Full text of Commercial and Financial Chronicle : December 30, 1922, Vol. 115, No. 3001

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I N C L U D I N G
B a n k & Q u o ta t io n S e c tio n

R a ilw a y &

R a ilw a y

B a n k e r s ’ C o n v e n t io n

E a r n in g s

VOL. 115.

S e c tio n

I n d u s tr ia l S e c tio n
S e c tio n

SATURDAY, DECEMBER 30 1922

E le c tr ic R a ilw a y S e c tio n
S ta te

and

C ity

S e c tio n

NO. 3001

thirty-two billion dollars, in addition to several hun­
dred million dollars annually for the cost of their
PUBLISHED WEEKLY
armies of occupation.”
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
Under the final decision of the Reparations Com­
For One Year__________________________
______________ $10 00
6 00
For Six Months_____________________________________________
European Subscription (including postage)______________________ 13 50 mission, handed down in April of last year, Germany
7 75
European Subscription six months (including postage)__________
Canadian Subscription (including postage)______________________ 11 50 is obligated to pay 132 6lllion marks in gold—gold
NOTICE.—On account o f th e fluctuations In th e rates o f exchange, marks, not paper marks, be it remembered—to the
remittances for European subscriptions and advertisements must be made
in New York Funds.
Allies besides the Belgian debt in annuities of two bil­
S u b s c r ip tio n in c lu d e s f o llo w in g S u p p le m e n ts —
lions plus 20% on exports. The figures are fantastic
B ank and Quotation (monthly) I R ailway & I ndustrial (semi-annually)
R ailway E arnings (monthly)
E lectric R ailway (semi-annually)
on their face, and one expert after another has given
State and City (semi-annually) | B ankers’ C onvention (yearly)
T e r m s o f A d v e r tis in g
his solemn opinion that any such payments are so
Transient display matter per agate line----- --------------------------- 45 cent
utterly out of the question as to verge on the farcical,
Contract and Card rates________________________________On request,
C hicago Office—19 South La Salle Street, Telephone State 5594.
and has adduced evidence in support of the opinion,
L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
but it remained for Mr. Kahn to present the matter
W IL L I A M B . D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t, P in e and D ep ey ster S tr e e ts , N ew Y ork.
in such a way as to carry absolute conviction and to
England, France and
Published every Saturday morning by W ILLIAM B . D A N A C O M PA N Y , foreclose further discussion.
President, Jacob Seibert; Business Manager, William D . Riggs; Secretary, Herbert
D. Seibert; Treasurer, William Dana Seibert. Addresses o t all. Office of Company. Italy, victorious and triumphant with their territo­
rial area enlarged and extended, ask forbearance
STATE AND CITY SECTION.
and relief in the payment of thfeir debt of 10 billion
A new number of our “State and City Section,” dollars (or say, 40 billion gold marks) to tlfe United
revised to date, appears to-day, and all readers of States, and yet at the same time are trying to hold
the paper who are subscribers should receive a copy Germany, dismembered, vanquished and beaten,
of it. As previously announced, this Supplement is stripped of some of her most valuable territory and
now printed in two parts, Part One containing the deprived of her ships and other needed factors in in­
New England, Central and Middle States, having dustrial recovery and growth, down to an aggregate
been issued last June, while Part Two, embracing the payment of 132 billion marks in gold plus “an addi­
rest of the country, appears to-day. The change is tion of several hundred million dollars annually for
due to the fact that with the growth and multiplica­ the cost of their armies of occupation.” There is not
tion of the municipalities of the United States the a nation on the face of the globe, not excepting the
demand for additional space has become too heavy United States and Great Britain, that could under­
take to meet liabilities of such magnitude to the out­
to satisfy within the limits of a single number.
side world and escape being crushed under the bur­
den. How absurd, therefore, to think bankrupt Ger­
THE FINANCIAL SITUATION.
Whatever may be one’s view's regarding the plan of­ many capable of carrying such a load. In the name
fered by Otto H. Kahn in his letter to Senator Smoot, of common sense it is time to be done with such fool­
which we print on subsequent pages, for relieving ishness. The bankers, as well as all other well-in­
the financial and economic distress in Europe, there formed persons, tell us that a settlement of the rep­
is one paragraph in Mr. Kahn’s statement that de­ arations question on some sound and sensible basis
serves to be blazoned forth to the furthermost quar­ must precede the granting of any financial aid to
ters of the globe. We have reference to Mr. Kahn’s Germany. Let this be done, therefore, and be done at
allusion to Germany’s ability to pay the colossal rep­ once. Then it will be time enough to take up the
arations payments demanded of her. On that point, question of holding economic conferences for the re­
Mr. Kahn permits himslf simply the following cau­ habilitation of Germany and the rest of Europe.

C lx fc r n ic ljt.

tious observation, but wdiat a wealth of meaning
there is in i t ! He says:
“It is interesting to note that while all the Allied
nations together, victorious and augmented, find
themselves unable to pay us an aggregate of ten bil­
lion dollars wdthin twenty-five years, yet the Gov­
ernments of these same nations, last year, committed
themselves to the stipulation that Germany alone,
defeated and diminished, is capable and obligated to
pay to them more than three times that sum, i. e.



Washington correspondents have persistently told
us of late of a determined and concerted onslaught
upon the railroads, to be made ere long, or possibly
as soon as some of the subsidy attempts by the blocs
have succeeded. It is unhappily true that there is in
existence an anti-railroad feeling, of long standing
rather than recent origin, growing out of ignorance
of the part played by transportation in our national
existence; it is hardly doubtful, further, that we

2838

THE CHRONICLE

have before us a struggle to counteract and dissipate
this feeling, which can be done by enlightening pub­
lic opinion and by no other means. Forewarned is
forearmed, and to be both is the clear dictate of self­
preservation, in this railroad matter as in all others.
One correspondent told us, as an alterative of joy
before Christmas day, that the roads face a great
number of bills in Congress—88 in the House and 46
in the Senate. These relate to a variety of topics, and
are all meddlesome, all arising in ignorant hostility,
and all more likely to create or aggravate existing
evils and difficulties than to remove or lessen them.
For example, a Senate resolution would set up a
joint commission to investigate the entire subject;
another would permit the Labor Board to rescind its
wage decision of last summer; and another proposi­
tion would wipe out Section 15a of the Act, which re­
quires rates that will, as near as may be, yield a fair
return on the property invested in transportation.
Mr. Johnston, head of the' International Associa­
tion of Machinists, wants the Inter-State Commerce
Commission to investigate the cost of maintaining
railroad equipment since the close of last June. Un­
less the unnecessary and extravagant portion of these
costs is separated from the really necessary, he says,
a serious and unfair handicap will be laid upon all,
resulting to the injury of employees and shippers in
future wage and rate adjustments, the Commission
finding itself blocked in trying to move rates down­
ward. “A majority of hard-boiled executives,” says
Mr. Johnston in the familiar style, deliberately
blocked all attempts of skilled repair men to return
and “throttled the meetings of the Association of
Kailway Executives.” And so on. Mr. Johnston
particularly wants the expenditures of the roads in
fighting the strike to be rigidly investigated, basing
bis demand upon the truly interesting proposition
that use of money for that purpose is evidence that
the roads were not honestly and efficiently managed
and are therefore not entitled to collect rates ac­
cording to schedules now on file with the Commission.
Reduced to intelligible terms, this amounts to say­
ing that the roads wrongfully spent money to keep
their lines open to traffic notwithstanding the strike.
Had they made no attempt to keep them open but had
pleaded non possumus and folded their arms and
gone off for relaxation in the golf links, the general
public would have put up a loud protest, in which
Mr. Johnston and his fellow mutineers would doubt­
less have not been the least loud and least indignant;
the only remaining course open to the executives was
to surrender forthwith to the mutineers.
There was once a ringing and much-admired and
quoted motto, “millions for defense, but not one cent
for tribute.” It is a question yet to be settled—and
not very much longer to be deferred—whether this
country would prefer to continue paying tribute to
union attacking parties rather than the necessary
costs of defense against them.
This has been a comparatively uneventful week in
European affairs. The Lausanne Conference was
not in session over the week-end and the holiday was
observed in both Paris and London, where prepara­
tions have been in progress for the adjourned meet­
ing of Allied Premiers in the French capital on Jan.
2. This gathering will be for the purpose of making
preparations for the Brussels Conference. The Al­
lied and Turkish delegates at Lausanne were pretty
much at a deadlock all week over the question of the



[V ol. 115.

Mosul oil fields. There has been considerable talk
in Washington relative to a world conference to dis­
cuss world economic and financial problems, bat at
the outset a marked difference of opinion developed
between President Harding and his supporters and
Senator Borah. Word came from Washington last
evening, however, that the latter had withdrawn his
resolution for an international economic conference,
and also that the United States Government would
send a mission of economic and financial experts to
Europe to aid in rehabilitation plans if invitations
were received from the various nations. This gave
the foreign situation, so far as the United States is
concerned, quite a different aspect. As the w
reek
closes the situation with respect to the Near East, so
far as reflected in European cable advices, looks more
threatening than at any time since it was decided to
call the Lausanne Conference. The British fleet has
been ordered from Malta to Constantinople.
There has been more or less seemingly loose talk in
Paris cable dispatches relative to the probability and
plans of the French Government to the extent even
of sending troops into the Ruhr district in the event
of satisfaction with respect to reparations claims on
Germany not being obtained. The statement was
made, unofficially, in a cablegram on Wednesday
that nothing definite in that direction would be done
until after the adjourned conference of Allied Pre­
miers in Paris next Tuesday, Jan. 2. On the basis of
reason and common sense this would seem probable.
The New York “Tribune” correspondent in Paris
said, under date of Dec. 24, that “work on formulat­
ing the French demands for productive guarantees
from Germany which will be placed before the Jan. 2
conference of Allied Premiers was begun to-day at
the Quai D’Orsay at a meeting attended by Premier
Poincare, Finance Minister Lasteyrie, Yves La
Trocquer, Minister of Public Works; Louis Barthou,
President of the Reparations Commission, and M.
Reval, Minister of Liberated Regions.” He added
that “indications are that M. Poincare is preparing
to present his fellow Premiers with a technical argu­
ment against the opinion, held particularly by the
British, that seizure of guarantees from the Ger­
mans would prove unproductive. On the basis of this
contention M. Poincare will plead for Allied co-op­
eration in such seizure. Failing to gain agreement
here he will seek Allied consent to a move against
Germany by France on behalf of all the Allies.” Com­
menting upon this meeting of French Cabinet Minis­
ters, the representative of the New York “Times” in
the Frencli capital observed that “reports from Lon­
don that Mr. Bonar Law intends to ask that a new
warning be given Germany that all past moratorium
conditions must be fulfilled, also that a new time
limit be made for their fulfillment before any drastic
measures are taken, seem to have influenced the
French Government and persuaded Premier Poin­
care that it would perhaps be as well to have ready
a prepared, exact statement of Germany’s default­
ing to date in such matters as deliveries of coal, nitro­
gen and timber.”
In a Paris dispatch to the New York “Herald,”
also dated Dec. 24, “one of the highest French eco­
nomic authorities, close to the Government,” was re­
ported to have said that “the French did not expect
the American Government to name an observer, offi­
cial or unofficial, for the conference of Allied Pre­
miers here Jan. 2, but are awaiting some official ex-

D

ec.

30 1922.]

position of the American point of view about the time
the meeting opens, to afford a hint as to how far Eu­
rope can go in her efforts to collect reparations pay­
ments from Germany.” In another cablegram' the
correspondent made the following assertions: “Two
facts stand out to-day with respect to the forthcom­
ing conference on reparations and inter-Allied debts.
According to information from reliable sources these
a re: First, Premier Poincare will endeavor to get in
writing some agreement with England as to the use
of German C bonds for meeting France’s indebted­
ness to Great Britain. This he hopes to have as the
first item on the conference agenda. Second, the ex­
act degree of the pressure upon Germany which
France will seek to impose will not be determined un­
til the first aim has been accomplished, thus leaving
the way open for a considerable modification of the
French Premier’s original plans if, as the French
seem to believe, American influence will be used in
London in the meantime to induce Premier Bonar
Law to come out openly for some sort of a cancella­
tion scheme.”

the whole amount of reparations at a sum that is not
altogether beyond Germany’s ability to pay. Ger­
many will put all her cards on the table and play an
open game. There will be no concealing of assets or
the shielding of certain classes. Herr Cuno’s Gov­
ernment, according to the correspondent’s informant,
is determined that all Germans shall be compelled to
contribute their share in proportion to their income
and wealth toward satisfying the just demands of the
Allies. The Federal Government has the assurance
of the most influential industrial, commercial and
financial circles that nothing shall be left undone
by these circles to help to overcome the enormous
difficulties presented in the final solution of the
reparations problem. These circles are ready to
make great sacrifices.”

“We are determined to make sacrifices both in
property and money for the sake of Germany and for
the sake of equality and peaceful co-operation with
other nations.” The Berlin correspondent of the New
York “Herald” cabled that “this is the message which
Chancellor Cuno issued on Christmas eve when the
eyes of the whole nation were turned toward Amer­
ica as the glorified Santa Claus of the world.” He
also said that in an interview with newspaper corre­
spondents the same day Andreas Hermes, Minister
of Finance, made it plain that “the Government is
giving every moment to its plan for the reparations
settlement to be offered at the Paris conference of
Premiers. Keconciliation with the conditions out­
lined by Washington is the primary aim. It is at
last understood here that America will not move a
hand to help until Germany has furnished every de­
tail of her economic condition and the extent of her
ability to pay.” He further declared that “indica­
tions show a distinct recession from the former atti­
tude of reluctance to pay, and the Government seems
to recognize that France must be appeased before
everything else. France’s unyielding attitude is at
last recognized as a demand for a definite proposi­
tion from'Germany, and this Chancellor Cuno has
been working with might and main to formulate with
the consent of all parties—even the most radical ad­
vocates of non-paying.” The Associated Prses corre­
spondent in Berlin said a few days later that “al­
though the Government has not yet been officially
advised from Paris that the Entente Premiers will
be prepared to receive fresh or amplified proposals,
the Chancellor is determined to be equipped with
ammunition of this sort, and he purposes answering
any summons with amplifications of his previous
propositions and also with a carefully formulated
offer for the definite fixing of the reparations total
based upon his present survey of Germany’s economic
and financial capacity.”
Elaborating this idea, the New York “Times” rep­
resentative in Berlin said in a cablegram Thursday
morning that he had “learned from a reliable source
that these new proposals will offer a solution for
every one of -the many difficult problems of the rep­
arations question, including stabilization of cur­
rency, pledges and guarantees—all this, however, on
the supposition that the Allies will consent to fixing




2829

THE CHRONICLE

Tuesday evening the Paris representative of the
Associated Press cabled that “France gained an im­
portant victory in the Allied Reparations Commis­
sion to-day when the Commission by a vote of 3 to 1 de­
clared Germany in voluntary default in her wood de­
liveries for 1922. France, Belgium and Italy voted
in favor of the declaration, while Great Britain cast
her ballot against it.” The correspondent said that
“the decision of the Commission was immediately
communicated to the Allied Governments for their
action. It may have a vital effect on the reparations
problem if France can retain the support of Italy and
Belgium when the reparations question is discussed
at the meeting of the Premiers on Jan. 2.” He ob­
served that “the lone vote cast against the declara­
tion by Great Britain was in accordance with Brit­
ish policy, which has been opposed to declaring Ger­
many in default, in the fear that such action might
have a disastrous effect on the already precarious
state of German finance.”
•
• I
----------------

')

In an Associated Press cablegram from Rome
Thursday it was stated that Premier Mussolini was
not certain whether he would attend the Paris meet­
ing of Allied Premiers. He was reported to have
asserted that he did not care to go abroad for “aca­
demic discussions,” and that he insisted that “some
concrete plan be formulated for discussion.” The
“Giornale d’ltalia,” a newspaper in Rome, was said
to have published a statement to the effect that the
Italian Premier would not attend the Paris gather­
ing “unless Great Britain agrees to his memorandum
on reparations, as Belgium and France are reported
to have done, and which virtually implies abrogation
of the Balfour note.”
In an Associated Press cablegram from Paris yes­
terday morning it was asserted that “the French
Government has practically completed its plans for
the seizure of certain German State forests as a re­
sult of the formal action of the Reparations Commis­
sion last Tuesday in declaring Germany in voluntary
default for her failure to deliver the specified amount
of timber during the present year.”
The position of the British Government was out­
lined in part as follows in a cablegram from London
yesterday morning: “Prime Minister Bonar Law
will make one more effort to attain unity with Pre­
mier Poincare, despite the news that the French Gov­
ernment is determined to press for either sanctions
or productive guarantees, regardless of what the
other Allies want. No word has been received here
from Washington, and officials are at a loss to ex­
plain Senator Lodge’s references to President Hard-

2830

THE CHRONICLE

ing sounding out European Governments on the pos
sibility of an economic conference. If a final settle
ment of the reparations question is not reached in
the Paris conference, however, there are new indica­
tions here that Mr. Bonar Law will go further than
America in seeking isolation from European entan­
glements.”

[Vox, 115.

to-daj' that they would maintain their contention
that Mosul belonged to Irak and would hold it until
the Irak Government decided to cede it to Turkey.”
Describing the way in which the different delegations
spent Christmas he said: “The Russians spent
Christmas moodily at their hotel. M. Tchitcherin de­
clared to-night that the Straits question would never
be settled without Russia’s consent. He accused
The Lausanne Conference was not in session over England of trying to destroy Russia and seeking to
the week-end. A Christmas recess was taken on Sat­ estrange the English and Russian people. The Turks
urday to Tuesday afternoon. The Associated Press spent Christmas looking listlessly at the hotel Christ­
correspondent added that “there is general hope mas tree, bright with candles and tinsel. Ismet Pa­
among the delegates that the two days’ respite will sha declared that his country desired peace, but had
aid the Conference leaders in finding paths of wis­ already made many concessions. All that Turkey
dom and progress.” He also asserted that “the week wanted, he said, was to co-operate with the nations
before Christmas has set the Conference back rather of the West, but these nations must show proper re­
than forward. Even the problem of the Straits, spect for Turkish sovereignty. Both the French and
which seemed on the verge of a satisfactory settle­ English delegations are anxious for results and will
ment, lias been placed in peril. The new ultimatum undoubtedly attempt to hurry preparations for the
from the Turks that if they could not obtain their actual treaty of peace. The English spokesman said
desires on several points, especially with reference ‘the time for discussion is about over. We must
to a non-aggression pact in favor of Turkey, they hurry toward the end.’ ”
would not accept international control for the pas­
The Turks caused still more trouble and delay
sage of warships, has prevented settlement of the when on Tuesday they “refused to attend a meeting
Straits question. The Lausanne ‘Big Four’_Curzon, of the sub-commission which had arranged to hear
Barrere, Garroni and Ismet Pasha—are trying to the plan of the Armenians for the establishment of a
find a solution outside of the Conference halls.” The national home in Turkey.” It was reported that
session a week ago yesterday was characterized by “both Ismet Pasha and Riza Nur Bey sent strongly
the New York “Times” correspondent as “the most worded communications to the Conference protesting
unsatisfactory day the Near East Conference has ex against the decision to allow the Armenians to state
perienced.” He added that “the character of the de­ their case.” The Associated Press correspondent ca­
bates may be illustrated by a typical incident. In bled also that “in consequence of the Turkish protest
the minorities sub committee this afternoon M. La­ the official meeting of the sub-commission was post­
roche, speaking for France, said to Riza Nur Bey, poned, and the representatives of the inviting Pow­
one of the Turkish delegates: ‘At this Christmas ers, Great Britain, France and Italy, sitting alone,
time it would be most becoming for Turkey to give 1istened to the Armenian spokesman, who suggested
Hie Christian minorities the good results which that a home be established in the northeastern vil­
would come from a less stern attitude on their part. ayets ol Turkey, which should include historic
Riza Nur Bey replied: ‘We are not in the habit of Mount Ararat, or a section in Cilicia.”
giving Christmas presents.’ ” Commenting upon the
attitude of the Turks the New York “Herald” corre­
As the days passed the situation at the Conference
spondent said that “in the course of several meetings appeared to be pretty well deadlocked. Both the Al­
to-day the Turks plainly showed that with the confer­ lies and Turks apparently were standing firmly by
ence of Premiers in Paris, Jan. 2, approaching, they their guns. The Associated Press correspondent
were playing for time, in the hope that differences oil cabled Wednesday evening that “through Foreign
the reparations question may be used to Turkish ad­ Secretary Curzon Great Britain informed Turkey to­
vantage. The Angora representatives behaved in a day that the British will never abandon the Mosul oil
most truculent manner. Riza Nur, both this morn­ vilayet, as requested by the Turkish delegation, and
ing and this afternoon, reproached the Allies in what that no prolongation of the Near East Conference
was described as a boorish manner. When lie ob­ can influence the British Government to recede from
jected insolently to a ruling by the sub-commission the position it has taken on this matter.” The dis­
on minorities, who had decided to hear the protests patch also stated that “the British position is out­
of the Bulgarian and Armenian representatives, lined in a letter sent by Lord Curzon to Ismet Pa­
Signor Montagni, President of the sub-commission, sha, head ol the Turkish delegation, covering the for­
retorted: ‘If you are prepared to uphold your pro­ mal reply ol the British delegation to the Turkish
test by your absence, we should regret it; but note of Sunday last, which insisted Mosul belonged
whether you are here or not, we shall hear the Bul­ to Turkey.” The cable advices from Lausanne Thurs­
garians and the Armenians.’ ”
day morning relative to the Conference were disturb­
ing and even alarming. It was indicated that the
Further difficulty was experienced when on Sun­ British Government was determined to take decisive
day “the Turks notified the British delegates they action if the Turks did not meet their terms. In a
could not accept the British contention that Mosul Central News dispatch later in the day it was re­
is part of Irak, and therefore of Mesopotamia, over ported that the British fleet at Malta had been or­
which there is a British mandate.” The Associated dered to Constantinople. The report was confirmed
Press correspondent said that the communication in an Associated Press dispatch direct from Malta
was “an 18-page document.” Commenting upon this yesterday. Predictions were made in the Lausanne
latest development in the troublesome situation the cable advices of an early breaking down of the Con­
same correspondent observed that “the English are ference.
plainly annoyed over the Turkish answer concerning
Announcement was made in an Associated Press
Mosul.” He added that “the English delegates said cablegram that evening that “Richard Washburn




D ec. 301922.]

THE CHRONICLE

Child, chief American observer and spokesman,
joined with the heads of the Allied delegations at to­
day’s meeting of the capitulations commission of the
Near East Conference in declaring that some guaran­
tees must be given by Turkey to replace the capitula­
tions, or extra-territorial rights of foreigners which
the Kemalists have declared abolished, offering in­
stead equality under Turkish laws. If Turkey showed
a spirit of collaboration on this question, Ambassa­
dor Child said, she would receive just and generous
treatment. Otherwise she must be considered to
have repudiated her engagements.” The Lausanne
cablegrams yesterday morning did not indicate any
improvement in the general situation.
The 10th All-Russian Soviet Congress opened at
the Grand Opera House in Moscow last Sunday even­
ing. Nikolai Lenin was to have delivered an address,
but President Kalinin announced that he was for­
bidden by his doctor to attend. Leo Kameneff, Presi­
dent of the Moscow Soviet, was quoted as saying that
“after several months of careful observation, the
United States had decided that Soviet Russia must
be reckoned with as an important factor in world
economics.” He declared also that “there has been a
general change in the American feeling toward the
Soviets.” According to a special correspondent of
the New York “Herald,” he asserted that “Europe
cannot settle her differences or pay her debts until
she recognizes Russia.” Commenting upon the re­
spective attitudes of the Allied and Russian delega­
tions to the Lausanne Conference, M. Kameneff was
said to have declared that “Lord Curzon wants the
Dardanelles open to ships so as to be brought within
the orbit of the next war. Russia wants them closed
so as to isolate the Black Sea from future war. and
England’s proposition will only force all the Black
Sea nations to arm, which is contrary to those ele­
gant exhortations about pacificism in which Lloyd
George used to indulge. If the Turkish delegate
signs the document opening the Straits it will be a se­
rious question for the Russian delegate. If the Lau­
sanne Conference settles nothing, new troubles will
come. The seed of war is everywhere in Europe.
Lord Curzon is sowing it in Germany by the way he
is handling the reparations question, but Russia has
reduced her Red Army to 1,000,000 this year and will
further diminish it.”
The New York “Times” correspondent cabled a
more optimistic account of the first session. He
said: “They are sobering down in Russia. There ife
an atmosphere of more serious work about the All­
Russian Soviet Congress, which opened here to-day,
and less revolutionary fervor than last year. The
delegates, too, looked somehow different.” He added
that “two things in the first session stood out—their
nationalism and their devotion to Lenin, although he
was not present. Perhaps the two are one—national­
ism being their firm belief in the new Russia and
Lenin the man who personifies it. Each reference to
the Red army or fleet met with huge applause. So
did the tale of the enmity of England, Russia’s an­
cient foe. The name of Trotzky they cheered as the
leader of the Red army, but for Lenin there was a
greater tribute still.”M. Sokonikov, acting Commissioner of Finance,
was the principal speaker at Tuesday’s session. He
asserted that “he- was not prepared to present the
budget for 1923 because of the unstable condition of
the ruble, and declared that the depreciation of the




3831

ruble and the budget deficiency had necessitated a
further issuance of paper money, with the result that
the currency had not yet been stabilized.” The Fi­
nance Commissioner recommended “a change in the
tax system, asserting that he thought it best to shift
from a tax in kind for the peasantry to a monetary
tax. He suggested that the change be brought about
gradually.” At the closing session on Thursday “an
appeal to the world to support Russia’s disarmament
program was decided upon.”
It is encouraging to hear of rehabilitation and re­
construction work in any part of Europe. It is par­
ticularly gratifying to learn that the Soviet Govern­
ment in Russia has modified its economic policy to
such an extent that Moscow is enjoying a building
boom. According to a dispatch from that centre it is
“more active than anything of the kind the wliitewalled city has experienced in several generations.”
In explanation of the new order of things, the corre­
spondent said that “this fall, under the Soviet’s new
economic policy, which permits private enterprise, in­
cluding leases on property and buildings for 49 years,
the rush to gain concessions by local investors be­
gan, with German, French and other foreigners also
clamoring for privileges. The Government itself also
has improved many buildings.” Describing the situ­
ation still further he said: “Hundreds of business
houses, as well as fine old homes, were so badly dam­
aged during the revolution that it was necessary to
rebuild them. Store space is in great demand, due to
the stimulus given by the resumption of free trade,
and many one-story affairs have been put up in the
shopping districts. They resemble the stores erected
in a boom town in the United States. Entire blocks
have been cleared for apartment houses with shop
space on the ground floor and thousands of men and
women usually more women than men—have been
employed in this work, carried on with great speed to
get as much done as possible before the cold weather
begins, when all outdoor tasks of this kind must
cease until spring. There is hardly a block in Mos­
cow these days upon which some repair work has not
been done or a new building of some sort erected.”
The British Financial Mission to the United States
of which Stanley Brown, Chancellor of the Ex­
chequer, is Chairman, sailed for New York on the
steamet “Majestic” Wednesday morning. The other
members are Montagu C. Norman, Governor of the
Bank of England; Rowe Dutton, financial adviser,
and P. J. Grigg, of the Treasury. The Mission is ex­
pected to return to London “about the end of Janu­
ary.” In a statement to the “Evening Standard” of
London before sailing, Mr. Baldwin pointed out that
“under the present arrangements Great Britain’s
payments to the United States would amount to be­
tween £60,000,000 and £70,000,000 annually.” He
was quoted as saying also that “we hope to fund this
debt and get the burden of interest eased. If it is
successful I hope America will be kind to a much
more important mission which Mr. Bonar Law is
shortly to undertake.” The “Evening News” of Lon­
don in commenting upon the departure of the Mis­
sion said that “so much depends upon the results of
Mr. Baldwin’s visit to the United States to discuss
the funding of the huge British debt that the pro­
foundly sincere good wishes of every one, of no mat­
ter what party, are his.” According to a Washington
dispatch to “The Sun” of this city the same evening.

2833

[Y ol. 115.

THE CHRONICLE

“high hopes were entertained by Administration of­
ficials to-day. that the British Debt Funding Com­
mission may be able to effect a final settlement of a
method for payment of the British debt to the United
States of approximately $5,000,000,000.” That the
Mission is determined to secure modified terms, if
not an actual reduction, was made clear in all the dis­
patches from London the day it left and since. The
Associated Press correspondent said in a cablegram
Thursday evening that “in all newspaper comment
on the Baldwin financial mission to the United
States hope is expressed that the terms fixed by the
American Congress for repayment of the British debt
may be modified. They are universally regarded
here as excessively onerous, and in some quarters are
described as ‘such as Great Britain would not dream
of trying to exact from a debtor.’ The period of re­
demption is particularly condemned, and Otto H.
Kahn’s suggestion for a 47-year term is thought far
more reasonable than the 25 years set by Congress.”
According to a dispatch from London, the Imperial
Bank of India on Thursday raised its discount rate
from 6% to 7%. This is the second advance in
two weeks, the rate having been raised 1% to 6% in
the week of Dec. 16. Word came from the British
capital yesterday that the Bank of Bombay and
Bank of Bengal also had advanced their rates of dis­
count from 6 to 7%. The former had been in effect
only since Dec. 15. Aside from these changes, official
discount rates at leading European centres have not
been changed from 10% in Berlin; 53^% in Madrid;
5% in France, Denmark and Norway; 4 ^ % in Bel­
gium and Sweden; 4% in Holland; 3y2% in Switzer­
land, and 3% in London. The open market dis­
counts in London were maintained unchanged at
11-16% until yesterday, when there was a
recession to 2y2@2 9-16% for short and three
months’ bills. Money on call was easier, declining
to
against l 3/2 % a week ago, but recovered to
the latter rate yesterday. Open market discount
rates in Paris remain at 43^%, and in Switzerland
at 2%, unchanged.

loans on other|securities|of no less than £9,361,000.
At the regular weekly meeting of the Bank Governors
the 3% minimum discount rate was maintained
without change. Clearings through the London
banks for the week totaled £459,566,000, which com­
pares with £715,111,000 last week. We append a
statement of comparisons of the principal items of the
Bank of England’s returns for a series of years:
.

BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1922.
1921.
1920.
1919.
1918.
D e c . 27.
D e c . 28.
D e c . 29.
D e c . 31.
J a n . 1.

£




£

£

£

132,851,150 91,349,990 70,190,250
14,304,767 19,213,209 26,306,290
175,554,567 180,637,913 214,894,016
107,864,798 92,469,207 124,303,744
86,028,242 106,777,576 106,472,930
13,866,520 18,442,165 28,236,187
128,267,670 91,342,155 79,976,437

9X%

11H%

6%

7M%
7%

5%

The Bank, of France in its weekly statement shows
a further small gain of 165,925 francs in its gold
item this week. This brings the Bank’s total gold
holdings up to 5,534,829,200 francs, comparing with
5,524,227,896 francs at this time last year and with
5,500,268,860 francs the year previous; of the fore­
going amounts 1,864,367,050 francs were held abroad
in 1922 and 1,948,367,056 francs in 1921 and 1920.
During the week increases were registered in the
various items as follows: Silver, 480,000 francs;
bills discounted, 285,672,000 francs; Treasury de­
posits, 5,266,000 francs; and general deposits, 158,­
837,000 francs. Advances, on the other hand, fell
off 68,467,000 francs. An expansion of 309,771,000
francs occurred in note circulation, bringing the total
outstanding up to 36,359,286,000 francs. This con­
trasts with 36,487,456,505 francs on the correspond­
ing date last year and with 37,901,598,650 francs in
1920. Just prior to the outbreak of the war in 1914
the amount was only 6,683,184,785 francs. Com­
parisons of the various items in this week’s return
with the statement of last week and corresponding
dates in both 1921 and 1920 are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
C h a n g es
fo r W eek .
G old H o ld in g s —

Another small reduction in gold reserves was shown
by the Bank of England in its weekly statement,
namely £1,212, which leaves the total £127,443,007,
as compared with £128,434,359 a year ago and
£128,267,670 in 1920. Total reserve showed a gain
of £12,000 as a result of a small decrease in note
circulation, namely £13,000, but the proportion of
reserve to liabilities as a result of a large addition to
deposits fell to 15.77%, as compared with 17.02%
a week earlier. For the week of Dec. 14 the ratio
stood at 18.20%. At this time a year ago it was
16*A% and in 1920 only 734%. Preparations for the
year-end dividend and interest payments were re­
garded as responsible for the decline in reserve ratios.
Total reserve aggregates £21,013,000, as against
£20,364,114 in 1921 and £13,866,520 a year earlier.
Note circulation stands at £124,877,000, in com­
parison with £126,520,245 and £132,851,150 one
and two years ago, respectively. Loans amount to
£78,157,000. Last year the total was £83,164,909
and £86,028,242 in 1920. Further evidence of the
strain upon the Bank’s resources was shown by the
changes in the loan and deposit items. Public de­
posits decreased £3,690,000, but “other” deposits
increased £13,522,000. In loans on Government se­
curities there was an expansion of £446,000, and in

£

Circulation................124,877,000 126,520,245
Public deposits........ 13,323,000 16,057,335
Other deposits.........118,901,000 106,532,000
Governm’t securities 51,968,000 36,961,987
Other securities___ 78,157,000 83,164,909
Reserve notes & coin 21,013,000 20,364,114
Coin and bullion...127,443,007 128,434,359
Proportion of reserve
15.77%
16H%
to liabilities.........
Bank rate.................
3%
5%

F ra n cs.

In France...............Inc.
Abro!Ul ____ ____
Total
............. Inc.
gllvrr ' __________ Inc.

------------------------ S ta tu s
D ec.

28 1922.

F ra n cs.

a s o f ------------------------

Dec. 29 1921.
F ra n cs.

165,925 3,670,462,150 3,575,860,840
No change 1,864,367,050 1.948,367,056
165,925 5,534,829,200
480,000
289,464,000

B ills d is c o u n te d _____ In c . 2 8 5 ,6 7 2 ,0 0 0 2 ,4 0 0 ,9 8 5 ,0 0 0

F ra n cs.

3,551,901,804
1,948,367,056

5,524,227,896 5,500,268,860
279,765,203 266,333,452
2 ,5 0 5 ,8 2 8 ,3 5 4 3 ,3 0 8 ,9 2 7 ,9 4 9

2,160,682,000

2,240,917,695 2,201,794,715

N o te c ir c u la t io n ..I n c . 3 0 9 ,7 7 1 ,0 0 0 3 6 ,3 5 9 ,2 8 6 ,0 0 0
T r e a s u r y d e p o s its .I n c .
5 ,2 6 6 ,0 0 0
2 0 ,4 8 2 ,0 0 0
G e n e ra l d e p o s it s ..I n c . 1 5 8,837,000 2 ,2 8 8 ,9 8 5 ,0 0 0

3 6 ,4 8 7 ,4 5 6 ,5 0 5 3 7 ,9 0 1 ,5 9 8 ,6 5 0
2 6 ,0 1 3 ,9 5 1
50 ,5 7 5 ,4 2 4
2 ,7 1 7 ,1 9 2 ,3 5 9 3 ,5 18,470,636

Advances...............Dec.

68,467,000

Dec. 30 1920.

The Federal Reserve Bank statement, issued on
Thursday afternoon, showed relatively minor changes,
as compared with those of recent weeks. Gold re­
serves for the system declined $5,000,000, but ex­
panded $9,000,000 at the New York Bank. Redis­
counts were larger, total bills on hand gaining nearly
$9,000,000 nationally and $7,000,000 locally. Other
changes reported by the banks as a group included
an expansion in earning assets of $36,000,000, and an
increase of $19,000,000 in deposits. At New York
there was a small contraction in earning assets, viz.:
$4 700,000, but an increase in deposits of $5,000,000.
Federal Reserve notes in actual circulation increased
$8 000,000 for the system, but declined $6,500,000
at New York. In the member banks’ reserve account
a material expansion was shown—$21,000,000, to
$1 ,8 6 1,2 8 1 , 0 0 0 for the system as a whole, and
slightly over $6,000,000, to $707,105,000 in New
York. Only minor changes were recorded in reserve

D ec. 30 1922.]

THE CHRONICLE

2833

ratios, that of the system declining .7%, to 72.1%,
Referring to money rates in detail, loans on call
while at New York there was a gain of .8%, to 80.0%. have covered a range of 434@6%, which compares
with 4@5% a week ago. Monday was a holiday
Saturday’s statement of New York Clearing House (Christmas Day). On Tuesday the high was 534%,
banks and trust companies was noteworthy chiefly the low 434% and 434% the renewal basis. Wednes­
by reason of further slight increase in demand de­ day firmness developed and renewals were put
posits and a drawing down of reserve credits at the through at 5%, which was the lowest for the day,
Federal Reserve Bank, causing a loss of more than while the maximum was 534%- There was no
$21,000,000 in surplus. Loans increased $59,502,000. change on Thursday and the range was again 5@,
Net demand deposits registered an addition of $2,­ 534%, and 5% the ruling rate. On Friday a brief
638,000 to $3,868,623,000, which is exclusive of closing flurry carried call funds up to 6%, although
$236,375,000 in Government deposits, an increase the minimum was still 5% and renewals negotiated
in the latter item of no less than $99,493,000 on this basis. The above figures are for mixed
for the week. In time deposits, on the other collateral and all-industrial loans alike. In time
hand, there was a shrinkage of $11,263,000 to money there was very little doing in any maturity.
$416,356,000. Cash in vault of members of the Pre-holiday dulness prevailed and the market was
Federal Reserve Bank expanded $6,705,000 to exceptionally quiet. The range was not changed
$67,459,000 (not counted as reserve). Reserves of from 4;k£@5% for all maturities from sixty days to
State banks and trust companies in own vaults in­ six months, with no large trades reported.
Commercial paper, on the other hand, was more
creased $288,000, but reserves kept in other deposi­
tories by the same institutions fell $158,000. As actiye than for quite some time. A good demand was
shown above, member banks reduced their reserves reported from country banks who were liberal buyers
at the Reserve Bank $21,492,000, and this brought of high grade paper. Quotations remain at 434@
about a loss in surplus of $21,430,960, thus reducing 4/4% for sixty and ninety days’ endorsed bills receiv­
the total of excess reserves to $18,889,070. The able and six months’ names of choice character, with
above figures for surplus are based on reserves above names less well known still requiring 4^4@5%.
Banks’ and bankers’ acceptances were fairly active.
legal requirements of 13% for member banks of the
Federal Reserve System, but do not include cash in Both local and out-of-town banks figured in the
vault amounting to $67,459,000 held by these banks dealings. .The actual turnover, however, was only
moderate. For call loans against bankers’ accept­
on Saturday last.
ances the posted rate of the American Acceptance
While the call money market at this centre was Council has moved up from 4% a week ago to 434%firm all week, there was no real flurry at any time. The Acceptance Council makes the discount rates
A 53^% rate was not unusual during the afternoon, on prime bankers’ acceptances eligible for purchase
but it was the maximum until yesterday, when 6% by the Federal Reserve banks 434% bid and 4%
was the high level. In preparation for its large pay­ asked for bills running 30, 60 and 90 days; 434%
ments at the beginning of the new year the Govern­ bid and 4% asked for bills running for 120 days and
ment withdrew more than $60,000,000 from local 434% bid and 434% asked for 150 days. Open
depositaries and announcement was made after the market quotations follow:
close of business yesterday that an additional $30,­
SPO T D E L IV E R Y .
000,000 would be taken out next Tuesday. Corpo­
90 D a y s .
60 D a y s .
30 D a y s
4 J i@ 4
4H @4
rations, municipalities and States, as well as the Fed­ Prime eligible bills________________________4 % @ 4
F O R D E L IV E R Y W IT H IN T H IR T Y D A Y S.
eral Government, have been called upon to put Eligible member banks_____________________________________________________ m bid
themselves in funds with which to meet their un­ Eligible non-member banks________________________________________________ 4 yi bid
usually large interest and dividend obligations on
There have been no changes this week in Federal
that date. These operations naturally meant a
Reserve Bank rates. The following is the schedule
comprehensive shifting of accounts for a short time.
In view of the large amounts required undoubtedly of rates now in effect for the various classes of paper
call money would have been quoted considerably at the different Reserve Banks:
D ISC O U N T R A T E S O F T H E F E D E R A L R E S E R V E B A NK S
higher except for the ample supply of money and
IN E F F E C T D E C E M B E R 29 1922.
credit. There is said to have been little change in
D i s c o u n t e d b i l l s m a tu rin g
w ith in 90 d a y s (i n c l . m e m ­
brokers’ loans this week. Most of the trade reports
b er b a n k s' 1 5 -d a y colla tera l
B a n kers’
A g r ic u l­
n o te s ) s e cu r ed by —
have indicated a large volume of holiday business.
a ccep­
T ra d e
tu r a l a n d
F ed e ra l R eserve
ta n ces
accep ­
liv e -s to c k
T rea su ry
Therefore, in attempting to explain the comparative
B ank o f—
O ther­
U . S.
discounted
ta n ces
paper
n o te s a n d
bonds
fo r
m a t u r in g m a t u r in g
w ise
c e r t i fi­
ease of money it can only be suggested that the sup­
m em b er
and
se c u r e d
w ith in
ca tes o f
91 to 180
V icto r y
and
ba n k s
90 d a y s
d a ys
in d eb t­
ply is well in excess of what has been generally
n o te s
u n s ecu r ed
e d n ess
realized. The time money market was inactive B o sto n______
4
4
4
4
4
4
4
4
4
4
4
4
to a great extent with rates unchanged at 4%@5%. New Y o rk__ _
Philadelphia___
4H
4«
4H
4H
4H
4«
le v ela n d ..
4«
4JH
4^
4X
4«
4H
Bond offerings have been made on a fairly good-sized C ichm ond__ .
R
4H
4Y,
4M
4M
4M
4H
n ta ________
4H
4H
«
4«
4H
4H
scale, but there have been no particularly large At.tla Louis__________ __ 4 X
Chicago___
4 tf
4
4H
4«
4H
4H
S
4>4
4H
4«
4Vi
4 'A
4H
inneapolis_____
4H
4V,
issues. The market for existing bonds, until yester­ Mansas C ity _____ __
4«
4H
4H
4H
4«
K
__
4X
4y,
4«
4M
4H
4X
D allas_ __
_
4H
4H
4^
4H
4H
day, was extremely quiet. The announcement San F rancisco_________ 4
4
4
4
4
4
from Washington long after the close of business
yesterday afternoon that the United States Govern­
Irregularity and a slight tendency to weakness
ment would send an economic and financial mission marked the week’s trading in sterling exchange, and
to Europe to help in the rehabilitation of stricken the market proved to be a dull and perfunctory affair
countries, providing that invitations are received, with the volume of business unusually small. In
may have an important bearing upon the market keeping with this, rate fluctuations were within rela­
for European securities, foreign exchange and even tively narrow limits, the extremes for the week
the local money market.
having been 4 62% and 4 65 3-16, while demand bills




2834

THE CHRONICLE

ruled the greater part of the time at very close to
4 64. This, of course, was due mainly to the
Christmas celebrations, both here and abroad, also
the close approach of the New Year, all of which
tended to restrict dealings in exchange. At the
opening (Tuesday) trading was at a practical stand­
still, owing to the extra holiday abroad, and prices
sagged slightly. On Wednesday, with the resump­
tion of business in London, cable quotations came
sharply lower, which was immediately followed by
declines in this market, on light trading. Later on
there was a renewal of reports that the United States
intended to take a hand at settling the reparations
dispute, and this, coupled with intimations that
Andrew Bonar Law intended to submit a modified
reparations plan, had a good effect; although, as
offerings of commercial bills were appreciably larger,
actual price levels showed little, if any, improve­
ment. Cessation of the British buying support that
has beep much in evidence lately was a factor in the
weakness.
•
Aside from the interruption occasioned by the
holiday season, dealers generally appeared disinclined
to take any definite position in the market; even the
more speculative element, after their recent experi­
ences, seemed wary as to extending new lines, at
least pending the outcome of the all-important
reparations problem. While the fact remains that,
so far as can be learned, no further progress toward
a settlement of either debt-funding, reparations, or
European politics has actually been made, a more or
less apparent under-current of optimism continues to
prevail in financial circles, and dealers are now turning
their attention to the Paris meeting of Premiers
scheduled for Tuesday. Early in the week reports
that negotiations were being carried on by the
Washington authorities with foreign Powers on the
subject of American intervention in the reparations
muddle were officially denied, as were also rumors
that Germany had asked this Government to appoint
a commission of experts to pass upon ways and means
of making indemnity payments. Before the close
yesterday it was rumored again the United States
Government was to have a part in coming European
conferences. This appeared to be confirmed by the
announcement late yesterday afternoon that the
United States would send an economic and financial
mission to Europe if invited. Keen interest is
shown in the news that the British debt funding
commission is expected to arrive here early in Janu­
ary. It is claimed that Great Britain is to ask for a
modification of the terms laid down by the United
States.
Referring to the day-to-day rates, sterling exchange
on Saturday last was firm and fractionally higher,
although holiday dulness prevailed and trading was
practically at a standstill; demand advanced to
4 64%@4 65 3-16, cable transfers to 4 65@4 65 7-16
and sixty days to 4 62%@4 63 1-16. Monday was
a holiday (Christmas Day). Trading was restricted
on Tuesday, owing to the additional holiday abroad,
and quotations were largely nominal at slightly lower
levels, namely, 4 64%@4 65% for demand, 4 64%@
4 65% for cable transfers and 4 62%@4 63 for sixty
days. On Wednesday weakness developed and de­
mand bills declined to 4 63%@4 64%, cable trans­
fers to 4 64@4 65 and sixty days to 4 61%@4 62%;
lower cable quotations from London, as well as less
favorable foreign news, constituted the chief influ­
ences in the decline. Inactivity continued to pre­




[V ol. 115.

vail on Thursday and despite improvement in the
outlook, freer offerings of commercial bills caused a
decline to 4 63%@4 64% for demand, 4 63%@.
4 64% for cable transfers and 4 61%@4 62% for
sixty days. Friday’s market was quiet and easier,
with the range for demand 4 62%@4 63%, cable
transfers 4 63 @4 64 and sixty days 4 60% @4 61%.
Closing quotations were 4 61% for sixty days, 4 63%
for demand and 4 63% for cable transfers. Com­
mercial sight bills finished at 4 63%, sixty days at
4 60%, ninety days at 4 60%, documents for pay­
ment (sixty-day) at 4 60% and seven-day grain bills
at 4 62%. Cotton and grain bills for payment
closed at 4 63%.
The gold movement continues light and the only
arrivals reported this week were 73 boxes of bar gold
on the Caronia from England, valued at $2,500,000,
and 15 cases of gold, valued at $357,000, on the La
Savoie from Havre. The Adriatic is reported as on
its way here with $600,000 gold on board. Talk
has been heard of the possibility of shipments of
gold from this country to Europe for the purpose of
adjusting international balances in the near future,
but of course discussions of this kind rest on pure con­
jecture.
Holiday dulness likewise prevailed in the Con­
tinental exchanges and trading was of a sporadic
character, brief intervals of intermittent activity
being invariably succeeded by prolonged periods
when the market was almost wholly devoid of buyers
or sellers. The week’s dealings were .featured by
irregular fluctuations with the trend still downward
and quite sharp losses were registered in some of the
leading European currencies; but this was very largely
due to developments abroad and reflected the receipt
of materially lower quotations from London. Specu­
lative interests were more or less in evidence and
were said to be responsible for a sharp break in
French francs, which dropped 29% points, to 7.13%
—the result of heavy selling of this currency in
London, though later recovering some of its loss.
Antwerp francs, as usual, moved in sympathy.
Italian lire were also under some pressure, al­
though no specific reason was assigned for the
weakness, and the quotation was forced down to
5.02%, a loss of about 10 points. Reichsmarks
opened at the levels prevailing on Friday last, namely,
0.0150, then sagged off until 0.0125 was reached;
later on some of the loss was recovered. Austrian
kronen remained at or near 0.00014. Czechoslovakian
exchange was firmly held, as also were Finmarks,
but Polish and Rumanian currency was a trifle
easier. Greek exchange showed improvement in the
early dealings, only to drop back to 1.09 for checks.
On Thursday, while no increase in activity was
shown, quotations responded to a renewal of intima­
tions that the United States Government was actually
sounding out the foreign Powers with a view to taking
part in subsequent debt and reparation conferences,
and advances were established throughout the list.
As in the case of sterling, the market for Continental
exchange was essentially a holiday affair and dealers
everywhere are evincing a disposition to await the
turn of the year before a resumption of operations
upon anything like an important scale.
The London check rate in Paris closed at 63.83, as
compared with 62.46 a week ago. In New York
sight bills on the French centre finished at 7.25%,
against 7.26%; cable transfers at 7.16, against 7.44;

THE CHRONICLE

D ec . 30 1922.]

commercial sight at 7.23/ 2, against 7.41, and commer­
1
cial sixty days at 7 . 2 0 against 7.38 last week. Clos­
ing rates for Antwerp francs were 6.65^2 for checks
and 6.66]^ for cable transfers, which compares with
6.80 and 6.81 a week earlier. Reichsmarks finished at
0.0134 for both checks and cable transfers. Last
week the close was 0.0156. Austrian kronen closed
the week at 0.00014^, against 0.00014]^. For lire
the close was 5.03H for bankers’ sight bills and 5.04^
for cable transfers, in comparison with 5.11 ^ 2 and
5.123^ a week earlier. Exchange on Czechoslovakia,
after having touched 3.20, receded to 3.09, but fin­
ished at 3.14, against 3.12; Bucharest at 0.59, against
O.5 8 I 2 ; Poland at 0.00056, against 0.00058^, and
Finland at 2.58, against 2.50 the preceding week.
Greek drachma closed at 1.15 for checks and 1.20 for
cable remittances, as contrasted with 1.16 and 1.21 a
week ago.
There is nothing new of moment to report in the
former neutral exchanges. Rate variations were
lacking in significance and movements generally
paralleled those at other Continental centres; al­
though to a minor extent. Guilders and Swiss francs
were steady at last week’s levels until Friday, when
weakness set in and quotations broke 10 to 25 points,
and the same is true of the Scandinavian exchanges.
Spanish pesetas closed at a slight net decline.
Bankers’ sight on Amsterdam closed at 39.56,
against 39.71; cable transfers at 39.65, against 39.82;
commercial sight bills at 39.51, against 39.66, and
commercial sixty days at 39.20, against 39.33 last
week. Swiss francs finished at 18.93 for bankers’
sight bills and 18.95 for cable transfers. This com­
pares with 18.92 and 18.94 the previous week.
Copenhagen checks finished at 20.56 and cable
transfers at 20.60, against 20.68 and 20.72. Checks
on Sweden closed at 26.96 and cable transfers at
27.00 (unchanged), while checks on Norway closed
at 18.86 and cable transfers at 18.90, against 19.03
and 19.07 a week ago. Spanish pesetas finished
the week at 15.72 for checks and 15.73 for cable
transfers. A week ago the close was 15.74 and 15.75.
FO REIGN EXCHANGE RATES C ER TIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TA RIFF ACT OF 1922.
DEC. 23 TO D EC. 29 1922, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Dec. 23. Dec. 25. Dec. 26. Dec. 27. Dec. 28.
$
S
S
S
.000014 .000014 .000014
.0678
.0663
.0664
.007107 .007083 .007083
.031456 .031083 .0313
.2077
.2072
.2068
4.6506 4.0426 4.0429
.025238 .025125 .02505
.0739
.0722
.0724
.000140 .000133 .000133
.012114 .011714 .011686
.3983
.3974
.3973
.000433 .000433 .000420
.0513
.0509
.0505
.1910
.1901
.1899
.000057 .000055 .000056
.0474
.0485
.0481
.005972 .005958 .005897
.0112
.011157 .010957
.1578
.1575
.1573
llo li.2694
.2091
.2690
day.
.1897
.1895
.1895
.002797 .002784 .002738

S
EU RO PE—
.000014
A ustria, k ro n e............... —
Belgium, franc----- ----------- .0081
B ulgaria, le v ........................ .007117
C zechoslovakia, krone----- .031408
D enm ark, k ro n e_________ .2070
E ngland, pound s te rlin g .. 4.0511
F in lan d , M a rk k a ________ .025103
F rance, fran c____________ .0743
G erm any, reichsm ark------- .000140
Greece, d rachm a-------------- .012371
H olland, guilder------------- .3984
H ungary, krone......... .......... .000433
Ita ly , lire.............................. .0512
N orw ay, krone......... .......... .1910
P oland, m ark------------------ .000050
P ortugal, escuda.................. .0480
R um ania, leu------------------ .0000
Serbia, d in a r........................ .011229
Spain, peseta........................ .1577
Sweden, k ro n a----------------- .2094
Switzerland, franc------------ .1898
Y ugoslavia,krone------------ .002794
ASIA—
,
C hina, Chefoo ta e l............. .7329
•• H ankow ta el......... .. .7321
•• Shanghai ta el------- .7040
“
T ientsin ta e l........... .7303
H ongkong d o lla r.. .5270
•• M exican dollar----- .5154
•• T ientsin o r Pelyang
d o llar.................... .5354

Dec. 29.
$

.000014
.0666
.006983
.031361
.2058
4.0344
.024888
.0725
.000134
.012114
.3963
.000396
.0504
. .1889
.000056
.0471
.005809
.010829
.1571
.2699
.1892
.002681

.7317
.7308
.7045
.7350
.5270
.5142

.7313
.7304
.7048
.7338
.5250
.5163

.7329
.7321
.7070
.7379
.5275
.5165

.7342
.7333
.7078
.7392
.5274
.5167

.5317
.5217
.3090
.4899
.5325

.5317
.5204
.3095
.4890
.5325

.5308
.5221
.3108
.4899
.5329

.5333
.5204
.3111
.4887
.5325

.991528
.999009
.4835
N ew foundland, dollar------ .988438

.991979
.999625
.483594
.989531

.989861
.999375
.48375
.987031

SOU TH A M E R IC A —
A rgentina, peso (gold)----Brazil, m llrels....................
Chile, peso (paper)---------n ru g u ay . peso-----------------

.8613
.1186
.1286
.8526

.8614
.1182
.1283
.8530

In d ia, rupee---------- ------- Singapore (S. S.) dollar—
N O R T H A M E R IC A —

.5204
.3091
.4898
.5307

C u b a, peso --------------------

.8612
.1182
.1267
.8512




.987031
1.000078
.48475
.984688
.8602
.1162
.1305
.8545

.985605
.999766
.4845
.9S2969
.8545
.1165
.1304
.8504

2835

As to South American exchange, Argentine rates
continue to be firmly held, with Brazil showing a
tendency towards weakness at times. Closing rates
on Argentine cheeks were 37.70 and cable transfers
37.80, against 38 and 38}^, while Brazilian exchange
finished at 11.95 for checks and 12.00 for cable
transfers (unchanged). Chilean exchange was firm
at 13^8, against 13%, while Peru continued at 4 19.
Far Eastern exchange also ruled without essential
change and closed as follows: Hong Kong, b2%@,
53, against 52%@53; Shanghai, 72@72%, against
71/4@72; Yokohama, 48J^@49^, against 48^@
4934; Manila, 50@o0%, against 49%@50; Singapore,
54]^@54^ (unchanged); Bombay, 31 @31 % (un­
changed), and Calcutta,
(unchanged.)
The New York Clearing House banks in their
operations with interior banking institutions, have
gained $5,164,092 net in cash as a result of the cur­
rency movements for the week ending Dec. 28.
Their receipts from the interior have aggregated
$5,618,592, while the shipments have reached $454,­
500, as per the following table:
CURRENCY R ECEIPTS AND SHIPM ENTS BY NEW YORK BANKING
_________
INSTITUTIONS.
Week ending Dec. 28.
Banks' interior movement

Into
Banks.

Banks.

$5,618,592

Gain or Loss
to Banks.

«454,500lGain 55,164,092

As the Sub-Treasury was taken over by the Fed­
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera­
tions on the Clearing House institutions. The Fed­
eral Reserve Bank of New York was creditor at the
Clearing House each day as follow s:
D A IL Y C R E D IT B A LA N C E S O F N E W Y O R K F E D E R A L R E S E R V E B A N K
______________________
A T C L E A R IN G H O U SE.

Saturday,
Dec. 23.

Monday,
Dec. 25.

Tuesday, Wednesd'v, Thursday, Friday,
Aggregate
Dec. 26. Dec. 27.
Dec. 28.
Dec. 29.
for Week.
S
S
$
$
$
S
%
60.000,000 Holiday 83,000,000 53,000,000 60,000,000 58.000,000 Cr. 320,000,000
tn thn xrnw V nri i i .
— J
uuge mass oi cnecKs wnicn come
the Federal
“ ank ,rolR a11 parts of tho country in the operation of
how ew rsh n w T n th i™ '
S
,,?ar col,lectlon scheme. These large credit balan. m ,
( C r Z ' i i n n l t H H to
results of the Reserve Bank’s operations with fet
d r ^ n or!It h r n n ! i 1;U
J
represent only one side of the account. as checks

gT
o hrough cSng Cui ' a e P Sn H '"reC t0 ,h° bank and new
T re e t< ‘ ,,y
r
The following table indicates the amount of bul­
lion in the principal European banks:
Dec. 28 1922.

Banks of—
Gold.

Silver.

Dec. 29 1921.
Total.

Total.
Silver.
£
£
£
£
£
£
England. . 127,443,007
127,443,007 128,434,359
128,434,359
France. a . 146,818,486 11,560,666
i ’ o.ooo
o
Germany . 50,110,730 7,114,300 158,378,480 143.034,434 i i . 602,050 154,194,434
Aus.-Hun. 10.944.000 2.309.000 57,225,030 49,684,900 2.309.000 50,287,050
13.313.000 10.944.000
13.313.000
S p a in ___ 100,955,000 25,856,000 126,811,000 100.432.000 25,075,000 125,507,000
Ita ly ____ 35.053.000 3.029.000 38.082.000 33.895.000 2.970.000 36.865.000
Netherl’ds 48.482.000
756.000 49.238.000 150.497.000
697.000
Nat. Belg. 10.757.000 2.154.000 12.911.000 10.063.000 1.611.000 51.194.000
12.274.000
Switzerl’d- 21.359.000 4.350.000 25.709.000 21.812.000 4,600,000 26.412.000
Sweden__ 15.220.000
15.220.000 15.270.000
15.270.000
Denmark . 12.682.000
252.000 12.934.000 12.685.000
217.000 12.902.000
Norway __ 8,183,000
8,183,000 8,115,000
8,115,000
Total week 588,007,223 07.440.300 045,447,523 585,466,693 49.301.650 834,768,343
Prev. week 587,988,848 57.271.300 645,260,148 585,287,315 49.330.650 634,617,965
Gold.

_
holdings of the Bank of France this year are exclusive of £74.574,682
held abroad.

THE GALL OF THE N EW YEAR TO THE SPIRIT.
We fought to make the world fit for Democracy;
we have since striven to make Democracy fit for the
world; to-day the need is to make men fit for De­
mocracy.
We have been dealing chiefly with externals. Ma­
terial conditions have created the common distress.
Our reliance for securing peace has been authority,
and money, and diplomacy. We have tried Disarma­
ment, and Reparation, and Debt Commissions, and
Conferences; all having value, but the Old Year ends

3836

THE CHRONICLE

and the cloud of anxiety still rests upon the world.
Evasion and distrust prevail. Leaders of State are
swiftly changed, or assassinated, in hope of new poli­
cies which will bring confidence and peace; the new
men continue the old ways, and there is small rea­
son to think that the methods will succeed or the men
will last. For more than a century we have given in­
dustrialism, organization and machinery free scope.
Progress has held the field and been rushed. But
one and all, they do not suffice; they cannot be
turned loose or offered as a panacea. We have
gained an internationalism of science, of literature
and art, of political economy, and of law, but a unity
of spirit is not known. We protest against National­
ism, forgetting that there can be no Internationalism
without it; or on the other hand, we exalt National­
ism, blind to the delusion when it is pressed as a doc­
trine of superiority or self-interest and of world se­
clusion. The old problem of Socrates remains, how
to bring men to see the world as it is, and to see it
whole.
Intellectual and cultural Europe has been called
“the soul” of geographical Europe. The latter is
what has been lacerated by the war; the former is
what has suffered most by occurrences since the war,
and is the sufferer to-day. It is the one that awaits
healing and on which the redemption of Europe de­
pends. Its healing must come through the moral
-and spiritual renewal of the more cultured nations
which are now drawn into the melee of selfish contro­
versy and bargaining treaties. If any one nation, no
matter which, feels that it has not the need and is im­
mune from that temptation, it surely is called to
carry the gospel of peace, and at all cost to speak, to
the soul of others.
We see England, for the sake of her idle industries,
eager to open trade with the Soviet Russians; France,
to protect her investments in Asia Minor, willing to
withdraw her troops, to supply munitions and be
kissed on both cheeks by the Turk, while she nurses
her fear of Germany; and, in turn, Germany, ready
to hearken to any one, whether, it be Stinnes and the
profiteers within, or Russia without, as she faces the
condition in which a man will give all that he hath
for his life; and America stands far off like Hagar in
the desert waiting for the end coming to another,
which she does not want to see. Meanwhile the dag­
ger of “Nihilism-in-action” is drawn for both the
body and the soul of Europe.
But cultured people are not easily overcome. They
may be hard hit, but that only challenges their real
strength; they may become careless and lulled to
sleep, but to-day they are awake, they are not afraid
to face facts, and the lash of self-reproach starts all
their force. They have wrested her secrets from Na­
ture and now control them for their own use. Or
they have m'astered the intricacies of business and
not faltered till they have carried it on to success.
Now, these problems may give them pause, but the
spirit within is sure to answer to the very greatness
of the task and the challenge of the need and the op­
portunity without.
It is no forlorn hope. The hour for leaders has
come. It has always been so. The great centuries
were made by their men of light and leading. The
13th, the 16th and 17th, yes, and the 19th, when the
Dark Ages gave way to the awakening that followed,
•and Feudalism and Superstition found their fate in
the Great Reformation, and the emancipation of the
State and of the mind of man fashioned the new




[V ol. 115.

world in which we have been living and in which the
men of to-day have acquired the spirit and the cour­
age to use the knowledge and the agencies with which
the epoch now opening is to be carried forward.
Historj' has set high the names of great chieftains,
but the names of the men who have awakened the
spirit and enlarged the lives of men, from Dante and
the founders of universities omvard, throng the
pages of literature. When More and Colet and Rob­
ert Grossetete who had found their way to Rome
were asked, at the opening of the 16th century, why
they had come, they replied: “To get learning that
we might drive the darkness out of England.” They
took up the torch which John Wicklif had lighted
a century and a half before, and it has never gone
out. The intellectual level still is low, mediocrity is
abundant, and the war has for the time loosened the
ties of religion, relaxed moral standards, elbowed
aside all reverence, and started a host of wild
growths. The forces of militarism, of profiteering,
of luxury, of vice and lawlessness, are still to be over­
come ; but much has been gained. The essential re­
lation of private property to the public welfare waits
only to be settled and emphasized if the fabric of so­
ciety and the wastage of war are to be restored.
We gained from the war a new sense of the nor­
mal place of sacrifice in life, and of the meaning and
dignity of manhood and womanhood, especially when
it becomes the accepted duty of a whole nation. When
daily life is recognized as involving a call for loyalty
and self-sacrifice it becomes easier to regard indi­
vidual rights in property as always relative to a
larger need and demand.
All this has been crowded home by experiences
which are to make us either more sensitive or more
callous to the solidarity of life in the nation. It fur­
nishes the background for the confidence that as this
is recognized men in authority will feel more keenly
that public office is a public trust, and that the
money of the people shall be neither wasted in reck­
less expenditure or turned to individual profit, it
shall be neither squandered or stolen, and the people
will find it not difficult to be cheerful taxpayers. It
will not be held noteworthy to say of any man having
held high office, what Mr. Bryce said of Mr. Glad­
stone: “He was more watchful over the public
money than he was over his own,” or what was pro­
nounced over the grave of the great War Secretary
of the Rebellion: “Here lies Edwin M. Stanton, who,
having the greatest opportunity of gain of any man
of his time, died a poor man.” We may believe that
the deeper tides of feeling and of thought arising
from the war are moving upon the thoughts and
hearts of the younger generation.
The New Year calls to the task before them; and
the buoyancy of its step, the cheer of its promise, and
the abundance of its opportunity, with gratitude for
life and health and the lessons of the Old Year, con­
stitute the call and supply the courage for the new
task. The nation awaits the great leader who shall
speak to their hearts, being himself noble in the sim­
plicity and unselfishness of his integrity and
strength.
But the call and the opportunity are for the many.
If the “Forgotten Man” lias been the strength of the
nation, deserving the praise of the historian of the
past, his day is now, and he needs no more personal
call.
We ask what are the possible lines of effort and in­
fluence; and the answer is

(1) Self-restraint, re-

D ec . 30 1922.]

THE CHRONICLE

spect for law and duty; (2) New appraisal of values
in tlie things of daily life, setting first things first,
with determination to know the truth. (3) Dispel­
ling hate by the laAv of kindness; that the heart and
the mind may be free. (1) Opening the eyes to oth­
ers’ need, as to one’s own; (5) Aiming at work for
all, with honest pay for honest work.
To look forward and not back, to look up and not
down, and to lend a hand, ought not to be the privi­
lege of the favored or the few. It means the posses­
sion of a soul, to see life as it is, and to try to see it
whole; to feel in accord Avith this, to think less of
happiness as a response to Avhat is Avithout, and more
of joy as the lift and the lilt of the spirit Avithin; and
then to believe it all given for service; and to see
everywhere about us the NeAv Era.
Nothing is Avorse than pessimism, unless it be
talking up the Past. All that the Past has to give us
is the lesson of its experience Avith so much of its in­
heritance as it has absorbed and put to profitable
use, and then passed on as our inheritance of mental
and spiritual capacity. That is our Wealth and our
Potential Capital. The rest is but the tools of our
trade, the open door of our opportunity.
The Avorld awaits the men A go forward.
vho
A LITTLE HOMILY OF ENCOURAGEMENT.
Holiday Aveek closes, and another calendar year
begins. This Christmas Avas ninth (since 1914) in a
dark series, and although the Christmas spirit
seemed greater than in any of the previous eight,
much of the Avorld still groans in gloom and woe;
therefore grimly unansAverable questions press upon
us. We might perhaps imagine that our little planet
is the stage of a tragedy played before other worlds
Avhere only righteousness and peace have ever been
knoAvn; upon this bold conjecture, why Avere A made
ve
to be both actors and sufferers; A diat thread of mean­
A
ing runs through the developing drama; Avhat is it all
for?
Theologians have made the unhappy mistake of de­
vising a creed, a “system,” and a “plan of salva­
tion,” and then trying to compress God Avithin their
dogmatic structure. Attempts to define the infinite
Aveary the finite mind and tend to stifle faith; yet
some concept of God’s essence and motive is our duty
and within our poAver. That concept must be one of
three: first, Indifference and withdraAval; or, second,
Benevolence; or, third, Malevolence. Calvin took the
third, not realizing Avhat he did, and declared that
God “adopts some to the hope of life and adjudges
others to eternal death” ; that he has once for all “de­
termined both Avhom he would admit to salvation
and Avhom he Avould condemn to destruction” ; and
that against those whom he “devotes” to his eternal
tortures “the gate of life is closed.” Observe the en­
ergy of the verbs. Stated with honest plainness, this
“plan” and creed declare God’s soul to be Malev­
olence, leaving him jointly infinite in creative power
and in caprice and cruelty.
This horrible dogma grew out of a strange perver­
sion of a feA passages in Paul’s letter to the infant
v
church in Rome. Against it set this: “Love is the
fulfilling of the LaA\',” words found in the same letter
from the same mystical Paul, Avho cryptically said so
much about that merciless “LaAv,” by whose edict all
men are lost and he himself “died.”
No v
a —in this time that tries our souls—let us, once
more, obey Reason and take the most favorable of all
suppositions lying open. Let us choose the second of




2837

the three possible concepts of God and say that He is
Benevolence. “Yet I doubt not through the ages one
increasing purpose runs, and the thoughts of men are
Avidened Avith the process of the suns.” So wrote
Tennyson more than 80 years ago. Let us, even now,
in this Avorld upheaval, believe in that increasing pur­
pose and interpret it as Love, at once the creative, the
directing, and the finally-restoring poAver; believe
that it Avill never let go and will at last overcome
death and hell and all pain; that in the final Morn­
ing all the lost shall be found and there shall never
again be the faintest note of discord in all infinities
of space and time. Let us adopt this faith, and try
to match it against the course of events.
We cannot match it fully, and should not attempt
to do so. Why the blessed end Avas not the begin­
ning; Avhy fruitage comes only after struggle and
groAvth; why the results of evolution could not be
had immediately, Avithout the travail of evolution;
why men have persisted and still persist in breaking
God’s laA S and tearing at one another’s throats in­
V
stead of acting as children of one Father; why sin
Avas alloAved to enter the Avorld; Avhy its penalties are
vicarious and lie most heavily on the innocent; why
God does not cut it short and bring His promised
Kingdom immediately here—we can ask such ques­
tions, and A do ask them, but He does not answer.
ve
Yet there is one answer, if A keep ourselves open to
ve
i t ; it is “believe, trust, abide in patience.”
The cases which can be cited in opposition to this
faith are almost innumerable. Take the crimes and
calamities which form such a large part of the day’s
news, and add to them the hell of the great war, Avith
its Avrongs which cannot be adjusted and compenstated here—yet there may be adjustment, explana­
tion, and justification, farther on. The thousands who
died at the front have “gone West” ; others linger
here, hurt and marred; the destroying Avave also
broke upon many thousands Avho did not bear arms,
from the aged doAvn to the smallest children. The
skeptic may challenge us to square all this Avith the
concept of a dominating Love, and in the narrow
vieA he sustains his objection. Yet Avhat cannot be
V
explained can still be accepted; accepted by saying
that God’s love is not like ours; that it can deny in
order to grant, hurt in order to heal and recompense,
repress in order to develop, Avait and defer in order
to complete. Why ? Here our finite limitations halt
us; we cannot understand, but A are not compelled
ve
to refuse to believe. We are faced by the three con­
cepts, A diicli alloAv no fourth. We can take one, but
A
must reject the others, unless A seek vain refuge in
ve
atheism. We can believe that God does not influ­
ence events and does not care; or that He is an in­
finite and a noAv-incomprehensible God of Love; or
that He is a fiend of Malevolence. Which concept
should we take?
The second fits all events and all time—past, pres­
ent, and the eternal future. We cannot prove it?
No; nor disprove it. But it is timely, and is the
Avisest and most comforting Avay of interpreting these
terrible nine years and of facing the years now be­
fore us.
THE REDS AND THEIR INFLUENCE IN THE
UNITED STATES.
On Tuesday the second annual comrention of Reds
who call themselves the Workers’ Party in America
closed a three days’ session in this city. Eleven per­
sons—including Rose Pastor Stokes—were elected

3838

THE CHKONICLE

members. The cash bonus was indorsed, as being
compensation for having been conscripted “for the
Imperialist war,” but the American Legion and the
Ku Klux Klan were denounced as common enemies
whose activities “unfold a record replete with the
blackest crimes against every vestige of constitu­
tional liberty that the workers still have to-day,” and
the American Legion was accused as “organized and
controlled by officers and by the sons of the rich.”
Greetings were sent to the brethren in Russia in this
lurid style: “Workers, forward with the Workers’
Party! Forward to the victory of the American
Social Revolution, under the leadership and guid­
ance of the Communist International!”
The fiction of being industrial workers (familiar
as the camouflage of the I. W. W.) is continued, and
holding the meeting in a building which bears the
name of “Labor” Temple adds a touch of the gro­
tesque. The only work proposed is that involved
in overturning everything which now exists and di­
viding what industry has accumulated. Take as
proof the avowals of the platform:
“The Workers’ Party will carry on propaganda to
bring to the workers an understanding of the neces­
sity of supplanting the existing capitalist Govern­
ment with a Soviet Government. The Soviet Govern­
ment of the workers will, because of the same neces­
sity—the necessity of suppressing the capitalists_be
a dictatorship of the workers. . . . It will be the
task of that Government to take from the capitalists
the control and ownership of the raw materials and
machinery of production upon which workers are de­
pendent for their life, liberty and happiness, and to
establish collective ownership. Together with this
collective ownership, the Workers’ Government will
as quickly as possible develop the management of the
industries by the workers.”
Instead of a cry for sympathy and help by these
Reds to their fellows in Russia the cry might better
come from Russian Reds, since that unhappy country
has tried the rush to hunger, disease and despair, and
is sick of it all. Soviet Russia wants to return to the
“capitalism” which it denounced and sought to de­
stroy; it has realizingly discovered that somebody
must labor in order that anybody may continue to
live, and that when property rights go property goes,
too. Having rushed over the ragged edge to destruc­
tion, poor Russia is longingly looking and trying to
climb back. Therefore we need not worry over any
aid from Russian Reds to the Red menace here.
And yet the thing is both disease and menace, con­
cerning which we need not be greatly alarmed, but
cannot safely be indifferent. These persons are mad,
even if their madness is not of the type studied and
classified by alienists and sent to institutional re­
treats, for the safety of society and their own possible
cure. Denouncing wealth and calling for a division
of all existing property and then for a new Govern­
ment of equality has always been a seductive cry, yet
we have probably never had in this country so large
and so inflammable a mass of crude human material
as now, and in this lies the menace. There is a thread
of Red Communism running through our labor
unionism and its outbreaks. This latest meeting'de­
clared a purpose “to inspire in the labor unions a
revolutionary purpose,” but that has long been there.
It is the notion of apostles of “a living wage” that
there is somewhere a capitalist fund from which
wages are or may be drawn, and unionism seems un­
able to perceive that wages do not come from the
counting room but merely through it, being,the em­




[V ol. 115.

ployee’s share in money paid by the public for the
proceeds of both labor and capital. It is the union
idea that industrial plants may or should be oper­
ated for the purpose of paying high wages, and that
organized labor should, and presently will, dictate
legislation and control the courts.
The danger is therefore far less from the Red ele­
ment in Russia than its “boring within” influence
upon labor unionism here. Mr. Gompers has been
finding it harder and harder to keep his seat as nom­
inal leader of the A. F. L., and he is opposed to Com­
munism and the Red because he perceives that that
would leave him without a job. There is an unmis­
takable likeness between even the most lurid of Red
utterances and Mr. Gompers’s own attacks upon cap­
italists and the courts, and he is in a position resem­
bling that of one who employs Fire and Wind as
working agents but gives them strict instructions
how far they may go so as not to destroy himself.
When he is warm and outspoken, or when he feels he
must say something to placate and hold the radical
element, the difference between Mr. Gompers and the
avowed Red is one of degree rather than kind; it is
the difference between one who wants to reserve a re­
treat for himself in generalizations which can be in­
terpreted variously and another who throws off all
restraint.
Mr. Gompers illustrates this minor difference anew
by his reply to the “Tribune’s” request for comment
on the Workers’ Party and its avowed aims. He tries
to show a direct line between Moscow and the Red
movement here and to mark a distinct separation be­
tween it and labor. The A. F. L., lie says, lias not
been fooled but has from the first understood and
denounced the Russian Communist idea. Further:
“The Communists seek to destroy the American
Federation of Labor as an essential necessary prece­
dent to the destruction of our Republic, and official
Communist declarations have repeatedly made this
clear. Americans can best stop the spread of Commuist propaganda by recognizing the effectiveness,
the democracy, and the scientific foundation, of our
trade unions, which stand as the first line of defense *
against Communist dictatorship. This I have said .
repeatedly. The Communists are not attacking Con­
gress, legislatures, corporations, or employers; they
are attacking trade unions. If they can destroy
trade unions they can do what they like with the rest
of society, as they have done in Russia, where there
are no more bona fide trade unions.”
Notwithstanding this attempted presenting of the
unions as the only real defense of “the rest of so­
ciety,” the truth remains that the best defense of so­
ciety, inclusive of real workers in every department
of industry, is the repression of unionism by the es­
tablishment of better understanding and relations be­
tween employers and employees and the spread of
the Open Shop.
F E D E R A L R E S E R V E B A N K I N G D U R I N G 1922.
Federal Reserve developments in 1922 present a marked
contrast to those of immediately preceding years, says the
Federal Reserve Board in its weekly return issued on Thurs­
day and which is devoted to a review of the operations of the
twelve Reserve Banks combined for the calendar year.
From the beginning of 1917 to the ond of 1920 borrowings
from the Reserve banks increased rapidly in response to
war and post-war conditions; 1921 and the first half of 1922
was a period of loan liquidation, accompanied by a rapid
reduction of Federal Reserve note circulation and by heavy
imports of gold. By the summer of 1922 liquidation had
run its course; production began to increase nearly a year
earlier, prices started to rise a t the beginning of the year;
and these developments to-gether w ith the credit and cur-

D ec . BO 1922.]

2839

THE CHRONICLE

rency demands of the crop moving season, followed by the
needs of active holiday trade, were reflected in increased
borrowings from the Reserve banks. D uring the past year
credit liquidation, which had lasted for over eighteen m onths,
came to and end, and the last quarter witnessed increased
loan activity both a t member banks and a t Federal Reserve
banks. The condition of Reserve banks a t the end of 1922,
consequently, shows relatively little change from the begin­
ning of the year. A fter noting these facts the Federal Re­
serve Board proceeds as follows:

larger than the week before. Member banks In New York City show a
reduction of $12,000,000 in loans secured by Government obligations, an
increase of $48,000,000 in loans secured by stocks and bonds, and an
increase of $142,000,000 in investments, all but $6,000,000 of which repre­
sents investment in Government securities. The increase of $360,000,000
in Government deposits was accompanied by an increase of $74,000,000 in
net demand deposits and a reduction of $4,000,000 in time deposits.
Accommodation of the reporting member banks at the Federal Reserve
banks declined from $397,000,000 to $351,000,000, or from 2.5 to 2.2%
of their total loans and investments. The member banks in New York
City report a reduction of accommodation from $125,000,000 to $86,000,000
and of the ratio of accommodation from 2.5 to 1.7%.
Reserves of the reporting member banks with the Federal Reserve banks
increased by $25,000,000, and cash in vault also by $25,000,000.

The year’s developments can be divided into two distinct periods, the
first continuing from the beginning of the year to the end of July and the
second comprising the last five months of the year. During the first part of
the year liquidation of discounts, which began in the late months of 1920,
continued at an undimished rate, their total at the end of July being about
$733,000,PQ0 less than at the beginning of January. The reduction of di­
counts was offset in part by the purchase of Government securities, hold­
ings of which increased by about S310,000,000 during the period, and of
acceptances of which the banks held $29,000,000 more at the end of the first
seven months than at the beginning of the year. During this period total
earnings assets declined by about $394,000,000, this decline representing the
excess of the reduction in discounts over the increase in Government security
and acceptance holdings. During the same period Federal Reserve note
circulation declined by $279,000,000, the total of $2,127,000,000 on July 26
being close to the low point since the middle of 1918.
During the last five months of the year increasing seasonal demands for
credit, together with a pronounced increase in production and trade, re­
sulted in a reversal for the time being of the long-continued liquidation
movement. Between the end of July and the end of December discounts of
the Reserve banks increased by $250,000,000 and acceptances by $90,000,­
000, while Government securities declined by $83,000,000, the increase in
total earning assets for the period being $257,000,000, and the increase in
Federal Reserve note circulation, $337,000,000. For the year as a whole
the Reserve banks show a reduction of $483,000,000 in discounts, offset by
Increases of $227,000,000 in Government securities and of $119,000,000 in
acceptances. Reserves went up $139,000,000, Federal Reserve notes $59,­
000,000 and depoists $71,000.000. The reserve ratio at the end of the year
was 72.1%, compared with 71.1% at the beginning. The ratio was at its
lowest point at the opening of the year, reached its maximum of 80.4% on
August 9 and then declined for the remainder of the year as a consequence of
the increase in note circulation and a reduction in reserves, with deposits
practically stationary.
While total discounts of the Reserve banks declined by $483,000,000 dur­
ing the year, discounts secured by Government obligations were reduced by
$161.000,000 and all other discounts by $322,000,000. Dicounts secured by
Government obligations, which had been declining almost continuously
from the latter part of 1919 until the end of July, 1922, when they totaled
only $115,000,000, increased rapidly during the latter part of the year and
stood at the end of the year at $316,000,000. A largo part of this increase
in Government securod loans from Federal Reserve banks is reported by
the Federal Reserve Bank of New York, whose members in recent months
received a considerable volume of accomodation on collateral notes secured
by Government obligations. Other discounts reached their minimum on
Sept. 13, when they stood at $263,000,OOO.and show a rise to $313,000,000
at the end of the year. Acceptance holdings of the Reserve banks, after
fluctuating within relatively narrow limits until the middle of June, in­
creased steadily after that time and reached a total of $246,000,000 on Dec.
27, compared with $127,000,000 on Jan. 4.
Cash reserves of the Reserve banks Increased steadily, with but slight
fluctuation.^, from the beginning of the year until Oct. 18, when the total
reached $3,214,000,000, the highest point since the organization of the
System, at which it remained with little change for five weeks. During the
five weeks following Nov. 22 cash requirements of the holiday trade re­
sulted in a reduction of reserve by $65,000,000, and they stood on the last
report of the year at $3,149,000,000. or $139,000,000 above the Jan. 4
amount. Gold reserves increased by $165,000,000, compared with an in­
crease of $812,000,000 during the preceding year.
Reserve Banks holdings of Pittman certificates declined steadily through­
out the year from $113,000,000 on Jan. 4 to $12,000,000 at the end of the
year. The decline was accompanied by a reduction in Federal Reserve
bank notes, which are socured by these certificates. The liability of the
Reserve banks on these notes was about $11,000,000 at the end of the year,
compared with $84,000,000 at the beginning. This class of currency
increased rapidly during 1918 and 1919 under the operation of the Pittman
Act, but declined steadily when the Treasury began the purchase of silver
to take the place of standard dollars melted and sold to England during the
war, and to issue silver certificates against the newly coined dollars.

On a subsequent page—th a t is, on page 2883—we give
the figures in full contained in this latest weekly retu rn of
the m e m b e r banks of the Reserve System. In the following
is furnished a sum m ary of the changes in the principal items
as compared w ith a week and a year ago:

T his week’s statem ent in full, in comparison w ith preced­
ing weeks and with the corresponding date last year, will be
found on subsequent pages—nam’ pages 2882 and 2883.
ely
W E E K L Y R E T U R N S OF T H E M E M B E R B A N K S OF T H E
FED ER AL RESERVE S Y S T E M .

Increases of $291,000,000 in G overnment securities and
of $360,000,000 in U . S. deposits are shown in the Federal
Reserve B oard’s weekly consolidated statem ent of condition
on Dec. 20 of 782 m e m b e r b a n k s in leading cities. I t should
be noted th a t the figures of the member banks ate always a
week behind those for the Federal Reserve banks themselves.
The changes reflect G overnment operations on Dec. 15,
which included the collection of the last installm ent of income
and profits taxes, the redem ption of large am ounts of Victory
notes and Treasury certificates, the paym ent of interest on
the first L iberty bonds and Victory notes, and the issuance
of new series of Treasury certificates and Treasury notes.
F u rth er com ment regarding the changes for the week shown
bv these m e m b e r b a n k s is as follows:

t -»n<i secured bv U S G o v e rn m e n t o b lig a tio n s declined by $13,000,000,
w h ^ lo a i^ securod by st<Sks and bonds increased by $35 00C^000 and all
other loans by $2,000,000. Member bank h o ^ ^ ^ ^ o f T r e a s ^ n otS
and notes declined by $ 1 5 ,0 0 0 ,0 0 0 , while their h o l d i n g s T O O
increased by $148,000,000. those ot: Treasury c
and those of other corporate stocks and bonds by $ 1 2 ^ .0 W . Total
loans and Investments of reporting m e m b e r banks are shown $327,000,000




•

In cre a se

(+ )

o r D e c re a se
S in c e

(—)
„

D e c . 21 1921.
Dec. 13 1922.
—$7,000,000
.+ $ 2 4 ,0 0 0 ,0 0 0
L oans a n d discounts— to ta l________
—229,000,000
Secured b y U . S. G ovt, obligations______— 13,006,600
+550,000,000
Secured b y stocks a n d bo n d s___________ +35,000,060
—328,000,000
All o th e r______________________________
+2,000,000
In v estm en ts, to ta l________________________ +303,000,000 + 1,261,000,000
+539,000,000
U . S. b o n d s____________ ________ ______ — 1,000,000
—148,000,000
V ictory n o te s
_ _________________— 11,000,000
+680,000,000
U . S. T rea su ry n o te s ___________________ + 148,000,000
+7,000,000
T rea su ry certific a te s___________________ + 158,000,000
+ 183,000.000
O ther stocks an d b o n d s________________ + 12,000,000
+77,000,000
R eserve balances w ith F . R . b a n k s________ +25,000,000
+4,000.000
C ash in v a u lt_________________ _ _______ +25,000,000
+220,000,000
G overnm ent d eposits......................
+360,000.000
+938,000,000
N e t dem and d e p o s its .,___________________ +74,000,000
+720,000,000
— 4,000,000
T im e d eposits______J____________________
—392,000,000
T o ta l accom m odation a t F . R . b a n k s _____ — 46,000,000

\

T H E N E W \C A P 1 T A L F L O T A T IO N S D U R IN G N O V E M B E R
AND TH E E LEV EN M ONTHS.

November was one of the lightest months of the year for
new capital flotations in the United States as represented by
the stock, bond and note issues brought out on behalf of cor­
porations and by States and municipalities, foreign and do­
mestic, and as represented by farm loan issues. According to
the elaborate tabulations we present a t the end of this article,
the total of new issues of all kinds brought out during No­
vember was only $204,710,203, of w hich $35,318,900 was to
retire existing issues, leaving the strictly new capital offer­
ings only $169,391,303. The appeals to the investment m ar­
ket have rapidly diminished in recent months. At $204,710,­
203 for November the aggregate of the new flotations com­
pares with $367,449,657 for October and w ith no less than
$565,824,897 for September. August was, like November, a
light month, the aggregate being a trifle smaller even than
the present November total, or only $199,211,136. In July,
however, the new financing put through totaled $381,609,071,
and going fu rth e r back it becomes apparent th a t the new cap­
ital flotations now a re running on a considerably smaller
scale than in the first half of the year, for in June the total
w as $550,824,856, in May $617,235,070, in April (the record
for any month) $655,817,946, and in March, $557,257,979.
There is a reduction, too, as compared w ith November of
all other recent years back to 1918. In other words, at $204,­
710,203 for November 1922 comparison is with $365,182,697
for November 1921, with $222,478,911 fo r November 1920 and
with $379,733,015 for November 1919, which la tte r w as the
year following the conclusion of the arm istice and the w ar
period, when financing had been absolutely restricted to ex­
penditures on behalf of undertakings essential to the conduct
of the war.
As in the preceding month, the appeals to the investment
m arket in November were chiefly on behalf of corporations.
Under all the other leading heads, the new offerings were
relatively small. This is particularly tru e of the municipal
bond disposals. Under this head th e sales foot up no more
th an $41,864,263, w hereas early in the year they averaged
well above 100 million dollars a month, and in December 1921
aggregated over $220,000,000. The November amount for
m unicipalities is not only the smallest monthly total for 1922
but the smallest of any month back to April 1920. Even the
new financing by corporations during November was on a
much diminished scale. The corporate offerings contributed
$132,720,940 to the month’s grand aggregate of $204,710,203,
and of this $132,720,940, $34,651,000 was for refunding p u r­
poses, leaving the strictly new addition less than 1 0 0 millions
—in exact figures, $98,069,940.
The largest corporation offering during November was
$18,805,000 Louisville Gas & Electric Co. 1st Ref. Mtge. 5s,
Series, A, due 1952. This issue was brought out a t 91%,
yielding about 5.60%. Two other prominent public utility
issues to come on the m arket were $7,143,000 Commonwealth
Edison Co. 1st Mtge. 5s, 1943, offered a t 99, *to yield about
5.07%, and $6,000,000 Dayton Power & Light Co. 1st & Ref.
Mtge. 5s, 1941, offered at 93%, to yield about 5,60%,

2840

THE CHRONICLE

Among the new industrial issues floated the most notable
were the following: $6,000,000 Standard Textile Products
Co. 1st Mtge. 6%s, 1942, offered a t par, yielding 6V2 % ; $6,­
000,000 Camaguey Sugar Co. (Cuba) 1st Mtge. 7s, 1942, of­
fered a t 97%, to yield 7% % ; $5,000,000 Campbell Soup Co.
7 % Cum. Pref. stock placed a t 104, yielding 6.73%, and $4,­
000,000 Phoenix Hosiery Co. (Wise.) 7% Cum. Pref. stock
which was offered a t par, yielding, therefore, 7%.
R ailroad financing was practically a t a standstill, with
only three small issues, totaling $7,505,000, comprising the
month’s activities.
M aintaining the tendency shown in earlier months, the
m ajor p art of the November corporate offerings was of the
long term kind. Of the total of $132,720,940 corporate offer­
ings, $111,243,000 carried long m aturities, $19,477,940 con­
sisted of stock issues and only $2,000,000 were short term
obligations.
•
The $1S,000,000 20-year 7% E xternal Loan of the Re­
public of Chile, which was offered a t 96%, yielding 7.35%,
was the only foreign Government obligation placed here
during November.
E ight separate offerings of farm loan bonds were brought
out for a total of $12,125,000, the average yield on which was
about 4%%.
The following is a complete four-year summary of the new
financing—corporate, foreign Government and municipal
and larm loan issues—for November and the eleven months
ending with November:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT AND
M UNICIPAL FINANCING.
| N ew
1922.
NOVEMBER—
Corporate—Foreign_________________
D om estic________ .
Foreign Government_______
Farm Loan issues____________ __
War Finance Corporation........ ........

C a p ita l.

$

Total____________________
11 MONTHS ENDED NOV. 3 0 Corporate—Foreign___
D om estic___ _
Foreign Government__
Farm Loan issues____
War Finance Corporation

New Capital.

Refunding.

NOVEMBER—
Corporate—Foreign___________ . . .
D om estic____________
Foreign Government____________
Farm Loan Issues................................
War Finance Corporation_______
M unicipal___ ____ _____________
Canadian_________________
United States Possessions___

S

98,069,940
18,000,000
12,125,000

34,651,000

41,196,363

667,900

41,864,263

35,318,900

204,710,203

132.720,940
12,125,000

81,695,000
2,067,272,807
416.305.000
326.665.000

81,695,000
710,172,840 2,777,445,647
15.000.
000
431,305,000
42.000.
000
368,665,000

1,007.472.869
Canadian . .
98,984,534
United States Possessions__
37,087,000

11,349,070 1,018,821,939
107,135,000 206,119,534
37,087,000

*ouu- - - .........................- ........................ 4,035.482,210

885,656,910 4.921,139,120

Total.

161,595,800
20,500,000
8,940,000

46,208,280

207,804,080
20,500.000
8.940.000

119,348,617
8,250,000

340,000

119,688,617
8.250.000

318,634,417

T otal.

46,548,280

365,182,697

ELEVEN MONTHS EN D . NOV. 30
Corporate—Foreign______________
4,275,000
D om estic____________
1,563,287,401
Foreign Government_________
304.270.000
Farm Loan Issues_____________ "
118.190.000
War Finance C orporation..........._!!
M unicipal--------------------------------981.580,792
Canadian________________
73.282.000
United States Possessions!1.1
25.022.000
Total-

3,069,907,193

4,275,000
545,609,860 2,108,897,261
50,000,000 354,270.000
118,190,000
6,720,821

988,301,613
73.282.000
25.022.000

602,330,681 3,672,237,874

1920.

NOVEMBER—
Corporate—Foreign________________
D om estic______________
Foreign Government___________ !__!
Farm Loan Issues.......................... .........
War Finance Corporation___________
M unicipal-----------------------------------Canadian________________
United States Possessions...
Total--------------------------------------

110,411,794
10,000,000

37,565,000

147,976,794
10*000,000

57,040,120
6,900,000

561,997

57,602,117
6,900,000

184,351,914

38,126,997

222,478.911

ELEVEN MONTHS EN D . NOV. 30
Corporate—Foreign______________
41,125,655
D om estic____________
2,456,797,416
Foreign Government-------------------191,000,000
Farm Loan Issues________________
War Finance Corporation...................
M unicipal--------------------------------618,095,278
Canadian______________
37,255,232
United States Possessions___
16,015,000

3,360,288,581

T o ta l.

5

R e fu n d in g .

1921.

Total.

169,391,303

C an ad ian ___ ____
United States Possessions__

[V ol. 115.

41 125 655'
243,400.366 2,70o!l97|782
100,000,000 291,000,000
9,616,346
7,498,000

627,711,624

44,753,232
16,015,000

360,514,712 3,720,803,293

1919.

NOVEMBER—
Corporate—Foreign-------- -------- —
D om estic______ _____
Foreign Government-------------------Farm Loan Issues________________
War Finance Corporation_________
M u nicipal-------- ------------------------Canadian______________
United States Possessions___
Total...................................................

200,005,175 49,531,000
45.000.
000
35.000.
000
46,740,840
2,632,000

824,000

"47,564*,840
2,632,000

329,378.015

50,355,000

379,733,015

ELEVEN MONTHS EN D . NOV. 30
Corporate—F oreign_________________
25,653
D om estic_______________ 2,119,157
Foreign Government________________ 244,050
Farm Loan Issues___________________ 110,000
War Finance Corporation____________ 200,000
616,894,
Municipal _______ _________________
Canadian_________________
14,637,
United States Possessions___
11,700,
T otal.

249,536,175
45.000.
000
35.000.
000

7,500,000 33,153,000
393,147,910 2,512,305,414
173,129,000 417,179,000
________
110,000,000
.............
200,000,000
12,541,852 629,435,991
75,000,000, 89,637,300
. _______ | 11,700,000

3,342,091,943, 661,318,762 4,003,410,705

COMPARATIVE STATEMENT OF NEW CAPITAL FLOTATIONS IN TH E U N ITED STATES.

1922.

N o v e m b e r.

New Capital
L o n g T e r m B o n d s a n d N o te s —

R ailroads_______________________
Public utilities___________________
Iron, steel, coal, copper, &c______
Equipment manufacturers________
Motors and accessories......................
Other industrial and manufacturing.
Oil................ ................................. .......
Land, buildings, &c................ ...........
Rubber____________ ____ _______
Shipping_______________ ________
Miscellaneous___________________
Total____________ _______ ___
S h o r t T e r m B o n d s a n d N o te s —

Railroads________________________
Public utilities____________________
Iron, steel, coal, copper, &c________
Equipment manufacturers_________
Motors and accessories____________
Other industrial and manufacturing
O i l . .. ______ ____________________
Land, buildings, &c_______________
Rubber__________________________
Shipping_________________________
Miscellaneous______ ____ ______
Total..............................................
S to c k s—

Railroads______________________
Public utilities__________ I I I ! ! ! ! ! !
Iron, steel, coal, copper, &c____
Equipmentmanufacturers_________I
Motors and accessories___________
Other Industrial and manufacturing!
Land, buildings, &c____ ! ! ! ! ! ! !
Rubber___________
”
Shipping.................
!!!
Miscellaneous_______ ____ _
Total______________________
T o ta l—

Railroads______________________
Public utilities_______________” !!
Iron, steel coal, copper, &c_____ !!
Equipment manufacturers________
Motors and accessories___________
Other industrial and manufacturing.
Land, buildings, &c__ _
Rubber...............
Shipping____ _____
Miscellaneous____ _____

! ! ! * '"
!

Total corporate securities________




Refunding.

1921.
Total.

$
3.505.00C
20.241.00C
5.300.00C

3
4,000,000
27,822,000
..

S
7.505.000
48,063,000
5.300.000

4.100.00C
15,984.00C

2,591.000

4,100,000
18,575,000

9.950.00C
17,750,000
76,830,000

New Capital

S
8.454.30C
98.640.00C
5,285,001
1,880,00C
6.475.00C
272.00C
12,925,00C

Refunding.

1920.
Total.

S
S
5.655.00C
14,109,300
10.432.00C 109,072,000
800,O C
O
6.085.000
1.880.000
1,400,000
275,000

7,875,000
272,000
13,200,000

New Capital

S
4.500.000
9.250.000

Refunding.

$
25.000.00C
2,900,000

Total.

S
29.500.000
12.150.000

400,000

400,000

27,450,000
600,000
945,OC
O

27,450,000
600,000
945,000

17,750,000
34,413,000

2,860,000

500,000

3,360,000

2 ,2 0 0,000

1 ,200,000

3,400,000

111,243,000

136,791,300

19,062,000

155,853,300

45,345,000

29,100,000

74,445,000

2 0 ,0 0 0.000

2 0 ,000,000

1,135,000

4,465,000

10,381,900

789,000

500,000

500,000

10,381,900
789,000

250,000

250,666

3,000,000
18,700,000
6 ,000,000
155,000

5,600,000
3,000,000

4.000,000

22,700,000
6 ,000,000
155,000

1,500,000

1,500,000

2,500,666

2,500,000

2,03S,490

2 ,000,000

2 ,000,000

13,131,900

20,789,000

33,920,900

31,028,490

8,405,000

39,493,490

3.637.S00

7,137,666

* 6,057,280

13,194,880

7,020,650

..............

7,020,650

3,399,800

238,000

1 ,0 0 0,000

1 ,0 0 0,000

7,852,400

7,852,400

987,740
6 ,0 0 0,000

987,740
* ___

2 ,000,000

2 ,0 00,666

1.500.000
1.035.000

300,000

1.500.000
1.335.000

2,038,490

23,891,404
551,550
560,000
1,459,700

23,891,404
551,550
560,000
1,459,700

555,000

555,000

19,239,940

238,000

19.477,940

11,672,600

6,357,280

18,029,880

34,038,304

34,038,304

3.505.000
23,640,800
5.300.000
1 ,0 0 0,000
4.100.000
23,836,400
500,000
9.950.000
987,740

4,000,000
28,060,000

7.505.000
51,700,800
5.300.000
1 ,0 00,000
4.100.000
26,427,400
500,000
9.950.000
987,740

18,836,200
105,777,600.
5.285.000
1.880.000
2 ,0 0 0,000
6.475.000
1.772.000
14,210,000

5.655.000
36,489,280
1.589.000

24,491,200
142,266,880
6.874.000
1.880.000
2 ,0 0 0,000
7.875.000
1.772.000
14,785,000

4,500,000
17,405,650

2,591,000

1,400,000
575,000

34,651,000

25,000,000
7,365,000

29,500,000
24,770,650

4.000,000

74,041,404
7,151,550
1,660,000
1,459,700

3,400,000
70,041,404
7,151,550
1,660,000
1,459,700

25,250,000

25,250,000
98,069,940

6 ,000,000

5,360,000

500,666

5,860,000

4,793,490

132,720,940

161,595,800

46,208,280

207,804,080

110,411,7941

3,400.000

1 ,200,000

5,993,490

37,565,000

147,976,794

D ec. 30 1922.]

THE CHRONICLE
1922.

Eleven M onths Ended November 30.
New Capital.
L o n g T e rm B o n d s a n d N otes—
R ailro ad s_______________________
Public u tilitie s .______ ___________
Iron, steel, coal, copper, &c_______
Equipm ent m anufacturers-----------M otors and accessories_____ _____
O ther industrial and m anufacturing
O i l . . ____ ___________ ___________
L and, buildings, &c_______2 --------R u b b er____ _____________________
Shipping_______________ _______ _
M iscellaneous___________________
T o t a l .......................................... . . .
S h o rt T e rm B o n d s a n d N o tes—
R ailro ad s__________________ _____
Public utilities - .'------- ------------------Iron, steel, coal, copper, &c..............
E quipm ent m anufacturers________
M otors and accessories____________
O ther industrial and m anufacturing
O il............................................. ..............
Land, buildings, &c______________
R u b b er___________________ _____ _
Shipping_____________ _____ ______
M iscellaneous___________________

1,539,943,135

T o t a l ......................................... .
S to ck s—
R ailro ad s________________________
Public utilities__________, _________
Iro n , steel, coal, copper, &c_______
E quipm ent m anufacturers________
M otors and accessories____________
O ther industrial and m anufacturing
O il......... ............................................
Land, buildings, &c______________
R u b b er__________________________
Shipping___________________ 3___I
Miscellaneous ............. ........I I I I I I I I

111,876,000

T o t a l .....................................
T o ta l—
R ailro ad s___________ ____________
P ublic utilities____________________
Iro n , steel, coal, copper, &c_______
E q u ip m ent m anufacturers________
M otors and accessories____________
O ther Industrial and m anufact uring.

16.450.000
160,337.581
73,384,300
130.094.000
3,600,000
19.810.000
163,289,335

32,351,800
18,245,000
404,200
16.700.000
800,000
35.900.000
2,230,000

1921.

Total.

Refunding.

S
442,616,380
414,476,539
115.885.000

3
116,723,570
198,894,661
1.750.000
’

S
559,339,950
613,371,200
117,635,000

2,50b",666
71,352,419
143,220,700
8.530.000
26,200,000
1.500.000
75,660,865

18.950.000
231.690.000
216.605.000
138.624.000
29.800.000
21.310.000
238,950,200

New Capital.
S
258,919,720
333.739.000
31.125.000
8.075.000
15.400.000
160,702,300
147.922.000
41.925.000
77.500.000
2.335.000
89.021.000

646,332,215 2,186,275,350 1.166,664,020
3,000,000
20,011,000

35,351,800
38,256,000
404,200

1920.

Refunding.
S
297,67^,580
93.986.000
11.337.000

New Capital.

Total.

Refunding.
S
54,000,000
9,057,000
12,394,000

S
556,593,300
427.725.000
42.462.000
8.075.000
16,000,000
184,671,700
175.922.000
42.850.000
77.500.000
6.285.000
123.010.000

S
297.879.500
163.394.500
82.316.000
22.210.000
2.675.000
164,770,245
19.920.000
66.699.000
20.550.000
8.851.000
135,206,000

494,429,980 1,661,094,000

984,471,245

500 500.000
36,623,000
000 789.000

1,500,000
89,739,248

600,000
23,969,400
28,000,000
925,000
3,950,000
33,989,000

20,369,755
158,000
750,000
10,034,000

Total.
$
351,879,500
172,451,600
94.710.000
22.210.000
2.675.000
185.140.000
19.920.000
66.857.000
20.550.000
9.601.000
145.240.000

106,762,755 1,091,234,000

23,011,000

16.700.000
800,000
35.900.000
2,260,000

14.000.
23.372.000
44.000.
225,000
4.700.000
7.515.000
46.875.000
5.595.000

215,000
5,000,000

................

215,000
5,000,000

26,968,100
232,293,070
38,186.250
10,006,000
12,660,000
57,609,102
41.820,410
7,055,000
5,162,740

2841

275,000
12,642,166

400,000

275,000
13,042,166

20,000,000
101,026,252
12.035.000
10.302.000
8.550.000
92.659.000
135,650,000
9.090.000
30.400.000
7.085.000
102,963,490

134,887,000

159,199,666

41,547,000

200.746.666

529,760,742

100,739,248

630,499,990

111,204,590
8,678,225

8,557,280

119,761,870
8,678,225

5,394,250

4.582.000
23,661,400
82,940,000
2.745.000

525,600
300,666

4.582.000
24.187.000
82.940.000
3.045.000

7,887,500

250,000

8,137,500

52,678,240
45,439,680
600,000
105,774,595
383,550,885
232,865,052
13,211.047
54.724.200
15,853,500
78,993,885

58,072,490
45,439,680
600,000
119,814,325
396,479,768
232,915,052
13,211,047
54,799,200
15,853,500
82,404,385

735,000
2,500,000

14,500,500
59.995.000
44.789.000
225.000
4.700.000
8.250.000
49.375.000
5.595.000

7,000,000
1.250.000
1.250.000

21.500.000
190,765,500
12.035.000
10.302.000
8.550.000
99.659.000
136,900,000
10.340.000
30.400.000
7.085.000
102,963,490

26,968,100

26,556,625
1,393,666
4'.9o6,666
7,980,000

258,849.69.5
38,186,250
11.399.000
12.660.000
62,509,102
49,800,410
7,055,000
5,162,740.
65,388,000

65,388,000
497,148,672

40,829,625

537,978,297

241,698,715

9,632,880

251,331,595

983,691,084

119,723,570
245,462,286
1.750.000
1.393.000
2.500.000
76,252,419
151,200,700
8.530.000
26,200,000
1.500.000
75,660,865

621,658,850
910,476,895
156,225,450
11.399.000
48.310.000
294,999,102
302,305,410
147,939,000
34,962,740
21.525.000
309,338,200

272,920,220
468,315.590
83,803,225
8.300.000
24.682.000
191,878,700
277,737,000
50.265.000
77.500.000
2.610.000
109,550,666

298,173,580
139,166,280
12,126,000

Land, buildings, &c_______________
R u b b er__________________________
Shipping_________________________
M iscellaneous____________________

501,936,280
665,014,609
154,475,450
10.006,000
45.810.000
218,746,683
151,104,710
139,409,000
8,762,740
20.025.000
233,677,335

571,093,800
607,481,870
95,929,225
8.300.000
25.282.000
217,108,700
308,237,000
51.490.000
77.500.000
6.560.000
144,189,666

317,879,500
317,098,992
139.790,680
33.112.000
116,999,595
640,980,130
388.435,052
89,000,047
105,674,200
31,789,500
317,163,375

T o tal corporate securities_____

2.148,967,807

710,172,840 2,859,140,647 1,567,562,401

600,000
25.230.000
30.500.000
1,225,000
3,956,666
34.639.000

545,609,860 2.113.172,261 2,497,923,071

14,039,730
12.928,883
50,000
75,000
3,410,500

35,898,363 1,019,589,447
55.500.000
104.190.498
12.394.000
14.039,730
40,298,638
1.300.000
1.408.000
75,000
750.000
13,444,500

373,379,500
421,289,490
152,184,680
33,112,000
131,039,325
681,278,768
389,735,052
90,408,047
105,749.200
32,539,500
330,607,875

243.400.366 2,741,323,437

DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMBER 1922.
LONG TERM BONDS AND NOTES.
Purpose of Issue.

Price.

R ailroads—
9544
705,000 New equipment___________ ____

New equipment.........- ......................

To Yield
About.
%

Company and Issue, and by Whom Offered.

6.62 Boston & Maine RR. 10-Year Mtge. 6s. 1933.
5 to 544

Offered by Merrill, Oldham & Co.; Paine, Webber
& Co.. Blodget & Co., Cyrus Peirce & Co. and Reilly, Brock & Co

C enpM n^evvebber & c o qUlP' T r‘ 6S’ “ E ’” 1923~30'
y

. . . 4.75 to 5.60 Erie RR. Co. Equip. Tr.'5s.

° ffered by Plympton, Gardiner & Co. and

1923-37. Offered by Drexel & Co.

7.505.000

P ublic U tilities—

645.000 Extensions, Improvements. &c . . .
500.000 Additions, improvements, &c.........

100
9342

6.00 Alabama Water Co 1st & Ref Mtge 6s. 1947. Offered by Brandon. Gordon & Waddell. N. Y.
5.65 Beloit Water, Gas & Electric Co. 1st Mtge. 5s, 1937. Offered by Edgar Ricker & Co., Marshall &

7.143.000 Refunding; corp. purposes..............
6,000,000 Refunding; additions......................

99
93 Vi

5.07 Commonwealth Edison Co. 1st Mtge. 5s, 1943. Offered by Halsey, Stuart & Co.
5.60 Dayton Power & Light Co. 1st & Ref. Mtge. 5s, 1941. Offered by Harris, Forbes & Co.. E. H.

90 44

5.75 Jamaica (N. Y.) Water Supply Co. 1st Consol. 5s. 1946. Offered by Janney & Co., Phila.
5.80 to 6 Janesville (Wise.) Electric Co. 1st & Ref. Mtge. (now 1st Mtge.) 5s, 1923-45. Offered by Halsey.

200.000
520.000

Usley Bank and National Bank of Commerce, Chicago

Rollins & Sons and Equitable Trust Co.

Stuart

& Co., Inc.
,
Offered by Harris. Forbes & Co.,
Guaranty Co. of X. A ., E. H. Rollins* Sons, H. M. Byllesby & Co.. Inc.. Blyth, Witter* Co.,
Federal Securities Corp., Chicago, and Hambleton & Co., N. Y.
Louisville Gas & Electric Co. Debenture 6s, 1937. Offered by II. M. Bylle3by & Co., Inc., Federal
Securities Corp., Chicago, and Wakefield & Co., Louisville, Ky.
Nevada-Callfornia Electric Corp. 1st Lien 6s “B,” 1950. Offered by Spencer Trask & Co. and
Blyth, Witter & Co.
New York State Gas & Electric Corp. 1st Mtge. 5Ks, 1962. Offered by Janney & Co., Phila.,
and.Marshall, Field, Glore, Ward & Co., New York.
.
Sioux City Gas & Electric Co. 1st Mtge. 6s “A,” 1947. Offered by Halsey, Stuart & Co., Inc.
Tide Water Power Co. 1st Lien & Ref. Mtge. 6s "A.” 1942. Offered by Hemphill, Noyes & Co.,
Stroud & Co., Inc., Coffin & Burr and Otis & Co
Tide Water Power Co. 15-Year Debenture 7s, 1937. Offered by Stroud & Co., Inc., Otis & Co.,
Howe, Snow & Bertles, Inc., and R. E. Wilsey & Co.
Utilities Power Co. (Meredith, N. H.) 1st Mtge. 6s “A ” 1942 Offered by Richardson, Hill
& Co.. Boston.

18,805,000 Refunding; new construction____

9144

5.60 Louisville Gas & Electric Co. 1st & Ref. Mtge. 5s, ••A,” 1952.

3.500.000 Refunding; new construction.........

96 44

6.35

1.500.000 Capital expenditures...................

98

6.15

650.000 Corporate requirem ents.................

97 44

5.65

3.500.000 Acquisitions; working capital, &c_.
3,000,000 Acquisitions; corporate purposes..

9944
96

6.05
6.35

1.500.000 Acquisitions; corporate purposes..

97

7.30

600.000 Capital expenditures___________

95 44

644

48,063,000

Iro n , Steel, Coal, Copper, &e.
General corporate purposes____
96 1 ;
7.40
Acquisitions; working capital.. . . 100
7.00
Additional capital.......................... .. 100
6.00
Reduce fltg. debt: working capital. 97 44
5.35
r
1.600.000 New equipment................................
44 to 544
600.000 Capital expenditures: corp. purp__ 10 0
7.00

450.000
1.250.000
400.000
1,000,000

5,300,000

Himler Coal Co. 1st Mtge. 7s, 1937. Offered by Huntington National Bank, Cincinnati, Ohio.
Logan C ounty Coal Corp. 1st Mtge. 7s “A,” 1942. Offered by W. II. Newbold's Son & Co., Phila.
(E. J.) Longyear Co. Coll. Trust 6s, 1924-47. Offered by Minneapolis Trust Co.
M etropolitan Coal Co. 1st Mtge. 5s, 1942. Offered by Brown Bros. & Co. and Old Colony Trust
Co., Boston.
Pennsylvania Coal & Coke Corp. Equip. Trust 544s, 1923-37. Offered by W. A. Harrlman & Co.,
Inc., and Cassatt & Co.
Steclcraft Corp. of America 1st Mtge. 7s, 1937. Offered by the Trumbull Securities Co. and the
Prichard-Jones Co., Cleveland.

Motors & Accessories—
■

2,000,000 Acquire plant___________ _____
2,000,000 Working capital, &c________ . . .
100,000 Retire current debt; exp. of busine's

10 0

6.50 New Process G ear C o.,Inc., (Syracuse, N.Y.) 1st Mtge. 644s, 1923-32. Offered by S. W. S traus* Co.
7.20 Rolls-Royce of America, In c., 7s, 1937. Offered by Aldred & Co., New York.
7.50 W eber Engine Co. (K ansas C ity, Mo.) 1st Mtge. 734s, 1928-32. Offered by Iowa Loan & Trust
Co. Bank. Des Moines.

1.750.000 Acquisitions; working capital------

100

800,000 Acquisitions; expansion, &c............

100

7.00 American Bolt Corp. 1st Mtge. Convertible 7s, 1937. Offered by Hyney, Emerson & Co., Chicago,
and Brooke, Stokes & Co.. Philadelphia.
6.50 Bedford P u lp & P aper Co., Inc. (Richm ond, Va.) 1st M tge. 6 ]4s, 1942. Offered by Ames,
Emerich & Co.
6.50 C en tra l P aper Co. (Muskegon, M idi.) 1st Mtge. 6 44s, 1925-42. Offered by Continental & Com­
mercial Trust & Savings Bank, Chicago, and Halsey, Stuart & Co., Inc.
6.50 C u rtis Companies, Inc. (C linton, Iowa) 1st & Ref. Mtge. 644s "A ,” 1923-37. Offered by Union
T rust Co. and Illinois Trust & Savings Bank. Chicago.
6.09 Wm. Davies Co., Inc.. 1st Mtge. 6s “A," 1942. Offered by Otis & Co. and IviS3el, Klnnicutt & Co.
6fl5 England W alton & Co., Inc., 1st Mtge. 6s, 1942. Offered by Edward B. Smith & Co., Phila.,
and Tucker, Bartholomew & Co., Boston.
7.00 (E. B.) Estes & Sons (N. V.) 1st Mtge. 7s, 1923-42. Offered by Stanley & Bissell, Cleveland.
7.50 G lenside Woolen Mills. Inc., 1st Mtge. Convertible 7 }4s, 1937. Offered by the Tillotson & Wolcott
Co.. Cleveland.
• 6 .75 G re a t W estern Electro-Chemical Co. 1st Mtge. 6s, 1939. Offered by J. G. Tavares, San Francisco
7.50 H enry & W right Mfg. Co. 1st Mtge. 744s, 1923-42. Offered by P . W . Brooks & Co., New York
6.20 K ieckhefer C o n tain er Co. (Milwaukee) 1st Mtge. 6s “A” , 1924-32. Offered by’ Second Ward
Securities Co.. Halsey, Stuart & Co., Inc,, and Morris F. Fox & Co.. Milwaukee

4.100.000

O th e r In d u stria l & Mfg. -

98
100

1.100.000 Refunding; retire current debt, &c.

100

1,800,000 Retire curr. debt; working cap., &c.

100

2.500.000 Retire current debt, &c------------1.500.000 Additional cap ital............- ........... -

99
98

325.000 Working capital, &c-----------------400.000 General corporate purposes...........

100
100

924 s
250.000 Capital expenditures---------------150.000 Retire current debt; additions------ 100
98 44-99 4i
1,000,000




Amount.

[V ol. 115.

THE CHRONICLE

2843
Purpose of Issue.

To Yield
About.

Price.

S

O th e r In d u s tria l & Mfg. (ConcI).
1,000,000 Retire curr. debt; working capital.
6,000,000 Refunding; retire bank loans--------

Company and Issue, and by Whom Offered.

%
. 6.75 Lion Collars & S h irts. Inc. (Troy. N. Y.) 1st Mtge. 61*s, 1942.

97 A

Offered by P . W . Chapman

6,50 T h e S tan d ard Textile P ro d u cts Co. 1st Mtge. 6>$8, 1942. Offered by A. C. Allyn & Co. and
Gorrell & Co., Chicago; Eastman, Dillon & Co., N. Y.. the Tillotson & Wolcott Co. and the
Guardian Savings & Trust Co., Cleveland, and Bank of Italy, San Francisco.

100

18,575,000

L an d . B uildings, &c.—
2,350,000 Finance construction of building.. 100
1,000,000 Finance construction of building.. 100
500,000
1,150,000
650,000
3,000,000
700,000

6.50 T h e Brown H otel (Louisville, Ky.) 1st Mtge. 6!*s, 1925-42. Offered by S. W. Straus & Co., Inc.
6.50 C ham ber of Commerce Bldg. (H ouston, Tex.) 1st Mtge. 6!$s, 1924-45. Offered by S. W. Straus
6.50 (Geo* J 0 >Cooke Co. (Chicago) 1st Mtge. 6H s, 1923-33. Offered by Geo. W. Stone Co.. Cleveland.
6.00 Delaware Place A pt. Bldg. (Chicago) 1st Mtge. 6s, 1925-37. Offered by S. W Straus & Co Inc.
6.50 H eilman R ealty Co. (Cleveland) 1st Mtge. Leasehold 6 !*s, 1939. Offered by Cleveland Trust Co.
6.00 Insurance Exchange Bldg. (Boston) 1st Mtge. 6s, 1925-37. Offered by S. W. S trau s* Co.. Inc.
6.00 N in th S tree t T erm inal W arehouse Co. (Cleveland) 1st Mtge. 6s, due serially to 1937. Offered Dy
the Tillotson & Wolcott Co.. Cleveland.
7 to 6M S anta R ita H otel Co. (T ucson, Arlz.) 1st Mtge. 6s, 1923-37. Offeredby Stephens* Co., LosAng s.
7.50 (J. L.) S prinkle Co. 1st (Closed) Mtge. 7Ms, 1924-33. Offered by Schwabacher & Co., San Fran.

General corporate purposes--------- 100
Finance construct, of apt. b ld g ... 100
Additional capital- . . . ------ -- 100
Finance construction of building.. 100
Refunding; liquidate bank loans__ 100

450,000 Real estate mortgage___________
150,000 Real estate m ortgage... _______

100

9,950,000

M iscellaneous—•
500.000 New plant.......................... ..............

100

6.00 + T he B layney-M urphy Co. 1st (Closed) Mtge. 6s, 1925-37. Offered by International Trust Co.,
Bosworth, Chanute & Co., Van Riper, Day & Co., Bankers Trust Co. and Boettcher, Porter
& Co., all of Denver, Colo.
7.25 Camaguey Sugar Co. (Cuba) 1st Mtge. 7s, 1942. Offered by National City Co.
7.00 Eastm an Marble Co. 1st M tge. 7s, 1924-37. Offered by P. W. Brooks & Co., New York.
7.00 + Foote & Davies Co. 1st M tge. 7s, 1924-37. Offered by First Trust & Savings Corp., Atlanta, Ga.,
and Hibernia Securities Co., Inc., New Orleans and New York.
6.50 (Geo. A.) Hormcl & Co. (A ustin, Minn.) 1st Mtge. fi'As, 1924-34. Offered by Wells-Dickey Co.,
Minn ■Minneapolis Trust Co., and Merchants Trust & Savings Bank, St. Paul.
6.50 Ice Service Co., In c. (N. Y. City) 1st Mtge. 6H s, 1924-39. Offered by S. W. Straus & Co., Inc.
7.00 Lake Independence Lum ber Co. 1st (Closed) Mtge. 7s, 1937. Offered by Lacey, Securities Corp.,
Geo II Burr & Co , Peabody, Houghtellng & Co., Chicago, and Howe, Snow & Bertles, Detroit.
6.50 (Edward) L anger P rin tin g Co., Inc. (Jam aica, N. Y.) 1st Mtge. 6H s, 1924-37. Offered by

300,000 Additions and Improvements------ 100
175,000 Acquisition of constituent cos......... 100

6.00 Los Angeles^Cresunery Co. 1st Mtge. 6s. 1925-36. Offered by Citizens N at. Bk. of Los Angeles.
7.50 (M. T.) O ’Connell Lum ber & Mfg. Co. 10-Year 7!<Js, 1932. Offered by Carstens & Earles, Inc..

99

6,000,000 Acquisitions; working capital, &c_.
525,000 Retire curr. debt; working capital.
150,000 Retire curr. debt; working capital.

97 J*
100
99>*

1,500,000 Additional capital...........................-

100

3,000,000 Acquisitions; working capital, & c.. 100
1,000.000 Additional capital______________ 100
1.350,000 Additions to plant______________

250,000 Capital expenditures: wkg. capital.
1,500,000 Reduce current debt____________
1,500,000 Retire current debt; wkg. cap ital..

7.00 SUverwood’s, L td ., 1st M tge. 7s, 1937. Offered by MerrM, Lynch & C o .N c w York
6.75 M.E. Sm ith & Co. (Omaha, Neb.) Coll. T r u s te e s , 1932. Offered by Central T rust of 111., Chicago,
Hambleton & Co., New York, and Bank of Italy, San Francisco.
7.00 W hitaker P aper Co. 1st Mtge. 7s, 1942. Offered by Merrill, Lynch & Co.

100
98 A
100

17,750,000
SHORT TERM BONDS AND NOTES.
Amount.

Purpose of Issue.

To Yield
About.

Price.

O ilS
500,000 Development................ ...................

98

M isc e lla n eo u s1,500,000 Retire bank debt_____________ .

100

Company and Issue and by Whom Offered.

%

8.00 Rockwell Petroleum C orp., Inc. 1st Mtge. 5-year 7!*s, 1927. Offered by Shackelford & Dix C oKansas City, Mo.
6.00 Red River Lum ber Co. Serial 6s. 1925-27. Offered by Minnesota Loan & Tr. Co., Minneapolis.
STOCKS.

Par or
No.ofShares
S

Purpose of Issue.
Public Utilities.

140,000 Refunding_______________ . . .
150,000 General corporate purposes...........
*12,000 sh. Extensions and additions_______

Amount Price
To Yield
Involved. Per Share. About.

a

S

238,000 170
25 (par)
92 'A

2,000,000 Acquisitions; new construction___

1150,000
,110,000
2,000,000

139.800 General corporate purposes...........

139,800

Equipment Manufacturers—

- 1,000.000 Additional capital...... ............ .......

103 'A

1 0(par)
0

E astern Shore Gas & Electric Co. 8% Cum. Pref. Offered by Harper & Turner, Phila.
Offered by
J G White & Co., Spencer Trask & Co. and Marshall Field, Glore, Ward & Co.
6.76 N iagara L ockport & O n tario Power Co. 7% Cum. Pref. Offered by Front or Finance
Corp., Niagara Falls, N. Y., and Schoelllcopf, H utton & Pomeroy, Inc., Buffalo.
. . . Salem (Mass.) G as L ight Co. Capital stock. Offered by company to stockholders.

7.57 E ast Penn Electric Co. (Pottsville, Pa.) 1st Cum. ($7 per share) Pref.

3,637,800

1
,000,000

To yield 6.81 G eneral American T a n k C ar Corp. 7% Cum. Pref. Offered by Charles D. Barney * Co.

Other Industrial & M fg.—

439,400 Working capital. . ............. .......
439,400 0 (flat)
2,000,000 Acq. business of C. & H . Levy___ 2,000,000 1 0H
98
*35,000 sh. Acq. business of C. & H . Levy___
400,000 Working capital; expansion_____
4,000,000 Additional capital_____________

1 0 0 New capital_________________
2 ,0 0

875,000
400,000
4,000,000

Rubber—

7.00
7.10

25

10
0
1 0 (par)
0

m erican T ypefounders Co. 7% Cum. Pref. Offered by Frederick H. Hatch & Co.
lentury R ibbon Mills, In c., 7% Cum. Pref. Offered by J. & W. Seligman & Co. and
Hayden, Stone & Co.
lenturv R ibbon Mills, In c., Common. Offered by Hayden, Stone & Co.
Kansas C ity B olt & N ut Co., Common. Offered by H. P. Wright Investment^Co

7.00
. . . Texas-Louls?ana P roducing & Carbon Co., Common.

138,000 115

Offered by N euhaus* Co. and

Sherwood & King, Houston, Tex.

7,852,400

•151,960sh. Retire current debt; wkg. capital..

Company and Issue and by Whom Offered.

% Cam bridge (Mass.) Gas L ight Co. Capital stock. Offered by company to stockholders.

K eystone T ire & R ubber Co., Common.

987,740

Offered by company to stockholders.

s
Miscellaneous—

5,000,000 Acquire business of Joseph Campbell Co..........................................

5,000,000 104

6.73 Cam pbell Soup Co. (N. J.) 7% Cum. Pref. Offered by Goldman, Sachs & Co. and

1,000,000 Additional capital_________ ___

1
,000,000 1 0
0

7.00 H unt™ aMfg™& Commission Co., 2d Pref. Offered by American Trust Co., Charlotte,

6,000,000

N .C .

FOREIGN GOVERNMENT LOANS.
Amount.

Issue.

*18,000,000 R epublic o f C hile External Loan
20-Year S. F. 7s, 1942.................

Price.

96 H

To Yield
A bout.

Offered by—

7.35% National City C o - New York.

_

_

FARM LOAN ISSUES.
Amount.

Issue.

Price.

%

1,000,000 B an k ers' J o in t Stock Land
B ank of M ilwaukee 5s, 1932-52
1,500,000 C en tra l Illinois J o in t Stock
Land B ank (Greenville, 111.)
5s 1932 52
1,125.000 F irst C arolinas J o in t Stock
Land B ank (North and South
Carolina) 5s, 1932-52
1,000,000 M inneapolis T ru s t J o in t Stock
Land B ank 5s, 1932-52.. . ._
1.000.000 T h e N o rth C arolina J o in t Stock
Land B ank 5s. 1932-52___
500.000 O regon-W ashington J o in t Stock
Land B ank (Portland, Ore.) 5s,
1932-52.. .
1.000,000 St. Louis J o in t Stock Land
B ank 5s, 1932-52 - __
5.000.000 S o u th e rn M innesota J o in t Stock
Land B ank 5s, 1932-52
12.125.000
* Shares of no par value,




103
’ 103

To Yield
About.

Offered by—

%
Fox & C
C. Quarles & Co.. Edgar Ricker & Co.. Marshall
4 H FirstI Wisconsin, Co Morris F.Securities o- HenryBankers' Finance Corp.
& ^ y B a ^ Second Ward
Co. and
4.60 Wm. R , Compton C o - Halsey, S.tuart & C o - Inc., and Harris. Forbes & Co.

103

4.66 Hayden, Stone & Co., Redmond * Co. and Watkins & Co.
4.60 Minneapolis T rust Co. and Lane, Piper & Jaffray, Inc.

102H

4.65 Bernhard, SchoUe & Co.. Ames, Emerich & Co. and C. F. Childs & Co.

103

4.62 Brooke, Stokes & C o - Philadelphia.
4.60 Wm. R. Compton Co. and Halsey, Stuart & C o- Inc.

102}*

103
103

4H Dillon, Read & Co. and the Northern Trust Co., Chicago.

a Preferred stocks are taken at par, while In the case of common stocks the amount Is based on the offering price.

THE CHRONICLE

D ec . 30 1922.]

C u r r e n t%ncnts nu& discussions
B R IT ISH

F IN A N C IA L

M IS S IO N

S A I L S F O R U . S.

The British financial mission, which is coming to the United
States to confer in Washington on the refunding of Great
Britain’s war debt sailed on the Steamer Majestic which left
London for New York on Dec. 27. The mission is headed
by Stanley Baldwin, Chancellor of the Exchequer, who is
accompanied by Montagu C.-Norman, Governor of the Bank
of England; Rowe Dutton, Financial Adviser, and P. J.
Grigg of the British Treasury. With his departure the Asso­
ciated Press cablegrams from London said:
In a statement to the “ Evening Standard" to-day, M r . Baldwin pointed
out that under the present arrangements Great Britain's payments to the
United States would amount to between £60,000 ,000 and £70,000,000
annually.
“ W o hopo to fund this d e b t,” he said, “ and get the burden o f interest
eased. I f it is successful I hopo America will be kind to a much more im­
portant mission which M r . Bonar Law is shortly to undertake.”
The “ Evening Standard” says this latter refers to a reparations settle­
ment.
The Chancellor added that it is o f supreme importance to Europo that
America should have her say as regards Europe’s financial problem.
M r . Baldwin’s statement was as follows:
“ M y mission concerns our I O U ’s held b y the United States and is a
delicate one. W o are in tho position o f debtors. W o m ust tread warily.
Nevertheless I hope to persuade the United States Government to come to
a permanent settlement on the terms o f our debt to America o f something
like £856,000,000.
“ A t present a law o f Congress provides that this must be paid within
twenty-five years at 4 H % . This would mean an annal payment by Great
Britain o f between £60,000 ,000 and £70,000 ,000 , a very heavy item in our
budget. W e hope to fund this debt and get the burden o f interest eased,
but, o f course, tho last word is with America.
“ I f we can effect a settlement on such a matter we shall set an example to
Europe, an example which might well be an augury for the settlement of even
greater problems than this one— international problems.
“ I f I am successful I hope America, having seen the result o f one mission,
will be kind enough to the much.more important mission which M r . Bonar
Law is shortly to undertake (the word “ reparations) was here parenthe­
tically inserted by tho newspaper), and which is more difficult than mine.
“ I t is o f supreme importance to Europe that American should have a say
in tho m any perplexing m atters now engaging tho attention o f statesmen.
Commenting on departure o f the Baldwin mission, the “ Evening N ew s”
to-day says:
“ So much depends upon the results of M r . Baldwin’s visit to the United
States to discuss the funding o f tho huge British debt that the profoundly
sincere good wishes o f everyone, o f no matter what party, are h is.”
“ The Americans, a sensitive and emotional people, will certainly take
to him. T h ey will note that the Right Honorable Stanley Baldwin walked
to Buckingham Palace for his audience of tho K ing on this matter of the
debt. I t is suggested of him that his cultivated, exquisite intelligence
is the Eighteenth C entury’s loss and our gain. T h at is true, but for all
his classicism, his natural taste for the lifo of the old-tim e country gontleman and his meditations on antique empires, he is at tho same time repre­
sentative o f tho British Empire to-day.
“ T hat is, he represents tho determination of the British people to pay
their debts of honor, to pay in full and on fair terms— a good foundation
to start on with a people who, like ourselves, want square dealing, with
no subterfuges, no concealed motivas and no after-thoughts.”
W ith reference to the “ mission” which Premier Bonar Law is shortly
to undertake, according to the Chancellor of the Exchequer, Stanley
Baldwin, nothing is known in London o f any special mission in which the
Prime Minister is likely to be engaged except the Paris conference, be­
ginning Jan. 2.
This will probably be ended before M r . Baldwin concludes his nego­
tiations in America, hence it is considered more reasonable to suppose that
the Chancellor, in the course of his interview published by tho “ Evening
Standard,” without further explanation, employed the word “ mission”
in a general sense as implying tho whole task o f reparations and intcrAllied debts.

Regarding the forthcoming conversations a Washington
dispatch of Dec. 27 printed in the “Journal of Commerce”
said:
A proposal that the 4 X % interest rate on tho war loans to Great Britayi
A
be modified is expected in British quarters hero to come under consideration
when tho Anglo-American debt negotiations are resumed hero early in
the new year.
It has been indicated that tho new British delegation, which is to arrive
in N ew York on Jan. 2 , probably will bo prepared to request not only a
change in tho interest rate but an extension also o f tho thirty-year period
under which tho loans are to run. Either of these modifications would
requiro new legislation b y Congress.
In advance of submission of the British proposals American officials
declino to say what their attitude would be. In view of the apparent
purpose to make an Anglo-American settlement tho basis for agreements
covering tho loans to other European nations, however. It is expected
that tho suggested modifications will receive serious consideration.

G R E A T B R I T A I N R E C E I V E D B E T 5% O F H E R L O A N S
T O A L L I E S , O R L E S S T H A N U. S . H A S R E C E I V E D .

According to British Treasury figures, Great Britain has
so far received payment of less than 5% of the amount she
has loaned to her allies and Dominions for war and relief
purposes. Repayments of principal and payments of interest
amounted on Mar. 31 1922 to £91,913,784, while the amount
remaining unpaid was £2,017,219,253. The Bankers Trust
Co., of New York, is advised by its English Information Ser­
vice that the repayments of principal amounted to £39,526,­
672, while interest payments totaled £52,387,112. The trust
company’s announcement, issued under date of Dec. 22 says:
The British Treasury’s reports indicate that the greater part of the above
pavments to Great Britain were made since 1918. Out of £78,037 ,819 in




2843

principal and interest paid between 1918 and Mar. 31 1922, £ 3 4 ,1 3 1 ,4 0 9
was paid by British countries which owe Great Britain only about 7 % of the
amount of her foreign loans outstanding.
Comparison of Treasury figures issued by Great Britain and the United
States discloses that Britain has received considerably less in payments from
her war debtors than has been received by the United States.
The amounts paid to both countries by their debtors on account of loans
arising from the war compare as follows:

Payments of—

To United States
(To Nov. 1 5 1 9 2 1 )

Principal ---------------------------$162,743,911
Interest------------------------------- 478,863,632

To Great Britain
(.To Mar. 31 1922)
at par.
$192,494,893
255,125,235

$641,607,543
$447,620,128
Great Britain, alone, paid to the United States $358,526,326, or more than
half of the amount received to Nov. 15 1921, by the United States from all
her debtors. In the past year Great Britain made additional payments to the
United States amounting to $134,312,500. These payments make the total
sum paid by Great Britain to the United States on account of war debt $492,­
838,826, which is almost $50,000,000 more than the total amount Great
Britain had received from her debtors on war loan account up to Mar. 31 last.
Detailed figures of the payments made by Great Britain’s debtors between
1918 and Mar. 31 1922, are given in the British Treasury’s reports as follows:

Am i. Owed to Prin. & Int.
Great Britain Payin'tsVMH
M ar.21 '22(a) toMar.31'22.

France_____
Russia______
I ta ly ......... ..
S e rb -C ro a t
Slovene__
Poland___
Rumania. .
Portugal_____
Greece______

£.583,992,483 £15,618,864
.655,199,355
7,284,040
.503,060,000 8,008,407

- 26,897,561
4,012,985
. 24,245,006
19,444,000
. 21,408,457
. 12,111,896
Czechoslovakia - 2,477,827
Esthonla____ .
254,305
L ith u a n ia .__ 16,812
Latvia______ _
20,169
Hungary____ 128,765
Belgium_____
9,000,000
Belgian Congo. . 3,550,300
Armenia___ _ .
877.219

69,693
(6)561,644
209,260
1,790,905
2,530,773
28,937
681
924
1.210
4,799
7,219,643
578,628

Am t. Owed to Prin. & Int.

Great Britain Paym'ts 1918
J/ar.31 '22(a) toM ar.3\’22.
Australia_____ £91.453,288 £ 18,6S0,397
Canada_______ 13,809,730 3,584,778
New Z ealand... 29,623,073 5,723,396
South A frica--. 12,286,714 5,557,093
Newfoundland400,000
75,736
BrittshSo. Africa 1,950,800
292,771
Trinidad............
488,120
_____
Jamaica......... . .
66,055
_____
British Guiana.
144,209
F ij i...................
210,124
2,204
Crown Col's, &c. ___ _ .
215,034
All paym’ts prior
to 1918
13,875,784

Total___ £2,017,219,253 £91.913,784
(«) Includes relief loans, stores, <tc.
(6) Repayment of amount over issued
by Great Britain for wool.

The British Treasury reports do not give in detail the payments to Great
Britain by individual debtors during the war years, but lump sum figures are
given which show that between 1914 and 1918 Britain received interest pay­
ments amounting to £ 1 1,268 ,103 and repayments of principal amounting
to £ 2 ,607,862.

RE D U C E D M IL IT A R Y B U D G E T OF FRANCE.

France’s reduced military budget proposed for the year
1923 amounts to 4,157,710,724 francs, including 496,509,400
francs estimated as the cost of maintaining the French army
on the Rhine and in other ex-enemy territory. The credits
for 1923 requested by the Ministry of War represent a reduc­
tion, according to figures submitted in the French Parlia­
ment, of 1,972,774,861 francs as compared with military ex­
penditure in the last three years. The Bankers Trust Co.,
of New York, is advised by its French Information Service
that the figures of the French War Ministry show a peace
footing of 69S,620 men for the army in France in 1923 as
against a peace footing of 934,871 men in 1914, or a reduction
of over 200,000 soldiers, compared to the French army’s pre­
war strength. The estimates for 1923 provide, in addition,
for 86,000 men in Morocco, 35,000 men in the Levant, which
may be reduced to 20,000, 8,000 men in Constantinople, 93,­
000 men on the Rhine, about 6,000 in the Saar Basin, and
others at Memel and in other ex-enemy countries. In con­
nection with its estimates for 1923 the French War Ministry
made public the following figures showing the cost to France
of the military effort to stem the German invasion:
1914 (war credits)
________
1915
1916
______ _
1917 ( w a r ) _______
1917 (armament)
1918 ( w a r ) _______
1918 (armament) .
1919 ( w a r ) _______
1919 (armament)

6,690,093,060 Frs.
16,855,688,725
25,299,443,276
18,209,177,224
12,030,002,165
26,596,482,573
13,131,978,253
20,315,998,200
815,396,490

T o t a l -------------------------- ---------------------------------------- 139,944,259,966 Frs.

The above figures, the company points out, indicate that
military expenditure of approximately 40 billion francs in
the final year of the war was more than double the amount
required in 1915, the first full war year.
O T T O II . K A H N ’S L E T T E R T O S E N . S M O O T F f i O P O S I N G y j
M E T H O D F O R S E T T L E M E N T OF A L L IE D D E B T S .'

In a letter to Senator Reed Smoot, of the World War For­
eign Debt Commission, Otto II. Kahn, of Kuhn, Loeb & Co.,
offers a plan whereby, in his opinion, the United States can
consistently aid toward relieving the European situation and
at the same time meet the sentiment of the country which ap­
pears opposed to the cancellation of the Allied indebtedness
to the U. S. Government, stating that “an all round reason­
able settlement of the financial status of Europe is a pre­
requisite to setting the house of that Continent in order.”
Mr. Kahn expresses the view that “to that end we might well
and wisely contribute a certain portion of our claims against

V*

.
^

the

2844

the Allied nations.” In the event that public opinion and
Congress will not at present consent to the relinquishment
on our part of the Allied debt, Mr. Kalin proposes that 2%
billion dollars which the United States loaned to the Allies
after the armistice should be made to bear a reasonable rate
of interest—3 or 3V2%— that an annual sinking fund of 1 %
be provided for beginning after five years, and that the War
Debt Commission be empowered to postpone the beginning of
interest payment for five years. As to the other T iA billion
dollars of the Allied debt to the United States, Mr. Kahn sug­
gests that a formula be drawn applicable to each country
concerned; in the case of Great Britain that an annual sink­
ing fund of % of 1 % be paid in; such sinking fund, if in­
vested at the rate of 4%, he states, would extinguish the debt
in 47 years. In addition to the sinking fund he proposes a
varying rate of interest for certain periods, the highest rate
to be 4*4%. In the case of France Mr. Kahn would have a
sinking fund of one-lialf of 1% , which, if invested at 4%,
would extinguish the debt in 56 years, he says. For France
he would charge a purely nominal rate of interest, or perhaps
no interest at all for the first eight years, while for further
periods it might be made even more moderate than those sug­
gested in the case of England. Mr. Kahn's proposals were
set out as follows in liis letter to Senator Smoot:
The blight of those baneful and ill-omened instruments, the peace treaties
of 1919, lies upon all Europe.
Grossly faulty from the economic, political and ethical point of view they
have been the cause of incessant .trouble and of ever-recurring crises. So lit­
tle were these treaties consonant with the realities that from the day of their
promulgation to this day they have been continuous objected of heated con­
troversy of readjustment, of interpretations, of conferences of haggling and
whittling down. . . .
In common with all right-thinking persons, I am, and always have been,
ardently in favor of organized co-operation among the nations in order to
maintain and strengthen international law and justice, foster understanding,
fair dealing and good relations among the peoples, and preserve peace. The
treaty makers have mishandled that fine and universally acclaimed conception
by seeking to utilize it for unrelated purposes.
The contention persistently put forward in Europe and frequently echoed
here that responsibility for the existing unsettlcmcnt, dispeace and quarreling
in Europe is largely attributable to our absence from the League of Nations
seems to me to be little more than an attempt to unload the blame for the
consequences which were bound to spring, and did spring, from the fatal faul­
tiness of the peace treaties.
How could our participation in the League of Nations have changed the
fateful course of events, in view of the facts that it is the dispensations em­
bodied in the peace treaties and particularly the provisions relating to repara­
tions, which were mainly causative of those events, and that the League, of
course, has no power whatever to modify those dispensations and provisions?
In contemplation of the European situation, what should America do?
It seems to me the following things arc the minimum of what we should do,
consistent with American traditional policies, with freedom from political
entanglements in Europe, with the inviolate preservation of American liberty
of action and her untrammeled sovereignty and with altruism, duty and self­
interest :
1. I believe the United States should be officially represented on the Rep­
arations Commission. Our Government should also take official part in the
work of other commissions of a similar character, destined to settle controver­
sial questions and aid the recuperation of Europe. These commissions, in
their conceptions and functions, are essentially akin to arbitration bodies.
2. A vast majority of the American people, at the last Presidential election,
pronounced their emphatic unwillingness— in my opinion, rightly so— to sub­
ject this country to the obligations and “ involvements,” actual and moral, of
the League of Nations as it came to us from Versailles. Notwithstanding the
political reversal registered at the election of last month, it seems to be gen­
erally conceded that the preponderating verdict of the electorate continues to
be opposed to America’s joining the existing League. On the other hand,
there are indications of an ever-growing undercurrent of popular feeling that
a “ betwixt and between” policy acting through the instrumentality of “ ob­
servers” is one which hardly accords with American dignity and which meets
with intuitive dissent from the sense of fitness and fair play of the American
people.

U. S. Should Speak Plainly. '
I venture to suggest— in the hope of finding myself in accord with the
trend of public opinion— that it has now become fairly incumbent upon the
United States to indicate precisely and officially what are the terms, condi­
tions and limitations under which America would be prepared to take part in
an organized and permanently established international effort, destined to serve
justice and welfare, to aid the maintenance of peace, and to promote under­
standing, fair dealing and good-will among the nations, but so circumscribed
in its functions and powers as to be in accord with the spirit of the tradi­
tional limitations in respect of the attitude of the United States towards the
affairs if Europe and to involve no approach to any moral or actual interfer­
ence with American sovereignty and freedom of action.
3. The United States should deal in a practical, broad-gauged and liberal
manner with the indebtedness of the Allied nations to the American Govern­
ment.
These debts are justly due. The contention that these loans to the Allied
nations should naturally be considered and treated as a contribution to the
common expense of the war, does not appear warranted:
(a) The intrinsic circumstances of America’ s joining in the war were es­
sentially different from the conditions and considerations which determined,
or compelled, the course of the Allied nations when they entered the conflict.
(b) America made no secret treaty or bargain as almost all the Allied na­
tions did. She asked for none of the spoils of victory.
Each one of the
Allies took material compensation from the vanquished, to the full extent
that there were assets to distribute. America, on the other hand, demanded
nothing and received nothing. She is carrying the immense burden of her war
expenditures without any compensating tangible return whatsoever.
(c) Of the ten billion dollars advanced by America to the Allies, a consid­
erable proportion (about 2 % billion dollars, as far as I can ascertain) were
advanced after the war was won— after the armistice.
(It must be recog­
nized, though, that a part of this sum was needed and no doubt arose out of
commitments entered during the war, and was used in connection with the
settlement for contracts entered into for the purpose of the war.)




[V ol. 115.

c h r o n ic l e

(d) Of the remaining, say, 7*4 billion dollars, a certain portion was spent
by the recipient for purposes not connected with the war.
(e) While the American Government was loaning money to the Allie
Governments unstintedly to pay for things which they bought here for
e
war, it was paying cash to the Allied Governments for everything w ic i
bought “ over there” for the war.
. ,
(f) On the other hand, it is but fair to recall that prior to America s en­
trance into the war our industries, farmers and workingmen benefited great y
from Allied purchases in this country, that the bulk of what America loane
to the Allies was spent in making purchases in this country, that from t le
profit accruing to the sellers on these purchases the American Governmen
derived large revenue in taxes, and that, owing to the immense depreciation
of foreign currencies, except that of England, the sum which the debt to
America now represents in their own respective moneys, is vastly greater than
the sum calculated in foreign currencies or values, which America s debtors
received at the time the loans were made. Also, as against the amount due
to America from the Allied Governments, certain offsets are claimed, which
claims are, of course, entitled to full and fair consideration.
The suggestion that there is a moral case for grading our claims according
co the use which was made of the funds loaned by us, does seem to have ele­
ments which warrant consideration.
T h e T e r m s I m p o s e d b y C o n g r e s s C a n n o t B e M e t.

Congress has constituted a Debt Refunding Commission, but has limited
its authority to arranging for the repayment of the Allied indebtedness to us
within 25 years, with 4 Vi°7o interest per annum. It should be remembered
that this really means imposing a charge of G%% per annum, because if the
debt is to be repaid at the expiration of 25 years, there must be provided a
sinking fund of 2 % per annum in addition to the interest.
The Allied nations maintain that they cannot possibly meet these terms
and, indeed, with the single exception of England, in their present financial
and'economic condition are not in a position to make any payment on account
of their idebtedness to the American Government. In my opinion, generally
speaking, that is true, especially in view of our tariff policy. Even though
it may be open to some of these nations to apply measures which would im­
prove their domestic budgets, it does not follow that this would enable them
to increase proportionately their capacity to liquidate debts abroad, inasmuch
as such liquidation necessarily calls for gold or its equivalent.
It is interesting to note in this connection that while all the Allied nations
together, victorious and augmented, find themselves unable to pay us an ag­
gregate of ten billion dollars within 25 years, yet the Governments of these
same nations, last year, committed themselves to the stipulation that Ger­
many alone, defeated and diminished, is capable and obligated to pay to them
more than three times that sum, i. e. 32 billion dollars, in addition to sev­
eral hundred million dollars annually for the cost of their armies of occupatl0An all round reasonable settlement of the financial status of Europe is a
prerequisite to setting the house of that Continent in order and make it again
a peaceable habitation. To that end we might well and wisely contribute a
certain portion of our claims against the Allied nations.

America Would Gain by Concessions.
I am convinced that it would be to our ultimate advantage to do so. I feel
sure that such action would turn out a good investment. And I believe that
it would be an act of wise and proper generosity, in view of the vast sacri­
fices and inconceivable losses borne in the common cause by the nations who
are our financial debtors, in view of the immense fiscal and economic diffi­
culties which confront them, and in view of the urgent desirability, in the
interest of all nations, including the United States, to restore the consuming
and purchasing ability of Europe, which can only be done by far-sighted and
broad-minded liberality in tackling the matter of the adjustment of the debts
and claims and other problems resulting from the war.
. . .
These reciprocal debts and claims between nations, in their undiminished
magnitude, hang like a millstone around the neck of the European peoples.
However, it must be recognized that the greater part of public opinion in
this country seems definitely opposed, for the time being, to the suggestion
of cancelling any part of the Allied indebtedness to America. The present
Administration appears to be as little inclined to favor that suggestion as
the preceding one was.
If, then, public opinion and Congress will not at present consent to the re­
linquishment on our part of a portion of the Allied debt— which relinquish­
ment, be it understood, is suggested only in return for, and simultaneously
with, measures on the part of the European nations to bring about that
change of mental and moral attitude and actual conditions which is indispen­
sable if the world is to be again on an even keel— then, my suggestion would
be the following:

Plan Concerning A llied D ebts.
Of the 2 % billion dollars, or thereabouts, which our Government loaned to
the Allied nations after the armistice, that portion, at least, as was not ap­
plied to the settlement of war contracts here, or is offset by valid counter
claim, is intrinsically distinguishable from the balance of the Allied Debt to
us. It should be promptly put in the way of repayment with a reasonable
rate of interest. For instance, America might stipulate interest at the rate
of 3 % or 3 * 4 % , and an annual sinking fund of 1 % , beginning after, say, five
vearfi. The Refunding Commission ought to be empowered, according to its
judgment, to postpone the beginning of interest payment likewise for five
years.
As to the remaining 7Vi billion dollars, or thereabouts, there should be no
attempt to apply the same formula to every country. The Refunding Com­
mission should go thoroughly into the economic and financial and general
situation of nil countries concerned and make a fair and final settlement, sub­
ject to the approval of Congress.
Even upon America’ s financially most potent debtor, Great Britain, she
should not impose the exceedingly heavy burden of paying 4 % % interest from
the start and redeeming the principal within 25 years. I would suggest in
the case of that country, as an illustration, that there be paid an annual sink­
ing fund of % of 1 % . Such a sinking fund, if invested at the rate of 4 % ,
would extinguish the debt in 47 years. In addition to the sinking fund of
% of 1 % , interest should be charged on the debt at the rate of, say 2 % for
the first period of eight years, 2 * 4 % for the second, 3 % for the third, 3 % %
for the fourth, 4 % for the firth and 4 * 4 % for the final seven years’ period.
A similar formula might be applied in the case of France, making the sink­
ing fund V' ° f 1 % only, which, if invested at the rate of 4 % , would extin­
guish the date in 50 years, and charge a purely nominal rate of interest, or
perhaps no interest at all, for the first eight years’ period. The rates of
interest for further periods might be made even more moderate than those
suggested in the case of England.
The question of the feasibility, acceptability and extent of “ payment in
kind” in lieu of cash, should also be within the purview of the Commission’s
investigations and recommendations.
All these, of course, are the merest tentative suggestions. The Refunding
Commission would be able, after investigation of the pertinent facts, and con­
ference with the representatives of the nations concerned, to evolve carefully
elaborated formulae to fit each particular case.

Dec. 30 1922.]
P R E SID E N T K R E C H OF TH E E Q U IT A B L E
T IIE O U T L O O K .

2845

THE CHRONICLE
T R U S T ON

branch Deutsche B ank. M em ber banking firm K uhn. Loeb A C o. since
1897. . . . ”
.
^
From a statement given N o v . 6 1921 to the press by his attorney, P . D .
Cravath, is quoted as saying:
“ The naturalization proceedings taken b y M r . Kahn, who was a nat­
uralized British subject in 1893, were in charge of a N ew Jersey lawyer.
M r . Kahn received his final papers in M arch 1917 from the Court o f C om ­
mon Pleas at Norristow n.”
I f the above is true as reported, I submit that in a matter o f such vast
importance the Commission should apprise foreign Governments at an early
day o f tlio anomalous position occupied b y M r . Kahn and that ho does not
speak for the Commission, for the Congress or for the American people.
Very sincerely yours,
JAM ES A . F R E A R .

The whole of Europe is on short rations, a good half in con­
tact with the wolf of starvation, says Alvin W. Krecli, Presi­
dent of the Equitable Trust Co. of New York. Despit’e this
fact, our end-of-the-year record shows our economic health
unimpaired by unfavorable symptoms. What labor difficul­
ties we have experienced do not seem to have slowed up busi­
ness, and the end of the year shows a continued gain in in­
dustrial output and a remarkable appreciation in the total
.A Kahn’s statement in reply follows:
ir.
evaluation of agricultural products. The volume of trade
It is evident that Congressman Frear has not read in full the statement
has increased and wages and prices advanced. On the other upon which he comments in this morning’s papers, or has failed to grasp
hand, retailers seem to be carrying rather small amounts of its object. T h at statement did not address itself to advocacy of a can­
stock on hand; manufacturers are less sanguine in their pre­ cellation o f the Allied debts to the United States. On the contrary, while
I stated as m y personal belief that America might well and wisely con­
dictions regarding future consumption—indications that we tribute a certain portion of her claims as part o f a general program for
the permanent settlement o f the financial and economic situation of
are learning one great lesson, namely that business does not
Europe, the re-establishment o f genuine peace and o f the purchasing
shape events, but that events shape business.
power o f European countries, I expressly stated that it was evident that
That European affairs must sooner or later have a bearing public opinion was opposed, for the time being, to such a course and that
upon our economic situation is a truism that cannot be es­ Congress and the Administration would not sanction it.
which
ventured
a cancellation
caped, Mr. Krech contends, and he expresses the hope that o f The argument o f the Idebt, but, to put forth was not for scheme under
the principal
on tho contrary, for a
we shall be more than interested onlookers in 1923, and that which the Allied nations would pay a gradually increasing rate o f interest
our advice and our support will strengthen the elements of and extinguish the principal o f tho debt through an annual sinking fund.
A s to
holding o
,0
foreign
moderation and sanity whose efforts make themselves daily securities the imputation that “ the bankers m f $ 4be 00,000,000ininconstant
largely b y international
ay
a factor
more felt in Europe. He concludes by saying:
appeals for cancellation,” of tho Allied indebtedness to America, it hardly
any one oven remotely acquainted with the facts. The
“Isolation is possible in so far that a nation refuses to put needs denial for this country, of nations indebted to the American G overn­
securities held in
its signature upon a treaty, but economic isolation, the shut­ m ent do not come anywhere near $4,0 0 0 ,0 0 0 ,0 0 0 or even one-half that
ting off from the very life of the world is unthinkable. The amount. Tho total o f such securities is less than $ 1 ,0 0 0 ,0 0 0 ,0 0 0 , and
nation has given unmistakable signs of an ever-growing feel­ the great bulk o f that total is held not by international bankers, but by
ing that America cannot forever sit in the distinguished m any thousands o f investors throughout the country.
guests’ gallery while Europe wastes in debate and strife her
waning strength. We must dare to look the European situa­ P R E S I D E N T H A R D I N G ’ S L E T T E R T O S E N A T O R L O D G E
tion squarely in the face.”
E X P R E S S I N G D I S A P P R O V A L O F S E N A TOR B O R A H ’S
PROPOSAL
R E P R E S E N T A T IV E E R E A R IN C R IT IC ISM OF
K A H N ’S P R O P O S A L — R E P L Y O F M R . K A H N .

Otto H. Kahn’s proposal for the settlement of the Allied
debt, as embodied in the above letter to Senator Smoot, has
drawn forth criticism from Representative Frear of Wiscon­
sin, a Republican member of the Ways and Means Commit­
tee of the House, who, in a letter to Senator Smoot states
that “constant efforts to hold out unwarranted hopes to Eu­
ropean countries of cancellation is to be condemned, because
Mr. Kahn, speaking without shadow of authority, may thus
seriously hamper the work of your Commission.” Mr. Kahn
in answering Representative Frear calls attention to the
fact that he did not put forth an argument for “a cancella­
tion of the principal of the debt, but on the contrary, for a
scheme under which the Allied nations would pay a gradu­
ally increasing rate of interest and extinguish the principal
of the debt through an annual sinking fund.” The following
is Representative Frear’s letter to Senator Smoot as pub­
lished in the New York “Times” of Dec. 27:
M y Dear Senator: — The press this morning gives wide publicity to a
proposal of M r . Otto Kahn of Kuhn, Loeb & C o ., international bankers,
New Y o rk , that your Commission proceed to cancel the debt owing by Euro­
pean countries to the United States, excepting monoy loaned after the
armistico, which he generously admits is a proper subject for refunding.
M r. Kahn has an equal right to volunteer advice with every other citizen,
whether by birth or choice, but the frequency o f his advice for cancellation
o f foreign debts in wholo or in part, prior to and since the A ct of Congress
governing the refunding proposal, and the publicity attending his efforts
to that end, suggest a propaganda tending to embarrass the Commission
and to mislead foreign Governments as to sentiment in this country on
the subject. In fact, constant efforts to hold out unwarranted hopes,to
European countries o f cancellation is to be condemned because M r . lvalin,
speaking without shadow o f authority, m ay thus seriously hamper the work
o f your Commission.
W hon the refunding resolution was before our Com m ittee I offered five
amendments, all of which in whole or with modifications were then adopted,
accepted by the House and Senate and arc now law, governing the jurisdic­
tion of your Comm ission. These amendments include prohibition against
cancellation o f debts and against substitution of obligations o f other coun­
tries for those to be given direct b y the Government indebted to us.
T h at law, subject to its modification or repeal b y Congress, o f courso,
governs the Commission now instead o f frequent effusions o f M r . K ahn,
which fact, o f courso, is appreciated by those chosen to administer the law.
Possibly testimony beforo our committee that over $ 4 ,0 0 0 ,0 0 0 ,0 0 0 in
foreign securities are held largely by international bankers, including K uhn,
Loeb & C o ., m ay be a factor in constant appeals for cancellation o f the
Governm ent’s debt. N o payment o f these foreign debts to N ew Y o rk in­
ternational bankers or their customers can bo expected until the Govern­
m ent's prior lien o f approximately $11,000 ,0 0 0 ,0 0 0 has been provided for.
M r . K ahn's foreign debt private holdings are not proposed by him for
cancellation, nor docs he suggest that foreign Governments should relinquish
their treaty land acquisitions as an inducement for cancellation o f their
debts.
,
I believe the Commission chosen by the President is abundantly ablo to
handle the foreign debt settlement, but I submit in view o f M r . Kahn s
frequent inspired utterances, which servo to mislead foreign Governments
and embarrass our own, and o f his antecedents, that it m ay be an open
question what country and what class o f creditors M r . Kahn to-day repre­
sents. M r . Kahn writes his own biography in " W h o ’s W h o ,
1916-17,
page 1333, as follows:
_
“ Banker. Born M annheim , Germ any, 1867. Served one year in Ger­
man A rm y . Learned banking in Germany and afterward was in London




FOR

MR.

W O RLD E C O N O M IC
ENCE.

CONFER­

President Harding this week indicated his disapproval of
Senator Borah’s proposal of a week ago requesting the calling
by the President of an international economic conference.
President Harding has made known his views in a letter
addressed to Senator Lodge, who in a speech in the Senate
on Dec. 27 criticised Senator Borah’s proposal which had
been offered as an amendment to the Naval Appropriation
bill reported to tlio Senate on Dec. 21. In another item
in this issue we refer further to the proposal and the criti­
cisms of it by Senator Lodge. President Harding character­
izes as “ undesirable” the conference which Senator Borah
proposes, “ becasue of false impressions which may be con­
veyed thereby to Europe, and even more undesirable because
of the wrong impression it conveys to our own people.”
Stating that tho proposal “ is equivalent to saying that the
executive branch of the Government . . .
is not fully
alive to a world situation which is of deep concern to the
United States,” he adds that “ as a matter of fact the Euro­
pean situation has been given thorough and thoughtful con­
sideration for many months.” “ If Congress really means to
facilitate the task of the Government in dealing with the
European situation,” says President Harding, “ the first
practical step would be to free the hands of the Commission
[World War Foreign. Debt Commission] so that helpful
negotiations may bo undertaken.” He further says:
In discussions with foreign governments the previous Administration and
.the present Administration have insisted that tlio question o f European debts
to tho U nited States is distinct and apart from tho question o f reparations
but European nations hold a contrary view, and it is wholly inconsistent to
invito a conference for tho consideration o f questions with which the Govern­
m ent is denied all authority b y act o f Congress.

The following is the President’s letter to Senator Lodge,
which was read by the latter to the Senate during the session
on Dec. 28:
TH E W H IT E H OU SE.

Washington, Dec.

27 1922.

M y Dear Senator Lodge
Replying to your inquiry relative to the proposed amendment to th e
pending N aval bill, authorizing and requesting the President to call an
economic conference to deal with conditions in the war-torn nations o f
Europe, I write to say that I know o f no prohibition against such an ex­
pression on the part o f the Congress, but I do frankly question the desira­
bility o f such an expression. I think it is undesirable because o f false im­
pressions which m ay bo conveyed thereby to Europe, and even more un­
desirable because o f the wrong impression it conveys to our own people.
On the faco o f things it is equivalent to saying that the Executive branch
o f tho Governm ent, which is charged with tho conduct o f foreign relations,
is not fully alive to a world situation which is of deep concern to the United
States.
A s a matter of fact the European situation has been given m ost thorough
and thoughtful consideration for m any m onths. W ith out questioning the
good faith o f the proposal, I am very sure it would have been more seem ly,
and the action o f the Congress could be taken much more intelligently, if
proper inquiry had been made o f the State Departm ent relative to the sit­
uation in which wo are trying to be helpful.
O f necessity, the communications o f tho State Departm ent relative
to delicate matters among nations cannot be bulletined from day to d a y ,
but the situation is never withheld from members o f Congress who choose.

2846

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[V ol. 115

to inquire for confidential information in a spirit o f co-operation. Such year which is just passing. I t seems to me that there ought to be a heroic
inquiry would have revealed the futility o f any conference call until it is effort made, not only to stop this threatened naval race but also to deal with
understood that such a conference would be welcomed b y the nations con­
economic conditions. The question of reparations is the key to the Euro­
cerned, within the limits o f discussion which the expressed will o f Congress pean situation. I f that cannot bo adjusted nothing can be adjusted. It
compel this Government to impose.
m ay be possible in a conference o f this kind to break the deadlock on that
In ratifying tho treaty o f peace with Germ any, the Senate made a reser­
subject. I f there is a better program anywhere around, I should be glad
vation that the United States should not bo represented on tho Reparations
to waive this suggestion.
Commission without consent o f the Congress, and no such consent has been
In support of kis proposal, Senator Borah in the discussion
given. M oreover, In creating the W orld-W ar D ebt Funding Commission,
thereon in tho Senate on Dec. 22, said in part:
that body was restricted to explicit terms for rates o f interest and ultimate
I t is perfectly clear to me that we are again threatened with a naval race.
time o f paym ent. I f Congress really means to facilitate tho task o f the
Different reasons for it have been assigned. I am not going to discuss it
Government in dealing with the European situation, the first practical step
with reference to individual responsibility. B ut it is perfectly apparent
would be to free the hands o f the Commission so that helpful negotiations
that it is here, for the reasons which I shall undertake to disclose as the
m ay be undertaken.
It is quite generally accepted that the adjustment o f the question of debate proceeds.
Building is going on abroad, wo are told, along all lines not specifically
reparations m ust underlie any economic rehabilitation o f Europe, and
covered b y the disarmament conference treaty. Th e things which were
reparations cannot be settled without tho consent o f Governments con­
cerned. Tho United States cannot assume to say to one nation what it covered b y that treaty have been regarded to some extent as not essential
to a m odem navy, and therefore the course now being pursued is that of a
shall pay in reparations nor to another nation what it shall accept.
naval race in those things which really count in modern naval warfare.
In discussions with foreign Governments, the previous Administration
There is a very pronounced propaganda in the country In favor o f an
and the present Administration have insisted that the question o f European
increased or enlarged navy. There is also a very remarkable propaganda
debts to the United States is distinct and apart from the question o f repara­
in favor o f an increased or enlarged arm y. The reasons which are assigned
tions, but European nations hold a contrary view, and it Is wholly Incon­
for this are because not only o f the building abroad in naval affairs, but
sistent to Invite a conference for the consideration o f questions, in dealing
because of the economic conditions and the discontent and distress which
with which the Government is denied all authority b y A c t o f Congress.
So far as the limitation o f land armaments is concerned, there seems prevail throughout the world. W e are told almost daily b y the admirals
o f tho N a v y or b y those who are high in authority in the A rm y that wo m ay
to be at this time no more promising prospect o f accomplishment than
expect almost any day a condition of affairs abroad which will necessitate
when the conference was held in Washington a year ago. Here, again,
I venture to warn tho Senate against the suggestion to our own prople or our having a vast navy and a very much larger arm y.
It is not m y intention, as I said a moment ago, to indulge In personal
a gesture o f promise to the world which cannot be fulfilled until the nations
criticism. I only call attention to the condition o f affairs, and that is that
directly concerned express their readiness to co-operate to such an end.
we are again entering upon a competitive race in armament, that we are
W ith respect to a limitation o f auxiliary typos o f naval craft, which
are not limited by the present naval treaty, it Is to be said that such an practically abandoning any further effort along the line o f disarmament
or tho limitation of armament.
Before we accept such a course we ought
agreement is much to be desired, whenever practicable, but wo m ay
to survey the situation with reference to our prosont condition and as to
reasonably postpone our further endeavors along that line until the agree­
what will probably follow. I t is m y purpose briefly to call attention to
ments made at the Washington Conference secure the final sanction o f all
some of the conditions in this country at this time.
Governments concerned.
M r . President, our present national indebtedness is between twenty-one
Very truly yours,
billion and twenty-two billion dollars— an almost inconceivable sum when
W A R R E N G . H A R D IN G .
one attem pts to measure it with any degree of accuracy or intelligence. In
Hon. Henry Cabot Lodge,
these days we speak of billions in glib terms, but when one comes to measure
United Stales Senate, Washington, D. C.
what $ 2 2 ,000 ,000 ,000 means in the way o f an indebtedness it is pretty
difficult to get a thorough comprehension of it. A t the close o f the Civil
S E N A T O R B O R A H ’S P R O P O S A L F O R W O R L D E C O N O M I C
W ar we had an indebtedness o f about two and a half billion dollars.
In the space of 50 years we had reduced it about one-half. A t the same
C O N F E R E N C E .-— V I E W S OF S E N A T O R L O D G E ,
rate o f reduction we now have an indebtedness which It will take us over
S M O O T , & C ., B E A R I N G O N F O R E IG N
twelve hundred years to pay. W hen we seek to measure tho payment of
DEBT.
this debt in human toil. In energy, in sacrifice, and in suffering it is beyond
As we note in another article in this issue Presi­ the power of human language to portray the seriousness of this burden.
The entire amount of gold which has been produced since 1493 is $5,0 0 0 ,­
dent Harding has indicated, in a letter to Senator Lodge 000,000 less than our present national debt.
his disapproval of the proposal by Senator Borah of
In addition to our national debt we have at present an annual expenditure
Idaho, that the President call a conference to consider “ the of something about three and ono-half billion dollars a year— possibly a
little less, possibly a little more. It has not been so very long since we were
economic problems now obtaining throughout the world.” regarded as unduly extravagant when it was known that we had had " a
Senator Borah’s proposal was offered as an amendment to billion dollar Congress” in the way o f appropriations: but now, four years
the Naval Appropriation Bill reported to the Senate on Dec. after the close o f the W orld W ar, after all those expenditures which have
particularly to do with the prosecution o f the war are supposed to have
21. In our issue of Dec. 16 (page 2641) wo referred to a been eliminated, or at least greatly modified, we still have a national
request, in a report of the House Appropriations Committee expenditure of some three and a half billion dollars a year.
T h at, however, M r . President, only gives a very inadequate glimpse of
accompanying the Naval Appropriation Bill presented to the
the real condition o f affairs in this country. W hen we take Into considera­
House on Dec. 13, that President Harding enter into negotia­ tion the national debt and tho national expenditure wo have only a portion,
tions with Great Britain, Franco, Italy and Japan with a and a very inadequate portion, comparatively speaking, of the entire debt
and the entire burden which rest upon tho American people at this time.

view to reaching an understanding or agreement relative to
Senator Hiram Johnson of California, in declaring his
limiting construction of sub-surface and surface craft and of
air craft. The bill carrying this request was passed by the opposition to the Borah proposal on Dec. 23 had the follow­
ing to say:
House on Dec. 18. Senator Borah’s amendment follows:
T h at the President is authorized and requested to invite such governments
as he m ay deem necessary or expedient to send representatives to a con­
ference which shall be charged with tho duty o f considering tho economic
problems now obtaining throughout tho world, with a view o f arriving at
such understandings or arrangements as m ay seem essential to the restora­
tion of-trade and to the establishment o f sound financial and business con­
ditions: and also to consider the subject o f further limitation o f armaments
with a view to reaching an understanding or agreement upon said matter
both b y land and by sea, and particularly relative to limiting the construc­
tion o f all types and sizes o f subsurface and surface craft o f 10,000 tons
standard displacement, or less, and o f air craft.

A late edition of the New York “ Evening Post” last night
(Dec. 29) contained tho following advices from Washington:
Advised by Administration leaders that his naval bill amendment for an
economic conference would be "h arm fu l” to the Administration’s negotia­
tions to aid in tho European economic conditions, Senator Borah, Republi­
can, Idaho, late to-day said in tho Senate that ho would withdraw it.

With tho presentation of his resolution Senator Borah
was reported as saying:
W e are traveling in a vicious circle. W e onacted an emergency and also
permanent tariff biU. Nevertheless, the cry o f distress from tho pro­
ducers o f the country is even more piteous than at any time since the war.
Tho farmer can find no markets abroad for his surplus products and without
a market for his surplus products it is impossible for him to realize the valuo

a

o f that which he produces.
W e now propose to enact a ship subsidy bill, but there are no cargoes to
carry and no markets to supply. I f we should give our millions in tho way
o f subsidies it would not open a single market or supply a single cargo.
These things are not produced b y subsidies. There are millions of shipping
tonnage lying idle now waiting to carry the cargoes which do not appear.
M arkets are opened and cargoes are produced b y .men going back to work
and settling down to business, not by imposing more taxes in the way of
subsidies.
,
W e had a Disarmament Conference a year ago. W e are now advised by a
committee report o f the other House that, unless these agreements hereto­
fore made are extended, competition in naval armaments will be on again in
the direction to which the Washington Conference agreements do not extend.
Th e Com m ittee further says that if it bo allowed to go on unchecked, this
Government must be constrained to launching to keep abreast of other
Powers. There couldn’t be anything more destructive of all hope of re­
covery in economic affairs than a reopening of a competitive race in arma­
ments.
N o business man or any one else who has reflected upon the situation
dares to look over tho next year if the next year is to be similar to the




A n economic parley o f necessity m ust considor not only present condi­
tions in Europe, but the debts due to us and, o f course, the reparations due
from G erm any. W ere we to invite tho interested nations to discuss tho
subjects in order to arrive at undertakings and agreements, with a mental
reservation to take no part in the ultim ate solution, we would be guilty o f
a species o f bad faith o f which America has never been guilty and which
Americans never can tolerate.
I f we bring the nations o f tho earth hero to W ashington for such a con­
ference we’ll dump into Am erica’s lap tho economic ills o f Europe and the
reparations muddle.
If, officially, we sit down with tho other nations
who meet at our invitation and reach an understanding and agreement wo
are in honor bound to carry out an agreement to onforco reparations, and
that instant wo abandon tho traditional policy o f America. W o become a
part o f the European scheme o f things and wo enter upon that course from
which wo have so recently escaped and which our people so overwhelmingly
repudiated. W e cannot officially, with the nations o f Europo, enter into
agreements for tho solution o f Europe’s present economic ills without
being involved politically.
I t ’s true we have troops on the Rhine. Tho Administration claims thay
aro there under tho armistico. They ought to bo brought home. I t ’s
equally true wo have observers in Europe. B ut having these troops on
the Rhine, even as I think wrongfully, under existing conditions, and our
observers in Europe are a vastly different thing from begging all Europe
to com e to W ashington to reach understandings and agreements in which
officially wo participate and which in good faith wo must aid in executing.
Tho difference is the difference between the policy o f Woodrow W ilson and
that endorsed and approved by the American people in 1920.

Senator Smoot of Utah and Senator Moses of New Hamp­
shire— the former a member of tho World War Foreign Debt
Commission— both indicated their opposition to the Borah
suggestion on Dec. 25— Senator Smoot issuing a statement
sayingI don't think that the conference proposed in tho amendment to the
naval appropriations bill offered by Senator Borah would accomplish any
good purpose. W e know in advance what tho other nations want and
we are not in a position to grant it.
I f we called a conference, invited these nations here and then, when
they came, turned down their requests the situation would not be Im­
proved and tho United States would bo placed in a false position. I
am opposed to it and I do not think the amendment will be adopted.

The stand of Senator Moses was indicated in a dispatch
from Washington published in the New York “Tribune”
which said:

THE CHRONICLE

D ec. 30 1922.]

Senator M oses is flatly against the proposal. H e was a leader o f the
irreconcilables during the League fight. He contends that all the treaties
enacted at the Washington Conference for Disarmament should first
bo ratified before the Government o f the United States embarks on further
Old W orld problems.
.
Senator Sm oot's fire against the amendment is regarded as the opening
gun of the Republican leaders. It is known that some o f the Administra­
tion men of the Senate, including Senators Lodge. W atson and Smoot,
are holding conferences to devise means o f stopping the Borah plans.
T h ey realize, it is stated, that the Idaho Senator m ust be met with fullblooded arguments and a convincing statem ent o f what would follow
the step he urges, for there is no doubt that he has struck a responsive
chord among a great m any persons throughout the country. M a n y
interests believing the United States should see what it can do across the
Atlantic because o f the large stakes involved for this country, are lining
up in favor o f the Borah plan, at least, as having possibilities in this
direction.

.

.

.

,

R e g a r d in g th e s e n tim e n t m C o n g r e ss in fa v o r o f tn e
p r o p o sa l, w e q u o te th e fo llo w in g fro m W a s h in g to n p u b lish e d
in th e “ J o u rn a l o f C o m m e r c e ” o f D e c . 27:
Sentiment in favor o f the Borah plan for an international economic
conference to disposo o f the reparations question grew to-day while the
Administration forces were marshalling for the attack on the Idaho Senator’s
amendment to the naval supply bill, which is expected to be delivered
shortly after the Senate reconvenes to-morrow.
Senators from the agricultural districts are lining up behind the Borah
proposal as indorsements from the farming areas come in, and favorable
reactions are reaching the Capitol from banking and business interests.
Councils o f war by Administration leaders are preparing practically every
weapon for the attack, which is to be led by Senator Lodge, but so far
no well-defined m ethod o f advance has been disclosed.

Harding Opposes Plan.
President Harding is opposed to the proposal, but is understood to be
disinclined to dictate his views to Congress, although reserving to himself
the right in the event o f the passage o f the amendment authorizing him to
call the conference to withhold compliance with the request until it ap­
peared to him to be the proper time to do so.
Senator M c N a ry , Republican, of Oregon, came out to-day for the Borah
plan and declared his intention to support the proposal before the Senate.
" I believe,” he said, “ that such a conference as proposed by Senator
Borah would be of benefit. I intend to support it just as it is, and see no
necessity for any amendments or reservations. It is clear to m e that unless
something is done to stabilize economic conditions in Europe this country is
going to suffer. The farmers and manufacturers m ust have markets for
their products, and unless conditions in the world im prove, they are not
going to have those m arkets.”
Support for the proposal was also promised by Senator Ladd, Republican,
o f N orth D akota, and Senator Brookhart, Republican, o f Iow a, one o f the
membors o f the newly elected farm ers’ progressive bloc.
The big gun in the Administration attack on the amendment is to be
fired by Senator Lodge, who has prepared an address after a conference with
Secretary Hughes to read to the Senate. Administration leaders plan to
take advantage o f every angle o f attack and parliamentary devices will be
resorted to in an effort to have the amendment thrown ou t. Failing this,
amendments and reservations have been prepared w ith intent to nullify
the ends o f tho proposals if adopted.

Debt Cancellation.
Tho question o f tho cancellation o f foreign debts is expected to play a large
part in tho fight against the Borah plan, and in som e quarters it is suggested
that proposals to exclude that subject from the scope o f tho proposed con­
ference’s discussion would place the supporters o f the plan in the position of
favoring cancellation.
Tho breadth o f the Borah plan, which provides for a discussion o f lim i­
tation o f armaments as well as economic problem s, is also to be a target
for Administration ammunition. Assembling o f a conference which would
have such a wido range o f subjects for debate, it is contended, could obtain
little in the way o f agreement, especially as the views o f the Europeans on
questions such as land armies are represented to be unchanged from their
stand at the W ashington Conference.
Senator M oses o f New Hampshire, Brandegee o f Connecticut, W atson o f
Indiana and Johnson o f California are reported to be against adoption o f tho
plan in any form , either with or without nullifying reservations, while
Senator New o f Indiana announced his opposition to the proposal on the
ground that it was inopportune in view o f the activities o f the Administration
to find a way to be helpful to Europe in the present circumstances.

S e n a to r L o d g e , in v o ic in g h is o p p o s itio n to th e p r o p o sa l,
o n D e c . 2 7 s t a te d in part:
This amendment of the Senator from Idaho provides for “ a conference
which shall be charged with tho duty of considering the economic problems
now obtaining throughout the world with a view o f arriving at such under­
standings or arrangements as m ay seem essential to the restoration o f trade
and to the establishment of sound financial and business conditions” .
T hat is very broadly drawn. It has no boundaries. It extends, or can be
extended, from the heavens above to tho earth beneath.
It seems to me, M r . President, if we are to consider it at all with a view
of action here— and it is very important action to express the opinion of
the Senate on a matter involving our foreign relations— that we ought to
know before wo do it exactly what the powers of the conference are to be
and just what tho amendment means. A s the amendment is worded,
there is nothing to provont such a conference, if called, and assembled, from
considering tho question of the foreign debts due to the United States.
It is true that consideration o f those debts is now provided for by an Act
o f Congress, but a treaty, if ratified, would override tho A ct of Congress,
just as an A ct of Congress could abrogate a clause in a treaty if made sub­
sequently.
The fact of tho invitation is a very serious matter. I t is only just, when
we are inviting a conference of this sort, that we should say just what we
mean. I do no*1 k110W what tho feeling of Congress would be as to permit­
ting a general economic conference to pass upon the foreign debts duo to
us, but it seems to mo that is a question which should be excluded. I
think the debts due to tho United States should be considered and dealt
with by the United States alone. I do not think there is any desire on the
part of the people of tho United States to deal with those debts otherwise
than generously and fairly, but I do not think they would care to have the
fate o f those debts settled by other Powers.
Under the conference, of course, we should be called upon to tako part
In the Reparation Commission. W e are seeking no reparations, but we
should be called upon to take part in it and enter to that extent, at least,
into a revision, perhaps, o f the Treaty o f Versailles. I think, whatever we
feel about that, that we should determine and make clear in our legislation
just what our opinion is and how far we should go. Such a conference, if
it should ever come into existence, would undoubtedly have the power to




2847

consider advancing largo sums of new money to help Germ any or to help
France. I do not know how far the Senate thinks it should com m it Itself
to the policy of advancing money from the Treasury o f the United States
for the re-establishment o f the finances o f Germany or France, but it seems
to me that if we are to do it, if we are to enter into a conference where that
question would surely arise, there ought to be some distinct statement
as to our attitude in regard to it.
There are m any other things involved. I f we are to enter upon the busi­
ness o f restoring stability in Europe, of course we shall be called upon not
only to help France, Italy and Germany, but the Austrian States o f the
former empire, tho Balkans, Asia M inor, and, I suppose, Russia. I am
not arguing now the merits o f those varying propositions. I am merely
suggesting that before we pass resolutions or adopt amendments favoring
an economic conference we should know how far we are going and what we
propose to do. I t is easy enough to say “ Let us have an economic con­
ference,” but when nations come together in an economic conference the
case assumes immense importance and seriousness. There is one thing
we should never permit, and that Is to invite all the nations to meet us and
have any misunderstanding about our attitude before we go into the con­
ference. W e m ust know exactly what we are ready to consider and what
we will not consider.
O f course there are m any other questions that might be brought up in the
conference upon which I hope, before the debate ends and before final action
is taken, the Senate will express its opinion. The question of immigration,
for example, could not, in m y opinion, be kept out of that conference under
its very terms. I for one should not be willing to have that question go
before the conference at all. I do not suppose that the conference would
take up any purely political questions, but when anything is as large and
broad as the conference proposed in this amendment no one can tell where
it will end.
A ll I am asking to-day is that the Senate shall consider the matter with
the utmost care before the amendment is agreed to. W o are taking upon
ourselves the duty o f expressing the opinion o f the United States Senate.
W e are undertaking to advise the President, who is charged with the
conduct of our foreign relations, to take a very grave step. W e do not
know what he has done in these various directions. W e do know that he
is desirous as anybody possibly can be to Improve economic conditions
in Europe and to aid those countries toward greater business stability.
B ut what steps he m ay have taken we do not know. It will be no one’s
wish, I am sure, to embarrass him in the conversations or negotiations or
the efforts which he m ay now be making, and which he is now making as
a matter o f fact. For that reason, as well as for the others I have men­
tioned, we ought to set forth very carefully exactly what we mean in the
amendment if we are to accept It at all.
M y own belief is as a general proposition that the United States can be
o f greater service to humanity and to its fellow nations in Europe and else­
where b y holding itself free from obligations which would bind it to action
which it might not be willing to taken when the hour for action came. The
United States without treaty obligations o f any kind rendered a very
great service to the world. W e asked nothing; we received nothing. W e
took not one inch of land nor have we sought a dollar of reparation. I
am very proud to think that that is the record of m y country.
W h a t precisely wo can do in an economic conference in directions we
should be willing to accept I am not yet able to say. I think we can be of
service as we have been o f service, but what wo can do precisely at an eco­
nomic conference, unless possibly as an arbitrator or mediator, I am not
able to define.
•
In conclusion m ay I repeat that we have taken no foot of land and no
dollar o f reparations, and I am very proud to think that is our record. I
have not a word of reflection upon the other countries who suffered and
sacrificed so much in the war, but they have already received large and im ­
portant advantages from tho conclusion of the war. I do not grudge them
anything they have received. I do not question tho justice of it. B ut they
have all received something o f very great material value— immense terri­
tories in Africa, territories in Asia M inor, islands in tho Pacific, and the
rest. They have rid themselves for some years of the competition o f the
German merchant marine. Those things are all of great pecuniary value
and, as I said, I do not grudge them anything. B ut we have asked noth­
ing, we want nothing, we have taken nothing, and we do not propose to
do so. I think that that fact alone should leave it to us to determine if
we are to give, what we shall give, when we shall give, and where we shall
give, and not permit it settled for us by other nations.

A s to th e d is c u ssio n in th e S e n a te o n th e 2 8 t h , in c id e n t
to th e P r e s id e n t’s le t te r to S e n a to r L o d g e , w h ic h w e p u b lis h
e lse w h e r e , w e q u o te th e fo llo w in g fr o m a W a s h in g to n d is ­
p a tc h t o th e N e w Y o r k “ T im e s ” :
Senator M cC orm ick, who before he concluded was to draw both Lodge
and Borah into the debate, opened for the opposition. H e began with a
reference to the W ashington conference for the limitation o f armament,
which he said was under consideration b y President Harding long before
the latter’s inauguration and months before tho Borah naval disarmament
resolution o f 1921 was submitted to the Senate.
“ I f the Senator,” said M r . M cC orm ick, “ requires assurance that nego­
tiations are under w ay, the Secretary o f State and the President are in the
city o f W ashington, so accessable to all o f us that we m ay learn from their
own lips, if we ask. B ut is it necessary to confirm the known evidence?
The Prime Ministers m et in London a fortnight ago. Three American
Ambassadors m et in London at the same tim e .”
W hen Senator M cC orm ick expressed his deep concern over tho success
o f the “ negotiations now pending,” and which ho added were “ known to
bo pending” between this and foreign Governments relative to tho Euro­
pean situation. Senator Borah made his first interruption.
“ Does the Senator know ,” M r . Borah asked, “ what the purport o f these
negotiations is, what they include?”
M r . M cCorm ick— “ The Senator does not, but if tho Senator had been
here a few days longer he could have learned, no doubt, by going to the
State Departm ent to ask .”
M r . Borah— '“ I f the Senator would tako occasion to visit the State D e­
partment any time soon I would be greatly pleased to have him advise his
colleagues what the negotiations include."

Debt Cancellation Not Included.
M r . Lodge— “ W ould it interrupt the Senator if I said, in regard to the
question asked b y the Senator from Idaho about what these negotiations
include, that I am not in a position to state precisely what they include,
although I think it is very obvious to every one w hat their limitations
m ight be, but I can say what they do not Include. T h ey do not include
the cancellation o f the debt. I asked that question o f the President, and
he said: ‘W h y , this Administration has been steadily against the cancellation
o f the debt and is now .’ I also asked in that connection about his reference
to the greater latitude to bo given to the commission, and ho said that re­
ferred to the question o f time or the amortization o f the debt or to tho ques­
tion o f tho rates o f interest."

2848

THE CHRONICLE

M r . M cC orm ick— “ Th e negotiations by the State D epartm ent, I assume,
like those between the European Governments, have sought to find a basis
for agreement upon which the tentative Brussels conference could follow,
because, as published in the press, none o f the Governments believed it
would be possible to m eet in economic conference at Brussels if that con­
ference were foredoomed in advance to failure by reason o f tho unwillingness
o f Governments to establish a basis upon which they could negotiate.”
M r . Borah— “ The President says in his letter that while the State Depart­
ment has contended that the question o f the debts should be considered
separate and apart from tho question o f reparations, the foreign Govern­
ments contend otherwise and that the two propositions apparently are
interwoven and m ust be considered together. Then he suggested that if
the Congress desires to be helpful it will give the debt commission greater
authority to deal with this question o f the international debt. Does the
Senator understand that that greater authority means that the President
desires the Congress to change the statute so that the debt commission m ay
have full latitude to deal with tho method and manner o f disposing o f the
debt, and the consideration o f the reparations question?”

Minor Debts Also Retained.
M r . M cC orm ick— “ Th e Senator from M assachusetts, I hope, m ay answer
that question, as he has conferred with the Secretary o f State.”
M r . Lodge— “ I asked the President that question. The latitude men­
tioned in his letter to which I have already alluded refers to a greater lati­
tude in regard to the rate o f interest and the term o f the bond, but it does
not in any sense include the question o f the cancellation o f the debt, and I
am authorized to say, as I have said it here, that that is not within the con­
sideration o f the Administration at all and that they are opposed to the
cancellation o f the debt, as they always have been.”
M r . W illiam s— “ Does the Senator from Massachusetts mean that the
Administration is opposed to the cancellation o f any debt o f any European
Power to the United States, even Belgium or Serbia?”
M r . Lodge— “ I did not ask the details. I was speaking of the general can­
cellation o f the debt. I f one is canceled, I suppose all will be canceled.”
M r . W illiam s— “ It is not one debt; it is a half dozen different debts.”
M r . Borah— “ D o I understand that the Senator from Massachusetts and
tho Senator from Illinois are in favor o f modifying or changing the statute
creating the debt commission, and giving the President greater latitude.”
M r . Lodge— “ I understand that the view o f the President is that there
might be a greater latitude in regard to tho rate of interest and tho time of
amortization o f the debt, and m any people hold that opinion.”
M r . Borah— “ Does the Senator from Massachusetts hold that opinion?”
M r . Lodge— “ I am inclined to think there might be greater latitude given
on those points with wisdom , yes, I am not in favor o f the cancellation of
o f the d e t t , neither is the Administration for the cancellation o f any part of
it, because I suppose it all goes together.”

Non-Committal on Extension.
Senator Borah wanted to know how far the time should, iu the opinion o f
Senator Lodge, be extended. M r . Lodge replied that that was a matter for
discussion. Besides, he added, he was not a member of the Funding Com ­
mission.
'
Senator France, who followed M r . M cC orm ick, predicted that unless
relief was extended to Europe by the United States within tho next few
weeks more than 15,000,000 people in Europo and Siberia would die o f star­
vation this winter.
“ W e must find a solution for the difficulties .which confront the world,”
the M aryland Senator said, “ or you will plunge Europe into utter ruin.”
This brought Senator Smoot into the discussion. H e recalled that a year
ago Secretary M ellon had asked Congress for certain powers in order to meet
the situation then existing, a situation, he added, that was now growing
worse. The Secretary, he said, wanted power to refund our foreign obliga­
tions, the authority to extend the paym ents over a period o f forty years,
and that tho rate of interest be left entirely to the discretion o f the A d ­
ministration. Congress, however, he pointed out, limited the period of
extension to 25 years and fixed the rate of interest at not less than 4 \i% ,
and yet, Senator Smoot said, he had no doubt that Congress knew at that
very time that England was possibly the only country that could meet tho
conditions fixed by the law.
“ As a member o f the Funding Com m ission,” continued Senator Sm oot, “ I
can say that it has been demonstrated beyond a question of doubt that those
debts cannot be paid by the foreign countries as was contemplated in the
passage o f that legislation.”

M r. B orah— “ I t is v e ry a p p a re n t fro m th e le tte r w hich cam e in from th e
P resid e n t to -d a y a n d fro m th o arg u m en t of th e Senator fro m U ta h a nd from
th e o th e r p ro p ag an d a w hich is going on in th e c o u n try , th a t while we are
ta lk in g a b o u t n o t canceling tho d e b t, we propose to p u t th e m a tte r in such a
situ a tio n th a t for all p ra c tic al purposes it w ill be a can cellatio n .”
M r. Sm oot— “ I do n o t w ant th e Senator to in tim a te th a t I hav e an y su ch
idea. On th e c o n tra ry , I h av e s ta te d m y position openly an d publicly so
m an y tim es th a t I did n o t th in k an y b o d y oven th o u g h t for a m om ent that. I
h a d su ch a n id e a .”
M r . Borah— “ The American people are not interested in this debt as a
mere memento to stay here in the archives o f the Treasury for an indefinite
length of time until tho seventh and eighth generations shall have passed
over Jordan. T hat is the plan and has been the plan for weeks and it is a
schemo that is being carried on— to extend these debts so indefinitely that
instead o f an actual cancellation it will be a practical cancellation.”
M r . Smoot— “ I will say to the Senator that not a scintilla o f evidence has
been submitted that I know o f that could justify such a charge against the
Foreign Loan D ebt Commission. And I want to say to the Senator now
that I have not a doubt that every member o f that Commission would be
opposed to any cancellation o f the d e b t.”
M r . Borah— " W h y , o f course they are opposed to the cancellation o f the
debt. I am not speaking about the wishes or desires o f the Commission as
an individual entity. I am speaking now o f the plan which is being put
forward, and which we are advised to-day we m ust go to the State D epart­
ment to get our information concerning in a confidential w ay. I d o not have
to go to the State D epartm ent to know that that scheme has long since been
on. I know it from practically the same source that the State D epart­
ment knows it from , and that is from the men who started it.

[You. 115.

obligations that thoso countries aro owing Am erica? D oes he think for a
moment that the international bankers o f this country and in foreign
countries aro going to advance further loans to these countries underjthe
conditions described b y him as existing in those countries.”
“ W e have to look at the thing in a business w ay, and I want to know—
because no human being living would like to relieve tho suffering o f Europe
any more than I— but the question is, H ow are wo going to do it? From
what source is the relief to com e? I f it is to come from international
bankers, as the Senator has intimated that they are holding obligations o f
$ 4 ,0 0 0 ,0 0 0 ,0 0 0 or $ 6 ,000,000,000, they are not going to advance any
m oney unless they know that they are going to have some chance o f that
m oney being returned. T hat is just as natural as life itself. N ow , the
question is. Does the Senator think that we ought to advance them more
m oney? I f so, to what countries, and upon what conditions?”
M r . France— “ Th e answer is this: Deferment o f paym ent is the first
thing. The finding o f assets which m ight be utilized in the settlement o f
the account is tho second thing. Tho rehabilitation o f the debtor is the
third thing. Those are the three steps— first, to defer paym ent; second,
to find assets which might be used in liquidation; third, to rehabilitate
the debtor.
“ Tho Secretary o f tho Troasury, a great financier, and a pre-eminently
distinguished banker, only suggested deferment o f paym ent. H e did not
suggest the examination o f the assets, nor did ho suggest any plan for the
rehabilitation o f the debtor, all three o f which are indispensable.”
M r . Smoot— “ I agree with the Senator as to that, but let us take the case
and see where we land. I suppose nobody will deny the fact that in order
to relieve the situation Germany has to be relieved in some w ay. She has
to receive assistance from some source. I f Germany should apply for a
loan from the international bankers o f any country thoso bankers would say;
‘W h a t security have you to offer? How are we to feel secure for tho repay­
m ent o f the m oney we give o u t.’ Tho Senator knows that tho reparations
imposed upon Germ any are such that she cannot meet them . Her man
power and productivity o f the soil are not sufficient to meet the reparations
that have been demanded o f her. Is there any property in Germany as
long as those reparations stand as a first lien against Germ any, that she
could give for any further advance o f money to relieve her o f the stress
she is in ? ”
•
M r . France— “ I have long since advocated, and there is, I will say, in
passing, somewhere in tho dusty files o f the Foreign Relations Com m ittee,
a resolution which probably has never been read by any considerable part
o f that Com m ittee; certainly it has never been considered, providing for
two things; first, for the liquidation by tho transfer from our debtors to our
Government o f assets; it provides for the liquidation o f the debts owed us
by certain Governments by transfer from them o f assets which they have,
and which can be transferred, and it provides, at the same tim e, for a
reduction o f the German indemnity to $15,00 0 ,0 0 0 ,0 0 0 , which is the
maxim um am ount which any economist thinks Germany can possibly p a y .”
Senator Smoot asked what character o f assets Senator France had in
m ind. Tho answer was tho former German colonies in Africa and the
former German-owned cables.

O V E R T U R E S B Y G E R M A N I N T E R E S T S TO U . S. C H A M ­
B E R O F C O M M E R C E FO R A M E R I C A N C O M M I SS I O N TO D E T E R M I N E G E R M A N Y ' S A B I L I T Y
TO P A Y R E P A R A T I O N S .

A d v ic e s to th e e ff e c t t h a t a d e fin ite r e q u e s t fro m G e r m a n
b u s in e s s m e n fo r th e a p p o in t m e n t o f a n A m e r ic a n c o m m is s io n
to in q u ir e in t o G e r m a n y ’s a b ilit y to p a y r e p a r a tio n s c a m e
fr o m t h e C h a m b e r o f C o m m e r c e o f t h e U n it e d S t a t e s o n
D e c . 2 8 , w h e n i t m a d e p u b lic t h e t e x t o f a c o m m u n ic a tio n
fr o m t h e P r e s id e n t o f th e D e u t s c h e r I n d u s t r ie u n d H a n d e ls t a g — a n a tio n a l o r g a n iz a tio n r e p r e s e n tin g G e r m a n b u s in e s s
in t e r e s ts — e m b o d y in g th e r e q u e s t . T h e c o m m u n ic a tio n w a s
a d d r e ss e d t o J u liu s H . B a r n e s , P r e s id e n t o f t h e C h a m b e r o f
C o m m e r c e o f t h e U n it e d S ta t e s ; t h e r e p ly o f th e la t t e r e x ­
p r e ss e d g r a tific a tio n a t th e c o n fid e n c e s h o w n in A m e r ic a n
b u s in e s s le a d e r s h ip , b u t d eferred a d e fin ite d e c is io n , p e n d in g
d is c u s s io n o f th e r e p a r a tio n s q u e s t io n b y th e C o u n c il o f
A llie d P r e m ie r s , a t it s m e e t in g J a n . 2 . I n m a k in g p u b lic th e
c o r r e s p o n d e n c e M r . B a r n e s is s u e d a s t a t e m e n t s a y in g :
So much interest has been evinced by business organizations and business
men o f America as to what might be done to facilitate a definite settlement
o f tho reparations question that the Chamber o f Commerco o f tho United
States feels justified in giving publicity to a cable received last Tuesday
morning from the organization in Germany which corresponds most nearly
to the Cham ber o f the Commerce o f the United States, and together with
that cable tho answer which the Chamber o f Commerco o f the United
States has sent.
Tho importance which a reparations settlement has assumed in business
and industrial circles all over the world is illustrated by this cablo and its
answer. Tho belief is growing everywhere that a definito settlement of this
question carried out in good faith would be the chief approach to distinct
progress in world recovery.
The cables speak for themselves and need no extended comment at
this tim e:

Text of German Cablegram.
"Berlin, Dec. 25 1922.
"Julius H. Barnes, President Chamber of Commerce of the United States,
Washington:

Asks How Debtors Can Pay.

“ Tho German Industrie-Und Handelstag states that tho failuro to agree
on definite settlement o f reparations within the ability o f Germ any exorcised
in good faith to tho utm ost to pay continues a state of financial and com ­
mercial chaos, from which not only Germany but the whole world m ust

M r . Smoot— “ I will say to the Senator from Idaho that what I stated was
in answer to a statem ent that was made b y tho Senator from M aryland,
brought out by a question that I had asked the Senator from M aryland—
that before he concluded his remarks I should like to have him submit some
proposition or his ideas at least as to how these debts from tho foreign
countries can be m et, and what he recommended for immediate action in
order to relieve the situation in E u rope.”
Senator France said that the
great trouble with the foreign debt situation was that the international
bankers who, he declared, had over $ 4 ,0 0 0 ,0 0 0 ,0 0 0 of foreign obligations on
their hands, wanted to get their money before tho Government collected
what was due it.
“ D oes the Senator believe,” Senator Smoot asked, “ that tho tim e has
arrived when the Government ought to extend further credits to these
countries without tho paym ent of their interest that is now duo us on the

suffer.
“ Second. T hat the difference o f the views as to what and how Germany
can pay in restitution would seem to be susceptible o f a solution b y inde­
pendent and impartial business judgm ent.
“ Third. That Germ any greatly desires such an expression of business
judgment on her capacity to pay that shall at least clarify her position.
“ Fourth. The German Industrie-Und Handelstag, therefore, as the
leading commercial body o f Germ any, address themselves to the leading
commercial body o f the United States (the Chamber o f Commerce o f the
United States) and inquire whether that Cham ber, in simple justice to
Germ any, and for whatever basis it m ay later provide as a possible settle­
ment of. this question which lies at the root o f all financial and commercial
disorder in Europe, will appoint a commission of outstanding character,
ability and impartiality to express thus an American opinion on this question.




THE CHRONICLE

D ec. 30 1922.]

“ Fifth. A s the German-Industrie Und ITandelstag only desire a com­
pletely fair expression, they agree in advance to the propriety of the prin­
ciple to bo accepted and exercised b y Germ any in good faith, that the
amount and methods suggested shall bo a recognition that Germany shall
make restitution to the utmost of its ability, without involving the destruc­
tion o f its earning and producing power, and holding forth somo reasonable
expectation o f an ultimate settlement of the obligation.
“ Sixth. Th e German Industrie-Und Handelstag maintain that the
currency instability has been the necessary result o f reparations and other
demands beyond its capacity to meet, and extend assurance that if this
expression leads to a settlement o f the reparations and other burdens
within the definition of the principle liad down, Germany intends to
immediately thereafter take steps to stabilize its currency in the interest
o f financial order at home and the encouragement of foreign commerce.
^ “ Seventh. The Gorman Industrie-Und Handelstag know that the
German Government would be pleased to welcome such a commission
and would be ready to open to such a commission all sources of information
they might require, and the German Industrlo-Und Handelstag oxpress
the hope that, if this is done, the other interested countries would also
place their information and views beforo such a commission.
“ (Signed) F R A N Z V O N M E N D E L S S O H N .

President.*’

Reply of Chamber of Commerce.
“ Washington, Dec. 28 1922.
“Franz von Mendelssohn, President, Deutscher Industric-und Handelstag,
Berlin, Germany:
“ The Chamber o f Commerce of the United States is impressed with
the solemn responsibility which a compliance with the request of your
communication would lay hpon American business leadership. W e realizo
the great forces for good which would follow a definite and practical solution
of the reparations questions which to-day destroys tho atmosphere of
peace in which alone Europe can rebuild its broken processes, and with
these thoughts in mind we are giving your request our serious consideration.
“ W o welcome tho reaffirmation of tho recognition b y Germany as ex­
pressed by you o f the obligation to make restitution to the utm ost. Based
on this principle, tho determination o f tho amount o f reparations and
the methods of payment to make effective at tho earliest possible moment
the restitution to which the Allied countries are justly entitled, and not
to lighten tho rightful obligation of Germ any, should be susceptiblo of
determination by honest judgm ent consecrated to the interest of world
peace and free from any political or other bias.

Suspend Decision.
“ M anifestly such a determination arrived at by mutual agreement and
made effecti\e by efforts in good faith is preferable to an expression by
any outside body, no matter how disinterested and impartial. Therefore,
inasmuch as there is A scheduled official conference appointed for January
2 next for the consideration of this question, we venture to suspend our
decision on your request for an American commission in the hope that
by common accord a definite settlement will bo arranged at that meeting.
(Signed) JU L IU S H . B A R N E S , President.”

I n o u r is s u e o f S a tu r d a y la s t (p a g e 2 7 3 5 ) w e p u b lish e d a
s t a t e m e n t b y M r . B a r n e s b e a r in g o n th e r e p o r ts o f a r e q u e s t
in b e h lf o f G e r m a n y fo r th e a p p o in t m e n t o f a b o d y o f A m e r i­
c a n b u sin e ss to d e te r m in e d a n e w b a s is o f r e p a r a tio n s , in
w h ic h M r . B a r n e s in d ic a te d t h a t th e C h a m b e r o f C o m m e r c e
o f th e U n it e d S t a t e s s t o o d r e a d y , if c a lle d o n , to a s s is t in a
s e t t le m e n t o f th e r e p a r a tio n s q u e s t io n .
U . S. T O S E N D E C O N O M I C M I S S I O N TO E U R O P E .

“ F in a n c ia l A m e r ic a ” la t e y e s t e r d a y ( D e c . 2 9 ) r e c e iv e d
th e fo llo w in g a d v ic e s fro m W a s h in g to n :
W ith the conclusion o f the Cabinet meeting to-day it was announced that
this Government would send a commission of economic and financial experts
to Europe to aid in the rehabilitation o f tho striken countries. Invitations
it was intimated, however, will have to bo recoived b y the United States
before such acton is taken. This Government was said to have no desire
to interfere in the negotiations now being carried on by the countries inter­
ested but would be willing to undertake anything that might lead to a return
to normalcy.
The conference would be hold in some European capital, it was said, and
in no case would the meeting be staged in W ashington. Tho Cabinet
mombers who gave out the nows declared, and this would bo one o f the stipu­
lations made if tho appointment o f such a commission were undertaken.
I f tho commission is names, it will consist o f men o f tried abilities and will
be non-political. This was made apparent in tho announcement to-day
and it was said partisan politics would not be permitted to enter into the
personnel o f the mission.

R E Q U E S T F O R R I D S F O R C U B A N L O A N O F $ 5 0 ,0 0 0 ,0 0 0 .

B id s fo r th o p r o p o se d C u b a n lo a n o f $ 5 0 ,0 0 0 ,0 0 0 are in v ite d
b y P r e s id e n t A lfr e d o Z a y a s a n d M . D e s p a ig n e , S e c r e ta r y
o f th e C u b a n T r e a s u r y , in a n o tic e issu e d a t H a v a n a u n d er
d a te o f D e e . 18 a t H a v a n a , a n d p u b lish e d in th e d a ily
p a p ers o f th is c it y th e c u r r e n t w e e k . T h e n o tic e sa y s:

2849

in t e r e s t , p a y a b le q u a r te r ly , a n d a c c o r d in g to t h e “ J o u r n a l
o f C o m m e r c e ” o f t h e 2 8 t h i n s t ., d e ta ils o f t h e is s u e a r e o u t ­
lin e d in a n e x e c u t iv e o rd er o f P r e s id e n t Z a y a s , w h ic h p r o ­
v id e s in p a rt:
These bonds are to bo amortized by tho following sinking fund provisions:'
B y a fixed sinking fund o f $500,000 for the first year, tho annual paym ent
increasing b y $ 50,000 for each year thereafter up to and including the
eleventh year, the annual payment in the eleventh year to amount to
$ 1 ,000,000: thereafter, from the twelfth year to the twenty-first year,
inclusive, the annual paym ents increasing b y $100,000 for each year, the
annual payment to am ount to $ 2 ,000,000 In tho twenty-first year; there­
after, from the twenty-second year to tho twenty-ninth year, inclusive,
the annual payments increasing b y $200 ,00 0 for each year, the annual
payment to amount to $ 3 ,600,000 in the twenty-ninth year: and in tho
thirtieth year the annual paym ent to amount to $3,050,000: tho aggregate
o f the foregoing paym ents to bo sufficient to retire the entire issue by
m aturity.
Ten per cent of the amount by which the gross revenues o f the Govern­
ment in each fiscal year exceed the sum o f $60,000 ,000 shall be used as an
additional sinking fund during tho life o f the bonds.

COSTA

RICA'S

TECHNICAL

DEFAULT.

I n v ie w o f t h e s t e a d ily g r o w in g in t e r e s t o n t h e p a r t o f th e
U n it e d S t a t e s in th e C e n tr a l A m e r ic a n R e p u b lic s , th e
M o o d y ’s I n v e s to r s S e r v ic e m a k e s p u b lic th e fo llo w in g
in fo r m a tio n j u s t r e c e iv e d fr o m it s F o r e ig n D e p a r tm e n t:
Tho Government o f C osta Rica might bo said to bo technically in default
on paym et o f interest duo on tho 5 % bonds o f 1911 outstanding to the
amount o f about Fes. 33,0 0 0 ,0 0 0 . Costa Rica is apparently willing to
pay interest in French francs, but bondholders demand sterling to which they
claim to be entitled under the terms o f the contract. The Association
Beige pour la Defenso des Detenteurs des Funds Public (Belgian Associa­
tion for the Protection o f Bondholders) has expressed its willingness to
confer in behalf o f the holders o f above bonds with the Costa Rican
Government and has invited bondholders to deposit their bonds with the
Association in Antwerp, 9 rue des Israelites.
Th e above loan was floated in 1911 to the amount o f Fes. 35.0 0 0 ,0 0 0 .
Tho issue was underwritten b y Albert Kahn o f Paris, E . L. Behrens of
Ham burg, and Speyer & C o . o f N ew Y o rk. Interest was to be paid in
francs, sterling, dollars, or marks at the option o f the holders.

URUGUAY

SELLS

T R E A S U R Y BILLS.

T h e fo llo w in g is fr o m t h e “ W a ll S t r e e t J o u r n a l” o f y e s t e r ­
d a y (D e c . 2 9 ).
Issue o f 2 ,0 0 0 ,0 0 0 pesos treasury bills authorized under budget law of
Uruguay has beon subm itted to tender for discount. Offers b y National
C ity Bank o f N ew Y o rk for 1 ,000,000 pesos and by the Italian Bank for
750,000 pesos have been accepted, but term s have not been made public.
Present exchange value o f the Uruguay peso is 85.4 cents.

J A P A N ’S D E C R E E A G A I N S T G O L D E X P O R T S .

T h e fo llo w in g is fr o m t h e N e w Y o r k “ T im e s ” o f D e c . 18:
Tho text o f tho declaration issued by the Japanese M inistry o f Finance
regarding tho policy o f Japan in the matter o f gold exports was as follows:
It is beyond all doubt that tho gold export embargo, which was adopted to
meet wartime needs, as a measure o f extraordinary expedience, should be
canceled at the earliest possible opportunity for the normal restoration of
economic conditions. W hether the persent moment is the proper time to
remove such embargo, however, is a question that, owing to the existing
situation, demands very serious consideration.
‘ It appears that the world’s economic condition still lacks stability, and
the policies o f the other Powers still remain undecided, thereby preventing
the free international m ovement o f gold. This, coupled with the still un­
stable condition o f the economic situation in this country, cannot but justify
the conclusion that any premature removal o f the embargo would seriously
affect the domestic money market in no small measure.
“ In these circumstances the Imperial Government docs not consider it
advisable to carry out the proposed cancellation at this m om ent. An
attem pt will, nevertheless, be made to remove the embargo as soon as eco­
nomic conditions are more stabilized, when no violent effect m ay be pro­
duced on the economic market b y such cancellation.”

PORTUGAL

TO S E E K

LOANS.

A L isb o n (A s s o c ia te d P r e s s ) c a b le g r a m D e c . 13 said :
Th e Government o f Premier Silva informed Parliament yesterday that
it would seek internal and external loans so that the circulation o f bank
notes might bo reduced. Administrative and financial autonomy for the
colonics as well as new inter-colonial treaties will also be requested. The
Premier especially asked authority to complete the treaties dealing with
war reparations.
The declaration dealing with tho Governm ent’s foreign policy touched
on tho Portuguese alliance with Great Britain and the development o f closer
relations with tho United States, Spain, Brazil and Argentina. Attention
was also called to the customs tariffs which will be put into effect on ac­
cordance with the new commercial treaty negotiated by Portugal.

Congress o f tho Republic o f Cuba having by lawful legislative enactment
duly authorized the President o f tho Republic to issue and sell External
Loan Gold bonds o f tho Republic hi an amount not to exceed 8 5 0 ,000 ,000 .
SW ISS
BUY
GERMAN
TREASURY
NOTES
FROM
Pursuant to such authority notice is hereby given that scaled bids will
be received by tho Secretary o f tho Treasury o f tho Republic, at his office,
BELGIUM.
in tho city of H avana, on the 12th day o f January 1923 from 9 to 10 A . M .
U n d e r d a te o f D ec. 8, a p r e s s d is p a tc h fr o m B r u s s e ls s a id :
for the purchase o f these bonds.
• .
Belgium has succeeded in having taken up in Switzerland part of the Ger­
A brief description o f the security, sinking fund, m aturity, and other
man Treasury notes advanced to meet the 210,000,000 gold mark obligation
provisions to be contained in tho contract to be made by tho successful
of Germany. This fact is cited in denial of reports that Belgium was having
bidder with tho Republic, is set forth in an Executive order o f tho underdifficulty in this direction.
itrned copies of which m ay be obtained at tho Treasury Department at
It is expected that the same procedure will be followed successfully with
Havana Cuba, or at tho Cuban Consulates in tho cities o f N ew Y o rk,
regard to the last German Treasury notes for 1922, representing 60,0000,000
Boston Chicago, Philadelphia, Baltimore, San Francisco and New Orleans,
gold marks, to be delivered Dec. 15.
T S A.
J
N o bids will bo considered unless enclosed in a sealed envelope addressed
to tho Secretary o f tho Treasury, Havana, Cuba, accompanied by a certified
OPERATION OF TH E G R E E K FORGED LOAN.
check in the amount o f $ 5 00 ,00 0, drawn on bank or trust company, o f Cuba
A d v ic e s fr o m A c tin g C o m m e r c ia l A tta c h e It. O. H a ll, Ath^
or o f tho United States, with good credit.
Checks o f unsuccessful bidders will bo returned forthwith to the respective
e n s, a r e p u b lish e d a s f o llo w s in “C o m m erce R e p o r ts ” o f N o v .

27:
b dT lie t e x t o f th e la w a u th o r iz in g th e lo a n w a s p u b lis h e d in
o u r is s u e o f N o v . 1 1 , p a g e 2 1 0 3 . T h e b o n d s w ill b e a r 5 ^ %




A royal decree of the Greek Government, concerning the operation of the
forced loan of 1,600,000,000 drachmas, has been published in the Official

2850

THE CHRONICLE

Gazette. As reported by the “ Journal de la Bourse” of Sept. 17 1922, the
nominal value of each bond is fixed at 100 drachmas and the interest at
6 Vz%. The bonds will be represented by 5,770,000 certificates, divided as
follows: 4,000,000 certificates, each of which will represent 1 bond ; 1,200,­
000 certificates, each of which will represent 5 bonds, and 570,000 certifi­
cates, each of which will represent 10 bonds. These bonds will be divided
into 16 series, each bearing a special check number.
The terms of the issue provide for paying off the loan, by quarterly draw­
ings, not later than Apr. 1 1941, each bond being reimbursed at par. A sum
of 8,000,000 drachmas will be effected for the repayments of bonds drawn
by lot, whose number will be 1,068 annually. During the last drawings of
the year additional numbers will be drwn to complete a scale established with
a view to the liquidation of the loan. The first three drawings of June, Sep­
tember and December 1922 will take place during the first quarter of 1923.
Foreigners with money holdings in Greece were specifically exempted from
participation in the forced loan by the terms of the law. American claims
for exemption under this clause of the law have been given favorable consid­
eration by the Greek Government, when the validity of the claim could be
definitely established, so that American holdings in Greece are little, if any,
concerned with the loan. The Government ruled, however, that Greek money
held outside Greece was subject to the loan, but it is not believed that such
holdings in this country will amount to any great sum.

ROM E SUSPENDS PROHIBITION AGAINST TRANSM IS­
S I O N O F M O N E Y , P R E C I O U S A R T I C L E S , ETC., I N
R E G I S T E R E D M A IL S TO IT A L Y .

P o s tm a s te r M organ o f th e N e w Y ork P o s t O ffic e in v ite d
a tt e n tio n on D e c . 19 to th e fo llo w in g a n n o u n c e m e n t b y th e
P o s t O f fic e D e p a r t m e n t :
The Rome office has suspended the prohibition regarding the transmission
to and from Italy of money, precious articles, and valuable papers (securities)
in registered letters, and until further notice registered letters containing the
articles herein mentioned will again be accepted for transmission to Italy.

RETIREM ENT

OF

PROVISIONAL
HAITI.

BANK

NOTES

OF

A c c o r d in g to “C om m erce R e p o r ts” o f N o v . 27, p u b lish e d by
th e D e p a r tm e n t o f C o m m erce a t W a sh in g to n , th e p r o v is io n a l
c u r r e n c y o f th e B a n q u e N a tio n a le d e la R e p u b liq u e d ’H a it i
o f th e d e n o m in a tio n s o f 1 a n d 2 g o u r d e s a r e o rd ered to b e r e ­
tir e d in fa v o r o f o th e r p a p e r m o n e y c a lle d “d e fin itiv e n o te s ,”
b y v ir t u e o f a n e x e c u tiv e o r d e r o f th e P r e s id e n t o f H a it i,
d a te d O ct. 14 1922. T h e b an k m u s t p r e se n t fo r d e str u c tio n
n o te s to th e v a lu e o f a t le a s t 250,000 g o u r d e s p er m on th . T h e
n e w n o te s a r e to be e m itte d a f t e r th e p r o v is io n a l n o te s h a v e
b een o f f ic ia l ly d e str o y e d . T h e s e a d v ic e s a r e c r e d ite d to
V ic e -C o n su l R . D . L o n g y ea r, P o r t a u P rin ce, Oct. 20.
O F F E R I N G OF B O N D S OF T H E F I R S T J O I N T
L A N D B A N K OF C L E V E L A N D .

STOCK

A t 103 a n d a c c r u e d in t e r e s t, to y ie ld 4 % % to 1 9 3 2 a n d
5 % th e r e a fte r , A . B . L ea ch & C o ., I n c ., offered o n T u e s d a y
o f th is w e e k ( D e c . 2 7 ) $ 1 ,0 0 0 ,0 0 0 5 % F a r m L o a n b o n d s o f
th e F ir s t J o in t S to c k L a n d B a n k o f C le v e la n d . T h e b o n d s,
c o u p o n a n d fu lly r e g is te r e d a n d in te r c h a n g e a b le , are in
d e n o m in a tio n s o f $ 5 ,0 0 0 , $ 1 ,0 0 0 a n d $ 5 0 0 . T h e y are d a te d
N o v . 1 1922. a n d are d u e N o v . 1 9 5 2 , a n d are r e d e e m a b le a t
p a r a n d a c c r u e d in te r e s t to N o v . 1 1 9 3 2 , or a n y in t e r e s t
d a te th e r e a fte r . P r in c ip a l a n d in te r e s t (M a y 1 a n d N o v . 1)
a re p a y a b le a t th e F ir s t J o in t S to c k L a n d B a n k o f C le v e la n d .
T h e b o n d s a re is su e d u n d e r th e F e d e r a l F a r m L o a n A c t
are e x e m p t fro m a ll F e d e r a l, S t a t e , m u n ic ip a l ta x a t io n
(e x c e p tin g o n ly in h e r ita n c e ta x e s ) a n d are le g a l in v e s tm e n t
fo r a ll fid u c ia r y a q d tr u s t fu n d s u n d e r th e ju r isd ic tio n o f
th e F e d e r a l G o v e r n m e n t a n d a re a c c e p ta b le a s se c u r ity fo r
P o s t a l S a v in g s a n d d e p o s its o f c e r ta in G o v e r n m e n t fu n d s .
T h e fo llo w in g is ta k e n fro m a le t te r a d d r e sse d to th e G u a rd ia n
S a v in g s & T r u s t C o . a n d A . B . L ea ch & C o ., I n c ., b y J o h n
H . K r a f t, V ic e -P r e s id e n t a n d M a n a g in g D ir e c to r o f th e
F ir s t J o in t S to c k L a n d B a n k o f C le v e la n d u n d e r d a te o f
D e c . 1:
These bonds are secured by approved first mortgages on farm lands or
United States bonds or Certificates o f Indebtedness. The first mortgages
m ay not exceed 5 0 % o f the value o f the land and 2 0 % o f the insurable
improvements as appraised b y Federal appraisers. The capital stock o f
the issuing bank, which has a double liability, offers further protection.
Tw enty-five per cent o f the annual net earnings must be added to a surplus
account until this account amounts to 2 0 % o f the capital. Thereafter
5 % o f the annual net earnings must be added to this account. Loans o f
the First Joint Stock Land Bank o f Cleveland represent 4 5 % o f the land
value and 3 9 % o f the total value o f the security as appraised by Federal
appraisers.

Amortization.
Under the G overnm ent’s plan o f amortization, the first mortgages, form­
ing collateral for these bonds require semi-annual payments to be made on
principal. T h e purpose o f this plan is to give farmers long term credits.
I t places no heavy burden on the borrower, prevents delays in meeting
principal and constantly increases his equity.

Bank and Management.
The First Joint Stock Land Bank o f Cleveland was chartered Feb. 2
'.
1922 by the Federal Farm Loan Board under the Federal Farm Loan A ct
approved by Congress July 17 1916, to operate in the States o f Ohio am
M ichigan. The bank has a paid-in capital o f $ 250 ,00 0. It has a conserva
tive management consisting o f men who have had a long and successfu
experience in the banking and farm mortgage business. Am ong thi
members o f the directorate are the following:




[V ol. 115.

James T . Begg, President, M em ber o f Congress 13th Ohio Congressiona
District.
John H . K rafft, Vice-President and M anaging Director (20 years o f success­
ful experience in farm mortgage banking).
Orville Smith, Secretary and Treasurer, attorney, Cleveland.
It. H . Schryver, President Citizens Trust & Savings B ank, Columbus.
Frank P. Kennison, Vice-President and Trust Officer, Ohio Trust & Savings
B ank, Toledo.
■
PI. P . Dean, Vice-President Lima Trust C o ., Lim a.
H . E . Hebrank, President M a d River National B ank, Springfield., O
W illiam Allendorf, President Commercial Bank & Trust C o ., Sandusky.
C . II. Bishop, President Centerburg Savings Bank C o ., Centerburg.
W illiam B . Stewart, attorney, Dustin, M cK eehan, M errick, Arter
Stewart, Cleveland.
C . V . T rott, General Manager the Cities M tg e. C o ., Colum bus.
R- H . Patterson, ITesident the R . H . Patterson C o ., Colum bus.
A . E . Querinjean, Secretary-Treasurer Midwestern Bond & M ortgage
C o ., Colum bus.

Territory.
A ll loans are made in the States o f Ohio and Michigan and are limited to
the better lands in desirable loaning sections and to good farmers with
well-managed farms. In no section o f the United States are land values
more sound than in the good sections o f these two States.

O F F E R I N G O F $ 1 ,0 0 0 ,0 0 0 B O N D S O F F I R S T J O I N T S T O C K
LAND BANK
OF D A Y T O N .

T h e L . R . B a llin g e r C o . a n d th e F ift h -T h ir d N a tio n a l
B a n k o f C in c in n a ti, o ffe r e d o n T u e s d a y o f th is w e e k (D e c .
2 6 ) a $ 1 ,0 0 0 ,0 0 0 is su e o f 5 % fa rm lo a n b o n d s o f th e F ir s t
J o in t S to c k L a n d B a n k o f D a y t o n , O h io . T h e b o n d s are
d a te d D e c . 1 1 9 2 2 , a re d u e D e c . 1 1 9 5 2 , a n d a r e r e d e e m a b le
a t p ar a n d in t e r e s t o n D e c . 1 1 9 3 2 o r a n y in t e r e s t d a te th e r e ­
a fte r . P r in c ip a l a n d in t e r e s t (J u n e 1 a n d D e c . 1) are p a y ­
a b le a t th e o ffic e o f th e F ir s t J o in t S to c k L a n d B a n k o f D a y ­
to n , O h io , th e A m e r ic a n E x c h a n g e N a t io n a l B a n k o f N e w
Y o r k C ity a n d th e F ift h -T h ir d N a tio n a l B a n k o f C in c in n a ti,
O h io . T h e b o n d s a re in c o u p o n fo rm , in d e n o m in a tio n o f
$ 1 ,0 0 0 , a n d a re fu lly r e g is te r a b le a n d in te r c h a n g e a b le . T h e y
w ere o ffe r e d a t 103 a n d in t e r e s t to y ie ld 4 % % to th e r e d e e m ­
a b le d a te a n d 5 % th e r e a fte r . T h e b o n d s a re is su e d u n d er
th e F e d e r a l F a r m L o a n A c t . T h e y are th e o b lig a tio n s o f
th e F ir s t J o in t S to c k L a n d B a n k o f D a y t o n , O h io , a n d are
secu red b y d e p o s its o f fir s t m o r tg a g e s o n fa rm la n d s lo c a te d
in O h io a n d I n d ia n a , U n ite d S t a t e s G o v e r n m e n t b o n d s or
T r e a su r y c e r tific a te s . B y A c t o f C o n g r e ss th e s e b o n d s,
p rep a red a n d e n g r a v e d b y th e T r e a su r y D e p a r t m e n t , are
le g a l in v e s tm e n t s fo r a lll fid u c ia r y a n d tr u s t fu n d s u n d er
th e ju r is d ic tio n o f th e F e d e r a l G o v e r n m e n t.
T h e y a re e x e m p t fro m a ll F e d e r a l, S t a t e , m u n ic ip a l a n d
lo c a l t a x a t io n , e x c e p tin g o n ly in h e r ita n c e ta x e s . I t is
s t a te d t h a t th e o ffic e r s a n d d ir e c to r s o f th e F ir s t J o in t S to c k
L a n d B a n k o f D a y t o n , a re p r a c tic a l b a n k e r s a n d e x p erie n c ed
a g r ic u ltu r is ts a n d t h a t th e e n tir e d ir e c to r a te o f th e C ity
N a t io n a l B a n k a n d C ity T r u s t & S a v in g s B a n k o f D a y t o n ,
O h io , a r e a m o n g it s d ir e c to r s.
O F F E R IN G OF B O N D S OF F I R S T J O I N T S T O C K L A N D
B A N K OF C H E Y E N N E , W Y O .

H a r o ld G . W is e & C o ., o f H o u s to n , T e x ., a re o ffe r in g
$ 5 0 0 ,0 0 0 F ir s t J o in t S to c k L a n d B a n k o f C h e y e n n e , W y o .„
5% fa rm lo a n b o n d s a t 1 0 2 .3 7 a n d a c c r u e d in t e r e s t, to y ie ld
4 .7 0 % , t o D e c . 1 1 9 3 2 , a n d 5 % th e r e a fte r . T h e b o n d s are
d a te d D e c . 1 1 9 2 2 , a re d u e D e c . 1 1 952 a n d a re c a lla b le
a t p a r o n D e c . 1 1 9 3 2 o r a n y in t e r e s t d a te th e r e a fte r . T h e y
are c o u p o n b o n d s , in d e n o m in a tio n o f $ 1 ,0 0 0 e a c h , fu lly
r e g is te r a b le a n d in te r c h a n g e a b le . I n t e r e s t ( D e c . 1 a n d
J u n e 1) a re p a y a b le a t th e b a n k o f is s u e o r a t th e C h a se
N a t io n a l B a n k , N e w Y o r k . T h e b o n d s a re e x e m p t fro m
a ll F e d e r a l, S t a t e , m u n ic ip a l a n d lo c a l t a x a t io n , e x c e p tin g
in h e r ita n c e ta x e s , are a c c e p ta b le a t p a r a s se c u r ity fo r p o s ta l
s a v in g s a n d a ll o th e r d e p o s its o f G o v e r n m e n t fu n d s , a n d
a re le g a l in v e s t m e n t fo r a ll fid u c ia r y a n d tr u s t fu n d s u n d e r
F e d e r a l ju r is d ic tio n . T h e F ir s t J o in t S to c k L a n d B a n k o f
C h e y e n n e w a s c h a r te r e d A p r il 18 1 9 2 2 a n d o p e r a te s in th e
S t a t e s o f C o lo r a d o a n d W y o m in g . T h e lis t o f th e o ffic e r s
w a s g iv e n in o u r is su e o f M a y 13 1 9 2 2 (p a g e 2 0 7 3 ) , in r e p o r t­
in g a t t h a t tim e a n o ffe r in g o f $ 1 ,0 0 0 ,0 0 0 o f th e b a n k ’s b o n d s .
N E W YORK STOCK E X C H A N G E COM M ISSIO N RULIN G
ON STOCKS SELLING BELOW ONE DOLLAR.

S e c r e ta r y C o x o f th e N e w Y o r k S to c k E x c h a n g e y e s t e r d a y
( D e c . 2 9 ) is s u e d t h e fo llo w in g n o tic e :
December 29 1922.
Referring to Paragraph (C 4 ), Section 2, Article X X X I V o f the Con­
stitution, known as the Commission Law, the Com m ittee on Quotations
and Commissions has determined that effective D ec. 27 1922 on trans­
actions in all stocks selling below $1 per share and not less than 50 cents
per share the following rates o f commission shall apply:
3c. per share to non-members;
J£c. per share to members, if cleared;
Me. per share to members, if not cleared.
On stocks selling below 50 cents per share, such rates as m ay be m utually
agreed upon.
E . V . D . C O X , Secretary.

THE CHRONICLE

D ec . 30 1922.]
NEW

YORK STOCK E X C H A N G E R U L IN G GOVERNING
O D D LOT BOND T R A N S A C T IO N S .

T h e fo llo w in g r u lin g o f th e C o m m itte e o f A r r a n g e m e n ts
o f th e N e w Y o r k S to c k E x c h a n g e w a s is su e d b y S e c r e ta r y
C o x o f th e la t te r o n D e c . 19:
D ec. 19 1922.
To the M em bers o f the Bond Crowd:-

R eferring to R ule 3 o f C ircu lar C-301, th e C o m m ittee o f A rrangem ents
determ ined th a t alth o u g h th e orders In th e c ab in ets shall hav e precedence,
verbal bids an d offers m ay be m ade if th e y a re n o t in conflict w ith the
bids an d offers in th e cabinets, a n d transaction's m ay be m ade accordingly.
By order o f th e C om m ittee o f A rran g em en ts.
.
E . V. D . C O X , Secretary.

C ircu la r C -3 0 1 , m a k in g e ff e c tiv e N o v . 2 7 c e r ta in r u lin g s
to fa c ilit a t e tr a d in g in th e B o n d C r o w d , w a s g iv e n in ou r
is su e o f D e c . 9 , p a g e 2 5 2 5 .
S E C O N D Q U E S T I O N N A I R E C O M I N G TO M E M B E R S OF
N E W YORK STOCK E X C H A N G E .

T h e fo llo w in g is ta k e n from th e “ W a ll S tr e e t J o u r n a l” of
la s t n ig h t ( D e c . 2 9 ):
W ork of sending o u t th e first of th e series of questio n n aires b y th e Stock
E xchange h as been com pleted. Business C o n d u ct C om m ittee is already
a t wrork on th e second of th e series and a b a tc h of fifty has been forw arded
to m em bers. W ith its organization for h an d lin g th e statem e n ts com ­
pleted, it is expected th a t w ithin a few m on th s th e second set will have
been received an d re tu rn e d by m em bers.
W hile th e re are some 1,100 m em bers o f th e E xchange, questionnaires
were sen t only to those m em bers who h av e re latio n s w ith th e public buying
a nd selling stocks on m argin. This involved a b o u t 600 m em bers.
T h e questionnaire h ereafter will be a p erm an en t featu re. T h ey were
first sen t o u t last Ju n e a n d it took alm ost seven m o n th s to com plete the
w ork of com piling an d passing upon th em . T h e ru le provides th a t a
sta te m e n t shall be filed w ith th e B usiness C o n d u ct C om m ittee “ n o t less
th a n tw ice a y e a r."
W hile a t first th e re was some opposition to th e questionnaire chiefly on
th e ground o f involving needless expense a n d tro u b le, th e S treet for some
tim e has realized th a t it has been one o f th e m ost con stru ctiv e acts of the
E xchange a u th o rities. A good p a rt of th e N ovem ber decline was attrib u te d
to forced selling of stocks by some houses desiring to m ake as good a showing
as possible when sending in th eir questionnaires. A t th e sam e tim e it is
pointed o u t t h a t ’insistence on th e p a rt of th e E xchange to supervise and
see th a t cap ital invested on th e p a rt of brokers ju stified th e volum e of
business, has h a d th e ten d en cy of restrictin g u n d u e inflation of th e stock
m arket.

A s t a t e m e n t e x p la n a to r y of th e q u e stio n n a ir e o f la s t J u n e
a p p e a r e d in o u r is su e o f S a tu r d a y la s t , p a g e 2 7 4 4 .
A. A.

I I O U S M A N & CO . T O D I S C O N T I N U E O D D - L O T
T R A N S A C T I O N S E X C E P T FOR C A S H .

T h e in t e n tio n o f th e N e w Y o r k S to c k
A . A . H o u s m a n & C o . to d is c o n tin u e
m a r g in o rd ers c o v e r in g less th a n 100
k n o w n in a n ite m a p p e a r in g in th e N e w
D e c . 2 3 , w h ic h sa id :

E x c h a n g e firm o f
th e a c c e p ta n c e of
sh a r e s w a s m a d e
Y o r k “ T im e s ” of

In a s tatem e n t sen t to custom ers th e firm says th a t o d d -lo t accounts
on its books w ould be liq u id ated a t th e convenience of th e custom ers.
T he firm ’s action was n o t m ade public u n til y e ste rd a y , a lth o u g h m any of
th e p rom in en t brokerage houses in th e S treet knew th a t it w as forthcom ing.
A lthough th e ran k a n d file in W all S treet brokerage circles co n ten d th a t
there is no p ro fit in th e o d d -lo t business, n evertheless tw enty-seven firm s
have sont request? th a t th e custom ers of A. A. H ousm an & C o. be recom ­
m ended to th em . I t w as p o in ted o u t th a t m an y houses in th e financial
d istrict do n o t accep t o d d -lo t business, b u t th is is said to be th e first case
in which a large firm w hich has been doing a su b sta n tia l business in odd lots
has decided to confine its a ctiv ity to ro u n d lot orders. T h e statem e n t
issued b y th e firm was as follows:
•
, N um erous inquiries addressed to us in response to our circular lettc
or t n o lo th inst. h a v o indicated th a t in some instances th e circular we
m isunderstood a n d th a t elucidation is required.
I t is far from our wish to p u t our clients to an y needless inconvenienc
a n a , as a consequence it has n o t been our in ten tio n to req u est th a t positior
°i
< s J?e w ithdraw n from our office before th e end of th
?t’
hnY '^r tL ii
tlla t a fte r th o 23d inst. wo shall n o t accep t orders t
! " y, °1 ’ P
Ls
j ot s on m argin th a t will serve to create a new positior
tn 1 ™ ™ . ?L course, we shall continue to accep t orders th a t will serv
S f lS E t S S .1
.
W , Positions on m argin on o ur books, and to buy c
“ Tim f S
1 1 ilJcroase,fractio n al lots to fu ll lots,
m p ^ i n t h w n ohon custom er h as a fractio n al lot in his position does nc
Ilfth c v n r
iL
r® th a t th e position be rem oved before th e en
nlpasedJtoa ennHnnl??rt As a RosltI?,n * a d eq u ately m argined we shall b
s
pleased t o ^ t nuo to carry it u n til th e clien t sees fit to dispose of it.
a c c o u n ts b o J v n n
t h a t Jin stru ctio n s for th e disposal of odd-k
th e odd i n o
a ? ,base(* on our belief th a t in m o st instance
w ith Liiotlmr lim se
™ T ° uld Prefer to place his acco u n t immediate!
fractional^comm"tmem.s if he ded?ed
°
a posit,on to c n ter in to nC
“ We shall continue to han d le odd lots of stocks a n d bonds for c a sh .”
QUESTIONNAIRE
D ATED STOCK

FOR N O N - M E M B E R S O F C O N S O L I ­
E X C H A N G E H A V IN G WIRE

CONNECTIONS

W ITH

LATTER.

A q u e s tio n n a ir e , to b e s e n t to non-members o f th e C o n ­
so lid a te d S to c k E x c h a n g e h a v in g w ire c o n n e c tio n s or tick er
s e r v ic e w ith th e E x c h a n g e w ith a v ie w to th e c lo s e r su p er­
v is io n o f su c h m e m b e r s w a s p u b lish e d in th e N e w Y o rk
“ T im e s ” o f D e c , 2G, w h ic h q u o te d P r e s id e n t W . S . S ilk w o r th
a s sa y in g :
T ho B oard o f G overnors in a d o p tin g th is q u estio n n aire recognized the
im portance o f placing u n d e r th e closest s cru tin y non-m em ber houses who
have our tickers an d w ire connections. T h e q u o ta tio n s o f an Exchange
are frequen tly th e g re a te st asset in securing business th a t a sm all brokerage
house h as, an d th e C onsolidated Stock Exchange feels th a t too g re a t care
c an n o t be tak en in seeing th a t its tick ers an d w ire service a re n o t used by
brokers whoso business does n o t conform in ev ery w ay to th o sam o stan d a rd s




2851

set for our members. A n y firm failing to answer the questionnaire satis­
factorily will have its ticker removed or its wire connections discontinued
at once.

T h e q u e s t io n s , t w e n t y in n u m b e r , w h ich m u s t b e sw o r n t o ,
are g iv e n a s fo llo w s in th e “ T im e s ” :
1. N am e o f firm.
2. Address.
3 . M em bers o f firm .
4. When organized.
5. Previous business experience o f firm and individual members.
6. H ave any judgments ever been taken against the firm or individual
m embers? I f so, by whom, when and in what am ount?
7. Have all such judgments been satisfied?
8. Have any members o f the firm ever been indicted? If so, on what
charge and when? W h a t is the status of the indictment?
9. W hat exchange connections, if any, has the firm or individual members
had during the past two years?
10. W hat banking connections during past years.
11. Has firm or individual members ever applied for quotation service
of any exchange?
12. D o you do a margin business? I f so, what per cent of your business
is done on margin?
13. D o you do a partial paym ent business?
14. Does your firm handle promotions? If so, name those you have
been interested in since beginning business.
15. W h at are your banking references?
16. Other references.
17. W h at was your bank balance on the first o f month in which this
application is made?
18. H ave you any bank loans? In what amount?
19. W h a t is the amount of your capital? In what form ?
20. W ill you agree to permit an investigation of your books and business
methods by a representative o f any committee or the officers of this Ex­
change?
___________________________________

DEFICIT IX

H O U S T O N , F I B L E & CO. F A I L U R E E S T I ­
M A T E D A T A B O U T $500,000.

P r e s s d is p a tc h e s fr o m K a n s a s C ity on T h u r sd a y o f th is
w e e k (D e c . 2 8 ) p r in te d in th e N e w Y ork d a ily p a p e r s rep o rt
th a t a t a m e e tin g a tt e n d e d by 700 c r e d ito r s o f th e f a ile d
fir m o f H o u s to n , F ib le & Co., h e ld on t h a t d a y , J . W . P erry .
C h a ir m a n o f th e C r e d ito r s ’ C o m m itte e , e s t im a t e d a s s e t s a t
$5,709,000, in c lu d in g $ 4 ,734,000 in s e c u r itie s . T h e lia b ilit ie s
a r e e s t im a t e d , it is s a id , a t $0,205,000, m a k in g ( a f t e r a llo w ­
in g f o r th e p e r s o n a l p r o p e r ty o f th e tw o p a r tn e r s ) a d e f ic it
o f a p p r o x im a te ly $500,000.
A c c o r d in g to a p r e s s d is p a tc h fr o m K a n s a s C ity p r in te d
in y e s t e r d a y ’s “W a ll S tr e e t J o u r n a l,” h o p e f o r r e v iv in g th e
fir m is p r a c tic a lly a b a n d o n e d b y th e c r e d ito r s . T h e p la n
n o w is to liq u id a t e a s s e t s o r to s e ll th e b u sin e ss, it i s sa id , to
in te r e s te d N e w Y o rk o r S t. L o u is h o u s e s w h o w o u ld b e req u ir e d to u n d e r ta k e to s a t is f y c r e d it o r s by so m e a g r e e m e n t.
W e r e p o rted th e f a i lu r e o f H o u s to n , F ib le & Co. in o u r is s u e
o f la s t w e e k ( D e c, 2 3 ) , p a g e 2745.

) O L tA * .

D E C I S I O N O F U. S . C I R C U I T C O U R T O F A P P E A L S A T
N E W O R L E A N S IN P A R C LE A R A N C E CASE.

T h e D e c e m b e r n u m b er o f b o th t h e F e d e r a l R e s e r v e B u lle ­
tin a n d th e “J o u r n a l o f th e A m e r ic a n B a n k e r s A s s o c ia tio n ”
g iv e in f u ll th e o p in io n o f t h e U n ite d S t a t e s C ir c u it C ou rt o f
A p p e a ls a t N e w O r le a n s r e n d e r e d on N o v . 2 in th e a c tio n
b r o u g h t by th e A m e r ic a n B a n k & T r u s t C om p an y o f Cordell*,
Ga., a g a in s t th e F e d e r a l R e s e r v e B a n k o f A tla n ta , p o p u la r ly
k n o w n a s th e A tla n t a p a r -c le a r a n c e c a se . T h e d e c is io n , a s
w e in d ic a te d in o u r is s u e o f N o v . 18 (p a g e 2 2 1 3 ) a ff ir m e d
th e f in d in g s o f J u d g e B e v e r ly D . E v a n s in th e U . S. D is t r ic t
C ou rt a t A tla n ta , w h o h a d u p h e ld th e “p a r c le a r a n c e ” r u le o f
th e F e d e r a l R e se r v e S y s te m b u t m a in ta in e d th a t th e F e d e r a l
R e s e r v e B a n k o f A tla n ta sh o u ld n o t in c lu d e in i t s p a r lis t ,
w ith o u t th e ir c o n se n t, th e n a m e s o f n o n -m em b ers. T h e F e d ­
e r a l R e s e r v e B u lle tin , in p r in t in g th e d e c is io n o f th e C ircuit.
C ou rt o f A p p e a ls a t N e w O rlea n s, s a y s :
The C ircuit Court of Appeals affirm ed in toto the decision rendered Mar.
11 1922 by the D istrict Court for the Northern D istrict of Georgia, holding
th at Federal Reserve hanks may collect all checks payable on presentation,
including checks drawn on non-member banks, but cannot pay exchange
charges, and may employ any proper instrum entality, or agency, to collect
checks drawn on hanks which refuse to rem it w ithout the deduction of ex­
change charges. The C ircuit Court of Appeals expressly affirm ed the finding
of the D istrict Court to the effect th a t the plaintiffs failed to substantiate
the charges which they made in their hill th a t the Federal Reserve Bank of
A tlanta had acted or intended to act illegally, or had exercised or intended
to exercise its rights so as to oppress or injure the plaintiff banks.

T h e fo llo w in g is ta k e n fr o m th e “J o u r n a l o f th e A m e r ic a n
B a n k e r s A s s o c ia tio n ” :
We publish below, for the inform ation of members of the Association, the
full text of the decision of the U nited States Circuit Court of Appeals for the
Fifth C ircuit, handed down Nov. 2 1922, in the case of the American Bank
& Trust Co. et als. vs. Federal Reserve Bank of Atlanta et als., affirm ing the
decree of the D istrict Court for the Northern D istrict of Georgia, to the
effect th at plaintiffs, a number of S tate banks, non-members of the Federal
Reserve System, are entitled to a w rit of injunction against the inclusion of
their names on the par list w ithout th eir consent but are not entitled to an
injunction preventing the collection of checks by presentation to the drawees
for payment in cash, when such presentm ent is made in due course, w ith rea­
sonable promptnesss, w ithout designed delay or accumulation and in a proper
manner.
A brief reference to the history of this litigation w ill lead to a better un­
d e r s ta n d ^ of the decision just rendered.

THE CHRONICLE

2852

The suit was originally brought in the Superior Court of Fulton County,
Georgia, and was removed to the District Court of the United States: for the
Northern District of Georgia. The petition prayed an injunction restraining
the Federal Reserve Bank from collecting checks “ except in the usual and
ordinary channel of collecting checks through correspondent banks or clear­
ing houses,” the purpose being to prevent collection through agents present­
ing the checks over the counter of the drawee banks, threatened coercive
measures being alleged. The District Court dismissed the bill for want of
equity and its decree was affirmed by the Circuit Court of Appeals, Fifth
Circuit. American Bank & Trust Co. vs. Federal Reserve Bank of Atlanta,
269 Fed. 4.
Appeal was taken by the banks to the Supreme Court of the United States
■where the decree was reversed. The Supreme Court held in effect that a bill
-which alleged that a Federal Reserve Bank had adopted the practice of accu­
mulating checks drawn on the plaintiff banks until a considerable number
■were on hand and then demanding payment in cash over the counter for the
purpose of forcing the banks on which they were drawn either to join the
Federal Reserve System or cease to do business, states a ground for relief,
notwithstanding the right of the holder of a check to demand payment thereof
in cash. The Supreme Court 6aid: “ The question at this stage is not what
the plaintiffs may be able to prove, or what may be the reasonable interpre­
tation of the defendants’ acts, but whether the plaintiffs have shown a ground
for relief if they can prove what they allege.” American Bank and Trust Co.
vs. Federal Reserve Bank of Atlanta, 256 U. S. 350.
The case then went back to the District Court of Georgia, where it was
heard upon its merits. We summarize the findings of the District Court as
follows:
“ 1. The Federal Reserve banks are empowered to accept checks for collec­
tion.
“ 2. Checks thus received must be collected at par and the Federal Reserve
banks are not permitted to accept less than the full face value in payment.
“ 3. The Federal Reserve banks are empowered to adopt any reasonable
measure designed to accomplish the above purposes and to that end may send
checks to the drawee directly for remittance through the mails without cost
of exchange. If the drawee refuses so to remit, it is within the power of the
Federal Reserve banks to employ any proper instrumentality or agency to
collect the checks from the drawee, and they may legitimately pay the neces­
sary cost of this service.
“ 4. The process of the daily collection of checks is not rendered unlawful
because two or more checks handled may be drawn on the same bank.
“ 5. Publication of a par clearance list is a legitimate function; but as ap­
pearance of a bank’s name on the par list may lead to the conclusion that it
agrees to remit at par, such list should not include the name of any non­
member bank without its consent although it may include the names of
towns or cities with a representation that the Federal Reserve Bank will un­
dertake to collect at par the checks drawn on any bank (member or non­
member) therein.
“ 6. In the inauguration of its par system, the Federal Reserve Bank of A t­
lanta was not inspired by any ulterior purpose to coerce or injure any non­
member bank which refused to remit at par. The charge is not sustained by
the evidence that the Federal Reserve Bank at Atlanta would accumulate
checks upon country or non-member banks until they reached a large amount
and then cause them to be presented for payment over the counter so as to
compel the plaintiffs to maintain so much cash in their vaults as to drive
them out of business, as an alternative to agreeing to remit at par.
“ 7. The evidence is insufficient to sustain any charge in the bill that the
Federal Reserve Bank was acting illegally or exercising any right it had so
as to oppress or injure the plaintiff banks.
“ The publication of the names of non-member banks on the par list does
not justify a finding that such publication was done to injure or oppress
plaintiff banks; nevertheless the names of such banks should not be included
in the list without their consent. American Bank & Trust Co. vs. Federal
Reserve Bank, 280 Fed. 940.”
■
The decree of the District Court giving effect to the foregoing findings, has
been affirmed (as shown above) by the United States Circuit Court of Ap­
peals for the Fifth Circuit and the full opinion follows:

Synopsis of Decisions.
While the Supreme Court of the United States has held that the alleged
threatened accumulation of checks by a Federal Reserve bank until they reach
a large amount for the purpose of causing them to be presented in cash over
the counter of drawee banks or other devices designed to require payment in
cash in such wise as to drive the drawees out of business or force them to sub­
mit to the par collection, is conduct which is wrongful and subject to being
enjoined, a Federal Reserve bank is not guilty of an abuse of its right as
holder of checks received for collection when, in due course, with reasonable
promptness, without designed delay or accumulation, and in proper manner,
it presents or causes to be presented, those checks to the drawees for payment
in cash. Federal and Reserve banks are not entitled, however, to include the
names of non-member drawee banks in their par clearance lists without the
consent of such banks.

T h e fo llo w in g i s th e d e c is io n o f th e U . S. C ir c u it C ou rt o f
A p p e a ls a t N e w O r le a n s :
IN THE UNITED STATES CIRCUIT COURT OF APPEALS FOR THE
FIFTH CIRCUIT.
American Bank & Trust C o . et a l., appellants,
versus
Federal Reserve Bank o f A tlan ta et a l., appellees.

1
IN o . 3906
J

Anneal from the District Court of the United Stales for the Northern

"
1
District of Georgia.
Alex. W . Smith (Alexander W . Smith, Orville A. Park, Smith, Hammond
and Smith,' and Theodore H . Smith on the brief), for appellants.
1 Hollins N. Randolph, R . S. Parker, John W . Davis and M. B. Angell, for
appellees.
,
Before Walker and Bryan, Circuit Judges, and Sheppard, District Judge.

The Decision.
Walker Circuit Judge: Except as to a feature of the bill mentioned be­
low nothing has occurred to require a revision of or departure from the con­
c lu s io n s stated in the opinion delivered by this Court in this case when it
w L here on a former appeal. American Bank & Trust Co. vs. Federal Re­
serve Bank of Atlanta, 269 Fed. 4. What was held by the Supreme Court to
show the existence of a right to relief under the general prayer for relief was
the part of the bill containing allegations to the effect that, in pursuance of
the alleged policy of the Federal Reserve Board to bring about the collecti­
bility by banks of bank checks at par, the appellee Reserve bank and its offi­
cers intended to accumulate, until they reach a large amount, checks upon
banks of the class to which the appellant banks belong, and then to cause
them to be presented for payment in cash over the counter, or by other de­
vices detailed to require payment in cash in such wise as to drive the drawees
out of business or force them, if able, to submit to the scheme of making
bank checks collectible at par. American Bank k Trust Co. vs. Federal Re­
serve Bank, 256 U. S. 350. The conduct which the Supreme Court decided
to be wrongful and subject to be enjoined was the alleged threatened accumu­




[V ol. 115.

lation of checks for the purpose of using them in the manner alleged. It was
not decided or intimated that the appellee bank would be guilty of any action­
able wrong by merely presenting or causing to be presented bank checks held
by it to the drawees for payment in cash over the counter. The alleged ac­
cumulation of checks for the purpose charged was an essential feature of the
alleged conduct which was decided to be wrongful. We are not of the opinion
that a bank in receipt for collection of checks on other banks is guilty of an
abuse of its right, as such holder when, in due course, with reasonable
promptness, without design delay or accumulation, and in proper manner, it
presents, or causes to be presented, those checks to the drawees for payment
in cash. In so doing the collecting bank would be exercising its right as the
holder of checks received by it for collection, and would not be guilty of an
abuse of that right for an unlawful purpose. If the holder of tlm checks is
guilty of no wrong the fact that the payee is inconvenienced by having to pay
in cash would not give the latter a valid ground of complaint. Inconvenience
resulting to one party from another’s exercise of a right in a lawful way does
not give the former a right of action. The most that the evidence relied on
by the appellants tended to prove was that at and prior to the time of filing
the bill the appellee bank intended or proposed to deal in the just stated man­
ner with checks received by it for collection, when the drawees did not con­
sent to remit at par, and that it was after this suit was brought that appellee
bank manifested its willingness to allow payment of such checks to fee made
either in cash or in acceptable exchange. The trial judge specifically found
that “ the charge that the Federal Reserve Bank at Atlanta would accumulate
checks upon country or non-member banks until they reach a large amount,
and then cause them to be presented for payment over the counter, so as to
compel the plaintiffs to maintain so much cash in their vaults as to drive
them out Of business, or an alternative agreement to remit at par, is not sus­
tained by the evidence.” He further found “ the evidence insufficient to sus­
tain any charge in the bill that the Federal Reserve Bank was acting illegally
or exercising any right it had so as to oppress or injure the plaintiff banks.”
The record before us does not warrant the setting aside of either of these find­
ings. We do not think that the evidence adduced justified the granting of
any of the prayed for relief which was denied by the decree appealed from.
By that decree the appellee bank was “ enjoined and restrained from publish­
ing, upon any par list issued by the said defendant, the Federal Reserve Bank
of Atlanta, the name of any non-member bank being a plaintiff in this case
unless such non-member bank consents or has consented to remit at par.”
Our attention has been called to an opinion rendered, after this case was
argued and submitted, upon the granting of a preliminary injunction in the
case of Farmers k Merchants Bank of Catlettsburg. Kentucky, vs. the Federal
Reserve Bank of Cleveland, Ohio, and Mary B. McCall, pending in the Dis­
trict Court of the United States for the Eastern District of Kentucky. That
opinion shows that the granting of a preliminary injunction in that case was
influenced by the showing made that the defendant bank, by its authorized
agents, adopted what well might be deemed to be unwarranted methods in
collecting checks on the plaintiff bank. That case is plainly differentiated
from the instant one by the above quoted explicit finding in the latter to the
effect that the evidence did not sustain any charge in the bill as to improper
conduct by the appellee bank or its agents. We do not think that that
opinion shows that our above indicated conclusions in the instant case are
incorrect.
In the absence of any showing that the appellee bank consented to or ap­
proved of the use of any unlawful means of enforcing or promoting the adop­
tion or carrying out of the policy or plan of making bank checks collectible
at par, the fact that the appellee bank was in accord with other Federal Re­
serve banks in adopting that policy and attempting to bring about the gen­
eral acceptance and adoption of it cannot properly be given the effect of mak­
ing the appellee bank responsible for unlawful acts done, in the effort to en­
force that policy, by or at the instance of. other Federal Reserve banks. An
express or implied agreement between the several Reserve banks to promote
the adoption of the policy mentioned does not import a common consent to
the use by any party to such agreement of unlawful means to effectuate the
common lawful purpose. Assent by one party to concert of action with oth­
ers to accomplish a lawful purpose does not involve or amount to the former
consenting to or approving the unlawful conduct of any one. There was no
evidence tending to prove that the appellee bank authorized, consented to or
ratified the use by or in behalf of other Reserve banks of illegally coercive
methods to bring about the general adoption of the above mentioned policy.
It follows that the evidence offered to prove the use by or in behalf of other
Reserve banks of unlawful means to accomplish the alleged common purpose
was properly excluded.
The court disallowed a proposed amendment of the bill having the effect
of adding as parties plaintiffs thereto banks located in Federal Reserve Dis­
tricts other than the Sixth. That ruling was not erroneous. The complaints
made by the bill are based upon what it alleged the appellees did or proposed
to do in transactions between the appellee Federal Reserve Bank of the Sixth
Federal Reserve District and the appellant banks, which are located in that
District. The banks unsuccessfully sought to be added as parties plaintiff
are so far strangers to the transactions mentioned as to keep the alleged con­
duct complained of from giving to those banks a right of action based on that
conduct, with the result that those banks are not entitled to be joined as par­
ties plaintiff in this suit.
The same interrogatories were propounded by the appellants to several of
the appellees. A separate answer was made to each of those interrogatories,
each person interrogated making such answer his own. The court overruled
objections to such answers on the ground that answers so made to interroga­
tories were violative of the provision of Equity Rule 58 that “ each interroga­
tory shall be answered separately.” What the quoted provision forbids is the
making of one answer a response to more than one interrogatory. It does not
forbid several persons to whom an interrogatory is propounded joining in the
making of one separate answer thereto. The provision does not require the
duplication or multiplication of answers to an interrogatory when the parties
interrogated desire to make the same answer thereto. The answers made to
interrogatories were not subject to objection on the ground mentioned.
The conclusion is that the record does not show any reversible error. The
decree is affirmed.
____________________________________
o f p a p e r o f c o -o p e r a t i v e m a r k e
ASSOCIATIONS FOR PVRCIIASE OR R E D IS­
COUNT B Y FEDERAL RESERVE BANKS.

e l i g i b i l i t y
in g

t

­

A s w e in d ic a te d in o u r is s u e o f S a tu r d a y la s t ( p a g e 2 7 4 4 )
th e F e d e r a l R e s e r v e B o a r d on D e c e m b e r 20 m a d e
know n an am endm ent
to
i t s r e g u la t io n s
w hereby
b a n k e r s’ a c c e p ta n c e s , w ith m a t u r it ie s up to s i x m o n th s,
draw n by grow ers
o f s t a p le
a g r ic u ltu r a l
p r o d u c ts
or b y c o -o p e r a tiv e m a r k e tin g a s s o c ia tio n s , a r e m a d e
e lig ib le fo r p u r c h a se b y F e d e r a l R e s e r v e b a n k s. T h e r u lin g
r e q u ir e s t h a t th e a c c e p ta n c e s b e se c u r e d b y w a r e h o u s e re­
c e ip t s c o v e r in g th e p r o d u c ts a g a in s t w h ic h th e a c c e p ta n c e s

D ec . 30 1922.]

THE CHEONICLE

are drawn. The Federal Reserve Board in its announcement
also states that “a further and material aid to co-operative
marketing associations is the ruling that bankers’ accept­
ances drawn to finance the domestic storage of commodities
pending orderly marketing by such associations are eligible
for rediscount.” Perhaps most important of all, attention is
directed to “one of the most recent, and also one of the most
liberal, rulings of the Board on this subject to the effect that
where 'a member of a co-operative association delivers liis
crop to the association and at substantially the same time
draws a draft on the association which is accepted by it and
discounted by the drawer at his own bank, such a draft is a
‘bill of exchange drawn in good faith against actually exist­
ing values’ a n d t h e r e f o r e i s n o t s u b j e c t t o t h e 10% l i m i t a t i o n
p re sc rib e d in th e F e d e ra l R e s e r v e A c t on th e a g g re g a te
am ou n t of p aper of a n y one bo rro w er w h ich a F ederal R e ­
s e r v e b a n k m a y r e d i s c o u n t f o r a n y o n e m e m b e r b a n k .” We

give herewith in full the Board’s announcement, our item of
a week ago having given it only in part.
The Federal Reserve Board announced to-day an amendment to its Regu­
lation B which makes eligible for purchase by Federal Reserve banks on t
open market bankers’ acceptances with maturities up to six months wmen .ne
drawn by growers or by co-operative marketing associations to finance i e
orderly marketing of non-perishable, readily marketable, staple agricultur.
products when secured by warehouse receipts covering such products. _
This amendment to the Board’s Regulation should be of material assistance
to co-operative marketing associations in financing the orderly marketing o
such agricultural products, and it is in line with the Board’s policy o
=
>
as liberal as possible under the terms of existing law and in ruling on ™
eligibility of the paper of co-operative marketing associations for puren.
or rediscount by Federal Reserve banks.
.
That the Federal Reserve Board is greatly interested in the “ -operau
marketing movement and has sought every opportunity to assist
e o g
ers and managers of such associations to work out the best means o
.,
their financing so that it should not only be sound but sh°u
^ ,
them to obtain the lowest interest rates for necessary credit is indicate
y
the number of very liberal rulings on this subject which the Board has iss
during the past 18 months.
..
f ...upThese rulings, having reference to what is called the eligibili >
gub
and drafts for rediscount, were made from time to time as ^ t * 01
d e
mitted from various sections of the country
They involved arm^ produce
differing as widely as fruit from California, wheat from the Middle West and
tobacco and cotton from the South, but the same principles of ~u n d fina
ing were involved in all, and in each case the co-operative association was a
non-stock, non-profit corporation, the members of which consisted exclu­
sively of growers of the particular crop which the association " a s
,,,
to market
The growers agreed to sell and deliver their entire crops to the
association, title passing at the time of delivery, and the association as u n
ing absolute control over the commodities and their re-sale. Generally speak
ing, the commodities were pooled according to grades, and after all o
P
ticular pool had been sold the proceeds were, distributed pro rata. It should
be understood that the Board’s ruling on this subject would not necessarily
apply to associations operating on a materially different plan.
Several kinds of borrowings are involved. If the grower desires to do the
borrowing himself lie 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 Board’s 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 90 days,
because the proceeds of such notes are used for the commercial purpose of
buying the commodities from the growers. , A bill now pending in Congress
would make such notes eligible as agricultural paper with maturities up to

2853

of credit, as they sell on the credit of the accepting bank as well as on their
backing of staple collateral, and they usually take the lowest rate of interest,
if properly drawn and safeguarded.
One of the most recent, and also one of the most liberal, rulings of the
Board on this subject was to the effect that where a member of a co-operative
association delivers his crop to the association and at substantially the same
time draws a draft on the association which is accepted by it and discounted
by the drawer at his own bank, such a draft is a “ bill of exchange dmwu in
good faith against actually existing values” and, therefore, is not subject to
the 1 0 % limitation prescribed in the Federal Reserve Act on the aggregate
amount of paper of any one borrower which a Federal Reserve bank may re­
discount for any one member bank. This should be very beneficial to the
farmers and their associations because it permits the rediscount of such paper
in unlimited amounts.
The above are not all of the rulings made by the Federal Reserve Board on
this subject, and, of course, there are other classes of eligible paper that can
be used ih borrowing by co-operative marketing associations, but they are
probably the most important rulings. It should be understood, also, that tire
above statements are not intended as precise technical statements. All of the
Board’s various rulings on this subject except the one last mentioned were
brought together and summarized in the Federal Reserve Bulletin for Septem­
ber 1922 (page 1044 of the large edition and page 269 of the first edition),
to which reference should be made by managers of associations, bankers and
others interested in exact statements and in the legal points involved.
/

E U G E N E M E Y E R , J R ., C R I T I C I S E S B A N K S I N R E ­
SE R V E SY S T E M W H IC H A D V E R T ISE THA T T H E Y
H A V E NO R E S E R V E B O R R O W IN G S.

Criticising the methods of some banks in the Federal Re­
serve System which advertise the fact, that they do not borow from the Federal Reserve Banks, or that they have no
loans or rediscounts with the latter, Eugene Meyer, Jr., Man­
aging Director of the War Finance Corporation, says that
such banks are by no means in all cases the strongest
banks,” and that such statements as the above “tend to im­
pair and diminish the usefulness of the Federal Reserve Sys­
tem.” Mr. Meyers’s criticisms were contained in a letter
addressed to J. H. Puelicher, President of the American
Bankers Association, and in it he advocates action by the
Association with a view to stopping the practice of making
statements injurious to the public interest. His letter,
made public Dec. 2G follows:
,
It has come to my notice that, in a great many instances, banks which are
members of the Federal Reserve System are carrying in their statements, or
in their advertisements, a statement to the effect that they do not borrow
from the Federal Reserve Bank, or that they have no loans or rediscounts with
the Federal Reserve bank of their district.
Such banks are by no means in all cases the strongest banks, although they
seek to increase their standing and reputation by such statements. It is even
more true that such banks are by no means the banks which are serving the
best interests of the people of their territories. Especially is this true in the
agricultural districts.
Such statements as I refer to tend to impair and
diminish the usefulness of the Federal Reserve System, established by the peo­
ple of the United States to serve as an elastic banking and currency system
for the benefit of all the people. It would appear that the American Bankers
Association might take prompt action with a view to stopping the practice of
making statements injurious to the public interest.

IN S T IT U T IO N S A U T H O R IZE D B Y FEDERAL RESERVE
B O A R D TO E X E R C I S E T R U S T P O W E R S .

The’ Federal,Reserve Board has granted permission to the
following institutions to exercise trust powers:

Th e C ity National B ank, Salem, N . J.
nine months.
Th e First N ational B ank, M oun t Carm el, Fa.
There was considerable discussion over the first mentioned case, where tne
The Farmers' N ational B ank, Hutchinson, M inn.
grower draws his own draft on the association, as to whether the draft should
be considered agricultural and have a six months’ maturity. The law 6ays
the proceeds must be used for an agricultural purpose, and the point was
S U B S C R I P T I O N S TO A N D A L L O T M E N T S OF T R E A S ­
made that the grower in all probability would use the money so obtained in
U R Y CE RTIF ICA TE A N D N O T E OFFERINGS.
paying debts previously incurred. It was suggested that unless this could be
held to be an agricultural purpose, little agricultural, or six months, credit
The latest advices regarding the subscriptions and allot­
could be obtained in this way. In replying to this suggestion, the Federal
ments in the case of the U. S. Treasury notes and certifi­
Reserve Board ruled that when a farmer or grower delivers his crop to a co­
operative marketing association actually engaged in orderly marketing and cates of indebtedness offered early this month aro contained
when he is obliged to borrow money for ordinary general purposes, such as in Associated Press dispatches from Washington Dec. 22,
the payment of obligations previously incurred in grownig or harvesting the
same crop, a draft drawn by him on the marketing association for a part of which state:
Total subscriptions to the recent issue o f Treasury notes and certificates
the market value of the crop may properly be considered as drawn for an
of indebtedness were 5 8 1 8 ,38 7,70 0, Secretary M ellon announced to-night.
agricultural purpose.
A t the same tim e, lie said, the Treasury had accepted $780,164,100 of the
This ruling has rightly been regarded as a very liberal one, and will greatly
amount subscribed, the right having been reserved to reject subscriptions
facilitate the operations of co-operative associations— in fact, has already
above the requirement of the Treasury.
.
done so. It is based upon the principle, long recognized by the Board, that
O f the total amount accepted, $160,188,100 was in the form ot subscrip­
the carrying of agricultural products for such periods as are reasonably neces­
tions to the 2 )4-year Treasury notes and the remainder in certificates of
sary in order to accomplish orderly marketing is a legitimate and necessary
indebtedness. The certificates were divided into two issues, one maturing
step incident to normal distribution. The Board pointed out, however, that
in three months and the other in one year.
there is a distinction between carrying products for such periods as are rea­
sonably necessary and mere speculative withholding from the market in the
The offerings were referred to in these columns Dec. 9,
hope of obtaining higher prices. Under the Federal Reserve Act paper drawn
pages 2527 and 2528, and Dec. 23, page 2745.
to finance speculation is ineligible for rediscount. The Federal Reserve Board
also pointed out that in determining whether or not an association is engaged
in orderly marketing, rather than speculative holding, it is not improper to
H A R D I N G L O O K S FOR U N I T E D S T A T E S S O O N TO
take into consideration the fact that each crop must ordinarily support the
E X P O R T GOLD.
market until the next crop is harvested.
A further and material aid to co-operative marketing associations is the
The following, from Washington Dec. 26, was published
ruling that bankers’ acceptances drawn to finance the domestic storage of
in the “Journal of Commerce” of Dec. 27:
commodities pending orderly marketing by such associations are eligible for
President H ardin g looks for the United States shortly to begin the
rediscount. In creating such acceptances the association arranges for a credit
with some national or State bank which accepts its drafts to the amount ar­ exnortation of gold, it was said to-da y at the W hite House.
Effects of the invisible balances against this country abroad were dis­
ranged for when covered by warehouse receipts, and after acceptance such
drafts are eligible for rediscount or for purchase in open market by Federal cussed to-day at the meeting of the Cabinet, and Secretary Hoover was
Reserve banks. Under existing law, they are eligible for rediscount only reported to have advised the President of the grownig prospect that some
when they have not more than three months to run. Heretofore, they have o fth e enormous stock of gold held on this side w ill soon find Its w ay back
into the channels of trade.
.__
been eligible for purchase by Federal Resrve banks only when their maturities
M oney spent b y American tourists in European ocean transportation
at the time of purchase did not exceed three months ; but the new amendment
charges and marine insurance was declared to bo increasing to the point
to the Board’s regulation permit sthem to be purchased with maturities up to
where the outward flow is about to be initiated. President Harding
six months. Bankers’ acceptances are recognized as the most desirable form




2854

THE CHRONICLE

believes that manifestly the world Is recovering from the war better than
had been thought, and Administration spokesmen expressed gratification
that signs o f more favorable international economic conditions were in
evidence.
Secretary Hoover was understood to have advised the President that
the invisible exchange is reaching a point where it is able to take care
o f com m odity balances and that tho country is reaching the end of the
gold import stage o f war readjustment.
He expressed the belief that the heavy flow of gold to America has
contributed to the instability of foreign currencies, not only in the diminu­
tion o f their essential guarantees, but also by the fluctuation of exchange
involved in liquidating trade balances in that fashion.
G old stocks in the country he estimated at $3,077,000,000, of which
the legal necessities for the assurance o f credit currency and credits amount
to about $1,600 ,0 0 0 ,0 0 0 , although $ 2,300,000,000 would be required,
but for a 6 0 % reserve for security. The country's surplus of gold he
put at over $700 ,0 0 0 ,0 0 0 , which he considered an asset, but, nevertheless,
o f more advantage to the United States if it were in active use abroad.

P U B L I C D E B T C E N S U S TO D E T E R M I N E A M O U N T OF
TAX
EXEMPT
SECURITIES.

The taking of a census by the Census Bureau at Washing­
ton to determine the country’s wealth and the public debt,
will shortly be brought under way, according to Washington
advices Dec. 25, which indicate that in particular the com­
putation of tax exempt securities is sought in the coming
undertaking. The Associated Press dispatches from Wash­
ington had the following to say in the matter:
The decennial determination by the Census Bureau o f the wealth o f the
people of the United States, what taxes they pay and the amount o f their
public debts. State, county and city, and other subdivisions permitted to
issue securities, will be started Jan. 1. Officials said to-day their plans
were virtually complete for the work, which, it is expected, will be accom­
plished in about six months.
M uch interest attaches to the census of the public debts because of tho
move for a constitutional amendment prohibiting the further issue of taxexempt bonds and because it is not now known the lengths to which the
sale of tax-em pt securities have gone. Treasury officials have said that the
continued issue of tax-empt securities has forced a much higher Federal tax
rate because o f the tendency of payers of large taxes to invest in that form
o f securities.
Ktforts will be made, once the amount of tax-exempt securities is com­
puted , to establish the cost to the American poeple as a whole of the continued
issue o f tax-free bonds. The census c f ten years ago gives no criterion for
estimating tho present outstanding amount o f such bonds, it was said by
officials, who pointed out that the wartime and post-war issues o f securities
o f political subdivisions had tremendously increased the total.
Th e new issue, it was asserted, had come at a time when the Federal G ov­
ernment was increasing its own debt and taxes at a rate unequaled in the
nation's history. The Federal Government consequently, it was said had
been forced to pay-higher interest rates and raise its taxes to unprecedented
figures because of the flow o f money into the bonds which paid no taxes
either on principal or interest.
Collection o f the data by the Census Bureau is regarded as one of its hard­
est tasks, second only to the census of the population. The Bureau's repre­
sentatives must go into every county in tho Union, and in some instances will
have to search records o f school and road districts as well as the files of
other local authorities.

S E C R E T A R Y OF T R E A S U R Y M E L L O N . U RG ES A M E N D M E N T TO P R O H I B I T T A X - E X E M P T - S E C U R I T I E S —
A M O U N T •N O W
OUT ESTIM A TED
A T

[V

ol.

115.

The volume of fully tax-exempt securities, according to the best esti­
mates available, is now approaching $ 1 1 ,000 ,000 ,000 , and has recently
been increasing at the rate of about $ 1 ,000,000,000 a year. W ith these
securities available for investment, fully exempt as they are from Federal
income surtaxes, investors who would normally put their surplus funds into
productive enterprise, are automatically driven under the pressure o f high
surtax rates into investment in tax-exempt securities, with the result that
the Federal Government loses the revenue, business and industry lose the
capital, and funds badly needed for productive enterprises are diverted into
unproductive and frequently wasteful public expenditure. This is a situa­
tion which cannot be permitted to continue without grave danger to our
economic structure, as well as to our system of taxation, and the Treasury
has accordingly been urging for some time the adoption of a constitutional
amendment restricting further issues of tax-exempt securities as the only
practicable means of correcting the evil. Even a constitutional amend­
ment would apply only to future issues o f securities, but once the amend­
ment is adopted outstanding issues of tax-exempt securities will gradually
eliminate themselves, and as they become scarcer should so Increase in
market value as to destroy or at least impair their value for tax-exempt
purposes. An analysis of outstanding issues of State and municipal bonds
indicates that 5 0 % , or thereabouts, will mature within the next 20 years,
so that within a measurable period after the adoption of a constitutional
amendment restricting further issues o f tax-exempt securities the situa­
tion would, to a large extent, be under control.
A constitutional amendment, satisfactory to the Treasury and approved
by the Attorney-General, has already been proposed by joint resolution
favorably reported to the last session of Congress by the Committee on
W a y s and M eans. This amendment would apply equally, and without dis­
crimination, to the Federal Government, on the one hand, and the State
and municipal governments, on the other hand, and would in effect put an
end to future issues of tax-exempt securities, making it possible for the Fed­
eral Government, to tax income from future issues by or under authority
of the several States if, as, and to the extent that it taxes future issues of
Federal securities, and for the State governments, to tax income from fu­
ture issues of Federal securities if, as, and to the extent tnat they tax future
issues of their own securities. The amendment, which appears in II. J.
Res. 3 14, reads as follows:
Article — .
Section 1. The United States shall have power to lav and collect taxes
on income derived from securities issued, after the ratification of this article,
by or under the authority o f any State, but without discrimination against
income derived from such securities and in favor of Income derived from se­
curities issued, after the ratification o f this article, by or under the author­
ity o f the United States or any other State.
Sec. 2.
Each State shall have power to lay and collect taxes on income
derived by its residents from securities issued, after tho ratification o f this
article, by or under the authqrity o f the United States; but without dis­
crimination against income derived from such securities and in favor of
income derived from securities issued, after the ratification o f this article,
by or under the authority of such State.
The Treasury most earnestly urges that this amendment be prom ptly
adopted and submitted to the States for their approval.

Besides a letter in the matter, addressed last January by
Secretary Mellon to Chairman Fordney of the House Ways
and Means Committee, which is embodied in Mr. Mellon’s
annual report, we have been favored with the following state­
ment giving detailed estimates as to the tax-exempt securi­
ties outstanding on Nov. 1 1922 on the basis of the figures
prepared by the Treasury:
ESTIMATED AMOUNT OF WHOLLY TAX-EX EM PT-SECU RITIES OUT­
STANDING NOV. 1 1922.

I s s u e d by —

C r o ss A m o u n t .

A m o u n t held in
T r e a s u r y o r in
sin k in g fu n d s
a n d tru st fu n d s
o f S la tes, c itie s ,

4c.

A m o u n t h eld
o u ts id e o f
T rea su ry , sin k ­
in g fu n d s , a n d
tr u st f u n d s .

-510,829,000,000.
States, counties, cities, &e........... $9,560,000,000 aS l,066,000,000 38,494,000,000
overnment.____
Dealing with the subject of tax-exempt securities, Secre­ United States Gbanks and Joint 2,291,000,000 b753,000,000 1,541,000,000
Federal Land
704,000,000
cl20,000,000
824,000,000
tary of the Treasury Mellon, in his annual report for 1922
4,000,000
90,000,000
94,000,000
recently made public, points out that the volume of fully
Total _____________________ SI 2,772,000,000 $1,943,000,000 $10,829,000,000
tax-exempt securities, according to the best estimates avail­
a Tax-exempt securities held in sinking funds and trust funds deducted,
able, is now approaching 811,000,000,000, and has recently
b Owned by banks, but held by the United States Treasury as security for cir­
culation or deposits.
been increasing at about the rate of 81,000,000,000 a year.
c Owned by the Government.
< Philippine Islands, Hawaii and Porto Rico.
1
Referring to the resultant losses of revenue to the Govern­
ment and the loss of capital to business and industry, &c.
Secretary Mellon says “ this is a situation which cannot be R E P R E S E N T A T I V E G R E E N ' S M E A S U R E T O R E S T R I C T
permitted to continue without grave danger to our economic
T A X -E X E M P T ISSUES.
structure.” Prompt adoption of the constitutional amend­
The proposed Constitutional amendment to restrict the
ment (to which we refer in another item), thereby putting
issuance of tax-exempt securities, recently came up for con­
an end to future issues of tax-exempt bonds, is urged by
sideration anew in the House of Representatives at Washing­
Secretary Mellon. We quote what he has to say herewith:
ton, when the Rules Committee on Dec. 14 introduced a
The most outstanding avenue o f escape from the surtax exists in the form
of tax-exem pt securities, which under our constitutional system m ay be rule limiting general debate on the resolution of Representa­
issued without restriction b y the States and their political subdivisions and
tive Green, of Iowa, designed to curtail tax-exempt issues,
agencies. The Federal Government m ay likewise issue securities wholly
offered some months ago. On Dec. 19, when the resolu­
exempt frpm taxation. State and Federal, but since the first Liberty Loan
has followed tho policy o f issuing its bonds, notes and certificates without
tion limiting debate on the- Green resolution and permitting
exemptions from Federal surtaxes, except in minor amounts and for limited
amendments thereto under the five minute rule was taken
periods. Under the provisions o f the Federal Farm Loan A ct, however,
up, a lengthy debate in defense and opposition to Represen­
the FederaL Land banks and Joint Stock Land banks are still authorized
to issue, and are issuing in large blocks, bonds exempt from all Federal
tative Green’s resolution ensued. On the following day (the
State and local taxation, and the State and municipal governments are
20th inst.) the House Republican leaders decided to post­
constantly adding to the outstanding volume o f their securities, all on a
pone further consideration of the Green resolution. The
tax-exempt basis. The exemption which gives value to these securities is,
of course, the exemption from the Federal income surtax, and as matters
press dispatches from Washington reporting this, said:
now stand, the Federal Governm ent, while denying itself the advantage of
the exemption from the surtaxes in selling its own securities, in effect pro­
vides a subsidy, at its own expense, to the Stato and municipal governments,
the Federal and Joint Stock land banks and other agencies issuing taxexempt securities, through the exemption from Federal income surtaxes
which these tax-exempt securities enjoy. For this exemption the Federal
Government gets no compensating advantage, and the effect of the exemp­
tion is to provide a perfect means of escape from Federal surtaxes, which
is naturally most valuable to the wealthiest investor, and especially to one
who is not engaged in business and is, therefore, free to convert his invest­
ments into tax-exempt securities and thus avoid paying income tax.




After a conference o f leaders it was announced that consideration of the
measure "w ould go over until after the holidays” because o f tho absence
o f a large number o f House members.
Representative Garner o f Texas, ranking Democrat o f tho W a y s and
M eans Com m ittee, who led the fight against the resolution, said that it
“ was licked.” M r. Garner and those with him in the fight were in the
chamber prepared to go on when notified that the measure had been put
aside.
Republican leaders, it was said, were disconcerted by tho opposition in
their own ranks, and opponents had said that as the proposal needed a
two-thirds vote it could not be put through.

D ec. 30 1922.]

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2855

M r .Snell.— W ill the gentleman from Ohio give me five additional minutes ?
M r . Fess.— I yield to the gentleman five additional minutes.
M r . Snell.— T h at evidence was brought out very clearly before the
Com m ittee on W a y s and M eans, and it is absolutely substantiated b y the
hearings and the people who appeared before the C om m ittee; but the chief
reason why I as an individual am especially interested in this rule and this
resolution is the fact that I believe it will tend to a more reasonable and
equitable distribution o f the burdens o f taxation in this country. I f there
is any possible law that we can pass or any effort that can bo made whereby
we can distribute this burden o f taxation and place it upon the people
who are m ost able to bear it, I am in favor o f that law.
N ow , there is absolutely no question, and, so far as I am able to learn, it
is an undisputed fact that the people who have the large incomes in the
country are the people who are buying and holding these tax-exem pt securi­
ties. On account o f that they are able to get by in paying a very small
personal tax. For instance, an individual who has an income o f $50,000 ,
all derived from tax-exempt securities, might get by without paying taxes
o f any kind, even local, or any surtax to the Federal Governm ent, while a
Regarding the debate on the 19th inst., a Washington dis- neighbor that ran a small business and through individual attention and
paycli published in the New York “ Tribune,” said in part: hard work had an income o f $15,000 or $20,000 would have to pay a large
Federal income tax in addition to all local taxes. N ow , if we can pass
Backed by the endorsement o f President Harding and the Treasury the
or start something on the way o f passing that will equalize the levying
proposal was the centre o f a hard fight, in which m any Republicans opposed
o f taxes and rectify such conditions, I am absolutely for it, and every man
it. Passage o f the measure, offered by Representative Green, o f Iowa,
in this House should be for it, and I feel that it is o f such vital importance
ranking Republican o f the W a y s and M eans C om m ittee, which reported it,
to the people o f the whole country at this time that we should at least
will require a two-thirds vote o f the House.
submit this proposition to the people o f the various States and give them
Opponents declared to-night it would be defeated, although leaders who
caused it to be brought up insisted it would go through. Four hours of an opportunity to pass upon this proposition. W e can certainly depend
general debate, allotted under a special rule giving the measure right of upon the States to protect their rights.
M r. Bacharach.— I want to call the gentleman’s attention to page 21 of
way, had not been concluded on adjournment to-night.
Republicans speaking against the resolution were Representatives the hearings, in which the total amount o f tax-exempt securities is stated
at $ 10,660 ,000 ,000 . This statement was made by M r . M c C o y , the
G raham , Pennsylvania, ranking Republican o f the Judiciary Committee;
Government actuary. The amount of farm loan bonds is stated to be
Bacharach, N ew Jersey, a member o f the W a y s and M eans Committee;
$284,000,000 instead of $800,000,000.
Grago, Pennsylvania; Cable, Ohio, and N orton, Ohio. Representative
M r . Snell.— It is Impossible to tell the exact amount.
Crisp, Georgia, Democratic member o f the W a y s and M eans C om m ittee,
The Speaker.— The time of the gentleman from New York has expired.
also opposed the resolution.
M r. Pou.— M r . Speaker, so far as the issue of bonds b y the United States
Chairman Fordney, o f the W a y s and M eans C om m ittee, M r . Green, and
Government is concerned, there is no need for any Constitutional amend­
M r . M ills, also o f the C om m ittee, urged passage o f the measure, while
ment, because Congress has the power to refuse at any time to issue any
Representative Garner, Texas, ranking Dem ocrat of the W a y s and M eans
more tax-exempt bonds.
Com m ittee, directed the fight against passage.
This Concsitutional amendment proposes to go further than any similar
M r . Bacharach, in opposing the resolution, said conferences with New
amendment has ever gone before, and to subject to the paym ent of income
Jersey State officials had made him certain that the effect would be bad,
tax all bonds issued by the States, by the smaller political divisions, by
not only for his State, but for the nation at large. H e predicted that in
the counties, and even by the municipalities. It will not, in m y opinion,
the event the resolution was passed every local government would issue ts
accomplish the purpose hoped for. It will simply transfer the burden to
full quota o f bonds for as long a term as allowable— a result that would
tho people who issue the bonds that are put upon the market and who in
bo “ the forerunner o f an era o f local governmental extravagance.
course o f time must redeem them.
From the “ Congressional Record” of Dec. 19 we quote
The tax-exempt bond that brings 4 % will, of course, sell higher upon the
part of the discussion which the proposed amendment market than if it is not tax-exempt. W h y anybody should want to confer
upon the National Government the power of imposing taxes upon the bond
brought forth that day in the House:
issues of the cities and towns and counties I do not know. Y e t that is the
M r . Snell.— M r . Speaker, the resolution ( H . Res. 46 7 ), if adopted, simply
proposal in this Constitutional amendment. Even Alexander Hamilton
provides for the consideration o f House Joint Resolution 314 under the
would turn over in his grave if he could read it. I shall not vote for it.
general rules o f the House and a provision for four hours o f general debate.
M r. Raker.— M r. Speaker, will the gentleman yield right there?
Th e Rules Com m ittee appreciated the fact that this was a very important
M r. Pou.— I would rather not.
matter and should have full and free discussion on the part o f Members
M r. Raker.— Does this include school districts?
o f the House at this time. W e also fully appreciate the fact that there are
M r. Pou.— O f course. It also includes irrigation projects. And you
two sides to this question, but on the general proposition we considered it gentlemen who are listening to the whisper of this small voice m ay as
o f enough importance and o f enough interest to the people o f the whole
well understand that it will also include the Federal farm loan bonds.
country that the various States should be given an opportunity to pass
In m y judgm ent, this is the worst blow ever aimed at the Federal farm
judgment upon it. House Joint Resolution 314 simply provides for and loan system. It will subject those bonds to taxation b y enemies of the
makes possible the presentation to the various States o f the Union of a system. The ultimate result will be certain injury and possible paralysis
Constitutional amendment which in general terms provides for the doing
to that great system.
away with tho issue o f both Federal and local tax-exempt securities. The
M r. Steagall.— And good road bonds?
first section o f the bill provides that the United States shall have power
M r . Pou.— Y es; and good roads bonds. W h y , M r . Speaker, it would
to lay and collect taxes on incomes derived from securities issued after the
paralyze the prosperity of all the agricultural States of this N ation. I
ratification o f this article by or under the authority o f the State, so that
come from a State that has been called the “ Ohio of the South’ .’ I suppose
tho United States can assess taxes against incomes derived from State
it is intended as a compliment, because we have entered upon a program
bonds and different subdivisions and communities in the State. The
of great internal development. How are we going to refund our bonds
second provision o f the bill provides in turn that the State shall have the when they come due? O f course, b y imposing a higher rate of interest
power to lay and collect taxes on incomes derived by residents from securi­
upon all new bond issues. Our people must be taxed to pay the increased
ties issued after the ratification o f this article b y or under the authority
rates. So you are adding to the already heavy burden of the agricultural
o f the United States Government. It is necessary to have the two sections masses. And this amendment, instead o f being called an amendment to
o f the bill in order to make the general proposition in levying taxes absolutely
prevent the issue of tax-exempt bonds, should be termed an amendment
reciprocal as to the powers conferred upon the State and United States
to increase the rate of interest upon all bonds hereafter issued and also an
Government, and it seems from that point that the resolution in itself is amendment to enhance the value of bonds already in existence. M uch
entirely clear and affects the interests o f both the State and Federal Govern­
of the power behind this amendment is the influence of those who already
ments in a purely reciprocal manner, and the rights and powers o f each
own tax-exempt bonds. The very moment this amendment is ratified
are fully protected.
there will be an enormous increase in the market value of tax-exempt
A s it is well understood at the present tim e, under the present Consti­
bonds already issued.
tution we aro permitted to issue tax-exempt securities by tho Federal
I believe it was said that the Trojans were warned to look out for the
Governm ent, and also by the States and different subdivisions of tho States
Greeks when they came bearing gifts. Y o u gentlemen who contemplate
— that is, counties, towns, cities, and so forth, but it absolutely prevents
voting for this measure, who represent agricultural constituencies, had
the Federal Government on the one hand levying income taxes on securities better be careful and examine this thing, because it is “ lo ad e d ."
issued by tho several States or subdivisions, and the States on the other
M r . Snell.— M r . Speaker, will the gentleman yield for a question?
hand from levying an income tax on the securities o f the Federal Govern­
M r . Pou.— I yield.
m ent.
Under thesp general provisions, we have up to the present time in
M r . Snell.— W h y did the National Grange, in convention assembled at
the vicinity o f from fifteen to eighteen billion dollars o f tax-exempt securi­
W ichita. K an s., approve this, and why did the American Farm Bureau
ties o f various kinds in existence. During the year 1921 there were at
Association last year approve it in national convention assembled, and
least $1,000 ,0 0 0 ,0 0 0 o f those tax-exempt securities issued, and there is a also did the Farm Bureau Association in 1922 again approve it?
growing tendency, on account o f the ease by which they are marketed
M r . Pou.— T h at is a question that I can not answer. Perhaps there was
under the present laws, to increase the amount from year to year, for
no discussion o f the merits o f the proposal. But I will say to m y friend
localities to issue more bonds than are absolutely necessary, and eventually
this: I believe much of the sentiment behind this measure is propaganda;
to increase the taxes on its citizens.
that is to say, sentiment which has been worked up. I do not believe any
M r . K ing.— W ill the gentleman yield?
demand comes directly from the people who must foot the bill.
M r. Snell.— I will.
M a n y people would be amazed if they were told that the issues of bonds
M r . K ing.— Can the gentleman give any information as to how m any
that they vote to put upon the market to build school-houses and to build
bonds are issued under tho farm loan bank system , the Federal land-bank
roads and to develop communities are to be subjected to a rate of taxation
system ?
to be fixed by somebody else, that all such bonds o f States, counties, towns,
M r . Snell.— The gentleman means the total am ount?
school districts should be subjected to additional income tax b y the United
M r . K in g.— The total am ount.
States Government.
M r . Snell.— I can not; but I understand only about 5 % o f all the loans
N ow , M r . Speaker, I said that the Trojans were warned to look out for
taken out by the farmers o f the United States come under the farm loan
the Greeks bearing gifts. “ Tim eo D anaos et dona ferentis.'
There is a
bank system .
good deal that is behind this proposition which I suppose will appear in the
M r . Green o f Iow a.— A bout $ 8 2,000 ,000 .
.
long four hours’ debate granted b y the Committee on Rules. Think of
M r . Snell.— The only opposition, or the principal opposition, is the ques
submitting such an amendment to our organic law after four hours debate.
tion o f raising tho rates on municipal issues. From all previous CXP®
Let it not be forgotten that all bonds as a rule find their w ay to the great
and from all the evidence which was presented before the Com mi
,
commercial centres. M o st o^ th e States of the Union will get practically
seems there is enough o f investment funds that come from savings a
, no benefit from the tax that is proposed. North Carolina will get no tax
estates, and various other sources that under the law are obi ge
but will pay tribute to other States. Iowa will get very little benefit.
in these kinds o f securities on account o f the exceptional secur y
. Colorado will get very little benefit. The States of tho great agricultural
to take up all or any reasonable amount o f securities that av0
W est and South will get very little benefit; but New York will reap a har­
will be issued by the various communities in the way o f mun cipa
• vest. D o not forget that; because, just as water finds its level, so all
.and they will bo able to continue to market them at for one-half to 1 %
bonds tend to find the place where there is the best market for them , and
than tho rates paid on the highest grade o f industrial securities.
tho best market will be in the great commercial centres o f Boston, I’hilaThe Speaker.— The time o f the gentleman has expired.

Notifying the House o f the postponement, Representative M ondell, the
Republican leader, said that when the resolution was called up yesterday it
was with the understanding that it would be disposed o f in one day.
“ I don’t feel we would be justified in giving it further time now and thus
delay action on the appropriation bills,” he said.
There was a roar o f laughter when Representative Garrett o f Tennessee,
the Democratic leader, remarked that while M r . M ondell had not consulted
him he was satisfied with the delay.
M r . Garner insisted that M r . M ondell state when the resolution would be
taken up again ‘ ‘ if at a ll,” and the leader replied: “ A b out the second week
in January.”
“ I doubt if it will be called up at this Congress,” M r . Garner retorted.
Representative Green o f Iowa, ranking Republican o f the W a y s and
M eans Com m ittee, who proposed the tax-exempt measure, said later
that it certainly would be taken up again.
“ It has not been sidetracked,” said M r . Green, “ but we thought best
to wait until after the holidays, when there will be a larger attendance.”




2856

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[V ol. 115.

delphia, Now York, and Chicago; M assachusetts, New Y o rk, Pennsylvania
This unfortunate situation is further aggravated by causing tho moneyed
and Illinois will reap a great, rich harvest that is to be taken out o f the class to withdraw his capital from active industry, where he as director Is
earnings o f all the people o f America.
constructively building up the country’s prosperity, to place it in unpro­
There has never been a greater farce perpetrated on the American people
ductive channels, where he ceases to be active, withdraws from business,
than the attem pt to put this thing over. I will not vote for it. [Applause.]
arid joins tho idle rich to live off o f his income. I t thus compels a leisure
I reserve the remainder of m y time.
class and tends to stratify our society into classes, and thus deepen inherent
M r . Fess.— Does the gentleman care to use some more of his tim e?
hatred betwoon groups o f our population by arraying the mass against the
M r . Pou.— There will be only one more speech on this side.
class.
M r . Fess.— M r. Speaker, I yield ten minutes to myself. T h at leave five
The great virtue o f our system o f government is the equal opportunity
minutes on this side?
in tho rivalry of life, whore each stands equal to the other under the law.
The Speaker.— Y e s.
N o such theory can flourish wliero the idle rich aro free from tho burdens
M r . Fess.— M r. Speaker, the resolution making this joint resolution in o f tax while the large mass o f humanity are in a struggle to live. I t is such
order will allow four hours o f debate, as has already been stated to the situation that creates anti-government sentiment. It is such that pro­
House, and I would liko to call the attention of the M em bers to the merits
motes anarchistic dogmas and bolshevistic tendencies. It is not enough
of the measure, rather than to the rule, because I think there is no opposition
to denounce tho rich for entering the door o f escape when the Government
to the rule as a rule.
opens it wide and then gives the spur to enter it.
Some time ago I made a computation of what the high surtax does, with
It is not treason for a citizen to escape the penalty o f a high tax when
the avenue o f tax exempts open, and it was rather surprising to most of the Government itself supplies the way o f escape. I m ay prefer to reduce
the M em bers of the House who read it. W hen we had the high surtax,
the spur o f escape, but since the Congress prefers to keep the tax at the
6 5 % , an income of $500,000 could be invested in short-time certificates
high point, then the only step left, as I see it, is to close up the w ay o f
paying 5 H % . which would make $28,750 net income that one of the big escape, which this resolution proposes to do.
income financiers would receivo if ho invested $500,000 in tax exempts.
A t least I see no grounds for refusal to submit it to the States and give
In that case there is no worry, there is no risk, no possibility of any leaks.
tho people tho right to say whether they wish to forbid the issuance of
H e is sure o f $28,750.
tax-exem pt securities.
The money locked up in these tax-exempt securities is unproductive. It
The contention that tho amendment will place in the hands o f the Federal
is not a sourco of any revenue to the Government. It does not employ
Government the power to destroy the credit o f tho States is not well founded.
workmen in permanent business. It is simply an avenue for one who has
Tho resolution specifically forbids discriminatory taxation in favor or
a large income to invest his money, without regard to what it will do for
against tho States. In other words, if the Government decides to tax
the business o f the country. H e can do it without any risk whatever.
State securities, or any issued under tho authority o f tho Stato, it can not
N ow , on the other hand, under the high surtax as it then ranged, if ho
iix the rate beyond what it would fix in Federal securities. In other words,
should put his income of $500,000 into a productive industry employing
it is forbidden through tho channels o f the tax power to make a Federal
labor that would produce a product that would be sold from year to year
security less burdensome or to be proffered to a State security.
and continue an industry going, he would have to make 22.11 % , or $110,550,
I f it is held that the Government m ay use the tax power to destroy the
' profit after paying all of the taxes— Federal, State and municipal— in order credit of a State, which, o f course, is incredible, this amendment would
to have left the $28,750 net, such as he would have if he put his $500,000
require the Government to put the Federal securities in the same category.
income into tax oxempts in the beginning. That means that the man who
It m ust be noted that whatever is done under this amendment will be
receives a big income, with that avenue open, will not invest it where the
done by Congress. It is not overlooked that Congress as it is constituted
system of taxation. Federal, Stato, and municipal, operates, because he speaks the will of the States. How far -would a proposal get that looks to
knows to start with he can not make $110,550 profit on $500,000, and he destroying a State’s credit .in a body that speaks for tho States, as is the
will put it immediately into tax exempts so as to make sure that he will
case in Congress? This contention falls o f its own weight.
have that much of a net income and be free from any risk or worry from
I have no hesitancy in giving m y vote to permitting tho people o f the
fear or loss. This open course for escape from the high surtax has beon
States to decide on this issue.
freely entered by the big-income people of the country.
I f we decide to continuo the high income tax, then surely we should
Before the war tho tax exempts did not amount to over $3,00 0 ,0 0 0 ,0 0 0 .
prevent a practice that looks to the certain breakdown o f the system . .
Two years ago tho tax oxempts were estimated at $ 1 4 ,000 ,000 ,000 . You
I see no better way than that proposed by this amendment.
?
have noticed the various estimates given t o d a y , ranging as high as $ 18,M r. Bacharacli.— M r . Chairman and gentlemen of the Com m ittee, I
OOO.OQO.OOO. Doctor Seiigman, o f Columbia University, who probably is want to call the attention of tho gentleman from Georgia [M r. Crisp] to a
as good an authority as wo have, says that thero aro about $16,000 ,0 0 0 ,0 0 0
statement which he made, to the effect that there was no testimony to show
totally exempt and about $14,000 ,000 ,000 partially exempt; so that there that municipal bonds, if they were taxed, would cost the purchaser more
aro something liko $30,000 ,000 ,000 o f our capital that is in the form o f money. M r . M cC o y , the actuary of tho Treasury Department, makes
capital assets for business that is tax exempt, some o f it totally and some
this statement on page 21 of the hearings:
o f it partially. W h at does that do? Tho high surtax which our Govern­
There is little doubt that under these conditions the .futuro investor in
ment seems to have adopted as a policy, while it lias been reduced from
our now tax-exempt securities would demand that they pay the higher rate
of interest or be sold at a discount sufficient to at least meet a higher rate.
6 5 % to 5 0 % , is still so high that it will causo capital, as a matter of pro­
tection, to seek the tax-exempt channel. N ow , it strikes mo that as a
M r. Crisp.— Oh, I stated that the testimony was that it would increase it
matter o f revenue for tho Government— for that is the specific thing we one-half of 1 % .
•
have in mind— wo m ust either reduce the high surtax or wo must forbid
M r . Bacharach.— I wish to call the attention of the gentleman to Secre­
tho tax-exempt privilege. It seems that the high surtax has come to bo a tary M ellon’s statement, which reads as follows— and I think the gentleman
policy o f tho Government. Therefore, it appears to mo that it would be from Georgia interrogated him:
perfect folly, from the standpoint o f revenue, for the Government to keep
The Chairman.— If we adopt this Constitutional amendment and make
open the channel into which, as a matter o f self-defense, capital enters in municipal bonds subject to taxation, are we not going to add additional
.
order to avoid the payment o f these taxes. I t is the direct road for the burdens upon the people in taxes?
Secretary M ellon.— I should say not, in the long run.
defeat o f the very purpose of taxation. There is the loss o f revenue to
M r. Frear.— Does not this question arise there. M r. Secretary, that
start with. I t seems to m e that this is justified upon several different there is an assumption that the 3L £% tax-free security of tho Government
can bo put out at par? Is that true?
grounds. I am persuaded that as a matter o f revenue we ought to pass
Secretary M ellon.— Probably.
this amendment. It strikes me also that as an incentive to going into
M r. Frear — That is true to-day, that the Government can issue'3 K %
productive industry, to invest capital in business, to employ labor, to keep
tax-free securities?
a going concern going, this amendment should be adopted. Tho tax oxempt
Secretary M ellon.— Perhaps. N ow , to sell a security at par that is not
tax free, the Government would have to pay a rate of interest to-day of
is an obstacle against productive industry, because it diverts the capital
more than 4 % . of course.
that otherwise would go into tho productive industries into unproductive
M r. Crisp.— M ore than what?
channels; productive, I adm it, in tho sense that when you build a road
Secretary M ellon.— M ore than 4 % .
I supposo it would depend upon the
length of time they would have to run, but it would bo somewhere from
you employ labor and capital for the time being while tho road is building,
but when it is built labor and capital, so far as that construction goes, cease 4 H to perhaps 5 % , depending on the length of time they would run.
M r . Garner.— I call tho gentleman’s attention to the fact that Congress
to be employed, wliilo, on tho other hand, if you could induce the capital to
recognized that three-quarters of 1 % and 1 % interest is the difference, by
go into tho productive industries, such as transportation or other industrial
differentiating securities to be sold at tho same time, one taxed and one
agencies, you would keep the capital invested and you would continue to
not taxed.
em ploy tho labor of the country, which are tho best tests o f a country’s real
M r . Bacharach.— Y e s . W h a t I have read indicates that it would cost
prosperity.
1 to 114% more.
From that standpoint, in addition to the revenuo standpoint, it seems to
M r . Chairman, I am opposed to this resolution because I believe that It
mo that this is o f importance. M uch o f our consideration as a legislative
body is given up to the problem o f industry. Our material prosperity is will not be effectual in reducing the amount of tax-free securities. I f the
provisions of this resolution could be made retroactive, or if it were possible
determined very largely by the uninterrupted employment o f labor in
profitable enterprise. W e aro concerned in keeping open tho channels of to enact legislation in this respect which could become effective immedi­
investment in labor-employing business. I f these channels are clogged ately without the necessity o f an amendment to the Constitution, which
requires the approval of two-thirds of the States o f the Union, there would
from whatever reason we endeavor to open them . I f European competition
probably be some merit in it.
tends to close our industries we readily correct it by necessery protective
The Secretary o f the Treasury, at the hearing before the W a y s and
legislation. Hero is a situation where capital, always timid, heavily
M eans Committeo on Jan. 16 last, contended that tho total amount of
weighted by a high surtax, finds a perfectly easy and complete escape
through the channels o f exemption from tax burdens. The amount of tax-exempt securities of State, county, and minor political subdivisions is
increase o f tax-exempt securities on the one hand and the reduction o f $8 , 1 4 2 ,0 0 0 ,0 0 0 , and of this amount he contends that 5 6 % is held by
insurance companies, banks, and trust companies, which are requried by
numbers o f high surtax payers on the other, leave nothing further to be
law to retain certain reserves.
said on the general effect?o f this policy. Again, it is rather a bad condition
It should be further noted that the figures given by M r . M ellon as to the
in our own country when the conviction is on that wo are collecting taxes
total indeotedness of States and municipalities is the gross indebtedness; in
from smaller incomes and keeping open the way for larger incomes to
other words, no allowance Is made for sinking funds of the various States
escape taxation. That has a bad social as well as governmental effect.
and municipalities through which they gradually take up these securities
M r . London.— How can those who favor a reduction o f the higher sur­
whenever they are put upon the market at attractive prices; nad the money
taxes be sincere in their advocacy o f this measure?
M r . Fess.— I can do that because I am afraid that m y friends like the held in such sinking funds amounts to fully one-third of the total indebted­
ness mentioned by the Secretary.
Socialist from N ew York are in the m ajority. It is a choice between two
A s wo all know, savings banks aro conducted without profit to anyone
evils and I take the least, especially when the safety o f the Government is
at stake. I employed what influence I had to reduco the surtax to a point excepting the depositors, and naturally the more money these institutions
earn, the more interest the depositors receive.
where it could not drive incomes into these channels. Failing that, our
O f course, the highest class of securities that one could own aro United
only recourso is to close up tho channels o f escape. H ow a M em ber can
States Government securities; the next are tho securities o f States, counties,
insist upon continuing the course which compels capital to seek refuge and
and municipalities, which are solvent and financially sound and strong.
at the same time to refuse to close up the door o f escape I can not under­
The gentleman from Pennsylvania [M r. M cFaddin], the author o f a
stand. Surely one who refuses to close the door can not complain if it is
similar resolution, who appeared before the Committoo, stated that the
entered.
effect o f this legislation would bo to increase the price o f bonds. This
B u t, as I was about to say, this practice causes the large incomo holder
statement is absolutely correct, and tho final ratification o f this resolution
to seek his escape from tax burdens, while tho small man is left to bear them.
I t is not a sound or wholesome situation socially or governmentally to permit by the required number o f States making it a law would mean that there­
such favor toward tho big-moneyed man at the expense o f the small tax­ after States, counties, and municipalities would have to sell their bonds
payer. I t produces a bitterness that is reflected in opposition to Govern­ either at a higher rate of interest than they now carry or they would not
bring the same premium they are bringing in the open market to-day.
m ent as unfair and inequitable. I t breeds disrespect if not open attack
The consequence o f such a condition would mean that the individual
upon constituted authority as a protection o f the rich as against the rights 1
o f tho poor.
would have to pay a higher proportion o f State taxes and a higher proportion




D ec. 30 1922.]

THE CHRONICLE

o f municipal taxes, and I believe the increase in State and municipal taxes
would be considerably more than would be gained b y any decrease in
Federal taxes brought about b y the adoption of this resolution.
It is also evident if, as a result of this legislation, the higher grade of
securities would sell at a higher figure, those securities which are not con­
sidered as good from an investment standpoint as State and municipal
bonds, would naturally sell at a still higher figure.
In other words, in our section of the country an individual can now
borrow money on mortgages at the rate o f 6 % , but it is m y belief that this
legislation would result in his having to pay more than 6 % for a mortgage
on his home and in addition to that he would have to pay increased State
and municipal taxes.

Elsewhere in this issue to-day we give Secretary of the
Treasury Mellon’ s statement on tax-exempt issues embodied
in his recently issued annual report.
T U R K S A G A I N R E J E C T B R I T I S H C L A I M TO M O S U L —
■ GREA T B R I T A I N I N S I S T S O N I T S C L A I M .

The settlement of the Mosul dispute, one of the thorns in
the side of the Lausanne Conference, appeared no nearer this
week than when the sessions started. There seems, indeed,
to be little prospect of yielding either by the British or the
Turks, the two countries that are contending for control
of the Mosul territory, rich with oil lands. On Dec. 24 the
Turkish delegates notified the British delegates that they
could not accept the British contention that Mosul is part
of Irak and therefore of Mesopotamia, over which there is
a British mandate.
During the present week developments served to intensify
the difficulty with respect to the Mosul territory and so
serious had become the situation growing out of the differ­
ences between the Turks and the British that one newspaper
correspondent who has been covering all the principal peace
conferences on the Continent since Versailles, declared on
Dec 27 that “apparently the British Government will fight
Turkey rather than give up Mosul and its oil now held by
England as part of the Mesopotamian mandate ” This
statement came at the end of a day devoted chiefly to
unfruitful discussion of the Mosul problem in the course of
which Great Britain (on the 27th) reiterated its former
position with regard to Mosul.
Lord Curzon on that date, according to cable advices,
sent Ismet Pasha a note stating flatly that England would
not consider the Turkish demand for Mosul and declining
to continue the controversy. This was in reply to a note
from Ismet, once again demanding that England hand
Mosul over to Turkey and concluding “ the people of Turkey
have decided to employ to the last limit of its forces all
means to obtain the return of the vilayet of Mosul to the
motherland.” The Turks contend that without Mosul none
of their promises count, and they will make no peace treaty.
The British Delegation issued tnis statement on the 27th:

2857

The ethnological issue hinges on the Kurds, who form a m ajority o f the
population o f the contested district. T h e British say that tho Kurds wish
to belong to Irak. Ism et contends they should be under Turkish sovereign­
ty . Lord Curzon dismissed as absurd Ism et’s contention that Kurds
and Turks were similar in origin, and said that the only inhabitants
o f the M osul district who wished for Turkish rule were tho Turkom ans,
who formed ono-twolfth o f the population. Tho other eleven-twelfths
preferred to belong to Irak, he said. H e argued that the Kurds refused
to help tho Turks in the W orld W ar and had always resisted Turkish rule.
W ith respect to the Turkish claim that the National Pact called for the
possession o f M osu l, Lord Curzon wrote that England would not permit a
National Pact proclaimed in 1920 to dispose o f the fate o f M osul, settled
b y the Allied victory in 1918.
“ Faithful to its obligation to the population, to its allies and to the
League o f N a tio n s ," he said, “ tho British Government is bound to reiterate
its refusal even to contemplate the surrender o f tho Vilayet o f M osul and
Is unable to see that any advantage can arise from further controversy on
this subject.”
.
This pronouncement immediately throw into the shade tho subcommittee
conversations on minorities, capitulations and other subjects. ^ It was
quickly realized that if the English and Turks stood by their positions, the
conference would fail.

Turks Say: No Mosul, No Treaty.
The Turks appear to-night positive in their statements that they cannot
sign any treaty which does not give them M osu l, and that they would be
tried for treason if they did.
.
The Turks seem to be contemplating quite coolly a war with Great B ritain.
The issue, they think, is whether they shall keep Eastern Thrace and Con­
stantinople or give them up and get M o su l. There is little doubt that
Kem al could have sent against the handful o f British in M osul forces which
would quickly swallow them up, and the Turks calculate they could drive
the British from M esopotam ia. But they also realize that that would be
only the beginning. It is quite apparent that England could muster sol­
diers from Greece, R um ania, Jugoslavia, and perhaps Bulgaria to drive the
Turks from Eastern.Tlirace, and the Turks themselves admit that tho Eng­
lish could capture Constantinople and hold it against them.
T o give the situation a favorable turn to propaganda, their conversation
this evening runs along this line: Th e British have boon trying from the
outset to break up the conference because they wished to fight tho Turks,
and tho latter predict that if the conference breaks up the English will
“ make it appear” that it broke on the issue o f the minorities.
.
I t is the British position that technically M osul is not before tho confer­
ence, and all that remains to be done is tc roach an accord on other issues
without regard to M osul. O f course, tho Turks see things differently
and say that every one understood that the M osu l issue must be settled
here.

Riza Dominates Turkish Delegation.
It would seem that Ism et Pasha has been rebuked by Angora for tfye con­
cessions made here, and that the dominating figure in the Turkish delega­
tion has become Riza N ur B o y , who represents the extreme Turkish N a ­
tionalists.
_
A s matters stand, some one must back down. Certainly the British show
no intention o f doing so, and therefore tho basic question is whether the
Turks will make a settlement without getting M osul or will they prefer to
fight.
_

The Allies and the Turks have been trying to solve this
question ever since they arrived in Lausanne by means
of private discussions. It will come into the conference
in connection with the general fixing of Turkey’s boun­
daries. The Mosul oil fields are said to be among the
richest in the world. Under the San Remo agreement
England gave France 25% of the output, but Turkey came
to Lausanne with the argument that the Mosul vilayet,
Tho turning point o f the conference has come. The Allies have decided containing most of the oil property, belongs to Turkey,
to end the carpet bargaining, which, after six weeks, has brought not one chiefly because the population is Turkish.
The Turks want
definite result. N ext week the Turks will be handed a draft of.th e treaty
England to recognize Mosul as Turkish, but say they will
containing the Allied proposals and the concessions we have m ade, and
allow the British to work the oil fields. England on Dec. 14
a definite reply will be asked.
The French said they completely approve this statement. sent a memorandum to the Turkish delegates arguing that
It was stated that the draft of the treaty would contain no on ethical, historical, political and economic grounds
Mosul was really part of Irak. Turkey’s answer, forwarded
provision for returning Mosul to Turkey.
Reviewing the controversy over the Mosul territory since to the British delegates on Dec. 24, was a refusal to accept
the opening of the Lausanne Conference, c o p y r i g h t cable­ the British arguments.
In an 18-page document the Turks insisted that the Mosul
grams of the 27th to the New York “ Times” said:
Unless the Turks yield In the M osul case, as well as in the matter of the vilayet should be considered separate from the rest of Irak
capitulations, the conference will fail. I f the Turks abandon the fight on
and as a part of Turkey. They denied that the population
these two issues the others can be decided.
of Mosul is chiefly Kurd and that for racial reasons Mosul
There is a distinct spirit o f pessimism in British, French and Italian
should go to Irak, and conclude that Mosul must be deemed
quarters this evening.
an integral part of Turkey. The United States has a great
In the first days of the conference the Turks put forward their claim to
interest in the disposal of Mosul, it is pointed but, because
M osul in private conversations. The conversations between Ismet and
Lord Curzon had as a result the noto of D ec. 14 from Lord Curzon denying
of the oil supply.
the validity o f tho Turks’ historical, ethnic and economic arguments for the
possession o f M osul and saying frankly that England had no Intention of
yielding her contention.
The Conference next went into the Straits discussion with the result that
an accord was so nearly reached that full agreement was assured if other
issues could be arranged.
T w o days ago Ismet Pasha sent Lord Curzon a note repeating tho Turkish
demand for M osul In firmer tones. T o -d a y this brought from Lord Curzon
a reply which began by saying that the Turks had “ made no case whatever
for the surrender b y tho British Government of the vilayet of M o s u l."

Britain’s Decision Made, Curzon Says.
“ In order that there m ay be no future misunderstanding,” Lord Curzon
said, “ permit me to state that the British Government, forced into war with
Turkey, defeated the Turks and drove them from the district. Gr,ea^
Britain promised the populations to free them from tho Turks. Great Brit­
ain has accepted a mandate for this territory. Great Britain has promised
in her treaty with Irak that she will consent to no cession of the territory
included in the K ingdom of Irak. This train o f events constitutes an obli­
gation which no self-respecting Government could ignore, and his M ajesty s
G overnm ent has not the slightest Intention of receding from this position.
N o prolongation of this controversy could change this attitu d e."
After saying that the British were willing to discuss the details of a
boundary which Lord Curzon said would give the Turks a small triangle
north o f tho M osul district, next to the Persian border— which contains no
oil— Lord Curzon went into details to answer tho Turkish arguments for
M osu l.




A M B A SSA D O R C H IL D , A T L A U S A N N E CONFERENCE.
TELLS T U R K S T H E Y M U S T GIVE G U A R A N T E E S
OF P R O T E C T I O N FOR F O R E I G N E R S .

The attitude of the Allied Powers with regard to the
protection of foreign residents in Turkey, which has been one
of the most important problems before the Lausanne Con­
ference, was concurred in by the American observer at the
Conference, Richard Washburn Child, in a speech made
before the Capitulations Commission of the Conference’
on Dec. 28. Mr. Child, who is also the American Ambas­
sador to Italy, declared that some guarantees must be
given by Turkey to replace the capitulations or extra-terri­
torial rights for foreigners which the Kemalists have declared
abolished. If Turkey showed a spirit of collaboration on
this question, Ambassador Child said, she would receive
just and generous treatment. Otherwise she must be con­
sidered to have repudiated her engagements. Mr. Child
is reported to have spoken as follows:

2858

THE CHRONICLE

Tho United States has an independent position, based upon two im­
portant and serious considerations.
The first is the sanctity of obligations. The United States enjoys
certain treaty rights which are obligations o f Turkey. In 1914 these
obligations on the part o f Turkey existed toward m any nations. The
United States is one.among those nations whose rights under these obliga­
tions cannot be set aside by Turkey alone, except by repudiation.
W e do not believe Turkey desires to follow the unsuccessful example of
nations which base their independence upon mere repudiation o f inter­
national obligations.
The second consideration is the fundamental equity which foreigners,
such as nationals o f the United States, who have invested their personal
or material fortunes in Turkey, m ay expect from the Turkish Government.
The protection upon which they have counted cannot be withdrawn
without the creation o f an obvious injustice. All the world, including,
I believe, the Turkish people them selves, would look upon this injustice
as an offense to those principles which create the international faith and
fidelity so necessary for the functioning of the world’s social security and
the co-op ration o f its economic forces.
The representatives o f the United States understand that, in respect to
these rights, created by treaty or by usage, the position of the Turkish
delegation has been founded upon a desire for complete freedom from any
restriction o f the sovereignty or independence o f Turkey. For the main­
tenance o f Turkish sovereignty we have sym pathy. For its progress we
have much hope.
W e have observed that we are not the only representatives o f nations
here who have been inclined to accord Turkey recognition of her legitimate
aspirations to be free o f unwarranted interference. W e have not, however,
refrained, and we cannot now refrain, from stating our view that sovereignty
not only creates the duty for zealous guardiasnhip of its rights, but in its
highest sense creates also the duty for equally zealous guardianship o f its
obligations.
It is our view that sovereignty, in tho sense o f the prerogatives o f modern
government, is as often expressed in terms o f co-operation with the outside
world— such, for instance, as is involved in tho presence here of His Excel­
lency Ismet Pasha to make peace— as it is expressed in the mere assertion
o f inviolability and sanctity.
In the modern world a sovereignty which has its eyes only on its sanctity
is as a sovereignty o f isolation. It is our belief that only those sovereignties
are progressive which have confidence and readiness to arbitrate, co-operate
and contribute to practical ends.
One o f these practical ends to which the sovereignty of Turkey would
devote itself under the national development would be the substitution of
new treaties, with their rights and obligations, for old agreements which
might not be considered to meet the need o f the times, or o f justice, or of
the new conditions. W e can believe that in this attem pt Turkey would
find fair and generous treatment from the other nations, including our own,
in exchange for fair and generous treatment accorded by Turkey.
B ut, if her policy should bo along other lines, it is difficult to foresee a
better result than the world has observed in the recent ca'.es o f governments
which have attem pted to prosper on the policy of repudiation.
The position o f Turkey toward the juridical status of foreigners and their
property in Turkey, as we are now led to understand it, is that Turkey
asserts she possesses a juridical system— including not only laws but their
application in her courts— which will satisfy the other nations and their
nationals.
Unfortunately, this satisfaction does not appear at this moment to be a
fact. The fact appears to be that the other nations and their nationals,
no matter how ready they m ay be for means o f co-operation with Turkey,
are testifying that Turkey does not offer either continuance of the existing
rights or the substitution for them of a system which will safeguard foreign
persons and property in Turkey.
Security m ay exist in the mind o f tho Turkish Governm ent, but the vital
necessity is that the foreigners themselves feel that it exists. T o the repre­
sentatives of the United States it appears clearly that, even if no question
of obligation on Turkey’s part existed— as indeed it does— foresight would
cause the Turkish sovereignty to express itself in a program dealing with the
juridical status of foreigners in such a manner as would invite, and not
repel, foreigners.
From that intercourse upon which the prosperity o f nations is founded,
and with full appreciation o f the legitimate aspirations of Turkey for invio­
late sovereignty. we point out that treaties which will give foreigners a
status o f security in Turkey can deprive Turkey o f nothing, and indeed
would be tho very foundation for her economic future.

THE L A U SA N N E

CONFERENCE

NEARING

ITS END.

The Near East Conference at Lausanne appeared this week
to be nearing its final stages, but there was considerable
doubt expressed in the press dispatches as to just what the
conference finally would accomplish. While announce­
ment was made by the Allied Powers that a draft of a now
treaty of peace would be presented to the Turks next week in
all probability, there were developments at the conference
of an unfavorable nature which indicated, according to some
observers, that it might collapse even before the treaty was
presented. These developments centered around tho Turks’
refusal to yield to the Allies’ demand for guarantees of pro­
tection of foreigners in Turkey and the refusal of tho Turks
to accept the British point of view with respect to tho Mosul
oil territory. There were other developments at the confer­
ence, of course, but they were of comparatively minor im­
portance. Ismet Pasha, it was pointed out, had failed to
persuade the United States and the European Powers that
Turkish laws and Turkish courts afford adequate protection
to the life and property of foreigners residing in Turkoy,
and tho conference on Dec. 28 was reported to be in grave
danger of breaking up on this question. Europe and Amer­
ica insist, according to press dispatches, that special courts,
upon which foreign judges sit, must administer justice to
foreigners in Mustapha Kemal’s republic. Ismet Pasha,
the Turkish delegate at the conference, says such courts
would be an infringement on Turkish sovereignty. In fact,
he reiterated this declaration so often at Dec. 28, it was said,
that Lord Curzon retorted:




[V ol. 115.

I beg that Ism et Pasha wrap up and place carefully away in a cupboard
this question o f Turkish sovereignty, which nobody wishes in the least to
offend. Turkey is not the only country which enjoys sovereignty: many
other Powers have it, and frequently greater Powers than Turkey submit
questions to international tribunals without fear of impairing their sover­
eign rights.”

Marquis di Garroni, M . Barrere, M . Bompard, Ambassa­
dor Child and Baron Hayashi all spoke in support of the
proposed courts for foreigners, upon which foreign judges
designated by the international tribunal at The Hague shall
sit. Under this plan Turkey would be permitted to select
judges from the list submitted by The Hague Tribunal.
Japan, which itself was obliged during a long period to ac­
cord the same extra-territorial privileges to foreigners, in­
tervened in the debate in the role of mediator. Baron
Hayashi counselled Turkey to be patient and conciliatory.
Tho Turkish delegation had a long conference after the ses­
sions on Dec. 28 to consider the latest serious developments
and frame its reply.
Not a single important question on the agenda of the
Near East conference has been settled, despite many weeks
of negotiations, Riza Nur Bey, of the Turkish delegation,
said, and it was, therefore, no wonder all the delegates
deemed a crisis had arrived. He added Turkey had come
to Lausanne for peace, and if peace was not obtained and
a rupture came, it would not be the fault of Turkey but of
the Allies. “ I do not say that things are hopeless,” added
Riza Nur Bey, “but wo certainly are in a state of tension.”
B R I T I S I I F L E E T O R D E R E D B A C K TO C O N S T A N T I N O P L E .

The British Government is giving fullest support to Lord
Curzon at the Lausanne conference. Backing up his
declaration to the Turks that Britain would never surrender
Mosul to them, the Mediterranean fleet which only a few,
days ago had been recalled to Malta from the Golden Horn,
was ordered on Dec. 28 to return at full speed to Constanti­
nople to await eventualities. The flagship, The Iron Duke,
commanded by Admiral Sir Osmond de Robeck, which
started, according to dispatches, for the theatre of threatened
hostilities, was accompanied by a few light cruisers and a
flotilla of destroyers. All the other ships of the fleet are
expected to follow as soon as possible.

IM PE A C H M E N T C H A R G E S A G A IN ST A T T O R N E Y -G E N ­
E R A L CONCLUDED BY H OUSE C O M M IT T E E CONGRESSM AN
KELLER
F A IL S
TO
SU STA IN CHARGES.

The proceedings recently begun in the lower House of Con­
gress on the resolution introduced by Representative Keller
of Minnesota, seeking the impeachment of Attorney-General
Daugherty, have failed. The hearings on the charges of
Congressman Keller were held before the House Judiciary
Committee, of which Representative Volstead is Chairman.
They began on Dec. 12 and were concluded on the 21st. Mr.
Keller failing to appear before the committee after the first
few days of its sessions. Winding up its public hearings, the
Judiciary Committee voted on Dec. 21 to meet on Jan. 4 to
reach its formal decision and begin preparation of its report
to the House. It was regarded as practically certain that the
committee would hold that there had been produced no evi­
dence upon which impeachment proceedings could be based.
Aside from its report on the impeachment charges, the
committee has to decide the question of what action, if any,
is to be taken on the refusal of Mr. Keller to obey a supboena
calling him to appear for examination under oath as to the
information upon which he based his allegations against Mr.
Daugherty. This question lias been referred to a sub-commitee of five members, but as yet Chairman Boies has not
issued a call for a meeting of the committee. Interrupting
an extended cross-examination of witnesses, called before
the Judiciary Committee in its hearing of impeachment
charges against the Attorney-General, Chairman Volstead on
Dec. 13 declared he did not believe it possible, judging from
the character of the testimony already presented, to make
anything out of the case against Daugherty. Representative
Keller on the following day (Dec. 14) refused to participate
further in the hearings before the House Judiciary Commit­
tee on the impeachment charges. Characterizing the hear­
ings as a “comic opera performance,” he declared he would
be untrue to his responsibility as a member of the House if
lie assisted further in “a bare-faced attempt to whitewash
Harry M. Daugherty.” Immediately after he announced his
withdrawal, the committee, in open session and without leav­
ing its place, voted to on with the hearings; to subpoena Mr.

D ec . 30 1922.]

THE CHRONICLE

K e lle r a s a w itn e s s , p u t h im u n d er o a th , a n d q u e stio n h im a s
to th e b a s is fo r h is c h a r g e s o f h ig h c r im e s a n d m isd e m e a n o r s
a g a in s t th e A tto r n e y -G e n e r a l. L a te r h e w a s su m m o n ed fo r ­
m a lly by th e H o u s e S e r g e a n t-a t-A r m s to a p p e a r b e fo r e th e
c o m m itte e , b u t h e r e fu s e d to do so. A f t e r a b s e n tin g h im s e lf
m u ch o f th e d a y , K e lle r a p p e a r e d w ith a ty p e w r itte n s t a t e ­
m e n t in h is h a n d on D ec. 14 a n d a n n o u n c e d th a t h e d e sir e d
to r ea d it to th e c o m m itte e . H e w a s r e fu s e d th e o p p o rtu n ity ,
h u t la t e r m a d e p u b lic th e s ta te m e n t, w h ic h d e a lt in d e ta il
w ith h is r e a s o n s f o r r e fu s in g to go on, a n d em b o d ied a d e ­
m a n d th a t th e c o m m itte e fa v o r a b ly re p o r t h is r e so lu tio n to
th e H o u se , so th a t h e m ig h t p r e se n t h is e v id e n c e “to a n u n ­
b ia s e d c o m m itte e in th e p ro p er w a y .” “ I r e it e r a te n o w ,” th e
s ta te m e n t sa id , “th a t I a m in p o s s e s s io n o f e v id e n c e a m p le to
p ro v e H a r r y M. D a u g h e r ty g u ilty o f a ll o f th e h ig h c r im e s
a n d m isd e m e a n o r s w ith w h ic h I h a v e c h a r g e d h im .”
T o g e th e r w ith th e s t a te m e n t, R e p r e s e n ta tiv e K e lle r g a v e
o u t a le t t e r fro m S a m u e l U n te r m y e r , o f N e w Y ork, w h o
ch a r g e d th e c o m m itte e w ith “c a llo u s p a r tis a n s h ip an d m o ra l
o b tu s e n e s s ,” a n d a d v is e d K e lle r to q u it th e p ro ceed in g . T h e
s ta te m e n t w h ic h M r. K e lle r w a s p re p a r e d to rea d b efo re th e
c o m m itte e w a s r e p o rted in p a r t a s fo llo w s in th e d a ily p a ­
pers :
At this time I desire to make a statement to the Committee on the Judi­
ciary with reference to the hearings now in progress, and I want to say at
the outset that I must decline emphatically to be interrupted. ,
The hearings were put over until Dec. 4, after the then impending elections
and until such a date as the committee knew in advance that my chief ad­
viser, Samuel Untermyer, would not be able to be in attendance.
In making the announcement of the postponement the Chairman of your
committee gave an interview to the newspapers in which he characterized the
proceedings as “comic opera.”
In view of what has transpired before this committee from the beginning,
and especially during the last three days, it is evident that at that time the
Chairman had in mind making a “comic opera” performance of these serious
proceedings, and that the postponement was taken in order that those inter­
ested with him rryght conduct the jokes, arrange the action of the play, coach
the actors and set the scenery.
The play has been on for three days. The record of the hearings before this
committee to date has indicated beyond the shadow of a doubt the plain pur­
pose of these proceedings.
This record discloses the following:
1. Practically every important decision of the committee with reference to
procedure has been made in secret, without notice to me or to my attorneys
to be heard in advance of the making of such decisions. On several occasions
it has been announced that these decisions were by unanimous vote of the
committee and several members of the committee, including those on the ma­
jority side, have openly announced that they knew nothing whatever of such
decisions having been made ; that they were not informed that the committee
was to meet to make such decisions and that such alleged unanimous action
was without their consent.
These decisions of the committee were in some instances never communi­
cated to me or my attorneys at all, but I got my only information about them
througn the public press and my written protest to the committee against
such action has been ignored.
2. The secret decisions have operated to restrict me in presenting my evi­
dence in the order in which it could be most expeditiously and effectively pre­
sented and have taken away from me and from my counsel the right to deter­
mine the order of presentation of our case and the calling of our witnesses.
These decisions have also taken from me the right to call any witness until I
first notify the committee as to what that witness will testify. At the same
time the record discloses that upon motion of one of your members the com­
mittee decided to permit Harry M. Daugherty to present his defense “in any
manner that to him seems fit.”
3. On Nov. 23 1922, your committee demanded that I file on or before
Dec. 1 a bill of specifications. I complied with that demand, and, in con­
nection with my bill of specifications, on Dec. 1, I asked the committee to re­
quire the production of a number of documents on file in the Department of
Justice and in other Departments of the Government. 1 then stated that these
documents contained evidence in support of my charges.
Notwithstanding this request and this statement, the committee has to date
failed and refused to require the production of the papers asked for, but has
secured the production of only a limited number of documents from day to
day.
4. Such documents as have been produced before the committee have not
been produced in time to be examined by myself or my counsel, except for a
few minutes before we are expected to call witnesses upon their contents and
to make a decision as to whether or not these documents should be introduced
in evidence. These documents have been accessible only for a few minutes at
the council table during the process of the hearings and during the luncheon
recess, and we have not been permitted to have further access to them. This
unprecedented procedure has so circumscribed myself and my counsel in pre­
senting the evidence contained in these documents as to make it impossible
to get before the committee the facts that are contained in the files.
5. The committee has arrogated to itself the right to determine what docu­
ments shall or shall not be introduced in evidence by a secret examination of
these documents and has refused to permit me or my counsel to describe these
documents or to offer any arguments whatever as to their admissibility.
f> The committee has announced that it will in secret and without oppor­
.
tunity for hearing or argument “correct” the official record of these proceed­
ing by striking out such testimony as the committee deems irrelevant. Thus
the public record will disclose, not the actual proceedings held here, but only
such parts of these proceedings as the committee will permit to be of record.
7. The committee has already distorted and published records of these hear­
ings by omitting and refusing to print my letter of Dec. 1, transmitting my
bill of specifications, although the Chairman specifically stated that this
letter would be made a part of the record and although Ilarry M. Daugherty’s
letter of transmissal of his answer was so published.
8. The committee has one rule of procedure for the defense and another
rule for the prosecution. In addition to the unfair secret decisions already
referred to, the committee has at times permitted the widest lattitude to the
introduction of alleged evidence in defense of Harry M. Daugherty on the
ground that this was a legislative hearing, and not a court of procedure; while
frequently limiting my own presentation of facts.
The evident purpose of this is to keep from the record material evidence
against the Attorney-General, and to put into the record the most veritable




2859

kind of hearsay in defense of the Attorney-General and against the characters
and reputation of those who oppose him, and no opportunity has been granted
the persons thus traduced to defend themselves.
9. The hearing room has at all times been crowded with official and un­
official representatives of the accused Attorney-General. Many of these are
on the public payroll of the Department of Justice, and their attendance here
has not been in pursuance of their public duty. Some of these agents have
looked over my shoulder and spied upon my private papers; others have sur­
rounded by clerks and assistants in the room and spied upon their conversa­
tion and interfered with their efforts to assist me.
10. The record is full of remarks by members of the committee that indi­
cate bias and prejudgment of the case.- The proceedings to date demonstrate
beyond question that these hearings are a farce intended for the purpose of
whitewashing Harry M. Daugherty.
I would not be true to my responsibility as a member of the House of Rep­
resentatives if I further participated in this comic opera proceeding, which
is a bare-faced attempt to whitewash Harry M. Daugherty. I cannot permit
myself to be put in the position of assisting in any way in this whitewash
perfomance and remain true to my oath as a member of the House of Rep­
resentatives.
I reiterate that I am now in possession of evidence ample to prove Harry
M Daugherty guilty of all of the high crimes and misdemeanors with which I
.
have charged him. I am ready and anxious to present this evidence in a
proper way before an unbiased committee, but I emphatically refuse to permit
it to be used as whitewashing material.
I now repeat by demand tint my resolution (H. R. 425) be reported to the
House of Representatives with the recommendation that it pass and that I
be permitted to present my evidence before an unbiased committee in the
proper way. With these whitewashing proceedings I shall have nothing fur­
ther to do. I have made this decision after consultation with my advisers,
among whom is Samuel Untermyer of New York.
T h e le t t e r fr o m Mi-. U n te r m y e r a d d r e ss e d to R e p r e s e n ta ­
tiv e K e lle r r e a d in p a r t :
I am engaged in public hearings and other urgent work of the Lockwood
committee and cannot therefore be in Washington to-morrow or at any time
before the first of the year.
Frankly, I would not come if I could and must refuse absolutely to have
any connection with this manifestly biased, prejudiced “whitewashing” per­
formance, and do not understand what Mr. Ralston means by connecting me
with the inception of this proceeding.
My opinion of Mr. Daugherty as a public official is well known. I regard
him as an incompetent and generally unfit official of low standards of public
duty, and would like to see him succeeded in that exalted post by a man of
totally different public standards.
I did not have the pleasure of your personal acquaintance and did not know
and had never heard of this impeachment resolution until long after the res­
olution had been introduced and referred to the House Judiciary Committee,
nor until a few days before the time fixed for the hearing. You will recall
that I then declined to lend countenance to the proceeding based on the rail­
road injunction and stated as my reason that however indelicate may have
been the Attorney-General’s selection of his tribunal the responsibility for its
inauguration and for the decision in that case had been shifted from the At­
torney-General to the court.
I did, however, say to you that I was deeply interested in putting a stop to
the persistent non-enforcement and to the favoritism shown in shielding vio­
lators of the anti-trust laws, and that if your charges were enlarged so as to
include these acts, I would consider it my duty to do what I consistently
could toward the proof of those charges. If you insist upon proceeding be­
fore the committee and want my testimony on that branch of the case, I am
willing to tell what I know, provided my testimony is taken at a time when
my professional engagements will permit of my presence in Washington.
\\ hen I realize the extraordinary way in which the committee was acting
and was asked to attend the hearing I refused to do so, and advised your
friends who consulted me to urge you to immediately withdraw from the pro­
ceedings and to await an opportunity for a full and fair investigation before
an impartial tribunal that would have a public responsibility and would not
be so largely composed of “lame ducks.” That advice still holds good.
S a m u e l G o m p ers, P r e s id e n t o f tlie A m e r ic a n F e d e r a tio n
o f L ab or, to ld th e H o u s e J u d ic ia r y C o m m itte e on D ec. 13
th a t th e e x e c u t iv e c o m m itte e o f th e F e d e r a tio n h a d a u th o r ­
ized th e e m p lo y m e n t o f c o u n se l to a s s i s t R e p r e s e n ta tiv e K e l­
ler, R ep u b lica n , M in n e s o ta , in p r o s c u tin g im p e a c h m e n t p r o ­
c e e d in g s a g a in s t A tto r n e y -G e n e r a l D a u g h e r ty .
M r. G om p e r s’s s t a te m e n t w a s m a d e in th e c o u r s e o f c r o s s -e x a m in a ­
tio n by P a u l H o w la n d , o f C le v e la n d , p e r s o n a l c o u n s e l f o r
Mr. D a u g h e r ty . H e e m p h a t ic a lly d e n ie d t h a t h e h a d f i r s t
s u g g e s te d tlie im p e a c h m e n t p r o c e e d in g s , d e c la r in g th a t lie
h a d n o t k n o w n o f th e in tr o d u c tio n o f th e K e lle r r e s o lu tio n in
tlie H o u s e u n til h e r ea d a b o u t it in th e n e w sp a p e r s.

ATTORNEY-GENERAL
TO
IN STITUTE
FRAUD SUITS.

NEW

WAR

C iv il or c r im in a l s u its , o n e o r b o th , a g a in s t th e U n ite d
S t a t e s H a r n e s s Co. o f R a n so n , W . V a., w ill be r e a d y fo r in s t i­
tu tio n by th e G o v ern m en t w ith in 30 d a y s, C ol. H e n r y T . A n ­
d erso n o f R ich m o n d , Y a., a s p e c ia l a s s is t a n t to th e A tto r n e y G en era l, t e s t if ie d on D ec. 21 b e fo r e th e H o u s e J u d ic ia r y C om ­
m itte e a t th e fin a l h e a r in g on th e q u e s tio n o f im p e a c h in g
A tto r n e y -G e n e r a l D a u g h e r ty .
R e p r e s e n ta tiv e K e lle r h a d
c h a r g e d t h a t th e A tto r n e y -G e n e r a l h a d “a c te d in an in e f f i­
c ie n t, n e g le c t fu l m a n n er, p r e ju d ic ia l to th e in t e r e s t s o f t h e
G o v e r n m e n t.” in th e h a n d lin g o f t h is c a se . M r. A n d e r so n
sa id lie co u ld n o t go in to d e t a ils o f th e c a s e th e G o v e r n m e n t
w o u ld b rin g, a s it w o u ld be p r e ju d ic ia l t o th e in t e r e s t s o f
th e G o v ern m en t. H e d e c la r e d , h o w e v e r , t h a t th e c a s e n o w
w a s in “f ir s t - c la s s c o n d itio n f o r h a n d lin g .” M r. A n d e r so n
a ls o s t a te d t h a t th e G o v e r n m e n t w o u ld b r in g s u it a g a in s t t h e
B r id g e p o r t B r a s s Co. u n le s s th e r e w a s a n a g r e e m e n t fo r s e t ­
tle m e n t o f th e w a r c la im o f th e G o v e r n m e n t a g a in t s t h e
c o m p a n y a t a c o n fe r e n c e to be h e ld n e x t m o n th .

2860

THE CHRONICLE

R E V I E W O F B U S I N E S S I N 1922 B Y D E P A R T M E N T O F
COMMERCE.

According to a sum m ary ju st compiled by the D epartm ent
of Commerce from latest reports to the Bureau of the Census
m ade in connection .with its “ Survey of C urrent Business,”
m ost industries can view w ith a feeling of satisfaction, the
progress of the p ast year in spite of the m any difficulties
which have been experienced. A t the close of 1922 there
are no sorious obstacles in sight which should hinder further
advances during the early p a rt of the new year. The unset­
tled conditions in foreign countries, particularly in Europe,
aro still depressing our trade, and, to a certain extent have,
no doubt, k ept tho prices of agricultural products below
the level of othor commodities. W ithin the past two months
tliis la tte r condition has, in a measure, been relieved. The
survey then continues as follows:
Production of manufactured commodities In 1922 was about 50% greater
than in 1921. Textile mills wore about 20% more active than in 1921, the
iron and steel industry increased its output from 60 to 70% over 1921, non­
ferrous metals from 50 to 95 %. potroleum 15%, coke 40 %, paper 20 to 30 %,
rubber 40%, automobiles 50%, building construction 50%, lumber 35%,
brick 50%, cement 15%. leather 20% sugar 45%, and meats about 5%.
Agricultrual receipts were in general higher than in 1921. The only de­
clines of outstanding importance were 7% in bituminous coal and 47% in
anthracite.
Tho mcreaso in production and tho reduction in immigration improved
tho labor situation from a largo surplus of labor at the end of 1921 to a
point where shortages occur, whilo unemployment has almost been elim­
inated.
Transportation conditions changed from a huge surplus of idle freight
cars to a considerable shortage, while car loadings were 11 % greater than in
1921.
Prices to the farmer increased about 17% during tho year, wholesale
prices advanced 10% and retail food prices declined 5%. This condition
gives tho farmer a groitcr purchasing power and narrows tho margin be­
tween wholesaler and retailer.
Tho volume of trade was considerably heavier than in 1921. Sales of
mail order houses Increased 6% and chain stores show a gain of 13%.
Debits and bank clearings also show about this same relation.
Tho following paragraphs comparo the statistical data for various indus­
tries with tho corresponding period of 1921. Usually tho comparison cov­
ers tho first cloven months of each year, but in a few cases figures for only
ten months aro available.
T e x tile s .

[V ol. 115.

Prices declined about 10%. Total production of paper increased 34%,
with an increase of 55% in fine paper. Total paper stocks at mills showed
little change from a year ago.
• R u bber.
Production of pneumatic tires was 39% ahead of 1921 on ten months
figures, whilo inner tubes and solid tires increased 35 and 84%, respectively.
Domestic shipments of all three kinds increased from 24 to 35% over last
year. Stocks on Nov. 1 were about 30% larger than a year ago, except
inner tubes, where tho increase was only about half as great, relatively.
Consumption of rubber by tire manufacturers increased 56% over the cor­
responding 1921 period. The prico of rubber, through a recent rise, is
about tho same as a year ago.
A u to m o b ile s .

Automobile production mado a new high record in 1922, about 50%
ahead of the 1921 output as regards passenger vehicles, and about 75%
in trucks. The truck production was less than in 1919 and 1920, however.
B u ild in g

C o n s tr u c tio n .

Building costs increased about 20% during 1922, as shown by tho index
numbers for building materials prepared by the Department of Commerce,
as well as by the building and factory construction cost indices.
Total volume of building contracts let in eleven months of 1922 was 52%
greater than in the corresponding period of 1921, and for tho full year
will undoubtedly exceed the 1919 building record. In value the 1922
contracts already exceed tho total contracted for in any previous year,
and the average number of projects greatly exceed previous years. Over
half of the building volume increase over 1921 was due to the increase of
over 100.000,000 square feet in residential buildings, or 56% over 1921.
The greatest relative increase, however, occurred in industrial buildings,
with a gain of 86%, while business buildings gained 48%.
B u ild in g

M a te r ia ls .

Total lumber production will exceed the corresponding period of 1921 by
about 35% ,'but for individual species there is a decided variation. The
Western softwoods, such as Douglas fir. California white pino and Western
pino, increased from 50 to 60% over 1921, except redwood, which gained
only 20%. North Carolina pino production increased 83%, but South­
ern pine output was only 17% greater than in the 1921 period. Pino and
hemlock production in the Lake States showed increases of from 25 to 30%,
but hardwood production in that region was less than in 1921.
Production and shipments of flooring increased about 70% in tho eleven
months’ period, and orders gained 50%. The increases wero much larger
in oak flooring than in maple flooring. Stocks on Dec. 1 were less than
a year ago and unfilled orders about 50% greater.
The production of cement in eleven months of 1922 exceeded any pre­
vious full year’s production and was 15% greater than the corresponding
output for 1921. Shipments increased 22% and also made a new high
record, exceeding production, and resulting in a decline of about 40% In
stocks on hand on Dec. 1. The price of cement increased about 15%.

Tho wool manufacturing industry was from 20 to 25% moro active in
H id e s a n d L e a th e r .
1922 than in 1921. Receipts of wool at Boston for the first eleven months
Solo leather production, based on ten months’ figures, was slightly
of tho year wore 21% greater, duo to tho increase of 42% in domestic re­ less than in 1921, but upper leather production was about 30% greater.
ceipts. Consumption of wool in mills exceeded last year, on a ten-months- Stocks of leather declined during the year, as did also stocks of hides. Ex­
comparison by 25%. Tho price of unwashed wool at Boston advanced ports of leather exceeded 1921, with upper leather exports moro than double
almost 70% during the year, yarns about 50%. and unfinished goods ad­ tho previous year. Prices of hides rose from 30 to 50% during tho past
vanced about 20%.
Cotton consumption, with its November record since 1917, rose 13.5% year, but leather prices tended to decline slightly. E>pcrts of boots an
in tho first eleven months of 1922 over tho same period in 1921. Exports shoes were only a little more than half as large as a year ago and prices
of raw cotton declined almost 6%, and stocks wero depleted compared with were reduced slightly.
C e r e a ls .
a year ago. except at mills. Tho prico of raw cotton rose about 12%,
The final estimate of the 1922 wheat crop shows an increase of 41,000,­
both to tho producer and on tho Now York Cotton Exchange, up to Dec.
1 and further advances were mado during December. Yarns, print cloths 000 bushels or about 5% over tho 1921 crop, due to tho increase in winter
wheat. Receipts and shipments of wheat for eleven months were 9% less
and sheetings advanced about 20% during the year.
The calculated consumption of raw silk increased 11% over the cor­ than in 1921, and the visible supply on Dec. 1 showed a slight decline from
responding eleven months last year. Stocks of raw silk on Dec. 1 wero last year. Exports of wheat and flour, on ten months' data, showed a
about 150% greater than a month ago. The prico of raw silk increased decline of 38%. The production of wheat flour was about the samo as a
year ago, while consumption increased about 7%. Prices of wheat were
about 10% during the year.
The iron and stool industry was from 60 to 70% moro active than in 1921, slightly higher than a year ago, but flour prices were lower.
The 1922 corn crop shows a decrease of 178,000,000 bushels or about
but about 25% less active than in the boom year of 1920. Iron ore move­
ment was 65% greater than in 1921, pig iron production increased 60% 6%. Receipts, shipments and grindings into glucose and starch all increased
about 18% over the eleven months of 1921, whilo tho visible supply showod
and steel ingot production 71%. Unfilled orders of the United States
Steel Corporation roaso about 60% during tho year. Iron and steel prices a decline of almost 30%. Exports of corn in ten months showed an in­
roaso from 15 to 50%, with tho highest relative increase in pig iron. Ex­ crease of 31%, and the wholesale price increased about 50%.
The oat crop of 1922 was 137,000,000 bushels larger than the 1921 crop,
ports of iron and steel, based on ten months’ figures, declined 26%.
Locomotivo shipments by manufacturers for the first eleven months of or about 13%. Receipts wero about the same as in 1921, but tho visible
1922 were 16% less than in 1921, owing to the decline of shipments, for supply was less than half as great. Exports in ten months were over four
foroign account of 56%. Domestic shipments increased 8%. Unfilled times as large as a year ago and the prico increased about 25%.
orders for foreign locomotives on Dec. 1 were less than a year ago, but
M e a ts a n d D a ir y P r o d u c ts .
domestic orders were over 10 times as large. Orders for freight cars piaced
The movement of cattle and calves showed a largo increase over 1921,
in eloven months of 1922 were over seven times as largo as a year ago.
Production of steel sheets averaged about 75% of capacity in 1922 as receipts increasing 16%, shipments 24% and Stocker and feeder shipments
against 35% in 1921. Sales of fabricated structural steel about 88% larger 39%. Slaughter increased about 10%, while exports of beef products
declined 9% in ten months. Coldstorage holdings were about tho samo
in 1922 than in 1921, based on eleven months’ figures.
Copper production showed an increase of 26% over eleven months of as a year ago, and prices in general were higher.
Receipts, shipments and slaughter of hogs were all about 5% greater
1921, but was almost 30% below the 1920 figures. Exports of copper
wore 29% greater than In 1921, on tho basis of ten months’ figures. The than in eleven months of 1921, but stocker and feeder shipments wero 18%
larger than in 1921. Exports of pork products declined 18% on a ton
price of copper advanced about 10% during the year.
months’ comparison and cold-storage holdings increased slightly. Tho
F u e ls .
price of hogs was 20% higher than at tho end of 1921, whilo pork prices
wero about the samo as last year.
In spite of tho strike, bituminous coal production was only 7% less than
in 1921 for tho cloven months’ period, a decreaso of 26,000,000 tons. An­
S u gar.
thracite coal, however, showed a decline of 47%, with a loss of 40,000,000
Meltings of raw into refined sugar mado a new high record in 1922 and
tons. Production of beehive coke increased 32% and by-product coke were 45% larger than in 1921. Exports of refined sugar also made a now
production increased 41%. Public utility electric power showed an in high record and were moro than double the 1921 exports. Stocks of raw
crease of 7% on a ten months' basis.
sugar wero slightly smaller than in 1921 at this time and prices of sugar wero
The petroleum industry lias been about 15% more active than a year ago. higher. Receipts in and exports from Cuba were slightly greater than a
Crude petroleum, on the basis of ten months’ figures, shows an increase year ago, but stocks in Cuba on Dec. 1 wore only 49,495 tons as'against
of 16% in production, 9% in consumption, 11% in imports and 17% in tho hugo stocks of 967,515 tons held on Dec. 1 1921.
tho number of oil wolls completed. Shipments from Mexico increased
W a te r T r a n s p o r ta tio n .
13%. Stocks on Nov. 1 were 100,000,000 barrels greater than a year ago
Panama Canal traffic was 19% larger than last year and made a new
an increase of about 60%. The price of crude oil declined about 20%
during tho year.
high record: traffic in American ships increased 26%. Traffic through
The production of gasoline in ton months increased 18% over the 1921 the Sault Ste Marie Canal was 25% larger than in 1921.
period, exports increased 11% and consumption 16%. Stocks on Nov. 1
R a ilr o a d T r a n s p o r ta tio n .
were about 60% greater than a year ago.
Tho averago surplus of 282,926 freight cars on Dec. 1 1921, has almost
P a p er.
disappeared, and in its place the average shortage has increased from almost
Tho paper industry showed an increase of from 20 to 30% in activity nothing to 133,786 cars. Tho number of cars in bad order has been con­
siderably reduced during tho year. Total car loadings for 1922 increased
over 1921. Ten months' figures show an increase of 21% in production
of mechanical wool pulp and 34% for chemical pulp. Stocks of mechanical about 11% over 1921, in spite of the drop in coal loadings and were almost
up to the high mark of 1920. Railroad revenues declined 2% from 1921
pulp declined about 20%, while chemical stocks in creased about 50%.
Newsprint paper production increased 19% over the 1921 ten months’ on a ten months’ basis, duo to a decreaso of 1% in freight revenue and 9%
in passenger rovenue. Operating expenses wero reduced by 6%, resulting
period and total stock increased slightly during the year, though mill stocks
declined. Consumption by publishers was 15% heavier than in 1921. in a gain of 23% in net operating income.




THE CHRONICLE

D ec . 30 1922.]
L abor.

Employment in factories, as reported from both New York and Wiscon­
sin, showed a gain of about 15% during the year and total payroll increased
about 20%. Estimated unemployment in Pennsylvania was reduced
from 269,322 to 28,398 during the year ending Dec. 1. The average appli­
cations per job at State and municipal employment agencies show a change
from a surplus of 57% in workers to a shortage of 3%.
Immigration and emigration both show declines of about 50% from the
corresponding 1921 figures.
P r ic e

In dex

N u m bers.

The average price paid to farmers for crops on Nov. 15 was 20% higher
than a year ago, and live-stock price index was about 14% higher.
Wholesale prices have made a gradual rise in 1922 and the index number
«f the Department or Labor is over 10% greater than a year ago. Farm
products and metals had the greatest relative gains. The index numbers
of Dun’s and Bradstreets showed larger increases during the year, the former
rising 13% and the latter 21%.
The retail food price index declined 5% during the year and showed
about the same relative increase over 1913 as the wholesale food index.
The cost of living on Dec. 1 as compiled by the National Industrial Con­
ference Board was still 3% lower than at the end of 1921. The principal
decrease was in food, while fuel and light was 4% higher than a year ago.
D is tr ib u tio n

M o v e m e n t.

Mail order houses, on eleven months business, showed a 6% increase over
1921. Chain store sales averaged 13% larger than a year ago and were
the highest recorded for any year.
Magazine advertising was 6% greater than in 1921, while newspaper
advertising, based on ten months, showed a decline of 6%. Postal receipts
for eleven months were 9% greater than in the 1921 period, and made a
new high record.
P u b lic F in a n c e .
*
The total United States interest-oearing debt was reduced by $667,000,000
during the twelve months ending Dec. 1, or about 3%: Liberty and
Victory loans were reduced by $2,153,000,000, or about 11%. Cus­
toms receipts increased 46% and were far greater than in any previous
year. Total ordinary receipts of the Government declined 24% and dis­
bursements were reduced by 30%, with a balance of ordinary receipts of over
$300,000,000 in eleven months. Per capita money circulation declined
slightly during the year.
B a n k in g

and

F in a n c e .

Debtis and bank clearings for New York City increased 17 and 13%.
respectively, while for the rest of the country the increases over 1921 were
only 6 and 8%, respectively. Bills discounted by Federal Reserve Banks
were only half as large as a year ago. but investments were twice as great.
Note circulation showed little change, but the reserve ratio stood at 76.4%
on Dec. 1 1922, as against 72.7 a year ago. Member banks of the Federal
Reserve System had slightly smaller loans and discounts outstanding
than a year ago, while investments increased by $1,100,000,000 and de­
posits by $800,000,000. Interest rates fell during the year.
Savings deposits in banks increased uniformly throughout the country
by about 5%. Postal savings declined about 10%. Sales of life insur­
ance increased 5% in number of policies and 11% in amount of new in­
surance.
The number of business failures was 27% larger than in 1921 and ex­
ceeds any previous year since 1915. The amount of defaulted liabilities
exceeded the huge defaults in 1921 by 5%.
Security prices rose considerably during the year, industrial stocks
averaging an increase of about 34%, railroad stocks about 17% and bonds
about 20%. Stock sales were 55% greater than in the 1921 period and
bond sales increased 26%; Liberty-Victory bonds sales declined 18%, but
other bonds increased In volume by 92%.
F o r e ig n

E xch ange a n d

T rade.

The general index of foreign exchange compiled by the Federal Reserve
Board increased about 10% during the year and now stands at 67% of par.
The principal changes during the year were the increases in the pound sterl­
ing, the Canadian dollar, and the Argentine, Dutch and Swedish exchanges,
and the continued rapid fall in German marks.
Exports were about 16% less than in the eleven months’ period of 1921
and the lowest in value since 1915. Imports up to the time the new tariff
law went into effect were above the 1921 corresponding period by approx­
imately 16%. Imports of gold declined 62% and exports increased 57%.
but an export balance of $215,000,000 still remained for the eleven months
of 1922.
BUSINESS RECORD FOR ELEVEN MONTHS OF YEAR.
P .C .I n c .W

Production for Eleven
Months of Y e a r .

o r Dec. (— )in

F o o d stu ffs:
Unit.
1921.
C o rn p ro d u c ts (consu'm ’n) .b u s h .
5 2 ,5 0 3 ,0 0 0
S u g a r (m e ltin g s )_ ............ b u s h . 3,3 4 4 ,5 5 8 ,0 0 0
_
Irish ( c a tc h ) _______
1 5 4 ,2 2 9 ,0 0 0
C lo th in g :
C o tto n (co n su m p tio n ) . .h a le s
4 ,8 9 5 ,8 5 0
S ilk (c o n s u m p tio n ). ______ b a le s . .
3 0 2,356
F in e c o tto n g o o d s ... . . . .p i e c e s .
3 ,8 0 1 ,3 7 7
F u e ls — Coal:
A n th r a c ite ________ . . s h o r t t o n s .
8 4 ,2 7 0 ,0 0 0
B itu m in o u s _______
3 8 4 ,2 9 5 ,0 0 0
B e ehive c o k e ______ . .s h o r t t o n s .
5 ,1 3 9 ,0 0 0
B y -p ro d u c t c o k e ___ . . s h o r t t o n s .
18,0 5 8 ,0 0 0
M e ta ls:
F ig I ro n ___________ . .. l o n g t o n s .
1 4 ,895,000
M e rc h a n t pig ir o n ..— long to n s .
1 .781,000
S teel In g o ts ------------ . . long t o n s .
17,0 0 4 ,0 0 0
U n fille d o rd ers, U . S.
S teel C o r p . . ----- . .lo n g t o n s .
a4 ,2 5 1 ,0 0 0
C o p p e r -----------------. 4 5 3 ,4 3 3 ,0 0 0
Z in c ----------------------- -------------lb s. . 38 7 ,1 6 0 ,0 0 0
L u m b e r:
S o u th e rn p in e -------- — - - f t.b .m - 4 ,1 1 5 ,4 2 7 ,0 0 0
D o u g la s f i r . ............ --------f t.b .m - 3 ,2 2 6 ,2 1 3 ,0 0 0
N o r th C a ro lin a pine ------f t.b .r a . . 318,7 8 0 ,0 0 0
N o r th e r n p in e -------- ------- f t.b .m . . 3 9 1 ,2 4 8 ,0 0 0
W e ste rn p in e --------. 85 0 ,1 0 4 ,0 0 0
M ic h ig a n softw o o d - --------f t.b .m .
7 4,5 1 5 ,0 0 0
M ic h ig a n h ardw ood _____ f t.b .m . 144,2 4 3 ,0 0 0
Oak flo o rin g --------- _____ f t.b .m . . 1 31,419,000
M a p le f lo o r in g .. .
8 8 ,8 2 1 ,0 0 0

1922.
6 2 ,2 3 7 ,0 0 0
4 ,8 5 6 ,5 0 9 ,0 0 0
185,612,000

1922 from
1921.
■■18.5
+
+ 45.2
+ 20.3

5 ,5 5 9 .1 2 0
336,578
4 ,1 9 3 ,4 7 3

13.5
+ 1 1 .3
*■1U.3
{

4 4 ,2 9 1 ,0 0 0
358,0 5 5 ,0 0 0
6 ,8 0 7 ,0 0 0
2 5 ,4 1 7 ,0 0 0

— 47.5
— 6 .8
+ 32.5
+ 40.8

2 3 ,7 9 3 ,0 0 0
2 ,8 0 6 ,0 0 0
3 0 ,1 0 6 ,0 0 0

+ 59 .7
+ 57.6
+ 71.0

a 6 ,8 4 0 ,0 0 0
8 S6,640,000
661,6 7 4 ,0 0 0

+ 60 .9
+ 95 .5
+ 70.9

4,8 2 8 ,7 S 6 ,0 0 0
4 ,9 1 8 ,4 5 1 ,0 0 0
5S4,7SO.OOO
514,9 2 5 ,0 0 0
1,3 6 9 ,0 0 2 ,0 0 0
8 6 ,4 9 1 ,0 0 0
143,856,000
251,0 5 1 ,0 0 0
123,372,000

+ 17.3
4 -52.5
+ 83.4
+ 31.6
+ 59 .9
+ 16.1
— 0 .3
+ 91.0
+ 3 8 .9

C o rru g a te d b o x e s .. ______ sq. ft.
Solid fib e r b o x e s .. - - _ . . s q . f t. .
B u ild in g , A c.:
B u ild in g c o n tr a c ts . ______ s q . f t. ■
— ...b b ls .
C e m e n t---------- —
F a b r ic a te d steel (sales) long to n s .
B rick : F a c e b r i c k . .
.
S i l i c a . . . ........... . .
.
C la y flre _________
.

7 39 ,6 9 2 .0 0 0
50 1 ,3 4 2 ,0 0 0

1,3 5 2 ,5 6 6 ,0 0 0
606,1 8 0 ,0 0 0

3 5 1 ,9 3 1 ,0 0 0
9 1 ,7 3 4 ,0 0 0
686,763
3 8 9 ,7 3 0 ,0 0 0
5 8 ,2 0 1 ,0 0 0
3 5 0 ,3 4 7 ,0 0 0

534,3 4 1 ,0 0 0
1 0 5,199,000
1,287,401
50 2 ,3 8 3 ,0 0 0
119,490,000
50 4 ,5 1 2 ,0 0 0

-f- 51.8
+ 14.7
+ 87.5
+ 28 .9
+ 105.3
+ 4 4 .0

7 8 7,529
980,381
1,021,461

+ 71.5
+ 50.2
+ 38.0

Commodity—

Paper:

Sanitary ware:

B a th s (en a m e l). ................ N o . .
L a v a to rie s (e n a m e l)______ N o . .

Sinks (enamel).. ............. No




4 5 9 ,2 9 9
65 2 ,8 5 7

740,063

’

■

“f-82.9
4*20.9

C o m m o d ity

—

2861

U n it.
1921.
Transportation vehicles:
.
1.260
Locomotives: Shipments
Unfilled orders_____
a318
Freight cars (orders)___ ...N o .
21,500
Distribution movement:
Magazine (advertising).. . lines
17,761,000
Postal receipts... _. dollars. 222,381,000
Customs receipts__ . dollars. 287,760,000
Mail-order houses .
dollars. 229,963,000
Chain stores.. ___.. dollars. 206,643,000
Exports (total value).. dollars. 4,198,933,000
Labor: No. on roll of New
York State factories..
a471,000
Unemployment in Penn’a__No.
a269,322
Securities:
Stock sales____.______ shares. 154,387,000
Bond sales----------------- dollars.3,057,569,000
Munic. bonds(longterm) dollars.1,106,870.000
I ife lnsur.(new business) dollars.5,117,761,000
Stock prices, closing:
25Industrials..dollars per share.
b79.14
25railroads__ dollars per share.
b54.19
Banking:
*■
Debits to Individual accts.
outside N. Y. City..dollars. 173,419,000,000
Bank clearings outside
N. Y. City.............dollars-127,230,000,000
Price index numbers:
Farm prices:
c98
Crops (15th of mo.).index No.
c92
Livestock(15th of mo.)ind.No.
Wholesale prices:
Dept, of Labor:
ul41
All commodities__index No.
Retail prices, food_ index No.
_
cl52

.( + )
—) i n
1922 f r o m
1921.

P .C .I n c
u r D e c .t

P r o d u c tio n f o r E le v e n
M on th s o f Y ea r.

1922
1,064
al,619
153,720

—15.6
+409.1
+ 628.9

18,881,000
243,331,000
420,857,000
243,254,000
233,857,000
3,490,027,000

+6.3
+ 9.4
+46.3
+ 5.8
+ 13.2
—16.9

3540,000
328,398

+ 14.6
—89.5

238,958,000
3.836.697.000
1.172.552.000
5.672.542.000

+ 54.8
+25.5
+ 5.9
+ 10.8

blOS.09
b63.46

+ 34.1
+ 17.1

183,688,000,000

+ 5.9

136,768,000,000

+ 7.5

cll8
cl05

+20.4
+ 14.1

al56
cl45

+ 10.6
—4.6

a Condition Nov. 30 of year indicated, b Average of weekly closing prices for
November of year indicated, c Average as of Nov. 15 of year indicated.
B U S IN E S S S T R O N G E R T H A N A Y E A R AGO, B U T N O T
ON F IR M BASIS.

D e c la r in g t h a t A m e r ic a n b u s in e s s is str o n g e r th a n i t w a s
a y e a r a g o b u t by n o m e a n s on a fir m fo u n d a tio n , J . H . T reg o e, E x e c u tiv e M a n a g e r o f th e N a tio n a l A s s o c ia tio n o f C r e d it
M en, in h is J a n u a r y 1 M o n th ly L e tte r , su m s u p th e p r e s e n t
b u s in e s s s it u a t io n a n d n o te s th e fa v o r a b le a n d u n fa v o r a b le
fa c to r s . T h e p r ic e in c r e a s e s n o te d tw o m o n th s a g o , s a y s t h i s
o b serv er, “h a v e b een se e p in g th r o u g h fr o m w h o le s a le r to re­
ta ile r , an d fr o m r e ta ile r to co n su m er, s o t h a t th e c o s t o f li v ­
in g is n o w r e c o r d in g a p p r e c ia b le m o n t h ly in c r e a s e s . M r.
T r e g o e th en c o n tin u e d a s f o l l o w s :
E m p lo y m en t is re c o rd in g s u b sta n tia l increases. T h e re a re troublesom e
lab o r sh o rtag es in som e in d u stries an d i t w ould a p p e a r t h a t an y m a n who
sin cerely w an ts to w o rk th ese days can fin d em p lo y m en t.
C ar lo ad in g s a re of trem en d o u s volum e. T ow ard th e close of th e y e a r th e y
were not so la rg e as in O ctober, b u t a re s till m uch g re a te r th a n w ere r e ­
corded a y e a r ago. C ar s h o rta g e is' s till serio u s, b u t to a d s to show som e im ­
provem ent.
The p ro d u ctio n of b asic co m m o d ities, su ch os p ig iro n , stee l in g o ts, coke,
copper, zinc, cem en t, b ric k , p in e , p etro leu m and k n it u n d erw ear is ru n n in g
larg e. C o tto n , silk and n e w sp rin t p a p e r a re also reco rd in g o u tp u ts m u ch
g re a te r th a n 12 m o n th s ago.
C o n stru ctio n is s till activ e. E v ery c ity w hich I h av e v isite d of la te p r e ­
sen ts g re a t h o u sin g c o n stru c tio n . T h is w ork, how ever, is as a ru le b ein g
ca rried on a t hig h costs, p la sterers g e ttin g $20 a d a y a n d b r i c k l a y e r s r u n ­
n in g on the sam e h ig h fig u re . Such w ages m ean b u ild in g costs w h ich w ill
some tim e have to be liq u id ated . T h ere a re m an y unso u n d sp o ts in th e con­
s tru c tio n field.
R ailro ad s a re b u y in g eq u ip m en t exten siv ely . T h e le a d in g locom otive b u ild ­
ers have on th e ir books o rd ers m u ch in excess of th o se on h an d a t th e b e g in ­
nin g of 1922.
The tra d e volum e is m e asu rin g u p w ell, as we e stim a te i t b y c a r lo a d in g s,
b ank clearin g s or d eb its in b an k s, th o u g h th e volum e h ad d eclined so m ew h at
from the p eak of O ctober.
F ailu res, w h ile ru n n in g in N ovem ber and p ro b ab ly in D ecem ber la rg e r th a n
since the ea rly m o n th s of th e y ea r, y e t show some decrease in n u m b e r, an d
an increase in estim ated liq u id a tin g v alue as a g a in st th e sam e perio d of la s t
y ear. These a re th e su rface m ovem ents, and to confine o u r im pressions to
them alone w ould be to in d u lg e p erh ap s d ream s th a t m ig h t set u s w rong. I t
is th e u n d ersu rface m ovem ents th a t th e c re d it m in d m u st seek o u t an d u se
in d isc e rin in g th e re a l co n d itio n of business.
P ro fits in some businesses have shown im p ro v em en t over la s t y e a r, b u t th e
w holesaler h as been o p e ra tin g on sm all p ro fits, and 1922 m u s t h av e reco rd ed
a la rg ely d im in ish ed incom e in com parison w ith 1919, an d b u t li ttl e c a p ita l
accu m u latio n .
C osts are s till u n co n tro lled . W ages in some in d u strie s a re in c reasin g , an d
th e re is an in fle x ib ility in th e w age s itu a tio n w hich m akes a so lu tio n of th e
problem ex trem ely d ifficu lt.
F arm lan d s, w hich a re o u r la rg e s t sin g le n a tio n a l assets, p laced a t a b o u t
$78,0 0 0 ,0 0 0 ,0 0 0 a re n o t earn in g s. T h is is serious. The b u y in g pow er of th e
farm er as a w hole is a t le a s t o n e-th ird less th a n i t w as in 1913.
T he railw ay s of th e c o u n try , w hich a re also in to ta l a larg e n a tio n a l asset,
com puted a t ab o u t $22,0 0 0 ,0 0 0 ,0 0 0 , a re ea rn in g b u t m eag re p ro fits. In 1914
th e w ages p a id to th e o p erativ es of railw ay s w as so m eth in g less th a n $ 1 ,4 0 0 ,
000,000. In 1921. T he w ages p aid w ere so m eth in g less th a n $ 2 ,8 0 0 ,0 0 0 ,0 0 0 ,
an in crease of 1 0 0 % . T he o p e ra tin g incom e of th e railw ay s in 1914 w as
th re e b illio n , th re e h u n d red m illio n odd do llars in 1 921, fiv e b illio n , fiv e
h u n d red m illio n an d odd— an increase of ab o u t 6 0 % . T h ere is a w id e g a p
in these fig u res an d th e railw ay s have been u n d er a serio u s h an d icap .
F o r e ig n B u s in e s s .

C astin g o u r eyes ab ro ad , we fin d th a t o u r im p o rts a re n o t in p ro p e r p ro ­
p o rtio n to ou r exports. T ake E u ro p e, fo r illu s tr a tio n : In 1922, o u r e x p o rts
acco rd in g to v alue co m p u tatio n , w ere a b o u t 9 4 % of th e ex p o rts of 1914, a n d
th e im p o rts from E u ro p e in 1922 as co m p ared to 1914 ab o u t 6 1 % . A h e a lth ­
ful con d itio n w ould have m ad e th e p ro p o rtio n of e x p o rts an d im p o rts of 1922
a t le ast 1 2 0 % of th e e x p o rts an d im p o rts of 1914. W e m u s t u n d e rsta n d t h a t
as a c re d ito r n atio n , o u r im p o rts m u s t increase in o rd er th a t o u r ex p o rts m a y
increase.
F o reig n business is necessary to th e w elfare of o u r co u n try .
T hough b u t 1 0 % of ou r p ro d u cts a re ex p o rts, y e t th is 1 0 % is s ig n ific a n t i n
its re la tio n to c e rta in of ou r p ro d u cts, an d w hen n o t m e etin g a p p ro x im a te ly
th e m ax im u m , o u r p ro d u ctio n , d is trib u tio n an d p ro fits su ffer.
One of th e serious pro b lem s u sh ered in w ith 1923 is a s itu a tio n t h a t h a s
com e to th e E u ro p ean co u n tries, an d w h ich m ay pro d u ce a ca tacly sm u n le ss
its ten d en cy is stopped. A m erica h o ld s th e econom ic w elfare o f th e w o rld

2862

THE CHEONICLE

in the hollow of her hand. We must insist that she play her part and that
our resources be used for the restoration of Europe. We can afford to do it,
and shall profit in the doing of it.
The condition of the budgets in France, Italy, Germany and other countries
of Europe tell a very serious story; the emergency financing which has kept
them on their feet up to this time cannot continue indefinitely.
F a v o r a b le a n d

U n fa v o r a b le F a c to r s .

I believe that the surface currents will continue for a while longer, but
what is to happen thereafter will depend upon the way we solve our individ­
ual, national and world problems. The manufacturer and wholesaler must
refrain absolutely from gambling in the production and sale of commodities.
Credit departments must scan their risks and take no unreasonable chances.
We must not be swept off our feet. We are stronger than we were 12 months
ago, but we are not yet on a firm foundation.
The favorable factors are:
1. An improved transportation situation in the decreased car shortage and
slightly freer movement of commodities.
2. An increased supply of fuel for industrial purposes.
3. Activity in the production of basic commodities.
4. A slight increase in the prices of farm products.
5. A slight improvement of profits in some' of the industries.
C. A slightly discernible improvement in the earnings of railways.
7. The prospect of our country attempting some solution of Europe’s finan­
cial problems, and what has been accomplished by our Observer at the Lau­
sanne Conference.
*
The unfavorable factors are:
1. The increasingly serious financial conditions in Europe and the con­
tinuing unsettlement of the Near Eastern problem.
2. The lack of buying power in Europe of our farm products and fabri<cated commodities.
3. The continuing tendency to rise in prices and an increase in the cost of
living.
4. Slow collections that are discoverable in some sections of the country.
'> Agitation for ill-advised changes in our Constitution, and attacks on
•
business. The unwisdom of these political movements will be discovered
should they be persevered in, for business will retreat and the income of the
nation will diminish in the face of such unwarranted aggression.
F E D E R A L R E SE R V E B A N K OF N E W Y O R K O N
IN C R E A SE I N R E T A IL SA L E S I N
DECEMBER.

“ Reports covering sales during the first two weeks of De­
cem ber, received from the leading departm ent and apparel
stores in this district, show th a t there has been an increase
of 8% in sales, as compared w ith the corresponding period
last year,” according to an item on departm ent store trade
which will appear in the Ja n . 1 issue of the “M onthly Review
of Credit and Business Conditions” by the Federal Reserve
A gent a t New Y ork. The “ Review” continues:
The gain as compared with December 1919 and December 1920 has been
more than 10%. Larger sales were general in all sections of the district
although the increases by stores situated in the metropolitan area have
been relatively larger than the gains recorded by stores in up-State centres
This largo holiday business has been very generally distributed among
the various departments of the big stores. The demand for furniture
especially tho smaller pieces, china, lamps, rugs and draperies was espe­
cially good. Heavy sales of furs, costly silks, musical instruments and other
of the so-called luxury articles, indicate the ability of the buying public
to spend in a larger way than In December last year.
A diagram compares tbo sales by 64 department stores during 1922 with
sales by the same stores in 1921. The diagram shows that a large increase
in salos during the latter part of 1922 has been sufficient to offset declines in
January, February and March. For the year as a whole, sales wore 3%
larger than in 1921 but 2% less than in 1920. When allowance is made for
changes in prices it is apparent that more goods were sold in 1922 than in
any previous year. The “Review” continues:
“Final reports show that November sales increased 8% as compared
with November 1921. A gain in sales by mail order houses, amounting to
35%, reveals tho larger distribution of merchandise among tho rural popula­
tion as a result o f higher prices for agricultural products.
“Detailed figures for November are shown in the following table:
------ N o v e m b e r S a l e s ----------- S t o c k , D e c e m b e r 1-----(In percentages)
In percentages)
1919. 1920. 1921. 1922. 1919. 1920. 1921. 1922.
109 100 108 100 110 100 101
97
All Degartment Stores. .
New Y ork .. . ____. 99 108 100 107 100 109 100 101
95 107 100
87 108 100 104
Buffalo____________ .
97
100 114 107 115 100 106
109
Newark____________ . 93
108 100 103 120 132 100
98
Rochester__________ . 91
99
S yracu se------- -- . 104 113 100 103 125 142 100
. 115 120 100 109 103 108 100 103
100 107
88 101 100
92
Elsewhere in 2d D ist. . 98 108
86 104 100 105
112 100 112
Apparel Stores________ . 94
Mail Order Houses. . . . . 180 153 100 135
“The average amount of stock carried by department stores during 1922
was about the same as that carried the year previous. During the first
quarter the stock was somewhat higher, and sales smaller, but toward tho
latter part of the year the stock was reduced and at the same time sales
increased. For the year as a whole the annual rate of stock turnover was
the same as in the previous year, 3.7 times, but more rapid than in 1920.
when it was at the rate of 3.2 times a year.”

fVoL. 1TB

than were shown by last month s figures. In the case of groceries some­
what higher prices have been an Influence toward a larger dollar amount
of safes, but in most of the other commodities price charges since last
year have probably had little influence on the figures. Clothing sales have
been somewhat irregular for several months: the immediate demand for
men’s clothing on the part of retailers apparently was temporarily satisfied
in September and October but stores placed large reorders for women’s
apparel during November. Clothing and drugs are the only lines in which
the 1922 figures are larger than those for tho same month in the three
preceding years for which there are figures.
Detailed figures for November sales are shown in the following table in
percentages:
T o t a l N e t ' S a t e s (In Percentages).
N ov.

Machine Tools___________
Diamonds-----------------------Jewelry_______ __________ ------Hardware____ ___________ ------G roceries.__ ____________ ------Drugs___________ . . — ------Dry Goods---------------------. . . ----- ------Clothing____
( a ) Men's........................... ------(ft) Women’s . ------------ ____
Stationery------------- ------- ------Shoes---------- -------------------- ------Weighted average------------- ____

N o v N o v .

1919.

1920.
5488515f
136
128
90
81
68
57
107
143
68
102

210
139
147
104
104
94
142
126
148
134

1921.
100
100
100
100
100
100
100
100
100
100
100
100
100

N ov.

1922.
288
164
137
122
117
114
• 109
106
93
154
106
94
114

P R E L IM IN A R Y REPORTS OF D E C E M B E R SA L E S OF
C H A IN STORES I N N E W Y O R K FED ER AL RESERVE
D ISTR IC T IN D IC A T E S U B S T A N T IA L G A IN .

Stating th a t while December sales by the chain store
system s are not yet available, prelim inary reports indicate
th a t there has been a substantial gain, as compared w ith the
holiday season in previous years, the Ja n . 1 issue of the
“M onthly Review of Credit and Business” by the Federal
Reserve Agent a t New Y ork will add:
November sales in the aggregate show an increase of 14% over last year
as compared with an 8% increase reported in October. The largest in­
crease is shown in sales of apparel stores, which gained 23%, because of the
larger demand for clothing following colder weather. The gain in grocery
sales was largely the result of the opening of nearly 2,500 new stores during
the past year. Average sales per store declined about 16%. Cigar stores
show the largest loss in sales per store and show only a slight increase in
gross sales in spite of the opening of nearly 500 new stores.
Detailed figures are shown in the following table:
% C hange
in
N o . o f S to r e s .
N ov.
T y p e o f S to r e —
1921.
A p p a rel____________ 370
1,603
Ten Cent..............
Grocery_____________ 6,819
Drug_______________
282
Cigar
___________ 2.251
Shoe _____________
193

T o ta l______________11,518

N ov.

1922.
435
1,667
9,276
281
2,742
226
14,627

S a le s

------ N o v e m b e r S a l e s ------ p e r S t o r e
(In Percentages).
N o v . 1921
1919. 1920. 1921. 1922. t o N o v . ’22
69
100 10Q 123 +4.6%
85
96 100
116 +11.6%
84
100 100
115 — 15.6%
96
101 100
105 +5.4%
92
107 100
102 — 16.5%
108
115 100
100 — 14.6%
85

100

100

114

— 10.5%

P O S T M A S T E R -G E N E R A L W O R K S A Y S N E W PROGRES­
S I V E M O V E M E N T B E A R S N O R E L A T I O N TO O L D
PR O G R E SSIV E P A R T Y — A T T A C K S R A D IC A L S
IN

CONGRESS.

Declaring th a t the antagonists of President H arding in the
present Congress are “antis rath er th an progressives,” and
th a t the Progressive P arty of 1912 bears no relation to “ those
who seek to revive and use a name th a t was once popular,”
Postm aster-G eneral H ubert W ork issued a statem ent on
Dec. 25 criticizing the so-called radical element in the N a­
tional Legislature and predicting the renom ination of W arren
G. H arding for the Presidency in 1924. This is the first
direct statem ent on the subject of the “insurgents” th a t has
been m ade by a member of the President’s official fam ily.
The Postm aster-G eneral made it clear in issuing his sta te­
m ent th a t he did so w ithout having had any conference on
the subject w ith President H arding and th a t he spoke for
himself alone.
Declaring th a t the demand for President H arding’s con­
tinuance in the W hite House will be widespread and impres­
sive, D r. W ork says th a t the only criticism of the Executives
being expressed by men in public life to-day come from those
with personal am bitions to become President in his stead.
“ These antagonists,” he declares, “ are ‘an tis’ rath e r th an
progressives. The Progressive P arty of 1912 bears no erlation to those who seek to revive and use a nam e th a t was once
V O LU M E OF W H O L E SA L E T R A D E I N N E W
YORK
popular. The founder of th a t p arty was a great personality
FED ERAL RESERVE D IST R IC T .
The volume of wholesale business norm ally declines in and leader, whereas those who now seek to prom ulgate and
N ovem ber and December because a t this tim e of the year use the nam e ‘progressive’ represent merely an ‘an ti-p arty .”
retailers have satisfied a large p a rt of their fall and holiday In predicting th a t President H arding will be the candidate
requirem ents, according to an item on wholesale trad e which in 1924 D r. W ork said:
The Republican Party, responding to a demand from the country that
will appear in the Ja n . 1 issue of the “M onthly Review of will be widespread and impressive before the new year has ended, will re­
C redit” by the Federal Reserve Agent a t New York. The nominate President Harding, if he gives consent, and the people will in­
dorse his second and successful administration by re-electing him.
“ Review” continues:
The country is just beginning to realize fully on the sound and con­
November sales by representative dealers in this district, while smaller
than those of October, were 14% above those of November last year and
12% above those of November 1920. These are slightly larger increases




structive policies being pursued by the Harding Administration. The re­
construction or after-war problems have been difficult, but they are being

D ec. 30 1922.]

2863

THE CHRONICLE

m et. P ro sp erity —sound a n d p erm an en t p ro sp erity — is settin g in. B usi­
ness began a year ago on a n up w ard g rad e a n d th e im provem ent has con­
tin u e d u n til good tim es now p rev ail. A good ad m in istratio n m akes good
business. Business is a lread y good a n d c o n sta n tly g e ttin g b e tte r.
All signs p o in t to good tim es in 1923. T h e w heels o f in d u stry are tu rn ­
ing faster an d fa ster. T h e farm er's situ a tio n is indescribably b e tte r now
th a n a y ear ago an d , th a n k s to num erous helpful a cts o f th e A d m inistra­
tio n , th e new y ear gives prom ise of resto rin g to ag ricu ltu re th e p rosperity
to w hich it is e n title d .
.
T h e policies re latin g to ag ricu ltu re th a t M r. H ard in g o utlined in his
M inn eso ta S ta te P a ir speech, delivered w hen he w as a c an d id ate, have been
followed since he cam e to th e W h ite H ouse, an d th o se policies are having
m uch to do w ith p u ttin g th e farm er back on his feet. In th a t address M r.
H a rd in g d em o n strated he h ad a b e tte r u n d erstan d in g a n d a fuller know ledge
o f agricu ltu ral problem s th a n a n y m an ever a can d id ate for th e Presidency.
C o-operative m ark etin g an d farm c red it legislation are all in line w ith
th e policy h e o u tlin ed . T h e y ear ju s t ending has seen a grad u al b u t certain
im provem ent in ag ricu ltu re. T h e farm er's position will be m uch im ­
proved d u rin g th e com ing y e ar. Sound policies b ear good fru it.

A M E R I C A N FEDERATION OF LABOR TO FIGHT FOR
ABOLITION OF N E W YORK S TAT E POLICE.

L EGISLATI VE PROGRAM ADOPTED B Y N E W
S TAT E FEDERATION OF LABOR.

The interpretation placed by the Attorney-G eneral on
the Prohibition Law making the law applicable to American
ships a t sea and foreign vessels in American territorial
waters, and which was upheld by Judge H and in the Federal
D istrict C ourt in New York when several foreign steam ship
companies instituted suit to test the ruling, was attacked
as contrary to immemorial usage and unw arranted by any
present law in a brief for the foreign lines filed in the Supreme
C ourt on Dec. 19 by former Attorney-G eneral George W .
W ickersham. Summing up his reasons for asking th a t the
lower court be reversed, M r. W ickersham declared th a t
although the Prohibition A mendm ent and the Volstead
Enforcem ent Act apply to the U nited States and all terri­
tory subject to its jursidiction, they do not operate to con­
stitu te regulations of the internal affairs of foreign m erchant
vessels coming w ithin American w aters. Immemorial usage,
the brief asserts, establishes the right of such vessels to carry
beverages as a p a rt of their stores or supplies for the use of
passengers and crew, and something further th an any law
now on the sta tu te books is required to prohibit continuance
of th a t custom . M ere possession of liquor on board a ship,
lawful in its inception, cannot becomg unlawful, M r. W icker­
sham argues, the m om ent the ship crosses the three-mile
lim it into American territorial w aters. He declared the
presence of these liquors on board while the ship is in
American w aters and on her progress from the three-mile
lim it to her dock and retu rn was n ot transportation w ithin
the meaning of the Prohibition A mendm ent or Enforcem ent
Act. The brief covered more th an a hundred printed pages
and presented a review of the laws of foreign countries
under which foreign. steam ships are required to carry in­
toxicating liquors and wines.
The cases are before the Supreme C ourt on appeal from
the D istrict C ourt of the Southern D istrict of New Y ork,
Judge Learned H and presiding. Judge H and dismissed bills
of com plaint filed to enjoin Secretary of the Treasury Mellon
Acting Collector of Customs S tu art of New York, and
Federal Prohibition D irector D ay from enforcing against
foreign steam ship plying between American and foreign
ports the provisions of the N ational Prohibition Act as con­
strued by A ttorney-G eneral D augherty. M r. D augherty’s
ruling reversed the construction placed on the Act by
former A ttorney-G eneral Palm er and by the general counsel
of the Shipping Board. He held among other things th a t
foreign ships carrying intoxicating beverage liquors as ships’
stores w ithin the three-mile lim it violated the Prohibition
Act and, therefore, the President directed the Secretary of
the T reasury to form ulate regulations for the enforcement of
the ruling. The appellants are the Cunard Steamship Co.
and Anchor Line; Oceanic Steam N avigation Co.; In ter­
national N avigation Co.; Compagnie Generale T ransatlantique; Holland-American Line; Liverpool, Brazil & River
P late Steam N avigation Co.; Royal M ail Steam Packet
Co.; Scandinavian-American Line; Pacific Steam N avigation
Co., and Navigazione Generale Italiana. A rgum ents on
the appeal from Judge H an d ’s decision will take place on
Ja n . 2. M r. W ickersham, in his brief, contended th a t the
C ourt erred on the following five,points:

Legislation to abolish the S tate Police in New York will
be introduced in the S tate Legislature next spring, it became
known on Dec. 24, when an appeal was received by central
labor bodies and affiliated unions from the American Fed­
eration of Labor to co-operate and furnish evidence to sup­
port a drive by organized labor w ith this end in view. The
Executive Council of the S tate Federation of Labor has ap­
pointed the following com mittee to prepare d ata and appeal
to Governor Smith: John M . O’Hanlon, Chairm an of the
Legislative Committee; John Fitzgibbon, S tate Legislative
Agent, Brotherhood of Railway Trainmen; F rank X . Sulli­
van, counsel for the S tate Federation of Labor, and William
D r. W ork predicted th a t “ healthy prosperity, built by Collins, Organizer of the American Federation of Labor.
sound and constructive policies, will sm other radicalism ,”
He added th a t the country is conservative—th a t it w ants BRIEF FILED W I T H U. S. SUPREME COURT I N BE­
progress w ithout destruction.
HA L F OF S T E A M S H I P C OMP A N I E S A T T A C K I N G
JUDGE H A N D ’S DECISION.
YORK

Opposition to any proposal to set up compulsory arbitra­
tion, limit the right to quit work or any form of compulsory
licensing or incorporation of labor unions was voiced in the
program of labor legislation th a t is to be supported a t the
opening of the New York Legislature by the State Federa­
tion of Labgr. The complete program of the labor union
was made public on Dec. 24. M any of the proposals, it was
said, had already been discussed with Governor-elect Alfred
E. Smith, while others would be taken up later with the
Governor as the bills were presented. Labor’s legislative
proposals as sent out to all labor unions in the State follow:
1. Legislation declaring that the labor of a human being is not a com­
modity or article of commerce.
'
2. No injunctions in labor disputes before hearing first to ascertain facts.

3. Exclusive insurance in the State Fund under Workmen s Compen­
sation Law.
_

4. Labor laws and administration: (a) Adequate appropriations and
equipment of State Labor Department to enforce Labor and Workmen s
Compensation,laws. (!» Increase in the number of factory inspectors; cre­
ation of a real Bureau of Women in Industry; restoration of legal counsel to
Labor Department, provision in the law itself for important bureaus of the
department, including, among others, Bureau of Inspection and Bureau of
Employment, (c) Separate administration of an increase in number of
refereed and staff of the Workmen’s Compensation Bureau to secure more
speedy disposition of compensation claims, (rf) Provision for appointment
and removal of referees by State Industrial Board instead of by the In­
dustrial Commissioner, ( c ) Amendment to Labor Law to provide for pre­
vailing rate of wages for all publicly employed laborers, workmen and
mechanics and to restore original penalty for violation of eight-hour and
prevailing rates of wages law relating to public works.
5. Eight-hour work day for women and minors in industrial establish­
ments.
6. Minimum wago law for employed women and minors.
7. Froe text books for school children.
8. Extension of medical inspection of senool ch'ldren to provide medical,
surgical and dental treatment.
9. Restoration of direct primary law.
10. Repeal of motion picture censorship law.
11. Repeal of Lusk laws relating to censorship of teachers and private
schools.
12. Direct popular amendment of State Constitution.
13. State water power (hydro-electric) development.
14. The influence of State of Now York to bo exerted in every way to
secure an amendment to the Volstead Act legalizing the use of light wines
and beers.
. .
15. Opposition to any proposal to set up compulsory arbitration, limit tho
right to work, or any form of compulsory licensing or incorporation or
labor unions.
16. Opposition to any attempt to repeal the Full Crew Law.
17. Workmen's Compensation Law: (a) Reduction of tho noil-compen­
sated waiting period after an accident, (b) Compensation of healing period
in cases of loss of any member of tho body, (c) Increasing compensation
benefit schedules for loss of fingers, toes, eyes and hearing. (d ) Extension
of compensation benefits to all occupational diseases, (c) Free selection
of doctors by injured workmen.
•
18. Repeal of Transit and Public Service Commissions Law. Adherence
to Democratic platform pledges on this subject.
19. (a) Defeat of the Tolbert so-called home rule amendment in its present
form, (b) Defeat of the proposed amendment to tho judiciary article of
tho constitution, (c) Defeat of constitutional amendment authorizing
water power grants to private interests in the Adirondacks.
20 ( a ) Investigations into hours, wages and conditions of labor of em­
ployees in State hospitals with a view to their betterment, (b) An investi­
gation into the activities of tho State Police in industrial disputes.

WAGE I NCREASE E N D S S T R I KE I N POTTERY
INDUSTRY.

A strike which had been in progress for nine weeks was
finitely term inated in the general ware branch of the
ttery industry when committees of the N ational BroUierod of O perative P otters and tho U nited States P otters
isolation, meeting jointly in Atlantic C ity, reached an
reemont granting the workers an increase in wages of
1-5%. The new agreement goes into effect Jan . 1 and
1 continue until Oct. 1 1924. The strike had been voted
1
a referendum when tho m anufacturers rejected overtures
r a 7 % wago increase last August.



F irs t, in holding th a t th e E ig h tee n th A m endm ent p ro h ib its a foreign
ship from keeping on b o a rd , w hile in te rrito ria l w a ters of th e U n ited
S ta te s, intoxicating b everages co n stitu tin g p a rt of th o cu sto m ary sea
sto re s of su ch a ship, law fully a cq u ire d b y it in a foreign ju risd ic tio n
an d on b o a rd solely for th o law ful use an d consum ption th e re o f on b o a rd
said ship o u tside of th e ju risd ic tio n of th e U n ited S ta te s.
Second, in holding th a t th e E ig h te e n th A m endm ent a n d th e N a tio n a l
P rohibition A ct p ro h ib it a foreign ship from keeping on b o a rd a s sea
stores while in th e te rrito ria l w a ters of th e U n ite d S ta te s such intoxicating

2864

THE CHKONICLE

beverages as are required for the crew as a part of their customary rations
by the law of tho ship’s flag, or the law of the nation to or from whose
ports tho vessel is operating, and said sea stores were lawfully acquired
and taken on board for such purpose in a foreign country.
Third, in holding that the Eighteenth Amendment and the National
Prohibition Act prohibit a foreign ship from having on board as sea stores
while in tho waters of tho United States such intoxicating beverages as
are required for the passengers as a part of their customary rations by tho
law of tho ship’s flag or by the law of the nation to or from whose ports
the vessel is trading, when such sea stores were lawfully acquired and
taken on board for such purpose in a foreign country.
Fourth, in holding that the keeping on board of appellant’s vessels of
intoxicating beverages whjlo the vessels are in the waters of the United
States, under tho conditions above mentioned, constitutes transportation
of tho same within tho meaning of the Eighteenth Amendment and tho
National Prohibition Act.
Fifth, in holding that possession of intoxicating beverages within the
territorial waters of the Unired States under the circumscances above
mentioned is prohibited by the Eighteenth Amendment and the National
Prohibition Act.
_
_ ___

I N T E R N A T I O N A L M E R CA N T I L E M A R I N E ALSO
APPEAL FROM J UDGE H A N D ’S DECISION
ON PROHIBITION.

The International M ercantile M arine Company on Dee.
22 also filed in the U. S. Supreme Court a brief against
Judge H and’s ruling on the Prohibition Act and the Vol­
stead Enforcement Law as applied to shipping on the high
seas. The International M ercantile M arine, in its brief,
argues th a t American ships cannot justly be prevented from
serving liquor on the high seas under the prohibition laws.
The brief contends it is not unlawful for vessels to bring
their ship stores of liquor into American territorial waters.
In this respect the position taken by the M ercantile M arine
is similar to th a t set forth by the foreign shipping concerns
in the article preceding.. The salient points in this brief
were brought out in press dispatches from W ashington as
follows:

[V ol. 115.

supply of liquor for any of the passengers who might wish it. In any event,
the crows of American vessels, so soon as a ship touches at a foreign port,
can reasonably be expected to stock up with whatever they may wish, at least
for their own consumption.”
Should Judge Hand’s decision be sustained by tho Supremo Court, there
would bo a “gradual elimination of the American flag from passenger trado on
the high seas,” tho brief states. Congress did not state in tho Constitu­
tional Amendment or in the Prohibition Enforcement Act that either was
to apply to American vessels on the high seas or in foreign ports, it declares,
and prohibition should not bo extended by implication when Congress has
the power to legislate expressly on the subject, “but has not done so.”

FEDERAL FUEL A D M I N I S T R A T O R SPENS RESIGNS —
M A K E S REPORT TO PRESIDENT.

C. E . Spens, Federal Fuel D istributor, on Dec. 27 sub­
m itted his resignation to President H arding, effective Dec. 31.
He will retu rn to Chicago to resume his duties as a Vice­
President of the Chicago Burlington & Quincy R R . M r.
Spens subm itted a detailed report to the President, covering
the activities of the Fuel D istributor and including a review
of the present fuel conditions. I t is understood the W hite
House may issue a statem ent when a successor to M r. Spens
is announced. F . R. Wadleigh, Chief of the Coal Division
of the D epartm ent of Commerce, probably will bo nam ed by
the President to succeed M r. Spens, it is said. M r. W ad­
leigh has been working closely w ith M r. Spens in the adminis­
tration of the Federal Fuel D istributor Law. While the
President had hoped to be able to declare tho fuel emergency
a t an end by Jan . 1, it is understood th a t conditions will not
justify such action a t this time. Conditions have improved
b u t not to the extent to perm it of a lifting of &ie regulation.
Tho bitum inous situation, according to M r. Spens, is well in
hand, b u t there are still serious shortages in places of an th ra­
cite. W ith improvement in the anthraeito situation, it is
believed the President would declare the emergency a t an
end.
The effect of the coal strike has been overcome and fuel
production now exceeds consumption by about a million
tons a week, Federal Fuel A dm inistrator Spens announced
in his annual report subm itted to President Harding, dating
from Sept. 22. Tho o u tput of tho mines during November
was approxim ately 11,000,000 tons a weok, despite a number
of holidays, whilo consumption averaged between 8,500,000
and 9,000,000 tons. On Nov. 1 bitum inous coal in storage
was 35,000,000 tons, which am ount increased to 40,000,000
tons by Dec. 1. Tho 1922 production of bitum inous, the
report declares, “ will nearly equal tho production of 1921,
despite tho strike th a t lasted nearly five m onths.”

It is declared in tho brief that American vessels on the high seas and in for­
eign ports are not territory subject to tho jurisdiction of the United States
within tho meaning of the Eighteenth Amendment, and that the Amend­
ment and tho laws passed to make it effective cannot oprrato therefore to
prevent liquor selling outside American territorial waters.
The Supieme Court is asked by the International Mercantile Marino Com­
pany to enjoin permanently tho Federal Government from enforcing against
it the national prohibition act, or interfering in any manner with intoxicat­
ing liquor sealed as sea stores abroad its vessols, and from seizing its vessels
because of intoxicating liquors in tho sea stores to be sold upon tho high seas
or in foreign ports.
In its application to tho question of bringing sea stores into American
waters, tho brief declares thac such stores are consumable provisions kept on
board a vessel as part of her equipment for the maintenance of her passengers
and crew, and, although kept abroad an American vossel within tho juridiction of tho United States, do not make such vessels subject to the penal­
ties of the Prohibition Enforcement Act.
Tho presence of Intoxicating liquors in the sea stores does not constitute
“importation into” tho United States, tho brief holds, while the ship is in
American waters, or “exportation from” the United States when the vessel FEDERAL FUEL DISTRI BUTER SPENS REFUSES T O
leave an American port. It is also contended that the presence of intoxicat­
I NC RE A S E A N T H R A C I T E COAL QUOTA TO
ing liquors under such circumstances does not constitute tho “transporta­
CANADA.
tion within” the United States prohibited in the constitutional amendment.
Only by the adoption of a fiction is it possible by constitutional construc­
C. A. M agrath, Chairm an of the Federal Advisory Fuel
tion to hold, it is set forth, that the word “territory” as used in tho Prohibi­
tion Act includes vessels of the United States upon the high seas and in Com mittee a t O ttaw a, Canada, was informed on D ec. 18
foreign ports. Such a construction “would lead to an embarrassing inter by C. E . Spens, Federal Fuel D istributer, th a t because of
tional situation,” it is declared.
Neither the history nor tho purposo of the Amendment or the enforcement the acute shortage of anthracite in this country “ there is
Act indicated, it is argued, any intention on the part of Congress to extend no imm ediate prospect, if any a t all, of equalizing the
prohibition to vessels of the United States while on tho high seas or in foreign deficit existing on Dec. 1 in C anada’s allotm ent,” am ounting
ports. The brief sets forth that examination of Congressional debates does
not disclose “a single word which would indicate in any way that any to 50% of last season’s im ports. M r. Spens’s telegram said
one in Congress ever contemplated that prohibition would apply to vessels he was aware of the fact “ th a t since Sept. 11, the dato the
of the United States."
.
striko ceased, up to the first of December, you have received
It seemed “hardly conceivable, it is added, that Congress would place
an additional obstacle in iho way of tho establishment of an American mer­ only approxim ately 40% of the allotm ent of domestic sizes,”
chant marine when the additional burden imposed was not essontial to carry b u t “ there are sections in this country th a t are suffering
out the fundamental purposes of the prohibition reform.”
grievously despite the fact th a t production is practically a t
Declaring that should the decision of Judge Hand be sustained "it will be
impossible commercially to oporato American flag steamers in the passenger a maximum, and demand is constantly increasing. R ation­
trade of the world,” the brief points out that foreign transatlantic liners will ing and compulsory mixing of steam w ith domestic sizes
be" able to sell liquor on their westbound voyages, and against such competi­ have been inaugurated in our m ost populous districts,
tion the American lines will be seriously handicapped, because, it says,
Europeans will not travoi by American steamers when they can come by which have heretofore been accustomed to using only domes­
tic an th racite,” M r. Spens declared. “ O ther substitutes
foreign ships and enjoy their usual wine.
Similar conditions will provail in the South American trado on tho north­ are also being employed. We have no inform ation th a t
.V -w
»k
.
bound vovages it .is .
held, _u:i« vessels o/-»ii+ iV viinrl in t.hnt, f.rnrln run c.l<w
whilo
southbound in that trado can stock
un with liauors at Bermuda or Havana. The most sorious competition will similar drastic steps have been adopted in C anada.”
come it is assorted, on tho Pacific, where in tho Far Eastern trado ships
The following statem ent relative to the anthracite situa­
sailing from Canadian ports would have diverted to them practically all tion, as related to Canada, was issued on Dec. 20 by Federal
thW l ^ e r o n e ’s personal views may bo on tho subject of prohibition “it
must be admitted that it is.not possible for American passenger vessels which
drv " tho b r i e f continues, “ to seek in foreign ports the patronage of sub­
jects of those foreign nations whose customs and diet prescribe wines and

Fuel D istributer C. E . Spens.

In connection with tho anthraeito situation, which is so distressing duo to
reduced production, inquiries have been received by the Federal Fuel
Distributer, as to whether or not an undue proportion of our anthracite
has been allotted, or is being moved into Canada. The facts aro as follows:
Tho tonnage of anthracite shipped into Canada last coal year amounted,
0 tThe^liauo^s which It is proposed to exclude from American ships are not
manufactured sold or transported within tho territorial limits of the approximately, to 4,000,000 tons, and the expectation this year was to
United1States' the brief states, and none of it is imported into or exported ship, if possible, 50% of this amount, or approximately 2,000,000 tons,
with the understanding that at least tho bulk of this tonnago, duo to climatic
fromthe United States. That Imbodied in
conditions, should bo moved by the first of tho year, tho same plan as
never leaves the ship, but is consumed wholly upon the high seas or in for
adopted for Northern Now England and our own northwestern territory
0I u X s the Supreme Court reverses the action of Judge Hand steamship served by the Lakes. On Dec. 1 there was a deficit in this program for
Canada of approximately 700,000 tons, tho allotment due on that date
owners believe, according to tho brief, "that a majority o
„
approximating 1,400,000 tons, and on Dec. 18, tho following message was
other minor employees of American vessels will become boo ogg r .
transmitted to the Federal Advisory Fuel Committee, Ottawa, Canada.by
“It is lawful.” it adds, “to purchase liquor In foreign ports. l o smuggle
It on board a ship and hide it there would be easy and practically impos­ the United States Federal Fuel Distributer:
Cold weather is intensifying tho distress anticipated on account of the
sible of detection. Stewards and other minor employees of Amorican ships,
tempted by large gains, would undoubtedly have available a sufficient. I shortage of anthracite.




D ec. 30 1922.]

THE CHRONICLE

“Rationing and compulsory mixing of steam with domestic sizes have
been inaugurated in our most populous districts, which have heretofore
been accustomed to using only domestic anthracite; other substitutes are
also being employed. We havo no information that similar drastic steps
have been adopted in Canada.
“While I have been advised of your understanding that, due to the
decreased production of anthracite, Canada’s allotment would be reduced
to 50% of last season’s imports and that an effort would be made to complete
this allotment by Jan. 1, due to your climatic conditions; and while I am
aware of the fact that since Sept. 11, the date the strike ceased, up to the
first of December you have received only approximately 40% of the allot­
ment of domestic sizes, there are sections in this country that are suffering
grievously, and since production is now practically at a maximum and de­
mand is constantly increasing, there is no immediate prospect, if any at
all, of equalizing tho deficit existing on Doc. 1 in Canada’s allotment. We
presume, therefore, that you will wish to inform your people of the pros­
pects, that they may arrange to protect themselves, and that you will take
any additional steps that you may consider necessary."
It will be noted from this messago that Canada has been notified that
thero is little, if any, prospect for equalization of this deficit of approxi­
mately 700,000 tons, which will mean that Canada’s total allotment will be
reduced from 2,000,000 tons, approximately to 1,300.000 tons, unless later
on there should bo an improvement in our own situation that might warrant
some modification. Based on current production this 1,300,000 tons will
represent about 4% of the anticipated shipments of domertic sizes for the
period Sept. 11 1922 (the date the strike ended) to April 1 1923. During
the calendar year 1921 the total shipments of anthracite—domestic sizes—
amounted to 51,916,578 tons, of which Canada received 3,920,000 tons, or
7.55%.
C. E. SPENS, F e d e r a l F u e l D i s t r i b u t e r .
STATE

F U E L A D M I N I S T R A T I O N ’S O R D E R C A L L I N G
FOR U S E O F C O A L S U B S T I T U T E S .

2865

The peddler pool is now in operation and its machinery will bo exactly the
same as during the last year of its operation in tho following respect:
Each dealer to whom peddler coal is consigned will report weekly to the
Assistant Fuel Administrator, in whoso district tho dealer is located, his
receipts, the detailed sales showing tho peddlers or the total number of
bags of 100 pounds each sold, and the amount still on hand. One thing
which must be closely watched is to, as far as possible, make suro that coal
sold to peddlers goes either to their own yards or to the cellar dealers for
distribution in the 50-pound, 100-pound or 200-pound lots. No buckwheat
or other substitutes should be sold with tho stove, chestnut, range or pea,
and Local Order No. 3, as applied to peddlers, is hereby rescinded.
It is proposed to supply tho dealers with copies of a circular, printed in
English, Italian and Yiddish, to bo signed by the Fuel Administration,
reading about as provided for in tho attached, to be supplied with the ticket
for each load to the peddler.
GOVERNOR

M IL L E R RE F U SE S U SE OF E M E R G E N C Y
F U N D FOR C O A L P U R C H A S E S .

Use of the State’s $10,000,000 emergency fund for the
purchase of coal was refused by Governor Miller on Dec. 21
in a letter to State Sonator Nathan Straus Jr., answering a
recent attack on William H. Woodin, State Fuel Adminis­
trator, and the request that the existence of an emergency
warranting the use of the fund be declared by the Governor.
“ The task of fuel administration,” tho Governor wrote,
“will not be made easier by demagogic attempts to disturb
the public mind nor by false and misleading propaganda to
advance individual political fortunes which such a crisis
always affords an opportunity to promote to the public
detriment.” The Governor made it plain that he did not
“contemplate putting the State in the coal business,” but to
“ make it unnecessary for the State to go into the coal busi­
ness.” The Fuel Administration has “functioned so well
and with such little friction,” the Governor said, that the
public became aware of its service during the recent pinch.
“ There is a very serious shortage of the domestic sizes of
anthracite coal,” Governor Miller said. “The task is to
secure an equitable distribution of what thero is at reason­
able prices and to piece out tho shortgae with substitutes.
That task will not be made easier by demagogic attempts to
disturb the public mind nor by false and misleading propa­
ganda to advance individual political fortunes which such
a crisis always affords opportunity to promote to tho public
detriment.”

The coal supply situation in New York during the past few
weeks, particularly anthracite coal, has become increasingly
difficult, and various measures have been adopted by State
and municipal agencies to cope with conditions. Following
a conference on Dec. 8 between State Fuel Administrator
William PI. Woodin, Arthur S. Learoyd, administrator for
the district comprising New York City and Long Island,
and Grover Whalen, representing the city administration,
Mr. Learoyd issued an order requiring that with each de­
livery of more than two tons of anthracite of the so-called
domestic sizes must go 25% of substitute fuel. In making
the order public, Mr. Learoyd said that the Fuel Adminis­
tration felt drastic action was necessary in view of the fact
that the people refused to accept substitutes and were in­
sisting on the hard coal in sizes to which they had been ac­
customed. There were about 150,000 tons of fuel, includ­
ing the small sizes of hard coal and also bituminous coal, in
New York Harbor or in cars at tidewater, for which there
were no orders. “ I wonder if the people realize what would C H A I R M A N H A M M O N D O F F A C T F I N D I N G C O M ­
happen now if the harbor suddenly froze and we could not
M IS S IO N SEES P O S S IB IL IT Y OF A N O T H E R
transport oven these substitutes?” said Mr. Learoyd. The
COAL ST R IK E .
official order, with an additional recommendation approved
John Hays Hammond, Chairman of tho Federal Fact
by Fuel Administrator Woodin, follows:
Finding Commission created by Act of Congress, has issued
L o c a l O r d e r N o . 3— D i s t r i c t s 1 a n d 2— E f f e c t i v e M o n d a y , D e c e m b e r 11 1922.
Each delivery of the sizes of anthracite known as grate, broken, egg, warning of the danger of another coal strike next April.
stove, chestnut or range coal, where such coal is used for heating purposes Minors and operators in tho bituminous fields are again
and where tho delivery consists of two tons or moro, shall be preceded or deadlocked and tho temporary truco established a few
accompanied by a delivery of not less than 25% of buckwheat, coke, bitum­
inous coal or other substitutes. No delivery of less than one ton of sub­ months .ago will end on April 1 unless an agreement is
stitutes is requ red under this order.
reached at the conference to be held on Jan. 2 in Chicago.
ARTHUR S. LEAROYD,
Chairman Hammond coupled his warning with a declara­
D i s t r i c t F u e l A d m i n i s t r a t o r , D i s t r i c t s N o s . 1 a n d 2.
tion that the American people are not going to stand for
Approved: WILLIAM H. WOODIN,
S la te F u e l A d m in is tr a to r .
another strike. He said:

To meet tho present emergency t s further recommended that whenever
poss'blo tho m nimum of subst tutes of 2§% be ncreased and that wherever
pract cal subst tutes bo .del vered w th orders of less than two tops. The
support and co-operat on of the publ c s essent’al f tho utmost rcloif pos­
sible s to be obta ned under th s order, and consumers are urged for their
own protection and for the pubi c good to order the highest poss.ble ratio
of substitute fuel.
Dec. 8 1922.

Tho people, however, who are now suffering from shortage of anthracite,
are leaving the situation to the Coal Commission and to tho Government.
The former is using its utmost influence to get tho operators and the miners
to agree on a wage scale at the coming conference and, lacking such an
agreement, tho only hope of preventing a recurrence of what happened
last year is drastic Government action.
The Commission has no power to intervene between the conflicting ele­
ments in the bituminous field. It is, however, gathering a mass of detailed
information, and although it will be months before its conclusions can be
put into tho form of legislative enactmont, its findings as to the facts in the
P E D D L E R POOL FOR A I D OF S M A L L C O A L C O N S U M E R
industry will be available for the Government should it become necessary
STARTS IN N E W YORK.
to act to prevent another emergency.
Tho situation in tho bituminous industry has in it e v e r y element of con
The “peddler pool,” for the relief of the small coal con­
flict which precipitated the strike last year; the recent conference in Chicago
sumer, was put into operation on Dec. 19 in New York by failed to find any basis of agreement and the leading spokesmen of the
the State Fuel Administration, with the opening of 49 relief bituminous coal trade predicted a strike.
Offsetting this outlook in the industry itself there is a degree of assurance
stations in the city. The coal is sold to peddlers or to indi­
for the public in the activities of the Coal Commission and in tho indications
vidual consumers at 70 cents per 100 pounds. The coal that the Government, armed with a longer notice of the impending battle,
allotted to peddlers is for sale by them to cellar dealers, or will take the situation in hand.
The most recent figures disclose that the anthracite output for the year
from their yards or wagons, in lots of 200 pounds or less.up to Dec. 2 was 44,943,000 tons, as against 85,178,000 tons for tho cor­
The Salvation Army, tho Mayor’s Committee of Women responding period last year. There is, therefore, a shortage of 40,000,000
and other organizations for the relief of the needy, have re­ tons, and it is on this shortage, which cannot possibly be made up, that the
Fuel Administrator
distribution
The
ported increasing appeals for fuel from those who said they bituminous shortage is orderingthe strike has on the basis of 60%. pur­
caused by
been to all intents and
were not able to buy it. Fuel Administration officials poses absorbed.
_______ _____________________

said they are doing everything they can to make sure that
coal sold to peddlers through the pool reaches thoso for whom
it is intended. The Police Department, the Health Depart­
ment, the Tenement House Department and the Bureau of
Weights and Measures have been asked to co-operate with
the administration in running down cases where coal des­
tined for the 100-pound consumer goes to household consum­
ers in larger quantities. The administration made public
this communication on Doc. 19, addressed to all dealers in
the pool:



E X C E S S IV E O U T P U T OF CO A L F E A R E D O N GOVERN­
M E N T -O W N E D COAL L A N D S .

Continuation of the present policy of requiring the mining
of a minimum amount of coal at each operation on leased
Government lands in twelve Western States, taken into ac­
count with the production of mines now operating on private
lands, promises to result in a total annual coal mine capacity
in that region of 80,000,000 tons within two years, declares
Director H. Foster Bain of the United States Bureau of

3866

THE CHRONICLE

[V ol. 115.

Mines,.in a memorandum submitted to the United States widows, orphans and retired people, dependent wholly or in
Coal Commission. As the maximum war-time market for part upon their dividend returns for their livelihood. It is
coal from these States was 40,600,000 tons per year, the easy to talk of Wall Street control and to prejudice the un­
large production indicated, he continues, seems certain to thinking in that way. But the real fact is that these cor­
bring about the same unhealthy condition, the same loss of porations are owned by many people and that the Wall Street
capital and the same distress among miners in the Western cry is designed primarily to inflame prejudices and passions
coal mining industry that was so marked a feature of 1921 and to gain votes for the agitators.
in the coal industry of the East and Middle West. He adds:
There can never be any real settlement of the railroad
The General Leasing Law of Feb. 25 1920 is mandatory so far as requir­ problem in the United States until it shall be recognized that,
ing the Secretary of the Interior to divide the land into leasing blocks is since the prime function of the railway is Service, that func­
concerned, but It apparently permits his discretion as to tvb.cn and by what
tion can never be properly performed so long as the railways
general method leases shall be granted.
In practice, coal leases thus far have been given to any qualified appli­ are starved to death and thus are unable to buy necessary
cant who took the necessary steps and gave the required guaranties, and
that, doubtless, is what public opinion has expected. The Department equipment and maintain it at its highest efficiency.
cannot, however, without violation of the plain intent of the law, grant
leases without setting up requirements as to minimum production per an­
num. It was clearly not the intent of Congress that leases should be granted
to tie up land for long periods for speculative purposes. So each lease
granted must require the mining of a minimum amount of coal per year
and the giving of effective bond for performance. The results that flow
from this seem to have been overlooked by the lessees and others. If the
Department should refuse to grant any more coal leases in tho region indi­
cated until demand was within some reasonable percentage of proposed
output, there would doubtless be severe criticism. The public must soon,
in its own interest, take more thought as to such conditions and be prepared
to sustain remedial legislation. There is need and room here for real
conservation.

The States affected by the coal leasing program are Cali­
fornia, Colorado, Idaho, Montana, Nevada, New Moxico,
North Dakota, Oregon, South Dakota, Utah, Washington
and Wyoming. Coal is also being produced to a limited
extent in Alaska, but under the provisions of separate legis­
________________________
lation .
WHAT

CAN AD A T H IN K S OK T H E R E G U LA TIO N
R A ILR O A D S IN THE UNITED STATES.

OF

[From the Daily Standard, Dec. 20, of Kingston, Ont., Canada.]
S t a r v i n g t h e U. S . R a i l w a y s .

The reduction in the dividend of Great Northern Railroad
preferred stock from 7% to 5% impresses more than ever the
stupid and inane policy toward the railroads that has been
pursued in the United States during recent years. Some
years ago, it will be recalled, Congress compelled an increase
in wages under the McAdo award, which was followed by
another increase under a Government ruling, while, at the
very time these increases were being ordered, the railroads
were actually compelled to reduce their rates— this at a
time when their maintenance and upkeep expenses were
enormous, thanks to the large increase in the cost of rails,
equipment and the like. To make matters worse, there is
not only the Inter-State Commerce Commission to “regulate”
the railroads, but there is also a railway commission in each
State which likewise undertakes to regulate and even at
times seeks to set aside the rulings of the Inter-State Com­
mission. What, then, between regulation and over-regula­
tion, increased wages, higher maintenance costs, and the
lower freight rates in the world, the American railways are
in a bad way, but not so bad that fanatics like Senator La
Follette and his kind are not prepared to make them worse
when they can do so, in the hope, thereby, of placating their
special pets who constitute the farmers’ bloc.
The significance of the reduction of the Great Northern
dividend is that this road was built up by the greatest prac­
tical railroader the United States has ever known— James
J. Hill, a former Canadian. E. II. Harriman may have been
a greater wizard in financing his railroad undertakings and
perhaps he was more successful than Hill, but without a
doubt Hill was the most practical railway builder of the
United States, and it is amazing to think that the great sys­
tem built up so laboriously and so thoroughly by him, should
now be forced to reduce its dividends to a scant 5% annually.
Sooner or later the time will come when the over-zealous
railroad regulators in the United States will come to realize
that the best service they can render the country is to cease
to over-regulate and to cease also starving the railways to
death. What is wanted is efficient operation and real ser­
vice, and this cannot be had while the railroads are kept so
poor that they cannot maintain their equipment and when,
because of the poor returns, capital is inclined more and
more to withdraw from the railroad field and to invest in
undertakings that are not at once a football of the politicians
and the target of the political demogogues whose chief stock
in trade is to gird against the corporations in the professed
interests of the “peepul” ! This is a popular pastime, espe­
cially of the cheap politician, this howling itself black in the
face in defense of the xieople against corporations generally,
and railroad corporations in particular. It seems so often
to be forgotten that many of these corporations have, not
hundreds, but thousands of shareholders, many of whom are



C O M P L E T E R A I L W A Y S T A T I S T I C S F O R 1921 C O V E R I N G
250,649 O P E R A T E D M I L E S O F L I N E .

The Bureau of Railway News and Statistics on Dec. 9
issued statistics of the railway of the United States for the
year ending December 1921. They present, it is stated, the
first complete review of the railways for that year covering
the operations of 250,649 miles of line where the Commis­
sion’s text of its annual report for the year 1920 issued in
November, covered only 235,233 miles. Moreover, the
Bureau’s current report gives a condensed survey of the
income account of tho railways for the fiscal year to June 30
1922 computed from the monthly returns to the Commission.
This makes the following showing in comparison with like
information for the preceding year:
1920-21.
1921-22.
I n c o m e A c c o u n t t o J u n e 30—
.
258,735
256,165
Average miles opera tod--------.36,355,284,000 35,622,171,000
Operating revenues---------------35,817,353,000 $4,424,219,000
Operating expenses---------------.
91.54%
78.69%
Ratio to revenues----------------. 3537,931,000 31,197,952,000
Net operating revenues---------. 296,640,000
304,471,000
Taxes______________________
5.41%
Ratio to revenues----------------------------------4.67%
Net operating income after taxes, equipment
821,005,000
and facility rents______________________
177,126,000
4.10%
Return on valuation-------------------------------0.94%

The Bureau proceeds as follows:
The outstanding feature of this statement is tho reduction of nearly
$1,400,000,000 in operating expenses where there was a decrease of only
3733,000,000 in the revenues.
It was this drastic cutting of expenses that produced the remarkable
recovery in net revenues, for tho revenues of 1922 were nearly $200,000,000
short of the operating expenses of 1921. In the face of such a condition
there would seem no justification for tho cut in freight rates last July.
The average annual compensation of employees for the fiscal year 1921-22
was $1,645, or nearly double that in 1915 ($825).
How these results for the fiscal year 1921-22 compare with similar data
for the calendar year 1921 covered by the Bureau’s reports may bo judged
from the following statement:
,
F is c a l a n d C a le n d a r Y e a r s C o m p a r e d .
F i s c a l 1921-22. C a l e n d a r 1921.
Average miles operated---------------------------256,165
250,649
Operating revenues______________________ $5,622,171,000 $5,624,950,000
Operating expenses______________________ $4,424,219,000 $4,657,912,000
Ratio to revenues_______________________
78.69%
82.81%
Net operating revenues__________________ $1,197,952,000 $967,038,000
Taxes____________
$304,471,000 $286,215,000
Ratio to revenues-----------------------------------5.41%
5.09%
Net operating income after taxes, equipment
and facility rents______________________ $821,005,000 3629,881,000
Return on valuation--------------------------------4.10%
3.14%
Here it appears that the improvement in net revenues for the fiscal year
1921-22 over the calendar year 1921 was wholly duo to tho reduction of
over $230,000,000 in expenses, for tho difference in revenues was negligible.
I n c r e a s e in N e t C a p ita liz a tio n .

Among the noteworthy features of the Bureau’s report for 1921 is an
increase of nearly a billion (3916,229,000) dollars in net capitalization.
This is traced directly to an increase of $1,137,792,172 in the funded debt
of the railways from 311.180,671,300 in 1920 to $12,318,463,472 in 1921.
This the Bureau claims to be coincident with the issue of railway obligations
for the $1,144,000,000 incurred under Government control for the alleged
improvements, betterments and equipment which did not suffice to maintain
the roads in as good condition as they were when taken over on Dec. 31
1917, and which should have been charged to operating expenses.
The stock liability of the railways decreased from $7,631,189,721 in 1920
to $7,607,154,476 in 1921.
As a direct result of Government control, 1918-1920, tho capitalization
of American railways is now $75,817 per mile, where it was only $66,755
in 1917.
M ile a g e o f L in e a n d T r a c k s .

While the abandonment of many small lines operating 1,677 miles has
not been made good by current construction (475 miles in 1921 and 313 in
1920), there has been a steady growth in tho track facilities of American
roads, as is shown in the following statement:
1921.
1920.
Single track______________________________________ 250,649
250,834
Second track_____________________________________ 32,230
30,638
Third track______________________________________ 3,059
2,854
Fourth and other main track----------------------------------- 2,429
2,265
Yard track and sidings..........................................................111,283
106,394
.399,650

Total all tracks.

392,985

E q u ip m e n t F iv e Y e a r s T o o O ld .

It is in the progressive maintenance of equipment that the railways are
shown to be woefully in arrears. The Bureau takes it for granted that there
is a demand for a normal increase of at least 6% in tho capacity of road
and equipment, especially the latter, to provide adequate transportation
for American freight, passengers, mail and express. And hero is what
the figures on equipment show:

THE CHRONICLE

D ec. 30 1922.]
Locom otives.

Passenger C ars.

Freight C ars.

1921 ................................- ..........-66,721
55,781
2,380,950
1916
62,997
54,109
2,294,296
49,818
2,195,511
1911............. .............................. -.60,162
Increase in 10 years------------------9.4%
11.8%
8.5%
Between 1911 and 1920, before traffic was knocked galley-west by the
post-war depression, passenger traffic had increased 42% and freight traffic
62%. Equipment installed and retired since 1918 was as follows:
In stalled.

R etired.

Locomotives__________________________________ 4,596
3,489
Passenger cars------------------------------------------------- 2,975
2,398
Freight cars___________________________________160,525
177,963
The average cost of locomotives in 1921 was $55,000: of passenger cars,
$22,000, and freight cars, $1,800.
The total cost of all railway equipment is estimated at $5,813,964,900.
To replace it at present prices would probably cost over eight billion dollars.
E m ployees and Th eir C om pensation.

In consequence of changes in classification of employees, effective July 1,
the figures for the two half-years under the different classifications are as
follows:
Average N o .

C om pensation.

P a y per Y r .

First half, 68 classes.............1,697,549
$1,480,542,000
S872
Second half, 148 cla sses... 1,725,013
1,364,276,000
796
Total for year 1921_______ 1,711,281
2,844,818,000
1,662
The pay of employees in 1921 absorbed 50.58% of the total operating
revenues.
•
U nprecedented D ro p in Revenues.

How the business depression that descended on the United States in the
late fall of 1920 affected railway traffic is shown in the next statement:
1920.
1921.
Passenger mileage........................................ 47,276,131,000 37,471,290,000
Passenger revenue______________________ $1,297,782,000 $1,172,429,000
Freight mileage_______________________ 411,151,320,000 307,878,491,000
Freight revenue..............
$4,373,989,000 $3,969,622,000
Receipts per passenger mile___________
2.745 cents
3.129 cents
Receipts per ton m ile ________________
1.064 cents
1.289 cents
The crop of 25% in freight traffic carried the ton mileage almost back
to tho 301,399,000,000 pre-war high record of 1913.
W h e r e th e R a ilu 'a y D o lla r G o e s to .

How the railway dollar of 1921, computed on $5,624,950,336 operating
revenues, was distributed, compared with 1916, is shown as follows:
1921.
1916.
50.58%
40.60%
Labor.............................................................
7.45%
. Fuel and locomotive supplies____________________ 10.34%
Material, supplies and expenses__________________ 19.62%
15.77%
1.67%
Loss and damages_______________________________ 2.27%
Rent of equipment and facilities_________________
.94%
-------Taxes..........- ................ ...................................................... 5.09%
4.46%
Interest on funded and unfunded debt___________
9.11%
12.48%
3.96%
Rent of leased roads_____________________________ 2.15%
Betterments____________________________________
N il
1.83%
Available for dividends, reserves and surplus______
N il
11.78%
Total...........- ............................................ ......................100.10%
Making a deficit of .10 in 1921.

100.00%

I.

RATES

C.

C.

D E N I E S R E D U C T IO N ON PIG IRO N
FROM SO U T H E R N PO IN TS.

Proposed reductions in rates on pig iron from producing
points in Alabama and Tennessee to St. Louis, Mo., Ohio
River crossings and other points in the territory north of
the Ohio, east of the Mississippi and west of the BuffaloPittburgh line, were denied by the Inter-State Commerce
Commission on Dec. 14. The proposed reductions ranged
from 75 cents to SI 12 per ton. The Illinois Central, the
Southern and Louisville & Nashville and others proposed
the reductions. The St. Louis Coke & Chemical Co. of
Granite City, 111., and producers in the southern Ohio dis­
trict protested against the proposed reductions. The
reductions were proposed to give the Southern producers
bettor access to Northern markets. The Commission said
some reductions might be made, but not as great as those
proposed.
The Commission in its decision said:
Wo have frequently said that rates may not bo made solely with regard to
the,resultant ability of shippers to moot commercial competition. If carriers
elect to reduce rates in order to enable shippers to find a market for their
products in a particular field, they must, under tho law accord equal oppor­
tunity to competing shippers at other points who are dependent upon them
for transportation.
Wo are of tho opinion and find that the proposed rates would result in un­
duo prejudice to protestants, in undue preference of Alabama and Tennessee
shippers, and would bo unlawful. An order will bo entered requiring cancel­
lation of tho suspended schedules and discontinuing tills proceeding. It may
well bo that tho present rates from these Southern furnaces should be re­
duced. Our findings are without prejudice to the filing of now schedules
proposing reduced rates so related as to bo free from the undue prejudice
and preference.
R A D I C A L E L E M E N T T H R E A T E N S S T A B I L I T Y OF
C O U N T R Y , B E N HOOPER TELLS W E S T E R N
R A I L W A Y CLUB.

Ben. W. Hooper, Chairman of the U. S. Railroad Labor
Board, speaking before a meeting of the Western Railway
Club on Dec. 18, denounced the radical elements in the
nation’s politics, declaring that many movements masquerad­
ing under the guise of progress really are reactionary and
gravely threaten the stability of the country’s welfare.
Tho organization and progress of the nation, he said, has
been due almost entirely to the conservative-progressive
citizen, who moves steadily forward but keeps an eye on the
road ahead. Mr. Hooper spoke in part as follows:



2867

This is the man who is tho typical American citizen. Ho is the man who
founded this Government, who preserved tho Union and freed the slaves,
developed our vast resources and to-day stands for the perpetuation of
our form of Government.
A progressive is a man who moves forward. A conservative hestitates
before moving, and, if he moves at all, moves neither far nor fast. A pro­
gressive who is not conservative is radical. A conservative who is not
progressive is reactionary.
There is co-day an element of men who call themsolves progressive but
who might be more aptly denominated in home-made terminology “crawfish
progressives.” They imagine they are going forward at a great rate, but as
a matter of fact they are craveling backward. Going tail forward and kick­
ing mud and gravel in their own eyes, such progressives will never fail to
bump into something.
The proposition to confer judicial powers on Congress in so far as consti­
tutional questions are concerned is retrogressive. The statomen who
drafted our Constitution fully realized the danger of self-destruction inherent
in popular government, and they made tho Judicial Department a sea wall
against destructive tidal waves of popular sentiment.
Tho so-called progressive convention at Cleveland, last week was dominat­
ed by certain leaders of labor organizations, associated with prominent repre­
sentatives of the Socialist Party. This convention adopted a platform
which boiled down to a thimbleful meant:
Every man who has anything to sell shall have higher prices for it, and
every man who has to buy anything shall get it at lower prices.
It was recently suggested that a new party movement under the name of
the Democratic-Republican Party should bo launched. This would hardly
seem practicable, but it would bo perfectly feasible, wherever necessary, to
set up an organization of conservative-progressive citizens, which would
offset tho radical organizations, operate effectively in primaries and elec­
tions and stiffen the backbone of weak-kneed candidates who might be
intimidated by tho organized radical minority.
TEXT

OF DECISION H OLDING INVALID N E W Y O R K
S T A T E T A X ON\n A T IO N A L B A N K SH A R E S,

On account of the interest attaching to the matter, we prin{
below the text of the opinion of the Court of Appeals at Al­
bany in the case recently decided holding invalid the present
State law taxing shares of stock of national banks. Several
references to the decision have already appeared in these
columns—Dec. 10, page 2050 and Dec. 23, page 2756.
.
COURT OF APPEALS.
People ex rel. Hanover National Bank of the City of New York, Appellant.
vs.
Henry M. Goldfogle, et al., Respondents.
Appeal from order of the Appellate Division, First Department, affirming
order of special term dismissing writ to review tax assessment.
Martin Saxe, for appellant,
William II. King for respondent,
Charles D. Newton, Attorney-General (Edward G. Griffin of Counsel).
Pound, J. Relator seeks to review an assessment of its capital stock for
taxation for the year 1921. A national bank is an agency of the national
Government. The State has no constitutional power to lay any tax upon it.
Its shares of stock are taxable by the State only when and as Congress per­
mits. (McCulloch vs. Maryland, 4 Wheat 316; Peo. ex rel. Bridgeport Sav.
Bk. vs. Feitner, 191 N. Y. 88, 92 ; Van Allen vs. Assessors, 3 Wall. (U. S.)
573.)
Section 5214 of the Revised Statutes of the United States (U. S. Comp. St.
Sec. 9779) imposes upon national banks the obligation to pay to the Treasurer
^)f the United States certain duties “In lieu of all existing taxes,” and Section
■)219 (U. S. Compt. St. Sec. 9784) provides that nothing contained in the
Federal “National Bank Act” (13 Stat. 99) shall prevent. . . .
“All the shares in any association from being included in the valuation of
the personal property of the owner or holder of such shares in assessing taxes
imposed by the authority of the State within which the association is located ;
but the Legislature of each State may determine and direct the manner and
place of taxing all the shares of national banking associations located within
the State, subject only to the two restrictions, that the taxation shall not be
at a greater rate than is assessed upon other moneyed capital in the hands of
individual citizens in such State, and that the shares of any national banking
association owned by non-residents of any State shall be taxed in the city or
town where the bank is located, and not elsewhere. Nothing herein shall be
construed to exempt the real property of associations from either State,
county' or municipal taxes, to the same extent, according to its value, as other
real property is taxed.” This section prescribes the full measure of the
power of the State to impose taxes upon national banking associations or
their shareholders. Any assessment not in conformity therewith is unauthor­
ized and invalid. (First Nat. Bk. of Gulfport vs. Adams, 42 Sup. Ct. 323.)
The Tax Law of the State of New York (Sec. 24), enacted long before any
State income tax was imposed and repealed by Chap. 603, Laws 1922, pro­
vided : “In assessing the shares of stock of banks or banking associations
organized under the authority of this State or the United States, the assess­
ment and taxation shall not be at a greater rate than is made or assessed upon
other moneyed capital in the hands of individual citizens of this State. . . .”
It also provides for a tax of 1 % on the book value of shares of stock in all
banks and banking associations (Sec. 24b) and that such tax (Sec. 24c) :—
“shall be in lieu of all other taxes whatsoever for State, county or local pur­
poses u p o n t h e s h a r e s o f s t o c k , and mortgages, judgments and other clioses in
action and personal property held or owned by banks or banking associations
the value of which enters into the value of said shares of stock and shall also
be exempt from all other State, county or local taxation.”
This is a direct tax on the shares of stock without regard to the amount
of income earned thereon, whether such income has been retained as surplus
or distributed as dividends.
The personal income tax law (L. 1919, c. 627 ; Tax Law Sec. 351), adopted
as part of a new program of tax reform, imposes upon every resident of the
State of New York an annual tax upon his net income of from 1 to 3%. Such
taxes—“are in addition to all other taxes imposed by law, except that money
on hand or on deposit with or without interest, bonds, notes and choses in
action and shares of stock in corporations o t h e r t h a n b a n k s a n d b a n k i n g a s s o ­
c i a t i o n s , owned by any individual or constituting a part of a trust or estate
subject to the income tax imposed by this article, shall not after July 31 1919
be included in the valuation of the personal property included in the assess­
ment rolls of the several tax districts, villages, school districts and special tax
districts of the State.”
The statute further provides (L. 1920, c. 647 ; Tax Law Sec. 4-a) : “Not­
withstanding any provision of this chapter, or of any other general, special or
local law, intangible personal property, e x c e p t s h a r e s o f s t o c k o f b a n k s o r
b a n k i n g a s s o c i a t i o n s , whether referred to as personal property, capital, capi­
tal stock or otherwise, after June 30 1920 shall be exempt from taxation lo­
cally for State or local purposes. This exemption shall be in addition to all

^

2868

THE CHRONICLE

[V ol. 115,

other exemptions of personal property from local taxation, whether based income taxes to New York State on dividends received on
upon the character, ownership or amount of property. The term ‘intangible
personal property,’ as used in this section, means incorporeal property, in­ national bank shares owned by them could now claim a
cluding money, deposits in banks, shares of stock, bonds, notes, credits, evi­ refund, is expressed by Meyer Kurz, a tax expert of this
dences of an interest in property and evidences of debt.”
city, in a statement based on the case Peoplo ex rel Hanover
Shares of stock in banks and banking associations, both State and national,
are thus subject to a 1% valuation tax. Certain other corporations are sub­ National Bank vs. Goldfogel, Court of Appeals, Dec. 12
ject to franchise taxes, but moneyed capital in the hands of individuals is 1922, the full text of which decision is given in this issue of
exempt from taxation locally, for State or local purposes. A long line of the “ Chronicle.” Mr. Kurz’s statement is printed as
decisions defines the business of banking and holds that the
words “moneyed capital in the hands of individual citizens” in­ follows in the “ Commercial” :
The shares of tho Hanover National .Bank wero assessed for the purpose
cludes moneys invested in private banking houses such as J. P. Morgan &
Co., Kuhn, Loeb & Co., and others, together with investments of individuals of personal property taxation for the year 1920 by New York State, pur­
in securities that represent money at interest and other evidences of indebted­ suant to the Tax Law levying a valuation tax of 1 % on such shares. The
ness such as normally enter into the business of banking. The national Gov­ bank, being a national bank, could be taxed by the State only insofar as
ernment thus permits State taxation only on terms of substantial equality the State was expressly authorized by Congress to tax it or its shares of
and entire fairness and friendliness. The tax on national bank shares must stock. Congress, by Section 5219 of the Revised Statute, has said that
not discriminate in favor of moneyed capital entering into competition with nothing contained in the Federal National Bank Act shall prevent:
"All the sh res in any assocUiion f om being in< luded in the valuation of
the national banks. (Evansville Bank vs. Britton, 105 U. S. 322 ; Mercantile
property
Bank vs. New York, 121 U. S. 138 ; Aberdeen Bank vs. Chehalis Co., 100 the personal authority of tho owner or holder of such shares in assessing taxes
imposed by
of tho State within which tho association is located;
U. S. 140; Owensboro Nat. Bk. vs. Owensboro, 173 U. S. 004, 070; Amos- but the Legislature of each State may determine and direct the manner and
kcag Savings Bank vs. Purdy, 231 U. S. 373 ; Merchants National Bank vs. pi; co of taxing all the shares of national banking associations located
within the
that the taxation
Richmond, 250 U. S. 035.) The court below has found that the competing shall not bo State, subject onlv toistho two restrictions, moneyed capital in
at a greater rate than assessed upon other
capital in the hands of individuals, subject only to the personal property in­ tho hands of individual citizens of such State, and that ho shares of any nat­
come tax, is very large. “If the principle of substantial equality of taxation ional hanking association owned by non-residonts of any Stato shall be
under State authority, as between capital so invested and other money capi­ taxed in the city or town where the bank is located and not elsewhere.”
It was held by the Court of Appeals that:
tal in the hands of individual citizens, however invested, operates to disturb
“This section prescribes the full measure of tho power of tho Stato to
the peculiar policy of some of the States in respect of revenue derived from impose taxes upon national banking associations or their shareholders. Any
taxation, the remedy therefor is with another department of the Government, assessment not in conformity therewith Is unauthorized and invalid.”
There is considerable discussion in the opinion concerning the question of
and does not belong, to this court.” (Boyer vs. Beyer, 113 U. S. 689, 703.)
The question is, first, whether the State of New York discriminates against whether or not the incomo from dividends received by the owners of na­
national bank shares by imposing a tax both on the shares and the dividends, tional bank shares is subject to tho New York Stato personal incomo tax. If
while it imposes a tax on the income only of other competing capital in the such incomo is taxable, then the incomo tax plus tho 1 % tax on the value
hands of private bankers and other individuals. It was held below that if of the shares, would clearly place a heavier tax burdon on national bank
the direct tax and the income tax were both imposed, the discrimination shares than on private bank capital and would therefore result in a dis­
would be clear. The respondent contends, by a process of statutory construc­ crimination forbidden by Section 5219.
To save the 1 % personal property tax the Stato contended that such
tion which would exclude by implication the particular from the general, that
no income tax is imposed on the dividends of bank stock. The question is dividends were not taxable income within tho meaning of the State income
not whether such dividends may lawfully be included in the income of indi­ tax law, and that the present practice of taxing such income was illegal.
viduals taxed by the State, but whether they are in fact so included. It is The Court refused to accept this view, declaring that the present wording
urged that the State had no power to tax such income, for the reason that of tho law included such dividends as taxablo incomo, regardless of whether
Sec. 5219 of the Revised Statutes of the United States above quoted permits or not this could be done legally, under tho authority of Section 5219.
a tax on valuation only, and therefore that it did not tax it. (Peo. ex rel. It is noted that the Court merely construed the provisions of the income tax
Alpha P. C. Co. vs. Knapp, 230 N. Y. 48.) The language of the statutes law, but did not pass upon their legality. The Court asserted that tho State
suggests no such punctilious regard for those whose income is derived from was taxing national bank dividends; it did not say the State had the right
dividends on national bank shares. On the contrary, it plainly includes such to tax them.
But the Court went further, and declared that, assuming for the purpose
dividends in gross income. Gross income includes (Tax Law, Sec. 359) in­
come from dividends. Dividends from stock in bank corporations owned by of argument the income tax law to be so construed as to exempt dividends
resident taxpayers is not included in the list of exemptions.
on national bank shares, or assuming tho law to bo invalid insofar as it
A clear discrimination is made against residents holders of bank shares taxed such income, and assuming the 1 % valuation tax, which was tho sub­
which are taxed according to their book value, who are also taxed on their in­ ject of this action, to be the only tax on national bank shares, nevertheless
come. The shares of bank stock are taxed by one method and the dividends the 1% valuation tax would still be illegal, and it so held.
thereon are taxed by another method. Competing moneyed capital in the
Inasmuch as the tax on private moneyed capital in the State was im­
hands of individuals is exempt from taxation according to its valuation and posed upon incomo, and tho tax on national bank shares was imposed on
is assessed according to income only. The provisions of the law are explicit. value, an inequality resulted. The point was made that a valuation tax
The discrimination is unfortunately too plain to escape recognition. We can­ •might result in a tax “at a greater rate” than an income tax because a valua­
not assume that any such exemption was in the legislative mind. On the tion tax is fixed and certain, whereas an income tax is paid only if income is
contrary, the report of the Special Joint Committee on Taxation and Re­ earned. If it is “at a greater rate” then there is a violation of Section
trenchment submitted to the Legislature March 1 1922 the opinion of the 5219 of the Revised Statutes.
Attorney-General (Mar. 31 1920), and the practice of the Income Tax Bu­
The Court did not say that an income tax alone on national bank shares,
reau indicate that by legislative and administrative construction a personal assuming that the valuation tax is removed, would bo valid. While this
tax upon dividends on the shares was contemplated and collected.
would unquestionably remove the discrimination between the tax on na­
The amount of such moneyed capital in the State of New York thus ex­ tional bank shares and tho tax on private moneyed capital, it still leaves
empted from Taxation except on income is not inconsiderable. It is rela­ open the question as to whether an income tax may bo imposed on tho divi­
tively of much consequence. In the City of New York in the year 1921 such dends of national bank shares'at all, in view of the limitations of Section
competing capital was nearly twice the total capital of the State and national 5219 on the power of the State to tax such shares.
banks. The tax on the capital stock of the national banks becomes invalid
Moreover, we have the argument of tho State Attorney-General in this
when it appears that it has become discriminatory. No way of escape from very case, conceding that the income tax on dividends from national bank
such a conclusion is open except by disregarding the rule which requires us shares was Invalid for two reasons: First, because repugnant to Section 5219
to give a plain meaning to plain words plainly used. (U. S. vs. Goldenburg, of tho Revised Statutes, which apparently permits only a valuation tax, and
166 U. S. 95, 102 ; Rodgers vs. U. S., 185 U. S. 83, 86). The validity of the second, because an income tax, together with the existing valuation tax,
tax on dividends from national bank stock may be considered when it is as­ would be a discrimination condemned by Section 5219. Tho second reason
sailed by a taxpayer in a proceeding in which it becomes necessary to decide falls out in view of tho decision of the Court, holding that tho valuation tax
was invalid. The income tax, if it were legally imposed, would then be the
that question.
But, assuming without deciding that dividends on national bank stock are only tax on national bank shares. The first reason, however, is still perti­
exempt by implication from the income tax or that the State tax thereon is nent and it is difficult to see how the Attorney-General or the officials of
invalid and may be disregarded, the tax on bank shares is discriminatory for the Tax Department, charged with the administration of the tax law,
another reason. The State may, so long as it observes the rule of fairness could take a different view simply because the litigation was determined in
and good faith, tax national bank shares by one method while it taxes compet­ favor of the taxpayer.
To sum up, it is clear that the present tax on both the incomo from, and
ing capital by another method, without exact uniformity or equality. (Mer­
cantile Bank vs. New York, supra ; Peo. ex rel. Bridgeport Sav. Bk. vs. Feit- the value of, national bank shares is illegal. The Court of Appeals turned
down the tax on value on its own merits, with or without an income tax,
ner, supra). In doubtful cases the burden may rest on the bank to establish
inequality, (Bank of Commerce vs. Seattle, 166 U. S. 463 ; First Nat. Bk. because private bank capital is not taxed on value to-day. The State, in its
vs. Chapman, 173 U. S. 205). Yet the rule in substance requires that the argument for the tax on value, pleaded that no incomo tax was or could be
shares of the bank shall be taxed only to the same extent that other moneyed legally levied on dividends on national bank shares.
It would seem, therefore, that any taxpayers who havo paid personal in­
capital invested in the State is taxed. (Peo. vs. Weaver, 100 U. S. 539;
Boyer vs. Boyer, supra). If the inequality is palpable, the courts are with­ come taxes to New York State on dividends received on national bank shares
out discretion. It becomes their duty to declare the right asserted under the owned by them could now claim a refund, if not on tho authority of tho
constitution of the United States and the statute enacted by Congress in uni­ decision of the Court of Appeals in this easo, then at least on the authority
formity therewith to hold the tax invalid (Merchants Nat. Bk. vs. Richmond, of the concession made by the Attorney-General in his brief.
supra).
When it appears on the face of the statute that bank shares are taxed at a P R O P O S E D L E G I S L A T I O N P R O V I D I N G F O R T A X A T I O N
flat rate and that the owner of competing moneyed capital relatively material
B Y S T A T E S OF N A T I O N A L B A N K S A P P R O V E D
in amount is taxed on income only, the court is powerless to say that equality
of taxation has been secured and injustice prevented. We are forced to com­
BY SENATE COM M ITTEE.
pare two methods which are wholly unlike. IIow can equality be established
On Thursday of this week (Dec. 28) tho Senate Banking
or presumed as the necessary result of the taxing statutes? In a very con­
siderable number of cases the flat rate must inevitably be the heavier bur­ and Currency Committee at Washington approved legis­
den. It is fixed and certain. The income tax is variable and dependent on lation covering the taxation of national banks. Action was
income and amount of income. It is conceivable that when returns on such
capital are low, the bank stock would be taxed and the competing capital taken by the Committee following a move, threatened by
would be exempt. In no event would equality exist unless the income on Senator Kellogg of Minnesota on Dec. 22, to discharge
competing capital were large beyond the dreams of avarice and the usual the Committee and ask immediate consideration by the
returns on invested capital.
The relator is entitled to the relief asked for. Orders reversed and assess­ Senate of the proposed legislation, unless the Committee
reported a bill by the middle of the present week. Re­
ment vacated with costs in all courts.
T A X E X PE RT HOLDS RE F U N D S M A Y BE C L A IM E D
A S R E S U L T OF D E C IS I O N A F F E C T I N G N E W Y O R K
T A X ON N A T IO N A L B A N K SHARES.

According to the New York “ Commercial” of Doc. 27,
the opinion that any taxpayers who have paid personal



garding the legislation endorsed by the Committee on the
28th inst., the New York “ Commercial,” in Washington
advices said:
.
One bill as approved provides, in substance, that the States may levy
taxes on national banks, provided the rate of taxation is no higher than
is imposed on moneyed capital employed In other classes of financial'
institutions.

THE CHRONICLE

D ec. 301922.]

A^companion bill provides for the validation of taxes imposed in the
past, whose validity has been in question as a result of a decision of the
Supremo Court. In some States national banks have recovered taxes
collected, and, as a result. States and counties are facing a serious loss
in revenues.
•
Senator Pepper of Pennsylvania was authorized to perfect the phraseology
of the bills.
As a result of the consideration of these measures, which occupied the
entire day, the Committee did not continue its discussion of rural credits
legislation. The Committee will return to the consideration of tho rural
credits measures to-morrow.

W

On the 23d inst. the New York “Times” printed the fol­
lowing from Washington:
Unloss the Senate Banking and Currency Committee reports by next
"Wednesday a bill to permit States to tax national banks the same as other
banks—legislation desired by New York—Senator Kellogg of Minnesota
declared in the Senate to-day that he will move to discharge the committee
and ask immediate consideration of the legislation by tho Senate. Tho
bill introduced by Senator Kellogg, similar to one sponsored by Senator
Wadsworth of New York, reads:
“That Section f>219 of tho Revised Statutes of the United States bo and
the same is hereby amended so as to road as follows:
“Section .'5219. That nothing herein shall prevent all the shares in any
association from being included in tho valuation of the porsonal property
of the owner or holder of such shares in assessing taxes imposed by authority
of tho State within which the association is located, but the Legislature of
each State may determine and direct the manner and place of taxing all
the shares of national banking associations located within tho State, sub­
ject to the following restrictions:
“1. (a) That the tax imposed shall not be at a greater rote than is assessed
upon other moneyed capital employed in the business of banking.
“(b) That in onv State where a tax in lieu of a property tax is assessed
upon the net income derived from surh other moneyed capital such State
may in lieu of a tax upon tho shores impose upon tho bank an income tax,
assessed upon the net income of the bank, but such tax shall not bo at a
greater rate than is assessed upon the net income of such other moneyed
capital.
“2. That tho shares of any national banking association owned by non­
residents of any State shall be. taxed in the city or town where the bank is
located and not 6lsewhero. Nothing herein shall be construed to exempt
tho real property of associations from either State, county or municipal
taxes to tho same extent, according to its value, as other real property
“3. That the provisions of Section 5219 of the Rcvisod Statutes of the
United States as heretofore in force shall not prevent the legalizing, ratifying
or confirming by the States of any tax heretofore paid, levied or assessed
upon shares of national banks, or tho collecting thereof, provided such
taxation is not greater than the taxation imposed for the same period upon
banks, banking associations or trust companies doing a banking business,
incorporated by or under tho laws of such State or upon the moneyed capital
or shares thereof.”
R e s is t

T a x a tio n

in

N ew

Y ork.

National banks, under a decision by the United States Supreme Court a
year ago in Virginia caso aro contending successfully in New York City and a
number of tho States that tho present National Bank Law does not permit
States to tax national banks more than it taxes the intangible assets of indi­
vidual citizens.
Senator Kellogg and Senator "Wadsworth introduced bills early last Spring
that would put national banks in the same class as State banks, or any other
banking institution, so far as State tax laws are concerned. Hearings were
held by a sub-cimmittee last June, but the committeo has done nothing.
“If this situation is not remedied during the present Congress,” Senator
Kellogg said, “the City of New York, the State of Massachusetts and a num­
ber of other States must place an added burden on other taxpayers. It will
destroy tho taxing systems of eighteen or twenty States.”
In tho Virginia caso it was stipulated that intangiblo assets of individuals
come in competition with national banks.
Senator Kellogg said a suit is pending on the national bank tax question in
Minnesota and that the State is contending that intangible assets of indi­
viduals are not in competition with banks.
“Anybody who knows anything about business,” Senator Kellogg said,
knows that they do not come in competition with national banks. My bill
provides that the tax imposed by the States shall not bo at a greater rate
than is assessed upon other moneyed capital employed in tho business of
banking. That includes individuals, private banks State banks, trust
companies—all capital engaged in banking which comes in competition
With the banks.
“Tho Supreme Court has held that the States may tax real estate at one
rate and bank stock at another: corporations at one rate and bank stock at
another; but they must not tax banks more than tho individual citizen pays
on his tangible assets, that is, deposits in banks, notes, bills receiveable and
accounts held by individuals. There is no consistency in such a rule.”

2869

State, county and municipal taxation, and receipt of many inquiries as to
the exact nature of a recent Supreme Court decision on the question, caused
court officials to-day to direct attention to what they stated had been a
widely circulated misinterpretation of the court’s ruling.
The decision in question was rendered in a caso brought from Oklahoma
by the Peoples National Bank of Kingfisher, which sought to have reversed
a ruling of the Supreme Court of that Stato, holding that in determining
tho value of the shares of stock of a national or Stato bank for the purpose
of taxation, no deduction would be made on account of tho capital, surplus
and undivided profits of tho bank invested in securities which are otherwise
exempt from taxation.
Court officials pointed out it had been reported that the court had held
that Liberty bonds and other Federal tax exompt securities could be taxed
by States. This, they stated, had not been the purport of the decision.
In explanation they declared the Supremo Court of Oklahoma held that
in the case of the State assessing Stato or national banks tho tax was not
against the corporation upon its monoyed capital, surplus and undivided
profits, but was levied against tho shares of stock in tho hands of stock­
holders. It held further that tho officers of the corporation act as the agents
of the stockholders, both in listing the shares of stock for taxation and in
paying the taxes levied against the shares of stock.
In declaring that the shares of stock in a State or national bank are to be
assess d at their true value, tho Oklahoma Supreme Court ordered that in
determining the value of shares of stock in a rational or State bank for the
purpose of taxation no d duction is to be made on account of tho capital
of the corporation invested in securities which aro exempt from taxation.
The United States Supremo Court did not prepare a formal opinion, but
merely announced that it affirmed tho action of the State Court, citing Van
Allen vs. tho Assessors (3 Wail, 573) and National Bank vs. Commonwealth
(9"Wall, 353), as authorities on which it based its decision. It was pointed
out by court officials that the question before the Supreme Court of the
United States for decision related to the rule to be followed in determining
the value of bank stock for State taxation purposes, and that tho highest
court of the land had adhered to the ruling announced many years ago that
for such taxing purposes the banks aro not entitled to make deductions
from their capital to correspond to tho amount of such capital which may
be invested in tax-exempt securities.

With reference to the above explanation it is to bo said that
the U. S. Supreme Court on Nov. 20 affirmed the decision
of the State Supremo Court of Oklahoma, that “ in determin­
ing the value of shares or stock in a national or State bank for
the purpose of taxation, no deduction is to be made on ac­
count of the capital of the corporation invested in securities,
which are exempt from taxation.” This was the finding of
the State Court in a suit brought by the Peoples’ National
Bank of Kingfisher, Okla., against tho Board of Equaliza­
tion of Kingfisher County, in an attempt to have deducted
from the capital, surplus and individual profits, upon which
State taxes were assessed, $31,900 in Liberty bonds, $5,000
in Oklahoma State bonds and $9,650 real estate mortgages.
The Oklahoma City “ Oklahoman” on Nov. 21 had the fol­
lowing to say regarding the decision:

Decision of the United States Supreme Court Monday that Liberty
bonds aro subject to Stato taxation whoa such otherwise tax-oxempt securi­
ties are held by banks as capital stock, surplus and undivided profits, will
have a widespread effect in Oklahoma, in the opinion of tho AttorneyGeneral’s office.
Tho case of tho People’s National bank of Kingfisher, versus tho State
Board of Lqualization, in which tho Supremo Court decision is said to have
been made, involved $31,900 capital stock, surplus and undivided profits
which the directors of tho Kingfisher institution had invosted in Liberty
bonds.
The Kingfisher county tax assessor on January 1 1918 refused to allow
a deduction claimed by tho People’s National Bank on that part of the
capital stock, surplus and undivided profits invested in United States
bonds, although in the case of an individual such securities had been held
non-taxablo.
The State Board of Equalization also disallowed the claim for deduction
but the district court overruled the holding of the Board. Tho State ap­
pealed the case to the Supreme Court of Oklahoma, where the opinion of the
lower court was reversed, the Supreme Court ruling that taxes wero levied
against tho shares of stock of tho bank; and that in determining tho value
of the shares of stock of a national or Stato bank for purpose of taxation,
R e a d s L e tte r F r o m I l y l a n .
Senator Kellogg road letters from Mayor Ilylan of New York, and the no deduction is to bo made on account of tho capital it might invest in
are otherwise
New York Comptroller showing how national banks have been able to re­ securities whichNational Bank exempt from taxation.
The Peoplo’s
of Kingfisher, in common with many other
cover about $20,000,000 in taxes.
institutions in the State, had invested funds from their capital stock, sur“If the Senator will allow me,” Senator Lodge interrupted, ‘‘the Stato of lus and undivided profits in Liberty bonds and other similar securities
Massachusetts is in the same position as New York and many other States, in the belief that such part of their funds would be tax exempt.
and unless some remedy is given by Congress tho decision to which the Sen­
Following tho opinion of tho Stato court upholding tho ruling of the
ator has referred will put an intolerable burden on the cities and towns and Stato Board of Equalization, the Kingfisher caso was appealed to tho Su­
will go far toward bankrupting some of our towns.”
premo Court of tho United States, it having boon decided by tho banks to
“I do not ask that States shall bo freo to tax the national banks exorbi­ fight tho contention of tho Stato beforo tho Supremo Court as a test case.
tantly,” Senator Kellogg went on. “It is in the interest of the national
Tho Attorney-General’s office Monday was unable to state just how
banking system and of the whole country that the States should not have sweeping the effect of tho decision might be, although it is said that many
tho power to discriminate in favor of State and other banking institutions; other banking instituions had invested capital and other stock in tax-exempt
but to select out simply the intangiblo credits of an individual and say that securities, hoping thereby to escape taxation by tho State.
the banks shall not be taxod at a greater rate than that because the individual
The explanation which has just come from Washington,
comes in competition with tho banking business with the banks, in my judg­
ment, is an absurdity in legislation.”
as quoted at tho beginning of this article, clears up the doubt­
Senator Pomerone of Ohio, expressed the opinion that the States could cor­ ful points raised in the foregoing newspaper extract.
rect the trouble without action by Congress.
“The States,” Senator Kellogg replied, “have no power to tax the national
banks#
except by consent of Congress. If the State violate tho rule; of course ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
the tax is illegal. Now tho States alone cannot ratify the illegal tax, but
William 0 . Jones, a Vice-President of the National Park
Congress can give tho consent to the States and then the Legislatures may
ratify it, because it is a familiar rulo of law that whatever tho Stato in Bank of this city, died suddenly at his desk in the bank
taxation could originally have done, or what Congress could originally have yesterday morning, Dec. 29. Death was due to apoplexy.
done, it can euro by a curativo act.”
Mr. Jones, who celebrated his sixty-fifth birthday only a

few days ago, was born in Wales and came to this country
as a child with his father, who settled at Richville, N . Y .
After being graduated from Oberlin College he entered the
banking business. For the past twenty years he had been
with the National Park Bank, first as an Assistant Cashier
The Associated Press in Washington dispatches Dec. 26
and later as a Vice-President. In addition to his activities
said:
_
in the National Park Bank, Mr. Jones was a direotor of the
t Reports that Tax Commissioner Ilallanan of West Virginia had ordered
ssessors in that State to assess all United States Government bonds for East River National Bank, the Flatbush branch (Brooklyn)
S U P R E M E C O U R T O F F I C I A L S I N E X P L A N A T I O N OF
ITS RULIN G T H A T IN VA LU IN G B A N K SHARES
F O R T A X A T I O N U . S. B O N D S M A Y B E
IN CLUDED.

i
l




2870

THE CHRONICLE

of the Irving National Bank, and of the American Law
Book Co.

[V ol. 115.

stock of the company was ordered, payable to the stockhold­
ers of record; the usual distribution under the profit-sharing
plan adopted Nov. 25 1019 was authorized and $1,000,000
was transferred from undivided profits to surplus account,
making the total of that account $2,000,000.

At a special meeting of the stockholders of the Irving
National Bank of this city yesterday (Dec. 29) it was voted
to place the institution in voluntary liquidation, effective
Jan. 6 1923, in order that the institution may become a
Robert B. Whitehurst has been elected President of the
State bank under the title of the Irving Bank, New York. Peoples Commercial & Savings Bank of Washington, D. C.,
This action is preliminary to the pending merger of the insti­ succeeding John T. Clancey. Since the organization of the
tution with the Columbia Trust Co. of this city, to which institution three years ago Mr. Whitehurst has been Vice­
we referred in these columns in our issue of Oct. 28 last.
President and Cashier. John Braysliaw has been chosen to
succeed him as Vice-President. Robert II. Hill will be
At the annual meeting of the California Group of the In­
Cashier and Manager of the branch on Georgia Avenue.
vestment Bankers Association of America, in San Francisco
on Nov. 16, the following nominees for the Executive Com­
Eugene E. Braslawsky, the missing President of the Inter­
mittee were elected to office: Cyrus Peirce, Chairman; J. national State Bank of Chicago, the failure of which was
W . Edminson, Vice- Chairman; G. C. Stephens Secretary- reported in these columns in our issue of Dec. 16, was in­
Treasurer; Fred Shingle, Prescott Scott, J. W . Harrison, dicted by the Grand Jury before Chief Justice McKinley on
Benj. H. Dibblee, Robert E. Hunter, Thomas W . Banks, Dec. 21 on a charge of embezzlement, according to the Chi­
James R. Page, C. A. Sheedy, James S. Riley and Dean cago “Tribune” of Dec. 22. An audit e the hank’s books, it
rf
Witter.
is said, has revealed a shortage of $101,000 in the funds of
At a meeting of the directors of The Farmers’ Loan &
Trust Co. of this city, held on the 21st inst., Joseph P. Cotton
of Cotton & Franklyn and Lewis L. Delafield of Hawkins,
Delafield & Longfellow, were elected members of the board.
J. Courtney Talley, Irving H. Meehan, S. Sloan Colt and
Frederick A. Dewey were appointed Assistant Vice-Presidents.
Harry D. Sammis and Edward J. Boyd were appointed
Trust Officers; R. Baylor Knox, Wilfred L. Pell, John G.
Kilbreth, Howard S. Butterwek and Henry N. Tifft, Jr.,
were appointed Assistant Trust Officers, and Harry F. Ayres
and Alfred C. Steele were appointed Assistant Cashiers.

the institution.
Seth G. Anderson, until recently Manager of the OutClearings Department of the First National Bank of Chicago,
on Dec. 24, following his arrest on Dec. 20 for the em­
bezzlement of $70,000 of the bank’s funds, made a com­
plete confession that he had robbed the bank of $55,000
according to newspaper advices from that city. Anderson,
it is said, was held for the grand jury in $20,000 bonds by
United States Commissioner Glass.

A special press dispatch from Claremore, Okla., under
date of Dec. 18, printed in the “ Oklahoman” of the follow­
Following the issuance by the Comptroller of the Currency ing day, reports the reopening for business under new man­
of a charter for the Ozone Park National Bank of New York, agement of the First National Bank of Claremore on that
N. Y ., with a capital of 8200,000, the institution opened for date (Dec. 18). The bank, the dispatch states, had been
business Dec. 11. The stock of the new bank (par value closed since Aug. 24 last. The new institution has a com­
$100) was disposed of at $125. The officers are Gaston F. bined capital and surplus of $60,000, it is said, and F. V.
Livett, President; Oscar W . Svenson and Vernal H. Beadle, Askew of Shawnee, Okla., is its President.
Vice-Presidents, and Paul E. Rieder, Cashier. The follow­
ing are the directors: Peter F. Albrecht, Adam A. Barr,
A consolidation of the First National and American Na­
Edward Blatt, Vernal H. Beadle, Joseph II. Bessette, tional banks of Idabel, Okla., under the title of the firstFernand D ’Orbessan, John D. Craig, William H. C. Howard! named institution was consummated recently. The new
William V. Hagendorn, Morris Kawaler, George Koch, institution has a capital of $80,000, with surplus of $60,000.
Gaston F. Livett, John Lange, Samuel Ravich, William Its officials are: H. C. Morris, President; R. C. Newton,
Ravish, William J. Remmet, Paul E. Rieder, Clarence F. Vice-President; F. B. West, Cashier, and II. E. Self, As­
Simonson, Oscar W . Svenson, Benedict Vogt, Jr. and Morris sistant Cashier.
Wakefield.
The First National Bank of Winner, So. Dak. (capital
At a meeting of the stockholders of the Bank of Port Jef­ $30,000) has been closed on account of depleted reserves,
ferson on Dec. 16th plans to increase the capital from $25,­ according to a press dispatch from that place on Dec. 18
000 to $100,000 were ratified. $50,000 of the surplus of appearing in “ Financial America” of this city of the same
$75,000 will be distributed among the stockholders of record date. The dispatch further stated that the institution
Dec. 30 1922, as a stock dividend, and the other $25,000 would reopen within 30 days, just as soon as its reserves
of new stock will be sold to the public. The new capital can be increased.
will become effective about Jan .15 1923. The directors on
According to press dispatches from Albuquerque, N . Mex.,
Dec. 20 declared the above stock dividend and also a semi­
annual cash dividend of 8 % and 5% extra payable Jan 2 appearing in the New York daily papers this week, the
First National Bank of Magdalena, that State, closed its
1923.
doors on Wednesday (Dec. 27j and is in charge of a national
With reference to the affairs of the First National Bank bank examiner. The bank had a capital of $50,000 and
of Hope, N. J., wiiose failure was reported in these columns deposits, it is said, of $278,000. Depression in the cattle
in our issue of Oct. 28 last, a press dispatch from Phillipsburg, trade and drought last summer were given as the reasons
N. ,T appearing in the Philadelphia “Record” of Dec. 22 for the failure.
.,
states that A. Roy Huntsberger, the former Cashier of the
S. C. Watson, former President of the First National Bank
failed hank, has been charged with making false entries in
the bank’s books and on Dec. 20 was released in $18,000 bail of Colquitt, Ga., was on Dec. 19 indicted by the Grand Jury
by United States Commissioner Tallman, following his sur­ in the Federal Court at Albany, Ga., on 32 counts alleging
embezzlement of approximately $100,000 of the bank’s funds,
render to the authorities.
according to a press dispatch from Alnany under date of
Steps have been taken to organize the Peoples Trust Co., Dec. 19, appearing in the New York “ Times” of Dec. 20.
of Stamford, Conn., with a capital stock of $100,000 and a Charges, it is said, were first preferred against Mr. Watson
surplus of $50,000. The organizers are: Dr. F. II. Barnes about a vear ago by a national bank examiner.
Maxwell C. Maxwell, Eugene H. Palmer, William G. Morris
The Hibernia Trust Co. of New Orleans has declare! the
George S. Watts, Benjamin F. Mead, William F. Gillespie!
usual quarterly dividend of 6% , payable on Jan. 2 to stock­
Russell Waterbury, Lionial D. Rhinehart, Jay C. Welsh j!
holders of record Dec. 20. At the same time the bank de­
M. Wright, Lawrence Larsen, Clarence E. Ailing and Joseph
clared the usual quarterly dividend of 3 % on the salaries of
A. Boyle.
all employees. This dividend was paid to them just prior
The First National Bank of Philadelphia has added $500,­ to Christmas. The deposits of the Hibernia Bank & Trust
000 to its surplus account. It now has a capital of $1 500 000 Co. have now passed the $50,000,000 mark, which is a gain
of $12,000,000 during the year. In addition to paying all of
and surplus of $2,500,000.
its employees the usual quarterly dividend on their annual
We are advised that at the r ^ l a r meeting of the board of salaries, the directors gave a pleasant .Christmas surprise to
directors of the Pittsburgh Trust Co., Pittsburgh, Pa., held on several of the officers and employees of the institution by
Dec. 26 a special Christmas dividend of 2% upon the capital announcing a number of promotions authorized at the regular




h

D ec. 30 1922.]

T H E C H R O N IC L E

December meeting of the board. Jam es H . K epper, who for
several years had been Cashier of the bank, was elected a
Vice-President, and William B. M achado, who had been
senior A ssistant Cashier and who has been with the bank for
more than a quarter of a century, was elected Cashier to
succeed M r. Keoper. In line with modern banking practice
in the larger financial institutions of the country, the board
also created a new office, namely th a t of A ssistant Vice­
President, which will rank next to the cashiership. R. G.
Fitzgerald, heretofore A ssistant Cashier, and G. L. Woolley,
heretofore M anager of the Credit D epartm ent, were both
given this new title of A ssistant Vice-President. F . J . Swain,
Auditor of the bank, and E . F . LeBreton, heretofore M an­
ager of the D ecatur Street branch, were both elected Assist­
an t Cashiers, and A. P. Smith J r ., who has been associated
with the T rust D epartm ent for several years, has been
elected A ssistant T rust Officer. President H echt, in making
thfeSe announcem ents, said:
T hese changes w ere m ade n ecessary b y th e u n tim ely d e a th of ViceP r fs d e n t K a tz , a n d also b y t+n increasing volum e of th e b a n k 's business.
I t w as a sonroe o f m uch g ra tifica tio n to o u r bo ard to be able to fill th e
vario u s p ositions b y prom otions fro m th e ra n k s ra th e r th a n from th e o u t­
side, an d each one o f th ese changes rep re sen ts a d is tin c t prom otion given
as a recognition o f lone service an d eood w ork fa ith fu lly a n d c o n sistently
perform ed. Tn th is connection it is a sienifieant. fact th a t all seven of th e
new office-? are men who h av e been tra in e d e ith e r as stu d e n ts or as in ­
s tru c to rs in th e A m erican In s titu te o f B anking. One could h a rd ly ask for
any m ore c o n crete evidence o f th e valu e an d sy ste m a tic stu d y an d p ractical
tra in in g t h a n ’s exem plified in th e se d eserved prom otions.

2871

off bank premises, leaving a balance of £57,813 to be carried
forward to next y ear’s profit and loss account. T he assets
of the bank as of Oct. 31 were £4,566,745. The authorized
capital of the bank is £5,000,000, of which £2,000,000 is
fully paid up. On Dec. 18 the bank moved to its new
building a t N o. 33 Gracechurch Street (Lombard C ourt),
London, E .C . 3, which it has had under construction for
some tim e. The R ight H on. Viscount Churchill, G .C .V .O .,
is Governor of the B ritish Overseas Bank, L td ., and R .
Stephenson and D udley W ard, C. B .E ., its M anagers.
THE

CURB M A R K E T .

The Curb M arket opened this week strong and active,
b u t thereafter irregularity developed and continued through­
out the week. Oils, while claiming chief atten tio n , were
w ithout special feature. Illinois Pipe Line, after a drop
from 162 to 159, sold up to 164. N . Y. T ransit fell from
128 to 118 and recovered to 130. N orthern Pipe Line rose
from 106% to 111. Prairie Pipe Line receded from 318 to .
311, then advanced to 325. Standard Oil (Kentucky)
gained about 8 points to 131 and sold finally a t 127 % .
S tandard Oil of N . Y. improved from 46% to 48% . Vacuum
Oil was active and advanced from 40 to 46 and closed to-day
a t 45% . M am m oth Oil from 42% advanced to 48 b u t
reacted to-day to 46% . M aracaibo Oil, after early gain of
a point to 15% , dropped to 12%. The industrial list
broadened as the week closed. D u ran t M otors continued
active, dropping from 75 to 68% . D u ran t M otors of In ­
diana moved down from 23 to 19% and sold finally a t 20.
Peerless T ruck & M otor advanced from 73 to 77. New
Fiction Publishing common, after an advance from 14 to
15%, fell to 13% , the close to-day being a t 13%. G illette,
after loss of 3 points to 253, jum ped to 265 and ends the week
a t 262. Bonds were only m oderately active, with changes
for the m ost p a rt small.
A complete record of Curb M arket transactions for the
week will be found on page 0000.

The statem ent of the Union B ank of Canada for the fiscal
year ended N ov. 30 1922 reveals a strong liquid position.
The bank’s resources agPTeeate $143,216,484. Of this total
$67,014,032 represents ouick assets, this item being £3.49%
of the ban k ’s total liabilities to the public. N et profits were
$1,131,060, being eoual to 14.14% on capital. From earn­
ings, the usual 10% dividend was paid and the sum . of
$300,000 reserved for contingencies.* The usual contribu-.
tion of $10,000 was made to the officers’ Tension fund and
the Federal* w ar tax on bank note circulation satisfied to
the am ount of $79,570. A balance of $483,175 has been
carried forward. C urrent loans in Canada total $54,756,231
CO U RSE OF B A N K C L E A R IN G S .
and dem and loans in Canada secured by grain and a further
Bank clearings show a very satisfactory increase over a
$7,632,876 to the aggregate. Deposits total $108,249,876.
year ago. Prelim inary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
T h at the Canadian Bank of Commerce (head office
indicate th a t for the week ending S aturday Dec. 30, aggregate
Toronto) was able to do a satisfactory business despite the
past y ear’s general trade depression is evidenced in the an­ bank clearings for all the cities in the U nited States from
nual report, of the institution for the fiscal year ending which it is possible to obtain weekly retu rn s will show an
N ov. 30 1922, which has ju st been received through the augm entation of 19.3% as compared with the corresponding
b an k ’s New Y ork acencv. T otal resources as of Nov. 30 week last year. The to tal stands a t $6,730,451,322, against
are given at $406,108,676, of which $175,550,002 are quick $5,640,528,091 for the same week in 1921. Our com parative
assets, or 47% of the institution's total liabilities to the summ ary for the week is as follows:
public. N et profits for the twelve m onths, after providing
for all bad and doubtful debts, the report shows, were
$3,002,435, which when added to $1,946,745, the balance
to credit of profit and loss brought forward from the pre­
ceding year, m ade $4,949,181 available for distribution.
This sum was appropriated as follows: $1,800,000 for four
dividends a t the rate of 12% per annum ; $150,000 to pay
a bonus of 1%; $325,000 to cover Dominion and Provincial
Government, taxes and tax on bank note circulation; $400,000
w ritten off bank premises and $176,679 transferred to pen­
sion fund, leaving a balance of $2,097,502 to be carried for­
ward to next year’s profit and loss account. The bank
has a paid-up capital of $15,000,000 w ith a Vest of like
am ount. The annual meeting of the shareholders will
take place on Ja n . 9. Sir B. E . W alker is President and
John Aird, General M anager.
The third annual report of the British Overseas Bank, L td.
(head office London), covering; the fiscal year ending Oct,. 31
1922, was presented to the shareholders on Dec. 15. Net,
profits for the period, after allowing for rebate of interest,
and providing for all bad and doubtful debts, income tax
and other taxation, am ounted to £75,287, which, when added
to £57,526. representing balance to credit of profit and loss
brought forward from the preceding year, m ade a total of
£132,813. Out, of this sum £30,000 was appropriated to
pay a dividend on the “A” Ordinary shares a t the rate of
6% per annum (including income tax thereon) for the half­
year ended April 30 1922, leaving a balance of £102,813
available for distribution. This sum the Governing Council
of the bank recommended be distributed as follows: £30,000
to pay a dividend on the “ A” Ordinary shares of 6% per
annum (including income tax thereon) for the half-year
ended Oct . 31 1922; £10,000 to credit of reserve fund against
shareholding interests in foreign banks, and £5,000 w ritten




Clearings— Returns by Telegraph.
Week ending Dec. 30.

1922.

1921.

Per
Cent.

New York____
Chicago___
Philadelphia........
Boston...
Kansas City.
St. Louis..
San Francisco
Pittsburgh ..
Detroit
Baltimore. . .
New Orleans

$2,885,000,000 $2,496,100,000
440,190,868
336 638 344
361.000.
000 236!000!000
239.000.
000 181 000 000
103 !207!937
87|896[683
103,300,000
111,792,120
94)l58)044
60,741,344
44,452,297

98,600,000
*H5|600|000
59i407.993
45,019,669
36,410,752

+ 58^5
+ 34.9

Ten cities, 4 days
Other cities, 4 days

$4,442,842,610
941,518,448

$3,692,673,441
819,749,032

+ 20.3
+ 14.9

$5,384,361,058
1,346,090,264

$4,512,422,473
1,128,105,618

+ 19.3
+ 19.3

Total all cities, 4 days___
All cities, I day____________
_Total all cities for week_____
a N o longer rep o rt elearings.

\'

+ 15.6
+ 30.8
+ 52.9

4 .Q0 .U
T 06 0
+ 17.4
+ 4 .8

—3 3

+ 22.1

$6,730,451,322 1 $5,640,528,091 1 + 19.3
* E stim ated.

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 S aturday
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
to be estim ated.
In the elaborate detailed statem ent, however, which we
present further below, we are able to give final and complete
results f o r th e w e e k -p reviou s — the week ending Dec. 23. For
th a t week the increase is 14.4% , the 1922 aggregate of the
clearings being $7,971,929,445 and the 1921 aggregate
$6,968,228,640. Outside of this city the increase is 21.5% ,
the bank exchanges a t this centre having recorded a gain of
only 9.3% . We group the cities now according to the
Federal Reserve districts in which they are located, and the
noteworthy feature of the retu rn is th a t every one of these
Federal Reserve districts records an increase as compared
w ith the corresponding week last year. F or the Boston
Reserve D istrict the im provem ent is 20.4% ; for the New
York Reserve D istrict (including this city), 9.4% , and for

2872

the Philadelphia Reserve D istrict 27.3% . The Cleveland
Reserve D istrict has bettered its last year’s total by 17.1%;
the Richmond Reserve D istrict by 32.5% , and the A tlanta
Reserve D istrict by 21.9% . In the Chicago Reserve D istrict
the increase is 19.8% , in the S t. Louis Reserve D istrict 35.4%
and in the M inneapolis Reserve D istrict 25.9% . F or the
K ansas C ity Roserve D istrict the gain is 12.0% , for the
D allas Reserve D istrict 9.9% and for the San Francisco
Reserve D istrict 22.9% .
In the following wo furnish a summ ary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1921.

Federal R eserve D istricts.
392,148,042
(1st) B oston______________ 10cities
(2nd) New Y ork_______ 8
4,502,978,752
(3rd) P h ila d elp h ia____10
569,8*6,478
(4th) C le v ela n d _______ 9
377,526,485
188,166,333
(6th) R ichm ond______ C
(6 th) A t l a n t a . . ............ 12
188,291,322
(7th) C hicago.................18
827,160,596
(8th) S t. L o u is............... 7
81,678,761
(9th) M inneapolis_____7
136,995,270
(10th) K ansas C ity ____ 11
247,299,004
(11th) D allas .................... 5
62,026,136
(12th) San Francisco___14
397,812,256

Inc.or
Dec.

1920.

S

Week ending Dec. 23.

%

S

325,801,075
4,115,574,05*
447,600,700
322,448,717
142,0*1,534
154,489,112
690,172,385
60,338,953
108,837,300
220,86*,297
56,448,8*7
323,611,656

+20.4 306,707,591 380,5*7,896
+ 9.4 4,102,960,368 4,603,3*5,019
+ 27.3 .436,440,212 43 ',53 ‘,099
+ 17.1 410,173,298 341,727,561
+32.5 146,059,785 165,731,551
+21.9 148,938,576 211,368,65*
+ 19.8 625,233,670 733,988,105
+35.4
63,915,390
50,823,666
+ 25.9 107,834,517
8*,029,99'
+
284,954,061 311,360,687
+ 9.9
52,982,244
73,734,809
+ 22.9 295,612,291 30*,615,56*

12.0

G rand to ta l......... ...... 117 cities 7,971,929,445 6,968,228,6*0 + 14.4 6,968,770,280 7,707,9*9,429
O utside New York C ity ________ 3,536,889,050 2,910,780,485 +21.5 2,964,575,720 3,155,446,085

Canada____________ 28 cities

351,768,'•01

We now add our detailed statem ent, showing last week’s
figures for eaoh city separately, for the four years:
Week ending December 23.

Clearings a t-

1921.

Inc. or
Dec.

$

S

First Federal Reserve D ist let—Boston
813,667
Maine—Bangor.
650,850 +25.0
800,000
767,100
Portland____
3,042,282
1,806,000 + 68.4
2 ,100,000
2 ,000,000
Mass.—Boston . . 366,000,000 298,000,000 + 19.5 279,112,546 350,225,426
Fall River___
2,644,398
l,55S,6ei
1,920,383 + 37.7
2,994,050
a
Holyoke_____
a
a
a
Lowell______
1,421,080
1,218,297 + 16.6
978,S3S
961,376
a
Lynn_______
a
a
New Bedford..
1,641,871
1,539,684 + 6.6
1,276,861
2,020,499
Springfield___
5,085,110
3,867,644 + 31.5
3,939,443
4,398,801
Worcester___
4,238,000
3,946,000 + 7.4
3,474,647
4,407,583
Conn.—Hartford
11,388,117
8,286,445 + 37.4
8,966,635
7,773,061
New Haven__
5,873,517
4,565,772 + 28.6
4,500,000
5,000,000
R .1.—Providence
a
TotaKlO cities)

392,148,042

325,801,075 + 20.4

306,707,591

380,547,896

Second Feder a! Reserve D s tric t—New Y ork—
N. Y.—Albany..
4,416,899
3,571,837 + 23.7
3,900,000
4 006,242
Binghamton__
1,114,600 —3.6
1,074,446
1,103,700
874,200
Buffalo______ e45,912.070
38,217,289 + 20.1
42,013,080
32 814.661
FJmira_____
715,528 Not incl. into tals.
Jamestown___
d l . 139,132
1,112,576 + 2.4 Notlncl.in tot als.
New York___ 4,435,040,395 4,057,448,155 + 9.3 4,040,194,560 4,552 ,503,344
Rochester____
9,180,763
7,538,326 + 21.8
8,621,422
9 ,215,899
Syracuse.........
3,619,102
3,645,718 —0.7
4,217,097
3 434,845
Conn.—Stamford d3,231,258
3,605,917 —10.4
2,5?8,198
N. J.—Montclair
503,819
432,212 + 16.6
382,011
495,828
Total (8 cltlo8 4,502,978,752 4,115,574,054
)

+ 9.4 4,102,960,368 4,603,345,019

Third Federal’ Reserve D lst rlc t—P h lla d elphia.
’
Pa.—Altoona__
1,364,509
912,176 + 49.6
4,676,864
Bethlehem___
2,887,919 + 61.9
Chester______
1,186,313
990,634 + 19.8
Lancaster-----2.0S9.244 + 31.0
2,737,698
Philadelphia... 541,000,000 425,000,000 + 27.3
2,973,214
Reading_____
2,456,480 + 21.0
Scranton------e5,318,227
5,099,843 + 4.3
Wilkes-Barre. .
e3,550,466
3,011,872 + 17.9
York_______
1,483,309
1,157,387 + 28.2
3,995,145 + 39.1
N. J.—Trenton..
6,555,878
Del.—Wilmlngt’n
Total (10 cities)

569,846,478

447,600,700 + 27.3

826,782
779,950
3,333,374
991,825
1,320,603
1,810,020
1.981,173
414.642,257 416,559.517
2,096,009
2,619,148
5,297,520
4,098,167
2,400,000 . 2,500,000
1,421,817 • 1.55S.943
3,620,608
3,166,598
436,440,212

Fourth Feder al Reserve D Istrlc t—Clev eland
e5,603,000
5,912,000 —5.2
10,358,000
Ohio—Akron---3,084,801 + 55.1
4,783,567
3,762,455
Canton--------54,427,107 + 29.7
70,575,918
58,116,350
Cincinnati___
87,480,622 + 19.2 134,000,000
Cleveland____ 104,275,185
14,297,300 + 4.0
14,872,500
13,949,800
Columbus___
a
a
a
Dayton--------741,559 —0.8
735,896
800,000
Lima..........—
Mansfield..
Springfield----Toledo----3,017,295 + 18.9
4,112,990
03,588,534
Youngstown . .
Pa.—Erie------Greensburg . .
Pittsburgh---- 169,034,375 ♦149,000,000 + 13.4 180,533,154
4,488,033 —9.5
4,540,549
4,057,510
W.Va.—Whoellng
Total (9 cities)
F if th F e d e ra l

W .Va.—H unt'g’n
Va.—N o rfo lk __
R ichm ond___
S.‘ C—Charleston
M d.—Baltimore.
D .C .—Washlng’n
Total (6 cities).

434,584,099
10,781,000
4,140,933
57,941,911
101,762,418
12,502,400
a
946,677

341,727,561

Reserve D ist r lc t— Richm o n d —
1,723,024 —32.3
1,166,386
7,546,966 + 13.5
e8,56S,599
46,132,517 + 15.6
63,312,135
2,817,995 —25.8
2,091,822
65,009,030 + 55.8
101,291,942
18,812,002 + 15.5
21,735,449

1,900,000
9,261,169
42,841,101
3,000,000
74,055,206
14,402,310

10,878,545
62,861,594
4,200,000
74,563,970
13,227,442

142,041,534 + 32.5

146,059,786

165,731,551

5.800.000
2.400.000
16,609,253
44,384,403

2. 100.000

6,500,000
2,679,490
21.689,474
72,036,878
4.802,147

188,166,333

10,673,446
16,405,804
1,800,000

10,160,138
16,5S4,105
1,966,453

Miss.—Jackson..
1 Vicksburg........
La —NewOrloans

6,285,812 + 8.2
1,950,000 + 53.4
19,005,068 —1
46,115,843 + 20.5
1,9S6,899 —0.8
1,434,415 + 12.3
a
10,004,002 + 17.1
19,209,753 + 56.4
1,874,870 + 11.1
835,099 — 1.7
313,214 + 25.9
45,474,137 +22.4

239,250
47,026,420

'289’,385
72,660,584

Total (13 cities)

188,291,322

154,489,112 +21.9

148,938,576

211,368,654




Seventh Feder
Mich.—Adrian __
Ann Arbor___
D etroit----- _.
Grand Rapids.
L ansing_____
Ind.—F t. Wayne
Indianapolis...
South Bend—
Wls.—Milwaukee
la .—Cedar R ap.
Des Moines__
Sioux C ity----W aterloo-----111.— Bloomingt’n
C hicago_____
Danville_____
D ecatu r_____
Peoria.............
R ockford-----Springfield___

♦2 ,000,000

1921.

1 Inc. or

1920.

1919.

S

Dec.

S
S
1 %
al Reserve D is trlc t — C hi cago —
195,176
160,975 +21.2
745,495
395,000 +88.7
136,995,727 118.089.000 + 16.C
6,429,117
5,563.813 + 15.6
2,107,576
1,646,001 + 28.C
2,716,16;
2,085,800 +30.2
21,084,001
16,203,000 +30.1
2,683,501
1.534.725 +74.9
32,168,371
26,115,008 + 23.2
2,262,81-5
1,751,122 : +29.2
9,157,26;
9,401,883 — 2.6
5,678,375
3,950,421 | +43.7
c
c
C
1,389,911
1,136,065 + 22.4
593,077,952 493,777,215 . + 20.1
a
a
1 a
1,321,73£
1,186,055 + 11.4
4,586,022
3,193,000 + 46.3
2,156,134
1,806.59-1 + 19.4
2,405,263
2,176,709 + 10.5

%

150,196
465.665
79,232,156
4,647,315
1,400,000
1.647.89S
13.494.00C
1,320.00C
23,844,399
1,615,604
7,142.480
4,032,714
c
1,131,692
476,528,538
a
1,141,528
3,385,907
2 ,000,000
2,053,572

130,000
436,520
84,113,627
5,304,819
1,521,915
2,006,746
14,874,000
1 , 100,000
25,597,690
2,250,018
9,762,565
9,323,995
c
1,625,029
565,756,595
a
1,390,503
4,363,761
2 ,200,000
2,230,322

690,172,385 + 19.8

625,233,670

733,988,105

E ighth Federa 1 Reserve Dis tr lc t—St. Lo uls—
Ind.—Evansville.
4,712,009
4,976,136 —5.3
a
Mo.—St. Louis..
a
a
32,829,689
K y.—Louisville-.
24,917,996 + 31.8
861,657
Owensboro___
980,286 — 19.1
28,059,135
Tenn.— Memphis
18,855,116 + 48.8
13,350,771
Ark.—-Little Rock
9.279.S73 + 43.9
368,507
111.—Jacksonville.
289,842 + 27.1
1,496,993
1,039,714 + 44.0
Quincy----------

3,336,328
a
21,275,693
330,697
15,270,539
8,685.777
734,315
1,190,317

5,210,738
a
15,569,257
1,016,909
28,952,045
10,761,396
935,691
1,469,354

50,823,666

63,915,390

8,988,791
59,585,221
32,833,880
2,400,000
1,313.811
962.814
1,800,000

8,455,147
47,059,395
20,128,809
2,720.542
1,350,324
1,451,576
2,864,201

Total (7 cities). 136.995,270 10S ,837,300 + 25.9 107,884,517
T e n th Federal Reserve Dis tr lc t— K ans as City —
492,455
346,779 + 42.0
419,580
Neb.—Frem ont..
4S5.734
361,500
416,013 + 10.8
Hastings_____
3,683,966
2,720,016 + 35.4
2,954,437
30.414,959 + 32.9
31,658,936
40,434,305
3,273,241
2,726,955 + 20.0
2,851,678
Kan.—Topeka.. .
1 1 ,000,000
10,617,418 — 1.8
Wichita............ el0,426,000
Mo.—Kan. C ity. 141,163,546 132,438,445 + 6.6 190,268,457
a
a
a
a
St. Jo se p h ----a
a
a
a
Okla.— Muskogee
24,859,002
20,739,058 + 19.0
Oklahoma City e24,673,912
a
a
a
a
Tulsa-----------782,134
1,170,822
903,458 + 29.6
Colo.—Colo. Spr.
19,200,337
18,818,783 + 9.5
20,600,139
f894,884
722,413 + 23.9
600,000
P u eb lo .............

84,029,994

Total (18 cities)

827,160,596

81,678,761
Total (7 cities).
60,338,963 + 35.4
N in th Federal Reserve Dis trlc t — Minn eapolls —
e.S,264,755
M inn.—D uluth..
6,981,735 + 18.4
80,484,881
Minneapolis—
61,747,216 + 30.3
39,836,455
St. Paul_____
33,130,329 + 20.2
1,902.387
1,771,454
+ 7.4
N . D .—F a rg o ...
1,335,339
S. D.—Aberdeen.
1,085,836 + 23.0
596.014
579,252 + 2.9
M ont.—Billings .
4,575,439
3,541,478 + 29.2
Helena______

56,448,847
62,026,136
Total (5 cities).
T w elfth Feder al Reserve D Istrlc t— San
33,321,085
35,830,586
W ash.—Seattle- a
a
Spokane_____
a
a
Tacoma............
1,321,327
1,450,206
Yakitna______
32,098,086
Ore.—Portland. .
28,750,188
Utah.—S. L. City
17,781,838
16,458,192
a
a m
Nev.—Rono-----a
Ariz.—Phoenix . .
a
e5,140,305
4,920,884
Calif.—F resno...
6,786,286
Long B each.. .
3,531,388
Los Angeles---- 119,290,000
84.129.0C0
14,238,868
11,209,854
Oakland-------4,399,192
3,115,044
Pasadena.........
6,964,055
5,713,552
Sacramento . . .
a
a
San Francisco . 150,400,000 123,500,000
2,318,083
2,011,256
San Jose-------1,109,641
789,008
Santa Barbara.
2,172,500
2,643,500
Stockton-------Total (14 cities)

397,812,260

674,265
708,797
4,540,025
51,316,111
3,338,280
13,256,825
200 ,000,000
a
a
12,648,437
a
887,259
23,303,918
686,771

284,954,061

311,360,687

1,350,000
26,072,534
13,949,005
8,010,705
a
3,600,000

2 ,000,000
39,642,978
19,814,627
8,277,204
a
4,000,000

52,982,244
+ 9.9
Franc* SCO—■
26,291.049
—7.0
a
a
a
a
1,251,923
—8.9
27,739,419
+ 11.6
16,987,577
+ 8.0
a
a
a
a
4,058,838
+ 4.5
2,914,588
+ 92.2
08,411,000
+ 41.8
9.50C.000
+ 27.0
2,776,902
+ 41.2
4,598,279
+ 21.9
a
a
+ 21.8 123.300,000
1,528,620
+ 13.6
668,496
+ 40.6
5,585,600
+ 21.7

32,980,349
a
a
1,391,023
30,013,886
18,893,373
a
a
4,481,372
2.132,543
54,034,000
7,960,628
1,688,962
5,594,099
a
137,931,041
967,888

295,012,291

303,615,684

Total (11 cities) 247,299,004 220,864,297 + 12.0
Eleventh Fede ral Reserve D istrict — D alias —
1,531,496 + 1.8
1,559,217
Texas—Austin—
30,519,000 + 9.5
33,416,250
D allas_______
11,999,320 + 1.1
Fort Worth . . e l2 ,125,306
S, 189,532 + 21.0
9,910,364
Galveston____
a
a
Houston—
.
a
4,209,499 + 19.1
5,014,999
La.—Shreveport -

323,611,656 + 22.9

73,734,80*

5,546,500

cities) ............... 7,971,929,445 6,968,228,610 + 14.4 6,968,770,280 7,707,949,429
Outside New York 3,536,889,050 2,910,780,485 + 21.5 2,964,575,720 3,155,446,085
Week ending December 21.
Clearings at
Inc. or
1921.
Dec.
1920.
1919.
1922.

Halifax...............
St. John_______

6,802,704
2,991,357
el8,639,000
55,567.519
1,971,537
1,611,565
a
11.713,279
30.047,302
2,083,776
821,211
394,437
55,647,635

♦1,500,000

1922.

145,377,379
4,906,308

410,173,298

Week ending Dec. 23.

Clearings at—

3,368,535

322,448,717 + 17.1

377,526,485

S i x t h F e d e r a l Reserve D ist rlc t—A tla n t

Tenn.—C hatt'ga.
Knoxville-----N ashville-----Ga.—Atlanta . . .
L A ugusta-------M ac o n --------Savannah____
Fla.—Jacksonv..
Ala.—Birm’ham .
M obile.............

[Y ol. 115.

T H E C H R O N IC L E

S
109,573,056
114,758,980
55,933,378
14,123,589
8,203,090
5,585,046
3,070,217
5,773,527
5,844,461
2,546,451
2,112,936
3,156,735
4,634,126
4,579,784
846,770
795,6S9
1,793,825
1,493,485
1,092,302
1,000,576
464,403
375,672
831,182
797,483
1,140,842
3,324,102
396,919
1,290,157
690,697

S
120,126,939
108,280,314
60,674,802
14,435,853
7,787,038
5,585,259
3,595,162
5,974,944
6,097,189
3,23S,826
2,649,740
3,395,492
5,632,777
4,370,117
863,632
751,584
2,011,928
1,745,861
1,231,281
1,001,408
625,834
503,980
907,188
873,237
1,095,817
4,346,509
352,040
1,034,318
966,910

%
—8.8
+ 6.0
—7.8
— 2.2
+ 5.3
— 0.0
—14.6
—3.4
—4.1
—21.4
—20.3
—7.0
— 17.7
+ 4.8
—2.0
+ 5.9
— 10.8
— 14.5
— 11.3
—0.0
—25.8
—25.5
—8.4
—8.7
+ 4.1
—23.5
+ 12.7
+ 24.7
—28.6

$
132,456,714
119,200,605
76,914,777
16,777.284
10,348,875
6,925,450
4,335,899
7,357,839
9,122,834
3,235,239
2,829,990
3.412.19S
6,059,251
4,987,381
917,938
971,084
2,372,940
2,184,514
1,577,265
1,247,097
668,384
625,696
968,056
1,279,722
1,128,438
3,757,236
411,951
920,705

S
136,311,509
90,069,772
46,217,028
13,253,099
10,155,433
5,330,950
4,400,000
5,788,653
8,081,550
2,491,754
2,669,352
2,961,971
5,500,000
4,214,022
717,465
656.674
2 ,000,000
1,665,947
1,100,265
968,579
478,973
466,745
802,786
961,156
1,110,224
2,945,583
449,418

Total Canada. 356,229.480 370,155,979 —3.8 422.995,362 351,768,908
a No longer reports clearings or only gives debits against individual accounts, with
no comparative figures for previous years, b Report no clearings, but glvo compara­
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. 20. e Week end. Dec. 21. f Week end. Dec. 22. ♦Estim ated

D ec. 301922.]

T H E CETROHTCLE

E N G L IS H F IN A N C IA L

M A R K E T — PER CABLE.

T h e d a ily c lo s in g q u o ta t io n s fo r s e c u r itie s , & c ., a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w eek :
London,

S a l.

M on.

T u es.

W e e k e n d i n g D e c . 29.
D e c . 23. D e c . 25. D e c . 2
Silver, per oz.....................d. 30%
Holiday 3 0 * A
Gold, per fine ounce........... 8 8 .9
Holiday 88.9
Consols, 2H per cents_____Holiday Holiday .
British, 5 per cents_______ Holiday Holiday
'
British, 4 H per cents-------- Holiday Holiday . *
French Rentes (in Paris)..fr.Holiday Holiday
French War Loandn Paris)fr.Holiday Holiday___
T h e p r ic e o f silv e r in N e w Y o r k o n th e
Silver in N. Y.t per oz. (cts.):
Domestic..........................99$^
Holiday 99J6
Holiday 62 *4
, Foreign............................ 6 2

F r i.

T h u rs.

W ed.

, D e c . 27. D e c . 28. D e c . 29.
30 15-16 31 V*
3154
88.3
88.11- 88.11
55 9-16
5554
_____
9954 100
95
95
58.70
59.2
58.95
76.65 76.70 —
sa m e d a y s h a s b een :

99H

99%

63H

99)4

64 %

64M

® 0 m tu ercia l aiidJiX i s c z l l v m z o n s
B r e a d s tu f fs fig u r e s b r o u g h t fr o m p a g e 2 9 2 4 — T h e
s t a t e m e n t s b e lo w a re p rep a red b y u s fro m fig u r e s c o lle c te d b y
th e N e w Y o r k P r o d u c e E x c h a n g e . T h e r e c e ip ts a t W e ste r n
la k o a n d r iv e r p o r ts fo r th e w e e k e n d in g la s t S a tu r d a y a n d
OIDOG Ann* 1
41. .. 1 _i 1 1
■
»
i

Dec. 18-11.024—The First National Bank of Whitehall, Mont.
Effective Nov. 29 1922. Liq. Committee, R. E. Tait and M. F.
Jelinek, Whitehall, Mont. Absorbed by the Whitehall State
Bank, Whitehall, M o n t ...______ _________________________ 25,000
Dec. 19—3,911—The Commercial National Bank of Saginaw,
Mich. Effective Dec. 18 1922. Liq. Agent, Ray T. Maynard.
Saginaw, Mich. Absorbed by the Second National Bank of
Saginaw, Mich., which assumes liability for circulation under
Sec. 5223, U. S. R. S____ ___________________ _____________ 100 000
Dec. 21— 12,284—The Cataract National Bank of Niagara Falls,
N- Y. President, Joseph F. Braden; Cashier, Howard E. Morri11............................................- ............--................................................ 200.000
CERTIFICATE ISSUED AUTHORIZING ESTABLISHMENT OF
ADDITIONAL OFFICES.
Dec. 18—5,312—TheNational Bank of Kentucky ofLouisville, Ky. Permit
No. 49, at northeast corner Fourth and Guthrie Streets, Louisville, Ky.
APPLICATION FOR PERMISSION TO ESTABLISH AN
ADDITIONAL OFFICE.
Dec. 21—10,504—The Franklin National Bank of Washington, D . C ..
at 111 ! Connecticut Avenue. Northeast, Washington. D. C.

Auction Sales.— A m o n g o th e r s e c u r itie s , th e fo llo w in g ,
n o t u s u a lly d e a lt i n a t th e S tock E x c h a n g e , w e r e r e c e n tly so ld

a t a u c tio n in N o w Y o r k , B o s to n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y ork :
S h a res.

R e c e i p ts a t —

Chicago___
Minneapolis.
Duluth........
Milwaukee..
Toledo____
Detroit____
Indianapolis.
St. Louis__
Peoria_____
Kansas City.
Omaha____
St. Joseph..

F lo u r .

W h e a t.

Mfe.’O'IM. ')ush

C om .

O a ts .

B a r le y.

R ye.

56 P s 'w sh . 32 P s ’l U S h 487\t l u s h .’U 'l’s
5,702.00C 2,033,000 261,000
96,000
275,00C
444,000 405,000 491,000
190.00C
10.000 539,000
287.00C
262,000 172,000
86,000
77,000
36,000
2,000
69,000
100,000
486,000
74,000
636,000
540,000
2*,666
2
2,000
575,000
298,000
12,000
10,000
317,000
185,000
523,000
204,000
223,000
42,000
..........
..........
419,000 10,622,000 . 9,360,000 4,218,000 882.000 1,226,000
379.000 4,392,000 11,047,000 3,202,000 404,000 227,000
268.000 5,646,000 4,359,000 2,362,000 987,000 718,000
t<ni.\e >vsh.

371,000
743,000
- - - -- - 4,011,000
—
1,057,000
35,000
38,000
—
2,071,000
— ;—
27,000
—
84,000
78,000
722,000
35,000
48,000
—
2,028.000
—
551,000
—
242,000

Total wk. ’22
Same wk. *21
Same wk.

Since Aug. 1—
1922 .......... 11,493,000 245.S12.C00 136.S65.000 107,390,000 20,445.000 24,426,000
1921.......... 9,697,000 217.254,000 151,043,000 98,790,000 14,093,000 10.342,000
1920 _____ 5,709,0001.86.055,000 69,106,000 99,377,000 22,855,000 22,536,000
T o t a l r e c e ip ts o f flo u r a n d g ra in a t th e sea b o a rd p o r ts for
R e c e ip ts a t—

New York...
Portland, Me.
Philadelphia .
Baltimore___
Newport News
Mobile____
New Orleans*
Galveston__
Montreal
St. John.N.B.
Boston.

F lo u r .

W h e a l.

C orn .

O a ts.

B a r le y .

R ye.

B " r ~ f ls

B 's h e ls

B v s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls

245.000
30.000
115.000
34.000

6,000

2.144.000
337.000
1.246.000
662.000

7,000
61.000
*60,666
53.000
17.000

435.000
204.000
244.000
644.000
597.000

193.000
498.000
427.000
146.000

11,000

156,000

66,000

42.000
49.000

260,000

l'2S‘,666
72.000
48.000

191.000
277.000

*7*666

605.000

10,000

19.000

2*
1*666
26.000
2,000

135,000
17,000

*7*3*666

119 66
***.6
Total wk. ’22 628.000 6,513,000 1.5S4.000
590,000 232,000 1 ,202,000
Since Jan.1’22 26,475,000 294,819.000 143.982,000 68,342,000 17,321,000 47^075,000
Week 1921...
453,000 6, 121,000 2,278,000 1,206,000 145,000 305,000
Since Jan. 1’21 25,596,000284,317,000 98,992,000 45,392,000 17,274,000 24,748,000
.. ’
d?,nSt ,ncludo K
raln Passing through New Orleans for foreign ports on
through bills of lading.
T h e e x p o r ts fro m th e se v e r a l se a b o a r d p o r ts fo r th e w e e k
e n d in g S a tu r d a y , D e e . 2 3 1 9 2 2 , a r e . sh o w n in th e a n n e x e d
s t a te m e n t:
E x p o r ts f r o m

—

W h e a t.

F lo u r .

P'rvfs.
150,910 139,138
498.000 30.000
5.000
2**666 14.000
0
524.000 20.000
3.000
3.000
11,000 7.000
172,000 23,000

R“ s h e ' B 's h e ls .

New York______ 2,820,065
Portland, Me____ 337.000
Boston................... 311.000
Philadelphia_____ 1,318,000
Baltimore.... ......... 245.000
Norfolk.................
Newport News___
Mobile_________
New Orleans_____
7,000
Galveston______
256.000
St. John, N. B___ 644.000

O a ts .
B u sh e ls.

R ye.

B a r le y .

B - s h e l s . n - s h e l s . B u s h e ls .

144,365 334,468 102,732
66,000 277,000: 17,000
17,000 16,000

20,000

746*666

13,000 26,000
26,000 53*,666 *72*666 IIII
Total week 1922.'5,952,065 1,401,910 297,138’ 315,365 1400468 135,732
Same week 1921... 6.128,954 2,838.381 157,490 1,045,399 262,853 82,000

National Banks.—The following inform ation regarding
national banks is from the office of the Comptroller of the
Currenoy, Treasury D epartm ent:
APPLICATIONS TO ORGANIZE RECEIVED.
Dec. 20—The Merchants’ National Bank of Bergenfield, N . J.
Correspondent. W. H. Regan, Bergenfield, N. J______
.
Dec. 23—Mechanics’ Midway National Bank of St. Paul, Minn.
Correspondent, George H. Prince, Merchants’ National Bank,
St. Paul, Minn----- ------- ---------------------------------------- ---------APPLICATION TO ORGANIZE APPROVED.
Dec. 23—The Security National Bank of Sentinel, Okla. To
succeed the Security State Bank. Sentinel, Okla. Correspond­
ent, W. O. Callaway, Sentinel, Okla___________ ____________
APPLICATIONS TO CONVERT RECEIVED.
Dec. 20—The First National Bank of Clayton, Mo. Conversion
of the Trust Company of St. Louis County, Clayton, Mo. Cor­
respondent, F. .1. Hollocher, Secretary Trust Company of St.
Louis County, Clayton, M o .----------- -------------------------------. . .
Dec. 21—The Clayton National Bank, Clayton, Mo. Conversion
of the Farmers & Commercial Savings Bank, Clayton, Mo.
Correspondent, Farmers’ & Commercial Savings Bank, Clay­
ton, M o_________________________________________________
CHARTERS ISSUED.
Dec 22— 12,283—The National Exchange Bank of Eccles, W. Va.
President, W. G. Agee; Cashier, F. Lucas___________________
VOLUNTARY LIQUIDATIONS.
Dec. 18—9,234—The First National Bank of Kerman, Calif. Ef­
fective Nov. 16, 1922. Liq. Agent, J. A. Johnson, Kerman,
Calif. Absorbed by the Valley Bank of Fresno, Calif...................




C a p ita l.

$50,000
200,000

25,000

133,600
37,500
25,000

50,000

3873

S to c k s .

P r ic e .

S h a re s.

S to c k s .

P r ic e .

5 Confidence Gold Mines, pref___ $2 lot 252,373 Morris Park Estatcs----.$30 lot
750 do Common____________ s i lot 5.000 American OH Englneerlng.$100 lot
5
do Preferred____________ §2 lot 75.000 Consumers’ OH & Shale...$10 lot
750 do Common____________ SI lot 500 A. C. Penn., Inc., com______ 1 $5
1,500 World Refining__________ $1 lot 500 do Preferred____________J lot
5 U. S. Oil Exploration_________ s i lot 500 Hablrshaw Electric Cable, pf.$500 lot
50 S. & S. Window_____________ $6 lot 400 Haskellte Mfg., common__ 131,000
21.000 Peruvian Copper & Smelt.SlO lot 400 do Preferred__________ J lot
200 Sheesley & Janney Construc'n.S30 lot 5.000 Meridian Petroleum, com..S50 lot
700 Johnstown Slag___________ 850 lot 150 Meridian Tetroleum, pref-----S20 lot
400 Quakins Petroleum_________ $5 lot 60 J. M. Brunje3 Co................. — $5 lot
362 Nina Mines, pref___________ \S1 ) 150 H. E. Gothberg Mfg. Co____$5 lot
362 do Common______________| iot 10 J. W. Dawson & Co., pref.;l $2
1.000 Republic Motor Truck, Inc.$70 lot 3 J. W. Dawson & Co., com___J lot
75 Morlcy Hotel, Inc_________ S15 lo 154,286 Willys Corp., com......... $500 lot
27)4 Morley’s Adirondack Hotel..85 lo 400 Brooks Steamship Co............. $1 lot
5 H do Preferred____________ $5 lo 4.000 Tuxpam Star OH_________ 32 lot
100 Sterling 1 ire, com_________ $25 lo 2.000 Alamo Silver Copper-------- $1 lot
10 Brown Wire Gun____________ s ilo 500 Thiogen Co. of America------- $5 lot
100 Inter-State Oil_____________ S3 lo 19,447 CorralltesCo., com------- $100 lot
50 Plymouth Seam Face Gr., pref.810 lo. 15,482 Corralltes Co., pref......... $100 lot
$1 lo 21 Sheffield Iron Corp., com.;
25 do Common______
2 Standard Plunger Elevated, com S22 lot
6 Sheffield Iron Corp., pref---- $72 lot
10 Gum Cove Oil & Refining____S10 lo 500 Silver King Mining........... ..$8 lot
115 Clara Foltz Gold Mining_____SI lo. 200 Boomer & Co., pref.'...... ........ $3 lot
50 Audiffren Refrig. Mach., pref..$26 lot 50 Lafayette Motor Co., pref.;
50 do Common____________ S10 lo,
12 Lafayette Motor Co., com.$100 lot
85 Prizma, Inc., 2d pref.............S17 lo. 1,876 Guerrero Iren & T!mber_$2 per sh.
18 do Common_____________ S8 lo. 50 National Drug Stores, pref.; 50
10.000 Astra Oil & Gas________ $25 loi
National Drug Stores, com— $850 lot
50 I.outsv. & So. Indiana Traction S25 loi 250 Washington Utilities Co____ $8 lot
50 Anglaize Power____________ S22 lo. 50 Roundout Rubber, pref.; 25
125 Indlanap. & Louisv. Traction.S50 lo,
Roundout Rubber, com_________ $4lot
40 N. Y. & Md. Pulp & Paper, pref.Sl lot 20 Cast Steel Ship, pref.; 40 Cast
200 doCommon, Class B______ $1 loi
Steel Ship, common______ $36
lot
4,300 Siegel Stores, com.................... S10lot Land & River Co. 1st pref.; 105
31
1.250 Henry Siegel_______________S10lot Land & River, 2d pref.; 52 Land
1.000 Slmpson-CrawfordCorp.,2d pf.
& River 3d pref.; 100 Land &
•
2.000 do 2d inferred...................... $20 River, common_________$32
lot
2.000 do 1st ireferred_________ lot 1.000 United West Indies, com ..$500 lot
27 Aetna Petroleum of Delaware..$1 lot 2 Devoe & Raynolds, pref__ $97 per sh.
450 Henry Clay Oil____________ $1 lot 5.000 Fennell Texas Oil________$25 lot
500 Sequoyah Oil & Refining____$16 lot 10.000 Union Refining.............$25 1ot
25 Fansteel Products, com..................$10lot Scott Mining Syndicate........$100 lot
805
50 do Preferred____________ $30 lot 1.S75 Banner Consol. Mines___$125 lot
200 Refiners & Distributors______$3 lot 213 Central Oil Development___$10 lot
500 U-Nev-Ida Gold Mining_____ $3 lot 65 Multi-Print System_________$10 lot
620 Federal Adding Machine_____ $8 lot 100 Colonial OH............................$10 lot
500 do ---------------------------- S27 lot 1.000 Tiger Mills____ ________ S15 lot
50 Oil & Exploration Co________ $3 lot 105 Ansco, common_____$3.50 per sh.
23 Barker-Bonner, com________ $10 lot 3,200 Fibre Conduit........$10 per share
83 do Preferred_______________ $12lot V. D. L. Rubber_____________ $6lot
235
1.000 Canadian Gasoline................... $13lot V. D. L. Rubber_______ $10
472
lot
70 Internations Products__________ $1lot J. W. Elliott's Business Builders,
3
35 do Common________________ $1lot Inc., pref__________________ $1 lot
400 Internations Commercial_____ $1 lot 200 Iberville Lumber__________ $5 lot
35 The Thermoton, pref................. $1 lot 200 Iberville Lumber, common...$10 lot
700 do Common____________ $1 Iot 50 Marsh Lumber_____________ S2 lot
8,086 Standard OH Leather Drcs’g-S2 lot 20 Homewood Nitrogen, pref-----$1 lot
3,153.76 World Film, 1st pref__$120 lot 20 Merch. & Planters Transport'n.S5 lot
13,598.50 do 2d preferred___$105 lot 5 Automotive Development Co...3 1 lot
120 LamsonA Hubbard, pref.$5)4 persh 1.000 Woodruff Holding Corp.,
90 do Common_______________ $40lot common_____________ $33 per share
145 N. Y. & East River Ferry___ S30 lot 42 Security Bank (inliquidation).34 p. sh
510 Berghoff Products, com_____ $60 lot 120 Little Falls Water Co. .$1.50 per sh.
330 Cuban Domin. Sug., pref.$374$ p.sh. 3 Milford &Uxbridge St. Ry.. com $2 p.s.
3.340 do Common...............S6)4p.8 500 A. C. Penn, com..and 500 A. C.
h
297
do Preferred______ $36 p. sh
Penn, preferred--------------------$3 lot
3,006 do Common_________ $6p.sh 30 Touman O il................. - .......... *1 lot
198
do Preferred________ $35p.sh. 50 Clarke & Hutchison, pref.........$10 lot
2,004 do Common_______ $6)4p.sh 150 A.D.N. Steamship Corp------ $10 lot
495
do Preferred...........___$35p.sh 5.000 World Refining................... $10 lot
5,010 do Common_________ S6p.sh 5.000 Big Ledge Copper------------165
do Preferred________ S35p.sh. 200 Stanwood Rubber, common. . . $300
1,670 do Common_________ S6p.sh 200 Republic Rubber, common----- lot
330
do Preferred________ S3.5p.sh 240 U.S. Ship Corp........................
3.340 do Common__________ $6p.sh. 1,086 Quakins Petroleum_______$12 Iot
500 Seaboard Petroleum__________ $10lot Van Blcrck Motor_________ $10 lot
630
1.250 Imports Advancement Corp.,
4,300 Imports Advancem't.-10c. per sh.
Common--------------------10c. per sh. 1.500 do
10c. persh.
350 Garden City Development__$50 lot 1.665 Hopewell Insul. & Mfg., com.l$10
800 Royal Oil & Refining__________ $7lot
830
do Preferred...... .......... lot
220 American Consol. OH, pref.-.Sll lot 1,674 Hirsh & Bros., pref--------$100 lot
220 do Common_______________ $2lot
10.000 Palmer Paine Mines--------$50 lot
15 Wright Producing & Refining.. .33 lot 500 Ertel Oil___________________ $10lot
400 Stanton O il..____________ $30 lot 10.000 Palmer Paine Mines--------$50 lot
100 Foundation Co., Port Huron
150 United Refineries, common.. .$20 lot
Shipyard, Inc., pref___________ $100lot
50
do Preferred__________ $40 lot
50
do
Common____________ $2lot Princess Motor Car----------------31 lot
17
312 McSherry Mfg__________ _S15 lot 317 Butterworth-Judson, pref...$400 lot
50 Meadows O & Chemical, pref.. 1 S8 65 Hayes Wheel...... ..........$6)4 per share
I1
200 do Common____________ / lot 48 Lafayette Motors, 2d pref. $5)1 persh.
5,346 Syndicate Min. & Milling..$21 lot 56 do 2d preferred------- $5)4 per sh.
50 Tacoma Gas, pref____________ $300lot Norfolk Co. Farms, com------- $1 lot
100
30 do Common__________ -__S25 1ot 100 Norfolk Co. Farms, pref_____S4 lot
50 Chattanooga Coke & Gas, pf .$2,300 lot 500 Commercial Motor Body, com.$6 lot
10 G. Siegel Corp., 1st pref___________ 1 50 Agricultural Press, pref---------- $1 lot
$400
2
do Common____________ ( lot 400 Multiplex l&fg., com..$50 per share
453 Aetna Petroleum Corp________ $17lot
1.000 Consol. Arizona Smelting..$15 lot
100 Wichita Southern Oil__________ $1lot Wyoming OH_________ $1 per unit
100
124 Arsenical Ore Reduction_____ $1 lot 125 Kelly-Spgfd. Motor Trk., pf_$75 lot
150 Southwestern Oil_____________ $7lot Gen. Food Products, com., no par$21ot
24
120 Nemours Trading____________ $50lot Southern Potash & Chemical. . . $6 lot
75
70 Winchester Co. 1st pref. .$60 per share 120 Thomson Press & Mfg. 8%
m •
400 Trans-Canada Theatres, pref.. 1$100 cum. pref______
$50 lot
240 do Common____________ J lot 6.000 El Salvador Silver Mines.2c p sh
«0 NcwOrleans-Gt. Nor., com.$2J4p.sh. 10.000 Murdock Mining & Milling |
41,770 Ray Hercules Mines.85c. per sh. 7,750 Richmond Eureka Mining.. 11
700 Raritan Aniline Works_____ $40 lot 3.500 Alta Montana Mining
tsiin
40 Kelly-Spgfd. Motor Trk., pf_$35 lot 400 Quaker Hill Gold Mines, pf. A* | lot
5 do Common_________________$8lot
550.40 do preferred.................
37)4 Bahama &West Indies Trad.SlO lot 6,544 do common______

2874

THE

CHRONTOLE

rvoL. n s

Bonds.
Price.
Bonds.
Price.
Stocks.
Price.
'S h a r e s .
S to c lis .
P r i c e . Shares.
"3,050 Candelaria Mines____ 27c. per sh. 25 Colorado Yule Marble, pf.lOc. per sh. $1,538 33 Touman Oil 8s ...... .......... $5 lot $40,000 Big Sandy Iron A Steel
6s, 1917____________
$200 lot
6.500 Knox Divide Mining. .2c. per sh. 25 Colorado Yule M arble..5c. per share $512 78 Touman Oil 8 % notes___ $3 lot
$57,000 Burbank Co. 6s. 1923___ 575 lot $17,000 N. Y. A North Shore Trac.
'3,500 Divide Exten. Mining. 10c. per sh. 4,340 Copper Canyon____30e. per share
40-year 5s__________________ S40 lot
$20,000 We3t India Sugar Finance
500 Charcoal Iron, p ref.. .52 5-16 per sh. 100 Tonopah Divide.......... 75c. per share
8s. 1926.....................
90% $167,000 Elder Steel Steamship 8 %
500 do common________ 75c. per sh. 300 Library Square Realty. 75c. per share
$100 lot
notes, 1929______
$11,000 Ohio River Electric Ry.
472 B. A R .C orp.of N. J ________
10.000 Combination Fraction Leas­
A Power 5s, 1924------------------- 10% $6,000 Elder Steel Steamship 8 %
ing A Mining_______________ $45 lot
100 Overseas Products, pref--------notes, 1929_________________ $10 lot
$73,000 Boston Panama Cocoanut
10.000 Goldfield Rosebush Leasing
100 do common, no p ar______
7s, 1928.........
$100 lot $67,500 Seaboard Finance A Invest.
A Mining_______
$15 lot
300 Tournan Oil________________
2-yr. notes, 1923----------------------25%
8.000 Bull Frog Mamouth Gold MlnS5 lot $80,600 Arkansas A Arizona Copper
38 Companla M lnera----------------8s ........ ................
$ 11,000 lot $16,800 Seaboard Finance A Invest.
99 Tri-State Ry. A Electric_____ $25 lot
10.000 High Grade Copper Mining
7% notes. 1923....................
S5<5o 19 Charles River Embankment__ $25 lot
,
A leasing______________
$53,333 33 Touman Oil 8% n o tes.. 1 lot 1.000 Consolidated South Spring
By Messrs. Wise, Hobbs & Arnold, Boston:
Hill Gold Mining. ...................... _$5 lot
$10,000 promissory note of Tou­
S h es.
S to c k .
P ri
Shares. Stocks.
500 Little Tiger Mining............. _..$5 lot 50 F’ederal Trust Co. (old stock). . . Price. 2 %a rMass. Bonding A Ins. Co------- 145c e .
man Oil Co., In c.................... - - ­
60
2,759 Suburban Traction.......... ...S 5 lot 6 Federal Trust Co. (new stock). . . 105
$27,300 Ch. A Interu. T r. 5s, 1932
50 Northern Ohio El. Corp., pref.. 20
$5 lot
5 United Fisheries...............
$500 The I. S. C. Corp. 6% debs..
common_______ _____
15 Edwards Mfg. Co______1255*-1255*
3 J. G. White C o ........................ $50 lot 3 Hamilton Woolen Co........ ............95% 25 U.do Metal Products, pref-------\ 4 %
$1,000 Alta Montana Min. Co. 6%
30
S.
$1
10 Johnson Typewriter.....................$5 lot 10 Queensbury Mills, 7% prel........
n o te s .............. .............................
1 do common--------J lot
100 Hudson Realty Co------------ $155 lot 500 Brentwood Mining A Chemical.$5 lot 7 Great Falls Mfg. Co.......... ........... 50
215 Becker Milling Mach., prel.. .$50 lot
77
39 United Button, pref______ __ .S21 lot 50 Cortez Associated Mines............. $5 lot 10 U. S. Worsted Co., 1st pref........ 104
33 Wallace Nutting. Inc., 1st pref..\ $10
1.500 New Idrla Quicksilver Min.550 lot 1,562 Mexican Mining A Smelting.
250
do common....................... ...1 0 5
voting trust certificates............ .$15 lot 50 Nashua Mfg. Co., common___ 745* 8 B.Newport Boiler Co., prel------- / I lot
15 Denver A Rio Grande R R -------- $5 lot
A R. Rubber Co., common...
10
500
1.200 Alaska Mines_______________ $33lot National Railway Construction $5 lot
Point Mfg.,
iv ..1245*1235* 100 do preferred.....................-I
50 Myles Mineral, common----------$1 lot 10 Nevada-Utah Mines A Smelters.$1 lot 82 West Worsted Co.,ex-dpref____ 104
10 U. S.
1st
5 Dinsmore Power Process_______ I
75 Myles Mineral------ ---------------- S3 lot 100 Phoenix Gold A Silver Mining.S5 lot
104% 200 Nelson Mining Co._............ . . |
50 Indian R efining............... $40 per sh. 1 Mesaba Railway____ ____ ____ 39 lot 10 Old Colony Woolen Mills, pref.. 101
25 Pope Mfg. Cq., preferred-------- > $2
10
do common______________
525 Wlllys Corp., pref...........S7>5 per sh. 25 Vegetable Oil. pref., and 12H
150 American Core Twine trustees,! lot
1 Holmes Mfg. Co., common_____ 280
Vegetable Oil, common______ $110 lot 5 Great Falls Mlg. Co........ ............75%
500 The Lake Erie M otor........ ....... So lot
common________
I
5 Electric Vehicle............... ............. $1 lot 4.000 American Eagle Consolidated
Mills,
Western Coke A Coll., pref.........I
Mines, common_____________ $80 lot 315 Strathmore Worsted ........... $50 lot 25 United Motors, pref.................... I
•2,944 Elvin Mechanical Stoker $19,500 lot
v. t. c................................
25
65 Mutual Film, p r e f . .. .......... - -S10 lot 65 Boone Oil..................................... _$5 1ot 5 Converse Rubb. Shoe, pf.,ex-div. 80
5 do common______________ J
20 Empire Supply, pref------------ $55 lot 1.000 Helena (Mont.) Gold M in ..$20 lot
Belle
lot 50 Manhattan O Products Co___$1 lot
H
69 United Equities, common--------$6 lot 350 Walcoff Clothing, co m m on...$10 lot 150Rossla Waist Co., prel........ _..$1092
10
20 AtlanticCoastCo..common___ 2 %
230 United Equities, pref-----$2 persh. 1.000 Denbigh Mining...................$40 lot 50 CentralIns. Co...... ................
Shoe Co., 2d prel-------$10
100
25 Gasoline Engine Equip. Co-----$13 lot 390 N. Y. A North Shore Trac___ $4 lot 400 Century Steel Co--------------- .82 lot 401 Logan Johnson, Ltd., com__1>82,800
Eastern Mfg. Co., common..
lot
40 Part. ctf. In Ventura T rust___ $10 lot
17 bonds Superior California Farm
\
Wallace Nutting, Inc., 1st prefj lot
L ands...... ......... ............. ....... $ 1 ,100 lot 50 Part. ctf. In Ventura T rust___ $10 lot 500 Masterplay Photoplay............... l o$1 42 Boston Woven Hose A Rub., pf.1005*
500 do v. t. c........ ............... . . . / t 40
5.000 Ranger Petroleum_________$3 lot
122 Interstate Lighterage & Trans­
100 Logan Johnson, Ltd., com___\ $10
15 Tampa Electric
1.300 U. S. Steamship Co_______ $05 lot 5 Laconia Car Co.,Co............ ......... 137
portation Co., common--------------- $9lot
29 Wallace Nutting,Inc.,1st pref../ lot
prel------------3,325 Sultan O il..------ --------------- $3 lot 60 N . Y. Sanitary Utilization___ $10 lot 330 Bay State Fishing, common.. _ 54
95 Lawrence Gas Co., ex-rights___ 1105*
1.000 Banna Mills, common____ $100 lot 8 Reed-Prentice Co., common____ 3
150 Beltrail Tractor-------------------- $100lot
5% 200 Logan fohnson. Ltd..com___$15 lot
100 Georgia & Fla. Ry., pref------ . $50 50 Haitian-Amerlcan, pref______ 1
5 Amer. Mfg. Co., pref., e x -d lv ... 85% 10 Gardner Central Fdy ., pref___1
150 do common.................... - I lot 25 do common............................ 5 $5
5 Eastern Chair, part. 2d pref........|
70 Moline Plow, 2d pref., part. ctf. 5
10 The Universal Turbine------ — SI lot 25 do founder’s stock________ j lot
5 Eastern Chair, partic. pref______>$15
5 Tehuantepec Rubber Culture Co.
1.000 La Merced Oil........ - ........... $30 lot 5,310 Meridian Petroleum.............$75 lot
Class “B”
$50 2 Beaudette A Graham, common..! lot
200 Federal Adding Machine, com.:
100 Lime A Stone Prod., pref_____ 1 $35 26-9 warrants______________.$1.35-$l .25 lot do preferred................
4
)
Lawrence Gas.
100 Federal Adding Mach., pref.$30 lot 50 do common...........................f lot
2,000 Pacific Tungsten Co------------ 2%c. 2 American Mfg., common______ 101 %
380 Automatic Ticket Register. .$100 lot 100 St. Louis Coke A Chemical pre­
100 J. A. Dlckerman Co., pref___\ $10
245 Simms Magneto, pref.............. .. 12
50 Sturdi Truck M fg .. . ---------------- $10lot ferred .................. ............... $25 per sh.
100 Houser Royalty Sundicate___ $1 lot 500 Stewart Mining Co., common../ lot
50 McLaughlin Co., common----- $50 lot 100 do common_________ $1 prr sh.
30 H. B. Clallln Co. 6% 2d pref.. . ($100
12
50 McLaughlin Co., p re f............$100 lot 1.000 Consol. Copper Mines____ $45 lot 5 Simms Magneto, preferred--------2c.
100 do 5% 1st pref----------------/ lot
40 Terminal OH Corp--------------------- $15lot
5.000 Hallmo O i l . .. .........................S4 lot 15,450 Industrial Oil A Gas............ 6% 5 Ruedelett Co., pref___________ l $5
100 Textile Finishing Mach., com ..
500 Steel & Radiation, Ltd., ordi­
5.000 Solo OH........ ..............
$4 lot
2% 5 do common.............................1 lot
nary; 38 Amer. & British Mfg.,
10.300 Amo Oil A Gas.......................53 lot 50 American Caramel, common----- 3-16 25 Northwestern Leather, pref---- $1 lot
1-9 warrants Lawrence Gas Co-----1
com ; 2,000 Pennsylvania Gaso62% Andrews Paper, com___ $30 per sh.
15 Anchor Oil Co........................ . _SI lot
Ine. com.; 100 Central Oil Devel.;
100 Rollln Chemical, pref. .............$25 lot 50 State Street Associates. ...............$ l 2% 50 C. H. Wells Co., pref_______ $40 lot
500 Hercules Petroleum cl. ’’A” .- lot
400t olonial Tire & Rubber, com..
35 Havana Tobacco, common____ $9 lot
100 Acme Drilling Co.....................$10 lot 100 Stollwerck Chocolate, 2d prel.. $3
$6,000 La Porte O il* Refill.7sS1501ot 30 do preferred.................. __.832 lot
60 Geyser Electric Co., pref..............\ $1
200 Kathodian Bronze Works ..S200 lot 112,442 Nevada United Mining. .$100 lot 500 O. C. Graves Oil------------------ $1 lot 40 do common________
/ lot
oil well In so118.750 Murdock Min. A Milling $500 lot 1,050 Mexican Internal., common. 1S100 3-32 Undivided int. InTulsa County,
5 Walter Baker Co........................123
called Wilcox sand.
37.500 N . Y. Montana Mines. .$500 lot
50 do preferred .............. ......J lot
52 Mass. Lighting Co., com______ 155*
O kia..........................- ........... ...$ 4 0 0
100 Entz Motor P a te n ts ............ $5 lot 261 General Syndicate...... ............$50 lot 60 Madeleather Co., pref---------- $10 lot
373,175 Manlgotogan Mining A
325 Seaboard Finance A Inv____ $15 lot
B on ds—
P r ic e .
100 Direct Importing, 1st pref------ 75c.
Developm ent.................
$25 lot 84 Reliance Aniline A Chemical, Inc.,
216-9 warrants Lawrence Gas C o ..S I.25 $3,000 Rlordan Pulp A Paper Gen.
300 Pacific Development. .75c. per share
S5Iot 31 Wallace Nutting, 1st prel____ $10 lot
common ...........
M. 6s, Jan. 1929 ctf. dep. .455*% llat
340 Tcx-Ken Oil_________ 57c. per sh. 840 do ............ ................. ...$ 1 0 0 lot
200 Itivett Lathe A Grinder, c o m ..$ l lot $2,000 Florida Soft Phosphate A Lime
1.000 Copper Canyon-----30c. per share 5 Tyson Co., Inc., pref.............
1S120 30 Atlantic Coast Co...................... .. 2%
1st 6s, Dec. 1929____________SI lot
3,400 U. S. Steamship___ 4c. per share 5 do common...................... ....... / lot
$10,000 K. C. Mex. A Or. RR. 6%
58 Lafayette Motors, 2d pref-------- 5
250 National Minerals__________ $1 lot 351 Audlffren Refrig. Mach., com.$50 lot
notes, due April 30 1916.. .$5 per note
280 Mass. Security, p re f..\@ $5 per sh.
21 Cafe Des Ambassadeurs______ $1 lot 507 General Gas A El., com .. .$4 per sh.
56 do com m on...........j on preferred $5,000 Tehuantepec Rubber Culture
7 Cafe Des Ambassadeurs, com .. .$1 lot578 Astoria Mahogany, common. .$50 lot
lmpt. 4s, ctf. dep___________ SI lot
1.200 Maxim M unitions..................SS lot 50 Deep Blue Ridge Oil, pref____ $50 lot 100 C. H . Wills Co., pref., with 50
A
50.000 Banner Consol. Mines. 10c. per. sh 50 do common________________ $25lot shs. common as bonus-----------$180 lot $5,000 Rlordan Pulp ctf. Paper gen.
mtge. 6s, Jan. 1929,
dep.40% flat
20 Simplex Time Recorder., pref.. 1
U5 Ansonla Clock________ $52 per share 1.000 Hedley Gold Mining_______ 1 $5
20 John A. Dunn Co., pref............ >$550 $17,000 Mass. OH Refg. 1st 7s,
250 Dillon Mills, common_____ S100 lot 15.000 Onck Co.................... ........... f lot
1929........................ ............. 30% flat
200 Parrott Tractor, common---- 310 lot 20 Ammex Oil, common.......................$30lot 10 Archibald-Edgarton Coal tr. ctf. J lot
250 Sound R e a lty .......... ..............375 lot 150 E. L. Smith Corp., com......... _S65 lot
By Messrs. R. L. D ay & Co., Boston:
100 River Feldspar A Mill., com.$160 lot 5 Ocean Comm'l Corp., pref_____ 1 $5
Price.
Shares. Slocks.
Price. Shares. Stocks.
100 River Feldspar A Mill., pref .$575 lot 5 do common.................. ........... ( lot
275 Peoples Collateral PledgoSoclety
50 F e d e ra l T r u s t (o ld s to c k ) --------- 6C
1.000 Ertel Oil----- ------------------$15 lot 75 Prouty’s Sons. Inc., com_____ $10 lot
of N. Y., com., 1,100 do ctf. dep.SlOlot
150 F id e lity T r u s t .............................. $ 1 5 lo t
100 GrlesemerGraphite, 1st pref. .810 lot. 20 Cast Steel Ship, pref. “B” ____ $17 lot 29 F e d e ra l T r u s t (n e w )..........................105
50 Service Station Equip., 1st pf. .$25 lot
200 Griescmcr Graphite, c o m .. . ..$ 5 lot
Price.
Ronds.
7 W a rw ic k M ills ............ ..........
935* 20 Reed Prentice com.; com. stock
990 Fred Opperman Jr. Brewing.$175 lot $33,700 Seaboard Finance A Inv. 7s.25% 3 T r e m o n t A S u ffo lk M ills --------------160
subsc. warrant for 50 shares Class
11,600 Hercules Paper Corp-----3100 lot $11,620 Morley's Adirondacks Ho­
A: com. subsc. for 25 shares Class
5 N a s h u a M a n u fa c tu rin g , p r e f . . . z l 0 2
24 Afmonia Realty Co----- $2,500 lot
B; Becker Milling A Mach, partic­
tels, Inc., demand notes.......... .$50 lot
5 N a s h u a M a n u fa c tu r in g , c o m m o n . 755*
ipation ctf. for 100 shares____ $10 lot
3,470 Cornucopia Mines------------ $50 lot $5,000 Gulf Fla. A Ala. R y . 5s, ’61 $45 lot 220 U . S . W o rs te d , 1st p re f----------- 45*
60 Becker Milling Machine, p re f... 25c.
15.750 Continental Oil A Ref----- 340 lot $33,750 Seaboard Finance A Invest­
28 N a r r a g a n s e tt M ills ........................... 120
100 Becker Milling Mach., prel.; 25
$ 5,000 Norfolk Co. Farms, Inc..
ment 2-year, 1923...................
5% 20 U . S . W o rs te d , 1st p r e f --------------120
do, common, as bonus________ $20 lot
notes: 75 Norfolk Co. Farms, pf.,
2 000 U . S . W o rs te d , c o m m o n ..........
7c.
$2,000,000 Chicago Utilities 1st 5s,
125 Norfolk Co. Farms, com .. .$20 lot
1942........ ................. ................. S200 lot 2 B a te s M a n u fa c tu r in g .................. ...2 4 0 5 * 200 H. F. Swift Syndicate---------$10 lot
80 LaFayette Motors, 2d pref------ 5
319 Acids Mfg., pref.................... 34 lot $1,000 Island Refining 7s, 1929. 550 lot 108 G lu c k M ills ........................................100
4 American Cities, pref.; 2 do, com.$5 lot
100 Panhandle Prod. & Ref., pf-$65 p. sh 51.000 National Oil 7s, 1925.
50 C h ic a g o R y s , 1st p a r t p r e f ------7
$50 lot
1.500 Texas Midland Petroleum. .310 lot $2,000 Colo. Wyo. A East. 6s, ’44.$25 lot 1 B o s to n R e v e re B c h . A L y n n R R . 6 2 % 120 Campbell Manufacturing------ 15c.
300 Cuba Cane Sugar.......................13
33 Klngspcrt Color, no par. .$5 per share 5500 do 1st ref. 6s, 1934_____ $45 lot 30 M a s s a c h u s e tts R . E ................. - - - 35
25 American Glue------ -------------- 76
600 Restaurant Mach., com------ S50 lot 59.000 Penn. Co. 3 5*s________ 80%
10 S im p so n S p rin g ...............- - ..............10o
1,000 Boston Mining Leasing; 60
200 Restaurant M ach., pref. -----Sl.> lot $5,200 Southern Imp. C o......... .50% flat 12 R e e d P re n tic e , p re fe rre d ----------- 20
Cons. Copper Mines; 1,000 Sea­
5.000 American Shale Reduction. .330 lot $4,000 Arizona Power 1st M . 8 15* % flat 7 M e rrim a c H a t C o r p . .
4
board Copper; $100 do 7s, 1918;
50 A . S. B ro w n M fg ., p r e f . . ............... oO
1.000 Syndicate Oil Properties-----$3 lot $8,000 Tennessee RR. 6 s (Inc.). . _$50 lot
5 Weeks Kansas OH Aasoclates;
1.000 Oklahoma Consol. Prod. A
$900 do 6s . ............ ............. . 20% flat 12,500 W . C . B . L a n d --------------------$1 lo t
1,000 Fortuna Mining; 75 Pope
$1,700 do 6s ____ _________ 20% flat
20!000 A rk a n s a s Z. L --------------------s J .i o t
R efining.......................... ........... lot
Manufacturing, pref________ $10 lot
15 D o u g la s S h o e , p r e f ------------------- x9 5
500 Oklahoma Consol. Prod. A
$ 8,000 do §8 (Income)_______ $110 lot
$900 do gen. 6 s ____
20% 17 R lo r d o n C o ........................................ 2° c - 1 Converse Rubber Shoe, pief........ 81
R elin in g ____________________101
200 Business Real Estate T rust___ 10
250 Oklahoma-Texas Prod. A R ef.$3 lot $1,700 do 1st M. 6s _______
20% 55 R lo r d o n C o ., p r e f e r r e d .. . . . . - - 2
38 Cllnchfleld Coal_______ ____ _ 27
69 La Follettc Coal A Iron--------- 3r>0 lot $163,080 Ray Hercules Mines 8s,’32 25% 30 S t. L o u is (7. A C h . C o ., p re f., 30
40 La Fayette Motors, 2d pref___ 9
d o c o m m o n , p e r u n i t.
..........- - *
250 Bllllken Oil.................. ..............31 °t $153.50 Texas A Pacific 5s, due
4 ,0 0 0 C o n s . M a n g . C o ., I n c . , --------M lo t 10 Campbell Motor; 10 do p re f...$50 lot
300 Foreign Trade Banking------ SloO ot
2,000 scrip................................. $79 lot
. . S I lo t 1,250 Consol. Manganese, Inc.; 50
100 Southern Oil A Chemical------ 312 lot £1,000 Algoma Cent. Term, ctfs.5325 lot 40 B o s to n L a n fe a sa s O ., C o .
Northway Motors; 100 do, pf.$200 lot
350 P io n e e r P e t ., p re f., a n d 400
$2,000 Gulf, Fla. A Ala. Ry. 1st
260 Wabash RR., pref. (old stock);
P io n e e r P e t ., c o m m o n ___ $ 1 8 7 .5 0 lo t 20 Graton A Knight, pref........ ....... 565*
560 Wabash R R ., com (old
Mtge. 5s------------- -------------_$35 lot
100 P u r it a n M o to r s ------- — --------*10 j° J 1-64 Schooner Priscilla Alden_____ 50
stock); 10,000 Goldfield Deep
$29,350 Dauphin Island Land Co.
1
10 A v e ry C h e m ic a l, p re fe rre d --------$1 lo t 15 N a t. M otor Car A Vehicle_____
Mines; 287,374 Greenwater Cop­
and Dauphin Ry. A Harbor Co.
pivmouth Rubber, preferred.. -SI lot | 50 Lafayette Motors, 2d pref-------- 50
per Mines: 2,000 Pittsburgh Silver
1st Mtge. 6 s----------------------- $100 lot
10 0 A tlantic C o a st............. ............ 4
-on Bausch v r ^ h . n - Tool_______ 255*
100
Machine
ow
Peak Gold Mine; 500 Santa I’e
$1,400 Central Bond A Building 6 s
ion M an h attan Oil Products-------- 25c. 250 Bay State Film, com.; 100 do,
Gold A Copper Mining: 25.000
1919...................... - ____ _____ 537 lot
pref.; 12 Central Texas Oil; 100
San Toy Mining; 2,000 Skidoo .
510.000 Atlas Corp. 6s, 1918____ $10 lot 7 5 Central Maine Power, com -375*-375*
Coin Sorting A Counting; 50 Rand
Mines; 5,000 Sunset Mining A
$7,000 Iberville Lumber, Os, 1918S110 lot 105 P ath e Frcres P honograph----- $1 o t
Mfg., Inc.; 50 do, pref.; 1,000
Development; 20,000 Tonopah
$5,000 Iberville Lumber, 6s, 1923 530 lot 1,000 General E x ploration--------s l l l°5
Homa OH; 5,900 La Porte Oil A
Mining: 262,500 Tybo Lead;
$7,000 Iberville Lumber 6s, 1918.$100 lot 200 A m er. Pneum atic Service------ 35*
Ref. Corp. 1st lien 7% notes,
102,648 Y
’earington Mountain
*Jjj
$5,000 Iberville Lumber 8s, 1023.520 lot 50 A tlan tic F 'ru lt----- ctf. deposit...... ...................... .$705 lot
100 Amer. Pneu. Service, 2d pref.. 175*
Copper; 400 Alaska T . A T . : . >00
$62,726 93 Northern A Western
3,500 Gllpado Mining__________ $30 lot
72 Lafayette Motors, prei., 18 La
Yukon Alaska Trust: 3,200 Hoon
Finance A Trading Corp. notes,
fayette Motors, com., as bonus. 8 pn pf. 200 U. S. Worsted, 1st pref............ 45*
$1.50 lot
Oct. 13 1922.........
Silver Mining------------------ S7i )l>?!°!
64 Deep Sea Fisheries-----*32 lot *1.538.33 Touman Oil 8 % notes.. .$2 lot 20 Watertown Pressed S te e l..----$ 1 Jot 50 Tacony 8 eel 8 % pref.................. 25
300 Virginia Ind. Chem------ $165* lot 25 Montpelier A Barre L A P ., pref. 455*
900 Lucy Mfg., cl. B stock.-$1/4 per sh. $55,000 Boise A Intcrurban Ry.
24 N. E. Equitable Ins_________ 825 lot
26,565 Arizona United Mining
5s, 1946------------------------- 45 % int. 300 White Oil Corp., temp. c tf.. . . 3
10 N eedham Tire, pref.. -----------*5 lot- 10 Becker Milling Mach., pref___ $8 lot
certif. of deposit------------------ 362 lot $82,886.24 Steel Utilities. 1919___ $5
10 George H. Adams, pref----------- 10
40 B. B. A R. Knight, p r e f --------- 4u
$97,500 Seaboard Finance A Inv.
10
Street T rust______ _____ 50
7% notes_____________ _____ 9 % 25 Becker Mill M ach., pref--------- 25c. 37 MilkState Pump_____________$5 lot
Bay
$1,500 Internat. Sporting Club
$.5 lot 40 Marine H ard w are------------------ 50 Herschell Spillman M otor, pref. > 40 B. B. A R. Knight, pref----------- 45
172 U nited S tates H ardw are, pf. .360 lot $5,000 Western Casualty 5s___ $110 lot
163 Seaboard Fin. A Inv_________ $1 lot
459 U nited S tates H ardw are, com .$45 lot $500 Internat. Sporting Club 6s S19 lot 25 Root A Vandervoort Eng., pref 10
200 Cortez Associated Mines------ $10 lot 100 Northwestern Leather----------- 1
1 D ivision Realty Holding---------$100 lot $11,850 Thomason Press A Mfg.
100 Wlllys Corp., pref. ctf. ot dep. _ 6
500 Moa Bay Iron--------- - - - - - - - - 10
294 Le Brun Corp.. com----------- $100 lot
_S90 lot
7s, 1925-----------------100 Becker Milling Mach., pref. ..$ 6 lot
20 Reed Prentice, com., com. stock
78 Saddle River E state___$27 per share $13,500 Seaboard Finance & Invest­
24 C. H. Wills, 1st pref.; 12 do com­
sub3C for 50 shares Claas A, do 25
134 P aterson A Ram apoRR., com.SSp.s.
ment Co. 2-year secured converti­
mon as bonus_____________ 1 on pref.
K e s Class B; Beckler Milling A
200 P enn, Seaboard Steel..S2H persh.
ble 7% gold notes, temp, ctf.,
Machine Co. participation; for
500 Federal Oil--------------- 81c. per sh.
stamped lnt. paid to Dec. 1 '22 15%
B on ds—
P r ic e .
100 shares__________________ _
ioi
50 Astoria Mahogany, pref____ $4 persh. S23.700 Seaboard Finance A Inv. 7 s .15%
$6,000 Rep. M otor 7s. 1922______ 35%
100 Tri-Bullion Smelting A Develop­
200 Maxim Munitions_________ S15 lot $15,000 Lucy Mfg.
10-year conv.
$16,000 Second Ave. RR. 5s, 1948. 1%
ment, com.; 25 Onondaga Copper
5,000 Metex Petroleum_______ $50 lot
8s, 1930------ ------------------ 71% flat
$4,000 Plttsb. Binghampton A East­
10 M anhattan Oil Products; 3
20 National Weekly Corp________ $7 lot $500 Inter. Sport. Club 6s, 1931. . $2 lot
ern RR. 5s, 1950_____________$1 lot
Becker Milling Machine, com j
35 Degnon Realty A Terminal
$4,250 ctfs. In Jackson Boulevardl
400 Calumet A Corbin M in e s ...$10 lot $16,000 Central Penn Coal 1st 5s,
Improvement------------- $io per share
A Morgan T ru st.............. ............. >$200
1935........................................... $1 lot
50 F . H. Swift Syndicate.................52 lot
840 New Dominion Copper.45c. per sh 26 shares Economy Real Propertyj lot




25%

D ec. 30 1922.]

THE CHEONICLE

Bonds.
Price.
53.000 Rlordon Pulp & Paper, Ltd.,
6s, 1929, ctf. of deposit_________ 45%
510.000 Ohio Copper 7s, 1929_____ 50%
$500 7% Marine Equip. (1921),
Green Star Steamship Corp__ 5500 lot
55,100 U. S. Worsted 6 % sinking
1%
fund income ctfs_________
55.000 Atlantic Fruit 7s, 1934_____ 25%
$3,000 Island Oil-Transportation
8s, 1926, ctfs. of deposit................. 20%

loads.
Price.
$48,000 Kan. City Mex. & Orient
6 % notes_________ _______ $240 lot
$2,000 Moline Plow 7s, 1922______ 30%
S2.000 Moline Plow 7s, 1923______ 30%
72 Eastern Mass. St. Ry. ad], scrip 35%
$587.77 U. S. Worsted 6 % sinking
fund inc. ctf____ _____________2 %%
$2,200
do ________________ - 254 %
$5,000 Savannah & Atlanta 6s, 1935 4%
x Ex. Dividend.

B y M e ssr s. B a r n e s & L o fla n d , P h ila d e lp h ia :
Shares. Stocks.
Price. Shares. Stocks.
Price
10 Darby Bank, par S50.......... - . . 67
146 Trinity Oil common,no p ar.%
2 Broad St. Nat. Bank, par S50— 79
1.250 Peruvian Copper & Smelt — $1 lot
14 State Bank of Phlla., par $50.
41 % 126 Hydro United Tire, no p ar___$2 lot
200 Amer. Pipe & Constr., par 550- 26% 800 Homo Chemical, pref.. par $10_
%
10 Foresman Educ. Record Corp
800 do common, par$10_____
)4
Preferred.................... ................. V 1 lot 45 Olean Bradford & Salamanca
S
5 do Common ----------------- J
Ry., preferred. ___________ $100 lot
520 United G a s* Elec. Corp., pref 23% 108 do common__ ________ $40 lot
120 do Common....................... _. 1% 1,000 Tubize Artificial Silk, pref.SlOO lot
575 United Equities C orp., pref- - - 1.% 250 do common___________ S100 lo‘
172 do Common...................... . .
% 25 Dr. Von's Hea'th B ls'ult______ SI lot
50 Electrolac Co., com., par S10..S1 lot 50 Pat he Freres Phonograph .-. -SI lot.
250 Southern Publication Society,
200 Bergner * Engel Brewing, pref- 2 1j
common, par 510-_____ _____ $1 lot 257 do common______ ______
%
500 do Preferred, par 510,_. .52 lot
60 Chesapeake Flax & Linen “A” .52 lot
Bonds—
Price.
100 Wlllys Corp., 1st pref. (ctfs.) - . 6
$700 Farr & Bailey Mfg. Co 7s___ 100%
6 Phlla. Bourse., corn., par $50___ 11
$2,000 Southern Pub. Soc. 6s------ $1 lot
10 Phlla. Bourse, pref., par $25. . . 26% $40,000 Buffalo & Lake Erie Trac­
10 Phlla. Bourse,com., par$50___ 11 %
tion 5s, 1936_________________ 10
$ Phlla. Bourse, pref., par $25___ 26% $15 Electric & Peoples’ Traction
S 2275-1000 Laguna Co., com.,
4% stork tru st_______________ 67
par $100_______________________ $5lot
$9,000 American Slate 5s, 1925----- 35
75 375-1000 do Com., par $100-825 lot $3,000 Texas & Oklahoma Ry. 5s,
100 Hunyadl Split, together with
1943.
40%
profit sharing certificate________ $2lot
$1,000 Red Cloud Steamship 7s, ’22 S2 lo*
75 Midwest Engine, no par
$1lot
525.000 Consumers Brew. 4s, 1943.S'> lot
25 Alumnlnate Patents Co., prof.,
$14,000 Consumers Brew. 4s, 1943.S2 lot
par $100 _______
$1 lot 51.000 Devon Manor Corp. 6s,
50 Simmons Co., p:ef___________ 1
______ ___ $10 lot
1947
50 Franklin Mfg. Co., pref______ 88
$2,000 Wilson Martin Co. 7s, 1936. 88 %
182 Slmondcttl Co., pref., no par
% $5,000 Green Star S. S. 7s, 1924.. - 7
260 do Common, nop ar_____
V 51.000 Altoona Gas 5s, 1932 -------- 5
?
1,000 Mayfair Oil, par $5____
$3 lot $19,000 United Trac. 5s, 1997... . 6 6 %
20 Phlla. Rltz-Carlton, preferred..$5 lot 51.000 Norfolk & Portsmouth Trac­
266 New Orleans lty. & Lt., com.,
tion 5s. 1936--------------- ---------- $8
par $ 100. ____
$100 lot 53.000 Indianapolis St. Ry. 4s, 1933 65
200 Utica Cotton Co_____________ $10lot
$500 Indiana Service 3-6%, 2920.. 5754
500 Towar Textile Mills, pref..
S500 Indiana Service 5s, 1950------- 79%
par $10 _____
$110 lot $5,000 Joilln-Schmidt Co. 7s, 1937. 35
250 Towar Textile Mills, com.,
$3,000 Oley Valley Ry. 4%s, 1931. 6 6 %
par $10____
$3 lot $3,000 Lebanon Val. St. Ry. 5s, '29 76%
$500 Scranton & PittstonO’r. 6s, '23 92 %
10 Isko Ce., preferred-..........................S I lot
5 Isko Co., common_________
SI lot S900 Olean Bradford & Salamanca
97% Kitchen & Bakery Equip. Co.
Ry. 7s, 1951. ____________ $800 lot
no e a r .........................................
% 55.000 Indiana Columbus & East­
37% Kitchen & Baking Equip., no
ern Trac. 5s, 1926___________ 15
p a r.............................
......... ..
% 510.000 Denver Suburban Homes*
10 Amer. R ubber* Fabric, par $10 $1 lot
Wuter 6s, 1917_____________$30 lot
354 Keystone Grain Prod., pref____
% 55.000 Columbus Newark & Zanes­
30 Washlngton-VIrglnla R y____.$12 lot
ville Elec. Ry. 5s, 1924______S500 lot
222 Giant Portland Cement, pref. - 15
85.000 Buffalo & Lake Erie Trac­
420 Trinity OH, pref_____ ______
%
tion 5s, 1936.........
12%

DIVIDENDS.

Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the cur­
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Xante of Company.

Per
When
Cent. Payable.

Railroads (Steam).
Central RR. of N. J . (quar.)____ ____ ♦ 2
Delaware Lackawanna * Western (qu.)_ 3
Illlnois Central, com. (quar.)_________ *B4
Preferred............ ................................. .. ♦3
Norfolk & Western, adj. pref. (quar.)__ ♦SI
Pennsylvania Company___________. . .
♦3
Extra ...................................................... *20
Public U tilities.
Arkansas Light & Power, pref. (quar.) .
Athens (Ga.) Ry. & Elec., pref. (quar.).
Bell Telephone of Pennsylvania (quar.).
Boston Consolidated Gas, com. (quar.).
Preferred...... ........................... ______
Central Power, prel. (quar.)___ ____
Chesapeake* PotomacTelep., pf. (qu.).
Chlcago City Ry. (quar.)___________
Citizen? Gas & Fuel (Terre H aute), com Preferred (quar.).
Citizens' Gas Light (Quincy, Mass’.) " "
Columbia (Pa.) Gas Co. (quar.)
Columbus Ry., IT. & Gas, pf. a’, (quar.)
Conestoga Traction, com. & pref. (quar.)
Cuban Telephone, com. * pref. (quar )
East Bay Water (Oakland ,CaI.) pf.A .(qu j
Preferred class B (quar.) ____
Edison Elec. 111. (Boston) (quar.)
•Edison Elec. Co., Lancaster, Pa. (quar )
Elmira Water, Lt. * RR., 1st pf. (qu )
Second preferred (quar.)
Harrisburg Light * Power, pref. (quar ’
)
Holyoke Street R y.................... ...........
Houston Gas * Fuel, com. (quar )
Common (extra).
’
Lancaster Gas, Lt. * Fuel (quar )
Louisville Gas * Elec, of K y„ pf (qu " ’
)
Manchester Trac., Lt. & Pr. (quar ) '
Michigan Gas * Elec., pref. (quar )
Prior lien stock (quar.)
New England Invest. * Security’ pref’
North Shore Gas, pref. (quar.)
Preferred (quar.)________ ’
Preferred (quar.)_................."
Preferred (quar.)______ ” ” II
Northern States Power, com. (quar.)
Preferred (quar.)_____________ "
Ottumwa Ry. & L ., pref. (quar.)"
Pine Bluff Co., pref. (quar.)__
Porto Rico Telephone, com. (quar.)
Common (extra)...... ...............
"""
Southern Wisconsin Elec., pref. (qu.)
Texas Electric lty ., com. (q u a r.)...
First and second prel. (quar.)__ I
Virginia Ry. & Power, preferred..
Preferred________
III"
Western Power Corp.. pref. (quar.)
Western States Gas & Elec., pref. (qu.)I
Banks.
First National (Brooklyn) (quar.)__
E x tra ____________




Jan.
Jan.
Mar.
Mar.
Feb.
Dec.
Dec.

1J4 Jan.

Books ClGSed.
Days Inclt.sire.

15 ♦Holders
20 Holders
1 ♦Holders
1 ♦Holders
19 ♦Holders
30 ♦Holders
30 ♦Holders

of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
cl rec.

Jan. 9
Jan. 6
Feb. 2
Feb. 2
Jan. 31
Dec. 27
Dec. 27

1 Holders ot roc Dec. 15a

1 Holders o. rec Dec. 15a
1 % Jan.
2
Dec. 30 Holders of rec Dec. 29 (
Dec. 29 ♦Holders of rec Dec. 28
*2

*154

Feb. 1 ♦Holders of rec
Jan. 16 Holders of rec
Jan. 15 Holders of rec
Dec. 30 Dec. 28 to
Dec. 29 Holders of rec
Jan. 1 Doc. 27 to
Dec. 29 ♦Holders of rec
Dec. 30 Dec. 21 to
Jan. 2 Holders of rec
Dec. 30 Dec. 21 to
Dec. 31 Holders of rec
Jan. 15 Holders of rec
Jan. 15 Holders of rec
Feb. 1 Holders ot rec
Dec. 30 Dec. 21 to
Dec. 3! Holders of rec
Dec. 31 Holders ot rec
Dec. 30 Holders of rec
Jan. 1 Holders of rec
Dec. 27 Holders ot rec
Dec. 27 Holders of rec
Dec. 30 Dec. 21 to •
Jan. 15 Holders of rec
Jan. 16 Holders of rec
Jan. 20 Holders ot rec
Jan. 15 Holders of rec
Jan. 2 Holders of rec
Jan. 1 Holders of rec
April 1 Holders of rec
July 1 Holders of rec
Oct. 1 Holders of rec
Feb. I Holders of rec
Jail. 20 Holders of rec.
Jan. 15 Holders ol rec.
J a n . 1 Holders of rec.
Jan. 1 Holders ot rec.
Jan. 1 Holders of rec.
Jan. 15 ♦Holders ot rec

*3
*3
154
154

Jan.
July
Jan.
Jan.

20
20
15
15

3

Jan.
Jan.

2
2

*3%
1%
154
1%
4
15*
*3
2
1%
1%
1%
1%
1%

3
4
154
1%
1%
3
tx
2

354
154
2
1%

154

$2

154
154
154
154

2

154
154
154

1
1

2

♦Holders
♦Holders
Holders
Holders

ol
of
of
of

rec.
rec.
rec.
rcc.

Jan. 15
Dec. 31a
Dec. 30
Dec. 29
Dec. 15
Jan. 1
Dec. 28
Jan. 1
Dec. 15a
Jan. . 1
Dec. 23a
Dec. 3C
Dec. 30
Jan. 15
Jan. 1
Dec. 20a
Dec. 20a
Dec. 19a
Dec. 26a
Dec. 18a
Dec. 18a
Jan. 1
Jan. la
Jan. 2a
Dec. 31a
Dec. 31
Dec. 20
Dec. 20
Mar. 20
June 20
Sept. 20
Dec. 30
Dec. 30
Dec. 30
Dec. 15a
Dec. 20a
Dec. 20a
Dec. 31
Dec.
Dec.
Dec.
Dec.

31
31
30a
30|

Name of Company.
B anks. (.ConcludeJ).
Gotham National (quar.)___
Peoples (Brooklyn).................
E x tra __________________
West End (Brooklyn)______
T ru st Com panies.
American (quar.)_______ _

2875
Per
When
Cent. Payable.
3
4
1

4

Books Closed.
Days Inclusive.

Jan. 2 Holders
Jan. 2 Holders
Jan. 2 Holders
Dec. 30 Holders

154 Jan.

of rec.
ot rec.
of rec.
of rec.

Dec.
Dec.
Dec.
Dec.

29
31a
31a
29

1

M iscellaneous.
Acushnet Mills (stock dividend).
*e33 I- 3 _____
Alabama Fuel & Iron (quar.)
Jan. 1 Dec. 21 to Jan. l
2
E x tr a ___________________________
jan. 1 Dec. 21 to Jan. 1
2
Allied Chemical & Dye Corp., com. (qu.) SI
Feb. 1 Holders of rec. Jan. 15
American Bank Note, common (quar.) „. *S1
Feb. 15 ‘Holders of rec. Feb. 1
Amcri an Ice, common (quar.)_______
154 Jan. 25 Holders of rec. Jan. 10a
Preferred (q u a r.)_______ _________
1 % Ian. 25 Holders of rec. Jan. 10a
American Coal (quar.)_______________ ♦SI
Feb. 1 'Holders of rec. Jan. 11
kmer I sundry Machinery. nref. (quar.)
i y, Jan. IB Tan. 6 to Jan. 15
American Railway Express (quar.)____ * $1.50 Dec. 29 ♦Holders of rec. Dec. 28
Amer. Romtig Mill, common (quar.)___
50c. Jan. 1 .iORlcrs of rec. Dec. 30a
Preferred (quar.) ..._______________
154 Jan. 15 Holders of rec. Dec. 30a
Amer. Seeding Ma-htne, common (quar.)
1
Ian. 15 Holders of rec. Dec. 30a
Preferred (q u a r.)...........
1 % Ian. 15 Holders of rec. Dec. 30a
Andros-oggii Mills______
Jan. 2 Holders ot rec. Dec. 22a
3
♦Holders of rec. Dec. 1
Aragon Cotton Mills (stock div.)
..e 133 1-3
Arlington Mills (nuar.)_________
Jan. 2 Holders of rec. Dec. 22a
2
' tlas Fo-vSer, preferred (qnnr.t _.
1 % Feb. 1 Tro''’ers of rec. Jan. 20a
Beacon Oil, common (monthly)_______ * 50c. Dec. 29 ♦Holders of rec. Dec. 22
Preferred (q u a r.)______ ______ „_*$ I .8754 Feb. 15 ♦Holders of rec. F’eb. 1
B illings* Spencer Co., pref. (quar.)___
Jan. 1 Holders of rec. Dec. 20a
2
Black * Decker Mfg., pref. (quar.) . . .
Dec. 31 Dec. 21 to Jan. 1
2
Borden (Richard) Manufacturing (quar.) 2
Jan. 2 TIo'dcrs of rec. Dee. 20a
Border < lty Mfg. (stock dividend)____ *e50 SubJ.to st'kholders' meet'g Dec .28
Power Roller Bearing________________
o '“-s of rec. iiec. 26a
Dec. 28
5
Bush Terminal, common..........................
254 Jan. 15 Holders of rec. Jan. 8a
Preferred___________ _____ ______
Jan. 15 Holders ot rec. Jan. 8a
3
Canadian * onsol. Rubber, pref. (quar.).
154 L>eo. 3t_( Holders of rec. Dec. 23a
Canfleld Oil, common (quar.)________
to Jan. 4
1 % Dec. 31 Dec. 21
Preferred (q u a r.)_____ ____ _____
154 Dec. 31 Dec. 21 to Jan. 4
Canton C om pany,...........
_ - __
Dec. 30 Holders of rec. Dec. 27u
3
Carey (Philip) Mfg., pref. (quar.)____
Jan. 1
1 % Ian. 1 Dec. 21 to
Cartier, Inc., preferred ( q u a r .) ...___
154 Jan. 31 Jan. 16 to Jan. 31
Ca 3ey-IIcdges Co., preferred (quar.)..
1 Holders of rec. Dec. 20a
1 % Jan.
Chicago Pneumatic Tool (quar.)_____
1
Jan. 25 Holders of rec. Jan. 15
Cb’clnnatl Union Stock Yards (quar.)_
154 Dee. 30 Holders of rec. Dec. 23
Citles Service—
Common (monthly, pay .in cash scrip) *054 Feb. 1 ♦Holders of rec. Jan.
Common (payable In com. stk.scrlp). . *1 % Feb. 1 ♦Holders of rec, Jan.
Pref. and Pref. B (payable In cash) .
*54 Feb. 1 ♦Holders ot rec. Jan.
Clifton Mfg. C o .....................................
*6
Stock dividend_____________ ____ *e25
Cleveland Automatic Mach., pref. (qu.)
154 Jan. 2 Holders of rec Dec. 23a
cole Motor c a r (In common SLOck)____ */I 00
"Holders of rec. Dec. 15
Corn Products Refining, common (quar.)
1 % Jan. 20 Holders of rec Jan. 2 a
Common (extra)................ .. ...........
3
Jan. 20 Holders of rec Jan. 2a
Preferred (quar.) . .
...........
154 Jan. 15 Holders of rec Jan. 2a
Cresson Consol. Gold M . * M . (quar.)
10
Jan. 10 Holders of rec Dec. 31a
Dartmouth Mfg. (stock dividend)
*cl00
Davis Coal & Coke.........
S3
Jan. 15 Holders of rec. Dec
Delaware, Lack. * U est. Coal (q u a r.).. $1 .25 Jan. 15 Holders of rec Dee
Denver Dry Goods Co. (stock dividend). *f900
Dwight Manufacturing................ . ......
3
Jan. 2 Holders of rec Dec. 22 a
Eagle-Pi- her I cad, preferred (quar.)__
Jan. 15
1 % Jan. 15 Jan. 7 to
Eastman Kodak, common (extra)____
SI
Mar. 1 I folder? of rec Jan. 31a
Falcon Steel, common (quar.)..............
Jan. 1
1
Jan. 1 Dec. 20 to
Preferred (q u ar.)................... ............
Jan. 1
154 Jan. 1 Dec. 21 to
Finance & Trading Corp., pref. (quar.) _
154 Jan. 2 Holders of rec Dec. 29a
F lake* Co., Inc., preferred (quar.). ._ 2
Jan. 1 Holders of rec Dec. 22a
Flclshmann Co., common (quar.)_____
(4)
Foiter (W. C.) Co., common (quar.) _
75c. Jan. 1 Dec. 21 to Jan. 1
Preferred (q u a r.)_________________
1 Dec. 21 to Jan. 1
2 % Jan.
Fo ilds Ml"lng, common (extra)
_ $4
Jan. 2 Holders of rec. Dec. 23
„ 1"referred (quar.) ................................... 2
Jan. 10 Holders of rec. Jan. la
French Bros., Bauer & Co., pref. (quar.)
1 Dec. 21 to Dec. 31
1 % Jan.
General 'l ire * Rubber, pref. (quar.). .
154 Jan. 1 Holders of rec. Dec. 20a
Giant Portland Cement, preferred .
2
Jan. 15 Dec. 31 to Jan. 15
GoJehaux Sugars, Inc.. 1st pref. (q u .)..
154 Jan. 1 Dec. 20 to Jan. 1
Gotham Safe Deposit (quar.)______ ___
1
Jan. 2 Holders of rec. Dec. 26
Great Lakes Transit Corp., com. (qu )
SI .25 Jan . 1 Holders of rec. Dec. 26a
Preferred (quar.)
154 Jan . 1 Holders of rec. Dec. 26a
Halle Bros. Co., 1st & 2d pref. (quar.)
)
154 Jan. 31 Jan. 2 " to Jan. 31
Hamilton-Prown Shoe (quar.)________
2
Dec. 22 De*. 17 to Jan. 1
Hamilton W oolen...............................
*3
Jan. 10 ♦Holders of rcc Dec. 20
'
ring (quar.)---------- „_I
2
• ll. *
> o.d ■ of rec Dec. 20 a
rs
Hillman Coal & Coke, 1st prel. (quar.)
154 Jan. 25 Jan. 111 to Jan. 25
Second preferred (quar.)
154 Jan. 25 Jan. 16 to Jan. 25
Holmes (u . H.) Co. (quar.)__________
3 A Ian. 2 Holders of rec Dec. 26a
Hooven. Owens Rcntschler, pref. (qu.). .
i % Dec. 31 Dec. 22 to Dec. 31
Illinois Brick (quar.)________________
i% Jan. 15 Holders of rec. Jan. 3
Imperial Tobacco of Canada (ordinary)
*i
Dec. 2$
Ordinary (Interim)_______ .
*i% Dec. 28
Interlake Steamship (oh.) stock, par $100) 3 54 Jan. 1 Holders of rec. Dec. 21
New sto c k _______ ________
Holders of rec. Dec. 21
Interna'lonal Paper, preferred (quar.)I
1 K Jan. 15 Holders of rec. Jan. 8a
International Shoe, common.
*75c. April 1
Interprovlnclal Brick of Can.I pf. (qu.) I 154 Dec. 30 Holders of rec. Dec. 31
Interprovincial Clay Products, pf. (qu.). 2
Dec. 30 H old ers of rec. Dec. 21
Kansas City Clay of St. Joseph, pf. (qu.)
154 Jan. 2 Holders of rec. Dec. 20a
Kansas City Stock Yards (extra)
Jan. 2
*1
Kroger Grocery & Baking, com
*10
Dec. 30 ♦Holders of rec. Dec. 29
Lit Brothers (stock dividend)_________ *£100
.
Loew's Boston Theatres, com. (qu.)__
Feb. 15 ♦Holders of rec. Feb. 1
*1
Preferred (quar.)
*154 Jan. 2 ♦Holders of rec. Dec. 22
Long Island Safe Deposit___________ I
354 Jan. 1 Holders of rec. Dec. 23
MacAndrews * Forbes, pref. (quar.). _
154 Jan. 15 Holders of rec. Dec. 31a
Manchester Cotton Mills ( q u a r . ) . . . " "
Jan. 1 Holders of rec. Dec. 31a
3
Marshall Oil & Gas (quar.)____ ______
Jan. 10 Holders of rec. Dec. 30
2
Monatiquot Rubber Works, pref. (qu.).
154 Jan. 1 Dec. 22 to Jan. 1
Motor Products Corp. (quar.)_______
*154 Feb. 1 ♦Holders of rec. Jan. 20
Murray Mfg., com. * pref. (quar.)__
Jan. 1 Holders of rec. Dec. 20a
2
Common (payable in common stock). /50
Dec. 21 Holders ot rec. Dec. 18a
N at. Auto. Fire Alarm ol Am. (quar.).. 254 Jan. 2 Holders of rec. Dec. 30a
National Paper & Type, com. & pf. (qu.) 2
Jan. 15, Holders of rec. Dec. 30a
New England Coal * Coke (quar.)____ *3
Dec. 29 ♦Holders of rec. Dec. 28
New England Transportation (quar.j.
*1
Dec. 29 ♦Holders of rec. Dec. 28
New Jersey Zinc (q u a r.)...
2
Feb. 10 Holders of rec. Jan. 31
E x tra______________
2
Jan. 10 Holders of rec. Dec. 30
New Nlquero Sugar (stock dividend")!" *c200 Dec. 29 ♦Holders of rec. Dec. 28
Nelld M fg .............. ................................ *20
Norton Co., 1st pref. (quar.)_________
154 Jan. 2 Dec. 16 to Jan. 2
Nova Scotia Steel & Coal, pref. (quar.). 2
Jan. 15 Holders of rec Jan. 6
Osborn Mills (quar.)________________
154 Jan. 2 Holders of rec Dec. 26a
Panhandle Prod. & Ref., pref. (quar.)__
2
Jan. 2 Holders of rec Dec. 21
Pennsylvania Rubber, com. (quar.)___
1 % Dec. 30 Holders of rcc Dec. 15a
Preferred (quar.)
_
154 Dec. 30 Holders of rec Dec. 15a
Phlla. Insulated Wire________________ ♦SI.50 Feb. 1 ♦Holders of rec Jan. 15
E x tr a _______________
_____ *50c. Feb. 1 ♦Holders of rec Jan. 15
Pierce Mfg. Co.—
-See Note (rj.
Pilgrim Mills, com. (quar.)__________
2
Dec. 30 Holders of rec. Dec. 23a
Preferred (quar.)_________________
154 Dec. 30 Holders of rec. Dec. 23a
Pittsburgh Coal, common____________
1
Jan. 25 Holders of rec. Jan. 5a
Preferred (quar.)_________________
154 Jan. 25 Holders of rec. Jan. ha
s
Rand Mines____ ___________________
Regal Shoe, pref. (q u ar.)._____ ______ *154 Jan. 2 ♦Holders of rec. Dec. 20
St. Joseph Stock Yards (quar.)_______
2
Dec. 30 Dec. 22 to Jan. 7
Scott & Williams, Inc., pref. (quar.)___
154 Jan. 2 Holders of rec. Dec. 21
Second preferred (quar.)___________
2
Jan. 2 Holders ot rec. Dec. 21
Shatter Oil & Ref., pref. (quar.)..............
154 Jan. 25 Holders of rec. Dec. 30
Shredded Wheat, com. (quar.).......... ...... 2
Jan. 1 Holders of rec. Dec. 21
Common (bonus)________ _______ _
1
Jan. 1 Holders of rec. Dec. 21
Preferred (quar.)____________ ____
154 Jan. 1 Holders ot rec. Dec. 21

Name of Company.

[V ol. 115.

T H E CHRONTCLE

2876
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

P ublic U tilities. (Continued)
American Gas A Elec., common (quar.)
25s Dec. 30 Holders of rec. Dec. 15
Dec. 30 Holders of rec. Dec. 15
Common (payable in common stock). _ /25
Preferred (quar.)-----------------154 Feb. 1 Holders of rec. Jan. 15
Amer. Power A Light, pref. (quar.)___
154 Jan. 2 Holders of rec. Dec. 18
American Public Service, pref. (quar.)..
154 Jan. 2 Holders of rec. Dec. 15a
Auierleau Telephone A Telegraph (quar.) 254 Jan 15’23 Holders of roc. Deo. 20a
Quarterly________________________
254 Aprl6’23 Holders of rec. M ar.16*23
Quarterly________________________
254 J'ly 16*23 Holders of reo. June 20*23
Appalachian Power, pref.(quar.) (N o .l ) 154 Jan. 15 Holders of rec. Dec. 30
2 Ho lers of rec. Dec. 16
Asheville Power A Light, pref. (quar.)_.
154
Associated Gas A Electric, pref. (quar.).
88c. Dec. 30 Holders of rec. Dec. 15
Baltimore Electric, preferred____
254 Jan. 2 Holders of rec. Dec. 15a
Bangor Ry. A Electric, pref. (quar.)___
154 Jan. 1 Holders of rec. Dec. 9a
Ken eleo. of Canada (quar.)........
1 . no mrs of rec. Dec. 23
2
Binghamton L., H . A P. 6 % pref. (qu.) 154 Jan. 2 Holders of rec. Dec. 20
Seven per cent preferred (quar.)____
154 Jan. 2 Holders of rec. Dec. 20
Bos on Elevaied Ry., com. (quar.)__ SI .50
2 Hoi lers of rec. Dee. 16
First preferred___________________ ... $4
2 Holders of rec. Dec. 16
Seven per cent preferred....................... $3.50
2 Holders of rec. Dec. 16
Brazilian T r., L. A Pow., pref. (q uar.)..
2 Holders of rec. Dec. 15a
154
Brooklyn Borough Gas, common..
♦ 2
Jan. 10 ♦Holders of rec. Dec. 30
Preferred (quar.)-----------------♦ 2
Jan. 2 ♦Holders ol rec. Dec. 27
Brooklyn Union Gas (quar.)_____
2
2 Holders of rec. Dec. 15a
i uffalo General Electr c (quar.)..
2
Dec. 30 Holders of rec. Dec. 15a
California Elec. Generating, pf. ( q u .)...
154 Jan. 2 Holders of rec. Dec. 18a
Canadian General Elec., com. (quar.).
154 Jan. 1 Holders of rec. Dec. 15a
2
Canadian Westinghouse (quar.)_____
Jan. 1 Holders of reo. Dec. 19
Capital tra c t., Washington, D. C. (qu.)
154 lan. 1 Holders of rec. Dec. 11a
Carolina Power A Light, pref. (quar.)
154 Jan. 2 Holders of ree. Dec. 16
Central Ills. Public Service, pref. (q u .)..
154 Jan. 15 Holders of ree. Dec. 30a
Central States Electric, pref. (auar.)___
154 Dec. 30 Holders of rec. Dec. 9a
Below we give the dividends announced in previous weeks Cincinnati Gas A Elec, (quar.)................. 154 Jan. 1 Dec. 15 to Dec. 21
rec.
i in. O.n irainoori,avion (annual)_____
1
and not yet paid. This list d o e s n o t include dividends Cine.A Hamilton Tract..common (quar.) 10 Jan. 1 Holders of to Dec. 20a
Dec. 21
Jau. 1
l
Jan.
Preferred (quar.)-------------------------announced this week.
154 Jan. 1 Dec. 21 to Jan. 1
Cincinnati Street Ry. (quar.)...................
154 Jan. 1 Dec. 17 to Jan. 1
ol lers of rec. Dec. 15
Cincinnati A Sub. B 41 I'elp. (quar.)___ Si
Jan. 2
P er
When
Books Closed.
Citizens Pass. Ry., Phila. (ouar ) ........... $3.50 Jan. 1 Holders of rec. Dec. 20a
Cent. Payable
Days Inclusive.
Name of Company.
City Gas of Norfolk, pref. (quar.)_____
2
Jan. 2 i)oi mrs of roc. Dec. 16
Cleveland Ry. (quar.)........................ .....
154 Dec. 31 Holders of rec. Dec. 12
R ailroads (Steam).
Jan. 2 Holders of rec. Dec. 21a
Columbus El. A Power, com. (quar.)__
2
Alabama Great Southern, ordinary----3)4 Dec. 28 Holders of rec. Nov. 29
First and second pref. (quar.)...............
154 Jan. 2 Holders of rec. Dec. 21a
3) 4 Feb. 16 Holders of rec. Jan. 19
Preferred_________ ______________
Commonwealth Power Corp., pref. (qu.)
154 Feb. 1 Holders of rec. Jan. 10a
Albany & Susquehanna------ -------------4) 4 Jan. 2 Holders of rec. Dec. 15u Consol.Gas, E l.L A P.of Balt.,com.(qu.) 2
Jan. 2 Holders of rec. Dec. 15a
2
Ian. 6 Ho ders of rec. lie.!. 21
Albany « s u i ie i 1 i i.i (sue -ial)--------Jan. 2 Holdets of rec. Dec. 15a
2
Preferred, Series A (quar.)_________
Atch. Topeka A Santa Fe, pref------------ 2)4 Feb. 1 Holders of rec. Dec. 29a
Preferred, Series B (quar.)_________
154 Jan. 2 Holders of rec. Dec. 15a
Dec. 30 Dee. 19 to Jan. 1
Atlanta & West Point............................... 3
Jan. 15 Holders of rec. Deo. 30a
of N. J ________
Jan. 10 Holders of rec. Di c. 15a Consolidated TractionPow., New Orl.— 2
Atlantic Coast Line HR., common_. . .
3)4
ii i n ri
2 Mar. 1 Hosiers of re;, Jan. 13. CoPreferred Ei. / . a:
Baltimore < ■>iio, >r -r rr >i ------------v
(quar.)..................................
154 Dec. 31 Dec. 10 to Jan. 1
B angor* Aroostook, pref. (quar.)-------1)4 Jan. 1 Holders of rec. Deo. 15a Consumers Gas (Toronto) (quar.)_____
254 Jau. 2 Holders of rec. Dec. 15
50c. Jan. 2 Holders of rec. Dec. 15
Beech Creek (quar.)................................
Consumers Power, 6 % pref. (quar.)----154 Jan. i Holders of rec. Dec. 15a
Jan. 1 Dec. 20 to Jan. 1
Belt R R . A Stk Yds . I ndianap., com. (qu) 3
i Holders of rec. Dec. 15a
7 % preferred (quar.)............................
154
Preferred (q u a r.):.------ ---------------1) 4 Jan. 1 Dec. 20 to Jan. 1
29a
Continental Passenger Ry., Philadelphia tc$3
Dec.
2 * Dec. 30 Holders of rec. Nov. 30a Dayton Power A Light, preferred (quar.) 154 Jan. 30 Holders of rec. Nov. 20a
Boston & Albany (quar.)-----------------2 Holders of rec. Dec.
2) 4 Jan. 1 Holders of rec. Dec. 20a
Boston & P ro-’dence (quar.)------------.
15 Holders of rec. Dec. 20a
2
Detroit Edison (quar ) ----------------------Dec. 30 Dec. 16 to Jan. 1
Buffalo* Susquehanna, com. (quar.) —
in
Dominion Power A Transmission, pref.. 354 Jan. 15 Dec. 15 to Dec. 31
Dec. 30 Dec. 16 to Jan. 1
Common (special)........................ ......... 10
Duluth Edison Electric, pref. (quar.) —
154 Jan. 1 Hol lers of ree. Dec. 21a
Dec. 30 Dec. 16 to Jan. 1
Preferred ________________________ 2
2 Holders of rec. Dec. 15a
Feb. 1 Holders of rec. Dec. 2 )i Duluth-Superior Traction, preferred___ 53
Canada S o i 'h - n ........ .............................
1)4
Duquesne Light, pref. (quar.)................. 154 Feb. 1 Holders of rec. Jan. 1
2) 4 Dec. 30 Holders of rec. Dec. la
Canadian Pacific, common (quar.)-----of
Dec.
2 Jan. 1 Holders of rec. Dec. la Eastern Texas Elec. Co., com. (quar.).. 2 Jan. 2 Holders of rec. Dec. 13a
Chesapeake & Ohio, common__ ______
reo.
13a
2 Holders
Preferred.................. ......................... ..
Preferred (No. 1 ) ..'........................—
154 Jan. 1 Holders of rec. Dec. la Elec. Lt. A Pr. of Abington A Rockland. 3
4
Jan. 2 Holders of reo. Dec. 22a
Chicago Indiano. A Loulsv.. common__
154 Jan. 10 Holders of rec. Dec. 30a
Dec.
2 Jan. 10 Holders of rec. Dec. 30 Electrical Securities Corp., com. (quar.) 2 Dec. 30 Holders of rec. Jan. 22a
Preferred ________________________
19a
Preferred (quar.)_________________
154 Feb. 1 Holders of rec.
Chicago A North W»st, common_____
2) 4 Jan. 15 Holders of rec. Dec. 14a
Jan. 8 Holders of rec. Dec. 18a
3
Preferred ________________________ 3) 4 Jan. 15 Holders of rec. Dec. 14a El Paso Electric Co., preferred________
2 Holders of rec. Dec. 15a
Erie Lighting, pref. (quar.)___________ 50c.
Cb cago Rock Island A Pacific, 7% pref. 3)4 Dec. 30 Dec. 9 to Jan. 1
Erie Lighting,-common (No. 1 ) ............. ♦25c. Dec. 30 ♦Holders of rec. Dec. 28
Six per cent preferred--------------------Dec. 30 Deo. 9 to Jan. 1
3
Jan. 2 Holders of rec. Dec. 20a
Chic. St. P. Minn. A Omaha, common..
2) 4 Feb. 20 Holders of rec. Feb. la Fall River Electric (quar.)____ ______ $2
Dec. 31a
1 Dec. 2 to
’ iiikf - i . -> nt w. Pass., Phila. (qu.) 54.50
Feb. 20 Holders of rec. Feb. la
Preferred_____ _______ __________
3) 4
$2
Jan. 2 Holders of rec. Dec. 20a
Jan. 20 Holders of rec. Dec. 29 1 General Gas A El. Corp., pref. A (q u .)..
1
Cleve. CIn. Chle. A St. L., common___
12a
Preferred (q u a r.)..................................
1)4 Jan. 20 Holders of rec. Dec. 29a Germantown Pass. Ry. (quar.)_______ $1.31 Jan. 2 Holders of rec. Dec. 30a
1 54 Jan
2 Holders of rec. Dec.
tlold A Stock Telegraph (quar.)_______
3
Colorado A Southern, common________
Dec. 30 Dec. 17 to Jan. 1
Hartford City Gas-L., com. A pf.(qu.)_. 50c. Dec. 30 Dec. 19 to Jan. 1
First preferred____________________ . 2
Dec. 30 Dec. 17 to Jan. 1
iav»r n» • s L c i (quar.).................. $ 1.12 4 .Ill, 2 Hoi lers of rec. Dec. 16a
4
8 econd preferred (annual)__________
Dec. 30 Dec. 17 to Jan. 1
154 Dec. 31 Holders of rec. Dec. 18a
3
Cuba R R ., preferred................................
Febl5'23 Holders of rec. July 20a Houston Gas A Fuel, pref. (quar.)____
..... ..
ia .i.n, ori-f. (quar.)................
1 A Jail. 2 n o i -rs of rec. Dec. 15a
3
fan. 15 Holders of rec. Jan. 8a
Detroit River Tunnel (quar.)_________
Internal. TeleD. A Teleg. (quar.)_____
154 Jan. 1 Holders of rec. Dec. 23a
El Paso Southwestern (quar.)_________
fan. 24 Holders of rec. Dec. 26
1)
1 Holders of rec. Dec. 15
lQ
Kansas CKy Power A Lt., 1st pf. A (qu.)
3
Georgia RR. A Bkg. (quar.)--------------Jan. 15 Jan. 1 to Jan. 14
1 Holders of rec. Dec. 20
Great Nor .era, preferred___________
2) 4 Feb. 1 Holders of rec. Dec. 29a Kansas CT V Pow Secur.. pref (quar.).
Dec.
2 Dec. 30 Holders of rec. Dec. 8o Kansas Electric Power, pref. (quar.)___ 154 Jan. 2 Holders of rec. Dec. 20
Hocking Valley..........................................
19
2 Holders of rec.
Kau. Das** 'dec., pref.(quar.)........... 154
2 Jan. 1 Dec. 12 to Jan. 4
Illinois Central, leased lines--------------2 Holders of rec. Dec. 20a
Joliet A o ago ■ i a
i
r -------1)4 la n .. 1 Hoi lers of ree. Dec. I l l Kent eky Semrltics Corp., common___
15 Holders of rec. Dec. 29a
14
Preferred (quar.)------ ------------------1
Jan. 15 Holders of rec. Dec 39a
Kansas City Southern, pref. (quar.)----15 Holders of rec. Dec. 30
154
Jan. 2 Holders of rec. Dec. 6a Laurentide Power (quar.).........................
Lackawanna RR. of N. J. (quar.)-------Dec. 22 to Jan. 1
154 Jan.
Lehigh Valley, com. (quar.)................... 87)4c Jan. 2 Holders of rec. Dec. 9a Long Island Lighting, pref. (quar.)-----2 Holders of rec. Dec. 6 a
m
Preferred (quar.)-------------------------- $1.25 Jan. 2 Holders of rec. Dec. 9o Maci>ay oompauies, com. (quar.)-------2 Holders of rcc. Dec. 21a
1 'ommon (extra)--------------------------- 10 "
Little Sohuylkui Nav. RR. A Coal........ $1.25 Jan. 15 Dec. 19 to Jan. 15
2 Holders of rec. Dec. 6 a
p-pfen-od (nuar.)-------------------------Louisiana A Northwest (quar.)------ •--­ 1 A Jan. 1 Holders of rec. Dec. 15
30 Holders of rec. Dec. 22a
M anhattan BridgeThrce-Cent Lino (qu.) l \ i
3) 4 Feb. 10 Holders of rec. Jan. 15
Louisville A Nashville----------------------30 Holders of rec. Dec. 18a
2
Manila Electric Corp.,
(quar.)----Mahoning coni R R ., common............... Slo Feb. 1 Holders of rec. Jan. 15a Ma ufaciurers Lt. A Hcom. ittsb.)(qu.). SI "
15 tioniers of rec. Dec. 30a
t. (P
Common (special)-------------------------- $15 Dec. 29 Holders of rec. Dec. 16a
15 Holders of rec. Dec. 30a
SI
Preferred_______ _____ ______ ____ S1.25 Jan. 2 Holders of rec. Dec. 22a Market St. Ry-. S » n F r-. prior Pj2 Holders of rcc. Dec. 11a
1H
M anhattan R y. certificates of d e p o sit...
1)4 Jan.
Dec. 10 to Jan. 1
15 Holders of rec. Dec. 26a
1 ^*
Massachusetts Ltg. Cos. 6 /< pref. (qu .).
?
Dec. 16 to Jan. 1
Ccrtlfs. of deposit (in scrip warrants). 175)4 Jan.
15 Holders of rcc. Dec. 26a
2
8 % preferred (q u a
. ..................
Jan.
Holders of rec. Dec. 29a Metropolitan Edison, r.)... . ( q u a r .) .....
Michigan Central....................................... 4
154 Jan. 2 Holders of roc. Dec. 20
pref.
6 Jan.
Holders of ree. Dec. 29a
E x t r a ................................. — ----------2
154 Jan. •> Holders ol rcc. Dec. 9a
Mississippi River Power, pref. (q uar.)..
Jan.
Dee. 2 to Jan. 1
Mobile A Birmingham, preferred............. 2
mi i -rs of reo. Dec. 20a
2
,, , K ,
4) 4 Jan.
Holders of rec. Dec. Ha Monongahela,ev * o. (quar.)......... ........... 3754c Jan. 8 Holders of rec. Dec. 26a
M orns A Essex.............. ...... ..................
Power A R y., pref. (quar.)
Dec. 16 to Jan. 1
New London Northern (quar.)............... 2 H Jan.
54 Jan. 2 Holders of rec. Dec. 13a
Humana Tower, com. (quar.)-----------Dec. 30 to Jan. 24
1)4 Feb.
New Vork - en.rai RR id a r.)...............
154 lan. 2 Holders of rec. Dec. 13a
Profprrp'i 'ouar I -------- ------------—
2
New York Chicago A S t. Louis—
Jan. 15 Jan. 1 to Jan. 15
Telegraph (quar.).. . - 1)4 Deo. 30 Holders of rec. Dec. 19a Montreal Gas A El. Serv., prior -lien- - - - C om m on________________________
154 Jan. 15 Holders of rcc. Deo. 31a
Missouri
(qu.)
1 \i Dec. 30 Holders of rec. Dec. HE
First preferred (quar.)-------------------Jan. 2 Holders of rec. Dec. 15a
2
Dec. 30 Holders of rec. Dec. 19a Narragansctt Elec. Lighting (quar.)----Second preferred (quar.)------ ---------- 1)4
154 Jan. 30 Dec. 31 to Jan. 7
Nevada-Caliiornla Elec., pref--------- - - ­
New York A Harlem, com. A p re r ..- - - - $2.50 Jan. 2 Holders of rec. Dec. 15a
Dec. 30 Holders of rec. Dec. 11a
s .„
L ,mi ivlep.
.
a r.)...
1)4 Jan. 2 Holders of rec. Dec. 14a New Jersey Power A A Teleg. (q uuar.).. 2
N . Y. Lackawanna A Western (qu ar.)..
Lt., pref. (q
154 Jan. 2 Holders of roc. Dec. 20
Dec. 31 Holders of ree. Dec. Ifta
New York Philadelphia A Norfolk........... $3
Jan. 15 Holders of rec. Dec. 30a Newport News A Hampton R y., Gas A
Northern Central----------------------------- S2
154 Jan. 1 Holders of rec. Dec. 15a
Electric, preferred (q u a r.)....................
1 J4 Feb. 1 Holders o. rec. Dec. 29a
Northern Pacific (quar.).........- ................
N. Y. State Rys., common - - - - - - - - - - ­ 154 Jan. 2 Holderso f rec. Dec. 22a
VA Jan. 2 Holders of rec. Dec. 11
Northern RR. of N . H . (quar.)----------Preferred (acct, accum. dividends)... fclO Jan. 2 Holders of rec. Dec. 22a
4
Jan. 10 Dec. 28 to Jan. 10
Northern Securities— --------- ----------1 54 Jan. 2 Holders of rec. Dec. 22a
Preferred (ouar.)...................... ...........
Jan. 10 Dee. 28 to Jan. 10
2
E x tr a ............................ ...
v i ----New York Telephone, pref. (quar.).........
154 Jan. 15 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 15
2
Norwich A Worcester, pref. (quar.)----154 Jan. 15 Holders of rec. Dec. 31a
Niagara Falls Power, pref (quar.). . . . .
1)4 Jan. 1 Holders of rec. Dec. 16
Old Colony RR. (quar.)...........................
North American Lt. A Pow., pref. (qu.). 154 Jan. 1 Holders of rec. Dec. 20
Dec. 30 ♦Holders of rec. Dec.- 15
Phila. Balt. A W ashington.. ............... ♦3
Jan. 2 Hmders of rec. Dec. 15a
N orunr i om o xr. A Lt., 6 % pf. (q u .)..
2)4 Jan. 10 Dec. 31 to Jan. 11
Philadelphia A Trenton (quar.)----------154 Jan. 2 Holden of rec. Dec. 15a
7% nreferred fouar.)-------------------) Feb. 1 Holders
Pittsburg w ake
'
,
x S2 ..-H Jan. 2 Holders of rec. Jan. 11 a Northwestern Telegraph . . . ----- - -----$1.50 Jan. 1 Dec. 16 to Dec. 31
1)4
of rec. Dec. 9a Ohio Bell TelepliQne, pref. (quar.) . . .
Pitts. F t. Wayne A Chic.. com.Apf.(qu.)
154 Jan. 2 Holders of rec. Dec. 20a
Plttsb. McKeesp. A Y oughlogheny....- $1.50 Jan. 2 Holders of rec. Dec. 15i Ottawa Light, Heat A Power quar. . . .
154 Dec. 30 Holders of rec. Dec. 22
m Feb. 28 Holders of rec. Feb. la Pacific Gas A Electric, com. (quar.)
Pittsburgh A West Virginia, pref. (quar.)
154 Jan. 15 Holders of rcc. Dec. 30a
2)4 Dec. 30 Holders of rec. Dec. 13
Holders of rcc. Dec. 30a
Providence A Worcester (quar.)--------Common (payable in common stock) /2
Feb. 8 Holders of rec. Jan. 16a
SI
II...... rx of rec. Deo. 30a
Reading Company, com. (quar.).............
1
1
PacificTclcp. A Teleg. pref (quar ) . . .
11 Holders of rec. Dec. 29a
Holders ol rcc. Dec. 21
First preferred (quar.)-------------------- 50c. Jan. 1 Dec. 15
154 Jan.
Panama Power A Lt., pref. ( q u a r.)....
Jan.
4
to Jan. 1
lan. 2 Moriers of rec. Dec. 11a
Rensselaer A Saratoga----------------------.ntrv 1 A Row., pref. (qu.)--- SI
Jan. 1 Dec. 21 to Jan. 2
234
Jan. 2 Holders of roc. Dec. 20
Rome A Clinton----------------------------Pennsylvania Edison Co., pref. (quar.).. 2
Dec.
Holders of rec. Dec. 15
St. Louis Southwestern, pref................... 2)4 Jan. 30 Holders of rec. Dec. 15a Pennsylvania Power A Lt., pref. (qu.)-154 Jan.
2 Holders of rec. Nov. 29a
1)4
Southern Pacific C o. (quar.)-------------154 Jan. ‘) Holders of rec. Dec. 15a
Power (q u a r.)...
Jan. 15 Holders of rec. Dec. 29a Pennsylvania Water A ’oke (ouar.)-----6
17 Ho ders of rec. Jan. 3a
i,
iire A r
Troy Union------ ---------- ------------------2)4 Jan. 2 Holders of rec. Dec. la Philadelphia Rapid Transit (quar.)
75c. Jan. 30 Holders of rec. Jan. 15a
Union Pacific, com. (quar.).....................
2)4 Jan. 10 Deo. 21 to Dec. 31
Holders of
United N. J. RR. A Canal (quar.)...........
Western Ry., pref. (qu.). 6254c Jan. 15 Holders of rec. Dec. 31a
2)4 Jan. 2 Holders of rec. Dec. 16a Philadelphia AL. A P-, 1st pref .(quar.)..
rec. Doc. 18
Valley R R. (New Y ork)..
154 Jan. 2
tland Ry.,
1)4 Jan. 2 Holders of rec. Dec. 18u PoPrior prelerence (quar. ) . . . . -----Western Pacific RR
<>rp pref. (qu.).
154 Jan. 2 Holders of rec. Dec. 18
Dec. 30 Dec. 9 to Jan. 1
3
Western R y. of A labam a..
154 Jan. 2 Dec. 16 to Jan . 1
Porto Rico Rys., L td., pref (quar.).
Jan. 1 Holders of rec. Dec. 15a
SI
Providence Gas ( q u a r .) ...--------- P u b lic U tilitie s .
Dec. 30 Holders of rec. Dec. 15a
Public Serv. Corp. of N . J ., com. (qu.). 2
Jan. 2 Holders of rec. Dec. 19
Adirondack Pow. A L. 8 % pref. (q u .).. 2
Dec. 30 Holders of rec. Dec. 15a
2
Preferred (ouar.) ----------------- - - ­
1)4 Jan. 2 Holders of rec. Dec. 19
Seven per cent preferred (quar.)-----154 Jan. 15 Holders of rec. Dec. 31a
Public Service Co. of Quebec (quar.).
Jan. 1 Holders of rec. Dec. 20
1)4
Alabama Power, pref. (quar.)-----------Jan. 15 Holders of rec. Dec. 20a
$1
Power A L t., com.
1)4 Jan. 15 Holders of rec. Dec. 30 i Puget Sound (quar.)----------------- (q u .)..
All-America Cables, Inc. (quar.)--------154 Jan. 15 Holders of rec. Dec. 20a
Preferred
Holders
Stock dividend____ ______________ e20 Dec. 30 Holders of rec. Dec. 22 ’
154 Jan. 15 Holders of rec. Dec. 20a
Prior preference (quar.)--------of rec. Dec. 20 a
2
1)4 Jan.
American Gas (quar.)_______________
M iscellaneous (Concluded).
Smith (Howard ) Paper Mills, com. (qu.)
Preferred (quar.)_________________
Sodcn (G. A.) Co., com. (quar.)--------First preferred (quar.)_____________
Second preferred (quar.)___________
Standard Screw, common-----------------Preferred------------------------------------Standard Underground Cable (quar.)__
Staples Coal (stock dividend)------------ *
Tecumseh Mills (quar.)--------------------Truscon Steel, com. (In com. stock)___
Tuckett Tobacco, com. (quar.)----------U . S. Bobbin A Shuttle, com. (q u a r.)...
Preferred (quar.)-------- ----------------U. S. Can, common (quar.)----------------Preferred (quar.)--------------------------United States Safe Deposit--------- . ----U. S. Smelt. & Ref. A Min., prof. (q u .)..
Ventura Consolidated Oil Fields (qu.) —
Virginia Bridge A Iron (stock div.).........
Wahl Co., com. (monthly)___________
Common (monthly)---------------------Common (m onthly).______________
Preferred (quar.)-------------------------W ard’s (Edgar T.) Sons Co., pf., (q u .)..
Washburn Wire, com. (quar.)-----------Preferred (quar.) — .............................
Western Grocers,Ltd.(Canada) ,pf (qu.).
Wheeling Steel, pref. A (quar.)_______
Preferred B (quar.)-----------------------




154 Jan. 20 Holders of rec.
Jan. 20 Holders of rec.
Jan. 1 Dec. 24 to
1)4 Jan. 1 Dec. 24 to
2
Jan. 1 Dec. 24 to
Jan. 2 Holders of rec.
5
Jan. 2 Holders of rec.
3
Jan. 10 Jan. 5 to
3
♦Holders of rec.
e33 1-3
1)4 Jan. 2 Holders of rec.
♦Holders of rec.
*/15
1
Jan. 15 Holders of rec.
1)4 Dec. 30 Holders of rec.
154 Dee. 30 Holders of rec.
*50c. Jan. 15 ♦Holders of rec.
*154 Jan. 15 ♦Holders of rec.
*5
Jan. 15 ♦Holders of rec.
S7J4c Jan. 15 Holders of rec.
75c. Feb. 1 Holders of rec.
Dec. 30 Holders of rec.
e50
*50c. Feb. 1 ♦Holders of rec.
*50c. M ar. 1 ♦Holders of rec.
*50c. Apr. 1 ♦Holders of rec.
*154 Apr. 1 ♦Holders of ree.
154 Jan. 2 Holders of rec.
154 Dec. 30 Holders of rec.
154 Dec. 30 Holders of rec.
154 Jan. 15 Jan. 1 to
Jan. 2 Holders of rec.
1
154 Jan. 2 Holders of rec.
2
$1

Jan. 10a
Jan. 10a
Dec. 31
Dec. 31
Dec. 31
Dec. 9a
Dec. 9a
Jan. 10
Dec. 19
Dec. 20a
Dec. 28
Dec. 31a
Dec. 13a
Dec. 13a
Dec. 31
Dec. 31
Jan. 5
Jan. 5
Jan. 15
Dec. 23
Jan. 20
Feb. 21
Mar. 22
M ar. 22
Dec. 15a
Dec. 20a
Dec. 20a
J a n .- 5
Dec. 15a
Dec. 15a

1

1

1

1

1

N a m e o f C om pan y.

P er
C e n t.

W h en
P a y a b le .

B o o k s C lo s e d .
D a y s I n c lu s iv e .

P u b lic U tilities (C o n c lu d e d ) .
Reading Traction......... ............
- — r 75c. Jan. 1 D ec. 16 to Jan. 1
1 5 4 Jan. 2 Holders of rec. D ec. 20
Rutland R y., Light & Power, pref. (qu.)
53 Jan. 2 Holders of rec. Doc. 15
Ridge Ave. Pass. U y. (quar.). . . ----- . . .
1 5 4 Jan. 2 Holders of rec. D ec. 20
Sandusky Gas & Electric, pref. (q u ar.)..
ti
52
lan. 2 Ho' i> of rec. • >e •. 15a
Savannan tec "ower 1 ‘t> f t a tqu.)_
I X Jan. 2 Holders of rec. D ec. 20
Sayre Electric C o., preferred (quar.)----lan. 1 Hoi i^rs of rer. De*.
S econ d * ih'rd Sts. Pass.. Phlia (qu.). S3
I X Jan. 10 Holders of rec. Dec. 22
Shawlnlgan Water & Power (quar.)
I X Jan. 2 Holders of rec. D ec. 15a
Springfield R y. & Light, pref. (q u a r .)...
1 ^ lan. 15 Ho* i'*rs of ree. • »e *. 8 1
Southern 1 » 'ada o ver. nref. (miar.)
Jan. 1 Holders of rec. D ec. 20
i x
Southern Illinois Light & Pow ., pf .(qu.) 1 !4 Dec. 30 Holders of rec. Dec. 12
Tennessee iileo. Power (j% 1st pref. (qu.)
I X n ee. 30 Holders of rec. Dec. 12
Seven ncr cent preferred (quar.).........
56 Jan. 2 D ec. 21 to Jan. 1
13th & 15th Sts. Pass., Phlia....................
2
lan. 2 Holders of rec. Dec. 15
Toledo KdtVfn, nmf. (quar.)......................
I X Jan. 2 Holders of rec. D ec. 20
Trl-Clty R y. & Light, pref. (quar.).........
2
Dec. 30 Holders of rec. Dec. 15a
Twin City Rap't ransit, Minneap., com.
l X Dec. 30 Holders of rec. Dec. 15a
Preferred ( q u a r .) .....- .......................Union Passenger R v.. Phlia -------------- $ 1 .7 5 ( 5 ) Jan. 1 Holders of rec. Dec. 15a
3
Jan. 1 Holders of rec. D ec. 9 '
Union Traction, Phlia.................................
United Light & R ys.. common (q u a r.)..
I X Feb. 1 Holders of rec. Jan.15a
Common (extra)-----------------------------X Feb. 1 Holders of rec Jan. 15'
Six per cent preferred (quar.)................
I X Jan. 2 Holders of rec. Dec. 15'
Seven per cent preferred (quar.).........
I X Jan. 2 Holders of rec. Dec. 15
75c Jan. 15 Homers of rec. Dec. 3ua
United Gas Impt., common (quar.)----Preferred (quar.)................................. . . 87 4 c Mar. 15 Holders of ree. Feb. 2 s*a
United Utilities, pref. (quar.)....................
I X Jan. 2 Holders o 'rec. D ee. 21
Utah Power & Light, pref. (quar.)_____
1 X Jan. 2 Holders of rec. Dee. 12
50c. Jan. 2 Holders of rec. Dec. 23a
Wash. Balt. & Annap. El. RR.,com.(qu.)
75c. Jan. 2 Holders of rec. Dec. 2 3 1
Preferred (quar.)...................... ..............
Washington Water Pow ., Spokane (qu.)
154 Jan. 15 Holders of rec. Dec. 22
1
Jan. 15 Holders of ree. Dec. 22
E x tr a _____________________________
Western Union Telegraph (quar.)_____
I X Jan. 15 Holders of rec. Dec. 2t>a
West India Electric Co. (quar.)________
I X Jan. 2 D ec. 24 to Jan. 1
lan. 2 Mo ders of r*e. i>»*. 22
West K ooie'uv p ow er* i,i.. pref. (qu.)
\x
West Penn Co., pref. (quar.)....................
I X Feb. 15 Holders of rec. Feb. 1
West Penn Power Co., pref. (quar.)___
154 Feb. 1 Holders of rec. Jan. 16
West Philadelphia Pass R y ____ ______ (6)$5 Jan. 1 Holders of rec. Dec. 15r
Winnipeg Elec. R y., pref. (quar.)...........
154 Jan. l Holders of rec. Dec. IS
Wisconsin Edison......................................... SI
Dec. 30 Holders of rec. Dec 6 a
Wisconsin Power & Light, pref. (quar.). *154 Jan. 20 •Holders of rec. Dec. 31
Jan. 2 •Holders of rec. D ec. 23
Worcester (Mass.) Gas Light, com.(qu.) *2
Preferred (quar.)......... ..............
Jan. 2 •Holders of rec. D ec. 27
*2
Yadkin River Power, pref. (quar.)
154 Jan. 2 Holders of rec. D ec. 16
Banks.
3
Jan. 2 Holders of ree. Dee. 21a
America. Bank of (quar.)_______
354 Jan. 1 Holders of rec. D ec. 26 r
2
Jan. 1 Holders of reo. D ee. 16
3
Jan. 2 Holders of rec. Ueo. 21
Battery Bark iNutlonal.
Bryant Park_________
3
Jan. 2 Holders of rec. Dec. 19
E x tr a ........... ..............
3
lan. 2 Holders of rec. Dec. 19
2
Jan. 2 D ec. 30 to Jan. 2
4
Central M eriaiuiie___________
Dec. 30 Dec. 27 to Jan. 2
E x tr a ____________________
2
Dec. 30 De'1. 27 to ’ Jan. 2
4
Chase National (quar.)..............
Jan. 2 Holders of rec. D ec. 18a
Chase Securities Corp. (quar.).
SI Jan. 2 Holders of rec. D ec. 18a
4
Jan. 2 D ec. 17 to Jan. 1
Chem ical N ational (m onthly)____
4
Jan. 2 Holders of rec. Dec. 23
Colonial (quar ) ________________
3
Jan. 2 Holders of rec. Dec. 20a
Colonial (special)_______________
3
Jan. 2 Holders of rec. Dec. 20a
4
C olu m bia______________________
Dec. 31 Holders of rec. D ec. 18a
2
Dec. 31 Holders of rec. Dec. 18a
E x t r a ........................ .......................
Jan. 2 Holders of rec. D ec. 15a
3
Commerce, N at. Bank of (quar.).
4
Jan. 2 Holders of rec. D ec. 15a
E x tr a ________________________
5
Jan. 15 Jan. 1 to Jaa. 14
C om m onw ealth_________________
Corn Exchange (o u a r.)____ _____
5
Feb. 1 Holders of re". D ec. 30a
Jan. 2 Holders of rec. D ec. 13
Coal & Iron National (quar.)____
3
Jan. 2 Holders of rec. D ec. 26
5
Coney Island (Bank o f)__________
6
Dec. 31 Deo. 26 to D ec. 31
East River National_____________
6
Jan. 2 Holders of rec. Dec. 20
Europe, B ank o f________________
4
Jan. 2 Holders of rec. Dec. 20
6
Jan. 2 Holders of rec. D ec. 30 <
Fifth Avenue (quar.).........
Fifth N a'lona1 lunar.)___
254 Jan. 2 lie - 27 to Jau. 1
5
Jan. 2 Holders of rec. D ec. 30 i
First N ational (quar.)___
5
First Security Co. (quar.).
Jan. 2 Holders of rec. Dec. 30a
10
Jan. 2 Holders of rec. D ec. 30a
Extra ................................
3
Garfield National (quar.).
Dec. 30 Holders of rec. D ec. 26a
3
Dec. 30 Holders of rec. D ee. 26a
E x tr a ......... ................ —
3
Greenpolnt N ational____
Jan. 1 Dec. 21 to Jan. 1
2
Jan. 1 D ee. 21 to Jan. 1
Extra ................. ..............
3
Greenwich (quar.)----------Jan. 2 Holders of rec. D ec. 21a
1
Jan. 2 Holders of rec. D ec. 21a
E xtra-------- -----------------6
to Jan. 1
Ian. 2 i >.. 21
Hanover National (quar.).
6
Jan. 2 Holders of rec. D ec. 21a
6
Jan. 2 Holders of reo. D ec. 2 1 1
E xtra------------- --------3
Jan. 2 Holders of ree. D ec. 22
Irving National (quar.).
3
Jan. 2 Holders of ree. Dec. 20a
1
Jan. 2 Holders of ree. Dee. 20a
E x tra
elOO
N ov. 29t to D ec. 5
(o)
3
M echanics, Brooklyn (q u ar.)................
Jan. 2 Holders of rec. Dec. 16a
5
M echanics & M etals N ational (quar.)
Jan. 2 Holders of rec. Dec. 23a
2
Jan. 2 Holders of rec. Dec? 23a
E x t r a ------------- ---------------------------3
Jan. 2 Holders of ree'. Deo.d26
M utual (q u a r .).-..................................... .
3
Jan. 2 Holders of rec. Dec d2j
N assau N ational (Brooklyn) (q u ar.)___
3
Jan. 2 Holders of rec. Dec. 28a
3
Jan. 2 TToMors of roc. Doc. 28a
E x t r a ........................................... ..........
National City Bank (quar.).................
4
Jan. 2 Holders of rec. D ec. 16r
National City Company (quar.).........
2
Jan. 2 Holders of rec. D ec. 16
2
Jan. 2 Holders of rec. D ec. 16
E x tr a ___________________________
New N etherland (q u a r.)......... ..............
__2
P ark , N ational (q u ar.)....... ............ ..
6
Jan. 2 Holders of ree. Dee. 22a
Public National (quar.)_____________
4
Dec. 30 Holders of rec. Dec. 20
Seaboard National (quar.)_________
3
Jan. 2 Holders of rec. D ec. 2 6 1
2
Jan. 2 Holders of reo. D ec. 2 6 1
E x tr a ___________________________
S ta n d a rd --------------------------- -----------I X Dec. 30 Holders of rec. Dec. 29a
Stock dividend....................................
elOO Dec. 3( H oUPt s of rec. Den. 29a
State (quar.).............................................
4
Jan. 2 Holders of ree. D ec. 15a
United States. Bank of the (quar.)..
Jan. 2 Holders of rec. D ee. 20a
2X
I X Jan. 1 Holders of rec. D ec. 30a
Yorkvllle (quar.)............................
5
Dec. 3( Holders of fee. D ec. 20a
Dec. 30 Holders of rec. D ec. 20a
E x t r a ......... ............ •-....................
30
T ru st C om panies.
5
Jan. 2 Holders of rec. D ec. 21a
Bankers (quar.)----------------------5
Jan. 2 Holders of rec. D ec. 15a
B ank of N . Y . & T ru st Co. (q u ar.)____
6
Jan. 2 Holders of ree. Dee. 28a
Brooklyn (quar.)................................
6
Jan. 2 Holders of ree. D ec. 22
Central Union (quar.).......................
I X Jan. 2 Holders of rec. D ec. 22
E x tr a ------------ ------------------------4
Dec. 3( Holders of rec. Dec. 21a
Columbia (q uar.)..............................
0
.
Dec. 3( Holders of rec. D ec. 21a
E x tr a ------- ; ---------------------------3
Jan. 2 D ec. 21 to Jan. 1
Commercial (No. 1)--------------------3
Dec. 3( Holders of rec. Dec. 23a
Empire (quar.)...................................
4
Dec. 3( Holders of rec. D ee. 23a
E x tr a .................................................
4
Dec. 3( Holders of rec. Dec. 20a
Equitable (quar.)- - - - - - - ............
e33 l-( Dec. 3( Holders of rec. D ec. 20a
E q u itable (payable in s tock)........... .
Fidelity-International (quar.)-----2 X Dec. 3( Dec. 23 to Jan. 17
Jan. 2 Holders of rec. D ec. 26a
5
F u lt o n ........... - ......................... ...........
Jan. 2 Holders of rec. Dec. 26a
5
E x tr a ......... - ---------------------------Dec. 3( Holders of rec. D ec. 15
3
G u aran ty (q u ar.)....... .......................
Dec. 3( Dec. 10 to Jan. 1
2X
H udson ( q u a r -------------I X Jan. 2 Holders of reo. Dec. 23
Lawyers T itle & T ru st (q u a r.)-----Jan. 2 Holders of rec. D ee. 23
2
E x tra ----------- -------------------------D ec. 30 Holders of rec. D ee. 26a
e50
S tock dividend-----------------------Jan. 2 Holders of rec. Dec. 20
3
Manufacturers (Brooklyn) (quar.)
Dec. 3( Holders of ree. Dec. 21a
4
Metropolitan (quar.)........................
Jan. 2 Holders of rec. D ec. 23a
New York (quar.)-----------------------Dec. 3( Holders of ree. D ec. 29a
Peoples (Brooklyn) (quar.)..............
Jan. 2 Holders of rec. Dec. 22
3
T itle Guarantee & Trust (q u ar.)..
Jan. 2 Holders of rec. D ec. 22
3
Extra ------------------------------------1254 Jan. 2 Holders of rec. D ec. 21a
U nited S tates (q u ar.)..................
4
Jan. 2 Holders of rec. Dec. 26a
U . S. M ortgage & T ru st (q u a r.)-..
Jan. 2 Holders of rec. D ec. 26a
4
E x tra --------------------------------------




2877

THE CHRONICLE

D ec. 30 1922.]

N a m e o f C om pan y.

P er
C e n t.

W h en
P a y a b le .

B o o k s C lo s e d .
D a y s I n c lu s iv e .

Fire Insurance.
Jan. 10 Holders of rec. D ec. 30a
Continental________________________ $3
Jan. 10 Holders of rec. D ec. 30a
Fldellty-Phenlx_________ _______ ___ $3
Globe < Rutgers Fire (pay. In stock)__ «400
k
Niagara Fire_______________________ *e50 Ratified by stkhldrs’ D ec. 14
Miscellaneous.
Abltlbl Power & Paper, pref. (quar.)__
154 Jan. 2 Holders of reo. D ec. 2 0 i
Jau. 2u Homers of rue. Jan. 10a
Abl.lDi Power * Paper, com. (quar.)__ $1
Jan. 2 Dec. 21 to Jan. 2
Acceptance & Finance Corp., com_____ $1
254 Jan. 2 Dec. 21 to Jan. 2
Preferred A (quar.)..............................
Preferred R fnuar.)_______________
154 Jan. 2 Dec. 21 to Jan. 2
Feb. 5 Holders of rec. Jan. 25
Acme Coal Mining__________________
2
n i. I De 2 / to D ee. 31
2
Acme Hoid iviacni icry, pref. (quar.)__
Dec. 30 Holders of roc. Deo. 15a
Adams Express (quar.)............................ 51
Advance-Rumely, pref. (quar.)_______ 76c. Jan. 2 Holders oi rec. D ec. 16a
•< !. 3' "ii rmii rec. I >ec. 20a
>
A eolic o., pref. (quar.)____________
1‘
4
Air Reduction (quar.)_______________
$1 Jan. 15 Holders of rec. D ec. 30a
n er* of rec. Dee. 28
xulnn e Kenny i mar ) ______________
i. In
2
Allied Chem. & Dye Corp., pref. (q u.)..
154 Jan. 2 Holders of rec. Deo. 16a
Allls-Chalmers Mfg., Inc., pref. (quar.). 154 Jun. 15 Holders of rec. D ec. 23a
Amalgamated Oil (quar.)____________ *75c. Jan. 15 •Holders oi rec. D ec. 30
Amer. Art Works, com. & pref. (quar.)..
1>4 ja n . 15
Ho tors of ret. D ec. 15a
Ame 1 ;an Bank Note, pr f. (quar.)____ 7•>;. ■in.
154 Deo. 30 Holders of reo. Deo. 9a
American Beet Sugar, preferred (quar.).
Amer. BrakeSh. & Fdry., new com. (qu.) $1 Dec. 30 Holders of rec. D ec. 22a
New preferred (quar.)_____________
154 Dec. 30 Holders ol rec. Doc. 22a
American Can, common (quar.) (No. 1). I X Feb. 15 Holders of rec. Jan. 31a
Preferred (quar.)_________________
154 Jan 2 Holders of rec. Deo. 15a
Holders of reo. D ec. 16a
Jan.
3
Amer. Car & Fdy., com. (quar.)______
Holders of rec. D ec. 15a
Preferred (quar.)____ _____ ______
I X Jun.
Holders of rec. D eo. 15a
American Cigar, preferred (quar.)_____
1H Jan.
H.i is of rec. doc. 2tia
1yt Jan.
Ameri-an \a >an Id, pref. (quar.)____
Holders of rec. D ec. 14a
Jan.
American Express (quar.)____________ 52
Holders of rec. D ec. 20a
American-tiawaiian SS. (quar.)_______ 25C. Jan.
•Amer. La France Fire Eng., com. (quar.) 254 Feb. 15 Feb. 2 to Feb. 15
to Jan. 2
Preferred (quar.)_________________
I X Jan. 2 D ec. 27
Dec. 30 Holders of rec. D ec. 15
American Lace Manufacturing (quar.).. 2
Dec. 30 Holders of rec. D ec. 15
2
E xtra___________________________
American Locomotive, common (quar.).
154 Deo. 30 Holders of rec. D ec. 13a
Preferred (quar.)_________________
I X Dec. 30 Holders of rec. D ec. 13a
D ec. 30
American Manufacturing, pref. (quar.).
1 X 1x*e. 31 Dec. 17 to
American Multigraph, pref. (quar.)___
154 Jan. 1 Dee. 20 to Jan. 1
American Plano, common (quar.)_____
1 X Jun. 1 Dec. 27 to Jan. 1
Preferred (quar.)_________________
154 Jan. 1 Dec. 27 to Jan. 1
American Radiator, com. (quar.)_____ SI
Dec. 30 Holders of rec. D ec. 15a
/5 0 Dec. 30 Holders of rec. Dec. 15a
Common (payable In common stock)..
American Sales Book, common_______
8
Ian. 1 Holders of rec. Dec. 15
American Screw (quar.)______________
I X Jan. 2 Holders of rec. D ec. 26a
E xtra_________________________
X Jan. 2 Holders of rec. D ec. 26a
Amer. Shipbuilding, pref. (quar.)_____
I X Feb. 1 Holders of rec. Jan. 15
American Shipbuilding, common (quar.) 2 F eb. 1’23 Holders of rec. Jan.15’23
Common (quar.)_____________
2 M ay 1*23 Holders of rec. Apr.14'23
Common (quar.)_____________
2 A Ug. 1’23 Holders of rec. July 14’23
D ec. 22
American Smelt. Secur., pref. A (quar.).
I X Jan. 2 Deo. 14 to
Preferred B (quar.)....................
Deo. 22
I X Jan. 2 Dec. 14 to
American Snuff, common (quar.).
Jan. 2 Holders of rec. D ec. 14a
3
Preferred (quar.)................................... I X Jan. 2 Holders of rec. D ec. 14a
Holders of rec. Dec. I 9a
Amer.Steel Fouudrles,com.(Incom.stk.) f 18
Dec.
Holders of rec. D ec. 31a
American Steel Foundries, com. (quar.).
75c. Jan.
Preferred (quar.)________________
Holders of roc. D ec. 15a
154 Dec.
American Stores (quar.)____________
Dec. 22 to Jan. 1
154 Jan.
Holders of reo. D ec. la
American Sugar Refining, pref. (quar.).
154 Jan.
Ameri an S irety (quar.)____________
♦Holders of rec. Dec. 23a
$1.2 ) >00.
American Thread, preferred_________
•N o v . 15 to
N ov. 30
• 2 X Jan.
American Tobacco, prof, (quar.)___ __
Holders ol rec. D ec. 9a
I X Jan.
Holders ot rec. Jan. 10a
Amer. Type Founders, com. (quar.j.I.I
1
Jan.
Preferred (quar.)___________ ______
Holders of rec. Jan. 10a
154 Jan.
American Wholesale Corp., pref (quar.) 154 Jan.
Holders of rec. D ec. 20a
Amer. Window Glass Mach., com. (qu.) I X Jan.
Holders of rec. D ec. 8a
Preferred (quar.)................................... 154 Jan.
Holders of rec. D ec. 8a
American Woolen, com. and pref. (quar.) 154 Jan.
D ec. 16 to D ec. 26
Anglo- Ameri ;an > 1 (Interim)_________ 2 3 14 o. liltl.
1
i toiders of coup. No. 24
Armour & Co., preferred (quar.)______
D ec. 16 to Jan. 1
154 Jan.
Armstrong Cork, com. (quar.)_____
Holders of rec. D ec. 27
*1 V Jan.
S
Common (extra).......................... I I I ”
Hollers of ree. D ec. 27
*1
Jan.
Preferred (quir.)_____________
•H ol lers of rec. D ec. 27
•154 Ian.
Arundel Corp., com________
Holders ot rec. D ec. 27 a
$1 iJan.
Preferred______ ____ _ I l l ” ” I II ”
Holders of rec. D ec. 27
3 X Jan.
Asbestos Corp. of Canada, com., (qu.)
Holders of rec. Jan. 2 a
I X Jan.
Preferred (quar.)_______________ II 154 Jan.
Holders of rec. Jan. 2a
Asso lated Industrials, 1st pref. (quar)* 2
• Ail.
o ers of rec. Jan. 13a
Associated Oil (quar.)_______________
Holders of rec. D ec. 30a
I X Jan.
Auas urlik, pret. (quar.)________ IIII 2
jail.
Holders of reo. D ec. 30a
Auburn Automobile, com. (quar.)..” ” SI
Holders of rec. D ec. 21a
fan.
Preferred (quar.)_____________ ” ”
Holders of rec. D ec. 21a
154 lan.
AusTn, v i'h o ls* Co., pref. (quar.)___
Hoi lers of rec. Jan. 15a
Feb.
IX
Holders of rec. D ec. 16a
Ault & Wlborg Co., pref. (quar.)_____
154 Jan.
Holders ol reo. D ec. 20a
Babcock & Wilcox (quar.)_______ I I I ”
2 ' Jan.
Holders of rec. Mar. 20
uBabcock * Wilcox (quar.)__________
Apr.
IX
Hol lers of rec. D ec. 20
t/'Uoek dividend...................
I I I I ” 33 1-3
(u
Holders of rec. D ec. 2a
Baldwin Locomotive, com. and pref..
3 X Jan.
Holders of rec. D ec. 26a
Baltimore Acceptance Corp., pref. (qu.)I 154 Jan.
•Hoi e s of rec. Dec. 15
Bancllaly Corporation________
. * 2 X J an.
Holders of rec. D ec. 29a
Barnet Leather, pref. (quar.)...................
154 Jan.
Holders of rec. Jan. 26a
Barnhart Bros* Spin— 1 st & 2d pr’efl(qu.)
154 Feb.
Holders of rec. D ec. 30a
Jan.
Bayuk Bros., 1st & 2d pref., (quar.)___
2
Dec. 21 to Jan. 1
Jan.
Beatrice Creamery, com. (quar.)______
4
Dec. 21 to
Jan. 1
Preferred (quar.)______________ _
_
154 Jan.
Jun.
Beach Royalties (monthly)....................... 2
Holders of reo, D ec. 30a
60c. Jan.
Beech-Nut Packing, com. (quar.)_____
Holders of rec. D ec. 30a
Beech-Nut Packing, pref. B (quar.)___
154 Jan.
Holders of rec. D ec. 15a
oemiehem Steel, com. * com B (quar.)
U4 lau.
D ec. 16 to Jan. 1
Seven per cent cum. preferred (quar.). 154 Jan.
Deo. 16 to Jan
1
Seven percent non-cum. pref. (quar.)
154 Jan.
Holders of reo. D ec. 15a
Jan.
Eight per cent preferred (quar.)____
2
•Holders of rec. D ec. 21
*55c. Jan.
Bliss (E. W.) Co., com. (quar.)______
•Holders of rec. D ec. 21
Jan.
1st preferred (quar.)______________
*$1
•Holders of rec. D ec. 21
2d preferred (quar.)............................
*15e. Jan.
Dec. 10 to
D ec. 30
Dec.
Borne. Scrymser & Co. (In stock)______ e400
Holdesr of rec. D ec. 22
Jan.
2
Boston Sand & Gravel, com. (quar.)___
Holders of rec. D ec. 22
Jan.
1st preferred (quar.)____ __________
2
Holders of rec. D ec. 22
Preferred (quar.)________________
154 Jan.
Holders of rec. D ec. la
Dec.
Boston Whagf............................................
3
.ii ders of rec.Dec.d26a
Bower Roller Bearing (stock dividend) . 33 1-2 Dec.
Holders of rec. D ec la
Brandram-Henderson, Ltd. pref. (qu.).
154 Jan.
D ec. 21 to Jan. 1
Brier Hill Steel, preferred (quar.)____
154 Jan.
Holders of rec. D ec. 23
Brltlsh-Amerlcan Oil (quar.)________
50c. Jan.
Holders of rec. D ec. 23
E xtra__________________________
50c. Jan.
See note (8).
Jan.
9
British-Amer. Tobacco, ordinary_____
See note (8).
Jan.
4
Ordinary (Interim)___ ____ ______
Holders of rec. Jan. 13a
British Empire Steel, pref. B (quar.)__
154 Feb.
D ec. 21 to
D ec. 31
Brunswick-Balke-Collender, pref. (qu.)
154 Jan.
Holders of rec. N ov. 29a
i>ec.
$26
Buckeye Fipe Line (special)_________
Holders of rec. D ec. 20a
Bucyrus Co., pref. (quar.)___________
154 Jan.
Holders of rec. Deo. 20a
Pref. (extra) (acc’t accumulations)
h X Jan.
Holders of rec. D ec. 20a
Pref. (special) (acc't accumulations).. A3 Jan.
Holders of rec. D ec. 22a
Burns Bros., preferred (quar.)_______
154 Jan.
Holders of rec. Jan. 20a
Prior preferred (quar.)__________ _
154 Feb.
Holders of rec. D ec. 15a
25S Jan.
Burt (F. N.) Co., common (quar.)___
Holders of rec. D ec. 15a
Preferred (quar.)________________
154 Jan.
Holders of rec. D ec. 20a
Dec.
2
Burroughs Adding Machine (quar.)__
Holders of rec. D ec. 20a
Bush Terminal Bldgs., pref. (quar.)___
154 Jan.
Holders of rec. Dec. 15a
B utte* Superior Mining________
50('.. i >ee.
Holders of rec. D ec. 15a
25C. Jan.
Cadet Knitting, common________
Jan.
2
Holders of rec. D ec. 15a
1st pref. and pref. (quar.)_____
5c Jan.
California Oil & Gas................ ........
Holders of rec. D ec. 15a
California Petroleum, pref. (quar.)
Holders of rec. D ec. 20a
154 Jan.
Canada Bread, preferred (quar.)..
D ec. 17 to
D ec. 30
154 Jan.
Canada Cement (quar.)_________
Holders of rec. D ec. 31a
I X Man.
Jan.
Canadian Cottons, Ltd., com. (quar.).. 2
Holders ot rec. D ec. 22a
Preferred (quar.)___________
Holders of rec. D ec. 22a
I X Jan.
Jan.
3
Canadian Falrbanks-Morse, preferred__
Holders of reo. D ec. 30a

2878

THE CHRONICLE
Per
When
Cent. Payable

Name of Company.
M iscellan eo u s (Continued).
C anadian Explosives, com . (q u ar.).
P relerred (q u a r.)........... ................

.

Jan .
Jan .
Dec.
Dec.
Feb.
Jan.
Jan .
Jan .
Dec.

31
16
31
31
15
1
2
15
30

Books Closed.
Days Inclusive.

[V ol. 115.
Per
When
Cent. Payable

N am e o f Company.
M iscellan eo u s (Continued).

Books Closed.
Days Inclusive.

2
J a n . i H olders of rec. D ec. 20a
$1.513 J a n . 1 H olders of rec. D ec. 15a
I X J a n . 1 H olders of rec. D ec. 15a
Preferred (q u ar.).
IX
2
D ec. 3C H olders of rec. D ec. 16a
1
C anadian OH, c o m ..
I X J a n . 2 H olders of rec. D ec. 23a
IX
General Electric, com mon (q u ar.).
J a n . 1£ H olders of rec. Deo. 7a
2
C entral Aguirre Sugar (q u ar.).
IX
Special sto ck ____________ _____
15c. J a n . If H olders of rec. Dec. 7a
IX
D ec. 31
I X J a n . 1 D ec. 21 to
- IX
Preferred (q u ar.)_________
I X J a n . 1 D ec. 21 to D ec. 31
C ertain-Teed P roducts CorpG eneral R ailw ay Signal, pref.
J a n . 2 H olders of rec. D ec. 20
.
ix
D ec.. 31
I X J a n . 1 Holders of rec. Dec. 14a
Gibson A rt, com m on (q u ar.).
2 X D ec. 30 D ec. 21 to
I X Jan . 1 Holders of rec. D ec. 20
D ec. 31
. f68
D ec. 30 D ec. 21 to
C handler M otor C ar (q u ar.)___
$1.50 Jan. 2 Holders of rec. Dec. 19a
D ec. 31
Preferred (q u a r.)--------------------.
I X D ec. 30 D ec. 21 to
. c50
C hapm an Valve (stock dividend).
Holders of rec. Dec. 19
Glrabel B rothers, preferred (q u ar.).
I X F eb. 1 Holders of rec. J a n . 15 a
.
2
C harlton M ills (q u ar.)__________
Feb. 1 Dec. 8 to
Globe W ernicke, pref. (q u ar.).........
Dec. 14
.
I X J a n . 15 H olders of rec. D ec. 31a
. 50
Dec 16 H olders of rec. Dec. 16a Goodwin, L td ., pref. (q u ar.)...........
Stock dividend______________
I X J a n . 2 D ec. 21 to J a n . 1
C hace C otton M ills (q u a r.)_____
I X Jan . 2 H olders of rec. Dec. 19a
154 J a n . 2 Holders of rec. D ec. 22a
- 254 Jan . i Holders of rec. Dec. 15
)
I X J a n . 10 Holders of rec. D ec. 20a
Preferred (n u a r.)..
I X Ian. i Holders of rec. Dec. 15
Prior preference (q u ar.).
.
1 X r i J a n . 10 Holders o l rec. Deo. 20a
Chicago M ill & Lum t
I X Jan . i H olders of rec. D ec. 23a
loulds M anufacturing, co
.
I X J a n . 2 H olders of reo. D ec. 20
(Jan 2 Holders of rec. D ec. 31a
Chicago M orris P an
IX
Preferred (q u a r.)...........
154 J a n . 2 H olders of rec. D ec. 20
2
D ec. 30 D ec. 20 to
.
2
Jan. 2
D ec. 30 H olders of reo. D ec. 15a
£50 D ec. 30 Dec. .0
Stock dividend......... ............ ..
to
Jan 2
Preferred q u a r .) ........... ..........
.
i x Dec. 30 Holders of rec. D ec. 15a
33 l-3c J a n . 2 H olders of rec. D ec. 20
Chicago Yellow C ab (m onthly).
*2
G reat Lakes Steam ship (q u ar.).
J a n . 2 H olders of rec. D ec. 21
Jan. 1
Cities Service—
.
154 D ec. 30 D ec. 16 to
J a n . 1 H olders of rec. D ec. 15a
OX
Jan. 2
Preferred (q u ar.).
.
154 J a n . 2 D ec. 16 to
I X J a n . 1 H olders of rec. D ec. 15a
. $1
J a n . 2 H olders of rec. D ec. 15a
X Jan . 1 H olders of reo. D ec. 15a
Preferred (q u ar.)_______
.
154 J a n . 2 H olders of rec. Dec. 15a
C ity Investing, com m on (q u ar.).
2 X ,Jan. 2 H olders of rec. D ec. 29a Greelock C o., pref. (q u ar.).
.
154 J a n . 1 H olders of rec. D ec. 26a
Preferred (q u ar.)____________
.
2
J a n . 2 Holders of reo. Deo. 15
I X J a n . 2 H olders of rec. D ec. 29a
2
2
Jan . 2 H olders of rec. D ec. 19
J a n . 3 H olders of rec. D ec. 15a
G uantanam o S ugar, pref. (q u ar.).
2
. *3754 c: J a n . 1 ♦Holders of rec. D ec. 20
Jan. 1 Holders of rev. l >ee. 20
Cleveland
it..
'• :,r u . ,q
G ulf Oil C orp. (N o. 1)....... ..............
i
Dec. 31 H olders of rec. D ec. 15a G ulf S tates Steel, 1st pref. (q u ar.).
C leveland W orsted M ills (q u ar.).
.
154 J a u . 2 ' Holders of reo. D ec. 15a
1
Jan. 2 Deo. 17 to
Jan. 1
H am ilton-B row n Shoe (ex tra)----I X J a n . 15 H olders of rec. J a n . 8
. £25
Dec. 20 Dee. 17 to
Jan. 1
I X J a n . 1 H olders of rec. Dec. 21 i
$2 J a n . 2 H olders of rec. D ec. 27
.
154 Ian. 1 Holders of rec. Dec. 20a
H anes (P. TI.) K n ittin g (qu
$1.50 J a n . 2 H olders of rec. Dec. 15a H arblson-W alker R efrae., [
.
154 J a n . 20 H olders of rec. J a n . 10a
C oca-Cola Co., com m on (q u ar.).
. *154 Feb. 1 ♦Holders of rec. J a n . 10
P r e fe rre d .......................... ..........
3 X J a n . 2 H olders of rec. D ec. 15 > H arris B ros., pref. (q u ar.).
25c Jan. 1 Holders of rec. D ec. lu
.
154 J a n . 1 H olders of rec. D ec. 26
J a n . 2 H olders of rec. D ec. 18a
. 3
2
Jan . 1 Holders of rec. D ec. la
Preferred (quar.).
4
J a n . 2 H olders of rec. D ec. 18a
50c. D ec. 30 H olders of rec. D ec. 16
Comm on (ex tra)-------------------4
Jan . 2 D ec. 19 to J a n . 1
.
154 J a n . 2 H olders of rec. D ec. 18a
Colum bus M fg__________
Preferred (q u a r.)-----------------.
154 J a n . 2 H olders of rec. D ec. 20a
10
Commercial Safe D eposit.
Dec. 30 H olders of rec. Dec. 20
H endee M fg., pref. (q u a r.)...........
.
154 inn. 2 H o.'i n of r e ] - > e o . 2fi
$1
Jan . 1 Holders of rec. D ec. 20 < M lerola Seeurl !?s, preferred (nu
$1.50 J a n . 10 H olders of rec. D ec. 22a H lllcrest Collieries, com . (q u ar.).
.
154 J a n . 15 H olders of rec. D ec. 30a
.
154 J a n . 15 H olders of rec. D ec. 30a
50c. Jan . 2 Holders of rec. Dec. 2Un
Preferred (q u a r.)---------- -------1
Dec. 30 Holders of rec. D ec. 16
3
Jan . 2 Holders of rec. Dec. 20a Hollinger C ons. Gold M ines.........
P re fe rre d --- --------------------------3
Dec. 30 D ec. 24 to J a n . 9
C onsolidated C ar-H eating (q u ar.).
H om e T itle Insurance ( q u a r .) ...
I X J a n . 15 H olders of rec. D ec.diO i
Jan. 1
. SI
<ee. 3u D ej. 21 to
3
C onsoiida e i iloyany 1. (q u a r.)..
Jan. 20 Jan . Id to J a n . 20
Jan. 1
. 154 J a n . 1 D ec. 16 to
75c. Feb. 15 H olders of rec. Feb. 5
C ontinental C an, com m on (quar.)
H owe Scale, pref. (q u ar.)--------50c. J a n . 2 H olders of rec. D ec. 22a
preferred (q u ar.)...........................
1 Holders of rec. Dec. 20 j H udson M o to r C ar (q u ar.).........
I X Jan .
25c. J a n . 2 H olders of rec. D ec. 22a
C ontinental C an, com . (In com. stock) — f 33 1-3 SubJ. to stockholders m eet. D ec.29
E x tra ........................................ - ­
. *$2
J a n . 1 ♦Holders of rec. D ec. 18
C ontinental M otors, pref. (q u ar.)--------H um ble Oil & R efining (q u a r.).
I X Jan. 15 Jau . 4
to J a n . 17
♦Holders of rec. Dec.H18
*e75
e50
Dec. 31) Dec. 27 to
Cornell l\ l'ls 'S o k d iv id e n d )..
Dec. 28
Stock d ividend-------------------2
Ian. 2 D ec. 16 to J a n . 1
. 154 J a n . 2 H olders of rec. D ec. 23
C orona T ypew riter, first pref. ( q u a r.)..
. 154 J a n . 1 H olders of rec. D ec. 20a
Second preferred (q u a r.)...........
* 1 X Jan . 2 D ec. 16
H up p M o to r C ar, pref. (q u ar.).
to J a n . 1
. *50c. J a n . 4 ♦Holders of rec. D eo. 28
Cosden & C o., common (q u a r.)..
SI
Feb. 1 H olders of rec. Jan . 3a
♦Holders of rec. D ec. 20
*/10
C raddock-T erry C o., common (q u a r.)..
D ec. 16 to J a n .
C om m on (In sto ck ).
5
Common (extra)....... .......... ........
*154 J a n . 2 ♦Holders of rec. D ec. 20
Dec. 31 D ec. 16 to
Preferred ( q u a r .) ..
Jan .
Dec. 26
Comm on (payable In common sto ck ). .
8
Dec. 30 N ov. 30 to
Dec. 31 Dec. 16 to
Jan .
Illinois Pipe Line----3
25c. Jau . 1 Holders of rec. Dec. lu a
F irs t and second p referre d ..
Dec. 31 D ec. 16 to
Jan .
2
F irst and second pref. (special).
5c. Jan . 1 H olders of rec. Dec. 10a
Dec. 31 Dec. 16 to Jan .
Comm on (ex tra)-------------------20c. Jan . 1 H olders of rec. D ec. 10a
Preferred Class O ........... .......................
3 54 Dec. 31 Dec. 16 to Jan .
Preferred (q u a r.)....... .................
2
C ram p (W m .) A SonsShlpA Eng.Big. (q u .)
1
J a n . 2 Dee. 21 to J a n . 1
D ec. 30 D ec. 16 to ____. .
Independent P neum atic T ool ( q u a r .) ...
Jan
C rane Simplex C o., Inc., pref. (q u a r.)..
2
J a n . 2 Dp-. 21 to J a n . 1
154 J a n . 3 H olders of rec. Dec 21
Special___________________________
C ream ery Package M fg., com. (q u a r.).. 50c. Jan . 10 D ec. 31 to J a n . 17
$2 F eb . 15 Holders of rec. J a n . 15
Indiana Pipe Line (q u a r.)------------------Preferred (q u ar.)..... ............ ......
154 J a n . 10 D ec. 31 to Jan . 17
$20 Dec. 30 Holders of reo. Dec. la
Indiana Pipe Line Co (special)---------Crucible Steel, preferred (q u ar.).............
154 D ec. 30 Holders of rec. D ec. 15a Ingersoll-R and C o., com . (special, cash) 10
J a n . 5 Holders of rec. D ec. 15a
C uba Com pany, preferred_____________ ♦3
3
J a n . 2 Holders of reo. D ec. 18a
Feb. 1 ‘ Holders of rec. Dec. 13
Ingersoll-Rand C o ., preferred-----------Cuban-A m erlcan Sugar, pref. ( q u a r .) ...
4
154 J a n . 2 Holders of rec. D ec. 15a Intercolonial C oal M ining, com ---------J a n . 2 H olders ol rec. D ec. 23a
C um berland Pipe Line (stock dividend). ♦el 00
2 H olders ol rec. D ec. 23a
354 J a n
♦Holders of rec. D ec.130
P referred................... ................- ............
D alton Adding M achine, pref. ( q u a r.)..
154 J a n . 1 D ec. 21 to J a n . 2
In te rn a t. B u tto n H ole Sew. M ach.(qu.) 10c. J a n . 2 H olders of rec. Dec. 15
SI
D etro it & Cleveland N av ig a tio n ..
76c. D ec. 30 H olders of rec. D ec. 15a
J a n . 2 Holders of rec. D ec. 16a In ternational C em ent, com m on (q u a r.).
2
_
D e tro it C ream ery, com . (q u ar.)_
Jan. 2
Dec. 23 to Jan .
1
154 D ec. 30 Holders of rec. D ec. 15a
Preferred (q u ar.)_____________
*2
D etro it M otor Hus (q u ar.)---------J a n . 15 ‘ H olders of rec. D ec. 30
154 J a n . 15 H olders of rec. D ec. 23a
In te rn a t. H arv ester, com . (quar.)
*1
E x t r a ...............................................
J a n . 25 H olders of rec. D ec. 23a
J a n . 15 ‘ H olders of rec. D ec. 30
Comm on (payablo In com m on sto ck ). . 12
D etro it Steel P ro d ., p r e f .................
354 J a n . 1
154 F eb. 1 H olders of rec. J a n . 16
In te rn a t. M erc. M arine, pref. ( q u a r .) ...
D ictograph P roducts, pref. (quar.)
J a n . 15 H olders of rec. Dec. 31a
154 J a n . 1 H olders of rec. D ec. 16a
In ternational S alt (q u a r.)------- --------—
D ixie T erm inal, pref. (q u a r.)------$1.6254 J a n . 1 H olders of rec. D ec. 15
In tern atio n al Shoe, com m on ( q u a r .) ... *50c. J a n . 1
2
D ixon (. oieph) rtf lble i o. (q u ar.)----Dec. 30 Dec. 23 to J a n . 1
Jan. i
In tern atio n al Sliver, pref. (q u ar.)...........
154 -a n . 1 D ec. 16 to
2
Jan .
D odge M fg., pref. (q u ar.)..............
J a n . 1 Deo. 16 to J a n . 1
1
Pref. (account accum . dividends)___
H olders of rec. D ec. 21a
J a n . 10 D ec. 31 to J a n . o |
D olores Esperanza C orp. (q u a r.).
254
3
J a n . 1 Dec., 2 to J a n . 1
I n te r s t a te G asoline, com m on---D om e M ines. L td . (q u ar.)........................ 50c. J a n . 20 H olders of rec. D ec. 3ua In te rty p e C o rp ., 1st pref. (quar.)
*$2
J a n . 2 ■Holders of reo. D ec. 15
D om inion Canners, pref. (q u a r.).
I X Jan.
*$3
J a n . 2 ■Holders of rec. D ec. 15
H olders of rec. D ec. 18 /
Second preferred...................... ..
D om inion Coal. prel. (q u a r.)----$2 J a n . 1 H olders of rec. Deo. 2Ca
I X Feb.
Island C reek C oal, com . (q u a r.)..
H olders of rec. Jau . 12
$5 J a n . 1 H olders ol rec. D ec. 20a
Dom inion Glass, com . and pref. (q u ar.).
I X Jan.
C om m on (ex tra)--------------------H olders of rec. Dec. 15
1 H olders of rec. Deo. 15*
$1 50 J a n . 1 H olders ot rec. D ec. 20a
I X Jan .
Dom inion Iron & S teel, pref. (q u ar.)-----Preferred (q u a r.)--------------- . . .
354 J a n . 15 Holders of rec. D ec. 31
D om inion Linens, L td ., pref--------------Johason (R . F .) P ain t, 7% pref. (quar.) ♦154 J a n . 1
Jan. 1
*2
E ight per cent preferred (quar.).
D om inion Oil (q u a r.)--------------------------- 20c. J a n .
H olders of rec. Dec. lu a
J a n . 15 H olders of rec. D ec.d29a
$1
E x t r a ................................. - - - .................. 10c. Jan . l Holders of rec. Dec. li a Jones Bros. T e a, com. (q u a r.)----I X Feb. 1 J a n . lti
D om inion Steel C orp., pref. (quar.)
154 Dec. 30 H olders of rec. D ec. 15a
to
Feb. l
Preferred (q u a r.)-------. . . . . . .
Jan.
2
354 J a n . 1 H olders of rec. D ec. 15a
Dom inion Stores, L td ., Class A ( q u a r.)..
K anafrha A H ocking C oal & C oke, pref.
Holders of rec. Dec. 15
154 Jan . 2 H olders of rec. D ec. 20
I X Jan .
K aufm ann D ep t. Stores, pref. ( q u a r .) ..
Holders of rec. Dec. 15
C lass B (q u ar.)..........................................
Jan . 2 H olders of rec. Dec. 15a K ay nee C o., preferred (q u ar.)..................
3
154 J a n . 2 H olders of rec. D ec. 2 0 1
D om inion TexiUe, com . (q u ar.)................
J a n . 2 H olders of rec. D ec. 29a
$2
I X J a n . 15 Holders of rec. D ec. 3oa
K ayser (Julius) & C o., pref. (q u a r.)----P referred (q u ar.)......... - .........................
H olders of
D ec. 20
354 J a n . 1 H olders of rec. Dec. 10a K elly Island Lime & T ra n sp o rt (q u ar.). . 2 J a n . 2 H olders of reo. D ec. 15a
D ouglas (W . L.) Shoe, p ref-----------------rec.
154 J a n . 2
Kelly-Sprlngfleld T ire, pref. (q u ar.)----I X J a n . 1 D ec. 22
to Jan . 4
Dow D rug, com mon (q u a r.)----------------$1.50 J a n . 2 H olders of rec. D ec. 20 a
J a n . 1 D ec. 22 to Jan . 4
5
Kelsey Wheel, com m on ( q u a r .) ...
Common (ex tra)-------------------- --------75o. J a n . 15 H olders of rec. D ec. 22a
___
,
Dec. 22 to
K eunecott C opper C orp. (q u a r.)..
I X Jan .
Jan . 4
P referred (q u ar.)------------------- -------J a n . 15 H oldeis of rec. J a n . 2a
Jan.
3
H olders of rec. D ec. 2a K err Lake M ines, L td . (q u ar.)................
D raper C orporation (q u a r.)--------■ - ­
■
—
*154 J a n . 2 ■Holders of rec. D ec. 20
King Philip M ills (q u ar.)...............
I X J a n . 2 H olders of rec. D ec. 20a
D unham (Jam es H .) & C o., com . (q u .).
D ec. 30 H olders o t rec. D ec. 20
(0
K irby Lum ber, pref..........................
I X J a n . 2 H olders of rec. Dec. 20a
F irst preferred (q u a r.)---------------------14 Dec. 30 H olders of rec. D ec. 20
I X J a n . 2 H olders of rec. D ec. 20a
Second preferred (q u a r.) . . - - - —- - 154 Jan . 1 H olders of rec. D ec. 20a
K lrshbaum (A. B .) C o., pref. (q u ar.)—
I X J a n . 2£ Holders of rec. Jau lua
duPontU '.. . )de.\eni.an_o. d ;b.stk.(qu.)
354 Dec. 30 H olders of rec. D ec. 16a
$1.25 J a n . 2 H olders of rec. N ov. 20a Kresge (S. 3.) C o ., com m on...........
E astm an K odak, com . (q u a r .) ...
154 Dec. 30 H olders of rec. D ec. 16a
60c. Deo 3o Holders of rec. N ov. 29a
Preferred (q u a r.)----- . . . ------ - ­
C om m on (extra)---------------------J
154 • an . 2 Holders of rec. D ec. 2 0 1
Kress (S. H .) & C o ., pref. ( q u a r . ) . . . . . .
I X J a n . 2 H olders of rec. N ov. 29o
Preferred (q u ar.).................... —
.
154 .Ian . 1 Hi.l iers of rec. D ec. 15
Kroger G rocery < B aking, new pf. ( q u .).
fc
50c. J a n . 2 D ec. 21 to D ec. 31
E dm unds & Jones C o rp ., oom. (q u a r .) ..
.D ec. 30 ' 'Holders of rec. D ec. 15
to
D ec. 31
I X J a n . 2 D ec. 21
Laclede Steel------------------------------------- *2
Preferred ( q u a r . ) . . . - ----S
L anett M ills (payable In s to c k ) .. ----- ♦elOO ! ub. to stkhldrs’ m eet. D ec. 28
H olders of rec. D ec. 20
I X Jan.
E dw ards (W m.) C o., 6% pref. ( q u a r.)..
2
.la n . 2 H olders of rec. D ec. 19a
Laurel Lake M ills, preferred (q u ar.)----Holders ol rec. D ec. 20
3 X Jan.
7% preferred--------------354 Dec. 3l H lders of rec. Deo. 23a
Laurens C o tto n M ills...................................
I X J a n . 1 H olders of rec. D ec. 20a
Elsenlobr (O tto) & B ros., In c., pf. (qu.)
154 .Jan. 2 Holders of rec. D ec. 22
J a n . 2 H olders of rec. Dec. 2 2 1 Laurentlde C o. (quar.) — . . — - - ............
Electric C ontroller & M fg., com. (quar.) SI
2
.Dec. 30 H olders of rec. D ec. 22
I X J a n . 2 H olders of rec. Dec. 2 2 1 Law ton M ills C o rporation (q u ar.)............
P rcfu red (q u a r.)-------------2
:Dec. 30 H olders of rec. D ec. 22
J a n . 2 H olders of rec. Dec. 15a
E x t r a ------- -------- ------ ------- -------------Elee. S tor. B a tte ry , new com .<spf.(qu.). $1
254
75c. J a n . 2 H olders of rec. Dec. 1 5 1 Lawyers M ortgago C o. (q u ar.)................ *£25 :Dec. 30 H olders of rec. D ec. 21a
New com m on and pref. ( e x t r a ) - . . . - J a n . 2 H olders of rec. D ec. 20
S tock d iv id e n d ------------------------------Elliott-F laher, com . (in com . B stock) - */40
$2 .Jan. 2 Holders of rec. Deo. 14a
Lehigh Valley C oal Sales (q u ar.)..............
Ety-W afker D ry G ds.,com .(In com .stk.) 133 1-3
154 .Jan. 1 D ec. 22 to J a n . 1
J a n . 2 H olders of rec. D e c .ijia
Library B ureau, com m on (q u ar.)..............
3
Em ery & Beers C o.. In c .. 1st pref— . . .
2
.Jan. 1 Dec. 22 to J a n . 1
Preferred (q u a r.)--------------- - ----------Endioott-Johnson C o rp ., com . (q u a r .) .. $1.25 J a n . 1 H olders of rec. Deo. 15,
154 .Ian. 1 D ec. 21 to D ec. 31
J a n . 1 H olders of rec. Deo. 16a L iberty Steel, preferred (q u ar.)---------- ­
IX
Preferred (q u a r.)....... .......... ...................
154 .Ian. 1 H olders of rec. D ec. 15a
Liggett & M yers Tobacco, pref. (q u a r.).
J a n . 10 ♦Holders of rec. D ec. 30
E q u ity P etroleum , pref. (q u ar.)------------ *3
iee. 2.) ij.oid.jrs of rec. Dec. 21a
J a n . 1 D ec. 28 to J a n . 1
Lincoln M fg. (stock d iv id e n d )............ .. £40
4
E stey-W elte C orp.. preferred....................
J a n . 1 ♦Holders of rec. D ec. 20
Lit B ros, (payable in s t o c k ) . . . .................. *£100 f3ubJ. to jtockh’rs’ m eet. D ec. 28.
*4
Excelsior Shoe----------------------—
u o .d e rj ol rec. D ec. 23
i£50
D ec. 20
Lockwood Co. (Stock d iv id e n d ).----- F alrbanks-M orse & C o ., com . (quar.) — *75c. D ec. 30 ♦Holders of rec. D ec. 20
154 •Jan. 1 H olders of rec. D ec. 22
Lockwood, Greene & C o., pref. (Quar.)__
♦Holders of rec.
C om m on ( e x t r a ) ....................................- *75c. D ec. 30 H olders of rec. Dec. 15a Long island Safe D ep o sit----- ------- - - - ­
354 .Jan. 1 H olders of rec. D ec. 23a
Jan. 2
F am ous Players-Lasky C o rp ..c o m .(q u .). $2
154 .Jan. 2 H olders of rec. D ec. 16a
Feb. 1 H olders of rec. J a n . 15a Loose-Wiles B iscuit, 1st pref. (q u ar.)—.
2
Fam ous Players-Lasky C orp., p ref.(qu.)
Feb. 1 H olders of rec. J a n . 20a
7
1
Second preferred (an n u al)------- --------D ec. 30 H olders of rec. D ec. 20a
2
F arr A lpaca, com . (q u a r.)------------------- ­
3
.la n . 2 H olders of rec. D ec. 15a
H olders of rec. J a n . l i
Lorillard (P.) C o., com . (q u ar.)................
J a n . 15
2
Federal /-ccepia'ice o ro ., pref. (q u a r.).
154 .la n . 2 H olders of rec. D ec. 15a
J a n . 1 H olders of rec. D ec. 20a
Preferred (q u a r.)----------------------------2
Federal Oil, preferred (q u a r.)....... ............
Dec. 30 H olders of rec. D ec. 2 0 1
25c. 1
Loft. In c. (q u a r.).........................................
1 Dec. 20 to J a n . l
3 X Jan.
Flreetone-Apsley R ubber, pref........... . . .
154 Dec. 30 H olders o t rec. D ec. 23a
Lone S tar G as ( q u a r .) ... ------I X J a n . 15 H olders of rec. J a n . la
Firestone T i r e * R u b b er 6% p re f.(q u .)..
L upton(F.M -) .P ublisher,Inc.,cl.A (qu.) - 50c. .Jan. 2 H olders of rec. D ec. 23
F eb. 15 H olders of rec. F eb . la
IX
Seven per cent pref. (q u a r.)................
254 .Jan. 15 H olders of rec. D ec. 31a
J a n . 1 H olders of rec. D ec. 21a M acAndrews & F orbes, com m on (quar.)
2
Fisher B ody Ohio C o., pref. (q u ar.)----2
.Jan. 15 H olders ol rec. D ec. 31a
C om m on ( e x tra ).............- .......... - - - - - ­
1 Holders of rec. Dec. 15
I X Jan.
Flelachm ann C o., preferred (q u a r.)------154 .Jan. 2 H olders of rec. D ec. 2 0 1
M ack T ru ck s, 1st & 2d pref. ( q u a r .) ...
J a n . 1 ♦Holders of rec. D ec. 8
F lin t M ills...................... ................................ *4
Feb. 1 H olders of rec. J a n . 13a
154 1
R atified by stockholders Dec. 20 M acy (R . H .) & C o.. In c,, pref. (q u a r.).
Stock dlvi lend____________________ *50
Dec. 30 H olders of rec. Dec. 23a
25c. J
D ec. 30 H olders of rec. N ov. 29 i M agor C ar C o rp ., com .................... ............
1
G alena-Signal Oil. com m on........................
154 Dec. 30 H olders of rec. D ec. 23a
H olders of reo. N o v . 20a
Preferred (q u a r.)------------------ - - - - - D eo. 30
2
Old and new preferred (q u ar.)_______
154 .Jan. 2 H olders of rec. Deo. 20a
M alllnson (H . R .) & C o.. In c., pf.(QU.)




-

_
_
)
.
-

IX
IX

1

no

(V
)

H olders
H olders
Holders
H olders
Holders
Holders
H olders
Holders
Holders

of
of
of
of
of
or
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

D ec.
D ec.
D ec.
D ec.
Jan.
Dec.
Dec.
Dec.
D ec.

31a
31a
201
20 /
31
111
16 <
311
15a

G eneral Amer. T ank C ar, com m on.
Preferred (q u a r.)______________

.
.
.
.

THE CHRONICLE

D ec. 30 1922.]

Nam e o f Company.
M iscellan eo u s (Continued).
M an atl Sugar, pref. (q u ar.)..................- ­
M an h attan Electrical Supply (quar.) —
M an h attan S hirt, pref. (quar.)*---------M anlschewitz C o., pref. (q u ar.)-----------M anning, M axwell & M oore, Inc. (qu.)
M aple Leaf Milling, com . (q u ar.)--------Preferred (quar.)__________________
M arland Oil (quar.)__________________
M athleson Alkali Works, pref. (q u a r.)..
M cIn ty re Porcupine M ines, L td ---------M averick M ills (q u ar.)----------------------M ay D epartm ent Stores, com . (q u a r.)..
Preferred (q u a r .) ........... .................. —
M cCall Corp., 1st pref. ( q u a r .) ........... ..
M cC rory Stores C orp., pref. (q u ar.)----M erchants D espatch T ransp. (q u a r.)..
M erchants & M iners T ransp. (q u ar.)_
_
M ergenthaler Linotype (q u ar.)-----------M errim ack Chemical (q u ar.)__________
M exican C rude R ubber_______________
M exican Eagle Oil, com m on____ ______
P re fe rre d __________________________
M exican P etroleum , com. (q u ar.)_____
Preferred (quar.)_____ _____ _______
M iam i Ice & Fuel (D ayton, O .), pf.(qu.)
M ichigan Copper & b rass (In sto ck )___
M ichigan D rop Forge, com . (m th ly .)__
Preferred (q u ar.)__________________
M ichigan Limestone & C hem ., pf.(qu.)_
M lchlgan Stam ping (q u ar.)___________
E x t r a ......... ............ ............................... ..
M iddle S tates Oil (q u ar.)_____________
E x tra (In stk . OH Lease D evel. C o .).
M idland Securities (q u ar.)____________
M idw ay G as, com mon (q u ar.)_________
Preferred (q u ar.)_______________
M id w es. i . co . & pref. (q u ar.)_____
M ohaw k R ubber, pref. (q u ar.)________
M onotnac Spinning (q u ar.)____________
M ontgom ery W ard w Go., pref. (q u a r.).
.
M oon M otor C ar, common (q u a r.)____
C om m on (extra)......... .............................
Preferred (q u ar.)_____________ I ____
M ortgage-B ond Co. (q u ar.)___________
M o u n tain Produeers (q u a r.).
M o th er Lode C oalition M ines....................
N ashua M anufacturing, pret. (q u a r.)__
N atio n al Biscuit, new com m on (q u a r.)..
Com m on (payable In com mon stock).
N a t. Breweries (C anada), co m ________
Preferred (q u ar.).....................................
N atio n al C asket (q u ar.)______________
N atio n al E nam . & S tpg., pref. (q u a r.)..
N ational Fuei G as tpayam e in sto ck )__
N ational F uel G as (q u ar.)_____________
N ational G rocer, pref________________
N ational Lead, oom. (q u a r.)__________
N ational Licorice, com mon (special)___
N atio n al Licorice, com m on____________
Preferred (q u ar.)__________________
N ational Refining, pref. (q u a r.)_______
N atio n al Sugar Refining (q u a r.)______
N ational Surety (q u a r.)_______________
N aum kcag Steam C o tto n _____________
S p ecial___________________ _____ ___
Neild M fg.
k d U eud)___________
New E ngland Fuel OH________________
New P'lctiou Publishing C orp., pf. (qu.)_
New Orleans Cold Storage & Warehouse
New York Air Brake, class A ( q u a r .) ...
New York Dock, preferred____________
New York S tate R ealty < t T erm inal___
S
New York Steam C orp., pref. (q u ar.)__
New Y ork T itle 4 M ortgage (q u ar.)___
E x t r a ...................................................... ..
New York T ra n sit..... ............ .................. I
Special........................................................
New York T ra n sp o rtatio n _____________
N ew ton Steel, com mon (q u ar.)________
Preferred (q u ar.)__________________
N lpissing M ines (q u ar.)_______________
E x tra ..........................................................
.N o r th American Co., com . (q u ar.)____
Preferred ( q u a r .) ....... ............ ................
N o rth S tar OH & R ef., L td ., pref. (q u .).
N o rth ern Pipe Line....... .............. ..............
S p ecial____________________________
N uunally C o.................................................
Ogilvle Flour M ills (q u ar.)........................
Ohio B rass, common (q u ar.)___________
Preferred (q u ar.)____ _____________
Ohio Fuei Supply (q u ar.)_____________
E x tra (In 4 >* % i loerty bonds)_____
Ohio Iro n & Steel (m onthly)__________
Ohio OH ( q u a r .) ...........................................
Stock dividend____________________
O klahom a N atu ral G as__________
Open s ta ir » os. oiuar.)
Orpheum C ircuit, Inc., pref. (q u a r.)IIII
O tis i.ievaior, com. (q u a r.).
_ __
Preferred ( q u a r .) ; ...
’ "
O ttaw a C ar M fg. (quar.)
B onus_______________ I I I I I I I I I
Owens B ottle C o., common (quar.)
Preferred (q u a r.)..
Pacific B u rt C o., common........................
Preferred (q u ar.)....... ....
.............
Pacific Mills (stock dividend)
Pacific OH..................
Pacolet M fg., c o m .I I ”
P re fe rre d ____________I I I I I I
P alge-D ctroit M otor, com . (q u a r .) I I I I I
Com m on (payable In com mon stock)
Preferred (q u ar.)______________
P an Amer. P et. w T ra n sp ., com . A & B_
Pan-A nt. Petrol ,v l rans.,cm .A A B (qu.)
P anhandle P rod. & R ef., pref. ( q u a r.)..
P ark C ity M ining & Smelting (N o I)
Parke, D avis & Co., com . (quar.)
”
Com m on (extra).......................... I " '
Peerless Truck < M otor (quar.)
st
Penm ans, L td ,, com. (quar.)
Preferred (q u ar.).
.
""
Penney (J. C.) C o., pref. (quar.)
Pennsylvania qiu .urg. (quar.)
P ettlb o n e, M illlken Co., 1st & 2d pf .(qu.)
P»-Dodge Corp. (q u a r.)...............
LT ;,?' ® C am den Ferry (special)___
PhUllps Petroleum (q u a r.)____
£J?k (Albert) & Co., pref. (quar.)
Piedm ont M fg____ ______ _ *
P ittsb u rgh P late Glass (auar.)
--------E x t r a _______
:
Stock dividend
P rt™
S jfffk u rgh Steel, com mon (q u ar.)...........
W!irchousc & T ran s, (q u .).
I ittsfleld Lime & Stone, pref. (a u a r.)__
S * rd a «e (stock d lv .)____ I I I
Pond Creek Coal, common (q u a r.)____




Per
When
Cent. Payable.

Books Closed.
Days Industrie.

15* Jan . 2 H olders of rec. Dec. 15a
$1
Jan . 2 H olders of rec. Dec. 20 i
15* Jan . 2 H olders of rec. Dec. 18a
Jan . 1
15* Jan . 1 D ec. 21 to
*1
Jan . 5 ♦Holders of rec. Dec. 31
2
Jan . 18 H olders of rec. Jan . 3a
15* Jan . 18 H olders of rec. Jan . 3 i
$1
Jan . 2 H olders of rec. Dec. 2 0 1
15* Jan . 2 H olders of rec. Dec. 20a
25c. Jan . 2 H olders of rec. Dec. In
$1.50 Jan . 2 H olders of rec. Dec. 15:
15* M ar. 1 H olders of rec. Feb. l o t
15* J a n . 2 H olders of rec. Dec. 15.
15* Jan . 2 H olders of rec. Dec. 20 a
♦15* Jan . 2 ♦Holders of rec. Dec. 20
25* Dec. 30 H olders of rec. Dec. 27 a
2
Dec. 30 H olders of rec. Dec. 22a
25* Dec. 30 H olders of rec. Dec. (ia
$1.25 Dec. 30 H olders of rec. Dec. 16,
2
Jan . 2 Dec. 25 to Jan . 1
39.8c. Dec. 31 H olders of coup. N o. 20
39.8c. Dec. 31 H olders of coup. N o. 27
4
Jan . 20 H olders of reo. Deo. 29a
S2
Jan . 10 H olders of rec. Dec. 29a
*2
1
*e200 Jan . 1 ♦Holders of rec. D ec. 20
25c. Jan . 1 H olders of rec. Dec. 26a
15* Jan . 1 H olders of rec. Dec. 26a
15* Jan . 15 H olders of rec. Dec. 31a
♦25* Jan . 25 ♦Holders of rec. Jan . 15
♦1
Jan . 25 ♦Holders of rec. Jan . 15
30c. J a n . 1 H olders of rec. Dec. 10
(*) J a n . 1 H olders of rec. Dec. 10
$2.50 Dec. 30 H olders of rec. Dec. 8a
50c. Jan . 15 H olders of rec. Dec. 30
$1.40 Jan . 15 H olders of rec. Dec. 30
4
Jan . 15 j i oidc-rs of rec. Jan . 2 1
D ec. 26
15* Jan . 1 D ec. 24 to
15* J a n . 2 H olders of rec. Dec. 19a
15* Jan . 1 tioi.iers ot rec. Dec. 21a
•37 5* c Feb. 1 ♦Holders of rec. Jan . 15
♦125*c Feb. 1 ♦Holders of rec. Jan . 15
♦15* Feb. 1 ♦Holders of rec. Jan . 15
2
Dec. 30 H olders of rec. Dec. 22
20c. J a n . 2 H olders ol rec. Dec. 15a
50c D ec. 30 H olders ol reo. Doc. 20a
15* Jan . 2 H olders of rec. Dec. 22 a
75c. Jan . 15 H olders of rec. Deo. 30u
/ 75
D ec. 30 H olders of rec. N ov. 24 i
$1 Jan . 2 H olders of rec. Dec. 1 5 1
15* Jan . 2 H olders of rec. Dec. 15i
Jan . 4
15* Dec. 30 Dec. 21 to
15* Dec. 30 H olders of rec. Dec. 9a
elOO
to Jan . 1
Dec. 30 D e c .till
254 Jan . 15 D ec. 16 to J a n . 1
3
Jan . 1 Holders of rec. Dee. 21
2
Dec. 30 H olders of rec. Dec. 15a
10
Jan . 9 H olders of rec. D ec. 21
25* J a n . 9 H olders of rec. J a n . 3 a
154 Doc. 30 H olders of roc. Doc. 22 i
2
Jan . 2 H olders of rec. Dec. 15a
15* Jan . 2 H olders of rec. Dec. 11
3
J a n . 2 Holders of rec. Dee. la
$5
Jan . 2 H olders of rec. Dec. 22 i
$5 Jan . 2 H olders of rec. Dec. 22 i
u e . 25
c5()
Dec. 20 Dec. 23 to
5
Jan . 2 H olders of reo. D ec. 28a
2
Jan . 15 H olders of rec. D ec. 31
5
Jan . 15 H olders ol rec. D ec. 13
84c
Jan . 1 H olders of rec. Deo. 1 1 ,
254 Jan . 15 H olders of rec. J a n . 5a
6
Jan . 2 H olders of rec. Dec. 29 .
15* J a n . 2 H olders of rec. Dec. 15
2
Jan . 2 H olders of rec. D ec. 23 ,
2
.Jan. 2 H olders of rec. Dec. 23,
3
Jan . 15 H olders of rec. Dec. d
80
Dec. 30 H olders of rec. Dec. 6
50c. Jan . 15 H olders of rec. J a n . 2a
*2
Dec. 30 ♦Holders ol rec. Dec. 20
*15* Dec. 30 ♦Holders of rec. Dec. 20
3
Jan . 20 D ec. 31 to J a n . 17
3
to Jan . 17
Jan . 20 D ec. 31
*1.25 Jan . 2 H olders of rec. Dec. 5a
75c. Jan . 2 H olders of rec. Dec. 5a
15* Jan . 2 H olders of rec. Dec. 15
5
Jan . 1 H olders of rec. Dec. 4
15
Jan. 1 H olders of rec. Dec. 4
50c. Dec. 30 Holders of rec. Dec. 9a
3
Jan . 2 H olders of rec. Dec. 21 /
$1 Jan . 15 H olders of rec. Dec. 31a
15* Jan . 15 H olders of rec. Dec. 31
Jan. la H olders ol rec. d c c . 3UU
12
Jan. 15 Holders of rec. Dec. 30a
54 Jan . 2 H olders of rec. D ec. 28
»$3
Dec. 30 ♦Dec. 2 to Jan . 1
»e300 Dec. 30 ♦Holders of rec. Dec. 1
1
J a n . 20 H olders of rec. Dec. 26a
______ - 15* Dec. 30
2
Jan . 1 H olders of rec. Dec. 15a
2
Jan . 15 u o m e rs of reo. n e e . M o
15* Jan . 1 i Holders of rec. Dec. 30u
1
J a n . 2 H olders of rec. Dec. 15
2
Jan . 2 H olders of rec. Dec. 15
50c. Jan . 1 H olders of rec. Dec. 1 a
15* Jan . 1 H olders of rec. Dec. 16a
3
Jan . 2 H olders of rec. Dec. 15a
15* Jan . 2 Holders of rec. Dec. 15a
el 00
Dec. 27 Holders of rec. Dec. 27 a
$1.50 Jan . 20 H olders of rec. Dec. 15a
4
Dec. 30 Dec. 21 to Jan . 1
35* Dec. 30 Dec. 21 to Jan . 1
3
J a n . 2 H olders of rec. Dec. 1 51
Dec. 29 i
/100 D ec. 29 D ec. 23 to
15* Jan . 2 H olders of rec. Dec. 15/
H olders of rec. Dec. 29a
e20
Feb. 8
$2
20 Holders of rec. Dec. 30<*
$2
Jan . 2 H olders of rec. Dec. 21a
10c. Jan . 1 Holders of rec. Dec. 15
4
J a n . 2 Dec. 19 to J a n . 1
4
Jan . 2 D ec. 19 to Jan . 1
75c. Dec. 31 H olders of rec. Dec. la
2
15 H olders of rec. Feb. 5
154 F e b . 1 Holders of rec. Jan . 20
15* Dec. 30 H olders of rec. D ec. 2 0 1
2yj
15 Holders of rec. Dec. 30a
15* Jan . 2 H olders of rec. Dec. 21a
$1
2 Holders of rec. Dec. 201
*$10 Dec. 30 •H olders of rec. D ec. 20
SOo. Jan . 2 Holders of rec. Dee. 15a
Dec. 30
15* Jan . 1 Dec. 22 to
4
Jan . 2 H olders of rec. Dec. 21
2
Dec. 31 H olders of rec. Dec. 15/
5
20 H olders ol rec. Jan . 5 1
*e30
SubJ to s t’kh’rs meeting Jan . 29
2
D ec. 30 H olders of rec. Dec. 23,
15* Jan . 1 Holders of rec. Dec. 23 i
1
1 H olders of rec. D ec. 27a
*31
Jan . 8 ♦Holders ol rec. D ec. 31
2
Jan. 1 H olders of rec. Dec. 31a
*el00 SubJ. to stkholders meet g Ja n 20
375*c. Jan . 1 H olders of rec. D ec. 20a

Name o f Company.

2879
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

M iscellan eo u s (Continued).
P o rt A rth u r Shipbuilding, pref. (q u a r .) ..
1 V. J a n . 1 H olders of rec. D ec. 21
*
P oto n n k s M11I3______________________
J a n . 31 H olders of rec. D ec. 30a
P rairie Oil & G as (q u ar.)......... ...................
2
J a n . 31 ♦Holders of rec. D ec. 27
Prairie Pipe Line (q u a r.)______________ *2
P rairie Pipe Line (stock dividend)_____ c200 D ec. 27 H olders of rec. D ec. 27a
Price B rothers & C o., L td . (q u a r.)____
>4 J a n . 2 H olders of rec. Dec. 18a
J a n . 15 H olders of rec. D ec. 23
Procter & G am ble, 8% pref. (q u ar.)___
2
Provincial P aper M ills, com . (q u ar.)__
1 Vi J a n . 2 H olders of rec. D ec. 15
J a n . 2 H olders of rec. Dec. 15
Com m on (special)__________________
1
Preferred (q u ar.).....................................
15* J a n . 2 H olders of rec. D ec. 15
Pullm an C om pany (q u ar.)____________
Feb. 15 H olders of rec. J a n . 31a
2
Jan . 2 Holders of rec. D ec. 15a
Pure Oil, 8% pref. (q u a r.)....... ...................
2
Six per cent pref. (q u ar.)____________
15* Jan . 2 Holders of rec. Dec. 15a
Five anti one-quarter per cent pf. (qu.)
V4. J a n . 2 Holders of rec. Dec. 15a
Q uaker O ats, common (q u a r.)_________
2>* J a n . 15 H olders of rec. D ec. 30a
Preferred ( q u a r .) .....................................
15* F eb. 28 Holders of rec. F eb . la
Railway Steel-Spring, com . (q u ar.)___
Dec. 30 Holders of rec. Dec. 16a
2
Ranger Texas Oil (q u ar.)_____________
2c. Jan . 1 H olders of rec. Dec. 10a
E x t r a __________________ __________
lc . J a n . 1 Holders of rec. Dec. 10a
R ealty Associates.........................................
J a n . 15 H olders of rec. J a n . 5
3
J a n . 15 H olders of rec. J a n . 5
E x t r a _____________________________
2
J a n . 2 H olders of rec. D ec. 15
Reece B uttonhole M achine (q u ar.)____
3
Reece Folding M achine (q u ar.)________
5* J a n . 2 H olders of rec. D ec. 15
Reo M otor C ar, com m on (q u ar.)______
l h J a n . 2 Holders of rec. D ec. 15a
J a n . 2 H olders ol rec. D ec. 15a
1
Comm on (ex tra)........................ ..............
R eynoids(R .J. ) l’o b ., com.&com.B (qu.) 75c. J a n . 1 Holders of rec. Dec. 18a
Preferred (q u a r.)__________________
15* Jan . 1 Holders of rec. Dec. 18a
Reynolds Spring, pref. A & B (q u a r .) ..
15* J a n . 1 Holders of reo. Deo. 18a
Rice-Stlx D ry G oods, com . (q u ar.)____ *15* J a n . 1 ♦Holders of rec. D ec. 30
♦Holders of rec. D ec. 27
Com m on (payable in com m on sto ck ). * f42 6-7
F irst and second preferred (q u a r.)___ *15* J a n . 1 ♦Holders of rec. D ec. 25
R lch.-Sam pllner K n it. M ills, pf. ( q u .) ..
15* J a n . 2 H olders of rec. D ec. 20a
Richardson C o., pref. (q u a r.)__________
15* J a n . 1 Dec. 16 to J a n . 1
J a n . 2 H olders of rec. D ec. 21
Rtchm an B rothers (q u a r.).......................... $1
E x t r a _____________________________
50c. J a n . 2 H olders of rec. D ec. 21
Stock dividend........... ........ ..................... elOO D ec. 31 H olders of rec. D ec. 21
F eb . 1 ♦Holders of rec. D ec. 30
R lckenbacker M o to r C o. (N o. 1)______
*5
Roulnson (D wight P.) & C o .,1 st pf.(qu. ) 15* Jan . 1 Holders of ree. lJec. 22
Rogers (W m. A.) C o., pref. (q u ar.)___
15* J a n . 2 n o ld ers of reo. D ec. 15a
2
Dec. 30 H olders of rec. D ec. 15a
R oyal B aking Pow der, com . (q u a r.)___
Dec. 30 H olders of rec. Deo. 15a
Com m on (ex tra)___________________
2
Preferred (q u ar.)___ _____ _________
1>* Dec. 30 H olders of rec. D ec. 16a
Jan. 1
Royal D u tch (Interim )................................ *10
Holders of rec. Dec. 28
Sa.o-i.owvil Shops (stock d iv id en d )___ *«50
25c. M ar .20 M ar. 10 to M ar. 20
St. Joseph Lead ( q u a r .) .____ _________
25c. M ar. 20 M ar. 10 to M ar. 20
E x t r a ___________ __________________
J a n . 2 ♦Holders of rec. D ec. 20
S t. Louis N ational Stock Y ards________ *2
1
D ec. 30 H olders of rec. Deo. 16a
S t. L. R ocky M t. & Pae. C o., com . (qu.)
Preferred (q u ar.)...................... ..............
15* D ec. 30 H olders of rec. D ec. 16a
Sanford Mills ta o k d iv id en d )_________ *e20O Subject to s u x k h 'r s meel'g D ec.27
J a n . 15
Santee C o tto n M ills__________________ *5
Stock dividend____________________ *650
Sayers & Scoville, com . and pref. (quar.)
15* J a n . 1 H olders ol rec. D ec. 20
Dec. 29 H olders of rec. Dec. 15
Schulte R etail Stores, com . (In pref. stk.) $5
Jan . 1
3
Dec. 3o Dec. 27 to
Scouen-D luon c o . (q u a r.)____________
Dec. 30 Dec. 27 to Jan . 1
E x t r a _____________________________ 10
Seovill M fg. (q u a r.)___ ______ ________
15* J a n . 1 Dec. 24 to . Jan . 1
Sears, Roebuok & C o., pref. (q u ar.)___
15* J a n . 1 H olders of rec. D ec. 15a
Securities C om pany__________________
254 J a n . 15 H olders of rec. D ec. 30
25c. Jan . lo hoi lers of re :. *ee. 29
s h :ii u n io
a. com mon (q u a r.)______
Sherwin, W llllam sC o., C an ., com . (q u .).
15* D ec. 31 H olders of rec. Dec. 15
Preferred (q u a r.)____ _____________
15* D ec. 31 H olders of rec. D ec. 15
Jan . 2 ♦ lolders of rec. Dec. 20
Silver King CoaiKion M ines___________ ♦15c
Sinaloa E xploration & D evelopm ent___ $5
Dec. 31 H olders of rec. D ec. 30
Singer M fg. (q u a r.)__ _____ __________ *1-1* Dec. 3c ♦Holders ol rec. Dec. 15
m Singer M fg. p a y a b le In sto ck )______ e 3 3 1-3
(m)
Sm yth (Jo h n M .) C o., pref. (q u ar.)___ *15* J a n . 2 ♦Holders of rec. D ec. 26
z Solar Refining (payable In sto o k )____ ♦elOO
(Z)
♦Holders of rec. DeoU*3
Southeastern E x p r e s s ............. ...................
354 J a n . 1 H olders of rec. D ec. 22
Southern S tates Oil (m o n th ly )........... ......
1
J a n . 2C H olders of rec. D ec. 30
Southern S tates OH (payable in s to c k ) .. e8
J a n . 2t H olders of rec. Dec. 31a
South P orto Rico Sugar, pref. (q u ar.)_
_
D ec. 3C H olders of rec. D ec. 9a
2
South W est P a Pipe Lines (q u a r.)___
4
Dec. 3C H olders of rec. D ec. 15
Spalding (A. G .) & llro3., com. ( q u a r .) .. $1.50 Jan . lo H olders of reo. J a n . 0
F irst preferred ( q u a r .) ..................... ......
15* M ar. 1 H olders of rec. Feb. 10a
Second preferred (q u a r.)__________ .
M ar. l H olders ot rec. F eb. 10
2
Spanish R iver P. & P . M ills, com. (qu.)_
15* Jan . 15 H olders of rec. Jan . 2
FTeferred (q u a r.)_______________ ___
1 5* Jan . 1.. Holders of rec. J a n . 2
Spioer M anufacturing, pref. (q u ar.)___
2
J a n . 2 H olders of rec. D ec. 21a
S tandard C oupler, pref____ _________
J a n . 2 Dec. 24 to J a n . 9
4
p stan d a rd Oil (Calif.) took d lv ............ elOO
p Deo .30 Holders of reo.D eo.(2)9a
S tandard OH (Indiana) (In sto ck )_____ •elOO
♦Holders of rec. D ec. 28
S tandard Oil (Kansas) (stock div id en d ). »e300 Dec. 31 ♦Holders of rec. D ec. 16
Standard OH (K entucky) (q u a r.)_______ $1.25 D ec. 31 Dec. 16 to
Jan. 2
E x t r a _____________________________ $5
D ec. 3C Dec. 16 to
Jan. 2
1 Stock d iv idend_________________ *e 66 2-3 D ec. 30 ♦Holders of rec. Dec.UT5
S tan d ard Oil (Ohio), common (q u a r.)__
3
J a n . i H olders of rec. N ov. 24
E x t r a ________________________ _____
1
J a n . 1 Holders of rec. N ov. 24
S tan d ard Safe D eposit (q u a r.)_________
3
D ec. 3C H olders of rec. D ec. 26a
E x t r a ......... ....................... .........................
2
D ec. 3C H olders of rec. D ec. 26a
Standard Screw (stock d ividend)_______ / 70 Dec. 2i Holders of rec. Dec. 27
S tandard Tex tile P roducts A 4 u (q u .). .
15* Jan . 1 H olders of rec. Dec. 15a
Stool Co. of C anada, com. & pref. (qu.)
15* Feb. 1 H olders of rec. J a n . 9
S te e l* T u b e Co. of A m er., pref. (q u a r.).
15* J a n . 1 H olders of rec. D ec. 23a
•Sterling P roducts (q u a r.)_____________ $1
Feb. 1 Holders of rec. Jan . 12a
Sterling Salt (stock d iv id en d )__________ e'25
Jan. 1
Dec. 30 Dec. 22 to
Stetson (J. B.) C o., com ______________ ♦15
Jan . 15 ♦Holders of rec. O ct. 31
P re fe rre d ____________ _____________
♦4
J a n . 15 ♦Holders of rec. O ct. 31
S trom berg C arb u reto r (q u a r.)_________ $1.25 J a n . 2 H olders of rec. D ec. 14a
Subm arine Signal (q u ar.)..........................
50c. Dec. 31 H olders of rec. D ec.tlO
SulUvan M achinery (q u a r.)___________ 75c. Jan . 15 J a n . 1 to
J a n . 15
Superior C o p p er_____________________
♦$2
Dec. 29 ♦Holders of rec. Dec. 19
Superior Steel, 1st & 2d pref. ( q u a r .) ...
2
Feb. 16 H olders of rec. Feb. 1
Swift & C o. (q u a r.)__________________
2
Ja n
1 D ec. 10 to J a n . 4
T am arack & C uster Cons. M in. (in s tk .) . *el66 Dec. 30 ♦Holders of rec. Dec. 28
Texas Chief OH (q u ar.)_______________
20c. J a n . 1 Holders of rec. Deo. 10a
E x t r a ........................ ............ ............ ........
10c. J a n . 1 Holders of rec. D ec. 10a
Texas Com pany (q u a r.)..............................
75c. D ec. 3C H olders of rec. D ec. l a
Texas Pacific Coal & Oil (q u ar.)................ 25c. J a n . 2 H olders of rec. D ec. 9a
Textile Banking Co. (q u a r.)___________
2
J a n . 2 Holder* of reo. Dec. 22a
T hayer-Foss C o., preferred (q u a r.)___
15* J a n . 2 H olders of rec. D ec. 20a
Thom pson (John It.) C o., co m .(m th ly .). 25c. J a n . d l H olders of reo. D ec. 23a
Common (m o n th ly )................................. 25c. F eb. 1 H olders of rec. J a n . 23a
Comm on (m onthly)________________
25c. M ar. 1 H olders of rec. F eb. 23a
Preferred (q u ar.)..... ...............................
15* J a n . 2 H olders of rec. D ec. 23a
Tobacco P roducts C orp., pref. ( q u a r .) ..
15* J a n . 2 H olders of rec. Dec. 18a
5c. Jan . 1 D ec. 16 to
Tonopah Belmont Devel. (q u a r.)_____
Dec. 21
5c- J a n . 1 H olders of rec. D ec. 11a
Tonopah Extension M ining (q u ar.)____
E x t r a _____________________________
5c- J a n . 1 H olders of rec. D ec. 11a
Tonopah M in in g __ 1_________________ 15
J a n . 5 Dec. 17 to
Deo. 25
50c. J a n . 10 H olders of rec. D ec. 3Ja
Transue & W illiams Steel F o rg .(q u a r.)..
2
J a n . 2 H olders of rec. D ec. 2 3 i
T raylor Engineering & M fg., pf. ( q u .) ..
Trum bull Steel, coin, (q u a r.)__________ 25c. J a n . 1 D ec. 21 to
D ec. 31
Preferred (q u a r.)__________________
D ec. 31
1 5* J a n . 1 Dec. 21 to
J a n . 15 H olders of rec. J a n . 5a
Truseon Steel, common (q u a r.)________ (9)
T u ck etts T obacco, pref. (q u ar.)............. dl?* J a n . 15 H olders of rec. D ec. 31a
1
J a n . 20 H olders of rec. D ec. 30
T urm an OH (m onthly)________________
Underwood T ypew riter, com . (q u a r .) ..
254 J a n . 1 H olders of rec. D ec. 2a
Preferred (q u ar.)__________________
15* J a n . 1 Holders of rec. D ec. 2a
Union B a g * Paper (q u ar.)____________
1 1* J a n . 15 H olders of rec. J a n . 12a
J a n . 1 H olders of rec. Dec. 6a
Union C arbide & C arbon (q u a r.)........... ..
SI
Union C o tto n M fg. (stock dividend)___ *e50 Sub), to stkholders m 'tlng D ec. 28
2
J a n . 1 H older sof rec. D ec. 22a
Union N atio n al C orp., pref. (q u ar.)___
Union N atu ral G as (q u ar.)____________
Jan. 1
25* Jan . 15 D ec. 10 to
Stock d iv id e n d ____________________ e75c. Dec. 30 Dec. 16 to
Jan. 1
U nion T w ist D rill, pref. (q u a r.)................ ♦15* D ec. 30 ♦Holders of rec. D ec. 20
U nited Alloy Steel, com . (q u a r.)_______
50c. J a n . 10 H olders of rec. D ec. 29a
U nited D rug, 1st pref. (q u a r.)_________
15* F eb. 1 H olders of rec. J a n . 15a
Second preferred (q u ar.)____________
15* M ar. 1 H olders of reo. F eb . 15

2880
N a m e o f C om pany.

M iscellan eo u s ( Concluded).
U nited Dyewood, com mon (q u ar.).
Preferred (q u a r.)............................

Per
W hen
Cent. Payable.

Books Closed.
D a ys In clu sive.

Jan . 2
Jan . 2
Dec. 3t
Jan. 15

H olders of rec. D ec. 15a
Holders of rec. Dec. 15>
♦Holders of rec. D ec. 23
U nited F ru it (q u ar.)___________
Holders of rec. D ec. 20a
Ian. l c Holders of rec. Den. 20a
F.xtra ....................................... ......
U nited P rofit Sharing (q u a r.)___
Jan . 16 H olders of rec. J a n . 3a
U nited Retail Stores. Class A (cash)___
Dec. 3C Holders of rec. Deo. llu
Special (In Un. R et. Stores Candy stk.)
Dec. 3C Holders of rec. D ec. 11a
U nited Shoe M achinery, com. (q u a r.)..
fau. 5 Holders of rec. Dec. 19
Preferred (onar ) ...... .........................
'an. 5 Holders of rec. Dec. 19
U nited Verde Extension M ining (q u .).
Feb. 1 H olders of rec. J a n . 2a
J a n . 1 Dec. 21 to Deo. 31
U . S. G auge, preferred..............................
U . S. G ypsum , common (q u a r.).............
Dec. 31 Dec. 16 to J a n . 1
Com m on (payable In com mon stock). .
Dec. 31 Dec. 16 to Jan . 1
Preferred (quar.) ......................
Dec. 31 Dec. 16 to Jan . 1
\H
U . S. Industrial Alcohol, pref. (q u a r.)..
I H Jan . 15 Holders of rec. D ec. 30a
U . 8 . P aper Goods, pref. (q u a r.).
*1H Dec. 30 ♦Holders of rec. D ec. 23
U . S. Playing Card (q u ar.)_____ .•
lan. 1 Holders of rec. Dec. 20
SI
E x t r a _______________________
Ian. 1 Holders of rec. Dec, 20
50
U . 8. P rin t. & Lltho., 1st pref. (q u ar.).
1H Jan. 1 H olders of rec. Dec. 21
U . S. R ad iato r, pref. (acct, accum . dlvs.) 514
Jan . 15 H olders of rec. D ec. 15
U . S. R ealty ar im n '. ( m a r.) ............... ..
m Tar 1 Holders of rec. M ar. Ha
U nited S tates Steel C orp.. com . (q u ar.).
Dec. 30 Nov. 29 to
ih
N ov. 30
U . S. Tobacco, com mon (q u ar.)________
75c. Jan . 2 Holders of rec. Dec. 18
Preferred (q u ar.)__________________
i « Jan . 2 Holders of rec. Dec. 18
U niversal Leaf iobacco, com. (q u a r.)__
lan.
3
Holders of rec. Dec. 15
Ian. 2 Holders of rec. Dec. 15
Preferred (q u ar.)____ _____________
2
U tah Copner Go. (quar ) ______________ 50e. 'lee. 30 Holders of rec. Dec. 15a
Vacuum Oil (stock dividend)......... .......... e300 Dec. 30 Dec. 16 to Dec. 29
Van D orn Iron W orks, pref. (q u a r.)___
1H Jan . 2 Holders of rec. Dec. 22
V ictor Talking M achine, com . (q u a r.)..
Jan . 15 ♦Holders of rec. D ec. 30
Pref erred (q u a r.)______ ___________ * 1 H Jan . 15 ♦Holders of rec. Dec. 30
2 4 Jan. 2 Holders of rec Dec. 15a
Virginia Iron, Coal A Coke, pref_______
Vulcan D etinning, pref. & pref. A_____
I H Jan . 20 Holders of rec. J a n . 9a
W abasso' C otton ('o. (onar i ________
fan. 2 Holders of rec. Dec. 15
$1
W ahl C o., common (m onthly)_________ 50c. Jan . 1 H olders of rec. Dec. 22a
Preferred (q u ar.).......................... ..........
I H Jan . 1 Holders of rec. Dec. 22W aldorf System , common (q u a r.)_____
50c. Jan . 2 H olders of rec. Dec. 20a
F irs t preferred (q u ar.)_____________
20c. Jan . 2 H olders of reo. Dec. 20a
Second preferred (q u a r.)........................ 20c. Jan. 2 Holders of rec. Dec. 20
W alton Adding M achine, pref. (q u a r.).. *1 H Jan . 1 ♦Holder? of rec. Dec. 20
W alw orth M fg., pref. (q u a r.)__________
I'A Dec. 30 H olders of rec. Dec. 2 0 1
W am sutta M ins (s-.ock u l/ld e n d )______ 50c.
H olders of rec. Dec. 2 ja
W ard Baking, common (q u a r.)_________ *2
Ian. 2 H olders of rec. D ec. 20
Common (extra)....................................... ♦5
Ian. 2 Holders of rec. Dec. 20
Com m on (payable in common stock). . */.20
Ian. 2 H olders of rec. Dec. 20
Preferred ( o n a r . ) . . . . _____ ________ ♦1 H Ian. ? H olders of rec. Dec. 20
W arner (Chas.) Co. of D el., com . (qu.)
50c. J a n . 15 H olders of rec. D ec. 3 1 1
1st & nd pref. ( q u a r .) ......................
l H J a n . 25 H olders of rec. Dec. 31 •
W arren Brothers C o., 1st pref. (q u a r.)..
75c. J a n . 2 H olders of rec. Dec. 23
2d preferred (q u a r.)_____ __________ 87 H e. Jan . 2 H olders of rec. Dec. 23
W ayne Coal (No. 1)__________________
2
Dec. 30 Nov 30 to
Dec. 30
W eber A H ellbronner, com ........................
50c. Dec. 30 H olders of rec. Dec. 26a
Preferred (q u a r.)____ _____________
I H Mar. 1 H olders of rec. Feb. 23a
W eber Plano, pref. (q u ar.)____________
1 H Dec. 31 H olders of rec. Doc. 20a
W olsbach C o., preferred______________
3 4 Dec. 30 H olders of ree. Dec. 23
W est ( oast • II (q u a r.)_____ __________ *S1.50 lan. n “ •n i ts of rec. I) ■ . 30
W est P oint M anufacturing........................
Jan . 1 H olders of rec. Dec. 15
3
W est (John) T hread, class A A B (quar.)
$2 J a n . 1 H olders of rec. D ec. 23
Class A A B (extra)___________
$1 J a n . 1 H olders of rec. Dec. 23
W estchester T itle A T r u i t..............
5
J a n . 5 H olders of rec. Dec. 31a
W estern Electric, com mon (quar.)
2 4 Deo. 30 Holders of rec. Dec. 12a
P referred (q u a r.)___________
1 4 Dec. 30 H olders of rec. Dec. 12
W estern G rocer, nr»f»rr"d ____
3 4 lan. 1 1'o ' lers o ' re \ ' )»■:. 21
W estern Reserve C otton Mills, pref. (qu.) ♦2
Jan . 2 ♦Holders of rec. Dec. 31
W estlnghouse Air Brake (q u a r.)..
$1 75 Jan . 31 H olders of rec. Dec. 30
S tock dividend....... .......................
*e35
Sub) to stockholders meeting.
W estlnghouse Elec. A M fg., com . (q u .). SI
J a n . 31 Holders of rec. Dec. 2 9 i
Preferred (q u ar.)..........................
$1
J a n . 15 H olders of reo. Dec. 29
»
W estm oreland Coal ( q u a r .) .............
SI 25 fan. v d ■ . 20 to J a i. 2
W hite Eagle Oil A Ref. ( q u a r .) ...
50c. Jan . 20 Holders of rec. Deo. 31a
W hite M otor (q u a r.).......................
Deo. 30 H olders of rec. Deo. 20a
SI
W hitm an (William) C o., In c., pref. (qu.)
2 H olders of roc. Doc. 19 ■
1 4 Jan
Will A Bauraer Candle, pref. ( q u a r .) ...
2
Jan . 2 H olders of rec. Dec. 20 •
William* Tool, p re fe rre d ........................
*2 4 Jan . <f2 H olders ol rec. Deo. 2 0 1
Wilson (C. R .) Body Co., pref. ( q u a r.)..
1 4 Ja n . 1 Dec.d21 to D ec. 31
Wilson
f ’n. inc.. nref. (quar i
1 4 Jan . 2 Holders of re". Dee.
W lnnsboro M ills, com m on (quar.)
2
Jan . 2 H olders of rec. D ec. 23
Pref erred (q u a r.)_____________
1 4 J a n . 2 H olders of rec. D ec 23
W oodruff C otton M ills_____ ____
10
/.
?|
Jan . 1 ‘ »f)l l«»pq nf PO |
W oods M anufacturing, pref. (q u ar.)___
1 4 Jan . 2 H olders of reo. D ec. 2 7 1
W oolworth (F . W.) C o., pref. ( q u a r.)..
1 4 Jan . 2 H olders of rec. Dec. 9a
W orcester S alt (d o k ' l ‘ i lend).
elOO
' )ec. 30 Do ■ 23 to . I n . 4
W orthington Pum p A M ach., pf. A (qu.)
1 4 Jan . 2 H olders of rec. Dec. 22a
Preferred Class B (q u a r.)___________
1 4 Jan . 2 H olders of rec. Dec. 22a
W right-H argreaves Co. (q u a r.)...............
2 4 lan.
Holders of rec. Dec. ]>
>
W rlgley (W m .) C o., com . (m o n th ly )... 50c. J a n . 1 D ec. 26 to D eo. 31
W rlgley (W m .) Co. (stork dividend)___ elO
Dec. 30 D ec. 24 to
Jan. 1
W urlltzer (R udolph) C o.—
E lg h tp e rc e n t preferred (q u a r.)_____
2
M arl 23 H olders of rec. F eb. 19 '23
E lg h tp e rc e n t preferred (q u a r.)_____
2
I'nel 23 Holders of roc. M ay 22'23
Seven p erce n t preferred (q u a r.)_____
1 4 la n l' 23 Holders of reo. Dec. 22
Seven p erce n t o r d e r e d r q u a r .) ..__
1 4 4nrl 23 Holders of rpc M ar. 22
W yom ing Associated Oil (q u a r.)---------- ♦2
Jan . 12 ♦Holders of rec. D ec. 15
Y ale A Tow ne M anufacturing C o--------- $1
Jan . 2 H olders of reo. Dec. 14
York M anufactiuing (tto k li / l d e a d ) ... ♦elOO La Ifled b ' s' > k 'n ’1 -rs >>•. 25
Y oung (J . S.) C o., com m on (q u ar.)___
2
Jan . 2 H olders of rec. D ec. 22a
Com m on (extra)-----------------------------2
Jan . 2 H olders of rec. Dec. 22a
Preferred (q u a r.)...................... ..............
1 4 Jan . 2 H olders of rec. Dec. 22a
Y oungstown Sheet A T ube, com . (quar.) $1
J a n . 1 H olders of rec. Dec. 20
Preferred (q u ar.)----------------------------1 4 Jan . 1 H olders of rec. Dec. 2 0 1
1M
*/50
2
2
15c.
2
f
50c.
37 '
50c.
3H
1
/10

2

*2
$

2

• From unofficial sources, t The New York Stock Exchange has ruled that stock
will not be quoted ex-dlvidend on this date and not until further notice, a Transfer
books not closed for this dividend. 6 Less British Income tax. d Correction.
« Payable in stock. /Payable In common stock, g Payable In scrip, h On
account of accumulated dividends. < Payable In Liberty or Victory Loan bonds.
j

Pavablp In New York funds

* Three shares of OH Lease Development Co. stock for every 100 shares of Middle
States OH stock.
I A t ra te of 7% per annum on th e pref. stock entitled to dividends for the nerlod
from Jan . 1 to July 15 1903.
m R atified by stockholders a t m eeting on D ec. 6.
n Also all accrued dividends on prior preference stock since J a n . 1 1922.
0 R atified by stockholders a t meeting on D ec. 5.
p R atified by stockholders a t m eeting on Dee. 5.

r One-half share (Founders’ shares) In com. stock of United RetailStores Candy Co
s English dividend is 80% on 4 shillings per ordinary share, equal to 10 shillings
on Am erican shares, to be paid in London on F eb. 12.
t Q uoted ex-divldend on Dec. 8.
u R atified by stockholders on D ec. 12.
v D ividends on Pierce M fg. stock reported in previous issues erroneous— no
dividends have been declared.
w

W eekly R eturn of New York C ity C learing H ouse
B anks and Trust Com panies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 23. The
figures for the separate banks are the a v e r a g e s of the daily
results. In the case of the grand totals, we also show the
a c tu a l figures of condition a t the end of the week.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N S .
(Slated in th o u sa n d s o f dollars— that is. three ciphers

Subject to approval at special meeting of stockholders.

5 Payable In new Class "B" common stock.
t The New York Curb Market Association has ruled that stock will not be quoted
ex-divtdend on these dates and not until further notice.
1 Subject to approval by stockholders at meeting on Dec. 21.

2 T he New York Stock Exchange has ruled th a t th e following stocks shall sell
ex-the stock dividend as follows: G eneral B aking, 200% , on D ec. 28; E . (. d u P o n t
de N em ours A Co., 50% sto"k dividend, D ec. 29: S tandard OH (C alif.), 100% stock
dividend, J a n . 5; U nion T an k C ar, 50% stock dividend, D ec. 28.
4 D eclared $2 on com . stock for 1923, payable in quarterly Installm ents of 50c.
5 Less 67c. to cover th ird and fourth installm ents of 1921 Income ta x .
6 T ess 70c. to cover third and fourth installm ents of 1921 income ta x .

8 Transfers received In London up to Jan. 2 will be in time to enable transferees
o receive dividend.
(9) D ividend of 2% rescinded and a cash dividend of 1% % declared instead.




om itted.)

Loans,
Reserve
Discount, Cash
W eek e n d in g
N et
with
in
Legal Demand
D ec. 23 1922 Nat’l, S ep t.15 l nvestState, N o v .15 menis, Vault. Deposi­ Deposits.
6cc.
(000 omitted.) rr.C os.N ov.I5
tories.
M em bers o f Fe d . R es.
Bank of N Y' A
S
4,000
Trust C o----Bk of Manhat’n 10,000
Mecb & Met Bat 10,000
Bk of Am erica.. 5,500
Nat C ity Bank. 40,000
Chem N at Bank 4,500
500
Nat Butch A Dr
Amer Exch Nat 5,000
Nat Bk of Com. 25,000
1,000
Pacific B a n k ...
Chat A PhenNat 10,500
Hanover Nat Bk 5,000
Corn Exchange. 8,250
1.500
Imp & Trad Nat
National P a rk .. 10,000
1,000
East River N at.
First N ation al.. 10,000
Irving National 12,500
1,000
Continental Bk.
Chase National. 20,000
50C
Fifth A venue..
Commonwealth.
40C
1,00(
Garfield N a t ...
1,20(
Fifth NationalSeaboard N a t .. 4,00(
1,50(
Coal A fron Nat
20,00(
V s Mtge A Tr. 3,00(
Guaranty Trust 25,000
Fldel-Intern Tr.
1,50(
Columbia Trust 5,000
V Y Trust C o .. 10,00(
Metropolitan Tr 2.000
Farm i.oan A Tr 5,000
2,000
Equitable Trust 12,000

T im e Bank
De­ Circu­
posits. la­
tion.

B an k . Average Average Average Average Average
S
S
S
3
S
$
11,841
67,170
844 6.486
43,248 6.053
12,500 130,209 2,682 14,521
105,719 16,811
17,847 173.632 5,163 20.833
155,898 5,509
4,551
70,186 1 ,72 l 9,333
69.55S 2,932
50,929 512,687 7,672 62,738 *576.675 57,248
10,004 116,409 1,313 13,130
97,007 10,071
214
4,856
79
64
4,159
to
7,846 104,493 1,384 11,297
81,381 7,631
37,778 383,743 1,204 32,840
251,450 13,099
1,701
24,244 1,80
3,621
922
24,126
9,810 153,0S4 6,60S 18,212
124,017 23,813
20,529 117,120
53f 14,592
103,485
11,553 167,425 8,249 22,962
154,434 22,342
8,627
644 3,072
36,482
27,429
966
23,757 160,769 1,061 10,564
126,069 4,680
834
351
14.328
1,665
12,297 2,075
47,398 342,906
53 23,709
175,480 28,832
11,027 190,483 5,113 25,75$
190,241
8,673
154
920
7,762
917
5,926
360
21,787 322,489 4,851 37,999
282,892 30,761
23,023 1,039 2,97$
2,430
21,982
538,615
975
8,805
1,376
103
4Sf 1,918
15,014
1,621
13,930
33
27$ 2,380
1,058
17,231
17,399
80fi
6.934
75.855 1,351 9,623
73,280 1,561
1,339
15,516 1,001 1,678
12,762
841
25,039 266,303 1,413 29,777 *232,805 20,688
1,079
57,886 1,141 6,011
47,631
4,419
17,654 365,935 1,571 40,733 *380,571 31,599
534 2,232
17,912
718
20,333
1,806
75,005 5,853
SO,131 1,382 10,074
8,00f
122,704 10.345
758 16,253
17,696 142,825
665 4,494
32,435 4,804
39,292
3 ,SOf
63f 12,950
*92,86? 25,183
15,065 129,695
961 3,764
2.089
29,12
29,006
2,145
15,754 155,362 1,693 22,228 ♦197,52.’ 12,313

Avge.
%
993
2,134
346
296
4,954
5,968
100
51
5,445
50
7,386
2,362
1,090
398
247
63
113

___
___
___

—

>
Total of averages 279,350 443,270 1,542,499 67,428 ‘ 09,964 :3,757,19f 163,803 32,296
Totals, actual co nditlon
Totals, actual co nrill Ion
Totals, actual co nditlon
S ta te B a n k s N ot Me
1,000
250
2,500
State Bank----Total of averages

3,750

Totals, actual co ndl Ion
Totals, actual co nditlon
Totals, actual co nditlon
T r u s t C o m p an ies N ot
Title Guar A Tr 7,500
Lawyers T it A T 4,000

Dec. 23
Dec. IP
Dec. 9
mbers
2,119
877
4,684

1,525,097
1,468,356
1,369,163
ol F ed’l
19,216
5,795
82,784

67,459
60,754
58,521
R es've
l,81f
363
3,528

7,681

107,795

5,707

‘ 18,298 $3,766,46: 160,722 31,975
>
■>39,790 -3,705,65: 172,159 32,306
>13,569 :3,691,46: 177,592 32,159
B an k
19,871
53 - _
_
1,917
486
2,79!
2,101 ___
1,865
28,161 51,699
4,268

Dec. 23 108,463 5,918 4,262
Dec. 16 106,853 5,69 ‘ 4,562
Dec. 9 107,279 5,56f 4,280
Memb jrs o f Fe d'l Re ’ve Bk.
15.066
52,250 1,499 3,601
6,832
25,659
961 1,532

50,83:

53.853

—
___

51,771 53,897
50,08.' 53,737
50,76! 53,588

___
—

33,917
16,00(

909
815

—
—

Total of averages 11,500 21,899

77,909

2,460

5,133

49,917

1,724

—

Totals, actual co nditlon Dec. 23
Totals, actual co nditlon Dec. 16
Totals, actual co nditlon Dec. 9

78,150
76,999
77,341

2,407
2,342
2,534

5,343
5,201
4,941

50,384
49,656
49,24f

1,737
1,723
2,000

___
—
—

>94,600 172.851 1,728,203 75,595 '>19,365 3,857,95? 119,380 32,296
Comparison wit h prev. w e e k .. + 153 545 + 6,317 + 6,196 +47,665 -12,272 + 3 8
cond’n Dec. 23 1,711,710 75.784 ■>27,903 3.S68.62? 116,356 31,975
+2,638 -11,263 —390
Comparison wit h prev. week. . + 59,502 + 6,993 -21,650
cond’n Dec. 16 1,652,208 68,791 >49,553 3,865,985 127,619 32,365
Dec. 9 1,553,783 66,621 >22,790 3,791,481 133,186 32,159
Gr’d aggr., act l
Dec. 2 1,582,896 64,247 >00,071 3,858,043 131,962 32,112
Gr’d aggr., acll
>
Nov. 25 1,573,911 04,139 198,64r 3,822,617 140,570 31,971
Gr'd aggr., acl'l
Gr’d aggr., act'l cond’n Nov. 18 1,568,907 63.537 481,090 3,790.514 437,895 32,128
.
__ tt 3 deposits deducted from n et dem and deposits in th e general to tal
above were as follows: Average to tal Dec. 23, $234,543,000; actu al totals, Dec. 23,
375 000- Dec 16, $130,882,000; Dec. 9. $57,029,000; Dec. 2. $57,119,000;
*fin’o33 000 Bills payable, rediscounts, acceptances and other liabilities,
average for th e week Dec. 23. $470,049,000; Dec. 16. $501,788,000; Dec. 9, $498.Stk non- D ec 2 $462,929,000; actual to tals Dec. 23. $448,147,000; Dec. 16. $499,­
895 000; Dec. 9. $503,707,000: Dec. 2, S455,415,000; N ov. 25, $454,011,000.
♦ mei'iides deposits in foreign branches n o t included In to tal footing as follows:
MaHondi f ’itv B ank, $111,752,000; B ankers T ru st C o., $11,806,000; G u aran ty T ru st
Co 185 019 000; Farm ers' Loan A T ru s t C o., 329,000; E qultablo T ru st C o., S28.n o a’iw i ’ Balances carried In banks In foreign countries as reserve for such deposits
w o rn -N atio n al C ity Bank, $23,484,000; Bankers T ru st Co., $2,241,000; G u aran ty
m oist Co 33 384,000: Farm ers' Loan A T ru st C o., 829,000: E q u itab le T ru s t C o..
$3 848 000 c D eposits in foreign branches n o t Included.

The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition a t the end of the week is shown in the following two
tables:

t n u m l P N T O F R E S E R V E P O S IT IO N OF C L E A R IN G H OU SE B A N K S
BTAIEMEiiX a
D T R U S T C O M P A N IE S.
A v erag es.
Cash

Reserve
in Vault.

Less 41 cents per share for 3d and 4th Installments of 1921 Income tax on cap. stk.

z Ratified by stockholders a t mes ing on Dec. 12.

[000]

New |
Capital] Profits.

x R atified at stockholders’ m eeting on Dec. 1.
V

[Vol. 115.

THE CHRONICLE

Members Federal
Reserve banks----S tate b an k s......... —
T ru st com panies-------

5.707.000
2.460.000

Reserve
in
Depositaries

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

509,964.000 509,954,000 499,349,960 10,614,040
9.975.000
9,150,600
4.268.000
324,340
7.593.000
7,487,550
5.133.000
105,450

8,167,090 519,365,000 127,539,000 15,988,170 11,543,830
T o tal D ec. 2 3 ----8,053.000 513,169,000 521.222.000 510,125,660 11,096,340
T o ta l D ec. 16----8 117.000 512,449,000 520,566,000 509,158,670 11,407,330
T o ta l Deo. 9 -----7 3 8 1 .0 0 0 513,229,000 521,110,000 514,219,640 6,890,360
T o ta l D ec. 2 -----* N o t m em bers of Federal R eserve B ank.
„ TMa ia Hie reserve required on net dem and deposits in the case of S tate banka
and tru st com panies b u t in th e case of members of the Federal Reserve B ank
includes also am o u n t In reserve required on net tim e deposits, which was as follows:
Dec 23 810 914 090; Dec. 16, $11,283,540; Dec. 9, $11,400,360; Dec. 2, $11,388,870.

THE CHRONICLE

D ec. 30 1922.]
A c tu a l F ig u re s .
Cash
Reserve
In Vault.
M em bers Federal
Reserve banks___
S tate b anks________
T ru s t com panies___
T o tal
T o ta l
T o tal
T o ta l

D ec. 23___
D ec. 16___
D ec. 9 ___
D ec. 2 ___

S

Reserve
In
Depositaries

b
Reserve
Required.

Total
Reserve.

Surplus
Reserve.

5.918.000
2.407.000

3
3
3
518.29S.000 518,298,000 500,462,370
4.262.000 10,180,000 9,318,960
5.343.000
7,557,600
7,750,000

8.325.000
8.037.000
8.100.000
7,997.000

527.903.000
549.553.000
522.790.000
500.971.000

536.228.000
557.590.000
530.890.000
508.968.000

$
17,835,630
861,040
192,400

517,338,930 18,889,070
517,269,970 40,320.030
507,743,590 23,146,410
516,440,190 —7,472,190

♦ N o t members of Federal Reserve B ank.
& b This Is the reserve required on net dem and deposits In th e case of S tate banks
and tru s t com panies, but In the case of members of the Federal Reserve B ank in­
cludes also am ount of reserve required on net tim e deposits, which was as follows:
D ec. 23, S10,821,660; D ec. 16, 311,164,770; Dec. 0, 311,327,760; Dec. 2, SI 1,384,880.

2881

B oston C learing H ouse W eekly R etu rn s.— In the fol­
lowing we furnish a summ ary of all the items in the Boston
Clearing House weekly statem ent for a series of weeks:
BO STO N C L E A R IN G H O U SE M E M B E R S .
Dec. 27
1922.
C a p ita l_______
Surplus and p rofits_________
Loans, dlsc’ts & investm ents!
Individual deposits, incl. U .S.
D ue to b an k s....... .....................
Tim e d ep o sits_____
U nited S tates deposits
Exchanges for Clearing H ouse
D ue from o th er banks
Reserve in F ed. R es. B a n k ..
Cash in bank and F . R . B ank
R eserve excess In bank and
F ed eral R eserve B an k ___

Changes from
previous week.

Dec. 20
1922.

Dec. 13
1922.

$
59.100.000
85.928.000
850.468.000
615.751.000
119.001.000
110.563.000
19.770.000
22.308.000
72.145.000
69.968.000
12.524.000

%
59.100.000
85.928.000
Inc. 1,469,000
Dec. 5,485,000
Inc. 1,253,000
Dec.
219,000
Inc. 1,951,000
D ee. 4,117,000
Dec. 4,915,000
Dec.
371,000
In c.
795,000

$
59.100.000
85.928.000
848.999.000
621.236.000
117.748.000
110.782.000
17.819.000
26.425.000
77.060.000
70.339.000
11.729.000

$
59.100.000
85.928.000
845.441.000
615.410.000
110.385.000
112.641.000
14.105.000
23.117.000
70.737.000
68.754.000
10.717.000

S tate Banks and T rust Com panies N ot in Clearing
1,962,000
902,000 3,060,000
2,158,000 Dec.
H ouse.—Tlie S tate Banking D epartm ent reports weekly
figures showing the condition of S tate banks and tru st com­
P h ilad
ia B
House
panies in New York C ity n o t i n th e C le a r in g H o u s e as follows: return forelp hweek an ks.—The Philadelphia Clearing figures
the
ending Dec. 23, with com parative
Reserve
SU M M A R Y O F S T A T E BA N K S A N D T R U S T C O M P A N IE S IN G R E A T E R for the two weeks preceding, is given below.
requirem ents for members of the Federal Reserve System
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U SE S T A T E M E N T .
are 10% on dem and deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from
t° b e^ k ep t w ith the Federal Reserve Bank. “ Cash in
previous week.
Dec. 23.
For tru st companies
Loans an d investm ents__
3795,506,500 Inc. 14,717,500 vaults” is n o t a p art of legal reserve.
G old______________ ________ H I "
...................
92,300 not members of the Federal Reserve System the reserve
Inc.
4,435,800
C urrency and bank notes______ _____ _____ " " "
518,000
20,735,800 Inc.
D eposits w ith Federal Reserve B ank of New Y ork .
6S,594,000 Inc. 2,019;500 required is 10% on dem and deposits and includes “Reserve
T o tal d e p o s it s ..._______________________________ 802,893,700 Inc. 16,855,400 with legal depositaries” and “ Cash in vaults.”
D eposits, elim inating am ounts due from reserve de­
positaries and from other banks and tru s t com­
panies in N . Y . C ity exchanges a nd U . S. deposits 736,995,100 Inc. 1,562,100
Reserve on deposits____________
123,960,800 Inc. 2,875,000
Percentage of reserve, 20.7% I "
RESERVE.
--------Stale Banks-------- ---- Trust Companies----C ash in v a u lt..!_______________ *S28,023,500 17.16%
S65,742,100 15.13%
D eposits in banks and tru s t co’s . . 7,683,000 04.70%
22,512,200 05.17%
T o ta l....................................................335,706,500

21.86%

388,254,300

20.30%

* Includes deposits w ith the Federal Reserve B ank of N ew Y ork, which for th e
S tate banks and tru s t com panies com bined on D ec. 23 was S68,594,000.

Banks and Trust Companies in New York C ity.—The
averages of the New York City Clearing House banks and
tru st companies c o m b in e d w ith those for the S tate banks
and tru st companies in G reater New York City outside of
the Clearing House are as follows:
C O M B IN E D R ESU LTS O F BA N K S A N D T R U S T C O M P A N IE S IN
G REA TER N EW YORK.
Loans and
Investments.
Week ended—
Sept. 2 . . . ..................
S ept. 9 ____________
Sept. 10____________
Sept. 23....................
S ept. 30........................
O ct. 7 . . ......... ..........
O ct. 14........................
O ct. 21____________
O ct. 28......................
N ov. 4 ____ _____ _
N ov. 11........................
N ov. 18........................
N ov. 2 5 . . ....................
D ec. 2 ........................
D ec. 9........................
D ec. 16........................
Dec. 2 3 ____________

Demand
Deposits.

* Total Cash
In Vaults.

Reserve In
Depositaries.

5
5,311,517,600
5,297,744,400
5,297,309,200
5,338,205,100
5,317.017,500
5,320,359,700
5,305,281,600
5,397,918,900
5,402,995,200
5,394,373,600
5,348,725,300
5,331,639,900
5,314,686,500
5,327,903,200
5,309,488 ,S00
4,798,475,400
5,523,709,500

S
$
$
4,597,237,500
86,259,400 619,063,200
4,566.272.800
88,946,400 616,544,100
4,615,836,300
90,326,700 625,919,600
4,640,919,500
86,359,200 680,815,100
4,634,695,500
88,271,200 616,428,800
4,649,378,900
86,018,300 624,721,000
4,628,334,800
90,361,200 623,563,900
4,699,067,600
89,798,300 642,922,400
4,650,020,500
S8.484.300 616.226,400
4,623.416,200
87,350,900 623,119,700
4,573,740,400
91,084,000 614,915,700
4,569.953,000
89,248,900 617.659,300
4,561,416,100
87.309,000 613.970.600
4,592,129.500
88,954,800 612.086.200
4,542,829,600
91,414,200 609,280,700
4,545,721.000
93.839.300 609.293,500
4,594,948,100
100,766,600 618,154,200
* T h is item includes gold, silver, legal tenders, national bank and Federal Reserve
notes.

New York City Non-Member B anks and Trust Com­
p an ies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not in­
cluded in the “ Clearing House R eturns” in the foregoing:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G
H O U SE.
(.Staled in thousands o f dollars— that Is, three ciphers [000] omitted.)
1 N et L o a n s
C L E A R IN G
Capital. Profits. D is­
N a t’l
Net
Reserve N e t
N O N -M E M B E R S
c o u n ts, Cash
Bank
with D em a n d T im e
N at.bks.Sept.15 Invest­
De­ C ir c u ­
in
De­
Legal
W eek e n d in g S tato b k sN o v l5 ments, Vault. Deposi­ posits. posits. l a t io n .
D ec. 23 1922. Tr. cos. S e p t.15 ilC.
tories.
M em bers of
Average Average Average Average Average Average
Fcd’l R es. B an k .
S
$
S
S
S
S
S
$
B attery P ark N a t.
1,500 1,219 11,437
197
485
8,021
209 1,225
W .R . G race* C o ..
500 1,339 8,590
1,332 5,860
. 25
406
2,000 2,559 20,027
9,353
234 1,631
S ta t e B a n k s
N o t Me m bers o f Fed ’1 R e s ’ ve B an k
B ank o f W ash.H ts.
200
329 5,251
4,737
686
284
Colonial B an k ___
800 1,879 18,507 2,400 1,421 19,421
T o t a l . . . . . .........
1,000 2.20S 23,758 3,086 1,705 24,158
T r u s t C o m p a n ies N ot Me m bers of Fed ’1 R e s ’ ve B an k
M ech.T r. .Bayonne
200
667 8,941
3,451
173
309
T o ta l.............. ..

200

667

197

777

....

777

—

5,478

—

369

G rand ag g reg a te.. 3,200 5,435 52,726
C om parison w ith p revious week . . —2,768
G r’d aggr. D ec. 16 3.200 5.435 55,494
G r’d aggr. D ec. 9 3.200 5.435 56,622
G r’d aggr. D ec. 2 3.200 5.290 58,587
G r’d aggr. N ov. 25 3.200 5.290 59,276

3,6S9
— 108

3,509 a36,962 12,600
— 588 — 2,382
— 173

197

3,797
3,791
3,551
3,643

3,682
3,827
3,765
3,701

14,982
16,358
18,036
IS,433

198

a37,550
a38,034
a38,291
a38,686

a U . S. deposits deducted, 3409 000
Bills payable, rediscounts, acceptances and other liabilities, S2,435,000.
Excess reserve, 3145,250 decrease




1922.

Dec. 9
1922.

Total.
540.175.0 540.175.0 $39,675,0
113.056.0 113.056.0 113.455.0
700.914.0 691.985.0 690.887.0
30,575,0 29.219.0 28.278.0
100.498.0 99.062.0 91.417.0
115.688.0 115.106.0
553.958.0 555.843.0 547.621.0
21,626,0 21.689.0 21.761.0
697.783.0 693.220.0 684.488.0
8.565.0
11.985.0
2.965.0
3.380.0
3,582,0
3.077.0
54,926,0
54.827.0
54,619,0
12.560.0
71.525.0
71.742.0 70.866.0
58.673.0
58.822.0 58.118.0
14.094.0
14.369.0
14.467.0

♦ C ash in v au lt n o t counted as reservo for F ederal Reserve mem bers.

C ond ition of th e Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York a t the close of business Dec. 28 1922 in
comparison w ith the previous week and the corresponding
date last year:
Resources—
Gold and gold certificates.
Gold settlem ent fund—F . R . B oard___
T o tal gold held by bank
Gold w ith Federal Reserve Agent
Gold redem ption fund
T o tal gold reserves_
_
Legal ten d er notes, silver, Ac

Dec. 27 1922. Dec. 20 1922. D ec. 28 1921.
S
$
$
121,730,078
129,802,772
289.926.000
186,672,461 223,248,975
141.463.000
308,402,540
709,059,028
10,919,170

353,051,748
659,224,928
7,627,377

431.389.000
623.110.000
15,000,000

1,028,380,739 1,019,904,054 1,069,499,000
27,601,720
26,291,996
44,615,000

T o tal reserves____
1,055,982,460 1,046,196,050 1,114,114,000
Bills discounted: Secured b y U . S. G ov­
ernm ent obligations— for members
126,029,410
125,487,106
141,863,000
F or other F . R . banks.............................
AH other— F o r m e m b ers..
‘ 19,323’,449
71,194,000
"16,326,630
F o r other F . R . banks
Bills bought in open m arket
41,225,220
45,789,221
47,313,000
T o tal bills on h a n d _
_
U . 8 . bonds and n otes_
_
U . 8 . certificates of indebtedness—
O ne-year certificates (P ittm an A c t) ..
AU o th er___________

190,599,777
41,496,750

183,581,261
39,517,750

260,370,000
9,272,000

3,000,000
72,190,000

3,500,000
85,450,000

36.400.000
55.534.000

T o tal earning a s s e ts ..
B ank prem ises_______
6% redem p. fund a g st. F . R . bank n o te s.
Uncollected Item s_
_
All other resources_
_

307,286,527
10,760,289
149,060
154,328,185
2,174,247

312,049,011
10,744,277
174,060
163,328,474
1,874,597

361.576.000
6,810,000
1.647.000
119.413.000
3.641.000

T o ta l resources..............

1,530,680,769 1,534,366,471 1,607,201,000

Liabilities—
C apital paid In ______
Surplus_________
D eposits:
G o v e rn m e n t_______
M em ber banks— Reserve acco u n t_ _
All o th er...............................

28,688,450

28,680,950
60,197,127

27,114,000

979,265
707,105,576
12,251,169

766,112
700,789,927
13,554,379

18,298,000
684,241,000

T o tal deposits_______
F . R . notes in actu al circulation
F. R. bank notes in clrcul’n— n et liability
D eferred availability Item s.
All o th er liabilities__________

720,336,011
599,001,354
2,450,200
113,477,363
6,530,263

715,110,420
605,539,259
3,048,200
115,706,987
6,083,52S

716.093.000
663.329.000
21.391.000
94.209.000
25.747.000

T o tal lia b ilitie s .-...............................
R atio of to tal reserves to deposit and
F. R. note liabilities com bined______
C ontingent liability on bills purchased
for foreign correspondents

1,530,680,769 1,534,366,471 1,607,201,000

S0.0%

79.2%

80.8%

12,638,556

12,491,675

12,036,203

___

5,478

8,941

173

3,451

6,345

Week ending Dec. 23 1922.
Two Ciphers (00) omitted. Members of
Trust
F.R. System Companies
C a p ita l_________________ 535.175.0
55,000,0
Surplus and p ro fits. "
98.939.0
14.117.0
Loans, dlsc’ts A Investm ’ts 657.333.0
43.581.0
Exchanges for C lear .House 29.966.0
613.0
D ue from b an k s_________ 100.466.0
32,0
B ank deposits__
121.483.0
716.0
Individual deposits.
525.358.0
28.600.0
Tim e deposits_______
21.063.0
563.0
T o tal deposits___________ 667.904.0
29,879,0
U . S. deposits (not I n c l.)..
2.965.0
R es’ve w ith legal deposit’s .
3.077.0
R eserve w ith F . R . B ank
54,619,0
Cash In v au lt* .
12.312.0
1.517.0
T o tal reserve and cash held
66.931.0
4.594.0
R eserve required................
54.345.0
4.328.0
Excess res. A cash In v au lt!
12.586.0
1.783.0

196

C U R R E N T N O T IC E S .
—Guaranty Trust Co. of New York has been appointed trustee under
the First Mortgage dated Dec. 1 1922 of the Bedford Pulp & Paper Co.,
Inc., securing an authorized issue of $1,000,000 principal amount of First
Mortgage Sinking Fund Gold bonds duo Dec. 1 1942, which bonds are
guaranteed by the General Paper Co., Inc., its guaranty being secured by
its First Mortgage, also dated Dec. 1 1922 to the Guaranty Trust Co.
of New York as trustee.
—Bankers Trust Co. has been appointed transfer agent for the Preferred
and Common stock of Pond’s Extract Co.

[V ol. 115,

THE CHRONICLE

2883
W E E K L Y

R E T U R N

O F

T H E

F E D E R A L

R E S E R V E

B O A R D .

T he following is the retu rn issued by the Federal Reserve Board T hursday afternoon, Deo.28, and showing the condition
of the twelve Reserve Banks a t the close of business on W ednesday. In the first table we present the results for the system
as a whole in comparison w ith the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents’
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Com ptroller and
Reserve Agents and between the la tte r and Federal Reserve banks. T h e R e se rv e B o a r d ’s c o m m e n t u p o n th e r e tu r n f o r th e la te s t
u e e k a p p e a r s o n p a g e 2838 b e in g th e f i r s t ite m i n o u r d e p a r tm e n t o f “ C u r r e n t E v e n ts a n d D i s c u s s i o n s .”
C ombined R esources

L ia bilities

and

op the

F ederal R eserve B anks

at the

C lose

op

B usiness D ec . 27 1922.

Dec. 27 1922 Dec. 20 1922 Dec. 13 1922 Dec. 6 1922 Nov. 29 1922 |A7ot. 22 1922 Nov. 15 1922 Nov. 8 1922 D ec. 28 1921.
$
273,825,000
509,580,000

RESOURCES.

S
291,081,000
582,494,000

S
304,810,000
596,851,000

S
298,094,000
616,574,000

S
303,219,00C
644.959.00C

S
289,750,006
651,862,000

S
276,414,000
651,930,000

$
267,207,000
648,429,000

S
380,911,000
534,099,000

783,405,000 873,575,000 901,661,000 914,668,000 948,178,000 941,612,000 928,344,000 915,636,000 915,010,000
Gold w ith Federal Reserve agents--------- 2,198,846,000 2,117,688,000 2,103,069,000 2,045,210,000 2,048,084,000 2,077,582,000 2,078,901,000 2,094.050,000 1,846,369,000
108,221,000
76,596,000
85,914,000
58,188,000
69,131,000
54,647,000
71,069,000
56,493,000
66,603,000
Gold redem ption lu n d ------------------------T o tal gold reserves--------------------------- 3,040,439,000 3,045,910,000 3,061,223,000 3,045,792,000 3,072,858.000 3,088,325,000 3,073.848,000 3,080,755,000 2,869,600,000
108,398,000 110,799,000 123,665,000 127,189,000 129,952,000 130,358,000 130,912,000 130,527,000 122,600,000
Legal tender notes, silver, A c--------------3,148,837,000 3,156,709,000 3,184,888,000 3,172,981,000 3,202,810,000 3,218,683,000 3,204,760,000 3,211,282,000 2,992,200,000
Bills discounted:
Secured by U . S. G o v t, o bligations.- AU o th e r......................................................
Bills bought In open m a rk et-----------------

316.495.000
313.390.000
246.293.000

344.793.000
314.965.000
262.572.000

374.409.000
330.536.000
266.827.000

315.280.000
334.816.000
259.226.000

307.976.000
306.215.000
257.405.000

330.285.000
322.520.000
260.894.000

300.337.000
340.075.000
258.656.000

876.178.000
179.192.000

867.286.000
174.958.000

922.330,000
170.020.000

971,772,000
169|413,000

909,322,000
162,336,000

871.596.000
151.731.000

913,699,000
171.732.000

899.068,000 1,294,073,000
59.472.000
188,821,000

12,000,000
266,691,000
40,000

U . 8. certificates of Indebtedness:
O ne-year certificates (P ittm an A o t) ..
All o ther___________________________
M unicipal w arrants________________

314.851.000
300.707.000
251.728.000

14,000,000
242,282,000
26,000

18,500,000
118.718.000
34,000

21,500.000
120,889,000
26,000

23,500,000
118,625,000
24,000

28,500,000
114,888,000
27,000

31,500.000
122,482,000
27,000

34,500,000
123,268,000
27,000

487.193.000
692.640.000
114.240.000

119,500,000
62.472.000
334,000

T otal earning assets________________ 1,334,101,000 1,298,552,000 1,229,602,000 1,283,600,000 1,213,807,000 1,166,742,000 1,239,440,000 1,245,684,000 1,535,851,000
46,282,000
46,204,000
47,227,000
47,181,000
35,015,000
45,650,000
45,420,000
46,394,000
46,455,000
3,410,000
3,130,000
3,535.000
2,625,000
2,520,000
3,635,000
7,896,000
2,780,000
2,680,000
757,500,000 759,392,000 709,289,000 660,119.000 599,806,000 684,519.000 821,132,000 583.827.000 559,766,000
14,605,000
15,050,000
14,840,000
15.056,000
15,611,000
20,578,000
15,226,000
15,379,000
15,729,000

5% redem p. fund agst. F . R . bank notes
Uncollected Item s--------------------------------

5,305,411,000 5,279,299,000 5,188,643,000 5,181,253,000 5,080,905,000 5.134,163,000 5,329,573,000 5,105,459,000 5,151,306,000
L IA B IL IT IE S .

107,256,000
215,398,000

Surplus----------------- --------- ------------------Reserved for G ovt, franchise ta x _______

107,261,000
215,398,000

107,244,000
215^3981666

107,205,000
215,398,000

107,207,000
215,398,000

106,495.000
215.39S.000

106,448,000
215,398,000

106,355,000
215,398,000

103,186,000
213,824,000

"26,402,666
71,634,000
"45,19*8,666 ’57,252*666
" 7,809 ,000
6 J 15,666
’33,449,666
M em ber banks—reserve account_____ 1,861,281,000 1,840,205,000 I,8l7]744io00 l,843,60l!000 1,807,631,000 1,829,069,000 1,859’652^000 1,812,051,000 1,666,018,000
20,721,000
26,872,000
24,235,000
31,165,000
35,039,000
19,143,000
22,606.000
19,527,000
All o ther___________________________
20,230,000

T o ta l______________________________ 1.900.255.000 1.881.959.000 1,861,110,000 1.910.104.000 1.860.223.000 1.894.988.000 1.939.510.000 1,862,688,000 1.764.524.000
F . R . notes In actual circulation................ 2.464.121.000 2.456.711.000 2,379,185,000 2.361.222.000 2.329.814.000 2.299.391.000 2.321.219.000 2,340,074,000 2.443.497.000
26,220,000
84.548.000
10.632.000
32.441.000
F .R .b an k notes In circulation—n et Uab.
12.499.000
29.313.000
20,868,000
19.259.000
16.497.000
578,502,000 576,997,000 580,883,000 540,233,000 520,497,000 564,798,000 691,406.000 522,564,000 458,960,000
82.767.000
29.247.000
26,875,000
25.939.000
All other liabilities___ - ______________
28.474.000
26.279.000
26,898,000
27.772.000
28.326.000
T o tal liabilities.......................................... 5,305,411,000 5,279,299,000 5,188,643,000 5,181,253,000 5,080,905,000 5,134,163,000 5,329,573,000 5,105,459,000 5,151,306,000
R atio of gold reserves to deposit and
69.6%
70.2%
73.3%
68.1%
73.6%
72.1%
73.3%
72.1%
71.7%
R atio of to tal reserves to deposit and
72.1%
72.8%
76.4%
76.7%
75.2%
71.1%
76.4%
74.3%
Distribution by Maturities—
1-15 days bill bought In open m a rk e t.

S
83,210,000
436.465.000
103.595.000
14,000
50.737.000
48.609.000

1-15 days U . S. certlf. of Indebtedness.
10-30 days bills bought in open m a rk et.
16-30 days U . S. certlf. of Indebtedness.

$
72.811.000
419,329,000
76.670.000
65.693.000
49.405.000
500,000
26
70.654.000
66.519.000

18,000
69.056.000
63.372.000
’
76,000
8,000
38.083.000
50.059.000
62.670.000

31-60 days U . S. certlf. of Indebtedness.
31-60 days municipal w arrants_________
61-90 days bills bought In open m a rk et.
61-90 days U . S. certlf. of Indebtedness.
Over 90 days bills bought In open m arket
O ver 90 days certlf. of Indebtedness___
O ver 90 days m unicipal w a rran ts_______

34.461.000
48.794.000
62.383.000

5,207,000
31,380,000
112,350,000

31-00 days bills bought In open m a rk et.

8,109,000
31,511,000
113.729,000

$
73.985.000
462,861,000
225,000
8,000
56.344.000
54.663.000
1,720,000
26,000
78.029.000

$
61,797,000
418,318.000
2,471,000

S
66,127,000
444,246,000
1.933,000

$
63,762,000
449,209.000
733,000

42.733.000
50.636.000
507,000

42.040,000

576,000

92.365.000
74.195.000
4,220,000
27.000
49.383.000
42.694.000
76.000

*87,143* 000

1,720.000
24.000
47.121.000
45.218.000
76.000

43.127.000
52.444.000
1.398.000
3,000
76.499.000
74.174.000
6.726.000

10,681,000
28,715,000
137,835,000

18.038.000
29.955.000
135,835,000

11.127.000
28.348.000
136,114.000

12.942.000
26.244.000
145,243,000

$
71,874,000
499,882,000
2,258,000

S
60,451,000

53.195.000
58.631.000
720,000

44,747,000

83,836"666

88,869.000

45,649,566

1,000,000
26,000
47,247,000

76,000
""8,246,666
135,197,000

3,484,000

1,007,000

1,086,000

5,720,000
24,000
52,642,000

64.749.000
39.838.000
500,000
24.000
10.519.000
24.747.000
148,411,000

S
58.306.000
708.361.000
13.687.000
34.000
24.743.000
116.690.000
2.500.000
182,000
26.062.000
161.202.000
10.753.000
23.000
5.114.000
131,936,000
28.163.000
95.000
15.000
61,644,000
126,869,000

Federal Reserve Notes—
O utstanding ---------------------------------------- 2,835,092,000 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 2,796,540,000
370,971,000 362,094,000 396,135,000 369,660,000 388.657.000 395,253,000 378,414,000 355,398,000 353,043,000
In actual circulation------------------------- 2,464,121,000 2,456,711,000 2,379,185,000 2,361,222,000 2,329,814,000 2,299,391,000 2,321,219,000 2,340,074,000 2,443,497,000
A m ount chargeable to Fed. Res. Agent 3,679,260,000 3,666,113,000 3,640,536,000 3,606,113,000 3,609,182,000 3,583,482,000 3.561,781,000 3,547,643,000 3,650,375,000
844,168,000 847,308,000 865,216,000 875,231,000 890,711,000 888,838,000 862,148,000 852,173.000 853,835,000
Issued to Federal Reserve banks.......... 2,835,092,000 2,818,805,003 2,775,320,000 2,730,882,000 2,718,471,000 2,694,644,000 2,699,633,000 2,695,470,000 2,796,540,000
How Secured—

370.317.000 376 367 000
636.246.000 701.117.000 672,251,000 685,672,000 670,387,000 617,062,000 620.732.000 601.420.000 950,171,000
By eligible paper--------------------------------133.090.000 137.454.000 131,365,000 131,716.000 131,560,000
126.496.000 124.744.000 115,832,000
Gold redem ption fund________________
W ith F ederal Reserve B oard.................... 1,712,099,000 1,633,942,000 1,625,412,000 1,567.202,000 1,570.207,000 1,572,776.000 1,576,038,000 1,577,939,000 1,381,524,000
T o tal............................................................. 2,835,092,000 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 2,796,540,000
Eligible paper delivered to F . R . A gent.

836,933,000

832,130,000

887,347,000

924,788.000

867,683,000

835,535,000

878,995,000

857,828,000 1,246,507,000

W E EK LY STA TEM EN T O F RESO U R C E S AND L IA B IL IT IE S O F EACH O F T H E 12 FED ER A L RESER V E BA NK S AT CLO SE O F B U SIN ESS D EC. 27 1922
Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston.

RESOURCES.
Gold and gold certificates..............
Gold settlem ent fund— F . R . B 'd

I
15.984.0
28.822.0

T otal gold held by b anks.......... 44,806,0
Gold w ith F . R . agents.................. 150,228,0
9,074,0
G old redem ption fund---------------

New York.
$
121.730.0
186.672.0

T o tal earning assets__________ 127,763,0




Cleveland Richmond A tlanta.

3
$
19.256.0 13.338.0
12.909.0 84.638.0

Chicago. St. Louis. M inneap. K an.City. Dallas.

$
$
S
5,542,0 50.724.0
5,549,0
14,583,0 24,769,0 47.795.0

S
S
$
7,581,0 2,661,0
2,443,0
17,433,0 22,493,0 29,405,0

San Fran.

t
S
10.046.0 18.971.0
12.657.0 27.404.0

Total.
$
273.825.0
509.580.0

308.402.0 32,165,0 97,976,0 20.132.0 30,311,0 08,519,0 19.876.0 30.074.0 32.066.0 22.703.0 46,375,0 783,405,0
709.059.0 186,110,0 183,086,0 65.003.0 103,668,0 405,216,0 72.522.0 46.372.0 52.250.0 22.587.0 202,745,0 2,198,846,0
2,345,0 3,593,0 2,323,0
1,789,0 4,364,0
10,919,0 4,925,0
58,188,0
7,542,0
4,764,0 4,061,0
2,489,0

T o tal gold reserves----------------- 204.108,0 1,028,380,0
27,602,0
7,937,0
Legal tender notes, silver. A o . . . .
212,045,0 1,055,982,0
T o tal reserves---------- --------- - Bills discounted: Secured by
U . S. G ovt, obligations.......... 25.036.0 125.4S7.0
19,323,0
All o th e r_______________ . . . . 44.935.0
45,789,0
Bills bought in open m a rk e t____ 25,706,0
T otal bills on hand----------------- 95,677,0
7,282,0
U . 8. bonds and notes__________
U . S. certificates of Indebtedness
750,0
O ne-year ctfs. (P ittm an A ot).
All o th e r_ _________________ 24,054,0
_
M unicipal w arrants____________

PMla.

223,200,0 285,826,0 89,196,0 136,468,0 511,277,0 94,743,0 80,039,0 86,639,0 47,079,0 253,484,0 3,040,439,0
803,0 3,160,0 6,092,0
2,869,0 108,398,0
8,158,0
13,887,0
5,050,0 9,329,0 4,936,0 18,575,0
237,087,0 290,876,0 98,525,0 141,404,0 529,852,0 102,901,0 80,842,0 89,799,0 53,171,0 256,353,0 3,148,837,0
2,177,0 9,767,0
992,0 11.556.0
18,902,0 20,669,0 13,208,0 28.722.0
—
402,0 23,397,0 38,302,0

316.495.0
313.390.0
246,293,0

190,599,0 76.455.0 103,983,0 58,451,0 40,247,0 99,862,0 42.810.0 21.079.0 30.838.0 37,597,0 78.580.0
7,270,0 16.765.0 11.109.0 27.418.0 2,629,0 27.617.0
41,497,0 24.325.0 11,896,0
1,241,0
143,0

876.178.0
179.192.0

3,000,0
72,190,0

39.618.0 28.147.0 25.024.0 3,036,0 29.106.0
14.020.0 22.534.0 31.813.0 26,632,0 58.994.0
22,817,0 53.302.0
1.614,0 10,579,0 11,762,0

500,0
17,750,0

500,0
19,827,0

1,360,0
6,000,0

1,667,0
499,0
2,031,0 70,452,0

16.549.0
13.638.0
12.623.0

571,0
13,781.0

500,0
2,499,0
, 40,0

821,0
12,647,0

500,0
8,310,0

1,332,0
17,150,0

12,000,0
266,691,0
40,0

307,286,0 119,030,0 136,206,0 67,052,0 42,920,0 179,251,0 73,927,0 35,227,0 71,724,0 49,036,0 ' 124,679,0 1,334,101,0

THE CHRONICLE

D ec . 3 0 1 9 2 2 .]
R E S O U R C E S ( C o n c l u d e d )—
T w o c i p h e r s (00) o m i t t e d .

$
5,251,0

Bank premises........................
B% redemption fund against Fed-

$
10,760,0

A tla n ta .

C le v e la n d R ic h m o n d

P h ila .

N ew Y o rk .

B o s to n .

639,0

C h ic a g o .

S
2,110,0

S
2,571,0

S
7,043,0

$

•

3883
D a lla s .

S t. L o u is . M in n e a p . K a n .C ity .

S

7,781,0

3
971,0

S an F ran .

S
2,095,0

$
5,169,0

S
1,057,0

$
1,780,0

T o ta l.

S
47,227,0

146,0
200,0
19,0
665,0
196,0
2,520,0
23,0
93,849,0 50,454,0 19,362,0 51,577,0 29,741,0 59,826,0 757,500,0
15,226,0
892,0
379,0 1,731,0 • 845,0 1,856,0 4,893,0
812,290,0 228,655,0 138,415,0 219,314,0 136,045,0 447,550,0 5,305,411,0
14,772,0 4,813,0 3,535,0 4,623,0 4,195,0 7,565,0 107,256,0
29,025,0 9,388,0 7,468,0 9,646,0 7,394,0 15,199,0 215,398,0
862,0 1,076,0
735,0
7,809,0
384,0 1,283,0
693,0
264,175,0 71,362,0 47,914,0 80,608,0 52,499,0 134,367,0 1,861,281,0
583,0 4,414,0
31,165,0
3,252,0 2,154,0
969,0 3,085,0
153,473,0 60,211,0 56,238,0 267,811,0 74,799,0 49,576,0 84,555,0 54,158,0 139,516,0 1,900,255,0
257,372,0 13,398,0 129,493,0 428,298,0 97,272,0 60,027,0 72,230,0 39,685,0 244,596,0 2,464,121,0
100,0
10,632,0
914,0
349,0 1,269,0
457,0
115,0 3,034,0 1,274,0
444,0
60,901,0 44,959,0 19,702,0 67,447,0 40,694,0 16,106,0 43,652,0 27,532,0 37,764,0 578,502,0
29,247,0
2,946,0 1,348,0 1,391,0 3,668,0 1,232,0 1,588,0 1,574,0 1,807,0 2,810,0

468,0
68,0
89,0
75,0
149,0
154,328,0 58,364,0 74,612,0 58,543,0 33,340,0
696,0
354,0
527,0
432,0
2,175,0
1,530,680 415,627,0 509,353,0 227,455,0 220,596,0
28,688,0 9,327,0 11,708,0 5,595,0 4,309,0
60,197,0 17,945,0 22,509,0 11,030,0 9,114,0
336,0
458,0
123,0
761,0
979,0
707,106,0 112,257,0 151,807,0 59,123,0 55,253,0
527,0
752,0
766,0 1,543,0
12,251,0

422.0
Cnoollected Items------------------ 73,504,0
446.0
All other resources..........- ...........
419,431,0
L IA B IL IT IE S .

8,126,0
16,483,0
119,0
Member bank—reserve acc’t .. 124,810,0
869,0
All other------ ------------------125,798,0
P. R. notes In actual circulation. 211,213,0
F. R. bank notes in circulation150,0
net liability________ ______
Deferred liability Items------------ 55,609,0
All other liabilities....................... 2,052,0

720,336,0 113,784,0
599,001,0 221,536,0
76,0
2.450.0
113,477,0 50,659,0
6.531.0 2,300,0

Total liabilities......................... 419,431,0 1,530,680,0 415,627,0 509,353,0 227,455,0 220,596,0 812,290,0 228,655,0 138,415,0 210,314,0 136,045.0 447,550,0 5,305.411,0
M em oran da.

Ratio of total reserves to deposit
and F. R. note liabilities comOontingent liability on bills pur­
chased for foreign correspondt’s

62.9

80.0

70.7

70.8

60.2

76.1

76.1

59.8

73.8

57.3

56.7

66.7

72.1

2,542,0

12,639,0

2,340,0

2,818,0

1,683,0

1,237,0

4,089,0

1,615,0

928,0

1,649,0

893.0

1,581,0

34,014,0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 27 1922.
F e d e ra l R eserve A g e n t a t—

P h ila .

B o s to n . N e w Y o rk

C le v e .

R ic h m 'd A t l a n t a

$
S
S
S
R esou rces—
( i n T h o u sa n d s o f D o lla r s )
$
Federal Reserve notes on hand........................ .............. 83,100 399,610 37,360 29,940 26,400
Federal Reserve notes outstanding____________ ____ 227,415 781,523 245,477 276,684 112,902
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates............................_.............. 15,300 283,184 7,000 13,275
Gold redemption fund.......................... ....................... 16,928 34,875 16,221 14,811 2,208
Gold fund—Federal Reserve Board______________ 118,000 391,000 162,889 155,000 62,795
72,464 59,367 93,598 47,899
Eligible paper/Amount required_________________ 77,187
.
1Excess amount held............................ . 18,490 93,556 6,576 9,785 8,336
Total......................................................................... 556,420 2,056,212 534,890 593,093 260.540

$
67,189
136,398

C h ic a g o .

K .C U y . D a lla s . S a n F r.

S t.L o u i s M i n n .

$
S
$
78,920 22,470 9,710
472,711 115,262 63,133
11,975 13,052
15,571 4,047 1.320
389,645 56,500 32,000
67,495 42,740 16,761
32,336
20 3.321

T o ta l.

3
3
S
S
19,060 16,939 53,470 844,168
79,827 43,801 279,959 2,835,092

353,657
7,471
"21890 2,616 17",335 133,090
49,360 12,500 185,410 1,712,099
27,577 21,214 77,214 636,246
3,261 16,220 1,304 200,687
347,467 1,056,678 253,014 139,297 181,975 120.761 614,692 6,715,039
2,400
4,268
97,000
32,730
7,482

L ia b ilitie s —

Wet amount of Federal Reserve notes received from
Comptroller of the Currency__ _________________ 310,515 1,181,133 282,837 306,624
Collateral reoelved from/Gold_____ ________ ______ 150,228 709,059 186.110 183,086
Federal Reserve Bank\Ellglble paper_____________ 95,677 166,020 65,943 103,383
556,420 2,056,212 534,890 593,093
Total...
227,415 781,523 245,477 276,684
Federal Reserve notes outstanding_________________
Federal Reserve notes held by banks_______________ 16.202 182,522 23,941 19,312

551,631 137,732 72,843 98,887 60,740 333,429 3,679,260
405,216 72,522 46,372 52,250 22,587 202,745 2,198,846
99,831 42,760 20,082 30,838 37,434 78,518 836,933
260,540 347,467 1,056,678 253,014 139,297 181,975 120,761 614,692 6,715,039
112,902 136,398 472,711 115,262 63,133 79,827 ~43,801 279,959 2,835,092
9,504 6,905
44,413 17,990 3,106 7,597 4,116 35,363 370,971
599,00l'221,536 257,372 103,398 129,493 428,298 97,272 60,027 72,230 39,685 244,596 2.464,121

Federal Reserve notes In actual circulation---------- 211.213
W

E E K L Y

R E T U R N

F O R

T H

E

M

E M

B E R

B

A N

139,302 203,587
65,003 103,668
56,235 40,212

K S

O F

T H

E

F E D E R A L

R E S E R V E

S Y S T E M

.

F o llo w in g is t h e w e e k ly s t a t e m e n t is s u e d b y th e F e d e r a l R e s e r v e B o a r d , g iv in g th e p r in c ip a l it e m s o f t h e r e so u r c e s a n d
lia b ilit ie s o f t h e 7 8 4 m e m b e r b a n k s , fr o m w h ic h w e e k ly r e tu r n s a r e o b t a in e d . T h e s e fig u r e s a re a lw a y s a w e e k b e h in d th o s e
fo r t h e R e s e r v e B a n k s th e m s e lv e s . D e f in it io n s o f th e d iffe r e n t it e m s in th e s t a t e m e n t w e r e g iv e n in th e s t a t e m e n t o f O o t. 1 8
1 9 1 7 , p u b lis h e d in t h e “ C h r o n ic le ” D e o . 2 9 1 9 1 7 , p a g e 2 5 2 3 .
T h e c o m m e n t o f th e R e se rv e B o a r d u p o n th e f i g u r e s f o r th e la te s t
w e e k a p p e a r i n o u r D e p a r tm e n t o f “ C u r r e n t E v e n ts a n d D i s c u s s i o n s ” o n p a g e 2 8 3 9 .
1. Data for all reporting member banks In each Federal Reserve District at close of business December 20 1922.
F e d e ra l R eserve D is tr ic t.

B o s to n .

N e w Y o r k P h i l a d e l . C le v e la n d . R i c h m ’ d .

Number of reporting banks.............
104
46
Loans and discounts, Including bills
rediscounted with F. R. Bank:
S
S
Secured by U. 8. Govt, obligations
16,205
94,338
Secured by stocks and bonds........ 245,389 1,671,481
All other loans and discounts____ 562,757 2,250,282

56

84

78

3
21,075
247,992
330,256

S
31,392
372,036
654.790

Total loans and discounts____
U. S. bonds................................
U. 8. Victory Notes.........................
U. S. Treasury notes..................... .
U. 8. Certificates of Indebtedness..
Other bonds, stocks and securities..

A tla n ta .

824,351 4,016,101
101,458 590,089
129
8,376
29,599 450,724
5,698 130,784
170,556 761,848

Total loans & dlsc’ts & lnvestm’ts.
Incl. bills redisc’d with F.R. Bk. 1,131,791 5,957,922
Reserve balance with F. R. Bank...
83,286 635,125
Cash In vault______ __________
22,677 107,656
Net demand deposits____
809,405 4,861,749
Time deposits...............................
235,895 760,520
Government deposits.............
26,204 273,266
Bills payable with F. R. Bank:
Secured by U. 8. Govt, obligations
9,485 103,426
All other__
Bills rediscounted with F. R. Bank:
Secured by U. 8. Govt, obligations
200
All other...............
29,282 i'0,565

C h ic a g o .

41

Three ciphers (000) om itted.

S t . L o u i s . M i n n e a p . K a n . C it y

D a lla s .

San Fran.

T o ta l.

782

109

37

30

79

52

S
12,135
123,055
321,048

$
S
7,472 46,078
55,416 541,101
335,055 1,008,095

$
18,680
135,387
297,049

$
8,193
45,463
192,588

S
10,445
73,304
366,312

S
4,651
52,407
211,974

3
3
287,157
16,493
151,801 3,714,832
749,364 7,279,570

599,323 1,058,218
62,750 176,444
1,942
915
48,293
41,633
13,338
6,274
182,900 293,670

456,238
65,443
691
7,133
4,192
54,760

397,943 1,595,274
29,963 143,457
1,210
3,288
8,853 118,476
9,920 33,076
35,769 427,794

451,116
50,975
1,472
18,921
5,935
88,668

246,244
29,273
181
12,003
5,937
28,167

450,061
63,119
1,479
19,163
6,141
61,830

269,032
35,721
918
15,055
8,520
8,653

917,658 11,281,559
136,932 1,485,624
24,536
3,935
805,351
35,498
16,908 246,723
158,028 2,272,643

893.795 1,591,905
69,220 97,944
40,327
20,818
703,025 847,757
58,841 560,122
25,830
33,539

588,457
31.9S4
15,624
331,459
145,494
10,860

483,658 2,321,365 617,087
33,540 202,959
41,736
11,587 62,762
10,080
277,120 1,464,504 356,509
160,007 740,296 177,129
13,251 55,712
14,848

321,805
23,852
6,302
207,652
84,414
7,862

601,793
47,844
12,973
440,561
126,043
9,095

337,899 1,268,959 16,116,436
89,459 1,384,597
27,648
344,814
10,268 23,740
236,770 649,685 11,186,196
70,597 567,810 3,687,168
511,368
14,475 26.426

16,222

13,996
20

13,026
500

1,325

15,993

7,351

1,013

9,859

475

9,520
127

201,691
647

500
8,911

175
15,499

167
16,248

112
10,930

212
15,287

47
9,985

1
2,729

108
10,313

3
3,595

29
13,445

1,554
146.789

66

2. Data o f reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
T h ree c ip h e r s

(000)

N ew

Y o r k C ity .

A ll F . R . B a n k C itie s

C ity o f C h ic a g o .

F . R . B r a n c h C it i e s

T o ta l.

A ll O t h e r R e p o r t . B k t

o m itte d .
D ec.

20.

D ec.

13

Number ol reporting banks____
63
64
Loans and discounts incl. bills redis­
counted with F. U. Bank:
S
S
Loans sec. by U. S. Govt, obllg’ns 85,090 97,238
Loans secured by stocks & bonds. 1,502,352 1,454,264
All other loans and discounts___ 1,961,903 1,962,123
Total loans and discounts____ 3,549,345 3,513,625
U. 8. bonds______________
494,524 505,287
U. S. Victory notes_______
7,238
9,016
U. 8. Treasury notes....................
429,156 396,988
U. 8. certificates of Indebtedness!I 125,116
9,067
Other bonds, stocks and securities.. 560,894 555,282
Total loans & dlsc’ts & luvest'ts.
Incl. bills redlsc’ted with F. R. Bk. 5,166,273 4,989,265
Reserve balance with F. R. Bank.. 588,054 563,936
Cash In vault_____ •
_______
90,351 81,728
Net demand deposit),________ ” 1 4,360,530 4,279,097
Time deposits_________ ~_
527,549 547,055
Government deposits_____!! ""II 260,944 62,983
Bills payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations.
82,060 115,530
All other.......................................
Bills rediscounted with F. R. Bank:
Sec'd by U. 8. Govt, obligations.;.
All other_______ ___________
9,653
4,072
Ratio of bills payable < rediscounts
fc
F' R- Rault to total loans
2.5
and Investments, per cent .
1.7
. *_Revised figures.




D ec.

20.
50

D ec.

13
60

S
$
37,002 36,684
411,929 417,705
614,964 607,287
063,895 1,061.656
55,392 56,380
2,429
4,361
85,353 61,00
21,692 17,08'
189,085 182,077

D ec.

20.

D ec.

13.

D ec.

20.

D ec.

13.

D ec.

20.

D ec.

13.

D ec.

20 '22 D e c . 13 ’22 D e c . 21 ’21

784
808
782
311
$
S
$
S
S
$
S
S
$
195,709 207,234 50,193 50,216 41,255 42,886 287,157 300,336 516,350
2,730,332 2,688,928 533,440 537,474 451,060 454,083 3,714,832 3,680,485 3,165,109
4,452,748 4,460,371 1,494,238 1,483,597 1,332,584 1,333,302 7,279,570 7.277,270 7,607,887
7,378,789 7,356,533 2,077,871 2,071,287 1,824,899 1,830,271 11,281,559 11,258,091 11,289,346
826,296 839,784 359,463 349,567 299,865 300,095 1,485,624 1,489,446 946,303
35,464 172,678
24.536
5,064
3,735
6,214 10,058
20,342
14,587
633,046 532,675 108,699 77,400 63,606 46.9S9 805,351 657,064 125,091
88,972 240.009
178,974
46,213 48,866 29,859 18,8.83 12,900 246,723
1,205,584 1,194,346 637,603 638,306 429,456 427,831 2,272,643 2,260.483 2,089,107
262

264

209

209

311

,417,846 1,382,568 10,237,276 9,989,893 3,238,716 3,176,47 2,640,444 2,623,150 16,116.436 15,789,520 14,862,534
144,546 143,658 1,002,192 973,703 224,821 220,505 157,584 165,996 1,384,597 1,360.204 1,307,715
185,933 169,786 71,252 65,821 87,629 84,734 344.814 320.341 341,294
35,596 33,011
,011,973 988,508 7,745,415 7,642,316 1,805,519 1,825,432 1,635,262 1,644,091 11,186,196 11,111,839 10,248.233
547
357,860 *352,062 1,775,833 1,791,824 l,135,f 1,125,556 775,788 773,993 3,687,168 *3,691,373 2,966,918
8,151 400,827 109,362 71,978 21,756 38,563 20,091 511,368 151,209 291,502
33,626
1,960 .4,618 121,053 152,344 53,103 53,583 27,535 27,201 201,691 233,128 278,972
708
647
836
127
128
520
2.117
114
5,180

101
7,350

0.5

0.9

816
74,407

806
91,514

491
36,441

681
36,519

247
35,941

248
33,152

1,554
146,789
2.2

1,733
161,185

33.374
428,358
5.0

2884

THE CHRONICLE

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
_____________ DAILY, WEEKLY AND YEARLY.

I B a tth m ’ © a le tte
29 1922.
security
m arkets have been of the usual year-end type this week.
They have been decidedly irregular, increasingly active and
in the case of stocks 'net changes, while generally to a lower
level, have little significance.
The bond m arket, however, has grown firm er day by day
and the volume of business increased from $11,500,000,
par value, to over $16,000,000. The transactions in stocks
also increased from less th an 906,000 shares to 1,240,000
shares. A t the same tim e the m arket for both w heat and
cotton has been active, the la tte r selling fractionally above
27 cents, a new high figure. W heat reacted somewhat from
last week’s record price, b u t recovered to $1 27 per bushel
for M arch delivery. Foreign exchange dull and irregular,ap ­
parently aw aiting outcome of next week’s conference a t Paris.
Reports of railway earnings for N ovember showed a sub­
stantial increase over the 1921 figures, as had been fore­
shadowed by the 25% larger num ber of cars loaded during
th a t period. L ater reports show th a t for December these
loadings are far ahead of last year. Statem ents relating to
the steel industry are to the effect th a t ou tp u t is now from
80 to 85% of capacity and thus the largest of the year, while
prices show “ a hardening tendency “
The following are sales made a t the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
W a l l S tr e e t, F r id a y N i g h t , D e c .

R a ilr o a d

.

STOCKS.
W eek e n d in g D e c .

and

29.

M is c e lla n e o u s

S a les
fo r
W eek

S t o c k s . —The

R a n g e f o r W e ek .
L o w est.

H ig h e s t.

R an ge s in c e J a n .
L o w e s t.

1.

H ig h e s t.

R ailroads—
Par. Shares S p e r s h a r e . S p e r s h a re . S p e r sh a re
100 6 5 % D e c 29 65% Dec 29 50
Buff Roch & P itts_____
Jan 74
Buff & Susq, pref, vtclOO
100 50 D e c 27 50 Dec 27 46
Mar 50
D ec
Ches & Ohio, p re f..-100 1,300 102 r->ec 2 102% Dec 28 1 00 % D ec 105%
C S tP M & O , pref--100
30C R O M D c 26 100% Dec 26 83
Feb 107
Illinois Central, pref----300 114% D ;C 26 114% Dec 26 104% June 116
Oct
Leased line stock--100
100
j j e c 28 74% Dec 28 71
'
Jan 79
Oct
Interboro Rap Tran (w i) 2,800 1 8% D e c 26 19% Dec 28 18
N o v 31% Aug
Int & G t No Ry (w i) .100 G O 2 2 % D e c 27 23 % Dec 26 2 1 % D e c 26% June
O
M anRyEqTrCoofNYcd 7,800 38 D e c 28 39% Dec 28 38
Dee 55% Aug
M S tP & S S M , pref. 100 200 83 D e c 27 85 Dec 28 70 June 94% Sept
Nov 39% Dec
M K & T , pref. paid----400 39 D e c 27 39% Dec 28 30
N atR ysM ex 1st pf--100
100 6} D e c 28 6% Dec 28 6% Dec 19. Aug
Jan 102
N Y C h & St L, 1st pf 100
100 94 D e e 26 94 Dec 26 72
Oct
New York & H arlem. . 50
20 172 D e c 28 172 Dec 28 100
Jan 172
Dec
N Y Lack & W e s t..-100
18 9 9 '. D e c 28 99% Dec 28 99% Dee 102
Oct
Pitts F t W & Ch. p f-100 1,000 128 D e c 28 128 Dec 28 128
Dec 128
Dec
Tol St Louis & W estern.
600 62 D e c 2 65 Dec 28 22% Jan 67% Dec
Preferred___________ 1,200 53 D ee 26 58% Dec 29 33
Feb 58% Sept
In d u s tria l & Miscell’s.
A11 America Cables. .100
14 t99 D e c 26 t99 D e c 26 t99
Dee 125
D ec
Am M & G stamped----100 1 D e c 28 1 D e c 28
% Dee 1
D ec
Am Metal temp c tfs ...* 10,300 5 0 % D e c 28 5 3% D e c 26 44 Sept 5 3% D e c
Amer Teles & Cable. 100 350 56 D e c 26 59 D e c 28 54
Feb 70 M a r
Am Metal tem ctf, pf .100 400 114 % D e c 28 1 14 % D e c 28 107 A u g 115
D ec
Assets Realization-----10
600
% D e c 28
% D e c 27
% Dec 2% July
Atl Fruit Col T Co ctf d . 1,300 1 % D e c 27 1 % D e c 27 1% Dec 2% July
Beech-Nut Packing--.20 2,900 5 0 % D e c 28 52 D e c 29 48% Dec 5 5 % D e c
Beth S t. pref, new .. . 100 600 94 % D e c 28 9 4 % D e c 28 94
Nov 101
Oct
Booth Fish, 1st pref. 100
100 30 D e c 26 30 D e c 26 30
Dec 48
AUg
Brown Shoe, Inc, pf-100 200 98 D e c 28 9 8 % D e c 29 90% A p r 99
Nov
Burns Bros, pref-----100
100 1 02 % D e c 26 102% D e c 26 94
Feb 103% Dec
Case (J I) Thresh Mach * loo 2 9 % D e c 28 2 9 % D e c 26 29% Dec 44
A ug
Cluett, Peab & Co, pflOO 200 103 D e c 29 1 03% D e c 27 85
Jan 103% Dec
Coca-Cola, pref------ 100
400 9 3 % D e c 27 9 3 % D e c 26 93% Dec 93% Dec
Com Solv A _________ *
400 4 3 % D e c 26 4 3 % D e c 26 43% Dec 50
Oct
Consolidated Gas, w i..* 51,600 5 8 % D e c 27 61 D e c 29 57% Dec 62% Dec
Rights________
92,984 1 % D e c 27 2 D e c 28 1% Dec 2% Dec
Dec
Continental M o to rs...* 12,200 11 D e c 28 1 1% D e c 26 11
Dec
Conley Tin Foil--------- * 1,500 1 7 % D e c 28 1 8% D e c 29 13% Nov
Dec
Feb 115
Cont Can, Inc, pref.-lOO
600 1 06% D e c 26 107 D e c 26 100
Oct
100% D e c 28 95% July 102% Sept
Cosden & Co, pref-------300 100 D e c 26
Durham Hos Mills“B”50
100 19 D e c 26 19 D e c 26 19
Dec 26 May
Dec 81% May
Preferred________ 100
100 78 D e c 28 78 D e c 28 78
M a r 41
Dec
Elk Horn Coal Corp.pfSO
100 3 8 % D e c 26 3 8 % D e c 26 34
Emerson-Brant, pref-100 600 25 D e c 27 2 5 % D e c 26 23
Feb 44% July
Exchange Buffet--------*
400 2 6 % D e c 26 27 D e c 26 2 6 % Dec 31% Oct
Fifth Ave Bus ctfs w i—* 3,600 8 % D e c 27 9 % D e c 29 8% Dec 9% Dec
Fidel-Phenix Fire Ins .25
200 106 D e c 28 106 D e c 28 100% Dec 106% Dec
June 105% Oct
Gen Am TkCar 7 % pf 100 400 1 00 % D e c 28 1 01% D e c 29 96
66
D e c 29 66
Dec 168
N ov
General Baking C o ....*
100 66 D e c
June 109
D e c 28 106
Oct
109
D e c 28 109
Preferred----------------100
D ec 46% Dec
Gilliland Oil pr 8% -.100
200 45 D e c 27 45 D e c 27 45
General Electric spl.-lO 2,400 11 D e c 26 1 1 % D e c 27 10% Oct 12 Sept
Oct
Gimbel B ros.......................... 300 40 D e c 29 4 1 % D e c 26 3 8 % Nov 45% Oct
102% Oct
Preferred________ 100 800 9 7 % D e c 29 9 8 % D e c 26 9 3 %
5 % D e c 26
4% Dec 18% Oct
Goldwyn Pictures........ * 8,000 4 % D e c 2
Nov 103
Mar
Hartman CorporationlOO 200 8 3 % D e c 27 85 D e c 26 81
Hudson Motor C ar-----* 16,000 2 5 % D e c 26 2 7 % D e e 29 19% Nov 2 7 % Dec
Apr 60 June
D e c 28 30
26
D e c 28 37
Hydraulic Steel pref. 100 200
Jones & Laughlln preflOO 2,100 1 0 7 % D e c 27 108 D e c 26 107% Dec 1 09% Dec
Jan 220
Sept
Ligg&MyersTobserB 100
26 209 D e c 29 209 D e c 29 100
Jan 65% Oct
Loose-Wiles Biscuit-----100 5 0 % D e c 28 5 0 % D e c 28 36
62
59
Dec
M acy_______________ *
900 61 D e c 26 6 1 % D e c 28 110% Nov 112
Dec
Dec
Preferred________ 100
500 1 11 % D e c 26 112 D e c 26 27
Dec 35% Sept
Magma Copp.er----------* 2,100 30 D e c 28 3 2 % D e c 26 106
Feb 117% Dec
May Dept Stores pref 100
100 1 17 % D e c 28 1 17% D e c 28
Aug
Moon Motors________ * 7,200 1 8% D e c 26 19 D e c 29 13 Nov 19% Dec
12% Dec
Mother I.ode Coalition.* 8,700 1 0 % D e c 28 1 1 % D e c 26 9% June 304
Dec
N at Bk of Commerce 100
9 296 D e c 28 296 D e c 28 264
4 8 % D e c 28 4 5 % Nov 50% Oct
N Y Air Brake A_____ * 1,400 48 D e c 26
Nov 4 5 % Dec
400 42 D e c 28 45 D e c 27 40
Otis Steel pref_____ 100
Dec 21 N o v
Packard M otor_____ 10 38,700 101 ­ D e c 26 1 1 % D e c 28 10
Dec 93% Dec
Preferred________ 100
100 93 \ D e c 27 9 3 % D e c 27 91% Nov 43% Nov
D e c 26 4 2 % D e c 28 41
42
Phila Co pr 6% ........... 50
200
88% Jan 97% Dec
Phillips Jones Corp pflOO 300 96 D e c 27 9 7 % D e c 27
Mar 97% Oct
Pittsburgh Steel pref. 10C 400 91 D e c 27 9 1 % D e c 26 85
Dec 96 % Oct
Porto Rican Am Tob 10C 600 66 D e c 27 66 D e c 27 65
Mar 49 Sept
Prod & Ref Corp pref.50 1,000 45 D e c 26 47 D e c 29 36
Oct 106% Dec
P S Corp of N J pref___
800 105 D e c 28 106 D e c 26 75
Apr 120
Apr
Ry Steel Spring pref. 100 300 116% D e c 28 117% D e c 28 100
Reynolds Spring Co__ * 1,300 2 0 % D e c 26 22 D e c 29 12% Nov 50% June
1 3% D e c 26 12% Dec 13% Dec
Shell Union Oil______ ’ 28,700 1 2 % D e c 24
Dec 96% Sept
Preferred..............100 1,400 9 0 % D e c 26 9 2 % D e c 26 90
Oct
Sinclair Cons Oil p r . . 100 1,900 98 D e c 28 9 9 % D e c 26 97% Sept 102
1% Dec 2% Dec
Sterling Froducts rights. 7,400 1 % D e c 26 2 % D e c 29
Oct
Tidewater Oil______ 100
900 125 D e c 29 1 2 9 % D e c 27 109% May 154
Oct
Timken Roller Bearing.* 9,800 3 2 % D e c 27 3 3 % D e c 28 28% Sept 35
Underwood Typew’r. 100 400 136 D e c 28 1 36% D e c 28 107% Jan 136% Dec
UnitedCigarStorespf 100
100 15 D e c 29 115 D e c 29 104% Feb 120% Nov
Dec 101
Dec
U S Realty Imp ctfs pflOO
100 01 D e c 28 101 D e c 2S 101
U S Tobacco_________ * 600 53 D e c 26 55 D e c 27 45% Mar 63% Sept
Mar 115% Aug
Preferred................. 100
100 09 D e c 27 109 D e c 27 109
N o v 25% Aug
Va-Carolina Chem B__ 1,200 1 6 % D e c 29 17 D e c 28
Van R aalte__________ * 400 62 D e c 27 63 D e c 29 57 % Oct 67% Nov
D e c 113% Dec
West Elec 7% cum pf 100 1,400 1 2 % D e c 26 1 13 % D e c 28

* No par value, t Ex. 20% stock dividend.




[V ol. 115,

W e e k e n d in g
D e c . 29 1922.

R a ilr o a d ,
A c .,
B on ds.

S to c k s .
S h a re s.

Saturday ____
Monday_____
Tuesday_____
Wednesday___
Thursday____
Friday.............

|

P a r V a lu e .

W e e k e n d in g D e c .

1922.

u . s.
B on ds.

HOLIDAY
HOLIDAY
$5,744,000 81,565,500 S4,375,550
6,639,500 2,043,500 5.244.500
6.898.000 1,936,300 7.222.500
5.666.000 1,398,000 6,067,000

905,773 858,387,000
1,069,830 97.392.000
1,238,681 99.520.000
1,042,000 96.827.000

S a le s a t
N e w Y o r k S to c k
E xchange.

S ta t e , ilf u n .
a n d F o r e ig n
B on ds.

29.

Jan.

1921.

1 to

D ec.

29.
1921.

1922.

Stocks—No. shares__
4.256.2S4
170,404,810
3,136,100
256,123,428
Par value________ $352,126,000 $263,743,900 $22,238,314,239 S12,718,887,621
B on ds.
Government bonds__ S22,909,550 $39,474,000 $1,868,083,835 SI,952,429,150
State, mun.,&c., bonds
6,943,300
4,912,000
590,626,900
323.491,700
RR. and misc. bonds.. 27,947,500 29,886,400 1,348,564,000 1,039,719,100
Total bonds______ $57,800,350 $74,272,400 $3,807,274,735 S3.315.839,960
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o s to n
W e e k e n d in g
D e c . 29 1922.

S h a re s.

B o n d S a le s

HOLI DAY
HOLI DAY
*22,649
$32,100
*29,001
70.000
34,587
49,250
22,149
25.000
108,386 $176,350

P h il a d e lp h i a
S h a re s.

B a lt i m o r e

B o n d S a le s

S h a re s.

HOLI DAY
HOLI DAY
9,437
$76,546
10,805
90,600
14,381
58,400
7,006
57,000
41,639 $282,546

B o n d S a le s

HOLI DAY
HOLI DAY
695
$7,400
2,291
35,000
749
27,400
1,016
116,000

Total _____ 4,751 $185,800
Prev. week revised 138,365 S271.650
42,368 $629,700
8,187 S163.400
* In addition there were sales of rights: Tuesday, 19,087, Wednesday, 16,884.
Daily Record o f V . S. Bond Prices. Dec. 23 Dec. 25 Dec. 26 Dec. 27 Dec. 28 Dec. 29

First Liberty Loan
(High
3% % bonds of 1932-47..( Low.
(First 3%s)
(Close
Total sales in 51,000 u n its__
Converted 4% bonds offHigb
1932-47 (First 4s)___ (Low.
(Close
Total sales in $1,000 u n its_
_
Converted 4%% bondsflllgh
O 1932-47 (First 4%S)(Low_
f
(Close
Total sales in $1,000 u n its_
_
Second Converted 4% % (High
bonds of 1932-47 (First! Low.
Second 4%s)______ (Close
Total sales in $1,000 u n its__
Second L i b e r t y Loan
(High EXCH ANGE
4% bonds of 1927-42___ (Low. CLOS ED—
(Second 4s)________ (Close HOLI DAY
Total sales in $1,000 u nits_
_
Converted 4%% bondsfHlgh
o t 1927-42 (Second (Low.
4%s).......................... (Close
Total sales in $1,000 u n its__
T h i r d L i b e r t y Loan
(High
4%% bonds of 1928___ (Low.
(Third 4%s)
(Close
Total sales in 51,000 unUs_
_
F o u r th L ib e rty L o a n
(High
4%% bonds of 1933-38..(Low.
(Fourth 4 %s)
(Close
Total sales in $1,000 units_
_
V ic to r y L i b e r t y L o a n
(High
4%% notes of 1922-23..(Low.
(Victory 4 %s)
(Close
Total sales in $1,000 u n its_
_
T re asu ry
(High
4%s, 1947-52................. (Low.
(Close
Total sales i n $1,000 unUs_
_

100.86 100.88 100.86 101.04
100.56 100.7C 100.76 100.80
100.6S 100.88 100.82 100.98
689 1,046
315
848
98.96 99.20 98.80
98.96 99.20 98.80
98.96 99.20 98.80
1
1
I
99.06 99.08 99.04 98.90
9S.94 98.98 98.82 98.88
99.04 99.06 99.00 98.90
220
40
226
96
_
_
98.44
98.40
98.44
2
98.48
98.38
98.38
696

98.98
9S.92
98.96
1,045
98.86
98.72
98.80
937

100.40
100.44
100.40
• 188
100.80
99.90
99.98
526

98.42
98.26
98.28
1,135
98.98
98.88
98.88
609

98.84
9S.66
98.68
1,625
100.42
100.30
100.3S
136
100.00
99.90
99.90
421

98.30 98.38
98.10 9S.18
98.16 98.34
1,877 1.013
98.90 98.92
98.76 98.80
98.78 98.92
1,120 1,016
98.76 98.70
98.36 98.48
98.46 98.64
2,029 1,755
100.42 100.40
100.30 100.32
100.42 100.34
1,121
235
99.96 99.92
99.84 99.84
99.86 99.90
686 1,061

N o t e .— The

above table includes only sales of coupon
Transactions in registered bonds were:

bonds.

29 1st 3%s.................... 100.50 to 100.80
1 1st 4s.........................
98.70
3 2d 4s .......................
98.30
5 2d 4%s.................... 98.06 to 98.12
F o r e i g n E x c h a n g e . —The

14 3d 4%s..................... 98.60 to 98.92
42 4th 4 %s__________ 98.36 to 98.80
49 Victory 4%s_______100.06 to 100.10­
4 Treasury 4%s______
99.80

m arket for sterling exchange
was dull and easier. Irregularity prevailed, w ith pronounced
weakness in French, Italian and G erm an currencies.

To-day’s (Friday’s) actual rates for sterling exchange were 4 60%©
4 61 % for sixty days, 4 62%@4 63% for chocks and 4 63@4 64 for cables.
Commercial on banks, sight. 4 62%@4 63%: sixty days, 4 59%@4 60%;
ninety days, 4 59%@4 60%, and documents for payment (sixty days).
4 60%@4 61 %. Cotton for payment, 4 62%®4 63%, and grain for
payment, 4 62%@4 63%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 7.16 %@
7.24 for long and 7.19% @7.27 for short. Germany bankers’ marks are
not yet quoted for long and short bills. Amsterdam bankers’ guilders were
39.18@39.20 for long and 39.49@39.51 for short.
Exchange at Paris on London, 63.83: week’s range, 62.85 high and 64.40
low.
The range for foreign exchange for the week follows
S te r lin g , A c tu a l—
S ix ty D a y s .
C h ecks.
C a b le s .
High for the week------------------ 4 63 1-16
4 65 3-16
4 65 7-16
Low for the week------------------- 4 60%
4 62%
4 63
P a r is B a n k ers' F ra n c s—
High for the week------------------7.38
,
7.43
7.44
Low for the week-------------------: 7.08%
7.13%
7.14%
G erm a n y B an kers' M a rk s—
H igh for th e week------------------------0.0150
0.0150
Low for th e w eek ------------------- ------0.0125
0.0125
A m s te r d a m B a n k e r s ’ G u ild e r s —
39.88
High for the week___________ 39.43
39.79
Low for the w eek.___________ 39.18
39.54
____
39.63
Dom estic Exchange.— Chicago, par. St. Louis, 15@25c. per .81,000
discount. Boston, par. San Francisco, par. M ontreal,-816 80 per $1,000
discount. Cincinnati, par.

M a tu r ity .

I n t.
R a te .

B id .

June 15 1924... 5 %% 101%
Sept. 15 1924 — 5% % 101%
Mar. 15 1925 — 4% % 100%
Mar. 15 1926... 4% % 100%
The

uuro

A sked.

102
101%
100%
100%

iYiarKeu . — *

g iv e n th is w e e k o n p a g e

2871.

M a tu r ity .

Mar. 15 1923...
June 15 1923...
Dec. 15 1925...
Sept. 15 1923...
Sept.15 1926...

I n t.
R a te .

B id .

4%% 100
3%% 99%
4%% 99%
3%% 99%
4%% 99

A sked

100%
100
09%
100
99%

.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES

3885

For sales d u rin g th e week of stocks usually Inactive, see preceding page.
PER SHARE
PER SHARE
Range for previous
Range since Jan. 1 1922.
STOCKS
Sales
HIQH AN D LOW SALE PRICE—PER SHARE, NOT PER CENT.
year 1921
On basis of 100-sharelots
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Tuesday, Wednesday .1 Thursday,
Monday,
Saturday.
Highest
Lowest
Highest
Lowest
Week.
Dec. 29.
Dec. 28.
Dec. 27.
Dec. 26.
Dec. 25.
Dec. 23.
$ per share $ per share 3 per share I per shara
R ailroads
Par
Shares
S per sheer S per share S per share S per share
8 M ar 12*4 Feb
100 Ann Arbor_____________ 100 10 Jan 3 24 Aug 30
*14
20
*14
20
*14
20
15
15
20 Apr 32% Dec
Preferred_____________ 100 28% Jan 26 52 Aug 25
2,600
34% *32ia 38
32% 34% 32
*34% 38
77% June 94 Deo
91% Jan 3 108% Sept 14
102 1023s 10134 1017g 100% 101% 100% 101% 3.800 Atch Topeka & Santa Fe_.100
75% Jan 88 N or
84% Jan 3 95% Aug 21
Do prof_____________ 100
90% 2.800
9134 917S 91% 9178 91% 91*4 90
7% Jan
1 Dec
5% Apr
1% 1% 2,400 Atlanta Birin & A tlantic.. 100 83% Jan 14 124% Sept 17
1% 1%
1% 1% *1% 1%
77 Apr 91 N ot
11
Jan 9
1,800 Atlantic Coast Line R R __ 100
112% 114
111% 111% 111% 111% 112 113
30% Mar 42% May
41
41% 17,300 Baltimore & Ohio_______ 100 33% Jan 27 60% Aug 21
41
41*4
411* 42% 41% 42
47 M ar 56% N ot
Do pref_____________ 100 52% Jan 11 66% Aug 23
58% 1,100
58% 58% 577S 58% 577g 58% 58
49% Dec 72% M ar
50 Jan 4 73 Oct 4
Buffalo Roch & Pitts____ 100
64
*60
*60
63
*60
65
*60
63
6 Dee 14% Jan
6 Jan 4 29 June 30
9.500 Brooklyn Rapid T ran sit....100
16's
15% 16% 15% 157g 14% 15% 15
3% Sept 10 Jan
24%June 30
5% Jan 11
Certificates of deposit...
13% 1,000
*1234 13% 13% 13*8 12% 12% 13
123% N ot
151%
14478 145*4 143% 144% 143 143% 142% 143% 3.800 Canadian Pacific________ 100 119% Jan 6 245 Aug 31 101 June 209 Mar
Oct 23 186 Oct
10 Central RR of N J ................100 184 M ar 31
229 229 *215 230 *215 229 ■210 229
46 June 65% May
10 79 Aug 21
& Ohio______
71
7134 70*4 71% 70
71*4 70% 70% 5,000 ChesapeakeAlton________ 100 54 Jan 24 12%May 28
8*4 Jan
4 Nov
1% Jan
100
1% 2% 6.900 Chicago &
2
2%
2
2
1*4 2
6% Dec 12 Apr
3% Jan 25 20%May 25
Preferred_____________ 100
3% 3% 3.900
3% 3%
3% 3%
3% 3%
13% Dec 167* N ot
12% Jan 25 43% Aug 21
3,600 Chic & East 111 RR (nets)..
28
28% 28% 27
28
27
27% 28
33% Dec 37 Nov
32 Jan 30 84% Aug 22
200 Do pref_____________
57% 57%
*54
58
*52
58
*54
58
9% May
6% Dec
3% Dec 29 10%May 27
_
3% 3% 4.800 Chicago Great Western_ 100
4% 434
37g 4%
4
418
14 June 20% May
24%May 29
8 Nov 24
Do
pref______
100
8% 87g
8% 8% 7.200
8
8%
8
8%
Jan
17% Dec 31
Aug
21% 22% 27,500 Chicago Mllw & St P a u l.. 100 17% Jan 9 36% Aug 22
20% 20*4 20
20% 21%
21%
29% Dec 46% Jan
22
Do
pref__________ 100 29 Jan 10 55
33% 34% 41,000
32
3334 31% 32% 31*8 33
60% Apr 71 Jan
9.200 Chicago & North W estern. 100 59 Jan 9 95% Sept 11
77% 79
79
79
79% 78% 79% 76
95 July 110 Jan
Do
pref___________100 100 Jan 9 125 Aug 21
1,400
114 114
114 115
113 113
115 115
22% Mar 35 Sept
19,700 Chic Rock Isl & Pac_____ 100 30% Dec 19 50 Sept 14
31
32
31
32% 31% 31% 31% 32
68% Mar 89*4 Dec
7% preferred_________ 100 83% Jan 10 105 Sept 14
91% 1.500
91% 91
*91% 92
91% 91% 91
561* June 77 Deo
300
6% prei erred_________ 100 70% Jan 9 95 Sept 14
82% 82%
8
*82% 83
82% 82% *82% 827
Jan
50 June 63
90 Sept 15
500 Chic St P Minn * Om___ 100 51 Jan 10
70
70
72
72
*72
74
72% 73
32 June 57% Deo
Clev Cln Chic <£ o t Louis.. 100 54 Jan 4 80% Sept 15
*72% 80
*74
80
*73% 80
*73% 80
60 Feb 75 Deo
72% Jan 3 100% Oct 17
Do
pref________...1 0 0
___ 99
27 Jan 467* N ot
1,400 Colorado & Southern____ 100 38 Jan 10 53% Apr 24
45
407g 41% 41
41% *41
42
42
49 Jan 69 Dee
Do 1st pref_________ 100 55 Jan 16 66 Mar 23
*58% 62
*58% 62
*5812 60
*581* 62
90 Apr 110% N ot
2.900 Delaware & Hudson_____ 100 106% Jan 4 141%Sept 8
112% 113% 113% 115
113 114 *113 114
93 Aug 249 May
Oct 4
124 125% 124 126% 7,700 Delaware Lack & W estern. 50 108 Feb 14 143 Apr 25
125 128
128 130
4% Jan
1 8 Mar
&
8
2% Jan 27
100 Duluth S 9 & Atlantic___ 100
*2% 3%
*234 3% *2*4 3%
2*4 2*4
7% Jan
35 Nov
8
3% Jan 7 10% Apr 18
600
Do
pref___________ 100
4% 4% *4% 5
4% 4*4 *4% 5
Dec 15% May
10
7 Jan 9 18%May 23
100
9% 10% 16,120 E rie.....................
9*4 10%
10%
10
10% 10
15% Dec 22% May
Do 1st pref_________ 100 11% Jan 9 28% Aug 21
13% 14% 6.750
14% 14% 14
14% 13*4 14
10 Dec 1578 Jan
7% Jan 10 20%May 23
Do
2d pref_________ 100
10 % 1 1 % 10% 10% 2,300
11% 11% 10*4 11
80 June 79% Deo
20,900 Great Northern pref_____ 100 70% Jan 10 95% Oct 18
75
78% 787a 76*4 781.
75% 77
25%Juno 341* Nov
Iron Ore properties.N» var 28% Nov 17 45% Apr 13
30% 8,800
31
31% 30*4 30% 29% 30*4
4*4 Dec 11% MaF
5 Jan 4 19 May 22
200 Gulf Mob & Nor tr ctfa__ 100
*12 14
*12*4 14
13
13
15 Dec 26 Feb
200
Do pref_____________ 100 16 Jan 5 47 Oct 19
45
*42
*42
46
45
*42
100% N ot
111% 111% U2 112% 2,400 III lnols Central__________ 100 97% Tan |3 115% Sept 15 85% Mar
113 113% 112 112%
57* Jan
5 Apr 8
1% Dec
% Doc 28
% %
l
% * 14,590 Interboro Cons Corp..N o par
4 4,500
'4
%
*8
'4
3% Dec 16 Jan
t4l
Do pref_____________ 100
% Deo 5 12% Apr 8
!•>
to
%
1.
%
%
*4
18% Feb 28 7g May
18% 18% 2.900 Kansas City Southern___ 100 17 Nov 27 30% Apr 25
19% 1934 19 “ 19 “ 18% 18%
45% Jan 55 N ot
600
Do pref_____________ 100 52% Nov 27 69% Apr 26
53% 53% 52% 52%
54% 54% 54
54
6i* May
4% Nov
9%June 6
5 Jan 17
Keokuk & Des Moines__ 100
*3
10
*3
10
10
*3
10
*3
10 Mar 14% Jab
300 Lake Erie & Western____ 100 10 Feb 2 39%June 6
34% 34%
34%
*34
35
35% 35% *34
17% Aug 30 Deo
77 Sept 27
Do prof_____________ 100 26% Feb 8
*70% 77
*72
74
74
*72
*70% 74
47% June 60*4 Dec
69
70% 23,300 Lehigh Valley____________ 50 56% Jan 3 72 Sept 9
69% 70 14 69% 70% 68% 70
97 Apr 118 July
900 Louisville & Nashville____100 108 Jan 9 1447g Oct 17
133% 134
*132 135
132% 133*4 133 134
32 Dec 58% Jan
anhattan Ry guar_____ 100 35 Jan 6 58 Aug 30
39% 37% 40*4 z47% 47% 46% 46% 3,600 M arket Street R y...............100
37
7 May
2% Dec
M
3% Jan 28 11 M ar 14
*8
9
*8
9
*8% 9
*8% 9
12 Aug 18% May
Do pref_____________ 100 17 Jan 9 50% Apr 11
*36% 40
*36% 40
*37
C hrlitsnas *37
40
40
27 Aug 45% May
300
Do prior pref________ 100 35% Jan 7 76 Nov 9
H oliday.
*68
69% 68% 68% 68% 68%
*68
70
8% May
4% Aug
Do 2d pref__________ 100
5% Jan 9 32 Apr 10
*21% 25
*21% 25
H oliday.
*22
*21% 25
25
5% Dec 14*4 May
4,100] Mlnneap & St L (new)___ 100
5 Jan 6 14% Apr 29
6
6
5% 6
Stock
6% 6%
5*4 6%
83 Aug 74% N ot
Oct 19
58
60% 60% 60% 1,849 Minn St P & S S M arie___ 100 55 June 29 75%May 23
Stock
61
62% 63
*60%
3% N or
1 Dec
1,300 Missouri Kansas & T exas..100
% Jan 16 14
Exchange
14% 15% 14% 14% 14% 14% 10% 12
9% Deo
8 Dec
7% Jan 11 19% Aug 25
14% 14% 8,100 Mo Kan & Texas (new)__
*10% 12
Exchange *10
*10% 12
12
22*4 Dec]
Do pref (new)______
24% Jan 27 4S% Aug 30
*10% 14-0 37 39%' 5,600
Closed.
14
1 *10
*10% 13%
16 Mari
8,800 Missouri Pacific trust ctfs.190 15% Nov 22 25% Apr 18
16%!
16% 16
Closed. 1 16
16% 15% 16% 16
33% Mar
42% 43%I 8,300
Do pref trust ctfs____ 100 40 Nov 25 63% Sept 12
421. 43% 41*4 43
43
44
6% Feb
7%May 27
2*4 Dec
2% Nov 23
1,800 N at Rys of Mex 2d pref__ 100
‘
2% 2% *2% 3
2% 2%
2*4 2*4
1,000 New Orl Tex & Mex v t C..100 54% Jan 10 87% Dec 14 46 June 77 % Feb
84% 85
84% 85
84% 84%
85
85
64% June 76 Deo
New York Central_______ 100 72% Jan 4 100% Oct 18
94% 96
951. 96% 94% 95% 93% 94% 31,100 N Y Chicago & St Louis_ 100 51% Jan 5 91% Oct 16
39 June 61% Sept
_
600
*81% 82%
82% 82% 81
82
80% 82
54 June 68% Sept
Do 2d pref__________ 100 61% Jan 5 93 Sept 15
*83
85
86
*84
89
*83
*85ta 87
35%May 20
12 Nov 23% Jan
YN H&
12% Jan 5
20*4 21*4 20% 20*4 19% 20% 20% 20% 32,200 N Y Ontario Hartford..........100 18% Dec 27 29% Apr 10
16 Mar 23% Sept
3c Western___100
19% 6,300 N
19% 19
19% 20% 18% 20
18%
13% May
8% Sept
400 Norfolk Southern_______ 100
8% Jan 3 22%June 6
12
13
16
*12
15
13% 13% *13
88% June 10478 Feb
& Western______
Jan 9
110% 112*8 109% 110% 110% 112% 4,800 Norfolk pref_____________ 100 96% Jan 9 125% Sept 9
111*4 112
62 June 74% Deo
82 Oct 6
Do
100 72
*75
80
80
*75
80
*75
SO *75
61% June 88 Jan
17,000 Northern Pacific_________100 73% Nov 27 90% Aug 24
74
75*4 76% 74*4 75% 74% 74*4 73
32% June 41*4 Jan
33% Jan 3 4934 Oct 26
46% 46% 46% 46% 46% 46% 46% 46% 19,100 Pennsylvania___________ 50
12 Jan
8 Nov
100 Peotia & Eastern________ 100 10% Jan 14 26% Aug 23
12% 121
15
*14
*13
15
*13% 15
237g May
16*4 M ar
5,800 Pere M arquette_________ 100 19 Jan 10 40% Aug 21
36%
36% 37
36% 37*8 36% 37% 36
50 Apr 65% Deo
Do prior pref________ 100 63 Jan 17 82 Aug 21
*73
75
75
*72
75
*73
*73
75
35 Jan 66*4 Dec
400
Do pref--------------------100 50% Jan 6 7434 Aug 23
69
69
69
68% *67
*67
68
70
23 Oct 32 Jan
9,300 Pittsburgh & West Va____100 23 Jan 27 41% Aug 8
33% 32% 33
34
*32
33
33% 32
200 Do pref_____________ 100 76 Jan 13 94 Oct 10 70 Mar 80 Deo
*87% 94
94
*871.
89
*87% 94
89
60*4 June 89% Jan
18.S00 R eading _______________ 50
71% Jan 3 87% Oct 25
78% 79%
80*4 81% SO 81*8 78% 80
36% June 55 Feb
800
Do 1st p re f.i________ 50 43 M ar 27 57 May 31
54
54
53% 54% 54% 54% 53% 53%
38% Aug 57*4 Jan
900
Do 2d pref___________ 50 45 Jan 27 69%May 31
53% 53%
54
54
54
54
53% 54
900 Rutland RR pref________ 100 1712 Feb 6 53%Juno 1
35
27% 29% *29
*27
30
27% 28
19% Mar 25*4 Au®
Dee 19 32% Aug 21
Louls-San Fran c tfs .. 100
21% 21% 21% 21% 21% 21% 6.400 St Do pref A trusttrctfa___100 20% Nov 22 56 Aug 21
21% 22
277 June 39% N ot
8
3434
1.700
37
36% 37% 37
37% 38%
39
39
30% Ma7
19% June
3.200 St Louis Southwestern___ 100 20% Jan 3 36% Oct 18
30
28% 29% 29
29
29
29% 29
28 June 41 J a n
59% Nov 3
900
Do pref_____________ 100
Jan
56% 55% 55% 56% 56% 2.500 Seaboard Air Line_______ 100 32% Jan 10 10 Apr 15
56% 56% 56
7% Ma7
2% Oct
2%
4
5
'
5
5%
5
5
5%
3 Dec 12% Ma7
4% Jan 13 14*4 Apr 15
5.100
8% 8% 8% 8% 8% 8% 13,100 Do pref_____________ 100
9%
Ja n
67% June 101
Jan 10 96% Oct 16
Pacific Co_____
88% 89% 87% 88% 87% 88% 10.400 Southern Railway_______ 100 78% Jan 10 28% Aug 21
90%
17%June 247* Ja n
17%
100
25%
25% 24% 25% 24% 24% 24% 65% 2.700 Southern
42 June 60 Jan
46 Jan 10 71 Oct 17
Do pref_____________ 100
65% 65
65
65% 65
65% 66
16% Jan 27*4 Deo
20% 20% 3.500 Texas & Pacific_________ 100 18*4 Nov 27 36 Apr 21
21
21% 21% 20% 20%
12% Aug 20*8 Mar
15% 4.200 Third Avenue__________ 100 13% Nov 27 25% Apr 25
15% 15
14% 14% 14% 15% 15
31% Dec 55% Apr
621* Sept 15
100 Twin City Rapid T ran sit.. 100 34 Jan 12
*57
60
*57
60
*58
60
58
58
11,000 Union Pacific___________ 100 125 Jan 10 154*4 Sept 11 111 June 1317g N ot
136 1361 136 138
137 137% 136% 137
62% July 74% Deo
800
Do pref_____________ 100 71% Jan 7 80 Aug 30
75% 75%
76
75% 75% 75% 75% *75
6 Aug 12% Mar
2,000 United Railways Invest__ 100
7% Jan 6 19% Apr 11
11 U
11 11
11
11% 10% 11
17 Aug 26 Mar
Do pref_____________ 100 20% Jan 9 36% Apr 11
26% 26% 1.100
26% 26% 25% 26%
*27
28
9 May
6*8 Dec
6 Jan 30 14%May 26
9.200 Wabash________________ 100
8% 8%
8% 8% 8% 8% 8% 8% 23% 23% I 10,000
18 Mar 24% May
Do pref A___________ 100 19 Jan 25 35% Aug 21
23
23%
23% 24% 23% 24
12% Mar 157* N ot
Do prefB ___________ 100 1234 Jan 25 24% Aug 21
15% 18%
*15% 17
18
*15% 18% *16
8*8 Dec 11% May
17%
8% Jan
10% 10% 10% H% 3,800 Western Maryland (new).. 100 13 Jan 30 28% Aug 30
11% 11% 10% 11
14% Dec 21 May
Dec 7
17
Do 2d pref__________ 100
22 22% 22% 241a 2,600
23
23
22% 23
15 Dec 307* May
14% Dec 27 24% Apr 24
15
15% 3,100 Western Pacific_________100
15
15% 14% 14% 14% 14%
70% Jan
5 1 % Dec
Do pref_____________ 100 51% Feb 1 64% Sept 13
52% 53% 52% 53% 52% 53% 53% 53% 2,500
6% Dec 11% May
6 Feb 2 16%June 7
S% 8% J5.600 Wheeling & Lake Erie Ry.100
8% 8% 8% 8% *16
8% 9
12% Dec 19% May
9% Jan 4 29%June 7
Do
pref____________100
16% 2,(
14% 16%
16
16
17% 16
23 Oct 37% May
Wisconsin Central_______ 100 25 Jan 10 33% Mar 13
27
*25
26
26
26% 26
*26
27
I n d u s tr ia l & M iscellan eo u s

Adams Express_________ 100 48 Jan 12 83 Oct 6
Advance Rumely________ 100 10% Jan 19 23 Aug 18
Do
pref____________100 31% Jan 12 60% Aug 18
Air Reduction, Inc___ No par 45% Jan 3 65% Oct 6
9% July 28 18*4 Apr 25
Ajax Rubber, Inc________ 50
11% 12% 11% 12
11% 12
7gMay 10
% Dec 28
Alaska Gold Mines----------- 10
%
%
%
%
%
%
2 May 17
3g Jan 24
Alaska Juneau Gold M in .. 10
1
1%
1% ___ . .
1
1% 1
Allied Chem & Dye___ No par 55% Jan 3 9 1*4 Sept 5
76% 79
76% 78% 76% 77% *111 112% *111 H2>:
pref____________ 100 101 Jan 3 115% Sept 19
100 Do
111 111
*110 114
4,100 Allls-Chalmers Mfg_______100 37% Jan 4 5934 Sept 7
43% 4434 44% 45
44% 44% 44% 45
Do
pr f____________ 100 86% Jan 5 104 Sept 21
*941* 97
*94% 97
*94% 97% *94% 97
Amer Agricultural C hem .. 100 27% Nov 27 4278June 1
30%
31
31% 30% 31% 30% 58% 3,100
32
32
Do
pref____________ 100 56 Jan 16 72% Sept 11
1,700
58% 58% 58%
59
59% 58% 59
58% Jan 7 91 Dec 13
American Bank Note------ 50
*74
'
*74
80
*74
80
*74
80
Am Bank Note pref______ 50 52 Jan 12 551* Dec 13
55*4
*64% 55% *54% 55% *54% 39
*54% 56
2,100 American Beet Sugar____ 100 31*4 Jan 3 49 June 9
38% 30% *38
38% 40
39% 40%
pref____________ 100 61 Jan 11 80i* Oct 17
100 Do
73% 73% *73% SO
*72
75
*72
75
31% Jan 31 49 Apr 11
9 ,200 ! Amer Bosch'M agneto..No par
42
42
43% 40
41% 45
40% 41
--- ---------t g , rights I Less than 100 shares, a Ex-dividend and rights 1 Ex-dlvldend b Ex^rlghts (June 15)
.
„ .
• Bid and asked prices: no sales on this day. t Ex-rights.
(Aul 22)
■hart lor share to stock of Glen Aklen Coal Co. a t $5 per share and ex-dlvldend 100% In stock (Aug. a t




67% 68% 68%
13% 13% 14
*45
*45
*59
60% 60%

68% 68

14
48
60%

68

12% 13%
46
46
60
60

900
2,300
500
1
1
300
58% 59
11% 12% 3,900
9,500
1% 1% 6,400
77% 79% 17,400

67% 67%
13
13%

261* Jan 53*4 Deo
10% Dec 19*4 Jan
31% Dec 52% Feb
30 June 50 Doc
15% Dec 39% Jan
1% Feb
% Dec
1*4 Feb
% Oct
34 Aug 59% Dec
83 June 103*4 Dec
28% Aug 39*4 Deo
67% Aug 90 Deo
26% Aug 65% Jan
51 Aug 90 Jan
46% Jan 56t* Deo
43% Jan 50% Dee
24% Oct 51 Feb
54*4 Dec 747* Jan
29% Aug 65% Ma>
to subscribe

New York Stock Record—Continued—Page 2

3886

F o r s a le s d u r i n g t h e w e e k o f s to c k s u s u a l l y I n a c t iv e , s e e s e c o n d p a g e p r e c e d i n g
H IG H

A N D

S a tu r d a y ,
D e c . 23.

$ per

LOW

S A L E P R IC E S — P E R

M on day.
D e c . 25.

I

T u esday,
D e c . 26.

SH ARE, N O T PER C EN T.

W ed n esd a y . ■T h u rsday, \
F r id a y ,
D e c . 27.
D e c . 28. ■ D e c . 29.
n**

00

S a le s
fo r
th e
W eek.

STO CKS
N E W Y O R K STO C K
EXCHANGE

PER SH ARE
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o f 100-*Aare l o t s
L o w est

H ig h e st

PER SH A R E
R a n g e f o r p r e v io u s
y e a r 1921
L o w est

H ig h e st

S p e r s h a r e $ v e r s h a r e 1 S v e r s h a r e S v e r s h a r e S h a r e s Indus. & Mlscell. (Con.) P a r 5 p e r s h a r e
S p e r sh a re 3 p e r sh a re $ p e r sh a re
70 70
701* 70>2 *72 75 *70*4 75
200 Am Brake Shoe * F . . . N o p a r 5 1 Jan
88%Sept 12 42 Jan 56% Deo
*1071,1 10934 *10714 109*4 10912 109i2 107*4 10734
200 Do pref.......... _.......... 100
Jan
Oct 10 88*4 Jan
Dec
73 74
721 731* 721* 72*4 72*2 73*4 15,500 American Can.....................100 98*4 Jan 18 113 Oct 20 23%June 100 Dec
2
3214
70%
35%
*110*4 112 m i* 1 1 1 1 * 111 111 110 n o
500 Do pref......................... 100
1137* Dec 13 76*, June 97 Dec
183 184*4 184 185 181 185 181*2 181*2 1,500 American Car & Foundry.100 93*4 Jan
141 Jan 10 201 Oct 10 115%June 151% Dec
*12112 124 *12112 123 123 123 *1211 123
2
100 Do pref......................... 100 115*2 Jan 6 120%Nov 6 108 May 116% Dec
6% 6% 67* 67*
61* 7
6
*4 778 1,793 American Chicle_____ N o p a r
5 Nov 14 14 May
0% Nov 29 Jan
17i* 18
171* 17'* 161* 17
17 17
2,400 American Cotton OH_____100 14*4 Nov 22 30%May 31
15%June 24*4 Nov
351* 3512 3514 3514 34 35 *3412 37
600 Do pref........ ................100 33*2 Nov 27 01 May 31 35% July 07 Apr
6
6
57* 6 I4
534 6
*57* 6%
Amer Druggists Syndicate..10
4*2 Jan 13
7 Sept 13
4 June
8*4 Jan
13512 13512 *135 137 135 136 137*2 137*2 2,300 American Express_______ 100 126 June 23
1,000
Oct 13
10*4 1034 *10i4 11
105* 105* 10% 10% 1,000 American Hide & Leather.100 101* Dee 18 102 Apr 13 114 July 137 Deo
17*8
8 Apr 16 Dec
6314 64
62 63
62 623* 63*4 63*4 1,000 Do pref......................... 100 58 Jan 3 7434Sept 13 40% Feb 62% Dec
107 10812 1031* 107 105 10512 105 105*4 6,400 American Ice......................100 78 Jan 12
122 Sept 8 42 Jan 83% Deo
877* 877* *8714 88
*8714 89
89
150 Do pref.................
100
Jan 13
57 Jan 73% Nov
263* 2712 25% 26l2 245* 26 *87% 26% 20,700 Amer International Corp.. 100 72 Dec 28 95% Aug
25%
345*
50%
June
21% Aug 53% May
1112 11 % 11I2 IU 2 111* 11*4 *11*4 12
*
800 American La France F E..10
91* Jan 16 14 July 20
7% Aug 11% Apr.
311 3112 30 30*2 2914 295* 2934 31% 1,800 American Linseed_______ 100 28 Nov 23 42% Oct 14
2
17%
62% Jan
*52 55 *5112 53
52 52 ■ 52
52
300 Do pref......... ...............100 48 Nov 25 03% Oct 14 39% Aug 93 Jan
Aug
12012 12712 126 1297* 126*4 1293* I26I4 127*4
Jan 5
*119 120 119% 120 120 120 120 120*' 34,100 American Locomotive___ 100 102 Jan 12 1363* Oct 14 73%June 110 Deo
4
500 Do pref................
100 112
122% Dec
Dec
116 H 6I4 114 115 113 114 112*2 11212
900 American Radiator_______25 82 Jan 30 129 Oct 11 98% June 115 Nov
60% Jan 91
634 634 6 ** 67*
05*
65*
65* 67* 2,200 American Safety Razor____ 25
3*4 Jan 31
87 Oct 23
*
3% Aug 10 Jan
19 1914 187* 193* 19 1914 19 197* 5.500 Am Ship * Comm____ N o p a r
5% Jan 3 24%May 31
4% Aug 14 Jan
56 567* 545* 5512 54 545* 5414 55
Jan
997* 997* 9914 9914 9734 987* 98*4 98<4 9.100 Amer Smelting & Refining. 100 43% Jan 6 67%May 19 29% Aug 47% Dec
1,020 Do pref..........................100
Oct
*100 . . . *100 . . . *101 102 *100*2 102 ------- Am Smelt Secur pref ser A .100 86% Feb 8 104%Nov 23 03% Aug 90 Dec
87
1017*
9 03 Jan 88 Deo
*14212 147 *14212 149 14312 14312 142*2 148
100 American Snuff_________100
Jan
6
3712 377* 37la 377* 375* 377* 307* 37*4 5.000 Am Steel Fdry tem ctfs.33 1-3 109% Jan 26 158%8ept 11 95 Jan 114 * 4 Deo
30*4
46%Sept
18 Aug
Dec
*103 105 103 103 *103 105 *103 105
100 Do pref tem ctfs_____ 100 91 Feb 8 108% Oct 16 78 Aug 35 Dec
95%
76 78*4 78*2 81
78i4 80** 79 7934 14,700 American Sugar Refining.. 100 54% Jan 4 857* Aug 21
47% Oct 96 Jaa
*100 101 1065* 107 108 108 107 10734
700 Do pref.......................... 100 84 Jan
112 Aug 18 67% Oct 107% Jan
28 28
277* 287* 27 28
26*4 28
2.700 Amer Sumatra Tobacco...100 23% Feb 14 47 May 29 28% Dec 88 Mar
59 59
58l4 5814 *5712 591* 57*2 57*2
300 Do pref_____________ 100 52% Jan 27 71 Jan 16 04*4 Nov 91*4 Feb
122*4 1231* 1225* 1 2 3 1 * 1221* 1231* 1225* 123
8.000 Amer Telephone & Teleg.. 100 114% Jan
128% Aug 31
95*4 Jan 119% Nov
154*4 156l2 154 154 153 154 153*2 1535*
100
Jan
169%Sept
111%June 130*4 Deo
1021* 103 10314 10314 10334 1037* 104 104*4 2.500 American Tobacco______ 100 129% Jan
2.000 Do pref ( n e w ) _______
96%
108% Oct 23
86
152l4 1533* 151l2 151l2 150'4 151*2 151 152*2 3.100 Do common Class B_ 100 120 Jan 3 105*4 Sept 5 110 Aug 99% Deo
_
Jan 131% Dec
*2712 28l2 28'4 28l2 281* 281* 27*4 28
700 Am Wat Wks A El v t O...100
6 Jan 7 33%Nov 3
4 Sept
6% Oct
*85«4 87U *85i4 87i* 86 86 *86 87*4 .........
Do 1st pref (7%) v t 0.100 67 Jan 4 937* Sept 13 48 Sept 65% Dec
497* 497*1 *49 50
48 49
47*2 37*2
Do partlc pf (6%) v t c 100 17% Jan 4 55% Oct 5
700
8% Sept 20 Dec
9514 95*4, 95 9514 937* 95
94 95
3.700 Amer Woolen_______ ...100 78% Jan 10 105 Sept 13 57 Feb 83% Deo
*108 i n *108 112 110% 110% *108 112
100 Do pref_____________ 100 99% Oct 19 110% Dec 28 93 Feb 104% Deo
27% 27% *26 27
27 27 *26 27
300 Amer Writing Paper pref..100 22% Jan 13 37% Apr 15 20% Aug 39% Jan
15% 16
15% 15% 1534 15*4 16
16
600 Amer Zinc, Lead & Smelt__ 25 12% Jan 3 20%Juno
6*4 Sept 14% Deo
*48 51% *48 50
48 4S *48 50
300 Do pref............................25 36 Jan 18 57 Sept 20 22% Aug 40% Deo
50 £0% 49% 50
48 491,| 48 48% 25,450 Anaconda Copper Mining..50 45 Nov 27 57 May 31 31*4 Aug 50% Deo
65%
65 66*8 63% 65
63% 64% 8,800 Associated Dry Goods___ 100 43 Jan 5 68%Nov 29 24 Jan 60% Dec
*81 84
83 83
83 84% 8434 8434 1,010 Do 1st pref.................... 100 75 Jan 0 86 Oct 5 55*4 Jan 76*4 Deo
*84 88
90 90 *83 89 *84 89
10 Do 2d pref......................100 70 Jan 17 91% Oct 0 45 Jan 78 Deo
*118% 120 *118% 121 119 119 117 117
500 Associated Oil_________ 100 99 Jan 31 135%May 3 91 Sept 107% Mar
2
1*4 1% 2
1% 1% 1% 2
2.700 Atlantic Fruit________ N o p a r
1%Dec 18
5% Apr 17
1*4 Oct
9 Jan
22 22% 19% 21% 20% 21
20*4 21% 9.000 Atl Gulf* W IS S Line... 100 19% Dec 27 43%May 29 18 June 76 Jan
16 16
15 15% 15% 15% 15% 16
1.700 Do pref...........................100 15 Dec 27 3I%May 29
15>4 June 44% Jan
*115 120 *112 120 ♦112 120 *114 117 ------- Atlantic Refining______ 100 900 Mar
1575 Oct 10 o820 June al 125 May
*119 120 *119% 120 *119% 120 119 119%
Do pref............................ 100 113 Jan 9 119 Nov 3 103% July 113% Nov
500
C h ris tm a s
15% 15% 15% 15% 15 16% *15 15
1.700 Atlas Tack_________ N o p a r 13% Feb 28 22%May 4 12% Dec 20 Apr
H o lid a y .
32% 34
33% 33*4 32% 34% 33*4 34%
Nichols & Co__ N o p
9% Jan
39*4Sept 21
8%June 13% Jan
H o lid a y .
*89 89% *88% 89% *88 89% 89 89 10.000 Austinpref______________ a r
100
Do
100 68 Jan 9 91 Sept 12 50% Aug 70 Jan
S to c k
*2% 3
*2% 3
2% 2% *2
3
100 Auto Sales Corp__________ 50 2
Nov14 7 Mar 17
2% Sept
5% Deo
S to c k
*1134 13 *1134 12% *1134 12 *11*4 12
- -- -- Do pref............................. 50
E xchange
13434 136*4 134 139% 135*4 140% 136% 1381* 129.400 Baldwin Locomotive Wks. 100 10%July2713 15%Mar 10 10 Apr 15 Jan
93% Jan
145%Sept 13 62%June 100% Deo
E x c h a n g e 114 114
114 114 116% 116% *112 115
600 Do pref_____________ 100 104 Jan 13 118 Oct 19 95 June *105 Deo
C lo sed.
*42 45 ♦42 45 *42 44 *42 44
100
Leather______ N o a r 40
Jan
Aug
C lo sed .
*95%100% *97% 100% *95% 99*4 *95% 99*41 ------- Barnetpref...........................p100 89 Apr 1219 07%Sept 11 29 Jan
Do
97%Sept 13 70 Jan
Deo
4
28*2 303 2S34 29*4 2912 31*4 30% 31% 8.900 Barnsdall Corp. Class A____ 25 19% Jan16
66%Apr28l 20 Deo 27 May
19 19*2 19
185* 19
19
18% 18*4 2,200
Do Class B......................25 18 Nov 27 39 Apr 27 14*4 June 35 Jan
*
2
J
2
3*
*8
*%
1.700 BatopllasMining................
20
%Dec14 1%Mar 23
% Aug
1 Jan
49 49
49 49
493, 50
51
51
600 Bayuk Bros.................. N o p a
33
Apr
58 59*2 58*2 593* 583* 59*2 58% 60% 7.900 Bethlehem Steel Corp____ 100r 51 Jan 1028 05 Sept 22 27 June 29 June
79 May 12 39%June 62%May
597* 605* 59*4 6O2 593* 603* 59% 62*4
I
Class B common_ 100 55% Jan
_
82%May 12 4 1 % June 65 May
9434 947* *94 973j *94 9734 35.400 Do pref........................... 100 907* Mar
94*4 95
400
Do
105 Aug 31 87 June 93% Jan
*108 110 *107*2 109 *10714 1091* 108% 109 ------Do cum conv8% pref. 100 104 Jan 4 116%June 14 90 June 112 Sept
47* 47*
434
47g
434 47*
47* 5
1.000 Booth Fisheries______ N o p a r
4
Nov22 10%Aug 30
3 Aug
7% Deo
*8
9
9
9
*8
9
9
9
200 British Empire Steel______100 8% Jan 9 14%Sept 14
8% Dec
9 Deo
*69 72
70 70 *69*2 71*2 *71 72
100
Do 1st pref.................... 100 68 Mar 2 76*4 Apr 15 55 Dec 68% Deo
271* 271* *26*4 26*2 26*2 261* 24% 24%
300 Do 2d pref...................100 19%Marl7
1127* 113*4 110*2 112 111 III 3 113% 113% 1,850 Brooklyn Edison, Inc..........100 100 Jan 3 39 Sept 14 22 Dec 23% Deo
4
124% Aug 30
88 Jan 101 Deo
•112 114 *111*2 113 111 11134 *111% 113
400 Brooklyn Union Gas______100
Jan
60 613* 58 58*2 58 58<4 5934 60% 3.000 Brown Shoe Inc................. 100 70 Jan 31 124 Nov 3 51 Jan 76% Nov
42
16 64%Sept 11 33 Feb 45% Nov
*1*4 2
*1*4 2
1*4 1*4 *1*4 2
100 Brunswick Term A By Sec 100
2 Oct3i
5%June 6
2% Aug
6% Jan
145 147 145l2 147 144 1467* 144 14434 9,300 Bums Bros.........................100 113% Jan 10
Deo 7 81% Jan
Deo
43 43
43 435* 41*4 43
42% 42*4 5.000 Do new Class B com........ 283* Jan 19 147 Aug 18 31% Dec 122% Deo
51%
33*4
75 ___ 75 *9634 100 *96*4 100
Bush Term Bldgs, pref__ 100 87% Jan 3 101%Nov 0 187*4 Dec 90 Nov
9*4 93*
9
97*
9*4 97*
9 10 15,900 Butte Copper A Zinc v t 0 5 5%Mar 1
34
10% Dec 12
3% Aug
6% Deo
18 18
17*2 177* 17*4 18
17*4 17*4 1,400 Butterick...........................100
16
14% Jan 33*4 Deo
32 32
311* 32*4 31*4 31*4 31% 31% 1,800 Butte A Superior Mining__ 10 20*g Nov 24 34 Feb
Jan 4 35% Oct
10%June 22 Deo
7
75*1 7
7*4 7*4
4,800 Caddo Central OllARof N o p a r I
Nov 27 15% Apr 16
7*4 Augl 19% Apr
82 82s!1 83% 83%1 81*4 82*1 82% 82% 1,000 California
par
68 Jan 11 86%
Sept
53%
74
64% 67*<1 65 661;1 65% 701,l 64% 68%110,850 California Packing____ N o 100 43% Jan 10 71%June 12 25 July 60% Nov
Petroleum........
Jan
Deo
>
93% 93% *93 94
93% 947(i 94 94
600 Do pref____________ 100 83 Jan 3 98% Apr 17 08% Jan 88 Deo
93,l
*l
9%
9% 9 <
9% 91;!
9% 9% 8,500 Callahan Zino-Lead_______ 10
5% Feb 14 ll%May 27
3*4 Aug
7% Jan
57% 57% 57% 571,1 *54 57 *54 57
!
200 Calumet Arizona Mining__ 10 50%Nov 14 66%June
41% Jan 00 Deo
*634 7% *6 4 71;! *6% 7 i *6% 7%
%
!
*
Carson Hill Gold_______
6%Nov 23 16%Mar 29
11 Dec 15% Nov
3
*3
3 *1 3
5
*3
3% 3
!
3
600 Case (J I) Plow.......... N o p a r
3 Mar 8
9%
June .
3 Nov 10% Apr
:
29% 29% *29% 29*,l 74% 74?t1 73 73
400 Case (J I) Thresh M, pf ctf 100 08 Feb 21 93% Aug 23 63 Dec 85% Feb
30% 32% 29% 307{1 30% 31*4 19,800 Central Leather_________100 29% Jan 10 44%Sept 13 22% Aug 43% Jan
1
32% 33
• 6 4 8*4 6,200 Do pref____________ 100 63% Jan 6 82*4Sept 14 67% Aug 06 Jan
68 68% 66% 68 65% 67% 6 8 6
44% 44% 43% 44% 43% 44% 43% 44
!
1
7,200 Cerro de Pasco Copper.No p a r 32*4 Jan 4 45% Dec 12 23 Mar 36% Dec
46 *41 46
*43% 46 *43 46 *41
Certain-Teed Prod___ N o p a r
7 22
44 Jan
66% 67% 65% 66% 25,400 Chandler Motor Car__ N o p a r 34 Feb 14 53%June 0 38% Aug 86 Apr
!
03 64% 64 66
47*4 Jan 5 79% Apr
Oct
84*4 81% 83% 2,800 Chicago Pnoumatlo Tool. .100 60 Jan 14 89%Sept 8 47 Aug
81
86 83 83
86
70% Jan
27*4 27% 26% 27% 26*4 27% 26*4 27% 33,200 Chile Copper___________ 25 15% Jan 5 29%Nov 8
9 Mar
26% 27% 26% 26*4 25*4 26% 25% 25% 5,200 Chino Copper____________ 5 22%Nov 27 33**June 1 19% Mar 10% Dec
66 67*4 66 66% 67 67% 67 69*4 2,900 Cluett, Peabody A Co___ 100 43 Jan II 68%Aug 31 36%June 29% Dee
74*4 76% 75% 78 13,800 Coca Cola_____________ N o p a r 41 Jan 5 82*4 Oct 14 19 Feb 62% Jan
75% 76% 75% 76
24% 25% 26 26% 3,400 Colorado Fuel A Iron____100 24 Jan 10 30%May 19 22 July 43% Deo
25% 26
25 26
104% 105 10334 104% 103 104 103% 104*4 3,000 Columbia Gas A Electric.. 100 64 * 4 Jan 4 114%Sept 14 52 June 32*4 May
67»« Deo
2% 2
2% 12,000 Columbia Graphophone N o p a r
2% 2
1% Jan 26
2% 2% 2
5*4
June 5
2% Aug 12*4 Jan
8
8% 7% 8% 7% 7% 1,700 Do pref___ ________ 100 5 Feb 9 20*4
8
8
June 2
8% Dec 02% Feb
70% 70% 67% 69*4 69 69*4 68% 69*4 1,800 Comguting-Tab-RecordNo p a r 55% Jan 3 79*4 Apr 20 28*4 June 68% Deo
39% 40 I 39 39% 39 40% 38% 38% 2,100 Consolidated Cigar___ N o p a r 18% Feb 10 42*4 Oct 5
13% Dec
Jan
84% *81 84%
Do pref..... .........
100 47 Feb 27 87%Nov 10 63 Deo 80 Feb
*81 84% *81 84% *81
400 Consol Distributors,Inc N o p a r
% %
%
%Feb 17
*3«
%
% %
*8
2%Mar 10
%Sept 10 Mar
118% 119% 116% 117% 116 119% *121% 121% 33,500 Consolidated Gas (N Y)_.100 85% Jan 30 145*4 Sept 15 77% Jan 95 Nov
11% 11% 11% 19,900 Consolidated Textile__ N o p a r
9 July 25 15% Apr 19 12*4 Aug 21 Jan
11% 11*4 11% 11% 11
109%
2,100 Continental Can, Inc____100 45*4 Jan 4 115% Dec 15 34% Aug 66 Jan
1
110% 111 % 110 : 10*4 109% 110% *92 111
94
Continental Insurance........25 66 Jan 20 93*4 Aug 22 68% Aug 73 Deo
95 *94 94% *94% 96
*93
130 131*4 129% 131% 129% 131% 130 132% 21.500 Com Products Refining... 100 91% Jan 4 134*4 Oct 21 69 June 99% Deo
700 Do pref........................
1
121 : 21 *120 :121 121 121 120% 121% 77.400 Cosden A Co___________ 100p a 111 Jan 10 122*4 Nov 14 06 June 112 Dee
No
r 31% Jan 10
533* Dec 27 22% Aug 43% Apr
53% 52*4 53%
52*4 53% 53
51% 53
Steel of America. 100 52*4 Feb 27 98%Sept 5 49 Aug 107% Jan
70% 713.1 69 70% 68 70% 68% 71% 23.500 Cruciblepref.................
100 80 Jan 17 100 Sept 0
400 Do
77 June 91 Jan
88% 87*4 87*4 88 88
*87% 89% *87
Cuba Cane Sugar_____ N o p a r
4.200
8% Jan II 19*4 Mar 15
6% Oct 26 Feb
14 14% 13% 13% 13% 14
13% 14
Do pref........................100
39% 40% 39% 40% 38% 39% 39% 39% 8,000 Cuban-Amerlcan Sugar___10 15% Jan 3 41%July 27 08% Dec 13% Feb
14% Jan 3 28 Aug 4
10% Oct 33% Feb
25% 25*4 18,800
25% 26*s 26 26% 25% 26
700 Do pref.......... ........... 100 78% Jan 17 102% Deo 13 68 Oct 95 Feb
101 101 101 102 101 101% *101 102
32 34
32% 32% 31*4 33*4 32 33% 5,700 Davison Chemical v t c . N o p a r 23%Nov 25 65% Apr 0 23 Mar 59% Nov
24% 24% 1,900 De Beers Cons Mines..No p a r 15% Jan 3 28%May 2
13%June 21 Jan
23% 23% *23% 23% 23% 24
900 Detroit Edison...................100 100% Jan 11 118%Aug 30 03% Nov 100 Oct
106% 106% *106 107 10534 106% 107 107
43% 43% 42 42% 3.200 Dome Mines, Ltd______ 10 18% Jan 4 40%Nov 6 10% Jan 21%U p*
43*4 44% 43% 44
85 85% 85% 90
87% 90% 87*4 89% 12,200 Eastman Kodak Co___ N o p a r 70 July 3 90% Dec 28
5.400 EI du Pont de Nem A Co. .100 115 May 27 167% Oct 10
153 153% 152% 163 158 162*4 105 108
84% 85 1 *84% 85
500 6% cumul preferred___ 100 80 June 12 90%Sept 8
84% 85 *85 86
sh a re

$ per

sh a re

• Bid and asked prices, no sales on cms day




a m -a iv id e u d and ngnus,

« Asscosaiea'. paid.

Ex-rlghts

* E x-dividend.

» Par value S10 por share

2887

New York StockRecord—Continued—Page 3
F o r s a le s d u r i n g t h e w e e k o f s to c k s u s u a l l y I n a c t iv e , s e e t h i r d p a g e p r e c e d i n g .
j
rE
S a tu r d a y ,

Dec. 23.

M on day.

Dec. 25.

P R IC E — P E R

T u esday.

Dec. 28.
8 ver share

SHARE, N O T

\ W ed n esd a y.

PER

T h u rsday,

CENT.

S a le s

F r id a y ,

th e
W eek.

Dec. 29.
Dec. 28.
Dec. 27.
$ ver share S ver share S ver share

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A R E
R a n g e s i n c e J a n . 1 1922.
O n b a s i s o f 100-*ftare l o t s
L ow est

H ig h e st

PER SH ARE
R a n g e f o r p r e v io u s
y e a r 1921
L ow est

H ig h e st

Indus. & Miscell. (Con.) P a r $ p e r s h a r e $ p e r s h a r e $ p e r s h a r e % p e r s h a r e
$ p e r sh a re $ p e r sh a re
17
BatteryNo p
8
56i2 57 13,800 Electric StorageCorp______ a r 40t*June 25 58*4 Dec 4
55*8 55*4 55*4 567 56l8 57
16 Jan 25*4 May
2412 Dec
50 14U Jan
20 20
1S'2 19U 1,500 Elk Horn Coal
20 21'4 20 20*4
97 May
*
21* Dec
June 5
2*8 Jan 4 l l i 8
900 Emerson-Brantlngham___ 100
6
68
*
*6
6
7
6
6'2 7
52 Jan 81 Deo
927 Dec 26
8
50 76U
8
8
89*4 917 8912 9112 897 91*8 91ig 93l2 33,500 Endlcott-Johnson________100 104 Jan 10 118*8 Dec 13 87 Jan 1061* Deo
Jan 5
400 Do pref____________
_ 117'2 11712 *117
18
117 117
10 107 Sept " 44*8 July 82i* Apr
Players-Lasky.Afo p a r
8
90*4 927r 91'4 91*4 190 90*4 90 917 6,100 Famous preferred (8%)___100 75ig Jan 28 107*8 Sept
74*4 July 97 Deo
91'* Jan
200 Do
97U 97U 97 97
*97'2 98l2 *97 98
13*4
518
17
1,200 Federal Mining & Smelting 100 9 Jan 3 16'2May 20 21 June 431* Deo
*9 11
9
9
9lg 9'8
10 10
Deo
Sept
371* Mar 14 62*4 Sep
Do pref____________ 100
49 50
43*4 4S*s 46 4612 4,700
51 51
75 June 90 Jan
Body Corp____ N o p a r
20514 214 203 209'2 205 209 204U 20812 5,200 Fisher Body Ohio, pref___ 100 75 Jan ~ 218 Dec 22 57 Sept 84 Deo
103UJuns 14
76'* Jan
700 Fisher
97 97'2 97*8 97*4 97U 97U *97 98
8 Aug 19*8 May
*4
10*8
12*8 13ts 5,600 Fisk Rubber____________ N o p a r 12U Nov 27 19'2 Apr 25
12'2 13's 1212 131r 1212 13
91* Aug 201* Jan
14
Texas Co____
r
19*8 20'4 18l2 197 18l2 19'2 18*4 191i 7,500 FreeportTank Car____ N o p a r 45*4 Jan 24 27U Oct 23 397 Oct 591* Deo
8
Jan 14 80 Oct
N o par
4,200 Gen Am
65 65U
68 68 66 67'2 65 66
78*8 May
Nov 21 73*4
47*4 49*8 46l4 48*8 46*4 49 27,000 General Asphalt_________100 37U Nov 22 111 July 20 39'8 Aug 1171* May
48*4 50
July 20 77 Aug
800 Do pref____________ 100 69
*78 80
*79'2 S0*4 78lg 79i2 79 79
84*4 Dec 9 54 Jan 70*g Deo
General Cigar, Inc______ 100 65 Mar
82 82U 81*8 81*4 82 82 *82 82l2 2,100
109 Oct 25 80'8 Apr 951* Deo
100 Debenture pref_______ 100 94 Jan
10312 10312 *104i2 106 *103 104l2 *103 10412
143*4 Deo
183 185*4 182*8 185*4 180 183 181 181*8 5,900 General Electric_________ 100 136 Jan 9 190 Deo 19 1091* Aug
9*8 Aug 16U Jan
8U Jan 5 15U July
8
8
s
13l2 137 13*4 14*4 14*4 147 14*8 147 72,800 General Motors Corp..No p a r 69 Jan 24 86 Sept 15 63 June 75 Dee
2
600 Do pref____________ 100
83 83
83'2 8312 84U 84'2 8H2 84*2
67*4 Mar 6 86 Sept 1 60 Aug 73'* Deo
Do Deb stock(6%)...100
84 84'bt 84i2 84*2 1,700
83*8 83*s 83U 84
600 Do Deb stock (7%)___100 79U Mar 8 100 Sept 1 69 Aug 85 Deo
97 97'2 97 97 *96*4 98 *9612 97
2
9*4
16 18'4
500
10 10i8 *10lS 10'4 • 10's 10U *10i8 10U 5,100 Glldden Co_____________Nop a r 281* Nov 25 447 June 31 26*3 Juno 44ig Jan
8May
Goodrich Co (B F)___ No p a r
Nov
34 34*a 33*8 34*8 3314 33's 34 35l2
Deo
1,800 Do pref____________ 100 791* Nov 13 91 Apr 22 62i* June 88 not
83*4 83*4 8314 83*4 83 83h 83>4 84
15 Aug 34i*
14
s
8
26 26*8 247 25'2 24 247 23 23*4 3,005 Granby Cons M, Sm * PowlOO 22 Nov 13 357 May 24
91* Jan 16*4 Mar
19 8May 31
9 Nov
1212 1,900 Gray & Davis Inc____ No p a r
13 13
12U 12*4 11*4 12is *1178
19 July 29i* Deo
300 Greene Cananea Copper.. 100 22 Nov 1 34*8May 29
27iS 28 *2612 28
*27 29 *28 29
8
5]2 Dec 167 Jan
7 Feb 16 14*8 Mar 15
200 Guantanamo Sugar___ No p a r
*10 10*2 *10 10'2 10'2 10*2 10U 10U
s
g
5,600 Gulf States Steel tr ctfs__ 100 447 Jan 9 947 Oct 9 25 June 507 Deo
8
U
80 81
79U 80*4 77U 791? 77*2 SO
'2 Nov 13*8 Jan
37 Mar 16
8
* Jan 20
4
700 Harblshaw Elec Cab..No p a r
1*8 1*8
1'4 114
H4 1U
*1U 1*2
13 June 25'8 Apr
1,100 Hendee Manufacturing__100 15 Jan 12 28*4 Sept 16
19 19
19'2 20 *18*4 19'2 18*4 19
100 Homestake Mining______ 100 5 5 Jan 14 82 Nov 15 49>* Mar 61 May
I
*79*2 81 *79lg 8O4 80 80 *79<2 80
Oct 6 40'* Aug 86 May
8
70*8 717 70*8 71*4 6712 70<8 68>2 69*j 9,600 Houston Oil of Texas____100 61U Nov 27 90U Dec 11 10i* June 16*4 May
107 Jan 6 26>8
8
24U 25*! 1,900 Hupp Motor Car Corp___ 10
25 25*s 25 25
24*4 25
6 Dec 20*4 Jan
5,100 Hydraulic Steel_________ Nop a r 31* Feb 9 14 June 2
4i2 5
4'2 5
4*4 5b
5
5*4
7'8 Jan
2 June
3,000 Indlahoma Refining_____ 5 3U Jan 27 15*4 Dec 11
8
14 14
8
13*4 13b 127 13l2 127 13
61* Dec 15*4 Jan
June 7
1,500 Indian Refining__________10
5 Jan 20 ll* 8
6
6b
6
6U
6>8 6 4
<
*6*2 6*4
29*8 Mar 42U Deo
45 June
5,600 Inspiration Cons Copper.. 20 , 31 Nov 27
347 35
8
36 36*4 35 35*4 33*4 35
6 Aug 13*4 Jan
May 4
5*8 Deo 14 ll* 4
6'2 6>2 1,500 Internat Agrlcul Corp___100
8
6*8 6*8
6U 6U
Jan
297 307 30l2 30-8 1,700 Do pref____________ 100 I 28'* Nov 27 43 Mar 15 31 Dec 57
8
8
30 31
30'4 31
8
35 35
34*4 35 *33*4 34l2 1,600 International Cement..N o p a r 26 Jan 23 38*»May 20 21 June 29 N ot
34U 35
301*
25 25*8 24l2 24*4 24 24*8 23*4 23*4 1,800 Inter Combus Eng____ N o p a r 21*4July 22 1157 Sept 14 67*8 Aug 1001, Feb
8 Aug
88 88
877 88*4 1,000 Internat Harvester (neui)..100 79*8 Jan 3
8
90*8 90*8 89 90
Jan
110
400 Do pref (n w )_______ 100
Feb 14
115U 115U *108 115 ___ 115 115 116 10,200 Int MercantileeMarine___ 100 10512 Dec 27 119 Sept 18 99U June 17U Jan
7*8 Aug
27i*May 3
8
*4
9*4
8*4
8*4 9lg
s
8*4 9U
87 97
8
28.500 Do pref____________ 100 41*8 Dec 28 87*sMay 3 36 Aug 67*4 Deo
41*8 44
42>2 44*8
427 43*4
8
4312 46
17 May
12 ll'j
25 HU
9
13*8 13*4 13U 131? 13U 13*8 13l2 13*4 11.500 International Nickel (The) 100 60 Jan 4 541*Sept 20 60 Aug 85 May
Dec
85 Jan
760 Preferred____________
Jan
68 68
65 65U 68*2 68l2 *66 70
8
5,700 International Paper______100 4312 Mar 8 637 Oct 16 38*8 Aug 73*4 May
8
50*4 517
8
51*2 52*8 507 51*2 50 51
300 Do stamped pref_____100 59 Mar 9 801* Sept 11 67 Aug 75*8 N ot
73*8 74U *73 74l2 *73 73*4 * 7478 75 13,900 Invincible Oil Corp___
5'2 Aug 26 Jan
12ig July 24 20U Apr 17
50
14*8 15>s 14*8 14*8 14 14*8 14>2 14*8
500 Iron Products Corp___ N o p a r 24 Jan 19 5318 Oct 16 22U Sept 40 Jan
8
447 447 4412 44>2
8
45*4 46*8 *44>2 46
4* 4 Jan
2 Sept
I 4 N 0 V 18
3 Jan 25
* 14,600 Island Oil & Transp v t c__ 10
8
U
*8
*8
U
u
*8
*2
4 Jan 12U Deo
3.800 Jewel Tea, Inc______
100 10 Jan 4 22'2May 2
8
8
20U 207 ♦20U 20*8 19*4 20*8 197 20
8'2 Jan 46*4 N ot
400 Do pref..................
100 381 * Jan 4 76*8 Dec 18
2
*72 75 *70U 701? 70U 70*8 71 > 7D2
14U Jan 38*4 Deo
8Sept21
1,300 Jones Bros Tea, Inn
100 34i2 Feb 11 577
53U 53*8 51*2 5212 51U 52
53*4 54
H o lid a y .
9 Not
41* Oct
10 l'a Dec 26 7'* Jan 3
1]2 1*4 5,000 Kansas & Gulf______
1'3 1*4
H o lid a y .
Ha 1*4
H2 1*4
1.800 Kayser (J) Co, (new).. N o p a r 34 May 1 48*s Aug 3
2
*42>2 43'2 41*4 421 40*8 42 U 40*8 42
Stock
106i2June 9
200
1st preferred (new) . _ N o p a r 94 May
102 102 *101 102 *101 102 104 104
g
53*4May 5 321* Aug 547 May
25 34U Jan
44U 44*4 44<8 45*8 4412 45U 44>2 46la 13,800 Kelly-Sprlngfield Tire.
Temporary 8% pref.
107*4May 9 70U May 94 Jan
100 90'* Jan
H01 102'a
*101 102U ♦101U 102>2 *101 102U *
100 6% preferred............
86 June 5 70 May 80 Jun?
83 83
711* Jan
2
*82 84U 82*2 82U *81> 86
C losed
9,600 Kelsey Wheel, Inc____
"107 109
100 61 Feb 9 115'2 Dec 19 35 Mar 69 N oto
C lo sed .
110 112 110 110*8 105 110's *
16 Mar 277 De
8
r
36U 367 35% 36*8 35*8 36's 22,000 Kennecott Copper___ . N o p a r 25'* Jan 4 39*8May 31
36'2 37
*
8U Jan 177 May
4 Nov 13 24*8May 4
*4
S
8U 9 > 17,300 Keystone Tire & Rubber.. 10
8
8*8
8i2 9
87 9U
8
300 Kresge (S S) Co.............. ..100 110 Jan 10 189 Oct 4 130 Jan 177 Deo
182 182 182 182 ■175 183
179*4 179*4 *
Lackawanna Steel_______ 100 441* Jan 4 85 Oct 16 32 June 58'* Jan
*75 77
77
300 Laclede Gas (St Louis)___ 100 43 Jan 13 941* Aug 28 40 Jan 571* May
82U 82U 82 82U *82 84
*82*2 85
1,200 Leo Rubber & Tire___ N o p a r 2414 Nov 28 35>8 Mar 16 17'2 Jan 30 Deo
26'2 27
26 26U 26 26U 25*8 25*8
260 Liggett & Myers Tobacco. 100 153U Feb 18 230 Oct 20 138U Jan 164 Deo
*215 225 *215 225 *218 225 219 219
500 Do pref____________ 100 108 Jan 10 1231*Nov 6 97*8 Jan 110 N ot
*116l2 117 117 117 118U 118U 117U 117*4
5,800 Lima LocoWkstempctfsNo p a r 52 Nov 25 65%Sept 1
8
59*8 597 59U 597 58U 59*4 58'2 59
8
_ "112 . . .
Preferred____________ 100 93 Jan 30 1251s Aug 30
87'2 Aug 100U Deo
*109
*112
*109
10 June 211* Mar
Loew’s Incorporated__ N o p a t
III4 Jan 26 231*SePt 19
19U 19*8 19*8 19*8 19's 19*8 19 19*8
7*4 Aug 12*4 Jan
Loft Incorporated____ N o p a r
9 Jan 9 14UMay 3
l l l 2 HU * lll2 12 *11*4 12
12 12
Lorlllard (P)._................ ..100 147U Jan 6 180 Sept 8 136 Feb 1641* Feb
8
165 165 1617 16434 16H8 162 "164 168
Preferred____________ 100 109 Jan 13 121 Oct 28 100 Jan 111 Deo
*115 119 118 118 11912 11912
1157 1157
8
8
Deo
Mackay Companies_____100 72 Jan 5 117 Dec IS 6912 Jan
*10312 107 *104 106 *102U 106 10512 10512
Do pref____________ 100 57 Jan 13 70 Nov 6 55 June 62 Deo
*69U 69U *69*8 69*a 69U 69'g *67 69*8
2512 Oct 42 May
8
Mack Trucks, Inc____ N o p a r 251* Jan 13 617 Sept 11
56
56i2
55U
55h
57
Do 1st pref_________ 100 681* Feb 27 94'2 Dec 13 63'8 Oct 76 Jan
92 92 *92 93 *92 94
Do 2d pref__________100 54 Jan 6 87*4Sept 19 54 Oct 64i* Apr
*83 85 *83 8412 83 83
Jan 18 Sept
Malllnson (H R) 4 Co. . N o p a r 151* Jan 16 40 Aug 28
8
36*4 37*4 35*4 36v 36 37'2
Oct 89i* Feb
Manatl Sugar___________100 30U Jan 3 52 Mar 13
46*8 46*8
48'2 49
48 48
Jan
93 Jan
Preferred____________ 100 73U Apr 3 84U Sept 13
a
827 827 *80 83
8
*80 83
Manhattan Elec Supply N o p a r 41 Mar 13 69*4 Apr 24
49 49*4
50 50
50 50
18 June 36*4 Deo
8
Manhattan Shirt_________25 32 Mar 6 6 *4 Oct 25
8
Marland Oil____________ N o p a r 22*8 Jan 6 46*8June 19 1218 Aug 307 N ot
5 Oct 191* Jar
51* Mar 4 26*8 Mar 27
Marlln-Rockwell_____ N o p a r
13 Sept 22 Deo
Martin-Parry Corp___ N o p a r 2014 Jan 4 36UJuno 3
l l i 2 Aug 24 N ot
Mathleson Alkali Works. * 50 22 Jan 11 54 Nov 4
Maxwell Mot Class A____ 100 411* Nov 28 74*iMay 17 38 June 451* Deo
8 June 15*8 Deo
8June 8
Maxwell Mot Class B__No p a r 11 Feb 15 257
May Department Stores.. 100 65'2 Dec 16 179 Dec 12 65'2 Jan 114 Deo
McIntyre Por Mines_____
10*8 Jan 10 21*8 Mar 23
Mexican Petroleum______ 100 106*4 Jan 10 322 Dec 21 8412 Aug 167U Jan
Preferred____________ 100 79U Jan 12 104 Deo 22
Mexican Seaboard Oil..No p a r 15 Oct 7 341*July 13
12 Oct 5 3218 July 13
Voting trust ctfs_____
15*4 Jan 2 8 Deo
Miami Copper_________ 5 25 Nov 15 31*8May 31
Middle States Oil Corp____ 10 11 Nov 15 16 Apr 17 10 July 161* n o t
Midvale Steel & Ordnance. 50 2618 Dec 28 45'4May 17 22 June 331* Jan
Montana Power_________ 100 63 Jan 4 76*8Sept 1 43 Aug 64*8 Deo
12*8 Dec 25 May
MontWard 4 CoIUs Corp.. 10 12 Feb 11 25*4 Aug 11
17*4 July 2 8 7* Jan
Mullins Body________N o p a r 1714 Dec 4 34 Mar 31
10's Dec 30 Jan
21U Apr 25
National Acme__________ 50 10*8 Jan 9
National Biscuit________100 123U Jan 4 270 Dec 2 102 Jan 1281* Deo
Do pref____________ 100 11312 Jan 4 126 Oct 20 105 Aug 120 Jan
a
National Cloak 4 Suit___ 100 26 Jan 17 667 Sept 13 15 Sept 35*s Jan
5 Jan
*8 Sept
41* Apr 13
1 Dec 18
Nat Conduit 4 Cable. . N o p a r
Nat Enam’g 4 St&mp’g_ 100 30*4 Jan 11 681* Oct 21 26 Aug 65 Feb
_
85 Jan 12 129U Dec 11 67*4 July 87 Deo
National Lead__________100
Do pref____________ 100 108 Jan 10 117 Oct ‘ 100 June 108 May
9 Mar 15*8 Deo
13'8 Nov 15 19'sJune
Nevada Consol Copper___
N Y Air Brake (new) . . N o p a r 241* Nov 27 41*8Sept 20
New York Dock_________100 20 Nov 25 46 June 9 20*8 Feb 39 May
Do pref____________ 100 46 Nov 25 68'*June 6 45 Jan 57i* May
13 Dee 33 Feb
117 Dec 28 25 Feb 28
8
N Y Shipbuilding____ N o p a r
105 Dec 29 32U Aug 46 Deo
North American Co_______ 50 44>8 Jan
8
47U Aug 29 317 Aug 411* N ot
Do pref_____________ 60 38 Jan
is Dec
> Deo
8
3>s Jan 13 29 Oct 19
Rights_____________
Nova Scotia Steel 4 Coal.. 100 20*4 Feb 28 40 Sept 14 20*8 Nov 39 Mar
8'* Mar 127 Jan
8
8 July 14 12*4 Mar 30
Nunnally Co (The)___ N o p a r
7U Nov 11*8 Deo
5 Nov 15 14U Apr 17
Ohio Body 4 Blow___ N o p a r
1*4 May
4 Jan
1*4 Dec 19 4*gJune
Oklahoma Prod 4 Ref of Am
6 May
31* Aug
9*8 Mar 25
4'2 Jan 6
Ontario Silver Mining___ 100
12*8 Jan 6 28 Oct " 14 Dec 30*8 Apr
Orpheum Circuit, Inc___
Otis Elevator___________100 116 Jan 4 168*4 Oct 9 87 Aug 148 May
8 Nov 16 Jan
6 Nov 29 16'* April
Otis Steel.................... N o p a r
*
Owens Bottle___________ 25 247 Jan 27 42*8 Sept 26 24*4 Nov 64*8 Jan
4 Dec 19*4 Jan
'2 Dec 28 14ig Apr 27
Pacific Development____
Pacific Gas 4 Electric____ 100 60 Jan 30 91i8Sept 15 46U Jan 68 Doe
S h ares

----------------------------------- :-------...
1 teas than 100 shares,.
■
• Bid and asked prices: no sales on this day. I Less man mu




a

Ex-dlvidend and rights. * Ex-dlvldend. •• Ex-rlghts.

3888

New York Stock Record—
Concluded—Page 4

F o r s a le s d u r i n g t h e w e e k o f s to c k s u s u a l l y I n a c t iv e , s e e f o u r t h p a g e p r e c e d i n g .
m a n

a n d

l o w

s a l e

p r ic e

—

p e r

s h a r e

,

n o t

p e r

c e n t

.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A K E
R a n g e s in c e J a n .
1922.
O n b a s is o f 1 0 0 -sh a re lo ts

1

L o w est

H ig h e st

EEK SH ARE
R a n g e f o r p r e v io u s
g e a r 1921
L ow est

H ig h e st

Indus. & MIscell. (Con.) P a r $ p e r s h a r e $ p e r s h a r e S p e r s h a r e S p e r s h a r e
Pacific Mali SS...............
5 11 Jan 18 19 June 3
8 Aug 17*4 Jan
Pacific Oil..........................
42%Nov 23 693
sMay 4 27*2 Mar 50% Dec
Pan-Am Pet < Trans........so
fe
Jan 11
Dec 7
Do Class B............
50 48% Jan 10 109% Dec 8 38% Aug 79% Feb
44
9434
34% Aug 71*4 Jan
Panhandle Prod & Ref .No par
3 Dec 28 12*2 Jan 4
6 Aug 13% Dec
Parish & Bingham____ N o p a r
7%Nov 18 17 Apr 12
9%June 15% Apr
Penn-Seaboard St'l v t c N o p a r
2*8 Dec 28 133sMay 24
6%June 17 Jan
People’s G. L & C (Chic)..100 59^4 Jan 4 99 Sept 15 33% Jan 64% Dec
Philadelphia Co (Pittsb).. 50 31is Jan 4 45%Sept 21
26% Aug 35*2 Jan
Phillip-Jones Corp____ N o p a r
73U Oct 30
3
Apr
Dec
Phillips Petroleum____ N o p a r 28 U ’Jan 11 105% Jan 7 37% June 105% Deo
59*4June
16
34%
Pierce-Arrow M Car__ N o p a r
8 July 24 24% Apr 25
9 4 Aug 42% May
*
Do
pref........................... 100 18%July 24 49 Apr 15
21 Oct 88 Mar
Pierce Oil Corporation___ 25
37S Dec 28 12 Jan 12
5*4 Aug 14% Not
Do pref....................... 100 32 Sept 27 71 Jan 3
Plgg Wlgg Stor Inc "A” N o p a r 39%July 14 59*8 Dec 28 30*2 Aug 78 JaD
Pittsburgh Coal of Pa____100 55 Nov 18 72%Sept 15 52 July 68 Dec
Do pref___________ 100 90'8 Feb 3 100*2 Sept 13 82% Jan 93 Dec
Pond Creek Coal_________10 14U Feb 2 41 Dec 29
12% Mar 16%May
Postum Cereal----------- No par 655s Apr 19 120 Oct 18
8 % preferred............... __100 105*2 Apr 29 112*8 Oct 16
Pressed Steel C ar------------ 100 63 Jan 12 95%Sept 13
48 Aug 96 Jan
Do pref...........................100 91 Feb 16 106 Sept 12
83 June 104 JaD
Producers & Refiners Corp. 50 24*s Jan 10 51 Sept 12
20*8 Oct 34% Dec
Public Service Corp of N J . 100 66 Jan 7 100 Nov 20
54 Jan 70*4 May
Pullman Company...........100 105*2 Jan 6 139*4 Sept 12
89% Aug 114% N ot
Punta Alegre Sugar--------- 50 29*8 July 14 53*4June 9
24*4 Oct 51% Jan
Pure Oil (The)------ ------- . 25 26*2 Nov 27 38% Jan 3
21% Aug 40*8 Deo
8 % preferred............. ...1 0 0
94 July 20 10234 Apr 25
Railway Steel Spring____ 100 94 Jan 10 120*4Sept 13
67 July 99% Dec
Rand Mines Ltd_____ No par 19 % j an 26 36*2Sept 7
19 Apr 26*4 Sept
Ray Consolidated Copper. 10 12*8 Nov 16 19 May 31
11 Mar 16 May
Remington Typewriter vtclOO 24 Jan 6 42 Mar 14
17%June 38% May
1st preferred v t c_____ 100 55 Jan 12 105 Dec 6
47*4 Nov 80 Jan
2d preferred__________ 100 50*2 Feb 23 803 Dec 6
4
17% Nov 75 May
Reploglo Steel_______No par
21 Nov 27 38*2May 18
18 June 39% Jan
Republic Iron & Steel____ 100 43*2 Nov 27 78*2May 29
41%June 73*4 Jan
Do pref...........................100 74 Feb 24 95*2June 2
75*4 Oct 96% Mar
Republic Motor Truck.N o par
1*2 Nov 14
14%
June 2
5 Dec 24% JaD
Reynolds (R J) Tob Cl B .. 25 43 Mar 27 633 Nov 21
4
7% preferred................... 100 111*8 A p ril 11834 Oct 19
Royal Dutch Co (N Y shares).I 47*2 Feb 1 66%May 3
40% Oct 89% May
St Joseph Lead__________ 10 125s Jan 9 20*4Sept 25
10% Aug 14% De®
San Cecilia Sugar v t 0.N o par
l i 2 Jan 10
6*4 Mar 21
1*4 Oct
5*2 Feb
Savago Arms Corp_______ 100 10 Aug 26 24*8 Apr 1
8% Oct 23% Jan
Saxon Motor Car Corp.No par
l*g Feb 23
5* .Iune 2
4
0 Apr
34
2% Oct
Sears, Roebuck * Co____ 100 60% Jan 27 94*8 Aug 14
54*4 Dec 98*4 Jan
Preferred_____________ 100 91 Jan 5 112 Aug 22
85 Nov 104 June
Seneca Copper_______ No par
6 Oct 13 23*4 Jan 3
1234 Mar 25*2 Nor
Shattuck Arizona C opper.. 10
6*2 Nov 2
12 June 2
4% Jan
9% Dec
Shell Transp & Trading__ £2
34*2 Dec 6
48*2May 3 30% Oct 49 May
Sinclair Cons Oil Corp.No par 18*4 Jan 10 3834June 9
16% Aug 28% May
Skelly Oil Co..........................10
8*sNov23 1l 7 Oct 4
s
Sloss-Sheffleld Steel & Iron 100 34*2 Mar 7 54*2May 13
32%June 56 Jan
Do pref_____________ 100 66 Mar 21 80 Aug 29
68*4June 75 N ot
So Porto Rico Sugar_____ 100 33 Nov 17 57*4 Mar 3
28 Oct 103 Jan
Spicer Mfg Co_______ No par
15 Nov 27 24 June 5
Holiday
Preferred__________ ,___100
84
Apr28 93%Sept 15
Standard Milling.................100 8434 Dec27 141 Sept 15
88 Aug 119 Dec
Standard OH of C al______ 25 9184 Jan 10 135 Oct 4
67*4 Juno 98*2 Deo
Standard OH of N J _____ 25 38*2 Dec 28 250*2 Oct 10 124** June 192*4 Deo
Exchange
Do pref non voting___ 100 113% Jan 7 120 Nov 18 105% Jan 114*2 Dec
Closed.
Steel & Tube of Am p ref.. 100 68 M ar 10 90 May 25
66 Sept 85*4 Dec
Sterling Products_____ No par 45'sM ay 4 63*4 Dec 5
Stern Bros pref (8 % )_____ 100 81 Jan 3 109 Deo 15
81 Oct 119 Aug
70 76*8 74 77
74 74
Stewart-Warn Sp Corp.No par 24*2 Jan 5 76*8 Dec26
21 June 37 Jan
67*2 70% 66% 71
65 653.1
Stromberg Carburetor.No par 35*4 Jan 5 70% Dec 26
25% Aug 46 Apr
138 140% 13934 14134 138*4 141*4
Studebaker Corp (The)__ 100 79*8 Jan 5 14134 Dec 27
42*8 Jan 93*4 Apr
*110 116 *114 116 *113 116
Do pref...........................100 100 Feb 17 118*4 Nov
83 Jan 103*4 Dec
6% 7
6*2 6% 6% 7
Submarine Boat______ No par
3*2 Jan 31
8%Nov 23
3 Oct 10% Jan
4*4 4% 4*4 43,,
4
4%
Superior Oil_________ No par
4 Nov 27
334 Aug 13*4 JaD
lOUJuno 7
*29*2 30
29*2 29*2 29 29%
Superior Steel___________ 100 26 Jan
39*2 Apr 7 26 June 48 Jan
1% 1% 1% 1% 1%
Sweets Co of America____ 10
1% Nov 25
5 Mar 14
**4
T em torC * F P, Cl A..N o par
*4 Oct 21
2 Dec 25*4 Jan
5*4 Feb
10*2 10% 16*4 10*4 10% 1034 10;8
>
8% Nov 16 1234May 19
5.200 Tenu Copp & C tr ctfs.N o par
6% Aug 11 Dec
47% 57% 47% 4734 47% 47% 47*2
33,300 Texas Company (The)___ 25 42*4 Jan 10 52% Oct 10 29 Juno 48 Deo
59*4 59% 59*4 61
59% 60*4 59
3,400 Texas Gulf Sulphur--------- 10 38*2 Jan
67*8 Nov 6 z32% Dec 42% Dec
20% 21
20 20% 19% 20*2 197
s
27,000 Texas Pacific Coal & OH.. 10 18*2 Nov 22 323 June 3
4
l.r Aug 36% Jan
.%
56 57*2 55*4 56*2 56 57*8 5634
24,100 Tobacco Pioducts C orp...100 49 I4 N 0 V 17 67 Sept 13
82% 83*2 S2*4 83% 82% 83*2 83
Do Cl A (since July 15) 100 767 Aug 2 89%Sept 13
s
6.200
*104 109 *104 109 *104 109 104*2
Do p re f-........................100 88 M ar 2 110 Sept 12
76*2 June 91 Jan
13% 14
14 14% 13*4 14% 13*4
Transcontinental OH__ No par
7*2 M ar 3 20'sMay 22
6 Aug 13 Apr
*33 35 *33 35
33 33 *31*2
Transuc & Williams S t.N o par 32 Nov 21 45*8 Apr 4
28 June 44*2 Apr
*65 69
67 67
66
6634
.100 55 Mar 25 78 Sept 12 57 Sept 75 JaD
18% 19% *___
par
13*4 Nov 27 25 June 3 15% Aug 25% May
*128 131 129 129% 85% 85% *1-4*2
*84
.10(1 96 Jan 13 13434 Dec 18 87*2 Sept 107 Mar
109*4 109% *108 110 *102 110 109 1
ion 102 Feb 9 113 Sept 8 92 Oct 104 N ot
34 34% 33% 34
'
34 34
34
VOLT
25 Jan 11 41*4May 13 19 June 34 Jan
81 81% 80*4 81
78 79
100 60%Mar 3 85 Oct 5 46 Sept 106 Jan
47*2 47% *465 47*21 47 47
s
5(1 41% Feb 18 51% Oct 5 36% July 47 Feb
*153 155 152 155 | 152 152
100 119*4 Jan 4 162 Oct 18 *95*4 June 207 Jan
.100 14 Nov 10 20% Aug 14
73 7434 713g 73
par
43*2 Feb 28 87*2 Oct 27 46% Aug 62%May
26*4 263 27*4 28*8
4
100 16% Jan 13 39 Aug 29 11*2 Jan 19 May
68< 69
8
69*4 69*2
100 50 Jan 11 78 Aug 29, 38 Aug 57% N ot
Do pref..
7
* 6*2
7
7*8
100
5 Feb 1
8 Aug 14
U S Express.
5%June
7 Jan
4% 4*2
37 4*4
s
100
2*4 Feb 8 10*8 Jan 3
8*2 Sept 27% Jan
20 20 *193S 20
par
1S%Nov 14 257
sMay 27
6712 69*4 67*2 69U
100 37 Jan 6 72% Oct 10 35*4 Nov 74*2 May
98 98*4 9734 98
100 72*2 Dec 29 102 Oct 18 84 July
Do pref.
85 85*2 85
85*2
100 56 Jan 3 92% Oct 10 41% Mar 102 Mar
52l2 53
523S 53*8
100 46 Nov 25 67*2 Apr 17 40*2 Aug 63*2 Dec
79*4
96% 9634 97
97's
100 91 3ept14 107 July 11 74 Aug 103% Apr
Do 1st p
Jan
37 37
37*8 37*8
50 33 Feb 27 48® Oct 4 26 Apr 38% Dec
4
18 Smeltint
*46*4 47*2 *46*2 47*.
.
50 42% Feb 9 49 Aug 16 37 Aug 44% Jan
Do pref.
IO6I 107*8 106*4 106*8
4
100 82 Jan 6 111*2 Oct 16 70%June 80% May
1205s 121 1203 121
8
123 Sept 19 105 June 115 Deo
Do pref____________ 100 114*4 Jan
54* 65*8 6 H 4 65
2
Utah Copper..................... 10 59*2 Nov 22 71%Sept
41% Aug 66*8 Dec
155s 15% 1534 16
15*2
9% Jan 18 23%Sept 20
Utah Securities v t c-------- 100
7 Aug 12% Mar
313 3334 325 34*2
4
8
33*2
Vanadium Corp--------------Nop a r 30*4 Jan 10 5334 Aug 30 25*8 June 41 Jan
*95 98 *95 98
Van Raalte 1st pref--------- 100 92 Jan 17 100 Oct 7 72 Mar 88% Deo
24% 25% 24 24*2 24% 24*2
Virglnia-Carolina Chem— 100 23*4 Nov 23 30% Mar 13 20*4 July 42*2 Jan
64% 64% 62*2 63*2 61% 62% 24% 24*8
60% 60*4
Do pref____________ 100 58 July 28 83 Oct 18 57*4 July 102*4 Jan
54 54 *53% 55 *53% 55
54 54
Virginia Iron, C & C------- 100 43 Mar 27 94*2 Jan 18 59 Aug 95 Jan
*79 85 *80 85 *80 85 *80 85
Preferred____________ 100 66 Mar 13 86 Oct 31
14*2 15*4 15*4 15% 15 15*4 15% 16
*
5% Mar
Vivaudou (V)---------------- N o . p a r 6 8 Jan 6 16 Dec 29
9*4 May
12*2 12% 12*4 12*4 12 12% 12*4 12%
Weber & Ileilbroner...N o p a r 10% Oct 19 17 Apr 24
8 Jan 13% Oct
*2
92 92 *87*2 92
91
91 *90 91
Wells Fargo Express......... 100 66*4 Jan 4 98% Oct 18 49*2 Jan 72 Jan
111% 112% 110% 111 110% 111*4 111 111%
Western Union Telegraph. 100 89 Feb 8 121% Aug 29 78 Aug 94 Apr
111 112% 110 111 109 110 106 107
Westinghouse Air Brake— 50 80 Marl6 111 Dec 27 81*2 Sept 96% Jan
60 60*4 60% 60*4 60% 60% 59*4 5934
Westinghouse Elec & Mfg. 50 49*8 Jan 4 65% Aug 22 38% Aug 62*2 Deo
27 27*2 26% 27*4 27 27% 26% 2634
4
White Eagle Oil.................. Nop a r 5* Oct 25 34 Dec 22
48*4 48% 48 48
47% 48
48 48
White Motor....................... 50 35*8 Jan 6 54 Sept 12 29*4 June 44 May
234 Dec 22 12 May 5
2% 3% 2% 2% 2% 2% 2% 3%
7 July 17% Jan
White Oil Corporation.No p a r
11 11% 11 11
8*2Nov 15 21%May 12
8*2 Nov 18*4 Deo
10 10% 10 1034
Wickwire Spencer Steel... 5
6% 6% 6% 6% 6% 634
4*2 Feb 17 10 May 29
4% Nov 10%May
6% 6%
Wiilys-Overland (The)-----25
42 4234 42 42*4 4134 42*2 4134 42
Do Preferred ( n e w ) -----100 24 Feb 17 49%July 19 23 Aug 42 May
36 37
36*4 37
36 36% 35% 36*2
Wilson & C o , Inc, v t c-No p a r 27*4 Jan 4 50%Sept 15 27% Nov 47 Jan
83 83 *78 S3 *78 83
80 85
Preferred____________ 100 66 Jan 10 90’ Aug 11 65 Oct 89% Feb
216 216 213% 217 216 216 *219 220
Woolworth Co (F W)------ 100 137 Jan 6 223 Nov 20 105 Aug 139*4 Deo
s
31% 33% 31% 31% 30% 31*4 30% 30*2
Worthington P & M v t C..100 267 Nov 28 55%June 2 30*2 Aug 55% May
85
83%
83
Do pref A___________100 83 Mar 31 94 May 4 70*2 Aug 85 Deo
83
67 *
67
663 67
4
Do pref B___________100 63 Nov 27 89 Oct 4 54 Aug 70 Not
68 68
9
6 Jan 27 11 Aug 22
9 1 *8% 8 4 8% 8% 8*2 8*2
*
6 June 9*4 N ot
*2
Wright Aeronautical__No p a r
• Bid and asked prices; no sales on this day. { Less than 100 shares, t Ex-rights a Ex-dividend and rights. * Ex-dividend, e Reduced to basis of $25 par.
* uange since merger (July 15) with United Retail Stores Corp. b Ex-div. of 25% in common stock.




2889

New York Stock E x ch an g e— Bond R ecord , Friday, W eekly and Yearly
i. 1 1909 the Exchange method of quoting bonds was changed and prices a/h now—“and Interest”— exceyt for income and defaulted Ponds.
BONDS
N . Y. STOCK EXCHANGE
Week ending Deo 29

Price
Fridav
Dec 20

Week's
Range or
Last Sale
High

U. S. G overnm ent.
First Liberty Loan—
3M% 011932-1947.................... J D
Conv 4% ol 1932-1947............. J D
Conv 4M% ol 1932-1947......... J D
2d conv 4M% ol 1932-1947... J D
Second Liberty Loan—
4% 011927-1942......................... M N
Conv 4 M% of 1927-1942......... M N
Third Liberty Loan—
4 H% ol 1928............................. M S
Fourth Liberty Loan—
\H % 011933-1938..................... A O
Victory Liberty Loan—
4M% Notes ol 1922-1923......... J D
Treasury 4148 1947-1952_______
2s consol registered________ <11930 Q J
8s consol coupon__________ <11930 Q J
4s registered_______________ 1925 Q F
4s coupon_________________ 1925 Q F
Panama Canal 10-30-yr 2 s..*1936 Q F
Panama Canal 3s gold_____ 1961 Q M
Registered_________ ____ 1961 QM

100.98 Sale
98.78 99.04
93 90 Sale
99 .00 99 70

Range
Since
Jan. 1

98 20 ___ 98.00
98.34 Sale 98 10

98 44
2 96.76 100 80
98.48 4721 9532 101.50

98.92 Sale 98.76

98.98 3890 96 74 101-98

98.64 Sale 98.36

98.86 6346 95.88 10136
100 02 101 00

98.50 100.34
102% 10384

103% 103%
102% 105
102% 105%
92% ’93"%
79 79%

Foreign G overnm ent.
Argentine (Govt) 7s_______ 1927 F A 10038 Sale 100U 100% 50 99 102%
7 77 87%
80%
Argentine Treasury 5s ol 1909.,.. M S 8OI2 Sale 80>8
Belgium 25-yr ext s 1 7Ms g 1945 J D 101% Sale 101>2 102 % 142 98 109%
40 94% 104%
9734 Sale 97%
98
5-year 6 % notes...........Jan 1925 J
20-year s I 8s_____ ______ 1941 F A 100% Sale 100U 101 % 91 98 108%
7 105 112
103
Bergen (Norway) s 18s____ 1945 M N 108% 1,19% 108
1 1 1 % 10 106 115
Berne (City ol) s 1 8s___ I I I 1945 M N 11084 1 1 1 “ 111
93% 165 92 101%
Bolivia (Republic ol) 8s.
1947 M N 92% Sale 92
78 Sale 78
78% 44 74% 90
Bordeaux (City ol) 15-yr 6 s .. 1934 M N
98%' 135 93% 108
Brazil, U S external 8s
1941 J D 98% Sale 98
90%
85
86% 258 79
....................................III1952 J D 85 86
9684 147 84% 9684
97 Sale 96
7M s------ — ....................... 1952 A O
99% 322 96 101%
Canada (Dominion ol) g 5s. .1926 A O 99% Sale 99
91% 118 94*4 101
do
do
do
6 s..1931 A O 99 Sale 98%
4
10-year 5Ms_________
1929 F A 1018g Sale 10 1 % IOI8 126 95% 1033g
237 97% 106%
100
f c —............................... I.II1 9 5 2 M N 9 j % Sale 99
44
Chile (Republic) ext s 1 8s . . . 19411F A 103% Sale 10284 10384 34 100% 106
98% 104%
10 l 34 Sale IOI84
101 %
External 5-year s 1 8s
1926'A O
96% 45 96% 9634
7s........................................1.1942 M N 96% Sale 96%
IO284 Sale IO284 103% 16 100 106%
25-year s 18s.......
1946 M N
51% 27 44 58
Chinese (Hukuang Ry) 6s ol 1911 J D 150% Sale 5j%
Christiania (City) s 1 8s.........1945 A O 106 107% 10 % IO884 41 105% 112 %
71 95 98%
95 Sale 94%
95
Colombia (Republic) 6)48 .1927 A O
88 85% 9584
91
Copenhagen 25-year s i 5 )48. . 1944 J J 908g 90% 908g
5 84% 100
95% 96% 96%
96%
Cuba 5 s ____ _____
1944 IV 8
I
10 77
96
9O84 93
82% Dec'22
Exter debt ol 5s 1914 SerA l 1949 F A
86 %
82% 10 76
External loan 4)48............. 1919 F A 81% 82% su­
86 Sale ss
86 % 92 84% 100s4
Czechoslovak (Repub ol) 8s. 1951 A O
Danish Con Municipal 8s "A” 1946 F A 108% 109 108% IOS84 20 105% 114
1 105 113
108
..1946 F A 108 109 108
Series B_________
Denmark external s 1 8s___ Il945 A O 108% Sale 108% 109% 79 107 112%
95 90% 100 %
98 Sale 9784
99
20-year 6s_________
1942 J J
2 85% 97%
94%
Dominican Rep Cons Adm s 15s’58 F A 94%------ 91%
26 85 93%
85
85
5)4s.......................................1942,1V! S ____ 85
9284
93% 127 91 97
Dutch East Indies ext 6s. 1947 |J
J 93% Sale
93% 171 90% 97%
40-year 6s_________
1962 IV 8 93% Sale 9284
I
. Republic 25-yr ext 8s. 1945 M S 98% Sale 98
4
98% 305 93% 1083
French _
4
9484 389 91 IOI8
20-year external loan 7 Ms. 1941 J D 94% Sale 94%
Great Brit A Ireland (UK of)—
103% Sale 103% 104% 268 96 106%
20-year gold bond 5Ms___ 1937 F
359 9S3 115
4
113% Sam 113
113%
10-year conv 5)4s______ 1929 F
66 68
91%
7584
Greater Prague 7 )4 s.......... I"l942 M N 75 Sale 74%
9634
96% 220 96
Haiti (Republic) 6s . . . _
1952 A O 96% Sale •96
94 | 38 92% 96%
Italy (Kingdom of) Scr A 6)481925 F A 93 93% 9384
93841 41 86% 95%
Japanese Govt—£ loan 4)4s.l925 F A 93% Sale 93
93% 32 86% 9584
Second series 4)4s______ 1925 J J t 9284 Sale 9284
85 72 % 83%
81
8 I 84
Sterling loan 4s___
19 31 1 J j 81% Sale
J
90
78% Sale 78%
79 I 70 74
Lyons (City of) 15-year 6 s .1934 M N
78V 41 74 90
Marseilles (City of) 15-yr 6s. 1934 M N 78% Sale 78
53 I 191| 47% 70%
Mexico—Extern loan £ 5s of 1899 Q J t 51% Sale 5184
37 | 64 34 % 02
Gold debt 4s of 1904
1954 J D l 33 Sale 36
19 89 94%
9184
M ontevideo7s......................... 1962 J D 90%____ 90%
98% 98% 98%
98?g 162 92% 99%
Netherlands s f 6s______
1972 IV S
I
112 I 36 107*4 115
Norway external s f 8s___ IIIl9 4 0 A O 111% Sale 111
99% 138 99 100%
6s ----------1952 A O 99% Sale 99
9 97 105
98%
Porto Alegre (City of) 8s . . . 1961 J D 98 98% 97%
Queensland (State) ext s f 7s. 1941 A O 108 ____ 107% IO 8 8 4 Hi 105% 112%
102% ____ 101%
10.5 I 37, 99 105
25-year 6s.................
1947 F A
5 93% 105%
98%
Rio Grande Do Sul 8s_____ 1946 A O 97 ____ 97%
97 1 20 94 105%
Rio de Janeiro 25-year s f 8s ' 1946 A O 97 Sale 96%
96% Sale 96%
96% 100 938g 104%
8s . . ........................................I 947 A O
98% 12 96 106%
San Paulo (City) s f 8s......... 1952 M 8 98% Sale 97%
9S% 20 93% 106
San Paulo (State) ext s f 8s. 1936 J J 98% Sale 98
98
86% 87
86%
8 /%! 59 81
Seine (France) ext 7s . .
1942 J
70% 134 70 74
Serbs, Croats & Slovenes 8 s ..1962 M N 70 Sale 69%
78%; 22| 76 84%
Solssons (City) 6s . ...........
1936 M N 78 78% 78
Sweden 20-year 6s . ...........
1939 J D 104% Sale 104% 105 I 8 94 107
Swiss Conferer’n 20-yr s f 8s 1940 J J 118% Sale 117% IIS 84' 74 112% 123
76%
Tokyo City 5s loan of 1912..
M S 72% Sale 7 I 84
72% | 12 67
Uruguay Republic ext 8s___ 1946 F A 105 105% 105
105% 11 102% 108%
Burlch (City of) 8 f 8s. ...........1945 A O 112% ____ 112% 112% 21 106 115
S ta te a n d C ity S ecurities.
N Y City—4 Ms Corp sto c k ..1960 M S
4 J s Corporate stock_____ 1964 IV S
4
I
4)48 Corporate stock_____ 1966 A O
4)4s Corporate stock____ 1971 J D
4)4s Corporate stock..July 1967 J J
4)4s Corporate stock_____ 1965 J D
4 )4 s Corporate stock..........1963 M S
4% Corporate s to c k ...__ 1959 M N
4% Corporate stock_____ 1958 M N
4% Corporate stock_____ 1957 M N
4% Corporate stock re g ... 1956 M N
New 4)4s................................1957 M N
I
4)4% Corporate stock___ 1957 IV N
3)4% Corporate stock___ 1954 M N
New York State—4s_______ 1961 M S
Canal Improvement 4a___ 1961 J J
Highway Improv’t 4 )4 s...l9 6 3 M S
Highway Improv’t 4Ms__ 1965 M S

100% 101% IOO84
101
102% IO284 102%
102%
102% I 0284 102
Dec’22
107% IO784 10 .8g Nov’22
107 107% 1068g Dec’22

107 107% 107% 107%
107 107% 107% 107%
99% 100 99% 100
99% 100 100
100
99% 100% 100
100
99% 99% 987 Dec’22
g
106% IO684 106
Oct’22
IO684 106% 106%
106%
90% 91% 90%
90%
IO284 Nov ’ 22
102 June’22
109% Apr’22
104% Apr’22

R ailroad.
64%
64% 64%
1
Ann Arbor 1st g 4s________ 11995 Q J 64
89%
Atch Top A S Fe—Gen g 4S..1995 A O S884 Sale 88 % Dec’22 108
86
88
Registered____________ 1995 A O 87
82%
1
86% 80%
Adjustment gold 4s_____ *1995 Nov 82
8284
4
81%
Stamped___ _________*1995 Nov 81% 82
82%
9
81%
Conv gold 4a____________ 1955 J D
101
1
Conv 4s Issue of 1910_____ I960 J D 100 102% 101
9584
1
v
East Okla Dlv 1st g 4s___ 1928 i i s 94% 9584 9584 Dec’22 __ __
82
Rocky M tn Dlv 1st 4s___ 1965 j j 80%
84% 85% 84% Dec’22 ___
Trans-Con Short L 1st 4 s .. 1958 j j
92
1
Cal-Arlz 1st 4: ref 4 Ms ‘’A’’ 1962 M S 89% 91% 92

98 103%
97% 104
99 105
103% 109%
103% 108%
103 108%
103 112%
93% 100%
9384 101
93% 100%
94 100%

103% 108
103% 108
82 93%
102% IO284
102

102

109% 110
104% 104%

58% 80
85 95%
85% 92%
77% 86
78% 86 %
76 88
91%107%
91% 9784
78 85%
7984 90
80% 94%

Week's
Range or
Last Sale

P r ic e

Fridav

Dec 29

Loo High
93
12 85
14 104% IOS84
' 83% 9 I 84
9S% 1003g
91%
86
86%
77
88% 96 <
94%
91
76% 88%
84
75
74 8784
93
77
94% 102
87 94%
72 8 85
4
94%
86
92 ' 99%
96% 99
90 98
62% 73
98% 103
88% 96%
82% 83%
90% 9o%
99% 100%
61
49
27
115

O
Canada Sou cons gu A 5s___ 1962
D
Canadian North deb s f 7 s
1940
25-year s f deb 6 Ms___ I I 1946
J
Canadian Pac Ry deb 4s stock__
J
Car Clinch A Ohio 1st 3-yr 5s 1938
D
Central of Ga 1st gold 5s__ p l 945
A
Consol gold 5s__________ 1945 M N
10-year temp secur 6s . June" 1929 J D
C hatt Dlv pur money g 4s. 1951 J D
Mac A Nor Dlv 1st g 5s__ 1946 J J
Mid Ga A Atl Dlv 5s_____ 1947 J J
Cent RR A B of Ga coll g 5sll937 IV N
I
Central of N J gen gold 5 s ...1987 J J
Registered___________ 51987 Q J
N Y A Long Br gen g 4 s .. 1941 M S
Ches A Ohio fund A lm pt 5s. .1929 J J
1st consol gold 5s______ 1939 IV N
I
Registered.................
1939 M N
I
General gold 4Ms_______ 1992 IV S
Registered_________
1992 IV s
I
20-year convertible 4M sIIIl930 F A
30-year conv secured 5s__ 1946 A
Big Sandy 1st 4s________ 1944 J
Coal River Ry 1st gu 4 s ...1945 J
Craig Valley 1st g 5s_____ 1940 J
Potts Creek Branch 1st 4s. 1946 J
R A A Div 1st con g 4s___ 1989 J
2 d consol gold 4s ______ 1989 J
Greenbrier Ry 1st gu g 4s 1940 M N
Warm Springs V 1st g 5 s ...1941 M S
Chic A Alton RR ref g 3s___ 1949 A O
Railway 1st Hen 3 Ms
1950 J J
Chic Burl A Q— 111 Dlv 3M sIl949 J J
Illinois Division 4 s____ 1949 J J
Nebraska Extension 4 sIIIIl927 M N
Registered____
1927 M N
General 4s________ II IIII l9 5 8 M S
1st A ref 5s_____
1971 F A
Chic A E 111— .....................
1 st consol gold 6 s_____
1934 A O
C A E 111 RR (new co) gen 5s. 1951 M N
Chicago Great West 1st 4 s .. . 1959 M S
Chic Ind A Loulsv—Ref 6s 1947 J J
Refunding gold 5s_______ 1947 J J
Refunding 4s Series C ___ 1947 J J
General 5s A _____
1966 M N
General 6s B-------------- IIcl966 J
Ind A Louisville 1st gu 4 s .. 1956 J J

Chic R IA P— Railway gen 4s 1988 J
Registered..........................1988 J
Refunding gold 4s_______ 1934 A O
I
R I Ark A Louis 1st 4MS..1934 IV s
Burl C R A Nor 1st 5s___ 1934 A O
I
Choc Okla A Gulf cons 5 s ..1952 IV N
Keok A Des Moines 1st 5s. 1923 A
St Paul A K C Sh L 1st 4Ms 1941 F A
Chic S t P M A O cons 6 s____ 1930 J D
Cons 6 s reduced to 3Ms__ 1930 J D
Debenture 5 s___________ 1930 M S
North Wisconsin 1st 6s___ 1930 J
Superior Short L 1st 5s g__el930 M S
Chic T H A So East 1st 5 s . . . I960 J D
C h lcU nS ta’n 1st gu 4M8 A ..1963 J
1st Ser C 6 Ms (ctfs)........... 1963 J
Chic A West Ind gen g 6 s__ «1932 QM
Consol 50-year 4s________ 1952 J J
15-year s f7 M s __________ 1935 M S
Cln H A D 2d gold 4Ms.........1937 J J
C Find A F t W 1st gu 4s g.1923 M N
D ay A Mich 1st cons 4MS.1931 J J

Since

87%
88 %
106
157
87%
89%
100 Nov’22
91
Oct’22
81
818.t
93
93%|
94% Nov’ 22
78
80
80 Dec '22
79%
81%
83
83%
98% 101 |

Atl Coast Line 1st gold 4 s ..*1952 M S
I
10-year secured 7s_______ 1930 IV N
General unified 4Ms_____ 1964 J D
Ala Mid 1st guar gold 5s__ 1928 M N
J
Bruns A W 1st gu gold 4s. 1938
L A N coll gold 4s______ <jl952 M N
J
Balt & Ohio prior 3 Ms____ 1925
Registered.................
*1925 Q J
1st 50-year gold 4s............. *1948 A O
Registered____ _______*1948 Q J
I
10-year conv 4Ms_______ 1933 IV s
D
Refund A gen 5s Series A 1995
J
Temporary 10-year 6 s.........1929
P June A M Dlv lstg 3 M s.!9 2 5 M N
P L E A W Va Sys ref 4s__ 1941 M N
Southw Dlv 1st gold 3 Ms 1925 J J
Clev Lor A W con 1st g 5s. 1933 A O
Ohio River RR 1st g 5s___ 1936 J D
General gold 5s________ 1937 A O
J
Tol A Cln Dlv 1st ref 4s A .1 1959
Buffalo R A P gen gold 5s___ 1937 M S
Consol 4Ms_____________ 1957 M N
Alleg A West 1 st g 4s g u .IIl9 9 8 A O
Clearf A Mah 1st gu g 5 s .. 1943 J J
Roch A Pitts Con 1st g 6 s ..1922 J D

Chic Ind A Sou 50-year 4 s .. .1956 J
Chic L S A East 1st 4M s___ 1969 J
Ch M A St P gen g 4s Ser A.el989 J
General gold 3 Ms Ser B._«19S9 J
General 4Ms Series C__ el989 J
Gen A ref Series A 4M s...a2014 A
Gen ref conv Ser B 5 s .. a2014 F
Convertible 4Ms________ 1932 J
Permanent 4s___________ 1925 J
25-year debenture 4s__IIIIl934 J
Chic A Mo Rlv Dlv 5s
1926 J
C M A Puget Sd 1st gu 4sIIl949 J
Mllw A Nor 1st ext 4 M s ...1934 J
Cons extended 4 Ms___ 1934 J
Chic A N ’west Ext 4 s ...1886-1926 F
Registered................1886-1926 F
General gold 3Ms............. 1987 M N
Registered___________ pl987 Q F
General 4s______________ 1987 M N
Stamped 4s_____ II IIII l9 8 7 M N
General 5s stam ped___ IIIl9 8 7 M N
Sinking fund 6 s_____ 187SM929 A O
Registered................1879-1929 A O
Sinking fund 5s...........1879-1929 A O
Registered................1879-1929 A O
Sinking fund deb 5s_____ 1933 M N
I
Registered......................... 1933 IV N
10-year secured 7s g . .........1930 J D
I
15-year secured 6 Ms g
1936 IV S
Des Plaines Val 1st gu 4 Ms 1947 M
Frem Elk A Mo V 1 st 6s 1933 A O
Man G B A N W 1st 3MS-. 1941 J
Mllw A S L 1st gu 3Ms___ 1941 J
Mllw L S A West Imp g 5s. 1929 F A
Ashland Dlv 1st g 6 s___ 1925 IV S
I
Mich Div 1st gold 6 s__ 1924 J
Mil Spar A N W 1st gu 4s. .1947 IV s
I
St L Peo A N W 1st gu 5s. . 1948 J

Ranee
Jan. 1

High

Ask Low

Low High

100.56 101 01 2888 94.84 103 02
3 95.70 101.68
98 80 99 20
98 82 91 08 5S2 96 04 10178
96 82 102 0 )
1
99.30 Dec’22

100.3 4Sale 100.32 100.42 1680
99.90 Sale 99.84 100 00 2694
102% Apr’22
103% M ar’22
102% Dec’22
10338 Dec’22
100 July’21
9312___ 93%
93%
92
94
79 Feb ’22

BONDS
N . Y. STOCK EXCHANGE
Week ending Deo 29

78% June '22
I 96% Sept’22
| 95% June’22
91% Nov’22
107 Dec’22
[109 Sept’22
I 91 July’22
9684

9684

86

93

102

l 08% 115
lo7% IH 84
77
85
83 94%
95% 103
89% 101%
94 101%
7484 81%
93
96%
95 95%
88% 97%
103% 110%
105 HO
I 91 91
- I 90% 98
8 i 94% 103%
...I 100 100
35 82% 91

86

IOO 84
101%
100 Dec’22
85%
86
86 Nov’21
88%
89
94
95%

83 . Dec’22
I 88% June’22
79 June’22
81% Dec’22
: 77% Dec’22
69 Apr’21
8 O84 Dec’21
52%
52%
23%
24
81% Dec’22
8 8 8 4 Dec’22
97% Dec'22
90% O of 19
88
100%

8
101%

51
23%
77 %
87
93

67
62
85
93
98

85% 93
96% 102%
102 109%
68

38

48% 64%
l >6
87% 99%
75 »6
79
86%
97 l 023g

101

75

84% 85%
S73 98
4
72 Sale
62
66
7984 85
59 ‘s Sale
66 % Sale
65 Sale
78% Sale
57% Sale
96% Sale
65% Sale
87% 9384'
90% 92 |
95% 98%
95% 96%
75% 77

84%
91%
70%
6O
84
7S84
57%
64%
63
758g
54
96%
6284
90
92
96
94%

79

84%
87
69%
6O
84

87
91%
80
71%
90
69%
80
77
87
69
97%
77

7884

54
62
60

%
%

84
% 923
4

92%
% 98
% 95%
81
% 73%
% 91
% 88
% no

105

103
101%

98%

100
100

98% ;
108% 109 108%
109% 110 109%
91% ------ 93%
IO684 ___ 111
76%____ 70
75 86
66%
9984 ____ 99%

101%

U 104
ig 1 0 0

IOI84

% 100%
110%

115
% 93%
% 111%

100% ____ 101%
100% ____ 100%
87 88% 87%

101% 103

101%

81% 81% 81%
79%____ 80
8284 Sale 82%
80% Sale 80%
99 ___ 98%
9784 ____ 98%
90 91% 91
80% 80% 80%
106% IO684 105%
898g------ 1 92 1
96
96% 96%
1048g------ (118
95% ---------- 951
81 Sale 7984
91
918g 90%
115 Sale 114
105
1105
Sale I 74%
10 2 % IO284 101%
88 % 93
91%
88

’ 91% ” ”

90%

6 ! *7384 *86%

52! 87% 94%
40 m % 1178*
__ i 103 105
34 67% 79
2 99% 102%
— 85
91%
- I — "88%

9S"

»N p e F ay; la b a d ask . a u J . riO e A ril. cD e M gD eJ n ftD e J ly. *D A oD o O pDueNov. »D D
o ric rid
test id n
ed D e an
u p
u ay. u u e.
u u
ue ug. u ct.
ue ec. #O
p«on sale.




2890
BONDS
W. Y . STOCK EXCHANGE
Week ending Dec 29

New York Bond Record—Continued—Page 2
Price
Friday
Dec 29
Bid

Weet'e
Range or
Last Salt

Aik Lots

l l
*§*

Range
Since
Jan. 1

H igi N o. Low

BONDS
N . Y. STOCK EXCHANGE.
Week ending Dec 29

Price
Friday

Dec 29

Range

Since
Jan. 1
Low High

High

Cleve Cln Ch A St L gen 4S..1993
80% 82
80%
80% 17 76% 84%
Illinois Central (Concluded)
20-year deb 4 H a................. 1931
1
92 Sale 92
7 85
92
omaha Dlv 1 st gold 3s___ 1951
6 8 *2 Dec’22
92%
General 5s Series B ......... __1993
R 10 0 %
98 100% 1 0 0 *
1
8 6 % 10 2
St Louis Dlv A Term g 3s. .1951
697 Nov’22
8
Ref A lmpt 6 s Series A___ 1929
25 95 103%
1 101% Sale 10 1*2
10 2
84 Dec’22
Gold 3HB.........................1951
Cairo Dlv 1 st gold 4s......... 1939
i 85% 91
8 6 % Dec’22
79% 92
Spring! Dlv 1st g 3 H s.........1951
78% July’22
Cln W A M Dlv 1st g 4 s ... 1991
i 79% 80% SO Dec’22
76
82%
vVestern Lines 1st g 4a___ 1951
83 Nov’22
St L Dlv 1st coll tr g 4s___ 1990
1
80 Sale 80
1
80
77% 84%
92 Nov’10
Registered......................... 1951
Spr A Col Dlv 1st g 4s.........1940
8 2 % ----85% Aug’22
85% 35%
tiellev A Car 1st 6 s______ 1923
lOOis Oct’22
W W Val Dlv 1st g 4s.........1940
i 8 2 % ___ 81% Nov ’ 2 2 . . . . 81
85%
Carb A Shaw 1 st gold 4s. . . 1932
92l2 Sept’22
2
C I St L A C 1st g 4s____ A1936
87% Sale 87%
87%
83
91%
Chic St L A N O gold 58...1051
9S5s Nov’22
Registered....................... *1936
90% Oct’22 ___ 86*3 90*2
Registered-------------------1951
99 Aug’21
Cln S A Cl cons 1st g 5s__ 1928
98% 100
99 Aug’22
94 99
Gold 3 H 8 -.......................1951
653 Dec’21
4
C C C A I gen cons g 6 s___ 1934
1057s 108*2 105% M ay’22
104 107
JolDt 1st ref 5s Series A . 1963
96
96l2
Ind B A W 1st pref 4s____ 1940
i 8 6 % 8 8 % 90 June'22 __
Memph Dlv 1st g 4s___ 1951
82% Nov’22
90
90
* 74% 75
Peoria A East 1st cons 4s. _ 1940
74%
74%
1
70% 84
St Louis Sou 1 st gu g 4 s ... 1931
8 6 % Oct’22
25% Sale 25%
Income 4s-------------------1990
8
27%
22?« 39*2
Ind 111 A Iowa 1st g 4a_____ 1950
885
s
88 %
96
98
96%
5 90 99
Cleve Sbor Line 1st gu 4H8.1961
96%
[nt A G reat Nor 1st g ext 7s. _1922
96*8 Nov’22
104% 104% 103*4 103% 6 8 100*8 107
Cleve Union Term 5 H a ..........1972
Adjust 6 s............................... 1952
46i.i Sale 46i8
4
92% 92 5 92%
8
9 84% 94
Colorado A South 1st g 4 s ...1929
92%
lames Frank A Clear 1st 4s. .1959
86
87%
8 6 %■ 87
40 81% 92
86%
Refunding A exten 4 H a --.1935
87
Kansas City Sou 1st gold 3a. .1950
68*2 6 8 % 68%
F t W A D enC ls tg 5 H s --1 9 0 l
103% 104% 103% Dec’22 ___ 10 1*3 106*2
Ref A lm pt 5s----------Apr 1950
88
88% 88%
84 Sale 83
84
18 77 8 8 %
Cuba RR 1st 60-year 5s g.._1952
Kansas City Term 1st 43._-.1960
83 Sale 82*8
104 106 104% Dec’22 ___ 100 107%
1st ref 7H a............................1936
Lake Erie A West 1st g 5s___ 1937
94 Sale 94
76%
4 76% 81%
77
77*8
D L A W—M A E 1st gu 3H s 2000
77%
85 8 6 i2
2d gold 5s..........................1941
99% ------ 99%
99%
1
N Y Lack A Western 5s_..1923
98% 103%
N orth Ohio 1st guar g 6S..1946
75*8 85%
91% Dec’22 ___ 97
99% 100
9438 96
Terminal A Improve’t 4s. 1923
Leh Val N Y 1st gu g 4H 8...1940
997
8
905s 97
71*fi------ 74% Nov *22 —
Warren 1st ref gu g 3 H 9 - - - 2 0 0 0
* 90 ____
Registered---------------------- 1940
74% 78
Delaware A Hudson—
Lehigh Val (Pa) cons g 4 s .. . 2003
81% Sale
*77*4 "OO"
6
87% 87% 87%
87%
1st A ref 4s............................1943
90 91%
85 96
General cons 4 Ha...............2003 f
83*3 9 9
97 97% 97
9 89*3 1037s
97%
80-year conv 5s.............
1935
1003 ____
4
Leh 7 Term Ry 1st gu g 5s__. 1941 i
981* 103%
15 99 103%
101
100*2 100*8 1 0 0 %
flH a........................................1937
Registered........................... .1941 *
5 107 113*s
110
109%------ 109
56 fool* 106%
104 ” 105% 1
10-year secured 7s............... 1930
Leh Val RR 10-yr coll 6s..nl928 1
79% 81
80 Dec’22 —
ioo ___ :
Alb A Susq conv 3 H a..........1946
905s 102
Leh Val Coal Co 1st gu g 5 s.. 1933 J
76*s 8 4
109%___
Renss A Saratoga 20-yr 6 s .1941
Registered______________ 1933 J
73% Sale 72
181 72
~86~ m i
75
Den A R Gr—1st cons g 48. .1936
1st lnt reduced to 4s.......... 1933 J
4 76% S4
78
82
85%
____ 78
78
83i« 86
Consolri gold 4 H a_______ 1936
Leh A N Y 1st guar gold 4a. .1945 I
82% 84 82%
7 74*2 85
977 99%
8
951, 100
83%
Improvement gold 5s..........1928
Long laid 1st cons gold 5s__7il931 (
49 Sale 45%
195 42
89U ____
47
52%
1st A refunding 6 s_______ 1956
89U 90
1st consol gold 4s............... Til931 C
2
45% Sale 43%
83% 84*2
40
89*4
77
40*1 46*8
Trust Co ccrtlfs of deposit.. .
General gold 4s---------------- 1938 J
81 ___
83% 85% 83% Dec’22 ___ 80*2 89
81
Rio Gr June 1st gu 5s____ 1939
84U
Gold 4 a ..................................1932 J
793 81
4
1 0 % ----1 0 % Dec’22 ___
Rio Gr Sou 1st gold 4s___ 1940
Unified gold 4s......................1949 5
73U 82
10*2 16*2
87% 90
1 0 % Feb’22
837 98%
8
Guaranteed___________ 1940
Debenture gold 5s_______ 1934 J
10*8 lu ‘a
83
84
10
75
77% 75%
78
73% 86%
Rio Gr West 1st gold 4s___1939
20-year p m deb 5s. ............ 1937 6
75«4 87*4
80 80*2
845s
72
65 65% 65
65% 18 62*8 1 1
Mtge A coll tru st 4s A .. 1949
Guar refunding gold 4s___ 1949 6
955a____
951, 901*
75% 80
/O Sept'2 2
N Y B A M B 1st con g 5s. 1935 A
Det A Mack— 1st lien g 4 s ...1995
74
18
96 ___
96 99U
63
78 70% Oct’22
67
70*8
Gold 4s..................................1995
N Y A R B 1st gold 5s___ 1927 »
93
94l2
8912 96
90 Sale 89
13 82 93
90
OetRlv T u n 4 H a ....................1961
Nor Sh B 1st con g gu 5s. _al932 C
92ls 94
78 98i2
X>ul Mlssabe A Nor gen 6 s...1941
98%------ 99% Dec’22 ___ 953s 100
Louisiana A Ark 1st g 5s____ 1927 ^
------ 77l8
72l8 78
99*s 100 1 0 0 % Dec’99 ___ 95% 102%
Oul A Iron Range 1st 5s____ 1937
Louisiana A N W 5s----------- 1935 A
____98% 105% M ar’08
Registered......................... 1937
Louisville A Nashville—
79 Dec’22 ___ 77*s 81
101 Nov’22 •
75
80
98% 102%
Gold 5s..................................1937 1
V
Dul Sou Shore A Atl g 5s___ 1937
90%
90%
87% 95
99% 09% 99% Dec’22
95 100%
Elgin Joliet A East 1st g 58..1941
Unified gold 4s......................1940 J
90% June’22
103% Sale 103% 103% 46 100*8 I 08
8 8 I.1 90%
Erie 1st consold gold 7 s e x t.. 1930
Registered____________ 1940 J
9 8 is___ 101 Dec'22
88
----- 87 July’22 ___ 80*s 81
95% 99%
N Y A Erie 1st ext g 4s___ 1947
Collateral trust gold 5a___ 1931 &
108 109 108% luS%
99 ------ 99% Dec’22 ___ 96*1 " * 8
1045a 110
8 rd ext gold 4H 8------------ 1943
10-year secured 7s. _
1930 IV
io4%
91% Nov’22 ___ 90% 95%
104 1043s 104
4th ext gold 5s.................... 1930
101 107%
1st ref 5 H s...............................2003A
91% ------ 94*4 Nov'lfi __ _
97>8 97*4 98 Nov’22
ttb ext gold 4s---------------1928
96% 98%
L Cln A Lex gold 4H s..........1931 *
103% Dec’22 ___ 102*8 103*2
1011 101% 105% July'22
4
* Y L E A W 1st 7s e x t... 1930
102% 105%
N O A M 1st gold 6 s ___ 1930 J
55% Sale o 4%
55% 99 63% 71
rtrle 1st cons g 4b prior___ 1996
99*4 - - - 101 , Dec'22
98% 101
2d gold 6 s.............................1930J
57 M ar ’ 22
86
July’22
Registered..........................1996
83is 88
80 91%
57
57
Paducah A Mem Dlv 4h___1946 f
601* 6i7, 61% Dec’22
209 39*. 58
43% Sale 43
44
1st consol gen lien g 4 s ..1996
58 67%
St Louis Dlv 2d gold 3s__ 1980 M
51 Aug '2 2
Registered..................... 1996
86%
85U 86% 85
51
51
79% 88
At Knoxv A Cln Dlv 4s__ 1955 M
82
88
81% Dec’22 ___ 7 9
Penn coll trust gold 4 s ..1951
91
9812____ 99% M ay’22
98% 99%
Atl Knox A Nor 1st g 5s__ 1946 J
42% 42% 42
42% 83 34% 57
60-year conv 4s Ser A . . . 1953
104 July’22 • ■ 103 104
—
Hender Bdge 1st a f g 6 s__ 1931 ^
42% 45
42%
57 32 65
42%
do Series B ....................1953
Dec’22
_833 : : : : 84
8
795a 86
Kentucky Central gold 4s. _ 1987 J
144
42% Sale 42
43
Gen conv 4s Series D ___ 1953
983 99
4
98% 99
93 100
I.ex A East 1st 50-yr 5s gu.1965 A
94 94% 95 Dec’22 ___ SO 1 D
Chic A Erie 1st gold 5s___ 1982
961? 99
98% Dec’22
92% 99%
O
L A N A M A M lfltg4H8-1945 N
93% ------ 92% Dec’22 ___ 90% 92%
Cleve A Mahon Vail g 5 s ..1938
79l2 80 80% Dec’22
74 8 6 %
L A N South Joint M 4s___ 1952 J
87% Sale 87%
89% 10 8 8 % 98%
Erie A Jersey 1st s f 6 s___ 1955
95 Feb’05
Registered.......................*1952 Q
87% Sale 87%
5 7 9 % 97%
87%
Genessce River l s t s f f i s . . . 1957
'9934 ioo% 97% Nov’22
97% 101%
N Fla A 8 1st gu g 5s_____ 1937 F
103% 110 1 0 8 % Nov’ 2 2 ___ 108% ioo
Long Dock consol g 6 s___ 1935
887 ___ 93% Aug'22
8
89 93%
N A C Bdge gen gu 4H 8...1945 J
9 3% ----- 92% Dec’22 ___ 92% 92%
Dock A lm p t 1st ext 5s___ 1943
101 103 101 Dec’22 96 102%
S A N Ala cons gu g 5s___ 1936 F
84 ------ 8 6 % Nov’22
i
BU B U ----- A -X
O
D 'J.lfl
86
38
9514 9914 98% Dec’22 95% 100%
Gen cons guar 50-yr 5 s.. 1963 A
53
58% 63% Dec’22
N YSuaq A W 1st ref 5 s ...l9 3 7 |j
54 72
81
83
82% Dec ’2 2 77
85
Lou A Jeff Bdge Co gu g 4 s .. 1945 M
45 48
48% Dec’22 ___ 4 7
2d gold 4 H a.................... 1937; F A
56
97 97l2 9 7 % Dec'22
90% 99
Manitoba Colonization 5s__ 1934 J D
45
46
48 Nov ’ 22
General gold 5s.................1940 F
67
38% 00
59
70
Manila RR (Southern Lines). 1939 M N 67 69*2 67
84
90 84%
4 8312 <J0
84%
Terminal 1st gold 5s___ 1943 M
77 M ar’10 Mex Internal 1st cons g 4 s ... 1977
___ 94
96 Nov ’ 2 2
Mid of N J 1st ext 5s_____ 1940 A
93
95
104 J«*oe'22 Minn A St Louis 1st 7s_____ 1927
59
61% 57 Dec’22 ___ 53
Wllk A E ast 1st gu g 5s___ 1942 J
75 Dec ’ 2 2 73
1st consol gold 5s................. 1934
88
Evans A T H 1st gen g 5s__ 1942 A
35
38 I
—
1st A refunding gold 4s___ 1949
69%
36 Dec'22 M t Vernon 1st gold 6 s ___ 1923 A
Ref A ext 50-yr 5s Ser A__ 1962
69% *pr ’ 21 ___
43%
4358
Sul Co Branch 1st g 5s___ 1930 A
Des M A F t D 1st gu 4s__ 1935
87*2 88*8 8 8 % Dec'22 ___ 80*2 9 i l 2
71
71 I
Florida E Coast 1st 4 H a___ 1959 J
Iowa Central 1st gold 5s_ 1938
_
77% ----- 6 6
Apr’21 ____
37
37%
Fort St U D Co 1st g 4H 8...1941 J
Refunding gold 4s_____ 1951
83% 8 6
83% Nov’22
88
88%
F t Worth A Rio Gr 1st g 4s__1928 J
78 8 6 %
St P A 8 S M con g 4s lnt gul938
1
85% 8 6 % 85%
85%
99%
99%
83 9 0
Galv Hous A Hend 1st 5s___ 1933 A
M ist cons 5s.....................
1938
70 108*?. U 5
104
105%
113
Grand Trunk of Can deb 7s__1940 A O 1 1 :4% Sale 1 1 2
10-year coll trust 6 H s..........1931
104 Sale 103% 104% 80 1 0 0 ios
92% Dec’22 15-year s f 6 s------------------1936 M
1st Chicago Term s f 4s___ 1941
1 1 0 * 1 Hale 1 1 0 %
97% Dec’22 1 1 0 % 141 107*8 H 3s4
98
Great Nor Gen 7s ser A------ 1936 J
M S S M A A 1st g 4s lnt gu.1926
90% Sale 90
90% 42 88
8 8 % Nov’22 90
88%
Mississippi Central 1st 5s___ 1949
1st A ref 4 Ha Series A-----1961 J
82% Oct’21 ___
79%
79%
85%
J
Mo Kan A Tex—1st gold 4S..1990
Registered------------------- 1961
80 96*2 1° 8
102% Sale 1 0 2
6 8 % Auu’2 2 10 2 %
68%
2d gold 4s_____________ (71990
6 i , s ....................................... 1952 J
91% 95% 93 Nov’22 ___ 90% 94%
70%
69l2 ____ 69%
775,
Trust Co certlfs of deposit...
S t Paul M A Man 4s...........1933 J
90 Nov ’2 2 90
105*5 H I
1st A refunding 4s........._,__2004
1st consol g 6 s------------- 1933 J J 108 1 U 107*4 Dec’ 22 —
99 Hept’ 20
~87i2 1 i n
85% Nov’22 Trust Co certlfs of deposit.
92
Registered---------------- 1933 J J 107 n o
1
64% June'22 98%
93*4 i*>0l4
Gen sinking fund 4 Ha____ 1936
64%
Reduced to gold 4H 8-.-1933 J J 98 98% 98%
” g9 i2 m i 6 8 %
68%
96*2 9S 97 Aug’ 22 . . . . 95 07
77
Trust Co certlfs of deposit__
Registered......................1933 J J
791 ___ 83
2
Oct’22
02*2
5% secured notes "ext"
93
M ont ext 1st gold 4a-----1937 J D 90% ------ 90% Dec’22 . . . . 88
80 M ar ’ 21
93 ____ 83% Dec ’22 .
M K A Okla 1st guar 5a.. 1942
94%
Registered---------------- 1937 J D
85 Dec’22 . . . . 85 8 5
35U ------ 42 Aug’22
Sher Sh A So l 9t gu g 5 s ... 1942
42
Pacific ext guar 4s...........1940 J J 84% -----33
90*2 89 Nov’22 ___ 8 8
3 3 % Dce'22 .
s934
Texas A Okla 1st gu g 6 s. .1943
36%
E Minn Nor Dlv 1st g 4S..1948 A O 89
83 U Sale’ 82% 84
88%
M ont C 1st gu g 6 a............. 1937 J J 114 ------ 113*4 Nov’22 . . . . 109*8 lW ‘a Mo K A T Ry—Pr 15s Ser A .. 1902
G83s Sale 68
68%
40-year 4s Series B _______ 1962
75
Registered.........................1937 J J
96*2 Sale 96%
96%
1 0 -year 6 a Series C ............... 1932
99%
1st guar gold 5a------------1937 J J 1 0 1 102*2 103 Sept’22 ___ 9 9 103
101 103 100% Nov’22
99*a 102*4
60% Sale 59%
60%
Cum adjust 5s Series A___ 1967
Will A S F 1st gold 5s_..1938 J D
70% Apr’22 . . . . 67*2 70*2 Missouri Pacific (reorg Co) —
70
Green Bay A W Deb ctfs “A "----- Feb 60
1
12
8 6 % Sale
6*2 '7*8
86%
87
1st A refunding 5a Ser A .. . 1965
Feb 1 1* 8 12*2 1 2
84 93%
Debenture ctfs "B ” — ..
1
82%
72 8 6 %
96i2 Sale 96% 9 7
1st A refunding 5s Ser C ...1926
95% 100
Gulf A S I 1st ref A t g 5s. .61952 J J 82% ----- 82
85% 2 1 81*2 9 0
98 Sale 98
98%
85*2 Sale 84%
6 s. Series D ___________ 1949
98 103%
J
Hocking Val 1st cons g 4 H B - 1999
61 Sale 0 1 %
73% June’18
62%
General 4s............................. 1975
59% 69%
J
Registered---------------------- 1999
831* Nov’22
78
Missouri Pacific—
88
O 82
Col A H V 1st ext g 4s.........1948
78>» 83
82
3d 7s extended a t 4% ............. 1938 MN 82 . . .
81% Nov ’ 2 2 .
76% 85%
A 81% 8534 82
C olA T ol 1 st ext 4s............. 1955
70%
70%
89*4 08
Cent B r U P 1st g 4s_____ 1948 J D 705s 74
91*2 92i2 91 DOC’22
70% 775a
J
Houston Belt A Term 1st 5s. 1937
75 8 8 *|
8434
865s 89U 8 6
Pac RR of Mo 1st ext g 4s. 1938
N ov‘22 .
83 89
A 84% Sale 84l4
Hud A M anbat 5s ser A-------1957
94
96
98
98
47*2
2d extended gold 5s..........1938
Gl
)78
61%
92 100
Adjust Income 5s------------- 1957 A O 60i2 61*2 9638 Nov’22
82 06*4
98% Sale 98
98%
St L Ir M A S gen con g 5s. 1931
94% 99%
N Y A Jersey 1st 6 s...........1932 F A 95% 98
102 July’14Gen con stamp gu g 6 a .. 1931
83*8 90
93*2----- 96 Sept’22
Illinois Central 1 st gold 4s— 1951 J
~87 " Sale" 8 6 %
87%
Unified A ref gold 4s____1929
831* 8 ept ’ 2 1
78% "92%
Registered______________ 1951 J
2
84U Sale 84
84%
Riv A G Dlv 1st g 4s___ 1933
Wa &h
75% 88%
80l2
82% 8 6 % 80i2
1 st gold 3HB____________ l y51 J
80
95% 98i2 98 Sept’22 Verdi V I A W 1st g 5a____1926
80
80
Oct'22
90% 98
Registered____________ 1951 J
103i2 104 103% Dec ’ 2 2 Mobile A Ohio new gold 6 s . . _1927
100% 106
Extended 1st gold 3 H s-----1951 A O 78% ____ 8012 Oct’21
100l2 101 1 0 1
Nov’22 1st ext gold 6 s................... *1927
97% 103
82
Registered------------------- 1951 A O 78
74% ------ 74% Nov’22 General gold 4s.............
1938
67% 78%
1st gold 3s sterling................1951 M S 60% 65% 80 July'09
92% 98 92% Nov’22 .
Montgomery Dlv 1st g 5S..1947
80% 97
80*2 9 0
8412
Collateral trust gold 4s-----1952 M S 84% Sale 84l2
94% 95
94% Dec’22 St Louis Dlv 5a_________ 1927
87% 96%
95% Sept’19
Registered____ ________1962 A O
88
90
88%
88%
St L A Cairo guar g 4s____1931
81 93
82*8 9 ‘ 2
87H
8712
1st refunding 4s....................1955 M N 87% 88
99% 100% 100 Dec’22 L
97 103%
81
80
Purchased lines 3H a___ .-1962 J J SO 81
7 5 843, Nashv C hatt A St1st 1st6 5 s ...1928
0 8 IL
10 0 % July ’ 22 .
78*8
Jasper Branch
g s___ 1923
100 100%
Sale 81
8U2
L N O A Texas gold 4s___ 1953 M N 81%
" 3 2 * 25 Dec *22 .
82 82
N at Rys of Mex pr lien 4 HB- - 1957
21% 45
82 Aug’22
Registered____ ________ 1953 M N
29% Feb’22 .
98*4 103*8
Guaranteed general 4s____ 1977
29% 33
10312
15-year secured 5H 8............1934 J J
3 4 % Dec’22 _
09*4 113
Nat of Mex prior lien 4H a___1926
28 34%
109*2 110*4 109*2 1 1 2
15-year secured 6 Ha g___ 1936
2 2 % Dec’2 2 ,.
1st consol 4s____________ 1951
21% 33%
81*4 9 9
82% 85 I 86 Nov’22
Cairo Bridge gold 4s...........1950
81
81%
81 % 82
63*. 74*8 N O A N E 1st ref A Imp 4H8 A ’52
79 86%
73
73 Dec’22
Litchfield Dlv 1st gold 3 a .. 1951
71
76%'
7314 81*8
76% 76% 76%
New Orleans Term 1st 4s___ 1953
70% 81%
76% 79% 77 Dec *22
Loulav Dlv A Term g 3H8-1953

•N p e F ay; la b a d a k dth w , a D e J . 6 D e F
o ric rid
test id n a e is eek
u an
u eb.




c D e June,
u

f D e Ju a D e S t,
t u ly,
u ep

o Due Oct. »O tion sale.
p

2891

New York Bond Record—Continued—Page 3
BONDS
If. Y. STOCK EXCHANGE
Week ending Dec 29

P rut
Friday
Dec 29
Bi4

iF««*’*

Range or
Latt Salt
Lou

Rang*
Since
Jan. 1

BONDS
N . Y. STOCK EXCHANGE
Week ending Dec 29

Si
“ ft.

High No Lou High

N O Texas & Mexico 1st 63. . 1925 D 100% 100*4 100% 100% 10i 95% 101%
14 62 80%
78
79
O 7812 79
Non-cum Income 5s A___ 1935
104% 201 98 108%
I
Y Cent RR conv deb 6s__ 1935 IV N 104l2 Sale 104
81% 82
82%
82% 20 78% 86%
Consol 4s Scries A_______ 1998
87lg 88% 87%.
87% 69| 85% 92
Ret & lmpt 4Ma “A” ------ 2013
97*4 Sale 97%
97% 509 93% 99%
Ref & lmpt 5s.......................2013
N Y Central & Hudson River—
12 74% 83%
77
Mortgage 3 Ms---------------- 1997
J 76*4 Sale 76%
2 74% 77%
78
78
Registered____________ 1997
J
12 84
93
91%
___
91% 91%
Debenture gold 4s_______ 1934 M N 91
66% 89%
89% Nov’22
Registered..................... 1934 M N
83
91%
39-year debenture 4s_____ 1942 J J 87% 89% 88 Dec '22
74
69% 7934
74 Sale 73%
Lake Shore coll gold 3MS--1998 F
70% 7478
70% Nov’22
71% 72
Registered....................._.1998 F
77
78
71% 81^4
78% 75
Mich Cent coll gold 3Ms—1998 F
78
78
78
79
Registered------------------ 199S F
60 Jul.v'22
60%
Battle Cr & Stur 1st gu 3 s .. 1998 J
84S4 91%
86% 91% 80%
89%
Beech Creek 1st gu g 4s__ 1936 J
76% July'21
Registered____________ 1936 J
134 M ay'16
94%
2d guar gold 5s..................1936 J
60 60
60 July’22
76
Beech Cr Ext 1st g 3MS--51951 \
80% 82% 81%
81% 90
81%
C art & Ad 1st gu g 4s____ 1981 J
95%
Ka A A G R 1st gu g 5s__ 1935 J
‘ 74 81%
77% 78 ”77%
77%
Lake Shore gold 3Ms......... 1997 J
71% 8034
80
71% Dec’22
Registered......................... 1997 J
94%
80% 96
Debenture gold 4s_____ 1928 M S 94% 94% 94%
88% 9534
92%
92% 92
25-year gold 4s________ 1931 M N 92
85% July’21
Registered__________ 1931 M N
82% 85%
85% Nov’22
Moh A Mai 1st gu g 4s___ 1991 M S 86
96 102%
99%
Mahon C’l RR 1st 5s..........1934 J J 98% 102% 99%
100 100
Michigan Central 5s_____ 1931 M S 98% ___ 100 Oct’22
. 38 % Nov’18
Registered____________ 1931 Q M
82% 90%
90% Oct’22
4s........................................ 1940 J J 87%
74% Sept'20
Registered.................... 1940 J J
82 66% M ar’20
J L A S 1st gold 3Ms___ 1951 M S 79
76% 81%
81%
81%
82
1st gold 3 K s................ .. 1 9 5 2 M N 81
86% 94
91%
20-year debenture 4s___ 1929 A O 90% 91% 91%
82% _ _ . 70% Apr’21
N J June RR guar 1st 4 s .. . 1986 F A
78% 81
so Nov’22
N Y & Harlem g3M s_____ 2000 in n 77%
99 99
99
Oct’22
N Y A Northern 1st g 5s. .1927 A O 99%
7 7 % 86 %
82% 85% 85 Dec ’22
N Y A Pu 1st cons gu g 43.1998 A O
78 85%
Rutland 1st con g 4Ma____1941 J J 8u% 86% 85% Sept'22 10 66
75%
69%
Og A L Cham 1st gu 4s g . 1948 J J 69% 70% 69%
07% 73%
72 Dec’22
69
75
Rut-Canada lstg u g 43.1949 J J
96
89% 96
Bt Lawr A Adir 1st g 5 s .. . 1996 J J 92% 95*8 103 Sept’22
Nov’16
96%
2d gold 6s.........................1996 A o 94%
99 Nov’22
'97 ’ 99
Pitts A L Erie 2d g 5s___ al928 A o
105 110*4
105 Dec ’22
Pitts McK A Y 1st gu 6 s .. 1932 J J 10 1%
95% June’20
99%
2d guaranteed 6s______ 1934
J
78% 87
82%
West Shore 1st 4s guar___ 2361
J 81** 82% 81%
80
76% 84
80
Registered____________2361 J J 79% 80
99% Feb'19
N Y C Lines eq tr 5s__ 1920-22 M N
67*2 June'20
Equip trust 4 Ms. . .1920-1925 J J 88%
89%
82*4 92
89% 88%
If Y Chic A St L 1st g 4s___ 1937 A O
86%
80% 91*4
86%
Registered______________1937 A O 86%
80 89%
86%
86% 86%
Debenture 4s___________ 1931 M N 88
81% 94
89
88% 88%
If Y Connect 1st gu 4 Ms A .. 1953 F A
R Y N H A Hartford—
63%
45
57 59% Nov’22
Non-conv deben 4s______ 1947 IV S 51
I
56
47
47
44
52
Non-conv deben 3 Ms____ 1947 M S 44
47 Dec'22
38% 55%
50
Non-conv deben 3Ms____ 1954 A O 44
49
50
40% 60
50
Non-conv deben 4s______ 1955 J J 49
50
49
51% 49
41 60
Non-conv deben 4s______ 1956 in n
44
48% 45% Dec’22
37% 54%
Conv debenture 3 Ms_____1956 j
85%
70%'
70 Sale 67%
57
Conv debenture 6 s ........... 1948 j
54 Nov’22
54
50
Cons Ry non-conv 4s____ 1930 F A 50
50 51% 60 July’18!
Non-conv deben 4s____ 1955 J J 50
50
52 49
38% ■56%
Non-conv deben 4s..........1956 J J
40%
57
41 1 10 31
4% debentures__________ 1957 M N 39% 42
78
78%
71 82%
Harlem R-Pr Ches 1st 4S..1954 M N 56% 8,1% 75 Dec ’22
76
Oct’22
80
O1 59
B A N Y Air Line 1st 4s. . . 1955 F A
12 51% 68%
59
60
63
Cent New Eng 1st gu 4s__1961 J J 50
80 Dec’21
83%
Housatonlc Ry cons g 5 s .. 1937 M N 68% 96 87 July’14
Naugatuck RR 1st 4s____ 1954 IV N 70
I
85% 83 Auk’13
N Y Prov A Boston 4s___1942 A O
’3 3 ’ 59%
49
N Y W'ches A B 1st Ser 1 4 Vis'46 J J 48% Sale 46%
85% 95
933 July’22
4
93% 93*4
New England cons 5s____ 1945 J J
74
70 Sept’17
Consol 4s_____________ 1945 J J 35% 75
62 Sept’22
26 56
52
Providence Secur deb 4 s ...1967 nn N 75
88% Feb’18
Providence Term 1st 4s__ 1956 IV S 62%
I
65 M ay’22
60 65
W A Con East 1st 4 H s___ 1943 J J
31 67 79
68%
70
69
If Y O A W ref 1st g 4s___ {1992 M S 68
59% Nov’20
Registered $5,000 only___{1992 M S 64%
65% 15 ~65 " 70%
65% 65
General4s__ _____
1955 J D
63
17, 50 71
Norfolk Sou 1st A ref A 5s__ 1961 F A 62% G278 62%
89%
90%
| 79% 95
Norfolk A Sou 1st gold 5s___ 1941 IWN 108% 94 10S% Dec’22 ---- 1 104 109%
108% 10
Norf A West gen gold 6s___ 1931 IV N 108%
I
107 Nov’22 ---- 1107 - 109%
Improvement A extg_____ 1934 F A 109
10 104% 109
109
New River 1st gold______ 1932 A O 91% Sale 109
91%
N A W Ry 1st cons g 4s__ 1996 A O 81 Sale 90% Oct’20 38( 847g 94%
74
Registered.^__________ 1996 A O 86% 92
83% 91%
88
91%
D lv’l 1st Hen A gen g 4s. 1944 J J 102
92% 106
10-25 year conv 4M8___ 1938 M S 111% 113 100% July '22
103% 124%
113
113%
10-year conv 6s_______ 1029 M S 87%
84 89%
87% Dec’22
88
Focah C A C Joint 4 s . . . 1941 J D
83% 91%
87 Dec '22
Bclo V A N E 1st gu g 4 s .. 1989 M N 87% —
Northern Pacific prior lien rail­
84 91%
86%
85% Sale 85%
way A land grant g 4s____ 1997 Q J
84 89
84 Dec’22
Registered____________ 1997 Q J
62
60 65
General lien gold 3s_____ o2047 Q F 61% Sale 61
58 62
59%
59%
Registered....................... o2047 Q F
105% 110%
Ref A lmpt 6s ser B . . ......... 2047 J J 108% Sale 108% 109
86 93
90
89% 90 90
Ref & Imp 4Ms SerA____ 2047 J J
96% 100%
95%
5s....................................... 2047 J J 99% 100% 99%
84% M ay’22
79 % 841*
8t Paul-Duluth Dlv g 4 s ..1996 J D 84% —
103% 109
103% July’22
N P-Gt Nor Joint 6 Ms___ 1936 J J
100 Dec’22
100 10 1
Bt P A N P gen gold 6s___ 1923 F A 100 —
100 Dec’22
100 100
Registered certificates.. 1923 Q A
99% 100
100 June’22
Bt Paul A Duluth 1st 5s__ 1931 Q F 98%
82% 86
84% Dec’22
1st consol gold 4s______ 1968 J D 84%
82 85%
Wash Cent 1st gold 4s___ 1948 Q IV 77% 90 .84 M ay’22
I
107 108%
108% June’22
109%
Nor Pac Term Co 1st g 6s__ 1933 J J
77
88%
81%
81% Sale 81%
Oregon-Wash 1st A ref 4s___ 1961 J J
75 83%
74
79 Nov’22
83
Pacific Coast Co 1st g 5s___ 1946 J D
91% Nov’22
90 93
91% 92
Paducah A Ills 1st s f 4 ^ s . . .1955 j j
71%
72% 394 66% 85
Parls-Lyons-Med RR 6s____ 1958 F A 71% Sale 9934
lj 96% 99*4
0934
99% Sale
Pennsylvania RR 1st g 4s__ 1923 IV N
I
'22
87% 95
Consol gold 4s........................1943 M N 92% __ 95 Dec91%
86% 93%
91% 90%
"io
Consolgold4s___________ 1948 IV N 87
I
97% 17 92% *103
96% 97% 97%
Consol4 Ms........................... I960 F A 92 Sale 91%
84 89 95
92
G eneral4M s____________ 1965 J D, lu l
66 93% 103%
101%
101%
General 5s______________ 1968 J D 110% Salej 101
42 105% 113%
110%
110%
10-year secured 7s_______ 1930 A O 110%
74 103% 112%
111
16-year secured 6 Ms_____ 1936 F A 83% Sale 110 Dec’22
91
86 94
84
Alleg Val gen guar g 4s___ 1942 IV 8
I
87 M ay’22
91% —
87 87
D R RR A Bdgelst gu 4s g.1936 F A
Pennsylvania Co—
81% . __ 84% Nov’22
81% 84%
Guar 3Ms coll trust reg A .1937 M S 80% . . 82% Oct'22
72% 85
Guar 3 Ms coll trust Ser B.1941 F A
75% 83
81% " . . S3 July’22
Guar 3Ms trust ctfs C ___ 1942 J D
83% Nov’72
82 84%
81 82
Guar 3 M8 trust ctfs D ___ 1944 J D
92 Nov’22
84% 93%
Guar 15-25-year gold 4s . . . 1931 A O 92 93
80 90%
87% 86 Dec’22
40-year guar 4s ctfs Ser E . . 1952 M N
85% _ _ 86% M ay’22
80% 86%
_
Cln Leb A Nor gu 4s g _ 1942.M N

Price
Friday
Dec 29

Ask Lou

Bid
Pennsylvania Co (Concluded)
Cl A M ar 1st gu g 4 Ms____1936 ft! N
Cl A P gen gu 4 Ms Ser A .. 1942
Series B ______________ 1942
In t reduced to 3Ms_ 1942
_
1
Series C 3Ms_________ 1948 1 f fj
Series D 3 Ms................... 1950 r a
Erie A Pitts gu g 3Ms B ...1 9 4 0 j j
Series C ______________ 1940
Gr R A I ex 1st gu g 4MS..1941 j j
Pitts Y A Ash 1st cons 58..1927 M N
Tol W V A O gu 4Ms A . . . 1931 j j
Series B 4Ms_________ 1933 J J
Series C 4s___________ 1942 M S
P C C A St L gu 4Ms A ...1940 A O
Series B 4Ms guar_____ 1942 A O
Series C 4Ms guar_____ 1942 M N
Series D 4s guar_______ 1945 M N
Series E 3 Ms guar gold. . 1949 IF A
Series F guar 4s gold___ 1953 J D
Series G 4s guar_______ 1957 M N
Series 1 cons guar 4MS..1963 F A
General 5s Series A____ 1970 J D
C St L A P 1st cons g 5s__ 1932 A O
Phila Balt A W 1st g 4 s .. . 1943 M N
D N J RR A Can gen 4s__ 1944
Pere M arquette 1st Ser A 5 s .. 1956 J J
1st Series B 4s__________ 1956
Philippine Ry 1st 30-yr s f 4s 1937 J J
Pitts Sh A L E 1st g 5s_____ 1940 A O
1st consol gold 5 s ........... 1943
Reading Co gen gold 4s_____ 1997
Registered.____ _________ 1997
Jersey Central coll g 4s. . 1951
St Jos A Grand Iel 1st g 4 s .. . 1947 j j
St Louis A San Fran (reorg Co)
.T J
J J

St L A S F RR cons g 4 s..

Trust co ctfs of deposlt.
Tor Ham A Buff let g 4 s ...

D
J
J
O
O
A
S
S
J
J
J
J
J
J

j

Kan A M 1st gu g 4s.

Dec’22
Nov’21
Dec’16
Feb* 12
Dec* 12
Jan’21
84%

95

95

1 84

87

1
93%
93%
98 June’22 ___
95% Nov’22 ___
93% Dec’22 —
86% Nov’22 —
97*4 Dec’22 —
93% Nov’22 —
95 Nov’22 ---88% Dec’22 —
91 Aug’22 ___
87% Nov’22 - --87% Nov’22 —
93% Dec’22 —
4j
98%
98%
100 M ay’22 ___
ii
89*4
88% ____ 88%

90% 94
99 ___
94% 96%
93% 98%
85%____
94%-----94% 96%
94% ____
89% ___
86%-----89%-----89%___
93%-----98 98%

86
98
92%
93%
867g
88%
88%
89%
84%
89%
84
85
89%
90
99
88%

96% _97%
80 81
46 46%
99%------

96%
97% 16
80% Dec’22 ___
45
46% 78
99 Nov’22 —

85% Sale

84%
85% 141 80
83 Nov’22 ___ 82
87 Dec’22 ___ 81%
65%
74 Dec’22 —

86 88
74% 77

95
98
95%
97%
86%
98
98
95*4
91%
91
92%
87%
96%
101%
100*4
93

88% 101%
75 85
41% 59
95*4 100
87*4
84*4
90
78

78 941*
86 «5*4
95% 105
81% 91%
86
93
78% 87%
94% 99%
92
98
97
99%
94
94%

J
J
J
O

M
M
J
J
J
J
J
J

E T Va A Ga Dlv g 5s.

84% 86

95
91
104
96*4
9018
67
84%

High No. Lou B itb

84% 13
J D 84 Sale 84
92% 104
M S 91% Sale 91*4
5
100 102 101% 101%
J D
30
86%
86*4
F A 86% 87
91% 11
J D 91% 91% 9i%
83 Dec’22 ___
A O 82% 84
IV N 98%------ 98% Dec’22 ___
I
J J 94*2 99*2 95% Nov’22 ___
9 % 98% Dec’22
IV N 99
I
M N 94% 98% 94% M ay’22 ___
947*___
J J 97%------ 93*4 Apr’22 __
J J 94% ----- 98 Sept’22 __ 101 ------ 101 Apr’22 ___
99% 30
J J 99% 99% 99%
M N 101%----- 103% July’22 ___
90% 90% 90 > Dec’22 ___
8
J J
88 99% 91% Nov’22 ___
87% Sale 87%
87% 136
43
83
83 Sale 82%
97% Sale 97
97*4 100
95 Dec’22 . . . .
69% 132
68% Sale 68%
101 Sale 100% 101% 114
74%------ 78 Dec’12
96 96% 96*4 Dec’22
3
80
81
79% 81
95% 98% 94 Nov’22 ___
_
90% 92% 90 Dec’22 __
3
99
98%------ 98%
77%
77% 12
77% 78
64% 72 72% Nov’22 ___
76 80% 80 Dec’22 ___
98% 99% 100% Oct’22 ___
97% 11
97%------ 97%
IV S 93%___ 93% Nov’22 . . . .
I
63 Aug’2‘ ___
2
60% 62
101 ------ 101 Dec’22 ___
9178 ___
J J 73" 75
74 % Nov’22 ___
j
J
Oct’22
71 ____ 74
99% 99% 99% Dec’22 ___
97% 99% 97% Nov’22 ___
M N 99%___ 99% Oot’22 ___
93 ___ 94 Dec’22 ___
80% Dec’22 ___
A O 80% 82
F A 95%___ 97% Aug’22 ___
84 ___ 83 Sept’22 ___
J J
A O 94% ___ 94 Dec’22 ___
1
99%
F A 98 99% 99%
81 Dec’22 ___
82
J
J 81
A O 96%------ 96% Dec’22
95 07
6
97
97%
)J D
3 Mar 43%------ 40 Dec’22
90 Oct’22
J
J
80% Dec’22
3 F A 75% 76
98% 96% N ov’22
5 J J 96
5 A O 95%____ I 92 Dec’22
5 J D 88*4 95 90% Sept’22
79*4 ___
0 A O 77% 79*4 1 79*4
7 J J 95% 96% 96% Dec’22
5 J J 93% 94% 94 Nov’22
73
It
73 Sale 73
DAO

J
J
J
A

J
i
J
A
A
F

So Pac of Cal-

___

Range
Sinct
Jan. 1

68
76%
82 91%
91% 98
94% 102%
71
86%
54 79%
102% 104%
95
99%
_ ____
_
90 90
101 104
72*4 84%
88U 96
72*4 80*4
64% 74
68% 82%
71
84
70 81%
50 73*4
48
62
13% 33%
31% 48%
41
73%
59% 75%
63
71%
96
99%
89 93%
82% 91%
71
85
84
91%
84*4 »6%

A O

Cent Pac 1st ref gu g 4 s..

95

«38g _

*>2
OC
O

70% 272
85% 86
29
94
100
76% 148
59% 316
Dec’22
Dec’22 —
Oct’20 ___
Feb’22 -.WDec’22 __ 78*4 39
Sept’22 ___
78% 30
Dec’22 ___
77% 43
22
81
7
74*4
Dec’22 ___
53% 11
22*4 136
39*4 123
59 222
Dec’22 ___
Dec’22
Dec’22 ___
Aug’22 ___
Nov’22 ___
Oct’22 ___
Sept’22 ___
Dec’22 —

MN

Southern Pacific Co—

Week's
Range or
Last Sale

j

6J 0

69% Sale 6912
84% Sale 84
91% 92% 91%
99% 100 99%
76% Sale 75%
59 Sale 58
103%___ 103
98% 99% 98%
82 ____ 67%
87%____ 90
103 103% 103
77% 78% 78
91% 95 95*4
77% Sale 77%
71
78% 73%
77% 77% 77%
80 82
80%
74% 75
74%
53% 58
53%
53
53% 53%
21% Sale 21*4
39% Sale 39
58% Sale 57
66% 68% 68%
68 ____ 70%
99% ___ 99
88%___ 93%
91%___ 91%
80% 80% 85
9,>% 95
91%
94 ____ 93%

31% Feb’22
81% 84% 82% Dec’22

93*4 93*4
86*4 98
96 103%
95% 101
100% 103%
88% 92%
89
06%
83% 92%
80 8678
87% 100%
88% 90
61% 72%
94% 105
66% 80
89
98%
73
89
64% 98
87
94
91 101
72
82%
60
72%
75*4 82
93*4 100%
93
99%
93% 95%
58 63
987* 101 %
73% 77
66
78
94 101
97 100
95% 99%
80 97
74 89%
94% 97%
77% 92%
92
977*
88% 100
76% 83%
43% 97%
87% 100%
40
50
79% 93%
80% 90
91 100
90
95*4
81% 90%
75% 83
91
99%
84 94
56
78
24
31*4
77% 88%

•N p ic F a ; latest b a d a e th We . oD J . SD
o r e rid y
id n sk d is e k
ue an
ueFeb. {D J n A u J ly. J u u iD e O pDueNov. {D D
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le




2892
BONDS
N. Y. STOCK EXCHANGE
Wee* ending Dec 20

New York Bond Record—Continued—Page 4
Price
Friday
Dec 29
Bid

Week’*
Range or
Last Sale

Range
Since
Jan. 1

High

Low High

-I 96
Ulster A Del 1st cons g 5s___ 1928 J D 94%
89
98
60*2 663.1 Oct '22
1st refunding g 4s_.......... .1952 A O 64
65
70
9 1%
Union Pacific 1st g 4s______ 1947 J J 9034 Sale 90 *a
97, 86
9634
90 Dec’22
91
Registered____________ 1947 J J 89
88
923<
95
12l 89
20-year conv is_________ 1927 J J 943.1 Sale 9434
97
86
1st A refunding 4s______ p2008 M S 85% Sale 85*4
30 8 U2 100
2 , 102 106
10-year perm secured 6s_ 1928 J J 104U 104*2 li)37g 10378
_
Ore RR & Nav con g 4 s . 1940 J D b734 88 I S8
88
2, 83*4 93*2
Ore Short Line—
102*2 10278' 162*4 10278
1st consol g 5s________ 1946
96*2 106
103 103*4 1027a 103*4
Guar con 5s____
1946
97 100
9134
92%
91*2 92
Guar refund 4 s.
’ .1929
86*2 95*8
99% ------ 99*2 Nov ’22
Utah A Nor gold 5a.........1926
96*8 1003s
91*2___ 86*2 Feb'22
1st extended 4s_____ 1933
86*2 86*2
85*2----- 86 Apr’22
Vandalla cons g 4s Ser A____1955
78U 8 6
85*4 Nov’22
Consol 4s Series B___ .1957 M N 85*2
85*4 8 6
32*2
Vera Cruz A P 1st gu 4HS- .1934 J J 27*2 Sale 32*2
26
47*4
96*4 Sale 96%
9734
Virginian 1st 5s Series A___ 1962 N1 N
881 100
4
97*2 9778 97*4
97*2
Wabash 1st gold 5s.................1939 M N
937 101
8
89 Sale 9l)
90
2d gold 5s.............................1939 F A
81*2 93*2
4
Oct’22
1st lien 50-yr g term 4s. __ 1954 J J 683 70*2 71
67*2 713s
95 1L0*8 95
95
Det A Ch Ext 1st g 5s___ 1941 J J
91
96*4
7511 Nov ’21
Des Moines Dlv 1st g 4s . 1939 J J 73*4 79
74
75*2
68*4 Oct’22
Om Div 1 st g 3 M3................1941 A O 65 68
6 a% 72
77*4------ 775 Dec’22
8
Tol A Ch Div g 4s____
1941 M S
69
81
71)38 80*2 80*2 Nov ’22
Wash Term 1st gu 3 H s.........1945 F
725s 84
1st 40-year guar 4s______ 1945 F A 84 ____ 8434 Nov ’22
84*2 89
64
w est Maryla d 1st g 4 s ... .1952 A O 6278 6434 61*2
58*a 69
98% 100 I100 Dec’22
" eat N Y A Pa 1st g 5s____ 1937 J J
95 101*2
78 Dec’22
79
Gen gold 4s______
1943 A O 78
72*2 81*2
81
81%' 8 II 4
Western Pac 1st Ser A 5s___ 1940 M S
8>%
793s 88*2
9778----- 1 973s
Wheeling A L E 1st a 5s.........1920 A O
973s
92*2 101%
94 953s' 94 Dec ’22
Wheeling Dlv 1st gold 5s. .1928 J J
8934 97*2
Exten A Impt gold 5s.........1930 F A 92*8 973s 945s Sept’22
89
94%
62*8
Refunding 4 Ha Series A __.I960 M S 61*2 64 I 62*8
52
727s
64
RR 1st consol 4s..................1949 M S 62 65*2 64
02
76*4
Winston-Salem S B 1 st 4a . . . 1960 J J 79*8 81*4 8OI2 Dec’22
77
84
82 Sale 82
Wls Cent 50-yr 1st gen 4s___ 1949 J J
8z >
4
74*2 8 6 * 2
80*8 81
8 up A Dul dlv A term 1st 4s ’3C M N
80*2
80*2
75*a 8478
S tre e t R ailw ay
56
55*2 56
06
Brooklyn Rapid Tran g 5s. __ 1945
31 07
1 51,4 54*8 51*4
51*4
Trust certificates.......................
31
64
51
56 53
53
1st refund conv gold 4a___ 2002
351 6478
2
88*4 Sale 88
89
3-yr 7% secured notes___ A192J
58
96
85*4 Sale 86*2
87
Certificates of deposit_____
68*2 95
83*2 83% 833s
Certfs of deposit stam ped__
835s
54 92
J J 86 % 89% 90 Dec'^2
Brooklyn City RR 5s. ........... 1941
75 91
58*4
58*4
Bkln Qu Co A Sub con gfd 5s. 1941 M N 58% 63
51 6912
7 •% Nov’22
1st 5s......................................1941 J J 79*2 91
78*8 79*2
82*2 84% 82*8
83
Bklyn Un El 1st g 4-5s____I960
75 90*4
82*2 83
82*8
82*2
Stamped guar 4-5s_____ 1951
75*2 93
75*2 77
76 Dec’22
Kings County E 1st g 4s. .1949
64 81
75% 70
76 Dec’22
Stamped guar 4s_______1941
59*2
J 59*2 Sale 59*2
Nassau Elec guar gold 4 s ..1951
Chicago Rys 1st 5s_________1927
787
8
A 77% Sale 77*8
Conn Ry A L 1st A ref g 4Ha 1951
81 Nov '22
J 83*2
84 Dec’22
Stamped guar 4H a..............1951
J 84 —
O
97*2 June ’20
Denver Cons Tramy 5s____ 1933
85
8334 Dec’22
J
Det United 1st cone g 4 H a ... 1932
F t Smith Lt A T r 1st g 5s__ 1931 IV 8 70
58 Jan ’20
!
9
10
Interboro Metrop coll 4HsIIl95< a o
93s
9*2
Certificates of deposit..
9*2 10*4
7.% Sale
Interboro Rap T ran 1st 5 s l” l96f j ” j
10 -year 6 s_______________
73 Sale
94% Sale
7 s . . . . . . __ . . . . ____
1935
M anhat Ry (N Y) cons g 4s. 1991 A O 61 Sale
Stamped tax exempt............199< A O
60
2d 4s.................................... 201: J D 55
!
Manila Elec Ry A Lt s f 5 s .. 195? IV S 81*4 82%
M arket St Ry 1st cons 5s___ 1924 M S 92*4 Sale
5-year 6 % notes_______ ” l924 A O 94% Sale
Metropolitan Street Ry—
70
D 69
B'way A 7th Av 1 st c g 58.1943
16
Col A 9th Av 1st gu g 53.1992 M S 14
60
Lex Av A P F 1st gu g 5S..199? M S
Mllw Elec Ry A Lt cons g 5s. 192f F A 98%
Refunding A exten 4 H a .-.1931
J 90*4 91%
J 88*4 Sale 1
Montreal Tram 1st A ref 5 s __1941
50
New Or I Ry A L t gen 4 H a ..l9 3 f
J 60*2 —
34
J
N Y Munlc Ry 1st s f 5s A.196t:
J 29*2 32*2 31*4
N T Rys 1st R E A ref 4s___1942
t
3o*4 3234 30*4
Certificates of deposit________
5*2 Sale
5
80-year adj Inc 5s______ al942
4*2 5*2 4is
Certificates of deposit............
65 6884 66*2
N Y State Rys 1st cons 4 H a. 1962
451 6 l l 2 73
9334 Sale
Nor Ohio Trac A Light 6 s . . ----, M N 84% Sale 87 “ Dec’22 ___ 81
Fortland Ry 1st A ref 5 s ...
91>2
87
19
2 F 5 96 Sale 84*2
Portland Ry Lt A P 1st ref 5s
3 102 108*2
IV IS 106% 1u7*4 106% 107%
I
1st A refund 7 Ha Ser A ._
00*4 95 93*2
93*2
1 881» 90%
J .
Portland Gen Elec 1st 5s.
84% 14 73 90*4
A < 847g Sale 84*8
Pub Serv Corp of N J gen 5s
6j Sale 60
00*4
8 58>s 69%
Third Ave 1 st ref 4s__.........
J
57
213 441, 68%
, A C 56*2 Srle 55*2
96
92% Nov’22 —
J J 94
88 98%
12 98% 100
100
F A . 98 98*2 100
Tol Trac, L A P 6s.................
100
A O 100 10 U*4 100
Trl City R y A Lt 1st s f 5s__.
90 100%
88
J J 90*4 96*4 88 Dec’22
73
Undergr of London 4 H s___
78*4____ 74% Nov’22 ___ 60
74%
J J
IWN 88 Sale 87*2 Dec’22 ___ 75 91
64U 1 05 Dec’22 ____ 51*. 69*4
J J 61
United Rys St L 1st g 49..
63
09*2 63 Dec’72 ___ 06
A O 61
2 72 88%
85%
85*4 85%
j j 85
Gas a n d E lectric L ight
A O
J J
General 6s series B______
J J
General 7s series C ______
J J
J D
General 7s scries D _____
MN
Bklyn Un Gas 1st cons g 03
7 s........................................
MN
IV N
!
1st lien A ref 6 Series A __
Canada Gen Elec Co 6s.........
F A
A O
A O
5Vx % Ser B due Jan 1 _
_
J J
J J
J J
Commonwealth Power 6 s___ 1947 M N
Consumers Power lien A unifying
5s Series C Interim certlfs.. 1952 M N
Denv Gas A E L 1st A ref sf g 5s’51 M N
Detroit City Gas gold 5s___ 1923 J J
Detroit Edison 1 st coll tr 5s. 1933 J J
1st A ref 5s ser a _______ *1940 M S
1st A ref 6 s series B........... *1940 M S
Duquesne Lt 1 st A coll 68...1949 J J
Debenture 7H s_..................1936 J J
Empire Gas A Fuel 7 H s___ 1937 IV N
I
Gas A El of Berg Co cons g 5s . 1949
Great Falls Power 1 st s f 58. .1940 M N

8
84%
84 Sale 83*2
96 97% 96*4
97% 12
12
103
102 Sale 102
11
___ 106% 104*4
107
10S*4 Sale 107% 109 % 20
96 Sale 95,4
95% 18
7
110 113*4 111*2 11234
21
103s4 104,2 103>2 104
7
101*2 10. *2 1,2*2 103
2
97 Sale 97*2
97*2
98 98,2 97*?
98*2 16
4
96*4 Sale 96*4
97
9t*2 06*4 96
96*4 15
90,2 967 91*2 Dec’22 __ J
s
88
88,i 87*2
87% 34

88
70
89% 100,8
100 104%
102 107%
106*8 109*4
87% 90"t
110 120
102ts 10438
100 105%
92 101
97 101
S8*i 97%
97
88
91*2 93%
87*2 93

92
2' 92
92% 98
92%
92*2
88„4
S 84*4 91%
89
88*4 Sale
99% ------ 99% Dcc’22
93 100%
3 93 101%
100
100 ----- 100
16 89*4 99
95
95% 95 %
96
1037S Sale 103*2 104% 39 99% 106%
104 Sale 103*4 104*4 38 100 10534
42 10134 10834
107*4 107% 106% 107
93*2 Sale 93
93*2 145 91*2 98*4
92% ___ ■
Feb*13
0S>2 993j 99%
99 %j 2 94% 100
1

Rang*
Sine*
Jan. 1

Price
Friday
Dec 29

BONDS
Y STOCK EXCHANGE
Week ending Dec 29

Bid

Ask Low

High

Havana Elec consol g 5s___ 1952 F A
87*4 91
Havana E Ry L A P gen 5s A . . ’54 M S 82-34 83
Hudson Co Gas 1st g 5 s . ___1049, IV N
!
9234 ___
Kings County Lighting 5s. ..1954 J J 80*2 - -99 100
6 H s ........................... .......... 1954 J J
Kings Co El L & P g 5s____ 1937 A O 97^8___
Purchase money 6s......... ..1997 A O 110*8 - Convertible deb 6s______ 1925 IV s 1,2% . .
1
Ed El 111 Bkn 1st con g 4s. 1939 J J 873s 897
8
L.ac Gas L of St L ref A ext 5s 1934 A O 92*8 Bale
M etrEd IstAref g 6s Ser B — 195: F A 98*4 99
Milwaukee Gas L 1st 4s____ 1927 M N 92*4 63*4
Montana Power 1st 5s A___ 1943 J J 98% 99
N Y Edison 1st A ref 6 Ha A . 1941 A O 11034 Sale
N Y G E L A P g 5s................1948 J
99*4 Sale
Purchase money g 4s_____ 1949 F
82*4 83*2
Ed Elec 111 1st cons g 5s__ 1995 J J 1023.1----- 1101%
N Y Q El L A P 1st g 4s...........1030 F A 95*2 967 94*2
8l
s
Niagara Falls Power 1st 5 s ..1932 J J 99% 997 9938
Ref A gen 6s_____ ____ _al932 A O 104*4 104*2 103*2
Nlag Lock A O Pow 1st 5 s._ 1954 M N 96%____I 98
Nor States Power 25-yr 5s A. 1941 A O 92% Sale | 9134
1st A ref 26ryear 6s Ser B . . 1941 A O 100% 101*4 101
No Amer Edison 0s_________1952 M S 9438 Sale | 93*2
96*2 96
Ontario Power N F 1st 5s___ 1943 F A 96
Ontario Transmission 5s___ 1945 M N 92*2 9434 94*4
Pacific G A E Co—Cal G A E—
98 Sale ! 97
Corp unifying A ref 5s___ 1937
Pacific G A El gen A ref 5s__ 1942 v y 92% Sale I 91%
Pac Pow A L t 1st A ref 20-yr 5s ’30 F A 90% 92*4 91*2
I
Pat A Passaic G A Elcons g 5s 1949 IV 8 92% ___ 83*2 .
Peop Gas A C 1st cons g 0s. .1943 A O 10512 107*2 105%
Refunding gold 5s________1947 M S 91*2 Sale , 91*2
4
Ch G L A Coke 1st gu g 5s. 1937 J J 9o* ___ ! 97*8 J
Con G Co of Ch 1st gu g 5s. 1936 J J 927S 98 92
94*8
Mu Fuel Gas 1st cu g 5S..1947 M N 94*8 96
Philadelphia Co 6s A................1944 F A 99*2 Sale I 993s
Stand Gas A El conv s f 0s__ 1926 J D 99% 9934 99%
Syracuse Lighting 1st g 5s__.1951 J D 93 ____ 93
Light A Power Co col tr s f 5s '54 J J 85*2____ 93*2
Toledo Edison 7 a __________ 1941 M S 106 Sale 106
I
Trenton G A El 1st g 5s_____1949 IV 3 95 ------ 73 J
Union Elec L t A P 1st g 5s__ 1932 M S 953s 98 92
United Fuel Gas 1st s f 6s__ 1936 J J 97*2 98
Utah Light A Traction 5s___ 1944 A O 8712 Silo
Utah Power A Lt 1st 5s____ 1944 F A 91*2 92
J 94*4-----Utica Elec LA Pow 1st 8 f 5s. 1950
J 91*2
Utica Gas A Elec ref 5s____ 1957
J 98
Wash W at Power s f 5s............1939
D 97*4 ~99*4
Westchcs Ltg g 5s stmpd gtd. 1950
8
West Penn Power Ser A 5s__ 1946 M 8 92*2 927 _
1st 40-year 6s Series C ____195S J D 10138 10178 101%
1st series D 7s. ................... el940 F A 103*2 IU4 103

Low High

93 98*2
87 97
87*4 95*2
101*4 ifo ~
85 96*2
89 99
92 99
78*2 95
96% 102%
92% IOU4
85 94%
85*2 94
10412 109
00% ”97*2
93*4 99*4
87% 89*2
87% 94%
*84*4 ’ 91%

95 99*4
96*4 100%
89 95*4
99% 106
102*2 106

M anufacturing & In d u stria l
Max Rubber 8s____ _______ 1936
Am Agrlc Chem 1st 5s______1928
1st ref s f 7M8 ---------------1941
Am Cot Oil debenture 5s___ 1931
Am Dock A Im pt gu 6s_____ 1936
American Sugar Refining 6 s .. 1937
Am Writ Paper s f 7-6s............1939
Armour A Co 1st real e st4 H s 1939
Atlantic Fruit conv deb 7s A. 1934
Baldw Loco Works 1st 5s___ 1940
Booth Fisheries deb s f 6s__ 19 26
Bush Terminal 1st 4s............. 1952
Consol 5s................................1955
Building 5s guar tax ex___ 1960
Camaguey Sug 1st 8 f g 7 s ___ 1942
Cent Foundry 1st a f 6s_____ 1931 A O
Cent Leather 20-year g 5s___ 1925 A O
Compania Azucarcra Baraqua
1st s f 15-year g 7H s_____ 1937, J J
Computtng-Tab-Rcc s f 6s__ 1941 J
Corn Prod Refg s f g Is...........1931 M N
1st 25-ycar s f 5s.............. .. 1934.M N
Crown Cork A Seal Co of Balti­
more 1st s f 20-yrg6s........1943 F A
Cuba Cane Sugar conv 7a__ 1930 J J
Conv deben stamped 8 % .. 1930 J J
Dery Corp D G 1st s f 20-yr
!
gold 7s...................................1942 M S
Cuban Am Sugar 1st coll 8 s .. 1931 M s
Diamond Match s f deb 7H3.1936 M N
Distill Sec Cor conv 1st g 53.1927 A O
E I du Pont Powder 4H s___ 1936 J D
du Pont de Nemours A Co 7 Ha ’31 M N
East Cuba Sug 15-yr s f g 7Hsl937 M S
Fisk Rubber 1st a f 8 s ............ 1941 M 5
Frameilc Ind A Dev 20-yr 7Ha '42 J J
Francisco Sugar 7 Ha_______ 1942 M N
General Baking 1st 25-yr 6S..1930 J D
Gen Electric deb g 3 H a ..........1942 F A
Debenture 5s___________ 1952 M S
20-year deb 6s_____ Feb 1940 F A
GenRefr 1st s f g 6s Ser A—1952 F A
Goodrich Co 6 H a ....................1947 J J
Goodyear Tire A Rub 1st s f 8« ’41 IWN
10-year s f deb g 8s_____ el931 F A
Gray A Davis 1st conv s f
gold 7s. .................................1932 F A
HersheyChoc ls ts f g6s____ 1942 M N
Holland-Amerlcan Line 6s.._1947 M N
Ingersoll Rand 1st gold 5 s...1935 J J
Int Agrlc Corp 1st 20-yr 5s. .1932 IWN
Internat Cement conv 8s___ 1926 J D
Inter Mcrcan Marine s f 6 a .. 1941 A O
International Paper 5s_____ 1947 J J
1st A ref 5s B ........................1947 J J
Jurgens Works 6 s _________ 1947 J J
Kay ser A Co 7s...................... 1942 F A
Kelly-Sprlngfleld Tire 8s___ 1931 M N
Kinney Co 7MS-......................1936 J D
O
Liggett A Myers Tobac 7 s ...1944
A
59............................................ 1951
O
Lori Hard Co (P) 7s________ 1944
A
5s............................................ 1951
O
Manatl Sugar 7 H s_________ 1942
D
Merchants A Mfrs Exch 7s. .1942
Morris A Co 1st s f 4 H s____ 1930 J J
Mortgage Bond 4s_________ 1966 A O
5 s............................................1932 A O
N at Enam A Stampg 1st 5S..1929 J D
Nat Starch 20-year deb 5s__ 1930 J J
N Y Air Brake 1st conv 6s__ 1928 M N
N Y Dock 50-yr 1st g 4s.........1951 F A
I
N Y Steam 1st 25-yr 6s Ser A . 1947 IV N
Packard Motor Car 10-yr 8s_. 1931 A O
I
Porto Rican Am Tob 8s____ 1931 IV N
Punta Alegre Sugar 7 a ____ 1937 J J
Remington Arms 6 a _______ 1937, M N
Robbins A Myers 1st 25-year s f |
gold coupon 7s__________ 1952 J D
Saks Co 7a................................1942 1 S
M
St Joseph Stk Yds 1st g 4H8-19301J J

100 100% 100
100*4
97%
96*8 98
98%
99% ----- 100 Dec’22
101% Sale 101% 101%
94 Sale 93
867 Sale 86%
8
91% 913 91
4
98 99
107% Salo
107 107*4
49*4 50
107% Sale
95*4 Sale
107 Sale
90 Salo
102% 102%
100*8____

93%
87%
92%

98
98*4
107*2 107%
107
107*2
49*4
4 )%
90 Dec’22
107% 107%
96*4
95*4
106% 107
90
91
102% 102%

76% 80
10134 Sale
105 Salo
99 Sale
101% Sale
115 Sale
99% Salo

98 99
96*4 Dec’22 .
98*8 Sale 97
98%
87*4 Sale 87*4
88
95 _
96 Nov’2 2 75 79
75
76%
108% 109 108*4 Dec’22 9 Sale 89%
90* !
4
87*2 8778
88*4 Sale
83% Sale
107 107 %
105 100*2
98 99*
116 Sale
98 Sale
115 11634
96 Sale
97 Sale
87

88

92
97
98
93%
101*4 102
77% 78
97
97*4
107% Sale
102
106*4 Sale
93*4 Sale

83 Apr' 141 94
94 Dcc’22,. __
95 Sept’22 - ___
101 “I Dec’22 . __
78
78 ) 3
97
9784’ 10
1()634 107%!
0
104 Nov’22 1,163.1 107*2 »
9334
94 I 7

95*2 100
96*2 98*4
84% 94%
% *82"
110%

% 99%
90%
*4 90%

92%
95
97
74
96%
98
99
101*4
93%

97% 98
98 1 71 98
98
99%
7i 98 103%
101% Sale 100% 10134
85*4 —
85% Dec’22 . . . . 86*4 86*4
1

•N p eF ay; la b a d a ed aDueJaj. d u A ril. cD e M cD
o ric rid
test id n sk .
De p
u ar. ueM ffD eJ n hD
ay. u u e. ueJuly. J D e u . oD ct. cD ec. ^ p nsa .
fc u A g ueO
ueD
O tio le




97*4
95
102%
82%
98
108%
104%
111%
99

THE CHRONICLE

D ec . 30 1922.]

New York Bond Record— Concluded— Page 5

3893

Quotations for Sundry Securities
All bond prices are “ and interest" except where marked “ f . "

S ta n d a rd Oil Stocks Bar Bid. Ask. RR. E quipm ents—Per Ct. Ba
5.10
Anglo-American Oil new. £i *17*2 1734 Ulan Coast Line 6s & 6 Ms
5.10
Baltimore < Ohio 4H s & 6s.
fc
C114 ] 17
Atlantic Refining new
i
4.50
3uff lloch & Pitts 4s & 4H s
S e ;:
119 120
Preferred___________ 100
5.00
Equipment 6s. -----------.3
Borne Scrymser Co------ 100 m ll8
5.10
Bid
Ask Low
High No. Low. High Buckeye Pipe Line Co— 50 *86 88 'Canadian Pacific 4 ) 29 & 6s.
5.50
^aro Clinchfield & Ohio 5 s ..
32 | 94 103
100
205 215
100 100*2 i 99*:
!iesebrough Mfg nev
S o u tt Porto Rico Sugar 7a. _. 1941 J D
5.25
Central of Georgia 4)^s----1.
112
91*2___ !112 July’04
Preferred new_____
South Yuba Water 6a--------- 1923 J J
5.20
Central RR of N J 09..
71 96 100
162 155
97*2
Standard Milling 1st 5s----- .1930 M N 97 97*2 97*2
5.10
Jhesapeake& Ohio 6s & GH?
16 97 98
47
9734
*45
Sugar Estates (Orlentl) 7a. .1942 M S 96*2 97*2 96*2
5.00
Equipment 5s.......... .........
16 t : 67
Tobacco Products a f 7s__. .1931 J D 103*2 104 1033.J Dec’22 . . 1 97*4 108
5.76
' 88*2 1047
8
Chicago & Alton 6s--------10431 June’22
82
77
.1930 J J
New stock------------Union Bag & Paper 1st 6s.
5.15
2 96*4 101
Chicago Burl & Quincy 6 s ..
97*2 9734 97*2
9734
95
98
Sureka Pipe Line Co.
6s_______________________ .1942 M N
5.50
12 IOI84 105
Chicago & Eastern 111 5K s
59
57
Galena Signal Oil com.
Union Tank Car equip 7s-----1930 F A 10334 Sale 10334 104
5.20
1 1 Chicago Inti & Louisv 4H s
*
108
112*4 Sale 112*4 1123s 34 104 113
United Drug conv 8s------ ^._1941|J D
Preferred old_____
5.00
Chicago St Louis & N O 5s.
05
103
United SS Co Ltd (The) Copen
4.75
4
163
- 5 Chicago & N W 4}^s...........
92
91*2 21 i 893 95*2
91*4
5.15
!
Equipment 6s & 6H a---94
*93
Indiana Pipe Line Co.
United Stores Realty Corp 20-yr
____
.
■->1
5.10
9984 103
*21*4 21*2 ;hlc R I & Pac 4H s, 5s, 6s.
s f deb gold 6s------------------ 1942 A O 9984 Sale 99*2 100*8 46 98 105
5.25
Colorado & Southern 5s, 6s.
1
02*2
102*2
*25*2 26
U S Hoffman Mach 8s----------1932 J .1 103*4 104*2 L
5.30
Delaware & Hudson 6s-----105 92 100
35
100
8
New York Transit Co— 10( 013 )
U S Realty & I conv deb g 5s. 1924 J J 997 Sale 99*2
5.50
100*2 10412 Northern Pipe Line C o .. 100 1 ;8
12
•:rie 4 Vi s, 5s & 6s................
102 Nov’22
U S Rubber 5-year sec 7s____ 1923 J D
5.55 5.25
92
Croat Northern 6s...........—
8884 127 86
73
*71
1st & ref 5s series A...............1947' J Ji 883a sale 88*4
Ohio Oil new____ ______
locking Valley 4)<Ss, 5s & 6s 5.65 5.20
16 104 110*2 Penn Mcx Fuel Co------ 2
17
*16
10-year 7 Ms.......................-1930 F A| 108*4 109 10734 108%
Illinois Central 4 l^s. 5s & 6s 5.50 5.10
Va-Caro Chem 1st 15-yr 5S..1923 J D 100*4 Sale 100*4 100*4 22 93 101*2 Prairie Oil A Gas new._10( 208 >12
535 5.05
Equipment 7s & 6 Ms---11
Conv deb 6s___________ el924i a O 100*4 100*2 100*4 1001.1 11 92 102
Prairie Pipe Line new __10< g1 8
5.75 6.20
25 94*2 997a Solar Refining_______10( cl75
85
Kanawha & Mich 4 MS, 6s.
967
8
7s............................................. 1947 J D 95*2 Sale 9584
5.25 4.75
4
98
Louisville < Nashville 5 s ...
fc
9278 26 90 1073 Southern Pipe Line Co_.10(
95
8
12-year a f 7 Ms____ _____1937 J J 85 Sale 9 l7
5.60 5.10
98*4 South Penn Oil______-10< 163
12 82
66
Equipment 6s < 6 Ms---fc
85
86
86
85*2
without warrants attached— J J
5.50 5.10
99*2 104*2 Southwest Pa Pipe Lines. 10< 0)
67 Michigan Central 5s, 6s---Warner Sugar 7s_...................1941 jj D 103*2 104 103*2 104*4 20
99 100*2
1 *8 Minn St P& S S M 4v;s& 5( 5.60 5.10
. *
*li8
West Electric 1st 5s_Dec 1922 |J
J 99% 100*4 9978 Dec’22
5 65 5.25
41 105 109
Equipment 6M8 & 7s—
L07
*59 60
107*4
Westlnghouse E & M 7s.........1931 M N 107 107*2
fc
> 6 65 5.20
Wilson & Co 1st 25-yr 9 f 6S..1941 a O 101 Sale 100*2 101*2 53 93 10234 Standard Oil (Indiana).. 2 * 59% 5*% Missouri Kansas « Texas 5
6.50 6.10
45 Missouri Pacific 5s............
9334 59 84 100*2 Standard Oil (Kan) new 21 *44
93*2 Sale 93
10-year conv s f 6s...............1928 J D
5.75 5.35
56 94*2 110
78
Equipment 6s & 6 Ms—
76
Temporary 7Ms.................. 1931| f A 103 Sale 102*2 103
Standard Oil (Kentucky) 2
5.751 5.30
3 100*2 10412 Standard Oil (Nebraska) 10< 180 L 0 Mobile & Ohio 4K s, 5 s ...
'
Winchester Arms 7Ms..........1941! A O 10034 101*4 101% 102*2
5.2 6.00
*393 49*2 New York Central 4 Ms, 5’
Standard Oil of New Jer. 2
5.501 5.15
Il734
Equipment 6s & 7s........
Oils
Preferred-----------------10i “117*
6.00 5.50
99*4 Sale 08%
99*4 56 97*2 104U Standard Oil of New Y’k. 2 *481.. .8*2 N Y Ontario & Western 4M
Atlantic Refg deb 5 s .............. 1937 j
5.25 4.65
102*2 103 10184 102*2 15 09?8 10754
*270 275 Norfolk & Western 4 M s.-BarnsdallCorp conv8% A .1931 J
5.35 5.10
19 Northern Pacific 7s--------101 108
11.
10 l 78 Deo'22
Series B ________________ 1931 J
5.35 5.10
28 Pacific Fruit Express 7 s ...
24
98*4 52 97*4 ion’s
9S*8 Sale 98%
Humble Oil A Refining 6Ms .1932 j
5.10 4.75
90 110
85 Pennsylvania RR 4s & 4 Ms
110
84
Union Tank Car Co----Invincible Oil 8s.................. 1931 ivi S
5.55 5.10
5 8434 126
113
108
10
Equipment 6s------------Marland Oils f 8s with w afn ts ’31]A O IlO i l l 111
Preferred.......................
5.60 5.00
5 91*8 106
*4534 46*4 Pitts & Lake Erie 6s & 6 Ms
10134 103
Vacuum Oil n e w --------without w arrant attach ed .. . A O
5..'5 4.87
97*2 120*4
26 Reading Co 4 Ms-----------Dec’22
•_2
ashlngton Oil----------7Ms S e rB ..............
1931 F A 101 102*2 101*2
5.25
6.0
90 99 109
St Louis Iron M t & Sou 5s.
110
O th e r Oil Stocks
Mexican Petroleum s f 8s___ 1936 ivi N 108*4 108% 109
5.60 5.20
l *5*2 6*2 St Louis & San Francisco 5s
103 104 10234 1037s 11 94*2 103*2
tlantlc Lobos Oil (no 1
Pan-Amer P A T 1st 10-yr 7s. 1930 f a
6.00 5.40
8 94*2 102%
30 Seaboard Air Line 4 Ms & 5s
•2
96*2
96*2 Sale 96*2
Preferred--------------Pierce Oil s f 8s.............. ....... 1931 J D
5.25 4.75
g
•53*2 54 Southern Pacific Co 4 M s..
120*4 10 99 1237 Gulf Oil (new)................
Prod A Ref s f 8s(wlth war’nts)’3l! J D 119 n o 120
5.35 5.00
34
Equipment 7s------ -----108*4 10 99 103
Humble Oil A Ref new . 5 *32
without warrants attached.. J D 108 Sale I 08
5.75 5.35
68 1107a Imperial Oil--------------- ^2 *) i3 11 > Southern Ry 4 Ms. 5s < 6s.
fc
1027 Nov’2k
8
Sinclair Con Oil conv 7Mb. . 1926 IV N
I
5.75 5 30
150 lt.0
Toledo & Ohio Central 6 s ..
10034 Sale 100% 101*2 119 98 102
Magnolia Petroleum---15-year 7s............................. 1937 |M S
5.20 5.00
9354 M erritt Oil Corporation
50 97
8% Union Pacific 7s. ................
98*2
r
*8*8
98*s Sale 93*8
Sinclair Crude Oil 5 Ms_____ 1925] A O
6.90 5.40
f *29 * 10*2 Virginian Ry 6s------------2
Mexican Eagle Oil------Sinclair Pipe Line 20-yr s f g 5s
•1734 17%
Tobacco Stocks
8884 169 8734 95
88*2 Sale 8S*8
Mountain Producers Corp.
86
74
10534 l<-6 % 65 104*2 100% Salt Creek Producers.
2 i *2 American Cigar common .10(
21*4
105*2 106*4
94
89
5 100 104%
10338
Preferred.............. ........10(
102*2 10334 L03
Publlc U tilities
Tide Water Oil 6 Ms..
04*2 95
c *146 149 Amer Machine & F d ry .. 10< 95 105
5 ___ 96 Dec’22
Union Oil 58_______
145 H9
44 American Tobacco scrip —
16 101*8 102*4
Preferred...................... r
6 s ...............................
F A 102 Sale 10 1 % 102*4
98 British-Amer Tobac ord. £i •1934 2034
Deb Gs 2014.............M ^ 97
•I984 2034
M ining
Amer Light A Trac, com . ( 134 I 06 Brlt-Amer Tobac, bearer £i 172 182
4 5*2 12*2
97 Helme (Geo W) Co, com.lOi
5*2 Sale
5*2
5*2
Preferred___________ f 95
10
6*8 10% Amer Power A Lt, com .. 0 129 132
5*2
6
5*2 Sale
Preferred----------- — 10( 111 116
16*2 17
85 Imperial Tob of G B & Irel’d
91% Sale 91%
93*2 270 86*2 96
Preferred___________ c 84
50
42
5 03 10(1*4
94 Int. CIg. M achinery______
99
99*4 99
99
Braden Cop M coll tr s f 6s. .1931
S 93
90
80
93 110 138*2
16 Johnson Tin Foil & M et. 101
(
12
Cerro de Pasco Cop 8s_____ 1931 * J 132*2 Sale 131*4 134
1
310 99 116
110*2 Sale 110 %
36 MncAndrews & Forbes..100 x 25 129
113*2
n 32
Chile Copper 10-yr conv 7 s ..1923
66 Sale
95*4
18
96*4 210 84 9734
Preferred.......................10T 299 101
0 76
Coll tr A conv 6s ser A___ 1932
) 31
92 Sept'22
87
94
88 114
64 Mengel Co----------- ---100
(1 61
Granby Cons M S A P con 6s A *28
75
87
99
92
95 92 Mov’2 .
0 170 17) Torto Rican-Amer T o b .. 100 65
Stam ped____ ___________ 1928
90
97 Sale 97
5 86 102
*-0
97
67*2
Conv deben 8s__________ 1925
Scrip_______ _______
0 67
54
114*4 116 115*2 115*2 10 109% 123
17*2 Schulte R et Stores, (no par) *50
Magma Cop 10-yr convg 7s__1932
es **7
115
99 Dec’. 2
99 100
92*2 101
22
Tennessee Cop 1st conv 6s_._1925
0 20
Preferred w 1...............10( n o 120
Colorado Power, com..
6 95*2 1035a
95 Universal Leaf Tob com. 100 115
U S Smelt Ref A M conv 6s. . 1926 F A 100 100*4 100*2 100*2
10 92
27
0 24
Preferred____ ______ 101 101 102
01
97
68 Young (J S) Co...............10*
Coal, Iro n an d Steel
)0 66
105
99 Sale 99
5 95*2 100*>8
99%
99*2
Beth Steel 1st ext s f 5s...........1926
Preferred___________ 100 100 icex)
10 97
46
96*2 15 8»*2 100
1st A ref 5s guar A_______ 1942 M N 95*4 9534 95*4
R ubber Stocks (Clece1 ml v 73
1 41
0
Federal Light A Trac.
74 Firestone Tire & Rub.com. 1( 72
93*2 19 86 95
20-yr p m A Imp s f 58____ 1936 J J 92 Sale 92
)0 72
Preferred— .......... 99
97
4
1734 6% preferred__ •____ 10<
9 % 57 98 101*2 Lehigh Pow Sec...(no
6r A........................................1948 F A 983 Sale 98*2
r> *17
91
96% 197 9 L 100% Mississippi Rlv Pow, co
28
Brier Hill Steel 1st 5 M s___ 1942 A O 96 Sale 94
(0 27
7% preferred_______ 100
___ ____
83 Gen’l Tire & Rub, co m .. 100 325
J D 90*4----- 78 Aug'2l
10 81
Preferred_________
82 92*2
.1 94 95
F A 88*2 Sale 89 Nov’22
Preferred_______ — 100 97 100
82*2
76%
9*4 10*4
77% 28 71
F A 76% 77
N 160 102 Goodyear Tire & R, com. 100
S f g deb 7£ 1935.
30
21
88% Salo 87%
39
S8% 28 86 93
r) 37
Preferred___________ 100
J D
N at Pow A L, com. 1
69
81
Prior preferred_____ 100 65
r) 79
Donner Steel 1st ref 20-yr sf 7
Preferred--------- <
86
98*2
89
10 88
90
-.1
86*2 88
GoodyT T&R of Can, pf. 100 82
Series AA-------------------J J ___ 90
Inc 7s 1972_____
75
96*2 10254
.99 ------ 1023.1 Dec’22
7 Miller Rubber------------ 100 70
Elk Horn Coal conv 6s_____ 1925 J D
n
*4
101 103
92
92% 32 86*2 93%
A O 91*2 92
Preferred_______ ____ Illinois Steel deb 4Ms_____
30 20 25
Preferred.
25
15
4 96% 103
101 Sale 101*8 101*8
97*2 Mohawk R u b b e r ..-----100
Indiana Steel 1st 5s______
30 95
70
60
6 9354 100*2
99%
94
A O 100 Sale 99%
)() 92
Preferred............................
23
9454
21 82
84 Swlnehart Tlre& R,com. 100 —
91
M S 9b34 Sale 90*2
1st cons 5s series A.........
O 81
O
90 94
84
90*2----- 94 Juno’ 22
Sugar Stocks
00 81
Lehigh C A Nav s f 4Ms A.
14
•11
92»4
88% 106 83
M S 88*2 Sale 88*4
00 89% 90% Caracas S u g a r ................50 •84
85
2
0 94% 1011
56 Cent Aguirre Sugar com. 20
101*4
IV N 101 Sale 101
I
00 53
**i 1*4
98*2 Sale 98*2
98*2 10 96*2 103
81 Central Sugar Corp.(no par)
F A
00 81
3
1
96*8
94*4
•1 92
Preferred......... ............100
F A 94L Salo 94*4
1st 25-yr s f g 7Ms Ser B .
00 103 105
35
80
80
Cupcy Sugar common— 100 25
N 1035 . . .
J J 85 ------ SO Apr’22
Gen M 7M sl941.
65
45
92% Dec’22
87*4 95
93*2 95
13
Preferred.......................100
00 10
tepubllc Ry A Ligh
89
87
943j 10 90 98*a
43 Fajardo Sugar------------ 100
Repub I A S 10-30-yr 5s s f..l94C A O 9378 Sale 94
00 40
Preferred_______
O 65
Rogers-Brown Iron Co 20-year ger
00 104 105 Federal Sugar Ref, coin. 100 95 105
93 100
Preferred-----------------100
A ref mtge gold 7 s.. ...........1942 M N ___ 92*2 93*2 Dec’22
00 l 21 124
19
78 88
St L Rock M t A P 5s stm p d .. 195£ J J S4 86*2 85 Dec’22
50 ‘ IS1 19*2 Goilchaux Sug, Inc.(no par) *16
85
6 93 102
973.1
98
Sharon Steel Hoop 1st 8s ser A1941 M S 97*4 99
Preferred.......... . . -100 80
50 *48* 49*2
82
20 97 106
102
I53 GreatWestern Sugnew25 100 *78
4
Steel A Tube gen s f 7s ser C.1951 J J 101*2 10212 101
r) *15
Tenn Coal I A RR gen 5s___ 1951 J J 100*4 10034 100*4 10 ()i
47
Preferred-----------------100 107 108
* 96% 100%
r) *45
20
U S Steel Corp/coup_____<21963 M N 1035a Sale 10234 103% 126 99*2 104%
00 70* 72 Holly Sug Corp.com.(nopar) *15 65
. . ____ 102
1 99 104%
s f 10-60-yr 5s\reg.............<21963 M N
102
77
Preferred___________ 100 60
00 74
56 6534
Victor Fuel Co 1st s f 5s__ 195.1 J J 52% G5 56 Nov’22
43 Juncos Central Sugar. .100 50 100
00 41
87 95% Western Power Corp.
rvi s 93 9.3*2 95*2 Dec’/ 2
National Sugar Refining. 100 «106 l«7*i
00 91* 93 ■
12
8
9434
66 91 101*4
9334
J J 95% 97
RantaCeciliaSugCorp.pf.lOO
53
Savannah Sug, com. (no par) *51
S h o rt Term S ecurities pe r Cet !
T elegraph an d T elephone
9S
Preferred-----------------1Q0 102 104
Am Cot OH 6s 1924._M S2 «7
<S
G
O
75
81
M S 80
81*4 80 Dec’22
*
cA 1007 io n West India Sug 1 in.com. 100 40
40
30
•1 J 9138 Sale 913a
91% 76 86*4 94
P referred --------------- 100
fcj io n ioi5a
Convertible 4s.
86
86
M S 85
86%
■ 80*4 93
1
“ J 103* 104 Industrial& M iscellaneous 238 245
c
7s 1929 Series B_
4 9534 104*2
102
M S ___ 104
102
iO 103 1031 American Hardware-----100
65
983 118 91*2 100*4
.1 D 98*2 Sale 98
£
15 1051 1053 Amer Typefoundcrs.com. 100 62 102
116*2 Sale 11534 117
58 108 120
F A
Preferred-----------------100 98
15 100 101
Bell Teleph of Pa s f 7s A___
A O 108 Sale 10 S
15 107 112
10 S*
Atlas Powder--------------100 145 155
101
15 100
39
C ent Dlst Tel 1st 30-year 5s.
J D 99 100
99*2
99*
15 101* 10 17 Bliss (E\V) Co, new.(no par) *38
* 97*s 100*4
*60
65
2 72
74*2 75
Preferred___________ 50
74%
74*
78
*1 S2 101* 101%
94
93
Borden Company, com .. 100 114 116
J .1 93
! 88% 96
„N 1003 —
93
Keystone Tclep Co 1st 5 s .. .
Preferred___________ 100 100 102
J J
94%
t s 1001 1003
Mich State Teleph 1st 5 s ...
F A 99% 99% 99%
995
36 9434 l 66
98 Celluloid Company.........100 10 ) 102
fcS *97
New England Tel A Tel 5s .
9738 100
J E 99 Sale 9S%
Preferred------ ---------- 100 106 110
9C
99*
15 1003 101
M IS 93*4 93*2 93%
933
73 88*4 97*4
t J 102 104 Childs Co, common------ 100 115 118
6 Ms -Tuly 1931Preferred------ ---------- 100 108 n o
F A li, 0*2 Sale 106
41 101»4 1087a
108
: A 101 101*
99
95
A C 106*2 Sale 10534
1061 161 101*8 108*4
. A ’ 92* 93* Hercules Powder--------- 100
103
F A 107*2 108 lb73
Preferred-----------------100 101 ____
4 10 S * 66 105*2 109
eA 96* 98
80
J .
7 91% 100
102* 102* International Salt--------100
9 s Sale 1)7*2
98
Swift A Co 7s Aug 15
92*
62 90 95
MIS
91*4 Sale 91
<A 108 108* International Silver, pf__100 102 105
85
Lehigh Valley Coal Sales. 50 *82
95*
16 93 9934 U S Rubber 7 Ms 192
J .
95*4 Sale
95*4
ds
160 165
97
98
97 Dcc’22 _ 9034 101
J .
39
9954 1003 Phelps Dodge Corp-----100
122
IV N 91
I
92
K 88*2 94*8
Fund A real estate g 4Ms.
102. s 1033 Royal Baking Pow, com. 100
92
91
5s 1951 opt 1931.
98 100
41 106*2 114
F A 111*2 Sale 11(|34
111*
15-year 6 Ms g.................
103*
5s 1952 opt 1932.
105*2 106* Ringer M anufacturing.. . 100 n o 112%
94 Aug’2i ____ 94 94
J J 9138 92
* Per share 6 Basis, d Purchaser also pays accrued aiviaena. e
m-oe*.
Flat price. ’ * Last. sale, m Ex-4i)0% stock dlvMend. 0 Ex-special dividend Of
S80 v Ex-special dividend of S15. nN om bal rE x-div. y Ex-rights. (Ex-stock
•Noprice Friday; latest bid and aaked. aD ueJan. dDue April. cDue March. «Due
div. uE x cash and stock dividends, v Ex-100 % stock dividend.
M ay. <?Due June. fiDue July. ftDue Aug. oDue Oot. Due Doc. a Option sale.
BONDS
N . Y. STOCK EXCHANGE.
Week ending Dec 29




!

Price *
Friday
Dec 29

Week’s
Range or
Last Sale

§J

R
an"%
Since
Jan. 1

2

2894

BOSTON STOCK EXCHANGE— Stock Record

HIOH A N D LOW SALE PRICE— PER SHARE, NOT PER CENT.
Dec. 23.

Monday,
Dec. 25.

Tuesday,
Dec. 26.
143i»4 144
*2 — 83
*29712

*2117 120
102

18

102

Wednesday.
Dec. 27.
143*2
83
98
*2118

144
83
98

120
101*2 102

Thursday,
Dec. 28.
143*2
*/82*?
97*2
119

18
17*4 18
'17*8 Y7*2
25
22
22
21*2 21*.
28*4 2814 29
28's 28is 28
44
44
44U 44*4 44*2 45
*38
* 3 8 * 2 ____
39
40
55
55
55* 55
*55
59%
*21571;
158 158
158 158
20*4

21

21%

69
60
37
37
42 . 42

20
*68

20%

*283
**103
**75

76

76

*94

....

....

**100

Stock
Exchange

20%

20*2 20*2

69

71

42*2 44
20

STOCKS
BOSTON STOCK
EXCHANGE

20*4

*100*4
76
74
75
27
. . . . 96 96

Range since Jan. 1.
Lowest

Shares
Railroads
194 Boston & Albany________ 100
45 Boston Elevated________ 100
17
Do pref______________100
13
Do 1st pref__________100
102 102*2
207
Do 2d pref__________ 100
17
1734
530 Boston & Maine________ 100
21*2 21*2
103
Do pref_____________ 100
436
Do Series A 1st p r e f ...100
331
Do Series B 1st pref___100
49
Do Series C 1st pref___100
86
Do Series D 1st pref___100
22 Boston & Providence_____100
15812 158*2
20
20*4
122 East Mass Street Ry C o .. 100
70
70
114
Do 1st pref__________100
170
Do prefB ___________ 100
4
Do adjustment_______100
42*2 42*2
92 Maine Central__________ 100
20*4 203s
722 N Y N H & Hartford..........100
Northern New Hampshire. 100
Norwich & Worcester pref. 100
73*2 74
Old Colony_____________ 100
Rutland pref____________100
Vermont & Massachusetts. 100

Highest

130*4 Jan 4
73 Feb 20
94*4 M ar 1
116 June 22
101*2 Nov 20
14 Jan 10
Jan 9
Jan 5
Jan 17
Jan 9
Jan 12
Jan 12
July 13
Aug 14
July 13
_ July 14
27*2 Jan 30
12*4 Jan 3
69 Jan 10
58 Jan 17
57 Jan 6
15 Jan 20
78 Jan 23

152 M ay 22
89*2 Sept 12
105 Sept 13
126 Sept 27
104 Nov 28
31*2May 20
37 Apr 8
44*2 Apr 26
62 May 20
54 May 25
77 * May 1
2
163 July 17
263s July 31
77 July 14
60 Nov 16
47 Aug 17
55 Oct 21
34%May 22
96 July 19
10334 Dec 22
98*4May 23
627 June
8
99*2 Aug 10

Range J ot previous
year 1921
Lowest

Highest

119 Apr 133
61% Jan 79
78 Jan 100
13*4 Dec

25*4
30
Aug 33
Nov 47
Nov 40
Nov 58
June 133

10*2 Nov

19
27
24
36
110

30
12
60

Dec
Deo
Apr

50
15
69

Nov

Oct
Apr

N ot
N ot
Deo
Feb
Jan
Jan
Feb
Jan
Jan
Jan

43*2 Feb

23*4
75
76
75

21

Jan
Feb
Jf n
Jan
Jan
Deo

78
M iscellaneous
214 Amer Pneumatic Service.. 25
2*2 Dec 29
4*4 Jan 27
2 Jan
5*4 Deo
129
Do pref______________ 50 13 Feb 20 20*4 Aug 10
8*2 Jan
153s N ot
2,346 Amer Telephone * Toleg.,100 1143s Jan 3 128*4 Aug 31
fc
95*8 Jan 119*2 N ot
269 Amoskeag Mfg__________No par
104 Jan 10 121 Deo 18
74 Jan 109 Deo
35
Do prof_____________ No par80 Nov 6 91 Aug 24
78 Feb 84*4 Dee
10 Art Metal Construe Inc__ 10
14 Nov 16 20 * May 19
2
12 Jan
16 Sept
Atlas Tack Corp_____ No par 13 Jan 7 22 May 4
12*4 Dec
20 Apr
Beacon Chocolate________ 10
.05 Dec 12
.75 Feb 21
.15 Dec
4 Jan
*.12
.20 *.12
.20
.10
.10
200 Boston Mex Pet T ru s.. Vo par
.lOSept 14
.50May 4
.15 July
.95 Jan
230 Century Steel of Amer Inc. 10
.05 Jan 20
.20 July 17 .08*2 Oct
1*8 Jan
297 307 *22
8
8
22*2
21*2 22*4 21
21%
2,770 Connor (John T )_________ 10 153 Jan 4 307 Dec 26
4
8
9*2 July
*3*2 4
177 Deo
8
3*2 3*2
3*2 3*2
175 East Boston Land________ 10
3 Jan 4
6 Apr 21
3 Oct
4*2 Feb
8% 8%
8*2
8*2
8*2
8*2 "*8**2 "8*78
340 Eastern Manufacturing_
_ 5
7 Deo 6 14*4 Feb 10
9*8 Oct 23 Jan
84
84
84
84
84*2 84*2 84
84
326 Eastern SS Lines Inc____ 25
38*2 Jan 4 89 Oct 26
16 Jan 42 Deo
Do
50
42 Nov 45 Deo
168*4 169*2 168 169*i 170" 170*4 170" 170*4 1*251 Edison pref_____________ 100 42 Jan 7 48 Sept 1
Electric Ilium____
M ar 2
Sept 1
11*2 12*4
11*8 12
107g 1134 2,647 Elder Corporation____ No par 156 M ar 14 185 May 17 142*4 Oct 165*1 Deo
11*4 12
3
13
3 Nov 17 Jan
28
28
28
29
*27*2 28*2
71 Galvoston-Houston E leo..l00 28 Dec 19 39 Aug 15
*10
10*4 10
10
10
11
10
10
1,460 Gardner M otor__________No par 9 Nov 27l 18*4 Apr 6
958 Sept 23*4 Apr
19
19
18*4 18*4 I 8I9 19
19
19*8
750 Greenfield Tap & Die____ 25
17 Dec
19*4 Dec 29 N ot
49
49*t 50
50
49% 50% 503s 51*2 1,298 Hood Rubber____________No par 43 M ar 20 27*4 Feb 27
9 53*4 Mar 20
**34*2 36 **34
35*2 **34
35
Internat Cement Corp .N o par 26 Jan 20 37*2.May 13
July 287 Dec
8
22 *
22
23
23
3 Internat Cotton Mills____ 50
20 Nov
32 Jan 27
Dec 41*2 Feb
71
71
71
71
*71
75
25
Do pref_____________ 100 60 Aug 5 85 Dec 1
Deo 86 Mar
1*8 1*8
1*3 1*4
1*8 1%
1*2
1*2
455 International Products. Vo par
1*8 Dec 20
6*8 M ar 25
Sept 13 Jan
*6*8 8
0*2 0*2 *6*8 8
10
Do pref________
100
5*a Dec 4 17 Apr 1
Nov 32 Jan
Island Oil & Transp C orp.. 10
.02 Apr 15
3 Jan 24
Sept
4*8 Mar
6
6*8 0*8
6
6T&
6*4
6*4
*494 Libby. McNeill * L ib b y .. 10
15s Apr 24 11 * June 3
3
5*8 Dec 13 Jan
10
10
10*4 10% 10*2 10*4 10*2 1034
837 Loew's Theatres_________ 25
8 July 1
13 Jan 10
3 8*4 Dec
18 June
87
88
87
87*2 87
87
86*1 87*2
446 Massachusetts Gas Cos__ 100 63 Jan 3 90*8 Nov 9
53*4 Sept
85 Jan
70*2 70*2 70
71
70
70*2
739
Do pref_____________ 100 62 Jan 3 74 Oct 19
58*3 Oct 64 May
* * ... 179 *x__ 179 **170 175 •172' 177"
Mergenthaler Linotype__ 100 130 Jan 3 181 Oct 13 117 Sept 136 N ot
11*2 11*4 11*2 11% 11*8 11*2 11
11
545 Mexican Investment In c .. 10 11 Dec 29 273gJune 26
13*2 Sept 35*8 Apr
26
27*2 26*j 27*2 26*2 27
275 277
8
8
122 Mississippi River Power__ 100
13 Jan 6 34 Aug 31
H oliday.
11 Sept 14*3 Mar
*81
83
*81
83
83
83
12
Do stamped pref_...1 0 0
72*3 Jan 9 85*3 Oct 6
60 June 84 Apr
7
7
7
7*8
6*4
7
"e « 4 " 7
1,097 National Leather_________ 10
6*4 Dec 21
1158 Jan 21
2*4 Dec
*.50
9*4 Jan
1
.30 .00
.40 .51
1,365 New England Oil Corp______
.22 Deo 6
5 Jan 28
119 120
4 Aug
6 Aug
118*4 119
116 117
lie" i*i7*
132 New England Telephone. .100 109 Jan 4 125 Sept 19
Exchange
95*2 Jan 112*4 Deo
Ohio Body A Blower..Vo par
5*4 Nov 28
14 M ar 10
17*2 71% 18% 19*4 *18*4 "19*4 *19" *19
7 July 11*4 Deo
1,155 Orpheum Circuit Ino____
13 Jan 10 28 Oct 5
188 192
1413 Dec
30*4 Apr
190 191
190 191
547 Pacific Mills.........................
15434 Oct 4 192 Dec 26 146
Jan 171 Deo
Z15U 16*2 *Xl5*4 16*2 15*4 15*4
5 Reece Button Hole_____ 10
12*3 Apr 18
16 July 17
*1
2
12*3 Apr
14 Jan
*2
___
1
1
1
1
120 Simms Magneto_______
5
.50 Nov 17
7*8 Apr 5
106*4 IO6S 107 107*2 1065s 107*2 107*4 107*4
4
3 Dec
9*4 May
358 Swift & C o .. . ......................100 92*4 Jan 3 110*3 Sept 12
45
45
88*3 July 105*14 Jan
45
45*8 45
45
45
47*4
325 Torrlngton_______________25 •39 July 3 81>3June 5
*8
10*2
47 June 61 Feb
*8
10*2
8
8
9
9
210 Union Twist Drill............ 5
43
44*4 43*4 44
8 M ar
10 Dec 22 Jan
43*2 437 4334 445s 7,421 United Shoe Mach C o rp .. 25 34 M ar 29 14*4 Feb 3
8
3 45 M ar 24
33 Sept 39*4 Jan
26*4 265s 26*2 26*2 26*2 27
27
27
199
Do pref____________ 25
25 Jan 3 27*3 July 15
29*2 30
22*4 Apr
25*3 Deo
29*4 30*4 283S 2934 285s 29*4 10,658
Ventura Consol OH Fields. 5 2178 Jan 27 33*2June 2
16*4 July 24*3 Deo
37*4 38
37*8 38
37*4 38*8 38*4 39*8 4,237 Waldorf System Ino______ 10
26*8 Jan 4 38*8 Dec 28
4*2
434
167 Jan 297 Deo
8
3
412 434
434
5
648 Waltham W atch________ 100
2*4 Nov 29
13 13*;
6
Dec 17 Jan
1434 Apr 26
13
13
12
13
12" "l2
195
Do pref____________100
11 Nov 29
49 Apr 25
36 Sept 75 Jan
1134 12
11*2 11*2
11*2 11*4
430 Walworth M anufacturing. 20
7*3 Feb 7
13 Oct 9
29
29*-> 29*2 30
8 Sept
17 Feb
28*2 29
28
2812 1,125 Warren Bros___________ 50
17*3 Jan 3 35*4 Sept 25
11 Apr 22*2 Apr
35
35
35
35
34*2 3412
89
Do 1st pref_________50
30*3 Jan 4 38*4 Oct 9
17 Aug 33*8 Deo
*137
39 *z37
39 *237 39
Do 2d pref_________ 50
33*s Feb 18 4434 July 12
16 Oct 35*4 Dee
*11
11*4 *11
11*4 11*8 11*8 10 * 10*4
850 Wlckwlre Spencer Steel__ 5
8’4 Nov 17 21 May 13
8 July
18*4 Jan
Wollaston Land_________ 5
134 Jan 4
1*4 Deo
.80June16
.35 Oct
M ining
*.50 .75
.50 .50 *.50 .60 *.50 .60
10 Adventure Consolidated__ 25
.4 Mar
1 Apr 15
.50 Jan 31
.75 Mar
•57*2 58
57*2 58
*56*2 57*2 58
58
360 Ahmeek_____________
25 56 Nov 15 60 May 29
40 Aug 63 Dee
*.25 .40 *.25 •4f *.25 .40 *.25
.40
Algomah Mining_________ 25
.03 Sept 25
.15 July
.50 Apr 17
.50 Apr
24
24
22 % 22*2 *22
24
*22
24
15 Allouz___________________25 19 Dec 15 32*3 Jan 26
18 Apr 2413 N ot
4*8
4
4%
4
4%
4
4
2,605 Arcadian Consolidated___ 25
458May 23
2 M ar 10
1*8 Sept
3*4 Jan
*712 8
7% 7%
7*2 71o *7*4
460 Arizona Commercial_____ 5
6 Nov 2
673 Jan
10 * June 5
3
10 Apr
*17*4 18% *17*4 18*4 *1734 18*4 *1734 I 7%
8I4
Bingham Mines__________ 10 13 Jan
18*3 Sop t 11
8 M ar
14 Oct
285 289 283 285 283 285
289 289
64 Calumet & Hecla_________ 25 248 Nov 14 301 Aug 25 210 Apr 280 Deo
7
7*8
6% 7
6*4
7
6%
6%
3,915 Carson Hill Gold________ 1
57 Nov 20 16*4 M ar 29
s
11 Dec 16*8 Jan
*8
9
*8
9
*8
9
8*2 85s
30 Centennial_______________25
8 Nov 1 13*3 Feb 1
7 Jan 10 Jan
37*2 38
3612 37% 35*4 36*4 36
36l» 1,619 Copper Range Co________ 25 35*8 Dec 13 46»4May 31
27 Jan 40*4 Deo
3
3
3
3
2*2
2%
2
234
6,190 Davls-Daly Copper_______ 10
2%Nov 23
5*4 M ar
9*4 Jan 26
7*t Jan
8'*s
9
8% 9
8% 8*4
9
9
745 East Butte Copper Mining. 10
7*3 Nov 28
7 Aug 11*4 Deo
12*4 Jan 26
1*1
1?8 *1 %
1*4
1*2 l ’{> *1*2
325 Franklin________________ 25
1%
1 A p ril
37 Apr 15
s
1*8 Apr
3*4 Jan
*2*2 3 %
2 % 2 % *2 % 3
2% 2%
240 Hancock Consolidated____ 25 II 3 A ug 18
3*2 M ar 16
1*2 Sept
3*2 Jan
*.90
1
.80 .80 .75
1
•70 .90
420
.50 Dec 19
2*4 Apr 17
1 June
27 N ot
8
100 101 % 102 103
101 10234 10 1 % 104*» 2,391 Helvetia_________________25
Island Creek Coal_______ 1 81*3 Jan 10 11658June21
48 Jan 88* Deo
i
96
96 **94
96
96
96
*94
96
51
75 Jan 9013 Dee
Do pref_____________ 1 88 Feb 14 97*2 Nov 10
*22*4 23
22 % 22 % 21*4 21*4 *21
22
35 Isle Royale Copper----------- 25 18 Nov 1 26»4May 31
10*4 Jan
3
24*3 Dec
3
*3*4 3*4 *3*4 3*4 *3*4 3*4
3 Feb 6
4 Kerr Lake______________ 6
47 Apr 17
s
23s Mar
4 Sept
1*8
1 38 *1*8
1
1
1 *?
*1*8 1 %
95 Keweenaw Copper------------25
1 Feb 24
57
8May 5
.98 Sept
3 *8 3*8 *2*4 3
2 Deo
3
3
3
3
325 Lake Copper Co__________ 25
53
4May 31
2*4 Feb 18
2 Jan
*1
3*3 Deo
1
1
1%
*1
1 *.
*1*4 1 %
1 Nov 2
150 La Salle Copper__________ 25
2*4 Apr 17
1*4 Jan
2*4 Feb
*1 % 2
*1*2 2
* 1*2 2
1%
1*8
1% Jan 4
100 Mason Valley Mine______
2»4May 19
6
1*4 Jan
2 Sept
1*2
1*4
1*2
1*2
2
1*4
*1
2
685 Mass Consolidated..'____ 25
1*2 Dec 26
434 Apr 13
.55 Apr
3*8 Jan
*3*4 4
*3*4 4
4
*3*4
3*4 3*4
5 Mayflower-Old Colony___ 25
2*s Dec 13
0 May 22
26f Aug
*2
5*4 Jan
2*2
1*4 1*4'
2*8
*2*4 2 %
2*8
106 Michigan________________ 25
.75 July 10
7 Apr 13
1*4 Aug
58
3*2 May
58121 55
57
57
57% 57
57
191
43*2 Jan
69 Dec
17*8 17*2 17*2 18
17*2 18
17*4
6 15*4 Dec 4 20 *2June 2
12*4 Sept
18*4 Deo
*.05 .25
.05 .05 *.05 .25 *05 1734
.25
.05 Dec 27
6
2% M ar 23
600 New Idrla Quicksilver___
__
.40 Nov
2 Deo
37 *__
37
37
37
*37
IOC 37 Jan 6 40 Feb 9
50 "
"
40 Feb 67 May
78*2 78*2 *178*2
*78%
*79
5 Do pref.
73 Jan 7 85 Oct 16
10 c
74 Deo 95 Mar
53
4 6
6
6
5*4 6
5*4 534
400 !
5 July 8
6
7 Jan 4
4 July
8*3 Jan
9*8 9*4
9*8 9*4
8*4 9*8
9
8% Oct 31 15 May 29
1,875 ;
15
8 M ar
14*4 Dee
1*2 1*2
1*4 1*2 *1*8 1*4
1%
U2
425 1
1*4 Dec 27
25
1 Aug
4% Apr 15
2*3 Deo
*18*2 19*2 19 . 19
19
19
17*. 18*2
25 16 Nov 27 27 Jan 25
100 <
15% Jan 26*4 N ot
32
32
31*2 32
33
33
32*2 33
95 (
25 25 Nov 28 38% Aug 23
21 Aug 35*2 Deo
37
35
34*2 34% 34
34*4 34*2 34*2
543 *
25 30 Nov 15 50 May 31
33*2 Aug
40 Deo
41
42
41
*40
*40
42
*39*2 42
!
28 Jan 45 Deo
25 37 Nov 28 48%May 31
.65 .65
*.75 .90
.55 .60 *•55 .75 ---.25 Mar 10
l*iMay 18
.75 Jan 1 % Dec
380 1
10
.30 .30 *.32 .50 *•35 .50
*.30 .75
.25 Dec 19
.35 Nov
25
l%May 18
2 Jan
1*2 1% *17
1% 1%
1% 2
8
2
1*2 Deo 28
2 Sept
4*4 July 13
4*3 Feb
2*4 2*4 *1% 2*4 *1*4 2*4
800 Superior A Boston Copper. 25
1 June
.90 M ar 31
2*4 Oct 19
2*4 Feb
1q
1*8 1*4
1*8 1*4
1*4 1*4
V S 1 '-'it
llfjDec 29
795 Trinity Copper Corp_____
IMi July
3% Apr 3
4*3 N ot
.50 .50 *.47 .53
*.50 .60
•52 .52
b
,92May 22
.34 Aug
700
,40Nov 10
.85 Deo
2% 2% *2*4 3
2% 2%
234
5
4 M ar 22
295
1% Oct 20
1*4 Aug
3*2 Oot
1*2 1%
1*4 1*4
1% 1%
1*2
5
3%June 5
1 Feb 21
1*2 Nov
5 Jan
.90 ••90
.91 .91
.95 .99
.90
.95 Jan 2 % Jan
.80 Dec 12
2% Apr 13
1
2,450 Utah Metal A Tunnel.
1
1
*1
1*8
*1
1*2 *1
.75 Nov 27
.40 May
2% Jan 30
21
2*4 Feb
*1
1*2
1*4 1*4 *1
1*? *1
.35 Jan
2*4 Apr 15
25
.25 Jan 16
.80 Mar
7*4 7*4
*7*4 8
7*i
7*4 7*4
91 WaIvotItip
8*« Jnl»
714 Nov 29
10 M*v3T
14
23
3
18
18
122*4 123*8
112*2 113
*82
*15
*15
17

Holiday

21

69
60
60
36*2 36*2
*44*? 45

Sales
/or
the
Week.

144
83
82
82*2
97*2 97*2 97*
119
118 118

*22

20
68
*5912

Friday
Dec. 29.

BONDS
See next page

2*4
17*2
122%
113
83
*15
*15

3
*234 3
2*2 2*2
17*o 17
17*2 17
17"
123*4 122*4 123*4 12234 123*8
113
113 113
110 112
*84
83
85
*15
15*4 *15*4
17
*15
17

VS 2S

• Bid and a * e d price* no .alee on this day.




. Ex-rlghts.

6 E x p e n d and rights.

.E x -d lv ld en d .

, Ex-stock dividend

a Amesement paid.

3895

THE CHKONTCLE

D i e . 30 1922.]

Friday

O u tsid e

S to c k

E xchanges

B oston Bond Record.—Transactions in bonds a t Boston
Stock Exchange Dec. 23 to Dec. 29, both inclusive:______

S to c k s —

F r id a y
IF c e t's R a n g e
L ast
o f P r ic e s.
S a le .
P a r . P r ic e . L o w .
H ig h .

A tl G u lf & W X SS E 5s 1957
C h ic J u n e R y s & U S Y 4 s '40
5 a __________________ 1940
D o m ln I r o n & S te el 5S.1939
E M a n S t R R S e r B 5 s .1948
H o o d R u b b e r 7 s --------- 1936
K C M em A -B lrm Inc 5 sl9 3 4
M a ss G a s 4 ) 4 s . ..............1931

4)4s ____________ 1929

M iss R iv e r P o w e r 5 s . . 1951

52)4

51)4
81
94
85
70
9 9 )4
87
9 0 )4
95
94
97)4
97)4
107)*
963*

85
100)*
90 Ys
95
98)*
107)4

S a le s
fo r
W eek.
S h a res.

S62.000
53
81
1,000
94
3,000
85
2 ,000
73
3 ,250
100)* 2 1 ,000
4,000
8 8 )4
90)*
4 ,000
95
1,000
95
5,000
98 )* 17,000
98
5,000
107)4 11,000
97
8 ,000

R a n g e s in c e J a n .

1.

H ig h .

T OW.
j

M ar
47
743* F e b
893* J a n
D ec
85
A ug
69
953* J a n
79)4 F e b
Jan
86
Jan
86
Jan
88
Jan
93
Jan
91
973* F e b
Jan
90

65
84
97
S5
76)4
1013*
91)4
94^4
96)4
96
99)4
100)4
118
973*

M ay
Sept
A ug
D ec
A ug
Sept
O ct
Ju n e
Sept
Sept
A ug
O ct
Sept
O ct

B ell T e l of P a 1st ref 7s ’ 45
C o n so l T ra c o f N J 1st 5s '32
E lec & P e o p les t r c tfs 4s '4 5
L a k e S u p e rio r C o rp 5s 1924
.eh ig h V ail g en co n s 4s '0 3
P e o p les P a s s t r c tfs 4 s . 1943
P h ila C o s tp d 1 st 5 s . .1 9 4 9
P h ila E le c tric 1st 5 s . .1 9 6 6
1st re f 5 H s ............ . .1 9 4 7
1 st ref 6 s ___________1941
1st sin k in g fu n d 4 s . 1906
R e a d in g g en eral 4 s _ 1997
_
S ta n d a r d G a s & E l 6 s . 1926
* N o p a r v a lu e .

S to c k s —

P ar.

P r ic e .

V c e k 's R a n g e
o f P r ic e s.
Low .
H ig h .

A ru n d e l S a n d & G r a v e l. 100
4 0 )4
B a lt B ric k , c o m ________100
B a lt E le c tr ic , p r e f ______ 50
B a ltim o r e T u b e ________100
X Teferred______ ______ 100
47)4
C elestin o O il________
C e n t T e re s a S u g , p r e f _ 10 .............
_
C h es & P o to m a c T e lep of
B a ltim o re , p re f_____ 100 110
C o m m e rc ia l C r e d it_____25
26 J*
I’re fe rre d _____________ 25
27
110
107
118
97 )4

4 0 )4
2 )*
413*
18)4
47 )4
.30
2 )4

110
58)4
26
27
109)4
106)4
117
97
25
120
117)4
_ _ _ 293
91
92
3 3 )4
______
57
263*
263*
78)*
79 H
54
______
............. 233
14
______
35
35)*
______ 107
19
19
142
147
29
29

I B e n e sc h , c o m .

.............
, ______
92)4
99)*
) 103)4
______
)
88)4
5 9934
86 )4
1 ______
9
74)4
9 101)*
5 ______
7 _____
6s.
9
5 4 ),
W a sh B a lt < A n n a p 5s 1 9 41 -------fc
1 ..........
• N o p a r v a lu e .

833*
87)4
92
99)*
103)4
99 )4
88 )4
9934
8 3 )4
100)4
733*
101)4
77)4
9 7 )*
545*
7 6)4

S a le s
Jor

R a n g e sin c e J a n .

423*
2 )*
413*
18)4
50
.33
2)4
110)4
59
26 )*
27)*
U0
107
118
97)4
25
120
293
92
3 3 )4
57
27
79)*
54
233
14
35)*
109
20)*
147
30

32
40
128
91
135
65
85
33
6
126
1
144
30
25
171
254
10
5
9
141
33
480
86
90

44
Ju n e
2 )4 A p r
43
N ov
30
Ju n e
9 7 )* A ug
.74 M a y
4
M ar

Jan
O ct
Feb
D ec
D ec
.30 N o v
Sept

410
75
25
100
220
1,272
35

1.

H ig h .

L o ie .

S h ares.

June
105
M ar
49
Jan
25
253* J a n
Jan
91
102 J u ly
Jan
105
Jan
80
N ov
18
109)4 N o v
O ct
291
Feb
78
M ay
19
Jan
41
Jan
24
D ec
77
D ec
50
2 1 6)* S e p t
10 J a n
Sept
31
92)4 J a n
Jan
9
140)4 D e c
Jan
29

110)4
70)4
28
28

120

108)4
122)4
983*
25
120
300
92
34 )*
67 )4
27)4

110

54
240
17)4
36)*
118
23
153
34)4

D ec
O ct
A pr
A pr
A ug
Sept
Sept
N ov
A ug
D ec
O ct
J u ly
N ov
D ec
D ec
N ov
D ec
D ec
A pr
D ec
Sept
O ct
N ov
A pr

84 )4 O c t
Feb
78
833* $1,000
92 )4 S e p t
813* M a r
8,000
87)4
94 )4 O c t
8 5 )4 J a n
92)4 24,000
993* D e c
98 )4 D e c
4,000
993*
Sept
J u ly 107
103 J4 15,000 100
9 6 )4 J a n 1003* J u n e
1,000
99)4
92 )4 S e p t
86
Feb
2 ,000
88)4
9 9 ) 4 A ug
94 )* M a r
1,000
99)4
87
D ec
75
Feb
8 3 ,000
87
J a n 100)* D e c
95
8,000
1003*
77
Sept
663* J a n
74)4 11,000
98 )4 A p r 103)4 S e p t
101)* 13,000
66 M a r 81 S e p t
300
78
D ec 100)* M ay
97
1,000
97)*
59)* S e p t
Jan
54)*
46
2,000
84
M ay
D ec
75
1,000
76)4

P hiladelp hia Stock E xchange.—Record of transactions
a t Philadelphia Stock Exchange Dec. 23 to Dec. 29, both
inclusive, compiled from official sales lists:

S to c k s —

Sales
Friday
Last 11'eet’s Range for
Week.
of Prices.
Sale.
iOW. High. Shares.
Par. Price. [

A lliance I n s u r a n c e --------- 10
A m e ric a n G a s of N J . -100
A m e ric a n R a ilw a y s ------- 50
d e f e r r e d .........................100
A m e ric a n S to re s ............ .*
B u ff & Susq p re f v t c _ . 100
C onsol T r a c tio n of N J . 100
E a s t S hore G & E 8 ‘ i p ref 25
Elec S to ra g e B a t te r y — 100
G e n e ra l A s p h a lt_______ 100
In su ra n c e C o of N A — 10
.1 G B rill C o . .
..
100
K e y sto n e T e le p h o n e .
.5 0
P re fe rre d ............ ........... 50
L a k e S u p e rio r C o rp
100
L ehigh N a v ig a tio n ----- 50
L ehigh V a l le y .................... 50
Lehigh V a lle y T r a n s it .5 0
P re fe rre d _____________50
M id v a le S teel & O r d ------50
N o rth e rn C e n tr a l--------- 50
O tto E ls e n lo h r................100
Ih ’e fe rred ................. - - 100
P e n n s y lv a n ia ......................50
P e n n sy l S a lt M fg - - . . . - 50
P e n n sy l S e a b o a rd S t e e l ..*
P h ila d e lp h ia C o 6% p ref 50
P h ila E le ctric of P a ----- 25
P re fe rre d ................... - -2 5
P h ila In su la te d W ire .
P h ila R a p id T r a n s it.
P h ila d e lp h ia T ra c tio n
P h ila d e lp h ia * W e ste rn .5 0
P re fe rre d ........................... ^
R e a d i n g ------------------------ c™
13 th & 15th S ts P a s s ----- 50
T o n o -B e lm o n t D e v e l.
T o n o p a h M i n i n g .. .
U n io n T r a c tio n 17*4 pd.oO
U n ite d G a s I m p t ------------50
P re fe rre d ................
50
W e st J e rs e y & Sea S hore 50
W m C ra m p & S o n s ------100
Y o rk R a ilw a y s p r e f .......... 50
B onds—
A m er G a s < E le c 5 s . .2007
fc
A tla n tic C ity I t R 5 )4 s 1929




_____

Low.

86/4
101

S3,200

1003410034

4,000

Jan
81
D ec
101
99)4 Ju n e

35)4

35)4

1,00<

. High.

2 7 J* D ec
Jan
84
D ec
Jan
17
Ju n e
Jan
69
O ct
Jan
O ct
O ct 167
55
A pr
F eb
5 6 ) a A pr
Jan
26
N ov
N ov
58! a O c t
M ar
73)4 J u ly
N ov
45
D ec
Jan
59
A ug
M ar
Jan
1234 M a r
39
Ju n e
Feb
125* M a y
D ec
79! 4 A ug
F eb
Jan
71 !4 O c t
Oct
17)4 D ec
35
D ec
M ar
35)4 S e p t
D ec
7 9 1a O c t
Jan
86
O ct
M ay
M a r 100
D ec
Jan
50
O ct
Jan
85!* D ec
6 )* O ct
D ec
Jan
45)* S e p t
Feb
32 3 , Aug
Jan
32 )4 S e p t
M ay
53)4 Dec
Jan
35)* J u n e
June
69
Sept
Jan
10)* J u n e
Jan
35
D ec
Jan
82)4 N o v
J u n e 195
D ec
J u ly 1 ll- 1 6 J u n c
Jan
2 )4 S e p t
Jan
4 1 )4 N o v
Jan
55 5* S e p t
Jan
56 M S e p t
Jan
3 9 )4 A ug
Jan
70
J u ly
Jan
375* J a n

19
47
4
23
83
47)4
44
253*
37)4
37)*
30
36
7
27)4
43*
6 6 ',
57
7
19
26)4
73 'A
63
94)4
33 H
69)4
2)4
36
23
27 )*
30
7)4
58
5
29
72
190
l 1
*
D*
34
38
38
2754
40
313*

86
in i
10034

Range since Jan. 1.

158
216
625
5
2,077
50
117
20
231
330
381
115
10
215
5,811
967
210
100
17
300
40
795
228
3,951
5
1,100
324
1,427
986
544
4,187
510
300
100
175
10
325
500
2,575
1,493
243
35
30
40

27
27)*
783* 80
13
13
12
62
62
155
162
162
53
53
4 7 '4
4 7 )4 50
26
26
56
56)4
46)4 4834
45
45
46
46
46
8)4
8)4
27)4 28
5)4
5)4
45*
743*
74 >4 76
68 Vi 70
17)4 17)4
3.r
)
35
26)4 27)4
79
79
81
86
84)4
100
100
100
46)* 46)*
85
85
23*
2)4
42
4134 42
32
3134 32
: m * 31)4
3134
51)4
50
53 H
31
30
31
65
65)4
65
8
8
35
35
7834 81)4
195
195
1 7 10
1)4
134
2
2
40)*
40
I 0 l4
52
55 H 56
35
36
27)*

82
66 H
26

9954

io i) 4
106
85

108)4
81
65
24
8034
71
92
99 )4
101)4
104)4
81)4
85
99 )4

108)4
82
70
27
81
71
92)4
101
102
106
81)*
85
99 )4

Low.

S i , 000
5,000
16,900
12,000
12,000
1,000
11,000
21,800
21,100
14,200
1,000
2 5 ,000
10.000

107)4
74
64
21
77
64
92
9 1 '*
100)4
102
81
75)4
96 h

High.

Sep t
Jan
Jan
D ec
Jan
Jan
D ec
N ov
N ov
O ct
D ec
Sept
A ug

10SJ4
84 )*
74 )4
3 9 )4
85 )4
75
101
101
103 J*
106)*
85
85
9 9 '4

N ov
A pr
Sept
June
Sept
O ct
J u ly
Sept
Sept
D ec
N ov
D ec
D ec

• _

Chicago Stock E xchange.—Record of transactions a t
Chicago Stock Exchange Dec. 23 to Dec. 29, both inclusive,
compiled from official sales lists:

Baltim ore Stock E xchange.—Record of transactions a t
Baltimore Stock Exchange Dec. 23 to Dec. 29, both in­
clusive, compiled from official sales lists
F r id a y
L ast

Range since Jan. 1.

Week's Range Sales
L a st
for
of Prices.
S a le .
P rice. Low. High. Week.

B o n d s (Concluded

92 )4 A ug
101
D ec
10054 D ec

B o n d s —•

F r id a y
irc c S ’s R a n g e
L ast
o f P r ic e s.
S a le .
H ig h .
P r ic e . L o w .

S a le s
fo r
W eek.

93
93 )4
73
75
9 8 )4 101
9 34 10
100!*
87
5
5

A m er P u b S e rv , p r e f ____
93 )4
75
A m e ric a n S h ip b u ild in g . 100
98)4
A rm o u r & C o , p r e f ____100
A rm o u r L e a th e r _________ 15
9)4
P r e f e r r e d ___________ 100
B o o th F is h e rie s , n e w ____
C a se (J I ) _______________
2) 4 23*
C e n tra l P u b S e rv , p r e f . 100
883* 89
C h C ’y & C o n R y p t sh , p f *
3)4
C h ic E le v R y , p r e f ____100
10
10
C h ic R y s p a r t c tf se r 1 .
10
!* 1)4
P a r t c tf scries 2 _____
1)4
132)4
C o m ’w e a lth E d is o n ____100 130 % 130
C o n su m e rs C o , c o m ___100
6)4 6)4
6)4
65
62
62
P r e f e r r e d ___________ 100
C o n tin e n ta l M o to r s ------10
103* 103* 11)8
C ra n e C o , p re fe rre d —
111)* 12
C u d a h y P a c k in g , c o m . . 100
63'4 65
D e c k e r (Alf) & C o h n , Inc71
71
P r e f e r r e d ___________ 100
71)4 73
D e e r e * C o , p r e f . .......... 100
D ia m o n d M a tc h .............100 117)4 117)4 118
E a r l M o to rs C o --------------- *
M
H
F a ir ( T h e ) , c u m p r e f — 100 1035* 103)* 104
16
16
G o d sc h a u x S u g a r, c o m — *
16
26
26
lo ss a rd (H W ), p r e f — 100
82
G r e a t L a k e s D & D ------ 100
82
83! 4
84
84
H a r tm a n C o r p _________ 100
99
99
I l a r t , S h a f & M a rx .c o m 100
3814 38 54
H a y e s W h e el C o ______
'
5
H o llan d -A m e r S u g a r ------10
H u p p M o to r ___________10
24)4 24 H 25'*
79 s* 79* 84)4
Illin o is B r i c k . . .......... ..1 0 0
45
45
I n la n d S te e l.......... ............100
K u p p e n h e lm e r(B )* C o ,c o m
25)*
25
25
93
P r e f e r r e d __________
92)* 92
6
L ib b y , M c N e ill & L i b b y - 10
6'*
6V
4
_
L in d s a y L ig h t _ _______ 10
4!* 434
45
46 !4
M id W e st U til, c o m _ 100
_
45
83
84)*
P r e f e r r e d ___________ 100
84
103 104
P r io r lie n p r e f . ...............
104
1
M itc h e ll M o to r C o ______
N a tio n a l L e a th e r _______ 10
0/8
6?8 7 H
38
P h llip s b o rn 's , I n c , c o m ..
38
P ic k (A lb ert) & C o ______
34)4 34
34)8
P ig W ig S to re s In c “ A ” . .
56!* 52)4 59)4
104
P u b Ser o f N o r 111, c o m .1 0 0 103)* 103
98
97)* 98
P r e f e r r e d ___________ 100
Q u a k e r O a ts C o ________100 230
*230 230
P r e f e r r e d __________
98
97
98
R e o M o to r _____________ 10
14
13)4 14
R e y n o ld s S p rin g C o . .
21
21
87'*
S e a rs-R o e b u e k , c o m _ 100
_
87)* 87
19
S ta n d a r d C.as & E le c _ 50
_
183* 19)*
P r e f e r r e d ......................... 50
48)4 48)4 49
S tew W a r S p eed , c o m . .1 0 0
743-8 69!, 763*
S w ift & C o ____________ 100 107)4 106)4 108
S w ift I n te r n a tio n a l_____15
19)* 18)* 20)4
48)4 4 9 ',
49
T h o m p so n (J R ) ,c o m .
67 H
U n io n C a rb id e & C a rb o n 10
67
62
7
6 )a
U n ite d I ro n W o rk s v t c .5 0
U n ite d I .t & R y s , c o m .1 0 0
70)4 70'a 71
1st p re fe rre d ..................100
76
75>a 77
U n ite d P a p e r B d , c o in .1 0 0
14/a 14 h
U S G y p s u m ___________ 20
61)* 61)4 61)*
101 101
P r e f e r r e d ......................1 0 0
25
24
V e s ta B a tte r y C o r p ____
W a h l C o ________ _______
53)4 53)4 56 s*
W a rd , M c n tg ’y , & Co—
22)* 22),
W h e n Issu e d __________20
'2 2 h
8'
8
W e ste rn K n ittin g M ills
W rig ley , J r , c o m m o n ..
103
100)4 103 s,
210 223
Y ellow C a b M fg , cl B _ 10 220
_
75',
71
Y ellow T a x i C o . . . .
72',
B onds—
A rm o u r & C o 4 ) 4 s ____ 1939
88)4 88)
77)* 78
C h ic a g o C ity R y s 5 s . .1 927
46 )* 46'
C h ic C ’y & C o n R y s 5s 1927
78
78
C h ic a g o R y s 5 s ______ 192"
99
99
99
C o m m o n w E d is o n 5 s . 1943
98
98
C o m m o n w e a lth E lec 5s ’43
90 h 90'C u d a h y P a c k 1 st M g 5s'46
89
89
89
P u b S erv C o 1 st re f g 5s '5 6
97
97
97
S w ift & C o 1 st 8 f g 5 s . 1944
* N o p a r v a lu e , x E x -d iv id e n d s .

Jan. 1.

R a n g e s in c e

H ig h .

Low .

N ov
A ug
Sept
Feb
102 !4 May10
A ug
June
210
N ov
92
150
3.0 2 4
9 ) 4 Feb
12 May1,419
Oct 22 M a y
110 10
Dec
3
Sept
902
li
O ct
1,549 114)4 Feb 140
Feb 10)4 O ct
5
1,795
1,548 59) j Feb 75 )4 J u n e
Feb 115* O c t
5
6,175
O ct
42 85 May 112
Jan 68
Feb
415 55

957
83
6,556
418
4,881
275

83
60
91
9 )4
83
4 )4
2 )4
84!
3)4

J u ly
Ju n e
Jan
D ec
M ay
N ov
D ec
Sept
D ec
Jan

96
90

110
12 )

Feb 80 M a y
100 71
Feb 79)* J u n e
155 60
N ov
Jan 122
95 105
Nov
6 Jan
620
Nov 104
D ec
.860 102
Feb 18 May755 10
D ec
July 30
25 25
Feb
255 81)4 Jan 106
M ar
Jan 103
10 77)4
D ec
Jan 99
25 72
280 36 U Nov 39), D ec
7 )4 J u n e
4'* Jan
200
D ec
10)* Jan 26
2,739
Feb 84)4 D ec
165 56
Nov 58)* M a y
350 40
Sept
Dec 37
200 25
Sept
Dec 101
500 92
4,449
5/8 Dec 10)* O c t
6)
4 Sept
560
3)* Mar
Jan 53 >4 M a y
736 27
Jan 88)-: O c t
847 53
N ov
Jan 106
214 82
7 ) 4 Ju n e
Dec
3,145
2,668
634 Dec 113* J u 'y
O ct
Dec 45
100 38
Jan 3 4 )4 D ec
865 19
20,363 23)4 Mar 5 9 )4 D ec
O ct
10C 80)* Jan 108
9C 88 )a Jan 98)4 N o v
D ec
Jan 230
7C 143
157 9 3 ', Mar 100)* O c t
66C 12!4 Sept 28 )* J u ly
Dec 50)4 J u n e
30C 21
2( 59 )j Feb 94)* ,\u g
Jan 21 !* O ct
1,15(
13
O ct
Jan 50
47(
42
Jan 76?* D o r
77,22(
24
Sept,
2,557 91 '4 Jan 110
Sept
Apr 25
15,16(
17
Jan 55)4 A ug
1,721 40
Jan 6 7 ) D ec 4
57.731
43
Jan
6
525
9)4 F e b
Jan 73 >4 O c t
25(
29
O ct
Dec 80
185 75
A ug
5 13'„ Feb 19
125 53! a Aug 68) D ec *
N ov
Dec 106
3f 101
A pr
Dec 40
281 19
4,315 52'* Nov 71)4 A p r
2,95:
1,335
2,14f
2,281
10,69.
S5,00(
15,001

6,001
2,00i

62,00(
5,00'

10,00' '
5,00' '
500

12 ‘4 Jan 255* M ay
Jan
O ct
12
5
May 115)4 N o v
Feb
132 May 246
Jan 80)4 A ug
50
97

87)4
67
46'*
67
93)4
93)4
87! a
87)4
80)4

Jan
Jan
Dec
Jan
Jan
Jan

Mar
Aug
Feb

A ug
A pr
A pr
84)* A p r
100 O ct
99
J u ly
91 »4 A ug
9 2 '4 O ct
100 Aug
91

84

53)*

P ittsb u rg h Stock Exchange.—Record of transactions a t
P ittsburgh Stock Exchange Dec. 23 to Dec. 29, both inclusive,
compiled from official sales lists:_______ __ ______________
S to c k s

Par.

A m V itrifie d P r o d , c o m .2 5
A m W in d G lass M a c h . 100
A rk a n s a s N a t G a s . c o m .1 0
In d e p c n d B re w , com — 50
Jo n e s & Laughlln, pref----M frs Light * H e a t .
100
N a t Fireproofing, c o m . .5 0
P r e f e r r e d -------------------50

Ohio Fuel O il............. — J

F r id a y
W e e k ’s R a n g e
L a st
o f P r ic e s.
S a le .
H ig h .
P r ic e . L o w .

S a le s
fo r
W eek.
S h a re s.

7 \/x
7
85
84
9
9)4
4
3 s*
107)4 104
56 H
7)*
18)4 18 )j
15)4 16
59
60

1.380
155
3 ,4 8 5
117
1,451
415
360
50

84
9 '4
t0 8
56)4
71*
18H
15)4

O hio F u e l S u p p ly - 25
20 H
O k la h o m a N a t G a s .
. .2 5
P ltts b u r g h B r e w .c o m
.5 0
P i tt s & M t S h a s ta C o p p . . 1 2 2 c
P itts b u rg h P la te G la s s. .1 0
11
S a lt C re e k C o n s O il-----T id a l O sag e O i l . . ..........
24)4
U n io n N a tu ra l G a s , ncwlOO
W e s t’ho u se A ir B r a k e . . .5 0
W e st P e n n T r& W P.com lO O
70 >4
P r e f e r r e d __________ -100
* N o p a r v a lu e , t N e w s to c k .

2 0 )4

2)4
22c

198
11
11

2 0 )8
2 1;
22c
200
11 '■
*
11

2 4 ‘4 25
109)4 112)4
30!* 30 s*
70
72

120

215
358
100

17,000
84
1.690
470
225
390
45
60

R a n g e s in c e J a n .
Low .

7
6 4 ‘4
71

1)4
1 0 7 '4
45
6 1,
15
13' •
44' .
19
13 g
19c
130
8 s*
10

(2 4 )4
8 0 '4
IS
70 u*

1.

H ig h .

D ec
2 4 ', A pr
Jan
90
M ay
Dec
A pr
12*6
7
O ct
Jan
Dec 1 0 9 ', D ec
Jan
58)4 D e c
17
Jan
Sept
Jan
21 ‘a A ug
23
Sep t
Jan
Jan
611* D ec
Jan
26 s, A pr
Jan
4
Sept.
M ay
31c
A pr
Jan 2 00
D ec
Jan
14/8 M a y
D ec
1 4> A pr
D ec (25
D ec
J a n 115
D ec
Jan
36
A ug
VlOf
8 6 '*
An r

3896

THE CHRONICLE

New York Curb Market.— B e lo w is a reco rd o f th e tra n s
a c tio n s in th e N e w Y o r k C u rb M a r k e t fr o m D e c . 2 3 to
D e c . 2 9 , b o th in c lu s iv e , a s c o m p ile d fro m th e o ffic ia l lis ts
A s n o te d in o u r is s u e o f J u ly 2 , 1 9 2 1 , th e N e w Y o r k C u rb
M a r k e t A s s o c ia tio n o n J u n e 2 7 1921 tra n sferred it s a c t iv it ie s
fr o m th e B r o a d S tr e e t cu rb to it s n e w b u ild in g o n T r in ity
P la c e , a n d th e A s s o c ia tio n is n o w is su in g a n o ffic ia l s h e e t
w h ic h fo r m s th e b a sis o f th e c o m p ila tio n s b e lo w .
Fridc y
Sales
Last Week’s Ran je for
Week.
of Prices.
Sale
’ar. Price . Low. llig 1. Shares.

>
.

Range since Jan. 1.
Low.

High.

[V o l. 115.

Friday
Sales
Last Week's Rang
Range since Jan. 1.
for
Sale.
of Prices.
Week
Stocks (Concl.)— Par Price Low. High Shares ,
Low.
High.
U S Light & Heat, com .. 10
75c Jan
2% Apr
154 154 11,40
l*/5s
Preferred___________ 10
154 2,30 ) 96c Fet
155
154 Apr
1%
U S Metal Cap & Seal.
2 May
75c 75c
75c Dec
1,00
Wayne C oal__________ 6
254 5,70( 1 85c Mar
334 8ept
255
254
West, End Chemical___ .1
40c
38c 49c 18,00(
26 c
Dec 87c Jan
Wlllys Corp 1st pref__ 100
M ar 31
July
6
854 954
90(
1st pref ctfs of dep__.
July
6
654 2.60C
655
654 Dec 30
2d preferred______
25c 25c
5c Dec
154 Jan
701
Wlnther Motors, Cl A ..*
Dec 11)4 Dec
934 934 1.501
8
95
Yale A Towne M fe new w
59
Dec
5654 59
4or 4934 Dec 59
Youngst Sheet & Tube com*
Dec
Aug 76
7554 75)4
101 64
Form er S ta n d a rd Oil
Subsidiaries
Anglo-American OH___ £1
1755 17 54 1854 5,600
1634 Jan 25 June
Buckeye Pipe Line____ 50 87
85
87
Nov 11054 Nov
1,070 683
Continental Oil______ ioo 153
Doc
Jan 153
15154 153
110 125
Crescent Pipe Line____ 50 45
45
Dec
46
Jan 49
210 28
Cumberland Pipe Line. 100
163 163
Dec
Jan 185
20 115
Eureka Pipe Line____ 100 97
96
97
SO 7954 Jan 10354 May
Galena Signal Oil com ..100 5755 56
Jan 62 May
200 40
5754
Illinois Pipe Line_____ 100 164
159 164
Apr
Dec 198
385 154
Indiana Pipe Line...........50 93
91
93
Nov
Jan 111
215 84
National Transit___ 12.50 26
25
26
Nov 3154 Apr
900 24
New York Transit____ 100
117 130
Dec 210
Nov
285 pl17
Northern Pipe Line___ 100
106)4 111
Nov
so 90
Jan 127
Ohio < 1 (old sto^k)____ 26
>1
285 285
Oct
10 257
Jan 345
Ohio Oil (new stock)___ 25
73
73 54
Dec 7354 Dec
400 73
Penn-Mex Fuel OH____ 25 1655 16
Dec 4454 July
400 16
17 54
Prairie Oil & Gas...........100
613 624
Oct
90 520
Jan 750
Prairie Pipe Line_____ 100 325
311 325
Jan 325
505 224
Dec
South Penn OH_______ 100 163
143 163
675 143
Dec 249 June
Southern Pipe Line___ 100 97
93
97
N ot
581 77
Jan 110
So West Pa Pipe L ine.. 100
64
66
40 52
Jan 7054 Dec
Standard Oil (Cal) n e w ..25 5955 5854 60
10.500 5554 Nov 6334 Nov
Standard Oil (Indiana)..25 r5955 r5854 117*4 54,400 r5154 Dec 135
Oct
Standard Oil (Kant new .25 5555 4254 44 54
900 41 N ov 4454 D ec
Blair & Co receipts__ 25 4455 4254 44)4 2,500 42
Nov 4454 Dec
Stand Oil (Ky) n e w ___ 25 12755 123 131
Apr 131
5,500 76
Dec
Standard Oil (Neb)___ 100 185
180 185
70 170
Jan 220
Oot
Standard Oil of NY new 25 4855 4654 4834 17,100 4154 Nov 57
O o t,
Vacuum OH, new stock..25 4555 40
46
30,000 3654 Nov 46
Dec




00

.".1 65c
54c 70c 53,800 600 Au «
154 Apr
.10 30c
25c 33c 25,000 20o Ma r
154 M ar
100 25, 4 2554 25) 4
10 17
Ma r 2554 Dec
20
20
100 15
100 20
Or t 42
Jan
♦
200
. 2255 22) 4
15
Oc t 25 June
.
14)4 15
900
Amalgam Leather, com. •
754 An r 16 Nov
1,100 15
.10 1554 15
16
DeC 34
June
100 87
10 87
87
87
Dec 99 June
100 . _.
300
254 254
2 54 Dec
555 May
*
500 1954 Dec 2255 Nov
.
1954 2054
*
100
154 15
134 Dec
3 June
-.5
10c
10c 10c
1,000 10c Tie.
45c M ar
.0 0 ____ . 114 114
50 94
Borden Co com .
Feb 11755 Sept
. £ 1 ____ . 1954 2055 2,600 1254 Feb 2055 Dec
100 12J4 June 2055 Nov
£ 1 ____ .
19J5 19 T
2,S00
1 0 ____ _
754 85
434 Jan
1055 Oct
..*
15's
Buddy-Buds, Inc.
25fj Am
154 l 5 6 2,400 45c Jan
/
300 106 H N
e o ____ . 10754 1075
10955 Dec
;
600
00 . . . .
2)4 25
2 54 Dec 16
M ar
1,900 50c July
25
15
154 15
3 55 Sep
20 95
109 109
0' 109
July 111 May
Celluloid,preferred.
955 9'/
100
00 ___
645 July 16
M ar
1,600
1
Dec
10
15
1
1)
355 Feb
800
10 . . .
2% Sept
255 2)
4
Feb
700 2445 Dec 27
m* 2452454 26
Dec
9854 98b
300 98 H Dec 9855 Dec
Preferred w 1.
..
985
4,200
155 Apr
10
251
255 35655 July
Jan 242 May
170 177
645 158
00 176
00 07b
1,200 51
Jan 72 June
6754 67 5j
500
1 0 ____
445 Jan
654 6 5,
O th e r OH Stocks.
655 Oct
1,400 16J5 Dec 2455 Oct Allied o il Corp new____10
.*
1751755 1755
5c
5c
5c
3c Nov 25c June
1,000
31
31.5j
1,200 20
Jan 35 June Amalgamated Royalties. .
.* 315'
2c
2c
2c
2c Anr
2,000
6c Apr
40c 45c
8,000 33c Dec
d . 40c
7c
2c
155 Mat Amer Fuel Oil, com------ 10
3c
2c Dec 48c Feb
7,000
600
1 Dec 355 Juiy
Colombian Syndicate. -154 IX
15■referred________
75c
50c 75c
400 50i
1>ec
3
Jan
20 1355 Mar 27
Colorado Power com .. 00 23
22
23
Oct Ark Natural Gas, com ..10
9
Apr
954 2,100
955
854 Dec 13
Dec 4355 Dec Atlantic Gull Oil------------ 42
4155 4254 13,500 41
5
5
200
5
Dec 17 June
554
1,960
Cox S Cash Store3.
..
8
755 8
755 Dec 1155 Dec Atlantic Lobos Oil, com ..
2,400
454 6
554
434 Dec 12 H vi ay
555 Nov 1255 May
-*
65w
654 7)4 3,300
Preferred____________
100
1854 1854
454 Feb 1854 Dec
200
Curtlss Aeropl & M com. -*
4%
454 455
255 Jan
1
95c
1
7
Apr Boston-Wyomlng OH___ 1
2,600 67o M ar
754 Oot
343 v80
Del Lack & West Coal.. 50 C8154 r80 110
Dec 110
5
Dec Oartb S y n d ic a te ___
945 June
3t4 Jan
555
554 8,000
*
6
100
654 654
67c 67c
100 50c Oct
2055 May Columbia Petroleum.
254 Mar
4
5)4 9,000
!*
554
255 Dec
255
955 May Creole Syndicate_______ 6
19,300
354 Sept
234 3
154 Nov
D urant Motors, In c .. .* 7054 6854 75
17,800 2255 Jan 7555 Dec Cushing Petroleum C orp.5
2c
2c
2c Dec 12c Mar
1,000
Duran t Motors of In d . 16 20
19,500
855 Jan 23
1954 23
Dec Empire Petroleum_______
255 Dec
100
234 234
255
234 Dei
30 . . .
10
10
50 10
Dec 3655 Apr Engineers Petrol Co____ 1 16c
15c 17c 10,000 13o Nov 72c Jan
-5
655
654 655 14,000
555 Mar
7 H Aug Eoulty Petrol Corp pref. 10 1455 1454 1454
Oct
100 1234 June 16
.*
6
6
6
700
6
Dec
7c Jan
lc
lc
lc Dec
655 Dec Ertel O il............................5
2,000
3 0 _____ 395 395
10 38955 Dec 402
Nov Federal O il____________ 5 68c
2 V May
ij
67c 80c 51,400
65c Oct
SOO
.*
10J4
9
10)4
9
Nov 1055 Dec
Fensland OH___________ * 1655 14
Mar 1954 June
9
1754 12,600
Gillette Safety Razor___.* 262
*
1,800 169
25254 265
Jan 266
Oct Gilliland Oil, com______ *
955 Apr
255
3,700
234 3
234 Dec
* 5654 5554 5655 5,300 42
Jan 6355 Sept Olonrock Oil__________ 10
154 June
154 14,000 83o Feb
1V
6 1
30 . .
500
955 10
755 Aug 1555 May Granada Oil Corp cl A .. 10
1
Sept
354 Apr
154 2
1,550
155
00 2954 2854 3054 1,100 24
Jan 40 June Gulf Oil Corp of Pa w 1__
54
Nov
4934 54
17,100
7154 Oct
)0 ___ 317 317
10 255
Oct 326
Nov Hudson O H .. . _____
10c 11c 17,000
50c Mar
7o Jan
2 5 _____
100 71
8054 8054
Oct 8155 Nov Imperial Oil (Canada) coup 11355 112 11454
420 9754 Mar 13054 Oct
) 0 _____ 10855 10854
200 X 105 'Sept 10955 Nov International Petroleum ..
Mar 2755 May
2155 2034 2134 8,000 14
*.
200
3
354
255 Nov
7>5 Jan Keystone Ranger Devel—
23c
23c 29c 57,000 200 Nov
lVis Jan
) 0 ____
200
155 155
155 Dec
5
Apr Klrby Petroleum___
255
254 3
8,800
254 Dec 26 54 Feb
H avana Tobacco com .. ) 0 _____
10c 10c
1,000 10c Dec 25c Mar Lance Creek R oyalties...
2c
2c
3c
2c June 10c Jan
7,000
Hayes Wheel________ -. 3S55 3855 3S55 1,800 2755 Aug 41
65c
.atin Amer Oil Develop
Oct
62c 65c
5,000 50c Nov 65 > Deo
Hevrten Chemical____
155
155 2)4 2,100 80c Feb
355 Oct
Oil Corp__
4c
4c
4c
27c M ar
4c Der
1,000
Hocking Valley Prod. . . 10 . . . .
2 Dec 355 May Livingston Petroleum___
100
255 255
Livingston
85c
80c 90c
155 Mar
3,500 79c Nov
>0 15
400
15
1555
7 55 Feb 21 May Lowry OH Corp_____
154
254 Nov
154 154 1,100
154 Dec
k ) ____
400
1054 1154
355 Feb 1555 May
83c
vons Petroleum____
70c 85c 13,600 58c Jan
155 June
30 44
700 25
4055 44
Jan 45
Mar Magna Oil & Ref____
2
Aug
1
1
100 50c Apr
200 10
El 1754 17
17)4
Jan
Magnolia Petroleum__ 100
17
De
Nov
240 240
25 175 June 259
25_____
100 4155 Dec 58 May Mammoth Oil, Class A__
4554 4554
48
Dec
Oct
4655 4234 48
29,000 40
Intercontinental R ubb. 0
4
4
454 7,800
355 Aug 1155 Feb Maracaibo Oil Explor___
1255 1254 1554 9,700 1234 Dec 27 55 Mar
50c 50c
< 50c
400 50c 1 ec 13c M ay Margay OH-----------------254 Jan
75c
1
300 75C Nov
5 _____
28
28
600 26
Dec 3755 Sept Marland O i l . .. ------------10 June
1
Jan
334 4
2,800
0 _____
90
90
100 90
Dec 101
Sept M erritt Oil C ofp..............
8 55
734 854 6,200
654 Oct 14 55 May
0 ...
1 Feb 2 Aug Mexican Eagle Oil----------6
100
155 155
10
9.
Dec 1955 Feb
200
1054
0
654
554 654 1,300
455 M ar
555 Dec 10 May Mexico Oil C orp----------10 92c
92c
1.06 9,400
70C Nov
0 . __ _.
100
154 1)4
Nov
12c
Oct
12c 12c
8c June 38c
1,000
755 M ar Midwest Texas O il...
0
6
500
6
755
Oct 26
Jan
155
154 June
Mur Mountain Gulf Oil---154 154 1,100 70c
Lupton (F M) Pub Cl A .. * __
■
22
22
400
Oct 26
19
Oot
Mar Mountain Producers------10 1754 1734 1854 12,400
934 Jan
*
Madison Tire & Rub com.
100
154 154
155 Dec
13 55 Oct
1255 1134 1254 45,100
755 M ar Mutual Oil-------------634 Jan
Marconi Wirel Tel of C an ..
254
254 254 1,500
155 Jan
Bent
700 40 May 83
555 Apr New England Fuel Oil
4654 47
455
454 455 3,000
16
16
17
455 Dec
300 1134 Mar 38 June
455 Dec New York OH---------Preferred_________
200
7)4
755 755
7
Dec
20c 28c 205,000 13c Jan 35o May
755 Dec Noble OH & Gas................1 2Sc:
M ercerM otors______
*
255
255 354 5,200
53c
53c 53c
155 Apr
500 36c Mar 90c Mar
Preferred_________
555 May
Voting trust certlfs.
254
5,500
255 3
2c
3c
155 Nov
6,000
2c July 12o M ar
455 May Ohio Ranger................
Mesabi Iron C o ____
- 1255 1254 1255 1,800
955 Sept 1355 Aug Omar Oil & Gas------------10
3 June
155
iVfs 154 12,800 67c Mar
Mitchell M otors____
50c
1
1,700
50c Dec
954
955 955 1.200
4J5 Jan
954 Deo
755 July Pennok O il____________10
0 19
700
19
1954
14c 14c
555 Jan 23 54 July Red Bank Oil----------1,000 l i e July 35c Jan
Nash Motors com.
68
69
200 6055 Dec 7055 Dec Rvan Consolidated—
455
354 455 7,500
354 Dec
855 June
Preferred______
400 9655 Dec 99
11
9655 98
1054 1154
500 10
Apr 15 May
Dec Salt Creek Consol Oil.
) _____
7
7
100
7
Dec 1155 Jan Salt Creek Producers.. .10 2154 2055 2155 5,150 1254 Jan 2154 Deo
Unstamped__________
1
1
100
3
Dec
254 3
5,800
5 June
254 Dec
3
Jan Sapulpa Refining-----------5
*
N at M otor Car & Vehicle.
200
155 154
Dec
35s
255 355 1,400
2 Dec
5
Apr
355 F eb Savoy O il................. ........6
5 1355 1354 1554 6,600
455 Nov
255
254 254 3.200 8O0 Mar
1555 Dec Seaboard Oil & Gas--------5
354 Nov
13
354
355 3 54 3,700
155 Feb
1254 1355 15.100
855 Nov
4
Dec Simms Petroleum ............*
1554 Nov
N Y Tel 6 H % Pf .
1 11054 110)4 H I
7c
450 1 96
5c
8c 28,500
Julj
60
Dec $5
Jan
1255 Dec South Petrol & R efining0 ____
100 19
2654 26)4
Mar 3155 May Southern States OH-------- Z1554 11555 1855 9,100 1254 Jan 23
Deo
50c 50c
lc
lc
100 >00 Dec
lc
3.000
3e Apr
lc Feb
355 Jan Southwest Oil.....................■
Oselda Corp_____
12
55c 61c
1054 12
5,900
955 Dec 12
2.200 42o Nov
2 Apr
Dec Tex-Ken Corp.................. 5
Patten Typewriter.
35c 55c 86,900 30o Nov
554
600
555 5 54
Dec
1 May
555 Dec Texon Oil & Land--------- 1 55c
77
73
77
10
10 10
1,600
200 10
Feb 7 7
J m 1454 June
ldal Osage Oil-------Dec
xl
1
100
1
155 155
Oct
16.100
95c Dec
155 Oct
455 May Turman O il------------Phoenix Hosiery, com___
35)4 3454 35 54 1,100
60c 80c
1,900 50c Jan 80c Dec
3555 Nov Vulcan Oil------------------ p
Prlma Radio Corp______
ik
655
654 6 54 12,300
1
Dec
7
July
1
Bfs 4,700
254 Jan
155 Sept Wilcox Oil & Gas............... 5
........... 101 101
7c
9c
100
19 Mar 10755 June
6.000 7o Aug 38o Jan
Y” Oil & Gas-------------- 1
1 ____
9)4 955
200
855 July 1455 May
354
254 3*4 80,100
M ining Stocks.
255 Jan
655 Apr
154
134 154 1,400
2*54
2,000
255 2 %
2
Jan
154 Jan
534
355 Mar Alaska Brlt-Col M etals. -10
14
14
14
3 54 334
400
355
500 : 255 Sept 29
Jan
8
354 Dec
July Alvarado Mining & Mill-20
0c
2
lc
2,000 lc Dec
155. 2
2,000 50c Mar
Jan
7c
255 Dec Amer. Tin & Tungsten. '
16c 18c 21,000 10c Dec 180 Dec
80c 80c
300 80c Dec
3 55 Jan Arizona Globe----------_____ 112 112
4c
5c
6,000 2o Mar
90 Aug
100 11 0
Nov 112
Dec Belcher Extension-------10c
3c
3c
32c
30c 34c 29,000 2 7c Dec
2,000 2c Oct 10c Feb
254 Jan Big Jim Consolidated-----Standard Copra Corp.
4c
3
5c 18,000
4c
4c Dec 29o Jan
3
3)4 1,300
3
Dec
355 Dec Big Ledge Copper Co----- 5
23c 24c
7.000 14c Nov 27c
2)4 254 1,100
Bison Gold Inc---------- 10c 23c
6
Apr
255 Dec
Stutz M otor C ar.
12c 15c
12c
17
3.200 10c Dec 21c
300 1
17
17 55
July 45 June Blackhawk Mining--------Swift & Co_____
___
11c 17c 107,000 14c Deo
5
Jan
105 107
125 1
Jan 111
Sept Boston-Montana C orp..25 15c
11c 13c 10,000
8c
Oct 30c Feb
1854 20
700 ]
Apr 2455 Sept Calumet & Jerome Cop— 1
2c
3c 16,000
Technical Products Corp
2c
lc Sept 65c Apr
654
455' 654 2,700
Aug
655 Aug Canada Copper Co-------- 5
Technicolor, Inc, w 1___
254 234 4,300
254
154 July
11
11
3)4 July
200 1
Dec 2655 Sept Canario Copper----------- 10
2Sc 30c 28,000 19c Jan 71c
Tenn Elec Pow, com w 1..*
15
15
Oct
300 1
June 1755 Oct Candalarla Silver----------- 1 29c
12c
13c
4c Feb 13c Dec
2d preferred_________ *
7.000
45
45
100 3
Sept 45
Dec Cash Boy Consolidated.. 1 12c
7,900
3
355
Timken-Det Axle new w 1.
354 4
Nov
5
Oct
100
11
Itov Consol Copper Mines new.
Dec
1055 1055
12c lie
2c Feb 14c
Tob Prod Exports C o rp ..*
12c
19,400
f>
5% 3,600
Jan
1055 Feb Consol Nevada Utah Cop.
Todd Shipyards Corp___ * _____
454 554 3.200
454 Oct
455
200 5
5054 57
554
8055 Feb Contlnental Mines. Ltd —
100 3754 Dec 43 July
Triangle Film Corp v t c ..5
37 54 37 5(
6c
6c 15c
2,000
Nov 50c May Copper Range Co----------12c 15c
Union Carbide & Carbon.*
5.000 12c Dec 22c Aug
65
65
100 4
Jan 65
Dec Cork Province M ines___ 1 15c
United Profit Shar’g, new.l
154 154 14,300 84o Jan
154
M ar
9 May Cortez S ilv e r__________ 1
554 555 1,900
Oct
Un Retail Stores C an d y ..*
2c
2c
2.000 2c Dec
4J5 Jan
555
5
554 6,500
5c Oct
855 May Crackerjack Mining-------U S Distrib Corp com__ 50 30
2His 254 2 %
600
30
30
200 1
254 Oct
3
35
Oct Cresson Con Gold M & M .l
Jan

THE CHRONICLE

D ec . 30 1922.]

Mining (C o n c lu d e d )

S a le s
F r id a y
fo r
L a st
W e e k ’s R a n g e
o f P r ic e s.
W eek.
S a le .
H ig h . S h a r e s
P a r. P r ic e . L ow

Davis-Daly Mining------ 10
Dean Consolidated Corp.l
Divide Extension_____ '
Dolores Esperanza--------5
Dryden Gold Corp---El Salvador Silver Mines.1
Ely Consolidated------Emma Silver_______
Eureka Croesus..........
First National Copper...5
Fortuna Con Mining—
Forty-nine Mining----Goldfield Consol Mines. . 10
Goldfield Deep.............
Goldfield Development--Goldfield Florence------ '
Goal Zone Divide........
Green Monster Mining.50c
Hard Shell Mining......... 1
Harmill Divide-----------10c
Hecla Mining_______ 25c
Henrietta Sliver-----------Hilltop-Nevada Mining..
Hollinger Cons Gold Min .5
Hpwe Sound Co--------- '
Independence Lead Mining
Iron Blossom Com M..100
Jerome Verde Devel____ 1
Jim Butler Tonopah____1
Kerr Lake____________ 5
Knox Divide..A______ 10c
Lake Superior______
La Rose Consol________5
Lone Star Consol_______ l
MacNamara Crescent__ 1
MacNamara Mining____ 1
Marsh Mining______
Mason Valley Mines____ 5
McK inley-D vrragh-Sav
Mohican Copper_____
Morington Mining___
Nabob Consol M_____
National Tin Corp___ 50c
Nevada Ophlr______
New Cornelia_______
New Dominion Copper__ 5
New Jersey Zinc, ___ 100
New York Porcupine____
Nipt8
Sing Mines________5
Ohio Copper..:_______ 10
Ray Hercules, tnc______
Red Hills Florence...........
Rex Consolidated Mining .1
Richmond Cop M A Dev..
Rochester Silver Corp____
Ruby Rand Mines______
Sandstorm Kendall______
Sail Toy Mining............. 1
Silver King of Arizona----Silver Minos of Amer---- Silver Pick Consol---------1
Simon Sliver Lead---------1
South Amer Gold A Plat.l
Spearhead..........................
Standard Silver-Lead---- 1
Stewart Mining----------- 1
Success Mining_______ 1
Teck-Hughes__________
Tonopah Belmont Dev— 1
Tonopah Divide.............. 1
Tonopah Extension_____1
Tonopah Midway______
Tonopah North Star------Trinity Copper.................
Tuolumne Copper........... 1
United Eastern Mining— 1
United Verde Extension.. 1
U S Cont Mines, new-----Unity Gold Mines........... 6
Victory Divide---------- 10c
West End Consolidated..5
West End Extension Mg..
Western Utah Copper-----1
White Caps Mining-----10c
Wilbert Mining............... 1
Yukon-Alaska trust ctfs . .
Yukon Gold Co------------5
Bonds
Allied Pack conv deb 6s ’39
Deb 6s ctfs of dep..........
8s Series H w 1........1939
Aluminum Mfrs 7s— 1933
7s . . . . ........-......... -1035
Amer Cotton Oil 6s . . . 1924
Amer GAE deb B 68.2014
Amer Lt A Trac (is---- 1925
Without warrants..........
Am Republic Corp 6s w 1
’37
Amer Smelt A RefIn 5s 1947
Amer Tel A Tel 6s---- 1924
Anaconda Cop Min 7s .1929
6% notes Series A .. 1929
Anglo-Amcr Oil 7 Ks. - 1925
Armour &Co 7 % notesl930
Atl Gulf & W I SS L 5s 1959
Beaver Board 8s ------1933
Bethlehem Steel 7 s.. .1923
Equipment 7sn------ 1935
Boston & Maine RR 6s ’33
Canadian Nat Rys 78.1935
5s______________ 1925
Canadian Pacific6s..-1924
Central Steel 8s..........1941
Charcoal Iron of Am 831931
Cities Serv 7s Ser C. . . 1966
7s, Series!)..........--l»jm
Colum Graphophone 8s 2 o
Certificates of deposit...
N Y Trust Co n.iri.ic ctfs
Cons G E L 4 P Balt 6s ’49
6Ka Series E..........1952
Consoi Textile 8s ........1041
Copper Export Assn 88- 25
__ ______ J924
Cuban Tel' 1st 7HS- - -1941
Cudahy Packing 7s.. .1931
Deere & Co 7Ks-----.1931
Detroit City Gas 6s .. .1947
Detroit Edison 6s---- 1932
DunlopT ARof Am7s.l942
Fed Land Bank 4>33.-1942
5s...... .................... -1941
Gair (Robert) Co 7s.. 1937
Galena-Signal Oil 7s .. 1930
Grand Trunk Ry 6Ha .1936
Gulf Oil Corp 7s........1933
Gulf Oil of Pa 5s____ 1937
Hocking Valley RR 6s 1924
Hood Rubber 7% notes ’36




76c
10c
zlK
65c
lc

2c
28c
6c

9c
4c
27c
5c

8

30c
IK

2K

35c
33c
2 );

IK
18c

2c
26c
13c
2K
172
x5H

52c
IK
2c
5c
23c

18c
5c
30c
3.K
8c
20c
6c
80c
IK
66c
3K

2K
75c
10c
IK
60c
lc
5c
2c
26c
30c
30c
5c
6c
4c
4c
22c
7c
5c
3c
5c
7K
30c

1
12

3K
77c
11c
IK
6Ec
2c
5c
3c
29c
30c
34c
8c
6c
10c
5c
27c
8c
6c
4c
6c

8

50c
IK
12 K
2K
35c
33c
2K
5c
3K
2c
5
25c
7c
5c
5c
6c
IK
18c
10c
lc
2c
28c
13c
17K
2K
175
50c

2K
29c
30c
2K
5c
3K
2c
5
20c
6c
5c
5c
6c
IK
18c
10c
lc
2c
20c
10c
17 K
2K
172
50c
Z5K
49c
IK
2c
5c
20c
15c
24c
2c
3c
3c
17c
5c
29c
2K
7c
20c
4c
43c
80c
IK
61c
3>K6
12c
6c

1

900
8,300

12,000

7.100
18,100
20.500
3.000
50.000
63.700

1.000

183,000
19.500
5.000
59.000

11.000
6.000
3.000
12,000

59.700

5.000
1.400

2.100
200
1.400
66,000
17.400

9.000
1.400

2.000
800
1,000
100
2,000
59.000
11.000
9.000
1.000
2,100
1,000
5,000,
1 ,000'
7.000
44,900
4.000

100

2,600
370
2,600
4.700
6
58c 36,600
IK 10,800
4.000
3c
9.000
5c
25c 19.000
1.000
15c
3.000
24c
2c 4.700
3c
5.000
1.000
3c
19c 26,100
1,000
5c
31c 32.400
3K 4,300
10c 41.000
9.000
303
6c 8.000
5,000
44c
85c
4.400
200
It
70c 24,100
3*Ke 4,800
13c
6,000
6c 1,000

1

200

5c
"
13c
14c
7c

50c
6,500
l lK 32,600
e
27
1,200
19c 11,000
600
3K
lc
2,000
1% 8,400
6c 12,000
14c
3.000
14c
8.000
7c
1,000

75c

T%
'175
3K
lc
IK
6c
13c

80c

50c
lu
/w
27
17c
3K
lc
m

12

103K
90 K
97 K

100K
G1K

101K
103 K
101K
103 K
105K
52

104K
102K
95 K
110K
99 K
101K
10OK
90 K
26
25
103K
99 K

101
101K
101
102 H
96K

12

100

4,100

75
$ 1,000
54
5.000
82
9.000
105K 106 K 17.000
103K 103K 8.000
15.000
96 K 97
97 K 97 K 29.000
109K 109K ' 1,000
100K 100K 12.000
89 89 K 3.000
91 93 K 271,000
100K 101K 28,000
44.000
103K 104
101K 101K 53.000
103K 103K 49.000
104K 105K 59.000
52 52 K 59.000
69
69
1.000
104 K 104K 10.000
102 K 102K 47.000
95 K 95 K 1,000
110 110K 9.000
99 K 99K 5.000
101K 101K 17i000
106 K 106K 8.000
13.000
94K 95
94
91
1,000
90 K 90 K 7.000
26
26 K 7.000
20 26 40 000
24
25
25.000
103 K 103K 46.000
99 K 99 K 16.000
5.000
107 107
98 K 98 K 2.000
102K 102K 3.000
101K 101K 6.000
105 K 105K 1,000
3.000
101 101
100 K 101K 7.000
100K 101 41.000
102 102K 93.000
96 K 97 149,000

22.000
11,000
104
9SK 98 K 98 K 2.000
104 K 103 K 104 K 11.000
23.000
101

104 K 104 K
103 K 103 K
06 H
100K
99K 99 K

101
101

101K
103 K 43.000
80.000
97
100K 2,000
100 38,000

L a n g e sin c e J a n .
Low .

1.
Bonds (C o n c lu d e d )

H ig h .

8K
77o
21c
3K
65 c
22C
12c
5c
41c
SI
34c
30c
12c
12o
60c
30c

2K Nov
36o Aug
10c Aug
82c Feb
54c Dec
lc Dec
3c Mar
lc Mar
18c Jan
30c Dec
5c Oct
5c Dec
3c Jan
3o Jan
3c June
9c July
7c May
3c Dec
3c Dec
5c Dec
4 K Jan
30o Aug
75c June
7 K Jan
2K Jan
6c Jan
16c Mar
2 Dec
4c July
3 Mar
2c Dec
Dec
5
19c Dec
lo Jan
lc Fe
4c Dec
4c Jan
Oct
1
8c June
10c Dec
lc Sept
2c
14c Dec
8c Nov
Oct
15
2 Jan
141 June
50c Dec
6K July
6c Aug
1
Feb
lc July
5c Jan
20) Dec
12c June
24c Dec
lc Aug
2c Nov
lo Dec
10c Aug
3c Scot,
29o Nov
2K Dec
lo May
10c Jan
2o Jan
lc Mar
20c Jan
lKs Jan
46c Mar
1%
Feb
5c Feb
2c Feb
1
Dec
35c Nov
IK Apr
25 K Oct
9c Oct
2K Mar
lc Nov
70c Feb
3c Nov
8c May
3c Feb
lc Jan
12 Dec
50c Nov

June
Dec
Jan
Aug
Dec
Aug
Aug
Aug
July
Apr
Dec
May
Apr
Nov
Sept
Apr
100 Apr
22c Mar
48c Mar
18c June
9 Nov
IK Oct
IK July
14 K Sepl
3K Mar
76c Mai
38c Aug
5
Feb
10c Feb
4K Apr
7e Aue
5K Dec
63c Mar
140 O t
C
14c Sept
14o Mar
31o May
3K May
40c Anr
47c Jan
16c June
11c June
67c May
52c Mar
20 June
3K Dec
175
Dec
68c Oct
«K Mar
60c Dec
2K June
8c Aug
120 May
30c Nov
21c Jan
46c Nov
6c Oct
10c Mar
5c Oct
20c Mar
•23c Mar
900 Apr
5K Jan
19c Sepl
28c Dec
16c Apr
70c Oct
99c Nov
IK June
96c A
>
4K Dec
g
14c Apr
12c Juno
3
Jan
1 May
2K Jan
30 K May
55c Jan
6K Feh
6c Sept
l l % Mar
8c Oct
17c Jan
18c Oct
15o July
20 May
IK June

59
54
76
102 K
100 K
93
96 K
96
100

90
Apr
67 Sept
99K May
107
Aug
105
Aug
99K July
100K Oct
112
Oct
101K Aug
93 K Aug
93 K Nov
101K Apr
104K Aug
102 K Aug
104K Aug
105K Dec
66K May
81 Sept
106 K Aug
108
Aug
95 K Nov
112
Aug
99 K Dec
101K Jan
108 Sept
99K Apr
98 Sept
92K Nov
49 Mar
40 Mar
25
Dec
107K Sept
101K Sept
110 Sept
100K June
105 Mar
103 K Apr
107K June
102 July

Jan
Dec
Feb
Feb
’ Jan
Feb
Nov
Jan
May
86 Nov
91
Dec
99 K Jan
100 K Jan
96 K Jan
102 K Jan
101K Jan
50 K Oct
61 May
100 K Jan
100 K Jan
95 Nov
10 IK Feb
98K June
99K Jan
98
Feb
91
Dec
87
Feb
85 Mar
22K Jan
20
Dec
24
Dec
99 K June
98K Nov
102 K June
94 Feb
101K Nov
101 K Nov
102K Jan
100 K Jan
95
Feb
99K Nov
109 Dec
95K Dec
100 Mav
102M Feb
95
Feb
100 K Jan
102
Jan
102 H Jan
96K Nov
100 K Apr
95
Jan

103

103
105
97 K
101K
104 K
100
107
108K
104K
97K
101
102

Aug

Sept
Nov
Deo
Aug
Apr
May
Sept
Aug
May
Dec
Sept
Aug

2897
F r id a y
Sales
fo r
W e e k 's R a n g e
L ast
W eek.
o f P r ic e s
S a le .
P a r . P r ic e . L o w .
H ig h . S h a r e s .

Interb R T 8s J P M rects.
Certificates of deposit__
7s class A_______ 1922
Kansas City Pow * Lt 6s'52
Kennecott Copper 7s.1930
Laclede Gas Light 7s........
Libby McNeill A Libby7s’31
Liggett-Winchester 7s. 1942
Loulsv Gas & Elec 5s_ . 1952
Manitoba Power 7s__ 1941
Morris & Co 7Ks___1930
Nat Acme Co 7Ka__ 1931
Nat Cloak A Suit 8S..1930
National Leather 8s__1925
N Y N H & H 7s w 1..1925
500-franc bonds______
Ohio Power 5s_____ 1952
Philadelphia Elec 6s. .1941
5K s------------------ 1947
Public Serv Corp 7s w 11941
Sears. Roebuck & Co 7s ’23
Shawsheen Mills 7s__ 1931
Sheffield Farms 6KS..1942
Solvay & Cle 8s..........1927
South Calif Edison 5s. 1944
Southw Bell Telep 7s.1925
Stand Oil of N Y deb 6Ks’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
Sun Co 7s_____ _ .1931
Swift A Co 7s.Aug 15 1931
5s, when Issued__1932
ridal-Osage Oil 7s___1931
United Oil Produc8s .. 1931
United Rys of Hav 7Ks '36
Vacuum Oil 6s______1937
Wayne Coal 6s.......... 1937

96 K
96
90 K
105 K

101

99 K

90 K
97 K
106 K
95K
106
101K
CK
0
104 K
102 K
103
101K

100K
92>g

102K

107 '
104
104 K
105K
107 K

102 K
93 K
102 K
100

97
76,000
96 K 123,000
1,000
90K 90 K 26.000
105 105 K 88,000
101 101 K 33,000
99K 99 K 4,000
102 102 K 3,000
91 K 148.000
90
96
97 K 14,000
106 K 106 K 4,000
95 K 95K 17,000
3,000
105K 106
101K 101K 2.000
4,500
80
80
65
68K 114,750
90 K 90K 21,000
104 K 104K 2.000
102 102 K 5.000
25.000
102K 103
101K 101K 3.000
11,000
105 105
100 100 K 13,000
105 105 K 3 000
41.000
92 K 93
102 K 102K 63.000
106K 107 K 41.000
104 10 IK 10.000
104 K 104 K 12,000
105 K 105 K 9.000
106K 107K 20.000
107 K 107 K 4,000
108 K 108 K 6.000
100 109 K 13,000
101 101 K 2,000
102K 102K 16,000
92 K 93 K 49,000
102 K 102 K 2.000
09 100K 43,000
106 106K 7.000
107K 107 V. 15,000
3,000
73
73
96
96

100

100

R a n g e s in c e J a n .
Low .

72
89K
90
101K
94 K
98 K
9SK
90
89
102 K
92
95
95 K
77
64 K
89 K
100K
99
96K
97

Jan
July
Dec
Nov
Jan
Feb
Apr
Mar
Dec
Jau
Jan
Mar
Jan
Jan
Mar
Mar
Dee
Jan
June
Feb
Jan
Jan
101
100 Dec
102 K Jan
Dec
92
100K Jan
105 K Mar
Oct
103
Jan
104
104 K Feb
Feb
105
105 Mar
Apr
106
107K Mar
9SK Jan
Jan
101
92 K Dec
99K Jan
Feb
90
100 Jan
Jan
106
Jan
50

100

1.

H ig h .

98 K Dec
98 K Oct
iook

Sept
Jan
Aug
Sept
Sept
Nov
May
May
100 Sept
106 Sept
102
Oct
92 K May
78 Mar
93 K Nov
10 >K Sept
103 Sept
105K Sept
102 Apr
106K Sept
101K Sept
107 K July
95 Nov
10tK Aug
109 K July
108 Aug
106 H Sept
107 May
108 Sept
109
Aug
109 K Nov
111 July
103 Sept
103 K Apr
97 K Sept
106 Sept
110 Apr
108 AUg
109 K Aug
76 Sept
03 K
106H
103
102K
104 K
91K
100
107

73
Foreign Government
and Municipalities
Jan 101K Aug
Argentine Nation 7s..1923 100K 99 K 100K $56,000 97
8Berlin 4s______
7100000 22c Dec 5 V\ Jan
SHamburg 4Ks_____
6K Mar
20c (71.000 200 Oct
Mexico 4s................... 1945 39 K 39 K 40 K 147.000 34 K Apr 52 K Apr
3s____________
10K Nov 13 Sept
5s_______
15 000 14 Nov 23 June
6s 10-year series B___
Deo
56 K 55K 57 127,000 50 July 57
Netherlands! Klngd)6s P ’72 98K 98 K 98 K 142 000 94 Sept 99 K Dee
Peru (Republic) 8s w 1.1932
12.000 96 Nov 100K July
97 K 9S
Russian Govt 6,Ks . 191E
9K Dec 30 K Apr
10 K 10K 10,000
Certificates___
10 1014 181,000 9 K Dec 26K Apr
Apr
Russian Govt 5Ks___1921
9K Dec 28
10K 10K 31.000
Certificates..
D C 28
O
Apr
9
9
9K
9K 16.000
5Ks F & A______ 1926
10.000 4K Mar 6 Apr
514
Switzerland Govt 5 Ks 1929 103 K 103" 103 K 05.000 95M Jan 107K Mar
t Odd lots. * No par value. § Dollar per 1,000 marks, a Ex-100% stock dlvl
dend. g Marks. ^Correction, m Dollars per 1,000 lire flat. 1 Listed on the Stock
Exchange this week, where additional transactions will be found, b Ex-special
dividend of §25. n Ex-extra dividend of S20. o New stock, p Ex-special dividend
of $80 and regular dividend of $3. r Ex-100% stock dividend. t Ex-stock dividend
>
of 40%. w When Issued, z Ex-dlvidend. y Ex-rights, z Ex-stock dividend.
C U R R E N T N O T IC E S .

— Gerard B. Werner, who for the past ten years has been connected with
the bond department of Jackson & Curtis, will on Jan. 1 become associated
with Spencer B. Koch & Co., member New York Stock Exchange, as man­
ager of their bond and investment department.
—Messrs. Spencer Trask & Co. announco the retirement from their firm
of Mr. Charles J. Peabody and Mr. Erastus W. Bulkloy effective Jan. 1
1923, and the addition of Mr. C. Everett Bacon and Mr. F. Malbone
Blodget to their membership.
—Redmond & Co. have issued a booklet describing numerous issues
of State, municipal, railroad, public utility, industrial, and foreign Govern­
ment bonds now selling at prices to yield approximately 4% to 8%.
—Lloyd A. Munger has become associated with A. G. Becker & Co.’s
New York office as bond sales manager.
—The New York Trust Company has been appointed transfer agent for
the Century Ribbon Mills, Inc., Preferred and Common stock.

New York C ity Banks and T rust Companies.
A l l p r ic e s d o l l a r s p e r s h a r e .

Bunks—N . Y .
America *___
Amer Excb..
Battery Park.
Bowery*____
Broadway Cen
Bronx Boro*.
Bronx Nat__
Bryant Park*
Butch A Drov
Cent Mercan.
Chase______
Chat A Phen.

H id

216

293
133
440
130

110

155
155
130

210
337
256

Chemical___ 537
Coal A Iron.. 210
Colonial • ___ 325
Columbia*__ 220
Commerce__ 296
Com’nwealth* 220
Continental.. 135
Corn Exch*__ 42 4
Cosmop'tan*. 91
East River__ 175
Fifth Avenue* 1000
Fifth.........
195

B id
Bunks
219 Harrlman___ 370
299 Imp A Trad.. 605
143 Industrial* .. 195
Irving Nat of
N Y ____ 243
145
Manhattan *. 1 149
Mech A Met. 405
165 Mutual*____ 1 300
138 Nat American
225 National City 334
340 New Neth*_. 125
260 Pacific *........ 300
440
547 Public______ i 280
220 Seaboard___ 330
Standard *__ 310
240 State*_____ 340
300 Tradesmen’s * 200
235 23d Ward*... 270
145 United States* 165
432 Wash'n H’ts * 200
Yorkville *__ 600
A sk

Trust Co.'s B i d
A sk
N e w Y ork
380
615 American___ . . . .
205 Bank of N. Y.
A Trust Co. 4/5
217 Bankers Trust 381
153 Central Union 435
410 Columbia___ 315
___ Commercial.. 115
150 Empire____ 3; i0
338 Equitable Tr. 1 178
135 Farm L A Tr. 515
___ Fidelity Inter. 210
445 Fulton........... 2.0
290 Guaranty Tr. 215
340 Hudson____ 190
320 Law Tit A Tr t 145
360 Metropolitan. 360
Mutual (West
Chester)__ 115
300
N Y Trust... 347
Title Gu A Tr : 30
__ _ U 8 Mtg A Tr 310
United States 1260

A lt.

_ __ _
460
385
440
323
125
___
182
525
___
260
220
___
154
310
130
352
339
320
___

B r o o k ly n

205 Coney Island* 155 165
320 355
Mechanics’ *. 128 138
Garfield......... 240
150
182 190
Nassau_____ 225 240
Greenwich *.. 270
People’s ------ 160
Hanover____ 670
• Banks marked with (*) are State banks. I New stock,

1200 1215

B r o o k ly n

Brooklyn Tr.
Kings County
Manufacturer
People’s____
x Ex-dlvldend.

470 490
750
260
365
v Ex-rights

New York City R ealty and Surety Com panies.
A ll p r ic e s d o lla rs p e r s h a re .

Alliance R'lty
Amer Surety.
Bond A M G.
City Investing
Preferred ..
fNew stock.

B id

Alt

81
264
65

85 Mtge Bond. 117
270 Nat Surety. Z148
68 N Y Title A
Mortgage.. 165
105

100
100

B id

110 Lawyers Mtge 158

A sk
Realty Assoc
164
(Brooklyn).
123 U S Casualty.
156 U S Title Guar
West Chester
175
Title AM G

B id

155

Alt
164

200
100 105
2C 220
0

3898

I iiu e s tw e w t a m t g U ilv c r a d

% n U llx Q m t£ .

RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEA M roads from which regular weekly or monthly returnB
oan be obtained. The first two columns of figures give the gross earnings for the latest week or m onth, and the last two
columns the earnings for the period from Ja n . 1 to and including the latest week or m onth. T h e r e tu r n s o f e le c tr ic r a i l w a y s
a re b r o u g h t to g e th e r s e p a r a te ly o n a s u b s e q u e n t p a g e .
L a te s t G ro ss E a r n i n g s .

Jan. 1

to L a te s t D a te .

RO AD S.

W eek or
M o n th .

C urrent
Y ear.

P r e c io u s
Y ear.

L a te s t G ro ss E a r n i n g s .

RO AD S.
C urrent
Y ear.

P r e v io u s
Y ear.

$
Akron Canton & Y'n November
188,800 137,152 2,010,653 1,528,968
Alabama & Vicksb. Novembor
289,004 306,571 2,760,129 3,124,111
Ann Arbor_______ 2d wk Dec
96.033
103.946 4,809.016 4.9 >2.027
Atch Topeka & H Fe November 22245314 20264795 202447769 212635439
Panhandle & 8 Fe October
888,765 1,025.406 6,455,816 8,012.410
Gulf Colo & 8 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 P t, October
268.757 216.161 2.095 853 2.102.044
Atlantic City_____ November
261,311
215,900 4,367,727 4,379,101
Atlantic Coast Line. November 6,162,691 5,373,775 63,746,153 60,701,31f
Baltimore & O hio.. November 19845040 15901084 142487343,144271743
B & O C h Term. - November
301,310 252.387 2,846,886 2,419,893
Bangor & Aroostook November
619,064 700,510 6,929,294 6,710,685
Bellefonte Central.. October
12.189
7,104
88,695
62.677
Belt By of Chicago-November
612,709 469,056 5,590,547 5,059,257
Bessemer &L Erie. . November 1,662,570 880,156 13,395,146 12,831,152
Bingham & Garfield October
27.0941 11,302
181.328
153.956
Boston & Maine__ November 7,057,448 6,786,976 73,006,493 72,032,853
140,674 111,121 1,450,450 1,211,014
BklynE D T erm .--N ovem ber
Buff Roch & Pittsb. 3d wk Dec 483,610 316,317 16,149,463 15,253,265
Buffalo & Susq____ November
222,082
182,147 1.435,202 1.888,960
Canadian Nat Rys. 3d wk Dec 2,424.964 2,634.323 117241499 123239147
Canadian,Pacific__ 3d wk Dec 3,570,00O 3,440,000 118 8i535 183972000
Caro Clinch & Ohio. November
665,930 670,005 6,959,605 6,889,058
____
n r.—i\ ____
Central of Georgia. - November 2,165,549 1,744,525 21,078,853 20,579,686
Central RR of N J - . November 4,797,187 4,176,304 44,902,859 48,524,262
Cent New England. November i 666,304 789,935 6,205,504 7,753,574
Central V erm ont... November
860,933 636,293 6,867,845 6,569,500
Charleston & W Car November I 265,776 275,890 2,953,8371 3,027,508
Ches& Ohio b in es.. October
6.603 743 7.597.616 69.198.700 71.571.929
Chicago Great West October
2.345.274 2.383.312,19.’925.’452 20:631! 130
Chic Ind & L ouisv.. November 1.414,719 1,226,135 14,526.700 13,952,614
Chic Milw & St Paul November 14549839 11808316 142983970 135417984
Chic & North W est. November 12853795 10860944 134109512 134196868
Chic Peoria & St L . October
178.033, 207.831 1,747.642 1.738,359
Chic River .V In d .. . October
632.5951
3.090.029
Chic R I & P acific.. October
1121911912515947 98.841.937 111753215
Chic R 1 & G u lf.. October
505 8471 611.724, 4 813 605 6.475 952
Chic St P M & Om. November 2,278,351 2,247.142 25,425,179 25,941,370
Cine 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 C ity. October
953,246 1.115.749 7.848.756 9,471,516
Trin & Brazos Val.Ootober
237 333! 365.004 2.352.150 2.575.686
Wichita Valley...lOctober
173,538' 210.968 1.055.720 1.401,655
Delaware & Hudson November 3,856,931 3,626,202 34,289,235 41,983,269
Del Lack & Western November 6.866,909 7,192,455 68,112,454 79,623.440
Denv & 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 November
164,747 172,815 1,745,472 1,846,970
Detroit Tol & Iront. October
780.033 630,108 7.467.782 5.411,318
Det & Tol Shore L .. O ctober
338.99s 349.345 2.929 832 2.370.680
Dul & Iron Range.. October
732.705 415.027 6.317,042 7.782.240
Dul Missabe & Nor. October
1,775,056 1,313,326 13.687.250 12.086.035
Duluth So Sh & A tl. 2d wk Dec
84,333
71,496 4,215,280
Duluth Winn & Pac October
170.997 190,718 1.642,707 4,270.602
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. November 2,182.032 1,556,952 19,322,228 17,743,921
El Paso & Sou West November
962,383 773,092 10,219,646 10,123,057
Erie Railroad—•
Chicago & E rie.. November 1,169,303 1,023,958 10,434,642 10,046,176
N J 4 N Y R R ... October
130 555 125 851 , 1.249.242 1.247.771
Florida East Coast. November 1,005,217 960,836il2,152,657 12,337,720
Fonda Johns & Glov November
119,826 111,5251 1,279,179 1,242,062
Ft Smith & Western November
178,640 150,7981 1,527.346
167,060 188,154 1,462,445 1,637,259
Galveston Wharf__ November
Georgia Railroad.. November
499,189 400,738 4,725,349 2,471,663
Georgia & Florida.. October
128.726 121.645 1.111.583 4,839,106
1.170.479
Grand Trunk Syst. . 3d wk Dec 1,986,535 1,685,267 103133235 100570711
239 532 175.949 2,257.076 2.283.903
Atl & St Lawrence October
208,583 205.813 1.837.427 1,644.072
CbDetCanGTJct October
576,737 537.645 4.427.924 3,709.695
Det G H & Milw. October
1.400,041 1.186,863 13.505,456 12,171,516
Grand Trk West- October
11605480 12289 463 84,415,554 82.067.604
Great North System October
October
124.989 136,407 1.136.245 1.175.599
■Green Bay & W est.
403.782 391.012 3.674.169 3.409.190
Gulf Mobile & Nor. October
233,043 219,556 2,698,026 2,623,039
Gulf & Ship Island- November
1.503,820 1.655.527 11.174,715 12,079.665
Hocking Valley----- October
Illinois Central----- November 16568 113 13102818 158277146 149029004
Internat & Grt Nor. November 1,359,020 1,136,432 13,375,887 16,447,636
169,852 213,250 2.122,574 2.310.044
Internal R yof M e .. October
102.335 148.376 1.109.348 1.537,504
Kan City Mex & Or October
145,656 209,434 1,226,105 1.823,201
K O Mex & O of Tex October
Kansas City South. November 1,82 4,«24 1.679.068 18,407,565 20.185.393
221.625 198,700 1,736.564 1.859.729
Texark & Ft S m .. October
Total system ----- November 1,828,828 1.679.068 18,407,564 20.185.393
275,280 220,080 2.362.475 1.930.645
Kan Okla & G u lf... October
122,872
97.428 1,020,337
Lake Sup & Ishpem. October
378.528
90,500! 961.931 1,109,901
82,445
Lake Term Ry____ November
284.826 319,165 1.974.461 2,705.288
Lehigh & Hud River October
612,100 416,775 4.049,604 4,497,980
Lehigh & Now Eng. November
Lehigh Valley____ November 5,602,080 6,335,863 56,924,124 69,685,510
1,894.327 1,828,264 16.147.335 16,503.170
Los Ang & Salt Lake October
282,697 289,952, 2,989,881 3,134,552
Louisiana & Arkan. November
398,007 360,614! 2,889.782 3.342,497
Louisiana Ry & Nav October
Louisville & Nashv. November 10012472 9,763,106 110769621 108744004
299.341 268.165 2,723.475 2.424.924
Louisv Hend & St L October
Maine Central____ November 1,783.048 1,670,607.18,750,207 19,072,529
■126,587 362,296 4,272.069 4,116.541
Midland Valley----- November
2,279
300,151
263,273
7,140
Mineral Range------- 2d Wk Dec
Minneap & St Louis 3d wk Dec 307,702 302,609 15,253.002 15,928,286
5.025.351 4,533,766 38,322,298,35,894,684
Minn S t P & S S M . October
I
1

W ee k or
M o n th .

C urrent
Y ear.

!Jan. 1

i P r e v io u s
Y ear.

to L a te s t D a te .

C urrent
Y ear.

P r e v io u s
Y ear.

Mississippi Central. November
138,370 113.949 1,369,623 1,080,674
Mo & North Arkan. October
128.X)2
401 781
...........
Missouri Kan & Tex November 5,142,552 5,161.689,49,892,258 58,521,537
______________
Mo K & T Ry of Tex October
2.3VJ2.22112.652,735 17.531.249,22.851.279
Mo Kan & Tex Syst October
5,782.99416.024.768144.749.706 53 359.848
Missouri Pacific----- November 8,884,393 9,294,690 91,194,536 102019816
Columbus & Greenv November
149,625, 164,257 1,420,009 1,440,882
Monongahela_____ October
382.016 515.576 2,900.1221 3,522.058
Monongahela Conn. November
167,910 107,114 1,512.598 .727.267
Montour_________ November
187,718'
89,404 997,342 1,319.539
Nashv Chatt & St L November 2,066,580 1,790,856 20,352,901 19,381,706
Nevada-Cal-Oregon 3d wk Dec
4,822.
6,2991 322.461,
422,298
Nevada Northern . October
7 6 . .7 i
27.388 463 41 I
2 0 0 .9 0 1
Newburgh & Sou Sh November
179,919! 184,942| 1,766,984 1,332.780
New Orl Great Nor. November
212,02/1 204,342 2,323.731 2,355,149
N O Texas & M ex .. November
343,915 229,955, 2,634,531 2,450,586
Beaum S L & W . - November
190,059 148,140 1,867.376 1,978,752
St L Brownsv &M November
356,098 423,982 4,690.775 5,494,548
New York C entral.. November 36389112 29023063 328143397 312017193
Ind Harbor Belt. November „ 905,535 730.030 9,377,808 8,351,154
M chigan Central OctnOer
8 2 > .i>3« 6.983 138 67 .->10,184 61,090.774
6
Clev C C & St L - . Novembor 7,596,012 6,392,387 76,791,593 73,762,984
Cincinnati Nor-h. October
3 '4 409 376 639 l 776.666 3.248.820
Pitts & Lake Erie November 3,577,555 2,045,705 25.835.793 21,317,913
N Y Chic & St Louis November 3,386,177 3,055,853 35,723,635 33,184,393
N Y Connecting__ November
250,480 253,536 2,709,719 3,081,925
N Y N H * rtarif.. October
11542 713 U-659 .35 101487 175 96.235 391
N Y N H & H artf.. November 10941894 10270428 112429072 106505819
N Y Ont & Western November 1,035,892 1,079.482 11,336,472 13,135,030
N Y Susqft W est.. November
372,697 334,523 3,737,505 3,931,019
Norfolk Southern.. November
785,463 749,685’ 7,678,470 7,375.949
Norfolk & Western. November 6,716,216 6,939,700 83,353.990 73,541,696
Northern Pacific__ November 9,433,995 8,919,928 87,733,885 87.037,247
Northwestern P a c.. October
7 91,io7
911,022 6,8 17.5261 7 389,364
6295090 55678 00-1 52)497176 515281 433
Pennsvlv RR & Co. October
Balt Chcs & Atlan November
109,767 100,877 1,464,395' 1,504,906
Long Island____ November 2,377,497 2,150,873 28,573,099 26,711,527
87,818
Mary Del & V a .. November
88,573 1,084,514. 1,161,785
28.3 -Jz
Tol Peor & West. 1st wk D o ,
25,514 1.405,299 1.445.965
1.168,692 974, '31 12,058.932 11,403.309
W Jersey * Seash October
6717 >453 5953^5 > 572213174 555804114
Pennsylvania S y st.. October
7
178,758 148,082 1,679,380 1.547,509
Peoria & Pekin Un_ November
Pere Marquette____ November 3,420,598 3,313,806 35,007,603 35,655,935
104,769 120,826 1,179,551- 1,176,418
Perkiomen________ November
Phila & R eading.. . November 8.521,783 7,393,366 73,076,125 78,099,043
Phila & AVestern__ Novemoer
70,6t>4
66,033
752,596
744,059
69.8.0
Pittsb * Shawmut .October
136.845
83 5.478 1.059.916
145,634
Pitts Shaw & North November
94,600 1,122,560 1,085,618
253,557 247,078 2,353,136 2,591,016
Pittsb & West V a .. November
Port Reading______ November
189,547 173,689 1,651,811 2,073,488
5.654,154 4,940.600 54,413,177 54,858,658
Pullman Company. October
Quincy Om & K C . . October
153.180 118,28c
975.427 1,093,433
965.591 773.59 • 9.050.3431 8.413.282
Rich Fred & Potom. October
512,920 463,084 5,302,8931 5,373,759
Rutland__________ November
Sc Jos <t Grand lsl__ October
S
<
3 >5,3 > 3 > 373 2.;> >t .2 11 2.847.628
3
St Louis San F ran .. November
160,574 7.079.721 75,242,844 79,310,828
Ft W & Rio Gr’de October
149,831 147,01ft 1,124.344 1,450,829
St L-S F of Texas October
158.031 173.923 1.406.885 1.615.993
St Louis Southwest. 3d wk Dec 540,179 498,859 25,180,352 24,444,755
St L S W of T e x .. November
727,229 683,396 6,882,975, 7,079,971
Total system___ 2d wk Dec
594,/9J 502,668 25,185,040 24,546,314
St Louis Transfer.. October
68.292 1 12.994
614.688
952.994
San Ant & Aran Pass November
514,408 535,128 5,307,190 5,841,391
San Ant Uvalde & G October
ss. .3
68-,2«i| 1,016.878
'4, >14
Seaboard Air L in e.. November 4,223,461 3,608,176 41,161,595 39,143.753
Southern Pacific Co November 16617029 14698065 167895320 176749357
Atlantic SS Lines. November 1.149,671 1,057,650 10,908,189, 9,769.554
Arizona Eastern. November
285,416 193,871 2,878,000 2,508,850
________
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 W est.. 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
772.937 831,927 7,171.702 7,184.058
Southern Railway.. 2d wk Dec 3,575,914 3.124.852 156823859 159918088
.........
Ala Great South. November
850,618 859,561 7,657,593 8,713,292
Cin N O & Tex P . November 1,701,653 1,393,571 15,067,030 15,804,033
.
Georgia Sou & Fla November
384,279 381,348 4.114,955 4,122,625
■fli
Mobile & O h io ... 3d wk Dec 413,905
New Orl & Nor E . November
561,872
Northern Ala___ October
151,334
C *t £ 4 I .
V 7
Spokane Internat'l. October
116.241 105.188
980,494 1,081,652
Spok Port.l & Seattle October
662,128 93 4,480 5.0X4.5S9 6.647.478
Staten Island R T__ November
184,4
193.571 2,278,610 2,329,717
Tennessee Central.. October
264.313
1.377,»72
Term R It Assn of St L October
398.633 473.8811 3.723.525 3.778.688
St L Mer Bdge T . October
459,475 38 4.155 3.214 736
Texas & Pacific----- 3d wk Dec
731.595 , 727.857 30;25i,135 25,836,273
Toledo St L & West October
1.289 499 1 •We
Ulster & Delaware.. November
121,917 118,864 1,536.152 7.777,142
1,641,941
Union Pacific_____ October
12688907 13890798 87,701,096 96,681,680
Oregon Short Line October
146.85s 4 591 70X 20 847 593
Total system ___ November 18650233 17272219175738990 39.572 so 2
185827299
Ore-Wash RR&N October
2.903.01013.1 >2 27-> 23.4 > 733 24.797.535
2
Union RR (Penn).. November
081,665 683,715 10,339,652 8,732,395
Utah_____________Novembor
.182,478 135,573 1,587,113 1,115,891
Vicks Shreve & Pac. November
345,6631 348,275 3,344,315 3,805,597
Virginian Railroad. November 1>4>>2,988 1,405,979 17,519,971 16,858,411
Wabash Railroad-. November 5-085.372 4,787,294 52,827,450 54,769,861
Western Maryland. 2d wk Dec 442,337 335,182 17,589,423 16,906,703
Western Pacific___ October
10,299.018 10.419,143
Western R yof A la.. October
304.0131 250.109 2.196.371 2,129.756'
Wheel & Lake Erie. November 1,108,303 1,164,365 12,113,076 13,832,508
Wichita F alls* N W October
17J .6021 241,281( 1.279.167 2 .3 7 9 .2 8 3
Yazoo & Miss Valley October
2,097.365 2,129,662 i15!686.’008 17|009,-614

AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
W e e k ly S u m m a r ie s .

2d week Oct
3d week Oct
4th week Oct
1st week Nov
2d week Nov
3d week Nov
4th week Nov
1st week Dec
2d week Dec
3d week Dec

C u rren t
Y ear.

S
16,543,468
17,532,597
24,891,958
17,499.018
17.766,169
16,860,574
15,338,192
15,442,132
15,477,466
13.024.548

P r e v io u s
Y ea r.

S
15,361.125
16,646.378
23,710,585
16,159,779
15,880,145
15.153,422
13,967,120
13,397,109
14,922,832
13 0 >] ./M
X

In crea se or
D e c ease.

%

$
+ 1.182,343 7.69
+885,219 5.32
+ 1,181.373 5.40
4-1,339,269 8.29
+ 1,886,024 11.87
+ 1,707.152 11.26
+ 1.334.9721 9.95
+2,045.023 15.26
+554,634 3.72
.f 009.300 6.93

M o n th ly S u m m a r ie s .
M ile a g e .

C urr. Y r.

January___ 235,395
February ...235,625
M arch .........234.986
April............. 234.955
M a y ---------- 234,931
June.............. 235,310
July-------- •—235,082
August......... 235.294
Septem ber..235.280
O ctober___ 333 872

C u rren t
Y ear.

P r e v io u s
Y ear.

$
234,636 393,892.529 469,195.808
234,880 400,430,580 405,203 414
234,202 473,433.886 457.374,460
234.338 416.240.237 432,106,647
234,051 447,299.150,443,229,399
______
234.568 472,383,903 460,007,081
234,556 442,736,397 462.696,986
235,090 472,242.561'504,154.065
235,205 498.702.275 496,978,503
222 8X2 545.759.‘>06 53 >.684.'>14

In cre a se or
D e c re a se .

%

P e v .Y r .

(13 roads)___
—75.303,279 1605
116 roads)___
—4.772,834 1.1b
(18 roads)___
4-16.059.426 3.51
(16 roads)___
—15.866.410 3.67
(18 road s)___
+4,069,751 0.92
(18 roads)___
+ 12,376.822 2.69
(15 roads)___
—19.960,589 4.31
(17 roads)___
—31.911,054 6.35
(17 roads)___
+ 1,723.772 0.33
(14 roadsi___
+ 13 074.292 2.4.5
• Grand Rapids & Indiana and P itts. Olnc. Ohio. ft St, Loula Included in Pennsylvania R R , x Lake Erie ft Western Included In N ew York Oentrai




D ec . 30 1922.]

T H E C H R O N IC L E

3899

—G r o s s f r o m R a i l w a y — — N e t f r o m
L atest Gross E arnings by W eeks.—In the table which
1922.
1921.
1922.
1921.
S
S
S
follows we sum up separately the earnings for the third week Mobile & Ohio— S
of December. The table covers 14 roads and shows 6.93%
Columbus & Greenville—
November .
149,625 164,257
53,301
38,226
increase over the same week last year.
From Jan l. 1,420,009 1,440,882
—3,252
321,879
T h ir d

1922.

D ecrease.

S
167,293
130,000

$
209,359

1,986,535 1,685,267

Detroit Grd Haven & Milw.

In crease.

*
316,317

i:l7o:ooo

Buffalo Rochester & Pittsburgh.
Canadian National Railways—

1921.

$
483,610

W eek o f D e cem b e r.

301,268

307,202

Net increase (6.93%) .................

302,609

4,593

331,592
6,299
3,078,425
34 t i i i 727,957
540,179
498,859

Mobile & Ohio. . __________
Ne vada-Cal ifornia-Oregon____
Southern Railway System------Texas & Pacific Ry — . . .
St Louis Southwestern----.

82,313

413,905

T .4 7 7

41,320

13,924,548 13,021.648 1,113,736
902,900

210,836

N et E arnings M onthly to L atest D ates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
— G ro ss f r o m R a ilw a y —

~ . \ e l f r o m R a ll i c a y -------- N e t a f t e r T a x e s ----

1922.
1921.
1922.
S
S
Akron Canton & Youngstown—
November. 188,800
137,152
61,266
From Jan 1 2,010,653 1,528,968
807,083
Alabama & Vicksburg—
November _ 289,604
306,576
37,805
From Jan 1. 2,760,129 3,124,111
400,338
Atlantic City RR—
November . 261,311
215,900 —85,758
From Jan 1„ 4,367,727 4,379,101
594,120
Atlantic Coast Line—
November . 6,162,691 5,373,775 1,446,107
From Jan 1_63,746,153 60,707,315 16,724,151
Baltimore & Ohio—
15,901,0S4 4,022,780
183117810 30,113,288
Bessemer & Lake Erie—
November. 1,662,570
695,689
880,156
From Jan 1 13,395,146 12,831,152 4,159,223
Brooklyn E D Terminal—
November . 140,674
111,121
68,191
From Jan 1. 1,450,450 1,211,014
600,353
Buffalo Rochester & Pittsburg—
November . 2,256,391 1,147,571
327,009
From Jan 1.14,658,194 13,159,848
155,867
Buffalo & Susquehanna—
28,236
November . 222,082
182,147
From Jan 1. 1,435,202 1,888,960 —45,073
Carolina Clinch & Ohio—
November _ 665,930
670,005
227,606
From Jan 1_ 6,959,605 6.889,058 2,419,992
Central of Georgia—
November . 2,165,549 1,744,525
560,485
From Jan 1.21,078,853 20,579,686 4,815,617
Central RR of New Jersey—
November - 4,797,187 4,176,304
596,116
From jan 1 44,902,859 48,524,262 6,977,265
Central New England—
November. 666,304
789,935
261,723
From Jan 1 6,205,504 7,753,574 1,495,097
Charleston & W Carolina—
November _ 265,776
275,890
67,261
From Jan 1. 2,953,837 3,027,508
685,219
Chicago Milw & St Paul—
November .14,549,839 11,808,316 3,012,695
From Jan 1.142983 970 135417984 25,167,861
Chicago & North Western—
November .12,853,795 10,860,944 2,156,563
From Jan 1 134109512 134196868 25,135,583
Delaware & Hudson—
November . 3,856,931 3,626,202
490,463
From Jan 1.34.289,235 41,983,269 2,191,512
Delaware Lack & Western—
November . 6,866,909 7,192,455
749,852
From Jan 1.68,112,454 79,623,440 10,138,054
El Paso & Southwestern—
November . 962,383
773,092
237,819
From Jan 1 10,219,646 10,123,057 3,192,207
Florida East Coast—
November . 1,005,217
960,836
217,107
From Jan 1.12,152,657 12,337,720 3,567,470
Ft Smith & Western—
November . 178,640
150,798
54,644
From Jan 1. 1,527,346 1,637,257
306,908
Galveston Wharf—
November . 167,060
188,154
75,708
From Jan 1. 1,462,445 2,471,683
340,073
Georgia Railroad—
November . 499,189
400,738
100,930
From Jan 1. 4,725,349 4.839,106
772,327
Gulf & Ship Island—
November . 233,043
219,556
59,718
751,185
From J an l. 2,698,026 2,623,039
International & Great Northern—
November _ 1,359,020 1,136,432
140,014
From Jan 1.13,375,887 16,447,636 2,247,028
Lake Terminal Ry—
—4,704
November .
82,445
90,500
228,031
From Janl. 961,931 1,109,901
Lehigh Valley—
„
343,173
November . 5,602,080 6,335,863
From Jan 1.56,924,124 69,685,510 2,893,098
Louisiana & Arkansas—
99,775
November . 282,697
289,952
889,588
From Jan l. 2,989,881 3,134,552
Louisville & Nashville—
November .10,012,472 9,763,106 1,711,976
From Jan 1.110769 621 108744,004 19,826,152
Maine Central RR— .
292,343
November . 1,783,048 1,670,607
From Jan 1.18,750,207 19,072,529 3,279,398
Midland Valley—
44,936
November . 426,587
362,296
From Ja n l. 4,272,069 4,116,541 1,460,334
Mississippi Central —
29,624
November . 138,370
113,949
192,279
From Jan l. 1.369,623 1,080,674




1921.
S

1922.

1921.
S

31,462
476,918

50,153
695,342

22,462
377,918

63,468
413,667

18,381
189,056

44,276
204,611

—47,283 —107,324
373,145
698,091

—66,014
488,910

S

576,294
939,413
778,073
7,624,976 13,174,442 4,741,972
2,190,223 3.702,483 1,640,215
29,625,248 23,347,548 22,865,247
58,142
588,936
119,148
2,008,907 3,734,967 1,635,543
61,979
529,967

31,536
298,441

311,946
308,125 —194,254

—35,239
—43,393

37,885
371,063

—793
—293,195
250,309
1,965,897

15,979
—4,095
—99,656 —329,575
167,006

V, 914,213

200.280
1,548,700

236,004
430,518
148,663
2,015,674 3,696,271 1,142,180
—21,480
216,811 —281,644
9,062,574 3,898,441 6,317,748
329,874 . 239,545
308,391
2,160,804 1,248,175 1,934,327
19,706
—21,395

56,220
9,676
563,256 —131,909

1,148,599 2,227,027
392,153
17,601,915 16,302,206 9,315,877
774,471 1,402,502
78,059
15,776,393 16,856,651 7,690,453
504,111
402,469
424,604
7,052,531 1,238,256 6,162,163
2,185,364
335,447 1,729,236
16,959,086 5,593,298 12,611,561
99,197
190,317
28,209
2.227,201 2,233,990 1,238,798
94,724
142,079
46,265
2,044,395 2,838,783 1,350,325
31,591
54,794

48,834
241,496

24,572
—6,002

—57,265
931,929

59,830
154,219

—79,884
739,212

11,857
188,475

93,751
689,496

5,903
122,696

32,361
460,431

35,389
539,940

22,447
240,905

16,910
102,244
1,291,256 1,873,515

—26,308
869,949

32,936
172,314
1,307,665
6,838,451
88,517
622,506
1,303,519
8,219,168
102,027
1,071,230
117,276
946,665
1,325
—2,783

24,211
104,154

1920.
S

34,179
53,288
269,213 —134,533
Monongahela—
November .
167,910 107,114
—2,366
20,322
171
22,270
From Janl.
1,512,598 727,267
173,899 —10,413
197,871
9,317
Montour—
November _ 187.718
89404 73,726
61,409
5,241
2,669
From Janl. 997,342 1,319,539
121,760 —29,862
165,792
6,119
Nashville Chatt & st Louis—
November _ 2,066,580 1,790,856
71,274
276,344
111,462
311,802
From Jan 1.20,352,901 19,381,706 2,667,579 1,552,362 2,265,694 1,033,891
Newburgh & South Shore—
November .
179,919
184 942
70,820
83,479
23,491
36,298
From Janl. 1,766,984 1,332,780
300,740
146,362
438,934
267,063
New Orleans Great Northern—
November . 212,027
204,342
65,317 —10,304
80,906
7,722
From Janl 2,323,731 2,355,149
89,655
272,443
590,789
757,628
New Orleans Texas & Mexico—
November
343,915 229,955
92,677
141,767
162,328
108,415
From Janl. 2,634,531 2,450,586
539,246
731,619
939,193
718,080
Beaumont S I, & Western—
November . 190,059
148 140
1,884
6,053
54,541
59,620
From Janl. 1,867,376 1,948,752
462,184
525,544
502,744
476,305
St Louis Browns & Mex—
November _ 356,098
423 982
84,716
82,243
68,575
99,916
From Janl. 4,690,775 5,494,548 1,553,204 1,344,557 1,397,717 1,179,830
New York Central—
November .36,389,112 29,023,063 9,374,887 8,776,546 6,943,445 6,970,053
From Jan 1.328143 397 312017193 65,018,931 64,341,296 45,328,310 44,876,205
Cleveland Cinein Chi & St L—
November .*7,596,012 6,392,387 1,612,375 1,351,987 1,227,618
983,195
From Jan 1.76,791,593 73,762,984 18,305,211 11,997,434 14,066,697 8,313,876
Indiana Harbor Belt—
November . 905,535 730,030
157,897
184,611
180,672
212,873
From Janl. 9,377,808 8,351,154 3,173,632 1,829,864 2,751,624 1,584,967
Pittsburgh & Lake Erl&—
November . 3,577,555 2,045,705 1,384,468
138,476
358,468 1,176,814
From J a n l.25,835,793 21,317,913 3,654,792 1,819,980 2,548,799 —595,737
New York Chicago < St Louis—
fc
November. 3,386,177 3,055,853
253,425
488,807
769,420
469,971
From Jan 1.35,723,635 33,184,393 8,256,879 6,459,946 6,224,747 4,319,176
New York Connecting—
November.
250,480 253,536
155,504
31,833
71,167
193,247
From Jan l. 2,709,717 3,081,925 1,792,951 2,218,630 1,359,885 1,808,868
N Y New Haven & Hartford—
November .10,941,894 10,270,428 1,747,873 2,363,849 1,325,967 2,002,832
From Jan 1.112429 072 106505819 21,568,876 8,518,419 17,277,099 4,204.813
N Y Ontario & Western—
November . 1,035,893 1,079,482 —76,879
102,306
138,012 —116,902
From Jan 1.11,336,471 13,135,030 1,376,371 1,967,625
979,069 1,569,677
Norfolk Southern—
November .
785.463 749,685
142,670
200,404
168,089
173,438
From Jan l. 7,678,470 7,375,949 1,604,003 1,122,976 1,261,522
767,220
Norfolk & Western—
November . 6,716,216 6,939,600
1,560,610
16,526 1,960,967 —433,606
From Jan 1.83,353,990 73,541,696 21,487,634 14,536,245 15,929,321 10,200,858
Northern Pacific—
November . 9,433,995 8,919,928 2,218,072 2,317,271 1,473,423 1,241,362
From Jan 1.87,733,885 87,037,247 16,951,597 14,470,948 8,944,171 6,240,401
Pennsylvania RR & Co—
Baltimore Ches & Atl—
November .
109,767
100,877 —11,181
—8,170 —11,183
—8,171
From Jan l. 1,464,395 1,504,906
13,283
122,144 —34,479
76,164
Long Island—
November . 2,377,497 2,150,873
482,994
402,716
380,547
311,331
From Jan 1.28,573,099 26,711,527 7,429,028 5,468,099 5,802,034 3,975,146
Maryland Del & Virginia—
November _
87,818
88,573 —27,613 —13,244 —27,615 —13,244
From Jan l. 1,084,514 1,161,785 —80,424 —11,327 —100,833 —35,843
Peoria & Pekin Union—
November . 178,756
148,082
51,122
3,379
31,122 —11,896
From Jan l. 1,679,380 1,547,509
426,507
89,056
255,006 —72,146
Perkiomen RR Co—
November.
104,769 120,826
65,380
55,248
50,436
55,688
From J an l. 1,179,551 1,176,418
569,307
565,778
513,537
481,439
Philadelphia & Reading—
November . 8,521,783 7,393,366 2,906,919 1,828,529 2,738,226 1,679,340
From Janl.73,076,125 78,099,043 16,823,693 14,307,051 14,721,093 12,207,557
Pittsburgh Shawmut & Nor—
November. 145,634
94,600
3,718
—7,139
1,424
—9,390
F'romJan 1 . 1,122,560 1,085,618 —166,613 —263,434 —192,688 —288,173
Pittsburgh & West Virginia—
November. 253,557
247,078
55,681 —127,973
15,176 —161,782
From Jan l. 2,353,136 2,591,016
549,524 —759,751
228,551--1,048,767
Port Reading—
November . 189,547
173,689
70.834
91,385
84,429
84,318
From Jan l. 1,651,811 2,073,488
701,235
953,566
547,873
800,727
Rutland RR—
November. 512,920
463,084
57,495
53,858
57,495
78,798
F'rom Jan l. 5,302,893 5,373,759
409,304
649,774
260,920
524,356
San Antonio & Aransas Pass—
November . 514,408
535,128
72,161
71,207
92,869
85,347
From J an l. 5,307,190 5,841,391
371,938
339,465
188,181
532,467
St Louis Southwest of Texas—
November . 727,229
683,396 —81,585
—8,310 —105,601 —32,518
F'rom Jan l. 6,882,975 7,079,971 —844,908 —767,136—1,109,953 —972,201
Southern Pacific—
November .16,617,029 14,698,065 5,721,926 3,813,415 4,219,394 2,248,275
F'rom Jan 1.167,895,320 176749,357 51,191,335 47,716,304 37,320,099 35,806,259
Arizona & Eastern—
November. 285,416
193,871
5,663
30,054
115,363
139,793
From Jan l. 2,878,000 2,508,850 1,112,009
844,716
101,382
351,466

November _ 184,475
193,571
From Jan 1. 2,228,610 2,329,717
Ulster & Delaware—
November . 121,917
118,864
From Jan 1. 1,536,152 1,641,941
166,728 1,151,225
955,928 4,943,888 Unlon RR—
November . 981,665
683,715
From Jan 1. 10,339,652 8,732,395
77,735
56,417
648,286
420,844 Utah—
November . 182,478
135,573
1,308,749 1,033,900
From Jan 1. 1,587,113 1,115,891
15,522,223 5,020,275 Vicksb Shrevep & Pacific—
348,275
November . 345,663
144,044
—2,973
From Jan 1. 3,344,315 3.S05.597
2,184,619 —89,320
Virginian—
November . 1,452,988 1,405,979
73,542
28,094
From Jan 1.17,519,971 16,858,411
821,162
1,294,643
Wabash RR—
November . 5,085,572 4,787,294
—5,930
24,364
From Jan 1.52,827,450 54,769,861
124,541 —74,361
—8,844
169,186

Vet a fter Taxes ----

1922.
S

—7,844
—171,956
—10,541
96,368

—10,411 —31,035 —28,799
—7,398 —371,953 —186,175
—6,124
189,343

—16,582
30,267

—12,127
113,685

248,009
183,297
254,009
173,297
3,141,825 1,601,736 3,047,080 1,502,986
40,893
430,248

49,491
186,396

35,390
361,316

35,806
85,559

84,889
583,765

101,038
745,878

66,603
377,018

83,886
553,420

280,426
326,766
129,219
287,111
6,254,931 5,495,690 4,870,246 4,501,522
683,476
883,990
494,278
702,073
8,700,149 8,393,240 6,602,739 6,711.53S

2900

THE CHRONICLE

E L E C T R IC RAILW AY AND PU B LIC U T IL IT Y CO’S.
L a te s t G ro ss E a r n in g s .
N a m e o f R oad
or C om pan y.

W eek or
M o n th .

C u rren t
Y ear.

iP r e v i o u s
Y ea r.

Jan. 1

to L a te s t D a t e .

C u rren t
Y ear.

P r e v io u s
Y ear.

$
S
Adirondack Pow & Lt November 557.780 458.887 *5,610,166 *4,773,846
Alabama Power C o .. November 641,490 414,161 *5,593,473 *4,504,954
2274,939 2144.898 *25970 406 *25696520
American Pr & Light. October
Appalachian Pow Co. November 265.184 230,206 *2,898,941 *2,475,954
98,899 85,177 *1.278.391 *1.113,097
Arkansas Lt & Power November
76,284 70,605 *896,448 *851,354
Asheville Pow & L t .. November
54,115 50,390
Beaver Valley T rac.. November
579,983
607,646
Binghamton Lt H&P. November 100.856 90,255 1,007,644
904,235
46.762 44,628 *540,756 *515,856
Blackstone Val G & E October
Boston "L” Railway. November 31488700 29175959 2145166757 Z13591897
18231000 15016000 162141000 140907000
/Brazilian Tr. Lt & P October
Bklyn Rapid Transit. November 2943,069 2738,946 *15083247 *14240242
Bklyn City RR (Rec) September 1001,309 968,124 8,849,170 8,502,504
Bklyn Heights (Rec). September
7,415
5,924
66,183
54,239
Bkln Q C & Sub (Rec) September 215,827 212,307 1,913.888 1,699,639
Coney Isl&Bkln(Rec) September 249,265 248,766 2,112,407 2,142,686
Coney Isl & Gravcs’d September
15.178 18,057
134.888
120.675
Nassau Electric (Rec) September 446,844 419,589 3,848,648 3,554,605
N Y Consol’d (R ec).. September 1904,583 1816,972 17,597,357 16,647,009
South Brooklyn____ September
101,395 97,317
762,600
889,373
CapeBretonElCo.Ltd October
57.789 62.182 *627,238 *699,205
Carolina Power & L t. November 197,782 164,444 *1,961,842 *1,666,468
Cent Miss Val El Co. September
47.175 45.506 *538.622 *513.992
Cities Service Co-----November 1183.019 1176,893 +14564 749 414094814
77.801 77,387
City Gas Co, Norfolk. November
826.300
825.578
Citizens Trac Co& Sub September
64,937 55.081 *780.697 *802.614
Cleve Painesv & East September
64.259 65.368
589,522
551.155
Colorado Power____ November
89,877 70,579 *1,023,374 *1,011,403
Columbia Gas & Subs November 1716.407 1473.126 16,615.967 13.710.799
Columbus Electric__ October
179,339 163,754 *1,939.608 *1,722,216
Com’w’lth Pow Coro. November 2186,785 1999,391 21,327,180 20,411.241
Com’w’Ith Pr Ry & Lt November 2937.075 2726,494 29,243,806 28,476,063
Detroit Edison Co__ November 2466.557 2163,304 23,643,063 21,012,304
100,591 105,256
Eighth Avenue...........September
901.656
906.675
Erio Ltg Co & Su b s.. November 118,334 96,135 1,042,988
901,965
Pall River Gas Works October
98,258 95,287 *997,127 *1,019,753
422.391 404,723 4,058,723 3.953.863
Federal Lt & Trac Co October
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 A Power. September 1197,858 1125,337 *14748802 *14253266
Great West Pow Sys. November 778,460 710.974 *7,618,570 *7,368,480
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. November
81,837 78.059
858,908
884,805
45.ft3o 46,721 *547,376 *579,3~4
Houghton Co Elec Lt October
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____ November 2095,594 1951,046 20,433,196 20,057,439
Interb R T System—
Subway D ivision.. September 2704,209 2609.056 33,670,459 25,614,246
Elevated Division. September 1553,872 1582.589 13,962,011 14,696,140
Kansas City Pr & L t. November 760.856 661,648 *7,742,801 *6,783,558
Keokuk,Electric Co. October
34,015 32,748 *383,818
371,474
135.729 123,688 *1,598,430 *1,632,184
Kentucky Trac Term October
Keystone Telep C o .. November 142,628 136,955 1,534,442 1,574.766
21,718 22,267 *248,976 *267,194
Key West Electric__ October
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
182,604
162.977
Lowell El & Lt Corp. October
123.484 104,885 *1,281,756 *1,166,870
23,659 23,337
Manh Bdge 3-Cent L . September
212,197
213.194
Market Street Ry— November 803,710
8,744,615
Metropolitan Edison. November 311,332 231,408 2,915.842 2.674,814
Milw Elec Ry & Light October
1667.185 1547.643 *19017672 *18911,496
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
Nebraska Power C o .. October
310,463 266,983 *3.367.723 *3,123,016
Nevada Calif Electric November 218.962 215.185 *3,327,976 *3,178,382
New Bedford G & L t. October
283,598
2,687,320
New Eng Power Sys. September 477,737 455,221 *5,596,282 *5,439,828
New Jersey Power__ November
71,756 55,682
672,911
489,896
Newpt News & Hamp
176.083 178.857 1,744,778 2,216,043
Ry, Gas & El C o .. October
New York Dock Co. . November 280,623 343,269 3,549,916 4,772,189
New York Railways. September 819,151 843,598 7,043,472 7,219,010
Ninth Avenue-------September
41,538 45,484
380,729
404,929
34,786 30,537
N Y & Queens (Rec). September
286,413
252,696
N Y & Harlem (Rec). September 121,639
1.146,411
52.752 56,704
N Y & Long Island. . September
437,378 " 454~,679
Nor Caro Public Serv September 102,444 96,473 1.389.056 1,282,427
820,109 704,940 8,474,839 7,911.068
Northern Ohio_____ November
817,838 701,569 *9,120,681 *8,912,011
Nor Ohio Elec Corp. . October
814.834 694,002 7,569.543 7,144,204
Nor Ohio Trac & L t .. October
45,008 36,279
Nor’west Ohio Ry&Pr November
476,342
471,491
273,076 297,927 *3,086,435 *3,664,983
Nor Texas Elec Co
October
257.343 247.869 *2,989,246 *2,837,512
Pacific Power & Light October
48.475 43,956 *552,710 *523.210
Paducah Electric
<ictober
49,033 51,958 *579,689 *578,193
Palmetto Pow&Lt Co November
Penn Central Lt &
Power Co & Su b s.. September 236,439 183,789 *2,347,211 *2,250,518
Pennsylvania Edison. November 263.764 219,743 2,611,769 2,491,531
Phila Co Subs and
Natural Gas C o s.. November 1076,326 890,626 12,245,135 9,041,149
65.110 93,319
835,048
986,065
Philadelphia Oil C o .. November
73,691 74,360
681.932
678,026
Philadelphia & West. October
Phila Rapid Transit. . November 3694,545 3487,908 38,647,717 38,619,508
83.164 69.679 *824,998 *789,721
October
Pine Bluff Co. - 276,067 264,276 *3,357.733 *3,377,023
Portland Gas & Coke. October
843,381 811,185 *10022177 *9.985,720
Portland Ry, Lt & P- October
Pub Ser Corp of N J - - November 6950,081 6463,674 +78179368 +75283802
878,635 819,944 *10351213 *10086462
Puget Sd Power & Lt. October
Reading Transit & Lt November 238,725 235,273 2,937.788 2,993,283
Republic Ry & Lt C o. November 770,268 607,171 *7.956,505 *7,433,634
68,910 69,240
607,775
480,889
Richm Lt & RR (Rec) September
46,116 46,289
569.676
564,666
Rutland Ry Lt & Pr. November
74,130
763.676
700,942
Sandusky Gas & E l.. November 136,638 69,038
*1,612,103
Savannah Elec & Pow October
18,022 ' 16',848
185.046 "Y9Y.076
Sayre Electric Co----- November
87,119 95.004
747,992
747,546
Second Ave (Rec) — September
3,661
35,261
3,028
41,300
17th St Incline Plane- November
78.464 72,118 *894,730 *862,714
Sierra Pacific Electric October
1453,428 1458,635 *16708073 *16328916
Southern Calif Edison October
71,368 65,486 *773.028 *681,289
South Canada Power- August
904.399 884,464 *9,672,089 *10165464
Southwestern Pr & Lt October
153,649 136,915 *1,772,65 *1,695.595
October
Tampa Electric Co 245,849 240,003
Texas Electric R y— November 473,691 465,020 *2,708,152 *2,932.699
*4,792,448 *5,074,242
Texas Power & Light- October
1180,435 1139,368 +6,054,601 t5,946,603
Third Ave Ry System November 1152.895 1144,351
Twin City Rap Tran. October
1055.916 975,959 *12251268 *11379880
United Gas & El Corp October
998.235 910,625 *11555590 *11528327
UnitedLt&Rys&Subs October
563.137 5,121,425 4,973,540
Utah Power & Light. September 612,819 729,425 *8,748,349 *8,626,583
November 806,937
Utah Securities Corp.
571,925
520,938
53,726 52,354
Vermont Hydro-Elec. November
8,576.646 9,296,909
Virginia Ry & Power. November 873,481 846.138
891,804
704,581
100,105 83.975
West Va Utilities Co. November
9729,941 9056.567 87,327.187 87,245,881
Westem Union Tel Co October
West Penn Co & sub. September 1665.412 1098,796 15454181 *14437 027
4,960,389 5,032.068
Winnipeg Elec R y__ November 489.662 481,818 *1,219.513 *1,047,085
101,705
Yadkin River Pow Co November
a The Brooklyn City RR. is no longer part of
Br^°klg“^ n g * wTtlf toe
System, the receiver of the Brooklyn Heights RR. C o.h avln g. with the
approval of the Court, declined to continue payment o f r e n t a . t;hereTore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.




[V ol. 115,

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. / Earnings given in milreis. g Subsidiary companies
only, i Includes both subway and elevated lines. ) Of Abington & Rock­
land (Mass.), k Given in pesetas. I These were the earnings from opera­
tion of the properties of subsidiary companies. * Earnings for twelve
months. + Started operations April 1 1921. r Earnings for ten months,
y Earnings for 11 months.
zF ive months ending Nov. 30.
b

E le c tric R ailw ay a n d O th e r P u b lic U tility N et
E a rn in g s.—The following table gives the returns of
E L E C T R IC railway and other public utility gross and net
earnings w ith charges and surplus reported this week:
------ G r o s s
C u rren t
Y ear.

C o m p a n ie s .

E a r n i n g s -------------N e t E a r n i n g s -----P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.

$
$
$
$
Beaver Valley Traction.Nov
54,115
50,390
1.237
13,236
From Jan 1 to Nov 30___
579,983
607.646
133,802
71,156
Bingh’n W, Ht & Pow__Nov 100,856
90,255
26,374
17,992
Jan 1 to Nov 30-------- 1,007,644
904,235
257,200
259,956
cBrazilian Tr Lt & Pow.Oct 18,231,000 15,016,000 11,900,000 9,161,000
From Jan 1 toO ct31___ 162,141,000 140907.000 101863,000 76.931,000
979,192
992,341
Brooklyn Rapid Tran..N ov 2,943.069 2,738,946
5 months ending Nov 3 0 .. 15,083,247 14,240,242 4,972,686 4,614,221
Cleveland Elec Ilium. ..N o v
_____
_____
_____
_____
12 mos ending Nov 30----- 14,839,621 13,037,450 6,293,312 4,870,402
Colorado Power Co-------- Nov
89,877
70,579
47,674
44,384
12 mos ending Nov 30----- 1,023,374 1,011,403
548,332
447,393
Columbus El & Power-.Oct
179,339
163,754
83,929
77,264
12 mos ending Oct 31 ----- 1,939.663 1,722,216
987,259
893,491
Duquesne Light Co-N ov 1,530,503
1,361,234
610,823
551,531
11 mos ending Nov 30----- 15,302,055 14,635,389 6,010,211 5,197,649
Great Western Pow Co.Nov
778,460
710,974
482,189
443,432
12 mos ending Nov 30----- 7,618,570 7,368,480 4,600,875 4,690,454
Illinois Traction Co----- Nov 2,095,594 1,951,046
720,137
593,823
Jan 1 to Nov 30-------- 20,433.196 20,657,439 5,846,885 5,378,708
Metropolitan E d ison ...N ov 311,332
231,408
105,308
86,015
Jan 1 to Nov 30-------- 2,915,842 2,674,814 1,224,538 1,084,073
Nevada-California E l. Nov
218,962
215,185
129,790
123,258
12 mos ending Nov 30----- 3,327,976 3,178,382 1,692.747 1,694,359
Now Jersey Pow & L t..N o v
71,756
55,682
19,567
16,913
Jan 1 to Nov 30_ 672,911
489,896
197,803
156,527
New York Dock______ Nov
280,623
343,269
152,049
177,753
11 mos ending Nov 30___ 3,549,916 4,772,189 1,922,594 2,310,886
Northw Ohio Ry & L t..N o v
45,008
36,279
10,727
6,514
Jan 1 to Nov 30_____
476,342
471,491
74.421
66,766
Pennsylvania E d ison ...N ov 263,764
219,743
98,917
76,934
Jan 1 to Nov 30_____ 2,611,769 2,491,531
890,130
727,038
PM addpM aCoandsub-^
1|076,326
890.626
260.048
210,206
11 mos ending Nov 30— - 12,245.135 9,041,149 4,595,431 2,210,103
Philadelphia Oil Co___ Nov
65,116
93,319
50*378
51,111
835,048
986,065
580,886
548,595
11 mos ending Nov 3 0 - .- .
Portland Ry, Lt & Pow.Nov
46,116
46,289
7,628
11,220
Jan 1 to Nov 30_____
569,676
564,666
149,388
147,227
Reading Transit & Light.Nov 238,725
235,273
12,458
17,860
379,375
276,755
Jan 1 to Nov 30_____ 2,937,788 2,993,283
Republic Rys& Light -Nov
770,268
607,171
215,360
209,361
12 mos ending Nov 3 0 ---- 7,956,505 7,433,634 2,286,920 1,992,167
Rutland Ry Lt & P r .—Nov
46,116
46,289
7,628
11,220
Jan 1 to Nov 30-- — - 569,676
564,666
149,388
147,227
Sandusky Gas & Elec
Nov
74,130
69,038
39,707
14,668
Jan 1 to Nov 30— . . .
763,676
700,942
196,602
179,944
Savre Electric
..N o v
18,022
16,848
3,979
4,198
7 Jan l to Nov 3 0 . . . . . .
185,046
191,070
31,438
53.498
South St Incl Plane Co Nov
3,028
3.661
2.390
854
35.261
41,300
1,382
11,74b
From Jan 1 to Nov 30___
Texas Electric R y____ Nov
245,849
240.003
101,810
94,783
le p 2 mosMding Nov 30___ 2,708,152 2,932,699 1.051,594 1,212,384
806,937
729,425
417,469
382,773
Utah Securities Corp. ..N o v
12 mos ending Nov 30----- 8,748,349 8,626,583 4,318,098 4,106.843
Vermont H ydro-E lec...N ov
53,726
52,354
22,321
13.862
571,925
520.938
232,507
172,043
Jan 1 to Nov 30_____
G ross
E a r n in g s .

A shevlU .Pow er*

Nov ; 2 2 ?1 .284

12 m o. ending N ov 30 | 2
em p ow er*

NOVI22

12L . W N o v 3 0 : 2 2
r

N e t a fte r
T axes.

Jj.378

|96.448

3 « .7 «

197 782

59 768

F ix e d
C h arges.

B a la n c e ,
S u r p lu s .

* X ||
2.677
| 369

1.961.

280.064
41 897
27
M41.966

Cleveland Electric^ Nov J22
-------12“
-N ^ 3 0 ;2 2 1 4 ,m |j

-------6.29Y3i22

--------

C0lT^werE“
° Ct ’21
l l i ’
M l
1 2 m o s e n d i ^ ^ ; 2 2 1.939,663

77:264
98 ^ 5 1 ,

— ’—

rommonwealthPr. N o v ’22 2,932,075
R v& L t
’21 2,736,494
ii mos ending Nov 30 ’22 29,243.806
11 mos ending is
o ,21 28,476,063
Commonwealth
N o v ’22 2,186,785
I^werCorp
’21 1,999,391
11 mos ending Nov 30 ’22 21,327,180
U m o se u u b
’21 20,411,241
Honolulu Rapid
Nov |22
81,837
Transit
< 1 78,059
^
11 mos ending Nov 30 ’22
884,805
U mos e m u s
>21 858,908
Nevada-California N o v ’22
218,962
N ElecCorp
’21 215.185
19 mos ending Nov 3 0 ’22 3,327,976
12 mos enuiug
,21 3>i78 ,382
Mew York Dock
N o v ’22 343i269
New YorK n o t
,21 280,623

1,0427777
989,150
10,031,387
9,377,822
925,703
879,796
8,867,287
7,869,463
30.101
19,22o
315,423
298,205
129,790
123,258
1,692,747
1,694,359
152,049
177,753

667,816
641,556
7,245,335
6,886,737
425,041
398,560
3,430,405
2,797,203
9,012
0,135
102,275
71,736
66,279
64,197
797,988
781,929
116,979
119,363

285,196
257,829
1,798,637
1,503,669
305,041
278,560
2,110,405
1,477,203
21,088
13,090
213,148

3,549,916 1,922,594
4,773,189 2,310,886
820,109
248,993
704,940
192,982
8,474,839 2,238,452
?
0fi8 x,951t569
49,033
20,693
61 958
26,689
579,689
265.364
578 193
274,418
770,268
215,360
607,171
209,361
7,956,505 2,286,920
7 433 g34 lfy92,l«7
245,849
101,810
240,003
94,783

1,307,150
1,327,678
165,266
157,914
1,809,346
1 ,739.145
8,300
2,728
64,008
31,868

615,443
983,207
53.727
5,068
99,106
117,576
2,607
—8,961
21,356
62i550

142,753
151,532
1,735,299
1,676,224
37,689
39,382

62,607
58,829
551,621
315,943
64,121
55 401

460,102

5 9 , Igl

1 1 mos ending ixu
11 mos ending Nov 3 0 ’22
,21
iw th e r n Ohio
N o v ’22
N %ectric
’21
11 mos ending Nov 3 0 ’22
11 mos onamg inov ou ,2 i
Rei motto Power as ino v ’22
Pahnetto Power & N o
19 mos ending iNov 3 0 ’22
12 mos ending Nov ou ,2 i
Rnnnhlie Rvs &
Nov ’22
R P TJtrht
’21
19 mos ending inov ou ’22
mos ending Nov 3 0 ^
12
Texas Electric ity rso o v ’22
Texas Electric RV N ,21

12 mos ending Nov 30 |22 2.708.152
Yodlgo River Pow N ov ;|2

1,051.594

101.869

57.497

12 mos ending Nov 30 ’22 } .J19.513
,

54|.201

-------1 .^ 2 5 5

2261469

63,511
59,061
894,759
912,429
35,070 ’
58,390

C m

4 2 .9 U

^ ,4

373.205

40.8

N ew Y o r k Stree t R ailw ays.
------ Gross Earninas------- ------- Net

Current
Year.

Companies.

$
1,001,309
|/i fc> Jan 1 to Sept 3 0 ----------- 8,849,170
\
7,415
aBklyn Heights (R e c )-.S e p t
66.183
Jan 1 to Sept 3 0 ----------215,827
Bkln Q C & S u b(R ec). .Sept
Jan 1 to Sept 3 0 ----------- 1,913,888
249,265
C oney Isl & Bkln (Roc) Sept
Jan 1 to Sept 3 0 ----------- 2,112,407
15,178
Coney Isl & Graves’d .S ep t
120,675
..Tan 1 to Sept 3 0 ----------446,844
Nassau Elec (R ec)— Sept
Jan 1 to Sept 3 0 ----------- 3,848,648
N iY Consol (R ec)-------Sept 1,904.583
Jan 1 to Sept 3 0 ----------- 17,597,357
1
101,395
South B rooklyn----------- Sept
889,373
Jan 1 to Sept 3 0 ----------&New Y o rk Rail w a y s .. .S ep t
819,151
Jan 1 to Sept 3 0 ----------- 7,043,472
100,591
^Eighth Avenue R R -------Sept
Jan 1 to Sept 3 0 ----------906,675
41,538
ftNinth Avenue R R ---------Sept
Jan 1 to Sept 3 0 ----------380,729
Interboro Rap Tran System—
Subway D ivision____ .S ep t 2,704,209
Jan 1 to Sept 3 0 _______ <
33,670,459
Elevated D ivision-------Sept 1,553,872
Jan 1 to Sept 3 0 _______ :
13,962,011
M anh Bdge 3-C cn t Line.Sept
23,659
Jan 1 to Sept 3 0 _______
212,197
Second Avenue (R ec)___ Sept
87,119
Jan 1 to Sept 3 0 _______
747.992
N Y & Queens C o u n ty ..S e p t
59,460
Jan 1 to Sept 3 0 _______
775,396
Long Island Electric____ Sept
36,200
Jan 1 to Sept 3 0 _______
300,667
M anh & Queens (R e c ).-S e p t
34,786
286,413
N Y & H arlem C ity Line Sept
121,639
Jan 1 to §cn t 3 0 ----------- 1,146,411
N Y & Long Island.......... Sept
62,752
Jan 1 to Sept 3 0 _______
437,378
Richmong L t & R R (Rec) Sept
68,910
Jan 1 to Sept 3 0 _______
'607,775

Previous
Year.

Current
Year.

Earnings-------Previous
Year.

$
968,124
8 ,502,504
5,924
54,239
212,307
1,699,639
248,766
2 ,142,686
18,057
134,888
419.589
3 ,554,605
1,816,972
16,647,009
97,317
762,600
843,598
7,219,010
105,256
901,656
45,484
404,929

$
227,038
1,925,960
1,570
2,128
50,875
380,880
63,173
601,944
5,517
48,157
105,138
984,350
389,973
4,487,153
35,274
3 63,756
51.897
837,774
4,604
105,613
-4 ,0 4 6
64,977

$
210,118
1,389,544
882
6,803
69,121
350,145
85,015
533,702
7,882
46,939
118,880
693.625
392,245
3,396,006
41,331
266.385
60,024
— 3,907
5,861
— 93,691
— 12,763
— 189,173

2,609,056
25,614,246
1,582,589
14,696,140
23,337
213,194
95,004
747,546
113,465
961,988
36.306
295,258

935,042
9,994,114
345,391
3,321,078
596
20,690
2,550
39,369
— 1,258
44,619
5,996
48,931
9,914
60,267
13,197
124,647
— 4,340
— 50,404
9,243
12,511

997,472
9,348,166
381,101
2,830,334
1,879
13.166
10,431
— 68,429
— 7,516
— 254,625
9,760
28,019
6.901
30,837

252,696

56,704
454,679
69,240
480,889

/ ----------177
— 47,905
34,570
— 130,047

a Includes 2-cent transfer collections arising out of the following sales:
N . Y . Iiy s ., 1,276,414 (1,089,941 whole and portions collected); Brooklyn
Queens C o. & Sub., 144,402; Coney Island & Gravoscnd, 11,696; Coney
Island & Brooklyn, 415,116; Nassau Electric, 509,251 ; total, 2 ,3 5 6 .8 /9 .
b Group totals are merely arithmetical and involve certain duplications
o f inter-company payments for power, &c.
c Earnings given in milreis.

FINANCIAL REPORTS.
Annual, &c., Reports.— The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
Nov. 25.
.
This, index, which is given monthly, does not include
reports in to-day’s “ Chronicle.”
Bold face figures indicate reports published at length.

Interborough Rapid Transit Co.
30 1922.)
The following figures for 1922 are taken from the com­
pany’s report to the New York Stock Exchange:
(R e p o r t f o r F is c a l Y e a r E n d e d J u n e

INCOME ACCOUNT FOR YEARS ENDING JUNE

30.
1921-22.
1920-21.
1919-20.
1918-19.
Gross oper. revenue-------$ 5 3,540 ,859 $55,031,941 $51 <478,411 $ 4 3,207 ,210
Operating expenses_____ 3 2 ,272,509 36,024,646 31,6 9 5 ,2 0 9 26,2 3 3 ,3 2 6
T a x e s . . f . . . - ___________ 2 ,8 0 2 ,8 2 4
2 ,735,694
2,623,411
3 ,1 3 4 ,1 5 7
Operating incom
Other income_____

.$18,465,527 $16,271,601 $17,159,791 $ 1 3,839 ,727
608,369
607,302
652,875
639.123
.$19,118,402 $16 910,724 $17,768 ,160 $14,447 ,029
. 21,885,199 21:375.551 20.003,996 18,257,369
. $2,766,797

$4,464,827

$2,235,836

$ 3 ,810,340
1 ,750,000

. $2,766,797
.
2 ,242,878
.
19,343
.
20,291

$4,464,827
7,093.101
34.779
y420,174

$2,235,835
10,152,092
5.126
828,283

$5,560,339
15,705 569
25,110
18,248

Dividends paid .

Other credits. _
Appropriations

x Stated exclusive of accruals under Contract N o. 3 and related certifi­
cates payable from future earnings, y Includes $394,757 loss upon sale
o f Liberty bonds.
GENERAL BALANCE SHEET JUNE 30.
1922.
1921.
1922.
1921.
Liabilities—
S
_ 5_____
Assets—
S
S
Fixed capital...203,622,578 202,339,841 Capital sto ck ... 35,000,000 35,000,000
Investments___ 21,522,722 23,499,785 First & ref. 5 s .. 162,106,000 162,106,000
3-yr. sec. conv.
.
. ...
Bankers Tr.Co.,
7% n o t e s ..... 38,144.400 38,144,400
trustee, under
collat. inden.. 59,603,186 59,603,1S6
secured notes..
553,050
1,308,750
I. R . T . Co. 1st
& ret. M . 5%
bonds— reacq .
464,000 pledged_______ 59,602,000 59,602,000
464,000
6,154,284 1st & ref. 5s, reDuefr.assoc.cos. 7,736,558
leased by Ban­
Cash___________ 4,533,461
2,241,321
464,000
464,000
kers Trust C o.
Cash adv. from
Manh. Ry. lease
gen. fd. to sub:
377,323
377,323
contribution...
1,545,000 account--------705,000
Acc’ts receivable
615,799
1,223,737 Loan fr. R. Tr.
Sub. Const. Co.
Bills receivable.
2,250
............Int. & divs. rec.
98,702
1,000,953 acc’t Sara.aw’d 1,954,318
Materials&supp. 3,358,817
3,705,537 Int. due on 1 s t *
4,052,650
4,052,650
Special deposits:
ref. 5s_______
To meet int. on
Dtv. on Manh.
1,050,000
1st & ref. 5s,
R y., duo July 1 3,150,130
due July 1___ 3,340,526
3,346,353 D 1v.0nM aa.R y.
To meet coup,
stk. (1909-21)
126
not presented.
74,472
108,631 unpaid_______
2,316,637
To meet uncoil,
Int. & rents accr 2,642,166
divs. bn Manh
Coup, due, not
108,631
74,472
Ry. cap. stock
126 presented_____
130
Other spec, dep
295,070
341,789 Int. due on 6
19,357
Guar. Tr. Co.
mos. 7% notes.
403,422
408,106
1st & ref. 5 s ..
27,460
27,460 Due for wages..
3.199,855
To meet 6 mos.
Acc’ ts payable.. 2,559,352
3,624,930
7% notes due
Taxes accrued.. 3,414,4 0
1,108,540
June 30 1922
Sink, fund on 5s 3,325,620
(plus Interest)
Subway contrlb.
572,407
Accruals_______ y39,946,181 29,707,692 cash liability for
1,545,000
Constr. &eq.fds.:
705,000
adv. fr. gen. fd.
Sub. contr.cash
neserecs 18,026
37,818
Manh. 3d track
Accr. amort, of
1,114,515
cash_________
1,114,515
223,162
293,271 capital________
Bills rec. (elev.
Manh. Ry. equip
258,992
ext.)_________
40,000 reserve________
258,992
Real est. mtge.,
Int. on Inv. of
277,671
elev. exten_
_
138,765
326,471
107,000 deprec. reserve.
Elev. ext. cash.
239,387
329,541 Manh. Ry. Co.
Manhat. power
2d M . bond disc
3,804
4,644
house ca sh ...
191,990
225,884 & exp. amort..
Accr’d interest.
Depr. res. under
52,954
1,792,062
U . S. ctfs. of in­
Contract No. 3 2,518,671
debt. & Lib.
Manh. Ry. Co.
220,795
217,183
capital account
bonds, account
Con.(3)*ctfs 4,240,088
4,269,938 Equip, res. Man.
8,465
8,465
Federal taxes.....
......... ......
X513.961 Ry. DIv______
Ins., tax., rents,
Equip, reserve.
10,566
13,613
143,444
Subway D iv.
&c., prepaid..
239,927
Sec. in trust for
Tot. reserves. $4:452,553 $3,686,870
vol’n relief fund
53,258
53,258
Less depr. res’ve
Unam.debt disc.
1,182,068
& expense_____ 9,805,690
9,838,653 (elev. ext. ctf.). 1,758,672
Less inv. on ac­
Profit*loss def
524,866
1
count of reserve 1,101,011

Ste m Ro ;ds—
Page.
Steam Roads—
!"v
Pane.
Algoma Central & Hudson Bay Ry .2577 Francisco Sugar Co______________ 2385
Baltimore & Ohio R R ------------------ 2681 Freeport Texas Company................. 2385
Buffalo Rochester & Pittsburgh Ry.2793 General Baking Company..............2800
D enver* Rio Grande West’n.RR.Co2374 General Gas & Electric C orp.. .2799
Georgia & Florida R y........................ 2378 GrinneU Mfg. Co. of New Bedford.-25S8
Guantanamo & Western R R --------- 2376 Guantanamo Sugar Co. (Cuba) New
York C ity .......... ........... ..2681, 2700
Louisiana - Northwest R R _______ ;2379
Northern Pacific R y ...1--------------- 2379 Imperial Tobacco Co .of Canada,Ltd.2578
2380
Paris-Lyons—Mediterranean R R .. 2379 Ingersoll-Rand Co---------International Milling Co____ 2386, 2588
United Rys. of the Havana & Regia
Warehouses, L td............................ 2376 International Nickel Co--------------- 247a
Western Pacific R R. Corp------------ 2474 Invincible Oil Corporation.-.2386, 248j
Ipswich Mills (M ass.)..--------------- 2800
* Electric Railways
Boston Elevated R y_____________ 2789 Jamaica (N. Y.) Water Supply C0..2386
Chicago Elev. Rys. Coll. Tr..2476, 2577 Kamlnlstiquia Power Co., L td--------2800
Federal Light * Traction Co...........2477 Kennecott Copper Co....................... -2892
Interborough Rapid Transit Co____ 2580 Kilburn Mill, New Bedford-----------2589
Mexico Tramways Co____________ 2577 (B.) Kuppenhelmer & Co., Inc. of
______________ 2 / V^
Chicago
Milwaukee Elec. Ry. & Light Co___ 2379
Portland Ry. Light & Power Co___ 2379 Laconia (N."h ‘.) Car CoV.'.V. .2693, 2801
Utah Light & Traction Co................. 2380 (R. H JM acy & Co., Inc.................... 2387
Industrials
Page. Mathieson Alkali Works ( I n c .) ..- .-2589
American Cotton Oil C o .(N .Y .)___ 2374 M erchants* Mfgs. Exchange, N. Y .2387
American Steel Foundries............... ..2583 Middle States Oil Corp------------ v , 85
Arnold Constable & Co___________ 2480 Moore Drop Forging Co.,Springfield,
________________2387
Mass
Berkshire Cotton Manufacturing Co2382
Binghamton (N. Y.) Gas Works___ 2584 NarraganseU Mills, Fall River, Mass2387
Blayney-Murphy Co., Denver Colo.2383 National Biscuit Co---------------------2387
Bristol Mfg. Co.,New Bedford,Mass.2584 Nevada-California Electric Corp. - -2388
Brockway Motor Truck Corp...........2796 Navada Consolidated Copper C o ...2388
Brown Shoe Co., Inc____ ____ ___ 2475 New Niquero Sugar Co.............. ---28U3
California Petroleum Corporation.. .2481 North American C o ..........................
Packard Motor Car C o . . . ................. 2474
Campbell,Wyant & Cannon Foundry
C om p an y ........................................2584 Parkhill Manufacturing Co-------Canada Iron Foundries, L td............. 2475 Pennok Oil C o . . . . .............................2389
Canadian C a r * Foundry Co., L td ..2683 Plllsbury Flour Mills Co.......... ..........2531
Canadian Connecticut C ot. M Ills, Ltd 2375 Pittsburgh Brewing Co........ - ........... 2 4 7 3
Carson Hill Gold Mining Co_______ 2383 Ray Consolidated Copper Co.............2389
(J. I.) Case Plow Works C o _______ 2792 Reed-Prentice Co----------------------2389
Central Aguirre Sugar Co___ 2681, 2699 Republic Motor Truck Co., Inc-----2487
Central Arizona Light & Power Co. .2584 Reo Motor Car Co., Lansing, Mieh.2578
Securities Corporation General------ 2635
Central Teresa Sugar Co. (lncl. N. J.
Subs.).................... ............... 2481, 2577 Shell Union Oil Corporation. —........ 2330
Chile Copper C o .. . ...........
2585 Sherwin-Williams Co--------- Chino Copper Co_________
2383 Sherwin-Williams C o.. _o f C “ $ “ ’2„ 8
Colorado Fuel & Iron Co__________ 2482
Commonwealth Power Corp______ 24S2 Skelly Oil Company. . . . . . . . - - -----2390
Consumers’ Gas Co. of Toronto____ 2476 (M. E.) S m ith * Co., Omaha, Neb. . . .
Cosden & Co. (Del.) & Subs_______ 2797 Sou?hern Canada Power Co., L t d ...2804
Cuba Cane Sugar Corp.(N. Y.)2578, 2682
Cuban-Am. Sugar C o ..2586, 2681, 2698
Cuban-Canadlan Sugar Co________ 2482 K t S d OUCQ. ‘( N e w i a a r . I I I j w
D artmouth Manufacturing Co____ 2482 Stromberg Carburetor C o -------------2488
(Wm.) Davies., Inc., & sub. cos___ 2798 Sugar Estates of Oriente. I n c ...........2391
Dominion Glass Co., L td_________ 2798 Union Natural Gas Corp ................. 2805
Dominion Iron & Steel Co., L td___ 2586 Union Oil Co. of California------------ 2592
(E. I.) du Pont de Nemours & Co . . .2798 United States Rubber Co..............
2391
Eastern Shore G a s* Electric Co___ 2385 Utah Copper C o .......................
England W alton* Co., Inc., Phlla..2385 Utah Securities Corp - - --------------- 239 1
- -2805
Exchange Buffet Corp___________ 2385 (G. W JV an Slyke - Horton. .
Fajardo Sugar Co. of Porto Rico___ 2375 Vulcan Detinning Co----- ..2488, 2533
-.2806
Fifth Avenue Coach CO................. .2483 Wamsutta Mills, New Bedford
Firestone Tire & Rubber Co_______ 2791 Weber Engine Co., Kansas City, M°2488
Fisher Body Corp. (lncl. sub. c o s.)..2483 Whitaker Paper Co - - - - - - - - ----------2489
Fisher Body Ohio C o ......................... 2483 White Eagle Oil & Refining Co------ 2593




2901

THE CHRONICLE

D ec. 30 1922.]

1,602,871
Bal. of res_
_
Items awaiting
distribution — ! 2,049,599
s
y39,946,182
T o ta l..............362,150,947 351,258,944

2,504,802
2,391,307
29,707,692
2,242,878

Total ............. 362,150,947 351.258,944

x Federal taxes paid under protest, y Accruals under Contract N o . 3
and related certificates payable from future earnings.— V . 115, p. 2793, 2b»4.

Cudahy Packing Company.
28 1922.)
President E. A. Cudahy, Chicago, Dec. 22, reports in brief:
( R e p o r t f o r F is c a l Y e a r e n d in g O c t.

Results.— The report for 1922 shows a marked improvement over those
of the two preceding years. H ad it not been for losses resulting from a
general strike in the packing house industry, which seriously curtailed the
output o f our principal plants in the early months of the year, the profits
would have been much more satisfactory.
Business was also adversely affected b y the unsatisfactory railroad con­
ditions existing throughout the greater part of the year and b y the strike
in the coal mining industry. Notwithstanding these unfortunate inter­
ruptions. which temporarily retarded the return to normal conditions, we
were able to earn sufficient to pay dividends for the year on our Preferred
stocks and add a substantial amount to our surplus.
, „ ,, _
New Financing.— In O ct. we borrowed $15,000,000 on Sinking Fund 5H %
gold debentures (V . 115, p . 1434). O f this amount $4,000,000 has been
deposited to retire on Jan. 15 next $4,000,000 7 % Sinking Fund gold notes,
due July 15 1923, and the available balance has been used to reduce current
Notes Payable.— Since the close o f the fiscal year notes payable have been
reduced from $13,133 ,200 (as shown below)— to $6,712,200 at the close
o f N ovem ber.
, . ..
,
Sales and Tonnage.— W hile our sales show a small decrease in dollars from
the previous year, there was no falling off in tonnage. In fact, the volume
of business during the last six months o f the year considerably exceeded both
in value and tonnage the business done during the last six months o f 1921.
W ith a full appreciation o f the keen competition in our industry every
effort has been made to maintain and improve the high standard of our
roduct and to increase the efficiency o f our organization, and these efforts
ave been highly successful.
. ,
,
....
Outlook, &c.— Our plants and equipment are m better condition to-day
than they have been at any time. W e are operating economically and
efficiently. Our inventories are carried at conservative values; our foreign
exchange at the market, and with a continuation o f the present demand for
our products the prospects for the coming year look highly favorable.

g

2902

THE CHRONICLE

C on d en sed E x tra ct from A u d ito rs C e r tific a te .
Y °u n g & C o ., certified public accountants, D ec. 19 report in briefbeen'v?fii7HTnt ° ^ 1y ent° rlesi,0f P ^ u c t , merchandise and supplies have
h
Deen -valued at cost or m arket, whichever was lower exceDt whore costs
were unobtainable when the market value was used ’ The net profit for
the year o f $1,231,499 is after deducting all expenses o f onera^fon and
boS m reda
mono|nd aft£T deducting intcrest on bonds and notes and other
N o deduction for the year has been made for depreciation o f buildimrs
and machinery. but over $1,50 0 ,0 0 0 has been charged against the profits
for maintenance o f the com pany’s property and depreciation o f equipment
as 'follows- Th e transactions for tho year through surplus account aro
Paid in capital surplus as at Oct. 29 1921___
_
-on
”
..................«i bqo ’ ooi
Earned surplus as at O ct. 29 1921___________
N et profit for year__________________________________ - - - - - - I - - I 1 231 499
T o ta l.
Preferred dividends declared, paid a n d " a c c m e d i r i i r i ll” " ' * ^ 3 ’5 7 8 5 3 5
Surplus Oct. 28 1922______________________

I

Dividends Accrued.— 'The dividends on tho 6 % Preferred and 7 % Pre$578^535°°

'

" "

th° year 1921 haV°

n0t beCn declared a,‘ d amount to

IN C O M E A C C O U N T FOR F IS C A L Y E A R S .

_
,
,
Oct- 28 1922. Oct. 29 1921. Oct. 30 1920 Nov 1 191Q
Total sales--------$160,164,000 $173,695,000 $288 :80 2,00 0 $305 997 398
Oper. expenses, & c . 158,932,501
175,264,563 288,177:712 303;932!403
N et profits_______
1st Pref. div. ( 6 % ) .
2d Pref. div. ( 7 % ) .
Common dividend.
B a la n c e _________
Total p. & 1. surplus

$1,231,499 d f.$ l,5 6 9 ,5 6 3
120,000
Nono
458,535
None

$624,288
120,000
„
458,535
( 5 ^ )9 0 5 ,5 9 8

$ 2 ,064,995
120,000
458,535
(7)1,105,965

/S 5 2 -9 6 4 d f.$ l ,569,563 def.$859,845 su r.$38 0,49 5

B A L A N C E S H E E T OCT. 28 1922 A N D OCT. 29 1921
Oct. 2 8 ’22. Oct. 29 ’21
L iabilitiesOct. 2H "22. Oct. 20'21.
Car & refrig. lin e .. 2,2.56,072 2,047,952 First Pref. stock
Real estate, bldgs.,
a
----------machinery, A c ..21,816,148 20,810.211 Second Pref. stock 2,000,000 2,000,000
FarmlandsAimpts. 163,208
147,461
(7 C )--------- ... 6,550,530 6,550,500
Sales branches___ 4,940,524 4,639,451 F,0®1110’!
»tock-_.17,249,500 17,249,500
5 'A% Sink. Fund
Total ____29,175,952 27,645,074
debentures.. .15,000.000
Deprec. reserve. 3,457,586 3,308,495 7% Sink. Fund
5-Yr. gold notes (See text) 3,500,000
T o t. fixed assets 25.718,366 24,336,579 5% First Mtge.
O.D.C.adv.invest. 750,000
750.000
gold bonds-----Cash
______ 11,694.933 4.533,325 Notes payable.. x10.312,500 17,649 500
613
Accts. A notes rec_ 10,576.043 11,958,018 Accounts payabie. l3 ,133.200 7 ,3 0 4 .5 6 5
Inv. in stks. & bds. 1,345,111 1,356,084 Bd.&noteint.accr. 2.086,264 1 ,6 8 6
272 5 1 7
268,694
Material A suppl’s 18,504,598 17,177,705 lies, for Pref. dlvs. 289,268
Advs. on purch’s . . 1,157,691 1,017,333 Surplus (see text) _ 4,205,714
3,552,750
Unexplred in su r..
75,127
76,183
Prepaid in terest..
68,447
208,278
Bond & note disct.
(being am ort.). 1,209,147
348,617
T o ta l------------ 71,099,462 61,762,122
x Since reduced to

T o ta l------------ 71,099,462 61 762 122

,712,200.— V . 115, p. 1843, 1735.

American Ice Company.
31 1922 )
President Wesley M . Oler says in substance( R e p o r t f o r F is c a l Y e a r e n d e d O c t.

rho past year has been a satisfactory one, in that tho earn in g w.,™
i
as large as those o f 1921. which were the l a r g e s t e v e r s h o w n h v nearIy
Last winter was a cold one, with a c o n ^ q u e n tla r g e ^ o n
which added to the keenness o f competition while tho'siiinmor°X n a t u i c o
able for the ice business and resulted In a f a f f o ff in S
o f T f I XJ?fovopand an average reduction in r>rico receK -oB
"
112,000 tons

,
Policy o f enlarged facilities, for expansion o f territory and a
introduction o f devices to reduce costs, as outlined in last vearv intfC Ils t* ? t
O
^ k h o l d e r s has proven to be wise and should be continued
I n t h e 'm s t
three years we have expended for new property plants and
? ^ .PaSt
«
proveinents, $5,103 ,0 8 9 .
In addition, we have paid o ff t h m L f t i V '
fund and direct purchase o f bonds $1,201,841 and through tho I, n£ lng
o f stock in subsidiary companies $77,038— a total o f $ 6 , 3 ^ geo purchaso
T o meet a part o f the above expenditures there were sol'd ^tnoL-o ,, ,
bonds amounting to $2,2 4 6 ,3 7 7 . and receipts from the sale o f real^stnte
no longer necessary for business $370 ,30 3, a total o f $2,616 680- sh ow ing™
expencTltureover■receipts o f $3,765,288 that necessarily cam eout ofearninvs
T o continue the policy that has proven itself to bo wise and su recssf^'
j
‘ m S S g & J E X ’J g .
J». toko x l v a n t ^ T o f 5 * i
S ? „ t L n„ 7 t f i ™ S p y, l “ bu" lnoss- " ,u ,o u t * * * " » « « " • * « . tho K
T o that end and also to provide stock in order to continue our uoliev m
encouraging employees to become stockholders in the companv i v d n «
grown to considerable proportions already, the board has recommend™! 7
increase in tho capital stock and a $10,000 ,000 bond issue (see belnwi
There is no immediate need o f funds, nor is the salo o f Common vJnAir
except to employees, in immediate contemplation. Should it hn
to the best interests o f tho company to se lf any o f this Common sloek t
would first bo offered to stockholders pro rata at not less than par ° Ck lt

CONSOL. E A R N IN G S FOR Y E A R S E N D IN G OCT. 31 (Incl Sub Cos )

„

,
1921-22.
1920-21.
1919-20
’ l q i s iq "
Gross receipts-----------------$16,000 ,404 $17,250 ,537 $15,440 130 $15 3$V 7 <>a
Income from investm ’ts,
interest, discount, A c .
346,577
249,897
232,310
207 586
T otal______
an disV
Less cost o f merchandise *16’3 4 6 '981 S17’5 0 0 ’433 •'515.672,440 $15,553,315
oper. expenses, Ac
12,439,512 13,491,250 12,645,193 11,991 282
Balance ............... ......... $3,907,469
B on d in t., Fed. tax., A c .
$7.59,052
Depreciation____________
862,128

$4,009,184
$849,656
802,514

$3,027,246
$605,653
662,989

S3,562,032
$776.12.5
761,677

N e t gain-----------------------$ 2,286,289
Preferred divs. ( 6 % )
899,656
Com m on dividends
(7 % ) 524,755

$2,357,012
899,505
(6)449.730

•$1,758,607
, 899,438
(4)299,776

•$2,024,232
896,331

$ 1 ,007,778

$559,392

$1,127 901

Balance, surplus..........

$861 ,87 8

C O N SO LID A TE D B A L A N C E S H E E T OCT. 31 ( Including Subsidiary Cos.).
1922
1921.
1922.
1921.
.-Isset?—•
S
S
Liabilities—
S
S
Land, bldgs., ma­
Pref. stock, non­
chinery, Ac_a._ 18,458,323 16,392,598
cumulative.-----15,000,000 15,000 000
Good-will, water A
Common s to c k ... 7,500,000 7,500 000
patent rig h ts...17,153,266 17,046,424 Bonds and mtges. 5,991,100 5,957 000
Invest’t securities- 248,482
555,675 Accounts payable. 932,167
802]333
C a s h .................... 1,454,378 1,469,341 Accrued bond In­
Notes & accounts
terest, Ac_____
124,168
96,809
receivable_____ 1,126,215 1,186,808 Ins. & workmen’s
Demand l’ns, sec’d
_____
210,000
compensation re­
Employ’s acct, for
serve_________
578,630
557,148
purch. pref. stk.
68,444
78,811 Profit and loss
Insur. premiums..
9,337
8,400
(surplus)_____ 9,084,224 7,999,939
Inventory of mer­
Reserve for Fed­
chandise, Ac__
696,938
eral taxes........... 617,484
570,656
820,788
Fund Investments 612,390
715,039
T o t a l.................39,827,773 38,483,886

T o t a l............ ..39,827,773 38,483,886

a Less reserve for depreciation.— V . 1 1 4 , p. 4 1 3 .




[V ol. 115.

Hudson Motor Car Co., Detroit, Mich.
Y e a r e n d e d N o v . 80 1922.)
President Roy D. Chapin, Dec. 26, reports in brief:
{ R e p o r t f o r F is c a l

The fiscal year 1922 has been the m ost successful in our history
This
applies not only to earnings, but to tho development o f our product to a
high point and to its manufacture on a basis o f unusual value to tho buyer
<?ur saIes f" r the yoar sbow a total o f 26,271 Hudson cars and 34 962
^ars. . ° ur <
;ars. are. being shipped to all parts o f tho world and we
aro pleased to say that not only has our domestic trade been excellent but
our export trade has come back in good shape and our foreign shipments
are constantly increasing.
s
v
W e have greatly added to our already long list o f dealers and have built
3£|? a large demand for closed cars, which increases our volume o f sales.
Wo behove our percentage o f closed models produced this year to bo the
highest mS ho motor car industry.
I n M a y last the Hudson M otor Car C o. was reorganized to permit of
public participation in a certain portion o f its stock [see offering o f 400 000
no par value shares at $20 per share in V. 114, p. 1896], W e now have
a large number o f stockholders spread throughout the United States, thus
insuring an additional friendly interest everywhere in tho Hudson and
Essex products.
Hn M a y 1922 the company acquired the Essex M otors b y exchanging
one share o f Hudson no par value for 2 A shares o f Essex: at tho same
time each share o f tho Hudson Capital stock, par $10, was exchanged for
eap , ° shares o f no par value, with the exception of 100 shares, par $10,
,“
which are kept outstanding to comply with tho Michigan statute.)

PR O D U C TIO N & S A L E S OF C AR S FOR Y E A R S E N D E D N O V. 30.
1922.
1921.
1920.
1919
1918
1917

H udson______26,271
Essex-------------3 4,962

C O N SO LID A TE D

13,411
12!004

23,631
24!808

IN C O M E A C C O U N T

18 821
20:465

13 343

1 A

YEARS ENDED

oj

Von
l.°

N O V.

30.
1922.
—
-1921_
„„
,
,
Combined.
H udson.
Essex.
Gross prof.from sales o f autos.& parts.$12,631 176 $ 3 ,965,684 def$333,9«3
Interest earned and other income____
317,666
313,053
208,874
Total income . . . ------------------------- $12,948,843
Selling, a d v ., admin. A gen.exp., &c_
3,339,661
D epreciation----------------------------------------- 1,220,387
Interest paid---------------------------------------133,917
Provisions for Federal taxes_________
1,012,200

$ 4 ,278,636 def$125,068
1,806,090
710,255
1,268,314
... .
168,383
62,442
120,000
.............

N et income_____ _________
$7,242,677
Previous s u r p lu s ..------------------------------- $10,508,287
Adjustm ents (debit)___________________
_______

$915 ,85 0 def$897,766
$9,629,678
3 7,240

Total surplus
------------------------ --$ 1 7 ,7 5 0 ,9 6 4 $10,508,287
Dividends paid during year___________$ 1 ,761,489
Surplus transferred to cap. stock acct 10,700,000
-II I I I
Profit & loss surplus N o v . 3 0 -----------$ 5 ,289,475 $10,5 0 8 ,2 8 7
*
N ote. — The Hudson M otor Car C o. acquired the Essex M otors on M a v
27 1922
J
' '
C O N SO LID A TE D B A L A N C E S H E E T N O V . 30.

1922.
a 1921.
1922.
a 1921.
Assets—
$
Liabilities—
$
s
Real estate, plant
Capital stock___ yl3,201,000 2,487,260
A equipment__x8,828,301 9,059,486 Curr. accts. pay.,
Cash___________ 7,236,548 I .289,636
not due---------. 3,957,491 1,843,044
Sight drafts_____ 2,385,802
493.111 Distributors’ dep.
Accts. rec. & trade
AAccr. a cc ts.... 1,073,921
963,162
acceptances___
497.220
548.129 Res. for Fed. taxes
Inventories____ 5,378.007 3,557,536
p a y ab le ______ 1,012,200
120,000
Investm ents___
68,220
78,057 Surplus----------- _ 5,289,475 9,775,493
Deferred charges &
162,103
prepaid lnsur’ce 139,989
Total

.24,534,087 15,188,959

T o ta l.................24,534,087 15,188,959

a Hudson and Essex M otor combined, x Real estate, plant & equipment.
$13,142 ,444 (including equity in land purchased, subject to $282,000—
payable $7,000 quarterly): less reserves for depreciation, $ 4 ,314,143.
y Capital stock, 1,200,000 shares, without par value, and 100 shares.
$10 par value.— V . 115, p. 2692 . 2163.

Libbey-Owens Sheet Glass Co.
30 1922.)
President E. D. Libbey, Toledo, O., Dee. 13, wrote in sub.:
{5 th A n n u a l R e p o r t— Y e a r E n d e d S e p t.

Past Year Satisfactory. — During the year tho business o f tho company
has been extended, the demand for its product increased, and its financial
position strengthened. Tho year just closed has been a satisfactory one.
Plant
E quipm ent. — Early in tho year wo enlarged and reconstructed
one o f the furnaces in the factory at Charleston to supply glass for two
machines instead o f ono. Based upon results obtained in this first double
machine installation, we completed, on N o v . 1, a second installation o f
two machines to tho furnace. This installation has shown results equal
in quantity and quality to the glass produced by two singlo units, but
with a very great economy in fuel consumption.
W o have during tho year completed an addition to tho power house,
and have installed an additional engine. W e have also erected a building
for our clay department which m ikes drawing-pots and special shapes o f
blocks for use in and around the furnaces and machines.
Operation.— Despite various interruptions, the factory was operated to
about 7 5 % o f its normal capacity over the period o f tho year. Tho coal
striko did not directly affect operations, since wo uso natural gas for fuel.
Experimental Work.— A considerable sum o f monoy was spent during
the year in tho development and improvement o f tho machines and processes
Patents. — Numerous patents have been issued to tho company during
the year both in tho U . S. and in foreign countries. These patents in­
volve improvements on the type o f machines we are now using as well as
on other processes and machines for drawing shoot glass.. Applications
for additional patents are pending both in tho U . 8 . and foreign countries
Sales.— The demand for our fla t drawn sheet glass continues to exceed
our capacity. This demand should readily absorb not only our own
increasing production but that o f our subsidiaries as well. Following
lowered costs o f operation, A c ., we made a substantial reduction in the
price o f glass effective Jan. 16 1922.
During tho Spring and Summer the
cost o f some o f our raw materials was increased, and in September wo
granted an increase o f wages to our employees. Following this increase
in the cost o f production, wo advanced the price o f our glass approximately
1 0 % , effective O ct. 19-1922.
Canadian Libbey-Owens Sheet Glass C o.,L td ., located at Ham ilton, Ont.
began operations N o v . 3 1921. H as at present two machines installed’
one to a furnace. Is considering doubling tho capacity o f its plant by
installing two additional machines, two to a furnace.
A m erican-Japan Sheet Glass Co., in which wo have a substantial stock
interest, is now under the management o f tho Sumitomo Group, which
is one o f the very strong industrial and financial groups o f Japan, and
which is interested with its in the American-Japan Sheet Glass C o. W ith
improving business conditions in Japan, wo look forward to a successful
year for the com pany.
_
United States Sheet
Window Glass Co., located at Shreveport, L a .,
began operations in June o f this year with two machines. In September
two additional machines were placed in operation. The company has
every prospect o f a successful future.
Fairfield Sheet Glass Co.. Lancaster. Ohio, started operations in M a y
o f this year with one machine. The men in charge should make a success
o f this com pany.
»
Toledo Libbey-Owens Sheet Glass Co. is a subsidiary. Last summer wo
organized this com pany to erect and operate a six-machine plant at Toledo
and made arrangements for financing it. Construction o f the plant has
been postponed on account o f increaso in tho cost o f building, Ac I ( V
115, p .9 9 7 .)
'
Belgian Company. — Under our original agreement with Oompagnie
Internationale pour la Fabrication Mecanique du Vorre, which controls
the uso o f our machines in Europe and in tho European dependencies,
provision was made for tho organization o f subsidiary companies to operate
machines in European countries other than Belgium. Owing to the
rather rigid requirements as to the met hod o f organization and distribution

D ec. 30 1922.]

THE CHRONICLE

o f the stock o f these subsidiaries, itw as found impossible to organize the
subsidiaries in the manner required by the agreement. During the year
wo modified tho agreement to give the Belgian com pany a greater latitude
in tho organization o f subsidiaries, with the result that very material
progress has been made in the past few m onths. It is the policy o f tho
Belgian com pany, in which this company concurs, to organize subsidiaries,
in tho first instance, in those countries whose markets are closed to Belgian
export by prohibitive tariffs, such as Spain, Italy, Switzerland and France.
Spain .— On N o v . 1 there was incorporated at Barcelona “ The Spanish
Com pany for tho Mechanical Manufacture o f Glass by the Libbey-Owens
process.” Capital consists o f 6,000 6 % Pref. shares, par 5 0 0 pesetas each,
(representing the cash capital subscribed by Spanish investors) and 6,000
ordinary shares o f no par value, which are. entitled to one-half o f the
com pany's profits after payment o f tho Preferred dividend. The ordinary
shares are issued to the Belgian company in return for the exclusive rights
to tho use o f our machines in Spain, Portugal and their respective colonies
and protectorates. W ork on the construction o f a two-machine plant
will be begun immediately on a site already selected near Barcelona.
Switzerland.— A n agreement has been closed with a company now
operating a window glass factory at M outier, near Bale, on sub stantially
the same terms as those made with tho Spanish com pany. A now company
has been organized to take over the factory and install one machine.
W ork on tho reconstruction o f the plant and tho building o f a furnace
is already at an advanced stage.
France.— Negotiations with a group o f bankers and glass manufacturers
o f Lyons, for use o f our machines in France, have been practically con­
cluded. A two-machine plant will be built at once in southern France,
to bo followed by the erection o f a four-machine plant in northern France.
Belgium.— W ork was started on tho Belgian plant at M o ll, about 30
miles from Antwerp, in Novem ber 1021. Real work o f construction
was not begun until Feb. 1 1922. The first unit o f two machines and
one furnace is rapidly approaching completion. It is expected that two
machines will be in operation by Feb. 1. Operation o f other four machines
will follow shortly thereafter.

INCOME ACCOUNT FOR YEARS ENDING SEPTEMBER
1921-22.
Total in com e.------------------ y $2 ,571 ,421
Selling, adm in., exper'l
& misc. expenses---------621,695
Res. for taxes (est.)-------x230,000
Balance, surplus...........$1,71 9 ,7 2 6

1920-21.
$1,71 1 ,4 1 2

1919-20.
$4,789,723

30.
1918-19.
$904,206

500,686
100,000

563.085
2 ,225,000

322,621
185.000

$1,11 0 ,7 2 6

$ 2 ,001,638

$396,586

x Including contingencies, y After deducting material used, labor,
nu £- exp ., and depreciation and after adding $293,333 other income.
a,s, 1 dividends o f $140,000 were paid on Preferred stock, being the full
7 % d lv ., and $300 ,00 0 ( 6 % ) on tho outstanding Com m on o f $ 5 ,000,000.

BALANCE SHEET SEPTEMBER 30.
.
1922.
1922.
1921.
.1.5,SCtS—
5
S
Liabilities—
S
Plant, &c____
4,705,037 4,673,251 Preferred stock
2,000,000
Employees’ houses 268,178
4,999,275
160,381 Common stock
(lash_____ _.
941,804
521.003 Notes payable. .
Acc’ts & notes roc 384,421
311.181 Accounts payable- 266,694
Inventories____ 1,094,420 1,546,674 Due to affil. cos
5,222
U. S. obligations. _
56,725
53,729 Taxes, interest and
Misc. acc’ts reeeiv.
insurance. ...
27,536
and advances.
351,009
114,961 Long term notes
Inv. In allied cos.. 807,234
595,879
payable ____ .
Due from atf 1 . cos. 179,098
1
........... Reserve for taxes & 1,601,444
Patents (deprec'n
contingencies
70,777
book value)___ 2,335,943 2.797,142 Reserve for repairs
Deferred assets. .
42,948
22,448 Surplus________ 2,175,868
Total.........

. 1,146,817 10,796,649

— V . 115, p. 2693, 2275.

Total . . .

1921.
S

2,000,000
4,999,275
1.100,000
279,352
25,419
250 ,0 0 0

728,535
40,000
1,373,069

...11,146,817 10.796,649

New Niquero Sugar Company.
( A n n u a l R e p o r t— F is c a l Y e a r e n d in g J u ly 31 1 9 2 2 .)

P r e s . J a m e s H . P o s t , N e w Y o r k , D e e . 11, w r o te in brief:
Output.— Tho total production of raw sugar in 1922 was 270,719 bags,
320 lbs. Spanish (43,315 tons o f 2,000 lbs. average) and 1,910,476 gallons
of molasses. Th e tons o f cane ground were 341,9 3 6 , as compared with
239,561 in tho 1920-1921 crop, and tho final yield o f sugar, calculated to
96 degrees tost, was 1 2 .7 7 % o f cane ground, as against 1 1 .7 7 % in the 1920­
1921 crop.
Results.— Tho accounts show a net profit of $611,399, after Setting up
reserves for all possiblo shrinkages or losses.
Additions .— Capital expenditures and factory improvements, railroad and
rolling stock amounted to $25,979.
Lands.— Com pany now owns about 4 9,000 acres o f land, leases for long
term o f years about 8,500 acres: also controls through contracts further ex­
tensive areas.
Dividends.— Paid on Preferred stock, June 1 1922, 314%', July 1 1922,
314%', on Common stock, July 31 1922, 7 % .
Outlook.— W ith favorable weather conditions during the coming grinding
season tho supply o f cane should allow o f a production o f about 250,000
baps o f sugar. Tho factory is equipped and prepared in every way to ef­
ficiently and economically handlo the 1923 crop and the management looks
forward to most favorable results.
T h e c o m p a r a tiv e in c o m e a c c o u n t w a s p u b lish e d in
p. 2803.
•
BALANCE SHEET JU L Y 31.
Assets1922.
1922.
Liabilities—
1921.
Property & plant aS4,999.740 84,973,761 Preferred stock 81,000.000
Work animals, &c
500.000
111,480
130,696 Common stock..
Planted & growing
1st M. 7 ‘ sinking
,'e
cane____
1,000,000
53,739
fund bonds.
S6.450
Pasture fields
41,536
34,031
30,074 Cuban Censos.
Advs. (lessres’ve)
504.119
520,005 Bankers' loans.
Investments .
264,667
25,000
100,000 Bills & acc’ts pay
Inventories
1,062
366,325
510,068 Wages accrued —
Sugar on hand ___ 0650,400
7,543
680,690 Interest and taxes
Molasses on hand
254,766
7,703
3,357 Reserve for taxes
Acc'ts receivable.
743,362
58,376 Res’vc for depree. 1.710,910
Cash............
207,916
Surplus.......... - 3,039.040
Sinking fund.
480
Deferred charges.. 115,707
24,036
Total__
$ 7,819,523 87,210,738 Total_______ 87,819,523

V . 1 15,
1921.
81.000,000
500,000
______

41,536
748,764
662,505
1,777
5,899
287,363
1,547,432
2,415,462
87,210,738

a & o p e r t y and Plant, (including abnormal cost o f $379,652) as at Jul;
31 1921, $4,973,761; additions during year, $25,979.
b Sugar on hand, a
pneos realized, 41,031 bags, $460,881; 16,494 bags a t 3 i{c ., less reserv
for estimated shipping and selling expenses, $189,519; total, $650,400.
Aote .— I ho Preferred stock is cumulative and participates in dividend
equally with the Common stock after 7 % lias been paid.— V . 115, p. 2803

Mexican Light

& Power Co.,

Ltd.

(1 0 th A n n u a l R e p o r t— Y e a r E n d e d D e c . 31

1 9 2 1 .)
S e c r e ta r y R . H . M e r r y , T o r o n to , C a n ., N o v . 1 1 9 2 2 ,
r e p o r ts in su b s ta n c e :
History and Reorganization.— Owing to the disturbed state o f M exico

which caused the company to make default on its bonds and necessitated
a receivership, no report has been issued to the shareholders by the board
since that for 1913
In 1915 the bondholders appointed a committee to protect their interests,
tin s committee decided to co-operate with the board in directing the com­
pany’s affairs as it realized that the com pany’s difficulties arose through
conditions over which the board had no control. The business was carried
°u under this management throughout the disturbed period in M exico and
In tho earlier years, operations were only continued with great
difficulty, from 1917 onwards conditions gradually improved and substantial
sum s were accumulated. A plan o f reorganization, ratified by the bond­
holders in Juno 1921, has been successfully carried out and the receiver has
been discharged (see plan in V . 112, p. 2743, 2756).
New Plant.— During tho disturbed period it was impossible to increase tho
power plants. A s soon as conditions began to settle down, the growth of




2903

the demand for power was very marked and by 1921 the company was hard
pressed, partly owing to the shortage of water, to supply the legitimate
requirements o f its customers. Under the reorganization, a substantial
sum was set aside towards providing for further facilities. The construc­
tion was commenced early in 1921 of a new power plant situated at Tepcxic,
about 214 miles below tho present Necaxa power house, whereby advantage
was taken o f the water storage already in existence. The work has pro­
ceeded steadily, and it is hoped that within tho next three m onths it will be
brought into operation, with an installed capacity of 40 ,0 0 0 h. p ., with
provision for a further unit when required.
Additional Funds Advanced.-— Tho amount provided under the reorgani­
zation arrangement was not sufficient to complete the capital expenditures
required for new installations so that it has been necessary to arrange for
an advance o f funds for the purpose. It is expected, however, that shortly
after the year 1923 this advance will be repaid out o f earnings and there­
after substantial sum s should be available for the payment of the accumu­
lations o f interest of the 2d Mt-ge. bonds, and, ultim ately, of the junior
securities.
Shortage of Power.— The board wish to call shareholders’ attention to
the abnormally small rainfall which occurred in 1920, with tho resulting
shortage of power. A repetition of these conditions, but to a more limited
extent, has occurred this year (1922) necessitating the putting into opera­
tion of the auxiliary steam plants which it is feared m ay be continued into
next year when power from the new installations should be available.
Large Municipal Debt Accumulated.— Owing to the financial difficulties
° f the municipal authorities of M exico, the company has been unable to
collect the full am ounts owing in respect o f the supply of light, power,
pumping o f water, & c ., for m any years past, with the result that a very large
debt has accumulated. M r. Conw ay, M n g. D ir., is negotiating with the
various municipalities for payment o f these arrears within a reasonable
period and for the prom plv payment hereafter of current accounts. I f an
arrangement on these lines be arrived at, the financial position of the com­
pany should be substantially improved.

R e p o r t o f G . R . G . C o n w a y , M a n a g in g D ir e c t o r , M e x ic o , D . F .*
„
,
S e p t . 30 1922.

Results.— Gross earnings for the year amounted to $10,473,949 (pesos) as
compared with $ 1 1 ,073 ,932 (pesos) during 1920, or a decrease of $599,983
(pesos), or 5 -4 2 % . N et earnings, before depreciation, were $4,91 7 ,3 2 5
(pesos) as compared with $7,316,572 (pesos), a decrease o f $2 ,3 9 9 ,2 4 6
(pesos), or 3 3 % .
Since Jan. 1921, an amount of $1 ,0 0 0 ,0 0 0 (pesos) per annum has been
allowed on the local operating accounts for depreciation. This reduced the
actual net earnings to $ 3 ,9 1 7 ,3 2 5 (pesos).
. Scarcity of Rainfall Adds to Expenditure .— During 1921 the progressive
improvement that had been noticeable since 1917, received a serious set­
back due to the abnormal searcit” of rainfall over the watershed from which
the com panv’s water supply is obtained for its main hydro-electric plants at
Necaxa.
Owing to the increased load, which has been steadily rising in the past
few years, the abnormal water situation ovei the hydraulic year o f 1929-21
rendered it necessary in the beginning o f the year to start operating all the
com pany’s auxiliary steam plants and at the same time to call upon the com­
pany s power and light consumers to reduce their consumption by 2 5 % .
these drastic measures increased the operating expenses enormously and
at the same time reduced the gross eirnm gs, preventing the realization of
the expected and natural expansion of the business that had been estimated.
l o meet the situation caused by the failure of the water supply, tho com­
pany obtained large supplies of fuel oil from Tampico and Verz Cruz with
tho utm ost difficulty, owing to the lack o f adequate transportation facilities
over the railroads. T o obtain sufficient quantities o f fuel oil it was neces­
sary for the company to purchase 25 tank cars from the United States, and
also to lease an additional 15 from that country
The supply of oil was
obtained more or less intermittently until tho month of Setpember, when
heavy rains fell over the Necaxa watershed, rendering it unnecessary to
operate the steam plants.
Wages.— In considering the operating expense ratio during the past few
years, it should be pointed out that sinco 1917 tho wage scale for all classes
or workmen has increased over 1 0 0 % , and under the new Mexican Consti­
tution and the com pany’s labor agreements with its workmen, these latter
nave been granted very liberal and special privileges which have greatly
increased tho cost o f operation.
Special Taxes.— In addition to the increased cost of labor, tho company is
subject to new special taxes on its capital invested in the Federal District
ana in the State o f Puebla; also to a new P
’ederai tax on the production of
* hydro-electric plants.
In addition to these taxes, all municipal
ana state taxes have been subjected to a Federal surcharge since 1918 to
the ond o f 1921 o f from 6 0 % to 5 0 % .
„ i rl}P’rorcment.—During the year a contract was made with the English
JBiiectric G o. for the purchase and erection at the com pany’s Nonoalco plant
or a 5 ,DUO kilowatt staem turbo-generator, to be ready for operation before
' i u d rY season. This will replace three old and obsolete machines
which have been scrapped.
Necessity for Additional Power.— The following figures show the necessity
ior additional power and also illustrate the growth in the amount of power
generated since 1917 and tho enforced reduction which took place during
the year 1921 (in k. w. h );
1917 __ - .2 9 4 ,3 4 6 ,0 0 0 11 9 1 9 ............. 3 7 9 ,1 7 9 ,0 0 0 11921_______ .3 6 9 ,2 2 9 ,0 0 0
1918 __ - -3 2 9 ,4 2 4 ,0 0 0 j 1920________4 2 7 ,3 6 5 ,0 0 0 1
During 1922 tho company hopes to be able to maintain the same load as
during 1920; but heavy expenditures in steam operation will still bo neces­
sary until the full value o f the new hydro-electric installation is available
and steam operation no longer required.
With the new plant in operation, the com pany’s prospects should be
encouraging as the improved political and economic conditions now prevailmg Will undoubtedly create an increasing demand for electric energy.
Capacity of Generating Plants.— Necaxa, 108,000 h. p .; San Ildefonso and
other small plants. 9,3 5 0 h. p .; Baehuca Light & Power C o , 9 ,6 0 0 h. p .;
lepexic (when two units com pleted), 4 8,000 h. p .; total, 174,950 h. p .;
reserve steam plants in M exico C ity, including M exico Tram ways C o.
plant, 18,300 h. p .; grand total, 193,250 h. p.
STATEM ENT OF EARNINGS CAL. YEARS (M EXICAN CURRENCY).
Govt. Earnings—
Public lighting_______
Office lighting____
Power________________
Commercial Earnin

Lighting_____________
Pow er________________
l le a t ______

.
.
.

1918.
$595,541
110,389
425,360

. 3 ,653,999
. 3 ,969,938
.
133,615
. $9,194,842
M iscel laneous _
.
41,952
$9,236,794
Operation________ I I I I . I $2,127,190
M aintenance____________
654,055
$2,78 1 ,2 4 6
$6,455,548
T a xes.
361,087
$0,094,462
Depreciation____________
N et operating income. $6,094,462

1919.
$590,823
401,882
433,145

1910.
$594 ,92 7
440,827
430,116

1921.
$412,191
483,709
356,252

4 ,358,828
3 ,878,756
4 ,475,266
4,956,084
4,433,731
4 ,404,005
238,783
184,266
247.624
$11,019 ,566 $10,408,773
$ 9 ,892,878
54,366
44,907
65,176
$ 9 ,937,786 $11,073,932 $10,473 ,949
$ 2 ,306,775 $2,607,295 S I, 194,422
592,144
651,162
860,671
$ 2 ,898,920 $ 3 ,258,450 $ 5 ,055,093
$7,038,866 $7,815,476 $ 5 ,418,856
339,919
498,904
501,531
$ 6 ,698,947 $7,316,572 $4,91 7 ,3 2 5
1,000,000
$ 6 ,698,947 $7,31 6 ,5 7 2 $ 3 ,917,325

CONSOLIDATED BALANCE SHEET DEC. 31 1921 (CALCULATED A T
TWO PESOS TO THE DOLLAR).
[Mexican Light & Power C o ., L td ., and sub. cos., M exican Electric Light
C o ., L td ., Pachuca Light & Power C o . and El Oro Electric Light & Pow.Co.J
Assets—
Properties, plant and equipment, construction expenditure at
cost including interest during construction, & c_______________ $44,013 ,965
Rights, franchises, contracts, goodwill, discount on bonds, share
and bond issue expenses_________________________________________ 22,564,261
Cost o f securities and advances to subsidiary and related cos
I 1,556,270
Stores in hand and in transit (including construction m aterial). .
1,380,629
Accounts receivable________________________________________________
420,703
Deferred charges____________________________________________________
178|598
British and Dominion Government securities at market v a lu e .. 2 ,1 3 1 1648
Other securities______________________________________________________
2 3,643
Cash on hand and in banks_________
II
__ _
749 835
Accounts for supply o f light and power due by Mexican Govt'.
(Federal, State and m unicipal), at face value___________
3 ,2 4 0 ,8 2 8
Total....................................................................................................................$76,260,381

2904

THE CHRONICLE

Liabilities—
$13,585,000
Ordinary stock______________________________________
% Cumulative Preferred stock_____________________________________ x 6 .000,000
irst M ortgage 5s________________________
11,340,500
Second M ortgage 5s________________________________________________
9 ,733,333
6 % Cumulative income bonds_____________________________________ 11,775,859
Mexican Electric Light C o. First M ortgage 5s_________________
5 ,567,000
Pachuca Light & Power C o. First M ortgage 5s_________________
3 ,893,333
Accrued pond interest_______________________________________________ y 5 ,676,923
Accounts payable and accrued charges____________________
1,220,168
General reserve for depreciation, amortization o f rfanchises, & c. 7,000,547
Profit and loss account____________________________________________
467,716

f

_________ __________ __________ ._______ ______ _____________ $76,260,381
T o ta l.
x Last dividend paid N o v . 1 1913. y Mexican Light & Power C o ., L td .:
First M tg e . bonds (3 coupons due and unpaid), 8 1 .088,223; Second M tg e.
bonds (15 coupons duo and unpaid), $ 3 ,691,334; Mexican Electric Light
C o ., L td ,, bonds (4 coupons due and unpaid), $556,700; Pachuca Light Sc
Power C o. bonds (3 cuopons duo and unpaid). $ 3 40 ,66 7.— V . 115, p. 2387.

Mexico Tramways Co,— 'E ig h th A n n u a l
E n d e d D e c . 3 1 1 9 2 1 .— S e e p a g e 2 9 1 0 .

R e p o r t,

Y ear

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
T h e fo llo w in g n e w s in b rief fo r m to u c h e s th e h ig h p o in ts
in th o ra ilro a d a n d e le c tr ic r a ilw a y w o r ld d u rin g th e w e e k
ju s t p a s t , to g e th e r w ith a su m m a r y o f th e it e m s o f g r e a te s t
in te r e s t w h ic h w e r e p u b lish e d in fu ll d e ta il in la s t w e e k ’s
“ C h r o n ic le ” e ith e r u n d er “ E d ito r ia l C o m m e n t” or “ C u rren t
E v e n t s a n d D is c u s s io n s .”
Railway Telegraphers May Strike Unless U. S. RR. Labor Hoard Grants
Rehearing on Recent Decision Reducing Wages.— “ Boston Financial N ew s”
D ec. 27, p. 3 .

.

Fire Destroys RR. Station in Chicago Leaving Eight Roads Without Passenger
Terminals.— “ W all St. Journal” D ec. 22, p. 3.
U. S. Senate Confirms I.-S. C. C. Appointments.— Commissioners M c -

Chord and Eastman renominated. “ W a ll St. Jour.” D ec. 22, p. 3.
Freight Rales Reduced.— Reductions in rates from defined Eastern points
to Pacific Coast ranging from 25 to 4 0 % have been announced by W est­
ern roads to meet severe competition o f Panama Canal routed vessels.
"B oston Financial N ew s” D ec. 22, p. 2.
I.-S. C. C. Orders Inspection of Rail Equipment.— Questionnaire sent out
to all railroads including private lines. “ Tim es” D ec. 28, p. 26.

President Rea of Pennsylvania RR. Says Railroad Problems Demand a Na­
tional Policy.— “ W all Street Journal” D ec. 27, p. 7.
Superior RR. Council ( France) Approves 1,000,000,000 Franc Construc­
tion Program.— A bout 'A of amount will bo spent in electrification. “ Tim es”
D ec. 28, p. 10.

Car Shortage.— The total shortage in cars on D ec. 15 was reported at
105.018 cars, as compared with 111,961 cars on D ec. 8, a decrease of
6,943. The shortage, compared with that of the week ended D ec. 8 was:
Box cars, 49,495 cars, decrease 7,216; coal cars 41.200, increase 3,587; stock
cars 3,415, decrease 1,824; coke cars 479, increase 85.
There were scattered throughout the country on Dec 15 a total of 7,677
surplus freight cars in good repair, an increase o f 1,020 within a week.
Car Loadings.— Loadings for week ended D ec. 16 totaled 888,082 cars,
162,008 over the total for the same week last year, and 85,811 over the
corresponding week of 1920. D ue to tho seasonal declino in loading, the
total for the week ending D ec. 16 was a decrease o f 31,746 cars in comparison
with the week before.
Principal changes compared with week ending D ec. 9 were: Grain and
grain products, 51,004 cars, decrease 4,604; coal, 198,510 cars, decrease
1,995; merchandise and miscellaneous freight, which includes manufactured
products, 515,344 cars, increase t'6,219; forest products, 60,102 cars de­
crease 3 ,093; live stock, 39,148 cars, increase 978.
Matters Covered in “Chronicle” Dec. 23: (a) A “ labor” argument for
“ the living wage” (editorial), p. 2728.
(b) Port Authority of New York
approves order o f I .-S . C . Commission directing carriers to co-operate
in port development, p. 2753.
(c) U . S. R R . Labor Board reiterates
stand against time-and-a-half for maintenance of way m en, p . 2755
(d) Pay of telegraphers on western roads cut by U . S. R R . Labor Board
p. 2755.
’

Ann Arbor RR.— P e n n s y lv a n ia L e a s e s T e r m i n a l s .—
Tho Pennsylvania R R has entered into a 100-year contract with the Ann
Arbor for the use o f tho latter’s terminals in Toledo, O ., and its road to the
Michigan State line. ( “ Railway A g e .” )— Y . 115, p. 2377.

Atchison Topeka & . Santa Fe Ry.— P r e s id e n t S to re y
R e p lie s to K a n s a s C o m m is s io n e r . — P r e s id e n t W . B . S to r e y
h a s is s u e d th e fo llo w in g s t a t e m e n t , in c o n n e c tio n w it h th e
re m a r k s m a d e b y C ly d e M . R e e d , C h a ir m a n o f th e K a n s a s
P. U . C o m m is s io n , b e fo r e th e I .- S . C . C o m m issio n , t h a t
th e c o m p a n y w a s p ilin g u p a b ig su r p lu s a n d t h a t u n d u e
a m o u n t s w e r e b e in g e x p e n d e d fo r m a in te n a n c e :
Judge Clyde M . Reed stated recently before tho I .-S . C . Commission
that for tho first 9 months of 1922 $10,893,633 more money was spent by
the company for maintenance than during 1921. The actual expenditures
for these 9 months were: For 1922 maintneanco of equipment, $37,267 ,374 ,
against .$39,732,659 a year ago; for maintenance of way this year, $28,0 9 9 ,­
935, against $ 2 1 ,2 2 5 ,1 4 2 a year ago; or a total o f $ 6 5 ,367 ,309 , against $ 6 0 ,­
957,801 a year ago.
Increased maintenance expenditures for 1922 over a
year ago, were $ 4 ,409,508.
O f this amount, $2,960,015 was solely strike
expense, divided, $ 2 ,589,279 maintenance of equipment, $370,736 main­
tenance o f way and structures. Actual increase was $1,449,493.
Furthermore from M arch to Sept. 1 1921, owing to the slump in business,
maintenance work on the Atchison was cut to the bone, the total forces
being reduced from approximately 75,000 In Feb. to about 52,000 in Juno,
the chief reduction occurring in maintenance forces.
Judge Reed’s comparison with the years 1914 to 1917, inclusive, does not
prove that 1922 is substantially out o f line. H e gives average maintenance
expense for tho four year period as 4 7 .3 5 % . Tho percentage for 1921 was
47.4tt»The percentage for first 9 months of 1922 as given by him is 5 3 .4 8 % ,
but if deduction is made for strike expense this percentage is reduced to 51.1.
Roadway and structures, and particularly equipment, were not kept
up during the period of Federal control and especial endeavor has been made
to put the property back in good shape. For instance, on Jan. 1 1921,
bad order cars numbered 6,311; Jan. 1 1922, 4,743: Dec. 1 1922, 3,882.
Furthermore car loading since Jan. 1 1922, totals, 1,550,838 cars, compared
with 1,332,193 cars, an increase o f 218,645 cars, or 1 6 .4 % . Surely this
increased business is an important factor in accounting for larger mainten­
ance expenditure.
.
Judge Reed assails the Atchison surplus. On Jan. 1 1912, this was $ 61,­
990,518.
On Jan. 1 1922, this had increased to $ 195 ,86 1,02 9, or an in­
crease o f $133 ,87 0,51 1. During this same period o f time tho Atchison’s
expenditure for capital purposes, such as additions and betterments, new
equipment, and new lines, totaled $198 ,10 3,49 9. Tins ls $64,232 ,988
more than the increase in surplus. In other words, this sum , in addition
to the entire surplus earned during this period, had been spent in enlarging
and improving the Atchison transportation plant in order to be able to
handle the traffic o f its territory satisfactorily. This surplus is , o f courso,
only a book figure and is not represented b y cash. During this entire
period our stockholders have not received one cent additional by reason
o f this surplus as all of tho money has gone back into the property for the
general benefit, and $64,000 ,000 odd in addition.
., . . . M
It has been tho fixed policy o f this company to strive earnestly to build
up its plant to serve tho com m unity. There is a strong feeling on the part
o f some stockholders that this has been done at their expense, that tnoy
have not had a fair share o f tho earnings o f the company. Actually muen
more ought to have been done for the property, but could not becam e ox
lack o f money. N o one knows better than Judge Reed how our territory
cried out for additional transportation facilities this fall and yet, althougn
wo did more than we have ever done before in our history, we fell snort ox
being able to respond to this cry. A ll that we have done and all that we
try to do is under the burden and handicap o f just such efforts as his to




[V ol. 115,

hamper and shackle those who are endeavoring to furnish transportation
facilities.— V . 115,p. 2158, 2045.

Boston Elevated Ry.— B o n d I s s u e A p p r o v e d . —
The M ass. Department o f Public Utilities has approved the issuance o f
$709 ,00 0 6 % 30-Year bonds for the purpose o f refunding a similar amount
o f W est End Street R y. bonds m aturing Jan. 1 1923.— V . 115. P. 2789, 2579.

Brooklyn Rapid Transit Co.— R e o r g a n iz a tio n P la n . —
, A s a result o f recent conferences o f committees representing tho two
principal securities o f tho B . R . T . system , viz.: $74,520 ,000 stock out­
standing and $57,230 ,000 Secured gold notes o f 1921, a tentative plan of
reorganization has been formulated which is expected to bo ready for pre­
sentation to the committees representing the various other securities
early in 1923. (“ W a ll Street Journal.” )— V . 115, p . 2579, 2045.

Camaguey Co., Ltd.— S u c c e s s o r C o m p a n y , & c .—
See Cam aguey Electric C o. below.— V . 115, p. 1941.

Camaguey Electric Co.— B o n d s O f fe r e d . — J. C. Mackentosh & Co., Halifax, N. S., are offering at, 100 and int 81,­
500,000 0>Y% 1st Mtge sinking fund gold bonds, Series “A.”
A circular shows:
D ated Oct. 1 1922. Due Oct. 1 1952. Callable on 3 m onths’ notice
at 1074^ and int. till 1932; 105 and int. thereafter till 1942; and at 102
and
int. thereafter until maturity. Denom . $1,000 and $500 (with privilege of
registration as to principal only. Int. payable A . & O ., in Canadian gold
coin at the Royal Bank o f Canada, M ontreal, or at the option o f the holder,
in gold coin of the United States of America, at the agency of the Royal
Bank o f Canada, New Y ork, or Havana, Cuba; or, in sterling, at Royal
Bank o f Canada, London, E n g., at fixed rate o f exchange of $4 86 2-3 to
the £1. M ontreal Trust C o ., trustee.

Capitalization.

Is

Common shares---------------------------------- -------------------------------------------------7 % Cumulative Preferred shares__________________________________ - 1,500,000
WA% 1 st M tg e Bonds, Series “ A , ” due 1952 (this issue)
1,500,000
Company.— Incorporated in 1922 in Cuba, to acquire the properties and
undertakings of Camaguey Electric C o ., L td ., and Camaguey Tram way
C o ., L td .— which were organized in 1906, and have successfully operated
for the past 16 years the entire street railway, electric lighting and power
business in the C ity o f Cam aguey, Cuba.
.
Sinking Fund.— Annual sinking fund of 1A % will commenco in 1925,
for the redemption of bonds or for reinvestment in additional property.
Franchises.— Electric lighting franchises are not limited as to time and are
without onerous or unreasoable restrictions. Tram ways operate under
various franchises, maturing from 1968 to 1980.
. .
Earnings.— N e t earnings available for interest, depreciation, & c., for the
3 years 1919 to 1921, inclusive, averaged $296 ,79 6, equivalent to over 3
interest charges on this bond issue. . N et earnings for 1921 were over 3 A
times total bond interest charges.

Carolina Clinchfield & Ohio Ry.— B o n d s A u t h o r i z e d . —
Th e I .-S . C . Commission on D ec. 20 authorized the company to issue
$9 500 000 1st & Consol. M tge. gold bonds Series A ; to be sold at not less
than 91 b) and in t., and the proceeds used in paying off loans aggregating
$8 000 000 from tho United States and in reimbursement of com pany’s
treasury for expenditures for capital purposes amounting to $1,500,000.
See offering of $ 8 ,000,000 of bonds in V . 115, p. 2793.

Central Illinois Public Service Co.— C o n tr a c t. —
The Old Ben Coal Corp. has awarded tho company a power contract to
extend for 10 years. The power company will supply the entire power
requirements o f the coal company.— V . 115, p. 2378, 1531.

Chesapeake & Ohio Ry.— V a n S w e r in g e n O p tio n E x te n d e d .
The Van Sweringen interests will acquire the Hunttinton holdings of
C . & O. Com m on stock at $80 a share, if their recently acquired option is
exercised, according to bankers close to the Cleveland railroad operators.
A s the option Is understood to cover about 3 0 % o f the outstanding stock
o f tho road, t he total amount involved will bo about $ 1 6 ,000 ,000 . Tho road
has outstanding Com m on stock o f a par value o f $62,792 ,600 .
It was learned that their option, which expires on Jan. 1 1923, has been
extended for two weeks to givo tho intending purchasers time to complete
arrangements to finance tho transaction.
One o f the proposals under consideration has been the issue o f some forms
o f collateral trust bonds, secured by the road’s stock in the ratio o f $2,000
o f stock to each 8 1.000 bond. This proposition has not been received very
cordially by New York financiers, who boliove there might be some diffi­
culty in finding a market for bonds o f this typo just now. (“ W a ll Street
Journal.” )— V . 115, p . 2683, 2266.

Chicago & Eastern Illinois RR.— S tr ic k e n O ff L i s t . —
The N ew York Stock Exchange has stricken from the list the old com­
pany’s Preferred stock, Equitable Trust C o. o f N . Y . certificates of deposit
for Preferred stock, Equitable Trust C o. o f N . Y . certificates o f deposit
for Preferred stock full paid receipts and Equitable Trust C o. certificates
o f deposit for Com m on stock.— V . 115, p. 2158.

Chicago Great Western RR.— F in a n c in g A p p r o v e d •
•
—
The I -S . C . Commission has authorized tho oomnany to issue $ 10,206,000
1st M tge. 50-Year 4 % Gold bonds and $3,580,000 4 % Preferred stock.
The proceeds will bo used in purchasing $12,000,000 1st M tge. 4 % bonds
of M ason C ity & Fort Dodge R y.
See V . 115, p. 2378, 26$3.

Chicago North Shore & Mihv. RR.— I n t . o n A c c u m .
George M . Reynold, Samuel Insull and R . Floyd Clinch, trustees, under
tho participation trust agreement creating tho participation shares o f Chi­
cago North Shore & M ilwaukee R R , announced that during the D ec., 1922,
interest will be paid by the trustees upon the dividend account credited to
First and Second Participation shares upon the trustees’ books for the years
*^The boolreof the trustees closed for transfer on Doc. 22 1922.
Under the terms o f the participation trust agreement, dividends are
payable by the trustees beginning with tho year 1918 and in tho ovent the
same are not paid, the participation shares are cumulative to tho oxtent
that the dividends as set up on trustees’ books bear interest at 5 % .
Pay­
m ent is now to be made o f interest on the dividend account for tho years
1918 1919 and 1920 as to First and Second Preferred shares.— V . 115, p.
1320! 868.

Chicago & State Line RR.— M e r g e r P la n s .—
Soo New York Chicago & St. Louis R R . below.— V . 27, p. 60.

Commonwealth Power Ry. & Light Co.— T im e E x t .—
Tho company has extended to Jan. 10 next its offer to deliver 1 1-3 shares
(par amount $133 33) o f 6 % Cum ul. Pref. stock o f Commonwealth Power
Corp. for each share of tho Railway & Light C o. 6 % Pref. stock with accu­
mulated dividends and $19 50 of scrip (see V . 115, p. 2477).
Pref. stockholders who have not made tho exchange and who do so before
that dato will receive the 1 A % dividend payable Feb. 1 1923 on tho Pref.
stock of Commonwealth Power Corp.
U p to Dec. 22 $8,1 2 1 ,SOO Pref. stock, representing 4 5 .1 8 % of the amount
outstanding, together witli $1,583,751 of scrip and cash, have been received
and Pref. stock of the Commonwealth Power Corp. has been Issued in
exchange to 1,631 holders.— V . 115, p. 2 684 , 2477.

Cuba Company.— C a p ita l R e a d ju s tm e n t .—
Tho directors have approved a plan to change the present authorized
$8,000,000 Common stock (par value, $50,000) to shares of no par value.
The stockholders will vote next February on approving the plan.
Under the plan it is proposed to exchange one share of Cuba Co. Common
stock (par $50,000) and 250 shares of Compania Cubana Common stock,
no par value (40,000 shares of which were distributed to Cuba Co. stock­
holders in 1918 when the sugar subsidiary was formed), for 4 ,000 shares
o f the new no par value Com m on stock of the Cuba Co.
Application will be made to list new stock on the New York Stock Ex­
ch an ge— V . 115, p. 2793.

Cumberland Traction Co., Bridgeton, N. J.— I n c o p .
Incorporated in New Jersey D ec. 26 1922 with an authorized capital of
$200 ,00 0. Incorporators are: Clayton W . McPherson. Thomas F . M artin,
C . Parker Lewis, Bridgeton. The company is to take over tho line between
M illville and Bridgeton, N . J ., formerly owned by the Bridgeton & M ill­
ville Traction C o .— V . 115, p. 1837.

D ec. 30 1922.]

Delaware Lackawanna & Western R R .- ^ - D iv id e n d .—
The regular quarterly dividend of 3 % has been declared on the stock,
payable Jan. 20 to holders of record Jan. 6. On Jan. 20 1922 the company
paid an extra dividend of 5 % in addition to the regular quarterly dividend
of 3 % . — V . 115, P- 2206, 1631.

El Paso & Southwestern R R . — N e w O f fic e r .—
Eugene Fox has been elected Vice-President.— V . 115, p . 182.

Fort Wayne Cine. & Louisville R R . — M e r g e r P la n s . —
See New Y o rk Chicago & St. Louis R R . below.— V . 85, p. 599.

Georgia Ry. & Power Co.— S to ck I s s u e A u t h o r i z e d .—
The Georgia P. S. Commission has authorized the company to issue
82,500,000 8 % 1st Pref. stock.
(See V . 115, p. 1631, 1320).— V . 115, p.
2158, 1941.

Grand Trunk Ry. of Canada.— I n te r e s t P a y m e n ts .—
The estimated earnings of the W ellington, Grey & Bruce R y. for the
half-year ending Doc. 31 1922, applicable to meet interest on the bonds
will admit of the payment of £3 16s, 2d. per £100 bond, and this payment
will be applied as follows, viz.: £3 3s. 8d. in final discharge of Coupon 77,
due Jan. 1 1909, and 12s. 6d. on account o f Coupon 78, due July 1 1909,
and will be made on and after Jan. 1 next, at the offices o f the Canadian
National R y s., Orient House, 4 2 -5 , N ew Broad S t., London, E . C . 2. The
coupons must be left three clear days for examination. Last year £3 16s. 2d.
—V. 115, p. 2 267 , 1730.

Houghton Co. (Mich.) Trac. Co.— D e f a u lt — C o m m itte e .
The committee named below, at the request o f the holders of a large
amount of the 1st Consol. M tge. 5 % bonds who have been notified that the
receiver will be unable to pay the interest on Jan. 1 1923, have consented
to act as a committee to protect their interests. Bondholders are requested
to forward their bonds to Old Colony Trust C o ., Boston, M ass, depositary,
accompanied by the Jan. 1 1923 and subsequent coupons on or before
Feb. 15 1923.
.
Protective Committee.— Thomas N . Perkins, Chairman; Frank B . Bem is,
Ernest B . D ane, Boston, with V . D . Vickery, Sec., 147 M ilk S t., Boston,
and Ropes, G ray, Boyden & Perkins, Counsel, 60 State S t., Boston.
— V . 113, p. 2405-

Indiana. Columbus & Sou. Trac. Co.'— B o n d s O ffe r e d .
Illinois Trust & Savings Bank, Chicago, is offoring 8973,000 1st M tg e.
25-Year 6 % bonds at 100 and int.
The company is controlled by tho Inter-State Public Service C o ., a sub­
sidiary o f the M iddle W est Utilities Co.
Proceeds from this issue will be used to retire 5932,000 1st M tg e . 5s
due Jan. 1 1923.— V . 99, p. 8 9 4 .

Interborough Rapid Transit Co.— L is t i n g , & c .—
The New York Stock Exchange has authorized tho listing of voting trust
certificates for 834,105 ,000 Com m on stock, representing an equivalent
amount in par value o f stock heretofore acquired by or presently to bo de­
posited with Grayson M .-P . M urp hy, Frank L . Polk and G uv E . Tripp,
tho voting trustees, with authority to add 8895,000 v . t. c. for stock on
official notice o f issuance thereof from timo to time hereafter in exchange for
deposited stock, making tho total amount applied for 835.000 ,000 .
Tho Exchange has also authorized the listing o f (a) 834.330 ,000 (total
auth.) 10-Year Secured C onv. 7 % Gold N otes, due Sept. 1 1932. on official
notice o f issuance in exchange for 3-Y ear Secured C onv. 7 % Gold Notes,
and certificates o f deposit o f these notes undor the Intorborough-Manhat­
tan plan: and (6' $10..r
>no,000 (auth. 815,000.000) 10-Year 6 % Gold Notes,
due Oct. 1 1932 on official notice of issuance.
10- Year Secured Convertible 7 % Gold Notes.— Are dated Sept. 1 1922.
Wero authorized by tho directors N o v . 14 1922 and bv tho Transit C om ­
mission Oct. 27 1922. Bankors Trust C o ., New Y o rk, trustee. Are
payable in gold coin o f the U . S. at office of J. P. M organ & C o ., New Y ork.
In t. payable M . & S. without deduction from such interest for Federal
income tax (except for any such Federal taxes in excess o f 2 % ) . Dcnom .
8 1,000, 8500 and 8100 (c*). Red. all or part on any int. date at par and
int. and a premium o f M of 1 % for each unexpired semi-annual period o f
the 10-year term upon published notice o f at least 60 days.
Upon written request o f tho company, the trustee shall release from tho
lien o f the indenture sych amount o f the pledged bonds as m ay be specified
in tho request upon deposit with the trustee o f a sum o f monoy equal to
not less than 6 3 % o f tho principal amount o f the bonds so released, it being
intended that said payments shall be at least sufficient to redeem (at the
highest redemption price at any time prevailing) such an amount of notes
as shall bear to the total amount at the time outstanding the same pro­
portion that the amount o f pledged bonds released bears to the total amount
of pledged bonds held by the trustee immediately prior to said release, and
all moneys so received shall be hold by the trusteo as part of the trust estate
until applied to the purchase or redemption of the notes.
,
Notes aro secured by the pledge with trusteo o f $59,602,000 1st & Ref.
M tge. 5 % Gold Bonds duo Jan. 1 1966, bearing all unmatured int. obliga­
tions issued under and secured by tho 1st & Ref. M tge. to Guaranty Trust
C o . o f New Y o rk , trusteo, dated M a r. 20 1913, and bearing thereon a nota­
tion o f participation in the plan o f readjustment dated M a y 1 1922 and the
modification thereof dated Sept. 1 1922.
Upon surrender to the company at the office o f the trustee o f the notes,
the holder shall bo entitled to receive tho pledged bonds at tho following
rates- 8 0 % o f tho par value o f .the bonds if conversion he made prior to
Sept. 1 1925: at 8 5 % if conversion bo made after Sept. 1 1925 and prior to
Sept. 1 1928; at 9 0 % if conversion be made after Sept. 1 1928 and prior to
Sept. 1 1932, provided that if conversion is to bo made on or after Aug. 1
1931, notice o f such election to convert be given, and the notes to be con­
verted bo surrendered prior to that date.
, , ,
,,
.
1 0 - Year 6 % Gold Notes, Due Oct. 1 1932.— Authorised by directors
N o v . 14 1922, and by tho Transit Commission O ct. 27 1922. Guaranty
Trust C o ., N ow Y o rk trustee. Int. payable A . & O . at office or agency
of the com pany. New Y o rk , without deduction o f Federal income taxes
fexcept for anv such Federal income taxes in excess o f 2 % ) .
Dcnmn.
8100, 8500 and 8 1,000 (c* & r ) . Red. upon 30 days' notice on any int.
date at par and int. and a premium o f H o f 1 % for each unexpired semi­
annual int. poriod o f tho 10-year term . W henever company shall havo in
its treasury any 1st & Ref. M!tge. bonds in any manner received or acquired
it m ay issue and sell tho samo or such part thereof as m ay be necessary for
the purpose of paying tho principal o f theso notes, either by the redemption
or purchase thereof or by issuing such bonds in exchange for notes ten­
dered for conversion into such bonds.
So long as any o f the notes shall be outstanding, company will not issuo
or sell any 1st & Ref. M tge. bonds e. cept upon the conversion or redemption
or 10-Year Secured C onv. 7 % Gold N otes or for the purpose o f paying the
principal o f 10-Year 6 % Gold N otes.
N o dividend shall be paid upon the Capital stock (a) before July 1 1926,
nor ( b) out o f income accruing prior to that date, nor (c) unless and until
the cumulative dividend rental at tho rates provided for in tho agreement
datod Oct. 1 1922 betwoon M anhattan R y ., the company and Alvin W .
Krech and others, as a committee o f stockholders o f M anhattan R y .,
and all taxos upon said M anhattan R y . property, and all dividend rentals
accrued to and including July 1 1922 shall have boon paid in full; nor shall
tho dividend to bo paid upon tho stock o f tho com pany in any year during
the 10-year term o f tho notes exceed 7 % ; nor shall the company at any timo
during said poriod make any distribution o f corporate assets except by way
o f dividend upon its stock.
The 810 500 000 notes aro to bo Issued for the following purposos:
m T o 'o a v for tho cost o f equipment authorized by Contracts
N os 1 2 and 3 between tho company and the C ity o f
________________________________________________ $6,153,060
New York
(2) T o refund and discharge 10% o f the outstanding $38,144 400 principal amount o f the 3-Year Secured C onv. 7 %
C qj/1 JyTotCS
<
O,01 xi
(3) T o pay the cxpen'ses oTthe"saTo o f tho notes, including underT h e '^ t r a ^ ^ t o ^ e ^ s t r i b u t ^ pursuant toThV interboro'ugh-Manhattan
P l a n to holders o f certificates of deposit for Interborough-M etro^lltan
Collateral Trust 4H % gold bonds, and toLholders o f cevtUlcates of o^Posit
for stock o f Intorborough Com pany: and in thei t A ' h n i r i P r ’Po f
notes are not so distributed, then distribution is to^be made to holders of
Preferred and Com m on stock o f Interborough Consolidated Corp
All
o f tho notes havo been underwritten. (Soo statement o f earnings and bal­
ance sheet under “ Annual Reports” abovo.)

6XU D iv c c to v s . __

The stockholders on De \ 28 approved tho plan calling for an increase
in the number o f directors from 15 to 18. The following new directors were




2905

THE CHRONICLE

elected: Charles D ay, Thom as I. Parkinson, Samuel W . Reyburn, Bertram
Cutler, Frederick H . Ecker and W illiam C . Potter.
A t a subsequent date a meeting will be held for the purpose o f electing
three additional directors to represent the Rapid Transit Commission and
the city.
The personnel o f the new board follows: For term ending Sept. 1923,
August Belm ont. Edward J. Berwind, M ortim er N . Buckner, Charles
D a y , Alfred Skitt; for term ending Sept. 1924, Thomas I. Parkinson,
Robert C . Rathbone, Samuel W . Rayburn, F . deC. Sullivan, Cornelius
Vanderbilt; for term ending Sept. 1925, Bertram Cutler. Frank H edley,
Grayson M -P . M urp hy, Frederick H . Ecker, W m . C . Potter.— V . 115.
p . 2793, 2684.

International-Great Northern R R . — Bonds Offered.—
Speyer & Co. and J. & W . Seligman & Co. aro offering at
97 and int., to yield about 6.20%, $13,461,500 1st Mtge.
30-Year 6 % gold bonds, Series A. Dated July 1 1922, due
July 1 1952. The bankers state:

Interest payable J. & J. 1 in New York.
Red. at 1 0 7 r and int. as a
A
whole only on any int. date on 60 days’ notice. D enom . $ 1 ,0 0 0 , $500 and
8100 (c * ). F u llv registered bonds o f $ 1 .000, $5,000, $10,000 and authorized
multiples o f $10,000 . Coupon bonds of $ 1 ,000 denom. and fully registered
bonds interchangeable. Equitable Trust C o. o f N ew York, trustee.
Authorized issue limited t o ________________________________________ $40,000 ,000
Total issued, Series A 6 % bonds, due July 1 1952: This issue----- 13,4 6 1 ,500
Exchanged for First M ortgage bonds o f old com pany. ------------ 3,788,500
Pledged as collateral for U . S. Director-General o f Railroads
6 % Loan o f $2,4 0 0 ,0 0 0 , due M arch 1 1930____________________ 2 ,750,000
Company.— The (new) company on D ec. 1 1922 acquired the railroad
properties of tho old company per reorganization plan dated Juno 1 1922.
Operates a total o f 1,160 miies o f road, of which 1,106 miles are owned
in fee and 54 miles are operated under trackage rights.
Th e system extends through tho most densely populated sections of the
State o f Texas and serves most of tho principal cities o f east and south
Texas; it passes through tho best cotton-growing territory and carries a
considerable proportion o f tho cotton crop. W ith connecting railways, the
system affords the most direct route from St. Louis to Houston and to the
seaboard at Galveston; also to Austin, San Antonio and to M exico through
the important gateway o f Laredo.
_______
Fired Charges.— Th e total annual fixed interest charges are $ 1 ,179,000,
as compared with fixed interest charges o f the old company o f $ 1 ,597,175,
a reduction o f $418 ,17 5, or more than 2 6 % .
„
,
Earnings.— The net income of the system for tho year 1922 (one month
estimated) available for interest, after operating expenses, taxes and
rentals, amounts to approximately $1,390,000. As a result of operating
policies and economies now being instituted by tho now management, it
is estimated that for the years 1923 to 1925, inclusive, the net income avail­
able for Interest should amount to at least $3,00 0 ,0 0 0 per year.
The new company on D ec. 1 1922 had available a working fund o f more
than $ 4 ,0 0 0 ,0 0 0 in cash.
Control.— The St. Louis-San Francisco R y. has contracted to purchase
the entire capital stock o f the company (V . 115, p. 2684), subject to the
approval o f the stockholders and of tho I .-S . C . Commission. W hen this
purchase is consummated, tho St. Louis-San Francisco R y. will havo a diroct route from St. Louis to Galveston and to M exico, through tho impor­
tant gateway of Laredo, both of which points aro reached over the lines of
the International-Great Northern.
Tho Guaranty Trust C o. o f N . Y . has been appointed transfer agent
for tho 75,000 shares o f capital stock, par $ 100 .— V . 115, p. 2793 , 2684.

Interoceanic Railway of Mexico, Ltd.— See page 2915.
Jersey City & Bergen RR.— M a t u r i n g B o n d s . —

The $258,000 4 'A°7o bonds duo Jan. 1 1923, will bo purchased at m aturity
at office New Jersey T itle Guarantee Trust C o ., Jersoy C ity.
‘

Kansas City Mexico & Orient RR.— S 'a te O w n e r s h ip . —
A W ashington dispatch Doc. 2 6 , states that a plan to provide for the
continued operation o f the road has been submitted to the I .-S . C . Commis­
sion by Lynch D avidson, Lieutenant-Governor o f Toxas, and Chairman of
tho board of engineers o f the Texas State R R .
Lieutenant-Governor Davidson in a letter to Commissioner Esch stated
that the road should be taken over for operation by tho State of Texas,
Federal legislation relaxing all the usual requirements placed upon carriers
should be enacted, and similar measures should be enacted by the Legis­
latures of Oklahoma and Kansas, where the line also operates. A n y net
profits from operations should be returned to the Federal and State govern­
ments in consideration o f loans for rehabilitation o f tho line.— V . 115, p.
2580 , 1731.

Kansas City Power Securities

Corp.— I n i t i a l D i v . —

A n initial diaddend o f $2 per share was paid on the Com m on stock, no
par value, on D ec. 20 1922 to holders o f record D ec. 5 .— V . 114, p. 1765.

Kentwood & Eastern Ry.— A b a n d o n m e n t. —
The I .-S . C . Commission on Dec. 16 issued a certificate authorizing the
abandonment as to inter-State and foreign commerce of com pany’s line
of railroad in Tangipahoa Parish, L a ., extending from Kentwood to Scan­
lon, 16.53 miles. The line was opened for operation in 1905 primarily
as a logging road, and since practically its entire tonnage has been forest
products.— V . 115, p. 2793.
.

Lake Erie & Western RR.— M e r g e r P la n s .- —
See Now Y o rk Chicago & St. Louis R R . below.— V . 115, p. 2580, 869.

Lehigh Valley RR.— S e g r e g a tio n P la n — D e c is io n . —
Tho modified plan for the segregation o f the com pany’s coal properties
has been laid before Attorney-General Daugherty.
The com pany’s plan for the segregation o f its coal properties, announced
Oct. 7 1921 (V . 113. p. 1574), was in accordance with the U . S. Supreme
C ourt’s decision o f Dec. 6 1920 (V . I l l , p. 2292). The plan was filed in
tho U . S. District Court o f tho Southern District o f Now Y o rk , and at the
same time the Government filed three objections (V . 113, p. 1674, 19S3).
Representatives o f both parties have been at work since in an effort to come
to an agreement on a modified plan. It is expected that a decision will be
forthcoming in the near future.
See Federal Sugar Refining C o. below.— V . 115, p. 2478 , 2379.

Mason City & Fort Dodge Ry.— F in a n c in g A p p r o v e d . —
See Chicago Great Western U R . above.— V . 115, p. 2267.

Memphis Dallas & Gulf RR.— T o J u n k P a r t o f L in e .- —
The Arkansas R R . Commission has voted to issue an order reversing
a previous ruling and grant permission to junk that portion o f the line run­
ning between H ot Springs, A rk ., and Glenwood, Ark. 35 miles. The other
portion o f the roaa between Glenwood and Ashdown about 78 miles, is
being operated by the Graysonia Nashville & Ashdown R R .
(See V . 115,
p. 2 159 .)— V . 115, p. 1210.

Minneapolis St. Paul & Sault Ste. Marie Ry.— E q u ip ­
m e n t T r u s ts S o ld . — Dillon, Read & Co. and- National City
Co. have sold at prices ranging from 5% to 5.20%, according
to maturity, $2,360,000 5% Equipment Trust Certificates,
Series K (see advertising pages).
Certificates mature in 20 semi-annual installments o f $118,000 each from
Sept. 1 1923 to M arch 1 1933. inclusive. M on-callable to maturity.
D ated M arch 1 1923.
Dividend warrants and installments of principal
payable in New York and Philadelphia M arch 1 and Sept. 1. Certificates
$1,000 each (c*).
Issued under the Philadelphia plan. Penn. C o. for the
Insurances on Lives & Granting Annuities, Phila., trusteo. Principal and
dividends payable without deduction of Federal normal income tax up to
2 % per annum.
.
I s s u a n c e . — Subject to approval by I .-S . C . Commission.
It is announced that W m . L . Martin will resign as Vice-President on
Jan. 1 1923.— V . 115, p. 2685 , 2581 , 2159.

Missouri Pacific RR.— D e f in itiv e B o n d s R e a d y . —
The Guaranty Trust C o. o f N . Y . , aro now prepared to doliver definitive
1st & R ef. M tge. 6 % gold bonds. Series " D , ” due Feb. 1 1949, in exchange
for outstanding temporary certificates, dated N o v . 1 1922. See V . 115, p.
1838, 2686.

Nashville Chattanooga & St. Louis Ry.— T o P a y B d s .
Th e following bonds, which mature Jan. 1 1923, will be paid bn pre­
sentation at the Hanover National Bakn on and after tho aforesaid date:

2906

THE CHEONICLE

9371.000 1st M tg e . Jasper Branch 6 % bonds: $376,000 1st M tg e. Centrevill Branch 6 % bonds.— V . 115, p. 1942, 1838.

Newport News & Hampton Ry. Gas & Elec Co.—

[V ol. 115.

Potomaa Public Service Co.— W a g e I n c r e a s e . —
Th e Hagerstown (M d .) & Frederick R y. has announced a wage increase
for employees o f from 3 to 1 0 % . effective Jan. 1.— V . 115, p. 437.

The voting trust under which was placed avout 10,500 shares o f Common
stock, and whicli has been in existence for 5 years, has been finally dissolved
V . 115, p. 2478 , 2267, 2159 , 1100,; V . 114, p. 2824, 2116: V . 113, p. 1360.

Reading Co.— S e g r e g a tio n P la n . — The Philadelphia “News
Bureau” Dec. 28 states that subject to last minute changes
New York Chicago & St. Louis R R . — R a tif y P la n s f o r and amendments, the modified segregation plan whicli will
C o n s o lid a tio n o f “ Fan S w e r in g e n L in e s ." — An Associated be filed shortly with the court, will provide substantially:
T h at a new company be formed, with 1,400,000 shares o f no par value,
Press dispatch of Dec. 28 states that the consolidation of the
which stock will be sold
New York Chicago & St. Louis RR. (Nickel Plate), Chicago equal to $2 per share o f to Reading C o. stockholders at $4 per share, being
Reading stock.
This new company will function as a holding com pany, and will use
& State Lino RR., Lake Erie & Western RR., Fort Wayne
the $ 5
Cincinnati & Louisville RR. and the Toledo St. Louis & o f the ,600,000 received from Reading stockholders to purchase the property
Reading Coal Co. from the Reading Co.
Western RR. (Clover Leaf), was approved Dec. 28 by the
The Reading Iron C o ., which on Dec. 31 1921, reported assets o f
$ 2 3 ,656 ,339 and current liabilities o f $ 4 ,332,298 or net assets over current
directors of the five railroads. The dispatch adds :
liabilities o f $ 1 9,324 ,041 , will cover back to the Reading C o ., which owns

The directors o f the roads in the consolidation approved and executed
all o f its $ 1 ,000,000 capital stock, its liquid surplus consisting o f cash
an agreement for the unification o f the five roads into a single corporation
and securities amounting to close to $ 1 0 ,000 ,000 . Th e plant and equip­
to be known as “ The New Y o rk Chicago & St. Louis Railroad C o. ” and
ment and other assets valued at a round $8 ,0 0 0 ,0 0 0 , will be sold by Reading
directed submission o f the agreement and articles o f consolidation to
C o. to the Reading Coal Co. at a price which is understood to be not
meetings o f stockholders o f the several companies.
much below what they are worth, which would be probably between
Stockholders o f the Nickel Plate will vote M arch 12 next; the Chicago & $ 7 ,000.000 and $ 8 ,0 0 0 ,000.
State Line, M arch 13; Lake Erie & W estern, M arch 14; Fort W ayno Cin­
Reading Coal C o ., in addition to purchasing the Reading Iron C o. from
cinnati & Louisville, M arch 15; and the Clover Leaf M arch 16, on approving
the Reading C o ., will make a cash payment to the Reading Co. o f $ 1 0 ,­
the consolidation.
000,000 in satisfaction o f the debt which it owes the latter, o f nearly
The terms o f capitalization provide that the consolida’ted company will be $ 7 0,000 ,000 .
.
authorized initially to Issue $ 1 05 ,50 0,00 0 o f capital stock, which amount
Reading C o. will devote part o f the $5,60 0 ,0 0 0 which it will receive
corresponds to the sum o f the now authorized capital stock o f the constituent
from the new holding company in payment for coal company to reducing
companies. O f the total to be authorized, it is proposed to issue immedi­
amount o f outstanding General M ortgage bonds now slightly below
ately 8 7 8 ,967 ,000 , corresponding to the sum o f the stock now issued bv tho $ 9 4,236 ,000 to $90,000 ,000 . O f tho $90,000 ,600 General M ortgage
constituent companies. O f the initial capital stock, $45,880 ,000 will be bonds which will then be outstanding, the Reading Co. will assume $ 60,­
cumulative preferred and $59,620 ,000 will be common stock. ’
000,000 and will create a new mortgage for this amount and issue against
Under the plan o f consolidation stockholders will receive in stock o f the
it $60,000*000 in 4 % bonds which will be exchanged for a like amount o f
consolidated company par for par o f their shares o f stock o f the constituent
outstanding bonds.
companies, and will retain:
The coal company will assume $ 3 0 ,000 ,000 o f the total, and will create
For each 100 shares o f first or second preferred stock o f the Nickel Plate
a new mortgage for this amount and issue 4 } £ % bonds in exchange for
100 shares o f preferred.
present bonds. Both bonds will have the same maturity date as present
For each 100 shares o f common o f the Nickel Plate 100 shares o f common
bonds, 1997. Tho new coal bonds will also have a sinking fund pro­
For each 100 shares o f preferred o f the Lake Erie & Western, 50 shares of vision o f 5 cents a ton on coal mined.
•
preferred and 40 shares o f common.
Thus, under the modified plan as now understood to bo shaping up,
For each 100 shares o f common p f the Lake Erie & W estern, 45 shares o f the Reading C o. will receive $ 5 ,600,000 cash from new holding company,
common.
$ 1 0 ,000 ,000 in cash from Reading Coal C o ., approximately $8 ,0 0 0 ,0 0 0 or
For each 100 shares o f preferred o f Clover Leaf, 65 shares of preferred
more in dividends from Reading Iron C o ., and probably $7,50 0 ,0 0 0 from
And for each 100 o f common stock o f Clover Leaf, 80 shares o f common
Reading Coal Co. in payment for Reading Iron, a total of $31,100,000:
Tho balance representing the difference between the stock o f tho con­
and after expenditure o f roundly $4,00 0 ,0 0 0 to reduce outstanding General
solidated companies issued par for par for the stock o f the constituent com­
M ortgage bonds to $ 9 0,000 ,000 , will have net cash assets o f rising $ 2 7 ,­
panies and tho stock o f the consolidated company retained by stockholders 000,000 to compensate it for the coal company and Reading Iron Co.
o f constituent companies, will be contributed by the respective stockhold­
properties which it gives up. In addition, it is relioved o f paying interest
ers to the consolidated company to be held in its treasury or disposed of as on $ 3 0,000 ,000 bonds which will be assumed by Reading Coal Co.
fully paid treasury stock.
It is reported that the modified Reading segregation plan has been ap­
The agreement o f consolidation as approved by the directors o f the five
proved by the Iselin Committoe representing the Reading Preferred stock­
roads provides for a directorate o f fifteen and designates P O Van Swer
holders and is before the Prosser Com m ittee representing Common stock­
ingon o f Cleveland as Chairman, .1. J. Burnett o f Cleveland as President
and W alter L . Ross o f Toledo, Ohio, as Senior Vice-President
’ holders. understood that the bondholders have been urging that they be
It is
lTho operation, management and control o f the Lake Erie & Western
given a cash payment to compensate them for damages which they contend
R R . and tho Fort W ayne Cincinnati & Louisville R R . by the present
arise from the severance o f the joint liability. Tho modified plan as
Nickel Plate system was authorized by the I.-S . C . Commission Julv
drafted by the Reading committee does not provide for any cash payment
1922. The Chicago & State Line R R . has for m any years been operated
to bondholders.
It has been urged b y stockholders that no damage to
by the Nickel Plate under lease. The Clover Leaf, which is T o w in the
bondholders will be done, and even if any damage is done the way to
hands o f a receiver, has been controlled and operated by the Nickel Plate
correct it, they say, is to reduce the amount o f the mortgage rather than
for some time.]
“
to pay a cash bonus or premium.
w - A ' S olst0M v : Pros- * G en- c °unsel o f the Nickel Plato, says: “ Tho
,'
This is one point which the bondholders and Reading committee m ay
consolidation will make possible economies in operation and general adminis­
tration and will enable the roads to compete more effectively with larger be unable to agree upon and which m ay have to be adjudicated by the
c o u r t— V . 115, p. 2794 , 2047.
?£S^ V Sen 5n p 2 5 8 im2 1 5 9 rlt0ry’ and giV° improvod service to the pub-

®aveii & Hartford RR.— L is tin g — E a r n s .

l h e JN. Y . Stock Exchange has authorized the listing o f $24 8 0 3 46 25
fclosed) Extended / % European Loan Debentures o f 1907. due A p r i l !
1J25, consisting o f $12,706 ,200 o f dollar debentures and 62,786,250 francs
i?f ffane debentures, all outstanding, with authority to
on?sta nd\n?rT ,iFrFhFFHb.ondm i°n °.ffici.al notice o f issuance in exchange for
>utst nding franc bonds. Tho extension o f these debentures was authorized
F e h hl V i n 99h »1
nrtrSi APpill& ° r92a and April 19 1922, and by the directors
* e b . 14 1922. and also by tho I .-S . C . Commission M a r. 7 1922.
Income Account 10 Months Ending Oct. 31 1922.
Total ry. oper. rev____ $101,487,178 Non-oper. income_______
5,521,885
Total ry. oper. expenses 81,666,235
Gross income.............-.$ 1 6 ,5 0 3 ,9 8 4
N et rev. from ry. o p . .$ 1 9 ,8 2 0 ,9 4 3
Deduct— •
Railway tax accruals____ $3,852,573
Rent for leased roads___ $4,873,740
Uncollectible ry. revs
17,239 Miscellaneous rents_____
166,815
M isc. tax accruals._____
80 492
Railway oper. in com e -$15 ,95 1,132 Sep. oper. prop.— L o s s ..
813,333
Equip, rents— Cr. bal__
$700,718 Int. on funded d ebt_____ 12,580,862
Equip. rents(D eblt b a l).
2,183,837 Int. on unfunded d ebt___
548,741
Joint facil. rent(N et deb) 3 ,485,913 M aint. o f inv. organiz’n .
14[055
M isc. income charges___
349,474
N et ry. oper. in co m e .-$ 1 0 ,9 8 2 ,0 9 9
- V . 115, p. 2581. 2478.
—

N et corporate d e fic it .. $2,923,530

Niagara Junction Railway.— S to c k A u t h o r i z e d .—
The l.- S . C . CommissionDec. 22 authorized the company to issue 10 000
shares of Capital stock, no par value, in place o f 1.345 shares of Prof stock
and 1,600 shares o f Common stock now outstanding.
A ll tho outstanding Prof, and Com m on stock is owned by tho Niagara
Falls Power C o ., and that company will accept in exchange for the stock
so owned the 10,000 shares of Capital stock o f no par value.
Tho company has issued and outstanding bonds in the sum of $175 000
which matured on Aug. 1 1922. All of these bonds, with tho exception
o f $ 5 ,0 0 0 , are owned by tho Niagara Falls Power C o. It is tho purpose
o f tho company and the Power com pany, when tho issue of no par value
■stock shall have been consummated, to cause the mortgage securing the
bonds to be discharged.
•

Peekskill (N. Y.) Lighting & RR. Co.— F a r e s — R a te s .—
T h e N ew York P. S. Commission has authorized the company to increase
street railway fares from 7 to 10 cents and has also authorized a reduction
ofM 5 cents per 1,000 cu. ft. o f gas. The new rate is $1 5 0 .— V . 113, p.

Pennsylvania Company.— L iq u id a tin g D i v i d e n d .—
A n extra dividend o f 2 0 % in addition to the usual semi-annual dividend
o f 3 % has been declared on the outstanding $ 8 0 ,000 ,000 Capital stock, both
payable Doc. 30 to holders o f record D ec. 27.
The extra dividend is a further step in liquidating the Pennsylvania C o .,
which has been in progress since 1917. when it relinquished the operation
as lassee o f tho various lines in the Pennsylvania R R . System W est o f
Pittsburgh, which obligations were assumed by the Pennsylvania R R . Co
— V . 115, p. 2379. 1838.

Pennsylvania RR.— N o . o f S to c k h o ld e r s .—
The number o f stockholders on D ec. 1 totaled 136,697, a decrease of
3,701 from Dec. 1 1921. The average holdings D ec. 1 were 73.05 shares.
Since Jan. 1 1922 the number o f stockholders has decreased 5,002.
The foreign holdings on D ec. 1 1922 wero 3 .7 0 % o f the outstanding stock,
and increase o f 0 .7 8 % over the same date last year.

L eases A n n

A r b o r T e r m i n a l s .—

See Ann Arbor R R . above.— V . 115, p. 2379 , 2268.

Pere Marquette Railway.— T o P a y B o n d s .—
The total issue o f C Jlateral Trust 4 % bonds maturing vlan .l 1923, was
$ 2 ,8 7 0 ,0 0 0 . Tne com pany has already purchased and holds in its treasury
S2,619,O0O of these bonds and the remainder, $25 1 ,0 0 0 , will be paid off
on Jan. 1 at the office of tho com pany, 120, Broadway, New York.
Pere
M arquette 1st M tge. provides for tho refunding of these bonds and when
they are all redeemed they will be deposited with the Bankers’ Trust C o .,
trustee,j*n 1 ’’ ere M '-n u e tte R y . 1st M tge. bonds will bn issued to covesam e.— V . 115, p . 2379.




St. Louis-San Francisco Ry.— A c q u is itio n o f I .- G . N . —

The company has filed formal application with tho I .-S . C . Commission
for authority to acquire control o f tho International-Great Northern R R . by
purchase o f the ontiro issued and outstanding capital stock. See that com ­
pany above and V . 115. p. 2687.
Alexander H ilton, Vice-President in Charge o f Traffic, died D ec. 25.
— V . 115, p. 2687 , 1943.

Toledo St. Louis & Western RR.— M e r g e r P la n s . —
See New Y o rk Chicago & St. Louis R R . above.— V'. 115, p . 2582, 761.

United Railways of St. Louis.— F a r e s E x te n d e d .—
The Missouri P . S. Commission has extended indefinitely tho present
7-cent fare. T h e Commission had set valuation case for argument on
Jan. 15, but the hearing m ay be again postponed.— V . 115, p. 2794.

United Rys. & Electric Co. of Baltimore.— F a r e s .—
The com pany will continue the present 7-cent fare until M arch, 1924,
subject to modification by the M aryland P . S. C om m .— V . 115, p. 2380.

U. S. Railroad Administration.— F in a l S e ttle m e n ts . —
The U . S. R R . administration has announced the following final settle­
ments for the period o f Federal control, and has paid out to the roads the
following amounts: Chesterfield & Lancaster l i l t ., $12,000 ; Charlotte
M onroe & Columbia R R ., $15,000: M arion & .Southern R R . C o ., $17,000;
Florida Central & G u lf R y ., $31,000; Tam pa & G u lf Coast R R ., $36,000;
Raleigh & Charleston R R ., $50,000: East & W est Coast R y ., $51,000;
Tam pa Northern R R ., $126,500: M acon Dublin & Savannah R R ., $183,000;
W ichita Union Terminal R y ., $ 6 ,0 0 0 .— V . 115, p. 2794, 2269.

Virginia Ry. & Power Co.— 6 % C a sh D i v i d e n d .—
The directors liavo declared the full year's dividend o f 6 % on tho Pref.
stock to be paid in cash (3 % on Jan. 20 and 3 % on July 20) to holders of
record D ec. 31.
In Jan. 1921 and Jan. 1922 tho company paid dividends
o f 6 % each, in Pref. stock. T h e last cash dividend paid on the I‘ref. was
3 % on July 20 1919.— V . 115, P. 2687, 2160.

Wellington Grey & Bruce Ry.— B o n d s C a lle d . — I n t . —
Forty-four (£4,400) First M tge. 7 % bonds have been called for payment
Jan. 1 at par and int. at the offices o f the Canadian National R ys in M on ­
treal. C a n ., and London, Eng.
(See also Grand Trunk R y. above.)—
V . 114, p. 80.

West End Street Ry., Boston.— B o n d s to B e R e f u n d e d . —
Seo Boston Elevated R y . above.— V . 115, p . 2160.

Wheeling & Lake Erie Railway.— N o t e s .—
Regarding $ 1 ,2 0 0 ,0 0 0 5 H % Kold notes, maturing Jan. 1 1923: It is
planned that this issue o f notes will bo taken care o f by the payment of $ 2 0 0 ,­
000 upon the principal and tho balance of $1 ,0 0 0 ,0 0 0 renewed for a 10-year
period, by the issuance o f 6 % Ten-Year Coupon N otes, dated Jan. 1 1923.
The transaction will be handled by Union Trust C o .. Cleveland, O ., the
present trustee.— V . 115, p . 2478.

INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important devel­
opments in the industrial world during the past week, to­
gether with a summary of similar news published in full
detail »in last week’s “ Chronicle” either under “ Editorial
Comment” or “ Current Events and Discussions.”
S te e l a n d Iro n P r o d u c tio n , P rice s , & c.
The “ Iron A ge” D ec. 28 said in brief:
“ The year 1922 ends with much less than the usual holiday interruptions
to ordering and with leading manufacturers committed against production
well through the first quarter o f 1923. Output is being obtained with
difficulty owing to the shortage o f men, especially in finishing and shipping
departments, and car shortago has hero and there been an added obstacle.
Prices.— “ The steady growth in strength o f steel prices is natural but
is apparent m ostly in the disappearance o f concessions from the regular
Quotations. The few price advances announced represent practically a
withdrawing from the market by the mills making them.
Buyers show «io
fear that they will be forced to cover later’ needs at higher prices and

THE CHRONICLE

D ec . 30 1922.]

from the producers’ standpoint there are abundant indications that the
effort is to stabilize the market for the time being at the present levels.
“Higher prices for pig iron are based more on higher fuel than on a large
demand, though this is of unusual volume for the holiday season. So fully
is metallurgical coke being sent to augment the supply of domestic anthracite
coal that prompt blast furnace coke is $8 to $8 50 per net ton and foundry
coke $8 50 to $9, with the Eastern buying at higher prices and leaving
none too much available. Much of the blast furnace coke contracts for
the first quarter range between $7 and S7 50.
“Tho pig iron advances have been 50c. to SI in some centres. Tonnage
closed and pending in the Philadelphia district amounts to 75,000 and in
northern Ohio to nearly an equal amount, the latter including 45,000 to
50,000 tons of basic. Concessions have not entirely disappeared and on
25 000 tons placed by a cast-iron pipe company, the price was about $26,
eastern Pennsylvania. In the South $23, Birmingham, is the prevailing
price and more furnaces are in operation than at any time this year.
“Hardly any product has failed to share in the December demand, and
there are probably few mills which have not built up a back log in the
past two weeks. In plates and cold-finished products alone are deliveries
relatively easy, owing to the country’s large capacity in these forms of
finished steel.
“One of the weak spots of the week has been developed in hot-rolled strip
steel, quotations of 2.60c., Pittsburgh base, having been made on round
lots to cold rolling mills.
“Concessions of 5% have been made on bolts and nuts but only on
current orders and not on first quarter business.
O r d e r s .—“In Chicago an increasing number of orders for plates, shapes
and bars could not be considered because of inability to meet delivery dates,
and mills outside of the district have been taking business on a Pittsburgh
basis.
"Building construction, with upward of 36,000 tons of fabricated steel
work put under contract, shows no signs of abatement; heavy specifications
for automobile forgings following a recent holding up of deliveries, indicate
continued activity, and heavy buying of tractor parts points to the expected
increasing consumption of the agricultural machinery trade.
“Purchases of 1,550 cars and 34 locomotives and inquiries for 2,450 cars
and 28 locomotives are less than the records of recent weeks but the railroad
equipment trade looks for a repetition of the activity of the last few' months.
“New oil storage tank inquiries call for 16,000 tons of plates and early
1923 indications for more such work are regarded bright. Two more Lake
boats have been contracted for.
“Purchases by jobbers in December have been notably large, with pain
structural material looming large.
“Advances have been made on export orders and some improvement is
noted in volume and scope of demand. The Nippon Oil Co. is in tho
market for the equivalent of 37,000 base boxes of tin plate.
C oal P r o d u c tio n , P rices, &c.

The United States Geological Survey Dec. 23 1922 estimated production
as follows:
“Tho rate of production of soft coal has declined since the second week of
December. Revisod estimates for that week show 11,495,000 tons, in­
cluding lignite, coal coked, mine fuel and local sales, whereas tho preliminary
estimate for the week ended Dec. 16 stands at 10.518,000 tons, and for the
present week (Dec. 18-23) at 10,000,000 to 10,300,000 tons. The decline
began on Tuesday, Dec. 12, when the output was limited by observance of
Miners’ Election Day in some union districts, and has continued since that
day for causes which are not yet apparent.
.
“Production of anthracite in the week ended Dec. 16, including mine
fuel, local sales and washery and dredge output is estimated at 2,197,000
net tons on the basis of 42,016 cars loaded as reported by the railroads.
This is the highest week’s output for the year 1922 and has been exceeded
only once in the period covered by records of weekly output.
“Early returns for tho present W'eek (Dec. 18-23) indicate diminished rato
of production with a probable total of nearly 2 ,000,000 tons.
E s tim a te d U n ite d S ta le s P r o d u c tio n in N e t T o n s .

---------- 1921-------------------------1922-------------W eek.
C a l.Y r .to D a te
W eek.
C a l. Y r . to D a te .
105,000 377,286,000
Dec. 2 ___
10,387,000 365,439,000
~ -----7.312.000 384,598,000
Dec! o IIIIIIIIl ----- ------------- 376,934.000
11,495.000
7.063.000 391,661,000
Dec. 16------------------ 10,518,000 387,452,000
A n th r a c ite —
1.815.000
85.178.000
44.943.000
Dec. 2____________
1,819,000
86.853.000
46.699.000
1.675.000
Dec. 9____________ 2,038,000
48.896.000
1.637.000
88.490.000
Dec. 16___________ 2,197,000
B e e h iv e C o k e—
Dec. 2 ____________
298,000
6.900.000
113,000
5,049,000
Dec. 9____________
7.189.000
112,000
5,161,000
289,000
298,000
7.489.000
126,000
5,286,000
Dec. 16-----------------The “Coal Trado Journal” Dec. 27 reviewed market conditions as follow's:
“Of tho quotations currently listed, 71 % showed changes from the figures
for the week ended Dec. 16. Of the changes 82.4% showed advances. The
average advance was 38.2 cents a ton, and the average reduction 35.6 cents.
Tho average minimum for the week was $3 62 per ton, a gain of 25 cents.
The average maximum, $4 10, was 9 cents above the figure for the pre­
vious period.
“The tightening of the grip of winter and a quite inadequate car supply
were the causes contributing to the high percentage of advances. In most
centers the supply of domestic anthracite was far below demand and re­
tailers had great difficulty in coping with the situation. More attention
was therefore paid to bituminous coal for domestic use. At Cincinnati
domestic buying was heavy while the industrial end was quiet. It was
anticipated that tho holiday slump would help the railroads to clear up
congestion.
“Shipments from tho lower Lake ports during the week ended Dec. 1/
dropped with the virtual close of the season to 53,086 tons, as compared
with 286,292 for the previous week. Cumulative dumpings of cargo coal
(bituminous) over Lake Erie piers in the 1922 season to Dec. 17 total
18,500,055 tons, which is 17.5% less than in 1921 and 1920. and 15% less
than in 1919. It is noteworthy, however, that of the total cargo coal
reported for 1922. 1,179,417 tons, or 6.4%. has gone to Lake Erie destina­
tions not ordinarily taking “Lake” coal. Therefore, on tho basis of regular
movements tho present season is 22.5% behind 1921 and 1920 and 20%
behind 1919. It is estimated that 1,027,380 tons of anthracito have passed
up the Lakes from Buffalo. In addition, 199,661 tons were forwarded
through Erie, making total shipments during the season to date 1,227,041
net tons.
“The scarcity of tho largo domestic sizes of anthracite caused a brisk
demand for No. 1 buckwheat and in New York figures on this grade showed
a further substantial advance. For No. 2, however, little demand existed.’’
B itu m in o u s —

Oil P r o d u c tio n , P rices, &c.

The American Petroleum Institute estimates daily average gross crude
oil production in tho United States as follows:
( I n B a r r e ls )
"22.
D e c . 23 ’22. D e c . 16 ’22.
D e c . 9 ’52. D e c . 2 4 ’21.
’22.
Oklahoma_____ . . _. . . . 406,500
414.350
412,300
321,550
Kansas_ . . . _____ . . .
_
86,800
87,600
87,300
87,050
North Texas.. _____ . . .
59,100
59,200
59,150
62,850
Central T o x a s .__ __ . . . 124,400
125,250
125,100
194,225
No. Louisiana & Arkansas. 174,900
176,750
178,500
123,800
. . . 118,300
Gulf C oast.. ---------116,150
120,550
92,175
Eastern.. ------------- . . . 115,000
115,000
1 15,000
115,500
108,000
Wyoming & Montana. . . . 106,750
89,550
73,300
480.000
California. ...............— . . . 500.000
470.000
310,000
1,682,600
1,657,750
Total_____ _____ . . . --.1,691,750
JH H
.......
1,380,450
C r u d e O i l P r i c e s .—Midwest Refining Co. posts increases ranging from 30
to 35c. per barrel for Wyoming and Montana crude. Boston “Financial
News” Dec. 27, p. 7.
Ohio Oil Co. posts advances of 30 to 35c. per barrel for crude, according
to grade. "Financial America” Dec. 27, p. 1.
Texas Co. increases Wyoming crude 35c. a barrel to $1 05. Boston
“News Burea” Dec. 22, p. 6.
,
Toxas Co. also increased price of Mexia crude 20c. a barrel to $1 55 and
Currie crude to $1 80. '“Tunes” Dec. 29, p. 22.
I n v e s t i g a t i o n o f P r i c e s i n O i l I n d u s t r y b y S e n a t e P o s t p o n e d .—Upon resump­
tion of inquiry and conclusion of testimony of experts of Standard Oil Co.
of N . Y ., tho committee- will hear officials of Magnolia Petroleum and Prairie
Pipe Line companies. “Financial America” Dec. 28, p. 1.
M e x i c a n O i l i M n d G r a n t R e p o r t e d .—Deal involving 11,000,000 acres of
land adjoining Tampico and luxpam districts confirmed by Mexican De­
partment o f Commerce and Industry. Los Angeles interests to work fiolds
under a Federal concession and on same royalty basis which American com­
panies call confiscatory. “Times” Dec. 24.
Magnolia Petroleum Co. also advanced Mexia crude 20c. a barrel to
-$1 55. “Financial America" Dec. 30.




2907

P r ic e s , W a g e s a n d O t h e r T r a d e M a tte r s .
R e f i n e d S u g a r P r i c e s . — T he follow ing com panies reduced price 10 points
to 7c. per lb .: A m erican Sugar R efining, A rbuckle B ros.. N a tio n a l Sugar
Refining, R evere R efinery and W arn er Sugar R efining. T h e Pennsylvania
Sugar C o. reduced price 25 p oints to 7c. a p o u n d . T h e F ederal Sugar
Refining C o. is s till w ithdraw n from tho m a rk e t.
C a r p e l P r i c e s A d v a n c e . — M akers o f ta p e stry a nd velvet rugs a nd carp etin g
quoted prices 5 cents a y a rd higher on tap estries and 3 to 4 cents a yard
higher on velvets. H odges C a rp e t C o. a nd C rex C a rp e t C o., m anufac­
tu re rs o f fibre, wool a nd chenille floor coverings, advanced prices 50c. to
75c. a y a rd . “ B oston F inancial N ew s” D ec. 28, p . 5.
W i r e P r i c e s A d v a n c e d . — Independent producers q u ote advances ranging
from $1 to $2 per to n . P ittsb u rg h Steel C o. quotes plain wire a t 2.55c
P ittsb u rg h , and w ire nails a t $2 80 a keg. “ F in . A m er.” D ec. 29, p. 2. ’
T i r e P r i c e s A d v a n c e d . — U . S. R ubber C o. advances prices from 10 to
12 K % for pneum atic tires an d tu b es. “ T im es” Dec. 29, p. 24.
B. F . G oodrich C o. announced prices ranging fro m 10 to 1 2 M% higher
fo r tires and tubes. “ T im es” Dec. 29, p. 24.
P a i n t P r i c e R i s e s . —-Paint will be advanced 25c. a gallon in B oston on
J a n . 2. “ Financial A m erica” D ec. 23, p . 7.
P r i c e o f C l o t h i n g t o A d v a n c e . - —Several R ochester (N . Y .) clothing m akers
consider advancing prices $1 to $2 per garm en t on spring 1923 lines. “ F in a n ­
cial A m erica” D ec. 28. p. 8 .
A m e r i c a n B r a s s C o . R a i s e s P r i c e . — Me. to Me. a pound advance m ade.
‘F inancial A m erica” D ec. 28, p . 8 .
I r o n P r o d u c t s C o r p . A d v a n c e s P r i c e s . — Soil pipes raised $5 per to n .
“ W all S treet J o u rn a l” D ec. 22, p. 10.
M i l l ira g r I n c r e a s e . — Brooksido C o tto n M ills (K noxville, T e n n . 1 , a n ­
nounce v o lu n ta ry wage increase of 10% , affecting 1,500 employees. “ F in a n ­
cial A m erica” D ec. 27, p. 7.
C o h o e s (A’. Y . ) K n i t t i n g M i l l s I n c r e a s e W a g e s . — T en p e r cent increase,
effective J a n . 2, in eight k n ittin g m ills o f th e d istric t. “ W all S treet J o u r­
n a l” D ec. 27, p. 3.
G r e a t F a l l s M f g . C o . , S o m e r s w o r l h , N . I I . — W ill re tu rn to 54-hour w eek on
J a n . 2. Present scliedulo o f 52 M hours per week has been in effect since
s trik e settlem e n t. “ B oston F inancial Nows” Dec. 29, p . 3.
S i l k I n d u s t r y F o r m s C o n f e r e n c e B o a r d . — In d u stria l conference, composed
o f 25 m an u factu rers, 25 w orkers. 25 citizens, a nd 1 representative of U . S.
D e p artm e n t o f L abor, hopes to elim inate strife. “ T im es” D ec. 28, p. l .
E n g l i s h M i l l s C l o s e . — L ancashire cotton m ills close for a whole week in­
stead o f tw o days, as is usual a t this tim e, duo to iack o f o rders. “ Financial
A m erica” Dec. 29, p . 1.
P r i n t e r s ' U n i o n Ifin s W a g e I n c r e a s e . —$1 per d a y increase given m em ­
bers of P rinting Pressm en’s U nion, bringing m inim um wage to $50 a week
“ T im es” D ec. 29. p . 15.
G r a n i t e C u t t e r s W i n S t r i k e . — $1 an h o u r m inim um wage and 44-hour week
c o n tra c t to hold until April 1925. “ Tim os” Dec. 25, p. 25.
C l o t h i n g S t r i k e A v e r t e d . — W orkers continuo while jo in t com m ittee of
unions and m an u factu rers investigate wage conditions. A sm all p a rt of
L adies’ G arm ent W orkers’ U nion stru c k , charging th a t com pany b y whom
th e y wore em ployed was no t living up to agreem ent to e m p lo y ‘only union
labor. “ T im es” Dec. 27. p . 28.
L a w r e n c e ( M a s s . ) P r i n t e r s G e t W a g e I n c r e a s e . — $5 per week brings scale
u p to $43 for day and $46 for night w ork, m aking Law rence th e th ird highestpaid c ity in New E n g lan d , Providence being first .and B oston second.
“ B oston News B u re au ” D ec. 29, p . 9.
*
N e w s p r i n t P r o d u c t i o n . — N ovem ber production o f new sprint in this coun­
tr y am ounted to 127.983 tons, com pared w ith 104,604 tons a year ago and
122,993 tons in N ov. 1920, according to Federal T rad e Commission figures.
M ill shipm ents last N ovem ber am ounted to 128.077 tons, com pared with
104,492 tons in 1921 a nd 125,323 tons in 1920. T o ta l 11 m onths’ produc­
tion this y ear to N ov. 30 am ounted to 1.328,284 tons, against 1.117,358 for
sam e period of 1921 and 1,387,111 tons in 1920. M ill shipm ents am ounted
to 1,332,567 for 1 1 m onths of this year, against 1,118,994 for sam e period
o f 1921 a nd 1,382,214 in 1 1 m onths of 1920. “ W all S t. J o u r.” Dec. 28. p . 9.
H o o t a n d S h o e O u t p u t . — D uring th e 12 m onths ended N ov. 1 the produc­
tion of boots a nd shoes in this c o u n try registered a notable increase. T here
w ere m anufactured 318.424,917 p airs, com pared w ith 292,666,468 pairs in
1614. T he volum e was only 12.799,711 pairs less th a n in 1919, th e year
of peak production, when 331,224,628 p airs were tu rn e d o u t. “ T im es"
D ec. 25, p . 21.
M a t t e r s C o v e r e d i n “ C h r o n i c l e ” D e c . 23:
(a) "Why crude ru b b er prices
have advanced (editorial), p. 2730. (b) W ar claim s of A m erican indi­
viduals, firm s an d corporations ag ain st G erm any required to be filed
by J a n . 1, p. 2736. (c) C laim s of shippers for w ar risk insurance pre­
m ium s, p. 2737. (d) O ffering of $1,500,000 bonds o f M inneapolis-T rust
J o m t Stock L and B ank, p . 2738. (e) O ffering of $1,500,000 bonds of
th e ^ F irst J o in t Stock L a n d J Ia n k ^ o f M inneapolis, in 2738. (f) Offering

Finance Co. and Manufacturers’ Finance Trust, p. 2739. (i) Advances
by War Finance Corporation for agricultural and live stock purposes,
P. 2739. (j) War Finance Corporation approves advance for Dark
tobacco Growers’ Co-operative Association, p. 2739. (k) Repayments
reemved by War Finance Corporation, p. 2739. (1) Failure of Houston.
Fible & Co. (stock brokers), Kansas City, Mo., p. 2745. (m) Gutcheon
Nash & Co. (stock brokers), 8 W. 40th St., Now York, fail. p. 2745.
(n) All charges against Earl Mendenhall and Frederick T. Chandler Jr.
(of the former Chandler Bros. & Co. of Philadelphia) now dropped, p.
2745. (o) Subscriptions of * $825,000,000 to Treasury certificate and
note offerings, p. 2745. (p) Delayed import figures, p . 2745. (q) Em­
ployment in selected industries in November, p. 2749. (r) Increase in
retail food prices in November, o. 2749. (s) Increase in wholesale prices
m November, p. 2750. (t) British rubber restrictions delegation to
visit U. S. to confer regarding same, p. 2750. (u) Further decline in
structural steel sales, p. 2752. (v) Lockwood Committee resumes investi­
gation of N. Y. City housing situation—Samuel Untermyer’s proposal
for regulation of labor unions by the State, p. 2754.

A c u sh n e t Mills C o rp .— C a p ita l

I n c r e a s e , & c .—

The stockholders have voted to increase tho authorized Capital stock
from $1,500,000 to $2,000,000, par $100. It is proposed to distribute the
increase as a 33 1-3% stock dividend.—V. 115, p. 2688: V. 107, p. 804.

A d iro n d ac k P ow er & L ig h t C o rp .—

T o C u t R a te s .—

The corporation has reached an understanding with the Common Council
of Schenectady, N. Y., whereby the price for has will be reduced 15 cents
to $1 30 per 1,000 cu. ft. If the agreement is sanctioned by the New
York P. S. Commission it would apply to all gas sold by the company
since May 1 1921.—V. 115, p. 2688, 2381.

All A m erica C ables, In c .— L is tin g — E a r n i n g s .—

Tho New York SI ock Exchange has authorized tho listing on or after
lJ.cc. 30 1922 of $4,594,600 additional capital stocK, par $100 each, on
official notice of issuance as a 20% stock dividend payable Dec. 30 to
holders of record Dec. 22, making the total amount applied for $27,586,000.
C o n s o l i d a t e d I n c o m e A c c o u n t f o r 9 M o n t h s e n d e d S e p t . 30 1922.
Gross revenue from operations, $6,151,704: operating & general
expenses, $3,667,254; operating revenue___________________ $2,484,449
Income from investments, &c______________________________
369,223
Gross income___________________________________________ $2,853,672
Deduct Federal income tax 1922 (estimated)________________
392,500
Net income________
—V. 115, p. 2796, 2479.

$2,461,172

A m erican B osch M agneto Co.— I n d i c t m e n t s .—

The Federal grand jury which for several weeks has been investigating
the sale cf the assets of the Bosch Magneto Co. and other property sold by
the Alien Property Custodian, completed its inquiry Dec. 28 and returned
two indictments to Judge John C. Knox, sitting in the Criminal Branch of
tho Federal Court. One of the indictments, it is said, was against Martin
E. Kern, who is charged with having sworn falsely that he was a citizen in
order to obtain a passport. While the Bosch Magneto Co. was not men­
tioned in either indictment, it was learned that if Mr. Kern is found guilty
of the charges against him it will establish a simple and expoditious method
of restoring the Bosch Magneto property to the control of the Government.
If this happened, it was suggested, the suit instituted by Otto Heins, who
was President of the company before the war, for its return along with the
valuable patents might be strengthened.— V. 115, p. 2381, 2049.

A m erican Ice Co .— T o I n c r e a s e C o m m o n S to ck a n d C r e a te
A u th o r iz e d B o n d I s s u e o f $10,000,000.—

2908

THE CHRONICLE

The stockholders will vote Jan. 9 on increasing the authorized Common
stock from $7,500,000 to S15.000.000 and on creating a $10,000,000 bond
Issue to run for forty years, bear 6% int. and be known as “Consolidated
Gold Bond” issue. The bonds will be subject to call at 105 and int. on
any int. date. A sinking fund provision will be provided under the terms
of which 2 % of the par value of the bonds outstanding during the first 20
years will be retired annually and thereafter 2 j^% annually.
No issue of bonds or the additional stock is contemplated at this time.
It is the desire of the management merely to provide for expenditures in
connection with the acquisition of additional plants and the expansion of
its business that may bo undertaken in the futuro. The company at pres­
ent has ample working capital and should be able to finance the acquisition
and the construction of additional plants in the current year, costing $2 ,­
000,000, without recourse to the now bonds or stock. See also under “An­
nual Reports” above.—V. 114, p. 413.

A m erican Lace Mfg. Co. — E x tr a

D i v i d e n d .—

An extra dividend of 2% has been declared on the stock along with the
regular quarterly 2%, both payable Dec. 30 to holders of record Dec. 15.
Like amounts wero paid Juno 30 last.—V. 115, p. 76.

A m erican Screw Co. — E x tr a D i v i d e n d —
S m a lle r —50% S to c k D i v i d e n d .— .

R e g u la r D iv id e n d

An extra dividend of
of 1% has been declared on the stock along with
the regular quarterly dividend of \ % % . both payable Jan. 2 to holders of
record Dec. 26. The company on Dec. 1 last paid a 50% stock dividend,
increasing the outstanding stock from $3,000,000 to $4,500,000, par S100.
The company has paid quarterly dividends of 1 H % each from 1916 to
Oct. 1922, incl. An extra dividend of 1% was paid Jan. 3 last.—V. 115
p. 2583.

A m erican T elep h o n e & T e le g ra p h Co.— L is tin g ,

& c .—

The New York Stock Exchange has authorized the listing of 86,278,700
additional capital stock, par $ 100, upon official nctice of issuance and
payment in full, making the total amount applied for Nov. 30 1922.
$726,715,700.
This additional stock has been offered for subscription to employees
of the company and its subsidiaries.
The proceeds will be used fer corporate purposes but not for acquisition,
construction, extension, improvements, & c.,of company’s facilities w'thin
New York State or for the discharge cr refunding of obligations or reim­
bursement, of moneys actually expended for such purposes.
Of the $67,000,000 Conv.
bonds dated March 1 1913, there have
been converted as of Nov. 30 1922 $59,727,800, leaving $7,272,200 then
outstanding.
Of the $48,367,200 issued 7-Year 6% Conv. gold bonds dated Aug. 1
1918, there have been converted as of Nov. 30 1922 $33,987,900, leaving
$14,379,300 outstanding.—V. 115, p. 2480, 2382.

Ames, H o ld en , M cCready, L td .— C a p i t a l i z a t i o n .—
S up p lem en tary le tte rs p a te n t h av e been issued u n d er th e seal of th e
Secretary o f S ta te o f C an ad a, d a te d Dec. 13 1922, decreasing th e C ap ital
stock from 23,000 Pref. shares (p a r 8100) a n d 30,000 Com m on shares (no
p a r value) to 22,154 Pref. sh ares (p a r $100) and 28,026 Com m on shares
(no p a r v a lu e ), such decrease being effected b y th e cancellation of 846
unissued P ref. shares a n d 1,974 unissued C om m on shares. T ho a m o u n t
w ith^w h ich ^th e com pany shall c arry on business sh all bo $2,355,530.—
A n a c o n d a C opper M ining Co.— S u i t .—
T h e co m p an y , according to d isp atch es from B u tte , M o n t., h as b rought
action a g a in st th e D avis-D aly C opper C o ., th o D avis-D aly Extension M in ­
ing Co. a n d th e Sm okehouse M ining C o ., seeking an o rd er to sto p tho d e ­
fe n d a n ts from o p eratin g lode claim s to w hich title is d isputed by th o A n a ­
conda co m pany. T h e case will be heard in th e U. S. Foderal D istric t C o u rt
in J a n . T h e am o u n t involved is p u t a t $3,500,000.— V. 115, p. 2689, 1535.
A rizo n a C opper Co., L td .— R e p o r t .—
T h e re p o rt for th e y ear to Sept. 30 1922 shows:

Dividends for the year on the company’s holding in Phelps Dodge

C orp , disco u n t received on tre a su ry bills, bank in te re st & tra n sfe r
fees, am ounted to _______________________________________
__ £4 9 , 4 5 1
T ran sfe rred from reserve acco u n t________________________ . 50,000
T o t a l ............................................. — .............................. ................................ £99,451
E x p e n ses----------------------------------------------- ------------------------------------ 3,067

tVoL. nr>.

Securities Corp., Blair & Co., Halsey, Stuart & Co., Inc., and by A. B.
Leach & Co.: and in Chicago by a syndicate headed by Continental &
Commercial Trust & Savings Bank.
Tho $50,000,000 5 A % bonds will bo offered later at a price which will
depend upon the market at the time they are sold.
Both the pref. stock and bonds arc guaranteed by tho Illinois company.
According to prass reports, the details of tho financial plan under which
Armour & Co. will take over the Morris & Co. properties have been worked
out by New York and Chicago bankers.
With tho remainder of the pref. stock issue, viz.: $40,000,000, and with
the $60,000,000 Common stock which will be partly issued at this time, the
Morris & Co. properties will be acquired.
A Chicago dispatch of Dec. 27 stated: “Purchaso of the physical assets of
Morris & Co. by Armour & Co., for approximately $30,000,000, is to become
effective on Jan. 1. Morris & Co. stockholders are to receive one-tliird of
the $30,000,000 purchase price in cash, one-third in prof, stock of Armour
& Co. and one-third in common stock.— V. 115, p. 2796, 2689.

A sto ria L ig h t, H e a t & P ow er Co. —

C a p i t a l I n c r e a s e d .—

The company has filed notice of an increase from $17,500,000 to $22,500,000.—V. 115, p. 2480.

A u to sa les C orp., N. Y. C ity .— N o

A c ti o n o n P r e f . D i v . —

The directors have taken no action on the Pref. dividend usually paid at
this time. In Dec. 1921. the company paid a dividend of 4% in Pref. stock
(Y. 113, p. 2408).—V. 115, p. 1945.

(L. S.) A yres

&

Co., In d ia n a p o lis . —

S to c k I n c r e a s e d .—

The company has increased its authorized capital stock from $300,000
to $1,500,000, to consist of $900,000 of Preferred and $600,000 of Common
stock. The increase, it is said, represents a 400% stock dividend.
Frederick M. Ayres is President.

B ald w in L ocom otive W orks.— E q u ip m e n t O r d e r .—
The company has received an order valued at approximately $3,180,000
from tho Chicago Burlington & Quincy RR., for 60 fast freight locomotives
of the latest type. The order is for Spring delivery.—V. 115, p. 2584, 2382.
B altim o re T u b e Co.— N e w P r e s i d e n t .—
J.
M. Jones, President of the Eastern Rolling Mills Co., has been elected
President, succeeding C . S. Morse.— V. 112, p. 2645, 935.
B a rb e r S tea m sh ip L ines, In c ., N. Y .— C a p ita l

D ecrea sed .

The company has filed a certificate at Albany, N. Y., showing a decrease
in its authorized capital stock from $1,500,000 to $1,000,000.—V. 107.
p. 2010.
B eaver P ro d u c ts Co., I n c .— S e lls T o n a w a n d a P l a n t .—
See Paper Board Corp. of Tonawanda below.—V. 115, p. 77.
B ed fo rd P u lp & P a p e r Co., In c .— T r u s te e .—
The Guaranty Trust Co. of N. Y. has been appointed trustee of an
issue of $800,000 1st Mtge. Sinking Fund 6J^% gold bonds, dated Dec. 1
1922. See offering in V. 115, p. 2480.

Bell T elep. Co. of C a n a d a .— S to ck 96%

S u b s c r ib e d . —

The recent offering of $6,408,000 capital stock at par was more than 96%
subscribed, it is stated.— V. 115, p. 2382.

B en so n I ro n Co., In c .— B o n d

I s s u e .—

The Empire Trust Co. has been aDOointod trustee under an indenture
securing $500,000 30-Year 5% Gold Mortgage bonds.

B loch Bros. T obacco Co., W h eelin g , W. V a.— I n c r e a s e .

The company has increased its authorized capital stock from $6,000,000
to $10,000,000.

B o rd er C ity Mfg. Co.— T o

In c re a se C a p ita l, A c .—

The stockholders voted Dec. 28 to increase the authorized Capital stock
from $1,200,000 (all outstanding) to $1,800,000, par $100. It is proposed
to distribute the new stock as a 50% stock dividend.— V. 113, p. 2315.

B o sto n C o n so lid a te d G as Co.— T o

C u t G a s R a te . —

Effective Feb. 1 the company purposes to reduce the price of gas by
5 cents per 1,000 cu. ft.—V. 115, p. 2584, 2162.

B rew er T itc h e n e r C orp., C o rtla n d , N. Y.— C a p ita l

In c.

B a l a n c e .. . ........................................ .................................................... .........£96,384
D ividend on O rd in a ry sh ares o f com pany, in resp ect o f y ear to Sept.
30 1922 of Is. p e r sh are free o f income ta x am ounting to _________ 75,995

The company has increased its authorized capital stock from $800,000 to
$3,000,000, par $100 —V. 115, p. 1214.

B alance to be carrie d fo rw ard, su b jec t to provision Tor income tax ,
co rp o ratio n , ta x a n d d ire c to rs’ fees for y e a r_______________
£20.389
— V. 114, p. 630, 83.

The directors have decided to defer action on the current Preferred divi­
dend.— V. I l l , p. 987.

A rm our & Co.— N e w

D e la w a r e S u b s id ia r y F o r m e d — N e w
F in a n c in g E x p e c te d N e x t W e e k .—
T h e A rm o u r <& Co. o f D elaw are w as in co rp o rated u n d e r th e law s of
D elaw are D ec. 27 w ith an a u th o rized c ap ital o f S100.000.000 pref. stock
a nd $60,000,000 com m on sto ck (p a r $ 1 0 0 ). 'I'he new com pany is to acquire
from th e Illinois com pany “ certain o f its p ro p erties a n d assets for th e pur­
pose o f fa c ilita tin g th e ad m in istra tio n an d financing o f its b usiness.”

President J . Ogden Armour, in a statem ent Dec. 28, says:

T h e p ro p erties an d assets to be acquired include certain p acking houses
an d cold sto ra g e p la n ts , th e A rm our F ertilizer W orks an d vario us o th er
A m erican subsidiaries; all o f th e S outh A m erican an d C u b a subsidiaries,
p la n ts d e v o ted to m an u fa c tu re an d d istrib u tio n o f b y -p ro d u cts, including
th e A rm our Soap W orks a n d a p p ro x im ately $23,000,000 o f in v estm ents.
All o f th e com m on sto ck o f th e new co m p an y w ill be ow ned by A rm our &
Co o f Illinois w hich will receive th e proceeds o f th o $60,000,000 o f gu aran ­
A
teed pref. sto ck an d th e $50,000,000 o f firs t m tge. 5 l % gold bonds to be
p resen tly issued b y th o com pany. T h e proceeds o f th e pref. sto ck and th e
first m tg e. bonds, to be p re sen tly issued, w ill be used for th e re tirem e n t of
its o u tsta n d in g 7 % 10 -y e a r co n v ertib le gold notes a m o u n tin g to $59,968,000,
due in 1930, an d th e 6 % serial co n v ertib le gold d eb en tu res am o u n tin g to
$3,697,200, an d fo r th e re d u c tio n o f its flo a tin g d e b t a n d o th e r corporate
^ f?ot earnings av ailab le fo r div id en d s on th e new pref. sto ck for th e period
ending O ct. 29 1921, a fte r d ed u ctio n s a n d in te re st on th e new !>A % bonds
average ap p ro x im ately $10,880,000, o r m oro th a n 2 A tim es th o dividend
recjulrem ents-m onths o f 1 9 2 2 , n o tw ith sta n d in g th e ad v erse conditions pre­
vailing d u rin g th o first h alf-y ear, th o n e t earn in g s o f th ese p ro p erties appli­
cable to div id en d s on th e pref. sto ck ori th o sam e basis, exceed th e dividend
requirem en ts o f $4,200,000 on th is issue.
.
,
.
D urin g th o re c en t period o f depression in th e p ack in g in d u stry A rm our &
Co. suffered severe losses, b u t o p eratio n s d u rin g th e p a st few m o n ths have
resulted in su b sta n tia l p ro fits, th u s in d icatin g a re tu rn to norm al conditions.
F in a n cia l Structure o f N e w D elaw are C om pany.

T h e fin an cial s tru c tu re o f th o new A rm our Co. o f D elaw are consists of
assets to ta lin g $213,122,103. I t w ill co n tro l th e
CoW
ow ned a n d o p erated b y A rm o u r & C o. o f Illinois. (1) Fow ling 1 acking D o .,
packing house p la n t, K an sas C ity ; (2) A nglo-A m erican P rovision C o.,
storage buildings, C hicago; (3) A rm o u r F e rtilize r W orks, p ro p erties located
in v ario u s p a rts o f th e co u n try ; (4) H am m ond
St. Josep h , M o.; (5) N o rth A m erican P rovision C o ., sto rag e buildings (b)
C om pania A rm our d e C u b a, d is trib u tin g s ta tio n , H a v an a , C u b a (/ ) Look­
o u t Oil & R efining C o ., oil m ills, located /n v ario u s p a rts o f th e c o u n try
(8) E a st S t. Louis C o tto n Oil C o ., gin a n d co tto n seed oi 1 p 1 n t s , lo c a te d !n
a
various p a rts o f th e co u n try : (9) N ew Y o r k B u tch ers D ressed M e a t C o .,
N ew Y ork C ity ; (10) Frigorofico A rm our d e la P la ta , p ack in g house p la n ts
_
located a t S a n ta C ru z a n d L a P la ta , A rg en tin e.
In a rriv in g a t av erag e p ro fits o f th e com panies to h_e tran sferred to t o
new co m pany th e A u d ito r’s s ta te m e n t says: ‘ T h e p ro fits inch:ide tn o pro
portion o f earnings o f th e A rm our L e a th e r Co. since its fo rm atio n a n a 0 1
th e pro p erties now ow ned b y it for a period p rio r to such fo rm atio n e°R e­
sponding to th e sto ck in t h a t co m p an y to be tra n sfe rre d to A rm o u r <v i.o .
o f D elaw are.”
L is tin g — O ffe r in g o f N e w S e c u r itie s S h o r tly .—
T h e $60,000,000 pref. sto ck h as been listed on th o C hicago Sto ck Exch-

Two offerings will be made to investors: First, tho SbO,000,000 7 / o
pref. stock will be offered at par, probably next week, in New York by Chase




B rig h to n Mills, P assaic, N. J . — D e f e r s
B ritish -A m e rica n T obacco Co.— A n n u a l

D iv id e n d s .—

R e p o r t .—

The company reports for tho year ended Sept. 30 1922, net profits, after
charges and taxes o f £4,400,783, as compared with £4,323,481 for the
previous year.— Y . 115. p . 2796, 873.

B row n & S h arp e Mfg. Co., P ro v id e n ce .— S tock

D iv .

The company has increased its capital stock from $100 ,00 0 to $ 1 6,000 ,000 .
The new stock, it is understood, is to be distributed as a stock dividend.
The company is a close corporation.

B u ffalo U n io n F u rn a c e Co.— C a p ita l

I n c r e a s e d .—

The company has filed a certificate at Albany, N . Y . , showing an increase
in capital from $1 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 , par $100.— V. 114, p. 742.

B u lla rd

M achine T ool Co., B rid g e p o rt, C o n n .—
W . Straus & Co. are offering a t par and
interest §1,500,000 6 ^ % 1st M tge. Serial Coupon bonds.
Safeguarded under the Straus plan (see adv. pages).
B o n d s O f fe r e d . — S.

The bonds mature in from 2 to 15 years. They constitute a closed first
mortgage on the land, buildings and equipment owned and to be acquired
by the company in Bridgeport and Fairfield, C onn.— V . 115, p. 2797.

B u rn s B ros.— C a p ita l

R e a d ju s tm e n t .—

The directors on Dec. 27 approved, subject to the approval of the stock­
holders, tho report o f the special committee appointed to draw up a plan
of readjustment c f the com pany’s financial structure.
N o official statement regarding the plan has as yet been given out, but
press reports state that the plan in a general way calls for the retirement of
the outstanding Prior Preference Preferred stock and tho outstanding •
Preferred stock. Under the plan, it is stated, there will be 80,944 shares
of new 8 % Preferred stock and 350,000 shares of Com m on stock
This
Common stock will be used to retire the Prior Pref. 7 % stock and the 7 %
Pref. stock and for exchange with tho Class A and B Common.
In connection with the Preferred stock it is stated that tho plan provides
for tho retirement at $120 and dividends of tho total amount of $1,208,000
of 7 % Cumulative Prior Preference Preferred and the retirement of the
$2,975,100 7 % Cumul. Pref. at 110 and divs.— V . 115, p. 2689, 2584.

C a n a d a C opper C orp., L td .— F o r e c lo s u r e .—

The Equitable Trust Co., New York, has brought suit at Vancouver,
B. C ., to foreclose the $2,500,000 1st Mtgo. 6% bonds. . Compare reorgan­
ization plan in V. 115, p. 763, 1214.

C ellulose Silk Co., C h e ste r, P a .— R e c e iv e r s h ip .—

Judge Dickinson in the U. S. District Court at Chester, P a., has appointed
S. Price Stevenson temporary receiver.

C e n tra l

M a n u fa c tu rin g D is tric t, C h icag o .— B o n d s
Higginson & Co., New Y ork, are offering a t
prices ranging from 96 and int. to 99 and in t. for the 5%
bonds, 9 9 } 4 and in t. to 100 and int. for the 5 )^% bonds
and 100 K and in t. to 101 Y i for the 6% bonds, a total of
$1,503,000 1st M tge. Real E state Im p t. Gold Bonds of 1916.
O f fe r e d . —Lee,

The bonds are guaranteed principal and interest by endorsement by the
Chicago Junction Rys. & Union Stock Yards Co. The amounts offered are:
$-13,000 Series B 5%, $1,000,000 Series B 5 H % and $460,000 Series B 6%.
The bonds are due serially and are callable, all or part by lot, on any int.
date on 30 days’ notice at 105 and int.

D ec . 30 1922.]
F u n d ed . D e b t (u p o n c o m p le tio n o f p r e s e n t f in a n c in g )

THE CHRONICLE
A u th .

O u ts ta n d in g .

1st M tge.
do
do
do

Real E st. Im pt., Series A 5 s__________ S3,000,000
82,280,000
do
Series B 5 s-----------------------------1
l 1,090,000
do
Series B 5 H S -................ ............... } 7,000,000
■
1,000,000
do
Series B 6 s___________________J
[
949,000
B u s i n e s s .— Central Manufacturing D istrict comprises 502 acres in the
geographical centre of Chicago, o f which 350 are now owned by the D istrict.
There are at present more than 200 important companies in the D istrict.
(Compare also V. 102, p. 888, 978 )
S e c u r i t y .— Bonds are secured by a first mortgage on all property now
owned or hereafter acquired by the D istrict, having as of Dec. 1 1922, a
conservative value of approximately 812,490,000 or nearly 2 ) 4 tim es the
85,319,000 funded debt to be outstanding upon completion of this financing.
D a r n i n g s .— Average net earnings available for interest for the 6 years
ending Dec. 31 1922, (Dec. est.) have been nearly 2 1 4 tim es average
interest requirements for this period. For the current year 1922, despite
unfavorable conditions prevailing, such net earnings have exceeded twice
interest charges; and w ithout including any benefit from additions and
improvements to be provided from this financing, have been nearly twice
maximum interest requirements of $280,440 of bonds to be outstanding
after this financing.
G u a r a n t o r .— Averago earnings of guarantor and subsidiaries for 10 years
ended Dec. 31 1921, after operating expenses, interest and taxes, 81,624,466,
or more than 5 % tim es maximum intereft on these guaranteed bonds.
Recent lease of the Chicago Junction R y. a t $2,000,000 yearly rental
guaranteed by New York Central RR. adds greatly to strength of guaranty
of bonds.
_
,
P u r p o s e — Retirement of $850,000 7% Collateral T rust Gold N otes, due
M ay 1 1923 and improvements and additions to property.
B a l a n c e S h e e t a s o f D e c . 1 1922 (a f t e r p r e s e n t f i n a n c i n g . )
A s s e ts —
L ia b ilitie s —
Funded debt____________ $5,319,000
Lands, bldgs. & im pts.,
less depreciation______$12,490,706 Accounts payable______
63,985
Real estate contracts rec
911.201 N otes payable_________
7,500
175,104
In vestm en ts___________
13,750 Accrued interest, tax.. &c
Accts. & notes receivable
231,823 Su rp lus________________ 9,923,058
C a s h __________________ 1,148,330
Liberty bonds__________
499.887
Inventories____________
122,180
Accrued interest________
25,070
T otal (each side)_____$15,488,647
Deferred charges_ ____
_
45,700
— V. 110, p. 1852.

C h e rry R iver Boom & L u m b er Co.— I n c r e a s e .—

The company proposes to increase its authorized capital stock from
$3,200,000 to $4,000,000, par $100.—V. 105, p. 2545.

C hicago F u e l Co., In c .— B o n d s O f fe r e d . —Gorden N .
Selby & Co., Chicago, recently offered a t 101 and in t., to
yield about 7}4% , $300,000 1st M tge. 5-Year 7 l % Gold
A
bonds. A circular shows:

Dated Nov. 15 1922. Due Nov. 15 1927. Denom. $ 1 ,000, $500 and
8100(c). Red. all or part, in inverse numerical order, May 15 1926, or
quarterly thereafter on 30 days’ notice at 110 and int. Beginning May 15
1923, quarterly payments of $15,000 each are provided for the purchase
of bonds if obtainable at 101 and int.. or by call at 110. Company, agrees
to pay normal Federal income tax up to 2 % . Int. payable M. & N. at
office of Union Trust Co. .Chicago, trustee.
.....................
C o m p a n y . —An Illinois corporation.
Was established in 1902. On
Oct. 5 1922 purchased the properties of the Midway Coal Mining Co.,
located at Carbondalo, 111. Capacity of combined properties total 4,400
tons of coal per day. Properties, located in Perry and Jackson counties. 111.,
approximate 3,000 acres of coal lands.
P u r p o s e . —Proceeds will be used to pay off all bank loans and liquidate
other debt.
C a p ita liz a tio n —
A u th o r iz e d . O u ts ta n d in g .
First Mortgage bonds (this issue)______________
$300,000
$300,000
Common stock (no par value)_________________ 5,000 shs. 5,000 shs.
E a r n i n g s —Profits of recently acquired Midway property based on its
present daily production of 800 tons has already produced a handsome
Increase in earnings. Without application of earnings from the Midway
propertv, net earnings of the company, applicable to the payments of
Interest for the years 1920, 1921 and the 8 months ending Aug. 31 1922,
amounted to $144,218.
Company has concluded a contract with the Southern Gem Coal Corp.
of Chicago, which from the operation of the Cutler properties will net the
company a minimum income of $125,000 during the life of these bonds.
One half of the profits accruing from operation of the Cutler properties
will be paid to the company in addition to the specified minimum sum.

C hicago P n e u m a tic Tool Co.— N e w

D ir e c to r . —

Eugene V. R. Thayer has been elected a director to fill a vacancy.—V.
115, 2797, 1537.

C in c in n a ti (O.) M illing M achine Co.— R e in c o r p .,

& c.

This company has been reincorporated in Ohio with an authorized
capital of $6,000,000, consisting of $3,000,000 Common and $3,000,000 6%
Prof, stock, par $100. Of the $3,000,000 Common stock, $1,500,000 has
been exchanged for the $1,000,000 Common stock of the old company.
Of the $3,000,000 Pref. $500,000 has been issued in exchange, par for
par, for Pref. stock of the old company.—V. 90, p. 629.

C ities Service Co. — C a p ita l I n c r e a s e d F r o m 3100,000,000
3400,000,000 — N o L a r g e S to ck D i v . to B e D e c la r e d .— The
stockholders on Dec. 28 increased the capital stock from
3100,000,000 to 8400,000,000.
The directors on Dec. 29 voted to continue the policy of
paying regular m onthly dividends on the Common stock,
instead of declaring out a largo stock dividend a t this time.
A t the same tim e regular dividends on the Preferred and
Preference B stocks were declared. All of the dividends are
payable Feb. 1 to stockholders of record Jan . 15. President
H enry L. D oherty in his letter to stockholders said:

to

The directors on Dec. 28 considered w hat action should be taken in the
matter o f declaring out a stock dividend sufficient to equalize the outstand­
ing capital with the property values of the company. On Dec. 29 the di­
rectors unanimously voted to continue the policy o f the company of paying
regular m onthly stock dividends rather than to declare out a large stock
dividend at this time.
Wo were influenced to considor taking such action upon tho general be­
lief, very much prevalent in the entire business and financial world, that
Congress might or would impose a drastic and burdensomo tax on surpluses
and stock dividends.
We cannot believe that any o f the companies th at have had this matter
undor consideration liavo made a more extensive or painstaking study
of these questions than we have done. We are satisfied that neither the
present Congress nor tho newly-elected Congress will impose any such drastic
tax as had been feared. Wo aro also satisfied th at a dividond action at
th is time and under the present tax law is not clearly beyond the power of
being taxed retroactively by a subsequent tax law.
.
The action o f your board, when finally taken, was absolutely unanimous,
not sim ply in the final vote but in spirit as well. The stockholders who were
the m ost aggrossivo in urging this company to initiate this action have sub­
sequently become less certain o f the wisdom of declaring out a large stock
dividond at this tim e, and several of them have absolutely roversed their
previous recommendations when all o f the general facts both of a legal and
legislative character were known.
. . . .
It has been the announced policy of this company from its inception _to
pursue the plan of equalizing dividends through fat and lean periods by
holding back dividends in tim es o f prosperity and building up surpluses to
a point which, in relation to the dividend rate established, would enable this
dividond to bo maintained through any period o f depressed earnings which
might be experienced.
. ■ ,
.
We think this policy m ust sooner or later bo recognized as both wise and
and fair and that it should prevail except where tho interests of either the
company or the stockholders are threatened in some manner, such as, for
example, a now tax law which might impose an unfair tax either on the sur­
plus o f the company or on the paym ent o f stock dividends.




2909

All of tho facts bearing on tho dividend plan or policy of th e com pany
were laid before the board by tho officers and tho board w as advised by
them that, viewed from every standpoint, both as to property valuos, book
surpluses, budgets and earnings, the company was in position to declare
a large stock dividend at this time or to maintain tho present dividend rates
indefinitely.— V. 115, p. 2585, 1842.

C itiz e n s T elep h o n e Co., G ra n d R a p id s, M ich.— B o n d s .
It is stated that the company proposes to apply to the M ichigan P. U .
Commission for authority to sell 8700,000 bonds at 90, to provide funds
for extensions. T he company, it is stated, has signed a contract to sell
its properties to the Michigan State Telephone Co. Tho latter, it is said,
will oppose the sale of the bonds on the ground th at it has offered the Grand
Rapids company the necessary money to make the extensions.— V. 108,
p. 1513.
C ity I n v e s tin g Co., New Y o rk .—2J^% C o m m o n D i v .—
The company has declared a dividend of 2 ) 4 % on the Common stock and
the regular quarterly dividend of 154% on the Preferred stock, both pay­
able Jan. 2 to holders of record Dec. 29
Dividends of 2 ) 4 % each were
also paid on the Common stock in Feb. and July last.— V. 115, p. 2384.
C lifto n (S. C.) Mfg. Co.'—25% S tock D i v i d e n d .—
The company has declared a cash dividend of 6% and a stock dividend of
25% on its outstanding $2,000,000 Capital stock, par $100.— V. I l l , p.496.
Coca C ola Co.— E a r n in g s f o r N o v e m b e r .—
N e t earnings for Novem ber, not including subsidiaries, aro reported as
8373,775.— V. 115, p . 2482, 2271.
Cole M otor C ar Co., In d ia n a p o lis, I n d .— S tock D iv id e n d .
The company has declared a 100% stock dividend on the outstanding
10,000 shires o f capital stock, par $100, payable to holders o f record of
D ec. 15. This is tho third stock dividend which the company has declared,
it having paid one o f 65% in July 1912 and one o f 20% in July 1914.— V. 109,
p. 983.
C ollingw ood F o u n d ry & Mfg. Co., C lev elan d .— S a le .—
The plan o f this company has been purchased by M ax Greenhut, Pres,
o f the L. & N . Foundry Co. at a receiver’s sale. The plant w ill be re­
opened under the name of the Collingwood Foundry C o., and the business
of the L. N . & N . Foundry Co. moved to tho same location.
C o m m o n w ealth P o w er Co.— B a la n c e
C o n s o lid a te d B a la n c e S h e e t S e p t.
A s s e ts —

.$
xPlant. property, &c___ 121,440,157
Inv. in & adv. to land c o .
565,603
Other investm ents______
1 ,654
Cash & cash resources_
_ 1,674.959
U. S. G ovt, securities_
_ 2,436.849
Accounts receivable_____ 2,122,126
N otes receivable_______
112,231
D ue on subscr. to pf. stk
536,983
M aterials & supplies___
1,480,716
Sink, funds & special dep
514.681
Bond disc. & expenses_
_ 3,852.341
Deferred charges_______
246,039

S h e e t .—
30 1922.

T

6% Preferred stock_____ 24,000,000
Common (at $5 par)-----900.000
Pref. stock of sub. c o s .. 20,587,600
6% bonds. 1947________ 12.431.000
5% gold notes, 1939------ 4,000,000
Bonds & debs of sub. cos 59,779.600
N otes payable_________
63,310
Accounts payable______
760,058
Dividends payable______
26,427
Accrued interest________ 1,008,031
Accrued taxes__________ 1,262,887
Sundry liabilities_______
24,369
Deferred liabilities______
835.015
Renewal & replac't r e s .. 5,732,340
Other operating reserve.
720,457
_
Premium on capital stock
32,735
Total (each side)------- 134,984,340 S u rp lu s................................. 2,820,509
x Including $7,936,600 excess of par value of securities issued over par
value o f securities of subsdiairy companies acquired.— V. 115, p. 2797.

C o m m o n w ealth W a te r Co. (N. J .) .— G u a r a n te e d B o n d s
W . Chapm an & Co., Inc.; Hoagland, Allum &
Co., New Y ork and Chicago, and Good , illio & Co., Chicago
and Milwaukee, aro offering a t 9 5 Y z and interest to yield
about 5.85% , $1,500,000 1st M tge. 25-Year 5J^% gold
bonds, series “A” . G uaranteed, principal and interest, by
American W ater W orks & Elec. Co., Inc. (see adv. pages).
O f fe r e d . — P.

The company was incorporated in 1904 as a combination of several
successful companies in operation for many yoars in N ew Jersey. On
D ec. 1 the American Water Works & Eloctric C o., Inc., purchased control.
Company supplies water to township of South Orange, W est Orango,
Summit, New Providence, Springfield. M illburn and Irvington, N . J.
Population served, about 65,000. Further description o f bonds, property,
&c., in V. 115, p. 2585.

( J o h n T.) C o n n o r Co., B o sto n .— L i s t i n g .—
The Boston Stoofc Exchange has authorized for tho list temporary cer­
tificates for 42,000 additional shares Common capital stock (par $100).
These shares are being distributed as a 40% stock dividend.
B a l a n c e S h e e t a s o f S e p t . 30 1922.
A s s e ts —
L ia b ilitie s —
C a s h _____________________ $388,961 N otes payable___________ $500,000
Accts. receivable, less res__
52,583 Accounts payable________ 286,112
41,611
M erchandise______________ 1,215,542 Reserve for taxes_________
Investm ents, less r ese rv e ..
48,690 Employees’ investment ctfs. 70,820
8.689
N otes receivable_________ 105,446 Empl. extra comp'n reserve
Equipment, less deprec’n . . 308,724 Common stock___________ 900.000
Common stock in treasury.
2 3 ,1 12 Preferred stock___________ 250.000
496
Prepaid expenses_________
12,229 Employees’ benefits reserve
4,375
G ood -w ill________________ 690,633 Reserve for dividends------S u rp lu s__________________ 783,828
Total (each side)______$2,845,933 — V. 115, p. 2797, 2482.
C on su m ers P ow er Co.— D e b e n tu r e s C a lle d .—
T he company has called for redemption March 1 1923, all o f its out­
standing 7% Serial Gold Debentures, Series “ D ” and “ E," at 101 and int.
and 102 and in t., respectively, at the r ’,intral Union Trust C o., 80 Broad­
w ay, N . Y . C ity.— V. 115, p. 2384, 2051.
C o n tin e n ta l C a n Co.— C h a n g e i n S to c k , & c .—
The stockholders on D ec. 29 ratified the change in the Common stock
from $15,000,000 (par 8100) to 500,000 shares of no par value. Each
share of the present stock is to receive 2 2-3 shares of now no par value
Common stock. This will include a stocu dividend of 33 1-3%. See
V. 115, p. 2586, 2690, 2797.
C o rn ell (C o tto n ) Mills C o rp .— C a p ita l I n c r e a s e d .—
The stockholders on D ec. 22 increased the authorized capital stock from
$400,000 (all outstanding) to $600,000, par $100. It is proposed to dis­
tribute the increase as a 50% stock dividend.— V. 115, p. 2690, 1538.
C ran e & Co. (of M ass.).— O r g a n iz e d .—
Incorporated in M ass, in Dec. 1922, w ith an authorized Capital of
$3,000,000 (par $100), to take over the paper manufacturing business
conducted by Crane & C o., Inc., of D alton, M ass.
Officers are: Reuben O. Pierce, Pres., Dalton: James F. Bacon, V .-Pres.,
Boston; Payson E. L ittle, T reas., and Frederick G. Crane, Jr., Clerk,
Dalton.
C u b a S u g a r C ane C o rp o ra tio n .— L i s t i n g .—
The N ew York Stock Exchange has authorized the listing of 500,000
additional shares of Common stock, no par value, upon issue thereof
in exchange for 15-Year 7 ) 4 % M tge. Sinking Fund gold bonds, due Sept.
1 1937 of Eastern Cuba Sugar Corp. (see below) at the rate of 5 shares of
stock for each $100 of bonds or otherwise sold and on official notice of
such issue.— V. 115, p. 2578, 2682.
C u m b e rla n d P ipe L in e Co., I n c .— 100% S tock D iv id e n d
S to ck I n c r e a s e d .—Tho directors have declared a
100% stock dividend, distributable Doc. 30 to stockholders
of record Dec. 30. The stockholders on Dec. 27 increased
tho authorized Capital stock from $1,500,000 to $3,000,000,
par $100. See also V. 115, p. 258G.

— C a p ita l

2910

THE CHRONICLE

D a rtm o u th Mfg. Co.— S to c k

I n c r e a s e .—

on Dec. 26 increased the authorized Common stock
!™5? ?2.;0f’°'9!)0 .(al1 outstanding to .$4,000,000, par $100. It is proposed
to distribute the increase as a 100% stock dividend.—V. 115, p . 2798, 2586.

D avis-D aly C opper Co.— S u it

b y A n a c o n d a .—

See Anaconda Copper Mining Co. above.—V. 115, p. 2272.

(Jules) De S u rm o u n t W o rste d Co., W oonsocket, R. I
to 1$^e200m
000ny haS increased its authorized Capital stock from $600,000

D istille rs’ S e c u ritie s C o rp o ra tio n .— S a le .—

[V ol. 115.

E m p o riu m M ercan tile Co., St. P a u l . — C a p i t a l I n c r e a s e .
The company has increased its capital stock from $150,000 to $2,000,000.
E q u ita b le I llu m in a tin g G as L ig h t Co — N e w O f fic e r .—
-- -Vfred Hurlburt, formerly Gen. M gr., has geen elected Vice-President.—
V. 115, p. 1736.
E w ing B o lt & Screw Co.— S a le .—
This company’s plant was sold at the receiver’s sale on D ec. 5 to Hal. 11.
Srrnth, D etroit,[a creditor for a price reported to be $101,000. to $100,000of which covers a mortgage on the plant and machinery. The company
has been operated by John A. Hale as receiver for the past several m onths.
It is stated th at efforts will be made to reorganize the company.

The Bankers Trust Co., trustee, has arranged for the sale at public
auction 1 eb. 9 at the Exchange Sales Room, 14-16 Vesey St. New York
F ed era l Ice & S to rag e Co . — M e r g e r A b a n d o n e d .—
460,097 shares of common stock of the Distilling Co. of America 311 It is reported that the plans for the proposed merger of number of
110>£ shares of pref. stock of the Distilling Co. of America; $30 20 par value burgh ice and cold storage companies into a $7,000,000 acorporation Pitts­
have
ot scrip of common stock of the same company; $30 par value scrip- $68 14 been abandoned.— V. 115, p . 2799.
par value scrip of pref. stock, and $95 par value scrip of pref. stock of the
same company. The stock 4 now held by U. S. Food rruunets v;orn
-----.
. is
4
uuu Products Corn’
F e d e ra l S u g a r R e fin in g Co .— “ B la c k T o m ” S u i t . —
and was assinind. rifvnositnrf anrl4 pledged with w A/Tm-eo 1^ Trust ^ ~ *bv
assigned, deposited and nlprlcr*»H urttli the Mercantile
Co
Supreme Court Justice Swayze, sitting in County Court in Jersey C ity,
Distillers; uuvui Imuo vyui ± j . as oociuiby iur au issue of 1st mtge 25-venr
1S >
SU
Securities Corp.
ha**^advised to vacate an order for a “struck jury," composed of especially
w p. 2272, 1 A
J
-tlo gold bonds.— V. 115, 0070 for anO
imlrl hnndc __11ft security
5% convertible
1843.

(H enry A.) Dix C o rp . —

(O'abf'ed
bear evidence in the suit of tho company against theLehigh Valley lilt , to recover approximately $800,000 for sugar destroyed
n the Black Tom explosion in July 1916. A “struck ju ry” heard the case
last slimmer and disagreed
The railroad company sought to have tho
order for tho second struck jury” vacated.— V. 115, p . 2587.

G iv e s B u s in e s s to E m p lo y e e s .

Henry A. Dix. wealthy and ready to retire at 72 years of age has turned
over his long-established business to his employees. Mr. Dix has also lent
to the workers $250,000 so that they may have cash capital with which to
(J o h n J .) F c lin & Co., In c ., P h ila . — S tock I n c r e a s e .—
do business. The employees are to pay him $550,000 for the firm name
assets, good-will, stock, store and plants. That sum, however is to come
Fhe stockholders on L)ec. 28 increased the authorized Common stock from
o u to f t h e profits of the business. The firm name was Henry A. Dix & 5750,000 (all outstanding) to $1,750,000, par $100. Of the new stock
$375,000 w ill be distributed as a 50% stock dividend.

The balance of tho-

Included in tho purchase are the buildings in Millville, Bridgeton and Som- stock will be retained in the treasury.— V. 115, p. 2273.
,11?; N. J., with all the machinery equipment, merchandise, trade name
F ifth A venue Bus S ecu rities C orp .— L is tin q , & c —
and all of the trade marks, as well as the stock and equipment in the New
tork plant at 116 West Fourteenth St., which will continue to be the head­
The N ew York Stock Exchange has authorized the listing on or after
quarters. Since it was founded in 1895 the firm has manufactured uni­ D ec. 27 of temporary voting trust certificates for 321,200 shares, no par
forms for nurses and maids and house and porch dresses for women
value Common stock, with authority to add 78.800 shares of Comnion
The new organization, under the name of the Henry A. Dix Corn of stock on official notice of issue, making tho total applied for 400,000 shares
^V,J/,hnO0k.,OVercurrent liabilities. All of the Common voting stock will Strauss.
the b.u?,in^ s,.? n
Paid-in capital stock of Voting trustees are Grayson M.-l*. M urphy, Charles H. Sabin and Frederick
$550,000, and no
be owned by tho seven officers and directors of the company Each em
The company was incorporated in Delaware N ov. 14 1922 under th e
ployec who has served three years will participate in the Common stock All name of F i f t h A v e n u e B u s C o r p . , with an authorized capital of 400 000
posit?B from -?500 to $3,000 worth, according to length of service and shares. B y an amended certificate of incorpcration filed D ec 13 th e
o„£mpl°yees win bo able to pay for their stock through an annual bonus of
20% on the stock allotted to them. t“N . y . Times.”)

D om inion T extile Co., L td .— R e - I n c o r p o r a te d .—

■—

The stockholders voted Dec. 22 to reincorporate under the laws of the
Dominion of Canada. A new company “Dominion Textile Co. Ltd ”
was incorporated Dec. 9 last with an authorized Capital of $2,000 000 7 %
Cumulative Pref. stock (par $100) and 225,000 shares of Common stock
(no par value). The new company offers to pay for the old company’s
undertaking, by the issue and allotment of 19,406 Pref. shares and 225 000
Common shares Theso shares would be distributed amongst the share­
holders of the old company on tho basis of one Cumul. 7% Pref. sharo
for each one non-Cumul 7% Pref. share, and three Common shares of no
° ne ^ ommon share of tJle Par value of $100.—V. H 5 t

Dow D ru g Co., C in c in n a ti, O h io . — E x tr a

D iv i d e n d .—

The directors have declared an extra dividend of 5 % on the Common
ln addition to tho regular quarterly dividends of 1 K% on the
record °DecnC
>l°f 1 ^ % on the Preferred, all payable Jan. 1 to holders of

D ry d e n P a p e r Co., L td .— R e p o r t.—
g ^ £ H f T ^ W

1

/fc X a ^

with1a < ss3 I h e ^ ^ e v l o u ^ y ^ f
S i£ in

E a s te rn C u b a S u g a r C o rp o ra tio n .— L is t i n q .—

v T h l!

^
p' . %

%

&

tocko.E*?han*° has authorized the listing of $10 000 000
8 FUDd g° W b° ndS> dUe Sep‘ 1 1937 ° See

E a stm a n K o d ak Co . — E x tr a

D iv id e n d o f

S I.—

An extra dividend of $1 per sharo has been declarer!
t ,
stock, no par value, payable March 1 to holders of record Jan Q0nu5f?l
i
company Ts paying to-day (Dec. 30) an extra dividend o f%
share on the Common. The regular quarterly dividends of l
per
the Preferred and $1 25 per share on the Common stock will be
p. *2272°
reC°rd N ° V- 29‘ (Comparo V. 1 1 5 p . I2 1 5 .)-V d n s ,’

E ddy P a p e r C orp. (of

H I . ) . — F u r th e r D a t a .—

name was changed to Fifth Avenue Bus Securities Corp
Company holds 103,574 shares of the stock of N ew York Transportation
C o., formlery owned by Interborough Consolidated Corp. Company
acquired these 103,574 shares from the trustee in bankruptcy for th e
benefit of tho holders c f Interborough-Metropolitan Co. Collateral Trust
4H % gold bonds, represented by the committee under the InterborcughM anhattan readjustment plan dated M ay 1 1922, and tbo company issued
for the benefit of the holders of the bonds 321,200 shares o f its stock
(approximately in the ratio of 3 of its shares for each share of stock of th e
Now York Transporation Co. and sufficient in number to provide 5 shares
for each of the bonds of the denomination of $1,000). The 321,200 shares
of the stoctc of the company have been placed under tho voting trust
agreement (see Fifth Avenue Bus Corp. in V. 115, p. 2483).

F ire sto n e T ire & R u b b e r Co . — N e w T r e a s u r e r .—
J. J. Shea has been elected Treasurer, succeeding J. G. Robertson
— V. 115, p. 2791, 2691.
F itc h b u r g (Mass.) G as & E le ctric L ig h t Co .— N o te s
Oldham & Co., Boston, recently offered
a t 100 and in t. $500,000 3-Year 5% Coupon gold notes. A
circular shows:
O ffe r e d . —Morrill,

D ated N ov. 1 1922. D ue N ov. 1 1925.
payable M . & N . at Boston.

Denom . $1,000 (c*).

In t.

C a p ita liz a tio n U p o n C o m p le tio n o f P r e s e n t F in a n c in g .

Capital stock ................................ ............................ .....................................$1,851,450
Premium on stock (paid in )___________________________________
574,075
N otes payable (including this issu e)__________________________
845,000
Controls entire lighting business
C o m p a n y . — Incorp. in M ass, in 1852.
in the C ity of Fitchburg, M ass., and towns o f Ashby, Lunenburg and
Townsend. Population about 45,000. Company's electrical generating
equipment consists of a modern steam generating plant of 12,700 h. p.
capacity and a water power development of 500 h. p. capacity. Company
also has a connection with the N ew England Power Co. system , through
which an additional power supply m ay bo had, or through which power
may be sold. Company also owns a coal gas plant and a water gas plant,
the two having a combined daily capacity of 2,280,000 cu. ft.
E a r n i n g s 12 M o n t h s E n d e d A u g . 31—
1921.
1922
Gross earnings----------------------------------- --------- ------ $838,910
$907,817
N et after operating expenses and taxes......................... $166,968
$222,434
Annual interest requirements on notes payable_________________
42,250

_
Ihe stockholders of the old Eddy Paper Co of Michigan v,_ . ,
B a la n c e ....................... ................... ............... — ................... ................. $180,184
31,260 shares of the Common stock (no par value) of the new mmnarfv^
D i v i d e n d s .— Company has paid continuous dividends since 1859, having
return for the sale of its assets. The new corporation h
a
s
y
maintained the minimum rate of 10% during tho last 16 years.
*he sale of its stock to pay all of its c^rTnt llabUitfes andretbe ?he
P u r p o s e .— To retire $500,000 6% notes due Jan. 1 1923.— V. 113, p.2620.
2d Mtge. bonds that were outstanding and have also paid un th l L i u
and merchandise indebtedness.
p u up
bank
580 P a rk A venue A p a rtm e n t B u ild in g , New Y o rk .—
* „ T,ho ol.d company had arranged with some of its larger creditors to
Preferred stock for part of their claims but the board of director^ nf tff, B o n d s O f fe r e d . —S. W. Straus & Co. are offering a t par and
ste v ° th Pany i ‘'lh°UKh in its incorporation provided for an issue of Preferred interest $2,300,000 F irst M tge. 6% Serial Coupon bonds.
^
c o m
p a n y ™ “ and t0 Pay a“ °f the "editors of the old Safeguarded under the Straus plan.
The bonds are secured on laud covering the entire block front on the west
The 60,000 shares of stock have all been sold and the balance sheet tin
between 63d and
V . 115,.P. 2798) is correct except the Preferred stock is not issued a ^ w l i side o f Park A ve. apartment is to be64th streets. N ew York, on which a
14-story fireproof
erected. The bonds are the direct
. heet*3 »ssued and this amount should come off both sides of the balance
s
obligation o f 580 Park Avenue, Inc., the entire stock o f which is owned
Tbe 125,000 no par value shares Common stock have been listed on th„
Chicago Stock Exchange. See V. 115, p. 2798.
n tbo

E le c tric B ond & S h a re Co . —

C a p ita l In c re a se

—

„ e Stockholders on Dec. 29 increased the capital stock from $25 nnn nnn
($12,500,000 Common and $12,500,000 Preferred) to $10 000 000 to
consist of $20,000,000 Common and $20,000,000 Pref.—V. 115 , p ° 2799

E lk H o rn Coal C o rp o ra tio n . —

O p tio n E x p i r e s __

l,ren,ry Ford’s 30-day option on the company's 190,000 acres of coal lands
and mining properties in Kentucky has definitely expired.— V. 115 , p. 2385

E lk h o rn P in e y Coal M ining Co

C ita to 1st Mtge.

— B o n d s C a lle d .—

sinking fund gold bonds dated Dec 1 5
i^
12,000, have been called for redemption Feb 1 1023
at 103 andAnt. at the Union Trust Co., 814 Euclid Ave., Cleveland1 O.—
* • 1 l o , p. 2620.
* *
C o ll.

7

E llio tt-F is h e r Co., N. Y.— 40%

S to c k D i v i d e n d , & c

—

A 40% stock dividend has been declared on tho $2,500,000 Common
o fm i’ rd Dec6 26 ° laSS B Common stock (non-voting) Jan. 2 to holders
o
The stockholders on Dc«. 22 increased the capital stock from $3 500 nnn
•Yk?,6^ 00’000’ Par $100, the increase to consist of $30,000 shares of Series
B Common stock, par $100. The company (before the increase) had an
$100°0 0q0 P r K e d S ’500'000’ conslsting of *2.500,000 Common and

E m pire Gas & E le c tric Co.— A c q u i s i t io n • I n c r e a s e .—
—
m„ni£n!?!nfiai?}r announces that it has acquired the Clifton Springs (N. Y )
.
Dec 20 1 ghtinK p ant. The final payment for the plant was made
$2^ 50 4 nP
tn°«tC™? S S i has imnCas(ir its authorized capital stock from
p. 2 0 1 9 ° * $3’300’000’ par 5100.—V. 115, p. 2157, 1947, 1843; V. 114,

E m pire Gas & F u e l Co.— S u b .

C o . I n c r e a s e .—

stockholders of the Indian Territory Illuminating Oil Po q enh
stock from $3,500,000




by Dwight P. Robinson & C o., engineers and constructors.

F le is c h m a n n Co., C in c in n a ti, O.— D i v i d e n d s .—
The directors have declared a dividend of $2 per share on the outstanding
Common stock, no par value, for 1923 to be paid in quarterly Installments
of 50 cents each. T his is at the rate of $25 per share quarterly on the old
Common stock, par $100, which was exchanged for now no par stock, on
the basis of 50 shares of no par value stock for each share of $100 par.
Profits for 1922, it is said, are more than twice the present dividend rate
on the Common stock.— V. 115, p- 2799, 2052.
F o u n d a tio n Co .— C a p ita l I n c r e a s e — R ig h ts .—
The stockholders on D ec. 28 increased tho capital stock from 40 000
shares no par value (all Common) to 95,000 shares, to consist of 75,000shares Common stock (no par value) and 20,000 C umulative Convertible
$7 Pref. stock (no par valu e).
The stockholders of record D ec. 28 are given tho right to subscribe at
98K per share to 10.000 shares o f the now Pref. stock in tho ratio o f one
c
Pref. sharo for each four shares held. Rights expiro Jan. 10.
S lo ck U n d e r w r itte n . — Kelley, D rayton & Co., New Y ork,
who have underw ritten the issue, are offering the stock a t
98 Y l per share (and div.), subject to stockholders’ rights.
The bankers state:

C o m p a n y .— Was originally organized in 1902, specializing in foundation
work in which line it has practically no competition at the present tim e.
Business has gradually broadened and diversified to such a point that the
company now conducts directly or through subsidiaries a general engineer­
ing and construction business in tho United States and many foreign counA s s e t s .— After giving effect to tho present financing, not tangible assets
are equivalent to $295 and current assets to $144 a share of Preferred stock.
E a r n i n g s .— Combined net earnings of the company and its Canadian
subsidiary for a 20-year period, before Federal taxes, averaged over 3 1 4
tim es dividend requirements on th is issue.
For tho 5 years ended D ec. 31
1921, before Federal taxes, earnings averaged 9 tim es tho dividend require­
ments for this issue, and after Federal taxes nearly 8 tim es the dividend re­
quirements. N et earnings for tho present year mu roumureu to be in ex­
are estim ated 10 uu
exquiremonis. xsci earning-, iw

cess of 4 times such dividend requirements.
C o n v e r s i o n .—The holder of tho IYeferred stock has the right up to and
including Dec. 15 1925 to convert into tho Common stock of tho company
on the basis of $100 for the Preferred and $80 for the Common.

2911

THE CHRONICLE

D ec . 30 1922.]
L i s t i n g . —Application

will be made to list this issue on the X . Y . Stock

P u r p o s e . —Additional

working capital.—V. 115, p. 2691, 2483.

F re e p o rt (Texas) S u lp h u r Co.— C o n s tr u c tio n .—

Construction has begun on a $2,000,000 sulphur plant at Hoskins
Mound, Texas, which is scheduled to operate May 1 1923. Dwight P.
Robinson & Co., New York, have the construction contract.— v. 115,
p. 2385, 1638.

G as & E le c tric S ecu rities Co. (N. Y .).— C a p ita l

I n c .—

The stockholders on Dec. 26 increased the authorized Common stock
from $2,000,000 to $4,000,000, par $100. The company also has an
authorized issue of $1,000,000 7% Cumul. Pref. stock, par $100.— V.
115, p. 651.

G as S e c u ritie s Co., New Y o rk .— S lo ck

I n c r e a s e d .—

The stockholders on Dec. 27 increased the authorized capital stock from
$1,500,000 (consisting of 5,000 shares of Common and 10,000 shares of
Preferred) to $3,500,C O to consist of 10.000 shares of Preferred and 25,000
O,
shares of Common stock.—Y. 115, p. 2691

G en e ra l C igar Co., I n c .— R e d u c e s

G o o d - W ill I te m .- —•

The directors have voted to reduce the item of good-will standing on the
books of tho corporation of $19,326,003 (V. 115, p. 642) to $15,000,000
through the transfer from surplus of $4,326,003 to the good-will account.
— V. 115, p. 642, 188.

G e n e ra l E le c tric C orp.— E x tr a

C o m p e n s. f o r E m p l.—

President Gerard Swope announces that supplementary compensation
equaling 5% on his earnings for 6 months ending Dec. 31 1922, will be paid
on or about Feb. 1 1923, to each employee receiving compensation of $4,000
or less a year, who has completed five years or more of continuous service
to Dec. 31 and L still in the company’s employ at the date of distribution.
s
The payments will be made in employees’ 1-year 7% investment bonds
in $10 units or multiples thereof, and the balance, if any, in cash.—V. 115,
p. 2800, 2691.

G en e ra l M otors C orp.— A c q u is itio n — O b itu a r y . —

President Pierre S. du Pont announces that the corporation has acquired
all of the outstanding stock of the Brown-Lipe-Chapin Co. of Syracuse,
N. Y. II. W. Chaaiin, formerly General Manager, has been elected Pres­
ident of the Brown Co., succeeding A. T. Brown.
Willis Johnson, Chairman of tho appropriations committee and also
assistant to Alfred P. Sloan Jr., Vice-President in charge of operations,
died Dec. 25 in Greenwood, Va.—V. 115, p. 2385, 2273.

G e n e ra l P e tro le u m C orp., S an F ra n c isc o .— S t a t u s ,

& c.

Pres. John Barneson in a letter to stockholders says in substance:
“P r o d u c t i o n & D e v e l o p m e n t . —Production from the California properties
from July 1 to Dec. 1 was approximately 4,500,000 barrels, as compared
with 4,900,000 barrels produced from California properties during the
fiscal year 1921-22. During this 5-month periods, 253 wells formerly
producing 5,000 barrels per day remained shut in. Production of tho
company on Dec. 1 was over 40,000 barrels per day. This increased pro­
duction was obtained from Santa Fe Springs and Signal Hill. On Dec. 1
1922 company had at Santa Fe Springs 18 producing oil wells, 2 gas wells
and 14 drilling wells, and at Signal Hill 6 producing oil wells and 9 drilling
wells.
“ V o l u m e o f B u s i n e s s . —In the first 5 months of the fiscal year, company
has handled about 8,000,000 barrels of produced and purchased oil, an
increase of two-thirds over the same period in previous year. Volume of
purchased oil handled from the San Joaquin Valley has been reduced and
now contracts made for purchase of high gravity refining oil from southern
California fields.
" S t o r a g e . - —On Dec. 1 tho storage of the company in California con­
tained 3,400,000 barrels of oil, compared with 2,400,000 barrels on July 1.
Storage space has been increased by the construction of two 500,000-barrel
concrete reservoirs, and one with a capacity of 1,750,000 barrels is under
construction. In addition, steel storage to contain over 500,000 barrels
is under construction. This steel storage will be utilized for crude oil
and refined products.
“ P i p e L i n e s . —New lines from Signal Hill and Santa Fe Springs are
now operated to capacity. An additional 8-inch line for handling residuum
from Vernon to the reservoirs at Wilmington has been completed. A
4-inch line from Vernon to San Pedro for handling refined products to
tidewater is under construction and will be in operation by January.
“ C a s i n g H e a d G a s o l i n e P l a n t s . —Company has erected jointly with the
Chanslor-Canfield Midway Oil Co. a plant for the recovery of gasoline
from the rich gas at Santa Fe Springs, and has sold the gas secured from
Signal Hill wells under favorable terms.
“ T a n k e r s . —Company has purchased two new tankers from the U. S.
Shipping Board. These tankers are of the same type as those built by
the company, and have a carrying capacity of about 70,000 barrels each.
“ P o r t l a n d S t a t i o n . —A new outlet for residuum has been secured by tho
purchase of a station site at Portland, Ore., and satisfactory contracts
for sale of residuum have been secured and new customers are now being
supplied with fuel in this district.
“ G e n e r a l C o n d i t i o n s . —The production of oil from California fields has
rapidly increased to a present rate of over 460,000 barrels per day with
70,000 barrels per day shut in. The unprecedented output has forced
all California companies to find new markets for their products, and also
to carry Increased quantities into storage. This condition is not alarming.
It throws a heavy burden upon the facilities of the marketing companies,
but offers an unusual opportunity to acquire largo stocks of oil and long­
term contracts for purchase of crude, as a guarantee for tho continuation
of successful operations by your company.”—V. 115, p. 2386, 1318.

G en e ra l T ire & R u b b e r Co.— A n n u a l

R e p o r t .—

Sales for the year ended Nov. 30 1922 are reported as $7,600,000 against
$5,846,912 for the previous year. Net profits amount to $1,060,554.—V.
115, p. 2691, 1948.

G ia n t P o rtla n d C em ent Co.— P r e f .

D iv . o f

2 % .—

A dividend of 2% has been declared on tho Preferred stock, payable Jan.
15 tonolders of record Dec. 30. In Jan., 1922, a dividend of 4% was paid
on the Preferred; none since.—V. 115, p.1215-

G ilb e rt & B e n n e tt Mfg. Co., G eorgetow n, C o n n .—
The company has increased its authorized Capital stock from $2,000,000
(all outstanding) to $2,500,000, par $100.—V. 105, p. 2547.

G ish o lt M achine

Co., M adison,

W ise.— I n c r e a s e .—

The company has increased Its authorized Capital stock from $1,250,000
to $3,600,000, par $100.

G lo u c e ste r F e rry Co.— R e c e iv e r s h ip .—

Upon application of the company, Leon G. Buckwalter has been appointed
receiver by Judge Relstab of tho U. S. District Court in Trenton. The
collision of tho Fearless, the only ferryboat owned, and tho steamboat
City of Washington, of the Wilmington, of the Wilmington Line, is practical­
ly responsible for the appointment of the receiver.

G o rd o n Co., D e tro it, M ich.— C a p i t a l

I n c r e a s e d .—

The company has increased its authorized capital from $1,800,000 to
$3,800,000.

G o u ld P a p e r Co., L yons F alls, N. Y.— C a p ita l

In creased.

The company has increased its authorized Capital stock from $2,000,000
to $10,000,000.

G ra n t-L ees G ear Co., C leveland.— B a n k r u p tc y .—

A voluntary petition in bankruptcy has been filed by the company
maker of automobile gears and transmissions. Liabilities are listed at
$382,493 and assets at $1,025,196. Company was formed in 1916.

G re a t S o u th Bay W a te r Co.— T o

In c re a se C a p ita l.—

The stockholders will vote Jan. 5 on in c a sin g theauthorized rapital
stock from $500,000 (consisting of $200,000 Common stock and $300,000
Preferred stock, par $100), to $1,000,000. to consist of *500,000 Common
stock and $500,000 Preferred stock, par $100.—V. 102, p. 1252.

G re a t W e ste rn S u g ar Co — P r e fe r r e d S to ck O ffe r e d .—
Clark, Dodge & Co. and Dominick & Dominick, are offering,




a t 108 and dividend, to yield about 6.48% , 68,000 shares
7% Cumul. Pref. (a. & d.) Stock, par $100. Bankers state:
Dividends payable Q.-J. Dividend exempt from present normal Federal
income tax. International Trust Co., Denver, registrar.
C a p i t a l i z a t i o n ( .N o F u n d e d D e b t )—
A u th o r iz e d .
Issu ed.
7 % Cumulative Preferred stock_______________ $15,000,000 $15,000,000
Common stock (par $25)______________________ 15,000,000 15,000,000
C o m p a n y . —Is the largest producer of beet sugar in the United States.
Owns and operates 16 beet sugar factories in Colorado, Montana, Wyoming
and Nebraska, and, including its railroad properties and limestone deposits,
constitutes a complete unit, with a capacity m excess of 7,000,000 bags per
annum.
Since 1910 company has increased the number of mills which it owns and
operates from 9 to 16, and in 1921 produced 7,361,000 100-lb. bags of beet
sugar, or about 30% of the total production of the United States. It is
accredited as being the lowest cost producing company in the beet sugar
industry and based on an output of 7,000,000 bags per annum, company’s
capitalization is at the exceedingly low rate of less than $4 30 per bag.
A s s e t s . —Net tangible assets May 31 1922 were $50,434,797, or $336 per
share for every share of the outstanding Preferred stock. Net current
assets amounted to $22,128,602, or $147 per share of total outstanding
Preferred stock.
For further data and balance sheet as of May 31 1922, see V. 115, p. 1105.
[The above offering, it is understood, does not constitute any now financing,
and no money therefrom will revert to the company.—Ed.]—V. 115, p.
2587, 1539.

G re en E n g in e e rin g C o rp .— B o n d

I s s u e .—

The Guaranty Trust Co. of New York has been appointed trustee,
registrar and paying agent under the company’s first mortgage dated
Oct. 1 1922, securing $225,000, of First Mtge. 7% gold bonds, maturing
$75,000 annually on Oct. 1 1924, 1925 and 1926.

G reylock Mills, N o rth A dam s, M ass.— I n c r e a s e . —

The directors have recommended that the authorized capital stock be
increased from $700,000 (all outstanding) to $1,400,000, par $100-

G u lf Oil C o rp o ra tio n .— B o n d

R e d e m p tio n .- —

Thirty-five thousand ($35,000,000) 12-year 7% sinking fund debenture
gold bonds, dated Feb. 1 1921, have been called for redemption Feb. 1 1923
at 103 and interest, at the Union Trust Co., trustee, Pittsburgh, Pa., or
at the Bankers Trust Co., New York City.—V. 115, p. 2800, 2052.

H am ilto n -B ro w n Shoe C ot— S tock

I n c r e a s e d .—

The stockholders on Dec. 26 increased the authorized Capital stock from
$4,000,000 to $5,000,000, par $25, and authorized the distribution of a 25%
stock dividend. See also V. 115, p. 2691, 2386.

H a r t & Cooly Co., H a r tfo rd , C o n n .— S to ck

D i v ., & c .—

H a th a w a y Mfg. Co., New B e d fo rd .— C a p i t a l

I n c . , & c .—

The directors have declared a 50% stock dividend to stockholders of
record Dec. 12. This will increase the capital from $660,000 to $990,000.
A quarterly dividend at the rate of 12% per annum has also been declared,
payable on the increased capital on Jail. 2 to holders of record Dec. 28.
the rate on the old capitalization was 16% per annum.
The stockholders have voted to increase the authorized Capital stock
from $1,600,000 (all outstanding) to $2,000,000, par $100, and have
approved the distribution of a 25% stock dividend.—V. 115, p. 2692.

H ayes W heel Co., J a c k s o n , M ich.— A c q u i s i t i o n . —
The company has concluded negotiations for the acquisition of the Im­
perial Wheel Co. at Flint, Mich.—V. 115, p. 2692, 2053.

Home I n s u ra n c e Co., N. Y . C ity .— C a p i t a l

I n c . , & c .—

The stockholders on Dec. 26 increased the authorized Capital stock
from $12,000,000 to $18,000,000, par $100. It is proposed to distribute
the increase as a 50% stock dividend.—V. 115, p. 2588.

H oover S u c tio n Sw eeper Co., C a n to n , O.— R e o r g a n 'n .

The company has increased its capital stock from $2,000,000 to $6,000,­
000. Reorganization of the company as the Hoover Co., it is stated, is to
be effected.

H u lm a n & Co., T erre H a u te , I n d .— S to c k

I n c r e a s e .—

The company has increased its capital stock from $900,000 to $2,500,000.
The new stock will be offered to employees. Directors of tho company are:
Anton Hulman, A. F. Meyer, J. E. Conley, Andrew Dempsey, C. C.
Tolliver and Glen J. Sampson.

Illin o is B rick Co., C h ica g o .— R e s u m e s

D iv id e n d .—

The directors have declared a dividend of 1 H % . payable Jan. 15 to
holders of record Jan. 3. A like amount was paid Jan. 15 1921: none since.
— V. 114, p. 743.

I n d e p e n d e n t S u g a r Co., M arine C ity, M ich.— S a le . —

The real estate, buildings and equipment of the company will be sold
at public auction at the company’s plant, Marino City, Mich., on Jan. 20
1923, by William S. Sayers, Jr., Special Master, at the upset price of
$300,000, subject to $186,900 outstanding bonds held by First Trust &
Savings Co. of Cleveland.
The property offered will include all real estate, buildings, machinery,
equipment and inventories but not cash, accounts and notes receivable,
securities or other book assets. The buildings and equipment exclusive of
the land have been appraised at over $1,000,000, and the land at over
$130,000. Tho Detroit Trust Co. is receiver.—V. 115, p. 1844.

I n d ia n a E le c tric C orp.— M e r g e r

U p h e l d .—

The Indiana Supreme Court has reversed the decision of Judge Linn D.
Hay of tho Marion Superior Court and has sustained the order of the
Indiana P. S. Commission authorizing the above company to merge seven
utility companies and for that purpose to issue about $17,500,00O in se­
curities. Tho decision says in substance:
The P. S. Commission had jurisdiction and is judge of the facts as to
what amount of securities should be issued, and the action of the Commis­
sion stands unless fraud is shown.
It was a suit in chancery, both parties taking the position that there
is no provision in the P. 8. Commission law for an appeal from an ordor on
the question of securities or permission of one utility to buy other utilities.
It being a suit in chancery, the Supreme Court holds that such a suit
is a “collateral attack on tho Commission and can only succeed in case the
order was wholly void, either because of fraud which entered into it, or be­
cause the Commission was without Jurisdiction, or exceeded its jurisdic­
tion in making such order.”
The Commission may have been in error in thinking the testimony of the
witnesses as to the value of the properties was entitled to credit, “but a
mere mistake of judgment is not fraud.”
The “mere averment” that the properties for which $17,500,000 in secur­
ities were authorized were worth not more than $10,300,000. "does not
charge fraud.”
If the Commission kept within its jurisdiction, which the decision says
it did, and its action was not vitiated by fraud, then its decision as to all
questions of value of the properties, the sufficiency of the income to pay
interest and dividends on bonds and stocks authorized, and the petition­
er’s (Indiana Electric Corp.) qualifications as a purchaser “is conclusive
upon the courts in a collateral (chancery) action.”
Where the stockholders of interlocking companies concerned consent
to all that is done, the fact that the same interests were involved in buy­
ing and selling does not necessarily make the transaction void in the ab­
sence of facts showing fraud.
The opinion recites that tho Commission, in its order, said its valua­
tion for purchase and sale should not be "considered as a finding or indi­
cation" of the value for rate-making. The opinion then says:
“Whatever else may bo said or thought of this finding, it certainly
will preclude appellant (Indiana Electric Corp.) from setting up this
valuation as the basis for charging excessive rates to defraud the resi­
dents of appellee cities.”
As to the allegation of the cities, parties to the case, that the author­
ized purchase of seven utility companies conflicts with a law author­
izing a city to purchase or hold the majority of the stock of a light, heat or
power utility, the opinion says this law was enacted before tho P. S. Com­
mission law, and hence any right of cities to purchase stock in a utility is
governed by the P. S. Commission law, subject to the approval of the Com­
mission. Moreover, the combining of all seven properties in one. the Court,

2912

THE CHRONICLE

[V ol. 115.

says, would not prevent a city from buying the property of tho new company
“Justice Lewis has decided that tho charter granted to the General Car­
within a city.
riage Co., Chapter 470 of tho Laws of 1899, of which tho Manhattan Transit
After citing several laws raised in the suit, the opinion says: “Inter- Co. is now the owner, is a good and valid statute. He has refused the
reted in the light of tho facts, we have stated, the provisions (on tho application for injunction applying to the exercise of the charter throughout
S.
Commission law) last quoted clearly authorize any and all corpora­
Greater New York, but has allowed an injunction to maintain over the route
tions organized and operating as public utilities to buy from and sell to that has been occupied by the Manhattan Transit Co. in Kings County,
each other, on terms fixed by the Commission, whether they do or do not Brooklyn, on account of the Manhattan Transit Co. not complying with the
own and operate intersecting and parallel lines, or conduct their business in latest statutes passed by the Legislature, making it compulsory for the
the same locality.”
Manhattan Transit Co. to comply with the regulatory laws passed by the
The Indiana Electric Corporation, in its first articles of incorporation, Legislature governing franchises in their operation.
had a small amount of capital stock. The cities of Indianapolis and Ko­
“These laWs will be complied with fully in the new routes to be established
komo, bringing the suit, alleged that the company did not have sufficient by the company at once, both here and in Buffalo, the charter granting not
capital or facilities to "come within the description of a public utility only full rights in Greater New York but also in the City of Buffalo.”—
which could be lawfully given authority to issue stocks, bonds and notes to V. 100, p. 1514.
.
the amount of $17,500,000." On this point the Supremo Court says these
were questions of fact for the Commission to decide preliminary to taking
Melville Shoe C orp., New Y o rk .— S to ck D i v i d e n d .—
• action.
A stock dividend has been declared on the outstanding Common stock,
[Since the above suit was started some of tho utility companies which no par value, payable in Preferred shares, at the rate of 1-10 of a Preferred
were to make up tho Indiana Electric Corp. have been merged with the share for each Common share held to holders of record Dec. 20.— V.
Central Indiana Power Co. or the Northern Indiana Power Co. See V. 109, p. 1798.
115, p. 2585, 2590.]— V. 115, p. 2588.

?

M engel B ody Co., In c ., L ouisville, K y.— O r g a n iz e d .—

I n d u s tr ia l B y -P ro d u cts, In c .— R e g is tr a r .—
This company was recently incorporated in New Jersey with an author­
The Guaranty Trust Co. of N. Y. has been appointed registrar for ized capital of $1,000,000, by officials of tho Mengel Co. and interests con­
200,000 shares of Pref. stock, par $10, and 300,000 shares of Com. stock, nected with Durant Motors, Inc. The company has begun work on an
par $10.
automobile wood parts and body manufacturing plant at 4th and G Sts.,
comprising a 30-acre site, lately acquired. The plant will include large
In te r la k e S team sh ip Co.— D i v id e n d s , & c .—
machining shops,
house,
The stockholders on Dec. 7 changed the capital stock from shares of $100 200,000 sq. ft. ofdry kilns, power will costfinishing room, aggregating
floor space, and
in excess of $500,000, with
par to shares of no par value and the exchange of the old sharos for the new machinery.
shares in the ratio of one old to three new.
Tho directors on Dec. 20 declared a dividend of a lump sum of $243,750,
payable on Jan. 1 to stockholders of record on Dec. 21. This amount can
be taken by the stockholders in either way—that is, a dividend of 3M%
on the old outstanding stock, or $1 25 per share on the new stock. With
the Jan. 1 dividend the stockholders will receive a notice requesting them to
send in their old certificates of the par value of $100 to the Guardian Savings
& Trust Co. to be exchanged for the new.
The directors also declared a dividend of $1 25 on the now no-par stock,
payable on April 1 to stockholders of record March 20. See also V.
115, p. 2800.
Total___
$6,912,934 $6,608,351
Total.................. $6,912,934 $6,608,351
I n te r s ta te G aso line & Oil Co.— S u i t .—
x Includes reserve for taxes.— V. 115, p. 1330.
A suit to recover $675,474 from stockholders of tho company was filed
M e tro p o lita n S to rag e W areh o u se , N. Y. C ity .— B o n d s .
in U. S. District Court at Pittsburgh, Dec. 20, by attorneys representing
G.
L. Miller & Co., of New York, are offering, at par and interest,
trustees in bankruptcy. Company, was placed in receivership in Sept.
$500,000 First Mtge. Serial 6j^% bonds. Secured by the Metropolitan
1921—V. 113, p. 1161.
Storage Warehouse, to be erected on Amsterdam Ave. near West 83d St.,
In te rw o v e n Mill, In c . (N. J .) .— S to ck I n c r e a s e d .—
New York. The property when completed has been appraised at $755,075,
The company has increased its authorized Capital stock from $1,500,000 and annual net earnings are estimated at $107,504.
to $3,000,000.
M ich ig an S ta te T elep h o n e Co.— W o u ld A c q u ir e P r o p .—
See Citizens Telephone Co. above.— V. 115, p. 2693, 876.
In te rw o v e n S to ck in g Co., New B ru n sw ick , N. J . —
The company has increased its authorized capital stock from $1,000,000
M illers F alls Co., B o sto n .— S tock I n c r e a s e d , & c .—
(consisting of $400,000 Preferred and $600,000 Common stock) to $6,000,­
The stockholders recently increased the authorized Common stock from
000 to consist of $2,000,000 Preferred and $4,000,000 Common stock.
$300,000 to $900,000, and reduced tho par value of the Common shares
Iro q u o is N a tu ra l Gas Co., B u ffalo .— C a p ita l I n c r e a s e . from $100 to $50. The increase will bo distributed as a 200% stock dividend
holders of record Dec. 16.
The company has increased its capital from $11,000,000 to $15,000,000. to The company also has an authorized issue of $1,000,000 Preferred stock,
—V. 115, p. 1436: V. 113, p. 1059.
par $100, all outstanding.
J u d s o n Mills, G reenville, S. C.— S to ck

I n c r e a s e d .—

Tho stockholders on Dec. 27 increased the authorized capital slock from
$2,500,000 to $3,250,000. The additional capital, it is stated, will be used
in connection with the large plant expansion now under way.—V. 115,p.2693.

K an sa s C ity S tock Y ard s Co.— E x tr a

D iv id e n d .—

An extra dividend of 1% has been declared on the outstanding $5,000,000
Common stock, par $100, payable Jan. 2.—V. 113, p. 1366.

K a n sa s C ity T elep h o n e Co.— T o

P a y B o n d s .—

The $3,000,000 5% bonds of the Kansas City Home Telephone Co., duo
Jan. 1, will be paid off on Jan. 2 1923, at office of Mississippi Valley Trust
Co.— V. 115. p. 2485.

K roger G rocery & B ak in g Co.— C a p ita l

I n c r e a s e , & c .—

The stockholders have voted to increase the authorized Common stock
from $3,000,000 to $6,000,000, par $100.
Tho directors have declared a dividend of 10% on the Common stock
payable Dec. 30 to holders of record Dec. 29.— V. 115, p. 2386.

L a c k a w a n n a S teel Co.— S tr ic k e n

O f f L is t . —

M ilw aukee Coke & Gas Co.— B o n d s

C a lle d .—

One hundred sixty-seven ($167,000) 1st Mtge. 7 H% Coll. Sinking Fund
Gold bonds, dated Feb. 1 1921, have been called for redemption Feb. 1
1923 at 103 and int. at the Union Trust Co., 814 Euclid Ave., Cleveland,
Ohio.—V. 113, p. 2623.

M otor P ro d u c ts C orp., D e tro it, M ich.— D i v .

In crea sed .

The directors have declared a quarterly dividend of $1 75 per share
on the outstanding capital stock, no par value, payable Feb. 1 to holders
of record Jan. 20. Dividends of $1 25 per share have been paid quarterly
from Feb. 1921 to Nov. 1922, incl.— V. 113, p. 1060, 1051.

M o u n ta in S ta te s P ow er Co.— C o n s o lid a tio n .—

See Standard Gas & Electric Co. below.—V. 115, p. 2276.

N ash M otors Co.— R e g is tr a r . —

Tho Mechanics & Metals National Bank of the City of New York has
been appointed registrar in New York for the new issue of Pref. A stock.
See also V. 115, p. 2802.

N a tio n a l S u re ty Co.— L is tin g —

S to ck D i v i d e n d .—

Thp New York Stock Exchange has stricken from the list the companv’s
The New York Stock Exchange has authorized the Using on or after
351.085 shares of Capital stock, par $100. Of the outstanding stock only Dec. 29 of $3,000,000 additional capital stock, par $100, on official notice
1.3,000 shares have not as yet been turned in for conversion into Bethlehem of issuance as a 42 6-7% stock dividend, making the total applied for
Steel securities.— V. 115, p. 2386.
$10,000,000. The stockholders on Dec. 28 increased tho capital stock
from $7,000,000 to $10,000,000. Each holder of record Dec. 29 of 7
L a n s to n M onotype M achine Co.— N e w O f fic e r . —
shares will receive 3 additional shares as a 42 6-7% stock dividend.—
Harvey D. Best has been elected 2d Vice-President and a director. V. 115, p. 2694.
W. Arthur Sellman has resigned as a director.—V. 115, p. 1949, 314.

L aw to n Mills C orp., B o sto n .— E x tr a

N au m k eag S team C o tto n Co.— S p e c ia l

D iv id e n d .—

An extra dividend of 2% has been declared on the stock in addition to tho
regular quarterly dividend of 2%, both payable Dec. 30 to holders of
record Dec. 22.

L a w to n S p in n in g Co., W oonsocket, R .I.— R e tir e m e n t .—

The company has retired $600,000 of Pref. stock. The company now
has an authorized capital of $1,200,000 Common stock and $600,000 Pref.
stock, par $100, all outstanding.

L in c o ln M a n u fa c tu rin g Co.— S to ck

I n c r e a s e d .—

The stockholders on Dec. 21 increased the authorized capital stock from
$1,625 000 (all outstanding) to $2,250,000, par $100. It is proposed to
distribute the additional stock as a stock dividend of about 40%.— V. 115,
p. 2693.

L it Bros. C orp., P h ila .— S to c k

& c .—

In creased,

The stockholders on Dec. 23 increased the authorized capital stock from
$3,500,000 to $10,000,000, par $10. It is proposed to distribute $3,500,000
of the new stock as a 100% stock dividend. Of the remaining $3,000,000
authorized stock, $1 .O O O will be offered at par to stockholders pro rata.
O .O 0
The remaining $2,000,000 wUl be held in the treasury.—V. 115, p. 2589,
2485.

V

L ittle F alls (N. Y.) F e lt Shoe Co.— S to c k

I n c r e a s e .—

The company has filed a certificate at Albany, N. Y ., showing an increase
in capital stock from $100,000 to $900,000.

L loyds P la te G lass I n s u ra n c e Co., N. Y.— C a p ita l

In c.

The stockholders on Dec. 18 increased the authorized Capital stock
from $500,000 to $750,000, par $100. The new stock was distributed
Dec. 28 as a 50% stock dividend to holders of record Dec. 18.

(F rederick) Looser & Co., Inc.-— S to ck

D i v i d e n d , & c .—

The directors have declared a 200% stock dividend.
The stockholders on Dec. 28 increased the authorized Capital stock from
$3,000,000 to $12,000.000.— V. 115, p. 2801.

(M.) L o w e n ste in & S ons, In c ., N. Y.— S to c k

D i v . , & c .—

F The directors have declared a 100% ($600,000) stock dividend on the
outstanding 6,000 shares of Common stock, no par value, payable in 2d
Pref. stock, par $100. Each holder of one share of Common stock will
receive one share of 2d Pref. stock.
,„.^
„ , ,
The stockholders on Dec. 22 increased the authorized 2d Pref. stock from
$2,027,000 to $2,527,000. The authorized capital (after the above increase)
consists of $1,428,000 1st Pref. stock, par $100; $2,527,000 2d Pref. stock,
par $100; 9,000 shares of Common stock, no par value.— V. 115, p. 2693.

M a n h a tta n T ra n s it Co.— B u s

D e c i s i o n .—

In connection with tho recent decision of Justice Lewis, President Joseph
H. Hoadley says:
“A decision has been handed down by Justice Lewis, of tho Supreme
Court, Kings County, in the case of the Brooklyn City RR., plaintiff, and
the Manhattan Transit Co., defendant. The action was brought by the
Brooklyn City RR. to prevent operation by the Manhattan Transit Co. of
busesjthroughout Greater New York.




D iv . o f

5 % .—

A special dividend of 5% has been declared on the stock, together with
the regular semi-annual dividend of 5%, both payable Jan. 2 to holders of
record Dec. 22. A like amount was paid extra in July 1919; in Jan. and
July 1921 and in Jan. and July 1922.— V. 115, p. 987.

N eild Mfg. Co., New B edford,

M ass.— I n c r e a s e .—

The stockholders have voted to increaso tho authorized Capital stock
from $800,000 to $1,200,000 It is proposed to distribute the Increase as
a 50% stock dividend.—V. 115, p. 2694, 2166.

New A lb an y (In d .) V en eerin g Co .— B o n d s O f fe r e d .—
Peabody, Houghteling & Co., Inc., New York, are offering
a t prices ranging from par and int. to 101.39 and int. accord­
ing to m aturity, $500,000 1st M tge. 7% serial bonds.

Dated Dec. 1 1922. Due annually Dec. 1 i 23 to 193i, incl. Red.
in reverse of numerical ord.r at par and int. toga .,r w,tu a premium of
j-2 of 1 % for each year or fraction thereof of the unexoir d term of the bonds
so redeemed. Denom. $1,000 and $500 (c*), payable at First Trust &
Savings Bank, Chicago, trustee, without deduction for Federal income
tax, not in excess of 2%.
E a r n i n g s . —For the 6 fiscal years ended Mar. 31 1922, average annual
earnings available for interest, depreciation and Federal tax<\s have been
$163,552, or over 4 M times maximum interest requirements for thoso
bonds. Earnings for the 7 months ended Oct. 31 1922, are at tho rate of
approximately $85,000 per annum.
C o m p a n y . — Incorp. in 1907 in Indiana.
Product consists of plywood
built up in multiple plies, tho surface veneers being mostly mahogany,
domestic and imported walnuts, quartered and plain oak, birch, gum and
poplar. It is used in the manufacture of high-grade household and office
furniture, music cabinets, pianos, doors, paneling for interior finish, auto­
mobile and truck building, aeroplane manufacture, &c. Owns in fee sim­
ple, 4,200 acres of timber lands, on which is a stand of more than 30,000,000
1'eet of gum. oak and ash timber. Adjacent to this timber tract, at Navco,
Ala., a band mill of 40,000 ft. daily capacity has been built and is now oper­
ating.
D i v i d e n d s . —From 1908 to 1922, business has earnod and paid cash divi­
dends averaging 8 H % annually, and from earnings alone has added over
$500,000 to net worth.
C a p ita liz a tio n .

A u th o r iz e d .

O u ts ta n d in g .

6% Preferred stock------------------------------------------- $250,000
$234,000
Common stock________________________________1,000,000
834,700
1st Mtge. serial bonds-------------------- -—-- -------- 750,000
500,000
P u r p o s e . —Present financing is incidental to the acquisition of the prop­
erties at Navco, Ala., and tho proceeds will bo used to reimburse company
for this expenditure and for the construction of a lumber core plant and a
rotary mill there.

New Id ria Q uicksilver M ining Co.— S a le .—

The entire property was sold at recei ver’s sale at Hollister, Calif., Dec. 23,
at the upset price of $300,000. V.. 115, p. 2485, 2166.

New Je rse y Z inc Co.— E x tr a

D iv id e n d o f 2 % .—

An extra dividend of 2% has been declared on the stock, in addition to
the regular quarterly dividend of 2%. _The oxtra dividend is payable

D ec. 30 1922.]

THE CHRONICLE

Jan. 10 to holders o f record D ec. 30, and the regular dividend is payable
Feb. 10 to holders of record Jan. 3 1 .— V . 115, p. 2055, 1737.

New Niquero Sugar Co.— 200% S to ck D i v i d e n d .—
The directors have declared a 2 0 0 % stock dividend, payable D ec. 29 to
holders c f record D ec. 28.
The stockholders have approved a decrease in the authorized capitaliza­
tion from $5,500,000 to $ 4 ,500,000, par $100, by cancelling $1,000,000 Pre­
ferred stock, which has been exchanged for Common stock, par for par.
A fter the exchange there was outstanding $1,500,000 Common stock, on
which the 2 0 0 % stock dividend is payable.— V . 115, p. 2694, 2803.

Newton Steel Co., Youngstown, O.— C o n s tr u c tio n —
The company announces a revision o f its original program o f expansion
in Newton Falls, Trumbull C ounty, Ohio. Eight new sheet mills will bo
installed instead of six, increasing the facilities o f the plant to 18 complete
units. It is expected that four o f the new mills will commence operations
early next year.— V . 115, p. 2694.

Peoples United Telephone Co., W. Va.— S a le . —
As a result of a suit instituted by Frank L . Taylor, former manager,
and several assistants, all tho property o f the company in Lewis, Braxton
and Gilmer counties, W . V a .. will be offered for sale at public auction
Jan. 20 at the Lewis C ounty Court House at W eston b y W . R . Simmons
and Bork S. Stathers o f W eston, special commissioners.

Philadelphia & Camden Ferry Co.— L a r g e r D i v i d e n d . —
A quarterly dividend of 6 % has been declared on tho outstanding $ 1 ,968.­
750 capital stock, par $50, payable Jan. 10 to holders o f record D ec. 29.
Quarterly dividends of 5 % each were paid in July and O ct. last.
A special div. o f $10 per share is payable to-day (Dec. 3 0 ) .— V .115 .P .269 5.

Philadelphia Electric Co.— W a g e D iv i d e n d . —
President Joseph B . M cC all announces that “ the employees will receive
a proper reward in the shape o f a dividend on their yearly wagos, ranging
from 2 to 8 % , based upon years o f service with the company, and amount­
ing approximately to $300,000 for the year 1922.” — V . 115, p. 2277, 1951.

New York Air Brake Co.— N e w D ir e c to r .—
.1 W . Cutler, o f Edward B . Smith & C o ., has been elected a director.
— V . 115, p. 2803, 2486.

New York Transportation Co.— E a r n i n g s .—

Consolidated Income Account— 6 Months ended June SO 1922 ( Incl. Sub. Cos.)
$6,209
Gross earnings___________ $2,755,854 M a tls. & equip, scrapped.
448,368
M aint. o f plant & equip. _
N ot income_____________ $650,669
Traffic & transportation.. 1,217,068
General expenses_________
230,442 Surplus Jan. 1 1922_______ 2,362,689

2913

Philadelphia Insulated Wire Co.— E x tr a D i v i d e n d . —
A n extra dividend of 50 cents per share lias been declared on the out­
standing Capital stock, no par value, in addition to a semi-annual dividend
of $1 50 per share, betb payable Feb. 1 to holders o f record Jan. 15. In
August last a semi-annual dividend o f $1 50 per share was paid, compared
with $1 per share in February last.— V . 115. p. 2278, 1107.

Phillips Wire Co., Pawtucket, R. I.— C a p i t a l C h a n g e s . —
The company has reduced its authorized Capital stock from $2,500,000
to $ 1 ,250,000, par $100, and, it is stated, has issued 25,000 shares o f Capital
stock, no par value.

T o ta l__________
$3,013,358
$859,974
Piggly Wiggly Stores, Inc.— S t a tu s , & c . —
77,327 Deduct— Dividends___________________ 235,000
l’ res. Clarence Saunders, in a letter to stockholders D ec. 2 3 , says in subst.:
P . & L . charges_______
52,924
“ There has be°n so m any rumors of all kinds that had no foundation
Gross income___________ $937,302
in fact, that I wish to advise briefly as to certain things concerning our
. _
Taxes (city. State & Fed.)
280,423 Surplus June 30 1922---------$2,725,434
business.
See also Fifth A v e. Bus Securities Corp. above.— V . 115, p. 2486.
“ (1) N et profits for Novem ber, the largest in our history, totaled more
than $125 ,00 0 and profits for December should likewise bo a record breaker.
North Butte Mining Co.— P r o d u c tio n .—
“ (2) It is not contemplated by the management at the present time
. The company in Novem ber last, produced 1,700,000 lbs of copper, com­
that we will consider even at a later date an increase in the Com m on stock.
pared .with approximately the same amount in October; 1,000,000 lbs. in
“ (3) I wish it to be understood by everyone that I undertook to support
September, and 1,400,000 lbs in August.— V . 115, p. 2590, 2055tho market against the first ‘bear’ raid that was made on tho stock by
North Missouri Power Co.— B o n d s O ffe r e d . — Central speculators and others strictly on the basis that 1 wished to have the
holders of the stock protected against a loss that would have resulted because
Trust Co. of Illinois and the Guaranty Trust Co. of Kansas of fear that would have been brought about through very low quotations
City, M o., are offering, at 100 and int., $850,000 1st mtge. on the stock exchanges, and it m ay be interesting for you to know that
the market price of the stock is now very secure.” — V . 115, p . 2486 , 2389.
Operating revenue_____
Other income credits_____

& Ref. 6 H % bonds.

sq(

Com panv serves 37 communities with an aggregate population ot Ja.o'Ji.
S e eV . 115, p 2277

Northern Ontario Light & Power Co.— B o n d s O f fe r e d .—
Aemilius Jarvis & C o ., M ontreal, recently offered at 93 and int. Slot).660
6 % 1st M tg e. gold bonds of 1911.
Duo April 1 1931. Authorized $ 1 5 ,­
600,0 0 0 ; issued, $ 5 ,8 9 3 ,5 0 0 , of which $ 1 ,387,000 now held in the sinking
fun.— V . 115, p. 444.

Pittsburgh Coal Co.— R e s u m e s C o m m o n D i v i d e n d s . —
Tlie directors have declared a quarterly dividend o f 1 % on the outstanding
$ 3 2 ,169 ,200 common stock, par $100, payable Jan, 25 to holders o f record
Jan. 5. Quarterly dividends o f 1 ! ( % each have been paid on tho Com m on
stock from April 1918 to July 1922. inclusive; the October 1922 dividend
was omitted. Compare V . 115, p. 1542.

Onomea Sugar Co., Hawaii.— E x tr a D iv i d e n d . —
An extra dividend of $1 per share was payable on the stock D ec. 20 to
holders of record D ec. 15, In addition to the regular m onthly dividend or
20 cents per share. The company in O ct. and N o v . last, paid 2 special
dividends of 60 cents per share, which, together with the D ec. dividends,
brings total disbursements for 1922 to $2 40 per share.— V . 115, p. 210b,
1217.

Ontario Power Co. (Calif.).— T o I s s u e S to c k . —
The California R H . Commission lias authorized tho company to issue
$52,000 of 7 % Cum ul. Pref. stock, proceeds to be used to pay for additions
and betterments made from June 1 to O ct. 31 of this year.— \ , 115, p. 654.

Otis Elevator Co.— N o t to S p l i t S h a r e s . —
Chairman W . D . Baldwin has denied a split-up o f tho Com m on shares
on the basis o f 4 for 1 is likely.
“ N o such action is contemplated, ho said.
— V . 115, p. 1845, 1217.

Packard Motor Car Co.— E a r n in g s . —
The company reports for the 3 months ended N o v . 30 1922 net profits
o f $2,553,164; preferred dividends paid, $258,821; Common dividends paid,
$594,257; surplus for tho quarter, $1,700,087; profit & loss surplus N o v . 30
1922, $18,704 ,525 , against a profit & loss surplus of $17,004,438 A u g. 31.
Balance Sheet AT 30.
ov.
Liabilities—
1922.
Assets—
1922.
Preferred stock__________ $14,676,200
Property account-- $20,872,542
S. F . for retire, o f bonds.
100 Common stock___________x l 1,885,100
10-yr. gold bonds________
6,926.500
Current assets____ 33.592,811
Current liabilities_______
2,371.600
Prepaid item s_____
826.978
Reserve for contingencies
728,505
T otal (each side)_____ $55,292,431 Profit & loss surplus____ 18,704,526
x Before 100% stock dividend, paid ~ ec. "
D
16. V . 115, p. 2695, 2474.

Paper Board Corp. of Tonawanda, N. Y . — B o n d s
Hutton & Pomeroy, Inc., Buffalo,
are offering at par and int. $500,000 1st (closed) Mtge.
15-Year 7% Sinking Fund gold bonds.
D ated Oct. 1 1922. Duo Oct. 1 1937. In t. payable A . & q. in N . Y .
O f fe r e d .— Schoelikopf,

C ity and Tonawanda, N . Y . , without deduction o f normal Federal income
tax not in excess o f 2 % .
Denom . $ 1,000, $500 and $100 (c*). Red. in
whole, but not in part, except for sinking fund, at 107H and int. beginning
on Oct. 1 1927, thereafter the redemption price to be reduced by 3 o f 1 %
A
each succeeding year. First Trust C o. o f Tonawanda, N . Y . , trustee.

D ata from L ette r o f P res. M aurice W. S im o n , T o n a w a n d a , D ec. 4.

Company.— Takes over the land, buildings and equipment o f Tonawanda
Board & Paper C o ., a paper mill which is well equipped and able to produce
120 tons, with a maximum o f 140 tons, o f box board per day. M ill located
at Tonawanda, N . Y . , has over 1,000 feet o f improved dockage along tho
river and canal and has, in addition, excellent railroad shipping facilities.
W aste paper constitutes tho principal raw material and can be purchased
locally so that manufacturing costs are low and continuous operation un­
hampered by transportation strikes or freight embargoes. Product is sold
principally to box manufacturers, to makers o f solid fibre shipping cases
and corrugated containers, and for many other paper board specialties.
Sinking Fund.-— Commencing April 1 1924, and on each April 1 there­
after, until all bonds have been redeemed, company agrees to pay to the
trustee 2 5 % o f net earnings for the preceding year, after provision for in t.,
taxes and depreciation. A minimum amount for the sinking fund, equal to
5 % o f the outstanding bonds, is to bo paid to the trustee annually, com­
mencing Oct. 1 1927. Commencing April 1 1928 the difference between the
amount paid on the preceding Oct. 1 and 2 5 % o f tho net income for the
preceding year, or 5 % o f the bonds outstanding Oct. 1 1927, whichever is
greater, will bo paid to tho trustee annually. These provisions are suffi­
cient to retire all bonds by m aturity.
Earnings.— For the ten years 1910 to 1919, incl., total earnings amounted
to $2,140 ,0 0 0 , or an average o f $214 ,00 0 per year. Cash dividends during
this period amounted to $1,3 3 5 ,0 0 0 . Balance o f earnings were put into
plant improvement, extensions, &c. Averago yearly earnings over this
10-year period is equal to over 6 times interest charges on this issue.
In 1919 the plant was sold to tho Beaver Board C o ., who operated it as a
subsidiary plant for the manufacture o f wall board, taking its product
entirely out o f the box board m arket, consequently tho figures for subse­
quent years are not Included.
Balance Sheet as of Oct. 28 1922 (After Present Financing).
Liabilities—
Assets—
$2.992
C a s h ............................
$24,828 Trade acceptances payable.
78,761
Accounts receivable________
72,368 Accounts payable--------------8,524
Inventories_________________
155,052 Salaries and wages accrued.
Interest accruod------------------2,722
Land, buildings and equip­
m ent, loss depreciation.. 1,497,072 First M ortgage 7 s--------------- 500,000
Deferred charges___________ 125,759 8 % Cumulative Pref. stock 474,000
Com m on stock (8,000 shares
without par)--------------------- 808,081
Total (each side)_______ $1,875,081
part payment of the purchaso price
Purpose.— Proceeds will bo used in _
_
o f tho plant from tho Beaver Products C o ., Inc.
Directors.— Fred Engelking, Oliver Goldsmith, A . E . Hedstrom , D avid
L . Johnston, J. F . Schoelikopf Jr., Maurice W . Simon, Pres., D avid B . Levi.




Pittsburgh Plate Glass Co.— A s k s
tio n f o r S e iz u r e o f B e lg ia n P l a n t .—

$2,000,000 C o m p e n s a ­

A W ashington dispatch states that the first two of tho many American
claims against Germany to be adjudicated b y the M ixed Claims Commission,
established by agreement between the United States and G erm any, have
just been submitted to that body for decision. One of them is understood
to be the claim o f this company for about $ 2 ,000,000 covering damages for
the complete requisitioning o f its plant b y tho Germans in Belgium .—
V . 115, p. 2486, 1330.

Pocahontas Fuel Co., Inc.— 300% S to ck D i v i d e n d . —
The State Corporation Commission o f M aryland, has authorized the
company to declare a 3 0 0 % stock dividend on the outstanding $ 4 ,520,000
Common stock, par $100. payable Dec. 30. This distribution increased
tho outstanding Common stock to $ 1 8 ,0 8 0 .0 0 0 .— V . 115, p. 2167.

Pond Creek Coal Co.— S a le to H e n r y F o r d . —
Boston dispatches D ec. 28 state that Pres. T . B . D avis announced
that the Ford M otor C o. has purchased tho coal lands, mining plants,
and equipment o f the company, located in Pike C ounty, K y ., and that
it would mako delivery at the close o f business D ec. 30. Full cash con­
sideration covering tho transaction has been despoited in tho National
Shawmut Bank, in escrow pending examination of title. The directors
have confirmed the sale and have authorized calling a meeting o f stock­
holders to ratify their action. M r . D avis estimates that upon final liqui­
dation after collection o f accounts receivable, the net worth w.ll approximate
$45 a share.— V . 115. p . 2803, 2278.

Port Hope Sanitary Mfg. Co., Ltd.— I n i t i a l D i v i d e n d . —
A n initial dividend o f 6 % has been declared on tho Com m on stock.
President L . M . W ood points out that tho businoss o f the com pany has been
fairly good during the last two or three years, during which time no divi­
dends had been paid on the Com m on shares.

Providence (R. I.) Gas Co.— T o C u t G a s R a te s . —
The company announces a voluntary reduction o f 5 cents per 1,000 cu.
ft. effective Feb. 1 1923.— V . 115, p. 1542.

Puget Sound Gas Co.— C o n s o lid a tio n . —
See Standard Gas & Electric C o. below.— V . 108, p. 2439.

Rand Mines, Ltd.— I n t e r i m D i v i d e n d .—
The Bankers Trust C o. has been advised o f the declaration of Dividem
N o . 29, an interim . ivir end o f 8 0 % equivalent to 4s. sterling per Ordinary;
share. The dividend will amount to 10s. sterling per “ American share,
and will bo paid in London on or about Feb. 12 1923.— V . 115, p. 2695, 2278.

Reading Rubber Mfg. Co.— S tock I n c r e a s e s , & c . —
The company has filed a certificate with the Massachusetts D ept, o f
Public Utilities showing an increase in capital stock from $ 250 ,00 0 to $< 5 0.­
000, tho additional stock to bo distributed as a 2 0 0 % stock dividend to
holders of record D ec. 13.
The surplus, N o v . 1 1922, was $576 ,89 3.

Reed-Prentice Co.— N e w O ffic e r , & c . —
Merrill G . Hastings has been elected Treasurer, succeeding J. W . Lund.
J. V . Critchley has been elected a director, succeeding ^ lr . Lund. \ . 115,
p. 2389, 1739.

Regal Shoe Co.— R e s u m e s P r e f e r r e d D i v i d e n d . —

A quarterly dividend o f 1 % % has been declared on the Preferred stock,
payable Jan. 2 to holders o f record D ec. 20. In Jan. 1922 a like amount
was paid; none since.— V . 115, p. 2695.

Republic Cotton Mills, Gt. Falls, S. C.— S tock D i e . , & c .
The company has increased its authorized capital stock from $1,200,000
to $3 000 000 par $100. The now stock, it is understood, will be dis­
tributed as a 1 50% stock dividend— V . 115, p. 2390.

Republic Motor Truck Co.— D e a lin g s S u s p e n d e d . —
On N ov 15 last at a meeting o f the Governing Com m ittee o f the New
Y o rk Stock Exchange, dealings in tho Com m on stock without nominal or
m r value were suspended until further direction o f the Governing Com­
*
initteo.— ar. 115, p . 2487 1846.
V 1 t K T 9.187

Reynolds Spring Co., Jackson, Mich.— O r d e r .—
rnmoanv is reported to have received an order for 25,000 sets of
seat springs from the Ford M otor C o .— V. 115, p. 1952.

Rice-Stix Dry Goods Co., St. Louis.— S to c k D i v .—
The directors have declared a 42 6 -7 % stock dividend on the outstanding
81 400 000 Common stock, par $100, payable in Common stock to holders
I V r r t n e e . 27. This distribution will bring the outstanding Common
stock to $2,0 0 0 ,0 0 0 , total authorized.— V . 104, p. 768.

Rockland Light & Power Co.— S u b . C o . I n c r e a s e .—
The New Jersey P. U . Commission has authorized the Rockland Electric
Co of New Jersey, to issue $200 ,00 0 Capital stock, par $100. The Rock­
land Electric C o. is controlled by the Rockland Light & Power C o .— V .1 1 3 .
p. 1583.

2914

THE CHEONTCLE

(Dwight P.) Robinson & Co.— O w n e r s h ip — C o n tr a c t .—

Southern States Oil Corp.— A c q u i s i t io n .•
—

See 580 Park Avenue Apartm ent Building above.
See Freeport (Texas) Sulphur C o. above.— V . 115, p . 2056, 1542.

The company has acquired control, effective D ec. 21, o f the three R . J.
M cM urray properties in the Smackover, A rk., field. Three wells are on
one o f the properties. Control also is obtained of the M cM urray pipe
line, connecting the properties with the Missouri Pacific R R ., and all oil
now on hand, estimated at around 100,000 barrels. This eontreat will not
increase the present capitalization o f Southern States Oil C orp.— V . 115,
p . 2592.

St. Louis Globe-Democrat.— S to c k D i v i d e n d , & c . —
Th e stockholders have increased the authorized capital stock from
1500,000 to 5 1 ,000,000 and have authorized the distribution o f a 1 0 0 %
stock dividend. E . Lansing R ay is President.

Saco-Lowell Shops, Boston.— C a p ita l I n c r e a s e , & c . —

Standard Gas & Electric Co.— T o M e r g e r S u h s id . C o s . —

The stockholders on Dec. 28 increased the authorized capital stock by
the issuance o f 5 2 ,643.800 new 2nd Pref. stock. The new stock will be
distributed to Common holders o f record Dec. 28, as a 5 0 % stock dividend
on the outstanding $5,287,500 Com m on stock, par $100. Compare V . 115,
p. 2804.

Sagamore Mfg. Co., Fall River.— S to ck D i v i d e n d , & c . —•
The directors last week declared a 66 2 -3 % stock dividend, payable
D ec. 26 to holders o f record D ec. 18. The stockholders on Dec. 18 increased
the authorized Capital stock from S I .800,000 (all outstanding) to $ 3 ,0 0 0 ,­
000, par $100.— V . 115, p. 2592.

Salem (Mass.) Electric Lighting Co.— N o te s O f fe r e d . —
M e r r ill, O ld h a m & C o . , B o s t o n , r e c e n tly o ffe r e d a t 100 a n d
int. $ 5 0 0 ,0 0 0 3 -Y e a r 5 % C o u p o n g o ld n o t e s . A circu la r
sh o w s:
D ated N o v . 1 1922. D ue N o v . 1 1925.
payable M . & N . at Boston.

D enom . $ 1 ,000 (c*).

In t.

Capitalization Upon Completion of Present Financing.
Capital stock--------------------------------------------------------------------------------------- $1,558,050
Premium on stock (paid in )--------------------------------------------------------------519.262
675,000
Notes payable (including this issue)-----------------------------------------. _ _ _
Company.— Inc >rp. in M ass, in 1882. Controls entire electric light and
power business in Salem, M ass. Population about 4 3,000. Com pany
also sells power to the Eastern Massachusetts Electric C o . for distribution
In M alden and Revere, as well as to the Eastern Massachusetts Street R y.
Earnings 12 Months Ended Aug. 31—
1921.
1922.
Gross earnings__________________________________ ______ $ 1,197,205 $1,167,301
N et after operating expenses and taxes---------------------- $212,581
$272,218
Annual interest requirements on notes payable-----------------------------33,750
B a la n c e ____________________________________________________________ $238,468
Dividends.— Annual dividends have been paid since incorporation in
1882, the rate for the past ten years being 1 0 % .
Purpose.— T o retire 3500 ,00 0 6 % notes due Jan. 1 1923.— V . 108, p. 1170.

S a n D iego C onsol. G as & Elec. Co . —

T o I s s u e P r e f .—

Tho companv has applied to the California R R . Commission for authority
to sell at par $500,000 o f Pref. stock. The proceeds will be used for con­
struction expenditures estimated for the period ending D ec. 31 1923 at
$ 2 ,2 0 1 ,0 2 9 .— V . 115, p. 1739, 1217.

S axon M otor C ar C o rp .—

S to c k S u s p e n d e d f r o m D e a lin g s .

Th e Com m on stock, no par value, has been suspended from dealings
by the N ew York Stock Exchange.— V . 115, p. 2804, 2592.
e

S ears, R o e b u ck & Co., C h icag o .—

D e c e m b e r S a le s .—

1922— Dec.— 1921.
Increase. I 1922 -12 Mbs -1 9 2 1 .
Increase
$ 2 0 ,756 ,296 $17,080 ,880 $ 3 .6 7 5 ,4 1 6 1$182,165,824 $ 1 7 8 ,0 1 4 ,9 7 9 5 4 ,1 5 0 .8 4 5
■ V . 115, p* 2592, 2487-

S h re d d e d W h e a t Co . — T o I n c r e a s e C a p ita l— S to c k h o ld e r s ’
R ig h ts — E x tr a D i v i d e n d .—
T h e stockholders will vote Jan. 5 on increasing the capital stock from
$10 ,0 0 0 ,0 0 0 (present authorized amount consisting of 12,500 shares of
Preferred stock, par $100, and 87,500 shares of Common stocK, par $100)
to $ 1 1 ,250 ,000 to consist o f said 12,500 shares o f Preferred stock par
$100 each, and 100,000 shares o f Common stock, par $100. Pres A J
Porter, In a letter to stockholders, says in substance:
" F o r some time past it has been in the minds o f the directors to acquire
the outstanding Preferred stock c f the company, and thus have only one
class o f stock.
" T h e additional 12,000 shares o f Common stock will be offered for
subscription to the present stockholders (Preferred and Common) frr
cash at par (S100) in proporticn to their holdings.
"W h e n the funds from the sale of the additional stock are in hand it
is purposed to purchase out of the surplus o f the company the outstanding
Preferred stock at par and dividends."
The directors have declared the usual Quarterly dividend o f 2 % upon
the Common stock and also an extra dividend o f 1 % upon the Common
stock, both payable on Jan. 1 to holders o f record D ec. 21.
W ith these
payments there will have been paid 10% in dividends upon the Common
stocK for 1922, o f which 2 % represents extra dividends. Last July
an extra dividend of 1 % was paid.— V . 114, p. 2023.

S in c la ir C o n so lid ated Oil C orp.— T e n d e r s .—
The Chase National Bank, 57 Broadway, N . Y . C ity, will until Jan. 15
1923 receive bids for the sale to it o f 1st Lien C oll. 15-year 7 % Gold bonds,
Series “ A , ” due March 15 1937, to an amount sufficient to exhaust $500,000
at a price not exceeding par and interest.— V . 115, p. 2592, 2278.

S o u th e r n C a lifo rn ia G as Co . —

S a le o f B o n d s .—

The C J fornia R R . Commission has authorized the company to use tho
proceeds from the sale o f $210,000 1st & Ref. M tge. bonds previously
authorized to reimburse tho treasury on account o f earnings spent for con­
struction purposes. The expenditure during September for additions and
betterments was reported at $ 2 7 9 ,8 3 4 .— V . 115, p . 1641, 769.

S o u th e r n Ice & U tilitie s Co., D allas, T ex .— B o n d s
Houghteling & Co., Inc., New York,

O f fe r e d . — Peabody,

[V ol. 115.

Preliminary steps toward consolidation o f three o f the operated public
utility companies has been taken by the directors. In a letter sent by
Pres. IT. M . Byllesby to shareholders o f Puget Sound Gas Co. and Tacoma
Gas ft Fuel C o .. it is stated that after a careful study o f the present status
and prospects o f the three companies, the directors have decided that a
consolidation o f Tacoma Gas & Fuel Co. and Puget Sound Gas Co. with
M ountain States Power Uo. is o f mutual advantage to all interested.
.
Standard G as & Electric C o. owns approximately 7°% o f the nreferred
and common stock o f Tacoma G as ft Fu41 f o . , approximatelv 81 % o f the
nreferred and common stock o f Puget Sound Gas C o ., and approximately
7 3 % o f the common stock o f Mountain States Power Co.
Standard Gas & Electric C o. has entered into an a«Teoment with M oun­
tain States Power Co. to exchange its holdings o f pref. and com. stock of
Tacom a and Puget Sound companies for stock o f M ountain States Power
C o ., provided M ountain States Power Co. acquired hv P»ec. 31 1922, or
such later date as mav be mutually agreed upon, all o f the remaining out­
standing pref. and com. stock o f the Tacoma and Puget Sound companies.
Under the terms o f exchange, Standard Gas ft Electric C o. is to receive
one share o f Mountain States Power C o. common stock for each share o f
Tacom a G as ft Fuel Co. or Puget Sound Gas Co. common stock, and while
Standard Gas ft Electric Co. has the right to receive Mountain States Power
C o. preferred stock in exchange for its Tacom a Gas *• Puel C o. and Puget
Sound pref. stock upon the same basis as other holders o f pr"C s t ^ k of
those companies, it has elected to receive two shares o f M ountain States
com. stock for each shareof Tacom a G asor Puget Sound Gas Co
r f stock.
Standard Gas ft Electric Co. further elects to exchange 19.14% o f its
present holdings o f Mountain States pref. stock for com. stock o f that cornpan v on the basis o f two shares o f M ountain States com. for each share o f
preferred.
Under authority from M ountain States Power C o ., Standard Gas St Elec­
tric Co. offers common stockholders o f Tacom a Gas ft Fuel C o. and Puget
Sound Gas Co. the opnortunitv to exchange their respective shares into
stock o f the Mountain States Power C o ., share for share. Tacoma G as &
Fuel C o. and Puget Sound G as Co. preferred stockholders m ay elect to
receive either one share o f M ountain States pref. stock for each share of
pref. stock o f Tacom a or Puget Sound, or two shares o f M ountain States
com. stock for each share o f pref. stock o f either Tacoma or Puget Sound.
It is believed that a dividend distribution noon the non-oar value com.
stock o f the M ountain States Power C o ., when the consolidation is com­
pleted, will be made during the calendar year 1923.

T e n d e r s — R e s ig n a tio n .—

.

The Philadelphia Trust C o ., trustee, will until Jan. 1 ° receive bids for
the sale to it. o f 6 % C onv. Sinking Fund gold bonds due D<v, i 1925 to an
amount sufficient- to exhaust S i/)8 8 7 3 at a price not exceeding 165 and int.
Vice-President O tto E . Osthoff has withdrawn t-om th’s corporation and
its subsidiaries as o f D ec. 31 1922.— V . 115, p. 2804, 1952.

Standard Oil Co. of Indiana.— 100% S to ck D iv id e n d —
direotors on Dee. 28 doolarod a 100%
stoek dividend, payable to holders of record Dec. 28.
The stockholders on Dec. 27 increased the authorized
Capital stock from $140,000,000 to $250,000,000, par $25.
C a p i t a l I n c r e a s e . — Tho

Capital stock outstanding D ec. 31 1921, $107 ,36 0,45 5.
p . 2487, 2391.

See also V . 115,

Standard Rice Co., Inc., Houston, Tex.— I n c r e a s e . —
Tho company has increased its capital stock from $500,000 to $ 1 ,5 0 0 ,0 0 0 .

Standard Screw Co.— 70% S tock D iv id e n d . —
The directors have declared a 7 0 % stock dividend on the outstanding
$ 3 ,500,000 Common stock, par $100, payable to holders o f record D ec. 27.
Checks were .nailed yesterday (Dec. 29). The stockholders have author­
ized the paym ent o f the above dividend.— V . 115, p . 2592.

Staples Coal Co., Taunton, Mass.— S tock D i r . , & c . —
Tho companv has increased its authorized C ap ’ tal stock from $1,407,000
to $2,00 0 ,0 0 0 , par $100. O f the Increase, 4 ,699 shares will be distributed
as a 33 1 - 3 stock dividend to holders of record D ec. 19. Surplus as at
N o v . 30 1922 totaled $502,137.

States Oil Corp. (of Dela.), Pittsburgh, Pa.— S to c k D iv .
The directors h 've declared ■ 7 3 % stork dividend, pavable D ec. 28 to
>
holders o f record D ec. 20. Tho company has an authorized capital o f
$1,0 0 0 ,0 0 0 , o f which $400,000 is outstanding.

Stevens Linen Works, Dudley, Mass.— I n c r e a s e . —
Tho stockholders on D ec. 20 increased the a u th o r e d Oaoital
from $700,000 to $ 1,050,000. Th e increase will be distributed as a 5 0 %
stock dividend to holders o f record D ec. 20.

Stromberg Carburetor Corp.— T o I n c r e a s e C a p i t a l . —
The stockholders will voto Jan. 10 on increasing the authorized capital
stoek from 7,5.009 shares (all outstanding) to 150.900 shares, no par value.
President Charles W . Stiver, N ew Y ork, D ec. 26, writes in brief:
•- The proposed increase of the Capital stock of this corporation is needed
for the purpose o f enlarging our business by adding to our present facilities
and by acquiring additional properties.
,
_
.
.
“ The business o f our subsidiary, Stromberg M otor D e v c e s C o ., has been
very successful and every indication Is that it will greatly increase.”

&c., recently offered at prices ranging from par and int. to
Sfrromberg-Carlson Telephone Mfg. Co., Rochester,
101.39 and int., according to maturity, $1,250,000 1st &
N. Y .— 100% S tock D i v id e n d — S tock I n c r e a s e d .—
Ref. Mtge. 7% Serial Gold bonds.
A 100% stock dividend has been declared on the outstanding $835,000

D ated N o v . 1 1922, due annually N o v . 1 1923 to 1942. Red. In reverse
o f numerical order at par and in t., together with a premium o f
of 1%
for each year or fraction thereof of the unexpired term o f tho bonds so
redeemed.
Denom. $1,000 and $500 (c*).
Int. payable at First Trust &
Savings Bank, Chicago, and Chase N ational Bank, New Y ork, w ithout
deduction for Federal income tax, not in excess o f 2 % .
First Trust &
Savings Bank and M elvin A . Traylor, Chicago, trustees.

D a ta from L ette r o f P res. C. V/. D aw ley, D a lla s, T ex a s, O ct. 23.

Company.— Business established 36 years ago by C . W . Dawley. In
1916 company was formed in Texas to take over the sevoral plants, which
at that time were controlled and managed by M r. Dawley and associates.
Com pany now owns and operates 14 plants in cities and towns located in
Texas, Oklahoma, Arkansas and Louisiana. About 3 0 % o f com pany’s
output is used for tho re-icing o f cars in transit particularly in the South.
Earnings.— For the 5 fiscal years ended Oct. 31 1921 and for the 10 months
ended A u g. 31 1922, earnings available for In t., deprec. & Federal taxes,
have been as follows:
1917.
1918.
1919.
1920.
1921.
’2 2 (1 0 m o s )
$117,500
$171,421
$190,618
$394,042
$389,298
$274,972
P u rpose. — Proceeds will be used to refund $589,000 bonds now out­
standing, to build a now cold storage and Ice plant at D allas, T e x ., and for
additional working capital.
,
.
Capitalization Outstanding After this Financing.
1st & Ref. 7s (authorized. $ 5 .0 0 0 ,0 0 0 )____________________________$1,250,000
7 % Cumulative Non-Participating Preferred stock--------------------124,200
Common stock______________________________________________________
691,500
Condensed Balance Sheet Aug. 31 1922 {after present financing).
Assets—
Liabilities—
Cash - - - - - - --------$332,857 Accounts & notes pa yable. $250,90S
N otes & accts. receivable.
127,830 Accrued liabilities------------62,520
Inventories------------------------57,124 1st & Ref. M tg e . 7 s----------- 1,250,000
In v . in & adv. to sub. cos.
234,328 7 % C um . N on-part. pf. stk
124,200
Other assets---------------------17.549 Common stock____________
691,500
Prepd. exp. & def. charges
134,921 Su rplu s____________________ 1,344,187
Property and plant --------- 2 ,818,700
— ------T otal (each side)_______ $3,723,315
Officers.—C. W . Dawley, Pres.; C . S. Dawley, V .-P res.; W . L . M artin,
Sec. & T reas., and A . D . M artin, Asst. Sec.
Directors.— W . S. Ambrose, J. L. B ooty, R . P . Brewer, C . M . Conw ay,
C . \V. D aw ley, O . S. D aw ley, E . K ey, and W . L. M artin.




Capital stock, par $25, payable D ec. 30 to holders of record D ec. 20. The
stockholders on D ec. 12 last Increased the authorized Capital stock from
$1 000 000 to $2,000,000.
The'com pany in 1922 paid cash dividends o f 2 % extra and 2 % regular
each quarter, a total of 1 6 % as against 14 % (8 % regular and 6 % extra),
paid in 1921.— V . 104, p. 1597.

Tacoma Gas & Fuel Co.— C o n s o lid a tio n . —
See Standard G as & Electric C o. above.— V . 108, p. 2439.

Telling-Belle Vernon Co., Cleveland, O.— S to c k D i v . —
A 2 9 % stock dividend has been declared on the outstanding 116,083
shares o f Common stock, no par value, payable Jan. 1 to holders o f record
D ec. 23.

Terminal Warehouse Co. of N. Y .— S to c k D i v . , & c . —
The stockholders on D ec. 18 Increased the authorised capital stock from
$2,000,000 (all outstanding) to $ >.400.000. par $100, such increase to be
made from accumulated surplus funds
It is proposed to distribute the
Increased stock pro rata to stockholders o f record D ec. 18.— V .1 0 1 . p . 1719.

Textile Securities Co., Boston.— P a r V a lu e C h a n g e d .—
The com m il v h is changed its authorized capital stock from $ 8 0 0 ,00C,
par $100 (all outstanding), to 32.000 shares o f no par value.

Truscon Steel Co., Youngstown, Ohio.— 15% S to ck
D xv

&c

The directors have declared a 1 5 % stock dividend on the Common stock,
Davahlc Tan 1 to holders of record Jan. 5- The directors have also re­
duced th i q u a rte rly dividend,
Jan 9^ , (V9r^ 5 » p * 2696) on the
Common stock from 2 to 1 %%■— V . 115, p. 2805, 2696.

Tuttle & Bailey Mfg. Co., New York.— B o n d s O f fe r e d .—
Peabody, Houghteling & Co., Inc., N. Y ., aro offering, at
par and interest, $300,000 First Mtge. 7% Serial Gold Bonds.
D ated D ec 1 1922
Duo annually Doc. 1923 to 1934. Interest payable
J. & D . at Chase N ational Bank, N ew Y ork, trusteo, without deduction
for Federal income tax, not in excess o f 2 % , or First N ational Bank, Chi-

D ec. 30 1922.]

THE CHRONICLE

cago. Redeemable In reverse order o f maturities at 106 during first year
and at a premium o f >6 o f 1 % less each year following. D enom . $1,000 and
$500 (c*).
Security.— Bonds are secured by a closed first mortgage on the land and
buildings of the company situated in the manufacturing district o f Brooklyn,
N . Y . , about two blocks from the new 14th St. subway.
Earnings.— N et earnings, before interest, depreciation and Federal taxes,
have averaged: For the 5 years and 11 mo?, ended N ov. 30 1922, $97,811;
maximum annual interest charge on theso bonds, $21,000.
Company.— Established by Tu ttle & Bailey for the purpose o f manufac­
turing air registers and ventilators In 1846. This partnership was suc­
ceeded by the present company, incorporated in 1889 in N ew Y ork. Pres­
ent management has been in control since 1907. Com pany has supplied its
products to a large number o f the prominent residences, schools, hotels
and public buildings throughout the United States. Also does a large
export trade.
Purpose.— Proceeds are to be used to liquidate current debt and Increase
working capital.

Union Oil Co. (of Delaware).— Status, Liquidation, &c.—

President Janies H . Brookmire, in a letter to stockholders
Dec. 22, says in substance:
The stockholders on Oct. 20 last voted to dissolve, and the papers neces­
sary to effect the dissolution have been filed with the proper authorities of
the State o f Delaware.
The two 10,000-ton tankers owned have been sold. The balance sheet
below is after giving effect to such sale and to the distribution to the stock­
holders o f the non par value common stock o f Shell Union Oil Corp. held
b y the company.
In view o f the fact that in tho opinion o f the directors the company has
sufficient assets in addition to the non par value common stock o f Shell
Union Oil C orp. to provide for the payment o f the remaining liabilities, the
directors have determined to pay to the stockholders a dividend in dissolu­
tion o f 1 H shares o f tho non par value common stock o f Shell Union Oil
C orp. on each share o f stock issued and outstanding.
W hen all o f the liabilities have been satisfied, it is probable a cash divi­
dend will be paid in final liquidation.

Statement as of Dec.

5 1922 of Estimated Remaining Assets.
[After distribution o f 2,084,127 shares o f Shell Union Oil C orp. stock to
Union Oil C o. stockholders.]
Cash, $583,514: less reserve for liquidation o f Colum bia Oil Pro­
ducing C o. outstanding in hands o f the public— 2,285 shares at
„
$3. $6,855: balance______________________ _______ ______ ___________
$576,659
N otes receivable and accrued interest_____________________________
301,625
Furniture and fixtures_______________________________________________
2,000
Central Petroleum C o . Com m on stock, 3,231 shares at cost____
103,797
Central Petroleum C o. Preferred stock. 171 shares at $ 1 0 0 _____
17,100
Shell Union Oil C orp., Com m on stock remaining after the distributton o f 1H shares for each share o f Union, 1,235 shares at $12
14,820
Total estimated remaining assets_________________________________ $1,016,001
E st. liabilities for Fed'l taxes,expenses incidental to liquid’n, & c .
729.177
Estimated balance for final liquidating dividend_______________
— V . 115, p . 2592, 2391.

$286,824

Union Tank Car Co.—Notes Called.—
Certain Equipment Trust 7 % gold notes. Series “ A , ” due Aug. 1 1930,
aggregating $1,00 0 ,0 0 0 , have been called for redemption Feb. 1 at 102H
and Interest at the Eqult-'ble Trust C o ., trustee, 37 W a ll S t ., N . Y . C ity .—
V . 115, p. 2805. 2696.

United Electric Light & Power Co.—Capital.—
The stockholders will vote Jan. 12 on authorizing tho issuance of no
par value stock in place o f the present outstanulng shares o f Preferred
and Common shares of the company at the rate of 2 shares o f Common
stock, no par value, for each share of Preferred and Common st>cK 'f a
par value o f $100, and to change the 3,505 shares of Preferred stock hereto­
fore authorized, but unissued, to 7.010 shares of Common stock without
par value.— V . 115, p. 2391, 1332.

United Gas & Fuel Co. of Hamilton (Ont.), Ltd.—

Bonds Offered.—Central T rust Co. of Illinois, Powell, G arard
& Co. and A. C. Allyn & Co., Chicago, are offering, a t 99
and in t., S I,880,000 F irst M tge. 20-Year Sinking F und 6%
Gold Bonds. A circular shows:
D ated Jan. 1 1923. Due Jan. 1 1943. Interest payable J. & J. in Chi­
cago, New York and Toronto, in U . S. gold coin, without deduction for
normal Federal Income tax not in excess o f 2 % .
Redeemable on any int.
date on 30 da vs’ notice at 105 and interest to and including July 1 1927;
thereafter to July 1 1931 at 104 and interest; thereafter to July 1 1934 at
103 and interest: thereafter to July 1 1937 at 102 and interest; thereafter
to maturity at 101 and interest. Denom . $100, $500, $ 1 ,000 and $5,000
(c*). Central Trust C o. or Illinois, Chicago, and II. J. D aly, Toronto,
trustees.
Purpose.— T o anticipate the paym ent o f First M tg e . 5-Year 6 % Gold
Bonds maturing July 1 1923.
Earnings Years Ended Oct. 31— 1918-19.
1919-20.
1920-21. 1921-22.
Gross incom e______________________ $596,484 $682,924 $840,026 $830,586
N e t, after oper. exp., incl. maint.
and cost o f gas purchased______ 204,136
266,445
.3 0 6 ,6 4 8
294,986
Interest on bonded debt__________
63,000
63,298
69,412
92,085
Balance for deprec., taxes, & c .$141,136 $203,147 $237,236 $202,901
Company.— Organized in 1905 as Ontario Pipe Line C o ., for the distri­
bution of natural gas purchased under a long-term contract from an inde­
pendent producing company.
In 1913 acquired the property o f the Hamil­
ton Gas Light C o ., which had been engaged in tho manufacture and distri­
bution o f artificial gas since 1850. Com pany’s coal and water gas plant
has a daliy capacity o f between 3 ,0 0 0 ,0 0 0 and 4 .0 0 0 ,0 0 0 cu. ft. o f gas.
Distributing system comprises 459 miles o f main, including servi<^ .mains,
with nearly 24,000 meters installed. In 1921 completed, at an expense of
nbo 1^ 4 8 5 0 0 ,000, a 6,00 0 ,0 0 0 cu. ft. gas holder. Population served, about

Sinking Fund.— An annual sinking fund is provided equivalent to 2 ]A%
o f the par value o f bonds outstanding at the date o f sinking fund payment;
the first payment to be made on N o v . 1 1924 and to consist either o f cash
or bonds o f tho present issue calculated at their then redemption value.
— V . 115, p. 2805.
y

United States Realty & Improvement Co.— To Retire

Debenture Bonds.—Preferred Stock Taken.—

Tho com pany announces that a limited number of 5 % Debenture bonds
due July 1 1924, will be purchased at not exceeding par and int. upon
delivery at its office. I l l Broadwav, N . Y . C ity.
President II S Black announces all Preferred stock, which was recently
offered to stockholders, has ail been subscribed for. The proceeds will be
used to retire the debenture bonds.— V . 115, p. 2391, 2696.

U. S. Smelting, Refining & Mining Co.— II Months

Net Earnings, &c.—An official statem ent says:

Th e consolidated earnings for 11 months of 1922 to N o v . 30 are estimated
a t $4,187,000, after providing all interest. There have been deducted
from these earnings, reserves of $1,411,000 for depreciation, Depletion and
amortization, leaving estimated net earnings fer 11 months o f $2,776,000
from operations.
, ,
„
,
In completing the consolidated profit and loss account for the year, earn­
ings will bo increased bv the operating profits for D ec., by quotation gains
and adjustment of metal inventories to market prices at the end of the
year, and by profits realized from sales o f securities which were valued at
cost among tho current assets reported a year ago.
„
It is estimated that and other annual adjustments (with reserves for
taxes provided) will increase tho net earnings to approximately $3,600,000,
out of which it is proposed to provide an additional reserve o f $1,600,000*
for further amortization of capital investments and other purposes. The
remaining $ 2 ,000,000 will provido the Preferred dividends of $1,702,225
and leave a small balance to be added to consolidated surplus.— V . 115,
p . 1848, 1543.




3915

Universal Pictures Corp., N. Y . — C a p i t a l I n c r e a s e d . —
The stockholders on Dec. 26 increased the authorized capital stock from
$1,0 0 0 ,0 0 0 to $ 7 ,0 0 0 ,0 0 0 , par $ 1 0 0 — V . 115, p. 2697.

Ventura Consolidated Oil Fields.— L a r g e r D i v i d e n d . —
A quarterly dividend o f 75 cents per share has been declared on the out­
standing capital stock, par $100, payable Feb. 1 to holders of record Jan.
15. The company in 1922 paid 4 quarterly dividends of 50 cents each,
and 2 extra dividends o f 50 cents eaoh, making a total of $3 per share.— Y .
115, p. 1108.

Virginia Bridge & Iron Co., Roanoke, Va.— 5 0 %
S to c k D i v id e n d — S to c k O f fe r e d .—
The directors on D ec. 21 declared a 5 0 % stock dividend payable to
stockholders o f record D ec. 30. The stockholders on Doc. 7 last increased
the authorized capital stock from $1,500,000 to $ 3,000,000, par $100.
The distribution o f the stock dividend will increase the outstanding stock
to $2,250,000.
Stockholders o f record D ec. 23 have been given the right to subscribe
to $750,000 o f capital stock at par in proportion to 5 0 % of their present
holdings. Rights expire Jan. 15.— V . 115, p. 2805.

Waltham Watch Co.— Listing.—

The Boston Stock Exchange has placed on the list American Trust C o.
certificates o f deposit for 38,564 shares Common Capital Stock, with
authority to add additional certificates as Common shares may be deposited
to an amount not exceeding 11,436__ these certificates o f deposit being issued
in accordance with an agreement between tho depositing stockholders and a
committee consisting o f I. Tucker Burr, W illiam B . II. Dowse and B . N ason
Hamlin, dated Oct. 18 1922.— V . 115, p. 2392 , 1954.

Wampanoag Mills, Fall River.— T o I n c r e a s e C a p i t a l . —
The stockholders voted Dec. 29 to increase the authorized Capital
stock from $750,000 to $ 1,000,000 for purposes of a 33 1-3 % stock dividend.

Wells-Fargo Co.— Capital Changes.—

The stockholders will vote Feb. 1 1923 on incorporating the company
under Colorado laws. T h e stockholders w !ll vote Feb. 6 on reducing
the capital stock from $24,000 ,000 to $12,000,000 by reducing the par
value o f e .ch share o f stock from $100 tc $50.
I f such a decrease o f stock is authorized it is the intention of the beard
within a reasonable time to make a cash distribution to the stockholders
out o f the capital assets o f $50 a share.— V . 115, p . 2806. 2280.

White Oil Corp. & Sub. Cos.— Earnings.—
[Incl. United Central Oil Corp. & Sub. C os. operated separately Jan. 1
to M arch 7 1922 and combined thereafter.]

Results for Nine Months Ended Sept. 30 1922.
Products sold (net), $3,50 7 ,8 7 3 : cost o f products sold, $2,823,334;
gross profit____ ______ ______________________________________________
Miscellaneous income________________________________________________
Total income_______________________________________________________
Administrative, general, marketing and miscellaneous exp en se..
Interest paid__________________________________________________________
Loss on sale capital assets, $.33,334; leases abandoned at cost,
$ 3 1 0 ,2 4 6 ____________________________________________________________
Balance, d e f., before depletion & depreciation after charging
abandoned leases at cost_________________________________________
— V . 114, p. 2025.

$684 ,53 9
58,655
$743,193
516,747
2 07,476
343,580
$354 ,61 0

(F. W.) Woolworth Co.—Sales.—
D ec.23*22. D ec.24’ 21.1
D ec.23’ 2 2 . Dec.2 4 ’ 21.
D a y ’s sales___$3,119,645 $2,199,158|7 days e n d .$ 13,715.120 $11,050 ,449
— V . 115, p . 2701, 2593.

(Wm.) Wrigley Jr. Co., Chicago.—New Building.—

T h e company is now constructing an office building immediately north
of the present W rigley B ld g., to be completed about Jan. 1 1924.— V . 115,
p . 2593.

Yellow Cab Mfg. Co., Chicago.—New Factory.—
The company has awarded a contract for the construction o f a factory on
Dickens A v e ., Chicago, to cost approximately $350,000.— V . 115, p . 2 0 5 8 .

York Mfg. Co., Saco, Me.—Capital Increased.—

The stockholders on D ec. 26 increased the authorized capital stock from
$1,8 0 0 ,0 0 0 (all outstanding) to $ 3,600,000, par $100It Is proposed to
distribute the increase as a 1 0 0 % stock dividend.— V . 115, p 2701; V . 103,
p. 1894.
,

Interoceanic Railway of Mexico, Ltd.—Stockholders
Protest Against Treatment Received from Mexican Government,
which After Eight Years Still Retains Possession, Paying No
Rental, Not Even Interest on Debt.—
A t the 35th ordinary general meeting held in London on N o r . 27 1922,
W . Sandford Poole, (the Chairman) who presided, said in part:
As a result o f a conference held in New York between the representatives
of the International Com m ittoe o f Bankers on Mexican affairs and the
Mexican Minister of Finance, a plan for the readjustment of ce-tain of
the obligations of the Government of M exico, and of those of the N ational
Railways of M exico, was signed in New York on June 16 1922. T h a t
agreement was subsequently approved by the Mexican Congress, and rati­
.......
.
fied b y the President.
,
W e learn that the International Com m ittee, recognizing the difficulties
with which the M exican Government have had to contend during the last
eight years, and the limitations on the capacity o f M exico to resume imme­
diate full payment on her obligations, recommended certain concessions on
the part o f M exican’s creditors. The arrangement provides that a mini­
m um sum , increasing annually, is to be set aside by tho Mexican Govern­
m ent in cash for each o f the five years beginning on Jan. 2 1923. and the
end of five years full payment in cash of the service of the admitted obliga­
tions is to be resumed, and all rights thereunder are to be restored. Thore
are certain other clauses in the agreement relating to the constitution
of the fund out o f which the payment are to be m ade, and to which fund
certain items o f revenue are to be set aside.
I am sorry to say that in spite of all our efforts to got our claims dealt
with by tho International C om m ittee, we were disappointed. The obli­
gations o f tho Mexican Government in connection with our Railway do
not seem to be recognized as entirely on a par with those o f the direct
obligations of M exico to the holders o f the National D ebt, and the holders
o f the guaranteed bonds. W e , however, maintain that we have the very
strongest claim on the Mexican Government for compensating usunderthe terms of the Railwav Law, which is their law, in respect of the occupa­
tion of the railway for the past eight years. W e have done all that wo can
to get our claims dealt with, but up to tho present we have been unable
to obtain any proposals from the Mexican Government to put before you.
W e took the very strongest measures we could to get our case considered
b y the Interenational C om m ittee. W e prepared a memorandum on the
position, and wo asked one o f the British representatives to take charge
of that memorandum, and to see that our interests were properly looked
after. Unfortunately the Government would only consider the m atter
of direct obligations, and I understand M r. D e la Huerta absolutely ruled
out our case from consideration at that conference. Therefore the business
was proceeded with without our case being included.
F.
Adam s, one o f the directors of this com pany, has spent a great part
o f his life in M exico and resides in M exico C ity. He was over here a few
m onths ago, and he returned in Sept, last, to again take up with vigor
our claim against the M exican Government for the restoration o f our lines.
H e has been unremitting in his attention, and I do not think we could find
a more effective advocate o f our cause. H e is doing all he can in M exico
C ity.
It is asked why it was that we were treated on a different basis than the
M exican Railway. I will tell you in a general way the views which have
been expressed to us by the M exican Government in reply to the special
protest wo have made. The Mexican Government say, in effect: “ W e
own your railways, because the National Railways own a m ajority o f the
Ordinary stock and of the Second Debenture stock, which gives them a
m ajority of the votes, and as we control b y voting power the N ationa

2916

THE CHRONICLE

Railways of M exico, we, therefore, practically own your C om pan y.” T h at
is grossly unfair as it ignores the claims of other debenture holders and
other shareholders.
A t the time the arrangement was made under which the voting control
was parted with the credit of tho Mexican Government and the credit
o f M exico stood very high In this country. It was belioved that they
would always deal fairly with the British proprietors. It was considered
a great point that we had entered into a semi-partnership with the M exi­
can Government, and that it really had the effect of putting us on more
favored terms with the Government than tho Mexican Railway, who
had no agreement with tho Mexican Government
Unfortunately at this
time the Government seems to use tho fact o f the partnership as a reason
for treating us less favorably than the peoplo with whom thev have no
direct connection in business— that is the Mexican Railway. They have
given the Mexican Railway back to its proprietors, but they still retain
our linos, and the years go by and we do not seem to get any “ forrarder.”
Th e Board, as representing the company, is full o f sympathy with tho
debenture holders, and are more than sorry that we have to come before
you and ask an extension of the moratorium.
W e would be delightedif
we could get this line back and resume the payment o f interest regularly
and not only interest, but also have some profits to distribute among thki
proprietors of tho Preference stocks.
I am glad to say that during the last
day or two, as the result of great pressure put upon the Mexican Government
through tho National Railways, we havo received a cablegram which gives
us some encouragemont. T h at cablegram, from the National Railways
o f Mexico in M exico C ity, is as follows: “ The Government authorizes
us to inform you of its willingness to treat regarding the affairs of your com­
pany with a viow to reaching an equitable arrangement which shall secure
the interests of both sides, and extends to your company, through us, a
cordial invitation to send to M exico a commission authorized to deal with
the Government and with ourselves.”
T h at is a distinct encouragement, and in view of that cable I suggest
•an extension of the moratorium for two m onths.!
[The holders of the 4 % debenture stock and tho holders of tho 4 H %
Second Debenture stock approved tho extension of the moratorium for a
further period of two months to Jan. 26 instead of six months as proposed.1—
V . 115, p. 2580 .

Mexico Tramways Company.

(8th Annual Report— Year Ended Dec. 31 1921.)

Secretary R. II. Merry, Toronto, Canada, Nov. 1 1922,
reports in brief:
History and Reorganization.— The las report was issued in 1914, when
the Tram ways undertaking was seized by the Mexican Government au­
thorities, who continued to operate it and take the earnings until M a y 1919,
when the property was returned to tho company in a very run-down con­
dition.
These conditions forced the company to suspend in 1915 the payment of
interest upon Its bonds and a committee was appointed to safeguard the
interests of the bondholders and other creditors. T hat committee In M a y
1921 issued a final report and proposed a scheme of reorganization, subse­
quently ratified by tho bondholders and creditors, and has been successfully
carried out (V . 112. p. 2743, 1756).
Since that time fair progress has been made in the rehabilitation of tho
property, and although the estimate of earnings has not been completely
realized, tho operating receipts have been reasonably satisfac orv, and oday the company is, owing to the arrangements made with its bondholders,
in a safe financial position with an adequate reserve fund to meet rehabili­
tation and other expenses. Current in erest on the 1st M tge. bonds is
being paid regularly and it is hoped that the payment of tho arrears o f in­
terest on the 1st M tge. bonds can be begun at no distant date.
Ownership in Mexican Light & Power Co.— This company has an important
holding in the Mexican Light & Power C o ., L td ., owning a m ajority of
the Com m on shares, £1,000,000 of tho 5 % 2d M tge. bonds and $11,775,859
of the 6 % Income bonds. [Tho report of that company is given elsewhere
in this issue J
Company is already receiving the current interest upon the 2d M tge.
bonds of the Light & Power C o ., which it owns, and it is confidently expected
that, within a comparatively few years, tho Light & Power company will
be in a position to pay tho interest upon its Income bonds with tho result
that tho income of this company should be very substantially increased ’
Claim Against Mexican Government.— A large claim for damages has been
filed with the Government and, although no arrangement has yet been
reached,- it is hoped that ultim ately a satisfactory settlement will be arrived
at). I f a substantial sum in cash should be realized, the time at which ar­
rears of interest on the 1st and 2d M tg e. bonds could be paid could be m a­
terially advanced.
R ep ort o f G . R . G . C on w ay, M an a gin g D irector.
Results.— Gross earnings amounted to .$13,075,291 (pesos), an increase
over the year 1920 o f $2,06 9 ,1 6 0 (pesos), or 1 8 .8 % . The net earnings
after allowing for taxes and depreciation, were $2,335,436 ( pesos') an ini
crease o f .$681,844 (pesos), or 4 1 .2 3 % over the previous year
’
The gross earnings are the largest in the history of the company and in
spite of tho “ jitn ey” competition a substantial increase can be noted each
year since tho properties wero returned to tho company. Operating ex­
penses have been higher due to the large sums expended on the repairs to
the properties; e. g ., in the repair and maintenance of equipment $2 262 965
(pesos) was spent during the year 1921. For tho same period $ l ’0 1 3 ’ l6 6
(pesos) was spent on the track and overhead lines, or a total on these last
two items alone of $ 3,27 6 ,1 2 5 (pesos) out of $3,422,093 (pesos) for the total
maintenance.
In considering the operating results for 1921, the special conditions under
which the company has been operating must be taken into account and
particularly thoso which obtained when the properties were returned to the
company in a very run-down condition on M a y 7 1919, after having been
administered by the Mexican Government sinco Oct. 12 1914. The track
and roadbed, also the rolling stock, were in a deplorablo state, and in M a y
1919 154 revenue-producing cars were completely out of service, requiring
extensive repairs. In addition, tho stocks of material on hand for repairs
were very seriously depleted and entirely inadequate to begin the necessary
reconstruction work.
The condition in which the property was returned to tho company has
therefore, considerably affected the net earnings during tho past three years’
and will continue to do so in a lesser degree for a year or two longer or untii
the wholo of the reconstruction work has been completed and the company’s
properties placed in a first-class condition.
Jitney Competition.— The deficient service resulting from the neglected
maintenance of the rolling stock during tho intervention period created a
difficult situation for tho company. The lack of rolling stock and the large
increase in tho population o f the city and in tho Federal District made it
impossible for the company to adequately meet the growing demands of
traffic with tho result that a dangerous and unorganized competition
had to bo m et, owing to tho introduction o f small "cam iones” (jitneys)
which has extended throughout the city and suburbs; tho “ camiones”
parallelling the com pany’s service at every point. A t the present time it is
estimated that there are about 1,550 of these camiones operating daily
carrying approximately 132,000 passengers per day. Tho question of meet­
ing this competition is one o f our most important problems at the present

Labor Situation.— In addition to this competition, it is necessary to point
out the very great change in the labor situation since the new Mexican Con­
stitution came into effect in M a y 1917. This constitution, in one of its
articles (N o . 123), provides for very liberal and paternal treatment of the
workers and its provisions— such as the compulsory 8-hour d a y ,.3 months’
compensation for dismissed employees, compulsory day of rest, doublo time
after 8 hours’ work, & c.— have largely increased the company s operating
costs. The new franchises granted to the workers have also led to a period
of labor unrest and a higher standard of living, and after tho properties were
returned the company was m et with continuous demands for increases in
wages.
Fares Increased.— T o meet these demands and tho higher cost of opera­
tion, tho company found it absolutely necessary to ask the Government for
permission to increase the city fares from 6 to 10 centavos, and to raise the
suburban fares from 2 to 3 centavos a kilometer, first-class, and from 1 to
1 Vi centavos a kilometer, second-class.
These higher fares had been in operation during tho latter part ot the
Government intervention; but the com pany, on its suburban lines, had to
revert for a time to the fares in forco in 1914, until the increased tariffs re­
ceived official approval, which was not obtained until October 1920.
Wages.— Since tho property was returned, wages have been increased all
round nearly 1 0 0 % , and the number of employees in all departments from
3,9 6 0 to 4 ,9 8 0 , an increase of 1 ,0 2 0 , these increases boing chiefly in the




[V ol. 115.

traffic department to m eet the provisions of the law regarding a weekly rest,
day, and also in tho car shops and permanent way to cope with tho recon­
struction work.
Physical Condition.— Generally speaking, the com pany’s property is now
in good condition, as tho most urgent and necessary reconstructions havebeen carried out. W hat still remains to be done will bo spread over tho
next two or three years, and tho maintenance expenditure will thereforecontinue high, but will be gradually reduced.
Taxes.— In addition to the operating expenditures already mentioned,
taxes will gradually increase with tho gross earnings, as all gross passenger
and freight revenue are subjoct to a tax of 5 % and 2 % , respectively. In
addition, company is now subjected to a now tax on its capital invested in
tho Federal District, and in view of the exemption from taxation granted
under the Federal concession, dated July 31 1882, having expired, it is now
paying taxes on lands, real estate, poles, & c., from which it was formerly
exempt. _
Depreciation.— In tho local operating figures wo have provided for the
year 1921 the sum of 600,000 pesos for depreciation.
Rolling Stock.— Since the return of tho property thero has been constructed
and put into service the following additional rolling stock:
Second class trail cars__________________________________
First class passenger cars______________________________

1920
io
__

1921
2
5

Total.
12
5

A t the end o f 1921 there were in addition seven 400-series cars under con­
struction in the company’s shops for placing in service early in 1922.
Capital Expenditures.— Total capital expenditure during 1921 was $99,684
(pesos). Against this, property has been retired against the depreciation
account amounting to $98,321 (pesos), making the net amount chargeable
to capital $1,364 (pesos).

TABLE OF STATISTICS CALENDAR YEARS.
1919.
1921.
1920.
Passengers carried-------------------------------- 74,162,620 101,753,342 1 1 0,708 ,925
Car mileage— M otors and trailers____ 12,693,711
14,619,319 13,884,439
Animal traction-------------------------------140,245
69,058
109,673
Freight and sundry-------------------------726,492
776,458
825,589
A ver, earns, per pass, car per da y____
$104.37
$89.09
$84.95
Aver, passenger receipts per car m ile.
$.6284
$ .8 6 0 5
$.6811
Op. exps., excl. taxes and deprec., per
car mile, passenger services________
$.5310
$.5919
$ .6 7 0 8
Oper. exps., inch taxes and deprec.,
per car mile, passenger services____
$.5739
$.6350
$ .7 6 5 8
Percentage of gross exps., excl. taxes &
depreciation, to gross earnings--------7 7 .4 3 %
7 9 .2 1 %
7 1 .9 5 %
Percentage of gross exp., inch taxes &
depreciation, to gross earnings_____
8 3 .6 9 %
8 4 .9 8 %
8 2 .1 4 %

The income account was giv<3n in V. 115 p. 2577
CONSOL. BAL. SHEET DEC.

31 1921 (Calculated at Two Pesos to the $ 1 ).
[Mexico Tram ways C o ., M exica Electric Tram ways, L td ., Compania
de los Ferrocarriles del Distrito Federal do M exico, S. A .]

Assets.

Liabilities.

Prop., plant, equip., & c .$ 1 5 .963,131
Rights, franchises, good­
will, & c------------------------ 10 ,270,194
In v . in M ex . L t . & Power
C o _____________________ 22 ,213,262
22,301
Inv. in other companies.
860,102
Stores in hand & transit.
48,947
Accounts receivable_____
80,683
D e f’d chgs. & debit bals.
Securs. at market value.
2 ,012,816
717,369
Casli on hand & in banks
Mexican G ovt, accounts.
1 ,708,380
M e x . L t. & Power C o.
bond interest unpaid . 1 ,846,417
218,362
Sinking fund investments

Capital stock____________ $20,1 7 7 ,0 0 0
Cia do los Ferrocariles del
Distrito Federal 8 %
1st M tg e . debentures. 2 ,9 2 5 ,0 0 0
Moxieo Elec. Tramways
5 % 1st charge d e b -----1,729,613
M exico Tramways C o.:
Gen. Cons. 1st M . 5 s . . 10,298,000
50-Year M tg e. 6 s_____
7,1 1 2 ,6 3 3
Accrued bond interest___ x 6 ,9 29,070
A c c’ts pay. & accr. chges.
699,874
Sinking fund reserve------21 8 ,3 6 2
Gen. res. for deprec., & c .
5 ,5 0 0 ,0 0 0
Profit and loss accou n t-.
3 72,409

T o ta l........ ...................-..$ 5 5 ,9 6 1 ,9 6 2
Total _________________ $55,961,962
x Cia do los Ferrocarriles del Distrito Federal: 1st M tg e. Debentures,
$123 ,87 2: M exico Electric Tram ways, L td ., 5 % " A ” Debentures, $86,031;
M exico Tram ways C o .: 5 % General Consol. 1st M tg e . bonds, $3,518 ,4 8 3 :
6 % 50-Y ear M ortgage bonds, $3,200 ,6 8 5 .
Note.— Com pany owns (1) $ 2 ,0 0 0 ,0 0 0 8 % 2d M tg e . debentures due
D ec. 31 1959 o f the Cia de los Ferrocarriles del Distrito Federal; (2) tho 5 %
" B ” 2d Charge debentures (auth. £ 5 00 ,00 0, issued £321,000) o f the M exico
Electric Tram ways, L td .— V . 115, p . 809.

CURRENT NOTICES.
— M o o d y ’s Investors Servico havo issued a pamphlet entitled “ Defaulted
Foreign Government B onds,” which L a discussion o f the past financial
s
history o f governments with particular reference to the present status o f
defaulting governments and tho possiole prospects for a settlement. T h e
review also refers to the numerous associations and governmental agencies
that have been organized to protect the interests o f owners o f defaulted
government obligations.
— Spencer Trask & C o ., pursuant to a profit-sharing plan of 40 years’
standing, will make distribution Jan. 1 in unusdhl percentages, to Include
every member o f the staffs o f the several offices of tho firm. The system
was of simple origin but has been developed to meet modern conditions.
The firm has in addition a Senior Em ployees’ Association which returns
goodly interest to its members.
__ Tho firm o f Chauncey, Hayes & Lord will be dissolved on D ec. 31 1922
with the retirement o f M r . A . W allace Chauncey. W ade H . H ayes and
Herbert G . Lord, Jr., havo formed a new co-partnership under the name
o f H ayes and Lord to continue tho business. Philip R uxton, I n c ., announce
that M r. A . W allace Chauncey will become Secretary o f the corporation
on Jan. 1 1923.

__ F o re ig n s e c u r ity p ric e s a r e o f d e e p in te r e s t to in v e s to rs in v iow o f th e
complex European situation. Conditions change rapidly and tho weekly
price lists furnished by H uth & C o. of 30 Pine Street, New York C ity , are
much in demand. These lists are exceptionally complete and will be mailed
regularly without charge on application to this well-known Investment
house.
— Announcement is mado that the investment business heretofore
conducted under the name o f C . M . K eys will after Jan. 1 1923 be continued
as a partnership under tho firm name o f C . M . K eys & C o. and under
tho same management with offices at 60 Broadway, N ew Y o rk . T h e
members are Clem ent M . K eys and M orris L . Sinsabaugh.

__H a ls e y , S t u a r t & C o ., I n c ., h a v o p r e p a r e d a sp ecial b o o k le t e n title d
“ S afe B o n d s f o r I n v e s tm e n t,” p re s e n tin g a co m p re h e n s iv e a n d d iv e rsifie d
lis t o f in v e s tm e n t b o n d s . “ B o n d p r ic e s ,” th o b a n k e rs s ta t e , “ d e s p ite
th e ir m a te r ia l ris e in th o la s t y e a r a n d a h a lf , a r e s til l o n a v e r y a t t r a c t i v e
b a sis in c o m p a ris o n w ith p r e - w a r le v e ls .
__ W illiam J. M aier, who will retire as Comptroller o f N ew York State
on Jan. 1 will on that date become associated with R . F . D o V o e& C o ., In c .,
o f N ew York. Comptroller M aier will bo a Vice-President and director
o f the com pany, which is engaged in a general investment business, specializ­
ing in bonds and short term notes.
— Announcement has been made that the name o f W eil, R oth & Co. has
been changed to Th e W eil, R oth & Irving C o. Tho new concern is now
occupying its new offices in tho Dixie Terminal Building, Cincinnati
Ohio, where the business o f tho old firm will be continued.
— Carl T . Ivaumburg, heretofore with W . J. W ollman & C o ., will becom e
associated with E . Naum burg & C o. on Jan. 1 1923.

D ec. 30 1922.]

THE CHRONICLE

2917

cording to a statement by the Industrial Commissioner. The
highest earnings reported were in the fur industry, with a
weekly average of $37 84, and the lowest $16 85, in the men’s
furnishings industry. Wage rate increases of from 5 to 10%
COMMERCIAL EPITOME.
in various industries were reported. The Brooltside Mills at
Knoxville, Tenn., employing 1.500 workers, have raised
F r i d a y F i g h t , D e c . 29 1922.
The notable factor in American business this week has wages 10%. At Durham, N. C.. the Morven Cotton Mills re­
newed operations following a long period of idleness. The
been that on the whole it was larger than usual at the close mills will be operated with double forces. Sufficient work­
of the year. The holiday trade surpassed anything seen in ers have been obtained to insure continuous operation in the
recent years. The mail order trade of the West shows a future. The plant will run 24 hours per day every day in the
noteworthy increase in December over that of November. week, except Saturdays and Sundays.
At Paterson, N. J., on Dec! 27 efforts were started looking
Employment is more general, wages are higher, farm crops
the Department
of 1922 are selling for much more than those of 1921. and on to a silk trade conference to be extended bythe country as a
of Labor to other communities throughout
the whole large classes of the population find their buying means of eliminating industrial strife. This is with the ap­
power augmented. The value of the farm crops of 1922 is proval of both the workers and the manufacturers of the in­
figured at $7,572,890,000 against $5,729,912,000 in 1921; the dustry. The plan was declared by Secretary of Labor James
T
pig iron output in 1922 is estimated at 23,800,000 tons, • . Davis to be one of the most forward steps yet taken to
against 14,895,000 in 1921, and prices for iron have latterly bring about harmonious relations between employer and em­
ployee. There is to be no element of compulsion, no decision
advanced somewhat. British and French iron has been com­ on controversial questions by voting. It is proposed to bring
peting to all appearance less successfully with American iron about an intensive discussion of all the points or subjects in­
in American markets, although there has been some note­ volved. Public opinion will enter into the question. There
worthy business in German iron. The outlook for the Amer­ is to be an industrial conference composed of 25 manufactur­
ican iron trade, however, is evidently better. As for the steel ers. 25 workers and 25 citizens and a representative of the
trade, its prospects are also brightening with the output at Department of Labor. .Tames Wilson, Chairman, said it was
the rate of 80 to 85% of capacity, as against a much lower hoped to prevent further labor trouble between the silk man­
rate early in the year. The value of the cotton crop was ufacturers and their 25,000 employees. The first action will
$1,190,000,000, or much higher than the last one. On a crop be an attempt to adjust the controversy in the industry over
about 2,000,000 bales larger than the last one there lias been the work week. The workers, who are well organized in the
an advance in prices this year ranging from $40 to $55 a bale. United Textile Workers of America and the Associated Silk
The South, moreover, is having a remarkable revival of its Workers of Paterson, have threatened to strike if the em­
great industries. It is to be hoped that a way will be found ployers attempt to carry out their proposal to lengthen the
to cope with the boll weevil which took toll last year, it is work week from 44 to 48 hours.
Portland, Ore., advices state that a sharp and unexpected
estimated, of some 0,500,000 bales. The South is aroused,
however, and what with a systematic use of known remedies demand for lumber from Australia at Portland has led to
for the pest and intensive cultivation, it is hoped that the sales there of 106,000,000 feet during the past six weeks. All
eastern section of the Cotton Belt will be able to fight to bet- the lumber will move from the Columbia River, Puget Sound
er purpose and with something of the confidence with which and Gray’s Harbor. The demand is attributed to improved
the western belt grapples with it. It is asserted, apparently financial conditions in Australia. Money from the sale of
with good reason, that with an intelligent and resolute cam­ crops is coming in and buyers are seeking the Northwest’s
paign against the weevil much larger crops may be raised timber. Most of it is for remanufactqring. Lack of tonnage
prevents immediate sale of millions of feet more lumber at
than have been produced in the last two years.
Apart from this the business of the country feels the grow­ Portland. The price is generally $13 a thousand feet.
Representatives of the bituminous coal operators and the
ing scarcity of labor. Some of the cotton mills have volun­
tarily raised wages 10%. It looks as though Southern cot­ union miners of the country will meet in Chicago on Jan. 3
ton farmers will have to pay higher wages if the negro mi­ to resume work on the reorganization of the industry where
gration to the North and West is to be checked. Meantime it was left off when their meeting was adjourned at Cleve­
there is a steady export demand from Europe for grain. Cot­ land, Oct. 2.
The weather here in the fore part of the week was mild
ton exports are expected to increase shortly. At one time
500,000 bales behind last year, they have recovered much of and springlike, but it suddenly changed on Thursday, with
the lost ground. Textiles have been in good demand, both rain, hail and. finally, snow and high winds. The storm hit
North and South, and some of the mills are running with all Eastern United States. Portland, Me., had a foot of
both night and day shifts, or, as a rule, in any case at or near snow. The weather recently has been rough at sea and on
100%. The world’s mills are now taking more American Thursday vessels due to sail from New England ports were
cotton than they were a year ago. But costs of production in held in harbor. In New York Thursday was far the worst
the big American industries are increasing from higher fuel day this winter. The thermometer fell to 26 deg. Trees
and higher labor, and rising prices hit a certain large section were blown down in Central Park and elsewhere. Signs and
of the farming community as well as the large urban popu­ wireless antennae were torn from their fastenings. In the
lation. Just now, too, there is a scarcity of domestic sizes Mohawk Valley 8 inches or more of snow fell, with high
winds. Traffic was difficult in Albany. In Buffalo street
of coal which adds to the hardships of winter.
The Government’s late report on crop values indicated 23c. car traffic was for two hours virtually at a standstill.
a bushel more for corn on the farms, 8c. a bushel more for Rochester, N. Y., had 13% inches of snow, one of the heaviest
wheat, and 9c. more for oats than a year ago. The total falls in many years. Syracuse and central New York had the
valuation of farm products was $7,572,892,000, compared worst snow storm this year. At Cleveland, Ohio, damage of
with $5,729,912,000 Dec. 1 last year and $9,125,620,000 in 1920. over $300,000 was done by sleet and snow to the Ohio Tele­
The increase over last year is 32%. Cotton had a valuation phone Co.’s property. At Eastport, Me., with driving snow,
of $1,190,761,000, or an increase of $546,827,000, equal to 85% came a 60-mile gale and coal shortage was aggravated by the
storm. Hurricane signals were up at Providence, R. I.. for
over last year’s crop returns.
The South is having a great industrial boom. It is pointed the second time in the history of the station there. At Narout that it affects cotton, lumber, iron, coal, etc. Thirty ragansett Pier and Point Judith, with a 60-mile gale, the
years ago Birmingham, it is recalled, had a population of waves swept much farther inland than usual. Here in New
only 3,000. Now it has 200,000. High Point, N. C., is said York it looks like warmer to-morrow.
to be the greatest furniture manufacturing centre in the
LARD firmer; prime western, 11.70@11.80c.: refined to
country. The “Boot and Shoe Recorder,’’ noticing the indus­ Continent, 12.75c.; South America, 13c.; Brazil in kegs,
trial revival at the South, points out that the coal area of the 14c. Futures advanced early in the week with hogs higher
South is twice as great as that of all Europe, including Rus­ and packers buying. They eased later for a time, it is true,
sia. And the South, it seems, has developed 2.300,000 horse owing to some decline in corn. Commission houses, too,
power from its streams and rivers out of an estimated maxi­ and local traders sold. Later came a larger demand for lard,
mum water power of 9,000,000 horse power. It has iron ore which was bought against sales of cottonseed oil. Also the
deposits of practically unlimited extent. Those of Alabama cash demand was pretty good, hogs advanced, receipts
are said to be even richer than those of the famous Pitts­ decreased, and stocks were small. To-day prices reacted
burgh district. In cotton goods manufacture North Carolina somewhat, but they close 17 to IS points higher for the week.
alone has 513 textile mills out of the total of 1,146 at the D A I L Y C L O S IN G P R IC E S F L A R D F U T U R E IN C H I C A G O .
Fri.
Wed. Thurs.
Tues.
Sat.
South.
Mon.
11.20
10.75
10.97
10.87
December d e livery .cts. 10.67
Night operations have been started at the Acadia cotton January delivery_______ 10.60
10.75
10.82
H oli­ 10.67
10.87
11.00
10.95
10.87
day. 10.82
mill at Lawrence, Mass., owing to big orders. The Great M arch delivery_________10.70
11.00
11.05
10.92
11.12
Falls Manufacturing Co. of Somersworth. N. H., has posted M a y delivery___________ 10.85
PORK dull; mess $27® $28 50; family $30@$32; short
notices that commencing next Tuesday the mills will be op­
erated on the basis of 54 hours per week, as they were prior Clear $22 50@$27 50. Beef also dull; mess $12@$12 50;
to the strike of last February. The mills resumed operations packet $13 50 @$14; family $10@$18; extra India mess
on the basis of a compromise of 52% hours per week to last $28@$30; No. 1 canned roast beef $3 25; No. 2 $2 35: 0
until Jan. 1. The operatives have decided to accept the new lbs. $15; sweet pickled tongues $55@$65 nom. per^ bbl.
basis of operations pending further developments. In the Cut meats quiet; pickled hams 10 to 20 lbs. 16%@173<tc.;
Cohoes, N. Y., district eight knitting mills, employing several pickled bellies 10 to 12 lbs 16c. Butter, creamery firsts to
Eggs,
thousand workers, will increase wages on Jan. 2 10%. The high scoring 47@55c. Cheese, flats 21 @ 2 8 ^ c.
average weekly earnings of factory workers in New York fresh gathered seconds to extra 40@53c.
COFFEE on the spot firm; No. 7 Rio, 11%@11 b£c.; No. 4
State were $26 04 during November, an increase of 43 cents
over October and of $1 72 over November of last yeai\ ac­ Santos, 1 5 K @ 1 5^ c .; fair to good Cucuta, 15%@16c.




i

2918

THE CHRONICLE

Futures advanced early in the week on higher cables, a firm
spot situation, and small offerings. Contracts were notice­
ably scarce. March showed conspicuous firmness. It was
taken by some to mean growing nervousness over the spot
situation. And firm offers were generally higher on the
26th inst. Santos 4s were 1 4 to 14J^c. here; Rio 7s,
10.55, in contrast with 10.15 to 10.50c. last Friday. To-day
prices declined somewhat on evening up before the holidays.
But March ended 6 points higher for the week.
Spot (un official).. 115-glM ay..................9.57@ 9.58| S ep tem ber___8 7 0 @ 8 7 2
M arch ............. 9 .8 8 @ 9 -8 9 1 Ju ly__________ 9 .2 1 @ 9 .2 3 l D ecem ber.. 8 .4 4 @ 8 . 45

SUGAR.— Cuban raws for the first half of January ship­
ment were offered early in the week at 3 % c . c. & f., February
at 3 ^ c . The weather in Cuba was better and 46 cetrals
were grinding. One dispatch, however, said: “All mills on
the north coast in Oriente expect considerable reduction of
yield, owing to prolonged drought. Shortage of labor is
interfering with grinding.” German manufacturers ask the
Government to allow the exportation of an estimated surplus
of about 200,000 tons. Some refiners cut granulated to 7c
others still quoted 7.10c. Trade was dull in refined. On
Wednesday one interest bought heavily of March, the pur­
chases being estimated at 15,000 tons at 3.46 to 3.50c.
Thereupon other months became active. Buying of March
was supposed to have been against sales of actual sugar.
One operator sold 35,000 bags of Cuba for early January
shipment at 3%c. c. & f. Receipts at Cuban ports for the
week, according to Willett & Gray, were 29,676 tons, against
18,202 last week, none last year and 5,403 in 1920; exports
14,388 tons, against 4,571 last week, none last year and none
in 1920; stock, 28,919, against 13,631 last week, none last
year and 13,049 in 1920. Centrals grinding numbered 46,
against 31 last week, 18 last year and 17 in 1920. To-day
futures advanced 3 to 8 points and March ended 11 points
higher for the week. Spot sugar was perhaps hardly so
firm. Early January shipmont sold at 3%c.

[V ol. 115.

United States. The Merchants National Bank 6f Boston
says in its monthly summary of the hide and leather in­
dustry that during the past month and a half prices of hides
have dropped sharply, the decline ranging from 10 to 15%.
Heavy native steers, for example, which touched 23c., have
sold off to 20c. Branded cows, which were quoted from
16c. to 16Kc., at the high point, have dropped to 14c.
Meanwhile Chicago city calfsldns, which reached a top of
22c., are down to 18c. Frigorifico steer hides declined
in company with the domestic product, dropping from about
24Kc. to 21c., but they have recently recovered to about
23c. The rebound in frigorificos has been assisted by the
fact that their quality is seasonally improving while the
quality of the domestic hides has been declining.
OCEAN FREIGHTS have been in moderate demand and
January berth rates advanced at one time but were reported
weaker later. The year 1922 in the shipping business, says
P. A. S. Franklin, President of the International Mercantile
Marine, has been one of the worst in its history. He thinks
there will be no improvement until Europe recovers.
C h a rte rs included grain from A tla n tic range to M arseilles 21c. D ec. 30,
canceling: one ro u n d trip w est coast o f S outh A m erica tra d e , 4,119-ton
steam er, 87 'Ac. J an u a ry ; one ro u n d trip in w est coast o f S outh A m erica
tra d e , 3,252-ton steam er, 90c. Ja n u a ry ; one round trip in tra n sa tla n tic
tra d e , 2,714-ton steam er, $1 35 Ja n u a ry ; one round trip in inter-coastal
tra d e , SI 50 J a n u a ry ; grain fro m A tla n tic range to Greece, 2 2 % c . early
J an u a ry ; grain fro m A tla n tic range to Greece, 23c. J a n u a ry .

TOBACCO has met with a fair inquiry at somewhat lower
prices according to current reports. The demand has been
for both wrappers and fillers and in some cases a fair business
has to all appearance actually been done. The market has
been anything but active. In many cases it has been quiet
as usual just at the close of the year, with inventories to be
faced. The trade hopes for better business in 1923, however.
Many think the outlook is favorable. Tobacco manufac­
turers are said to have had one of the best years in their his­
tory. Cigarette output is ahead of 1921. The November
J
S p o t(u n o ff'l).. 5 .6 5 ----|M arch ................3 51 @ 3 . 5 2 1 u l y . . . ............ 3 .7 3 @ 3 .7 4
December-------- - | M a y ._ -----------------------3 62 @ 3 6 3 1September _ .3 8 2 @ 3 83
total was 4,524,272,175, against 4,235,407,227 in November
OILS.— Linseed remains quiet but prices are well main­ 1921. Leading tobacco and cigar store sales in the holiday
tained. Offerings of foreign oil are very small. Spot, car­ season were said to be the largest for years past.
loads, 90c.; tanks, 86c.; less than carloads, 93c.; less than
COPPER in good demand and higher; electrolytic, 14 y e .
5 barrels, 96c. Cocoanut oil, Ceylon barrels, 9 } 4 @ 9 % c . There is a heavy export demand. Some producers were
Cochin, i q y @ 1 0 % e . Corn, crude refined, 100 barrels, getting 14%c. c.i.f. European ports, and it is said that the
11 Me. Olive, $1 15@S1 17. Lard, strained winter, 14c.; Copper Export Association was quoting 15c. c.i.f. Sales
extra, 13y e . Cod, domestic, 58c. nominal; Newfoundland, of copper since the first of the month, it is reported from
61c. Spirits of turpentine, $1 40@S1 41 y . Rosin, $6 05@ Boston, have totaled 225,000,000 lbs. One large producer
7 90. Cottonseed oil sales to-day, 19,900, including switch­ sold 20,000,000 lbs. on the 26th inst. at 14%c., but refused
es. Crude, S. E., 9.12^@ 9.25c. Prices closed as follows: to do business on 50,000,000 lbs. at the same figure for
(M arch--------1 0 .7 7 @ 1 0 .7 8 1
June ----------- 1 0 .9 5 @ 1 1 .0 3
Spot----------- . . . . f i }
delivery during February and March. Smaller producers
J a n u a ry .. .1 0 .6 1 @ 1 0 .6 4 IA p ril______ 1 0 .8 0 @ 10.88 July
1 1 OOfffill 6 7
are holding firm at 14Me., and it is said a sale of Lake
February- . 1 0 .6 5 @ 10.7 0 1M a y .............10.9 2 @ 10.93 ] A u g u s t " 111 1 .08@ 1 1 '.ll
PETROLEUM.— The Texas Co. on the 28th inst. ad­ had been made at 15c. for January delivery. Lake, however,
vanced Mexia and Currie crude 20c. per bbl. Mexia is usually commands a slight premium over electrolytic. Ex­
now 81 55 and Currie at 81 80. There is a good demand ports in November amounted to nearly 54,000,000 lbs.,
for these grades and other companies it is expected will meet against 63,000,000 lbs. in October. Domostic deliveries
this advance in the near future. Export business in refined shipments totaled over 107,000,000 lbs., a decline of 27,000,­
petroleum has been quiet. Large inquiries are in the market 000 lbs. from October. Tin higher; spot, 38 y e . Business
from foreign sources, but actual sales are very small. Cased is quiet, and is likely to continue so until after the turn
oil and kerosene quiet. Gasoline is weak. Stocks of gaso­ of the year. Ninety-nine per cent tin is about lc. per lb.
line are large and a cut in prices would not be surprising under Straits and Banca about Y^e. under. Lead quiet
to many in the trade. Kerosene dull. Demand for bunker but steady at 7.25@7.30c. for spot New York, and 7.05@
oil is a little better, but actual sales are small. New York 7.10c. spot East St. Louis. Zinc declined slightly early
prices: Gasoline, cases, cargo lots 26.75c.; U. S. Navy speci­ in the week but later recovered and closed about unchanged
fications, bulk 15.50c.; export naphtha, cargo lots 18c.; for the week. There was a fair export inquiry.
PIG IRON has risen owing to the high cost of fuel. Be­
63-66 deg. 21c.; 66-68 deg. 22c. Kerosene, cases cargo lots
16^0.; motor gasoline, garages (steel blls.) 22c. Crude oil sides there is more business than usual at this time of the
prices from the Lake and Big Muddy fields of Wyoming were year. The cost of production has plainly increased. And
advanced 50% on the 22nd inst. by the principal purchasing there is said to have been quite a large business in Ohio and
agencies. The new price is 81 05 a bbl. as against 70c. the Pennsylvania. It is said that 150,000 tons have been placed
old.
this week in Eastern Pennsylvania and Northern Ohio.
Pennsylvania______ $3 00 Lim a_______________$ 86 M id Continent—
New York, it is true, has not shown any activity. On the
Indiana____________ 1 78
Corning_________________ 175
Below 2 8 ______
90
contrary, German iron has been sold here of late at 825 to
C abell_______ _______ 1 86 Princeton___________ 1 77
28fr 29.9 .............. 1 0 0
Somerset_______________ 171Illinois...........................1 77
3 0 @ 3 2 .9 ......... .. 1io
826 50, duty paid at tidewater. It is added that German
Somerset, light_____1 96 C r ic h t o n ___________ 1 25 Fiealdton _______o 75
pig iron now undersells British and French metal, because
Ragland_________________1 C urrie....................... 1 80 M exia........................ 1 5 5
99
W ooster_________________190
of a rise in sterling and franc exchange. Car-lot iron has
RUBBER more active and firmer on stronger cables from been quoted at 824 in the Birmingham district; the range is
London and reports that a large tire manufacturer was buy­ 823 to 824. It seems that 20,000 tons of 20-inch cast iron
ing on quite a good scale. Also a report that the United pipe for San Juan, Porto Rico, have been awarded to a
States Rubber and B. F. Goodrich companies would advance Belgian manufacturer. On the whole, American iron pro­
tire prices 10 to 1 2 y % on Jan. 2, contributed to the strength ducers are well booked ahead, with prices better sustained
here. Smoked ribbed sheets and first latex crepe, spot and than they were a few months ago. Trade is in the best
Dec. and Jan., 27 y e . ; Feb., 28c.; March, 2 8 ^ c .; April- shape seen for two years past.
June, 29c.; July-Dee., 30c. In London on Dec. 27 rubber
STEEL has been tending upward, although a shortage of
was quiet at 13 %d. buyers for standard plantation grades on labor and cars has hampered business. But the outlook is
the spot. Stocks further increased last week in London to certainly better than it was a year ago. Production is going
the extent of 893 tons. They are 71,852 tons, against 69,465 ahead at a more confident pace than it was then. Thero is
tons last year and 50,244 in 1920 at the corresponding time. less interruption. Thero is less cutting of prices. They
London cabled on Dee. 28 that the market was active on stand up better. Steel output is close to 80% in Chicago.
American and speculative buying. For plantation standard Coke is 82 a ton higher than it was two weeks ago. Pig
grades there 1 4 y d . was paid in prompt position.
iron 50c. to 81 higher and steel scrap also 50c. to 81 higher.
HIDES were quiet Packer hides in Chicago were In one case gheet bars and plates were advanced. Semi­
weaker. Here calf skins were reported steadier. In the finished sheet bars have in some instances been advanced
River Plate section trade was slow. One transaction in­ in Cleveland. The Pittsburgh Co. has put up the price of
cluded 1,000 Sansinena and Smithfield cows said to have wire products 82 a ton. It looks as though the output of
been at the equivalent of 15Kc. c. & f., sight credit. Later steel would increase with the turn of the year. Half a dozen
17,500 frigorifico cow and steer hides sold at a further ad­ companies havo statod they will increase the production,
vance. The sales included 4,000 Swift Montevideo steers either by working equipment now idle or by getting more labor
at 855 25, the equivalent of 23 l-16c. sight credit; 4,000 or by working double shifts. One trouble is the scarcity
Armour and 4,000 Anglo steers sold at 854 50, equivalent of labor at the steel mills.
of 22J^c., and 5,000 Sansinena cows at 836 75, or about
Chicago reports a larger business in shapes, plates and
15 9-16c. All the purchases were believed to be for the bars. The difficulty is to supply them at the dates specified.




D ec . 30 1922.]

T H E C H R O N IC L E

Mills outside of the Chicago district have, it seems, been
selling on the P ittsburgh basis of quotations. Building
construction keeps up a t a surprising rate, considering the
tim e of the year. The automobile industry w ants large
tonnages, for it is very active. I t looks, too, as though the
consum ption of material for agricultural implements would
increase m aterially. I t is true th a t hot rolled stripped steel
has been quoted as low as 2.60c. P ittsburgh base on round
lots to cold rolling mills. B u t this is one of the exceptions,
although it is added th a t 5% reductions have been made
on bolts and nuts for prom pt delivery not however, for next
i year. The railroads have not been buying quite so heavily
within the last week or 1 0 days, b u t their purchases are still
im p o rtant and are likely to continue so. They are expected
to increase early in 1923. In other words, the year 1922
closes w ith a far better outlook for the trade than it faced a t
the end of 1921.
• WOOL has been in m oderate dem and and steady. In
Boston recently Ohio and Pennsylvania fleeces were: Delaine
unwashed 56@57c.; fine unwashed, 49@50c.; half blood
combing, 55c.; three-eighths blood combing, 53@55c.
M ichigan and New York fleeces: Delaine unwashed, 54 @55c.;
fine unwashed, 48@49c.; half blood unwashed, 52@53c.;
three-eighths blood unwashed, 51@53c.; one-quarter blood
unwashed, 50c.; Wisconsin, M issouri and average New Eng­
land half blood, 47 @48o.; three-eighths blood, 48@50c.; oneq uarter blood, 46@47c. Scoured basis, Texas: Fine 12
m onths, SI 35©$1 40; fine 8 m onths, SI 20@$1 25; fine
fall, SI 15@$1 2 0 . California-N orthern, SI 30@S1 3 5 ;M id­
dle C ounty, SI 15©SI 20; Southern, 95c.© S I. OregonE astern N o. 1 staple, SI 3 0 ©SI 33; fine and F . M . combing,
SI 20@S1 25; E astern clothing, SI 15@S1 20; Valley No. 1,
SI 15©SI 20; T erritory: fine staple choice, SI 38@S1 42;
half blood combing, SI 25@$1 30; three-eighths blood comb­
ing, 93c. © SI 03; one-quarter blood combing, 88c.@92c.
Pulled: Delainp, SI 30@$1 38; AA, SI 20@S1 30; A supers,
SI 15@S1 20. M ohairs: B est combing, 78c.@83c.; best
carding, 70c.@75c.
In New Y ork prices are not only firm b u t are by many
expected to rem ain so. Quotations here—in some cases
more or less nominal—are as follows: Ohio and Pennsyl­
vania fine delaine, 56@57c.; X X 48@51c.; A blood, 52©
54o.;
blood, 48@50c.; A blood, 43@46e.; territory, clean
basis, fine medium staple, SI 3 5 ©SI 40; clothing, SI 2 0 @
SI 25; A blood staple, SI 25@$1 28. Texas, clean basis,
fine, 1 2 m onths, SI 30@$1 3 5 ; 1 0 m onths, SI 2 0 ; 6 to 8
m onths, SI 05; pulled, scoured basis, A super, SI 15@S1 20;
B, SI ©SI 05; C, 78@83c. Domestic mohair, best comb­
ing, 78@83c. A ustralia, clean basis, in bond, 64-70s,
combing, SI 12@S1 15; 64-70s, carding, SI 05c.; 58-60s,
8 7 @90c.; 56s, 71 ©75c.; 50s, 58@61c. New Zealand, grease
basis, in bond, 56-58s, super, 47@48c.; 50-56s, 39@40c.;
48-50s, 3 5 ©37c.; 44-46s, 24@26c. Buenos Aires, grease
basis, I I I (higher quarter), in bond, 29@30c.; free, 43c.;
T V (lower quarter), in bond, 22@23c.; free, 38c.; V, Lincoln,
in bond, 18@19c.; free, 35c. M ontevideo, grease basis,
in bond, 58-60s, 50@52c.; I (56s), 46@48c.; I I (50s), 41©
43o.; I l l (462-48s), 33©34c. Cape, clean basis, in bond,
best combings, SI 10@S1 1 2 ; average longs, SI 05@$1 08;
best shorts, 96c.
Domestic consumption of wool increased 4,000,000 lbs.
during November the D epartm ent of Commerce announced,
adding th a t the total entering into m anufacture during the
m onth was 55,861,531 lbs., against 51,175,814 lbs. in October
and 46,402,000 lbs. in N ov. 1921. The consumption in
N ov. 1922 included 46,026,609 lbs. in the grease, 7,349,997
of scoured and 1,939,925 of pulled. Reduced to a grease
equivalent all this is 63,313,170 lbs. The grease equivalent
for Oct. 1922 was 59,281,774 lbs., against 53,463,000 lbs.
for N ov. 1921. Classified according to grade, the total
included 11,211,046 lbs. of fine, against 10,467,228 lbs. in
October and 9,341,000 in N ov. 1921; 8,283,628 lbs. of A
blood, against 7,454,440 lbs. in October; 8,977,899 of % blood
against 8,478,507 in October: 11,999,043 of ^ b lo o d , against
11,699,554 lbs.; 2,188,296 lbs. low, or Lincoln, of which
2,035,615 lbs. in October and 12,656,619 lbs. of carpet wool,
which is slightly more than in October. Of the total quantity
of wool used by m anufacturers during the m onth of Novem­
ber, 26,674,760 lbs., or 48.2% , was domestic and 28,641,771
rtfoF
foreign. The carpet wool was all foreign;
55.2% of the fine wool was prodvced in this country, with
85.6% of the 'A blood, 68.-1% of the % blood, 54.5% of
the K blood and 34% of the low grade. Of the total con­
sumption of wool in November 51.2% was reported from the
New England States, 40.9% from the Middle Atlantic
States, 0.8% from the Pacific Coast States and 7.1% from
other sections of the country.
A t Bradford, E ng., on Dec. 25th in the woolen m arket
last week inquiries for tops were numerous, b u t trade was
checked by firmness of prices. Woolen yarns were in fair
demand and firm. For woolen fabrics the demand was
better. Fine fabrics dull: hosiery and knit goods active.
The Boston “ Commercial Bulletin” in its issue on Saturday,
Dec. 30, will say:
"The demand for wool has been slightly less this week. Manufacturers
concerned with inventories than with purchases of new stock,,
aitnougn dealers had opportunities to sell at prices which they would not
consider. What business has been done has been at prices which showed
no roai weakness in the market. The reports from the goods markets also
indicate nealthy condition of business, although current sales have been




2919
COTTON.

F r id a y N i g h t , D e c . 29 1922.
T H E M O V E M E N T OF TH E CRO P, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
113,035 bales, against 136,866 bales last week and 138,941
bales the previous week, making the total receipts since the
1st of A ugust 1922 3,962,869 bales, against 3,439,847 bales
for the same period of 1921, showing an increase since
Aug. 1 1922 of 523,022 bales.___________________________
Receipts at—

Sat.

Galveston_____
Texas C ity ____
Houston _______
New Orleans___
M o b i l e . . . ___
Jacksonville___
Savannah ____
Charleston_____
Wilmington____
N orfolk_______
New York_____
B o s t o n .. _____
Baltimore_____
Philadelphia___

Tues.

M on.

8,277
4*268
1,008

! T hurs.

W ed.

22,151 , 4,226
1 3*327
1*,268 9*405 11.734
26 1,369
317
*766
1,162 1*308
137
460 1,145
47
652
239
4,594 1,325 1,089
....

5,261
3*892
6,039

1,056
‘405
‘ 314

**50
231

IIII

— I

*154

"86

—

Total.

F ri

6,725 46,640
1,037 1,037
160 7,379
5,093 37,807
8 2,728
6
6
219 4,445
316 2,058
232 1,575
732 7,740
___
50
749
500
*666
321
89

"66
8.090 36,194’ 22.833 15,117 113,035
*132

**50

Totals this week. 15.328 15,473

The following table shows the week’s total receipts, the
to tal since Aug. 1 1922 and stocks to-night, compared with
the last year:
___
1921.

1922.

R e c e ip ts to
D e c . 29.

T h is
W eek.

S in c e A u g

T h is
W eek.

S to c k .

S in c e A u g

1921.
1922.
1 1921.
1 1922. !
Galveston______ 46,640 1,830,860 46,936 1,594,545 377,956 375,551
Texas City_____
12,459
21,736
16,008
1,037
576
64,274
Houston_______
7,379 526,817; 18,044 232,212
Port Arthur, &c_.
10,305
2,000
New Orleans____ 37*807 814,446 23,808 644,611 26*6*969 368.830
Gulfport________
4,289
Mobile ___ __ _
17.166
* 7,983
2*,728
79,509
64,968 "2 ,678
Pensacola_______
200
5.433
Jacksonville. .
' 1,847
*7*993
6
8,923
1.835
54
Savannah_______ 4,445 261,214' 13,250 425,447
73,959 180.703
Brunswick___ __
1,532
11
14,016
25,073 i
050
Charleston______ 2,058
65.5S1 111,198
46,676
59,076 3,017
Wilmington____
40,448
36,422
1,575
66,649
70,788; 1.472
Norfolk. _____
7,740 195,940. 8,635 219,471 116.451 140,194
___
N ’port News, &c.
583
New Y o r k ____
87,449
7*1*472
"66
IIo
7,331
**4*.2l6!
B o sto n ___
5,448
749
6,813
14,899, 1,180
14,880
Baltimore.' __
2,064
500
2,538
11,283 1,664
38,062
Philadelphia __
14.453
321
6,954
2,660
712
23,228
Totals________ 113,035 3,962.869 122,036 3,439.857 1,062,778 1.359.282

In order th a t comparison m ay be m ade with other years,
R e c e ip ts a t—

1922.

Galveston___
Houston, &c_
New Orleans.
M o b ile ____
Savannah___
Brunswick__
Charleston__
Wilmington __
N orfolk ___
N ’port N ., &c.
All others___

1921.

46,640
7,379
37,807
2,728
4,445

1920.

46.936
576
23,808
2,078
13,250
500
3,017
1,472
8,635

*2*658
1.5,5
7,740
* *2,663

1,519
l ,68S
8,302
39
2.664

*21"764
,

113.035-

Total this wk.

1919.

61,668
498
52,935
4,398
9,519

1 1918.

69.783
8,326
56,590
12.904
38,433
9 non'
4,385
4,953
8,593
113
7,505

34,833
2,237
32,131
8,756
21,912
non
6,926
3,747
7,624
41
1,867

1917.
48,979
3,351
54,256
604
14,849
2,500
3,197
531
4.138
481
6.138

122,036

143,230 213,945 123,074 139,294
SinceAug. 1_. 3.962.869 3.439.857 3.432.216 3,802,141 2.787,667 3.566.344'

of /o,324 bales, of which 15,124 were to G reat B ritain,
10,432 to France and 49,768 to other destina ions. Below
are the exports for the week and since Aug. 1 1922:________
Week ending Dec. 29 1922.
E x p o rte d to —

from —

Great
Britain. France. Other.

G alveston..
Houston . . .
New Orleans
Mobile____
Jacksonville
Pensacola. .
Savannah. .
Brunswick .
Charleston .
Wilmington
Norfolk___
New Y ork..
Boston___
Baltimore .
Philadelphia
Los Angeles
San F r a n ...
Seattle____

3,487
3,000
2,786

3,411 26,124 29,535
3,892 7,379
5,684 5,837 14,521
335
75 3,196

1,250
—

Total.

6*,283

7*,533

1,124

*850
4,777
1,100

1,175
4,243
1,015

1*175
4,243
1,015

—

*850
2,651
1,100

1*662

—
_____

From A ug. 1 1922 to Dec. 29 1922.
Exported to—
Great
Britain.

France.

Other.

Total.

324,160 235,721 658,518 1,218,399
197,463 112,554 214,488 524,505
92,184 42,974 233,322 368,480
43,696
4,645 20,107
18,944
650
575
75
5,433
710
4,723
3,324 47,714 156,240
105,202
6,650 25,593
18,943
9,892 21,651
1,094
10,665
37,300 42,900
5,600
14,592 64,836
50,244
30,851 114,440 180,069
34,778
3,018
1,260
1,758
646
167
479
291
291
5,465
1,725
" 3",616 " ' 7 6 6
63,191
63,191
..........
3,157
3,157

Total 1922. 15,124 10,432 49,768 75,324

868,258

431,863 1,418,099 2,718,220

Total 1921. 31,529 13,420 50,365 95,314
Total 1920. 42,254 3,231 60,102 105,587

739,441
942,503

376.248 1,736,526 2,852,215
344,922.1,113,733 2,401.158

In addition to above exports, our telegrams to-night also
give us the following am ounts of cotton on shipboard, not
cleared,!--------the ports nam ed._____________________ ______
----------- a t
— —
---- --O n S h i p ' b o a r d , A Tot C l e a r <d f o r —
e

D ec.

29

a t—

G reat
B r ita in . F r a n c e .

G erm any.

j O th e r
I
jC o n t ' n t .

Galveston____ 20,449 14,716 7,000 26,690
New Orleans.. 9,367 3,754 10,120 30,341
Savannah____
2,400
200
Charleston*_
_
*200
M obile______
1*217
1*475
Norfolk______
___
Other ports*. . 6*400
2,000
*700

C o a s tra is e .

1 T o ta l.

9,000 77,855
6,975 60,557
2,600
700
*500
110 2,802
9*166

L e a v in g
S to c k .

300,101
206,352
71,359
64,881
5,181
116,451
144,839

Total 1922. . 37,433 18,670 21,520 59,406 16,585 153,614 909,164
Total 1921 . . 25,650 1,918 29,410, 19,201 5,910 82,089 1,277,193
Total 1919-- 56,875 13,6411 14,5111 88,195 3,500 176,722 1,277,586
* Estimated.

2920

S p e c u la tio n in c o tto n f o r f u t u r e d e liv e r y h a s b een b r isk o f
la t e , b u t la r g e ly o f th e n a tu r e o f y e a r -e n d liq u id a t io n to s e ­
c u r e p r o f it s a f t e r a r e c e n t a d v a n c e o f, r o u g h ly , $12 to $15 a
b a le— th a t is sin c e D ec. 6— w h ile th e r is e t h is y e a r h a s b een ,
r o u g h ly , 10*4 to 11 y 2 c e n t s o n J a n u a r y a n d M arch d e liv e r ie s
d u e to boll w e e v il, sh o r t c r o p s a n d c o n su m p tio n la r g e ly in
e x c e s s o f p r o d u ctio n . D u r in g th e p a s t w e e k p r ic e s a d v a n c e d
to a n e w h ig h le v e l. T h e y g o t f o r a tim e a b o v e 2 7 ce n ts.
T h a t w a s d u e to tr a d e b u y in g , str o n g sp o t m a r k e ts, a d v a n c ­
in g p r ic e s in L iv e r p o o l a n d a b e tte r f in a n c ia l a n d p o litic a l
o u tlo o k . A lso , i t w a s tr a c e a b le in so m e d e g r e e to a str o n g
im p r e ssio n t h a t th e U n ite d S t a t e s w ill h e lp E u ro p e so m eh o w
to g e t on it s fe e t . I t is re c o g n iz e d th a t th e G erm a n r e p a r a ­
t io n s q u e stio n m u s t f i r s t be se ttle d , bu t th e r e a r e str o n g
h o p e s th a t it w ill be s e t tle d b e fo r e lo n g , a n d th a t th e w a y
w ill th u s be p a v ed fo r e n e r g e tic a n d in t e llig e n t m e a s u r e s on
th e p a r t o f th e U n ite d S t a t e s lo o k in g to th e eco n o m ic re­
h a b ilit a t io n o f E u rop e. In it s p o litic s t h is c o u n tr y i s d e te r ­
m in e d a s e v e r to a v o id a n y e n ta n g le m e n ts . M e a n w h ile th e
m o st o f th e co tto n n e w s h a s b een b u llis h . C o tto n g o o d s h a v e
so ld v e r y w e ll a t str o n g or r is in g p rices. R e c e n t s a le s by F a ll
R iv e r w e r e la r g e r th a n u su a l to w a r d s th e c lo s e o f th e y e a r .
T h e co tto n m ills o f th e c o u n tr y a r e ru n n in g a t a ro u n d 100% .
T h e y a r e b e lie v e d to be m a k in g m o n ey . S o m e o f th em in
T e n n e s s e e a n d N e w Y ork h a v e a d v a n c e d w a g e s v o lu n t a r ily
10% . A lso , so m e o f th e r e p o r ts fr o m M a n c h e ste r h a v e b een
m o re fa v o r a b le , e v e n th o u g h p r ic e s le a v e m u ch to be d e­
sired . A n d sp e c u la tio n in c o tto n h a s b eco m e m o re p op u lar.
C o n tr a c ts h a v e a t tim e s b een s c a r c e h ere. T h e t r a d e h a s
b een a p e r s is te n t b u y er. G o o d s w e r e in e x c e lle n t d em a n d .
F a ll R iv e r m ills w e r e r e fu s in g to s e ll a h e a d e x c e p t a t h ig h e r
p rices. T h e r e is n o d a n g e r o f a c o a l s h o r ta g e in th e t e x t ile
d is t r ic t s o f N e w E n g la n d . S p o ts a r e in g r o w in g d em a n d . I t
is h in te d t h a t so m e o f th e b e tte r g r a d e s m a y h a v e b een o v e r ­
so ld . E v e n b o lly c o tto n h a s r e c e n tly b een s e llin g a t a ro u n d
2 4 c e n ts . T h a t se e m s r a th e r elo q u e n t te s tim o n y to th e w o r th
o f th e b e tte r g r a d e s. A n d la b o r s c a r c ity th r e a t e n s th e S o u th .
T h e n eg ro e x o d u s c o n tin u e s. S o a la r m e d h a v e th e fa r m e r s
b eco m e e a s t o f th e M is s is s ip p i R iv e r o v e r t h is m ig r a tio n t h a t
th e y h a v e a p p e a le d to S e c r e ta r y o f C o m m erce H o o v e r to ta k e
m e a s u r e s to sto p it. B u t w h a t c o u ld h e d o? H e retu r n e d th e
o b v io u s a n s w e r t h a t h e co u ld d o n o th in g . H e e x p r e s s e d th e
o p in io n th a t la t e r o n so m e o f th e n e g r o e s w o u ld r e tu r n to th e
S o u th . T h a t r e m a in s to be se e n . E v id e n tly S o u th e r n f a r m ­
e r s do n o t b le ie v e it, o r th e y w o u ld n o t h a v e m a d e su ch an
e x tr a o r d in a r y a p p e a l to W a sh in g to n . O ne g r e a t tro u b le is
t h a t th e S o u th p a y s f a r le s s fo r la b o r th a n o th e r s e c t io n s o f
th e c o u n tr y . A s lo n g a s th is c o n tin u e s it is n o t u n r e a so n a b le
to a s s u m e t h a t th e m ore e n te r p r is in g b la c k s w ill le a v e fo r
m o re p r o m isin g fie ld s . M a n y n eg ro fa r m e r s h a v e lo s t th e
la s t tw o c r o p s a n d n o t u n n a tu r a lly th e y a r e d is g u ste d . A nd
it is d o u b tfu l w h e th e r a m a jo r ity o f th em or e v e n th e w h ite
s h a r e c r o p p e r s w ill ta k e th e tro u b le to f ig h t th e w e e v il e f ­
f e c t iv e ly w ith c a lc iu m a r s e n a te . I t r e q u ir e s ca r e a n d p er­
s is t e n t a p p lic a tio n , t h in g s w h ic h a r e fo r e ig n to th e n a tu r e o f
m a n y o f th e s m a lle r a n d h a p p y -g o -lu ck y g r o w e r s o f co tto n
A n d in a n y c a se c a lc iu m a r s e n a t e se e m s lik e ly to b e sc a r c e
a n d h ig h . T h e r e w a s a ru m or, too, h e r e th a t a “co r n e r ” in
a r s e n ic w a s b e in g p la n n e d . R e c e n tly th e G o v ern m en t s e n t a
c o m m itte e to N e w Y ork to lo o k in to th e m a tte r o f th e a lle g e d
a r t i f ic ia l s c a r c ity o f a r s e n ic a n d th e so -c a lle d m a n ip u la te d
p r ic e f o r it. N o th in g s e e m s to h a v e co m e o f it. A nd n o w th e
rep o rt is r e v iv e d o f s p e c u la to r s b u y in g Up th e su p p ly o f a r ­
se n ic a n d p r e p a r in g to c h a r g e th e c o n su m e r a n y p rice th e y
p le a s e . S o th a t w h a t w ith la b o r d e s e r tin g a n d th e b e st rem ­
e d y fo r w e e v il p e r h a p s b ey o n d h is rea ch , th e S o u th e r n fa r m ­
e r in m a n y c a s e s f a c e s a r a th e r t r y in g y e a r . A t a n y ra te,
th a t is h o w m a n y r eg a rd th e m a tte r h ere. In o th e r w ord s!
th e fu n d a m e n ta ls o f th e c o tto n s itu a tio n a r e c o n sid e r e d
str o n g . T h e la s t tw o c r o p s w e r e fa ilu r e s . W h a t if th e n e x t
o n e sh o u ld be?
O n th e o th e r h a n d , so m e th in k t h a t th e a d v a n c e h a s b een
to o ra p id a n d h a s g o n e too fa r . T h e y b e lie v e th a t a f t e r th e
tu r n o f th e y e a r so m e w h o h a v e la r g e p r o fits a n d h a v e re­
fr a in e d fr o m ta k in g th em on a c c o u n t o f th e in co m e t a x w ill
s e ll. B e s id e s , e v e r y b o d y is a b u ll. T h e r e is a te n d e n c y fo r
th e m a r k e t to g e t “lo n g .” S h o r ts h a v e b een in a m a n n e r te r ­
ro riz ed . T h e te n d e n c y h a s b een fo r th e te c h n ic a l p o sitio n to
b eco m e r a th e r v u ln e r a b le . O f c o u r se , th e r e h a s b een a good
d e a l o f lo n g liq u id a t io n o f la t e . B u t n o b o d y im a g in e s t h a t
th e liq u id a t io n h a s b een c o m p le te d . M e a n tim e M a n c h e ste r
is s t ill in a n u n e n v ia b le p o sitio n . I t c o m p la in s o f w r e tc h e d
p r ic e s . T h e s p o t s a le s a t L iv e r p o o l h a v e b een fo r m a n y
w e e k s p a s t, w it h r a r e e x c e p tio n s , o n ly fo u r o r f i v e th o u sa n d
b a le s a d a y . E u r o p e h a s b een b u y in g a g o o d d e a l o f o th e r
g r o w th s th a n A m e r ic a n . N o t o n ce, b u t o fte n , th e d a ily im ­
p o r ta tio n s h a v e sh o w n it. I n a s in g le d a y t h i s w e e k , f o r e x ­
a m p le, th e im p o r ta tio n s a t L iv e r p o o l w e r e 38,000 b a le s, a n d
o f th is o n ly 1 5,000 w a s A m e r ic a n . L o n d o n h a s b een s e llin g
in L iv e r p o o l. T h e r e th e m a r k e t o f la t e h a s b een rep o rted
r a th e r tir e d . A n d E u r o p e a n p o litic s , a f t e r a ll, a r e s t ill v e r y
m u ch u n s e ttle d . L a tte r ly th e T u r k ish q u e s tio n h a d a n e v il
p r o m in e n c e . T h e a t t it u d e o f G r e a t B r ita in h a s b een fir m
a n d s h e i s b a ck ed b y F r a n c e . B u t th e q u e s tio n o f th e b ig o il
f i e ld s in M o su l, w h ic h T u r k e y d e m a n d s, h a s th r e a t e n e d to
b eco m e c r it ic a l. T h a t h a d a c e r ta in e f f e c t h e r e on T h u r sd a y .
O f la t e , to o , c o tto n h a s b een m o re or le s s a f f e c t e d b y a d e ­
c lin e in s to c k s a n d g r a in .
N o t t h a t th e y h a v e h a d a n y
m a r k e d in f lu e n c e ; f a r fro m it. B u t w ith a n u n s e t tle d E u r o ­
p ea n p o litic a l s it u a t io n a n d f a l li n g s t o c k s a n d g r a in th e r e




[V ol. 115.

T H E C H R O N IC L E

h a s c e r ta in ly b een m o re or le s s liq u id a t io n o f c o tto n . A nd
sp o t m a r k e ts, th o u g h fir m , a r e n o t r e a lly a c tiv e . N o r h a v e
th e y b een fo r m a n y w e e k s p a st. A n d a s to th e n e x t crop , c o t­
ton h is to r y is n o th in g i f n o t su r p r isin g . C e r ta in ly a p r ic e o f
a ro u n d $130 a b a le is a str o n g in c e n t iv e t o p la n t a b ig a c r e ­
a g e. M e a n tim e th e r e is a n a g it a t io n f o r th e re p e a l, or a t a n y
ra te, th e m o d ific a tio n o f th e 3% r e s t r ic tiv e la w a s r e g a r d s
im m ig r a tio n . T h e o ff e r o f h ig h e r w a g e s m a y b r in g b a ck
m a n y o f th e n e g r o e s to th e S o u th . A fte r a ll, th a t is th e c l i ­
m a te a n d th e r e a r e th e c o n d itio n s o f l i f e to w h ic h th e y a r e
a c c u sto m e d . T h e s e th in g s m a y c o u n t f o r m u ch in th e en d .
A n d so m a y in t e n s iv e fa r m in g , d e s p ite a n y sh o r ta g e o f la b o r.
T h e r e is n o d ou b t th a t a m ore in t e llig e n t w a r fa r e th a n e v e r
b e fo r e w ill be w a g e d a g a in s t th e b o ll w e e v il. F in a lly , in
a d d itio n to th e h e a v y W a ll S tr e e t a n d u p to w n s e llin g h ero o f
la te , J a p a n e s e in t e r e s ts to a ll a p p e a r a n c e h a v e b een s e llin g
on a c o n sid e r a b le sc a le . T h e S o u th h a s so ld . F o r e ig n e x ­
c h a n g e h a s b een ir r e g u la r a n d in so m e c a s e s lo w e r . E x p o r ts
h a v e b een sm a ll. T h e y a r e s t ill n o tic e a b ly lo w e r th a n a t th is
tim e la s t y e a r . T o -d a y p r ic e s w e r e ir r e g u la r , e n d in g s lig h t ly
lo w e r f o r th e d a y o w in g to r e n e w e d liq u id a tio n . On th e
w h o le , h o w e v e r , it w a s w e ll ta k e n a n d th e e n d in g fo r th e
w e e k w a s 21 to 46 p o in ts h ig h e r , th e la t t e r on J a n u a r y . S p o t
c o tto n c lo s e d a t 26.60c. fo r m id d lin g , a r is e f o r th e w e e k o f
40 p o in ts.
T h e fo llo w in g a v e r a g e s o f th e d iffe r e n c e s b e tw e e n g r a d e s,
a s fig u r e d fr o m th e D e c . 2 9 q u o ta t io n s o f th e te n m a r k e ts
d e s ig n a te d b y th e S e c r e ta r y o f A g r ic u ltu r e , are th e d iffe r e n c e s
fr o m m id d lin g e s ta b lis h e d fo r d e liv e r ie s in th e N e w Y o r k
m arket on Jan. 5.
Middling fair.................................... 1.13 on •Middling “yellow” tinged_____ 1.23 off
Strict good middling----------88 on •Strict low mid. “yellow” tin g ed .1 .75 off
Good middling------------------------- 6 t on •Low middling "yellow” tin g e d ..2.39 off
Good middling "yellow” stained. .81 off
Strict middling------------------------------ .36on
•Strict mid. "yellow” stained___ 1.53 off
Strict low middling----------------------- .37off
Low middling-------------------------- .79 off •Middling "yellow” stained____ 2.10 off
•Good middling "blue” stain ed ..1 .0 5 off
•Strict good ordinary............................. 1.33off
•Strict middling "blue" sta in ed .. 1.53 off
•Good ordinary____________________1.93off
fclrlcigood mid. "yellow” tinged. .4 ) on •Middling "blue” stained_______ 2.03 off
• These ten grades are not deliverable
Good middling "yellow” tin g ed .. .03 ofr
Strict middling "yellow” tin g ed .. .41 off upon future contracts.

T h e o ffic ia l q u o ta t io n fo r m id d lin g u p la n d c o t t o n in th e
N e w Y o r k m a r k e t e a c h d a y fo r th e p a s t w e e k h a s b een :
D e c 23 t o D e c . 29—
Sqt. Mon. Tues. Wed. Thurs. Fri.
Middling uplands......................Hoi. Hoi. 26 80 26.75 26 70 26.60
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S ,
T h e q u o ta t io n s fo r m id d lin g u p la n d a t N e w Y o r k on
D e c . 2 9 fo r e a c h o f th e p a s t 3 2 y e a r s h a v e b e e n a s fo llo w s:
10.05c. 11898
1906
1922 . . . .26.60c. 1914 .........7.80c. 1905 ____ 11.90c. I1897 ------- 5.88c.
____
5.94c.
1921 - - ­ .19.10c. 1913 ____ 12.60c. 1904_____ 6.85c. 1896 ------- 7.06c.
1920 . . . .15.00c. 1912 ____ 13.20c. 1903 _____13.70c. 1895 _____ 8.25c.
____
____ 9.25c.
1919 . .. -39.25c. 1911
8.85c. 1894
1918 . . . -32.30c. 1910 ____ 14.95c. 1902 _____ 8.50c. 1893 ______5.75c.
____ 7.81c.
1901_____
1917 . . . -31.85c. 1009 ____ 15.95c. 1900 _____10.31c. 1892 ____ 9.88c.
____ 9.30c.
1916 _ . -17.25c. 1908
1 9 .2 0 c . 1907 ____ 11.80c. 1899 _____ 7.69c. 1891______7.75c.
1915
M A R K E T A N D SA LES A T N E W Y O R K .
T h e t o t a l s a le s o f c o t t o n o n th e s p o t e a c h d a y d u r in g th e
w e e k a t N ew ' Y o r k a re in d ic a te d in t h e fo llo w in g s t a t e m e n t .
F o r th e c o n v e n ie n c e o f th e rea d o r wre a ls o a d d c o lu m n s w h ic h
sh o w a t a g la n c e h o w th e m a r k e t fo r s p o t a n d fu tu r e s c lo s e d
o n sa m e d a y s .
Spot
M a rk et
C lo s e d .

Saturday—
Monday —
Tuesday —
WednesdayThursday --

F u tu r e s
M arket
C lo s e d .

HOLIDAY
HOLIDAY
Steady, 60 pts. adv. Stoady----------Quiet, 5 pts. dec----- Baroly steady . .
Quiet, 5 pts. dec----Quiet. 10 pts. dec— Steady-----------

SA LE S.
S p o t.

T o ta l.

C o n tr 'l.

1,800
1,600
4,000
4,000

_____ 1 11.400

Total . . .

1,800
1,600
4,000
4,000

11,400

- - - - -

F U T U R E S .— T h e h ig h e s t, lo w e s t a n d c lo s in g p r ic e s a t
N e w Y o r k fo r th e p a s t w e e k h a v e b e e n a s fo llo w s:
S a tu r d a y , M o n d a y ,
D e c . 23. Dec. 25.
Jan u ary—

Tuesday, Wed'day, Thursd'y, Friday,

Dec. 2 6 .

Dec. 27.

Dec. 28.

Dec. 2 9 .

Week.

2 6 .0 6-.5 9 2 6.5 0-.7 5 2 6 .3 0-.5 2 2 6.3 3-.5 8 2 6.0 6 -.7 5
26.5-4-.59 26.5 6 — 26.4 7 — 26.42 —

R a n g e ..........
C lo s in g -----F eb ru a ry—

26.92 —
26.9 2 —
26.6 7 — 26.69 —■ 26.5 4 — 26.51 —

R a n g e ..........
C lo s in g -----M arch —

26.3S-.83 2 6 .7 3-/0 2 26.5 5-.7 8 2 6 .5 5 - .75 2 6 .3 8 /.0 2
26.8 0-.8 2 26.8 3-.8 7 26.6 8-.7 0 26.65-.69

R a n g e ..........
C lo s in g ------

A prll—

R a n g e -------C lo s in g -------

26.83 — 26.8 5 — 2 6.6 8 — 26.6 5 — —

May—

26.4 7-.9 5 2 6.7 8 -/1 0 26.5 7-.8 3 26.5 8-.7 8 2 6 .4 7 /. 10
2 6 .8 7-.9 0 2 6.86-.89 2 6.69-.74 26.6 7-.7 9

R a n g e -------C lo s in g ------

Ju ne—

2 6 .9 5 —
2 6 .9 5 —
—
26.7 5 — 2 6 .7 0 — 26.5 5 * 26.53 —

R a n g e ..........
C lo s in g ------

J u ly —

C lo sin g -------

HOLI­

DAY.

HOLI­ 2 6.2 5 -.7 0 2 6.5 2-.8 7 2 6.30-.56 2 6 .2 7-.4 6 2 6 .2 5 -.8 7

DAY.

2 6.6 5-.6 8 26.6 0 — 26.4 1-.4 3 26.3 8-.4 0

Auaust—

R a n g e -------C lo s in g ------

26.1 0 — 26.05 — 25.91 — 25.90 — —

September—

R a n g e -------C lo s in g ------

October—

R an g e.........
C l o s in g -. . .

November—

R a n g e ..........
C lo s in g ------

/ 27c.

25.2 9 — 25.40 — 25.26 — 25.20 — —
2 4.4 3 -.7 5 2 4.71-.S9 2 4.5 8-.7 5 2 4 .5 2-.7 2 2 4.4 3 -.8 9
2 4.7 4-.7 5 24.8 0 — 24.66 — 24.6 0 —

D ec . 30 1922.]

THE

C H R O N IC L E

3931

THE VISIBLE SUPPLY OF COTTON to-night, as made
OVERLAND M O V E M E N T F O R T H E W E E K A N D
up by cable and telegraph, is as follows. Foreign stocks, as SIN CE AUG. 1.—We give below a statem ent showing the
well as the afloat, are this week’s returns, and consequently overland m ovem ent for the week and since Aug. 1, as m ade
all foreign figures are brought down to Thursday evening. up from telegraphic reports F riday night. The results for
But to make the total the complete figures for to-night the week and since Aug. 1 in the last two years are as follows:
(Friday), we add the item of exports from the United States,
-1922-1921D e c . 29—
S in c e
S in c e
including in it the exports of Friday only.
S h ip p e d —
W eek.
A u g . 1.
W eek.
A u g . 1.
D e c . 29—
192?.
1921.
1920.
Stock at Liverpool_______ bales. 859,000 991,000 1,012,000
4,000
6,000
Stock at London_____ ______
Stock at Manchester___________
70,000
75,000
93,000

Total Great Britain-------------Stock at Hamburg-------------------Stock at Bremen---------------------Stock at Havre----- -------Stock ht Rotterdam----------------Stock at Barcelona.......................
Stock at Genoa----------------------Stock at Ghent-----------------------Stock at Antwerp_____________

1919.
856,000
11,000
156,000

933,000 1,066,000 1,111,000 1,023,000
2,000
31,000
12,000
_____
22'\000 317,000 150,600
_____
197,000 208,000
209,000 217,000
8,000
11,000
12,000
7,000
100,000
135,000
93,000
60,000
34,000
31,000
40,000
84,000
3,000
10,000
_____
_____
2,000
_____
_____
_____

Total Continental stocks--------

475,000

743,000

516,600

Total visible supply............. —.5,315,650 6,316,750 6,546,155 5,863,064
Of the above, totals of American and other descriptions are as follows:
A m e r ic a n —
Liverpool stock----------------bales. 497,000 588,000 629,000 640,000
Manchester stock--------------------- 47,000
52,000
79,000
98,000
Continental stock-------------------- 437,000
640.000 465,000 300,000
American afloat for Europo-------- 376,000 343,000 453,213
611,471
U. S. port stocks-----------------------1,012,778 1,359,282 1,454,308 1,548,452
U. S. interior stocks------------------- 1,391,872 1,622,819 1,734,703 1,355,312
U. S. exports to-day---------------12,650
30,931
55,829
Total A m e r ic a n ...--.............. .3,811,650 4,617.751 4,846,155 4,609,064
Liverpool stock-----------------------London stock_____ __________
Manchester stock--------------------Continental stock________
India afloat for Europe................
Egypt, Brazil, &c., afloat______
Stock in Alexandria. Egypt_____
Stock in Bombay, India________

362,000
4,000
23,000
38,000
128,000
110,000
343,000
494,000

403,000 383,000
...........
6.000
23,000
14,000
103,000
51,000
50,000
72,000
74,000
66,000
327,000 198,000
719,000 910.000

216,000
11,000
58,000
68,000
65,000
89,000
250,000
497.000

419,121
160,388
5,173
40,075
81,323
192,696

21,917
6,450
117
1,287
6,490
14,311

50,572 1,056,321
3,666
88.501
702
13,058
11,020 205,192

478,211
219,844
5,968
42,289
120,348
189,661

. .49,738

907,776

: .. 1,620
. . . 672
.— 9,250
Total to be deducted_________ 11,542
..11,542

32,957
12,467
238,663
284,087

15,388

306,751

—38,196

623,689

35,184

749,570

D e d u c t S h i r im e n ts —

368,000

Total European stocks----------- 1,408,000 1,809.000 1.627,000 1,391,000
India cotton afloat for Europo.. . 123,000
50,000
72,000 65,000
American cotton afloat for Europe
373,000 343,000 453,213 611,471
Egypt, Brazil, &c.,afloat for Eur’o
110,000
74,000
66,000 89,000
Stock in Alexandria, Egypt---------- 343,000 327,000 198,000 250,000
Stock in Bombay, India----------49 '.,000 719,000 910,000
497,000
ports----------------- 1,092,778 1,359,282 1,454,308 1,548,452
Itock in U .
tock in U. S. interior towns----- 1,391,872 1,622,819 1,734.703 1,355,312
U. S. exports to -d a y ----,.--------12,650
30,931
55,829

E a s t I n d ia n , B r a z il, & c .—

...10,630
..10,660
.—
91
. 1,542
. . . 4,205
-.13,520

Via Rock Island.

* Including movement by rail to Canada.

The foregoing shows the week’s n et overland m ovem ent
has been 38,196 bales, against 35,184 bales for the week last
year, and th a t for the season to date the aggregate n et over­
land exhibits a decrease from a year ago of 125,881 bales.
-1922I n S ig h t a n d S p in n e r s '
T a k in g s .

-1921-

S in c e
A u g . 1.

S in c e

Receipts at ports to Dec. 29______113,035
Net overland to Dec. 29_________ 38,196
Southern consumption to Dec. 29a 88,000

3,962,869
623,689
1,797,000

122,036
35,184
80,000

A u g . 1.
3,439,857
749,570
1,529,000

-239,231
7,742
Came into sight during week__ 246,973
-246,973

6,383,558
875,881

237,220
14,436

5.718,427
505,581

W eek.

W eek.

251,656

7",259,439

1. 60,780

1,239,325
41,991
a These figures are consumption, takings not available.

6.224,008
1,288,392

M ovem ent into sight in previous years:
W eek—
B a le s .
S i n c e A u g . 1—
B a le s .
1921—Dec. 30_____________251,656 1921—Dec. 30___________6,224.008
1920—Jan. 2______________365,977 1919-20—Jan. 2__________6,599,002
1919—Jan. 3 ______________272,326 1918-19—Jan. 3 __________6.094.468

QUOTATIONS F O R M ID D L IN G COTTON AT
O T H E R M A R K E T S.—Below are the closing quotations for
middling cotton a t Southern an d other principal cotton
Total visible supply__________ 5,315,650 6,316,751 6,546,155 5,863,064
Middling uplands, Liverpool____ 15.1'id.
11.36d.
8.65d. 29.16d. m arkets for each day of the week:
Total East India, &c_...............1,504,000 1,699,000 1,700,000 1,254,000
Total American______________ 3,811,650 4,617,751 4,846,155 4,609,064

Middling uplands. Now York:__ 21.60c.
E(fypt. good sakel, Liverpool----- 19.30d.
Peruvian, rougli good, Liverpool. l7/>5d.
Broach fine, Liverpool-------------- l3.00d.
Tinnevelly, good, Liverpool------- I4.40d.

19.45c.
24.50d.
13.75d.
10.70d.
11.70d.

14.75c.
23.00d.
16.00d.
8.75d.
9.25d.

39.25c.
57.00d.
41.00d.
25.10d.
25.35d.

Continental imports formast week have been 92,000 bales.
The above figures for 1922 show an increase ovr r last week
of 48,86;) bales, aloss of 1,001,100 bales from 1921, a decline
of 1,230,505 bales from 1920 and a decrease of £46,414bales
from 1919.

W ee k e n d in g
D e c . 29.

C lo s in g Q u o ta tio n s f o r M i d d l i n g C o tto n o n —
S a tu r d a y ,

G alveston____
New Orleans__
M obile_______
Savannah_____
Norfolk ............. HOLI­
Baltimore_____ DAY.
Augusta______
M em phis_____
Houston______
Little Rock___
Dallas________
Fort Worth___

M o n d a y : T u e s d a y , W e d ’d a y . T h u r s d ’y .

26.55
26.25
26.25
26.90
HOLI­ 26.81
DAY. 26.50
26.81
26.75
26.55
26.25
26.00
25.90

26.55
26.50
26.25
26.90
26.81
27.00
26.88
26.75
26.65
26.50
26.00
25.90

26.45
26.50
26.00
26.80
26.69
27.00
26.81
26.75
26.55
26.50
25.90
25.80

F r id a y .

25.45
26.50
26.00
26.80
26.69
27.00
26.81
26.75
26.55
26.50
26.00
25.80

AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year—is set out in
N E W ORLEANS CO N TRA CT M A R K E T .—T he closing
detail below:
quotations for lading contracts in the New Orleans cotton
M o v e m e n t to D e c .
T ow n s.

R e c e ip ts .
W eek.

All., Birming'm
Eufaula____
Montgomerj
Selma....... ..
Ark., Helena..
Little Rock..
Pine Bluff...
Ga., Albany...
Athens_____
Atlanta____
Augusta____
Columbus__
Macon_____
Rome...........
La., Shreveport
Mlss.,Coiumbus
Ciarksdale...
Greenwood . .
Meridian___
Natchez____
Vicksburg__
Yazoo City..
Mo., St. Louis.
N.C.,Gr’nsboro
Raleigh____
Okla., Altus__
Chickasha__
Oklahoma. . .
S.C.,Greenville
Greenwood . .
Tenn.,Memphis
Nashville___
Texas, Abilene.
Brenham___
Austin_____
Dallas_____
Honey Grove
Houston___
Paris______
San Antonio.
Fort Worth..

S eason .

29 1922.

S h ip <nrovti o
VIEI11$.
W eek.

S to c k s
D ec.

29.

M o v e m e n t to D e c .
R e c e i p ts .
W eek.

S ea so n .

30 1921.

S h ip m e rits.
W eek.

914

D c.

30.

32,369
205 9,594
552 21,616
385 12,584
8,168
5,184
100
4,898
3,700
546 51,868
825 18,254
181 42,076 .’iioi 31,824
194 51.623 3,086 6,718
392 35,927
363 14,893
41S 30,677
535 17,690
367 29,366
405 16,832
1,695 153,525 3,127 60,256 3,395 124,426 1,722 67,139
4,000 95,411 3,000 62,064 1,500 86,910
500 61,965
44
..
6,154
3,112
8 5,817
138 4,297
1,587 30,712 1,068 27,381 3,573 71,863 1,775 48,835
5,576 200,084 3,513 85,644 7,197 158,325 3,652 62,293
7,372 183,895 3,909 72,982 7,882 226,125 7,175 145,330
3,240 89,385 3,724 14,089 3,420 38,365
174 28.482
754 33,006
750 17,609
792 25,136
562 13,820
1,397 31,511 1,230 7,852
192 28,638
12,103
• 600 69,500 2,200 19,900 1,000 51,913 2)666 49,003
405 21,969
350 6,453
626 15,139
729 6,779
1,444 116,637 3,330 64,954 2,928 119,101 4,123 77,931
476 101,183
518 63,673
896 84,080
979 54,074
544 30,124
592 9,669
445 26,976
141 18,621
608 29,399
900 12,385
427 27,477
477 13,876
302 21,414
741 9,996
495 23,884
465 14,282
134 27,427
844
119 28,831
571 19,295
20,437 419,665 19,630 21,900 21,901 494,666 21,917 25,209
3,767 66,690 1,758 21,025 2,286 31,320 1,092 23,513
34,245
187
8,248
200
355
421
6,849
350
353
2,306 49,706 2,361 22,577 2,878 65,631 2,397 18,511
2,585 73,874 2,592 11,842 1,873 45,986 2,346 10,625
2,725 70,916 2,124 22,396
933 47,289 1,125 23,228
2,501 96,353 1,968 58,921 3,096 100,457 3,479 47,447
7,395
10,218
11,304
11,611
46",481 734,520 43)523 187,496 19,553 588,472 16,458 271,486
16
242
81
6
805
238
833 41,122 *992 1,880
"805 72,569 "974 2,421
100 17.972
100 4,281
205 4,833
295 10,406
800 33,273
800
954
150 2,309
250 24,586
1,867 50,777 1,759 17,653 4,479 124,631 3,700 48,444
___
19,700
11,403
110
48)554 2,295,815 42,226 361,586 56,803 1,786,105 57)366 112,172
1,628 69,375 1.239 6,447 1,789 42,949 2,784 12,787
2,000 50,889 2,000 2,279
760
1,116 54,706 1,545 10,162 2,284 49",398 "774 16,848

100

170,256 5,557,579 159,23511391872 156,1334,797,445 141,697

S a tu r d a y ,
D e c . 23.

M o n d a y /,
D e c . 25.

T u esday,
D e c . 26.

December.
January ..
March___
M ay____
July___
October . . HOLIDAY HOLIDAY
ToneSpot, ____
Options...

W edn esday,
D e c . 27.

24.09 bid
26.40-20.43
26.47-26.49
26.51-26.53
26.31-26.35
24.44 -----

26.48-46.51
26.5125.5126.26-26.28
24.46 -----

Steady
V°rv ste’dv

Steady
steadv

T h u rsday,
D e c . 28.

F r id a y ,
D e c . 29.

24.01 bid
26.37 ----- 26.33-26.3
26.37-26.41 23.32-26.3
26.52
26.39-26.41 26.3026.34
26.53
26.12-26.14 26.02-26.03
24.32
24.36-24.38 24.30Quiet
Steady

Quiet
Steady

W E A T H E R RE PO R T S BY T E L E G R A P H —Reports to
us bv telegraph from the South this evening indicate th a t
outside the limited districts affected by the severe northeast
storm , which passed along the N orth A tlantic Coast on
T hursday, b u t which originated in Arkansas, w eather
conditions in the cotton belt the past week have not been
out of the ordinary. C otton picking is still in progress in
California, where the bolls are opening nicely.
-----------T h e r m o m e t e r ---------- high 70 low 46 mean 58
high 78 low 46 mean 62
high 80 low 40 mean 60
high 78 low 36 mean 57
high - . low 32 mean . .
high 76 low 40 mean 58
in.
high 76 low 42 mean 59
high . . low 38 mean ._
high
1.61 in. 72 low 64 mean 58
high
2.25 in.71 low 29 mean 48
in. high 70 low 39 mean 5 7
0.97 in.67 low 39 mean 53
high
in. high 67 low 33 mean 49

R a in . R a in f a ll.

Galveston, Texas_____________ 1day 0.28
Brownsville_______________
dry
Corpus Christi_________
dry
Dallas.................................. —
dry
Del Rio__________________
dry
Palestine____________________ 1day 0.02
San Antonio______________
dry
dry
T a y lo r ..--------------------------Mobile, Ala__________________ 2days
Selma_______________________ 4days
Savannah, Ga________________ 1day 0.13
Charleston, So. Caro--------------- 3days
Charlotte, No. Caro---------- (?) days 0.47

in.

The following statem ent we have also received by tele­
graph, showing the height of rivers a t the points named
a t 8 a. m . of the dates given:
D ec.

29 1922.

F e e t.

New Orleans_______________ Above zeroof gauge4.7
M em phis__________________ Above zeroof gauge
17.7
N ashville__________________ Above zeroof gauge
12.7
Shreveport_________________ Above zeroof gauge5.5
Vicksburg......................... .Above zero of gauge
18.6

D ec.

30 1921.

F e e t.

8.1
25.0
23.0
7.9
21.5

The above to tal shows th a t the interior stocks have i n ­
during the week 7,742 bales and are to-night 230,947
R E C E IP T S FRO M T H E P L A N T A TIO N S.— The fol­
bales less th an a t the samo tim e last year. The receipts a t lowing table indicates the actual m ovem ent each week from
all towns have been 14,123 bales moro than the same week the plantations. The figures do not include overland re­
last year.
ceipts nor Southern consumption; they are simplv a slatecrea sed




m ent of the weekly movement from the plantations of th a t
p art of the crop which finally reaches the m arket through the
outports.
_____________________________
W eek
e n d ln t

R e c e ip ts a t P o n s .

1922.

1921.

1920.

S to c k s a t I n t e r i o r T o w n s .

1921.

1922.

1922.

1921.

1921.

1922.
W eek.

W eek.

S eason .

Visible supply Dec. 22----------- 5,266,781
246,973
American in sight to Dec. 29—
Bombay receipts to Dec. 28—— 108,000
3.000
Other India shipm’ts to Dec. 28
38,000
Alexandria receipts to Dec. 2 7 6.000
Other supply to Dec. 2 7 . 6-*—
Total supply---------------------- 5,668,754
D e d u c t—
Visible supply Dec. 29----------- 5,315,650

3,760*456
7,259,439
692.000
109,550
873,800
107.000

S eason .

6,256,468

6,111* 250
251,646 6,223,988
86,000
929.000
5.000
68,000
24,000
421.000
8.000
119.000
12,802,239 6,631,114 13,872,238
5,315,650 6,316,751 6,316,751

Total takings to Dec. 2 9 .a ------- 353,104 7,486,589 314.363 7.555.487
Of which American------------- 276,1041 5,412,039 219.363 5.694.487
77.000 2,074,550
Of which other------------------95,000 1,861,000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption bv
Southern mills— 1,797,000 bales in 1922 and 1,520,000 bales in 1921—tak­
ings not being available—and the aggregate amounts taken by Northern
and foreign spinners 5,089,5S9 bales in 1922 and 6,026,487 bales in 1921, of
which 3,615,039 bales and 4,165.487 bales American, b Estimated.

IN D IA COTTON M O V EM EN T FRO M ALL PO R T S.—
The receipts of India cotton a t Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1922.

90
R e c e ip ts a t—

W eek.

Bomi'av_______________ 108.000

1921.

S in c e
A u g . 1.

W eek.

W eek.

612,000 86.000 929,000 61,000

F o r th e W e e k .
C o n ti­ J a v a n d G reat
C h in a .
B r ita in . n e n t.

1920.

S in c e
A u g . 1.

S in c e A u g u s t

T o ta l.

G reat
B r ita in .

C o n ti­
n e n t.

S in c e
A u g . 1.

604,000

1.

Japan &
C h in a .

T o ta l.

Bombay—
1922____
1921
1920
O th e r Indir
1922
1921
1920 ___

15.000
15,000
13,000'
__________ i4~665 27.000
2,000
__________ 29,000 31.000
3.000
1,000 2,000
__________
5.000
2,000 3.000
__________
10.000
1,000 9.000

41.000 203 500 437,500 682.000
10.000 238.000 706.000 954.000
14.000 251.000 168.000 433.000
15.000 94,550
109,550
4,000 63.000
67,000
12.000 71.000 46,000 129.000

Total all—
1922____
1921____
1920

18,000
1,000 17.000
u ’ooo
2,000 16.000 20,nno 32,000
1.non tt on"
41 .non

56.000 298,059 437,500 791,550
14.000 301.000 706.000 1,021,000
26.000 322.000 214.000 562 000

According to the fwegoing, Bombay appears to show an
increase compared with last year in the week’s receipts of
22,000 bales. Exports from all India ports record a decrease
of 14,000 bales during the week, and since Aug. 1 show a
decrease of 23,045 bales.
A L E X A N D R IA R E C E IP T S AND S H IP M E N T S .—We
now receive a weekly cable of the movements of cotton a t
Alexandria, E gypt. The following are the receipts and
shipm ents for the past week and for the corresponding week
of the previous two years.

(c a n t a r s )—
This week____________
Since Aug. 1________

R e c e ip ts

E x p o r t s ( b a l e s )—

1922.
190,000
4,34 '.>'49
S in c e
W e e k . A u g . 1.

1921.
180,000
1 13,152,002
S in c e
W e e k . A u g . 1.

1920.
125,000
2.137.967
S in c e
W e e k . A u g . 1.

81,754
44,559
To L iverpool................... 8,000 118,4371
36,488
64,931
To Manchester, & C ----- 8,000 79,8 121
,
To Continent and India- 7, 0 133,144 1*250 95,885 3"650 49,038
13,603
85,406
To America___________ 14,000 121,192
Total exports------------- 37,000452,6,35 1,250 328.176 3,650 143,688
N o t e .—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for tho week ending Dec. 27
were 190,000 cantars and the foreign shipments 37,000 bales.
gj




814 I6j . S h i r t ­

325 C o p

in g s, C om m on
to F in e s t .

T w ist.

Oct.
27
Vov.
3
10
17
24
Dec.
1
8
15
22
29

C o t’ n
M id .
U p l's

32s C o p
T w is t.

©
©
®
©

s. d. d. d.
@17 0 14.14 2154
@17 0 14.56 2054
@17 2 15.55 19
@17 3 14.87 1854
@17 1 14.8J 19

©
©
@
©
®

22
2114
2014
2054
2214

@16 7
@16 5
@16 4
@16 4
@16 7

®

20 M
215*
22 H
21H
21
20
20
2014
21

16 2
16 0
15 7
15 7
16 3

8k l b s . S h i r t in g s. C o m m o n
to F in e s t .

C o t’n
M id .
U p l's

s. d. d.
s. d.
18 0 @19 0 12.32
17 9 @18 9 12.11
©
17 3 @18 3 10.88
©
17 0 @18 0 10.00
®
17 0 @18 0 11.64
©
16 9 @17 9 10.67
21
14.74 18
@
14.30 1754 @2054 16 9 @17 9 10.95
14.56 1754 @ 2054 16 6 @17 6 10.56
14.96|18
@ 21 ,16 3 @17 3 10.87
15.1611854 @ 2054'16 3 @17 3 11.36

d. s. d.
21K 16 3
22 16 3
2254 16 6
23 M 16 6
22J4 16 4

d.
20 >4

©

d.
2454
23
21
2054
21

SHIPPING NEW S.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 75,324 bales. The shipments in detail, as made
ud from mail and telegraphic returns, are as follows:
B a le s .

NEW YORK—To Bremen—Dec. 22—President Harding, 683____
683
To Rotterdam—Dec. 22—Ryndam, 150-------------------------------- 150
To Genoa—Dec. 23—Janus, 198-----------------------------------------198
To Liverpool—Dec. 22—Bradford City, 1,767__ Dec. 23—
Ansonia, 594--------------------------------------2,361
To Manchester—Dec. 28—Lepanto, 290____________________
290
To Antwerp—Dec. 22—Kroonland, 93- - - - ------------- --- -93
To Havre—Dec. 27—Schodack, 3- Dec. 28—La Bourdonnais, 999 ------------------------------------------------------------------- 1,002
NEW ORLEANS—To Havre—Dec. 23—Michigan, 5,684------------- 5,684
To Bremen—Dec. 23—Danzig, 723_____ ___________________
723
To Christiania—Dec. 23—Tasmanic, 100------------------------------ 100
To Gothenburg—Dec.23—Tasmanic, 750-----------------------------750
To Vera Cruz—Dec. 23—Yucatan, 1,114------------------------------ 1,114
To Genoa—Dec. 26—Nicolas, 2,879------------------------------------ 2,879
To Liverpool—Dec. 28—Oranian, 3,000------------------------------- 3,000
To Rotterdam—Dec. 28—Edam, 271---------------------------------271
GALVESTON—To Barcelona—Dec. 25—Salvation Lass, 2,000----- 2,000
To Japan—Dec. 22—Heffron, 5,517-- Dec. 23—Malacca,
_
6 300---D ec. 28—Memphis City, 8,109---------------------------- 19,926
To China—Dec. 22—Heffron, 1,500------------------------------------ 1.500
To Bremen—Dec. 23—Afel, 2,698
------------------------ 2,698
To Havre—Dec. 27—Dorington Court, 3,411 ---------------------3,411
HOUSTON—To Barcelona—Dec. 23—Fiumo, 1,642---------------------Lj>42
To Venice—Dec. 23—Fiumo. 2,200-------------------------------------- 2,200
To Trieste—Dec. 23—Fiumo, 5 0 - - - - - - ----------------- ------------50
To Liverpool—Dec. 27—Abercos, 3,327-------------------------------- 3,327
To Manchester—Dec. 2 1 —Abercos, 1 6 0 - - - - - - - .........................160
SAVANNAH—To Liverpool—Dec. 23—American Press, 800---------800
To Manchester—Dec. 23—American Press, 450--------------------- 450
To Bremen—Dec. 23—Key West, 6.183 ---------------------------- 6,183
To Gothenburg—Dec. 23—Key West, 1 0 0 - - - - - - - - - -------------100
BOSTON—To Manchester—Dec 15—Daytonian 1,100-------------- 1.100
MOBILE—To Liverpool—Dec. 22—Antmous, 2,786--------------------- 2 ’oo§
To Havre—Dec. 23—Bayou Chico, 335 ---------------- ------- ------ 335
To Antwerp—Dec. 23—Bayou Chico, 7 5 - - - - - ---------------------75
NORFOLK—To Manchester—Dec. 28—Blair, 8 5 0 ------- ------------°50
PORT TOWNSEND—To Japan—Dec. ^ K a p Mara, 1,015----- 1,015
SAN DIEGO—To Mazatlan—Dec. 24—Chiapas 300 ---------------300
SAN PEDRO—To Rotterdam—Dec. 20—Moerdijk, 800-------------800
To Japan—Dec. 19—Chicago Maru, 7 5 - - - - - - - ———- - - - - - - 75
SAN FRANCISCO—To Japan—Dec. 21—Robert Dollar, 1,725--Dec. 23—President Cleveland, 2,243--------------3,yb»
To China—Dec. 21—Robert Dollar, 75— Dec. 23—President
Cleveland, 200— ........ - .............- ....................................- ..........- 275
T o ta l................................................................................- ..............75,324

LIV ERPO O L.—By cable from Liverpool we have the fol­
lowing statem ent of the week’s sales, stocks, &c., a t th a t port:
15. D e" . 22.
8. D e c . "
~
" c
20,000
18,000
20,000
11.000
10,000
9,000
4,000
5,000
2,000
47,000
55,000
54,000
770,000 761,000 835,000
770,000
446,000 431,000 497,000
51,000 125,000
136,000
97,000
24,000
101,000
101.000
281,000 290,000 223,000
166,000 181,000 118,000
lbb.OUU
D ec.

Sales of the week--------------------Of which American--------Actual export---------------------Forwarded-------- --------------------Total stock------- ----------- ------- Of which American-------------Total im p o r ts.-.-------------------Of which American.............—Amount afloat— ....................
Of which American...................

D ec. nn
29.

13,000
6,000

32,000
859,000
497,000
63,000
31,000
205,000
99,000

The tone of the Liverpool m arket for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:________________________
M on day.

T u esday.

Market, f
12:15 1
P .M . 1
Mld.Upl’ds
Sales____

W edn esday.

T h u rsday.

F r id a y .

Quiet.

S a tu r d a y .

S p o t.

Quiet.

Quiet.

15.40
h o l id a y

HOLIDAY HOLIDAY

4,000

15.29
4,000

15.16
4,000

Quiet Queit but
Steady
25 to 36pts. 4 to 8pts. steady, 1 to
advance.
decline. 5 pts. dec.

F u tu r e s .

Market /
opened l

Quiet, st’y Quiet
Steady, 4
22 to37pts. 10 to 12pts. to 9 pts.
advance.
decline.
advance.

Market, j
P .M . 1

Prices of futures a t Liverpool for each day are given below:
S a t.
D ec. 23
to
D ec. 29.

M on.

T u es.

W ed.

T h u rs.

Frl.

4:00 12 H 4:00
1 2 to 1 2 X 4:00 12Ml 4:00 1 2 M 4:00 1 2 X
p. m. p. m. p. m p. m. p. m p. m. p. m. p. m. p. m. p. m. p. m .
d.
d.
d.
d.
d.
d.
d. 1 d.
d.
d.
d.
d.
14.90 14.91 14.84 14.79
D ecem ber____
A
O
14.76 1A. 77 14.73 1A A 1d A4.14.73
1 4 *0 1A *70 14.oy 14.04 1 d 71
J an u ary _____
1A A (i4.oo li.O Q li.OU 1A net i a nn
Q
H
J
14.00 1 A BA 1A A 1d A It.cJU.lt.UU
4 a.
TTnhriiArv _ — - _
ACUI tit** J — — _
t
14.02 14.01
14.0** \ a
14.01 14.01
M arch
___
1/1 K 14 c i l Afl 1 A AA 14.41 14.51
Q
H O L I­ 14.00 14.01r\14.40 14.44 1 A dl 1 a e i
h o l i­
H O L I­
ia
i i aa 11.00 11.09 14.00 1 AAA
ia <9014 on 1 d
April
_____
14.44
D A Y . 14.4U
day.
A
1A Q 1 * 14.20
Q
M ay
_____ D A Y .
14.35 14.00 1 A 0 71d 9 1 a no 1a O
14 O 1 4 . 2 0 14.2/ 14.10 14.20 14.34
R
J u n e _________
Id. 17 Id K Id IQ1d 9d
I 1.1,5 14.24
14.1/
J u ly ..............i a no 1 1 ,uu 10 .U 2 i ‘i .yu 1QQ i q no
1 4 n n 1 Q09 io o n 13.00 13. yy
O
14.U
2
A u g u st _____
Id.UU.lO.ilO lO.Ui lO 10.411 10.011
.iJU
S ep tem b er ----13.3613.3313.2613.35 13.2413.34
O c to b e r _____
13.2113.18 13.11|13.10 13.0913.19
N o v em b e r ---113.10

December------

Cl ”
^ d

A le x a n d r ia , E g y p t,
D e c e m b e r 27.

1921.

1922.

1920.

The above statem ent shows: (1) T h at the total receipts
from the plantations since Aug. 1 1922 are 4,903,961 bales;
in 1921 were 3,949,268 bales, and in 1920 were 4,252,482
bales. (2) T h a t although the receipts a t the outports the
past week were 113,035 bales, the actual movement from
plantations was 120,777 bales, stocks a t interior towns hav­
ing increased 7,742 bales during the week. L ast year re­
ceipts from the plantations were 135,312 bales and for 1920
they were 136,472 bales.
W O R LD ’S SUPPLY A N D TA K IN G S OF COTTON —
The following brief b u t comprehensive statem ent indicates
a t a glance the w orld’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or am ounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.

M A N C H E ST E R M A R K E T .— Our report received by
cable to-night from M anchester states th a t the m arket for
b o 'h yarns and cloths is quiet on account of the holidays.
______________
We give prices to-day below:

R e c e ip ts f r o m P l a n t a t i o n s

1920.

Oct.
13. . 250.881 275,129 202,284 1.067.545 1,301,337 1,054,046 420,815 351,131 273,635
20— 326,020 269.084 241,843 1,186,813 1,312,699 1,147,781 445,288 280,446 335,578
27.. 297,539 217,599 271,682 1,280,881 1,380,236 1,217,067 391,607 285,136 340,968
Nov.
3 „ 385 080 238,187 261,804 1,355 653 1,436,173 1,296,123 439,852 294,124 340,920
10—294,227 184,605 263,684 1,408,301 1,465,821 1,353,590 346,875 214,253 321.151
17­ 251,578 170,422 214,119 1,461,019 1,520,190 1,423,547 304,296 224,791 284,076
24—217,983 137,225 219,756 1.434.662 1,542,660 1,483,140 241,626 159,695 279,349
Dec.
1— 215,436 167,931 231.762 1,457,156 1,546,811 1,543,053 242,942 172,082 291,675
8­ 158.801 116.086 210,301 1.445,005 1,576,304 1,586,723 146,650 145,579 253,971
15— 138 941 113,815 189,042 1,426,330 1,593.187 1,640,145 120,266 130,692 243,064
22­ 136,866 141,588 178,079 1,384,130 1,608,383 1,686,965 94,666 156,790 224,898
29.. 113 0351 122 036 143,230 1,391.872 1,622,819 1,734,703 120,777 135,312 136,472

E x p o n s.

[You 115,

T H E C H R O N IC L E

2922

D ec . 30 1922.]

THE

C H R O N IC L E

BREADSTUFFS.
29 1922.
Flour has been quiet and may remain so for a tim e; th at
is, until early in January. T hat is the general hope or ex­
pectation. Meanwhile a good deal of flour is arriving here.
On Wednesday the receipts were 71,516 sacks, including 24,­
461 for home markets. But on the other hand, exports were
105,886 sacks, including one cargo of 55,013 sacks for the
Near East. Minneapolis had reports of a good trade late on
Tuesday. L ater on home and foreign buying in New York
was light, partly owing to a setback in wheat. The American
Belief Administration, it is said, is about to buy low grades
fo r prompt delivery. L ater on the demand increased a t New
York for forw ard delivery. Toledo, Ohio, wired Dec. 26 th at
the w inter flour situation there has been a little below nor­
mal owing to the holidays. Prices were slightly higher than
two weeks ago, ranging from ,$5 to $8 50 a bbl. The Toledo
Grain & Milling, N ational Milling and Northwestern Milling
mills all report prospects for 1923 very good. But the car
situation in Toledo is very bad, some railroads having de­
clared a tem porary embargo which is delaying shipments.
In K ansas City trade is quiet, and is expected to continue so
until afte r the first of the year. Bakers are heavily stocked
for this season and are not buying. A wire from W ashington
on the 26th inst. stated th a t Italy had reduced import duties
on flour and extended the time from exemption from duties
on wheat, oats, yellow corn and rye, i. e. from Dec. 31 to June
30 1923.
W heat declined early in the week, but the fact th a t 38,000
tons of Manitoba were bought by the Greek Government a r­
rested the falling tendency. This purchase was called 1,500,­
000 bushels. The United Kingdom also bought to some ex­
tent. P rivate cables from the United Kingdom and from
Antwerp were bullish. I t was also rumored th at w heat from
North America for December-January shipment to Europe
will he in good demand early in January. Winnipeg was a
trifle firm er, supposedly on buying against the export sales.
Minneapolis, on the other hand, was depressed for a time by
advices from the Northwest that the m ilder w eather and a
more plentiful supply of cars had brought out a larger move­
ment. Beceipts a t prim ary points last week, too, were larger,
with an increase of 1,610,000 bushels over those of the pre­
vious week. Chicago bears early in the week were caught
napping. They had banked on big receipts and a big increase
in the visible supply. They got an increase of only 528,000
bushels, punctuated w ith higher cables from Liverpool and
Buenos Aires. On the 26th inst. prices advanced for a mo­
ment, then declined on pressure to sell, with foreign m arkets
closed and the demand here light. The visible supply in the
United States increased 528.000 bushels, against an increase
in the same week last year of 1,361,000. The total is now 13,­
375,000 bushels, against 40,431,000 a year ago. The Decem­
ber premium over May dropped from l y + c . for a time to %c.,
though it went back la te r to l*4c. The prim ary receipts
were larger than expected. But on the other hand, the
w eather was too mild for the season, so mild indeed as to
seem rath e r rem arkable; and covering la ter caused a* smal
rally. On Wednesday two firm s sold in all 1,750.000 bush
els. On th at day K ansas City was lc. up on cash wheat
with an active demand. L ater in the week prices reached i
new high record on larger export buying, higher cables anc
reports of a low condition of the American w inter wheai
P,°in1 0f. ^ i p t s Winnipeg is now declared to b(
t
e g eatest wheat m aiket in the world. Beginning with th(
ne\v yeai, the D epartm ent of Commerce will issue on Mon
daj of each week a statem ent showing the exports of wheat
barley, corn, oats, rye, and wheat flour during the preceding
Y i n n n i ' e exports of grain will be stated in round numbers
of 1,000 bushels and of flour in 100 barrels. Besides the to
tat exports of each grain, separate figures showing the
am ounts shipped to a few leading countries will be given
JLhe exports of American grain will be shown separate fron
Canadian grain shipped in tran sit through American ports
These statem ents will be based on telegraphic reports fron
collectors of customs a t 18 principal ports. The Department
of Commerce was advised by cable th a t a provisional con
tract was arranged under which the Argentine Government
will sell 300.000 tons of w heat and 10,000 head of live cattle
to Greece. The contract, it seems, provides th at the Greek
Government will pay one-half of the total in cash and the
Remainder in two-year T reasury notes bearing interest a t 6%,
To-day prices declined on lower cables, large receipts, the
weakness of December w heat a t Winnipeg and pre-holiday
selling. And the upshot is th at December ends y 2 c. lower
than last F riday and May 2*4c. lower.
F r id a y N ig h t, D e c .

d a il y

c l o s in g

p r ic e s

of

WIIEAT IN NEW YORK.

r, .
S a t.
M o n . T u es. W ed. T h u rs.
F r i.
142% 141% 138%
N o - 2 red....................... - ...........cts. 140 % Hoi. 141




2923

DAILY CLOSING PRICES OF WHEAT FUTURES IN
,
,
S a t,
M o n . T u es. W ed.
December delivery in elevator.cts.125 % Holi- 125% 127
May delivery in elevator..............124% day. 125% 126%
July delivery in elevator_________ 113%
114% 115%

CHICAGO.
T h u rs.

F r i.

127
126 %
124% 122%
114% 112%

Indian corn early in the week was rath er under a cloud,
owing to a fear of big receipts over the holidays. Farm ers,
it was believed, would sell new corn heavily a t current quo­
tations. T his idea had a more or less depressing effect for
a time. Bull speculation subsided. On the 26tli inst. prices
advanced on the la ter months for a time, but later declined
with w heat in a sluggish m arket. The United States visible
supply increased last week 1,317,000 bushels, as against an
increase in the same week last year of 3,310,000 bushels. The
total is still only 14,738,000 bushels, against 21,508,000 a year
ago. On the 27th inst. 1,000,000 bushels of May were sold,
supposedly for large cash interests. St. Louis reported on
Wednesday th a t a cash handler had been selling corn to the
Gulf for two days. Beports of damage to the Argentine corn
crop by locusts helped prices a t one time. So did a better
shipping demand a t Chicago. To-day prices advanced with
cash m arkets strong and reports of a good export business.
Final prices are irregular for the week, however. While De­
cember is up y 2 c., May shows a decline of %c. as compared
with last Friday.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
.. .
„
S a t.
M o n . T u es.
W e d . T h u r s . F r i.
No. 2 yellow------------------------ cts. 90% Hoi. 90% 89% 89% 91%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
_
,
,
S a t.
M o n . T u es.
W e d . T h u r s . F r i.
December delivery in e!evator.cts. 72% Holi- 72%
73% 72% 73%
day. 72%
72% 71% 71%
May delivery m devator________ 72
July delivery m elevator________ 7 1 %
72
72% 71% 71%

Oats fluctuated w ithin a narrow compass. It was re­
marked, however, early in the week th a t oats were inclined
to be firm on their own merits. They did not then lean too
much on other grain for a cue which way to move. They
were strengthened more or less for a time by the fact th a t
last week’s receipts were smaller and th at there was an ab­
sence of any pronounced pressure to sell either by traders or
by hedgers. On the 26tli inst. prices advanced slightly but
later receded a little. The price swings, however, were still
w ithin very narrow bounds. The visible supply in the
T nited States increased last week 594,000 bushels, against a
decrease in the same week last year of 766,000 bushels. The
total is now up to 32.546,000 bushels, against 7,271,000 bush­
els a year ago. In Chicago on Dec. 27 local traders were
bulling oats. To-day prices declined under pre-holiday sell­
ing in a rath e r dull m arket. Nothing noteworthy has taken
place during the week. Speculation has on the whole lacked
snap and the cash trade activity. F inal prices show a de­
cline for the week of % to l% c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
9 w h it.
.
? S 1,
-M o n . T u e s .
W e d . T h u r s . F r i.
Hoi. 57
57
56
56
No. 2 white.................................cts. 57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
December delivery in elevator.cts. 43%
Holi- 43% 43% 2 43%' 42%
‘
May delivery in elevator________ 46
day. 45% 4 0 '
45 u 44%
July delivery In elevator--------- -- 42%
42% 42%
42% 41%
N o

rallied with it later.
Bye declined early, w ith wheat, but
The trading disclosed no striking features in the early p art
of the week. From time to time there are rumors of export
business. But they are not by any means alw ays confirmed.
Not a few believe, however, th a t Europe is likely to buy
American rye sooner or later on no inconsiderable scale.
L ater the cash m arket became stronger and this with the
rise in w heat gave a better tone to the rye market. To-day
prices declined noticeably, although a fa ir export trade was
said to have been done a t the lower prices. No details, how­
ever, were given out, and it rem ains to be seen w hether the
reports of business w ith Europe will be authenticated. F inal
prices show a decline for the week on May rye of l% c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
_
S a t.
M o n . T u e s . W e d . T h u r s . F r i.
90% 90
87%
December delivery in e le v a to r .c ts.___ Holi- 90
May delivery in elevator......... ........91% day. 92%
93
91% 90%

The following are closing quotations:
GRAIN.
Oats—
No. 2 w h ite ..___
56
No. 3 white______
55
Barley—
91 %
Feeding____________ Nominal
1 02
Malting___________
82 @84
FLOUR
Spring patents............... 56 75@57 25 Barley goods—
Winter straights, s o ft.. 6 00® 6 25
No. 1.........................55 76
Hard winter straights.. 6 25@ 6 60
Nos. 2, 3 and 4 pearl. 6 50
First spring clears____ 5 50@ 6 00
Nos. 2-0 and 3-0___ 5 75@55 90
Rye flo u r ..
......... .. 5 00® 5 50
Nos. 4-0 and 5-0____ 6 00
Corn goods, 100 lbs.:
Oats goods— Carload
Yellow meal_______ 2 10® 2 20
spot delivery______ 3 02%
Corn flour_________ 2 00@ 2 10
Wheat—
No. 2 red........................
No. 2 hard winter____
Corn—
No. 2 yellow_________
Rye—No. 2 ____________

5138%
1 38%

F o r o t h e r t a b le s u s u a l ly g iv e n h e r e , s e e p a g e 2 8 7 3 .

The destination of these exports for the week and since
Ju ly 1 1922 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 to—Dec. 23 July 1
1922.
1922.

Wheat.
Week
Dec. 23
1922.

Corn.

Since
July 1
1922.

Week
Dec. 23
1922.

Since
July 1
1922.

Barrels Barrels.
Bushels.
Bushels. Bushels. Bushels.
135,408 2,810,079 2,268,376 55,135,071 329,294 18,427,531
107,460 3,208,849 3,678,689 132,897,020 1,007,616 32,246,911
289,332
5,000
95.000
34,000
18,000
652,800
63,000
815,700
3,700
35',270
380,625
1,031,973
13,500
Total 1922......... 297,138 7,343,685 5,952,065 189,180,064 1,401,910 52,541,342
Total 1921______ 157,490 7,191,058 6,128,958 74,854,000 2,838,381 56,650,947
United Kingdom.
C ontinent______
So. & Cent. Amer.
West In d ie s... . .
Brit.No.Am .Cols .
Other countries__

10
,0 0

2
,000

2 .0 0
10

20
,0 0

T H E C H R O N IC L E

3924

The world’s shipm ent of w heat and corn, as furnished by
Broomhall to the New Y ork Produce Exchange for the week
ending Friday, Dec. 22, and since July 1 1922 and 1921,
are shown in the following:
C orn .

W h e a t.
E x p o r ts .

1921.

1922.

1921.

1922.
W eek
D e c . 22.

S in c e
J u l y 1.

S in c e
J u l y 1.

W eek
D e c . 22.

S in c e
J u l y 1.

S in c e
J u l y 1.

B u s h e ls .

B u sh e ls.

B u sh e ls.

B u s h e ls .

B u s h e ls .

B u s h e ls .

North Amcr. 8.846.000 249,476,000 239,122,000 1,386,000 54.856.000 59.857.000
3,576,000 10.157.000
3,223,000 2,752,000
Russ. & Dan.
Argentina__ 1.508.000 45.068.000 15.185.000 4,392",66o 72.224.000 74.761.000
200,000 10.716.000 40.064.000
Australia__
qaa non 3 372.000
712,000
3,365,000, 7,230,000
Oth.countr’s.
..........1 ..............
Total------ 11,498,000311,855,000 297,835,0001 5,778,000 134,021,000152,005.000

The visible supply of grain, comprising the stocks in gran­
ary a t principal points of accum ulation a t lake and seaboard
ports Saturday, D ec. 23, was as follows:
GRAIN STOCKS.
W h e a t,

C o rn ,

O a ts ,

b u sh .
bu sh .
U n ited S tates—
bush.
New York_____________ 1,623,000 1,101,000 2,356,000
1,000
40,000
Boston________________
3,000
518.000
407,000
Philadelphia______
632,000
407.000
Baltimore_____________
735,000 1.438.000
221.000
New Or leans___________ 2,227,000 1.327.000
Gaiveston_____________ 1,092,000
471,000 1,131,000
Buffalo..................
4,493,000
“
afloat__________ 4,517,000
302.000
101,000
Toledo________________ 1,478,000
67.000
42.000
24,000
D etro it______________
Chicago_______________ 1,799,000 6,716,000 8,915,000
538.000
269.000
Sioux C ity____________
261,000
792.000
231.000
M ilwaukee____________
134,000
640.000
55,000
D uluth________________ 1,951,000
143.000
171.000
St. Joseph, M o________
858,000
112.000 12,072,000
Minneapolis___________ 5,592,000
529.000
332,000
St. Louis______________ 1,230,000
459.000 1,061,000
Kansas_______________ 3,991,000
416.000
309.000
_____
Peoria________________
317.000
133.000
Indianapolis--..............
403,000
856.000 2,278,000
Omaha_______,________ 1,951,000
On Canal and River___
381

Rye,
b u sh .

B a r le y
b u sh

348.000
31.000
48.000
1.404.000
18.000
57.000
1.678.000
797.000
5.000
21.000
661,000
38.000
184.000
1.829.000
21.000
1.876.000
8.000
139.000

374.000

146,000
10,000

22.000
32,000

‘ l'.ooo
52,000
5.000
774-.660
399.000
3.000

228',066
9.000
138.000
218.000
8.000
553,000
4,000

Total Dec. 23 1922__35,375,000 14,788,000 32,546,000 9,319,000 2,820,000
Total Dec. 16 1922__34,847,000 13,471,000 31,952.000 9,464,000 2,346,000
Total Dec. 24 1921__49,431,000 21,568,000 67,271,000 6,442,000 3,130,000
N o t e . —Bonded grain not Included above: Oats, New York, 174,000 bushels:
Boston, 3,000; Baltimore, 36,000: Buffalo, 738,000: Buffalo, afloat, 2,190,000:
Duluth, 24,000: Toledo, 10,000; Toledo, afloat, 587,000: total, 3,732,000 bushels,
against 1,254,000 bushels In 1921. Barley, New York, 158,000 bushels: Boston,
17,000: Baltimore. 54,000; Buffalo, 693,000; Buffalo, afloat, 1,107,000: Duluth,
74 000; total, 2,161,000 bushels, against 712,000 bushels In 1921. Wheat, New
York, 1,330,000 bushels: Boston, 774,000: Philadelphia, 965,000: Baltimore, 1,298,­
000; Bulfalo, 10,329,000; Buffalo, afloat, 21.2S7.000; Duluth, 76,000: Toledo, 37,000;
Toledo, afloat, 2,192,000; total, 38,288,000 bushels, against 27,373,000 bushels
in 1921.
C an ad ian —

509,000
Montreal_____________ 2,034,000
_____
Ft. William & Pt. Arthur-14,643,000
“
afloat________
163,000
Other Canadian________10,342,000
509,000
Total Dec, 23 1922. .27,182,000
720,000
Total Dec. 16 1922- .24,427,000
Total Dec. 24 1921. .26,997,000 1,460,000
Summ ary—■

565,000
1,835,000

350,000
............

114,000
1,545,000

521,000
1,234,000
2,921,000
350.000 2,893,000
2,958,000
350.000 2,762,000
7,544,000 5,000,000 2,551,000

.35,375,000 14,788,000 32,546,000 9,319,000 2,820,000
.27,182,000
509,000 2,921,000
350.000 2,893,000
.62,557,000 15,297,000 35,467,000 9.669.000 5,713,000
.58,824,000 14,191,000 34,910,000 9.814.000 5,108,000
.76,428,000 23,028,000 74,936,000 5.962.000 5,495,000

American__________
Canadian__________
Total Dec. 23 1922.
Total Dec. 16 1922.
Total Dec. 24 1921.

W E A T H E R B U L L E T IN FO R T H E W E E K E N D IN G
D E C . 27.—The general sum m ary of the weather bulletin
issued by the D epartm ent of Agriculture, indicating the
influence of the w eather for the week ending Dec. 27, is as
follows:
.

M ild w e ath e r prev ailed in th e g re a te r p o rtio n o f th o U nited S ta te s during
th e week ended D ec. 26. T em p e ra tu re s averaged from 10 to 20 degrees a day
abo v e n o rm al in th e g ro at p lain s an d u p p e r R ocky M o u n tain s a nd th e re
w as verv little p re c ip ita tio n d u rin g th e w eek, except in th o extrem e S outh­
e a s t a n d F a r N o rth w e st. T h e re w as su fficien t inoisturo, how ever, for
rrn n needs fro m p revious p re c ip ita tio n , except in p a rts o f tho Southw est.
Thorn w as a n am p le w a te r s u p p ly for w a ter p urposes in N o rth C arolina
and su p p ly fo r s to ck an d household p urposes w as fairly good in P ennsyl­
v an ia alth o u g h th e general su p p ly w as still s h o rt in places in th e la st nam ed
Qtntpv esnneiallv fo r w ashing coal.
T h e ’snow cover w as con sid erab ly reduced b y m ild w eath er in tho N o rth ­
w est, b u t th e g ro u n d w as s till covered a t th e end o f th e week in tho L ake
re ^ V in t e r <
trim°ktcrops'm a d e s lig h tly to o r a p i d g ro w th w ith th o h ig h te m n e r a tn r e s in s o m e C e n t r a l G u lf d is tr i c ts a n d th e r e w a s s lig h t f r o s t to te n d e r
tr u c k s fn p a r t s o f F lo rid a . C o n d itio n s w e re m o s tly fa v o ra b le f o r w in te r

^ C U r'u s fr u its wero fa v o ra b ly affected b y th e prevailing w eather.
Absence o f s to rm y w e ath e r to g e th e r w ith hig h er tem p eratu res, pro­
duced fav o rab le c o n d itio n s for sto ck . T h e w e ath e r m ostly, was favorable
Hons in c id e n t to th e season, a n d som e plowing w as done in
w h S
u n o w le g e corn hUsking. a nd n rd in
th o S outh web t, Xlh o u g h th e sgrofavd rabas forttin g ra th e r d ry C o ttoh a nioka tn o u gu
AVn .th p r co n d itio n s w ere iav o rau iu m
.m u uuvciupraein oi
•Y
in n ractically a ll sections o f th e co u n try . Lack of m oisture
^t fYu,,^ lf n fa vo rrab lo iro m W estern K an tio n so u th ea st to p a rts of or estern
tff^ o a b le from
sas in th e form o f rain w snow
lo n in ^ u
precipita
» b ’of r o m f b e n efit fto m C olorado w estw ard , a n d n o rthw estw ard to
“
^ P a c i f i c coastsovcral d a y s in th e F a r N o rth w est, b u t
C hm ook conditio
P™*in snow im proved soil conditions. T here was
R tifY Y n o snowP covc™ fn th o C en tra l a n d E a s te rn w in ter grain S tates,
i t t 16 o r no s n o w c o v e r m es u 1te d from freezing o r thaw ing.
> pSw5f™ ilvr no precip ita tio n th er0 wag ain K an sas oro m 0isturo, especially
U ra c tic ally no p re c ip
occurred need o f m w here th e ground was
I
d ry in g o u t fa al.
th e S ta t e
W h e a t w a s g o o d to e x c e lle n t in th e e a s t-

ssS J a
9
m d w estern p o rtio n s

.

<•» * > .« . » „ « .
b” £ o ,0 S » " S 1m ”l'»"” ”" lr b r S X ' l
e
T h e re w as s atisfa c to ry snow cover in n o rth ern Ohio,

mT L <8 T O l ^ eo ® ^ e y c w t i M t a n d o a ts w as m o stly com pleted in n o rth e rn
California, seeding was* general in th o so u th ern p o rtio n of th e S ta te and
town grain w as doing nicely.




[V ol. 115.

THE DRY GOODS TRADE.
N e w Y o r k , F r i d a y N i g h t , D e c . 29 1922.
Despite the holidays the m arkets for dry goods have been
active and i;irm during the past week. In th e cotton goods
division, the stronger tone in raw m aterial led to a resump­
tion of the demand for prin t cloths, sheetings and other un­
finished goods which were selling steadily when the m arket
closed the week previous. The good progress reported in
retail channels has also been another strengthening factor.
Some of the prominent departm ent stores in the m etropolitan
district th at are distinguished by the maintenance of compre­
hensive stocks are reported to have done a capacity trad e
during the week preceding Christmas. Reports of liberal
sales during the holiday period have likewise been received
through the m ails from out-of-town sections of the country,
and have led to a considerable degree of optimism in quarters
where doubt had been expressed as to the extent of retail
buying. In fact, trade in ail sections of the country for the
period of the year appears to be better than usual, and buy­
ers who have goods on order want the goods when they are
due. The comparatively light offerings of goods from second
hands a t the year-end have impressed cotton goods trad ers
considerably, as they indicate a very strong situation, while
selling agents are not backward in saying th a t th eir mills
have not been in such a well sold up condition on staple fab­
rics in months as they are a t the present time. Consequently
sentim ent is generally optimistic both as regards the present
and future. Shipments of merchandise on order are decidedlv active, and in many cases retailers now w-ant to antici­
pate deliveries on the small advance orders they have placed
which are taken to indicate th at retailers will enter the m ar­
ket on a more liberal scale within the near fu tu re in order to
replenish stocks th a t are not as large as they should be to
meet a normal spring business.
DOMESTIC COTTON GOODS : The strength of raw cot­
ton during the past week has stiffened the m arkets for do­
mestic cottons, and a number of advances have been named
in unfinished lines. The firm ness in gray goods has been
particularly noitceable as it has been accompanied by active
bidding and buying. Many bag m anufacturers have been
credited with making liberal purchases, while the larger
printers and converters took on additional lines for delivery
during the first quarter of the new year. Dealers in finished
goods, on the other hand, are standing still tem porarily aw^iting action on the p a rt of buyers who will need to replenish
their stocks for late consumption. For the present, the high
prices are not being paid over-freely as this is not a normal
buying period, while there are sufficient low-priced goods in
the hands of w h o le s a le r s to meet current requirements. W here
large quantities are wanted, however, buyers are demanding
full prices, and particularly for deferred deliveries, ih e
higher cotton m arkets are forcing mills to ask higher prices
for goods in order to protect themselves against loss in the
booking of contracts. I t has been a long time since mills as
a whole have been so unanimous in asking higher figures,
which is due largely to the prices they are obliged to pay to r
raw m aterial. In percales, bleached cotton, and many ot the
ginghams and heavy domestics, current prices are high but
are still below a parity w ith 27-cent cotton. Therefore,
fu rth er upward price revisions covering the above mentioned
cloths are not unlikely. Wash goods generally for imme­
diate shipment are seasonably quiet, but there are signs o
an increase in activity in the fine and novelty end of wash
fabrics, especially in the new printed crepes and voiles. P rin t
Hnths 28-inch, 64 x 64’s construction, are quoted a t 8 Vic., and
the ‘’7-inch, 64 x 60’s, a t 7%c. Gray goods in the 29-inch, 68 x
72’s are quoted a t l i y 2c., and the 39-inch, 80 x 80’s, a t 14y2c.
WOOLEN GOODS: The passing of the Christm as holidavs appears to have made little difference in m arkets for
woolens The tone remains firm , and in view of the strength
of the raw m aterial situation, these is not likely to be any
weakening of values w ithin the near fu tu re a t least. Selling
agents who have been going over mill figures find production
costs high, and the best th a t is now hoped for is th at in the
coming openings mills will not sta rt the season off with full
demand in regard to price m atters. In many circles, how­
ever the expectancy of higher prices is quite as marked as in
cotton channels. The consumption of wool continues on a
liberal scale, and mills are not supplied w ith low cost rawm aterial as they were a year ago. In itial business on lines
of all wool blankets is reported as being very satisfactory,
and particularly in grades th a t have m aintained the quality
offered last season.
.
, ,
, .
FOREIGN DRY GOODS: There continues to he a steady
demand for bleached and finished linens, and while the gen­
eral turn-over could be larger, it is by no means disappoint­
ing R etailors are reported to have done,a most excellent
holiday business in linens, handkerchiefs, towels, dam asks
and napkins moving over the counter in good shape. In view
of the fact th a t th eir stocks have been considerably depleted,
thev are expected to re-enter the m arket w ithin tho near fu ­
ture for fresh supplies. Dress linen importations are beginnin<- to arrive in this country, and are said to be selling well.
B urlaps have continued active, buying being encouraged by
the strength of the Calcutta market. Holders have been firm
in their views and prices have ruled higher. Light weights
are quoted a t 7.2o to 7.35c., and heavies a t 9.10 to 9.—
oc.

A t c h is o n T o p e k a & S a n t a F e S y s te m .

NFW S
J

IT E M S .

L ehigh Valley System.

Annuity Perpetual Consol'd 4Ms * 6a
General mortgage 4s, 1995
Chic. Santa Fe. A Calif. Ry. 1st 5s, 1937 Consolidated 4Ms A 6s, 1923
Eastern Oklahoma Division 1st 4s, 1928 First Mortgage 4s. 1948

I H u tc h in so n & S o u th e rn R y . 1 st 5s, 1928 ♦Penn. & N . Y. Canal R R . Co. Cons. 4s,

_____ ___

C o n n e c tic u t. —

3925

THE CHRONICLE

D ec . 30 1922.1

.

L is t o f L e g a l I n v e s tm e n ts f o r S a v in g s B a n k s .

Rocky Mountain Division 1st 4s, 1965
San Fr. A San Joaq. Val. Ry. 1st 5s, 1940
Transcontinental short Line 1st 4s. 1958
Atlantic coast Line System.
I First consolidated 4s, 1952
Alabama Midland R y.ist 5s, m s
|
JJ-

— O o m D lv im : w ith S e c tio n 3 9 7 6 , G e n e r a l S t a t u t e s , R e v is io n
c o m p ly ^
i iQOO iqonofl
o f 1 9 1 8 th e B a n k C o m m is s io n e r o n N o v . 1
is s u c u
a lis t of b o n d s a n d o b lig a tio n s w h ic h , h e fin d s u p o n in v e s t g a t io n , a re le g a l in v e s tm e n ts fo r s a v in g s b a n k s . T h i s h s t ,
n« -n ro v in iis lv e x p la in e d , IS r e v is e d e a ch Six m o n tn s , m a il IS, Northeastern RR. cons. 6s, 1933
a s p r c v iu u a ij
F
’
M ovnm W
T h e C o m - Norfolk & Carolina RR. 1st 5s, 1939
d u r in g th e f ir s t w e e k of M a y a n d N o v e m b e r , m e c u m
.................................2 d 5 s, 1946
m issio n e r a g a in c a lls a t t e n t io n t o t h e w o r d in g o f t h e la w Petersburg r r . cons. a . 5s. m e
w h ic h d isc r im in a te s a g a in s t th e “ S p e c ia l A s s e s s m e n t
or Richm. & Petersb. r r . con's. 4 ms. m o
WIllOii
, t, _ V,c,nrle r>v rGvlitrfl firm s w h ic h Sanford A St. Petersburg RR. 1st 4s, 192
I m p r o v e m e n t b o n d s , or o th e r b o n d s or o b lig a tio
sav., Fia. AWest.Ry. ist 6s a 6s. 1934

are not the direct obligation of the city issuing the same an a
for which the faith and credit of the issuing city are not
pledged. The list issued on M ay 1 1 9 2 2 was printed in f u ll
in the “ Chronicle” of July 1 1 9 2 2 . We print the November
1 9 2 2 list herewith in full, indicating by means of an asteris

(*) th e s e c u ritie s a d d e d s in c e M a y 1 1 9 2 2 , w h ile th ose t n a t
h a v e b e en d ro p p e d a re p la c e d in f u ll-f a c e b ra c k e ts .
T h e fo llo w in g ta b le sh o w s th e S ta te a n d m u n ic ip a l b o n a s
w h ic h a re c o n sid e re d le g a l in v e s tm e n ts

4Ms & 5s, 1939 (guar)

Louisville & N ashville System .
First Mortgage 1st 5s, 1937
Unified Mortgage 4s. 1940
Mobile & Montgom. Ry. 1st 4Ms. 1946
Nash. Flor. & Shef. Ry. 1st 5s, 1937
New Orleans & Mobile Dlv. 1st 6s, 1930
Paducah & Memphis Dlv. 1st 4s. 1946
Southeast & St. Louis Dlv. 1st 6s, 1971
Trust 1st 5s, 1931
Loulsv. Cln. A Lexington gen. 4 Ms, 1931
So. A No. Ala. R R. cons. 5s, 1936
So. A No. Ala. RR. cons. 5s, 1963
Collateral Notes 7s. 1930x

M ichigan C en tra l System.
Detroit A Bay City 1st 5s, 1931
W . &W
Um
eIdon RH. gen. 43 & 5g, 1935 First Mortgage 1st 3 Ms, 1952 1957
Joliet A Nor. Indiana 1st 4s,
wiim. &New Berne r r . ist 4s. 1947
Jackson Lansing A Sag. 1st 3Ms. 1951
Kalamazoo A South Haven 1st 5s, 1939
Baltimore & Ohio System,
Michigan Air Line 1st 4s, 1940

Bait. &Ohio r r . 1 st 4s m s
convertible 4Ms. 19 33
’
series a ref. a gen. mtge. 5s, 1995
southwestern Division 3 ms. 1925
Balt. & N . Y . r r . ist 5s. 1939

Cleve. T. A V. RR. 1st 4S, 1995
Central of Ohio RR. 1st 4Ms. 1930
Cleve. Lorain A Wheel. Ry. cons.5s,1933
gen.5s, 1936
ref.4Ms, ’30
Ohio River R R . 1st 5s, 1936
general 5s, 1937
Pittsburg Ju . A Mid. Dlv. 3Ms, 1926
Pitts. Lake Erie & West Va. ref. 4s, 1941
Schuylkill R.E.S.RR. 1st 4s, 1925
West Va. A Pittsburgh RR. 1st 4s. 1990
C en tra l of G eorgia R ailw ay
First mortgage 5s, 1945
Mobile Division 5s, 1946
Macon A Northern 5s, 1946
Eatonton Branch 5s, 1926
Chattanooga Rome A Southern 5s, 1947
Oconee Division 5s. 1945
C en tral Railway of New Jersey.
General mortgage 6s, 1987
Amer. Dock A Imp. (guar.) 1st 6s, ’36

M inn. S t. Paul & S. S. Marie System.
First Consolidated 4s A 5s, 1938
Minn. S. S. M . A At. Ry. 1st 4s. 1926
Mobile & Ohio System .
First Mortgage 6s, 1927

Nashv. C h a tt. & S t. Louis System .
N o r th a m p to n ,
First.—Bonds of the United States, or Everett, Mass.
Mass.
Consolidated Mortgage 5s, 1928
those for which the faith of the United Everett, Wash.
Centrevllle Branch 1st 6s. 1923
States is pledged, including the bonds of Fall River. Mass. Oakland, Cal.
Fargo, No. Dak.
OU City, Pa.
Jasper Branch Extension 1st 6s. 1923
the District of Columbia.
Fitchburg, Mass. 01»tn. N . * •
Louisville A Nashville Term. 1st 4s, 1952
United States Bonds_______________2s.1930
Flint, Mich.
Omaha, Neb.
............................................................3s.1918
Memph. Un. Sta. Co. (guar.) 1st 5s, 1959
M
••
••
1925 Fond-du-lac,Wlsc. Oshkosh, WU.
Paducah A 111. (guar.) 4Ms. 1955
Fort Wayne, Ind. Oswego. N. Y.
U. S. Panama Canal_______________2s.1936
Fort
New York C en tral System.
U. S. Panama Canal_______________3s,1961 Worth, Texas. Ottumwa. Iowa.
Fresno. Cal.
Paducah. Ky.
District Of Columbia____________3.65s.1924
First Mortgage 3 Ms. 1997
Parkersburg. W .V a.
Liberty and Victory b o n d s___ All Isshcs Galesburg, III.
Consolidation Mortgage 4s. 1998
•Treasury b o n d s______ 4>£s, 1947-1952 Gloucester, Mass. Pasadena. Cal.
Refund. A Impt. Series A 4Ms, 2013
Grand Ranlds.MIch Passalo, N .J .
Second.—Legally Issued bonds and ♦Great Falls, M ont. Paterson. N. J.
Refund. A Impt. Series B 6s, 2013
interest-bearing obligations of the follow­ Green Bay. Wls
Refund A Im pt. Series C 5s, 2013
‘ P aw tu ck et,R .I.
ing States:
Debentures 4s. 1934
N .vada
California
1
4s, 1942
F u ' S " ™ . ” 1 Philadelphia, Pa.
— *-''"'New Hampshire
Colorado
Carth. W at. A Sack. H . R R. 1st 5s, 1931
P ittsburgh, Pa.
Hammond, Ind.
New Jersey
Connecticut
Carthage A Adlrond. Ry. 1st 4s, 1981
P ittsfield. Mass.
Harrisburg, Pa.
New York
Delaware
Plainfield. N. J.
Chicago Ind. A Southern 1st 4s. 1956
Hazelton, Pa.
North Dakota
Florida
Cleveland Short Line 1st 4Ms, 1961
Pontiac, Mich.
Haverhill, Mass.
Ohio
Gouverneur A Oswegatchte RR. 1st 5s,'42
Idaho
Port Huron. Mich.
Holyoke. Mass.
Oregon
Chicago M ilwaukee & S t. P a u l System Indiana Illinois A Iowa 1st 4s, 1950
Illinois
Huntington, W.Va. Portland, Me.
Pennsylvania
Indiana
Jamestown Franklin A Clearf. 1st 4s,1959
Hutchinson, K an. Portsmouth .Ohio
General mortgage 3 Ms. 4s & 4M». 1989
Rhode Island
Kansas
Kalam. A White Pigeon RR. 1st 6s, 1940
Indianapolis, Ind Pottsvlile, Pa.
General A Refunding 4Ms, 2014
South Dakota
Kentucky
Poughkeepsie, K.
Lake Shore A MIoh. So. gen. 3Ms. 1997
Series B 5s, 2014
Jackson, Mich.
Tennessee
Maine
Jamestown, N. Y. Providence, II,
Chlc.Mllw . A Puget Sound 1st 4s, 1949 Lake Shore Collateral 3Ms. 1998
Texas
Maryland
Jersey City, N. J. Quincy, 111.
Chic. A Missouri Riv. Dlv. 1st 6s. 1926 Lake Shore A Mich. So. Deb. 4s, 1928
Vermont
M assachusetts
••
••
••
••
4s, 1931
Quincy, Mass.
Johnstown, Pa.
Convertible 4 Ms. 1932
Washington
Michigan
Racine, Wls.
Little Falls A Dolgevllle 1st 3s. 1932
Debentures 4s, 1925 A 1934
Joliet, 111.
West Virginia
Minnesota
Reading. Pa.
Michigan Central Collateral 3M*. 1998
Joplin, Mo.
Fargo & Southern Ry. 1st 6s, 1924
Wisconsin
Missouri
Kalamazoo. Mich. Richmond, Ind.
Milwaukee A Northern exten. 4Ma. 1934 Mohawk A Malone Ry. 1st 4s, 1991
Wyoming
Montana
•'
"
" cons. 3Ms, 2002
Kansas City. Kan. Rochester, N . Y
Third.—Legally Issued bonds and ob­ Kansas City, Mo. Rockford, III.
Chicago B urlington & Q uincy System N. Y. A Putnam R R. cons. 4s, 1993
Rock Island, 111.
ligations of any county, town, city, Kenosha, Wls.
N. Y. A Northern Ry. 1st 5s, 1927
General mortgage 4s, 1958
Rome, N. Y.
borough, school district, fire district, or Kingston. N . Y.
Pine Creek Ry. 1st 6s, 1932
Illinois Division 3Ms & 4s, 1949
[Sacramento, Cal 3
sewer district In the State of Connecticut. Kokomo, Ind.
[Rome W .AO .RR .cons .3 Ms,4sA5s, 1922]
Nebraska Extension 4s, 1927
Saginaw, Mich.
Fourth.—Legally authorized bonds of La Crosse, Wls.
Sturges Goshen A St. Louis 1st 3s, 1989
St. Joseph, Mo.
the following cities outside of Connecticut Lafayette, Ind.
Spuy. D'vll. A P t. Mor. R R. 1st 3Ms.'59
Chicago & N orth W estern System.
St. Louis, Mo.
and which are the direct obligations of the Lancaster. Pa.
General mortgage 3 Ms, 4s and 5s. 1987
Norfolk & W estern System.
St. Paul, Minn.
city Issuing the same. "8pectal Assess­ Lansing, Mich.
Boyer Valley RR. 1st 3 Ms, 1923
Salem, Mass.
ment" and "Improvement” bonds which Lawrence, Mass
Consolidated Mortgage 4s, 1996
Collateral Trust 4s, 1926
are not the direct obligations of the city Lebanon, Pa.
San Antonio, Tex.
General Mortgage 6s, 1931
Debenture 5s, 1933
San Diego, Cal.
and for which Its faith and credit are not Lewiston, Me.
New River Division 1st 6s, 1932
Des Plaines Valley Ry. 1st 4Ms, 1947
Sandusky. Ohio.
pledged are not allowable.
Impt. and Exten. Mtge. 6s, 1934
Lexington, Ky.
First A Refunding 6s, 2037
San Francisco, Cal.
Norfolk Terminal Ry. (guar.) 1st 4s, 1981
Lima, Ohio.
Chelsea, Mass.
Akron, Ohio.
Frem. Elkh. A Mo. Val. RR. cons. 6s, '33 Scioto Val. A New Eng. RR. 1st 4s. 1989
Scranton, Pa.
Lincoln, Neb.
Chester, Pa.
Alameda. Cal.
Iowa Minn. A Northw. R y. 1st 3Ms, 1935
Sheboygan. Wls.
Lockport, N . Y*
Chicago, 111.
Albany, N. Y.
Manl. Green Bay A N .W .R y.lst 3Ms,'41
N o rth e rn Pacific System.
Shenandoah, Pa.
Logansport, Ind.
Chicopee, Mass.
Allentown. Pa.
Mankato A New Ulm R y. 1st 3 Ms, 1929 General Lien 3s, 2047
Sioux City, Iowa.
Long Beach. Cal.
Cincinnati, Ohio.
Alliance, Ohio.
Sioux Falls, So. Dak Minn. A South Dakota Ry. 1st 3Ms, 1935 Prior Lien 4s, 1997
Lorain, Ohio.
Clarksburg, W. Va.
Altoona, Pa.
Milwaukee A State Line Ry. 1st 3Ms, '41 Refund. A Imp. 4M s5sand6s, 2047
Los Angeles, Cal. Somerville, Mass.
Amsterdam, N . Y. Cleveland, Ohio.
Mtlw. Sparta A N . W. R y. 1st 4s, 1947
South Bend, Ind.
St. Paul A Nor. Pac. Ry. 1st 6s, 1923
Louisville, Ky.
Clinton, Iowa
Anderson, Ind.
Mllw. Lake S h. A West. Ry.;
South Omaha, Neb.
St. Paul A Duluth RR. cons. 4s, 1968
Colorado Spgs., Col. Lowell, Mass.
Ashtabula, Ohio.
Ashland Division 1st 6s, 1925
Springfield, 111.
••
'•
"
1st 5s. 1931
Lynn, Mass.
Atlantic City, N . J Columbus, Ohio.
Extension and Improvement 5s, 1929
Wash. A Columbia River Ry. 1st 4s. 1935
McKeesport. Pa. Springfield, Mass.
Concord, N. H.
Auburn, N . Y.
Michigan Division 1st 6s. 1924
Springfield, Mo.
♦St. Paul A Duluth D iv. 4s, 1996
Council Bluffs.Iowa. Madison, Wls.
Aurora, 111.
Minnesota A Iowa Ry. 1st 3Ms, 1924
Springfield, Ohio.
Malden, Mass.
Covington, Ky.
Baltimore, M d.
Princeton A Northw Ry. 1st 3 Ms, 1926
Pennsylvania System.
Manchester, N. H . Spokane, Wash.
Cranston, R. I.
Bangor, Me
Peoria A Northw. Ry. 1st 3Ms, 1926
Consolidated Mortgage 4s. 1943
Mansfield. Ohio.
Steubenville. O h*.
Battle Creek, Mich. Cumberland. M d.
Sioux City A Pacific RR. 1st 3 Ms, 1936
••
••
43, 1948
Stockton, Cal.
Marlon, Ind.
Bay City, Mich.
Dallas, Tex.
St. Louis Peoria A N. W. 1st 5s, 1948
••
'•
3Ms, 1945
Superior. Wls.
Marlon, Ohio.
Bayonne, N . J .
Danville, 111.
8t. Paul East. G. T . Ry. 1st 4Ms, 1947
“
4Ms, 1960
Syracuse, N . Y.
Mason City, la .
Beaumont, Tex.
Davenport. Iowa.
Wisconsin Northern 1st 4s. 1931
Allegheny Valley Ry. gen. 4s, 1942
Taunton, Mass.
Medford, Mass.
Bellingham, Wash. Dayton, Ohio.
Middletown, Ohio. Terre Haute, Ind.
C hic. St. Paul M inn. & O m aha System Belv. Del. R R. (guar.) cons. 4s, 1926
Bellevlllo, III.
Decatur, III.
.......................................... ..... 1927
Milwaukee, Wls.
Toledo. Ohio.
Beloit, Wise.
Denver, Colo.
Consolidated 6s A 3 Ms, 1930
.......................................... ......
1943
Minneapolis, Minn. Topeka, Kan.
Berkeley, Cal.
Des Moines, Iowa.
North Wisconsin Ry. 1st 6s, 1930
Cambria A Clearfield R y. gen. 4s. 1955
Trenton, N. J.
Moline, 111.
Beverly, Mass.
Detroit, Mich.
8uporlor Short Line Ry. 1st 5s, 1930
Cambria A Clearfield Ry. 1st 5s, 1941.
Troy, N . Y.
Muncle. Ind.
Binghamton, N . Y. Dubuque, Iowa.
Clearfield A Jefferson Ry. 1st 6s, 1927
Delaw are & H udson System.
Muskegon. Mich. Utica. N . Y.
Bioomlngton, 111. Duluth. Minn.
Cleve. A Pitts, (guar.) gen. 3Ms. 1948
Vallejo, Calif.
Nashua, N. H.
Easton, Pa.
Bluefleld. W. Va
Adirondack Ry. 1st 4Ms. 1942
••
....................... 3Ms, 1950
Waco. Tex.
East Chicago, Ind. Newark, Ohio.
Boise City, Ida.
Albany A Sub.RR.(guar.) conv. 3Ms. *46
••
....................... ...... Ms A4M8’42
New Albany. Ind Waltham, Mass.
East Liverpool, O.
Boston, Mass.
Del. A Hudson Co. 1st A ref. 4s, 1943
Colum. A P t. Dep. R y. 1st 4s, 1940
New Bedford, Mass.Waterloo, Iowa.
East St. Louis, 111.
Brockton, Mass.
Schenec. A Duanesb. R R. 1st 6s, 1924
Connecting Ry. (guar.) 4s, 1951
Newburgh. N. Y. Watertown, N. Y.
Eau Claire, Wise.
Buffalo, N. Y.
Wheeling, W. Va.
Delaw. L ackaw anna & W estern Syst. Del. Riv. A Bridge Co. (guar.) 1st 4s, '36
New Castle, Pa.
Elgin, 111.
Burlington, Vt.
General Mortgage 4 Ms. 1965
Wichita, Kan.
Newport, Ky.
Bangor A Portland Ry. 1st 6s, 1930
Burlington, Iowa. Elizabeth, N. J .
5s,
Wilkes-Barre, Pa.
Newport, R. I.
Elmira. N. Y.
Morris A Essex RR.(guar.) ref.3Ms, 2000 General Mortgage A C.1968 1st 4s. 1951
Butte, Mont.
Hollldaysburgh B.
R y.
Williamsport, Pa.
Newton, Mass
Cambridge. Mass. El Paso. Tex.
Warren R R. (guar.) ref. 3Ms. 2000
General Mortgage 6s. 1970
•NewRochelle.N.Y.Worcester, Mass.
Elyria, Ohio.
Camden, N. J.
G re a t N o rth e rn System.
Harr. Ports. M t. J. A L. 1st 4s, 1943
Niagara Falls, N.Y. York, Pa.
Erie. Pa.
Canton, Ohio.
Junction R R. gen. 3Ms, 1930
North Adams,
Youngstown, Ohio.
First and Refunding 4 Ms, 1961
Cedar Raptds. Iowa.Evanston, III.
Penn. A Northw. RR. gen. 5s, 1930
Mass.
Zanesville. Ohio.
General Mortgage, Series A. 7s, 1936
C harleston, W .V a. Evansville. Ind.
Plttsb. Va. A Chariest. Ry. 1st 4s, 1943
Gen. Mtge. Series B, 5Ms, 1952
v . - f l h —Railroad bonds which the B ank C o m m i s s i o n e r East. r r . of M inn., n o .d iv . ist 4s. m s Phlla. Balt A Wash. R R. 1st 4s, 1943
••
••
General
finds to be legal investm ents are shown below:
I Montana Falls A Nor. is t 5s1st 6s. 1939 Phlla. Wllm. A Balt. R R.M tge. 6s, 1960
4s, 1926
Spokane central Ry. Ry, a 6s,
••
••
•• •• 4s. 1932
St. P. M . A M. Ry. cons. 4s,4MsA6s, '33
BONDS OF NEW ENGLAND COMPANIES.
Phlla. A Balt. Central 1st 4s, 1951
M ontana Extension 4s, 1937
Sunbury A Lewiston Ry. 1st 4s, 1936
Pacific Extension 4s, 1940
Conn. A Passumpslc River RR. 4s, 1943 Fortl. A Rumf. Falls Ry. cons, 4s, 1926
Sunb. Haz. A Wilkes-B. Ry. 1st 5s, 1928
Somerset Ry. cons. 4s, 1950
Wlllmar A Sioux Falls Ry. 1st 5s. 1938
••
••
•• 2d 6s, 1938
"
" 1st A ref. 4s, 1955
B angor & Aroostook System.
Illinois C en tral System.
Susq. Bloom. A Berwick 1st 5s, 1952
Upper Coos R R. 1st 4s, 1930
A ro o sto o k N o r th e r n 5s, 1947.
"
" “ extension 4 Ms. 1930
Un. N . J. RR. A Canal Co. gen. 4s, 1948
Collateral Trust 3 Ms. 1950
Consolidated Refunding 4s, 1951.
••
••
...................... 4s, 1944
Washington Co. Ry. 1st 3Ms, 1954
Cairo Bridge 4s, 1950
First Mortgage 5s, 1944.
••
••
...................... 4s, 1929
First Mortgage, gold, 3 Me A 4s, 1951
Medford E x te n sio n 5s. 1937.
••
"
...................... 4s, 1923
New London Northern RR. 1st 4s, 1940 First Mortgage, Gold Extension 3Ms. '51
P is c a ta q u is D ivision 5s, 1943.
••
"
...................... 3 Ms, '61
First M tge., Sterling Exten., 3s A 4s,1951
New York New Haven & H artf.System
V a n B u re n E x te n sio n 5s, 1943First M tge., Sterling
Holyoke A Westfield RR. 1st 4M*. 1961 Litchfield Division 3s,Exten., 3Ms, 1950 Western Pennsylvania R R. cons. 4s, 1928
Wash .Term, (guar.) lst3M sA4s,'45
1951
Old Colony R R. deb. 4s, 1938
Maine C entral System.
Louisville Division 3 Ms, 1953
.............................. ..... 1924
P ittsb u rg h & Lake Erie System
Purchased Lines 3M8. 1952
Collateral Trust 5s, 1923
.............................. .... 1925
Pitts. A Lake Erie RR. 1st 6s, 1928
Refunding Mortgage 4s, 1955
First A refunding 4
and 5s. 1946
.............................. 3 M«. 1932
Pitta. McK.AYoug.Ry.(guar.) 1st 6s,1932
Dexter A Piscataquis RR. W 41,1®
Providence A Worcester RR. 1st 4s. 1947 St. Louie Division 3s3A 3M8, 1951
Ms,
European A No. A m er.R y.48.l9.54
R eading System.
Boston A Providence R R . deb. 6s, 1923 Springfield Division 1951 1951
Omaha Division 3s,
Maine Shore Line RR. let 6s. 1923
Philadelphia A Reading R R . 5s, 1933
Western Lines 4s. 1951
Portland A Ogdens. R y - 1^ 4 ^®'
Sullivan County R R. l8t 4s. 1924
Portland Term. Co. (gu.) let 4s A 5s, 1961




2926
U nion Pacific R ailroad.
First Mortgage 4s, 1947
Refunding Mortgage 4s. 2008
Ore. Short Line cons. 5s, 1946
(If guaranteed by Union Pacific.)
Ore.-Wash.RR. & Nav. Co. 1st A Ref.
(guar.) 4s, 1961
S o u th ern Pacific System.
Central Pacific Ry. (gu.) 1st ref. 4s, ’49
Northern Ry. 1st 63. 1938

THE CHRONITLE
Northern California Ry. 1st 5s, 1929
Oregon & Calif, (gu.) 1st 5s, 1927
San Francisco Term. 1st 4s, 1950
Southern Pacific Branch Ry. 1st 6s, 1937
Southern Pacific RR. cons. 5s, 1937
*
*
'* ref 4s 1955
So. Pac. Coast Ry. (gu.) 1st 4s, 1937
Through Short Line (gu.) 1st 4s, 1954
x These notes are legal under Section 32
and savings banks may Invest not to
exceed 2 % therein.

Railroad bonds which are a t present not legal under the
general provisions of the law b u t which are legal investm ents
under Section 29 (given below) are as follows:
See 29. The provisions of this Act shall not render Illegal the Investment In
nor the Investment hereafter In, any bonds or Interest-bearing obligations Issued or
assumed by a railroad corporation, which were a legal Investment on Mav 28 1913
so long as such bonds or Interest-bearing obligations continue to comply with the
laws In force prior to said date; but no such bond or Interest-bearing obligation that
fails subsequent to said date, to comply with such laws shall again be a legal Invest­
ment unless such bonds or Interest-bearing obligations comply with the prov sions

[V

ol.

115.

the Dominion of Canada or any of its Provinces, provided
such obligations have a fixed and definite date of m aturity
and shall be the direct obligations of such G overnm ent or
Province and th a t the full faith and credit of such Govern­
m ent or Province shall be pledged for its paym ent, principal
and interest.
Under the foregoing section the following obligations of
France and the Kingdom of G reat B ritain and Ireland are
legal investm ents:
R epublic of F rance. .
Rentes, 3%, 1953
External Dollar Loan 5Ha, 1937
National Defense 5s, 1925
New French Loan 5s, 1920 1980
Sinking fund gold bonds 8s, 1945
External gold bonds 7Ha, due 1941
U nited Kingdom of G reat B rita in
a nd Ireland.
War Loan 3Ha, 1925 1928, duo 1928
War Loan 4Ha, 1925 1945, due 1945
War Loan 4s, 1929 1942, due 1942
War Loan 5s, 1929 1947, due 1947
Funding Loan 4s, 1960 1990
Victory bonds 4%, redeemable by ac­
cumulative sinking fund, by means of
annual drawings beginning Jan. 1 1920.
National War (1st series) 5s, 1922
National War (1st series) 5s, 1924
National War (1st series) 5s, 1927

National War (1 st series) 4s, 1927
National War (2d series) 5s. 1923
National War (2d series) 5s. 1925
National War (2d series) 5s. 1928
National War (2d series) 4s, 1928
National War (3d series) 5s, 1923
National War (3d series) 5s, 1925
National War (3d series) 5s, 1928
National War (3d series) 4s, 1928
National War (4th series) 5s. 1924
National War (4th series) 5s, 1929
National War (4th series) 4s, 1929
Exchequer 3s, 1930
Exchequer 3s, 1930
Exchequer 5s, 1922
United Kingdom of Great Britain and
Ireland External Loan 5H % , 1922
United Kingdom of Great Britain and
Ireland External Loan 5 H % . 1929
United Kingdom of Great Britain and
Ireland External Loan 5H s. 1937

A tchison Topeka & S a n ta Fe System.
Illinois C en tral System.
Callfomla-Arlz Lines 1st A ref. 4H a. 1962 Chic. St. L. A New Orl. cons. 5s, 1951
“ Cons. 3Ha. 1951
B oston & A lbany RR.
Louisville & N ashville.
Boston A Albany R R. deb. 3H s, 1951 Atlanta Knoxv. A Cln. Dlv. 1st 4s. 1955
“
“
“ 3H s. 1952
M Inneap. St. Paul & S S. M. System.
" 4s, 1933
Central Terminal Ry. 1st 4s, 1941
“ 4s, 1934
•’ 4s, 1935
" 4H s. 1937 Mobile A Ohio RR. 1st ext. 6s, 1927
" 5s, 1938
„
^
York C en tral System.
" 5s, 1963
N. Y. A Harlem RR. ref. 3 Ha, 2000
C a lifo rn ia . O f f ic ia l \ ote A n n o u n c e d . —Secretary of S tate
Beech
1st 4s. 1936
Buffalo R ochester & P lttsb . System Kalam Creek RR. G. R. r r . i st 53,1933 F ran k C. Jo rd an on Dec. 16 announced the official count of
Allegan A
Allegheny A Western Ry. 1st 4s, 1998
Mahoning Coal RR. 1st 5s, 1934
the votes cast a t the recent general election. The result of
Buff. Roch. A Pitts. Ry. gen. 5s, 1937
the ballot on the V eterans’ Bond, V eterans’ Validating,
“
“ cons. 4 Ha, 1957 O. „ N orthern Pacific System.
St. Paul A Duluth Division 4s, J996
Clearfield A Mahoning Ry. 1st 5s, 1943
Prohibition, W ater and Power, M unicipal Annexation and
Lincoln Pk. * Charlotte RR. 1st 5s. 1939
Pennsylvania System.
Consolidation, and the M unicipal C harter Acts was un­
Rochester A Pittsburgh RR. cons. 6s, '22 Camden A Burl. Co. RR. 1st 4s, 1927
changed by the official canvass.
Delaware RR. gen. 4Ha, 1932
C en tral Ry. o f New Jersey System
Elmira A Wllllamspt. RR. 1st 4s. 1950
The figures now given out show th a t the bills exempting
N . Y. A Long Brch. RR. gen. 4s & 5s, ’41 f f le, * P/tt3?urgh RR. gen. 3Ha. 1940
veterans from taxation and providing for a method of voting
Wilkes-Barre A Scran. Ry. 1st 4H a, 1938 Little Miami RR 1st 4s. 1962
N . Y. Phlla. A Norfolk RR. 1st 4s, 1939
by absent citizens, which in the reports published by us
Chicago & N orth W estern System.
Ohio Connecting Ry. 1st 4s, 1943
Collateral Trust 5s A 6s, 1929
Plus. Youngs. A Ash. RR. cons. 6s, 1927 seemed to have been beaten, carried by small m ajorities the
“
" cen 4a 1 Q &
4
former by about 24,000 and the la tte r by about 12,500.
C on n ecticu t Railway & L ig h tin g Co.
R* - T.hf eI- * K y- R R - c°ns. 8s, 1934
tts
First Refunding 4H s, 1951
We list below the measures approved and the vote cast
Sham. Val. A Pottsvllle RR. 1st 3Ha ’31
Bridgeport Traction Co. 1st 5s, 1923
on each:
A Sea Shore RR.—
Conn. Lighting A Power Co. 1st 5s, 1939 West JerseyB, C, D , E and F 3Ha A4s,’36
Series A,
N o. 1- Veterans Validating A ct. Yes, 562,022; N o, 226,567
N o. 2. Prohibition Act. Yes, 445.076; N o, 411,133
C hic.& Western IndlanaR R . 1st 6s, 1932 Raritan River RR. 1st 5s. 1939
N o. 3. V eterans’ Welfare Bond. Yes, 479,556; N o, 220,694
N o. 7. Exem pting Veterans from Taxation. Yes, 382.541; N o, 358 647
R eading System.
M unicipalities. Yes,
D et. A Tol. Shore Line RR. 1st 4s, 1953 Del. A Bound Brook RR. cons. 3H b. 1955 N o. 8. M unicipal Charters. 423,597; N o, 214,813
N o. 9.
Yes. 321,832: N o, 266,953
Duluth A Iron Range RR. 1st 5s, 1937
East Pennsylvania RR. 1st 4s, 1958
N o. 12. Stato Budget. Yes, 451,074; N o. 183,147.
Duluth Messabe A Northern Ry.—
North Pennsylvania RR. 1st 4s, 1936
N o. 16. Chiropractic. Yes, 481,600; N o, 327,849.
1st cons. 6s, 1923
Ph a. Harrisburg A Pitts. RR. 1st 5s, ’25 N o. 20. Osteopathic. Yes, 439,775; N o, 327,819.
Phlla. A Reading RR. Impt. 4s, 1947
N o. 22. Absent Voters. Yes, 352,882; N o, 340,257.
Elgin Joliet A Eastern Ry. 1st 5s, 1941
_
“
“ Term. 5s, 1941
N o. 23. Depositing Public M oneys. Yes. 351.424; N o, 241 778
Reading Belt RR. 1st 4s. 1950
N o. 25. Judges pro tempore. Yes, 322,961; N o, 245 663 ’
Erie Railroad System.
Sham. Sunb. A Lewisb. R R. 1st 4s. 1925 N o. 26. School D istricts. Y es, 388,699; N o, 210,355.
Cleve. A Mahoning Val. Ry. 1st 5s, 1938
Goshen A Deckertown RR. 1st 6s, 1928 Term inal Railway Assn, of S t. Louis
Proposed measures which were defeated and the votes on
Consolidated Mortgage 5s, 1944
Montgomery A Erie Ry. 1st 6s, 1926
each were:
First Mortgage 4Ha, 1939
Genesee A Wyoming RR. 1st 5s, 1929
General Refunding Mortgage 4 s, 1953
N o. 4. Land Settlem ent. Y es, 295,122; N o, 304 170
St. Louis Mer.Bdge.Term.Ry. 1st 5 s, '30
H ocking Valley Railway Co.
B111 (Housing). Yes, 117,110; N o. 635,419.
St. Louis Mer. Bdge. Co. 1st 6s, 1929
S ° ' ,£• Title-Insurance. Yes. 209,660; N o, 383,165.
First Consolidated 4Hs, 1999
N o. 10. Taxation Public U tilities. Yes, 258.666; N o, 429,668.
Colum. A Flock. Val. RR. 1st ext. 4s,1948
W estern M aryland System .
N o. 1 1 . R egulating Public U tilities. Yes, 232,079; N o, 415,559.
Columbus A Toledo RR. 1st ext. 4s. 1955 Balt. A Cumb. Val. Ext. 1st 6s. 1931
N o. 13. Judges Salaries. Yes, 290,712; N o, 374,153.
N o. 14. Local Taxation. Yes, 248,541; N o, 352.391.
S ix th .
Equipm ent tru st obligations as follows (savings N o. 15. State Taxation. Yes, 197.514; N o, 390,309.
™
Y es- 286,759; N o. 354,130.
banks. may invest not exceeding two per centum of their N o. 18. M unicipal Public Works. Yes. 310,872; N o, 312.131.
deposits and surplus therein):
N o. 19. W ater and Power. Yes, 243,604; N o, 597,453.
21. Prohibiting Special Laws. Yes, 221,786; N o, 387,024.
Baltim ore & Ohio R ailroad.
New York C en tral Lines.
N o. 24. Regulating Practice Law. Yes, 197.905; N o, 555.522.
Equip, trust of 1913 4 Ha. serially to 1923 Joint Equip. Trust—
N o. 27. I n itia tiv e / Y es, 258,009; N o, 378,661.
4 Ha, serially, 1910 to 1925
N o. 28. Prohibiting Vivisection. Yes, 226,339; N o, 514,783.
C entral Railroad of New Jersey.
4 H 3, serially, 1912 to 1927
oR- £ and Brauchise. Yes, 124,403; N o, 515,590.
Series G 4 Ha, serially to 1926
4Ha, serially, 1913 to 1928
N o. 30. Franchises. Yes, 136,271; N o, 499.458.
s.
1917 to 1932.
Chic. St. P. Minn. & O m aha RR. Co. B.4HA. serially.Trust 4Ha, ser. ’13 to ’27
A
Equip.
C o lo rad o .— M o f f a t T u n n e l C a s e C a r r ie d to U n ite d S ta te s
Series B 7s. 1924 to 1931
S o u th e rn Pacific Company.
Series A 4 Ha to 1923
S u p r e m e C o u r t.— The plaintiffs in the M offat Tunnel case, in
Illinois C en tral R ailroad Co.
Series B 4H s to 1923
which the validity of the Act of the recent special legislative
Series A 4Ha, 1923
Series C 4H s to 1924
Series B 5s, 1923
session providing for the construction of a tunnel for trans­
Series D 4 Ha to 1926
Series C 4Hs, 1925
Series E 7s. 1924 to 1935
portation relief is attacked, have appealed from the decision
Series D 4H s, 1926
U nion Pacific R ailroad.
Series E 5s, 1027
of the Colorado S tate Supreme Court in favor of the law
Equipment trust 7s, serially 1924 to 1935
♦Series F 7s, 1935
and carried the case to the U nited States Supreme C o u rt'
N atio n al Ry. Service Corp.
P ittsb u rg h & Lake Erie R ailroad.
The “ Rocky M ountain News” of Dec. 22 said:
♦Prior Lien 7s, 1920 to 1935
7s, 1921 to 1936
___
Equip, trust 6 Ha, serially 1921 to 1935
.
On the ground th at the Colorado Supreme Court held constitutional a
law th at.first should have been subm itted to the direct vote of pemde’in
Other securities in which banks may invest are classified the district involved an appeal will bo taken imm ediately to the Unfted
States Supremo Court in the M offat tunnel case, Edwin II Park atfnkn™
aa follows:
announced yesterday. Park represents M ary L. M ilhe m andM^rederfck
Tenth—
Seventh—
o f f h e tunno?la™ Ug *
° r‘Klnal action P e k i n g the constitutionality
Bonds of Telep. Cos. o u tsid e of C o n n
Bonds of S treet Railways In C onn.
Savings banks may Invest not exceed­
8avlngs banks may Invest not exceed­
"Another main contention on which our appeal will be based ” said Park
ing two per centum of their deposits and ing two per centum of their deposits and
is th at the law delegated powers of taxation to the tunnel commission
surplus therein.
surplus therein.
rather than to towns and counties organized under tho ireneral l a w ' £
Bristol A Plainv. Tram . Co. 1st 4H s, 1945 Amer. Tel. A Tel. Co. coll, trust 4s, 1929 State Supreme Court has determined differently upon these DointsTn n hor
......................
coll, trust 5s, 1946 cases, and it is our contention th at we have, therefore been H ^ i ?
protection under the law .”
’ u , w -Ioro. hten denied equal
Eighth—
N Y. Telephone Co. 1st 4149 . 1939
Bonds of W ater Cos. In C o n n ecticu t. ♦New England Tel. A Tel. 1st 5s, 1952
Savings banks may Invest not exceed­ * “
..........................deb. 4s, 1930
addexi,rrni^^e°groim t?°*hat^to^tunnei*iav^taxes propertv’fo r ^ ^ s n ™ 6?
ing two per centum of their deposits and ♦
..................... 5s, 1932
public; th at the benefit goes to private corporations1 and not to the general
surplus therein.
Bridgeport Hydraulic Co. 1st 4s, 1925
C o n s e r v a n c y A c t i n S ta te S u p r e m e C o u r t. — The consti­
’’
’’ notes 5s 1923 A 1925
Eleventh—
New Haven Water Co. deb. 4H s 1962
Bonds of Gas a n d E lectric L ighting tutionality of tho Conservancy A ct, which was passed a t the
”
"
1st 4 Hs, 1945
same session as the M offat Tunnol Law, the validity of which
Com panies In C o n n ec tic u t.
♦Stamford W ater Co 1st 5s, 1952
Also under Chapter 112 of the Public
Savings banks may
not exceed­ is being attacked in the Federal Courts, is being questioned
Acts of 1917 any bonds or Interest-bear­ ing two per centum of Investdeposits and
their
in a suit brought by J . H . Voorhees for J . W. Setters and
ing obligations of the following water surplus therein:
companies:
John Robertson of Pueblo to the S tate Supreme C ourt after
Ansonla Water Co.
Bridgeport, Gas Lt. Co. 1st 4s. 1952
Greenwich Water Co.
Danbury A Bethel Gas A Electric Light a decision of the Pueblo D istrict C ourt upholding the law.
Stamford Water Co.
The Act perm its the organization, by petition, of conser­
Compcny 1st 5s, 1953
Torrlngton W ater Co.
Hartford City Gas Lt. Co. 1st 4s, '35
vancy districts for preventing floods and regulating stream
New Britain Gas Lt. Co. 1st 5s, 1926
Ninth—
channels, and authorizing the Boards of Directors of such
Stamford Gas A Elec. Co. 1st 5s, ’29
Bonds of T elephone Cos. In C onnec’t.
...........................2d 4s, 1929
districts, among other things, to borrow money and issue
Savings banks may Invest not exceed­
......................
Consol. 5s, 1948
bonds in carrying on tho work. The contention is th a t the
ing two per centum of their deposits and Union Electric Light A Power Co.
surplus therein
Unionvllle 6s. 1944
Act is unconstitutional because it provides for government
80 . New Eng. Telep. Co. 1st 5s. 1948
United Illuminating Co. 1st 4s. 1940
by special commission, confiscates property w ithout due
T w e lf th .
Savings banks may invest not exceeding 10% process of law, and th a t the S tate Legislature delegated its

oi their deposits and surplus in the obligations of the Govern­ authority to a group of individuals. The “ Rocky M ountain
m ent of the Kingdom of G reat B ritain and Ireland and the News” of D enver, in its issue of Dec. 12, in commenting on
Government of the French Republic and the G overnm ent of the case, said:




THE CHRONICLE

D ec . 30 1922.]

p» Quo warranto proceedings testing the constitutionality o f the Pueblo
conservancy A ct were filed with the State Supreme Court yesterday by
Victor E . K eyes, Attorney-General, and J. H . Voorhees, acting for J. W .
Setters and John Robertson o f Pueblo. Hearing o f the case is expected
within forty-five days.
. , .
The plaintiffs charge that the A ct is unconstitutional on the ground that
it provides for a government by special commission, that under it the
State Legislature delegated its authority to a group o f individuals, and
that it confiscates property without due process o f law. Irregularities in
the proceedings in the District Court o f Pueblo, which upheld the bill in
a decision rendered Sept. 14, are also alleged.
, „
.
.
Charles W . Lee, G . H . Nuckolls and W . F. Raber, appointed directors of
the conservancy district b y the District Court according to one o f the
provisions in the bill, are defendants in the proceedings.
Although it is understood that the plaintiffs seek to prevent the enforce­
ment o f the conservancy A c t, Attorney-General K eyes appears in the case
as a neutral clement, because of a provision in the bill which holds that the
only method by which appeal can bo taken to the Supreme Court is through
the offices of the Attorney-General. This provision, which appears in
Section ti, is among those which are objected to by the plaintiffs, who
allege that should an Attorney-General be unfriendly to their cause they
might bo deprived o f a day in court.
The Pueblo conservancy A c t was passed b y the State Legislature in
special session last April as an emergency measure to prevent the recurrence
of floods in the Pueblo district, and was approved by Governor Shoup
on April 29 1922.

E liz a b e th C ity, No. C aro .— S u it to P r e v e n t C ity f r o m
I s s u i n g B o n d s f o r U t i l i t ie s P la n t . — On Dec. 15 bondholders of

2927

that this law was violated in that only five copies o f the notice wero posted
in the entire district and that none o f them were posted at any o f the
various polling places.
"While it is truo,” said Justice Rand in his opinion, “ that repeals by
implication are not favored, and when there are two A cts on tho same
subject, effect, if possible, must be given to both, it cannot be supposod
that tho Legislature intended that thore should bo two different and contra­
dictory onactmonts embracing the same subject matter at the same tim e.
Every statute is by implication a repeal o f all prior statutes so. far as it is
repugnant thereto." When there are two Acts on tho samo subject, If they
aro repugnant in any of their provisions, tho latter Act, without any re­
pealing clause, operates to tho extent o f the ropugnancy as a repeal of the
first.
,
“I f these tw o statutos, A cts o f 1913 and 1915, were both to apply to a
school district bond election in tho samo district, the inconsistency between
the two A cts is apparent. The first Act requires an election called for that
purposo to bo held between the hours o f 2 p. m. and 7 p. m. The 191,>
A ct requires th at the election shall bo held between tho hours of 12 noon
and 8 p. m. An olection held between the hours prescribed by one, under
the other, would bo illegal.
,
,
. .
“Under tho oarlier Act the school district bond election was required
to be called by the Board and when held was a special election. Under
tho latter A ct there is no provision for an eloction except tho annual school
election, which must be held on the third Saturday in Juno of oach year.
“Tho former law provided for the holding of an annual school meeting,
and this, in districts having more than 20,000 children o f school age, is
abolished by tho latter A ct, which provides for holding the said annual
school olection.
N o tic e N o t P r e s c r ib e d .

Tho statute does not proscribe the form o f the notico required to be
published. It was unquestionably within tho power o f the Legislature to
provide one rulo for districts having more than 20,000 children o f school
age and a different rule for districts having a less number. A careful
comparison o f these two statutes can leave no doubt that it was the inten­
tion of tho Legislature by the 1915 Act to withdraw from the operation of
the 1913 law all school districts having more than 20.000 children o f school
age and at tho same tim e to leave all other school districts within the
Papers were filed with the Clerk o f the Federal Court in this city Friday
operation of tho prior law .
..
..
morning to restrain the present Board o f Aldermen from issuing bonus
“Tho objection that the published notice did not specify the different
to construct new city utility plants.
... .
___
polling places wo think is without merit. Tho 1915 Act prescribes no form
The suit is being brought by tho bondholders o f the utilities company,
to be used in giving notico o f a school district bond olection. nor does it
all o f whom are living in Baltimore, as follows: John T . H ill, H ow ard
require notice to ho given o f the various polling places throughout the
E . Crook and Elizabeth Evans, the Safe Deposit & Trust C o. and the district. It only required that notico thereof shall be given by publication.

the local privately-owned public utilities companies filed suit
in the Elizabeth C ity Federal C ourt to enjoin the city from
carrying out its plan to issue bonds for the construction of
a municipal utilities plant. The Richmond “ Virginian” of
Dec. 17 published the following dispatch from Elizabeth City:

Baltimore Trust C o.

„ „

, .

The amount of bonds held individually are given as follows. Jonn
T. Hill, $12,000; Mrs. Elizabeth Evans, $0,000: Howard E. Crook. $b00,
the Safe Deposit & Trust C o., $50,000, and the Baltimore Trust Co $5,000.
The action is brought against the Corporation o f Elizabeth c i t y , iv.
Ben Goodwin, M ayor, and Patrick H . W illiam s, Lemuel K- l oreirian,
Louis W . Anderson, Caleb W . Stevens, Philip C . Cohoon, Warren H .
Jennette and W illiam H . W eatherly Sr., members o f the Board;
M ore than twenty-eight pages o f legal cap paper, closely typewritten,
are used in setting forth the complaint, which goes on to state inas it
is unlawful for tho Board to issue the $800,000 for utilities in face ot t e
fact that the town is already equipped with privately-owned utilities
which aro adequato to tho city’s needs.
_ .
The complaint, which will be heard at the next term o f Federal Court
which will convene here in April 1923, will ask that the Corporatio
Elizabeth C ity be temporarily and permanently enjoined:

F irst, “ From issuing and delivering bonds o f E lizab eth C ity to tno
a m o u n t o f $800,000 o r an y p a rt thereof, a n d from dev o tin g o r usin p tn
proceeds o f such bonds for tho co n stru ctio n a n d building o f m unicipal
electric lig h t, w a ter o r sew erage system o r p lan ts, an y o r all of them .

Second. "F ro m putting into effect a discriminatory .schedule o f rates,
from adopting or using any practices, regulations or rules making compe
tition unfair between tho city’s and private companies.
Third, “ From interfering with the pipes, wires, poles, plant and equip­
m ent o f tho private com panies.”
. . . .
,
.
During the past year tho Board o f Aldermen has held a number of
fruitless conferences with the President o f the utility companies with a
viow to purchasing tho holdings outright, but on account o f the companies
failure to accept the offer o f $250,000 made b y the Board, nothing was
It was intimated b y counsel for the companies that this suit will be
only the beginning of similar suits in other courts should they think it
necessary to do so to protect their interests.

M a ssa c h u se tts.— S e c r e ta r y

o f C o m m o n w e a lth A n n o u n c e s
R e s u lt o f O f fic ia l C a n v a s s o f v o te s C a s t a t G e n e r a l E le c tio n .— On

Dec. G Secretary of tho Commonwealth, Frederic W . Cook,
issued a pam phlet announcing the official vote cast a t the
Nov. 7 election.
,.
0
The Prohibition Enforcement Act was defeated by 42 1 ,840
negative votes to 323,964 affirm ative. The vote on tho
bill, which requires th a t district attorney’s be members of
the bar was 396,623 “for” and 282,011 “against.” A vote
of 208,252 “for” and 553,173 “against” was cast on tho bill
providing for censorship of motion pictures. Tho official
vote shows th a t the bill providing th a t voluntary associations
m ight sue, or be sued, which in the early unofficial returns
appeared to have been approved—V. 115, p, 22J was
defeated by a vote of 301,205 “against” to 300,260 for.
A proposed am endm ent to the constitiition relative to
roll call in the Goneral C ourt on the adoption of preambles
of emergency laws was approved by 333,549 “for’ to 2 o 2 ,lll
“against.”
M u ltn o m ah C o u n ty S chool D is tric t No. 1 (P-O- ?,o r t'
la n d , O re.— S u p r e m e C o u r t U p h o ld s B o n d I s s u e .— The State
Supreme Court on Dee. 19 concurred in the decision of the
M ultnom ah County Court which upheld the validity of the
$3,000,000 bonds attacked by a resident on tho ground th a t
the special election a t which the bonds were authorized
had not been properly called and conducted—V. 115, p. 2602.
A special dispatch sent to the P ortland “ Oregonian” on
Dec. 19 said:
School bonds in tho amount of $3,000,000 authorized by the voters of
tho Portland District at a special election June 17 1922 wore held valid
in an opinion handed down by tho Oregon Supreme Court here to-day.
Tho opinion was written by Justico Rand and affirmed tho decree of
Judge Stapleton o f tho M ultnom ah County C ourt. The suit was insti­
tuted bv E . B . M iller, a taxpayer and resident o f tho Portland School
District while tho members o f tho Board o f Directors o f tho Portland
qehool District wero named as defendants in the action.

The complaint charged that tho election was illegal in that under the
„ inws the defendants were required to post three notices thereof in
n / f h n f the election precincts of the school district, and that the published
notice of the election should have, set out definitely tho particular polling
Vi
0r tho voting precincts. It was alleged that the sufficient
£
"n?^notices wero not posted and that the published notico did not

SS.’t V

M *—

*

County

plaint In which it was al* ^ ° f i accordance with law and that the Board of

“
bonds'
T his d em uin tiffwas upheld b y the uenerm Laws o f ,,"d
rrer contended that 8 G eneral
Oregon for“th e year
The p la
glylng notico thereof and
1913 governed statute the dietonoaim district was required toin tho notices
that under this the ?5fVh? defendant uisrr
precinct post School
district and°o SiSSKfStoSSSS.".?3S PoMns place. It was alleged




V irg in ia .— G o v e r n o r C a lls S p e c ia l S e s s io n o f L e g is la tu r e .—
On Dec. 23 Governor Trinkle announced th a t he had de­
cided to call the General Assembly into special session,
setting February 28 as the date for convening. The m ain
purpose of the special session, it is intim ated, is to have
enacted legislation for a road building program to be financed
by a bond issue, secured by a tax on gasoline.

B O N D C A L L S A N D R E D E M P T IO N S .!

m

El P aso C o u n ty (P. O. El P aso ), T exas . — B o n d C a ll .—
J . A. Esajeda, County A uditor, calls for paym ent on April
10 the County Poor Farm bonds numbered 1 to 30, inch,
issued April 10 1911, in denominations of $500 each and
bearing 5% interest. No interest will be paid from April
10. Tho official notice of this bond call will be found among
the advertisem ents elsewhere in this departm ent.

BOND

PROPO SALS

AND

N E G O T IA T IO N S

this week have been as follows:
A B ER D E EN , B row n C o u n ty , S o. D ak. — B O N D S A L E .— Our Western
representative advises us th at tho Swain-Peters Co. o f Aberdeen has pur­
chased $30,000 paving bonds at par.
A D K IN SCHOOL D IST R IC T (P. O. G ary), M cD ow ell C o u n ty ,
W. V a .— B O N D S A L E — We are advised bv H. C. M cK inley, D istrict
Supt. c f Schools, that the State Sinking Fund Commission has purchased
$150,000 school building bonds. D ate Jan. 1 1923. Due $10,000 yearly
on Jan. 1 from 1928 to 1942 incl. M ention of these bonds was made in
V. 115, p. 1758.
ALLENTOW N, M on m ou th C o u n ty , N . J . — B O N D S A L E .— The $15,­
000 4%% bonds offered on Dec. 16 (V. 115, p. 2603) were awarded to the
Farmers’ N ational Bank of Allentown for a piemium of $100 (100.666)
and accrued interest, a basis c f about 4.65% . Due $1,000 yearly for 15
years.
ANAHEIM , O range C o u n ty , C a lif . — B O N D O F F E R I N G .— Sealed
bids will bo received until 8 p. m . Jan. 11 by Edward B. M erritt, C ity Clerk,
for the following 5% bonds:
„ „
$40,000 municipal building completion bonds. Denom. $1,000. Due
$1,000 yearly on Jan. 15 from 1924 to 1963. inclusive.
-<4
25,000 street improvement bonds. Denom. $1,000. Duo on J a n . ' 15
as follows: $2,000 1924 to 1928, inclusive, and $3,000 1929,to
100,000

park improvement bonds. D enom . $1,000 and $500. Due
$2,500 yearly on Jan. 15 from 1924 to 1963, inclusive.
t
=1
D ate Jan. 15 1923. Prin. and sem i-ann. int. (J. & JO. payable at the
C ity Treasurer’s office. A certified check for 2% of bid, payable to the
C ity required.
A N SO N , J o n e s C o u n ty , T ex. — B O N D E L E C T I O N j—-On Jan. 9 an
election w ill be held to vote on the question of issuing $30,001) 5 Yk % oO-year
serial paving bonds.
.
AROOSTOOK C O U N TY (P. O. H o u lto n ), Me.— BOND S A L E . — 'T ho
$76,000 4 ' A % coupon highway and b r i d g e refunding bonds offered on
Dec. 23 (V. 115, p 2818), were awarded to C. W. W hitis * C o., of New
York, 23, for 101 673, a basis of about 4 78%
D ate N ov. 1 1922. D ue
$4,000 yearly on N ov. 1 from 1923 to 1941, inclusive. Denom. $1,000. Int.
M. & N.
A TLANTIC C O U N TY (P. O. A tla n tic C ity ), N. J . — B O N D S A L E . —
On Doc. 23 the following two issues of 4 >3% coupon (with privilege of
registration as to principal and interest, or principal only) road-improve­
m ent bonds offered on that date (V. 115, p. 2710) were j
awarded to Lehman
Bros., of N ew York, for $307,738 50, equal to 100.568, a basis of about
$23m0b0 bonds. D ate D ec. 1 1922. Int. J. & D
D ue y ^ r ly on D ec 1
as follows: $15,000, 1923 to 1935, incl., and $20,000, 1936 & 1937.
71 000 bonds. D ate N ov. 1 1922. Int. M . & N . D ue yearly on N ov 1
’
as follows: $4,000, 1923 to 1926, incl., and $5,000, 1927 to 1937,
D en om **$1 000. Principal and semi-annual interest payable in lawful
money of th e’United States at tho County Treasurer’s office.
A T T A L L A , E to w a h C o u n ty , A la .— C I T Y M A Y V O T E O N P R O P O S I ­
T I O N T O S E L L W A T E R P L A N T .— According to the Birmingham "AgeH erald” o f D ec. 20, the Alabama Water C o., which has been operating the
water plant of the municipality of A ttalla under a lease, has made overtures
to the citv administration for tho purchase of tho plant and it is said that
the matter will bo put up to a voto o f tho people of Attalla some tim e in
January
Tho lessees o f the plant have been operating it under a sort
o f perpetual lease but have offered to pay all of tho indebtedness of tho
concern for a free simplo title to the plant. The “Age-Herald” goes on
further to say: “There is an outstanding issue of $20,000 in 5% gold bonds
against tho plant and the Alabama Water Co. claims to have spent $67,000
on improvements and extensions including a pipe line to connect with the
gas plant. In case the offer is accepted the city o f A ttalla w ill receive
nothing for its plant except the cancellation of its bonded indebtedness.”

2928

THE CHRONICLE

B A L T IM O R E C O U N T Y (P . O . T o w s o n ) , M d. —

B O N D O F F E R I N G .—

Scaled bids will be received until 11 a. m. (Standard Eastern Time) Jan.
23 by John R. Haut, Clerk Board of County Commissioners, for all or any
part of the first $750,000 4H% public road and school bonds ^negotiable,
payable to bearer and coupons attached). Denom. $1,000. Date Feb. 1
1923. Prin. and semi-ann. int. (F. & A.), payable at tho Second National
Bank o f Towson. Duo yearly on Feb. 1 as follows: $25,000 1924, $30,000
1925, $35,000 1926, S40.000 1927, $45,000 1928, $50,000 1929, $55,000
1930, $60,000 1931, $65,000 1932, $70,000 1933, $75,000 1934. $80,000
1935, $85,000 1936 and $35,000 1937. Certified check for 1% of the face
value of bonds bid for. payable to the County Commissioners, required.
Legality approved by Edward II. Burke of Baltimore. Bonds authorized
by Chapter 243 of the Acts of tho General Assembly of Maryland of 1922.
Official announcement states that these bonds are exempt from Stato.
county and municipal taxation in the State of Maryland and from Federal
taxation. The official announcement also says: “Baltimore County has
no incorporated towns and has an assessable basis of approximately $14,4­
000,000 and no debt with the exception of $450,000 annex notes, all of
which are secured and which mature serially 1923 to 1928, and $150,000
of serial sewer certificates, for which the Towson sewerage area is primarily
liable. The county’s tax rate for 1923, including the levy for interest on
this issue, is $1.64. Total State and county rate is $1.94.”
B A T H T O W N S H I P C O N S O L ID A T E D S C H O O L D IS T R IC T (P . O .

F a ir f ie ld ) , G r e e n e C o u n t y , O h io . — B O N D O F F E R I N G .—Bids will bo
received until 2 p. m. Jan. 4 by D. S. Lynn, Clerk of the Board of Educa­
tion, for the purchase at not less than par and interest of $185,000 5 1 4 %
coupon school-building bonds, issued under authority of Sections 5649-4
and 7630-1, Gen. Code. Denom. $1,000. Date Jan. 4 1923. Principal
and semi-annual interest (M. & S.) payable at the First National Bank, of
Osborn. Due yearly on Sept. 1 as follows: $8,000, 1924 to 1940, Inclusive,
and S7.000, 1941 to 1947, inclusive. Certified check for not less than
$9,250. payable to D. S. Lynn, as Treasurer, required. Bonds to be de­
livered and paid for within ten days from date of award. Legality approved
by Squire, Sanders & Dempsey, of Cleveland. The official circular states
that there is no litigation threatened or pending concerning this bond issue
or the boundaries of the school district, nor is the title of any of the officials
of the school district in question.
F in a n c ia l S ta te m e n t.

Assessed valuation of real estate, 1922--------------------------------- $2,485,780
Assessed valuation of personal property, 1922....... ........................1,914.880
Total..............................................................................—..................$4,400,660
Estimated actual value of property In district_______________ $6,000,000
Total bonded indebtedness, including this issue_____________ $185,000
Total floating indebtedness------------------------------------------------None
Total tax rate for school purposes, 1922___ _________________6.65 mills
Total tax rate for all purposes, 1922------------------------------------ 17.00 mills
BEAVER DAM, D odge C o u n ty , W ise.— B O N D S A L E . — The $12,000
5 % coupon bonds offered on Dec. 20 (V. 115, p. 2818) were awarded to
the Old National Bank, Beaver Dam, at a premium of $437, equal to
103.64. a basis of about 4 68%. Date July 1 1922. Due $6,000 on Jan. 1
in each of the years 1938 and 1939.
BEN TO N H E IG H TS SCHOOL D IST R IC T , U n io n C o u n ty , N o. Car.

[V ol.

iia.

considered. Certified check for 5% of bid, payablo to the County Treas­
urer, required.
A similar issue of bonds was reported sold in V. 115, p. 2499.
CAMBRIA CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Cambria), Wayne C ounty, Iowa . — B O N D S V O T E D . — B y a
majority of 38 votes, the proposition to issue $50,000 school building
bonds, which was submitted to a vote of the people on Dec. 19—V. 115,
p. 2499—carried. The Clerk, Board of Education, advises us that bids
will be received at once.
CAMERON, Milan C ounty, Tex . — B O N D E L E C T I O N .—On Feb. 13
an issue of $100,000 paving bonds will be voted upon.
CARROLL COUNTY (P. O. Carrollton), Mo .— D E S C R I P T I O N —
The $125,000 highway and bridge bonds awarded to Wm. R. Compton Co.
of St. Louis, as stated in V. 115, p. 2603. are described as follows: Date
Aug. 1 1922. Int. rate 5%. Due $25,000 yearly on Aug. 1 from 1923 to
1927 incl.
F in a n c ia l S ta te m e n t.

Assessed value all taxable property, 1922______
__________ $41,000,000
Total bonded debt----------------------------125,000
Population 1920 (U. S. Census)_____________________ 20,480
CASS COUNTY SCHOOL DISTRICT NO. 95 (P. O. Elmwood),
Neb . — B O N D E L E C T I O N .—An election will be held on Jan. 9 to vote on
the question of issuing $7,242 54 funding bonds.
CHEROKEE COUNTY (P. O. Murphy), No. Caro .— B O N D O F F E R ­
I N G . —S. W. Lovingood, Chairman Board of County Commissioners, will
receive bids until 1 p. m. Jan. 1 for $75,000 5 K % coupon road bonds.
Denom. $1,000. Date Jan. 1 1923. Due Jan. 1 1953.
CLEARWATER, P in ellas County, F la . — B O N D S A L E . —J. M. Lassing. Sons & Co. of St. Petersburg were the successful bidders for an issue
of $25,000 6% park Improvement bonds at a premium of $1,401, equal to
105 60.
COLORADO SPRINGS SCHOOL DISTRICT NO. 11, El Paso
C ounty, Colo.— B I D S .—-The following is a list of the bids received for the
$100,000 4K% bonds on Dec. 21:
F o r 5%
F o r 4M% For 4)4%
B id d e r —
B on ds.
B on ds.
B on ds.
♦Bosworth, Chanute & Co., Denver................ ..........
...........
100.17
Bankers Trust Co., Denver.-------------------------------------100.111
Jas. II. Causey & Co., Denver............................................. ..........
100.0522
Sidlo, Simons, Fels & Co., D en ver...........................
...........
99.565
Antonides & Co. and American Bank & Trust
Co., Denver........... ........................................ ..............
101.11
99.45
Bonbright & Co., New York-------------------- 102.6666 101.0446
99.3216
E. II. Rollins & Sons, Now York-------------- 102.56
101.05
99.26
Benwell, Phillips & Co., Denver----------------102.315
100.625
99.083
International Trust Co., Denver, and Harris
Trust & Savings Bank, Chicago-------------102.44
100.556
98.56
J. N. Wright & Co., Denver, P. W. Chap­
man & Co., Chicago, and Lorenzo Ander­
son & Co., St. L o u is ..................................102.03
100.21
98.32
Crosbv. McConnell & Co., Denver, and
Otis & Co., Cleveland---------------------------101.68
100
97.96
Newton & Co., Denver, and Gregg-Whitehead & Co., Denver.....................................101.716
99.716
97.73
N . 8. Walpole & Co.. Pueblo.........................101.32
100.11
-------Boettcher, Porter & Co---------------------------101.575
99.575
--------Kaufman-Smith-Emert & Co., Inc., St. L . . 101.52
--------------* Successful bidder; for previous reference to same see V. 115, p. 2819.
CORVALLIS, B enton C ounty, Ore . — B O N D O F F E R I N G .—Sealed
bids will be received until 7:30 p. m. Jan. 2 by J. M. Connor, Municipal
City Judge, for $32,701 65 6% coupon bonds. Date Jan. 1 1923.
COVINGTON COUNTY (P. O. C ollins), Miss. — B O N D S A L E —
I. B. Tigrett & Co. of Jackson have purchased $50,000 road bonds at par
plus a premium of $200, equal to 100-40.
CRESTLINE, Crawford C ounty, O hio . — B O N D O F F E R I N G . — C. E.
Dewald. Village Clerk, will receive proposals until 12m. Jan. 15 for $18,069
6% special assessment South Street impt. bonds, in addition to the $23,457
6% Scott Street impt. bonds mentioned in V. 115, p. 2819. Denom. $500
and $569. Date Sept. 1 1922. Int. M. & S. Due yearly on Sept. 1 as
follows: $2,000, 1923 to 1929, inch; $3,000. 1930; $1,069, 1931. Cert,
check, payable to the Village Treasurer, required. Bonds will be sold at
not less than par and Interest.
CUMBERLAND, Allegheny C ounty, Md. — B O N D S A L E . — Alex.
Brown & Sons of Baltimore were awardod an issue of $250,000 4M %
water bonds on Dec. 11 for 102.5631, a basis of about 4.37%. Date
June 1 1922. Due June 1 1962. Denom. $1,000- Int. J. & D.
C U Y A H O G A C O U N T Y (P . O . C le v e la n d ) , O h io .— BOND S A L E . —
The Detroit Trust Co. of Detroit was awarded the issue of $100,000 5%
coupon Special Assessment Sewer District No. 1 bonds, offered on Dec.
20—V. 115, p. 2604—for a premium of $4,215 50, equal to 104.2155, a
basis of about 4.545%. Date Jan. 1 1923. Due $5,000 yearly on Oct. 1
from 1925 to 1944 inclusive. Other bidders were:
N am e—
P r e m iu m .
N am es—
P r e m iu m .
A. T . Bell & Co., Toledo____ $333 Seasongood & Mayer, Clnn. .$2,850
Richards, Parish & Lamson,
Provident Savings Bank &
Cincinnati-------------------------2,882
Trust Co., Toledo__________1,120
N. S. Hill & Co., Cincinnati.. 1,760 Stacy & Braun, Toledo-------- 2,915
Guardian Sav. & Tr. Co., Clev 1,770 Breed, Elliott & Harrison, Cin 2,947
Second Ward Savings Bank— 2,402 Hayden, Miller & Co., Toledo 3,049
Keane, Higbie & Co., Toledo. 2,850 Otis & Co., Toledo................. 3,288
D A W S O N S P R I N G S , H o p k in s C o u n t y , K y .— B O N D S A L E .—The
$10,000 5 1 4 % sewer bonds offered on Dec. 18—V. 115, p. 2711—were
awarded to the Commercial Bank of Dawson Springs at a premium of $121.
equal to 101.21, a basis of about 5.23%, is called Jan. 1 1928 and 5.40%
if allowed to run until final maturity. Date Jan. 1 1923. Due Jan. 1
1943. optional Jan. 1 1928. Denom. $500. Interest J. & J.
D E T R O IT , M ic h .— B O N D O F F E R I N G .—Henry Steffens, Jr., City
Comptroller, according to a tentative official announcement, will receive
proposals until 11 a. m. Jan. 5 for $20,000,000 4 H % and 4 X 1 % bonds.
D O U G L A S C O U N T Y (P . O . S u p e r io r ) , W is — B O N D S A L E .—The
two issues of 5% road bonds offerod on Dec. 19—V. 115, p. 2499—were
awarded to Bolger, Mosser & Willaman of Chicago, as 4 y > s at a premium
of $5,925, equal to 102.89.
$200,000 bonds. Due $20,000 on Jan. 2 from 1930 to 1939, Incl.
5,000 bonds.
B id d e r —
P r e m iu m .
B id d e r —
P r e m iu m .
Wells-Dickey Co________ $3.710 00 Shapker & Co_______
$3,895 00
R. M. Grant & Co...........
5,252 00 Bolger, Mosser & Willaman 5,925 00
R. L. Day & Co-------------- 1,012 69 Second Ward Securities Co. 4,982 50
First Nat. Bank of Duluth. 6,416 50 Keane-IIigbio & C o ............. 5,432 00
E. H. Rollins & Sons_____ 7,316 45 Bonbright & Co--------------- 5,032 75
D U P A G E C O U N T V (P . O . W heaton), III.— BONDS A U T H O R IZ E D .
—A road bond issue of $1,350,000was recently favored by the voters by
2,365 “ for” to 1,533 "against,” according to newspaper reports.
D U R A N T , B r y a n C ounty, O k la .— B O N D S A L E .—Tho “Manufac­
turers’ Record” of Dec. 28 reports tho sale of $41,800 5 34 % judgment
bonds at par to the American National Bank of Oklahoma City.

O F F E R I N G . — Sealed proposals will be received by J. H. Myers,
Secretary of the School Committeo (P. O. Monroe), until 12 m. Jan. 25
for $25,000 6% coupon (with privilege of registration as to principal and
Interest) school bonds. Denom. $1,000. Date Jan. 1 1922. Prin. and
semi-ann. int. (J. & J ) payable in gold at the Hanover National Bank,
N. Y. City. Due $1,000 yearly on Jan. 1 from 1926 to 1950 incl A cert,
check upon an Incorporated bank or trust company (or cash) for 2% of
amount bid for, payable to the School Committee, required. Purchaser
to pay accrued interest from date of bonds to date of delivery. The bonds
will be prepared under the supervision of the U. S. Mtge. & Trust Co.,
N . Y. City, which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon. Successful bidder will be fur­
nished with the opinion or Reed, Dougherty & Hoyt, N. Y. City, that the
bonds are valid and binding obligations of Benton Heights School District.
B O ISE , Ada C o u n ty , Id a h o .— B O N D S A L E . —The $21,911 88 coupon
local improvement bonds offered on Dec. 19—V. 115, p. 2498—were
awarded to John B. Cruzen of Boise as 6s at par and accrued interest.
Date Nov. 1 1922.
BOONE, B oon e C o u n ty , Io w a .— B O N D O F F E R I N G . — Sealed bids will
be received until 7:30 p. m. Jan. 3 by Chas. L. Bosler, City Treasurer for
$95,000 5% funding bonds. Denom. $1,000- Date Oct. 1 1922. Due
on Nov. 1 as follows: $9,000, 1924; $10,000, 1925; $9,000. 1926; $10,000.
1927; $9,000, 1928; $10,000, 1929: S9.000, 1930; $10,000, 1931; $9!000
1932; and $10,000, 1933. A certified check on a State or national bank
for $4,000 required. The printed bonds and tho approving opinion of
Chapman, Cutler & Parker, of Chicago, will be furnished by the city to
the purchasers.
BOONE COUNTY SCHOOL DISTRICT NO. 41 (P. O. Primrose).
Neb.— B O N D E L E C T I O N . —An election will be held on Jan. 5 to vote on
the question of issuing $15,000 funding bonds.
BOULDER, Boulder C ounty, Colo.— B O N D S A L E . —Sidlo, Simons,
Fels & Co. of Denver, have purchased $35,000 paving bonds.
BREWSTER, Stark C ounty, Ohio.— B O N D O F F E R I N G — D. W.
Morris, Village Clerk, will receive bids until 12 m. Jan. 9 for the purchase
at not less than par and interest of $8,881 40 Wabash Ave. special assess­
ment sewer bonds. Denoms. 8 for $1,000 and 1 for $818.40. Date Mar. 1
1923- Principal and interest payablo at tho Village Treasurer’s office.
Due $818 40 March 1 1924, and $1,000 yearly on March 1 from 1925 to
1932, inclusive. Certified check on a solvent bank for 5% of amount of
bonds bid for, required. Bonds to be delivered and paid for within thirty
days from date of award.
BROOKHAVEN, Lincoln C ounty, Miss.— B O N D O F F E R I N G .—
F. A . Cameron, City Clerk, will sell at public auction on Jan. 5 at 7:30 p. m.
$30,000 water and light bonds Denom. $600 and $500. Date Jan. 2
1923. Prin. and semi-ann. int. (J. & J.) payable at the First Nat. Bank of
Brookhaven. Int. rate not to exceed 6%. Due on Jan. 2 as follows:
$600 1924 to 1928 incl.; $1,200 1929 to 1938 Incl., and SI,500 1939 to 1948
incl. A cert, check for $1,000 required.
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 24 (P. O.
P atch ogu e), Suffolk C ounty, N. Y . — B O N D O F F E R I N G — D A T E
C H A N G E D . —Sealed proposals will be received by Henry J. Bishop,
District Clerk, until 11:30 a. m. Jan. 6 (date changed from Dec. 27— V.
115, p. 2710). for an Issue of $480,000 coupon school bonds. Int. rate not
to exceed 5%. Date Feb. 1 1923. Denom. $1,000. Due $18,000 on
Feb. 1 from 1924 to 1933 incl., and $20,000 on Fob. 1 from 1934 to 1948
incl. Int. semi-ann. Certified check for 2% of bonds bid for, payable to
Frank A. Potter, Treasurer, required. Legality approved by Clay & Dillon,
Attys., of New York. No bid for loss than par and accrued int. considered,
Harry A. Bishop, District Clerk, Informs us that the postponement of
this offering was due to an oversight on the part of one or the newspapers
designated to publish the notice of the offering of these bonds and which
failed to publish it one day.
BROUSSARD, Vermilion Parish, La.— B O N D S A L E . —Sutheilin,
Barry & Co., Inc.. of New Orleans have purchased $30,000 refunding bonds
as 6s at a premium of $200, equal to 100.66. Due in 25 years.
BURBANK, Los A ngeles C ounty, Calif.— B O N D S A L E . —The $50,000
6% water impt. bonds offered on Dec. 19—V. 115, p. 2711—were awarded
to the State Bank of Bnrbank at a premium of $3,755, equal to 107.51, a
E A S T O M A H A D R A IN A G E D IS T R IC T N O 21 (P . O . C o u n c il
basis of about 5.32%. Due $2,000 yearly on Dec. 1 from 1927 to 1951 incl.
B lu f f s ) , P o t t a w a t a m ie C o u n t y , I o w a . — B O N D S N O T S O L D . — T h e
BURR, Otoe C ounty, Nebr.— B O N D S V O T E D . —At the election held $43,997 93 6% drainage bonds offered on Dec. 20—V. 115. p. 2604—were
on Nov. 27 (V. 115, p. 2180), the $6,500 electrical transmission bonds were not sold as no bids were submitted.
voted by a count of 42 to 0. Bonds bear 6% interest, are optional in 1928
ELAM CREEK DRAINAGE DISTRICT (P . O. C orinth), Alcorn
and mature in 1943.
C ounty, M iss .— B O N D S M A Y B E B O U G H 7 A T P R I V A T E S A L E —
Regarding the $5,500 6% 1-20-year^drainage bonds'offered.unsuccessfully
BUTLER COUNTY (P. O. H am ilton), O hio.— B O N D O F F E R I N G . —
I am trying to
Sealed proposals will lie received at tho office of tho Board of County Com­ on Dec. 8—V. 115, p. 2711—the District Clerk says.
missioners (Edward Marts, Secretary and Clerk) until 12 m. Jan. 16 for an sell these bonds by a private sale.”
Issue «f $43,375 80 5% coupon bridge bonds. Date Dec. 1 1922. Prin. and
FI C IN BastroD C o u n ty , T ex. — B O N D S A L E . The $40,000 5 ^ 4 %
semi-ann. int. (J. & D.) payable at tho office of the County Treasurer.
h
«oioOIe^°aT to8100 f.115*
Denom. to suit purchaser. Duo $4,675 80 on Doc. 1 1924 and $4,300 from serial water extension bonds voted at tho
Dec. 1 1925 to 1933, incl. No bid for less than par and accrued int. to be p. 2711—have been disposed of at a premium of $210, equal to 1UU.5
— BO N D




D ec. 30 1922.]

THE CHRONICLE

ELK HART CO U N TY (P. O. G o sh e n ), I n d . — B O N D S A L E . — The City
National Bank of Goshen, were awarded the issue of $10,000 5% Geo. A.
Crumo et a l., Concord Township Highway bonds offered on Dec. 23 (V. 115.
p. 2711), for a premium of $166.50 (101.665) and accrued interest,a basis
o f about 4.67%. Date Nov. 15 1022. Denom. $1,000. Int. M. & N. 15.
Due $500 each six months from May 15 1924 to Nov. 15 1933, inclusive.
Other bidders were:
B id d e r —
P r e m iu m .
Thomas D. Sheerin & Co., Indianapolis__________ ____________ $126 50
John O. Bontrager of Elkhart________________________________ 102 00
Spohn Medical Co. of Goshen________________________________ 100 00
Merchants National Bank of Muncie--------------------------------------- 42 00
All of the above bids include accrued interest.
ELK IN, S u rry C o u n ty , N o. C aro. — B O N D S A L E . —The Hanchett
Bond Co. of Chicago has purchased the following two issues of coupon
(with privilege of registration as to principal only) bonds offerod on Dec. 21
—V. 115, p. 2712—as 6s at a premium of $600, equal to 101.10, a basis
of about 5.80%.
$39,000 street impt. bonds. Due $3,000 yearly on July 1 from 1924 to
1936, incl.
12.500 water bonds. Duo $500 yearly on July 1 from 1925 to 1947, incl.
Date July 1 1922.

3929
N o. of

F or

B idder —
B o n d s . $118,000 A .
B. J. Van Ingen & Co. , N . Y __ 118
$118,560 00
Barr Brothers, New York___
118
118,507 40
♦Union N at’l Corp , N. Y .
118.050 00
117
Steneck Trust Co.. Hoboken
118.655 55
118
Lehmann Bros., New York
118,790 60
118
♦G. B. Gibbons & Co., N. Y . . . I 118
118,591 00
Eldredge & Co., New York____ 118
118,545 00
The two bids marked (*) were for ail or none.

N o. of
B onds

279
279
280
280
279
280
279

F or

. $283,000
$283,257
283,137
283.650
283,633
283,659
283,901
283,061

B.

00
50
00
33
30
00
80

H ONEY CREEK D R AINAGE & LEVEE D IST R IC T NO. 6 (P. O.
C o u n c il B lu ffs ), P o tta w a ta m ie C o u n ty , Iow a.— B O N D S A L E . —Tho

White-Phillips Co. of Davenport has purchased tho $20,845 75 6% drainage
bonds offered on Dec. 20—V. 115, p. 2605—at par and accrued interest.
Date Jan. 1 1923. Int. A. & O.
m JA C K s ON C O U N TY (P. O. B ro w n sto w n ), Ind.— B O N D

SA LE —

The $8,506 71 6% Herman C. Von Farge coupon ditch bonds, offered on
Dec. 20—V. 115, p . 2604—were awarded to the Brownstown Loan &
Trust Co. at par and accrued interest. Date Dec. 20 1922- Denom. 4
for $1,700 and 1 for $1,706 71 Due $1,706 71 on June 1 1923, and
$1,700 yearly on June 1 from 1924 to 1927 inclusive.

EN DIC O TT, B room e C o u n ty , N . Y . — B O N D O F F E R I N G . —Until
8 p. m. Jan. 2, George H. Nichols. Village Clerk, will receive sealed bids
for the following 4K % bonds:
$35,000 sewer bonds. Denom. $1,750. Due $1,750 yearly on Dec. 31
from 1923 to 1942, inclusive.
30.000 paving bonds. Denom. $2,000. Due $2,000 yearly on Dec. 31
from 1923 to 1937, inclusive.
Date Jan. 1 1923. Principal and semi-annual interest (J. & J.) payable
at the Farmers National Bank. Union, in New York exchange. Certified
check for 2% of the amount of the bonds required.

G. H. McLain, County Treasurer, will receive bids until 1 p. ro. Jan. 8
5% road impt. bonds:
$16,400 B. H. Maienbrook Road. Marion Twp., bonds. Denom. $820.
3 ' ^ Wood Road Marion Twp , bonds. Denom. $450.
10,200 Ray Bergman Road, Keener Twp., bonds. Denom. $510.
11,800 Roscoe Halstead Road, Newton Twp., bonds. Denom. $590.
. Date Dec 15 1922. Int J. & D. 15 Due one bond of each issue each
six months from May 15 1924 to Nov. 15 1933 incl.

FALLS C IT Y , Polk C o u n ty , Ore. — B O N D S V O T E D . —An issue of
$15,000 electric-light and power-plant bonds was authorized at a recent
election.

—T. C. Harrington, Secretary Board of Park Commissioners, will receive
sealed bids until 2 p. m. Jan. 4 for $309,800 65 6% park fund certificates,
Series
A 1 7 ” Denom. $1,000. Principal and somi-annual interest
(J. & J.) payable at the City Treasurer’s office. A deposit of $2,500
required.

FA RM INGTON, O akland C o u n ty , M ich. — B O N D E L E C T I O N — It
is unofficially reported that a special election is to be held Jan. 8 to vote
on the question of issuing $23,500 water works impt. bonds.
FERN H IG H W A Y D IST R IC T (P. O. G ra n g ev ille), Id a h o .— B O N D S

V O T E D . —Our Western representative advises us that an issue of $75,000
bonds was voted by a count of 89 "for” to 44 “ against” the issue.

FORD C IT Y , A rm stron g C o u n ty , Pa

— BO N D

O F F E R IN G

— D. O

Crouch. Secretary of the Borough Council, will receive bids until 7:30 p. m.
Jan. 8 for $210,000 4H% (registerable as to principal) bonds, which are
said to be free of Pennsylvania State taxes. Denom. $1,000. Date Dec.
1 1922 Int. J & D. Due $50,000 on Dec. 1 in 1937, 1942 and 1947. and
$60,000 Dec. 1 1952. Cert, check for $1,000, required. Legality approved
by Moorhead & Knox of Pittsburgh.

JA SPER C O U N TY (P. O. R e n sse la e r), In d .— B O N D

K A N SA S C IT Y , J a c k so n C o u n ty , Mo . —

O F F E R I N G .—

C E R T IF IC A T E O F F E R IN G .

K E N T, P ortage C o u n ty , O h io . — B O N D S A L E . — 'The $200,000 5%
waterworks bonds offered on Dec. 23 (V. 115, p. 2605) were awarded to
Mayor & Co. of Cincinnati for a premium of $2,140, oqual to 101.07, a
biisis of about 4.87%. Date Dec. 1 1922. Due $8,000 yearly on Dec. 1
from 1923 to 1947.

LAJA S (M u n icip a lity o f) ,.P o r to R ico.— B O N D S A L E — The $30,000
C UP
O o ^ sc,1° o1 building construction bonds offered on Dec- 11—V. 115,
p. 2403—were awarded to John Nuveen & Co. or Chicago at 101 as 5H s.
equal to a basis of about 5 38% if called July 1 1934, and 5 35% if allowed
to run to last maturity. Date July 1 1922. Due $2,000 yearly on July
1 from 1924 to 1938 incl.; optional July 1 1934.
L EW !S C O U N TY SCHOOL D IS T R IC T NO. 203 (P. O. C h e h a lis),

W ash . — B O N D O F F E R I N G . —James McClure, County Treasurer, will re­
ceive sealed bids until 1 p . m. Jan. 6 for $5,500 coupon school bonds.
—Ralph W. Smith, Clerk of the Board of County Commi sion' r , will re­ Denom. $500. Interest rate not to exceed 6%. Duo as follows: $2,000,
ceive bids until 10 a. m. Jan. 5 for the purchase at not less than par and 1927 and 1928, and $1,500, 1929.
interest of the following two issues of 5% Clinton Sewer District No. 2.
L I B O U X CO U N TY (P. o . L ib e r ty ), T e x . — B O N D S A L E N O T
Westwood Area, bonds, issued under authority of Sections 6602-4 and 6602­
20, Gen. Code:
C ? % P i ? n £ P ^ : A M O U N T 0 F B O N D S R E D U C E D a S O L D . — The sale
$7,600 sewer bonds. Denoms. $1,000 and $600. Due $600 Dec. 1 1924, of the $1,309,000 5 H % road bonds to the Title Guarantee & Trust Co. of
c ™ ““atl. and J. E. Jarratt & Co. of San Antonio, on April 24—V. 114,
and $1,000 yearly on Dec. 1 from 1925 to 1931, inclusive.
7.500 water main bonds. Denoms. $1,000 and $500. Due $500 Dec. 1 p. 2047—was not completed. Warwick Field of J. E. Jarratt & Co.,
1924, and $1,000 yearly on Dec. 1 from 1925 to 1931, inclusive.
m .5yis?
ver
our letter requesting data on tho salo says:
it is a fact that we purchased this issue some months ago, but at that
Date Dec. 1 1922. Principal and semi-annual interest (J. & D.) payable
at the County Treasurer’s office. Certified chock (or cash) on a solvent
tno Attorney-General refused to approve the issue because they had
national bank or trust company for 1 % of amount of bonds bid for, payable issuea more bonds than they were authorized with the debt which they
to the Board of County Commissioners, required.
tnen had. It appeared to us and also to the County that it would take
some time in which to undo what had been done and arrive at an amount
FR EEBO RN C O U N TY (P. O. A lbert L ea), M inn.— B O N D O F F E R ­ that could be issued, and as we did not feel like holding our offer open until
I N G . —Bids will be received by W. T. B. Bjornstad, County Auditor, until
a new issue was gotten up, we asked that the County releaso us from the
2 p. ni. Jan. 3 for $27,220 public drainago ditch bonds. Date Jan. 1 1923. contract and this they agreed to do.
Int. J. & J. Tho approving legal opinion of Lancaster, Simpson, Junell &
. We understand that they finally made the issue of a smaller amount
Dorsey of Minneapolis will be furnished the purchaser.
or oonds which they sold, however, we do not recall who the successful
bidder was and cannot give you any information in this connection."
GALLATIN COU N TY SCHOOL D ISTR IC T NO. 64 (P . O. T rid e n t),
Mont.— B O N D O F F E R I N G .— Until Jan. 15 bids will be received by W. H.
Pla“ ,® County, Neb . — B O N D S V O T E D . — At a recent
Andrews, Chairman of the School Board, for $4,000 6% 5-10-yoar (opt.) election an issue of $12,000 water-works bonds was sanctioned by the voters
Dy a count of 63 to 16.
school bonds. Denom. $500. A cert, chock for $200 required.
FR A N K L IN C O U N TY (P. O. C o lu m b u s), O h io .— B O N D

O F F E R IN G .

G A R R ISO N , B u tle r C o u n ty , N eb. — B O N D S A L E . —The Peters Trust
Co. of Omaha has purchased $7,000 direct obligation bonds.
G R A N TS PA SS IR R IG A T IO N D IST R IC T (P. O. G r a n ts P ass),
J o sep h in e C o u n ty , Ore.— B O N D O F F E R I N G . —Wilford Allen, Secretary

Board of Directors, will receive sealed bids until 9:30 a. m. Jan. 15 for
$75,000 6% irrigation bonds. Denom. $1,000. Due Jan. 1 1943. A cert,
check for 5% required.
G R A Y S H A R B O R C O U N TY SCHOOL D IST R IC T NO. 5 (P. O.

A b erd een ), W a sh . — B O N D S V O T E D . —At an election held on Dec. 2 a
proposition to issue $100,000 Junior High School building bonds carried by
a vote of 1.313 “for” to 326 “against” the issue. E. B. Crary, Secretary,
says: "Will call for bids about April 1 1923.”
HANOVER

T O W N SH IP

SCHOOL

D IST R IC T

(P.

O. ‘l a b o r ) ,

Morris C o u n ty , N. 3 . — B O N D O F F E R I N G — W. T. Leighton, District
Clerk, w 1 receive bids until 7:45 p. m. Jan. 9 for tho purchase at not
1
less than par and interest of an ssuo of 4 H % school bonds not to exceed
$12,000, no more bonds to be awarded than will produce a premium of
$1,000 over $12,000. Denom. $1,000. Date Julv 1 1922 Prin. and
semi-ann. int. (J. & J.) pavable at the National Iron Bank of Morristown.
Due $1,000 yearly on July 1 from 1923 to 1934 incl. Certified check for
2% of amount of bonds bid for lequired.
HARDEE C O U N TY (P. O. W a u c h u la ), Fla . —

B O N D S D E F E A T E D .—

At a recent olection a proposition to issue $100,000 road bonds failed to carry.
miHi^ ? I,£ (£ r C9 U N T Y (p - ° ’ B u ffa lo ), S o . D ak.— B O N D

SA LE —

in e $i.{,>,000 5 H % coupon or registered funding bonds offered on Dec. 15
— V. 115. p. 2/12—were awarded to Graham, Schulte & Co. of Waterloo
at par. Date Dec. 1 1922. Duo Doc. 1 1942.
H A R BISO N SCHOOL AN D CIVIL T O W N SH IP (P. O. H a y esville),

D u b o is C o u n ty , In d . — B O N D S A L E — The $21,900 5% school bonds
offered on Dec. 23 (V. 115, p. 2605) were awarded, according to the Inroi>nnJ?0 ls Nows to Albert Hemsel, a Du Bois County Farmer, for $22,­
583 0& ^ Qual^to 103 119, a basis of about 4.52%. Date Nov. 15 1922.
Due $730 each sus months from July 1 1923 to Jan. 1 1938 .ncl.
H A R R ISO N A ND POTTAW ATAM IE DRAINAGE D IST R IC T NO 1
(P. O. C o u n c il B lu ffs ), Iow a.— B O N D S A L E — The Whito-Phillips Co.

of Davenport has purchased the $7,678 83 6% drainage bonds offered on
1923 ~ Int^A* & P
*’o
—at par ancl accrued interest. Date Jan. 1
H A R T FO R D COU N TY (P. O. B el A ir), Md.— B O N D S A L E . —News­
papers state that the $100,000 5% public school bonds, offerod on Dec. 27
(V. 115, p. 2712), were awarded to J. W. A. Inglehart & Co., of Baltimore,
for 101.6219, a basis of about 4 66%. Date Jan. 1 1923. Due $12,500
yearly on Jan. 1 from 1924 to 1931, inclusive.
H O BOKEN, H u d so n C o u n ty , N. 3 . — B O N D S A L E . — The two .ssues
of 5% coupon (with privilege of registration as to principal only or as to
both principal and interest) deficiency bonds, offered on Dec. 26 (V. 115,
p. 2713), were awarded to Lamport, Barker & Jem ings, Inc., of New York
as follows:
$117,000 bonds. Series A (118 bonds offered), for $118,035, equal to 100.884.
a basis of about 4-67%. Due yearly on Jan. l as follows: $22,000
„„„ „ 1924 to 1926 incl.. $26,000 1927 and $25,000 in 1928.
278.000 bonds. Series B (283 bonds offered), for $283,136, equal to 101.85,
a basis of about 4.61 %■ Due yearly on Jan. 1 as follows: $28,000
„
1924 to 1930 incl., $29,000 1931 and 1932 and $24,000 in 1933.
Denom. $1,000 Date Jan 1 1923. Prin. and semi-ann. int. (J. & J.)
pa/£?bl): t,le City Treasurer's office.
i h e following is a list of the other bids received:




L IS B ° N , L in n C o u n ty , Iow a.— B O N D O F F E R I N G .— Sealed bids Will
P n E e ve* Unt 1 7-30 p-bonds:
d
following two issues of m - Jan- 1 by C. R. Runklo, Town Clerk, for the
Grading and improvement bonds amounting to approximately $10,000,
cn -J ie?ring lnteres* at a rate not to exceed 5%.
atreet improvement bonds amounting to approximately $65,000, bearing
interest at a rate not to exceed 6%.
Denom. $500 or $1,000.
. C ° C K pO R T , N iagara C o u n ty , N . Y .— B O N D S A L E —On Dec. 27 the
. cnowing two issues of 6% bonds, amountirg to *41,976 46. offeied on
that date -\ 115, p. 2821—were awarded to Sherwood & Merrifield
at 102 36. a basis of about 5 45%:
©iy,823 17 bonds for the account of Local Assessment No. 832. Due
yearly on Dec. 27 as follows: $2,202 57 from 1923 to 1930
inclusive, and $2,202 61, 1931.
-2,153 29 bonds for the account of Local Assessment No. 833. Due
yearly on Dec 27 as follows: $2,416 48 from 1923 to 1930
n .
Inclusive, and $2,416 65, 1931.
_
„ ,
Bonds shall be registered as to principal. Date Dec. 27 1922. Prin.
and annual int. (Dec. 27) payable at the City Treasurer’s office.
M cCANDLESS T O W N SH IP SCHOOL D IST R IC T (P. O. W exford

B- J7. D. N o. 2), A lle g h e n y C o u n ty , P a .— B O N D S A L E — The Mellon
National Bank of Pittsburgh was awarded the issue of $35,000 4 H % taxfree coupon school bonds, offered on Dec. 22—-V. 115, p. 2606—for a
piemiuro of $542 50 (101.55) and accrued interest, a basis of about 4.32%.
Due $9,000 on Dec. 1 in each cf the years 1927, 1932, 1937 and $8,000
in 1942.
McCONE COU N TY (P. O. C ircle), M ont.— B I D

S

R E J E C T E D .—

The $35,000 refunding bonds offered on Dec. 19-—V. 115, p- 2501—were
not sold, as all bids received were rejected. Due on Jan. 1 as follows:
$3,000, 1924 to 1928 incl.. and $4,000, 1929 to 1933 incl.
MAMARONECK U N IO N FREE SCHOOL D ISTR IC T NO. 1, W e st­
c h e ste r C o u n ty , N . Y . — B O N D O F E R I N G . — Until 8.30 p. m. Jan. 16

K. G. Van Sciver, Clerk, will receive sealed proposals at tho Ckatsworth
Avenue School Building, Larchmont., for tho purchase at not less than par
and accrued interest of an issue of $51,000 coupon (with privilege of regis­
tration) school bonds. Denom. $1,000. Principal and semi-annual inter­
est (J. & J.) payable in gold coin of the United States of America of the
present standard of weight and fineness or its equivalent in lawful money
of the United States of America at the First National Bank, New York.
Certified check on an incorporated bank or trust company for not less than
2% of the amount of bonds bid for, required. The approving opinion of
George S. Clay, of New York City, will be furnished to the purchaser.
Bidders to name rate of interest at not exceeding 4H% per annum and
stated in a multiple of one-quarter of one per centum. Total bonded debt
(including this issue), $489,150: assessed value of the real property and
special franchises in district for the year 1922 Is $23,121,574.
M ARATHON, C o rtla n d C o u n ty , N. Y . — B O N D S A L E . — The First
National Bank of Marathon was awarded an issue of $9,000 5% bridge
bonds, qffered on Dec. 23. Date Jan. 1 1923. Denom. $1,000. Due
$1,000 yearly on July 1 from 1923 to 1931.
MATAGORDA COU N TY (P. O. B ay C ity ), T e x . —

B O N D O F F E R IN G .

—Sealed bids will be received until 1:30 p. m. Jan. 9 by Amos Lee, County
Auditor, for $110,000 Road District No. 8 bonds. A cashier’s check on a
Texas bank for $5,000 required. Legality approved by John C. Thomson,
New York City.
MAYWOOD SCHOOL D IST R IC T (P. O. M ayw ood), B ergen C o u n ty ,

N . J . — B O N D S A L E . —The issue of $147,000 5% coupon (with privilege of
registration) school bonds offered on Dec. 27 (V. 115, p. 2821) was awarded

2930

T H E C H R O N IC L E

to Rutter & Co. of New York at a bid of 102.681. The bonds as offered
were dated Nov. 1 1922 and matured yearly on Nov. 1 as follows: $12,000
1927 to 1933, incl., and $14,000 1934 to 1948 incl.
MEMPHIS,

S h elb y

C o u n ty ,

T e n n .—

N O T E

O F F E R I N G } .— O .

G .

Pashby, City Clerk, will receive sealed bids until 2:30 p. m. Jan. 9 for the
purchase of $500,000 6% revenue notes. Date Jan. 1 1923. Principal
and semi-annual interest (M. & S.) payable in Memphis or New York City.
Due Sept. 1 1923. Legality approved by John C. Thomson, New York
City. A certified check for $5,000 required.
M ERCHANTVILLE, C am den C o u n ty , N . J.— B O N D S A L E . — The
First National Bank of Merchantvllle was awarded at par and accrued
interest the $12,000 4 H % Maple Ave. funding bonds, offered on Dec. 26
—V. 115, p 2821. Date Jan. 1 1923. Due yearly or Jan. 1 from 1924
to 1935.
MILAN C O U N TY (P. O. R o c k d a le ), T ex.— P U R C H A S E R . —The pur­
chaser o f the $35,000 Gouse Road District bonds recently disposed of—
Y. 115, p. 2821—was John B. Oldham of Dallas.
M ILFORD

BO R O U G H

SCHOOL

D IST R IC T

(P.

O.

M ilford),

H u n te n d o n C o u n ty , N. J.— B O N D S A L E —$46,800 of the $48,000
5% coupon school bonds offered on Dec. 27— V. 115, p. 2821—were
awarded to Graham, Parsons & Co. of Philadelphia, for $48,263, equal
to 103,128, a basis of about 4 737%. Date Jan 1 1923 Due yearly on
Jan. 1 as follows: $1,200. 1924 to 1933 incl.; $1,800, 1934 to 1953 incl.
MOREHOUSE PA R ISH (P. O. B a stro p ), L a.— B O N D S

V O T E D .— 'T h e

MORROW C O U N TY (P. O. M t. G ilea d ), O h io .— B O N D

O F F E R I N G .—

New Orleans “Times-Picayune” of Dec. 23 had the following to say regard­
ing the voting of $1,150,000 road bonds:
, .
^
, .
“Qualified taxpayers and electors of Morehouse Parish in the two desig­
nated road districts voted overwhelmingly in favor of the bond issue of
$1 150,000 for building 150 miles of highways, the vote being 4 to 1 in
favor of the bonds. The Morehouse Parish Police Jury expects to sell the
bonds within the next 90 days and inaugurate work in possibly 4 months
according to Will Smith, President of the Police Jury. The State highways
will be 24 feet wide from ditch to ditch and the centre will be compressed
to a thickness of 8 inches. The State Highway Department will bear
half the cost of construction, amounting to approximately $36,000 as the
State’s sharo. The Parish highways will be 24 feet wide from ditch to ditch
and 8 inches thick. The bonds will run to 32 years and bear 5% interest.
A tax of 5 mills annually will be levied to retire the bonds and a 2 A ~ m i U
tax will be levied annually to maintain the roads.”
M O R R IS, O km ulgee C o u n ty , O kla. — B O N D O F F E R I N G . —Sealed
bids will be received until 8 p. m. Jan. 8 by Waldo Eley, City Clerk, for
$67,000 6% water works extension bonds. A certified check for $1,000
required.
Proposals will bo received until 11 a. m. Jan. 8 by M. A. Goff, Clerk of
the Board of County Commissioners, for the purchase at not less than
par and interest of the following two issues of 5J4% coupon Richardson
Road improvement bonds, issued under authority of Sec. 6929 Gen. Code:
$6,000 00 county’s share bonds. Denom. $500. Due $1,500 yearly on
Sept. 1 from 1923 to 1926, inclusive.
8.885 43 special assessment bonds. Denoms. 17 for $500 and 1 for
$385 43. Due yearly on Sept. 1 as follows: $885 43 1923,
and $1,000 1924 to 1931, inclusive.
Date Jan. 1 1923. Int. M. & S. Certified check on a solvent bank for
5% of amount of bonds bid for, payable to the County Treasurer, required.
Bonds to be delivered and paid for at the County Treasurer’s office as
soon after the sale as possible. Bids must be made on blanks obtained
from the County Auditor.
MT. PE N N SCHOOL D IST R IC T (P. O. R e a d in g ), B erks C o u n ty ,

P a .— B O N D S A L E . —The Reading National Bank of Reading, was awarded
at par and accrued interest tho $10,000 4 A % coupon (registerable) school
bonds, offered on Dec. 15 (V. 115, p. 2607). Date Nov. 1 1922. Due
$1,000 yearly on Nov. 1 from 1923 to 1932, inclusive.
NAMPA, C a n y o n C o u n ty , Ida. — B O N D S A L E . —Reports state that
Keeler Bros. & Co., of Denver, have purchased $55,000 paving bonds.
N A SH U A , H illsb o r o u g h C o u n ty , N . H .— T E M

F E R I N G . —The

PO R A R Y L O A N

OF­

City Treasurer will receive bids until 10 a. m. Jan. 3, ac­
cording to newspaper statements, for the purchase of a temporary loan of
$200,000. Dated Jan. 4 and payable Dec. 3 1923.
NEW ALBANY SCHOOL C IT Y (P. O. N ew A lb a n y ), F loyd C o u n ty ,

In d .— B O N D O F F E R I N G . — Bids will be received until 1:30 p. m. Jan 3
for an issue of $25,000 4 A % additional school bonds, for the completion
of the State Street school building.
N EW BU R Y PO R T , E ssex C o u n ty , M ass. — B O N D S A L E . —The Boston
"Transcript” is our source of information for stating that an issue of $180 000
4 '4 % school bonds has been sold to the Grafton Co. of Boston, at 102 dIus
$5 Date Dec. 1 1922. Due from 1923 to 1942, inclusive.
NEW LO NDON, N ew L o n d o n C o u n ty , C o n n .— B O N D S A L E — R L
Day & Co. of Boston, were awarded the $150,000 414% school bonds offered
on Dec. 27 (V. 115. p. 2822). for $152,773 50. equal to 101.849, a basis of
about 4.07%. Date Jan. 1 1923. Duo $6,000 yearly on Jan. 1 from 1924
to 1948, inclusive.
NO R FO LK C O U N TY (P. O. P o r tsm o u th ), V a.— B O N D

O F F E R I N G .—

Sealed bids will be receive by G. Taylor Gwathmey, County Clerk, until
12 m. Jan. 9 for $135,000 5% coupon or registered road and bridge bonds.
Denom. $1,000. Date Jan. 1 1923. Due in 20 years. Prin. and semi-ann.
int (J -J .), payable at the County Treasurer’s office. A cert, check for
$5,000, payaole to the County Treasurer, required.
N O R T H OLM STEAD, C u y a h o g a C o u n ty , O h io .— B O N D S A L E . —A.
T Bell & Co. of Toledo, were awarded several issues of bonds totaling
854 792 86 on Sept. 26 for $56,644 16 (103.17). Date Oct. 1 1922. Int.
A. & O. Denom. $100 to $1,000.
NUMA D R A IN A G E D IS T R IC T (P. O. N um a), C row ley C o u n ty ,

C olo — B O N D S A L E . — The $150,000 6% coupon drainage bonds offered
on Dec 23__V. 115, P. 2607—were purchased by James H. Causey & Co.
of Denver at par, plus a premium of $10. equal to 100.006. Date Dec. 1
1922 Due serially 1928 to 1937. inclusive.
PAINT T O W N SH IP R U RAL SCHOOL D ISTR IC T (P. O. Mt
E a te n )
W ayne C o u n ty , O h io .— B O N D O F F E R I N G . - Bids will be
received until l p. m. Doc. 30 (date changed from Dec. 23—V. 115, p. 2714)
bv Ed Ruch, Clerk of the Board of Education, for the Purchase at not less
thnn nar and interest of $55,000 5 A % coupon school building bonds, issued
under authority of Sec 7630-1, General Code.^ Denom. $1,000. Date

[V ol. 115.

PO RTLA N D, Ion ia C o u n ty , M ich. — B O N D S V O T E D . — According to
unofficial reports, the taxpayers have voted $12,500 bonds for the pur­
chase of an oil burning engine for the municipal lighting plant.
PO RTLAND, M ultnom ah C o u n ty , O r e . — B O N D S A L E — The $153,­
526 63 6% impt. bonds offered on Dec. 12—V. 115, p. 2715—were awarded
as follows:
Security Savings & Trust Co., Ralph Schneeloch Co.,
Bond & Goodwin & Tucker, E. H. Roliins& Sons._105.62 for $23,526 63
Western Bond & Mtge. Co. and Ladd & Tilton Bank. 105 75 for 50,000 00
^
„
[106 18 for 10,000 00
Freeman, Smith & Camp Co___________________ (106.09 for 40,000 00
„ .
1105 77 for 25,000 00
„ t
Robertson & Ewing------------------------------------------- 105.77 for 5,000 00
Date Oct. 1 1922. Due in 10 years. The following bids were received:
Security Savings & Trust Co.,' Ralph Schneeloch 105 62 for $50,000 00
Co.. Bond & Goodwin & Tucker and E. H. 105 42 for 50,000 00
Rollins & Sons___________________
105 22 for 53.526 63
105 75 for 50.000 00
105 55 for 25.000 00
Western Bond & Mtge. Co. and Ladd & Tilton Bank 105 45 for 25.000 00
105 35 for 25.000 00
„
,
, m
105 20 for 28.526 63
Lumbermens Trust Co________________________ 104.60 for 75.000 00
104.76 for 10.000 00
, ^ „
,
104.782 for 10,000 00
J. D. Leonard
104 882 for 10,000 00
105.02 for 5.000 00
105 25 for 5.000 00
104 78 for 50.000 00
Abe Tichner.--------------------------------------------------{104.53 for 50.000 00
104 28 for 53,666 66
10510 for 20,000 00
106.18 for 10,000 00
106.09 for 40,000 00
Freeman, Smith & Camp Co.
105.77 for 25.000 00
105 07 for 25.000 00
104 77 for 25.000 00
104 61 for 28.000 00
105.77 for 5,000 00
Robertson & Ewing105.53
10,000 00
105 42 for 10,000 00
All of the above bids included accrued interest.
C I T Y T O R E D E E M B O N D S .—The “Oregonian” of Dec. 22 says:
"A total of $224,204 52 of city impt. bonds numbered from 30,443 to
30,675 will be redeemed by City Treasurer Adams Feb. 1, according to
announcements made yesterday.
“In redeeming these bonds on this date Treasurer Adams for the first
time is able to take advantage of a charter amendment approved June 7
1915, providing for the redemption of bonds by tho Treasurer at the option
of the city upon payment of the face value of tho bonds with accrued
interest to the date of payment on the first day of any month at or after
the expiration of tbreo years from the dato of issuance.
“Bonds issued prior to the amendment of the charter in 1915 can only
be redeemed semi-annually, and then on the semi-annual interest payment
dates.
“As a result of tho change Treasurer Adams yesterday sent a letter to
the Chase National Bank, fiscal bond agents for the city, calling attention
to the change and to the fact that in makingthe chango all interest coupons
must be reduced to the amount payable Feb. 1 1923, as all interest on
such bonds ceases on this date.
“The bonds bear 6% interest and were issued to provido for the bonding
of property for street and sewer improvements.
POWELL, Park County, W yo . — B O N D S A L E .—Our Western repre­
sentative advises us that Benwell. Phillips & Co. of Denver, have purchased
$5,600 6% 15-30-year (opt.) water bonds.
PROEBSTEL ROAD IMPROVEMENT DISTRICT, W yandotte
C ounty, K ans . — B O N D S A L E .—Stem Bros, of Kansas City, have pur­
chased $31,087 51 5% road impt. bonds at a premiun of $14 01, equal to
100.03.
PUTNAM COUNTY (P. O. G reencastle), In d . — B O N D O F F E R I N G . —
Otto G. Webb, County Treasurer, will receive bids until 10 a. m. Jan. 20
for $14,000 4 A % coupon J. B. D. Eggers et al., Jackson Twp. road bonds.
Denom. $700. Date Dec. 16 1922. Int. M. & N . 15. Due $700 each 6
months from May 15 1924 to Nov. 15-1933, inclusive.
RAYVILLE, Richland Parish, La. — B O N D S A L E — M. W. Elkins
& Co. of Little Rock, have been awarded an issue of $50,000 6% sower
bonds at par, plus a premium of $1,250, equal to 102.50.
RED WILLOW COUNTY.(P. O. McCook), Nebr . — B O N D E L E C T I O N .
—An election will be held on Jan. 9 to vote on tho question of issuing $50,000
funding bonds. G. F. Moss, County Clerk.
REDWOOD CITY, San Mateo C ounty, Calif . — B O N D S D E F E A T E D .
—The proposition to issue $40,000 bonds for the purchase of a municipal
playground, submitted to a vote of the people on Dec. 19—V. 115, p.
2502—failed to carry.
REDWOOD COUNTY (P. O. Redwood Falls), M i n n . — B O N D
S A L E .—The Minnesota Loan & Trust Co. of Minneapolis, has purchased
$83,000 drainage bonds as 4%s at a premium of $1,609, equal to 101.93.
RENSSELAER, Rensselaer C ounty, N. Y.— B I D S .—Tho following is
a complete list of the bids received for the $95,000 coupon (with privilege
of registration) gold 4 A % improvement bonds, the sale of which was re­
ported in V. 115, p. 2823:
Union National Corp., New York (purchaser)------------------------$97,546 00
Geo. B. Gibbons & Co., New York--------------------------------------- 97,270 50
Barr Brothers & Co., New York------------------------------------------ 97,270 50
Sherwood & Merrifield, Inc., New York......... ..........................— 97,261 00
Harris, Forbes & Co., New York---------------- ------- ------------------ 97,223 00
O’Brian, Potter & Co., Buffalo........... .............................................. 97,145 10
Farson, Son & Co., New York---------------------- ---------- ------------ 96,985 50
Ritter & Co., New /o rk ----------------------------------------------------- 96,847 75
C. H. Halsted & Co., New York------------------------------------------ 96,760 35
Lamport, Barker & Jennings, New York------------------------------- 96,680 00

Ogilby & Austin, New York............................................. .................. 96,830 65
J. G. White & Co , New Ifork-------------------------------------------- 96,696 00
Lehman Brothers, New York----------------------------------------------- 96,586 5 0
RICHLAND COUNTY (P. O. M ansfield), O hio . — B O N D O F F E R I N G .
__A B Cunningham, Clerk of Board of County Commissioners, will re­
ceive bids until 2 p. m. Jan. 8 for $226,000 5 A % Mansfield.Norwalk I. C.
H No 287, road impt. bonds, issued under authority of Sec. 1223, Gen.
Code. ’ Denom. $1,000. Date Dec. 1 1922. Prin. and semi-ann. in t.(A.
& O ) , payable at tho County Treasurer’s office. Due $26,000 Oct. 1 1924,
required. Bids
and $25,000 yearly on Oct. 1 from 1925 to 1932, incl. Cert, check on a bank
tendent of Schools.
pat r g T I NE A n d erso n C o u n ty , Tex. B O N D E L E C T I O N . —An in Mansfield, or any national bank, for 5% of amount of bonds bid for,
to the County Auditor, required. Bonds to be delivered at the
o W tio n w illb e held on Jan. 20 to vote on the question of issuing $78,000 payablo Treasurer's office. Purchaser to pay accrued interest.
County
pavTng and $22,000 park bonds. A. L. Bowers, Mayor.
ROCHESTER, N. Y . — N O T E S A L E .— The $225,000 school revenue
d a t a q k - a i A I irkinir C o u n ty , O h io . — B O N D S A L E . —ThoPataskala
..
r n rTurchased on Dec. 25 at par and accrued interest the $4,500 notes, offered on Dec. 22— V. 115, p. 2823—were awarded to the Traders’
4.24%
5
^n% refmuiing b<md.^ffered on that d a te (V .1 1 5 p 2607) Date Dec. 15 National Bank of Rochester on a were: interest basis. Due 5 months
C
from Dec. 28 1922. Other bidders
1922? Due $500 yearly on Dec. 15 from 1924 to 1932, incl.
N am e—
I n te r e s t.
P r e m iu m .
dc* m f t o n IImatilla C ounty, Ore. — B O N D S A L E . —Ralph Schnee- S. N. Bond & Co., New York....................
m
4.25%
$7 00
7 00
loch Co. of Portland has purchased ^7,576 6% street impt. bonds at 104.78. Salomon Bros. & Hutzler, New York......... ........................ 4.33%
Security Trust Co., Rochester---------------------------------- 4.33%
----PE R R Y C O U N TY (P. O. C a n n e lto n ), I n d . — B O N D O F F E R I N G . —
F. S. Moseley & Co.. New York. ................................. 4.34%
----Wm C Vogel, County Treasurer, will receive bids untU 11 a. m. Jan. 8 Robert Winthrop & Co., New York..................................4.37%
----iincoln-Alliance Bank, Rochester-------------------------------4.60%
7 00
N O T E O F F E R I N G .— Sealed bids will be received at tho office of the City
F - r s t r
•
Comptroller until 2:30 p. m. Jan. 2 for $150,000 Brown Street subway notes,
s l
f *8
as per ordinance of the Common Council of Nov. 28 1922 notes will be
six months from May 15 1924 to Nov. 15 1933 Inci.
made payablo two mouths from Jan. 4 1923 at the Central Union Trust
PE R R Y COU N TY (P. O. H a za rd ), K y. — B O N D S A L E . The Perry Co., N. Y. City, will be drawn with interest and will be deliverable at the
County State Bank and the Hazard Bank & Trust Co. of Hazard .jolntiy^ Central Union Trust Co., Now York. Bidders to state rate of interest,
have been awarded $400,000 road bonds at a premium of $1,051, equal to designate denomination desired and to whom (not bearer) notes shall be
made payable.
100 37. Date Jan. 1 1923. Due serially 5 to 30 years.
N O T E O F F E R I N G — Sealed bids will also be received at the same time
PLYM OUTH C O U N TY (P. O. P ly m o u th ), M ass.— BOND S A L E ’.—
Newspaper reports state that an issue of $36,000 4 A % b°nds^ was sold to and place for local Improvement notes amounting to $256,666, as por ordi­
F. S. Moseley Sc Co. of Boston, at 100.59, a basis of about 4.12%. Date nance of the Common Council Oct. 10 1922. Notes will be mado payable
two months from Jan. 4, same specifications as above.
Dec. 15 1922. Due $4,000 from 1923 to 1931.

S ir in ? ft»




"pj?.r

R O T A N , F i s h e r C o u n t y , T e x — BOND OFFERING.— Sealed bids will
be received until Jan. 15 by L . C . M iller, M ayor, for $ 50,000 5 H % water
works bonds. D enom . $3,000, $ 2 ,000 and $1,000. D ate Feb. 1 1023.
Int. F . & A . Due as follows: $1,000 1926 to 1935, inclusive; $2,000,
1936 to 1946, inclusive, and $3 ,0 0 0 , 1947 to 1952, inclusive.
S T . P A U L , M i n n . — BOND OFFERING.— Sealed proposals will be re­
ceived until 12 m . Jan. 17 by Jesse Foote, C ity Com ptroller, for all or any
part o f $600,000 coupon or registered water works bonds. In t. rate not to
exceed 4 H % D ate Jan. 1 1923. D enom . $ 1 ,0 0 0 . Due in 30 years
Tho approving opinion o f W ood & Oakley o f Chicago, w ill be furnished at
time o f sale. A cert, check for 2 % o f amount bid for required. Bonds are
payable at the office o f the Commissioner o f Finance in St. Paul or at the
financial agency o f the C ity o f St. Paul, in N . Y . C ity.
S A N G E R M A N ( M u n i c i p a l i t y o f ) , P o r t o R i c o . — BOND SALE .—
The $156,000 coupon public improvement bonds offered on D ec. 11—
V . 115, p. 2405— were awarded to John N uveen & C o. o f Chicago as 6s
at 107.03. D ate Jan. 1 1922.
S E L M A , D a l l a s C o u n t y , A l a . — B O N D E L E C T I O N — A n election
will be held on Jan. 22 to vote on the question o f issuing $100,000 5 %
school house erection bonds.
S H A R O N H I L L , D e l a w a r e C o u n t y , P a . — BONDS OFFERED— On
D ec. 27, W m . H . M illiken, Borough Secretary, offered for fjalo $9,000
4 !^ % registered bonds, free o f Pennsylvania State tax.
Denom . $1,000.
D ate Jan. 2 1923. In t. semi-ann. D ue Jan. 2 1953.
S H E L B Y T O W N S H I P , O c e a n a C o u n t y , M i c h . — BOND SALE.— The
Michigan Trust C o. o f Grand Rapids was awarded the issue o f $10,000
5 % road bonds, offered on D ec. 21 (V . 115, p. 2608 ). for $10,048 (100.48),
a basis o f about 4 .9 3 % .
D ue $2,000 yearly on M arch 1 from 1928 to 1932.
The only two other bids received were from Bolger, M osser & AVillaman
o f Chicago, for $10,030 , and the First National Bank o f D etroit, for $9,813.
SH U LLSBU RG ,
L a fa y e tte
C o u n ty ,
W i s .—BOND SALE— The
M arshall & Illsely Bank o f Milwaukee has purchased at a premium of
$407 8 5 , equal to 102.719, the two issues o f 6 % bonds aggregating $15,000,
which were offered for sale on D ec. 19— V . 115, p. 2608.
$10,000 general street improvement bonds. D enom .
$1,000. D ue
serially 1 to 10 years.
.
5,000 general sewer improvement bonds. D enom . $500. D ue serially
1 to 10 years.
D ate N o v . 1 1922.
•
S IO U X F A L L S IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . S io u x
F a l l s ) , M i n n e h a h a C o u n t y , S o . D a k . — BOND ELECTION.— An election
will bo held on Jan. 4 to vote on the question o f issuing $300,000 school
building bonds. Am os E . Ayres, President Board o f Education.
S K I A T O O K , T u l s a C o u n t y , O k l a — BOND SALE.— W . A . Brooks, of
Oklahoma C ity, has purchased $26,000 6 % sower-extension bonds at
102.50.
D enom . $1,000. D ate Sept. 7 1922. Interest semi-annual.
Due in 2 0 years.
S P E N C E R C O U N T Y ( P . O . R o c k p o r t ) , I n d —BOND SALE.—Tho
issue of $17,000 4 ) 4 % coupon Luce Township Highway Improvement
bonds offered on D ec. 20 (V . 115, p. 22 9 6 ), was awarded to the'Farmers
Bank of Rockport, at par and accrued interest. D enom . $850. D ate
D ec. 15 1922. D ue $850 each six months from M a y 15 1924 to N ov. 15
1933, inclusive. Int. M . & N . 15.
S P R I N G F I E L D , H a m p t o n C o u n t y , M a s s . — TEMPORARY LOAN —
It is reported that tho city has negotiated with J. P. M organ & C o. o f New
York for a temporary loan o f $ 1 ,200,000 on a 4 .1 0 % discount basis.
Ih e
notes mature N o v . 7 1923.
S P R I N G H O P E , N a s h C o u n t y , N o . C a r o.—BOND OFFERING.—
Bids will bo received until Jan. 15 for $35,000 assessment bonds. J. J.
Proctor, M ayor.
S T R A T T O N , K i t C a r s o n C o u n t y , C o l o . — BOND SALE.— A n issue of
$25,000 water bonds has been awarded to Benwell, Phillips & C o. o f Denver.
S T R E A T O R T O W N S H IP H IG H S C H O O L D IS T R IC T N O . 40, L a
S a l l e C o u n t y , I l l s . — BOND SALE.— On D ec. 7 the First Trust & Savings
Bank and tho Northern Trust C o ., both o f Chicago, were awarded $315,000
5 % 12>4-year (aver.) tax-free coupon high school bonds on their bid of
$ 3 2 8 ,9 0 0 , equal to 104.41, a basis o f about 4 .5 4 % .
D enom . $1,000.
D ate M a y 1 1922. Prin. and semi-ann. int. (M . & N .) payable at the
First Trust & Savings B ank, Chicago. D ue $ 21,000 yearly on M a y 1
from 1928 to 1942, incl.

Financial Statement.

Assessed valuation, 1921------------------------------------------------------------------$ 6 ,459,724
315,000
T otal bonded debt (this issue)--------------------------------------------------------Population (estimated), 18,000.
S U M N E R , D a w s o n C o u n t y , N e b . — BOND SALE.— Recently $7,500
electric transmission line and $ 5 ,500 electric lighting 5 ) 4 % bonds were
disposed of.
T A N Q U E V E R D E S C H O O L D IS T R I C T , Pim a C o u n t y , A r iz —BOND
SALE.— The Southern Arizona Bank & Trust C o. o f Tuscon, has purchased
$10,000 bonds at a premium o f $25, equal to 100.25.
T R O Y , M ia m i C o u n t y , O h i o . — BOND SALE.— On D ec. 23 the Detroit
Trust C o. o f D etroit, by submitting a bid o f $48,381 42 (102.13) and in­
terest, a basis o f about 4 .7 8 % , acquired the $47,368 4 2 5 % dam bonds,
offered on that date (V . 115, p . 2503 ).
D ate D ec. 1 1922. D ue yearly
on D ec. 1 as follows: $2,000 1924 to 1946 incl., and $1,368 42 1947. Tho
following are the bids received:

Premium.

Premium.

D etroit T rust C o ., D e tr o it.$ l ,013 00 N . S. H ill & C o ., C ine_______$595 70
Stacy & Braun, Toledo____ *1,027 00 W e il, R oth & C o ,, C in c i n ... 578 00
724 74 W . L . Slayton & C o . ________ 376 52
Bohmer, Reinhart & C o ___
Seasongood & M ayer, Cine.
666 00 A . E . Aub & C o ., C in c in .. 368 42
Breed, E lliott & Harrison,
Title Guarantee & Trust C o .,
636 00
C in c in n a ti..-------------------C in cin n ati_________________ 232 11
Provident Savings Bank &
Richards, Parish & Lam son,
Trust C o ., C in c in n a t i...
601 58
C in cin n a ti_________________ 182 uu
* »i
i.
----oui 00
^iiiciiinai/i--------------------------- 10 4 00
Although this bid appears to be higher than that o f the successful bid­
der , the notice o f the award (as shown above) has come to hand officiality.
T U L A R E S C H O O L D IS T R IC T (P . O . T u la r e ) , T u la r e C o u n ty ,
C a noXl‘sB0/y-D «
t e d .— A t the election held on D ec. 12 (V . 115,
P- 2 296 ), tho $100,000 5 % school bonds were defeated.
U T I C A , N . Y .—BOND OFFERING. — James B . Geer, C ity Comptroller,
will recelvo sealed bids until 10 a. m . D ec. 30 for $ 8,035 83 4M % 2 2-3-year
(average) delinquent tax registered bonds.
. U T U A .D C ) ( M u n i c i p a l i t y o f ) , P o r t o
R i c o . — BOND S A L E — The
$100 ,00 0 coupon improvement bonds offered on D ec. 27— V . 115, p. 2406—
were awarded to Otis & C o . o f Cleveland, as 5s at a premium o f $1,320,
equal to 101.32. a basis o f about 4 .8 5 % . D u e o n J u ly 1 asfollow s: $3,000
1924 to 1928, incl.; $4,0 0 0 1929 to 1932, incl.; $ 5 ,0 0 0 , 1933 to 1936. incl.;
$ 6 ,0 0 0 , 1937; $ 7 ,0 0 0 , 1938 to 1941, incl.; $ 8 ,0 0 0 , 1942, and $7,000 1943.
V A N D A L IA S C H O O L D I S T R I C T N O . 2 (P . O . V a n d a lia ) , A u d r ia n
C o u n t y , M o .— BOND OFFERING.— Sealed proposals w ill be received by
John A . Brooks, Secretary Board o f Education, until 4 p. m . Jan. 9 for
$70,000 4 H % school bonds. D ate Feb. 1 1923. A cert, check for $1,000,
required. D ue serially as follows: $3,0 0 0 , 1927 and 1928; $3,500, 1929
to 1931. incl.; $ 4,000, 1932 to 1934, incl.; $4,500, 1935; $5,000, 1936. to
1939, incl.; $5,500, 1940 and 1941, and $6,000, 1942. Recently an elecion
which was held to vote on issuing these bonds was declared illegal (V . 115,
. 2 608 ), and a new election was called, at which time the bonds were voted
y a count o f 500 to 127.
.
Financial Statement.
...
Estim ated actual value o f taxable property________________________
Assessed valuation for 1920__________________________________________
T otal bonded debt including this issue______________________________
70,000
Population at present time (estimated), 2,700.
. V I G O C O U N T Y ( P . O . T e r r e H a u t e ) , I n d — BOND SALE.—' he 3
T
issues of 5 % road bonds offered on D ec. 21— V . 115, p. 2 7 1 6 — were disposed
o f as follows:
$ 92,500 John N . W hite et a l., Harrison Tw p. bonds to tho M eyer-K iser
Stato Bank for $93,626 , equal to 101.217, a basis o f about 4 .7 6 % .
• „ „ „ Denom s. 180 for $500 each, and 20 for $125 each
25,0 0 0 J. A . Crabb et a l.. Otter Creek Tw p . bonds to Galvin L . Payne &
C o. o f Indianapolis, for $25,306, equal to 101.224, a basis of about
4 .7 6 % . D enom . $250.

S




2931

THE CHRONICLE

D ec. 30 1922.]

89,500

Arthur H . From m e et a l., Harrison Tw p . bonds to the FletcherAmerican C o. o f Indianapolis, for $90,700 35, equal to 101.341 ,
a basis o f about 4 .7 4 % . Denom s. 160 for $500 each, and 20 for
$475 each.
D ate D ec. 15 1922. In t. M . & N . 15. D ue one-twentieth o f each issue
each 6 m onths from M a y 15 1924 to N o v . 15 1933, inclusive.
W A S H I N G T O N , W a s h i n g t o n C o u n t y , I o w a . — BOND OFFERING.—
Sealed bids will be received b y S. J. Kellogg, C ity Clerk, for $91,000 street
improvement bonds until 7 p m . Jan. 5
Interest rate not to exceed 6 % .
D ate Jan. 1 1923. Puchaser to furnish forms for proceedings in issuance
o f bonds, also printed bonds and approving legal opinion.
W A S H IN G T O N C O U N T Y S C H O O L D IS T R IC T (P . O . B e a v e r to n ) ,
O r e . — BONDS VOTED—BOND SALE.— A t a recent election an issue o f
$8,000 5)4 % grade-school bonds was voted by a count of 106 to 30. Since
being voted, the bonds have been sold to Starkey & H ubbar, of Portland.
W A T E R V I L L E , K e n n e b e c C o u n t y , Me.—BOND SALE — Using a
newspaper report as our source of information, we reported in V . 115,
p. 2824, that all bids were rejected for the $50.000 4 ) 4 % school bonds,
and also that the bonds were to be re-offered on Dec. 29. F. II. Dubord,
C ity Treasurer, advises us, however, that following the rejection of the bid
the bonds were awarded at par and accrued interest to the Old ColonyTrust C o. of Boston, at a private sale. The bonds are dated D ec. 15 1922
and mature D ec. 15 1942.
W E B B , T a l l a h a t c h i e C o u n t y , M iss.— BOND SALE.— Tho M an u ­
facturers Record o f Doc. 28 reports the salo o f $ 40,000 school bonds to the
Commercial Bank & Trust C o . o f Atlanta.
W E S T O N C O U N T Y S C H O O L D IS T R IC T N O . 9 (P . O . N e w c a s tle ) ,
W y o . — BOND SALE.— Tho $10,000 10-20-year (opt.) school building bonds
offered on D ec. 18— V . 115, p. 2503— were awarded to Keeler Bros. & C o.
In c., of D enver, at 103.27. D ate N o v . 1 1922. D ue N o v . 1 1942, op t.
1932.
W E S T U N I T Y V I L L A G E S C H O O L D I S T R I C T (P . O . W e s t U n i t y ) ,
W i l l i a m s C o u n t y , O h io .- — BOND SALE.— D urfee. N iles & Co. of Toledo,

w ere aw arded th e issue of $19,000 5 )4 % coupon refunding bonds offered
on Dec. 19 (V. 115, p. 2716) on th e ir unconditional bid of $19,416.80
(102 13) an d bonds. D enom . $1,000
D ate D ec. 1 1922. D ue $1,000
yearly on D ec. 1 in each of th e years 1924 to 1942, incl. O ther bidders w ere:

Other Bidder—

Price Bid.

B reed, E llio tt & H a rriso n , C in cin n ati________________________ $19,468 00

W.

L. Slayton & C o , Toledo___________________________ ______ - - -

19,336 3 0

W eil. R o th & C o ., C in c in n ati___
_ _______________________ 19,441 00
O tis & C o., C leveland________________________________________ 19.207 00
Bolger, M osser & W illam an, Chicago______________ $19,275 00 and oonds

W est U n ity B anking C o., W est U n ity ________________________

19,394 00

W H I T E L A K E , A u r o r a C o u n t y , S o . D a k . — BOND OFFERING —
Bids will De received until 4 p. m . Jan. 11 by the C ity Auditor for $ 25,000
sewer and $45,000 water works 5)4 % bonds. D ate Jan. 2 1923. D ue
Jan. 2 1943
A certified check for 5 % o f amount bid for, required. Tho
C ity Council will furnish blank bonds and approving opinion of Lancaster,
Simpson, Junell & D orsey o f Minneapolis, as to the legality of bonds.
W IC H IT A A N D C L A Y C O U N T IE S C O M M O N S C H O O L D IS T R IC T
N O . 2 0 , T e x a s . — BONDS PURCHASED BY COUNTY.—' he $5,000 6 %
T
serial school bonds registered by the Stato Comptroller o f Texas on D ec. 4
(V . 115, p. 2716) were purchased by the County o f W ichita at par and ac­
crued interest.
W I L D W O O D , C a p e M a y C o u n t y , N . J . — BOND OFFERING.—
Ralph L. Carll, Director o f Revenue and Finance, will receive sealed pro­
posals for the purchase at not less than par and accrued interest o f an issue
o f 5 % park bonds not to exceed $25,000 until 2 p. m . Jan. 9. D enom .
$ 1,000.
D ate Dec. 15 1922. Prin. and semi-ann. int. (J. & D . 15),
payable in gold at the M arine National Bank o f W ildwood. Due $ 1 ,0 0 0
yearly on D ec. 15 from 1923 to 1947, inclusive. Certified check on an
incorporated bank or trust company for 2 % o f the amount o f bonds bid
for. payable to Robert J. K a y , C ity Treasurer, required.
Bonds m ay be
registered as to principal and interest or as to principal only. The legality
o f these bonds will be passed upon by Caldwell & Raym ond o f New Y ork,
whose favorable opinion will be delivered to tho successful bidder. Bids
are requested on forms which will be furnished by the city. Bonds will
be delivered at the office o f the C ity Treasurer gt 2 p. m . Jan. 15 1923, or
as soon thereafter as they m ay be prepared.
W I N N E T T , F e r g u s C o u n t y , M o n t . — BOND SALE.— The $25,000 6 %
sewer bonds offered on D ec. 12— V . 115, p . 2298— were awarded to the
Yellowstone M erchants Loan C o. of Billings. D ate D ec. 1 1922. D ue in
20 years, opt. after 10 years.
W O O D B U R N , M a r i o n C o u n t y , Ore.—BOND OFFERING.— Sealed
bids will be received until Jan. 2 b y S. E . Burne, C ity Recorder, for $ 1 ,­
014 49 6 % street improvement bonds. D enom . $ 1 ,000 and 1 for $114 49.
D ate O ct. 20 1 922 .. D ue in 10 years.
W O R C E S T E R , W o r c e s t e r C o u n t y , M a s s . — BOND SALE.— On D ec. 28
the following 4 % tax-free coupon (with privilege o f registration) bonds were
sold to R . L . D ay & C o. o f Boston at 100.398, a basis o f about 3 .9 3 4 % :
$200 ,00 0 water works (Asnebumskit Supply) bonds, payable $ 10,000 each
year April 1923 to 1942 incl. In t. payable each six m onths from
O ct. 1 1922.
100.000 water works (Asnebumskit Supply) bonds, payable $5,0 0 0 each
vear July 1923 to 1942 incl. Int. payable each six m onths from
Jan. 1 1923.
20.000 water works (Asnebumskit Supply) bonds, payable $10,000 each
year O ct. 1923 to 1942 incl. Int. payable each six m onths from
3 60.000 Junior High School bonds, payable $80,000 each year July 1923
to 1926 incl. In t. payable each six months from Jan. 1 1923.
D enom . $1,000. Prin. and int. payable a t the First N ational B ank, B os-

t ° l OTE SALE.— The
N

$ 350 ,00 0 revenue notes dated D ec. 29 1922 and m a­
turing N o v 1 1923. offered on the same date, were sold to the Merchants
N ational Bank o f Worcester on a 4 .1 0 % discount basis, plus a $7 premium.
W O R C E S T E R C O U N T Y ( P . O . W o r c e s t e r ) , M a s s . —NOTE SALE.—
The S70.000 M iller’s River Bridge notes dated Dec. 26 1922 and payable
June 30 1923, which were offered on D ec. 22— V . 115. p . 2717— were
awarded to Goldman, Sachs & C o. o f Boston, on a 4 .1 6 % discount basis.
Other bidders, all o f Boston were:

Name.

Disount.

-Bid.
Premium.

plus $4 00
Blako Brothers & C o -----------------------plus $1 50
Old Colony Trust C om pany-----------Curtis & Sanger-------------------------------R . L. D ay & Com pany------------------ S. N . Bond & Com pany-----------. . . .
First National Bank, B oston---------W O R T H C O U N T Y ( P . O . N o r t h w o o d ) , I o w a . — BOND OFFERING —
Sealed bids will be received until 1 p. m . Jan. 22 b y N . E . Thoen, C ounty
Auditor, for approximately $24,000 drainage bonds.
A certified check
for 2 % o f amount bid, required. Bids m ay be submitted, based on the
following plans:
1. Ten-year bonds w ith seven equal maturities.
2. Fifteen year bonds with twelve equal maturities.
3. M aturities other than the foregoing at bidder’s option.
Under tbe first two options the first installment of the bonds shall be
due on M a y 1 1926. Subsequent installments due and payable, one
installment on M a y 1 o f each year until all installments have oeen paid.
Y A T E S C O U N T Y ( P . O . P e n n Y a n ) , N . Y .—BOND SALE.— Sherwood
& Merrifield o f New Y o rk , bidding 101.01, a basis o f about 5 .0 9 % , were
awarded the following two issues o f coupon bonds, offered on D ec. 28—
V . 115, p . 2717:
$50,000 6 %
county home bonds. D ate Feb. 1 1923. In t. F . & A .
D ue $ 5 ,0 0 0 yearly on Feb. 1 from 1924 to 1933, inclusive.
Delivery o f bonds to be made Feb. 1 at County Treas. office.
44,000 4 ) 4 % highway bonds. D ate M arch 1 1923. I n t . M . & S. D uo
$ 22,000 M arch 1 1927 and 1928. D elivery o f bonds to be
made M arch 1 1923 at County Treasurer’s office.
Principal and interest payable at County Treasurer’s office.
Y O A K U M , L a v a c a C o u n t y , T e x . — CORRECTION.— Regarding the sale
of $20,000 water and light bonds to H . O. B urt & C o. o f Houston, reported
by us in V . 114, p. 1336— H . C . B urt says: “ There must be some error
regarding this issue of $ 20,000 for we have not purchased any bonds from
the city o f Y o a k u m ."

2932

THE CHRONICLE

CANADA, its Provinces

and

f V O 115.
L.

M I D D L E S E X C O U N T Y , O n t . — DF.BEN'! rRES VOTED.— Newspaper
stato that 2 by-laws authorizing tho borrowing o f $119,000 were passed
by the Council on D ec. 5.

Municipalities.

A L B E R T A ( P r o v i n c e o f ) . — OFFERING OF DEBENTURES CON­
TEMPLATED.— The “ Toronto G lobe” in its issue o f D ec. 28, commenting
on a contemplated offering o f debentures, said: “ A new debenture issue o f
probably $ 3 ,0 0 0 ,0 0 0 will be put on tho market by the Provincial Govern­
ment about the middle o f January. It will be on hte basis o f twenty years,
5 % , in both Canadian and American funds. The sale will be made, it is
now intended, by public tender. Tho issue will take up the balance still
remaining from tho am ount authorized in 1922, and the proceeds will bo
applied to public works and other purposes.”
A U R O R A , O n t . — BOND SALE.— Aemilius Jarvis & C o ., o f Toronto,
were awarded an issue o f $ 19,900 5 H % 20-installmont street paving bonds,
on Dec. 15, at 98.61.
D ue Jan. 1 1923. Interest annually on Jan. 1.
Denominations to suit purchaser.
B A R T O N T O W N S H I P , O n t . — BOND ELECTION.— On Jan. 1 news­
papers stato. an issuo o f $6,500 fire apparatus bonds is to bo voted on.
B R A N T F O R D , O n t . — DEBENTURES SALE.— Macneill, Graham &
C o . o f Toronto, were the successful bidders for an issue of $97,500 5 'A %
debentures, paying 9 9 .5 3 , a basis o f about 5 .5 5 % . Duo $6,500 yearly
from Dec. 15 1933 to Doc. 15 1947. The following is a complete list o f tho
tenders received:
N esbit, Thompson & C o _____.9 8 .7 2
Macneill. Graham & C o ______99.53
R . A . D aly & C o _______________ 98.66
M cL eod. Y oung, W eir & C o . . 99.51
R . C . Matthews & C o _________ 99.445 Harris Forbes & C o ____________ 98.59
Canada Bond C orp____________ 98.29
Gairdner, Clarke & C o _______ 99.37
A . Jarvis & C o _________________ 98.17
W ood , G undy & C o __________ 99.34
Housser, W ood & C o __________98.12
National C ity C o _____________ 99.31
D ym ent, Andorson & C o _____ 99.148 W . A . Mackenzie & C o________ 98.07
A . E . Ames & C o _______________ 97.89
C . II. Burgess & C o __________ 99.04
Municipal Bankers C orp______ 96.65
D om . Securities C orp------------ 99.03
B R A N T F O R D , O n t . — DEBENTURE ELECTION.— Newspaper reports
state that on Jan. 1 an election will be held to vote on the question of
issuing tho following debentures:
$124,000 Lom e Bridge debentures.
■
85.000 extension to collegiate institute debentures.
45.000 public school in W est Brantford debentures.

N E L S O N , B . C . — DEBENTURE SALE.- '.crordlng to reports an Issue
o f $15,000 5 J4 % 20-yoar electric light debontr.r w is sold locally a t p ar.
O T T A W A , O n t .—BOND ELECTION- •
n. 1 $75,000 a b ato ir
con stru ctio n and $50,000 playground bonds
■ !>e voted upon according
o
to new spaper s ta te m e n ts .
P A R I S , O n t . — DEBENTURE ELECTI( Y ... N ew spaper s ta te th a t a
by-law w ill be voted upon by the p ro p e rty o" n ■ ,t, tho Ja n u a ry elections
for $75,000 to erect a now high school.
P O I N T E D W A R D , O n t . — DEBENTURE ELECTION.— A ccording to
new spaper re p o rts, an election will be held on J in 1 to v ote on th e question
of issuing $7,000 6% 20-installm ent debentures
P R E S C O T T , O n t . — BOND SALE.— N o" -p per re p o rts s ta te th a t the
issuo of $3O.OO0 5 44 % 20-year bonds, te n d ' for which were recently re ­
jected, (V. 115, p. 1974), was sold to C . II. Bur- css & Co. of T oronto, for
98.87.
R I V E R S I D E , O n t . — DEBENTURE ELECTION.— On J a n . 1, re p o rts
s ta te , an election w ill be held to vote on tho qu 'stion of issuing tho following
list of debentures:
$8,000 6% 20-installm ent fire h y d ra n t debentures.
21.420 jo in t filtra tio n p la n t debentures.
699 general hospital site debentures.
33,000 6% 30-installm ent w a te r p la n t purchase d ebentures.
S A I N T T I T E , Q u e. — BOND SALE.— Louis N orm and. of T h ree R ivers,
has purchased th e issue of $90,000 6% 10-year bonds, offered on Dec. 16
(V. 115, p. 2610), for 99.25— a basis of a b o u t 6.11% . D ate Sept. 1 1922.
D enom . $100 an d $500. D ue Sept. 1 1932. In t. M . & S.
S A N D W I C H , O n t . — DEBENTURE EL "iTONS.—A ccording to re­
p o rts tho rate-payers w ill vote on J a n . 1 on the following by-law s: $61,200
d ebentures in connection w ith the jo in t filtr inn pi n t. and $1,800 deben­
tu res for th e purchase of a site for a goner i ) •> pit I
S H A W ’ N IG A N C I T Y S C H O O L C O M M IS S IO N (P . O . S h a w i n i g a n ) ,

Q u e . — DEBENTURE SALE.— L. G. Beauhien & C o., of M o n treal, wero
aw arded, on Dec. 19, th e $28,300 5 Y i% debentures, offered on D ec. 16
(V. 115, P- 2610). for 97.11. D ue 1936. D enom . $100. $500, $1,000.
In t. M . & N .

C H A T E A U G U A Y - B A S I N , Q u e . — BOND OFFERING.—Newspapers re­
ports state that tenders will be.received until Jan. 2 for an issue o f $5,000
6 % 20-year school debentures.

S A N D W IC H

W . T O W N S H IP ,

O n t.—

DEBENTURE ELECTION.—

On J a n . 1, new spaper s ta te , an election will be hold to v ote on th e question
of issuing th e following tw o issues of debentures:
$204 hospital site purchase debentures.
55,850 jo in t filtra tio n p la n t debentures.

F O R D C I T Y , O n t . — DEBENTURE ELECTION.— On Jan. 1 .accord­
ing to reports, the ratepayers will vote on a by-law authorizing the issuance
o f $71,140 debentures in connection with the joint filtration plant.
F R O N T E N A C C O U N T Y , O n t . - DEBENTURES VOTED.— Tho Coun­
ty Council recently passed a by-law authorizing tho issuing o f $98,699
debentures for road construction, reports state.

G U E L P H , O n t . — BONDS DEFEATED.— An Issue o f $55,000 fire hall
and appartus bonds was defeated. Tho vote was 836 “ fo r " to 1,087 a­
gainst.”
BOND VOTED.— According to newspaper reports the by-law for the
issuance o f $25,000 debentures for a new grand stand at the exhibition
grounds was passed by the ratepayers.
.

S O U T H V A N C O U V E R , B . C , — DEBENTURE SALE. — Tho "M one­
ta ry T im es” o f T o ro n to re p o rts th a t tho m unlcip .lity h s sold to th e C an­
ada B ond C o rp . a serial issue o f $776,000 20 to 24-year 5% debentures and
a serial issue o f $670,000 20 to 24-yoar 5% d ebentures b o th sales subject
to a n agreem ent and by-law s to bo approved on J a n . 13 by three-fifths of
th e ra te p a y ers. T h e price, it is rep o rted , is 86.05 a nd in t. for tho first and
87 328 a nd in t. fo r the second issue.
S T A M F O R D T O W N S H I P , O n t . — DEBENTURE ELECTION.— Ac­
cording to re p o rts $40,000 5 44% . 5 in s tillm e n t debentures for the p u r­
chase o f a sto re and $20,000 5 A % 20-inst.iilm ont debentures for h y d ro ­
electric purposes a re to be voted upon on J a n . 1.

H A L I F A X , N . S .—BOND SALE.— On Dec. 21 Johnston & W ard and
The Royal Securities C orp., both of Halifax, were awarded jointly the issue
o f $126,570 5 % school bonds offered on Dec. 21 for $ 96.26. a basis of
about 5 3 9 % . D ate Jan. 1 1923
D ue Jan. 1 1953.
In t. J. & J.

T I M M I N S , O n t . — DEBENTURE SALE.— On D ec. 26. it is stated, an
issuo o f $79,000 6 % 20-yoar installment Public School debentures, guar­
anteed by tho Province o f Ontario, was awarded to M a cK a y & M acK a y of
Toronto at 102.60.

G E O R G E T O W N , O n t . — BOND ELECTION.— Reports stato that on
Jan. 1 an issuo o f $6,000 soldiers’ memorial bonds is to bo voted upon.

H A M I L T O N , O n t . — DEBENTURE ELECTION— A t tho municipal
elections to be held on Jan. 1 the ratepayers will vote, according to reports,
on the following three issues o f 5 4 4 % debentures:
$300,000 20-installment city hall addition debentures
125,000 20-installment city hospital extension debentures.
9O.00O 10-installment market improvement debentures.
NEW

LOANS

VANCOUVER,
B.
C . — DEBENTURES
VOTED—OTHERS DE­
a recent election tho voters approved by-laws to issuo
$100 000 street improvement, $100,000 water. $25,000 school site pur­
chase and $50,000 comfort station debentures. A t the same time by-laws
to issue $100,000 sewer. $250,000 property purchase, and $65,000 fire
protection debentures were defeated.

FEATED.— A t

BOND

F IN A N C IA L

CALL

EL PASO COUNTY, TEXAS
U n ite d S ta te n a n d C a n a d ia n

We specialize in
C ity

o f P h ila d e lp h ia
3b

BOND

M u n ic ip a l B o n d s

^

®

° l , G 0^ O A r
"W A D D E L L

Qrovna Floor Singer Building

3 1 /2 b

81 L ib e r ty S t r e e t
N ew Y o rk
__________ Telephone Oortlandt 3183___________

4s

CALL.

The County of El Paso, State o f Texas, hereby
notifies all persons holding El Paso County
Poor Farm Bonds, Numbers One to Th irty,
inclusive, issued April 10, 1911, 5 % , $ 1,000.00
denomination, will bo redeemed on April 10, 1923,
according to their value and tenor. N o Interest
paid from April 10, 1923.
B y order o f the Commissioners’ Court.
J. A . E S C A J E D A , C ounty Auditor.

4 1/ 4 S
4 1 /2 8
5s
M U N IC IP A L

5 > /4 «

5 1/ 2 *

B id d le & H e n r y
104

S o u th

F ifth

S tre e t

Philadelphia
Private Wire to New Yort
Call Canal 8437

DO YO U
That
m en

th e
in

KNOW

m oat

th e ir

e ffic ie n t

BONDS

U n d e r w r i t i n g a n d d i s t r i b u t i n g e n t i r e Is su e * • !
O lty . C o u n ty , S ch o o l D is tr ic t a n d R o a d D is tric t
B o n d s o f T e x a s , D e a l e r s ' i n q u i r i e s a n d o ffe rin g *
• e l ic i te d .
C irc u la rs o n r e q u e s t.

H AROLD

G .
&

H
ouston COMPANY

TX^
EA

D ep a rtm en t?

K e e p th ia

D e p a r t m e n t In

HARTFORD

Connecticut Securities

Mellon National Bank
P IT T S B U R G H ,

PA.

Capital and Surplus

T h e s tr e n g th a n d re s p o n s ib ility of
th is in s titu tio n , g u a ra n te e d by over
h a l f a c e n t u r y ’s s u c c e s s f u l e x p e r i e n c e ,
m e rits th e c o n s id e r a tio n a n d c o n f i­
d e n c e o f o u t-o f-to w n b a n k s , c o r p o r a ­
tio n s , f irm s, a n d in d iv id u a ls s e e k in g
a P itts b u r g h B a n k in g c o n n e c tio n .

$ 1 2 ,0 0 0 ,0 0 0

m i n d f o r u a e w h e n t h e *>#•
c a s io n

a r is e s .




Y ork S tock E x c h a n g e

Established 1915

r e sp e c tiv e

F i n a n c i a l C h r o n i c l e C in e *

M e m b e rs N e w

W IS E

f i e ld s u s e a n d c o n s u l t th (.

a ifie d

BALLARD & COM PANY

C orresp o n d e n ce In vited

1 4 4 8

1
P a t e r s o n , H . -j.

F
irst National B k
an

A t
Y our

S e r v ic e

S t a t e m e n t a t C lo s e o f B u s i n e s s S e p t .

The Seaboard National Bank
with a record of thirty-eight
years of practical banking, with
resources of more than seventy
million dollars,—offers you a
banking service that is depend­
able, broad and comprehensive
in its scope and especially
adapted to meet your every
particular financial requirement.

n m e L o a n s ................. ............................................ $ 3 ,0 3 8 ,5 3 0 .6 7
U . S . a n d O t h e r B o n d s _______________ 2 ,0 0 7 ,8 4 1 .3 6
C a s h a n d B a l a n c e s i n B a n k s ________ 8 2 ,5 5 7 ,2 1 0 .4 0 8 5 ,0 4 6 ,3 7 2 .0 3
1 4 ,8 0 0 .0 0
D u e f r o m T r e a s u r e r U . S _____________
D e m a n d L o a n s -------------------------------------- f 1 ,0 4 2 ,2 2 5 .0 0
3 ,6 1 4 ,2 3 5 .4 0
3 1 0 ,9 3 0 .5 0
5 4 ,9 8 3 .5 8

R e a l E s t a t e ___________________________
C u s to m e rs ' L ia b ility A c c e p ta n c e s

8 9 ,0 2 6 ,5 0 1 .5 1
L IA B IL IT IE S —
C a p ita l S to c k , S u r p lu s a n d U n d iv id e d P r o f its .
C i r c u l a t i o n ___________________________________
D e p o s i t s ______________________________________
A c c e p t a n c e s f o r C u s t o m e r s ................................................

THE

8 1 ,3 1 3 ,9 1 0 .2 3
2 9 5 ,9 9 7 .5 0
7 ,3 6 1 ,6 3 0 .2 0
5 4 ,9 6 3 .5 8

O F F IC E R S .
^ H I T F I E L O W . S M I T H , Pr&sident. R O B E R T J. N E L D E N , Vice-Prrs
W if
„ R T ' CashierJO H N B. B R O W N , Asst. Cash.
VYILI'RED E R I L E Y , Asst. Cashier. J O H N T . D E I G H T O N , A sst.C a sh

S e a b o a r d N a t io n a l B a n k
OF THE CITY OF NEW YORK
I

15 1922.

R ESO U RC ES—

C a p i t a l , S u r p l u s a n d P r o f i t s o ver B i g h t M i l l i o n s

PROMPT ATTENTION GIVEN TO COLLECTIONS

THE

HANOVER NATIONAL BANK
OF

THE

C IT Y

OF

NEW

E S T A B L IS H E D

C A P I T A L . $ 3 ,0 0 0 , 0 0 0

YORK

1881

S U R P L U S & P R O F I T S , $ 2 1, 0 0 0 ,0 0 0
ACTS AS

TR U STEE, EXECUTO R, ETC.

IN Q U IR IE S IN V IT E D R E G A R D IN G S E R V IC E
IN

E V E R Y

F I D U C I A R Y

C A P A C IT Y
■j
p

F
irst National B
ank COAL ✓ IRON ST"NEW

OF JERSEY CITY

YORK

S ta te m e n t a t C lo se o f B u s in e s s S e p t.

Statement at Close of Business June 30 1922.
BESOURCES—
L o a n * a n d d i s c o u n t * ---------------------------------------------------- $ 7 ,5 5 4 ,4 8 6 6 7
R e s e r v e w i t h F e d e r a l R e s e r v e B a n k ------------------------5 4 3 ,4 5 0 15
R e a l e s t a t e a n d s e c u r i t i e s -----------------------------------------3 ,7 6 8 ,0 2 9 16
U n i t e d S t a t e s b o n d s a n d c e r t i f i c a t e s ..............................
2 ,7 8 3 ,6 8 0 0 0
C a s h a n d d u e f r o m b a n k s a n d b a n k e r s . . . .................
2 ,2 5 8 ,3 6 4 0 4

4

$ 1 6 ,9 0 8 ,0 0 9
(A B IL IT IE S —
C a p ita l
-------------- ------------- ------- ----------- --------------------- 8 1 ,0 0 0 ,0 0 0
S u r p l u s a n d u n d i v i d e d p r o f i t s ---------------------------------1 ,9 5 0 ,7 7 2
C i r c u l a t i o n ______- — --------------------------------------------------3 9 6 ,0 0 0
B i l l s P a y a b l e ___________ - —
--------------------------------------1 ,6 6 6 ,9 0 0
D e p o s i t s ________ . . . ___ - _______________________________ 1 1 ,8 9 4 ,3 3 7

92
00
45
00
00
47

$ 1 6 ,9 0 8 ,0 0 9 9 2
S D W A B D I. E D W A R D S . President
R O B E R T E . J E N N I N G S . Vice-President
H E N R Y B R O W N J R .. Cashier
JACOB R . W O R T E N D Y K E . A sst. Cashier




15 1922.

RESOURCES—
L o a n s a n d D i s c o u n t s _____ _____________________
s o 5 0 3 ,0 5 5 .5 6
!{1 ti reI*t. e a r n e d b u t n o t c o l l e c t e d ......................... ...............
’ 3 8 1 6 9 .8 5
ii
T rea su ry N o t e s ____________
1 ,5 4 1 7 8 2 .8 5
U.
S . B o n d s a-c C i r c u l a t i o n . . . .............................................
415
000.00
O t h e r S t o c k s a n d B o n d s . . . ......................
...................... 3 0 3 4
Due f r o m B a n k s ......................................
.................................
'S q l 8 6 3 .3 8
2 5 0 .4 5
C a s h a n d E x c h a n g e s .......................................... I
............. 3 2 o o 0 0 0 .6 3
F u r n i t u r e a n d F i x t u r e s - - .................................
......................
’ ? 5 1 0 5 .0 4
B a n k I m p r o v e m e n t s ____________________
~
f i7
3 7 1 .2 5
C u s to m e rs * L ia b ility * L e t t e r s o f C r e d f t," " A c c e p t
t a n c e s , & c ________________________
9 7 ,2 8 3 .2 6

i*

Bo5d* a?d
L

L IA B IL IT IE S —
$ 1 8 ,4 1 3 ,8 8 2 .2 7
e . ,5 0 0
C a p i t a l ---------------------------------------------S u r p l u s _______________________________________________________ | ,000 ,000.00
U n d i v i d e d P r o f i t s ___________________________________________ 1 3 3 9 ,000.00
,6 2 6 .3 4
U n e a r n e d D i s c o u n t ________________
41 ,4 4 6 .8 5
R e s e rv e f o r T a x e s a n d I n t e r e s t A c c r u e d l l l l l H I * '*
1 3 5 4 3 8 .7 0
C i r c u l a t i o n -------------------------------------------000.00
D e p o s i t s ---------------------------------------------------, a 4 1 5 3 0 3 .6 7
057
P o s t a l S a v in g ;* D e p o s i t s _________________ H I
1
2 3 8 , 4 8 3 .9 8
U . S . O o v e r n m e n t D e p o s i t s ____
3 1 1 , 100.00
R e d i s c o u n t s . B i l l s P a y a b l e o n U . S .‘ L i b e r t y * E t o n d *
2 7 0 , 3 2 4 .5 0
L e t t e r s o f C r e d i t a n d A c c e p t a n c e s a-c C u s t o m e r s . .
1 0 5 , 1 5 8 .2 3
8 1 8 ,4 1 3 ,8 8 2 .2 7
_______
JO H N T . 8 P R O U L L , President.
P A V I D T A Y L O R , Vice-President. W A L L A C E A G R A Y Asst c » s h i„ .

C L IF F O R D A . S P O E R L . A sst. Cashier

Member New York Clearing House Association

2

T H E M ARKET STREET
N ATIO N AL BANK

Quick to serv
e

1107 MARKET STREET
PHILADELPHIA
S ta te m e n t a t C lo se o f B u s in e s s S e p t.

15 1922.

y u a a tims
o t ll e

L o a n s a n d i n v e s t m e n t s ---------------------------------------------------- $ 1 5 ,2 6 9 ,7 2 2 61
C u s to m e rs ’ lia b ility le tte r s o f c r e d it a n d a c c e p ­
t a n c e s --------------------------------------------------------------------------------3 1 4 ,6 4 3 4 8
D u e f r o m b a n k s -----------------------------------------------------------------2 ,9 9 0 ,0 4 9 5 0
E x c h a n g e s f o r C l e a r i n g H o u s e --------------------7 0 0 ,4 2 2 6 8
C a s h a n d r e s e r v e ---------------------------------------------------------------1 ,8 1 7 ,4 4 0 7 0
$ 2 1 ,0 9 2 ,2 7 8 9 7
L IA B IL IT IE S —
C a p i t a l s t o c k -------------------------------------------------------------------------- $ 1 ,0 0 0 ,0 0 0 0 0
S u r p l u s a n d n e t p r o f i t s -------------------------------------------------2 ,3 5 0 ,7 7 2 89
C i r c u l a t i o n _________________________________________________
6 0 0 ,0 0 0 0 0
L e t t e r s o f c r e d i t a n d a c c e p t a n c e s -------------------------------3 3 1 ,3 5 3 0 0
D e p o s its
_____ - — - - - - - - - - - - - - - - - - - - - - - - - - - 1 6 ,8 1 0 ,1 5 3 0 8
________________________________________________ $ 2 1 ,0 9 2 ,2 7 8 9 7

C orn

JA M E S P. S U L L IV A N ,
President.
B . L IV IN G S T O N S U L L IV A N .
F R E D . F . S P E L L IS S Y ,
Vice-President.
Cashier.
W H. M ERKER,
W . H . TRAPPE,
A ss’ t Cashier.
Ass t Cashier.

E xch an ge

N a tio n a l B a n k
P h ila d e lp h ia

We solicit the accounts of Banks, Corporations,
Firms and Individuals, and will be pleased to meet
or correspond with those who contemplate making
changes or opening new accounts.
CHARTERED 1832

THE GIRARD NATIONAL BANK
P H IL A D E L P H IA , P A .
S T A T E M E N T A T CLOSE OF B U S IN E S S S E P T .

15 1922.
L IA B IL IT IE S .

RESOURCES

$51,616,940.06
Loans and Investments---------------Accrued Interest--------------------------------------156,722.73
Acceptances---------------------------------------------582,714.51
Due from Banks--------------------------------------- 13,920,438.67
Exohanges for Clearing House------------------2,748,878.37
Gash and Reserve------------------------------------4,535,221.05

Capital--------------------- --------------Surplus and Net Profits.--------Reserve for Unearned Discount
Reserve for Taxes and InterestCirculation____________________
Acceptances------------------- ---------Deposits_______________________

$ 2 ,0 0 0 ,0 0 0 .0 0

7,560,401.10
256,238.35
285,735.22
1,084,997.50
597,714.51
61,775,828.71
$73,560,915.39

$73,560,915.39
O F F IC E R S

JOSEPH W AYNE, JR., President
EVAN RANDOLPH, Vice-President
ALFRED BARRATT, Assistant Cashier
ALBERT W . PICKFORD, Vice-President
DAVID J. MYERS, Assistant Cashier
CHARLES M . ASHTON, Cashier
WALTER G. PATTERSON, Assistant Cashier
A c c o u n t s o f B a n k s , B a n k e r s , C o r p o r a tio n s , F ir m s a n d In d iv id u a ls R e c e iv e d
CORRESPONDENCE SOLICITED.

The Fourth Street National Bank
OF

P H IL A D E L P H IA

Capital, Surplus and Undivided Profits, $ 1 1,000,000
A C C O U N T S O F B A N K S A N D B A N K E R S S O L IC IT E D
E X C E P T I O N A L C O L L E C T IO N F A C IL IT IE S
FOREIGN EXCHANGE BOUGHT AND SOLD
SIDNEY F. TYLER, Chairman of the Board.
E. F. SHANBACKER, President.

R. J. CLARK, Vice-President & Cashier
W. K. HARDT, Vice-President.
W. R. HUMPHREYS. Vice-President.



G. E. STAUFFER, Assistant Cashier,
W. A. BULKLEY, Assistant Cashier.
A. MacNICHOLL, Assistant Cashier.

3

Ta emn Nt nl Bn
r ds e s aio a a k
Philadelphia, jPa.
R e p o r t o f C o n d itio n a t th e C lo se o f B u s in e s s

S e p t.

15 1922.

RESOURCES—
L o a n s a n d I n v e s t m e n t s ---------------------------------------------- $ 1 5 ,0 0 1 ,9 7 3
C u s to m e rs ' L ia b ility u n d e r L e tte r s o f C r e d it a n d
4 .6 9 0 ,1 4 7
A c c e p t a n c e s ---------------------------------------------------------------3 ,0 1 4 ,3 0 9
D u e f r o m B a n k s - . . . - - - - - - ......................................................
2 3 1 ,8 2 4
E x c h a n g e s f o r C l e a r i n g H o u s e _____________________
2 8 ,2 2 4
A c c r u e d I n t e r e s t ---------------------------------------------------------1 ,2 9 1 ,6 7 7
C a s h a n d R e s e r v e .............................................. .......................... ..

07

$ 2 4 ,2 5 8 ,1 5 6 22
L IA B IL IT IE S —
C a p i t a l .......................
$ 1 ,0 0 0 ,0 0 0
S u r p l u s a n d U n d i v i d e d P r o f i t s _____________________
2 ,3 4 3 ,8 4 1
U n e a r n e d D i s c o u n t ___________________________________
9 8 ,4 2 6
R e s e r v e f o r I n t e r e s t , T a x e s , & c ____________________
1 5 1 ,9 1 4
C i r c u l a t i o n ______________________________________________
4 9 5 ,7 5 0
L e t t e r s o f C r e d i t a n d A c c e p t a n c e s ________________
4 ,9 3 0 ,8 6 2
R e d i s c o u n t s a n d B ills P a y a b l e — F e d e r a l R e s e r v e
B a n k . . . _______ ________________________________________
2 ,0 6 7 ,0 0 0
D e p o s i t s ...........................
1 3 . 1 7 0 ,3 6 0

“R
ush!”

63
23
48
02
79

00
08
71
84
00
78
___
00
81

$ 2 4 ,2 5 8 ,1 5 6 22
O F F IC E R S
H O W A R D A . L O E B , President
H.
D . M C C A R T H Y , Vice-President
E . W I L L I A M S , Vice-Prosident & Cashier
S. E . G U G G E N H E I M , Vice-Prosident
H O W A R D E . D E I L Y , Assistant Cashier
W . G . J O L L E Y , Assistant Cashier
J. M . F R I Z Z E L L , Assistant Cashier

I d our Transit Department, speed is paramount,
and “ Rush!” is a standing order.
This Department has twenty-six allies— the twentysix railroads that radiate from Saint Louis to the
North, East, South and West. And we have mall
service by airplane to the Eastward.
Our service would please you.

T h e N a tio n a l B a n k o f C o m m e rc e
In S ain t Louis
Resources more

than $76 , 000 , 000.00

S F DP ST T U TC. Mr h n Ntio a Bn
A E E OI & R S O ec a ts a n l a k
O F B A L T IM O R E
Chartered 1864
Capital $1,200,000

Organized 1867
Surplus& Profits Over $3,000,000

Acts as Trustee of Corporation Mortgages, Fiscal
Agent for Corporations and Individuals, Transfer
Agent and Registrar. Depositary under plans of
reorganization.
Acts as Executor, Administrator, Guardian,
Trustee, Receiver, Attorney and Agent, being
especially organized for careful management and
settlement of estates of every character.
SECURITIES HELD ON DEPOSIT FOR OUT-OF-TOWN
CORPORATIONS AND PERSONS.
D IR E C T O R S .
H . W A L T E R S , Chairman of Board.
N O R M A N JAM ES
J O H N J. N E L L I G A N , President
SAM UEL M . SH O EM A K E R ,
J O H N W . M A R S H A L L , Vico-Pres.
E L IS H A H . P E R K I N S .
A N D R E W P . S P A M E R , 2d Vico-Pres.
IS A A C M . C A T E ,
BLANCHARD R AN D ALL,
ROBERT G ARRETT,
W ALDO N EW COM ER.
G E O R G E C . J E N K IN S .
H . H . M . L E E , 3rd Vlco-President.
G E O . B . G A M M I E , Treasurer,
JO SE PH B . K I R B Y , 4th Vico-Pres.
O . R . T U C K E R , A sst. Treasurer.
J O H N W . B O S L E Y , A sst. Treasurer.




W O R C E S T E R , M ASS.
S ta te m e n t a t C lo s e o f B u s in e s s S e p t.

15 1922.

ASSETS—
L o a n s a n d D i s c o u n t s _____________________________________ $ 1 7 ,5 6 9 ,6 5 1 7 6
B o n d s a n d S e c u r i t i e s _____________________________________ 3 ,5 5 1 ,4 8 5 7 9
B a n k i n g H o u s e -------------------------------------------------------------------9 2 2 ,8 9 6 4 5
U n i t e d S t a t e s G o v e r n m e n t S e c u r i t i e s ________________ 2 ,2 2 5 ,7 7 2 2 3
A c c e p t a n c e s o f O t h e r B a n k s ______________________ 1 ,0 6 4 ,9 9 9 2 1
C r e d i t G r a n t e d o n A c c e p t a n c e s ____________________
3 4 6 ,1 6 6 3 1
C a s h o n H a n d a n d i n B a n k s ________________________ 3 ,2 3 9 ,2 1 0 8 6
$ 2 9 ,0 4 7 ,1 2 2
L IA B IL IT IE S —
C a p i t a l ....................................
$ 1 ,5 0 0 ,0 0 0
S u r p l u s a n d U n d i v i d e d P r o f i t s _____________________
1 ,3 5 5 ,1 9 5
A c c e p t a n c e s f o r C u s t o m e r s __________________________
1 1 8 ,9 0 0
A c c e p t a n c e s o f O t h e r B a n k s S o l d __________________
1 ,0 1 3 ,9 4 7
C i r c u l a t i o n ______________________________________________
1 ,0 0 0 ,0 0 0
D e p o s i t s .................................................................................................... 2 4 ,0 5 9 ,0 7 9

64
00
27
00
44
00
93

$ 2 9 ,0 4 7 ,1 2 2 6 4
The

L a r g e s t N a tio n a l B a n k in M a s s a c h u s e tts ,
O u tsid e o f B o s to n .

F.TA. D R U R Y , President
H . T . T I L L S O N , Asst. Cashier
C . A . E V A N S , Vice-President
J. A . F I T Z G E R A L D , Asst. C ashier
A . R . B R I G H A M . Vice-President
N . B . P O T T E R , Asst. Cashier
W . J. C O N L O N , Vice-President
R . W . D A V I S , Asst. Cashier
O . S. P U T N A M , Cashier
II. S. B O W K E R , Asst. Cashie
H . R . M c I N T O S H , Assistant to President
C . W . P A R K S , Credit Manager
C o lle c tio n s o n
R e c e iv e d

on

a ll N e w
F a v o r a b le

E n g la n d
T e r in i.

4

Fr Wr Ntio a Bn A ta N tio a B n
ot o th a n l a k tlan
a nl ak
A t l a n t a , C5a.

FORT WORTH. TEXAS

S ta te m e n t a t C lo s e o f B u s in e s s S e p t.

15 1922.

S ta te m e n t a t C lo s e o f B u s in e s s S e p t.

RESOURCES—
L o a n s a n d D i s c o u n t s --------------------------------------------------------- $ 8 ,4 3 5 ,3 5 9
O v e r d r a f t s --------------------------2 1 ,6 6 9
B a n k i n g ; H o u s e ------------------------------------------------------------------3 0 0 ,0 0 0
U n i t e d S t a t e s B o n d s t o S e c u r e C i r c u l a t i o n ________
6 0 0 ,0 0 0
L i b e r t y B o n d s -------------------------------------------------------------------1 ,3 4 3 ,6 6 5
O t h e r B o n d s ----------------------------------------------------------------------3 9 8 ,6 1 2
S t o c k F e d e r a l I n t e r n a t i o n a l B a n k i n g C o ___________
2 1 ,6 0 0
R e v e n u e S t a m p s ---------------------------------------------------------------1 ,4 7 5
5 % R e d e m p t i o n F u n d ------------------------------------------------------3 0 ,0 0 0
F u r n i t u r e a n d F i x t u r e s --------------------------------------------------5 0 ,0 0 0
F e d e r a l R e s e r v e B a n k S t o c k ------------------------------------------4 8 ,0 0 0
C a s h a n d D u e f r o m B a n k s -------------------------------------------5 ,9 2 2 ,3 6 b

87
92
00
00
00

79
00

00
00
00
00
46

$ 1 7 ,2 0 0 ,4 9 9 0 4
L IA B IL IT IE S —
C a p i t a l S t o c k ----------------------------------------------------------$ 6 0 0 ,0 0 0
S u r p l u s a n d P r o f i t s ----------------------------------------------------------- 1 ,6 0 6 ,0 2 0
C i r c u l a t i o n -------------------------------------------------------------------------5 9 0 ,6 0 0
R e s e r v e d f o r T a x e s _______________________________________
310
D i v i d e n d s U n p a i d _______________________________________
360
U . S . B o n d s B o r r o w e d __________________________________
1 3 7 ,5 0 0
D e p o s i t s -------------------------------------------------------------------------------- 1 4 ,2 6 5 ,7 0 8

00
29
00

21
00

00
54

$ 2 5 ,5 9 4 ,8 7 7 .5 3
L IA B IL IT IE S —
C a p i t a l S t o c k ............... ...........................................
$ 1 ,0 0 0 ,0 0 0 .0 0
S u r p l u s a n d U n d i v i d e d P r o f i t s ____________________
2 ,1 6 2 ,9 3 6 .1 0
R e s e r v e d f o r T a x e s a n d I n t e r e s t __________________
1 1 5 ,6 3 5 .2 8
C i r c u l a t i o n ---------------------------------------------------------------------9 6 8 ,4 0 0 .0 0
A c c e p t a n c e s f o r C u s t o m e r s _________________________
3 6 ,4 8 5 .3 7
L e t t e r s o f C r e d i t ______________________________________
1 3 1 ,1 5 8 .8 0
D e p o s i t s _________________________________________________ 2 1 ,1 8 0 ,2 6 1 .9 8
$ 2 5 ,5 9 4 ,8 7 7 .5 3
O F F IC E R S
R O B T . F . M A D D O X , President
D . B . D e S A IS S U R E , Asst. Cashier
JA S. S. F L O Y D , Vice-President
R . B . e U N N i N f l H A M , A sst. Cash.
G E O . R . D O N O V A N , Vice-Pres.
J. F. A L E X A N D E R , A sst. Cashier
T J. P E E P L E S , Vice-President
L . S T I L L M A N , Asst. Cashier
J. S . K E N N E D Y , Cashier
A . N . A N D E R S O N , Asst. Cashier
P . M . S M O A K , A sst. Cashier

$ 1 7 ,2 0 0 ,4 9 9 04
K.
E L M O S L E D D , Vice-President
R . E . H A R D I N G , Vice-President
W . M . M A S S I E . Vice-President

15] 1922.

RESOURCES—
L o a n s a n d D i s c o u n t s _________________________________ $ 1 7 ,1 1 2 ,8 4 6 .1 4
2 ,5 6 4 .6 0 2 .3 5
U n i t e d S t a t e s B o n d s _______ _______
O t h e r B o n d s a n d S t o c k s ____________________________
4 5 ,9 9 8 .7 0
B a n k i n g H o u s e a n d R e a l E s t a t e __________________
9 1 8 ,0 2 0 .0 0
F e d e r a l R e s e r v e B a n k S t o c k ________________________
7 5 ,0 0 0 .0 0
C u s t o m e r s L i a b i l i t y A c c e p t a n c e s __________________
3 6 ,4 8 5 .3 7
C u s t o m e r s L i a b i l i t y L e t t e r s o f C r e d i t ___________
1 3 1 ,1 5 8 .8 0
C a s h D u e f r o m B a n k s a n d U . S . T r e a s u r e r ____
4 ,7 1 0 ,7 7 6 .1 6

M . V A N Z A N D T . President A L F R E D A U S T E L L
J. E P P S B R O W N
R . W . F E N D E R , Cashier
W . J. D A V IS
3. C . D O B B S
H . P . S A N D I D G E , Asst. Cashier
IA S . L . D I C K E Y
K . V . J E N N I N G S , A sst. Cashier
nuA
r> T i n M O V A 1 T
S

IN C O R P O R A T E D

D IR E C T O R S
IT. R . D U R A N D
D R . W . S. E L K IN
JA S. S. F L O Y D
J. T . H O L L E M A N
E . H . IN M A N

R. F. M A D D O X
L . B . PARKS
W . L. P E E L
J. J. S P A L D IN G
A L B E R T E. T H O R N T O N
S. Y . T U T P E R

1900

FRANKLIN NATIONAL BANK
CHESTNUT STREET WEST OF BROAD, PHILADELPHIA
S T A T E M E N T A T C L O SE OF B U S I N E S S S E P T . 15 1922.
R E S O U R C E S

Loans and Investments____________________ $46,915,080.51
Due from banks---------------------------11,549,034.91
5,239,385.11
Cash and Reserve______________
Exchanges for Clearing House...................
3,001,856.07
Interest earned uncollected_________________
131,099.35
Liability under Letters of Credit___________
35,792.57

L IA B IL IT IE S
Capital____________________________________ $1,500,000.00
Surplus and net profits_____________________
5,575,536.18
35,792.57
Letters of Credit___________________________
Discount and Interest Unearned------------------166,059.01
Reserved for Taxes_________________________
571,421.93
Deposits___________________________________ 59,023,438.83

$66,872,248.52
$66,872,248.52
J. R. MoALLISTER, President
J. A. HARRIS Jr., Vloe-President
J. W M . HARDT, Vice-President and Cashier
E. E. SHIELDS, Assistant Cashier
W . M . GEHMANN Jr., Assistant Cashier
M . D. REINHOLD, Assistant Cashier
DIRECTORS
fA M U B L T . B O D IN B
HBNRY TATNALL
V. R U T H E R F O R D M c A L L I S T E R
F R E D E R IC K L . B A IL Y
■ F F IN G H A M B . M O R R IS

P E R C Y O . M A D E IR A
J . A . H A R R IS . J R .
JO H N H A M PT O N B A R N E S
M O R R IS L . C L O T H IE R
O. 8 . W . PACK A RD

AR TH U R W . SEW ALL
L E W I S L IL L IE
JAY COOKE
G . H . F R \ Z IE R
S. E . H U T C H I N S O N

CH ARLTO N YARNALL
W W . ATTERBURY
BDOAR O. FELTON
E D W A R D F . BRALB
D A N IE L B . W E N T Z

TRAVELERS’ LETTERS OF CREDIT ISSUED
FOREIGN EXCHANGE IN ALL ITS BRANCHES
I n v ite s

th e A c c o u n ts o f B a n k s , B a n k e r s , C o r p o r a tio n s ,

M e r c a n tile

F ir m s

an d

I n d iv id u a ls

THE

Mr h n Ntio a Bn
e c a ts a n l a k
P R O V I D E N C E , R . I.
E s ta b lis h e d 1818

UNITED STATES DEPOSITARY
S ta te m e n t a t C lo s e o f B u s in e s s S e p t.

15 1922.

RESOURCES—
L o a n s a n d D i s c o u n t s -------------------U n i t e d S t a t e s B o n d s ----------------- !
O th e r B o n d s a n d S e c u ritie s — R a n k in g H o u se a n d V a u lts - - ..- ,
C a s h , D u e fro m B a n k s a n d U . S . T r e a s u r e r —

$ 7 ,3 6 3 ,1 8 0 .9 1
1 ,5 0 7 ,8 4 2 .0 0
1 ,6 2 5 ,9 9 7 .3 9
1 5 8 ,9 5 6 .0 2
1 ,2 3 4 ,5 6 1 .7 6
$ 1 1 ,8 9 0 ,5 3 8 .0 8

L IA B IL IT IE S —

$ 1 ,000,000.00
1 ,5 7 4 ,4 3 7 .5 4
S u r p l u s a n d U n d i v i d e d P r o f i t s — -------— — -------- -—
1 6 5 .5 0 0 .0 0
R e s e r v e d f o r T a x e s a n d I n t e r e s t -----------------— — 9 8 3 .5 0 0 .0 0
N a t i o n a l B a n k N o t e s O u t s t a n d i n g ------------- — ------2 4 0 .0 0 0 .0 0
R e s e r v e d f o r D e p r e c i a t i o n o f S e c u r i t i e s ----------------6 2 ,6 4 7 .7 6
R e se rv e d fo r D e p re c ia tio n o f B u ild in g & V a u lts —
D e p o s i t s — --------- ------------------------------------- ----------------------- 7 ,8 6 4 .4 5 2 .0 8
$ 1 1 ,8 9 0 ,5 3 8 .0 8

B O B E R T W . T A F T . President
C H A R L E S H . N E W E L L , Vice-President
M O S E S J. B A R B E R . Vice-President
F R A N K A . G R E E N E , Cashier
W I L L A R D l . A N O E L L . Assistant Cashier
H A R R Y S . H A T H A W A Y . Assistant Cashier
C o ll e c t i o n s o n p o i n t s in t h i s S t a t e 'm a d e
s e t a n d r e m itte d fo r p r o m p tly a t lo w r a t e s .




THE SEABOARD NATIONAL BANK
OF NEW YORK, WITH A CAPITAL,
SURPLUS AND PROFITS OF $10,763,­
000, OFFERS ITS SERVICES TO MER.
CANTILE F I R M S ,

INDIVIDUALS,

BANKS AND CORPORATIONS.
CORRESPONDENCE INVITED.

5
f\ U R Bond Department ia in a position to
co-operate with financial institution* having
aurplus funda to place at intereat.
We apecialize in carefully aelected Corpora
tion, Municipal and Railroad bonda, netting
from 5 to over 7 % .
Liata and detailed Information furnlahed
promptly on requeat.

THE BANK WITH 2 6 BRANCHES
HROUGH its system of twenty-six
branches, The P
eoples State Bank is in in­
tim contact w every section of D
ate
ith
etroit. Its
connection w all parts of the Detroit industrial
ith
com unity is direct.
m
This closely-knit system of branches, each a
com
plete bank in itself, as w as its vast re­
ell
sources, and the wide experienceof its personnel,
fit The Peoples State Bank in unusual degree
to act as your Detroit connection.

T

C h ic a g o

T ru st

C om pany

OFFICERS
LUCIUS TETER.................................................. V K Z S S d a n !
JOHN W. O’LEARY.......................................... v u S X S S S
EDWARD P. B A IL E Y .................................... v ^ trrw d en l
JOHN A. McOORMIOK....................................v K S S S S

g ; ° - birnby ----------------------------: : : : ; ; I S I S S g

Capital, Surplus and U
ndivided Profits over $14,000,000
r e s o u r c e s o v e r o n e h u n d r e d m il l io n d o l l a r s

?°w .

THE P E O P L E S STATE

m a r sh a l l : :: :: : :: ."

."

mw.

Rood

BANK

D . D. KLEDER................................................................

E BER E E
B
E RE AK
M M E F D R L RESERVE B N
EM RFED A R SE V BANK
ER

DETROIT, MICHIGAN

T

h

e

C

o r n

E

x c h a n g e

O F
STATEM ENT A T

N

a t i o n

C H IC A G O

CLOSE OP B U S IN E S S

SEPT.

15 1922.
L IA B I L I T I E S .

RESO UR C ES.
.........................$ 5 3 ,0 2 1 ,9 1 2 .8 9
T ia sa L o a n s - - - ..........................................
_ 1 8 .0 9 0 .3 9 5 .6 5
d e m a n d L o a n s ----------------------------------------- ---------------------- -$ 7 1 ,1 1 2 ,3 0 8 .5 4
U n lt a d S t a t e s B o n d s a n d C e r t if i c a t e s o f I n d e b t e d n e s s 9 ,8 8 0 .4 4 5 .0 8
3 ,7 4 0 ,5 4 9 .2 7
O th e r B o n d s. —
-------------------------------------------I llin o is M erchants B a n k B i d e . ................................................ 1 ,3 4 4 ,1 7 2 .1 3
4 5 0 ,0 0 0 .0 0
S to ck in F ederal R eserve B a n k - . - - - - . - - ---------------------3 9 4 ,3 4 9 .9 3
C u s t o m e r s ’ L ia b ilit y o n L e t t e r s o f C r e d it -----------------------1 .7 9 1 .9 8 0 .4 4

„
.. ,
C a p ita l------------------------------------------------------------

_______ $5,000.000.00
10.000,000.00

D iv id e n d s U n p a id --------------------------------------------------------------R e s e r v e d fo r T a x e s ___. . . --------------------------------------------------L ia b il it y o n L e tte r * o f C r e d it ------------------------------------- ----L ia b il it y o n A c c e p t a n c e * --------------------------------------- ----------

668.00

2 5 5 ,3 1 4 .7 6
3 9 4 ,3 4 9 .9 3
1 ,7 9 1 ,9 8 0 .4 4
3 4 2 ,2 9 8 .9 8

D e p o s i t s IB a n k s a n d B a n k e r s ---- --------------I n d i v id u a l................................................ 6 6 ,3 4 1 ,5 3 3 .9 1

99,632,487.45

3 0 ,6 3 5 ,3 7 9 .1 8

$ 1 1 9 ,3 4 9 ,1 8 4 .5 7

$ 1 1 9 ,3 4 9 ,1 8 4 .5 7
O F F IC E R S

E R N E ST A. H A M IL L . Chairman of the Board
_____________________ . a—E D M U N D D . H U L BER T I^eslden^
S w
j F .llO H O E N E C K Cashier
OW^eW ^.^REI^V IS^ ?R ^^^ckl^efddeiit; 6D*
J ™
El «A R Y a A sst. Cashier
J. E D W A R D M A AS8. Vice-President
CHA R LES NO V A K , A sst. Cashier
NOR M AN J. FORD Vice-President
HUGH J. SIN C L A IR . A sst. Cashier
D IR E C T O R S

CLYDE M CARR
HENRY P CROWELL
ERNEST A. HAMILL
EDM UND D . HULBERT

WATSON F. BLAIR
O B BORLAND
EDWARD B. BUTLER
BENJAMIN OARPETNEt.
f o r e ig n

CHARLES H. HULBURD
CHARLES L. HUTCHINSON
JOHN J MITCHELL
MARTIN A. RYER80N

THE

C it iz e n s N a t io n a l B a n k

OF LOS ANGELES, CAL.
S t a t e m e n t a t C lo s e o f B u s i n e s s J u n e

30 1922.

R E SO U R C ES—
..3 2 2 , 7 2 1 ,7 8 9 .5 1
L oans nnd D is c o u n ts ------- "
1 4 9 2 ,0 9 2 .4 9
U. S. B o n d s and T reasury C e r tific a te s ------------------- A 75,000.00
F ederal R eserve B ank S to c k ........................................... — 2 6 0 6 ,3 3 3 .5 9

‘ Fl'rYr'roof "BuildinV cY

’2 6 0 ,0 0 0 .0 0

(B ank B u ild in g )- ------ ---------------------------------------100.00
O th er R eal E sta te O w n e d - -------- ---------------------------3 0 9 .4 7 9 .8 7
C ustom ers' L ia b ility on L etters of C r ed it---------------6 6 .9 5 3 .7 5
A ccep ta n ce A c c o u n t - - - .............................................
100,000.00
F u rn itu r e and F ix tu r e s.........................................................
3 7 .5 0 0 .0 0
Five Per C e n t F u n d ----------------------------------------------•
5 ,7 4 0 .0 0
1 5 6 .5 3 2 .5 6
P n ie^est ” arne'd " U n co llected ............................................. 8 ,9 2 2 ,8 3 4 .1 1
C ash and D ue from B a n k ,.................................. - ...........-■ ^ 7 5 4 , 3 5 5 .8 8
5

L IA B IL IT IE S—
...................................$1,800,000.00
C apital S t o c k - - - - r - - - - - - p - - - - - ..............
1,601,166.37
S u rp lu s and U nd ivid ed P r o fits-..........................
51,791.95
R eserved for T a xes a nd I n te r e s t-------729.600.00
C ir c u la t io n - - - - - ................................ - ....................
...
328.180.00
L ette rs o f C r e d it--...................
66,953.75
D U counts^C oU eC ted U n e a r n e d -------------------------------- 32.15L 436.02
D e p o sits...............................................................
$36,754,355.88
..

G E O E . P . D U F F E T . A ss t. C a s h ie r
O . B U G B E E . A ss t. C a s h ie r
E . T . P K T T I G R E W ^ i < * - P r a ia e n l V 0 IV E Y . A sst. C a s h ie r

A. J. WAT E PS .P r e s id e n t

q e

w “ :

J.

£ a
i.

j:

b

:A ^ B D jA J -ja s g -

O jg j.

H . D 4IV K Y , C a s h ie r
E x c e p tio n a l fa c ilitie s fo r h a n d lin g
c o lle c tio n s o n a ll C a lifo rn ia p o in ts




ROBERT J. THORNE
CHARLES H. WAOKE

CABLE TRANSFERS

LETTERS OF CREDIT

exchange

it°ond ’ U lComme
ck ?C

J. H . 8ELZ

A n g lo &
London
N a tio n a l B a n k

P a r is

Of San Francisco
S t a t e m e n t a t C lo s e o f B u s i n e s s S e p t .

15 1922.

RESOURCES—
..........
$45,885,991.57
Loans and D isc o u n ts--— -.-r r ----------------4.000,000.00
U. S. Bonds to secure C irculation--------------------- . 742.827.72
Other U. S. Bonds and C ertificates------------------7*3 9 3 qbO 20
Other Bonds.................................................................... L959;893.94
Other A ssets-------------- - - - - ------- ---------------------- in 7 5 0 171.10
Customers^Liabillty on Letters of Credit----------- l'375!684.20
Drafts in T ransit--------------------------------------------- 9 7 ’ 7 5 8 046 17
C a sh a n d S ig h t E x c h a n g e ................................................... 2 7 ,7 5 8 ,u a o .ir
$103,865,694.90
LIABILITIES-^
$5,000,000.00
C apital S to c k --------- - ---------------------a ki 1 3 7 0 7 3
Surplus and Undivided Profits--------------------------- 3’95o!o0o!oo
,
Letters1of1*Credit^ * Domestic" and 'F oreign, and if) 75Q m 1Q
rvAcceipiia b ilitie s---------------------------------------- 4 9 ',2 5 2 .978.575.891.09
.
i ’6
,
s
O th er L taKn?*v»‘ ..................—
D e p o s its-------------------------------------------------------- -------------------$103,865,694.90
HERBERT FLEISHHACKER. Pres
MORTIMER FLEISHHACKER,
Vice-President
J. FRIEDLANDER, Vice-President
O F. HUNT, Vice-President
HARRY COE, Vice-President
W E. WILCOX, Vice-Pres. & Cash.
J W.LILIENTHAL JR..Vice-Pres.
FRED F. OUER, Asst. Vice-Pres.
V KLINKER. Asst. Vice-President,
J. S. CURRAN. Asst.Vice-Preslde

J. W. HARRISON, Asst. Vice-Prea.
E. R. ALEXANDER, Asst. V.-Pres.
GEO. A. VAN SMITH, Asst. Cash.
J. G. ANDERTON. Asst.Cash.&Seo
EUGENE PLUNKETT, Asst. Cash
L. L. GOODRICH, Asst. Vice-Pres.
L. J. AUBERT, Asst. Cashier
F. J. HOAGLAND, Asst. Cashier
V. R. PENTECOST, Asst. Cashier
O. E. BAEN, Asst. Cashier
F. L. MOSS. Asst. Cashier

6

T

h e

N

a t i o n a l

B

OF
C O N D IT IO N

AT

a n k

o f

t h e

e p u h lic

CHICAGO

CLOSE

OF

B U SIN E SS

RESOURCES

15 1922

SEPT.

.

L o a n s.
u n itedista ^ i> 'n d '6 th V r
Other Securities. &c............. ................H i:
iif
of Federal Reserve BankLiability on~Biiis Purchased*."?!!!!!.............

R

LIABILITIES

Sn?nl?.lS t° Ck Pa'd ln ...............................$2,000,000.00
undivided P r o f it ; ; ; : : : ............................................ 1-000’000-00
Interest.C oIlected in Advance'of
,165’2G

53,893.50

i ofiS'Snn'nn

C ontingent F u n d ! ! ! ! ! ! ! ! !
^ I ’oco’oo
Reserved for Taxes_________ ~~~~ 1261557.21
Dividend Checks o u t s t a n d i n g .
Currency in C irculation...........................! -----C on tin gen t Liability on other Banks’ Bills

1,16i ’flf'50

Deno^ifsnCeS baSed on ImP°rts and Exports!

1’l38,’468!79

gq’foo'oo
’

eP0S,tS.......................................- ................................. 27,425,995.48

T otal.

-S33,085,320.79

JOHN A. LYNCH, President
ggORGE WOODRUFF. Vice-President
M fK tN N E Y, Vice-President
b. W . WHITE, Vice-President
Vice-President and Cashier
W M . C. FREEMAN, Asst. Vice-President

Total-

.................................................$33,085,320.79

OFFICERS
MEAHL, Assistant Cashier
fpTjnc’ r»
Assistant Cashier
THOS. D. ALLIN, Assistant Cashier
Assistant Cashier
T. II. O CONNOR, Assistant Cashier
H. M . MICHAELSON, Assistant Cashier

T h e C O N T IN E N T A L a n d

Capital,
Surplus and Profits,
$55,000,000,

C O M M E R C IA L

b

a

n

k

s

Combined
Resources Over
$500,000,000

CHICAGO

C o n t i n e n t a l a n d C o m m e r c ia l
N a tio n a l B a n k o f C h ic a g o

C o n t i n e n t a l a n d C o m m e r c ia l
T r u s t a n d S a v in g s B a n k

OFFICERS
OFFICERS
George M. Reynolds, Chairman of the Board of Directors
Oeorga M. Reynolds, Chairman of the Board of Dlreotora
Arthur Reynolds, President
Arthur Reynolds, Preallant
•J°£n J - Abbott.............. Vlce-Pres. Albert S. Martin___ Asst. Cashier
Vtex hR ^ y eclltol— -VIce-Pres. Reuben G. Danlelson....Cashler
n0
,!^ f - S h an n on ....----- Cashier George Allan______ Asst. Cashier
Robert J. Hercock..Aset. Cashier J. S. Macferran___ Asst. Cashier
w
........... Vice-Pree. Harvey C. Vemon..Asst. Cashter
w S t
Vlce-Prcs. Wilber Battery.......... Asst. Cashier
_
„
B on d D e p a r t m e n t
T.
Bnickner...Vlee-Pres.
H. Ersklne Sm lth...A sst. Cashier
Ww-PreaWent Walter J. Engle...A sst. Manager
George W. Pearson----- Manager Louie B. Ferguson..Mgr. of Sales
Joto f '
v . Ce■ £!^ G tm te A ■Jacteon--Asat. cashier
_
T ru st D e p a r t m e n t
c 5 S s a‘
FIoeT jefl' Renry F ‘ Studt......... Asst. Cashier
S f g - A j s y r ....................Vlce-Pres. Edward E. Barker..Aast. Cashier
w«H,d R ^ w1?.............Vlce-Pres. Everett R. MoFadden.Asst. Sco’y
A
William P.Kopf----------- Secretary Kinney Smith__ ____ Asst. Seo’y
Jlmes R 'r
' ' ' •^ IC S ^ • W’ H - GUkea............. Asst. Cashier
8'
Edmund J. Claussen-.Asst. Seo’y
Da^ N n ^ n
...........V ce-Pres. WHllam F. Denny_.Asst. Cashier
S a v in g s D e p a r t m e n t
Dan Norman---------------- Vlce-Pres. Hiram R. C astles...Asst. Cashier
John P. V. M urphy....M anager D . Edward Jones..Asst. Manager




B A N K

A N D

TR U ST

C O M P A N Y

STO CKS
N E W YO RK A N D BROOKLYN

B O U G H T

C L I N T O

I WALL STREET

N

A N D

SOLD

G I L B E R T

NEW YORK




7

8
Chartered 1822

I h e

F a r m

e r s ’

L o a n

a n d

T r u s t

C o n m

NOS. .6 . 1S. a , a n d 22 WILLIAM STREET. NEW VORK
LONDON
BRANCH, 475 FIFTH AVENUE
26 n ? R PurJ Sc
treet) S - w -» 1
26 Old Broad Street. E.
2

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r

=

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f

c

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a n y

Kue dea M a t h u r i n .
I f f * * * * - » « a . Eaecutor.

AdaunUtrator, T ru .tee, G u ardi.

s

a n v

PARIS
41 Boulevard H .u . .n . « „ „

The Company i8 a legal depositary for

-

P

t

B

S

UPO"

s

-

r

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DePO“ t ' "

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on d a „ y

Depoaitary for Legal Re.erve, of State B ^ J k aPPr° V1d f ' nanc,al
F,. c . l Agent for S ta te ., C ou n tie. and C lt ie ^ “

LET T E R S O F C R E D ,T ’ « > » « < » •
Charles A. Peabody
Franklin D. Locked
John G. Agar
Francis M. Bacon, Jr
Robert L. Gerry
James H. Perkins

°

m° ney* ° f tha Ci,F af " • * York.

e x c h a n g e

,

c a b l e

t r a n s f e r s

D IREC TO R S

Parker D. Handy
Fdwm S. Marston
Augustus V. Heely
Lewis Iselin
Paul M . Warburg

Henry R. Taylor
Ogden Mills
Frederick Osborn
Eustis Paine

f ercy ,Ro , p y
Samuel Sloann e *

2nd

O F F IC E R S

Samuel Sloan,
Augustus V. Heely,
William B. Cardozo,
Cornelius R. Agnew,
William A. Duncan,
Horace F. Howland,
Henry King Smith,
D. J. Palmer
Harry D. Sammis,

A

U

G

v,
H - PERKINS, President
Vice-President
J . C . Talley
Vice-Pres. & Secy.
Edward J. Boyd,
Vice-President
Irving H. Meehan,
Vice-President
James B. Little,
Vice-President
William A. Wilson,
Vice-President
S, Sloan Colt,
V'ce-President
Francis W. Myers,
Mgr. Foreign Dept.
Thomas M . Godwin,
Asst. Secretary
Thomas A. Finn,

U

S T

B

E L M

A s s t . Secretary
Asst. Secretary
Asst. Secretary
Asst. Secretary
Asst. Secretary
Asst. Secretary
Asst. Secretary
Asst. Secretary
Mgr. Credit Dept.

O

N

T

&

C

C edar Street
NEW YORK

45

Draw Bills of Exchange and Make Cable Transfers
Issue Letters of Credit for Travelers, Available
m A ll Parts of th e World

Receive deposits of c o r p o r a t i o n ^ a n l l S ^ ^
COUNTRIES
and allow interest. Securities and other r e a f l n d ^ 6^ ^ check °r by 8peciaI arrangement,
Coupons, dividends and interest collected and
’ property received and managed.
Special attention given to investments of all kinrL
InvSsted> under careful advice,
bonds and stocks in all markets, domestic a n d f o r e i ^ 011^
f°r purchase and sale of

M

e s s r s .

B e r n a r d o

J u r a d o -B la n c o

C R E D IT IN FO RM A TIO N O F FIC E
Cable Address REDIT.

CARACAS, VENEZUELA, S. A
P O. B. 304.
Codes: ALL
C a r a c a s O f f ic e ; P la z a d e L a P a . i

L a G u a y ra O f fic e F la g , V a r g ,., N o. ? 0 2 .
F IN A N C IA L D E P A R T M E N T

Information regarding credit and solvency o f commercial houses.

t

£

p£

?

> II.
1

*

“ dSl^ . ® r ‘n Ta Position to buy, sell, represent, import and export merchandise” inrt S eC‘al linos o f business or on merchants interested
^
and credit o f Importers, Exporters and Agriculturists. Judicial and extra-judicial codec tlon” 0*8’ Nam eS' caplta1' magnitude, reliability

v„ ,

v.

C O N D IT IO N S .

, pearly subscription, § 12.00 (10 informations). The subscriber has the rtehf ,
that lapse of time. Information requested by firms who are not subscribers t f L ° r< QUest whatever information ho m ay require during
L
subscriptions accepted from , private persons.
’ W -0 ° eactl tune requested. Information is not given to, nor

We a c ce p t R e p r e s e n ta tio n s a n d S o le A g e n c ies in V en ezu ela of » „ i r. . ,
_
com m ercial R eferen ces. We u n d e rta k e orders fo r a ll m erch an d ise p u t on ^ th e m arkJt'"” 8’




tH° be8t b an kinff and