15 by W. R. Gardner, County
-D.S. Lynn, Clerk of the Board of Education, Auditor, for $135,000 534% coupon or registered funding bonds. Denom.
N. Y.
-BOND OFFERING.
-D.), payable at
will receive bids until 2 p. m. Jan. 4 for the purchase at not less than par $1,000. Date Dec. 1 1922. Prin. and semi-ann. int (J.
and int. of $185,000 5;i% school bldg .bonds, issued under authority of the First National Bank, Minneapolis. Due Dec. 1 1942. Bonds apSecs. 5649-4 and 7630-1, Gen. Code. TDenom. $1,000. Date Jan. 4 1923. proved by Chapman, Cutler and Parker of Chicago.
Int. M.& S. Due yearly on Sept. 1 as follows: $8,000, 1924 to 1940 incl.,
HARRISON, Westchester County, N. Y.
-BOND OFFERING.
and $7,000, 1941 to 1947 incl. Cert. check for $9,250, payable to D. S. Benjamin Taylor, Town Supervisor, will receive bids until 10 a. in.,
Lynn, Treasurer of the Board of Education, required. Bonds to be deliv16) for the purchase at not less than par
to-day,
ered and paid for within 10 days from date of award required. Legality coupon (Dec bonds, to bear interest at a rate not to and int. of $70,000
sewer
exceed 5%. Date
approved by Squire, Sanders & Dempsey of Cleveland.
Dec.• 1 1922. Int. semi-ann. Due $2,000 yearly on Dec. 1 from 1923 to
FISHER COUNTY COMMON SCHOOL DISTRICT NO, 33, Te .- 1957, incl. Cert. check on an incorporated bank or trust company, for
-The State Comptroller of Texas registered $57000 $1,000, required. Legality approved lby Clay & Dalton, N. Y.
BONDS REGISTERED.
-20
5% 5 -year school bonds on Dec. 8.
HARTFORD, Conn.
-BOND SALE.
-The $1,500,000 4% coupon or
FLAGSTAFF Coconino County, Ariz.
-BOND SALE.
-The $60,000 registered high school bonds, offered on Dec. 15 (V. 115, P. 2605), were
6% park bonds offered on Dec. 6-V. 115, p. 2604
-were awarded to a awarded to a syndicate composed of R. L. Day & Co., Merrill, Oldham &
syndicate composed of the Bankers Trust Co. Sidlo, Simons, Fels & Co. Co.. Corning & Co., H. C. Warner & Co., R. S. Briggs & Co., and Remick,
'
and Benwell, Phillips & Co., all of Denver, at a premium of 82,118, equal Hodges & Co., at 100.669, a basis of about 3.94%. Date Jan. 1 1923.
.73%. Date Nov. 11922. Due $5,000 1938 Due $50,000 yearly on Jan. 1 from 1924 to 1953 incl.
to 103.53, a basis of about 4
to 1949, inclusive.
HARTFORD COUNTY (P. 0. Bel Air), Md.-BOND OFFERING.
FLOWING WELLS IRRIGATION DISTRICT, Pima County, Ariz. Sealed bids will be received by the Board of County Commissionell:(James
-Until 10 a. m. Dec. 27 bids will be received by R. Phillips, Pres.) until Dec. 27 for $100,000 5% public school improvement
-BOND OFFERING.
M. Young, District Secretary (P. 0. Tucson),for $22,500 irrigation bonds. bonds. -Denom. 96 for $1,000 and 8 for $500. Date Jan. 1 1923. Due
.A cert. check for 5% required.
$12,500 yearly on Jan. 1 from 1924 to 1931, incl. These bonds are said to
be exemptfrom all tax in Maryland and are issued under authority
FORSYTH, Rosebud County, Mont.
-BOND OFFERING.
-H. V. by Chapter 108 of the "Acts of the General Assembly of Maryland conferred
of 1922."
Beeman, City Clerk, will sell at public auction at 8 p. in. Jan. 10 $34,566 84 Certified check or bank draft, payable to
6% funding bonds. Date Jan. 1 1923. Prin. and semi-ann. int. (J. &J.), sioners for 5% of bonds bid for required. the order of the County Commispayable at the City Treasurer's office or at the First National Bank, N. Y.
HARTWELL DRAINAGE & LEVEE DISTRICT, Green County, Ill,
City. Due on Jan. 1 as follows: $2,000 1929, $4,000 1930 to 1932, incl.,
$5.000 1933 to 1935. incl. and $5,566 34 1936. Each bond to be redeem- -DESCRIPTION. The $190,000 6% coupon bonds now being offered to
'
able six months prior to its maturity. These bonds have already been sold, Investors by Taylor, Ewart & Co. of New York, at prices to yield 5.40%
-are described as follows: Date Jan. 1 1923. Denom.
but to comply with the State laws a public offering must be made. In -V. 115, r. 2605
Due $19,000 on Aug. 1 from }934 to 1943, incl. Principal and
V. 115, p. 2614, in giving the notice of the sale of these bonds the amount $1.000. .
semi-annual interest (F. & A.) payable at the Continental & Commercial
was incorrectly given as $35,000.
National Bank of Chicago. The legality of these bonds is to be approved
FORT MILL TOWNSHIP (P. 0. Fort Mill), So, Caro.
-BOND OF& 0akle
HEm dsTEA p
-Sealed bids will be received until 12 in. Dec. 20 by W. B. by IVoop
FERING.
y NION FREE SCHOOL DISTRICT NO. 29 (P. 0*
Uof Chica
Meacham, Secretary Board of Township Trustees, at the First National
-BOND SALE.
-The $140,000 484%
Bank in Fort Mill, for $73,000 6% coupon bonds. Due on July 1 as fol- Merrick), Nassau County, N. Y.
1926 incl., $3,000 1927 to 1931 incl., and $5,000 1932 (with privilege of registration as to principal or as to both principal and Intl
lows: $2,000 1923 to
to 1941 incl.; optional on any interest-paying date after July 11931. Le- school bonds offered on Dec. 11 were awarded to J. B. Thayer of New York
gality approved by Clay & Dillon, N. Y. City. A cert, check for $1,500 at 100.375, a'basis of about 4.72%. Date Mar. 11923. Denom. $1,000.
Due $5,000 yearly on Mdr. 1 from 1295 to 1952. Principal and semi-anrequired.
•
nual interest(M. & S.) payable at the First National Bank of Freeport.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
The above description corrects the one given in V. 115, p. 2500.
On Dec. 11 a temporary loan of $200,000, issued in anticipation of revenue.
HENDERSON, Vance County, No. Caro.
-BOND SALE APPROVED.
date (V. 115, p. 2605), was awarded to the First National
offered on that
Bank of Boston on a 4.39% discount basis, plus a $2 75 premium. Denoms. -It appears that the sale of the $200,000 5% street impt. bonds at par
and accrued int. to Caldwell & Co. of Nashville, which was made subject
2 for $50,000 and 4 for $25,000. Due June 14 1923.
-has been
the approval of the City Council, as stated in V. 115, p. 1122
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
- to provedEpiN cou wr
N b y thatbod y
Weil, Roth & Co. of Cincinnati were awarded the issue of$21,500 5% West- aptiEN
. SCHOOL DISTRICT NO. 89, Minn.
Y
-BOND
wood Road improvement bonds offered on Dec. 8 (V. 115, p. 2500) for a
-The $30,000 school bonds offered on Dec. 8-V. 115, p. 2500
premium of $78 (100.361) and accrued int., a basis of about 4.96%. Date SALE.
Dec. 1 1922. Due yearly on Dec. 1 as follows: $3,500 in 1924 $3,000 in were awarded to the Minneapolis Trust Co. of Minneapolis at a premium
1925 and 1926. $2,000 from 1927 to 1932 incl. The only other bid received of $178, equal to 100.66, a basis of about 5.42%. Date Dec. 1 1922. Due
was from Seasongood & Mayer of Cincinnati for a premium of $5 plus on Dec. 1 as follows: $5,000, 1927 and 1932, and $20,000, 1937.
accrued interest.
HENRICO COUNTY (P. 0. Richmond), Va.-BOND SALE.
-The
-We are advised American National Bank and Wheat, Williams & Co. of Richmond have
GARRISON, Butler County, Nebr.-BOND SALE.
by the Peters Trust Co. of Omaha, that it recently purchased $7,000'6% jointly purchased the $145,000 5% road bonds offered on Dec. 13 (V. 115.
premium of $3,420, equal to 102.35, a basis of about 4.75%.
transmission line and electric light distributing bonds. Denom. $500. P. 2500) at a 1922. Due on Dec. 1 as follows:
$25,000 1927, $6,000 1928
Date Nov. 1 1922. Int. payable semi-ann. at the County Treasurer's Date Dec. 1
to 1932 incl., $8,000 1933 to 1937 incl., and $10,000 1938 to 1942 incl.
office in David City. Due Nov. 1 1942.
Financial Statement.
HENRY, Scotts Bluff County, Neb.-BOND SALE.
-During the
70 0 month of November the State of Nebraska purchased $7,000 6% water
$130 63
:0
Assessed value as returned by assessors, 1922
Total bonded debt, above described
bonds at par. Date Aug. 11922. Due Aug. 11942, optional Aug. 11927.
Present population, estimated, 150
-BOND ELECTION.
HIGHLAND PARK, Dallas County, Tex.
-An
-BONDS REGISTERED.
-On election will be held on Jan. 16 to vote on the question of issuing $250,000
GATESV1LLE, Coryell County, Tex.
Dec. 9 the State Comptroller of Texas registered $42,500 6% serial water water, street and park impt. 5% bonds.
works bonds.
-BIDS.
-The following
HIGH POINT, Guilford County, No. Caro.
GEORGETOWN SCHOOL DISTRICT (P. 0. Georgetown), Scott bids were received for the $250,000 53(% coupon or registered municipal
-Bids will be received until 2 p. in. building bonds on Dec. 7.
County, Ky.-BOND OFFERING.
*$257,325 00
Jan. 1 by J. C. Nichols, District Secretary, for $62,000 5% coupon school American Trust Co., Charlotte
252,675 00
bonds. Denom. $1,000. Prin. and semi-ann. int. (J. & J.) payable at the Caldwell & Co., Nashville
252,375 00
National City Bank, N, Y. City. Due on July 1 as follows: $3,000 1923 Kauffman, Smith, Emert & Co., Inc., St. Louis
252,330 00
to 1941 incl. and $5,0001942.
Taylor, Ewart & Co., Chicago
250,650 00
-The United W.K. Terry & Co.. Toledo Winston-Salem
GERING, Scotts Bluff County, Neb.-BOND SALE.
252,930 00 .
Wachovia Bank & Trust Co.,
has purchased $20,000 534% refunding bonds.
States Bond Co. of Denver
253,768 60
Spitzer, Rorick & Co.,Toledo
252,050 00
-BOND OFFERING.
- Gran, Todd Sr Co., Cincinnati
GIBSON COUNTY (P. 0. Princeton), Ind.
253,275 00
Bids will be received until 10 a. in. Jan. 22 by Stanford Witherspoon, Well. Roth &Co.,Cincinnati
255,125 30
County Treasurer, for the purchase at not less than par of $12,600 5% R.M.Grant & Co.,Inc., New York City
252,226 00
coupon J. P. Montgomery et al Johnson Twp. road bonds. Denom. $630. A. T. Bell & Co., Toledo
252,630 00
Date Jan. 15 1923. Int. M. & N. 15. Due $630 each six months from Provident Say. B. & Tr., Cincinnati
251,375 00
May 15 1924 to Nov. 15 1933, incl.
Clark, Williams & Co., New York City
Tr
,,,, Higbie 8r Co., Detroit
254,050 00
GLEN RIDGE, Essex County, N. J.
-BOND SALE.
-The $15,000
National Bank,Cincinnati
0
434% coupon municipal building site, offered for sale on Dec. 11 (V. 115, Fifth-third
* Successful bid;for previous reference to same see V. 115, p. 2605!
P. 2500), was awarded Colyer & Atkins, of Newark, N. J., for $15,058 08,
equal to 100.3872,a basis of about 4.45%. Date Dec. 1 1922. Due yearly
-BOND OFFERING.
HILLSBORO, Highland County, Ohio.
-Roy
on Dec. 1 from 1924 to 1938.
H. Bunn, Village Clerk, will receive bids until 12 in. Dec. 30 for the purGLYNN COUNTY (P. 0. Brunswick), Ga.-BOND SALE.
-The chase at not less than par and interest of $15,298 87 6% coupon refunding
$175,000 5% coupon or registered road bonds offered on Dec. 12 (V. 115, bonds, issued under authority of Sec. 3916. Gen. Code. Denoms. $500,
DEC. 161922.]
THE CHRONICLE
Date Sept: 1 1922.
$400, $350, 3354 30, $477 25, 3425 61 and 5791 71.Village Clerk's office,
Prin. and semi-ann. int. (M. & S.) payable at the
required. Due yearly on Sept. 1 as follows: 53,750, 1923 53,831 55, 1924:
of
$4,000, 1925, and $3,737 32, 1926. Certified check for 2% of amount be
bonds bid for, payable to the Village Treasurer, required. Bonds to
delivered and paid for in Hillsboro within 10 days from date of award.
-Sealed
-BOND OFFERING.
HOBOKEN, Hudson County, N. J.
bids will be received until 10 a. m. Dec. 26 by Daniel A.'Haggerty, City
Clerk, for the following 2 issues of 5% coupon (with privilege of registration as to principal only or as to both principal and int.) deficiency bonds:
$118,000 lbonds, Series A. Due yearly on Jan. 1 as follows: $22,000,
1924 to 1926, incl., and $26,000, 1927 and 1928.
283,000 bonds, Series B. Due yearly on Jan. 1 as follows: $28,000,
1924 to 1930, incl., and $29,000, 1931 to 1933, inclusive.
&
Denom. $1,000. Date Jan. 11923. Prin. and semi-ann.. int.
payable at the City Treasurer's office. Cert. check on an incorporated
bank or trust company for 2%, of the amount of bonds bid for, payable to
the City of Hoboken, required. The successful bidder will be furnished
with the opinion of Hawkins, Delafield & Longfellow of New York, that
the bonds are binding and legal obligations of the city. The bonds will
be prepared under the supervison of the U. S. Mtge. & Trust Co., New
York, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Purchaser to pay accrued int. No
'more bonds of each issue will be sold than will produce a sum equal to the
authorized amount of such issue and an additional sum of less than $1,000.
HOMER, Claiborne Parish, La.
-BOND SALE.
-The $120,000 Sewer-were awarded
age District No. 1 bonds offered on Dec.7-V. 115, p. 2500
as 6s to W. L. Slayton & Co. of Toledo at a premium of $1,226, equal to
101.02.
-James
HOMESTEAD, Allegheny County, Pa.
-BOND OFFERING.
E. Chuck, Borough Secretary, will receive sealed bids until 8 p. m. Jan. 2
for the sale of an issue of $285,000 434% municipal coupon bonds. Date
Feb. 1 1923. Denom. $1,000. Due Feb. 1 1953. Purchaser to pay
cost of printing bonds. Certified check for $5,000 required.
-Bids will be
HOWELL, Colfax County, Nebr.-BOND OFFERING.
received until 7 p. m. Dec. 18 by Geo. Lodes, Village Clerk, for $10,000 5%
coupon light and power distribution bonds. Denom. $500. Date Dec. 1
1922. Int. J. SCD Due Dec. 1 1943 optional after 5 years. A cert.
check for 5% ipayable to the above official, required.. These bonds were
-V. 115, p. 2403.
voted on Nov.''
HUMPHREYS COUNTY (P. 0. Belzoni), Miss.
-BOND OFFERING.
-Bids will be received until Jan. 2 by A. R. Hutchens, Clerk Board of
County Supercisors, for $100,000 6% Beat No. 3 road bonds. Denom
$500. Date Dec. 15 1922. Due on Dec. 1 as follows: 52.000, 1923 to
1927,incl.; $4,000, 1928 to 1937, incl., and $5,000, 1938 to 1947, incl. The
official notice of this offering says: "All bids must be accompanied by
certified check for 2% of issue; must agree to take the bonds subject to
outcome of pending validation proceedings in the Chancery Court of Humphreys County, and opinion on bonds by John C. Thomson of New York
City; bidder must agree to pay cost of lithographing the bonds, and the fee
for opinion of John C. Thomson.
IOWA (STATE OF).
-BOND OFFERING.-Selaed bids will be received
by W. J. B..rbank, State Treasurer, (P. 0. Des Moines) until 11 a. m.
Jan. 9 for $22,000,000 44'7 State Soldiers' Bonus Bonds. Denom. $1,000
0
Date Dec. 1 1922. Due $1,100,000 yearly on Dec. 1 from 1923 to 1942,
incl. Prin. and semi-ann. int. (J.-D.). payable at the State Treasurer's
office. A cert. check for 2% of amount of bonds bid for, payable to the
above official, required. The State of Iowa, will prepare the bonds and
agrees to deliver 311,000.000 of said bonds on Feb. 10 1923, and the balace
of $11,000,000 on Feb. 25 1923 and agrees to furnish the opinion of the Attorney-General of the State of Iowa, as to the validity of said bonds. The
assessed actual value and the taxable value of the real and personal property in the State of Iowa, is as follows:
The assessed actual value of real and personal property of
the State of Iowa, subject to taxation as equalized for the
year 1922
164,353,858,120
Taxable value or 4 of the actual value of the real and personal property of the State of Iowa. as equalized for the
purposes of taxation for the year 1922, except public utilities and moneys and credits
997,850.084
Taxable value or X of the actual value of Public Utilities not
Included in the foregoing
90,614,446
Actual value of moneys and credits not included in the foregoing
645,695,400
Bonded debt of the State of Iowa,including this issue
22,000,000
Population. 1920, U. S. Census, 2,403.630.
JACKSON TOWNSHIP DRAINAGE DISTRICT, Nodaway County,
-Lewis W. Thomson & Co., Inc., of St. Louis, have
Mo.-BOND SALE.
purchased $98,000 5% drainage bonds. Denom. $1,000 and $500. Date
Oct. 11922. Prin. and semi-ann. int. (A.-0.), payable at the Boatmen's
Bank, St. Louis. Due on April 1 as follows: $3,000. 1925; $4,000, 1926,
1927 and 1928; 55,000, 1929 to 1932. incl.; 36,000, 1933 and 1934; 35,000,
1935 and 1936; $6,000, 1937 and 1938; $7,000, 1939 to 1941, incl., and $8,000, 1942. Bonded debt of this district (this issue only) $98,000.
-BOND
JAYNES IRRIGATION DISTRICT, Pima County, Ariz.
OFFERING.-Untll 10 a. m. Dec. 27 bids will be received by Matt Wachter,
District Secretary (P. 0. Tucson), for $12,000 6% irrigation bonds . A
cert. check for 5% required.
2713
Building), until 7:30 p. in Dec. 18 for 5550,000 5% school bonds. No bid
for less than par and accrued interest considered. Certified check for 2%
of the face value of bonds bid for, required.
KENEDY, Karnes County, Texas.
-On Dec. 26
-BOND ELECTION.
the question of issuing $6,000 school bonds will be submitted to a vote of
the people.
KNOX COUNTY COMMON SCHOOL DISTRICT NO. 14, Texas.
BONDS REGISTERED.
-The State Comptroller of Texas registered
$10,000 6% serial school bonds on Dec. 5.
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.
-BOND OFFERING.
Ed Paulson, County Treasurer, will receive bids until 2 p. m. Dec. 18
for the following three issues of 5% road bonds:
$24,000 Levi Fruit et al. Lake & Jackson Townships bonds. Date
Dec. 15 1922. Due $1,200 each six months from May 15 1925
to Nov. 15 1933 inclusive.
10,000 Geo. Rummel et al. Scott & Prairie Townships bonds. Denom.
$500. Date Dec. 15 1922. Due $500 each six months from
May 15 1924 to Nov. 15 1933 Inclusive.
10,900 C. Leroy Leonard et al. county unit road bonds. Denom. $1,090.
Date July 15 1922. Due $1,090 yearly on May 15 from 1923 to
1932 inclusive.
Int. May 15 and Nov. 15. Bonds are payable at the County Treasurer's
. office.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
$175,000 5% bridge bonds, offered on Dec. 11 (V. 115, p. 2074), have been
awarded to the People's State Bank, of Crown Point for a premium of
34,111 (102.349) and accrued interest, a basis of about 4.47%. Date
Oct. 2 1922. Denom. $1,000. Due $9,000 each six months from July 1
1923 to July 1 1930, inclusive, and $8,000 each six months from Jan. 1
1931 to Jan. 1 1933, inclusive. Int. J. & J. Other bidders, each of whom
included accrued interest in its offer, were:
Other BiddersPremium.
Other BiddersPremium.
Fletcher-American Co.,1nd.$2,265 00 Blyth e Witter & Co., Chic _ $770 00
Meyer-Kiser Bank, Indpls_ 1,611 00 A. P. Flynn, Logansport.._ 2,247 50
Harris Tr. & S. Bk., Chic... 1,832 25 Breed, Elliott & Harrison,
First Tr.& S. Bk., Hamm'd 1,31250
Indianapolis
2,683 00
Conunercial Bk.,Crown Pt. 875 50 Minton,Lampert &Co..Inc. 1.430 00
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BOND SALE.
-The two
Issues of 5% coupon highway bonds, offered on Dec. 9 (V. 115, p. 2403).
were awarded as follows:
$3,540 Anton Rudolph et al., Dewey Township, gravel road bonds to Thos.
D. Sheerin & Co., of Indianapolis, at 100.875, a basis of about
4.83%. Denom. $177.
7,540 Roy L. Sonneborn et al., Center and Kankakee Townships, gravel
road bonds to the Bankers Trust Co. at 101.119, a basis of about
4.78%. Denom. $377.
Both bids included accrued interest. Date Nov. 15 1922. Principal and
semi-annual interest (May 15 and Nov. 15) payable at the State Bank of
A. P. Andrew Jr. & Son of Laporte. Due one bond of each issue each six
months from May 15 1924 to Nov. 15 1933, inclusive.
LARAMIE, Converse County Wyo.-BOND OFFERING.
-H. M.
Haslett, City Clerk, will offer $162:000 44%.3N % or 5% sewer bonds for
sale at 11 a. m. Dec. 30. Denom. $1,000 and $500. Interest payable at
the First National Bank of Laramie. Due in 20 years, optional after 10
years. A certified check for $1,000 required. Purchaser to furnish legal
proceedings and bonds. These bonds were originally offered for sale on
Dec. 12 (V. 115, p. 2501), but the sale was canceled.
LIBERTY COMMON SCHOOL DISTRICT NO. 7 (P. 0. White.
Sulphur Springs), Sullivan County, N. Y.
-BOND OFFERING.
Sealed bids will be received until 3 p. m. Dec. 20 by the Clerk Board of
School Trustees, for $19,200 5% coupon school bonds. Denom. $1.000,
one for $1,200. Date Dec. 1 1922. Principal and semi-annual interest
(J. & D.) payable at the U. S. Mtge. & Trust Co. New York. Due yearly
on Dec. 1 as follows: $1,000, 1923 to 1940, inclusive. and $1.200, 1941.
Certified check for 5% of the amount of bonds bid for, payable to the
Board of Trustees, required.
LIBERTY SCHOOL DISTRICT (P. 0. Liberty), Allegheny County,
Pa.
-BOND OFFERING.
-Sealed proposals will be received by Chas. A.
Kelly, Secretary Board of School Directors, until 7:30 p. m. Jan. 2 1923,
for an issue of $27,000 434%,4%% or 5% school-building bonds. Denom.
31.000. Date Jan. 1 1923. Due $1,000 yearly on Jan. 1 from 1925 to
1951, inclusive. Int. J. & J.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND OFFERING.
-Proposals are being received until 11 a. m.
Jan. 8 by L. E. Lampton, County Clerk, (P. 0. I.ms Angeles) for the purchase at not less than par and interest a 32,500.000 43i% school building
bonds. Denom. $1,000. Date Sept. 1 1922. Prin. and semi-ann. hit.
payable at the County Treasurer's office or at Kountze Bros., New York,
at holders' option. Due on Sept. 1 as follows: $63,000, 1923 to 1942.
inclusive, and $62,000, 1943 to 1962, inclusive. Certified check for
3%, payable to the Chairman of the Board of Supervisors, required.
Bonds to be delivered and paid for at the office of the Board of
Supervisors. The assessed valuation of the taxable property in said school
district for the year 1922 is $836,579,025, and the total amount of bonds of
said district previously issued and now outstanding is $11,098,150. Los
Angeles School District includes an area of approximately 621 square miles
and the estimated population of said district is 775,000.
JEFFERSON, Ashtabula County, Ohio.
-On Dec. 4
-BOND SALE.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
the $7,500 6% coupon refunding bonds offered on that date (V. 115. p.
-BOND OFFERING.
-Proposals are being received until
2294) were awarded to Seasongood & Mayer, of Cincinnati, for $7,787, County, Calif.
equal to 103.822, a basis of about 534%. Date Sept. 11922. Due $500 11 a. m. Jan. 8 by L. E. Lampton, County Clerk, (P. 0. Los Angeles),
for the purchase at not less than par and interest of $2,000,000 44%
yearly on Oct. 1 from 1922 to 1936, inclusive.
school building bonds. Denom. $1,000. Date Sept. 1 1922. Prin. and
- semi-ann. int. payable at the County Treasuret's office or at Kountze Bros.,
JEFFERSON COUNTY (P.O. Madison), Ind.
-BOND OFFERING.
S. G. Bovard County Treasurer, will receive bids until 2 p. m. Dec. 27 New York, at holders' option. • Due $50,000 yearly on Sept. 1 from 1923 to
for the following three issues of 44% coupon gravel and macadam road 1962, incl. Cert. check for 3%,payable to to the Chairman of the Board of
Supervisors, required. Bonds to be delivered and paid for at the office
bonds:
of the Board of Supervisprs. The assessed valuation of the taxable prop$7,600 Republican Township bonds. Denom. $380.
erty in said school district for the year 1922 is $850.569,055,and the total
11,800 Monroe Township bonds. Denom. $590.
amount of bonds of said district previously issued and now outstanding is
10,800 Graham Township bonds. Denom. $540.
Date Dec. 5 1922. Int. M. & N. 15. Due one bond of each issue each $6,836,500. Los Angeles City High School District includes an area of
approximately 921 squares miles, and the estimated population of said
six months from May 15 1924 to Nov. 15 1933, inclusive.
district is 800,000.
JEFFERSON COUNTY (P. 0. Fayette), Miss.
-BONDS VOTED.
LYON COUNTY (P. 0. Marshall), Minn.
Western representative advises us that $35,000 road bonds were voted.
-BOND SALE.
Our
-Lane,
Piper & Jaffray. of Minneapolis, have purchased the two issues of 44%
JOHNSTON COUNTY (P. 0. Smithfield), No. Caro.
-BOND public drainage ditch bonds offered on Dec. 7 (V. 115, p. 2501):
-Sealed proposals will be received until 12 m. Jan. 3 by W. G. $35,000 Ditch No. 48. Due as follows: $2,000, 1928 to 1937. inclusive.
OFFERING.
Wilson, Chairman County Board of Education, for the following 6%
and $3.000, 1938 to 1942. inclusive.
school bonds:
9,000 Ditch No. 52. Due as follows: $1,000. 1928 and 1929; $2,000.
$12,500 Archer Lodge School District bonds. Due $500 yearly on Jan. 1
1930 and 1931, and $3,000, 1932.
from 1929 to 1953, inclusive.
Date Sept. 1 1922.
12,500 Brogden School District bonds. Due $500 yearly on Jan. 1 from
McCULLOCH COUNTY ROAD DISTRICT NO. 1 (P. 0. Brady),
to 1953,, inclusive.
1929
-BOND ELECTION.
-An election will be held on Dec. 28 to vote
12,500 Corinth-Holders School District bonds. Due $500 yearly on Tex.
on the question of issuing $450,000 536% road district bonds. E. J.
Jan.. 1 from 1929 to 1953, inclusive.
Denom. $500. Date Jan. 1 1923. Principal and semi-annual interest Adkins, County Judge.
(J. & J.) payable at the National Bank of Commerce, New York City. A
MANCHESTER,
County, N. -BOND OFFERING.
certified check for 2% of amount of bonds bid for, payable to the above The City Treasurer,Hillsborough reports, will H.
according to
receive bids until 2 p. m.
Chairman, required. Bonds will be delivered at the U. S. Mtge. & Trust
Dec. 18
issue of 5300,0004% school bonds. Date Dec. 1 1922. Due
, New York City, on Jan. 11, and must then be paid for in New York $15,000 for an1923 to 1942 incl.
Co
from
funds. Bonds are to be prepared under the supervision of the U. S. Mtge.
the genuineness of the signatures of
& Trust Co., which will certify as tothe county
-BOND
Salem), Ore.
MARION COUNTY
impressed thereon. The Sealed proposals will be (P. 0. until 12 in. Dec. 28 by OFFERING.
officials and the seal of
the county
U. G. Boyer,
received
unqualified approving opinion of Caldwell & Raymond, of New York City, Clerk of the County Court, for $150,000 535% road bonds. Date July
will be furnished to the purchaser without charge. Bids to be made on 15 1920. Due on July 15 as follows: $85,000, 1931, and $65,000, 1932.
blank forms to be furnished by the above Chairman or said trust company. A certified check upon an incorporated bank or trust company for 2%
Financial Statements.
of amount bid for, payable to Marion County, required. The successful
Archer Lodge School District: Assessed valuation, $536,142; area. 31 bidder will be furnished with the opinion of Storey, Thorndike. Palmer &
Dodge, Boston, that the bonds are a valid obligation of Marion County.
square miles; population, 1,900; no other debt.
Brogden School District: Assessed valuation, $440,964; area, 23 square
MATAGORDA INDEPENDENT SCHOOL DISTRICT, Matagorda
miles; population, 2,200; no other debt.
-The State Comptroller of Texas
-BONDS REGISTERED.
Corinth-Holders School District: Assessed valuation, $546,024; area. 21 County, Tex.
-20
registered $30,000 5% 10 -year school bonds on Dec. 4,
population, 2,400; no other debt.
square miles;
Litchfield), Minn.
(P.O. Kalamazoo), KalaMEEKER COUNTY (P. 0.
-BOND SALE.
-The
KALAMAZOO SCHOOL DISTRICT NO.1
-Sealed bids will be received $55,966 97 5% bonds offered on Dec. 13 (V. 115, p. 2404) were awarded to
-BOND OFFERING.
mazoo County, Mich.
by H. W. Anderson, Secretary of the Board of Education (207 Majestic the Northwestern Trust Co. of St. Paul as 436s at a premium of $615, equal
2714
THE CHRONICLE
to 101.09, a basis of about 4.40%. Date Dec. 1 1922. Due on Dec. 1 as
follows: $6,000 1932 to 1940 incl. and $11,966 97 in 1941.
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND SALE.
-The
$50,000 coupon bridge bonds offered as 5s on Oct. 9-V. 115, p. 1453
were awarded on that date to Prudden & Co. of Toledo, at a bid of $50,900,
equal to 101.80, for 5 34s, a basis of about 5.12%. Date March 15 1922.
Due $5,000 yearly on Sept. 15 from 1923 to 1932 inclusive.
MILTON SCHOOL DISTRICT NO. 1, Vermilion Parish, La.
BOND OFFERING.
-Bids will be received until 11 a. m. Jan. 11 by J. H.
Williams, Secretary-Treasurer of the Parish School Board (P.0. Abbeville)
for $4,200 school bonds. A certified check for $100 required. Bids
for less than 90 will not be considered.
[Vol,. 115.
*$36,504 89 bonds. Date Nov. 1 1922. Due serially on Nov. 1 from
1924 to 1940.
3,992 78 bonds. Date Oct. 15 1922., Due serially on Oct. 15 from
1927 to 1933.
* In V. 115, p. 2502, this amount was incorrectly given as $36,000.
OLD FORGE, Herkimer County, N. Y.
-Sealed
-BOND OFFERING.
bids will be received until 8 p. in. Dec. 18 by George M. Dulin, Village
Clerk, for $24,500 water and light bonds at not to exceed 5% interest.
Denoms. $1,000 and $500. Date Jan. 1 1923. Int. semi-ann. Due
yearly on Jan. 1 as follows: $1,500 1924 to 1939 incl. and $500 1940. Cert.
check for $500 required.
-Spitzer,
ORANGE COUNTY (P. 0. Orlando), Fla.
--BOND'SALE.
bonds ofMINERAL SPRINGS TOWNSHIP, Moore County, No. Caro.
- Rorick & Co. of Toledo have purchasud the $528.000 5% road
BOND SALE.
-The $75,000 6% coupon school bonds offered on Dec. 11 fered on Dec. 12 (V. 115, p. 2295) at a discount of $6.226 30, equal to
98.63, a basis of about
(V. 115. p. 2606), were awarded to Bumpus-Hull &
f Detroit, at a follows: $118,000 1942;5.11%. Date Sept. 15 1921. Due on Sept. 15 as
$127,000 1943:$137,000 1944 and $146,000 1945.
premium of $4,012 65, equal to 105.35. Date Dec.Co.,1922. Due in 20
1
years.
-Bids
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING.
MINIDOKA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1 will be received until 2 p. in. Jan. 1 by John L. Teaford, County Treasurer,
%
(P. 0. Rupert) Idaho.
-BOND SALE.
-The Lumbermen's Trust Co. for $28,000 bonds.coupon L. C. Ralston et al. Orleans Township, County
Denom. $1,400. Date Dec. 20 1922. Int. May 15
Line Road
of Portland has purchased $45,000 53.i% refunding bonds ot 97.
and Nov. 15. Due $1,400 each six months from May 15 1924 to Nov.
15 1933 inclusive.
MISSOURI (State of).
-BONDS OFFERED.
-Newspapers report that
another block of $5,000,000 43 % State road bonds were offered for sale
ORANGE TOWNSHIP (P. 0. Chagrin F.ils R. R.), Cuyahoga
on Dec. 15. The bonds, it is stated, will be dated Dec. 1 1922 and mature
-BOND OFFERING.
-Bids will be received until 12 m.
$2,000,000 on Dec. 1 in 1923 and 1924 and $1,000,000 1925. The State County, Ohio.
Jan. 6 by T. W. Taylor, Township Clerk, for the purchase at not less than
recently sold an issue of $5,000,000, as stated in V. 115, P. 2606.
par and interest of $34,556 45 534% coupon S. 0. M. Centre Road Nos.
MOUNT VERNON, Westchester County, N. Y.
-BOND SALE.
-On 3 and 4 improvement (township's portion) bonds, issued under authority
Dec. 12 $300,000 5% coupon or registered tax relief bonds were sold to of Sec. 3295, Gen. Code. Denoms. 1 for $556 45 and 34 for $1,000. Date
Sherwood & Merrifield of New York,at 101.71 and interest, a basis of about Sept. 11922. Prin. and semi-ann. int. (A. & 0.) payable at the Chagrin
4.39%. Denom. $1,000. Date Dec. 1 1922. Int. J. & D., payable at Falls Banking Co. Due yearly on Oct. 1 as follows: $3,556 45, 1923:
$3,000, 1924; and $4,000, 1925 to 1931, incl. Certified check on some bank
the City Treasurer's office. Due Dec. 1 1925.
other than the one making the bid, for 10% of amount of bonds bid for,
Financial Statement.
payable to the Township Treasurer, required. Delivery and payment to be
Assessed valuation
$81,563,168 00 made at the Chagrin Falls Banking Co. within 10 daysfrom date of award.
Bonded debt, exclusive of present issue
$7.755,050 00
Floating debt
151,300 00
ORANGEBURG COUNTY (P. 0. Orangeburg), So. Caro.
-BOND
-Sidney Spitzer & Co. of Toledo have purchased the 3100,000
SALE.
Total debt
$7,906,350 00 bridge bonds offered on Dec. 14 (V. 115, p. 2607) as 5s at 102.71, a basis
Deduct from Total Debt
of about 4.80%. Date Jan. 1 1923. Due on Jan. 1 as follows: 31,000 1924
Tax relief bonds
$605,000 00
to 1933 incl. and $3,000 1933 to 1963 incl.
Water bonds
1.718,00000
Sinking funds to retire bonds
OSWEGO COUNTY (P. 0. Oswego), N. Y.
-BOND SALE.
-Roose301,979 54
-year
velt & Son of New York were awarded the issue of $26,000 4 M % 3
Total deductions
2,642,979 54 (aver.) coupon bridge bonds offered on Dec. 12(V. 115, p. 2607),for 100.36,
Net bonded debt
$5,281,370 46 a basis of about 4.39%. Date Oct. 11922. Due yearly on Oct. 1 as folBorrowing capacity 7% of assessed valuation_ _35,709,421 76
lows: $5,000 from 1923 to 1927 and $1,009 in 1928.
Net bonded debt
5,281,370 46
PAINT TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Mt.
-Bids will be
Wayne County, Ohio.
Present borrowing capacity
$428,051 30 Eaton),until 1 p. m. Dec. 23 by Ed-BOND OFFERING. of Education,
Ruch. Clerk of the Board
Population (1920 U. S. Census)
42,726 received
for the purchase at not less than par and interest of 455,000 534% coupon
NACOGDOCHES, Nacogdoches County, Tex.
-BOND ELECTION. school building bonds, issued under authority of Sec. 7630-1, General Code
-On Dec. 23 an election will be held to vote on the question of issuing Denom. $1,000. Date Dec. 1 1922. Prin. and semi-ann. int. (A. & 0.)
-year serial street improvement bonds.
$225,000 5% 40
payable at the Bank of Mt. Eaton. Due $2,000 on Oct. 1 in each of the
years 1923, 1927, 1931, 1935 and 1939; and $3,000 on Oct. 1 in each of
NACOGDOCHES COUNTY (P. 0. Nacogdoches), Tex.
-BOND the other years from 1924 to 1942 incl. Certified check on a solvent bank
ELECTION.
-An election will be held on Jan. 2, on which date a propo- or trust company,for 2% of amount of bonds bid for, payable to the Board
sition to issue $750,000 road bonds will be submitted to a vote of the people. of Education, required. Bids must be made on blanks furnished by
Superintendent of Schools.
NAVAJO COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Taylor), the County
Ariz.
-BOND ELECTION.
-An election will be held on Jan..6 to vote on
PALACIOS INDEPENDENT SCHOOL DISTRICT, Matagorda
the question of issuing $14,500 6% 20
-year school bldg. bonds. Mary County, Tex.
-BONDS REGISTERED.
-On Dec. 6 tho State Comptroller
Shumway, District Clerk.
of Texas registered $10,000 6% serial bonds.
•
NEVADA SCHOOL DISTRICT, Vernon County, MO.
(P. 0. Hilton), Monroe County, N. Y.
-BOND SALE.
PARMA
-BONDS
VOTED.
-A special telegraphic dispatch from our Western representative Myron W. Greene was awarded an issue of $24.000 5% Collomer Road
advises us that an issue a $320,000 school bonds has been voted.
District bonds, offered on Dec. 8,for 102.70, a basis of about 4.59%•
Water
NEWCASTLE SCHOOL DISTRICT (P. 0. Newcastle), Lawrence Date Dec. 1 1922. Due $2,000 on April 1 from 1925 to 1936 incl.
County, Pa.
-BOND SALE.
-On Dec. 12 the $300,000
PAYNESVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
% coupon
school building bonds, offered on that date (V. 115, p. 2607) were sold to Paynesville), Pike County, Mo.-BONDS VOTED.
-By a vote of 192
the National City Co. and Harris, Forbes & Co., both of New York,
to 55 an issue of $12,000 school building construction bends was voted at
jointly, for $307,737 (102.579) and interest. Date Jan. 1 1923. Due
. N
pEmB election.
a recent ER
yearly on Jan. 1 from 1931 to 1940, inclusive. Other bidders were:
Lewis & Snyder. Pittsburgh.$306,222 I Union Trust Co.,Pittsburgh$306,300
r0Burlington County, N. J.
-BOND OFFERING.-Blds
M.M.Freeman & Co.,Phila_ 305,400 IMellon Nat. Bk., PIttsb'gh_ 305,850 will be received until 7:30 p. m. Dec. 20 by J. Elton Ridgway, Borough
Redmond & Co.. Phila
305,8201J. H.Holmes & Co.,Pitts'gh 305,870 Clerk, for an issue of $20,000 434% coupon electric light and power system
bonds. Denom. $250. Date Jan. 1 1923. Prin. and semi-ann. int.
NEWPORT BEACH, Orange County, Calif.
-BOND SALE.-Bayly (J. & jr.) payable at the People's National Bank, Pemberton. Due yearly
Bros. and Cohn, McCabe & Co. of Los Angeles, have jointly purchased,
on Jan. 1 as follows: $1,000, 1925 to 1934, incl., and $1,250, 1935 to 1942,
1261,639 50 7% sewer impt. district bonds. Denom. $1,000 and $500. incl. Certified check for 2%, payable to the Borough Treasurer, required.
Date Sept. 18 1922. Prin.and semi-ann.int. (J.
-T.2), payable at the City
PENNINGTON COUNTY (P. 0. Thief River Falls), Minn.
Treasurer's office.
-BOND
-Bids will be received by T. P. Anderson ,County Auditor,
OFFERING.
Einancial Statement (Area 6 Square Mites).
Assessed valuation
until 10 a. m. Dec. 22 for $75,000 5% bonds. Date Dec. 1 1922. Due
$3,170,870 00 65,000 yearly on Dec. 1 from 1928 to 1942, incl. Int. J. & D.
Actual valuation
4,756,308 00
Bonded debt
PENNSAUKEN TOWNSHIP (P. 0. Camden), Camden County,
261,639 50
-The following three issues of curb and side-BONDS NOT SOLD.
N. J.
NEW ROCHELLE, Westchester County, N. Y.
-BOND SALE.
bonds, offered on Dec. 11 (V. 115, P. 26C7), were not sold:
-On
Dec. 14 the following three issues of coupon (with privilege of registration walk 5% coupon
bonds. Denom. $4,000. Due $4,000 yearly on Dec. 1
as to principal and interest, or principal only) bonds, aggregating $237,000, $42,000 assessment ton
Incl.
3
fromsl92 t
asses men
were awarded to Rutter & Co., of New York,for $240,792, equal to 101.684
bonds. Denom. $500. Due $500 yearly on Dec. 1
4,000
for 43(s, a basis of about 4.10%:
from 1923 to 1930 incl.
$144,000 school bonds. Due $6,000 early on May 1 from 1932 to 1955,
6,000 general bonds. Denom. $600. Due $600 yearly on Dec. 1 from
Inclusive.
•
1923 to 1932 incl.
68,000 municipal improvement bonds. Due yearly on May 1 as follows:
-BONDS VOTED.
-At the
PERRYTON, Ochiltree County, Texas.
$9,000, 1925 to 1931, inclusive, and $5,000, 1932.
25,000 sewer bonds. Due $1,000 yearly on May 1 from 1932 to 1956, election held on Dec. 2(V. 115, p. 2295), the $25,000 light and water plant
Inclusive.
water bonds were voted by a count of 149 to 60.
$75,000
Denom. $1,000. Date Nov. 1 1922. Principal and semi-annual interest and
-BOND SALE.
-The
PHILIPPINE ISLANDS (Government of).
(M. & N.) payable at the City Treasurer's office; interest on registered
bonds payable in New York exchange.
$13,000,000 434% coupon gold bonds offered on Dec. 13 (V. 115, I). 2503)
awarded to a syndicate composed of Hallgarten & Co., White, Weld &
NICHOLSON TOWNSHIP (P. 0. New Geneva), Fayette County, were
Pa.
-BOND SALE.
-Redmond & Co., of Philadelphia, have been awarded Co., Blair & Co., Inc., Hornblower & Weeks and W. A. Harriman & Co.,
an issue of $50,000 44% funding bonds, offered on Nov. 25. for a poremium
Inc., all of New York, at 95.07-a basis of about 4.79%. Date July 15
of $325 (100.65) and accrued interest
-a basis of about 4.45%.
We are informed that all of these bonds have
Dec. 1 1922. Denom. 31,000. Due $10,000 every five years on Date 1922. Due July 15 1952.
June 1
from 1932 to 1952, inclusive. Int. J. & D.
been sold to investors and the books closed. They were offered at prices
to yield 4.625%• The advertisement on a preceding page appears as maNORMAN COUNTY (P. 0. Ada), Minn.
-BONDS DEFEATED.
only.
,
plcA yordE ni
of recliN o
An election resulted in a defeat of the proposition to issue
$40,000 poor ter
farm bonds, by a vote of 1,034 "for" to 2.552 "against" the issue.
-BONDS VOTED.
Pearl River County, Miss.
-A special
telegraphic dispatch from our Western representative advises us that
NORTH BEAVER TOWNSHIP, Lawrence County,
-BOND $75,000 school bonds have been voted.
SALE.
-Redmond & Co. of Pittsburgh, purchased, on June Pa. an
10,
issue
of$90,000
% school bonds for a premium of
-BOND
PICKAWAY COUNTY (P. 0. Circleville), Ohio.
a basis of about 4.44%. Date June 1 1922. $975, equal to about 101.083,
% coupon I. C. H. No.5 bonds offered on Dec. 11 (V. 115.
Denom. $1,000. Due Jan. The $25,000
1 1952. Int. J. & 13.
by Well, Roth &
Cincinnati on their bid
p. 2405) were purchased equal to 106.10, aCo. of of about 4.87%. Date
basis
of a premium of $1,525,
NORWICH, Chenango County, N. Y.
-BOND OFFERING.
-Edward Dec.-1 1922. Due 31,000 yearly on Sept. 1 from 1924 to 1948 incl. The
E. Davis, City Chamberlain, will offer at public auction
at 2 p. m. Dec. 20 followingbids were also recei-ved:
the following three issues of k% paving bonds:
Premium.
Bidders
$8•423 00 bonds series DD. Denom. 16 for $500 and 1 for $423.
$
Due on A. E. Aub & Co., Cincinnati
Jan. 1 as follows: $500 from 1926 to
1 120 0
: 45 0
8
1941 inclusive, and $423 Seasongood & Mayer, Cincinnati
in 1942.
Cincinnati
900 00
Breed, Elliott & Harrison,
$4,546 00 bonds series EE. Denom. 8 for $500
1,052 60
and 1 for $546. Due Spitzer, Rorick & Co., Toledo
on Jan. 1 as follows: $500 from
792 00
1926 to 1933 inclusive and Prudden & Co., Toledo
$546 in 1934.
Cincinnati
732 50
The W. H. Silverman Co.,
892 57 bonds series FF. Denom. $892 57.
1,150 00
Due Jan. 11924.
S. Hill & Co., Cincinnati & Trust Co., Cincinnati
N.
Date Jan. 1 1923. Int. J. & J.
1,005 00
Certified check for 1% of bid, payable The Provident Savings Bank
to the City Chamberlain, required.
0
1,39 00
6 7 00
0
Stacy & Braun, Toledo & Vandersell, Toledo
Blanchette, Thornburgh
OAKDALE, Allen Parish, La.
1,276 00
-BOND OFFERING.
Detroit
-Sealed bids will
Trust Co.,
be received until 10 a. in. Jan.
t
De roit
1,075 00
Sewerage Commissioners, for 2 by Harry Hartstein, Secretary Board of Bolger, Mosser & Willaman, Chicago
1, 65 00
616
2
6060
$29,000 First Sewerage District bonds. Sidney Spitzer & Co., Toledo
Bids for less than 95 will not be
considered. A certified check on some The Citizens' Trust & Savings Bank, Columbus
solvent bank in Louisiana or some
1,032 50
bank chartered under the laws of W. L. Slayton & Co., Toledo
Louisiana, for 234%of issue,
payable
893 50
Sewerage Commissioners, required. to S. M. Scott, President Board of Ryan-Bowman & Co., Toledo
Successful bidder will be furnished
-BOND OFFERING.
with proper legal opinion as to validity of
-Sealed
Moore County, No. Caro.
PINEBLUFF,
these bonds.
m. Dec. 20 by Lida Hutchings, Town
proposals will be received until 10 a.
OAKLAND, Burt County, Neb.-BOND SALE.
of registration) water bonds.
-The State of Ne- Clerk, for $8,000 6% coupon (with privilege and semi-ann. int
braska purchased the following two
-N.),
(M.
1 1922. Prin.
issues
Denom. $500. Date Nov.National Park Bank, N. Y.
at par during the month of November: of 5% intersection paving bond
City, and int. on
payable in gold coin at the
DEC.16 1922.]
T117
CHRONICLE
registered bonds will, at option of holder, be paid in New York Exchange.
Due $500 yearly on Nov. 1 from 1925 to 1940, incl. A cert. check upon an
Incorporated bank or trust company (or cash) for 2% of amount bid for,
payable to the Town of Pinebluff, required. Successful bidders will be
furnished with the opinion of Reed, Dougherty & Hoyt, N. Y. City, that
the bonds are binding obligations of the Town of Pinebluff.. Purchaser
must pay accrued interest from date of bonds to date of delivery. A like
amount of bonds was offered on Dec. 9.-V. 115, p. 2502.
2715
$40,000 6% coupon sewer warrants. Denom. $500. Date Dec. 1 1922.
Prin. and semi,ann. int. (J. & D.) payable at the Capital National
St. Paul. Due $4,000 yearly on Dec. 1 frqm 1923 to 1932 inclusive. Bank,
Financial Statement.
Actual value of taxables (estimated)
$3,000,000
Assessed value of taxables (official, 1921)
1,200,365
Total bonded debt (about 334% of assessed value)
42,800
Total warrant debt, this issue only
40,000
Population (1920 census), 1,351.
PIONEER,Williams County,Ohio.
-BOND SALE.
-The $6,3005%%
refunding bonds, which were offered but not sold on Nov. 24 (V. 115, 13.
ST. CHARLES,St. Charles County, Mo.-BONDS DEFEATED.
2502), were awarded privately to Ryan, Bowman & Co. of Toledo, at par
-At
the election held on Dec. 2 the $65,00() water impt. bonds Issue
and accrued interest.
carry. The City Clerk says: "Will be put up again in the nearfailed to
future.'
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN.ST. CLAIR COUNTY (P. 0. Port Huron), Mich.
The City Treasurer will receive bids until 11 a. m. Dec. 19, it is reported,
-BOND SALE.
for the purchase at discount of a temporary loan of$75,000. Date Dec. 20 It is reported that the following five issues of 54% assessment district
road bonds, offered on Nov. 29 (V.115, p.2405), were awarded to Prudden
1922. Duo April 20 1923.
& Co., of Toledo, for a Premium of $1 afet.), equal to 101.2(32:
PLATTE RIVER DRAINAGE DISTRICT NO.1, Buchanan County, $19,600 Assess. Dist. No. 55 bondsl$47,600 Assess. Dist. No. 39 bonds
28,000 Assess. Dist. No. 57 bonds
Mo.-BOND SALE.
-Lewis W. Thomson & Co., Inc., of St. Louis, have
35,000 Assess. Dist. No. 53 bonds 20,350 Assess. Dist. No. 13 bonds
purchased $50,000 5%% bonds. Denom. $1,000. Date Sept. 1 1922.
Interest payable semi-annually (M. & N.) at the Hanover National
-S.), payable at the Boatmen's Bank ,St. Louis.
Prin. and semi-ann. int.(M.
Due on.Sept. 1 as follows: $2,000, 1927 to 1933, inel.,• $3,000. 1934 and Bank. New York. Due from three to ten years.
1935:$4,000. 1936 to 1940,incl., and $5,000, 1941 and 1942. Bonded debt
of this district $297,000.
SALEM, Essex County, Mass.
-TEMPORA
-The city on
Dec. 12 sold a temporary revenue loan of $450, RY LOAN.
000, maturing $250,000 on
PLEASANT RIDGE, Oakland County, Mich.
-It is June 14 and $200,000 on Feb. 20 1923 to Seiko Bros.
-BOND SALE.
& Co. on a 4.30%
reported that the issue of $30.000 10
-year water bonds offered on Dec. 2 discount basis and a premium of$2for the $250,000
and on a 4.15% discount
(V. 115, r•. 2405), was sold to the Royal Oak Savings Bank, of Royal Oak, bisis and a premium of
$1 75 for the 3200.000. The $250,000 portion is
at par and accrued interest for 4%s.
dated Dec. 12 1922, and the $200,000 portion Dec.
14 1922.
POLK COUNTY (P. 0. Cedartown), Ga.-BOND SALE.
-The $100.SALEM, Salem County, N. J.
-BOND SALE.-Tho Union National
000 5%% coupon road and highway bonds offered on Nov. 3-V. 115, p. Corp. of New
York were awarded the issee of $15,000 5% coupon
-were purchased by the 11 ibernia Securities Co., Inc., of New Orleans, privilege of
1763
registration) water works bonds offered on Dec. 11 (V. (with
at 109.060, a basis of about 4.52%. Date Jan. 1 1923. Due Jan. 1 1934. 2608) for a premium
115. P.
of $102 07, equal
Date Dec. 29 1922. Denom. $1,000. to 100.685, a basis of about 4.91%•
Due
PONCA CITY, Clay County, Okla.
-G. E. 1924 to 1938 incl. Principal and semi-ann.$1,000 yearly on Dec. 29 from
-BOND OFFERING.
int. (J. & D.) payable at the
Norton, City Clerk, received sealed bids until 7 p. m. Dec. 14 for 375,000 City National Bank of
Salem. Other bidders were:
Oi% coupon municipal auditorium bonds. Denom. $1,000. Date A.B.Leach & Co., New York_100.39!City
Nat. Bank, Salem
100.00
Dec 1 1922. Int. J. &D. Due Dec. 1 1947.
Salem National Banking Co....101.001 Graham,Parsons &
Co.,Phila_16
PONTIAC, Oakland County, Mich.-DESCIRPTION OF BONDS.
SALEM, Marion County, Ore.
-BIDS.
-The following bids wore
The $11,300 5%% special assessment bonds purchased by the city at received for the $13,500 6% bonds
offered on Dec. 4-V. 115, p. 2503:
par on Nov. 27-V. 115, p. 2607- are described as follows:
W. C. Hubbard, Salem-$14,000 on $13,5J0 bonds.
$7,500 curb and gutter bonds. Denom. 12 for $500 and 5 for $300. Due Ladd & Bush,Salem, Oregon-14,580
on $13,500 bonds.
$2,800 on Dec. 1 in 1923 and 1924; $1,300 Dec. 1 1925; and $300 United States National Ba,Salem-Bid
Bank
on a 5% basis, or $1,077 90 per
on Dec. 1 in 1926 and 1927.
$1,000 par value of bonds. In addition thereto pay the sum of
3,800 sidewalk bonds. Denom. 3 for $1.000 and 1 for $800. Due
for every $1,000 par value of bonds. Also accrued interest. $1 25 for
Dec. 1 1923.
Cyrus, Peirce & Co., Portland-$106 75 and accrued interest
on each $100
Date Dec. 1 1922. Int. J. & D.
par value.
G. E. Miller & Co., Portland-Par and accrued interest, and
a premium
of 714.15.
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
Sealed proposals will be received until 2 p. m. Jan. 2 by Geo. R. Funk, Robertson & Ewing, Portland-Par and accrued int., and a premium of
$854 15.
City Auditor, for $200,000 4% crematory bonds of 1913. Denom. $1,000.
Date Jan. 2 1923., Prin. and semi-ann. int., payable in gold coin at the Ralph Scheeloch Co., Portland-$107 935Iand accrued int. on each $100
par value.
City Treasurer's office or at the fiscal agency of the City of Portland in
New York City. Due in 25 years. A cert. check on tome responsible Western Bond & Mortgage Co.,Portland-Par and accrued int. plus a premium
bank of the City of Portland, for 5% of amount of bonds bid for, payable Ladd of $960.
& Tilton Bank. Portland-Par and accrued int.
to the City of Portland, required. Bidders are requested to submit alternplus a premium of
$786.
ative and separate proposals based upon the place of delivery of the bonds.
Blyth, Witter & Co., Portland-Par and accrued
int., and a premium of
BONDS OFFERED.
-Sealed proposals were received until 11 a .m. Dec.
3513
1030
e
12 by S. C. Pier, Commissioner of Finance, for $163,526 63 6% impt. Lumermn's Trust Co., Portland-Accrued hit, and premium of $106 23.
bonds. Date Oct. 1 1922. Denom. to suit purchaser, not exceeding Bond, Goodwin & Tucker, Inc., Portland-$1,064 40 for each $1,000 par
value.
$1.000. Due in 10 years.
Freeman, Smith & Camp Co., Portland-Par
and accrued int, with a premium of $62 70 for each $1,000 in bonds.
PORTLAND SCHOOL DISTRICT (P. 0. Portland), Multnomah
County Ore.
-BONDS VOTED.
-At a recent election a proposition to
SALEM, McCOOK County, So. Dak.-DESCR
issue $2:700,000 school building construction bonds carried by a vote of water
IPTION.-The $10000
filtration plant bonds recently voted
12,923"for" to 4,126 "against" the issue.
-are described
as follows: Denom. $500. Date Mar. -V.115, p. 2502
11923. hit. M.& S., payable in
Salem. Due serially. Int. rate 534 %.
PRATTSVILLE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. City Auditor,
Coupon
says: "Bids will be received early inbonds. J. W. Gibson,
Prattsville), Greene County, N. Y.
1923."
-BOND SALE.
-The Board of Education has disposed of $7,000 5% bonds at par, the Grand Gorge National
SCHENECTADY, Schenectady County, N. Y.
Bank taking $6,000 and Amelia Enderlin of Prattsville
-BOND SALE.
$1,000- Denom. foliowing 2 issues of 434% coupon (with privilege of registration) -The
$500. Int. annually Nov. 1. Due one bond yearly.
bonds.
off,red on Dec. 8 (V. 115, p. 2502) were
awarded to Sherwood & MerriRAVENNA CITY SCHOOL DISTRICT (P. 0. Ravenna), Portage field of New York,for $110,759, equal to 100.69, a basis of about 4.33%.
$50,000 Sewer bonds, maturing $5,000 on Dec. 1
County Ohio.-BOND OFFERING.
in each of the years 1923
-Bids will be received until 12 m.
to 1932, both inclusive.
Dec. 23 by C. R. Sharp, Clerk of the Board
'
$20,000 5%
60,000 Water bonds, maturing $20,000 on
coupon high school building bonds, issued of Education, for and 7630,
Dec. 1 in each of the years
under Secs. 7629
1924, 1925 and
General Code. Denom. $500. Date Dec. 30 1922. Prin. and semi-ann.
Denom. $1,000. Date 1926'1 1922. The following
int.(June 30 and Dec. 30) payable at the Second National Bank of Ravenna.
Dec.
is a complete list
Due $2,500 yearly on Dec. 30 from 1924 to 1931 incl. Certified cneck on of the•bicis received:
a solvent bank or trust company,for $300, payable to the Board of EducaBidders.
Price Bid.
Bidders.
Price Bid.
tion, required. No bid for loss than par and accrued interest will be Sherwood & Merrifield,
E.11.Rollins & Son,N.Y. 110,450 90
considered.
r.ew sork
$110,759.00 Seasongood&Mayer,N.Y 110,421 30
Manufacturers National
Remick, Hodges & Co.,
RAWLINS, Carbon County, Wyo.-DESCRIPTION.-The $490,000
Bank,Troy
New York
110,348 70
5%% water works bonds awarded as stated in V. 116, p. 2405, are described J. G. White & Co., N.Y_ 110,746 00
110,726 00 Bonbright & Co.. Inc„
as follows: Denom. $1,000. Date Dec. 1 1922. Prin. and semi-ann. Roosevelt & Sot, N. Y
N.Y
110,211 00
int.(J.& J.) payable in N.Y. City. Due Dec. 1 1952;optional Dec. 1 1937, Geo. B. Gibbons & Co., 110,722 70
Barr Bros..6 Jo., N.Y_ 110,209 00
New York
110,671 0:
REEDSPORT, Douglas County, Ore.
-BOND OFFERING. Until A.B.Leach & Co., N.Y. 110,5410' ,iamport, Barker a Jennings, N. Y
Dec. 18 bids will be received for the purchase of $10,0006% serial refunding Harris Forbes &
110,143 00
Co. N.Y 110,490 60 1, ion Nat.
bonds.
Curtis & Sanger, N. Y.__$110,451 0, Parson, SonCorp., N.Y.. 110,137 50
& Co., N. Y 110,122 10
REIDSVILLE, Rockingham County, No. Caro.
-The folNOTE SALE.
-BIDS.
-On Dec. 12 the $392,500
owing bids were received for the $300,00054% street impt. bonds on Dec.4: on that date (V. 115, p. 2608), were sold to temporary loan notes, offered
the Schenectady Trust
Bidder:Rate!Anti Paid. Schenectady, at 4.39% interest. Date Dec. 15 1922. Due J_ne 15Co. of
1923.
N. S. Hill & Co., Cincinnati
5% $301,951 Other bidders were:
Spitzer, Rorick & Co Toledo..
307,607
6
Int.Rate Bid.
Premium.
A. B. Leach & Co. Inc., New York
5
300,903 S. N.Bond & Co.. New York
4.60%
321
Liberty Central Trust Co., St. Louis, and Taylor, Ewart
Manufacturers' National Bank,Troy
5%
& Co., Chicago
300,865
5%
A. T. Bell & Co., oledo
SEDALIA SCHOOL DISTRICT(P.O.Sedalia),Pettis County,
302,507
5%
Mo.Stacy & Braun, 'Toledo, Detroit Trust Co., Detroit, and
BONDS VOTED.
-By a vote of more than 10 to 1 the
Mississippi Valley Trust Co., St. Louis
proposition carried at the special election held on Dec.$500,000 school bond
5r
t
8-V. 115, P.2503.
Well,
Cincinnati
SEVIER COUNTY (P. 0. Richfield), Utah.
Richards, Parish & Lamson,
301.800
5%
-The
Palmer Bond & Mortgage Co. of Salt Lake City -BOND SALE.
C.W. McNeir & Co., ChicagoCincinnati
has purchased $41,600
IS. M. Grant & Co., New York
5% refunding bonds at par.
J. C. Mayer & Co., Cincinnati
SHARON SCHOOL DISTRICT (P. 0. Sharon), Mercer
Wachovia Bank & Trust, Winston-Salem
181:1730
534
County, Pa
-BOND SALE.
-The First National Bank of Sharon, has been awarded
RENSSELAER, Rensselaer County, N. Y.
- the 3440,000 434% coupon school bonds, offered on Dec. 8 (V. 115 p.
-BOND OFFERING.
for $456,250, equal to 103.693, a basis of about 4.24%. Date
Sealed bids will be received at the office
Treasurer until 11
an.
a. m., Dec. 19 for the purchase of $95.000 of the City privilege of regis- 11923. Due $110,600 on Jan. 1 in each of the years 1938. 1943. 1948, Jan.
1953.
Other bidders were:
tration) gold 434% improvement bonds. coupon (with
Date Jan. 1 1923. Due $5,000
Other Bidders.
Jan. 1 of each year from 1925 to 1943 incl. Denom. $1,000. Prin. and
Rate Bid.I Other Bidders.
Rate Bid.
semi-ann. in (J. & J.) payable at the
Treasurer, or at Union Trust Co., Pittsburgh_103.466 Redmond & Co., Phila
102.300
the option of the holder, at the Chase office of the City
York, in gold Harris, Forbes & Co., N.Y_ _103.322 J. H. Holmes &Co..Pittsb'gh102.526
coin of the United States of America ofNational Bank, New of weight and
the
fineness or its equivalent in lawful money of present standard
SHERIDAN COUNTY SCHOOL DISTRICT NO. 39 (P. 0.
the United States. A certified
Shericheck for $2,000, payable to the City Treasurer, required. The pur- dan), Wyo.-BOND SALE.
-The $4,000 6% school building bonds offered
chaser will be furnished with the approving legal opinion of Clay &
on Oct. 26-V. 115, p. 1658
-were awarded to the State of Wyoming.
of New York when the bonds are paid for. No bid at less than par and
accrued interest will be considered.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 94,
Neb.-BOND
SALE.
-The State of Nebraska purchased $5,000 5% school
ROOSEVELT ELECTRICAL DISTRICT, Maricopa County, Ariz.
bonds at
- par during the month of November. Date July 1 1922. Due July
DESCRIPTION.
1 1942;
-The 375.0006% electric transmission line bonds reported optional July 1 1932.
sold in V. 115,_p. 2502 are described as follows: Denom. $1,000. Date
Aug. 11922. Prin. and semi-ann. int. (F. & A.), payable at the County
SIDNEY, Delaware County, N. Y.
-BOND OFFERING.
-R.
Treasurer's office in New York exchange.
France, Town Clerk, will sell at public auction at 10 a.in. Jan.
Due Aug. 1 1942.
5for $75,000
Sidney-Sidney Center macadam highway bonds
Financial Statement.
Assessed valuation (1921)_______________ $2,594,829 Denoms. 60 for $1,000 and 30 for $500. Date at not to exceed 5% int.
Feb. 1 1923. Prin. and
Total debt (this issue only)____________________
75,000 semi-ann. int. payable at the Sidney National Bank, Sidney. Due
Population, officially estimated __________________________________ 3,000
$2,500
early'on Feb. 1 from 1924 to 1953 incl. Cart. chock on an
incorporated
ank or trust company for 2% of the amount'of bonds bid for,
ROTAN, Fisher County, Tex.
payable to
-Our Western the Town Supervisor, required.
-BONDS VOTED.
representative advises us that the
-V. 115,
works bonds
p. 2502
-were voted at the election$50,000 water 5.
SLEDGE BAYOU DRAINAGE DISTRICT (P. 0.
held on Dec.
Marks),
County, Miss.
-BOND SALE.
-The $90,000 bonds offered Quitman
ST. CHARLES, Winona County Minn.
on Dec. 7
-WARRANT SALE.
-We (V. 115, p. 2405) were awarded to the
are advised by Gates, White & Co. of S't. Paul that they recently purchased of Memphis, at a premium of $1,500, Bank of Commerce & Trust Co•.
equal to 100.66.
RotaCo.,
388, 88
3
IRAS
r
2716
THE CHRONICLE
[VoL. 115.
-The Peters Trust
$
VER DEL, Knoxr County, Nebr.-BOND SALE.
Co. of Omaha,advises us that it recently purchased $3,8006% water works
system extension bonds. Denom.t$1,000 and $800. Date May 16 1922.
Int. payable semi-ann. at the County Treasurer's office in Center. Due
May 16 1942, optional 5 years after date of issue.
Financial Statement.
$191,515
Assessed value as returned by.assessors, 1921
i
•p
Bonded debt,
$3,750
Water bonds dated May 15 1917
3,800
Water bonds (this issue)
El*
$7,550
Total bonded debt
Present population. estimated.'200
-BOND
VERMILLION,/PARISHr ROAD DISTRICT NO. 2, La.
-At special telegraphic dispatch from our Western correOFFERING.
spondent advises us that until Jan. 6 bids will be received for $500,000 6%
-year road bonds.
25
-BOND OFFERING.VIGO COUNTY (P. 0. Terre Haute), Ind.
Geo. A. Schall, County Treasurer, will receive bids until 10 a. m. Dec. 21
for the following three issues of 5% road bonds:
$92,500 John N. White et al. Harrison Twp. bonds. Denoms. 180 for
$500 and 20for $125.
25,000 J A. Crabb et al. Otter Creek Twp. bonds. Denoms. $250.
89,500 Xrthur H. Fromme et al. Harrison Twp. bonds. Denoms. 160
for $500 and 20 for $475.
Date Dec. 15 1922. Int. M.& N. 15. Due one-twentieth of each issue
each six months from May 15 1924 to Nov. 15 1933 incl.
WALLACE SCHOOL DISTRICT (P. 0. Mansfield), De Soto Parish,
-Due to a typographical error, the amount of the
-CORRECTION.
La.
-NOTE SALE.
-It is reported 6% school bonds purchased by the Hibernia Securities Co., Inc., of New
SWAMPSCOTT, Essex County, Mass.
that the city has sold to the Manufacturers' National Bank, of Lynn, at a Orleans, was incorrectly given as $70,000 in our issue of Dec. 9, on page
4.24% discount basis, $50,000 notes, payable Nov. 10 1923.
2608. The correct figure is $40,000.
WALLOWA VALLEY IMPROVEMENT DISTRICT NO. 1 (P. 0.
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
-Sealed bids will be received until
-The Enterprise), Ore.
Sweetwater), Nolan County, Texas. PURCHASER-PRICE.
of the $80,000 53 % school building bonds reported sold in 5 p. m. Dec. 20 by A. W. Schaupp, Secretary, for $5,000 6% impt. bonds.
purchaser
•
V. 115, p. 2608, was Geo. L. Simpson & Co of Dallas. The price paid Denom.$500 and $1,000.
was par.
-Our
-BOND SALE.
WALSENBURG, Huerfano County, Colo.
-BIDS.
-The following bids Western correspondent advises us that an issue of $20,000 5% 15
TAYLOR, Williamson County, Tex.
-year
•
were received for the $32,000 5% coupon (with privilege of registration as serial water extension bonds has been disposed of as follows:
to prin. and int.) school bonds on Dec. 5:
$12,000 awarded to Bosworth, Chanute & Co. of Denver.
Brown & King, Austin
8,000 awarded to a local bank.
98 00
1st Municiapl Bond & Tr. Co.,
$95 50 First National Bank, St. Louis 98 50
Toledo,0
-Sealed
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
J. T.Bowman,Austin. Tex_ *98 68 Henry Young & Co., Dallas 96 00
95 75 S. R. Fuller, Austin
96 00 proposals will be received until 12 m.(Central Standard Time) Jan. 15 by
Austin Trust Co., Austin
Geo. T. Hecklinger, City Auditor, for $24,000 534% coupon bonds, to
Spitzer-Rerick & Co., Toledo_ 97 20 Continental & Commercial National Bank, Chicago
96 00 be issued for the purpose of paying the property share of certain water
W.L. Slayton & Co.,St. Louis 95 10
98 64 mains. Denom. $1,000. Date Oct. 2 1922. Payable at the office of the
Bregg-Garrett & Co., Dallas 97 57 E. P. Cravin, Austin
follows:
Caldwell & Co., New Orleans_ 95 60 N.S. Hill & Co., Cincinnati 95 10 City Treasurer. Int. semi-annually. Due yearly on Oct. 2 as payable
$4,000 1923 and $5,000 1924 to 1927, incl. Cert. check for $500, bonds
W.K. Terry & Co., Toledo_ _ - 97 10
City Treasurer required. Each bid must state the number of
to the
* Successful bid; for previous reference to same see V. 115, p. 2608.
bid for and the gross amount of each bid, with accrued interest to date of
-The following bonds delivery. Bonds are being issued under authority of Ordinance No. 1386,
-BONDS REGISTERED.
TEXAS (State of).
passed by the City Council on Dec. 11922.
have been registered with the State Comptroller:
Due.
Int.Rate.
Date Reg
Place.
Amount.
5% 10-20 year Dec. 4
WARREN COUNTY (P. 0. Williamsport), Warren County, Ind.
Hopkins Co. Cora. S. D. No. 57
$3,300
-David II. Moffitt, County Treasurer, will receive bids
6
5-20 year Dec. 5 BOND OFFERING.
2,000 Jones Co. Corn. S. D. No. 27
6
5-20 year Dec. 5 until 2 p. m. Dec. 30 for $20,060 5% coupon Joseph Farden et al. Adams
2,000 Jones Co. Corn. S. D. No. 38
5% 10-20 year Dec. 5 Twp.road bonds. Denom.$1,003. Date Dec. 4 1922. Int. M.& N. 15.
2,000 Bosque Co. Cora. S. D. No. 64
6% 5-20 year Dec. 5 Due $1,003 each six months from May 15 1924 to Nov. 15 1933 incl. Bonds
1,800 San Saba Co. Corn. S. D. No. 6
6% 10 -year Dec. 6 will not be sold below par and accrued int. If bonds are not sold on Dec.30
-20
1,500 Freestone Co. Corn. S. D. No. 18
6% Serially
Corn. S. D. No. 26
Dec. 7 the offering will continue from day to day until sale is made.
2,000 Lynn Co.
5-40 year Dec. 8
5%
3,000 'Walnut Springs Ind. S. D.
-e. H.
-BOND OFFERING.
6% Serially
Dec. 9
2,500 Haskell Co. Corn. S. D. No. 5
WARSAW, Wyoming County, N. Y.
Hain. Village Clerk, will receive sealed bids until 8 p. m. Dec. 18 for $63,000
THROOP SCHOOL DISTRICT (P.O. Throop), Lackawanna Coun- 6% coupon or registered village bonds. Denom. $1,000. Prin. and semi-The Olyphant Bank of Olyphant, was awarded
-BOND SALE.
ty, Pa.
ann. int. (A. & 0.) payable at the Wyoming County National Bank, Waran issue ot $83,000 43 % high school bonds for $83,050, equal to 100.06. saw. Due $3,000 yearly on April 1 from 1923 to 1943 incl. Cert. chock
Denom. $1,000. Int. M. & 0.
for 5% required.
TRENTON, Grundy County, Mo.-BOND ELECTION.
-BOND SALE.
-Spitzer,
-A special
WARSAW, Duplin County, No. Caro.
election will be held on Dec. 19 to vote on the question of issuing $175,990 Rorick & Co. of Toledo, have purchased the $25,000 water and light ex-as 6s, at a premium
coupon water works improvement bonds.
tension bonds offered on Dec. 12-V. 115, p. 2503
of $487 50, equal to 101.95, a basis of about 5.88%. Date Sept. 1 1922.
-BOND SALE.
TIZINIDAD, Las Animas County, Colo.
-The $338,Due $1,000 yearly on Mar. 1 from 1925 to 1949, inclusive.
000 43(% coupon water-works improvement bonds offered on Dec. 11 (V.
-BOND SALE.
-The
WASHINGTON COUNTY (P. 0. Salem), Ind.
115, p. 2503), were awarded to Crosby, McConnell & Co., of Denver.
Date .Tan. 1 1923. Due in 15 years, optional after 10 years.
$15,200 5% coupon Levi 0. Kim;et al., highway impt., Washington Townthe
The following bids were also received:
ship bonds, offered on Oct.. 23 (V. 115, p. 1764) were awarded toDue State
$333,335 60 Boettcher, Porter & Co_$329,212 00 Bank of Salem, at par and accrued int. Date Oct. 2 1922.
$760
Este & Co
327,927 60 each 6 months from MaY 15 1923 to Nov. 15 1932. inclusive.
Harris Trust & Say. Bk_ 331,815 00 Antonides & Co
E. H. Rollins & Sons_ __ 329,854 20 Jas. H.Causey & Co_
324,987 00
Bankers Trust Co
-Pro-BOND OFFERING.
WATERVILLE, Kennebec County, Me.
*338,07098
* For 5% bonds, all of the others being for 434 %.
posals will be received until 11 a. m. Dec. 19 by F. Harold Dubord, City
Treasurer, for $50,000 4X% coupon "Junior High School Building" bonds.
-BOND SALE.
-The Peoples Bank Denom. $1,000. Principal and interest payable at the First National
TYRON, Polk County, No. Caro.
& Trust Co. of Tyron, has purchased $12,000 6% street inapt. bonds at a Bank, Boston. Due Dec. 15 1942. The bonds are engraved under the
Bank of
premium of $130, equal to 101.08. Denom. $500. Date Nov. 1 1922. supervision of and certified as to genuineness by the First NationalPerkins,
&
Int. M. & N. Due 1941.
Boston; their legality will be approved by Ropes, Gray, Boyden
legal papers incident
whose opinion will be furnished the purchaser. All
-BOND SALE.
-It appears that $2,bank where they may be inspected
TULSA, Tulsa County, Okla.
to this issue will be filed with the above
-V. at any time. Bonds will be delivered to the purchaser on or about Jan. 2
000,000 more of the authorized issue of $6,800,000 water works bonds
114, p. 1457-have been sold. The bonds are described as follows: De 1923, at the First National Bank of Boston, Boston.
Debt Statement Dec. 8 1922.
-A.), paynom. $1,000. Date Feb. 1 1922. Prin, and semi-ann. Int. (F.
$11,730,220
- Assessed valuation for year 1921
bonds
able in N. Y. City. Due yearly on Feb. 1 as follows: 5%
586,511
$400,000, 1927; $80,000, 1928 to 1932, incl. 5% bonds-$80,000, 1933 Debt limit. 5% of above
501,000
1947, incl. The Stifle-Nicolaus Investment Co. of St. Louis, is now Bonded debt (not including issue advertised)
to
offering these bonds ($2,000,000) to investors.
$85,511
Financial Statement.
Assessed valuation taxable property, 1921
$91,745,985
(P. 0. West Unity),
$7,372,882
WEST UNITY VILLAGE SCHOOL DISTRICT
Total bonded debt (incl. this issue)
will be
-Sealed bids
-BOND OFFERING.
$4,454,000
Williams County, Ohio.
Water works debt
p. m. Dec. 19
686,941
received by JesseET,Clerk Board of Education, until 7:30
Sinkingfund
refunding coupon bonds. Denom. $1,000. Date
00
Net debt_ _ ---------------------------------------$2,231,941 1922, for $19,0 5 0
to
yearly on Dec. 1 in each of the
Census, 72,075
1 1922. Due 1.000 and semi-annual interest payableyears 1924 in
Dec.
Population, 1920
(J. & D.)
1942. inclusive. Principal
Population, estimated, 80,000.
Certified check for 5% of bonds bid
the office of the District Treasurer. under authority of Sections 5656 and
are issued
-BOND OFFERING.
-Sealed bids for, required. The bonds of Ohio.
UMATILLA, Lake County, Fla.
Code
will be received until 2 p. m. Dec. 27 by the Town Clerk for $40,000 street 5652 of the General
and sewer 6% coupon bonds. Denom. $1,000. Date
and $15,000 water
-BONDS OFFERED BY
WHARTON COUNTY (P.O. Wharton), Tex.
-J.) payable at the National Park
Jan. 1 1923. Prin. and semi-ann. int. (J.
-Stacy & Braun of Toledo, are offering investors at prices to
Bank,N.Y.City. Due $10,000, 1933 and 1943;$15,000, 1948,and $20,000 BANKERS.
(according to maturities) $80,000 534% road bonds.
for 3% of bid, required. Legality approved by yield from 4.90% to 5% Financial Statement.
1953. A cert. check
Jno. C. Thomson, New York City.
$45,000,000 00
taxable property
Estimated actual value ofproperty (1922)
15,807,661 00
UINTA COUNTY SCHOOL DISTRICT NO. 6 (P. 0.Kemmerer) Assessed value of taxable
1,193,950 00
debt (incl. this issue)
of Wyoming has purchased $20,000 6
-The State
Total bonded
Wyo.-BOND SALE.
21
$64,847
school building bonds at par. A like amount of bonds was reported sold Sinking fund - _ ---------------------------1,129,102 70
bonded debt
Net
in V. 115, 13. 1865.
Population (1920 Census) 24,288.
-BOND OFFERING.
-Until 12 m.
UTICA, Oneida County, N. Y.
-The
-BOND SALE.
WHITEVILLE, Columbus County, No, Caro.
Dec. 18 James B. Geer, City Comptroller, will receive sealed bids for $560,electric light system bonds offered on Dec.5-V.115,
000 4h% coupon public inapt bonds. Denom. $1,000. Int. semi-ann. $97.0006% water and sed by the Hanchett Bond Co. of Chicago, at a
Due $28,000 yearly on Jan. 1 from 1924 to 1943 incl. Cert. check for $11,- P. 2609-werepurcha equal to 102.065, a basis of about 5.76%_. Date
premium of $2,003 50. on Dec. 1 as follows: $2,000, 1925 to 1965, incl.,
200, payable to the City Comptroller, required.
Dec. 1 1922. Due yearly
-BOND OFFERING.
-Sealed and $5,000, 1956 to 1962, inclusive.
VANCOUVER, Clarke County, Wash.
bids will be received until Jan. 2 by Ralph G. Percival, City Treasurer, for
DISTRICT
WICHITA AND CLAY COUNTIES COMMON SCHOOL Comptroller
$35,000 coupon city-hall purchase bonds. Denom. $1,000. Dated about
-On Dec. 4 the State
-BONDS REGISTERED.
Jan. 2 1923. Int. J. & J., payable at the City Treasurer's office. Due in NO. 20, Tex.
years, optional after 5 years. Bidder to name rate of interest. A cert. of Texas registered $5,0006% serial school bonds.
20
check for 1%, payable to the City of Vancouver, required. Notice that
-Bids will
-BOND OFFERING.
WILLOUGHBY,Lake County, Ohio.
bids were asked for was given in V. 115, p. 2503.
Clerk, for the purbe received until 12 m. Jan. 6 by Arvilla Miller, Village
bonds.
Evansville), Ind.
-BOND OF- chase at not loss than par and interest of $24,491 45 5%% sowerA. & 0.
VANDERBURGH COUNTY (P. 0.
Int.
-At 10 a. m. Dec. 26 County Treasurer Walter Smith will sell at Demons. 24 for $1,000 and 1 for $491 45. Date Oct. 1 1922.
FERING.
35 Oct. 1
not less than par and accrued interest $8,700 4%% Philip Fuchs et al. Due $3,000 yearly on Oct. 1 from 1924 to 1930 incl. and $3,491to the VilGerman Twp. Upper Red Bank Road bonds. Date Dec. 26 1922. Int. 1931. Cert. check for 5% of amount of bonds bid for, payable within 10
for
M.& N.15. Due each six months from May 15 1924 to Nov. 15 1933 incl. lage Treasurer, required. Bonds to be delivered and paid
date of award.
SALE.
-Our Western days from
VENANGO, Perkins County, Nebr.-BOND
Visalia), Tulare
WILDFLOWER SCHOOL DISTRICT (P. 0.
representative advises us that the State of Nebraska has purchased $24,000
-BOND OFFERING.-Geo. R. Prestidge, County Clerk.
535% electric light bonds.
County, Calif.
-BOND OFFERING.
SOUTH ST. PAUL, Dakota County, Minn.
J. R. Stevenson, City Recorder, will receive sealed bids until 8 1). m.
Dec. 27 for $100,000 coupon sewer bonds. Denom. $500. or $1.000.
Date Jan. 1 1923. Interest J. & J. Interest rate not to exceed 5%•
Due Jan. 1 1943.
-DESCRIPTION.
SPOKANE COUNTY (P. 0. Spokane), Wash.
The $750,000 road bonds awarded as stated in V. 115, p. 1455 are described
as follows: Denoxn. $1,000. Date Jan. 1 1923. Int. rate 434 %. Cou-J.), payable at the fiscal agency
pon bonds. Prin. and semi-ann. int. (J.
of the State of Washington, in New York City. Due on Jan. 1 as follows:
;105,000, 1936;$199,000, 1937;$208,000, 1938;$218,000, 1939,and $20,000
in 1940.
Financial Statement.
$117,225,474
Assessed valuation
234,450,948
Estimated actual value
2,287,000
Total bonded debt (including this issue)
Population, 1920 Federal Census, 141,239.
UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
SPRINGFIELD
-BOND OFFERING.
-The Board
Springfield), Otsego County, N. Y.
of Education will sell at public auction at 12 a.m. Jan. 3 $35,000 43.6%
school bonds. Denom. $1,000. Date Aug. 1 1922. Int. annually,
payable at the Cooperstown National Bank, Cooperstown, to the holder
thereof in New York exchange. Due $1,000 yearly on Jan. 1 from 1924
to 1958, incl. Purchasers will be required to deposit with their bids in
cash, by certified check or bank draft for 10% of the amount of such bonds
and pay the balance with accrued interest when such bonds are delivered.
SUTTON, Clay County, Nebr.-BONDS VOTED.
-At a recent elec
tion an issue of $8,000 water supply bonds was voted.
DEC.16 1922.]
2717
THE CHRONICLE
BOGOTVILLE, Que.—DEBENTURE SALE.—The $75,000 6% 10%
will receive sealed bids until 2 p. m. Jan. 3 for $20,000 5)4% school bonds.
-D.) payable at the County Treasurer's Installment debentures, offered on Nov. 14—V. 115, p. 2185—have been
Denom. $1,000. Prin. and int. (J.
on Dec. 4 from 1924 to 1943 incl. A cert. check for sold, it is reported.
office. Duo $1,000
5% of amount of issue payable to the Chairman Board of Supervisors,
CALGARY ROMAN CATHOLIC SCHOOL COMMISSION, Alta.
required.
—BOND SALE.—According to reports, Niblock & Tull purchased on
WOODCLIFF LAKE, Bergen County, N. J.—BOND SALE.—On Dec. 1 an issue of $20,000 6% 10%-year school bonds at 97.25, a basis
Dec. 11 the $35,000 5% coupon (with privilege of registration) street bonds of about 6.37%.
offered on that date (V. 115, p. 2503) were sold to B. J. Van Ingon & Co.
of Now York for $35,052 50, equal to 100.15, a basis of 4.97%. Date
COLDSTREAM, B. C.—BOND SALE.—It is stated that on Dec. 1
Dec. 15 1922. Due yearly on Dec. 15 as follows: $3,000, 1923 to 1927 an issue of $3,000 6% 10
-year bonds was sold.
incl., and $4,000, 1928 to 1932 incl.
CRANBROOK, B. C.—BOND SALE.—Reports state that an issue of
WOODWARD, Woodward County, Okla.—BOND SALE.—The First $10,000 634% 20
-year bonds have been sold on Dec. 1.
Municipal Bond & Mortgage Co., of Dallas, and the Liberty Central
Trust Co., of St. Louis, jointly, were the successful bidders for the $175,000
COLBORNE, Ont.—DEBENTURE SALE.—School debentures amountwater-works bonds offered on Dec. 11 (V. 115, p. 2503) as 534s at a premium
ing to 340,000, bearing 6% interest and repayable in 20 installments, have
of $560, equal to 100.32. Date Jan. 11923.
been sold to Mackay & Mackay of Toronto at 100.12. a basis of about
WORCESTER, Worcester County, Mass.—NOTE SALE.—The city 5.99%. These bonds were unsuccessfully offered on Nov. 25 as pis—
has sold to the Merchants' National Bank of Worcester, on a 4.23% discount V. 115, p. 2504. The bidders, according to the Toronto "Globe.' were:
basis plus $8. $600,000 revenue notes, dated Dec. 14 1922 and maturing Mackay & Mackay, 100.12; Macneill, Graham & Co., 99.71; Canada Bond
Corp., 99.51; Harris, Forbes & Co., 99.43; Bell, Gouinlock & Co., 99.35;
Nov. 1 1923. Other bidders were
Premium.
Bid.
Names of Other Bidders—
Gundy & Co., 98.83; R. C. Matthews & Co., 98.70; C. H. Burgess
4.24% discount plus $11 premium & Co., 98.42; A. E. Ames & Co., 98.09.
First National Bank. Boston
S. N. Bond & Co.. Boston
4.25% discount
Estabrook & Co
4.26% discount.
GIFFORD, Que.—DEBENTURE SALE.—According to newspaper
Salomon Bros. & Hutzler, Boston
4.29% discount plus $11 premium reports the $85,000 534% 20
-year debentures, offered on Sept. 12 (V. 115,
Chas. L. Edwardes
4.29% discount
p. 1241), were awarded to the Provincial Bank on Dec. 1 at 98.75, a basis
Blake Bros. & Co
4.37% discount plus $10 premium of 5.60%.
WORCESTER COUNTY (P. 0. Worcester), Mass.—NOTE OFFERGRANT TWONSHIP ROMAN CATHOLIC SCHOOL COMMISSION,
ING.—Proposals will be received by Edgar L. Ramsdell, County Treasurer, Que.—BOND SALE.—It is reported that A. E. Ames & Co. of Toronto,
until 12 m. Dec. 22 for the purchase at discount of $70,000 Miller's River were awarded an issue of $2,000 7% 10
-year school bonds on Dec. 1.
Bridge notes dated Dec. 26 1922 and payable June 30 1923 at the First
National Bank of Boston. Denom. $5,000. Delivery on or about Dec. 27
HAWKESBURY, Ont.—BOND SALE.—Newspapers state that an
states that issue of $82,720 6% 10
1922 at the First National Bank of Boston. The official circular
-installment bonds was awarded to C. H. Burgess &
these notes are exempt from taxation in Massachusetts and are prepared Co. of Toronto, at 96,a basis of about 6.88% •
under the supervision of and certified as to genuineness by the First National
K I NGSV ILLE, Ont.—DEBENTURE SALE.—Bell. Guinlock & Co. of
Bank of Boston, their legality will be approved by Ropes, Gray, Boyden
-install& Perkins, whose opinion will be furnished the purchaser. All legal papers Toronto, it is reported, have purchased an issue of $140,000 6% 30
incident to this issue will be filed with said bank, where they may be in- ment debentures.
spected at any time.
to reports
LONDON,Ont.—BONDS VOTED—DEFEATED.—According
WYACONDA DRAINAGE DISTRICT NO, 3, Clark County, Mo.— an issue of $25,000 bonds for a new grandstand was authorized and an issue
BOND SALE.—Lewis W. Thomson & Co., Inc., of St. Louis, have pur- of $55.000 bonds for a new fire hall and fire apparatus was defeated at an
chased $52,000 6% drainage bonds. Denom. $1,000. Date Sept. 11922. election held on Dec. 4.
Prin. and semi-ann. int. (M.
-S.), payable at the Boatmen's Bank, St.
MANITOBA (PROVINCE OF).—SALE OF TREASURY BILLS.—
Louis. Due on Sept. 1 as follows: $2,000, 1927 to 1930, incl.; $3,000,
During November the province made 2 issue of treasury bills, according
1931 to 1934, incl., and $4,000, 1935 to 1942, inclusive.
to newspaper reports. A block of $200,000 dated Nov. 30 1922 and maturYANKTON, Yankton County, So. Dak.—BOND ISSUE VALIDAT- ing Mar. 15 1923, bearing 534% was issued for the installation of telephones
ED.—John W. Summers, City Auditor, advises us that the $70,000 paving The other amounting to $350,000, dated Dec. 1 1922 and maturing Feb.1
1923, bearing 6% was issued to cover the unpaid portion of seed grain loans
bonds declared illegal by Wood & Oakley of Chicago—V. 115, p. 900
which fell duo Nov. 30.
have been validated and sold to the Northwestern Trust Co. of St. Paul.
ONTARIO (Province of).—BOND SALE.—An issue of $5,000,000
YATES COUNTY (P. 0. Penn Yen), N. Y.—BOND OFFERING.—
% coupon bonds was awarded on Dec. 13 to a s'^ndicate composed of
Sealed bids will be received until 8 p. m. Dec. 28 by Harry D. Bennett,
Aemilius Jarvis & Co., Wood, Gund” & Co. and A. E. Ames & Co_ all of
County Treasure', for the following coupon bonds:
$50,000 6% county home bonds. Date Feb. 1 1923. Int. F. & A. Toronto, for 99.59, a basis of about 5.54%. Date Dec. 11922. Denom.
Due $5,000 yearly on Feb. 1 from 1924 to 1933, inclusive. $1.000. Due Dec. 1 1942. Principal and semi-annual int. (J. & D.)
,
Delivery of bonds to be made Feb. 1 at County Treas. office. pa rable in gold coin or in lawful money of Canada, at the office of the
44,000 4%% highway bonds. Date March 1 1923. Int. M. & S. Due Treasurer of Ontario, in Toronto, or at the Bank of Montreal,at the holder's
$22,000 March 1 1927 and 1928. Delivery of bonds to be option.
made March 1 1923 at County Treasurer's office.
RICHMOND, B. C.—DEBENTURE SALE.—According to the "MonePrincipal and interest payable at County Treasurer's office. Certified
been
.
-,
check for $1,000, payable to Harry 0. Bennett, County Treasurer,required. tary Times" of Toronto an issue of 84,000 6% 20 ear debentures has basis
,
purchased 13‘ Gillespie, Hart & Todd. Ltd., of Toronto at 100.59, a
with each issue.
of about 5.95%.
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. NelsonRIVERSIDE, Ont.—DEBENTURE SALE.—In V. 115. p. 2610, we
ville R. D. No. 3), Athens County, Ohio.—BOND OFFERING.—John
-installment school debentures to Wood.
Maran,Clerk of the Board of Education, will receive bids until 12 m. Dec. 21 reported the sale of $50,000 6% 20
building bonds, Gundy & Co. of Toronto at 100.28. We now learn that St. Louis, Jones
for the purchase at not less than par of $4,000 6% school
issued under authority of Sec. 7630-1, Gen. Code. Denom. $400. In- & Faulkner of Windsor, who bid par, were given the privilege of raising
terest annually on Sept. 1. Date day of sale. Duo $400 yearly, beginning their bid. This they did, and received the award at 100.28.
1 year and 8 months from date.
ROCHESTER TOWNSHIP, Ont.—BOND SALE.—According to
YOUNG COUNTY COMMON SCHOOL DISTRICT NO. 5, Tex.— reports an issue of $3,958 6% 5- and 10
-installment bonds has been award°
BONDS REGISTERED.—The State Comptroller of Texas registered $6,000 to Macneil, Graham & Co. of Toronto.
-40
% 20 -year bonds on Dec. 5.
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.—DEBENYUBA CITY UNION HIGH SCHOOL DISTRICT (P.O. Yuba City), TURE SALE.—On Dec. 11 the following five issues of debentures, offered
Sutter County, Calif.—BOND SALE.—The $250,000 6% school bonds on that date—V. 115, p. 2504—were sold to MacNeil, Graham & Co.
voted on Nov. —V. 115, p. 2407—have been awarded to R. H. Moulton of Toronto at 103.83:
& Co. of San Francisco, at par plus a premium of $17,826, equal to 107.13.
Annual Install- No.
ment, PrinciRate
of
By-Law
Install
of
pal and
No. Amount.
1161 $6,517 86
13
CANADA, its Provinces and Municipalities. 1167 12,771 06
1169 3.884
1904
ALBERTA SCHOOL DISTRICTS, Alta.—DEBENTURE SALES.—
At the offering on Nov. 30—V. 115, p. 2407—five blocks of 8% installment debentures, according to unofficial reports, were awarded as follows:
-year debentures to Ewing, Harvey
$1,800 Garden Valley S. D. No. 2887 10
& Bury of Edmonton at 104.
-year debentures to Ewing, Harvey & Bury
2,000 Retlaw Cons. No. 4 10
of Edmonton at 103.08.
-year debentures for par to J. W. Caswell,
800 Imrie S. D. No. 3668 10
Veteran, Alta.
-year debentures to J. H. Rouse of
1,000 Trieste S. D. No. 4101 15
Edmonton at 102.
-year debentures to J.,N. Wilkinson,
1.000 Gravelburg S. D. No. 3090 10
l'incher Creek, Alta.. at 100.
1091
49,749 77
Interest.
6
634
6%
6%
6%
Interest.
$584 14
1,918 71
430 99
6,806 73
998 32
ments.
19
9
14
15
16
Due Date.
1923 to 1941 incl.
1923 to 1931 incl.
1923 to 1936 incl.
1923 to 1937 incl.
1923 to 1938 incl.
.
8,072 65
All the debentures and interest fall due on Dec. 15 in years mentioned.
Other tenders were:
102.484
Gairdner, Clarke & Co
103.52 R C. Matthews & Co
102.19
Housser, Wood & Co
103.26 Wood, Gundy & Co
102.14
C. H. Burgess & Co
103.22 Bell, Gouinlock & Co Ltd_ - _101.973
McLeod, Young, Weir & Co_ _102.97 Canada Bond Corp..
100.89
Harris, Forbes & Co
102.89 A E. Ames & Co
TRENTON, Ont.—BOND SALE —It is stated that the Municipal
Bankers Corp. of Toronto purchased privately an issue of $60,000 6%
-Installment bonds.
30
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