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TO
ollinurci31($;
INCLUDING
financial
rotud
Railway & Industrial Section
Bankers' Convention Section
Bank Sc Quotation Section
Railway Earnings Section
SATURDAY, DECEMBER 23 1922
VOL. 115.
The Thronitic.
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Published every Saturday morning by WILLIAM B. DANA COMPANY
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CLEARING HOUSE RETURN&
Returns of Bank Clearings heretofore given
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THE FINANCIAL SITUATION.
As the year closes once more, with its time of Good
Cheer either realized or desired and "wished," any
good news is welcome, the more so as many of us have
so long been looking for it, as the shipwrecked mariner scans the horizon for a sail. Our railways are
so essential, so burdened, and even so threatened
with attack by "blocs," that any token of promise in
the transportation field should not be overlooked.
One such was the statement, this week, that the Eastern roads plan a change in their "public relations"
policy. Inasmuch as a railroad consists chiefly of
such relations, of one or another sort, the query naturally arises what sort now presents itself as timely
for change of policy. Mr. Loomis, head of the Lehigh Valley and of the Public Relations Committee
of the Eastern roads, explains by announcing that
the committee has retained Robert S. Blinkerd, formerly assistant to the chairman of the Association
of Railway Executives, to make a thorough investigation of the publicity requirements of those roads.
from
Some executives have felt that news emanating
the
to
d
presente
their roads has not been properly
tong
"reasoni
public; in other words, the need of
fully
been
not
has
gether" by roads and the public
appreciated or been as fully answered as might be.
At this time it is unusually necessary that railroads
and the public should get together in mutual understanding, respect, and appreciation.
Electric Railway Section
State and City Section
NO. 3000
To put it still differently, the roads need, and apparently intend, better "publicity," and for that they
want a competent publicity agent, not just what is
commonly called "a press agent." When the Pennsylvania acquired the Long Island road, the management employed Mr. Fullerton to explore and "discover" Long Island, which was then a territory almost unknown to the public, and he was an admirable man for that work. The New York Central has
been conspicuous and leading in appeals to the
public by explanatory advertisements, and one of its
announcements appeared on Thursday, setting forth
its purchases, "for equipment plus public co-operation," orders having been placed even when thousands of miles of storage tracks were filled with idle
cars. Such a showing proves faith and invites faith,
and does more: it is a challenge to American practical sense to unclench the fist, smooth out the
scowled brow, and come and sit right down and begin to put some trust in one another and to talk and
practice reason, so that prosperity may return. A
brandished club does not invite, capital, it starts
capital on the run; and prosperity will never come
by yelling at it, but by pleasant and promising invitation.
It is encouraging, too, to read that the Pennsylvania, ever in the front in respect to sane and helpful
relations with labor, is not only making progress in
the get-together habit among employer and men, but
is considering a plan whereby its men may become
stockholders, on an easy-payment plan. Not a new
thing? No, surely not; but a sound and wholesome
old thing. That great road has now 136,132 stockholders and 234,150 employees; bring more of the latter into the former class, and harmony,that great aid
of efficiency, will be promoted, will it not?
The announcement, not long ago, that the late T.
DeWitt Cuyler's office will not be filled but will be
abandoned is another good sign. Still another is the
probability, or the prospect, that the roads will cease
trying to act as a unit upon the labor and wage problem; that attempt was a mistaken application of the
motto that in union lies strength, as the "Chronicle"
strongly, though unsuccessfully urged, years ago.
At this time of year, when night falls before work
stops in the downtown offices, there is offered, from
the East River bridges, a sight so fairylike and so
unique that it is really worth while to see it; the rows
and piles of high buildings fade from the eye, but instead are rows upon rows of lights, a spectacle probably not to be found elsewhere on the globe. On Wednesday a factor which is sometimes, though rarely,
found was added: a streak of after-sunset glow lay
2720
THE CHRONICLE
along the western horizon, stretching from Governor's Island well along the New Jersey shore. A
marvelous picture, lasting only a few minutes yet it
might be taken as a favorable omen for a new dawn
of peace and of Good Will among men in this now
unhappy, because contending, world.
[VoL. 115.
ly,for the nine months this year prior to October and
with $607,457 for November 1921.
As to the merchandise imports, owing to the enactment of the new tariff law, no statistics have been
published since Sept. 21 last, when the new tariff
went into effect. The delays and difficulties that
have arisen because of the new classifications under
that law are said to be responsible for this situation.
The statements of merchandise imports for the last
ten days of September, as well as for the months of
October and November still remain to be completed.
A decidedly encouraging feature in the situation
just now is the growth in our export trade. The export statistics for November have just been made
public and they show that merchandise exports from
the United States during that month were valued at
$383,000,000, these figures contrasting with $372,Developments in Europe, and in this country with
000,000 for the preceding month and with only $294,- respect to foreign affairs,
have not been particularly
437,307 for the corresponding period a year ago. In striking. The week was
not without a sensational
a general way the export trade of the United States incident. Reference is
made to the assassination of
has shown a tendency toward improvement as the the President of Poland,
after having served only two
year has progressed. The low point was touched in days. Fortunately, it was
possible to select a sucFebruary though in part this was due to the fact that cessor promptly and, so far as
European advices
that month contains only 28 days and possibly also have indicated, the political situation
in that trouto difficulties of transportation, usually prevalent bled country was not seriously affected.
Speaking in
at that period. Until lately, too, a tendency toward a broad way, most of the time has been
given to a dislower prices of many commodities has also affected cussion of what the United States may do
to help
values. On the other hand, cotton prices are now Europe, and to the Lausanne Conference.
There
high again and exports of cotton cut a considerable has been a marked disposition on the part of
Adminfigure in the aggregate value of all shipments abroad istration officials at Washington and bankers
here
from the United States. The detailed figures for No- to minimize the part that America may take in
the
vember are not now available, but in October raw rehabilitation of the finances of Europe, more parcotton in bales shipped to foreign ports from the ticularly of Germany. Two members of the
firm of
United States was valued at $93,923,000, this one J. P. Morgan & Co., namely Mr. Morgan
himself and
item alone constituting 25% of the total value of all Mr. Lamont, have this week taken
pains to state the
merchandise exports for that month, and in Novem- American attitude towards a loan
to Germany with
ber the figures were as large or larger.
great precision, and in unmistakable terms, as will
The average export price of cotton in October this be seen by reference
to our Department of Current
year was 22Y2c. per pound. This contrasted with Events and Discussions
on a subsequent page. Grad20.1c. per pound in October 1921, when the total ual progress has been made
in the settlement of the
value of raw cotton sent abroad was $91,028,000, Straits problem at
the Lausanne Conference, after
which constituted about 26% of the total value of the the head of the British
delegation delivered an ultimerchandise exports in that month. Corn, too, was matum to Ismet Pasha
and his associates. All the
slightly higher in price this year than last, but the ex- British troops have been
taken from South Ireland
ports were about the same. Wheat was slightly and have been succeeded by Irish
soldiers.
lower in price, but there was no material difference
in the volume of shipments as contrasted with a year
Needless to say, the reported decision of the United
ago. To the countries of Europe the exports from States Government to make a determined
effort "to
the United States in October amounted in value to overcome the present critical aspect of affairs
in
$206,100,000, of which Great Britain alone took $83,- Europe" continu..d the phase of that subject
which
900,000, and exports of cotton contributed very ma- attracted the greatest attention and caused the
most
terially to the latter.
discussion, both in European capitals and in this
The value of all exports from this country in No- country. It would seem that, in a general way, the
vember was $11,000,000 more than in October and in position and plans of President Harding and his asexcess of any preceding month back to March 1921, sociates may have been very well set forth in the folin which month the figures were $387,000,000. In lowing excerpt from a dispatch to the New York
March 1921, however, prices of practically all classes "Tribune" Monday morning from the head of its
of merchandise entering largely into our export trade Washington bureau. This correspondent said in
were so much higher than they are at the present part: "Convinced that settlement of the reparations
time, that the export figures for the past two months question is the key to the whole European trouble,
represent an enormously larger volume of trade, the first feature of the agenda being worked out by
measured by quantities, than they did at that time, President Harding and his advisers is a plan for exthe difference perhaps being as much as one-fifth.
perts from this country to 'referee' that particular
Imports of gold in November amounted to $18,- dispute." The correspondent added that "there is,
308,087, these figures contrasting with $21,000,000 naturally, no desire to force the opinion of this counfor October and with $51,936,804 for November 1921, ,try on Europe on this question. No move will be
which latter was about the close of the heavy move- made unless there are cordial invitations for this
ment of gold into the United States that had con- country to participate. Repeated indications,
howtinued for a considerable period up to that time. Ex- ever, are that every nation involved, even
France
ports of gold, which in October had taken rather a herself, will be glad to have this country's
aid in
sudden spurt to $18,000,000 on account of a variation working out the problem." The New York
"Herald,"
in exchange with Montreal, receded again, and in in attempting to outline the attitude
of our GovernNovember they amounted to only $3,431,065. This ment in the matter, said: "The aid
and influence
contrasts with an average of about $1,460,000 month- which the United States
Government is ready to ex-
DEC.23 1922.]
T H 11 CHRONICLE
tend to both Germany and France in obtaining a loan
for them from international bankers is based on
three conditions: First—The United States will adhere to its policy of avoiding entanglements in the
political affairs of Europe. Second—The United
States will not recognize or co-operate with the
League of Nations. Third—The United States will
not admit the relevancy of foreign debts to this country in the negotiations on the reparations issue."
As an indication of the importance attached by the
French Government to American opinion with respect to any step it might contemplate taking in
maintaining its well-known position on the reparations question it is worth while calling attention to a
dispatch from London to the New York "Times" a
week ago to-day, in which it was asserted that Premier Poincare being unable to see Ambassador Harvey before leaving there for Paris after the Premiers'
Conference, "left one of his party behind to interview him." Mr. Harvey was reported to have "expressed his personal opinion that seizure of the Ruhr
territory would be even less popular in America than
in England." The "Times" representative added that
"the French emissary was so impressed with the Ambassador's estimate of American opinion that he
cought the afternoon Paris train to report the conversation to M. Poincare that night. It is believed
here that his report had considerable effect in the
struggle between the moderates and extremists in
France."
When last week's issue of this publication went to
press a week ago word had not been received from
Paris as to the result of the balloting in the French
Chamber of Deputies on the vote of confidence asked
for at the session a week ago yesterday by Premier
Poincare. The actual figures came to hand the next
day. In recording and commenting upon the action
the Paris representative of the New York "Times"
said: "By 512 votes to 76 Premier Poincare received
the confidence of the Chamber of Deputies to continue his reparations negotiations begun last week in
London. The vote came at 1.30 this morning, when,
after a stormy ten-hour debate, in which internal and
electioneering politics played as big a part as foreign
affairs, the Premier appealed to the Deputies to allow a vote to be taken simply on the question of foreign affairs, and it was on that understandink that
most of the votes were cast." This action was of
great importance just at that time. An overthrow of
the French Cabinet would have complicated a bad
situation still further.
It was made clear in a Berlin dispatch to the New
York "Times" the same day that the German Government was also keeping in as close touch with American sentiment as possible. The correspondent noted
the return to Berlin from the London conference of
Secretary of Foreign Affairs Bergmann and his report to Chancellor Cuno. It was stated that "in London Herr Bergmann received certain hints as to what
the new German proposals to be submitted on Jan. 2.
should contain to make it possible for the English
statesmen to support them." The dispatch stated
also that "the Chancellor imparted to his colleagues
certain information from America, according to
which financial aid can only come from that quarter
if German finance and industry give tangible proof
of their willingness to make any sacrifice to save
their country by an internal loan, preparations for
which should be made immediately without waiting
2721
for aid from outside. Accordingly, the Cabinet members decided to communicate at once with industrial
magnates, bank directors and experts, to ask their
energetic and material assistance for a plan for stabilization of the mark."
As the week progressed whoever made even an informal statement about the matter of an international loan to Germany felt called upon to stress the
fact that nothing could be done until the question of
reparations is settled. This point was emphasized
in the first admission at Washington that the Administration was considering such an undertaking.
For instance, in a Washington dispatch to the New
York "Times" Tuesday morning the correspondent
said: "Two important facts with respect to the attitude of the American Government toward the European economic situation in general and the reparations question in particular were developed in a high
official quarter to-night. These facts are: First, it
is considered 'perfectly idle' to talk about an international loan to the German Government in which
there would be any participation by American investors until the reparations question is definitely
and finally settled by the Allies. Second—the question of the Allied debt to the United States is entirely beside the point in the consideration by any
European Government of the reparations question or
of what Germany can pay." He added that "no formal announcement is yet forthcoming with regard
to the manner in which the American Government
has been using its influence—and this has been done
to the fullest extent possible—in an effort to assist
European Governments in finding a solution of the
reparations problem." In the statement already referred to by J. P. Morgan, which appeared Tuesday
morning, the fact that the reparations question must
first be settled was also emphasized and made prominent.
The idea that the United States might serve as
"referee," as intimated in Washington dispatches
early in the week, was made particularly prominent
in an Associated Press dispatch from London Thursday morning. It stated that "the United States
at the request of a trade commission headed by Wilhelm Cuno, the German Chancellor, has begun negotiations with France and England looking to the appointment of a body of American business men for
the fixing of a new basis for the payment of war reparations, it was understood here." The correspondent added that "in semi-official quarters it was said
that England's consent to such a plan had been cabled to Secretary Hughes, and that the American
State Department at Washington expected an early
reply from France." According to the dispatch also,
"the proposal is understood to have reached Secretary Hughes through the United States Chamber of
Commerce, which body was asked by Chancellor
Cuno and his associates to appoint a commission,
headed by Herbert Hoover, Secretary of Commerce,
which would visit Germany and make an impartial
survey of the country's financial and economic position. The American Commission was to be empowered to determine what amount of reparations Germany could pay, and upon the basis of its report a
new reparations treaty would be drawn, which Germany would agree to fulfill if the plan were approved
by England and France. The United States Chamber of Commerce complied with the request of the
2722
T H ill CHRONICLE
German Chancellor to the extent of asking Mr.
Hoover to take the question up with President Harding's Cabinet, which he did, with the result that the
'matter was placed in the hands of Secretary Hughes.
The negotiations between Mr. Hughes and the English and French Governments followed, with the object in view of obtaining their consent to abide by the
• reparations sum fixed by the American commission
as within Germany's ability to pay."
These assertions from Berlin were supplemented
later the same day by an Associated Press dispatch
from Washington in which the writer said that "the
• move to extend American aid in adjusting the reparations disagreement in Europe has reached a stage
where a definite plan of action may be decided on in
the near future. As it now is under consideration,
the proposal contemplates appointment of an American commission to study economic and industrial
conditions in Germany and to fix the total of repara• tions which the German Government may reasonably
• be expected to pay." In a Berlin dispatch yesterday
morning it was said that "the new reparations plans
with which Chancellor Cuno and his immediate advisers are engaged will not be based, it is announced, on
• any assumption of early active financial intervention by the United States."
[VoL. 115.
The idea was stressed in dispatches from that center, and particularly Washington, yesterday morning that big business men of the United States and
Germany are tailing the lead in plans to rehabilitate
• the latter country. The New York "Times" representative at our national capital said that "it was the
Chamber of Commerce of the United States which
initiated the movement for a committee of American
business men to aid in a settlement of the reparations
problem, and not a German trade commission headed
by Chancellor Cuno, as stated in a dispatch from
London yesterday." The New York "Herald" printed
the following from its Washington correspondent
yesterday morning: "The plans of the Administration for aid to Europe in settling the reparations
problem are taking concrete form. The indirect negotiations between Washington and London, Berlin
and Paris have reached the point where the announcement of a program may be expected. In spite
of denials and partial denials by officials of reports
from London that the United States has suggested
the feasibility of a commission of American business
men to assist in finding a new basis for a reparations
agreement after a study of the situation in Germany,
it was learned that such a proposal has received and
is receiving consideration abroad." The New York
"Tribune" correspondent asserted that "rapid progress in planning American aid in solving Europe's
economic troubles was disclosed here to-day [Thursday]. A campaign by business men in this country,
and probably in Britain, France and Germany as
well, to have the reparations.amounts settled by a
commission(r .American experts, was definitely established."
cussions when they were resumed at Paris unless
there was suitable diplomatic preparation beforehand. There must be no more going back on decisions, he said, as vacisllation spelled failure. The
Italian plan was the one which, in his opinion, must
eventually be followed." In a wireless dispatch the
Rome correspondent of the New York "Times" stated
that the Foreign Ministry "published the memorandum which Premier Mussolini presented to the Allied Premiers at their London meeting and which
represents his studied viewpoint on the Allied debts
and reparations." The memorandum sets forth the
Premier's ideas in part as follows: "Europe's post
war policy is dominated by the problem of reparations, which presents two aspects, an economic one
and a political one. While the latter is progressing
toward normalcy, the former is still very grave. As
the sine qua non of discussion, the Government of
Italy maintains that it would be unjust and most
iniquitous to ruin Italy, France, Belgium and the
lesser Allies in an effort to redeem Germany, and
that, therefore, the problem of reparations cannot be
divorced from the problem of the inter-Allied debts."
The following concrete suggestions were made for
dealing with German reparations: "First, that the
German reparations payments be diminished by the
value of the State property taken over from Austria
and Hungary; by the total of Austrian and Hungarian reparations over and above such State property;
by Bulgarian reparations; by the various credits
which Germany has already paid, such as State property handed over, the difference between the real
value of the shipping handed over by Germany and
the value with which the Allies have been debited;
by the value of the mines in the Saar region, the
value of the trans-Atlantic cables and by the total of
the Allied debts to England, provided England gives
up her claim to these. Any remaining German reparations will be given up if America gives up the
credits owed her by the Allies. Second, in this way
the German reparations debts will be reduced to
about 50,000,000,000 gold marks. Third, that a two
years' moratorium be granted to Germany for the
payment of the 50,000,000,000 marks. Fourth, the
German Government binds itself to gitarantee the
raising of a loan of 3,000,000,000 marks, of which
500,000,000 would be used for stabilizing the mark
and the remainder for reparations. Fifth, the Reparations Commission will allow the certain State
revenues on which the Reparations Commission has
the first claim to be used as guarantee for this loan.
Sixth, Germany will continue the payment of reparations in kind [coal, iron, dyes, etc.], the value of their
goods being subtracted from the total of reparations.
Seventh, during the two years' moratorium the Guarantee Commmitttee will see that the German Government takes all necessary steps for the stabilization
of the mark, to balance the budget, to insure the maximum of revenue, to check inflation. Eighth, after
the moratorium Germany must begin reparations
payments."
Premier Mussolini, according to all reports about
him, believes in action with respect to everything he
takes hold of. "A few hours" after his return from
the London Conference of Premiers he called a meeting of his Cabinet, and was said to have "reported
that the Conference had been unsatisfactory on account of insufficient preparation." He was stated
to have "declared that he would not attend the dis-
Eagerness for commercial supremacy in some respect apparently has been allowed to supersede at
the Lausanne Conference, as at all other international gatherings in Europe, a desire to accomplish
the purpose for which the representatives of the various nations were supposedly summoned. American newspaper correspondents at Lausanne have asserted almost from the beginning of that conference
DEC. 23 1922.]
THE CHRONICLE
.
2723
York "Times" correspondent cabled, however, that
at the plenary session, "instead of accepting the Allied plan, Ismet Pasha repudiated the action of the
Turkish experts and presented to the Allies new proposals which were really those of the Allies with a
number of minor changes." The correspondent said
also: "What Ismet meaht to do, and what he has
done, was to withhold his consent to the Straits plan
for future bargaining. I have it from Ismet himself
that his price is the promise of the Allies that there
shall be no naval and military clauses in the general
treaty—in other words, that there shall be no limitation of the Turkish army. The Russian action may
be best described as one more effort to make trouble."
Outlining the attitude of the other side, he added:
"The chief Allied delegates, Lord Curzon, Camille
Barrere and the Marquis di Garroni, all told the
Turks and Russians that the Conference could not
start all over on the Straits question. They met Ismet's tactics by saying that they would consider his
proposal, as it presented amendments to the Allied
plan, but not as an entirely new plan. As for the
SunThe New York "Herald" correspondent cabled
proposal, Lord Curzon assured the Russians
Russian
by
reached
day evening that "an agreement has been
be considered,'but not line for line.' It
would
it
on
that
experts
and
military
naval
the Allied and Turkish
and
the Straits question. This question is to come up to- is the old one for closing the Straits to warships
makes
edition
to-day's
morrow before the full conference." At Monday's their fortification. However,
nt may, on
session, according to the Associated Press corre- the concession that the Turkish Governme
through
let
purpose,
special
a
for
and
demand
Near
special
spondent,"Turkey formally engaged before the
"
warships.
,
or
two
one
minorities
East Conference to accord the Christian
Lord Curzon was reported to have declared to the
in all that concerns their life and liberty, the same
the
delegates that if they attempted to delay furTurkish
by
as
enjoyed
are
protection
rights and the same
their
ther
consideration of the Straits problem he
the
of
the
with
free
n,
exercise
populatio
Turkish
religion and the right to establish educational, char- would bring the Conference to a close. In his acitable and religious institutions. The Turkish agree- count of that particular session, the New York
ment provides that in districts heavily non-Moslem "Times" correspondent said: "Exasperated by the
the schools of the Christian minorities shall be al- dilatory tactics of Ismet Pasha,Lord Curzon laid the
lotted funds for the staff from municipal budgets. It Allied plan for the administration of the Straits on
is stipulated that as the members of all the minori- the Conference table to-day and told the Turks and
ties are regarded as Turkish subjects there can be Russians bluntly that they might take it or leave it.
He said there would be just one more session at
no exception from military service."
The same day Foreign Minister Tchitcherin of which the subject would be discussed and that would
"HerRussia "proposed to the Near East Conference Com- be held to-morrow afternoon." The New York
as adn
delegatio
British
of
the
a
ald"
head
the
quoted
Straits
mission studying the status of the Turkish
reached
have
"We
as
follows:
Pasha
Ismet
control
dressing
plan providing for an international board of
discuson which would be represented Germany, the United the limit of our concessions. From further
therefore,
shall,
we
and
sion
ensue,
can
the
nothing
more
all
and
Italy
States, France, Japan, England,
correStates bordering on the Black Sea. Actual control have one more meeting—and only one." The
Minisformer
of the Straits would under M. Tchitcherin's plan, be spondent added that "Admiral Lacaze,
placed in charge of Turkey, with the privilege of al- ter of the French Marine, speaking for the French
lowing warships to pass in special cases and provided side, said: 'To-day's decision is an ultimatum. I mythey did not exceed 6,000 tons. The Russian plan self made this plain to the Turks when I handed
also contains the provision that three months after them the text of our decision, which I marked as
adoption of the proposed regime the contracting par- final.'"
ties shall pass an act declaring the Black Sea a closed
The situation took a more favorable turn the very
sea except to those Powers whose territory fronts
upon it, even in case the regulation of the Straits is next day. The New York "Herald" correspondent
modified." The Associated Press correspondent ob- cabled that"Allied firmness again has brought about
served that "this would be at variance with the En- almost complete surrender on the part of the Turks.
ultimatum,they
tente and American views that the Black Sea is an Confronted with yesterday's virtual
Straits, subthe
for
plan
Allied
the
to-day
Turkey's
accepted
for
provides
plan
Entente
open sea. The
of which conchief
ns,
reservatio
to
adminor
only
ject
zones
zed
the
over
demilitari
ty
sovereign
absolute
on of the Straits Commisjoining the Straits, and stipulates that the League of cerns the exact jurisdicti
it
shall be merely to superNations shall guarantee Constantinople free from sion—namely whether
or also watch over the
of
vessels,
passage
attack. The plan provides that the control is to re- vise the
objected to the latter
Turkey
bone.
zed
demilitari
main unchanged for ten years."
function. Although this surrender by the Turks
complete defeat for the Russian efforts here
The plan for settling the Straits problem came up spelled
the Black Sea to warships and to the full
close
to
of
failed
but
Monday,
before the full Conference on
of the British or any other fleet in case of
strength
by
e
conferenc
in
upon
adoption. It had been agreed
Russia, the Russians remained silent when
with
war
New
The
Allies.
the
as
experts for the Turks as well
that the strife to get control of the Mosul oil fields
had kept the delegates from reaching an agreement
on the big political problems of the Near East growing out of the aggressiveness of the Turkish Nationalists. The New York "Times" correspondent at
Lausanne, in describing the situation a week ago today,said: "The British and Turks are understood to
have reached a virtual agreement on the general principles of the peace treaty, the Mosul issue and the
American demand for the open door standing as the
chief barriers to settlement. The Turks demand the
Mosul region, which is now included in the British
mandated territory of Mesopotamia, as part of Turkey. The British claim the territory in question
under the mandate and the oil fields under the Turkish Petroleum Company's concession. England and
Turkey seem to be able to shuffle their conflicting
claims in a satisfactory manner, but the desire of
both not to offend the United States complicates
matters."
2724
•
THE CHRONICLE
their erstwhile ally accepted the Allied plan, and
have shown no inclination yet to pack their grips.
The reason for this lies, undoubtedly, in the fact that
Russia becomes a member of the Commission if she
signs the convention. Clearly this is another step
toward Russia's recognition. The chief feature of
interest in this apparent settlement of one of Europe's hardest problems lies in the complete disregard the Conference has shown to the two American
points of view presented here and the evident disinclination to invite any detailed statement by the
Americans covering the principles set forth by them
in general." Dispatches from Lausanne last evening
indicated that "the settlement of the problem of the
Turkish Straits was not progressing as rapidly as
had been forecast."
[you 115.
Stanislas Wojciechowski was elected to the Presidency of Poland "with 298 ballots of 519 cast by the
National Assembly." He took the oath of office Wednesday evening, Dec. 20. The new President is 53
years old and has been "an active factor in Polish
affairs sice the war." The Associated Press correspondent at Watisaw added that "the new President
is a well-known Continental economist and has specialized in the work of the co-operative movement.
Though affiliated with the Populist Party, all political groups are said to respect him because of his
idealism." Announcement was also made that "General Sikorski, who took over the Premiership after
the assassination of President Gabryel Narutowicz,
presented his resignation to-day [Dec. 21] to President Stanislas Wojciechowski, Poland's new Chief
Executive, in conformity with constitutional practice. The new President refused to accept the resignation, and General Sikorski's Cabinet remains in
power. President Wojciechowski, in his first message to the Polish nation, pleads for union, harmony
and peace between the various parties."
Tragedies, as well as what might be termed ordinary sensations in European political affairs, follow
closely upon one another. Word came from Warsaw
a week ago this afternoon of the assassination there
earlier in the day of Gabryel Narutowicz, "first
President of Poland." He was killed "when yisiting
an art exhibition." The assassin's name was "NieThe British troops are out of Southern Ireland.
wadomski,long regarded as mentally deranged." M. The last of them marched through the streets of DubNarutowicz's election had taken place only a week lin a week ago this morning "and sailed away." The
before, and he actually had served only two days, New York "Times" correspondent said that as the sol"the ceremony occurring at noon Thursday at the diers passed the streets were "lined with thousands
Belvedere Palace, the official home of the President." of citizens of all classes," and asserted that "never
It seems that there had been a stormy time from the has the city watched such a spectacle, and
the people
time of his election. The Associated Press corre- of Dublin gave free rein to their
emotions as the colspondent even stated that "on that occasion there umns swung by, each regiment
preceded by its band
was tumultuous clamor growing out of his unex- and colors." After the
departure of the British
pected choice to succeed General Pilsudski, the•bat- troops General Mulcahy
addressed the Irish troops
tle between the rival factions and the police resulting at the Royal Barracks "on
the lesson of the transforin four deaths and the injury of more than 100 per- mation." He said: "Their task
was to place Ireland
sons." The correspondent also explained that "the in such a position that the
stranger coming to Ireopposition to the choice of M. Narutowicz as first land would give a meed of
admiration to the country
President of Poland came mainly from the National- the Irish people had developed for
themselves out of
ists, representing the purely Polish population, the the material and gifts of mind and hand
God had bemembers of this party resenting the election of a stowed upon them."
man who they declared represented the non-Polish
Politically things go smoothly in Ireland only for
and radical elements. The Nationalist Deputies, af- "a few days at the most." On the evening of Dec. 19
ter the election, announced officially that they would the Dublin correspondent of the New York "Tribune"
refuse to support M. Narutowicz or any Cabinet ap- cabled that "rumors that a Christmas truce might be
pointed by him. They asserted he was elected by the effected in Ireland seemed to have gone glimmering
votes of the Jews,Ukrainians,Germans and Russians, to-day with the official announcement that the largest
receiving only 186 Polish votes, while 227 Polish number of executions so far carried out by the Free
votes were cast for Count Zamoyski." The detailed State took place this morning, when seven members
records show that "Prof. Gabryel Narutowicz was of a gang of train wreckers paid the death penalty."
lilaugurated as the first President of the Republic of He added that "the offense for which they were
exe16land on Monday, Dec. 11, before the National As- cuted was possessing arms, rifles, revolvers, ammusembly. The election of the new President took place nition and bomb detonators, live bombs being
found
on Saturday, Dec. 9, when on the fifth ballot he re- in their lair. It is known that besides being ciistoCViqd 289 votes, or a majority, of the National As- dians of the weapons with which they were taken
klittily. The total number of votes cast in the elec- the men were members of a rebel flying column that
tili*Nov.
• 5 was 8 821,000• This was about 68% of operated against the railroads and troop trains and
tfiagrentitled to vote, or about 32% of the total pop- engaged in looting shops as well."
-dPoOving a Council of Ministers hurriedly called,
368titataj, Speaker of the House of Deputies, astif1M qhe Presidency. 11 was thought possible at
fliMirnie that Marshal Joseph Pilsudski, former ProPliesident, would assume the task of forming
a ditliinett
it was also reported that he might
"eveg glin'iested with dictatorial powers." AnlioAcement iias made in Warsaw the following day
he had been "appointed Chief of Staff of the
Polish Army," and that "he replaces General Sikorski, who has assumed the Premiership."
and
There has been no change in official discount rates
at leading European centres from 10% in Berlin;
514% in Madrid; 5% in France, Denmark and Norway; OA% in Belgium and Sweden; 4% in Holland;
332% in Switzerland and 3% in London. Open market discount rates at London were a trifle firmer,with
%@2 11-16% in comparison with 2 9-16 ®
the range:25
4% a week ago. Call money, however, advanced
25
WI of 1% to 13/2%. In Paris and Switzerland open
market discount rates continue to be quoted at 43/2%
and 2%,respectively.
THECHRONTCLE
DEC.23 1922.]
The Bank of England in its statement for the week
ending Dec. 21 reported another small loss in gold,
namely £2,228, and a decline in total reserve of
£1,731,000, owing to an expansion in note circulation
of £1,729,000. There was accordingly a decline in
the proportion of reserve to liabilities to 17.02%,
4% last week. A year ago the reserve
/
as against 181
at
14%% and in 1920 at 7%. Pubstood
ratio
lic deposits increased £6,901,000, but "other" deposits fell £8,391,000, while the Bank's temporary
loans to the Government were reduced £2,405,000.
In loans on other securities there was an expansion
of £2,674,000. These changes, however, were in
line with general expectations and were regarded as
the result of preparations to meet Jan. 1 disbursements. Gold holdings aggregate £127,444,219, which
compares with £128,431,144 a year ago and L127,761,033 in 1920. Total reserve stands at L21,000,000, which compares with £20,210,119 in 1921 and
£11,628,793 a year earlier. Loans total £68,796,000,
in comparison with £85,200,078 and £78,914,458 one
and two years ago, respectively, while circulation
is now £124,889,000, as contrasted with £126,671,025 last year and £134,582,240 in 1920. Clearings
through the London banks for the week were L715,111,000, against £592,289,000 last week and L760,444,000 a year ago. The Bank's official discount
rate continues at 3%, unchanged. We append a
statement of comparisons of the principal items of the
Bank of England's returns for a series of years:
In its statement issued as of Dec. 15 the Imperial
Bank of Germany again broke all records in the
output of circulating notes. The increase for the
week under review reached the enormous total of
123,307,728,000, which brings the total of notes in
circulation up to the huge sum of 969,620,746,000
marks, or well on its way to the trillion mark. Other
sensational increases were 102,055,981,000 marks in
discount and Treasury bills, 77,652,446,000 marks
in deposits, 70,687,477,000 marks in bills of exchange
and checks, 38,309,012,000 marks in Treasury and
loan association notes and 14,813,954,000 marks in
other liabilities. Smaller increases are reported in
notes of other banks, 7,720,000 marks, advances
94,161,000 marks and investments 54,769,000 marks.
Total coin and bullion expanded 1,279,000 marks. As
a matter of fact, the only decrease was a nominal
one of 1,000 marks in gold holdings. The Bank's
stock of gold is reported at 1,004,846,000 marks, as
against 993,696,000 marks last year and 1,091,561,000 marks in 1920. Note circulation a year ago stood
at 104,567,851,000 marks and in 1920 at 64,684,655,000 marks.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1921.
1920.
1919.
1922.
Dec. 25.
Dec. 24.
Dec. 21.
Dec. 22.
Dec. 20.
124,889,000 126,671,025
Circulation
17.013,000 14,116,381
Public deposits
105,379,000 124,206,562
Other deposits
51.522,000 50,824,630
Govt. securities
68,796,000 85,200,078
Other seeurities._
Res've notes & coin_ 21,000,000 20,210,119
Coln and butilon_127,444,219 128,431,144
Proportion of reserve
104%
17.02%
to liabilities
5%
3%
Bank rate
134,582,240
13,769.834
136,030,543
77,177.702
78,914,458
11.628,793
127,761,033
92,148,760
20,337,942
133,360,971
68,675,120
85,179,0(10
17,692,806
91,391,566
70,308,930
23,642,681
149.036,977
71.105.744
92,140.127
27,253,834
79,110,764
73%
7%
114%
6%
104%
5%
The Bank of France continues to report small
gains in its gold item, the increase this week being
132,450 francs. The Bank's gold holdings, therefore, now aggregate 5,534,663,275 francs, comparing
with 5,524,164,895 francs on the corresponding date
last year and with 5,499,977,860 francs the year
before; of these amounts 1,864,367,050 francs were
held abroad in 1922 and 1,948,367,056 francs in both
1921 and 1920. Silver, during the week, gained
147,000 francs, while general deposits were augmented by 5,860,000 francs. On the other hand, bills
discounted fell off 151,986,000 francs, advances were
reduced 27,522,000 francs, and Treasury deposits
diminished 2,139,000 francs. Note circulation registered the further contraction of 20,514,000 francs,
bringing the total outstanding down to 36,049,515,000
francs. This contrasts with 36,246,215,535 francs
at this time last year and with 37,444,361,670 francs
1914,
in 1920. Just prior to the outbreak of war in
Com,785
francs.
6,683,184
the amount was only
parisons of the various items in this week's return
ding
with the statement of last week and correspon
as
follows:
are
1920
dates in both 1921 and
COMPARATIVE STATEMENT.
BANK OF FRANCE'S
&anis as of
Changes
23 1920.
Dec. 211922. Dec. 1 1921. Dec.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
3,551,610,804
3,575,797,838
3,670,296,225
132,450
Inc.
In France
1,948,367,056 1,948,367,056
No change 1,864,367,050
Abroad
5,499,977,860
5,524.164,895
5,534,663,275
132,450
Inc.
Total
265.768,595
279,581,957
288,984,000
147.000
Inc.
Silver
2,245,111,170 3,253,756.974
2,115,313,000
Bills discounted_._.Dec 151,986.000
2,230,536.977
2,289,630,950
Dec. 27.522.000 2,229,149,000 36,246,215,535 37,444,361,670
Advances
Dec. 20,514,000 36,040,515.000
Note circulation
79,119,740
13,181,325
15,216,000
Treasury deposits. D, 2,139,000
2,574,151,435 3,521,482,095
'General depoalta—Ino. 5,860,000 2,130,148,000
2725
An analysis of the Federal Reserve Bank statement issued at the close of business on Thursday,
revealed another sharp contraction in the banks'
portfolios. At the same time there was a loss of
-about $16,000,000 in the gold holdings of the system
in face of a gain of $15,000,000 at the local bank.
For the banks as a group, reductions in rediscounts
of all classes of paper, resulted in a falling off in
total bill holdings of $55,000,000, to $867,286,000,
which compares with $1,351,228,000 a year ago.
Earning assets, however, expanded $69,000,000 and
deposits $20,000,000, while Federal Reserve notes
in actual circUlation registered an increase of no
less than $77,000,000. In New York the shrinkage
in bill holdings amounted to $51,500,000, which
carried the total outstanding down to $183,581,000,
as against $298,197,000 in the corresponding week
of 1921. Here also earning assets and deposits
showed gains. The total of Federal Reserve notes
in circulation increased . over $13,000,000. The net
result of these movements was to reduce the reserve
ratios, which declined to 72.8%, a loss of 2.3% for
the system as a whole, and 1.2%, to 79.2%, for
the local bank.
The most noteworthy feature of last Saturday's
New York Clearing House statement was a heavy expansion in loans, accompanied by an almost equally
large increase in deposits, the natural concommitants of preparations for the year-end settlements. In
round numbers the loan item showed an addition of
$98,425,000, while net demand deposits were larger
by $74,504,000, bringing the total up to $3,865,985,000. This is exclusive of Government deposits to the
amount of $136,882,000, an increase in the latter item
of $79,853,000 for the week. Time deposits, however,
were reduced $5,567,000, to $427,619,000. Other
though smaller changes included an increase in cash
in own vaults of members of the Federal Reserve
Bank of $2,233,000, to $60,754,000 (not counted as
reserve) ; a decline in reserves in own vaults of State
banks and trust companies of $63,000, and an increase in reserves of these instituticns kept in other
depositories of $542,000. There was also an increase
in reserves of member banks at the Reserve bank of
$26,221,000, which served to offset the addition to de-
2726
TEE CHRONICLE
posits and brought about a gain in surplus reserves
of $17,173,620. As a result excess reserves now stand
at $40,320,030, as against $23,146,410 a week ago and
a deficit in the week preceding that. The figures
here given for surplus are on the basis of 13% reserves above legal requirements, for member banks
of the Federal Reserve System, but not including
cash in vault to the amount of $60,754,000 held by the
Clearing House banks on Saturday last.
[Vol. 115.
date maturities the situation was quiet and featureless. A few trades were made in sixty and ninety
days' money but no important loans were reported
in any of the longer periods. Quotations continue
at 4%@5% for all periods from sixty days to six
months, the same as a week ago.
Mercantile paper rates have not been changed
from 432@4%% for sixty and ninety days' endorsed
bills receivable and six months' names of choice
character, with names not so well known,still requiring 4%@5%. The bulk of the limited business
passing is at the outside figures. There was a ready
market for the best names, but offerings continue
moderate.
Banks'and bankers'acceptances remain at previous
levels. In the early part of the week trading was
fairly active and both local and out-of-town investors
were in the market. Later on, however, what
appeared to be holiday dulness set in and the volume
of transactions diminished perceptibly. For call
loans against bankers' acceptances the posted rate
of the American Acceptance Council has been
advanced from 3% last week to 4%. The Acceptance Council makes the discount rates on prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks 43/g% bid and 4% asked for
bills running 30, 60 and 90 days; 43.1 bid and 4%
asked for bills running for 120 days and 432% bid
and 43'% asked for 150 days. Open market quotations were as follows:
In view of the heavy disbursements a week hence
and the large operations of one kind and another,
in addition to interest and dividend payments,
the call money market at this centre has been surprisingly easy. Time money has been entirely
nominal and rates ruled unchanged. It is possible
that the quotations for call money will be higher
next week, but most authorities believe that in
the event of such a development there will be a corresponding recession early in the New Year. The
distribution of interest and dividend money on Jan.
2 will be extremely large and within a week or ten
days this money is expected to find its way back
into the usual channels. So far there has not been the
buying of bonds in advance of the receipt of this
money that ordinarily is seen during the closing
half of December. It may materialize during the
coming week. The bond market has been extremely
dull. There has been comparatively little change
in the monetary position, speaking in a broad way.
According to the latest reports there has not been
SPOT DELIVERY.
much change in brokers' loans. The curtailment in
90 Days.
60 Days.
30 Days.
43i©4
434@4
43.4 i 4
borrowings by member banks from the Federal Re- Prime eligible bills
DELIVERY WITHIN THIRTY DAYS.
serve institutions, as reflected in this week's state- Eligible member FOR
banks
434 bid
434 bid
ment, would seem to indicate that there has been Eligible non-member banks
no material increase in the commercial demand for
money. Flotations of securities have not been
There have been no changes this week in Federal
large, but some good-sized ones are under way. Reserve Bank rates. The following is the schedule
Steady progress is being made with respect to the of rates now in effect for the various classes of paper
Cuban loan for $50,000,000, but some little time is at the different Reserve Banks:
expected to elapse before the successful syndicate
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT DECEMBER 22 1922.
will be in a position to make a public offering. The
extent to which European Government securities
Discounted bills maturing
within 90 days (incl. memwill be put upon our market will depend greatly,
ber banks' 15-day collateral
AgriculBankers'
notes) mused by—
accepTrade tural and
it would seem, upon the progress that is made in
tances
accep- lies-stock
Treasury
Federal Reserve
Other- discounted lances
notes and U.S.
paper
Bank of—
settling the reparations question and in providing
wise
maturing maturing
bonds
for
waftsecured member within 91 to 180
and
tales of
help to stabilize the currency of Germany. Importand
indebtVictory
banks
days
90 days
notes unsecured
edness
ant interests here are more hopeful over the foreign
4
4
4
4
4
4
situation because they understand that prominent Boston
4
4
4
4
4
4
New York
4;4
4;4
434
Philadelphia
45.4
454
454
American business men, under the leadership of the Cleveland
4;4
4%
4%
4%
454
4%
4;.6
434
4;4
434
4;4
4%
Richmond
4;4
434
United States Chamber of Commerce, will co-op- Atlanta
4;4
4%
434
4%
4%
434
4%
434
434
Chicago
43.4
4%
434
4)4
434
erate with the business leaders of Germany in at- St.
454
Louis
4%
4;4
4)4
4%
4%
Minneapolis
434
454
434
4;4
434
4%
434
4%
tempts to strengthen the economic and financial Kansas City
4;4
4;4
434
4%
4%
4%
Dallas
4
4
4
4
4
4
San Francisco
position of that country.
tp_ealing with specific rates for money the week's
range for call loans has been 4@5%, as against
3%@5% last week. On Monday the high was 5%,
with 432% the low and renewal rate. Tuesday a
flat rate of _4%70 was quoted, this being the high,
the low and the renewal basis for the day. Renewals
were again put through at 4% on Wednesday, the
maximum figure, but toward the close the quotation
dropped for a brief period to 4%. On Thursday no
loans were negotiated under 4M%, whichovas the
renewal figure; the maximum quotation was 5%.
There was no change on Friday and the range was
again 432@5%,and renewals at 432%. The figures
here given are for both mixed collateral and allindustrial loans without differentiation. For fixed
MOM.
•. .
,n•••••••
Sterling • exchange suffered a temporary setback
this week and following early firmness, when prices
were maintained at very close to the levels prevailing
a week ago, reaction commenced which gradually
carried the quotation for demand bills down to 4 60,
or 9 cents under the high point touched on Wednesday of last week. Later in the week some of the
2.
loss was regained and quotations rallied to 4 643/
The weakness was due almost wholly to the official
statement issued by J. P. Morgan (Cc Co. to the effect
that financial assistance to Germany by this country
in the form of a large loan could not be considered
until the reparations problem had been settled.
Bankers and financiers, as well as speculative interests who had been confidently predicting a speedy
DEc.23 1922.]
THE CHRONICLE
solution of the existing debt tangle through American
intervention, promptly withdrew from the market
and once more assumed a waiting attitude. Opinion,
moreover, was inclined to be pessimistic for a time,
as while it is fully recognized that British currency
is well able to stand upon its own merits, it is also
frankly admitted that in the absence of a satisfactory
adjustment of debt and reparations differences, very
little hope can be entertained for a return to normal
or healthy international trade relations. With the
withdrawal of large operators from the market,
trading dwindled perceptibly and the volume of
business transacted was relatively small. The depression, however, proved short-lived and on Thursday recovery set in and a considerable part of the
loss was recovered. Opinion in banking circles seems
to be that European affairs are actually on the mend
and that despite the oft-repeated delays and recurrence• of unsettling rumors, the Allied Premiers
have the situation well in hand. In some quarters
the claim was made that the recession in rates was
more the result of profit taking than the less favoring
developments abroad, also a diminution in the British
buying movement. Be this as it may, bankers and
speculators alike are keeping a close watch upon
international events, and the general disposition
seems to be to await the outcome of forthcoming
negotiations before taking on additional commitments. Towards the close pre-holiday dulness set
in and the market came to a practical standstill. A
factor which had some effect in restoring quotations
the latter part of the week was the news that Germany had asked the United States to take a hand
in settling the reparations dispute and rumors that
some such step might be undertaken by the Washington authorities.
As to the more detailed quotations, sterling exchange on Saturday last was firm, but not essentially
changed; the range was narrow and demand moved
between 4 64/
1
2 and 4 65%; the range for cable
transfers was 4 64%@4 65% and for sixty day bills
4623
/
8@4 631%; trading was moderately active.
Monday's market was reactionary in character and
1
2 for demand,
there was a decline to 4 63%@4 65/
to 4 64@4 65% for cable transfers and to 4 61/@
4 63% for sixty days; less favorable foreign news and
easier cable rates from London were the prime
factors in lowering rates. Increasing weakness developed on Tuesday, so that demand declined to
4 61%@4 633
/
8, cable transfers to 4 62@4 635
% and
sixty days to 4 59%@4 61%. On Wednesday some
irregularity was noted, with the trend still downward;
the range for demand was 4 60@4 629, for cable
4@
transfers 4 60%@4 63, and for sixty days 4 577
4 60%; transactions assumed only moderate proportions. An improving tendency was noted on Thursday and as a result of better buying, also higher
London cable rates, prices were marked up locally to
4 62@4 64% for demand, to 4 62%@4 653/i for cable
transfers and to 4 597
464 623
% for sixty days. On
Friday trading was largely of a pre-holiday character
and much of the time the market was at a standstill;
consequently quotations were but little changed.
Demand ranged at 4 637
1
2, cable transfers at
4@4 64/
4 643/@4 643
% and sixty days at 4 61%@4 62%.
Closing quotations were 4 62% for sixty days, 4 64%
for demand and 4 645
% for cable transfers. Commercial sight bills finished at 4 643/
8, sixty days at
4 613
%, ninety days at 4 61, documents for payment
(sixty days) at 4 613
4, and seven-day grain bills at
2727
4 63%. Cotton and grain for payment closed at
4 64,g.
No gold arrivals were reported this week, but it is
understood that consignments of the precious metal
amounting to £4,000,000 are en route on the steamers
Cedric and Olympic from England.
In the Continental exchanges also the disillusionment regarding the German loan made itself felt
for a while and strength and activity in the initial'
dealings were succeeded by irregularlty and a return to lower levels; although later in the week a
partial rally took place and some of the losses were
regained. This is especially true of French currency,
which after an advance of 15 points, to 7.63, a new
high on the recent upswing, slumped sharply and
receded to 7.35, with the final figure 7.42@7.44. It
was reported that selling in London on the part of
speculative interests was responsible for the break
prompted by rumors that France had not abondoned
her militant intentions of an invasion of the Ruhr district in the event of failure to come to terms with
Germany regarding reparation settlements. Such a
step is regarded as likely to be as disastrous for France
as it would be for Germany. Antwerp francs moved
in sympathy with Paris exchange. Reichsmarks
shared in the general depression and the quotation
moved down to 0.014,a loss of 7 points. Greek drachma, on the other hand, opened at 1.13, then rallied to
1.35 on better political prospects although losing some
of the advance at the close. In the Central European currencies quotations moved at variance.
Czechoslovakian crowns opened weak, but recovered and registered important closing gains. Rumanian and Finnish exchange remained practically unchanged, but Polish marks ruled heavy and
broke to .00055. Italian lire maintained a relatively firm front and covered a range of 5.13@5.05.
Early in the week considerable uneasiness was manifested over the unsettling rumors from abroad regarding inability to arrive at an agreement on either the
debt or reparations problems:and the active buying
of the previous.week was succeeded by a selling movement of sizable proportions; though it should be
noted that much of the selling really emanated
from abroad and quotations in the local market
were largely a.reflex of what was going on at important European centres. In the latter part of the
week the undercurrent of optimism which has been so
much in evidence of late, reasserted itself and currency values improved, but trading continued of
small proporations, as traders were plainly unwilling
to risk the taking of a definite position in the market
under present unsettled conditions. Preparations for
the Christmas holidays also served to accentuate the
dulness and at the close business had dropped to
almost negligible proporations.
The London check rate in Paris finished at 62.46,
against 63.55 last week. In New York sight bills on
the French centre closed at 7.43, against 7.48/
1
2;
cable transfers at 7.44, against 7.49/
1
2; commercial
sight bills at 7.41, against 7.46/
1
2, nad commercial
1
2a week ago. Antsixty days at 7.38, against 7.43/
werp francs finished at 6.80 for checks and 6.81 for
1
2and 6.89/
1
2
cable transfers, in comparison with 6.88/
last week. Closing rates for Berlin marks were
0.0150 for both checks and cable transfers, as against
0.0156 a week earlier. Austrian kronen are apparently unaffected by the variations in other currencies
1
2, with the close
and remain at about 0.00014/
2728
[VOL. 115.
THE CHRONICLE
8, against 38%
ished at 38 and cable transfers at 383/
1
and 383j last week. For Brazil, however, weakness
developed and the close was 11.75 for checks and
12.00 for cable transfers, against 12.25 and 12.30.
8,
Chilean exchange was firm and finished at 133/
3 , with Peru unchanged at 4 19.
against 12%
Far Eastern Exchange was quoted as follows:
Hong Kong,52%@53,against 53%@54%;Shanghai,
7
71%@72, against 723.@7234; Yokohama, 48%@
493, against 48%@49; Manila, 49%@50, against
49%@494; Singapore, 54%@54%, against 5434@
In the neutral exchanges, formerly so-called, the 54%; Bombay, 31@313, against 30%@31, and
2@31%.
trend was sharply downward,and losses were more se- Calcutta, 3134@313/
2, against 313/
vere than in the case of the rates on the leading ConThe New York Clearing House banks in their
tinental centres. Guilders lost 44 points to 39.55,
with interior banking institutions, have
operations
while declines ranging from 25 to 35 points were regis$4,065,235
net in cash as a result of the curgained
Scandinavian
currencies, although some
tered in the
movements
for the week ending Dec. 21.
latter
rency
the
currencies
losses
in
the
were
of
regained at
the close. Swiss francs and Spanish pesetas also Their receipts from the interior have aggregated
lost ground, but to a lesser extent. While the move- $5,029,735, while the shipments have reached $964,ment was in sympathy with that in sterling and 500, as per the following table:
the other Continental currencies, it was partly due CURRENCY RECEIPTS ,AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
to a cessation of the active buying noted a week
Into
Out of
Gain or Loss
ealier.
Week ending Dec. 21.
Banlcs.
Banks.
to Banks.
Amsterdam
finished at 39.71, Banks'interior movement
Bankers' sight on
$5,029,735
S914,".001Gain $1,075,235
against 39.93; cable transfers at 39.82, against 40.02;
As the Sub-Treasury was taken over by the Fedcommercial sight at 39.66, against 39.88,. and comReserve Bank on Dec. 6 1920, it is no longer
eral
mercial sixty days at 39.33, against 39.57 last week.
to show the effect of Government operapossible
The final figure for Swiss francs was 18.92 for bankthe
on
Clearing House institutions. The Fedtions
ers' sight bills and 18.94 for cable remittances. A
Reserve
Bank of New York was creditor at the
eral
week ago the close was 18.9534 and 19.9734. CopenClearing
House
each day as follows:
hagen checks finished at 20.68 and cable transfers at
OF NEW YORK FEDERAL RESERVE BANK
20.72, against 20.85 and 20.89. Checks on Sweden DAILY CREDIT BALANCES
AT CLEARING HOUSE.
closed at 26.96 and cable transfers at 27.00, against
Monday, Tuesday, Wednesd'y, Thursday,' Friday,
Aggregate
26.89 and 26.91, while checks on Norway finished at Saturday,
Dec. 16. Dec. 18. Dec. 19. Dec. 20. Dec. 21. I Dec. 22.
for Week.
19.03 and cable transfers at 19.07, against 19.08 and
$
76,000,000 95,000,000 54,000,000 67,000,000 68,000,000 51,000,000 Cr. 421.000.000
19.21 the previous week. Spanish pesetas closed at
Note -The foregoing heavy credits reflect the huge mass of che^ks which come
York Reserve Bank from all parts of the country in the operation of
15.74 for checks and 15.75 for cable transfers, in to the New Reserve
System's par collection scheme. These large credit balances,
the Federal
however, show nothing as to the results of the Reserve Bank's operations with the
comparis9n with 15.72 and 15.73 a week ago.
Clearing House institutions. They represent only one side of the account, as checks
0.000143/
2, against 0.000143 the preceding week.
Lire finished the week at 5.11% for bankers'sight bills
2for cable remittances. This compares with
and 5.123/
.5.043/ and 5.0534 last week. Exchange on Czechoslovacia closed at 3.12 against 3.06; on Bucharest at
2, against
0.583/2 against 0.62; on Poland at 0.000583/
0.00057, and on Finland at 2.50, against 2.52 a week
ago. Greek exchange finished at 1.16 for checks and
1.21 for cable transfers. Last week the close was
1.13 and 1.18.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 16 TO DEC. 22 1922, INCLUSIVE.
Covntrv and Monetary Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Dec. 16. Dec. 18. Dec. 19. Dec. 20. Dec. 21. Dec. 22.
-5
S
$
EUROPE$
S
$
.000014 .000014 .000014 .000014 .000014 .000014
Austria. krone
.0595
.0679
.0686
Belgium.franc
0681
.0683
.0682
.007133 .00685 .00695 .006933 .00705 .00718
Bulgaria. ley
Czechoslovakia, krone
.029706 .027256 .029158 .030128 .029767 .030644
.2088
.2087
Denmark, krone
.2074
.2053
.2066
.2073
England. pound sterling 4.6501 4.6424 4.6310 I.Gom 4.6415 4.6424
.025113 .0250
Finland, Markka
.025025 .02505 .025088 .025163
.0761
.0741
France, franc
.0748
.0742
.0744
.0744
.000186 .000153 .000145 .000149 .000157 .000145
Germany,reichsmark
.011943 .012329 .013257 .013129 .0124
Greece, drachma
.012314
Holland, guilder
.4002
.4002
.3994
.3968
.3984
.3982
Hungary,krone
.000432 .000437 .000431 .000433 .000433 .000432
.0511
.0510
Italy, lire
.0510
.0506
.0509
.0511
Norway, krone
.1906
.1908
.1905
.1891
.1898
.1905
Poland, mark
.000057 .000055 .000057 .000054 .000056 .000056
Portugal, exude
.0430
.0438
.0484
.0472
.0474
.0475
Rumania,leu
.006059 .006059 .006047 .006039 .006031 .005953
Serbia. dinar
.011286 .0108
.010857 .0114
.011471 .011243
Spain, peseta
.1576
.1579
.1575
.1566
.1571
.1574
Sweden, krona
.2694
.2693
.2690
.2691
.2696
.2695
Switzerland,franc
.1898
.1899
.1893
.1888
.1891
.1894
Yugoslavla,krone
.002806 .002591 .002688 .002821 .002871 .002813
ASIAChina, Chefoo teal
.7342
.7313
.7358
.7321
.7329
.7329
" Hankow tadl
.7333
.7304
.7350
.7313
.7321
.7321
" Shanghai tadl
.7070
.7045
.7061
.7059
.7071
.7055
" Tientsin tael
.7392
.7363
.7408
.7371
.7379
.7363
' Hongkong dollar
.5311
.5288
.5284
.5284
.5275
.5268
" Mexican dollar
.5163
.5175
.5156
.5165
.5177
.5165
" Tientsin or Pelyang
dollar
.5333
.5354
.5342
.5325
.5367
.5354
Yuan dollar
.5250
.5225
.5258
.5246
.5225
.5204
India. rupee
.3086
.3092
.3088
.3077
.3088
.3088
Varian, yen
.4892
.4896
.4898
.4892
.4899
.4897
alngapore (8. S.) dollar
.5329
.5313
.5342
.5317
.5325
.5317
NORTH AMERICADanada.dollar
.994553 .994444 .9930
.990781 .991361 .991632
Dube. peso
.999125 .999188 .999609 .999922 1.0005
.999438
.4860
.483125 .484531 .48375 .48375 .4835
exic0, Peso
gewfoundiand, dollar
.991719 .991719 .990313 .987959 .989453 .989297
SOUTH AMERICAkrgentina, peso (gold).__. .8603
.8637
.8594
.8613
.8587
.8584
Brasil, milreis
.1204
.1205
.1201
.1166
.1184
.1179
7.blie, peso (Paper)
.1223
.1240
.1255
.1252
.1261
.1267
Uruguay. P580
.8507
.8515
.8494
.8401
.8503
.8506
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. 21 1922.
Banks of-
Gold.
Silver.
Dec. 22 1921.
Total.
Gold.
Silver.
Total.
£
£
£
£
127,444,21 128,431,144
128,431;144
England_
_ 127,444,219
Germany.rance- a _ 146,811,849 11,520,000158,331,849 143,031,914 11,160,000154,191,914
ItalyF
50,110,780 7,050,300, 57,161,08 49,684,900
602,6501 50,287,5
326
9
10100;39048%00 2,369,000 13,313,
6;8
Aus.-Hun_ 10,944,000 22
:000712163,831131:009
24,996,0001125,394,000
5,009 3,024,000, 38,063,000 33,828,000 2,970,000 36,798,000
Spain ---- 1310
93
59
756,000 49,238,000 50,497,000
690,000 51,187,000
Netherrds. 48,482,000
Nat. Beg_ 10,757,000 2,094,000 12,851,000 10,663,000 1,612,000 12,275,000
15
6:2
70
29
1:00
000 167000
21:2
806:0
000 4,600,000 26,406,000
Switeland. 21,359,000 4,350,000 2
1:000
226
22000
:8
_ 15
15,270,000
252,000 18
2:9
13
84
3:000
000 18
2:618
16
5:002
217,000 12,902,000
Denmark
_. 8,183,00
8,115,000
Norway
Total week 587,988,848 57,271,304645,260,148 585,353,968 49,216,650634,570,608
Prey. week 587,880,772 57,493,304645,374,072 585,287,315 49,330,650634,617,965
a Gold holdings of the Bank of France this year are exclusive of £74,574.682
held abroad.
A "LABOR" ARGUMENT FOR "THE LIVING
WAGE."
months
ago, the "Times" gave Mr.
three
About
Gompers an opportunity to prove the existence of a
widespread "conspiracy" not merely to resist labor
encroachments but to break up its organizations or,
as he puts it, to "destroy" labor. In a four-column
article on Sept. 17 he stated his case, we may fairly
assume, as well as it can be stated; but all he accomplished was to produce evidence of a strong and nation-wide and growing propaganda for the open shop.
South American exchange quotations have been Now the same journal has given opportunity to Mr.
maintained and the undertone has been firm prac- W. Jett Lauck to explain and uphold the "living
tically throughout. The Argentine check rate fin- wage," as an attainable thing and both an obligation
DEC.23 1922.1
THE CHRONICLE
of and a benefit to society. In the "Times"- of Dec.
17 he occupied three columns, and, as he is the "expert" economist of one railway union, we may assume that he has done the utmost possible in favor of
his contention.
We must obviously start with a definition of the
thing to be discussed. Fifteen years ago, says Mr.
Lauck, an Australian judge defined the living wage
as the least to meet the "normal needs of the average
employeel regarded as a human being, living in a civilized community," and described this average worker
as a married man with a wife and three dependent
children. Now, says Mr. Lauck:
"This definition has been accepted by the best
authorities in this country. The living wage, as defined to the Railway Labor Board by representatives
of the workers and as now generally accepted, is a
wage sufficient to enable the lowest grade or unskilled industrial worker to support himself, a wife
and three dependent children in health and decency
and with reasonable comfort.
' The most authoritative studies distinguish three levels or standards of
living among industrial workers: the pauper or poverty level, the minimum of subsistence level, and the
minimum of health and comfort level."
In fairness to him, and as approaching the crux of
the subject, we qflote also Mr. Lauck's opening paragraph:
"The principle of the living wage may now be.said
to have been generally accepted by enlightened public opinion. Church organizations, without regard
to denomination, statesmen, economists publicists,
the national industrial conferences of the last three
years, arbitration boards and other wage adjustment
agencies, including the Kansas Court of Industrial
Relations, have sanctioned the living-wage principle.
No individual, court, or organization in this country
has had the courage to oppose openly the principle of
the living wage."
Taken literally, this is true, and (aside from the
mention of several organizations of very recent origin) it has long been true. For "the principle" of a
living wage is just this: that it is desirable, on all
good and reasonable grounds, that all persons should
be able to live like human beings with immortal souls,
and that conditions "ought" to be such as to permit
and produce this. Not a doubt of it, Mr.Lauck, and it
was as true in 1776 as in 1922. The sole difficulty
with your four-column demonstration is that it'fails
to demonstrate; it states a "principle" which nobody
disputes, but to carry that into practice is the one
great problem over which, whether realizing that fact
or not, mankind are now struggling.
If the "principle" alone sufficed, Mr. Lauck need
not have said another word. But he seems dimly to
realize that an aspiration and an objective are not
an attainment, for he immediately proceeds to consider what he calls "technicalities" that have been
put in the path. "The latest development of this
character," he says, "was tile 'deplorable majority
opinion handed down by the Railroad Labor Board"
on Oct. 28, in which "the principle involved was consciously evaded." The Board did call"a living wage"
"a bit of mellifluous phraseology, well calculated to
deceive the unthinking," and in that the Board was
right. "The foundation of this pronouncement,"
says Mr. Lauck,"consisted Of deliberate quibbling by
the Board over the terms 'a' living wage and 'the' living wage." Not so; there was neither quibble nor attempt to quibble. The crux lies in the practical difference, in this matter, between what are called, as
2729
parts of speech, the indefinite "a" and the definite
article "the." The Lauck party err in taking one
supposed family as a type of all and in assuming as
real what is dubbed in labor circles "an American"
standard of living. As an illustration, there might
be two brothers, married and having three children,
men of good character and as nearly duplicates as
twins can be, working on the same job, and occupying similar flats on the same city block; yet their
wives might have different "faculty" on spending
and managing and different notions as to what reasonableliving requires, and the children might differ,
and what we call misfortune (sickness and otherwise) might visit them unequally. It is possible to
select some one family and to investigate, with a
careful study of every factor bearing on the case, how
large a wage, at present commodity prices, will furnish a reasonable living, although, even in this one
instance, there is neither fixity nor agreement upon.
what is "reasonable." But when we have finished(
we have obtained a theory, and if we seek to apply it
to practice it is as if we attempted a general measuring with a yard stick which kept lengthening and!
shortening itself in an uncontrollable and unforeseeable manner. Many varying conditions affect necessary expenses (not to mention the unthrifty ones)
and the purchasing power of the dollar also varies
according to the hand that spends it. Hence,there is
no such thing as "a" uniform living wage, applicable
everywhere, even in a single industry, and for like
reasons there is no uniform "saving" wage.
Against the Labor Board's action in October Mr.
Lauck complains that "dire prophecies were vividly
set forth as to the financial ruin of the railroads and
the general collapse of our basic industries if the
living wage was gdopted." In contrast, in the pretended arbitrations of railway wages,some years ago,
the only question considered was what the men
"ought" to have and the question what the roads%
could pay was dismissed as aliunde; similarly, thosewho now call loudly for lower carrying rates (and'
the need of lower rates is undeniable) show indifference, or, at least, a lack of thought, as to what may
happen to the roads. Bills to force rates down are
talked of and even presented; but the roads must live,
either as self-supporting or as *carried on top of the
other tax-loads of the country, or they must break
down—here are the three grimly-fixed courses between which the choice must be made, voluntarily or
by sheer drifting.. Is it of no consequence, or of negligible consequence, what befalls the roads? When
they break it will be almost as if the ground failed
beneath our feet.
Our trouble is the old one. When the exchangeable power of the dollar falls and prices are rising.
trade is brisk, a hectic flush of seeming prosperity
comes on, there is a "boom," and everybody is happy.
The slide down into "Avernus" is easy, the climb out
is difficult and character-trying. Labor kicks and
screams against deflation as applied to the number
of its wage dollars, because failing to perceive (or, at
least, to recognize and admit) two immovable facts:
(1) that no industrial place, and no single industry
in all places, can force increase in the number of its
dollars without the like attempt being successfully
made elsewhere, so that blow answers blow;(2) that
increasing wages is in effect a decrease of them, and
wage deflation is really wage inflation. This sounds
like a paradox and almost like a contradiction; but
the meaning is that as nominal wages on a large scale
2730
THE CHRONICLE
go up or down commodity prices follow, the power
of the wage dollars being inversely as their number,
because labor is much the largest factor in all commodity costs. Mr. Lauck argues that industry can
afford to pay a living wage and that opponents of it
neglect "the profit side," for a living wage would increase efficiency and would also cut the social burden of relieving misery which flows from wages unduly low. This is traveling around the circle again.
It is not true that high wages produce higher efficiency, though efficiency can and should produce
higher wages; and it is true that the low wage is low
because the dollar is so feeble in buying.
TVHY CRUDE RUBBER PRICES HAVE ADVANCED.
With but minor upward swings in the movement,
the price of spot crude rubber at New York (standard ribbed smoked sheets) declined steadily from
around 20 cents a pound in January 1922 to an average of but slightly under 14 cents in September.
Rubber had suffered from economic conditions so
long that the trade had lost heart. Prices had been
falling ever since the war. Production had been going on faster than consumption. Imports were arriving in advance of demand. Large stocks were accumulating the world over and rubber producers and
owners of stocks saw but little hope in the future.
Since September an almost unbroken rise has
taken place which has carried the price up to around
28 cents a pound. It will be of interest to review the
factors that have contributed to bring about this
transformation which in the brief period of three
months has doubled the price, raising it to a point
higher than it has been for two years.
The general impression is that the so-called "Stevenson Plan" for compulsory control of rubber production through price-fixing has been the controlling
factor in the price advance. Apparent confirmation
of this view is found in the fact that the price began
to rise as soon as it became evident the plan was going to be adopted—the price reaching its present
level, which corresponds closely to the minimum
price aimed at by the framers of the plan—shortly
after it became a law. In other words, the market
has been discounting the effect of a scheme which
cannot begin to show results for some weeks or
months to come.
The Stevenson Plan is contained in a Supplementary Report to the British Parliament, presented in
October 1922, by the "Committee Appointed by the
Secretary of State for the Colonies, to Investigate
and Report upon the Present Rubber Situation in
British Colonies and Protectorates," of which Sir
James Stevenson is the Chairman. The text of this
report is reprinted in another part of this issue. The
recommendations it carries have been ratified by
Parliament, the British Colonial Office, the Governments of the Federated Malay States, the Straits
Settlements and of Ceylon.
Briefly described, the scheme adopts, as a standard of production, the actual output of each producer
during the twelve months from Nov.1 1919 to Oct.31
1920. It seeks to bring about a curtailment of that
standard production by 40% during 1923 by the imposition of a penalty upon each producer who shall,
in the coming months, produce for export more than
the 60% of the standard amount of 1919-1920 allotted him to export. This is done by an over-all export
duty amounting to 4 pence a pound should he export
[VOL. 115.
65% of his allowance—the duty increasing by progressive degrees to 12 pence, should he export 100%
of his standard allowance.
The plan provides for moving the standard exportable amount up or down as the price of standard
ribbed smoked sheets in London fluctuates. The
minimum is placed at 15 pence and should the price
of rubber average that figure during a three months
period, the standard exportable quantity is automatically raised 5% for the next quarter. Similarly, if
the price is maintained at an average of 18 pence for
a like period, the standard exportable amount is
automatically raised 10% for the ensuing quarter.
It is further provided that, should 70% of the
standard production prove too high, and if the price
of rubber has not averaged 12 pence a pound, the
standard that may be exported at the minimum duty
shall be reduced to.55%. If this reduction is still
found insufficient to raise the price to 15 pence, the
standard shall then be further reduced, and so on, by
5% reductions, until an average price of 15 pence a
pound is secured. This corresponds, practically,
with the present New York price.
Numerous have been the estimates made of the
probable effect of the operation of the Stevenson
Plan—many pointing to a prospective shortage of
rubber within the next year. A fair sample of this
view is seen in the analysis of one of the London eco
nomic journals (The Statist, Nov. 18), which estimates that, under the plan, the total prospective visible supply of rubber from all sources and at the 15
pence price will not exceed 265,000 tons for 1923, plus
any prcentage that may be released during the year,
and that the world's requirements will amount approximately to between 382,000 and 391,000 tons.
If such estimates are reliable it is evident that a
production shortage must come about and that the
existing surplus stocks of rubber will be wiped out
in 1923. As one of the New York brokerage houses
puts it in a circular letter to its customers,"It would,
therefore, appear that those buyers are likely to fare
best who secure as much as possible of their requirements early."
In this country, as appears from the views of many
prominent manufacturers and crude rubber merchants, the plan has been none too favorably received, though apathy is indicated in many quarters.
It is claimed by some that any plan of compulsory
restriction of the output and price-fixing of any commodity is an uneconomic infringement upon natural
laws which, alone, should govern. Many claim that
"turn and turn about" is fair play—that the British
companies were relentless in their price demands
when they had their innings a few years ago—innings that put fortunes into the pockets of many of
their stockholders—and that America paid the price
without a murmur. Some compare the move with
the "buy a bale" cry of the South when cotton was
in the doldrums—solne sound the alarm that, if
pushed too far, other grades than the plantation
sheets from the Hevea might be found available for
many purposes, and that the use of reclaimed rubber
might be largely increased.
The view has also been expressed that Great Britain his distinctly "fallen down" in its management
of her rubber industry—that the day has passed
when large companies with high overhead expenses
can hope to compete with the Chinese of the Malay
Peninsula who can, and are now, producing rubber
at a cost which enables them to live where a British
DEC.23 1922.]
THE CHRONICLE
2731
company would starve, and that the Chinese and na- watched. The world has long been looking for large
tive owned rubber plantation will be the logical fu- new uses for rubber and it may be possible that this
ture outcome. It is contended, furthermore, that has been, or will be, found in the business of paper
this condition is now gradually taking place—that manufacture. The doubt expressed regarding the
the Straits Chinaman is keen to pick up bargains in effect of the Stevenson Plan may be dispelled when
British owned plantations that have gone to the wall. the rubber men of London sit down to a conference
In no quarter, however, is seen any desire on the part with the rubber manufacturers of the United States.
of American capital to enter the plantation industry If the latter fear that a real shortage may result,
in competition with the interests now in control— strenuous measures are likely to be insisted upon to
British, Dutch or Chinese. America seems content prevent such an occurrence.
to rest with its trifling interest in rubber plantaMR. JAMES M. BECK ON THE CONSTITUTION
tions. .
OF THE UNITED STATES.
The feeling in the United States is so strong that
happen
The
three addresses on the Constitution of the
something detrimental to its interests may
enStates delivered by Mr. Beck, the Solicitoran
United
the
in
under
Stevenson restriction plan that,
deavor to remove existing objections, a delegation General of the United States,in Gray's Inn, London,
from the Rubber Growers' Association of London is in June last are now brought out in a book by Doran.
Their importance is indicated by the terms in
expected to arrive in New York in January to discuss
the whole question with the members of the Rubber which Earl Balfour introduced him. After referring
to "the epoch-making character" of his earlier work,
Association of America.
two
he said: "To-day he comes before us as neither judge
It took Great Britain something more than
years to arrive at the present rubber curtailment nor advocate, but historian; and he offers to guide us
program and it is held in many American quarters through one of the most important and interesting
that it is now too late, or rather, that no curtailment enterprises in which our common race has ever been
plan is now needed and that its operation may be pro- engaged."
Mr. Beck's theme was The Genesis, the Formulaductive of more harm than good. Those who take
this position attribute the general price advance to tion, and the Fundamental Philosophy of the Constithe gradual wiping out of the stocks of rubber that tution. The addresses are brief and distinct; and
had been steadily accumulating for several years while the author says their brevity did not permit his
and which, as late as six months ago, were regarded going deeply or exhaustively into his subject, he has
as almost hopeless. The published reports of the not failed to bring to light some important and,
Rubber Association of America tell a different story probably, not generally known facts in connection
now than then, and they tell also that, month by with each division of his subject.
For example, in the address on the Genesis of the
month, more rubber is being consumed in our factories than is arriving from overseas. Herein is seen a Constitution, he quotes Edmund Burke's characterimore potent reason for the price advance than in the zation of the colonists: "In other countries the people, more simple and of a less mercurial cast, judge
probable operation of the Stevenson Plan.
In a large measure the improved condition has of an ill-principle in government only by an actual
been due to the increased demand for tires, brought grievance; here they anticipate the evil and judge of
about, in part, by revived business conditions in the pressure of the grievance by the badness of the
general, but more particularly by the great reduc- principle." Then he points out that these hardy piotion in prices, amounting to 54% in the case of the neers were the privileged heirs of the great political
large sizes of cord tires. The effect of these condi- traditions of England founded upon the Common
tions is seen in the increased tire demand, resulting Law, and that they applied to this the genius and
in an augmented production during the year which sense for constitutionalism which their colonial conended Oct. 1 1922, of 30% in casings, 23% in tubes ditions had developed.
The immediate situation was not unlike that of the
and as high as 80% in solid tires. With the advance
in tire prices now setting in this condition may be world to-day. A great war had devastated the country. As Washington said: "The whole world was in
somewhat modified.
The third factor is found in the interest whichilias an uproar." The thirteen Colonies were small and
recently attached to experiments in new uses for remote, but they were sharers in the demoralization
liquid rubber latex. Prior to a few months ago all to the full. Impoverished in resources, stripped of
plantation rubber was coagulated and manufactured the flower of their youth, complete disintegration had
into the sheets of commerce before being exported set in. Credit was gone, business paralyzed, lawlessfrom the points of origin. Of late, however, there ness triumphant, and not only between class and
has been a limited export to this country and Europe class, but between State and State there were sharp
of rubber latex treated with a small amount of am- controversies and an alarming diversity of spirit.
monia to prevent coagulation. Only a few hundred The first Continental Congress that met in 1774 had
tons of latex has yet found its way into the United no thought of founding a central Government or of
States and its use has been almost entirely experi- separating from England. They met to defend their
mental—largely in paper-making, where, it is ex- constitutional rights. The American Commonwealth
began with the clash at Lexington and Concord. It
pected, a large field for its use may be opened.
The impetus given to the crude rubber industry as had no head, no authority, and no union, and nearly
a result of the revival of the tire industry and the defeated Washington's plans. The first articles of
gradual reduction of the surplus is positive and tan. confederation were drafted in 1776, but were not
gible and is sufficient to place that industry on a finally adopted till March 1781, when the war was
more substantial basis than it has enjoyed for sev- nearly over.
With the close of the war, Nov. 30 1782, Congress
eral years. The latex factor, however, is but a pofound
itself with no money and no power or real
a
of
enough
though
time,
tentiality at the present
It quickly began to break up. Only fifauthority.
closely
be
will
developments
potentiality that
•
2732
THE CHRONICLE
[Vou 115.
teen members representing seven Colonies remained cause I am not sure it is not the best." He said he
to transact the business of the new nation. Its calls would keep his objections to himself outside of that
to the States for money were little heeded; it faced hall,* and he hoped all would do so, for "if returning
4;2,400,000 interest due on the foreign debt; and a re- to our constituents we were to report our objections
volt broke out in the army which only Washington's in order to gain partisans, we might prevent its being
personal appeal subdued. Things went from bad to generally received." .As a matter of fact, only three
worse. Shay's rebellion broke out in Massachusetts States ratified at once, and the necessary nine were
and spread to other States. Chaos seemed to have only had after nearly a year; it was three years become. In October 1785 Washington wrote from Mt. fore all thirteen came in. Two had stood out even
Vernon: "I have beheld no day since the commence- after it was in operation. The first ten amendments
ment of hostilities that I thought our liberties in such were made to secure the conditional votes, and but
danger as at present. It was but the other day that nine have been added since then. Commentary has
we were shedding our blood to obtain the Constitu- only been necessary by the Supreme Court, "for
tions under which we now live, and now we are un- adapting the meaning to the ever-changing condisheathing our swords to overturn them." At his sug- tions of human life."
gestion, following a conference of a few earnest men
The Essential Principles of the Constitution Mr.
at Mt. Vernon, a convention ultimately assembled in Beck considers to be: First, Representative GovPhiladelphia in May 1787,to "devise provision to ren- ernment. Its makers were practical men and were
der the Constitution of the Federal Government ade- wearied with the doctrinaires of democracy as meanquate to the exigencies."
ing the power of the people to legislate directly and
The term "Constitution" had first been suggested without representatives. They gave no hint of a refby Sir Edwin Sandys for the use of the Virginia Col- erendum or initiative; even amendments must be
ony in 1609. The idea of local self-government had proposed by two-thirds of the House and the Senate,
been developing from the first in all the Colonies. and then required three-fourths of the States to ratUnion was long desired. It was first suggested by ify. The conception of democracy has changed much
William Penn in 1643, and again by Franklin in 1754. since then, and to-day representatives are considered
When the Convention opened various plans of a Con- only mouthpieces of the people who select them. Time
stitution were at once presented. The Virginia dele- may ybt justify the conception of the framers. The
gation brought outlines of a new Constitution em- departure is certainly great.
bodying a scheme of double sovereignty, drawn by
Second: The most novel feature is the dual form
Madison in accord with the suggestion of Peletiah of government. Previously it had not been thought
Webster, a Philadelphia merchant, published four possible to divide sovereignty, as it is done between
years before. Pennsylvania's delegates approved it. the central Government and the States. To adjust
Charles Pinckney of South Carolina offered a plan this to the necessities of business has taken the conwhich proved the embryo of the future document. structive genius of the Supreme Court, especially in
Washington urged a strong federated union on the inter-State commerce. The inevitable tendency is
ground that a mere league would not suffice, and
his toward centralization. Without this dual form of
influence was eventually decisive. He said, before government the Constitution would long since have
the Convention opened: "It is too probable that no broken down.
plan that we propose will be adopted. Perhaps anThird: The guaranty of individual liberty
other dreadful conflict is to be sustained. If to through constitutional limitations. Hitherto the
please the people, we offer what we ourselves disap- "liberties" of the people were held as a special
prove, how can we afterwards defend our work? Let grant of the Sovereign or the State. The framers
us raise a standard to which the wise and just can held that the people have certain "inalienable
rights," which could not be taken away. Their conrepair. The event is in the hand of God."
of individualism enforced in courts of law as
ception
The debate was so bitter and the danger of the Convention breaking up so great that on June 28th against executive and legislatures was wholly new.
Franklin made a moving appeal, calling attention to By virtue of his inherent and God-given dignity as a
the fact that in their search in ancient history and human soul a man has rights, such as freedom of the
among modern States for a suitable model they found Press, liberty of speech, property rights, and relithemselves hopelessly in the dark, and that they had gious freedom, which even a hundred millions of
forgotten God. "I have lived," he said,"a long time, people cannot rightfully take away. The free comand the longer I live, the more convincing proofs I petition of man and man, the nobility of labor, the
see that God governs in the affairs of men." He right to work, free from the tyranny cf State or
begged that prayers should be daily offered for Di- class, was their Gospel. Socialism was as abhorrent
to them as was Absolutism.
vine guidance.
Fourth: An Independent Judiciary. This is the
After a session of 81 continuous days, on the 15th
wheel of the Constitution and must be bebalance
of September the Constitution was adopted subject
possibility of attack. The nation is founded
the
yond
to the approval of the States. It consisted of 4,000
the rock of property lights and the sanctity of conon
words. Lord Bryce says: "History knows few intracts. The guaranty is as old as the Magna Charta,
struments which in so few words lay down equally
"due process of law" is but a paraphrase of "the law
momentous rules on a vast range of matters of the
of the land," without which no freeman could be dehighest importance and complexity."
prived of his possessions. With unbroken success
Even including the 19 amendments,after 135 years
the Supreme Court has discharged the difficult and
of development, it does not exceed 7,000 words.
most delicate duty of preserving the balance of power
Franklin secured the final signatures of the delegates
in the Government, and has stood as the idea and
by his appeal, in which he said: "There are several
model to keep alive the sense of constitutional jusparts which I do not at present approve, but I am not
tice
in the people and their representatives, which
sure that I shall never approve them. I consent to
this Constitution because I expect no better, and be*The sessions were all with closed doors and the pledge of secrecy.
DEC.23 1922.]
THE CHRONICLE
2733
are placed at $3,430,cannot be left to the courts, and without which the receipts for the fiscal year 1923
es at $3,704,expenditur
and
estimated
the
000,000,
nation cannot stand.
$274,000,000.
of
deficit
e
a
prospectiv
leaving
000,000,
Fifth: The System of Governmental checks and
the item of
es
expenditur
for
latter
In
these
figures
precipitate
balances. This stands as the brake upon
The real
included.
is
to
referred
00
above
.
$125,000,0
democracy
ed
action and the negation of unrestrain
and
estimate
July
It marks the spirit of restraint which the framers difference, therefore, between the
imposed for themselves. If at times it seems to stand the December estimate is $548,000,000.
How can we rationally account for this sudden inin the way of the people's desire for immediate acdecrease in
tion there will doubtless be found ways of expression. crease in the estimates of receipts, and
in the
increase
The
es?
expenditur
Sixth: Joint power of the Senate and the Execu- the estimates of
on
solely
for
accounted
be
cannot
estimated
at
receipts
tives over foreign relations. Though this may
collections
revenue
of
n
of
stimulatio
the
the
ground
not
is
it
times lead to regrettable embarrassments,
of
only wise for us, but for the best interests of others, and larger customs revenue due to the operation
esand even in the face of disturbance should not be the new tariff law. Nor can the greatly reduced
timate of expenditures be taken as reflecting extra
changed. So far Mr. Beck.
The "Yale Review" says that "the great contribu- pressure by the Executive for economy and efficiency
tion of America to History has been political—an ex- in Governmental e3ipenditures. This pressure was
periment in government." It then comments:"Over- in full force during the eight months prior to July 1,
emphasis of the importance of this experiment has when the estimated expenditures for 1923 were
led us from a conception of liberty wherein the per- placed at a much higher figure.
The real cause of these wide discrepancies in the
sonal rights of the individual were the supreme care
of the State, to a conception wherein the individual Government figures would seem to be unscientific eshas no personal rights. Society has become the chief timating in general and a lack of appreciation of the
care. From the ideal of as little government as pos- importance of Governmental estimates of this charsible we have passed to the ideal of as much govern- acter. Prior to the adoption of the Budget system
ment as possible. The responsibility of the individ- the Executive branch of the Government never attempted to formulate a financial progrm. Certain
ual gives place to the responsibility of the State."
Then it qhotes from the distinguished writer and financial information was from time to time given to
critic, L. P. Jacks, the editor of the "Hibbard Jour- Congress and to the public, but there was no connal": "Treat man after the mind of Christ, as a be- scious effort at co-operation, and no concentration
ing whom first need is light, and whose second need of responsibility for financial operations. Estiis for government, and you will find that as his need mates of receipts and of expenditures were not taken
for light is progressively satisfied, his progressive seriously. It had been the practice for years—as a
study of the figures themselves will show—for the
need for government will progressively diminish."
shall
officials of the various departments and establishso
Only
this
to-day.
needs
reminder
America
we not only save Democracy, but we shall save both ments to put their estimates of receipts too low, and
their estimates of expenditures too high. This was
the man and the State.
done on the one hand apparently to shun responsibility for revenues failing to come up to their estiGOVERNMENTAL ESTIMATING.
The statement in the President's Budget Message mates and on the other to a tendency to magnify
beyond the acthat the deficit on June 30 1923 was estimated at their expenditure needs by estimating
ts.
tual
requiremen
to
$274,000,000, no doubt came as a distinct surprise
This state of mind on the part of Government offimany. A much larger deficit appeared to be in proshas continued during the Budget system. The
cials
given
been
pect. In fact, a great deal of publicity had
Budget,
being largely an instrument of publicity in
July
last
t
to figures promulgated by the Governmen
ly lays bare any such
forecasting that the deficit would be about $700,000,- national finance, immediate
and the enforcement of Budget procedure
000. How can we account for this vast difference in weakness,
will
no
doubt
bring about in the near future a new
estimates made within five months of each other?
of
point
in
Government estimates. It is pointed
view
It will be well to go back and review. ;the various
of receipts and expenditures
out
that
the
estimates
The
estimates put forth for the fiscal year 1923.
by
British Government, taken
the
of
the
officials
by
submitted
first of these appeared in the Budget
a remarkable approximashow
years,
a
over
of
period
estithe
that.time
the President on Dec. 5 1921. At
and expenditures. This
mated receipts were $3,338,000,000, and the estimated tion to the actual receipts
estimates is ascribed
expenditures $3,506,000,000, thus indicating a deficit extraordinary skill in making
a strong system
under
effort
ous
to
of
years conscienti
of $168,000,000. Eight months later, early in July,
that finanreason
this
for
is
It
control.
of
financial
busiat the second annual business meeting of the
t
British
Governmen
the
by
issued
cial
statements
President
ness organization of the Government, the
world.
the
of
respect
the
have
gained
ree
prospectiv
gave out revised estimates showing
Unless our estimates of receipts and expenditures
ceipts at $3,074,000,000, and prospective expendiare
honestly and skillfully made, and the cumulative
on
deficit
a
indicating
thus
tures at $3,771,000,000,
of prior years is brought to bear upon
experience
n
informatio
From
00.
$697,000,0
June 30 1923 of
they will never have any real value either to incontained in the 1924 Budget, it now appears that them,
public with reference to national financial
the
form
added to the
the sum of $125,000,000 should have been
, or to furnish to the President the deoperations
estimated expenditures for 1923 to cover the repayt of financial control. It is easy
instrumen
signed
Stamps,
ment of discount accruals on War Savings
figures to meet particular circumcompile
to
enough
1923.
1
Jan.
series of 1918, which become due on
item here and an item there, in
an
juggling
stances,
should
July
last
The prospective deficit, therefore,
showing may be made for a
a
desired
that
order
later,
'nonths
Five
have been stated as $822,000,000.
real
But
occasion.
given
estimates—estimates which
Conto
1924
of
Budget
upon the submission of the
scrutiny many months afof
test
close
the
stand
will
estimated
the
1922,
4
Dec.
gress by the President on
2734
THE CHRONICLE
VoL. 115.
ter they are made—are difficult of attainment, and
yet are imperative in this instance. Furthermore,
when once reached they carry their own reward to
those who have conscientiously labored to forecast a
true picture of financial operations. •
report an increase of $35,000,000 in commercial loans, largely
offset by reduction in loans secured by Government and
corporate obligations, and a reduction of $12,000,000 in
Government securities, as against an increase of $6,000,000
in other securities. Total loans and investments of the
reporting institutions are shown $4,000,000 larger than the
week before, while those of the New York City banks were
$2,000,000 less.
Curreixt Punts and Placitssions
Total accommodation of the reporting institutions at the
Federal Reserve banks declined from $450,000,000 to $396,WEEKLY RETURN OF FEDERAL RESERVE
BANKS. 000,000, or from 2.9 to 2.5% of their combined loans and
Aggregate increases of $77,500,000 in Federal
Reserve investments. For the member banks in New York City a
note circulation and a reduction of $28,200,000 in reserves
decrease from $158,000,000 to $125,000,000 in accommodaare shown in the Federal Reserve Board's weekly bank statetion at the local Reserve bank and from 3.2 to 2.5% in the
ment issued as at close of business on Dec. 20 1922
and ratio of accommodation is noted.
which deals with the results for the 12 Federal
Reserve
As against the above noted increase in net demand debanks combined. Besides increasing their note circulation
posits, Government deposits of the reporting institutions fell
the Reserve banks paid out $15,300,000 of gold and
$12,- off $11,000,000 and time deposits about $4,000,000. The
900,000 of other reserve cash to meet the customary
currency New York City banks report an increase of $23,000,000 in
requirements of the holiday trade. Deposits show
an their net demand deposits, as against a reduction of $2,000,increase of $20,800,000 for the week and the reserve
ratio 000 in time deposits and a nominal change in Government
declined from 75.1 to 72.8%. After noting these
facts the deposits. A reduction of $32,000,000 in reserve balances
Federal Reserve Board proceeds as follows:
with the Federal Reserve banks is shown, of which $30,000,The week saw a large volume of Government operations,
collection of the last installment of income and profits taxes, including the 000 represents a decrease in the reserve balances of the New
of large amounts of Victory notes and Treasury certificates, the reduction
the payment York City banks. Cash in vault, largely Federal Reserve
of interest on the first Liberty bonds and Victory notes
and
of new series of Treasury certificates and Treasury notes. the issuance notes, on the other hand, shows an increase of $11,000,000,
Member bank borrowings from the Reserve banks show a
of which $5,000,000 is reported by the banks in New York
$44,200.000 for the week, of which $29,900,000 represents reduction of
a decline in City. On a subsequent page—that is, on page 2772—we
paper secured by Government obligations and $14,300,000
a reduction in give the figures in full contained in this latest weekly
return
other discounts. Acceptance holdings declined by
$10,800,000. As a
consequence of the large-scale Treasury operations, Reserve
Bank holdings of the member banks of the Reserve System. In the followof Treasury certificates, other than Pittman certificates,
show an increase ing is furnished a summary of the changes in the principal
of $123,600,000, of which $57,500,000 represent special
certificates issued items as compared with a week and
to cover advances to the Government pending collection
a year ago:
of income
tax
checks and other funds from depositary institutions.
Gold reserves show increases as follows: $15,600,000 for
the New York
bank, $4,800,000 for the Cleveland bank, $4,400,000 for
the Minneapolis
bank and $3,000,000 for the Dallas bank. Reductions
in gold reserves
are shown for the remaining eight banks. The largest
reduction
is 39,300,000, as reported by the Kansas City bank. The Chicago
bank reports a
decrease of $8,000,000, while Boston and St. Louis
report each a decrease
of $7,500,000.
Holdings of paper secured by Government obligations
decreased from
$344,800,000 to $314,900,000. Of the total held last
Wednesday $202,200,000, or 64.2%, were secured by United States
0.6%, by Victory notes, $98,900,000, or 31.4% bybonds, $1,800,000, or
$12,000,000, or 3.8% by Treasury certificates, comparedTreasury notes and
with $191,800,000,
$4,700,000, $139,800,000 and $8,500,000 reported the
week before.
Increase (+) or Decrease (—)
Since
Dec. 61922Dec. 141921.
+311,000,000
Loans and discounts—total
$-46,000,000
S.
Government
U.
Secured by
obligations —9,000,000
—210,000,000
Secured by stocks and bonds
—24,000,000
+526,000,000
All other
+44,000,000
—.362,000.000
Investments, total
—7,000,000 +1,050.000,000
United States bonds
—14,000,000
+549,000,000
Victory notes
+2,000,000
—134,000.000
United States Treasury notes
+2,000.000
+535,000,000
Treasury certificates
—6,000,000
—82,000,000
Other stocks and bonds
+9,000,000
4-182,000,000
Reserve balances with F. R. banks
—32,000,000
+114,000,000
Cash in vault
+11,000,000
—9,000,000
Government deposits
—11,000,000
+36,000,000
deposits
demand
Net
+102,000,000
+773,000.000
Time deposits
—4,000,000
+711,000,000
Total accommodation at F. R. Banks_ _ _ _ —54.000,000
—267,000,000
The statement in full in comparison with
preceding weeks
and with the corresponding date last year will
be found on
subsequent pages, namely, pages 2771 and
2772. A summary of changes in the principal assets and
liabilities of the
Reserve banks on Dec. 20 1922 as compared
with a week
and a year ago follows:
J. P. MORGAN & CO. AND T .W. LAMONT ON IMPOSSIIncrease (-I-) or Decrease
BILITY OF GERMAN LOAN AT PRESENT—
(—
Since
ATTITUDE TOWARD FRANCE.
Dec. 13 1922,
Dec. 211921.
Total reserves
the fanciful reports which have been curof
—$28,200,000 +$163,600,000
view
In
Gold reserves
—15,300,000
+174,900,000 rent during the past few weeks .concerning the floating of a
Total earning assets
+29,000,000
—264,700,000
Discounted bills, total
international loan for Gerthany, the statements which
—44,200,000
—609,100,000 huge
Secured by U. S. Govt. obligations_ _ _ _
—29,900,000
—
188,900,000 have come this week from J. P. Morgan & Co. and from
Other bills discounted
—14.300,000 —420,200,000
Thomas W. Lamont of that firm are of moment as imparting
Purchased bills
—10,800,000
+125,200,000
United States securities, total
clear concept of the attitude of banking interests here toa
+124,000,000
+219,500,000
Bonds and notes
+4,900,000
+123,900,000 ward the German loan question. The statement of J. P. MorPittman certificates
—4,500,000
—105,50k).000
Other Treasury certificates
gan & Co., issued on Dec. 17, dealt with a call made upon Mr.
+123,600,000
+201.100,000
Total deposits
16th inst. by Dr. Otto Wiedfeldt, the German
+20,800,000
+97,200,000 Morgan on the
Members' reserve deposits
+22,400,000
+136,600,000 Ambassador, and indicates that the latter in broaching the
Government deposits
—16,400,000
—48,200,000 loan question was informed that "matters had manifestly
Other deposits
+14,800,000
+8,800.000
Federal Reserve notes in circulation
+77,500.000
+9,200,000 reached such a point that it was not possible for us to discuss
F. R. Bank notes in circulation, net liability
—4,000,000
—70,200,000 or consider a loan to Germany unless and until the reparations question Was settled." The following is the firm's
WEEKLY RETURN OF THE MEMBER
BANKS OF THE statement:
FEDERAL RESERVE SYSTEM.
Dr. Otto Wiedfelt, the German Ambassador, called on Mr. Morgan on SatAggregate increases of $102,000,000 in
as to the possibility of our undertaking to assist in
net demand de- urday to make inquiry
posits, apparently in anticipation of
a large, so-called 'international loan to Germany. In his reply Mr.
income tax payments floating
Morgan adverted to the statement that he had made following the sittings of
due on Dec.. 15, accompanied by a decrease
of $54,000,000 the Bankers' Committee last June, and in effect told the Ambassador that our
in borrowings from the Federal Reserve
same as it was then. He informed him that while we
Banks, are shown in position was exactly the
the Federal Reserve Board's weekly
greatly desire to be of service to the general situation, nevertheless matters
consolidated statement had manifestly reached such a point that it was not possible for us to discuss
of condition on Dec. 13 of 784 member
banks in leading cities. or to consider a loan to Germany unless and until the reparations question
It should be noted that the figures
of these member banks was settled.
are always a week behind those for
the Reserve banks themMr. Lamont's statenients in the matter were made at a dinselves.
ner of the Council on Foreign Relations, held in this city on
As against reductions of
$9,000,000 in loans secured by the evening of Dec. 19, at which ex-Senator Root presided,
Government obligations and of
$24,000,000 in loans secured and at which addresses were made by Albert Thomas, the
by stocks and bonds, other loans
and discounts, mainly of well-known French labor expert; Walker D. Hines, formerly
a commercial and industrial
character, show an increase of Administrator of the Railways of the United States, and
$44,000,000. Under the head of
investments the banks John Foster Dulles, Counsel to the American delegation at
report reductions of $14,000,000
in United States bonds and the Paris Peace Conference. Mr. Thomas alluded to the
of $6,000,000 in Treasury certificate
s, as against increases statement of J. P. Morgan & Co., which had just appeared in
of $4,000,000 in other Government securities
and of $9,000,- the public press and which we give above. By inference, Mr.
000 in other investments. Member banks in New York
City Thomas inquired as to the fuller meaning of this statement.
DEC.23 1922.]
T RE CHRONICLE
Senator Root thereupon called upon Mr. Lamont to speak informally on the matter, and his remarks in substance are
given further below. Referring to the reasons why the floating of a German loan is impossible, Mr. Lamont declared
that "when we say that the loan is impossible we mean that
the investors of this country would not consider such a loan,
would not buy bonds of Germany at the present time, and we
bankers could not in good faith recommend such investment." "The reason is," he continued, "that Germany is not
in any position at the present time to inspire our people with
confidence to buy its bonds. Just now Germany is not in a
position to fulfill any promise to pay." The settlement of
the reparations problem, Mr. Lamont said, was the first
thing requisite, besides which he said,"Germany must undertake many steps on her own account." There must, he said,
"bestabilization and deflation," and "possibly there must be
some scheme for the Allies to exercise a certain supervision
of these steps that Germany takes." In alluding to France,
Mr. Lamont said that "the investors of the United States
have confidence in the thrift and stability of the people of
France, and I believe that, as time goes on, if France desires it, the American investment community will be glad to
make loans to her upon a large scale." Mr. Lamont also expressed concurrence in the view of Mr. Dulles that the rigid
conditions laid down by the American Congress in the Act
creating the Debt Refunding Commission constitute a serious handicap in effecting a settlement of the Allied debt to
the United States. Mr. Lamont's comments on this point are
deserving of serious consideration. As already indicated,
Mr. Lamont spoke extemporaneously and the following is the
substance of his remarks:
After listening to the three illuminating addresses made by the speakers
of the evening, I have great reluctance to say anything, especially as
I have made no preparation, but perhaps it may do no harm for me to
inform the gentlemen of the Council once more that neither the firm of
which I am a meinher, nor the American investment community in general,
is going to make a loan of a billion and a half dollars to Germany. The
recently repeated statements about such a loan are without foundation;
nor, may I add, did the Department of State request the German Ambassador to see Mr. Morgan. This is another report that is untrue.
What Mr. Morgan said to the German Ambassador was in response
to the latter's inquiry as to the possibility of floating a large German loan
in this country. He explained to the Ambassador that such a matter
was not in the hands of bankers, but in the hands of American investors.
This is simply a repetition of what was said at the sitting of the Bankers'
Committee in Paris last May and June. The reasons why it is impossible
to float such a German loan as the newspapers have mentioned must be
patent to you. They do not lie within the province simply of the banker.
He can only mobilize the investment powers of the country. When we
say that the loan is impossible we mean that the investors of this country
would not consider such a loan, would not buy bonds of Germany at the
present time and we bankers could not in good faith recommend such
investment. The reason is that Germany is not in any position at the
present time to inspire our people with confidence to buy its bonds. Just
now Germany is not in a position to fulfull any promise to pay.
Bankers are therefore unable to perceive the possibility of such a loan
at the present time. The first thing on the program, as the bankers
view it, is the settlement of the reparations problem, the fixing of a definite
sum so that Germany will be aware of her obligation. Coincident with the
final determination of reparations, Germany must undertake many stePs
on her own account. There must be stabilization and deflation. Possibly
there must be some scheme for the Allies to exercise a certain supervision
of nese steps that Germany takes, including a hand in the administration
of Germany's customs.
If and when these things are done, then I can imagine American investors
may be prepared to lend some money to Germany, not on a gigantic scale,
but enough to be of assistance at some point; but even so, it is difficult, if
not impossible, to imagine that American investors will have such confidence in Germany as to make them willing to lend to Germany the amount
of her reparations obligations.
•
As to France, however, there must be no mistaking the great sympathy
which the American public has for France. The investors of the United
States have confidence in the thrift and stability of the people of France,
and I believe that, as time goes on, if France desires it, the American
investment cormnunity will be glad to make loans to her upon a large scale.
Let me say, too, before Mr. Thomas, that we in America have the utmost
sympathy with France's desire for security and we realize what a perplexing
problem it is.
Mr. Dulles has just referred to the Debt Refunding Commission Bill at
Washington and has stated that the provisions of it hamper the American
Administration in its discussions with its debtors. I might even go so far
as to say that the provisions of that bill prevent Americans from showing
to their associates in the war what the spirit of the people of this country
have it in their heart to express. The bill, as originally drawn, you remember, gave to the Secretary of the Treasury power to refund these interAllied debts. But Congress added certain amendments, which provide
that the entire debt shall be paid off within 25 years, with average interest
of not less than 4 % per annum. This latter is a hampering provision,
and it would appear that the Council on Foreign Relations would be well
advised to study the situation with the utmost care so as to express its opinion as to the effect of this bill as it now stands, not only upon our debtors
on the other side of the water, but upon our own commerce and industry.
For instance, suppose that we were to say to Great Britain that she must
remit annually to our Government the amount of approximately two hundred million dollars, for interest on her loan, and in addition must make
further remittance for sinking fund. Such a plan would necessarily require
Great Britain to ship large amounts of gold to this country, just as she
did in order to make up the one hundred million dollars, or above, which
she paid to our Government last October and November. Now if we, in
effect, demand such heavy shipments of gold, what is the result? It inevitably means undue swelling of our own stock of gold, which amounts
already to one-half of the world's supply. It means also that we compel
Great Britain to postpone her return to a firm gold basis. Is either one of
2735
those results desirable from our own point of view? I leave the answer
to you, but I emphasize the point that what this situation requires is close
study by men like yourselves.
Your Chairman, Senator Root, in his introductory remarks, uttered a
very fine phrase; that was "that we Americans should gain an understanding
of our international duties as well as of our international rights." I agree
with that sentiment, and I feel that we well might take it away with us tonight as an abiding text for our thought.
J. P. MORGAN ACQUIRES VIENNA BANK SHARES.
A cablegram from Vienna Dec. 17 (copyright by the
Chicago Tribune Co.), appeared as follows in the New York
"Times" of the 18th inst.:
J. P. Morgan of New York to-day acquired 220.000 shares of the Viennese
Boden-Kreditanstalt [Land Mortgage Bank].
•
In spite of the importance of the investment, Mr. Morgan desired no
sort of representation in the administration.
This is the first American participation in Austrian financial establishments.
In reporting the confirmation of the above, "Financial
America" Dec. 19 said:
At the office of J. P Morgan & Co. yesterday, it was stated the cable
dispatches from Vienna that J. P. Morgan & Co. had acquired 220,000
shares of the Viennese Boden-Kreditanstalt is correct.
The Morgan firm, with London banking interests, has purchased a substantial block of the stock of the Vienna Co. which is a land mortgage
Investment concern, the acquisition being made for investment purposes
only.
The purchase represents stock issued as a result of the doubling of the
capital of the investment company.
UNITED STATES AID TOWARD ADJUSTMENT OF
EUROPEAN PROBLEMS—REPORTS OF AMERICAN
COMMISSION TO DETERMINE REPARATIONS.
While the question of an international loan to Germany is
disposed of so far as the United States is concerned, in the
statements which we give elsewhere in this issue, made by
J. P. Morgan & Co. and Thomas W. Lamont of that firm,
the position of the United States in the matter of extending
its influence toward an adjustment of European problems,
and more particularly the reparations issue, has been the
subject of endless reports during the week. One of these,
coming from London (Associated Press) Dec. 20, stated
that the United States, at the request of a trade commission
headed by Wilhelm Cuno, the German Chancellor, had begun
negotiations with France and England, looking to the
appointment of a body of American business men for the
fixing of a new basis for the payment of reparations, it was
understood there. The cablegram continued:
In semi-final quarters it was said that England's consent to such a
plan had neen cabled to Secretary Hughes to-day, and that the American
State Department at Washington expected an early reply from France.
The proposal is understood to have reached Secretary Hughes through
the United States Chamber of Commerce, which body was asked by
Chancellor Cuno and his associates to appoint a commission, headed by
Herbert Hoover, Se:retary of Commerce, which would visit Germany and
make an impartial survey of the country'sfinancial and economic position.
The American commission was to be empowered to determine what
amount of reparations Germany could pay, and upon the basis of its report
a new reparations treaty would be drawn, which Germany would agree
to fulfill if the plan were approved by England and France.
The United States Chamber of Commerce complied with the request of
the German Chancellor to the extent of asking Mr. Hoover to take the
question up with President Harding's Cabinet, which he did, with the
result that the matter was placed in the hands of Secretary Hughes.
The negotiations between Mr. Hughes and the English and French
Governments followed with the object in view of obtaining their consent
to abide by the reparations sum fixed by the American Commission as
within Germany's ability to pay.
Officials in London refused to comment on the subject to-night.
Denial that the United States had presented a proposal
such as is indicated in the foregoing came in the following
statement issued by Secretary of State Hughes at Washington on the 21st inst.:
The Department of State cannot discuss proposals which are made to it
with respect to the European situation. The report that this Government
had presented to other Governments a proposal for an American commission
Is unfounded. Ofcourse, it follows that no assent of any other Government
to such a proposal has been received.
Secretary of Commerce Hoover was also reported as having
indicated that he was without knowledge in the matter, and
a statement given out on the 21st inst. by Julius H. Barnes,
President of the Chamber of Commerce, of the United States
attributed the origin of the report to "the recognition by
all countries that a definite settlement of the reparation
problem would be a considerable gain on the road to world
recovery." The statement of Mr. Barnes follows:
The report probably originates in the recognition by all countries that
a definite settlement of the reparation problem would be a considerable
gain on the road to world recovery. It is natural that business organizations of the world should look, for aid in determining reparations, to
America, which refused at the outset to share in reparations, and therefore
has no self-interest in the question.
It is manifest that our American Administration is properly exploring
every avenue of hopeful progress in reaching a determination, in accord
with France and the other Allies, but it is certainly a mistake to say that
such efforts have been suggested by Chancellor Cuno,or from any German
authority. The action of the American Government is certainly not
based on German initiative, but is inspired undoubtedly by the belief
2736
THE CHRONICLE
that the peace of the world and the recovery of the Allies, could be greatly
facilitated by a settlement of the reparations question.
The Chamber of Commerce of the United States, representing the
business men of America, stands ready, if called on, as indeed all other
business organizations undoubtedly do, to assist in such an effort.
According to the New York "Times" of yesterday, Mr.
Barnes and Eliot H. Goodwin, Vice-President of the Chamber, conferred with Secretary of State Hughes within the
last ten days, and a proposal is reported to have been placed
before Seeretary Hughes by Mr. Barnes. Last night the
New York "Evening Sun" printed the following from
An official denial was issued to-day that Germany bad requested
America to make overtures for a joint American-Allied commission to
fix reparations.
In asserting that the plan for an American commission
was before Premier Poincare of France, Associated Press
advices from Washington Dec. 21 said in part:
[VoL. 115.
Reports from Paris thus far that the French are receiving coldly the suggestion of a reduction of reparations as a preliminary to smoothing out the
international economic wrinkles bear out the official view that France must
first be persuaded to make concessions. This, admittedly, is a difficult
task. It is recognized that the faces of the French politicians must be
saved from the charge of throwing away revenues when an enormous deficit
Is to be faced, while at the same time it is held that the general distribution
of sacrifices to be made must be shown to France.
Beyond the general benefits of world betterment resultingfrom the removal of the German reparations knot, close observers hold that arguments will
be advanced for more direct returns in connection with the French war debt.
Persistence of the cancellation idea in the London advices is regaried as
indicating a supreme difficulty in that direction because of the Administration's constantinsistence upon its policies of complete separation ofthe questions of reparations and the Inter-allied debts. Moreover, the policy of
regarding the foreign debts owed the United States as distinct obligations
apart from the inter-European indebtedness tends to complicate the question of American participation in rehabilitation councils.
However, the indicat'ons given by the American Debt Funding Commission of its desire for a removal of the restriction placed upon it In discussing rates of interest and terms of maturities in its funding negotiations
with foreign debtors is believed in some quarters to reveal possibilities
of debt concessions by the United States on the score of the methods of
liquidation, while insisting upon the eventual payment of the war-time
obligations.
A plan under which an American comniission would determine how much
Germany should be required to pay the Allies in reparations has emerged
from the effort to find a way for-extending American aid toward the solution
of the economic troubles of Europe.
We also quote as follows the "Journal of Commerce"
Although discussions of the proposal have been kept thus far outside the
formal channels of diplomacy, the exchange of views has developed a Washington dispatches of the 21st inst.:
thorough understanding in authoritative circles that the United States,
The Administration has informed the Allied Powers informally, it is stated
Great Britain and Germany all are willing to assent to the creation of such
In official circles, that when the foreign situation gets to the stage where
a commission.
the good offices of the American Government would be welcomed, a proThe plan is now before Premier Poincare, and he is expected to make a
posal for discussion has been worked out by the Harding Administration
decision after he has concluded a series of conferences with industrial leaders and will be presented if a formal invitation to do so is extended.
of his own country and of Germany. It is assumed that it will be communiIt has been made plain that this Government has no intention of forcing
cated later to all the nations interested in reparation payments.
itself into the European muddle, and that an unmistakable desire on the
At the State Department there was a disposition to draw a sharp line of part of the Allied countries, especially France, for the assistance of America
distinction between the activities of American and other business men in must be manifested before any formal action will be taken. It is realized
regard to the problem and the moves made by Government officials them- that nothing can be done until the reparations question is adjusted.
selves. It became clear during the day, however, that the two groups
As the key to the solution of the reparations problem is held by France,
had kept in close touch and that not only Secretary Hughes but Secretary
and as France has not evidenced any willingness to "sacrifice" the "assets"
Hoover and others high in the Administration were fully advised of efforts accruing to her by the Versailles Treaty, the American officials believe that
made by President Julius H. Barnes of the Chamber of Commerce and any direct intervention by this country at this time would not only be fumen in England, France and Germany who hold similar posts in the intile, but might jeopardize future prospects of bringing about a "frank and
dustrial world to find a formula for solution of the reparations problem.
full discussion of the situation."
In authoritative quarters it was learned to-day that before the commission
The position of the Washington officials, according to authoritative
proposal received the attention of Government officials a first effort to bring spokesmen, is that the countries concerned must not only formally invite
the combined weight of industrial influence in the Allied countries, Germany mediation, but in the invitation evidence a more receptive frame of mind
and the United States to bear on the reparations stumbling block were made
than heretofore.
nearly six months ago.
In Germany, Great Britain, the United States and France a series of
private conferences were held between important figures in the international WAR CLAIMS AGAINST GERMANY REQUIRED TO BE
industrial world. The movement met with stiff opposition in France at
FILED BY JANUARY 1.
that time, but later when the Council of Premiers faced complete rupture
in London this month the effort was renewed with great hopes of success
Claims of American individuals, firms and corporations
in finding a common ground for a final reparation settlement.
against Germany must be filed by Jan. 1 with the State
In the absence of any official statements as to the procedure
on the part of the United States toward assisting in the adjustment of the European situation we give herewith some
of the dispatches to the "Journal of Commerce" from Washington during the week; one of these under date of Dec. 17
said in part:
Secretary of State Hughes is preparing to follow the same tactics with
respect to the adjustment of German reparations that he used in connection with the disarmament conference by presenting a carefully worked
out program for the consideration of the European powers,it was suggested
here to-night.
Despite the pronounced hints at the Whitehouse and in other high Administration circles that the United States is preparing to use the full force
of its influence in foreign affairs for the untangling of the European economic situation, the State Department has maintained a policy of silence
and has discouraged what has been considered unauthorized discussion
of expected developments.
On the 18th inst. its advices from Washington had the
following to say in part:
Action by the United States toward furthering a readjustment of German reparations now awaits the responses of the European powers to the
unofficial feelers put out from Washington, according to the indications
given to-day by the Government.
Beyond conceding that conversations are now going on to ascertain
what reception might be accorded suggestions by this country for straightening out the economic difficulties abroad, officials continued to withhold
comment upon the progress being made.
As the situation stands at present, the Government is understood to be
willing to use its good offices for the furtherance of measures making the
financial relief of Germany possible; but only too well aware that nothing of
such a nature can develop until reparations have been scaled down will
hold back its own ideas until assured of their friendly reception abroad.
On the 19th inst. the Washington bureau of the "Journal
of Commerce" stated in part:
Discussion of means of righting the European muddle and extending aid
to Germany slowed down in official circles to-day pending the response of
Francelo the informal feelers sent out by the Government.
The Government maintained its attitude of silence with no hints of progress being made in the exertion of the influence of the United States in the
situation, but in official quarters a far-reaching influence upon the efforts
of those seeking a remedy for Europe's troubles is looked for as a result of
J. P. Morgan's declaration to the German Ambassador that a loan to Germany cannot be considered until the reparations question is settled.
In its Washington advices Dec.20 the paper quoted said:
Prospects of the Administration's hopes for a final settlement of the
reparations question, clearing the way to financial aid for Germany from
private interests in this country, may encounter obstacles in the attitude of
France and England. The tone of dispatches from Paris and London is
not regarded as favorable at this time.
Officially the Government has closed up and the movement for solution
of the difficulties abroad is being held in abeyance for the time being.
Administration leaders are intently watching the reception being given on
the other side to the statements of the position of the United States and the
leading bankers of the country as to what may be expected from America
by way of assistance.
Department for consideration by the Mixed Claims Commission. In stating that the procedure to be followed was
announced on Dec. 18 by the Department of Commerce,
the "Journal of Commerce" (Washington advices) added:
A. J. Wolfe, Chief of the Division of Commercial Laws, in announcing
the rules, declared that all claims should be presented before Jan. 1 1923,
if in tentative form only. Ample opportunity will be given for amending
petitions later on, he said. The rules follow:
1. Claims must be presented in the form of a petition in duplicate. The
wording is immaterial. There are no special blanks issued.
2. The petitions must be filed on or before Jan. 1 1923.
3. The petitions must be sworn to before a notary public.
4. The petition must contain an allegation of the facts supporting the
claim. This allegation need not be very detailed; a sufficient opportunity
will be given to each claimant to add the necessary details in due course.
5. The petition must be accompanied with complete proofs of the American nationality of the claimant, as follows:(a) Native American individuals
must, if possible, submit a birth certificate, or an attested copy thereof;
(b) naturalized citizens must submit a certificate of naturalization or an
attested copy thereof; (e) partnerships must submit the same documents
with regard to each partner as provided for under (a) and (b) above; (d)
corporations must submit a transcript of the certificate of incorporation
and data showing the American character of the corporation.
the war,including direct damage and the
6. All claims which grow out of
increased cost of insurance for exportation and importation on account
of submarine menace, are a proper subject for a petition to be presented
Commission.t
ms
t Geimanna
Calianis
Claimsixedag
to7t.heM
nationals
leis or against the German Government,
principals and of agents abroad, provided they were
the
of
behalf
both in
msaadree.
ns,
0fmaattyorbneey
ie
ces
eirtviz
American
e sc
8.
not necessary in the filing of the petition,
The
entrust
this work or later care of the claims to
to
though it is advisable
attorneys.
F. I. KENT ON FILING OF PETITIONS INCIDENT TO
GERMAN PRE-WAR BALANCE CLAIMS.
Fred I. Kent, Chairman of the Commerce and Marine
Commission of the American Bankers Association, has sent
notices to American Bankers, who requested the co-operation of the Commission in collecting pre-war mark balances
held with German banks, that it is necessary to file petitions
with the Department of State of the United States, in accordance with the instructions sent out by the State Department
that claims be presented
on Oct. 24 1922, which requires
to the Department on or before Jan. 1 1923. Mr. Kent
states that American bankers will render a great service to
their customers if they will call their attention to the requirement of the Department of State, since firms, corporations
and individuals must file their claims before Jan. 1 1923,
exactly in the same manner that is required of banks and
bankers.
a
DEC.231922.]
THE CHRONICLE
CLAIMS OF SHIPPERS FOR WAR RISK INSURANCE
PREMIUMS.
The following Washington advices appeared in the "Journal
of Commerce" of Dec. 16:
Claims of shippers for war risk insurance premiums to be presented to the
Mixed Claims Commissions for collection from Germany must be filed with
the State Department by Jan. 1, it was said to-day, as there is no intention
at present to extend the time limit.
Request that a shipper's claim be presented to the Commission is sufficient, it was explained, as evidence may be submitted later, but the time
limit was set by the State Department because some of the claimants were
not sending in their statements and the Government must present to the
German Government by March 9 1923 a list of the claims which will be
prosecuted.
2737
the second part by instituting a new department especially for studyinethe
possibilities of foreign financing of enterprises in Italy, for supplying information and guidance to the prospective foreign investor. The organization
of this department is now actively under way.
Aims to Be a Trade Focus.
The Government is also examining a scheme for conceding to foreign
industries and exporters the use of some wharves and warehouses in certain
Italian ports free of customs duties for goods to be re-exported to European
countries. In this way Italy would become a clearing house for foreign
trade in the Mediterranean basin, for which her geographical position
renders her paticularly suitable.
The opportunities for the profitable investment of capital to which the
new department will chiefly draw the attention of prospective investors
will fall under five main heads: First, the reclaiming and irrigat:on of
agricultural land; second, the amplification and improvement of \Teems
Italian harbors, especially in the Adriatic; third, the electrification of
railways and the taking over of public utility enterprises at present run
by the Government; fourth, the financing of European and American
commerce with the Near East and the Mediterranean basin. using Italy
as a clearing house; fifth, the setting up of new industries which do not
now exist in Italy, but whose life is amply guaranteed by the natural
resources existing in Italian territory; sixth, work of various kinds in
Italian colonies.
With the renewed confidence engendered by the advent of the Mussolini
Cabinet, there is already a tendency noticeable for Italian capital, which
was sent abroad during the last few troubled years, in return to Italy.
The Government hopes that as confidence increases foreign capital may
follow.
PREMIER MUSSOLINI'S CLAIMS AS PRESENTED AT
-PREMIERS' CONFERENCE IN LONDON.
The stand of Italy on the reparations questions, as set
before the conference of Allied Premiers held in London
Dec. 9-11, was made public at Rome on the 15th inst.,
coincident with a Cabinet meeting at which Premier Mussolini reported the unsuccessful conclusion of the conference.
The latter's adjournment (without results) was referred to
in our issue of Saturday last (page 2632). According to
Premier Mussolini's memorandum, "no partial settlement PALESTINE GOVERNMENT LOAN OF P2,500,000 TO BE
is admissible. Italy cannot renounce any portion of her
FLOATED IN LONDON.
reparations unless an equitable settlement of the InterThe following press advices from Jerusalem, Dec. 19, are
Allied debt question enables the Allies to renounce a cor- credited to the
Jewish Telegraph Agency:
responding portion of their reparations in favor of Germany."
Announcement is made that the Palestine Government has arranged for
"The Italian Government," the memorandum states, a loan of £2,500,000, floated in London. Pending conclusion of arrange"frankly demands this settlement from England on the ments for the loan, the Crown agents in England advanced considerable
sums at various times. Thus £1,250,000, or half of the loan, already has
ground that the Inter-Allied indebtedness, being of a quite been spent. With
the exception of £50,000, assigned as a loan to Transspecial character, cannot be classed with ordinary debts." jordania, and £300,000 to be used for the purchase from the French owners
of
the
Jerusalem-Jaffa
Railway, this money will be used for public works.
The Associated Press advices from Rome Dec. 15, which
The Government long had a definite public works program in mind, but
are authority for this, are quoted herewith:
was prevented from carrying it out because of constant money stringency.
At a Cabinet meetIng this afternoon, a few hours after his return from
the London Premiers' Conference, Premier Mussolini reperted that parley
had been unsatisfactory on account of insufficient preparation.
He said he would not attend the discussions when they are resumed in
Paris unless there was suitable diplomatic preparation beforehand. There
must be no more going back on decisions,he added,as vacillation has spelled
failure. The Italian plan was one which, in his opinion, must eventually
be followed.
The plan Premier Mussolini presented at the London Conference was
published here to-day, and a noteworthy feature is it contains nothing
about the United States. It declares, however, that not even the wealthy
countries on both sides of the Atlantic will be able to escape the grave
effects of unsatisfactory post-war conditions of the last four years continuing.
It maintains it would be utterly iniquitous to ruin Italy, France and Belgium for the sake of restoring Germany, and that in dealing with the
reparation problem the inter-Allied indebtedness cannot be left aside.
The following are the principal points of the Mussolini memorandum:
No partial settlement is admissible. Italy cannot renounce any portion of
her reparations unless an equitable settlement of the inter-Allied debt
question enables the Allies to renounce a corresponding portion of their
reparations in favor of Germany.
The plan points out that England is in a position to effect such a settlement on the basis of the policy outlined in the Balfour note.
"The Italian Government," it says, "frankly demands this settlement
from England On the ground that the inter-Allied indebtedness, being of a
quite special character, cannot be classed with ordinary debts.
"The British Government and the most eminent Englishmen in trade and
finance realize pefectly well that England cannot exact payment of these
debts without flinging the Allies into an abyss of political crises and economic banlauptcy."
In brief, the Italian plan is to deal with the German "C" bonds in such a
manner they virtually will be eliminated and Germany's reparation debt
reduced to "A" and "B" bonds, or 50.000.000,000 gold marks, with a twoyear moratorium; that the German Government undertake to persuade
German bankers and merchants to guarantee a loan of a minimum of
3,000,000,000 marks, one-sixth to be used to stabilize the mask'and the
balance applied to reparations, but liens on the State revenues which already are pledged for reparations cannot be used as a guaranty for the loan.
Another provision of the plan is that the Powers entitled to reparations
may demand that Gormary continue to make reparations in kind and after
expiration of the maratorium, when Germany's credit is restored, it resume payment of reparat'ons.
This had also caused the suspension of road building and repairing, producing an unemployment problem among Zionist pioneers which only the housebuilding activity helped to solve.
OFFERING OF ARGENTINE NATIONAL MORTGAGE
BANK BONDS (CEDULAS).
A block of Argentine National Mortgage,Bank 6% guaranteed sinking fund bonds (Cedulas) was offered on the 20th
inst. by Baker, Kellogg & Co., 120 Broadway, New York.
The bonds were offered "at market,"—the market figures
on the 19th inst. being $346 bid and $350 asked per 1,000
pesos. The bonds are issued in series by the Argentine
National Mortgage Bank, established in 1886, and it is
stated, are guaranteed by the Argentine National Government. They are free from all present and future Argentine
taxes. The bonds (coupon) are in denominations of 1,000
and 5,000 pesos. Interest is payable semi-annually. Each
series is redeemable by a sinking fund of 1% used to purchase bonds below par or by drawings at par. The sinking
fund payments, it is stated, are sufficient to redeem the
entire issue in each series in 33 years. Up to Dec. 31 1921
it is announced, there were issued of these bonds 1,259,648,250 pesos ($534,720,660 U. S. currency) (peso equals 42.45
cents U. S. curtency), and on Dec. 31 1921 there were outstanding 699,735,725 pesos ($297,037,813 U. S. currency).
We also quote from the official circular the following
regarding the bonds:
The bonds are issued in series, recent series being for 50,000,000 pesos
each. It is provided by a law of the National Government that at no
time may the total amount outstanding exceed 1,000,000,000 pesos. On
Dec. 31 1921 699,735,725 pesos were outstanding. 1,259,648,250 pesos
have been issued since the Bank started and 559,912,525 pesos have been
retired through the operation of the sinking fund.
Ng
The sinking fund of 1% per annum operates to retire all bonds of each
series in the maximum time of 33 years. The interest of 6% and the
ITALY REACHES OUT FOR NEW CAPITAL—TO EN- sinking fund of 1%,or 7% of the
50,000,000 of each series is received semiCOURAGE INVESTMENT BY FOREIGN FINANCIERS. annually by the Bank from borrowers, and after paying Interest on bonds
outstanding of the particular series, whatever balance remains is applied
The following is taken from a copyright cablegram to the to
retire bonds. This is done by buying them in the open market below
New York "Times" from Rome Dec. 7, published in that par, or if not so obtainable, by drawings by lot at par.
Drawings of bonds do not take place so long as the bonds are below par.
paper of the 18th inst.:
After bonds of a particular series have gone above par, the sinking fund
It is believed that within a comparatively short time the Cabinet will begins to
operate by semi-annual drawings, but the holder of a bond that is
issue a decree to facilitate the influx of foreign capital into Italy.
drawn can usually reinvest immediately, if he chooses, in bonds of a new
Fiscal laws existing up to the present time beveled to a system of double series that is being
issued and which can usually be obtained below par.
taxation, by which a loan contracted abroad, for instance, was taxed in
Payment of interest to American holders will be handled by a number
Italy after already having paid taxes in the country of its origin. This of New York banks at the current rate for pesos on the day coupon is
has led to the result that foreign capital invested in Italy or deposited presented. The Irving National Bank, Columbia Trust Co.,
Equitable
in Italian banks awaiting reinvestment or as liquid reserves for international Trust Co., American Foreign Banking Corporation,
First Federal Foreign
speculation, was gradually withdrawn, as the fear of fiscal policies on Banking Association, the American Express Co., and others are performing
the part of the Italian Government grew.
this service. The date of the interest payments varies according to the
Premier Mussolini has shown himself keenly alive to the necessity of series to which the bonds belong. Coupons and drawn
bonds may be
repealing laws standing in the way of bringing foreign capital to Italy. held ten years after due, and it is to the advantage of the
American holder
At his first Council of Ministers on Nov. 8, he said:
to let his coupons go unclipped until Argentine exchange is again at par.
"The Italian Government is firmly decided not to contract any more debts. when he will receive approximately 423 cents per peso for his
coupons.
It is also firmly decided to remove all obstacles to the influx of foreign capiAs to the bonds we also quote the following:
tal needed in Italian prjvate industries."
The Argentine National Mortgage Bank was created in 1886 by
Mussolini has now gone one step further. Not only does he intend to
remove obstacles, but he also intends to set up machinery to favor such Argentine Government for the purpose of making loans on real estate.
The
Bank Is owned by the Governm nt and its directors are appointed
his
program
by
exemptan influx. He intends to carry out the first part of
ing foreign capital employed in Italy from the payment of income tax, and by the President with the consent of the Senate.
2738
THE CHRONICLE
Loans are made by the Bank in much the same way that our Federal
Farm Loan Banks operate. The borrower pays 6% interest, 1% sinking
fund and 1% commission to the Bank. As security for the loan. the
Bank takes a first mortgage on income-producing property, the amount
of the loan being limited to 50% of the appraised value of the property
and 40% of the insured value of permanent improvements, except in
certain special cases narrowly defined by law, which constitute a relatively
unimportant amount of the total of the bonds outstanding. The value of
machinery and equipment is not considered. In the event that any installments of interest or sinking fund are more than sixty days overdue, the
Bank may sell the mortgaged property at public sale without judicial proceedings.
As to how bonds are sold we quote as follows from the
circular:
Bonds are sold in Argentina, as well as in this market, "flat," which
means that interest is not added to the price paid by the purchaser as in the
case of dollar bonds. The accruing of interest, however, is reflected in
the price of the bonds. Interest accrues on a 1,000 peso bond at the rate
of 5 pesos per month, or about $1 80 with the peso worth 36 cents. As
bonds of the different series have different interest dates, the price for
different series may vary according to the amount of interest which has
accrued since the date of the last interest payment.
OFFERING OF $1,500,000 BONDS OF MINNEAPOLISTRUST JOINT STOCK LAND BANK.
A $1,500,000 issue of Minneapolis-Trust Joint Stock Land
Bank of Minneapolis 5% farm loan bonds was offered this
week by the Union Trust Co. of Chicago, the Illinois Trust
& Savings Bank of Chicago and the Minneapolis Trust Co.
of Minneapolis at 103 and interest, to yield 4.62% to the
optional date and 5% thereafter. The bonds, issued under
the Federal Farm Loan Act, are dated Nov. 1 1922, become
due Nov. 1 1952 and are redeemable at par and interest on
Nov. 1 1932 or any interest date thereafter. They are
coupon bonds in denomination of $1,000. Principal and
interest are payable May 1 and Nov. 1. • The bonds are
legal investment for all fiduciary and trust funds under the
jurisdiction of the Federal Government and acceptable at
par as security for postal savings and other deposits of
Government funds. They are exempt from Federal, State,
municipal and local taxation.
These bonds are direct obligations of the MinneapolisTrust Joint Stock Land Bank of Minneapolis and are secured by deposit with the registrar of the Farm Loan Bureau
of the United States Treasury Department, of United States
Government obligations or approved first mortgages upon
improved farms. The capital stock of the MinneapolisTrust Joint Stock Land Bank is owned by the Minneapolis
Trust Co., affiliated with the First National Bank in Minneapolis. A previous offering of bonds of the MinneapolisTrust Joint Stock Land Bank was referred to in our issue of
Nov. 4, page 1995.
OFFERING OF $1,500,000 BONDS OF THE JOINT STOCK
LAND BANK OF MINNEAPOLIS.
An offering of $1,500,000 First Joint Stock Land Bank of
Minneapolis, 5% bonds was announced by Ames, Emerich
& Co. of this city, Chicago and Milwaukee, on Dec. 19.
Of the issue, 81,000,000 dated Nov. 1 1922, Due Nov. 1
1952, and optional Nov. 1 1927, were offered at 101% and
accrued interest, yielding about 4.70% to optional date and
5% thereafter; the other $500,000, dated Nov. 1 1922,
due Nov. 1 1952, and optional Nov. 1 1932, were offered
at 102Y1 and accrued interest, yielding about 4.65% to
optional date and 5% thereafter. The bonds, coupon and
registered and interchangeable, are in denomination of
$1,000. Principal and interest (May 1 and Nov.1) are payable at the bank of issue or in New York City. The bonds
are issued under the Federal Farm Loan Act, and are exempt from all Federal, State municipal and local taxation
(excepting only inheritance taxes). They are acceptable
by the United States Treasury as security for special deposits of public moneys; legal investment for all fiduciary
and trust funds under juriidiction of the United States
Government, and of many of the States. As stated in our
issue of Oct. 14 (page 1682, when $1,000,000 of the bonds
of the bank were offered by Ames, Emerich & Co.) the
First Joint Stock Land Bank of Minneapolis, received its
charter from the Federal Farm Loan Board Jan. 14 1919.
It was organized under the Federal Farm Loan Act to do
business in Minnesota and Iowa, and all its operations
are subject to the supervision of the Board of which the
Secretary of the United States Treasury ,is ex-officio Chairman. The authorized capital of the bank is $500,000.
The paid'in capital of the bank is $303,650. A majority
of the stock of the bank is owned by interests which have
been prominent in the farm mortgage business for the
past sixty years.
[Vol.. 115.
OFFERING OF BONDS OF FIRST TEXAS JOINT STOCK
LAND BANK.
William R. Compton Co., Halsey, Stuart & Co., Inc.,
and W. A. Harriman & Co„ Inc., offered on Dec. 20 $1,500,000 First Texas Joint Stock Land Bank (Houston, Tex.)
5% bonds issued under the Federal Farm Loan Act. The
bonds were offered at 102.25 and interest, to yield over
4.70% to the optional date and 5% thereafter. The bonds,
coupon, fully registerable and interchangeable, are issued in
denomination of $1,000; of the amount offered $1,350,000
are dated Nov. 1 1922,optional Nov. 1 1932, and are due
Nov. 1 1942; the other $150,000 are dated May 1 1922,
optional May 1 1932 and due May 1 1942. Interest is
payable semi-annually May 1 and Nov. 1. Principal and
interest are payable at the First Texas Joint Stock Land
Bank or at the National Bank of Commerce or the Equitable
Trust Co. in New York City. The bonds are acceptable as
security for Postal savings and other deposits of Government
funds and are exempt from Federal, State, municipal and
local taxation. By a decision of the Supreme Court of the
United States, rendered Feb. 28 1921, the constitutionality
of the Act under which the bonds are issued and the taxexemption features of these bonds were fully sustained.
The following, credited to official sources, is taken from the
circular:
The First Texas Joint Stock Land Bank was chartered by the Federal
Farm Loan Board on Feb. 23 1919, and has a capital of $350,000. While
the terms of its charter permit it to operate in the States of Texas and
Oklahoma, the bank has elected to confine itself to the richest agricultural
sections of Texas. It has made loans in 48 counties of the State, all but
six of these loans being on property in the rich Black Waxy Land Belt
of Texas, which extends through the central eastern part of the State from
the northern border to the Gulf.
Texas, the largest State in the Union, has, according to the United
States Census of 1920, 114,020,621 acres and farm lands valued at $4,447,420,321. Texas ranks first in the production of cotton, growing over onefourth of the total produced in this country.
The First Texas Joint Stock Land Bank is under private ownership
and management, and its operations are carefully restricted and supervised
by the Government. The officers and directors are successful bankers
and business men of broad experience, who are thoroughly familiar with
agricultural conditions and land values in the territory in which this bank
operates.
C. S. E. Holland, President and Treasurer of the Bank, is Vice-President
of the Lumbermen's National Bank of Houston; Guy M. Bryan, Chairman
of the Board, is also Vice-President of the Lumbermen's National Bank;
R. S. Sterling, Vice-President, is President of the Humble Oil & Refining
Co.; Jesse Andrews, Vice-President. is a member of Baker, Potts, Parker
& Garwood, attorneys, of Houston.
Statement of the First Texas Joint Stock Land Bank as Officially Reported
•
December 1 1922.
408,952
Acres of real estate security
$4,314,989
Total amount loaned
9,813,883
Appraised value of real estate security
$24 00
Appraised value per acre (land only)
$10 55
acre
s
e
c
u
r
i
t
y
loaned
per
Amount
43.9%
Percentage of loans to appraised value of
An offering ($1,500,000) of First Texas Joint Stock Land
Bank Bonds was referred to in these columns Sept. 23,
page 1380.
OFFERING OF $2,000,000 BONDS OF SECURITIES COMPANY OF NEW JERSEY.
On Dec. 13 J. S. Rippell & Co. of Newark, N. J., announced
an offering at 100 and accrued interest of $2,000,000 6% collateral trust gold bonds (series 1) of the Securities Company
of New Jersey. The bonds are dated Nov. 1 1922 and mature
Nov. 1 1932. Interest is payable May 1 and Nov. 1 at the
Merchants & Manufacturers National Bank of Newark, N. J.•
Tax free in New Jersey, the interest is also free of normal
Federal income tax of 2%. Each $1,000 bond is secured by
five shares of stock of the Fidelity Union Trust Co. of Newark on the basis of $200 per share, but having a market value
of $350 per share. The following is from the official circular:
Callable at the option of the company in whole or part on 60 days' notice
the first year, thereafter at one-half of 1% less
at 105 and accrued interest
called for payment before mathan the next preceding year. If bonds are
be as follows:
turity the interest return on the investment would
If called the
Seventh
year _ _ _6.285%
'Fourth year_ _ _ _6.875% I
11%
First year
year
6.60% I Eighth year _ _ _6.187%
Second year8.25% I Fifth
6.111%
6.416%'Ninth year
7.33% I Sixth year
Third year
6%
I Tenth year
with
the
Merchants' & Manusecured by deposit
Each bond of $1,000
N. J., as trustee of five shares of
facturers' National Bank of Newark,
stock,
of
the par value of $100
J..
N.
Newark,
of
Co.
Trust
Fidelity Union
share, equals $1,000. Present market price
each, on a basis of $200 per
$1,750.
of each share $350 equals
New Jersey agrees at all times to maintain
The Securities Company of
of at least 50 points between the market price
margin
with the trustee a
stock is deposited.
and the price at which the
Newark. N. J., is the largest trust comThe Fidelity Union Trust Co. of
Jersey.P.40..$5,250,000;surplus.
pany and fiduciary institution in New
To
the
total of thq ourplus should be added
16%.
$3,300.000; dividends
representing appreciation of securities
an amount upwards of $2,000,000
over the book value which is not shown in the surplus. Deposits are in
excess of $55,000,000 and resources over $65,000,000. Its liquid assets.
DEC.23 1922.]
THE CHRONICLE
2739
being of a very high ratio of its deposits, places this institution in an exceptionally strong position. The Fidelity Union Trust Co. controls by
stock ownership a number of trust companies in New Jersey, the aggregate resources of which are approximately $30,000,000.
The total number of shares to be deposited with the trustee is 10,000 at
$200 per share equals $2,000,000. Market price $350, equals $3,500,000,
leaving a margin of $1,500,000 over the total amount of bonds issued.
Earnings for the year 1922 of Fidelity Union Trust Co. are estimated at
upwards of 25% net.
Temporary bonds certified by trustee will be delivered, exchangeable
for permanent bonds when received.
be approved by Messrs. Smith & Smith, of Baltimore, for the company
and Messrs. Venable, Baetjer & Howard, of Baltimore, for the bankers.
And all legal details in connection with the organization of the Manufacturers' Finance Trust and the issuance and sale of its shares have been
approved by Messrs. Ickes, Lord & Cobb, of Chicago, for the trustees.
W. W. Lanahan & Co., of Baltimore, are offering 8,000
shares of 7% cumulative preferred stock, 8,000 shares of 7%10% cUmulative second preferred stock and 4,000 shares of
common stock (voting trust certificates) of the Manufacturers Finance Company (a Delaware corporation) and 12,000
7%-10% preferred beneficial interest shares of the Manufacturers Finance Trust (of Chicago, Ill.). The par value of all
the issues is $25 per share. The above are offered, in blocks
consisting of:
WAR FINANCE CORPORATION APPROVES ADVANCE
FOR DARK TOBACCO GROWERS' CO-OPERATIVE
ASSOCIATION.
On Dec. 19 the Ware Finance Corporation announced
that it had approved the application of the Dark Tobacco
Growers' Co-operative Association, Hopkinsville, Kentucky,
for an advnace of not to exceed $7,500,000 for the purpose
of financing the orderly marketing of tobacco.
3 shares 7%-10% Preferred Beneficial Interest shares of Manufacturers.
Finance Trust;
2 shares of 7% Cumulative Preferred Stock of Manufacturers' Finance
Company;
2 shares of 7%40% Cumulative Second Preferred Stock of Manufacturers'
Finance Company;
1 share of Common Stock (Voting Trust Certificate) of Manufacturers'
Finance Company.
REPAYMENTS RECEIVED BY WAR FINANCE
CORPORATION.
From Dec. 1 to Dec. 15, inclusive, the repayments received by the War Finance Corporation totaled $8,931,747,
as follows:
ADVANCES BY WAR FINANCE CORPORATION
ACCOUNT OF AGRICULTURAL AND LIVE
STOCK PURPOSES.
On Dec. 19 the War Finance Corporation annouced that
from Dec. 1 to Dec. 15 1922, inclusive, it had approved 22
OFFERING OF STOCK AND BENEFICIAL SHARES OF
advances, aggregating $1,452,000, to financial institutions
MANUFACTURERS FINANCE COMPANY AND
for agricultural and live stock purposes.
•MANUFACTUIERS FINANCE TRUST.
On export advances and on loans made under war powers
$54,768
The price per block is $240 per block, the offering being On agricultural and live stock advances:
From banking and financing institutions
$3,885,960
subject to prior sale and change in price. The preferred
From live stock loan companies
2,771,345
stock of the Manufacturers Finance Company is redeemable
From corporative marketing associations
2,219,674 8,876,979
(after one year frbin date of issue) at $30 per share and ac$8,931,747
crued dividends; the second preferred stock of the Manufac- Total
The repayments received by the Corporation from Jan. 1
turers' Finance Company is redeemable (after one year from
date of issue and after retirement of all of preferred stock) 1922, to Dec. 15 1922, inclusive, on account of all loans
at $27 50 per share and accrued dividends; the preferred totaled $176,120,608.
beneficial interest shares of the Manufacturers' Finance
Trust are redeemable (after one year from the date of issue) SENATOR BORAH'S BILL TO LIMIT PROFITS OF JOINT
STOCK LAND BANKS TO 6%.
at $27 50 per share and accrued dividends. From a letter
Commenting on the bill introduced by Senator Baroh on
and other information supplied by V. U. Dunnington, President of the Manufacturers' Finance Company and the Manu- Dec. 2 designed to limit the profits of Joint Stock Land
facturers' Finance Trust, W. W. Lanahan & Co. furnish the Banks to 6%, the same as dividends of the Federal Reserve
banks, and to turn the excess profits over to the U. S. Treasfollowing summary:
Business.—The business of the Manufacturers' Finance Company ha
been profitably conducted since early in 1910. It is the oldest of the
so-called commercial banking companies, with headquarters in Baltimore,
operating on the non-notification basis. Its business consists of the purchase of open accounts, acceptances, drafts, and notes receivable from
reliable manufacturers, wholesalers and jobbers. The sellers of the accounts, &c., guarantee payment to them of 100%. The Manufacturers'
Finance Company makes payment for about 80% of the accounts, etc., at
the time of purchase, the balance being paid as the accounts are collected.
The Manufacturers' Finance Trust is being organized for the purpose of
conducting the business of purchasing accounts receivable, etc., in the
State of Illinois and in States adjacent thereto. The entire issue of common
beneficial interest shares of the Manufacturers' Finance Trust will be
owned by the Manufacturers' Finance Company.
Assets.—The assets of the Manufacturers' Finance Company are selfliquidating, consisting principally of cash and guaranteed accounts receivable, covering shipment of staple merchandise, the average payment of
which accounts are. about 45 days. The Manufacturers' Finance Trust
will commence business with approximately $500,000 in cash. • I
Earnings.—The net earnings of the Manufacturers' Finance Company
for the eleven months ending Nov. 30 1922 were at a rate exceeding 5%
times the dividend requirements of 7% on the preferred stock (including
the additional preferred stock about to be issued), and after allowing for
the dividend requirements on the preferred stock, were at a rate exceeding
4% times the dividend requirements of 7% on the second preferred stock
(including the additional second preferred stock about to be issued), and
after allowing for the above-mentioned dividend requirements on the first
and second preferred stocks were at a rate exceeding 24.9% on the $1,000,000
issue of common stock. It is reasonably assured that the earnings of the
Manufacturers' Finance Trust will be largely in excess of the dividend
requirements on the preferred beneficial interest shares, in view of the fact
that the Trust will immediately take over a profitable line of business from
the Manufacturers' Finance Company of Missouri.
Dividends.—The holders of the preferred stock of the Manufacturers'
Finance Company are entitled to cumulative dividends at the rate of, but
not exceeding, 7% per annum before any dividend is paid to the holders
of any other class of stock of the company; after payment of dividends at
the rate of 7% per annum on the preferred stock, the holders of the second
preferred stock are entitled to a fixed cumulative dividend at the rate of,
holders
but not exceeding,7% per annum before any dividend is paid to the
at
of the common stock and after the payment in any year of a dividend
of the
stock
the
common
holders
the
of
holders
the rate of 16% to the
paid
second preferred stock are entitled to share ratably in any dividend
an additional
to the holders of the common stock up to, but not exceeding,interest
shares
beneficial
3% in any one year. The holders of the preferred
cumulative
of the Manufacturers' Finance Trust are entitled to a fixed
any
dividend at the rate of, but not exceeding, 7% per annum before
shares,
dividend is paid to the holders of the common beneficial interest
holders
of
the
and after the payment in any year of a dividend of 16% to
the common beneficial interest shares the holders of the preferred beneficial
interest shares are entitled to share ratably in any dividend paid to the
holders of the common beneficial interest shares up to but not exceeding
• an additional 3% in any one year.
Legality.—All legal details pertaining to the issuance and sale of the stock
of the Manufacturers' Finance Company and pertaining to the organization,
Issuance and sale of the shares of the Manufacturers' Finance Trust, will
ury, the Taxpayers' News Service Bureau of Washington,
under date of Dec. 9 said:
The Borah bill is considered to be a fair measure. It gives the banks
a free field to do business at a good profit. It does not in any way interfere with their management or benefits to agriculture and it is likely to discourage the creation of an unreasonable number of new subsidized moneymaking corporatins. It will also remove the incentive to take on unsafe
loans in the hope of making 12% profit. It does not in any way affect
Federal Land banks.
It is also observed by the Bureau that the bill will be
"opposed by the capitalists who own stock in Joint Stock
Land banks, but it will be favored by over two hundred
thousand stockholders in Federal Land banks." It says
further:
A sharp business rivalry has developed between the Federal Land banks
and the Joint Stock Land banks. The Federals are co-operative organizations of which the borrowing farmers are the stockholders while the joint
stocks are organized by capitalists for private profit.
The Bureau points out that "the next annual report of
the Farm Loan Board will show that an average of one n€w
Joint Stock Land bank every week has been organized for
the last nine months, thirty-seven since February 23 1922.
A total of sixty-eight charters have been granted in six years."
The Bureau also has the following to say in its statement
of the 9th inst.:
The official report for October shows the total capital of the Joint Stock
Land banks to be $21,233,771 67. When they all earn 12% annually as
some of the older ones are now doing, the National Treasury will receive
each year under the proposed bill, $1,274,026 30 on the present capitalization alone.
After a thousand such banks are organized this annual franchise tax paid
for the tax exemption subsidy will repay a small part of the treasury losses
sustained by tax exemption of the bonds.
Besides the extracts given above, the Taxpayers' News
Service Bureau in its statement of Dec.9 also said:
Senator Borah's bill to limit the profits of Joint Stock Land Banks to
6%,the same as dividends of Federal Reserve Banks and to turn the excess
profits over to the National Treasury will be an important source of public
revenue.
Senator Borah has in his possession circulars and letters showing that
profits of 12% have been made since 1919 by some of the banks and that
they have sold stock as high as $140 a share. One bank increased its
capital from $250,000 to nearly a million dollars and the original stockholders furnished most of the capital for the increase.
A syndicate of Pacific Coast capitalists organized a string of these
banks to cover the States west of the Rocky Mountains and a member
of the Farm Loan Board resigned his $10,000 position to become President
of the Pacific Coast association. Another member of the Farm Loan
Board resigned to become President of the First Carolinas Joint Stock
Land Bank. Salaries of $20,000 a year are paid some Joint Stock bank
officials besides profits. . .
2740
THE CHRONICLE
Senator Borah has in his possession a mimeograph copy of a speech
delivered to officers of Joint Stock Land Banks at a convention held in
Chicago in August by Farm Loan Commissioner Lobdell. In this speech
Judge Lobdell warned the banks that some of them were charging excessive
feesitto borrowers that would make them "look rather uncomfortable in
thelhands of a Congressional investigating committee." He also said
that personally the members of the Farm Loan Board would enlarge the
powers of the Federal Land Banks and not have any Joint Stock Land
Banks, if they were to now write a Farm Loan Act. He reminded them
that there is a tendency to over-loan on inadequate security to get a large
volume of business and specifically said of the special privilege granted
them:
"Your institutions enjoy a subsidy, the like of which has never been
granted to another enterprise under the Stars and Stripes."
This speech was not printed for general distribution to the public by
the Joint Stock Land banks nor by the Farm Loan Board. The Farm
Loan Board in its official administrative capacity extends every courtesy
to these favored banks and would not give undue publicity to its criticisms
e their management. . . .
• Secretary of the Treasury Houston, during President Wilson's administration, recommended amending the law to tax the income from Joint
:Stock Land Bank bonds. He said that such a subsidy ought not to be
granted to privately owned corporations organized for private gain.
rgr Senator Gronna, a leader of the farmer senators, introduced a bill two
or three years ago to abolish Joint Stock Land Banks and other bills were
Introduced to require their bond holders to pay Federal income taxes.
Both measures found much support, but during the hard times of 1921,
when farm loan bonds were hard to sell, they were permitted to lapse. . .
The records of the Federal Farm Loan Board show that ten Joint Stock
Banks have been chartered to loan in Iowa and ten to loan in Illinois,
while only one is loaning in North Dakota, one in Montana and not any
in New Mexico and several other States. The tendency of these banks
is toward congestion in States where they are least needed and to stay
out of States where farmers need financial aid.. There is no limit on the
number of Joint Stock Banks that may be organized in one State.
IP The Federal Land Banks are confined to separate districts so there is
no clash of authority and they cover the entire United States. Their
friends and the farm organizations favor raising their loan limit from
$10,000 to that enjoyed by the Joint Stock Banks.
inThe Borah bill is regarded as one of the best pieces of constructive
legislation that has been offered in the interest of agriculture and of the
public treasury.
It will be opposed by the capitalists who own stock in Joint Stock Land
Banks, but it will be favored by over two hundred thousand stockholders
In Federal Land Banks. Senator Borah receives many letters every day
furnishing him facts that will be used in his arguments in support of his
bill. It can be passed at this session of Congress if it receives sufficient
public support.
The following is Senator Borah's bill, which was referred
to the Senate Committee on Banking and Currency.
(S. 4084.1
A BILL to amend section 23 of the Act of Congress approved July 17 1916,
known as the Federal Farm Loan Act.
Be it enacted by the Senate and House of Representatives of the UnitediStates
America
in Congress assembled, That section 23 of the Federal Farm Loan
of
Act, approved July 17 1916,is hereby amended by adding a new paragraph,
to read as follows:
"That after carrying to reserve account the amounts hereinbefore required, and after all necessary expenses of a joint-stock land bank have
been paid and provided for, the stockholders shall be entitled to receive
an annual dividend of 6 per centum on the paid-in capital stock, which
dividend shall be cumulative. The expenses of joint-stock land banks
shall be subject to review and regulation by the Farm Loan Board. After
the aforementioned dividend claims have been fully met the net earnings
shall be paid to the United States as a franchise tax.
"One-half of the net earnings derived by the United Statesfrom the jointstock land banks shall be held as a guaranty fund for the payment of bonds
of Joint-stock land banks that may go into liquidation, and one-half of said
net earnings shall, in the discretion of the Secretay of the Treasury, be
used to supplement the gold reserve held against outstanding United States
notes, or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the
Secretary of the Treasury. Should a Joint-stock land bank be dissolved
or go into liquidation any surplus remaining, after the payment of all debts,
dividend requirements as nereinbefore provided, and the par value of the
stock, shall be paid to and become the property of the United States and
shall be similarly applied."
RURAL CREDIT AT CONFERENCE OF NATIONAL
COUNCIL OF FARMERS' CO-OPERATIVE ASSO.
CIATIONS--PRESIDENT HARDING'S
MESSAGE.
At a three-day session in Washington, on Dec. 16 the
National Council of Farmers' Co-Operative Marketing
Associations certain recommendations were offered as to
rural credit legislation, the report embodying the same
reciting, however, that "the Council announce as its policy
that the Co-Operative Marketing Associations do not ask
anything from the Federal Government except that legislation be enacted to permit farmers and farmers' organizations
to have the same access to the Federal credit system, adapted
to its needs, that all other industries now possess." The
report recommended modifications in the Federal Reserve
System to meet special requirements of farm credits, and to
permit the financing of farmers and farmers' co-operative
marketing associations through normal banking channels,
such modification involving among other things the extension of the maturity of agricultural paper to a maximum
limit of nine months. The creation of a farm credits department in the Federal Land Banks, with capital sufficient
to issue farm credit to the maximum of $600,000,000, was
another project endorsed by the conference. This department would discount or purchase agricultural paper and make
[VOL. 115.
loans to co-operative marketing associations and to agricultural co-operative credit associations. None of the farm
relief measures now pending were endorsed by name, but the
House and Senate Banking and Currency Committees were
requested to incorporate the recommendations in one rural
credits bill, along with acceptable features of the nine farm
credit bills already before Congress. Permanent organization of the Council was authorized at the closing session.
Regarding the Council we quote the following from the
Baltimore "Sun" of the 170.1 inst:
The emphasis given by the council to moderate methods in the rural credits
system that should be instituted and the fact that the Council is the outgrowth of the work of men who sought to help themselves through the co-operative system of marketing has given the organization a standing that few
expected it to have when its conference was called. President Harding is
reported to have stated that this is one farmers' gathering that has talked
• in terms of economics instead of votes.
The quality of the men in the Council and the tone of the proceedings, not
less than the nature of the recommendations, have led observers to the
opinion that it is quite possible that within a short time the new organization will be enormously potent in forwarding the work of teaching the farmers how to market their crops and in guiding legislation for the farmers'
benefit.
Absence of Ranting.
There was an impressive absence of the ranting that often is expected at
meetings,
almost
none
of the too familiar speeches dealing solely
farmers'
with the woes of the down-trodden farmers, and touching not at all on practical remedies. There was ample and frequent recognition of the acute
condition in which the agricultural interests of the country were plunged
shortly after the close of the war, but it was a calm and reasoning recognition, and the remedial thought uppermost was how the farmers could
help themselves. When the legislative plan was reported by James C.
Stone, leader in the co-operative movement of Kentucky tobacco growers.
scarcely any opposition was heard.
The plans for a permanent organization were left in the hands of a committee of fifteen, headed by Judge Robert Bingham of Louisville, Chairman
of the committee that called the conference and Chairman of the conference.
He is said to have been moved to take up the co-operative idea by the plight
of the Kentucky tobacco growers and to have gone forward until he saw
the importance of sound rural credits in connection with the work of the cooperatives, as well as of individual farmers.
Judge Bingham Paying Bills.
The organization committee will not report until next May. In the meantime an organization will be maintained which is expected to keep in touch
with the Department of Agriculture and with Congress. It was announced
to-day that an individual would pay the costs of the organization here until
until it was determined what should be done about the permanent organization. Judge Bingham is understood to be the indivudual defraying
the costs.
same paper gives as follows the text of. the recommendations as to rural credits.
The committee reported as follows:
1. That this National Council announces as a,general policy that the
primary reliance of the farmer for credits for production or for marketing
should be upon the local bankers, and that under normal conditions the
local banker is likely to meet the greater part of such needs.
2. That the Federal Reserve System should be modified so as to meet
the special requirements of farm credits and to permit the financing of
farmers and farmers' co-operative marketing associations conveniently and
efficiently through normal banking channels.
That such modification involves primarily the extension of the maturity of agricultural papers to a maximum limit of nine months, with the
fixing of co-operative marketing paper issued for orderly marketing as
such agricultural')aper; with the maximum limit for loans,on such agricultural paper to any one co-operative marketing association to be fixed
as 50% of the capital and surplus of banks, members of the Federal Reserve
System, subject to State laws wherever applicable, and that encouragement and inducement be made to have more State banks exercise the
privilege of membership in the Federal Reserve System.
For Credit Corporation.
3. That adequate opportunity be presented for the creation of agricultural credit corporations with sufficient minimum capital to purchase
or discount ordinary agricultural papers with a maximum maturity paper
of nine months and live stock paper with a maturity of not more than
three years; with rediscount corporations adequately capitalized to purchase such paper from agricultural credit corporations, with the privilege
of rediscounting any such paper with its indorsement through the Federal
m
System.
t .
Reserve
c
That the aximum basis of loans from farm land banks be raised
1ts
cr0e0d0.
m25,
from5. That310,00a0ftaor$
department in the Federal Land Bank be set
up in each of the land banks with a capital of $5,000,000, making a total
of $60,000,000 capitalized, against which credits may be issued to the
extent of approximately $600,000,000; and that these farm credits departments of the Federal farm banks be authorized to discount or purchase
agricultural paper in a broad sense and to make loans or advances directly
to co-operative marketing associations and agricultural co-operative
credit organizations.
Restrictions on Loans.
6- That the right of the Federal Land Bank to purchase production
credits shall be limited to production credits where the note of the individual
is indorsed by the co-operative credit association; or is secured by a chattel
mortgage on implements or animals, or both, and indorsed by the local
banks; or where the note or draft itself is made by a co-operative credit
association or producers, and that any Federal land bank may exercise
any of the powers herein granted in any section or district of the United
rd.
your committee further recommends that the Committees on
Banking and Currency of the House and Senate be requested to consider
these suggestions and to combine them, if possible, into a Rural Credits
Act, to be introduced in such way as the Committee may deem advisable.
Your committee recommends that the Council announce as its policy
that the co-operative marketing associations do not ask anything from
the Federal Government, except that legislation be enacted to permit
farmers and farmers' organizations to have the same access to the Federal
credits system, adapted to its needs, that all other industries now possess;
and to make provision for unforeseen emergencies by setting up a last
reserve in such a manner as is above suggested in the farm credits department of the farm land banks.
StaA
DEC.23 1922.]
THE CHRONICLE
Your committee further recommends that this Council take action
through every individual member, representing every co-operative association, to make immediate personal contact with the Senators and Conaside
gressmen from each State, to urge that a rule be secured setting
consideration of other bills until this legislation is secured; and that all
as
legislation
of
of the farm organizations be asked to unite in support
generally outlined above.
With the opening of the conference on the 14th inst.,
President Harding, in a message of greeting, read by Senator
Ernst (Republican) of Kentucky, expressed his interest in
the work of the Council, and stated that he knew "no single
movement that promises more help toward the present
relief and the permanent betterment of agricultural conditions
Ulan this one." The President said:
Several weeks ago, when you called my attention to the fact that the
National Council of Farmers Co-operative Marketing Associations was to
meet in Washington this month,I was unwilling to deny myself the privilege
of meeting with the organization, hoping it might be possible to do so.
I find now that owing to pressure of many duties that is impossible. Hence,
I am asking you to express to the gathering my deep interest in its work
and my hope that most useful results may flow from the present session.
I know no single movement that promises more help toward the present
relief and the permanent betterment of agricultural conditions than this
one. Whoever has cared to read my recent message to the Congress will
understand the depth of my conviction about the necessity to do everything
possible to help the farmer through his present era of depression. I am
anxious that the Government do everything within reason and sound
procedure, and I am still more anxious that the farmers shall themselves
co-operate to make the Government's efforts doubly efficacious.
In the long run, Government aid cannot be made effective unless the
farmers shall be organized and alive to their own responsibility to establish
and use practical Instruments for the distribution of credits and the assurance of the most economical marketing methods.
- This association stands
precisely for the best, most intelligent effort to establish such methods, and
to teach the farmer and his friends to utilize them. Because I am convinced of this, I feel that this meeting is of unusual importance and significance, and I wish you would convey this expression in the most emphatic
terms.
Secretary of Agriculture Wallace, Dr. Julius Klein, Chief
of the Bureau of Foreign and Domestic Commerce of the
Department of Commerce, also endorsed co-operative marketing at the session of the Council on the 14th inst., Secretary Wallace stating that the Department of Agriculture
regards marketing as essentially a part of production, adding,
"and it seems to us just as much our business to help the
farmer market his crops intelligently and get fair prices
for them as it is to help him produce them in the first place.
A productive agriculture must be a prosperous agriculture."
John F. Sinclair of Minneapolis, pleading for emergency
price stabilization, declared "the Northwest will go to pieces
next year" if such relief is not provided.
At the session on the 15th inst. co-operative marketing of
farm crops received assurances of support from members of
the Administrative, Executive and Congressional branches
of the Government. Secretary Hoover, Eugene Meyer Jr.,
Managing Director of the War Finance Corporation, and
Adolph C. Miller, member of the Federal Reserve Board,
advised the delegates that commodity associations had done
more toward restoring financial stability in the United States
than any other factor, and Senator Capper of Kansas, leader
of the Senate farm bloc, asserted the prospects were growing
better daily for action on rural credits legislation. The
•
Associated Press said:
Secretary Hoover said the farmer had every right to demand relief from
the depression into which his industry had fallen, because it had suffered
more than any other. He expressed the opinion that the farmers' greatest
hope for relief lay in co-operative marketing and be predicted that the sentiment of the country would guarantee to them the constructive measures
they needed. Lack of transportation faclities, Mr. Hoover said, had
caused the farmer greater loss than high rates.
Senator Capper said "the co-operative idea offers more encouragement in
pulling the farmer out of the hole in which he finds himself, due to financial
and industrial conditions,than any other factor." The facts of the farmers'
plight were being brought home to Representatives and Senators and more
attention was being given in Congress to the farmers' condition.
2741
This feature of the situation was referred to also by C. B. Howard of
Atlanta, speaking for the American Cotton Growers' Association. Senator
Pomerene asked whether there was need at this time for a loan to Germany
for industrial purposes and Mr. Howard replied that in his opinion "our
commerce with Germany would be assisted if we did not loan the money."
There is no demand from England and Continental Europe for credits,
Mr. Howard stated, adding that especially in the cotton export business
buyers in Europe seemed to have no difficulty to obtain credits either at
home or abroad to finance their purchases. No European interests, he
asserted, entitled to credit, had any difficulty in arranging it.
The Farmers' Union, having organizations in thirty-six States, through
W. C. Lansdon of Kansas, urged legislation to establish credits for commodity marketing associations and personal credits for farm operations.
He urged that the War Finance Corporation be maintained and be made
the agent through which the Government expend its aid under any legislation that might be passed. The Norbeck bill, providing for the organization of a corporation to take over the assets of the War Finance Corporation
and to be financed by stock subscription, was recommended by Mr. Lansdon
as more nearly meeting the views of the union than any of the other pending
measures.
CREDIT FACILITIES FOR FARMERS AND BRANCH
BANKING DISCUSSED BY A. B. A. COMMITTEE
AT WASHINGTON.
Better credit facilities for farmers were discussed with
Senators Lenroot and Capper and with Government officials
by the Administrative Committee of the American Bankers
Association during their meeting last week in Washington,
it is stated by J. H. Puelicher, President of the American
Bankers Association. The branch banking question was
also discussed with Secretary of the Treasury Mellon, Comptroller of the Currency Crissinger and members of the Federal Reserve Board. Mr. Puelicher said:
We informed Secretary Mellon, Comptroller Crissinger and members of
the Federal Reserve Board as to the Association's attitude on the branch
bank question, which occupied so prominent a place during the recent convention of the Association here in New York. We stated to these officers
that the Association had put itself squarely on record as being opposed to
branch banking.
Senators Lenroot and Capper and other Senators gave us vrry clear statements of the measures for more adequate agricultural credits introduced by
Senators Lenroot and Capper. They frankly discussed their attitude,
and we feel that the Association will be able to consider this most important
subject more intelligently as a result. Agricultural credits will be continuously one of the major problems of study for helpful action by the Association.
EUGENE MEYER, JR., ON CO-OPERATIVE MARKETING ASSOCIATIONS—PROPOSED LEGISLATION.
Speaking before the National Council of Farmers CoOperative Marketing Associations, in session at Washington,
Dec. 15, Eugene Meyer, Jr., Managing Director of the War
Finance Corporation, emphasized the fact that co-operative
marketing associations have come to stay and that they are
destined to play an important and permanent part in the
economic development of the country. Extended reference
to the conference will be found in the preceding item in this
issue. Among other things, Mr. Meyer said:
As a banker lending the public's money, I believe in the co-operative
marketing associations. I believe that the spread of the movement, beginning with the first loan made by the War Finance Corporation to an association in July 1921 has done more to foe:Mato recovery from the acute and
extreme depression of last year than any other single factor. I believe
that the steadying influence of the co-operative marketing associations,
carrying out a program of orderly marketing and establishing crerlits on a
sound basis with the War Finance Corporation and with the banks of the
untry,hats materially shortened the perlod of depression. I can say fairly
that very little exception can be taken to the policies or to the management
and personnel of the thirty-two co-operative marketing associations to
which the War Finance Corporation has authorized advances totaling
$174.000,000 during the past sixteen months.
Discussing the legislation now under consideration by
Congress, Mr. Meyer pointed out that the bill recently introduced by Senator Capper is not only based upon the experience of the War Finance Corporation during the recent agricultural crisis, but represents the results of many conferences,
We refer in another article to Mr. Meyer's remarks. A in Washington and elsewhere, with the leaders of co-operative
press dispatch from Washington. Dec. 16 regarding the marketing associations and other agricultural organizations.
deliberations that day (published in the New York "Times") It is based upon the principle, he said, of utilizing existing
banking institutions to the fullest extent, supplementing
said:
The conference, in its formal declaration of policy, held that the co- those institutions with new machinery only to the extent
operative associations should ask nothing from the Federal Government
that is necessary. He stated that his views now are what
other than the enactment of legislation to give to farmers and their organizathe opinion
tions the same access to the Federal credits systems that all other industries they were eight months ago, when he expressed
best rediscount facility
possessed.
the
to
entitled
is
"agriculture
that
The Inter-State Commerce Commission was requested to hold hearings
Federal Reserve
to lessening in the United States, and that facility is the
to open the whole question of revision offreight rates with a view
System. This great system cannot contemplate the formathe burdens borne by shippers of primary commodities.
Carl Williams of Oklahoma, President of the American Cotton Growers' tion of other systems for doing the things it can properly do.
Exchange, declared the conference to have been the most important move
only would I have nothing to say about the formation of organizations
in American history for the betterment of the farmer. Not
agriculture benefit, he said, but the consumers of farm produce everywhere to do what the system cannot properly do, but in no event
would share in the reforms expected to follow.
be satisfied with a second-class rediscount
into should agriculture
The Senate Banking Committee hearings on farmer relief rambled
the proposal facility, such as is contemplated in some of the suggestions
of
discussion
brief
credit
to-day
foreign
a
to
led
and
of
field
the
that have been made recently, when the adjustment of the
to float a big international loan to Germany.
Committee
Director Meyer of the War Finance Corporation told the
rules of the Federal Reserve System to the business
eligibility
the
large
of
sight
not.lose
should
that in its credit legislation Congress
German citizens involved in the production and orderly marketing of agrimany
said
He
Europeans.
by
country
this
in
owed
credits
a result it had been cultural products would give it a first-class facility. That
had large deposits in American banks and that as
on a more
possible for American and German bankers to resume relations
is the point of view with which we in the War Finance Corstable basis.
2742
THE CHRONTCLE
[VOL. 115.
poration have approached the problem of permanent agri- it would have power
to operate Government ships and buy, sell, lease and
cultural financing." "I do not think," continued
Mr. operate elevators.
Meyer, "that suggestions, even though they come from
At the time the Norris bill was introduced on Nov. 22
well-intentioned sources, which imply or signify a surrender the "Journal of Commerce" in special advices from Washon the part of the agricultural interests of the benefits of
the ington said:
Far more comprehensive than his previous bill, which had a large measure
Federal Reserve System should be entertained.
of support in the last Congress before it was superseded by the Kellogg bill
Mr. Meyer stated that, in his opinion, one of the
reviving
the War Time Finance Corperation, Senatc•r Norris said he bemost
helpful things that could be done in the field of rural
a favorable repc rt would be made because the Agricultural Committee
credits lieved
had approved a bill very simgar to this one.
would be to bring into the Federal Reserve System the
9,640
The real object of the bill is to cut out the thousands of middlemen who
country banks which are now eligible for membership
profits on fLed commodities between the time that they leave tne hands
take
but
which have not entered the System. He added:
of the producer and the time they reach the hands of the consumer.
the
40%
These
9,640 banks have an aggregate capital and
surplus equal to ani
slightly in excess of the capital and surplus of the State
banks and trust
companies which already belong to the System; and their
total resources—
capital, surplus, and deposits—amount to more than
$9,000.000.000. In
these banks, located for the most part in the agricultural
sections of the
country, lies the basis for the greatest development
in rural credits that
could possibly be brought about; and a way must be
found to get at least
a substantial
.portion of them into the System. This is
a problem that
requires no new legislation; these banks are eligible for
existing law. The immediate passage of the Capper membership under
bill, which seeks to
make more available to co-operative marketing
associations the rediscount
facilities of the Federal Reserve Syt,tem, would be
But how much more valuable would such action bevaluable, of course.
if the paper of the
associations were rediscountable at the Federal
Reserve banks, not only
through the State and national banks which are
already
System, but also through the 9.640 banks which are eligiblemembers of the
for memberihip
under existing law and whicb. so far have refrained
from joining.
In closing, Mr. Meyer said:
The co-operaave marketing movement is a hopeful
sign for the future.
But there are certain dangers which you, as
representatives of the movement, must guard against. There are men in almost
every community
who have difficulty in distinguishing between orderly
marketing and
speculative holding. They do not mean to do any
harm. They mean
well. They merely wish to get better returns for the
happy to say that the War Finance Corporation has seen producer. I am
very little of them,
and our experience, on the wh le. has been very
satisfactory, both from the
business and the management po'nt of view. The sincere
and
believers in the co-operative movemert must do everything whole-hearted
in their power
to pros ent any important ca-operative marketing
assoeation from going
so far astray from sound policies of orderly marketing
as to permit the
critics and enemies of the movement to discredit all
by pointing out the
failure of one.
THE NORRIS BILL SHOULD BE KILLED.
The following is from the New York
"Commercial" of
the 18th inst.:
The Senate Committee on Agriculture, dominated
by the radical group
of Republicans, has reported out the Norris bill,
creating a $100,000,000
Government corporation to buy and sell farm
products and to loan money
to finance their sales. This bill embodies the
radical ideas which have
swayed the farmers of the Northwest during the
past few years and which
have resulted in some of the unfortunate
experiments that have so overburdened North Dakota.
The Norris bill very definitely puts the
Government in business, which
is something the American people desire to rid
themselves of as rapidly as
possible. There was some excuse for it as a
war
absolutely none in peace times. The expectation measure, but there is
is, of course, that the
Government shall buy grain from the farmers,
paying them a fixed price
for it and then taking the chance on disposing
of it at a profit. In other
words, the Government is to take all the
speculative risk and guarantee
the farmers good prices for their products. The
proposition is, of course,
absurd on its face. If the Government is to deal
in grain, it can obtain
only the market price for it, and if it should pay
the farmers more than
that, the deficit would have to be made up by
taxation. The Government
cannot control the market price. It may establish
the price arbitrarily,
but it does not follow that it could sell its holdings
at
If by any chance the Norris bill should become a that price.
law, the precedent it
would establish would be ruinous. Evidently the
farmers think they are
the only element of the community that has a right
to Government aid.
If the Government is to pull them out of a hole,
then it must offer the
same kind of service to every other class of business.
standpoint, the proposition falls with its own weight, Viewed from that
for, after all, the
Government is the people. The Treasury has to be
filled out of the pockets
of the people, and the farmers and other producers
would simply be selling
to themselves. The title of the Norris bill should
be
"An Act to Permit One to Hoist Himself by His Own changed to read
Boot Straps."
FARMERS' CREDIT BILLS -BEFORE
CONGRESS
SENATE HEARINGS—R. C.
LEFFINGWELL'S
VIEWS.
Farmers' credit bills appear to be absorbing the
of Congress, and efforts toward the displacing attention
of the ship
subsidy bill in the Senate in order to give prior
to the bill of Senator Norris which would create a attention
8100,000,000 Government corporation to finance the tale of
agricultural ir•oducts have marked the course of the
Congressional
movements of the week. The Norris bill was
favorably
reported to the Senate on the 15th in ;t. by the Senate
mittee on Adriculture. Regarding it the Associated ComPress
dispatches from Washington Dec. 15 said:
Indications were that the bill, around which the next
phase of the fight
for agricultural relief legislation promises to centre, would
be brought into
the Senate in the near future and an attempt made to
have
Ship Subsidy bill. The Norris proposal has not received it replace the
Administration
approval, and yesterday Eugene Meyer, Director of the
War Finance Corporation, Cold the Senate Banking Committee he was
opposed
to it.
Aid in disposing immediately of the surplus of
agrieuhural products to
European markets is one of the principal object;ofthe
Norris
bill, proposing
a permanent Government corporation to deal in mica
products. The corporation would be composed of three members appointed'
by
the President
and would have power to issue $500,000,000 in
tax-exempt bonds. Its
$100.000,000 Capital would he
entirely by the
Government, and
cost of commodities to the consumer goes into
cf
"More than
the pockets of the middlemen," Senator Norris said. "Under the rpoposed
system the producer could get mere money for his commodity, while the
consumer could buy it for less. The two suggestions seem contradictor
op their face, but they are not."
Among the other of the numerous farmers' aid bills proposed is one introduced on Dec. 6 and sponsored by Senator
Lenroot and Representative Anderson. Outlining its provisions, the Associated Press accounts from Washington
Dec.e
6said:Administration's program for rural credits legislation became more
definitely outlined to-day with the introduction in both House and Senate
of an amended credits bill, with new features which were declared to
have the support of Secretary of Agriculture Wallace and officials of the
Treasury Department and the Federal Farm Loan Board.
Introduced by Senator Lenroot of Wisconsin and Representative Anderson
of Minnesota, author and Chairman, respectively, of the Congressional
Agricultural Commission, the bill would utilize the existing Federal Farm
Loan system as a basis by creating within it a farm credits department
through which potential credit facilities would be provided for farmers'
short and long term loans to the extent of at least $600,000,000.
Significance was seen in the introduction of the legislation, because
of the recent White House conference attended by Secretary Wallace.
Senator Watson of Indiana and a dozen other Republican Senators, at
which the farm credits situation was discussed and an agreement reached
to provide comprehensive credit machinery for the farmers through the
system.
ba
Loan loan
FederaltwelveFarm farm
iks at present have a Government subscription
The
totaling only $12,000,000, but under the new bill they would be provided
with a revolving fund subscribed by the Government tataling $60,000,000,
divided equally among the twelve banks. The banks would also be
authorized to rediscount farm paper with maturities of from six months
w
to three
ill enable the farmer to make loans for production and
"The years.bbill
purposes
on a basis of maturity corresponding with his ability
marketing
the loan from the proceeds of his farm or from the sale
pay
and
realize
to
of products hypothecated as a basis of the loans," Mr. Anderson said
to-day, "It will enable the farmer to draw money from the money centres
of the country in such volume as to reduce the interest rates effective
In agricultural sections without interfering with or in any way imperiling
the business of banks whose deposits are subject to withdrawal on short
notice.
"It requires no installation of new machinery, and permits the farmer
to do his business in intermediate credits in the same way as he now does
his business in relation to short-time credits.
"It will not impose upon the farmers' requirements for intermediate
credit the large overhead which would be involved in the erection of an
entirely new machinery to meet these requirements. It will provide a
means for meeting the credit needs of co-operative producing or producing
and marketing associations composed of farmers.
"In addition, the bill amends the Federal Reserve Act so as to admit
to the Federal Reserve System State banks having a smaller capital than
now required, providing these banks undertake to meet the present rets hwiittheinHtohruesee
quiAmeenwr
conference referred to above took place
Nov. 30, and the following statement was issued at the
White House that day, making known the tentative proaWhite House conference Thursday afternoon Secretary
lopseosored:
grA
aitntheprco
Wallace and Senator Lodge made the following statement:
"The President had in conference at the White House Thursday afternoon the Secretary of Agriculture and Senators Lodge, Watson, Capper,
McNary, Gooding, Willis, Shortridge, McCumber, McLean, Nicholson,
Fernald and Keyes. The Senators chiefly represented the Agriculture and
Banking and Currency committees. Two hours were devoted to a discussion of a program for further relief of the American farmers and live
stock growers, especially in the way of credits. The various measures proposed were given consideration, and a tentative.program of legislation will
be commended to the House and Senate committees on Banking and
Currency.
-The legislation thought to be best suited to the agricultural and live
stock emergency contemplates provisions for:
"Increasing the maximum loan limits of Federal Farm Land banks from
e
00.
5
0,r00
"Provision,000 to $2f
$10
voluntary creation of live stock and agricultural credit
associations primarily to deal with loans on live stock.
"Amendment of the Federal Farm Loan Act to provide for the rediscount
of agricultural production and marketing paper. Also to add two members
.
oacrrdea
tes
laB
Lma
o pn
nte
Facrom
raalm
,he
erdoegr
TheFp
to,t
creating a division in the Federal Farm banks
production
and marketing credits, thus supplying a
specifically
with
to deal
means of discount to the farmer on longer time notes than are eligible to
discount by the Federal Reserve banks. Credits to the maximum period
of three years are to be provided where the turnover covers that period.
"The conference brought out a clear determination to develop a workable
plan of dealing with the relief of farm credits at the short session of ConitI'essandNvill have the cordial sanction of the majority in Congress and the
President."
As we indicated in our issue of Dec.9(page 2528), President
Harding in his message to Congress on the 4th inst. urged
the need of financial facilities in behalf of the farmer. On
Dec. 12 the Senate Committee on Banking and Currency,
to which most of the half dozen or more rural credits bills
have been referred, began consideration of the measures
before it.
DEC.23 1922.]
THE CHRONICLE
2743
On Dec. 11 the Senate Committee on Agriculture heard which would represent a combination of certain features
Senator-elect Frazier, who told of farmers' needs. Washing- of the Capper and Lenroot bills.
On the 18th inst. former Assistant Secretary of the Treaston press dispatches the same day said:
Members of the Senate farm bloc met to-night to consider the proposed ury R.C. Leffingwell is said to have declared at the Senate
measures. The trend at the meeting was said to be toward the Lenroot- Banking Committee's hearing that inadequate distribution
Anderson bill, which would use the Federal Farm Loan System as a basis
caused the present
for extending agricultural credits, but division of opinion prevented final facilities and not inadequate credits have
action and another meeting of the bloc will be held to-morrow. It is said trouble of the farmers. From the press accounts of his rethat there are prospects of an agreement then.
marks we take the following:
On the 12th inst. the Agricultural Committee heard
"The farmer is now suffering from too much credit," Mr. Leffingwell
additional members of a delegation from the Northwestern added. "His trouble is inadequate marketing facilities, due in large
measure, in my judgment, to the inability of Europe to purchase, because
States upon the Norris bill and the Ladd bill, to stabilize It
is dropping to pieces. He is not suffering from over-production, but
Washington
prices of the major agricultural products. A
the people who are suffering for want of what he has to sell,are literally starvdispatch in the "Journal of Commerce" referring to this said: ing to death because they cannot get it. In other words, the situation
• The witnesses strongly endorsed the Ladd bill, declaring that its enactment must go hand in hand with passage of credit legislation if the farmers
of the Northwest were to be benefited.
Later in the day the hearings were enlivened by charges by former
Representative Kelly of South Dakota, that the Chicago Board of Trade
had contributed $100,000 toward the organization of the American Farm
Bureau Federation, one of the largest of the various farmers' associations.
The witness accused J. R. Howard, President, and Gray Silver, legislative
representative of the Federation,of"misrepresenting the farmers" belonging
to the organization.
Rural credits legislation also was taken up again at a meeting of the
Senate farm bloc to-night. Members of the bloc have been trying to agree
on a definite measure, but leaders indicated that owing to differences of
opinion the bloc would not go on record in support of any one bill.
In further advices, published in its issue of Dec. 14, the
"Journal of Commerce" said:
The farm bloc, unable to unite upon any one rural credits scheme, has
agreed to wait until the Senate Committee on Banking alid Currency has
evolved its final bill before undertaking to propose a substitute measure.
Senator Capper,head ofthe bloc,admitted that there was a wide diversion
of opinion among the members as to what should be urged for the relief of
the farmers, and that it was thought best to await the result of the hearings
before making a definite commitment. While Senator Simmons of North
Carolina, Senator Smith of South Carolina and Senator Norbeck of North
Dakota have characterized as "wholly inadequate" the Lenroot-Anderson
bill, some of the more conservative Democrats have indicated that they
think the best plan to pursue is to assist in the evolution of the best bill
they can get and to back it.
Smith Outlines Plan.
At the farm bloc night session Tuesday Senator Smith of South Carolina
outlined his plan, which calls for the creation of the Agricultural Federal
Reserve Board and Government subscription of $500,000,000 to provide
the initial capital. Senator Smith said the farmers produce 55% of the
whole wealth of this country and were entitled to a system of credits.that
was just as broad as that given the commercial interests.
He said he was preparing a bill, which would be ready within the next
few days, proposing a system patterned after the Federal Reserve Board,
which would be devoted exclusivelyto agricultural credit extensions. This
bill will be very much like the Simmons measure. He declared that the
members of the farm bloc seemed to be much impressed with his bill and
said he had discussed it to-day with Senator Borah of Idaho.
The session of the Banking and Currency Committee this morning was
devoted to hearing Aaron Shapiro, a lawyer, who said he was a co-operative
marketing specialist. He made two definite recommendations: First, that
the present limit on agricultural paper eligible for rediscount at the Federal
Reserve Board should be extended from six to nine months. Second, that
a provision should be written into the bill making the Federal Re erve
Board consider the paper of co-operative marketing associations as agricultural paper, eligible for rediscount.
Norbeck Visits President.
Senator Norbeck called at the White House to-day to discuss with the
President the rural credits problem. Mr. Norbeck has criticized rather
severely the Administration's program on the ground that it is not extensive
enough.
Senator Simmons to-day said he was perfectly willing to permit an Administration Senator to get the credit for setting up an independent rural
credit system, as he had no pride of authorship in his bill. However, he
repeated that he thought the Lenroot-Anderson bill was p mere "pop-gun"
measure and not worth anything to the farmers.
There has been such a variety of bills proposed by members of the farm
bloc that the question has been asked as to whether they would ever be able
to unite upon one program. Senator Capper said that he thought the bloc
would reach an agreement in a short time. It is generally believed that the
rural credits scheme will centre around the Lenroot-Anderson bill, with
the addition of the Meyer live stock bill and the Norbeck measure, providing for Federal assistance to facilitate exports of agricultural commodities.
is under-consumption and not over-production."
• Inflation due to war causes was no greater in any field than in agriculture, Mr. Leffingwell asserted. Certain farmers "wisely" took advantage of the inflation in farm prices in 1919 and 1920 by selling out.
he said, adding that the problems of many farmers to-day were due to
their inability to conduct their business with decreasing prices for farm
products. Any legislation attempting to maintain agricultural prices,
he held, would be harmful to tha farmers. Deflation was inevitable, he
added, "as soon as the people come to their senses."
Although he credited the Federal Reserve System with saving the
country from disaster, the witness declared the present banking system.
was d..3fective in that it was not sufficiently concentrated to enable the
quick transfer of credits from one part of the country to another.
Referring to farm credits bills now pending before the committee, Mr.
Leffingwell said he preferred the one introduced by Senator Capper or
Kansas. He was opposed, he said, to anything partaking of the nature
of a subsidy, and he crticised the Lenroot bill because, he said, it would
result in withdrawing $60.000,000from the Treasury for the use offarmers.
At the hearing before the Committee on the 19th inst.,
Charles E. Lobdell, Chairman of the Federal Farm Loan
Board, while approving the Lenroot bill as providing a
workable rural credit scheme, told the Committee that he
would prefer that the new system be attached to the Federal
Reserve Banks instead of to the Federal Land Banks. The
New York "Commercial," from which this is learned, also
said:
Benjamin Marsh, of the Farmers' National Council, another witness,
said that the farmers need higher prices more than additional credits.
"As now revised the Lenroot bill is workable and presents a practical plan
for meeting the situation," said Mr. Lobdell. "We do feel that a more
scientific system would be provided if the bill were amended by substituting
Federal Reserve Banks for Federal Land Banks and the Federal Reserve
Board for the Federal Farm Loan Board in the administratino of the system
"The Federal Reserve banks deal with personal credits as distinguished
from farm land credits, while the Federal Land banks deal with land credits.
The new farm credits department would deal with personal credits and
therefore more properly should be attached to the Federal Reserve banks.
The training of the administrative officers of the Federal Reserve banks
has been in connection with personal credits, while the officers ofthe Federal
Land banks are more experienced in the question of farm land credits."
Mr. Lobdell said that he approved the segregation of the activities of the
farm credits department from the present activities of the land banks as
provided in the revised Lenroot bill. The measure as originally introduced
did not provide for this segregation.
In discussing the Capper bill Mr. Lobdell said that it did not seem to
add much except Government supervision to existing live stock loan
companies.
He said that if the Lenroot and Capper bills were combined, he thought
the provision of the Capper bill authorizing agricultural credit corporations
to issue debentures should be eliminated in order to avoid competition between these debentures and the debentures of the farm credits departments
of the land banks. Eugene Meyers Jr., Managing Director of the War
Finance Corporation, who drafted the Capper bill, took issue with Mr.
Lobdell on this point, declaring that he saw no reason why these securities
should injure each other any more than different kinds of securities do at
the present time.
Mr. Lobdell approved the provision of pending bills increasing from $10,000 to $25,000 the maximum amount of loans of Federal Land banks on
land mortgages. He said that the Farm Loan Board objected to any
increase two years ago when it was difficult to provide sufficient funds to
meet applications for loans, but that conditions are now such as make it
possible to provide all the money desired.
Mr. Lobdell said he did not believe it was possible to induce many more
State banks to come into the Federal Reserve System. He gave as the
principal reason the fact that the Federal Reserve banks do not pay interest
on the reserves of the member banks.
The following, from Washington, is taken from the New
On Dec. 15, when the Norris bill was ordered favorably York "Herald' of yesterday.(Dec. 22):
Desperate efforts were made to-day to prevent further disintegration
reported a bill was introduced by Representative Steenerson
the farm bloc in the Senate, but with little success. Members of the
of Minnesota, proposing a bureau of wheat price insurance to of
bloc who have made glowing promises to aid the farmers are hopelessly
protect farmers from unreasonably low prices at the primary deadlocked as to the best way to carry out their election pledges.
Senator Norris (Neb.) tried hard to rally support for his'farm credit
markets. The bill, to quote the press dispatches from
measure. He met rebuffs from several of the farm bloc members. Senator
Washington, would create a revolving fund of $100,000,000. Harrison (Miss.) told Senator Norris frankly that he is opposed to those
for purchasing, selling, transporting and storing wheat and features of his bill providing that the Government go into the warehouse,
and merchandise business on a gigantic scale.
its products whenever necessary to prevent undue depression elevatorme
these provisions," said Senator Harrison,"are not only socialistic
"To
or fluctuation in prices or unjust marketing manipulation but Bolshevistic and I will never approve them." Mr. Harrison declared
"which would tend to increase the liability of the United he favored the Lenroot bill recommended by the Joint Agricultural Commission, which provides for large loans to farmers through the Federal
States under the insurance policies." Under the bill the Farm
banks.
Secretaty of Agriculture, before the planting season each
Senator Dial (So. Caro.) scored the Norris bill, saying he is opposed
the Government in private business. "We should direct our
putting
various
to
the
of
value
year, would determine the insurable
energies instead to taking the Government out of business," he said.
classes and grades of wheat to be raised the following year,
in the bloc took place before the Banking and Curdissensions
Further
based upon the average cost of production for the last pre- rency Committee, which is trying to whip into line a rural credits bill which
will have the support of the Administration. Senator Simmons injected
ceding three years, with a reasonable profit added.
a discordant note by insisting upon the adoption of the principles of his bill
At the hearing before the Senate Banking and Currency for
a credit of $500,000,000 to farmers.
The various farm organizations are also at odds over the proposed measCommittee on the 15th inst. recommendations as to credit
ure, so that Senator McLean (Conn.), Chairman of the Banking and Curlegislation considered desirable by the co-operative market- tency
Committee, is now doubtful whether he will be able to report out a
ing associations were presented by Aaron Sapiro of Cali- farm credit bill next Wednesday, after the holiday recess, which begins at
fornia. He said the associations were in favor of legislation the close of business to-morrow.
2744
THE CHRONICLE
The farm bloc makes no secret of its intention to fight the Administration
farm credit measure to the extent of insisting upon vital amendments in
keeping with some radical ideas entertained by some of the members. The
bloc intends to debate the farmers' bill, which is to take the place of the
ship subsidy bill, "freely and fully." The fact is the bloc to a man is opposed to the subsidy bill and is not averse to using only the rural credits
bill as an aid to the filibuster on the shipping measure.
CO-OPERATIVE MARKETING PAPER ELIGIBLE FOR
SIX MONTHS DISCOUNTING.
A ruling making bankers' acceptances of six months' maturity, drawn by growers of staple agricultural products or
co-operative marketing associations, eligible for purchase or
rediscount by the Federal Reserve banks was announced by
the Federal Reserve Board on the 20th inst. With regard
to the new ruling, the Associated Press had the following to
say in its Washington dispatches:
Officials declared the decision, which makes the agricultural paper
eligible for rediscount for six months instead of three,"should be of material
assistance to co-operative marketing associations in financing the orderly
marketing of crops."
Acceptances of six months have been asked for by many agricultural
organizations and the longer period is believed by officials to accord more
nearly with the turn-over period required by the farmers to market crops
for whose production they have borrowed money.
The ruling requires that the acceptances be secured by warehouse
receipts covering the products against which the acceptances are drawn.
It is in line with a policy announced some time ago by the Board which
made eligible for rediscount acceptances drawn to finance domestic storage
of commodities pending their marketing.
Agricultural paper of this character is placed by the ruling on a parity
with acceptances drawn against exports and imports which have been
extended from three to six months.
Officials explained that the six months limitation was as far as the
Board could go under existing law. Various bills are pending in Congress,
however, to make acceptances with much longer maturity eligible for
rediscount by the Reserve banks.
"Several kinds of borrowings are involved," said a statement issued by
the Board explaining its decision. "If the grower desires to do the borrowing himself, he can draw a draft on the co-operative association at the time
he delivers his crop, the association accepting it. He then discounts the
draft at his local bank, which under the ruling may rediscount it at a Federal Reserve Bank as agricultural paper, with a maturity up to six months.
If the association itself wishes to borrow directly from a bank in order to
make payments to the growers who are its members, its notes are eligible
for rediscount, but the Board has held that under existing law such notes
are commercial notes, the maturity of which must not exceed ninety days,
because the proceeds of such notes are used for the commercial purpose of
buying the commodities from the growers. . . .
"This ruling has rightly been regarded as a very liberal one, and will
greatly facilitate the operations of co-operative associations. It is based
upon the principle, long recognized by the Board, that the carrying of agricultural products for such periods as are reasonably necessary in order to
accomplish orderly marketing is a legitimate and necessary step incident to
normal distribution.
__
"The Board points out, however, that there is a distinction between carrying productions for such purposes as are reasonably necessary and mere
speculative withholding from the market in the hope of obtaining higher
prices. Under the Federal Reserve Act, paper drawn to finance speculation is ineligible for rediscount.
"The Reserve Board also points out that in determining whether or not
an association is engaged in orderly marketing,rather than speculative holding, it is not improper to take into consideration the fact that each crop must
ordinarily support the market until the next crop is harvested."
ACTING GOVERNOR PLATT OF RESERVE BOARD
URGES MAKING NINE MONTHS PAPER REDISCOUNTABLE.
Amendment of the Federal Reserve Act so as to make nine
months' paper rediscountable by member banks was urged
by Acting Governor Platt of the Federal Reserve Board at
the Senate Banking Committee's hearing on agricultural
credit bills. The New York "Evening Post" of last night
(Dec. 22) in stating this, said:
While under normal conditions the present limitation of rediscount
privileges to six months' loans was satisfactory, changes in marketing
conditions, he said, made it desirable to increase the length of the loans
to nine months. Such an arrangement, with provision for long-time
loans for the livestock industry, the Committee was told, would provide
all the credit which agricultural interests required.
Emphasis was placed by Mr. Platt upon the short period of the turnover in Federal Reserve banks on rediscounts, the average throughout
the country being 110 days. This condition would continue, he said,
should the loans be for nine months instead of six.
Should the Lenroot oill, providing for the sale of debentures based on
personal credits of farmers be passed, administration of the law should
not be placed in the hands of the Federal Reserve Board, Mr.Platt asserted.
Many of the State banks would be put out of business, he predicted,
should Congress authorize Federal loans to farmers based on production.
[VOL. 115.
ments from several members of the Committee, which indicated doubts in
their minds as to the desirability of such a move. Senator Glass, of Virginia, who was Chairman of the House Committee on Banking and Currency at the time of the framing of the Federal Reserve Act, and who
later served as Secretary of the Treasury, seemed especially doubtful of the
wisdom of any action which might interfere with the liquidity of the paper
held by Federal Reserve banks.
"The Federal Reserve System is essentially a reserve system as distinguished from a primary banking system," said Senator Glass. "The function of the Federal Reserve banks is not to discount paper, but to rediscount. Unless the Reserve banks are in a position to'meet all emergencies,
the purpose is destroyed. If you ever undertake to make of the Federal
Reserve banking system a primary system you may wreck the whole system.
"The Dallas Federal Reserve Bank came near being wrecked a few years
ago, even under present limitations. If the other Federal Reserve banks
had not come to its aid it would have been wrecked."
Seek Orderly Marketing.
Commenting on the Dallas system, Mr. Sapiro said that speculators who
held cotton bought at high prices were responsible and that the co-operatives
were producers and were seeking only to promote orderly marketing and
looked at things from a different viewpoint than the speculators. He dedared that maturities of agricultural paper ought more nearly to approximate the period of turnover.
"The co-operative groups do not ask for more credits than are now given
on commodities," said Mr. Sapiro. "They merely ask that the same credits now given to middlemen be now made available to the farmer and to the
co-operative associations. We believe that the Federal Reserve system
has been built up more from the standpoint of commercial interests than of
the farmers. We ask for legislation which will put us on the same basis as
other industries. The period of turnover in a manufacturing industry is
less than in the case of agriculture where the turnover is more nearly on an
annual basis. We feel that even reserve banking must be built up for the
needs of the country in which we are operating."
Senator Penrose of Ohio, was another who expressed serious doubts as to
the desirability of extending the maximum maturity of paper eligible for
rediscount in Federal Reserve banks.
Mr. Sapiro said that he did not believe Congress should attempt to provide agricultural production credits but should confine its efforts to marketing credits.
NEW YORK STOCK EXCHANGE IN EXPLANATION
OF ITS QUESTIONNAIRE.
The New York Stock Exchange took occasion on Dec. 18
to issue a statement explanatory of its questionnaire 'of last
June, which was designed with a view to maintaining close
supervision of members. This questionnaire was published
in our issue of July 1, page 24. In its statement of this
week, the Exchange says:
The first requisite for the sound and conservative conduct of a firm
of brokers is the possession of an amount of capital so propbrtioned to the
magnitude of its commitments that all probable business losses can be
met by the firm out of its own funds without endangering the funds of
its customers. Any deficiency of capital inevitably tends to a situation
where the firm is financing weak accounts with the funds of its other
clients q
Of ual importance to this safeguard is the requirement that securities
deposited in the hands of a brokerage firm by its customers, either as
margin or for safekeeping, be at all times so handled as to be free from
unnecessary jeopardy; that no greater amount of these securities be used
for hypothecation than is warranted by customers' debits, and that none
of them be used in connection with private speculations of the firm itself.
The financial stability of every brokerage house conducting a margin
business necessitates the strict requirement of ample margin in the accounts
of all its customers without exception. Finally, no speculative ventures
should be undertaken by members of the firm, jointly or individually,
which involve any danger to the safety of customers' accounts entrusted
.nducted in conformity with the above requirements will
g the danger of insolvency as It is possible to make it, and
inm
c°
ro
kineeefssp
ree
s fus
beAtaheirb
now in use by the New York Stock Exchange is so
questionnaire
the
framed as to disclose whether or not those requirements are being met.
intervals the Exchange expects
By employing this questionnaire at short
incipient infringements of these requirements before
to be able to detect
proportions
and to rapidly enforce
dangerous
reach
to
time
they have had
remedial measures with a view to forestalling future insolvencies.
In printing the above the New York "Times" said:
issued an official statement in
The New York Stock Exchange yesterday
connection with the questionnaire sent to all members of the Exchange
caused much perturbation when first received.
some months ago and which
questionnaire is believed to have been responsible
The circulation of the
financial
position of many firms which were thought
for the correction of the
m
end d.
le
y ibneetnheovyeeraerx whene
toEhaarv
many brokerage houses failed, including some
Stock Exchange houses, the impression prevailed that these failures ocwere
firms
carrying more stocks on their books than
curred because these
warranted by their capital. In order to compel member firms to "put
Board of Governors of the Stock Exchange drew
their house in order," the
questionnaire requiring details of each firm's bank balances,
market
value of negotiable securities in box and
ateral, the
luopanasndanissducedolla
accounts, partners' accounts, firm investments
transfer books, customers'
underwritings and syndicate participation accounts,
and trading accounts,
loss accounts. To explain more fully the
capital accounts and profit and
the New York Stock Exchange issued its
questionnaire,
purpose of the
yesterday.
statement of
At the hearing before the Senate Committee on the 13th
inst. on the proposal to extend from six to nine months the
maximum maturity of agricultural paper which can be disAMENDMENT TO CONSTITUTION OF BOSTON STOCK
counted by Federal Reserve banks, Aaron Sapiro, attorney
EXCHANGE AFFECTING QUOTATIONS ON
for co-operative marketing associations, also proposed,
STOP ORDERS.
according to the New York "Commercial," that the Federal
the Boston Stock Exchange announces
of
Rich
Secretary
Reserve Act be amended to provide specifically that Federal
amendment to the Exchange regarding stop
Reserve banks shall consider as agricultural paper the notes the following
of co-operative organizations, two of the Federal Reserve orders:
BOSTON STOCK EXCHANGE.
banks having refused to construe the present law in this
Secretary's Office.
Boston, Dec. 14 1922.
manner. The "Commercial" also stated in its Washington
through the affirmative action of more than
dispatch of that day:
The Governing Committee,
amend
to
Paragraph
The proposal to extend the maximum maturity of agricultural paper, as
Provided in several of the bills pending before the Committee, drew corn -
voted
3, Section 8,
a majority of its members, has
addition thereto of the words.
Article XX of the Constitution, by the
DEC.23 1922.]
THE CHRONICLE
"if objection is raised by any member," so that the paragraph as amended
shall read:
"No quotations on securities which have been stopped will be permitted
if objection is raised by any member."
In accordance with Article XXXIV of the Constitution, this paragraph
as amended will stand as the law of the Exchange if not disapproved within
one week by written protest of fifteen members.
GEORGE A. RICH, Secretary.
NEW YORK STOCK EXCHANGE REQUIRES RECORDING
OF TIME OF TRANSACTIONS.
A resolution requiring the keeping by members of a record
of the time all transactions take place, has been adopted by
the Governing Committee of the New York Stock Exchange,
according to the following notice issued by Secretary Cox on
Dec. 15:
[C 342]
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
December 15 1922.
In the matter of the resolution adopted by the Governing Committee
on Dec. 13 1922, reading as follows:
Time of Transactions to Be Recorded.
"Resolved, That members of the Exchange and firms registered thereon,
unless exempted from the provisions hereof by the Committee on Quotations and Commissions, shall cause to be kept in their offices a record of
the time of day at which all transactions take place in securities admitted
to dealings on the Exchange."
The Committee on Quotations and Commissions has determined that
specialists,so-called two dollar brokers and odd-lot dealers shall be exempted
from the provisions of this resolution.
E. V. D. COX, Secretary.
2745
of the partners, W. R. Houston and W. M. Fible, the receiver, Thomas H.
Reynolds, and several of the larger customers.
Mr. Houston, who returned from New York to-day, announced that he
wished to continue the business, if customers of the firm also desired it.
Unless suspension by the New York Stock Exchange appeared to them
to be a greater blow than it seemed to him, Mr.Houston said,the firm would
continue. Receiver Reynolds said that preliminary discussion of the firm's
affairs with some of the largest customers indicated that it was solvent and
in a fair way to settle its difficulties with the New York Stock Exchange,
pay 100% on the dollar and continue in business.
ALL CHARGES AGAINST EARL MENDENHALL AND
FREDERICK T. CHANDLER, JR., NOW DROPPED.
All criminal charges against Earl Mendenhall and Frederick T. Chandler, Jr., partners in the defunct firm of Chandler
Bros. & Co., of Philadelphia, which failed in July 1921, were
dropped on Dec. 19 before Judge Davis in Quarter Sessions
Court, according to a press dispatch from Philadelphia on
that day appearing in the New York "Times." The five
bills alleging false pretense and conspiracy still remaining
after the defendants had been acquitted for the second time,
it is said, were nolle prossed by the District Attorney. We
last referred to the affairs of Chandler Bros. & Co. in our
issue of Dec. 9, p. 2525.
GUTCHEON, NASH & CO., NEW YORK, FAIL.
An involuntary petition in bankruptcy has been filed in
the United States District Court against Emil D. Gutcheon,
Jerome W. Gould and Robert E. Nash, trading as stock
brokers under the firm name of Gutcheon, Nash & Co., at
MEMBERS OF PHILADELPHIA STOCK EXCHANGE TO 8 West 40th Street, New York.
•
REIMBURSE EXCHANGE FOR CANCELLED
MEMBERSHIP.
STATE INSTITUTIONS ADMITTED TO FEDERAL
•
The following is from the Philadelphia "Record" of the
RESERVE SYSTEM.
The following institutions was admitted to the Federal
22nd int.:
The members of the Philadelphia Stock Exchange yesterday voted to reim- Reserve System in the week ended Dec. 15:
be canburse the exchange for the purchase of 15 memberships, which are to
celed. The plan provided that each member of the exchange pay $50 in
District No. 10—
1923 and the same amount in 1924 and in 1925 to cover the purchase of ,Bankers Trust Co., Denver, Colo
these seats. This reduces the number of seats to 206.
Total
Capital. Surplus. Resources.
$1,000,000 $250,000 $4,265,518
None was admitted during the week ended Dec. 8.
PHILADELPHIA STOCK EXCHANGE RULING ON
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
WITHDRAWAL OF ORDERS.
BOARD TO EXERCISE TRUST POWERS.
inst.in
According to the Philadelphia "Ledger" of the 22nd
The Federal Reserve Board has granted permission to the
a resolution adopted by the Governing Committee of the following
institutions to exercise trust powers:
Philadelphia Stock Exchange, members are prohibited from
The First National Bank of Washington, N. J.
The Citizens National Bank of Waynesboro, Pa.
withdrawing orders from the floor for the purchase or sale of
The First National Bank of Alexandria, Minn.
securities for the purpose of completing transactions outside
The Charlotte National Bank, Charlotte, N. C.
the Exchange.
The Woodside National Bank of Greenville, S. C.
STOCK BROKERAGE FIRM OF HOUSTON, FIBLE & CO.
OF KANSAS CITY FAILS.
Announcement was made from the rostrum of the New
York Stock Exchange shortly before noon on Monday of
this week (Dec. 18) of the failure of Houston, Fible &
Co. with headquarters in Kansas City, Mo., and branches
in Oklahoma City and Tulsa, Okla. The firm consisted of
William R. Houston and William M. Fible, and through
Mr. Houston was a member of the New York Stock Exchange, New York Curb Market, New York Cotton Exchange, and the Chicago Stock Exchange. The firm's
liabilities are estimated, it is said, at from $6,0b0,000 to
$15,000,000, with reported assets of 155,000,000. Mr.
Houston, it is said, came to New York the Friday preceding the failure to raise 00,000 needed to tide his firm
over its difficulties. He made, it is said, a last unsuccessful
effort early Monday morning to obtain the necessary loan
and then he is understood to have sent a special wire to
Mr. Fible in Kansas City informing him of the situation
and suggesting that the • firm liquidate voluntarily upon
consent of its clients. Upon receipt of this wire, it is said,
Mr. Fible consulted the firm's attorneys and shortly afterwards the following notice was posted on the locked doors
of the main offices of the organization:
The business of Houston, Fible & Co. is in my hands as assignee for
the benefit of creditcrs.
THOMAS H. REYNOLDS.
The Miami Beach First National Bank, Miami Beach, Fla.
The Joplin National Bank, Joplin, Mo.
The First National Bank of Wenatchee, Wash.
SUBSCRIPTIONS OF $825,000,000 TO TREASURY CERTIFICATE AND NOTE OFFERINGS.
Subscriptions aggregating $825,000,000 (including $41,000,000 of subscriptions for Treasury notes on which 4%% Victory notes were tendered in payment) were reported by Secretary of the Treasury Mellon on Dec. 18, to the Treasury
Department's combined offering of Treasury notes and
Treasury certificates of indebtedness, to which reference
was made in our issue of Dec. 9, pages 2527 and 2528. The
books for the exchange of Victory notes for the short-time
notes were closed on Dec. 15, as well as the books for subscription to the new notes and certificates.' Allotments on
the new Treasury notes and certificates were made as follows:
All subscriptions for Treasury certificates, of both Series
TM2-1923 and Series TD-1923 allotted in full; all subscriptions for Treasury notes of Series C-1925 allotted in full up
to amounts not exceeding $500,000 for any one subscriber.
Subscriptions over $500,000 but not exceeding $1,000,000,
were allotted 75%, but not less than $500,000 on any one subscription, while the subscriptions for over $1,000,000 were
allotted 50%, but not less than $750,000 nor more than $5,000,000 on any one subscription. All subscriptions for Treasury notes for which 4% %Victory notes or Treasury certificates maturing Dec. 15 were tendered in payment were, however, allotted in full. Further details as to subscriptions
and allotments will be announced as soon as final reports are
received from the twelve Federal Reserve banks.
According to later newspaper advices from Kansas City,
Judge Arba S. Van ValkenbUrgh of the Federal District
Court on Monday night (Dec. 18) named Mr. Reynolds
temporary receiver for the firm "to conserve all the assets
of the firm for all the creditors." This was done, it was
said, to forestall possible attempts to throw the firm into
DELAYED IMPORT FIGURES.
bankruptcy.
Supplementing the announcement by the Department of
The following press dispatch from Kansas City concern- Commerce at Washington Nov. 27 regarding the delay in furing the failed firm's affairs was printed in the New York nishing statistics of goods imported under the new tariff
law
"Times" of Thursday (Dec. 21). It read:
for the period from Sept. 29 to Oct. 31, which the Department
Plans for the resumption of business by Houston, Fible & Co., the brokerage firm which failed Monday, were discussed at a conference here to-day then stated would not be available "until some time between
2746
THE CHRONICLE
{VOL, 115.
. Dec. 20 and Jan. 1," we quote the following Washington dis- ference, which started at 1:30 and ended at 4 o'clock, Compatch from the New York "Times" Dec. 20:
missioner Haynes made this statement as spokesman for the
Figures on the imports into the United States during November will not be Administration:
.ready for publication until January, Secretary Hoover announced to-day in
''response to inquiries from many sources.
With the enactment of the new tariff law, he said, the mass of work
thrown upon the Government departments in revising classification schedules
has greatly delayed the routine monthly reports. The statisticians have been
• obliged to prepare reports of imports in about 1,250 classifications, as coinpared with about 600 under the old law.
When a new system of making the compilations is worked out Mr. Hoover
:indicated that the Government would probably be able to satisfy the demand
;in some industries for special reports by furnishing weekly totals of commodities moving into and out of the United States in cases where those commodities are a large proportion of.the total trade.
The previous announcement in the matter was referred to
in our issue of Dec. 2, page 2434.
REPRESENTATIVE HARRISON UNSEATED BY THE
HOUSE.
Representative Thomas W. Harrison, Democrat, of the
Seventh Virginia District, was ousted on Dec. 15 from the
House by 202 to 100 on the ground of irregularities in the
1920 election in his district. The House then seated John
Paul, Republican contestant, who will serve until March.
The vote on this was 201 to 99. Mr. Harrison was elected
last November and will return to his seat in the new Congress.
In a final speech Mr. Harrison charged that the life of the
Republican Party in his State was based on patronage, and
then proceeded to read letters which he declared "proved incontrovertibly" that patronage had been sold there.
The President had at luncheon to-day the Vice-President, the Secretary
of the Treasury, the Prohibition Commissioner and Governor Cox of
Massachusetts, Governor Ritchie of Maryland, Governor Trinkle of
Virginia, Governor Hartness of Vermont, Governor McCray of Indiana,
Governor Kilby of Alabama, Governor Hyde of Missouri, Governor Preus
of Minnesota, Governor Olcott of Oregon, Governor Allen of Kansas,
Governor Morgan of West Virginia, Governor McKelvie of Nebraska,
Governor Davis of Idaho and Governor Campbell of Arizona.
The Governors came to the White House from their annual conference,
which was held this year at White Sulphur Springs. After luncheon the
President invited from them a wholly informal expression of their views
as to the effectiveness of the enforcement of the prohibition law under the
concurrent activities of Federal and State authorities.
In many cases the reports of Governors were of an encouraging nature,
Indicating very gratifying progress in making the enforcement of the
Volstead Act effective. Numerous instances of lack of co-operation
were pointed out; many instances of the inadequacy of the Federal forces
were suggested. On the whole, the informal conference was helpful to
both State Executives and Federal officials who were present.
There was a preponderance of opinion that an earnest official appeal
for reverence for the law and a cordial support of law enforcement by
the press would combine to cure the worst conditions reported.
Attorney-General Daugherty also attended the conference, but it is said that Mr. Daugherty and Secretary Mellon
did not enter a detailed discussion, simply listening to the
views expressed by the Governors. Commissioner Haynes
is reported to have said that a larger appropriation and the
development of the enforcement personnel would be helpful
to more effective work. While there was a general understanding that the discussions at the luncheon were to an
extent confidential, each Governor was permitted to make
public the opinions he held. Governor Ritchie made this
statement:
PRESIDENT'S CONFERENCE WITH GOVERNORS OF
The greattmajority of the people of Maryland believe that the Volstead
Te
law simply cannot be enforced there. Our people are imbued with a fine
FOURTEEN STATES ON PROHIBITION ENFORCEtraditional respect for law and the established order, and we were effectively
MENT.
solving the temperance question by local option in the various units of the
that method, when the people of a community wanted pro. Widespread violations of the Volstead Prohibition Enforce- State. Under
hibition, they actually got it.
ment Law have resulted recently in a number of important
The Volstead Law changed all this. Our people in the main regard it as an
steps being taken by the Federal Government to curb the unnecessary and drastic Federal infringement of their State and personal
The lack of respect for law and the actual lawlessness which have
rights.
activities of certain elements whose activities have become
resulted is deplorable. The only remedy I see is to recognize that the
notorious. Among recent developments worthy of note was Volstead Law is destructive of the rights of the States, and to turn the
the decision handed down by the U. S. Supreme Court, sus- whole question back to the States, so that each may settle it in accordance
will of its own people.
taining the Government in its right to enforce the Volstead with the
The necessities of the times and our great industrial expansion have, of
well
as
on
sea
as
land—that
on
is,
Law
on American-owned course, made a great centralization of power in the Federal Government
vessels and on foreign vessels in American territorial waters. inevitable and desirable, and we have departed far from the old conception
of the inherent rights of the States, but if the States are to preserve their
This decision was followed by the tightening up of the en- autonomy
and their ancient heritage as self-governing entitles, I feel that the
regulations
forcement
and some time later by a reorganiza- time has come for them again to assert their rights.
This apathy as to the rights of the several States will, unless now checked,
tion of the Prohibition Enforcement Bureau. The next
result in extending still further the mistakes of overcentralization in the
step was a demand by the Attorney-General for closer co- future.
We are a diverse population with diverse views and problems; and
operation between the Federal and State authorities in prose- different States desire different results. For Kansas to dictate to Maryland
Is foreign to the spirit ofthe Federal Union,and results in a sectional tyranny
• cuting violators of the law.
people of my State will not brook.
conference
was
a
week
held
This
at the White House in that the
Allen's views were set forth as follows:
Governor
Washington preparatory to another drive for co-operation
To-day Kansas enjoys a better degree of temperance enforcement than her
between Federal and State agencies. The conference, held neighbors, because we are in the second generation of men who have never
Federal prohibition will become a national success when
on Dec. 18 at a luncheon given by President Harding, was seen the saloon. realizes
that the total abstainer makes the best workman
the business man
attended by Vice-President Coolidge, Secretary of the Treas- and
refuses to hire any person who takes a drink.
its worth already. We hear a lot of talk about
proved
Prohibition
has
Mellon,
Prohibition
Commissioner Haynes, and the Govury
drinking more than ever and the drug traffic increasing as inernors of fourteen States. While no definite conclusions more persons
toxicants become more scarce. The bootleggers deny the first assertion
were reached, the White House, through Commissioner because they are striving with might and main to wipe the Volstead Law off
Haynes, expressed the opinion that the meeting and discus- the statute books in order to make it possible to distill and sell more inThe second assertion is absolutely untrue; statistics prove that
sion had been helpful. It is said to be probable that another toxicants.
drink and drugs are inseparable; where you find one you find the other.
conference with Governors, of whom a number of new ones
Tighten up the prohibition laws; don't loosen them. The people soon will
will take office on Jan. 1, will be held early in the year. Of realize that prohibition is almost their salvation. In the Middle West I
believe we have a better degree of enforcement because it is more truly
those who attended the luncheon only one—Governor American
than the Atlantic seaboard. Here you have a greater number of
Ritchie of Maryland—ctme out flatly with the statement Europeans and the Continental influence. Why, out West we still gaze In.
SON
that the majority of his constituents did not believe that the astonishment on a woman who smokes a cigarette.
Governor Trinkle of Virginia advised heavier fines and
Volstead Law could be enforced. He said that he was opposed to the law as an encroachment on State rights and the longer jail sentences for offenders against the dry laws. He
personal rights of the people.
said he refused to pardon any man,regardless of his prestige
It was said authoritatively, according to the daily papers, or position, who had been convicted of dispensing intox.
politicsq uorsouftorofgtahienp
that there was no talk about the possibility of modification ic tTiankge li
rohibition enforcement agencies," Governor
of the Federal prohibition laws, and that the only points conTrinkle said, "and we will have better enforcement. What we need is
sidered were means to obtain more rigid enforcement. Prac- enforcement
agents and officials who are in favor of the law themselves. I
tically all of the Governors, it was said, promised to give co- have found that prohibition is benefiting the State of Virginia already and
operation. There was some complaint that State enforce- those benefits will grow with time.
Governor Morgan of West Virginia, practically reiterated
ment laws were not effective in many instances, and that
Trinkle's view. Although he did not suggest
Governor
would
be
remedy
this
condition
made.
efforts to
The lack
of effective State laws, it was held, worked against effective making the enforcement laws more drastic he, too, said that
enforcement. Governor Allen of Kansas was pronounced in the enforcement division of the Prohibition Department
his views that progress was being made and that helpful should be separated from politics. If a referendum were
co-operation would come out of the discussions at the lunch- taken in West Virginia to-morrow, the Governor asserted,
eon. Among the things which were distinctly harmful to it would show that State to be overwhelmingly "bone dry."
prohibition enforcement, he said, were a leniency on the part Governor Kilby of Alabama, felt that Federal resources
of Federal courts when it came ot a question of imposing should be increased, with more agents to help enforce the
fines and terms of imprisonment and the levity of the metro- law. Governor Hyde of Missouri, said that closer co-operpolitan press in its treatment of the prohibition problem in ation between Federal and local enforcement agencies would
its news columns At the conclusion of the luncheon con- bring better results.
DEC.23 1922.]
THE CHRONICLE
TEXT OF THE ALLIED POWERS' PLAN FOR FREEDOM
OF THE STRAITS.
The Lausanne Conference, like many other potable peace
conferences held since the signing of the Armistice in 1918,
has had its stages of proposals, counter proposals and compromises, and the Allied program for freedom of the Straits
accepted on Dec. 20 by the Turkish delegates with minor
reservations also represented in its final form a series of concessions between the Allied Powers on the one hand and the
Turks on the other—mostly, perhaps, on the part of the
Turks. The discussion preceding the presentation by Lard
Curzon on Dec. 19 of the Allied Powers' final proposals at
the Conference indicated clearly that the Allies were growing
impatient with the refusal of the Turks to accept the conditions they had laid down. In reporting some of the salient
features of the sessions on the 19th, copyright cable advices
from Lausanne to the New York "Times" had the following
to say:
Exasperated by the dilatory tactics of Ismet Pasha, Lord Curzon laid the
Allied plan for the administration of the Straits on the conference table
to-day and told the Turks and Russians bluntly that they might take it
or leave it. He said there would be just one more session at which the subject would be discussed and that would be held to-morrow afternoon.
It would be easy to write of ultimatum and crisis, but the experience of
many conferences, none of which has broken up in a fight, prompts me to
the belief that what is likely to happen, if the Turks do not definitely accept the Allied plan, is that Lord Curzon will declare the Straits discussion
ended and will ask the conference to turn to other matters the adjustment
of which would lead to a revival of the Straits debate.
Ismet Will Answer Curzon To-day.
At Turkish headquarters it is said to-night that Ismet will reply to Lord
Curzon to-morrow,returning neither a complete acceptance nor an out-andout rejection of the plan. That is what he has been doing for the last two
weeks. There is really little divergence between the proposals of the Allies
and the Turks; but the Turks wish to withhold their final agreement in order to sell at a price their concessions on other points. The Allies said that
the concessions they have made the Turks on the Straits issue should lead
now to a clearcut settlement.
While from the point of view of world politics the Russians' refusal to
subscribe to the Allied plans for the Straits is serious enough, from a technically diplomatic point of view it doesn't prevent the making of peace between the Turlfs and the Allies.
When Lord Curzon began to speak in behalf of the Allies at the opening
of to-day's session, it was evident that he was tired of temporizing and bad
oiled up his steam-roller. His first task was to reply to the Russian and
Turkish counter-proposals presented yesterday. Turning first to the Russian plan, he said:
"This amounts to closing the Black Sea to warships We don't intend to
accept that principle. The Russian plan is based upon it, and ours upon
another principle, which is the freedom of the Straits. It is impossible to
reconcile the Russian plan with ours. We could talk here for years without
doing it. The Allies have no other alternative than to reject it. That is
our final reply to the Russians."
Taking up the Turkish proposals, he said:
Emphatic Refection of Turk's Proposals:
"This plan has been carefully studied and I am ready to give the final
Allied reply If we should adopt the Turkish suggestions for demilitarization it would destroy the effect of our plan. There is nothing new in the
Turkish suggestions. We have heard them all often and rejected them
often. This matter has been discussed over and over and the Allies have
gone the limit in their concessions. The Turks demand the right to fortify
the north shore of the Sea of Marmora. We have decided against that,
and it is impossible for us to recede. The Turks ask that Samothrace and
Lemnos be taken from the Greeks. I have said three times in this conference that these islands will remain Greek. I now say it for the fourth and
last time."
As for Turkey's demand that she be allowed to maintain 5,000 troops
in the Gallipoli Peninsula, Lord Curzon said that the Allies' answer was
negative.
"Although we have made concession after concession to the Turks," he
said, "the time comes when the limit of concessions is reached, and that
time has arrived here and now." Of the Turks' changes in the conditions
governing the passage of warships, Lord Curzon said that they amounted
to the veiled closing of the Straits and were inadmissible.
"It would amount to Turkey controlling the Straits, and the Allies have
a different plan," he said.
• o
Refusing the Turkish demand that no submarine be allowed to pass
through the Straits, Lord Curzon declared it cnoceivable that the time
might come when all warships would be submersible.
Answering the Turkish complaint that the League guarantee for Constantinople was not sufficient, Lord Curzon said in a very positive way:
"When you consider the concessions we have made, I do not believe any
nation is so wrapped in guarantees as Turkey would be. We have all
consulted our Governments, and I hereby state that if the Turks do not like
our guarantee we will withdraw it, but we will make no better one. The
Allied proposals are fair to every one, and Turkey will be most unwise to
reject them. We have done everything possible to please the Turks. We
will go no further."
The text of the Allied proposals was given in the "Times"
advices as follows:
Freedom of the Straits. Article I.—Merchant ships, comprising hospital
ships, yachts, fishing boats, as well as civilian airships:
A—In time of peace: Complete freedom of navigation and passage by
day or night, whatsoever may be the flag or cargo, without any formality
or tax charge, with the reservation of those taxes already existing by virtue
of contracts with companies having contracted for lighting and buoyage.
Pilot need not be carried.
B—In time of war, Turkey being neutral: Complete freedom of navigation and passage by day or night under the same conditions as above. The
rights and duties of Turkey as a neutral power cannot authorize her to
take any measure liable to hinder navigation through the Straits, of which
the waters and air must remain entirely free in case of neutrality similar
to times of general peace. Pilot need not be carried.
C—In time of war, Turkey being a belligerent: Freedom of navigation for
neutral ships and civilian airships, provided ships or airships do not assist
2747
the enemy, transport contraband, troops or enemy subjects. Turkey to
have the right to visit said ships or airships, and to this effect airships must
land and anchor in certain zones specified and organized to this effect by
Turkey. The rights of Turkey to apply international rules toward enemy
ships are maintained. Turkey to have full right to take the measures she
Judges necessary in order to prevent enemy ships from utilizing the Straits.
These measures, however, must not be of a nature to prevent the free passage
of neutral ships. Turkey undertakes to furnish ships with necessary instructions and pilots.
Ardae II—W1rships and military airships. (The term "warships" here
comprise au-dliary vessels, troopships and airplane carriers.)
A—In time of peace:Complete freedom of passage day or night fcr whatever flag without any formality or tax charge whatsoever, but with the
following reservation concerning the total forces: The maximum force which
a W.nglo power can pass through the Straits to the Black Sea must not
surpass that of the most powerful fleet ofthe States bordering on the Black
Sea and existing in the Black Sea at the time of passage. But the Powers
reserve tho right at any time and in any circumstance to send a Black
Sea force not exceeding three ships, none of which is over X tons. [In view
of the execution of this rule every power bordering on the Black Sea must
indicate to the Straits Committee on Jan. 1 and July 1 every year the number of battleships, cruisers,airplane ships, destroyers,submarines and naval
airships it pos3esses in tho Black Sea, differentiating the ships at war
strength, ships at peace strength, in reserve, under repairs or in transformation.]
The Straits Committee will then inform the interested Powers that the
most powerful fleet in the Black Sea comprises X battleships, X battle
cruisers, X cruisers, X destroyers, X submarines and X airships. Every
change, either at-entry into the Black Sea or exit from the Black Sea, of a
ship belonging to this force is to be immediately notified to the interested
Powers. The fleet which is to pass through the Straits and enter the
Black Sea will be calculated only by the number of Allied ships. Turkey
will incur no responsibility concerning the number of ships passing through
the Straits.
B—In time of war, Turkey being neutral: Complete freedom of passage
day or night for whatever flag, without any formality or tax charge whatsoever, with the same limitations as those provided in Article II. These
limitations, however, will not be applicable to a belligerent power to the
dotriment of its belligerent rights in the Blpck Sea. The rights and duties
of Turkey as a neutral Power cannot authorize her to take any measure
liable to hinder navigation through the Straits, the waters of which must
remain entirely free, in case of neutrality, as in times of general peace.
Warships and military airships of a belligerent will be forbidden to make
any capture, execute any right of search or carry out any hostile act in the
Straits. They will simultaneously be forbidden to sojourn more than
twenty-four hours beyond the time necessary for the passage of the Straits,
except in case of force majeure. Regarding the supply or repairs of warships and military airships: These will be ruled by the disposition of
Convention 13 of The Hague, 1907, and concerning neutrality at sea.
C—In time of war, Turkey being a belligerent: Complete freedom of
passage for neutral warships without any formality of tax charge whatsoever,
but with the same limitations as those provided in Article II. Neutral
military airships will undertake the passage of the Straits at their own risk
and peril and will be liable to the right of inquiry regarding their character.
To this effect airships must land in those zones which will be fixed and organized by Turkey. Measures to be taken by Turkey in order to prevent
enemy ships using the Striats must not be of a nature to prevent the free
passage of neutral ships or airships. Turkey undertakes to supply ships
with instructions and pilots required.
Note 1. Submarines of powers at peace with Turkey must traverse the
Straits only on the surface.
Note 2. The commander of a foreign naval force coming either from the
Mediterranean or the Black Sea will communicate by courtesy to the signal
station at the entrance to the Dardanelles or Bosporus the number and names
of the ships under his orders which are entering the Straits. The list of
signal stations will be notified by Turkey. If there exists no station, or if
no notification is made,freedom of passage of the Straits for foreign warships
will nevertheless exist, and entrance to the Straits will not be retarded for
th s reason.
Authorization for a Military or Civilian Airship to Fly over the Straits.—
The conditions provided by the present rules apply for said airships:
A—Liberty to fly over a tract of land of fifteen kilometers at the Narrows
of the Straits.
B—Freedom in case of accident to land on the shores or on Turkish
territorial waters.
Article III.—Sojourn in ports of the Straits and the Black Sea.
A—Articles I and II apply to the passages of ships and airships through
and over the Straits and without interfering with the right of Turkey
to decree such rules as she may judge necessary concerning the number of
warships and military airships of a single Power at any one time visiting
Turkish ports or aerodromes or concerning the duration of their sojourn.
B—The Powers bordering on the Black Sea will have similar rights
concerning their ports and aerodromes.
C—The signatory Powers which previous to 1914 possessed the right'
to maintain stations in the zone of the Straits retain freedom to use this
right under the same conditions.
D—The signatory Powers possessing the right to maintain ships on the
Danube retain this right and that of replacing them by other ships, if
necessary. The ships provided in C and D will be additional to those
provided in Article II.
Demilitarization of the Zone of the Stralts.—The expression "Straits"
comprises at once the Dardanelles, the Sea of Marmora and the Bosporus.
The measures of demilitarization which follow are inspired by the necessity
to maintain free from all hindrdanco navigation through the Straits.
Article I.—Demilitarized zones: The following zones and islands will
be demilitarized:
First, the waters of both shores of the Dardanelles and Bosporus to the,
extent of the zones specified hereafter. All Gallipoli and the regions to
the southeast, comprising a strip of land four kilometres wide. A strip
of twenty kilometres on the Asia Minor shores. On the Bosprous a zone
fifteen kilometres broad on both shores.
Second, all the islands of the Sea of Marmora except Amir All Adasi.
Third, in the Aegean Sea the islands of Samothrace, Lemnos, Imbros.
Tenedos and Rabbit Island.
Article II.—Clauses of demilitarization (with reservations concerning
tho special disposition of Constantinople). In the zones and islands which
are demilitarized must exist no fortification, permanent artillery work,
submarine work, air station or naval base. In the territorial waters of
the demilitarized islands and zones must exist no submarine work. No
armed force must be stationed within the zones and islands demilitarized.
beyond the police gendarmerie necessary to maintain order (limited in
armament under the same conditions as the gendarmerie police in the
demilitarized zones of Thrace).
It is, however, specified:
2748
THE CHRONICLEvoL.115.
Ph A—That the Turkish Government shall have freedomTto pass armed
forces in transit through the demilitarized zones of the Straits.
B—Thatin these zones it have freedom to organize a system of telegraphic
telephonic and optical observation and communication.
111C—The Turkish fleet maintains the right to circulate and anchor in the
zones of the Straits comprising the demilitarized zones and islands.
III.—The regime of the zone of the Straits outside the demilitarized zones, that is to say,the Sea of Marmora and its shores. No submarine
engines may be installed in the waters or on the shores of the Sea of Marmora.
Besides, the Turkish Government will install no fixed battery liable to hinder the passage of the Straits, neither in the European coastal region of
the Sea of Marmora nor the coastal region of Anatolia. to the east of the
demilitarized Bosporus zone.
kt.Article IV.—General dispositions concerning the region of Constantinople. Constantinople is interpreted here as comprising Stamboul, Pera,
Scutari, Galata and the Island of Prinldpo. In Constantinople and in the
immediate environs may be stations for the needs of a capital garrison of
12,000 men, maximum. An arsenal and naval base may be maintained in
Constantinople.
Article V —If, in case of war, Turkey, using her rights as a
belligerent
Power, was driven to modify the state of demilitarization
provided above,
she would be obliged to re-establish on the conclusion of
peace the status
quo ante bellum.
The representatives of the United States, on behalf of their Government,
take the position that full freedom of the Straits for all nations, without
discrimination, will be best served by reliance on treaty rights and agreements,rather than on a joint or international commission for the Straits."
Had not the Turks and other delegations given out the
American statement that the United States believed that
"full freedom of the Straits for all nations of the world without
discrimination would be served best by reliance on treaty
rights and agreements rather than on a joint or international
commission," as proposed in the Allied plan, the world might
never have heard of it, cable dispatches said. Yet it is
asserted that that statement was given to a Peace Conference secretary on Monday to distribute to all delegates.
It was meant for the Conference, which, according to press
reports, gave it no official consideration whatever.
Three main propositions regarding the regulation of the
Straits were discussed at the Near East Conference.
The Allies proposed:
demilitarized zones, admission of outside war fleets, the fleet
TURKS ACCEPT ALLIES' STRAITS PLAN WITH ofNarrowed
each Power to equal the fleet of the greatest Black Sea Power; unlimite
commercial navigation; control of Straits to be turned over to the League
RESERVATIONS AT LAUSANNE CONFERENCE.
The conference on Near East questions now in session in of Nations without the Turks being held responsible for violations.
The Turks proposed:
Lausanne, Switzerland, appeared this week to be well on its
Demilitarization on condition that their army and navy otherwise be
way to the goal set when the conference was called, namely unlimited
and Gallipoli be garrisoned by 5,000 troops; limitation of the total
the framing of a new treaty of peace between the Allied of the combined outside warships admitted, to the greatest Black Sea fleet;
commercial navigation; control of the Straits to be agreed upon
unlimited
Powers and Turkey. The Turkish delegates accepted on
later, but with Turkish representation assured.
Dee. 20, with reservations, the final plan put forward by
The Russians proposed:
Lord Curzon of the British delegation, in behalf of the Allied
No demilitarization; closing of the Straits to all outside warships, but
Powers,for freedom of the Straits, providing for the appoint- according to Turkey the right to make exceptions in cases of ships of less
for "peaceful purposes"; unlimited
ment of an International Straits Commission to put this than 6,000 tons seeking admission
commercial navigation; full control of the Straits in the hands of Turkey
plan into effect.
guarantee that no treaty
fortifications;
and
garrisons
Turkish
with the
The action of the Turks was at first regarded generally as rights will be violated.
Russia will sign the Straits agreement, it is said, despite
conclusive, but subsequent developments served to indicate
that the Straits problem had by no means been definitely the fact that not a single one of her amendments was acsettled. Indeed, there appeared to be considerable doubt cepted by the peace conference nor one of her demands comas to just how much had been accomplished. The impres- plied with.
She will sign, it is held, because the Soviets believe that it
sion that settlement of the problem of the Turkish Straits
was not progressing as rapidly as had been forecast became is vital to the interests of Russia to be represented on the
general on Dec.22 as the result of a statement issued by the international commission of control.
The protests of American religious organizations against
Turkish delegation. This made it clear that Turkey's acthe proposed expulsion of the Greek Patriarch from Conceptance of the proposal to appoint an international
com- stantinople found an
echo on Dec. 16 at the Lausanne conmission of control depended upon acceptance by the
Allies
ference, when Ambassador Child informed the other diploof certain conditions which the Turks demanded.
The
mats of the receipt of many messages from the United States
modifications of the original project for control of
the denouncing the Turkish proposal. Mr. Child said:
Straits asked for by the Turks include an
understanding
that the international commission shall have no
The American delegation desires to inform the sub-commission that the
jurisdiction proposal
to abolish or remove the institution of the Patriarchate from Conwhatsoever over the so-called zones of demilitarization
in stantinople has been met by vigorous disapproval and protest among large
the region of the Straits. The Turks, furthermore,
have bodies of American citizens.
demanded a pact by which the Allies, individually and
The American delegation wishes to emphasize the view of those whose procol- tests
we have received, that the Patriarchate was confirmed by the wislectively, guarantee that the safety and neutrality of
Turkey dom, not of foreigners in Turkey, but of Turkey itself, and an intolerable
not
be jeopardized and that there be no aggression against Injustice will be done if there is insistence upon the abolition of this inwill
Constantinople. With reference to these matters Associated stitution. We have adequate evidence of this view in telegrams from signatories representing large bodies of our population.
Press accounts said:
•
Reports were in circulation that, just before the adjournment
of Wednesday's discussion of the Straits question, when both the Allied
and Turkish
delegates were conciliatory. Ismet Pasha had made an
RUSSIAN PLAN FOR ADMINISTRATION OF THE
important and final
statement of Turkey's position. Nothing definite as to this
STRAITS SUBMITTED TO LAUSANNE
statement
could then be learned.
CONFERENCE.
Last night Lord Curzon, M. Barrere and the Marquis di
Garroni, heads
of the British, French and Italian delegations, conferred on
forth
in behalf of the Russian Governput
proposals
The
the Straits
question and were later joined by Ismet Pasha. It was following
this meet- ment at the Lausanne Conference by George Tchitcherin
ing that the Turkish delegation saw fit to issue the text of
Ismet's last
minute speech of Wednesday. It was given out in this form:
with regard to the administration of the Straits on Dec. 18
"To prevent misunderstanding concerning the Powers'
Associated Press dispatches as follows:
international were'summarized in
Straits Commission, Ismet Pasha wishes to make clear a point which
seems
Confirmation of Turkey's sovereignty over the Straits, the latter being
to him essential:
defined as including the Straits of Dardanelles, Sea of Marmora, the
"It results clearly from his declarations of yesterday and to-day
an
s.a
pldic
that, Bo.
gueraetaionnIsalp
threeA
sntdhe
iea
rif
us
oc
sp
pe
s
conformably to the program of liberty of the Straits, the Commission
ble in time of peace to merchant ships
should
solely undertake the mission of seeing to it that the regulations
which
would have full liberty of passage, and
airplanes,
concerning and commercial
the passage of warships be observed.
declares that, by virtue of a principle
forces.
It
military
and
to warships
"On the other hand, the points which the Turkish delegation
accepts, "a long time established," the Straits would be recognized as closed to
and those on which it demands modifications, are one and indivisible."
the warships, including submarines, of all navies excepting Turkey's and
In addition to the non-aggression pact, the Turks desire the
flight of all military airplanes, except Turkish machines, would be
for definite
that the Straits Commission should have no jurisdiction prohibited. In absolutely isolated and exceptional cases andauthorize
the
purposes Turkey, by special decrees duly published, could
over the zones of demilitarization or in such matters as light- passage
of light warships, submarines excluded. The tonnage limit of
centimetres.
calibre
and
the
gun
6,000
limit
15
houses and piloting in the Straits. They insist that all these warships would be
Passage would not include the right to landings in the straits or the disnotifications of intentions to send warships through the
requircharge of war material, and the commander of each'warship would be
Turkish
waterway should be obligatory, and not merely "notification ed
to give previous announcement of his intention to pass, so the
authorization.
the
authorities could verify
by courtesy," as the Allies wished.
During wartime,in case Turkey were neutral,all merchantmen could pass
The United States, it may be stated, has gone on record freely,
.with the understanding that Turkey reserves the right to adopt
as opposing a Straits Commission. The two American proper steps to safeguard her neutrality. In exceptional cases she could perwarships, except submarines, but no warmit the passage of light neutral
ideas laid before the Conference were:
belligerent power and no military airplane of a neutral
First—A completely free passageway for all vessels, like the Strait of ships or airplane of a
allowed to go through.
Bell Isle between Labrador and Newfoundland, or Gibraltar, recognized country could be
Turkey be among the belligerents, neutral merIn times of war, should
by all nations as such; instead of which the plan accepted to-day restricts
merchant airplanes could pass, Turkey reserving the
the number of war vessels of each nation to three, of not more than 10,000 chantsmen and neutral
could also authorize the passage of
right of search. In isolated cases Turkey
tons each, and in case of war in the Black Sea the limitation is removed.
Second—That as commission and statutory regulations in the past have neutral warships.
In order to gauarantee her soverignty and enforce the principle of closing
been the chief source of trouble, there should be no commission of the
Turkey would be authorized to maintain in the straits
Straits, but a simple guaranty by Turkey in the form of a treaty with other the straits to warships,
zone, without restriction, military and naval forces, including submarines
nations that the Straits shall be kept open.
air squadrons; erect fortifications, with artillery of unlimited caliber;
The second of these views was sent to the Conference, it andmine
fields, and, generally speaking, organize the military defense of the
appears, Monday Dec. 18, but became public only on Dec. lay
straits "by applying the technical means of warfare known to present and
20. The American memorandum on this point follows:
future times."
DEC.23 1922.]
Without prejudice to Turkish sovereignty and to help commercial navigation an international commission would be appointed to sit in Constantinople, this commission to be composed of one representative of the States,
bordering on the Black Sea, and one each from Germany, the United States
France, Great Britain, Italy and Japan, under the presidency of a Turkish
delegate.
GREAT BRITAIN REFUSES TO YIELD MOSUL OIL
TERRITORY TO THE TURKS..
After a series of conversations between Lord Curzon and
Ismet Pasha, the British delegation at Lausanne made public
on Dec. 16 a memorandum sent to the Turks in which Lord
Curzon reverts to the original British position on the Mosul
region, namely that England will not give it up. In all the
ten pages of the British memorandum the word "oil" is not
once used, although, it is pointed out, oil is chiefly what the
fight is.about.
Great Britain's memorandum to the Turks concerning the
Mosul oil territory, which was sent in the name of Great
Britain alone and not in that of the Allies, insists that this
vilayet cannot be surrendered, because it forms a part of the
Kingdom of Irak, which, being a part of Mesopotamia, is
under British mandate.
The memorandum calls attention to the fact that Mosul is
on the Tigris and controls the road to Bagdad, and therefore
possesses strategic importance for the protection of Bagdad.
Moreover, it is set forth, Bagdad is dependent economically
on the Mosul country and it is unthinkable that Mosul should
be detached from Irak and handed over to the Turkish
Government.
ware, cotton manufacturing and agricultural implements show increases
of 7.5%, 7% and 6.3%, respectively.
The women's clothing industry shows a decrease of 8.3%, millinery and
lace goods a decrease of 4.5%, and the brick industry a decrease of 3.1%.
All of these are seasonal industries.
Increases in the total amount of the payrolls in November 1922 as compared with October 1922 are shown in 31 of the 43 industries also, but in
four cases the industries are not identical with those showing increases in
the number of employees. The greatest increases, ranging from 13.8%
to 12%, are shown in car building and repairing, cotton manufacturing,
agricultural implements and shipbuilding.
Decreases in the total pay rolls in November as compared with October
are shown in 11 of the 43 industries. Exclusive of pottery, mentioned
above, women's clothing leads with a decrease of 13.3%, while millinery
and lace goods, petroleum, and fertilizers each show decreases of about 5%.
RUSSIAN DISARMAMENT CONFERENCE BREAKS UP.
The Disarmament Conference that was in session in
Moscow the past week broke up without anything of importance being accomplished. The Berlin correspondent of the
New York "Tribune" cabled that "the Disarmament
Conference called by Soviet Russia foundered on the rock
of Russo-Polish discord. The Conference was launched by
the Soviet Government for the avowed purpose of winning
for Eastern Europe the peace and security which Genoa
failed to achieve for the Western nations. The failure of
the project has aroused little surprise here. While it was
followed with great interest as serving once more to emphasize
the conflict of economic and political interests throughout
Europe, the Conference was looked upon as a simple political
manoeuvre of the Soviet Government on one hand, and an
effort to counteract this manoeuvre by the other participatns,
on the other hand."
The Moscow representative of the New York "Herald"
sent word that "the final meeting of the Disarmament
Conference was a sad exhibition, the border representatives
looking like lambs being led to slaughter. Though Litvinoff
tried to boss the lambs, a diplomat told the New York
'Herald's' correspondent that it was the most unfortunate
conference in his five years of experience with conferences.
The border States apparently desired Russia to reduce her
army 50% to their 5% reduction, because Russia has munitions works and military supplies which they lack. The border
States were willing to sign arbitration and non-aggression
pacts on condition that three months later a military commission be summoned to work out a reduction scheme."
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
OCTOBER AND NOVEMBER 1922.
Industry-
No.of Period
Estab- of
ltsh- Payments Roll.
Number on Pay- % of Amount of Pay-Roll
inInRoll increase
November
October
Deor
Nov.
Oct.
1922.
1922.
1922. 1922. crease.
% of
Increase
or Decrease.
Agricultural
implements_
49 1 week 15,244 16,198 +6.3 $356,030 9399,551 +12.2
Automobiles__ 115 1 week 170,375 167,853 -1.5 5,493,762 5,613,737 +2.2
Auto. tires____
56 1 week 40,409 40,675 +.7 1,063,364 1,072,568 +.9
420,896 +2.3
411,404
Baking
122 1 week 15,140 15,288 +1.0
Boots& shoes
117 1 week 72,621 73,538 +1.3 1,610,660 1,647,960 +2.3
296,222 -.5
297,579
Brick
141 1 week 13,337 12,917 -3.1
Carriages and
37,090 -3.7
38,517
wagons
17 1 week 1,670 1,627 -2.6
521,659 +1.9
511,923
Carpets
24 1 week 18,917 19,246 +1.7
Car building &
repairing
84 ;4 mo. 65,711 70,916 +7.9 3,653,440 4,157,970 +13.8
248,018 +1.7
243,794
Chemicals
42 1 week 10,500 10,872 +3.5
ClothingMen's
108 1 week 40,762 39,794 -2.4 1,045,818 1,016,323 -2.8
288,055 -13.3
332,230
Women's_., 89 1 week 10,516 9,644 -8.3
338,097 +9.5
308,730
Cotton finishing 21 1 week 14,823 15,206 +2.6
Cotton manuf'g 132 1 week 106,126 11354 +7.0 1,686,383 1,906,523 +18.1
Elec. machin'y,
appl.& supp- 78 1 week 65,050 67,242 +3.4 1,603,234 1,683,263 +5.0
47,913 -4.9
50,391
Fertilizers.,
24 1 week 2,798 2,730 -2.4
151,227 +1.8
148,498
Flour
30 1 week 5,344 5,455 +2.1
Foundry and
machineshops 190 1 week 84,225 88,216 +4.7 2,260,456 2,384,106 +5.."
436.763 +7.2
407,522
Furniture
87 1 week 17,210 17,834 +3.6
661,946 +8.(
609,533
Glass
98 1 week 26,344 27,848 +5.7
413,214 +6.4
388,208
Hardware
22 1 week 17,616 18,218 +3.4
Hosiery & knit
814,085 +2.1
792,293
goods
105 1 week 46,893 47,119 +0.5
Iron and steel
132 ;4 mo 181,145 185,488 +2.4 10,223,020 11,036,241 +8.(
663,352 +3.1
Leather
638,930
123 1 week 27,479 28,254 +2.8
Lumber382,007 -0.1
382,308
Millwork
107 1 week 15,631 15,765 +0.9
963,511 -1.1
974,451
Sawmills __
160 1 week 55,745 54,659 -1.9
Millinery and
62,287 -5.1
lace goods _
66,202
18 1 week 3,064 2,926 -4.5
198,266 +0.1
Paper boxes_ _ _
197,109
55 1 week 9,358 9,577 +2.3
Paper and pulp 104 1 week 42,890 43,352 +1.1 1,035,025 1,045,876 +IA
Petroleum
27 2 wks. 39,431 40,788 +3.4 2,620,188 2,484,962 -5.!
130,682 +5.'
Pianos
123,624
11 1 week 4,309 4,485 +4.1
54,984 -42.1
Pottery
94,795
17 1 week 3,779 2,330 -38.3
Printing518,840 -1.1
Book and job 83 1 week 15,396 15,306 -0.6
525,320
981,275 -1..
Newspapers _ 94 1 week 26,951 27,302 +1.3
967,728
288,224 +12.1
Shipbidg., steel 15 1 week 9,443 9,643 +2.1
239,498
309,991 +0.1
Shirts & collars_ 89 1 week 21,657 22,025 +1.7
308,128
Silk
129 2 wks. 36,189 37,409 +3.4 1,406,717 1,454,667 +3.
Slaughtering &
meat packing 75 1 week 84,788 89,001 +5.0 1,877,274 1,998,913 +6.
136,984 +6.
Stamped wire._
128,792
12 1 week 5,949 6,397 +7.5
147,648 +2.
Stoves
144,476
21 1 week 5,283 5,411 +2.4
TobaccoChewing and
23,511 -2.2
24,030
smoking
8 1 week 1,463 1,438 -1.7
478,576 +4.9
456,157
102 1 week 25,989 25,756 -0.9
Cigars
Woolen mfg.. 100 1 week .10,420 41,510
EMPLOYMENT IN SELECTED INDUSTRIES IN
NOVEMBER.
•
According to the monthly statement of the Bureau of
Labor Statistics (U. S. Department of Labor), increases in
the number of employees in November this year, as compared with employees for identical establishments in October 1922, are shown in 31 of the 43 industries, while the other
12 show decreases. Comparing identical establishments in
13 manufacturing industries in November 1922 and November 1921 it appears that in that month the present year the
number of employees increased in 8 of the 13 industries
and decreased in the remaining 5. The following is the
Bureau's statement, made public Dec. 21:
The U. S. Department of Labor, through the Bureau of Labor Statistics,
here presents reports concerning the volume of employment in November
1922 from 3,233 representative establishments in 43 manufacturing industries, covering 1,556,537 employees, whose total wages during the payroll
periods reported amounted to $48,961,271.
The continued strike during November in the pottery industry resulted
in a further decrease of 38.3% in the number of employees, and of 42.0%
in the total amount of the payrolls, as compared with the October report.
Increases in the number of employees in November 1922 as compared
with employees for identical establishments in October 1922 are shown in
31 of the 43 industries, and decreases in the remaining 12 industries. Car
building and repairing, as in the last two months, shows the greatest increase in employment, although the per cent of increase, 7.9, is only onehalf of that in September and considerably less than in October. Stamped
2749
THE CHRONICLE
Comparative data relating to identical establishments in 13 manufacturing industries for November 1922 and November 1921 appear in the following table. The number of employees increased in 8 of the 13 industries
and decreased in the remaining 5 industries.
Car building and repairing, iron and steel, and automobiles show largely
increased employment in the November comparison, as they did also in the
October yearly comparison. The per cents of increase in November 1922
as compared with November 1921 are 29.3, 24.6 and 23.1, respectively.
Men's clothing, owing to the season, shows decreased employment of
15.5%. Cotton manufacturing shows a decrease of 8.4%, and silk a de
crease of 6.9%.
The total amount of the pay rolls increased in all but 2 of the 13 industries in November 1922 as compared with November 1921, iron and stee
showing the huge increase of 73.6%, automobiles an increase of 54.3%.
and car building and repairing and leather increases of 28.5% and 24.7%
respectively.
The two industries showing decreased pay rolls were men's clothing.
6.7%, and cotton manufacturing, 1.6%.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS IN
NOVEMBER 1921 AND NOVEMBER 1922.
Industry--
Number on Pay- % of Amount of Pay Roll
inInRoll inNo.of Period
crease,
Estab- of
Nov. or De- November November
Nov.
lish- Pay1922.
1921.
ments Roll. 1921. 1922. crease.
% of
Increase
or Decrease.
45 1 week 97,964 120,589 +23.1 $2,757,417 $4,255,967 +64.8
Automobiles__ _
Boots and shoes 75 1 week 57,319 60,815 +6.1 1,214,163 1,371,613 +18.0
Car building &
87 ;4 mo. 42,582 55,052 +29.3 2,542,884 3,267,505 +28.6
repairing__
717,769 -6.7
769,510
Clothing, men's 43 1 week 31,865 26,919 -15.5
306,895 +12.9
271,808
Cotton finishing 17 1 week 13,710 13,790 +0.6
978,884 -1.6
994,355
-8.4
57,281
Cotton manuf'g 59 1 week 62,515
Hosiery & knit
522,401 +0.6
519,517
goods
61 1 week 31,704 30,279 -4.5
112 ;4 mo. 120,031 149,519 +24.6 5,049,018 8,763,560 +73.6
Iron and steel
309,148 +24.7
247,987
33 1 week 11,863 13,823 +16.5
Leather
735,557 +10.0
668,751
Paper and pulp 55 1 week 28,414 30,381 +6.9
534,061 +3.7
514,881
Silk
53 2 wks. 13,953 12,993 -8.9
Tobacco, cigars
322,931 +12.0
288,448
+0.4
16,914
week
16,985
1
52
& cigarettes_
471.599 +15.9
406.880
Woolen ma nuts 22 1 week 20.695 20.129 -2.7
INCREASE IN RETAIL FOOD PRICES IN NOVEMBER.
The retail food index issued by the United States Depart,
ment of Labor, thorugh the Bureau of Labor Statistics,
shows that there was an increase of 2% in the retail cost of
food to the average family in November as compared with
2750
THE CHRONICLE
[Vol,:115.
October. The index numbers based on 1913 as 100, were
BRITISH RUBBER RESTRICTIONS DELEGATION TO
143 in October, and 145 in November, 1922. The Bureau
VISIT U. S. TO CONFER REGARDING SAME.
of Labor Statistics U. S. Department of Labor, makes this
The concern which has developed in the United States by
announcement Dec. 18 and says:
During the month from Oct. 15 1922, to Nov. 15 1922, 16 articles on reason of the British rubber restrictions proposed in October
which monthly prices are secured increased in price as follows: Strictly by a committee appointed by the Secretary of State for the
fresh eggs, 19%; butter, 7%; evaporated milk and cheese, 4%; sugar and
investigate and report on the rubber situation in
bananas. 3%; storage eggs, 2%; fresh milk, olemargarine, nut margarine, Colonies, to
lard, rolled oats, navy beans, and coffee, 1%; bacon and tea increased less the British Colonies and Protectorates appears to have
than five-tneth of 1%.
prompted the decision to send a delegation of British rubber
Sixteen articles decreased in price as follows: Oranges, 17%;pork chops,
of London to the United States for a consultation in
growers
10%; potatoes, 5%; raisins, 4%;sirloin steak, round steak, ham, hens and
cabbage, 3%;rib roast, chuck roast, and prunes, 2% plate beef and canned the matter. The report of the Colonial Office committee,
corn,1%,and lamb and salmon,less than five-tenths of 1%.
which was made known in London early in October, recomTwelve articles remained unchanged in price. Crisco, bread, flour, corn
meal, cornflakes, cream of wheat, macroni, rice, onions, baked beans, mended a plan of Government intervention to assist the rubcanned peas and tomatoes.
ber trade in Ceylon, the Malay States and the Straits SetFor the year periods. Nov. 15 1921, to Nov. 15 1922, the decrease in all tlements by graduated measures of
restriction. Under the
articles of food, combined, was 5%.
For the 9-year period, Nov. 15 1913 to Nov. 15 1922, the increase in all scheme proposed, it is provided that in lieu of existing exarticles of food combined, was 38%•
port duties, a minimum export duty is to be levied on the
Changes in Retail Prices of Food by Cities.
percentage of standard production which is allowed to be
During the month from Oct. 15 to Nov. 15 the average family expenditure exported under the scheme at the minimum rate of duty.
for food increased in 47 cities as follows: Boston, Fall River and Rochester,
4%; Atlanta, Baltimore, Bridgeport, Columbus, Denver, New York, The committee recommended that this minimum be fixed at
Philadelphia, Pittsburgh and Richmond, 3%; Buffalo, Cincinnati, Cleve- the lowest possible rate not to exceed 1d. per pound. It also
land, Houston, Indian tpolls, Louisville, Manchester, Milwaukee, Minne- proposed that at the start the percentage exportable at the
apolis, Newark, Nev.' Haven, Norfolk, Portland, Me., Providence and
Scranton, 2%; Birmingham, Butte, Charleston, Chicago, Dallas, Detroit, minimum rate was to be 60%. At the time the report was
Jacksonville, Kansas City, Little Rock, Mobile, Omaha, Portland, Ore., made public a cablegram from London, Oct. 11, published in
St. Louis, St. Paul, Salt Lake City, Savannah and Washington, D. C., the "Journal of Commerce," summarized its provisions as
1%; Los Angeles, Peoria and Springfield, Ill., increased less than five•
follows:
tenths of 1%. Four cities showed a decrease, San Francisco,
3%, and
Memphis, New Orleans and Seattle, less than five-tenths of 1%.
For the period Nov. 15 1921 to Nov. 15 1922 all of the cities showed a
decrease. Kansas City, Salt Lake City and Savannah, 8%; Fall River,
Manchester, Memphis, Norfolk and Scranton, 7%; Bridgeport, Columbus,
Houston, Mobile, Omaha, Peoria, Providence, Richmond and Springfield,
Ill., 6%; Birmingham, Charleston, Cincinnati, Denver, Indianapolis,
Jacksonville and Pittsburgh, 5%; Boston, Chicago, Milwaukee, New
Haven, New Orleans, Portland, Me., Rochester and San Francisco, 4%;
Baltimore, Cleveland, Dallas, Detroit, Little Rock, Louisville, Minneapolis, Newark, New York, St. Louis, St. Paul and Washington, D. C.,
3%;Atlanta, Buffalo, Butte, Los Angeles, Philadelphia and Portland, Ore.,
2%, and Seattle decreased less than five-tenths of 1%.
As compared with the average cost in the year 1913 the cost of food in
Nov. 1922 was 56% higher in Richmond; 54% in Boston, Buffalo, New
York, Providence and Washington, D. C.; 51% in Scranton, 50% in
Baltimore, 49% in Fall River and Philadelphia. 47% in Detroit, Manchester, Newark and New Haven;46% in Chicago and Pittsburgh; 45% in
Birmingham; 44% in Charleston, Dallas, Milwaukee and San Francisco;
43% in Atlanta and St. Louis; 42% in Cincinnati, Cleveland, Los Angeles
and Minneapolis; 41% in New Orleans; 39% in Jacksonville, Omaha and
Seattle; 38% in Kansas City; 37% in Indianapolis and Little Rock;
35%
in Louisville and Portland, Ore.; 33% in Denver, and Memphis, and
25%
In Salt Lake City. Prices were not obtained from Bridgeport,
Butte,
Columbus, Houston, Mobile ,Norfolk, Peoria, Portland, Mo., Rochester,
St. Paul, Savannah and Srpingfield, III., in 1913, hence no comparison for
the 9-year period can be given for these cities.
INCREASE IN WHOLESALE PRICES IN NOVEMBER.
The trend of wholesale prices of commodities was upward
in November, according to information gathered in representative markets by the U. S. Department of Labor through
the Bureau of Labor Statistics. Measured by the Bureau's
weighted index number, which includes 404 commodities
or price series, the increase from the general level of the month
before was 1 1-3%. The Bureau advices to this effect,
made public Dec. 18, also states:
Farm products again lead in price increases, due to advances in grains,
cotton and cottonseed, hay, eggs, peanuts, sheep and wool. Prices in this
group averaged 334% higher in November than in October. Food articles
and cloths and clothing advanced over 2% and chemicals and drugs advanced almost 234% in average price from October to November. Smaller
increases were recorded for building materials, housefurnishing goods and
miscellaneous commodities, the increase in the last named group being
caused by mounting prices of bran, cottonseed and linseed meal, and other
cattle feed.
Further decreases took place in the group of fuel and lighting materials,
soft coal and coke averaging less than in the month before. Metals and
metal products, due to the drop in pig iron and steel billets, also showed a
decline from the October level.
Of the 404 commodities or series of quotations for which comparable
data for October and November were obtained, increases were shown in
189 instances and decreases in 71 instances. In 144 instances no chance
in price was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities. (1913-100.)
1921.
1922
November. October. November.
138
121
143
Farm products
140
139
143
Foods
188
180
192
Cloths and clothing
226
197
218
Fuel and lighting
135
114
133
Metals and metal products
183
163
185
Building materials
124
129
127
drugs
Chemicals and
176
179
178
Hou.sefurnishing goods
120
122
119
Miscellaneous
154
156
141
All commodities
ago,
as
year
measured
a
by
of
those
with
November
Comparing prices in
changes In index numbers, it is seen that the general level has increased
over 103 %. Farm products show the largest increase, 183i%,with metals
and metal products coming next with an increase of 16i%. Building
materials increased 13M %,fuel and lighting materials 10%%, and cloths
and clothing 6N,% in average price in the year. Foods and miscellaneous
commodities each show an increase of over 235%• A slight increase is
shown for housefurnishing goods, while chemicals and drugs were cheaper
than in November of last year.
The scheme as framed would allow the export on minimum duty of 60% of
standard production as the first stage, with the further provision that if
during the scond quarter after the initiation of the scheme, or in any subsequent three months, the price of rubber failed to average at least 1 shilling
per pound the percentage of the standard production allowed to be exported
at the minimum duty should be reduced to 55%.
If this production failed to raise the average price over the succeeding
three months to 15 pence, then the percentage would be reduced to 50, and
so on, by reductions of 5% at the end of each three months, until the average
price aimed at was secured.
The plan proposes there shall be local committees in Ceylon and the Malay
States and a central advisory committee in London to facilitate the operation
of the plan.
Colonial Secretary Churchill has approved the scheme, which will be submitted to the respective Legislatures at an early date.
The committee recommends that the minimum duty be fixed at the lowest
possible rate, not to exceed 1 penny a pound. If a producer desires to export
above the percentage allowed at the minimum duty he shall pay an export duty
on his total export at a rate varying according to the amount of the excess
from 4 pence to 1 shilling per pound.
When the average price for three months is maintained at 15 pence or more
the percentage on export will be raised automatically by 5% for the next ensuing three months, and if the price is maintaised at 18 pence or more the
percentage will be similarly raised by 10%.
On Oct. 13, in reporting the effect of the proposed scheme
here, the New York "Evening Post" said:
Considerable excitement prevailed in the rubber market on receipt of further details of the British Government's scheme for restriction of production,
although uncertainty still exists with respect to the practical workings of
the plan. The immediate effect on the market was the withholding of supplies by regular dealers. Offerings of spotsmoked sheets were made by the
/
2 cents a pound, which represents an adspeculative element from 19 to 191
vance of around 3 cents. However, this is but a nominal quotation. Advices received by leading dealers indicated a price of 10% pence at London
and 11.630 pence at Singapore.
On Oct. 25, "Financial America" printed the following
from London:
A dispatch from Amsterdam states that it is unlikely that the interests
favoring a restriction of the rubber output will obtain the consent of a majority of the planters in the Dutch Indies. Only a few planters are said to
favor the plan.
We likewise quote the following from Amsterdam, Oct. 1,
published in the New York "Evening Post" of Oct. 14:
At the last meeting at The Hague of the International Union for Rubber
Cultivation in the Dutch East Indies, with Dutch, Belgian, British and
French interests represented, it was decided—largely by a majority of the
votes of the British members—to invite the Dutch Government to use its good
offices in the present crisis of the rubber industry. The idea was that the
Government should take into consideration the possibility of legislative measures that might assist the depressed industry towards recovery. It was also
suggested that the Government appoint a committee to study the plans which
had been proposed by the British and Dutch interests and to submit a list of
recommendations.
As soon as the Dutch Government was apprised of the results of this meeting the Colonial Minister cabled to the Governor-General of the East Indies
for his views on the matter. It was already known here in Holland that the
East Indian Government had previously canvassed the views of the rubber
producers, and that they were very generally opposed to any forced restriction of output. Last July the proposal was laid before the People's Council in
Batavia, and was rejected by a vote of 32 to 2.
Colonial Viewpoint Overlooked.
The British interests, which were in favor of Government restriction on the
rubber output as a remedy, had apparently overlooked this fact. They also
seemed to be unaware that the Dutch East Indian Government would probably attach much less importance to the views of the International Union In
Europe than to the views of the'local producers, who were controlling most
of the acreage in the colonies. The reports which were sent out to other countries by the Union were therefore rather optimistic, and the price of crude
rubber advanced for a time to 9d. Later, when the outlook for Government
intervention appeared less favorable, the price fell back to 6%d.
Meanwhile the Colonial Minister, on receiving a report from the GovernorGeneral of the East Indies, declined to intervene. He took the position that
legal restrictions on the output of the rubber plantations would not be favorable to our colonies, even assuming that such restrictions could be carried out
in practice. He also rejected the suggestion that he appoint a committee to
investigate the restriction scheme, because such action might give rise to the
belief that the Government was in favor of the idea. Nevertheless, he stated
DEC.23 1922.]
THE CHRONICLE
2751
Recommendations.
they were
that he was prepared to consider concrete proposals, provided that
(1) The scheme recommended adopts as the standard production the actual
suitable to East Indian conditions.
restric- output of each producer during the 12 months—lst November 1919 to 31st
The arguments of the Minister indicate that the British plans for
suggested Rules contained in
East
tions are not regarded as favorable to the rubber companies in the Dutch in October 1920—amplified in accordance with the
advance
Appendix "A."
Indies. The British on their behalf maintained that the recent
25%,
export duty is to be levied
to
minimum
amounting
(2) In lieu of existing export duties, a
the price of rubber was due to the voluntary curtailment,
Java, Su- on that percentage of standard production which is allowed to be exported
put into effect in the British colonies. Figures of exports from
exports under this scheme at the minimum rate of duty. The Committee recommend
matra and the Straits Settlements, however, show that the decrease in
This, of that this minimum be fixed at the lowest possible rate not to exceed id. per
in 1921 was only 4,000 tons out of a total of about 240,000 tons.
June pound.
between
course, could not be the cause of a rise of 50% in rubber prices
If a producer desires to export a quantity greater than that allowed to be
and December 1921.
export duty on his
In a current number of a Dutch weekly there is an article by a Mr. Burger, exported at the minimum rate of duty, he shall pay an
in total export during that period of 12 months on the following scale:
a rubber grower of Sumatra, which shows that the price of rubber reacted
counEuropean
Duty per pound
1922 because of the slump in the buying power of the Central
over all.
tries, which had been large purchasers in the preceding year. This more
the
Moreover,
d.
market.
conditions
in
the
8.
American
favorable
the
offset
than
4
0
Not exceeding 65% of standard production
weak financial position of many of the producers has forced them to market
their
of
continuation
5
0
their rubber at a loss in order to obtain funds for the
Over 65% but not exceeding 70%
the
because
companies,
6
especially
true
was
with
British
the
o
business. This
Over 70% but not exceeding 75%
7
British banks do not supply working capital for the whole year, as in HolOver 75% but not exceeding 80%
8
o
land, but only grant advances on documents of shipped products.
Over 80% but not exceeding 85%
five
first
the
9
o
These facts are'borne out by the figures of actual exports in
Over 85% but not exceeding 90%
10
0
months of the current year, which show that the exports of the Dutch East
Over 90% but not exceeding 95%
11
0
Indies and Ceylon were about equal to those of the corresponding period in
Over 95% but not exceeding 100%
1921, whereas the exports of the Federated Malay States and the Straits
1
Over 100%
Settlements (British dependencies) show an increase of 28,000 tons, or apAt the initiation of the scheme.the percentage exportable at the minimum
proximately 40%. The larger offerings of the British producers caused a rate is to be 60.
sharp decline in the price of rubber, and in view of these facts the Dutch at
when the rubber situation improves so as to justify allowing an increased
present are not inclined to venture upon any restrictive system. In fact, they percentage of standard
production to be exported at the minimum rate of
intimate that although the British producers are continually advocating re- duty the
minimum would be substituted in its appropriate place in the scale.
striction they are increasing the output on their own estates, and they cite
(3) Alterations in the percentage of standard production would be governed
the foregoing figures as proof.
by the price of standard quality smoked sheet in the London market, and it
following
4
Dec.
is proposed that, when the average price for such rubber during three consecuthe New York "Times" printed the
On
tive months has been maintained at not less than is. 3d. per pound London
cablegram from London, Dec. 3:
may be exported at the
The "Times" (of London) in a financial article discussing the apprehen- landed terms, the percentage of production which
minimum duty would be raised automatically by 5 for the next ensuing quarsive comment in America an the recommendations made in October by the
In
the event of such average price being maintained at not less than is.
Colonial Office to assist the rubber trade in Ceylon, the Malay States and the ter.
6d. per pound, London landed terms, during the whole of three consecutive
Straits Settlements by graduated measures of restriction, and especially the
exported at the minimum
inference that the plan aims at raising the price of rubber to 30 pence per months, the percentage of production which may be
duty would be raised automatically by 10 for the next ensuing quarter.
pound, declares such inference is unwarranted.
(4)
Furthermore, in order that the operation of the scheme may secure the
The object of the committee which made the report to the Colonial Office
60% of standard
had in view, the "Times" adds, was the provision of a living wage for the desired result, even though for reasons at present unforeseen
recommend that if
producer. The committee is still in being, the article continues, and it production should prove to be too high, the Committee
or in any subseshould be a simple matter for it to make a further statement of its intentions during the second quarter after the initiation of the scheme
quent period of three consecutive months, the price of rubber, as hereinbefore
in the event of the price rising over 18 pence, and this should tend to allay
of standard
percentage
defined
has
not
the
pound,
per
at
is.
least
averaged
any uneasiness among rubber manufacturers.
reduced to
The rubber market proved more sensitive to the initial operation of the re- production that may be exported at the minimum duty shall be
55, and if that reduction is not effective in raising the average price over the
striction scheme than had been contemplated by the committee, whose aim at
following three months to is. 3d. then it shall be reduced to 50 at the end of
the time of its deliberations hardly went beyond the goal of 18 pence as the
the three months, and so on by reductions of 5% at the end of each three
price of rubber, says the "Times."
months until that average price is secured.
Once the percentage has been lowered it would not be increased except on
Regarding the proposed visit to the United States of the
the
rubber delegation from London, we take from "Financial the basis of a price of is. 3d. as aforementioned. If during any quarter when
percentage of standard production that may be exported at the minimum
America" Dec. 5 the following Central News cablegram from duty is for the time being fixed at not under 65% and the price during that
quarter has not averaged at least is. 3d. per pound, the percentage for the
London ::
Stuart Hotchkiss having advised the Rubber Growers' Association of Lon- ensuing quarter would be reduced by 5.
(5) The application of the scheme in their several territories would rest
don that the proposed restrictions on output were considered dangerous, delegates of the Association will visit the United States in January, it was offi- with the local Governments concerned.
(6) The Committee recommend that an Advisory Committee be appointed
cially announced this evening.
in London for the purposes of co-ordinating the operation of the scheme in
They will consult American interests as to plans.
Ceylon, Malaya and such other territories as may be involved. They suggest
We give herewith in full the report of the Colonial Office that this Committee should consist of official and non-official members,
whose duty would be to advise the Secretary of State on all matters referred
Committee:
to in connection with the operation of the policy now recommended, and that
Supplementary Report of the Rubber Committee.
it should be charged with the responsibility of advising him as to the alteraThe Committee concluded their report of June 1922 by stating that they tions in the rate of minimum duty required under the scheme.
were unable to carry their inquiry further until the attitude of the Dutch was
(7) The Committee recommend that the Governments of the territories condefinitely known, as they did not feel justified at that time in recommending cerned should set up committees on which there should be representatives of
the adoption by one or more British Colony or Protectorate of either of the the industry to deal with cases for special consideration in regard to local approposed schemes for Government intervention in the rubber industry.
plication of the scheme, and the Committee annex to this report rules that
Since the report was issued, the reply of the Netherlands Government to the would require to be observed by these local committees in the administration
proposals for co-operation with His Majesty's Government in legislating to of the scheme.
ameliorate the situation in the industry has been received.
(8) The Committee cannot conclude this report without observing that,
The Netherlands Government has decided not to take at present any legisla- apart from the financial relief that may be expected to accrue to all rubber
of
production
Netherlands.
rubber
in
the
the
restrict
to
measures
tive
producers from the scheme, the discouragement it affords to more drastic tap2. The Committee have considered the question of whether in these circum- ping, cannot but benefit the estates of those managements who are voluntarstances a policy of restrictive measures in British Colonies and Protectorates ily or compulsorily associated with the scheme and leave them ultimately in a
alone could be adopted to the advantage of the British rubber industry, and stronger position than the estates whose trees have been subjected to tapping
in this consideration they have been influenced by the following facts:
on an excessive scale.
(a) Excessive and increasing production of rubber owing to the failure of
J. STEVENSON.
W M. DUNCAN.
the producers to make voluntary restriction effective with the consequent conSTANLEY BOIS.
G. GRINDLE.
tinuation of the depression in the price of rubber.
E. L. BROCKMAN.
H.
ERIC MILLER.
(b) The general demand by the leaders of the rubber industry both in LonE. J. BYRNE.
EDWARD ROSLING.
don and in Malaya for restrictive measures of necessary by one or more of the
G. E. J. GENT, Secretary.
British Dependencies independently of the Netherlands Government attitude.
October 2 1922.
(c) The Committee have had before them the latest available estimates as
to the figures of the world's production and absorption of rubber in 1922,
Appendix A.—Rules for the Guidance of Committees.
together with figures of existing stocks.
In issuing certificates of standard productionNotwithstanding the fact that the rate of the world's absorption or rubber
1. "Standard production" shall be the quantity of dry rubber produced
for the present year shows a substantial increase on the Committee's previous from any holding during the period from 1st November 1919 to 31st October
figure of 300,000 tons, they have decided to base their recommendations on 1920, provided that if the owner of any holding is unable to declare the outthe figure of absorption mentioned in their previous report, in order that they put from his holding during that period in the absence of proper records, or If
may err on the safe side.
he proves to the satisfaction of the Committee that the output from his hold4. The Committee have closely investigated the effects of the introduction ing during that period was abnormal for any of the causes referred to in these
in British Colonies and Protectorate of legislation framed to bring about more rules, the Committee shall certify some other quantity as the standard producstable conditions in the industry even without Government control over pro- tion for such holding, in accordance with the rules as set out hereunder.
duction in other territories.
2. If any owner is unable to declare the quantity of rubber produced from
5. Inquiries have been made as to the possibility of securing voluntary re- his holding during such period, the Committee shall assess the amount to be
striction of tapping on British estates situated in such other territories in deemed to be the standard production for that holding, but the quantities so
association with any restrictive measures that might be taken in the territo- assessed shall not exceed the quantity attained by multiplying the number of
Rubber Growries of the British Empire; the Committee understand that the
each age by the output per acre allotted for trees
in this sense from acres planted with rubber of
ers' Association have obtained the assurance of co-operation
with the following table:
reduce the of each age in accordance
proportionately
will
support
This
Max. output for 12 mos.
the majority of these estates.
restriction in British Territories necessary to effect a readjustment of supply
Nil
Under five years
demand.
120 pounds
to
Between five and six years
predominating interest in
180 pounds
6. In view of these new considerations and the
six and seven years
Between
the Committee have felt a re240 pounds
Between seven and eight years
the rubber industry held by British producers,
accordingly desire to
320 pounds
Eight years and over
vision of their previous attitude to be justified, and they
opinto
put
be
should
intervention
Government
of
scheme
recommend that a
3. If any owner claims that a portion of his holding is planted with trees
as soon as
eration in Ceylon, the Malay States and the Straits Settlements
which were not tapped prior to 1st Novembr 1920 he shall be allowed as
possible.
Scheme 2 in their standard production in addition to his output from 1st November 1919 to 31st
The scheme which they recommend is practically that of
October 1920 an amount calculated according to the table in Rule 2 above.
previous report, with certain amendments.
2752
THE CHRONICLE
4. If any owner claims that during the period let November 1919 to 31st
October 1920 his output was less than his normal output owing to(a) Lack of labor;
(b) Abnormal ill-health of his labor forces;
(c) Disease of his trees, from which they have since recovered;
(d) Resting of the trees; or
(e) Any other reasonable cause;
such addition shall be made to his actual output from 1st November 1919 to
81st October 1920 for the purpose sot certification as would, in the opinion of
the Committee, equal the loss of output sustained thereby, but in no such case
shall the total output for the holding exceed the quantity to which he would
have been entitled if he had applied under Rule 2 hereof.
5. If any owner can prove to the satisfaction of the Committee that prior to
the commencement of the enactment he has entered into bona fide forward
contracts for the sale and delivery of a quantity of rubber in excess of the
amount of his normal "standard production" has arrived at under these Rules,
diminished by the percentage of restriction for the time being in force, and
that either(a) Such contract specifies that the rubber to be delivered under the contract is rubber from his holding only; or
(b) He is unable to contract on the market to buy in the excess contracted
for over the quantity he would be allowed to produce at a price not greater
than the price at which he has sold, the Committee may allow him as standard production such quantity as when diminished by the percentage of restriction for the time being in force would allow him to produce a sufficient quantity to cover his contracts, provided that certificates issued under this Rule
may be revised by the Committee at any time when such contracts expire or
the percentage of restriction for the time being in force is altered.
6. Certificates of "standard production" when issued may not be varied
within 12 months of the date of such issue, but on the expiration of such pe
nod of 12 months or any subsequent period of 12 months any owner may apply for revision of the quantity for which his holding has been assessed on the
grounds that further areas have since the issue of the certificate attained the
age of five years and are in a condition to tap. In such case the Committee
shall increase the quantity assessed in accordance with the Rules laid down
herein.
7. If any owner states on his application form that he desires to be assessed at any quantity other than his actual output from the period of 1st
November 1919 to 31st October 1920 and gives his reasons for this request,
the Committee shall, before issuing any certificate, notify such owner of the
quantity at which the Committee proposes to assess him, and inform him that
in the event of his objecting to such assessment he must state his case personally or by his representative or by letter at a specified time and place.
[VoL. 115.
• that, when not busy on structural steel, a shop is often used
for tank work, railroad cars, shipbuilding, etc., and, similarly structural work may be turned out in tank shops, shipbuilding plants, etc. The capacity figures given in the report refer to that portion of the fabricating capacity that is
usually used for structural work; it is capable of expansion
or contraction. The capacity as reported for this survey was
defined as the amount of structural steel work that actually
could be turned out running single turn on the character and
class of structural work that the plant ordinarily secures.
Structural work was considered for this purpose as all work
using structural shapes.
NEW YORK "TIMES"-CHICAGO "TRIBUNE" CONTRACT FOR LLOYD GEORGE'S WAR MEMOIRS
CANCELED.
The cancellation of the contract for the purchase by the
New York "Times" and the Chicago "Tribune" of the
serial rights for the United States and Canada to the War
Memoirs of David Lloyd George, former Prime Minister
of England, was made known by the New York "Times"
in its issue of Dec. 16. The termination of the contract grows
out of the action of the former Prime Minister in entering
into a contract with the United Press for a series of articles
on current politics. Exception was taken to this by the
papers contracting for the rights to the Memoirs on the
ground that the value of the book would be interfered with
by the appearance of the articles before the publication of
the book. This was disputed by Lloyd George, the controversy leading to the cancellation of the contract of the
New York "Times" and Chicago "Tribune" with Mr.
Lloyd George. Announcement of the closing of this contract had been made in our issue of Aug. 26, page 938. Reits cancellation, we quote the following from the
garding
FURTHER DECLINE IN STRUCTURAL STEEL SALES.
"Times" of the 16th inst.:
A considerable seasonal decline occurred In the sales of New York
The New York "Times" and the Chicago "Tribune" announced on Sept.
fabricated structural steel in November, according to reports 15 last that they had jointly purchased for the United States and certain
received by the Department of Commerce through the Bu- other countries in the Western Hemisphere the serial rights to the War
of Mr.David Lloyd George,then Prime Minister of England. The
reau of the Census. November sales amounted to 46.8% of Memoirsbe
paid was £40,000, of which E4,000 was paid in advance. For
price to
shop capacity as against 57.3% reported for October. These reasons that will be set forth below, the contract for this purchase has now
percentages are based on a uniform capacity rating recently been canceled, at the instance of the New York "Times" and the Chicago
and after legal proceedings had been begun by them against
reported to the Bureau of the Census by almost all the re- "Tribune,"
Mr. Lloyd George.
K11
porting fabricators. Through these new ratings the total
The contract was signed after representations had been made by the agent
monthly capacity of the 140 identical firms reporting each that the work had been begun and was then in progress, and that, although
Mr. Lloyd George might soon retire from office and thus gain more time to
month from April through November has been reduced from devote
to the work, yet even if he remained in office, half of it, he hoped,
223,685 tons to 211,510 tons. The following table shows the would be delivered to the purchasers by Jan. 1 1923, and the remainder as
possible. However, to meet the contingency of Mr. Lloyd
tonnage booked each month by these firms and the percent- rapidly as
George's long continuance in office and arduous occpuation with Governage of their revised capacity:
mental labors, a period of two years was allowed for the completion of the
Tonnage booked. Per cent of capacity.*
193,520
91.5
173,588
82.1
154,770
73.2
143,907
68.0
146,621
69.3
137,485
65.0
121,160
57.3
99,040
46.8
work.
With great surprise, therefore, the New York "Times" and the Chicago
"Tribune" learned on Nov. 23 that Mr. Lloyd George, who had just retired
from the office of Prime Minister, was about to enter into a contract with
an American "syndicate" to write weekly and fortnightly articles on current
topics for a period that, under a proposed option, might be extended to
108 weeks, overlapping the two-year period within which the Memoirs
were to be completed, and, in the opinion of the purchasers, endangering
their delivery and impairing their value.
The two newspapers at once made energetic protest, but on the following
*Increased percentages over previous reports for past months due to revi- day, Nov. 24, Mr. Lloyd George entered into the new contract, whereupon
sion of capacities.
they urged that the proper course was the cancellation of their contract
of the Memoirs. Mr. Lloyd George replied that he had
On the basis of these revised capacity reports and of known for the purchase
not violated his contract with the New York "Times" and the Chicago
or reliably estimated capacities of other concerns, the De- "Tribune,"
either in letter or in spirit, and that the Memoirs would not be
partment of Commerce places the present capacity of the delayed. A subsequent communication addressed to the managing editor
"Times" follows:
fabricated structural steel shops at 250,000 tons per month. of the New York
"18 Abingdon St. Westminster, S. W. I., Dec. 11922.
A considerable increase in the capacity of the structural
is with great surprise that I learn that you take exception
-It
"Dear Sir:
contract I have signed with The United Press for a series of articles
steel fabricating shops of the United States since 1913 is to the
on the ground that the value of my book on the war
on current politics,
with by the appearance of these articles before the book
shown In a special survey made by the Department of Com- will be interfered
take your view that a series of short articles not
is published. I cannot
merce. A preliminary report, based on data received from encroaching in the least upon the material of the book can possibly influence
arrangements you have made for publication of the serial rights.
the
143 firms with a total revised capacity rating of 208,440 tons
"Moreover, I can assure you that the date of publication of my war
not be delayed by reason of my contract with The United
per month, shows an increase since 1913 of 45,025 tons in memoirsIwill
am already engaged, and am employing the assistance of others,
Press.
material for these volumes. As the only Minister who
accumulating
monthly capacity, or about 22%. The following table shows In
held high office right through the war I imagine my book will be a conthe total monthly capacity for each year as reported by the tribution which no other person is in a position to make to the story of
Such a work is bound to take time, for all the
that tremendous event.considered
above firms, representing about 83% of the present estimated facts
and verified, and the utmost care will
must be carefully
compilation. It is not desirable, therefore, that the
their
in
required
be
capacity of the United States, and the increase over the pre- preparation should be hurried, and I intend to take ample thne over it,
any unnecessary delay.
ceding year and over 1913:
at the same time avoiding
never supposed for one moment that the contract
"On the other hand, Iwould
Total monthly
preclude me from the publication of political
Increase over
Increase over
you
which I signed with
a clause in the contract I would never
capacity.
previous year.
1913.
articles. Had there been such
memoirs, I always intended to write as
my
from
Apart
it.
signed
have
1913
163,415
office. I have my living to earn. After seventeen years
left
I
as
soon
1914
164,265
850
man, and it is absolutely imperative that
850
In office I have retired a poor
a means of livelihood. The proceeds of the
1915
166,500
2,235
3,085
I should turn to writing as
rights are, as you know, to be given
1916
170,900
4,400
book for which you hold the serial
7,485
charity.
to
1916
175,935
5,035
12,520
explicit,
and I have not deviated from
are
contract
"The terms of my
1918
standing on the legal interpretation. I
185,060
9,125
21,645
them. But I hate the idea of
for
your
judgment lest you should
reasons
above
1919
the
188,800
forth
set
3,740
therefore
25,385
on the letter of my bond whilst making
1920
Imagine that I am standing merely
194,675
5,875
31,260
myself by infringing its spirit.
for
profit
illegitimate
1921
197,575
"Yours truly,
2,900
34,160
1922
"D. LLOYD GEORGE."
208,440
10,865
45,025
York
"Times" and the Chicago "Tribune"
The increase noted in the year 1922 was largely due to the
It was on Aug.3 that the New
entrance of shipbuilding concerns into the fabrication of first committed themselves to the purchase of the Memoirs, and it was
Mr. Lloyd George, whose prospective profits had
structural steel. The Department of Commerce points out three weeks later whencriticised
in the English press, announced that he
In the meantime been
that the capacity of structural steel shops is quite elastic in would give thoselprofits tolcharity. The New York "Times" and'the
April
May
June
July
August
September
October
November
DEC.23 1922.]
TN I
CHRONICLE
Chicago "Tribune" were therefore not aware at the time of this commitment of the later-announced purpose of Mr. Lloyd George.
A considerable correspondence by cable ensued upon Mr. Lloyd George's
contracting, on Nov. 24, for the series of articles to be published before the
Memoirrs, but without immediate result. Meanwhile his new articles were
being offered to newspapers in America in such phrases as "they will be released long before the Memoirs,""our contract covers everything George will
write during the coming year and carries with it option on another year's
series," and "new series much more valuable than the Memoirs," "articles
being of current interest and injuring the value of the Memoirs," The
originals of some of these messages, as delivered to the persons addressed,
are in the possession of the New York "Times." Mr. Lloyd George has
expressed strong disapproval of the phrases used in them in offering his new
articles to American newspapers, and states that they were issued without
his knowledge or authority.
The long cable correspondence failing to produce the desired result, the
New York "Times"and the Chicago "Tribune",through their London counsel, the Honorable Sir Charles ltussell, began on Wednesday last an action
in the High Court of Justice in London, against Mr. Lloyd George, asking
for ah'injunction restraining advertisements disparaging or prejudging or
affecting the value of the Memoirs,restraining the publication of Mr.Lloyd
George's articles written under the agreement made on Nov.24 with an American "syndicate," and, alternatively asking for the rescission of the contract made by Mr. Lloyd George with the New York "Times" and the Chicago "Tribune." Leave was granted for a motion to be heard on Friday.
On Thursday Messrs. Lewis & Lewis, solicitors for Mr. Lloyd George,
arranged with Sir Charles Russell for the cancellation of the contract of the
New York "Times" and the Chicago "Tribune" with Mr. Lloyd George and
the return to the two newspapers of the advance payment less a part of the
commission that had been paid by Mr. Lloyd George to his agent.
The settlement was concluded by the two subjoined letters, the first from
a member of the firm of Lewis & Lewis, representing Mr. Lloyd George, to
Sir Charles Russell, representing the New York "Time" and the Chicago
"Tribune," the second Sir Charles Russell's reply thereto:
Ely Place, Holborn, Dec. 14 1922.
"Dear Sir:—I have seen Mr. Lloyd George with reference to my interview
with you about his contract with regard to the serial rights of his book
on the war with your clients. He wishes to state most emphatically that
every shilling he has received has been paid to a separate banking account,
and he has not used it in any way for his personal expenditure. He also
wishes to add that at the time the contract was signed he had written several
chapters, and this I can personally vouch for as I read them.
"The advertisement which you tell me was issued in America was issued
without his knowledge or authority, and he disapproves of and expressly
repudiates it. He has no wish to continue to rema.in a party to this contract,
If your clients wish it dissolved, and he has instructed me to so inform you,
but he thinks it due to his honor that any misunderstanding as to the
use of the money paid as a deposit should be at once removed.
"Please let me Lear from you.
"Yours sincerely,
"REG. WARD POOLE."
"The Hon. Sir. Charles Russell, Bar K. C. V. O.
"London, Dec. 14 1922.
"Dear Sir:—I of course accept on behalf of my clients the assurance
which you have given me that the amounts paid on account of the price
of your client's book have been placed by him to a separate account and
have not been touched by him or used for his personal expenditure, and that
he always intended to give the whole of the proceeds received by him to
charity. I should like to take this opportunity of assuring you that neither
I nor they intended to convey any suggestion to the contrary.
"I appreciate your offer to cancel the contract and I am instructed to
accept it in the spirit in which it is made. May I conclude by saying that
I think your client has mot a difficult position in a fair and honorable
manner, a view with which I am confident my clients agree.
"Yo'urs sincerely,
"CHARLES RUSSELL."
The New York "Times" and the Chicago "Tribune" desire to say that
at no time have they suggested that any improper disposition has been
made of any part of the money by Mr. Lloyd George.
How the New York "Times" first learned of Mr. Lloyd George's new
plans, and how, through the kindly intervention of a friend in London,
opportunity was made, but necessarily rejected, to take the new series of
articles away from the "syndicate" that had projected it, is shown in the
dispatches assembled in the followhig cable message sent by the Managing
Editor of the New York "Times" to its correspondent in London:
"New York, Nov. 23 1922.
"Nyklim, London.
"Received to-night following from a London newspaper:
•
"'London, Nov. 23.
"'Learned to-day Keen, United Press, been negotiating for series thirty
articles by Lloyd George, each article about 2,000 words. Keen guano,
teed £7,500, syndicating proceeds beyond that amount to be dibided between contributor and United Press. Immediately_ saw George, begged
close
him not to close with offer until I informed you. He agreed not to
until Saturday, on which day Keen returns to America. Articles will be
for publication weekly the first twelve weeks, subsequently at fortnightly
intervals. They would be of undoubted world-wide import and interest,
the subjects including American Relations, Reparations, the Irish Treaty,
the Turkish Treaty, the Socialist Menace. International Trade, Our New
Parliament. George is strongly impressed by Keen's steams': the articles
would be published in 150 papers. George values such wide publicity.
Reply whether you want his articles. Think could get them for you for
definite sum of £8,500, this to include South American newspaper rights.
Only knew at last moment of these negotiations, and only my strongest
personal entreaties got the matter held up. If you are interested better
allow me to go up to £9,000 if necessary to clinch the matter, relying upon
me getting you best bargain possible.'
"To this I sent the following reply:
"'New York, Nov. 23.
"'We will have absolutely nothing to do with Mr. Lloyd George's proposal to sell thirty syndicated articles. On his agent's representation that
If he retired from office he would at once set to work to finish his War
Memoirs, a start on which had already been made, the New York"Times"
and the Chicago"Tribune" purchased the American rights to these Memoirs
for 140,000. We would, therefore, regard an intervening series of articles
as the grossest breach of faith toward us. The Memoirs are not yet fully
marketed in this country, and not only would the announcement of this new
series close our market entirely, but we should feel obliged to release those
who have already contracted with us, if they so desired. We feel that if
we took this new series and offered it to the newspapers that have bought
the Memoirs, we might be justly regarded as having in effect defrauded
them, and how much more would we be so regarded if we offered the new
series to a new clientele? While we have not yet had time to consult the
Chicago "Tribune" we can say that we shall not quietly submit to any
deprivation of our rights.'
"While it is difficult to believe such a course is contemplated by Mr.
Lloyd George, the representations made are such that we feel we must act
immediately. Will pm therefore at once deliver copies of this message to
Mr. Lloyd George, Mr. Curtis Brown [Lloyd George's agent in the sale of
the Memoirs]and Sir William Berry [owner of the London"Sunday Times"
and head of Cassell & Co., book publishers, purchasers of the English rights]
and make energetic protest against execution of any such plan, which would
destroy serial value of Memoirs and greatly impair book value. The new
series outlined would inevitably draw upon material properly belonging in
Memoirs: and, in any case, Brown's assurances justify us in expecting
prompt work on Memoirs. Since reply was sent to London newspapers
have received strong protest from Chicago "Tribune," which will doubtless instruct its London correspondent to join in your efforts. We desire
Immediate assurance that other literary work will not be permitted to deVAN ANDA."
lay the Memoirs. Answer earliest moment Friday-
On the 18th inst. the New York "Times" in a cablegram
from London said in part:
2753
It appears that the New York "Timm" and the Chicago "Tribune"
were not the only publishers among those who had bought the rights to
Mr. Lloyd George's War Memoirs to complain about his engagement to
The
write a long series of other articles before completing the Memoirs.
New York "Times" and the Chicago "Tribune" began legal proceedings
against Mr. Lloyd George on Wednesday last to compel the annulment
of their contract with him, under which he was to receive nearly $200,000
for the American serial rights, and on the following day Mr. Lloyd George
consented to cancel the contract, thus ending the legal proceedings. It is
understood that Sir William Berry, who, as head of"The London Sunday
Times" and of Cassell & Co., book publishers, had purchased both the
serial and the book rights for England, has now canceled his contract, and
that a general annulment of all the contracts is under way.
"The Sunday Times," Slr William 'Berry's paper, is authority for the
announcement of the general cancellation. Thus charity, which, according
to Lloyd George's promise, was to receive the entire proceeds of the work,
more than $400,000, may find realization of its shopes somewhat deferred,
if not diminished. On this point "The Daily Herald" expresses the hope
that Mr. Lloyd George will give the proceeds of his new series of Articles
to the charity that was to have benefited by the Memoirs.
On the 16th inst. Senator Robinson, of Arkansas, caused
the insertion in the "Congressional Record" of the New York
"Times" announcement of the 16th, the Senator stating:
Mr. President, as reflecting an interesting sidelight on the apparent
effort of great European statesmen to influence public opinion in the
United States on international political questions, I ask that there be printed
In "The Record" an article published in the New "York Times" of this
date relating to the cancellation of a contract by the New York "Times"
and the Chicago "'Tribune" for the publication of the memoirs of Mr.
Lloyd George because of his subsequent arrangement with other publishers
to give publicity to political articles written by the former British Premier.
I ask unanimous consent that the article may be printed in "The Record."
The article was ordered printed as above.
SIR H. F. COOK, LONDON DRY GOODS MERCHANT,
MAKES COMPANY LOSSES GOOD.
The following London cablegram (Dec. 12) (copyright)
appeared .in the New York "Times" of Dec. 13:
Sir Herbert Frederick Cook, Chairman of Cook, Son & Co., big London
dry goods merchants, has for the second time this year startled the world
in
of finance.
In February, at the end of what was for his company a bad year, Sir
Herbert gave his shareholders a pleasant surprise by making a personal gift
of £85,312 to provide a full preference dividend. He has now followed
this up by sacrificing shares in the company of the face value of £275,329
to make good the loss shown in the company's balance sheet in December
of last year.
11211111
Sir Herbert's new proposal is that the loss of £275,325 on the balance
sheet shall be written off by means of a reduction in the capital of the company, and he suggests that this reduction be effected by writing 19s- per
share off 289,820 of the ordinary shares outstanding in his name.
PORT AUTHORITY OF NEW YORK APPROVES ORDER
OF 1.-S. C. C. DIRECTING CARRIERS TO CO-OPERATE IN PORT DEVELOPMENT.
Eugenius H. Outerbridge, Chairman, and the other members of the Port of New York Authority, expressed their
gratification this week relative to the order issued by the
Inter-State Commerce Commission on Dec. 16 calling upon
the trunk line railroads and subsidiary. lines entering the
Port of New York to show cause why they should not immediately co-operate with the Port Authority, the State and
Federal agency, in the carrying out of the comprehensive
plan for the development of the Port as adopted by the Legislatures of New York and New Jersey and the Congress of the
United States. The Port Authority's commanding position
as the representative of the State and Federal Governments
in the improvement of port facilities is emphasized by the
action taken by the Interstate Commerce Commission. Chairman Outerbridge declared:
In view of the urgency for beginning the effectuation of the comprehensive
plan, it is gratifying that the Inter-State Commerce Commission was able
promptly to respond to the suggestion for co-operation between the InterState Commerce Commission and the Port Authority. This follows the other
avenues of co-operation with Federal authority already established, namely
the War Department and the United States Shipping Board. The co-operation of these Federal agencies, with the powers they possess, supplementing
the co-operation of the municipalities in the Port District, completes the
chain of authority through which results will be brought about.
As the laws of the two States and of Congress require as the first principle that terminal operations within the Port District, so far as economically
practicable, should be unified, the hearings now ordered by the Inter-State
Commerce Commission are to give the railroads respondents a legal opportunity to show cause why appropriate orders for the immediate use of existing facilities in the unification of terminal operations within the Port District should not be made.
The order of the Inter-State Commerce Commission is as
follows:
At a General Session of the Inter-State Commerce Commission, held at its
office in Washington, D. C., on the 11th day of December 1922.
Docket No. 14,490.
In the matter of efficient, economical and joint use of terminals of common carriers in the Port of New York District and the cost to carriers of operating the terminals in performing common carrier services.
It appearing, That on the 30th day of April 1921, pursuant to legislative
authority theretofore granted by the Legislatures of the two States, the States
of New York and New Jersey entered into a compact creating a "Port of New
York District" and creating "The Port of New York Authority" with power
and authority to purchase, construct, lease and operate any terminal or transportation facility within said district, and to make plans for the comprehensive development of the Port of New York.
2754
TTIF CHRONTCLE
It further appearing, That by Joint Resolution of the Congress of the
United States approved Aug. 23 1921, the said compact was ratified .(Public
Resolution No. 17, 67th Congress, S. J. Res. 88);
It further appearing, That on Feb. 23 and 24 1922 statutes were enacted
by the Legislatures of the States of New York and New Jersey approving a
comprehensive plan for the development of the Port of New York and granting power to the Port of New York Authority to effectuate a comprehensive
plan, recited therein (Laws of New York, 1922, Chapter 43; Laws of New
Jersey, 1922, Chapter 9);
It further appearing, That by Joint Resolution of the Congress of the
United States approved July 1 1922, reciting the said comprehensive plan,
the consent of Congress was given to the carrying out and effectuation of said
plan and the said Port of New York Authority was authorized and empowered
to carry out and effectuate the same (Public Resolution No. 66, 67th Congress, IL J. Res. 337);
And it further appearing, That the carrying out and effectuation of the
said plan in accordance with the aforesaid laws will affect terminals used,
and common carriers engaged in inter-State and foreign commerce;
It is ordered, That on the Commission's own motion, an investigation be,
and it is hereby instituted for the purpose of determining that if any order
in the premises may or should be entered by the Commission;
It is further ordered, That the following-named carriers subject to the provisions of the Inter-State Commerce Act be made parties respondent, namely:
The Pennsylvania Railroad Company.
The Central Railroad Company of New Jersey.
Lehigh Valley Railroad Company.
The Baltimore & Ohio Railroad Company.
Erie Railroad Company.
The Delaware, Lackawanna Sr Western Railroad Company.
West Shore Railroad Company (the New York Central RR. Co., lessee).
New York, Ontario & Western Railway Company.
New York, Susequehanna & Western Railroad Company.
Erie Terminal Railroad Company.
Hoboken Shore Railroad Company.
New Jersey Junction Railroad Company.
National Docks Railroad Company.
The New York Central Railroad Company.
The New York New Haven & Hartford Railroad Company.
The Long Island Railroad Company.
New York Connecting Railroad Company.
The Staten Island Rapid Transit Railway Company.
Erie & Fort Lee Railroad Company.
Philadelphia & Reading Railway Company.
/t is further ordered, That this investigation be assigned for hearing at
such times and places as may be later determined;
And it is further ordered, That copies of this order be served on the aforesaid respondents, on the Governors of the States of New York and New Jersey and on the Secretary of the Port of New York Authority.
By the Commission:
(Seal.)
GEORGE B. McGINTY, Secretary.
The Port of New York Authority was officially notified on
the 18th inst. of the order issued on the 16th inst. by the
Inter-State Commerce Commission, following conferences between the Port Authority and the Inter-State Commerce
Commission, this order reciting the action of Congress in
having approved the comprehensive plan previously adopted
by the two States, and summoning the railroads as respondents so that the Commission may determine what appropriate orders may be issued at this time to aid in the effectuation of the comprehensive plan. Hearings will be held at
times and places to be later designated by the Inter-State
Commerce Commission. A memorandum presented by the
Port Authority to the Inter-State Commerce Commission
directing attention to the State and Federal sanction under
which the Port Authority is functioning, says:
Influenced by the findings of the Inter-State Commerce Commission in the
New York Harbor Case, 47 I.-S. C. C. 643, the States of New York and New
Jersey took up the subject of improvement in the port and harbor facilities
of the Port of New York.
In April 1921 the States of New York and New Jersey executed a treaty
for the purpose of dealing thereunder jointly with the subject of development
and improvement of the shipping facilities and conditions in New York Harbor.
This treaty was approved by the Congress of the United States on Aug.
23 1921, Public Resolution 17, 67th Congress, S. J. Res. 86.
Under this treaty the States of New York and New Jersey agreed to and
pledged to each other faithful co-operation in the future planning and development of the Port of Now York. The treaty provided for the creation of
a "Port of New York District," the boundaries of which were described in
the treaty. It also created the "Port of New York Authority," a body corporate and politics, and conferred upon it broad powers and jurisdiction defined in the treaty. The members of the Port Authority were specifically
empowered to apply to the Congress of the United States for its consent to
and approval of the agreement or compact by them.
The treaty provided that the powers granted therein should not be exercised
by the Port Authority until the Legislatures of both State had approved a
comprehensive plan for the development of the port. It provided also that
the Legislatures of the two States should, prior to the signing of the treaty
agreement, or as soon thereafter as practicable, adopt a plan or plans for the
comprehensive development of the port.
With the report of the Bi-State Commission a proposed plan for the development and improvement of the port was submitted, but in the legislation
of the two States empowering the Port Authority to proceed, the Port Authority was required to take up, study and consider the report and plan of the
Bi-State Commission and to report to the Legislatures of the two States on
or before Jan. 1 1922 the results of their study, investigation, hearings and
conferences and to submit a "comprehensive plan for the development of the
Port District," pased upon the results of such study, investigations, hearings
and conferences, together with their recommendations for such legislation as
they deemed appropriate for the effectuation and consummation of such plan.
The members of the Port Authority were also required to confer with the
governing bodies of all of the municipalities within the Port District, with
dock, port, channel and improvement commissions, with any other bodies
having to do with port and harbor facilities, with the Secretary of War, with
the appropriate committee of Congress, with the Inter-State Commerce Commission and any and all other Federal authorities having jurisdiction in the
premises.
[voL. 115.
All of the requirements of the treaty and of the statutes were complied
with by the Port Authority, and a report was submitted to the Legislatures
of the States of New York and New Jersey on Dec. 21 1921, which report
included a comprehensive plan for co-ordination and improvement of the port
facilities and recommendations of the Port Authority regarding legislation
relative thereto.
In February 1922 the Legislatures of the States of New York and New
Jersey by a statute approved the comprehensive plan so submitted by the
Port Authority and granted to the Port Authority broad powers to effectuate
same. The Port Authority was authorized and directed to proceed with the
development of the port in accordance with said comprehensive plan as rapidly as might be economically practicable. It was vested with all necessary
and appropriate powers not inconsistent with the Constitution of the United
States or of either State to effectuate the plan "except the power to levy taxes
or assessments." It was directed to request the Congress of the United
States to make appropriations for deepening and widening channels, and to
make such grants of power as would enable the said plan to be effectuated.
It was authorized to apply to all Federal agencies, including the Inter-State
Commerce Commission, the War Department, and the- Shipping Board, for
suitable assistance in carrying out the said plan. It was authorized to issue
bonds or other securities, which would be free from taxation.
The consent of Congress and approval of the plan and authority to the Port
of New York Authority to execute the plan were conferred by the Congress
of the United States in Public Resolution No. 88, 67th Congress, S. J. Res.
337, approved by the President July 1 1922
This joint resolution of the Congress recited that the carrying out and execution of the plan will better promote and facilitate commerce between the
States and foreign nations and provide better and cheaper transportation of
property and aid in providing better postal, military and other services of
value to the nation. The consent of Congress was given to the supplemental
agreement between the States of New York and New Jersey covering the comprehensive plan and the plan was recited verbatim in the joint resolution.
The principles to govern the development of the port were recited in the
Congresional joint resolution, among them being that terminal operations
within the Port District so far as economically practicable should be unified;
that there should be consolidation of shipments at proper classification points,
so as to eliminate and reduce duplication of effort in efficient loading of
equipment and reduction of expenses; that the proceses of co-ordinating facilities should so far as practicable "adopt existing facilities as integral parts
of the new system" so as to avoid needless destruction of existing capital investment and reduce so far as possible the requirements for new capital; that
definite methods for prompt relief should be devised which could be applied
for the better co-ordination and operation of existing facilities, while larger
and more comprehensive plans for future development are being carried out.
The joint resolution contained the following:
"And the consent of Congress is hereby given, to the carrying out and effectuation of said comprehensive plan, and the said Port of New York Authority is authorized and empowered to carry out and effectuate the same;
provided, that nothing herein contained shall be construed as impairing or in
any manner affecting any right or jurisdiction of the United States in and
over the region which forms the subject of said agreement; provided, further,
that no bridges, tunnels or other structures shall be built across, under, or in
any of the waters of the United States, and no change shall be made in the
navigable capacity or condition of any such waters, until the plans therefor
have been approved by the Chief Engineers of the Secretary of War."
The Port Authority has pursued diligently and carefully an investigation of
this subject and has exhausted its efforts in endeavoring to secure co-operation at the hands of the principal railroads serving the Port of New York. Its
work has reached the point where it deems it necessary to invoke the assistance ond co-operation of the Inter-State Commerce Commission. The joint
resolution of July 1 1922 provides that consent therein given by the Congress
is "subject always to the approval of the officers and agents of the United
States as required by Acts of Congress touching the jurisdiction and control
in the United States over the matters or any part thereof covered by this
resolution."
Portin.T
Authority, created in the manner above outlined and vested with
the powers referred to, is by the joint resolution of Congress of July,1 1922,
agency to carry forward this work. The States of New
Federal
created a
York and New Jersey have spent more than $600,000 in reaching the present
point in the efforts to develop the port. (The members of the Bi-State Commission, and of the Port of New York Authority, have served and are serving
without compensation, and therefore the above-mentioned sum does not include any compensation for them.)
It is pointed out that the Port Authority in its report to
the New York and New Jersey Legislatures laid down a number of fundamental principles governing the development of
the Port of New York. These principles involve the unification of terminals, the establishment of union stations, and
the use of existing facilities wherever possible to link together the railroads on the New York and New Jersey sides
of the harbor.
LOCKTVOOD COMMITTEE RESUMES INVESTIGATION
OF HOUSING SITUATION—SAMUEL UNTERMYER'S
PROPOSAL FOR REGULATION OF LABOR
UNIONS BY THE STATE.
The Lockwood State Legislative Committee, which was
appointed in 1920, when the housing shortage was acute in
New York to investigate the causes and the remedy therefor,
resumed its hearings in this city on Dec. 12 after several
months of inactivity. In resuming its inquiries the committee again took up the practices prevalent in labor unions,
where it was charged by Samuel Untermyer, Counsel for the
committee, that graft was practiced and other methods prevailed tending to keep up the high cost of building. Mr. Untermyer made the charge tkiat the Building Trades Employers' Association had been fomenting trouble by attempting
to prevent the amalgamation of the two warring labor unions
—the International and the Independent.
On the second day of the committee's session, that is, Dec.
13, Mr. Untermyer submitted a program for legislation providing for the drastic supervision of all labor unions in this
State. Mr. Untermyer's program also embodied proposals
Dnc.23 19221
such as he has made from time to time in the past for regulation of stock exchanges. The program proposed by Mr. Untermyer provides, so the daily papers report, for more extreme legislation of the sort than was ever before proposed
In this State, and if enacted would virtually place both capital and labor, so far as they are concerned with labor unions
and stock exchanges and the selling of securities, under the
domination of the State Government. Among the bills which
Mr. Untermyer suggested the committee have introduced and
try to pass is one providing for a State trade commission with
power to regulate labor unions, another to amend the workmen's compensation insurance Act to make such insurance a
.State monopoly, another would be a blue sky law regulating
stock exchanges. The bill to regulate labor unions would require every union to take out a license, the license not to be
granted until the trade commission has approved the union's
constitution and by-laws. The recommendations proposed by
Mr. Untermyer are as follows:
The establishment of a State Trade Commission, the purpose of which will
be the effective suppression of illegal trade associations and other combinations that are now operating or may hereafter attempt to operate in this
State in violation of the anti-trust laws. The bill will be on the same general
lines as that prepared by Mr. Untermyer which was introduced at the last
session of the Legislature. It is claimed to be the first serious effort to exterminate these combinations by administrative machinery rather than by judicial process. The bill will place in the hands of the commission the prosecution of offenses against the law, and the commission will have its own prosecutors and other legal machinery for that purpose.
That the State Trade Commission bill be accompanied by a "memorial to
Congress" asking that the Federal Trade Commission bill be amended by enlarging its powers to conform to those of the State Trade Commission bill,
and to place the prosecution of offenders against the Federal anti-trust laws
under the jurisdiction of this commission, which will in like manner have
its own legal staff of investigators and prosecutors, thus avoiding the duplication of work between the Federal Trade Commission and the Department of
Justice.
A bill tq amend the Workmen's Compensation Insurance law by excluding
all private companies and making it a State monopoly, as in Ohio and other
States. It is claimed that this would eliminate the abuses and oppression that
have arisen from the competition between the "State Fund" and the private
companies, the result of which has been a continuous war by the private companies for the destruction of the "State Fund," so that, although the latter
does the business for 15% less than the private companies, it gets only about
9% of the business. This is charged to be due mainly to the fact that employers who are required to insure their workmen also take out other forms
of insurance that are not compulsory—such as "public liability" and the
like, and that they give rebates upon workmen's compensation indirectly
through concessions on other lines, in which there is no competition by the
State. It is claimed that in this business of insuring workmen, which is
made compulsory on the employers, the private companies distribute only
about 65 cents on every dollar collected in premiums, whereas under a State
monopoly at least 94 cents on every dollar could be distributed, thus increasing the benefits to the workmen without increasing the burden to the employers.
A bill to require fire and casualty insurance companies to dispose of their
stock investments within five years, and limiting their future investments to
those that are not permitted to life insurance companies.
A bill to regulate and supervise the constitution, by-laws, rules, regulations
and practices of labor unions within the State through administrative machinery that will force the elimination of the abuses that have been brought to
the attention of the committee in the testimony taken, and others that there
was not time to expose. The bill will carefully safeguard all the fundamental
rights of the union, such as the right to collectively bargain, to quit work, to
protect and advance their interests on the subjects of wages, hours of labor,
health safeguards and the like, and will support all the legitimate claims of
organized labor. It will seek to put an end to the exploitation of the members of the unions by their officers by requiring strict accountability for the
funds paid in to the union treasury.
Every labor union operating in this State will be required, under this law,
to take out a license from the State Trade Commission above provided for.
Unions will not be permitted to restrict their membership or unduly limit
the number of apprentices or to fine employers, or othersvise oppress the industry in which they control the labor. They will be subject to the same
sort of supervision as will apply to trade associations of employers.
The decisions of the commission suppressing any such abuses will, however,
be subject to the right of review by the union in the courts.
The bill that was introduced at the last session of the Legislature and then
failed of passage to allow the State to appeal from orders dismissing indictments will be reintroduced and pressed by the committee.
A bill to regulate the issue and public sale of securities and to regulate
stock exchanges. It is claimed that many of the existing trusts and combinations that have been formed would not have been organized and that
their organization can be very largely restricted, if not prevented, by prohibiting the public sale of the securities of such corporations whose market
value is based upon the tribute that they levy upon the people in the way of
exorbitant profits. Pool manipulation will be restricted by requiring that all
pool agreements be filed with the secretary of the exchange and be open to
public inspection so that the public may know whether it is buying in a competitive open market or within limits fixed by a pool.
RAILROAD LABOR BOARD REITERATES STAND
AGAINST TIME AND A HALF FOR MAINTENANCE OF WAY MEN.
States Railroad Labor Board in a decision
United
The
issued on Dec. 15, upholds its former stand in denying maintenance of way men their request for time and a half after
eight hours' work and on Sundays and holidays. By the
Board's decision the present ruling of a pro rata rate for the
ninth and tenth hours and time and a half after that hour
is upheld. A request for a ruling on contract wOrk, the decision stated, had been answered by previous decisions.
These declared such contracting an attempt to avoid the
2755
THE CHRONICLE
provisions of the Transportation Act. Ruling favorable to
the employers were contained in the decision in that employees' work must start and end at designated assembling points
and supervisory forces shall be compensated on the same
overtime basis as the men supervised when the general force
is required to work in excess of eight hours. The last ruling applies to foremen employed on a monthly basis.
In a dissenting opinion A. 0. Wharton -called attention to
discontent and unrest among railroad employees "when an.
examination of the decision of this Board will disclose that
there has been but one decision issued during its existence
that represented any betterment of their conditions of employment."
Chairman Ben W. Hooper, while agreeing with part of the
dissenting opinion, declared the discontent among the employees was not impressive. He said:
In view of the sufferings and losses of the farmers and producers of the
country from which railroad labor has been largely exempt, the railway
employees could consistently subdue their unrest and devote their enthusiastic exertions to the efficient service of the people who are paying for it.
It might also be remembered that many of the railroads have not been
leashed with decisions of this Beard. Some of the most important decisions
that have ever been rendered by the Board were favorable to the employees.
For example. the Pennsylvania case and the contract cases, In both of which
the Department of Justice at Washington is defending the rights of the employees on up to the Supreme Court.
When the constituted authorities are being criticized for denying some
of the contentions of a given class of citizens, it would be refreshing to make
occasional mention of the fact that the same authorities have been equally
as zealous in upholding the rights of that class. A degree of fairness along
this line would obviate class hatred, allay unrest and strengthen loyal
patriotism.
••••••••••••••••••••••••••••••••••41.0••••••
DECREASE IN POSTAL SAVINGS IN NOVEMBER.
The smallest decrease since February was registered by
postal savings deposits during November, according to figures compiled at the Post Office Department, showing that
the balance on Nov. 30 was $375,000 lower than for Oct. 31.
The October decrease was $788,000 and in September it was
$1,100,000. The Department's statement made public
Dec. 14 said:
Increased deposits in the smaller towns, especially in laboring centres,
made up partly for the heavy withdrawals in the larger cities and prevented
a greater drop in the total balance.
Considerable significance Is attached to the increased deposits in mining'
and industrial cities as indicative of a return to better employment conditions. Postal savings is usually considered an accurate barometer of wage
conditions, since it is utilized mostly by miners and wage earners, espc daily
those of foreign extraction.
Uniontown, Pa., a typical mining town, registered its first increase since
March, while Mount Pleasant, Pa., where mining is the only industry, repo:ted the first increase for more than eighteen months. Other industrial
cities, such as Gary, Ind., where withdrawals hr:ve not shown a let-up for
two years; McKees Rocks, Pa., whose last increase was in December 1921,
Bridgeport, Conn., which has been declining since last July, all reported
Increases during November.
Increases of more than $10,000 during November were reported by four
cities, Boston, Mass., heading the list with $31,182; Philadelphia second
with $17,978; Buffalo third with $11,225, and St. Louis fourth with 311.192.
Cities reporting increases of more than $5,000 include Uniontown, Pa.
McKees Rocks, Pa., Roslyn, Wash., Great Falls, Mont., Pocatello, Idaho.
and San Diego, Calif.
Figures for cities having deposits of more than $500,000 follow:
1,354,004
New York, N Y
$44,020,714 Newark, N.J
952,147
Brooklyn, N. Y
13,149,661 St. Louis, Mo
Calif__
San
_
_
Boston, Mass
Francisco,
836,002
6,457,155
Chicago,Ill
6,123,907 Los Angeles, Calif
834,817
Seattle, Wash
3,110,312 Milwaukee, Wis
798,602
Philadelphia, Pa
2,471,640 Jersey City, N.J
736,271
Pittsburgh, Pa
2,467,036 Cincinnati, Ohio
660,709
Detroit, Mich
604,362
2,142,660 Cleveland, Ohio
Tacoma, Wash
1,542,501 Uniontown,Pa
553,617
Portland, Ore
1.465,075 St. Paul, Minn
534,809
Kansas City, Mo
1,430,547 Columbus, Ohio
522,823
The Post Office Department also supplies the following:
Balance on deposit Oct. 31
Decrease during November
Balance on deposit Nov.30
$133,442.000
375.000
$133,067.000
PAY OF TELEGRAPHERS ON WESTERN RAILROADS
CUT BY RAILROAD LABOR BOARD.
A decision has recently been handed down by the U. S.
Railroad Labor Board in Chicago in effect reducing the
hourly rates of pay of 11,000 telegraphers on eleven Western
railroads about $1,500,000 a year. The decision, announced
on Dec.8, takes effect Jan. 1. It was given at the request of
the carriers. The decision, it was asserted, was not made
with a view to reducing wages but to correct inequalities
brought about by a provision in an order of the Federal Railroad Administration providing for the inclusion in monthly
pay of earnings for service performed on Sundays and holidays at hourly rates. This, the roads contended, resulted in
telegraphers on some roads receiving more than the agents
under whom they worked. The decision was accompanied
by a dissenting opinion from A. 0. Wharton,labor member of
the Board, in which he favored distributing the aggregate
2756
THE CHRONICLE
amount of the wages in dispute among employees in such a
way as to eliminate the inequalities. The decision and a
resolution accompanying it were interpreted in railroad circles, it is said, as marking the end of wage reductions for
railroad employees until there is an appreciable change in
economic conditions. Disputes between telegraphers and
roads, other than the eleven involved in this decision, were
retained on the docket, but under a resolution offered by W.
L. McMenimen, labor member of the Board, and passed, all
pending disputes before the Board were ended.
DELIVERIES OF GOODS TO FRANCE BY GERMANY
UNDER WEISBADEN AND BERLIN AGREEMENTS.
It is learned through the Foreign Information Service
(French Section) of the Bankers Trust Co., under date of
Dec. 15 that goods valued at approximately 10 million francs
had been delivered, up to Nov. 15, by Germany to France under the Weisbaden and Berlin agreements for the restoration
of France's war devastated regions. The goods were delivered on orders placed in Germany by the inhabitants of the
devastated areas and comprise principally materials for reconstruction of industry. Official figures received by the
Bankers Trust Co., of New York, from its French Information Service, indicate that the principal deliveries to Nov. 15
1922 were approximately as follows:
•
Electrical supplies
Textile machinery
Material for public works
Steel and iron building materials
Material for foodstuff industries, breweries, etc.
Miscellaneous hardware
Machine tools
Boilers and steam engines
Prance.
900,000
1,180,000
1,100,000
2,050,000
820,000
170,000
2,200,000
1,260,000
The Ministry of the Liberated Regions estimates that 7,000,000 francs worth of the above materials were delivered
between Sept.6 and Nov. 15.
NEW TAX IN PORTUGAL.
The Department of Commerce at Washington in its official organ,"Commerce Reports," Nov. 29, announced the following from Consul-General W. Stanley Hollis, Lisbon, Oct.
13:
Among the last acts of the Portuguese Parliament during the session which
has just closed was the passing of a law establishing new taxes in this country. One of the principal provisions of the new law is a tax on the total
amount of business transacted by all business or trading firms or concerns
according to the following schedule:
10% on boarding and lodging establishments considered as belonging to
the luxury class, such as expensive hotels.
5% on establishments"of the first class.
3% on establishments of the second class.
2% on all other establishments.
10% on the sale of all articles of luxury.
2% on box receipts of theatres.
/
1
4 per mille on sales of public funds or commercial values.
1% in all other cases.
Every person residing in continental Portugal or on the adjacent islands
and engaged in any business or industry is subject to a tax on such business.
Members of foreign diplomatic and consular corps whose home countries grant
equal exemption to Portuguese representatives are exempted from all the provisions of this law.
Company, Profession and Real Estate Taxes.
Stock companies pay one-fourth of 1% on the capital, 40 escudos for each
employee over 18 years of age, 20 escudos for the others, and 10% on the net
profits. Other companies or individuals engaged in business pay 5% on the
rent of premises used for factories, workshops, offices, stores, theatres, or otherwise oceppied for business or industrial purposes; and the same rate as
stock companies for employees and on net profits.
Those engaged in the liberal professions from the practice of which they
derive their sole income are taxed 5% on the rent of the premises occupied
by them in the exercise of their profession, 40 escudos for every employee
over 18 years, and 20 escudos for others employed by them.
Taxes on immovable property showed a marked increase in the new law.
The taxes that in 1914 amounted to less than 20 escudos will be four times
as much in 1922; those that were then between 20.10 and 100 escudos will
be six times as much; and those that were over 100 escudos will be seven
times as much.
Income Tax—Old Taxes Abolished.
The new tax on application of capital (which is similar to an income tax)
fixes 10% as the rate to be collected on income derived from interest (on
deposits, etc.), dividends, and profits from partnerships.
1
2 of 1% on the first 5,000 escudos to 10%
The income tax ranges from /
on incomes of 65,000 to 70,000 escudos, with an increase of 1% for each additional thousand escudos up to a maximum of 80%. The minimum amount
taxed is 8,600 escudos, with additional exemption for family men.
The following taxes are abolished: The old income tax, tax on manufacturing, water tax, tax on mines, tax on mineral water, sumptuary tax, and
tax on consumption.
[VOL. 115.
000,000 in the event that the findings of the State court,
are upheld by the United States Supreme Court. The
ruling of the State court (given in the action of Goldfogle
vs. the Hanover National Bank), was referred to in our issue
of a week ago, page 2650. In indicating that the tax due
this month, will presumably not be paid as a result of the
decision, the "Wall Street Journal" of the 16th inst. said:
Decision by the Court of Appeals in Albany in the case of Hanover
National Bank against New York City, unless it is reversed on appeal to
the Supreme Court of the United States means refund of about $14,000,000
to banks all over the State for amounts paid to the localities as tax on bank
stocks in 1920 and 1921 and failure to collect in the future an annual tax
of practically $7,000,000.
The Hanover Bank suit was a test case in which twenty-six New York
City banks joined, both national and State. The tax is 1% on the assessed
value of the bank stock, total sued for in the twenty-six actions being
$2,307,977 paid in 1920 on an assessed valuation of $230,797,700. Hanover
Bank's share in the 1920 taxes was $237,566, the highest claim being that
of the Chase National for $427,477 on an assessed valuation of $42,747,700.
These figures are for 1920. Taxes were also paid by all banks in 1921, but
1922 taxes have not yet been paid and now presumably will not be paid.
City Comptroller Craig's observations on the effect of the
ruling were reported as follows in the New York "Times" of
the 15th inst.:
The decision last Tuesday of the Court of Appeals regarding the bank
tax, which the city has been collecting for several years, will cost the city
upwards of$20,000,000. and will require a rearrangement of the city budget,
if the decision is upheld by the United States Supreme Court, according to
Controller Charles L. Craig, who in a statement last night, pointed out
what he termed the inequalities of the State Income Tax Law.
The city already has expended more than $10,000,000 of the money collected from the tax, and unless relief is afforded this money will have to be
refunded with interest. Ifthe decision stands,the tax rate will be increased
next year by five points, and probably by twenty points altogether during
the next two years. According to the Controller, the Legislature must
either reduce the requirements for mandatory expenditures, or be prepared
to meet them by the exercise of the State's power of taxation.
"The bank tax decision," said the Comptroller,"unless qualified by relief
that must originate in Congress and be made effective in the New York
Legislature in a way to be sustained by the courts in decisions hereafter
rendered, will cost the City of New York upwards of twenty millions of
dollars. More than half of this sum has already been collected and expended and will have to be refunded with interest at the legal rate. The
other half is a part of the resources of the general fund pledged to meet the
requirements of the 1922 and 1923 budgets, and without the fulfillment of
that pledge it is impossible to meet the requirements of those budgets."
Other Losses in Tax Charges.
The Comptroller pointed out that hundreds of millions of dollars were
stricken from the tax rolls in the city and State by the State Income Tax
Law. While the city lost millions in this way, the Comptroller said. the
Legislature took from the city one-half of the fees paid for motor vehicle
licenses by transferring this revenue to the State Treasury. The city, he
also pointed out, has lost large sums of money because of mandatory legislation affecting education and has been deprived of the income from the
excise tax.
"Regardless of those proceedings," said the Comptroller, "the first and
immediate effect of the breaking down of the Income Tax Law is to require
the remaking of New York City's budget for 1923. That budget, totaling
$353,350,975 67, was based upon the assumption that the city in 1923
would receive the bank tax, at least $5,000,000. The failure of this tax
will necessitate a $5,000,000 reduction in the budget. If, by any acceleration of judicial process, the city should be required before the end of this
year to refund upward of $10,000,000 of bank taxes heretofore collected
since the passage of the Income Tax Law, a further reduction in the 1923
budget would have to be made to that extent to provide for the redemption
of the obligations upon which such moneys would have to be borrowed.
"It is possible that this refunding will not be required until after Jan. 1,in
which event the shrinkage would occur in the budget for 1924,against which
taxable resources the moneys to be refunded would have to be borrowed.
Besides this, there will apparently be a failure to collect about $5,000,000 of
the bank tax for 1922, which is not due until the end of December,and from
the payment of which the national banks have now established their exemption.
"As this source of income was a part of the moneys to finance the budget
for 1922, a deficit there will necessarily occur. There is no provision under
existing laws which authorizes such a Ceficit to be made up.
Needs Legislative Relief.
"Fortunately, the Constitution prohibits the Legislature from in any way
power
to raise taxes to provide for the principal and
Impairing the city's
interest upon its debt.
"The net result of the legislative method of financing prescribed for the
City of New York, by stripping it of its rseources and saddling it with liabilities, is that within the last three years the city has lost the taxes on
hundreds of millions of property on which exemptions have been granted
under State laws and has suffered a corresponding impairment in its constitutional tax limit; and in the last two years the Legislature has imposed
upon the City of New York expenditures of upward of $80,000,000, to be
raised by taxes levied in the years 1921 and 1922, over and above the expenditures theretofore required to be made, or taxes to be raised in the City of
New York.
"Those responsible for the creation of these conditions acted with their
eyes wide open and in the face of repeated protests, from the city, which
were brushed aside without regard to the chaosInevitable upon such a course.
"Only two courses now remain open: The Legislature must either reduce
the requirements for these mandatory expenditures, or must, by provisions
in the State's appropriation bill and by the exercise of the State's power
of taxation, prepare to meet them."
The following regarding a move to bring about an amendment to the Federal statute limiting the power of the
DECISION HOLDING INVALID NEW YORK STATE States to tax national banks, is taken from a Washington
dispatch Dec. 13 to the New York "Eyeing Post":
TAX ON NATIONAL BANK SHARES INVOLVES
Yesterday's decision of the New York State Court of Appeals declaring
HUGE SUMS.
Invalid the State law taxing national bank shares will result in a renewed
The decision of the Court of Appeals at Albany, N. Y., effort on the part of the New York State Tax Commission to bring about
holding invalid the present State law taxing shares of stock an amendment to the Federal statute which limits the power of the States
to tax national banks, according to Walter W. Law Jr., President of the
of national banks, will, according to Charles L. Craig, New
York State Tax Commission. Mr. Law was in Washington to-day
Comptroller of the City of New York, cost the city $20,- In the interest of the proposed legislation.
DEC.23 1922.]
THE CHRONICLE
stands works an
The New York Commission contends that the law as it
because, under the
unjust discrimination in favor of the national banks,
limited to the tax
present statute, the tax upon national bank shares is
citizens" of the
upon "other moneyed capital in the hands of individual
bill which would
State concerned. Senator Kellogg is the sponsor of a
tax imposed
"the
that
remedy this alleged discrimination by requiring
moneyed capital
shall not be at a greater rate than is assessed upon other
employed in the business of banking."
national banks on the
In other words, the Kellogg bill would put the
taxation is concerned,
same footing as other banking institutions as far as
have the benefit
whereas under the present statutes the national banks
national banks are
of the lower rating imposed on other capital. The
interested in
naturally opposed to the Kellogg bill. Many States are
which includes
the controversy and Mr. Law is the chairman of a committee Frank RoberSamuel Lord, Chairman of the Minnesota Tax Commission;
Holmes, Deputy
son, Attorney-General of Mississippi, and Alexander
Commissioner of Corporations and Taxation of Massachusetts.
Peculiar Position of the Banks.
is organized
"A national bank is peculiar among corporations in that it
wholly within
under the laws of the United States, but operates almost
legislation.
a single State," Mr. Law said, in discussing the proposed
national
"Most national banks operate wholly within one State. The
Governselling
banking law was first enacted during the Civil War to aid in
currency.
ment bonds, and the national banks were given the power to issue
had resulted
This power had been previously exercised by State banks, and
imposed upon
In the wildcat currency of those days. So a heavy tax was
national
gave
all currency issued by State banks, which very properly
banks the monopoly of this valued privilege.
heavy
"Fearing that the States might attempt to retaliate by imposing
provided
taxes on the national banks, however, the national banking law
should
bank
national
that any tax imposed by a State upon the shares of a
in the
not be greater than the tax imposed upon other moneyed capital
years
hands of individual citizens of the State concerned. For over fifty
normal
the
this statute remained on the books without interfering with
of the
levying and collection of taxes against national banks, the words
in effect
statute having become so modified by judicial interpretation that
other
the tax came to be limited only by the tax levied upon the shares of
institutions doing a similar banking business within the State.
however,
"With the recent increased tax burdens due to the great war,
invoke a
national banks in different parts of the country have sought to
long
strict interpretation of this archaic statute passed to meet conditions
regard
we
since eliminated and thus on technical grounds to escape what
amount
as their fair share of taxes. In New York State alone such taxes
the taxes
to nearly six million dollars a year, and there are now in litigation
paid by many of the banks for three years past.
the
"The national banks rely on the Richmond case. In that case
capital in
United States Supreme Court held on June 5 1921 that moneyed
competition
the hands of individual citizens was so invested as to come into
upon
with a national bank and that for that reason any taxation imposed
moneyed
the
the shares of a national bank greater than taxation upon
statute.
capital of individuals was contrary to the provisions of the existing
It is this statute which Senator Kellogg's bill is designed to amend.
of
purposes
"A bank should not be classed with an individual citizen for
that each
taxation. The first principle upon which all tax laws are based is
to his
taxpayer should contribute to the cost of government in proportion
the rich
ability to share in the common burden. The wealthy man or
meeting
corporation should pay more than the poor man who has difficulty in
position
the expenses of his family. Judged by this standard a bank is in a
granted
to pay more taxes than an individual, because the charter which is
inspection
by the Government and which carries with it the supervision and
the public
of government agents enables the bank to secure deposits from
generally and to use the deposits for making profits."
of the
Mr. Law referred to figures in the latest report of the Comptroller banks
Currency, showing that on Sept. 15 1922 there were 8,240 national to a
deposits
in the United States, and that these banks had on hand
there was
total of over sixteen and a half billion dollars. He argued that should go
little equity in claiming that the earning power of that vast sum P. S.
H.
free from taxes.
RAAMERICAN BANKERS ASSOCIATION ADMINIST
ON.
TIVE COMMITTEE IN SESSION AT WASHINGT
AdminThe members of the American Bankers Association
New
istrative Committee, held L. three-day session at the
calls
Official
13.
to
11
Dec.
Washington,
Hotel,
Willard
the
upon President Harding, the Secretary of the Treasury,
Secretary of Commerce, the Federal Reserve Board and the
Secretary of Agriculture were among the comnAttee's activities on the 11th inst. On that date also the committee
adopted a declaration commending the educational work of
in
the Department of Agriculture and agricultural colleges
connection with boys' and girls' club work, and also endorsed
the efforts of the Robert Morris Associates as "promising a
better understanding of the fundamentals of banking."
On the 12th inst. the committee adopted a resolution endorsing President Harding's stand respecting transportation
needs. The resolution said:
2757
The members of the Administrative Committee in attendance were:
J. H. Puelicher, President, Marshall & Ilsley Bank, Milwaukee, Wis., and
President of the Association, Chairman; J. W. Barton, Vice-President, Metropolitan National Bank, Minneapolis, Minn.; Samuel H. Beach, President,
Rome Savings Bank, Rome, N. Y.; Alexander Dunbar, Vice-President, Bank
of Pittsburgh N. A., Pittsburgh, Pa.; Walter W. Head, President, Omaha
National Bank, Omaha, Neb.; Frank L. Hilton, Vice-President, Bank of the
Manhattan Company, New York, N. Y.; William E. Knox, President, Bowery
Savings Bank, New York, N. Y.; Thomas B. McAdams, Vice-President, Merchants National Bank, Richmond, Va.; H. A. McCauley, President, Sapulpa
State Bank, Sapulpa, Okla.' Waldo Newcomer, President, National Exchange
Bank, Baltimore, Md.; Theo. G. Smith, Vice-President, Central Union Trust
Co., New York, N. Y., and Oscar Wells, President, First National Bank, Birmingham, Ala.
In addition, meeting with the committee were the chairmen of the four commissions of the Association and the
chairman of the Committee on Federal Legislation, viz.:
Fred I. Kent, Vice-President, Bankers Trust Co., New York,
N. Y., Commerce and Marine Commission; Francis H. Sisson, Vice-President, Guaranty Trust Co., New York, N. Y.,
Public Relations Commission; Burton M. Smith, President,
The Bank of North Lake, North Lake, Wis., Agricultural
Commission; M. A. Traylor, President, First Trust & Savings
Bank, Chicago, Ill., Economic Policy Commission, and A. E.
Adams, President, First National Bank, Youngtown, Ohio,
Committee on Federal Legislation. Also the following members of the Headquarters Staff of the Association attended
the meeting: F. N. Shepherd, Executive Manager, New
York, N. Y.; Thomas B. Paton, General Counsel, New York,
N. Y.; W. G. Fitzwilson, Secretary, New York, N. Y.; Walter
Lichtenstein, Secretary, Economic Policy Commission, Chicago, Ill.; Gurden Edwards, Secretary, Public Relations
Commission, New York, N. Y., anil J. F. Olney, Secretary to
Executive Manager, New York, Sr. Y. During the sessions
of the committee reports were recieved from J. H. Euelicher,
President; F. N. Shepherd, Executive Manager; T. B. Paton,
General Counsel; Theo. G. Smith, President Trust Company
Division; Samuel H. Beach, President Savings Bank Division; Waldo Newcomer, President National Bank Division;
H. A. McCauley, President State Bank Division; Burton M.
Smith, Chairman Agricultural Commission; Fred I. Kent,
Chairman Commerce and Marine Commission; M. A. Traylor,
Chairman Economic Policy Commission; Francis IL Sisson,
Chairman Public Relations Commission, and Alexander Dunbar, Member of Delegation, Meeting of National Civic Federation. These reports covered reviews of past activities and
programs for the future.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were reported posted for transfer this week, the consideration being
stated as $93,000 and $91,000. The last previous sale was
at $93,000.
The New York Stock Exchange will be closed to-day
(Saturday, Dec. 23) and will thereby give its members a
three-day holiday. The New York Curb Market, the
New York Cotton Exchange, and the New York Coffee
and Sugar Exchange will also be closed to-day. Many outof-town exchanges announced that they would remain closed
to-day, among them being the Philadelphia Stock Exchange,
the Chicago Stock Exchange, the Cleveland Stock Exchange,
the Boston Stock Exchange, the Pittsburgh Stock Exchange,
and the New Orleans Cotton Exchange.
There was no Christmas celebration on the floor of the New
York Stock Exchange this year, the Governors of the Exchange having decided it would be better to take part in the
Bowling Green Community festival held yesterday afternoon.
The plans to increase the capital of The Equitable Trust
Co. of this city from $12,000,000 to $20,000,000 (details of
which were given in our issue of Dec. 9, page 2544) were
ratified at a meeting of the stockholders of the institution
on Dec. 20. Of the proposed increase $4,000,000 will be in
the form of a stock dividend, and the other $4,000,000 will
on
ences
confei
The following regarding the committee's
Wash- be provided by the sale of new stock to the stockholders
from
dispatch
was
inst.
special
a
in
contained
12th
the
at $100 per share payable on or before Dec..30 1922.
ington to the "Journal of Commerce":
American
The resolution: "Resolved, That the Administrative Committee,
on the
Bankers Association, commends the President of the United States
particularly in
courageous and conservatively progressive stand taken by him,
message
recent
respect to the necessities of transportation as a whole, in his
to Congress."
Currency CrissinThe committee conferred to-day with Comptroller of the
the moot quesger, discussing various national banking problems, including
with the branch
tion of branch banking by national banks. In connection
in the absence
that
bank question, President Harding let it be known to-day
of branches by naof legislation on the subject he favors the establishment
believes that
tional banks where the privilege is allowed State banks. He
have.
national banks ought to have every advantage that State banks
all parts
from
Government activities in obtaining foreign trade information
Julius Klein, Director of
of the world were outlined to the committee by Dr.
discussed the indithe Bureau of Foreign and Domestic Commerce, who also
Far East.
cations of the growth of American export trade, particularly in the
Sewara Prosser announced on Dec. 19 that at the meeting
of the directors of the Bankers Trust Co., this city, Guy Emerson had been elected a Vice-President. Mr. Emerson has
been for six years Vice-President of the National Bank of
Commerce in New York, from which he has resigned to take
effect on Jan.1 1923. During the war he was Vice-Chairman
of the. Liberty Loan organization and Director of War Say-
2758
T H 11 CHRONICLE
[VoL. 115.
ings in the Second Federal Reserve District. Mr. Emerson 1,000 shares of the par value of $100 each) to $200,000
was born in New York, is a graduate of Harvard College and (consisting of 2,000 shares of the par value of $100 each).
Harvard Law School, and he spent four years in the Treasury Department at Washington. He was engaged in busiAt a meeting of the board of directors of the First National
ness in Texas for a year, and later in New York and entered
Bank of Hoboken, N. J., on the 19th inst., the quarterly
the National Bank of Commerce in 1917.
rate of dividend was increased from 4% to 5%, which dividend, if continued, will put the stock upon a 20% yearly
The National Bank of Commerce In New York on Dec. 18 basis. The capital of the bank is $500,000; surplus fund,
announced the appointment of Walter E. Lovblad and Oscar $500,000, and undivided profits at the first of the year will
L. Cox to be Second Vice-Presidents, and -Matthew J. Kelsh approximate $500,000, which in effect gives the bank a
to be an Assistant Cashier. These appointments are effec- working capital of $1,500,000. Total dividends paid to
tive Jan. 1 1923. Mr. Lovbiad, who came to the bank early stockholders since the bank's incorporation in 1865 amount to
in 1919, was born in Chicago and was formerly engaged in $1,326,815 09. The officers of the bank are: W. W. Young,
the commercial paper business in that city. He was appointed President; Theo. Butts and Palmer Campbell, Vice-Presian Assistant Cashier in March 1920. Mr. Cox has been with dents; Herman Goelz, Cashier, and Wm. H. De Veer, Asthe bank since 1917 and for the past two years has been its sistant Cashier.
field representative on the Pacific Coast. Mr. Kelsh has
been with the bank since 1914 and was appointed an AssistThe Comptroller of the Currency has approved an appliant Chief Clerk in September 1921.
cation to organize the Franklin National Bank of Jersey City,
N. J., with a capital of $200,000 and surplus of $50,000.
The trustees of the New York Trust Co. on Dec. 20 de The stock (par $100) will be disposed of at $125 per share.
dared the usual Christmas bonus to officers and employees.
It is planned to begin business about July 1 next.
5
At a meeting of the board of directors of the United States
Mortgage & Trust Co. this week, the regular quarterly dividend of 4% on the capital stock of the company and an
extra dividend of 4% were declared, both payable Jan. 2
1923 to stockholders of record Dec. 26 1922. The directors
voted the payment of additional compensation of 13% of
the amount of salaries paid to officers and employees during
the year.
The United States Mortgage & Trust Company of New
York recently distributed its 1923 calendar, which is illuminated with a painting by Percy Moran, entitled the "End of
the Revolution." It shows the presentation on Nov.3 1781 of
the British regimental colors to the Congress in session at
Philadelphia, after the capitulation of Lord Cornwallis at
Yorktown. These calendars, depicting Revolutionary and
Colonial subjects, have been issued by the United States
Mortgage & Trust Co. every year since 1911.
Announcement is made of the issuance of a charter for the
First National Bank of Cranford, N. J., with a capital of
$100,000. John E. Fisher is President and Frank G. Newell,
Cashier. The stock was offered at $125 per share. The
bank will begin business Jan. 2.
A charter has been issued for the First National Bank of
Wyckoff, N. J., by the Comptroller of the Currency. The
bank began business Dec. 18 with a capital and surplus of
$50,000. Its officers and directors are: John B. Zabriskie,
County Judge of Bergen County, President; Herman Klomberg, Vice-President; Archer J. Mowerson, Vice-President
Richard E. Lawlin, Cashier; James M. B. Frost, Frederick
G. Manwaring, William V. Pulls, Robert Mowerson and
Peter S. Pulis, directors.
At the annual meeting of the shareholders of the Franklin
National Bank, of Philadelphia, on Jan. 9, action will be
taken on the question of increasing the capital stock of the
The Metropolitan Trust Company of New York,following bank from $1,500,000 to
$2,000,000, the increase to be made
its practice of many years, has declared a Christmas bonus by a stock dividend from the
undivided profits of the bank.
to its employees of 10% of the salaries paid them during the
current year. Over 200 of the employees of the company
Announcement was made in Philadelphia on Thursday of
enjoyed a dinner at the Astor Hotel Wednesday evening.
A Christmas tree with gifts for everybody present and music this week (Dec. 21) of a proposed consolidation of the Bank
and dancing rounded out the evening's pleasure.
of North America, the oldest bank in the United States, and
the Commercial Trust Co. of that city. At the regular
meetings of the directors of the respective institutions held
Bank
National
of
New York started a ChristThe Gotham
on that day the proposed merger was approved and the terms
mas Club on the 1st day of December. The first day there
of the consolidation will be submitted to the stockholders of
was only one enrolled, but enrollment is now, it is said, at the the respective institutions for ratification at meetings to be
rate of about 200 a day. A special deposit department, to held shortly. The new institution is to be known as the
take care of savings accounts, was opened by the bank last Bank of North America & Trust Co. and will have a capital
November. During this year 10,000 depositors were secured of $10,000,000. John H. Mason President of the Commerand $2,000,000 deposits added In this one department. Its cial Trust Co. will become Chairman of the Board of the
success prompted the starting of the Christmas Club.
new bank and E Pusey Passmore President of the Bank
-0of North America its President. All present members of
Harry De Mott, President of the Mechanics' Bank, Brook- the boards of the two institutions will become directors of
lyn, was elected a director of the New York Title & Mort- the new institution and all officers will be retained it is said.
gage Co. this week to fill the vacancy caused by the recent The present banking quarters of the two banks at City Hall
death of Edward M. Burghard. Mr. De Mott has been Square and 305 Chestnut Street it is said will be maintained
an active executive officer of the Mechanics' Bank for many by the enlarged bank. It will operate it is said under the
years. He is a director of the Bank of Coney Island, a di- charter of the Commercial Trust Co . while the Bank of
rector of the Brooklyn Warehouse & Storage Co., Trustee of North America will surrender its national charter. The
the Greater New York Savings Bank, director of the Morris Philadelphia "Ledger" in its issue of yesterday (Dec. 22)
Plan Company and of the New York Plate Glass Insurance gave the following brief history of the Bank of North America.
It said:
Co.
The First National Bank and Citizens National Bank of
Frankfort, N. Y., were consolidated at the close of business
Dec. 20 under the corporate title of "Citizens First National
Bank of Frankfort." The latter has a capital stock of
$100,000, surplus and profits of $52,500, and deposits of
approximately $1,200,000.
A meeting of the stockholders of the Mutual Bank of
Roseville (Newark), N. J., has been called for Jan. 9 to
vote on the question of doubling the capital stock of the
institution, thereby raising it from $100,000 (consisting of
One of the most important moves in connection with the consolidation is
the surrender by the Bank of North America of its national charter. The
bank was chartered by Congress in 1781, having been founded by Robert
Morris who financed the War of the Revolution. It was opened Jan. 16 1782
and since that time has been directed by only elevenlpresidents. In all the
141 years of its existence the bank has not had a year in which it did not
pay a dividend, though it had some narrow escapes, notably in the trying
period of 1842, when the dividend was cut to one cent a share. With only
two exceptions since 1847—and both of these were in Civil War times—
has its dividend been below 2%•
In 1782 the bank took out a State charter, as there was question at that
time whether the Continental charter under which it was operating covered
the bank's needs. A few years later its charter was abrogated by the State
Assembly,and a charter was obtained from the State of Delaware,and plans
made to establish the bank in Wilmington. After a vigorous contest the
Pennsylvania Assembly granted a new charter, which, however, was much
more restrictive than the abrogated one.
DEC.23 1922.]
THE CHRONICLE
The Bank of North America has had the unique distinction of not being
required to carry the word "national" in its name, the only national bank
in the country accorded such a privilege.
2759
The closing of the Ballantine State Bank, Ballantine,
Mont., is reported in the weekly announcement (Dec. 8)
issued by the Federal Reserve Board.
Elias N. Moor, Secretary and Treasurer of the Tacony
The Federal Reserve Board in its weekly announcement
Trust Co. of Philadelphia, died on the 11th inst. For thirty- Dec. 15 reported the closing of the Morgan County Bank,
five years Mr. Moor had been associated with the Lehigh Madison, Ga.
Coal & Navigation Co. His association with the Tacony
Trust Co. covered a period of sixteen years.
Through an agreement entered, into between the stockholders of the Ocean Park Bank on the one hand, and the
At the board meeting of the Central National Bank of First National Bank of Los Angeles, the Pacific-Southwest
Philadelphia on Dec. 7, the directors resolved to ask the Trust & Savings Bank and the First Securities Co. on the
shareholders to vote, at the annual meeting on Jan. 9 1923, other, an affiliation has been consummated by which the
upon a proposal to increase the capital from $1,000,000 to stockholders of the Ocean Park Bank with branches in
$1,250,000, the new stock to be subscribed for by the stock- Venice and Santa Monica, will become co-partners in the
First National-Pacific-Southwest Group. The merger of
holders at par.
these institutions, which will be effective Jan. 2, does not
mean, it is stated, the loss of identity for the Bay Cities
The stockholders of the South Side Bank of Buffalo have banks
because "the outstanding and important feature of
approved plans to increase its capital from $150,000 to
the entire transaction lies in the fact that by this means
$300,000. Part of this increase has been effected by the the
Ocean Park Bank in Ocean Park, Venice and Santa
declaration of a stock dividend of 50%, thereby bringing
Monica, retain their individual institutions plus the support
the present capital up to $225,000. The additional $75,000
of the aggregate resources of the Pacific-Southwest banks,
will be offered to the public later. The par value of the
which under the call of Sept. 15 amounted to $204,069,268 18.
stock is $100 per share. The new issue is to be sold at $175
Under the same call the resources of the Ocean Park Bank
per share. The enlarged capital inasfar as the stock dividend
were $3,174,087 05." We are advised that the transaction
is concerned is now effective; the additional will be sold prior
does not entail an outright purchase of stock but the stockto Jan. 1 1923. The officers have made application to
holders of the Ocean Park Bank, through an exchange of
convert the institution into a national bank, but it is not yet shares
in the Pacific-Southwest banks, become co-partners
known how soon the change will become operative. Certain in the
entire business of the First National Bank of Los
formalities have to be complied with,.but it is expected Angeles,
the Pacific-Southwest Trust & Savings Bank and
that conversion will be completed early next year.
the First Securities Co. Under the plan of the merger, the
present officers and employees will remain in charge in each
Anouncement is made that the name of the National of the cities in which the Ocean Park Bank operates. Under
Produce Bank of Chicago has been changed to The National the terms of the merger an understanding was reached as to
Bank of Commerce in Chicago. With this new title, which the continued local control of the Bay Cities banks. T. H.
is more comprehensive, a broader field of operation is per- Dudley, who is President of the Ocean Park Bank, was at
mitted, it is stated, under the same national charter, with no one time Mayor of Santa Monica. He has been President
change in the personnel of the bank's officers or directors. of the bank since its organization 20 years ago.
Edwin L. Wagner is President of the bank, which is a
We also learn that by an agreement entered into between
member of the Federal Reserve System and of the Chicago
all of the stockholders of the San Fernando National Bank
Clearing House Association.
on the one hand and the First National Bank of Los Angeles,
Pacific-Southwest Trust & Savings Bank and the First
John G. Rodgers has been elected to the board of directors Securities Co. on the other an affiliation has been consumof the Continental & Commercial National Bank of mated by which the stockholders of the San
Fernando
Chicago, succeeding Francis A. Hardy. Mr. Rodgers is National Bank are to become co-partners in the
First
also Vice-President of the Northwestern Region of the Penn- National Bank of Los Angeles, Pacific-Southwest Trust &
sylvania RR.
Savings Bank and the First Securities Co. The merger
will become effective Jan. 2. An official announcement says:
The arrangements were worked out between Fred W. Prince,
President
The directors of the First National Co. of Detroit at a of the San Fernando National Bank, and
Charles F. Stern, Executive Vicemeeting on Dec. 1 elected as Vice-President Hamilton Had- President of the Pacific-Southwest institutions. This transaction does
not entail an outright purchase of stock, but the stockholders of
the San
den, Manager of the Eastern District, whose offices are at Fernando
National Bank, through an exchange of shares in the Pacific59 Wall Street, and Horace J. Elliott, Manager of the Southwest banks, become co-partners in the entire business of the
First
Central District, with offices at 209 South La Salle Street, National Bank of Los Angeles,Pacific-Southwest Trust & Savings Bank and
the First Securities Co.
Chicago. The First National Co. of Detroit was organized
The affiliation of these institutions does not mean the absorption of the
in 1919 as an adjunct of the First National Bank. It deals San Fernando National Bank, for the outstanding and important feature
of
the whole transaction lies in the fact that by this means San Fernando
in the purchase and sale of Government, State, municipal retains
its own individual institution plus the support of the total resources
and corporate bonds.
amounting to more than $200,000,000. Under the statement of
Announcement was made on Dec. 18 by the directors of the
Northwestern National Bank of Minneapolis of the merging
of the Minneapolis National Bank with that institution. The
consolidation went into effect immediately, the Minneapolis
National Bank now being operated as the Lake Street office
of the Northwestern National Bank at its old location at
Lake Street and Nicollett Avenue. C. E. Hill, formerly VicePresident of the Minneapolis National Bank, has been elected
a Vice-President of the Northwestern Nati( nal Bank and
will devote his time largely to the affairs of the Lake Street
office. The Manager of the new office is G. J. Bach, with
L. H. Berg and It. E. Bostwick, Assistant Managers. The
Minnesota Loan & Trust Co. is the affiliated institution of
the Northwestern National Bank, their combined resources
being $92,000,000.
condition
on Sept. 15 the total resources of the San Fernando National Dank were
$883,443 98. On Dec. 12 these resources had increased to more than
$975,000.
Under the plan of the merger an understanding was reached as to continued local control over the institution and the continued authority of
San Fernando officers and directors. The officers and directors of the
San Fernando institution are as follows: Fred W. Prince, President;
F. L. Shimmin, Vice-President; Frank J. Hendershot, Cashier; W. L.
Fletcher, Assistant Cashier. Directors: Fred W. Prince, F. L. Shimmin,
Hardman Fowler, E. A. Curtis and L. Q. Branson.
According to a press dispatch from Portland, Ore., under
date of Dec. 13, printed in the San Francisco "Chronicle" of
the following day, creditors of the old bond house of Morris
Brothers, Inc. (now the Morris Brothers Corporation), who
declined to participate in the new corporation by taking preferred stock for their claims, were to receive a Christmas
dividend of 3% of their claims. This dividend, it is said,
brings the total distribution to the non-assenting creditors up
to 40 1-3%, as on Jan. 17 1922 they received 30% and on May
16 1922 7 1-3% of their claims. The present distribution, it
At the annual meeting of the shareholders of the Colorado is said, amounts to $24,180 35, or 3% of approved
claims of
National Bank of Denver, Colo, on Jan. 9 1923, action will $806,011 57. We last referred to the affairs
of this company
be taken on a resolution to increase the capital stock of the in our issue of Jan. 14 1922.
bank to the extent of $500,000, making the total capital
$1,000,000, the increase to be made by a stock dividend from
The annual statement of the Royal Bank of Canada for
the undivided profits.
the fiscal year ended Nov. 30 discloses a sound position.
4
With its large and complete organization throughout the
2760
[vol.. 115.
THE CHRONICLE
INDIAN CURRENCY RETURNS.
Dominion, the report of the bank reflects in a special manner
Nov. 30.
Nov. 22.
In Lacs of RupeesNov 15.
the general conditions of the country. The bank has fully Notes
17730
17761
in circulation
17820
.
81
.. 2
9002
bullion
in
India
Silver
coin
and
maintained its usual strong liquid position, the percentage of Silver coin and bullion out of India _______ 9062
N5
Na..
actual cash on hand and in bank to liabilities to the public Gold coin and bullion in India
Gold coin and bullion out of India
being 28.20%. Of total assets of $479,362,366, liquid assets Securities (Indian Government)
(British Government)
585
Securities
gi5fal
are $216,048,331, being 49.37% of liabilities to the public.
4ihe
.-7-549T
No silver coinage was reported during the week ending 30th ult5
Of this amount cash on hand and Dominion notes total stock
in Shanghai on the 2d inst. consisted of about 36
,100,000 ounces in
gj
$63,935,920. Other principal items included in the liquid sycee, $35,000,000 and 240 silver bars, as compared with 38,200,000 ounces,
assets are call loans on bonds, debentures and stocks of $33,500,000 and 210 silver bars. The Shanghai exchange is quoted at
the tael.
approximately $48,000,000; checks on other banks, $20,- 3s. 1 d.
-Bar Silver per oz. std.- Bar Gold
per oz. fine.
QuotationsCash.
Two Mos.
573,642; balances due by banks and banking correspondents,
91s. 4d.
32%d.
Dec 1
$27,893,715; Canadian municipal securities and British Dec.2
32 3-16d
16%.
-16
3
32
1 1532 3-I6d.
Dec 4
31 15-16d. 91s. Id.
foreign and colonial public securities, other than Canadian, Dec
90s. 10d.
32 7-16d.
5
32 1-16d.
90s. 7d.
32%d.
Dec.
6
32d.
$7,901,927; railway and other bonds, $13,462,068. The Average of above five days
90s. 11.5d.
32.312d.
32d.
profit and loss account shows that profits have been well
The silver quotations to-day for cash and forward delivery are each lid.
maintained, the total for the year after deducting charges above those fixed on the 30th ult.
for management, accrued interest on deposits, making full
provision for all bad and doubtful debts, having amounted
ENGLISH FINANCIAL MARKETS-PER CABLE.
to $3,958,469, which equals 19.40% on the capital. This
daily closing quotations for securities, &c., at London,
The
amount, added to the balance of profit and loss carried from
the previous year, made the total amount available for dis- as reported by cable, have been as follows the past week:
London,
Dec.16. Dec. 18. Dec.19. Dec.20. Dec. 21. Dec. 22.
tribution $4,863,514.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Week Ending-
THE CURB MARKET.
Trading was only moderately active in the Curb Market
this week, while price movements for the most of the time
were unsettled. Towards the end of the week the market
improved and at the close prices generally were strong. Durant Motors in particular were active,and after early loss of
some two points to 703/g, sold up to 753, with the close today at 75. Durant Motors of Indiana from 173 reached
223/ and sold finally at 223. New Fiction Publishing Corp.
also attracted attention, selling up to a new high record,
from 123.t to 15, though it reacted subsequently, the close
to-day being at 14. Glen Alden Coal advanced from 54 to
56. Philip Morris Co. gained a point to 20 and sold finally
at 193/. Peerless Truck & Motor sold up from 693
% to 733
and ends the week at 73. Standard Oil issues were also
firmer. Standard Oil (Calif.) gained about three points to
593
, but reacted to-day to 583/2. Standatd Oil (Indiana)
after a drop from 1163/ to 1143/2, recovered to 117 and
reacted finally to 115%. Standard Oil (Kentucky) sold
down from 1193/b to 117, then up to 123. Mammoth Oil
weakened from 423' to 41%, recovered to 43 and ends the
week at 423/2. Maracaibo Oil Exploration lost three points
to 12%, advanced to 15 and finished to-day at 14%. Merritt Oil improved from 6% to 83 and sold finally at 73..
A complete record of Curb Market transactions for the
week will be found on page 2785.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 6 1922:
GOLD.
The bulk of the available supplies this week have been taken for the United
States of America, only a few purchases being made on Indian account
To-day's price-90s. 7d.-is the lowest quoted since Sept. 12 1919, when a
quotation per fine ounce was first fixed for exportable gold. Gold valued.
at $1,657,000 has been received in New York, $925,000 from London and
$732,000 from Alexandria.
SILVER.
The market seems to present a rather more steady appearance, owing
probably to the position in China, where the stocks of sycee, &c., are shrinking somewhat quickly; there is, however, no reason for a renewal of confidence in the more distant future. Of course it is but natural that prices
should rest awhile after the sharp fall of the last few weeks. America is
not inclined to sell so readily now that there is a possibility of China replenishing its stocks from San Francisco. The stemming of the decline rendered
It more difficult for bears to cover: this, together with a few Indian buying
orders, brought a fairly strong reaction from the lowest price touched last
week, but to-day buyers seem to be satisfied for the moment. The"Gazette
de Hollande" announces that' a new florin is shortly to be issued in Holland,
of a lower alloy than that at present in circulation. Since November 1921
2,200,000 of those florins and 16,000,000 half-florins have been minted for
the Dutch East Indies. For this country there was no necessity for putting
the new florin into circulation immediately, as there existed a sufficient quantity of legal tender. The necessity, however, has now arisen, and the new
florin will shortly make its appearance. The decision is of great importance
for Holland. The increase of silver florins will render possible the withdrawal of a number of silver notes. The only outward difference between
the old and the new florin is that the date has been placed underneath the
coat of arms instead of over it." The heavy accumulation of silver rupees
In the Indian note reserves, as set out below, is not ceable when compared
with the coinage operations, which have been upon a very important scale
since 1916. The lowest figures recently attained in this reserve were 1,044
lacs on April 7 1919; the total in the reserve on the 15th ult. had risen by
9,018 lacs to 9,062 lacs, which is about equal to the grand total of coins
minted during 1918 and since, notwithstanding that the mintage of 1918
and 1919 were each over 50% more than the mintage of any year since 1874.
The increase of 8,018 lacs is well over a quarter of the mintage during the
20 years' coinage commencing with the accession of Edward VII. In these
circumstances the reserve would seem adequate for any possible demands
likely to arise for many years to come.
d
Silver, per oz
Gold, per fine ounce
cents
per
Consols, 2%
British 5 per cents
British 4% per cents
French Rentes(in Paris)ir_
FrenchWar Loan (inParis)fr.
30 7-16
88.6
56
5
99%
949
59
76.15
303.i
88.6
56
993i
94%
59.22
76.15
30%
88.9
56
99%
949
59.20
76.30
30%
89.4
554
99%
94%
59.25
76.35
303
89.1
55%
993j
95
59.5
76.50
30%
88.9
55%
99%
95
59.30
The price of silver in New York on the same day has been:
Silver in N. Y., per oz. (cts.):
99%
Domestic
62%
Foreign
99%
6274
99%
623
99%
62%
63
62%
COURSE OF BANK CLEARINGS.
Bank clearings for the current week show an increase as
compared with the corresponding week last year, and owing
to the large expansion in the bank exchanges outside of New
York the revised totals for the previous week, as indicated
further below, also show an increase, whereas our telegraphic
returns for that week had indicated a small decrease.
Preliminary. figures compiled by us, based upon telegraphic
advices from the chief cities of the country,indicate that for
the week ending Saturday, Dec. 23, aggregate bank clearings for all the cities in the United States from which it is
possible to obtain weekly returns will show an increase of
12.5% as compared with the corresponding week last year.
The total stands at $8,028,762,604, against $7,134,537,996
for the same week in 1921. Our comparative summary for
the week is as follows:
1922.
1921.
Per
Cent.
New York
Chicago _ -Philadelphia
Boston
Kansas C-ItY
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,695,000,000
497,102.474
443,000,000
298,000,000
120,144,820
a
129,200,000
140,098,296
118,227,148
85,027,161
62,577,880
83,398,500,000
420,406,201
363,000,000
254,000,000
114,643,902
a
107,900,000
*150.000,000
86,735,560
54,596,752
47,968,285
+8.8
+18.2
+23.4
+17.3
+4.8
a
+19.7
-6.0
+36.3
+55.7
+30.5
Eleven cities, 5 daYs
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
,.._._, ...,. nitirq
tor week
•
$5,595,277,779
1,095,357,725
$1,997,750,700
047,697,630
+12.0
+15.6
86,690,635,504
1,338,127,100
85,945,448,330
1,189,089,666
+12.5
+12.5
'33 028.762.604
87.134.537.696
+12.5
Clearings-Returns by Telegraph,Week ending Dec. 23.
a No longer report clearings. * Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends on Saturday and the Saturday figures will not be available until noon
to-day, while we go to press late Friday night. Accordingly,
in the above the last day of the week has in all cases had
toIb estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending Dec. 16. For
that week the increase is 2.7%, the 1922 aggregate of the
clearings being $7,776,866,052 and the 1921 aggregate
$7,575,642,739. Outside of this city, however, the increase
is 12.9%, the bank exchanges at this centre actually recording a decrease of 4.5%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
the increase is 10.6%, in the Philadelphia Reserve District
12.5%, and in the Cleveland Reserve District 3.8%. Owing
to the shrinkage in the clearings at this centre, the New York
Reserve District (including this city) registers a loss of 4.3%,
DEC.23 1922.]
THE CHRONICLE
The Richmond Reserve District records a gain of 19.7%,
the Atlanta Reserve District of 20.9% and the Chicago Reserve District of 14.6%. In the St. Louis Reserve District
the improvement reaches 29.3%. The Minneapolis Reserve
District adds 10.3% to its last year's total and the Kansas
City Reserve District 11.4%. The Dallas Reserve District
and the San Francisco Reserve District are also able to show
increases, the former having an increase of 12.7% and the
latter of 13.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Dec. 9.
1922.
1921.
Federal Reserve Districts.
(1st) Boston
9 cities 414,570,525 374,966,384
9 " 4,330,134,835 4,522,712,703
(2nd) New York
(3rd) Philadelphia
10 "
528,199,011 469,695,024
8 "
(4th) Cleveland
360,779,845 347,549,210
6
(5th) Richmond
187,299,114 156,490,183
Atlanta
11
(6th)
193,320,059 159,952,326
(7th) Chicago
19
802,614,635 700,063,177
(8th) St. Louis
64,077,619 65,036,224
(9th) Minneapolis
7
130,726,157 118,463,738
(10th) Kansas City
11 ••
254,759,345 228,679,859
(11th) Dallas
5
61,167,390 54,253,489
(12th) San Francisco__ _14
429,157,517 377,780,422
Inc.or
1919.
Dec.
1920.
-%
+10.6 428,697,715 521,789,679
-4.3 5,155,375,529 5,949,923,984
+12.5 550,976,753 577,576,604
+3.8 450,740,816 483,733,957
+19.7 190,236,896 226,671,497
+20.9 180,824,486 259,061,247
+14.6 849,403,093 910,031,451
+29.3 72,107,016 78,242,036
91,863,488
+10.3 153,793,341
+11.4 292,894,819 367,895,438
+12.7 65,295,204 85,407,572
+13.6 421,710,299 403,604,213
Grand total
116 cities 7,776,806,052 7,575,642,739 +2.7 8,822,065,967 9,950,801,166
Outside New York City
3,515,550,811 3,113,182,054 +12.9 3,740,932,641 4,085,469,839
Canada
28 cities 351,420,610 353,923,200
--0.7 453,634,069 425,122,557
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending December 16.
Clearings at-
2761
Week ending December 16.
Clearings at
1922.
1921.
Inc. or.
Dec.
1920.
$
$
$
%
Seventh Feder al Reserve D !strict-Chi cagoMich.-Adrian _ _
206,128
196,607
+9.7
187,855
Ann Arbor_ _ _ _
829,556
660,688
530,000 +56.5
Detroit
112,674,948
87,989,000 +25.1 135,476,111
Grand Rapids_
6,551,054
5,995,268
7,255,726 -9.7
Lansing
1,900,260
1,500,000
1,668,500 +13.9
Ind.-Ft. Wayne
2,215,414
2,400,000
+6.9
2,071,615
Indianapolis_ _ _
21,140,000
17,599,000
18.873,000 +12.0
South Bend__ _
2,618,200
2,076,084
1,801,926 +45.3
Wis.-Milwaukee
36,217,210
33,243,431
29,112,264 +24.4
Ia.-Cedar Rap.
2,207,590
1,982,001
1,351,608 +63.3
Des Moines_ _ _ • 9,596,527
9,222,911
9,703,414 -1.1
Sioux City_ __ _
5,660,634
4,584,305 +23.5
6,500,000
Waterloo
1,233,428
1,613.032
1,176.185
+4.9
Ill.-13looming'n_
1,444,098
1,460,013 -1.1
1,695,466
Chicago
588,020,935 522,498,789 +12.5 618,225,034
Danville
a
a
a
a
Decatur
1,212,248
1,194,615
+1.5
1,345,831
Peoria
4,351.507
4,304,601
+1.3
4,563,550
Rockford
2,178,989
1,901,564 +14.6
2,400,000
Springfield_ _
2,345,909
2,398,097 -2.2
2,713,079
1919.
$
150,000
554,938
145,124,432
6,464.796
1,675,264
2,223,805
17,955,000
1,748,370
32,491,589
2,512,847
11,461,088
10,297,931
2,039,947
1,925,349
661,680,103
a
1,635,116
5.370,047
2,500,000
2,220,829
Total(19 cities) 802,614,635 700,063,177
Eighth Feder al Reserve D istrict-St.
Ind.-Evansville.
4,538,264
4,422,591
Mo.-St. Louis_ _
a
a
Ky.-Louisville__
33,906,131
27,637,814
Owensboro _ _ _ _
1.044.912
1,026,347
Tenn.-Memphis
29,138,001
20,713,919
Ark.-Little Roc
13,572,168
9,681,598
Ill -Jacksonville
348,398
319,119
Quincy
1,529,745
1,234,806
+14.6
Louis+2.6
a
+22.7
+1.8
+40.7
+40.2
+9.2
+23.9
849,408,093
910,031,451
4,733,166
a
31,684,394
6139,522
21,268,316
11,532,592
784,780
1,434,246
4,799,226
a
19,128,037
1,530,500
3 6,193,825
14,443,615
523,218
1,623,615
Total (7 cities)
84,077,619
65,036,224
Ninth Federa [ Reserve Dist rict-Minne
Minn -Duluth.,
e8,523,762
7,411,055
Minneapolis__
78,222,199
70.137,000
St. Paul
35,965,020
32,819,488
No. Dak.-Farg 1
2,160,942
2,096,660
So.Dak.-Aberd' i
1,454,055
1,193,762
Mont.-Billings
570,494
649,533
Helena
3;829,685
4,156,240
+29.3
apolis
+15.0
+11.5
+0.6
+3.1
+21.8
-12.2
-7.9
72,107,016
78,242,036
13,324,289
86,389,104
46,403,728
3,000,000
1,555,159
1,205,956
1,915,105
7,980,376
52,349,292
21,874.148
3,500,000
1,810,418
1,517,058
2,832,196
Total(7 titles)
130,726,157 118,463,738
91,863,488
Tenth Fedora I Reserve Dist rict-Kansa +10.3 153,798,341
s City
Neb.-Fremont.
d325,524
424,139
476,556
-23.2
647,627
$
$
lIastings
$
%
027,902
549,560 -3.9
598,286
645,054
qrst Federal Re serve Distric t-BostonLincoln
4,148,356
3,275,387 +26.7
4,043,051
ile.-Bangor ___
5,172,649
751,784
816,454
1,0213,193 -26.7
Omaha
925,000
42,637,238
35,820,666 +19.0
Portland
43,517,825
56,935,647
c
c
c
Kan.-Topeka
c
c
e2,815,308
2,534,710 +11.1
2,838,140
3,597,649
3Aass.-Boston
382,000,000 347,000,000 +10.1 396,276,451 488,212,953
Wichita
10,119,472
9,958,965
10,951,464
+1.6
Fall River_ _
13,661,418
2,667,497
3,273,097 Mo.-Kan. City.
1,729,795 +54.2
1,791,387
146,097,751 133,744,757
Holyoke
+9.2 180,000,000 248,388,193
a
a
a
a
St. Joseph....
a
a
a
Lowell
a v
a
a
1,359,027
1,294,452 Okla.-Muskog,e
1,460,650 -4.9
1,255,831
a
n
a
a
Lynn
a
a
a
a
a
Oklahoma Cit' e25,227,430
a
20,614,509 +22.4
New Bedford
25,660,005
13,939,157
1,697,662
2,497,746
2,064,599 -17.8
1,802,586
Tulsa
a
a
a
Springfield_ _
a
a
5,330,628
4,359,386 +22.3
5,223,558 Colo.-Colo.Spg
5,235,991
1,246,450
976,679 +27.6
Worcester
979,725
1,051,315
4,288,509
5,113,038
3,194,412 +34.3
5,146,772
Denver
e20,799,042
20,075,996
3onn.-Hartford.
+3.0
22,929,432
22,887,245
10,227,368
9,131,339
8,928,146 +15.6
10,614,334
Pueblo
814,872
704,491 +15.7
New Haven...
900,335
6,218,050
969,4
6,227,042
5,203,203 +19.5
5,649,363
a
1 .I.-Providence
a
a
a
Total(11 cities , 254.759,345 228,679,859
a
+11.4 292,894,819 367,895,438
Eleventh Fed ! cal Reserve District
-D aliasTotal(9 cities). 414,570,525 374,966,384 +10.6 428,697,715 521,789,679 Texas-Austin__
1,547,067
1,562,758 -1.0
1,481,551
2,000,000
Dallas
33,648,574
28,804,177 + MR
>econd Federal Reserve Dist net- New York33,256,014
43,832,418
Fort Worth_ _
e12,778,000
11,527,162 +10.9
q.y.-Albany
16,292,285
4,934,968
25,991,175
5,370,606
4,791,720
+3.0
4,631,622
Galveston
8,270,936
7,776,931
+6.4
Binghamton_ _ _
10,058,333
61,071,100
8,120,605
1,024,500
1,350,200
+4.6
1,234,500
Houston
a
a
a
a
Buffalo
e43,847,491
a
37,987,676 +15.4
49,769,072 La.-Shreveport •
47,157,480
4,922,813
4,582,461
+7.4
Elmira
4,207,021
654,065 Not included in total s.
'5,463,374
Jamestown._..
d1,164,988
1,009.893 +15.4
1,091,632
Total(5 cities) .
01,107,390
54,253,459 +12.7
New York.... 4,261,255,241 4,462,460,685 -4.5 5,081,133,326 5,875,331,327
05,295,204
85,407,572
Twelfth Fede. al Reserve D istrict-San
Franci seesRochester
10,271,904
13,121,567 Wash -Seattle..
8,747,603 +17.4
12,509,812
35,915,661
32,135,543 +11.8
Syracuse
38,040,531
4,374,530
45,392,415
4,335,892
3,637,290 +20.3
Spokane
4,442,226
a
a
a
a
d2,646,442
3onn.-Stamford
a
2,270,137 +16.6
2,524,131
Tacoma
a
a
a
a
568,171
C. J.-Montclair
a
783,199 -27.5
595,230
Yakima
650,800
•
1,350,812
1,573.508 -14.2
1,604,704
1,828,651
- Ore.-Portland _ •
35,377,350
33,892,751
+4.4
43,887,718
38,101,757
Total(9 cities) 1,330,134,835 4,522,712,703 -4.3 5,155,375,529 5,949,923,984 Utah-S.L. City.
15,975,478
15,544,462
+2.8
23,425,807
22,449,859
Nev.-Reno
a
a
a
a
a
fhird Federal R eserve Distri ct - Philad elphia Ariz.-Phoenix _
a
a
a
a
a
1,301,332
945,773 +37.6
926,422 Cal.-Fresno
7a.-Altoona
1,110,514
.
6,267,866
5,245,240 +19.5
5,370,701
5,822,757
Bethlehem__
3,842.010
2,755,553 +39.4
Long Beach....
3,667.719
7,580.140
4,358.521
4,094,732
2,623,660
Chester
1,389,000
1,604,728
1,098,342 +26.7
Los Angeles__ . 120,793,000 1G3,081,000 +73.9
1,398,462
+23.0
97,908.000
60,888,000
3,043,455
Lancaster
2,418,735
2,544,734 +19.6
2,479,328
Oasland
16,327,025
13,843,944 +17.9
12,047,279
10,566,475
Philadelphia
501,000,000 446,000,000 +12.3 535,168,264 556,414,546
Pasadena _ _ _ 5,334,830
4,302,346 +24.0
4,609,860
2,141,515
3,496,254
3,108,837
Reading
2,707,133 +29.1
Sacramento .
2,900,000
8,161,876
6,677,278 +22.2
6,169,655
8,355,274
e5,010.270
Scranton
4,789,250
4.879,849
San Diego_
5,230,569
+2.7
a
a
a
a
a
Wilkes-Barre
e3,213,299
2,783,140
2,988,537
San
2,746,043
+7.5
Francisc). 163,400,000 151,009,000
+8.2 175,h,0,000 200,895,184
1,587,493
1,534,179
York
1,337,594 +14.7
1,541,614
San Jose
2,505,156
2,779,540 -9.8
2,003.819
2,387,966
.J.-Trenton..
3,943,453
4,369,212
4,439.509 -1.6
Santa Ba4bara.
4,734,240
1,381,823
940,489 +46.9
1,142.947
Del.-Wilming'n .
a
•a
a
Stockton
a
a
2,780.500
2.405,500 +15.6
6,304,500
7.150,700
Total(10 cities) 528,199,011 469,695,024 +12.5 560,976,753 577,576,604
Total (14 cities 1 429,157,517 377,780,422 +13.6 421,710,209
408,004.213
Grand total (11 i
•
Fourth Feder al Reserve D istrict-Cle veland cities)
. 7.776,806,,052 7,575,612,739+2.7 8,822,065,967 9,960,801,166
Dhio-Akron _ _
e6,878,000
12,583,000
5,000,000 +37.6
7,546,000
Canton
5,320,988 Outside New Yor c 2 PI1 6 Ncri Q11 `2 11'2 1420 nct _Li,
5,117,223
3,757,907 +36.2
5,132,561
. ft 'I 7.411 019 Rdl 4 nR17, 4(10 q/0
Cincinnati._ _ _ _
80,059,384
69,021,558
65,599,366
75,703,843
+5.2
Cleveland
105,440,347
90,359,677 +16.7 140,000,000 166,802,293
Week ending December 14.
Columbus
15,948,300
15,058,300
Clearings at13,830,300 +15.3
16,706,300
Dayton
a
a
a
a
a
Inc. or
Lima
1,420,842
693,438
816,724 -15.1
812,964
1922.
1921.
1920.
Dec.
1919.
Mansfield
c
c
c
c
c
Springfield__ _ _
Canada
a
a
a
a
a
Montreal
Toledo
a
a
a
a
a
102,877,248 118,670,976 -13.3 132,994,899 154,239,366
Youngstown
4,334,331 Toronto
e4,459,579
5,057,271
3,165,236 +40.9
107,902,336 100,603,760
+7.3 126,258,318 112,749,437
Winnipeg
Pa.-Erie
a
a
a
a
66,162,317
a
61,129,999
+8.2 102,365,325
66,275,206
Greensburg
Vancouver
c
c
c
14,101,554
c
c
12,628.007 +11.7
15,907,189
14,707,108
Pittsburgh_ _
153,221,400 .165,020,000 -7.9 199,781,572 193,128,819 Ottawa
7,975,839
7,489,036
9,145,207
+6.5
11,472,186
W.Va.-Wheeling
Quebec
c
c
c
4,822,013
c
5,678,013 -15.1
c
7,513,325
7,029,969
Halifax
3,932,980
3,427,239 +14.8
4,731.517
5,230,592
Total(8 cities) _ 360,779,845 347,549,210
5,447,672
5,503,901 -1.0
+3.8 450,740,816 433,733,957 Hamilton
7,226,709
7,391,834
Calgary
6,278,825
6,192,549
+1.4
9,153,637
8,659.600
St. John
Fifth Federal Reserve Dist rict-Richm ond3,154,870
2,789,840 +13.1
3,220,388
3,437,561
Victoria
W.Va.-11unt'g'n
2,000,000
2,127,800
1,798,151
2,187,116 -17.8
1,849,408 +15.1
2,693,133
3,048,032
14,864,373 London
Va.-Norfolk__ _ _ el0,735,103
9,135,514
2,737,397
2,984,114 -8.3
3,251,142
7,591.854 +41.4
3,793.167
83,047,546 Edmonton
- Richmond ____
59,230,915
4,468,701
55,536,423
5,217,121 -14.3
5,729,828
6,369,755
49,581,709 +12.0
5,100.000 Regina
S.C.-Charleston
5,075,283
3,200,000
4,200.416 +20.8
2,324,813
5,032,131
4,525,450
2.050,000 +13.4
Md.-Baltimore_
691,449
97,731,496 104,613,921 Brandon
701,240 -1.4
93,859,368
953.276
1,027,328
74,911,46S +25.3
19,045,657 Lethbridge
18,938,971
644,705
D.C.-Washing'n
787,356 -18.1
1,201,471
22,715,607
826.620
20,505,744 +10.8
Saskatoon
1,676,802
2,071,202 -19.0
2,355,035
2,261,575
1,388,004
Total ()l citles)_ 187,299,114 156,490,183 +19.7 190,236,896 226,671,497 Moose Jaw
1,502,417 -7.6
2,034,286
1,778.669
Brantford
1,021.535
,
1,234,846 -17.3
1,401,938
1,490,899
Fort William
850.096
742,258 +14.5
Sixth Federal Reserve Dist rict-Atlant a1,011,950
1,218,021
7,000,000 New Westminster
453,353
6,000,000
533,926 -15.1
Tenn.-Chatt'ga_
641,528
e6,771,693
5,151,655 +31.4
537,053
Medicine
3,587,439
Hat_
__
363,110
3,200,000
412,000 -11.9
Knoxville
661,881
3,842,755
2,822,089 +36.2
655,169
25,697,893 Peterborough_ __ _
780.984
21,923,491
778,728
+0.3
1,085,745
Nashville
+3.9
e19,325,000
899,427
19.075,768
Sherbrooke
91,389,841
803,730
904,687
-11.2
56,480,626
1,423.068
Ga.-Atlanta_ __ _
1,390,000
55,333,137
43,237.000 +14.7
1,069,598
5,529.651 Kitchener
995,449
2,606,088
+7.4
Augusta
1,152,699
2,287,573
1,159,917
1,964,907 +16.4
3,156,875
.3,000,000 Windsor
2,964,031
+6.5
.2,000,000
Macon
3,542,540
1,522,011
1,192,173 +27.7
2,948,607
Moncton
1,117,954
a
819,875
+36.4
Savannah
a
915,606
a
a
a
667,231
Fla.-Jacks'yille _
11,419,234 Kingston
773,098 -13.7
11,700,000
12,404,121
8,788,969 +41.1
389,042 Not included In total
21,272,799 Ptince Albert_
19,286,038
Ala.-13irming'm
28,483,200
23,637,353 +20.5
Mobile
c
c
c
c
c
Total Canada_ 351.420,610 353.923,200 -0.7 453,634,069
Miss -Jackson_ _
815,555
763.019
907,371
922,516 -1.6
425,122,557
Vicksburg
496,640
355,744
1,096,062
379,008 +189.2
a No longer reports
La.-NewOrleans
56,509,480
88,552,195 no comparative figuresclearings or only gives debits against Individual accounts, with
60,847,136
47,780,883 +27.3
for previous years. b Report no clearings, but give compara,Total(11 cities) 193,320,059 159.952,326 +20.9 180,824,486 259,061,247 tive 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. 13. e Week end. Dec. 14. f Week end. Dec. 15. *
Estimated
1922.
1921.
Inc. or
Dec.
1920.
1919.
5
-
2762
THE CHRONICLE
IMPORTS AND EXPORTS FOR NOVEMBER.
The Bureau of Statistics at Washington has issued the
statement of the country'sforeign trade for November and from
it and previous statements we have prepared the following.
In the case of the merchandise movement, however, the figures
of exports alone are shown this time, the enactment of the new
tariff Law having delayed the compilation of the import figures
as stated more at length in the foot note to the table.
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
an the following tables three ciphers are in all cases omitted.)
Merchandise.
0003
omitled.
1922
1921
1920
1919
1918
1917
1916
1915
_
_
_
_
_
_
_
_
Im-
EsPOTts.
pOrt3.
383,000
294,092
676528
740,014
322,237
487,328
516,167
327,670
(?)
210,943
321,209
424,810
251,008
220,535
176,968
155.497
Excess
of
Exports.
Exports.
Gold.
Silver.
Excess
ExImof
ports. Exports ports.
Excess
Imof
ports. Exports
3,431 18,305 14,877 6,599
(?)
83,144
607 51,298 750,691 4,804
355,319 19,876 56,889 737,019 3,144
315,204 51,353 2,397 49,461 19,052
271,229 3,048 1,920 1,128 7,150
266,793 7,223 2,900 4,317 4,789
339,199 26,335 46,973 720,638 7,846
172.173 3,661 60,981 757,320 5.971
5,855
5,912
5,025
7,019
5,940
9,086
2,583
3.370
744
a1,103
a1,881
12,033
1,660
a4,297
5,263
2.595
a Excess of imports.
Totals for eleven months ended Nov. 30:
Merchandise.
0003
omitted.
Exports.
Imports.
Excess
of
Exports.
Exports.
Gold.
Silver.
Excess
Imof
Exports. Exports man's.
Excess
of
ports. Exports
$
34,165 248,730 1214505 55,894 62,959 17,065
1922 _ 3,490,346
(?)
(?)
1921 _ 4,188,833 2,271,652 1,917,181 21,730 959,582 1637852 44,430 57,726 113,296
1920 _ 7,507,730 5,012,424 2,495,306 305,033 372,408 167,37 107,535 83,434 24,101
1919 _ 7,390,010 3,523,655 3,715,355 321,92S 63,620 258,308 203,42C 79,725 123,701
1918 _ 5,583,201 2,820,326 2,762,875 39,490 60,277 120,787 204,540 67,045 137,495
1917 _ 5,633,378 2,724,556 2,908,822 367,346 535,389 1188043 74,005 47,186 26,819
1916 _ 4,959,407 2,186,801 2,772,60e 127,819 527,369 1399550 61,537 28,711 32,678
1915 _ 3,195,364 1,606,764 1.583,600 19,537 406,542 1587005 46,768 31,881 14,887
Excess of imports.
Note.-The compilation of the figures of merchandise imports under the new Tariff
Law, from Sept. 22 to Nov. 30, has been much delayed, according to the Department of Commerce, on account of the many and complicated changes in classification and rates of duties. For 1922 exports only are shown. Imports will be published as soon as the reports are received.
Receipts at-
Flour.
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor.
Amt. Bds. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Notes.
Nov. 30 1922_ _
Oct. 31 1922_ _
Sept.30 1922_ _
Aug. 31 1922...
June 30 1922_ _
May 31 1922__
April 30 1922_ _
Mar. 31 1922__
Feb. 28 1922__
Jan. 31 1922_
Dec. 31 1921_ _
Nov.30 1921__
Oct. 31 1921__
Sept.30 192L..
Aug. 31 1921_ _
July 31 1921_ _
739,018,690 31,468,700
737,660,690 46,468,700
737,501,940 56,768,700
735,460,690 67,518,700
734,546,300 84,218,700
733,876,590 87,218,700
731,693,690 95,568,700
730.016,940 102.393,700
729,702,240 110,359,700
729,425,740 126,393,700
728,523,240 126,393,700
728,351,240 139,393,700
727,512,490 149,768,600
727,002,490 185,768,700
724,770,490 208,355,200
723,675,190 224,105,200
National Batik Circulation
Afloat onLegal
Tenders.
Bonds.
736,065,365
734,520,475
734,465,283
733,623,525
732,585,640
730,203,870
729,526,135
727,838,900
727,465,523
724,480,758
724,235,815
723,023,965
716,304,820
795,836,355
711,000,205
702,570,407
25,433,762
26,158,712
26,285,914
26,082,024
25,616.387
25,696,832
25,096,414
24,840,522
24,569,959
25,130,609
25,932,109
26,283,132
26,984,017
27,402,759
24,148,669
29,570,407
Total.
761,499,127
760,679,187
760,751,197
759,705,549
758,202,027
755,900,702
754,622,549
752,679.422
752,035,482
749,611,367
750,167,924
749,307,097
743,288,847
743,239,113
739,148,874
732,419,179
$49,044,400 Federal Reserve bank notes outstanding Nov. 30 (of which $25,4054
400 secured by United States bonds and $23,639,000 by lawful money), agains
5118,533.400 Nov. 30 1921.
Wheat.
Barley.
Oats.
Corn.
Rye.
htls.196lbs. bush.60 lbs. bush. 56 lbs. hush. 32 lbs. hush.48lbs. bush.56lbs.
Chicago
225,000
156,000
167,000
571,000 4,539,000 2,112,000
397,000
381,000
Minneapolis
3,446,000
495,000
180,000
Duluth
4,000
599,000
1,415,000
1,000
98,000
209,000
Milwaukee_ _ _
33,000
54,000
564,000
336,000
Toledo
7,000
694,000
626,000
72,000
Detroit
39,000
72,000
62,000
1,000
66,000
13,000
St. Louis_ __ _
587,000
502,000
390,000
41,000
10,000
11,000
Peoria
27,000
297,000
696,000
Kansas City
1,539,000
167,000
267,000
Omaha
435,000
182,000
527,000
St. Joseph
197,000
00,000
147,000
37,000
78,000
Indianapolis- 482,000
Total wk. '22
Same wk. '21
Same wk. '20
365,000
369,000
320,000
9,033,000 7,699,000
6,211,000 12,113,000
7,226,000 3,861,000
789,000 1,264,000
5,155,000
395,000
497,000
3,090,000
596,000
3,091,000 1,236,000
Since Aug.111,074,000 235,100,000 127,505,000 103,172,000 19,563,000 23,200,000
1922
9,313,000 212,862,000 139,996,000 95,588,000 13,639,000 10,115,000
1921
loan
5 441 non 1Rn 409 min 04 7,17 000 07 roc nnnol RAR non21 Amnon
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Dec. 16 1922 follow:
Flour.
Receipts at-
Wheat.
Barrels.
405,000
NOW York...
122,000
Phi1adelphia__
38,000
Baltimore_ _ _ _
2,000
Newport News
1,000
Norfolk
72,000
New Orleans.
Galveston_
70,000
Montreal
32,000
St.John,N.B .
35,000
Boston
Corn.
Rye.
Barley.
Oats.
Bushels.
2,802,000
1,345,000
332,000
Bushels.
32,000
163,000
193,000
408,000
252,000
790,000
1,245,000
388,000
410,000
23,000
69,000
593,006
Bushels. Bushels.
Bushels.
154,000
323,000
200,000
2,000
169,000
70,000
21,000
143,000
41,000
3,000
777,000 6,562,000
867.000 1,207,000
343,000
422,000
Total wk. '22
Since Jan.1'22 25,847,000 288,306,000 142,398,000 67.752,000 17,089,000 45,873,000
486,000 5,180,000 2,409,000
327,000
99,000
552,000
Week 1021__ _
elm,. Tqn 1 '21 25.143.000 278.196.000 96.714.0510 44 186 Ann 17 1911 nAn 94 .14.5 (1nn
Receipts (10 not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, December 16, are shown in the annexed
statement:
Exports front-
goinaravtial antiMiscelnneous zivt
[VoL. 115.
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Pensacola
Mobile
New Orleans
Galveston
St John, N. B_
Wheat.
Corn.
Flour.
Oats.
Rye.
Peas.
Barley.
Bushels. Bushels, Barrels. Bushels. Bushels. Bushels. Bushels.
1,824,997 141,874 18-1,420 208,016 699,578 62,018
432,000
26,000 28,000
20,000 305,000
1,168,000
2,000
319,000
1,234,000
44,000 3,000
37,000
363,000
56,000 31,000
162,000
1,000
2,000
2,000
2,000 10,000
42,000 201,000 52,000
13,000
56,000
43,000
_ 245,000
94,1)00 193,000
32,000
Total week 1922_ 5,364,997 470,874 345,420
Same week 1921_. _ 5,314.506 1,731.105 172,005
335,016 1758578 62,018
397.691 354.741 49.000
The destination of these exports for the week and since
July 1 1922 is as below:
Exports for Week
and Since
July 1 to-
Flour.
Week
Dec. 16
1922.
Since
July 1
1922.
Barrels. Barrels.
United Kingdom- 81,750 2,674,671
226,565 3,101,389
Continent
288,332
So.& Cent. Amer _
35;66E) 634,800
West Indies---2,000
Brit.No.Am.Cols _
345,355
2,105
Other countries
7,046,547
Total 1922----- 345,420 7,033,563
172,005
Total 1921 ______
Corn.
Wheat.
Week
Dec. 16
1922.
Week
Dec. 16
1922.
Since
July 1
1922.
Since
July 1
1922.
Bushels. Bushels.
Bushels.
Bushels.
2,063,334 52,866,695 173,000 18,098,237
3,304,613 129,218,331 266,874 32,239,295
34,000
90,000
31,000
752,700
21,000
1,700
13,500
1,031,973
5,364,997 183,227,999 470,874 51,139,432
5,314,506 103.665,042 1,736.105 53,812.560
The world's shipment of wheat and corn, as furnished by
The following shows the amount of each class of United Broomhall
to the New York Produce Exchange for the week
States bonds and certificates on deposit to secure Federal
Friday, Dec. 15, and since July 1 1922 and 1921,
ending
Reserve Bank notes and national bank notes on Nov. 30:
are shown in the following:
Corn.
Wheat.
U. S. Bonds Held Nov.30 to SecureBonds on Deposit
Nov. 30 1922.
2s, U.S. Consols of 1930
4s, U. S. Loan of 1925
2s, U. S. Panama of 1936
2s, U. S. Panama 01 1938
2s, U. S. 1-Year Certifs. of Indebtedness
Totals
On Deposit to I On Deposit to
Secure Federal,
Secure
Reserve Bank ?National Bank
Notes.
Notes.
Exports.
Total
Held.
5,813,400
1,768,000
257,000
130,300
23,500,000
582,496,950
82,764,900
48,212,240
25,544,600
$
588,310,3.50
84,532,900
48,469,240
25,674,900
23,500,000
31,468,700
739,018,690
770,487,390
1922.
Week
Dec. 15.
Since
July 1.
1921.
Since
July 1.
1922.
Week
Dec. 15.
Since
July 1.
1921.
Since
July 1.
Bushels.
Bushels.
Bushels.
22
h3,
els
0.00 Bushels.
B
37
Bushels.
240,630,000 233,450,000
597,000 53,470,000 58,178,000
North Amer _ 9,470,000
10,013,000
3,576,000
2,704,000
Russ.& Dan. f,070,000 43:456208;000000
2
14,413,000 4,336,000 67,832,000 73,739,000
Argentina_ __
96,000 10,516.000 39,296,000
_
Australia
712,000
600,000
India------3,365,000 7,005,000
Oth.countr's.
148,935,000
128,243,000
4,933,0(10
300,357,000
290,575,000
11,236.000
Total
The following shows the amount of national bank notes
Auction Sales.-Among other securities, the following,
afloat and the amount of legal tender deposits Nov. 1 and
at the Stock Exchange, were recently sold
Dec. 1 and their increase or decrease during the month of not usually dealt in York, Boston and Philadelphia:
November:
at auction in New H. Muller & Sons, New York:
National Bank Notes-Total AfloatBy Messrs. Adrian
Price.
Price. Shares. Stocks.
Amount afloat Nov. 1 1922
Net Increase during November
$760,679,187
819,940
Amount of bank notes afloat Dec. 1 1922
Legal Tender NotesAmount on deposit to redeem national banks Nov. 1 1922
Net amount of bank notes retired in November
$761,499,127
$26,158,712
724,950
Amount on deposit to redeem national bank notes Dec. 1 1922____ $25,433,762
Breadstuffs figures brought from page 2814.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Shares. Stocks.
--------$10% per sh.
5 Middle States Oil
011_ _ _$31 per sh.
5 Sinclair Consolidated
$3 per sh.
64 Radio Corp
$75 lot
350 Bradley Co Arnm0nia__$100 per sh.
Clapp
P.
323 B.
lot
_silo
_
Exploration_
343 New England
------850. per sh.
903 Keweenaw Copper
Buffalo City
coupons
Detached
8,842
____ $5 lot
Gas 1st M.5s, $25 each ______ $5 lot
7,200 Buffalo City Gas, pref
_________ $2 lot
common
8,2065i do
Chamols_$50 lot
4,582.63 Nat. Sponge & 5112 per sh.
%
3
100 Brooklyn Edison
_5112 per sh.
150 Brooklyn Union Gas_ _$267 per sh.
120 Bond & Mtge. Guar_ _ _
$1613.!, per sh.
33 Realty Associates
$35 lot
450 Idaho Irrig., corn
$73,000 Chestnut Ridge 6s, 1930
$25,000 Phenix Min.Prod.6s,'31
1,311 Chestnut Ridge White
$15,000
Brick, $50 each
lot
210 Chestnut Ridge, pref
154 do common
250 Phenix Mineral Products_ _ _
$70 American Lt. & Tr. warrants
for Common stock
477 Amer. Nat. 011, $I each
100 Midwest dc Gulf Oil, pref.,
$100
$10 each
lot
40 The Traders Fire Ins. Co
Ctf. Issued by The Traders Fire
Lloyd Co. Dec. 5 1894, for
writing fire risks
DEC.23 19221
THE CHRONICLE
Price
Price. Shares. Stocks.
Shares. Stocks.
$35 lot 50 Nat. Drug Stores, com_ _$2% Per oh.
163.68 Beadel Realty
$18 per sh
$22 lot 50 do preferred
20.50 Beadel Realty
$50 lot 40 Rainier Motor, pref
$10 per sh.
500 Great Neck Stores
$30 lot 89 do common
$1 per sh.
40 St. Clair Paper, pref
$6 lot 10 L.B.Tebbetts & Co
$1 per sh.
30 Madingo Development
55 lot
5 Palmetto Products
$725,000 Notes of Carrie Gyro5 do common
scopic Corp., Dec. 31 1919_ _ $1 per sh.
80 Alachua Planting
$73,342 39 Notes of Carrie Gyro$20,000 50 Continental Candy
$60 lot
scopic Corp
lot 52 Pathe Freres Phonog., corn- _ _ _51 lot
$41,002 96 Claims against Carrie l
100 Lumber Tie & Timber Vulc_ _$5 lot
Gyroscopic Corp
$1 lot
1216 Universal Petroleum
1,950 Carrie Gyroscopic, pref_ _ _
$1 lot
200 Galloway Consolidated
1,785 do corn tr. ctfs
$26 lot
2,500 Gibraltar Silver Mines
1,000 Chicago City & Conn. Ry.,
$1 lot
5316 per sh. 500 World Refining
preferred certificates
Si lot
.100 North'n & West'n Trading_ _$50 lot 50 Texas Boy Oil
5,200 Alaska United Gold Mining,
33 Pathe Freres Phonograph, corn..
$45101
$1 lot
$5 each
$10 each
1 $2
$150 lot 146 Willow Grass Rug, corn
9,000 Triangle Film Corp
f lot
$3 per 8h. 72 do preferred
40 Ivers Lee, pref
50c. per sh. 300 La Paz Oily. t. c.,$10 earh..$1 per sh.
120 do corn., no par
$3 per sh. 166 2-3 Hide & Leather Realty, com40 do common
50c. per sh.
$1 per sh.
mon, no par
120 do corn., no par
1$2 lot 676 U. S. Trucking, pref
$10 per sh.
250 S. G. V. Co., pref
300 Emerson Phonograph, com_
6216 do common
15100
$50 lot 200 Gold Hill Consolidated
1,750 Texas Iron & Steel
$75 1
100 Butterworth-Judson, common-i lot
100 U. S. Reduction, corn
200 Mutual Tire & Rub corn $10 e_$10 1
347 Tobacco Mach'y Mfg. Corp-510 lot
675 Nancy Hanks-Montana Mining
150 El Comercio Pub. Corp., pf._$10 lot
$10 lot 10 do preferred
$10 lot
corn. ctf. of dep., $1 each
100 Chas.Cory & Son,com_ _ _ _S2,000 lot 25 Amer. Coal By-Prod., common_l $12
f lot
48 Nat Drug Stores, pref_ _ _$17 A per sh. $1,000 do 8% notes
5216 per sh. 100 Spokane & Inland Em.RR., pf $2 lot
93 do common
$1 lot
$10 lot 50 do common
2,500 Sugar Products
$50 lot
500 U. S. Food Products Corp_ _ _$10 lot 10 Mackwood Oil
500 U.S. Food Prod. Car Line_$5,000 lot 600 Santa Fe Gold & Copper Mining
$50 lot
30,000 Liberty Yeast,50% par _51.000 lot
$10 each
$5 lot
40 Bangs Laboratories, Inc., pref _53 lot 900 Louisiana Cons. Mining
$1 lot
30 Bangs Laboratories, Inc., com_S1 lot 727 Penna. Gasoline,common
$4 lot
840 Triangle Film, pref., 534
16,000 Oklahoma Oil, $1 each
$25 lot 800 World Film, 1st pf., $5 each_ $9 lot
dividend scrip
$3 lot
1,500 Continental Asphalt & Pet.
2,500 do 2d pref., $5 each
$200 lot 20 Pacific Coast Collieries, pref_ 510 lot
preferred, $10 each
$150 lot
22,450 U.S.Drilling Corp.,51 ea _$200 lot 300 Biograph Co
1,$100
1,000 Dempsey Oil Corp., pref.,
3416 J. S. Robeson,"A" corn
I lot
$5 lot 69 do preferred
$10 each
4 Units Wyoming Eastern 011Synd.$5 lot 200 Lake Torpedo Boat, common,
$100 lot
$15 lot
25 Earl Motors, pref
$10 each
24 do Cpmmon, no par_ _50c. per sh. 2,982 Corbin Liquidation, and $64.49
$5 lot
$30 lot
75 do Preferred
scrip
$10 lot
75 do Common,no par_ __ _50c. per sh 308 Alsea River Lumber
$1
lot
$10
011,
Tintic
Co
1,200
5,208 Cooper-Henderson
$25 lot
10 Moluska Corp., pref "A"-- -}$10 lot
each
20 Moluska Corp.,common
267 Guanajuato Reduc. & Mines..$50 lot
$12101
lot
_$10
Inc.,
pL
50 Rojas N leas & Co.,
190 Keys Products
$5 lot 5,000 Anglo-Amer. Development_$10 lot
100 Cedar Corp
$2 lot
1,700 Manzora Min., com.,51 ea _
10 Chrome & Asbestos Mines
$10 lot
15.5 lot 340 Iron Land
850 do Preferred, $1 each
$1101
1,735 Old Terrible Mining,$5 ea
100 Vision Oil
$5 lot
20 Pierce-Arrow Used Car Exch.. _510 lot 600 Burk-York Oil $10 each
$5 lot
}$45 lot 550 Burk-York Oil, $10 each
75 Norfolk Co. Farms, pref
6,000 Amer. Safety Fender, corn. and
75 do Common
200 Amer. Safety Fender, pref_ _510 lot
100 American Oriental Co., pref.
$25 lot 250 Amacam Corporation
$500 lot
lig. div. No.3, paid
5 Marne Productions Tire, corn_ _$10 lot 817 Piedmont & Nor. Ry_ _51016 per sh.
5 Marne Productions Tire, pref_ _$10 lot 206 Telautograph, pref., 618 she, corn.
$41 lot
$50 per sh.
as bonus
138 Hercules Petroleum "A"
$36 lot 2,779 Accounting & Tabulating, pref.,
500 Ajax Oil
$5 lot
$100 lot
with 5,235 corn. as bonus
24 Forco, Inc
$50 lot
100 Grundish Oil Corp., no par_516 lot 250 Lido Corporation
100 Grundish Oil Corp., no par_ _ _$10 lot 53 Slocum Avram & Slocum, preL$25 lot
lot
$5
$50 lot
185 Potash Extract. Corp
100,000 Princess Pat Copper
$25 lot
50 Rock Island, pref. (old stock) _ _$2 lot 50 General Extractor
$500 lot
47 Madison Tire & Rubber_ _52 A per sh. 250 Amacam Corporation
125 Amer. Keyless Kap Corp_ _ _ _$5 lot 200 Andes Elec., pref., with 200 shs.
$1 per sh.
common as bonus
250 American Keyless Rap Corp_ _55 lot
50 American Keyless Rap Corp_ _ _55 lot 1,170 Piedmont & Nor. Ry-.525 per sh.
$1 lot 206 Telautograph, pref., with 618 abs.
8 Gulf, Fla. & Ala. Ry., corn
$2 lot
$45 per sh.
cora, as bonus
75 Clara Folta Gold Mining
$30 lot 3,000 Waterbury Co., pref., and 5,100
240 Davidson Building Co
$25 lot
common
243 Guardian Liquid. Inc. Corp-530 lot
150 Hutchison Office Specialties, sh. 590 Waterbury Co.of N.J., pref_ _ _$2 lot
$1 per
30,000 Candelaria Mining_ _$3,400 lot
preferred
200 Silrit Embroidery Co., 8%per sh. 5,000 Imports Advancement, corn.,
$1
$1 per sh.
v. t. c
preferred
$100 lot
100 Greenpoint Manure Co Co_ _56 lot 500 Waterbury Co.corn. and 500 pf.53 lot
Si lot
Manure
200
Horse
pref
Waterbury Co.,
80 North River
lot
$1 lot
500 Liberty Motor Car, $10 each_ _SI lot 500 Waterbury Co., pref
pf_575
lot
$1
Co.,
1,000
pref
&
1st
Co.,
Hutchinson
Waterbury
H.
50 G.
lot 2,450 Waterbury Co., 1st prof _ _ - _510 lot
200 Old Hundred Mining Mining $5
100 Patterson, Gottfried & Hunter,r40
1,000 Bonanza Creek Gold
525 lot 150 United Hardware
lot
Co., Ltd
EI lot 2,000 Buck Creek Oil, 51 ea-17c. per sh.
287 Vernola Syndicate
51 lot 212 United Gas StoElec. Corp., cool.
28716 Veronla Syndicate
$7 lot
$136 Per el.
1,000 Hallmo Oil
per sh 25 Audriffen Refrig. Mach., pref_ _$45 lot
65 Bahama & West Ind. Trading$1per
sh. 94,500 Lombard Cons. Mi:ring
1
150 United Refineries, corn__ __St
$1 per sh 300 Spacke Mach.&Tool,com.,v.t.c.
50 do Preferred
300 Spa:ke Mach.& Tool, pref_ _ _ _ 1510
148 Valley Mould & Iron, prof-570 p. sh.
sh. 50 Rock Island (old)
lot
740 Valley Mould & Iron, com_.$5 per
1 Ranger Lake Syndicate
2,500 Beaumont & El Paso 011,
$7 lot 300 Cont. Asphalt& Petr.,com.,$10ea
$1 each
$30 lot
64 Santiago Development Co_ _ _$10 lot
190 Dempsey Oil, pref., $10 each _$5 lot
75 Mexican Int. Corp., pref.,
$30 lot 6 units Wyoming East. Oil Synd_ $I lot
part paid
100 Nat. Drug Store, pref___520 per sh.
75 do Common, part paid_ _
400 Cont. Asphalt & Petrol, pf_$75 lot 100 Nat. Drug Store, com_ _ _$3 A per all.
$5 lot 2,250 Shasta Cop. & Zinc, com_5260 lot
80 Cont. Asphalt & Pet., corn
$20 lot 404 Bully Hill Mines
$105 lot
60 do preferred
$5 lot 250 Shasta Cop. & Zinc, com_._5255 lot
20 do common
sh.
per
_518
pref_
Elec.,
83 lot
Corp
Splitdorf
Products
500
The
Watt
1,007
$260 lot
3,470 Cornicopla Mines, $10 ea._$50 lot 500 National Seal Co., Inc
$2 lot
616 Central Oil Development
$12,000 liardite Metals 8s, 1920_
$3 lot
425 Hardite Metals, prekrred___ $75 lot 1 Conestoga Realty
1,5109
100 Ivers Lee Co 8% pref
1,080 do common
sh.
lot
1,000 Southern Phosphate_ _ __56 per lot 300 do common, no par
_1510
100 Foreign Trade 11kg. Corp.5536 per sh.
100 Bradley Rug, preferred_ _
$1 lot
16 Gulf Fla. & Ala. Ry., corn
100 do common
_521 A per sh. 8 Gulf Fla.& Ala. Ry.,corn., tr.ctf.51 lot
20 Hale & ICilburn, pref_ _
1
$216 per sh. 180 Grape Ola,"A" prof
20 do common
Chem., i
&
$1.0
Aniline
60 Grape Ola (founders' stock)
Reliance
100
lot 180 Grape Ola. common
$17
3 lot
no par
650 N. Y. Sanitary Utiliz. Co_ _ _5350 lot
1,000 do 510 each
$6 lot 163 Seaboard Finance & by.Co_..$25 lot
70 Textile Alliance, prof
$13,000 lot 131 General Syndicate, no par_ __,.$27 lot
250 Aeolian, prof
$6 lot 143 Seaboard Finance Jr by.Co_ _325 lot
500 American Navigation
$2 lot 10 Alston Saw & Steel Co.,com_ __ _$5 lot
12 East Palestine Rubber
sh.
per
_S1
Saw & Steel, common_ _ _59 lot
1,000 Hedley Gold M., 810 ea 55 per sh. 10 Alston
200 Earlston Worsted Mills, corn_ -13100
500 Ace Motor, 1st pref
sh.
per
Eariston
Worsted Mills, pref f lot
Si
334
500 do common
$2 lot
each _31 lot 200 H. B. Clafiln, 1st prof
400 Old Hickory Copper $1 each..54 lot 134 Troc, Inc
$I lot
$1
Min.,
Basin
Royal
1,000
51101
$1 lot
Dolly Jordan, Inc
100 Republic Nay., $10 each ea _$100 lot 7 Dillon Mills, corn
5100 lot
129
2,625 Century Oil, com., $10
535 per sh. 100 Jockey Club of Juarez, S. A_ _$10 lot
100 Gilliland Oil, pref
$1.25 per sh.
lot
Line, Ltd
10,000 Texas-15iidl. Pct., 25c. ea_ _55 lot 100 Loders
$2
59 Howe Rubber, pref
Northeastern
Agency
150
corn.,
no
par $1,600
Rub.,
no
Howe
common,
1,07936
350 Allied Packers,
lot
$2 per sh. 60 Degnon Contracting Co
par
_$1 per sh.
Contracting
Co_
lot
Degnon
-$100
112
pref
Abrasive,
200 Internat.
Seaboard Finance & Inv.,com.$10 lot
$10101
160 do corn., $25 each Ry___$3 lot 164 Locom. Pulv. Fuel, corn
$5 lot
196
1 Santa Fe Raton & Eastern
$5 lot
sh. 49 Locom. Pulv. Fuel, pref
264 Dom. Foundries & Steel-SKI per
$15 lot
$65 lot 750 Radiant Oil, pref
1,000 Allied Oil,$10 each
$7 lot
Radiant 011, corn
100 Madison T.& Rub,com.$254, per sh. 1,356
3
Bonds.
Price.
$95,000 Buffalo City Gas Co. 1st M.
5s, 1947
$500 lot
$30,000 28th & 29th St. RR. 1st M.
5s, ctfs. of deposit
$20 lot
$20,000 Brooklyn Ferry 1st 5s ctfs.
of deposit
$6 lot
$28,000 Chicago Elev. Ry.6s, 1924A4%
$1,500 Internat. Sporting Club 6s,
1931
$3 lot
14.000 francs French 5s Victory Loan
1915-1916
1550 per 1,000 frs.
$20,000 Russian Govt. 50 million 650,
1919, ctfs
$1,900 lot
$300,000 Mtge. of Steamship J.
Kessler Corp
$100 lot
$500,000 Mtge. of Steamship T. F.
Reynolds Corp
$10 lot
$266,000 5s Distillers Securities Corp.,
1927. Note of Henry G. Herget in
$200,000, balance unpaid, $125,000,
secured by 2,500 abs. pref., 3,000
corn. Pekin Cooperage Co_ _$1,000 lot
$4,447,708 67 Note of Sugar Products
$51,000 lot
$962,270 Claims due from Liberty
Yeast Corp
$100 lot
$3,250,000 Note of U. S. Food Prod.
Corp
$700 lot
$1,283,000 Kingdom of Rumania, consisting of $988,000 1923, 5295,000
1921-23
$140,000 lot
$1,000 New England Oil Corp. 8%
note 1925
14% flat
$500 International Sporting Club 6%
bond
$1101
300,000 Marks City of Dresden, 454%
bonds
$125 lot
$1,500 Norfolk County Farms, 7%
notes
$45 lot
$22,400 Deep Sea Fisheries, Inc., 8s
1931
83,400 lot
32,500 Note of Grundish Oil Corp.,
dated Sept. 15 1920
$16 lot
$2,500 Note of Grundish Oil Corp.,
Sept. 1920
$10 lot
$29,350 Dauphin Island Land Co. and
Dauphin Island Ry. & Harbor Co.
6% notes
$50 lot
$2.000 Milford & Uxbridge St. Ry.
7s, 1923
58%
$6,000 Columbus & Ninth Ave. RR.
58, 1933, ctfs. deposit
14%
$3,000 Columbus & Ninth Ave. RR.
58, 1933, ctfs. of dep
15%
2763
Bonds.
Price.
$2,000 Columbus Sr Ninth Ave. RR.
55, 1933, ctfs. deposit
15%
$2,000 Columbus & Ninth Ave. RR.
5s, ctfs. deposit
15%
3500 Int. Sporting Club. 6% deb.
bond
$5 lot
$2,000 Gulf, Fla.& Ala. Ry.5s_ ..$35 lot
$20,000 Estabrook Gold Dredging 68
$2,000 lot
$300,000 Peruvian Copper & Smelting
Co. 8s, 1924
$100 lot
$500 Homestead Trust profit partic.
note
$6 lot
$2,000 Fayette Lime & Cement Co
6s, 1945
$6 lot
$21,000 Gusty.& Qui. RR.65,'32..203%%
$25,000 Oakland Rys., 68, 1913,
4536%
ctf. of deposit
$500 lot
$20,030 National 011
$100 lot
$20,000 Liberty Oil
$20,000 Island Refining
$1,000 lot
$15,000 Film Finance, 6% note_ _ _S3 lot
SI lot
$500 Internat. Sporting Club
810,810 33 Note of Central Fe,
S. A., 10% (protested)
$42,466 26 Note of Central Fe, $100
lot
10% (protested)
$1,751 04 Note of Central Fe,
S. A., 87
$50 lot
$57,000 Burbank Co. 6s
$16,700 Planters Stem'g
note-510 lot
$22,700 Tobacco Machinery Manufacturing, notes
$10 lot
$17,500 El Conaerc to Pub. notes_ -510 lot
$10 lot
$15,242 63 do notes
$50 lot
$38,000 Burbank Co. 68
815 lot
$2,000 Tungsten Mines 8s
$500 International Sporting Club 1st
$1 lot
6s
$18,000 Rido Corp., ctf. of indebt _$50 lot
$77,000 Racket Brook Coal 6s, 1929 25%
$77,000 Racket Brook Coal 6s, 1929 25%
$6,000 Gulf Fla.& Ala. Ry.5s, 1951
July 1917 coupon on,elf. of den_$32 lot
$3,920.45 Groton Ir. Wks.6s, 1941545 lot
$10 lot
$15,000 Burbank Co.63
$16,800 Seaboard Inv. & Fin. 7%
27%
notes
3500 Int. Sporting Club deb. bond.$10 lot
$30,200 Seaboard Fin.& Inv.7s,'23 25%
812 lot
12 Russian Govt. 5545, 1926
$6,000 High Tide Mining Co. 7s__- 15%
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per *h.
225 Fidelity Trust Co
1
250 Gray & Davis,common
1316
25 Fidelity Trust Co
1
10 Am.-La France F. Engine; 5 do
25 Bates Mfg. Co.(4 shares)_120-12016
pf.; 45 2-3 Am. British Mfg. Co.;
10 Nashua Mfg. Co
74
50 do pf.; 1236 Am. Oriental Co.:
20 do Preferred
103
120 All., Birm. & Atl. RR.; 100
7 Edwards Mfg. Co
12654
Aurora, Elgin & Chic. RR. pi.:
7 Pepperell Mfg. Co
15454
200 Automatic Clerk Co. 2d pf.;
Farr Alpaca
z188
200 do corn.; 50 Cliff Mining C _ .o.•
20 Pepperell Mfg. Co
155%
150 Big Store Realty Co.; 5,000
38 Bates Mfg. Co
241
Manhattan W. Eagle Mb. Co.
357 Gluck Mills
100
pf.; 20,000 do corn.; 12 Middlesex
75 Nashua Mfg. Co., preferred,,.,, 10316
Banking Co.; 5 Moosehead L. Y.
4 York Mfg. Co
230
C.; 25 No. Central Coal Co.:
10 Nashua & Lowell RR
131
21 7-10 Nome Holding Co.: 62
12 Springfield Ry., preferred
5216
Rooke Auto Reg. pf.; 187 do
2 Eastern Mass. St. Ry. So
21
corn.; 5 Paper'n Co.; 25 Sprague
33 Worcester Cons. St. Ry.Co., pf_ 5716
Inter. Mer. Agency pf.; 25 do
10 Texas Gas & Elec. Co.
156 lot
corn.; 10 United Motors Co-_ $605 lot
20 do Preferred
20 Am. Pneumatic Service 1st -pf
44
1,000 Eastern Mfg. Co
716 28 Atlantic Coast Co
1034
2,699 Walkill Zinc Co
$50 lot 305 Commonwealth Fisheries Co
1
6 Texas Southern El. Co
}$5 lot 30 New Work Container Co.
1 $1
16 do Preferred
40 do preferred
f lot
9-20 Gillette Safety Razor Co
12% 100 Internat'l Piano Co., pref
Si lot
3 South Street Trust
76
50 Boston Condensed Milk, pref__ -51 lot
75 Booth Fisheries Co., 1st pf-$1,501 lot 60 Internat. Abrasive Corp., 26 p1.55101
110 lint Grocers Wholesale Co. of
202 New London Marine Ir. Wks-1$101
Cambridge, preferred
$1101 202 do preferred
f lot
125 Livermore Pay Station Co_ _$5 lot 35 Needham Tire Co
$10 lot
25 Federal Trust
55
8e.
200 Arnold Mining Co
125 Reed Prentice, common
554 2,180 A. B C. Metals
1
100 Riordan Co., Ltd.,8% cum. pf. 534 106 Mount Cherry Coal Co., pref.41,000
52 Riordan Co., Ltd., common_ _30c. 16 W. H. Graham Corp., pref_ - -J lot
24 Trust Ctf. the Oakland Trust_ _$5 lot 250 Reed Prentice Co., common...... 53%
750 Century 011 Co., common
5c. 75 Stollwerck Chocolate, 26 pref___ 3
460 Bay State Freezer
$5 lot 100 Mollie Gibson Min.& Mill..___ Sc.
4 Bay State Freezer, preferred_ _ S1 lot 4 Vail MIIIE:3 CO., 7% preferred._ - 40
22 New England Securities, pith ..$5 lot 13 5-10 Papercan Corp., common_ -$2 lot
200 Amer. Vitrified Prod., corn.. _ _ 6
1
25 Novvel Lumber Co
10 New England Casualty Co.,
1
25 do preferred.
deposit receipts
9016
$1 lot 4 Merrimac Chemical Co
100 15th-17th East 32d Co., pfd.. _$1 lot 2 Boston Woven Hose & Rubber_ _ _ 90
50 Lincoln Motors Co., ctf.
45 Lamson & Hubbard Canadian,
class A
Sc.
$3 lot
Ltd
55 American Textile Co
75e.
25
70 do preferred
63 780-Madison Ave. Co., pref
334
25
300 Carbon Steel Co
60 B.& R. Rubber Co., pref
10c.
$1 lot 950 American Oil Engineering
1049 Globe Oil Co
26
$2 lot 300 Cuba Cane Sugar Corp
22 Cuba Sugar Corp
.07-.08
$5 lot 75 N. S. Worsted, pref
22 Coloradas Sugar Co
17336
$5 lot 5 Haverhill Electric
25 National Motors Co
51 lot
1% 5 Atlantic Coast Fisheries
500 American Motor Corp., pref.;
30 Qulncy Mkt. Cold Stor., pref_ _ _90
500 American Motor Corp.; 50
10 Becker Milling Mach., pref.. _ _ _$4 lot
Amco Motors Corp., Pref.; 50
12034
25 Salem Gas
1216
Amco Motors Corp.
$10 lot 3-20 Gillette Safety Razor
k $1
5 Central Sugar, preferred
5 Texas Electric, preferred
f lot
3 Liberty Oil. preferred
1
2 do common
7
1,200 Camo Corp
$10 lot 31 LaFayette Motors, 26 pref
$1 lot
100 Tusket Ship Building Co
$1 lot 100 Consolidated Mining
Shot
50 Southern 01i & Trans. Corp., pf_ 30
100 Union Cons. Oil
$1 lot
20 Tory Hill Sand & Gravel, Inc.,
217 Peacock Valley
Price
prei., and 20 common
$1 lot Bonds.
5% Slat
6 780 Madlson Ave. Co., pref
25
$10,000 Russian 636s,1919
25 780 Madison Ave. Co., pref
25
$20,000 Argo Min.& Tun.,6s_ _$2,000 lot
1% flat
5,200 The Continental Mines, Pr.
$1,000 Liberty Oil 7s, 1922
& Reduction Co
lc. $10,000 Riordan Pulp & Paper (3s..- 46%
25 Savannah Creosoting Co., pref.;
$10,000 Gila Cop. Sulph. 8s, '26__1
5 Savannah Creosoting Co., corn.
250 shares Copper Sulphide stock}12%
J
$380 lot
as bonus
5-100 Bannon Corp., corn. v. t. c.;
53,000 Island 0116c Trans.8s,'28... 22%
55-10 O'Bannon Corp.,pf., vtc.$14 lot
z Ex. dividend.
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
5 First National Bank, Boston..__ ..320
50 Fidelity Trust Co. ctf. of dep_511 lot
53%
50 U. S. Worsted, 1st pref
5
20 U. S. Worsted, 1st prof
100
346 Gluck Mills, ex-div
12 West Point Mfg. Co., ex-div_ _ _12536
150
3 Hill Manufacturing Co
30 U.S. Worsted Co.,com.,$10 par .08c.
89
1 Dartmouth Mfg. Co., pref
5
3 U.S. Worsted Co., 1st pref
19 Manomet Mills
100
5 U. S. Worsted Co., 1st pref
43%
3 Lyman Mills
1843%
Shares. Stocks.
3 per sh.
45 U. S. Worsted Co., 1st pref.__ _ 436
10 Continental Mills
1653%
500 U.S.Worsted Co.,com.,810 par .07c.
10 Lancaster Mills, corn
144
3 Ludlow Mfg. Associates
15151
20 Ft. Dodge Des Moines & Sou.
RR., corn. V. t. ctf
15
25 Jacksonville Trar.. Co., corn. 00.
of dep
8
17 Automatic Tel., pref., $50 par- 4
20 Cotuit Oyster Co
$5 lot
16 Crowell & Thurlow SS.,$10 par_ 354
14 Becker Milling Mach., Co., pf _$12 lot
2764
TriF CHRONICLE
[Vol,. 115.
Shares. Stocks.
$ per sh. Shares. Stocks.
APPLICATION TO CONVERT APPROVED.
$ per sh.
10 Texas Gas & Elec. Co., pref_ _ _ _155
128 Mason-Perkins Paper Corp., pf. 20%
14-The Harlan National Bank, Harlan, Ky
$100,000
5 Texas Gas & Elec. Co., co__
rn _ _J lot 1,000 The Royalty Synd., $10 Dar- .50c. Dee.
Conversion
of the Harlan State Bank, Harlan, Ky.
10 Haverhill Building Trust
24
5,650 Essex Aniline Works, Inc, $5
Correspondent, J. R. Weiler, Cashier, Harlan State
10 Walpole Tire & Rub., corn_ _ _ _$1 lot
par
$600 lot
Bank, Harlan, Ky.
5236 Daniels Motor Car Co., pref
27
1 Elec. Light & Pow. Co. of Abing10 Worcester Building Trust
22
ton dr Rockland,ex-div
128
CHARTERS ISSUED.
500 Nat. Zinc & Lead Co.,$1 par.. _31 lot 1 New England Power Co.,6% pf.,
Dec. 14-12281 The First National Bank of Blue Ridge, Sum12 Rossia Ins.Co.of Amer.,$25 par 94
ex-dlv
92%
mit,
Pa
$25,000
5 F. M. Hoyt Shoe Co., pref
85
500 Pacific Development Corp.._._ .65c.
President. Chas. R. Lewis; Cashier, John Carraway.
25 Northern Ohio Elec Corp., corn_ 43% 20 Merchant Marine Co
1
The
15-12282
Bank
National
Dec.
Transportation
Brotherhoods
50 Northern Ohio Elec. Corp., pref- 204 100 Alouette Oil Co., $10 par_ _ _ _510 lot
200,000
of Minneapolis, Minn
10 Railway & Light Scour. Co., pref 85
75 Liggett's Int., Ltd., pf., $50 par_ 52
President, W. S. Stone; Cashier, R. G. Harding.
20 Adirondack Pow & Lt.,corn.,$50
30 Int. Alcohol Corp., pf., v. t. c_ _11E1.50
19% 30 do corn., v. t. c
par
CHANGE OF TITLE AND LOCATION.
f lot
100 Mutual Tire & Rubber Corp,
1-64 Schooner Charles A. Dean_ _ _ _200
Dec. 13-11558 The First National Bank of Garden City, So. Dale., to
$10 par
$5 lot 875 Producers Devel. Co., $1 par_ $25 lot
"The Farmers' National Bank of Vienna," So. Dak.
50 Gourland Typewr.Corp.,8% pf.1S1
75 The Esta Co., pref
$50 lot
VOLUNTARY LIQUIDATION.
25 do common
f lot 100 C. H. Wills Co., 1st pref1$1 per eh.
2 Greenfleld Tap & Die Corp., pref_ 953. 50 do eom., as bonus__ f
pfd. Dec. 12-11946 The Commerce National Bank of Charlottesville, Va..
25 Emerson Apparatus Co., pref
35
100 Northw. Leather Co., pref__ _$25 lot
$100,000. Effective June 30 1922. Liq. Committee: Mc450 New Idris Quicksilver Mining
10 Merrimack Hat Co., pref
Lane Tilton and E. R. Newman, Charlottesville, Va., and
31
Co., corn., $5 par
.05c 15 Bates Manufacturing Co
A. S. Bolling, University, Va. Absorbed by the Peoples
241
10 Providence Biltmore Hotel Co.,
1,200 Great Butte Copper Co
National Bank of Charlottesville (2594)•
$1 lot
1st pref
40
50 Price-Campbell Cotton Pickers
CONSOLIDATION.
150 Empire Tire dr Rubber Corp.,
Corp., prof
$1 lot
corn., $10 par
$5 lot 5 do
v. t. c
1$2.25 Dec. 16-3218 The First National Bank of Winfield, Kan., $100,000, and
200 Electric Appliance Co
4556 The Cowley County National Bank of Winfield, Kan..
52% 12 do common
lot
18 Lafayette Motors Co., com_ _
$100,000. Consolidated under the Act of Nov. 7 1918 under
.50c. $12
do
preferred scrip
72 Lafayette Motors Co., 2d pref
the charter and corporate title of "The First National Bank
9
$84.07 do
do common scrip..
5 Greenfield Tap & Die Corp., pref_ 9516 10 Samoset Chocolate Co., pref_ _ _ _$1.50
of Winfield." No. 3218, with capital stock of $200,000.
2,900 Securities Associates $10 par.$10 lot
Bonds.
Per cent. CERTIFICATE ISSUED AUTHORIZING ESTABLISHMENT OF
3-20 Gillette Safety Razor Co_ .....12 9-16 $1,000 B.B.& R.Knight 7s, 1930_ 95
ADDITIONAL OFFICES.
Dec. 4- 4247 The Lincoln National Bank of Washingt, on, D.0. Permit
. By Messrs. Barnes & Lofland, Philadelphia:
No.47. At 726 Seventeenth St., NW., Washington,D.0
Shares. Stocks.
Price. Shares. Stocks.
Price. Dec. 8-11034 The Public National Bank of New York, N. Y. Permit
117 Bergner & Engel Brew'g, pref_ 4
1 Rochester & Syrac. RR., corn.._52 lot
No. 48. At 177 East Broadway, New York, N. Y.
33 do Common
1% 1 Baptist Commonwealth, par $101,350 Petrol. Corp. of Amer
lot $10 9 Tabard Inn Book, corn.. par $10- $2
5 Curtis Aeropl. dr Motor Corp_ Jot $15 1 Drake Petroleum, par $10
DIVIDENDS.
lot
60 Beam-Fletcher Transp., pref_ _1 lot 3 Atlantic Cloy Co., common
Dividends are grouped in two separate tables. In the
1,400 Petroleum Corp. of America_ f $10 2-20 warrant Atlas Powder, corn_ _ _ST lot
22 Diamond Ice & Coal, pref
69
3734 Central Utah Land
first we bring together all the dividends announced the cur12 Chili Copper Co
28
200 Chester Foundry & Machine..$8 lot
rent week. Then we follow with a second table, in wiiich
lot $1 400 Chester Fare Receiver & Reg-- $5
65 Alaska Securities Corp
5 Curtis Aeropl. dr Motor Corp_ _ _lot $16 23 Chic. Danville & Vincennes RR_ lot we show the dividends previously announced, but which
pref..1
lot
20 Beam-Fletcher Transp.,
$100 Life memb. Keystone Acad'Yhave not yet been paid.
1,300 Petrol. Corp. of America..-5 $12 25 Key West Gas, par $25
126 Hydro United Tire & Rubber_lot $63 10 Mech.Libr.&Read.Room Assn
The dividends announced this week are:
"
lot
100,000 German marks(currency)Jot $28 700 Neptune Gold Mining Co
3 Atlantic City dr Shore, corn
lot $4 500 Northwestern Metals (v. t.)_
Whets
Per
Books Closed.
preferred
5
lot $6 0 States Light & Power Co
do
$30
Cent. Payable.
Days Inclusive.
Name of Company.
5 Buff.& Lake Erie Trac., corn._ __lot $5 150 Utah Land & Water Co
lot
4 Wilkes-Barre & Hazleton RR., pf_lot 87 400 Wellman Iron & Steel Co
Railroads (Steam).
30 Eagan-Rogers Steel & Iron_ _lot $2,900 75 Western Realty
Jan. 1 Dec. 20 to Jan. 1
Belt Hit.&Stk.Yds.,Indianap ,com.(qu) 3
1,000 Overland-Harper
lot $500 355 19-20 West Radford Land & m136 Jan. 1 Dec. 20 to Jan. 1
Preferred (quar.)
32 Shamokin Valley Coal, pref_ Jot $14
provement
3
Jan. 15 Jan. 1 to Jan. 14
$ 0lot Georgia RR.& Bkg.(quar.)
200 Boone 011, par $5
lot $2 15 Phila Life Insurance, par $10.... 10
236 Feb. 1 Holders of rec. Dec. 290
Northern
10 Somerset Investing Co
lot $50 1 Drov.& Merch. Nat.Bk., par $50 704 Great
Jan. 15 Holders of rec. Dec 300
1
Kansas City Southern, pref. (quar.)__ _ _ *334
20 Comm'l Lt., Ht.& Power
lot $4 24
do
70
Feb. 10 *Holders of rec. Jan. 15
Nashville
&
Louisville
100 Frank H. Fleer Corp
6
35 State Bank of Phila., par $50_ _ _ 414 Mobile & Ohio
Dec. 7 Holders of rec. Nov.230
4
1,000 Baeder-Adamson
lot $31,000 50 Kensington Nat. Bank, par 550.118
24 Jan. 2 Dec. 16 to Jan. 1
London Northern (quar.)
New
147 Ajax Motors
1
60 Atlantic City(N.J.) Nat.Bank _2000
Northeastern
6
Dec.
29 Holders of rec. Dec. 22
&
Orleans
New
35 American Cities, pref
lot Si 7 Continental-Equitable Title Sr
Jan. 15 *Holders of rec. Dec. 30
*$2
Northern Central
10 Phila. Ritz-Carlton, pref
lot $2
Trust, par $50
1414 Northern Pacific (quar.)
*14 Feb. 1 *Holders o rec. Dec. 29
57 Prizma, Inc., 2d pref
lot $2 8 Commonw'th Title Ins.& Trust_ _322
136 Jan. 2 Holders of rec. Dec. 11
Northern RR. of N. H.(quar.)
12 Prizma, Inc., common
lot Si 5 Franklin Trust Co
Jan. 2 Holders of rec. Dec. 15
Norwich & Worcester, pref. (quar.)__ _ 2
322 Seaboard Finance & Invest_ __Jot 55 25 Franklin Trust Co
(quar.)
2
2
RR.
Jan. 1 Holders of rec. Dec. 16
04
4
Colony
154
Old
5 Victory Insurance, par $50
100
10 Metropolitan Trust, par $50_ __ _ 62
236 Dec. 30 Holders of rec. Dec. 13
Providence de Worcester (quar.)
100 Dayton Coal, Iron & Ry.,
22 North Pennsylvania RR
Company, corn. (quar.)
*El
82
Feb. 8 *Holders of rec. Jan. 160
preferred, par $5
lot $4 20 Amer.Internat. Publishing Co_ _56 lot Reading
850c. Jan. 11 *Holders of rec. Dec. 29a
First preferred (quar.)
30 Willys Corp., 1st pref
lot $190 200 Automotive Products Corp_..$6 lot
254 Jan. 1 Dee. 21 to Jan. 2
& Clinton
40 Wildwood Crest Imp. Co
lot $30 200 Automotive Products Corp_ _ _ _56 lot RomeUnion
6
Jan. 15 Holders of rec. Dec. 29a
25 Camden Fire Insurance. par $5. 11:4 4 Roaring Creek Coal & Coke Co_$15 lot Troy
649 Starkey Produce, par $50_ __lot $100 75 Goshen Furnace
Public Utilities.
Corp., pref_ _ _ _ 40
140 Pan Handle Lumber
100 Merlon Oil, par Si
Jan. 2 Holders of rec. Dee. 19
$1 lot Adirondack Pow. dr L.8% pref. (qu.)_ _ 2
50 Blackwell Lumber, pref
:6 90 Tex-Val 011 & Gas
154 Jan. 2 Holders of rec. Dec. 19
Si lot
Seven per cent preferred (guar.)
21 Union Transfer, par $25
2254i
13.6 Jan. 15 Holders of rec. Dec. 30
All-America Cables, Inc. (quar.)
32 Devon Manor Corp., par 850_ _lot $3
Bonds.
Price.
e20 Dec. 30 Holders of rec. Dec. 22
Stock dividend
145 Seibel Iron Mines, Inc., pref_ Jot $50 $500 Altoona Gas Co. 5s, 1932_ _ _ _ 26
136 Jan. 2 Holders of rec. Dec. 20a
American Gas (quar.)
25
do
Common
lot $25 $3,000 Imp. Russian 6365
lot $150 Associated Gas de Electric, pref.(quar.)_ 87365. Dec. 30 Holders of rec. Dec. 15a
265 Quaker City Apt. House,pref _lot $75 $2,000 Imp. Russian 536s
236 Jan. 2 Holders of rec. Dec. 15a
lot $110 Baltimore Electric, preferred
50 Le Mare Printing, par $50
36 $1,000 Moline Plow Co. 75, 1921Jot $80 Binghamton L., H.& P.6% pref. (qu.) 136 Jan. 2 Holders of rec. Dec. 20
25 Janney & Burrough, 1st prof_ _ _
36 $3,000 Green Star SS. 78, 1924_ Jot $175
154 Jan. 2 Holders of rec. Dec. 20
Seven per cent preferred (quar.)
70 Keystone Stocking Mills
*2
Jan. 10 *Holders of rec. Dec. 30
36 $1,000 Okla. City, Ser. 254,st.imp.
Brooklyn Borough Gas,common
100 Emerson Phonograph Co
lot $5 $500
*2
Jan. 2 *Holders of rec. Dec. 27
Ser. 243, st. impt. lot
do
(guar.)
Preferred
200 Murray Motor Sales, par $50_lot $75 $500
136 Jan. 2 Holders of rec. Dec. 180
Ser. 243, st. impt. $500 California Elec. Generating, pf. (qu.)_ _
do
5 Equipment Mfg., pref
lot $1 132,000 Italian lire cons. 5s, 1937_$41 M. Canadian Westinghouse (quar.)
Jan. 1 Holders of rec. Dec. 19
2
5
Common
lot $1 $1,000 Quaker Oil 7s
Jan. 2 Holders of rec. Dec. 21a
2
1
Columbus El. & Power, corn. (quar.)__
4 Philadelphia Bourse, common__ _ 11
154 Jan. 2 Holders of rec. Dec. 21a
$66,800 Seaboard Fin. & Inv. 78 25
and second pref.(quar.)
First
3 Moskwa Land & Dev., par $300 3
2.34,000 Gulf, Fla. & Ala. Ry. 5s..$40 lot Commonwealth Power Corp., pref.(qu.) 136 Feb. 1 Holders of rec. Jan. 100
220 Warrior Mountain Orchard_ --li $3,500 Gulf, Fla. & Ala. Ry. 68..340 lot Consumers El. Lt. & Power, New Or40 units Frontier Mtge. Corp
1
Dec. 27 Holders of rec. Dec. 27
70
$3,000 Choate Oil 7s
$25 lot
leans, common (quar.)
100 Newton Coal, common
134 Dec. 31 Dec. 10 to Jan. 1
24 $5,000 do 78
335 lot
Preferred (guar.)
100 Garrett & Son Corp
14 Feb. 1 Holders of rec. Jan. 1
lot $50 $500 Int. Sporting Club 68
52 lot Duquesne Light, pref. (quar.)
50 Frank H. Fleer Co
Jan. 2 Holders of rec. Dec. 22a
7
$14,000 Consumers Brewing 4s_ _58 lot Elec. Lt.& Pr. of Abington & Rockland_ 4
60
do
Dec. 30 Holders of rec. Dec. 220
736 55.500 Devon Manor Corp. 6s_ _ _
Securities Corp., corn. (quar.) 2
10 Pathe Freres Phono. 8% dets_lot $2 $17,000 American Feldspar & Kaolin lot Electrical
14 Feb. 1 Holders of rec. Jan. 19a
(quar.)
Preferred
*25c.
50 Falk American Potato Flour... 5
Dec.
30 *Holders of rec. Dec. 28
1)
(No.
common
Co. 6s
Lighting,
$15 lot Erie
82 Murray Rubber, pref
$2
15
Jan. 2 Holders of rec. Dec. 20a
$1,000 Dot., Tol. & Ironton 4s_ _$100 lot Fall River Electric (quar.)
196 Young-Smythe-Field, pf.(v.tc.) 2
$7,705 Past due notes of "U" Co_ _55 lot General Gas & El. Corp., pref. A (qu.).. 32 Jan. 2 Holders of rec. Dec. 200
200 Lincoln Motors, par $50
1
$2 lot
$1.31 Jan. 2 Holders of rec. Dec. 12a
$7,397 18 Past due notes American
Germantown Pass. Ry.(quar.)
50 Charles Tannert
50c. Dec. 30 Dec. 19 to Jan. 1
54
Insurance Agency
$15 lot Hartford City Gas-L., corn.& Pf
1,000 Baker Cocoanut, prof
5
(quar.)
14 Dec. 31 Holders of rec. Dec. 18
pref.
513,000 Ind., New Castle & East 6s 51
Fuel,
dc
Gas
Houston
750 Baker Cocoanut,
136 Jan. 1 Holders of reo. Dec. 23
_ 1
$4,000 Arkansas River Oil & G 7s_ _ 80
Internat. Telep. & Teleg. (guar.)
1,300 Allison Steel Products,
common__par $50 10
14
1
Jan. 2 Holders of rec. Dec. 20
$5,000 N. Y.& Queens Co. Ry 68_ 10
Electric Power, pref.(quar.)_ _ _ _
Kansas
50 Keystone Power, preferred
. $6,000 Consumers Brewing 45_ _ _ _$5 lot Laurentide Power (quar.)
14 Jan. 15 Holders of rec. Dec. 30
2,000 Penn. Synthetic Gas
ii00-loi $5,000 do
14 Jan. 1 Dec. 22 to Jan. 1
Lighting, pref. (quar.)
Island
$4
lot
Long
50 Horn & Hardart Automat.._ _825 lot $600 Chic. Interurban Trac. 58'32
$15 lot Manhattan Bridge Three-Cent Line(qu.) 134 Dec. 30 Holders of rec. Dec. 22a
1 Auburn & Surac. Elec. RR.,com.$4 lot $500 Chic. Dans% & Vine.
RR.7s_ _131
Manila Elec. Corp.(stock dividend)_ _ _ _ *e40 Dec. 28 *Hold. of rec. Dee (2)22
2 C.T.Burrowes
$10 lot $1,000 Wellman Iron & Steel Cs_ _ _ f lot Massachusetts Ltg. Cos.6% pref.(qu.)_
136 Jan. 15 Holders of rec. Dec. 260
4 Rochester & Syrac. RR., pref_ _ $133 lot $2.000 Island RefIn. Corp.
2
Jan. 15 Holders of rec. Dec. 26a
7s.c-d$500 lot
8% Preferred (quar.)
154 Jan. 2 Holders of rec. Dee. 20
Metropolitan Edison, pref. (quar.)
2
Jan. 15 Jan. 1 to Jan. 15
Montreal Telegraph (Var.)
lien (qu.) 14 Jan. 15 Holders of roc. Dec. 310
National Banks.-The following information regarding Missouri Gas & El. Serv.,Iprior
Jan. 2 Holders of rec. Dec. 15a
Narragansett Elec. Lighting (quar.). _ 2
national banks is from the office of the Comptroller of the Nevada
*14 Jan. 30 *Dec. 31 to Jan. 7
-California Elec., pref
(quar.)_ _
14 Jan. 2 Holders of rec. Dec. 20
Currency, Treasury Department:
New Jersey Power & Lt., pref.
14 Jan. 1 Holders of rec. Dec. 20
American Lt.& Pow., pref.(qu.)_
North
APPLICATIONS TO ORGANIZE RECEIVED.
(quar.)
pref.
154 Jan. 2 Holders of rec. Dec. 20
Telephone,
Bell
Ohio
136 Dec. 30 Holders of rec. Dec. 22
Light, Heat de Power (quar.)__ _ _
Ottawa
Capital.
Dec. 14-The First National Bank of Lexington, Tenn
Gas & Electric, corn.(quar.)..... 136 Jan. 15 Holders of rec. Dec. 30a
Pacific
$25,000
Correspondent, John A. McCall, Lexington, Tenn,
Holders of rec. Dec. 30a
Common (payable in common stock). 12
Dec. 16-The Dakota National Bank of Webster, So. Dak
154 Jan. 2 Holders of rec. Dec. 21
pref.(war.)
25,000 Panama Power & Lt.,
Correspondent, A. Kopperud, Webster, So, Dak.
Jan. 2 Holders of rec. Dec. 20
Pennsylvania Edison Co., pref.(quar.)-- 2
755. Jan. 30 Holders of rec. Jan. 15
Philadelphia Rapid Transit (quar.)
APPLICATIONS TO ORGANIZE APPROVED.
Philadelphia & Western Ry., prof.(qu.)_ 86236c Jan. 15 *Holders of rec. Dec. 31
136 Jan. 2 Holders of rec. Dec. 18
Dec. 12-First National Bank in Redlands, Calif
P., 1st pref.(quar.)_ _
&
L.
Ry.,
Portland
$100,000
Correspondent, F. N. High, 1105 West Olive Ave.,
14 Jan. 2 Holders of rec. Dec. 18
Prior preference (quar.)
Redlands, Calif.
-- 154 Jan. 2 Dec. 16 to Jan. 1
Ltd., pret
Rys.,
Rico
Porto
Dec. 12-The National Bank of Hyde Park of Chicago, Ill
Co. of Quebec (guar.)---. 14 Jan. 15 Holders of rec. Dec. 355
Correspondent, Henry S. Hen.schen, 108 South La Salle 200,000 Public ServiceLight & Power, pref.(qu.) 134 Jan. 2 Holders of reo. Dec. 20
Rutland Ry.,
St., Chicago, Ill.
53 Jan. 2 Holders of rec. Dec. 15
Ry.(quar.)
Pass.
Ave.
Ridge
Dec. I4-The Perth Amboy National Bank,Perth Ambey,N. J._ _ 100,000 Sandusky Gas & Electric, pref.(quar.).. 14 Jan. 2 Holders of rec. Dec. 20
Correspondent, Kalman Mindszenthy, 167 Hill Ave.,
14 Jan. 2 Holders of rec. Dec. 20
Electric Co., preferred (quar.)__ _ _
Sayre
136 Jan. 1 Holders of roe. Dec. 20
Perth Amboy, N. J.
Southern Illinois Light & Pow., pf.(qu.)_
Dec. 16-First National Bank in Wellington, 0
114 Dec. 20 Holders of rec. Dec. 9
(quar.)pref.
60,000 Springfield & Xenia Ry.,
Correspondent, T. M. Pfeiffer, Wellington, O.
*56 ..an. 2 *Dec. 21 to Jan. 1
13th & 15th Sts. Pass., Phila
Jan. 2 Holders of rec. Dec. 21
154
Utilities.
United
pref.
(Quar.)
APPLICATIONS TO CONVERT RECEIVED.
Wash.Bait.& Annap.El. RR.,com.(qu.) 50c. Jan. 2 Holders of rec. Dec. 23
Dec. 14-The First National Bank of Castle, Okla
75c. Jan. 2 Holders of rec. Dec. 23
$25,000
(quar.)
Preferred
Conversion of the Castle State Bank, Castle, Okla.
136 Feb. 15 Holders of rec. Feb. 1
West Penn Co., pref. (quar.)
Correspondent, E. L. Elliott, Castle, Okla.
West Penn Power Co., pref. (quar.)---- 14 Feb. 1 Holders of rec. Jan. 16
Dec. 14-The State National Bank of Paden, Okla
Dec. 20 Holders of rec. Dec. 9
25,1100 Youngstown Sr Ohio River Ry.,com.(qu.) 1
Conversion of the State Bank of Paden, Okla.
14 Dec. 20 Holders of rec. Dec. 9
Preferred (guar.)
Correspondent, A. R. Novotny, Paden, Okla.
DEC.23 1922.]
Name of annpany.
..
THE CHRONICLE
Per
When
Cent. Payable.
Banks.
Battery Park National
3
Bryant Park
3
Extra
3
4
Central Mercantile
2
Extra
4
Chemical National(monthly)
Colonial (special)
3
Commonwealth
5
Europe, Bank of
6
4
Extra
Fifth National (quar.)
2j
First Security Co.(quar.)
5
Extra
10
(quar.)
Garfield National
3
Extra
3
Greenpobat National
3
Extra
.2
Hanover National (quar.)
6
Irving National (quar.)
3
Mechanics, Brooklyn (quar.)
3
Mechanics & Metals National (quar.)_ _
5
Extra
2
Nassau National (Brooklyn) (quar.)__ _ _
3
Extra
3
New Netherland (quar.)
2
Park, National (quar.)
6
Standard
44
Stock dividend
MO
Washington Heights, Bank of Mara
14
Yorkville (quar.)
5
Extra
30
Books Closed.
Days Inclusive.
Name of Company.
2765
When
Per
Cent. Payable.
Books Closed,
Dar Inclusive.
Miscellaneous (Continued).
Davis & Brown Woolen (In stock)
Holders of rec. Dec. 21
€3,233
Davis Mills (quar.)
Holders of rec Dec. 19
14 Dec. 23 Holders of rec. Doe. 9a
Detroit Creamery,coin.(quar.)
Holders of rec Dec. 19
Jan. 2 Dec. 23 to Jan. 1
2
Detroit Steel Prod., pref
Holders of rec. Dec. 26
314 Jan. 1
28
'
Dec.
Dictograph
rec.
of
Holders
Products, pref. (quar.)
Jan. 15 Holders of rec. Dec. 31a
Dixon (Joseph) Crucible Co.(quara_ _ _ _
Holders of rec. Dec. 23
Dec. 30 Dm. 23 to Jan. 1
2
Holders of rec. Dec. 20a Dodge Mfg., pref. (quar.)
Jan. 1 Holders of rec. Dec. 21a
Demi.,ion Coal. pref. (quar.)
Jan
1 to Jan. 14
Feb. 1 Holders of rec. Jan. 12
Dominion Linens, Ltd., pref
Holders of rec. Dec. 20
314 Jan. 15 Holders of rec. Dec. 31
Dominion Steel Corp., pref. (quar.)- -- - 14 Feb. 1 Jan. 16 to Feb. 1
Holders of rec. Dec. 20
Dominion Stores, Ltd., Class A (quar.) - 2
Dec. 27 to Jan. 1
Jan. 1 Holders of roe. Dec. 15
Class B (quar.)
Holders of rec. Dec. 30a
14 Jan. 1 Holders of rec. Dec. 15
Holders of me Dec. 300 Douglas(W. L.) Shoe, pref
3% Jan. 1 Holders of rec. Dec. 16a
Holders of rec. Dec. 28a Dow Drug,common (quar.)
1% Jan. 1 Dec. 22 to Jan. 4
Common (extra)
Holders of rec Dec. 26a
5
Jan. 1 Dec. 22 to Jan. 4
Preferred (quar.)
Dec. 21 to Jan. 1
Jan. 1 Dec. 22 to Jan. 4
Eagle Warehouse az Storage
Dec. 21 to Jan. 1
3
Dec. 20 Dec. 16 to Dec. 20
Extra
Dec. 21 to Jan. 1
4
Dec. 20 Dec. 16 to Dec. 20
Edwards(Wm.) Co.,6% pref. (quar.)-- 14 Jan. 1 Holders of rec. Dec. 20
Holders of rec. Dec. 22
7% preferred
Holders of rec Dec. 16a
34 Jan. 1 Holders of rec. Dec. 20
Holders of rec. Dec. 23a Elliott-Fisher, corn.(in corn. B stock)_ _ _ *140 Jan. 2 Holders of rm. Dec. 26
Holders of rec. Dec. 230 Emery & Beers Co., Inc., 1st pref
3
Jan. 2 Holders of rec. Dec. 31a
4
Holders of rec. Dec. 28a Estey-Welte Corp., preferred
Jan. 1 Dec. 28 to Jan. 1
*4
Holders of rec. Dec. 28a Excelsior Shoe
Jan. 1 *Holders of rec. Dee. 20
Fairbanks-Morse & Co., corn.(quar.)--- *75e. Dec. 30 *Holders of rec. Dec. 20
Dec. 24 to Jan. 1
Common (extra)
*75c. Dec. 30 *Holders of rec. Dec. 20
Holders of rec. Dec. 22a
2
Dec. 30 Holders of rec. Dec. 20a
Holders of rec. Dec. 29a Farr Alpaca, corn.(quar.)
Dm 15
Holders of rec. Dec. 29a Federal Acceptance Corp., corn.(No. 1) $1
Preferred (quar.)
2
Jan. 15 Holders of rec. Jan. la
Holders of rec. Dec. 30a
Federal
Oil, preferred (quar.)
2
Jan. 1 Holders of rm. Dec. 20a
Holders of rec Dec. 20a
14 Jan. 15 Holders of rec. Jan. la
Holders of rm. Dec. 20a Firestone Tire de Rubber 8% pref.(qu.)_ _
Seven per cent pref. (quar.)
Feb. 15 Holders of rec. Feb. la
Trust Companies.
Fisher Body Ohio Co., pref. (quar.)
2
Jan. 1 Holders of rec. Dee. 21
General Aluminum & Brass, pref. (qu.). 2
Jan. 2 Holders of rec. Dec. 20a
Bankers (quar.)
GeneralFireproofing, corn. (quar.)
5
Jan. 2 Holders of rec. Dec. 21
114 Jan. 1 Dec. 21 to Dec. 31
Brooklyn (quar.)
Preferred (guar.)
14 Jan. 1 Dec. 21 to Dec. 31
6
Jan. 2 Holders of rec. Dec. 28a
Central Union (quar.)
Gibson Art, common (quar.)
24 Doe. 30 Dec. 21 to Dec. 31
6
Jan. 2 Holders of rec. Dec. 22
Extra
Common (payable in common stock)_ _ /68
14 Jan. 2 Holders of rec. Dec. 22
Dec. 30 Dec. 21 to Dec. 31
Columbia (quar3
Preferred (guar.)
4
114 Dee. 30 Dee. 21 to Dec. 31
Dec. 30 Holders of rm. Dec. 21a
Extra
2
114 Jan. 15 Holders of rm. Dee. 31a
Dec. 30 Holders of rec. Dec. 21a Globe Wernicke, pref. (quar.)
Goodwin,
Empire (quar.)
Ltd., pref. (quar.)
14 Jan. 2 Dec. 21 to Jan. 1
3
Dec. 30 Holders of rec. Dec. 23a
Extra
*$1
Dec. 28 Holders of rec. Dec. 26
4
Dec. 30 Holders of rm. Dec. 23a Gossard (H. W.) Co., common
Equitable (quar.)
*2
Jan. 2 Holders of rec. Dec. 21
4
Dec. 30 Holders of rec. Dec. 20a Great Lakes Steamship (quar.)
Greelock Co., pref. (quar.)
Fidelity-International (quar.)
14 Jan. 1 Holders of rec. Dec. 28a
234 Dec. 30 Dec. 23 to Jan. 17
Fulton t
*374e Jan. 1 *Holders of rec. Dec. 20
5
Jan. 2 Holders of rec. Dm. 26a Gulf Oil Corp.(No. 1)
Extra
*114 Feb. 1 *Holders of rec. Jan. 10
5
Jan. 2 Holders of rec. Dec. 26a Harris Bros., pref. (quar.)
'50
Metropolitan (quar.)
4
Dec. 30 Holders of rec. Dec. 21a Hathaway Oil (stock dividend)
*e200
New York (quar.)
*Holders of rec. Dec. 20
5
Jan. 2 Holders of rec. Dec. 23a Hayward Woolen (in stock)
Heath
(D.
C.)
&
114 Jan. 1 Holders of rec. Dec. 28
Co., pref. (quar.)
Peoples (Brooklyn) (quar.)
5
Dec. 30 Holders of rm. Dec. 29a
Hilicrest Collieries, corn. (quar.)
14 Jan. 15 Holders of rec. Dec. 30a
Title Guarantee & Trust (quar.)
3
Jan. 2 Holders of rec. Dec. 22
Preferred (guar.)
114 Jan. 15 'Holders of rm. Dec. 30a
Extra
3
Jan. 2 Holders of rec. Dec. 22
3
Dec. 30 Dec. 24 to Jan. 9
U. S. mortgage & Trust (quar.)
4
Jan. 2 Holders of rec. Dec. 26a Home Title Insurance (quar.)
114 Jan. 1 Dec. 16 to Jan. 1
4
Extra
Jan. 2 Holders of rec. Dec. 260 Howe Scale, pref. (quar.)
Humble Oil & Refining (quar.)
*$2
Jan. 1 *Holders of rec. Dec. 18
Stock dividend
*e75
*Holders of rec. Dec118
Fire Insurance.
Huntington Devel. & Gas, pref.(quar.). .1.1H Jan. 2 *Holders of rec. Dec. 23
Continental
$3
Jan. 10 Holders of rec. Dec. 30
Hupp Motor Car, pref. (quar.)
*13i Jan. 1 *Holders of rec. Dec. 20
Fidelity-Phenix
$3
Jan. 10 Holders of rec. Dec. 30
Ice Service Co., Inc., prof
314 Dec. 19 Holders of rec. Dec. 18a
Internat. Mere. Marine, pref.(quar.)
Miscellaneous.
114 Feb. 1 Holders of rec. Jan. 18
Abitibi Power & Paper, corn. (quar.)
Jan. 20 Holders of rec. Jan. 10a InternationalShoe, common (quar.)— _ *50e. Jan. 1
$1
Hawaiian Pineapple (in stock)
*e50
Acme Road Machinery, pref. (quar.)_'.._ 2
Jan. 1 Dm. 27 to Dm. 31
Aeolian Co., pref. (quar.)
:14
0 Dec. 31 Holders of rec. Dec. 20a Johnson (R. F.) Paint, 7% pref. (quar.) '114 Jan. 1 *Holders of rec. Dec. 31
Eight per cent preferred (quar.)
Algonquin Printing
*2
Jan. 1 *Holders of rec. Dec. 31
Kaynee Co., preferred (quar.)
Stock dividend
14 Jan. 2 Holders of rec. Dec. 20
American Cyanamid, pref. (quar.)
1
Jan. 2 Holders of rec. Dec. 26a Kayser (Julius) & Co. pref.(quara__ -- $2
Jan. 2 Holders of rec. Dec. 29a
American-Hawaiian SS.(quar.)
2
25e. Jan. 2 Holders of rec. Dec. 20a Kelly Island Lime & Transport (quar.)
Jan. 2 Holders of rec. Doe. 20
Amer. Shipbuilding, pref. (quar.)
Kirshbaum (A. B.) Co., pref.(quara
14 Jan. 1 Holders of rec. Dec. 20a
14 Feb. 1 Holders of rm. Jan. 15
American Stove (stock dividend)
Laurel
Lake
Mills, preferred (quar.)___ _ 2
*e20
Jan. 2 Holders of rec. Dec. 19a
American Surety (quar.)
$1.25 Dec. 30 Holders of rm. Dm. 23a Lawton Mills Corporation (quar.)
2
Dec. 30 Holders of rec. Dec. 22
Anglo-American Oil (interim)
Extra
*2e3
74
00c. Jan. 15 Holders of coup. No. 24
2
Dec. 30 Holders of rec. Dec. 22
(stock
Lawyers
dividend)
Mortgage Co. (quar.)
Arahol Mfg.
24 Dec. 30 Holders of rec. Dec. 21a
Armstrong Cork, corn. (quar.)
Stock dividend
*14 Jan. 2 *Holders of rec. Dec. 27
*e25
Liberty Steel, preferred (quar.)
Common (ext-a)
*n1
*1
. 27
14 Jan. 1 Dec. 21 to Dec. 31
2 'Holderso
fec
oo.. Dee.
of r
Preferred (guar.)
Lockwood,Greene & Co., pref.(quar.)
Jan.Jan.
14 Jan. 1 Holders of rec. Dec. 22
Arundel Corp., corn
Long Island Safe Deposit
$1 Jan. 2 Holders of rm. Dec. 27
314 Jan. 1 Holders of rec. Dec. 23a
Preferred
Lowell Bleachery (in stock)
34 Jan. 2 Holders of rec. Dec. 27
*e50
*Holders of rec. Dec. 15
Asbestos Corp. of Canada,corn..(qu.).
14 Jan. 15 Holders of rec. Jan. 27 Lupton(F.M.),Publisher,Ino ,c1.A(qu.)- *50c. Jan. 2 Holders.of rec. Dec. 23
Preferred(quar.)
131 Jan. 15 Holders of rm. Jan. 27 MacAndrews & Forbes, common (quar.) 24 Jan. 15 Holders of rec. Dec. 31a
Associated Industrials, 1st pref. (quar.)_ 2
Common (extra)
Jan. 15 Holders of rec. Jan. 132
2
Jan. 15 Holders of rec. Dec. 31a
2
Atlas Brick, pref. (quar.)
Jan. 15 Holders of rec. Dec. 30a Manischewitz Co., pref.(quar.)
114 Jan. 1 Dec. 21 to Jan. 1
Auburn Automobile, corn.(quar.)
$1
Jan. 1 Holders of rm. Dec. 21a Manning, Maxwell & Moore, Inc. (qu.) *1
Jan. 5 *Holders of rec. Dec. 31
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 21a Merchants & Miners Trans!). (quar.)..-- 2
Dec. 30 Holders of rec. Dec. 22a
Mexican Eagle 011, common
Augusta Knitting Mills, corn.(quar.) _ *134
39.8e. Dec. 31 Holders of coup. No.20
*14
Preferred
Preferred (quar.)
*39.8e. Dec. 31 *Holders of coup. No.27
*14 Feb. 1 *Holders of rm. Jan. 15
Miami Ice & Fuel(Dayton,0.), pf.(qu.) *2
Austin, Nietio.s & Co., pref.(quar.)
Jan
1
2
Babcock a: Wilcox (quar.)
Jan. 1 Holders of rec. Dec. 20a Michigan Copper & Brass (in stock)
*e200 Jan. 1 *Holders of rec. Dec. 20
14 Jan. 1 Holders of rec. Dec. 26e Michigan Drop Forge, corn. (mthly.)
Baltimore Acceptance Corp., pref.(qu.)_
25e. Jan. 1 Holders of rec. Dec. 26a
14 Jan. 1 Holders of rec. Dec. 29
Barnet Leather, pref. (quar.)
Preferred (quar.)
14 Jan. 1 Holders of rec. Dec. 26a
Bayuk Bros., 1st & 2d pref., (quar.)--- - 2
Jan. 15 Holders of rec. Dec. 30a Michigan Limestone & Chem,PL(ML)- 14 Jan. 15 Holders of rec. Dec. 310
Beech-Nut Packing, pref. B (quara _ _ *14 Jan. 15 *Holders of rm. Dec. 30
Midland Securities (quar.)
$2.50 Dee. 30 Holders of rec. Doe. 8a
*55c. Jan. 2 *Holders of rec. Dec. 21
Midway Gas, common (quar.)
Bliss (E. W.) Co., corn.(quar.)
50e. Jan. 15 Holders of rec. Dec. 30
*$1 Jan. 2 *Holders of rec. Dec. 21
Preferred (quar.)
1st preferred (quar.)
$1.40 Jan. 15 Holders of rec. Dee. 30
*15c. Jan. 2 *Holders of rec. Dec. 21
Mohawk Rubber, pref. (quar.)
2d preferred (quar.)
14 Jan. 1 Dec. 24 to Dec. 26
Jan. 1 Holdear of rec. Dec. 22
Boston Sand & Gravel, corn.(quar.)— _ _ 2
Monomac Spinning (quar.)
114 Jan. 2 Holders of rec. Dec. 19a
2
Moon Motor Car, common (quar.)
Jan. 1 Holders of rec. Dec. 22
1st preferred (quar.)
*37%c Feb. 1 *Holders of rec. Jan. 15
14 Jan. 1 Holders of rec. Dec. 22
Preferred (quar.)
Common (extra)
*123ie Feb. 1 *Holders of rec. Jan. 15
*e100
Boston Varnish (stock div.)
Preferred (quar.)
_
4.1,‘ Feb. 1 *Holders of rm. Jan. 15
_ ---3
Boston Wharf
Dec. 30 Holders Of rec. Dec la Mortgage-Bond Co. (quar.)
2
Dm. 30 Holders of rec. Dec. 22
Brandram-Henderson, Ltd. pref. (qu.)_ 14 Jan. 2 Holders of rec. Dec la Nash Motors,common (stock dividend). (9) Dec. 28 Holders of rec. Dec.26(9
9
British-Amer. Tobacco, ordinary
Jan. 18 See note (8).
NashuaManufacturing, pref. (quar.)_ _
114 Jan. 2 Holders of rec. Dec. 22a
4
Ordinary (interim)
Jan. 18 See note (8).
National Casket (quar.)
14 Dec. 30 Dec. 21 to Jan. 4
14 Feb. 1 Holders of rm. Jan. 13
British Empire Steel, pref. B (quar.)___ _
National Fuel Gas(quar.)
24 Jan. 15 Dec. 16 to Jan. 1
*e1600
Browne & Sharpe Mfg.(in stock)
National Licorice, common (special)_
10
Jan. 9 Holders of rec. Dec. 21
2
25c. Jan.
Cadet Knitting.common
Jan.--2 - ------ Naumkeag Steam Cotton
-ec
--:b-ec
-----r
*$5
Jan. 2 *Holders of rec. Dm. 22
1st pref. and pref. (quar.)
Special
Holders of rec. Dee. 15a
415 Jan. 2 *Holders of rec. Dec. 22
14 Jan. 16 Holders of rec. Dec. 31a New Bedford Cotton Mills (In stock)__ _ *e200
Canada Cement(quar.)
*Holders of rec. Dec. 14
Canadian Cottons, Ltd., corn. (quar.)-- 2
Jan. 4 Holders of rec. Dec. 22a New England Fuel 011
5
Jan. 2 Holders of rec. Dec. 28a
14 Jan. 4 Holders of rm. Dec. 22a New Fiction Publishing Corp., p1.(qu.)_ 2
Preferred (quar.)
Jan. 15 Holders of rm. Dec. 31
15 Jan. 31 Holders of roe. Dec. 31a New Orleans Cold Storage & Warehouse 5
Canadian Explosives, corn. (quar.)
Jan. 15 Holders of rec. Dm. 13
14 Jan. 15 Holders of rec. Dec. 31a New York Title & Mortgage (quar.)_ _ • 2
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 23a
-1
Feb. 15 Holders of rec. Jan. 31
Canadian 011, corn
Extra
2
Jan. 2 Holders of rec. Dec. 23a
(quar.)
14
pref.
Co.,
Doe.
(William)
15 Holders of rec. Dec 9
New York Transportation
Carter
50c. Jan. 15 Holders of rec. Jan. 2a
*$2 Dec. 22 *Holders of rec. Dec 15
Cement Securities Corp.. (quar.)
Newton Steel, common (quar.)
*2
Dec. 30 *Holders of rec. Dec. 20
*51 Dec. 22 *Holders of rec. Dec 15
Christmas dividend
Preferred (quan)
Dec. 30 *Holders of rec. Dec. 20
1t
Jan. 2 Holders of rec. Dec. 107 North Star Oil & Ref., Ltd., pref. (q7L)- 114 Jan. 2 Holders of rec. Dec. 15
Chace Cotton Mills (quar.)
Ohio Brass,common (quar.)
*Holders of rec. Dec 14
Cheney Bigelow Wire Works (in stock).'50
$1 Jan. 15 Holders of rec. Dec. 31a
214 Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
Chic.Jet. Rys.& U.S. Yds.,corn.(qu.)_
114 Jan. 15 Holders of rec. Dec. 31
4,2yi Jan. 15 *tiolders of rec. Dee. 30
114 Jan. 1 Holders of rec. Dec 15
Ohio Fuet Supply (Quar.)
Preferred (guar.)
14 Dec. 31
Extra (in 4,i
*i2
Chicago Morris Plan Bank (quar.)
Jan. 15 *Holders of rec. Dec. 30
Liberty bonds)
24
Jan.
2
Holders of rm. Dee 29a Ohio Iron & Steel (monthly)
14 Jan. 2 Holders of rec. Doe. 28
City Investing, common (quar.)
1( Jan. 2 Holders of rec. Dec 29a Open Stair Cos.(quar.)
Preferred (quar.)
114 Dec. 30
214 Dec. 4 Dee 2 to 1)ec. 3
Otis Elevator, corn. (quar.)
2. Jan. 15 Holders of rec. Dec. 30a
City & Suburban "Homes
Jan. 2 Holders of rec. Dec. 19
1% Jan. 15 Holders of rec. Dec. 30a
Preferred (guar.)
Cleveland Automobile, pref. (quar.).--- 2
1
Dec. 31 Holders of rec. Dee. 15a Paeolet Mfg., corn
4
Dec. 30 Dec. 21 to Jan. 1
Cleveland Worsted Mills (qua".)
14 Jan. 15 Holders of rec. Ian. 8
3% Dec. 30 Dec. 21 to Jan. 1
Preferred
Clinchfield Coal Corp., corn.(quar.)---4
Jan. 2 Dec. 19 to Jan. 1
Parke, Davis At Co.. corn.(quar.)
Coastwise Transportation, pref. (qua— $2 Jan. 2 Holders of rec. Dec. 27
4
Jan. 2 Dec. 19 to Jan. 1
Common (extra)
Colt's Patent Fire Arms Mfg.(quar.)_ _ _ 50c. Dec. 30 Holders of rm. Dec. 16
2
Jan. 2 Dec. 19 to Jan. 1
4
Feb. 15 Holders of rec. Feb. 5
Penmans, Ltd., corn. (guar.)
Columbus Mfg
Dec. 30 Holders of rec. Dec. 20
10
114 Feb. 1 Holders of rm. Jan. 20
Preferred (quar.)
Commercial Safe Deposit
*Holders of rec. Dee. 20
20
Dec. 25 Holders of rec. Dec. 20
4140
Penn-Harris Hotel
Connor (John T.) Co.,com.(in com.stk
Pennsylvania Salt Mfg. (quar.)
*3 Jan. 20 *Holders of rec. Jan. 15
214 Jan. 15 Holders of rec. Dec. 30a
Consolidated Royalty Oft(quar.)
Jan. 2 Holders of rec. Dm. 21
$1 Feb. 1 Holders of rec. Jan. 3a Piedmont Mfg
Cosden & Co., common (quar.)
1
Jan. 1 Holders of rec. Dec. 27a
Dec. 31 Dec. 16 to Jan. 1 • Pittsburgh Steel, common (guar.)
Craddock-Terry Co., common Mara-- 3
Jan. 8 *Holders of rm. Dec. 31
Pitts. Term. Warehouse & Trans.(qu.). 'Si
Dec. 31 Dec. 16 to Jan. 1
5
Common (extra)
2
Lime
&
Stone,
pref.
Jan. 1 Holders of rec. Dec. 31a
(quar.)
Dec.
16
Pittsfield
to
Jan.
31
1
Dec.
110
stock)
_
_
common
Common (payable in
Port Arthur Shipbuilding,Prof•(quar.).. 114 Jan. 1 Holders of rec. Dec. 21
Dec. 31 Dec. 18 to Jan. 1
3
First and second preferred
*2
Prairie Pipe Line (guar.)
Jan. 31 *Holders of rec. Dec. 27
Dec. 31 Dec. 16 to Jan. 1
2
First and second pref.(special)
2
Procter & Gamble,8% pref.(quar.)_
Jan. 15 Holders of rec. Dec. 23
34 Dec. 31 Dec. 16 to Jan. 1
Preferred Class C
'1V, Jan. 1 *Holders of rec. Dec. 30
Rice-Stix Dry Goods, corn.(quar.)
Crane Simplex Co., Inc., pref. (quar.)-- 14 Jan. 3 Holders of rec. Dec. 21
Common (payable in common stock).* 142 6-7
*Holders of rec. Dec. 27
50c. Ian. 10 Dec. 31 to Jan. 17
Creamery Package Mfg., corn.(quar.)
*1.5i Jan. 1 *Holders of rec. Dee. 25
First and second preferred (qUar.)
14 Jan. 10 Dec. 31 to Jan. 17
Preferred (quar.)
Rich.-Sampliner Knit. Mills, pf.(qu.)
114 Jan. 2 Holders of rec. Dec. 20a
*34 Feb. 1 *Holders of rec. Dec. 31
Cuba Company. preferred
Jan. 2
Jan. 2
Jan. 2
Dec. 30
Dec. 30
Jan. 2
Jan. 2
Jan. 15
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 30
Dec. 30
Jan. 1
Jan. 1
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 30
Dec. 30
Jan. 1
Dec. 30
Dec. 30
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Robinson (Dwight P.) & Co..1st pf.(qu.) 1% Jan. 1 Holders of rec. Dec. 22
*100 Payable in preferred stock.
Roxbury Carpet (stock dividend)
*8100
Ryder & Brown (stock dividend)
Subject to stockh'rs meet'g Dec.28
Saco-Lowell Shops (stock dividend)_ _ _ _ 56.50
*8200 Subject to stockh'rs meet'ir Dec.27
Sanford Mills (stock dividend)
Sayers & Scoville, com.and pref.(guar.) 131 Jan. 1 Holders of rec. Dec. 20
2% Jan. 15 Holders of rec Dec. 30
Securities Company
5e200
*Holders of rec. Dec. 20
Shuster Woolen (stock dividend)
515c Jan. 2 *Holders of rec. Dec. 20
Silver King Coalition Mines
*Holders of rec. Nov. 30
Simmons Co., corn. (in corn. stock)_ _ _ _ *1100
*131
Dec. 30 *Holders of rec. Dec. 15
Singer Mfg. (otter.)
Smyth (John M.) Co., pref. (quar.)___ _ slat Jan. 2 *Holders of rec. Dec. 26
_
(quar.)_
$1.50
Jan.
15
corn.
Holders of rec. Jan. 6
Spalding(A.G.)& Bros.,
1% Mar. 1 Holders of rec. Feb. 10
First preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 10
Second preferred (guar.)
1% Jan. 15 Holders of rec. Jan. 2
Spanish River P.& P. Mills, com. (qu.)_
1% Jan. 15 Holders of rec. Jan. 2
Preferred (guar.)
4
Jan. 2 Dec. 24 to Jan. 9
Standard Coupler, pref
131 Jan. 1 Holders of rec. Dec. 15a
Standard Textile Products A & B(qu.)_ _
Feb. 1 *Holders of rec. Jan. 12
*31
Sterling Products (guar.)
Dec. 29 *Holders of rec. Dec. 19
*32
Superior Copper
2
Feb. 15 Holders of rec. Feb. 1
Superior Steel, 1st & 2d pref. (guar.)_ _ _
3e331Tabor Mill(stock dividend)
Tamarack & Custer Cons. Min.(in stk.) _ *8166 Dec. 30 *Holders of rec. Dec. 28
Jan. 2 Holders of rec. Dec. 22a
2
Textile Banking Co.(ouar.)
1% Jan. 2 Holders of rec. Dec. 20a
Thayer-Foss Co., preferred (quar.)_ _ _ _
*10c. Dec. 22 *Holders of rec. Dec. 19
Tintic Standard Mining
50c. Jan. 10 Holders of rec. Dec. 317
Transue & Williams Steel Forg.(quar.)_ _
*25c. Jan. 1 *Holders of rec. Dec. 20
Trumbull Steel, corn. (guar.)
*131 Jan.
1 *Holders of rec. Dec. 20
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 31
1
Tucketts Tobacco, pref. (quar.)
Union Cotton Mfg.(stock dividend)_ _ _ _ *e50 Subj. to stkholders mling Dec. 28
Jan. 1 Holder sof rec. Dec. 22a
2
Union National Corp., pref. (quar.)_ _ _ _
*1% Dec. 30 *Holders of rec. Dec. 20
Union Twist Drill, pref. (guar.)
*50c. Jan. 10 *Holders of rec. Dec. 29
United Alloy Steel, corn. (guar.)
*1% Jan. 10 *Holders of rec Dec. 29
Preferred (guar.)
United Eng.& Fdry.com.(in com.stk.)_ *150 Dec. 30 *Holders of rec. Dec. 23
15c. Jan. 16 Holders of rec. Jan. 3a
United Profit Sharing (quar.)
50c. Feb. 1 Holders of rec. Jan. 2a
United Verde Extension Mining (qu.)
3% Jan. 1 Dec. 21 to Dec. 31
U.S. Gauge, preferred
131 Jan. 15 Holders of rec. Dec. 30a
U. S. Industrial Alcohol, pref. (guar.)._
*13.1 Deo, 30 *Holders of roe. Dec. 23
U. S. Paper Goods, pref. (quar.)
131 Jan. 2 Holders of rec. Dec. 22
Van Dorn Iron Works, prof.(guar.)._ _ _
Victor Talking Machine, com. (guar.)._ *32 Jan. 15 *Holders of rec. Dec. 30
4.1% Jan. 15 *Holders of rec Dec. 30
Preferred (guar.)
Wampanoag Mills (stock dividend)____* e33 1-3 Subj. to stockholders meeting.
Warner (Chas.) Co. of Del., corn.(qu.) 500. Jan. 15 Holders of rec. Dec. 31/
131 Jan. 25 Holders of rec. Dec. 310
1st & rid pref. (guar.)
75c. Jan. 2 Holders of rec. Dec. 23
Warren Brothers Co., 1st pref.(guar.)._
87340. Jan. 2 Holders of rec. Dec. 23
2d preferred (guar.)
50c. Dec. 30 Holders of rec. Dec. 26a
Weber & Hellbronner, com
1% Mar. 1 Holders of rec. Feb. 23a
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 20a
Weber Plano, pref. (guar.)
*81200
*Holders of rec. Dec. 13
Wellington Piano Case (stock div.)
3% Dec. 30 Holders of rec. Dec. 23
WeLsbach Co., preferred
West(John) Thread, class A & B (guar.) $2 Jan. 1 Holders of rec. Doe. 23
Jan.
1
El
Holders of rec. Dec. 23
Class A & B (extra)
5
Jan. 5 Holders of rec. Dec. 31a
Westchester Title & Mtge.
Jan. 2 *Holders of rec. Dec. 31
Western Reserve Cotton Mills, pref.(qu.) *2
El 75 Jan. 31 Holders of rec. Dee. 30
Westinghouse Air Brake (guar.)
*835 Subj. to stockholders meeting.
Stock dividend
*31 25 Jan. 2 *Holders of rec. Dec. 19
Westmoreland Coal(guar.)
Whitman (William) Co.,Inc., pref.(qu.) 131 Jan. 2 Holders of rec. Doe. 19
Wilcox& Gibbs Sewing Machine (in stk.) *e200
2
Jan. 2 Holders of rec. Doe. 20
Will & Baumer Candle, pref. (quar.)__ _
Wilson (C. R.) Body Co., pref.(guar.).- *1% Jan. 1 *Holders of rec. Dec. 26
2
Jan. 2 Holders of rec. Dee. 23
Winrusboro Mills, common (guar.)
Preferred (quar.)
131 Jan. 2 Holders of rec. Dec. 23
131 Jan. 2 Holders of rec. Dec. 27
Woods Manufacturing, pref. (quarj_ _ _ _
York Manufacturing (stock dividend).- *8100 Subs.to stockholders meet. Dec.26
2
Jan. 2 Holders of rec. Dec. 22a
Young (J. S.) Co., common (guar.)._
2
Jan. 2 Holders of rec. Dee. 22a
Common (extra)
Preferred (guar.)
131 Jan. 2 Holders of rec. Doe. 22a
Jan. 1 *Holders of rec. Dec. 20
Youngstown Sheet & Tube, com.(guar.) *31
*15f Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Below we•give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
3% Dec. 28
Alabama Great Southern, ordinary__ _ _
33.4 Feb. 16
Preferred
4% Jan. 24
Albany & Susquehanna 2
Ian. 6
At ,any & Susauenanna (special)
1
Dec. 25
Ashland Coal & Iron Ry.(guar.)
2% Feb. 1
Atch. Topeka & Santa Fe, pref
Dec. 30
3
Atlanta & West Point
334 Jan. 10
Atlantic Coast Line RR., common
2
Mar. I
Baltimore & uhio, preferred
13( Jan. 1
Bangor & Aroostook, pref.(guar.)
50c. Jan. 2
Beech Creek (quar.)
231 Dec. 30
Boston & Albany (quar.)
234 Jan. 1
Boston & Providence (guar.)
Buffalo & Susquehanna,com.(quar.)._. 1% Dec. 30
Dec. 30
10
Common (special)
2
Dec. 30
Preferred
Feb. 1
131
Southern
Canada
2% Dec. 30
Canadian Pacific, common (quar.)
Jan. 1
2
Chesapeake & Ohio, common
1% Jan. 1
Preferred (No. 1)
Dec. 26
5
Chicago Burlington & Quincy
1% Jan, 10
common.._
Louisv.,
&
Indianp.
Chicago
Jan. 10
2
Preferred
2% Jan. 15
Chicago & North West, common
3% Jan. 15
Preferred
Dec.'30
3%
Pref.
Chicago Rock Island & Pacific, 7%
Dec. 30
3
Six per cent preferred
Feb. 20
2%
_
common
Omaha,
Chic. St. P. Minn.&
3% Feb. 20
Preferred
Dec. 26
3
common
Pacific,
Tex.
&
an. N.0.
334 Dec. 26
Common (extra)
Jan. 20
1
Cleve. Cin. Chic. & St. 1.., common_ _ _ _
1% Jan. 20
Preferred (quar.)
Dec. 30
3
Colorado & Southern.common
Dec. 30
2
First preferred
Dec. 30
4
Second preferred (annual)
Feb15'23
3
Cuba RR., preferred
Jan. 15
3
Detroit River Tunnel (quar.)
135 fan. 2
El Paso Southwestern (guar.)
Dec. 30
2
Hocking Valley
Jan, 1
2
Illinois Central, leased lines
1% Jan.. 1
Jo let & Chicago (q tar.)
Jan. 2
1
Lackawanna RR. of N. J.(guar.)
87310 Jan. 2
Lehigh Valley, corn.(guar.)
$1.25 Jan. 2
Preferred (guar.)
31.25 Jan. 15
Little SehuylkLI Say. RR.& Coal
134 Jan. 1
Louisiana & Northwest (quar.)
$10 Feb. 1
Mahoning Coal RR., common
$15 Dec. 29
Common (spe.dal)
$1.25 Jan. 2
Preferred
134 Jan. 2
Manhattan Ry.certificates of deposit.. _ _
Certifs. of deposit (In scrip warrants)_ g53.; Jan. 2
Jan. 29
4
Michigan Central
Jan. 29
Extra
6
Dec. 28
(7)Minn.St.Paul & S.S.Marieatom.& pt. 2
1
Jan
Mobile & Birmingham, preferred
2
[VoL. 115.
THE CHRONICLE
2766
Books Closed.
Days Inclusive.
Holders of rec. Nov. 29
Holders of rec. Jan. 19
Holders of rec. Dec. 15a
(oilers
of rec. Dee. 21a
Holders of rec. Dec. la
Holders of rec. Dec. 29a
Dec. 19 to Jan. 1
Holders of rec. Dec. 15a
Holders of ree. Jan. 13a
Holders of roe. Dec. 15a
Holders of rec. Dee. 15a
Holders of rec. Nov.30a
Holders of roe. Dec. 20a
Dec. 16 to Jan. 1
Dee. 16 to Jan. 1
Dec. 16 to Jan. 1
Holders of rec. Dec. 29a
Holders of rec. Dec. la
Holders of rec. Dec. la
Holders of roe. Dee, la
Holders of rec. Dec. 16s
Holders of rec. Dec. 301
Holders of rec. Dee, 30
Holders of rec. Dec. 14a
Holders of rec. Deo. 14a
Dec. 9 to Jan. 1
Dec. 9 to Jan. 1
Holders of rec. Feb. dia
Holders of rec. Feb. die
Holders of rec. Dec. 5a
Holders of rec. Dec. Sc
Holders of rec. Deed 9t
Holders of rec. Dec d.9
Dec. 17 to Jan. 1
Dee. 17 to Jan. 1
Dec. 17 to Jan. 1
Holders of rec. July 20e
Holders of rec. Jan. 8a
Holders of rec. Dec. 26
Holders of rec. Dec. 8a
Dec. 12 to Jan. 4
Holders of re^. Dee. 15a
Holders of rec. Dec. 6a
Holders of rec. Dec. 9a
Holders of rec. Dee. 9a
Dec. 19 to Jan. 15
Holders of rec. Dec. 15
Holders of rec. Jan. 15a
Holders of rec. Dec. 16a
Holders of rec. Dec. 22a
Jan. 1
Dec. 16 to
DC3. 16 to Jan. 1
Holders of rec. Dec. 29a
Dec.Dc 2195:
Holders of
ee Jan. 1
ec
4:tf tro
Hold
s
p.er2
Name of Company.
Railroads (Steam).-Conci.
Morris & Essex
New York Central RR.(guar.)
New York Chicago & St.LouisCommon
First preferred (quar.)
Second preferred (quar.)
New York de Harlem,corn.& pref
N. Y. Lackawanna & Western (quar.)...
New York Philadelphia & Norfolk
Northern Securities
Extra
Phila. Ball. & Washington
Philadelphia & Trenton (quar.)
Pittsburgh Sc Lake Erie
Pitts. Ft. Wayne & Chic.,com.&pf.(qu.)
Pitteb. MeKeesp. & Youghiogheny
Pittsburgh & West Virginia, pref.(quar.)
Rensselaer & Saratoga
St. Louis Southwestern, pref
Southern Pacific Co. (quar.)
Union Pacific, corn. (quar.)
United N.J.RR.& Canal (quar.)
Valley RR.(New York)
Western Pacific RR. Corp., pref. (qu.)_
Western Ry.of Alabama
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
431 Jan. 2 Holders of rec. Dec. 9a
1% Feb. 1 Dec. 30 to Jan. 24
lihr Dee. 30 Holders of roe. Dee. 19a
131 Dec. 30 Holders of rec. Dec. 190
131 Dec. 30 Holders of rec. Dec. 19a
$2.50 Jan. 2 Holders of roe. Dec. 15a
131 Jan. 2 Holders of rec. Dec. 14a
Dee. 31 Holders of roe. Dec. 15a
$3
4
Jan. 10 Dec. 28 to Jan. 10
2
Jan. 10 Dec. 28 to Jan. 10
*3
Dec. 30 *Holders of rec. Dec. 15
234 Jan. 10 Dec. 31 to Jan. 11
32.°0 Feb. 1 Holders of rec. Jan. lie
134 Jan. 2 Holders of rec. Dec. 9a
$1.50 Jan. 2 Holders of rec. Dec. 15a
1% Feb. 28 Holders of rec. Feb. la
4
Jan. 1 Dec. 15 to Jan. 1
231 Dec. 30 Holders of rec. Dec. 15a
1% Jan. 2 Holders of roe. Nov.29a
234 Jan. 2 Holders of rec. Dec. la
234 Jan. 10 Dec. 21 to Dec. 31
2% Jan. 2 Holders of rec. Dec. 166
1% Jan. 2 Holders of rec. Dec. 18a
3
Dec. 30 Dee. 9 to Jan. 1
Public Utilities.
lff Jan. 1 Holders of rec. Dee. 20
Alabama Power, pref. (quar.)
234 Dec. 30 Holders of rec. Dec. 15
American Gas & Elec., common (quar a_
Dec, 30 Holders of rec. Dec. 15
Common (payable in common stock) 125
134 Feb. 1 Holders of rec. Jan. 15
Preferred (quar.)
131 Jan. 2 Holders of rec. Dec. 18
Amer. Power & Light, pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 15a
American Public Service, prof. (guar.).American Telephone & Telegraph (guar.) 254 Jan15'23 Holders of rec. Dec. 20a
231 Apri5'23 Holders of roe. Mar.16'23
Quarterly
J'IyI5'23 Holders of rec.June 20'23
Quarterly
Appalachian Power, pref.(quar.)(N0.1 ) 154 Jan. 15 Holders of rec. Dec. 30
1 I Jan. 2 Holders of rec. 1/CC. 16
Asheville Power & Light, pref. (quar.)
880. Dec. 80 Holders of roe. Dec. 15
Associated Gas & Electric. Pref.(guar.).
134 Jan. 1 Holders of roe. Dec. cla
Bangor Ry.& Electric, pref.(guar.)._
Jan. 15 Holders of rec. Dec. 23
2
Bell Telco. of Canada (quar.)
Jan. 2 Holders of rec. Dec. 16
Boston Elevated Ry., corn. (quar.)__ _ $1.50
Jan. 2 Holders of rec. Dec. 16
First preferred$4
2 Holders of rec. Dec. 16
Jan.
$3.50
preferred
cent
Seven per
131 Jan. 2 Holders of rec. Dec. 15a
Brazilian Tr., L.& Pow., prof.(quar.)
Jan. 2 Holders of me. Dec. 15a
2
Brooklyn Union Gas (guar.)
Dec. 30 Holders of rec. Dec. 15a
2
Buffalo General Electric (guar.)
134 Jan. 1 Holders of rec. Dec. 152
Canadian General Elec.. corn.(quar.)_ _ _
of rec. Dec. lie
Capital Tract., Washington, D. C.(qu.) 13j Jan. 1 Holders of rec. Dec. 16
134 Jan. 2 Holders
Carolina Power & Light, pref. (quar.)
roe. Dee. 30a
Central Ills. Public Service, pref.(qu.).. 134 Jan. 15 Holders of rec. Dec. 9a
134 Dec. 30 Holders of
Central States Electric, pref.(ouar.) _ _ _
Dec. 21
to
15
1
Jan.
1M
Dec.
(guar.)
Cincinnati Gas & Elec.
Jan. 1 Holders of rec. Dec. 200
10
I in. Gas t ransportation (annual)
to Jan. 1
1
Jan.
21
Dec.
1
(guar.)
Tract
„common
Hamilton
Cinct.&
134 Jan. 1 Dec. 21 to Jan. 1
Preferred ((Mar.)
131 Jan. 1 Dec. 17 to Jan. 1
Cincinnati Street Ry.(quar.)
Jan. 2 Holders of rec. Dee. 15
El
_
't
_
13ell
elp.
Sub.
(guar.)
inctnnati &
$3.50 Jan. 1 Holders of reo. Dee. 206
Citizens Pass. Ry., Phila.((marl
2 Holders of rec. Dec. 16
Jan.
2
(guar.)
pref.
Norfolk,
of
Gas
city
134 Dec. 31 Holders of reo. Dee. 12
Cleveland Ry.(quar.)
Jan. 2 Holders of rec. Doe. 15a
P.of Balt.,com.(qu.) 2
Consol.Gas,
Jan. 2 Holders of rec. Dec. 15a
2
Preferred, Series A (quar.)
134 Jan. 2 Holders of rec. Dec. 15a
Preferred, Series B (quar.)
2
Jan. 15 Holders of roe. Dec. 30a
Consolidated Traction of N. J
234 Jan. 2 Holders of rec. Dec. 15
Consumers Gas (Toronto) (guar.)
134 Jan. 1 Holders of rec. Dee. 15a
Consumers Power,6% pref. (guar.)
Philadelphia 131 Jan. I Holders of rec. Dec. 150
d(eqnuga)
felrrpease
rneta
30 Holders of rec. Nov.296
w$3DDoe.
Ry.,
Passenger
e
tinp
Co7n%
20a
Dayton Power & Light, preferred(quar.) 134 Jan. 2 Holders of rec. Dec. 200
15 Holders of rec. Dec.
Jan.
2
(quar.)
Detroit Edison
331 Jan. 15 Dec. 416 to Dec. 31
Dominion Power & Transmission, prof
134 Jan. 1 Holders of rec. Dec. 21
Duluth Edison Electric. pref. (quar.)_ _ _
Jan. 2 Holders of rec. Dec. 15a
Duluth-Superior Traction, preferred_ _ _ _ h3
Jan. 2 Holders of rec. Dec. 130
2
Eastern Texas Elec. Co., corn.(quar.)
Jan. 2 Holders of rec. Dec. 133
3
Preferred
8 Holders of rec. Dec. 18a
Jan.
3
El Paso Electric Co.. preferred
50o. Jan. 2 Holders of roe. Dec. 152
Erie Lighting, pref.(quar.)
)
Jan.
Dec. 2 to Dec. 310
$4.50
Pass..
(qua
Phila.
Southw.
Franitford
, 131 Jan. 2 Holders of rec. Dec. 300
Gold & Stock Telegraph (quar.)
$ 1.1234 Jan. 2 Holders of rec. Dec. 160
Haverhill Gas Light (quar.)
Dec. 29 Holders of rec. Dec. 28a
2
Illinois Bell Telephone (quar.)
131 Jan. 2 Holders of rec. Dec. 15a
Illinois Traction, pref. (guar.)
Jan. 1 Holders of rec. Dec. 15
154
(qu.)
1st
A
pl.
Lt..
&
Power
City
Kansas
1 Holders of rec. Dec. 20
Kansas City Pow. Secur.. Pref. (guar.). $1.25 Jan.
131 Jan. 2 Holders of rec. Dec. 19
Kansas Gas & Elec., pref. (quar.)
2 Holders of rec. Dec. 20a
Jan.
1
common
Corp.,
Securities
Kentucky
131 Jan. 15 Holders of rec. Dec. 29a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 6a
Mackay Companies, corn. (quar.)
Jan. 2 Holders of rec. Dec. 21a
10
Common (extra)
Jan. 2 Holders of rec. Dec. des
1
Preferred (attar.)
Dec. 30 Holders of rec. Dee. 18a
2
_
(guar.)._
com.
Corp..
Electric
Manila
13 Holders of rec. Dec. 30a
Jan.
$1
(Pittab.)(qu.)_
Ht.
Lt.&
Manufacturers'
Jan. 15 Holders of rec. Dec. 30a
$1
Extra
Jan, 2 Holders of rec. Dec. ha
134
(au.).
pf.
prior
Fr.,
San
Ry.,
Market St.
134 Jan. 2 Holders of rec. Dec. 9a
Mississippi River Power. Pref. (guar.)._
Jan. 2 Holders of roe. Dec. 20
2
Mohawk Valley Co
Jan. 8 Holders of rec. Dec. 26a
37340
(guar.)
pref.
Ry.,
&
Power
Monongahela
% Jan. 2 Holders of rec. Dec. 130
Montana Power, com. (quar.)
131 Jan. 2 Holders of rec. Dec. 13a
Preferred (quar.)
Dec. 30 Holders of rec. Dec. Ila
New England Telep.& 'releg.(quar.)... 2
Newport News Sc Hampton Ry., Gas &
1 Holders of rec. Dec. 15a
Jan.
(quar.)
134
preferred
Electric,
134 Jan. 2 Holders° f rec. Dee. 22a
N. Y. State Rys., common
Preferred (acct. accum. dividends) _ _ _ 1410 Jan. 2 Holders of rec. Du:. 220
1
Jan. 2 Holders of rec. Dec. 22a
Preferred (quar.)
(guar.)
131 Jan. 15 Holders of roe. Dec. 20
New York Telephone, pref.
15 Holders of rec. Dec. 316
Jan.
131
(quar.)
pref.
Power,
Falls
Niagara
131 Jan. 2 Holders of rec. Dec. 15a
Nor‘hera onlo Tr.& Lt.,6Y° p1. (qu.)
131 Jan. 2 Holders of rec. Dec. 15a
7% preferred (guar.)
$1.50 Jan. 1 Dec. 16 to Dec. 31
Northwestern Telegraph
•131 Jan. 15 *Holders of rec. Dec. 30
Pacific'relep. Sc Teieg. Prof. (Quar.)
Jan. 2 Holders of rec. Dec. 11 a
31
Penn Central Lt. Sc Pow., pref. (qu.)
15
Pennsylvania Power & Lt., pref. (qu.).... 134 Jan. 1 Holders of rec. Dec. 15a
131 Jan. 2 Holders of reo. Dec.
Pennsylvania Water de Power Mara
of roe. Jan. 3
17
131
Holders
Jan.
(quar.)
Coke
&
Light
Gas
People's
Jan. 1 Holders of rec. Dec. 15a
51
Providence Gas (quar.)
Dee. 30 Holders of rec. Dec. 15a
Public Serv. Corp. of.N. J., corn. (au).. 2
2
Dec. 30 Holders of rec. Dec. 15a
Preferred (guar.)
15 Holders of rec. Dec. 20a
Jan.
El
Puget Sound Power & Lt., com.(qu.)
134 Jan. 15 Holders of rec. Dec. 20a
Preferred (guar.)
15 Holders of rec. Dec. 20a
Jan.
134
Prior preference (guar.)
75c. Jan. 1 Dec. 16 to Jan. 1
Reading Traction
Jan. 2 Holders of rec. Dec. 15a
$2
_
(qu.)
A
ser.
deb.
Power,
Elec.
Savannah
Jan, 1 Holders of rec. Dee. in
53
second & Third Sts. Pass., Phila. (qu.)
Jan. 10 Holders of rec. Dee. 22
Shawinigan Water & Power (quar.)... 134 Jan. 2 Holders of rec. Dec. 15a
134
(quar.)
pref.
Springfield Ry.& Light,
131 Jan. 15 Holders of rec. Dec. 31
Southern Canada Power, pref. (quar.)
30 Holders of rec. Dec. 12
Tennessee Elec. Power 6% 1st pref.(qu.) 131 Dee.
134 Dec. 30 Holders of rec. Dec. 12
Seven per cent preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
2
Toledo Edison, nref.(num.)
134 Jan. 2 Holders of rec. Dec. 20
Tr -City Ry.& Light, pref.(guar.)
Dee. 30 Holders of rec. Dec. 150
2
Twin City Rap Transit, alinucap., corn_
131 Dec. 30 Holders of roe. Dec. 15a
Preferred (quar.)
1 Holders of rec. 1)ec. 15a
Jan.
4.75(5)
Ry.. Phbia
Union PassengerPhilaS
Jan. 1 Holders of rec. Dec. 97
3
Union Traction,
1
Feb.
%
1
Holders of rec. Jan.15a
(guar.)._
common
United Light & Rye.,
% Feb. 1 Holders of rec Jan.152
Common (extra)
154 Jan. 2 Holders of rec. Dec. 152
Six per cent preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 1Ba
Seven per cent preferred (quar.)
DEC.23 1922.]
Name of Company.
Public Utilities (Concluded).
United Gas Impt., common (guar.)_ _ _ _
Preferred (quar.)
Utah Power & Light. pref.(quar.)
Utilities Securities, pref. (uqar.)
Washington Water Pow., Spokane (qu.)
Extra
Western Union Telegraph (quar.)
West India Electric Co.(quar.)
West Kootenay Power & ,.t., pref. (qu.)
West Philadelphia Pass. By
Winnipeg Elite, fly., pref. (quar.)
Wisconsin Edison
Wisconsin Power & Light, pref. (quar.)_
Woreelter (Mass.) Gas Light, com.(qu.)
Preferred (quar.)
Yadkin River Power, pref.(guar.)
THE CHRONICLE
Per
When
Cent. Payable.
75c Jan. 15 Holders of rec. Dec. 30a
8734c Mar. 15 Holders of rec. Feb. 25a
I% Jan. 2 Holders of rec. Dec. 12
*1% Dec. 27 *Holders of rec. Dec. 16
1% Jan. 15 Holders of rec. Dec. 22
1
Jan. 15 Holders of rec. Dec. 22
1% Jan. 15 Holders of rec. Dec. 24“/
1W Jan. 2 Dec. 24 to Jan. 1
1( Jan. 2 Holders of rec. Dec. 22
(6)55 Jan. 1 Holders of rec. Dec. 15
1% Jan. 1 Holders of rec. Dec. 18
SI
Dec. 30 Holders of rec. Dec 6s
*1% Jan. 20 *Holders of rec. Dec. 31
*2
Jan. 2 *Holders of rec. Dec. 23
*2
Jan. 2 *Holders of rec. Dec. 27
1% Jan. 2 Holders of rec. Dec. 16
Banks.
America. Bank cf (minx.)
3
American Exchange National (guar.). _ _
3%
Amer. Exch. Secur. Corp.. cl. A (qu.).... 2
Butchers & Drovers Nat. Bank (quar.)... 2
Chase National (quar.)
4
Chase Securities Corp. (quar.)
SI
Chatham & Phenix National (quar.)._
4
Coloolal (guar
3
Columbia
4
Extra
2
Commerce, Nat. Bank of (quar.)
3
Extra
4
Corn 1.x..hange (guar.)
5
Coal & Iron National (quar.)
3
Coney Island (Bank of)
5
East River National
6
Fifth Avenue (guar.)
6
First National (quar.)
di
Greenwich (quar.)
3
Extra
1
Importers & Traders National (quar.). _
6
Extra
6
3
Manhattan
Lank of the (quar.)_ _
Extra
1
0 Manhattan Co.(Bank of the) In stock_ el00
Mutual (guar.)
3
Extra
3
150
Mutual (payable in stock)
4
National City Bank (quar.)
2
National City ComMay (guar.)
2
Extra
Public National (payab)e in stock)___. el623
4
Public National (attar.)
3
Seaboard National (quar.)
2
Extra
4
State (guar.)
2%
United States, Bank of the (quar.)
Trust Companies.
Bank of N. Y.& Trust Co.(quar.)
Commercial (No 1)
Equitable (payable in stock)
Guaranty (guar.)
Hudson (quar.)
Lawyers Title Sr Trust (quar.)
Extra
Stock dividend
Manilfaetureri (Iirooklyn) (quar.)
United States ((War.)
Books Closed.
Days Inclusive.
Jan. 2
Jan. 2
Jan. 2
Dec. 29
Dec. 30
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Holders of rec. Dec. 21s
Holders of rec. Dec. 263
Holders of rec. Dec. 16
Dec. 30 to Jan. 2
Holders of rec. Dec. 18a
Holders of rec. Dec. 18a
Dec. 17 to Jan. 1
Holders of rec. Dec. 207
Ifoldera of rec. Dec. 1Sa
Holders of rec. Dec. 15/
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Hold.rs of re . Dec. 307
Holders of rec. Dec. 13
Holders of rec. Dec. 26
Dec. 31
Dec. 26 to
Holders of rec. Dec. 30a
Holders of rec. Dec. 30 t
Holders of rec. Dec. 217
Holders of rec. Dec. 21a
Holders of rec. Dec. 213
Holders of rec. Dec. 21a
Holders of rect. Dec. 207
Holders of roe. Dec. 20]
Nov.29t to Dec. 5
Holders of rec. Dec.d26
Holders of rec. Dec 426
Holders of rec. Dec. 11
Holders of rec. Dec. 16,/
Holders of rec. Dec. 16
holders of rec. Dec. 16
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Dec. 263
Holders of rec. Dec. 26)
Holders of rec. Dec. 150
Holders of rec. Dec. 20a
5
Jan. 2
3
Jan. k.
e33 1-3 Dec. 30
3
Dec. 30
2% Dec. 30
1% Jan. 2
2
Jan. 2
e50 Dec. 30
ian
•
1234 Jan. 2
Holders of rec. Dec. 15
to .Jan. 1
Dec 21
Holders of rec. Dec. 203
Holders of rec. Dec. 15
Dec 10 to Jan. I
Holders of rec. Dec. 23
Holders of rec. Dec. 23
Holders of roc Dec. 26a
loSli-ra of re.
,. in,. 211
Holders of rec Dec. 21 /
Fire Insurance.
Globe & Rutgers Fire (pay. In stock) _ _ _ e400
National Liberty (payable in stock)
e50
Niagara Fire
.450
Jan. 2
Jan. 1
Jan. 1
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Dec 31
Jan. 2
Jan. 2
Feb. 1
Jan. 2
Jan. 2
Dec. 31
Jan. 2
Jan. 2
Jan. 2
Jan, 2
Jan. 2
Jan. 2
Jan, 2
Jan. 2
(o)
Jan. 2
Jan. 2
1)ec. 2!
Ratified
TfOl-d-ei•;-c;f-ccc. .11cc. 0
by stkhldrs' Dec. 14
Miscellaneous.
Abitibi Power & Paper, pref. (quar.)__ _
13 Jan. 2 Holders of rec. Dec. 20
Acceptance & Finance Corp., corn
$1 • Jan. 2 Dec. 21 to Jan. 2
Preferred A (quar.)
2% Jan. 2 Dec. 21 to Jan. 2
Preferred B (quar.)
13.1 Jan. 2 Dee. 21
Jan. 2
to
Acme Coal Mining
2
Feb. 5 Holders of rec. Jan. 25
Adams Express (quar.)
$1
Dec. 30 Holders of rec. Dec. 153
Advance-Rumely, pref. (quar.)
75c. Jan. 2 Holders of rec. Dec. 15a
Air Reduction (quar.)
51 Jan. 15 Holders of rec. Dec. 300
A Wane,. Realty (guar
2
.lan. 16 Holders of rec. Dee. 24
Allied Chem. & Dye Corp., pref. (qu.). _
1
Jan. 2 Holders of rec. Dec. 153
Allis-Chalmers Mfg., Inc., pref. (quar.)
1% Jan. 15 Holders of rec. Dec. 23a
*75c. Jan. 15 *Holders of rec. Dec. 30
Amalgamated Oil (quar.)
Amer. Art Works,corn. & pref.(quar.)_ _
1% Jan. 15
Amer. Bank Note, corn. (extra)
510 Dec. 29 Holders of rec. Dec. 15a
Common (payable in common stock)_ _ 110
Dec. 29 Holders of rec. Dec. 15a
Preferred (quar.)
75c. Jan. 2 Holders of rec. Dec. 15a
American Beet Sugar. preferred (quar.). 134 Dee. 30 Holders of ren. Dee. 90
Amer.Brake Sh.& Fdry., new corn.(qu.) Si
Dec. 30 Holders of rec. Dec. 22a
New preferred (quar.)
1% Dec. 30 Holders ot rec. Dec. 22a
American Can, common etjuar.)(No. 1)_
1% Feb. 15 Holders of rec. Jan. 31a
Preferred (quar.)
2 Holders of rec. Dec. 15a
1% Jan
Amer. Car & Fdy., corn. (quar.)
Jan. 1 Holders of rec. Dec. 15a
3
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 151
1
American Cigar, preferred (guar.)
13i Jan. 2 Holders of rec. Dec. 153
American Express (quar.)
Jan. 2 Holders of rec. Dec. 141
$2
Amer. La France Fire Eng., corn. (quar.) 2% Feb. 15 Feb. 2 to Feb. Li
Preferred (quar.)
1% Jan. 2 Dec. 27 to Jan. 2
American Lace Manufacturing (quar.)_ _
Dec. 30 Holders of rec. Dec. 15
2
Extra
Dec. 31 Holders of rec. Dec. 15
2
American Locomotive, common (quar.)_
1% Dec. 30 Holders of rec. Dec. 13a
Preferred (quar.)
1)( Dec. 30 Holders of rec. Dec. 131
American Manufacturing, pref. (quar.)1% 1)ec. 31 Dec. 17 to
Dec. 30
American Multigraph, pref. (quar.)___ _
Jan. 1
1% Jan. 1 Dec. 20 to
American Piano, common (quar.)
1% Jan. 1 Dec. 27 to Jan. 1
Preferred (guar.)
1% Jan. 1 Dec. 27 to Jan. 1
'American Radiator, corn. (quar.)
Dec. 30 IIolders of rec. Dec. 15a
$1
Common (payable in common stock)_ _
/50 Dec. 30 Holders of rec. Dec. 15a
American Sales Book, common
8
Jan. 15 Holders of rec. Dec. 15
American Screw (guar.)
iH Jan. 2 Holders of rec. Dec. 26a
Jan. 2 Holders of rec. Dec. 26a
Extra
American Shipbuilding, common (quar.) 2 F eb. 1'23 Holders of rec.Jan.15'23
2 M ay 1'23 Holders of rec. Apr.14'23
Common(quar.)
2 A ug. 1'23 Holders of rec.July 14'23
Common(guar.)
American Smelt. Secur., pref. A (quar.). 1% Jan. 2 Dec. 14 to Dee. 22
13( Jan. 2 Dee. 14 to Dec. 22
Preferred B (quar.)
3
Jan. 2 Holders of rec. Dec. 14a
American Snuff, common (quar.)
I% Jan. 2 Holders of rec. Dec. 14a
Preferred (quar.)
Dec. 30 Holders of rec. Dec.1 9a
Amer.Steel Foundries,corn.(in com .stk .) /18
75c Jan. 15 Holders of rec. Dec. 31a
American Steel Foundries, corn. (quar.).
1% Dec. 30 Holders of rec. Dec. 15a
Preferred (quar.)
1% Jan. 1 Dec. 22 to Jan. 1
American Stores ((mar.)
1% Jan. 2 Holders of rec. Dec. la
American Sugar Refining. pref.(quar.)._
*2% Jan. 1 *Nov. 15 to Nov. 30
American Thread, preferred
I;
,6 Jan. 2 Holders of rec. Dec. 9t
American Tobacco, pref. (quar.)
Jan. 15 *Holders of rec. Jan. 10
*1
Amer. Type Founders, corn.
*13 Jan. 15 *Holders of rec. Jan. 10
(quar.)
(quar.)Pefd
American Wholesale Corp., pref (quar.) 1% Jan. 1 Holders of rec. Dec. 20i
Amer. Window Glass Mach., corn. (qu.) 1% Jan. 2 Holders of rec. Dee. 83
1% Jan. 2 Holders of rec. Dec. 81
Preferred (quar.)
American Woolen,corn. and pref.(quar.) 1% Jan. 15 Dec. 16 to Dec. 26
1% Jan. 2 Dec. 16 to Jan. 1
Armour & Co., preferred (quar.)
1% Jan. 25 Holders of rec. Dec. 30a
Associated 011 (quar.)
1% Jan. 2 Holders of rec. Dec. 16t
Ault & Wiborg Co., pref. (guar.)
13.i Apr. 2 Holders of rec. Mar. 20
uBabcock & Wilcox (guar.)
Holders of rec. Dee. 20
(u)
33 1-3
t4Stock dividend
Jan. 1 Holders of rec. Dec. 2a
3
pref
and
corn.
Locomotive,
Baldwin
Name of Company.
2767
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bancitaly Corporation
Jan. 1 *Holders of rec. Dec. 15
Barnhart Bros& Spin-1st& 2d pref.(cal.) *1% Feb. 1 *Holders of rec. Jan. 26
Beatrice Creamery, corn.(quar.)
Jan. 1
to
Jan. 2 Dec. 21
4
Preferred (quar.)
131 Jan, 2 Dec. 21 ta Jan. 1
Beach Royalties (tnonthly)
Jan, 15
Beech-Nut Packing, corn. (quar.)
60c. Jan. 10 Holders of rec. Dec. 30a
Beech-Nut Packing, COM. (extra)
48c. Dec. 26 Holders of rec. Dec. 16a
Bet iilehem Steel, com. & coin. 11 ((mar.)
in. 2 Holders of rec. Dec. 15a
1
Seven per cent cum. preferred (quar.)
Jan. 2 Dec. 16 to Jan. 1
1
Seven per cent non-cum. pref. (quar.). 1% Jan. 2 Dec. 16 to Jan
I
Eight per cent preferred (quar.)
Jan. 2 Holders of reo. Dec. 150
2
Borne,Scrymser & Co.(in stock)
Dec. 30 Dec. 10 to Dec. 30
e400
liOw-T Rolier iiettrina, s,o••k dividend__
25 *Itolderv of roe. 1),. 24
_ 033 1-3
Brier Hill Steel, preferred (guar.)
131 Jan. 1 Dec.d21 to Jan. 1
British-American Oil (quar.)
500. Jan. 2 Holders of rec. Dec. 23
Extra
50c. Jan. 2 Holders of rec. Dec. 23
Brunswick-Balke-Collender, pref. (qu.).. 1% Jan. 1 De.. 21 to
De,. 31
I! sieve .100 Line (special)
*25
D,
e. 30 Irwilers of rue. NOV. 290
Bucyrus Co., pref.(quar.)
IN Jan. 2 Holders of rec. Dec. 20a
Pref.(extra)(acc't accumulations) _ _ _
10i Jan. 2 Holders of rec. Dec. 20c;
Pref. (special) (a.cc't accumulations).h3 Jan. 2 Holders of rec. Dec. 201 '
Burns Bros.. preferred (quar.)
Jan. 2 Holders of rec. Dec. 22a
Prior preferred (guar.)
1Y, Feb. 1 Holders of rec. Jan. 20a
Burt (F. N.) Co., common (quar.)
Jan, 2 Holders of rec. Dec. 151
2
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15a
Burroughs Adding Machine (quar.)_-- Dec. 30 Holders of rec. Dec. 20a
2
Bush Terminal Bldgs., pref. (quar.)...
Jan. 2 Holders of rec. Dec. 200
itu e & Sno-rior
50e. (tot. 30 lonl-ri of r‘;‘,.. Doe. 1.1a
California 011 & Gas
Jan. 2 Holders of rec. Dec. 15a
5e
California Petroleum. pref. (quar.)
1% Jan, 2 Holders of rite. Dec. 203
Canada Bread, Preferred (quar.)
Jan. 2 Dec. 17 to Dec. 30
131
Canadian Fairbanks-Morse, Preferred
Jan. 15 Holders of rec. Dec. 300
3
Canadian Locomotive. coin.
Dec. 31 Holders of rec. Dec. 20z
1
Preferred (quar.)
1% Dec. 31 Holders of rec. Dec. 20a
Case (J. I.) Threshing Mach., pref.(qu.) 1% Jan. 1 Holders of rec. Dec. ila
Central Aguirre Sugar (quar.)
131 Jan. 2 Holders of rec. Dec. 16a
Central Coal & Coke. Preferred (quar.)
1% Jan. 15 Holders of rec. Dec. 314
Celluloid Company, common (quar.)
131 Dec. 30 Holders of rec. Dec. 15a
Certain-Teed Products CorpFirst and second preferred (quar.)._ _ _
131 Jan. 1 Holders of rec. Dec. 14a
Champion Coated Paper, pref. (quar.)_ _
131 Jan. 1 Holders of rec. Dec. 20
chandier Motor Car (quar.)
81.50 fan
2 Holders of re. Dee. 1(la
Chapman Valve (stock dividend)
Ratified by stockholders Dec. 19
*e50
tilt:triton Mills (guar.)
Feb. 1 *liolders of ree. 1)ec.
*2
Stock dividend
Tcold-rs ,,f 1*-^. Dee. 16
*50
Chesebrough Mfg., corn. (quar.)
331 Dec. 28 Holders of rec. Dec. 12
Preferred (quar.)
Holders of rec. Dec. 120
,Chicago Mill & Lumber. Pref. (quar.).. 1% Dec. 28 Holders of rec. Dec. 231
Jan. 1
Chicago Railway Equipment (quar.)
Jan. 2
2
Dec. 30 Dec. 20 to
Stock dividend
Jan. 2
e50 Dec. 30 Dec. _0 to
Chicago Yellow Cab (monthly)
33 I-3c Jan. 2 Holders of rec. Dec. 20
Cities ServiceCommon (monthly pay,in cash scrip).
Jan. 1 Holders of rec. Dec. 15a
Common (payable in coin, stock scrip) OH
I% Jan. 1 Holders of rec. Dec. 150
Pref. and pref. B (payable in cash)
Jan. 1 Holders of rec. Dec. 150
Cleveland Union Stock Yards (quar.) _ _ _
2
Jan. 1 Holders of rec. Dec. 20
Spe
(in cash)
20
Dec. 23 1fold,rs of rec. Dee. 2
Cluett, Peabody & Co., pref. (guar )__ _
Jan. 1 Holders of rec. Dec. 21a
Coca-Cola Co.,common (quar.)
51.50 Jan. 2 Holders of rec. Dec. 15a
Preferred
331 Jan. 2 Holders of rec. Dec. 15a
Colonial Finance Corp., corn. (guar.) _
25c Jan. 1 Holders of ref% Dec. la
Preferred ((mar.).
2
.ian. 1 Holders of rec. Dec. la
Commercial Solvents Corp., Cl. A.(qu.) $1
Jan.
Computing-Tabulating-Recording (qu.). $1.50 Jan. 1 Holders of rec. Dec. 203
10 Holders of rec. Dec. 22a
k ;01100r (.1.T.) Co. cont. (quar.)
50c. Jail. 2 Holders of rec. Dec. 203
Preferred
3
Ian. 2 Holders of roe. Dec. 200
Consolidated Car-Heating (quar.)
•1
Jan. 15 *Holders of rec. Dec. 20
Continental Can, common (quar.)
75c. Feb. 15 Holders of rec. Feb. 5
Preferred (quay.)
131 Jan. 1 Holders of rec. Dec. 20a
Continental Can. corn. (in corn. stock).._ /33 1-3 Subj.
to stockholdcrs meet. Dec.29
Continental Motors, pref. (quar.)
Jan. 15 *Holders of rec. Jan. 5
Cornell Mills (guar.)
4
Dec.
23
Holders of rec. Dec. 12a
Stock dividend
Subj. to stockholders meet. Dec.22
Corona Typewriter, first pref. (quar.)_ _ *CA
2
Jan. 2 Dec. 16 to Jan. 1
Second preferred (quar.)
*1% Jan. 2 Dec. 16 to Jan. 1
Cramp(Wm.)&SonsShip&Eng.B1g.(qu.) 1
1)ec. 30 Dec. 16 to Jan. 1
Crucible Steel, preferred (quar.)
1% Dec. 30 Holders of rec. Dec. I50
Cuban-American Sugar, pref. (quar.).
1% Jan. 2 Holders of rec. Dec. 15a
Cumberland Pipe Line (stock dividend). *e100
(4)
*Holders of rec. Dec. 30
Dalton Adding Machine, Pref. (quar.). _
131 Jan. 1 Dec. 21 to Jan. 2
Is'). ak..v 17eit. Co
(in stock)
e.10
If() rl-rs of re,.. Dee. 1Sa
Detroit & Cleveland Navigation
Si
Jan. 2 Holders of rec. Dec. 15a
Detroit Motor Bus (quar.)
*2
Jan. 15 *Holders of rite. Dec. 30
Extra
*1
Jan, 15 *Holders of rec. Dec. 30
Dixie Terminal, pref. (quar.)
Diebold Safe & Lock (stock dividend)_ _ _ $1.62 31 Jan. 1 Holders of rec. Dec. 15
*e100
Dodge Manufacturing, pref. (quar.)._ _ _
Jan. 1 *Holders of rce. Dec. 21
*2
Dolores Esperanza Corp.(guar.)
23,6 Jan. 10 Dec. 31 to Jan. 9
Dome Mines, Ltd. (guar.)
50e. Jan, 20 Holders of rec. Dec. 303
Dominion Canners, pref. (quar.)
Jan. 2 Holders of rec. Dec. 180
Dominion Glass, corn, and pref. (quar.). 131 Jan. 2 Holders of rec. Dec. 15
131
Dominion Iron & Steel, pref.(quar.)-Jan. 1 Holders of rec. Dec. 15x
Dominion Oil (guar-)
20c. Jan. 1 Holders of rec. Dec. 10a
Extra
10c. Jan. 1 Holders of rec. Dec. 100
Dominion Text lie, emu. ((ivar.)
3
Jan. 2 holders of rec. Dec. 15a
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 300
Draper Corporation ((mar.)
3
Jan, 1 Holders of rec. Dec. 2a
Dunham (James H.) & Co., corn. (qu.). 1;4 Jan. 2 Holders of rec. Dec. 20a
First preferred (quar.)
131 Jan. 2 Molders of rec. Dec. 20a
Second preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 20a
duPont(E.I.)deNern.& Co.,(in com .stk) /50
Dec. 29 Holders of rec. Dec.t16a
d a Pont(:.:. I .)(1eNernAtoo
Co..d.ALsck.(qu.)
Jan. 25 Iimders of
Eastman Kodak, corn. (guar.)
$1.25 Jan. 2 Holders of rec. Nov. 29a
Common (extra)
50c. Dec 30 Holders of rec. Nov. 29a
Preferred (guar.)
131 Jan. 2 Holders of rec. Nov. 29a
Edmunds & Jones Corp., corn. (quar.). _
50c. Jan. 2 Dec. 21 to Dec. 31
Preferred (quar.)
1
Jan. 2 Dec. 21 to Dec. 31
Elsenlohr (Otto) & Bros., Inc., pf. (qu.)
Jan. 1 Holders of rec. Dec. 20a
Electric Controller & Mfg., corn. (guar.) Si
Jan. 2 Holders of ree. Dec. 223
Preferred ((mar.)
1
Jan. 2 Holders of rec. Dec. 22a
Elec. Stor. Battery, new
$1
Jan, 2 Holders of rec. Dec. 15a
com.&pf(qu)New (extra)
common and pref.
75c. Jan. 2 Holders of rec. Dec. 15a
Ely-Walker Dry Gds.,com.(in com.stk.) 133 1-3 (y)
Empire Safe Deposit (quar.)
131 Dec. 29 Holders of rec. Dec. 23a
Endicott-Johnson Corp., corn. (quar.)_ _ $1.25 Jan. 1 Holders of rec. Dec. 157
Preferred (quar.)
14 Jan, 1 Holders of rec. Dec. 15;
Equity Petroleum, pref. (quar.)
*3
Jan. 10 *Holders of rec. Dec. 30
Famous Players-Lasky Corp.,com.(qu.). $2
Jan. 2 Holders of rec. Dec. 15a
Famous Players-Lasky Corp., pref.(qu.) 2
Feb. I Holders of rec. Jan. 15a
Fidelity & Casualty Co.(in stock)
el00
Holders of rec. Nov. 20
Firestone-Apsley Rubber, pref
3)4 Jan. 1 Dec. 29 to Jan. 1
Fleischmann Co., preferred (quay.)
1
Jan. 1 Holders of rec. Dec. 15
Flint Mills
*4
Jan. 1 *Holders of rec. Dec. 8
Stock dividend
*50
it tilled by sto khol lers Dec. 20
Galena-Signal Oil. common
1
Dec. 30 Holders of rec. Nov.29a
Old and new preferred (guar.)
2
Dec. 30 Holders of rec. Nov.29a
Garfield Safe Deposit
4
Dec. 27 Dec. 14 to Dec. 27
Extra
2
Dec. 27 Dec. 14 to Dec. 27
General Amer. Tank Car, common
$1.50 Jan. 1 Holders of rec. Dec. 153
Preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 153
General Baking, corn. & pref. (quar.)__ _
2
Dec. 30 Holders of rec. Dec. 167
General Baking (stock dividend)
200 Dec. 28 Holders of rec.Dec (2)227
General Cigar, debenture pref. (quar.)_ _
131 Jan. 2 Holders of rec. Dec. 23a
General Electric, common (guar.)
Jan. 15 Holders of rec. Dec. 7a
Special stock
15c. Jan. 15 Holders of rec. Dec. 7a
General Fir,. Extinwilsher (stock div.)_ _ *e20
General Railway Signal, pref. (quar.)
1;.6 Jan. 2 Holders of rec. Dec. 20
Gimbel Brothers, preferred (guar.)
1)1 Feb. 1 Holders of rec. Jan. 153
Grasselli Chemical, common (quar.)_ _ _ _
Dec. 30 Holders of rec. Dec. 15a
Preferred quay.)
131 Dec. 30 Holders of rec. Dee. 15a
Goodrich (B. F.) Co.. preferred (quar.)_
Jan. 2 Holders of rec Dec. 22a
Name of Company.
Form 115.
THE CHRONICLE
2768
Per
When
Cent. Payable.
Books Closed.
Days D.clusire.
Name of Company.
When
Per
Cent. Payable.
!Wks Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Jan. 10 Holders of rec. Dec. 20a
N.Y.Plate Glass Ins.(stock dividend)._ e33 1-3 Ratified by stockholders Dec. 15
Goodyear Tire & Rubb. of Can.,pf.(qu.)
Jan. 2 Holders of rec. Dec. 29a
Jan. 10 Holders of rec. Dec. 20a New York State Realty & Terminal__ __ 6
Prior preference (guar.)
Jan. 2 Holders of rec. Dec. 20
131 Jan. 2 Holders of rec. Dec. 15
New York Steam Corp., pref. (guar.)._ _
Goulds Manufacturing, corn. (quar.)_....
Jan. 2 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 6
New York Transit
Preferred (guar.)
Dec. 30 Dec. 16 to Jan. 1
Dec. 30 Holders of rec. Dec. 6
80
Special
Great Lakes Towing, common (quar.)...
Jan. 20 Dec. 31 to Jan. 17
Jan. 2 Dec. 16 to Jan. 2
Nipissing Mines (guar.)
3
Preferred (guar.)
_
_
_
common_
20 Dec. 31 to Jan. 17
Jan.
3
Jan.
Extra
2
new
Sugar,
157
Western
of
Great
Holders
rec. Dec.
Jan. 2 Holders of rec. Dec. 153 North American Co., COM. (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 5a
Preferred (quan)
Jan. 2 Holders of reo. Dec. 15
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 51
Greenfield Tap & Die Corp., pref.(qu).
5
Jan. 3 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 4
Northern Pipe Line
Guantanamo Sugar, pref. (guar.)
Jan. 2 Holders of rec. Dec. 15a
15
Special
Jan. 1 Holders of rec. Dec. 4
Gulf States Steel, 1st pref. (quar.)
"1
Jan. 2 *Holders of rec. Dec. 16
50e. Dec. 30 Holders of rec. Dec. 9a
Nunnally Co
Hamilton-Brown Shoe (extra)
(guar.)
Mills
stock)
e25
in
Flour
(payable
3
Jan. 2 Holders of rec. Dec. 21a
Ogilvie
oliamilton-Brown Shoe
(o)
1% Jan. 1 Holders of rec. Dee. 20a Ohio Oil (guar.)
"33
Dec. 30 "Dec. 2 to Jan. 1
Hanes (P. H.) Knitting (guar.)
"e300 Dec. 30 'Holders of rec. Dec. 1
Stock dividend
Harbison-Walker Refrac., pref. (guar - 1% Jan. 20 Holders of rec. Jan. 100
Gas
1
Jan. 20 Holders of rec. Dec. 267
Hart,Schaffner & Marx,Inc., pref.(qu.) 14 Dec. 28 Holders of rec. Dec. 19a Oklahoma Natural
'e25
2
Jan. 1 Holders of rec. Dee. 15a
Hathaway Mfg. Co
Orpheum Circuit, Inc.. pref. (quar.)_
(guar.)
Mfg.
1
3
corn.
Jan. 2 Holders of rec. Dec. 15
Co.,
Jan.
Car
2
W.)
(Geo.
Ottawa
(quar.)..
Helme
Holders of rec. Dec. 18z
4
2
Jan. 2 Holders of rec. Dec. 182
Jan. 2 Holders of rec. Dec. 15
Bonus
Common (extra)
50c. Jan. 1 Holders of rec. Dec. 16a
13( Jan. 2 Holders of rec. Dec. 182 Owens Bottle Co., common (quar.)._
Preferred (guar.)
ln Jan. 2 Holders of rec. Dec. 20a
131 Jan. 1 Holders of rec. Dec. 16a
Preferred (quar.)
Hendee Mfg., pref. (guar.)
1% Dec. 23 Dec. 16 to Dec. 22
3
Jan. 2 holders of rec. Dec. 15a
Hercules Powder, corn. (guar.)
Pacific Burt Co., common
1 ‘, Jan. 2 Holders of rec. 1)ec. 26
s. preferred (guar.) _ _ _
1% Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
Hibernia Securiii,
1
5e10.)
Dec. 30 Holders of rec. Dec. 15
Hollinger Cons. Gold Mines
Pacific Mills (stock dividend)
50c. Dec. 26 Holders of rec. Dec. 20.1 Pacific Oil
$1.50 Jan. 20 Holders of rec. Dec. 15a
Homestake Mining (monthly)
Al
3
Dee. 30 Dec. 21 to Jan. 1
Hood Rubber. common (guar.)
Jan. 2 Holders of rec. Dee. 152
Paige-Detroit Motor, corn. (quar.)
50c. Jan. 2 Holders of rec. Dec. 227
Hudson Motor Car (guar.)
Common (payable in common stock). 1100 Dec. 29 Dec. 23 to Dec. 29
25c. Jan. 2 Holders of rec. Dec. 227
131 Jan. 2 Holders of rec. Dec. 153
Extra
Preferred (quar.)
"50c. Jan. 4 *Holders of rec. Dec. 28
Hurley Machine, corn. (guar.)
Feb. 8 *Holders of rec. Dec. 29
Pan Amer. Pet. & Transp., corn. A & B_ *e20
*110
Common (in stock)
Jan. 20 Holders of rec. Dec. 300
'Holders of rec. Dec. 20
van-Am. Petrol. & Trans..cm.A&B(qu.) $2
$2
.13.i Jan. 2 'Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 21a
Panhandle Prod. & Ref., pref. (quar.)
Preferred (guar.)
i)
(No.
Smelting
&
10c.
Mining
8
Jan. 1 Holders of rec. Dec. 15
Dec. 30 Nov.30 to Dec. 26
Illinois Pipe Line
Park City
1.5c. Dec. 21 Holders of rec. Dec. 11
25c. Jan. 1 Holders of rec. Dec. loa
Imperial Oil,common (quar.)
Park Utah Mining (quar.)
el00
Sc. Jan. 1 Holders of rec. Dec. 10a Parke-Davis & Co.(stock dividend).Dec. 28 Dec. 19 to Jan. 1
Common (extra)
75c. Dec. 31 lIolders of rec. 1)ec. la
20c
Jan. 1 Holoers of rec. Dec. lna Peerless truck & Motor (quar.)
Preferred (guar.)
131 Dec. 30 Holders of rec. Dec. 200
Jan. 2 'Holders of rec. Dee. 20
Penney (J. C.) Co.,Pref. (quar.)
Independent Pneumatic Tool (quar.)... .2
.2
Jan. 2 *Holders of rec. Dec. 20
Special
Pettibone,Milliken Co., 1st & 2d pf.(qu.) 131 Jan. 2 Holders of rec. Dec. 21a
.fan. 2 Holders of rec. Dec. 202
81
$2 Feb. 15 Holders of rec. Jan. 15
Indiana Pipe Line (quar.)
Phelps Dodge tlorn. (quar.)
.110 Dec. 30 'Holders of rec. Dec. 20
$20 Dec. 30 Holders of rec. Dec. la Phila. & Camden Ferry (special)
Indiana Pipe Line Co (special)
(guar.)
50c.
Jan. 2 Holders of rec. Dec. 15a
Petroleum
10
cash)
Jan.
(special,
5
cond.
:Ingersoll-Rand Co.,
Holders of rec. Dec. 15s Phillips
3
131 Jan. 1 Dec. 22 to Dec. 30
Jan. 2 Holders of rec. Dec. 18 z Pick (Albert) & Co., pref. (guar.)
Ingersoll-Rand Co., preferred
.8
4
Jan. 2 Holders of rec. Dec. 23a Pierce Manufacturing Co.(guar.)
Intercolonial Coal Mining, corn
*18
3% Jan
2 Holders of rec. Dec. 23a
Preferred
Extra
.$20
Internat. Button Hole Sew. Mach.(qu.) 10c, Jan, 2 Holders of rec. Dec. 15
Pierce Mfg
"50
Subj. to stockholders' meeting.
75c. Dec. 30 Holders of rec. Dec. 15a
International Cement, common (guar.).
Stock dividend
2
Dec. 31 Holders of rec. Dec. 15a
131 Dec. 30 Holders of rec. Dec. 15a Pittsburgh Plate Glass (guar.)
Preferred (guar.)
Jan. 20 Holders of rec. Jan. 53
5
1% Jan. 15 Holders of rec. Dec. 237
Internat. Harvester, corn. (guar.)
Extra
.e30
to st'kh'rs meeting Jan. 29
Subj.
dividend
12
common
in
(payable
_
_
Jan.
stock)
25
Common
Stock
Holders of rec. Dec. 237
Dee. 30 Holders of rec. Dec. 23a
13' Jan. 1 Holders of rec. Dec. 15a 'Pittsburgh RollsCorporation,com .special 2
International Salt (guar.)
Jan. 1 Holders of rec. Dec. 23a
13 Jan. 1 Dec. 16 to Jan. 1
International Silver, pref. (guar.)
Preferred (guar.)
.e100 Subj. to stkholders meet'g Jan 20
1
Pref. (account accum. dividends)._
Jan. 1 Dec. 16 to Jan. 1
Plymouth Cordage (stock div.)
37%c. Jan. 1 Holders of rec. Dec. 203
3
Jan
Inter-State Gasoline, common
1 Dec. 2 to Jan. 1
Pond Creek Coal, common (quar.)
.$25
.$2
Intertype Corp., 1st pref. (guar.)
Potornska Mills
Jan. 2 'Holders of rec. Dec. 15
(quar.)
2
Jan. 31 Holders of rec. Dec. 30a
Gas
.83
Second preferred
Jan
2 "Holders of rec. Dec. 15
Prairie Oil&
1)1w. 29
1'(1 to
,
Dr
e200
Island Creek Coal, corn. (guar.)
52 Jan
1 Holders of rec. Dec. 20a Prairie Oil & Gas (stock dividend)
Holders of rec. Dec. 27
*e200
Common (extra)
55 Jan. 1 Holders of rec. Dec. 20s Prairie Pipe Line (stock dividend)
18
Dec.
rec.
of
Holders
(quar.)
Co..
Ltd.
Preferred (guar.)
51 50 Jan, 1 Holders of rec. Dec. 201 Price Brothers dr
31 Jan. 2
Jones Bros. Tea, corn. (quay.)
131 Jan. 2 Holders of rec. Dec. 15
$I
Jan. 15 Holders of rec. Dec.d29a Provincial Paper Mills, corn. (quar.)
Preferred (Tzar.)
Jan. 2 Holders of rec. Dec. 15
13 Dec. 30 Holders of rec. Dec. 157
Common (special)
Kanawha & Hocking Coal & Coke, pref. 33 Jan. 1 Holders of rec. Dec. 152
131 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
2
Kaufmann Dept. Stores, pref. (guar.)._
Feb. 15 Holders of rec. Jan. 31a
Pullman Company (quar.)
14 Jan. 2 Holders of rec. Dec. 20
(quar.)
pref.
Kelly-Springfield Tire, pref. (guar.). _ _ _
2
Jan. 2 Holders of rec. Dec. 15a
13 Jan. 2 Holders of rec. Dec. 151 Pure Oil,8%
Kelsey Wheel, common (guar.)
131 Jan. 2 Holders of rec. Dec. 15a
$1.50 Jan. 2 Holders of rec. Dec. 20z
Six per cent pref. (guar.)
Kennecott Copper Corp. (quar.)
75e. Jan. 15 Holders of rec. Dec. 222
Five and one-quarter per cent pf. (mt.) 131 Ian. 2 Holders of rec. Dec. 15a
Kerr Lake Mines, Ltd. (quar.)
123c. Jan. 15 Holders of rec. Jan. 2a Quaker Oats, common (guar.)
231 Jan. 15 Holders of rec. Dec. 30a
Kilburn Mill (stock (lividend)
*elfl
Pied by stockholders Dec. 18
Preferred (quar.)
131 Feb. 28 Holders of rec. Feb. la
King Philip Mills (quar.)
e60 Rat. by stockholders meet.Dec. 20
+1 3 Jan. 2 'Holders of rec. Dec. 20
Quissett Mina (stock dividend)
Kirby Lumber, pref
2
(1) Dec. 30 Holders of rec. Dec. 20
Dec. 30 Holders of rec. Dec. 16a
Hallway Steel-Spring, tom. (quar.)
Extra
20. Jan. 1 Holders of rec. Dec. 10a
14 Dec. 30 Holders of rec. Dec. 20
Ranger Texas 011 (quar.)
it.
Kresge (S. S.) Co., common
1 Holders of rec. Dec. 10a
Jan.
33 Dec. 30 Holders of rec. Dec. 16a
Extra
Preferred (guar.)
3
Jan. 15 Holders of rec. Jan. 5
14 Dec. 30 Holders of rec. Dec. 16a Realty Associates
Kress (S. H.) & Co., pref. (guar.)
2
1% Jan. 2 Holders of rec. Dec. 20t
Jan. 15 Holders of rec. Jan. 5
Extra
3
Kroger Grocery & Baking, new pf.(qu.). I% Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Reece Buttonhole Machine (quar.)
Laclede Steel
*2
31 Jan. 2 Holders of rec. Dec. 15
Dec. 30 *Holders of rec. Dec. 15
Reece Folding Machine (quar.)
(guar.)
common
131
Car,
Jan. 2 Holders of rec. Dec. 15a
Lanett Mills (payable in stock)
.e100 Sub, to stIthldrs' meet. Dec. 28
Motor
Reo
Laurens Cotton Mills
Jan. 2 Holders of rec. Dec. 15a
33. Dec. 31 H driers of rec. Dec. 23a
Common (extra)
13 Jan. 2 Holders of rec. Dec. 22
Itcynolds(1e.J.)1'ou., com.&com.13 (qu.) 75c. Jan. 1 Holders of rec. Dec. 180
Laurentide Co. (quar.)
Lehigh Valley Coal Sales (quar.)
$2 Jan. 2 Holders of rec. Dec. 14a
i3( Jan. 1 Holders of rec. Dec. 18a
Preferred (guar.)
13 Jan. 1 Dec. 22 to Jan. 1
Library Bureau,common (guar.)
131 Jan. 1 Holders of tee. Dec. 18a
Reynolds Spring, pref. A & 13 (guar.)._
2
Jan. 1 Dec. 16 to Jan. 1
Preferred (guar.)
Richardson Co., pref. (quar.)
Jan. 1 Dec. 22 to Jan. 1
Si
Jan. 2 Holders of rec. Dec. 21
1% Jan. 1 Holders of rec. Dec. 152 Richman Brothers (quar.)
Liggett & Myers Tobacco, pref. Mara_
50c. Jan. 2 Holders of rec. Dec. 21
*e40
Lincoln Mfg. (stock dividend)
Sub iect to st fildrs.'meet.Dee. 21
Extra
el00
Dec. 31 Holders of rec. Dec. 21
Lit Bros.(payable in stock)
*e100 Subi. to stockh'rs' meet. De0.28.
Stock dividend
.5
Feb. 1 *Holders of rec. Dec. 30
Lockwood Co. (stock dividend)
.e44
Rickenbacker Motor Co.(No. 1)
Itw ifics1 by WO .kivAiers Dee. 15
Jan. 2 Holders of roc. Dec. 15a
1% Jan. 2 Holders of rec. Dec. 16a Rogers (Win. A.) Co., pref. (quar.)
Loose-Wiles Biscuit, 1st pref. (quar.)
2
Dec. 30 Holders of rec. Dec. 15a
7
Second Preferred (annual)
Feb. 1 Holders of rec. Jan. 20a Royal Baking Powder, corn. (quar.). _ _ _
2
Dec. 30 Holders of rec. Dec. 1.5a
3
Common (extra)
Lorillard (P.) Co., corn.(guar.)
Jan. 2 Holders of rec. Dec. 15i
131 Dec. 30 Holders of rec. Dec. 15a
Preferred (guar.)
13j Jan. 2 Holders of rec. Dec. 15t
Preferred (guar.)
Jan. 1
'10
25c. Dec. 30 Holders of rec. Dec. 20/ Royal Dutch (Interim)
Loft, Inc. (quar.)
131 Dec. 23 Holders of rec. Dee. 121
.1% Dec. 30 Holders of rec. Dec. 23
Lone Star Gas (guar.)
Safety Car Heat & Ltg. (quar.)
e66 2-3 Subj. to stockholders meet. Dec. 18
31
Dec. 28 Holders of rec. Dec. 187 sagamore Mfg. (stock dividend)
Mack Trucks, corn.(No. 1)
25c. Mar .20 Mar. 10 to Mar. 20
(quar.)
(guar.)
13j Jan. 2 Holders of rec. Dec. 204 St. Joseph Lead
let & 2d pref.
25c. Mar. 20 Mar. 10 to Mar. 20
Macy (It. II.) & co., Inc., pref.(guar.).
13( Feb. 1 Hclders of rec. Jan. 13a
Extra
'2
Jan. 2 *Holders of rec. Dec. 20
25c. Dec. 30 Holders of rec. Dec. 23a St. Louis National Stock Yards
Magor Car Corp.,corn
1
(qu.)
corn.
Co.,
Dec. 30 Holders of rec. Dec. 16a
Pac.
&
1% Dec. 30 Holders of rec. Dec. 23a St. L. Rocky Mt.
Preferred (quar.)
1% Dec. 30 Holders of rec. Dec. 16a
Mallinson (H. It.) & Co., Inc.. 111.(qu.) 131 Jan. 2 Holders of rec. Dec. 20a
Preferred (guar.)
1;1
(guar.)
Dec. 27 Holders of rec. Dec. 20
Pacer
Manatl Sugar, pref. (guar.)
Jan.
131
2 Holders of rec. Dec. 15a St. NIzturice
.5
Jan. 15
Manhattan Electrical Supply (guar.)._ _ 51
Jan. 2 Holders of rec. Dec. 201 Santee Cotton Mills
.e50
Manhattan Shirt, pref. (guar.)
131 Jan. 2 Holders of rec. Dec. 18a
Stock dividend
Dec. 29 Holders of rec. Dec. 15
2
Maple Leaf Milling, coin. (guar.)
Jan. 18 Holders of rec. Jan. 3a Schulte Retail Stores, corn.(in pref. etk.) $5
3
Dec. 30 Dec.d27 to Jan. 1
131 Jan. 18 Holders of rec. Jan. 3a Sootten-villon Co. (guar.)
Preferred (guar.)
10
Dec. 30 Dec.d27 to Jan. 1
El
Marlancl Oil (guar.)
Jan. 2 Holders of rec. Dec. 20a
Extra
Mathleson Alkali Works, pref. (quar.).. 14 Jan. 2 Holders of rec. Dec. 20
Scott & Williams, Inc., corn. (in stock). ".(60
131 Jan. 1 Dec. 24 to Jan. 1
25c. Jan. 2 Holders of rec. Dec. la scovill Mfg. ((lltar.)
McIntyre Porcupine Mines, Ltd
1% Jan. 1 Holders of rec. Dec. 15a
Maverick Mills (guar.)
51.50 Jan. 2 Holders of. rec. Dec. 153 Sears, Roebuck & Co., pref.(quar.)._
25e. Ian din Holders of roe. Dec. 29
May Department Stores, corn.(quar.)_ _ *236 Mar. 1 'Holders of rec. Feb. 15
Shell moon DU. ciltala0,1 (guar.)
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 15a Sherwin, WilliamsCo., Can.,corn.(qu.). 131 Dec. 31 Holders of rec. Dec. 15
131 Dec. 31 Holders of rec. Dec. 15
1% Jan. 2 Holders of rec. Dec. 20a
McCall Corp., 1st pref. (guar.)
Preferred (guar.)
_ $5
Dec. 31 Holders of rec. Dee. 30
McCrory Stores Corp., pref. (quar.). _ _ _ +131 Jan. 2 "Holders of rec. Dec. 20
Sinaloa Exploration & Development_ __
833 1-3 (m)
Merchants Despatch Transp. (quar.)_ _
23.-s Dec. 30 Holders of rec. Dec. 271 in Singer Mfg.(Layable in stock)
stook)
*8100
in
*Holders of rec. Dec.423
(payable
(z)
(guar.)
Linotype
Mergenthaler
23 Dec. 30 Holders of rec. Dec. in z Solar Refining
Jan. 1 HoldIrs of rec. Dec. 22
Merrimack Chemical (quar.)
$1.25 Dec. 30 Holders of rec. Dec. 16
Southeastern Express
1
(monthly)
Holders of rec. Dec. 30
Jan.
20
011
2
Mexican Crude Rubber
States
Jan. 2 Dec. 25 to Jan. 1
Southern
Jan. 20 Holders of rec. Dec. 310
*4
Mexican Petroleum, coin. (guar.)
Jan. 20 Holders of rec. Dec. 29
Southern States Oil (payable in stock)_ _ e8
(quar.).__
2
Dec. 30 Holders of rec. Dec. 90
Preferred (quar.)
*82
Jan. 10 Holders of rec. Dec. 29
South Porto Rico Sugar, pref.
(quar.)._
4
Dec. 30 Holders of rec. Dec. 15
*231 Jan. 25 'Holders of rec. Jan. 15
Michigan Stamping (guar.)
South West Pa Pine Lines
2
Jan. 2 Holders of rec. Dec. 21a
*1
Extra
Jan. 25 "Holders of rec. Jan. 15
Spicer Manufacturing, pref. (quar.)
el00
,tock div.
Pllec.30 Holders of too. Deo. t9a
(Calif.)
011
Middle States 011 (guar.)
30c. Jan. I Holders of rec. Dec. 10
Standard
p
.6100
(4) 'Holders of rec. Dec. 28
Extra (in stk. Oil Lease Devel. Co.). (k) Jan. 1 Holders of rec. Dec. 10
Standard 011 (Indiana) (in stock)
Dec. 16
*4
Midwest 011. corn. (guar.)
Jan. 15 "Holders of rec. Jan. 2
Standard 011 (Kansas) (stock dividend)_ 'e300 Dec. 30 'Holders of rec. Jan. 2
$1.25 Dec. 30 Dec. 16 to
Montgomery Ward & Co.. pref. (guar.) _
13. fan. 1 Holders of rec. Dec. 21a Standard 011 (KentUcky)(guar.)
$5
Dec. 30 Dec. 16 to Jan. 2
20c. Jan. 2 Holders of rec. Dec. 152
Mountain Producers (guar.)
Extra
66 2-3 Dec. 30 'Holders of rec. Deo.115
50c Dec. 30 Holders of rec. Dec. 20a
Mother Lode Coalition Mines
1 Stock dividend
3
Jan. 1 Holders of red. Nov. 24
National Biscuit, new common (quar.)_ _
75c. Jan. 15 Holders of rec. Dec. 30a Standard Oil (Ohio), common (quar.).
1
Jan. 1 Holders of rec. Nov. 24
Extra
Common (payable in common stock). f75
Dec. 30 Holders of rec. Nov.244
3
Dec. 30 Holders of rec. Dec. 26a
(quar.)
Deposit
Safe
Standard
Holders
of
Nat. Breweries (Canada), corn
$1 Jan. 2
rec. Dec. 152
2
Dec. 30 Holders of rec. Dec. 26a
Extra
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 15z
.170 Subj. to stockholders meet. Dec.22
National Enam.& StPg.. Pref. (guar.).- 131 Dec. 30 Holders of rec. Dec. 9a Standard Screw (stock dividend) (qu.)
Feb. 1 Amide:3 of rec. Jan. 9
pref.
131
&
coin.
Canada,
Steel Co. of
_ el00
National Fuel Gas (payable in stock)..
Dec. 30 Dec.t16 to Jan. 1
1% Jan. 1 Holders of rec. Dec. 23a
(guar.)_
Jan. 1 Holders of rec. Dec. 21
National Grocer. pref
3
Steel & Tube Co.of Amer., pref.
"e25
Holders of rec. Dec. 22
dividend)
(stock
Salt
Sterling
Holders
rec.
of
15a
National Lead, corn. (guar.)
2
Dec.
30
Dec.
.15
Jail. 15 "tioiders of rec. Oct. 31
National Licorice, common
23 Jab. 9 Holders of rec. Jan. 3a stetson (J. B.) Co., corn
*4
Jan. 15 'Holders of rec. Oct. 31
Preferred
Preferred (quar.)
13 Dec. 30 Holders of rec. Dec. 22a
2 Holders of rec. Dec. 14a
Stromberg Carburetor (quar.) stock)_ 51.25 Jan.
National Refitting, pref.(guar.)
Jan. 2 Holders of rec. Dec. 15
2
/25
Dec. 29 Hold of rec. Dec.(2)162
Studebaker Corp., corn. (in corn.
National Sugar Refining (guar.)
131 Jan. 2 Holders of rec. Dec. 11
500. Dec. 31 Holders of rec. Dec.:10
National Surety (quar.)
Jan. 2 Holders of rec Dec. is Submarine Signal (guar.)
3
75c. Jan. 15 Jan. 1 to Jan. 15
National Surety (stock dividend)
(3)
Holders of re^. Dec. 29a Sullivan Machinery (guar.)
1 Dec. 10 to Jan. 4
Jan
2
N•cild Mills (stock dividen(i)
'e50 Subj. to spec. meet'g of stkholders Swift & Co. (quar.)
20c. Jan. 1 Holders of rec. Dec. 10a
Texas Chief Oil (quar.)
New River Co., pref.(acct. accum .). _ _ _ 31.50 Dec. 28 Holders of rec. Dec. 20
10c.
1 Holders of rec. Dec. 10a
Jan.
Extra
New York Air Brake, class A (quar.)-- 84o Jan. 1 Holders of rec. Dec. 117
75c. Dec. 30 Holders of rec. Dec. in
New York Dock, preferred
23 Jan. 15 Holders of rec. Jan. 62 Texas Company (quar.)
DEC.23 1922.]
Name of Company•
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
2769
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. 16. 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.
Miscellaneous (Concluded).
25(3. Jan. 2 Holders of rec. Dec. 9a
Texas Pacific Coal & Oil(quar.)
Jan. 1 *Holders of rec. Dec. 23
Thompson (John R.) Co.,com.(mthly.)_ *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 (raw.)
Jan. 2 Holders of rec. Dec. 18a
Tobacco Products Corp., prof. (quar.)_ _
Jan. 1 Dec. 16 to Dec. 21
Tonopah Belmont Devel. (quar.)
Jan. 1 Holders of rec. Dec. ha
Tonopah Extension Mining (guar.)
Jan. 1 Holders of rec. Dec. lie
Extra
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Tonopah Mining
Jan. 5 Dec. 17 to Dec. 25
(Bated in thousands of dollars-thal is, three ciphers [000] omitted.)
Traylor Engineering & Mfg.. Pi. (qu.)_ _
Jan. 2 'Holders of rec. Dec. 23
Truscou Steel, common (guar.)
Jan. 15 Holders of rec. Jan. 5a
Turman Oil (monthly)
New 1
Jan. 20 Holders of rec. Dec. 30
Underwood Typewriter, com. (quar.)_ _
Capital.! Profits. LOaft8,
Jan. 1 Holders of rec. Dec. 2a
Reserve
Week ending
Preferred (quar.)
Time Baal
Net
Jan. 1 Holders of rec. Dec. 2a
Discount, Cash
with
(quar.)
Paper
Dec.
16 1922 Nat'l, Sept.15 InvestUnion Bag &
De- CircaJan. 15 Ilolders of rec. Jan. 12a
Legal Demand
in
Union Carbide & Carbon (quar.)
State, Nov.15 ments. Vault. Deposi- Deposits. Posits. IkiJan. 1 Holders of rec. Dec. 8a
(000 omitted.) Tr.Cos, Nov.15
Union Natural Gas (quar.)
lion.
Jan. 15 Dec. 16 to Jan. 1
&c.
tories.
dividend
Stock
-Dec. 30 Dec. 16 to Jan. 1
Union Tank Car (stock dividend)
Dec. 28 Holders of rec. Dec. 22a Members of F d. Res. Bank. Average Average Average Average Average1 Avge.
United Drug, 1st pref. (quar.)
Feb. 1 Holders of rec. Jan. 15a Bank of N Y
S
$
S
S
$
S
$
$
Second preferred (guar.)
Trust Co_ _ _
Mar. 1 Holders of rec. Feb. 15
4,000 11,841
67,103
48,588 5,949
810 6,731
United Dyewood, common (quar.)
1)4 Jan. 2 Holders of rec. Dec. 15a Bk of Manhat' 10,000 12,500 124,159 2,585 13,900
100,858 17,925
Preferred (quar.)
Mech&
Met
Bat 10,000 17,847 170,460 4,639 20,688
14, Jan. 2 Holders of rec. Dec. 15a
994
159,191 5,841
United Fruit (quar.)
2
Jan. 15 Holders of rec. Dec. 20a Bk of America_ _ 5,500 4,551
69,596 1,503 9,329
68,979 2,832
Extra
2
Jan. 15 Holders of rec. Dec. 20a Nat City Bank_ 40,000 50,929 505,564 7,313 62,067 *564,400 61,731 2,138
United Retail Stores, Class A (cash)_ _
2
Dec. 30 Holders of rec. Dec. ha Chem Nat Ban
4,500 16,004 114,586 1,195 12,808
345
94,987 10,557
Special (in Un.Ret.Stores Candy stk.)
Dec. 30 Holders of rec. Dec. ha Nat Butch & D
603
75
214
500
4,065
4,880
7 297
United Shoe Machinery, cons. (guar.)
Amer Exch Nat 5,000 7,846
50c. Jan. 5 Holders of rec. Dec. 19
76,462 7,849 4,961
95,440 1,261 10,923
Preferred (quar.)
Nat Bk of Com_ 25,000 37,778 340,336
Ian. r Holders of rec. Dec. 19
254,538 14,318 932 33,236
U.S. Gypsum,common (quar.)
Pacific Bank___ 1,000 1,701
1
Dec. 31 Dec. 16 to Jan. 1
23,911
22,803 1,327 3,577
908
Common (payable in common stock)_ _ 110
Chat& PhenNa 10,500 9,810 149,683 6,308 17,934
Dec. 31 Dec. 16 to Jan. 1
121,719 24,172 5,854
Preferred (Qum.)
Hanover Nat B
5,000 20,529 112,947
Dec. 31 Dec. 16 to Jan. 1
100,288
100
13,573
428
U. S. Playing Card (guar.)
Corn Exchange_ 8,250 11,553 169,442 7,485 21,151
Si Jan. 1 Holders of rec. Dec. 20
153,507 22,312 ___ _
Extra
Imp & Trad Na
50
Jan. 1 holder' of rec. Dec, 20
1,500 8,627
26,024
51
968
3,450
34,561
613
U. S. Print. & Litho., 1st pref. (guar.) _
National Park_ _ 10,000 23,757 156,577
1% Jan. 1 Holders of rec. Dec. 21
121,224 5,513 5,451
919 15,899
U.S.Radiator, pref.(acct.accum. divs-) h14
East River Nat_ 1,000
Jan. 15 Holders of rec. Dec. 15
12,532 2,043
50
834
14,652
328 1,731
U. S. Realty & 'mot.(quar.)
1
rec. Mar. 8a First National_ _ 10,000 47,398 310,045
171,165 27,546 7,283
529 23,080
United States Steel Corp.. coin.(quar.). 13( Mar. 15 Holders of to Nov.30
Irving National 12,500 11,027 188,418 4,483 25,251
185,810 8,733 2,514
Dec. 30 Nov. 29
U.S. Tobacco,common (quar.)
75e. Jan. 2 Holders of rec. Dec. 18s Continental Bic _ 1,000
6,116
920
360 - --865
7,498
145
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 181 Chase National_ 20,00 21,787 318,971 4,631 39,873
289,596 30,413 1,096
Universal Leaf Tobacco, corn. (guar.) _ _
Fifth Avenue_ _
3
5001 2,430
Jan. 2 Holders of roe. Dec. 15
20,846
23,212
887 2,918
- -Preferred (quar.)
Commonwealth.
2
40
975
Jan. 2 Holders of rec. Dec. 15
8,434
96
8,746
527 1,096
Utah Copper Co.(guar.)
50e. Dec. 30 Holders of rec. Dec. 15a Garfield Nat..
1,000 1,621
397
14,239
33
14,470
485 2,503
Vacuum 011 (stock dividend)
Fifth National_ 1,2001 1,058
"e300 Dec .30 "Dec. 16 to Dec. 29
778
248
16,793
17,213
278 2,274
Van Zandt, Inc. (stock dividend)
Seaboard Nat_ _ 4,000 6,934
"e114
64
71,801 1,559
75,330
221 9,541
Virginia Iron, Coal & Coke, prof
2
Jan. 2 Holders of rec. Dec. 15a Coal & Iron Na
415
858
12,813
15,361
836 1,708
1.5001 1,339
Vulcan Detinning, pref. & pref. A
1)4 Jan. 20 Holders of rec. Jan. 9a Bankers Tr Co_ 20,000 25,039 261,817 1,248 29,491 *230,958 21,809 - - - Wabasso Cotton Co. (guar.)
US Mtge & Tr_ 3,000 4,419
SI
Jan. 2 Holders of rec. Dec. 15
44,391 5,586
53,383
889 5,922
Wahl Co., common (monthly)
500. Jan. 1 Holders of rec. Dec. 22a Guaranty Trust 25,000 17,654 358,598 1,551 40,612 *378,505 31,061
Preferred ((max.)
1.g Jan. 1 Holders of rec. Dec. 22a Fidel-Intern Tr. 1,500 1,866
660 -17,335
19,720
393 2,279
Waldorf System, common (quar.)
50c. Jan. 2 Holders of rec. Dec. 20a Columbia Trust 5,000 8,003
75,067 5,869
80,465 1,083 9,843
First preferred (quar.)
20c. Jan. 2 Holders of rec. Dec. 20a N Y Trust Co_ _ 10,000 17,696 147,344
117,482 11,992 __
527 15,878
Second preferred (quar.)
20c. Jan. 2 Holders of rec. Dec. 20
Metropolitan Tr 2,000 3,804
38,380
31,686 4,787 -612 4,314
Walton Adding Machine, Prof. (quar.)._ "1U Jan.
Farm Loan & T
5,000 15,065 127,337
1 *Holders of rec. Dec. 20
*91,483 26,436
696 13,015
Waiworth Mfg.. Pref. (quar.)
Columbia Bank 2,000 2,115
Dec. 30 *Holders of rec. Dec. 20
28,532
29,451 2,042
920 3,958
Wamsutta Mills (stock dividend)
*50c. Subject to st klaidrs' meet. Dee. 26
Equitable Trust 12,000 15,754 142,746 1,563 21,793 *185,813 12,577 -Ward Baking,common (quar.)
*2
Jan. 2 Holders of rec. Dec. 20
Common (extra)
*5
Total of averages 279,350443,2704,390,375 61,225503,814 c3,710,645376,11832,258
Common (payable in common stock) _ _ *1.20 Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
Totals. actual on ndition Dec. 16 468 356 60,754 539,790c3,765,6521372,15932,365
*1
Jan. 2 Holders of rec. Dec. 20
Washburn Wire, corn, stock div.)
*300
Totals, actual co adition Dec. 9 4' '
14,369.163 58,521 513,569.c3,691,468 377,592 32,159
Wayne Coal(No. 1)
2
Totals, actual co ndition Dec. 24,398,558
30
Dec.
Dec.
30
to
30
Nov.
56,250491,309c3,757,311 379,49632,112
West Coast Oil (guar.)
State Banks Not Me,mbers of F d'I Res've Bank.
*81.50 Jan. 5 *Holders of roe. Dec. 30
West Point Manufacturing
3
Greenwich 13ank 1,000, 2,119
Jan. 1 Holders of rec. Dec. 15
18,538 1,734 2,025
19,095
56 -- -Western Electric, common (quar.)
2;.6 Dee. 30 Holders of rec. Dec. 12a Bowery Bank_ _
250
877
5,576
368
413
2,829 2,092 _ _ _ _
Preferred (quar.)
Dec. 30 Holders of rec. Dec. 12.7 State 13ank____ 2,500 4.684
82,938 3,486 1,865
28,470 51,541
Western Grocer. preferred
Jan. 1 Holders of rec. Dec. 21
Westinghouse Elec. & Mfg., corn. (qu.)- Si
3,750 7.681 107,052 5,588 4,303
Jan. 31 Holders of rec. Dec. 291 Total of average
50,394 53,689
Preferred (quar.)
Si
Jan. 15 Holders of rec. Dec. 29t
White Eagle 011 & Ref. (quar.)
50c. Jan. 20 Holders of rec. Dec. 31a Totals, actual co ndition Dec. 16 106,853 5,695 4,562
50,683 53,737 __-_
White Eagle Oil & Ref. (in stock)
Totals, actual co ndition Dec. 9 107,279 5,566 4,280
25
22a
Dec.
Dec.
26
rec.
Holders
of
50,768 53,588 --White Motor (quar.)
$1
Dee. 30 Holders of rec. Dec. 20a Totals, actual co million Dec. 2 106,477 5,487 4,103
49,836 53,424
Whiting & Davis (stock dividend)
Trust Compan les Not Members of Fe d'I Res've Bk.
*e900
*Holders of rec. Dec. 5
Whitin Machine Works (stk. div.)
Title Guar & 'rr 7,500 15,066
'e 40,
51,822 1,560 3,469
33,429 1,010
Williams Tool, preferred
Lawyers Tit & T 4,000 6,832
Jan. 3 *Holders of rec. Dec. 20
25,409
905 1,583
835
15,820
Wilson & Co.. Inc., pref. (quar.)
1 34 Jan. 2 Holders of rec. 1)ec. 23a
Wiscassette Mills (stock dividend)
Total of averages 11,500 21.899
*e200
77,231 2,465 5,052
49,249 1,845 .._-..
Woodruff Cotton Mills
10
Jan. I Holders of rec. Dec. 31a
Woolworth (F. W.) Co., pref. (quar.).
- 1Y, Jan. 2 Holders of rec. Dec. 9a Totals, actual co ndition Dec. 16
76,999 2,342 5,201
49,650 1,723 _.-- _
Worcester Salt (stock dividend)
Totals, actual co ndition Dec. 9
*e100
Holders of rec. Dec. 30
77,341 2,534 4,941
49,245 2,006
Worthington Pump & Mach., pf.
.A (qu.) 1)1 Jan. 2 Holders of rec. Dec. 22a Totals, actual co ndition Dec. 2
77,861 2,510 5,559
50,896 2,042
Preferred Class B (quar.)
1)4
22a
Dec.
Jan.
2 Holders of rec.
Writthr-ii:irgreaves Co. (guar.)
Gr'd aggr..avge 294,600472.851 4,574,658 69,278513,169 3,810,288431,65232,258
Jan. 2 Holders of rec. Dec. 16
Wrigley (Wm.) Co., corn.
Comparison witila prey. week__ +10,854+2,033 +720
- 50c. Jan. 1 Dec. 26 to Dec. 31
+8,209-3.937 +154
Wrigley (Wm.) Co. (stock(monthly)-dividend)
*610
Dec. 30 *Holders of rec. Dec. 23
Woriitzer(Rudolph) Co.Gr'd aggr.,
Icond'n Dec. 164.652,208 68,791 549,553 3,865,985427,61932,365
Eightper cent preferred (guar.)
2
Nfarl'23 Holders of rec. Feb.I9 23 Comparison wit h prey. week_- +98,425 +2,170 +26,763 +74,504-5,567 +206
Eightper cent preferred (guar.)
2
cond'n-J'nel'23 Holders orrec. May 22'23
-Seven per cent preferred (quar.)
Gr'd aggr., act'l
1)4
Dec. 64,553,783 66,621522,790 3,791,481 433,186 32,159
Jan1'23 Holders of rec. Dec. 22
Seven per cent preferred (quar.)
Gr'd aggr., (ten cond'n Dec. 24,582,896 64,247500,971 3,853,043 434,962,32,112
Aprl'23 Holders of rec. Mar. 22
Wyoming Associated 011 (quar.)
Gr'd
aggr., act'l courn Nov.25 4,573,911 64,139498,645 3,822,617 440,570 31,971
*2
Jan. 12 *Holders of rec. Dec. 15
Yale & Towne Manufacturing Co
Gr'd aggr., act'l cond'n Nov.18 4,568,907 63,537 481,090 3,796,514 437,895 32,128
Si
Jan. 2 Holders of rec. Dec. 14
Gr'd aggr.. act'l cond'n Nov.11 4,562,330 63,482
536,230 3,797,844 436,879.31,621
• From unofficial sources. 1* The
New York Stock Exchange has ruled that stoek
will not be quoted ex-dividend on this
Note.-U. S.
books not closed for this dividend. bdate and not until further notice. a Transfer above were as deposits deducted from net demand deposits in the genera tote
Less British income tax. d Correction.
follows: Average total Dec. 16, S69,351,000; actual totals Dec. 16,
e Payable in stock. f Payable
$136,882,000; Dec. 9, $57,029,000; Dec. 2, $57,119,000; Nov. 25, 160,033,000;
account of accumulated dividends. In common stock. g Payable in scrip. h On Nov. 18, $66,318,000. Bills payable,
rediscounts, acceptances and other liabiliPayable in Liberty or Victory Loan bonds.
ties,
average
for the week Dec. 16, $501,788,000; Dec. 9, $498,375,000; Dec. 2.
Payable In New York funds.
$462,929,000; actual totals Dec. 16, $499,895,000; Dec. 9, $503,707,000; Dec. 2,
I Three shares of Oil Lease
Development Co. stock for every 100 shares of Middle $455,415,000; Nov. 25, $454,011,000; Nov. 18, $444,779,000.
States Oil stock.
•Includes deposits in foreign branches not included in total footing as follows
1 At rate of 7% per annum on the
pref. stock entitled to dividends for the period National City Bank, $106,064,000; Bankers Trust Co., $10,722,000; Guaranty Trust
from Jan. 1 to July 15 1903.
Co., $78,423,000; Farmers' Loan & Trust Co., $31,000; Equitable Trust Co..
In Ratified by stockholders at meeting
$25,220,000. Balances carried in banks in foreign countries as reserves for such
on Dee. 6.
deposits were: National City Bank, S21,106,000; Bankers Trust Co.. $1,560,000;
n Also all accrued dividends on prior
preference stock since Jan. 1 1922.
Guaranty Trust Co.. $6,566,000; Farmers' Loan & Trust Co., $31,000; Equitable
o Ratified by stockholders at meeting
on Dec. 5.
Trust Co., $3,513,000. c Deposits in foreign branches not included.
p Ratified by stockholders at meeting
on Dec. 5.
r Ono
The reserve position of the different groups of institutions
-half share (Founders'shares)in corn,
stock of United Re.ailStores Candy Co
Subject to approval of stockholders.
on the basis of both the averages for the week and the actual
t Quoted ex-dividend on Dee. S.
condition at the end of the week is shown in the following two
u Ratified by stockholders on Dec. 12.
tables:
o Subject to approval at stockholders' meeting
Dec. 26.
so Less 41 cents per share for 3d and 4th installments
on cap. stk. STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
tax
income
1921
of
7 Ratified at stockholders' meeting on Dec.
AND TRUST COMPANIES.
1.
V Subject to approval at special meeting of stockholders.
z Ratified by stockholders at meeting on De..
12.
Averages.
I Payable in new Class"B"common stock.
5 N. Y. Stock Exchange rules that Ingersoll-Rand Co. shall sell ex the 100%
Cash
Reserve
a
stock dividend on Dee. 7,
Reserve
Reserve
In
Surplus
Total
The New York Curb Market Association has ruled that stock will not be quoted
Required.
Reserve.
in Vault. Depositaries Reserve.
ex-dividend on these dates and not until further notice.
1 Subject to approval by stockholders at meeting on Dec. 21.
Members Federal
2 The New York Stock Exchange has ruled that the following stocks shall sell
503,314,000 503,814,000 493,667,390 10,146,610
Reserve banks_ __ _
ex-the stock dividend as follows: General Baking, 200%. on Dec. 28; Studebaker State banks
5,588,000 4,303,000 9,891,000 9,070,920
820,080
Corp., 25% on Dec. 29; Manila Elec. Corp., 40% stock div., Dec. 28.
2,465,000 5,052,000 7,517,000 7,387,350
Trust companies_ _ _ _
129,650
3 Three new shares for every seven shares held.
8,053,000 513,169,000 521,222,000 510,125,660 11,0913,340
Dec.
Total
4 Subject to approval by stockholders at meeting on Dec 27.
Total Dec. 9_ _ _ _ 8,117,000 512,449,000 520,566,000 509,158,670 11,407,330
5 Less 67c. to cover third and fourth installments of 1921 income tax.
7,881,000 513,229,000 521,110,000 514,219,640 6,890,360
Total Dec. 2_ _ _ _
7,844,000 515,137,000 522,981,000 510,414,550 12,566,450
Total Nov. 25_
6 Less 70c. to cover third anti fourth installments of 1921 income tax.
7 payment of dividend withheld
• Not members of Federal Reserve Bank.
awaiting result of litigation.
8 Transfers received in London up to Jan. 2 will be in time to enable transferees
a This is the reserve required on net demand deposits in the case of State banks
to receive dividend.
and trust companies, but in the case of members of the Federal Reserve Bank
9 Three shares of Prof. A stock and four shares of Common stock for each out- includes also amount in reserve required on net time deposits, which was as follows:
standing share of Common stock, and N. Y.Stock Exchange ruled that the Common Dec. 16, 511,283,540; Dec. 9, $11,400,360; Dec. 2, $11,388,870; Nov. 25, $14,622,stock be quoted ex-the stock dividend on Dec. 29.
420.
[VoL. 115.
THE CHRONF1LE
2770
Actual Figures.
Reserve
Cash
in
Reserve
in Vatat. Depositaries
Total
Reserve.
Reserve
16417170.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Members Federal
Reserve banks
State banks
Trust companies_ _
539,790,000 539,790,000 500,699,530 39,090,470
5,695,000 4,562,000 10,257,000 9,122,940 1,134,060
95,500
2,342,000 5,291,000 7,513,000 7,447,500
Total Dec. 16
Total Dec. 9_ _ _ _
Total Dec. 2_ _ _ _
Total Nov. 25_ _ _ _
8,037,000 549,553,000 557,590,000 517,269,970 40,320,030
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
7,835,000 498,645,000 506,530,000 512,098,010 -5,568,010
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Dec. 16, $11,164,770; Dec. 9, $11,327,760; Dec. 2, .11,384,880: Nov. 25, $11,558,550.
Dcc. 6
1922.
Dec. 13
1922.
Changes from
previous week.
Dec. 20
1922.
59,100,000 59,100,000
Same
59,109,000
Capital
85,928,000 85,928,000
Same
85,928,000
Surplus and profits
845,411,000 848,579,000
Loans, disc'ts & Investments_ 818,999,000 Inc. 3,558,000
613,805,000
Individual deposits, incl. U.S.621,236,000 Inc. 5,826,000 615,410,000 115,174,000
117,743,000 Inc. 7,3033,000 110,385,000
Due to banks
110,782,000 Dec. 1,859,000 112.641,000 112,759,000
Time deposits
17,819,000 Inc. 3,714,000 14,105,000 14.157,000
United States deposits
28,099,000
Exchanges for Clearing House 25,423,000 Inc. 3,303,000 23,117,0(30 75,359.000
77,0'30,000 Inc. 6,323,000 70,737.000
Due from other banks
68,698,000
68,751,000
1,585,000
Inc.
Bank_
70,339,000
Res.
Fed.
Reserve in
9,994,000
Cash in bank and F. It. Bank 11,729,000 Inc. 1,012,000 10,717,000
Reserve excess in bank and
2,480,000
1,962,000
Inc.
1,098,000
_
Bank_
3,060,000
Federal Reserve
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust comfigures
panies in New York City not in the Clearing House as follows: return for the week eliding Dec. 16, with comparative
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished bg State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in
Differences from
vaults" is not a part of legal reserve. For trust companies
Dec. 16.
previous week.
$223,817,400 Dec. $896,800 not members of the Federal Reserve System the reserve
Loans and Investments
4,343,500
Inc.
Gold
213,900
is 10% on demand deposits and includes "Reserve
20,217,800 Inc.
Currency and bank notes
178,200 required
66,574,500 Inc.
Deposits with Federal Reserve Bank of New York_ _
347,200 with legal depositaries" and "Cash in vaults."
786,038,300 Dec. 3,430,700
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 735,433,000 Dec. 5,317,600
121,085,000 Inc.
Reserve on deposits
84,900
Percentage of reserve, 20.3%•
RESERVE.
State Banks
-Trust Companies
.529,112,100 16.90%
Cash in vault
S62,423,700 14.79%
4.13%
Deposits in banks and trust co's_ __ _ 8,117,700
21,432,300
5.08%
$37,299,800 21.03%
Total
583,856,000
19.87%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and companies combined on Dec. 16 was $66,574,500.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans iind
Investments.
Week endedAug 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
r.)eo. 2
C)ec. 9
Eitee. 16
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
s
$
5,334,972,105
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
5.314.683.500
5,327,903.200
5,309,488,800
A 700 47A Ann
4,599,909,500
4,597,237,500
4,566.272.800
4,615,833,300
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
4,5(39,953,000
4.561.416.100
4,592,129,500
4,542,829,600
86,492,800
86,259,400
83,946,400
90,326,700
85,359,200
83,271,200
86,018,300
90,351,200
89,798,300
88,484,300
87,350,900
91,084,000
89,248,900
87,309,000
88,954,800
91,414,200
609,486,700
619,063,200
616,544,100
625,919,600
680.815,100
615.428,8(10
624.721,000
623,553.900
642,922.400
616,226,400
623,119,700
614,915,700
617,659,300
613.970.600
612,086,200
609,280,700
A kAq 701 Ann
'
avu
u.,uva
vuu,zua,atni
s
s
• This Item includes gold, silver, legal tenders, national bank and Federal Reserve
notes.
New York City Non-Member Banks and Trust Companies.-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.
(Staled in thousands of dollars-that is, three ciphers [0001 omitted.)
I
Net Loans
Reserve
Net
Capital, Profits DivNet
Nat'l
with Demand Time
counts, Cash
5
Bank
in
Legal
DeNat.bks Sept.15 InvestDe- Circe,.
ments,
Vault.
Deposiposits, posits. lation
Week ending StatebksNov15
tortes.
Dec. 16 1922. Tr.cos.Sept.15 &c.
CLEARING
NON-NIEMBE
Members of
Ped'I Res. Bank.
Battery Park Nat _
W.R.Grace & Co _
Total
_
I
$
1,500
500
Average Average Average Average l Average Averagt
$
$
$
$
$
$
$
1,219 11,120
168 1,203
471
7,769
197
23
1,339 10,739
493
1,168 8,260
2,000
2,559 21,859
191
1,693
3,937
Not Me mbers at Fed 1 Res've Ban k.
State Banks
329 5,098
200
693
278
4,642
Bank of Wash.Ht 1.
800 1,879 18,822 2,508 1,462 19,871
Colonial Bank_ _ _ _
--1,000 2,208 23,920 3,201 1,740 24,513
Total
Trust Companles Not Members of Fed 'I Res've Ban k.
Mech.Tr.,Bayonn el
200
667 9,715
405
4,100
246
Total
_
200
867 -9,715
Grand aggregate_ _ 3,200 5,435 55,494
Comparison with )revious week__ -1,128
Gr'd
Gr'd
Gr'd
Gr'd
aggr. Dec. 1
aggr. Dec. 1
aggr. Nov.2 5
aggr. Nov. 1 3
3,200
3,200
3,200
3.200
5,43
5.29
5,29
5.29
56,622
58,587
59,276
en lOR
405
246
4,100
8,731
77
____
778
5,473
3,797 3,682 a37,550 14,982
+6 -145
-484-1,376
197
-1
3,827 a38,034 16,358
3,765 a38,291 18,036
3,701 a38,686 18,433
198
3,791
3,551
3,643
A 7/1
/ suns .QA 100 14 070
Capital
Surplus and profits
Loans. disc'ts & investrn'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
incl.)_ _
U. S. deposits (not
Res've with legal deposit's_
Reserve with F. R.Bank
Cash in vault.
Total reserve and cash held
Reserve required
Excess res. & cash in vault_
55,000,0 540,175,0
14,117,0 113.056,0
43,102,0 691,985,0
565,0 29,219,0
31,() 99,062,0
637,0 115,688,0
28,710,0 555,843,0
560,0 21,689,0
29,957,0 •693,220,0
11,935,0 11,985,0
3,532,0
3,582,0
54,827,0
1,547,0 13,333,0
5,129,0 71,742,0
4,348,0 53,822,0
14,467,0
2,328,0
835,175,0
93,939,0
648,883,0
28,654,0
99,031,0
115,001,0
527,133,0
21,129.0
663,263,0
54,827,0
11,786,0
66,613,0
54,474,()
12,139,0
Dec.9
1922.
Dcc. 2
1922.
$39,675,0
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
97,78:3,0
114,241,0
557,488,0
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
Total.
reserve for Federal Reserve members.
•Cash in vault not counted as
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. 20 1922 in
comparison with the previous week and the corresponding
date last year:
1922. Dec. 211921.
Dec. 20 1922. Dec. 13
cat
!", cterf Lid
;(7•1
ntrti:
u
GoRlidsL
a
e
F
!
fund-F.
Board____
Total gold held by bank Agent
Gold with Federal Reserve
fund
Gold redemption
Total gold reserves
silver, ,te
Legal tender notes.
129,802,772
223,248,975
145,467,932
190,227,862
288,703,000
164,917,000
353,051,748
659,224,928
7,627,377
335,695,704
650,469,428
9,156,317
453,620,000
593,316,000
15,000,000
1,019,901,054 1,001,261,511 1,061,936,000
42.253,000
29,742,088
2(3,291,996
1,046,196,050 1,034,003,629 1,104,189,000
Total reserves
Secured by U. 8. GovBills discounted:
160,669,710 157,396,000
126,029,410
ernment Obligations-for members
For other F. R. banks
79,091,000
23,212,921
16,323,630
members
All other-For banks
61,707,000
For other F. R. market
51,223,507
41,225,220
Bills bought in open
183,581,261 23.5,106,139 298,197,000
Total bills on hand
7,74.8.000
36,172,6.50
39,517,750
notes
U. S. bonds and
indebtedness-of
certificates
36,409,000
U. S.
4,000,000
3,500,000
Act)
(Pittman
One-year certificates
38,084,000
23,143,000
85,450,000
All other
330,424,000
312,049,011
298,421,789
Total earning assets
6,809,000
10,744,277
10,325,180
Bank premises
1,644,000
174,060
199,060
agst. F. R. bank notes_
5% redernp. fund
123,859,000
163,328,474
157.055,560
Uncollected items
3,339,000
2,036,353
1,874,597
resources
All other
1,534,366,471 1,502,041,572 1,617,264,000
Total resources
LiabilitiesCapital paid In
Surplus
Deposits:
Government
account____
Member banks-Reserve
All other
28,680,950
60,197,127
28,680,950
60,197,127
27,11,4.000
59,318,000
766,112
700,789,927
13,554,379
2,475,564
680,828,371
11,437,293
9,291,000
700,640,000
13,042,000
715,110,420 694,741,229 722,973,000
Total deposits
605,539,259 591,809,217 666,571,000
circulation
20,810,000
F. R. notes in actual
3,559,200
3,048,200
liability
eircurn-net
95,117,000
F. R. bank notes in items
116,994,262
115,706,987
25,361,000
Deferred availability
6,059.586
6,083,528
liabilities
All other
1,617,264,000
1,502,041,572
1,534,366,471
Total liabilities
to deposit and
79.5%
Ratio of total reserves combined
80.4%
79.2%
F. R. note liabilities
purchased
Contingent liability on bills
12,044,117
11,673,377
12,491,675
for foreign correspondents
CURRENT NOTICES.
5,473
a U. S. deposits deducted, 5438.000.
Bills payable, rediscounts, acceptances and other Liabilities. $2,055,000.
Excess reserve, 821,850 increase.
197
Week ending Dec. 16 1922.
Trust
Membersof
Two Ciphers (00) omitted. F.R.System Companies
196
Ion
withdraw from the firm of Spencer Trask & Co.
-Charles J. Peabody will
partnership of 35 years. He will devote himself
on Jan. 1 after an active
but will continue to make his office
interests,
more to many and varied
intimately associated with it. Erastus W. Bulkwith the firm and remain
aside business responsibilities because of proley, who is compelled to lay
also withdraw from the firm on Jan. 1.
longed and serious illness, will
Malbone Blodget, the incoming partners, have
C. Everett Bacon and F.
and valued members of the organization.
confidential
for some years been
Peabody.
Mr. Bacon is a son by marriage of Mr.
27'71
THE CHRONICLE
DEC. 23 1922.]
WEEKLY RETURN OF THE FEDERAL RESERVE BOA 1W,.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Dec.21, 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 precedin,, 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 iatesi
week appears on page 2734 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.20 1922.
Dec. 20 1922. Dc,c. 13 1922. Dec. 6 1922.1Nop. 29 1922. Nov. 22 1922.INov. 15 1922. Nor. S 1922. Nov. 1 1922. Dec. 211921.
•6
$
380,268,000
291,031,000 304,310,000 293,091,000 303,219,000 239,750.009 276,414,000 267,207,000 266,713,000 559,621,000
Gold and gold certificates
582,494,000 596,851,000 616,574,000 644,959.000 651,802,000 651,930,000 648,429,000 618,727,000
Gold settlement, F.R.Board
••
Total gold held by banks
373,575,000 901,661,000 914,663,000 943,178.000 941,612,000 928,344,000 915,636,000 835,445,000 939,389,000
Gold with Federal Reserve agents
2,117,688,000 2,103,069,000 2,045,210,000 2,048,034,000 2.077,582,000 2.078,901,000 2,094,050,000 2,126.035,000 1,833,108,000
Gold redemption fund
54,647,000 56,493,000 85,914,000 76,596,000 69,131,000 66,603,000 71,039.000 06,269,000 97,997,000
Total gold reserves
3,045,910,000 3,061,223,000 3,045,792.000 3,072,853,000 3,033.325,000 3,073,848,000 3,030,755.000 3.078,249,000 2,870,991,000
Legal tender notes, silver, eke
110,799,000 123,665,000 127,189,000 129,952,000 130,353,000 130.912,000 130,527,000 133,696.000 122,066,000
Total reserves
3,156,709,000 3,184,888,060 3,172.931,000 3,202,810,000 3,218,633,000 3,204.760,000 3,211.282,000 3.211,945.000 2,093,060,030
Bills discounted:
503,770,000
Secured by U.S. Govt. obligations
314,851,003 344,793,000 374,409,000 315,230,000 307,976,000 330,285.000 300,337,000 271,497,000 720,933,000
334,816.000 306,215,000 322,520.000 340.075,000 316,267,000
All other
300,707,000 314,965,000 330,535,000
Bills bought in open market
251,728,000 262,572,000 266,827,000 259,226,000 257,405,000 260,894,000 2.58,656.000 260,658,000 126,525,000
909,322,000 971,596,000 913,699,000 899,068,000 843.422.000 1,351,223,000
Total bills on hand
867,286,000 922,330,000 971,772,000
U. S. bonds and notes
174,958,000 170,020,000 169,413,000 162,336,000 151,731,000 171,732.000 188,821,000 191,095.000 51,084,000
(J. S. certificates of indebtedness:
23.500,000 29,500,006 31,500,000 34,500,000 38,000.000 119,500,000
One-year certificates (Pittman Act)
14,000,000 18,500,000 21,500,000 118,625,000
114,583,000 122,482.000 123,269,000 131,216.000 41,127,000
All other
242,282,000 118,718,000 120,389,000
334,000
26,000
27,090
27,000
24,000
Municipal warrants
24,000
27.000
34,000
20,000
1,213,807,000 1,166.742,000 1,239,440,000 1,245,684,000 1,208.757,000 1,563,273,000
Total earning assets
1,298,552,000 1,229,602,000 1,233,600,000
46,292,000 46,204,000 45,000,000 45,420,000 45,295.000 34,879,000
Bank premises
47,181,000 46,455,000 46.394,000
7,880,000
redenap. fund s.gat. F. R. bank notes
2,525,000 2,680,000 2,730,000 3,130,000 3,410,000 3,535.000 3,635,000 3,635,000
Uncollected items
759,392,000 709,289,000 660,119,000 599,805,000 634,519.000 821,132.000 533,827,000 657,179,000 592,172,000
All other resources
14,810,000 15,729,000 15,379,000 15,050,000 14,005,000 15.056,000 15,611,000 15,353,000 19,920,000
'Petal resources
5,279,239,000 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 5,211,184,900
RESOURCES.
LIABILITIES.
Capital paid In
107,261,000 107,241,000 107,265.000 107,2(17,000 106,495,000 104.448,000 106,3.55,000 106.292,000 103,167,000
Surplus
215,398,000 215,398,000 215,398,000 215,393.000 215,395,000 215,398,000 215,393,000 215,398,000 213,824,000
Reserved for Govt. franchise tax
57,252,000 26.402,000 36,047,000 54,875,000
Deposits—Govern Me,t
6,715,000 23,136,000 45,970,000 33,449,000 45,193,000 1,859.652,000
1,807.631,000 1,329,069,000
1,812,051.000 1,847,693.000 1,703,601,000
AI timber banks—reserve account
1,840,205,000 1,317,744,000 1,843,601,000
All other
35,039,000 20,230,000 19,527,000 19,143,000 20,721,000 22,606.000 24,235,000 30,503,000 26,274,000
Total
1,881,959,000 1,861,110,000 1,910,104,000 1.860,223,000 1,894,989,000 1,939.510,000 1,362,688,000 1,914.248,000 1,784,750,000
F. R.notes in actual circulation
2,456,711,000 2,379,185,000 2,361,222,00(1 2,329,814.000 2,299,391,000 2,321,219.000 2,340,074,000 2,309.265,000 2,447,560,000
F.R.bank notes in circulation—net liab. 12,499,000 16,497,000 19,259,000 20.868,000 26,220,000 29,313,000 32,441,000 35,573,000 82,747,000
Deferred availability items
520,497,000 564,796,000 691.406.000 522,564,000 536,140.000 497,205,000
576,997,000 580,883,000 540,233,000
All other liabilities
28,474,000 28,326,000 27,772,000 26,898,000 26,875,000 26.279.000 25,939,000 25,253,000 81,931,000
5,181,253,000 5.080,905.000 5,134,163,000 5,329.573,000 5,105,459,000 5,142,169,000 5,211,184,000
Total liabilities
Ratio of gold reserves to deposit andi5,279,299,000 5,188,643,000
F. R note liabilities combined
71.7%
73.6%
73.3%
73.3%
67.6%
72.1%
70.2%
72.9%
72.1%
Ratio of total reserves to deposit andl
F.It. note liabilities combined
74.3%
76.4%
76.7%
70.7%
76.4%
75.2%
72.8%
76.0%
75.1%
Distribution by 111atur0ies$
•
$
$
$
1-15 days bill bought in open market
71,874.000 60,451,000 61,797,000 66,127,000
63,762,000 64,162.000 80,304,000
72,311,000 73,985,000 499,892.000
1-15 days bills discounted
445,401,000 418,318,000 444,24)000 449,209,000 397.712,000 1,608,042,000
462,991,000
419,329,000
1-15 days U. S. certif. of Indebtedness_ 76,670,000
2,471,000
1,933,000
733,000 2,606,000 30,910,000
225,000, 2,253,000 3,484,000
1-15 days municipal warrants
8,000 53,195,000
16-30 days bills bought in open market_ 65,693,000 56,344,000
44.747,000 42,733,000 42,040,000 43,127,000 39,272,000 63,995,000
16-30 days bills cilscounted
56,419,000 50,636,000 62,840.000 52,444,000 48,506,000 320,431,000
54,663,000 58,631,000
16-30 days U. S. certif. of Indebtedness_ 49,405,000
720,000
1,007,000
507,000 1,086,000
3,120,000
1,398,000
599,000
500,000
1,720,000
16-30 days municipal warrants
3,000
26,000
25
31-60 days bills bought in open market_ 70,654,000 78,029,000 83,830,000 83,869,000 92,355,000 87,143.000 76,499,000 74,632,000 75,119,000
31-60 days bills discounted
73,103.000 74,195,000 77,999,000 74,174,000 74,822,000 405,606,000
65,992,000 69,023,000
1,000.000
31-60 days U. S. certif. of Indebtedness_ 66,519,000
1,720.000 4,220,000 5,720,000 6,726,000 6,437,000 41,950,000
26,000
27,000
24,000
31-60 days municipal warrants
24,000
61-90 days bills bought in open market_ 34,461,000 45,649,000 47,247,000 47,121,000 49,383,000 52,642,000 64,749.000 69,693.000 21,749,000
45,218.000 42,694,000 41.492,000 39,833,000 43,190,000 328,397,000
61-90 days bills discounted
45,942,000 48,639,000
48,794,000
576,000
76.000
76,000
61-90 days U. S. certif. of indebtedness_ 62,383,000
8,953,000
500,000 3,220,000
76,000
61-90 days municipal warrants
24,000
24.000
3,000
Over 90 days bills bought in open market 8,109,000 3,216,000 10,681.000 18,038,000 11,127,000 12,942,000 10,519,000 12,899.000
Over 90 days bills discounted
31,511,000 30,619,000 28,715,000 29,955,000 23,348,000 26,244,000 24,747,000 23,534,000 69,225,000
Over 90 days certif. of indebtedness
113,729,000 135,197,000 137,835,000 135,835.000 136,114,000 145,243,000 148,411,000 156,134,000 196,320,000
3ver 90 days municipal warrants
Federal Reserve Notes—
2,718,471,000 2,694,644,000 2,699,633,000 2,695,470,000 2,683.851,000 3,755,346,000
Outstanding
2,818,805,000 2,775,320,000 2,730,832,000
Held by banks
362,094,000 396,135,000 369,660,000 388,657,000 395,253,000 378,414,000 355,396,000 374,536,000 350,315,000
In actual circulation
2,455,711,000 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 3,404,931,000
Amount chargeable to Fed. Res. Agent 3,666,113,000 3,640,536,0001 3606,113,000 3,609,182,000 3,583,482,000 3,551,781,000 3,517,643,000 3;544,204,000 4,345,151,000
In hands of Federal Reserve Agent
847,308,000 865.216,000 875,231,000 890,711,000 888,838,000 862,148,000 852,173,000 800.353,000 589,905,000
Issued to Federal Reserve banks
2,818,805,000 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 3,755,246,000
How Secured—
346,292,090 346,317,000 376,317,000 376,367,000 391,367,000 386,467,000 266,426,000
By gold and gold
346,292,000 316,292,000 685,672,000
By eligible paper certificates
670,387,000 617,062,000 620,732.000 601,420,000 557,316,000 2,501,754,000
701,117,000 672,251,000
Gold redemption fund
131,365,000 131,716,000 131,560,000 123,439,000 126,496,0110 124.744.000 122,629.000 109.350,090
137,454,000
With Federal Reserve Board
1,570,207,000 1,572,776,000 1,576,038,000 1,577,939,000 1,617,439,000 877,710,000
1,633,942,000 1,625,412,000 1,557,202.000
-Total
2,818,805,000 2,775,320,000 2,730.882,000 2,718,471,000 2,691,644,000 2,699,633.000 2.695,470,000 2,683,851,000 3,755,246,000
Eligible paper delivered to F It Agent_ 839,130,000 887 347 000 924,788.000 867.693.000 335.535,000 873,995,000 857.826,000 817,731.000 2,892,038,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 20 1922
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
RESOURCES.
$
Gold and gold certificates
16,616,0
Gold settlement fund—F. R. B'd 33,124,0
$
$
S
$
$
S
$
$
$
$
i
129,803,0 26,396,0 13,312,0 5,493,0 5,567,0 51,533,0 2,844,0 7,589,0 2,687,0 10.060,0 19.181,0
223,249,0 13,871,0 68,678,0 23,706,0 25,552,0 80,121.0 16,969,0 25,616,0 25,014,0 13,833,0 32,761,0
Total gold held by banks
Gold with F. R. agents
Gold redemption fund
49,740,0
143 119 0
,
12;414,0
353,052,0 40,257,0 81,990,0 29,199,0 31,119,0 131,654,0 19,813,0 33.205,0 27,701,0 23,893,0 51,942,0 873,575,0
659 225,0 180,371,0 181,466,0 66,118,0 99,031,0 390,117,0 74,513,0 44,822,0 50,743,0 22,444.0 205.119,0 2,117,688.0
1,484,0 4,043,0
54,647,0
7,627 0 5,994,0 4,127,0 3.922,0 2,091,0 3,996,0 3,088,0 3,525,0 2,336,0
Total gold reserves
Legal tender notes, silver. Ace
!rim
I' Total reserves
Bills discounted: Secured
U. S. Govt. obligations
All other
Bills bought in open market
205 273 0 1 019 904,0 226,632,0 267,583,0 99,239,0 132,841,0 525,767,0 97,414,0 81,552,0 80.780,0 47,821,0 261,104,0 3,045,910,0
872.0 3,245,0 6,332,0 3,238,0 110,799,0
: ' 26 292,0 13,007,0 5,565,0 8,353,0 5,888,0 19,679,0 8,836,0
8,842:
0
—
214,115,0 1,046,196,0 240,239,0 273,148,0 107,592,0 138,729,0 545,446,0 106,250,0 82,424,0 84,025,0 54,153,0 264,392,0 3,156,709,0
by
$
291,081,0
582,494,0
23 543 0
36'986,0
,
27:100,
0
126.029,0 40,545,0 28,459,0 20,496,0 3,868,0 30,783,0 13,696,0 2.156,0 11,751,0 1,523,0 11,997,0
16327,0 13,151,0 22,371,0 30,939,0 28,194,0 53,002,0 15,099,0 19,275,0 22,315,0 13,955,0 29,093,0
602,0 24,959,0 41,097,0
410225, 21,655,0 58,975,0 1,659,0 11,608,0 10,163,0 12,680,0
314,851,0
300,707,0
251,728,0
,Zs Total bills on hand
87 629 0
U.S. bonds and notes
:
6:395:
0
U. S. certificates of Indebtedness
One-year ctfs. (Pittman Act)
750,0
Ailother
24,0690
Municipal warrants
183.581,0 75,351,0 109,805,0 53,094,0 43,670,0 93,958,0 41,475,0 21,431,0 34,668,0 40,437,0 82,187,0
179,0 6,435,0 16,767,0 10,603,0 27,577,0 2,629,0 27,617,0
390518, 24,096,0 11,896,0 1,241,0
867,286.0
174,9580
Total earning assets
118.643.0
500,0
500,0
3,500,0
5,450,0 10,747,0 17,827,0
1,360,0
2,000,0
999,0 1,667,0
2,031,0 55,726,0
571,0
8,780,0
821,0
1,000,0
1,499,0 13,694,0
26,0
1,000,0 1,332,0
8,310,0 12,149,0
14,000,6
242,2826
26,6
312.049,0 110,694,0 140,028,0 57,695,0 46.879.0157,786.0 67,593.0 34.564,0 76,760,0 52,376,0 123,285,0 1,298,552,6
2772
[VoL. 115.
THE CHRONICLE
RESOURCES(Concluded)Two ciphers (00) omitted.
New York.
Boston.
Phila,
Total.
$
47,181,0
19,0
146,0
103,0
665,0
196,0
200,0
468,0
63,0
89,0
174,0
75,0
163,328,0 63,723,0 70,931,0 61,731,0 31,754,0 09,051,0 48,627,0 19,823,0 49,446,0 23,594,0 50,576,0
385,0
1,817,0 4,948,0
841,0
1,685,0
846,0
342,0
533,0
1,875,0
431,0
721,0
2,625,0
759,392,0
14,840,0
8
10,744,0
Bank premises
5% redemption fund against Federal Reserve bank notes
422,0
Uncollected items
71,758,0
/11 other resources
416,0
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
1,768,0
8
5,251,0
$
639,0
$
2,571,0
$
7,042,0
$
2,103,0
$
7,781,0
$
971,0
$
1,042,0
$
5,169,0
$
2,095,0
Total resources
410,805,0 1,534,366,0 415,301,0 491,959,0 230,240,0 220,280,0 811,570,0 223,929,0 139,734,0 216,446,0 139,181,0 444,988,0 5,279,299,0
LIABILITIES.
Capital paid In
8,126,0
23,681,0 9,327,0 11,708,0 5,600,0 4,309,0 14,772,0 4,813,0 3,536,0 4,623,0 4,195,0 7,571,0 107,261,0
Surplus
16,483,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0 29,025,0 9,338,0 7,468,0 9,646,0 7,394,0 15,199,0 215,398,0
6,715,0
386,0
135,0
532,0
463,0
580,0 1,027,0
128,0
Deposits: Government
766,0
689,0
386,0
874,0
749,0
Member bank-reserve ace't _ _ 122,130,0 700,790,0 108,583,0 141,804,0 54,938,0 53,632,0 270,369,0 68,396,0 49,555,0 80,773,0 54,482,0 134,753,0 1,840,205,0
35,039,0
678,0 4,496,0
782,0 3,759,0 2,173,0 1,602,0 2,638,0
1,982,0
13,555,0
All other
942,9 1,668,0
764,0
124,498,0
Total deposits
F. R. notes in actual circulation_ 209,360,0
F. R. bank notes in circulation150,0
net liability
50,077,0
Deferred liability items
2,011,0
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign correspondt's
715,111,0 110,399,0 144,221,0 56,391,0 54,542,0 274,660,0 71,032,0 51,737,0 84,438,0 55,295,0 139,635,0 1,881,959,0
605,539,0 224,773,0 252,370,0 103,844,0 127,843,0 422,690,0 96,834,0 59,183,0 71,552,0 39,719,0 243,004,0 2,456,711,0
12,499,0
60,0
457,0
485,0 3,037,0 1,709,0
797,0 1,394,0
8,0
3,048,0
430,0
924,0
115,707,0 51,127,0 57,850,0 51,117,0 2,294,0 65,383,0 40,219,0 15,748,0 41,607,0 29,069,0 36,699,0 576,997,0
28,474,0
1,186,0
1,577,0
1,800,0 2,820,0
1,543,0
6,083,0 2,222,0 2,871,0
1,381,0 3,646,0
1,334,0
410,805,0 1,534,366,0 415,801,0 491,959,0 230,240,0 320,280,0 811,570,0 223,929,0 139,734,0 216,446,0 139,131,0 444,983,0 5,279,299,0
64.1
9 ARA
n
79.2
71.7
68.9
67.1
76.1
n
9 911 n
9 790 n
1 591 n
1 10Q n
19 509
78.2
63.3
0
1 51'4_0
R QA1
74.3
53.9
n
1 1QA A
RQO
57.0
AAA
n
69.1
72.8
n
99152.0
1 cot
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 20 1922.
Boston. New York Phila.
Federal Reserve Agent at-
(In Thousands of Dollars)
S
Federal Recerve notes on hand
80,900
,27,306
Federal Reserve notes outstanding
"
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
15,300
19,819
Gold redemption fund
Gold fund-Federal Reserve Board
108,000
84,187
Eligible paper'Amount required
'Excess amount held
3,442
Cleve. Richm'd Atlanta Chicago. ISt.Lcui.s Minn. K.City. Dallas. San Fr.
Total.
Resources-
399,610 38,160 24,640 27,200 69,698
789,134 241,439 270,524 113,217 133,362
86,800 23,270 10,950 17,660 17,359 51,070 847,308
462,171 113,578 62,063 81,719 43,739 280,053 2,818,805
2,400
283,184
13,275
35,041 13,982 13,191 3,323 5,231
341,000 166,389 155,000 62,795 92,000
129,609 61,068 89,058 47,099 34,231
31,236 5,663 20,341 4,221 9,410
7,471
346,292
11,610 13,052
15,472 4,603 1,770 3,383 2,473 19,166 137,454
374,645 58,300 30,000 47,360 21,500 185,953 1,633,942
72,054 39,065 17,241 30,976 21,295 74,934 701,117
21,880 2,407 2,897 3,875 18,818 7,023 131,013
533,954 2,009,114 526,701 586,029 257,855 346,823 1,033,022 252,833 137,973 184,773 123,655 613,199 6,615,931
Total
Net amount of Federal Reserve notes received from
Comptroller of the Currency
308,206 1,188,744 279,599 295,164 140,417 203,551
Collateral received from(Gold
143,119 859,223 180,371 181,466 66,118 99,631
Federal Reserve Bank'Eligible paper
87,629 161,145 66,731 109,399 51,320 43,641
548,971 136,848 73,013 99,379 61,098 331,123 3,666,113
390,117 74,513 44,822 50,743 22,444 205,119 2,117,688
93,934 41,472 20,138 34,651 40,113 81,957 832,130
538,954 2,009,114 526,701 586,029 257,855 346,823 1,033,022 252,833 137,973 184,773 123,655 618,199 6,815,931
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
227,306
17,946
789,134 241,439 270,524 113,217 133,862
183,595 16,666 18,154 9,373 6,019
462,171 113,578 62,063 81,719 43,739 280,053 2,318,805
39,481 16,744 2,880 10,167 4,020 37,049 362,094
209.36e
605.539224.773252.370 103.844127.843
422.690 98,834 59,183 71.552 39,719 243,004 2,456,711
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" Deo. 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 2734
I. Data for all reporting member banks In each Federal Reserve District at close of business December 13 1922. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and discounts, including bil
rediscounted with F.R.Bank:
Secured by U.S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
U. S. bonds
U. B. Victory Notes
IJ. S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
46
105
56
84
$
$
16,601 107,115
241,227 1,630,285
567,881 2,247,948
S
19,475
249,068
335,271
$
31,192
374,743
651,223
825,709 3,985,348
102,748 597,730
741
10,312
20,741 414,548
3,175
12,465
170,306 757,197
--
Total loans & disc'ts & investm'ts,
incl. bills redise'd with F.R. Bk_ 1,123,420 5,777,600
84,363 616,361
Reserve balance with F. R. Bank___
21,471
96,865
Cash in vault
814,863 4,789,658
Net demand deposits
237,431 778,203
Time deposits
16,767
70,215
Government deposits
Bills payable with F. R. Bank:
7,000 138,447
Secured by U.S. Govt. obligations
All other
Bills rediscounted with F. R. Bank:
203
Secured by U.S. Govt. obligations
34,545
17,503
All other
66
Total.
781
100
37
31
79
52
S
18,760
138,931
295,848
S
9,220
43,777
197,728
$
10,425
73,797
364,598
$
4,500
54,075
212,515
$
$
16,266
300,338
152,074 3,680,485
748,370 7,277,270
603,814 1,057,158
61,920 177,218
1,015
2,854
25,479
33,796
2,760
3,496
181,637 292,288
$
S
S
46,883
7,641
12,256
55,780 547,096
119,632
319,507 337,805 998,576
451,395 401,226 1,592,557
28,645 140,604
65,335
5,331
1 503
557
84,539
3:625
3,855
28,332
7,103
3,177
36,489 420,801
55,097
453,539
52,937
2,917
12,514
3,635
87,922
250,725
28,756
224
10,039
2,774
29,595
448,820
62,666
2,010
14,630
7,183
60,660
271,090
35,224
956
8,160
4,713
9,204
916,710 11,258,091
135,663 1,439,446
35,464
7,044
657,064
25,138
10,109
83,972
159,287 2,260,483
876,625 1,566,810
67,421
93,987
18,892
36,207
693,307 855,138
58,302 555,823
2,889
10,693
579,416
34,869
14,900
333,238
144,442
5,543
478,591 2,272,214
32,533 201,146
59,329
10,720
279,567 1,448,244
160,041 733,828
15,005
5,167
613,464
42,287
9,008
356,617
176,419
11,541
322,113
20,364
6,771
208,071
83,918
3,051
595,969
50,723
12,904
443,706
123,592
3,201
329,347 1,253,951 15,789,520
89,736 .1,360,204
26,434
320,341
22,904
10,370
238,628 652,797 11,111,839
70,825 568,289 3,690,573
1,911
5,226
151,209
17,025
7,514
1,023
1
7,303
160
8,500
127
233,128
836
191
193
ins
18.391
104
8.940
113
2,442
17
9.836
8
3.088
50
18.411
1,733
161.185
41
78
13,218
17,414
20
14,169
688
500
11,848
233
15.122
116
19,Rev
1,350
o
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
Dec. 13.
City of Chicago.
Dec. 6. Dec. 13.
Dec. 6.
64
50
64
50
Number ot reporting banks
Loans and discounts Incl. bills redls
S
S
$
$
counted with F. R. Bank:
36,664
97,238 108,030
35,611
Loans sec. by U. S. Govt. oblig'.•
Loans secured by stocks & bonds_ 1,454,264 1,475,390 417,705 409,346
1,962,123 1,927,013 607,287 617,108
All other loans and dIscounts
-3,513,625 3,510,433 1,061,656 1,062,065
Total loans and discounts
56,380
56,099
505,287 515,972
U. B. bonds
4,361
9,869
4,113
9,016
U. S. Victory notes
61,007
59,137
396,988 397,105
U. S. Treasury notes
8,738
17,087
9,067
17,917
U. S. certificates of indebtedness
556,282 548,,,9,) 182,077 180,132
Other bonds, stocks and securities
Total loans & disc'ts & invest'ts,
incl. bills redise'ted with F.R. Bk.4,989,265 4,990,807 1,382,568 1,379,463
563,936 594,145 143,658 142,516
Reserve balance with F. R. Bank
32,055
33,011
77,373
81,728
Cash in vault
_:
4,279,097 4,256,352 988,508 964,528
Net demand deposits
Time deposits
547,055 549,306 351,262 351,427
8,250
8,151
62,983
Government deposits
62,983
Bills payable with F. R. I3ana:
5,550
4,618
115,530 141,195
8ee'd by U. S. Govt. obligations_
All other
Bills rediscounted with F. It. Bank:
106
Seed by U.S. Govt. obligations_
101
13,098
All other
7,350
16,420
9,653
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
and investments, per rent
0.0
1.4
2.5
3.2
* Revised figures.
All F. R. Bank Cities. F. It. Branch Cities. AllOtherReport.B1c8.
Dec. 13.
264
Dec. 6.
264
Dec. 13.
200
Dec. 6.
209
Dcc. 13.
311
Total.
Dec. 6. Dec. 1322 Dec. 6 '22.Der. 1421
311
784
784
808
S
$
$
$
$
$
S
$
S
509,676
42,886
41,847
49,847
300,336
309,271
50,216
207,234
217,557
546,547
454,083
462,212 3,680,485 3,704,074 3,154,782
537,474
2,688,928 2,705,315
4,460,371 4,425,399 1,433,597 1,480,858 1,333,302 1,327,194 7,277,270 7,233,451 7,639,093
7,356,533 7,348,291 2.071,287 2,067,252 1,830,2711,831,253 11,258,09111,246,708 11,303,551
940,563
339,784
852,059 349,567 352,066 300,095 299,552 1,489,446 1,503,677
5,064
4,334
35,464
33,539
169,553.
9,712
20,342
10,058
19,493
855,190
46,989
47,678
75,386
657,064
122,200.
532,675
77,400
532,126
95,132
14,060
88,972
171,423
12,900
31,239
46,213
29,859
49,833
1,194,346 1,136,820 638,306 633,615 427,831 426,015 2,260,483 2,251,450 2,078,520
'
9,989,893 9,988,622 3,176,477 3,174,270 2,623,150 2,622,892 15,789,520 15,785,784 14,785,810
973,703 1,007,807 220,505 232,495 165,996 161,708 1,360,204 1,392,010 1,245,778.
320,341
82,953
308,777
34,734
64,324
323,980
169,786
65,821
161,000
7,642,316 7,581,599 1,825,432 1,800,238 1,644,091 1,628,343 11,111,839 11,010,180 10,338,550
1,791,024 1,794,587 1,125,556 1,122,846 773,993 777,294 3,690,573 3,694,727 2,979,543
20,408
151,209
162,592
30,091
115,246
109,362
21,763
21,756
120,421
152.344
190,557
53,583
128
52,260
130
27,201
708
28,080
520
233,128
836
207,877
650
231,430
1,647
806
91,514
1,866
104,517
681
36,519
547
37,197
246
33,152
306
34,483
1,733
161,185
2,719
176,197
31,484
399,431
2.0
2.8
2.3
2.4
2.5
2.9
4.5
2.4
3.0
DEC.23 1922.]
THE CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Vanhers' Gazette
Wall Street, Friday Night, Dec. 22 1922.
Railroad and Miscellaneous Stocks.-The stock market
was depressed early in the week. This was due chiefly to
announcement on Monday that the dividend on Great
Northern had been reduced from 7%, which rate had been
maintained 24 years, to 5%. This caused a drop of over 4
points in G. N. shares, over 2 points in Union Pacific and
Can. Pac. and nearly 2 points in Atchison and St. Paul,
and the entire list was weak. The drop was due largely to
aggressive selling by the bear element, however, and therefore was short lived. Its force was completely spent before
the close on Tuesday, since which there has been substantial
recovery, especially to-day, and more than half the active
list closes with a considerable net gain for the week.
On the other hand, the produce markets have been continuously strong, wheat at 1283/i registering a new high
price for this crop, and cotton selling above 26 cents per
pound. The foreign exchanges have been irregular. They
could hardly be otherwise in view of the recent kaleidoscopic
changes in the international situation abroad and developments that are believed to be impending.
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.22.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Highest.
Range since Jan. 1.
Lowest.
Highest.
3 per share. S per share. $ per share.
Railroads
Bangor & Aroos, met_
100 44 Dec 21 44 Dec 21 44
Buff & Susquehanna_100.
500 110 Dec 21 115 Dec 21 92%
dies &Ohlo.prq
1,900 101% Dec 20 102% Dec 16 100%
C St P M & 0,pref_100
100 102% Dec 2 102% Dec 20 83
Illinois Central, pref.....
700 113% Dec 19 114% Dec 18 104%
Leased line stock_ A00
50 75 Dec 18 75 Dec 18 71
Interboro Rap Tran (w i) 3,800 17% Dec 21 19 Dec 26 18
Int & Gt No Ry(w I) 100 1,700 24 Dec 19 24% Dec 16 21%
Man RY Eq Tr Co. of
N Y cert of dep
2,500 39% Dec 22 42 Dec 18 39%
Michigan Central_ _ _100
15310 Dec 20 330 Dec 21 120
M St P & S S M,pref 100
200 80 Dec 19 83 Dec 20 70
M K T full paid
300 35% Dec 18 36 Dec 22 31
Nat RysMex,1st pref 100
200 6% Dec 18 6% Dec 18 16%
New York & Harlem_.50
17. 153 Dec 21 160 Dec 22 100
Pitts Ft W & Ch pf_100
400 133 Dec 22 1393 Dec 22 133
Tol St L & W Series B
600 65 Dec 20 67 Dec 16 22%
Preferred Series B._ _ _
800 52 Dec 20 54% Dec 18 33
Industrial &
All America Cables_ _100
400 118% Dec 20 120 Dec 18 107
Am M &0 stamped_ _ _ _ 1,000
34 Dec 21
34 Dec 21
Am Metal temp ctfs_ _ _* 12,400 4934 Dec 20 51% Dec 22 4434
Amer Teleg & Cable_ 100
100 5931 Dec 16 59% Dec 16 54
Am Wholesale Corp pf100
100 88 Dec 20 88 Dec 20 86
Art Metal Construe'n_10 400 1534 Dec 21 16% Dec 22 15
Am Metal tern ctf p1_100 800 11234 Dec 19 115 Dec 22 107
Assets Realization_ _ _ _10 2,600
% Dec 22 1 Dec 19
34
AtlFruitCoITCoctf ofdeP
200 134 Dec 20 1% Dec 18 14
Beech-Nut Packing_ _ _20 1,800 493.4 Dec 21 9
55
1% Dec
ee 18
9 48%
Beth Steel pref, new_ _ _ _ 1,100 9434 Dec 22
94
Brown Shoe Inc, pref 100 200 9834 Dec 16 99 Dec 22 9034
Burns Bros, pref_ _ _ _100
100 10234 Dec 22 1023( Dec 22 94
Cluett,Peab & Co,pi 100 100 103% Dec 2 10334 Dec 20 85
Commercial Solv, A.....
500 44 Dec 22 45% Dec 16 44
do
B
100 30 Dec 21 30 Dec 21 30
Conley Tin Foil
2,000 16 Dec 16 17% Dec 22 13%
Consol Gas, when issued 42,800 57% Dec 22 61% Dec 16 574
Rights
88,700 1% Dee 22 2% Dec 16 134
Continental Motors_ _ _ _ 13,200 11% Dec 18 18% Dec 16 114
Continental Can Inc pref
100 107% Dec 22 10731 Dec 22 100
Cosden & Co, pref
300 100 Dec 21 10034 Dec 16 9534
Deere & Co, pref_ _ _100 400 71% Dec 19 72 Dee 16 61
Emerson-Brant, pref 100 300 25% Dec 21 2534 Dec 21 23
Exchange Buffet
100 27% Dec 18 27% Dec 18 2734
Fidelity-Phen Fire Ins
400 106% Dec 18 10634 Dec 18 100%
Gen Baking Co
*
100 I115 Dec 20 165 Dec 20 102 ,
Gen Elec special
1,300 11 Dec 18 11% Dec 18 104
Gimbel Bros
1,000 39% Dec 20 41% Dec 22 384
Preferred
2,900 96 'Dec 18 98% Dec 20 93%
Goldwin Pictures
16,100 4% Dec 21 5% Dec 19 434
Hartman Corp
100
200 83% Dec 21 84 Dec 22 81
Hudson Motor Car_ _ _ _* 19,400 25% Dec 18 26 Dec 20 19%
Hydraulic Steel, pf_ _100
700 38 Dec 20 39 Dec 16 30
Ingersoll Rand
50 104 Dec 21 104% Dec 21 104
Jones dc Laughlin, pref__ 2,300 108 Dec 21 109 Dec 16 108
Kresge(SS)Co, pref 1
100 110% Dec 20 11094 Dec 20 106
Loose-Wiles Biscuit
600 52 Dec 22 53 Dec 19 36
1st preferred
100 10534 Dec 22 105% Dec 22 105%
Macy
1,300 60% Dec 21 61% Dec 18 59
Preferred
40011094 Dec 16111
Dec 18 110%
Magma Copper
6,500 29% Dec 16 32% Dec 18 27
Mex Met, pref
100 103% Dec 21 103% Dec 21 103%
Moon Motors
17,20 1834 Dec 21 1934 Dec 20 13
Mother Lode Coal
*31,600 10% Dec 22 1194 Dec 18 9%
Mullins Body, pref._100
100 90 Dec 22 90 Dec 22 90
10 298 Dec 18 298 Dec 18 264
Nat Bk of Comm_ _ _ _100
18,2003631 Dec 20 3734 Dec 18 3531
Nat Biscuit, w 1
Niagara Falls Pow, p1100 " 100 10994 Dec 18 109% Dec 18 100%
700 4834 Dec 20 48% Dec 22 45%
N Y Air Brake,"A"- -100
300 45 Dec 16 4534 Dec 22 40
Otis Steel, pref
18,700 10 Dec 18 10% Dec if 10
Packard
400 91% Dec 20 92 Dec 21 913-4
Preferred
100 62% Dec 20 62% Dec 20 61
Panhandle P & It, p1100
4,90C 42 Dec 19 42 Dec 19 41
Philadelphia, pref
200 9431 Dec 16 9534 Dec H. 8834
Phillips-Jones, pref. 100
200 65 Dec 20 72 Dec 16 65
Torto Rican-Am Top.-.
200 65 Dec 20 72 Dec 16 65
100
Pittsburgh Steel
100
100 93 Dec 21 93 Dec 21 85
Preferred
200 43% Dec 18 44 Dec 19 36
Prod & Ref Corp, bf_ _50
P S Corp of NJ,pref___ - 1,000 105 Dec 18 06 Dec 19 75
40011734 Dec 18117% Dec 18 106
Ry Steel Spring, pref _100
700 15% Dec 22 16 Dec 18 8%
*
Reis (Robt) &Co
Reynolds Spring Co__ -* 2,100 2334 Dec 21 25% Dec 16 1234
5,200 12% Dec 22 12% Dec 22 1234
Shell Union 011
1,200 90 Dec 20 02% Dec 16 90
Preferred
4,000 99% Dec 21100% Dec 21 9774
Sinclair Oil pref
se pert° ptee sug, pf 100
100 30% Dec 18 30% Dec 18 1234
Standard 01101 NJ, w 1_ 21,000 38% Dec 20 3931 Dec 16 3831
131
Sterling Prod, rights_ _ _ _ 5,200 134 Dec 21 1% Dec 21
100 2,400 118 Dec 18 125 Dec 16 109%
Tidewater Oil •
5,300 32% Dec 20 33 Dec 16 2834
Timken Roller Bearing
34 Dec 20
34 Dec 16
%
U S Realty dr Imp rights_ 3,600
400 100% Dec 19 100% Dec 18 100%
Preferred
300 16% Dec 18 16% Dec 18 14
Va-Caro Chem "B"
2,700 62% Dec 21 63% Dec 18 5734
Van Raalte
West El 7% cum pf _ _100 2,300 107 Dec 18 112% Dec 22 107
100 124 Dec 22 124 Dec 22 1177s
Woolworth(F W), p1100
• No par 'value.
2773
Dec 46
Nov 115
Dec 105%
Feb 107
June 116
Jan 79
Nov 31%
Dec 26%
Mar
Deo
Oct
Sept
Oct
Oct
Aug
June
Dec •5534
Feb 330
June 9434
Nov 39%
Dec 19
Jan 160
Dec 139%
Jan 67%
Feb 58%
Aug
Dec
Sept
Sept
Aug
Dec
Dec
Dec
Sept
Week ending
Dec. 22 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Railroad,
&c.
Bonds.
Stocks.
Shares.
Par Value.
State, Men.
and Foreign
Bonds.
U's.
Bonds.
$3,309,000 $1,283,000 $1,498,000
6,194,500 1,605,500 3,356,000
4,756,000 1,615,500 2,138,200
5,120,500 1,625,000 5,237.750
5,347,000 1,779,000 3,368,450
6.121,000 1,569,003 3.142,030
507,000 $31,660,000
1,162,040 98,454,000
792,808 45,419,000
828,470 47,280,000
968,345 59,387,000
836,400 47,900,000
5,095,063 $330,100,000 $60,548,000 $9,477,000 $18,740,400
Week ending Dec. 22.
1922.
1921.
Jan. 1 to Dec. 22.
1921.
1922.
1
Stocks-No. shares...
5,095,063
3,553,624
251.867,144
223,514,719
Par value
$330,100,000 $219,707,190 $21,886,188,239 $18,961,233,965
Bonds.
Government bonds__ _ $18,740,400 $57,371,000 $1,845,174,285 $2,656,691,800
State, mun., &c., bonds
9,477,000
8,809,500
346,025,500
583,683,600
RR.and misc. bonds
60,548,000 34,514,000 1,320,616,500
792,237,000
Total bonds
$88,765,400 $100,694,500 $3,749,474,385 $3,794,954,300
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Dec.22 1922.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia
Baltimore
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales
*10,512
*24,401
*19,037
*37,543
*18,686
28,234
$13,900
42,700
38,050
56,100
77,950
15,000
2,717
14,121
5,683
6,416
7,165
4,559
$47,250
332,100
78,850
28,100
90,200
.52,000
1,071
1,566
863
1,860
1,658
1,272
$22,300
35,100
32.500
21,000
32,500
21,000
Total
138,413 $243,700
40,661 $628,500
8,290 $164,400
Prey. week revised 141.430 3328.750
37.685 5638.350
6.889 1227.800
* In addition there were sales of rights: Saturday, 1,240; Monday,3,582; Tuesday'
2,160; Wednesday, 8,075; Thursday, 6,088.
Daily Record of U. S. Bond Prices. Dec. 16 Dec. 18 Dec. 19 Dec. 20 Dec. 21 Dec. 22
First Liberty Loan
(High 100.64 100.80 100.58
34% bonds of 1932-47_4Low, 100.46 100.50 100.48
(First 334s)
(Close 100.50 100.50 100.48
Total sales in $1,000 units_ _
223
520
456
Converted 4% bonds of(Hig-h
_--____
__-_
1932-47 (First 4e)__ --i Lew---- -- --- Total sales in $1,000 units_
Converted 434% bonds(High 98.06 98.98 99.10
of 1932-47 (First 43i8)4Low_ 98.72 98.80 98.78
(Close 98.86 98.98 98.88
Total sales in $1,000 unus___
31
37
162
Second Converted 44%(High
____
____
___
bonds 01 1932-47 (First(Low_
____
____
____
Second 44s)
(Close
____
____
____
Total sales in $1,000 units_
__-- - -Second Liberty Loan
(Hiih
____
____
98112
.
4% bonds of 1927-42
{Low_
____
____
98.04
(Second 4s)
(Close
__-_
-___
98.12
Total sales in $1,000 units_
7
Converted 4%% bonds f High 98.20 98-.20 98.16
of 1927-42 (Second (Low_ 98.10 98.10 98.08
44s)
(Close 98.20 98.14 93.10
Total sales in $1,000 units_ _
273
344
619
Third Liberty Loan
(High 98.78 98.86 98.84
4 X % bonds of 1928.. (Low.. 98.70 98.72 98.76
(Third 44s)
(Close 98.72 98.80 98.76
Total sales in $1,000 units...
141
436
328
Fourth Liberty Loan
(Hih 98.54 98.56 98.50
44% bonds of 1933-38.._{ Low_ 98.42 98.44 98.42
(Fourth 45413)
(Close 98.40 98.46 98.48
Total sales in $1,000
_
544 1,153
560
Victory Liberty Loan units_(Hlgh 100.34 100.36 100.34
494% notes of 1922-23_( Low_ 100.30 100.32 100.32
(Victory 44e)
(Close 100.32 100.34 100.34
Total sales in $1,000 units__
107
259
181
Treasury
(High 99.78 99.80 99.82
44s, 1947-52
(Low_ 99.70 99.72 99.74
(Close 99.72 99.70 99.78
Total sales in $1.000 units__
126
392
167
100.74 100.64 100.66
100.48 100.54 100.56
100.64 100.60 100.66
1,262
103
261
__--_----- --- - -- --98-.94
98.80
98.84
148
____
____
____
9-8-.94
98.84
98.90
101
99.20
99.30
99.30
9-8:98
98.92
98.92
28
Dec
Jan 125
% Dec
Dec
__- _
Sept 5234 Sept
Mar
Feb 70
____
98.06
Jan
Oct 95
____
98.06
_ --Feb 1634 Aug
____
98.06
Dec
Aug 115
_
1
Dec 234 July
98-.28 98.28 98-.40
Dec 24 July
98.10 98.16 98.29
Dec 5334 Dec
98.18 98.24 98.40
Nov101
Oct
764
330
740
Nov
Apr 99
98.86 98.80 98.98
Feb 103% Nov
98.76 98.82 98.78
Jan 103% Dec
98.84 98.16 98.98
Oct
Dec 50
1,113
618
560
Nov 4734 Oct
98.64 98.68 98.79
Nov 174 Dec
98.48 98.60 98.64
Dec 6231 Dec
98.60 98.60 98.74
Dec 24 Dec
1,157 1,021
737
Dec 1834 Dec
100.36 100.38 100.42
Oct
Feb115
100.32 100.32 100.28
July102% Sept
100.32 100.34 100.42
Feb 80 May
319
95
150
Feb 444 July
99.92 99.86 99.99
Dec 3134 Oct
99.70 99.86 99.86
D:4063( Dec
99.90 99.94 99.99
Jan 175
Dec
341
1.035
861
Oct 12
Sept
Oct 4534 Oct
Note.-The above table includes only sales of coupon
Nov 102% Oct bonds.
Transactions in registered bonds were:
Dec 18% Oct
Mar 9 let 3%s
Nov 103
100.30 to 100.56 153 2d 44s
98.00 to 98.20
Nov 2634 Dec 1 18t45
98.30
98.56 to 98.84
88 3d 44s
Ap 60 June 6 1st 434s
98.50 to 98.70 129 5th 44s
98.34 to 98.50
Dec 116
Dec 1 2d 4s
97.70
57 Victory 44s
100.06 to 100.10
Dec 10934 Dec
Quotations
for U. S. Treas. Ctfs. of Indebtedness, &c.
Jan 110% Dec
Jan 6534 Oct
1 nt
Dec 105% Dec
Maturity.
Rate.
Bid. Asked.
Maturity.
Rate. Bid. Asked,
Nov 62 .Dec
Dec 111% Nov June 15
1924...
102
101%
594%
Mar. 15 1923 _ 434% 100
100%
Dec 3531 Sept Sept. 15
1924...
534% 101%4 101% June 15 1923... 84% 99% 100
Dec 103% Dec Mar.15
1925___ 494% 100% 100% Dec. 15 1925... 434% 99%
99%
Aug 19% Dec Mar.
15
1926
45(%
100%
100% Sept. 15 1923... 391% 99% 100
Nov 1234 Dec
Sept. 15 1926.... 4.4% 99
993(
Dec 90
Dec
Jun 304
Dec
The Curb Market.-The review of the Curb Market is
Nov 3934 Dec
Jan 10934 Dec given this week on page 2769.
Nov 5034 Oct
Foreign Exchange.Nov 4531 Dec
Nov
Dec 21
To-day's (Friday's) actual rates for sterling exchange
Dec 92
Des 4 623-4 for sixty days 4 63%64 6434 for cheques and were 4 61% ®
4 643464 64,4
Mar for cables. Commercial on banks
Dec 80
sight,
63%@4 6434, sixty days
Nov 4334 Nov 4 60%@4 6134, ninety days 4 6034.g4 6134, 4
and documents for payment
Jan 97
Nov (sixty days) 4 614@4 617's. Cotton for payment,
4 63% ®4 6431. and
Dec 96% Oct grain for payment 4 63%64 64
X•
Dec 98% Oct
To-day's (Friday's) actual rates for Paris bankers' francs
7.3746
Ma 9731 Oct 7.39 for long and 7.4067.42 for short. Germany bankers'were
marks are
Ma 49
Sept not yet quoted for long and short bills. Amsterdam bankers' guilders
Oct 106% Dec were 39.33@39-43 for long and 39.66@39.74 for short.
Apr 120
Apr
Exchange at Paris on London, 62.43 francs; week's range, 61.60 francs
Jan 21
Mar high and 62.70 francs low.
Nov 50% June
The range for foreign exchange f.,r the week follows:
Dec 12% Dec
Sterling, ActualSixty Days.
Cheques.
Cables.
Dec 9694 Sept High for the week
4 6334
4 6534
4 6594
Sept 102
Oct Low for tbe week
457,4
460
4 604
Jan 96
July
Paris Bankers' FrancsDec 40
Dec High for the week
7.58
7.63
7.64
Dec 194 Dec Low for the week
7.3031
7-3534
7.3631
May 154
Oct
Germany Bankers' MarksSept 35 ' Oct High for the week
0.0164
0.0164
Dec 1% Dec Low for the week
0.0140
0.0140
Dec 10134 Dec
Amsterdam Bankers' GuildersNov 25% Aug High for the week
39.63
39.99
40.08
Oct 6734 Nov Low for the week
39.19
39.55
39.64
Dec 11294 Nov
Domestic Exchange.-Chicago, par. St. Lluh, 155825c. per
$1,000
Sept 1251s Oct discount. Boston, par. San Francisco,
par. Montreal, $8 75 per 81,000
discount. Cincinnati, par.
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
2774
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Dec. 16.
Monday,
Dec. 18.
Tuesday, 'Wednesday.. Thursday,
Dec. 20.
Dec. 19.
Dec. 21.
• S per share S Per shaer $ per sizare S per share $ Der share
22
*14
22
*14
20
*14
22
*14
*14
22
35
35
35
*34
35
35
39
*35
*35
38
10034 101
10014 101
101 10114 101 10178 100 101
9112 91
91
908 9112
92
9214 9114 9114 01
112 134
18 *112 178 *113 134
*152
178 *112
11078 11072 11014 111 *110 111 *11012 112
*111 112
4134 41
4214 4078 4114 41
41
4178
4152 42
5812 5812 *58
5752 5834 *5734 59
5812
59
*50
*60
66
*60
66
66
*60
66
66
*60
*60
1514 1514 1512 1514 1512
1434 1478 1478 1518 15
1212 1212 1212 1252
1214 1212 1212 1212 1212 1218
14112 14318 14034 14112 14134 14312 14212 14312
143 143
225 227
*220 232 *225 230 *215 230 *218 229
7114 6934 71
704 7134 6912 7112 0918 704 70
218
218
218 218
218
218 218
218
*218 214
33
312
31:: 312 *314 312 *318
312
*31:: 334
2858 2852 28
2812 26
26
2812
*2812 2912, 27
57
57
5778 5712 58
57
57
57 I 56
*56
414
412 412
418 412
412 412
414
438
438
.838 938
7
912 912
9
9
912 912
98
22
21
2232 2017 2134 21
22
22
228 21
3414 33
3414
35 1 323* 341 3214 3314 33
34
7914 7717 7912
7838 78
76
. 7714 7812 7612 78
112 114
114 11417
11412 114121 113 11334 *111 114
3212 3012 314 3034 3117 3058 3117
3218 3232 31
*9112 9212 *92
92
9234
*9214 93121 9272 9278 *89
8014 8014
8214 8212
8212 *8014 82
8212 8234 82
*72
*71
73
74
72
*7214 75
72
7214 72
*7312 80
*7312 80
*7312 80
*7312 80
*7312 81
--_
--- 99
42
42
-4118 -4-118
41
*4112 43
4113 11-14 41
59
59
*5812 60
*581, 60
60
*58
*57. 60
118 118
1138 1185* 11414 11712 115 11658
11712 118
130 13012
13014 13212 130 131 *129 130
132 132
*258 3
*234 314 *234 3
*234 314
3
3
412 412 *414 412 *414
434
*412 458 *412 434
1038
10
1014 10
1014
1032 1012 1018 1012 1018
1418 1514 1418 1438 1418 1412 1418 1434
1434 15
1118 1114 1118 1114 1114 115* 1114 1114
1118 1118
7658 8078 7612 7712 7712 78
7717 7812
80
79
31
31
3114
308 3112 3034 3112 308 3132 31
14
*12
*12
14
13
*12
14
13
13
*12
*42
45
*42
46
45
*42
45
46
45
*45
10814 109
10678 10734 10778 108
110 112
*107 108
14
32
14
14
14
14
14
14
13
14
5
19
52
58
12
58
58
34
34
*52
18
1818 1812 1834 1834 19%
1878 18% 1778 19
54
5412 5318 5318 5318 5318 5312 5312 54
53
.
*3
10
10
*3
*3
10
10
*3
10
*3
34
34
35
*32
*34
34
*32
35
34
35
*7014 753* *7014 74
*7014 77
*7014 74
*7014 77
6278 6312 6234 6434 6452 6612 6612 68%
63
63
130 13178 130 130 *130 131 *130 133
.1,3212 134
52
50% 508 *4614 5012 *4614 50
*43
*4614 50
814 814 *8
*814 9
814 817
88
812 83*
.3714 40
*3712 40
*3712 40
*38
40
*38
40
6812
6712
6734 *6712 68
*6712
68
68
68
68
*2214 2434 *2112 25
*2212 24
*22
25
2434 *22
634 634' *612 634
612 612
612 612
;a- 65 - *621:: 6312 6272 628 *61
63
63
63
11
*9
*912 10
91
912 *912 11
10
10
1412 1458 145.8 15
1412 1434 1434 15
1458 15
.
3012 41
*39
4012 3814 39
3912 39% *3912
1614 16
16
1534 163* 16
16% 1512 16
1g38
42
4218 4112 4234 4112 4212 42
4278 42
3
3
3
2% 3
*312 314
4312 3
434 85
8 83
85112
8412 8512 *85
8617 8612 8512 87
9258 9334 9214 9314 93
9212 93
94
9234 9414
*8112 83
*7934 80
84
*793 82
*82
8134 8214
90
*8434 89
*86
90
*86
*8434 87
*8434 87
. 2178 2012 21
2134 2178 201
2058 2114 2052 2114
2014 20
204 2012 2014 204 2014 2014 20
20
15
*14
16
*14
*14
18
16
14
14
*14
*11114 11112 10912 11012 10912 11018 10912 1103F 111 111 13
78
7712 7712 7612 7612 *75
78
*77
80
80
745 753
7518 757
74% 76
7412 7512 7434 757
4614 457 46
4638 46
468 4638 46
458 46
15
*13
16
1514 1514 *14
16
*14
15
*15
35% 363* 3512 3534 36
3614 3534 3634
35% 357
*76
78
80
76
76
*76
*73
79
76
.
69
68
69
68
68
69
*69
69
6978
69
3318 *3312 3334 3334 3418
3312 3414 33
3314 34
91
*90
*90
91
91
*90
91
*8712 9418 *90
788 7919 7814 8014 7738 7878 7712 7934 7878 80'8
5212 5212 5212 5212 53
52
53
54
*4912 52
*53
5312, 53
5312, 54
54
5212 53%,
35 I *27
30 I .27
*28
35
30
32 I *28
.28
21
2114 2114 2134
12
2134 214 2012 2112 204 21
3834 3834 3734 3814 3758 37% *3712 38
39
39
29 1 29
2914 29
2978
30 I 2914 2914 29
30
55% 56%
.5514 5612' 5418 5614 5518 5614 5534 56
*512 53, *512 5341
514 512 *5
512 512
512
4 834 *812 834
8,
834 834
4'
,
8% 8
*812 834
87
88
87
8812
863* 87
8718 8758 8612 877
2312 2378 2458
2334 2334 2312 2418 228 2312 23
6412 65
65
6552
6412 6452 6512 6434 65
*64
2034 2078 2114 2034 2112
20
1917 2034 1912 20
1612 1612 1612 1612 1612 1614 1614 1514 1517
•16
58
58
60
61
*56
58
6134
*57
59
*57
13512 13714
135 13612 13414 13532 13532 1368
13612 137
75,4
7512 7513 75,4 75
7538 *75
78
11
11
1112 1112 1114 1114 1017 1012 1012 107
*2514 26
*26
27
.2514 26
*2512 26
*2512 26
834 9
812 812
814 812
812 8%
872 872
225 233* 2234 2378
2334 2252 23
23
2334 24
17
17
17
1612 18
*16
17
*16
*1612 17
1034 12
1118 1112 1114 1112 1034 11,8 1034 11
2414
*22
23
*21 12 2212 22
2334 2212 23
*23
1514 1517 1518 1518 14% 15
*1512 1612 1534 18
53
5234 52%
5658 5412 5412 537 53% 53
56
7 958 9% 9% 934 9% 938 9 9% 8% 9
1612 *1612 1812
16
16
16
164 , 1618 *1514 16
L•27, 30 *2512 29 .26 29 *26 2912 2552 2552
J kil
t
,
UN
6614 6614 6617 6612 *6612 6712 *6612 6712 *6612 6712
13
13
14% *13
13
1312 13
.1412 1512 13
*45
49
*45
49
*45
48
*4512 49
45
45
597 59% 60
60
60
*59
60
60
*58
60
1214 1212 1214 1212 1212 1212 1158 1212 1134 12
"8
12
14
14
38
38
14
14
38
14
118
118
118
118
118
118
*I
118
*1 , 118
79 , 7912 80 8058 8012 8212 774 8112 7712 79
11158 11158
111 111
.110 113 *110 11312 *110 113
4412 4458 4334 4412 44
44
4438 45
4458 45
*96
98
*96
97
97
9634 9634 9612 9612 97
3278
3118 3118 3012 32
3038 3112 3112 3318 31
584 5812
593 5938 597 597
5912 5912 5914 60
80
77
77
80
*72
80
.72
.71
80
*72
•55
____ *5414 ____ *5414 56
*5414 5512 5512 5512
.40
39
39
37
41
3878 39
3734
4213 39
80
.72
80
75
72
.
*72
•72
80
.72
80
3712 4012 397s 43
4212 4014 4112
40
4012 40
7412 7412
Friday,
Dec. 22.
S ver share
*14
20
*34
38
10214 10214
9112 9134
112 152
111 11112
4112 4214
57% 5734
*60
66
1534 1612
1234 138
14314 1447*
226 229
7118 7134
24 214
312 31,2
*2834 29 58
5812
*414 • 412
832 84
2118 2212
3314 34
7812 7934
1144 1144
31
3134
92
92
8212 8258
7212 7212
*7312 80
99
411, 4112
*5812 60
11212 11512
13012 131
*234 314
*458 5
1014 1038
1418 14%
1114 11.14
7814 788
31
31
PER SHARE
flange sincc Jan. 11922.
On basis of 11)0-share lets
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Par
Railroads
100
Ann Arbor
100
Preferred
_100
Fe_
Santa
&
Topeka
Atch
100
Do prof
Atlanta Birm dr Atlantle 100
100
RR_
Line
Coast
Atlantic
100
Baltimore & Ohio
100
Do pref
100
Buffalo Roth & Pitts
;rooklyn Rapid Transit_ 100
Certificates of deposit
100
Canadian Pacific
100
Central RR of NJ
100
Chesapeake & Ohio
100
Chicago & Alton
100
Preferred
Chic & East Ill RR (new)
Do pref
Chicago Great Western___ 100
100
Do pref
Chlcago Milw dr St Paul 100
100
Do Prof
Chicago & North Western_100
100
Do pref
100
Chic Rock Isl & Pat
100
7% preferred
100
6% preterred
Chic St P Minn dr 0m_100
Cloy On ChM dr St Louis_ _100
100
Do prof
100
Colorado & Southern
100
Do 1st pref
100
Delaware Jr Hudson
50
Western_
&
Lack
Delaware
Duluth S S & Atlantic_100
100
Do prof
100
Erie
100
Do 1st prof
100
Do 2d prof
100
Great Northern Prof
Iron Ore propertiw_No par
400
6,000
2,100
1,500
700
17,100
800
5,600
2.300
9,100
500
14,100
2,400
1,800
2,600
2.100
3,100
7,000
17,200
33,600
8.500
1.700
23,800
100
1,500
500
Lowest
700
100
9.400
2,500
200
600
10.800
10,700
2,700
44,100
6,300
0
00
*12
14
Gnuilf Mob dr Nor tr ctfs___10
100 i
00
42
3 2 1:i.E
*1
1
15
11144 14
....
prreenftra.
Dois8
Interboro Cons Corp__No lz
I
Highest
share
Jan 3
Jan 26
Jan 3
Jan 3
Jan 14
Jan 9
Jan 27
Jan 11
Jan 4
Jan 4
558 Jan 11
11918 Jan 6
184 Afar 31
54 Jan 10
132 Jan 24
318 Jan 25
1258 Jan 25
32 Jan 30
$ per share
24 Aug 30
52 Aug 25
10812Sept 11
954 Aug 21
512 Apr 17
12478 Sept 11
6014 Aug 21
6614 Aug 23
73 Oct 4
29 June 30
2478June 30
15158 Aug 31
245 Oct 23
79 Aug 21
1234May 28
2078May 25
4334 Aug 21
6412 Aug 22
4 Nov 241
8 Nov 24
1714 Jan 9
29 Jan 10
59 Jan 9
100 Jan 9
3012 Dec 19
8314 Jan 10
7014 Jan 9
51 Jan 10
54 Jan 4
7234 Jan 3
38 Jan 10
55 Jan 16
10634 Jan 4
108 Feb 14
252 Jan 27
334 Jan 7
7 Jan 9
1118 Jan 9
718 Jan 10
7014 Jan 10
28% Nov 17
1034May 27
24/2May 29
3638 Aug 22
55 Aug 22
9518 Sept 11
125 Aug 21
50 Sept 14
105 Sept 14
95 Sept 14
90 Sept 15
80125ept 15
10012 Oct 17
5312 Apr 24
66 Mar 23
14112Sept 8
143 Oct 4
6 Apr 25
1012 Apr 18
1834May 23
2812 Aug 21
204 May 23
957 Oct 18
45% Apr 13
set
10
28%
9134
84%
74
83
3312
5212
50
6
5
1.2
sleavyt 2
534A
1.9
3 11
512 Jan 4
97
16 Jan 5 47 Oct 19
14
2 Dee 1(5)
o y 27
,fTov
1,
8 g:g33 Kansas City Southern___ _ 12 L4,
2
3 j;
*14
19
27
pref
*54
Do
5417
700
17
Jan
5
_100
Moines__
Des
Keokuk &
10
*3
100 10 Feb 2
LLealtc.ieo3hEilraeolfl&eyWestern
34
34
8
Feb
2618
100
*7014 74
50 5658 Jan 3
6778 6912 26,550000
) 108 Jan 9
0
18(
134 131
600 Louisville & Nashville
Jan 6
guar
ettyriy
iarttrer
49
49
28 Manhattan
100 3312
28
9
9
100 17 Jan 9
prof
*38
40
100 3512 Jan 7
pref
8% 6
23
6
Do
23
934 1,300
100
5% Jan 9
retf L
pd&Ps
oe8,2
mi
100 miD
Jan 6
_ _100
(new)_ _5
Ng
*614 612
100 55 June 29
Minn St P & S S Marie
6212 6312
38 Jan 16
10
12
200 Missouri Kansas & Texas 100
712 Jan 11
*14314
2 15
26:10000 Mo Kan & Texas(new)
2412 Jan 27
Do prof (new)
14 3912
1512
trust
ctfs_190
Nov 22
Pacific
Missouri
lg
6,800
1612
100 40 Nov 25
Do pref trust ctfs
83512 4
4
5 % 15,500
83
_100
2d
prof__
Nov 23
Mox
211
of
*278 3
1,501 Nat Rys
)
4
n 1(
,,, Jan
3,,
22
000 New Or! Tex & Alex v t is _ _ 12 547
5:40
Central
c
York
New
9414 943114
200 N y chicago A. St L01113_100 5112 Jan 5
*82
83
100 6134 Jan 5
*8212 8734
100 124 Jan 5
prlulartford
6&
H
'YoN 2
20% 21% 19,900 N D
7
Igg 114 T
s,23
an
2014 2014 1,300 N Y Ontario & Western
rn
hetren
utes
Solv
ct
*12
16
4,320000
,12 18102
*15
9
100
Jan
9614
Norfolk
100 72 Jan 9
100 7314 Nov 27
7 12
76
4 15.V1(1 Northern Pacific
50 3314 Jan 3
46
450
100 1034 Jan 14
iatern
*14
nisa}rElas
15
10,:12) Ro
100
19 Jan 10
f
PcILA1=e
36
3634 10,12
100 63 Jan 17
100 504 Jan 6
8
*.
1078
34
3418 232 Pitli,souburppgrrlff& West Va_ __,_ 100 23 Jan 27
00 76 Jan 13
90
90
50 7118 Jan 3
80
8114 38,62 Reading
50 43 Mar 27
pref
35
5
4
54
412 2.500
*5
Do 1st
50 45 Jan 27
1.11re:ref
D
1,100
100
1713 Feb 6
Rutluand2
*27
32
ctfs 100 2014 Dec 19
2
28
3
2214 8,600 St Louis-San Fran tr
4 Nov 22
343
_100
_
ctfs_
Do pref A trust
1,300
120 -18
4 N387-8 2.700 St Louis Southwestern
'8
283
0 ja
an 10
prof
Do
,4 5634 5,700
553
258 Jan 4
100
5 8 512 8,6(10 Seaboard Air Line
418 Jan 13
100
pref
834
9
Do
1,800
100 7818 Jan 10
9,4 36.775 Southern Pacific Co
25
4%3 8
28
8
100 1714 Jan 10
) Sotjoherpnrelailway
)
(
212(
46 Jae 10
100
653 0534
1834 Nov 27
100
6,400 Texas & Pacific
100 13% Nov 27
8 2167'88
131'
15
2
1,400 Third Avenue
n
IN
to
Transit_..12
Rapid
*58
6114
1,200 Twin City
1373
8 13778
7578 31,600 Union Pacific
7578
Jan 7
prof
Do
1,400
log
712 Jan 6
11
12
2,000 United Railways Invest
27
2714
0
2g'4
100
n 3g
Ru
12 Wabash
858 878 5.3
100 19 Jan 25
Do pref A
24
2412 9,100
100 1234 Jan 25
Do prof B
700
*1512 1812
84 Jan 30
1118 1114 7,100 Western Maryland (new) 100
100 13 Jan 17
Do 2d pref
2334 2372 2,800
100 1412 Jan 30
Pacific
Western
Wes
1,600
1514 1514
100 515* Feb 1
Do prof
53
1,600
53
6 Feb 2
1,700 wheeting & Lake Erie Ry_100
9
9
914 Jan 4
100
Do Prof
1534 1612 1,700
Jan 10
25
100
Central
*26
28100 Wisconsin
100 7114
5 Apr 8
1234 Apr 8
3014 Apr 25
5912 Apr 26
934June 6
3972June 6
77 Sept 27
72 Sept 9
144% Oct 17
58 Aug 30
11 Mar 14
5014 Apr 11
76 Nov 9
32 Apr 10
1412 Apr 29
7534 Oct 19
14 May 23
19% Aug 25
4834 Aug 30
254 Apr 18
6334 Sept 12
714May 27
8738 Dee 14
1007 O t 18
914 Oct 16
93 Sept 15
3514May 20
294 Apr 10
2212June 6
12518Sept 9
82 Oct 6
90% Aug 24
4934 Oct 26
2632 Aug 23
4058 Aug 21
82 Aug 21
7444 Aug 23
4132 Aug 8
94 Oct 10
8718 Oct 25
57 May 31
5912MaY 31
5314June 1
3238 Aug 21
Aug
118
356612
gt 2
5972 Nov 3
10 Apr 15
1434 Apr 15
9614 Oct 16
2858 Aug 21
71 Oct 17
38 Apr 21
2538 Apr 25
1g 1-124tr)tt'd
b.1
80 Aug 30
1973 Apr 11
14%May
36'3 Apr 26
11
354 Aug 21
2478 Aug 21
1714 Aug 30
284 Dec 7
2478 Apr 24
6478 Sept 13
1612June 7
2958June 7
3314 Mar 13
PER SHARE
Range for previous
year 1921
Lowest
Highest
per share S per share
8 Mar 12% Feb
Apr 3214 Dee
20
774 June 94 Dec
7512 Jan 88 Noy
74 Jan
Dee
1
77 Apr 91 Nov
30% Mar 4232 May
47 Mar 5632 Nov
494 Dec 72% Mar
6 Dec 14% Jan
Jan
34 Sept 10
101 June 1237s Nov
Oct 209 Mar
186
46 June 6512 May
4 Nov
8% Jan
Apr
64 Dec 12
1312 Dec 16% Nov
3312 Dec 37 Nov
614 Dec
14 June
1714 Dec
2912 Dec
604 Apr
95 July
2258 Mar
6834 Mar
5612 June
50 June
32 Juno
60 Feb
27
Jan
Jan
49
Apr
90
93 Aug
152 Mar
358 Nov
10 Dec
1518 Dec
10 Dec
80 June
2552 June
434 Dec
15 Dec
854 Mar
14 Dec
314 Dec
1812 Feb
1512 Jan
412 Nov
10 Mar
1752 Aug
4718 June
Apr
97
32 Dec
, Dec
23
12 Aug
27 Aug
414 Aug
54 Dec
83 Aug
Dec
1
8 Dec
2234 Dec
16 Mar
3313 Mar
234 Dee
46 June
6418 June
39 June
54 June
12 Nov
16 Max'
814 Sept
8852 June
62 June
6114 June
3214 June
8 Nov
lb% Mar
50 Apr
Jan
35
Oct
23
70 Mar
6034 June
3612 June
384 Aug
918 May
2078 May
Jan
31
464 Jan
Jan
71
Jan
110
35 Sept
8934 Dec
77 Dec
Jan
63
5712 Dee
75 Dec
4678 Nov
Dec
59
11012 Nov
249 May
412 Jan
7% Jan
1514 May
22% May
1578 Jan
7914 Dee
3112 Nov
1112 May
26
Feb
10012 Nov
57z Jan
Jan
16
28% May
55 Nov
612 May
1412 Jan
30 Deo
60% Deo
118 July
5812 Jan
7 May
1817 May
4512 May
838 May
1434 May
7412 Nov
318 Nov
978 Dec
2638 Dec
2314 May
4913 Nov
135 Feb
7712 Feb
76 Dec
613* Sept
6813 Sept
2312 Jan
2314 Sept
1314 May
10478 Feb
7444 Dec
Jan
88
4134 Jan
Jan
12
23% May
6512 Dec
6634 Dee
Jan
32
80 Dee
8914 Jan
55 Feb
5734 Jan
2584 AUg
1912 Mar
27% June 3912 Nov
1912 June 304 May
Jan
28 June 41
218 Oct
714 May
1212 May
3 Dec
Jan
6712 June 101
1738 June 247g Jan
Jan
42 June 60
2734 Dot
164 Jan
1212 Aug 2033 Mar
314 Dec 5512 Apr
111 June 1317 Nov
6214 July 7412 Dec
1214 Mar
6 Aug
17 Aug 26 Mar
9 May
632 Dec
18 Mar 2413 May
1233 Mar 1578 Nov
8% Dec 1112 May
1414 Dec 21 May
15 Dec 30% May
5112 Dec 7012 Jan
614 Dec 1118 May
1212 Dec 1912 May
Oct 3712 May
23
Industrial & Miscellaneous
2612 Jan 5334 Deo
100 48 Jan 12 83 Oct 6
Adams Express
1012 Dec 1934 Jan
100 10% Jan 19 23 Aug 18
Advance Rurnely
3112 Dec 524 Feb
100 3152 Jan 12 604 Aug 18
Do pref
6512 Oct 6
30 June 50 Dee
3
Jan
4512
par
Inc____No
Air Reduction,
1514 Dec 3912
012July 28 1834 Apr 25
50
Ajax Rubber, Inc
14 Dec
111 Feb
14 Jan 13
78May 10
jan
10
Alaska Gold Mines
4 Oct
17
134 Feb
May
2
24
Jan
38
10
Alaska Juneau Gold Min par 55% Jan 3 9134Sept 5
1.11i, 1114
8
34
Aug 5914 Dee
_No
_
_
Dye_
&
Chem
Allied
io
7914
78
83 June 10384 Dec
100 101 Jan 3 115i2sent
Do Prof
112 112
284 Aug 3984 Dec
100 37% Jan 4 5934Sept 7
Allis-Chalmers Mfg
4412 447
Dec
100 8612 Jan 5 104 Sept 21
.f
pr
Do
*9414 9714
71113
3
28
4
6
2 AAJ
04 Jan
65
2714 Nov 27 427sJune 1
Amer Agricultural Chem 100 58 Jan 16 7214 Sept 11
32
32
51 Aug 5118 DecJan
100
Do pref
59% 59%
4613 Jan
50 5812 Jan 7 91 Dec 13
American Bank Note
80
*72
Jan
50 52 Jan 12 5512 Dec 13
Am Bank Note prof
*5414 5534
2412 Oct
100 31% Jan 3 49 June 9
American Beet Sugar
3834
*36
Jan
eb
54% Dec 75540171; DecF
Oct 17
8011
11
Jan
61
100
Do pref
*72
80
49 Apr 11
2918 Aug 6517 Ms7
ear
31 14 Tan 31
405* 4134 10,300 5m" fin,h \tweet() _Me
Ex-divIdend. b Ex-rights (June 15) to subscribe
a Ex-dividend and rising.
Le. Wall 10U snares.
Ex-rIgu14.
uu sale* uu MI» any .
• 131c1 a Id ruilre*1
share tor share to stock of Glen Alden Coal Co. at $5 per share and ex-dividend 100% in stock (Aug. 22).
6612
13
4538
60
12
6612
1412
4612
60
12
500
5,200
400
500
5,700
900
P,700
37,900
400
3.100
300
5,600
800
100
100
1,200
New York Stock Record-Continued-Page 2
2775
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
•srapirdav,
hfondav,
Dec. 16. ' Dec. 18.
Tnesdav.
Dec. 19.
Wednesday., Thursday,
Dec. 20.
Dec. 21.
Fridav.
Dec. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lotvest
$ per share $ ver share $ ver shzre $ ver share $ ver sh,*e 8 net elm Shares Indus. & Miscell. (Con.) Par
.74
75
73
73 .71
74
*7012 74
71
71
200 Am Brake Shoe & F.__No par
70
70
*109 110
110 110 *109 110 *109 110 *109 110 *10734 110
100
Do pref
10(,
73
7312 72% 74
7238 7418 7312 7412 73
7314 7418 22,200 American Can
74
100
*111 113 *111 113
112 112
11238 1128 *11034 11233 *11034 112
300
Do pref
100
184 185
181 184
18034 183
181 182
179 181
2,600 American Car & Foundry_100
182 184
*12112 125 *12112 125 *1211
.125 *12112 125 *12112 125 *12112 124
Do prof.
100
*612 7
*6
678
6
6%
6
63
American
Chicle
578 68
6
No par
Z
?.
1714 1814 1712 1712 1734 18
1812 1812 18
18
173784 1813 2,1°00 American Cotton 011
100
*110•4 38
*3412 3712 34
35
3412 351, *3412 3612 3514 3634 1,500
Do pref.
101
*614 612 *6
612
6
6
614 614
638 63
*614 612 1,100 Amer Druggists Syndicate_ _10
*136 140
136 138
13518 1381v 13512 13512 *13014 13878 *134 136
600 American Express
100
1018 1014 1018 11
*1014 11
1018 11
900 American Hide d: Leather_ 100
1034 1034' *1014 11
65
65
6312 65
6312 6312 63
6338 *63
Do pref
64 I 6338 634 1,800
100
*10734 110
108 11012 10934 10934 11014 11012 10934 111341 10812 11114 5,
American Ice
100
*8712 90
*8714 90
*8714 90
*8714 90
100
Do pref
*8714 8978: 88/
1
4 8812
100
29
2938 2812 2938 28% 2812 2712 2818 27
28 1 2712 2838 7,400 Amer International Corp..100
*1138 12
*1138 1178 1112 1112 1112 1112 1112 1112' 1112 1112 1,400 American La France F
E__ 1
3134 3134 3134 3238 3112 3112 3138 3138 3134 31341 3112 31341 5,000 American Linseed
100
54
*51
*52
54
*52
54
52
5212 5212 5212 *5212 53 I
500
Do pref
100
124
12314 12534 12314 125
12334 12578 123 125341 12514 12734 33,100 American Locomotive ____100
*120 121
12012 12012 *118 120 *118 120 *119 120 *119 120
20
Do prof.
100
*118 11912 116 116 *116 11634 *115 117 *115 117
400 American Radiator
I 11612 11612
25
7
7
738 7381 *634 7
634 678
2,200 American Safety Razor
63
634.
4
63
4
6%
25
191' 1912 1914 19121 1912 20
1978
5,200
Am
203
8
1938
193
Ship
4
&
1
20
20
Comm
No par
57
573
5738 58
5534 5678 5578 56,2 5538 5512 5512 5638 15,700 Amer Smelting & Refining_100
9818 9818 9814 9814 9714 98
98
Do pref
9834 99
9913 997s 1,430
99
100
*100 ---- *100 102 *100 102 *100 102 *100
Am Smelt &cur prof ser A_100
102 *I9 101
*139 147 *139 146
14214 14214 *142 14838 *139 1481p *14212 14812
100 American Snuff
100
3712 3712 3718 38
37
3738 37
3738 367 3718 3718 3738 4,900 Am Steel Fdry tern ctfs_33 1-3
*102 105 *10212 105
105 105
101 104 *103 105 1*10212 105
400
Do pref tern ctts
100
7514 7514 7412 7512 *7453 7514 75
75 1 74
7534' 7512 7614 3,000 American Sugar Refining _ _ 100
*106 10712 *106 107
107 107 *10612 10712 10712 10712 *106 110
300
Do pref
100
2812 292' 28
2912 2612 28
28
2,490 Amer Sumatra Tobacco_ 100
2812 *28
*5833 5912' *5814 5812 *5814 5912 *5814 5912 .5814 2812 2814 2814
Do pref
100
/
4 5912
1247s 12512 12478 12533 12434 12514 12253 123 1 12218 5912 *581
8,900
Amer
Telephone
&
12212
122%
Telog
12238
100
153 15513 1521
/
4 154
15212 153
3,700 American Tobacco
15414 15412 *152 15534! 15314 155
100
.101 10312 *100 103
10314 10378 102 102,*10112 103 j 10214 10214
600
Do pref (new)
100
15212 15312 149 152
150 150
15214 152,4' 15134 15134 15234 15234 2,400
Do common Class B_ _ _100
2812 2812 *2712 28
*28
2814 28
600 Am Wat Wks & El v t o_ _ _100
28
28 I 2812 2812 28
*86
8714 *86
8714 86
Do let prof(7%) v t 41_100
88
*8514 8714 *8514 8714 *8514 8714
508 508 51
51
*4912 508 4938 4978 4913 4918 *49
600
Do partici p1(6%) v to 100
50
9413 95
3113 9538 95
9534 9434 9512 9334 95 , 95
958 8,900 Amer Woolen
100
*109 11112 *10712 112 I*108 112 1'1'10812 112 *108 110
100
Do pref
110 110
100
2634 264 27
1,400 Amer Writing Paper pref. _100
27
28
2812 28
28
2878 *2714 2734 *27
1618 1633 16
1618 16% 1618 *16
1612 1,100 Amer Zinc. Lead & Smelt _25
1612 *16
1612 *16
*51
52
*48
52
*48
100
52
Do pref
52
50
*48
50
51 • 52
25
4958 5012 5018 513
50
50% 4912 5038 4914 5014 4953 5038 42,400 Anaconda Copper Mining_ _50
.
6512 66
6614 6514 6414 65
6438 6438 6418 6434 651
/
4 6534 1,700 Associated Dry Goods._ 100
83
83
*82
83
*80
83
100
*81) 83
Do 1st prof.
83
*80
83
*80
100
.88
90
80
88
*84
88
100
*82
Do 2d pref
90
*82
90
90
*86
100
*115 11512 11512 11512 115 115
115 11512 116 1207 11838 11838 1,600 Associated OU
100
113 178
138 17
158 133
138 133 .134 2
178 178 1,400 Atlantic Fruit
No par
2318 2314 22
23
2114 22
2134 2218 2134 22
6,500
Ati Gulf & W I S S Line_..100
221
/
.
4 221
•17
18
*16
18
*16
18
16
16
1,300
Do pref
1578 1614 .16
18
100
___1225 1145 1150 1145 1150 *11121120 *1115 1120 *1115 1120
38 Atlantic Refining
100
.119 120 .119 120 .119 120 *119 120 .119 120 *119 120
Do pref
100
.1512 17 .1512 17
*1512 1712 *1512 17
200 Atlas Tack
1512 16
No par
*1512 16
31
31
3038 31
3018 3014 3038 3278 3212 3212 32
32,2 5,300 Austin Nichols & Co...No par
*87
88 *87
88
87
89
*87
8912 *88
900
Do prof
89
89
89
100
*212 4
*3
4
*212 4
*212 4
200 Auto Sales Corp
3
3
*212 3
50
•1112 15
*1112 15
*1112 15
12
12
1,300
Do pref.
*1134 15
*1134 13
50
12534 127
12638 129
12614 131
12812 13132 12712 13212 1221
181,900 Baldwin Locomotive Wks_100
/
4
135%
•111 112
112 112 *112 114 *112 114
114 114
500
Do pref.
114 114
100
.
45
46
44
45
*44
4612 44
44
43
500 Barnet Leather
43
*42
45
No par
.95
9714 *94
9714 *95
9712 *95
9712 *94
Do pref
9714 *9512 9712
100
*32
3214 3034 32
3078 3078 2938 3034 2938 3034 28
11,100 Barnsdall Corp. Class A._..25
30
1934 21
*1812 20
20
20
18
1812 1818 1818 17% 18/
1,600
Do
Claris
B
1
4
25
12
12
%
12
12
*12
58
*12
58 1,000 Batopillas Mining
20
.46
50
*4612 50 .40
49
*47
49
*45
551 Bayuk Bros
49
471
/
4 4712
No par
.62
6212 62
62
61
6178 59
59
59
2.000
Bethlehem
59
59
Steel Corp
5812
100
63
6338 6218 64
6033 623g 5933 6112 59,4 6034 59% 60% 66,200
Do Class B common_ -100
.95
9734 _ - 9734 *94
98
*94
98
*94
200
Do pref
98
*94
_ -100
10814 10814 109 109 *108 11012 *108 110 *10712 108
1.100
Do cum cony 8% pref..100
10634 107
47
*434 5
478 48
48
800 Booth Fisheries
48 478
434 478 *434 478
No par
.9
918 *9
9t8 *9
918 *9
918
9
100 Britikh Empire Steel
9
.8
10
100
*68
69
*68
69 *68
69
69
69
*69
100
73
Do let pref
*69
72
100
*2512 26
*26
2634 *26
26 .24
2634 26
100
Do 2d pref
26%
2634 *24
100
11518 116
1141 116
11334 11412 11034 11312 1111
/
4 11112 112 112
2,200 Brooklyn Edison, Inc
100
*114 116
112 114 *112 116
113 113 .111 11114 *112 114
300 Brooklyn Union Gas
100
*58
60
*58
60
*58
6012 5912 6012 *5912 6034 60
60% 1,500 Brown Shoe Inc
100
.218 238 .218 234 *218 212 *218 21,
100 Brunswick Term d: Ry Sec 100
218 218 *134 214
144 14414 143 14512 143 14412 14012 145
17,400 Burns Bros
14212 144% 14334 145
100
438 4438 44
4514 43
4434 4212 44
4314 448 43
Do new Class B corn
4414 12,800
*9833 100
.97 100
*9858 100
*9678 100
100 Bush Term Bidgs, pref____100
97
97 .9634 100
912 934
95
958 10
4914 912 14,600 Butte Copper & Zinc
934 978
934
914 93
v t o___5
*1714 18
18
1812 *1712 19
18
18
1,100 Butterick
18
18
18
18
100
3114 33
3218 3314 .3134 32
*3114 32
3112 32
3112 3178 5,100 Butte & Superior Mining .10
75g 77
*738 8
738 8
714 738
Caddo Central 011&Ref No par
.
715 734
714 714
' 81
81
81
8118 81
81
811
1,400 California Packing
/
4 811
/
4 8118 8112 8178 82
No par
5614 5614 5538 5738 55
57
57
6514 6312 6714 67
69 142,100 California I etioleum
100
.93
94
9314 9314 .93
94
*92
94
93
93
9312 9312
Do pref
300
100
914 958
914 954
9/
1
4 912
914 91, 18,000 Callahan Zino-Lead
9
912
914 912
10
*57
5814 57
57 *57
5814 *56
600 Calumet Arizona Mining_ -10
5714
5812 57
5712 *55
614 614 .6
10
*6
10
*6
300 Carson Hill Gold
9
714 *634 73
7
1
*312 4
312 4
3
318
3
3
700 Case (J I) Plow
312
.3
312
*3
No par
*74
77
7514 7514 *75
7612 *75
79
7512 7512 *7.5
79
700 Cue (J I) Thresh M.pf ctf 100
3312 3334 3318 34
3114 33
32
32% 3218 3234 3258 33
7,600 Central Leather
100
*7012 71
6918 7038 67
69
6734 681
6734 69
/
4 *6812 69
3,700
Do prof
100
443 45/
1
4 45
4638 4434 457
4412 45% 4414 447
4434 447 21,200 Cerro de Pasco Copper_No par
*4333 4612 *4318 46
*42
47
*4313 47 .4312 46
. 46
*431
Certain-T
eed
Prod_ _..No par
6333 6438 6234 6414 6114 6212 62
6234 62
6238 6234 6358 12,700 Chandler Motor Car__.No par
8138 82
8112 8112 8138 82
811. 8214 82
82
82
82
1,300 Chicago Pneumatic Tool-100
2738 2814 277 28% 28
2814 28
2812 277s 281
277
/
4
281
/
4
58,600
Chile
Copper
25
2538 2614 2512 2814 2614 2678 2614 2634 2638 263
4 263 2678 13,900 Chino Copper
5
*63
66
*64
65
64
6734 572 69
6778 6778 663 67
4,100 Cluett, Peabody & CO----100
7512 77
7512 7614 753 76
752 7612 76
76
76
76
8,400 Coca Cola
No par
25
2512 25,2 25
2434 25
2412 2434 2412 25
2453 25
1,600 Colorado Fuel St Iron
1(10
10412 1064 10434 10712 105 10512 10414 10512 104 104/
1
4 105 1054 10,400 Columbia Gas & Electric_ _100
238 212
214 212
2/
1
4 214
24 214
2
218
2
218 10,800 Columbia Graphophone No par
9
9
918 9'8 *9
10
9
9
9
9
*8
9
500
Do pref
100
7218 7218 7233 7353 73
73
7212 7212 7212 7238 70% 71
2,700 Computing-Tab-RecordNo par
38
3712 377
3712 37
36
371 3812 38
387
38%
5,900
Consolidated
3934
Cigar__.No par
84
*82
8478 *81
.81
84
*81
847
8212 8212 83
200
Do prof
83
38
8,
100
.14
12
*14
12
*14
12
*14
12
*14
12 1,100 Consol Distributors Inc No par
118 12012 1167 11912 11614 11833 1155
121 122
11634 11612 11614 32,000 Consolidated Gas (N Y) 100
1238 12
12
1112 12
1218 1214 12
11
1138 1114 1119 11,600 Consolidated Textile__No par
1
4 110 11278 110 11078 11012 111
111 112/
10912
s 110 11114 7,400 Continental Can, Inc
100
*9334 9412 .92 1097
*933 94
*9334 94
96
*94
94
*92
94
Continental Insurance
25
129 13114 1283 131
13012 13114 12934 132
128 1293 12934 13178 39,200 Corn Products Refining_-100
*120 122 *120 122 *120 122 *119 122
12012 121 .
110 121
200
Do pref
100
5053 52
50% 518
5112 52
504 5112 5012 5212 5112 523, 106,900 Cosden & Co
No par
7234 6853 7034 6914 7118 6814 697
/
4 69
6912 7138 41,100 Crucible Steel of America_100
703 721
*8712 8912 *8712 8912 *87
8812 *87
*8712 90
Do pref
8812 *8712 8812
100
14
1414 1414 1334 1438 14
1378 13% 13% 14
14
14
5,600 Cuba Cane Sugar
No par
*39
3912 3912 3833 4014 3812 39
Do pref
3912 391
/
4 3934 3912 39% 6,300
100
2658 26
2638 2512 2614 2512 26
253 2638 26
2512 2618 17,900 Cuban-American Sugar__ .._10
101 101
*101 10112 *101 102 *101 102
100 100 *100 101
300
Do pref
100
3314 3118 32
31
3118 3214 31
.3058 31
3114 3112 32% 6,800 Davison Chemical v I c_No par
*2233 2314 2318 2318 2312 23% 1,600 De Beers Cons Mines_.No par
234 2314 2312 2312 2278 23
107
109
8
10812
1087
108
*10812
.106
*106 10734
*109 10912
900 Detroit Edison
10734
100
4278 438 43
4312 4312 4334 43/
43% 44
1
4 44
93
3.500 Dome Mines, Ltd
43
10
8478 8433 85
8434 84
8434 8518 3,800 Eastman Kodak Co__.No par
85
85
8418 8418 84
153
154
153 .152 153
154
153 154
154 155
1,500 E I du Pont de Nem & Co_ _ 100
15434 155
857.
CV:7. R5,
4 8538 85
85
, 8619 831, .425A cal
85
85
6.4, (111m111 nreferred. _..l00
500
12214
'Bid and asked prices: no sales on fh1* 117. 4 Ez•
ten 1 an!
i**""mefill
PER SHARE
Range since Jan. 11922.
On basis of 100-share Iota
Highest
Per share
$ per share
51 Jan 4 8812 Sept 12
9814 Jan 18 113 Oct 16
3214 Jan 5 7614 Oct 20
9314 Jan 3 113% Dec 13
141 Jan 10 201 Oct 10
1154 Jan 6 1264Nov 6
5 Nov 14 14 May 5
1434 Nov 22 3012May 31
3312 Nov 27 61 May 31
412 Jan 13
7 Sept 13
126 Jitne 23 162 Oct 13
1018 Dec 18 1738 Apr 13
58 Jan 3 7434 Sept 13
78 Jan 12 122 Sept 8
72 Jan 13 9514 Aug 4
254 Nov 27 5058June 2
918 Jan 16 14 July 26
28 Nov 23 4213 Oct 14
40 Nov 25 634 Oct 14
102 Jan 5 13634 Oct 14
112 Jan 12 12214 Dec 7
82 Jan 30 129 Oct 11
33 Jan 31
878 Oct 23
612 Jan 3 2414May 31
4338 Jan 6 6712May 19
8618 Jan 4 1041
/
4 Oct 23
87 Feb 8 10178 Nov 9
10913 Jan 3 15812Sept 6
3034 Jan 2(1 464Sept 11
91 Feb 8 1084 Oct 16
541
/
4 Jan 4 8578 Aug 21
84 Jan 3 112 Aug 18
2314 Feb 14 47 May 29
5213 Jan 27 71 Jan 16
1144 Jan 4 12814 Aug 31
12918 Jan 5 16912Sept 1
9612 Jan 3 10838 Oct 23
126 Jan 3 16534Sept 5
6 Jan 7 334 Nov 3
67 Jan 4 937 Sept 13
17/
1
4 Jan 4 5514 Oct 5
7814 Jan 10 105 Sept 13
99/
1
4 Oct 19 10114 Dec 131
2212 Jan 13 J74 A pr la
1218 Jan 3 2038June
36 Jan 18 57 Sept 20
45 .Nov 27 57 May 31
43 Jan 5 6858 Nov 29
75 Jan 6 86 Oct 5
76 Jan 17 9112 Oct 6
99 Jan 31 13512May 3
112 Dec 18
512 Apr 17
21 , bot 26 4314May 29
157 Dec 21 3114May 29
90o Mar 7 1575 Oct 10
113 Jan 9 119 Nov 3
1312 Feb 28 2212May 4
9/
1
4 Jan 5 3934 Sept 21
68 Jan 9 91 Sept 12
2 Nov 14
7 Mar 17
10/
1
4July 27 1512 Mar 16
93/
1
4 Jan 13 1454 Sept 13
104 Jan 13 118 Oct 19
40 Jan 19 6733Sept 11
89 Apr 12 gritsem 13
PER SHARE
Range for previous
gear 1921
Lowest
Highest
$ Per share $ per share
42 Jan 56/
1
4 Dee
8834 Jan 100 Dec
234 June 35) Dee
7634 June 97 Dee
11514 June 15114 Dee
108 May 11613 Dee
64 Nov 29 Jan
1578 June 2434 Nov
3513 July 67 Apr
4 June
834 Jan
114 July 137 Dee
8 Apr 16 Dee
oh Feb 62/
1
4 Dee
42
Jan 8313 Dee
57 Jan 7314 Nov
2114 Aug 53/
1
4 Ma)
77s Aug 1133 Apr
17/
1
4 Aug 824 Jan
3978 Aug 93 Jan
73% June 110 De,
3814 June 115 Dee
6638 Jan 91 Nov
313 Aug
10
Jan
414 Aug
14
Jan
2958 Aug 4714 Dee
63/
1
4 Aug 90 Dee
63 Jan 88 Dee
95 Jan 11434 Dee
18 Aug 35 Dee
78 Aug 9514 Des
4738 Oct 90 Jan
6713 Oct 10714 Jan
2813 Dec 88 Mar
8434 Nov 9134 Feb
9534 Jan 11912 Nov
11113 June 1361
/
4 Deo
88 Aug 9913 Dec
110 Jan 13113 Dec
4 Sept
64 Oct
48 Sept 68/
1
4 Dee
84 Sept 20 Dee
57 Feb 8313 Dee
93 Feb 10413 Dec
234 Aug 894 Jan
6/
1
4 Sept 14/
1
4 Dee
1
4 Aug 4073 Dee
22/
3134 Aug 5033 Dee
24
Jell 8013 Dee
55/
1
4 Jan 7634 Deo
45
Jan 78 Dee
91 Sept 1074 Mat
11
/
4 Oct
9 Jan
18 June 76
Jan
1534 June 4413 Jan
a820 June a1125 May
10333 July 113/
1
4 Nov
1238 Dec 20 Apr
81a June 13/
1
4 Jan
5033 Aug 70
Jan
24 Sept
5/
1
4 Dee
10 Apr 15
Jan
62/
1
4 June 100/
1
4 Dee
95 June s105 Dee
29 Jan 41 Aug
70 Jan 88 Dee
1953 Jan 16 564 Apr 281 20 Dec 27 Mu
18 Nov 27 39 Apr 27
14/
1
4 June 36
Jan
14Dec 14
158 Mar 23
% Aug
1
Jan
33 Apr 28 65 Sept 22
27 June 29 June
may
51 Jan 10 79 May 12
3913 June 624
5512 Jan 3 8214May 12
4113 June 85 May
901s Mar • 7 105 Aug 31
87 June 9314 Jan
104 Jan 4 11658June 14
90 Jun 112 Sept
4 Nov 22 1012 Aug 30
71, Dec
3 Aug
81
/
4 Jan 9 1412Sept 14
814 Dec
9 Dec
58 Mar 2 7634 Apr 15
55 Dec 5858 Dee
R18 Mar 17 39 Sept 14
22 Dec 23% Dec
1(0 Jan 3 12453 Aug 30
88 Jan 101
Dec
70 Jan 31 124 Nov 3
Jan 761
51
/
4 Nov
42 Jan 16 6478Sept 11
1
4 Nov
33 Feb 46/
2 Oct 31
538June 6
213 Aug
514 Jan
11313 Jan 10 197 Dec 7
/
4 Jan 1224 Dee
811
2833 Jan 19 5114 Aug 18
3118 Dec 3334 Dec
87/
1
4 Jan 3 10112Nov 6 28734 Dec 90 Nov
5/
1
4 Mar 1
1018 Dec 12
314 Aug
614 Dee
16 Nov 24 34 Feb 3
/
4 Jan 3334 Dee
141
203* Jan 4 3514 Oct 5
1014 June 22 Dec
7 Nov 27 15/
1
4 Apr 15
1
4 Apr
7% Aug 19/
88 Jan 11 8812Sept 12
5333 July 74 Nov
4318 Jan 10 717sJune 2
25 Jan 50/
1
4 Dec
83 Jan 3 9838
1188m
684 Jan 88 Coo
Aapyr 2
17
7
514 Feb 14
344 Aug
74 Jan
5012 Nov 14 66
4113 Jan 80 Dec
1
un
ae
4Jm
r 29
1838
6/
1
4Nov 23
11 Dec 154 Nov
3 Mar 8
3 Nov 1014 Apr
912June 6
68 Feb 21 9314 Aug 23
83 Dec 8533 Feb
2938 Jan 10 444 Sept 13
224 Aug 4314 Jan
6338 Jan 6 8234 Sept 14
5718 Aug 96
Jan
3234 Jan 4 4514 Des 12
23 Mar 861s Dec
34 Feb 14 63,6JUne 7
22 Aug 44
Jan
4754 Jan 5 794 Apr 6
384 Oct 86 Apr
60 Jan 14 8
81
ve
t 8
47 Aug 7014 Jan
4
1
2339
988
1518 Jan 5
9 Mar 1671 Dec
22/
1
4Nov 27
191
/
4 Mar 2913 Dee
43 Jan 11 68/
1
4 Aug 31
/
4 June 824 Jan
361
41 Jan 5 8234 Oct 14
19 Feb 434 Dec
24 Jan 10 3638NfaY 19
22 July 3234 May
6434 Jan 4 1147s Sept 14
52 June 6734 Dec
114 Jan 26
534June 5
238 Aug 1234 Jan
5 Feb 9 2034June 2
s18 Dec 8214 Feb
554 Jan 3 7934 Apr 26 1 28% June 5878 Dec
1858 Feb 10 4234 Oct 5
134 Dec 5914 Jan
47 Feb 27 8714 Nov 10
53 Dec 80 beb
14 Feb 17
2/
1
4 Mar 16
/
1
4 Sept 10 Mar
8512 Jan 30 14534 Sept 15
1
4 Jan 95 Nov
77/
9 July 25 153s Apr 19
Jan
12% Aug 21
4534 Jan 4 11514 Dec 15
Jan
34% Aug 66
66 Jan 20 93% Aug 22
58% Aug 73 Dec
9114 Jan 4 1343 Oct 21
59 June 9914 Dec
111 Jan 10 12234 Nov 14
96 June 112 Dec
3138 Jan 10 5314J une 7
2212 Aug 4354 Apr
5234 Feb 27 9838 Sept 5
49 Aug 1074 Jan
80 Jan 17 100 Sept 6
77 June 91
Jan
81
/
4 Jan 11
19/
1
4 Mar 15
55s Oct 26 Feb
1514 Jan 3 417 July 27
6812 Dec 1313 Feb
1413 Jan 3 28 Aug 4
10/
1
4 Oct 3334 Feb
78/
1
4 Jan 17 102/
1
4 Dec 13
68 Oct 95 Feb
2318 Nov 25 6538 Apr 6
23 Mar 5933 Nov
1512 Jan 3 283sMay 2
1338 June 21
Jan
10038 Jan 11 1184 Aug 30
9313 Nov 100 Oct
1812 Jan 4 4613 Nov 6
104 Jan 21/
1
4.Apr
70 July 3 8814 Aug 28
_
115 May 27 16778 Oct 10
_
_80 June 12 9013Sept 8
Ex-fin/M. a R<-41v34end. 0 par value 410 per snare.
2776
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Sales
for
the
Week.
Prtday
Tuesdav. !Ir.,'nevdav.1 Thursday,
Armorial'. 1 Monday.
Dec. 22.
Dec. 21.
Dec. 20.
Dec. 19.
Dec. 18.
Dec. 16.
----$ per shirelS ,
ier sh,re $ orr shire S "sr sh 're $ rier sh,re s net sh ,re Sh- ares
55
5518 6,600
5478 551
4 548 55
/
5538 54
4 541g 55
1
55/
55
1912 2114 13,500
4 1914 225
/
2114 221
2134 22381 2113 2213 2134 22
8
*7
8
712 *7
7
*71, 812, *71,, 812 *712 812
500
14,200
88
8633 8838' 87
4 86
/
8634 8513 8714 851
86
500
17%12
17r3:
1171
11712
117
117
11712
*11614
1187
8,
2
11714
.
11714 11714
91
91
9134 7,300
9014 9013 8912 913g 8914 9214 9014 915s 90
600
98
93
*9714 98
98
98
*97
9712 98
97
*9712 98
200
1213 *9
1134
1134 *9
1012 *9
12 1 *9
10
1014 *9
900
5214 5214 5214 5231
52 1 5214 5214 *5212 53
51
53
51
22,300
201 21034 20812 21412 21313 218
20114 210
20434 21114 203 215
977
2,500
9815 9834 *9812 99
99
9634 9714 97
9812 99
99
1214 1238 3,100
1234 1234 1212 1213 1214 1213 1233 1213 1238 123g
17,900
1938 20
1734 1634 1734 1713 1734 1714 20
17
18
18
7,200
66
6712 66
66
6714 6714
6518 673g 6413 67
68
68
4612 4514 4838 4814 50N 68,400
4634 453g 4718 4534 4714 45
46
784 7834 7812 82
8112 8112 1,600
SON 8012 *7812 79
80
*78
300
8212 821,
83
8212 8212 *82
*8212 8314 *8212 83 1 *8215 83
200
105 105 *104 107
*10414 10131 *10112 10134' 10434 10434 *10134 105
18114 18413 181 182
183 183131 25,800
18012 18013 18112 18513 183 190
1333 1333 68,500
1313 1333 1333 1338 1353 1333
1333 1334! 131, 137
100
81 1
*8212 8113 *8212 8412 *8212 8114 8234 8234 *8234 8412 *83
8314 8314! 1,400
83
*8234 8312 83
8253 83
8314 8314 8234 83
500
9612 97 1
98
9719 9712 9714 9714 *98
*9612 93
*9613 98
978 1,000
978
1014
1018 1018 *10
98 98
934 1018 *934 1014
34
333s 3418 3,300
33N 34 . 3313 40 . *3312 34
3112 34
34
84 1 *8112 851 *8234 8512
800
4 *8312 84 1 81
/
841
8334 8334 84
2612 2612 2612 2634 *251, 2612 *2512 2612 2,65.5
2518 26 1 2634 27
1333 5,200
1334 1233 1312 1314 1312 1233 13
13
13
1314 137
27
29
400
27 1
*27
*26
27
27
27
.2612 29 1 2613 27
600
11
*10
1012 1038 1078 *1012 11
1012 *10
1018 1073 *10
7834 7834 8114 25,800
79 1 78
7034 78
8734 78
79 1 78
77
112 3,600
113
114
1131
138
11g
113
l's
138
133
112
112
600
*1812 1912 *1814 19
112
20
882 19
10:2
*7
•1812 20 1 1818 1818 *18
*7912 81
*7912 81
81
91 1 *80
8112 *79
*80
6,600
6834 6914 71
6712 6714 68
65
6834 6714 6813 67
68
3,600
25
*24
25
25
24
2414 25 I 247 25 1 2434 247s 25
5
538 11,600
513
5
43s 478
514
418
4
512
438
4
144 1434 1434 1434 1418 I4N
1,600
1512 1512 155g 1478 15
*15
300
673 6%
*612 7
614 612 *612 7
7 1
*634 713 *6N
6
3
534 34112 38
814
2 38
*5
2 38
6381 15,000
2 38
71g 3418
5581 3414
8 38
612h 34112
,42 38
343
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
Highest
Indus. & Miscell.(Con.) Par $ per share $ per share S per share $ per share
Electric Storage BatteryNo par 4012June 17 5834 Dec 4
16
Jan -253-4 May
50 1414 Jan 25 2413 Dec 1
Elk Horn Coal Corp
97 May
213 Dec
253 Jan 4 1118June 5
Emerson-Brant/ugh:1m _ _ _ _100
81
Jan
52
8
Dec
Nov
10
50
7614
Jan
90.33
ohnson
Endicott-J
Jan
87
10613 Dee
100 104 Jan 5 1188 Dec 13
Do prof
4453 July 8218 Apr
7518 Jan 10 107 Sept 5
Famous Players-Lasky_No par
7434 July 97 Dec
Do preferred (8%)___ _100 9113 Jan 28 10783Sent 5
1334 Dec
SIB June
9 Jan 3 1612May 17
Federal Mining & Smelting 100
21 Sept 4313 Dee
100 3713 Mar 14 6234 Sep 20
Do prof
Jan
75 June 00
75 Jan 5 218 Dec 22
Vs par
Fisher Body Corp
57 Sept 81 Deo
Fisher Body Ohio, pref _ _ 100 7612 Jan 5 10314June 14
25
Nov
4
27
1912
Apr
83
1053
Aug
1938
May
Ye
Rubber
Fisk
912 Aug 2912 Jan
par
1214 Jan 24 2714 Oct 14
0P
No
Freeport Texag Co
397g Oct 5912 Dee
No par 4534 Jan 14 80 Oct 23
Gen Am Tank Car
Aug 78N May
391g
20
21
733
4July
Nov
3714
100
General Asphalt
77 Aug 11713 May
100 69 Nov 22 111 July 20
Do prof
54
Jan
7038 Dec
100 t15 Mar 3 8434 Dec 9
General Cigar, Inc
8018 Apr 9512 Doe
_ 100 94 Jan 4 109 Oct 25
Debenture prof
100 136 Jan 9 190 Dec 19 10912 Aug 14334 Des
General Electric
933 Aug 1614 Jan
814 Jan 5 1514 July 15
General Motors Corp_ _No par
Dec
63 June 75
100 69 Jan 24 86 Sept 2
.
Do pref.
60 Aug 7312 Dec
Do Deb stock (6%).. 100 6734 Mar 6 811 Sept 1
Dec
69 Aug 85
Do Deb stock (7%)__,_100 7914 Mar 8 100 Sept 1
No par
934 Nov 13 1814J000 2
N
Glidden Co
Mg June 4118 Jan
Goodrich Co (B F)____No par 2313 Nov 25 447gMay 31
6213 June 88 Dec
100 7913 Nov 13 91 Apr 22
Do pref
3412 Nov
15 Aug
Granby Cons M,Stn & Pow100 22 Nov 14 35 May 24
1634 Mar
03 Jan
9 Nov 13 197sMay 31
No Par
Gray & Davis Inc
Dee
2913
July
1
19
29
22
Nov
34-38May
Copper__100
Cananea
Greene
1678 Jan
513 Dec
7 Feb 16
14-53 Mar 15
Guantanamo Sugar__ _No par
25 June 507 Dec
8 Oct 9
Gulf States Steel tr ct-fs_ _ _100 417a Jan 9 947
37 Mar 16
13 Nov
1353 Jan
34 Jan 20
Harbishaw Elec Cab_ _No par
/3 June 2533 Apr
Hendee Manufacturing_100 15 Jan 12 2334 Sept 16
4913 Mar 61 May
100 55 Jan 14 82 Nov 15
Homegtake Mining
4013 Aug 88 May
100 6114 Nov 27 9014 Oct 6
Houston Oil of Texas
1634 May
1018 June
Hupp Motor Car Corp _ __ _ 10 1078 Jan 6 261,3 Dec 11
6 Dec 2034 Jan
313 Feb 9 14 June 2
No par
Hydraulic Steel
71g Jan
2 June
314 Jan 27 1534 Dec 11
Indlahoraa Refining
613 Dec
1534 Jan
5 Jan 20 1158Jurie 7
10
Indian Refining
2938 Mar 4214 Dec
Inspiration Cons Copper._ 20 31 Nov 27 45 June 1
6 Aug
1334 Jan
1134May 4
538 Del 14
intermit Agricul Corp_._ _100
Jan
Dec 37
31
2813 Nov 27 43 Mar 15
00
prof
Do
29% 297
3011
3012 3134 30
30
1,500
31 1 30
30 1 31
30
29 Nov
21 June
8
3514 3514 6,700' International Cement_ ..No par 26 Jan 23 3834May
3414 3434 35
3418134
*3113 35 I 3418 3453 34
20
Sept
3013
22
4July
par
No
213
Eng
2414 *2312 2334 *2312 2334 2318 2314 2313 2412 1,200 Inter Combus
2412 2413 24
6758 Aug 1I)01 Fob
3 11578 Aug 14
*90
91
90
9012
9112 92
558 3,000 Internal Harvester (new). _ 100 79-53 Jan 14 119 Sept 18
92
179
92
Jan
4 June 110
/
991
10513 Feb
1V134 11a2 *117412
•112 115 *108 115 *108 115 *108 115
1714 Jan
718 Aug
3
2713May
17
Nov
lrMarino_ _100 1033
(
1113 105 1114
11
300 hit MercantileerPcraenfti
5,5
1033 11 1 10
1114 1114 1110 1114 11
36 Aug 6734 Dec
16 87387vtay 3
Nov
4134
100
prof
4818
4512
Do
4913
4812
31,100
4714
46
4
4712
483
4533
504
5012 5114
17 May
1112 Aug
1333 13531 1338 1334 15,300. International Nickel (The) 25 1114 Jan 9 5413Sept 12
1312 14
1312 1378 1313 14
13s 14
60 Dec 85 May
100 60 Jan 4 85 Jan 20
847g 65
6134 6514! 6438 6133 1,900' Preferred
6512 6513 6134 6512 6478 65
3853 Aug 7334 May
Oct 16
63N
8
100
Mar
4313
International
52141
5118
5214
4,Ng
51
5314
7
52
5114
52
5313 5312 511, 5333
75.N Nov
67 Aug
100 59 Mar 9 8012Sept 11
stamped
74
7334 73341 74
*72
72
7413
7112 72
7213 *71
•72
Jan
20
512 Aug
50 1218July 24 2014 Apr 17
1414 1434 1414 1434 13,600 Invincible 011 Corp
14
14
141g
1412 14
14
*1412 147
Jan
40
2213
Sept
16
Oct
5318
_
par
_
_No
Corp_
19
Jan
24
Products
463g
47
Iron
46
4713
4612 4533 4612 46
4518 45341 45
468 15,200
Jan
4
43
Sept
2
25
Jan
3
18
Nov
v
10
14
12
33
12
33 11,900 Island Oil A: Transp t c
12
N
N
12
38
N
38,1
38
1212 Dee
Jan
4
100 10 Jan 1 2212Nfay 2
195 2038 2012 2034 7,400 Jewel Tea, Inc
2034 2118 2053 21 I 2013 2012 20,33 203
4634
Nov
Jan
812
18
Dec
3
763
4
100
Jan
3812
prof
*72
75
75
Do
76
*74
1,400
7312 7414 763g .75
7234 74
73
3834 Dec
1413 Jan
100 3413 Feb 11 5778 Sept 21
5234 54 1 5314 5434 5234 5312 5212 5353 5014 5233 5113 5313 9,300 Jones Bros Tea, Inc
9 Nov
412 Oct
711 Jan 3
134 Dec 19
10
134 2
112 2
134
134 2
173 2 I
17
173 2
6,400 Kansas ..ic Gulf
Aug
3
par
1
May
34
(neto)__No
4858
Co.
4214 4213 4312 44
4218 43
4433 4134 43
4418 4412 44
2,800 Kayser (J)
94 May 1 101112June 9
1st preferred (new)__No par
*101 102 ,*101 102 *101 102 *101 102 *101 102 *101 102
95 3414 Jan 4 5334May 5 -321-3 Aug -547s May
43
4378 4353 44N 14,900 Kelly-Springfield Tire
437
4313 43
4334 44 1 431s 4452 43
Jan
7014 May 94
100 100 *101 10212
*98 100
200; Temporary 8% pref____100 9013 Jan 4 10734May 9
*100 10412 99 100 *100 101
70 May 80 Jane
7113 Jan 3 86 Juno 5
Ke6la%eyptyrehfearerle,dthe
81
*81
81
82 1 81
811
8112 *81
*81
8118 *81
*81
Nov
89
Mar
35
19
Dec
11512
9
61
Feb
100
110
110
110
11212
11512
110
119
1
112
108
11434 17,030000
104 108
16 Mar 2778 Dec
No par 2512 Jan 4 3958alay 31
37"377
373I' 3658 3718 361g 3634 33,1001 Kennecott Copper
373g 33 1
37381
1773 May
37
814 Jan
97 1018 3853
434 Nov 13 2438May 4
873 1014
34,900 Keystone Tire & Rubber__ 10
78 9
10-33
10-33 10
10
Jan 177 Dee
100 110 Jan 10 189 Oct 4 130
118 182611441
300 Kresge (8 8) Co
*177 18012 18013 181 *175 17914 *175 180 *175 182 *178
Jan
5812
June
32
16
Oct
4
85
Jan
Steel
4413
100
Lackawanna
79
*75
79 , *74
7812 *72
77
*7413 77
7812 *74
*75
Jan 5712 May
40
84
84 1 *81
*SO
*82
81
84
84
*82
84
100 Laclede Gas (St Louls)_ _ _ _100 43 Jan 13 9413 Aug 28
84
*81
1713 Jan 30 Dos
4 Nov 28 3518 Mar 16
/
241
26
26 I 26
*2512 2613 255g 26
*2512 2612 2614 2634 26
r 15314 Feb 18 230 Oct 20 13814 Jan 164 Dee
°0
'0
o 110
Tobacco.
Myers
Tire.--N
eAlbrr
legogR
L
00 i
10
8
*218 220 *216 225 *216 225 *218 225 *218 225 *220 223
9733 Jan 110 Nov
108 Jan 10 12312Nov 6
100, Do prof
*11512 11612 *11512 11613 11612 11613 *11512 117 *11512 117 *11512 117
par
sNo
52 Nov 23 6538Sept 1
LocoWkstempctf
58
58%
58%
4
5734
563
Lima
5912
59
59
4
553
17,6001
60
5712 58
Aug 10014
- -Dec
VIZ
30
Aug
1251s
100
30
93 Jan
____
____ *112
____ *112
____ *112
____ *112
*112
10 June 2113 Mar
1114 Jan 26 2312 Sept 19
relseVnecdorporated__No par
ew
20
1912 1973 1878 1913 1813 19181 1834 1913 1934 20
--9;566 LoP
1234 Jan
Aug
4
73
3
1414May
9
Jan
9
Incorporated
8
1
113
113g
1212
1213
12
12
1
1713
13
143 12
1178 12
1,200 Loft
12
12
7 14714 Jan 6 180 Sept 8 136 Feb 16418 Feb
a0
10
No °
300 Lorillard (P)
16614 16613 *166 16712 *167 169 1 16634 16634 167 167 .*164 168
Dec
Jan 111
100 109 Jan 13 121 Oct 28 100
Preferred
100
*113 118 *113 119 *113 118 1 11614 11714 *113 119
72 Dee
5912 Jan
72 Jan 5 117 Det., 18
100
panies
14
312 111176
116 117 *11514 117 1*115 117 *10412 107 '41
115 115
Dec
62
June
55
6
Nov
70
100 57 Jan 13
69N 6914 6914 *69
695g
*6834 6933 *6834 69N 6878 63% *69
2513 Oct 42 May
r 2313 Jan 13 617 Sept 11
a0
10
No P
5,800 Mack Trucks, Inc
5534 57
558 5614 5513 .553f 5534 5578 5534 557
5634 575
Jan
6318 Oct 76
6812 Feb 27 9413 Dec 13
*92
9413 *9014 94
95
*92
931g 9318 *93
93
*931g 94
Apr
18
Oct 6413
54
100 54 Jan 6 8734 Sept 19
*8014 8411 *83
86
rreoff
dtP)
857
86 I *83
° 2s
13o
a
jg
8513 8512 *83
Jan
Sept
10
28
Aug
40
16
par
Jan
1512
._No
Co
de
R)
(H
3414
4
343
8
la
388
MallInson
3414
4
/
381
3434
TN N13 33,100
3413 3518 34
71: Feb
Oct .
21
3014 Jan 3 52 Mar 13
49 1 48
*47
48
*47
49 1 48
48
300 Mutat!Sugar
5512 49
*49
Jan
93
100 7314 Apr 3 8414 Sept 13
83 1 *80
83
8412 *80
Preferred
*80
85
84
*80
8112 *80
•80
24
Apr
4
13
693
par
Mar
41
No
Supply
Elec
50
5114
*49
1
50
*46
50 , *48
5034
51
2001 Manhattan
5134 51
*45
18 June 3634 Deo
25 32 Mar 6 5834 Oct 25
3:1
1r4 2,000 Manhattan Shirt
*4434 4514 443g 44341 4414 4414 4413 4413 4412 413
1218 Aug 30N Nov
No par 2258 Jan 6 4638June 19
2
49,600 Marland 011
2813 2573 2834 2614 2734 2578 2612 26
28
512 Mar 4 2633 Mar 27
Oct • 1912 Jar
5
par
No
3
*958
-Rockwell
13
*912
Marlin
93ti
28
9
4
g0
1,10
1014
II 1 *273
7
1014 1014
Sept 22 Dee
3
13
4
3614Juno
Jan
2014
2813 28121 *28
2812 2812 2812 29
3012 2812 29
30
1113 Aug 24 Nov
. 22 Jan 11 54 Nov 4
g,i
sf_ ipo
-riN
.
,a7
4718 46
/Ikc
4713 47
arr
on
47
-P
*47
.1033
ltrthilues
4718 4873 *47
49
*48
38 June 4513 Dee
4113 Nov 28 7434May 17
4712 *4612 471? 4712 4712
600 Maxwell Mot Class A
*4613 4634 4613 4618 4612 4612 4146
8 June 1533 Deo
11 Feb '15 257sJune 8
par
1412 1478 1412 15
145g
182 3,100 Maxwell Mot Class B__No
47
19
143g 1434 1412 1413 1413 1412 6712
712 6
6,
68
6512 Jan 114 Dec
6814 *67
.100 6513 Dec 16 179 Dec 12
Stores_
68
6712
Department
May
6812
6513
10,900
66
6513
23
Mar
10
Jan
2138
1033
Mines
1814
Por
18
13
18
1814
18 30188
18
181/1
2,200 McIntyre
1818 18
18
100 10634 Jan 10 322 Dec 21 -8412 Aug !di!!
Petroleum
262 322
255 258
tred
249 251
300
pxtiacfaen
000 Mo
.6
1.
3
23913 24212 242 249
100 7914 Jan 12 104 Dec 22
103 103
*98 103
104 104
*98 103
*98 103
*98 103
par
15 Oct 7 3413July 13
_No
011_
Seaboard
19
1734
17
1818
187,3
1718 1734
1614 1614 1814
7314 19,800 Mexican
8
16
_
12 Oct 5 32's July13
1812
1814
Voting trust ctfs
1612 1678 17
183'84
11,500
1512 1513 173g
15
1534 Jan 18 - -Deo
5
25
Nov 15 3153May 31
,
8
1
T75
./18
f
.
Copper
2713
*
271s
27
r
2.714
2,200 Miami
2714 2713 2738 27%
Nov
1612
July
17
10
13
16
Apr
Nov
11
10
.
.
_
1
1133 Ills 1114 '1118 Ill
33,500 Middle States 011 Corp_
1113 1134 11
22 June 3318 Jan
50 2613 Jan 6 4514May 17
Ordnance_ 10
3
271"4
&
2137
28
271,3
4
263
Steel
273
28
s
s
283
Midvale
29
4
5
28
3
0
000
200
2:63
4
283
' 283g
43 Aug 6438 Dec
63 Jan 4 763sSept 1
6734 6714 6714 *6612 69
*67
67
6713 67
*67
67
67
1253 Dec 25 May
10 12 Feb 11 2534 Aug 11
eroIlls Corp
2214 225.3 2212 2234
&wC
do
arP
Wua
Mon ta
2234 . 2233 22N, 2238 23
2214 22
22
1734 July 287a Jan
No par
1714 Dec 4 34 Mar 31
*19
24
24
*21
237
*21
24
.19
Body
Mullins
1,100
25
2114
20
20
Jan
1018 Dec 30
25
Apr
103g
2114
50
Jan
9
1112
12
113
4
1113 111, 1,800 National Acme
1212 1134
1212 *12
1233 1253 *12
Jan 12813 Dec
102
Dec
2
270
12314
Jan 4
100
*250 280 *250 280 - 2,800 National Biscuit
*250 280 *250 280 *250 280 *250 280
Jan
126 Oct 20 105 Aug 120
4
Jan
11313
100
122
125
12214
,•122
prof
125
*12012
122
Do
*122
300
12234 12234
*122 125
15 Sept 3558 Jan
13
*62
647s *62
64
65 1 64
65
100 National Cloak dt Suit_ _100 26 Jan 17 667,150E4
*6112 62 1 *62
65
*62
Jan
5
58 Sept
*
41g Apr 13
1 Dec 18
it
I
_N__0:3r
1121
Ctaabta
e..,8
l0
&8
Conduit 0,
113 *114 673
112
141:020000
z
4
1
1 I
I3
1
1661;1428
4
/
1
2
2
1
11
66
'
*1
Aug 65 Feb
66
26
8
65
100 3034 Jan 11 6313 Oct 21
Nat
6734 July 87 Dec
25
*6434 6534 651,3 8653 6434 655g
11
Dec
12914
12
Jan
85
12434
100
12712
Lead
124
127
12533
6,600 National
*123 12334 123 123 i 122 129
100 108 Jan 10 117 Oct 5 100 June 108 May
11214 11214 *112 114 *112 114
114
9 Mar _1_5_38 Dcc
•112 11434 *112 11412 *112
5 1318 Nov 15 1910ime 1
16
16
reofnsol Copper _
odaPC
va
101 NeD
10,7
1512 158 1512 158 157 1614 26
1512 1512 16
15
par 2412 Nov 27 415gSept 20
2712
_No
*2612
(new)_
2713
14 27
2612 *2612
1,800 N Y Air Brake
26
Feb 39 May
9
2058
June
*2612 2712 2714 28
46
25
Nov
20
24 1 2312 2313 *231g 2312
24
700 New York Dock
*2334 25
Jan 5713 May
45
231g 231,3 2313 24
100 48 Nov 25 6812June 6
io pref
4 *4934 5014' *4914 5014 *49 52D
/
.571
*48
55
*49
33 Feb
Dec
13
28
53
Feb
25
3
*49
Jan
par
13
No
14
*1212 1412
Shipbuilding
*1213 1412 14
400 N
ug
gt 29
0
34
74
71
00
1:A
32
3
4 14
*1217 1412 *1212 1413 *1212 1413 92
50 344818 JanJa n 7
95%
963
4
Co
9212
92121
American
9713
North
9318
12,200
113 DO
e
;
46
4
N
9312 9318 9353 9133
92
50
443
4
4
443
45
44341
451
Do prof
443g
1,100
18 Deo
Is Dec
447 448 4413 4412 4413 4412
318 Jan 13 29 Oct 19
27
*26
28
Rights
200
-- --- - *25
2013 Nov 39 Mar
*2513 2612 2514 2514 -26
Feb 28 40 Sept 14
*25
4
203
_100
*26
Coal_
28
*26
28
&
Steel
100
Scotia
4
/
261
Nova
2812 2614
812 Mar
1278 Jan
*2712 2912 *27
*2612 28
8 July 14 1234 Mar 30
par
100 Nunnally Co (The)--No
-*912 1012 *913 1012 *912 10
10
1153 Deo
1012 10
714 Nov
1012 *10
5 Nov 15 1414 Apr 17
'10
614
7
738 2,100 Ohio Body & Blow_ ,..No Par
*614
*614 7
7
Jan
4
134 May
734 *6
43sJuno 2
7
19
7
6
Dec
4
13
5
Am
7
of
Ref
17
4
13
&
8
1
Prod
4
13
17
15,500 Oklahoma
134
134 2
6 May
Mar
313
25
Aug
8
18 2
178
93
178
6
Jan
413
Ontario Sliver Mining__ _ _100
614 *612 614
4 *614
/
4 *514 61
/
*514 61
*514 614 *514 614
14 Dec 3038 Apr
Jan 6 28 Oct 5
1
1233
4
173
Inc
4
1734
Circuit,
173
1712
18
Orpheurn
3,000
1712
1733 1712
87 Aug 148 May
1714 18
19
*18
100 116 Jan 4 16834 Oct 9
I146 15014 155 15834
Otis Elevator
Jan
16
8 Nov
145 148 *14514 152 *149 152 *146 149
6 Nov 29 1613 Apr 11
No Par
834 87
1'
,3
,:7
3gg Otis Steel
831 88
834 88
833 834
2434 Nov 5438 Jan
834 9
834 87s
Jan 27 423sSept 26
247
25
3612
3613
36
Bottle
1,000
36
Owens
36
*3512 3612 *3512
1934 Jan
Dec
3613 3612 3512 36
4
27
1413
Apr
16,
Dec
N
34 9,300 Pacific Development
N
N
34
34
58
34
53
78
34
34
58
4614 Jan 68 Dee
0 60 Jan 301 9118Sept 15
0010
& Electric
8714 8712 8812 10,5
Pacific Gas
8634 86
8714 84
8614 8612 8712 86
86
Ng NiNokaypreCfc"
1g17
1,i 3
1
r1,1 fl...8,
•• Ex-rights
• Bid and asked prices; no sales on this day. II Less than 100 shared,. a Ex-dividend and rights. s Ex-dividend.
New York Stock Record-Concluded-Page 4
2777
For 811e5 during the week of stocks usually inactive, see fourth page preceding.
PER SHARE
Range since Jan. 11922.
On basis of 100-8hare lots
PER SHARE
Range for prertow
year 1921
Tuesdatt.
Mondau.
1
Friday.
Thursday,
IlVednesday
Saturday,
Dec. 19.
Dec. 20.
Dec. 18.
Highest
Dec. 22.
Dec. 16.
Dec. 21.
Lowest
Lowest
Highest
--------3 per share $ ver share S oar share S yer share $ ver share $ ver shire Shares Indus.& Misceli.(Con.) Par $ per share $ per share $ per share $ per share
Pacific Mail SS
13
*12
13
*12
13
1312 *12
*12
*12
13
5 11 Jan 18 19 June 3
13
*12
8 Aug
1714 Jan
4478 44
4418 4458 4314 4434 43
4434 4378 4612 4512 4614 43,700 Pacific Oil
2712 Mar 5038 Dec
4212 Nov 23 6938May 4
50 4878 Jan 11 10978 Dec 7
868* 8312 8712 8912 8712 9014 9012 9358 918* 9514 9334 9518 212,600 Pan-Am Pet Sc Trans
3818 Aug
798* Feb
Do Class B
. 858* 8312 8512 8512 8734 8514 8814 8678 88 271,706
8812 831
80
50 44 Jan 10 9434 Dec 8
344 Aug
7134 Jan
414
4
4
418
4% 438'
314 4
418 3,700 Panhandle Prod & Ref_No par
*412 434
4
6 Aug
314 Dec 21
1312 Dec
1212 Jan 4
13
3,100 Parish Sc Bingham
*1212 13
12
1212* 148* *12
12
No par
1112 12
13
*12
712 Nov 18
17 Apr 12
978 June
1512 Apr
328 312
312
314
318
314
314 9,300 Penn-Seaboard St'l v t c No par
378
318
318
314
3
658 June
3 Dec 19 1338May 24
17
Jan
People's
900
1
0.
5
L
&
C
9312
9312 9312 9312 94
9312
(Chtc)__100 5934 Jan 4 99 Sept 15
9312
*93
9312 *93
03 2 *93
Jan
33
648* Dee
1
600 Philadelphia Co (Pittsb)__ 50 3112 Jan 4 4538Sept 21
*40
40
41
4018
40
40
40
4014 4014 40
*40 4 41
2612 Aug 354 Jan
700 Phillip-Jones Corp
78
7934 75
76,4 *75
No par
*75
798* *76
9112 78
*76
79
7314 Oct 30 10518 Jan 3
3712 Apr 1051s Dee
46,200 Phillips Petroleum
4012 4112 39,2 41% 4012 4112 413 428 42
4318 4234 44
No par 2814 Jan 11 5914June 7
16 June 3414 Dec
1214 138* 12
131s
13% 1312 1312 13,000 Pierce-Arrow M Car. No par
1212 13
1312 13
13
3 July 24 248* Apr 25
014 Aug
4214 May
Do pref
2914 3134 3012 3012 3018 3214 32
3314 3218 3312 3234 3334 9,200
100 187sJuly 24 49 Apr 15
Oct 88 Mar
21
11,400
412
1
438 48*
Pierce Oil Corporation_ 25
414
4 4 412
48*
4
4
1418 Nos
418 412
418
4 Nov 14 12 Jan 12
514 Aug
3912 3912 *37
800
39
40
Do prof
3712
367 37
•38
100 32 Sept 27 71 Jan 3
3612 3612 37
3012 Aug 78
Jar
4814 4914 504 518* 508* 5114 51
528* 8,800 Piga Wigg Stor Inc"A"No par 3978July 14 558* Dec 13
51 14 507 514 51
*5712 5834 5718 58
58
58
5714 5812 58
608* 5912 6018 4,900 Pittsburgh Coal of Pa
100 55 Nov 18
52 July 62 Det
9912 9912 *98 100
*99 100
*9914 100
100
Do pref
*98 100
*99 100
100 9018 Feb 31 10
12S
Se
7(2838
eip
l 15
31
82% Jan 93 Der
2278 2318 228* 2414 2512 2812 26
3112 3434 94,300 Pond Creek Coal
2738 278 317
10 1414 Feb 2 3434 Dec 22
1612 May
1218 Mar
I
•107 110 *107 10912 109 112
Postum
7,400
Cereal
11312 117
112 113141 1137 1137
No par (3558 Apr 19 120 Oct 18
*11012 111
11012 11078 *11012 111 *11012 111 *11012 111 *11012 111 I
8% preferred
200
100 10512 Apr 29 11218 Oct 16
7912 7912 79% 797
8314 8312 807 83
8212 2,800 Pressed Steel Car
7934 7934 80
100 63 Jan 12 9514 Sept 13 -48 - Aug -98 - -Jan
*98 100
*9712 110
*98 100
Do pref
300
*98 100
99 !
991. 9912 *93
100 91 Feb 16 108 Sept 12
83 June 104
Jan
4314 435
415 4314 413s 4134 4118 4212 4118 4318 428* 4314 22,400 Producers & Refiners Corp_ 5(8 2418 Jan 10 51 Sept 12
2038 Oct 3412 Dec
9214 9214 9012 9212 9114 9138 *9112 9134 9138 924 92
938* 1 5,700 Public Service Corp of N J_100 66 Jan 7 109 Nov 20
54
Jan
7014 May
12934 13112 130 131
12978 132
16,400 Pullman Company
12918 131
12914 13112 13012 132
100 10512 Jan 6 13934Sept 12
8918 Aug 11414 Nos
473 4712 46
48
4634 47
4814 4634 4614 4614 4634 4634 3,500 Punta Alegre Sugar
50 2938July 14 5314June 9
243 Oct 5112 Jan
27% 2734 2714 27% 2718 2712 27114 2712 2718 2712 2714 27%, 7,100 Pure Oil (The)
25 2612 Nov 27 3858 Jan 3
2112 Aug 408* Dec
*9612 100
9934 9934 9912 998 *99
800
8% preferred
9912 *9912 998
9934 *98
100 94 July
20 10234 Apr 25
Spr
ing
- •11314 117
114 114
700 Railway Steel
11012 112 *11314 116
114 116
114 114
100 94 Jan 10 12614 Sept 13 -67 - July 9912 Der
.
337s 3412 3312 3312 33
1,100
Rand
3314 *3318 34
Mines
35
Ltd
*33% 3414 *3338
No par 1912 Jan 26 3814Sept 7
19
Apr 2634 Sept
1
4
138* 13
15
14
1458 1434 1414 1478
1412 1414 1412 1434 9,800 Ray Consolidated Copper_ 10 1218 Nov 16 19 May 31
11 Mar 18 May
3458 3514 3512 36
3412 3412 1,100 Remington Typewriter v t c100 24 Jan 6 42 Mar 14
3434 35
*3434 35
1718 June 3334 May
347 347
•100 105 *100 105 *100 105 *100 105 *100 105 *100 105
lot preferred v t e
100 55 Jan 12 105 Dec 6
4714 Nov 80
Jan
*7518 80
*7512 80
*7512 80
2d preferred
*7612 80
*7S
100 5012 Feb 23 804 Dec 6
80
*7612 80
4734 Nov 75 May
2638 2518 2614 2534 2534 248 2514 2412 2514 2312 244 8,500 Replogle Steel
25
No par 21 Nov 27 3812May 18
18 June 3912 Jan
4718 4778 4518 4712 4434 4614 4434 458 44
4534 12,700 Republic Iron Sc Steel
100 4312 Nov 27 7812May 29
4578 45
4118 June 7314 Jan
*82
8234 8114 8212 8178 82
Do pref
815 82
100 74 Feb 24 9512J11ne 2
824 8114 8234 4,400
82
754 Oct 9814 Mar
Republic Motor Truck_No par
112 Nov 14 1438June 2
178
*134
7-- --- - *134
____
___
1%
5 Dec 2412 Jan
-,-6i8 -4-8 2 -,iii8 18-5 -48
4814 48
10,700 Reynolds(R J8 Tob Cl B__ 25 43 Mar 27 6334 Nov 21
4814 4714 -1 4
4714 48
•11712 118
11612 11634 *116 11712 *116 117
900
116
7% preferred
_
100 11118 Apr 11 11834 Oct
____ 117
5158 5118 52
24,600
Royal
5118 5112 504 51
Dutch
5314
Co
(N
Y
5012 5234 525
shares)_
4712 Feb 1 8638May19Ma
May
3 -401-2 -111-ct -89%y
•19
19121 *1813 1918 19
'19
400 St Joseph Lead
19
*1812 19
10
*1814 1812 1814 1812
125 Jan 9 2014Sept 25
1418 Dec
1012 Aug
•21. 234
215
234 *2
500 San Cecilia Sugar v t o_No par
234 *2
112 Jan 10
234 *214 234 *214 27
14 Oct • 512 Feb
614 Mar 21
*19
1912 *1834 1912 *1834 1914 *1812 1912 *1312 1912 19
200 Savage Arms Corp
19 I
100 10 Aug 26 247 Apr 1
878 Oct 2314 Jan
13
134
138
112
112
112 3.900 Saxon Motor Car Corp_No par
112
112
112
112
118 Feb 23
138
514June 2
114
634 Apr
218 Oct
8634 87
88
8978 8718 8912 88
8918 29,500 Sears, Roebuck Sc Co
88
8914 8612 89
100 6014 Jan 27 947 Aug 14
5414 Dec 9834 Jan
*10534 10734 *10534 107
10612 10612 *106 107
Preferred
200
100 91 Jan 5 112 Aug 22
107 107 *108 109
85 Nov 104 June
7
77
77
7% 84
5,600 Seneca Copper
7
758 8
81s
No par
6 Oct 13 2314 Jan 3
8
78
1234 Mar 2512 Nov
78 8
.8
814
8
818 *8
814 *8
300 Shattuck Arizona Copper__ 10
814 *8
93 Dee
8,4
814 *8
612 Nov 2 12 June 2
478 Jan
3614 3678 3712 3778 3712 3712 3678 3678 3714 3712 3812 3878 3,100 Shell Transp & Trading__ £2 3412 Dec
4812May 3
3078 Oct 49 May
61
3112 32
31
32
31'8 3114 3114 304 31 12 3234 32
3212 70,600 Sinclair Cons 011 Corp_No par
1834 Jan 10 3834June 9
1618
Aug
23%
May
958 934
838 98
918
912
9
958
9,2 914! 54,600 Skelly 01100
958
10
814 Nov 23 117 Oct 4
98
*39
41
*39
42
*39
42
100 Sloss-She
*38
3912 3912
St3el& Iron
42
100 3412 Mar 7 2May 13 -3218 :ft-iil-e -. 6.- -aii)
*39
ffield541
40
*63
73
.64
74
*63
Do pref
74
*64
73
100 66 Mar 21 80 Aug 29
74
*64
*64
73
6814 Junc
75 Nov
4234 43
4134 42
*40
400 So Porto Rico Sugar
42
42
4141
*40
100 33 Nov 17 5714 Mar 3
*40
42
Oct 103
Jan
26
1912 1938 198 1918 1912 1912 20
•19
No par
20
15 Nov 27 24 June 5
207s 2012 2138 7,100 Spicer Mfg Co •
*91
*91
93
93
*91
100
93
Preferred
91
93
93
100 81 Apr 28 9338Sept 15
*89
91
*89
•128 131 *127 130 *127 130 *123 127
600 Standard Milliug
127 129 *12712 130
100 11012 Jan 26 141 Sept 15 -8.£-i - Aug ii6.- -LW,
11434 11434 113 115
11212 11414 114 11612 1141s 11734 11612 117% 21,700 Standard 011 of Cal
25 9134 Jan 10 135 Oct 4
6734 June 9812 'see
196 197
19312 195
19214 196
191 1951r 19112 19434 19312 19434 5,100 Standard 011 of NJ
25 16914 Jan 5 25012 Oct 10 12412 June 19214 Dec
11734 1175i 11612 11812 11612 1164 11614 11612 116 11612 11612 11638 3,200
Do prof non voting__._100 113% Jan 7 120 Nov 18 1051s Jan 11412 Dec
78
7914 7978 8118 81 12 8112 8112 82
8434 ss'I 2,600 Steel Sc Tube of Am pref._ 100 68 Mar 10 90 May 25
833 84
56 Sept 8514 Dec
59
59
59
59
61
2,100 Sterling Products
6212 61
6112 6012 6012 6134 62
No par 4.518May 4 63% Dec 5
109 109
103 10812 *10612 107
1,200 Stern Bros pref(8%)
10612 10612 .1074 ---- 109 109
100 81 Jan 31 109 Dec 15 -if - Oct 116 - -Ali,'
62
6212 6278 643
6312 6312 ,64
6412 6412 67
6714 69 I 7,300 Stewart-Warn Sp Corp_No par 2412 Jan 5 69 Dec 22
21 June 37
Jan
6112 6212 60
6314 6138 63
66341 20,090 Stromberg Carburetor_No par 3514 Jan 5 6634 Dec 22
6214 647
6338 6512 65
254 Aug 46
Apr
132 1333s 13134 1343 13112 13334 13312 13534 13338 13518 13412 139 197,200 Studebaker Corp (The)
100 7918 Jan 5 13912 July 18
4238 Jan 9314 Apr
*116 11612 *116 11612 *116 . 11612 *116 11612 116 116
Do prof
300
100 100 Feb 17 11814 Nov 2
116 116
83 Jan 10334 Dec
8,500 Subtnarine Boat
67
*714 734
No par
718 712
718
878
7
312 Jan 31
67
6% 7
7
878 Nov 23
Oct 1014 Jan
3
412 412
41.
41
418
4:18
44 414
No par
414 7,500 Superior 011
4 Nov 27 1014June 7
414
414
438
1314 Jan
334 Aug
*2912 31
*2912 31
30
30
100 26 Jan 3 3912 Apr 7
30
30
*2912 30 I600 Superior Steel
30
30
Jan
26 June 48
15
158
15
158
10
*158
I% *18
114 Nov 25
134
5 Mar 14
134
1%
134
134 1,600 Sweets Coot America
Terntor
_ _ ____
C
P.
&
F
CI
A _ _No par
14 Oct 21
514 Feb 1 --2- Dec -25.34 -iir;
*14
35 ;
838 Nov 1(
*914 9,2
914 914
9,s
1234May 19
912 1014 101s 1034 8,300 Tenn Copp Sc C tr ctfs_No par
914
11
614 Aug
Dec
473 477
47
25 4214 Jan 10 5214 Oct 10
477
47,8 4712 4718 478* 4718 478* 4718 4712' 38,100 Texas Company (The)
29 June 48 Dee
5738 58
10 3812 Jan 4 6718 Nov 6 23214 Dec 4218 Dec
5718 58
563 5734 58
5978 59
6058 5914 6012 13,000 Texas Gulf Sulphur
21382134
10
1312 Nov 22 3234June 3
2112 2034 2034 2034 2118 2012 21
2038 21 I 7,800 Texas Pacific Coal & Oil
1V4 Aug 367k Jan
56,8 5678 20%
5458 5728
54
5538 5418 5512 541, 5612 56
5712 29,200 Tobacco Pt oducts Corp__ _100 4914 Nov 17 67 Sept 13
17,600
Do CI A (since July 15) 100 767s Aug 2 8912Sept 13
84
83
84
8112 83
8134 34
82
8314 8218 8312 83
Do prof
100
100 88 Mar 2 110 Sept 12
108 103 *10312 109 *10314 109 *10314 109 *10314 109 *10314 103
7612 June 91
Jan
II% 12
712 Mar 3 2018May 22
1112 1134 1134 1238 1214 1212 1218 1214 1214 13% 25,400 Transcontinental OIL __No par
6 Aug
Apr
13
400 Transue & Williams St_No par 32 Nov 21 4518 Apr 4
34
34
35
*3312 3712 3312 3312 3314 3314 *33
28 June 4412 Apr
3414 *33
Union Bag Sc Paper Corp_ _100 55 Mar 2.5 78 Sept 12
*65
68
*65
68
*65
57 Sept 75
69
68
*65
69 I *65
*66
68
Jan
23,800 Union Oil
No par
18
1334 Nov 27 25 June 3
1838 178 1812 1712 177
1518 Aug 254 May
1712 1734 17% 174, 18,s 19
132 13212 133 13434 *132 13212 132 132
100 96 Jan 13 13434 Dec 18
131 13212 *130 131,2 1,400 Union Tank Car
8712 Sept 107 Mar
Preferred
300
*108 10912 *108 10912 1093 10938 *10812 109
100 102 Feb 9 113 Sept 8
Oct 104 Nov
92
10912 10912 *103 109,2
100 United Alloy Steel
No par
35 !
3414 3414 *34
25 Jan 11 4114May 13
35
*34
19 June 34
36
35 1 *34
Jan
*34
3512 *34
1,500 United Drug
81
81
81
*79
82
100 6078 Mar 3 85 Oct 5
8214 8118 823
46 Sept 106
8118 *79
81
81
Jan
200
1st preferred
*47
48
50 4118 Feb 18 514 Oct 5
*47
48
3658 July 47 Feb
*47
48
47
47
*4658 4734 4712 4712
1,800 United Fruit
*15614 15634 15634 15812 157 15712 15234 15234 15012 15234 152 153
100 1193 Jan 4 162 Oct 18 19534 June 207
Jan
200 United Paperboard Co__ _ _100 14 Nov 10 2014 Aug 14
1412 1412 1412 1412
7038 -716812 7072 6634 71
7278 -7-5- - 31,000 United Retail Stores...No par 4312 Feb 28 8712 Os.t 27 -4678
- Aug 6214 May
6452 -713-4 --i01-2 -i3 28
2,800
28
2712
U S Cast Iron Pipe & Fdy_100
28
28
*27
1618 Jan 13 39 Aug 29
2712 2634 2834 27
1112 Jani 19 May
2612
27
*67
100 50 jail 11
6718 *66
Do pref
738 1,000
78 Aug 29
70
67
38 Aug, 574 Nov
*8512 68
6818 68%
100
*634 7
13 5 Express
5 Feb 1
3 Aug 14
*634
7
*634 7
5% June
'
66
73%
7
4 67
712 *634 67
Jan
64'87
45
434 514
43
45
*514 512
412 434 3,500 U S Food Products Corp..100
2% Feb 8 1018 Jan 3
412 458'
458
812 Sept 2714 Jan
•1012 2018 1912 1912 1938 19381914 1914 *1918 1912 1938 41'34
800 USHoffmanMachCorp No par
1312 Nov 14 2578May 27
68
8
8
5
8i,
671
86
122
66
19,400
66
U
S
Industrial
Alcohol...
6518 6714 6514 6634 66
.100 37 Jan 6 7278 Oct 16
4 Nov -741-2 May
-35167
6514 661s
*9812 102
Do pref
600
99
99
*9312 100
100 90 Jan 9 102 Oct 18
98
99
*97 100
84 July 102 Mar
*98
99
8538 8734 87
4,500 U S Realty & Improvement 100 56 Jan 3 9278 Oct 10
8712 8614 87
4118 Mar 6312 Dee
8614 8714 8612 87,4
52
United
11,400
5214 5134 5314 5112 5238 52
States
Rubber
524 5314
100 46 Nov 25 674 Apr 17
5258 5218 53
4012 Aug 7954 Apr
96% 97% 9612 9634 98
1)o 1st prof
9612 2,500
100 91 Sept 14 107 July 11
96
9512 96
9512 96
74 Aug 1037s Jan
39
39
38
39
*3612 96,4
3834 3824
36
3678 38
.3712 3834 3,500 US Smelting, Ref de M
50 33 Feb 27 494 Oct 4
26
Apr 3818 Dee
*4834 4838 *4634 483 *4634 4838 :
100
Do pref
50 4214 Feb 9 49 Aug 16
4
20
6,
78 48
*4634 4712 464 464
37 Aug 4412 Jan
107 108
10614 108% 10534 10634 105% 12
7014 June 86,2 May
31
, 105% 1068 10638 10714 285,500 United States Steel Corp 100 82 Jan 6 11112 Oct 16
07
03
*12012 12178 12138 12112 1204 12078
2,160
Do
pref
121
'100 11414 Jan 3 123 Sept 19 105 June 115 Dec
12038 12034 12034
8338 64
64
6434 13,000 Utah Copper
65
10 5012 Nov 22 7112 Sept 5
6312 6478 64
6438 6318 64 I 64
4118 Aug 66% Dec
16
1,800 Utah Securities v t c
18
16
1614 1578 16
100
978 Jan 18 231s Sept 20
1534 16
154 1534 1514 1534
7 Aug
1214 Mar
3512 36
8,400
Vanadium
35
Corp
3634 3518 358 3518 35% 35
No par 3014 Jan 10 533 Aug 30
36 I 3334 35
2518
June 41
Jan
I Van Raalte lot pref
595
98
98
*95
*95
98
100 92 Jan 17 100 Oct 7
*95
98
98
*95
*95
98
72 Mar 884 Dec
2412 247g 2418 2578 25
100 2314 Nov 23 367 Mar 13
25
2414 2558 *2412 2434 245 24781 4,600 Virginia-Carolina Chem
205 July 4212 Jan
2,900
Do pref
63
6012 6012 6018 6214 61
63
100 58 July 28 83 Oct 18
575 July 10234 Jan
61
60% 62
62
62
600 Virginia Iron, C & C
55
*55
56
*5412 55
100 43 Mar 27 944 Jan 18
5412 5412 54
535 5314 *54
54
59 Aug 95
Jan
Preferred
85
•7712 85
*7712 85
100 66 Mar 13 86 Ott 31
*7712 85
*7712 85 1 *78
*5312 54
3,900
1412
14
Vivaudou (V)
144 14
No par
1412 148*
1414 14
61s Jan 6 14% Nov 9
14
14
14
14
538 Mar
914 May
*12
1258 *1238 1214 1214 1258 *1218 1212 *12
No par
1234 1214 1278 1,000 Weber Sc Helibroner
812 Jan
1038 Oct 19 17 Apr 24
1312 Oct
100 Wells Fargo Express
90
*8812 901 *88
100 6614 Jan 4 983 Oct 18
91
•88
*8812 9212 90
91
4912 Jan 72
Jan
*8812 90
11214 113
11214 11214 11112 113
76 Aug 94
11418 11414' 114 1144 4,000 Western Union Telegraph-100 89 Feb 8 12114 Aug 29
Apr
114 115
5,200 Westinghouse Air Brake
10712 11038 113 116
50 80 Mar 16 1116 Dec 12
11312 114
8112 Sept 961g Jan
11312 11312 111 11312 112 113
5914 597s 594 6014 5914 6114 5958 6038 5934 60 1 60
6038 14,800 Westinghouse Elec & Mfg_ 5() 4918 Jan 4 6518 Aug 22
3878 Aug 5212 Dec
32
26% 2738 24.500 White Eagle 011
No par
3238 3014 32
514 Oct 25 34 Dec 22
31
31383112 328* 3214 34
497 50
50 3518 Jan 6 54 Sept 12 -291-4 June -44 - May
4912 4934 49
4934 4818 4814 4818 4814 4812 48,2 2,200 White Motor
13,700
White
011
Corporation_No
4
par
234
38
Dec 22 12 May 5
234 3,2
7 July
358
314
318 372
1738 Jan
312 351;
3,4 3,2
*1112 12
5
812 Nov 15 21%May 12
812 Nov
1112 1112 1112 1178
1834 Dec
1112 1178 1114 1112' 113s 1112 1,800 Wickwire Spencer Steel
634 678
65, 678
614
678
612 634 8,500 Willys-Overland (The)
612 624
25
412 Feb 17 10 May 29
812 634'
1012 May
414 Nov
4214 4214 4214 427
Preferred
2,000
Do
(new)___ _100 24 Feb 17 4912July 19
23 Aug 42 May
4212 4212 4212 43344212 4234' 4212 4214
37
37
3514 37
*3512 3612 1,300 Wilson & Co,Inc, v t c_No par
.3512 37
*3512 3612 *3512 36
2714 Jan 4 5012Sept 15
274 Nov 47
Jan
*81
100
83
Preferred
79
100 66 Jan 10 90 Aug 11
79
*81
83
*81
83
65
*81
Oct 89% Feb
*81
83
83
•200 202
4,200 Woolworth Co (F W)
100 137 Jan 6 223 Nov 20 105 Aug 13934 Deo
199 20034 20114 20812 208 2094 21014 21134, 212 220
3338 3338 3212 33
1,600 Worthington P Sc M v t c..100 268 Nov 28 5578June 2
3214 3214' 3212 33
3012 Aug 3514 May
3014 3134 30% 31
85
84
Do pref A
100 83 Mac 31 94 May 4
---- 8512
____ 8412 *---- 85 I
___ 35
7012 Aug' 85 Den
.65
68
8514 6514 ;6512 67
*6512 6812 6512 6812 65
65
Do pref B
200
100 63 Nov 27 89 Oct 4
54 Aug 70 Nov
*9
12
91, *9
9
912
600 Wrintt Aeronautical_ _ _No Dar
378 9
6 Jan 27 11 Aug 22
914
*918
64 June
914
*9
934 No.
• Bid and asked prices: no sales on this day. I Lass than 100 shares. 2 Ex-rights. a Ex-dividend and rights. x Ex-dividend. e Reduced to basis
of $25 par.
t Range since merger (July 15) with United Retail Stores Corp.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
2778
New York Stock Exchange—Bond Record Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now--"and inte,e,H"—e*,
enf 10,fncome and de(a,lied bonds.
•
Pries
lasso
Week's
Week's
Price
BONDS
BONDS
Range
Friday
Since
Range or
Range or
N. Y. STOCK EXCHANGE
tq
.
Friday
Since
N. Y.STOCK EXCHANGE
c4 1 Jan. 1
Dec 22
Last
Sale
Last Sale "
4 I Jan. 1
Dec
22
Week ending Dec 22
Week ending Dec 22
—
Bid
Ask Low
IRO NoiLow High
Bid
Ask Log
High, No:Low High
U. S. Government.
First Liberty Loan1
11
I
4811 85 93
J D 100.66 Sale 1 100.46 100.80 2825 94.84 103.12 Ati Coast Line let gold 48_ _81952 M /3 8878 Sale 8714
89
334% of 1932-1947
J D 98.80 --.- 98.70 Dec'22 ----1:95.70 101.68
3 10412 10834.
Cony 4% of 1932-1947
1930 M N 10012 10714 10612 10634
10-year secured 7s
8718
1' 8312 9134
ID 98.92 Sale 98.72 94.10 5.37 96.04 101.78
Cony 4% of 1932-1947
1964 J D 8812 90,2 5718
General unified 434o
J D 98.90 98.9397.30 99.30
2d cony 4Ji% of 1932-19471 96.82 102.00
Ala Mid 1st guar gold 5s....1928 M rt 9914 -- 100 Nov'22
i
Oct'22 ---- 9
88838 19093814
Second Liberty LoanBruns de W 1st gu gold 4s...1938 J J 8718 _ _ 91
15 77 8814
MN 98.12 9828 98.04 98.12
4% of 1927-1942
a1952 MN 82 Sale
8195.76 100.80
L & N coil gold 4s
1281 8834 98
MN 98.40 Sale 198.08 98.10 3173, 95.32 101.50 Salt & Ohio prior 334e
9338 Sale
Cony 434% of 1927-1942
1925 J J
144
%
3 48 Nov9b'31211'824
8
Third Liberty Loank1925 Q J 9112 Sale 9
I
Registered
MS 98.93 Sale 98.70 98.98 3196 96.74 101.98
781s 881s
804
01% of 1928
k1948 A 0 7878 Sac 7:t
let 50-year gold 48
76 84
r0
Fourth Liberty Loank1948 Q J ---- 78
8..14
Registered
1
1
72
94
5
8012 145, 9
7: 8
9:
743
1
AO 98.74 Sale 98.42 98.74 5172 98.86 101.85
434% of 1933-1938
1933 IN 8 80 Sale 8
LO-year cony 4348
104'
77
93
Victory Liberty LoanD
8338
J
Sale
1995
5s
Series
A
Refund & gen
J D 100.42 Sale 100.28 100.42110341 1100.02 101.00
434% Notes of 1922-1923
10
84
1'8 221 9412 102
1929 3 J 101 Sal. 991s
Temporary 10-year Els
99.94 Sale 99.70 99.94 2932 98.50 100.34
4 --__ 87 944
Treasury 4145 1947-1952
90
218
8 Dec'22
P June & M Div 1st g 3Jis_1925 MN 9078 923, 0
d1930 Q J --_- ---_ 10213 Apr'22
28 consol registered
7834 26 7234 816
7714 Sale 77%
110214 10334
P L E & W Va Sys ref 48. _1941 al N
Sc consul coupon
d1930 Q J ---- ---- 1034 Mar'22
941s
61 86
110314 10314
Southw Div 1st gold 334s_ _1925 J J 91,2 Sale
9914
99i8 9853 Nov'22 ---- 92
as registered
1925 Q F ---- -. -- 10212 Dec'22
10212 1 05
Clev Ler & W con let g 5&,1933 A 0 96
la coupon
1925 Q E ---- ---- 1033 Dec'22
99 Nov'22 ---- 9638 99
10212 1054
Ohio River RR 1st g 58_ _ __ 1936 J D
_--- 100 Julv'31
Panama Canal 10-30-yr 2s_ _k1936 Q F _ _
1937 A 0 9'a _ _ _ _ 9712 SePt.'22 -- 90 98
-General gold 5s
9314 Sale 9313
Panama Canal 3s gold
1961 QM
9312
1 9234 9312
Tol & On Div 1st ref 4s A.._1959 J 1 657s 67
60
94 79 Fete23
734 Dec
Registered
918
27
5788 1:
0
73,8
1961 QM .92
0
'
722
8 9
79
7918 Buffalo R & P gen gold 5s_ _.1937 M S 11,11s _- 10
1,715 8813 9912
92 Sale
1957 al N
Consol 4 qs
83
8218 8312
213 Dec
9
'
2
,214
4
Alleg & West ist g 4s gu_ _1998 A 0 83% 87
9013 Jan'22
9012 94%
Cleanf & Mah 1st gu g 5s- _1913 3 i 9378
Foreign Government.
10,14 Au,,'22 — _ •
Roch & Pitts Con let g 6a.._1922 J D ----
hi
_ 64, A
s 10038 Sale 10014 10058 156 99 102%
Argentine (Govt)787F
8038 8412 8012
Argentine Treasury 58 of 19097.2_
8312 11 77 8714
Belgium 25-yr ext s f 73.is g.._ 1995 J D 10134 Sale 1003s
10.34 163 98 10912
5-year 8% notes
Jan 1925 .1 J 968 Sale I 9512
9.34 1-6 9412 104%
20-years f 8s
117 98
101
1941 F A 10034 Sale 1,018
1uc12 10912 10834 10312
Bergen (Norway) s f 88
6 10
10
12
858
11158 -_-_ 11112 1115
Berne (City of) s f 8s
15 106 115
9334 148 9238 10112
Bolivia (Republic of) 88
1947 M N 9314 Sale 93
78
Sale 78
Bordeaux (City of) 15-yr 6s...1934 M N
704 73 7412 90
Brazil. U S external 138
1941 .1 D 9814 Sale 9753
9:44 144. 934 108
78
1952J D 86 Sale 85
4.64 120 79 96%
734s
1952 A 0 0638 Sale 0512
9634 162 8412 9634
'Canada (Dominion of) it ba_ _ 1926 A 0 9912 Sale 994
99% 139 96 1014
do
do
do
50.. _1931 A 0 99 9J12 987
9313 4, 945
,101
10-year 534s
1929 F A 10114 Sale 101
10112 138 95% 103%
Bo
1952 M N 9312 Sale 984 100 532 9758 10612
1033
Sale
10234
Chile (Republic) ext s f 83__ _1941 F A
103% 44 10018 106
External 5-year s 1 8s
1926 A 0 10112 Sale 101
10134 62 984 10412
78
1942 M N 964 6614 9614
9634 46 9614 96%
103
Sale 10234 18
25-year a f lis
1946 M N
1,
3
1 100 10612
53
2
1,
314 4
0
Chinese (Hukuang Ry) 58 of 1911.5 D 251 Sale
44 58
- 109 10834 1,
1945 A 0
Christiania (City) s 1 83
2 10512 11212
0,
44
Colombia (Republic) 63.5s_ _1927 A 0 9734 9778 97
24 97
9812
Copenhagen 25-years f 5Jis_ _1944 J J 90 Saia 8912
90
59 8512 (1534
Cuba 5s
1944 M Ei 953 9613 904 100
12 84% 10)
Exter debt of 5a 1914 Ser A..1949 F A 8934 93
8113
98
77
External loan 434s
1949 F A 8158 Sale 8138
3
18
1 76 8512
Czechoslovak (Repub of) 8s_ 1951 A 0 86 Sale 46
0878 74 8412 101)34
Danish Con Municipal fis "A"1946 F A 103 10812 108
44
1061: 114
Series B
1946 F A 108 109 10814 10814
1 105 113
Denmark external 8 1 88
1945 A 0 109 10 58 109
4)
27
)107 11212
0
19
10
18
20-year 6s
1942.5 J 9818 Sale 98
98 s
9014 1004
Dominican Rep Cons Adm s f 58'58 F A 9413 ____ 9412
8512 9712
53.58
1942 M S _-_- 8512 S512
8512 9312
Dutch East Indies ext 6s
1947 J J 93 Sale 9212
295 91
97
40-year 68
937
1962 M S 9314 Sale 9212
9012 9714
French Republic 25-yr ext 8s.1945 M S 9 53 Sale 98,4
9314 10834
20-year external loan 7368_1941 J D 9412 Sale 9414
9998993446
2254995
:43699 91 104%
Great Brit & Ireland (UK 0020-year gold bond 534s__ _ _1937 F A 104% Sale 10334 104% 719
96 Ion
10-year cony 654a
11318
qa.••
A
11.14 113% 896 9834 115
1929 F
Greater Prague 73.5)1
1942 M N 7578 Sale 745
7578, 140 68
9114
Haiti (Republic) 6s
1952 A 0 9014 Sale 9614
9612 243 96
9634
Italy (Kingdom of) Set A 63481925 F A 94 Sale 9334
94
31 9212 96%
Japanese Govt—£ loan 4348_1925 F A 93 9312 9-34
94
12 865 9512
Second series 434s
- 9312 9234
1925.5 J
21 8688 9634
94
Sterling loan 4s
1931 J J 2 8134 Sale 81
3.8 723 8312
82
Lyons (City of) 16-year 68......1939 M N 7858 Sal, 7814
44 74 90
79
78 Sale 78
Marseilles (City of) 15-yr 68_1939 M N
7834 57, 74
90
Mexico—Extern loan £ 55 of 1899 Q J 2 5413 5112 50
52
232 4712 7012
Gold debt 48 of 1904
1954 J D 301 Sale 36
365
5
8
3412
62
90
Montevideo 78
91 I 9.112
1952 J D
91
Netherlands s f (le
9878 5,9
1972 IN S 9834 Sale 9734
1 8
92
914 94
9:
1
Norway externals f Ils
1940 A 0' 11112 Sale 11034 112
28 10714 ha
6s
1952A 0 9113 Sale i 9912 100
3841 993s 10014
Porto Alegre (City of) 8s.. _ .1961 J 13 9714 Sale 9718
974
1 1 97 105
Queensland (State) ext a 1 78.1941 A 0 1087 IN 10814 1%
03
14 2
36
1 ,
10r, 11
05
214
25-year 613
.1947 F A 10134 Sale 19012
Rio Grande Do Sul 88
9712
1946 A 0 9714 9812 17 9312 1054
Rio de Janeiro 25
-years f 80_1946 A 0 97 Sale 9614
97
3
,8 94 10512
8e
9778 48 9338 10478
1947 A 0 967 Sale 9612
Ban Paulo (City) 8 1 8s
9734
1952 M S 2734 98
9814 12 96 1068,
San Paulo (State) ex
1938 .1 J 98 Sale 08
9812,27, 9012 106
Seine (France) ext 7s
1942.5 J 864 sale 46
8/ i i'113 81
98
Serbs, Croats & Slovenes 82.._1962 M N 7t Sale 70
7213 211 70 74
Soissons (City) 6s
1936 M N 7812 Sale /
7812 74 76
8438
Sweden 20-year 6s
1939 J D 10414 10434 1041* 1043, „
101; 94 107
Swiss Conferer'n 20-yr s 1 8s 1940 J J 1184 Sale 1174
119
in 11212 123
Tokyo City 5s loan of 1912
M S 71,2 72 i 72
72
Jo 67
7612
Uruguay Republic ext 8s____1946 F A 10412 Sale 10412
10212 1085s
Zurich (City of) s 188
1945 A 0 11214 11234 1124 1 12
8314
2 294 106 115
till
42 93 102
99
Canada Sou cons gu A Ss_ ___1962 A0 9812 Sale 9734
11313 49 108
7133 11
11234 Sale 11,78
1 34
Canadian North deb e f 70._ _1940 J
111% L5
1901 J J 11114 Sale 11,18
25-year s f deb 6348
7:114
2 sia;
78 713871387,34 117 0
75
712 10
83
5
Canadian Pac Ry deb 49 stock,. J J 9
92 s
_a_i_e_ 103
92
19
04
3121 129
1 83 9412.
Car Clinch & Ohio 1st 3-yr 58 1938 JD 1„3
Central of Ga 1st gold 5s__ _0945 F A
81
4 89% 1004
N
199:,
Cense)! gold 53
94 1014
10-year temp occur 6s_June 1929 J D 9978 sale 9912 12%,
Chatt Div pur money it 48_1951 J D
908 Sept'22 ---- 93 964
Mac de Nor Div 1st g 58„..1940 '.5
1947 '.5 9278 ___ _
Mid Ga & Atl Div 5s
91178 Nov'22 -__—_-_ 8812 .977s
N 9212 9412 10
Cent RR dr B of Ga coil g 53_1937
19
0
78 8:
1
:
08
:: 91::: jj:::::::::: 103
97547
:
1 39
8
10
5174'8
5.
Central of N J gen gold 5s....-1987 .1 J :
h1987 J J -- - - 106 109 b.pC22 ---- 105 110
Registered
91 Juiy'22 ---- pi
8734
91
N Y& Long Br gen g 4s1941 MS 95
ii- -,54 97 Dec'22 ,.--- 904 98
Ches de Ohio fund & impt 513_1929 J J 10
90
418 10313,
__ 10
34 ..
0
,34 Dl
ee
u9
232
4 _ _ 10
10
..i1,
1 _ u,,
N 90%
1939
1st consol gold 55
100
1939 M NI
Registered
854
857
8
8614
8614
85
828
8 9/
1902 M
General gold 430
,,...,.
no Nov'21 ---- _
19112 M S
Registered
2105
-ii3-4 &Te- 8o12 bg 1 46 -8213 8
20-year convertible 4J.,s_ 193(' FA -8
9
6
91,
0
41
4
3
8
7
32
6
7
981
9414
Sale
30-year cony secured 5a_1946 AO ti.%
1949 • D
Big Sandy 1st 48
418 8:1 Dec'22 - — 78 874
3 86
Coal River Ry let gu 48_1945 J D 8
1940 J J 98 _ _ _ _ bb78 June'22 ---- 8878 88714
Craig Valley let g 58
b3
4
ib9
118 June
794
77
212 8
812
,2
8 ---4
.
- 8
71
84
Potts Creek Branch 1st 48_1946 3.5 8
Et & A Div 1st con g 48_ _1989 ii
1989 J J
21) consol gold 48
Apr
Greenbrier Ry 1st gu g 4s_ _1940 hI N
Warm Springs V 1st it 5s__ _1941 MS
8
97,2
151 14
5. 8::
6
7
11:1°
:
:73111:11::
:
61
4- 7
5;
8:
3 S8
-7-:
19::2 689728'9111442
1949 A0 :
Chic & Alton RR ref g 3s_
26 I 12e 2318 52
1950 J J 2334 Sale 2314
Railway 1st lien 3348
84 81 12
81 34 32 7(14 86
Chic Burl & Q—Ill Div 334s_1949 J J 81
07
0 4 00
:
.8130
4 __.
.
2 87_ 9
,.3
,.
1949 J J 8112 Sale 8
Illinois Division 48
Nebraska Extension 4s___ _ 1927 MN
1927 MN
Registered
"'s 7
3•
96
358 98
4 .8
-iii4
99
714 26
ie-2 81 '81142 8
1958 M
General 48
1971 FA lub34 sale wooa 10112! 93 9638 1021n
1st & ref 58
Chic & E In—
75
53
148 S
7%8
9
ip
a1
re 0
81 1465
44 164
1:120
51712
02
8
812 16
1,8
0
89
4
6:
2
1934 A0 10
let consol gold 130
C & E III RR (new co) gen 5s..1951 MN
Chicago Great West 1st 4s__ _1959 hI S 5, 8134 5,
Chic Ind & Louiev—Ref 68_14147.5' 10634 10734 101/7a Dec'22 ---- 101 1167k
1947 3' 9714 9853! 9712 Dae..2 ---- 8712 99
Refunding gold 5s
86
Refunding 48 Series C___ .1947 J J 83 8412 86 nept 241---- 75
8312'
2 79 8611
1966 MN 82 ?,312 82
General 58 A
9784
7 97 10238
1 768
/
7 8 9
e1966 J J b7 9,7
General 68 B
8
Oct 421---- 75
79
Ind & Louisville let gu 48_ _1956 • J 72
85181
5 84s, 87
8518
8412
J
j
_1956
43—
Sou
50-year
dr
Ind
Chic
08115
-1 834
80712 909
-36
-40
24,1 -2
9:: Sep:7
,34 6
7% 6
9,
8
85
Chic LB & East let 43481969 i D 6
72 I 80 6912 89)
GI, m & IR P gen g 4s Ser A ..e1989 3 J 703, 7113 70%
6
8
1
,
121
13,
1
,2
,
6
7
,
1
7
9
1
04
7
6
7
0
1
6
5J4
2
1
S
8
ao
l
e
Ser
31.58
B....e1989
9
J
gold
General
General 4348 Series C._ _ _e1989 .1 J
8_14 247,, 54 897s
8,0,. 6748
Gen & ref Series A 4Jis___a2014 A 0 5878
Gen ref cony Ser 13 58_ _ _a21/14 F A
6634 5631 69) 77
1932.5 D 63% Sale 6-38
Convertible 4348
1925.5 D
Permanent 48
4
2
Sale
573
5
114
2
5
761,2
2 2.32 88'4 87
j
j
1934
25-year debenture 4s
11778
9612' 6 89
1926 3 j 9638 98 9,12
Chic & klo Riv Dtv 58_
6112 63 63
77
6512
14 63
J
j
_1949
48_
1st
gu
Sd
C M & Puget
924
6714
Nov'22,----1
Dec
'22
--84%
923
92
14.
4
1934 J D
Milw & Nor ist ext 4 Jis
Ws
86 924
1934.5 D 90 91
Cons extended 4JIB
981
9514
9.
5
4
Nov'221---924
_1886-1926
98
F
A
48_
_
Chic & N'west Ext
9414
1 934 951k
1886-1926 F A 9514 __ _ _ 9414
Registered
7134
7638
2 72
ai
1987 MN • 7518 77
General gold 3As
73'8 Dec'22 --- 7318 7318.
D1987 Q F
Registered
534
-88"
-f.
3
85
8.78 26 8214 91
1987 M N
General 48
1987 M N 8112 8714 85 Nov'221--„ 8113 88
Stamped 45
105 I 12 9974 110
1987 m N 104 10478 1994
General 55 stamped
1879-1929 A 0 10318 10454 103 Dec'22 ---- 102 106
Sinking fund 138
1001, _ __ 10178 Apr'22--.,, 101 l0
io0
14.
7s
1879-1929
A
0
Registered
Nis 104
1879-1929 A 0 0838 _.__ _ 98% Dec'22
Sinking fund 58
1879-1929 A 0 93 - --- 100 Aug'22,---- 9818 100
Registered
State and City Securities.
1933 M N 9034 100 ,10934 Nov'22'....-- 96 10114.
Sinking fund deb 55
I 9812 May'221933 m N
9812
Registered
N Y City-434s Corp stock_ _1969 M S 1005 10114 100%
- 10878 108%
.
10
I
1930 J D i(iil2
5 108 11011
g
78
101
secured
38 98 10312
10-year
43-4s Corporate stock
1104 10918
1964 M S 102 10212 102
11.12
7 106 116
102
secured 6348 g__ _ _1936 M S 10,42
10 9712 104
-year
15
9
118 _ _ _ _ 9.314 SePt'22,--- I 9353 9314.
4348 Corporate stock_ .___1966 A 0 102 10212 102
102
5 99 105
Des Plaines Val 1st gu 4348 1947 m 8
434e Corporate stock
.1971 J D 10612 19714 10,38 Nov'22
Oct'22'..--- 10578 11115
Frem Elk & Mo V let (is_ _1933 A 0 196% ____ 111
43.5s Corporate stock.._July 1967 J J 10612 107 ,10638 Dec'22 ---- 10338 10914
W 1st 3;0_1941 J j 71,33 ____ 70 Magall--- .N
II&
---Man
G
1034
1087
s
43.55 Corporate stock
l'
tid's
J
76
Aug'211--3
7
,5
8
1941
1965 .1 D 11,612 10678 196 • Dec'22 --- 103 10512
As
gu
3
-let
L
3
Milw &
1045 Corporate stock
19612 19613 1065s
9852 10815
1963 M
West Imp g 58_1929 F A 9934 --__ 9918 Oct'22
106%
Ell&
3
103
L
Milw
11212
4% Corporate stock
10112 Nov'22,---.
1925 m 8 10978 .
: 10113 101,
1959 WI N 9958 100% 995
11
9934'
5 9312 10012
Ashland Div 1st g 68
6% Corporate stock
8 10114 1008
10078
1. 101 14 101'4
1958 M N 9912 100 1100 Dec'22 .___l 9334 101
Mich Div let gold 138_ _1924 j j L0‘.7
4% Corporate stock
672
1 851, 93
1957 M N 902 19018 10,14
10014
N W ist gu 4s_ _1947 6,1 8 8758 8853 8712
&
5
Spar
934
Mil
100%
6% Corporate stock reg1956 MN 93 9912 9878
19112 103 101 Dec'22 ---- 95 1064
Dec'221.. -- 94 10038
St L Peo & N W 1st gu 58.._1948 J .1
New 434s
1957 M N 106 10612 106
uci'22,-- - 10312 108
8118
43.4% Corporate stock
814
81781 48 79
8734.
1957 1W N 106 10612 10534
10584
I 10314 108
I & P—Ratfteav gen 45 1988 J J 7,18.8218
R
Chic
8415
_ . 80 Dee'44 ....- 78
334% Corporate stock__.._ 1954 M N 90 91
1988 .1 J
89%
90 I 12 82 9313
Registered
828
Safe 8,12
8334 280 7512 874
New York State-4s
1934 A 0
1024 Nov'22
1961 IN S
Refunding gold 48
10218
1023
4
804
802 25 7814 8614
8038 81
Canal Improvement 4s
S
434s_
1934M
1st
102 June'22
1961 J J
Louis
&
Ark
102 102
I
R
08% 9812 9812
9812
1, 90 10014
Highway Imprev't 4 Jis
10912 Apr'22
1963 M S
Burl C R & Nor 1st 5s_ _ _ _1934 A 0 9734 _
10912 110
_ 98% Oct'22 .....-1 89 9818
Highway Improv't 435s_ _ _1965 M S
10412 Apr'22
Choc Okla & Gulf cons 55_ _1952 IN N 90
10412 10412
8
92
081 16
i 91
4 76
2 9
86
44
1
0
58_1923
A
1st
Moines
Des
Keok &
StPaul&K CShL let4Jis 1941 F A
8112 Dec'22 —110412 1094
87
1 14 105
1930J D 8o5310618 10
Chic St P M & 0eons tis
92
8953 ____ 92 Sept'22 ---, 87
Railroad.
Cons 68 reduced to 3;.5a__ _1930 J D 06
96
£612 96
7 9114 98
1930 M S
Debenture 5s
109313 ___ 118 Nov'16 --- I
Ann Arbor let it 42
k1995 Q J 64
6478 62%
641a 13 581, 80
North Wisconsin 152 68_,._ _1930 J J
Atch Top & S Fe—Gen g 48_ _1995 A 0 89 Sale 4834
Superior Short L 151 5sg__e1930 M 13
8 34 133 86 9518
78
918 Ma7
-1-e- 9
8.1118
4 —2
-a
98
3'8 S
-5
- -;;11-4 -8;14
Registered
1995 A 0 8714 8814 86
8714
4 85% 9212 Chic T H & So East 1st 58_ _1960 J D 8
9,14 18 -8711 '944
9034 908 908
Adjustment gold 48
81.53 8658 82
k1995 Nov
3 774 86
8253
Chic Un Sta'n 1st gu 4348 A 1963 J J 114 115 114
11414
15 11113117¼
J
Stamped
19633
k1995 Nov 8253 Sale 8214
834 37 7812 8612
let Ser C 6348(Ws)
I
105
Sale 105
3 103 105
Cony gold 4s
8212 10 76
8138
1955 .1 D
Chic & West Ind gen g 65--01932 Q M 105 Sale 7414
88
Cony 45 issue of 1910
1952 J .1 74
1960.5 D 100 102 101
76I 104 6712
102
24 9114 10778
Consol 50-year 4s
10212 19 99% 10
East Okla Div 1st g 4s
78
2%
1935 M S 1(1214 Sale 102
1928 M S 9438 9578 9512 Dec'
911, 973,
15-year s f 7358
Rocky Mtn Div let 4s___ 1965.5 J 8134 ____ 82 Dec'22 _ _ 78 8514 Cin II & D 2d gold 4;is
93 914 Nov'4--- 85 9111
1937J .1 88
Trans-Con Short L 1st 42_ _1958 J J 8458 85
88
Mar'17I--___
.......
MN
g_1923
8478
85
7 7934 90
---- ---C Find & Ft W 1st gu 4s
Cal-Arlz let & ref 434s"A"1962 M B 92
9234 9.34 Dec'22
8018 9458
Day & Mich let 0008 4348.1931 i 3 91 ..— 901s Dec'22I ---- 8818 95
*No price Friday; latest bid and asked. aDue Jan. clDue Abrll
cpue May, gDu eJune. hDue July. kDue Aug. oDue Oct. ppue Nov. oDue Dec. sfleti,n s^.1e.
IN2 f,',I1 r.
108;1
575.1
-- --
----
2779
New York Bond Record—Continued—Page 2
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec 22
Pries
Friday
Dec 22
Week's
Range or
Last Sale
131
I
Range
Sines
Jan. 1
BONDS
N. Y.STOCK EXCHANGE.
Week ending Dec 22
Pries
Friday
Dee 22
Week's
Range or
Last Sale
Rang.
Jan. 1
.411=1,
Bid
Ask Low
High No.' Low
High
8512 54 7612 844
•Cleve Cin Ch & 5t L gen 4s__1993 J D 892 8112 8012
6 85 9234
9112
1931 3 J 9034 9112 9058
20-year deb 45s
8614 102
1993 J D 9814 10034 9778 Dec'22
General 5s Series B
1
4
1929 J .1 10112 Sale 101
102 I 31 95 103/
Ref & inapt 58 Series A
1939 J J 8512 91
8612 Dec'22 ----I 7934 92
Cairo Div 1st gold 48
76
8212
80 Dec'22
Cin W & M Div lst g 4s1091 J J 8012 82
/
4
8 7712 841
1990 M N 80 8)34 80
8034
St L Div 1st coil tr g 4s
1
4
/
4 -- I 8512 Aug'221----1 8512 35/
1940 M S 821
Sur & Col Div let g 4s
8514
19403 .1 8212
8138 Nov'22'---- 81
W Val Div 1st g 4s
9112
k1936 Q F 8814 8812 9112 Oct'22 ---- 83
C I St L & C 1st g 4s
11936 Q F
Registered
I 904 Oct'22 ---- 8612 9012
Cin & CI cons 1st g 5s _1928 J J 9818 130 1 99 Aug'22.-.- 94 99
CCC& I gen cons g 6s____1934 J J 10572 10812 10518 May'22I---- 104 107
1940 A 0 8612 8',58 90 Pine'22,---- 90 9)
Ind B & W 1st pref 4s
705s 84
/
4 Dec'22
Peoria & East let cons 45..1940 A 0 744 Sale 741
Income 45
1990 Apr. 2712 27/
1
4 2712
2812 24 2278 3912
300 99
97
93 I 96
,Cleve Shor Line 1st gu 4%s_1981 A 0 91
10478' 24 10018 107
1972 A 0 11312 104 11!314
Cleve Union Term 55s
4 8414 94
Colorado & South 1st g 4s_ _ _1929 F A 9238 9378 9218
9212'
5778 31 8118 92
Refunding & eaten 4(a...1935 M N 8634 Sale I 864
Ft W & Den C let g 514s 1961 J D 10314 10512 10338 Dec'22 --,,' 10118 10612
8812
8312 14 77
.Cuba RR 1st 50-year 59 1/.._ _1952 J J 82 8312 8234
5 I 11 100 10712
lst ref 7 48
1938J D 104 10) 10434 1,
7778' 9 7618 8112
L & W—M & E 1st gu 3%e 2000 J D 768 77% 7612
N Y Lack & Western 5s__ A923 F A 9 34
2 9812 1037
9978
9978
2 97
997
9118
Terminal & Improve't 48_1923 M N 9812 100
9118
7412 ____ 7412 Nov'22--1
4 78
74/
Warren 1st ref gu g 31is._ -2000 F A
,Delaware & Hudson—
(
1
8
1 8391188 11
14
/
4 7
,
87
811
let & ref 4s
1943 M N 8714 884 8712
30-year cony 5s
1935 A 0 9718 9712 87
5%s.1937M N Di Sale 10034 101 1 15 99 1034
7 107 11318
10-year secured 7s
1930 J D 10912 110 10912 11018
1
4 84
76/
%
Alb & Susq cony 3%s
80 Dec'22
1946 A 0 18)9
Renns & Saratoga 20-yr 65_1941 51 N
851 7212 8214
7338'--.
2
Oen & R Cr—let cons g 4s...1938 J J _72_2 Sale 7812
10 761 84
78
Cons& ti gold 448
1936 J J
/
4 8412 De3'22
Improvement gold 5s
1923 J D 83 841
2
i8}138
5
,445
2
0,143 8
4
18
46
4
7
8:
44
45
/
1
4
4618
25
let & refunding 58
1955 F A
4318 5
42 Dec'22 -Trust Co certits of deposit_
1
4 Dec./2 -- -1
84 8512 83/
Rio Or June 1st gu 5s
1939
10
01,n2
1012
Rio Or Sou 1st gold 4s__ _1940 J .1 101s ___. 1012
111
911';
10 Feb 22 ---- 1
Guaranteed
1940 J J
8 7334 8612
7812
Rio Or West 1st gold 45_ _ _1939 J J 7534 7812 77(4
2 6218 71
1
4
66 ,
6558 65/
Mtge & colt trust 45 A...1949 A 0 65
78
Oet & Mack— Let lien g 48.._ _1995 J 1) 7518 8) 7:.) Sept'22 ----II 74
7018
67
----'
oot'22
63
78
7018
Gold 4s
1995 J D
5 82 93
89/
1
4
/
4 9i) 8812
Oet Riv Tun 4%s
1901 MN 891
Dul Missabe & Nor gen 58
1941 J J 9812 ---- 9934 Dec'22 -- 95% Imo
9514 10212
Out & Iron Range 1st 55
1937 A 0 9918 100 1i.,012 Dec'99 - 1(o12 mar'08
1937 A 0
Registered
80
7) Dec'22 -- 7712 87
caul Sou Shore & Atl g 55...,.1937 J J 74
%Coen Joliet & East 1st g 55_1941 M N 9438 10) 9938 Dec'22 -- 95 10014
1
4 Sale 10234
10378 21 100% 198
Erie let consold gold 75 ext_ _1930 M S 103/
1947 MN 88 --__ 87 July'22 ---- 80s, 87
N Y& Erie 1st ext g 4s
99
___094
Dec'22
9634"
511
3rd en gold 4%s
1943 M 5
9112 Nov'22
9012 9514
4th ext gold 58
1930 A 0
ext gold 45
1928 J D 9112 - - 9434 vov'15 ---10312
19218
)0
- 10312 Dec'22
_
YLE&W 1st 7f; eat__ _1930 M S
56 I 137 5312 71
- Sale 5412
Crie 1st cons g 4s prior. _ _1998 J J
5
43
7 Mar22
57 57
Registered
1996 J J
304 394 58
44
let consul gen lien g 45..1998 .1 J 4312 Sale
51
Aug'22----' 51
Registered
1996 J J
8l1.
„1,
79 9
Penn cell trust gold 4s_ _1951 F A -8:78 85
8334 n
4212
50-year cony 4s Ser A...1953 A 0 4414 1-8,e 4134
3414
55
44
ou 32
do Series B
1953 A 0 4214 Sale 4214
4112 176 3434 59
Gen cony 48 Series D_ _ _ _1953 A 0 421s SAW 4158
1 80 99
9434 95
Chin & Erie 1st gold 5s.._1982 M N 94
95
-_
9212 Dec'22
Cleve & Mahon Vail g 58_1933 J J 93
9012 9n21,2
90
f. 881
/
4 1;8;4
Erie & Jersey 1st s f f3s_ _ _1955 J .1 89 -90- 8858
90 1
Genessee River 1st $ f 613_ _ _1957,J J
-- 8012 90
7938
Long Dock consol g 6s._..1935:A 0 103 110 t9812 Nov'22,----; 10812'"'
1
4
9218 Dec'22 ---- 924 92/
Dock & Impt let ext 5s__ ._1943 J J
861
/
4 Nov'22 ----' 86
M
N Y dr Green L gu g 5e.,, 1946 M N 84 53
5912
19371z
1 54 74
5314
59 I
N Y Susq & W let ref 5s
48 , 484 Dec'22
47 56
2d gold 48s
19371F A 45
46/
1
4 45 Nov'22 ----I 384 60
General gold 5s
1940 F A 45
/
4 90
90 Sept'22
8312 9
n,
0
Terminal let gold 5s_ _ _1943 M N 841
97 05 Nov'22 ----., 93
b45
Mid of N J lst ext 55
1940 A 0 __
/
4 57 Dec'22 ---- 53
73
Wilk & East 1st gu g 59.._ _1942 J D -54 - 601
Evans & T H 1st gen g 5s.. _1942 A0 ---------18
Mt Vernon 1st gold 65__ _ _1923 A 0' --------- 6912 Apr'2Il ---1
..
Sul Co Branch 1st g 55.._1930 A0
6912
8)
14 3012 9113
1959
Florida E Coast 1st 4)is_
D 5,12 0.'8 8878
66
Apr'21
_ -Fort St U D Co 1st g 4%8_1941 J
7758
5314 85 83/
1
4 Nov'22 ----, 78 8634
Ft Worth & Rio Or 1st g 4s._1928 j
Galv lions & Hend 1st 5s_ _ _ _1933 A o 8512 8612 86 Dec'22 ----' 83 90
'10312 115
5
Grand Trunk of Can deb 7s_ _1940 A 0 11278 Saw 11214 Ira'
43
144 50 100 108
174 Sale 103/
1
4
I5-year s f 65
1936 M
215 1071, 11334
110
swe
110
11034
Great Nor Gen 7s ser A
1936 J .1
9034 42, 88
96
1
4
let & ref 40(s Series A...,.1961J 3 K38 Sale I 89/
8214 Oct'21
196111
952
Registered
J
10234 74 964 106
10212 Sale 1024
612e
9(34 9512 93 Nov'22 ----1 904 ,?,133
fit Paul M & Man 48
1033.3
10518
let consol g (Ss
1933 J J 1 108 llt ,10734 Dec'22
__
_
197 110
99 eleot'20
Registered
1933 J
934 1004
/
4 0812 98 Dec'22
Reduced to gold 43's...,_1933.3 J 971
96/
1
4 9812 97 Aug'221----1 95 97
Registered
1933
2 88 9212
9018
Mont ext 1st gold 4e_ __ _1937 J D 904 9214 9018
Mar'211---.
Registered
1937.1 D
Pacific ext guar 45
85 Dec'22 ---- 85 85
.
1940 J J 8112 89.4
E Minn Nor Div 1st q 4s_1948 A 0 89 9012 89 Nov'22 ---10912 11412
114 _ -111334 Nov'22
Mont C 1st gu g (3e
1937 j
_
Registered_
1937 J .1 1)0 - - 1364 May'061---/
4 103 Sept'22 ---- 99 103
let guar gold 5s
1937 J J 101 1021
094 1024
Will & SF 1st gold 5s..1938
D 101 103 ,10014 Nov'22
71) 701. Ape22 ---- 6712 71312
Green Bay & W Deb Ws "A"____ Feb 60
8 612 173s
12
Debenture etre "B"
Feb 1034 1212 1034
8614
Gulf & SI 1st ref & t g 5s_ _81952 J J 8212 0514 8212 Dec'22 -- 72
Hocking Val Ist cons g 4jis__1999 J J 8414 8534 8434
8434
2
_
7312 Iuneits
1999 J J
Registered
8312 Nov'22
1948 A 0 81% 88
8
7812
1 :
-98 12
Col & H V 1st ext g 4s
8312 Oct'22
1955 F A 8034 84
784 83
Col & Tol lst ext 48
8984 96
1
4 91 Dec'22
Houston Belt & Term 1st 55_1937 J J 9112 92/
8812
1957 F A 8438 Sate , 8358
8612 113 75
Hod & Manhat 58 ser A
6178 272 4712 67!4
1957 A 0 6112 Sale 1 6)14
Adjust income 5s
96
/
1
4
97
/
1
4
9638
Nov'22
1932
F
A
55
1st
92
96.
_4
Jersey
N Y&
8318 vo
1951 J J 9312 ----I 96 Sept'22
Illinois Central let gold 4s
g312 Sept'21
1951 J J
.76% Registered
8278
84
1a51 .1 J 8312 803 84
let gold 3145
WI
80
- --Oct'22
1951 J J
80
Registered
77
72
Oct'21
---0
1951
A
jis__
3
gold
Extended 1st
8- 2
___
1951 A 0
Registered
6018 7512 80 July'09
1951 M
let gold 3s sterling
8512
85
8412
-&-14 95
8514
M
Collateral trust gold 46-1952
953 Sept'19 -1952 A 0
Registered
16 8218 -9112
84
8758 Sale 8712
N
M
1955
let refunding 4s
6 76% 8034
80
1
4 8)
1952 J J 7758 80/
Purchased lines 348
%
013
4
34
8
4 118
811
/
4 43
9969
83814
711 7
1953 MN 8158 Sale 5112
N 0& Texas gold 4s_
- -1 82 Aug'22
N
M
1953
Registered
151
1013
58
gale
4
1934 J J 101
15-year secured 5145
11272 11112 1111.
I5-year secured 614e
3 110
86 Nov'22
1950 J 0 8238 87
Cairo Bridge gold 45
1 6
883
21%
4 7
983
4
2%
73
73
73
Litchfield Div 1st gold 38-1951 J J 71
1 7334 8118
77
77
80
7008
Loulsv Div & Term g 348-1953 3 3
17
e No price Friday; latest bid and asked the Weelc,
Bid
Ask Low
High No. Low
High
I 6352 7612
Illinois Central (Concluded)
6812
6 66
71
omaha Div 1st gold 3s__1951 F A 68% 70 8812
St Louis Div & Term g 3s__1951 -3 .1 7014 _ _ _ _ 6978 Nov'22
1 7612 80
84
84
Gold 314s
1951 J J 7918
1
4 7812
57ringt Div lst g 3he
1951 J J 7618 ---- 7812 July'22 ---- 78/
83 Nov'22.... 82 8614
,Vestern Lines let g 4s
1951 F A 83
92 Nov'll)
Registered
1951 F A ----661
4 i661;
1001s Oct'22
& Car let Os
1923
1
4 92/
1
4
9212 Sept'22 --- 92/
Carb & Shaw let gold 4e
1932
9858 10434
1
4 Nov'22
Chic St L & N 0 gold 5s1951 .1 D 9914 1034 98/
Aug'21
99
Registered
----1
1951 J D
,
c'
62111 _
Gold 3%e
6
9534 De
65 :651-2 100
Joint 1st ref 55 Series A_1
I) 1176
196
53
13 D
278
Memph Div 1st g 45_ _1951 J D 8112 82/
1
4 8214 Nov'22 -- 7834 8214
- 8
8t Louis Sou 1st gu g 48_1931 M S 8684 ---- 8
2 —.4
84
612
% 864
86
534
12 0(.1'5234
nd Ill & Iowa 1st g 48
961
/
4 10112
tat & Great Nor 1st g ext 76_ 150
MN
3 - 5
922 3
2
: 9618 Nov'22
7_
9212
AS
68_12 8
Adjust6s
Sale 49
5 )12 "iiL 4
14 012
James Frank & Clear 1st 4s_ _119
86
86
3 4
851
95
59
2 .1 D
12 3
69
Kansas City Sou let gold 3s._1950 J
J 6858 8
69
8%4 885s
A O
9412
Ref & impt 55
875s
8958 71 84
89
Apr 1950
1
4 86/
1
4
Kansas City Term 1st 4s____1960 J J 8258 Sale 8258
8334 86, 79/
Lake Erie & West 1st g 58
1937 J J 9578 Sale
2d gold 5s
8
95
57184
8
95
614
145 797
5 989758
78
North Ohio let guar g 68_ A19
53148 7318 July'22 --1 68
754 87
945
13
A 0
3 8
Leh Val N Y 1st gu g 4
1
4 Nov'22
9058 97
_ 1940 J J 9334 95 1 92/
Registered
80 July'21 -Lehigh Val (Pa) cons g 4s
8112 71 -7734 90
89
114 5;1-e-: 8034
N
31* 9
2
10
90
43
9
92
23
7
General cons 414s
9034 Sale I 9)34
Leh .' Term Ry 1st gu g 5s
9
98
518 19
10314
06314
1008
10314
11M
A N
O!
2
19
99
43
113 Mar'12
Reg. 'ered
Leh Val IIR 10-yr coil 65„n1
19
94
28
1 N
AI 0
S 10334 10484 10334 104129 10012 105
Leh Val Coal Co 1st gu g 5s 1933 J J1 100 __-_ 1004 Dec '22
9084 102
oct'13
105
Regletered
1933.3 J,
86 _831s Oct'21
let int reduced to 4s
Leh & N Y 1st guar g -Id 48_1
412 Aug'22
4 86
87
83
012 ____
8
i4314
35
3,M
19
94
--..--- 9512 100
Long Isld 1st cons gold 58._ h 1931:Q J 97/
1
4 9912 971
/
4 Nov'22 June'22
894 90
let consul gold 48
894
8914
h19311Q J
891
/
4
Nov'22 ---- 77
General gold 45
1938 J D,
Si
841
/
4
Gold 4s
19323 D, 81 ____ 81 Nov'22
2 7314 82
8038
Unified gold 4s
7912 81 I 8084
1949 M
Debenture gold 58
1
4 Nov'22 ---- 8378 9818
8212 Sale 1 83/
20-year p m deb 55
80
2122 36
6 7
975
:
52 4
2 98864
7%
14
2
89
23
14
2 8
83
114, 8
721
,324
8
NI 7
Guar refundlnu. gold 4s___ _1119
9
933
49
47 MM.'
1
4 ___ 961
/
4 Sept'22
NYB&MBIsteong58_1935A 0 95/
1
4
1
4 99/
NY&RB 1st gold 5s___ _1927,M S 96 ____ 994 Sept'22 ---- 99/
8
89
7112
2 196
90:8
Nor Sh B 1st con g gu 5s932 Q J 9278 94
95 Nov'22
Louisiana & Ark 1st g 5s
92 Dec'22--.- 78 9812
S 9218 94
7M
A 0
193
925
77 Sale 76
Louisiana & N W 5s
7712 47 721s 78
Louisville dr Nashville—
I
1
_ 08/
1
4 10212
Gold 5s_
7_1:
101 Nov'22
-4
Unified gold 4s
9012 91
9978
91
I 901
/
4 June'22
Registered
1
119
994
430
7 jWI
J
_ 101
19
8
08
5
44
58 19
Dec'22 _
Collateral trust gold 5s_
9
19
0
91
5
1931 M N 084
10-year securel 78._
14
98
75483 Sale 109's10
9:58
_ A930 M N 16
1st ref 514s
06
112 9834
10414 29' 19
2
A 0
3 113414 Sale 10334
L Cln & Lex gold 410
No1v
0'2
'
N 0 & M 1st gold 69
10284 10572
30
31 M N 10114 104% 10534 July'22
2
19
999
2d gold 6s
99 ____ IJI
101
101
5
311s
2 88
178 8
Paducah & Mem Div 4s.._ _1
53's
811% July
'
1272
8
9
,18;012 1278
91
142
,
F A
‘11 6
93
36
194
St Louis Div 2d gold 3s_ _ _1980 NI 5
'2
At Knoxv & Cin Div 45._ _1955 M N 83
8638 8,/
1
4
Atl Knox & Nor let g 55._ _1946 J D 98/
1
4 _,11914 May'22
9884 9914
Hender Bdge 1st s f g 6s __1931 M S _
, 104 July'22 -- 103 104
1
4
Kentucky Central gold is _1987 J .1 83/
84 Dec'22
7958 86
1.ex & East 1st 50-yr 55 gu_ 1965 A 0
)12 99 999
L&N& M &
114
'
9)34
5
2 93
24 19
99
934
1st g 4%8_1945 M S 96
L & N South Joint M 4s___ A952 J J 7918 804 8014
8638 12 74
8618
Registered
95 Feb'05 ------89---- -N Fla & 1st gu g 5s %s__5
1
4 __ I 9712 Nov'22
F
J A:1 98/
2
5Q
4
37
195
N & C Bdge gen gu 4
8878 _D .93/
1
4 Aug'22
93
1112
2
8 dr N Ala cons go g 5s
10118 39 96 10212
1936 F A 101 103 101
Gen cons guar 50-yr 51963 A 0, 1,514 9414 984
9814
2 9512 10012
Lou & Jeff Bdge Co gu 4s_1945 M 5, 81
83
20 77
85
83 i 812
Manitoba Colonization 5s_ _ _1934 J D' 97
9/12
5 9012 99
08 I 8714
)12 15 59
Manila RR (Southern Lines) 1939 M NI (14
6912 65
70
Mex Internal 1st cons g 4s_1977 M S
.31 Mar'10
Minn & St Louis let 75
-18
5i
3100 ____'104 June'22
1st consol gold 58
Ref1st dr
12 31
&refunding
e t 50_ y,5
76
558
75
38
3-5
672 3
76
5
/781 3
5012
g8o18
de
1199
9
,
4
329
2
47 Q
M
M3 DN
F
S1 -3
4, 1 12?
-
6I 36
Des M dr Ft D 1st go 4s_ 1935
9 6
59
2
'
36272
8
4('2 44 Nov
J 40
2 70
Iowa Central 1st gold 55_ 1938 J D 70
85
70
71
71
38
9 32 50%
Refunding gold 45
37
33 37
M St P &
8838 60 8584 9112
M con g4sintgui19
88 Sale 84
M
1J
93
58
1st cons 5s
8 961
/
4 106
98
9912
981
/
4
1938;
60 10012 107
10-year coil trust 614s
106
105 10514
___- 104%
98
414
2 98
1st Chicago Term $ f 41
9212 Dec'22 ____ 8
3
S 0234 97
94
31 1 M N
19
8
9718
93
NISSM&A 1st g 4s int gu.1926
I 9718 98
hlississtppi Central 1st 5s_ __ _19493 J 8838 112 ' 8538 Nov'22 ----, 8234 8838
Mo Kan & Tex—lst gold 4s_ _199013 D 74
80 I 11 73 8512
80 I 7912
2d gold 4s
68i4 Aug'22 ----I 4838 6814
F A
2 484 7784
70 1
Trust Co mails of deposit.
6912 ____ 6912
1st & refunding 4s
90 Nov'22---- 73 90
2004 MS
8712 ____ 8558 Nov'22 ---- 68
92
Trust Co certifs of deposit__ _
2 1
4 6412
Gen sinking fund 4;is
641 June'22 ___ 52/
1-3
6812
77
____
5214
Trust Co certifs of deposi1t9
Dec
'22
---69
/
1
4
_3
_6
_
5% secured notes "ext"
Oct'22.---- 5812 93
7912 - - - - 83
M K & Okla let guar 5e,.1942 MN 93 ____ 8314 Dec '221-- 7814 247e
34/
1
4 42
Sher Sh & So let gu g 5s___1942 • D 354 ____ 42 Aug'22
Texas dt Okla 1st gu g 5s_ _1943 M S . 33 ____ 33/
1
4 Dec'22 ---734 3612
84 I 8/ 7684 8858
MoK &TRy—Prl 585er A__1962 J J 834 Sale 834
6812 82 62 75
40-year 4s Series B
1
4
1962 J J 6,12 Sale 67/
10-year 6s Series C
96% 88 89 9912
1932 .1 J 9634 9612 9614
6034 565 4334 68
Cum adjust 5s Series A._ _ _1967 • J 6,12 Sale 593
Missouri Pacific (reorg Co)
1
9312
1st 04 refunding 58 Ser A.._1965 F A 8634 87 8612
87 I 26 84
1st & refunding 5s 5er C
5 9512 100
97
97
1926 F A 964 97
09
3134
2
59
834 16
(is, Series D
9834 93 9
1949 F A 9812 Sale 9814
192
63
General 4.1
1975 M 5 6212 Sale 62
Missouri Pacific3d 7s extended at 4%
J
MN
D 8
76
1%
58 72
81
71% Nov'22
7632 8512
71 i3 74
775
Cent Br U P 1st g 48
19
94
38
Pac RR of Mo let ext g 48_1938 F A 8684 8914 81 Nov'22 _.__;83 89
2d extended gold 5s
99 100
_
9912
1938 J .1 .06
/
4 9978
9834 11 941
1
4
St L Ir M & S gen con g 58_1931 A 0 98 Sale 97/
_
_ 102 July'14
Gen con stamp gu g 5s 1931 A 0 _ _
88
83 7878 9212
Unified dr ref gold 4s
1929 .7 J 88 Sale 8714
Riv & G Div 1st g
1
4 Sale 84
84/
1
4 20 7584 8812
__ _1933 51 N 84/
98 Sept'22
Verdi VI & W 1st g 5s
907g 98
1926 M 5 98 _
Mobile & Ohio new gold 65
1927 J D 1034 104 10312 Dec'22 ---- 10018 105
1st ext gold 6s
/
4 __ 101 Nov'22 ---- 9712 103
h1927 J J 1001
1
4 Nov'22 ---- 67/
General gold 4s
M
7434 ____ 74/
1
4 7812
Montgomery Div 1st g 58..1
94
98
9212 Nov'22 ---- 86/
1
4 97
194
38
7F A
St Louis Div 5,8
1927 J D 944 9812 9412 Dec'22 ---.1 8784 9612
St L dr Cairo guar g 4s_ _ _ _1931 J J 884 8812 8814
8812
2 81
93
Nashv Chatt & St L let 5s
1928 A 0 100 10034 100 Dec'22 ---- 97 10384
Jasper Branch 1st g 65_ _ _1923 J J *100 ___ 10034 July'22 _
100 10034
25
Nat Rys of Mex pr lien 4%e 1957 J J
26
214 45
2912 Feb'22
Guaranteed general 48
1977 A 0
2911 33
3412
J34
12
3412
6 28
Nat of Mex prior lien 494s._ _1926
A 0
1st consol 4s
227s
8
21
278
4 2
79
14 3
86
3%
34
NO&NE 1st ref &imp 4%s A
19
'5
52
1 J J 8612 ii12 81
Si' 7012 8112
New Orleans Term 1st 4s_ _ _1953 J J 7612 Sale 7614
81
Dlie Jail, 0 Due Feb. C Due June. Is Due July. a Due Sept. o Due Oct. s Option sale.
2780
BONDS
N. Y. STOCK EXCHANGE
Week ending Dee 22
New York Bond Record—Continued—Page 3
a.
Pius
Friday
Dec 22
Bid
Week's
Range or
Last Salo
Ask Low
ti
,11'4
Range
Since
Jan. 1
High No. Low
BONDS
N, Y. STOCK EXCHANGE
Week ending Dec 22
High
Price
?Way
Dec 22
Bil
Weeks
Range 07
Last Sale
.9 sk Low
Range
Since
j
H10. No. Low
High
10012 10112 10014
7018 783e, 784
104 Sale 10312
8178 saw, 81
88 Sale 8718
9714 sale 9718
N 0 Texas & Mexico let (is_ _1925 J I)
10012
6 9512 10112 Pennsylvania Co (Concluded)
Non-cum income 55 A_ _1935 A 0
79
33 62
8012
95
Cl az Mar 1st gu g 45'58-- -1936 MN
9538
_ 9
ec
95
v.21
.22 _ — 95
1
N
D0
104
N Y Cent RR cony deb 68___1935 M N
268 98 10812
el & p gen gu 4 Ms Ser A1942 1 J
Consoi 48 Series A
8252 20 788 867
1998 F A
1942 A 0 9338
Series B
104 Dee'15 ---- ---- -- -Ref & impt 4
88
"A"
52 8514 92
20131 A 0
1942 A 0 8052 ____ 9614 Feb'Ill
lot reduced to 3 .6s
Ref & impt 55
2013 A 0
9734 14 9334 9978
Series C 3315
1948 M N
,£71i,
03
54
8 IT:: 6
90
7 12 D
12
i ____ -___ -_.J:e
n:2
N Y Central & Hudson River—
Series D 3358
195(1 F A
7612 77
7612
Mortgage 3-s
7714 26 7412 8314
1997J J
1940 J J 84,
Erie & Pitts 'pi g 3;is 13
1
8
7
,
c
-I ii- "ii"
44
:2
8
1
2
7
8
)
512
m
-- -- -Da
ey
76
1
Registered
76
1997 J J
,, 7412 7710
Series C
1940 J J
Debenture gold 48
92
z4 84
1934 M N -61- -617, - 91
93
Or ]t& lox 1st go g 4 8 .1941 J J
9112 9312 94 Nov'22
8912 No/'222 ---- 6612 8912
Registered
1934 M N
Pots Y & Ash 1st cons 58_ _1927 M N ,
94
9,8 98i4 ,
98
518 June'22
:
.:::_711 -98
6- -9
61
-g618
30-year debenture 45
- -gg78 88 Dec'22
83
0112
Tol W %'& 0 gu 4AS A -- -1931 J .1
Nov'22 ____I 9258 9518
74
Lake Shore coil gold 33s.. 199S
7414
9
A
j 7334 74
6914 7934
Series B 45s
1933 J .11 9378 9814 9318
94
2 9318 9712
71
73
7652 Nov'22 ---- 7058 7478
Registered
1998 F A
1942 M S 8534 ____ 867 Nov'22 --._1 8678 8678
Series C 48
78
79
48 Dec '22 ---- 7114 8134
Mich Cent coil gold 3 iti.._1998 F A
P C C & St I. gu 4;,v8 A _ 1940 A 0 947 ____ 9734
9734
1 8812 98
78
79
3 72
78
Registered
78
1998 F A
78
1942 A 0 947 9612 93% Nov'22 -___ 8852 98
Series B 43.s guar
Battle Cr & Stur 1st go 38 1998 J D 6014 ____ OU July'22 ---- 60
62
947 ____ 95 Nov'22 ---- 8918 9534
guar
Series
4)'s
C
1942
M
N
8958 9114 9114 Nov'22 -•:::
Beech Creek 1st gu g 48_ 1936 J
_
8434 91%
8914 ___ 8812 Dec'22 ---- 8414 9112
Series 11 4s guar
1945 M N
Registered
1936 J J ---- ---- 7612 JulY'21
_ _ __•
•618 __ 91
Si-Cl,';E 3 yis guar gold 1949 F A
A iig'22 _-- 8912 91
9412
__ 1.4 May'le ---2d guar gold 5s
1936J J.
9418
series
gold
1,guar
1953
____ 8712 Nov'22 __-- 84
43
8914
J
D
Beech Cr Ext 1st g 3l.s.b1951 A 0 76 ____ 80 July'22 -- -- -60 -66
1957 M N 89,4 ____ 8714 Nov'22 ____ 85
.series 0 4s guar
8714
1
80
823
4
92
2
Cart & Ad 1st gu g 4s
Mar'22
--1981 J D
8'212 90
935 ____ 9312 Dec'22 ____ 8912 9812
4
1i5_1963
guar
cons
1
S.-ries
F
A
9518
. -Ka A & G R 1st gu g 58. I935 J .1
_ _. _
0,meral 5s Series A._ _ _ _1970 J D 9,18 983, 98
9b34, 24 90 10114
75
-i
• i78 "iiLake Shore gold 3s
1997 J D
100 May'22 ____ 99 10038
1932 A 0
0 St L& P Ist cons g 58
704 7712 7114
1114
Registered
1997 J D
74
114 80
1314
2
Is_
8814
1st
g
W
Halt
_1943
&
......-1
Pella
M
8814
N
8814
10 8978 93
9414
,35
Debenture gold 48
1928 M S 9414 95
31;
. 8014 96
17 NJ RR & Can gen 4,3_1944 M S 8918 ____' 8012 June'21 __
..
928 9234
9312
25-year gold 4s
u 8812 9534
19311M N .92
1936 .1 J 9655 Sale 1 9614
Pere Mar,1110 te 1st Ser A 5
97 , 64 8812 1017
3
.
__
8512
July'21
---Registered
1931 M N
80
1956 J J
808 8058
1st Series 13 48
81 1
5 75
85
Mob & Mal 1st gu g 4s__1991 M $ 86 ____ 8512 Nov'22 ---- 8212 8512
4018
4112
1937
4712
1
30-yr
48
1st
s
Philippine Ry
J J
48 '
o: 4118 59
_
Mahon C'l RR 1st Us
96 10212 Pitts Sh & L E Ist g 5s
1934 j J 9934 ____ 10212 Aug'22 ______
1940 A 0 9914 ____ 99 Nov'22 ____, 9534 100
Michigan Central Is
Oct'22 ---- 100 IOU
1931 M S 96,8 ____ 100
1943 1 .1 9.57 .„--- 9714 Dee'17
1st consol gold 55
2 Nov 18
Registered
1931 Q M
1997 J J
Reading Co gen gold 4s
873
8
____
9012
Oct'22
4s
1940)
.014
5214 -9
_ le 83
4 Nov
1997 J J _85 _ 18a
8
'
5
72;2
4'--!
Registered
10
5
-1 89
2 84
7:4
4
74% Sept'20
Registered
_1940 .1 .1
------ 14
1951 A 0 ;6
ii14- 87
Jersey Central coil g 4s
8112 90
0818 Mar'20
J L & S 1st gold 35s_ 1951 M S -79 - 82
7412 77
74
76 i 11 657e 78
St Jos az Grand Is] 1st g 4s_ _ _1947 J J
81
81
8114
1st gold 3s
8114
8 7634 -81
1952 M N
St Louis & San Fran (reorg Co)—
I
9112 15 808 94
9112 91
20-year debenture 4s
1929 A 0 91
7038 Sale 6934
1950 J J
7114' 114 68
Prior lien Ser A 43
7878
8212 ____ 7024 Apr'21 ---NJ June RR guar 1st 4s_ _1986 F A
9112
1950 J .1 85 Sate 8412
86 , 511 82
Prior lien Ser B 58
7738 ____ 80 .1..;ov.22
N Y& Harlem g 3 Wi
i858 81
2000M N
9312 Sale 9312
1942 J J
9312
4 9212 98
5s
Oct'22
N Y az Northern 1st g 58_1927 A 0 9918 ____ 99
9
99
5
8
Sale
99
99,
8
1928
12
J J
258
9
74
1% 116
10014
Prior lien Ser C Os
85 Dec '22
N Y & Pu 1st cons gu g 48_1998 A 0 82% 85
Sale
7712 8512
711955 A 0
841;
7714 14
Cum adjust Ser A 68
Rutland 1st eon g 41,5s. _ _ _1941 J j 8,,12 8614 8012 sept'22
78
85
,
2
5
7
6
8
e
5736'214
81960
60
Oct
479
54
A
Series
Income
6.
79%
Og At LCham 1st gu 4s g _1948 j J 69% 7358 71
7 66
7512 St Louis & San Fran gen (18__1931 J J 10358 ____ 103 Dec'22 ____I 10212 114,4
Dec'22—
72
Rut-Canada 1st gu e 48_1949 J J
1 6738 7314
9912
1931 J J 9818 Sale 1 98,8
0 95
General gold 58
62
99,2
)38 9
75
538 9
79
2 Sept'22
St Lawr & Adir 1st g 5s......1996 J J 9
8912 96
St L & S RR cons g 4s_ 1998 J .1 8034 __-- 8714 Oet'20 -- . _-_ ---2d gold Os
1996 A 0 961s ___ 103 Nov'18
....._ -•90
Feb"22 ---- 90
90
Southw Div 1st g 5s___ _1947 A 0 871s
Pitts & L Erie 2d R 5s_ _ _ _a1928 A 0 9432 ____ 99 Nov'22
,3
08
12
4 17
212
4 10
08
3
97
73
99
103 1
1 101 104
K C Ft S & M C0138 g 6s_ _ _1928 M N 17
1014 ____ 105 Dec '22
Pitts McK & Y 1st gu 68 1932 J
105 11034
7
72
28
34 80434
13
K C Ft S & M Ry ref g 4s_ _1936 A 0
1
2d guaranteed Os
1934 J J 99% ._ _ _ 95 4 June'20 --__
78
112 9
7,
5 1 9
ge&mR&BIstgu5s 1929 A 0 9
78
534 9097
0
82:f: .._3
;_2‘2
_9 8814 99
83
8312 8012
West Shore 1st 4s guar.._ 2361 3 J
8312 65 -i8•1
2 -ii etfs__
bond
MN
_1989
4s
g
1st
S
W
St
L
_
01
u,
_ _1 8
8338 11 7688 84
Registered
,
i
c
7
2361 j j __ _ _
084:4
71
7812
7312
Dec'22
7
8,8
etfs_p1989
_
_
-_
4
42
17184
J J
2d g 4s income bond
2 10019.-N Y C Lines eq ti 5s_ _ _1920-22 M N
74338 S7
412
148
1e121 77
8
71
75 1 13114
78
1932) D 7
Consol gold 45
0712 loine'20 ---- _ _ _ _ _ _ .. _
Equip trust Vie__ _1920-1925 J J ---8014 81 I 80
8834
1st terminal & unifying 5s 1952 1 J
N Y Chic & St 1st g 4s_
1937 A 0 _iti.7 8'312 8914 Dec '22 ---1943 J J
S A & A Pass 1st gu g 48
.
8 _t,
_ i _1 9
87
134 sept.:22 ---- 8,
Registered
1937 A 0
212
14
2 913
92 4 Seaboard Air Line g 48
5318 Dec'22 __-- 50
1950 A 0 5314 58
7314
Debenture 4s
1931 M N
54 I 19 48
02
1950 A 0 54 Sale 53
Gold 45 stamped
8912 89
N Y Connect 1st gii 430 A 1953 F A 89
29
2
a9
1e38 3
3
28
23
14 93
2312 199 1312. 3312
o1949 F A
Adjustment 55
1.1 Y N IL & Hartford—
1959 A 0
Refunding 4s
51
57
5978 Nov'22
Non-cony deben 48
1947 M S
5
34
92
4 13
23
1945 M S 3878 Sale I 5,18
1 4
3112 4
712
34
1st & cons fis Series A
47
55
Non-cony deben 33.s
51 N o‘
y.97'%
6
23
1947 al
7
1) 3
4
888
4
:1 :
5
986r
65
34
:
3
4
4s_e1933
1st
30-yr
g
M S 6614 6814 6812 Dec'22 ___
591 7 7512
Birm
Atl
&
47
Non-cony deben 3s
51
4/
47
2
1954 A 0
68
7014
Dec'22
g
4s_
con
_
1st
1949
J
7112
J
__.- 63
Cent
Caro
8 50
5112
Non-cony deben 4.8
5112
1
4
d
1
1955 J J
4012 60
9912
Fla Cent & Pen 1st ext 68..1923 J J 9912 - ---• 99 Dec'22 ____ 98
50 sale 50
Non-cony deben 4s
511
20
1956 M N
3 Aug'22
80
1st land grant ext g 58_1930 J J
Cony debenture 3s
4712
1956 .1 J 4912 5) 4512
3738 54%
81
8112
2 ::L.
- 9
'
3
114 Nov'22 T.::: 89
1943 J J 9
212 93
Consol gold 5s
91114
2
70 Sale 6312
Cony debenture 68
73
1948 J J
132
4:
7
1.
8512
Oct'22 -- -- 71
55
Ga & Ala Ry 1st con 58_ _ _01945 J J 8012 8212 85
50 ___ _ o4 Nov'22 ---Cons Ry non-cony 48
1930 F A
Was 95
54
91 13 Sept'22 ____ 84
9112
Ga Car & No 1st gu g 58_ _ _1929 J .1
5032 5412 80 iuiy'18 -- 50
Non-cony deben 45
1955 j
94
____
9312
1st
Roan
58._
Dec'22
_1926 J J
Seaboard &
---- 844 9514
5,32 52 5038 Dec '22 -Non-cony deben 4s
1956 j
-; - 5-1-2 -E41-2 Southern Pacific Co—
3J12 41
40
4% debentures
1957 M N
9412
7812 8J12 78 Dec4'212
84121 50 78
Gold 48 (Cent Pac coll)___k1949 J D 8414 Sale 84
Harlem R-Pr Ches 1st 48..1954 M N
2 --2
-! 7
82
3
1
1
i
92
Sale
9214
'14
,
8
i(212 100 86
g1929 M S
9534
20-year cony 4s
5512 60
B& NY Air Line 1st 48._ _1955 F A
75
\,C1
'
22 --- 76
1934 J D 10118 10212 101
101
1 9512 105
20-year cony 55
5934 62
Cent New Eng 1st gu 48._ _1961 J J
02 Dec'221 ----, 59
5114 0812
8614 8714 8612
74 811, 9178
87
Cent Pac 1st ref gu g 471._ _1949 1, A
OU
Housatonic Ry cons g 5s 1937 MN 8318 95
...,.,e'21 - --1
13 88
92
93
Mort guar gold 3 is___k1929 J D 9118 9112 91
OS'S ---- 87 July'14 ----I :-.... - '• -...
Naugatuck RR 1st 4s
1954 M N
83
83
8214
_
0
4s.._1954
A
.
81
4 7811 8714
gu
1st
Through
St
L
70
_
N Y Prov & Boston 4s_
83
Aug'13 -.--I
1942 A 0
14
GH&SAM&Plst 55 1931MN 9818 ____1 981s may9,82,28
9914 „.3.
3 941
99
5
9911122
9974
NY W'ches& B lstSer 14
4638 76 -33
99484.
9,38,
5912
J J 4514 4612 45
9834
1931 .1m N
j 9412 ---- 9538 Nov'22 ___ 92
98
3 guar._ g 5s 1924
ten
4,5N
exo
iv
Gitd
9334 July'221---- 9334 9334
New England eons Is
1945 J J 8518 95
74
70
Consol 4s
70 Sept'17 -1945'J J
HOU3 E & %V T 1st g 5$_ _ _ _1933 M N 9812
52 Sept'22 ---Providence Secur deb 48_1957 M N 3512 52
_
1933 M N 9478 98 1 86 Mar'21'____ _.
uars
.
H l&etTgc
Providence Term 1st 4s__ _19513.M 9 75
68% keb'18 • --I
1937 J j 9758 --... 9334 A pr'22 ---- -93% -9334
5
tsgr5esdint gu
W & Con East 1st 4%8__ 1943'J J 62% ___ 05 May'221.---1 -66- tiE
1941 J J 94 ____. 96 Sept'22 _--- 8684 98
A At N W 1st go g 5s
YO& Wref lstg 4s61992 M S 0918 Sale 698
6914
5,67
1938 A 0 101 ____ 101_ Apr'22 _ _ -.96 10312
79
No of Cal goo* Ft 58
Registered $5,000 only__ 41992 M S ---- ---- 5913 Nov zo,----.;
9934 99%
9934 14 9514 101
99
1927 J J
Ore & Cal let guar g 58
6512
General 473
2 I -fig'- -7612
1955 J D ---- 6734 05
1937 M N 101 ___ . 10338 July'22 --- 10012 10312
Cal—Gu g 55
of
Pac
So
6218
027
8
6014
Norfolk Sou 1st & ref A 58
1961 F A
9078 9058 Dec'22 ____ 8812 9218
8
6278,
953
11
;
50
J
_1937
48
71
g_
J
gu
_
lot
Coast
Pac
So
89% Dee'22;----11 7914 95
Norfolk & Sou 1st gold 5s_ _ _ _1941 MN 89os 94
9814
9114) 9138 Nov''2 -___ 89
Tex & N 0 con gold 58._ _1943 J .1 88
Norf & West gen gold 68
1931 M N 108,2 ____ 106,2 -Nov'221--_, 104 10934
,2,3
14
2
,
3
S8
a3
le !
So Pac RR 1st ref 4s
Improvement & extg
1934 F A 108'4 ____ 107 Nov'22----1 107 109%
7
2
112
2
8
0
j
195"
8
2
7
5834
A
285
1950
0
9
8
26718
8
2
0
3
52
1st
Terml
48
San
Fran
New River 1st gold
1932 A 0 10,14 ____ 10658 Dec'221--- 10484 11)8
9738 119 8718 109%
9712 Sate 9634
1994 J J
Southern-1st cons g 5-8
N & W Ity 1st cons g 48
95
1996 A 0 9018 9012 9J%
9012
----I 8814 90
1994
J
J
95
Registered
81
.
14
Registered
1996 A 0
Oct'29
6778
8812 242 811 725
Develop az gen 48 Ser A. 1958 A 0 -68.1-2 §:Tie- - .
Dly'l 1st lien & gen g 4s_1944 J 1 88 -g.814 88
2
17, .8
88
g34:
:-49
54
1-5'5210138 128 9414 105
1956 A 0 101 Sale 100%
Temporary 6;i5
10-25 year cony 4;is__ _1938 M S 102 ____ 10012 July'22 ----1
80
_1938 M 5 7434 ---_ 78_
6 661 80
48._
9211
g
tr
coil
Ohio
106
Mob
&
1131
11312 84 10314 1243
2 Sale 11214
10-year cony 68
1929 M S
J j 97
96.4
99
97
6 89
9812
4
Mom Div 1st g 43.s-5s,. 1996
Pocah C & C joint 48_1941 J D 8712 sale 872
8712 59
8012
1951 J J 8) 82
8012
1 73
89
8912
St Louis div 1st g 49
Selo V de N E 1st gu g 48 1989 M N 8718 ____ 87 Dec '22 ----1 84
94 Nov'22 _ _ __I 8412 98
99
9518
8314 9178
D
J
58..1943
A
cons
1st
Sou
Ala Gt
?forthern Pacific prior lien rail9212 00 Dec'22 ---- 87
94
Atl & Charl A L let A 4s 1044 J J 91
way & land grant g 4s
86
661 84
1997 Q J 86 Sale 8512
99
1944 J J 99 10034 9812
5 91 101
9118
1st 30-year 58 Ser B
84 Dec'22 — Registered
1997 Q J
7,38
79
7614
J
8212
J
1948
7738
84
2 72
89
.Ati & Danv 1st g 4s
General lien gold 3s
6- 02
6214 37
a2047 Q F -Ji3-4 t172,
7238
72
8414
Noy'2, _......, 1 60
1948 J J
7258
271 4s _ .
Registered
a2047 Q F
80
r.0
11 7534 82
Atl & Tad 1st g guar 4s..._1949 A 0 74714 79
Ref &!mot Os ser B
9's
16
09
312 29'.
2047 J .1 i66 - gide- 1?.,8
il 16
0
5°8
908 9932 100% 0et'22 --- , 9334 10014
534 16
6
15
12453
1930
E T Va Az Gs Div g 5s
Ref & imp 45i3 Her A
8814 Dec'22 ---- 86
20 47 J ./ 8834 90
9712 ---- 9712
143
1956 M N
1,8
26 93
09%
9814 9912 985
Cone let gold 55
9j78 43 9614 10052
2047J J
93 8 Nov'22 ---- . 9352 9514
1938 M S 9338 95
E Tenn reorg lien g758
9t Paul-Duluth Div g 48._ 1996 J D 8418
84,2 May'22 ---- 7914 6412
63 Aug'22
1946 A 0 8658 02
63
58
Ga Midland 1st 3s
N P-Gt Nor joint 6%8__ _1936 J J
10338 July'22 --__ 10332
1925 J J 101 ---_ 101
Dee'22
109
9874 10114
Knoxv & Oblo 1st g 6e
St P At N P gen gold 6s
100 Dec'22
1923 F A 100
itio 101
9178 ____ 7558 Au,21
Mob & Bit prior lien g 5s_ _1945 J J
Registered certificates_ _1923 Q A
100
10)
76
747 Nov'22
03
.
1945 J 3 70
912 104.
00
iii1-2 77
19
-81,.
iMortgage gold 48
78
St Paul & Duluth 1st 5s__ _1931 Q F
._
._
100 June'22 -7412 ____ 74
Oct'22
Rich 6/ ,leck 1st g 55___ _1948 M N
1st consol gold 4s
1968 J D 8414 ____ 8412 Dec'22 ---- 8254 88
9938 997 9938 Dec'22
94 101
So Car & Ga 1st ext .51 s 1929 M N 9712
Wash Cent 1st gold 48_ _ 1948 Q M
77% 83 _84 May'22 ---97%
9912
Nov'22
82
97 100
85%
Virginia Mid Ser E 55 __.1926 M S
Nor Pac Term Co 1st g 6s__ _1933 J J 109 ____ 10838
,, 107 10834
1936 M N 97% 9912 99% Oct'22 __ _ 9512 9952
General .5s
Oregon-Wash 1st & ref 4s_ _ _ _1961 J J 8138 Sale 81% June'228134 005
93 ____ 94
77
94
8812
2 80
97
Va & So'w'n st gu 58_ _ _2003 J J
Pacific Coast Co 1st g 5s_ _ _ _1946 .1 D
7112 83
19 Nov'22 ---- 7s
80%
1958 A 0 8018 83
8078
2 74
8378
8912
1st eons 50-year 55
Paducah & Ills 1st s f 4 s_ _1955 J J
9112 9312 91,8 Nov'22 -9714 Aug,22 .... 944 974
--__
9514
A
93
F
1924
-' 90
4s
gu
cy
W 0 & W 1st
Paris-Lyons-Med RR 63
7178 Sale 7212
7334 339 6614 85
1958 F A
83 Sept'22 ..... 77% 92,4
1955 J J 84
89
Spokane Internat 1st g 5s
Pennsylvania RR 1st g 4e__ _1923 M N
9934 ____ 99,4 Nov'22 ---3 99% Term Aesn of • t L 1st g 430_1939 A 0 94 Sale 94
94
1 92
977s
Consol gold 4s
92 ____ 95 Dec '22 ---- 96
9918 90
98
F A
1944
99
1943M N
11 8838 100
8712 95
1st cons gold 55
Consol gold 4s
7z)
81
9012
82
91
Dec
'22
81
---- 8518 9334
8-2
1948,M N
5 7612 8312
1953 J J
4s
g
s
refund
f
Gen
Como]4;iti
98,4 973 96,2
98 1 35 9212 1103
A 0 9655 ---- 903 Dec'22 - - _ 43% 9748
1960 F A
St L M Bridge Ter gu g 55_1930 j
General 4 ,
,Ft
97
9212 155 89
i,7
D 95
97
2000
2 8711 10014
1905) D 9212 Sale 9218
95
Texas Sc Pa' 8t gold he
General 58
10153' 54 9312 1031.
19681.1 D 101 10114 10034
Q2000 Mar 4312 - --_ 40 Dec'22--- - 4()
50
58
income
gold
2d
10-year secured 78
90
791 9314
Oct'22
111 1 60 10512 11314
--J
J
1931
1930 A 0 11(114 11)12 110
59
let
g
La Div B L
15-year secured 698
80% Dec'22 .--. 8012 90
7518 76
11112. 65 10332 11214
1936'F A 11034 Sale 11012
W Min W & NW 1st go 58_1930 F A
Alleg Val gen guar g 4s_ __ _1942 M S 8318 87
9618 9414 96% Nov'22 __-- 91 100
91
Dec'22 -- -- 80
9
Tol &, Ohio Cent 1st gu 5s_ _ _ 1935 J J
902
R ItR & Ildgelst gu 48 g_19361F A
87 'Way'221-- -- 87
1035 A 0 9314 ____ 92 Dec'22 -- -- 90
8/
9534
Western Div 1st g 55
Pennsylvania Co—
1935 J D 8,34 95
5s
gold
General
Guar 3s coil trust reg A _1937,M S 8114 ____ 8412 Nov'22!---- 8134 8412
N
lo
Pvt4
. 2
2e
2 .--_-_-_
1990 A 0 77% 7934 n112
1
1 312
Kan & M 1st gu g 48
Guar 39s coil trust Ser B_1941 F A
8058 ____ 8214 Oct'22'---- 7214 85
91112
963
8
98%
1
9618
1
9912
91
J
1927
2d 20-year 5s
J 3 9318 9412 04 Nov'22 ____ 84
Guar 33i8 trust etfs C
83 July'221---- 7522 83
1942 J D 8132 85
94
Tot St L & W pr lien g 3As 1925
Guar 3348 trust ctfs D__ _ _1944 J D 8112 8312 8312 NOV.72 ---74
73
74
1950 A 0 72
1 56
--843,,
82
841 2
75
50-year gold 45
Guar 15-25-year gold 48_1931 A 0 9218 93
A --------15,4 June'21
92 Noy'22I-F
1917
9334
Coll trust 4s g Ser A
877 86 Dec'22 -- -40-year guar 4s ctis Ser E 1952 M N 87
31% Feh'22 -- _
iia4
i4
ctfs of deposit_ -co
Trust
Cln I.eb & Nor gu 4s g1942 M N
8534 ____ 86% May'22i---- so02
8018 1118718 Tor Ham dt Buff let g 4s___21940 ,
-1- -61 -iiI4 -5i5-8 8258
82%
4 7712 8814
-gg5-8:
:
:
:
71,i's,
I
*No price Friday; latest bid and asked thls week. aDue Jan. bDue Feb
gDue June. hDue July. kliue Aug. oDue Oct.
pDue Nov. gDue 13ec. 8Optiou sale
2781
New York Bond Record—Continued—Page 4
PM'
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec 22
Friday
Dec 22
Bid
Week's
Range or
Last Sale
Ask Low
o
j
Rang*
Since
Jan. 1
High No. Low
High
98
96 Sale 96
10 89
96
Ulster Ar Del 1st cons g 5s__1928 J D
70
-1 65
66
6034 Oct'22
1952 A 0 64
let refunding g 45
9132 119 86
9634
1947 J .1 91 Sale 9012
.
Union Pacific let g 4
9234
10 88
90
91
90
1947,J .1 90
Rezistered._
97
95 Sale 9434
87 89
95
927 J .1
_
20-year cony 95
8618 45 8112 100
85%
92008 M S 8512 86
let & refunding 4s
9' 102 106
104
10-year perm secured Os_ __1928 J .1 10334 10438 10334
88
8734
20 8314 9312
Ore RR & Nay con g 4s_ __1946,.1 I) 8734 88
I
Ore Short Line—
5 9612 106
1940 J .1 10214 103 10214 10312
1st consol g Is
10314 11 97 106
1946 J J 10234 10314 10,38
Gus,* con 5s
92
9238 92
9238' 58 8612 9518
1929 J D
Guar refund 4s
9912 -___ 9912 Nov'22'___I 9618 10038
1926.3 .1
Utah & Nor gold 55
9112
8612 Feb.221_ 8612 8613
1933J J
1st extended 4s
8512 __'_.. 86
Apr'221„-- 7814 86
Vandalla cons g 4s Ser A__ 1955 F A
8512 --__ 8514 Nov'221---- 8514 86
1957.M N
Consol 4s Series B
3212 ____ 3212
3212
a 26
4714
Vera Cruz & P 1st gu 4;is__ _1934'J J
9714 34 8814 100
Virginian 1st 5s Series A__ I962 M N 97 Sale 9634
9812 10 9378 101
9712 9778 97
1939 M N
Wabash let gold Is
8914 8734
88
8912 15 8112 9312
1939 F A
2d gold 5s
71
Oct'22 ---- 6712 713
1st lien 50-yr g term 4s__ _ _195413 J 6838
.
9614
91
1941.1 J 95 10012 93 May'22
Det & Ch Ext 1st g 5s
7512 Nov'21 ---, 74
7512
Dee Moines DIv 1st g 4s__ _1939..f J 7314 79
6814 Oct'22,____1 6832 72
1941 A 0 (1612 70
Om Div 1st g 3i-is
81
1941M S 7714 --__ 7738 Dec'22 ____! 69
Tol & Ch Div g 4s
7932 8012 8012 Nov'221____1 7238 84
1945 F A
Wash Term 1st gu 3s
0334 __
8434 Nov'22
' 8412 89
1st 40-year guar 4s
1945 F A
62
432 58/
4 69
1
West Maryland 1st g 45
19521 A 0 62 Sale 61
81%2
512 101
72
1 9
2'
103
West N Y & Pa 1st g Is
1937J J 9838 100 100
I 0 78
79
78
78
1943.A
Gen gold 4s
8178 46 7938 8812
Western Pac 1st Ser A 5s_ _ _ _1946 M S 818 Sale 7934
Wheeling & L E let g Is
1926 A 0 9712 -___ 9312 Dec'22
9 ;38 94
7
Dee'22.--.1 8
14
97
21 19
934
9'
Wheeling Div 1st gold 5s.._1928 J J 94
9218 1.738 9438 Sept'22
89
945.5
1930 F A
Exten & Impt gold Is
6018
64
61
4
1
72/
10 52
61
S
M
43s
1966
Series A
Refunding
3 62
6612 65
i(712
7634
RR 1st consol 45
1949 M S 58
84
1, 77
8012
Winston-Salem S B 1st 4s_ 1960 J J 7918 8014 8012
4 7412 8612
8212
Wls Cent 50-yr Ist gen 4s_ _ 1949 J J 803s 8212 808
8312 11 7512 847s
Sup & Dui div dr term 1st 45'36 M N 801s 8212 8014
Street Railway
Brooklyn Rapid Tran p 55__ _1945 A 0
Trust certificates
1st refund cony gold 45____2002 J J
3-yr 7% secured notesk1921 J
Certificates of deposit
Certfs of deposit stamped__ _Brooklyn City RR Is
1941
Bkln Qu Co & Sub con gtd 58_1941 MN
1st 5s
1941
Bklyn Un El 1st g 4-5s
1950 .11F
Stamped guar 4-5s
1956 F A
Kings County E 1st g 4s 1949 F A
Stamped guar 4s
1949 F A
Nassau Elec guar gold 4s 11151 J J
1927 F A
Chicago Rys 1st 5s
Conn Ry & L 1st & ref g 454s 19511 J
Stamped guar 43-is
1951 J J
1933 A 0
Denver Cons Tramy 58
Dot United 1st cons g 43is
1932 J J
Ft Smith Lt & Tr 1st g 5s
1936 M
Interboro Metrop coil 40s_1956 A 0
Certificates of deposit
Interboro Rap Iran 1st 5s._ _1960 .1 J
10-year (is
75
1932 _—
Manhat fly(N Y)cons g 48_ _1990 A 0
Stamped tax exempt
1990 A 0
2d 4s
2013 J D
Manila Elec fly & Lt s f 5s_ _ 1953 M S
Market St fly 1st cons 5s1924 M S
5-year 6% notes
1924 A 0
Metropolitan Street Ry—
B'way & 7th Av 1st c g 5s..1943.1 D
Col & 9th Av 1st gu g 55_1992 M S
Lex Av & P F 1st gu g 5s 1993'M S
Milw Elee fly dr Lt cons g 5s_1926.F A
Refunding & exten 4;is__ _1931'.1 J
Montreal Tram 1st & ref 5s 1941
New On fly & Lt gen 43s_ _1935 1 J
N Y Mimic fly 1st 5 f Is A_1966 JJ
Y Rys 1st R E & ref 4s_ 19421 J
Certificates of deposit
30-year ad) Inc Is
al942
Certificates of deposit
t4 Y State Rys let cons 4;68_1962 &IN
Nor Ohio Trac & Light 6s._ _1947 M S
Portland fly 1st & ref 58_
1930 M N
Portland fly I,t & P 181 ref 5s 1942 F A
1st & refund 730
, Ser A _1940 M N
Portland Gen Elec 1st 5s_ _1935 J J
Pub Serv Corp of NJ gen 58_1959 A 0
Third Ave let ref 4s
1960 J
Ad)income 5s
al960 A 0
Third Ave fly 1st g Is
1937 J
Tol Trac, L & P 6s
1925 F A
Tri City fly & Lt 1st 5 f 5s_1923 A 0
Undergr of London 4 is
1933 .1 J
Income 6s
1948 .1 J
United Rys Inv Is Pitts issue 1926 M N
United Rys St I, 1st g 4s
1934 J J
St Louis Transit gn 5s__ _1924 A 0
Va Ry Pow 1st & rolls
.1
1934
5518 56
5114 55
4) 5612
87 Sale
8014 88
82 Sale
-- _ ____
7912 81
7912 91
8312 Sale
82
8234
512 77
73
6
- - -- 6378
7734 Sale
8312 --__
84 _-__
_ --- 82
70 ____
934 Sale
1014 Sale
71 Sale
7212 Sale
9578 Sale
62 Sale
55
60
8114 8278
12 Sale
948 95
67
55
2 31
55
64
4 31
52
52
5712
0614
13 3512 6478
87
8,612
912
87
12 75
29 5812
58
95
96
92
82
4
46
84
91
90 Dec'22 -----,5
6912
61
Dec'22 ____ 51
7912 Nov'22•___ 78,
8 794
9014
82
8312 11 75
82
83
76
3%
7763
4 6
11_
74
51' .
t3
,.1.
93
13z
4 66
M)
51
527 65
85
4
/
771
7838 75, 67
0
82
8
81 Nov'22 ____,
2
84
84
_
9712 June'20 ____1
82
8334 26 6312 8612
58
Jan'20 __ _I
-812 21
914
934 34
934
1012 213
734 1834
7,312 230 54
7078
7812
7212
751s 131 7234 8312
9418
9512 147 9312 9878
62
6412 52 5712 7212
67% May'22 ____, 6712 6932
6312 Oct'22 -- -1 4814 6312
6912
6714
6 6418 84
9134
9212 25 81
92
9514
9478
191 9034 97
69
70
70
1412 16
1512
____ 50
570k
9812 99
99
9014 9112 875
4 Sale 8814
/
881
6012
_ _ 50
34
7314
31
32% 3278
3314 3234 30
534 7
6
418 478 412
6634 Sale 6714
9314 9412 9314
8712 87
87
87 Sale 84
10638 10714 107
9012 9312 905s
85 Sale . 8412
6338 Sale ' 60
06 Sem I 56
94
96 , 9218
93
9812 9814
4 100
/
100 1001
9014 9614 88
__1 7438
7838
8712 88 1 87/
4
1
61
6012 65
61
6912 63
841s 8512 84
78.4
250
78
701
1618 10 1512 25
Oct'22 __, 39
57%
Dec'22 ____I 6114 99
1 7914 90
8312
921's
80 1
4 83
Feb'21 ____, . __ _ ._.
Dee'31 __--1 ._ - - 1, 2512 4412
3278
44
31 I 41 24
6 1 159 5
15
1312
412 34 4
6812 23 6112 73
9412 58 92
9712
9112
4, 83
87 I
8414 25 7812 90
Dec'22 --__ 102 10812
Dec'22 ____; 8312 90%
4
/
901
8514 23 73
617s 175 5618 69%
56/
4 179 4412 6814
1
Nov'22,____1 88
9812
9834 10 93/
4 100
1
5 96 10034
100 1
Dec'22 __j 73
88
Nov'22!____
0
7438
91
75
Dec'22 ____ I 6
Dec'22 _ _-1 5112 691
4
/
63
20 56
63
84
8812
5 72
Gas and Electric Light
1934 A 0
Am Witt Wks & Elec 55
Bklyn Edison Inc gen 5s A 1940 ./ J
1930 J J
General 613 series B
General 7s series C
1930 i J
1940 J D
General 7s series D
Bklyn Un Gas 1st cons g 5s....1945 M N
1932 51 N
78
1947 M N
let lien & ref 6 Series A
1942 F A
Canada Gen Elec Co 6s
Cinch'Gas& Elm 1st & ref 5s 1956 A 0
0
,,,1961A
55i% Ser B due Jan 1
1927 J J
Columbia 0& E 1st Is
1927 J J
Stamped.
Columbus Gas 1st gold 5s__ _1932 J J
1947 M N
Commonwealth Power 6s
Consumers Power lien & unifying
Is Series C Interim certifs 1052 M NI
Deny Gas & EL 1st & ref sf g 58'51 M N
Detroit City Gas gold 5s__ _ _1923 .1 J
Detroit Edison 1st eon tr 5s_1933 J J
k1940 M S
1st & ref 5s ser A
k1940 M S
1st & ref Os series B
Duquesne Lt 1st & coil 6s___1949 J J
1936
Debenture 7;4s
1937,M N
Empire Gas & Fuel7
Gas & El of Berg Co cons g 5s .1949'J D
Great Falls Power 1st s 1 5s 1949 M N
1
8312 Sale 8312
9712
97'2 Sale 07
102 10312 103
10612 107 ,10612
10.3 Sale 110712
9538 96 1 9512
110 11112 11312
10335 Sale 103,
8
10134 10434 103
96 , 1 97,8
8414
9734
103
10612
10812
9614
113
104
103
9,718
88
19 8
70
818
100
20
2 100 1011
4
/
4 102 10712
4
/
23 10612 1091
231 8712 9912
12 110 120
20 10214 10454
9v1,10902
Week. . 27.2
•
;:::1
Price
Since
ct c2
Range or
Fr(day
Lan Safe
Dec 22
--------High No.,Lov High
Ask Low
Bid
I
2 7714 9212
9114
8734 91 I 91 14
Ilavana Elec consol g 5s____1952 F A
13 79
8814
83
4 8212 8212
/
Havana E Ry L & P gen 5s
_'54 M S 821
Hudson Co Gas let g 55. _ _ _1940 MN
9234 — ; 93 Nov'22 ___. 8012 93
________ 81
81
Kings County Lighting 5s_ _ _1954 J J 8012 ___:1 81
9: 19
_ 8
00:8
2
6;is
1954 J J 9914 9912 9914 Dec'22 _19
9112 99s4
Nov'22
KmgsColiiL&PgSs
1937 A0
912 Dec'22 ____ 10612 11111
98
132 ::::I 10
1;7;5
Purchase money 6s
1997 A0 19
__ 98 107
Convertible deb Os
1925 MS 1°232 ___ 10514 spr'22
Dec'22 -_-- 8118 90
2, 87
897Ed El Ill Bkn 1st con g 48_1939 J
87
1,ac Gael.of St L ref & ext 55 1934 AO 9212 Rah, 1 92
Sale
Metr Ed lst&ref g 6s Ser 13.1952 FA
2 9
9792
5, 8
2
4:
9911
914 13e14 9
9 I
3
Milwaukee Gas L 1st 45
93
9714
1927 MN 92
0978
9514 77 93
Montana Power let 5s A_ 1943 J J
9738 9.13 97
111 I 32 10534 11214
N Y Edison 1st & ref 6
A_1941 AO 11,34 Sale II()
1,934 29,' 92% 1015s
NYGEL&Pg 5s
1948 J o 99 Sale , 9814
8335 221 76
4
1
85/
8314 Salo I 8234
Purchase monc9 g 4s
1949 FA
Ed Elec III 1st cons g 5s_ _ _1995 .1 .1 10238 __ 10138 Dec'22 ----1 :0012 01%
N Y Q El L & P 1st g 4s
1930 FA 9512 J67g 9412 Nov'22,--1 9412 9412
9958 34 94 10134
991. 9812
9!)
Niagara Fails Power let 5s_ _1932 J J
2 10012 105
10312
s 1, 312
Ref &. gen Os
a1932 A0 10312 1037"
97 ___ _ i 98
Dec'22 ----1 95
9912
Nlag Lock & 0 l'ow lot 55_1954 M N
9212 5J 8812 95
Nor States Power 2.5-yr Is A _1941 AO !•214 Sale ! 9114
11 98 103
lot 1
1st & ref 25-year Os Her 13_ _1941 AO 10014 10012 101
9612
9412 11 90
No Amer Edison 65
1952 MS 9334 Sale 0314
17 90
1,6 Sale 1 9534
06
99
Ontario Power N F let 5s._ _1943 FA
2 79
9212 9434 9434
95
9334
Ontario Transmission 5s_ _ _1945 M
1
Pacific G & E Co—Cal G & E—
9812
16;I 93
9638 9718 955
97
Corp unifying d. ref 5s..__ _1937 MN
97
36! 87
93
Pacific G & El gen & ref 5s_ _.1942'.3 9214 Sale 1 1,214
12 8734 0512
92
92
9212 11112
Pac Pow & Lt 1st & ref 20-yr Is'30 FA
_, 8312 Nov'17 — _I - - - - ____
Pat & Passaic G & Eleons g 5s 1949 MS
Peon Gas & C 1st cons g 6s 1993 A0 10512 10712 1n514 Dec'22 -- __I 101 14 110
9812
42 85
92
Refunding gold its
1947 MS 92 Sale 9134
99
4 Sept'22 -- --I 89
/
9114 _ _ _ 971
Ch G L & Coke 1st gu g 58_1937 J J
92 Dec'22 - - —1 92 99
Con G Co of Ch 1st gu g 5s_1936 .0.3 9275 98
5 7812 95
9414
9418 96
9414
Mu Fuel Gas 1st cu g 58_1947 MN
100 , 51 9612 10212
Philadelphia Co(3s A
1944 FA 9978 Sale 9938
1! 9212 10114
9934
Stand Gas & El cony s f 6s__ _1926 J o 9934 Sale 9934
9432
93 Dec'22 ----I 85
114
93
Syracuse Lighting 1st g 5s_ _ _1951 J
Light & l'ower Co col tr s f 58 '54 J J 8012 _ _ __ 94 Nov'22 -- I I 8512 94
3:
51:4
06
19
S2
.
:
10734 h':10412 109
6
t,3
1f_ 17
Toledo Edison 78
1941 MS ,
Juno
e's211_,--- -,
_ 1_82 s99-11-22
87
Prenton 0 & El 1st g 58
1949 M
92
92 1__ .
1_ ?9: 97
Union Flee Lt & P 1st g 5s
1932 M S' 9514 98
04
27. 9314
2
9712
United Fuel Gas 1st s f 68
1936
92 I 221
8712
Utah Light & Traction 58
1944 A 0
2
14
1
6
7
9
8
17
58: S_90
4:
7
90
6
e121,2,
634 ma9
'_i1 e14 9
1,0
Utah Power & Lt 1st 55
1944 F A
Utica Flee L & Pow 1st s f 58_1950 .1 J
4 9132
9112 9212 9138 Dec'22 --__ -843.
Utica Gas & Elec net 5s
1957 J J
4 95
95
98
9934
93
Wash Wat Power s f 55
1939 J .1 98
19
9718 9914 9678 Dec'22
0
4
0
:
Westehes Ltg g 53 stmpd gtd_1950 J
9212 93
9212
0212
West Penn Power Ser A Is.,,.1946 NI
11 91.
9/
10 14
4 12
1
1011z
14 102 10112
1st 40-year 6s Series C........1958 ID
4 10212 106
10334
1st series D 78
c1946 FA 103 10334 103
BONDS
N. Y STOCK EXCHANGE
Week ending Dec 22
.1
Manufacturing & Industrial
Ajax Rubber 8s
Am Agile Chem 1st Is
MS A 0
1st ref s f 7
g
A
F N
Am Cot 011 debenture 5s_ :14311
M
1
km Dock & Impt gu (is
J
American Sugar Refining 65_ _ 1
938j
1937
Am Writ Paper 5 f 7-6s
j
J D
Armour & Co let real est 4;4s 193
939 j
Atlantic Fruit cony deb 75 A.1934 J D
Baldw Loco Works let 5s .1940 M N
Booth Fisheries deb s f 6s_ _ _ _1926 A 0
Bush Terminal 1st 4s
Consol 5s
Building 5s guar tax ex__ _1
A 0
1A
25 ‘1
550
996
119
1942 A 0
Camaguey Sug lets f g 7s
Canada SS Lines 1st coll s f 7s 1942 M N
cent Foundry let 5 f 6s
A 0
1931 i
_1925
Cent Leather 20-year g 5s_ __
Compania Azucarera Baraqua
1st s f 15-year g 73s
1937 J
-lornputing-Tab-Ree s f Os _1941 „I .J
Corn Prod Refg s f g Is
M931
1st 25-year s f Is
Crown Cork & Seal Cool 13a11111M NN
more let s f 213-yr g 68.----1943 F A
Cuba Cane Sugar cony 7s_ _ _1030 .1 .1
Cons' deben stamped 8% _ .1930 ./ J
Dery Corp D G 1st s f 213-yr
gold is
Cuban Am Sugar 1st coil 8s_ _ 11931
M S
942 M
Diamond Match s f deb 753s 1936 M N
Distill Sec Cot* cony 1st g 5s_1927 A 0
E I du Pont Powder 43.0_ _ _ _1936 J D
du Pont de Nemours & Co 71-3s '31 M N
East Cuba Sug 15-yr s f g 7
M S
Fisk Rubber 1st s f 88
Frameile Ind & Dev 20-yr 7;4
M S
4 1 .IJ
942
1'
-s
Francisco Sugar 7538
General Baking 1st 25-yr 0s .1936
51 N
9 ;.1I)
Gen Electric deb g 33.3s
1942 F A
Debenture 5s_
20-year deb Gs
GenRefr let s f g 6s SerFA
F1
5AAS
9F
52
94
eb_ 199
Goodrich Co 63-3s
1917 J J
Goodyear Tire & Rub 1st s f 8s '41 M N
-years f deb g 88
10
2;1931 F A
Gray 4.7. Davis 1st cony
m N
F
gold is
A
Hershey Choc 1st s f g 6s
Holland-American Line 6s
1119
22 M N
437
994
Ingersoll Rand 1st gold 5s
1935 J
lot Agric Corp 1st 20-yr 5s_1932 M N
Interuat Cement cony 8s
1926 1 I)
Inter Mercan Marine s f (10_1941 A 0
International Paper 5s
1947 J J
1st & ref 5s B
1947 J .1
J
Jurgens Works 6s
F A
1947 J
Kayser & Co 7s
1942
Spe
Kellye-y
riong7fli
1931 M N
elsd Tire 8s
96
97
96
9(,34 14 9534 103/
4
1
38 Bale
9138 33 81 12 10012
97%
10212 103 10218
57 100 10534
103
7012 79
7812 Dec'22 --__ 7812 9:3
1047s Dec'22 -7 __ 10478 10812
10558
10-38 Sale 102
10212 126 9712 10478
84
84
83
6 8078 88
84
)18 Sale 8
59
3
39
3,4
23
21. 8
93
05
3
612
4 4'
141
412
92 60
07
_.1_1_2 110
10
112
234 16
,3
2 olett1,122 -1
8638 _ __
8734 8178
9112 93
9712 Side
9412 _ .
86
9012
9838 987
8612
8,1
4
/
9212
9,12
1.434
88
9838
100 10014 100
9612 Sate 1 97
9938 ___ _1100
101 10112100
9212 93 I 9212
4
/
4 877s 871
/
871
9218
9238 93
9/
4 10312
1
8612
9234
93 I
o;12
95
88
99
I
6
14
5
5
2
24
1
30
171
3
4
103
98
10.3
101
ff1-4 Ws
8214 94
8614 9584
9712 9738
6612
94
76
9212
95/
4 9918
1
98
89
95
96
3 9212 9812
9212
91
8778 27 '0
9314' 121 8.12 95
__ __ 9812
95 I 12 9712 10112
18
2811(11372
19
8
05
10634
10712
,0
8 10654 11012
10734
81087114 10712
01 36
5 ; , 4712
49
49
6312
8J1a s,012 90
03
103
103
10718 Sale 110;38
14 100
'''
7
9814
97 Sale 1 9638
9712 1264
4
/
1061s 10634 1034
107 1 471 9978 1081
74 8o',103
9.12 Sale 90
91
7 9914 10384
10258
10214 00212 10218
10018 ____ 10012 Oct'22 -__ _1 9312 10012
79 i
1 7034 82
761s 80 1 79
10012 Sale 110012 10112 31
103
1014 28 1027 109
105 Sale ;105
9312 Sale 1 9814
9878 20,1 97 100
10112 Sale JO Ils
10112 190 !
21071
7
:117
114 Sale 114
104
116 ,
9914 16911 9612 103/
4
1
9834 Sale 9814
98
07
107
(36
97 11 12 I 9512 100
9634
-- -- 99
9814 93 I 9612 9834
9712 Sale 9612
88 Sale 88
8812 67, 8438 9414
¶5
9,) Nov'22 --_ 11-- - _
77 , 17 7212 82
4 7634 7634
1
75/
9'102 11634
108 10912 1681
4 10912
/
59
93 Sale. 89
9014 82 Ws 9912
9012
4 86
89
87 Sale ' 87
8714 8712 87
8738 83 834 9013
326 7414 96
83
8212 Sale 8134
6 102 108
105 10512 10,34
105
14 1017s 110
1071s 1,738 10734
108
121 9614 101
98
99
9912 9834
I5',112 120
115 116 ,11612
11714
501 917s 1001
98 Sale i 96
98
4
/
33 112 11914
116
115 11612 115
55 9218 100
97
9612
9612 97
54' 9614 101
9718 Sale 1 9718
98
8: 98
99
99
9934
9132
4 22 78
/
8614 8714 861
871
4
/
Apr'14 - - - -1 -- - ---92 ....„1 94 June'16'--- _
.il-2
94 I
1 9
98 I 94
97
9314 _ __ _ I 95 Sept'22 -- __I 95
95
2 97 10212
102 i
10114 102 10134
2 74
8212s
7712 78 ' 7712
777
9734 191 9638 98
9734 9678
97
10714 22 98 10814
10612 107 10514
____ 10313 104 Nov'22 --_ .1 99 10434
10712 17, 1011
4 11134
/
107 10712 107
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BOSTON STOCK EXCHANGE-Stock Record See next
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Dec. 16.
Monday,
Dec. 18.
Tuesday.
Dec. 19.
Wednesday.' Thursday,
Priday
Dec. 20.
Dec. 21.
Dec. 22.
- -
*2145 14612
8312 8312
•z97
____I
119 120
10314 10314
1812 1812
145 146
145 146
145 145 I 145 145
8312 8212 83 1 8212 8212 82
83
82
9712 9712 9712 9712 97/
1
4 9712 *29712
119 119 1 119 119
119 120
120 120
10217 102/
1
4 10212 10212 1021,10212 102 103
1814 1812 1814 1814 1812 19
18
18
*23
*23
25
*23
25
2212 2212
-56" 16- 30 30 1 2912 30 1 *28 30 *29
__
47
47
47 *____ 4612 44
44
44
44
*39
40
*39
40
39
40
*39
__ _ _
_ *56
.
2 *56
-513
*162 ____ *IN
___ 160 160
160
*2114 22141 20/
1
4 2012 21
21
-2012 2012 2012 2012
•67
*66
69 *67 69
69
68
68
*65
69
*5912 60
*60
58
61
5834 59
59
*5812 60
*38 .39 *38
39
3712 39
3714 39
*3717 39
*43
45
45 1 45
*45
45
*42
44
*42
44
2134 2134 20/
1
4 2112 2012 20/
1
4 2114 2114 2012 21
*28314-- *x83/
1
4 ____ *28314 ___ *385 _ _ _ _
_
*29912
*x100 1-03 *2100 ---_
81
81
75
77
76
76 1 75
75 *271
76
311
_ *3118 _ _ _ _
- *3118 _ _ _ _
3118 3118
*96 ---- 96
96
94 2-9.i
*94
95
I
14334 145
8278
82
121 fif 102 102
1814 1812
2212 2212
-2614 11:114
-58 -663812 3812
2034 2112
10334 10334
76
76
Silos
for
STOCKS
BOSTON STOCK
EXCHANGE
Range eines Jan. 1.
Week.
Lowest
Shares
Railroads
173 Boston & Albany
100
238 Boston Elevated
100
171 Do pref
100
159
Do 1st pref
100
2511
Do 2d pref
100
3171 Boston & Maine
100
8
Do pref
100
3881 Do Series A 1st pref
100
85
Do Series 13 1st pref
100
604' Do Series C 1st pref_ 100
Do Series D 1st pref___ 100
4 Boston & Providence
100
105 East Mass Street Ry Co. _100
8
Do 1st pref
100
109. Do pref B
100
83
Do adjustment
100
28 Maine Central
7731 NYNH& Hartford
pshire_100
io rT orrTiec4
Worcester
r 1&N7
in pref 100
145 Old Colony
100
20 Rutland pref.
100
65 Vermont & MassacLusetts_10f)
----
2783
Highest
13014 Jan 4
73 Feb 20
94/
1
4 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
Jan 0
33
69 Jan 10
58 . Jan 17
57 Jan 6
15 Jan 20
78 Jan 23
183 043
Range for prestos.
year 1921
Lowest
Highest
152 May 22 119
Apr 133 Nor
891
/
4Sept 12
611
/
4 Jan 79 Nov
105 Sept 13
78 Jan 100 Dee
128 Sept 27
104 Nov 23 3112May 20
1314 Dec -2614 Feb
37 Apr 8
18/
1
4 Nov 30 Jan
4412 Apr 28
19 Aug 33 Jan
62 May 20
27 Nov 47 Feb
54 May 25
24 Nov 40 Jan
7712May 1
36 Nov 58 Jan
163 July 17 110 June 133
Jan
28/
1
4July 31
77 July 14
60 Nov 18
47 Aug 17
55 Oct 21 16" Dec 43l Feb
347sMay 22
12 Dec 2314 Jan
96 July 19
60 Apr 76 Feb
10334 Dec 22
51 Nov 78
Jan
9814May 23
50 Oct 75
Jan
5278June 5
15 Apr 21
Jan
9912 Aug 10
89 Nov
78 Dee
Miscellaneous
31/4493 Amer Pneumatic Service__ 25
234 Feb 4
414 Jan 27
2 Jan
554 Dee
320
Do pref_
1814 -iii- YEN50 13 Feb 20 2014 Aug 10
812 Jan
1632 Nor
123
1221
/
4 12278 2,989 Amer Telephone & releg _100 11458 Jan 3 12814 Aug 31
9512 Jan 11913 Nov
116
1,749 Atnoskeag Mfg_....____No par 104 Jan 10 121 D30 18
113 115
74 Jan 109 Dee
42
Do pref
85
85
85
No par 80 Nov 6 91 Aug 24
78 Feb 8414 Dee
Art Metal Construe Ina_ 10 14 Nov 16 2012MaY 19
12 Jan 18 Sept
-____
-- - -____
--- --- Ho Atlas Tuck Corp
18
No par 13 Jan 7 22 May 4
1234 Dec 20 Apr
___ Beacon Cho, o'ate
.05 Dec 12
„15 Dec
.75 Feb 21
4 Jan
.
7.-10 .Hi --.1- 3 -:i5 --.1-2 --.ii --.-1-0 --ii) -47.1i Tio :::: III: --1,005 Boston Mex Pat Trus_No 10
par
.50Way 4
.10Sept 14
.15 July
8 Jan
.
19,5
Century Steel of Amer Inc_ 10
.05 Jan 20
.20 July 17 .081
/
4 Oct
Jan
-7i4 -2-§- -iii4 241-4 -igip iii34 ii6- -2-61-2 -i5--8
2 -56- I61-2 -:1-,132 Connor (JGhn T)
912 July 1772 Dec
10 1534 Jan 4 3)12 Dec 22
312 312 *3 4 *31, 4 1 *312 4 *31,, 16150 East Boston Land
4 1 __ - - - 10
3 .ian 4
13 Apr 21
3 Oct
412 Feb
7/
1
4 7/
1
4
734 734
71, 8 1 *712 8
812 812
483 Eastern Manufacturing_- 5
812 -812
7 Dec 8 1414 Feb 10
9/
1
4 Oct 23
Jan
S4
84
84
84
8312 8412 84
84
500 Eastern SS Lines Ine
83
1
4 84
84
82/
25 3812 Jan 4 89 Oct 26
16
Jan 42 Dec
1
Do
r if
50 42 Jan 7 48 Sept 1
42. Nov 45 Dee
1113-4 1-i1-3-4 iii- fill
z
iiOis
ii
iiii4
1
1-7
1,025
1691614
2
Edison
ii52
6618
11
Electric
Ilium
100 158 Mar 2 185 Sept 1 14211 Oct 18513 Dee
912 918 *9
912
9
9 '1
9
9
2,335 Elder Corporation
9
9
918 12
Vo par
3 Mar 14 13
17
Jan
17
3 Nov
*2812 -- -_ *29 ____ 28
2812 2914 2914 *2812 291, --------4
3 Galveston-Houston Elec_100 28 Dec 19 39 May
Aug 15 -- _
10
10
*912 10
10
1014 10
10 I *10
1,0851 Gardner Motor
10
10
101
/
4
No
par
9 Nov 27 16/
1
4 Apr 6
958 Sept 2314 AD'
1812 1834 1814 1812 1834 1834 17
181
/
4 18
19
19
19
25 17 Dec 2) 27/
9711 Greenfield Tap & Die
1
4 Feb 27
1914 De
29 Nov
48
48
48
481
/
4 4812 49
248
49
1,343 Hood Rubber
4834 5014 50
50
No par 43 Mar 9 5314 Mar 20
•x3412 36 *.r34
35
3312 3412 3334 3412 3412 341
178 Internat Cement Corp_No par 26 Jan 20 3712May
35
41
19 Yuji -28722
13
2'Be;
.22 *____ 22 *___ _ 22 *__ _ _ 22 - ---- ----------Internal Cotton Mills__
_ 50 20 Nov 1 32 Jan 27
72
32 Dec 4112 Feb
70
70
*69
72
70
71
32
70
Do pref
70
-- - - - - -100 80 'Aug 5 85 Dec 1
Mar
74 Dec
*178 214
2
2
134
13
4
,4
*13
200
4
2
*13
International
4
2
- - --Products_No par
•*6
114 Nov 17
612 Mar 25
2 Sept 81436% mar
8
714 714
814 814
275
614 814
Do pre:
7
-------7
.100
513 Dec 4 17 Apr 1
Jan
5 Nov 32
---_-- - Island 011 & Tramp Corp__ 10
.62 Apr 15
3 Jan 24
2 Sept
618 - -131-4
534 - -61; -- ,i,1 - -6'-ii - -A - Libby, McNeill & Libby__ 10
A - -6-14 534 6 4 --- 7.0
11
/
4 Apr 24 1112June 3
13.
Jan
Dec
51
/
4
1038 1038 1058 1034 1012 1012 1012 1012 1012
389 Loew's Theatres
1012 10/
1
4 1038
25
8 July 1
13 Jan 18
r814 Dec 18 June
89
89
8612 8812 8534 8612 8512 86
8812 8712 1,213 Massachusetts Gas Cos....100 83 Jan 3 90/
88
87
Nov 9
1
4
Sept
5334
70
70
7012 71.
70
70
701, 71
70
393
71
6934 '70
Do pref
100 62 Jan 3 74 Oct 19
17858 180
58/
1
4 Oct 85
4 M
178 180
jan
y
179 180 *z_ _ _ _ 18018 179 179
368 Wergenthaler LInotype_100 130 Jan 3 181 Oct
12
13 117 Sept 13
12
38
*12
5,3 Nov
1212 12
12
1112 12
1112 12
-1212
- - - -410 Mexican Investment Inc
10 1112 Dec
2712 2778 27
1312 Sept
Apr
2778 2817 2712 27
2712 2712 271/4212 Mississippi River Power_ _100 13 Jan 2) 2738June 28
6 34 Aug 31
Apr
•-- _ _ 831, 8112 8112 811, 8112 *81
11 Sept 8
14
412 Mar
8112 8112 8112 ------Do stamped pref
_ _ ----73
100 721
/
4 Jan 9 85/
7/
1
4 714
1
4 Oct 6
60 June
7
714
7
718
7
718
634 718
714 1,854 National Leather
7
10
63
4
Dec
21
115
8
Jan
.30 .30 *.40
Jan
21
Dec
1
214
*.40
1
*.40
1
810 New England 011 Corp
.50 .50
1
1
.22 Dec 6
5 Jan 28
*1117 118
4 Aug
8
914 Aug
119 120
11978 120
119 120
11912 120
132 New England Telephone .1080 109 Jan 4 125
120 120
Sept 19
95/
1
4 Jan 112114 Dec
Ohio Body & Blower_No par
534 Nov 23 14 Mar 18
-iir4 -111-4 -iii4
17
7 July 11114 Dec
- -1-2 -iiis Iii2 -iii2 lifi ;iii3 lila :::: ::::, ---iii Orpheurn circuit Inc
1 13 Jan 10 28 Oct .5
178 17912 180 18114 18012 18112 183 187
1412 Dec 3014 Apr
189 191
183 191
549 Pacific Mills
1504 Oct 4 191 Dee 21 118
Jan 171 Deo
15 *215
16 *215 • 16 *215
18 *21514 18121 ________ -15
30 Rrtece Button Hole
10 12/
1
4 Apr 18
18 July 17
1213 Apr 14 rd
lIs
14 *I
114
1
1
*1
114 *1
2
_ ___ ___ _
100 Simms Magneto
5
.5 )Nov 17
914 Ja;
Apr
7
/
1
4
5
Dec
3
106 10656 10534 1061, 10534 10612 106 10634 108 10634 10618 10612
500 Swift dr Co
100 9214 Jan 3 110/
1
4Sept 12
1
4 July 1054 Jan
88/
44
4412 44
4412 4414 4414 4412 4412 4413 445
296 Torrington
441 441
25 *39 July 3 8112June 5
47 June 81 Feb
8
8
*8
9
*8
9
*8
10
*8
10 - ---_ ----489 Union Twist Drill
5
8 Mar 29 1414 Feb 3
Jan
10 Dec 22
43
43/
1
4 4278 4312 24218 4234 4214 4212 42
4234 4238 431-4 4,836 United Shoe Mach Corp._ 25 31 Mar 3 45
Mar
24
33
Sept 3914 Jan
27
27
27
27 22658 2658 *121514 2712 27
325
Do
*2612
pref
2712
27
25 25 Jan 3 27I2July 15
Apr
Dee
2214
2512
27
2734 2818 2718 26
2712 27
2634 261
/
4 2714 2714 2914 10,270, Ventura Congo! 011 Fields. 5 211
/
4 Jan 27 3312June 2
1814 July 2412 Dee
3334 34
33/
1
4 3412 3334 34
23314 3412 3438 3578 36
371
/
4 6,989, Waldorf System Inc
10 2612 Jan 4 3714 Dec 22
18/
1
4 Jan 297s Dee
4
418
414 5
4
434
412 538
5
514
/
4 4,474' Waltham Watch
5
51
100
214
Nov 29 1434 Apr 26
Jan
6 Dec 17
1312 1334 1312 13/
1
4 14
14
14
14
2851 Do pref
*13
15
13
1334
100
11
Nov
29 49 Apr 25
Jan
36 Sept
12
12
1134 1214 12
12
1134 12
9361 Walworth Manufacturing_ 20
1134 12
712
13
Feb
7
75
17
Feb
Oct
n
Sept
9
8
28
2812 28/
1
4 2834 29
1
4 2918 28/
2914 29
2912 -29i2 -2-9-7-8 1,035 Warren Bros
50 1712 Jan 3 35345ept 25
11 Apr 2212 Apr
*35
36
36
36
35
35
35
1111 Do 1st pref
35
35
35
34
34
50 3012 Jan 4 3814 Oct 9
17 Aug 3312 Dec
*38
39
*37
39
*38
39
*38
39
*38
Do 26 pref
39
3218: Noveb
4434July 12
18 Oct 3534 Dee
*1134 1
*1114 1134 1112 1134 1134 1134 1112 1134 -------Wickwire Spencer Steel
5°5
21 May 13
8 July 1814 Jan
2
------ 1 Wollaston La
mn
in
cling
5
.80June 18
134 Dec
134 Jan 4
.35 Oct
•.50 .80
.50 .50 *.50 .8
*.50 .75 '
200 Adventure Consolidated.
5.50 .75
.50 .50
25
.50 Jan 31
.4 Mar
1 Apr 15
5814 5314 5814 59
5712 5712 5712 5814 *571* 58
695 Ahmeek
5712 5712
25 56 Nov 15 66 May 29
40 Aug 83 Dee
•.25 .40 *.20 .50 *.20 .40 *.20 .40 *.25 .40 *.25 .40
Aigomah Mining
2.5
.03Sept 25
.15 July
.50 Apr 17
21
22
22
24
23
24
556 A11ow;
24
2412 2412
2514 *24
25
25 19 Dec 15 32/
1571052 14
N
Ao
a
p
16 Apr 24
1
4 Jan 26
2/
1
4 3
3
314
3
314
3
414
41
4
/
4 8,032 Arcadian Consolidated.... 25
/
4
4
41
2 Mar 10
458Way 23
11
/
4 Sep
3r4 Jan
734 734
7/
1
4 8
7/
1
4 7/
830 Arizona Commercial
1
4
8
712 8
8
8
8
5
6
Nov
Jan
10I2June
878
10
2
Apr
5
18
18
*1734 1814 *1734 1814 *1734 1814 *1734 1814 *17/
1
4 .18/
1
4
590 Bingham Mines.
10 13 Jan 5 1812Sept 11
8 Mar 14 Oct
285 290 285 290
282 285
173 Calumet & Miele
282 287 285 288
289 290
25 243 Nov 14 301 Aug 25 210 Apr 280 Dec
618 618
614 612
61, 734
814 612
714 712 16,a7
) Carson
6/
1
4 612
Gold
1
578
Nov
20
Dec 1813 Jan
168
11
4
29
Mar
*8
812
8
812
812 812
812 812
9
812 812 *8
25
8 Nov l 1312 Feb 1
7 Jan 10
Jan
3638 3634 37
38
37
3712 3714 3734 37
2,107 Copper Range Co
3758 3734 38
2.5 35/
1
4 Dec 13 4634May 31
Jan 4014 Dec
3
27
31
/
4
312 312
3
314
3
3t2
314 314
3
318 5,275 Davis-Daly Copper
10
21
/
41gov 23
514 Mar
712 Jan
914 Jan 26
812 812
812 8/
1
4
834 834 834 834 *812 9 ,?142 fs114 1,122 East Butte
Copper
Mining10
7/
1
4 Nov 23 1214 Jan 28
7 Aug 1134 Dec
*114
112
138 138 *138 112
138
112 *11
Franklin
/
4 134 *1
25
1 Apr 11
378 Apr 15
138 Apr
314 Jan
*212 234
2/
1
4 234
234 234
3
3
615 Hancock Consolidated
*234 3
212 212
1
4 Aug 18
25 1/
*.90 1
312 Mar 16
11
/
4 Sept
311 Jan
.90 .90
.50 .50 *.90 1
*.90 1
*.90 1
150 Helvetia
25
.50 Dec 19
2/
1
4
Apr
1
17
June
Vs Nov
10812 10914 108 10912 10714 10814 2100 102
2,210
99 100
9812 9934
Island Creek Coal
1 811
/
4 Jan 10 11658June 21
48 Jan 8812 Dee
96
9614 9512 951.2 9512 98 294
94 *19412 97
71
9812
*95
Do pref
1 88 Feb 14 97/
75
Jan 90412 SeptDeo
1
4 Nov 16
21
21
2114 2218 22
2214 22
22
454 Isle Royale Copper
22
2214
22
21
25 18 N.:iv 1 2634 Way 31
1614 Jan 2412 Deo
*314 334 *314 334 *314 334 *314 334
50 Kerr Lake
314 312 *31
/
4 334
5
3 Feb d
478 Apr 17
238 Mar
114
114
114
1141
1
1
1
1
1
1,177 Keweenaw Copper...
1
1
1
25
1 Feb 24
578Way 5
.98 Sept
2 Dee
234 3
3
314
3
3
*27s 314
3
415 Lake Copper Co
3
278 3
25
3l
21
/
4
Feb
18
Jan
5
2
3
4
Way
31
118
114 *1
*1
11
/
4
114 *1
114
117
112 *118
112
325 La Salle Copper
25
1 Nov 2
11
/
4 Jan
214 Apr 17
2 4
D
Fr
ab
y
*112 2 1 *158 2
•112 2
*112 2
*11
/
4 2
*158 2
Mason Valley Mine
5
132 Jan 4
234May 19
11
/
4 Jan
2
Sept
*112 2
*112 2
*112 2
158 158 *134 214
300
158 158
Mass Consolidated
25
11
/
4 Dec 20
Apr
434
.55
Apr
Jan
Pe
13
1
4 412
3/
412 5
414 4/
1
4
4/
1
4 412
4
4
3,250 Mayflower-Old Colony
4
4
514
Jan
25
21
/
4
Dec
13
22
May
Aug
2
/
1
4
212
214 *2
2
2
2
2
2
*2
212
Michigan
2
2/
1
4
25
.75 July 10
114 Aug
7 Apr 13
3I
5712 59' 5712 5814 *57
5712 59
59
*57
.5778 58
58
25 52 Nov 15 68 June 5
4312 Jan 59 Dcc
18
1734 *17
17
17
1612 1612 17
1714 1714 171s 1712
890 New Cornelia Copper
5
Dec
1514
4
2012June
Sept
2
1214
4 Dee
183
.10 *-- - .10 *.05 .25 *.05 .25
*.05 .10 '.05 .10 *--_New Idria Quicksilver _ _ __ 5
218 Mar 23
.10July 7
.40 Nov
2 Dee
37 *_ _ __ 37 *__ _ 37 •_ _ _ _ 37 *_ _ __ 37
*37
NeD
__
woRivreef
r Company
100 37 Jan 6 40 Feb 9
May
Feb
40
57
__
_
-_
_
*80 - - - - - 82
82 .80
*80
100 73 Jan 7 85 Oct 16
74 Dec 95 Mar
1
4
5/
1
4 6
1
4 5/
5/
6
534 534
ns Mines
5 5 July 8 7 Jan 4
4 July
912
934 9M4 10
912 914 912 934 --A
912 -6912 --A
912 -1----------- LINolPrittiButte
934
15
812 Oct 31 15 May 29 8 Mar
*112 2
/
4
. *112 2
*114 2
112 112 ;
112 11
255 Ojibway Mining
8
134 12
8
25
112Nov 1
418 Apr 15
1 Aug
2
4
Djaewn
81 :1 D
o
1912 *18
*18
19
19
*1612 18
18
1738 18
250 Old Dominion Co
25 16 Nov 27 27 Jan 25
1538 Jan 3
255% DecNov
*231
31
4
32
303
32
*x30
30
32
32
208 Osceola
3034 3212 3212
25 25 Nov 28 381
/
4 Aug 23
21
Aug
37
3712 3612 3612 37
3314 34
3512 3612
1
4 36
35/
35
243 Quincy
25 30 Nov 15 50 May 31
3312 Aug 48 Dec
41
*39
401, 4012 40
4012 4012 *40
41
*39
41
41
245 St Mary's Mineral Land
25 37 Nov 28 4812May 31
28 Jan 45 Dee
.70 .752
.70
.70 .85
:80
.50 .50
8 :2
80
8 1,185 Shannot.
.50 .80
.60 .80
10
.25 Mar 10
134May 18
.75 Jan 1% Dee
'
1 .25 .75 *.25
255
*.30 .75 *.30 .75
South Lake
.25 .25 '
25
.25 Dec 19
114May 18
.35 Nov
2
21
134 2
/
4
2
2
178 214 1,760,Superior
4
412 x2
334 334
434 July 13
134 Dec 21
25
2 Sept
4
212 F
j&n
eb
*158 134
/
4 178
134
11
1,755,Superior & Boston Copp_
134
Copper.. 10
152 134 *112 VS
.90 Mar 31
234 Oct 19
1 June
21
/
4 Feb
118 118 114
/
4 1%, 114 2,000 Trinity Copper Corp
114 *1 I% 114 114 114 11
118 Dee 14
3/
1
4 Apr 3
23
4 July
412 Nov
.60
*.50
*.50
.00
.55
*.50
.60 .80
400 Toulumne Copper
.60 .65
.40Nov 10
.55 .55
.92May 22
.34 Aug
.85 Dec
5
2/
1
4 234
3
3
1,275 Utah-Apex Mining
1
4
2/
1
4 2/
234 234
258 278
258 258
114Oct 20
4 Mar 22
134 Aug
313 Oct
5
134 134
535 Utah Consolidated
134 2
*134 214 1 IX, 134
1 Feb 21
312June 5
134
184 *134 214
112 Nov
5 Jan
.99
*.95
1
1
.93 .93
1,053 Utah Metal & Tunnel
.99 .99
.95
1
.80 Dec 12
112 *.92 .99
213 Apr 13
Jan
.95
2
Jan
112 *1
112
190,Victoria
112 *1
'*1
112 *1
21
112
118 138 *1
.75 Nov 27
2/
1
4 Jan 30
.40 May
21
/
4 Feb
112
200. Winona
•1
114 .114
112
112 *114
114
25
112
114
.25 Jan 16
114 *114
234 Apr 15
.35 Jan
.80
Mar
440 Wolverine
*7
8
*734 8
8
*734 8
8
8
8
25
714 Nov 29 16 May 31
*734 8
Tr.s,
812 July 14
• Bid and asked oriees. co 441040n Gill, dAY s Ex -tutus. 8 ex-cliv,dend an 1 rige., z Ex-dividen1 e eix -awl( 3,vtdau1
4 A84481E13,41 J.i.I.1
*234 3
1712 1712
125 12512
115 11812
*82
85
,
15/4 ____
*16
18
234 234
18
18
125 12552
117 121
*8212 85
*1514 ____
016
18
2/
1
4 3
18
18
18
125 12532 212212
117 117121 11612
*8212 85
*82
*151
/
4
_ *1514
1512 -1-i121 *16
314
1814
123
117
85
_ _
11
3
*18
122
114
*82
*1514
*16
11
650
NI
[VOL. 115.
THE CHRONICLE
2784
Last Week's Range -for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dec. 16 to Dec. 22, both inclusive:
Bonds-
Friday
Last Week's Range Sales
for
of Prices.
'Sale.
Price. Low. High. Week.
751 734
Alaska Deb,ser B,68_1926
Atl Gulf & WISS L 55 1957 52% 52% 56%
93
93
Chic Jct Rys & USY 55'40
98% 99%
1936
Hood Rubber 7s
89% 89%
K C Mem & B Inc 5s_1934
Massachusetts Gas 435s '31 90% 90% 91%
92% 93%
Miss River Power 5s_ A951
9731 98
New England Tel 5s_ _1932 98
96% 96%
1934
New River 5s
98
8
1944
Swift & Co 5s
106% 107%
Warren Bros 73is_ _ _ _1937 107
97
1932
97
Western Tel 5s
$4,000
33,000
1,000
25,000
1,000
15,000
18,500
13,000
3,000
18,000
13,000
8.000
Range since Jan. 1.
Low.
7%
47
89%
95%
79%
86
88
93
84
91
97%
90
High.
7% Dec
Dec
Mar 65 May
Aug
Jan 97
Jan 101% Sept
Feb 91% Oct
Jan 9634 Sept
Sept
Jan 96
Jan 99% Aug
May 9654 Dec
Jan 100% Oct
Sept
Feb 118
Jan 9734 ()et.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Dec. 16 to Dec. 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Rance for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1. •
Low.
High.
14
Mt V-Woodb Mills,v t r100
54
100
Preferred
-o_100 34% 3434
New Amster'm Cas C
7731
100
Northern Central
106
Pennsy Water & Power 100
10
1%
Pittsburgh 011, pref
20%
United By & Electric_ _50 21
140%
50
U S Fidelity
2934
Wash Bait & Annap, pf_50
Bonds92
Atlan C L(Conn)ctf 5s.1925
86
_1953
Balt Spar P & C 435s_
Consol Gas, E L & P107%
First ref Series C 7s_1931
9934
First ref Ser E 534s_ 1952
1949 10334 10334
Series A 6s
1950 8834 88
Consol Coal ref 5s
110
Cosden & Co Ser A 6s_1932
9231
Fair & Clarks Trac 5s_1938
Georgia & Ala cons 53_1945 81% 813-4
1924
993-4
Maryland 4s Feb
20
Md & Penn income 4s_1951 21
Monon Vail Trac 7s_.A923 1003-4 100
9794
North Belt Trac 5s_ _ _1942
9414
United FA,& P 4. s_ _1929
73
United Ry & Elec 4s_ _1929
54%
1949
Income 45
10134
101%
1949
W I 6s
7635
1936
Funding 5s
97
1927
6s
NMl
26% 27
10
Alliance Insurance
84
78
American Gas of N J_ _ _100 80
7
7
10
American Milling
1235 1334
50 13
American Railways 63
58
100 63
Preferred
* 155% 155 156%
American Stores
127 131%
Baldwin Locomotive__ _100
53
52
Buff & Sue Corp, pref_100 53
50 40% 40% 4034
Cambria Iron
5034 5051
Consol Trac of N J_ _ _ _100
5434 55%
Elec Storage Battery__ _100
23% 24
* 24
Erie Lighting Co
100
4531 4735
General Asphalt
1534
15
Hunt & Broad Top, pref _50
4234 43
Insurance Co of N A_ __ _10
5%
5
534
Lake Superior Corp_ _ _ _100
7534
74
50 75
Lehigh Navigation
50
6234 62%
Lehigh Valley
16
1734
Lehigh Valley Transit__ _50
43
43
10
Lit Brothers
27
27
Midvale Steel & Ord_ _ _ _50
78
100 7734 77
Otto Eisenlohr
45% 46%
50
Pennsylvania
57
50
Penni.:ent Lt & P. pref_ *
85
8534
50 85
Pennsyl Salt Mfg
34
34
50
Phila Co,pref(5%)
50 4234 41% 42%
Preferred (6%)
25 3134 31
3134
['hills Electric of Pa
32
25 3131 31
Preferred
51
48
* 51
Phila Insulated Wire
Phila Rapid Transit_ _ _ _50 3035 3034 31
Philadelphia Traction_ _ _50 65% 6535 66
834
8
50
Phila & Western
50
3434 35
Preferred
7s 7934
79/
50
Reading
134
134
Tono-Belmont Devel__1
1115-16 1 15-16 2
Tonopah Mining
40
4034
Union Trac, $1735 Pfd._50 40
5134
Union Gas Improv't___ -50 51% 50
50 56
5534 56
Preferred
35
35
West Jersey & Sea Shore _ 50
50
100
50
Wm Cramp & Sons_
31
31
50
York Railways
35
50
3514
Preferred
50
1,514
38
1.265
405
625
160
117
18
55
1,300
120
560
75
30
2,410
861
40
155
400
100
39
6,855
55
110
5
337
4,623
1,552
644
2,967
401
75
535
100
300
500
980
2,874
167
10
50
60
354
19
47
5%
4
23
83
115
4734
373;
44
37%
2234
3734
8%
30
5
136%
57
7
27
27
63
3334
50
6935
32
36
23
2734
30
7%
58
5
29
72
1!4
134
34
:38
38
27%
40
9
31%
Sept
Jan 27
Dec
Jan 84
75/, Nov
Mar
Jan 17 June
Oct
Jan 69
Oct
Oct 167
Oct 13134 Dec
Apr
Feb 55
Sept
Apr 53
Jan 5634 Apr
Mar 5834 Oct
Nov 27 May
Nov 73% July
Nov
Sept 16
Dec
Jan 43
Dec 1234 May
Feb 79% Aug
Jan 7135 Oct
1734 Dec
Oct
Dec
Apr 44
Dec 3594 Sept
Oct
May 86
Oct
Jan 50
Dec 83% Sept
Jar 85% Dec
Nov 4455 Sept
Jan 4534 Sept
Feb 32% Aug
Jan 32% Sept
Dec
May 51
Jar 3534 June
Sept
June 69
Jan 1034 June
Jan 35
Dec
Jar 823-4 Nov
July 111-16 June
Jan
234 Sept
Jan 41% Nov
Jan 5534 Sept
Jan 5631 Sept
Jan 393-4 Aug
Jan 70
July
Jan 36
Oct
Jan 3754 Jan
10734
9934
103%
89
110
9254
8134
99%
21
1009.4
9735
9434
7314
55
10131
7734
97%
1/
))5
$500
2,000
Dec
92
803-4 Jan
AO
Nov
Dec
Setp
Sept
Dec
Oct
Nov
Apr
96 June
9031 i Oct
3,000 101% June 10934
1,000 9834 Dec 9934
July 107 .
15,500 100
Feb 9234
12,000 86
3,000 9831 Mar 110%
Jan 93
1,000 87
1,000 70% Feb 85
3,000 9934 Dec 9934
Dec - 6834
10,000 17
Jan 10034
16,000 95
1,000 9734 July 99
3,000 89% Jan 9591
9,000 6634 Jan 77
Jan 59%
12,000 46
16,000 9834 Apr 10334
Mar 81
600 66
0%
10
De
14,
,000 9••7
n•
v-....r
nnrs
10
41.1,U1/1./
Sept
Dec
Sept
Sept
Oct
Oct
Oct
Dec
Oct
Dec
Sept
Sept
Sept
Sept
Sept
Sept
May
--
• No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 16 to Dec.22, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
7
Am Vitrified Prod rom_25
Am Wind Glass Mach_ _100 85
100 92%
Preferred
935
Arkansas Nat Gas com_ _10
Carnegie Lead & Zinc_ _ _ _5
Consolidated Ice corn_ - _50
50
Preferred
IIarb-Walk Refrac corn 100 116
50
IndeP Brewing corn
10834
Jones & Laughlin pref
25
Lone Star Gas
Mfrs' Light & Heat_ _ _ _100 5834
795
Nat Fireproofing corn __ _50
50 18%
Preferred
1
Ohio Fuel Oil
25 5934
Ohio Fuel Supply
25
Oklahoma Nat Gas
Pittsburgh Brew pref.._ _50
Pittsb & Mt Shasta Cop_ _1 22c
9%
pittsburgh Oil& Gas_ _ _100
Pittsburgh Plate Glass_ _10
10
Salt Creek Consol
1 11
Tidal Osage Oil
West'house Air Brake__ -50
W'house El & Mfg pref_ _50
WestPenn Tr& W Pcom 100
100
Preferred
Range since Jan. 1.
Low.
7
100
7
7
200 6435
83% 85
50 84
92% 9234
734
8% 911 7,297
2%
20
454 455
20
234
351 3%
12 23
26
26
10 91
116 116
134
89
4
4
606 108%
10835 109%
70 20
26
25
385 45
5734 5834
635
45
7% 7%
325 15
1834 1835
65 1334
16
1634
530 4434
58
5934
85 19
2134 2134
5
10
754 7%
21c 22c 13,200 19c
6
875
9
934
35 130
198 198
555
894
10
1034
225 10
11
10
510 8034
107 115
61
61
200 60
230 18
30% 32
75 72
73
72
High.
Dec
Jan
Jan
Dec
Jan
Apr
Jan
Jan
Jan
Dec
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Feb
May
Feb
Jan
Jan
Dec
Jan
Dec
Jan
Jan
2434
90
108%
1234
63-4
6
33
116
7
109%
3155
58
17
2134
23
61%
26%
10
31c
1134
200
14%
14%
115
73
36
8634
Apr
May
Dec
Apr
Sept
Dec
Dec
Dec
Oct
Dec
Jan
Aug
Sept
Aug
Jan
Dec
Apr
Sept
Apr
June
Dec
May
Apr
Dec
Aug
Aug
Apr
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Dec. 16 to Dec. 22, both inclusive,
compiled from official sales lists:
naay.
wises
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
P
Stocks-
9335
93
116% 11655
74 . 74
9794 101%
9% 9%
87
87
4
3.
535 5%
8835 894
.. .. a.:
„s. —.
—
..
2...
101L
csi,,7
10
0M.ONbc0.00WV.00.001....G
0,,,,,,.../
,
00.00.0.0Q000.0.,
0.
00019.t,
0.7.
.
-.NC,NoVN0e,
.NcNNC..n0=.W,
,
W.N=CeNN.Aver..WW[.
NO 0=0...OWNw..N.
1, .
VMMNN.b.t.
-..,
,
404[•.b. 0=c1...0=
.
W.NO
.
00
000,
-.....N. N
...M ,
.
10
NN
0..:,-; ....
.4 a
et;
435
4
1
35
4
3
10
10
31
3/
132 138
634 634
6434 68
h13- 11%
1113-4 112
6435
63
15
15
7194 73
118 118
35
35
2534 30
10234 104
16% 17
2634 28%
84
84
85
85
116 116
3734 38%
2434 253-4
8435
81
42% 48
25
25
9335
92
5% 634
4% . 414
4434 47
8214 84
103% 104
1
35
6% 7%
9334 9394
38
38
3234 3434
51%
49
1033-4 104
98
93
230 230
9694 9735
1394 1494
8734 8934
1935
19
4834 4954
- 6834
8034
108 10651
O
Amer Pub Service, pref_
Amer Radiator. pref_ - -100
Amer Shipbuilding_ _ __ ion
Armour & Co, pref_ _ _ _100 1013-4
9%
15
Armour Leather
100
Preferred
•
Case (J I)
5%
100
2d• preferred
Central Pub Ser, pref _ A00 89
Chic City & Con By-*
434
Preferred
Chic Elev Ry,commo -100
100
Preferred
______
Chic Rys part ctf Ser 1_
Part ctf Ser 2
Commonwealth Edison 100 132
635
* No par value.
Consumers Co,common100
100 68
Preferred
Baltimore Stock Exchange.-Record of transactions at Continental
Motors_ _ _ _10 11%
Baltimore Stock Exchange Dec. 16 to Dec. 22, both in- Crane Co, preferred
Cudahy Packing, corn _100 6435
clusive, compiled from official sales lists:
Decker (Alf.)& CohnIn
100
Sales
Friday
Deere & Co, pref
100 118
Diamond Match
Range since Jan. 1.
Last Week's Range for
35
*
Week.
of Prices.
Sale.
Earl Motors Co
26
Paper
Shares.
Low.
High.
Low.
High.
Price.
Eddy
Par.
Stocks103%
_100
pref_
cum
(The),
Fair
1,019 27
Jan 44 June Godschaux Sugar, com_ *
43
Arundel Sand & Gravel..100 4294 41
85 86
Mar 98% Dec Gossard, It W, pref_..100
100 98% 9751 9831
Preferred
2
Oct
25
2% Apr Great Lakes D & D__ _ _100 84
235
234 235
100
Baltimore Brick
13 61
81
Mar 81
81
Dec Hartman Corporation_100
Balt Gas Appl Mfg,com 100
8
80
81
Dec
81
Dec Hart, Schaff & M,com_100
81
100
Preferred
* 3834
Dec 30 June Hayes Wheel Co
160 18
18
18
100
Baltimore Tube
10 2434
Dec 9734 Aug Hupp Motor
250 45
50
45
50
100
Preferred
100
8334
Brick
.30
Nov
1,705
.33
Illinois
.74 May
.32
.32
1
Celestine Oil
100 48
2
4
Sept
378
Mar Inland Steel
235 3
.
Cent Teresa Sug, Prof- -10
& Co_
(B)
Kuppenheimer
Ches & Potom Tel of Bait,
93
23 105 June 110% Oct
Preferred
109% 110%
100 110
Preferred
6%
30 49
Mar 70% Oct I ibby, McNeill & Libby_ 10
6034
60
25
Commercial Credit
10
Light
Jan
28
98
25
Lindsay
Apr
2634
26
25 26
45
Preferred
..100
cons_
Mil,
23 2551 Jan 28
Apr
Mid West
27%
27
25
Preferred B
100 83
Jan 120
Aug
14 91
Preferred
109 110
104
Congo'Gas,E L & P__ _100 109
July 108% Sept
57 102
Prior lien preferred
100 10635 105% 10615
7% preferred
35
*
Jan 12235 Sept Mitchell Motor Co
55 105
117
115%
100
7
10
8% preferred
Jan
Leather
98%
80
Nov
National
243
Consolidation Coal_ _._100 97% 9551 97%
Coke_100
dr
L
5%
5
Sept
3%
Sept
Peoples Gas
5
5
5
Cosden & Co, pref
Nov 25
45 18
Aug Philipsborn's, Inc, corn- _5
2434 243-4
*
• 3434
Eastern Rolling Mill
Sept 7835 Dec Pick (Albert) & Co
183 60
78
76
100
8% preferred
194
109% Nov 119
Dec Pig Wig Stores Inc "A".. _• 51
117 119
50
Fidelity& Deposit
com_100 1033-4
3834
IIL
Nor
Dec
of
Ser
Sent
35
Pub
10
3835 3834
Finance Co of America 25
100 98
Feb 92
July
Preferred
72 78
90
89
Elous Oil tr ctfs pref_ _ _100
100
May 3434 Nov
auaker Oats Co
4 19
33% 333
*
9734
I Benesch, corn
Aug
26
Jan
24
Preferred
18
26
26
25 26
Preferred
10
26%
Jan
June
Reo Motor
79 24
2531 25%
Manufac Finance, 1st pf100
Jan 27% Dec 3ears-Roebuck, cons__ _100
24
2
2654
2695
100
2d preferred
Jan 67% Dec
Randard Gas & Electric_50 19
100 41
100 5734 57% 5734
. Common
50 4894
Nov
Dec 110
Preferred
553 77
7834
25 7835 77
Maryland Casualty
Dec
504
Warn Speed,cm100 6835
Dee
3tewart
50
230
5034
50
Maryland Motor Insur _50
108
100
Dec
Co
&
240
3wift
Sept
10 21634
240 240
50
Mercantile Trust
101,4
1K
3...1. T...........•1.....1
au
au,.
Aug 20 May
II) 17
Monon Vali Trac. pref _ _25
1834 1834
'7K 2/
IV,
92
86
High.
Low.
Jan 1735
6 10
Jan 60
106 44
Sept 3634
409 31
305 72 June 79
35 9235 Jan 118
1%
110
1% Jan
Jan 23
9
1,176
37 140% Dec 153
Jan 3434
30 29
14....f0Q0.4.
0.
r......
...Mts,
-,
.1.W.t0,
N
Bonds85
86% $18,300 81
Jan 9214 Aug
(riser Gas & Elec 5s.. _ _2007 86
81
81
6,000 74
Jan 84% Apr
:lona Trac of N J 1st 581932
66
Jan 7434 Sept
6695 61,000 64
Elm & peop tr ctf 4s_ _1945 66
1,000 98
101% 10134
Jan 10134 Dec
Equit Illum Gas Lt 5s_1928
70
70
1,000 70
Dec 7634 Sept
Elunt & Broad Top 5s_1925 70
24%
24
24
1924
5s
28,000
Corp
21
Dec
Superior
3934 June
Lake
94
94
1,000 90% Jan 9651 Sept
L.ehigh C & N gen 435s 1924
73
72
4,000 64
Jan 75
Oct
?eoples Pass tr ctfs 4s_1943
993.4 9931
1949
1,000 8934 Dec 100
May
?Ma Co 1st 55
92
92
1949
2,000 92
Dec 101
July
Stamped 58
65,500 9134 Nov 101
Sept
?hila Electric 1st 5s_ _1966 99% 99 101
101% 102% 26,000 100% Nov 103% Sept
1947
First ref 5355
1941 105% 104% 108% 19,000 102
Oct 106% Dec
6s
84% 84% 2.000 7534 Sept 85
1997
Dec
leading gen 4s
100% 100% 3,000 100
Aug 100% Dec
leading Traction 6s_ _1933
100% 10034
1,000 99% Dec 100% Nov
3panish-Amer Iron 6s_1927
Oct 7534 Sept
5714 5735 7,000 57
Rifted Rya gold tr ctf 4s'49
87% 874 2,000 71% Mar 90
Sept
:hilted Rys Inv 5s_ _1926
1930 9951 9931 9954 1.000 97t4 :Inn env /I',
xrelsbech Co 5s
1,
.
r- a
1 O tiu p 5e1941
1534
54
3534
7834
107
1%
21
14134
30
Range since Jan. 1.
Range since Jan. 1.
High.
Low.
83
116
60
91
9%
83
3
594
8411
Nov
July 96
July 11655 Dec
Aug
June 90
Sept
Jan 110
Dec 12% Feb
May 10235 May
9 June
Jan
Mar
Dec 10
Nov
Sept 92
Dec
4
34 Dec
1% Jan
Oct
10
34 Dec
11434 Feb
5
Feb
5914 Feb
Feb
5
85 May
Jan
55
Dec
15
Feb
60
Jan
105
35 Nov
2534 Dec
Nov
102
Feb
10
July
25
8134 Jan
7735 Jan
Jan
72
3634 Nov
1034 Jan
Feb
56
Nov
40
Dec
25
Dec
92
5% Dec
3% Mar
Jan
27
Jan
53
Jan
82
35 Dec
63-4 Dec
6294 Jan
Dec
38
19
Jan
2334 Mar
8034 Jan
8835 Jan
143
Jan
93% Mar
is% Sept
5934 Feb
13
Jan
Jan
42
24
Jan
9114 Jan
17
A ...
11,111
.
934 Feb
235 Mar
12 May
22 May
3 Sept
Oct
140
1034 Oct
7534 June
1134 Oct
Oct
112
Feb
68
1734 Apr
7931 June
Nov
122
Jan
6
Dec
30
Dec
104
May
18
Dec
30
Feb
106
Mar
103
Dec
116
3994 Dec
Dec
213
8434 Dec
5834 May
3735 Sept
Sept
101
10% Oct
634 Sept
5334 May
8834 Oct
Nov
106
7% June
1155 July
97
Oct
45
Oct
3435 Dec
5555 Dec
Oct
108
9834 Nov
230
Dec
100% Oct
2834 July
9434 Aug
2134 Oct
Oct
50
6851 Dec
Sept
110
11C
120
.......
OOP.
DEC.23 1922.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Salt.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Thompson,J R,com_ __ _25 48% 48%
Union Carb & Carbon_..i0 62
6151
United Iron Works, v t c 50
6%
United Lt & Rys,corn._100 71% 70%
1st preferred
100 76%
76%
United Paper Board,cm100 14
13%
20 61
U S Gypsum
60%
Wahl Co
* 5635 54%
Ward ,Montg & Co ,p1.100
108
When issued
20 22% 22
Western Knitting Mills_ _.
8
8
Wolff Mfg Corp
•
27
Wrigley Jr, corn
25 113% 11334
Yellow Cab Mfg, Cl "B"..10 208
196
Yellow Taxi Co
72%
70%
BondsChicago City Ry 5s_...1927
Chic City & Con Rys 5s'27
Chicago Railways 55_ _1927
Po 4s, Series"B"
1927
Commonw Edison 5s_ _1943
Commonw Elec 5s_ _ _ _1943
Cudahy Pack 1st M g 5s'46
Peoples G L & C ref g 5s'27
Pub Serv Co 1st ref g 5s_'56
99
98
89
77
47
77%
4834
99
98
91
9115
89
Range since Jan. 1.
Low.
High.
860 40
49%
63% 8,054 43
450
6
6%
465 29
72
385 76
78%
1414
185 13%
61
170 53%
58
3,643 52%
108
10 76
23% 14,010 1215
8%
5
1,885
27%
70 27
11414
746 97
210 159,507 132
7334 4,310 50
Jan 55%
Jan 6515
9)4
Jan
Jan 7335
Nov 80
Feb 19
Aug 68%
Nov 7115
Jan 115
Jan 2551
Jan 12
Nov 29
May 11515
May 246
Jan 80%
Aug
Oct
Feb
Oct
Oct
Aug
Dec
Apr
Nov
May
Oct
Sept
Nov
Feb
Aug
67
4631
67
33
9315
9331
87%
8735
87%
Jan 84
Aug 53%
Jan 8411
Jan 52%
Jan 100
Jan 99
Mar 91%
Apr 96%
Aug 923,5
Apr
Apr
Apr
May
Oct
July
Aug
Sept
Oct
77
47%
78
41%
99
98
91
9135
89%
6,000
6,000
6,000
38,000
15,000
39,000
14,000
1,000
8,000
• No par value.
•
New York Curb Market.-Official transactions in the
New York Curb Market from Dec. 16 to Dec. 22, inclusive:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Dec. 22.
Range since Jan. 1.
Stocks-
Low.
Industrial & Miscell.
Acme Coal Mining
53c
Acme Packing
.10
Allied Packers, new
•
Aluminum Mfrs., corn...t
Preferred
lac)
Amalgam Leather, cony_ •
Preferred
100
American Hawaiian SS_ _10 15
Aro er IA & Trac corn., _100 135
Preferred
100
Am Writing Paper,com_100
Arnold, Constable dr Co__• 19%
Borden Co preferred__ _100
Brier Hill Steel common_ _• 1734
Brlt-Arner 'rob ord bear_ £1 z19
Brooklyn City RR
10
Buddy-Buds,Inc
Pf6
Campbell Soup pref w1.100
Carbon Steel 1st prof
12
car I ighting & Power
25
Celluloid preferred__ __IOU
Cent Teresa Sug. corn.._10
111
Preferred
10
Century Ribbon Mills corns
Chic Nipple Mfg, Cl A_ 10
Cities Service, corn_ _ _ _100 171
Preferred
100 67
Preferred B
10
6%
Preferred B B
100
Cities derv. Bankers'sh_ _• 17%
Cleve Automobile, com_ _•
Colombian Emerald Synd_
45c
Colombian Syndicate
13-4
Colorado Power corn
100
Continental Can, new w 1_ _
42
Cox S Cash Stores
715
Cuban-Dominican Suit -•
Curtis,Aeropi & M corn__ •
Del Lack & West Coal...LO
Dort Motor Car corn
•
Dublier Condenser & Red *
411
Durant Motors, Inc
• 75
Durant Motors of Ind__ .16 2231
Everett Heaney & Co
Federal Tel & Tel
651
5
Fifth ye Bus Corn v t _*
8%
Film Inspection Mach Co_•
6
Ford Motor of Canada.100 395
Gardner Motor Co
Garland SS common
•
Gillette Safety Razor__ _
256
Glen Alden Coal
• 56
Goodyear Tire & R corn 100
911
Preferred
100
Griffith (D NV) cl A
Hanna(M A) Co 1st p1_100
Hayes Wheel
Hercules Powder pref. _100
Heyde,' Chemical
Hocking Valley Prod_ _ ..10
Hudson Cos, prof
100
Hud & Mantua. corn__ .100 11%
Preferred
100 40
Imp 'l'ob of Gt ii &
Inland Steel
25
Intercontinental Rubb 10
43,5
Kuppheimer (B) Co com_ 5
Preferred
100
Lehigh Val Coal Sales_ _50
Libby-McN & Lib, new_10
6
Lucey Mfg. Class A...50
Lupton(F M)Pub Cl A. •
Manhattan Transit
20
Marlin Fire Arms corn. _ _ _
411
Preferred
7
Mercer Motors
•
Voting trust certire
2%
Mesabi Iron Co
12%
Mitchell Motors
Morris(Philip)Co. Ltd--10 19%
Nash Motors preferred_ _ _ _
96%
Nat Motor Car & Vehicle_*
Nat Sop Co Delaware
56
Corp_
5 14
New Fiction Pub
N Mex & Arizona Land_ _1
3%
N Y Tel 6%'7° Pf
100
10
N Y Transportation
No Amer Pulp & Paper_ _ _•
°Beide Corp
11
Patten Typewriters
Peerless Truck & Motor_50 73
Perfection Tire dr Rubb_ _•
134
Phoenix Hesier3'. corn
5
Preferred
100
Prima Radio Corp
Pub Ser Corp NJ pref. _100 101
Radio Corp of America__
3%
Preferred_
5
2%
Eteo Motor Car
10
Repettl, Inc
5
Saguenay Pulp & Pr corn.5
Schulte Retell Stores
• 53
,
Snow'a
u • t Ilc hi Corp_ _
4%
50c 58e
33e
36c
1
1
22
22
439-4 4351
1414 1454
4334 4354
15
15%
135 135
96
96
235 2%
1915 2034
10134 101%
1654 17%
z19
2054
8
861
131
Fif
107% 108%
12
12
134
1%
109
109
131
134
2% 2%
26
26%
211
334
168 178
6631 6734
6% 651
6631 6634
165.1 1751
303-5 3015
33c 45e
1
115
23
23
41
4254
73,4 8%
634
711
5
5
109 110
6
7
2%
435
7034 7534
1734 2215
2
2
6% 6%
89.4 9%
6
654
393 395
10
10
66c
70c
250 256
54
56
931 914
2915
26
2% 2%
102 102
38
3834
100 100
2%
2
2
2
14% 15
8% 1134
3531 40
1834 16%
433.4 4314
411
434
26
2831
94
94
80
82
554 615
6% 734
22
2294
35e 35c
431
4.A,
7
7
235
334
2% 3%
1234 123.4
1
1
19
20
96% 99
1%
1%
5534 5634
12% 15
2% 4
111
112%
29
29
70c 85c
10
1134
5
534
6934 73%
115
1
3331 333-4
100 10034
15
/f,
134
101
101
311 3%
2%
3
1394 14
1%
214
81c
Slc
53
53
454
4%
High.
/
4 AD
11
39,400 50o Aug
1% Mar
8,000 20c Mar
June
Dec 12
1
100
June
Oct 25
200 15
Sept
Mar 103
100 85
Nov
714 Apr 16
200
Nov
Mar 51
100 33
Dec 34
June
300 15
20 11334 Feb 165 june
Aug 983.4 May
10 94
534 May
234 Dec
300
2234 Nov
1,700 1915 Dec
Dec
2' 9934 Nov 102
200 1651 Dec 2134 May
1,500 1254 Feb 2034 Dec
10% Oct
451 Jan
2,900
214 Apt
Jan
5,700 45o
600 10634 Nov 109% Dec
Dec
12
Der
200 12
400 50c Jul%
394 Sept
July 111
May
80 95
334 Feb
114 Aug
1,000
Sept4
Feb
400
Dec
600 2534 Dec 27
6% July
134 Apr
3,300
May
Jan 242
985 158
June
Jan 72
2,200 51
631 Oct
4 1 1 Jan
309
Oct
Dec 67
100 66
2,000 16.1 Dec 2451 Oct
June
Jan 35
100 20
1% MaY
33c Dec
14,10
315 July
Dec
1,10
1
(let
10
133-4 Mar 27
Dec 4311 Dec
48,600 41
114
Daeyc
% 5i
1
12
‘
c
e
Do
7
54 N
4,800
2,100
Apr
7
200
234 Jan
I)ec
Apr 110
400 8f3
Dec 203.4 May
6
200
934 May
234 Dec
7,800
7534 Dec
20,600 2234 Jan
21% Dec
8% Jan
26,100
Aug
Dee
2„f,
200
7%
Mar
5,000
911 Dec
Dec
8
5,100
65,1 Dec
Dec
6
1,900
Nov
20 38934 Dec 402
Nov
Nov 10
9
100
1,200 56c May 99c June
Oct
Jan 266
950 169
Jan 6334 Sept
3,100 42
794 Aug 1534 May
800
June
Jan 40
600 24
7% Jan
100
294 Nov
Dec 10234 Dec
1,100 102
Oct
2734 Aug 41
3,00
Sept
Dec 101
10 100
3% Oct
2,300 800 Feb
Dec
354 May
2
• 200
May
7% Feb 21
40(
354 Feb 1534 May
5,100
Mar
Jan 45
700 25
Dec
17
Jan
200 10
May
100 4134 Dec 58
334 Aug 1154 Feb
2,300
Dec 3715 Sept
400 26
Sept
Nov 101
400 92
June
Feb 82
150 66
May
551 Dee 10
700
Mar
Oct 26
4
300
Mar
Oct 26
4
500
1,200 200 Aug 70c Aug
414 Dec
43-4 Dec
900
Dec
Dec
7
7
100
554 May
134 Apr
8,600
4% May
154 Nov
17,200
954 Sept 1335 Aug
2,800
1
Dec
7% July
100
534 Jan 2334 July
3,700
Dec
300 96% Dec 99
1
Dec
334 Sept
100
1,400 55,4 1)ee 5631 lIce
15
Dec
434 Nov
9,100
134 Feb
4
Dec
16,300
July 112% Dec
950 106
Mar 313.4 May
200 19
900 70c Dec
39-4 Jan
931 Dec 11% Dec
3,300
5
Dec
300
5% Dec
2,100 3334 Feb 7334 Dec
1
Oct
400
434 may
1,300 3311 Dec
30% Nov
Nov 1007-4 Nov
300 100
1,
4 Aug
4,000
154 Sept
Mar 107% June
100 99
20,200
234 Jan
654 Apr
9
3,700
Jan
3'% Mar
1,700 a1255 Sept 29
July
4,700 50e Mar
215 Dec
100 80c
Dec
334 Jan
200 33
Apr
65
Sept
100
3
Apr
434 Apr
Stocks (Goad.)---
2785
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Southern Coal & Iron _ _ _ 5
Standard copra Corp
Standard Motor Constr_10
Stutz Motor Car
Swift & Co
100
Swift International
15
Technicolor. Inc, w 1
Tenn Elec Pow,corn w 1_ *
Timken-1)a Axle new w 1_
Tob Prod Exports Corp_ _•
Todd Shipyards Corp_ _ _ _•
Triangle Film Corp v t c 5
Union Carbide & Carbon.*
United Profit Shar'g, new.1
Un Retail Stores Candy-•
U S Distrib Corp corn_ _50
U S Light & Heat.com _ _10
Preferred
10
Wayne Coal
5
West End Chemical _ _1
Willys Corp 1st pref_ _ _ 100
1st Dref ctfs of del)
2d preform!
Whither Motors, Cl A..*
Vgle
Tewne \ fe• new w I
Youngst Sheet& Tube corn*
Former Standard 011
Subsidiaries
koglo-ArnerIcan 011_ _ __El
Buckeye Pipe Line
.50
continental ()II
100
Crescent Pipe Line
50
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena Signal 011 corn 100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit
12 50
New York Transit_
_100
Northern Pipe Line__ _100
Ohio Oil
25
Penn-Mex Fuel 011
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
South Penn 011
100
Southern Pipe Line- _ - _100
So West Pa, Pipe Line_ _100
Standard Oil (Cal) new._25
Standard Oil (Indiana). _25
Standard 011(Han) new_ 25
Blair & Co receipts _25
Stand 011 (Ity) new
.-25
Standard 011 (Neb)
100
Standard 011 of NY new 25
Standard Oil(Ohio)corn 100
Vacuum Oil, new stock_ _25
310
3%
2111
27c
3%
211
1711
105
18%
10
14%
9,
A
9%
5
556
55% 53%
4c
63
5
5%
531
31
11f6
131
151
1%
2%
48c
26c
9%
954
6%
73,
1
25c
9%
954
57
72
76
18
86
150
44
162
2551
318
157
99
64
58%
11554
4234
123
46%
40%
33c 23,000
3,600
351
2% 4,900
000
18%
125
107
300
18%
100
10
200
14%
400
10%
3,900
6
700
5554
6,000
6c
100
63
3,400
551
5% 9,100
31
200
17
4 12,200
3,100
1%
2% 2.400
48c 57,000
10%
900
8% 2,500
25e
600
1,200
10%
200
57%
76
400
IN
18e
Sc
5c
25c
17c
3c
2%
29c
lie
5
Low.
270
3
2%
11
95
17%
13
10
9
3
52
4c
44
5
49-4
12%
750
96e
85c
26o
6
6%
5c
8
4954
64
17% 18
6,300 1651
8511 86%
780 rn83
149 152
300 125
43% 4534
360 28
9 115
164 165
98
99
20 79%
57
410 40
58
900 154
154
16334
90
315 84
91
2,300 24
25% 2714
130 132
50 p130
103 103
100 90
288 290
50 257
100 17
18
18
140 520
610 610
305 320
660 224
157 161
370 157
99 104
255 77
64
64
10 52
56)4 5934 9,970 55%
114% 117
52,200 8351
4115 4251
1,700 41
500 42
4234 4211
117 123
4,600 76
190 190
10 170
45
9,800 41%
4634
a261 a270
40 a261
40
4015 5,600 36%
Other 011 Stocks.
Allen Oil
1
10c
10c
15c
Ark Natural Gas, corn._10
8% 9%
Atlantic Lobos 011. corn...
6
631
6%
Boone Oil
5
3c
3c
Boston-Wyoming 011_ _1
92c
1
cari I) Syndicate
5
5%
531
Columbia Petroleum
700 70c
Creole Syndicate.. .....6
1% 3%
2%
Cushing Petroleum Corp.5
2c
2c
Darby Petroleum
1%
1%
Dominion 011
10
7%
731
Engineers Petrol Co
1
17c
17c
18c
Equity Petrol Corp,pref 10 1454
14% 14%
Federal Oil
t, 76c
75c 81c
Fensiand Oil
*
13
14
1354
Gilliland 011, corn__
•
23-4
2%
3
Glenrock 011
_10
V%
1
114
Granada 011 Corp cl A_ _10
2
48
14 52
2
Gulf Oil Corp of Pa w
4915
Hudson 011
L.__-1
10c
lie
Imperial 011 (Canada)coup 11434 110% 115
International Petroleum _ _• 2054
20% 20%
Keystone Ranger Devel_ _1
26e
26c
300
3
Kirby Petroleum
3
3%
Lamm Creek Royalties__ _1
3e
2c
3c
Latin Amer Oil Develop..1 62c
60c 62c
Livingston Petroleum
•
Lowry Oil Corp
.5
1% 95c
1%
1
34
Lyons Petroleum
67c 750
Mammoth 011, Class A_ _ _ _
4214 41% 43
Maracaibo Oil Explor__ _ _• 147-4
1234 15,4
Margay Oil
1
1
Marlaud 011
3%
3% 4
Merritt Oil Corp.
1
6%
834
Mexico Oil Corp
..10 95c
950
114
Midwest Texas 011
1
130
10c
Mountain & Gulf Oil
1
134
1%
1%
Mountain Producers._ _ _ 10 1751
4 50
4
16531
17
14
x
Mutual Oil
11%
New England Fuel 011_
47
New York Oil
161,5 18
Noble 011 & Gas
1 2%
20c 220
Omar Oil& Gas
10
134, • 99t, 134,
Pennok 011
10
911
99-4
Red Bank Oil
14c
12c
3u 14
1,i
Ryan Consolidated
•
4
Salt Creek Consol 011
1011
10
Salt Creek Producers__ .10 2134 2014 21%
Sapulpa Refining
5
3
2% 3%
Savoy 011
2% 3
5
Seaboard Oil & Gas
5
254 2%
2%
Simms Petroleum
• 1334
12% 13%
South Petrol & Refining
6c
Sc
Southern States Oil
16
18
7%
1834
Tex-Ken Corp
5
55c 60c
Texon 011 dr Land
1 30c
T1(1s1-0sage ()II
3
10c
% 3331
1034
Non-voting stock
10
10
Turman 011
111
_
- /
134, 95c
Ventura Cons 011 Fields_.5
27% 27%
Western States Oil & Gas_l
15c 22
Wilcox Oil & Gas
b
611
63-4
63-6
Woodburn Oil Corp
•
9c
200
7c 24e
"Y" Oil& Gas
1
9c
Mining Stocks.
Alaska Brit-Col Metals _10
Alvarado Mining & Mill_20
Arizona Globe
Belcher Extension
.10c
Big Ledge Copper Co_ _ _ _5
Olson Gold Inc
10c
Blackhawk Mining
Boston-Montana Corp_ _25
Canada Copper Co
5
Canario Copper
10
Candelaria Silver
1
Cash Boy Consolidated..!
Chief Consol Mining
Consol Copper Mines new.
Consol Nevada Utah Cop.
ContinentalMines. Ltd
Range since Jan. 1.
3,000
2,600
3,000
8,000
5.800
5,700
100
32,200
4,000
1,000
200
13,000
300
27,600
1,900
2,400
5,900
1,300
23,100
22,000
1.960
14,500
36,000
600
11,00
4,300
2,100
1,500
8,600
26,000
11,600
700
3,500
13,300
6,800
4,000
200
8,200
31,800
1,600
300
15,000
6,300
3,600
34,000
7,900
500
5,500
8,000
6,600
4,800
17,500
36,000
13,600
3,200
76,000
300
1,800
18,400
10
3,000
14,200
7,000
22,000
3,400
2
200
531,
11,000
18c
6c 22,000
Sc 21,000
250
7,000
17c
10,000
30c 282,000
3c
12,000
2% 8,200
32c 94,000
12c
5,500
511
400
4
7,100
Ile
7c
12,000
4% 5
4,600
4%
10c
Sc
40
24c
150
14c
2c
231
27c
12c
5
High.
Dec
254
Dee
3%
Dec
6
July 45
Jan 111
Apr 24%
Dec 2654
June 17%
11
Dec
Jan
1054
Nov SO%
50c
Nov
Jan 64%
9
Mar
8%
Jan
35
Feb
Jan
214,
Feb
Mar
351
Dec 87c
Mar 31
Dec 30
116
Dee
Dec
Dec 51
Aug 76
Jan
Dee
Apr
June
Sept
Sept
Sept
Oct
Nov
Feb
Feb
May
Oct
May
May
Oct
Apr
Apr
Sept
Jan
July
July
Jan
Dec
Nov
Dec
Jan
Nov
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Nov
Dec
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Jan
Nov
Jan
Nov
Nov
Apr
Jan
Nov
Dec
Nov
June
Nov
Oct
Dec
Dec
May
May
Apr
Nov
Apr
Nov
Nov
Oct
July
Oct
Dec
June
Nov
Dec
Nov
Oct
Dec
Nov
Dec
Oct
Oct
Nov
Nov
25
110%
152%
49
185
10354
62
198
III
31%
210
127
365
44%
750
320
249
110
7054
63%
135
42%
42%
129%
220
57
665
42%
15o Dec 60c May
8% Dec 13
Apr
6
Dec
1254 May
2e Nov
29c
Jan
570 Mar
754 Oct
31 Jan
94 June
50c
Oct
2% Mar
lq Nov
3% Sept
2c Dec
12c Mar
75e mar
1
T01,
734 Dec 11
Apr
13c Nov 72c
Jan
12% June
16
Oct
650 Oct
214 May
9
Mar 19% June
954 Apr
254 Dec
Feb
83o
1% June
Sept
1
3% Apr
48% Nov
71% Oct
Jan
50c Mar
7c
9734 Mar 13054 Oct
14
Mar 27% May
200 Nov
Jan
254 Nov
2654 Feb
2c June
10c
Jan
50c No, 62c Dec
1% Mar
79c Nov
1% Dec
254 Nov
Jan
1% June
58c
40
Oct 45% Nov
12% Dec 27% Mar
2% Jan
89c Nov
Jan
10
1
June
6% Oct 1454 May
700 Nov
4% Mar
Re June 38c
Oct
Jan
154 June
70c
19
954 Jan
Oct
5% Jan
1334 Oct
40
May 83
Sent
11% Mar 38
June
130
Jan 35c May
3
67c Mar
June
4% Jan
951 Dec
lie July
350
Jan
311 Dec
8% June
10
Apr
15
May
1214 Jan
21% Dec
211 Dec
5
June
2
5
Dec
Apr
800 Mar
314 Nov
811 Nov
1554 Dec
50
Dec $5
Jan
1234 Jan
23
Dec
2
42c Nov
Apr
I
May
30o Nov
10
Jan
1454 June
14
10
Apr
May
134 Oct
95c Dec
Jan 34
23
June
15c Dec 50c May
2% Jan
7
July
15c Nov
1
Feb
70 Aug 880
Jan
Jan
Nov
Dec
Mar
Dec
Nov
Dec
Dec
Sept
July
19c
Jan
4c
Feb
454 May
3
Nov
2c
Feb
454 Oct
3%
10c
2c
40
14c
10o
14o
554
8
lsc
90
290
27c
21c
5
65c
331
710
130
515
5
110
5%
Mar
Jan
Dec
Aug
Jan
Dec
Dec
Jan
Apr
July
Oct
Dec
Feb
Oct
Dec
Dec
••
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Mining (Concluded) Par. Price. Law
High, Shares.
OUMO
Range since Jan. 1.
Low.
High.
Copper Range Co
July
500 3834 Dec 43
3834 3834 3834
Cork Province Mines ____1
13c 15c 10,000 13o Dec 22e Aug
15e
CortezSilver..l
114 Oct
14
14 14 15,900 84o Jan
Cresson Con Gold M & M.1
Jan
3
234 Oct
254
4 234 2,300
29
Davis-Daly Mining
10
100
234 Nov
834 June
334 334
Dean Consolidated Corp-1 76e
70c 77c 18,200 860 Aug 770 Dec
Divide Extension
10e lie 14,000 100 Aug 210 Jan
1 Ilc
Dolores Esperanza
354 Aug
a
3,600 820 Feb
134 20
Dryden Gold Corp.
61c Dec
54c (31c 33,400 54c Dec
81c
El Salvador Silver MInes_l
lc
2c
2c 74,000
lc Dec 220 Aug
Emma Silver.
2c
1
2c
50 Aug
3c 49,000
lo Mar
Eureka Croesus
9,400 180 Jan 410 July
21c 28c
1 28e
Florence Sliver
1,000 15c Feb 380 Dec
37c 37c
Fortuna Con Mining
5o
21c 30c 225,000
30c
Oct 300 Dec
Gadsden Copper
1.38 Apr
200 590 Mar
70e 70c
Sc
Goldfield Consol Mines_ _10
3e Jan 12e Apr
Sc
6c
7,000
Goldfield Deep
30 Jan 1243 Nov
10c
9c 10c 78,000
Goldfield Development.. 343 June 600 Sept
6c
6c 20,000
4c
Goldfield Florence_
21c 25e 49,000
1 24c
90 July 300 Apr
Apr
Gold Zone Divide_
1
743 May 1043
8c
Sc
Sc
3,000
Green Monster Mining-50c
3c Dec 22o Mar
Sc
Sc
2,000
7c
Guanajuato M & M
10c 12c
10c
2,000 10c Dec 12c Dec
Hard Shell Mining
4e
.1
30 Dec 48o Mat
3c
Sc 46,000
Hamill Divide
10c
Sc Aug 18c June
6c 11,000
5e
Sc
Heels, Mining
.14 Jun
9
2543
Nov
700
734 8
Henrietta Silver
50e 55c
600 800 Aug 1.12 Oct
54c
Hilltop-Nevada Mining.,..
114 95c 106c
7,300 7543 June
134 July
Hollinger Cons Gold Mln _5
734 Jan
12
12
500
1434 Sept
Enwe Sound Co
3,100
234 Jan
234 23
334 Mar
1
234
Hull Copper
5c Dec 33c Mar
1,000
5c
5c
Independence Lead Mining 29c
Sc Jan
7643 Ma,
28e 30e 31,000
Iron Blossom Corn M._100 29c
9,000 16e Mar 380 Aug
28c 2gc
Jerome verde 1)evel
Feb
5
Dec
2
254 234
300
1
Jim Butler Tonopah
40 July 100 Feb
Sc
Sc
3,000
1
2c Jan
Jumbo Extension
1
Sc
5c
90 Aug
Sc
2,000
3e
Knox Divide
2e Dec
7c Aug
2c
7,000
_ 10c
1,000 19c Dec 6343 Mar
La Rose Consol
19c 19c
5
60
Lone Star Consol
lo Jan 140
Sc
Oct
Sc
9,000
1
4o Dec 140 Mar
7c 21,000
40
4c
1
MacNamara Mining
Marsh Mining
40 Jan 310 May
6,000
1
7c
6c
Sc
134 may
Oct
Mason Valley Mines_
1
1,700
_5
154 2
80 June 40o Apr
15e 20c
9,800
McKinley-Darragh Sav _1
National Tin Corp__--50e 25e
23e 29c 47,000 140 Dec 67o May
So Nov 52o Mar
14c 15c
Nevada Ophir
3.000
1
be
lc Nov
le
Nevada Silver Horn
14c Mar
5,000
100 15
Oct 20 June
17
New Cornelia
17
2
Jan
New Dominion Copper_ _ _5
4,500
354 Dec
2%
2% 3
100 173
334 141 June 17434 Dec
New Jersey Zinc
169 17354
New Ray 'Mines
220 22c
1,000 18e Apr 25c Apr
22c
Nipissing Mines
534 July
614 Mar
.5
5% 6
2.200
534
10 Me
Ohio Copper
60 Aug 603 Dec
52c 60c 132.300
Feb
1
Ray Hercules. Inc
1% 1% 15.000
1%
234 Jun
go Aug
Red Hills Florence
lo July
2c
5,000
2c
Etex Consolidated Mining .1
50 Jun 12o May
5c
6c 11,000
Richmond Cop M Ac Dev... 24c
20c 24c 24,000 203 Dec 30c Nov
Sandstorm Kendall
lo Aug
be
be
4,000
Oct
Sc
San Toy Mining
1
2e Nov 100 Mar
2c
1.000
2c
Seven metals
lc Dec
3c Feb
lc
1,000
lc
Silver King of Arizona
10 Dec
lc
be
Sc Oct
4,000
3c
Silver King Divide Reorg
10c 10e
8c Nov 20c Jan
3,000
Silver Mines of Amer__
Atte 20e Mar
16c 18e
18c
7,000 Inc
Silver Pick Consol
1
Sc
30 Sept 23e Mar
5c
3,000
I
Simon Silver Lead
30c 30c
1,000 290 Nov 900 Apr
South Amer Gold dz Plat_l
400
3% 334
334 Nov
634 Jan
Spearhead
lc May 190 Sept
70
5c
8c 33,000
Standard Silver-Lead.___1 •
24c 25c 15,000 100 Jan 2843 Dec
Stewart Mining
20 Jan 16o Apt
5e
5e
2,000
1
Success Mining
-I
lc Mar
44c 480 23.000
700 Oct
reek-Hughes
80c
8.400 200 Jan 990 Nov
75e 80c
Tonopah Belmont Dev.._ _1
174 1% 2,30)
We Jan
114 June
19I
Tonopah Divide
1 68e
68c 71c 19,200 46c Mar 960 Ai.
,
Tonopah Extension
1
34
114 Feb
314 4
414 Dec
16,000
Tonopah Mining..
2
46 2% 3,300
1,
134 Jan
2%4 Sept
5
Fri-Bullion S & D
7c
7e
50 Mar 26e May
1,000
Trinity Copper
14 July
100
3
Jan
134 134
1 48e
Tuolutnne Copper__
I
May
48c 63c 14,000 380 Nov
United Eastern Mining-- .1
1114
14 154 44,300
I% Apr
214 Inn
United Verde Extension_.1 27
27
2,100 2534 Oet 30% May
28
(IS Coot Mines, new
90 Oct 55e
19c
18c 18c
4,000
Jan
Unity Gold Mines
2% Mar
5
3% 3% 1,500
33.
54 Feb
100
Victory Divide
10 Nov
lc
1,000
le
(to Sept
West End Consolidated_.5
1% 1% 9,500 700 Feb
1.5 Mar
154
West End Extension MgSc
Sc
30 Nov
7e 20,000
8c
Oct
8c May 17e Jan
Western Utah Copper----I
3,000
9c 11c
3c Feb 180
White Caps Mining_ _ _ _100 10e
9c 110 12,000
Oct
1
lc Jan 15c July
Wilbert Mining
7c
2,000
7c
20 Apr
Verrington Consol
3c
Sc Mar
1,000
3c
14
14
100 14e 1)ec 20 May
Vukon-Alaska trust ctfs _
14 June
5
800 50c Nov
Vukon Gold Co
76e 80e
Bonds
killed Pack cony deb 65'39
Deb 6s etfs of dep
85 Series B w I. ____1939
klumlnum Mfrs 78_1933
1925
7s.
kmer Cotton 01165...1924
Imez G&E deb B 66_2014
kmer Lt dr True 65_ _ _ _1925
Without warrants
/Lm Republic Corp Sew 117
killer Smelt & Refin 58 1947
tmer Tel & Tel 6s_ .._ _1924
Lnaconda Cop Min 78_1929
6% notes Series A_ _1929
ALngio-Amer 0117%8_1925
Aamour& Co 7% notee1930
al Gulf & W 1 SS L 5s 1959
Seaver Board 8s _ _ _ _ _1933
lethiehem Steel 7s__ _1923
1935
Equipment7s
loston & Maine RR 6s_'33
1anadian Nat Rye 78_1935
)anadlan Paelllo 68.-1924
1941
:antral Steel 8s
1harcoal Iron of Am 8s1931
Iities Serv 78 Ser C_ _1966
1968
Deb 7s, Ser D
1oIum Graphophone Ets '25
Certificates of deposit__ _
Yons G E L & P Balt 65'49
1952
534s Series E
1931
7s
1941
lonsol Textile 88
:opper Export Assn 8a-'25
1924
8s
:ubatt Tel 1st 7%s...1941
3eere & Co 754s
.1931
1etrolt City Gas68.-1947
)etroit Edison 6s____1932
>unlopTdrRof Am 78_1942
'ed Land Bank 4 As_ _1942
lair (Robert) Co is _1937
;alena Signal Oil 75_ _1930
;eneral Asphalt 8s___1930
Wand Trunk Ry 6348_1936
lull 011 Corp 78__1933
lull 011 of Pa 56
1937
rocking Valley RR Se 1924
Food Rubber 7% notes'36
[Vol,. 115.
THE CHRONICLE
2786
10634
100%
9334
100%
103%
10334
105
52
69
10134
102%
101%
95
8934
20
1075-4
9734
101%
101
102%
96%
9834
104
9954
7634 S12,000
75
5434 543-4 2,000
8234 8334 4,000
10534 106% 16,000
1034 10334 14,000
97% 9754 3,000
9734 97% 38,000
1,000
110 110
10034 10034 30.000
8934 89% 1,000
93% 93% 6.000
100% 101% 89,000
103% 103% 63,000
101 101% 50,000
103% 103% 11.000
85,000
104% 105
56% 40,000
52
2,000
69
69
101% 101% 31,030
102% 10214 48,000
1,000
95
95
109% 110% 15.000
101% 101% 15,000
10,000
10534 105
9334 9534 11.000
1.000
94
94
10.000
8934 90
30
3134 9,000
7,000
30
20
103 10334 8,000
9934 914 22,000
10734 10734 4,000
0754 935.6 29,000
102% 10354 25,000
10,000
101% 102
105% 105% 2,000
101% 102% 22,000
100% 101% 31,000
101 102% 449.000
9654 97 515,000
100% 100% 94,000
9834 30.000
98
103% 103% 7,000
104 105% 13.000
104 105% 5,000
103% 103% 36,000
96% 97
38,000
100% 10034 9,000
9834 99% 38,000
Jan
59
5434 Oct
Feb
76
10234 Feb
10054 Jan
Feb
93
9634 Nov
96
Jan
100 May
Nov
86
92
Nov
NH Jan
10034 Jan
9634 Jan
10234 Jail
10134 Jan
50% Oct
May
61
10034 Jae
10034 Jan
Nov
95
104% Feb
9934 Jan
Feb
98
Dec
91
Feb
87
Mar
85
2234 Jan
Dec
20
9934 June
984 Nov
102% June
Feb
94
101% Nov
101% Nov
102% Jan
Feb
95
9934 Nov
Dec
10'1
9534 Dec
May
100
Feb
95
100% Jan
Nov
100
Jan
102
10234 Jan
9634 Nov
100% Apr
Jan
95
90
Apr
67 Sept
9954 May
Aug
107
103
Aug
elm J uly
10034 Oct
112
Oct
10134 Aug
934 Aug
9344 Nov
10134 Apr
10434 Aug
10234 Aug
10434 Aug
10534 July
6834 may
Sept
81
10634 Aug
108
Aug
9534 Nov
112
Aug
101% Jan
Sept
108
99% Apr
98
Sept
9234 Nov
Mar
49
Mar
40
10734 Sept
10134 Sept
Sept
110
1004 June
Mar
105
111334 A pr
107% June
103
Aug
Sept
103
Nov
105
9734 Dec
101% Aug
100 MaY
Sept
107
Apr
107
108% Aug
10454 May
9734 Dee
Sept
101
102
Aug
Last Week's Range for
of Prices
Sale.
Week.
Bonds (Concluded) Par. Price. Low. High. Shares.
Interb R T 8s J PM recta_
Certificates of deposit __1922
7s class A
Kansas City Pow & Lt 58'52
Kansas Gas & El 6s__1952
Kennecott Copper 78_1930
Laclede Gas Light 7s_ _-Libby McNeill&Libby78'31
Liggett-Winchester 78_1942
Louisv Gas& Elec 5s__1952
Manitoba Power 78_ _1941
Missouri Pacific Ry 6s 1949
Morris & Co 7%s...-.1930
Nat Acme Co 7443. .1931
Nat Cloak & Suit 88__1930
National Leather 8s__1925
N Y NH & H 7swi__1925
500-franc bonds
1952
Ohio Power 55
Penn Power dr Lt 5s_ _1952
Philadelphia Elec Se..1941
1947
5%s
Phillips Petrol 7348...1931
Without warrants
Public Serv Corp 78 w 11941
Sears. Roebuck & Co 78'23
Shawsheen Mills 78_ _1931
Sheffield Farms 6345_1942
1927
Solvay & Cie 85
South Calif Edison 5s_1944
Southw Bell Telep 78_1925
Stand 011of N Y deb648'33
7% serial gold deb_ _ 1925
7% serial gold deb_1926
7% serial gold deb_1927
7% serial gold deb_ _1928
7% serial gold deb__1929
7% serial gold deb__1930
7% serial gold deb_ _1931
1931
Sun Co 75
Swift Ac Co 78_Aug 15 1931
5s. when Issued_ _ 1932
Tidal-Osage Oil 7s.._ _ 1931
United 011Produo 88_ _1931
United Rys of Hay 7348'38
1937
Vacuum 011 (Is__
1937
Valvoline Oil 6s
1937
Wayne Coal 68
97
96
9034
105
101
9134
1013.4
80%
90
90
103
104%
10054
9254
102%
10154
104%
10654
107
10754
10454
109
101
102%
9354
1075-4
10154
Range since Jan. 1.
Low.
High.
NU
95%
100%
9034
9834
105
101
100
1013-4
91%
97
97%
10634
945-4
105%
101%
80
68
90
8814
105
10134
97
97
10034
9034
9734
10554
101%
10154
101%
91%
973-4
9834
106%
953-4
1054
101%
81%
683-4
9034
90
105
10134
12,000
79,000
1,000
50,000
29,000
44,000
38,000
18,000
1,000
65,000
18,000
19,000
6,000
53,000
1,000
12,000
126,900
29,250
19,000
33,000
8,000
8,000
72
8934
10034
90
96
10134
9434
9854
9834
91
89
9734
1024
92
95
9534
77
6434
8954
873-4
10034
99
Jan
July
Dec
Nov
Nov
Jan
Feb
Apr
Mar
Dec
Jan
Dec
Jan
Mar
Jan
Jan
Mar
Mar
Dee
Dec
Jan
June
9834
9834
1004
9334
99
106%
103
10214
10434
91%
100
1005-4
107
100
106
102
9234
78
9334
93
106%
103
Dec
Oct
Dec
Sept
Oct
Jan
Aug
Sept
Sept
Nov
May
Oct
May
Sept
Sept
Oct
May
Mar
Nov
Oct
SeD1
Sept
101%
103
10134
10434
100
105
923-4
102%
10634
103%
10454
105%
1063-4
10734
103
109
101
109%
9334
103
1003-4
10:5%
107%
101%
7374
103%
10354
101%
1013-4
100%
105%
93%
102%
107%
10414
105%
10534
107
1073.4
105%
109
101%
1023-4
93%
103
101
106
107%
10154
7334
23,000
29,000
23,000
16,000
30,000
16,000
40,000
110,000
31,000
26,000
13.000
12,000
10,000
3,000
37,000
10,000
10.000
15.000
78,000
1,000
48,000
12,000
36.000
11,000
6,000
99
9634
97
101
100
1023-4
92
100%
105%
103
104
10454
105
105
106
10734
9834
101
9234
9934
90
100
106
9844
50
Feb
Feb
Jan
Jan
Dec
Jan
Dec
Jan
Mar
Oct
Jan
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Oct
Jan
Feb
Jan
Jan
July
Jan
104%
1053-4
102
10634
101%
10734
95
104%
109%
108
106%
107
108
109
109%
11 1
103
10334
9734
106
110
108
109%
102
78
May
Sept
Apr
Sept
Sept
July
Nov
Aug
July
Allft
Sept
May
Sept
Aug
Nov
July
Sept
Apr
Sent
Sept
Apr
Aug
Aug
Oct
Sept
Foreign Government
and Municipalities
713.. 1923 1005e
Jan 10134 Aur
993-4 10054 169 000 97
5% Jan
25c
280 0100000 22e Dec
20e
541 Mar
20e 51,000 20o Oct
!Hamburg 4445
1946 3934 3834 40 136,000 3434 Apr 524 Apr
Mexico 45
Sept
13
3s
107-4 10% 5,000 1054 Nov
Nov 23 June
15% 1574 5,000 14
5s.
July 5634 Sent
5454 55
15,000 50
5s10-year series B
Nettteriands(Kingd)8015'72 9836 97% 98% 310,000 94 Sept 9954 Dec
Nov 10034 July
97
7,000 96
98
Peru (Republic)85 wi_1932
10
11
954 Dec 3034 Apr
24.000
Russian Govt 6548 _1919
Certificates
9% Dec 2654 Apr
1074
93-4 1054 83,000
Apr
1034 21.000
Russian Govt 5%s____1921 1034 10
934 Dec 2$
Apr
Certificates
934 Dec 28
93-4 1054 35,000
Switzerland flovr 5%81929 103% 109 1033X 119.000 9544 Jan 107t4 Mar
1* Odd lots. * No par va ue. 5 Dollar per 1,000 marks. a Ex-100% stock dividend. g Marks. k Correction. m Dollars per 1,000 lire flat. I Listed on the Stock
Exchange this week, where additional transactions wil be found. b Ex-special
dividend of $23. fl Ex-extra dividend of $20. o New stock. p Expspe?lal dividend
of 530 and regllar dividend of $3. w When ismed. .r Ex dividend. y Ex-rights.
z Ex-stock dividend.
krgentine Nation
1 Berlin 45.
CURRENT NOTICES.
-John Muir & Co., 61 Broadway, New York. announce that Charles W.
Lee has be7-ome associated with them in their bond trading department.
-The Equitable Trust Co. of New York, has been appointed transfer
agent of the Preferred and Common stock of the West Penn Company.
-The American Trust Co. has been appointed transfer agent and
registrar of the common stock of George K. Culp, Inc., of Maryland.
preferre
-Bankers Trust Co. has been appointed transfer agent for the
and common stock of the National Supply Co. of Delaware.
stock
capital
the
-Bankers Trust Co. has been appointed registrar for
of Standard 011 Co. of New York.
shares
500,000
-The Chase National Bank has been appointed registrar of
of Common stock of the Coco-Cola Company.
appointed
-The Equitable Trust Company of New York, has been
registrar of the stock cf the Vacuum Oil Company.
transfer agent
-The New York Trust Company has been appointed
of the National Reserve Drilling Corp. Common stock.
New York City Banks and Trust Companies.
Au prices dollars per share.
Ask.
I Bid Ask Trust Co.'s Bid
&inks
Banks-N.Y. /344 Ask i
or.k_
icaTn.
ets
Ner
America'.... 213 219 1Harriman _ ___ 375 385 Am
....
590
....
Trad__
&
Imp
1
304
. 24
.:
k
b1395
ar
ryElo
Y
143:I Industrial* __ 105 iii - Bank of N.Y
r
A itete
B
:
& TrustCo_ 4r0 460
440 ___ Irving Nat of
Bowery*
240 245 Bankers Trust 375 380
BroadwayCen 130 145 i N Y
Manhattan •_ 1148 152 Central Union 438 444
0
15
Bronx Borns- 15
31_9_ _
Mecb & Met_ 4o1 407 Columbia...- 314 .
Bronx Nat..freerctal_. 115
nmpin
ao
1 70o ii6 c
Bryant Park• 155 iii- Mutual*
Butch & Drov 130 138 Nat American
-._8._1t_ _6 1
11710
Cent Mervin_ 210 225 National CR) 5ii- 338 Equitable Tr. 13
335 345 New Neth*. 125 135 Farm L & Tr_ 505 515
Chase.._
210
___
Inter.
Fidelity
•
Pacific
300
2t9
254
Phen_
Chat &
245
445 450 Fulton
Chelsea Exch. 100 110 Park
1270 290 Guaranty 'Tr_ 219 iii Chemical _ _ __ 540 550 Public
190
Hudson
345
335
_
_
_
Seaboard_
222
213
Coal & Iron_
_ Standard •__ _ 305 313 Law Tit & Tr 216 225Colonial *__ 325
315 340 Metropolitan_ 300 310
Columbla*__ 220 ill) State*
Commerce-- 296 300 Tradesmen's• 200 ._ _. Mutual (West
cheater) _. 116 130
Com'n wealth* 220 235 236 Ward•.. _ 270 300
N Y Trust__ 348 354
Continental__ 135 145 United States* 165
Gu & 'Tr 335 345
Title
__
---__
ills
Wash'n
• 210
Cora Exchl.._ 435 440
500 ... _ U S Mtg & Tr 314 322
Cosmop'tan 0_ 90 ____ YorkvWe *
States 1201 1225
United
East River..-. 180 - -Fifth Avenue* 1000Brooklyn
195 2E1:5- Coney Island* 155 165
Filth
Brooklyn
320 355
2i0 1.2_4_3__
12
chanics'• 128 138 Brooklyn 'Tr. 465 530
Mrest
Fi
GF17.8arftleld
County 750 -Kings
_
_
_
150
•__
Montauk
187
0
8
17
Gotham .._ 2
225 240 Manufacturer 260 __
.. _ . Nassau.
Greenwich
Psople's. _ .... 3C5 ---665 675 People's.... 160
Eianover
Ex-dividend y Ex-rights
•Ranks marked with 40)are State banks. 4 New stock. s
and Surety Companies.
New York City Realty
dollars per share.
,4II prices
Bid
Alliance R'Ityr 83
Amer Surety. 84
Bond & M G. 265
City Investing 65
Preferred.. 93
I New stock.
Ask
88
270
68
96
Lawyers Mtge
Mtge Bond..
Nat Surety-.
N Y Title &
Mortgage__
Bid
158
117
200
164
Ask Realty Assoc
(Brooklyn).
163
123 U S Casualty_
208 U S Title Guar
West Chester
Title& M
172
Bid
160
24;0
100
193
Ask
165
110
2787
Inuestutent an gailitaatt intelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
*an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
14.796 198,116 1,821,853 1,391.816
Akron Canton & Y'n October
Alabama & Vicksb_ October
270,802 367,190 2,470,525 2,817.535
2d wk Dec
Ann Arbor
96,033 103,946 4.809.016 4.902,027
19861 746 18691 589 153656745 158448 159
Atch Topeka & S Fe October
Panhandle & S Fe October
888.765 1,025.406 6,455.816 8,012.410
Gulf Colo & S Fe_ October
2,571,774 2,564,951 19,158,857 25,056,542
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
307.113 288,966 4,106,416 4,163,201
Atlantic City
Atlantic Coast Line_ Octooer
6,118,955 5,543,204 57,583,462 55,333,540
19702229 19045952 160049024 167216 726
Baltimore & Oh lo_ _ October
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
88,695
12.189 • 7,104
Bellefonte Central October
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
181.328
Bingham & Garfield October
27,094
11,302
Boston & Maine... October
7,474,118 7,314,654 65,949,045 65,245,877
Bklyn E D Term_ _ _ October
123,582 121,066 1,309.776 1.099.893
Buff Roch & Pittsb_ 2d wk Dec 506,386 190,069 15,665,852 14,936,948
Buffalo & Suse
October
175.348 221,281 1,213.120 1,706.813
Canadian Nat Rys_ 2d wk Dec 2,485,839 2.634,323 114816535 120604824
Canadian Pacific.... _ 2d wk Dec 4,113,000 3,811,000 173514000 180532000
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
Central Vermont_ _ _ October
791,590 676,838 6,006.912 5.933.207
'Charleston & W 0._ October
267.945 297.780 2.688,061 2,751.618
Ches & Ohio Lines.. _ October
6.693,743 7,597.616 69.198,700 71,571,929
Chicago & Alton_
October
2,439,707 2,958,277122,136,817 26,028,751
Chic Burl & Quincy_ October
17093728 169935751134239029 141724841
Chicago & East Ill October
2.371,433 2,701,931119,936,499 22.826,018
Chicago Great West October
2,345,274 2,383,312'19,925,452 20.631.130
Chic Ind & Loulsv Octoner
1.524,651 1,401.638113.111,981 12,726.479
Chic Milw & St Paul October
15888955 14989444 128434131 123609668
Chic & North West_ October
14864079 14630349 121255715 123335924
Chic Peoria & St L.. October
178,033 207.8341 1,747,642 1.738.359
3,090,920
Chic River & Ind_
October
632.595
,
Chic RI & Pacific October
11249 119 12515947 98,841,937 111753 215
Chic R 1 & Gulf October
505,847 611,724 4,813,60 6.475.952
Chic St P M & Om_ October
2,537,965 2,877.077 23,146,827 23,694,228
(line Ind & Western October
460.556 368,032 3,538,558 3,058,293
Colo & Southern
October
1.200.578 1,336,780 10,819.039 10,973,339
Ft W & Den City_ October
953,246 1.115.749 7,848,756 9,471.516
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
338.9914 349.345 2,929,832 2.370,680
Dui & Iron Range.._ October
732.705 415.027 6.317,042 7,782.240
Dub Missabe & Nor. October
1,775,056 1,313.326 13.687,250 12.086.035
Duluth So Sh & Atl_ 2d wk Dec
84,333
71,496 4,215,280 4,270,602
Duluth Winn & Pac October
170.997 190,718 1,642.707 1.988,733
East St Louis Conn_ October
192,530 168.038 1.697,976 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
Erie Railroad
October
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
Glov
Fonda Johns &
October
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 1,295,385 2,283.509
Georgia Railroad..... October
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 2d wk Dec 2,075,228 1,717.516 101146 700 98,880,444
A ti & St Lawrence October
239,532 175,949 2,257,076 2,283,993
ChDetCanGT.Ict October
208,583 205,813 1,837,427 1,644.072
Det G H & Milw_ October
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
Great North System October
11605480 12289463 84,415,554 82,967,604
Green Bay & West_ October
124,989 136,407 1,136,245 1,175,599
Gulf Mobile & Nor_ October
403,782 391.012 3674369 3,409,190
Gulf & Ship Island_ October
248.738 278.205 '2:464.983 2,403.483
Hocking Valley_ _ _ _ October
1,503,820 1,655.527 11.174.715 12,079,665
Illinois Central Syst October
15595017 13967300 126023025 118916572
Illinois Central_.. _ _ October
17692382 16096962 141709033 135926186
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
Kan City Mex & Or October
102.335 148.376 1,109,348 1,537,504
K0 Mex &0 of Tex October
145,656 209,434 1,226,105 1.823,201
Kansas City South_ November 1,821,821 1,674,058 18,407,565 29,185,393
Texark & Ft Sm October
221,625 198,700 1,736.564 1,859.729
Total system_
November 1,828,828 1,679,068 18,407,564 20,185,393
Kan Okla & Gulf::: October
275,280 220,080 2.362.475 1.930,645
Lake Sup & Ishpem_ October
122,872
378.528
97.428 1,020,337
Lake Term Rv
October
100,498
879.486 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
Lehigh Valley..
October
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 & Nashv _ October
10622310 11317193 100757 149 98,980.898
Louisv Hend & St L October
299.341 268.165 2,723,475 2,424,924
October
Maine Central
1,697,855 1,898,453 16,967.159 17,401.922
October
Midland Valley
142,836 442.230 3,845.482 3,754,45
2d wk Dec
Mineral Range
7,140
2,279
300,151
263,273
minneap & St Louis 2d wk Dec 338,843 335,307
652,504
616,001
ROADS,
Latest Gross Earnings.
Week or
Month.
Current
Year.
I. an. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Minn St P & S S M.October
5.025,351 4,533,766 38,322,298 35,894.684
Mississippi Central_ October
966.725
135,462 136,416 1,231,253
Mo & North Arkan October
491,781
128,802
Missouri Kan & Tex October
3.218,571 3.130.751 25,939,290 28.129.286
Mo K & T Ry of Tex October
2.392.221 2.652,735 17,531,249 22.851.279
Mo Kan & Tex Syst October
5.782,994 6.024,768 44,749,706 53,359,848
Missouri Pacific_ __ _ October
9.187.213 10690338 82.310,143 92,725,126
Mobile & Ohio
2d wk Dec 420,153 364,448 17,106,958 17,399,201
Columbus & Greenv October
145,914 178,053 1,270,384 1,276.625
Monongahela
October
382.016 545.576 2,900,122 3,522,058
Monongahela Conn_ November
727.267
167.910 1()7,114 1,512,598
Montour
809,625 1,230,135
October
213,355 121,681
Nashv Chatt & St L October
2,159,604 2.007,571 18,286.321 17,590,850
Nevada-Cal-Oregon 1st wk Dec
409,698
9,173
6.299
311,303
Nevada Northern October
290,901
76.176
463,411
27.388
Newburgh & Sou Sh October
171,051 186.318 1,587,065 1.147.838
New Or! Great Nor.. October
227,741 220.116 2,111.704 2.150.807
N 0 Texas & Mex October
329,184 304.780 2,290,616 2,220,631
Beaum S L & W October
207,990 183,603 1,677,317 1,830,612
St L Brownsv & M October
375,316 459,038 4,334,677 5,070.566
New York Central October
35733437 30385680 291754285 282994130
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 10ctober
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
N Y Connecting.._ _:October
313.430 254,984 2,459.237 2.828,389
NYNH& Hat
_'October
11542713 10659735 101487 175 96,235,391
N
Ont & Western October
1,106,625 1,112,052 10,300,579 12,055,548
N Y Susq & West October
431,782 380,933 3,364.808 3.596.496
Norfolk Southern.._ October
770.714 757,180 6,893.007 6.626.264
Norfolk & Western.. October
7,302,396 7,249,808 76,637,774 66,602,096
Northern Pacific_
October
10005134 11027033 78,299,89078,117,319
Northwestern Pac October
791.157 911,622 6,817.526 7.389,364
Pennsylv RR & Co.. October
62950906 55678009 529497176 515281433
Bait Ches & Atl October
130,886 119,345 1.354,628 1,404,029
Long Island
October
2,608.127 2.435,866 26,195,602 24,560.654
Mary Del & Va__ October
101,979
996.696 1.073,212
98,970
Tol Peor & West_ 1st wk Dec
28,302
25,514 1,405,299 1,445,965
W Jersey & &ash October
1,168,692 974,731 12,058,932 1„
Pennsylvania Syst__ October
6'7176453 59538597 572213174 555804114
Peoria & Pekin Un_ October
180,995 164,576 1,500,624 1.399,427
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
Phila & Reading
October
8,862.560 7,948.308 64.554,342 70,705.677
Phila & Western.._ _ November
744,059
70,664
752,596
66,033
Plash & Shawmut October
69.836 136,845
835,478 1.059,916
Pitts Shaw & North October
991.018
146.162 111,535
976.926
Pittsb & West Va.. October
252,064 271,925 2,301.210 2.366.082
Port Reading
October
169,059 202,146 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 Isi October
305,303 398,373 2,594.241 2.847.628
St Louts 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
158,031 173.923 1,406./485 1.615.993
St Louis Southwest_ October
1,842,404 1,834.219 14,714.201 14.193.392
St L S W of Texas October
796,552 844,183 6,156,746 3.396.575
Total system_
2d wk Dec 594,790 502,668 25,185,040 24,546,314
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 36.938,134 35.535.577
Southern Pacific...,.. November 24099331 21939010 239082507 249272295
Atlantic S 8 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 7,260,152
Texas & New Orl_ October
772,937 834,927 7.171,702 7,184.058
Southern Railway 2d wk Dec 3,575,914 3,124,852 156328859 159918088
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 On & Nor E. October
483,270 554,087 4.361.453 5,328,090
Northern Ala_ _ _ _ October
151,334
728,331
84,977 1,141.307
Spokane Internat'l_ October
980,494 1,081.652
116,241 105,188
Spok Port! & 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
264,313
1,877,872
Term RR Assn ofStL October
398,633 473,881 3.723,526 3,778,688
St L Mer Beige T.. October
459,475 384,155 3,244.736 3,047.411
Texas & Pacific.......2d wk Dec 737,409 702.254 29,519,540 25,108.416
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 30.572.604
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
160,688 127,77 1,404,635
980,318
Vicks Shrev & Pac October
326.914 388,345 2.498,652 3,457,322
Virginian Railroad.. October
1,523,991 1.585,595 16,066,983 15,452,432
Wabash RR
October
5,000,891 5,621,494 47,741.878 49,982,567
Western Maryland_ 2d wk Dec 442,337 335,182 17,589,423 16,906,703
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.
ireekly Summaries.
Current
Year.
1st week Oct (14 roads)____
2d week Oct (13 roads)....-3d week Oct (16 roads)._
4th week Oct (18 roads)____
1st week Nov (16 roads)____
2d week Nov (18 roads) ____
3d week Nov (18 roads)---4th week Nov (15 roads)..-1st week Dec (17 roads)____
npr (17 rnads)
3
16,190,387
16,543,468
17,532,597
24,891,958
17,499,048
17,766,169
16,860,574
15,338,192
15,442,132
15.477.466
Previous
Year.
Increase or
Decrease. 1 %
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
I
Mileage. Curr.Yr. Prev.Yr.
3
3
15,582,759
+687.628 4.44 January ____235,395 234.636 393.812,329 469,115,808 --75.303.279
15,361,125 +1.182,343 7.69 February ___235,625 234.880 400,430,580 405,203.414 -4,772.834 16.01
1.18
+885,219 5.32 March
16,646,378
234.986 234,202 473.433.886 457,374.460 +16,059.426 3.51
23,710.585 +1.181,373 5.40 April234,955234,338 416,240,237 432,106,647 -15,866,410
3.67
16.159,779 +1,339,2691 8.29 May
234,931 234.051 447.299,150 443,229,399 +4.069,751
15,880,145 +1,886.024 11.87 June'
235,310 234,568 472,383,903 460,007,081 +12,376.822 0.92
2.69
15,153.422 +1,707,152 11.26 July
235.082 234,556 442.736,397 462,696,986
13,967,120 +1,334,972, 9.95 August
235,294 235,090 472,242.561 504,154.065 -19.960.589 4,31
6.35
13,397,109 +2,045,023115.26 September.. _235.280 235.205 498,702,275 496,978.503 -31,911.054
+1.722.772 0.33
+554.6341 3.72 October _ _ _ _33'1.872 232.882 545,759.206 532.684.914 +13.074.292
14.922.832
94.c
*Grand Rapids & Indiana and Pitts. One.011ie a; 8$. Louie included in Pennsylvania EE. z Lake Erie & Western includad in New York Oantrai
2788
[VOL. 115.
THE CHRONICLE
Latest Gross Earnings by Week.-In the cable :hich
follows we sum up separately the earnings for the first week
of December. The table covers 17 roads and shows 3.72%
increase over the same week last year.
1922.
1921.
Increase. Decrease.
$
$
Ann Arbor
96,033
103,946
506,387
Buffalo Rochester & Pittsburgh
316,317
Canadian National Railways_ _ _ 2,485,839 2,634,323
Canadian Pacific
4,113,000 3,811,000
Duluth South Shore & Atlantic_
84,333
71,496
Grand Trunk Ry System
Canada Atlantic
2,075,228 1,717,516
Detroit Grand Hay & Milw_
Grand Trunk Western
7.140
2,279
Mineral Range
1
Minneapolis & St Louis
338,843
335,307
Iowa Central
420,153
Mobile & Ohio
363,448
St Louis Southwestern
594,790
502.668
Southern Railway System
3,575,974 4,027,096
737,409
Texas & Pacific
702,254
Western Maryland
442,337
335,182
Total (17 roads)
Net increase (3.72%)
$
__ _
196;070
302,000
12,837
$
7,913
148,484
357,712
4,861
3,536
56,705
92,122
451.122
35,155
107,155
15,477,466 14,922,832 1,162,153
554.634
607,519
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- -Nei after Taxes-9122.
1921.
1921.
1922.
1922.
1921.
Kansas City Southern449,095
375,093
November _ 1,828,828 1,679,068
331,679
269,685
From Jan 1_18,407,564 20,185,393 4,683,462 5,466,603 3,484,203 4,485,324
Monongahela Connecting Ry107,114
171
22,270
167,910
November
-2,366
20 322
197,871
727,267
9,317
FromJan 1_ 1,512,598
173,899 -10,413
Phila & Western66,033
70,664
31,682
30,061
November
16,621
16,863
744,059
336,796
From Jan 1_ 752,596
294,767
170,629
126,985
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current Precious
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
16
$
$
$
Adirondack Pow & Lt November 557,786 458,887 *5,610,166 *4,773,846
Alabama Power Co__ November 641,490 414,161 *5,593,473 *4,504,954
American Pr & Light_ October
2274,9392144,898 *25970406 *25696520
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 November
98,899 85,177 *1,278,391 *1,113,097
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 3185,930 37,715,045 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
Binghamton 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
Boston"L" Railway_ November 31488700 29175959 z145166757 z13591897
forazthou Tr, Lt & P.. August
17168000 15744000 126338000 111420000
Bklyn Rapid Transit_ October
3004,045 2800.910
Brooklyn City RR.._ _ November 963,982 917,279 z4,861,766 z4,685,461
13klyn Heights(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
445,148
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.._ __ November 1183,019 1176.893 t14564749 t14094814
City Gas Co, Norfolk. November
77,801 77,387
825,578
826,300
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
October
87.430 69.398 *1,004,066 *1,045.254
Colorado Power
Columbia Gas & Subs November 1716,407 1473,126 16,615,967 13,710,799
September
Columbus Electric
165,851 156,980 *1.923,5C9 *1,687.282
Com'with 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 *3,254,501
Dayton Power & Lt July
311.857 295,485 2,508,362 2.380409
Detroit Edison Co...... November 2466,557 2163,304 23.643,063 21,012,304
Duluth-Superior Trac September 146,659 143,220 1,293,941 1,340,580
DuquesneLtCosubsid October
1620,539 1290,012 13,771,551
East St Louis & Sub September 333,243 287.201 *3,611,154 13,275,154
*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.... November 118,334 96,135 1.042,988
901,965
Fall River Gas Works October
98,258 95,287 *997,127 *1,019,753
Federal Lt & Trac Co October
422.391 404,723 4,058,723 3,953,863
Fort Worth Pow & Lt October
236,435 221,973 *2,494,906 *2,702,617
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
Havana El Ry,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
Honolulu Rap Trans_ October
82,785 81,359
804,443
781,738
Houghton Co Elec Lt October
45,935 46,721 *547,376 *579,374
Hudson & Manhattan November 938,391 901,167 10,013,037 9,550,295
Hunting'n Dev & Gas October
104,607 81,095 1,180,392 1,075,510
Idaho Power Co
October
186,406 166,285 2,424,076 2,279,100
Illinois Traction
October
645,358 633.203 5,607,883 5,994.254
Indiana Power Co
June
58,632 60,590
763,318
846.303
Interborough Rap Tr June
4322,480 4387,39835,197,947 28.062.543
Kansas City Pr & Lt.. November 760,856 661,648 *7,742,801 *6,783,558
Keokuk,Electric Co October
34.015 32,748 .383,818
371,4/4
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 1,979.426
Lexington Ut Co&Sub September 104,505 103,032 *1,093.312 *1,092,349
Long Island Electric.. June
36.644 36.636
162,977
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
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
CUrrent Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
.
$
$
$
$
8,744,615
Market Street Ry___ November 803.710
281,520 223,842 *2,835.917 *2,707,424
Metropolitan Edison.. October
Milw Elec By & Light October
1667,185 1547,643 *19017672 *18911496
Miss River Power Co_ October
228,495 229,780 *2,889,278 *2,774,482
Munic Serv Co & Subs September 346,186 196,646 *3,004,417 *2,550,279
325,355 310.854 "3,975.128 *3.743,143
Nashville Ry & Lt Co June
310,463 266,983 *3,367,723 *3,123,016
Nebraska Power Co.._ October
Nevada Calif Electric October
249.680 253,518 *3,324,200 *3,168,249
2,687,320 .,
283,598
New Bedford G & Lt.. October
New Eng Power Sys_ September 477,737 455,221 *5,596,282 *5,439,828
NJ Pr & Lt & sub cos October
67,006 50,474 *656,837 *479,930
Newpt News & Hamp
176,083 178,857 1,744,778 2,216,043
Ry, Gas & El Co.._ October
295,135 349,701 3,269,292 4,428,920
New York Dock Co.._ October
874,411
803,059
N Y& Harlem(City L) June
127,493 143,103
278,450
50,884 54,109
275,457
New York & Long Isl_ June
616,631
63,678 114,578
N Y & Queens County June
581,678
June
824,322 847,788 4,598,609 4,710,075
N Y Railways
272,520
4.2,064 46,376
261,005
• 5N1nth Avenue RR June
Nor Caro Public Serv September 102,444 96,473 1.389,056 1,282,427
gor Ohio Elec Corp October
817,838 701,569 *9,120,681 *8,912.011
'Tor Ohio Trac & Lt October
814,834 694,002 7,569.543 7,144,204
45,168 44,690 *467,613 *476,466
Nor W Ohio Ry & Pr_ October
273,076 297,927 "3086435 *3,664,983
Nor Texas Elec Co_October
257,343 247,869 *2,989,246 *2,837,512
Pacific Power & Light October
_ October
48,475 43,956 *552,710 *523.210
Paducah
Electric_- October
& Lt Co
47,738 49,005 *582.614 *582,689
Palmetto Pow
Penn Central Lt &
Power Co & Subs September 236,439 183,789 *2.347,211 *2,250,518
253,072 211,625 *2,567,748 *2.527,159
Penn Edison & subs October
Phila. Co Subs and
1057,581 923,659 11,168,808 8,150,522
Natural Gas Cos October
72,358 70,253
769,932
647,119
Philadelphia Oil Co.... October
73,691 74.360
681.932
678,026
Philadelphia & West_ October
Philo Rapid Transit.. _ November 3694,545 3487,908 38,647,717 38,619,508
83,164 69,679 *824,998 *789,721
Pine Bluff Co.. __. October
276,067 264,276 *3,357.733 *3,377,023
Portland Gas & Coke.. October
843,381 811,185 *10022177 *9,985,720
Portland By,Lt & P.. October
'ub Ser Corp of N J_ _ November 6950,081 6463,674 t78179368 t75283802
878,635 819,944 *10351213 *10086462
'1.1get Sd Power & IA_ October
243,265 249,839 *2,934,337 *2,993,412
lead Tr&LtCo&subs October
719,918 570,061 *7,793.408 *7,568,619
lepublic Ry & Lt Co_ October
71,384 74,205
373,053
244,276
lichmond Lt & RR June
49,787 52,474 *569,830 *569,646
lutland Ry,Lt & Pr_ October
423,634 277,037 1,522,444 1,912,798
It L Rocky Mt & Pac June
57,178 59,230 *758,584 *717,410
landusky Gas & Elec October
136,638
*1.612.103
lavannah Elec & Pow October
15,294 15,725 *183,872 *192,441
Iayre Electric Co...... _ October
484,215
457,181
June
91,005
89,849
Avenue
lecond
32,233
37,638
2,975
3,735
7th St Incline Plane.. October
78,464 72,118 *894,730 *862,714
Iierra Pacific Electric October
1458,635
*16708073
*16328916
October
1453.428
Edison
louthern Calif
71,368 65,486 x773,028 z681,289
Iouth Canada Power_ August
904,399 884,464 *9,672,089 "10165464
Iouthwestern Pr & Lt October
153,649 136,915 *1,772,657 *1,695,595
:`ampa Electric Co October
280,481 291,853 2,702,306 3,005,842
'exas Electric Ry.... October
473,691 465,020 *4,792,448 *5,074,242
7exas Power & Light.. October
'bird Ave Ry System November 1180,435 1139,368 t6,054,601 t5,946,603
1152,895 1144,351
'win City Rap Tran_ October
1055,916 975,959 "12251268 *11379880
Tufted Gas & El Corp October
TnitedLt&Rys&Subs October
998,235 910,625"'11555590 "11528327
Ttah Power & Light.. September 612,819 563,137 5,121,425 4,973.540
783,062 721,467 *8,670,837 *8,740,658
Ttah Securities Corp_ October
63,017 56,064 *570,554 *521,475
rermont Hy-E1 Corp October
rirginia Ry & Power.. November 873,481 846,138 8,576,646 9,296,909
704,581
891,804
Vest Va Utilities Co_ November 100,105 83,975
9729,941 9056,567 87,327,187 87,245,884
Vestern Union Tel Co October
Vest Penn Co & sub_ September 1665,412 1098,796 "15454181 *144374)27
November 489,662 481,818 4,960,389 5,032,068
irinnipeg Elec Ry
115.823 95.070 *1.219.349 *1,038,136
Arikin River Pow Co October
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 milreis. 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. z Earnings for ten months.
ending Nov. 30.
Y Earnings for 11 months. z Five months
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
414,161
235,433
641,490
199,575
_Nov
Alabama Power Co_ __30..--..5.593,
473 4,504,954 2,709,360 2,358,607
12 mos ending Nov
2,144,898
979,162
2,274,939
867,732
_Oct
Co_
&
Power
American
12 mos ending Oct 31-..25,970.406 25,696,520 10,514,678 9,197,228
85,177
98,899
33,225
Arkansas Light & Pow_ _Nov 1,278,391
1,113,097
464,124
3F4211
12 mos ending Nov 30__
2,763,504
31,488,700
29,175,959
2,831,758
__Nov
Ry_
Elevated
Boston
_145,166,757
135918
976
13,158,502
13,182,769
5 mos ending Nov 30_ _ _
917,279
Nov 963,982
167,768
86,449
Brooklyn City RR
4,861,766 4,685,461
783,016
783,016
5 mos ending Nov 30___
14,094,814
1.176,893
14,564,749
1,183,019
Nov
Co
Cities Service
25,761
77,801
24,828
77,387
City Gas of Norfolk...._Nov
268,111
249,087
826,300
11 mos ending Nov 30.--- 825,578
987,503
1.716,407 1,473,126 1,072,994
Columbia Gas & Elec. _ _Nov
_16,515,967 13,710,799 10,000,537 8,935.964
11 mos ending Nov 30_
667,883
2,163,304
685,735
2,466,557
_Nov
_
Co.._
Detroit Edison
_23,643,063 21,012,303 6,238,827 5,461,358
11 mos ending Nov 30..41,084
96,135
51,431
118,334
Nov
Erie Lighting Co
901,965
395,164
323,778
1,042,988
11 mos ending Nov 30.--112,068
114,442
221,973
236,435
_Nov
Ft Worth Power & Lt 31____
2,494,906 2,702,617 1,309,1% 1,210,599
12 mos ending Oct
901,167
439,562
402,967
938,391
Hudson & Manhattan-Nov
-10,013,037 9.550,295 4,454,011 3,992,368
11 mos ending Nov 30-661,648
379,65.0
336,194
760,858
_Nov
Lt_
Kansas City Pow &
7,742,801 6.783,558 3,595,385 2,979,115
12 mos ending Nov 30.._
803,710
199,162-Nov
Market St Ry
1,948,990
---- -11 mos ending Nov 30- - 8,744,615
266,983
113,502
310,463
99,912
_
Nebraska Power Co.. _ _Oct 3,367,723 3,123,016 1,324,006 1,104,723
12 mos ending Oct 31-247,869
119,351
257,343
103,010
Pacific Power & Lt Co_Oct 2,989,246
2,837,512 1.407,192 1,379.008
12 mos ending Oct 31____
THE CHRONICLE
DEC. 231922.]
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
995,603
Phila Rap Trans Co_ _ _Nov 3,694,545 3,487,908 1,006,315
10,448,981
11 mos ending Nov 30_ __ - 38,647,717 38,619,508 10,881,820
63,906
110,735
Portland Gas& Coke Co _Oct 276,067
264,276
905,327
12 mos ending Oct 31__-- 3,357,733 3,377,023 1,097,029
422,988
615,640
Pub Serv Corp of N J_ _Nov 6,950,081 6,463,674
12 mos ending Nov 30---- 78,179,368 75,283,802 4,433,640 2,436,096
440,244
904,399
Southwestern Pr & Lt_ _Oct
441,310
884,464
12 mos end1ng Oct 31_ -_- 9.672,089 10,165,464 4,656,048 4,256,782
Sotthwestern Pow & Lt_Oct 904.399
884,464
19,935
493.375
12 mos ending Oct 31 - _ - 9,672,089 10,165.464
213,779
Light_
_Oct
473,691
221,000
465,020
Texas Power &
12 mos ending Oct 31---- 4,792.448 5,074,242 1,970,776 1,720,029
227,774
243,132
Third Ave Ry System_ _Nov 1.180,435 1,139,368
6,054.601 5,946,603 1,266,133 1,133,166
5 mos ending Nov 30
Corp_
_Oct
Securities
357,526
_
783,062
388,218
Utah
721,467
8,670,837 8,740,658 4,283,402 4,162,911
12 mos ending Oct 31_
287,355
Virginia By & Pr Co_ _ _Nov
873,481
379,193
846,138
124,545
11 mos ending Nov 30- _ -- 8,576,646 9,296,909
123,811
40,659
West Virginia Utilities_Oct
100,105
42,657
83,975
224,779
11 mos ending Oct 31__ _ _ 891,804
352,947
704,587
Winnipeg Electric Ry_ _ _Nov 489,662
57,813
80,420
481,818
649,419
11 mos ending Nov 30_ _ 4.960.389 5,032,068
620,826
Balance,
Gross
Net after
Fixed
Surplus.
Earnings.
Charges.
Taxes.
Companies.
Arkansas Lt & Pow Nov '22
98,899
33,225
•
'21
85.177
27,961
12 mos ending Nov 30'22 1.278,391
464,124
'21 1,113,097
324,689
City Gas Co of
Nov'22
77,801
25,979
Norfolk
'21
77,387
26,529
11 mos ending Nov 30 '22
825,578
279,793
'21
826.300
Columbus Gas &
Nov '22 1,716,407 1,072,994
Electric
'21 1,473,126
987.503
11 mos encting Nov 30'22 16,615,967 10,000,537
'21 13,710,799 8,935,964
Detroit Edison Co Nov '22 2,466,557
685,735
'21 2,163,304
667.883
11 mos ending Nov 30 '22 23,643,063 6,238,828
'21 21,012,364 5,461,358
Erie Lighting Co
Nov '22
118,334
51,431
96,135
41.084
11 mos ending Nov 30 '22 1,042,988
395,164
'21
901,965
323,778
Fort Worth Power Oct '22
236,435
112,068
Light
&
'21
221,973
114,442
12 mos ending Oct 31 '22 2,494,906 1,309,191
'21 2,702,617 1,210,599
Kansas City Pow Nov '22
760,859
379,650
Light
'21
661,648
336,194
12 mos ending Nov 30'22 7,742,801 3.595,385
'21 6,783,558 2,979,115
Market St Ry Co
Nov'22
803,710
199,162
'21
11 mos ending Nov 30 '22 8,744,615 1,948,990
'21
Nebraska Pow Co Oct '22
310,463
113.502
'21
266,983
99,912
12 mos ending Oct 31 '22 3,367,723 1,324,006
'21 3,123.016 1,104,723
Pacific Pow & Lt
Oct '22
257,343
119,351
'21
247,869
103,018
12 mos ending Oct 31 '22 2,989,246 1,407,192
'21 2.837,512 1,379,000
Phila Rap Transit Nov'22 3.694,545
961,923
,
11 mos ending Nov 30 '22 38,647,717 10,389,964
'21 38,619,508 10,007,627
Portland Gas &
Oct '22
276,067
110,735
Coke Co
'21
264,276
63,906
12 mos ending Oct 31 '22 3,357,733 1,097,029
'21 3,337,023
905,327
Texas Pow & Light Oct '22
473,691
221,000
475,020
213,779
•
12 mos ending Oct 31:22 4,792,448 1,907,776
21 5,074,242 1,720,029
Third Ave Ry Sys Nov'22 1,180,435
243,132
'21 1,139,368
227,774
5 mos ending Nov 30 '22 6,054,601 1,266,133
'21 5,946,603 1,133,166
Virginia Ry & Pr
Nov '22
873,481
379,193
Co
'21
846,138
287,355
11 mos ending Nov 30 '22 8,576,646 3,428,643
'21 9,296,909 2,908,538
West Virginia Utili- Nov '22
100,105
42,657
ties Co
'21
83,975
40,659
11 mos ending Nov 30 '22
891,804
352,947
'21
704,587
224,779
20,429
18,359
224,793
186.737
8,712
4,471
89,570
85,565
57,956
58,372
637,318
642,101
294,625
303,550
2,247,190
3.130,390
15,090
16,734
170,377
176,686
19,499
17,229
217,136
200,476
67,138
95,895
1,179,858
1,088,557
61,965
12.796
9,602
239,331
137,952
11,267
21,788
190,223
167,682
600,571
518,756
4,804,550
3,995,073
391,110
364,333
2,991,638
2,330,968
36,341
24,350
224,787
137,092
92,569
97,213
984,807
906,010
312,512
240,298
2,415,426
1,890.557
137,197
690,503
1,258,487
58,768
61,040
49,806
50,106
537,556
616,491
357,167
497,515
53,530
55,821
46,094
56,942
445,724
672,873
447,431
665,319
184,236
822.078
179,656
815,957
9,031,561 1,850,258
9,001,587 1,447,394
74,939
35,796
32,734
37,578
439,144
679,082
278,936
433,757
150,361
70,639
149,997
63,782
912,368
778,408
696,268
743,761
22,041
221,090
6,460
221,313
142,936
1,123,196
19,321
1,113,845
176,675
202.427
108,197
179,157
2,073,340 1,355,303
825,673
2,082,864
31,633
11,023
29,072
11,586
231,431
121,515
99,607
125.172
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include teports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 25. The next will appear in that of Dec. 30.
Boston Elevated Railway.
(Report for Four Years Under Public Operation.)
Edward Dana, Geneial Manager, under the caption "Four
Years Under Public Operation," has issued a statement
dealing with the principal facts for the four years ended
June 30 1922, the first four years under which operations of
the roc‘d have been under public control. The statement
contains statistics showing revenues and expenditures by
years since 1910. The statement says in substance:
Fares, &c. Period 1910 to 1918.-From 1910 to June 30 1918, the fare
had remain at 5c. and the gross revenue during these 9 years had increased
from $15.250,000 to $19,500,000. Operating exnen.o. bad fir•Tnsed from
2789
$10.000,000 to $14,250.000, the chief factors being the gradual increase_of
the pay-roll and the increased cost of fuel.
During these years allowance for renewals or depreciation had been insufficient and also during this period In order to hold the 5c. fare in face of
increased operating expenses and other fixed charges, adequate current
maintenance had not been provided. Under these circumstances, with
insufficient renewals, &c., and with the passing of the dividends completely for the year. the year ending June 30 1918 showed an operating
deficit of $598,442.
Public Control.-The above facts which resulted in the experiment with
public control beginning July 11918., under the service-at-cost plan, which
Is based on sound economic principles. It was designed to put an end to the
down-hill flight which had been going on unceasingly, as new subways had
been added which increased the charges on the car rider and as operating
expenses steadily increased notwithstanding insufficient provision for maintenance and renewals.
Ten-Cent Fare Adopted-Results by Years.-The first year of public operation required increase in fares. At the same time substantial increases in
wages, &c., were occasioned by war conditions, with the result of an actual
deficit of U.415,500.
During the first year it was necessary to use the reservefund of$1,000,000
created under the Act and to assess the cities and towns in the district
served $3,980,151, in order to provide sufficient funds to meet the cost of
service during that year.
During the second year it was necessary to go to a flat 10c. fare on the
entire system in order to keep pace with the rise of wages and costs. At the
end of the second year receipts exceeded cost of service by $17,079, which
was transformed to a deficit by a retroactive wage award in July 1920.
During the third year operating expenses reached $24,684,558, including
for wages the maximum of $16,753,657. Subway rentals likewise had
increased from $559,000 in 1910 to approximately $2.000,000 in 1921.
Wages had been further incresaed by arbitration in July 1920. Yet the
efforts made by the entire operating organization resulted in meeting
the
situation without departing from the 10c. fare and honing the operating
expenses to an increase of approximately $350,000 over the second year in
the face of estimated increase in wages, cost of materials and supplies of
over $3,000,000. Receipts during the third year exceeded
cost of
service by $550,254 and permitted restoration of $131,985 to the
the reserve
fund after payment of the second year's deficit.
The fourth trustee year shows that after meeting all costs of service there
remained a balance of $1.385,211. This, plus the $131,985 of the third
year, has been applied in re.storing the reserve fund to its original total of
$1,000.000, and in making the first payment of $517,195 to the State for
distribution to the cities and towns that contributed to the loan assessment
in 1919.
Operating expenses had been reduced from $24,684.000 to $22,113,000
and the pay-roll had been reduced
from $16,753,000 to $14,920,000.
Short Haul Fare Now 5 Cents.-Gross
revenue fell from $34,224,000 in the
third year to $32,781,000 in the fourth
year. The Public Trustees had
inaugurated a system of local 5r. fares in conjunction with the flat 10c. fare
which at the present time results in 21% of the total traffic being handled
for Sc. and which has restored millions of riders on short hauls who were
lost on account of the introduction of the 10c. fare. The average fare
consequently at the present time is 8.95c.
The retention of the basic 10c. fare has been necessary in order to secure
the gross revenue required to meet
the cost of service, which in 1922
amounted to $31,396,281. As contrasted
this the gross revenue during
the year 1917. when 381,000,000 revenue with
passengers were carried at a universal 5c. fare, amounted to only $19,788.953.
can readily be seen that
any hope of meeting the cost of service with aItuniversal
Sc. fare cannot
be realized.
At the present time with the joint 5 and 10 cent fare passengers are being
carried at the rate of 360,000,000 per year, against 325,000.000 in 1919
and 381,000,000 in 1917.
Labor, &c.-During this period two decreases in compensation have been
amicably adjusted between management
and employees and a constant
effort has been made to operate the property
always in the interest of the
car rider with the fewest men possible.
The average number of men on the pay-rolls during the
four trustee years
has been as follows:
1918-19.
1919-20.
1920-21.
1921-22.
9,748
10,021
9,264
8,915
The labor turnover has been reduced to a minimum
and
fact
in
all platform men or car service employees have been in service
43•6 years or more,
which necessarily results in benefit to
former annual labor turnover of 55%. the service. This compares with a
In this connection it has been possible to work
out an 8-hour day as well
as a guaranteed pay of 8 hours for all platform men.
men reporting each day represent 6.7% of the total The so-called spare
to-day as compared
with 20% previously.
Accidents, &c.-Expense incurred on account of injuries and damages for
the 4th trustee year was $476,844, the lowest of any of thirteen years.
The total expense on account of injuries and damages, including
the cost
of operating claim department, trial
of cases, &c., for the last trustee year
amounted to $620,208, which represents
1.89% of the gross revenue, the
lowest ratio in the railway's history.
Mileage Operated.-Although the mileage operated last year
(49,662,045)
was less than any year back to 1905,
the introduction of two and three-car
train service and cars of larger carrying
capacity, with scientific rearrangement of schedules has provided additional
service
where needed and permitted the elimination of mileage where not required.
The number of revenue seat miles per revenue passenger for the last
year was 7.5, which would indicate
adequate service allowance by mileage
operated only where required. At congested points more seats are provided
than before, while surplus seating capacity has been removed at points
where it previously existed.
Maintenance and Depre,ciation.-Un
the Act the Trustees were charged
with the responsibility of providing der
for proper maintenance. The percentage of total railway operating revenue applied to maintenance
and
depreciation consequently had been approxim.tely 24%, whereas previously the percentage of operating revenue applied to maintenance and
depreciation had been 17%•
Car Eguipment.-With respect to car equipment the number of disabled
cars in 1921 shows a reduction of 68.7%
for surface cars and 53% for
rapid transit cars over 1918. The percentage
of cars
of service in bad
order has been reduced to 5%. During the period ofout
public operation 535
new cars have been placed in service and 140 additional cars
are now on order.
Track Reconstructson.-A reasonable program of track reconstruction has
been maintained which has resulted in improved
operation, lessened the
wear and tear on rolling stock, and reduced derailments.
During the
Trustee year approximately 7% of the track has been rebuilt, as
with an average of 2h % for the previous 6 years, which meanscompared
22 miles
of track as compared with 8.
Financial Situation.-The railway to-day has over $2,000,000 cash on
deposit, $1,000.000 of which is in the reserve fund created under the
Public
Control Act. For the first time in 11% y•ears the railway has no money
borrowed from the banks. As contrasted with this there was a floating
debt in excess of $5.000.000 during the first Trustee year.
COMPARATIVE DIVISION OF RECEIPTS AND EXPENDITURES,
YEARS ENDING JUNE 30.
1922.
1921.
1920.
1919.
Total receipts
$32,781,493 $34,224,150 $32,689,201 $25,223,496
Operating ExpensesWages
$14,920,406 $16,753,668 $16,381,207 $13,554,684
Materials and supplies
3,056,521
2,899,984 3,321,672 4,096,539
Injuries and damages_ _ _
476,844
627,629
627,626
805,353
Depreciation
2,004,000 2,004,000
2,004,000 2,004,000
Fuel
1,656,013 2,399,278
1,996,717
1,901,597
Total oper. expenses_ _$22,113,784 $24,684,558 $24,331,222 $22,362,172
Taxes
$1,610,096 $1,306,736 $1,075,497
$941,612
Rent of leased roads__ _ 2,549,625
2,673,167
2,607,566
2,587,130
Subway and tunnel rents 1,974,141
1,947,963
1,591,323
1,491,999
Int.onB.E.bonds¬es 1,483,787
1,483,626
1,593,258
1,423,142
Miscellaneous items_ _ _ _
58,476
54,479
69,285
37,373
Dividends
1,606,372
1,523,367
1,403.970
1.360,220
Total cost of service_ _$31,396,282 $33,673,896 $32,672,121 $30,203,647
Gain
$1,385,211
$550,256
$17,080loas$4980152
Back pay applying to May and June 1919, but paid in Oct. 1919
435,348
Total loss
$5,415,500
Note.-For the years ended June 30 1918, 1917. 1916 and 1910 the
following results were shown: 1918, loss, 1598.442; 1917, loss. $43,037;
1916.
pain. $9.800: 1910. loss, $198,739.V. 116. p. 2579.
2790
THE CHRONICLE
Standard Oil Co.(New Jersey).
Statement By President Teagle Before Senate Investigating
Committee.)
President W. C. Teagle submitted the following prepared
statement before a sub-committee of the Committee on
Manufactures of the U. S. Senate at the resumption of the
investigation into prices and conditions in the oil Industry:
Operations.—The operations of the company are almost equally divided
between domestic and foreign business.
(al Foreign Business.—Our foreign business may be classified as follows:
(1) Through subsidiaries we are at present producers of crude in Peru,
Rumania, Mexico, Venezuela and Colombia, our current aggregate foreign
production being about 47,000 barrels per day. As a safeguard against
the possible contingency of the crude oil resources of the United States
proving insufficient to enable the American petroleum industry to maintain
its present position in the world's market, we have made large capital invm:tments in the exploration and acquisition of potential producing properties in foreign countries where no barrier to American enterprise of this
character exists.
(2) Our foreign subsideiaries own refineries in Canada, Peru, the Argentine, Italy, Cuba, Spain, France, Colombia, Mexico and Rumania, with
a daily aggregate refining capacity of 80,000 barrels.
(3) Our foreign subsidiaries have extensive marketing and distributing
plants in Continental Europe, Canada, South America and the West Indies.
(b) Collateral Activities.—(1) In addition to and as an adjunct to our oil
business we own and operate under the American flag 50 tank vessels, aggregating 557,500 tons deadweight, and through foreign subsidiaries 42
tank vesvels aggregating 355,360 tons deadweight.
(2) The discovery, principally in Pennsylvania and West Virginia, coincident with the search for oil, of large deposits of natural gas, logically
led the original Standard Oil Co.into the business of making this gas avail tble to the public. Our natural gas interests represent a not inconsiderable
part of our business.
(3) We are interested in auxilliary enterprises incidental to our industry,
such as the manufacture or cooperage material, box shooks, tanks, pumps
and similar equipment, but our activities go no further, and to correct a
somewhat popular misconception I may say that the Standard Oil Co.(New
Jersey) carries on an oil business and that we have no interest, financial or
otherwise, in banks, railroads, copper or sulphur mines, restaurants, chain
stores or any other unrelated business.
(c) Domestic Oil Business.—(1) The company of itself has no producing
properties in the United States. It owns the capital stock of the Carter
Oil Co.. which has producing properties in the Appalachian Field, the MidContinental field and in Wyoming, with a daily production during the year
1922 of 23,685 barrels. Another subsidiary, the Standard Oil Co. of
Louisiana, owns producing properties in Louisiana and Arkansas, with
a daily production for the same period of 11,153 barrels. We also own a
majority stock interest in the Humble Oil & Refining Co., with producing
properties in Texas, Louisiana. Arkansas and Southern Oklahoma with a
daily production for the same period of 28,715 barrels, our proportion of
which upon the basis of our stock interest in the company amounts to about
18.000 barrels daily. This gives us 3.66% of the total crude oil production in the United States during this year. The Standard•011 Co. of Louisiana and the Humble Oil & Refining Co. supplement their own production
of crude by purchases from other producers operating in the same districts.
(2) Pipelines.—The company owns the capital stock of the Tuscarora
Oil Co., Ltd., the pipeline of which, across the States of Pennsylvania and
New Jersey, is a part of a through trunk line system,from the Mid-C mtinent field, The Oklahoma Pipe Line Co.—another sub idiary—has gathering
and trunk lines in Oklahoma connecting through intermediate lines with
the pipeline system owned and operated by the Standard Oil Co. of Louisiana, and with these connections constitutes a through line from Kansas
and Oklahoma to a gulf terminal at Baton Rouge. The Humble Oil &
Refining Co. has gathering and trunk lines within the S;ate of Texas, with
a gulf terminal at Texas City.
These, and all other pipelines through which the company's refineries
receive crude oil are common carriers, under the Intes-State Commerce
Law, and are subject, as are the railroads, to regulation by the I.-S. C.
Commission as to rates, practices, &c. They must serve alike all who tender
oil to them for shipment. The same rates and preci3ely the same conditions
apply to the Standard Oil Co.(New Jersey) as to every other shipper.
(3) Refineries.—The company owns and operates refineries at Bayonne,
Elizabeth and Jersey City, N. J., Bal !more. Md., Parkersburg, W. Va.
and Charleston, S. C., with an aggregate daily capacity of about 224,000
barrels as reported to the Bureau of Mines on Dee. 311921. The Standard
Oil Co. of Louisiana owns a refinery at Baton Rouge, La., with a daily
capacity of 40,000 barrels, and the Humble Oil & Refining Co. owns a refinery at Baytown, Tex., with a daily capacity of 10,000 barrel;. The Bureau
of Mines' figures give us 15.79% of the refining capacityjn the United
States.
(4) Marketing.—The company has marketing stations in New Jersey,
Maryland, District of Columbia, Virginia, West Virginia, North and South
Carolina. The Standard Oil Co. of Louisiana has marketing stations in
Louisiana, Arkansas and Tennessee. The Humble Oil & Refining Co.
carries on some local marketing business in Texas. In addition to selling
through our own marketing stations, we are wholesalers of cargo and tank
car lots.
Dissolution Decree.
At this point I desire to say that I represent and speak for only the Standard Oil Co.(New Jersey). That company,and the other so-called Standard
companies, were originally constituted as a single industrial unit covering
all phases of the petroleum industry, production, transportation, manufacturing and marketing. This unit was broken up in Dec., 1911, by a decree of the U. S. Supreme Court, and since, the Standard Oil Co. (New
Jersey) has been wholly separate and distinct from the corporations which
were then cut off from it, and has been managed and operated by its own
officers along lines of policy dictated solely by the conditions and problems
peculiarly its own.
Should not be Classified Under "Standard Oil Group.".—I wish to protest
against the characterization of this company as one of the "Standard Oil
Group," as if the old association of Standard Oil companies existed to-day,
or as if this company constituted a part of any group of companies subject
to common control.
No Interlocking Directorates.—In August last Senator Harreld of Oklahoma, on the floor of the Senate, referred to the Standard 011 Co. (New
Jersey) as a member of "the common ownership trust." This statement is
entirely at variance with the facts. No officer or director of the Standard
Oil Co.(N. J.) since 1911 has been an officer or director in any of the companies whose stocks were distributed at that time, and the company's
business has been without direction or control by any stockholder or body
ofstockholders. The stockholders of the Standard Oil Co.(N. J.) have left
the determination of Its policy and the management of its business to the
directors.
Companies with which Company has no Connection.—I have here for the
committee a list of the companies which were cut off from the Standard
Oil Co.(N. J.) in 1911, and with which it has since had no connection whatever except through normal business transactions.
The company is not interested in or has it any connection with the Magnolia Petroleum Co., Midwest Refining Cd.,Sinclair Purchasing and Pipeline Companies, Mammoth Oil Co or the Union Oil Co.
It is not the policy or the practice of the company to conceal.its ownership
of, or its interest in any company, and we have furnished the committee
with the particulars ofour connections and relations with all other companies
in which we have any interest. I wish the record to show clearly, in
view of Senator Harreld's recent speech before the Senate, that we have
absolutely no interest in or connection with the Texas Co., the Gulf companies, or the so-called Doheny companies.
The decree of the U. S. Supreme Court in the dissolution case has been
observed in good faith both in letter and in spirit.
Company is Not Controlled or Owned By a Body of Stockholders.—There
has been much talk about the Standard Oil companies being owned by a
"body of stockholders" exercising common control. There exists no form
of common control to which the company is subject, nor any supervision nor direction of its affairs other than that exercised by its own board.
Prior to 1911 the stocks of all the companies were held together through
their ownership by the Standard Oil Co.(N. J.), which prevented separate
ownership from coming about through natural processes of disintegration.
The decree, to do away with this condition, directed that the stocks of
the susidiary companies be distributed pro rata among the stockholders of
the holding company. While, at the moment of distribution, all the companies had identical stock lists,these processes of disintegration began immediately to operate and have been operating ever since.
[VOL. 115.
How Stock Is Held.—As illustative of this, at the time of distribution the
Standard Oil Co. (N. J.) had 6,078 stockholders. Twelve of these held
more than 1% each of the company's outstanding stock and a total of just
over 50% of the entire stock. On Oct. 311922, there were 11,013 holders
of Common stock and nearly 40,000 holders of Preferred stock. As of
June 30 1922, only 6 shareholders held 1% or more of the company's Common stock. These 6 shareholders own a total of 28.4% of the company's
Common stock. The largest individual owner of Common stock is John
ith 11.4%. Three of the remaining 5 Common
D. Rockefeller,
owning together 10% of the Common stock, are
Jr.,list,
stockholders on the
philanthropic institutions.
John D. Rockefeller Not a Stockholder.—John D. Rockefeller. Sr., has not
been a shareholder in the company since 1920, and the late William Rockefeller owned only 700 shares at the time of his death. [Wm. Rockefeller
died Nov. 30 1922.]
Employees as Stockholders.—The company made effective about a year
and a half ago a stock acquisition plan under which its employees are becoming stockholders. The number of subscribers under this plan is 11,339
and the number of shares of Common stock already allotted to them is
44,636. Before the end of 1925 when this stock is issued in the names of the
individual employees there will be added to the company's stock list on the
basis of the position to-day, at least 12,000 to 15.000 Common stockholders.
Policy of Company Since Dissolution.
The old Standard 011 organization was dissolved because the Court felt
that too large a share of the oil business of the country was in the hands
of one interest, and the Supreme Court's decree divided the business of
the organization along 34 existent corporations. The directors construed
the decision of the Supreme Court as a final expression of the public will
on the subject of monopolistic control and have conducted the business
of the company under the conditions of free and active competition which
they recognized the public demanded.
The directors foresaw that the expansion of the oil industry to meet the
enormously increased demand would require a capital investment far in
excess of that available to them and that there was, therefore, ample room
in the industry for new enterprises and new capital.
The following figures show how phenomenal has been,the recent growth
of the American petroleum industry under the impluse of the demand created by the internal combustion engine. In 1910 its value was approximately $2j150,000.000. In 1915 it was slightly over $4,000,000,000. As of
June 30 1922, it is estimated to be $7,877.375,000.
It must be evident that the task of financing the development of the
company in its domestic and foreign markets, to keep pace with this tremendous growth,has required all of its financial resources. The policy which
was the outcome of this situation was one which took into consideration the
interest only of the company and was based on no concerted plan or outside
association. The problem of the directors was to re-establish the company
as a complete industrial unit. The dissolution left it as a large refining
and marketing enterprise with a neglible amount of raw material under its
own control. Its logical development lay in the direction of increasing
its own supply of crude oil and rounding out its business into an evenly
balanced whole.
Competition Between Company and Other So-called Standard Oil Companies.
At a prior meeting of this committee, the acting chairman read from the
Federal Trade Commission's 1915 report on gasoline as follows: "Investihave,
gation establishes the fact that the several Standard Oil companies
with respect to gasoline, maintained a complete division of territory embracing the whole country,and that almost without exception each Standard
marketing company occupies and supplies a distinct and arbitrarily bounded
territory."
The impression given is that the former constituents of the Standard
Oil organization have parcelled out the territory of the country among
themselves under an agreement.
A study of the circumstances under which these corporations came into
being is necessary to an understanding of the conditions as to competition
that have existed since. Their founders did not contemplate that they
would ever compete with one another. Their functions were the reverse
of competitive. They were brought into existence, one by one, as part
of a national service to the consuming markets, each performing its separate
function, and the practical experience of the past ten years has proved the
wisdom and the sagacity of those who placed them so they would be supplementary rather than competitive units.
Under the Standard Oil Co., as it existed before the dissolution, the
country was divided, each Standard Oil plant of whatever character being
so situated as to serve its contiguous territory to the best economic advantage. It was the strategic location of these plants, in respect to transportation, that gave the corporation its dominating position in the industry
then, and which is the barrier to general competition among the separated
units now.
Geographical considerations limit the extent to wheih the company
may compete with its former subsidiaries. Products made at Bayonne
from Mid Continent crude cannot be sold at points convenient to the Mid
Continent field in competition with products manufactured there; still
less can products made at Bayonne from Mid Continent crude compete with
products manufactured in the Rocky Mountain district or in California.
distribution
In brief, the competition open to the company in the local
of refined products with its former subsidiaries is limited by the factor of
transportation to the Standard Oil Co. of New York, the Atlantic Refining
Co. and the Standard 011 Co (Kentucky
Facilities in States Suppled
(a) Why Comp.any has not Created Marketing
dissolution left the company with
By Three Foregoing Companies.—The
of the requirements of its •
excess
in
harbor
York
New
on
facilities
refining
had been creatdomestic or export markets. These excess refining facilities
to in part supply the domesstic marketing
ed by the former organization
New York and
eastern
in
York,
New
of
Co.
011
Standard
the
of
business
were ideally located for this purpose.
New England, and
Standard Oil Co. of
Relations With Standard Oil Co. of New York.—The large
manufacturing
was not a
New York, at the time of the dissolution,
New York harbor was limited. The
unit, and its refining capacity on
however, had a very large investment in
Standard Oil Co. of New York.
distributing and marketing facilities in the States above referred to,and it
was the natural and logical sequence of events that that company in these
circumstances, should seek to buy a part at least of its requirements from
To have duplicated the New York company's
the New Jersey company.have
necessitated a very large expenditure by the
marketing facilities would
conclusion of its directors was that the supthe
and
company
New jersey
to them being insufficient for both, it was the part
ply of capital availablewith
the creation of an adequate and certain crude
of wisdom to proceed
production, and to keep pace with its own expanding domestic and foreign
to embark upon a marketing campaign in a field which
markets, rather than
already, as a wholesaler, supplying in part.
the company was
This is what happened after the dissolution and has been continued to the
present. Under a yearly contract we obligate ourselves to sell to the New
and fixed quantities of gasoline and refined oil,
York company definite
of the contract is that it must not be higher than the
and the price basis
invoice the same products to our foreign subsiwe
which
at
price
current
diaries and our domestic trade department. We also sell the New York
company, when from time to time it is in the market, other petroleum
products, such as lubricating oil, fuel and gas oil, at fixed and competitive
prices. Our sales to the Standard Oil Co. of New York for the year 1921
amounted to over $37,000,000.
such as
Other than these sales contracts and certain minor transactions,
offices. &c.. the
lighterage facilities in New York harbor, rent of certain
or understanding with the
agreement
no
contract,
has
company
Jersey
New
Standard 011 Co. of New York. (Kentucky).—At the time of the dissoluRelations With Standard Oil Co. no refining
facilities, being purely a
tion, the Kentucky Co. possessed
supplies prior to the dissolution
marketing and distributing company; its
from the Standard 011 Co. (Indiana),in part from the
were drawn in part
in part from the Standard Oil Co. of LouisiStandard Oil Co.(Kansas) andcapacity
at Baton Rouge, and the fact that
ana. An increase in refining
bulk cargoes to the seaboard installations
deliver
could
we
fleet
our
with
and Savannah, enabled us,
Jacksonville
Tampa,
at
Co.
of the Kentucky
the company's previous suppliers, and with others,
In competition withto
of its business. The
proporation
increased
an
year
year
from
to obtain
that at which goods of similar quality
basis of price of these purchasers is to
own
distributing
its
stations. The
Co.
Louisiana
the
by
invoiced
are
Standard Oil Co. of Louisiana's sales to the Standard Oil Co. (Kentucky)
during 1921 amounted to over $17,000,000.
Relations With Atlantic Refining Co.—This company has 3 refineries
stations in Pennsylvania and Delain Pennsylvania,and domestic marketing
ware. For the New Jersey company to have entered the local distributinvolved
the construction of at least
have
would
States
these
in
business
ing
one refinery or large bulk plant in an area which was already overbuilt .
in this respect, and because of this consideration the New Jersey Co. was not
DEC.23 1922.]
THE CHRONICLE
warranted in creating marketing and distributing facilities in these two
States.
The output of the Atlantic Refining Co.'s refineries was largely in excess
of its own domestic trade requirements, and for some years after the dissolution the New Jersey Co. purchased products from the Atlantic Refining
Co. for export shipment. The Atlantic Refining Co., however, practically
discontinued their sales to us and have since been competing with us actively
In the sale of products direct to European and South American buyers, as
well as in their sales to jobbers located in the States in which we have marketing and distributing facilities.
In brief, the Standard Oil Co. (New Jersey) has not created its now
marketing facilities in the States served by the Standard Oil Co. of New
York, the Standard Oil Co. (Kentucky) or the Atlantic Refining Co.—the
only domestic marketing areas geographically open to it—because purely
economic reasons decided otherwise. In every direction that regard for its
own single interest dictates, the Standard Oil Co. (N. J.) competes with
every other oil company in the United States, and this statement is made
without exception or reservation.
Production & Purchase of Crude Oil.—The dissolution decree left the company with large refining and marketing facilities, but with an insignificant
domestic production,and with no crude purchasing agencies or crude storage
reserves of its own. It was separated by the decree from the Prairie Oil
& Gas Co., the Ohio Oil Co. and the South Penn Oil Co.,the agencies which
years before it had constituted for the purpose of producing or purchasing
the crude necessary to meet its requirements. The decree terminated its
control over these companies and henceforth it could only deal with them
as with any other producers of or dealers in crude oil. The directors in
this situation determined to build up a sufficient production and storage
reserve to insure against the danger of the interrruption of its operations
because of an insufficient supply of crude. In other words, they entered
into direct competition in the producing business with the companies which
had formerly been affiliated with them in the capacity of crude suppliers.
The Carter Oil Co., which previous to the dissolution had developed a
small production in the Appa achian field, was built up and through this
medium the New Jersey Co. Initiated an active exploration and development campaign in the Mid Continent and other fields with the result that
at present this organization is producing about 22,000 barrels of crude daily.
The Louisiana Co., which at the dissolution had a production of about
4,500 barrels in Louisiana, extended its producing operations with the
completion of its pipeline system to Baton Rouge, and also established itself
In Louisiana and Arkansas as a purchaser of crude oil from the producers
In that section.
In 1919 when it was apparent that a very considerable oil production was
being developed in the State of Texas, the Standard Oil Co. purchased a,
majority stock interest in the Humble Oil & Refining Co. After the acquisition of this interest in the Humble company, the Humble Pipeline Co., a
subsidiary thereof, was organized to construct and operate a pipeline
system from central Texas pools to a Gulf port. The Humble Oil & Refining Co. also established itself as a buyer of crude in these various producing
areas in Texas.
From this it is obvious that the Standard Oil Co. (N. J.) in producing
and purchasing crude, and in the acquisition of leases and producing properties, is in direct competition with the three companies formerly subsidiary to it and with all other companies including those commonly described as "Standard Oil Companies," such as the Magnolia Petroleum
Co. Atlantic Producing Co., Mid Kansas Oil & Gas Co. and the Standard
Oil'
Co. (Indiana).
(c) Purchase of Finished Products.—To meet the requirements of its
business, the Standard Oil Co.(N. J.) is frequently in the market as a purchaser of various grades of refinery products. These products are obtained
from various refining companies, brokers and others, and the purchases
are made in direct competition with any of the Standard Oil companies
which may at the same time be in the market as purchasers.
(d) Sales to Jobbers & Other Large Users.—In addition to the sales of the
company through its own marketing facilities, it sells to jobbers and other
large users, located both within and without the area of its domestic marketing operations. This business which is obtained in direct competition
with its former subsidiaries and others, is very large and last year in the
territory in which the company has no domestic marketing organization
It amounted to over 9,000.000 barrels, or 31% of our total domestic sales.
Position of Company in Respect to Factors Governing Crude Oil Prices and
Selling Prices of Finished Products.
The company is not a party to any combination, agreement or arrangement that affects the price which it pays for crude oil. It has no control
whatsoever over crude oil prices and its only influence upon such prices
at any time is the indirect one which results naturally from its position
as a consumer.
The fact that a price change initiated by any of the larger crude purchasers is followed by the trade generally has been urged as evidence of
the existence of some combination, agreement or understanding. Study
of the existing situation reveals a natural and not an artificial reason for
this condition.
Two main classes of operators are engaged in the production of crude oil
in this country,first, thousands of individual operators and small companies
whose sole business is the acquisition of leases, the drilling of wells and the
production of crude oil. They do not provide storage for the accumulation of their production above ground, but sell their crude daily as it is
produced. They contribute about 60% of the production east of the
Rocky Mountains, and their only interest in the industry is to obtain
from day to day the highest cash price for their crude oil. Second, companies which are refiners or affiliated with refining concerns, and companies
engaged in producing and dealing in crude oil.
•
The keenest competition exists among all producers in the acquisition
of leases and developed properties, and, under normal business conditions,
there is equally keen competition among those who purchase the production
of the first class of producers. The refiners of the country create the demend for crude oil and to permit of competition on equal terms in the sale
of finished products it follows that they must be able to purchase their
raw material on equal terms, or at substantially the same price.
The price of crude oil at the well at any time depends primarily, as does
the price of any other basic commodity, upon the supply on the one hand,
and the demand on the other. Measuring their purchases by the immediate
or prospective requirements of the refiners who look to them for crude supplies, the purchasing companies pay the price that will bring out sufficient
crude to meet these requirements.
When the crude receipts of a purchasing company fall below its immediate or prospective riuirements, the processes underlying all commerce
are set in motion. The purchasing company must attract more crude,
and, therefore, it offers a higher price. Any advance as any decline must
be initiated and the fact that an advance is initiated by one purchasing
company is a signal that, for the time being, the supply of crude is inadequate to meet the demand. The other purchasing companies are then confronted with a situation which tends to compel acquiescence in the advance
because it endangers not only the immediate diminution of their crude supplies but the loss of their connections. The physical installations by which
crude is transported from the producers' tanks to those of the purchasing
company are an investment by the purchasing company. The transfer
of business relations by a producer from one purchasing company to another
means to the first not only the loss of the crude but a loss on equipment
provided by it to do business with that producer.
There is, therefore, in this branch of the industry a factor operating to
exert uniformity in price changes which is far from common to all business.
In conjunction with the circumstance that a price change almost invariably
represents a general and riot a special condition, it produces so competitive a situation in the matter of crude prices as to give the appearance of
concerted action.
Assuming now that the advance referred to is continued or repeated to
the point at which the supply of crude is in excess of the demand. The
decline, as the advance, must be initiated, and the purchasing company
which does initiate it is at an immediate advantage over the other purchasing agencies, if it has correctly interpreted and expressed the condition
of the market. If the reduction is based on economic law and the overproduction of crude is actual, the refiners supplied by the purchasing
company reducing the price have a marketing advantage, equal to the
amount of the reduction, over their competitors until the reduction is
general.
A price reduction, if it correctly reflects the condition of the market
for finished petroleum products, is therefore, immediately and generally
met and a new price level is established. It is not collusive arrangement,
but intense competition which makes a price change initiated by one purchaser at once common to the area concerned. Conditions of the industry
render it vital that a price change be fully warranted before it is put into
effect: otherwise the purchasing company initiating it would run grave
danger of loss.
2791
Another„phase of this matter is well described by the Federal Trade Commission in -its report to House Resolution 501, as follows: "When oil is
relatively scarce, the small purchasers offer higher premiums than usual
to get it, and this often leads the large purchasing companies to advance
their price. On the other hand when there is a glut of oil and stocks are
piling up, the small purchasers have often been able to get all the oil needed
at a discount."
Coming now to the domestic marketing end of the business, the company
Is not a party to any combination, agreement or arrangement to fix or
maintain the selling prices of its products. I agree with Mr.Welch's testimony that the shipments of the .Mid-Continent refiners are the dominant
factors in the domestic marketing situation. This is certainly true as to all
the States in which the company and affiliated companies have distributing and marketing organizations, and in this connection I want to mention
one other fact rot as yet referred to in the testimony.
According to the Bureau of Mines' statistics for 1921, the production
of gasoline in the Mid-Continental field was 38.695,481 fifty gallon barrels,
or 41.7% of the total gasoline production of 1921 east of the Rockies.
Ther is no method of actually determining the consumption of gasoline
in the States of Oklahoma, Kansas and Texas,which three States are those
comprising what is known as the "Mid-Continent Producing Field." An
estimate may be based upon the statistics of registrations of motor cars
and the allowance of an average consumption of 10 bbls. per car per
annum.
The registration in these three States on Dec. 1 1921, was 978.455 car'.
and this would indicate a local gasoline consumption of 9,784,550 barrels,
leaving a surplus of 28,910,931 barrels, or 31% of the production of the
country east of the Rockies to be marketed outside of the Mid-Continent
field. This enormous floating supply was not tied to any particular markets
and was shipped from time to time to those territories where the Mid-Continent refiners found that the local prices existing yielded them the best
return. Every one engaged in marketing gasoline must reckon with this
competition.
Furthermore, our domestic marketing at all points is conducted under
conditions of the keenest competition locally, as in addition to the large
number of jobbers drawing their supplies from time to time from the cheapest source, the Gulf, Texas and other large companies maintain and operate extensive marketing and distributing facilities in the States in which
we are operating. That we have no monopoly of the gasoline business
in these States is evident from the records, which show a total of 4,810
marketing and distributing stations, of this total our competitors own
4,034, or 83.9%, whereas the Standard Oil Co.(N. J.) and its affiliated
companies own 776, or 16.1%. Our Domestic Marketing Department
estimates that we are supplying slightly over one third of the total consumption in the States in question.
Analysis of Earnings.
The net assets of the company and its subsidary companies, including
all capital stock, just after the dissolution in 1911, were $292,000,000, odd.
The net assets including all outstanding stock on Dec. 311921. were $890,000,000, odd. These figures indicate an increase in the met assets of practically $600,000,000 since the dissolution. Of this $200,000,000 was subscribed by the stockholders to the Preferred stock of that amount which
the company found it necessary to issue. The $400,000,000 remaining
represents accumulated earnings reinvested in the business. Corporate
action has recently been taken to capitalize this amount through an increase in the issued Common stock by means of a 400% stock dividend,
payable on Dec. 20 1922. [For Pres. Teagle's statement regarding stock
dividend see V. 115, p. 265.]
Of the $600,000,000 increase in the net assets since the dissolution 62.9%
was in prdolucing properties, tank steamers, inventories
of crude oil products and supplies. It was in these departments of the business that the
company was deficient as a result of the dissolution. The only other considerably increased investment was in the manufacturing facilities made up
In part by new construction necessary to the installation of what is known
as the"cracking system" for the production of increased quantities of gasoline, and in part by the construction of new refineries, most of which were
built outside of the United States.
The earnings of the company and all subsidiaries for the years 1920 and
1921 and the estimate of earnings for the first 6 months of 1922 are the
figures in which the committee are particularly interested.
The eggregate earnings for the period were 3213,720,213, or at the rate of 9.6% Per
annum on the net assets.'
The dividend retorn to the Common stockholders of the company has
not changed since the dissolution and the business has paid them since
that date an average of 4.4% per annum on the net assets. In 25 Years
ended June 30 1922, Common dividends were paid aggregating $49,274,813.
or an average of 2.83% per annum on net assets over this period.
Our accountingfdepartment has analyzed the net earnings for 1920 and
1921 and the estimated earnings for the first 6 months of 1922 of the company and affiliated companies and finds the earnings for the 2% year period
to be derived from the three divisions, viz, foreign, collateral and dome,stic,
as follows:
From foreign business
$87,319,585
From collateral business
72.470.149
From domestic oil business
53,930,479
The company has earned during the 2% years ended June 30 1922, a
total of $53,930,479 from its domestic oil business. During the same
period we have run through our domestic refineries a total of 171,467,211
'barrels of crude oil. On these figures the earnings were equivalent to 31
cents per barrels.
What do the earnings shown mean to the eventual purchaser of a gallon
of our products and what part of each dollar paid to the company repro-,
sents profits to this company? This is a phase of the matter about which
there is generally a 'very erroneous impression, I. e., that unconscionable
profits are being made out of the oil business.
The gross sales of the company and its domestic subsidiaries in their
domestic oil business during the 23 year period referred to were $1,516,392,315, and the profits from that business were $53,930,479. or 3.56%•
Out of every dollar paid by the consumer for our petroleum products in that
period we retained 3.56 cents. Applying this basis of figuation and
assuming that consumers of our gasoline paid an average retail price of
27 cents per gallon the profit of the company was less than one cent per
gallon.—V. 115, p. 2695, 2391.
Firestone Tire & Rubber Co.
(Annual Report—Year Ended Oct. 31 1922.)
Pres. H. S. Firestone, Akron, 0., Dec. 15, wrote in brief:
Sales.—WIth the lowest prices and keenest competition ever known in the
ndustry, sales for the year were $64,507.302, representing an increase of
23% in pieces sold over the previous year.
Earnings.—EarnIngs, after providing for depreciation, interest, taxes
and other charges, were $7.348,422. After payment of preferred dividends
and miscellaneous charges a net increase of $16 per share in the common
stock equity is shown.
Bank Debt Reduced.—Our bank indebtedness was reduced from $21,680,000 at the beginning of the fiscal year to $12,775,000 at its close, or a
reduction of nearly $9,000,000.
Canadian Company.—During the year our Canadian company financed
Itself through the sale of a 31,500,000 7% bond issue (V. 114, v. 2723), the
parent company owning the entire outstanding pref. and common stock.
The Canadian plant has a present capacity of 1,600 tiros daily, and is so
planned that additional production can be readily procured when required.
Outlook.—We enter the new year with our factories running at undiminished production, operating at the highest point of efficiency yet attained
and producing the best quality tire in our history. Sales and distribution
methods have been simplified, resulting in a marked decrease in cost, and
our dealer organization enlarged and strengthened. Inventories have been
very conservatively valued, and our commitments for raw material are on
a most favorable basis.
In this position, backed by a loyal and aggressive organization, I look
forward to continued success the ensuing year.
SALES FOR YEARS ENDED OCTOBER 31.
1919-20.
1918-19.
1920-21.
1917-18.
1916-17.
1921-22.
$64,507,301 $66.372,938 $114,980,969 $91,078,514 $75.801,507 $61,587,219
Dividend Record on Common Shares (Par Value $10). [Inserted by Editor.]
1910-11. 1912, 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921.
5% each 7
10
12
16
20
40
60
80
60
x15
x
7-7, " "2' 7-
!I'7*
-171
2' • - •..'7
1
7-r
2792
CONSOLIDATED BALANCE SHEET OCTOBER 31.
Assets1921.
1922.
Land, buildings and equipment
421,174,350 $30,594,722
Inv. In foreign sub. cos. & other stocks and bonds__ 4,651,265
3,989,055
5,715,459
Cash
5,888.565
Inventories
9,890,050 12,534,369
9,548.432
Customers' accounts receivable, less discount
8,387,298
212.548
339,071
Customers' notes
Controlled and allied companies
2,160,359
986,981
259,776
Miscellaneous accounts and advances
Due from officers St employees account com, stock
5,905,424
pur. & sundry advances secured by 62.431 shares 5,820,215
308,217
198,257
Prepaid interest, taxes and insurance
228,537
403.053
Deferred charges
3,314,206
y3.013,709
Coventry Land & Improvement Co
129,849
z174,029
Treasury stock
Total
$60,718,634 $75,248,573
Liabilities$9,500,000 $10,000.000
6% Preferred stock (par $100)
7% Preferred stock (par $100) (auth. 400,000 shs.) 10.000,000 10,000,000
Common stock (par $10) (auth. 2,500,000 shares)_ 3.558.000
3,561,670
Notes payable to banks
11,985,000 21,105,000
Bankers' acceptances
790.000
575,000
Accrued salaries, taxes, &c
2.775,264
2,720.205
Customers' credit balance
42,838
84,336
Reserves: For liquidation of inventory accounts
1,688,887
For plant depreciation
9,041,715
For general contingencies
300.000
700,000
Surplus
20,595.596 14,870,642
Surplus. insurance account
942,616
1,130,438
Total
$60,718,634 $75.248,573
x Land, buildings, machinery, equipment. &c., $31,501,003; less reserve
for plant depreciation, $10,326.653.
y Includes house and lot accounts receivable and unsold real estate,
$4,579,817; less mortgages thereon, $1,566,108.
z Preferred and common shares purchased at cost.
Note.-The company on Oct. 31 1922 was contingently liable as endorser
on $69.336 customers' notes and trade acceptances discounted.
This balance sheet of Oct. 31 1922 is "subject to adjustment, if any.
upon final review by the Government of prior years' Federal tax returns."
-V. 115. p. 2691, 651.
(J. I.) Case Plow Works Company.
(Report for Year Ended Sept. 30 1922.)
PROFIT AND LOSS ACCOUNT FOR STATED PERIODS.
Year end. 15 Mo.end.
Sept.30 '22 Sept.30 '21
Gross sales
$2.118,045
Not
Less returns, freight on sales, readjustments, &c_
586,204
stated.
Net sales
Cost of sales (before depreciation and taxes)
Selling expenses
Administration and general expenses
Other charges
$1.531,840 44,728,558
1,281.117
3,502.533
665.783
1,754,799
188.390
387.956
212,517
506,700
Total loss
Other income
$815.967 $1.423,431
173,519
237.109
Net loss
Interest
Depreciation
'Taxes
Inventory shrinkage
$642,448 $1,186,321
$420.742
$554,940
207,310
70,148
1.244,544
Balance, deficit
Previous deficit
$1.340.648 $2.985.805
3,032,526 sur 305,865
Total deficit
Adjustments-Dr
First preferred dividends
Second preferred dividends
$4.373.174 $2.679.940
49,222
46,336
(5 Si)183,750
(3 54)122,500
Deficit Sept. 30
$4,422,397 $3.032,526
x Net sales in 1921 are before deducting freight on sales, discount allowed
•on sales and price readjustments, which are included in other charges below.
BALANCE SHEET SEPTEMBER 30.
1921.
1922.
1922.
1921.
$
$
AssetsLiabilities$
Plant & properties.y4,62),385 4,606,133 First pref. 7% stk_ 3,500,000 3,500,000
4/4,661
554,268 2d pref. 7% stock_ 3,500,000 3,500,000
.Cash
Notes & acc'ts rec.x1,877,881 1,470.514 Common stock_ __z2,273,713 2,273,713
14,356
23,1„)2 Notes payable_ _ - _ 6,507,875 5,721,372
Misc.acc'ts receiv.
96.402
25,566 Accounts payable_
Accr. int. receivle
54,463
233,251
13,784
57,764 Accrued pay rolls..
Prepaid insurance_
14,032
5,319
3,064,779 3,890.601 Accr. int. on notes
Inventories
75,605
121,212
payable
Deferred charges
82,390
Workmen's comp'n
Workmen's comp'n
16,734
16.097
insurance fund__
insurance reserve
10,197
9.717
1.000 Deprec'n reserve.., 1,369.709 1,165,185
1,400
Investments
650,000 Other reserves_ _ __
Orig. draw.& des's 650,000
16,000
40,227
2,000.000 2,000,000
.Goodwill
4,422.397 3,032.527
Deficit
17,328.384 16.448,783
Total
17,328,384 16.448,783
x Notes receivable, trade debtors (pledged as collateral to notes payaole
and accrued interest thereon in accordance with bank extension agreement).
V.696.982; accounts receivable, trade debtors, $255.900; total, $1.952,881,
less reserve for bad and doubtful notes and accounts. $75,000.
y Includes manufacturing plant (Racine), land, buildings, machinery,
equipment, patterns, tools ,office furniture and other property, $4.296,557;
.outside property-Land, warehouse buildings, office furnisute and other
property. $295,403; miscellaneous property. $28,425.
z Common stock: auth. and issued. 125.000 shares no par value.
Note.-(a) There was a contingent liability on notes receivable discounted
at Sept. 30 1922 of $21,648. (b) Dividends on First Pref. 7% Cumul.
stock have not been declared since March 31 1921. (c) The loss on purchase commitments,aggregating $445,654 at Sept. 30 1922, based on market
values at that date, amounted to approximately *16.000.-V. 114. p. 630,
414.
Total
B. Kuppenheimer & Co., Inc., Chicago.
(1st Annual Statement-Year Ended Oct. 28 1922.)
Pres. Louis B. Kuppenheimer, Chicago, Dec. 16, reports
in substance:
The present financial condition of the company is excellent, and the
volume of sales for the year just closed shows a substantial increase over
the previous year.
Net profits for the year. including the results of the operations of the
old company for 11 months and of the now company for 1 month, after
deducting all expenses, including depreciation, int. on loans and provision
for doubtful accounts, but before deducting Federal taxes, amount to
$414.211. After deducting $48.000 provision for Federal taxes the net
profits for the year amount to $366,211.
The decrease in the profit showing for the year was anticipated, owing
to the unusual conditions prevailing in the industry. These conditions
rendered it advisable to sell merchandise at a close margin of profit and
thereby assist the customers in overcoming price resistance with merchandise at attractive prices. We are confident this policy will reflect to the
advantage of the company In its future operations.
The sales for the coming spring season have been maintained in a satisfactory manner, which gives promise of improved conditions in the future.
Iln Sept. last the company was incorporated in Illinois to take over the
property, &c., of the company incorp. In 1911. At the same time $3,500.000 7% Cumul. Pref. stock was offered to the investing public, the
purchasers of the Prof. stock being given the privilege to purchase Common
[vorh 115.
THE CHRONICLE
stock at $35 per share up to 35% of their holdings. On Dec. 1 an initial
dividend of 1Y,% was paid on the Pref. stock. See V. 115. p. 1329, 2275.1
SURPLUS ACCOUNT SEPT. 28 1922.
$1,586.453
Initial surplus Sept. 28 1922_
Net profit for year, incl. premiums on sale of Preferred stock in
366,211
lieu of accrued dividends
Less proportion thereof accrued prior to Sept. 28, incl. in
318,672
initial surplus
$1,633,992
Profit and loss surplus Sept. 28 1922
BALANCE SHEET OCT. 28 1922.
LiabilitiesAssets$3,500,000
7% Cum. Pref. stock
land, bldgs., macb'y & fixt's,
Common stock, issued 100,000
$1,350.943; less depr. res.,
500,000
$1,052,965
shares (par $5)
$297,981
1 6% real estate gold bonds, due
Trade marks and goodwill_ _ _ _
beginning
capiof
annually
purch,
for
$25,000
Empl. notes
350,000
67,563
July 1 1923
tal stock-secured
1,000,000
2,417,029 Notes payable
Inventories
Notes & acc'ts rec. (less res've) 4,189,913 Accounts payable (incl. mdse.
680,662
13,989
in transit)
Sundry debtors & empl. acc'ts_
212,554 Accr. payrolls, int,. &c., and
Cash
Federal taxes pay'le In 1923 298,366
159,007
Deferred charges
150,000
Reserve for contingencies
1,633,992
Surplus
$8,113,021
Total
-V. 115, p. 2275, 1329.
Total
$8,113,021
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 vast, 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."
Locomotive Repairs.-From Nov. 15 to Dec. 1 the railroads repaired and
turned out of their shops 13,484 locomotives. This was within 6 locomotives of the greatest number repaired during any semi-monthly period in
approximately the last two years, and exceeded by 1,345 the number
of November this year.
turned out of the shops during the first half last
totaled 18.009, or 27.9%
Locomotives; in need of repair on Dec. 1
347 compared with the total
of
a
was
decrease
This
line.
on
number
the
of
or 28.5%.
were
18.356.
there
which
time
at
15.
number on Nov.
in need of heavy repairs,
Of the total number on Dec. 1 last, 14.450 were
also showed 3,559
Reports
locomotives.
670
of
15
Nov.
since
decrease
a
locomotives in need of light repairs, which was an increase, however, of
locomotives on Dec. 1 totaled
323 within the same period. Serviceable
on Nov.15.
46,525. This was an increase of 424 over the number serviceable
1 totaled 226,288,
Car Repairs.-Freight cars in need of repairs on Dec.cars
since
9,372
decrease
of
Nov. 15.
a
was
This
line.
on
cars
the
of
9.9%
of
at which time there were 235,660 cars, or 10.4%. compared with 187.596
Cars in need of heavy repairs totaled 176,006,
on Nov. 15, a reduction of 11.590. Cars in need of light repairs numbered
50,282, an increase of 2,218 within the same period.
On Dec. 1 last year 320,292 cars, or 14% of the total number online, were
in need of repairs.
Since July 1 last, the date on which the strike of railway shopmen began,
there has been a reduction of 98,298 cars in the number in need of repairs.
Car Shortage.-From Dec. 1 to Dec. 8 there was a decrease of' 21,825
in the freight car shortage, the total shortage on Dec. 8 amounting to
111.961 cars.
The shortage compared with that during the week ended Nov. 30 was:
stock
Bax cars. 56,711, decrease 10,757; coal cars, 37.613. decrease 5,235;
cif's, 5,239, decrease 4,302; coke cars over and above the available current
supply was reported, which made the total shortage 394, increase 50; refrigerator cars, 5.188. decrease 890.
Reports also showed a gradual increase in the number of surplus freight
Dec. 8
cars in good repair scattered throughout the country, the total on
1.062 cars.
being
e Jam 9.r which was a gain in approximately a week of
7ings.-Loading of revenue freight, 919.828 cars during week
6,5
6ad
Lo
an increase of 178,487 cars above the corresponding week
ended
the corresponding week in 1920,
last year. an increase of 81,875 cars abovepreceding
week this yi ar, when,
and an increase of 74,609 cars over the
however, loadings were reduced owing to the observance of Thanksgiving
Day.
Grain and
Principal changes compared with week ending Dec. 2 were:
stock, 38,170 cars, increase
grain products. 55,608 cars, increase 6.267: live
miscellaneous
and
merehandise
increase
14,317:
cars,
3,789; coal, 200,505
cars. increase 47,716
freight, which includes manufactured products, 539,420
9.879 cars, decrease
cars; forest products, 63.195 cars, increase 3.185; ore,
24.
671; coke 13.051 cars. decrease
of Kansas Utilities
Grain Rate Cut Demanded.-C. M. Reed, Chairman
more than necesCommission, testified before I.-S. C. C. that roads spend
"Times"
earnings.
of
showing
the
reduce
sary on maintenance in order to
19.
Dec.
and
Kentucky
of
McChord
C.
-0.
Renominated.
Members
C.
C.
Two
na
et
hruesI
cu
Baef
Massachusetts.
ntasss
eM
Eastman
J.
Book
value
in
Form.
-Final
Printed
C.
C.
Valuation
arguments for 11 roads presented in hearings held Nov. I, 2 and 3 1922.
"Railway Review" Dec. 16, p. 881.
Trains in Desert During ShopEight Union Men Convicted for Deserting
to tie up traffic on Santa Fe, causing
men's Strike.-Alleged to have_plotted
Dec. 21. p. 1.
delay of mail and freight. "Times"
of All Roads Entering Port.-I.-S.
Port Authority Must Have Co-operation
cause why unification of terminals in district
C. C. orders roads to show
project.
"Times" Dec. 17, p. 3;
port
of
part
as
forward
go
not
should
Dec. 18, p. 30; Dec. Number
en -Figures
m.ber
p
21*Killed and Injured in RR. Accidents
C. C. Reports
1.074 injured during quarter ended Sept. 30 1922.
killed
show-S. and
A
c. 20.
eree."Dg
me:gam
t/ri
iadl• A
uu
ilnrc
ina
"Fiza
malgamation of Brotherhood of Locomotive
be
Engineers and Brotherhood of Locomotive Firemen & Enginemen toBuknown as Brotherhood of Locomotive Enginemen. Boston "News
.
La
.19
.
RR
. ec
u.sD
reau"*Board Denies Request for Sunday Overtime Pay.-Maintenot receive time-and-a-half after 8 hours work on
nance of way men will but
present rate of a pro rata rate for the 9th and
Sundays and holidays,
thereafter is upheld. "Times" Dec. 16.
10th hours and time-and-a-half
9
p. 1.
on city-owned cars will be Sc. beginning
-Fares
Reduced.
Fares in Seattle
of 2c. cash or 134c. with token will be made for
Mar. 1. Extra charge is
"Financial America" Dec. 21. p. 2.
1-3c.
8
fare
Present
transfers.
Act To Forbia Itai,roads To Decazre Dividends
Would Amend Transportation
Certifies Equipment To Be Equag to Pubic Needs.
Umess I.-S. C. Commission
proposes amendment in Senate declaring
-Senator Johnson of California
had sustained huge losses because of car
grape growers of California
hreun
cm
a 1..A
,
acii,
ov,nraen
"
CFi
ec
DD
"
"
irle
..213
ec
rTe
6* -(a) Railroad gross and net earnp. 2626, 2629.
ings for October (editorial),
by Brown Brothers & Co p. 2636.
booklet
France;
of
railways
(b) The
Department to railroads under Transporta(c) Payments by Treasury
tion Act. p. 2648.
Alabama Great Southern RR.-Bonds Authorized.-
Dec. 9 authorized the company to procure
The I.-S. C. Commission on
to it Treasurer of $500,000 1st Consol. Mtge.
authentication and deliveryBetween
Oct. 1 1921 and Sept. 30 1922 the com5% gold bonds, Series A. for capital purposes and these bonds are to be
pany expended $550,197 for the calendar year 1922 in respect of a part'
Treasurer
delivered to its
oft such expenditures.-V. 115, p. 1206.
Alton Granite & St. Louis Trac. Co.--60% Deposited.
The committee for the bolders of the $2,500,000 1st Cense! Mtge. 5%
bonds, due Aug. 1 1944 (D. R. Francis Jr., Chairman.) announces tha
more than 60% of the bonds have been deposited and that no additionat
DEC. 23 1922.]
THE CHRONICLE
bonds will be received after Jan. 10 1923, except upon such terms as the
committee may see fit to impose.
The protective committee consists of D. R. Francis Jr. (Francis, Bro. &
Co.). Chairman; J. H. Grover (V.-Pres. St. Louis Union Trust Co.),
J. Sheppard Smith (V.-Pres. Mississippi Valley Trust Co.), E. J. Costigan
(Whitaker & Co.), James Duncan (Pres. Duncan Foundry Co.), with
J. E. Riley, Sec., 214 N. 4th St.. St. Louis, and Charles M.Polk, Counsel.
Liepositary. Mississippi Valley Trust Co. St. Louis.
'the Feb. 1 1920 and subsequent coupons on the above bonds are in default. The company is a subsidiary of the East St. Louis & Suburban Co.,
but following the appointment of receivers for the Alton company in Aug.
1920 the Alton properties have been separately operated from the East
St. Louis company.
2793
against such action. The decision to abandon the lines was taken becaug
it is stated the road is at present losing money. The company and
the
Ithaca Traction Corp. are both controlled by Ford, Bacon & Davis,
Y. City. The above officials have also severed all connection with N.
the
traction company.-V. 106, p. 394.
Chicago & Alton RR.-Protective Committee.-
British Columbia Electric Ry.-New Agreement Reached.
At the request of numerous holders of Preferred and Common stock, the
undersigned have agreed to act as a committee for the protection
of their
interests. All stockholders are urged to deposit their stock.
Application will be made to list the certificates issued by the depositary
on the New York Stock Exchange.
Protective Committee.-Walter T. Rosen, Chairman (Ladenburg, Thalmann & Co.); Franklin Q. Brown (Redmond & Co., New York), George
Woodruff (V.-Pres. National Bank of the Republic, Chicago), Edward
A.
Pierce (A. A. Housman & Co.), and Hugh K. Prichltt (Prichitt & Co.),
New York, with Feiner, Maass & Skutch, attorneys; S. 0. Levinson,
counsel; Thomas F. Thornton Sec., 66 Pine St. New York.
Depositaries.-Bank of the Manhattan Co., 40
'Wall St.. New York,
National Bank of the Republic Chicago.-V. 115, p. 2683. 2378. and
. Buffalo Rochester & Pittsb. Ry.-Listing---Earnings.-
The $803,000 Tacoma Eastern RR, 1st Mtge.
falling due Jan. 1 will
be paid through the Illinois Trust Co. of Chicago58
at maturity. The company expects to meet this maturity with current funds
and does not expect
to issue any new securities to replace them at the present
time.-V. 115,
p. 2(83, 2579.
A new agreement has been made between the company and the city of
Vancouver, amounting virtually to a new franchise. It amends the existing franchise, dated 1901, in several important respects, especially in providing for the continuance of the 6-cent fare and for new motor bus routes.
It further provides for a reduction on Jan. 1 1923 in lighting rates within the
city limits from 6 cents to 5 cents a k.w. hour. The 6-cent fare charged
in Vancouver has been the subject of negotiation and temporary measure
for 3 yi years. The last permit expired on Dec. 15. ("Electric Railway
Journal" Dec. 9.)-V. 115, p. 182.
. The New York Stock Exchange has authorized the listing of $3,019,000
additional Consol. Mtge. 4
Bonds, due May 1 1957, making the total
amount applied for $24,178,0()0 (authorized, $35,000,000). See offering in
V. 115, p. 1837.
Income Account, Six Months Ending June 30 1922.
Operating revenue
$6,942,958 Total operating revenue__ $237,151
Operating expenses
6,491,504 Non-operating income_ _
579.683
Net revenue
$451,454 Gross income
$816,834
Railway tax accruals
$210,000 Deductions for rentals, inUncollectible railway rev_
4,302 terest, &c
•'1,204,287
Total operating revenue $237,151
--rV. 115, p. 1729, 1836.
Deficit
$387,453
Carolina Clinchfield & Ohio Ry.-Bonds Sold.-Blair
& Co., Ladenburg, Thalmann & Co., Cassatt & Co., Spencer
Trask & Co., Redmond & Co. and A. G. Becker & Co.
have so'd at 96 and int., to yield about 61.4%„000,000
1st & Consol. Mtge. 30-Year 6% gold bonds, Series "A."
(See advertising pages.)
Dated Dec. 151922. Due Dec. 151952. Int. payable J. & D. without
deduction for any Federal income tax up to 2% per ann. which the company
or the trustee may be required to withhold. Penna. 4-mill tax refundable.
Red., all or part, on any int. date on or before Dec. 15 1937 at l074 and
int., the premium decreasing 3,i of 1% each year thereafter until maturity.
Denom. of $100 $500 and $1,C00 (c*&r). Authorized issue, $50,000,000;
to be presently issued, Series "A," $9,500.000.
Data from Letter of Pres. N. S. Meldrum, New York, Dec. 16 1922.
Company.-Operates a thoroughly modern railway system, including a
main line extending from Elkhorn City, Ky., to Spartanburg, S. C., which,
together with branches and trackage rights, aggregates about 300 miles.
It was first opened for traffic in 1909, but the line as a whole was not completed until July 1915, when the Elkhorn extension was placed in operation.
The growth in traffic from the beginning has been remarkable, the operating
revenues increasing from $1,489,056 in 1910 to $7,538,734 for the 12 months
ended Oct. 31 1922.
Purpose.-The sale of the $8,000,000 1st & Consol. Mtge. bonds, Ser."A,"
Is being made for the purpose of retiring $8,000,000 indebtedness to the
U. S. Government (bearing 6% int.). The indebtedness now about to
be repaid to the U. S. Government represents temporary loans made to
the railway company in connection with the refunding of various notes
which fell due during the past few years. The latter notes were originally
issued against expenditures made almost entirely in pre-war years.
Capitalization of Co. and Sub. Cos. as of Oct. 31 1922 after this Financing,
Authorized. Outstand'g.
First & Consol. Mtge. bonds (present issue)
$50,000,000 x$8,000,000
First Mortgage 5s, due 1938
15,000,000 y13.950,000
Lick Creek 8z Lake Erie 1st Mtge. 5s, due 1933_
200,1100
3,195.000
Equipment Trust Notes, due serially up to 1935_Closed issues
6,154.000
15-Year 6% Cum. income Debentures, due 1935
6,000,000 5.000,000
Preferred stock, 6% non-cumulative
25,000,000 x11,500.000
Common stock
25,000,000 25,000,000
$36.500,000
x Exclusive of $1,500,000 Series "A" treasury bonds. y Both these underlying issues are closed, there being $1,050,000 1st Mtge. 5s and $5,000
Lick Creek & Lake Erie 5s in company's treasury.. z Includes $1,500,000
Pref. stock, owned by the Holston Corp., a subsidiary of the railway.
Company has also guaranteed the principal and interest on $1,500,000
Holston Corp. 57 Realty & Coll. Trust Notes, maturing April 1 1926.
Security.-Bonds are to be secured in the opinioa of Counsel by (a) 1st
Mtge. on the Elkhorn extension, 35 miles of main line, extending from
Elkhorn City, Ky.. to Dante, Va., constructed at a cost of approximately
$6.000.000. (b) A 2d Mtge. on 234 miles of railway, including terminals,
equipment, &c., being substantially the entire balance of the mileage now
owned (excepting '7)4 miles mentioned below), subject to not exceeding
$15.000.000 1st Mtge. bonds, of which $13,950,000 outstanding. (c) A
general lien on the 7 4 miles extending from Dante, Va., to Fink, Va.,
subject to outstanding underlying bonds.
Bonds will also be secured by deposit of the entire $750,000 capital stock
of the Holston Corp.
An equal amount of 1st & Consol. Mtge. bonds are reserved to refund
all underlying bonds and upon retirement of same these bonds will become
a first lien on all the propety.
CondensedIncomeAcct.12Mos.End.aDec.31 '20. Dec.31 '21. Oct. 31 '22.
Railway oper. income after taxes__ $1,176,868 $1,702,140 $2,100,327
Hire of equipment, &c
1,019,250
906,405
b1,623,123
Gross income
$2,799,991 $2,608,545 $3,119.577
Interest on funded debt
$1,187.904 $1,187,582 $1,188.397
Interest on equipment trust notes_
407,138
374,445
430.371
Interest, unfunded debt
14,386
275,290
25.571
Miscellaneous deductions
6,755
1,826
21.203
Total deductions
$1,583,983
$1.914,767
$1,622,117
income
Net
$885,224
$986,428 $1,535,595
a 10 months' railway operation and 2 months' Federal operation. b Includes $347,403 compensation from U. S. Railroad Administration.
Consolidated General Balance Sheet Oct. 31 1922.
AssetsLiabilitiesInvestment in road -.,---$52,304,335
$25,000,000
stock
Investment in equipment 15.178,145 Common
Preferred stock
11 ,500.000
Other investments
4,352,513 1st Mortgage 5s 1938
13,950,000
Cash
2,988.658 Lick Crk & L E 1st M.5s
195,000
Loans & bills receivable_
23.462 U. S. Govt. loans
8,000,000
Traffic & car serv. bals
156.961 Elkhorn 6% notes, 1923_
3.000
Balances receivable from
Equipment trust notes.._ 6,154,000
agents and conductors
3,294 6% Cum.Inc. Debs.1935 5,000.000
Materials and supplies
893,083 Audited vouchers
196,325
Miscellaneous
157.641 Wages payable
184.957
Deferred assets
1.068,250 Traffic & car serv. bals
267.008
Unadjusted debits •
1,106,133 Accrued interest
555,552
1,460
Miscellaneous
2,598.272
Unadjusted credits
Total (each side)
$78,232,477, Surplus
4,626,904
-V. 115. p. 2683. 430.
Central N. Y. Southern RR.-Would Abandon Line, ctc.
Chicago Milwaukee & St. Paul Ry.-To Pay Bonds.-
Chicago Peoria & St. Louis RR.-To Dismantle Line.-
The company has applied to the I.-S. C. Commission
permission to
abandon its entire line of railroad of about 237 miles, offor
which the main
line of 200 miles runs between Peoria and St. Louis.
The bondholders have petitioned the Circuit Court at Springfield, Ill.,
for permission to dismantle the line and sell the right of way. This
proposal is being opposed by patrons of the line. It is
that several
plans of reorganization have been proposed, but nonestated
of them has been
successfully promulgated.-V. 115, p. 2684, 1729.
Cuba Co.-May Change Capitalization.-
The directors have voted to recommend a change in the Common stock
to allow exchange of the present 160 shares, par value
each, for a
larger number of shares with no designated par value. $50.000
A meeting stockholders to consider the proposal will be called shortly.-V. 113. of
p. 1470.
Detroit & Mackinac Ry.-Bonds.-
The 1.-S. C. Commission on Dec. 11 authorized the company to sell not
exceeding $450,000 1st Lien 4% bonds at not less than 80 and int.
The
report of the Commission says: The
applicant states that It recently borrowed $300.000 on demand notes to meet pay-rolls,
make
extensive
to
repairs to its rolling stock and to purchase necessary supplies. also that gross
earnings for the first 4 months of 1922 were
insufficient to pay the operating expenses and that the deficit for
months amounted'to $154,000.
It is proposed to sell these bondsthose
to the Bank of the Manhattan Co.,
New York, for cash at not less than 80
and Int.-V. 113, p. 1674.
Eastern Mass. St. Ry.-To Pay Bonds.-
•
The $300,000 6% bonds due Jan. 1 will be paid off at office of company.
Boston.-V. 115, p. 1941, 868.
Eastern Pennsylvania Railways
Co.-Tenders.--This company, 43 Exchange Pl., N. Y. City,
will until Dec. 28 receive
bids for the sale to it of Pottsville Union
Traction Co. 1st Mtge. 30-Year
5% gold bonds dated Sept. 1 1899 to an amount sufficient. to
exit Just $20,000.
All bondholders whose tenders are accepted will be notified
on or before
Dec.30 and will be instructed to deliver their bonds
to the Real Estate Trust
Co., T3rold and Chestnut Sts., Phila., for
payment.-V. 115, p. 2267.
Erie RR.-Equipment Trusts, Series
HH.The I.-S. C. Commission on Dec. 12 authorized
the company to assume
obligation and liability in respect of $2,800,000
to be issued by the Commercial Trust Co., Phila., Equip. Trust certificates
and to be sold at not less than 97 in connection to be dated Nov. 15 1922,
60 locomotives at an approximate total cost of with the procurement of
$3.821.705. (See offering
In V. 115. p. 2378.)-V. 115, p. 2684.
Fredericksburg & Northern
Ry.-Notes.The I.-S. C. Commission on
11 authorized the company to issue
six 1-year notes aggregating notDec.
more than $65.000, to be used to retire
$50,000 vendors' lien outstanding notes and to evidence interest
unpaid
thereon. These notes will be dated Dec. 28 1922, will
be payable one year
after date to the order of J. L.
T. P. Russell and O. H. Judkins,
as independent executors of theBorroum,
estate of R. R. Russell, deceased, with int.
at rate of 6% per annum until paid.-V. 112,
p.2083.
Great Northern Ry.-Declares 2%% Semi-Annual Dividend.-The directors have declared a semi-annual dividend
of 2
on the Preferred stock, payable Feb. 1 to holders of
record Dec. 29. An official statement says in substance:
' Officers and
directors are hopeful that unusually adverse conditions of
1922 will not prevail during 1923 and that
net earnings will show sufficient
improvement in the near future to justify
resumption of the 3;•5% semiannual dividend.
"Iron ore, which in 1921 amounted to 4,300.000 tons. was 9.950.000 tons
in 1922, and the best estimate
now is it may reach MOT)010 or 15.000.000
tons next year. Prospects also are
for an increase in lu nb3r movement,
as well as in Improvement in general
traffic. The chief cone .rn of the officers and directors is on account offreight rate reductions
having been made
while operating expenses still held at high level, and consideration
that Is
being given to still further reduction in freight rates, especially on agricultural products. These things could not
help influencing dividend action."
[The company in Aug. last paid a semi-annual dividend of 3Y5%, making
total payments for the year 1922 5%.l-V. 115. p. 2267,
1837:
Interborough Rapid Transit Co.-Improvements.-
The New York Transit Commission has ordered the cowl)tny to expend
$4.000,000 in improvements, including reconstruction of the 33d
St.
station of the East Side subway from a local to an express stop,
and lengthening the local stations between the Brooklyn
and Grand Central
on the East Side. and between Times Square Bridge
and 96th St. on the West
Side subway to accommodate 10-car trains. [Owing
to traffic congestion
in New York City some of the city officials advocated
the removal of
all the elevated lines and the building of subways along the
same routes
now covered by the elevated lines.1-V. 115. p. 2684.
2580
International-Great Northern RR.-Securities of This
Company Now Ready.-J. & W. Seligman & Co. and Speyer
& Co. reorganization managers of the old International &
Northern Ry., on Dec. 19 issued a notice to holders
Great'
of certificates of deposit of the Bankers Trust Co. and the
Guaranty Trust Co. of New York for 1st Mtge. 6s, 1st &
Ref. 5s and 3-Year 5% gold notes, announcing that the securities of the new company will be ready for delivery Dec.20
1922. (See advertising pages.)-V. 115, p. 2684, 2580.
Kentwood & Eastern RR.-7'o Abandon Line.The Louisiana P. S.
Commission has authorized the company to abandon
operation and dismantle its line from i entwood,
La.. on the Illinois
Central, southeasterly to Scanlon, 16 miles. The line
opened for
operation in 1905 and practically Its entire tonnage has been was
forest products.
The timber holdings in the vicinity are exhausted and
the traffic of the
line has disappeared.-V. 93, p. 589.
Los Angeles Railway.-Tenders.-
The Pacific-Southwest Trust & Savings Bank, Los Angeles,
Calif., will
until Dec. 27 receive bids for the sale to It of 1st dc Ref.
Mtge. 5% bonds,
due Dec. 11940. to an amount sufficient to exhaust
$41.968.-V.115.p.543.
Louisville (Ky.) Ry.-Wage
Increase.Following a decision of the directors requesting President R. B. Williams
The company on Dec. 19 announced an increase in
wages
Jr. to apply to the I.-S. C. Commission for authority to abandon the men ranging from 1 cent
platform
hour for the first 3 months of 1923of
road, which runs 'between Ithaca and Auburn, 37 miles, Pres. Williams, an hour after service of 2 an
to 10 cents
V.-Pres. R. B. Williams and Gen. Mgr. T. P. Clancy resigned as a protest -V. 115, p. 1532, 1210. years. Present rates are 33 and 35 cents an hour.
THE CHRONICLE
2794
Manila Electric Corp.—Listing—Stock Dividends, &c.
The Now York Stock Exchange has authorized the listing, on or after
Dec. 28. of temporary certificates for $2,000,000 additional Common stock,
par $100, on official notice of the issuance and payment in full, making the
total applied for $7,000.000. The report to the Exchange says:
Of the stock applied for 10,000 shares is the balance remaining from 17,500
shares of Common stock deposited by Manila Construction Co. with Equitable Trust Co., to be disposed of as the directors might designate, for the
purpose of acquiring additional cash capital or for other corporate purposes.
The 17,500 shares had been issued to the Construction Co. in part payment
for certain assets acquired by tho corporation from the Construction Co.
Of the 17.500 shares, 7,500 have heretofore been disposed of, as follows:
7,280 were issued to the Construction Co. in payment for certain improvements and extensions, and 220 shares were issued to Charles M. Swift and
J. G. White & Co., Inc. in compensation for certain services rendered,
'held by trustfe.
leaving 10,000 shares still
The other 10,000 shares of the stock is part of an authorized increase of
the Conunon stock from $6,000.000 to $10,000,000. The stockholders on
Dec. 15 increased the Common stock from $6,000,000 to $10,000,000. Of
such increase 40,000 shares of Common stock, 10,000 shares in addition
to the 10,000 shares held in trust are to be distributed on Dec. 28 to holders
of record Dec. 22, to the 50,000 shares of outstanding Common stock as a
40% stock dividend, each holder to receive two shares of additional shares
for each five shares held.
Consol. Income Account, Nine Months Ending Sept. 30 1922 (Subj. to Adjsut.).
$2,641,327 Net earnings
$749,488
Gross earnings
1,357,774 Surplus Dec.31 1921
3,061,701
Operating expenses
95,233 Misc. adjustments—Cr_ _ _
27,531
Taxes
Net earnings
$1,188,319 Total surplus
305,478 Dividends paid
Deduct interest
42.667
Amortization
9,696
Exchange on remittances
81,000
Replaceas & renewals.. _
Net earnings
—V. 115, p. 2478.
$749,488
$3,838,720
300,000
Surplus Sept. 30 1922_ _$3,538,720
Michigan Central RR.—Rise in Stock Explained.—
The sale of a few odd shares of stock at $330 per share has revived the
report that the New York Central, which already controls 90% of the stock,
was seeking to gain the minority stock.
A New York banking firm, it is stated, has sent a letter to the minority
holders saying that it has been "authorized by clients, who own a very
substantial amount of the outstanding stock, to negotiate the sale of their
holdings of this stock, ex the regular and extra dividends aggregating $10
per share, payable to stockholders of record Dec. 29 1922 at a figure of
not less than $359 per share. On all such sales we shall charge a commission
The letter further states: "We shall be glad to include
of $5 per share.
your shares in our negotiations upon the terms named. We desire to
obtain the assent of as large a portion as possible of the minority stockholders before proceeding further with this matter, as we feel confident
that the successful outcome of the negotiations will be greatly enhanced
if we are in a position to offer a large portion of the outstanding minority
stock. If you do not care to sell your Michigan Central stock, but would
consider an exchange of that stock for other stock or stocks, please advise
us immediately."
The $350 offer remains in effect until the close of business Dec. 28.
—V. 115, p. 2684.
[Vol,. 115.
Norfolk Southern RR.—Government Loan.—
The I.-S. C. Commission has approved the application of the company
for an additional Government loan of $355,000 to be used in purchasing
reconstructed freight cars.—V. 115, P. 760.
Ohio Service Co.—New Control.—
A controlling interest in the company, it is stated, has been sold to the
American Gas & Electric Co., New York, by the United Service Corp. of
Scranton, Pa., effective Jan. 1.—V. 115, p. 1429.
Philadelphia Rapid Transit Co.—Dividend Earned, &c.
The company in its "Service Talks" for Dec. 20 says: "P.R.T. men •
and management have this year earned the 6% div. on P.R.T. stock, the
money to pay the promised 10% co-operative wage dividend to the men,
and in addition would have earned a surplus of more than $1,000,000, but
instead increased the car service supplied, so that the winter schedules
now in effect give 10% better car service than one year ago.
"Company in Nov. last took over the city-built Frankford Elevated,
with an estimated cost of increased operation over increased receipts approximating $1.000,000 for the first year. The earnings of the Frankford
Elevated are disappointing in that the combined earnings of the Frankford "L" and the surface lines formerly carrying the traffic have increased
but little more than sufficient to overcome the loss occasioned by the free
transfers given between surface cars and the Frankford "L" and the lengthened ride from Bridge St. to 69th St. now ;riven for one fare."
Mayor Moore has submitted to President Thomas E. Mitten a plan for
a subway under Broad St. from Olney Ave. to League Island, with two
elevated spurs, one to run westward from Broad St. on Christian St.,
and the other north from Broad St. on Germantown Ave. The entire
project as proposed by the City Transit Department would be built progressively in three main sections and would cost approximately
$101,401,000.
Guy A. Richardson has resigned as Vice-President in Charge of Operations.
R. T. Tyson, assistant to Mr. Richardson, will temporarily assume the
duties of Vice-President.--V. 115. p. 2478.
Pittsburgh & Lake Erie RR.—New Directors.—
Edward S. Harkness and Robert S. Lovett have been elected directors
succeeding Wm. Rockefeller and A. T. Hardin. deceased.—V. 114, p. 2711
Public Service Corp. N. J.—Stockholders' Rights, &c.—
The stockholders of the 8% Pref. and Common stock of record Jan. 3
will have the right to subscribe to new 7% Pref. stock at par ($100) to the
extent of 3 shares for every 20 shares stock held. The right to subscribe
expires on Feb. 15. There will be issued $7,262.200 of the 7% Pref. stock
and the amount not taken by shareholders will be offered publicly on a
customer ownership plan.
.
The stockholders on Dec. 18 approved a change in the company's charter
two classes.
which will divide the $50,000,000 authorized Pref stock into
authorizing a
retaining $25,000,000 of the present 8% Preferred and also
approved
stockholders
similar amount of 7% Preferred stock. The
its right to retire
the recommendation that the corporation relinquish2478,
2380.
p.
at
115,
110.—V.
stock
Preferred
the
option
at its
Reading Company.—Assumption of Bonds.—
The I.-S.C. Commission on Dec. 11 authorized the company to assume
obligation and liability, as guarantor, in respect of the payment of the
principal and interest at the rate of4% per annum of not exceeding $500,000'
1st Mtge. bonds of Philadelphia & Frankford RR. On Oct. 28 last, the
Commission authorized the -Philadelphia & Frankford RR to extend the
to Aug. 1 1952,
maturity of this $500.000 1st Mtge. bonds from Aug. 1 1922
with int. at the rate of 43.6% per annum. The bonds in question bear an
Missouri Kansas & Texas Ry.—Sale of Property.—
indorsement of guaranty of the payment of the principal and int. thereon,
The main line of the road and branch lines in Texas were bought in at the rate of 4% per annum by the Reading Co., which owns the entire.
for $28,000,700 at auction at Colbert, Okla., Dec. 13 by J. & W. Seligman capital stock of the Philadelphia & Frankford RR. The Reading Co. has
& Co. and Hallgarten & Co., the reorganization managers.
assented to such guaranty of the bonds as extended, and has agreed that this
The Texas lines were sold at auction at Sherman Jct., Texas, Dec. 14 guaranty,will not be disturbed by the proposed maturity extension and that
to the same bankers for $6,500,000.
bonds not extended by the present folders will be furnished and exany
The Wichita Falls & Northwestern RR., a unit of the Missouri-Kansasby the Reading Co. at par, with interest at the rate of 434% per
Texas System, was sold at auction at Altus, Okla., Dec. 15 to J. & W. tended
annum.—V. 115, p. 2047, 1732.
Seligman & Co. and Hallgarten & Co., both of New York, for $2,220,300.
The McKinney-Shreveport branch was sold Dec. 16 to Cook & Nathan,
Rockford & Interurban Ry.—Franchise.—
New York, for $700,000. The latter, it is understood, represented the
The renewal of the franchise which expires in October 1923 was voted
Louisiana RR. & Navigation Co. This branch was not included in the down at a special election in Rockford by a vote of 7,300 to 4,100. The
new company as reorganized.
Council had previously voted for renewing the franchise over the
The Missouri P. S. Commission has approved the reorganization plan.— City
Mayor's veto. See also V. 115, p. 2268, 1429.
V. 115, p. 26E5, 2581.
Mobile Light & Railroad Co.—Fares.—
The Alabama P. S. Commission has ordered the company to reduce its
transfer charge from 2 cents to 1 cent except those to and from.the Michigan
Ave. line. See also V. 115, P. 1632.
Morgantown & Wheeling RR.—Demand New Receiver.—
A number of largo shippers and coal producers have filed affidavits for
the removal of Samuel Pursglove as special court receiver. Among the
charges made is that Mr. Pursglove is one of the largest coal operators
on the road and that he is disqualified to be a receiver. It is also charged
there is discrimination in the furnishing of cars for the various mines and
Mr. Pursglove, by reason of his position as receiver, has access to the
shipping records of the road, which gives him an opportunity to underbid
other shipper.—V. 106, p. 2011.
Saginaw-Bay City Ry.—Suit.—
The City Council of Saginaw, Mich., on Dec. 12 authorized the city
authorities to prosecute the suit in Federal Court at Bay City to compel'
have them removed.
the company to tear up its tracks in Saginaw andlive
up to its franchise
to
In July last, following the failure of the company
towards removal'
proceedings
the
started
city
bankruptcy,
into
went
when it
of the tracks, giving notice by ordinance, and went through all of the
necessary legal phases.—V. 115, p. 1533.
Shreveport (La.) Railways.—Fares.—
P. S. Commission
The company has filed a petition with the Louisiana
at present is chargingfor authority to charge a 7-cent fare. The company
a 5-cent fare.—V. 113. p. 418.
Southern Pacific Co.—Final Settlement.—The U. S. RR.
announces that it had made final settlement
N. Y. Brooklyn & Manhattan Beach Ry.—New Direc. Administration
subsidiaries of all claims growing'
C: D. Baker and Eugene Wright have been eleated directors, succeeding with the company and its
of Federal control for $9,250,000.
J. R. Savage and F. E. Haff.—V. 106, p. 818.
out of the period
Administration is a lump sum settleThis $9,250,000 from the Railroad with the Government, inasmuch as
New York Railways.—Sale Postponed.-ment and clears up the road's account
The sale at public auction at 14 Vesey St. of the car barn properties
at 34th St. and Fourth Ave. has again been postponed to Jan. 18.—V.
115, p. 2047, 1942.
on additions and betterments was
no funding of Government expenditures
necessary.—V. 115, p. 2380, 2268.
Northern Ohio Traction & Light Co.—Bonds Offered.-National City Co., New York, is offering at 94 and int. to
yield about 63/2%, $1,000,000 Gen. & Ref. Mtge. gold
bonds, series A, 6%, due 1947. Dated March 1 1922.
Due March 1 1947. Outstanding, including this issue,
$10,538,000 (see description in V. 114, p. 1180.)
The Central Union Trust Co. of N. Y. has been appointed trustee of an
issue of $100,000,000 Ref. & Impt. Mtge. gold bonds.—V. 115, p. 1733.
1533.
Listing.—Previous issue listed on N. Y. Stock Exchange, and application
will be made to list these additional bonds.
Issuance.—Authorized by Ohio P. U. Commission.
Company owns and operates a successful and growing electric light
and power business and a comprehensive system of city and interurban
railways in the important Cleveland-Akron-Canton industrial section of
Ohio.
The electric light and power business of the company has expanded to
five times its volume in 1914, and for 12 months ended Nov. 30 1922 contributed over 72% of the company's aggregate net earnings.
Earnings-12 Months ended Nov. 30.
1922.
1921.
Gross earnings
$8,687,151 $9.137,894
2,073,459 2,393,142
Net, after oper. exp., maint. & taxes
1,186,995
Annual int. charges on bonded debt, incl. this issue
$1,206,147
Balance
Purpose.—A part of the proceeds will be applied toward the retirement
of certain underlying bonds, and the balance will reimburse company for
construction expenditures.
Capitalization Outstanding Upon Completion of Present Financing.
$9,100,000
Common stock
4,613.400
Preferred stock, paying 6 9
1,623.800
Preferred stock, paying 7%
10,538,000
Gen. & Ref. 6s, series A, Ind, this issue)
1.912.000
Secured 6% gold bonds, due 1926
x5.253.500
1st Lien & Ref. Mtge. 5s, 1956
y3,991,000
Underlying Divisional Mtge. bonds (3 issues due Jan 1 1933)
x Does not include $10.703.500 bonds pledged or to be pledged under the
Gen. & Ref. Mtge. or $2.390.000 bonds pledged as security for the Secured
6% gold bonds
v qta,77%.nnn ?ler!,ttrri-1 underlying divisional mertaage bonds are pledged
1st. Lien oz. tier. Al tge.— . 113, p. iJo,.12J.
w..1...f
Terminal RR. Association of St. Louis.—Bond Issue.—
Texas & Pacific Ry.—Equipment Trusts.—
to the Senate Judiciary Committee for permisThe company has applied
the I.-S. C. Commission for authority to issue $5,000,000.
sion to petition
in equipment bonds.—V. 115, p. 2582, 2478.
Twin City Rapid Transit Co.-7'o Merge Trolleys.—
are being taken by St. Paul officials to amend the
It is stated that steps
permit consolidation of the Minneapolis and St. Paul
1921 street car Act toIt
stated that Minneapolis officiats are opposed to •
is
systems.
street car
unification of the two systems.—V. 115, p. 546, 437.
United Rys. & Electric Co. of Baltimore.—Fares.—
The company will continue the present 7-cent fare until March 1923.
subject to modification by the Commission.—V. 115, p. 2380.
United Rys. of St. Louis.—Fare Application.—
application with the Missouri P. S. ComThe company has filed an the present 7-cent fare until settlement of
mission for a continuation of
2582.
p.
115,
matter.—V.
valuation
S. Railroad Administration.—Settlements.—
U.
reports the following final settlements
The U. S. RR. Administration
control, and has paid out and received from the
for the period of Federal
Chartiers & Youghiogheny Ry.,
Pittsburgh
amounts:
following
roads the
Corp., $8,000; Fort Street Union Depot Co.,
$328,000; Ithaca TractionDepot
Co., $10.000; Georgia Florida & Alabama,
$19,000; Hannibal Union
$70,000; Southern Pacific Co.(and
$120,000; Akron & Barberton Belt Ry.,
subsidiaries), $9,250,000. Gulf RR. paid Director-General
$1,410,000.
&
Oklahoma
Kansas
Bridge Co. paid Director-General $2,500.
Leavenworth Terminal Ry. & the
Transportation Act, have been certified 1
Guarantees, as provided in of the
Treasury as follows:
for payment to the Secretary Ry. of N. C., $31,313; Nevada California..
The Carolina & Northern
Indianapolis & Western RR.,$282,081;
Oregon Ry. Co.,$20,719; Cincinnati
Gulf.& Ship Island RR.. $160,969; San Joaquin & Eastern RR., $53,741;
Delta Southern Ry., $72,392.—V. 115, p. 2269, 2048.
Waterloo Cedar Falls & Northern Ry.—Callfor Bonds.
The protective committee for the $5,775,000 1st Mtge.Sinking Fund 5%
has
114, p.
11',117
I:. V. 1: in.:,
go'..
DEC.23 1922.]
THE CHRONICLE
questing the holders thereof to deposit their bonds with the Jan. 1 1922 and
subsequent coupons attached with the depositaries named below. A statement by the committee says in substance:
Owing to the general business depression, especially acute in the territory
served by the company, and the effect of motor bus competition, combined
with the use of privately owned motor cars, the company has earned but
little more than operating expenses and taxes for the two years ending
Aug. 31 1922. A recent inspection of the property found it, generally
speaking, in good physical condition. Conditions in the territory served
have recently shown some improvement and give promise of somewhat
better conditions in the early future.
It appears that a total sum of about $10,000,000 has been invested in the
property, upon which the $5.775,000 1st Mtge. bonds now outstanding
are a first lien.
The Federal Government during the war period advanced the company
$1,760,000, which advances are secured by the deposit of General Mtge.
bonds of the issue of 1950, which are subsequent in lien to the 1st Mtge.5s.
The United States Railway Commission and the I.-S. C. Commission
*have therefore a direct interest in this property, and the committee believes
their co-operation will be essential to the most effective handling of the
situation and the full protection of the interests of the First Mortgage
bondholders.
The committee believes the time has now come when, if it is to function
effectively, in the interest of the bondholders it represents, it must be
vested with specific authority and empowered not only to take such steps
as ordinarily are taken in such cases, but as well to negotiate and agree with
the I.-S. C. Commission and the U. S. RR. Administration in any matters
affecting these bonds or their security.
It has therefore executed a bondholders' protective agreement dated
Nov. 15 1922. Bondholders should immediately deposit their bonds and
all coupons from and after Jan. 1 1922 with Pennsylvania Co. of Ins. on
Lives & Granting Annuities. depositary, 517 Chestnut St., Phila., or First
Trust & Savings Bank, 56 West Monroe St., Chicago.-V. 114, p. 1768,
Wheeling (W. Va.) Traction Co.-Fares Cut.-
Fare reductions ranging from 6 to 25% became effective Dec. 17.
The new tariffs will eliminate the present major and minor or short
zoning plan, as now in effect, and return to longer unit zones, somewhat
the same as were in effect between May 29 1919 and Dec. 26 1920. Under
the new zoning, universal tickets at 5 cents each, good for a one-zone ride
on any part of the system, will be placed on sale in strips of 10 for 50 cents.
All single-zone rides paid for in cash will be 8 cents.
Special strip tickets, purchasable in 50-cent strips good at all hours and
without restrictions will be placed on sale at rates per ride lower than
those obtained under the universal ticket rate.-V. 115, p• 2048.
Wichita, Falls & Southern RR.
-
The I.-S. C. Commission on Dec. 12 dismissed the company's supplemental application for authority to issue (in addition to securities heretofore
authorized) $177,300 non-cumulative Preferred stock. See V. 115,P. 1211.
Worcester Consolidated Street Ry.-Wage Agreement.
The union employees on Dec. 6 voted to accept proposals made to them
by the company for the renewal of the working agreement which will
expire on Dec. 31 next. Maximum rates for blue uniform men are 58
cents an hour. Thera are several minor changes affecting wages and
working conditions.-V. 115, p. 1101, 75.
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. 21 said:
"Greater activity than had been expected of December marks the steel
trade in all leading centres. The slowing down commonly looked for in
the last third of the month will be less than in any year since 1917.
Operations.- In the Pittsburgh district several independent steel companies that had planned to shut down on Saturday for a full week,find that
they must resume on Dec. 26. The Steel Corporation subsidiaries there
will suspend only from Saturday noon until Tuesday morning.
Fuel.-"HIgh sulpjur Connellsville coke, which was hard to move at $6
a ton one week ago, is mlw selling as high as $9 for domestic use. Thus far
the advance in blast furnace coke has been 50c. to $1. With the prospect
of further Eastern inroad on the ConnelLsville supply some merchant
furnaces will find it hard to break even on recent prices for pig iron.
Production.-"Chicago still leads in indications of a high rate of operation
for the next few months. A large producer there has had orders and specifications this month at a greater rate than in November, a condition which
has few December precedents. Railroads there are buying plates, shapes
and bars for their own use and are beginning to close first and second quarter
contracts fer steel car wheels, axles, locomotive tires and forgings.
Orders.-The automotive industry is an important factor in the market.
An inquiry from one large company covers 200,000 tons of bars and other
rolled material. Cleveland reports also that sales of steel bars to bolt and
nut manufacturers, automotive and other industries have been fairly heavy.
"With 60 locomotives and nearly 6,000 cars closed, it has been another
good week in railroad buying. Over 154,000 is the total of car purchases
so far this year. Nearly 4,000 cars and 130 locomotives have been added
to the pending lists, which represent about 500,000 tons of steel.
"The International & Great Northern is in the market for 14,000 tons
of rails, which are expected to be placed in the South.
"Fabricated steel business continues in surprising volume. Bureau of
Census figures indicate not far from 1,500,000 tons for the last nine months,
in spite of a gradual recession from the great activity in April, which took
91.5% of shop capacity. December awards are close to the November rate.
Prices.-"Active buying of pig iron has kept up at Pittsburgh, 20,000 tons
of foundry grades being taken. At Cleveland, where only lately buying
has lagged, transactions exceeded 100,000 tons, mostly foundry iron. The
recent movement in the Birmingham district has amounted to 250,000 tons.
Charcoal pig iron, long quoted at $33, furnace, has been marked down $3,
and basic at Pittsburgh has declined 75c. on a sale of 6,000 tons, but for
the most part pig iron prices are firmer and in several centres have been
marked up from 50c. to $1, with limited sales at the new quotations. In
the South, $23, Birmingham, now prevails.
"In the recent heavy buying of pig iron one transaction has excited'widespread interest. It can now be stated that the American Radiator Co.
bought 73,000 tons of foundry iron from the Bethlehem Steel Co. for delivery over the first half of 1923. The iron will come from the Lackawanna
furnaces at Buffalo."
Coal Production, Prices, &c.
The U. S. Geological Survey, Dec. 16 1922, estimated total production
as follows:
"Production of soft coal continues at a daily rate of approximately
1,900,000 tons. Preliminary reports of cars loaded during the first four
days of the present week (Dec. 11-16), indicate a small decline on account
of lay-off in some union districts on Tuesday, Miners' Election Day. It is
expected that the total output will probably be between 10,800,000 and
11,000,000 tons.
"The trend of output for the last seven weeks is shown in the following
statement of cars loaded daily:
Oct. 30- Nov. 6- Nov.13- Nov.20- Nov.27- Dec. 4- Dec. 11Nov.4. Nov.11. Nov.18. Nov.25. Dec.2. Dec.9. Dec.16.
44,422 43,368 44,631 43,475 42,956 44,333 45,886
Monday
32,772 25,201 34,929 34,027 33,466 33,847 27,597
Tuesday
Wednesday__ _ _26,763 33,523 33,115 31,515 30,882 33,557 31,588
7,322 30,682 30,146
30,135 32,255 30,589 30,818
Thursday
Friday
29,106 31,112 30,061 31,946 38,529 31,014
29,763 15,442 28,172 27,320 32,681 30,617
Saturday
"The estimated cumulative production of bituminous coal this year to
Dec. 9, inclusive, stands at 376,826,000 tons, which is 7,772,000 tons, or
. less than in the corresponding period of 1921; 141,352,000 tons, or
27 0 less than in 1920: 53,523,000 tons, or 12%, less than in 1919: 174,213,000 tons, or 32%,less than in 1918; and 142,786,000 tons, or 28%,less
than in 1917. The cumulative production of soft coal during the first 289
working days of the past six years has been as follows:
384,598.000
430,349,00011921
1917
519,612,00011919
518,178,00011922
376,826.000
1918
551,039,00011920
2795
Estimated United States Production in Net Tons.
1921
1922
BituminousWeek. Cal.Yr.toDate
Week. Cal.Yr.toDate
Nov. 25
7,101,000 370,181,000
11,100,000 355,051,000
Dec. 2
7,105,000 377,286,000
10,387,000 365,439,000
Dec. 9
7,312,000 384,598,000
11,389,000 376,826,000
AnthraciteNov. 25
1,650,000
83,446,000
43,124,000
2,174,000
Dec. 2
1,815.000
85,178,000
44,943,000
1,819,000
Dec. 9
1,675,000
86,853,000
46,699,000
2,038,000
Beehive CokeNov. 25
110,000
4,936,000
6,599,000
283,000
Dec. 2
113,000
5,049,000
298,000
6,900,000
Dec. 9
112,000
5,161,000
7,189,000
289,000
The "Coal Trade Journal" Dec. 20 reviewed market conditions as follows:
"In most areas prices showed a gradual or sharp stiffening, although
steam grades were inclined to spottiness. At Pittsburgh the demand was
lifeless and at Cincinnati prices were at a standstill.
"Of the quotations currently listed, 63% showed changes from the
figures for the week ended Dec. 9. Of the changes 67.8% showed advances.
The average advance was 37.9 cents a ton, and the average reduction 34
cents. The average minimum for the week was $3 37 per ton, a gain of
9 cents. The average maximum, $4 01, was 15 cents above the figure for
the previous period.
"Weather was an important factor in the general strengthening. Snow
and cold winds sent domestic consumers scurrying to retailers. The
scarcity of the large sizes of domestic anthracite shifted attentIon largely
to bituminous, the prejudice against the use of soft coal wavering in face
of oncoming winter. Weather also had the effect of hampering traffic,
especially in the North and West. Car supply was worse than ever and
movement was somewhat hampered by embargoes.
"Shipments from the lower lake ports during the week ended Dec. 10
dropped with the close of the season to 286,292 tons, compared with 554,525
for the previous week. Cumulative dumpings of cargs coal during the
present lake season to Dec. 10 totaled 18.450.226 tons. In comparison
with the three years preceding, 1922 was 189" behind 1921 and 1920 and
15% behind 1919. Destinations not ordinarily receiving lake coal had
received 1,170,182 tons. or 6.3% of the total cargo dumped.
"The problems of anthracite dealers increased during the week as the
domestic demand became more insistent. To help out the situation a
number of the fuel administrations issued instructions that substitutes must
be taken with the domestic sizes."
Oil Production, Prices, &c.
The American Petroleum Institute estimates daily average gross crude
oil production in the United States as follows:
(In Barrels.)
Dec. 16 '22. Dec. 9'22. Dec. 2'22. Dec. 17 '21.
Oklahoma
310,100
409,800
414,350
412,300
Kansas
90,000
87,200
87,300
87,600
North Texas
63,425
53,650
59,200
59,150
Central Texas
181,030
125.400
125.250
125.100
No. Louisiana & Arkansas_ 176,750
122,350
170.750
178,500
Gulf Coast
93,800
121,250
116,150
120,550
Eastern
115,500
115,500
115,000
115,000
Wyoming & Montana_ _ _ _ 108,600
72,900
89,500
89,550
California
310,000
460,000
480,000
470,000
Total
1,359,105
1,638,050
1,682,600
1.657,750
Gasoline Price Reduced.-Standard Oil Co. of N. Y. reduced tank wagon
price 2c. to 22c. a gallon in Now York and New England.
Texas Co. met the cut by S.0.of N. Y. "Financial Amer." Dec. 18,P. 7.
Gulf Refining Co. and Jenney Mfg. Co. have also cut gasoline 2c. a
gallon. Boston "News Bureau" Dec. 18.
Continental Oil Co. cuts price of gasoline lc. a gallon in Rocky Mountain
States. "Wall Street Journal"
Naphtha Price Reduced.-Standard Oil Co. of N. Y. reduced S.V.M.P.
naphtha 2c. to 21c. a gallon in New York and New England. "Financial
Ant>rica" D.c. 18, P. 7.
Crude OilPrices.-Standard 011 Co. of Louisiana posted following increases
in crude: De Soto, 35c. to $1 60 per bbl.•, Crichton and Bull Bayou,
25c. to $1 25 for the former and from $1 25 to $1 40 for the latter, according
to grade. "Financial America" Dec. 19.
Texas Co. Humble Oil Co. and Magnolia Petroleum Co. advance
Mexia and durrie crude 10c. per barrel to $1 35 and $1 60 respectively.
"Wall St. Journal" Dec. 16,
Kerosene Price Reduced.-Tide Water Oil Co. reduced domestic and
export price Mc. a gallon. "Financial America" Dec. 21, p. 2.
Standard 011 Co., N. J., reduced price Mc. a gallon to 7c. (bulk), 133c.
(barrel), 16Mc. (case) standard white. Water white price is lc. per
gallon higher in each instance. "Wall St. Journal" Dec. 20, P. 10.
Washington Officials To Study Mexican Oil Bill.-Officialcomment withheld
when text arrives. To be examined with respect to its effect en property
rights in Mexico*. "Times" Dec. 21, p.4.
Sinclair Crude Oil Purchasing Co. Gets 5-Year Contractfrom Government.
For purchase of all royalty oil accruing to Government from Salt Creek
field in Wyoming. "Boston News Bureau" Dec. 22. p. 3.
Prices, Wages and Other Trade Matters.
Copper Price.-Advances to 14Uc. per lb. Dec. 20, new high price for
year. "Times" Dec. 21, p. 25.
Lead Price Advanced.-By American Smelting & Refining Co. from
7.10 to 7.25 a lb., New York. "Times" Dec. 19. p. 26.
Automobile Price Reduced.-Auburn Motor Co. reduces prices from $100
to $200. "Boston News Bureau" Dec. 19. P. 3.
Pottery Strike Wins Iicreased Wages.-Nine-week strike wins men 4 1-5%
increase in wages as of Jan. 1. Agreement will continue until Oct. 1 1924.
Demanded 7% increase, which employers refused.."Wall Street Journal"
Dec. 21, p. 3.
Stove Moulders' Wages Increased.-Agreement concluded whereby
minimum wages per day is increased from $6 to $6 50. Scale for piece work
has been increased 16%. "Evening Post" Dec. 19.
Draper Corp., Hopedale. Mass., Increases Wages 5 Cents Per Hour.
-"Boston News Bureau" Dec. 18, P. 3.
St. Louis Plasterers Win Wage incrsase.-Plasterers' and Cement Finishers
Union of St. Louis wins wage increase from $1 3734 to lil 50 per hour.
"Philadelphia News Bureau" Dec. 18, p. 3.
Ironworkers Demand Wage Inmost.-Bridge Structural and Ornamental,
Ironworkers' Union demands increase of 18%c. per hour. to $1 25. "Philadelphia News Burea" Dec. 18. p. 3.
Book Pi,ters' Wage Continued.-Scale of $50 per week of 44 hours for
day workers, $53 per 5 nights of 40 hours for night workers and $56 pe.
5 nights of 35 hours for midnight workers remains the same until Oct. 1923'
Men demanded $5 a week increase, employers $10 a week cut.-"Times'
Dec. 22. p. 14.
New England Textile Situation.-Councils vote in favor of demanding
restoration of 1920 wage scale "at an opportune time." Another meeting
of N. E. Conference Board of Textile Workers will be held in January.
"Philadelphia News Bureau" Dec. 18, p. 3.
Kentucky "Blue Sky Law" Upheld by Court of Appeals.-Prohibits sale of
stocks or securities without approval of State Banking Commissioner.
"Wall Street Journal" Dec. 16. ro• 3.
Montana Law Limiting Us of Natural Gas H ld Unconstitutional in
Montana Supreme Court.-"Gas Age Record" Dec. 16, p. 833.
Federal Trade Commission Begins Proceedings Against Use of 117 •1
"U,,ited States" in Names of Corporations.-"Wnit St•Journal" Dec. 21. p.10
Matters Covered in"Chronicle" Dec. 16.-(a) Offering of $5,000,000 Dallas
Joint Stock Land Bank bonds. p. 2636. (b) Offering of $1,000,000 Wichita
Joint Stock Land Bank bonds. p. 2637.
(c) Offering of $3.000.000 Kansas City (Mo.) Joint Stock Land Bank
bonds, p. 2637. (d) Offering of $250,000 Shenandoah Valley Joint Stock
Land Bank bonds, p. 2637.
(e) Bankruptcy discharge of Allan A. Ryan amended, p. 2638. (f) Cortlandt, Ward & Co. and M.C. Schneider & Co. of 25 Broadway and 50 Broad
St. (this city), respectively, in bankruptcy, p. 2638.
(g) Senate confirms Presidential nominations to U. S. Coal Commission,
p. 2639.
(h) Redemption of 43‘% Victory Notes before maturity, p. 2639.
(i) Representative Frear renews attack on stock dividend declarations,
p. 2639.
(j) No Government action at present time respecting Armour-Morris
packing purchase, p. 2642.
(k) Ravages of boll-weevil, prevention measures, &c., pages 2643, 2647.
incl.
2796
THE CHRONICLE
(1) 'U. S. Coal Commission warns away new capital from soft coal mines,
p. 2647. (m) Adjustment of prices on domestic coals in southern Illinois,
p. 2648
(n) Labor program recommended by Secretary of Labor Davis in annual
report, p. 2649.
Aberfoyle Mfg. Co., hester, Pa.-50% Stock Dividend.
A stock dividend of 50% (amounting to $833,400) was paid Dec. 15 to
holders of record Nov. 22, bringing the outstanding Common stock up to
$2,500,000 (total authorized).
The chief purpose of the declaration of'the stock dividend at this time was
to have the value of the plant of the company represented by outstanding
capital stork. At June 30 last the plant less depreciation of about $1,250,000 represented approximately $2,500,000, while the outstanding stock
(Pref. and Common combined) was approximately $1.900,000, and since
June there have been additional moderate expenditures to plant account.
The company has a large surplus and it was thought best to transfer from
surplus account to capital account $833,400, and issue stock representing
that amount in the form of a 50% stock dividend. Company in 1921 paid
cash dividends of 13% on the Common stock and in 1922 has paid 18%
cash on the Common stock.
The Alabama P. S. Commission on Dec. 13 handed down an opinion fixing
the total value of the property of the company in Alatarna devoted to
the service of the public as $33.843.252. The value of wholesale property
devoted to the public use is fixed at $30,043,974, and the value of retail
property so devoted is fixed at $3.799.278.-V. 115. p. 2161, 1734.
Algonquin Printing Co.,Fall Riven-825 Cash Div,&c.A cash dividend of $25 per share has been declared on the outstanding
$500,000 Capital stock, par $100.
The stockholders on Dec. 211 increased the authorized Capital stock to
$1,000,000, the increase to be distributed as a 100% stock dividend.-V.
108, p. 582.
All America Cables, Inc.-20% Stock Dividend, &c.-
Alpha Portland Cement Co.-Acquisition.----
See Continental Portland Cement Co. below.-V. 113, p. 186.
American Bolt Corp.-Bonds Offered.-Brooke, Stokes &
Co., Phila. and Ilyney, Emerson & Co., Chicago, are offering at 100
' and int. (see advertising pages) $1,750,000
1st (closed) Mtge. 15-Year 7% Sinking Fund gold bonds.
Convertible into 7% Cumulative Participating Preferred
stock. The bonds are dated Dec. 11922, due Dec. 11937.
Company was formed in Delaware as a consolidation of four
of the 13ading bolt and nut manufacturers in the industry.
(Further description of bonds, history, earnings, balance
sheet, &e., in V. 115, p. 2583, 2480.)
American Gas Co.Philadelphia.-Larger Dividend.A quarterly dividend of'
l %%
has been declared on the outstanding Capital stock, par $100, payable Jan. 2 to holders of record Dec. 20. On Oct. 2
lo.st a dividend of 1% was paid.-V. 115, p. 1431.
American Gas & Electric Co.-Acquisition.-
See Ohio Service Co. under "Railroads" Above.-V. H5, p. 2688, 2049.
American-Hawaiian Steamship Co.-Div. Decreased.-
A quarterly dividend of 25 cents per share has been declared on the
outstanding $5,000,000 Capital stock, par $10, payable Jan. 2 to holders
of record Dec. 20. Quarterly dividends of 3734c. per share each were paid
la April, July and Oct. last.-V. 114, p. 856.
American Safety Razor Corp.-Dividend Postponed.-
The directors on Dec. 20 adjourned action on the dividend until the
meeting to be held in January. An initial dividend of 25c. a share was
paid on Oct. 2 last.-V. 115, p. 1841, 762.
American Smelting & Refining Co.-Contract.--
See Callahan Zinc-Lead Co. below.-V. 115, p. 2689, 2049.
American Synthetic Dyes, Inc.-Judgment Affirmed.-
The Appell bte Division of the Supreme Court in Brooklyn has affirmed
a judgment of $333.457 against the company in favor of Donald McKellar,
as assignee of Clyde D. Knapp of Great Neck, L. I., an investment broker,
and 0. Carlton Kelly. This amount represents a commission from a $6,200,000 contract for sales of picric acid made to the Russian Government.
-V. 114, p. 2721.
American Waterworks & Electric Co.-New Director.-
Harry E Towle, Vice-President of W. A. Harriman & Co., Inc., has been
elected a director -V. 115, p. 2049, 1944.
Anglo-American Oil Co., Ltd.-Interim Dividend.-
The directors have announced that the company will pay on and after
Jan. 15 1923 an interim dividend of one shilling per share, free from British
income tax. The dividend will be paid by the Guaranty Trust Co. of
N. Y. at the equivalent in U. S. currency of 34 65 per pound sterling
(equal 23 yi cents per share), or by the National Provincial & Union Bank
of 'England. Ltd.. London. This compares with 2 shillings paid in July
last and 1 shilling paid in Jan. last.-V. 115, p. 1734, 648.
Armour & Co.-Merger with Morris &
Reports this week state that interests in touch with the Armour-Morris
deal declare it only a matter of days until the transfer is made. Control of
Morris & Co. is held by J. 13. Forgan and John A. Spoor, as trustees for the
Morris estate. Chase National Bank, New York, it is said, is arranging
the proposed financing. (Compare also opinion of Secretary of Agriculture Wail Ice in V. 115, p. 2642.)
The "Journal of Commerce" Dec. 2 states:
"Armour & Co. will shortly undertake a $60,000,000 refinancing project
in New York, probably as the first step in the expected merger with Morris
& Co. The plan, it is understood, calls for the redemption of the $60,000,000 7% note issue placed in July 1920 and the issuance of a now series
of notes giving a lower yield.
"New York bankers have been in conference for several days with
officials of the company and Chicago banking interests, and it is believed
that the exact financial plan for taking over the Morris Co. has been
thoroughly worked out. Some of the bankers have returned to the city,
Indicating that the major part of the work has been accomplished.
"It is assumed that the same banking group that handled the 1920
financing will again act for Armour. This comprised, beside the Chase
Securities Corp., the Guaranty Co., Halsey, Stuart & Co., National City
Co., Harris Trust & Savings Bank, and Continental & Commercial Trust
& Savings Bank. Other bankers mentioned include Harris, Forbes & Co.,
Kidder, Peabody & Co. and Blair & Co."-V. 115, p. 2698, 2382.
Armstrong Cork Co.-Extra Dividend of 1%.
An extra dividend of I% has been declared on the Common stock in addition to the regular quarterly dividend of 13.%, both payable Jan. 2 to
holders of record Dec. 27.-V. 115, p. 1944, 991.
Arundel Corp.-Dividend Increased.The directors have declared a quarterly dividend of 2% on the Common
stock, placing that issue on an 8% per annum basis, compared with 7%
previously, and the regular semi-annual dividend of 3 M % on the Preferred,
both payable Jan. 2 to holders of record Dec. 27.-V. 114, p. 2828.
Bayuk Bros., Inc.-Surplus Transferred, &c.The directors have transferred $1.000,000 from surplus to Common
capital stock account, without issuing additional shares.
The directors also authorized the purchase of First Pref stock for retirement and holders of that issue are requested to submit offers to the company for the sale of their shares at a price not exceeding $110 per share.
V. 115, p. 1841, 548.
Bell Telephone Co. of Pa.-Merger Upheld.-
The merger of the Pittsburgh & Allegheny Telephone Co. with the Bell
company has been upheld by the Pennsylvania Superior Court in an opinion
handed down Dec. 14, and the order of the Pennsylvania P. S. Commission
permitting the combine was affirmed.-See V. 115, p. 2161.
Boston & Montana Corp.-Resignation.-
Hamilton B. Wills has resigned as director.-V. 113, p. 964.
Alabama Power Co.-Valuation.-
The directors have declared a 20% stock dividend, payable Dec. 30 to
holders of record Dec. 22, and a quarterly cash dividend of 1 34% on the
increased capitalization, payable Jan. 15 to holders of record Doc. 30.
This compares with 1 % paid quarterly from July 1919 to Oct. 1922 inch
The 20% stock dividend applies to the outstanding stock which totals
$22,973,000 and will bring the total up to $27,567,600.
The stockholders on Dec. 15 increased the authorized capital stock from
$25,000,000 ($22,973,100 outstanding) to $40,000,000, par $100.
Income Account of All America Cables, Inc., and Mexican Telegraph Co.
for Quarter ended Dec. 31 1922 (Partly Estimated).
Net revenue, $921,000; other income, $152,675; total income_ _ _ _31,073.675
Expenses, Federal taxes, &c
452,725
Dividends payable Jan. 15 1923
402,512
Balance, urplus
$218,438
-V. 115, p. 2479, 1212.
[VOL. 115.
Boston Sand & Gravel Co.-Initial Common Dividend.-
An initial dividend of 2% on the common stock has been declared, together
with the regular quarterly dividends of 2% and 13i% on the 89 and 7%
Preferred stocks,respectively, all payable Jan. 1 to holders of record Dec. 22.
Boston Varnish Co., Boston.-Stock Increase, &c.-
The company has increased its Capital stock from $600,000 to $1,250,000.
par $100, of which 6,000 shares are to be issued as a 100% stock dividend to
holders of record Dec. 11 and the balance to be sold for cash. Surplus as
of May 31 last totaled $626,110.
Bower Roller Bearing Co., Detroit.-Stock Divs., &c.-
The directors have declared a 33 1-3% stock dividend on the outstanding
$600,000 Capital stock, par $10. payable Dec. 28 to holders of record Dec.
24. The company on Dec. 20 last paid a 5% cash dividend to holders of
record Dec. 15.
Bowman Hotel Corp.-Capital Increased.The stockholders on Dec. 19 increased the authorized Capital stock from
$4,000,000 to $6.500,000. Of the increase $500.000 will be Preferred and
$2.000,000 will be Common stock. The authorized Capital after the increase consists of $4,000,000 Common and $2,500,000 Preferred.
(S.F.)Bowser & Co.,Inc.,Ft.Wayne,Ind.-To Pay Notes.
The $400,000 6% notes due Jan 1 will be paid off at office of First Trust
& Savings Bank, Chicago, without the necessity of recurring to any new
financing.-V. 113, p. 2188.
(C.) Brewer & Co., Ltd. Honolulu.-Stock Incr. &c.
The stockholders have increased the authorized
24.000,000 (all outstanding) to $8,000,000, par $100.
distributed as a 100% stock dividend.
The directors have declared an extra dividend of
capitalization, making total dividends for the current
Ia• 1842.
capital stock
'from
The increase will be
2% on the present
year 17%.-V. 115,
Brier Hill Steel Co.-Merger.-
The directors have approved the sale of the company's properties to the
Youngstown Steel & Tube Co. subject to the ratification of the stockholders (see Youngstown Steel ei Tube Co. below).-V. 115, p. 2481, 1636.
Brightman Manufacturing Co.-Bonds Offered.Claude Meeker, Columbus, 0., is offering at par and int. $400,000
1st Mtge. Serial 7% gold bonds with Common stock bonus of 5 shares with
each $1,000 of bonds. A circular shows:
Dated Nov. 1 1922. Due serially, $40,000 each Nov. 1 1924-1933.
Citizens' Trust & Savings Bank, Columbus, Ohio, trustee. Interest payable M.& N. at office of the trustee. Denom. $500 and $1 000 (c*). Callable all or part on any int, date on 30 days' notice at 102 and mt.
Company.-A corporation of Ohio. Was founded in Dec. 1896 with a
paid-in capital of $5,100. The plant was moved to its present location in
Columbus in 1910 from Shelby, 0. Principal product Brightman fullfinished nuts.
A sinking fund will be established and deposited monthly with the trustee
for the payment of interest and retirement of bonds when due.
Average yearly earnings for 6 years 9 months ending Sept. 30 1922, after
Federal taxes, $88,252, or 3.25 times annual interest requirements on this
issue; before Federal taxes, $161,866
Balance Sheet Sept. 30 1922 (After This Issue).
Assets.
Liabilities.
$23,256 Accounts payable
$11,834
Cash
2,730
71,076 Accrued taxes & insurance__
u
NotesU. S Govt.
s, accsecurities
receivable
400,000
43,768 First Mtge. bonds
125,998 Capital surplus
x535,790
Inventory
590,907
P
Latnedn,tsbuildings, &c
52,209
$950,354
Total (each side)
43,141
Deferred expense, &c
x Representing 25,000 shares of no par value.
Charles N. Replogle has succeeded W. C. Waggoner as President and has
19
purchased the entire Waggoner interest. Mr. Waggoner died on Nov. 27
British-American Tobacco Co., Ltd.-Final and Interim
Dividends-Earnings for Year ending Sept. 30 1922.The directors on Dec. 20 decided to recommend to shareholders at annual
meeting fixed Jan. 11 payment on Jan. 18 of a final dividend of 9%,free of
British income tax, upon the issued Ordinary shares. Tho directors also
declared an interim dividend of 4% for the year 1922-23 on the issued
Ordinary shares, free of British income tax, payable Jan. 18.
Net profits for the year ending Sept. 30 1922, after deducting all charges
and expenses for management, &c., and providing for income tax and
British corporation profits tax, are officially reported as £4,400,784, as
against £4323481 for the previous year. After paving final dividend of
9% carry forward will be £3,276,952.-V. 115, p. 873.
Brockway Motor Truck Corp., Cortland, N. Y.-Further. Data.In connection with the offering of $500,000 1st Mtge. 15-Year 7s by
Hemphill, Noyes & Co. (V. 115, p. 2689), a circular further shows:
Authorized. Outstanding.
Capitalization After This Financing$500,000
3500,000
1st Mtge. 15-Year '7% bonds (this issue)
1,500,000
1,000,000
Preferred stock (par $100)
25,000 shs. 25,000 shs
Common stock, Class A (no par value)
None
10,000 shs.
Common stock, Class B (no par value)
iaFinancing).
Balance Sheet as of Nov. 15 1922 (After Nr
Assets.
$93,482 Accounts payable
$108,862
Cash
186,770 Notes payable
40.000
Accounts receivable
154,601 Federal income tax
4,411
Notes receivable
Advances
on
trucks
24,000
10,121
1922_
Dec.
due
Mtge. rec.,
2,809 Accrued Int., wages, &c....
00
60
5
Accrued int. receivable__966,527 Reserve for 1922 ed. tax.. 56003:000
,
Inventories
Mtge.
7s
1st
35,979
Deferred charges
295,01k
0 Ictoemmferroend
1,000,000
1:6
49
63
09
67
Plant prop., less deprec'n_$2,5
stock & stuplus_
Total (each side)
1922e
.
N
Earnings Years Ended Dec. 31
I Sales. Net inc.
Net Sales. Net Inc.
$2,807,835 $529,469
'
112
992
2201
(6 wks.est.)_32,800,000 $350,000 1919
1,897,278 424,854
1,833,997 135,404 1918
1.293,749 149,085
3,558,231 296,389 1917
sinking fund of $24,000,
Sinking Fund.-BeginnIng Jan. 1 1923 an annual
the
of
net profits
payable in monthly installments of $2,000, or 15%will be annual
used to purchase
after normal sinking fund, whichever is larger,or
if not so obtainable, to
bonds of this issue up to the redemption price,
call bonds at that price. See V. 115, p. 2689.
Brooklyn Borough Gas Co.-Par Value Changed.-
The stockholders voted Dec. 19 to change the present par value shares
Into shares of no par value. New shares of no par Common stock will be
DEC. 23 1922.]
THE CHRONICLE
issued in the ratio of four shares of new stock for each share of old Common.
There is no change in the present authorized Pref. stock.-V. 115, p. 2481.
Brooklyn Edison Co.-Capital Increase.-
Columbia Textile Co., Lowell, Mass.-Bonds Offered.Merrill, Lynch & Co. and Harris, Abbott & Co., N. Y.,
are offering at par and int. $900,000 1st Mtge. 20-Year
7% Sinking Fund Cony, gold bonds. (See advertising pages.)
Dated
The stockholders have approved an increase in the capital stock from
$30,000.000 to $50.000,000.
Application is pending with the P. S. Commission for authority to issue
$15,000,000 of the increase, which will be offered to present stockholders
pro rata. Proceeds from sale will be used for extensions and contruction.
-V. 115, p. 2584, 1637.
Brunswick-Balke-Collender Co.-To Pay Notes.-
The $400,0006% Serial Gold Notes, which mature on Jan. 1, will be taken
up by the company out of the cash resources which it has on hand at this
time.-V. 115, p. 2162, 1945.
(Edward G.) Budd Mfg. Co., Phila.-Stock Increased.-
The stockholders will vote Dec. 20 on increasing the capital stock from
$8,750,000 ($4,251,700 8% Prof. and $4.498,000 Common) to $14,498,300.
The meeting was adjourned until Jan. 10 when terms of the increase will be
made known.-V. 115, p. 2050.
Bullard Machine Tool Co., ridgeport, Conn.Bonds Offered.-S. W. Straus & do. are offering at par and
int. $1,500,000 63',% 1st M. Serial Coupon bonds.
The bonds mature in from 2 to 15 years. They constitute closed first
mortgage on the land, buildings and equipment owned and toabe
acquired
by the company in Bridgeport and Fairfield, Conn.
Callahan Zinc-Lead Co.-Contracts.-
President John Borg has announced that the company has closed a contract with the American Smelting & Refining Co.
the terms of which
the Smelting Co will purchase Callahan's entireunder
output of lead concentrates for a period of 5 years. The contract, according
to Mr. Borg, will
mean a saving of approximately $120,000
based on the normal annual output of lead.a year to the Callahan Co..
Mr. Borg has also announced that all the properties the Galena Mining
Co. in which the Callahan Co formerly had 62% of ownership
stock
, have
been acquired.-V. 115, p. 2689.
Carson Hill Gold Mining Co.-Ten
ders.Thb First National Bank of Boston,
70 Federal St., Boston,
Mass., will until Dec. 26 receive bids fortrustee,
the sale to it of 7% Cony, gold
notes, dated March 1 1922, to an amount
sufficient to exhaust $43,571.
-V. 115, p. 2383, 121-c.
(J. I.) Case Plow Works Co.-Report-Reorganizati
on.-See annual report on a preceding page.
A circular letter has been issued to
the stockholders calling a meeting
for Dec. 26 at which plans for financing
the company and other matters
are to be discussed. No definite plans have
as yet been formulated. it is
understood. 0. W. Johnson, Racine, Wis.,
is Chairman of the advisory
committee.-V. 114. p. 630, 414.
Cement Securities Corp.
-Christmas Dividend.The company has declared a Christmas
dividend of 1% in addition to the
usual quarterly dividend of 2%, both
Dec. 22 to holders of record
Dec. 15. Christmas dividends of 1% payable
each have been paid annually since
1916.-V. 115, p. 1432.
Chalmers Motor Corp.,
2797
Earnings for the 12 months ending Sept. 30 1922 show: Total
operating
revenue, $84,338; total operating expense,
$51,586; net operating revenue,
$32,752; other income (def.), $916; total net
revenue, $31.836.
Dec. 11922. Due Dec. 11942. Int. payable J. & D. at Bankers
Trust Co., New York, trustee.
Normal Federal income tax not in excess
of 2% assumed by company. Penna.,
Md. and Conn. 4-mill tax and Mass.
State income tax not in excess of 6%
% refundable. Red. during first
5 years at 107 ,during second 5 years
at 105, during third 5 years at 10234
thereafter at 15 % less each year until 1941.
Denom.$1,000 and $500 (c5).
Convertible -Bonds are convertible at any
time, at the option of the
holder, into 8% Cum. Pref. stock, par
for
Prof. stock is red. at 115.
par.
Sinking fund 3%.
Data from Letter of President C. C. Overton, Lowell,
Dec. 12 1922.
Company.-Chartered in
in Mass. Company manufactures and
converts gray cotton goods 1912
into khaki cloth, gaberdine, suitings, jeans,
moleskins, &c., which are marketed under
the trade name of "Coltex."
In addition company makes rubberized
cloths, felted cloths and an extensive
line of black and white prints resembling
worsted suitings and trouserings.
Plant located in heart of city of Lowell, consists
buildings having 250,000 sq. ft. of floor space.of7 modern brick and stone
Capitalization after this FinancingAuthorized, Outstand'g.
1st M. 20-Yr. 7% S. F. Cony,
$1,000,000 x$900,000
8% Cumulative Preferred stock gold bonds
2,000,000
530,000
Common stock (no par), 45,000 shares
1,208,551
x While the original issue was $1,000,000 $100,000
,
have already been
purchased for conversion into Pref.
stock.
Purpose.-Proceeds will be used for
reduction of current debt and for
working capital.
Earnings.-Net earnings available for bond interest for
the past 9 i years
ended Sept. 30 1922 have averaged 8215,176.
or 3.41 times interest charges
on these bonds. Net earnings for 53
years
4
ended
Sept.
30 1922 have
averaged $282,957, or 4.49 times interest charges.
These earnings are
after depreciation and all charges other than Federal
taxes and after crediting 6% on the proceeds of this financing.
Estimated earnings for the last
quarter of the current calendar year in excess
of $100,000.
Sales.-In 1914 company sold about 3,000,000
yards of converted cloth
representing $500,000 sales for that
year. It is now producing at the rate
of slightly more than 15,000,000 yards
increased without expense, except labor per year, which can be reallily
costs, to about 20,000,000 yazxis
per year:
Balance Sheet Sept. 30 1922, after Proposed Financing.
AssetsLiabilitiesPlant and property
$1,211,500 First Mortgage 7s
$900,000
Cash
141,326
Prof.,
8% Cum. stock_ _ _ _
530,000
Notes receivable
16,685 Common stock (45,000
Accounts receivable
934,954
shares, no par value)_
1,208,552
Inventories
1.291.036 Notes payable
500,000
Liberty bonds (par)
6,500 Accts. pay., incl. res. taxes 495,985
Life ins. poi., cash sur. val.
17,281
Deferred debit items
15,256
Total (each side)
$3,634,537
-V. 115. p. 2690.
Commonwealth Power Corp.
-Listing.Detroit.-Certificates Ready.- The Boston Stock Exchange
The holders of certificates of New York
has listed temporary certificates for 240,000
Co.,issued for 1st Mtge.6% shares, par $100.-V. 115, p. 2482.
5-year gold notes of Chalmers Motor Co.Trust
1537.
are advised that the plan of readjustment, dated Aug. 31 1922, having been
Coniagas Mines, Ltd., Cobalt, Ont.-Acquisiti
consummated, the certificates
of stock, scrip certificates and cash distributab
ons.le as provided in the plan
The stockholders will vote
will be delivered to holders of certificates of deposit
28 on authorizing the directors (a) to
upon surrender to New acquire a controlling interest Dec.
York Trust Co., depository.-V.115, p. 2585.
the capital stock of the Newray Mines.
Ltd., and (6) to acquire 300,000inshares
of capital stock of the Badger Mines.
Ltd., and to exercise, if deemed
Chapman Valve Mfg. Co.-50%
advisable, an option to acquire an additional
Dividend.300,000 or 400,000 shares of that
The stockholders on Dec. 19 authorized theStock
company's stock, fully paid up.-V.114,
payment
stock
p.
divof
a
526.
50%
idend on the outstanding $1,000,000 Common stock,
paru$100.
eco
500,00
0m$h
0d T
00
a.
pany has an authorized capital of $1,500,000 Commonst
(John T.) Connor Co.-40% Stock Dividend
Preferred stock, par $100.-V. 115, p. 2690.
.A 40% stock dividend has been
declared on the $1,080.000 Common
stock, par $10, payable to stockholde
Chicago Pneumatic Tool Co.-Earnings.-rs of record Dec. 20. Th• new stock
will
not
carry
the Jan. 2 1923 dividend of 50 cents per
The company reports for the three months
share.-V. 115, 1).
Sept. 30 1922 net earn- 2482, 2163.
ings of $216,145, and net earnings for the ended
nine months ended Sept. 30
of $363,018.-V. 115, p. 1537, 1325.
Consolidated Mining
City Ice & Fuel Co., Cleveland.
-Stock Offered.Beazell & Chatfield and Otis & Co.,
Common stock. A circular shows: Cleveland, are offering a block of the
Listing.-Listed on the Cleveland and Cincinnati
Stock Exchanges.
Capitalization OutstandingBonds (principally of subsidiary companies)
$1,024,000
Common stock (par $100)
0
0w
0,0
n0
I7s
Conzpany.-Originally incorp. as Independent Ice
Co.,
1894.
in
'
8
largest
second
manufactu
the
rer and distributer of ice in the U. S. 9
Supplies
75% of the ice used in Cleveland and 65% of the ice used in Cincinnati.
Population,over 1,500,000. Also furnishes refrigerator car icing, at various
points in the Middle West and South, to a number of
under profitable long-time contracts. (It was reported on Dec.railroads
that the company
has acquired 90% of the stock of the Crystal Ice Co.13
Columbus, Ohio.
of
The Crystal company has 225,000 shares of Common stock and 50,000
shares of Preferred stock outstanding. Price paid
is reported to be $135
per share for Common and $100 per share for Preferred.
]
Earnings.-Average net earnings, after taxes, depreciati
on, bond interest
and reserves,for the four-year period, 1918 to 1921, inclusive,
over $12
per share on the then outstanding capital stock. For the firstwore
nine months
of 1922 they were $1,035,000, or at the annual rate of over $12
a share.
Dividends.-For past four years dividends of 8%
a year have been declared annually on the Common stock, payable quarterly.
It is expected
that this rate will be declared for 1923.
Balance Sheet Aug. 31 1922 (Company and Subsidiarie
s).
AssetsLiabilitiesCash
$475,982 Bonds
$1,024,000
Accounts receivable
926,689 Capital stock
,000
9,870Capitl
Bills receivable
223,944 Accounts payable
420,879
Merchandise
194,481
144.249
payable
Cleveland plant & equip_ 6,929,800 Bills
Deferred accounts
Cincinnati plants & equip 3,782,270 Reserves
22
18
8
9'
4.°
on 2,464
Federal plants & equip_ _ 3,138,109 Reserves for depreciati
52,305
for lost accounts
Investments
123,828 Res'ves for work .comp__
69.847
Sinking fund (bond).._.._
111,000 Res.for unred. coupons__
118,369
Reserves for income taxes
126,312
Total (each side)
$15,906,102 Surplus
1,521,394
-V. 115, p. 1433, 312.
Clinchfield Coal Corp.-Common Dividend.-
The corporation has declared a dividend of
of 1% on the Common
stock, payable Jan. 15 to holders of record Jan.
8. The only disbursement
made on this issue during the current year was
on Sept. 30 last.
3%
V. 115, p. 1433.
& Smelting
, Ltd.
-Dividends Not Resumed-Status.- Co. of Canada
•
An official statement Dec. 11 says:
"While the year's operations and
profits are quite satisfactor
y, the directors have decided it would be more
in the interest of shareholders
to conserve and improve the cash position of
the company than to make a dividend
current year. Very heavy expenditur disbursement for the last half of the
es of capital have been made in recent years. with most successful
results. These have, however, impaired
the working capital which the directors
"The company will then be able, not think should be restored.
to embark on further extensions which only to resume dividends, but also
conditions in the mines justify, and
take advantage of offers of any promising
properties on the market. The
placing of the 20-Year 7% Cony. Gold
Debenture bonds (V. 114, p. 2722)
does not affect the situation.
"The lead, zinc and silver departmen
ts are working to full capacity.
There is a steady demand for the
company's products at fair prices.
V. 114, p. 2722.
Continental Can Co.-$2,000,000 Preferred Placed.
It was announced Dec. 21
the $2,000,000 of additional 7% Cum.
Pref. stock recently authorizedthat
the directors had been placed with private
investors by Lehman Brothers by
and
Goldman, Sachs & Co. at a substantial
premium. This places the entire amount
of unsold treasury stock in the
hands of investors. Compare
also V. 115. p. 2690, 2586.
Continental Oil Co.-To
Reduce Par.The stockholders will vote Jan. 18
on reducing the par value of the
stock from $100 to $25, with
increase in capital stock. It is proposed
also to increase the number ofno
directors from 5 to 7.-V. 115, p. 432.
Continental Portland
Cement Co.-Sale.The stockholders on
13 approved the sale of the company's plant
at Continental. Mo., to Dec.
the Alpha Portland Cement Co. of Easton, Pa., for
$1,000,000. The purchasing company
nental company, including the bondedwill assume all debts of the Contidebt. The sale means that the
Continental company will go out of business.
The $1,000,000 paid in cash
for the company will be divided
among
the
stockholders of the Continental,
the holders of the $500,000 7% Cumul. Preferred
stock receiving par value
of their shares and the back
dividends, which have not been paid since
Feb. 1920. The remainder of the purchase
price
will
be divided among
holders of the $495.300 Common stock.
The company has an issuethe
of
$500.000 1st Mtge. 8s and $300.000 2d Mtge.
8s.-V. 112. D. 261.
Cosden & Co. (Del.) & Subsidiaries.-Earnin
gs.The company reports for the ten months
Oct. 31 1922 net income
of $10,784,782, after taxes and interest; ended
dividends paid amounted to
$2,584,467
,
leaving
a
surplus
of $8,200,315.
Coast Power Co., Tillamook, Ore.-Bonds Offered.Ladd & Tilton Bank, Portland, Ore., recently offered at 98 and int.
Consolidated Balance Sheet.
$150,000 6% 1st Mtge. bonds, Series A. Due July 11942. but redeemable
Oct.
31
'22.
June
30'22
Oct. 31 '22. June 30'22
on any int. date after July 1 1927 upon 4 weeks' notice at 105 and int. until
Assets$
LiabilitiesJuly 1 1932, and thereafter at a premium
decreasing 34% each year until Oil res., leases, ref.
Pref.stock (par $5) 6,996,440 6,993,740
July 11941. Title & Trust Co., Portland, Ore., trustee.
lines, &c
72,493,500
71,214,178
Common
stock_ _x34,100,147 26,388,719
Company furnishes without competition all the electric light and power Inv. in & adv. to
Sub. cos. stock_ _ _ 125,116
183,977
business in the city of Tillamook and suburban
affiliated
territory. At present 1,500
792,568
792,568 Funded debt
5,683,500 5,811,340
customers are served. Estimated population, about 8,500. Physical Sinking fund hives._ 218,235
122,514
Purch.
money obliproperty consists of one power plant with an installed turbine capacity of Prepaid insur. and
gations
602,283
762,327
1,000 k. w.; 200 miles of transmission and distribution lines.
deferred exp____ 1,039,377
992,689 Notes payable_ _ _ _ 800,000
With the sale of this
10,737,573 3,931,217 Accounts payable_ 1,653,045 2,323,750
$50,000 of the 6% bonds previously outstand- Cash
ing have been retired. issue,
3,111,300
the
comCrude&
issue,
refined oils 2,928,394 4,510,320 Accrued int.,taxes,
Simultaneously with the sale of this
pany proposes to sell $50,000
7% Cumul. Preferred stock, proceeds from Materials & supp- 1,770,019 1,770,230 &c
which can go only to plant enlargemen
439,925
855,207
ts or betterments. The balance of Notes & acc'ts rec_ 4,620,849 4,435,360 Prof. divs. accrued
81,648
the proceeos of this issue
40,809
will be applied to the purchase of an additional Adv. for crude oil_
58,633
24,666 Deprec. reserve_ _ _11,585,260 11,880,071
1,500 . w. steam turbo-gene
rator.
Surplus
32,591,824 29,442,501
Capitalization After This FinancingAuthorized
Issued.
.
First Mortgage6% gold
$1,000,000
$150,000
Total
94,659,188 87,793,741
Total
Preferred 7% Cumulativbonds
94,659,188 87,793,741
e stock
50,000
23,000
Common stock
100,000
75,000
x Common stock, 1,195,454 shares of no par value -V.115,
p. 1946.1735.
2798
THE CHRONICLE
Corn Products Refining Co.-Extra Dividend,-
An extra dividend of 3% has been declared on the Common stock, in
addition to a quarterly dividend of 114%, both payable Jan. 20 to holders
ofrecord Jan. 2. An extra of M of 1% has been paid quarterly, in addition
to regular dividends of 1% each, since Jan. 1920.-V. 115, P. 2482, 2384.
County Gas Co., Atlantic Highlands, N. J.-Bonds.--
The New .Jersey P. U. Commission has authorized the company to issue
3655,000 5% Income Debenture bonds, maturing in 1952.-V. 114, p.
1895, 1657.
Coventry Co. Providence, R,. I.-Stock Increased.-
[VOL. 115.
annual basis, and this rate has since been maintained. In addition to the
regular cash dividends, which have aggregated 98%, the stockholders have
benefited from time to time through the privilege of subscribing for new
issues of Capital stock and also for issues of convertible bonds.
Company.-Does the entire commercial electric lighting and industrial
power business in the city of Detroit, 12 cities, 50 incorporated villages,
and rural areas in more than 100 townships, in Michigan. Combined
population, about 1,400,000. The outer territory is all served by one
interconnecting system of transmission lines. Company also conducts a
plants
steam heating business in Detroit. Company has two large steam
In Detroit generating capacity of 303,000 k.w. and a steam plant at Marysk.w.
40,000
of
capacity
generating
ville,
Listing of Additional Capital Stock-Earnings.-
increased its authorized Capital stock from $750,000
'
The company' has
(all outstanding) to $1,500,000, par $100.
after
The New York Stock Exchange has authorized the listing on ornotice
Jan. 10 of $5,532,600 additional capital stock, par $100, on official
of its 10-Year 8%
Crane Simplex Co., N. Y. City.-Initial Dividend, &c.- of issuance on conversion at par, for an equal amount
An initial dividend of 1%% has been declared on the Pref. stock, payable Cony. Gold Deb,bonds,due Jan. 10 1931, or upon official notice of issuance
Jan. 3 to holders of record Dec. 21.
and sale and payment in full, of any of such stock not required for conThe company, with offices at 115 Broadway, N. Y., has acquired the version, making the total amount applied for to date $48,946,100.
property and equipment of the Simplex Automobile Co., New Brunswick,
The proceeds of the issue of debentures have been used to pay in part
N. J. (V. 113, p. 633), from the Mercer Motors, Inc., Trenton, N. J.. and for the cost of extensions to the company's power plants and distribution
will resume the manufacture of the Simplex car in a plant at Long Island system, and to discharge floating debt, &c.
City, N. Y., where a building will be equipped and placed in operation
Consolidated Income Account for 12 Months ended Oct. 311922.
early in January.
Int. on funded & unfund.
Gross EarningsThe New Brunswick plant was used for the manufacture of Hispano33,559,390
debt (net)
$23,396,734
Suiza airplane motors during the war, when production of the Simplex Electricity
320,509
Other deductions
1,844,817
Heat
automobile was discontinued, and will not be utilized by the new organiza218,361
Gas
tion at the present time.
$3,163,554
Balance, surplus
250,491
Miscellaneous
John
Mgr.
H.
Jr.,
&
Bawden,
Gen.
V.-Pres.,
L. R. Ayers is Pres.,
P.& 1. sur. Oct. 31 1921- 1,924,989
Harvey B. Clark Treas., and Frederick H. Brand Asst. Treas.
$25,710,405
Total
$5,088,543
Total
operation_
-_14,610,152
of
Expense
Crown Cork & Seal Co., Balt.-New Directors.
2,477,960
2,331,000 Dividends paid
&c
Roland M. Byrnes of the National City Co. and Howard E. White of Renewals,
7,771
1,725,800 Adjustment debits
Federal, &c., taxes
New York have been eleated directors.-V. 115, p. 1946, 1538.
32,602,813
loss
and
Profit
earnings
$7,043,453
Net
Cuban-American Sugar Co.-New Officers, &c.-v. 115, P. 2272.
George E. }Mier has been elected President, succeeding James H. Post,
who ha's been elected Chairman.
Dictograph Products Corp.-Dividend.Oscar M. Bate, Edgar M. Williams and Anthony J. Bleecker have been
The corporation has declared the regular quarterly dividend of 2% on
elected directors, succeeding F. H. Howell, L. D. Armstrong and Walter
the Preferred stock for the quarter ended June 30 1922, payable Jan. 15 to
Vreeland.-V. 115, p. 2681, 2586.
holders of record Dec. 31.-V. 115, p. 992.
Dartmouth Mfg. Co.-To Increase Stock-Stock Dividend.
The stockholders will vote Dec. 26 on increasing the authorized Common
stock, for stock dividend purposes. The company at present has an autLorized $2,000,000 Common stock, par $100 (all outstanding). Compare
V. 115, p. 2482, 2586.
(William) Davies Co., Inc., & Sub. Cos.-Report.Year Ended Sept. 30Profits on operations
Miscellaneous earnings
Total
Depreciation
Interest on borrowed money
Interest on bonds
1922.
1921.
x$358.720 loss$829.427
88,965
142,950
3447,685 loss$686,477
200.000
190,310
496,536
51,724
52,660
Dominion Glass Co., Ltd.-Earnings.-
1918-19.
1919-20.
1920-21.
1921-22.
Sent. 30 Years3631.724
3757,988
$699.599
$718,540
Profits
120,000
120,000
120,000
120,000
Bond interest
50,000
50,000
50.000
50,000
Sinking fund
182,000
182,000
182,000
182,000
Preferred dividends(7%)
Common dividends_ ___ (6%)255,000 (6)255,000 (4)170,000 (4)170,000
$109,724
$235,989
$92.599
$111,540
surplusand
TotalBalan
Balance,
loss surplus Sept. 30 1922, $929,684, compared with
profit
2272.
p.
115,
1921.-V.
30
$818,144 Sept.
Dryden (Ont.) Gold Co.-Increases Capitalization.-
Capital stock from
The stockholders on Dec. 2 increased the authorized
also reduced the par value
31.000,000 to 32,000,000, all of one class, and
will be used to
stock
increased
the
of
Part
$1.
to
$10
from
shares
of the
near
acquire new proven properties adjacent to its holdings on Trap take,
Dryden. Ont.
Net profits for year
35,652108531,235,673
x After manufacturing, selling and general expenses, including repairs
and maintenance expenditures, but before depreciation of buildings, plant
and equipment.
Dunlop Tire & Rubber Co. of America.-Listing.- 1st
Consolidated Balance Sheet, September 30.
to the list $11,000,000
The Boston Stock Exchange has admitted
Sept. 3022 Sept. 2421
Sept. 30'22 SepI. 24'21 Mtge. & Coll. Trust 7% Cony. gold bonds, Series "A," due Dec. 1 1942.
AssetsLlabUU
$
s
"when issued." See offering in V. 115, p. 2690.
Properties
x(3,641,240 7,776,077 Cl."A" Cum.stk _y2,329,600 2,560,300
Inv. In Cl. A shs.
Class "B" stock_ _y1,536,400 1,689,700
(E. I.) du Pont de Nemours & Co.-Listing-Earns., &c.
held by Can.co_ 580,868
380,546 Bonded debt
1,429,300
910,200
The New York Stock Exchange has authorized the listing on or after
1
G'dwlli,tr.mks.,&c
1 Bank loans
2,166,0231 4,513,285 Dec. 29 of not exceeding 331,689,150 additional Common stock, par $100,
Cash with trustees
Acceptances
450,000(
on official notice of issuance as a 50% stock dividend payable Dec. 29
for bondholders_
35,711
78,678 Accts. payable_
425,385
356,772 to holders of record Dec. 16. making a total amount applied for $95,067,450.
Inventories
2,263,696 1,886,780 Am.int. on bonds
28,561
22,656
Consolidated Income Account-Six Months ending June.30 1922.
Consigns. & accts.
Dividends payable
6,949
de Pont Nemours & Co., E. I. du Pont de Nemours & Co. of Pa.,
in for. countries_
93,086
984,196 Res. for taxes, &c_
98,182
95,734 FE. I.E.
I. du Pont de Nemours Export Co. and Rokeby Realty Co.)
Inv.In assoc. cos_ _ 512,000
445,000 Surplus
3,711,058 4,071,406
$25,950,053
Other investments
35,987
115,032
sales
$5255298
from operations & investments
Accts.& notes rec.
me
s
t
Net
91,559
(less reserves). _ 1,490,204 1,423,301
Profit and loss on sale of real estate, securities, &c
290,240 1,012,619
Cash
$5,346,857
130,677 Tot.(each side) _12,168,603 14,232,907
Deferred charges_ _ 225,570
Total income
1,403,653
Deduct-Bond interest, including proportion of discount
x Consisting of land, buildings and equipment on basis of appraised
$3,943,204
Balance of income for the six months
depreciated values Sept. 27 1919, plus additions to and less sales of property,
66,080,660
and less depreciation provided during the year ending Sept. 25 1920, and Surplus at beginning of year
the year ending Sept. 30 1922. y Represents 91,000 Class "A" no par
$70,023,863
surplus
value shares and 60.000 Class "B" stock, no par value shares.
Total
2,137,791
Note.--a Contingent liability under guarantee up to $175,000 given to Deduct-Debenture stock dividend paid in cash
2,534,330
Commen stock dividend paid in cash
bank in respect of the Ontario Fertilizer Co., Ltd., an affiliated company.
b Dividends on Class "A" cumulative shares have been paid to June 15
$65,351,742
Surplus at end of June 1922
1921.-V. 115, p. 2163, 2051.
Balance Sheet as of June 30 1922 (Subject to Adjustment).
De Beers Consol, Mines, Ltd.-Back Dividends.LiabilitiesAssetsThe directors have declared a dividend of 30% on the Preference shares
$7,411,388 Voting debenture stock__ _ _ 31,738,750
Adv. to controlled cos
6,0521,201
on account of the 60% back dividends due on that issue. The company Sees.
y97,765,496 Non-voting deb. stock
perm. Inv_
for
held
63,378,3)0
reported a working loss for the year of about £689,000.-V. 115, p. 2586, Realty, not incl. pl. rl. est. _
1,994,634 Common stock
1,955,234
payable
Accounts
2051.
Perm. inv. In mfg. propr., 84,982,976 Aecr.Interest on funded debt
437,500
&c_ _ _ _
goodwill,
patents,
Del. Lackawaz;ina & West. Coal Co.-40% Stock Div.- Cash
1,068,896
15,971,054 Accrued dividends
,.
35,000,000
11,158,237 Funded debt
The stockholders on Dec. 18 approved the distribution of a 40% stock Accounts receivable
3,300,218
543,458 Adv. from controlled cos_ _
dividend to stockholders of record Dec. 18. The present authorized capital
receivable
3,858,240
750,690 Depreciation reserves
stock is $20,000,000, par $50,of which $11,533,725 is outstanding.-Y.115, Bills
Accts. rec. (Govt. claims)._
Bad debts fund
1,157,389
p. 2483.
term
q u.
Inv
Works accident, pensions,&c 2,793,664
quickly artkertablneosteeses_&_ x5,933,547
441,118
12,264,177 Reserves for contingencies__
Detroit City Gas Co.-To Pay Bonds.Material & supplies
1,008,351
9,978,101 Def. hub. & credit items__ _ _
The $5,995,000 5% bonds due Jan. 1 will be paid off at maturity at office Finished product
65,351,742
2454,844 Surplus
of New York Trust Co., New York. from funds received from sale of Deferred debit items
$13,500,000 6% 1st Mtge. Gold bonds Series A, dated July 1 1922, see
$251,008,602
Total
$251,008,602
V. 115, p. 187. 441.
Total
Includes 32.174,004 (par value $2,059.000) of E.I. du Pont de Nemours
$3,300,000 of call loans. y Of this amount
Detroit Edison Co.-Bonds Sold.-Spencer Trask & & xCo. 74% bonds and
represents holdings of the entire capital stock and bonds of
Co., New York; Coffin & Burr, Inc. Boston; Security Trust $71,000,000
Industries, Inc.. whose principal asset is about 7,000,000
du Pont American Motors
Corp. Common stock; $16,507,405 investments
Co. and First National Co., Detroit, have sold the un- shares
of General
or controlled companies; $10,258,091 of miscellaneous
owned
subscribed balance of the new issue of $6,836,800 10-Year In subsidiary,
securities.-V. 115, p. 2586. 2483.
y8hZ
6% Convertible Gold Debenture Bonds, Series of 1932, at
102 and int., to yield about 5.73% (see advertising pages).
Dated Dec. 15 1922, due Dec. 15 1932. Interest payable J. & D. at
office of company, New York. Denom. $1000 and $1,000 (c*). Convertat parfrom Dec. 15 1924 to June 15 1932 into fully paid shares of the Capital
stock of the company. Red. (on 60 days' notice to registered holders and
6 weeks' published notice) on Dec. 15 1924 and thereafter prior to Dec. 15
1925 at a premium of 5%,and on Dec. 15 1925 and at any time thereafter
of 1% for each year or fraction of a year from the
at a premium of
redemption date to maturity; when so called for redemption the bonds
may, provided the time for conversion has not expired, be converted into
stock at par at any time up to and incl. the date named for redemption.
Issuance.-Bonds have been approved by Michigan P. U. Commission.
Capitalization.-Exclusive of the present issue of $6,836,800 of Cony.
Debentures recently offered to stockholders (V. 115, p. 2163). company.
has issued from time to time Cony. Deb. bonds aggregating $27,436,100.
Of these debentures, $13,729,200 have been converted into Capital stock.
$8.078,300 are convertible but have not yet been converted, $5,532,600
have not yet become convertible, $30,400 cannot be converted because the
conversion privilege has expired and only $65,600 were not converted and
were paid.
There are also outstanding $10,000,000 1st (Closed) Mtge. 5% bonds,
due 1933, $16,665,000 1st & lief. Mtge. 5s Series A, due 1940, $18,319,000
1st & Ref. Mtge. 6s Series B, due 1940: $4,000,000 Eastern Michigan
Edison Co. lst Closed) Mtge. 5s, due 1931, and $34,242,100 Capital stock.
Dividends.- ividends on the Capital stock were inaugurated in July
rt
payments of 1% each were made in that year; in 1910
1909, and 2 quarterly
a total of 5% was paid and in each of the years from 1911 to 1915,inclusive,
the company paid, 7%. In Jan. 1916 the stock was placed on an 8%
Eastern Rolling Mill Co., Baltimore, Md.-Jan. 1 1923
&c.Dividend Deferred-Earnings,
Dec. 14, writes in substance:
President J. M. Jones,
decided to defer action on the declaration of the
"The directors have
Pref. stock for the current quarter due for payment
2% dividend on the
Jan. 1 1923.
Nov.30 will show a profit of approxi"Earnings for the 11 months endedshares
of Pref. stock, and the earnings
on the 30,000
mately $6 85 per share
$8 per share-the full annual dividend
approximate
will
1922
year
for the
after an operating loss for
accomplished
been
have
will
This
requirement.
The earnings of the company are now running
the first half of the year.
requirements.
dividend
of
in excess
that it is in the best interest of the stockholders to
"The directors feelthis
time and to await the result of operations during
pass the dividend at1923,
as the earnings for 1922 will not fully take care
of
quarter
the first
from 1921. The plant has been running at full
over
of the deficit carried
of the year, and sales have recently been made
capacity since the middlethe
first quarter of 1923 at profitable prices.
for
for the entire output time point to our being able to resume payment of
"Indications at this
year."-V. 114, p. 1185.
coming
the
during
dividends
Paper Corp. of Ill.-Stock Offered.-
Eddy
headed by J. S. Bache & Co., has
A synd cat s of Chicago bankers,
placed 60,000 shares of Common stock (no par value), at a price to reported
j3e $31 p r share.
.Outstanding.
Cavil z ration-Authorized
$350,000
$350,000
stock
7o Cum lative Preferred
125,000 shs. 125,000 shs.
o par v lus Common stock
1,1
DEC.231922.]
THE CHRONICLE
Company.-Has been organized in Illinois to acquire the assets, business
and good-will of the Eddy Paper Co. of Michigan. Plants located at
Three Rivers and White Pigeon, Mich., include 3 box board mills, 2 carton
and shipping container factories and one coating mill for making clay
coated box boards. Company ranks as one of the largest individual paper
package concerns in the world.
Earnings.-Prior to 1920, earnings were exceedingly large. Much of
its present value represents accumulated earnings upon an original investment of $18,500. Between 1906 and 1920 company declared 835% in
stock dividends and 11834% in cash dividends. In common with all other
companies of its kind, there were severe losses during the period 1921 to
1922. The business, however, is rapidly returning to normal, and the
company is now earning at the rate of more than $4 per share on its entire
authorized issue of 125,000 shares of Common stock.
Listing.-Shares are to be listed on the Chicago Stock Exchange.
Balance Sheet Sept. 30 1922 (after this financing).
AssetsLiabilitiesCash $732,318 Federal tax reserve (1918) $61,169
Accts. rec., less reserve__ _
483,136 Res. for contingencies---50,000
Notes receivable
321 1st M.10-yr. 73is, 1931-- 1,250,000
Inventories
933,679 7% Cumul. Pref. stock_ __
350,000
Prepaid expenses
19,929 Common stock (125,000
Empl. land contracts, &c_
127,482
shares, no par)
5,528,648
Real est. bldgs., &c., less
de redation
4,942.951
Good-will
1
Total (each side)
Directors.-Charles W. Folds, Cho
e8
d n1t;
239
George M. Seaman,$
P/
7:esi
6
H. L. Street, V.-Pres.; George T. rman;
Wolf,
Wm. Edwards, Sec.;
Oscar Gumbinsky, Russell A. Cowles, WardTreas.;
Seabury, L. S. Sterritt, Gen.
Mgr.•, Nathan Gumbinsky, Henry Schott, Robert
O. Farrell.-V. 115,
p. 2586.
Edison Electric Illuminating Co.-To
Notes.
Pay
The $4.000.000 5% notes due Jan. 15 will
be paid off at mturity at
office of Old Colony Trust Co., Boston.-V.
115, p. 2587, 2483.
Electric Bond & Share Co.-Stock Sold.-Bonbright
&
nc., New York, have Fold at 97 and div. (from
Nov.
Co.,11922)to yield 6.20%,an additional issue of $5,
6% Cumul. Prof. (a. & 4.) stock, par $100 (see adv.000,000
pages).
Free
from present normal Federal
tax. Preferred stock callable
as a whole upon 90 days' notice on income
dividend date at 110 and divs.
Dividends are paid Q -te. Guarantyany
Trust
Co. of New York, registrar;
Bankers Trust Co., New York, transfer
Capitalization after Present Financing- agent.
outstanding.
Preferred Stock 6% Cumulative (incl. this issue)_-A$2uO.00riOz,e0a06
0
tho
Common stock (all owned by General Electric Co.) 20,000,000
16.250,000
Note -The stockholders will vote Dec. 29 on increasing the capital stock
from $25.000.000 ($12.500.000 common and $12,500.000 pref.) to $40.000,000 by the authorization of an additional issue of $7,500,000 common and
$7,500,000 preferred stock.
Data from Letter of President S. Z. Mitchell, New York, Dec. 16 1922.
Company.-Incorp. Feb 28 1905 in New York. Takes a financial interest in electric power and light and gas enterprises;
buys, holds and sells
securities issued on such properties, and renders expert assistance in connection with the financing and operation of companies controlling and operating
such properties. Company also furnishes the necessary capit land
manages
consolidations and reorganizations of properties of the above-mentioned
character,
Purpose.-Proceeds will be used for general corporate purposes.
Earnings Calendar Years.
Calendar
Gross
Net
Accum.
Preferred
Common
YearsIncome.
Income.
Income.
Dividends. Dividends.
1917
$3,140,020 $2,066,389
$3,506,205
$487.710
$644.889
1918
2,599.674
1.450,082
3,763.967
511,773
680,547
1919
3.114,872
1,697,472
563.525
778,730 4,119,184
1920
3.564.734
2,127,600
4,858.204
588.580
800,000
1921
3.968.973
2,377.514
5,629.051
606,667 *1.000,000
1922x
5.508,309
3.655.821
7.361.047
1,104.358
x Year ended Oct. 311922. * Includes669,167
special dividend of $200,000 on
Common stock.
Dividend Record.-Dividends at the rate of 5%
per annum were paid
regularly on the Pref. stock from organization
up to Oct. 311911, at which
time the regular rate was increased from 5% to
6%
per annum, and have
been paid regullrly at this rate since then. Common
stock has regularly
paid dividends of not less than 8% per annum
since July 15 1909.
Balance Sheet as of Oct. 31 1922 (Before Present Financing).
AssetsI InvestmentsInvestments
$17,687,399 Preferred stock payable$11'250,000
Syndicateholdings, &c_
6,131.205 Common stock
151.,967061221.:355360880
Cash
4,555,483 Accounts & notes
Notes, loans, accounts &
Accrued interest & divs__
interest receivable_ __ _ 8,767.487 Syndicate liabilities
84,986
Other assets
66,071 Reserves
194,409
Total (each side)
$37,207,645 Surplus
7,401,843
-V. 114, p. 1770.
Elgin Motor Car Corp., Chicago.-100% to Creditors.-
2799
Federal Adding Machine Corporation.-Sale.-
All the assets of the company will be sold at receivers' sale on Dec.
29
at 251 Fourth Ave.. New York City, by Chas. Shongood, U.
S. auctioneer.
-V. 115, p. 1435.
Federal Ice & Storage Co.-Consolidation.-
According to Pittsburgh dispatches, this company will
be organized in Pennsylvania with a capital of 500,000 common shortly
shares of no par
value and 110.000 shares of Preferred stock (par $50) for the purpose
of
consolidating the following companies: Union Storage Co., Standard Ice Co.
Union Ice Co.. Pittsburgh Ice Co., Wilkinsburg Ice Co., Colonial Ice Co..
Columbia Ice Co. Mt. Oliver Ice Co., North Pole Ice Co.
and Hill Top
Ice. Co. Of the'
authorized capital stock, it is stated, all
common
will be issued and about 90,000 shares of the preferred stock the
to effect the
transfer of the properties. It is reported that H. D. Norvell,
Pres.
City
Ice & Fuel Co., of Cleveland, will head the new company.
Fleischmann Co.-Stock Offering.-
it is stated that a public offering of a limited amount of the
stock
will be made soon. The par value of the stock was recently common
changed from
$100 par to no par value and 50 shares of the no par value stock were
exchanged for each share of the old stock. The stock to be offered, it is said,
is a limited amount now held by members of the family through W. E.
Hutton & Co.
It is stated that as a forerunner to an offering of a block of Common stock
to the public, a block of the shares has been offered to employees
at $25,
on a partial payment plan.-V. 115, p. 2052, 1843.
Flint Mills, Fall River, Mass.-Capital Increased.-
The stockholders on Dec. 20 increased the authorized capital stock from.
$1.160.000 (all outstanding) to $1 740.000, par $100. It is poroposed
to
distribute the increase as a 50% stock dividend.-V. 115, p. 2691.
Ford Motor Co., Detroit.-Production.-
The company in November last produced 122,000 cars and trucks,
against 121,765 in October. This makes production for the first 11 months
of this year approximately 1,121,443 in domestic plants, against 906,167
In 1921.-V. 115, p. 2587, 2483.
(Edward) Ford Plate Glass Co., Rossford, 0.-Increase.
The stockholders on Dec. 20 increased the authorized Common stock
from $3,200,000 (all outstanding) to $10,000,000, par $100.
Forest City Machine & Forge Co.-Sale.-
Federal Judge D. C. Westenhaver, at Cleveland, has approvad sale of
the company to Viggo V. Torbensen, President of the new $750.000 Vig-Tor
Azle Co., which will operate it beginning about Jan. 15. The plant is
appraised at $700.000. Mr. Torbensen will be assisted by A. L. Kroesen.
r.-Pres. & Gen. Mgr.; W. N. Jackson, Treas.; and Carl R. Harrison, Sec.
Francis W. Timadway was receiver for the Forest City company.
Fowler & Wilson Coal Co.-Bonds Offered.-
Phoenix Trust Co., Ottumwa, Iowa., and Iowa
Trust Co., Des
Moines, recently offered, at 100 and int., $125.000 First &
Mtge. 734% Gold
Serial Bonds. Dated Oct. 11922. Due serially Oct.
Oct. 11937.
1
1924
Interest payable A. & 0. 1 at Iowa Loan & Trust Co.. Des to
Moines, Iowa.
trustee, or Phoenix Trust Co., Ottumwa, Iowa. Company
agrees to pay
the normal Federal income tax up to 2%.
Company operates 4 mines in the Appanoose County, Iowa, field with a
maximum daily output of 1,400 tons
of lump
Net tangible assets are
appraised at $1,210,113, or nearly ten timescoal.
this
of bonds.
Yearly average of earnings for six years has beenissue
$71,129, or over 73(
times the maximum interest requirements
of this issue.
A sinking fund is provided which requires
the deposit of 15c. for each
ton of coal mined. When this deposit shall produce
an amount equal to the
next interest and maturity requirements
plus
$20,000,
deposit shall be
reduced to 10c. per ton and continued at that rate unlessthe
it w 11 not maintain
the fund as above described.
Proceeds will fund company's unsecured debt and increase
its working
capital.
French Worsted Co., Woonsocket, R.I.-Stock Increase.
The company has increased its authorized capital
stock from $1,000,000
to $2,000,000.
Fuller Brush Co., Hartford, Conn.-Sales.-
Period.
Sales
-V. 114, p. 2475.
1922-Oct.-1921
1922-10 Mos. 1921
$1,020,480 $630,276 $9,182,001 $6,426,356
Gaston, Williams & Wigmore Co.-
Albert E. Parker and Henry W. Sumner. operating under the firm name
of H. W.Sumner Co., have filed a bill
in equity in the U. S. District Court
against the company, notifying all
and stockholders of the latter
concern that on Dec. 28 application creditors
will
be made for an order approving the
settlement of various creditors' claims and
authorizing
enjamin B. Odell,
receiver, to sell all the remaining property of Gaston, W
Williams & Wigmore,
and authorizing the payment of a
first
dividend
final
and
on all creditors'
claims. [The Gaston & Co., Inc.. in
1921 acquired all except some
insignificant part of the property of theDec.
bankrupt concern. The stockholders of the old company were offeredold
the privilege to subscribe to stock
of the new concern.] See V. 113, p. 2621;
V. 114, p. 2723.
Chicago dispatches state that William Leiter,
for the stockholders, has announced that creditors will get 100 attorney
cents on the dollar. A
fund of$150,000 to meet the debts, it is stated,
General American Tank Car Corp.-Orders.has
by the stockbeen
raised
holders and they plan to raise another fund to permit the resufntition
The corporation has received an order from the Union Pacific
of
RR. for
operations. Company wentinto receivership in October
1,000
Pacific Fruit Express
last.-V.115,p.1736.
-V. 115. p. 2587. 2483. refrigerator cars, to cost approximately $750,000
Empire Gas & Fuel Co.-Tenders.-
Halsey, Stuart & Co., 14 Wall St, N. Y. City, will until Dec. 28 receive
bids for the sale to it of 1st &
Cony. 15-Year 73 % gold bonds, Series
"A," dated May 1 1922, to anRef.
amount sufficient to exhaust $450,000, at a
price not exceeding 10734 and int.-V.
115, p. 2483, 2385.
Empire Steel & Tube Corp.-Sale.Henry C. Turner,
receiver,
receive sealed bids at his office, 2 Rector
St., N. Y. until Jan. 5, for will
the purchase of the plant, equipment and
property of
company, located at College Point, L. I.
Erie (Pa.) Lighting Co.-Initial Common Dividend.
An initial dividend of 25 cents per
has been declared on the Common
stock, no par value, payable Dec. 30share
to holders of record Dec. 28.-V. 114,
p. 2019.
Erwin Cotton Mills Co., West
C.-Inc.-
Durham, N.
The company has
s increased its authorized capital stock from $5,000,000
to $10,000,000. par $100.
Corp., N. Y. City.-Initial Dividend.-
An initial semi-annual dividend of
been declared on the 8%
Cumul. Pref. stock, payable Jan. 1 to 4% has
of record Dec. 27. For offering of Preferred stock see V. 115, p. holders
2691.
Ewa Plantation Co., Hawaii.-Extra Dividend.
The directors have voted an extra dividend
of 3%, payable Dec. 31.
This is in addition to the regular monthly
of 1% and the extra of
2%, which are also payable this month. dividend
total disburseThis
ments for the year to 18%.-V. 115, p. 2052. brings the
Excelsior Shoe Co., Portsmouth, 0.-Initial Dividend.
An initial semi-annual dividend of $4 per share has been declared on the
outstanding common stock, no par
value, payable Jan. 1 to holders of
record Dec. 20. See also
V. 115. p. 874.
Fairbanks, Morse & Co., Chicago.-Extra Dividend.-
An extra dividend of 75 cents per share and
the regular quarterly dividend
of 75 cents per share have been
on the Common stock, payable
Dec. 30 to holders of record Dec.declared
20.-V. 115. p. 1947, 1435.
Famous Players-Lasky Corp.-New Director,
Sir William Wiseman, associated with Kuhn, Loeb & Co., has been
elected a director.
Sir Wm. Wiseman has also been elected a member of the finance commit,tee, succeeding Gayer G. Dominick, who remains a director.
The directors have declared the regular quarterly dividend of $2 per
share on the Preferred stock, payable
to holders of record
on Jan. 15 1923.-V. 115, p. 2587, 2483.Feb. 1 1923
General Gas & Electric Corp.-Offer to Exchange Pref.
Stock for Income Bonds of Old Company.-Earns.-Tenders.
The conporation offers to issue in
for the 15-year 7% income
bonds of General Gas & Electric Co. exchange
its Cumulative Pref. stock, Class A,
on a basis of one share of Pref.stock, Class
A,for each $100 principal amount
of income bonds.
The Cumulative Pref. stock, Class A, is entitled to cumulative dividends
at the rate of $8 per annum, payable quarteily,
Jan. 1. &c. The initial
dividend thereon was paid Oct.S 1922,for the quarter
ending Sept. 30 1922.
Those desiring to make the exchange should forward
their income bonds
with April 1 1923, and all subsequent
attached to the Equitable
Trust Co., 37 Wall St.New York City.coupons
Holders
income bonds will
the
of
receive payment for one year's int. at rate of 7% per annum
the time of
exchange. Stock certificates, carrying div. from Jan. 11923,at
will be ready
for delivery in exchange for the income
bonds
deposited
so
and after
on
Jan. 2 1923 Only holders of income bonds depositing prior to Feb.
2 1923,
will be entitled to accept this offer.
Earnings for Stated Periods.
[Corporation and Subsidiary and Affiliated Cos. now owned or controlled.]
Year Ended
Calendar Years
Oct. 31 '22.
1921.
1920.
1919.
Operating revenue
$12.105,942 $11,456,295 $11,364,566 $9,134,919
Oper. expenses & taxes
$6.321,443 $6,081,803 $6,770,877 $4,795,406
Maintenance & deprec'n 2,187.507
1,904,957
1,252.777
1,807,617
Rentals
399,687
401,084
404,486
401.930
Total
$8.908,637 $8.387,844 $8,980,423 $6,452,669
Operating income
$3,197,304 $3,068,451 $2,384,143 $2,682,250
Other income
129.538
163,411
57,476
185.249
Total income
$3,326,842 $3,231,861 $2,569,393 $2,739,726
Deduct from income of
sub. cos. in
int. on
funded debt and divs.
on stks. held by public 2,143,843
2,020,144
1,830,546
1,645,227
Balance
41,182,999 $1,211,717
$738,847 $1,094,499
x Balance available to General Gas & Electric Corp., $1,182,999; deduct
expenses and taxes, $32,944; annual interest on funded debt, $387,303;
amortization of debt, discount and expense, $675; balance, $762,078. The
requirement for dividend on 12,500 shares General Gas & Elec. Corp. Cum.
Pref. stock, Class A, is $100,000.
The above figures do not include earnings of York Haven Water & Power
Co., in which company Metropolitan Edison Co. acquired a controlling
Interest on Nov. 25 1922.
2800
[VoL. 115.
T H N. CHRONICLE
The Guaranty Trust Co.. 140 Broadway, N. Y. City, will until Jan. 2
receive bids for the sale to it of 5% 10-year gold bonds due Jan. 11925, to
an amount sufficient to exhaust $14,553 at a price not exceeding par and int.
-V. 115, p. 1947. 1435.
International Mercantile Marine Co.-Smaller Pf. Div.
The company has declared a semi-annual dividend of 1 34% on the Pef.
ago a semistock. payable Feb. 1 to holders of record Jan. 16. Six months
annual dividend of 3% was declared. The dividend is payable from
accumulated surplus.
General Baking Co.-Listing-Earnings.President Franklin stated that the "estimated combined earnings of the
for 1922 show
The New York Stock Exchange has authorized the listing of 277,156 International Mercantile Marine Co. and its subsidiaries
suba
as
on
of
value,
par
official
no
issuance
notice
stock,
Common
of
shares
that bond interest and taxes have been fully earned and that a very
but that
200% stock dividend payable Dec. 28 to holders of record Dec. 22, with stantial share of the depreciation for the year has also been earned,
for dividends.
authority to add 72,8.44 shares of Common stock on official notice of the estimate shows no surplus from such earnings available
issuance and payment in full, making the total applied for 500,000 shares.
"The directors after consideration of the condition and affairs of the
The Kolb Bakery Co. has been merged with the company (see that com- company decided to declare a dividend of 1 % on the Cumul. Pref. stock,
pany below).
payable from accumulated surplus."-V. 115, p. 1539.
Consolidated Income Account-Period Jan. 1 1922 to Nov. 4 1922.
International Shoe Co., St. Louis.-To Increase Div.Kolb Bak. Co.7% pref.. $13,989
$5,344,162
Profits
The directors have passed the following resolution: 11923,amounting
446,477
Depreciation
"Whereas, the regular quarterly dividend payable Jan. prior to the comBal., carried to surplus_$2,726.581
205,105
Bond interest
50 cents per share on Common stock, was declared an analysis of the
Est. Federal taxes (1922)- 593.061 Surplus at Dec. 31 1921- 3,013,114 to
pletion of the annual financial statement and whereas
527.480
Divs. paid-pref. at $6
financial statement (since completed) indicates that its earnings
company's
Total
surplus
$5,739,696
831,468
$6
at
Common
annual rate of dividends
and financial condition warrant an increase in
be it resolved that
-V. 115. p. 2691. 2484.
from $2 to $3 per share on its Common stock, therefore,
of
beginning April 1 1923 the company shall pay quarterly dividends
General Electric Co.-Bonds Called.115, p. 2692.
-V.
stock."
Common
on
its
outstanding
share
per
cents
All of the outstanding $15,000,000 6% Debenture bonds, due 1940, 75
have been called for payment Feb. 1 at 105 and int. at the Bankers Trust
Interstate Packing Co., Winona, Minn.-Bds. Offered.
Co., 16 Wall St., N. Y. City.-V. 115, p. 2691. 2587.
at
Northland Securities Co. and Ballard & Co., Minneapolis, are offering 15
bonds. Dated Nov.
par and int., $140,000 1st Mtge. 15-Year 7% gold
Goodman Mfg. Co., Chicago.-Capital Increased.less than
not
of
in
blocks
or
whole
a
as
red.
but
1937,
15
Nov.
Due
1922.
The stockholders on Dec. 11 increased the authorized Capital stock from
60 days' notice at 110 up to Nov. 15 1927, at 10734 from
$3,000,000 (all outstanding) to $6,000,000, par $50. It is proposed to dis- $15,000 upon
Callable for the
Nov. 15 1927 to Nov. 15 1932, and at 105 thereafter.
tribute the increase as a 100% stock dividend.-V. 115, p. 2587.
105 if bonds can not be purchased in the open market
at
fund
sinking
for normal
deduction
&
N.
without
M.
price. Interest payable
(H. W.) Gossard Co., Inc.-Resumes Common Dividend. below that
income tax not in excess of 2% at Midland National Bank, MinA dividend of SI per share has been declared on the Common stock, no Federal
trustee.
in 1907.
par value, payable Dec. 28 to holders of record Dec. 26. In Oct. 1920 a neapolis,
Company is located at Winona, Minn. Was established
distribution of like amount was made on the Common stock; none since. Products
are favorably known under the name of Bell Brand hams, bacons
-V. 114, p. 633.
and lards.
of 1921,
Earnings.-Earnings for the past 10 years, with the exception
Grant Motor Car Corp.-Receivership, &c.losses in that year have all been
have been very satisfactory. Inventory
show
1922
See II. J. Walker Co. below.-V. 115, p.1948.
30
Sept.
ending
year
fiscal
the
for
written off and operations
after all charges including taxes and
net earnings available for interest interest
Gray & Davis, Inc.-Earnings, &c.issue.
this
on
charges
maximum
the
twice
of
additional
The following published statement, pronounced correct for the "Chron- depreciation
Purpose.-Proceeds of this issue will be used to provide
icle," says:
capital.
"A"
Prof.
Cumul.
7%
"In contrast with the deficit for 1920 and 1921, the company this year working
$241.500
by
are
followed
bonds
Mtge.
The 1st
will have net profits after charges in excess of $300,000. After deducting
$43,740 6% Pref."B" stock, and $112.533 Common stock.
dividend requirement on the 8% Preferred stock, net earnings for the stock,
136,904 shares of no par value Common should run between $2 and $2 50
Ipswich Mills (Mass.).-Balance Sheet.-per share. For the first 10 months of 1922 net profits totaled $245,727
Oct. 28'22. Oct. 31'21.
Oa.28'22. Oct. 31 '21. LiabilitiesAssetsafter interest charges, but before taxes.
$3,273,100 83,311,300
$3,157,187 Capital stock
"The company is now in the curve of rising earnings. August net Plant & equip_ _ __S3,245,221
253,806
2,507,404 Accts. payable__ _ 245,539
3,502,243
probably
October
September.
$29,248.
November
$35.768,
Inventory
$26.586.
totaled
4,965,000 3,560,000
__
_
payable_
Notes
interest,
equal to October, while December should be second only to June last, Prepaid
70,844
62,904
liabilities_
Accrued
120,886
109,897
taxes, &c
the biggest month in the company's history.
176,070
181,778
Reserves
"In the first 10 months of 1922 the company sold approximately 170,000 Cash, bills & accts. 2,218,665 1,992,028 Surplus
409,258
347,705
receivable
starting and lighting systems, against but 57.556 for the entire year 1921.
3,7731
'The company is in good treasury position and ready for a record 1923 Investments
year, which is promised by the amount of new business coming. Current
89,076,026 87,781,278
$9,076,026 $7,781,2781 Total
Total
assets as of Oct 31 last approximated $1,980.000, against current liabilities
of $750.000. Cash and accounts receivable of $569,000 contrasted with -V. 110, P. 2391of
$710,000. Inventory at or below present
notes and accounts payable
Johns-Manville, Inc.-Par Value of Shares Changed.
market prices exceeded $1,400,000."-"Boston News Bureau."-V. 115,
the 25,000 shares of Common
p. 1638.
The stockholders have voted to change
Of
value.
par
no
stock,
stock, par $100, into 250,000 shares of Capital
Gulf Oil Corp.-Initial Dividend on New Shares.-are to be exchanged for Common stock at
the new stock 200.000 shares
The
share.
par
$100
each
for
an
stock
initial
have
no
par
of
declared
dividend
per
new
directors
on
37
of
54c.
share
The
the rate of 8 shares
per share.
the new $25 par value stock, payable Jan. 1 to holders of record Dec. 20. balance of 50,000 shares has been purchased by employees at $50 and
voted
of $40 a share
This is equivalent to $18 a year on the old stock, par $100, on which diviThe directors recently declared a cash dividend
2164.
p.
115,
V.
Compare
share.
dends at the rate of $6 per annum,from Jan. 1914 to Oct. 1922, incl.. were to retire the Preferred stock at $120 a
paid.-V. 115. p. 1435. 2052.
r
Hartford Electric Light Co.-Capital Increase.-
The stockholders on Dec. 19 voted to increase the capital stock from
$10.000.000 to $12,000,000, the increase being in new 5% Cumulative
Prof. stock. The new stock is being offered to stockholders of record Dec.
19, in the ratio of one share of new to 5 shares of old par. Certificates are
to be issued Feb. 15. The new stock is convertible into Common after
Feb. 1 1926, upon 30 days' notice.
The business for 1922 is estimated at 130,000,000 kilowatt hours against
97,000,000 k. w. h. in 1921.-V. 115, p. 2588.
Hawaiian Commercial & Sugar Co.-Dividend Increased
A monthly dividend of 15 cents per share has been declared payable in
January. This compares with monthly dividends of 10 cents per share paid
since July last.-V. 114. p. 2830.
Hawaiian Pineapple Co., Ltd.-Stock Dividend, &c.-
The stockholders have (a) increased the authorized capital stock from
$4,000,000 to $6,000,000, par $20, and (6) authorized the payment of a
58% stock dividend. See also V. 115, p. 2484.
Hayward Woolen Co., Boston.-200% Stock Dividend.-
The company has increased its capital stock from $200,000 to 5600,800
by payment of a 200% stock dividend to holders of record Dec. 12.
Kaministiquia Power Co., Ltd.-Earnings.-
1921-22. 1920-21. 1919-20. 1918-19.
Years ended Oct. 31$493,418 5455,627 $449,273 $442.387
Gross earnings
88,809
111,783 117,162 112.578
e
maintenanc
and
Operation
34,000
34,000
34,000
44,000
Depreciation and renewal reserve_
96,125
96,063
95,258
103,987
and
interest
charges
Fixed
175,972
175,992
199,760
199,760
Dividends (8%)
$9,447 $30,640 $47,481
$33,887
Balance, surplus
-1r. 113, p. 189.
Power Co.-Initial Dividend.-
Kansas Electric
has been declared on the outstanding 7%
An initial dividend of 13%Jan.
2 to holders of record Dec. 20. For
Cumul. Pref. stock, payable
115, p. 1539, 2053.
offering of $1,000,000 of Preferred stock see V.
Gas & Electric Co.-Listing.--
Kansas
has authorized the listing of $10,000,000
The New York Stock Exchangebonds,
Series A, due Mar. 11952.
Fund 6% gold
1st Mtge. Sinking
Oct. 31 1922 shows: Gross earnings,
ended
months
Earnings for the 12
taxes, $3.334,772: not earnings,
55.014,075: operating expenses. incl.
total income, $1,699,462; interest on
$1.679.303; other income. $20,159;deductions,
$193,758; Prof. divs., $174.other interest and
bonds.$591,647;$180,000;
bal., surplus, $559,196.-V. 115, p. 1436, 1105.
divs.,
Corn.
861;
Humble Oil & Refining Co.-75% Stock DividendCompany, &c.Kellogg Co. of Del.-New
Flake Co. below and in V. 115, p. 2693.
Capital Increased-Par Value Changed.---A 75% stock diviSee Kellogg Toasted Corn
dend has been declared on the outstanding $25,000,000 CapiKellogg Toasted Corn Flake Co., Battle Creek, Mich.
tal stock, payable to holders of record Dec. 18.
zation-Re-Incorporated in Del.-Stock Div., &c.The stockholders on Dec. 18 voted to increase the author- -Reorgani
27 last unanimously voted that the corporation
The directors on Nov.
this being considered
ized capial stock from $25,000,000 to $43,750,000, and to reorganize
and take out a charter in Delaware, business.
This action
conduct of the company's
change the par value of the shares from $100 to $25.
essential for the proper
stockholders on Dec. 11 and a new company, the
the
by
approved
An official
11.
on
Dec.
The regular quarterly dividend of 2% has been declared was
in
d
Delaware
incorporate
was
Kellogg Co.,
nt says:
on the old $100 par stock, payable Jan. 1. It is the inten- announcemereorganizati
on, stockholders upon assignment and surrender
the
"In
tio to declare dividends at the rate of 30 cents per share
receive for each share of stock owned by them respectively
of their stock will shares of the new corporation as follows: One-fifth of
quarterly on the new stock, par $25.-V. 115, p. 2692.
$16 66 cash and
Pref. stock, par $100, and 4 shares of Common
Cumul.
one share of 7%
Indiana Bell Telephone Co.-Merger.stock of no par value.
the present corporation
See Princeton (Ind.)
@FedFRASER