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'
,
■
-
TWO
SECTIONS
SECTION
ONE
f-:
y'-'
iBank & Quotation Section
Railway Earnings Section
COPYRIGHTED IN 1921
BY WILLIAM
VOL. 113.
8* DANA
Issued
Railway & Industrial Section
Bankers' Convention Section
v
COMPANY, NEW YORK*
Weekly
Railway Seclicxji
City Sectkra
State and
ENTERED AS
SECOND-CLASS MATTER JUNE
23, 1879, ATTHE POST OFFICE
AT NEW
YORK, NEW YORK, UNDER THE
ACT OF HAROH
3, 1879.
NEW
#10.00 Per Year
Electric
YORK, DECEMBER 31, 1921.
Jfinattrtal
W,,li^8Frontn8t^NPY.bCity#ri
^financial
'
NO. 2949.
jTinamtal
CHARTERED 1822
harvey fisk
?HE FARMERS' LOAN &
TRUST
& sons
Harris, Forbes
INCORPORATED
COMPANY
Pine
92 NASSAU
ST., NEW YORK
NEW YORK
10
16, 18, 20 and 22 William Street
475 Fifth
j
OTHER OFFICES
17 EAST
Avenue, at 41st Street
NEW
45TH
Drapers Gardens,
London, E. C.
HARRIS, FORBES
BT.J NEW YORE
&
CO.,
Ino.
'
^
BOSTON
YORK
& Co,
Street, Corner William
BOSTON
CHICAGO
PHILADELPHIA
BUFFALO
HARRIS TRUST
&
SAVINGS BANS#
CHICAGO
MANAGEMENT
OF
Act as fiscal
agents for munici¬
government, municipal,
ESTATES
CARE OF SECURITIES
DOMESTIC AND FOREIGN
BANKING
palities
deal
public utility and
industrial securities
and
in
corporations
Government,
and
munici¬
pal, railroad and public
utility
BONDS FOR
List
on
INVESTMENT
Application
Cable Address
SABA. NEW YORK
FOREIGN
EXCHANGE
AMERICAN EXPRESS COMPANY
LETTERS OF CREDIT
COMMERCIAL LETTERS
ACCEPTANCES
INTERNATIONAL
Established 18101
SECURITIES
The
LONDON
FOREIGN EXCHANGE
Mechanics
and Metals
National Bank
PARIS
Member Federal Reserve
System
and New York
Clearing House
OF THE CITY OF
NEW YORK
COMMERCIAL
LETTERS OF CREDIT
65
broadway
Telephone
new york
Whitehall I0«l
Established 1874.
Capital, Surplus, Profits
John L. Williams & Sons
Deposits, June 30,1921
BANKERS
Corner 8th and Main Streets
;;j-/;1 "\:V
Bend
$27,000,000
$196,000,000
\
Eereign Exchange
RICHMOND, Vfl.
Baltimore Com
R. LANCA
-
True*
Edward B. Smith & Co
Service
Members New York end
Departmeni
ndents:
R
Stock
WILLIAMS
&
CO., Inc.
garfield
Investment Securities
National bank
23rd
STREET,
FIFTH
Crosses
fep&ll,
A
-
Bank
where
AVENUE
The New York
Trust Company
Broadway
$1,000,000
Surplus,
-
$1,800 000
for the Builders of Business
U.S.Government
Philadelphia
*
Capital, Surplus &
Undivided
Wholesalers io
Banks and Brokers
New York
The Chase National Bank
of the City of New York
m 57
BROADWAY
CAPITAL-,—
Loans
$20,000,000
SURPLUS ANDIPROFITS
f
CHBPOSITSKNet;
Profits
OFFICERS
A.rBARTON HEPBURN
$26,000,000
Chairman of the
Advisory Board
ALBERT
H.
WIGGIN, President
Vice-Presidents:
C.FChilds&Co.
The Oldest House in America
Dealing
Gerhard M. Daw
v.
l
Schmidlapp
ReevekSchley
Main Office
Bonds
F
Henry Ollesheimer
Alfred C. Andrews
Robert I. Barr
^
Sherrill Smith
'
AsslstantlVice-Presidents
New York
Boston
Plttaburgh
Detroit
Chicago
100
St. Louis
Edwin A.'Lee
Broadway
Fifth Avenue Office
•
William E. PurdyJ
George H. Saylor
M. Hadden Howell
k
t
57th St. & Fifth Ave.
Philadelphia
George Hadden
Thomas Ritchie,
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
Guy E. Tripp
James N. Hi!
NO. 1
Member Federal Reserve
TV.
Wm.
A.
LAW.
President
Y.
System and
Clearing House Association
William P. Holly
Cashier
DIRECTORS
John J. Mitchell
CHARTER
r"
Gilbert B. Sayres
Alfred W. Hudson
Comptroller """" I"
F!rst National Bank
of
21.002.918
330.965,510
Samuel H. Miller
Carl J.
Exclusively in Government
Philadelphia
Exchanges
Daniel C. Jackltng
Charles M. Schwab
Samuel H. Miller
Edward R. Tincer
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J.
Schmidlapp
Gerhard M. Dahl
4 3
Andrew Fletcher ** *"
Wm. Boyce
Thompson
Reeve Schley
Kenneth F. Wood
H. Wendell Endicott
William M. Wood
Jeremiah Mil bank
Henry Ollesheimer
'
[VOL. 113.
THE CHRONICLE
a
Hnasti of foreign
Strainer*
inbestnuni $on
I. P.
MORGAN & CO.
Wall Street, Corner
Maitland, Coppell & Co.
115
&
Bills
Letters
on
CO., PARIS
'
x
.,
York
;'•
.•.
■,
.•
Letters of Credit
and
Commission.
Commercial Credits.
Mexico.
Principal Places in
Cable Transfers.
parts
St., Boston
Commercial and Travelleis
Freres & Cie, Paris,
Messrs. Mallet
Bank of
Agents for the
Travelers, available in all
Letters for
Bank of
National Provincial & Union
England, Ltd., London,
The
YORK
OFFICES
42nd St., New
•«.
Vendome
14 Place
Circular
BRANCH
216 Berkeley
Telegraphic Transferst
of Credit
of Exchange,
Securities bought and sold on
Foreign Exchange.
Securities.
Corporations and negotiate and
Broad Street
HARJES
SOKGAN,
agents of
4S East
MORGAN, GRENFELL & CO., LONDON
No. 22 Old
as
St.
Broad
NEW
issue Loans.
and Chestnut Streets
Corner of 5th
Act
18
Devonshire St.
BOSTON
all Investment
Orders executed for
PHILADELPHIA
CO.,
&
KIDDER, PEARODY & GO.
NEW YORK
NEW YORK
OEEXEL
STREET
62 WILLIAM
of Broad
exchange
of the world.
on
Australasia.
CREDIT
TRAVELERS' LETTERS OF
BROTHERS & CO. LTD
BARING
LONDON
BROWN BROTHERS & CO. !
Bostoi*
NEW YORK
i
Belmont & Co.
August
■
_
|
iPnLADKLPHU
43
Stock Exchange.
Members New York
Correspondents of the
Agents and
SONS, Baltimore
ALEX. BROWN <fc
,
ROTHSCHILD,
Messrs.
and Vienna
London, Paris
& Co.
3. & W. Seligman
OF CREDIT
ISSUE LETTERS
Securities
Investment
YORK
EXCHANGE PLACE, NEW
for Travelers
Foreign Exchange
Deposit
of the world.
Available in all parts
Draw
Accounts
and make
bills of Exchange
NS-54 Wall Street
Telegraphic
Transfers
Commercial Credits
and sale of
for the purchase
Execute orders
NEW YORK
r
Bonds and Stocks.
"
Travelers' Credits
SHOWN.
I
\
Equipment Bonds
SHIPLEY & CO.
tOHDOR
RAILROAD
CAR
TANK
T. SufTern Taller
INDUSTRIAL
James G. Wallace
trsnvllle Kane
Mmoiid&Co.
Company
Freeman &
Now
Philadelphia
York
Pittsburgh
TA1LER&CD
Members New York
Stock Exchange
10 Pine Street.
New York
Investment
Lawrence Turnure
&. Co.
New York,
and sold on com¬
credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain.
Make collections
in and issue drafts and cable transfers on above
Investment securities bought
59 CEDAR STREET
Member*
54-66 Wall Street,
New York
Winslow, Lanier & Co.
Travelers'
mission.
London
Bankers: London Joint City
Bank, Limited.
&
Midland
BANKERS.
LAZARD FRERES
Heine & Co.
Paris Bankers:
19
Received
Allowed
Subject
on
Bought and
|.
Draft.
to
Interest
Securities
Deposits.
Philadelphia and
Pittsburgh Stock Exchanges
countries.
NEW YORK
Deposits
Securities
<>
.
Investment Securities
Wllasfni
Washington
Baltinors
NEW YORK
M PINE STREET,
Sold on
Commission.
Graham. Parsons X Co
30 PINE ST.
NEW YORK
ST.
PHILADELPHIA
436 CHESTNUT
foreign Exchange, Letters of
Credit
if
"'v.
Investment
i
LAZARD
Purchase
Securities
of
Madrid
A Co., Ltd., Antwerp
Mayence
Frires
A
Exchange
Cle,
Bought and Sold on
Letters
UTILITIES AND
INDUSTRIAL
Pari*
Street
Foreign
NOTES
RAILROADS,
Old Broad
Brothers
BONDS.
AND
BONDS
CIE.
piiut-win
Brothers A Co., (Espana)
La sard
Laaard
MUNICIPAL
Investment
Ru.
BROsf&cb., Ltd., Londan
11
Laaard
of
Issue*
A
FRERES
LAZARD
Securities
DmI In and
Bonds for
Nassau Street
NEW YORK
Oammtestsa
of Credit
CORPORATIONS
of
Kean, Taylor & Co.
Pittsburgh
New York
ESTABLISHED
Cable Address
VALUE
"Graoo," Philadelphia,
HEIDELBACH, ICKELHEIMER & CO.
HUTH & CO.
New YopI
80 Pine Street
37 William Street.
John Munroe & Co.
M
PINE
STREET.
NEW
Letters of Credit for
Depoeit
YORK
Travelers
N.
Y.
Execute orders for
STOCK
EXCHANGE,
purchase and sale oi
Foreign Exchange.
Foreign Exchange
Issue Commercial and
PARIS
Commercial Credits,
CO.
Travelers' Credits
the world. f
available in all parts of
PAU
Foreign Exohangf,
Cable Transfer! on
Bought and Sold.
Cable Transfers
MUNROE &
Securities,
Foreign Bonds & Investment
Stocks and Bonds.
Accounts
iesunerclal Credits
MEMBERS
FREDK HUTH & CO.,
and
on
the Continent or
London
Europe.
DEC. 31
1921.]
THE CHRONICLE
InbtBtment awb
in
jfjaarig
Goldman, Sachs & Co.
60 Wall Street
NEW
Lee, Higginson & Co.
Investment Bankers ?||
Boston
SAN FRANCISCO
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
Hon Building
LOUIS
WASlHL
SEATTLE,
Title Insurance Building
LOS ANGELES, CAL.
MEMBERS
Members of New York and Chicago
Stock Exchanges
NEW YORK STOCK EXCHANGE
;
New York
BOSTON
421 Chestnut Street
Montgomery Street
ST.
Hageb
&
60 Congress Street
CHICAGO
14
!||
Millett, Roe
YORK
137 So. La Salle Street
Chicago
Higginson & Co.
Commercial
80, Lombard St.
Securities bought
London, E. C.
Paper
and sold
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
in
all
52
Letters
of
parts
WILLIAM ST.
NEW
VOUI
Credit
of
the
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT
BONDS
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW
EVANS, STILLMAN & CO.
YORK, BOSTON AND
CHICAGO
STOCK
Members New York Stock
Direct
wires
to
Acceptances
EXCHANGES
all principal
markets
Exchange
BROADWAY
60
NEW
lain
Office:
National
Oltjr
Uptown Branch: 42nd
YORK
St.
Bam
Ac
BnOHDat
Madison
if
Office* in OS Citie*
Boston
Chicago
Detroit
Portland
Providence
Established
Robinson & Co.
1888
Investment Securities
U. S. Government Bond*
,1;
•
'
'
•.
■
-
'
: I
•
•
I
.
*
•
-l
,
•
.
Investment Securities
BOISSEVAIN
52
&
CO.
W. A. Harriman & Co
BROADWAY, NEW YORK
Members of the New York Stock
Exchange
26
New Y«vfc
Exchange Place
Members New York Stock Exchange
INCORPORATED
'
••
.-v. v 1
'■
if-
..
;
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN
EXCHANGE
Niw York
Boston
Conservative
Syracusi
MESSRS. PIERSON & CO.
Investment Securities
Amsterdam, Holland.
Yielding 6%
Earsey Bros. &. Ox
blajntkjeics
MEMBERS
PHILADELPHIA STOCK EXCHANGS
Howe, Snow,
Investment
GRAND
Securities
8%
Peabod^
Corrigan & Bertles
Investment
to
Distributers
Underwriters
Houghteliiig&Co.
Bankers
RAPIDS,
MICH.
EST. 1865
INC. 1918
10 So. La Salle St.
1421 CHESTNUT STREET
PHILADELPHIA
886 Madison
Chicagr*
An., Now York
DAVIS & CO., LTD.
BANKERS' BROKERS
Marshall Held, Giore, Ward & Co.
187
Buenes Alrea
New York
Rio de Janeiro
Montevideo
SOUTH LA SALLE STREET
Foreign
Exchange
CHICAGO
Sao Paul#
ALDRED &
Santos
40
Argentine Pesos
Uruguayan Pesos
Wall
New
CO.
Street
York
Brazilian Mllreis
14 WALL STREET
NEW
Fiscal Agents for
YORK
Uruguayan Cedulas
Public Utility and Hydro-Electri#
{Argentine Cedulas
Peso
Dollar &
Companies
Sterling Issues
PESO
COUPONS PURCHASED
49 Wall St.
Tel. Hanover 394
RAILROAD, INDUSTRIAL,
FOREIGN
H.
T.
HOLTZ &
CO.
GOVERNMENT
AND
MUNICIPAL BONDS
INVESTMENT
HARPER
& TURNER
INVESTMENT
BONDS
STOCK EXCHANGE
LA
SALLE STREET
CHICAGO
FOR INVESTMENT
BUILDING
WALNUT STREET ABOVE BROAD
39 SOUTH
■
BANKERS
PHILADELPHIA
Members Philadelphia Stock Exchange
Parker &
49 Wall Street,
Company
New Yorlk
*
[Vol. 113.
CHBONICLB
THE
IT
financial
jflnantial
financial
Investment Bankers
ESTABROOK & CO.
are
Power and
Members New York and Boston
Stock Exchanges
CHASE & COMPANY
Light Securities
issued by companies with
of substantial earnings.
SECURITIES
INVESTMENT
offered
We extend the facilities of
15 State Street,
mation
NEW YORK
24 Broad Street,
(Paid
BORG & CO.,
SIMON
.
we
identified.
are
71
Broadway
•
NEW YORK
66 BROADWAY
New York
-
Exchange
Stock
J. S. FARLEE A CO.
New York
-
MUNICIPAL AND RAILROAD
J£a. 46 Cedar Street
Boston
Members
Surplus,
Capital and
$27,000,000)
up
York Stock Exchange
Memktrt of Now
BOSTON
19 CONGRESS ST..
ELECTRIC BONO AND SHARE CO.
HARTFORD
A
organi¬
reports on any of the com¬
or
panies with which
SPRINGFIELD
7ROVIDENCE
our
zation to those desiring detailed infor¬
BOSTON
-
BONDS
long records
EST. 1882
BONDS
For Conservative Investment
HIGH-GRADE
Tel. 9695-9699
Bowling Green
INVESTMENT SECURITIES
R. L.
ESTABLISHED 1860
c
«flxJ\&>JCu$eb&Co
0 Nassau
Day & Co.
35 Congress
New York
Investment Bonds
St., Boston
Correspondents
REMICK, HODGES & CO.
St., N. Y.
UMBERS NEW YORK
/
STOCK EXCHANGE
f
Binds as Safe
\
Deal In
On CIttes
is
/
Underlying Railroad Bonds
and
Tax-exempt Guaranteed &
>Railroad & Telegraph Co.
Preferred
Stocks*
PARKINSON &. BURR
William R.fqmpton fa
Members of the New York and
Boston Stock Exchanges
STOCKS AND BONDS
taught
and
sold
cash,
for
conservative
carried
er
-
INVESTMENT BONDS
an
.
' ..l''t
*•'
■'
terms.
••
r
•' ;•
Inactive and unlisted securities.
63
Inquiries invited.
•
14 Wall
BOSTON
State Street
Street, New York
Cincinnati
New Orleans
Louis
St
Chicago
FINCH A TARBELL
Members New Yerk Stock Exchange.
NEW YORK
!M BROADWAY,
'
We
'
.
H. MOUNT AGUE
^ooseuell k
Founded
will
be
glad to
receive
V
inquiries
VICKERS
dealers
from
Wall
49
1797
on
Bond issues.
Standard Foreign
Street
STROUD & CO.
Guaranteed Stocks
Bonds
Seasoned
1429 Walnut St.,
Investments
ALWAYS
30 Pine Street
New York
refer to the
when you
bonds
or
unlisted
or
or
sell
40
Land Title Building
Wall Street
NEW
SECURITIES
PHILADELPHIA
YORK
inactive
stocks.
/ A
INVESTMENT
Department
wish to buy
Philadelphia
UERTRON, GRISCOM & CO. INC.
Financial Chron¬
Trading
icle
—
|
Exchange Place, New York
43
INVESTMENTS
Survey of the
OIL INDUSTRY
Pask & Walbridge
A brief summary
ganues ^alccti |uc.
of the
the
World's
I
Second largest
Industry
I
future
of
Free
on
1
request
14 Wall Street
Phone
1053 Recter
New York
FOUNDED 1854
Municipal, Railroad,
Public Utility
FACTORS
and
Industrial Securities
R.C.Megargel&,Co.|
York!!
27 Pine Street
Main Office
225 4th Ave
-
•
New York
New
WATKINS & CO.
7 Wall
Cable Address
Quomakel
Street
NEW YORK
40 State St.
BOSTON
DEC. 31
1921.]
THE
CHRONICLE
Canabtan
Canadian
THE CANADIAN BANK
OF COMMERCE
BANK OF MONTREAL
Government and Municipal
Established
100 Years
over
HBAD
Bonds
These
bonds offer exceptional
oppor¬
tunities for sound investment.
If pur¬
chased now they will
yield from
sy2% to 7%
$22,000,000
Assistant
Head
Sir
Office—MONTREAL
Branches and
Incorporated
Throughout Canada
At
made at all
Newfoundland.
In
the
Banking
London, England, and at Mexico City.
Parle, Bank of Montreal (France).
United States—New York
(In which
an
Montreal).
ef
tV«G>i:
BANKERS IN GREAT BRITAIN
The
British
Guiana and
West
Colonial
Bank
(of
London),
interest Is owned by the Bank
Bank
of
England,
The
Montreal).
of
Exchange badness
LONDON OFFICE—2 Lombard
Street. B,
(94 Wall
British American Bank
(owned and controlled
by the Bank of
Africa—The
and
description transacted with Canada.
Street), Chicago, Spokane, San Francisco—
Indies.
points.
Travelers' Cheques and Letters ef
Credit lasses
available In all parts of the
world.
In
.West
1
Buy and Sell Sterling end Continental
Exchange and Cable Transfers.
Collutisar
Agencies:
and
Exchange PCnee
* f Agentts
STEPHENSON,J
GORDON, C.B.E., Vlc.-Pr.a.
Frederick Wllllama-Taylor
General Manager.
Wood, Gundy&Co.
14 WALL
STREET, NEW YORK
Toronto, Winnipeg, Montreal, London,
Eng.
New Tork Office, 16
F. B.
FRANCIS,
C. L. FOSTER,
C. J.
VINCENT MEREDITH,
Bart., Fr.sM.at.
request.
910.000.009
General Manager, H. V. V. Joass.
...517,403,162
SIR CHARLES
915.000,009
—
President, Btr Edmund Walker.
O.V.O., LL.D.. D.O
General Manager, Blr John
Alrd,
Rest & Undivided Profits
23,501,646
Total Assets
United States funds
on
RESERVE
Capital Paid Up
SIR
Principal and interest payable in
Full Particulars C-21
OFFICII. TORONTO
PAID UP CAPITAL
Bank
of
Scotland,
Lloyd's
Bank,
Limited.
'
THE
Jl'&'<Anics
&
established 1*89
Awnbcrs Toronto Stock
(So
ROYAL BANK OF CANADA
Established
GxchattQe
<3an<adian
Municipal
„
£ Corporation
.
United Financial Corporation
Securities
21,000,000
Assets
C.
.600,000,000
Man.
E.
Direct#
NEILL. General Manager
Monlredt
VlctorwUC.
$80,000,000
Head Office
Montreal
SIR HERBERT 8.
HOLT, President
E. L, PEA8E, Vlce-Pres. &
INVESTMENT BANKERS
ftoixmto
Total
Limited
I
1869
Capital Paid Up
Reserve Funds
720 Branches throughout
CANADA and
FOUNDLAND,
In
CUBA,
PORTO
Chicago
Canadian
Government,
Municipal
and
Provincial,
ISH
and
FRENCH
HONDURAS
Corporation
Bonds
and
NEW-
RICO,
COSTA
VENEZUELA, BRIT¬
DOMINICAN
REPUBLIC,
RICA, COLOMBIA and
WEST
INDIES, BRITISH
BRITI8H
ARGENTINA—Buenos
HAITI,
GUIANA.
Aires.
BRAZIL—Rio de Janeiro,
Santos, Sao Pau»
URUGUAY—Montevideo.
112 St. James Street, MONTREAL
RNEIT.
t MIOUS
Cr CJO
Toronto
Ottawa
London, Eng.
SPAIN—Barcelona.
■■'-.-..'■"V'LONDON OFFICE—Princes
Street, E. O.
NEW YORK
AGENCY—68 William St.
F. T. Walker and J. A.
FRENCH
Beatson, Agents.
AUXILIARY:
The
Royal Bank
(France), PARIS, 28 Rue de
Quatre-Septembre.
Canada
Kj
KcpbcnMontnal StooiExduvvgr
IT St. John Street
Montreal
.«.»
STOCK AND BOND BROKERS
R.
A.
Daly
&
Co.
THE DOMINION BANK
HEAD
Paid
CANADIAN
GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
of your
Sir Edmund Osier,
Departments
can
New York Agency, fl
Broadway
C. S. Howard. Agent
London Branch, 78 Cornhlll
8. L. Jones. Manager
be
Canadian
Government, Provin¬
cial, Municipal and Corporation
CANADIAN
AND
FOREIGN
EXCHANO
BOUGHT AND SOLD
Bonds
TRAVELERS* AND COMMERCIAL
Bought—Sold—Quoted
ad in the Classified Department
of the
Clarence A. Bogert.
General Mana
Bank of Toronto Building
any one
obtained by inserting a small
7,819,000
.129,000,000
TORONTO, ONT.
capable head for
$6,900,000
President
A BUSINESS EXECUTIVE
and
OFFICE, TORONTO
Up Capital
Reserve Funds & Undivided Profits
Total Assets
LETTERS OF CREDIT
GREENSHIELDS & CO.
Members
Dealers
FINANCIAL CHRONICLE
Our Classified
17
Montreal
in
St.
Stock Exchange,
Canadian
Bond
Issnel.
John
Street, Montreal
CANADIAN
Department faces the
inside
GOVERNMENT
and
Municipal Bonds
back cover.
Correspondence Solicited
CANADIAN
INVESTMENT SECURITIES
Offerings
on
Request
M ac Kay—M ac Kay
C.
P.
R.
BIdg.
TORONTO, ONT
Correspondence Incited
Adrian Hi
Muller & Son
'
McDonagh, Somers & Co.
Dominion Bank Building
AUCTIONEERS
OFFICE
No.
M
Corner
WILLIAM
TORONTO, CANADA
STREET
CANADIAN
Pine Street
BONDS
Ragular Weekly Sales
Nesbitt, Thomson & Co.
or
Limited.
Stocks
and
Bonds
Canadian
Municipal, Public Utility A
Industrial
EVERY WEDNESDAY
bonds
222 St. James St., MONTREAL
41 the
Enhance Seles Room
14-19 Vesey
Street
Hamilton
Toronto
_
London, Ont.
/Emilius Jarvis & Co.
INVESTMENT
BANKERS
Established 1991
[VOL. 113.
CHBONTOLE
THE
71
foreign
BANK OF
CHAIRMAN:
<ESTABLISHED 1817.)
124,826,000
fald-Up Capital
ItMrTc Fund...
Ktnrvt
JOINT
S.
$66,777,000
Aggregate Assets 31et
March, 1921_$378,462,443
Manager.
New
States,
Reserve Fund
10,860,565
•
10,360,565
•
-
OFFICE:
HEAD
THREADNEEDLE
39,
371,322,381
-
Deposits (June 30th, 1921)"
London Office
Office
Head
Capital
£38,116,815
-
•
Zealand,
and London.
The Bank transact*
rrery description of Australian Banking Business.
Waal and other Produce Credits arranged
(New Guinea)
GEORGE STREET
SYDNEY
E. W. WOOLLEY
F. HYDE
MURRAY
Paid-up
AGENCIES in the
Fiji, Papua
BRANCHES and
$58
*n»trallaD
MANAGING DIRECTORSi
Subscribed Capital
LINES,
OSCAR
General
B.
McKENNA
R.
Hon.
Right
The
17,125,000
Proprietor#.. 24,826,000
Liability of
LIMITED
BANK
MIDLAND
WALES
NEW SOUTH
AND
LONDON JOINT CITY
New Zealand
and
Australia
STREET, E. C. 2
ENGLAND AND WALES
OFFICES IN
BROAD STREET, LONDON. EC2.
"Berengaria" " Mauretanla m
& 66, OLD
OVERSEAS BRANCH: 65
Atlantic Offices:
STREET, LONDON. EX.*
THREADNEEDLE
5,
1,550
OVER
"
" Aquitania
AFFILIATED BANKS' •
(HE ONION BANK OF
AUSTRALIA, Limited
incorporated I860.
established 1837.
The
4CEW
OFFICES IN IRELAND
OVER 110
£2,750,000
Liability of
£5,a00.00f
Proprietora
(0
THEOVER 160 OFFICES IN SCOTLAND LTD.
CLYDESDALE BANK
CO. LTD.
£9,000,006
£2.500,000
aad Issued
Capital Authorized
Capital Paid Up
Reserve Fund...
keeerve
BELFAST BANKING
has 42 Branches In VICTORIA, 88 Id
WALES, 19 in QUEENSLAND. 14
AUSTRALIA. 20 in WESTERN AUS
8 in TASMANIA and 46 in NEW ZEA
Bank
SOUTH
THALIA,
AND.
Total. 182
Head
Office: 71.
Cornhitl, London, JK.C.
danaeer. W. J. Esaamo.
Secretary. G.
L'Etranger
Banque Beige pour
SOUTH
YORK AGENCY
NEW
Asst. Mgr.. W. A.gLafnc
T. Tobltt.
Generate de Belgique)
(Filiate de la Societe
67 Wall Street,
THE
Head
Commercial Banking Company
N. Y.
Officf: BRUSSELS
Branches and Agencies
of Sydney
LONDON
COLOGNE
CAIRO
limited
MANCHESTER
BUCHAREST
ALEXANDRIA
BttabtUhed 1834.
PARIS
AFFILIATED BANKS
..£1,000.000
2,640,000
2,000,900
of Proprietors
Banco de
Societe
£6,040,000
elsewhere
Bills on Australasia
collected.
Remittances cabled.
Sydney, New South Wales
or
Kouyoumdjisky & Co., Sofia.
Commercial Banking business
!b Australia and
and Morocco.
Cartagena, Spain
Wiener Bank
Drafts payable on demand,
and Letters of
Credit are issued by the London Branch on the
iXead Office.
Branches and Agencies of the Bank
«s got lated
TIENTSIN
TANTAH ♦
.
Incorporated in New South Wales.
/* aid-Up Capital
leeerve Fund.
Eeaerva Liability
PEKING
SHANGHAI
Verein.
with Europe and the Far East
Head Office,
London Office:
19,
Btrchln
Street. E. O.
Lombard
Lane.
Banking Facilities
in Italy
NATIONAL BANK OF INDIA Unite.
Lincoln Menny
Oppenheimer
Cable Address
"Openhym"
Blshopsgate, London,
dead Office: 26,
I. 4
Our
In
India,
Burma, Ceylon, Ksav
and at Aden and Zanzibar.
Colony
GERMANY
Government In British Kir
Uganda
Africa and
•ranches
BANKERS
PRANKFORT-o-M.,
Hankers to the
offer
Subscribed Capital
£4,000.006
Paid-Up
Capital
£2.000,000
Reserve
Fund
—£2,600,000
fli Bank conducts every description of ba*K&»
completeness.
FOREIGN
INVESTMENT SECURITIES
FOREIGN
EXCHANGE
And several
Reserve Fund In
HEAD OFFICE, ZAGREB
ISSUE
York Agency
BERKS,
AND LETTERS OF CREDIT
COLLECT BILLS PAYABLE IN
CHINA. JAPAN. PHILIPPINES,
ELEMENTS. INDIA, JAVA AND
J.
A.
JEFFREY,
Agent,
38
York Agency, 62-64
Authorized
Surplus
8TRAITS SET-
.
Resources
8IAM.
Wall St., New York
William St.
$80,000,000
Capital
.
$62,400,000
$31,200,000
.
$1,286,817,065
Capital fully paid
DRAFTS
NEGOTIATE OR
LOTH A R
New
£2,500,000
Gold Sterling
world.
BancaCommercialeltaliaifo
(Hongkong Currency)..,H$15.000.000
Fund In Sliver (Hongkong Curr,)H$21,500,000
Paid up Capital
Reserve
Constantinople
affiliations
throughout the
Shanghai
BANKING CORPORATION
BANK OF JUGOSLAVIA, Ltd.
BRANCHES
London
York
New
Hong Kong &
New
a
vice of
exchange business.
and
in 80 cities
Italy enable us to
commercial banking ser¬
exceptional breadths and
branches
own
throughout
.
.
MILAN, ITALY
Head Office:
Agent
,
N. CVETNIC,
Sub-Agent
LEO SORGER,
Sub-Agent
National
Discount The Union Discount Co.
of London, Limited
Company, Limited
The
Subscribed Capital..J.K.200,000,000
50,000,00'
Reserve
Cable
New York
25 Broadway,
Cabla Address "JugobanL'
LONDON, E. C.
85 CORNHILL
—$21,166,625
4,283,325
2,600,000
Subscribed Capital
Paid Up
Capital
Reserve Fund
($5=£1 STERLING.)
FOREIGN MONEY
BOUGHT and SOLD
as
Est
Telephone 4337-8
NEW
Capital Authorized &
Capital Paid Up
Reserve
Udisco: London.
Subscribed.$10,000,000
6,000,000
5,000,006
Fund
$5 £1
STERLING
follows:
call.
and 14 days' notice.
Approved Bank A Mercantile Bills discounted.
received on deposit at rates advertised
time to time; and for fixed periods upon
Money
specially agreed terms.
Loans granted on
proved negotiable securities.
PHILIP
HAROLD WADE,
ap¬
on
HEREBY GIVEN that ths
INTEREST allowed for money
deposit are as follows:
Call, 3 Per Cent.
At
OF
Deposit Me
that the RATES
for money on
from
1887
St CEDAR STREET
allowed
3% per annum at
ZH% at 7
HANDY and HARM AN
|
CORNHILL
Address,
At
NOTICE Is hereby given
INTEREST
39
Telegraphic
Address—Natdls London.
3
NOTICE
RATES
to
IS
OF
7 Days' Notice,
3>i Per Cent.
discounts approved Bank and
Mercantile Acceptances, receives Money on De¬
posit and effects Purchases and Sales of Govern¬
ment
Stocks, Treasury Bills, Shares and other
Securities on the usual terms.
The
Company
CHRISTOPHER R. NUGENT, Manager.
Due. 31
1921.]
THE
CHRONICLE
VII
Jforeign
y*reign
BANCO DI ROMA
ESTABLISHED 1880
Head
Office:
Rome, Italy
Capital Fully Paid and Surplus
Banqne Nationale de Credit
$35,000,000
$1,000,000,000
Total Resources Over
(Five Lire—One Dollar)
Capital
More than 250 Branches throughout
Europe, Asia and Africa
Surplus
fr,.
Deposit*
f r,.2,420,000,000
Each month
events In
as
well
as
our
Italy.
institution distributes
"...fr*.
bulletin relative to current
a
380 Branoheo In Franot
shall be glad to mail the
Kindly address
we
:
PARIS
helping to keep in touch with Italian affairs
Upon request
92,000,000
Head Office
American Bankers will find this publication of interest
of value to them in
500,000,1
current Bulletin to you.
Rodolfo Bolla
American
One
Wall
GENERAL BANKING BUSINESS
Representasioe
Street
New
York
THE NATIONAL PROVINCIAL ud
UNION BANK OF
ENGLAND,
LimltodL
Established
HEAD
OFFICE
IS,
r
18SS.
BISHOPSGATE,
LONDON,
ENGLAND.
($8 -£1.)
Subscribed
Paid
Up
Reserve
Every
BANK
Capital
Fund
description
witii
% 217,235,400
-
of
HAS NEARLY ONE
together
-
Capital
• 46,547,080
8 44,390,205
-
Banking
THOUSAND
Agencies
ia
Business
OFFICES
nil
IN
sf
parts
transacted,
ENGLAND
AND
VALH,
THE BANK is prepared to
purchase approved bills
or
Africa.
World.
the
TamnwammKummmimm
Open letters of Credits
for approved firms for the im¬
port of goods from South, East
and Central Africa.
International Banking Corporation
80
WALL
TORE
STREET, NEW
Capital sad Surplus.......
Undivided
NATIONAL BANK of
of EGYPT
SOUTH AFRICA,Ltd
810,000,001
Profits
New
Head
$4,000,001
Branches
London
NATIONAL BANK
CITT
York
Agency, 44 Beaver St.
Office—Cairo
BOMBAY
la
Lyons
San
Franelss
China
Java
Panama
India
Philippines
Santo
Japan
Straits
Established
Doming'
Capital, fully paid..
£3,000,000
Reserve
£2,000,000
Fund
COMMERCIAL
BANK OF
EitobiUtud
Subscribed
Capital
Paid up
LONDON
6
BANQUE GUYERZELLER
AND
7
KING
WILLIAM
ST.s
LONDON, E. C., 4, ENGLAND.
Capital
Reserve
AGENCY
SOCIETE ANONYME
Fund
#*'■««
.
.
.
,
,
Office, 14
The Mercantile Bank of India Ltd
Head
Established 1884
Every description of banking b mines*
transacted.
Reserve
Fund
Branches
George Street, Edinburgh
Magnus Irvine, Secreted
Alex. Robb, Gen'l Manager
Glasgow Offleo, 118 Buchanan Street
MS Branches and Sub Otftoea throughout
and
Undivided Profits
£1,227,638
India, Burma, Ceylon, Straits Settle
Malay States, China and Mauritius
York Agency, R. A. Edluadb, 64 Was Street.
New
-
'
/
PRAGUE
Hand
'
CREDIT
Off lea:
Branche
i
Prague,
Ionian
Bank, Limited
Incorporated by Royal Charter.
Offers
CO
NEW YORK
In
1871.
Capital and Raaarves
C«K118,000,041
banking facility for transaction
with Greece, where H has been established for
80
years,
and
has
Branches throughout
She
every
Country.
«
Also
at
Alexandria. Cairo, Ac.,
Head Of flea: Basildon House,
in
Egypt.
Moorgate Street,
LONDONy
and
BANK
CaechoelovaALk
throughout Oaacheolavalda.
Established
Commercial
1,008,88
41,008,83
.
London, E.C. 3
in
•
111 Pf*l Stmts
.
Capital Authorised.................—SJ.tOS.SSS
Capital Paid Up
JE1.S6S.SSS
ments, Federated
&
1,788,88
.
Now York Agontt
Amsricaa Exchange National Bash
Office
15 Gracechurch St.
Paid up Capital Fro. 6,000,000
BROTHERS
41,806,86
.
,
.
Deposits (Nov. 1080)
Heed
SCOTLAND, lit
1810
London Offlco, 62 Lombard Street
ZURICH
K0NI6
ANTWERP
Egyptian
Lav
June, 1898, with the exclusive right t>
issue Notes payable at sight to bearer
Spain
Settlements
LONDON
under
Ea Cf I#
SOCIETE GENERALE ALSACIENHE
DE BANQUE
Fondea in 1881
Travellers
Siege social:
Letters of Credit
on
English Scottish and Australian Bank, Ltd
Head Office:
Gracechurch St., London, E. C.
Capital
£3,000,000
0
0
Reserve Fund—
1,232,162
0
0
Subscribed Capital
2,495,525
0
0
Paid-up Capital
1.319.887 10
0
Further Liability of Proprietors. 1.319.887 10
0
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for
Collection,
Banking and Exchange business of every de¬
scription transacted with Australia.
5
Authorized
KONIG BROTHERS, LONDON
and
NEDERLANDSCHE HANDEL-MAATSCHAP
ROnERDAM
,
E. M. JANION, Manager.
Strasbourg
4, Rue Joseph Mastoi
CitlUl, 100 millions da francs entleffgama
verses
M Agenccs netamnsent
■ULHOUSB
a
BET J
COLOGNE
RAYENCI
LODW1QSHAPEN
FRANCFORT
8ARREBRUCK
the
rni
[VOL. 113.
cheoniclb
Danker* an® Prsbets ©utaibe fltto Stork
CHICAQO
OHICAUO
■ ILWAUKEI
Investment Securities
EDGAR, RICKER &, CO.
*
East Water and Mason Street*
A. G. BECKER & CO.
MILWAUKEE, WIS.
137 So. La Salle Street
.
CHICAGO
Marinette &Menom.Paper Co.
First
Federal Securities
7V,r, due 1936
Corporation
BONDS
38 South Dearborn Street
Commercial Paper
Financing of Milwaukee
CHICAGO
St. Louis
York
New
and Wisconsin
Distributed
&
Underwritten
Sen Francisco
JAMES
Industries.
Lot*
Seattle
Angeles
D.
Lacey Timber Co,
Investment Securities
BONDS
TIMBER
based
■Bought and Sold.
First Wisconsin Company
always upon
expert
verification
Greenebaum Sons
Investment Company
Safe Investments Since 1858
Investment Securities
of
I
Safe First Mortgage
INVESTMENT BONDS
Real Estate Serial Bonds
Suitable
ance
Investments for
& stitt
scott
8. B. Cor. LaSalle and Madison Sts.
WISCONSIN
MILWAUKEE
underlying assets
888 SOUTH MICHIGAN AVE., CHICAGO
W.
U1
Insur¬
Banks,
Monroe St.
CHICAGO
Companies, Estates and Individuals
Approved and Recommended by the
OLDEST
Second Ward Securities Co.
Bessnd Ward Savings Bank
BANKING!
HOUSE
CHICAQO
IN
MUNICIPAL BONDS
Bldg.
Gammack, Ray & Co. inc.
First Mortgage
Corporation Bonds
MILWAUKEE
Short Term
108 So, La Sails St.
Industrial
CHICAGO i
Hyney,
Specialists In
M South
Specializing in
Note Issues
Railroad
and
Industrial
& Co,
Emerson
Bonds and Notes
CHICAGO
L, S«U« St
Wisconsin Municipals
South La Salle Street,
108
and
High Grade Investments
A. O.
CHICAGO, ILLINOIS
Slaughter & Co.
Members
Waw York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trads
S&8 WEST MONROE STREET
Investment Securities
CHICAGO, ILL.
INDIANAPOLIS
Ask for
Partial Payment
Fletcher American Company
Powell, Garard & Co.
INDIANAPOLIS
Capital
■
INC.
41
39
Specialising in Indiana and Indls^apalifl Corporation and Munioipal
John Burnham & Co.
INVESTMENT SECURITIES
#1,500,000
South La
Salle
S.
La
Salle
Chicago
SPRINQflELD, ILL.
888 Chestnut St.
Pbiladslphla
bonds
Matheny, Dixon, Cole & Co.
SEttr" bonds
SPRINGFIELD, ILLINOIS.
BREED, ELLIOTT & HARRISON
Dealers
INDIANAPOLIS
Chicago
Detroit
i CSMPJIHT
SHAPKER
Milwaukae
Investment Securities
184 SOUTH
Municipal Bonds
Smdlana
Randolph 3446
Tel.
St.
Street
a®8 stocks.
SiSnsSmatl
Plan
Municipal
and
and
Illinois
In
Corporation
Farm
Bonds
Mortgages
LA SALLE STREET
CHICAGO, ILLINOIS
DENVER
Corporation Securities
CHRISTIAN & PARSONS CO.
NEWTON
Commercial
TODD
Collateral
Local Securities end
Imdiana Corporation
>
Loans
2S S. Li Safe SI
Corporation Bonds
WILL
H. WADE
COMPANY
INVESTMENT BANKERS
Investment Securities
Bonds and Stocks
INDIANAPOLIS
388 Leaseke Bldg.
Paper
Municipal and
CHcap, A
Seoend Floor U. 8. National Bank Bids.
DENVER
MINNEAPOLIS
SOUTH
SEND, IND.
L.Kaufmann & Co State Bank
POREIQN
Goss-Geyer-Ross Company
//■£
GOVERNMENT, MUNICIPAL &
CORPORATION BONDS
SECURITIES
DEPARTMENT
££aSfa/le Sft.
S'tevens&^So,
ESTAP
SOUTH BEND, IND,
iqio
RAILROAD
'CORPORATION1 BONDS >
COMMERCIAL PAPER-/ »
Foreign
1
Exchange
Securities
a
and
Foreign
Specialty.
MINNEAPOLIS
Unhn Trust Bldg.
irSHEO
MUNICIPAL
^
STLEAUL
Dec. 31
1921.]
THE
CHRONICLE
IX
JSatrbfnf anb glrofeersl ^utstbe jjeto
gm*
CLEVELAND
MICHIGAN
IICHIQAN
Members of Detroit Stock
Exchanse
Tfee Gnndling-Jones
Harris Small & LAWsor
Company
STOCKS—BONDS—NOTES
HANNA
BUILDING,
180 CONGRESS ST.,
INVESTMENT SECURITIES
V»
DETROIT
CLEVELAND
PENOBSCOT BUILDING,
DETROIT, MIC
Members Detroit Stook
Exohange
OTIS & COMPANY
Stocks
Acceptances
Charles A. Parcelis A Co.
HUGHES, GORDON, BRASIE & CO.
Bonds
Richard Brand Company
atembers of New
Specializing Detroit Securities
York, Boston, Cleveland, Chicago
end Detroit Stock
Exchangee, the New York
Cotton Exchange and the
Chicago Board
of Trade.
High Grade Bonds
CLEVELAND
Nsw York
Colombo!
Dayton
Boston
DIME BANK BLDG.
Wt
invite
mquirus
yonr
1721-3 Dime Bank Bldg., Detroit
DETROIT
Detroit
Cincinnati
Akron
Y oungstown
Colorado Springs
Toledo
Denver
WHITTLESEY, McLEAN & CO.
CINCINNATI
I
'
'
.
-
Municipal Bonds Corporation Bonds
THE
RUPFEL - WASHBURN - BERKLEY
CHANNER & SAWYER
CO
Stocks
Members Detroit Stock
INVESTMENT SECURITIES
INVESTMENT SECURITIES
Union
find Fleor National City
Bids.
Trust
2054
Bids*.
Exchange
Penobscot Building
DETRO 1
CINCINNATI, OHIO
CLEVELAND, O
Oaytoa
Ohio
War ran
Securities— MunlclpaI Bond*
New York Stocks and Bonds
Bucjrruo
FENTON, DAVIS & BOYLl
Lloted
Unlisted
-
Investment
DEALERS IN
Inactive
•
INVESTMENT SECURITIES
Stocks & Bonds
Chicago
Bankers
Detroit
Grand Rapid*
IRWIN, BALLM ANN A CO
ALBERT FOYER
l»dw Nova Bids.
888-880-838
CLEVELAND,. O.
Walnut St.
KEANE, HIGBIE & CO
CINCINNATI, OHIO
MUNICIPAL BONDS
DETROIT
TOLEDO
EDGAR
FRIEDLANDER
DEALER
TUCKER, ROB I SON A CO
Successors
to
Cincinnati
481
NEW YORK
GRISWOLD
ST.
180
Securities.
CINCINNATI
KAY & CO.
INVESTMENT
BANKER
Bankers—Established 1876
Toledo and
d«rdo«r
Ohio
Penobscot Bldg.
COLUMBUS, OHIO
>
DETROIT, MICK.
'
Securities
Bulldlns.
inc.,
OHIO
David Boblson Jr. A Sons
Uaiclpi, Raitraad ml Cuyontkn Bairis
BROADWA
IN
Members
Detrslt
Bteck
Exchange
TOLEDO, OKI'
W. W.
CARY & CO.
Members Columbus Stock Exchange
Graves, Blanchet & Thornburgh
MUNICIPAL BONDS
GARDNER
20
East Broad
Established
UNION
OHIO
riTTtsuaoH
GORDON
A
COMPANY
1808
INVESTMENT BANKERS
COLUMBUS, OHIO
BUILDING
TOLEDO
GEORGE M. WEST & COMPANY
columbus service
TRUST
BLDG.
DETROIT,
Members Detroit Stock Exchanga
W. A.
HAMLIN & CO
INVESTMENT BANKERS
Members
Detroit
Stock
Exchange
iembers Pittsburgh Stock Exchange
ARE
YOU
Jnlon Bank
Bulldlns*
Phone
Court
PITTSBURGH, PA.
Motor Stocks, Public Utilities A OIBt
3264-6
1010 Penobscot Bldg.,
DETROIT. MICK.
seeking
occupation
LYON, SINGER A CO.
as a trader
INVESTMENT BANKERS
or
have
Bids*,
Co., I no.
PITTSBURGH
/
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
by
Municipal, Government A
Corporation Bonds
Members Detroit Stock Exchange
Penobscot
Then you should avail of the
afforded
&
INVESTMENT BANKERS
Common wealth
you
need for one
facilities
Joel Stockard
Bldg.,
•
DETROIT
•
Cherry is M
the
A. E. MASTEN & CO.
Classified Department
of
The
Financial
Chronicla
facing the inside back
cover*
Established
1801
New York Stock Exchange
Boston Stock Exchange
■ana bars Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton
IIS Fourth
Ave.,
Michigan Municipal Bonds
Local Corporation Bonds and Stock
1
We
Invite
Inquiries
Exchanga
Pittsburgh, Pa
Branch Office—
Wheeling, W. Va.
/
WATUNG, LERCHEN & COMPANY
DETROIT
Iembers
Detroit
Stock
Exchange
>
&eto J^rrk
Ranter* att& JBrofeera ®utzibt
fACiriC
Howard Throckmorton
MACON
COAST
PACIFIC
COAST
[VOL. 113.
CHRONICLE
THE
X
Securities
Pacific Coast
W. M. DAVIS & COMPANY
Bonds
Southern Municipal
BONDS
CALIFORNIA SECURITIES
AND
'
ml
MUNICIPALITIES AND
Guaranteed Stocks
Government
CORPORATIONS
Municipal
Corporation
Bonds
aa
and
earning
GEORGIA
m
power.
Francisco
San
Alaska
MACON
baring substantia) assets
ATLANTA
Commercial Building
WILLIAM R. STAATS CO.
LOS
BAN
Quotations
THE ROBINSON-HUMPHREY CO.
ANGELES
Established
PASADENA
FRANCISCO
Information Furnished on
and
MUNICIPAL
Securities
Pacific Coast
KstahltHhed
1894.
CORPORATION
AND
BONDS
1*58
SUTRO & CO.
QBOROIA
ATLANTA
INVESTMENT BROKERS
AUGUSTA
Members
San Franciaco
Ban
19 Montgomery St.
Private Wire
and
Francisco Stock
Bond Exchange
IfU NT6 R,DublN 6 Co.
JOHN W. DICKEY
PORTLAND,
Augusta, Ga.
ORE
Investment
Southern Securities
Securities
HALL A COMPANY
fatabllvhad 1889.
INVESTMENT BONDS
Lo« Angelei
Oakland
hi WIS
Santa Barbara
Pasadena
San Franciaco
San Diego
'f
Pacific Coaat Saourltlaa
Local
WM. E. BUSH & CO.
Augusta, Ga.
PORTLAND. RRKSOl
BUILDING
SOUTHERN SECURITIES
Ws
DALLAS.
specialize In California
TEXAS
Corporation
A
Municipal
MILL STOCKS
COTTON
BONDS
NONTH
BREG, GARRETT & CO.
Van Nuya
Building
Wachovia Bank & Trust Company
ANGELES
LOS
Municipal Bonds
Farm and City Mortgages
BOND
Texas and Oklahoma
Ml Praetorian
DALLAS, TEXAS
Bldg.,
North Carolina
R. H. MOULTON & COMPANY
Municipal Bonds
and
American
GEO. L. SIMPSON & CO.
Winston-Salem, N. C.
W. F. SHAFFNER ft
CHAPMAN DE WOLFE CO.
II14BS Montgomery
SAN
FRANCISCO,
Information
Winston-Salem, N. C.
Southern Investment
Street,
CALIF.
Securities
and
Quotations
on
all Padfli
Coast Securities
If ambers Sao Francisco
mton*Lumsd<
Houqhton-Lumsden & Company
SFANTANBURG.
BONDS
DALLAS. TEXAS
Exchange Place.
at
TEXAS
C.
As M. LAW & CO.,
NASHVILLE
Inc.
DEALERS IN
Stocks and
National
American
Securities Company
Railroad and Corporation
Tennessee
Bonda
Southern Textiles a Specialty
8PARTANBURG, S. C.
NASHVILLE, TENN.
KAN ANTONIO.
S.
Stock ft Bond Bxcbangs
SOUTHWESTERN
Main
CO.
Stocks and Bonds
DALLAS
MUNICIPAL
Company Securities
San Franciaco
Bldg.,
Natl Bank
Warrants
solicit Inquiries from dealers,
banks and
Investors
R. J. Reynolds Tobacco
LOS ANGELES
Distributors of Entire Issues
yielding from 6% to 8%
We
DEPARTMENT
Municipal Note# and Bonds,
MUNICIPALS
CALIFORNIA
ritlo Insurance Building,
Texas
CAROLINA
DRAKE, RILEY A THOMAS
Securities
Municipal Bonds
A BUSINESS
J. E.JARRATT& COMPANY
Investment
Bankers
Caldwell & Company
SOUTHERN
Cumberland
Municipal Bonds
San Antonio. Texas
Tel.
ft
Telep. Oo. 6a
St. Louis By.
Nashville Chattanooga &
Nashville ft Decatur Ry.
Nashville Railway ft light Co. Securltiea
and capable
head for
any
one
of your Departments
can
be obtained through
the
Financial Chronicle
ST/LOUIS/MO
NASHVILLE, TENN.
817 Security Bldg
814 Union Street
ALABARRA
EXECUTIVE
MUNICIPALS
NORFOLK,
VA.
v».^M^VWV^VWVWWWWVWW*'**»*"^>l'V
Classified
MARX &
COMPANY
BANKERS
BIRMINGHAM, ALABAMA
.SOUTHERN
MUNICIPAL AND
CORPORATION BONDS
(opposite
MOTTU & CO.
Bankers
Randolph. N
back
Use and Consult It#
NORFOLK, VA.
Correapondents: E. ft C.
inside
cover).
Established 1892
Investment
Department
York
DBO. 81
1921.]
THE
bankets
and
CHRONICLE
JirofeerB ^utsibe fttto Sort
Philadelphi a
City of
New York
THAYER, BAKER & CO.
4V2 Per Cent
€.OI.€larlfs€0.
Gold Corporate Stock
BANKERS
Due
Dec.
15,
1971
Exempt from all Federal Income
Taxes.
In New York,
exempt
from
Tax
New
and
York
all
State
personal
Income
Ask
Established
Philadelphia
1837
PHILADELPHIA
Members New York and
Philadelphia
4.27%
Stock
for descriptive
Circular
Chestnut St.,
Commercial Trust Bldg.*
property
taxes.
Price to yield
521
INVESTMENTS
BORDEN & KNOBLAUCH
Exchanges
CC-92
America Gas & Elec. Co. Securities
H. M.
119
Byliesby & Co.
S.
FOURTH
STREET
PHILADELPHIA
Incorporated
New York
1! 1
Exchange
208 S. LoS&Jle St.
Providence
10
Members Philadelphia Stock
Chicago
Broadway
Boston
Weyboaset St.
Boles
Member's
&
West wood
Phila.jSiockExchan.de
Pennsylvania Tax Free Bonds
14 State Street
PAUL & CO.
geo.
b.
INVESTMENT
Members Philadelphia Stock Exchano•
SECURITIES
edwards
1481
70K
Street
PHILADELPHIA
INVESTMENTS
VI
Chestnut
Trinity Place, NEW YORK, N. 7.
SALE—Timber, Coal, Iron, Raneh
other
ESenfldentlal
Settlements
PHONE: LOCUST 4723
properties.
Negotiations
and
Investigation!
Hernden
Smith
urchases of Property.
United
IMLTrrle Bldft. Philadelphia
ST. LOUiS
an*
W»wt Indies
NIW
Charles
William
H.
W.
Metre
Burg
Canada
SMITH, MOORE & CO.
ORLEANS
INVESTMENT
SOS
OLIVE
ST.,
st.
BONDS
ST. LOUIS,
MISSOUR
BONDS
SXSf
louis service
MARK C. STEINBERG & CO.
Members New York Stock Bzchangt
Members St. Louis Stock Exchange
300
N.
Broadway
Municipal
ST. LOUIS
Railroad
PROVIDENCE
Public
BODELL & CO.
10
WEYBOSSET
Utility
Industrial
STREET
PROVIDENCE
York
New
We
cordially invite all
when
our
in
in
offices
new
our
Orleans
New
Hibernia Bank
Bettor
Harrison, Smith A Co.
friends
to
the
NEWARK, N.
visit
INVESTMENT SECURITIES
New
CONSERVATIVE
Building.
INVESTMENT
Hibernia Securities
J.
Co.,
121 SOUTH 5TH STREET
SECURITIES
Inc.
LOMBARD 6100
NEW ORLEANS, U. S. A.
F. M. CHADBOURNE & CO
FIREMEN'S
INSURANCE
NEWARK.
s.
Common
The United States Life
BONDS
IN THE CITY OF
-
Properties
Louisiana,
Lands,
INVESTMENT
1421
Chestnut Street, Philadelphia
NEW YORK.
Nen-F
Nan-Participating Policies only
Organised 1850.
stocks
securities
Timber
&r Cf\
ORLEANS, LA.
bonds
Oil
FOR
Insurance Co.
Street
Member of New Orleans Stock Exchange
NEW
BUILDING
J.
Frederick Peirce
INVESTMENT (SECURITIES
718
N
trufant
a.
PHILADELPHIA
List upon reguest
and
Arkansas
and
Texas
and
Phones—Main 4078
USE AND CONSULT
The Financial
JOHN
P.
MUNN, M. D.,
PRESIDENT
Classified
Country
Estate
j. edw. crusel & co.
y}4 Common Street
Policy*
holders.
Leases In
Plantations
Real
Over Poi
Porty-PIre Million Dollars Paid to
New Orleans, La.
Long Distance 88
Good
territory
open
for
class
personal
under
Company.
Addrem Heme Office. 105-107 Fifth
Ten us.
direct
high
producers,
New York City.
contracts
•
with
the
(Opposite
Chronicle
Department |
Inside
Book
Cover)
[VOL. 113.
CHRONICLE
THE
XII
Bonds, Notes and
Theodore
Members
New
Bronson & Co.
L.
York Stock Exchange
120 Broadway,
Phone
Chatham & Phe. Nat. Bk.
Preferred Stocks of
Conservative
New York
Rector
7S80
Oil Companies
"Rights" Standard Gas & Elec. 7 J^s, 1941
Lex. Ave. & Pavonia Ferry
Brooklyn City R. R.
Southern Utilities Pfd.
5s, 1993
General Gas & Elec. 6s, 1929
South Ferry 5s,
Safety Car Heating & Lighting
Central Aguirre Sugar
Gulf Oil Corp. 7s,
1933
1919
Q. Co. & Sub. 1 Con. 5s, 1941
Kings Co. Elevated RR. 4s, 1949
Lehigh Valley Coal Sales
Mississippi Valley G. & E. 5s, 1922 Brooklyn Union Elevated 5s, 1950
Bkln.
Humble Oil & Ref. 7s, 1923
1925-1931
S. O. of New York 7s,
Vacuum Oil Co 7s, 1936
We have actual markets at all times in
securities local to New York
and Brooklyn
lerfceU Hmttjera
Phones Rector
9980-5
6922-8
We
Common & Preferred Stocks
Preferred Stocks
Commonwealth Pr., Ry. & Lt. Co.
Common &
Standard Oil Securities
25 Broad St., N.Y.
Broad
Common & Preferred Stocks
Republic Railway & Light Co.
Colorado Power Co.
Common &
Dealers In
Phones 4860-1-2-3-4
Boston
General Gas & Electric Co.
Preferred Stocks
Common &
CARL H. PFORZHEIMER & Cfi.
and
Buy and Sell
Light Co.
Adirondack Power &
to
Philadelphia
PttbUt Itilitg Securities
111 ®roai>roaij. New lock
9723-7
Plumes
Private
United Gas & Electric Corp.
Allegheny & Western
Railway
Common & Preferred Stocks
Preferred Stocks
6% Guaranteed Stock
A. O. Smith 6s,
1924
Central Power & Light 6s, 1946
Eldorado Refining 7s, 1924
Louisville Railway 5s, 1930
Ohio Western Utility 6s, 1929
Ohio Utilities,
Telephone—Broad 3500
I
Preferred
Peerless Truck & Motors
Spencer Trask & Co.
1925
6s,
Tri-States Tel. & Tel. 6s, 1922
United Ry.
25 Broad
of St. Louis 4s, 1934, & Ctfs.
MEMBERS
E. F. Leland & Co.
New York
61 Broadway
Phone
Bowling Or sen 2940
Members
N. Y. Stock Exch.
Chicago Stock Exch.
N. Y. Cotton Exch.
Chicago Bd. of Trade.
Liggett & Myers 7s, 1944
P. Lorlllard 7s, 1944
N. Y. & Jersey RR. 5s, 1932
Seaboard Air Line 7s, 1923
Tacoma Eastern RR. 5s, 1923
Trinity Bldg. Corp. 5V2S, 1939
23rd St. Ry. Ref. Imp. 5s, 1962
JOSEPH EGBERT
%
Rector St.,
Exchange
Stock Exchange
Members Chicago
New York & Harlem RR.
Sugar Securities
Michigan Central RR.
Bought—Sold—Quoted
Federal Sugar Ref.
Central Aguirre
National Sugar Ref
West India Sugar Fin., Pfd.
Fajardo Sugar
Valley Railroad
Beech Creek RR.
Mobile & Ohio RR.
Cuba Co. Debenture 6s, 1955
Refining 6s, 1924
Francisco Sugar 1st 6s, 1939
West India Sugar Finance 7s, 1929
Sugar
Federal
FARR
133
New
York
St.,
Qwynne Bros.
CO.
&
Front
Members
Members N. Y. Stock Exchange
Stock Exchange
25
New York
Broad
'
New York
St.
Phone Broad 5270
Telephone John 6428
Tel. Rector 9261
N. Y.
CHICAGO
Stock
and other Financial Centres.
American Can Deb. 5s, 1928
Bellingham Bay & B. C. 5s, 1932
Chic. T. H. & S. E. Inc. 5s, 1960
York
Cleveland
Louie
St.
New
TO
WIRES
DIRECT
Chicago,
Street, New York
BOSTON
ALBANY
WE
WILL BUY
Joseph Dixon Crucible.
Cincinnati Gas Transportation 5s, 1938
Cleveland Electric 111. 5s, 1939
Adirondack Power & Light Pref.
American
Gas
Electric Pref.
&
Colorado Power Co.
Detroit United Ry. 8s,
1941
Electric
Pfd.
Bond & Share
National Casket Co.
United States Finishing
Co. Pref.
Co.
Westchester Fire Insurance
Pref.
Empire Gas & Fuel 6s, 1924
Kansas Gas &
Great Western Power 5s, 1946
Nebraska Power Pref.
Northern States Power 6s, 1926
Niagara Falls Power Pref.
Ohio Power Co. 7s, 1951
New Central
Ontario Power 1st 5s, 1943
Northern States Power Pfd.
Moyse & Holmes
York Stock Exchange
Electric Pref.
Members
67
United Fuel & Gas 7^8, 1931
Southern
Standard
Gas
Virginia Railway & Power 5s, 1934
Utah
Telephone:
NEW YORK
Rector 2908-13
California Edison Pfd.
Utah Securities 6s, 1922
New
Exchange Place
Coal Capital Stock
Power
&
&
Electric Pref.
Light Pfd.
GLOVER & MACGREGOR
845
Fourth Ave.,
PITTSBURGH, PA.
& Elec. 5s, 1934
Corporation 7s# 1933
West Penn Power 7s, 1946
Armstrong Cork 7s, 1931
Amer. Wat. Wks.
EARLE A. MILLER
t RECTOR ST.,
N. Y.
& CO.
TEL.
RECTOR 8060-1-1-8-
Gulf Oil
DEC.
31
1921.]
THE
CHRONICLE
xm
li.n}i,i.«rfi^»ji?«bnwi|iiiiit;inniiriwiii.wt
a TRADING DEPARTMENT
•
Wants
Acadia Sugar Serial 7s
Amer. Water Works & El. 5s, '34
Wanted
25
7m
J. K. RICE. JR. & CO.
American Brass
200
For Sale
American Hawaiian S. S.
E. W. Bliss Com.
100 Bucyrus Co. Com.
100
Boyne River Power 5s, 1927
100
C. G. Gunthers Sons 1st Pfd,
100
Central States Electric
Central Power & Light 6s, 1946
Continental Motors 7s
Detroit United Rys. 8s, 1941
Grand Rapids Gas
100
Clinchfield
100
Cincinnati Northern
100
Franklin Insurance
100
Hudson & Manhattan Com. & Pfd.
200
Hudson Co's Pfd.
100
200 McCall
Coal
Com.
Corp. Com. & 1st Pfd.
25
Kirby Lumber Pfd.
Niagara Insurance
100
N. Y. State
100
Singer Manufacturing
50
Spicer Manufacturing Pfd.
100
Ward
20
United Publishers Com.
Railways Com. & Pfd.
200
Baking Com. & Pfd.
Pyrene Manufacturing
Light 5s, 1939
J. K.Rice, Jr.& Co.
Hale & Kilburn 1st 6sf 1939
SB
Wall
Mengel Box 7s, 1922-23
Phone* John 4000 to 4010 and B915
St., New. York
to
0910
Municipal Service 5s, 1942
National Oil of N. J. 7s
Ajax Rubber
Troy Laundry Mach. 8s, 1936
United Lead Deb. 5s, 1943
Wisconsin River Power 5s, 1941
Anaconda Copper
Missouri, Kansas & Texas
Chatham & Phenix Nat. Bank
Corn
New Issues
Exchange Bank
All
Rights
Bought, Sold & Quoted
Morton
42 Broctd Street. Newark
KmiESH-DEIROII- £L£VELMD-GRAND £AFIM
BROWN
Hartshorne
Lacimeruch & Co
Private Wires to, CHICAGO -PHILADELPHIA -ST. LD0LL5
C. C. Kerr & Co.
Tel. Broad 7740
YORK
Phone 0780 Rector
St., N.Y.
City of Portsmouth, Va., 5^8,'61
City of Tulsa 5%s, 1946
BONDS
B. & O. Tol. & Cin. 4s, 1959
SANFORD MILLS PREFERRED
Oregon & Wash. Nav. 4s, 1961
Government
COMMON
BEYER & SMALL
MIDDLE ST.,
scrip
Battelle
&
25 Broad St.
NEW
2 Rector
COMPANY 6s
LUNN & SWEET PREFERRED
208
&
Members New York Stock Exchange
BURNHAM & MORRILL 7s
LOCKWOOD
denominations
PORTLAND, ME.
Chic. Milw. & St. P.
Municipal
4V&S & 5s
Prov. of Ontario 6s, 1943
Railroad
Prov. of Saskatchewan 5s, 1931
Corporation
Cuban Govt. 4V2S, 5s & 6s
CITY OF BAYONNE, N. J.,
5% Gold Bonds
G. H. WALKER & CO.
MILLER & COMPANY
Members
York Stock Exchange
Members New
120
Broadway and Locust
ST. LOUIS
N.
Y.
and Phila.
Stock Exchange
Phone 7500 Rector
Broadway, N. Y.
BJ.Vanlngen&Co.
46 Cedar
New York
St.
Telephone John 6364
We
Specialize
Cities Service,
French Bonds
in
All Issues
South American Bonds
Sloane, Pell & Co.
'
'•
.r
IB BROAD
•'
•
...
/■■■■',
'•
•
•
...
'
;'t
'
'
(Successors to Carruthers, Pell & Co.)
HERBERT M. SOLOMON & BRO.
STREET, NEW YORK
Telephone Hanover 6731
120
Broadway
New York
Telephone Rector 4902
Adams
Express 4s, 1947
announce
Chalmers Motor 6s, 1922
business
General Gas & Elec. 6s, 1929
15
Broad
that
of
they
are
Carruthers,
Street,
as
the
continuing
Pell
&
of December
Co.,
19,
of
1921.
Lehigh Power Secur. 6s, 1927
Madison River Power 5s, 1935
Solvay Process 5s, 1938
St. Paul Gas Light 6s, 1952
Vanderhoef & Robinson
34
PINE
ST.,
NEW YORK
Phone 6495 John
Philadelphia
Telepnone
3653-3654 Locust
Baltimore
Telephone
9389 St. Paul
[VOL. 113.
CHRONICLE
THE
XXV
TRADING DEPARTMENT
f.
j. lisman & co.
Member*
City & Ft. L. Water Bonds
Acquackanonk Water Co. 5s
Peoria Water Works 4s & 5s
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Roch. & L. Erie Water Co. 4s
N. Y. Interurban Water Co. 5s
Lev.
Central Arkansas & East. 1st 5s, 1940
Indianapolis & West. 1st 5s, 1965
Cine.
Georgia & Alabama Cons. 5s, 1945
Grand Rapids & Indiana
WE DEAL IN
2nd 4s, 1936
Racine Water
City Memphis & Birm. 5s, 1934
Kansas
New Mexico Ry.
5s
Freeport (111.) W. Co. 5s, 1931
Queens County Water Co. 5s
& Coal 5s, 1947, 1951
4y2s, 2013
St.
N. Y. Lackawanna & West. Const. 5s, 1923
Toledo & Ohio Central
Co. 5s
Wichita Water Co.
Morristown & Erie 1st 5s, 1923
N. Y. Central Ref.
Water Co. 5s
Ohio Valley
1st 4s, 1955
Canada Atlantic
Co. 5s
Berkshire Street Ry.
New York Stock Exchange
broadway, new york
61
*?1mmm
N.
(All Issues)
Joseph Water Co. 5s, 1941
Springfield Water Co. 5s
& CO.
H. C. SPILLER
Ulster & Delaware 4s & 5s
INCORPORATED
63 Wall St.,
New York City
Water St.,
17
Union Terminal of Dallas 1st 5s, 1942
Boston 9, Mass.
AND ALL RAILROAD AND
FOREIGN SECURITIES
Grand
Trunk
Pacific
3s,
1962
Argentine Govt. 4s and 5s
Grand
Trunk
Pacific
4s,
1955
Brazilian Govt. 4s,
Grand Trunk Western 4s,
1950
Cuban Govt. 42>£s, 5s and 6s
42^8 and 5s
Canadian Nor. Ry. Cons. 4s, 1930
Queensland 4^8,11925
Canada
Uruguay
MacAndrews & Forbes
Japanese Govt. 4s, 42^s, and 5s
Grand Trunk Pac. Br. L. 4s, 1939
Atlantic
1955
4s,
5s,
Scrip
American Tobacco
Babcock & Wilcox
1919
Scovill Mfg.
Co.
Geo. W. Helme Co.
CASSEL, NUNES & CO.
Members New York Stock
60
Broadway N. Y.
UpecUMsb in All Tobacco 8ecurtUss
Exchange
Telephone Bowling Green 5963-4-5-6
Bristol & Bauer
"Rector 459$
%2a Bfoa.&vJa^
Evansville Mt. Carmel
Grand Trunk Pac. 3s, 1962
G. T. P. Branch L. 4s, ,39-,42
& Northern
Atch. Top. & Santa
Beach 5s,'27
Wichita Falls & N.
N.Y. & Rockaway
4i/2s, I960
N. Y. Chic. & St. L. 2nd 6s,
Rio de J.
NEWBORG & CO.
Himbari
60
New York Stock Exchange
Shaw'n'gn Wat. & Pr. 5s&5V^s
Wisconsin Cent. Ref. 4s, 1959
Fe Con. 4s, 1955
W. Ref. 5s, 1940
1st 4s, 1939
Western
Grande
Mo., Kansas & Texas 1st 4s,
1990
CONSTABLE <& K. L. FLEMING xJRFLEMING
W«.
CONSTABLE.
46 Broadway,
N.Y.
Tel. Bowl. Grwn 7270-2
BROADWAY, N. Y.
Telephone 4990 Bowling Green
PRIVATE
WIRE
TO
8T
L0UI8
Abraham & Co
cMembers New York Stock
Akron Peoples Tel. 6s, 1925
Cuban Telephone Co. Preferred
GILMAN
&
Investment
REYNOLDS
Guaranteed Stocks
Write
for Quotation Sheets.
Telephone: Broad. 3785
joseph (uaikcr $ sons
Members New York Stock
have you
New York
BUYING
BONDS WORTH
for sale?
$10,000
Then consult the Financial
Chronicle
ment
Classified
(opposite
Wabash
Depart¬
inside
First
back
cover).
Jan.
1, 1964
valuable Terminal
property, including Real Estate In St.
Louis, also on Terminal and other railroad
property in Quincy and Chicago, Illinois.
Listed on N. Y. Stock Exchange, where
they have sold as high as 93.
mortgage
Price 66M
&
Railroad Co.,
Lien Terminal 4s
Due
First
*Phone 6691-4 John
GARDNER
Exchange
•1 Broadway
BANK FIXTURES
Securities
New York City
14 Pine Street
Exchange
27 lUilliam Street New York
Dayton Lighting 5s, 1937
Dayton Power & Lt. 5s, 1941
Home T. & T., Spokane, 5s, 1925
Louisville Lighting 5s, 1953
Michigan State Tel. Co. Pref.
N. Y. & Westches. Ltg. 4s & 5s
Southern Bell Tel. Co. 5s, 1941
Southwest. Pr. & Lt. 5s, 1943 I
,
'31
Tr., L. & P. 5s, 1935
Rio
CO.
on
and interest
yield 6.50%
Raymond M. Smith &
Incorporated^
20 BROAD
STREET, N. Y.
Tel. Rector 7430
Co.
_
Investment Securities
43 CEDAR STREET
NEW YORK
Telephone 3723 John
Chicago & Alton 3s
1949 Mutual Union Tel. 5s____1941
B'klyn Un. Gas Conv. 7s_1929 Wheeling & Lake Erie 5s_1928
Long Island Gen. 4s
1938 Portland Ry. 5s
1930
East. Tenn. Va. & Ga. 5s_1956 Penna. Co. 3%s
1944
Central of Ga. Cons. 5s__1945 Oswego & Syracuse 5s
1923
CINCINNATI SECURITIES
Westheimer & Company
fNew York 8tock Exchange
Members of thei Cincinnati Stock Exchange
Chicago Board of Trade
(Baltimore Stock Exchange
CINCINNATI,
OHIO
BALTIMORE,
MD.
Dec.
31
1921.]
THE
CHEONICLE
XV
legal TRAI')ING ]^EPARTMENT
Arkansaw
Water Co.
BROOKLYN UNION ELEVATED RR. CO. 1st 5s, 1950
6a
CENTRAL UNION GAS COMPANY 1st 5s, 1927
FORT STREET UNION DEPOT CO. 1st 4«/2s, 1941
Birmingham (Ala.) Water Co. 5a
Butler (Pa.) Water Co. 5a
City of New Caatle (Pa.) Whter Co. 5a
JOPLIN UNION DEPOT COMPANY 1st
Chattanooga Water Co. 6a
KINGS COUNTY ELEVATED RR. CO. 1st 4s, 1949
NEW AMSTERDAM GAS COMPANY CONSOL. 5s, 1948
,
Clinton (la.) Water Co. 5a
4i/2s, 1940
E. St. L. & Interurban Water Co. 5a
NEW YORK &
Joplin (Mo.) Water Co. 5a
Wichita (Kan.) Water Co. 5a
THIRD AVENUE RAILWAY COMPANY 1st 5s, 1937
ULSTER & DELAWARE RR. CON. 5s, 1928; 4s, 1952
Muncie
WESTCHESTER LIGHTING COMPANY 1st 5s, 1950
(Ind.) Water Co. 5a
St. Joaeph
Warren
Racine
QUEENS ELEC. LIGHT & POWER 5s, 1930
(Mo.) Water Co. 5a
Wm. Carnegie Ewen
(Pa.) Water Co. 5a
(Wia.) Water Co. 5a
Indianapolia Water Co. 4J^a and 5a
Tel. Reotor 3273-4-5-6
2 Wall Street, New
Yor
Huntington (W. Va.) Water Co. 5a
Mo. Kansas & Texas
HOTCHKIN
& CO.
telephone
53 State
Main 460
Boaton
St.,
9, Maaa.
BULL & ELDREDGE
Member*
of the New
SO Broad
St., N. Y.
Stock Exchange
York
Tel. Rector 8460
WANTED
Am. Dist. Tel. of N.J.
"Undep." Stk.
Telephone of Canada 5s, .1925
Cuyahoga Tel. "Extended" 7s, 1941
Cuban Telephone 1st Conv. 5s, 1951
Central District Telephone 5s, 1943
SPECIALISTS
Bell
Cumberland
Tel.
&
Tel.
5s,
Lincoln Tel.
& Tel.
5s
& 6s,
ALL
ISSUES, OLD AND
NEW|
Mason
City & Ft. Dodge 4s, 1955
4V2»s> '60
Chic. Peo. & St. Louis P. L. 4V^s
Vera Cruz & Pac. 4!/2S, 1934
Birmingham & S. E. 6s, 1961
Evansv. Mt. Car. & Nor.
Foreign Government Bonds
York
New
Houston Home
Home
IN
Short Term Securities
1937
Telephone 5s, 1935
Tel. & Tel. of Spokane 5s, 1936
Ry.
Chic. & East. 111. RR.
New
Federal
1946
State
M. K. & T. Com. & Pfd. Ctf.
Bonds
Loan
Farm
Canadian
Michigan State Tel. Pfd. Stock
Northwestern Telegraph 43^8, 1934
Ohio State Tel. 7s, Dec. 10, 1922
Kirby Petroleum
City Bonds
York
Dep.
Bonds
Bonds
Wm. G ORTON & CO.
Specialists Reorganisation Securities
54 Wall
Tel.Hanover9690-9697
Street, N.Y
Southern Bell Tel. & Tel. 5s, 1941
United States Tel. "Extended" 7s,'41
T. L.
SI
MacDonald
Broadway, N. Y.
Tel.
position
American Water Works & Elec. tfs, 1934
Arkansaw Water 6s,
1930
Underlying
Are you seeking
Broad 2357-8-9
a
Railroad
as a
Bond*
BANK OFFICIAL
Birmingham Water 5s, 1939
City Water, Chattanooga, 8s, 1931
East St. Louis & Inter. Water 5s, 1912
Joseph Water 5s. 1941
West Penn Traction 5s, 1960
St.
National Securities Corp. P.
Power Securities Corp.
Coll. 6s & Incomes
BILLO
OTTO
37 Wall
L. 6s, 1924
Phone Hanover 6297
St., N. Y.
or
have you need for one?
Then you
should
consult
the
Chronicle
use
and
Financial
De¬
Classified
partment (opposite
WOOD, STRUTHERS & CO.
6
inside
Street
YORK
back cover*)
Amer.
Public
Nassau
NEW
Utility
WANTED
Light & Trac. 6s, 1925
Alabama Power 6s,
1951
Bonds
Public Utility
Industrial
Beech Nut Packing Co. 7s,
1922 to 1925
Columbia Gas & El. 1st 5s, '27
New York
Stocks
City and State
Bonds
Loco. & Mach. of Montreal
4s, 1924
Jelke, Hood & Co.
Louis Levenson
Public
Utility Bonds
Public Utility and Industrial Stocks
Tel. Broad 4931
27 William St., N.Y.
dembers New York Stock Exchange
EDWIN BANCKER & CO.
INVESTMENT
40
NEW YORK
WALL STREET
Telephone John 4800
SECURITIES
New York City
111 Broadway
Rector
0944-5-6
Norfolk & Southern 1st 5s, 1941
Pere
Marquette Coll. 4s, 1923
Clint. & Springf. 5s, '25
Cuba RR. Equip. & Impt. 5s, '60
Internat. Gt. No. 7s, '22 & 5s, '14
Kan. City
'56
Steph North & South Tex. 5s, 1940
Indianapolis & Louisville 4s,
Southern Indiana 1st 4s, 1951
Mem. & Birm. 5s, 1934
Cine. Wabash & Mich. 4s, 1991
Kan. City
Ga. & Ala. Terminal 5s, 1948
Chicago & Northwestern 4s, 1926
Portland Railway,
Boston & New York Air Line 4s
Sierra & San
Cleveland Lorain & Wheeling
Chic. Terre Haute & SoE.
4}^s
Incomes
Macon Dublin & Savannah 5s
Harlem
River & Portchester 4s
Kentucky & Indiana Terminal 4^8
New York, Chic. & St. Louis 2d 6s
Pennsylvania Consol. 4s "Sterling"
Mason City & Fort Dodge 4s
Seaboard Air Line 7% Notes
Wichita Falls & NW. Ref. 5s
WOLFF & STANLEY
Telephone Rector 2920
72
Trinity Place, N. Y,
Salt Lake City Union Depot
SAM'L
Phone 5380-1-2-3 Broad
5s
Light & Pr. 5s, '42
Francisco 2d 5s "B"
Consolidation Coal 5s
Two
Rector
Fairmont
Street
6s
Coal 5s
Trinity Bldgs. 5J^s
American
Can
Deb. 5s
Puget Sound Electric 5s
Dominion Coal 5s
Empire Tank Line 8s
Chicago Elevated 6% Notes
New York Shipbuilding 5s
Adams Express
4s, 1947
GOLDSCHMIDT
25 Broad Street
THE
XVI
[VOL. 113.
CHRONICLE
BiSa^BWMThWntf^r'''' ff'""'.—
igfcTTRADING DEPARTMENT
The World's Best Bonds
TELEPHONE RECTOR 4061
in
BONDS
STOCKS
E
A
A. O. Smith 6s, 1924
Beaver Board 8s, 1933
Buckeye Pipe Line
Brighton Mills
O
R
o
giving
large speculative return through advance of
exchange.
ments
Foundation Co.
V
ebtalned
be
may
Government and Municipal
high yields, and a very
European
Bonds,
American Thermos Bottle
H
values
unusual
Some
w
Consol. Utilities 8s, 1925
Conn. Light & Power 7s, 1951
Merck & Co. Pfd.
for
Cincinnati Abattoir 8s, 1925
These bonds are legal Invest¬
Savings
Banks. Trust Com¬
and
panies
countries
in
the
on
Trustees
request
of issue.
Standard Textile Products
United
Circular L-867
Keystone Steel & Wire 8s, 1941
United Drug 8s, 1926
E
Dyewood Co.
MELHUISH & CO.
M
S
UNLISTED
t
tt
Established
DEPT.
43
RASMUSSEN & COMPANY
111
1884
New York
Exchange PI.
New York
Broadway
Japanese Govt. 4s» 4*/£s & 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 4%s & 5s
Central Vermont 5s, 1930
Buenos
Pennsylvania Water & Pr. 5s, '40
Denver & Salt Lake 5s
F@REIGN
ALL
Philadelphia Electric 6s, 1922
CHECKS
Akron, Canton & Younst'n 6s
Rio de Janeiro 5s, 1904 & 1909
BOKIDS
Inquiries Invited
CURRENCIES
N
•
.
COWEN & CO.
■.
97
NEW
C.
A.
C.
Building
CLEVELAND. OHIO
YORK
Exchange Place, N. Y. Tel. Rector 9700
W- T
E. G. Gardner &Co.
16-18
GERMAN,
New York
Exchange Place
Telephone: Bowling Green 8841-55
BONDS
Cicero Gas 5s, 1932
Nehemiah Friedman & Co.
Hooker Elec. Chem. Pfd. & Com.
Hooker Elec. Chem. 7s, 1922
United Royalties
Bought,
1914
and
Pitts. & Lake Erie RR. Stk.
Beaver
St.,
N.
Y.
Bowling Green 2538
Sold
Foreign
UNDERWRITERS
Rys. Pfd.
Bonds
Inquiries invited bom
bank$p broken and dealere
HEYWOOD BROOKS & CO.
NEW YORK
149 BROADWAY
Springfield Gas 6s, 1926
60
Co.
Quoted.
National Fuel Gas
New York State
RUSSIAN
AUSTRIAN &. POLISH
All America Cables
Int'l Great North. 5s,
,
from Banks and Brokers
Goodyear Tire & Rub. Prior Pfd.
11 Broadway
1926
Chinese Government 5s
Goodyear Tire & Rubber Com.
A. R. Smith & Company
6s,
Costa Rica 5s
V
Goodyear Tire & Rubber Pfd.
Aires
Utah Gas & Coke 5s, 1936
Jerome B. Sullivan
Alaska Gold 6s "A" & "B"
HANSON & HANSON
FOREIGN
Florida Central & Pen. Ry. 5s, 1943
Investment
f 1 Trinity Plaea.N.Y.
Light & Heat 6s, 1935
Advance Rumely 6s, 1925
Securities
Established
M. K. & T.
Tel. Broad
60 Wall St.
Calif.
New York, N. Y.
Central Illinois Light 5s, 1943
H. H.
Tel. 20 Montgomery
Jersey City, N. J.
Galinger & Co.
Pine & William Sts., N. Y. Tel. John 4040
Imp. & Equip. 5s, 1960
Michigan State Tel. 5s, 1924
Farnum, Winter & Co.
Members New York Stock Exchange
5
Nassau
UNITED
SAN
RAILROAD
New York
Street
'Phone 456
8s, 1936
United Fuel Gas 6s, 1936
Rector
Chicago,
St.
Paul,
St. Louis, Minneapolis and Kansas City.
OF
Private
FRANCISCO
wires
to
4%, 1927
Clinchfield Coal
Certificates of Deposit
Commonwealth Hotel
Chestnut & Smith Com. & Pfd.
Penna. Coal & Coke
Gulf Oil
SUTRO BROS. & CO.
ISO
Welch Grape Juice Com. & Pfd.
BROADWAY, NEW YORK
HUNHAM &JS
Investment Securities
^
New York
Telephone 8300-16 Hanover
CHICAGO
Corporation
Humble Oil & Ref. Co.
Magnolia Petroleum Co.
Telephone: Rector 7350
Member* of New York Stock Exchange
Exchange Place
Issues
Railroad-Industrial-Foreign Gov't.
Caddo-Central Oil & Refin. 6s, '30
/
OUTWATER & WELLS
19
$100 & $500 pieces
All
Exchange Place,
5to84-«
7130-4:
1723-4:
Securities
"Baby" Bonds
Bought, Sold & Quoted
43
R.P..BOND5
New Jersey
1919
BIdg.
Lob Angeles,
(All Issues)
Co.
MUNICIPAL 6t
Tel.Whitehall 1056
Stock Exch
Ruberoid
€% LU.
44 BROAD STREET, KEWYOfUv
Raymond & Company
Cuba RR.
JT, /Vv
GOVERNMENT,
U. S.
Kirby Petroleum Co.
SECURITIES
Bought, Sold dk Quoted
BABC0CK, RUSHTON i CO.
leenbera
New
York. Chicago
Stock Exchange*
SOME INS. BLDG.
CHICAGO
and
7 WALL
NEW
Boston
BTBIJT
YORK
DUNN & CARR
Houston,
Texaa
DHC. 31
1921.]
Peoria Gas &
THE
Elec.
Co. 1st 5s,
Central Illinois Lt.
Co.
1st
N. Y.
Electric
Co.
1st
Duquesne Light 7^t, 1936
Penna.
Elev.
RR.
Pass.
Real
Estate
4s,
Prov. of Manitoba 6s, Oct. 1946
Laughlin Steel 5s, 1939
March 1926
Apr. 15*28
Union Steel 5s, 1952
Town of Montreal Nor. 6s,
United States Steel S. F. 5s, 1963
1923
Prov. of Brit. Col. 6s,
United States Steel 1st 5s, 1951
1955
Ry. 4s,
Prov. of Nova Scotia 6s,
Jones &
Chgo. & St. L. Equip. 5s, 1931
Market St.
Prov. of Ontario 4s,
Hanna Furnace 8s, 1926
1942
6s,
XVII
1923
5s, 1943
Portland Ry., Lt. & Pr. Co. 5s, 1942
Harwood
CHRONICLE
Can. Pac. Ry. Perp. Deb. 4% Stk.
CANADIAN
Lehigh Valley RR. Annuity 4^s
Oct. 26 1941
May *55
SECURITIES
Bought, Sold & Quoted
J. H.
Biddle & Henry
South
104
Fifth
Street
61
Broadway New York.
Philadelphia
Mtalt Wirt to Neve York
HOLMES & CO.
Members Vet# York and Pittsburgh Stock Exchanges.
Union Bank Bldg., Pittsburgh
v.:'-Direct Private IFire Connection.
Call Canal 8487
Established 1865
Bioren
410 Chestnut
Co.
St
United Kingdom
St., Philadelphia
Members of New York and
5%s, 1922-1929 & 1937
Philadelphia
Stock Exchanges
Southern Pacific Refg. 4s, 1955
Argentine Government 4s & 5s
Lackawanna & Wyoming Vail. Trac.
Baltimore & Ohio Refg. 5s, 1995
Brazilian Govt. 4s,
Ch. Mil. & St. P. Conv.
City of Tokio 5s
5s, due 1951
Scran.
&
Wilkes-Barre
Trac.
Corp.
43^8 & 5s
Lake Shore 4s, 1928 & 1931
Lt., Ht. & Power Co.
Mexican Government 4s & 5s
Pennsylvania Gen. 4^8 & 5s
Light Co.
5s, due 1958
Japanese Govt. 4s, 4J^s & 5s
So. Pacific & Cen. Pac. Coll. 4s,'59
6s, due 1934
Roanoke Traction &
Consolidated
43^8 & 5s
Uruguay 5s, 1919
;
First Mtge. 5s, due 1936
1
and offer
own
L. M. PRINCE & CO.
267 Shares
GEORGIA
LIGHT,
RAILWAYS
at
$5.50
COMMON
per
GEORGE N.
111
POWER &
Philadelphia
UNITED
3^s, 1953
Kentucky Central 4s, 1987
Peoria Ry.
Terminal 1st 4s, 1937
ARTHUR C. RICHARDS & CO.
PHILADELPHIA
N. Y. Rector 911
Reading Jer. Cent. Coll. 4s, 1951
St.
Port of Havana 1st 5s, 1941
Louis Peoria & N. W. 5s, 1948
United Ry. of St. Louis 4s, 1934
West Jersey & Sea Shore 3^s, 1936
Prince & Whitely
1946
Ry.f&ILt. Issues
Members V. Y, Stock Exchange
52
YZJSL
ssues
Indiana Service Co. Iss
S. P. LARKIN & CO.
MB,o.<.£A,LROAD 8°N?w York City
M-Cown&Co.
Telephone: Broad 1184
Philadelphia Stock Ezdhangt
Bldg., Philadelphia
New York Telephone CANAL 4848
Members
Equitable Trust Co
Land Tltla
Mortgage Bond Co.
National
We will make
a
times
3^s, 1930
Mobile & Ohio 6s, 1927
Wilmington & Weldon 1st 5s, 1935
Eastern Petroleumjes & 7s 4AM
Green Star S. S. Equip. 7s Various
market at all
City Bank
DILLON
FRANK J. M.
71
in
NEW YORK, N. Y
Broadway
Tel. 6400 Bowling Green
John B. Stetson Co.
Common & Preferred
WILL
BUY OR
Specialists
BARNES & LOFLAND
St., Philadelphia, Pa.
Tire and Rubber Stocks
Stocks
Broadway
173 Orange St.
New York
New Haven
Private wires to
Hartford, New Haven, Syracuse, Philadelphia,
Wilmington, Baltimore, Richmond
Amer. Tel. & Tel. Coll. 4s,
1929
Big Four 4s, 1936
Braden Copper 6s, 1931
Central Pacific
3^8, 1929
Chic. & N. W. Ext. 4s, 1926
Midvale Steel 5s, 1936
New York
Telephone 41/£s, 1939
Peoria & Eastern 1st 4s, 1940
SELL
Willys Corp. 1st pfd. or ctfs.
Maxwell Motors undep. com. & 1st pfd.
H. H. Franklin Mf«. Com. and Pfd.
Carlisle Tire Corp. Com. and Pfd.
Rolls-Royce Pfd.—Chalmers 6s
Motor
147 South 4th
3^s, 1925
Chic. St. P. Minn. & Om.
Mobile & Ohio Coll. 4s, 1938
St. Louis-San Fran. 5s, 1931
Western Pacific 1st 5s,
New Orleans
Kansas City Ft. Scott & M. 6s, 1928
& O., Pitts. Jet. & Middle Div.
B.
Phila. Bait. & Washington 4s, 1943
San Fran. & San Joaquin Val. 5s, '40
7s, 1923
Tel. Lom. 7056
Illinois Central Louisville
N. Y. Dock 4s, 1951
N. Y. Susq. & Western Gen. 5s, 1940
Northern Ry. of Calif. 5s, 1938
WANTED
BLDG.
Tel. Rector 9830
FLEMING
Telephone Lombard 6414
DREXEL
Exchange
Street, New York
share.
Lafayette Building
DETROIT
Members Vet# York Stock
20 Broad
Tri-City Railway & Light 5s, '23
United States Rubber 5s, 1947
McKinley & Morris
Members New York Stock Exchange
R. B. Hathaway &
20 Nassau St.. N.
Y.
Tel.
Co.
John 5020
SIXTY BROADWAY
NEW YORK
Tel. Bowling Green 2150 to 2167
Telephone Lombard 41-72
Consol. Gas of N. Y. 7s, 1922
Un. Rys.
of St. L. 7% Rec. Ctfs.'23
Ore. Wash. RR. & N. 4s, 1961
509
Stock Exchange
ST LOUIS.
OLIVE ST.
Arkansas Lt. & Pow. 6s, 1945
Big Four Gen! 4s, 1993
STIX & CO.
Members St. Louis
New York Edison 6V£s, 1941
Oregon Short L. Cons. 5s, 1946 Alabama Power 6s, 1951
N. Y. Penn. & Ohio 4^8,1935 Columbus Ry. Pr. & L. 6s, '41
Term'l Assn. of St. L. 4s, 1953
Ohio Public Service
"Soo" Cons. 4s, 1938
Southern Railway 4s, 1956
Amer. Public Service 6s, 1942
B. B. & R.
7%s, 1946
Knight 7s, 1930
Central Pacific Ref. 4s, 1949
Rock Island Ref. 4s, 1934
Sou. Pac. Ref, 4s,
Montgomery
Telephone
(Broad 806S
Vilas & Hickey
1955
Bros.
25 Broad
St.,
New York
Members of New York Stock Exchange
49 Wall St., New York
Railroad Dept. Tel. Hanover 8317—-Public Utility
Dept. Tel. Henevev 191
[VOL. 113.
chronicle
the
XT III
h-mutm
nmtem(»rt>nWIOTmr.irtt«nffttai,v;auRaamiW.iiai^iMMi'>atitoaaigaaaganri;iTCT
TRADING DEPARTMENT
Southern Pacific
We
Stocks
Public Utility
& Pfd.
Colorado Power Com.
& Pfd."B
North. Ontario Lt. & Pr. Com.
Pfd.
American Pr. & Lt. Com. &
Commonwealth Pr., Ry. & Lt. Com. &
Pfd.
Republic Ry. & Lt. Com." & Pfd.
Tennessee Ry., Lt. & Pr. Com.
Federal Lt. & Tract. Com. & Pfd.
United
Gas
Kentucky Securities Com. & Pfd.
United
Lt.
&
Ref. 6s, 2047
4s, 1947
Union Pacific 1st
RiverJPr.ICom.^&IPfd. ~ '"HS
Mississippi
Adirondack Pr. & Lt. Com. & Pfd.
Ref. 4s, 1955
Northern Pacific
Specialize in
& Pfd.
Electric Com. & Pfd.
& Ry.
B. & O. P. L.
E. & W. Va. 4s, 1941
& N. O. Jt. 5s, 1963
I. C. C. St. L.
Am. Tel. &
& Pfd.
Com.
Bridge 7s, 1929
St. Louis
Tel. Coll. 4s, 1929
PYNCHON & CO.
Members New
111 Broadway, Now
York Stock Exchange
Telephone Rector 970
York
Chicago—Milwaukee—London—Liverpool—Parte
Private Wires to principal cities of United 8tates and Canada
ARTHUR E. FRANK & CO.
Members of New York
100
FOLLOWING:
Agram 4^s (Jugoslavia)
Austrian Treasury 6s
Austrian Real Estate 4^s
Frankfort 4s & 5s
Greater Berlin 4s
Hamburg
3^8
Berlin 4s
Krupp 5s
Bremen
Leipzig 5s
North German Lloyd~4^»
3^8 & 4s
Dresden
4^8
Vienna 4s,
1
We
Tel. Rector 6800
Broadway, N. Y.
Shawinigan Water & Pow.
t
E. A. WATSO N & CO.
60 State St.,
Telephone
Congress 4792
Boston, Mass.
6194
MUNICIPAL BONDS
Coupons
Tonawanda,
$25,000 City of
M. BAUER & CO.
BROAD STREET,
25
Phone*—Broad
416
Co.
5V£s, 6S
4^s & 5s
buy at best prices German and Austrian
R.
BUY
WILL
WE
IMMEDIATE DELIVERY THE
FOR
WE OFFER
Stock Exchange
New
York, Coupon 5s, 1927-1951
Price
NEW YORK
417, 658.
3978, 4308
Representatives of/ Anglo Austrian Bank, Vienna and
\Hardy A Co., G.m.b.H. BERLIN
on
application
C. W. WHITIS & CO.
all its branches
BONDS
INVESTMENT
NEW YORK CITT
STREET
88 CEDAR
WANTED
REPUBLIC OF
Bucyrus Pfd.
Rochester
Ford Motor of Canada
Securities
J. S. Bache & Co.
New York
Exchange
Packard Motor
Rochester
St. Louis
MERRILL, LYNCH & CO.
Syracuse
120
Philadelphia
Troy
Mtge.
June
To
6%
E.
M.
New
York
State
CLINTON H. BROWN & CO.
MUNICIPAL
31
Nassau
& CO.
Hanover
35 Wail Street, N. Y.
1
1093.
■■
"'.V
Texas
SECURITIES
Mohawk
Valley Investment Corp.
Organized Under New York State Banking Laws
226 Genesee St.
Utica, N. Y.
Municipal Bonds
High Yield
Short-Term
County Note*
Opportunities
J. L. ARLITT
Telephone
Rector 7453, 7454
241 Broadway, New
in
Tel
Rector
York
4814
laasber TexasBankers'
Aucocfatle*
New York
Traction
West Virginia
7^8
BONDS
St.
New York, N. Y.
Utica Gas & Electric 5s
INVESTMENT
Hamlin
Specialists in Legal Investments
for Savings Banks & Trustees
Utica Gas & Electric
HOOPER
BANKERS
& Co.
Members of New York and Boston Stock Exchanges
877 Main St., Springfield, Mass.
of
Salle Street
La
CHICAGO, ILL.
Sugar 6s
Goodrich 7s, 1925
GIBSON & COMPANY, Inc.
Correspondents
South
WE WILL BUY
American
Co.
Bonds.
yield 7.46%.
INVESTMENT
29
Denmark 6s
Gold
1932.
1st.
NEW YORK
Broadway,
ROBERTS, HISC0X & COMPANY
Traders' Telephone: 7683 Rector
United Light & Railways
Due
Specialista in
CORRESPONDENTS
Pittsburgh
Refunding
Tel. John 5180
CHICAGO SECURITIES
New Orleans
Chicago
New York
Pine Street.
& pfd.
Cleveland
Buffalo
in
com.
Woodward Iron
Kansas City
Boston
45
Mercantile Stores
Cincinnati
Baltimore
A
& pfd.
Tel., 6400 Broad
BRANCHES and
Albany
1st
com.
KLUMPP & CO.
WM.
Firestone Tire & Rubber
Goodyear T. & R.,
Members New York Stock
PANAMA
5s, 1944
Fairbanks Morse
& Pitts. 4s, 1990
City
Securities
Grand Trunk Pacific—All issues
Toledo Terminal 4k£s, 1957
Fla. Cent. & Penin.
Cleve. Term. & Valley 4s, 1995
Circular sent
on
request
Stephen. N. & S. Texas 5s, 1940
M. & O. Montgomery
Macon Terminal 5s,
Grand Rapids
Div. 5s, 1947
1965
& Ind. 2d 4s, 1936
cons.
5s, 1943
Kentucky Central 4s, 1989
Union Term, of Dallas 5s, 1942
Ladd & Wood
L. I. North Shore 5s, 1932
Members of
New
SHEAR, BARTON & CO.
Tel. Rector 6761
5 Nassau
St.,
NEW YORK
York
Stock Exchange
Rector 980
7 Wall
St., New York
Dho. 31
1921.]
THE
CHKONICLE
XIX
DOMINION OF CANADA
Amer. Lt. & Trac.
Province
Pacific Gas & Electric
Alberta
Province
Central Petroleum
of
of
British
Province of Quebec
Columbia
Province of Saskatchewan
Province of Manitoba
City
City
City
City
City
Province of New Brunswick
Province of Nova Scotia
Province of Ontario
Western Power
Prince Edward Island
FREDERIC H.
MacQuold
Members
14 Wall
&
Coady
74
B'way, New York
FEDERAL
Tel.
FARM
Rector 9970
ITRIPP
Chicago
60
Broadway,
York City.
Pearl
St.,
Hartford, Conn.
ARE
Pittsburgh
Cigar Com. & Pfd.
American Tobacco Dividend
British-American
G.
W.
Men gel
Scrip
Tobacco
Helme Com.
&
Company
MacAndrews & Forbes Com. & Pfd.
Porto Rican-American Tobacco
Pfd.
R. J.
Reynolds Com. & Pfd.
Tobacco Products Dividend
International Cigar Machinery
Scrip
Weyman-Bruton Com. & Pfd.
Johnston Tin Foil & Metal
IN
INTERESTED
Montreal
TOBACCO STOCKS
American
Imperial Tobacco (Great Brit. & Ireland)
WE
& CO.
Bowling Green 1220
Specialists in
5*4s
Ill
New
Tel.
Philadelphia
4y2s & 5s
& ANDREWS
HATCH
WIRE CONNECTIONS
Boston
JOINT STOCK LAND BANK
5s and
of Ottawa
of Winnipeg
of Vancouver
Established 1888
Neto York Stock Exchange
St., N. Y.
of Montreal
of Toronto
J. S.
U.
S. Certificates of Indebtedness
Fort Worth Power, Light, Preferred
Pure Oil 7s, 1922 and 1925
Brazilian Light & Traction 6s, 1922
MOORE
Indianapolis Securities
Young
torn.
& Pfd.
&
SCHLEY
Members N. Y. Stock Exchange
Josephthal & Co.
100
Broadway, N. Y.
Telephone: Rector 4920
Members New York Stock Exchange
120
Broadway
Tel. Rector 5000
Saskatchewan 5s, May 1939
All Foreign
New Amsterdam Gas 5s, 1948
Alberta
Tol. Wal. Vy. & O. 4^8,1931
4^8, Feb. 1924
Ontario 6s, Oct. 1923
Government
Toronto Harbor Com.
Panhandle 4%s, "A" 1940
4V^s, '53
Den. & Rio Gr. Imp. 5s, 1928
Bonds
Rutter & Co.
Bought—Sold—Quoted
H Wall St.
37 Lewis St
NEW YORK.
HARXFORJ)
Telephone Rector 4891
Ernest Smiths- C®
20 BROAD
STREET, NEW YORK
Tel. Rector 6061-6068
Government,
Guaranteed
Public Utility
Railroad Stocks
Railroad
Municipal,
Industrial
Investment bonds
EDWIN
BROAD
4377
30
WOLFF
BROAD STREET
A. B. Leach &
Co., Inc.
Investment Securities
CANADIAN water^TOWER BONDS
GOVERNMENT
u
vniuivinn
BOUGHT AND SOLD
€2 Cedar St.,
hfladelnhla
Hartford
S«r anton
105 So* La Salle St*, Chicago
New York
Boston
Cleveland!
Pittsburgh
Minneapolis
Detroit
MUvraukss
St. Louis
Sterling Bond Corporation, limited
136 St. James St.,
do you
That
the
fields
use
Financial
Keep
and
respective
consult
Chronicle
this
use
sion arises*
Chicago
$15,800,0811
Capital and Surplus
the
Classi¬
Department.
mind for
La Salle at Jackson
efficient
moat
in
Illinois Trust & Savings Bank
know
their
men
fied
Montreal, Can.
Pays (Interest
Department
when the
in
occa¬
on
Time
Deposits, Current and Reserve
Aooounta.
change.
Deals In
Transacts
a
Foreign Ex-
Has
on
hand at all times
a
variety of
ex-
oellent securities.
Buys and sells
Government,
Municipal and
General Trust Business.
Corporation Bonds*
THE
CHRONICLE
[Vol. 113.
flnatul&l
financial
Multiple Currency
A characteristic
example of
a
|
multiple
currency
bond is
|
The Government of the Kingdom of Norway 3V2V0
Tri-Currency External Railway Loan of 1904-1905.
An
investor
in
these
bonds
is
afforded
opportunity each interest date for he
pons
L
in
may
for collection in Sterling—to-day at
Norwegian
French
Kroner—to-day at
Francs—to-day at
Due to this
a
a
cou¬
discount of 14%;
discount
a
exceptional
an
present his
of
40%;
1
in
discount of 58%.
feature, multiple
|
currency bonds are
great favor with the American Investors.
Our
1
finding
December
circular completely describes the above bonds and contains
1
table showing the possible profit that can be derived from
a
such
Inquiries
invited.
are
Hp HE GIRARD Trust
A
:
!
BROADWAY—NEW YORK
Securities
1
f
J
Department
a
Company offers to
banks, bankers and in¬
dividuals the services of
ffl
American Express Company
65
1836
Chartered
1
investment.
an
|lj
its Real Estate Depart¬
ment for the care and
|
telephone
V Whitehall 2.000 0k
Jj
St
M
examination of proper¬
ties in Philadelphia and
vicinity.
This
Department
com¬
bines every advantage of a
real estate agency with the
We
take
added
pleasure in announcing that
Mr.
Mitchell
Mr.
A.
O.
of
security
a
trust
company.
GIRARD
May
TRUST COMPANY
Corbin
Broad & Chestnut Sis., Philadelphia
have this
day become partners in
our
firm
F. J. Lisman & Co.
New
York,
Members N. Y. Stock Exchange.
January 3, 1922.
<
•
1
fJ^ERICAjff
F. L. Carlisle & Co.
i
Li
49
,
„
Wall Street
33 Years in
take
Export Banking
pleasure in announcing their in¬
corporation for the conduct of
a
BRANCHES
gen¬
Argentina
f
„
.
.
■
'
.
'•
Chile
Peru
eral investment business.
i
Uruguay
.
*
.
Brazil
They will specialize in the
the Industrial and Public
securities of
-
AFFILIATIONS
Ecuador
*
Venezuela
Colombia
OTHER
Utility Cor¬
porations of Northern New York.
Bradford
Manchester
BRANCHES
Paris
Spain
Mexico
Head Office,
January 3rd, 1922.
London
Anglo-South American
"BANK, LIMITED
New York
Agency, 49 Broadway
DEC. 31
1921.]
THE
CHRONICLE
XXI
financial
jfittantial
Good Security
Potter &
Salesmen
Members New
wanted by many firms at this
time. We are constantly receiving
are
v
FIVE
Company
York Stock
NASSAU
New
letters from good firms
asking us to
recommend good salesmen to them.
More Trained Men Needed
Exchange
STREET
York
firm of Potter Brothers & Company having
These firms want men who have had the
been
training—those who are tak¬
ing the Babson Course in Investments
and Security Selling.
best type of
dissolved, the undersigned have this day formed
a
#
The Babson
Course
in Investments
partnership under the
for the transaction of
and
Security Selling is the Standard Course
used by scores of well known firms
for
training their salesmen.
This Course gives a man a
name
a
commission
training in sell¬
of Potter & Company
general bond investment and
business.
ing securities which takes the place of years
of experience, saves
eliphalet
costly hard knocks
and reduces Lost Sales to
a
minimum.
j.
.
Our leaflet '"What the Investor Likes in a
Bond Salesman" together with an outline of
this Special Course will
be sent
p.
n.
fuller
fitz
grafton
request.
on
w.
harold
h.
lyndon
potter
potter
gerald
pyne
dodge
Simply Ask for Booklet 60M3
Babson Institute
*%&£*
We beg to announce that:
Mr. Bernard B. Badgley
has this
day become associated with
Prompt and
Thorough
in the
has this
day become
with
handling of
this
your
manager
for
our
firm,
Potter & Company
of the
part
firm.
full Power of Attorney.
banking requirements
in
our
Mr. Adrian P. Driggs
December 24,
1921
country.
Cbe
^
JVIartne 'Crust
Company
of Buffalo
Capital and Surplus, $17,000,000
JOHN MUNROE & CO.
K^TM>QO=Trw=OQO^OO=^r^=0<Z>(r4^^=OIQ
Announce the removal of their offices
from 30 PINE STREET
to
When
Purchasing
100
BROADWAY
Bonds
Find
If
first
out
they
fundamentally sound. For
dollar
to
the
New York
will send you an up
we
date
are
one
unbiased
seourity of
any
Investment Registry
opinion
January 3rd, 1922
on
bond Issue.
of America, Inc.
ESTABLISHED
608 Chestnut Street,
1910
Philadelphia
A
Complete Banking Service
In
We
DO YOU KNOW
offer
foreign,
a
to
Pittsburgh
comprehensive banking service, both domestic and
out-of-town
banks,
corporations,
and
individuals.
knowledge of busmess and industrial affairs in the Pittsburgh
District makes this service especially valuable.
Your corres¬
Our
the
That
men
fields
most
efficient
their
in
use
respective
and consult the
pondence is invited.
Financial Chronicle Clas¬
sified
MELLON NATIONAL BANK
Department?
Keep this Department In
mind for
casion
use
when the
arises.
oc¬
PITTSBURGH, PA.
Capital and Surplus
-
-
$11,000,000.00
[VOL. 113.
CHRONICLE
THE
XXII
Engineer*
©ibibenba
COUPONS
PAYABLE
DIVIDENDS DUE IN JANUARY AND
AND
AT
OFFICE OF
THE
The Farmers' Loan and Trust
STONE & WEBSTER
Company
INCORPORATED
STREET
18, 20 and 22 WILLIAM
New York City
16,
ON AND AFTER JANUARY
Railroad
Alabama Great Southern
Company
Water
American
Castle
New
R.
Co,
Supply
of
&
EXAMINATIONS
Valley
Shenango
Co.
R.
ON
New York & Cuba Mail
Steamship
Co.
Kankakee
Peoples
Oska-
Company,
Water
loosa
City of, Refunding
Cedar Rapids,
Bonds
INDUSTRIAL
N. Y.
Olean, City of,
Army & Navy Club of Manila
Athens Railway & Electric Co.
Butler Water Company
VALUATIONS
REPORTS
1ST, 1922, AS FOLLOWS:
AND
PUBLIC
SERVICE
Co.
Piedmont & Northern Railway
Popular Science Publishing Co.
Central Brewing Company
Chattanooga City Water Company
Santa
Chicago & Northwestern Railway
Sharon
PROPERTIES
Portsmouth & Suffolk Water Co.
Company
Equipment
ment, Series "A"
Agree¬
Lucia Company
South
Chicago & Northwestern Railway
Company
Equipment
Agree¬
ment, Series "C"
Chicago St. Paul Minn. & Omaha
Railway Company
Southern Public Utilities Company
New York
Boston
Chicago
Consol.
Co.
Water
Yuba
Mortgage
St.
Louis
& Cairo Railroad Co.
Simons, Ernest, Mfg. Company.
Sleepy Hollow Country Club
Ry. Co., Equipment Agreement,
Third Avenue Railroad Co.,
Series "B."
Union
Clyde Water Supply Co., Ref. 4s
5%
Colum¬
Company,
Depot
bus, Ohio
Commercial Cable Company
Union Utilities Company
Constitution PublishingCompany
United Rys. Co. of St. Louis (War¬
rants from Certfs. of Deposit)
Cowlitz Lumber Company
Dayton Union
Railway Company
Greenwich
Water
Co., 1st Mtge.
Greenwich
Water
Supply
Warren Water Company
July 1,
Supply
East
East
Co., 2d Mtge.
East
Louis
St.
Water
Interurban
&
Co.
Ellsworth
Water Company
Warren
Company
Collieries
El Paso & Southwestern
(Issue of
1897)
(Issue of
ENGINEERS
July 1, 1908)
Washington Water
Power Com¬
pany, 1st Refunding
Washington Water Power Com¬
pany (Consol. Mtge. & Collat¬
Public Utility
Specialists
eral Trust)
Railroad
Gas and Electric
Company
Hampshire
Southern
R.R. Co.
Herkimer,Mohawk, Ilion & Frank¬
fort Electric Railway Co.
Woodward Iron Company
City
Management and Operation,
Indianapolis Union Railway Co.
Iowa City Water Company
Ithaca St. R'way Co. (Due July 1,
1921 % $30.90 each)
Lakewood & Coast Water & Elec.
County of Vanderburgh, Indiana
Accounting and Purchasing,
Co.
Lupton, F. M., Publisher, Inc.
Mobile Light & Railroad Company
Mobile & Ohio Railroad Company
Extension 1st
1922
JANUARY 2nd,
Louis
St.
East
&
Granite
Counsel and Reports,
Water Co.
JANUARY
15th, 1922
Utilities
Minneapolis, Lyndale & Minnetonka Ry. Co. and Minneapolis
Street Railway Co.
St. Paul
City Railway Company
Union Free School District No. 1,
Town of Pelham, N. Y.
JANUARY 20th,
Mortgage
1922
Pekin Water Works Company
National Starch Company
Publio
Relatione,
Valuation and Rates,
Design and Construction of
central station and industrial
power
plants and gas plants.
WILLIAM A. BAEHR Organization
Chicago
Psoplea Om Bonding
Dividends
JANUARY
•Twin
City
Weyman-Bruton Company,
1922
2nd,
Transit
Rapid
Co.,
Preferred
Ernest
JANUARY 3rd,
1922
Com.
Preferred
F. W. Woolworth Co.,
Manufacturing
Simons
Company, Preferred
International Petroleum Co., Ltd.
(Coupons
No.
from
2
Bearer
sh.)
Share Warrants at $.25 per
Weyman-Bruton
Co.,
JANUARY 5th, 1922
Detroit, Hillsdale & Southwestern
Railroad Company
Preferred
The J. G.White Engineering
Corporation
ENGINEERS
The
firm
has
been
of
A.
MURRAY
B.
dissolved
by
mutual
&
firm,
copartnership with Mr. Bradford
Wickes, for the transaction of a general bond
investment
business, under the firm name of
formed
CONSTRUCTORS
consent.
vMr. Alexander B. Murray, formerly of that
has
-
CO.
a
43 EXCHANGE PLACE,
NEW YOEK
MURRAY & WICKES
With offices in the
120
Broadway,
Equitable Building,
New York City.
ALEXANDER B.
BRADFORD
Dated, December 28th, 1921.
MURRAY
WICKES
F. WM. KRAFT, Lawyer
Specializing in Examination &
Preparation of
and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same*
|
County, Municipal
Rooms 117-520, 111 W. Monroe
Harris Trust Building
CHICAGO. ILLINOIS
St..
Dec. SI 1921.]
THE
xxm
CHRONICLE
©tbtbenbg
Notices
BETHLEHEM STEEL CORPORATION
Coupons Payable January, 1922, at
Secured Serial Seven Per CenL
Gold Notes, Series D.
NOTICE
To
each
and
holder
of
Per Cent. Qold
Serial Seven
Secured
the
The
r'SMWv
REDEMPTION.
OF
every
Notes,
Serie*
Exchange National Bank
American
D, of Bethlehem Steel Corporation, issued
under the Trust Indenture, dated July 15
1918,
Bethlehem
between
Steel
128
Corpora¬
New York City
Broadway,
tion, Bethlehem Steel Company and Bank¬
Trust Company,
ers
as
Trustee.
that Bethle
Corporation has elected to exercise
its right to redeem, and will redeem and pay,
on
January 16. 1922, all of Its Secured Serial
Seven Per Cent Gold
Notes of Series D theD
outstanding; that interest on said Notes of Ser
les D will cease on said redemption date, Januarj
16, 1922; that the holders of said Notes of SerletD are required on said redemption date to present
them for redemption and payment at the offie*
of Bankers Trust Company, No. 16 Wall Street,
in the Borough of Manhattan, in the City of New
York; and that on presentation and surrendet
thereof with coupons maturing on July 15. 1922
at said office as aforesaid said Notes of Series D
will be redeemed and paid at 100% of the prin¬
cipal amount thereof and interest accrued to said
redemption date.
NOTICE
hem
IS
HEREBY GTVEN
Steel
PRIVILEGE.
CONVERSION
In
Trust
with
accordance
Indenture
Notes
of
the
the
D
Series
for
provisions
of
said
rlgbt
to
exchange
said
Consolidated Mortgage
Thirty-Year Sinking Fund Six per Cent Gold
Bonds, Series A, of said Corporation, dne August
1, 1948, now pledged under said Trust indenture,
will continue up U> said redemption date, Januarj
16, 1922.
The holder of any one or more of saia
Notes of Series D upon the surrender thereof at
said office of Bankers Trust Company on or be¬
fore said date, will be entitled to receive in ex¬
change therefor one or more bonds of said Series
A or such
aggregate principal amount (which
shall be $1,009 or a multiple thereof) that such
bonds, taken at a price to yield six and one-half
(computed according to the
per cent per annum
specified In said Trust
the principal amount of
the
Notes so
surrendered for exchange, with
a cash adjustment of accrued
Interest, and with
a payment Jn cash
by said Corporation of that
part of the principal amount or the Notes for
which bonds cannot be delivered upon any such
exchange.
Application will be made for the list¬
ing of said bonds. Series A. upon the New York
tables
bond
or
Indenture),
vaioes
will
equal
Stock Exchange.
Dated, New York, November 23, 1921.
STEEL
BETHLEHEM
by W.
F.
HARTMANN, Treasurer.
OF
NOTICE
CORPORATION,
REDEMPTION
THE UNITED GAS
IMPROVEMENT COMPANY
Philadelphia, Pa., December 30, 1921.
HOLDERS
OF
THE
$7,500,000
Per Cent Two Year
Coupon Gold
Notes of THE
UNITED GAS IMPROVE¬
MENT COMPANY, dated February 1, 1921,
issued under Trust Agreement between The
United Gas Improvement Company and Bank¬
ers Trust Company, Trustee, bearing like date:
Notice is hereby given that pursuant to the
terms
of the
Trust
Agreement between The
United Gas Improvement Company and Bankers
Trust
Company, Trustee, dated February 1,
1921, The United Gas Improvement Company
will pay off and redeem on February 1. 1922,
at 102% of par and accrued interest, all of Its
then
outstanding Eight Per Cent
Two Year
Coupon Gold Notes, out of a total authorized
amount of $7,500,000, dated February 1, 1921,
issued under said Trust Agreement:
that in¬
terest will cease to
be payable on the Notes
hereby called for redemption, from and after
February 1, 1922; that the holders of said Notes
are required on February 1, 1922. to present them
for redemption
and payment at the office of
Bankers Trust Company, Trustee as aforesaid,
16 Wall Street, New York City, and that on
presentation and surrender of said Notes, with
all
unpaid coupons attached thereto, at said
office as aforesaid, payment will be made to the
holders of said Notes at the redemption price
TO
THE
EIGHT
&bov0
Anderson Cotton Mills
International
Ashton, Idaho
Augusta, Ga.
C.
Billings, Mont.
Blaine County, Mont.
Bogansville, S. C.
Boon Hill, N. C.
Boulder City, Colo.
Canyon County, Idaho.
Carbon County, Mont.
Cascade County, Mont.
Catahoula Parish, La., Sch. Dist.
Cheboygan, Mich., Publio School
Chicago, 111.
Cincinnati, Ohio
'
Cincinnati, 0., Board of Education
,
Clarksville, Tenn.
Cleveland, Ohio
Cleveland, 0., Board of Educa¬
tion
Coeur D'Alene & Pend. R. Co.
Collinwood, Ohio
Conrad, Mont.
Conway, S. C.,
Cross Keys, S. C.
Dayton, O., Board of Education
Denton, Mont.
Detroit & Port Huron S. L. Ry.
,
Duluth, Minn.
Duluth, Minn., School Dist.
Easley, S. C., School Dist.
Lake County, Fla.
Lowndes County,
Mexican Eagle
Ga.
Oil Company
v
Milltown, Ga.
Mobile, Ala., Water & Sewer
Mobile, Ala., Series "H"
Montgomery County, Ala.
Mooresville, N. C.
New Iberia, La.
Niagara Falls and Clifton S. B. Co.
Norwalk, Conn.
Oneals Township, N. C.
Oneida, Tenn., High School
Phoenix, Ariz.
Powder Springs, Ga.
Prairie County, Mont.
Punta Gorda, Fla.
Ravalli County, Mont.
Redfield, S. D., Ind. S. D. No. 20
Rice Lake, Wis.
Richland County, Mont.
Richmond County, Ga.
Rochester, Minn., Eiec. Light
Rosebud County, Mont.
Roundup, Mont.
Rutherford County, N. C.
Rutherford ton, N. C.
St. Louis County, Minn.
St. Lucie County, Fla., High Sch.
District No. 6
East Point, Ga.
San Tuc,
Township, N. C.
Elmore County, Ala.
Englewood, Fla., Spec. Road and
Bridge Dist.
Fairfield, N. C. School Dist.
Fallon County, Mont.
Fish Dam, S. C.
Florence, Ala.
Fort Meade, Fla.
Genesee, Idaho, Highway Dist.
Genesee, Idaho, Ind. S. D. No. 2
Gladstone, Mich.
Sarasota, Fla.
Elevation
Glendive, Mont.
Goshen Hill, S. C.
Great Falls, Mont.
Hill County, Mont., Funding
Hill Co.. Mont., Sch. Dist. No.
16
Horry County, S. C.
S. C.
Sarasota-Venice, Fla., Spec. Road
& Bridge
Savannah, Ga.
Sidney Electric Co., Ohio
Snow Creek, N. C.
South St. Paul, Minn.
Spokane International Ry. Co.
Stanley, N. C., School Dist.
Swift & Company
Tarpon Springs, Fla.
Toole County, Mont.
Union, Ore.
Union, S. C.
Waycross, Ga.
Yellowstone County, Mont.
Yellowstone County, Mont.,
School District
Curtis & Sanger
stated.
49 WALL
THE UNITED GAS IMPROVEMENT
COMPANY.
President.
Referring to the foregoing notice, noteholders
are reminded of the requirement of the Federal
Income Tax Law that notes presented for pay¬
ment having
the February 1,
1922, coupon
attached must be accompanied by an ownership
Deben.
Jacksonville, Fla.
Jonesville, S. C.
Beaver Island, N. C.
Bentonville Township, N.
Co.
Silver
Co.
Jackson, Mich.
STREET, NEW YORK
By S. T. Bodine,
certificate relating to
THE
said coupon.
Members New York, Boston
and Chicago Stock Exchanges
UNITED GAS IMPROVEMENT
COMPANY.
By S. T. Bodine,
President.
BONDS
52 William Street,
We beg to announce
has this day
that Mr. Arthur Hagen
MILLET. ROE
1921.
COMMERCIAL PAPER
New York.
retired from our firm.
31st December,
SHORT TERM NOTES
ACCEPTANCES
announcement
& HAGEN.
<
BOSTON
CHICAGO
[VOL. 113.
CHRONICLE
THE
XXIV
gKbfbtnbg
Dtbtoentrt
& Telegraph Co.
American Telephone
Collateral Trust Gold Bonds
Four Per Cent
Due July 1, 1929
Coupons from these
on
January
1,
terms
Bonds, payable by their
1922, at
the
office
or
of the Company in New York or in Bos¬
ton, will be paid in New York at the Bankers
Trust Company, 16 Wall Street, or in Boston
at The Merchants National Bank.
agency
The following coupons
are
and registered interest
payable at
H.
The NewYorkTrust
BLAIR-SMITH,
ELECTRIC
WESTINGHOUSE
Company
MANUFACTURING
Sc
Treasurer.
COMPANY.
Quarterly Dividend of 2% ($1.00 per share)
the PREFERRED Stock of this Company
A
BROADWAY
on
New York
100
COMMON Stock of this Company for the quar¬
will be
paid January 16, 1922.
31, 1922.
Dividends
uary
the
i
Both
January 1,1922
on
ending December 31, 1921, will be paid Jan¬
ter
Due
($1.00 per share)
of 2%
Dividend
A
are
payable to
of record as of December 31, 1921.
H. F. BAETZ,
Stockholders
Treasurer.
New York, December 19, 1921.
Alabama Water Co. 5-Yr.
7% Gold
&
Coupon Notes
American Dock &
Kansas City Southern
KANSAS CITY POWER SECURITIES CORP.
Imp. 5's
Kansas City, Mo.
Improvement Co.
Extended 1st Mtge.
Athens Terminal Co.
Auburn Gas Co. 1st
6's
1st
Lincoln Traction Co. Gold 5's, 1939
Llano, Texas, Ind. School Dist. B
Mtge. 5's
Mtge. S. F. 5's
Mont, Bridge
Big Horn County,
Bonds
Broadwater
Mtge. 5's
County, Mont., Road
ties
{ireferred stock of the Kansas City Power SecurCorporation has been declared payable
Mont., Funding
January 1, 1922, to stockholders of record at the
close of business December 20, 1921.
McCone
County,
Co.
1st
Gold Deb. 7*4's
City of Buffalo, Wyo., Sewer Bonds
City of Sedalia, Mo., Ref. 4J^'s
County, Idaho, Road Bonds
1st
Mtge. 5's
City & Lake R.R. Co.
New Orleans
Norwich
City R.R. Co. Gen. 5's
Gas
Railway Co.
Electric
&
Co.
Treasurer.
Mtge. 5's
Mtge. 30-Yr. Gold
Puget Sound Power & Light Co.
Preferred Dividend No. 32.
Bonds
SI .50 quarterly dividend is
payable JAN. 16,1922, to Stock¬
A
6's
Oil Co. 8% Conv. S. F.
Century
O. C. McBRIDE,
16th, 1922.
ary
Plattsburgh Traction Co. 1st Mtge.
J. Gen. 5's
PENN
1st
Mtge. S. F. 5's.
Central R.*R. of N.
SMITH, Secretary.
POWER COMPANY.
The Board of Directors has declared Dividend
No. 24 of one and three-quarters per cent (1%%)
for the quarter ending January 31st, 1922, pay¬
WEST
able February 1st, 1922, to the preferred stock¬
holders of record at the close of business Janu¬
Mtge. 5's
Pine Bluff Co. 1st
Central Market Street
C.
CHESTER
Macon, Dublin & Savannah R.R.
New Orleans
Brooklyn Borough Gas Co. Conv.
December 24, 1921.
quarterly dividend of One Dollar
Cents ($1.25) per share on the
Kansas City, Mo.,
The regular
and Twenty-Five
Lockport Light, Heat & Power Co.
1st Mtge. Ref. 5's
Bonds "
1st
Preferred Dividend No, 4.
Bonds
Bronx Gas & Elec. Co. 1st
Camas
Ry. Co. Ref.
holders of record DEC. 28, 1921.
Pocahontas Consolidated Collieries
Gold Notes
General Manager
Stone & Webster, inc.,
Co., Inc., 50-Yr. Gold 5's
Citizens Gas & Electric Co. of Council
Powder River
Bluffs, 1st Mtge.-5's
Citizens Gas & Fuel Co. of Terre
County, Mont.,
Funding Bonds
Rich Hill Coal Co. 1st
Haute, 1st Ref. 50-Yr. 5's
Gold 5's
City of Great Falls, Mont, Water¬
works Bonds
Co. Gold 5's
City of Minot, North Dakota
Clinchfield Coal Co, 1st Mtge.
D. K. E.
5's
Holding Corp. Gen. 5's
Davidson
Dawson
Realty Co.
Somerset
County, N.J., Building 4's
Terminal
Toole
County, Mont., Funding
Jan. 1, 1921.
Fonda, Johnstown & Gloversville
R.R. Co. Gen. Ref. 4's
R.R. Co.
Garfield
1st
& Gloversville
Cons. Ref. 4*/2's
County,
2nd
Mont.,
Funding
Bonds
County, Mont., Funding 5H's
State
Tel.
Tel. Co. 6's
&
Electric
Underground
of London, Ltd.,
County,
Mont.,
Funding
Bonds
Rys.
County,
Mont.,
Highway
United Fuel Gas Co. 1st
Mtge. S. F.
Tramway Co. 1st Mtge.
\ 5's
1st
J.
Mtge. 5's
Mtge. 4's
Indianapolis Water Co. Gen. Mtge.
5's
Utica Belt Line Street R.R. Co. 2nd
City Light & Power Co. 1st
Mtge. 5's
West
Virginia
Wibaux
Utilities
Co.
6's,
County,
Mont.,
Public
Willapa Electric Co. 1st Gold 6's,
Series A, B &
Secretary.
Jfrot itt*
To
the
Holders
of
The
Columbus
road
Company's First Mortgage
Bonds Maturing
January 1, 1922.
&
C
Connecticut Eastern
Ry. Co. 1st Mtge. 4H's
paid on or after
January 3, 1922, at the office of the
Bankers
Trust
Company,
16 Wall
Street, New York City.
The January
from
detached
1922 coupon should be
these bonds and pre¬
sented for payment at the office of the
Metropolitan Trust Company of the
City of New York, 120 Broadway,
New York City.
I. W. BOOTH, Secretary.
Mtge. S. F. 5's
PRESIDENT HARDING
AND
January 15, 1922
Louisville Gas & Electric Co.,
.
holders of record January 14, 1922.
W. R. JORALEMON,
Youngstown-Sharon Ry. 85 Light
Co. 1st
Due
one per cent. (1 %) be declared out of
the Common Stock of this
payable January 31, 1922, to stock¬
These bonds will be
Utica, Clinton & Binghamton R.R.
Worcester
Jonesville, S. C., School Dist. 5H's
Company,
Five Per Cent.
Highway Bonds
Hackensack Water Co. 1st
CRUCIBLE STEEL COMPANY OF AMERICA
DIVIDEND NO.
11—RESOLVED, That a
Connecting and Terminal Rail¬
United Gas & Electric Co. of N.
Series "A"
Greenwich
Inc., has been declared payable January
1922, to Preferred Stockholders of record
1921.
D. O. PHILLIPS. Secretary.
Co.
Co. Gen. 5's
Bonds
3rd,
AH's, 1933
Mtge. 5's
Glacier
V
The
undivided profits upon
6's
Fonda, Johnstown
LEAF TOBACCO CO., INC.
regular quarterly dividend of 2% of the
UNIVERSAL
Preferred Stock of Universal Leaf Tobacco Com¬
dividend of
Tri
Bonds dated
Co.
Warehouse
Mtge. 5's
Erie
County Elec. Co. 1st Mtge. 4's
Transfer books do not close.
16, 1922.
December 22nd,
South Shore Gas Co. 1st Mtge. 5's
Equitable Illuminating Gas Light
Co. of Phila. 1st Mtge. 5's
Kansas
uary
L. A. LARSEN,
Vice-President & Treasurer.
County, Mont., High¬
Bonds
1st 5's
Ironton R.R. Co.
Mtge. 5's
Glacier
Co.
pany,
Hampton Electric Light Co. 6's
Fallon
Rys.
South Platte Canal & Reservoir Co.
Light Co. 1st 5's
Detroit, Toledo &
East
Castle
quarterly
dividend of one and three-quarters
(l %%) per cent upon the Preferred Stock of this
Company for the three months ended December
31, 1921, payable February 1, 1922, to stock¬
holders of record at the close of business on Jan¬
Silver Bow
Bonds
Delaware Gas
1st
New
1st Lien S. F. 5's
way
County, Mont, Highway
&
INC.
December 29, 1921.
The Board of Directors has this day declared a
|
Rockingham County Light & Power
Sharon
LOCOMOTIVE WORKS,
Lima, Ohio.
LIMA
Mtge. S. F.
MOTHER GOOSE
8% Bond Secured Gold Notes
McWilliams Bros., Inc., 5's
RHYMES
Ristigouche Salmon Club 5's
HELPING
World Film
FOR
Corp. 1st Serial Gold 6's
FOR
YOUNG
BANKERS'
BANKERS
1922
DRIVE
20,000,000 SAVERS
saving rhymes are committed to
and never forgotten.
Nearly 400,000
My free advertisements bring small
scholars to your door.
Wire order for every
Kiddie in locality.
C. P. BRATE, Albany, N. Y.
Mother
memory
printed.
Goose
Dec. 31
XXV
CHRONICLE
THE
1921.]
Sib&enfc*
Coupons from the following Bonds are payable at
BROTHERS
KOUNTZE
141
Broadway, New York City,
ARIZONA—
COCHISE
DISTRICTS
SCHOOL
CO.
January 3, 1922
on
NEBRASKA—(Concluded)
FRANKLIN. CITY OF
FREMONT, CITY OF
GIBBON, VILLAGE OF
GRAND
ISLAND
CITY
IDAHO—(Concluded)
BANNOCK CO. SCHOOL DISTRICTS
FLAGSTAFF, TOWN OF
GLENDALE. TOWN OF
BEAR
HOLBROOK, TOWN OF
MIAMI, TOWN OF
PHOENIX CITY. ROAD
CO.
BLACKFOOT
BINGHAM CO. SCHOOL
5s
CO. &
COUNTY
1805
CO.
ISSUE
UF
./SUPERIOR. CITY OF
NEVADA-
CO
ELMORE
LYON COUNTY-CANAL S. D. NO. 16
•
EMMETT
<
<
& SCHOOL DISTS.
COUNTY
FERRY
GEM
ROAD, BRIDGE, COURT HOUSE
CO.. HIGHWAY
AGUILAR
ALAMOSA
GRACE
ASPEN. CITY OF
ARAPAHOE CO. SCHOOL
BERNALILLO OO. SCHOOL DISTS.
CHAVES CO. COURT HOUSE & JAIL
GUADALUPE CO. SCHOOL DISTS.
LAS ORUCES
HIGHWAY DISTRICT
CITY OF
GOODING CO. SCHOOL DISTRICT
G U \ NGEVILLE
GLENWOOD
GOODING.
LEA
TNDEP. S. D. NO. 2.
HIGHWAY DISTRICT
HAGERMAN
DISTRICTS
ARCHULETA CO. AND SCH. DISTS
AU-LT, TOWN OF
CO.
LOVINGTON
CO. & SCHOOL DISTRICTS
MAXWELL
LUNA
HEYBURN
FALLS. CITY OF
IDAHO
MEXICO—
NEW
GLENS
COLORADO—
'
RENO
FRANKLIN CO.
SAN JOAQUIN
COUNTY
PERSHING
FILER
1908.
OF
CITY
TEKAMAH.
DUBOIS
EDEN
..
CO.
OMAHA, CITY OF—Payable In
York
New
CULDESAC. VILLAGE OF
DECLO IND'PT. S. D. NO. 3
REDLANDS, CITY OF—Due fifteenth
SACRAMENTO
SOUTH
CT.TFTON
DISTRICTS
CITY
OF,
PUBLIC
SCHOOL IMP. 4Hs, 1895; CENTRAL
POLICE STATION 4^8. 1895; WATER
IMP
SALINE
CHALLIS
ANGELES,
OO.
POLK
CASCADE, VILLAGE OF
CASSIA COUNTY & SCHOOL DISTS.
ANGELES SCHOOL
SYSTEM
OMAHA, CITY OF—Payable in N. Y.
OMAHA CITY SCHOOL DIST—
do
OSCEOLA VILLAGE
COUNTY
CANYON
BEAUMONT. CITY OF
LOS ANGELES CO., FLOOD CONTROL
DIST.
OO.
OO.
NEMAHA OO. SCHOOL DISTRICTS
CALDWELL
YUMA. CITY OF
LOS
NANCE
BUTTE
SCHOOL DISTRICTS
VILLAGE OF
MERRICK
BURLEY
CALIFORNIA-
LOS
LYONS,
BUHL
TUCSON, CITY OF
ION A
RATON
JEROME
ROSWELL. CITY OF, & BOARD
SANTA FE
AURORA
SCHOOL DISTRICTS
COUNTY SCHOOL DISTS.
BACA CO. AND
BOULDER
KAMIAII
SANTA
EDUO.
ROSA
BRIGHTON
LINCOLN
BRUSH.
TOWN OF
BURLINGTON, TOWN OF
MADISON
McCALL
SOCORRO OO.
CEDAREDGE
CHERAW. CITY OF
CHEYENNE WELLS, TOWN OF
CONEJOS CO. & SCHOOL DISTRICTS
COSTILLA CO. & SCHOOL DISTRICTS
McCAMMON
TAOS OO.
MONTPELIER
TORRANCE CO. & SCHOOL
CRAIG,
MT.
EL
UNION
IND PT. S. D. NO. 40
CO.
OHIO-
VILLAGE OF
CANTON CITY—Payable in New
POCATELLO. CITY OF
OREGON-
REXBURG
COOS CO. 8.
D. NO. 85
DOUGLAS COUNTY S. D. 19
ELGIN CITY
EUGENE. CITY OF
FOREST GROVE. CITY OF
RUPERT
SANDPOINT
SHELLEY
SHOSHONE
CO.
SHOSHONE, VILLAGE OF
TWIN FALLS. CITY OF, & COUNTY
,
HOOD RIVER
SUI8LAW
WESTON
COUNTY
IND PT. S. D. NO. 1
VALLEY
WEISER
HURON. CITY OF
HORN CO. & SCHOOL DISTS.
LIMON
CARBON COUNTY A SCHOOL
LINCOLN CO. SCHOOL DISTRICTS
LOGAN COUNTY SCHOOL DISTRICTS
MESA CO. AND SCHOOL DISTRICTS
MILLIKEN, TOWN OF
MINERAL CO.
MONTROSE CO & SCHOOL DISTRICTS
MONTROSE, CITY OF
MORGAN CO. & SCHOOL DISTRICTS
NEDERLAND, TOWN OF
NORWOOD, TOWN OF
OAK CREEK, TOWN OF
OTERO OO. SCHOOL DISTRICTS
OTIS
OURAY CO. SCHOOL DISTRICTS
PALISADE
PAONIA, TOWN
JOLIET
CITY
MUSSELSHELL OO. & SCHOOL DI8T8.
PLENTYWOOD
ROSEBUD OO.
SHERIDAN CO.
STILLWATER OO.
MILES
VALLEY
ADAMS CO. SCHOOL
the Preferred
income of the
year, payable January 16. 1922, to
of record at 12:00 o'clock noon.
G.
AMERICAN
C.
.
__
_
be mailed to
furnished the
4
HAND, Secretary.
Y., December 28, 1921.
Notice is hereby given that the transfer books
of the registered 4% gold bonds of The Ameri¬
can Tobacco Company will close at noon on Jan¬
uary 14, 1922, for the purpose of payment of in¬
terest thereon due February 1, 1922, and will re¬
open
at the opening of business February 2,
1922.
J, M. W. HICKS, Treasurer.
CO.
The Board
a
CORPORATIONS—
NATIONAL
LOAN
A
INVESTMENT
CO. OF DETROIT
(DEBENTURES)
TWIN CITY TELEPHONE OO. 5s
Indiana and Illinois Coal
CORPORATION.
New York,
December 27, 1921./
of Directors has this day
declared
dividend of $1.00 per share on the
stock of this Company, payable Febru¬
quarterly
commcn
ary
1st, 1922,
at the close
to common
stockholders of record
1922.
of business on January 16,
CLINTON S. LUTKINS,
KANSAS
Secretary-Treasurer.
AND LIGHT
Kansas City, Missouri.
CITY
POWER
First Preferred
Kansas City,
CO.
Dividend No. 12.
Mo., December 21,
1921.
monthly dividend of Sixty-Six and
Two-Third cents
(66 2-3c.) per share on the
First Preferred Stock of the Kansas City Power
and Light Company has been declared payable
The regular
January
close
stockholders of recrod at the
December 20, 1921.
C. SMITH, Secretary.
1, 1922, to
of business
CHESTER
SCHOOL DISTS.
WHEATLAND, TOWN OF
61 Broadway.
New York,
TOBACCO COMPANY,
UINTA
AND VILLAGE
ALLIED CHEMICAL & DYE
No. Ill Fifth Avenue.
New York, N.
RIVERTON
FALLS CITY
been declared upon
Stock of this Company, from net
„
RAWLINS
DISTS.
DISTRICTS
CO.
OUSTER CO. 8. D. 169
OF ANSLEY
DIXON CO. A 3. D. 61
DOUGLAS OO.
DUNDEE
ALBION. VILLAGE OF
ASHTON, VILLAGE OF
BANCROFT
_
DISTRICTS
BEEMER, VILLAGE OF
BUTTE CO. A SCHOOL
BUFFALO CO. A SCHOOL
DISTRICT
LUSK, TOWN OP
MAN^ILLE. TOWN OF
MEDICINE BOW, TOWN OF
MOOROROFT. CITY OF
NIOBRARA CO. & SCHOOL DISTS.
PLATTE COUNTY
POWELL
CITY OF
COUNTY
BOX
CO. SCHOOL
LANDER, TOWN OF
LINGLE
NEBRASKA-
IDAHO-
Transfer Agent.
?<?HNSOSN
COUNTY
WHITE SULPHUR 8PRTNGS.
YELLOWSTONE
BURT
„
WYOMINGBIG HORN OO. SCHOOL DISTRICTS
CASPER, CITY OF
CROOK OO. SCHOOL DISTRICTS
DOUGLAS, TOWN OF
GKEYBULL. TOWN OF
TROY
DISTRICTS
WILEY
1921.
Checks in payment thereof will
stockholders at the addresses last
MYTON, TOWN OF
FORK
SPANISH
HYSHAM
YUMA
December 31,
UTAHCASTLE DALE
GARFIELD OO.
HYRUM CITY
D. NO. 1
FORSYTH. CITY OF
FROMBERG. TOWN OF
GLASGOW, CITY OF
HARDIN, TOWN OF
FORD, CITY OF
ROUTT OO. A SCHOOL DISTRICTS
SAN MIGUEL CO. A SCHOOL DI8TS.
STATE OF COLORADO
SEDGEWIOKOOUNTY SOHOOLDISTS.
WASHINGTON
CO. A SCHOOL DiST.
WELD CO. & SCHOOL DISTRICTS
stockholders
PARK
CUSTER COUNTY 8.
ROCKY
THE
DISTS.
CHOTEAU, TOWN OF
CLYDE
DAKOTA-
SOUTH
MONTANABIG
IRRIGATION DISTRICT
OF
PENDLETON, CITY
HIGHWAY DISTRICT
FALL8
TWIN
PLATA CO.
LARIMER CO. & SCHOOL DTSTRTCT8
LAS ANIMAS ©OUNT Y SCHOOL DISTS.
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad Street, New York, Dec. 20, 1921.
A quarterly dividend of ONE (1) PER CENT
OF—KLEO. LIGHT.
DISTRICT NO.9
BENTON OO.SCHOOL
RIGBY
LA
THE
CITY
ASHLAND,
RICHFIELD
WENDELL
j?msT2<
PHILLIPS OO. A SCHOOL
York
CANTON SCHOOL DISTRICT
PAYETTE
LAMAR
current fiscal
DISTS.
COUNTY SCHOOL DISTS.
PARMA
GRANADA, TOWN OF
GRAND JUNCTION. CITY OF
HOLLY, TOWN OF
HOLYOKE, TOWN
JEFFERSON CO. AND SCHOOL DISTS.
JOHNSTOWN, TOWN OF
JULESBURG, TOWN OF
day
DISTRICTS
VALENCIA CO.
PLYMOUTH
NEZPERCE.
ENGELWOOD. CITY OF
FLORENCE. CITY OF
FORT COLLINS. CITY OF
FORT LUPTON
FOWLER, TOWN OF
GARFIELD CO. & SCHOOL DISTRICTS
GLENWOOD SPRINGS
this
fUAN CO. & SCHOOL
OAKLEY
D.
S.
CO.
SAM
CO.
NEZPERCE
TOWN OF
& SCHOOL DISTRICTS
PASO
CO..
VIEW
NEW
DELTA CO.
has
D.
8.
A
LINCOLN. CITY OF
DISTRICTS
BOISE—EAST SIDE SCHOOL BLDG.
BOUNDARY CO. SCHOOL DISTRICTS
PINAL CO. ROAD, BRIDGE A S. D'S
SOMF.RTON
TOWN OF
YAVAPAI
DISTRICTS
& SCHOOL
BLAINE CO.
CO.
PIMA
LAKE
Corporation
December 28, 1921.
Indiana and Illinois
Corporation has this day declared a divi¬
One-half ner cent (3M%) on
The Board of Directors of
Coal
dend of Three and
Preferred Stock of the Corporation, for the
period ending December 31st, 1921,
payable January 16th, 1922, to stockholders of
record at the close of business on January 10th,
the
six months'
1922.
Dividend checks will
THEODORE
be mailed.
KELLER, Treasurer.
C.
INTERNATIONAL PAPER COMPANY.
New York, December 28th, 1921.
Board of Directors have declared a regu¬
lar quarterly dividend of one and one-half per
cent (1H%) on the preferred capital stock of this
Company, payable January 16th, 1922, to pre¬
ferred stockholders of record at the close of busi¬
ness January 9th,
1922.
■
The
OWWN
SHEPHERD
Treasurer.
XXVI
THE
CHRONICLE
[Vol. 113.
Sibfoenbs
Guaranty Trust Company
of New
140
/
i '
FIFTH
AVENUE
OFFICE
MADISON
Fifth Avenue & 44th Street
LONDON
PARIS
Broadway
AVENUE
OFFICE
GRAND STREET OFFICE
268
Grand
Street
Madison Avenue & 60th Street
BRUSSELS
LIVERPOOL
HAVRE
ANTWERP
CONSTANTINOPLE
Coupons Due January 1, 1922
The following issues, for which we are
Paying Agent, bear coupons
payable at our Coupon Department, 2 Liberty Place, on January 3,1922.
Abbeville, S. C
5s
Hill
Abbeville County, S. C
6s
Hill Street
Anaconda Copper Min.
Co. 10 Yr. G.B.6s
Anaconda
7»
Sec. Notes 7s
Astoria Veneer Mills & Dock
1st 6s
1st Cons.
Bangor Railway & Elec
5s
Bangor & Aroostook RR. Co. 1st Mtge. 5s
Belgium Gov't 1 & 5 Yr. Gold Notes
6s
Bladen Co., N. C., Road
6s
....
Blakely, Ga., Water & Light
Railway Co
—
(Use Forms 1001a.)
1st 5s
_
(Coupons
must
Elec. Co
—
.1st Coll.
1st 6s
Burlington, N. C., Water & Light.
Butler & Miller Stock Ranch
Caddo
Central Oil
Co.
Cons.
1st
.5s
..1st 6s
10-Year
S.
F.
.6s
Cartersville, Ga., Sewer Bonds
5s
Cent, of Ga. Ry., Macon & Nor. Div.
Ry., Middle Div__.__
Cent, of Ga.
Ry., Mobile Div
♦Cent, of Ga.
Central
5s
.5s
Ry. Equip. Series "L"__4^s
Stamping
Co
Central States Gas
...1st 6s
Co., Serial Notes
Chatt. Rome & South. RR
Charleston Terminal Co
6s
1st 5s
1st 4s
,
Chattanooga, Tenn., Public School
6s
City of Troy, Ala., Imp..
6s
...
City of Troy, Ala., Imp
Ref. 4s
Works
4s
♦Cleveland &
Company
6s
Sandusky Brewing
Clover Leaf Dairy
Co__r
♦Columbia Water
&
1st 6s
1st Mtge. 7s
Light Co..
1st 6s
♦Computing, Tabulating, Recording
6s
Congoleum Co., Inc., 1st Mtge. Ser.G-N. 7s
♦Conn. Lighting & Power Co
1st 5s
Cordele, Ga., Pub. Imp.
♦Cuba Cane
.ext
6s
Sugar Corp. Conv. Deb. 7s
...
DeKalb
8s
:
County, Ga., Rd
Detroit, Mich
5s
:
1
(Various)
Dillon, S. C., Elec. Light
Dobbie
6s
Foundry & Machine
♦Dominion M'fr's,
Dulion
Ltd
1st 6s
1st & Ref. 6s
Apartment
Durham
..1st 6s
Duplez Razor
Jacksonville Terminal Co
Jamestown Street Ry.
Deb. 6s
.
Early County, Ga., Court House
5^8
Jefferson Co., Ga., Court House & Jail__5s
Jones Co., Miss., Court House & Jail__5s
1st Mtge. 7s
Dep. Co
♦Larchmont Yacht Club
Madison
Elwood
Short Line
Corp. 4th Ser
Ry. Co
5s
Fitzgerald,
1st 7s
1st 7s
5s
Forsyth Co., N. C., Ref. & C. H. & Rd_.5s
5s
7yxs
(Form 1001a)
Spanish-American Iron..—.-1st S. F« 6s
Sparks, Ga., School
5s
Spicer Mfg. Corps. 10-Yr. Notes
Standard Computing Scale Co.
Serial
8s
Notes
6s
Standard
Tank Car Co.
Equip
♦Steinway Railway Co
Stephenville North & South Texas
Ry. Co
1st 5s
Sylvester, Ga., School
Syracuse Gas Co..
Taliaferro
♦Tank
7J^s
1st 6s
5s
1st 5s
County, Ga.
Shipbuilding Corp
1st 6s
Third Church of Christ Scientist
N.
Y
Reg. 6s
Transylvania RR. Co
1st 6s
Tuinueu Sugar Co——.—...1st
Mtge. 6s
Twin City Light & Trac
1st Ref. 6s
United Grain
Growers, Ltd__._lst S. F.
6s
(Form 1001a)
6s
Memphis Terminal Corp
6s
♦Merchants Despatch Eq. Tr
4%s
Milk Prod. Assn. of Cent. Calif. Notes
Milwaukee City,
Wis
7s
(All Issues)
Missouri & 111. Bridge Belt Ry. Co
Mohave Co., Ariz., Rd. & Bridge
__4s
5s
United Lead Co
....Deb. 5s
United Public Util. Co
United States Cold
Utah Power &
Coll. 6s
Storage Co. 1st Mtg. 6s
Light Co. 1st Lien Gen. 7s
♦Valier, Montana, Land & Water
1st
Virginia & S. W. Ry. Co
-.1st
Waco, Texas, Water & Public Works
6s
5s
5s
Monroe
City, Mo., Sewer & Water Wks__5s
Waldorf
Monroe
County, Fla., Highway Bondg-.Ss
Wake County, N.
C., Genl. & Ref
_5s
Wheeling Steel & Iron
..1st 6s
Wickwire Spencer Steel
Corp....
1st Mtge. S. F. 7s
♦Montana Power Co
______lst & Ref. 5s
Muncie Electric Light Co
5s
1st 5s
_
& S. F___
_5s
_
♦National Securities
5s
Yorkviile, S. C
...3s
Orleans Terminal
1st 4s
♦New York Cent. Lines Eq. Tr.
1910__4^s
♦New York Cent. Lines
Eq. Tr.
1912__4j^s
♦New York Cent. Lines Eq. Tr. 1913..43£s
♦New York Cent. Lines Eq. Tr. 1917
4)^6
Due
State
of
Notes
*N. Y. & East River Gas Co
.1st 5s
Niagara & Erie Power.
1st 5s
Norfolk & Southern Ry.
January 3
Montana Treas. Bills,
&
(Use separate envelopes for each Eq. Tr.)
Int
...7s
Due
January 10
Village of Briarcliff Manor
Water
Wks
4^s
1st Gen. 5s
♦Ocean Steamship Co
Oconee
6s
Corp. 10 Yr. Notes. 6s
♦New Brunswick Southern Ry. Co
New
Realty Co
Winder, Ga., School Bldg
Nashville Ry. & Lt. Ref. .& Ext. Cons.
1st 7s
County, S. C., Funding
Due
__5s
Omaha & Council Bl. St.
Arizona
January 15
Ry. 1st Cons__5s
Onondaga County Court House
_.4s
Pittsburgh Term. Ry. & Coal
5s
& State..3s,
Truxton, N. Y., Ref
Waynesville, S. C., Water
Valley Coal Co_'
Potomac Elec.
5s
& Lt_*
& Pr. Co
1st 6s
Gen.
Mtge. 6s
♦Platinum Palladium Prod.
Corp
County, Ga., Bridge
8s
Queensboro Gas & Elec
1st 6s
♦General Gas & Electric 10-Yr
1st Mtge. 5s
Mayo Mills
5s
6s
Ga
5s
—
Ry., Light & Pr. Co
Pulaski
1st 5s
Fayetteville Gas & Elec
5s
(July 1, 1921)
7s
Empire Coal 1st Cons. S. F
8s
...
Marion, S. C., Ref. & School
Shawinigan Water & Power Co
Southern Oil Corp—
————6«'
Southern Sierras Power Co
6g
of
County, Ga., Court House
♦Pleasant
.
.2nd 5s
....1st 6s
Lucey Mfg. Corp. 10 Yr. Conv. Skg.
Portsmouth St. RR.
EI Paso Elec. Co. 5-Yr. Notes
__lst 5s
Livingston-Niagara Power Co
5s
Electrical Securities
5s
4^s
Lancaster & Chester Rys. Co
4s
Efficiency Apartment Corp., Inc
Edgehill Apt. Bldg
...
Junior Orpheum
Cons.
Y.
__lst 6s
Jamestown, N. Y., Serial
Edison Elec. III. Co. of B'klyn Cons
Edison Elec. III. Co. of N.
1st 5s
Co__l
Moultrie, Ga., Elec. Lt. & Water Wks
City of Troy, Ala., School Ref. & Water
Clarkson Coal Mining
-1st Mtge. 5s
Indianapolis & Louisville Ry. Co..
1st 48
Marion
Central Arkansas & Eastern Railway
Cent, of Ga.
1st & Ref. 5s
....
Fund Notes
6s
--
Calhoun Co., Ala
—
♦Land Bank State of New York
Tr. 6s
Breitung Hematite Mining
;
Indiana General Service Co___J.____lst 5s
Indiana Railway Co.
♦Keokuk Union
be left 24 hours for examination.)
Bradford
Home Tel. & Tel. Co. of Los Angeles
Copper Mining Co. Sec. G. B.
'B"
Arizona Power Co
Bolivia
Bldg., Ernest L. Inc.. —————1st 7s
Fireproof Co.
Richland Irrigation
___._5s
1st 5s
Dist., Benton, Co.,
Wash
Territory
4^8,
5s
.43^8
♦Madison Ave. Offices
Corp. 2nd Mtge. 6s
♦Railroad
& Sewer
5s
Equipment Trusts
(Various
Rys.)
6s
(Excepting N. Y. Central, which are
payable at Grand Central Terminal.)
(Use
separate
envelope • for
each
Equip. Trust.)
6s
Richmond Light & RR. Co..
1st 4s
Rifle Light, Heat & Power Co
♦Rio Grande Western
6s
Ry. Co. Trust.
__
_4s
♦Rogue River Elec. Co
San
1st 6s
♦Greenwich
♦St. Clair, Madison & St. Louis Belt
Ry.4s
♦St. Louis
Payable
January
16
1st 5s
Glynn Co., Ga., Road Imp. Bonds
5s
Grand Rapids G. Haven & Muskegon 1st 5s
(Warrants)
Anglo American Oil Co., Ltd., Div. War.
No. 22, at 21c.
per share
1st 6s
& Johnsonville
Gulf Oil Corp. Serial Notes
♦Hastings Square Hotel
Helena, Montana, Serial
Ry
4s
6s
1st 6s
5s
Joaquin Agric. Corp
St. Charles
St. Louis
Apartment Bldg..;.
Brewing Co
Due
1st 7s
_
-
SouthwesternRy.Co. 1st Term.5s
Seattle Construction
♦Companies that do
&
Dry Dock Co__6s
January 20
Burlington, N. C., Street Assessment. 6s
Santa
not assume Normal Income Tax
Due
January 26
Cruz, Ariz., Highway Imp
gs
Dec. 31
1921.]
THE
CHRONICLE
XXVII
Bibtirenftg
Coupons Maturing JANUARY 1st, 1922, Payable at the Office of
&
9
Pine Street,
Corner William, New York
FIRST
Alabama
FIRST (Continued)
Power Co. 6% Gold
entire issue called 12-31^21
Notes
Albert
Lea, Minn., Permanent Im¬
provement 43^s
Albert Lea, Minn.,
Refunding 4s
Albuquerque, New Mex., Board of
Education, School Building 4 Ha
Albuquerque, New Mex., Funding 5s
Albuquerque, New Mex., General
Street Improvement 5s
Albuquerque, N. Mex., Water 5s
Arlington Heights, 111., School Building 5s
;.
Armour, S. D., 5s
Bedfield, So. Dakota, S. D.
Pontine Township, 111., School Dis¬
trict, High School Building
Green Bay, Wis., Sewer 4s
Greenville, 111., Refunding 5s
Powell
Hamblen
Richmond, Mo.
Hill
Hill
■
Idaho Falls, Idaho 5s
Interurban
Railway Co.
(Des Moines, la.) 8s
Debenture
Burlington, Iowa.
Carbondale, 111., S. D. No. 95, 5s
Joliet, 111., High School
Cascade Co., Mont./Road Impt. 5s
Knoxville ,Io wa, J udgment Fund. 4 Hs
Cass County, Iowa, 4Hs
Knoxville, Tenn., Street Improvt. 5s
Refunding 4s
Iowa Co., Iowa.
Centerville, Iowa, Refunding 5s
Kossuth
Centerville, Iowa, Refunding 4s
La Salle,
Chariton, Iowa, Funding 5s
Chicago Heights, 111., S. D. No. 170
Chippewa Valley Railway, Light &
Power Co., Eau Claire, Wis., First
Mortgage
Lincoln
Consumers* Power Co. First Lien &
Manson, la., Refunding 6s
Refunding Gold 5s
County, 111., School District
No. 170 (Chicago Heights) 4s
Council Bluffs, Iowa, Independent
School District 4 Hs
Marion
County, Iowa
Martin
Twp., 111.
Danville, Ilk, Bridge 5s
Denison & Sherman (Texas) Ry. Co.
1st
Mtge. Gold 5s
Des Moines
and
City Railway Co. General
Refunding 5s
Dickey County, N. D., 4Hs
Eau Claire, Wis., 5s
Electric
Co., New
La., First Mortgage, 5s
Orleans,
PasOiCounty, Colo., Sch. Dist.
1'ljRef. 5s, El Paso Co.
Egan, So. Dak., S. D. 6Hs
Elbert County, Ga.
Eminence, Ky., Street Impt., 5s
Eugene, Ore., School District No 4.
(Lane County) 5s & 4 34s
Sullivan County, N. H.
Sumter, S. C., Sewerage 5s
Taooma Eastern Railroad Co.
First Mortgage Gold 5s
111., S. D. No. 38, 5s
Dodge, Iowa, Water Works 4 Hs
Tullahoma, Tenn., Eleo. Light 4 Ha
Tullahoma, Tenn., Water and Light 5b
Tullahoma, Tenn., Water Works 4 Ha
Tarboro, N. C.
5s
Lincoln Tel. & Tel. Co. 6s
1
Louisiana Port Commission 5s
Taylorville,
Township
Refunding 5s
Iowa, Cons. Independ¬
ent School Dist. 4Hs
Tipton County, Tenn., School 5s
•
City, la.
Mitchell, So. Dak.
Monmouth, 111., Water Works 5s
Montreal
Tramways Co. First & Re¬
funding 5s
/
Morristown, Tenn.,
Improvement 5s
Water
Works
Airy, N. C., Water Supply,
Light & Power Plant 5s
.
,
Union League Club 6s
Valley County, Mont., 4H» «Weldon, N. C., Water & Sewer 68
West Hoboken, N. J., Funding 5s
West Hoboken, N. J., School 4%s
White Plains, N. Y., School District
.
,
No. 1, 5H3
Electric
Mt. Vernon, 111., S. I). 80
White
Moweaqua, 111., School Building
Winnetka, 111., Park Distriot
Muscatine, Iowa, Indep. S. D. 4Hs
Woodstock, 111., 5s
Y. M. C. A.
Mich.,
General
Street
County, Tenn.
College First Mortgage 6s
Co., Minn., Ditch
5M®
Muskegon, Mich., Refunding 4Hs
Muskegon,
Mich.,
Michigan
Lake
W. W. 4s
SECOND
Muskegon, Mich., Imp. 5s
No.
8o.
Armour,
Dak.,
Independent
Dist., School Building 5s
Florence, Col., Water Works Refund¬
ing 5s
School
New Orleans, La., 4Hs
Norman
5s
Yellow Medicine
County,
51, 4Hs
Minn.,
Dist.
Garrard
County,
Ky.,
Turnpike
Road 48
.
Oakwood, 111., Road 5s
Lewistown, Mont., Water 5s
Poplar Bluff, Mo.
First Mortgage 5s
Olympia, Wash., Water Works 5s
Temple,
5s
Pendleton, Ore., Water Works (1914)
5s
ABOVE
COUPONS
ALSO
PAYABLE
Mich.,
Paving,
Water
<&
Mount
Pleasant, Mioh., Water Re¬
funding 4 H»
Sedalia, Mo., School Dist. Fund.4e
AT
Harris, Forbes & Co., Inc., Boston, Mass., and
Harris Trust &
Independent
Sewer 4 Ha
'
Pierson, Iowa, School District 5s
Public
FIFTEENTH
Jackson,
Genesee, Idaho, Water Works 5b
Tex.,
.
School Ser. No. 4, 5s
0wos8o, Mich., Water Works 5s
Pendleton, Ore., Water 5s (1919)
Township, 111., High School
High
Thorn burg,
Freeport, 111., Park, Bridge & Drive¬
way 5s
HI.,
School Distriot 4 Ha
Texas Electric Ry. 1st &
Pendleton, Ore., Water Works (1913)
Freeport Water Co., 111., 5s
District 4
(Wash.)
Oklahoma Ry.
Florence, So. Car., Sewer 5s
Geneseo
County, Mont., Fund. 5 Ha
Muskegon, Mich., Refunding 5s
No.
Ford County,
County, Mont., Fdg. 534a
Improvement 4s
El
Fort
Sheridan
Muskegon,
Dexter, Mo., School District, School
Building 4Hs
Edison
County, Iowa, Bridge, 4348
111., School Dist. No. 2,334a
Lincoln Tel. & Tel. Co. First Mort¬
Mount
Derry, New Hampshire, Water 3Hs
Twp., 111.
Joseph, Mich., Bridge 4 Ha
Scran ton Electric Co., Soranton, Pa.,
First & Refunding Mtge Gold 5s
Sedalia, Mo., School Distriot, School
Building 4s
St.
Refunding 5s
Spartanburg Co., S. C., 4s
•Spartanburg County, S. C., County
Refunding 4 Ha
Iowa Falls, Iowa,
Co.,
Co.
RR.
Gold 6s
Southern Cal. Ed. Co.
Broadwater County, Mont., Fund. 4s
Danville, III., Refunding Mtge. 5s
County, Mont., Bridge 434s
Francisco-Sacramento
Seward
5s
Billings, Mont., City Hall 4Hs
Danville Street Railway & Light
Rochester, N. H., City Hall
Rosebud
Iowa, Consolidated School
Humphrey County, Tenn., Road and
Bridge 5s
Mason
Refunding 5s
Riverside, 111., Sch. Dist. No.5, 4 Ha
Riverside, 111., Water Works 4H«
San
Jail 5s
Huntington, West Virginia, 6s
Hyattsville, Md., Sewerage 5s
Cook
County, Mont., 6s
Redwood Falls, Minn.,
County, Mont., Funding 5s
County, Mont., Court House &
gage
Portland,
Ore., First Mortgage Gold 5s
County, Tenn., Highway 5s
Hickman Co., Tenn.
Helena, Mont.,*'Judgment Fund.** 4e
Big Rapids, Mich., Refunding 4s
Billings, Mont., S. D. No. 2, 4Hs
Boulder, Colo., Water Works 4Hs
Bayou, Ark., Levee District 6®
Portland Gen. Electric Co.,
District
Benton, 111., Refunding 4%s
Berryville, Va., Water Works 5s
Plum
Granite, Utah, School Dist. 4J^s
Green Bay, Wis., Refunding 4s
Hudson,
Belvidere, 111., School Dist. No. 57,5s
FIRST (Concluded)
Glencoe, 111., Improvement 434a
Glen wood, Iowa, Refunding 5s
Gorham, N. H., Water 4^s
Savings Bank, Chicago, Illinois.
THE
XXVIII
CHRONICLE
[VOL. 113.
BUribenfe*
yftumttal
THE
ALLIANCE
REALTY
COMPANY
Dec. 29, 1921.
Board
The
FOREIGN CURRENCY
AND EXCHANGE GUIDE
An
approval for
on
Price SI.50 per copy,
132 pages,
day
Directors
declared
of
(2%) and
a
an extra
two
per
cent
dividend
(J^%)
the outstanding capital
of one-half per cent
stock of the company, pay¬
Monetary Systems of the World.
This book sent
of
dividend
on
encyclopedia of coins and notes.
this
have
able
days.
seven
January 17,
stockholders
U. S. Funds.
1922,
to
record
of
at
the close of business Janu¬
size 5^x8^, bound in cloth.*
The declara¬
9, 1922.
ary
tion of the above dividends
makes
PARTIAL CONTENTS OF THE BOOK
Table
Showing
Unit,
Monetary
and
Fineness
Intrinsic
total of eight per
a
declared for the
cent
year
1921.
Howard W. Smith,
Equivalents in United States Money.
Secretary.
Gold Standard
Value in
.916 2-3
Pound Sterling
Krone
.900
Franc
(German)
Belgium
$4.8665
.900
Australia
Austria
IT. 8. Money
Fineness
Unit
Country
*
.2026
.1930
Weight, Fineness, etc., of GOLD Coins, actually issued or
provided for by Law, of principal Countries of the World
Argentino
"
8.0645
.900
4.8236
Half
Paraguay
4.0322
5.7489
.900
.900
Persia
OIL
COMPANY.
LIMITED.
(Cia. Mexicana de Petroleo "El Aguila,"S.A.)
A final dividend of 19%
for the year ended
June 30th, 1921, equivalent to 94.53 cents per
share, has been declared and will be paid by the
American Exchange National Bank, 128 Broad¬
way, New York, on and after December 31st,
1921, on presentation and verification of Prefer¬
ence Share Coupon No, 25 and-or Coupon No. 18
detached from definitive warrants for Ordinary
Shares:
18 detached from provisional war¬
Shares is not valid for the above
Coupon No.
rants for Ordinary
dividend.
2.4118
3.4386
Argentino
•
2 Ashrafis (2 Tomans)
EAGLE
MEXICAN
THE
Whitehall Securities Corporation, Ltd.,
(London Financial Agents)
HERBERT J. CARR,
Attorney-in-fact.
For
December 27th, 1921.
New York,
GAS AND ELECTRIC CO.
DIVIDEND NO. 24
PACIFIC
CASH
AND
Weight, Fineness, etc., of SILVER Coins, actually issued or
provided for by Law, of principal Countries of the World
25.0000
12.5000
Peso
50 Centesimos
Uruguay
1.0342
.5171
.900
.900
ADDITIONAL
STOCK DIVIDEND
STOCK
COMMON
ON
regular quarterly dividend of $1.25 per
share upon the Common Capital Stock of this
company, will be paid on January 16, 1922, to
shareholders of record at close of business Decem¬
The
ber 31, 1921.
The* Board
of
Directors
also declared an
dividend on the Common Stock of
additional
$2.00 per share, payable to
the
at
Dictionary of Coins, Moneys, and Currencies of the World
Abbreviation
Name
Plural
Abassi
Alexander
Alexanders
Anna
Annas
Country
Abassi
or
Sign
Equivalent
Persia
1-5 Kran
Bulgaria
A.
As.
20
India
a.
1-16
Leva
Rupee
stockholders of record
close of business December 31, 1921,
stock at par issuable when approved
common
in
by
the Railroad Commission of the State of California .
The Transfer Books will not be closed.
Checks
the cash dividend of $1.25 per share will
from the office of the company In time
for
mailed
to reach
The
stockholders on the day they are payable.
dividend of $2.00 per share will be
stock
distributed to stockholders as soon as the necessary
details for the issuance thereof have been com¬
pleted.
A.
F.
HOCKENBEAMER.
Vice-President and Treasurer.
San Francisco. California.
MEXICO
WATER
Unit: Peso
100
—
Centavos.
U.
S.
Par Value, $0.49846.
Centavos 1, 2, 5, 10 and 20
Nickel
"
Silver
41
Gold
All
■
5
.
Pesos
silver coins to
"
The Board also declared a
dividend of one and
one-quarter per cent (1J4%) on account of divi¬
dends in arrears accumulated upon its preferred
1917, such dividend to be payable
February 15th, 1922, to stockholders
January 16th,
C. O. McBRIDE,
stock prior to
legal tender to
Pesos 20, and copper to Peso 1.
peso are
*
olders by check February 15th, 1922
Eayable of record January 16th, 1922. '
"S :V--
10, 20 and 50.
Peso 1.
2, 2%, 5, 10 and 20.
gold and the silver
a
quarterly dividend of one and one-half per cent
(1>S%) upon the preferred stock was declared
;
Copper
POWER COMPANY.
meeting of the Board of Directors of West
and Water Power Company held
New York December 21st,
1921, the usual
At
Penn Traction
in
COINS:
PENN TRACTION AND
WEST
Gold Standard.
any
amount; subsidiary
by
check
of record
1922.
at the close of business
Treasurer.
The
vary
following bank notes are good all
according to market conditions: -
over
Mexico, but their prices
ATLANTIC
"
"
del
de
El Banco
"
Londres y Mexico
Aguascalientes
Durango
upon
presentation of such bonds at office of
proper
Estado de Mexico
bond.
AND
Brokers in
FOREIGN
Safe
of Baltimore. No.
Vice-President.
The Board
terly
cent
MONEY
CO.
Maryland, and upon
receipt therefor being endorsed upon each
H. Li. BORDEN,
WESTERN
Guttag Bros.
FOREIGN
RAILROAD
for fiscal year end¬
13 South Street, Baltimore,
"
Banco del
LINE
ing December 31st, 1921, will be paid upon the
Income Bonds, dated December
12th, 1887, of
Brunswick
and
Western
Railroad Company,
Deposit and Trust Company
de Coahuila
"
COAST
Interest of five per centum
Banco Nacional
EXCHANGE
CORPORATION.)
POWER
of Directors have
declared a quar¬
dividend of one and one-half (1^%) per
on
the Preferred Stock, payable January
16th, 1922, to stockholders of record
3rd, 1922.
at the close
of business January
H.
Foreign Exchange
The Peoples
P.
WILSON,
Secretary.
Gas Light and Coke Co.
(of Chicago)
Foreign Bond
52
Department
WALL STREET, NEW YORK
that a dividend of One
Cent (1M%) has been de¬
of the Company, pay¬
able January 17th, 1922, to stockholders of record
at the close of business on January 3rd, 1922.
Notice is hereby given
and One Quarter Per
clared
on
the capital stock
Dec. 31
THE
1921.]
XXIX
CHRONICLE
ifinatutal
Investments
January
Government and
Municipal Bonds
20,000 Republic of Chile_
25,000 Government of Argentine Cpn______|
250,000 City of Toledo, Ohio,
*n
Cpn. or Reg
City of Jacksonville, Fla., Cpn
State of South Dakota Rural Credit
City of Hoboken, N. J., Cpn. or Reg
Dallas Joint Stock Land Bank
City of Cisco, Texas, Water
City of Bordeaux, France___
13,000
*nc
10,000
*je
149,000
*
50,000
._
__
370,000
17,0C0
1, 1925-26
1, 1951-31
1, 1943
1, 1930
1, 1926
1, 1951-31
1932-58
1, 1934
1, 1926
1, 1923
4.40%
4.50%
4.60%
4.80%
5.00%
5.10%
6.00%
8.00%
8.10%
8.50%
Perpetual
Jan. 15, 1928-34
Jan. 1, 1937
Dec. 1, 1936
Oct. 1, 1941
My b 1946
Dec. 1, 1931
Apr. 1, 1931
June 1, 1941j
5.13%
5.75%
6.15%
7.30%
7.40%
7.60%
7.75%
8.05%
8.30%
July
Oct.
Mar.
June
Dec.
Nov.
Jan.
Nov.
Oct.
Oct.
7
$24,000 Village of Freeport, N. Y., Reg
*nm
Yield
Maturtiyi
Rate.
5
5 '
4%
5
6
5%
6
6
8
*ne
Corporation Bonds
$5,000 Canadian Pacific
Railway Co
4
6
6
7
7
19,000 Pennsylvania RR. Equipment_______
12,000 American Sugar
Refining Co
24,000 Hood Rubber Co__
Co. 1st Mtge
Steel Co. 1st Mtge_ 7%
National Acme Co. 1st Mtge
;___
7%
Driver Harris Co. 1st Mtge_
8
Con. Textile Co. 1st Mtge_
8
21,500 Warner Sugar Refining
13,000 Taylor-Wharton Iron &
24,000
14,000
3,000
n
j
'
c
m
*
e
Legal Investment for Savings Banks and Trust
"
"
"
"
"
"
"
"
44
44
44
44 '
"
44
Funds i?i State New York
"
44
New Jersey
■
Connecticut
Massachusetts
"
44
"
44
Exempt from Federal Income Tax.
44
4 4 taxation in Stale wherein located.
■
..
'
L. ALLEN
H.
& COMPANY
Investment
Street
Wall
40
Telephone
John
New York
0944
STREET
Bank
YORK
NEW
-
&CO
Wl NSLOW, LA NIE R
59 CEDAR
Securities
DIVI¬
THE FOLLOWING COUPONS AND
DENDS ARE PAYABLE AT OUR
BANKING
THE MONTH
OP JANU¬
HOUSE
DURING
and
ARY, 1922.
JANUARY 1,
Cleveland
4^s.
Cleveland
&
Pittsburgh
1922.
Rd.
Niagara Palls Water Works 1st 5s.
Pittsburgh Ft. Wayne & Chicago
Common and Special Stock div.
Traverse City R. R. Co. 1st 3s.
Railway Co.
American
Exchange National
Co.
READING COMPANY
General Office, Reading Terminal
Philadelphia, December 22, 1921.
The Board of Directors has declared from the
net earnings a quarterly dividend of one per
cent (1%) on the Second Preferred Stock of the
Company, to be paid on January 12, 1922, to
stockholders of record at the close of business
December 30, 1921.
Checks will be mailed to
stockholders
who
have filed dividend orders
Battery Park National
National1 Butchers & Drovers
Bowery Bank
Chatham & Phenix "Rights" Chase National Bank
Atlantic National Bank
Chelsea Exchange
Bank
HARE,
Chatham & Phenix
"Rights"
National City Bank
P+
Corn Exchange "Rights"
National Bank of Commerce
Continental Bank
Corn Exchange
"Rights"
East River National
Secretary.
%
$ f
Irving National Bank J
First National Bank
Bankers Trust Co.
Columbia Trust Co.
Equitable Trust Co.
National Guaranty Trust Co.
Lawyers Title & Trust
National Park Bank
Garfield National Bank
Mechanics & Metals
Central Union Trust
Farmers' Loan & Trust
$10,000,000
4
Public National Bank
Greenwich Bank
„
JAY V.
WILL SELL
Bank of America
Coal & Iron National
JANUARY 3. 1922.
the Treasurer.
WILL BUY
Chemical National Bank
1 U%.
Pittsburgh Ft. Wayne & Chicago Railway
Preferred and Original Stock div. 1%%.
with
Trust Company
Mtge.
Gen.
Co.
Mahoning Valley Ry. Co. 1st
Mtge. 5% Coupon bonds.
Cleveland
&
Mahoning Valley
Ry. Co. 1st
Mtge. 5% Registered Bonds.
Grand Rapids and Indiana Ry. Co. 1st Mtge.
Ext. Sy28 and 4Hs.
Indianapolis, Ind., City of.
Indianapolis, lnd., School Bonds.
Jekyl Island Club 1st Mtge. 4^8.
MuBkegon Grand Rapids & Indiana 1st 5s.
Marion County, Indiana, Bridge Bonds.
Northern Pacific Terminal Co. of Oregon 1st 6s.
New Orleans, City of.
Constitutional & Im¬
provement 4s.
Niagara Palls Power 1st 5s.
&
N. Y. Title &
Mtge. Co.
Lincoln Trust Co.
New York Trust Co.
American Surety
Co.
OF SAO PAULO
STATE
(Republic of United States of
Brazil)
Fifteen-Year 8% Sinking "Fund Gold
External Loan of 1921
Bonds
1st, 1922, of above bonds
presentation at our office on or
CLINTON GILBERT
Coupons due January
will be paid
on
after that date.
SPEYER & CO.
24-26
New York, December
Pine
Street
30th, 1921.
2 Wall Street,
N. Y.
Tel. 4848 Rector
XXX
THE
CHRONICLE
i. [VOL. 113.
jTfnandal
MlJNICIPAL
BONDS
Exempt from all Federal Income Taxes
$100,000
*$1,000,000
California
California
*$50,000
Duluth, Minn.
4% Building Bonds
5% Highway Bonds
5% Park Bonds
Due Jan. 2, 1965
To yield
Due
4.25%
To
*$500,000
Cleveland, Ohio
1952
5% Revenue Bonds
Due March
.
4.35%
To
$200,000
*$500,000
1, 1950-56
Due Dee.
yield 4.40%
To
*$100,000
El
5% Bonds
North Carolina
•
5% Paving Bonds
Due Nov.
4.75%
To
5.95% Notes
15, 1959/39
Due Oct.
yield 4.75%
SEVEN
WALE
BANKERS
1,
To yield
Legal investment for Savings Banks and Trust Funds
EiLDREDGE
1, 1925
yield 4.70%
*$500,000
Paso, Texas
1, 1951
*
1,
yield 4.30%
Jersey City, N. J.
Waco, Texas
To yield
To
5V£% Hospital Bonds
Due March 1, 1969
Due Jan.
Due Jan.
yield 4.30%
*$100,000
Cleveland, Ohio
5% Public Hall Bonds
To yield
July 1943-49
New
in
York
192«
5%
State
Cc►mpany
and
STREET
NEW
BUILDING
YORK
BOSTON
The Whole
Range of
Investment Service
bear
ANY time that you want to make an offer for the purchase
or
sale of bank
be
glad to receive
your
offer.
quote you the most favorable rate
when
available,
of other
or
if
in mind that
acceptances,
you
prefer
we
We
on
are
our
can
we
will
always ready to
own
procure
acceptances,
acceptances
large banks and trust companies.
In the matter of
longer time investments we can offer a wide range of highest grade securities
bond department, which not only participates in the best
syndicated issues,
but handles securities of its own
origination as well.
/
through
our
Feel free to call upon us either for services of
or our
bond
our
credit department in
department for quotations for purchase
or
sale of long
or
checking
up paper,
short time securities.
Capital and Surplus $33,000,000
The Union Trust
Cleveland
Company
I
Dec. 31
1921.]
THE
CHRONICLE
XXXI
^financial
THE
BRITISH
OVERSEAS
BANK
LIMITED
Established 1919.
Report presented
to
-•
the Second Annual General Meeting of Shareholders, held in the Cannon Street Hotel. London. E. C.,
on
FRIDAY, 16th December, 1921.
The GOVERNING COUNCIL submits to the Shareholders the Balance Sheet of the Bank, as at 31st
October, 1921, and Profit and Loss Account
together with copy of the Auditor's Certificate.
The profit after allowing for rebate of interest and providing for all bad and doubtful debts, Income Tax and other Taxation for the
year
ended 31st October, 1921, amounts to £102,326 2s. 10d., to which has to be added the sum of £35,200 7s. 4d.,
being the balance avail¬
able from last account, after payment of Income and Corporation Profits Taxes for the previous year, making a total of
--£137,526 10 2
Interim Dividend on "A" Ordinary Shares at the rate of six per cent per annum for the half-year ended 30th April, 1921, and Income
Tax thereon-.
30,000
0 0
Leaving
a
which
Balance of__
the Governing Council recommends should be dealt with
£107,526
10 2
follows:—
as
In payment of a Dividend on the "A"
Ordinary shares at the rate of six per cent per annum (less Income Tax) for the half-year ended 31st October, 1921, which together with Income Tax thereon amounts to__
0
£30,000
To Reserve Fund against Shareholding Interests in Foreign Banks
0
£10,000
To Reduction of Premises Account
0
£10,000
Leaving a Net Balance to be carried forward to next year of
;
£57,526 10
-
-
0
0
0
-
2
-£107,526 10 2
The Governing Council has now been able to conform to the usual banking practice of deducting all Taxation charges before declaring the Profit®
for the year.
The balance of £57,526 10s. 2d. is, therefore, not subject, as was the case last year, to any deductions of this character.
The Governing Council has pleasure in reporting that notwithstanding political and commercial difficulties the Anglo-Polish Bank, Limited, had
a
satisfactory initial year.
The Bank is issuing 50,000 additional shares amounting to P.M. 25,000,000, and the Bank Zjednoczonych Ziem
Polskich (Bank of United Lands of Poland), with which close relations have been established, is taking a large participation in this issue.
In the latter part of the financial year, close relations were established with the Dorpater Bank at Dorpat, in which a small shareholding
participation
has been taken, and an important increase of its activities in Esthonia is anticipated.
In accordance with the Articles of Association, Sir Harry McGowan, K.B.E., and Mr. John Sampson, C.B.E., retire by rotation from the Governing
Council, and being eligible, offer themselves for re-election.
The retirement of Mr. A. Pilling, one of the Bank's Auditors, on account of bis withdrawal from professional practice, is to lie reported with regret.
It will be necessary for the Meeting to appoint Auditors
Messrs. A. W. Tait, C.B.E., and A. S. Macharg, the retiring Auditors, are eligible for re-
election and offer themselves for re-appointment.
By
Order of the
Council.
Governing
ANGUS
F.
Sheet
Balance
31st
at
as
October,
Cash
Hand
in
McPHAIL,
SIMPSON,
J Managers.
HOPE
1921.
ASSETS.
Bankers-
LIABILITIES.
Capital.-—Authorised.
300,000 "A" Ordinary Shares of £5 each
£1,600,000
300,000 "B" Ordinary Shares of £6 each
1,500,000
400,000 Shares of £5 each which may be issued in
whole or in part as "A" or *'B" Ordinary Shares
2,000,000
H.
and
at
£568,825 12
0
4
6
Money at Call and Short Notice
1,395,000
Balances with Bankers Abroad-.
Bills Discounted
Government Securities—
1,098,744
59,686
8
0
0
8
99,913
44,942
20,421
385,505
14
0
11
5
15
0
13 10
£100,000 Treasury Bills
Shareholding Interests in Foreign Banks at cost-.
-
£5,000,000
Subscribed and
Paid
in
0
Other Investments
'
Advances to Customers and other Accounts..
Full.
200,000 "A" Ordinary Shares of £5 each-200,000 "B" Ordinary Shares of £5 each
£1,000,000
1,000,000
Liability
of
Customers
dorsements
Deposit and other Accounts
Shareholding Interests in Foreign
Current,
for
Acceptances
and
En¬
449,116 13
238,527
4
(per contra)
Premises Account.
-
£2,000,000
0
1,793,940 11
Reserve against
Banks
10,600
0
0
Acceptances and Endorsements for account of Cus¬
449,116 13
107,626 10
tomers
(per contra)
Balance of Profit and Loss Account-
—
£4,360,583 14
Profit
and
Account
Loss
for
the
£4,360,583 14
9
Year ended
31st
October,
1921.
Cr.
Dr.
To Interim Dividend on the "A" Ordinary Shares at
the rate of six per cent per annum and Incometax thereon
£30,000
-
0
By Balance brought forward (subject to Income and
Corporation Profits Taxes)
Less.—Income and Corporation Profits Taxes
0
£81,486 11
46,286
4
107,526 10
ended
2
£137,526 10
31st
and other Taxation
October, 1921.
for
the
A.
4
102,326
2 10
year
2
...
£137,526 10
.
F. J.
MAXWELL, Director.
AUDITORS'
SULLIVAN, Accountant.
REPORT.
We have examined the above Balance sheet and compared it with the Books of the Bank.
"
~
We have satisfied ourselves as to the correctness of the Cash Balances and the Bills of Exchange and have verified the Securities.
the
We have obtained all the information and explanations which we have required, and are of the opinion that the Balance sheet is properly
up, so as
and
as
to exhibit a true and correct view of the state of the Bank's
shown by the books of the Bank.
2
A. McPHAIL,
\ Managers
F. H. H. SIMPSON,/
ARTHUR C. D. GAIRDNER, Chairman.
G. E. MAY, Director.
CHURCHILL, Governor of Council,
JOHN SAMPSON, Member of Council.
7
Net Profit after allowing rebate of Interest and
providing for all bad and doubtful debts,
Income-tax
Balance carried to Balance Sheet
8
4
£35,200
.
,,
us
9
drami
affairs according to the best of our information and the explanations given to
.
London, E.C.:
j
15th November, 1921.
'
1 Chartered
J
Accountants.
A. W. TAIT
A. S. MACHARG
Auditors.
■
GOVERNING
The Right
BARRY, Esq., London.
J. R. BRI8TOW, Esq., Belfast.
L. OURRIE, Esq., London.
8ir ARTHUR A. HAWORTH, Bart., Manchester
E. W. H.
COUNCIL:
Hon. VISCOUNT CHURCHILL, G.C.V.O., Governor.
R. T. HINDLEY, Esq., Manchester.
R. J. HOSE, Esq., London.
NORMAN L. HIRD, Esq., Glasgow.
S. L. JONES, Esq. JLondon.
HENRY HOARE, Esq., London..
Sir HARRY McGOWAN, K.B.E., London.
W. EDGAR HORNE, Esq., M.P., London.
JOHN SAMPSON, Esq., C.B.E., London.
BOARD
A.
DIRECTORS:
OF
C. D. GAIRDNER, Esq.,
Chairman,
N. L. CAMPBELL.
A. G. GUMPERT, Esq.
Esq.
Brig.-Genl. A. MAXWELL, C.M.G., D.S.O.
Sir GEORGE E. MAY, K.B.E.
Hon. BERNARD ROLLO.
MANAGERS:
ANGUS McPHAIL.
F.
..
MANAGER,
H.
SIMPSON.
HOPE
INTELLIGENCE DEPARTMENT:
DUDLEY WARD.
ACCOUNTANT:
F.J.SULLIVAN
SUB-MANAGER:
W.J.CARNEGIE.
R.
CHIEF OPERATORS, EXCHANGE
STEPHENSON.
SECRETARY:
DEPARTMENT:
H. W.
GURNEY.
A. ESCOTT THORNE.
AUDITORS:
A. W.
A
GENERAL
A. 8. MACHARG, Esq., C.A., Glasgow.
TAIT, Esq., C.B.E., C.A., London.
BANKING BUSINESS IS CONDUCTED
"INCLUDING
THE
AGENCY
OF BANKS, FIRMS AND INDIVIDUALS ABROAD
EXCHANGE.
Drafts and Cable or Mail Transfers in all currencies bought and sold.
FOREIGN
Payments, whether clean or against documents,
Accounts in Foreign Currencies
opened
on
effected and Commercial Credits opened.
behalf of Customers.
#
Freight Collections and Ships' Disbursements undertaken
„
,
Quotations given for Cable and Mail Transfers in Foreign Currencies for delivery at fixed future dates, or optionally over a
Merchants and others to eliminate the risk of fluctuation in exchange rates pending completion of transactions.
,
•
-
...
period, thus enabling
COUPONS^AND
Bonds in Foreign Currency cr Sterling negotiated or collected. Securities bought and sold in Foreign and London Markets.
in safe custody on
behalf of Clients.
CREDITS ssued to' inance exports and imports while m transit.
COLLECTIONS made in all parts of the world.
■
■
BAIL BONDS and GUARANTEES arranged, and SECURITIES and DOCUMENTS held in escrow.
and
held
,
,
COMMERCIAL
INTELLIGENCE
The services of this
Department are at the call of the Bank's clients.
DEPARTMENT.
^
,
.
,
political, commercial and financial conditions in all parts of the World is received and classified, and its bearing
on
individual transactions studied.
Information on credit and standing of companies, firms and individuals at home and abroad supplied at the request of Customers.
The mo6t recent information on
[Vol. 113.
CHEONICLE
THE
xxxu
Jffnantial
■
y-
-.v;.
$3,500,000
Cuyamel Fruit Company
754% Sinking Fund Gold Bonds
First Mortgage 20-
To be
Authorized $5,000,000
Dated
December 1,
(Callable
at
whole
as a
presently issued $3,500,000
1921
.
on any
interest date
on
30 days' previous notice at 105 and interest;
■v
■ ■
Due December 1, 1941
callable for the sinking fund
December 1, 1926; at 105 and interest from June 1, 1927 to and including
1,1931, and at 10214 and interest thereafter.
Principal and semi-annual interest (June 1 and December 1)
10714 and interest to and including
December
the office of the Trustee, New Orleans.
interchangeable. Registerable as to principal only. Interest
exceed 2%.
payable at the office of A. G. Becker & Co. in Chicago or New York, or at
Coupon bonds in denominations of $100, $500 and $1,000,
payable without deduction for Normal Federal Income Tax not to
Joint and several obligation of the Company
and interest, by Samuel Zemurray
HIBERNIA
For information
BANK
&
and Cortes Development Company.
Guaranteed, principal
.
(President and Founder of Cuyamel Fruit Company) by endorsement.
TRUST
COMPANY,
NEW ORLEANS,
TRUSTEE
regarding these bonds we refer to the accompanying tetter of Mr. Samuel Zemurray, President of
Cuyamel Fruit Company, which states that:
Personal guaranty of Samuel
,3.
Tlie Cuyamel Fruit Company, an
corporation, is engaged in the cultivation,
purchase, transportation and marketing of bananas.
Business,
the
■
Zemurray.
American
The
Company was incorporated in 1911 and to¬
gether with its predecessor company has been
engaged in this business since 1905.
It is fully
equipped for conducting its business, owning farms,
railway and tram lines, steamships, wharves, etc.,
and employs
about 2,000 people.
Assets.
property of the Company consisting of 53,049 acres
land, buildings, live stock, steamships, railroads,
rolling stock, telephone, electric light and
water supply equipment, valued by Messrs, Ford,
Bacon & Davis, Engineers, as of October 1, 1921,
in excess of $8,250,000 after depreciation.
tramways,
As to all the above property, other than the steam¬
ships, these bonds will be secured, in the opinion of
counsel, by a direct First Mortgage, and as to the
steamships, by pledge and voting control of all the
shares of stock of the Cuyamel Steamship Co. hold¬
ing title to these ships, and also by pledge of its
demand notes, delivered to the Fruit Company in
payment for these ships.
2. The bonds will also be the joint and several
obligation of the Company and Cortes Development
Company, a Honduras corporation, all the stock of
which is held by Trustees for the benefit of the
stockholders of Cuyamel Fruit Company.
This
company owns valuable lands and other properties
has
a
net
worth
of
$2,569,998.It
liability other than its obligation
Bonds
are
of definitive
of November 30,
ratio of
over
9 to 1.
1. These bonds will be secured by
of
and
as
the companies is indicated by current assets of $4,317,230 and current liabilities of only $435,656,
or a
Security.
The balance sheet
after giving effect to this financing, shows
tangible assets of $13,790,249, after deducting
current liabilities and reserves, or 3.9 times the
amount of this bond issue.
The financial position of
1921,
on
has
no
these bonds.
offered for delivery when, as and if
The net earnings of the companies
depreciation, Federal Taxes,
etc., for 11 months ending November 30, 1921, were
$2,275,447, or at the rate of about nine times the
annual interest requirements on these $3,500,000
bonds.
Average annual net earnings for the past
five years ended December 31, 1920, after interest
and taxes, but before depreciation, were $1,195,866.
After depreciation, interest and taxes they were
$718,085, or about 2% times the maximum interest
requirements on these $3,500,1X10 bonds.
Earnings.
available for interest,
Sinking Fund.
The mortgage provides for a
sinking fund to retire annually by purchase or
redemption not less than 5% and not more than 15%
of the greatest amount of bonds at any time out¬
standing.
Purpose of Issue.
The proceeds of the sale of
of the
these bonds will be used to retire $850,000
Company's 6% Marine Equipment Notes and to pay
capital expenditures already made.
for
issued and received by
us,
and subject to the approval of counsel.
Pending delivery
bonds, it is expected that Trustee's interim receipts will be ready for delivery on or about January 16, 1922.
PRICE 99 AND
INTEREST, YIELDING 7.60%
A. G. Becker & Co.
Ames, Emerich & Co.
Chicago
Chicago
New York
Isidore Newman & Son
Hibernia Securities Co., Inc.
New Orleans
New Orleans
New York
The above statements while not
guaranteed
New York
are
obtained from sources which we believe to be reliable.
DEC. 31
TTT11
THE CHRONICLE
1921.]
jf manual
$3,800,000
San Antonio Public Service Company
!
(SAN ANTONIO, TEXAS)
(Common Stock, except Directors' Shares, all owned by the American Light & Traction Co.)
First Mortgage
and Refunding Thirty-Year 6% Gold Bonds
"A."
Series
Due January 1,
1952
Coupon bonds, denominations $1,000, $500, $100
Price
98% and interest yielding about 6.10%
NON-CALLABLE FOR TEN YEARS.
Interest payable January 1 and July 1 in New York without deduction for any Federal Normal Income
Tax now or hereafter deductible at the source not in excess of 2%.
Redeemable at the option of the Com¬
pany
in whole or in part on any interest date upon sixty days* notice, at 110 from January 1, 1932, up to
January 1, 1942, and at 105 thereafter to maturity, plus accrued interest in each case.
and including
FOUR MILL TAX
PENNSYLVANIA
APPLICATION
WILL BE MADE IN DUE COURSE TO LIST THESE BONDS ON
YORK
This
Company,
or
in its present corporate
has been
tric
over
way
through
companies,
predecessor
continuously engaged in the elec¬
light and
gas,
power,
and street rail¬
business in the City of San Antonio,
Texas, for
serving
a
period of twenty-one (21)
present
a
EXCHANGE
STOCK
NEW
THE
form
REFUNDABLE
estimated population of
180,000.
For
ber
the
will, in the opinion of
sel, be secured by
a
direct lien
on
property owned by the Company,
approximately $13,500,000,
quired—a first lien
on
or
all the
valued at
hereafter
ac¬
property valued at
approximately $3,500,000 and
balance of the property
coun¬
a
lien
on
the
subject to $1,968,000
(closed mortgage) prior lien bonds.
The value of the
30,
1921,
Company is conservatively estimated to be
WE
These Bonds are
It is
036.80,
as
charges
RECOMMEND
THESE
of earnings.
months
gross
and
ended
Novem¬
earnings amounted to
earnings to $982,-
net
compared with annual interest
on
the outstanding bonded debt,
including this issue, of $326,400.
For the
past five years net earnings have averaged
$774,668.
The management
of the Company is under
the direction of the AMERICAN LIGHT k
TRACTION
physical property of the
hands of the
its
COMPANY, which is in .the
same
men
who have conducted
operations since organization.
BONDS FOR
INVESTMENT
offered for delivery when, as and if issued and received by us, subject to approval of counsel.
16, 1922. All statements herein
while toe do not guarantee them, they
expected that temporary bonds will be ready for delivery on or about January
are
official or are based on information which we regard as reliable, and
we
the
data
on
which we have acted in
the purchase of this security.
Halsey, Stuart & Co., Inc.
New
Lehman Brothers
New York
of
present
organization of the Com¬
twelve
$4,497,932.95
These Bonds
the
in 1917, $1,944,269 has been put back
into the property out
years,
amount
aggregate
including
bonds
Since the
issue.
pany
the
times
two
outstanding
York—Chicago
Goldman, Sachs & Co
New York
[Vol. IIS.
CHRONICLE
THE
xxxiv
-
financial
'.*i; Vi<;':7:7*• '**.-'■• *7:/wv*'*'' ■:"t*;V':V.*'V»*S*''*::-"'*• V;'-;/-'-/'-'/;••■
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0-;y7VVV;.
v".: --'k;v7.'?": *'•>'':'
.'•» '.\"'v ••'
•
•
•.' '
$12,500,000
International Paper
SERIES
Company
"B"
Refunding 5% Sinking Fund Mortgage Bonds
First and
(Closed Issue)
Dated
*.-rV
Maturing January 1, 1947
January 1, 1917
•vV"'v',\
*•''
\Y'*>
•
YV'vY-
'!
r.
'V
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.-vYY
v;
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i
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'•
"V." ,1-''; V.-'"Y
'Y YYVY-
Coupon bonds in denomination of $1,000 registerable as to principal only. Interest payable January l and July 1 without deduction
for normal Federal Income Tax up to 2%.
Interest payable at the office of Bankers Trust Company, New York. Redeemable at
annual
An
interest.
1,
sinking fund of one per cent of the total amount of bonds issued under the mortgage,
102Vt
not exceeding
buys bonds at
and accrued interest or
Authorized and Issued
Retired by Sinking
.
.
Fund
$7,500,000
.
$12,500,000
604,000
are
identical, except that Series A bonds
convertible into 6% preferred stock at par prior to
A letter
$19,396,000
$12,500,000
$6,896,000
BANKERS
$20,000,000
604,000
Outstanding
Series A and B bonds
Total
Series "B"
"A"
Series
<
interest date at 102 M and accrued
payable May 1 and
draws bonds by lot for redemption at that price.
in whole or In part, upon fifteen days' published notice, on any
the option of the Company,
November
TRUST COMPANY,
are
July 1, 1922.
NEW YORK, TRUSTEE
from Philip T. Dodge, President of the Company, is summarized as follows:
BUSINESS AND PROPERTIES—The International Paper Company, organized in 1898,
largest manufacturer of
are
paper
in the world, its production during 1920 exceeding 500,000 tons.
carried in the consolidated accounts of the Company at the very
is the
Fixed assets
conservative valuation of approximately
$61,000,000, after depreciation charges during the last ten years of more than $14,500,000.
SECURITY—Subjept
and
to two small mortgages of subsidiary companies
Refunding Mortgage bonds
through direct first mortgage
are
or
aggregating only $275,000, the First
secured, in effect, by about $60,000,000 book value of fixed assets, either
by pledge under the mortgage of all of the capital stock, except directors'
qualifying shares, of certain of the subsidiary companies.
With the issuance of these bonds, the First and
Refunding Mortgage is closed, and the mortgage provides in effect that no prior lien or charge shall be
created
against the properties of the Company; or against the properties of its subsidiaries, the stocks of which are
pledged, unless such lien
charge shall be pledged under the mortgage.
or
PURPOSE OF ISSUE—Proceeds from sale of these bonds will be applied to reduce current indebtedness.
FINANCIAL—The
average
1921, (1921 partly estimated)
bonds
now
but after
After
$4,895,000
or
about five times the annual interest requirements on all
outstanding, including the bonds to be presently issued. These earnings were before Federal taxes
depreciation charges averaging $1,459,000
per annum.
giving effect to the proceeds of this financing, the net current assets of the Company as of November
30,1921, amounting to
ness
annual earnings applicable to interest for the ten years ending December 31,
were
over
$28,500,000,
are
alone largely in
of $19,671,000.
excess
1
of the Company's total bonded indebted¬
•
EQUITY—On November
30, 1921, the Company had outstanding $24,883,058 par value of
and $19,899,764 par value
of Common stock, which at current prices show
bonds of
All
over
legal details
Preferred stock
market equity junior tothese
$27,000,000.
are
and
approval
subject to approval of Rushmore, Blsbee & Stern, of New York, for the Bankers, and Stetson, Jennings
Russell, of New York, for the Company.
of counsel.
a
The bonds are offered for delivery when, as and if issued and received and subject to
Application will be made to list these bonds
on
the New York Stock Exchange.
It is expected that interim receipts, or
temporary or definitive bonds, will be ready for delivery on or about January 10, 1922.
Price 87 and interest, to yield over 6%
We
are
receiving subscriptions for these bonds subject to allotment
Bankers Trust
Company
New York
of
Blair & Co., Inc.
excess
Pittsburgh
Halsey, Stuart & Co.,inc.
Statements, while based
Subscriptions having been received in
Union Trust Company
upon
best obtainable information, are not guaranteed.
of the amount of Bonds offered, this advertisement appears as a matter
of record.
DEC. 31
THE
1921.]
CHRONICLE
^Financial
New Issue
: ;
•
■
'
:
Exempt from all Federal Income Taxes.
$7,000,000
State of California
Gold 5% Highway
Dated
November
'./Ob:*
,
3rd,
Due Serially July 3rd, 1943-49
1921
'•>'
v.■.■■■■
-
'A:
Coupon bonds of $1,000 denominations, exchangeable for fully
3
and
July 3,
Bonds
payable in gold at the office of the
■
"
*
:
registered bonds.
r
.
\."
Principal and semi-annual interest, January
State Treasurer or at the State's Fiscal Agency in
New York City,
Legal investments for Savings Banks and Trust Funds in New
York,
The State of
Massachusetts, Connecticut and other Eastern States.
California, with
Assessed Valuation
an
population of 3,426,536, according to the 1920 census, has
of $4,555,445,447, and a
included, of $74,980,000,
These
a
total Bonded Debt, with this issue
about 1%% of Assessed Valuation.
or
bonds, issued for construction of highways, are direct
State of California.
'
general obligations of the
'
,
MATURITIES
$1,000,000 due each
year
July 3rd, 1943 to July 3rd, 1949 inclusive.
Prices to
yield 4.30%
First National Bank
New York
*
•
.
Kissel, Kinnicutt & Co.
1
]
Stacy & Braun
Remick, Hodges & Co.
Redmond & Co.
Eldredge & Co.
Kountze Bros.
Clark, Dodge & Co.
'
Salomon Bros. & Hutzler
I
Blodget & Co.
[VOL. 113.
THE CHBONICLE
XXXVI
financial
Exempt from All Federal
Income Taxes
PRICE
RATE
ISSUE
*State of Pennsylvania,
Highway.
.
.
^Buffalo, N. Y., "Registered, IPark.
.
.
Del., Road.
.
.
New Castle County,
Montclair, N. J., Public Impt.
St. Louis County,
Gaston
4.55
6
4.60
4%
4%
1936-1938
4.70
Rural Credit. BVz
1931-1941
4.80
6
1925-1931
5.00 to 4.80
6
1927-1931
5.00 to 4.90
5
1936-1938
100 & Int.
5
1932-1936
100 & Int.
6
1923-1946
5.40 to 5.10
Mo., Road.
.
.
.*
..
...
Ga., Road.
.
Okla., Road.
.
.
.
....
...
.
.
......
County, N. C., Road
1929
5.20
1926-1942
5.20
6
1931-1951
5.20
5
1925-1931
5.25
Miss., Road & Bridge 6
1922-1946
5.30
County,Tenn., County School 5
1924-1931
5.40
Muskogee, Okla., School District.
.
4%
Yazoo-Mississippi Delta Levee Dist.
Maricopa County, Ariz., Road....
Wakefield, Mich., Public Building..
Hinds County,
Cocke
4.55
4.70 to 4.60
Marion, Ohio, Funding.
Tulsa County,
1927-1933
1934
...
Atlanta, Ga., Street Impt
Ware County,
4.10
1927
4Vi
5%
1962
1926-1935
.
Cal., Water
*State of South Dakota,
4.10%
1951, Opt. 1936
5Vz
^Davenport, Iowa, Mun. Impt..
*San Francisco,
....
4%%
or
YIELD
MATURITY
Sevier County,
6
Tenn., Road
1941
5.50
6.00
Ark., Road Dist.
5
1924-1937
County, Ark., Road Dist.
6
1927-1935
100 & Int
Hidalgo County, Tex., Water Dist.
6
1922-1945
100 & Int
Arkansas County,
Faulkner
Farm Loan Bonds
Exempt from All Federal Income Taxes and from
State and
Joint Stock Land Bank.
.
.
.
5%
.
5%
Joint Stock Land Bank
*
Municipal Taxes
1939, Opt. 1924
100 & Int
1951, Opt. 1931
103 & Int
Legal investment for Savings Banks and Trustees in New York State
We
shall
bonds for
we
be
pleased to accept orders for any of the above
delivery
shall be
on or
before January 15th.
Upon request
glad to send complete circulars on any of these
issues, together with our Selected Municipal
Bond List CC -20.
W'Hiam R.fompton (ompany
Investment
14
Wall
Bonds
Street, New York
St Louis
Chicago
Cincinnati
New Orleans
Dec. 31
1921.]
THE CHRONICLE
xxxvii
^financial
For
January Re-Investment
State and
Municipal Bonds
Exempt from all Federal Income Taxes
'
Price
Amount.
Issue
'
Rate
laturUy
tolyield
*ymc$15,000 State of Massachusetts--3J^% 1946-47
4.00%
*ymc 15,000 State of Massachusetts
1925-28
4.05-4.10
4.25
_4
*ymc 10,000 Enfield, Conn
5
1946
*yc
5
1950-52
Jersey City, N. J
4J^
1961
4.30
15,000 Southington, Conn-__
_43/£
1941
4.45
1941-31
4.50
75,000 Bristol, Conn..
*ymc 40,000
yc
*yc
4.25
«
40,000 State of Wyoming
5
10,000 New Haven, Conn
4
1928
4.50
5
1925-49
4.50-4.70
5J^
1941-46
4.55
320,000 Charleston, W. Va
5
1929-33
4.75
285,000 El Paso, Texas
5
1959-39
4.75
40,000 Clarksburg, W. Va ♦
5
1941-46
4.75
55,000 Pueblo, Colo_
5
1936-31,
5.00
ymc
*c
300,000 Lexington, Ky
...
*
25,000 Los Angeles, Cal
ym c
*
c
*vc
*c
*
Tax
Exempt in State of Issue.
y
Legal for Savings Banks and Trust Funds in New York.
m
Legal for Savings Banks and Trust Funds in Massachusetts,
c
Legal for Savings Banks and Trust Funds in Connecticut.
WATKINS
7 Wall Street
NEW
YORK
& COMPANY
40 State Street
BOSTON
XXXVIII
Bonds
Municipal
Investment
January
for
We
own
and offer, subject to
sale
$350,000
$500,000
City of Louisville, Ky, 4%s
City of Wheeling, W. Va., 5s
Due
Feb. 1,
To Yield
Due Jan.
1960
To
4.30%
Bergen County, N.J. 5s and
City of Columbus, Ohio 4%s
5%s
Due
1924 to 1938
To Yield
4.50%
v
Yield
Due
To
4.70%
May 1, 1922 to 1955
Yield
City of St. Petersburg, Fla. 6s
City of Birmingham, Ala., 6V2
Dec.
To
1, 1931, Opt.
Yield
5%-4.80%
$55,000
$91,000
Due
4.40%
City of Ventnor City, N. J. 6s
July 1, 1925 to 1950
To
Yield
$35,000
■
City of Omaha, Neb., 5s
Due
Sept., 1934 &. 35
To
$22,000
Due 1930 to 1951
1923
To
5.25%
Yield
5.60-5.50%
$107,000
$70,000
Allegheny County, N. C. 6s
City of Pensacola, Fla. 7s
Due Jan.
To
5.75%
Several of the above issues
New Jersey,
Due Oct.
1, 1946 to 1951
To Yield
are
legal investments for Savings Banks
1, 1924 to 1930
Yield
5.85-5.70%
and Trust Funds in New York,
In addition to being exempt from all
exempt from taxation within the State of issue.
Connecticut, Massachusetts and other States.
Federal Income Taxes, a number
of these bonds are
Descriptive Circulars giving full details will be sent upon
request.
R. M. GRANT & CO.
31
Boston
||
I
Jj
$20,000*
$183,000
Due Dee.
1, 1930 to 1953
Yield 4.65-4.50%
Nassau Street
St. Louis
New York
Chicago
j I
|
Dec. 31
1921.]
CHRONICLE
THE
xxxix
^financial
Conservative Bonds
:
•
Suitable
'
-
for
'
Banks,
Individuals who
''
•
i
■
Insurance
■
'
-
-
Companies,
Estates
or
seek, primarily, safety and marketability.
FROM ALL FEDERAL INCOME TAXES
MUNICIPAL BONDS EXEMPT
Yielding
Rate.
*
$2,000 State of New York
*
Cpn.
Cpn.
Cpn.
Cpn.
4^s
4^>s
5s
Reg. 4^8
Reg. 4^|s
__Cpn. 4%s
Cpn. 5s
Cpn. 3J^s
-Cpn. 4s
Reg. 4s
Cpn. 5^s
Reg. 33^8
Reg. 3j/£s
Cpn. 4s
Cpn. 5s
4,000 State of New York
*
35,000 State of New York
*
6,000 State of New York__
*
18,000 City of Buffalo, N. Y
*100,000 City of Buffalo, N. Y
*100,000 State of Pennsylvania
*
*
55,000 State of Pennsylvania
1,000 State of Massachusetts
*
*100,000 City of Detroit, Mich
1
*
10,000 City of Jamestown, N. Y. (School District)
*200,000 City of Philadelphia, Pa
*
10,000 City of Boston, Mass
*
10,000 City of Boston, Mass
*
3,000 State of California
*500,000 State of California
*
5,000 City of Newark, N. J
*
7,000 City of New York
*100,000 City of Detroit, Mich
*
5,000
*
10,000
*
10,000
*
45,000
*
2,000
*
50,000
*
6,000
*
1,000
*
4,000
*
25,000
*
52,000
*
1,000
*
5,000
*
10,000
*
2,000
*
46,000
*
64,000
*
15,000
*
10,000
*
7,000
*500,000
*
16,000
*
Reg. 43^s
Cpn. 4
-Cpn. 4 j/28
City of Minneapolis, Minn
Cpn. 4s
City of New York
,
Reg. 3L>s
State of Oregon
Reg. 4^s
City of Baltimore, Md
Reg. 5s
City of Bridgeport, Conn
Cpn. 4^s
City of Bristol, Conn (Tax exempt in Connecticut)
Cpn. 5s
State of California4
Cpn. 4s
City of Cambridge, Mass
:
-Reg. 4s
City of Chicago, 111
Cpn. 4s
City of Cincinnati, O
-Cpn. 53^8
City of Detroit, Mich
Cpn. 53^s
City of Duluth, Minn
__Cpn. 4s
City of Minneapolis, Minn
Cpn. 4s
State of Oregon
Cpn. 4s
State of Oregon
-Cpn. 5j^s
City of Providence, R. I
•
i
Cpn. 4s
Town of Stamford, Conn (Tax exempt in Connecticut)__Cpn. 5s
State of Washington
'
Cpn. 5
City of Waterbury, Conn
Cpn. 4s
State of West Virginia
Cpn. 5s
City of Detroit, Mich
Cpn. 5s
City of Detroit, Mich
Cpn. 5^s
—
-----
---
_-
Cpn.
-Cpn.
Cpn.
Cpn.
Cpn.
__Cpn.
Cpn.
Cpn.
Cpn.
—Cpn.
Cpn.
__Cpn.
Cpn.
Cpn.
Cpn.
4.
1
3,000 City of San Francisco, Cal__
*
5,000 City of San Francisco, Cal..
*100,000 State of West Virginia
30,000 State of California
City of Cleveland, O. (School District)
5,000 City of Cleveland, O. (School District)
1,000
1,000 City of Milwaukee, Wis
1,000 City of Milwaukee, Wis
1,000 City of Salt Lake City, Utah
*
45,000 City of San Francisco, Cal
*
3,000 City of San Francisco, Cal_
*
25,000 City of Sioux City, Iowa
*
*
*
*
10,000
71,000
200,000
*
,
__-J
1,000
75,000
4%s
53^8
5s
43^s
43^s
5s
4^s
5s
6s
4 3^8
6s
4^8
43^s
5s
4j/>s
3s
43^s
4s
4
5s
-Cpn.
City of San Francisco, Cal
Cpn.
State of Oklahoma
Cpn.
City of San Francisco, Cal
Cpn.
City of Grand Rapids, Mich. (School District)
Cpn.
City of Milwaukee, Wis
Cpn. 4}^s
City of Elkins, W. Va (Annual interest) Optional Sept. 1 1931_Cpn. 6s
6,400 State of Colorado
5,000
3.90
1963
3.90
1933
3.95
1937
4.05
1932
4.10
1951/36
4.10
1951
4.15
1945
4.20
1945
4.25
1922-23
4.25
1936
4.25
1936
4.30
1943
4.30
1942-51
4.30
1943-49
4.30
1944
4.30
1962
4.30
1939-41
4.40
1937
4.40
1940-41
4.40
4.40
1945
1928
-
4.50
4.50
1928
1930-36
4.50
1928
4.50
1927
4.50
1928
4.50
1931
4.50
1937
4.50
1935
4.50
1927
4.50
*Legal Investment for Savings Banks and Trust
Ask
Remick, Hodges & Co
Members New York Stock
Correspondents
Exchange
.
New York
:
4.50
1931
4.50
1927
4.50
1923-26
4.50
1941
4.50
R. L. Day & Co., Boston
/ 31
1928
4.50
1940-41
4.50
1927-33
4.60
1925
4.60
1931
4.60
1925
4.60
1934
'4.60
1944
4.60
1949
4.60
1929-31
4.60
1924
4.65
1930
4.65
1931
4.65
1926
4.65
1925
4.65
1934
4.65
1939
4.65
1946
4.65
1923-25
4.65
1929
4.70
1936
4.70
1922-23
4.75
1932
4.75
1926-29
4.80
1922
5.00
1931-46
5.40
Funds in the State of New York.
for Circular CC-463.
14 Wall Street
1931
,
_
*
*
3.90%
1965
-_
10,000 City of Portland, Ore
*
1961
_
5,000 State of Oregon
♦
About
Due.
__
5,000 State of Idaho
*
4s
THE
[Vol. 113.
CHRONICLE
^financial
v:'
JANUARY
MUNICIPAL BOND OFFERINGS
We
and offer the following bonds which are
own
Exempt from all Federal Income Taxes,
Including the Surtax
[$100,000 State of New York
4
To Yield
%
$100,000 City of Philadelphia S. D. Reg.
nmc
5s due
3^8 due Sept. 1, 1963
50,000 Suffolk County, N. Y. Reg.
500,000 City of Buffalo, N. Y. nmc
5s due
4^s due Jan. 3, 1926-1942
To Yield
nmc
To Yield
200,000 State of Pennsylvania nmc
5s due
r
500,000 Allegheny Co., Pa.
due Nov. 1,
4
To Yield
5s due Feb.
5
To Yield
5s due Feb.
5s due
5s due
nmc
4.60%
50,000 City of Fort Worth, Texas
5s due June
1, 1969
To Yield
1, 1954-1957
To Yield
4.35%
n
Legal for Savings Banks and Trustees in the S.tate of Connecticut.
m
4.60%
Legal for Savings Banks and Trustees in the State of New York,
c
Legal for Savings Banks and Trustees in the State of Massachusetts.
IRodimmdMo.
33
Pine Street,
New York
Members New York Stock
Philadelphia
/
Pittsburgh
c
July 1, 1930-1935
To Yield
4.30%
300,000 City of Cleveland, Ohio
5s due March
4.60%,
150,000 City of Lexington, Ky.
nmc
n
July 1, 1961
To Yield
4.27%
July 3, 1943-1949
To Yield
4.50%
100,000 State of North Carolina
nmc
4y2s due Dec. 15, 1971
5s due
c
1, 1936-1951
To Yield
4.25%
500,000 State of California
4.50%
200,000 City of Lexington, Ky.
5s due 1941-1951
To Yield
nmc
V2S due Nov. 1, 1941
4.15%
100,000 City of New York
4.40%
100,000 City of Omaha, Nebr.
n
1922-1951
nc
1, 1938
To Yield
100,000 City of Pittsburgh, Pa. nmc
To Yield
4.60%-4.40%
100,000 City of Cincinnati, Ohio
Aug. 2, 1951
To Yield 4.15%
.
nc
58 due Jan. 15 1924-1951
4.10%
'
4.35%
500,000 City of Bayonne, N. J.
4%b due Dec. 1, 1951, Op. 1936
To Yield
n
Sept. 1, 1929-1933
To Yield
4.15% to 4.05%
i 100,000 State of Pennsylvania
July 1, 1947-1950
To Yield 4.35%
3.90%
Baltimore
Exchange
Washington
Wilmington
nc
The
.ommaTh'l f
INCLUDING
Bank &
Quotation Section
Railway Earnings Section
Railway & Industrial Section
VOL. 113.
K'fyi
Electric
Bankers' Convention Section
State and
SATURDAY, DECEMBER 31, 1921
35he Chronicle
NO. 2949
Week ending
Clearings at
'Terms
for
One
For
Six
of
Inc. or,
Subscription—Payable in
Year
1921.
Advance
ZZZZZIZZZZZZII
European Subscription (including postage)
European Subscription six months (including postage)
Subscription (Including postage)
of
account
the
fluctuations
la
6 00
11
.
the
of
rates
Cleveland
Detroit
50
exchange
for European subscriptions and
advertisements must be made
lai New York funds.
Bane
Railway Eabninqs (monthly)
itATE and City (semi-annually)
Electric
(Bankers
Terms of
Railway
(yearly)
Milwaukee
....
WILLIAM
B.
DANA
Front, Pine and
request
Telephone 8tate 5594.
Drapers' Gardens. E. O.
I
COMPANY,
Depeyster
Streets.
Toledo
1918.
476,528,538
58,116,350
•—6.3
57,941,911
50,667,151
134,000.000
—34.8
79.232,156
+ 49.0
101,762.418
84.113.627
60,568.626
25,597,690
24,843.379
23,844,399
+9.5
16,762,000
13.494.000
13.949,800
+ 24.2
14,297,300
11,949,528
665,756.595
12.
9,566.100
13,156,496
—5.7
4.363.761
10,347,000
3,720,893
4.094,075
—7.9
3,336,328
+ 49.1
Youngstown
1,647,898
4,112.990
—24.71
3,368,535
6,912.000
10.353.000
—42.8;
10.781.000
Fort Wayne.;
*1,100.000
...
Canton
York.
Bloomlngton
O—.
Decatur
South
*1, 20,000
2,750.000
2,053,572
+ 1
.7
Bend
5.304.819
+ 28.5
3,787,353
3,571,418
1,651,104
1,324,877
3,696,306
2.006.746
5,006,000
1,200.000
-11.5
1,350.000
1,300,000
2,000,000
-13.6
2,200,000
2,029.747
3,762,455
1,131,692
,
-26.8
4,140,933
3,000.000
—13.9'
1,625.029
—12.71
+ 3.9
1,469,354
1,459,636
1,390.503
+ 18.2
1,100.000
941,007
1,375,110
906,107
*970,000
1,039.714
1,241,020
1,186.055
1,534,725
1.141.528
1,320,000
1,441,246
—17.5
Danville
3,929,526
3,621,3671
6",210.738
2,230,322
+5.9
7
1,189,204
Quincy
Springfield,
Mansfield
CLEARING HOUSE RETURNS.
5,5
12.352,000
—15.1
3,813
Rapids...
Dayton
79,087.408
02.400
4,974,354
2.170,709
2,085,800
3,017,295
Grand
435,695,867
14,874,000
+ 2.5
3,772,824
3.193.000
Rockford
Publisher.,
New
191J.
14,073,739
3,385,907
4,647,315
Peoria
Lexington
Published every Saturday morning by WILLIAM B. DANA
COMPANY.
Presi¬
dent. Jacob Selbert Jr.; Vice-President. Arnold G. Dana; Business
Manager. William
D. Riggs; Seoretary, Herbert P. Beibert.
Address ol ail, OUice ot the
Company.
1,190,317
1,193,663
+4.0
1,057,453
1,072,635
1,072,485
815,702
$7,620,737,541 In the corresponding week last
year.
744.000
655.589
+ 13.5
709,163
1,646,000
741,559
267.725
1,400,000
+ 17.5
800.000
—7.4
1,521,91)
946,677
734,315
—63.5
Arbor
395,000
405,665
-14. 1
436,520
224.959
Owensboro
The following table, made up by telegraph, &c„ Indicates that the
total bank
elearlngB of all the clearing houses of the United 8tates for the week ending
to-day
have been $8,012,029,416, against
...
Sprngfleld. 111...
45 cents
On
493.777.215
54,427.107
87,489,622,
118,089,000
%
1
+ 3.6
26,115,008
Indianapolis
Evansvllle
Advertising
London OrricE—Edwards & Smith,
\
...
|
Deo.
Akron
(semi-annually)
Convention
Transient display matter per agate line
Contract and Card rates
Oeioaoo Owes—19 South La Salle Street,
V
Cincinnati
Columbus
Subscription includes following Supplements—
Quotation (monthly) I Railway& Industrial
(semi-annually)
and
Chicago
13 50
7 75
•Canadian
•remittances
1920.
$10 00
Months
'NOTICE.—On
December 24.
—
PUBLISHED WEEKLY
'
Railway Sectktft
City Seeder?)
*480.000
330.697
+5.33
1,016.909
1,329,854
+ 7.2
Lansing
Lima
Jacksonville, III..
Ann
Clearing—Returns bp Telegraph.
Week ending December 31.
1921.
Adrian
1920.
160,975
Tot.Mld.We8t.
New York
o$2.496 .100,000
Chicago
0336 .638,344
150 106
870.759,552
866.638,430
935,691
Francisco..
San
,000
792.906
825.000
686,389
130,000
72,965
934,399,925
+.5.
725,292,397
115,122,155
29,532,000
$4,225 ,683,510
530 .439,947
40
123.500,000
123,300.000
+ 0.2
Philadelphia..
0236 ,000,000
137.931,041
432 .332,656
Los Angeles
84,129,000
Boston
54,034,000
324 .143.789
Seattle
35,830,586
68.411,000
26,291,049
+ 22.9
0181 ,000,000
+ 36.3
33,326,223
Kansas
087 ,896,683
200 .000,000
Spokane
9.766.952
10.000,000
—2.3
o96 ,700,000
134 ,541,499
Salt Lake City..
16,458,192
—3.1
o98 ,600,000
123,,300,000
Portland
28,750,180
+ 3.6
0*115 600,000
30,013,886
27,859,286
164,,405,712
Tacoma
16,987,577
27,739,419
3,579,346
9,500,000
32,980.349
11,513,827
18,893.373
—22.9
4,050,501
7,889,828
3,665,436
City..
St. Louis
San Francisco.
Pittsburgh
...
Detroit
2,759,704
a59 ,407,993
New Orleans.
76 ,667.054
Oakland—
045 019,669
Baltimore
Sacramento
11,209,854
5,713,552
038 410,752
77,,572,527
46,,753,566
«$3,839,373.441
$8,335,240,260
-39.1
Fresno
4,920,884
a970,730,092
1,285,497,281
-24.5
Stockton
2,172,500
.
San
Diego
Pasadena
Eleven cities, five days.
Other cities, five days
2,467,373
J
3,115,044
San Jose
Total all cites, five days.
*$4,810,103,533
1,202,525.883
$7,620,737,541
$6,012,029,416
All cities, oao day
$7,620,737,541
—36.6
b
2,041,256
*
Partly estimated,
a
against 5 days In 1920.
at noon on
to day,
all eases estimated, as wc go to press Friday
night.
Detailed figures for the week ending Dec. 24 show:
i,057,448,155 4.040.194,560
425.000,000
414,642.257
Pittsburgh
149.000.000
+ 12.4
47.059,395
—3.9
51,316.111
148.628.603
42.400.744
46,129,659
31,835,777
-3.1
Paul
1919.
1918.
$
+ 0.4 4,552,503,344 3,459,343,811
+ 2.5
416,559,517
373.382,047
—17.4
145,377,379
122,860,586
Topeka—
Cedar Rapids...
York
Erie
•Creensburg
Binghamton
Chester
Altoona
Lancaster
'
Montclair
Bethlehem
Huntington
Jamestown
3,541.478
Colorado
3,900,000
—10.1
14,402,310
8,621.422
+ 30.6
13,227,442
11,591,863
-12.6
3.702,858
—13.6
3,434.845
+ 17.1
2,619,148
903,458
722,413:
1,151,808
...
Hastings
2,096.009
Springs
Fremont
-3.7
9,215,899
4,098.167
6,434,740
5,297,520
4,217,097
Aberdeen
6
6,000
10.7
—31.8
2,250.018
2,400,000
1,800,000
—12.7
2,720.542
+ 96.7
782,134
+ 15.5
2,864,201
887,259
680,771
600,000
1.221,412
1,313,811j
—7.9
—
+ 20.4
—5.7
1,451,576
962,814
-5.7
419,580
—17.5
361,500,
—18.6
478,391
344,013,979
135,841),417
—2.8
3,124,451
2,500,000
2,100.000
—1.1
4,906.308
3,829,168
125.700,000
44,212,101:
127,672,923
47.026,420
+ 10.4
3,166.598
Louisville
24.917,996'
21.275.693
—18.6
1,558,943
2,456,545
1,060.587
Houston
26,072,815!
29.091.550
2,050.087
1,400.000
Galveston
8,189,532;
Richmond
46,132,517!
46.115,843
+ 23.4
1,421,817
2,290,806
—12.9
1,877,563
—11.7
1,526,522
1,348.000
1,114,600
+ 1.0
1,103,700
—0.2
991,825
990,634
826.782
912,176
+ 10.3
+ 15.4
2.089.244
1,810.020
382,011
+ 13.1
"432,212
—13.4
3,333,374
2.887,919
—9.3
1,900,000
1,723,024
totals.
1,112,576 Not tncl. in
1,450,000
874,200
645,300
1,320,603
779,950
1,422,218
1,981,173
495,828
1,519,043
947,604
715.000
St.
Louis
New
Orleans
:,80<.396,384 4,819,315,722
Hartford
...
Springfield
Portland*
*_.-_.
279,112,540
+ 6.8
10.177,600
+ 5.1
8.286.445
4,565,772
3.867,644
1,808,000
13.949.005
—14.0
19,814,627
5,771,244
16.609,253
-2.6
+ 1 -.8
6,355,061
15,411,453
-18.5
13,963,162
21,689,474
10.878,545
+ 27.2
16,584,105
11,400,530
—5.4
4,802,147
3,694.967
5,334,274
Nashville
2,900.000
6,262.104
4,439,586
Norfolk
Chattanooga
1,966,453
—17.0
-16.6
2.679,490
12,648,437
2,180,000
7,015.278
—1.1
7,000.000
2,2 0,000
2,000,000
289.385
2,200,000
20,739.058
4.980.152
4,407,583
2,994,050
3,162,346
Austin
+ 13.4
Vicksburg
1,531,496
313,214
1,350.000
1,873,159
239.250
+ 30.9
1.348,248
Jacksonville
394,000
525,000
-2 L9
1,137,621
Tulsa
6,401,713
10,908.651
4,622.830
20,072,534
—44.4
+ 24.5
—5.5
650,000
565,818
800,000
-18.7
767,100
581,814
+42.5
3,605.917
2,528,498
total.
3,605.000 Not Incl. In
320,428,689
+ 6.0
basis of last officially reported week.
Note.—Canadian bank clearings on page 2791
327,646,517
379,760
_3,600.000
+ 16.9
510,105,699
+ 10.7
643,800.550
480,227,109
Total all...... 7,245.586,564 7,221.270,023
+ 0.3 8.012.640,483
6,233^842,868
Outside N.Y..
+0.2 3.460,137,139 2,774,499,057
Muskogee
Dallas
Shreveport
397,493,696
2,400,000
24,859,002
5,000.000
693,480
9,102,952
4,028,209
39,642,978
4,000,000
Total Southern
I
5,844,549
—27.3
3,000,000
1,609,126
Knoxvllle
715,000
6,500.000
4,200,000
Macon
978,838
0,649,005
+ 8.3
—33.3
Oklahoma
1,218,297
676,000
10,160,138
8,510,708
5,800.000
1,900.090
•
10,701,396
,
5,891,802
49,507,082
54,151,248
19.863,401
11,611,887
3,000,000
1,800,000
2,818,261
Lowell
on
2,000.000
72.036,878
28.952,045
+ 6.8
—6.3
4,398,801
2,020,499
961,376
339,728.892
9,279,873
10,004,002
6,285,812
2,100.000
8,685.777
10.673.446
2,000,000
+ 20.6
Tot. New Eng.
1,986,899
—1.4
+ 23.2
650.85 I
Rock
Jacksonville
20,869,910
—1.8
1,558,621
...
....
9.261,169
16,405,804
—14.4
1,276,861
Bangor..
7,546,966
2,100,000
3.474,647
1,920.383
Lynn
68
+ 3.9
3,939,443
1,539,684
Holyoke *
19. > 5,
8,277,204
62,861,594
+ 7.6
1,300,000
*1.950.000
New Bedford
River
'
Mobile
7,773,061
5,000,000
+ 2.2
58,349,088
21,685,557
16,793,585
5,620,039
Charleston
—7.6
33,028,113
18,855.116
9,239,700
+ 14.1
15,569,257
11,999,320
294.317,860
8.966,635
72,660,584
Worth
350,225,426
16,295,800
4,500.000
146,509.897
Savannah..
Memphis
Fort
Augusta
4,103,017.379
—1.5
—8.0
+ 17.1
—10.4
8,010,705
42,841,101
44,384.403
15,270,539
Atlanta
Birmingham
—.3 5,282,456,231
392,689,8461
509,012
708,797
432,009,971
+ 25.5
10.691,900
Providence
674.265
—14.2.
2,595.093
336,840,746,
530,706
1,358.428
4.540.549
3.620.608
West
1,663,120
2,831,607
2,208,070
604,310
1,067,764
1,264,990
2,400,000
Tot. oth.
2,997.937
1,673,222
579,252!
*290.000
3,099,397
1,350,324
346,779'
Billings
6,847,748
—46.1
4,500,000
2,054,932
3,631,099
298.000.000
Boston
Estimated
*2.546,000
*1,067,000
Helena
Little
Total Middle..
*
7,597,146
16.013,172
8.455,147
4,540.025
3,338.280
2.523.637
.......
Trenton
Stamford
13,256,824
8,988,791
2,954,4371
2,851,678
1,615,604
3,011.872
4,488,033
3.995.145
1.157.387
1,995,658
Wilxes-Barre
Fall
—3.5
—22.3
2,096,650
4,006,242
Worcester
9.762,565
9,323,995
16,199,534
7,686,672
-29.5
Fargo
Pueblo.
New Haven
+ 31.0
10,617,418
Waterloo
Wheeling
7,142,486
4,032,714
11,000,000
2,8 0,000
2,720,010
19,431,100
3,466.612
3,645.718
2.456.480
16,107,685
17,722,624
15.257,927
Lincoln
74.472,229
1
20,128,809
23,303,918
—7.6
6,981,735
74.563.970
■Syracuse
Reading
Wilmington
—2.0
10,648,056
9,401.883
Moines
32,814,661
7,538.326
5.099.843
19,200,337,
9,840,826
18,818,783
Joseph
—9.0
'
253,645.487
865,844
59,585.221
—12.9
...
322,480,11®
31,656,936
32,833,880
42,013,080
Rochester
+5.4
30,414,959
180.533,154
74.055,206
Scranton
312,091,637,
517,790
Omaha
38,217,289
3.500,000
329,085,6 5
682,494
2,132.543
200.000.000
65,009.030
18.812.002
+ 18.1
-30.9
Baltimore
Washington
+ 21.1
668,496
967,888
1,391,023
+ 15.9
190,268,457
Buffalo
Albany.
2,914,588
Duluth
%
York
—20.0
67.020.000
Wichita
Inc. or
New
+ 33.6
00.000
775,167
132,438,445
Sioux City
Clearings
Philadelphia
1.528.620
1,251,923
789,008
Denver
Week ending December 24.
Dec.
—61.2
1,592,170
2,610,933
1,497,941
750,000
1,106,530
City...
Des
1920.
2,100.000
1,688,962
4,481.372
5,546,500
+ 21.2
Mnneapolis—.
St.
1921.
+ 12.2
3,531,388
Total Pacific..
Kansas
+ 7.3
2,776,902
4.058,838
5,585,600
St.
covered
by the above will l.e given next Saturday.
clearings being made up by the clearing houses
Saturday, and hence In the above the last day oi the week has to be In
furnish them
5,594,099
480.000
*.
Santa Barbara-
Covers only 4 days In 1921 (on account of Monday holiday),
b In 1920 Saturday was New Year's day and a holiday.
The full details of the week
We cannot
—21.1
4,568.125
7.960.628
+ 24.3
1,450,206
Yakima
Reno
Long Beach
Total all cities for week
+ 17.9
4,598,279
2,300.000
7,653,848
14,829,775
2,572,664
30,519,000
4,209,499
564,775,305
3,188,138,4093,181,075,463
—41.4
+ 17.1
441,972
7,511,838
2,538,521
20,500,000
2,700,000
THE
2750
fully and
have done the
uniformity of
trade practice.
There is no agreement to follow the
practice of others, although members do follow their
most intelligent competitors, if they know what
those competitors have been actually
doing. . . .
Competition, blind, vicious, unreasonable, may stim¬
and
STATE AND CITY
A
of it.
printed in
England,
New
and City Section,"
of
receive a copy
Supplement is
two parts, Part One containing the
Central and Middle States, having
appears
to-day, and all readers
the
rest of the country, appears to-day.
The change is
due to the fact that with the growth and multiplica¬
tion of the municipalities of the United States the
demand for additional space has become too heavy
to satisfy within the limits of a single number.
been issued last June,
ulate trade to abnormal
tion is
while Part Two, embracing
TEE FINANCIAL
no more
is known
what
Nobody will deny that competition must
thus
case,
as
the "Hardwood" or
tion is
the "Open
The
case
an
appeal by the
Manufacturers1
Association
injunction granted on April 20 1920 by the
Court in Western Tennessee, re¬
Federal District
straining the defendants from
tion of information under
abandonment of
further dissemina¬
their "plan" and ordering
all "efforts whatever
having the
tendency to enhance or maintain prices."
decision sustaining this action of the lower
purpose or
The
court was read
by Justice Clarke, and was
three, Justices McKenna,
senting.
by six to
Holmes and Brandeis dis¬
^
by the majority opinion,
of the case is that
the last month of
the history
the Association was formed,
in
1918, by union of two similar asso¬
received a department
activity designated the "Open Competition Plan,"
ciations, from one of which it
of
referred to in the decision as
the "Plan."
The com¬
restrict compe¬
tition and maintain prices, while the answer dis¬
claimed such a purpose and denied that such effect
was produced.
The committee that evolved the
plaint of course alleged a purpose to
"Plan"
explained it thus:
"The purpose
members
market
of the plan is to disseminate among
knowledge of production and
accurate
so that each member may gauge
intelligently instead of guessing at it;
conditions,
the market
to make
competition open and above-board instead
concealed; to substitute, in estimating
of secret and
market
conditions, frank and full statements of our
competitors for the frequently misleading and col¬
ored statements of the buyer."
The
explanation added that the intent was to
cut-throat competi¬
field, and also in the field of transporta¬
tion; for one instance, many years ago, the cut¬
throat fare between this city and Boston via the
Sound
was
for
a
short time as low as fifty cents.
The Court had to pass upon
of
two questions: one
the effect of re¬
whether such was
effect, even if not also its
fact, whether this plan did have
straining competition; the other,
its natural and inevitable
Justice Clarke seems to have no
latter, for he cites the fact
the
tion
was
that while participa¬
Association, operating 465 mills, were
"Plan" when the suit was
the
finds evidence of the
importance and strength of the
operate injuriously to
"there is
citation of the
hard¬
third
this plan
country their product was a
Upon the question whether
of the total.
that
while the de¬
operated only 5% of the number of
wood mills in the
did
members of
commenced, and he
Association in the admitted fact that
fendants
doubt of
optional, 365 of the 400 members of the
very
The facts referred to
As sketched
be either
the opposite, and surely nobody will
public injury; this has been shown in the
a
intent.
before the Court was an
Hardwood
American
from
raises the question
genuine.
more
or
deny that an unintelligent and
December 19, in
some
Vv
\
intelligent
whether, in fact
and morals, a system of interchange of prices and
market data by competitors constitutes a conspir¬
acy to maintain high prices, or is really an arrange¬
ment whereby competition is made intelligent and
Prices"
spirit
going out and
taking away his
and
knocking the other fellow
bone."
SITUATION.
Supreme Court decision on
activity; but such a condi¬
sound than that medieval
cling to of taking a club and
still
insurance
The
By keeping its members
practices.
quickly informed of what the others
work of the plan results in a certain
who are subscribers should
As previously announced, this
the paper
now
SECTION.
number of our "State
new
revised to date,
[Vol. 113.
CHRONICLE
competition he remarks
facts."
little dispute as to the
in this remark appear to
be his
organization and routine practices of
Thus, it required of each member
the "Plan."
reports; it had an inspection
six
service; a half-dozen
periodically sent to each member;
monthly meetings were required to be held, and so
on, this detailed schedule' being stated by Justice
Clarke at considerable length.
He lays emphasis
reports
were
over-production,
wherein short¬
age of present stocks and the prospect of higher
prices were stressed. The record shows, said he, that
in the early part of 1919 the lumber market was in¬
active, then becoming stronger and continuing ac¬
tive with prices high to the end of that year; he
clearly ascribes this change to the operation of the
plan he is condemning, yet the defendants urge it as
only a coincidence, submitting a great number of
on
the
and
warnings sent out against
particularly on one market letter
affidavits which ascribe the rise to
and
natural trade
weather conditions.
Upon the character of this plan
"furnish information to enable each member to in¬
emphatic.
telligently make prices and to intelligently govern
Justice Clarke is
"Genuine competitors," he says, "do
not
make
his
production," and cited the obvious fact that the
buyer's chief concern is to see that he pays no higher
daily, weekly and monthly reports of the mi¬
nutest details of their business to their rivals, as
these defendants did."
To this the reply
might be
altruism, yet could
make them hon¬
seller is to get as much as anybody gets ; by making
estly, if in their sober judgment that would be good
But Justice Clarke is very sure
prices known to each other, it was urged, they will business policy.
about it, for he adds that "this is not the conduct of
gradually tend to harmonize with market l condi¬
tions, thereby aiding both buyers and sellers. Two competitors but is so clearly that of men united in
an
later statements contained the following:
agreement, express or implied, to act together
and pursue a common purpose under a
common
"The Open Competition Plan is a central clearing
guide, that if it did not stand confessed a combinahouse for information on prices, trade statistics,
they make no pretense of
price than is paid by the competitors against whom
that
he must sell in market and the chief concern of the
conceivably make such reports, and
Due. 31
tion
to
1921.]
THE
restrict production
inter-State
and increase prices in
and therefore
commerce
CHRONICLE
as
direct
a
"The
must
inevitably have
ferred from the facts which
are
He thus
only calls ^"confessed" a purpose which" is dis¬
tinctly denied but assumes as a proved effect what
jail.
His
the
Northern
Securities
had,
up
case
his position.
duct ;
as
Act "as
misused
fore unlawful.
Without
may remark
at the
time, if
that,
power to
going into that
well-reasoned
case now,
do wrong is unlawful every¬
Nov. 26
None of the
er
sellers
to wrhom any especial tenderness
corporations would be attributed, and the
trade
or
could
influence
prices
among
Sherman Act that it
that
ness
be
says
rivals shall remain
was
aid
in
ignorant of trade facts,
weighing their significance.
neither the aim of the 'Plan'
under it
to
restrain
on
purpose was to make rational
.
any
way;
as a
various
its
competition possible
be unable to trade
intelligently." He also says that
nothing in the Sherman Act which should
limit freedom of discussion
among traders."
Is it "the
necessary operation" of such an intelli¬
tion,
or
to further and strengthen it?
Arthur Jerome
In 1912, Mr.
Eddy, author of "The Law of Com¬
binations," published
a
work called "The New Com¬
petition," in which he contended that just
Stock
the
Exchange wholesomely acts
market,
nent
so
on
as
the
and stabilizes
collecting and publishing all perti¬
information would
stabilize and
improve all
Judge Carpenter in the
in
Chicago
["Chronicle,"
uniformity of prices between deal¬
ex¬
a
(in the Steel case)
lacking
whether
V
fully.
consensus of many
Moreover, the Supreme Court
sound and
so
wonder
prove
of
that uni¬
conspiracy.
full
There
agreement in the
"conspiracies,"
as
expressed
practical that
Justice
Clarke
might almost
one
has
it
read
care¬
•
The dividend
record
of
the
Fall
River
manufacturing establishments for the
volving
year
cotton
1921, in¬
distribution to stockholders the smallest
a
siderable
and hinder open competi¬
the
.
engaged in the trade would
narrow
of
occasions; and Judge Carpenter's opin¬
in any year
exchange to
of
"market" price, the
seems
out which most of those
gence
Rule
necessary
2256] in the American Linseed Oil
buyers.
by supplying data not .otherwise available and with¬
"there is
p.
previously said
ion is
the practice
nor
competition in
.
or
the
the recent and exceedingly:
Court
views of the Court upon
of the
"certainly does not command
1921,
and
almost
competition shall be pursued blindly, that busi¬
denied
It
the 9,000 mills east
Texas, but
by
formity of prices does not
successfully seek to restrain
of the line from Minnesota to
thing
had
last-named not only refuses to believe that 365 hard¬
dealers
comes
of stating the known fact that there is such
way
Brandeis, is
wood
spokesman,
istence of any price agreement
among them—anoth¬
a
towards
as
said he, "does not necessarily indicate" the
present dissentients, Justice McKenna, Holmes and
a man
Act
decision
District
The fact of
case.
ers,
necessarily carries the
choose and do wrong acts.
power to
<
.
Federal
agency
well
as
In contrast with the stand taken in this
case,
body should have his members shackled, lest he mis¬
use
them, and even healthy existence must stand
condemned, since free
The trend
majority to interpreting the much
reader may re-examine
the "Chronicle" pointed out
as
non--
contract, and the minor-;
Brandeis
Sherman
Reason.
con¬
to
necessity, of the time is greater freedom
than the
nearer
practically equivalent to wrongdoing and there¬
we
and|miss the substance.
the clear
ity, with Justice
do wrong
power to
a
to grasp mistakenly at:
seems
of business movement and
forbidding
language of everyday
shadow
as
translating the words "neces¬
it treated the possession of
economic force with
destroy economic evil."
a
combination which by its necessary operation
destroys or restricts free competition," it certainly
did go much too far in
than threats of
surer cure
an
can
progressiveness, but it
any
sary operation" into the
far
fidence and
to the date of that de¬
cision, construed the Sherman
acting
this
use
Perhaps the Supreme Court has been true
rather to weaken than
support
seems
For. while the Court
a
You cannot catch
You
evade the law."
of
of
only maintain economic right
by public understanding, and by public understand¬
ing of economic facts you can maintain public con¬
gentlemen's agreement of former days,
citation
suspected
policeman.
may have been only a coincidence, and he adds the
opinion that "the plan is essentially simply an ex¬
skillfully devised to
in fact, it is
wrong;
not
tension of the
be
can
information for the benefit of the few and to the
exclusion of the
The general publication of
many.
such information will
go far in the cure Of such
been in¬
proved."
associations
against the public interest only when they
re¬
straint upon such
commerce, as we have seen that it
is, that conclusion
2751
since 1916, may be said to depict in
the
measure
conditions
con¬
existing in the
country's leading textile manufacturing centre, al¬
though failing fully to disclose the change that has
taken place in little more than a twelve-month inter¬
val.
It will be recalled that
following unexampled
unusually heavy margin of profit in
1919, the demand for cotton goods continued ex¬
activity at
an
tremely urgent in the first half of 1920, notwith¬
standing the abnormally high cost of the raw ma¬
terial and
a
scale the highest in
wage
and manufacturers
duction
on a
were
basis of
enabled to
our
history,
dispose of
prices that permitted
a
pro¬
further
increase in the already abnormal rates of dividend
practices in the commercial world, tending to "elim¬
distribution.
inate
the rates for the first
quarter to a level that gave an
secret
rebates, discounts, favors and unfair
discriminations
between
Price, he said, "is
those laws
all
[anti-trust] inasmuch
an
those
over
which
on
as
Open
it records daily
Quite recently also, Secretary
of trade combinations
open-price associations',
he had
rightful desire to
information
The
address given here, said that although
many students
ercised
purchasers."
direct aid to the enforcement of
price variations."
Hoover, in
the
a
on
consumption, and
one
ex¬
of
investigated "originated from
secure
the volume of
to add this:
much
are
every
on
accurate and complete
production,
prices."
on
He went
so
stocks,
far
as
average
a
little
the
In
fact, the corporations
advanced
for all of 7%, and for the second quarter of
over
7%%.
Nor did this latter
prove to
zenith, the payments to shareholders for
third
period of the
10.73%.
year
But this latter
averaging
in
was
no
no
sense
less
a
be
the
than
correct
indication of the then
existing situation in the in¬
On the contrary, demand for goods had
already begun to show contraction before this quar¬
dustry.
ter had far advanced and
prices to ease, and these
developments naturally foreshadowed a reduced re¬
turn
on
counts
the
capital invested.
unusually distended
,
But with surplus
by
the
ac¬
phenomenally
m
CHRONICLE
THE
2752
preceding year or more, it was
considered good policy to give the shareholders the
benefit thereof; and, in consequence, the amount
heavy earnings of the
paid out in the third quarter of 1920 exceeded by
over a million dollars that distributed in the pre¬
record, and
a greater total than had accrued to stockholders in
almost all full years prior to 1917.
The dividend
ceding period, establishing a new high
world
'
this Christmas morning
betterment, and on
to the American
distinguished Executive their
they permit themselves to express
and
people
their
heartfelt wishes for a
successful consummation of
their noble endeavors in
behalf of peace on earth
and reconciliation among
nations." >
,
the following mes¬
Premier Briand of France sent
send at Christmas
American nation. In
particular I express, through the Associated Press,
than half those of the third, furnished a better in¬
dication of the situation at Fall River, although at my most ardent hopes for the realization of the
American ideals for peace.
France, which has suf¬
that there was evidence at hand to clearly prove
-declarations for the final quarter
that to
of 1920, much less
considerable extent the distribution was
a
from accumulated funds and not from
current
earn*
fllgs.
Passing
so
far
to 1921, we find its dividend history,
now
Fall River is concerned, a story
as
of
stead¬
a
at no
the current earnings of the mills.
that effect has been quite conclusive
ily diminishing average rate, and that rate
time based upon
Evidence to
throughout the year, the more favorable of the re¬
ports indicating that some of the
establishments
have about held their own as between
cost of produc¬
tion and
Confirming this really un¬
prices received.
that annual state¬
satisfactory outcome we note
ments of
the
corporations, recently issued, almost
exception fail to report any increase in net
without
surplus, or quick assets, and in a number of cases
For the first quarter of
dividend • declared was only
large losses are shown.
the year
the
average
about
2%%, in the second quarter it was down to a
point
a
there
little under 2%, for the next three months
further small fractional drop, and now
was a
for the final
latest
return to shareholders, and in seven
vision for any
instances the former
customary rates have been re¬
Finally, the aggregate already distributed
duced.
paid out in the fourth quarter of 1921 is
to be
or
For this
quarter the average is 1.74%.
period four corporations have made no pro¬
only $673,075 (or, as just stated, 1.74%, on the capi¬
tal
and
of
of
the smallest amount
involved)
three
any
period since the second quarter of 1916,
months'
comparing with $1,520,725 in the like quarter
1920, and $1,739,838 in 1919.
months of
For the twelve
1921, therefore, the stockholders in the
thirty-seven corporations included in our compila¬
tion
benefiting to the extent of only $3,117,375,
are
or an
average
of 8.05%
on
the capital (a fair return,
however, if it could be considered as coming entirely
from
earnings), this contrasting with the phenome¬
nal amount of
833,010,
$10,084,048,
14.55%,
or
18.27%, in 1918.
twelve-month
of
the
29.45%, in 1920, $4,and
$6,048,286,
was
decision
schedules at the mills
continue
existing
prove
ther, except
as a
are averse
last desperate
several
the Limitation of Armaments,
in the nature of Christmas
people.-
part:
the
that
were
greetings to the Ameri¬
President Ebert of Germany said in
"In the present hour of their struggle for
national
come
of
gave expres¬
opinion relative to the Washington Con¬
on
existence, the German people warmly wel¬
every
gain recorded in the progress toward
fered
much from the war, will always
so
work to
She thinks, as the
American people well understand, that her own se¬
curity is an essential condition for that peace."
Tommaso Tittoni, President of the Italian Senate^
maintain
peace
in the world.
said: "The conference at
in
a
very
Washington has regulated
satisfactory way one great
international
problem, that of the Pacific and the Far East. Asr
suring good relations between America, England
Japan, it has made a precious
and
the
cause
contribution to
On this President Harding can
of peace.
noble
his
initiative.
truly felicitate himself
for
There remain intact all
the difficult international
of economic
make
to manifest hope.
A little
when we know the results of
problems of Europe, especially those
reconstruction.
They are too obscure now to
prognostications, or
more
light will come
the conference at Cannes."
T
Viscount James
Bryce, former British Ambassa¬
dor to the United
States, sent the following greet¬
"I rejoice in the progress made by the
ing:
Wash¬
ington conference and in the concurrence of the
American and British delegates in this momentous
step forward along the path to peace
among
and good-will
the nations."
Sir James
Northern
Craig, the Ulster Premier, in bebalf of
Ireland, said:
"On behalf of Great Brit¬
British
Ulster^
[head of the
delegation at the Washington conference]
and his
colleagues in their endeavors to secure per¬
ain's
youngest offspring, I gladly express
complete confidence in Mr. Balfour
good-will among the nations. This effort in
the United States to promote universal trust and
freedom from war sanctifies the American soil and
manent
Ulster will
Wash¬
ington this Christmas season the tidings of inter¬
national peace, which will in the hearts of all of us
add yet another star to the folds of Old Glory."
emphasizes the greatness of her people.
rejoice with the world if there radiate from
will be
It
recalled that shortly
for New York to attend the
on
the Limitation of Armaments,
France found it necessary
in the Chamber of
before he sailed
Washington Conference
Premier Briand of
to get a vote of confidence
Deputies
on
his foreign policies.
While the cable advices from Paris did not
any
disclose
particularly hostile doings by his political op¬
ponents during his absence, apparently he encoun¬
tered such an attitude soon after his return.
A dis¬
measure.
Through the Associated5 Press
can
clear¬
to scaling wages fur¬
prominent political leaders of Europe
sions of
year
the necessity of reducing costs of produc¬
tion, manufacturers
ference
wage
unchanged, it is evident that,
notwithstanding all developments of the
ly
In view
in 1898—2.41%.
to
best wishes to the great
my
or
The most meagre return for a
period
recent
or
in 1919,
"It is a pleasure for me to
sage :
patch from the French capital to the New
"Times"
lowing :
any
a
week ago
York
this morning contained the fol¬
"Premier Briand is not going to be allowed
respite by the Chamber of Deputies in which to
mature, without their approval, the
plans for the
reorganization of Europe, or collecting the German
debt, which were outlined in London.
week
and
To-day [last
Friday] M. Klotz, former Minister of Finance
collaborator with Clemenceau in framing the
Dec. 31
1921.]
THE
CHKONICLE
treaty, intimated to the Premier and the President
of State
of the Chamber that he intended to
to call
former
to-day [last week Friday]
sition with regard to
interpellate the
on
reparations.
the French
given to his interpellation.
that he could not
accept
po¬
that
Not content with
the
on
less liberal
than the
having fixed
A Paris
a program
which he is credited with
one
in agreement with Lloyd George."
on
dispatch
Sunday made it clear that
on
Premier Briand had been able to maintain his stand
in the Chamber.
tion that Mr.
It said that
Lloyd George
"by the frank declara¬
was
planning
reduc¬
no
Harding expects
included
a
are
conference will not in any
way
be contingent on
auixiliary naval craft
any agreement in regard to
reached
here, but ydll be held entirely on its merits,
hope of furthering the spirit of naval limita¬
in the
tions."
The New York "Times"
correspondent add¬
ed that "after
examining the situation the Govern¬
ment concluded that it would be
impossible in the
public opinion to accept the Hughes compro¬
mise figures, and in view of the attitude of
Japan
face of
and
tion of France's claims to
reparation and that the
Italy they would have support in their refusal."
Through dispatches from Paris Tuesday it became
greatest harmony existed between the two Govern¬
known also that "in order to avoid the
ments, Premier Briand this afternoon managed to
governmental defeat
postpone all debate
ference, Philippe Berthelot,
after the
nas."
on
meeting of the Supreme Council at Can-
M. Briand
said to have stated to his
op¬
was
ponents that "France
any
the joint Allied policy till
in
was
of her rights and that
proposed at Cannes."
It
no
no
was
danger of losing
sacrifice would be
added that "he
began
by declaring that the alliance between France
England
complete and close
was as
his conversations with
and
possible.
as
In
Lloyd George, the latter had
planation
was
the least sacrifice."
He
further asserted
meeting at Cannes
was
and
that "the
because certain matters had been raised
discussed
decision and
which
no
interested other Allies.
publicity
were
possible.
No
The Cham¬
ber, however,, should be assured that at Cannes there
would
be
no
suggestion of abandoning
guarantees France had.
been examined
for
of the
In the schemes which had
obtaining the greatest possible
payment from Germany there
was no
changing the Treaty of Versailles,
amount and nature of
According to
any
modifying the
payments."
cablegram
a
or
suggestion of
his
from Paris Monday
mas
Day studying and drafting the reply which he
will send to the French
as
the
answer
delegation in Washington
of France to
Secretary Hughes's
posal for the reduction of the submarine
various nations
according to
a
pro¬
of
power
fixed schedule.
Dur¬
ing the morning he consulted Gabriel Guist-Hau,
the Minister of
Marine, and other naval experts; but
his real advisers
were
in the Chamber and
the
course
of the
a
number of representatives
Senate, whom he summoned in
day.
They unanimously advised
a
of
and
name
reputation
were
on
the
China, in which
involved.
During the
debate it became obvious that the Government could5
continue to support this valuable
taken
of
to-morrow in
his chief of
of
functionary
defeat, and Berthelot has himself
advantage of the interval before the debate is
resumed
or
to accept,
against him
the last
which
to
resign and relieve
having either to defend him at the peril
being defeated,
appear
to denounce him and accept, or
as
true
the
accusations made
Saturday and in the
on
year."
press
during
;
The Cabinet met at 8:30 a.m.
Tuesday. Accord¬
ing to the "Excelsior," it "unreservedly approved
the attitude of the French
in
morning, "Premier Briand spent most of his Christ¬
con¬
Secretary-General
offered that "his letter of resignation
'
necessary,
possibility of
of the Cannes
affairs of the Industrial Bank of
not
for
eve
written after the debate in the Chamber
was
without risk
asked
the
Ministry of Foreign Affairs, who recently ac¬
companied Premier Briand to the Washington con¬
ference, has resigned his office."
The further ex¬
and
never
on
the
constantly recognized the special position of France
had
a
conference of many more nations
a
in the present
conference, to be
arranged before adjournment of this conference, it
was made
plain at the White House to-day.
Such
As Klotz will be the
force M. Briand to the adoption of
may
than
had decided
to postpone a set¬
submariner discussion "till another
afternoon stated that "President
immediate debate
mouthpiece of Tardieu,
Mandel, and the whole Clemencist Party, there is
every likelihood of a hot debate and division, which
decided
Dispatches from Washington Tuesday
general call for
question against the wishes of the Govern¬
ment.
the
conference."
discussion before the meet¬
an
Washington conference
tlement of
The Premier replied
get the Chamber to vote for
morning that he and his advisers
to ask the
ing of the Supreme Council at Cannes, but Klotz re¬
fused to accept this
ruling, and will to-morrow try
to
Hughes, the French Prime Minister
a
meeting of his Cabinet for Tuesday to con
sider his reply.
It was stated in a Paris dispatch
giving this formal notice, he called at the Ministry
of Foreign Affairs and asked that
precedence should
be
2753
After the Cabinet
ous
course
marine section of the
of
a
discussion
a
budget,
resolution
adopted, the final clause of which follows: "One
cannot
conceive, therefore, that France's efforts in
this direction should be obstructed
a
vigor¬
a
policies in the Chamber of Depu¬
During the day, in the
the
was
meeting the Premier made
defense of his
ties.
of
delegation in Washington
standing firmly by the figure of 90,000 tons."
or
limited.
It is
question of national independence and of the right
of
legitimate defense that is at stake."
ber also gave
the Premier
to 238—on his
Bank
a
The Cham¬
vote of confidence—361
policy with respect to the Industrial
of China.
Attention
was
called
to the fact
negative reply by France, and, although the actual
that "the
minority
terms of M. Briand's
rolled up
against Briand since he took office, shortly
until it has reached
it amounts
to
mise scheme.
a
dispatch
are
being kept secret
Washington, it is certain that
rejection of the Hughes
The
reasons
compro¬
for this attitude
are
to
be found
entirely in internal politics, and the Na¬
tionalist
opinion of
people in 1919.
a
Parliament elected by the
From the point of view of the
ma¬
was
the largest that has yet been
after the election of Millerand to the
Presidency."
The
opinion
tion
yesterday of Philippe Berthelot, General Sec¬
was
expressed also that "the resigna¬
retary of the Foreign Office—the highest place in
that
branch
Briand
an
of
the
Government—doubtless
saved
overwhelming defeat in to-night's vote."
jority in this Parliament, the Washington confer¬
ence
has
ning."
gone
wrong
for France from the begin¬
After studying the latest note of Secretary
At rather
frequent intervals since last spring dis¬
patches from various European centres have
con-
w^xtaaa
j»v.^^)sss3s«i^^
THE
2754
reports that the leaders of the Soviet Governtaent ^iii"Rnssia were modifying its fundamental
tained
v
'principles
materially?1 This
-been admitted by Lenin and
was even
said to have
All-Russian Communist Conference,
market value."
line was
which said in
hopeful sign along the same
Another
-
cablegram from Berlin,
found
in
part:
"Communism after the Moscow pattern as a
a
proletariat, has been
which
Congress scheduled to open
has just voted to ask the Third [Moscow] Interna¬
the resolution introduced
by M. Kameneff was
tionale to try to bring about co-operation with the
adopted. It stipulated that the chief purpose of the
non-Communist labor organizations for a greatly
party was to unite the workers and peasants in or¬
moderated program. While this is attributed in part
der to get the markets under control and perpetuate
All-Russian Soviet
to-night [last Friday],
party's program In the Ninth
the
"
private producers and other State enterprises mar¬
and selling their products at
ket value for materials
his chief associates. At
meeting in Moscow a week ago yesterday of the
"held to prepare
a
[Vol. 113.
CHRONICLE
of foreign trade, industry,
the nationalization
and
land
It was added that "Leo Kam¬
transportation."
Soviet, and M. Bagdanoff, chairman of the Soviet Economic Council,
eneff, President of the Moscow
were
the chief
speakers in favor of the new program,
Bolshevik
economist, on the ground that industrial trusts
might be formed by consolidations of industries al¬
lowed in the new program.
He argued that this
which
was
opposed by M. Larin, noted
too much autonomy in
business
enterprises and might become difficult to
handle."
course
would
mean
In view of the
extremely radical ideas with respect
which the Soviet
extremely
interesting and significant: "The speakers support¬
ing the new economic policy, based largely on capi¬
talistic principles, were somewhat apologetic for
their argument, and explained carefully that it was
only a temporary measure. M. Bagdanoff, head of
the Economic Council; explained that the industries
had developed less in 1921 than in the previous year;
hence the necessity of adopting a different policy.
He said pig iron had fallen to 3% of pre-war produc¬
tion; that cotton textiles had fallen to 7%, and that
most of the important manufactures do not attain
to
capitalistic enterprises with
traders
originally began, the following is
25% of the pre-war figures.
He said coal and iron
short¬
M. Bagdonoff urged that the Government keep
production had declined because of the food
age.
the industries from
them
as a
built.
basis
on
being scattered and consolidate
which the proletarian force may be
He estimated that the value of
factures next year
Russian manu¬
would be 900,000,000 gold rubles."
last Saturday
morning statements were made confirmatory of the
latest press advices from Moscow.
It was said that
In
a
dispatch from Washington
"abandonment of socialism in Russia is
predicted
by recent changes in the economic policy of the
Sov¬
meeting-point for the world
abandoned by
Communist Party
dwindling prestige of the
to the
in
the German Communist Party,
Germany, and an
attempt by it to retain its fol¬
of the
reintroducing
lowing, it is also regarded as a consequence
action by
the Russian Soviet leaders in
The correspondent
cabalistic methods in Russia."
further outlined the
the surest results of
the
new
economic policy in Rus¬
sia, it is predicted here, will be
Communist
"One of
situation as follows:
the collapse of the
[Third] Internationale, and, therefore,
of the Bolshevist
For, without a
campaign for a world revolution.
continuation of the Communist ex¬
periment by Russia herself, the chief motive power
back of the Third Internationale would vanish. The
annihilation of the radical labor movement
many
began
out
the
of
Third Internationale because
policy.
party which, although strong in
until
declined
Moscow
last
the March
ended in the
and
dic¬
The effect of this action
establishment here of an outright Moscow
tate the German
the
they re¬
give the Moscow leaders the right to
fused to
was
in Ger¬
tactics. This
when the Independent Socialists were driven
is attributed here to Moscow's
numbers, greatly
spring, when, on orders from
uprising was instigated.
blowing
up
of
a
This
few public buildings
fighting at scattered points and a moral defeat,
left the German Communist Party in two
which
The German Communist Party is now try¬
groups.
movement in this
from Commun¬
world labor union.
ing to regain its hold on the labor
country, and suggests the departure
ism
and the
organization of a
It has evolved
the
a
program
containing six points, as
Cancellation of international war debts:
follows:
prevention of armaments; the prevention of im¬
perialistic measures which it asserts are forced
by
the Ruhr Basin
Austria; recognition of the'
France, such as the occupation of
and
the starvation
of
Soviet Government of
Russia; the granting of cred¬
reconstruction
Russia, and an international agreement for an
tion in that country on the basis of statements in
eight-hour working day. The party wants all interthe Soviet controlled press, issued by the Commerce
Department. A new economic policy, the Depart- nationales, including those of Amsterdam and Lon¬
don, invited to unite on this basis."
ment said, is being evolved by the Bolshevist lead¬
There have been fresh reports again this week of
ers, lightening the restrictions of communism and
possible recognition of the Soviet Government of
aiming at the'partial establishment of private trade
Russia comparatively soon by Great Britain and
and industry and at increasing the incentive to pro¬
duction."
According to the Washington dispatch, also of the renewal of trade relations between the
iet
Government, according to a review of the situa¬
its for the relief of
hunger in and the
of
*
"the main features of this new
ment
policy, the Depart¬
reported, include the partial restoration of
freedom of trade in
ment of the
agricultural products, abandon¬
practice of unrestricted requisition of
labor, and the substitution of a fixed labor tax,
abandonment of uniform wages
same
for employees of the
grade in enterprises operated by the State, and
United States and Russia.
At Tuesday's
interview
with
Washington newspaper correspondents,
dent
Harding
ion
that
ward the
In
a
was
said to have expressed the
substantial progress was
Presi¬
opin¬
being made to¬
taking of such a step officially.
long cablegram a special European corre¬
spondent of the Newr, York "Times" gave an
inter¬
All-Russian Soviet
service rendered; leasing to private individuals of
Congress that have been held in Moscow this week.
In part he said:
"The delegates are happy, excited
certain industrial establishments hitherto controlled
and passionately intent on everything that happens.
by the State, dnd enterprises still operated by the
Roughly dressed, they are mostly simple-faced and
State are to adopt commercial principles, paying
the substitution of
compensation, according to the
esting picture of sessions of the
Dec. 31
1921.]
THE
simple-minded, but here and there
ning
cultured face.
or
35.
Nearly all have
this
cun¬
come a
long distance to enjoy
proof of the victory of the revolution, this direct
much, at
and
doubtless to the
of fact than of
shadow
of
ceedings
work in
absolute
machine
The pro¬
efficient
means
Lenin is not
agree¬
Party to his policy.
Once that
agreement is secured, the rest is merely
matter of
the seal of its
approval
The Associated
/
"the
The Congress just sets
arrangement.
Ninth
upon
Press
All-Russian
proved of the
before that
the decisions."
This
approval
nin's
address, which
was
presented
as
sharply
on
necessary
the domestic and for¬
of
the
was
dislike
who
change to capitalistic methods.
Communists
new
given grudgingly by
Communists
the
One
accepted it at all, it
a
large faction
reason
why the
pointed out in
was
no
alternative
Although these delegates detest the
plan to offer.
terms
policy, this
Government's
quarters, was because they had
some
unions,
He added that "al¬
though the Congress accepted the
acceptance
In his ad¬
direct industries without
ability."
'money,' 'capitalism' and 'trusts,' they grudg¬
ingly accepted their leaders' apologies that the
nomic
change
was
eco¬
only temporary and necessary for
construction
ultimate
the
of
a
Communistic
real
Government."
On last
Delia
iet
an agree¬
resumption of trade relations between
Associated Press
the two countries.
In
claimed that "the
was
an
dispatch
agreement is
merely temporary and provides for the resumption
of trade between
tiations
for
a
that
added
clauses
the
two
countries
pending
general economic treaty."
"the
agreement
contains
It
nego¬
reciprocal
ships of both nations at each other's
ports, and provides for the abstention from propa¬
It does away with all trade barriers except
ganda.
to
importation into Italy of alcoholic liquors from
Russia.
In
addition, it stipulates for the immediate
repatriation of all Italians in Russia desiring to
home.
return
-
Both parties agree mutually to re-
frain from all forms of blockade and
agree
boycott, and
not to hamper postal and telegraphic com¬
munications and not to obstruct Italians
Russia.
ian
Soviet Russia agrees not to
trading
in
requisition Ital¬
from Italy
property belonging to the old Russian
goods, and agrees not to demand
funds from
According to
a
cablegram from Riga, made public
Thursday morning, a delegate of the All-Rus¬
His
he witnessed in
scenes
Ovsienko asserted also that
being taken to the steppes and left
are
die; that mothers, maddened by their exper¬
In what
characterized
was
of War
Trotzky
Congress
quoted
was
"the Soviet army
and
as a
as
"fiery speech" be¬
Thursday, Minister
on
having asserted that
totaling 1,595,000
navy, now
must not be reduced, but, on the contrary, must
training and be prepared
for
next
war
in the event that outside foes
summer
out their plans to attack Soviet Russia."
carry
So far
official action by the
as
Dail Eireann is
concerned, the Irish question is in abeyance until
that
body reassembles
ever,
has not stopped informal discussion.
on
Jan. 3.
This fact, how¬
The
pre¬
vailing opinion in Ireland appears to have been that
failure
the
act
to
definitely last week favors the
supporters of the agreement entered into by^ Sinn
Fein
delegates and representatives of the British
A statement from Premier
Cabinet.
issued at 10
was
dence,
Lloyd George
Downing Street, his official resi¬
Wednesday, in which it was emphatically
on
declared that "the Government had gone to
most limit in the Irish
possible to
reopen
added that "the
holding
the ut¬
treaty and that it was im¬
the discussion."
The statement
delay in ratification in Ireland was
the working of the Cabinet committee ap¬
up
pointed to arrange the evacuation of the British
forces in
Ireland, settle the terms of amnesty and
responsibility to the Irish Pro¬
visional Government."
In
it
cablegram from Dublin yesterday morning
a
asserted that
was
erted upon
but
"strong pressure has been
ex¬
President De Valera to accept the treaty,
to information
according
he is
sources
from
authoritative
unbending in his determination to fight
ratification to the bitter end."
•»
■
,
It
became known
■
.
..
Wednesday morning that the
Reparations Commission had decided to hold a spe¬
cial
meeting
other
and
on
Thursday
the German
of
Chairman
German
"to
hear
War Debt
officials who
Dr. Fischer,
Commission,
have
come
from
Berlin for oral discussions with the commission con¬
Germany's
cerning
was
reparations
obligations."
It
thought then that the German representatives
might
offer
to
pay
the
January and February
reparations installments "under certain conditions."
In
an
Associated
Press
cablegram
from
Berlin
Thursday morning it was stated that "the Wirth
Government continues secretive
ent
status
of
the reparations
respecting the pres¬
negotiations, but it
outwardly shows satisfaction and permits the infer¬
ence
that the Allies
titude
regime."
here
by the
fore the All-Russian
was
regarding imports and exports, the entrance
and exit of the
eating impossible."
iences, cut the throats of their babies."
Torretta, of Italy, and M. Vorovsky, the Sov¬
representative in that country, signed
from Rome it
as
"children
there to
transfer executive
Monday, December 26, Foreign Minister
ment for the
of the peo¬
them until they
Lenin.
the report of
criticized the labor
which he said desired to
showing the
ap¬
outlined
Nikolai
as
presence
over
hardened explorer, returned
a
sickened
the stricken districts."
men,
has
though
even
to Moscow
increase
Congress
eign policies of the Soviet Government.
Lenin
state that makes
a
Relief,
given by accepting Premier Le¬
was
in
are
spring and
the Council of Commissars
dress
bury the famine victims in the
ple, and guards must be kept
Soviet
gathering by Premier
of Ovsienko has
name
Ramikovesky the perishing people are eat¬
ing the bodies of their dead.
It is dangerous to
correspondent cabled that
Soviet conomic policy
new
Congress by the
report to the Congress, in which he asserted
that "at
Gen¬
erally he does get it, but the limitation still remains.
a
a
missioner of the International Committee of Russian
not
was
dictator, because he must get the
ment of the Communist
made
But from
precision.
perfect discipline.
repre¬
sian Soviet
report added that "Dr. Fridtjof Nansen, High Com¬
Government
smoothness that
a
and
caucus
the
millimeter
to
with
go
So
2755
matter less
a
Congress opened there
doubt that
oiled
been
For liberty is
imagination and emotion.
the first moment the
had
majority of those they
gain indeed.
a
mighty nation.
a
rate, they have gained, and to them
any
sent it is
an
a
Their ages vary from 25 to
participation in the affairs of
a
one sees
CHRONICLE
on
some
reparations
are
reversing their previous at¬
of the fundamentals involved in the
problem.
Cabinet
officials
express
pleasure that Germany is accorded the privilege of
,
THE
0756
[Vol. IIS,
CHRONICLE
sitting with the Reparations Commission
of
cussing the question of her war penalties in a
do but listen.
ness-like
States, his exposition of the American views is wel¬
and dis¬
busi¬
exchanging formal
of
fashion, instead
colleagues believe
Chancellor Wirth and his
notes.
warranted,
the strength of confidential reports
on
Further¬
brought from London by Dr. Rathenau.
they view the present trip to Paris as an indi¬
cation that the French
discussion of
prepared for an objective
are
Germany's defense of her default." In
cablegram from Paris Wednesday evening the cor¬
respondent of the New York "Tribune" said that
"Germany will
terms of
international, affairs
re-enter
on
friendly collaboration with the Allies for
the first time to-morrow,
sit with the most
and industrial
when her representatives
powerful and influential financiers
magnates of the Old World in a pre¬
liminary conference, whose object is to set war-mud¬
dled
The meeting, which
Europe back on her feet.
begin in Paris, is the first step in the
is about to
of harmony recently worked out in London
program
For
object of this conclave of capitalists is the re¬
building of Central Europe and Russia through the
creation of
shared
commercial and financial consortium
a
by French and British capital, with the par¬
ticipation of financiers of Italy and Belgium, and
in
Those who had given the matter
Italy.
Thursday morning of the closing of
announcement
the doors of the Banca Italiana
cided
trouble, it
British assent to this is al¬
reparations.
The Allied
session
at
Reparations Commission held its first
o'clock
4:30
Thursday afternoon.
Dr.
Fischer, Chairman of the German War Debt Com¬
present, and was understood to have
mission,
was
given
explanation of Germany's financial status.
It
an
was
cated
stated also in
Paris dispatch that he indi¬
a
Germany's readiness to deal directly with the
approaching Cannes conference relative to repara¬
Further sessions
tions.
Paris
were
held
yesterday.
The
correspondent of the New York "Tribune" as¬
serted in
a
cablegram yesterday morning that "the
Reparations Commission informed Germany to-day
[Thursday] that she must
ment of the
pay
the Jan. 15 install¬
be considered to have violated the
fication
was
or
she would
treaty.
The noti¬
reparations without delay
given through Dr. Fischer, chairman of
the German War Debt
Commission, who is in Paris
said that the Government de¬
was
Ledger" cabled that "reports concerning the pregeneral banking situation in Italy
cariousness of the
He added that "I believe the
exaggerated."
are
trouble, though considerable,
has
scribed within controllable limits."
Announcement
made also of the closing of
was
the branches of the bank
of the
Sconto,
applied only to the Banca Italiana
is indicated by the following statement
by the Associated Press representa¬
"A decree has been
:
That it is more gen¬
already stated.
as
eral in scope
a
came
from Paris
Wednesday morning that
Premier Briand had "invited the
British, American,
Some
throughout Italy.
dispatches from the Italian capital stated that
the moratorium
di
circum¬
been
promulgated establishing
partial moratorium by again bringing into force
clauses of the commercial
code, which recently have
enforced, relating to postponements of pay¬
by limited and co-operative companies. Cer¬
made, however,
ment
tain modifications and additions are
with
a
the
postponements will have to be granted by
can
definite cases,
in
tribunals
evidence
of
giving the creditors greater security,
view to
and any
be
particularly when
produced showing that such a stay
payment is in the interest of the bulk of the
tors.
4
The revised
ited range
When the foregoing be¬
of companies."
known here
came
credi¬
regulations are confined to a lim¬
started
was
run
a
Discount & Trust Co. of this
on
the Italian
city, which acted as the
agent of the central institution in Rome,
local
which had
cided
large deposits with it.
and
The directors de¬
suspend operations and to ask the State
to
Superintendent of Banks to take charge.
In
an
Associated Press dispatch last
evening the
following information was given relative to the ac¬
"The moratorium
:
granted to the bank under
the court's action is effective for one year.
Word
The
correspondent of the Philadelphia "Public
Rome
tion
conferring with the Allied representatives."
been
had
grant the institution a moratorium.
to
not been
ready assured."
came as a
days. In order to avert more
known in Rome for some
serious
di Sconto
condition
It seems that its
surprise.
consider¬
that "no news was good news." The
ation had hoped
tive
condition that half the German benefits be turned
cable advices
dustrial, economic, financial or political conditions
the admission of
for
"
practically nothing relative to in¬
of the situation
France agreed to-day to
Germany to such a consortium on
European
months the
many
possibly, later, of America.
over
;
v
contained
have
The pri¬
by Premiers Lloyd George and Briand.
mary
which affect the United
optimism respecting the prospects of an
that their
a
On others,
comed."
early overhauling of the reparation program is fully
more,
purely European importance he has nothing to
The court
appointed Commendatore Tommaso de Angelis of
Rome, who is a director of the Banca di Napoli, as
Meanwhile the Banca. Italiana di Sconto is
Italian, Japanese and Belgian Governments to be
referee.
represented at the International Financial and Eco¬
continuing all operations except payments,
nomic
It is
Conference, to be held at Cannes Jan.
Announcement
don
the
same
would attend
ed
that
for the
was
made in
.morning
as an
that
a
cablegram from Lon¬
Ambassador
"official observer."
"the Ambassador incurs
policy decided
and is under
no
upon
no
It
the American
press
by the Supreme Council,
obligation to take part in the dis¬
con¬
Council,
representative has not hesitated to
fully the American point of view
in which American interests
are
questions
involved.
His par¬
subjects before the Council.
ex¬
on
ticipation in the debates depends entirely
nature of the
add¬
responsibility
of the members of the Supreme
which,
tribunal
be withdrawn daily."
stated, will be resumed as soon as the
limits the amounts which may
Harvey
was
cussions, but it is understood that, with the full
currence
6."
on
the
On those
There has been
rates
at
leading
no
change in the official discount-
centres
European
London, Berlin and Belgium,*
mark
and
Sweden;
6%
in
from
Madrid; 4y2% in Holland and 4% in
The
Bank
however,
of
of
discount
so
that short bills advanced to 4%, as
Dec.
last.
16
rate
The 6% rate had been in effect since
7%.
firmer
advanced, their
-
from 6 to
were
Switzerland.
and the Bank of Bombay,
Bengal
have
5% in
in Paris, Den¬
Rome, Norway 4and
In
London
compared with 3/4%
a
open
week
ago,
market discounts
and three months
Dec, 31
to
3%%, against
in
last week.' Call
London: likewise
moving
displayed
2757
BANK OP FRANCE'S COMPARATIVE STATEMENT.
money
Changes
firmer tendency,
a
against 3%
to 3J^%,
up
CHRONICLE
THE
1921.]
week earlier.
a
Open market discount rates in Paris and Switzerland,
however, continue to be quoted at 4)4% and 5%,
respectively.-,'-,
:.L.
Dec. 29 1921.
-
Francs.
Abroad
Total
__^nc.
3,551.901,804
8,600.671,876
1.948.367,050
63,000
Francs.'
3,575.860.844
No change
Silver
1,948.367,056
1,978,278.416
holdings to
last year
England added to its gold item this
of
279.765.495
266.333,452
2,505.828.298
3.308.927,949
1,654,804.411
48,713,000
2,338,345.000
2,201.794,715
1,506,553,938
....Inc.
showed
portion of
than
Furthermore,
1919.
reduced £151,000, so
was
that total
gain of £154,000, while the
a
liabilities
to
reserve
2%, from 14.61%
advanced
week
a
less
no
16.61%.
to
ago
pro¬
This compares
with
9M% the
before, and is, in fact, the highest
year
ratio for the
a
ratio of 7.30% in 1920 and
corresponding week of
1916, when it stood at 19^%.
was
recorded in
than offset
by
since
any year
A gain of £1,941,000
public deposits, but this
was more
heavy reduction in other deposits,
a
265,702,696
•
circulation..Inc. 241,241.000 36.467,456.000 37,901.5*8,65® 37,660,543,305
12,833,000
General deposita..Inc.
143,041,000
",
26,014,000
2.717,193,000
total gold
up
against £128,267,670
as
and £91,342,155 in
note circulation
reserve
£3,215, thus bringing
£128,434,359,
5,500,268,860 ,6,678,950,293
5.624,227,900
183.000
Note
sum
93,666.934
3.518,470,636
3,270,513,487
'
V.
''
f
•"
Imperial Bank of Germany in its statement,
as of Dec. 23, again made a distinctly unfavor¬
'
i
The
issued
able
56,575.424
showing, in that note circulation disclosed
further
expansion
Other
of
included
huge
an
changes
4,427,699,000
I increase, in
Treasury
certificates of 2,185,383,000 marks and in bills dis¬
counted of 498,482,000 marks.
decrease
in
deposits,
was a
striking
2,509,486,000
viz;,
marks.
other
There
Notes of other banks increased 623,(XX) marks,
liabilities 201,909,000 marks,
888,000 marks.
Advances
and investments 18,reduced 20,658,000
were
while other securities declined 532,346,000
marks,
material
marks.
A
marks.
Total coin and bullion fell 1,029,000
£17,675,000.
There
these showing
Loans
other securities fell
on
£20,363,000.
866,520 last
£91.349,990
£83,164,000.
a
Last
it
year
and two
£86,028,242 and
was
made in the Bank's official discount rate of
append herewith
of the
years
a
5%.
loss in
result of the continued
year
one
nominal
gold
shown, 1,000
was
recorded, of 107,814,975,000 marks.
ever
it
Last
in
1919
1914
only
stood
marks.
1,890,893,000
shrink and the total is
July
of
continue
holdings
Gold
reported
which compares with
and
in
marks and
34,126,600,000
marks,
67,125,736,000
at
tabular statement of comparisons
1,091,557,000 marks in 1920
1,089,500,000 marks the
year
prior to that.
re¬
An
analysis of the Federal Reserve Bank statement,
which
issued at the close of business
was
on
turns:
shows that for the twelve
OP ENGLAND'S
COMPARATIVE
1921.
1920.
Dec. 28.
Dec. 29.
1917.
1918.
Dec. 31.
£
Circulation
STATEMENT.
1919.
Jan. 1.
Jan. 2.
£
£
70.190.250
46.591,020
19,213,209
126.520.000 132.851,150
Public deposits
16.057.000
14,304.767
Other deposits
106,531,000
175,554,567
Govt, securities
36.960.000
107,864.798
92.469.207
Other securities
83.164.000
86,028.242
106.777,576
Reserve notes & coin
20,363.000
13,866,520
18,442.165
28,236.187
31.057,820
Coin and bullion... 128.434.359
128,267.670
91,342,155
79,976.437
59,198,840
26.306,290
158,411.326
124,303,744
70.833.770
7.30%
9\i%
11.70%
16.30%
5%
7%
5%
5%
5%
Babkrate
over
time the total of the bill
holdings decreased $57,-
Total earning assets
000,000.
was a
$1,000,000 in gold, while at the
were
brought down
$28,000,000 and deposits $20,000,000.
In contrast
with the iacrease shown last week in Federal Reserve
106,472,930 106,480,723
16.61%
;
same
slightly
32.074,902
180,637.913 214.894,016
Pro port 'o i ol reserve
to liabilities
loss of
Thursday,
reporting banks there
£
91,349.990
£
to
993,695,000 marks,
as
We
principal items of* the Bank of England
BANK
marks.
expansion in note circula¬
tion, the volume outstanding has reached the highest
Circu¬
No change has been
earlier.
year
a
level
The total of loans is shown to
respectively.
£106,777,576
Reserves
As
with only £13,-
£126,520,000, in comparison with
£132,851,150 and
be
£2,035,000.
compares
and £18,442,165 in 1919.
year
lation amounts to
ago,
a
This
a
decline of £13,863,000.
ernment,
total
also
was
a
marks.
.
lessening in the Bank's temporary loans to the Gov¬
namely,
t
260.667,000
Treasury deposits.Ino.
week the
Francs,
Inc.
Advances
The Bank of
Jan. 2 1920.
Dei. 30 1920.
Francs.
63,000
..inc.
Bills discounted...Inc.
v
■
for Week.
Gold Holdings—
In France
'
Status as cf
notes in
circulation, the statement under review dis¬
closed
contraction of $4,000,000.
a
York bank,
the
As to the New-
general tendencies
same
were
ap¬
parent, excepting that gold holdings increased $8,-
The total of bills
000,000.
The Bank of France in its
a
further small
this week.
weekly statement reports
gain of 63,000 francs in the gold item
The Bank's
gold holdings, therefore,
now
aggregate 5,524,227,900 francs, as against 5,500,268,860 francs
with
on
the
corresponding date last
5,578,950,293 francs the
year
francs
both
in
in
1919.
1921
and
During
1920
the
and
and
before; of the
foregoing amounts 1,948,367,056 francs
abroad
year
were
held
1,978,278,416
week increases
were
tion of $38,000,000, to
with $1,014,141,000
Here
a
for the
total earning assets
posits $6,000,000.
on
hand showed
a
contrac¬
$260,369,000, which contrasts
same
week of last
year.
fell, $19,000,000, and de¬
Federal Reserve notes registered a
In both the combined and
reduction of $3,000,000.
local statements,
shown
as
small gains in the
reserve
result of these changes.
a
system there was an advance of .4%, to
in the local institution
ratio
were
For the whole
71.1%, and
1.3%, to 80.8%.
registered in all the various items, viz.: silver, 183,000
francs; bills discounted, 260,667,000 francs; advances,
deposits, 12,833,000
francs; general deposits, 143,041,000 francs.
Note
circulation registered .an expansion of 241,241,000
48,713,000
francs;
Treasury
francs, bringing the totaLoutstanding up to 36,467,456,000 francs.
This contrasts with 37,901,598,650
francs at this time in 1920 and with
francs
the
year
previous.
6,683,184,785 francs.
in
this
last week and
1919
are
as
On July 30 1914, just
only
Comparisons of the various
prior to the outbreak of
items
37,660,543,305
war,
the amount
was
Last
Saturday's statement of New York Clearing
House banks
and trust companies was
general expectations' and
ticularly important changes.
reduced
while
$14,255,000,
decreased $23,584,000,
exclusive
Net
of
time
was
members of the Federal Reserve
corresponding dates in both 1920 and
000
increased
reported in cash in
week's return with the statement of
follows:
(not counted
as
reserve).
of State banks and trust
par¬
deposits of $99,469,000.
however,
namely, $472,000, to $218,294,000.
$2,759,000
any
item was
net demand deposits
The loan
to $3,870,021,000, which is
Government
deposits,
in line with
failed to show
slightly,
An increase of
own
vaults by
Bank, to $79,271,-
Reserves in
own
vaults
companies gained $276,000,
.
and
kept in other depositories by State
reserves
banks and trust
the
a
In
companies expanded $551,000.
of member banks with the Reserve Bank
reserves
decrease of $12,470,000 was
shown, and this
was
in
nominal.
by
$8,655,710
$37,039,400
surplus
a
week
to
ago.
against
The figures here given for
$28,383,690,
the basis of 13%
are on
banks of the Federal Reserve
include cash in vault
by these banks
System, but do not
The bank state¬
Saturday last.
on
for member
reserves
amounting to $79,271,000 held
will be found in
ments
as
more
complete detail
to
at 5%, though it is true
was
quotation dropped
6% yesterday.
was
characterized
that
only
as
rather
the
as
toward
prevailirg quotation
rather than
ease
also of the time money
endeavorirg to
were
six
months
at
actually loaned
The tendency,
was
concerned,
This
stringency.
so
was
true
was
Yesterday lenders
market.
loans for
arrange
5%.
market
money
was
at the extreme rates either way.
far
rose
irregular, it is probable
small volume of funds
a
434% and
as
the call
While
as
low
as
they
months
For two
long
as
Commercial paper was
ings
moderate
only 5%.
This development in the time money
any
as
only
ninety
days'
endorsed bills receivable and six months'
choice
534%, with
the
have not been
character
same
of
week ago.
a
Banks' and bankers' acceptances were
figured
the principal buyers.
as
quiet and
Out of town instit-
other branches of the money
largely of
names
changed from 5@
less well known at 534@5J4%,
names
as
offer¬
as
attained
and
Sixty
proportions.
Here,
as
market, trading
in
was
pre-holiday character. " For call loans
a
against bankers' acceptances the posted rate of the
American
Acceptance Council is still 434%.
Council
Acceptance
prime
bankers'
makes the
on
for purchases
eligible
acceptances
The
discount rates
by the Federal Reserve banks 434% bid and 434%
asked for bills
running for 120 days; 4}4@4J4% for
ninety days; 434@434% f°r sixty days and 434%@
434%
f°r
thirty
days.
market quotations
Open
follow:
SPOT DELIVERY.
90
60 Dans.
DELIVERY
30 Days.
dX©dX
Dans.
Prime eligible bills
FOR
was
in fair demand but
transactions
large,
not
were
were
asking 534%, but the best bid in most instances
reported in
were
continues 5@534% for all
the volume of business small.
Probably the greater part of the business done in
this week
trades
range
periods from sixty days to six months, the same
tions
that the
large
heretofore.
on a
later page of this issue.
call money
No
maturity and the
part responsible for the drawing down of surplus re¬
serves
[Vol. 113.
CHRONICLE
THE
2758
4X@dX
DAYS.
THIRTY
WITHIN
will be easy
for
time after the turn of the
some
Although the stock market
hour
6% call
a
large Stock Excharge firm, conservative interests
do not look for
early in the
5ii bid
There have been
naturally it will be
>f rates
it the
factor in the
a
in
business.
general
erally
ber banks'
30
RESERVE BANKS
Federal
-
1921.
maturing
days Unci,
mem¬
16-day collateral
Bankers'
Agricul¬
accep¬
Resorts
Bank of—
Trade
tural and
tances
notes) secured by-
accep¬
lice
Treasury
.
1
"
,
.
Liberty
Other¬
disc'led
notes and
bonds
wise
for
tances
stock
paper
maturino maturing
certificate
and
secured
member
toitMn
91 to 180
of indebt¬
for funds with which to
more
Victory
and
banks
90 days
days
notes
unsecured
new
Boston
The
Government
of
withdrawals
from local institution
funds
securities
were
on
were
a
not
Offerings of
large.
somewhat smaller scale, but
large foreign issues
tiations and may
dX
dX
.......
are
under active
nego¬
be brought out early next month.
banking circles the opinion is expressed that,
dX
dX
dX
dX
dX
dX
dX
dX
dX
dX
dX
5
York
Vew
Philadelphia
dX
/
dX
dX
dX
6
6
5
6
6
6
6
6
6
6
B
Itlanta
5
5
5
5
5
5
Chicago
6
5
5
6
5
6
6
6
6
6
6
6
BX
BX
BX
Cleveland
Richmond
In
FEDERAL
bills
ioilhin 90
demand
old debts than with which to finance
business.
several
THE
edness
to be
appears
clear up
new
OF
EFFECT DECEMBER
Discounted
yet from industrial and commercial lines gen¬
even
RATES
IN
pronounced
The
following is the schedule
different Reserve Banks:
DISCOUNT
market.
money
to be
seem
The
in effect for the various classes of paper
now
If this expectation is realized,
On the whole there does not
changes this week in Federal
no
Reserve Bank rates.
special activity in the stock market
new year.
improvement
4 % bid
strong iu the last
was
quotation and the failure of
money
dX bid
Eligible non-member banks
year.
yesterday afternoon, after the announcement
of the
Eligible member banks
Ineligible bank bills
market led shrewd borrowers to believe that money
...
Louis
4t
Vilnrieapolla
BX
BX
BX
{Causae City
6
5
6
6
6
5
Dallas
6X
5X
BX
BX
BX
BX
6
6
6
B
6
6
4an
Francisco
although at the moment the bond market is rather
"toppy," the distribution
on
cause
ol a
large amount of
2 for interest and dividends
Jan.
will
further substantial demand for investment
a
Sterling exchange has been evidently marking time
money
probably
issues.
this
week
Dealing with specific rates for
this week covered
a
range
with 5@6%
a
week
day
money,
call loans
of 4J4@6%, which
ago.
com¬
On Tuesday (Mon¬
that
cents;
an
434%.
of
advance to
534%, but renewals
con¬
negotiated at 5%, and the minimum
Thursday there
was no range,
a
was
single rate
5% being quoted. Call rates again stiffened slightly
Friday, so that a maximum of 6% was reached;
the renewal
this
was
only
a
given
are
basis, however, remained at 5%, and
the
minimum.
light inquiry reported.
was
The
quiet with
figures here
for mixed collateral and all-industrial loans
without differentiation.
business
Trading
is
passing
and
In time money very
the
market
was
little
largely
range
of 2%
gener¬
a
hopeful view of the exchange
situation, but show
a
disposition to confine their
attitude is not
was
tinued to be
a
Bankers
ally continue to take
there
a
of
comparatively insignifi¬
4 1 834@4 2134-
is,
least
was
were
was
In keeping with
demand bills having covered
holiday, Christmas Day), the high was
5%, the low 4)4% and renewals at 5%.
Wednesday
on
trading for the most part
this, price variations
cant,
pares
and
practically negligible proportions.
commitments
ments
until
now
to
strictly routine requirements,
after
the
of
the
on
is
to
turning
Such
year.
surprising in view of the
pending which
important bearing
now
turn
many
develop¬
expected to have
are
at
an
an
international affairs. Attention
the
forthcoming
Economic Conference which is
Five-Power
expected to take
up
exchange, debt-funding and other kindred problems.
German
adverse
reparations
influence
little business is
on
operations.
still
exercise
sentiment; though
passing that the market is
affair, governed to
tive
difficulties
market
a
a
an
so
nominal
considerable extent by specula¬
Firm cable quotations from London,
Due. 31
coupled
served
1921.]
with
THE
light
offerings
stabilize
to
New Year
of
commercial
price levels.
In the final
bills,
dealings
follows: 39 bars of gold on the Turrialba from
Colombia;
as
and
prevailed, owing to advices from Rome that the
on
the American Legion from Uruguay,
number of small lots of
gold and silver on the Colon
from Panama.
The El Rio brought $3,000
accentuate
a
gold bars from
better feeling
a
3759
$200,000 gold coin
Approach of the
holidays served to still further
the dulness.
CHEONTCLE
Colombia; the Tivives 28 bars and
sus¬
gold dust and
of gold coin,
platinum from Colombia, and the Olym¬
raw
pension of the Italian Discount Bank might be only
pic 12 boxes of bar gold from
a
able volume of the
temporary affair.
Prices rallied perceptibly, with
another
the close at the best of the week.
So far
as
be
can
but
definite
the
learned little real
scheme
financial
the
for
district
aid
is
of
astir
likely to be
bringing about the much-desired
for
rumors
for
way
go
far toward
covered
trade
upon
balance
Britain,
continued
this
gold
and
country
shipments to
Great
the
form
some
week's close.
credits
term
low
at
interest
Advices
rates.
from
Washington late in the week that the Administration
has
no
intention
lessening its efforts to
a
quotations in greater detail, sterling exchange
Saturday of a week
higher, with demand
on
cable transfers 4
4
ago was
Paris
a
holiday
(Christmas
although little activity
strong and there
was
4
Day).
On
Monday
Tuesday,
apparent, the undertone
advance to 4 19%@
an
20% for demand, 4 19%@4 20% for cable transfers
and 4
17%@4 18% for sixty days; the dulness
accentuated
by
reason
day in London.
of the fact that it
Weakness developed
cable transfers to 4
16%@4 17%;
large.
on
holi¬
was a
Wednesday
19%@4 20% and sixty days to
the
volume
Thursday
On
irregular and
no
7.74.
prices
the
of
business
market
not
was
somewhat
was
fluctuated uncertainly
result
quotations
mand
holiday buyers apparently withdrew and
were
4
was
largely nominal; the
range
for de¬
18%@4 19%, for cable transfers 4 19%
@4 20%, and for sixty days 4 16%@4 17%.
the highest of the week, 4 19%@4 21%,
cable transfers to 4
4
17%@4 19%.
20%@4 21% and sixty days to
Closing quotations
were
4 18% for
sixty days, 4 20 for demand and 4 21% for cable
Commercial sight bills finished at 4 20%,
transfers.
sixty days at 4 15%, ninety days at 4 14%, docu¬
ments for
payment (sixty days)
day grain
bills at 4 19%.
payment closed at 4 20%.
ment
was
It
on
Cotton and grain for
The week's gold
move¬
case
on
the La Lorraine from France;
England; $2,040,000
on
on
the
the Frederick VIII
Sweden; $307,500 in gold bars and one box gold coin
the Nieuw Amsterdam from Holland and three boxes of
gold
on
the Ryndam, also from Holland.
Smaller miscel¬
laneous amounts from South America and elsewhere
were
due to the
course,
of
Exchange
the list*
on
reason
therefor.
assigned
was
ruled steady, touching at
financial
time
one
firm, but lost ground later
unfavorable
fairly large offerings coming
ket occasioned the slump.
and weak
rallied to
0.53%.
on as
developments in
on more
unresponsive
on an
sag
large operators
Here,
decline to 0.52%,
a
off later
in the
as
a
international issues
the market and that
fore due
now
regard to the moment¬
kind
52.45, comparing with 52.82
7.91%;
commercial
a
transfers
sight
bills
there¬
Paris finished
on
week
8.09,
at
8.06,
are
Sight
ago.
8.08, against
against
against
7.92%;
7.89%,
and
sixty days at 8.00, against 7.83% last
Antwerp francs finished at 7.73 for checks
and 7.74 for cable
week earlier.
transfers, against 7.59%@7.60%
Closing rates
on
Berlin marks
were
0.53% for checks and 0.54% for cable transfers,
against 0.52%@0.52% the previous week.
kronen finished
0.04%
for
1
on
*
the French centre closed at
cable
commercial
coming
are
exchange fluctuations
The official London check rate
on
The claim
impending..
mainly to speculative tactics.
bills here
was
of sterling,
case
waiting attitude in the absence
definite decision with
some
is made that very few bills of any
a
and closed at
on
largely out of the market, having:
were
temporarily adopted
week.
mar¬
Reichsmarks ruled strong
previously current. Greek exchange
strong and higher.
at
were
explained that
was
Austrian kronen remained practically nomi¬
nal at levels
of
It
by turns, and after
0.56, only to
at
cable remittances.
the Olympic from England; $2,800,000
Carmania from
from
seven-
comprised—
approximately $1,280,000
on
and
smaller in volume than has been the
in recent weeks.
$400,000
at 4 16
specific
4.46% high and 4.27% low.
Im¬
provement was noted on Friday and demand bills
moved up to
falling off in demandof
was,
encouraging reports; the extremes for the week
under
dull trading; with the close approach of the
New Year
in, with losses of
Italy, though rallying in the final dealings
ous
very
close, realizing sales caused
A marked
Lire opened
was
|bat demand bills declined; to 4 18%@4 19%,
so
4
was
was
not active.
light supply and that
covering has been in
broader inquiry, to 8.09 for checks*,
on a
currency
a
was
still in
probably the firmest feature
was
Belgian
%c., to 4 18%@4 18%,
up
due to the,
measure
reaction set
a
which
though
19@4 19% and sixty days 4 16%@
16%; trading, however,
was
firm and fractionally
movements
points, but recovered nearly all of the
also noted,
advancing,
As to
price
following weakness
approaching of the New Year holidays.
on
good effect.
large
short
Towards the
losses at the close.
secure
of the foreign debt refunding bill had
passage
are
of
weakness and
from 5 to 10
was
of
in
was
certain. amount
some
arrangement for funding these obligations into long-
This
that commercial bills
a
satisfactory
some
However,
fact that London continued to send firm cable
rates,
evidence.
the conclusion of
or
light.
early dealings, substantial gains were recorded
nearly all of the leading European currencies,
which carried prices from 10 to 20
points afeove last,
United
States and prospects of either Allied debt cancellation
concerned, and trading in the aggregate
much wider range and
a
closely
course
the volume of business
as
in
the steady reduction of the adverse
between
followed-a
far
so
in the
Present forecasts
with the New Year, but this belief is based
largely
exchange
unusually
was
further gradual rise in British currency values
very
in
transacted is
plan
a
come
to
Continental
of
a
are
A consider¬
its way, including
on
consignment of gold from the German Reichsbank,
parallel to sterling,
improvement in
international trade relations.
our
formulating
foreign trade,
announced which will
soon
Southampton.
precious metal is
has
progress
with
negotiations said to be well under
cases
also gold from India.
been made this week in the direction of
some
5
a
week
bankers'
0.03% for checks and 0.04 for
This compares
with 0.03% and
Lire closed the week at 4.35%
ago.
"
sight and 4.36% for cable transfers.
Czecho-Slovakia
Exchange
on
to
against
1.47,
as
Austrian
finished at 0.70,
(unchanged), and
1.39.
was
against 0.76;
on
firm and advanced
Exchange
on
on
Bucharest
Poland at .0350,
Finland at 1.95, against 1.97
-
preceding week,
the
[Vol. 113.
CHRONTCLE
THE
2760
Greek drachma closed at 4.15
for cable transfers.
A week ago
exchange was as follows: Hong Kong,
Far Eastern
Shanghai, 76%@
48%@48% (un¬
the close was 4.05 and 4.10.
changed); Manila, 47%@47%, against 47%@48;
Singapore, 49@49% (unchanged); Bombay, 28%@
In the former neutral exchanges there is practically
29 (unchanged), and Calcutta, 28%@28%, against
nothing new to report.
Swiss francs continue to rule
29 @29%.
strong at very close to last week's high levels.
It is
said that the Central European countries have lately
for checks and 4.20
54%@54%;
against
55@55%,
77, against 79%@80; Yokohama,
The New York Clearing House banks, in their
exchange through
operations with interior banking institutions, have
Switzerland and that this accounts for the strength
in Swiss currency.
Dutch guilders were firmly held, gained $6,367,441 net in cash as a result of the cur¬
rency movements for the week ending December 29.
as also
were; the Scandinavian exchanges, and the
same is true of Spanish pesetas.
Trading was quiet Their receipts from the interior have aggregated
and price changes largely a reflection of movements $7,071,823, while the shipments have reached $704,■.
heavy sellers of their own
been
abroad.
sight
'
*
Amsterdam closed at 36.92,
,
4.
Bankers'
,,
on
382,
the following table:
as per
INSTITUTIONS.
Week ending
YORK BANKING
J.:'"; V ii
Gain or Less
Banks.
.
banks.
U
$7o4.3?2 Gain
$7,071,823
Banka' Interior movement.
-
Out of
Banks.
Final quotations for Swiss francs were 19.48
bankers' sight bills and 19.53 for cable transfers.
',
Into
December 29.
against 36.04 a week
commercial sixty days 36.46,
BY NEW
RECEIPTS AND SHIPMENTS
CURRENCY
against 36.45; cable remittances 36.97, against 36.50;
commercial sight bills 36.82, against 36.40; and
3
,367,441
ago.
for
with 19.45 and 19.50 the week before.
This compares
Copenhagen checks closed at 20.02 and cable transfers
Checks
20.07, against 20.10 and 20.15.
Sweden
on
against
finished at 25.15 and cable transfers at 24.20,
24.95, while checks on Norway closed at
24.90 and
and
cable transfers
and
16.05
A week ago the
14.91 and cable transfers at 14.96.
close
was
the
on
BUYING
FIXED
RATES
RESERVE
FEDERAL
BY
BANK.
1921, INCLUSIVE.
1921 TO DEO. 29
DBO. 23
York
New
of
Bank
creditor at the
was
Clearing House each day as follows:
DAILY CREDIT BALANCES OF
AT
NEW YORK FEDERAL RESERVE BANK
CLEARING
Saturday,
Monday,
Tuesday,
Wedntsa'y,
Dec. 26.
Dec. 27.
Dec. 28.
55.000 000
Holiday
HOUSE.
Friday,
Dec. 29.
Aggregate
Da. 30.
Thursday,
for Week..
%
$
S
%
S
£9.200.000 46.000.000 37,400.000 44 / 00.000 Cr. 241,400.009
?
CABLE
The Federal
Clearing House institutions.
Reserve
Dei. 24.
14.83 and 14.88.
6, 1920, it is no longer
possible to show the effect of Government operations
Spanish pesetas finished at
week.
last
15.67
against 15.62
16.10,
at
Sub-Treasury was taken over by the Fed¬
As the
eral Reserve Bank on Dec.
the huge mass of checks which come
In the operation of
scheme.
These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House Institutions.
They represent only one side of the account, as checks
trawn on the Reserve Bank Itself are presented directly to the bank and never
Note.—The foregoing heavy credits reflect
oo
Noon Buying Rate for Cable
United
in
Value
Transfers in Neto
Siatts
York
Monty.
Country and Mcnetary UnU
Dec.
26. Da.
24. Dec.
23. Dec.
28. Dec.
27. Dec.
29.
ro
3
%
3
$
f
Reserve Bank from all parts of the country.
York
Reserve System's par collection
through the Clearing House.
V
*
EUROPE—
the New
the Federal
.000405
.000397
.000394
.000397
.000393
Belgium, franc
.0761
.0766
.0773
.0771
.0767
Bulgaria,
.007293
.007190
.007183
.007192
.007092
.013844
.013864
.013941
.014138
.014388
.2015
.2016
.2014
.2001
.1988
4.1902
4.2052
4.1930
4.1973
Austria, krone
lev
Caecho-Slovakia, krone...
Denmark, krone
England, pound
4.1845
Finland, markka.........
.019586
.....
France, franc...
Germany, relchsmark....
Greece, drachma
Holland, florin or
Hungary, krone
guilder..
.019617
.019614
.019686
.0799
.0806
.0805
.005343
.005470
.005375
.005430
.0415
.0416
.0416
.0416
.0419
.3667
.3665
.0016
i
Jugoslavia, krone
Norway, krone...
Poland, Pollah mark
Portugal, esouda...
Rumania, leu
Serbia, dinar
Spain, peseta
...I*
Sweden, krona
Switzerland, franc..
...
...
.......
...
.8657
.3659
.3660
DO 1584
Italy, lira...
.001579
.001631
.001609
.0443
.0445
.0445
.0430
.0426
.008869
.003893
.003913
.003884
.003864
,1558
.1569
.1582
.1599
.1592
.000328
.000338
.000330
.00033
.000335
.0813
.0780
.0796
.0796
.0767
.007558
.007585
.007625
.00709
.007067
.01559
.015625
.01571
.01565
.0156
.1485
.1489
.1490
.1495
.14
.2490
.2490
.2494
.2496
.2497
.1949
.1951
.1952
.1952
.1952
HOLI¬
DAY
1
ASIA-—
.5438
.5446
.8434
China H. K. Dollar
Shanghai, tael
Shanghai, Mexican dollar.
China, Mexican Dollar...
.7532
.7533"
.7550
"
.7513
.6450
"
.5480
.5467
~
_
-
75518 ~
.7533
_
.55*0*0*
«,
.5*4*9*2"
.2772'
.2787
.2788
.4795
.4796
.4794
.3598
.3640
of-
.4675
.4725
.4683
England
.938438
.94125
.942266
.996046
.996255
.996046
.996046
.996046
.482625
.481875
.48275
.483625
Germany
.934167
.937292
.038958
.7533
.7552
.7551
.1264
.1261
.1267
.1261
.6963
.7047
.7125
.7201
49,684,900
10,944,000
Spain
100.432,000
Italy..... 33,895,000,
£
£
19R
,267,670
128, 434,359128
11,160 ,000 154, 194,434 142
602 ,650
50, 287,550
2,369,000 13 313,000
25,075 ,000 125,507,000 98
,076,072
,577,850
944.000
,232.000
10.640
267,670
600152 716,072
54 866,150
288 ,300
13 313,000
2,369 ,000
23.438 ,000 121 670,000
2,970 .000
36 865,000
,768,000
2,999 ,000
35 767,000
697 .000
1,746 ,000
1,114 000
4,829 000
758,000
Netherl'de.
50.497,000
51 194,000
,012.000
Nat. Belg.
Swftz'land.
10,063,000
1.611 .000
12 274,000
,660.000
21,812,000
4,600 .000
26 412,000
,709,000
Sweden
15,270,000
15 270,000
,677,000
12 902,000
,644,000'
8 .115.000
,115,000
,115,000
Total week 585,466,693
49,301.650 634,768,343 588,682,592
Frev. week 585,287,3151
49,330.650634,617,965586,521.534
47.568,300636.250,892
47,275,050 633,796,584
217,000
12,685,000
.
8,115,000
Norway
.940313
.7508
.
Aue. Hun.
.483875
.932292
128,434,359-
..
France a__ 143,034.434
Total.
Silier.
£
£
145,000
774,000
538,000
677,000
789.000
.4800
.93625
Gold.
Total.
Stiver.
Gold.
.3607
.934063
Singapore, dollar
.276*5*
.3618
.4608
guilder
or
.4793
D613
yen
Java, florin
.276*9**
.4790
India, rupee
Japan,
*54*7*1*
__
December 30 1920.
December 29 1921.
Banks
Denmark
Hong Kong, dollar
principal European banks:
.0800
.005276
following table indicates the amount of bul¬
.01960
.0793
The
lion in the
a
Gold
holdings of the Bank ol Fiance this year are exclusive of
£<7,934,682
held abioad.
NORTH AMERICA—
Canada, dollar.
Ouba, peso
Mexico, peso
Newfoundland, dollar
SOUTH
....
AMERICA—
.7565
Argentina, peso (gold)
Brazil, mUreis
•Uruguay, peso
.1262
.7004
»
.
LABOR, ALL LABOR, 18 NOBLE AND HOLY."
At
dinner tendered to him
a
niversary
as a
are some
his fortieth an¬
plav producer, David Belasco made a
speech—a very
Here
on
charming
of the
and
beautiful
speech.
things he said:
thing I have learned in my experience
to be my creed: I
that Cod made us to work.
I believe that He
"Another
As
South
to
remains
about
featureless
the
American
unchanged
and
exchange
with
trading
prices about steady.
Government
Argentine
had
the situation
dull
and
Rumors that
resumed
active
in New York and it has growrn
believe
meant that we should earn our
of
our
our
negotiations with New York bankers for
loan
of
market
$50,000,000
close
was
33%@33% (unchanged).
to
as
compares
Chilean exchange
For Brazil
with 12% and 13
was
a
Peru
was
week
firmer and advanced
10%, but receded and finished at 10%, the
last week.
on
Argen¬
on
12% for checks and 12% for cable
transfers, which
ago.
long term
had slight effect
sentiment, and the rate for checks
tina finished at
the
more
or
a
still "pegged" at 3 55.
same
<•
brows.
work
so
living by the sweat
to love
But I believe that He made us
much that
we
might play at it; find real
profound pleasure in it, and so labor on until,
tired out, we might sleep like little children at the
end of each day.
and
"'And I believe that the last
of another
work
sleep is only the end
day, and there will be a to-morrow—to
again and to play again and to love again. . ..
curse of our times is the vast army of people
"The
Avho
care
nothing for their work—who labor solely
for money.
No one can do this and succeed.
'
Dec. 31
1921.]
"We must carry affection into our work to bring
inspiration, because "all that happens, happens
again/ as Peter Grimm said.
"King Solomon said it before him: 'There is noth¬
ing new under the sun.'
"This is felt
by all artists, scientists and
in the business
women
is to take
fresh
a
world;
so
the best
men
and
do
we can
card of to-morrow.
his
a
a
man
the seed
glorifies love—"our love is the
left behind
in
us
the work
leave."
we
will not
It
the reader that this well known
escape
real thing
one
of the
man
stage, in speaking of the need of carrying "affection
into
work to
our
scientists, and
bring inspiration," couples "artists,
and
men
women
of
the
world," together.
There is the
And
business
recall two very recent
as
tions:
read
we
Charles
we
in
of
invention
almost childish delight
an
of
his
This
son.
work, of love in and through work,
world,
think, like
we
it falls from the
immortalized
only another
The stage be¬
enjoyment.
And
says.
every
for work.
name
work
the hand
no
separation
brain.
and
immaterial
The
"Business"
takes
All
erties.
the
physical
Every subtle inflection of the human voice,
are
the result of unceasing
practice—the "art that conceals art" is merely
We pass from the
vast and real
work—save
work.
;
workshop.
the
analysis,
Here there is nothing
that
love
Work is the foundation and
—wisdom
is
speaks in and
agile speech,
our
cannot separate
we
no
culture is
more,
is
magic
a
the threads.
weave
stops.
never
love its
our
one
We
no more.
are
['■
Creative
energy
Things
are
is thought, and
thoughts.
Owner¬
things
or
tive in
that contribute the
of life issue out of the
joy and well-being
commonplace of human toil
the flower bursts from the wood.
All is barter
—buying and selling the mere intermediary of
changing goods for goods.
that asks
no
wage—Nature.
Profit is the wages
He who
of capital;
' If business is
labor.
tion ;
There is but
one
saves
ex¬
helper
his labor,
it; he who wastes his substance, owns nothing.
owns
have, all that
we
is the result of individual
efforts, competi¬
fact, co-operative in truth.
of Nature that inures to
All the bounty
collective
our
well-being is
motive deeper than acquisi¬
some
tion and that motive is love.
ing machine
work
urged
capable of primal
by the spirit of love.
on
He, therefore,,
love, who loves his work for its
life.
The
inter-operat¬
call "business" could not exist with¬
we
that work is the
of
The vast
the individual who is alone
out
only
for the full expression
means
family, the
sake, for
own
home,
the
church,
the
school, the State, all science, letters and art, all the
myriad utensils, tools, machines, products of infi¬
nite
variety,
women
are
the result of countless
and
men
"working in these walls of time."
Who
into
could
these
weave
Who could control the
thought of countless millions to
end?
one
Who
share and share alike, the physical
possessions of mankind?
institution,
agency,
lives of work
countless
directive source?
one
could parcel out,
Who
can say
of
a
accomplishment, this
single
is
the
product solely of thought, this of strength ?. What
matters it that
for
own
way
few years more
a
than
of work and achievement is
Small segments of industry may per¬
to all?
open
one
if the
another,
haps be co-ordinated; small divisions of labor may
be
organized; small parts of the whole of capital
be combined; but "business" and civilization
and culture
are
inclusive of them all—and the sub¬
lime whole is the
property of each,
light is, but only
as
even as
the
sun¬
each absorbs the spiritual
es¬
to breathe it forth in work.
sence
I
All the
—as
of
or
good is inseparable from the common labor.
institutions
The power
of thought is capital^
power
down to this—all that
comes
are
common
are
free.
thoughts
The
uses
the other.
not
mind and'1
attendant of creative effort.
necessary
of
It
we
may
loom in which workers
works with another's hands
tools—and the
labor.
civilization
Exchange is the flying shuttle
mainspring.
ship is the
boasted
capital ,and
being of
save
through
our
given dominion only through work.
Production
wc^rk.
mimic world of the stage into its
Here, for all
and
one
own
than the other, he
together they constitute being.
a
play, has its accessories, the dull prop¬
moving gesture,
every
No
is
The awakening of emotion by so artistic
means as
use
strength is labor, the
has
It takes infinite
There is
men.
of
thought applied.
that
is
man
effort made to set forth the true
forms; it engages all
shape.
cannot
works with his
a man
may use one more
guided by
who has long ministered
by the love that is in work!
an
rich,
or
dividual
one
dignity and worth of the material life.
the
Poor
strength; he
accom¬
than his share from the whole:.
more
decree of high wisdom, since
a
lips of
These is to be
between
hours, deprives his time and place of its full
plishment, takes
by the selection and application of the in¬
comes
forum; and the players become teachers.
a
Waste is work without
attained
"Nothing is wasted," he
is
apotheosis
stroke of the woodman's axe,
into the
to its entertainment and
comes
confirma¬
counts for very little, and
money
Edison, taking
recent
a
motive in all.
every
For every sweep of the
thought; he who slights his task and skimps his
Schwab, saying he has reached the
point in life where
Thomas
same
for
Life is
field, he must select
a
guiding thought.
a
meas¬
obligation. Work only, is duty.
adapted to the soil.
there is
He
an
good grain in
sow
sower's arm,
viewpoint of old matters."
the
are
He who "does well
part" is worthy, be the part what it may.
trust; wealth is
If
Wages and profits
of time and circumstance.
ures
an
wages
agency
the profit of
of modern civiliza¬
if work is the embodiment of thought; if af¬
By
MAN AND ARMS.
.
a mere
issue of
coincidence, there appeared in
morning paper,
a
for
the
consideration of
and
one
for
the earth's
of
this
an
extended
on
on
a
recent
pages, a
call
"complete disarmament,'*
study of the distribution of
population, with
problem
opposite
future
a
view to the influence
It matters not
peace.
that in the first instance the call is
by
an
"Interna¬
tional," asking socialist and labor elements of the
world
to
work
armament
retention
for this
cause,
since complete dis¬
(and by this generally is meant only the
of
a
domestic
police force) is
now very
real in the
thought of the world." And it is noted
humblest worker in the field of human effort is the
that in the
petitions that have been forwarded in
helper of his kind, the herald of our highest culture.
our own
fection
As
is the
the
inspiration of creative thought, the
generations appear and disappear they
leave behind them
eral
advance.
only the momentum of the
The invention of
gen¬
to-dav is the dis¬
tation
country to the present Conference on Limi¬
an
interesting percentage has called for this
consummation.
And furthermore,
comment the Conference
the voluminous
has called
forth
has not
1 rt
ments
are
that
fact
oblivious of the
been
prrpn\TTPT j?
fptnci
2762
"reduced"
.still physically capable of
arma¬
carrying on
have
mentioned, connects total disarmament with
universal economic
and
wars.
"world-crowding," and the phrase
The relation of
is not
a new
one,
to future wars for self-existence,
received much atten¬
has not in recent discussions
As
tion.
matter of social study
a
[Vol. 113.
UilKUiN 1 v^JuJh
rj
again to the
must
appear
which, to refer
and citizen as subject, it
that world-governing is not
gigantic task but a continuous one.
a
However,
the control of
From all of
common man
certainly
only
adjustments, as effect and cause
and effect.
cause
population is a growing question; immigration and
is that
emigration, as a consequence of world-war, have
a subject of legislation by national govern¬
are more
few general truths seem to appear. One
a
migrations which follow conquest by wars
rapid and extensive than those which occur
Another is that
become
by "overflow" in times of peace.
ments; but the element of danger that
lies in the
Conferences, when and as they continue, must widen
present distribution of population, in the face of
the fact that there are "no new lands to discover,"
Again, the entrance of Japan (an island empire, an
Consideration
empire dating its recent sudden advance into pro¬
gressive civilizations to a period beginning not much
comment.
biological authority above
from the statement of the
the
on
ers
"There
about 1,750,000,000 people
are
,
932,000,000, or
present problem of China, do constitute the Pacific
Atlantic
of the total
.
-
.
From
density of these Asiatic populations, from the
type of their culture, and from the higher standards
of living and
the
facility
of
communication
and
world, the tendency of
travel in the whole modern
peoples to overflow into all meagerly popu¬
Indo-Pacific area,
lated and cultivated lands of the
similar to those
tomed to for
score
a
they have been accus¬
of centuries, is bound to be
"Couple these facts with the further fact that all
there
peoples
are
which
now
more
no
they
that
fact
have positive knowledge that
vacant
into
heathen lands
or
migrate, and with the still further
can
the Orientals
both
and
the Occidentals
primarily concerned are highly but differently civi¬
truth
lized, and the momentous
shape in
our
tion is here
which
takes
gradually
minds that the instinct of self-preserva¬
developing
have
never
for
area
But the
investigation and agreement.
this
all
In
world
of
medley
is
questions,
it
dilatory to ask that some of them be left over for
another
generation to consider, and solve, if they
be solved?
can
mestic
Immigration is regarded as a do¬
question, and it is
one
this and other countries.
Trade rivalries and re¬
possible contingencies?
strictions
need
of the Pacific
But need we continue armaments to meet
problem.
its
yet to be dealt with in
It is part
ere
possible concealed causes of wars, but
keep armaments at the cost of universal im¬
we
generate?
may
The debts of the world are a pall
progress,
but is the pall lifted by adding to
upon
these debts the costs of continuous increase of arma¬
The world is out of
ments?
into health and
and
one
new
can
it be put
problems for Governments to try to
Is it true
solve?
joint, but
harmony by introducing a thousand
or
not true that man's mind-vision
is
distorted, that it looks too far across the world
and too far into the future?
some
elements of
confronted
mankind."
Men say
it is first necessary for economic reform
authority is that unless the
to occhr in
European countries by their own respec¬
problem
a
before
The conclusion of this
Washington Conference develops the beginning of
tive
this
can
of
This, the debacle of Russia, and the ever-
poverishment to forcibly settle the problems they
tremendous."
civilized
an
portions of the Asiatic Conti¬
nent, on about 12% of the earth's land.
are
cific.
75% of the land.
eastern and southern
which
may
Of the 932,000,000 binding nature of "treaties" in comparison to the
population, about 850,000,000, or 50%, peace-progress contained in constant associations
world population, are confined to the for ednference cannot be wholly ignored.
about
Indo-Pacific
these
phenomenon of history, and
a
25% of the earth's
land; while the remaining 46% live in the
the
fifty years ago) into modern world coun¬
suggest much in explanation of the shift to the Pa¬
the Indo-Pacific area on about
area on
than
more
cils is at least
Inspection discov¬
54%, of these live in
earth, authorities tell us.
that about
interchange of knowledge.
suggested by the following excerpt
has not received extensive
of the matter is
referred to:
the view and increase the
study, which "implies a carefully laid out plan
study with facilities and time for carrying it
efforts
be
these
before
adjusted.
huge financial problems
Why not concentrate on this, and
the consensus of world-opinion ?
A finan¬
urge
it
out"—"not much will have been done toward solv¬
cial
conference, yes!
ing the Pacific question."
ture, rather to open the way. Trade promotion, yes!
The sudden
shifting of attention from Europe
as
But
to the "Pacific"
as
tion of
the
seat of the last world-war
the
probable seat of the next world-war, has not
passed without
even
amazement.
itself upon
is the
And the
true
that
Power
Senator
now
ocean are
abijity to sustain life, but
glamorous presentation, touched with the magic
of the South
all
It is
Lodge, in presenting the Four-
of the countless islands of the vast
Seas, did not enter
"world-crowding."
upon
the problem
Senator Reed has contended
and
quarrels
But
limitations.
more
over new
not
unending
"treaties"!
HENRY
The
WATTERSON AND JOURNALISM.
death
of
"Marse
days before Christmas,
esque
of
the
most
pictur¬
figure in journalism and reminds us again of
the combined age
Mr.
three
Henry" Watterson,
removes
and
newness
of
our
country.
For
Watterson, who died still lacking two months
reaching 82,
Buren
as
was
born in Washington under Van
President, and
among
tions he said that he had sat
Jackson
on
his early recollec¬
the knee of Andrew
(who died in 1845) and that John Quincy
dream,
Adams, "then a little old man," used to trot him
thought of, since it would place the white
through the corridors and across the rotunda to get
along that "complete disarmament" is
is not to be
Limita¬
And then further confer¬
armaments, yes!
press
treaty did not fail to mention the fact that
really valuable in their
of
grappling with.
But not to discount the fu¬
by turning from restrictions to release.
ences,
magnitude and complications of these prob¬
statesmanship is
his
thought that must
and
the citizen engaged in his ordinary tasks
lems
many
including wonder
comment,
as
peoples at the
mercy
of the greater numbers of the
brown, black and yellow.
a
The "International,"
we
him books from the
he became
Congressional library.
editor of the
At 18,
"Democratic Review" in
Dec. 31
1921.]
THE
Washington and
and in the
He
riding for
the
contributor to other journals,
a
campaign of 1860 he bore
followed
the
CHRONICLE
fortunes
of
the
an
active part.
seceding States,
time with Forrest's cavalry, joining
a
attempt against Sherman, and incidentally edit¬
ing "The Rebel,"
brief
a
1868
he
of
of
head
made
was
"Courier-Journal"
the
consolidated
Louisville, with which he be¬
thoroughly identified'that its
came so
deemed very
in any
separated for half
were never
and his
name
Hav¬
century.
a
the secessionists while disapproving
ing followed
secession, he loyally accepted the result of the
He submitted
Amendments
to and
as
supported the 14th and 15th
natural
a
war.
outgrowth of it; he stood
by rational reconstruction; he fought the carpet¬
baggers; he
was
greater
brought about the Greeley nomination in 1872; four
doubtful whether journalism personal
they made it will continue.
sense as
suggested,
giving greater
as
cles
should be
against this, and the current movement is away
"signed."
Much could be forcibly
it, although the "war correspondent"—let us
hope that he will lose his topic and therefore perish
himself,
mankind
as
ness^—has
"signed" contributor;
has
paper
out of the ages-long mad¬
grow
necessarily and properly been chiefly
in
grown
respect—in scope, ubi¬
every
quity, expenditure, variety—until its business to¬
day
liner
that
of
with that of the mid-century
compares
ocean
now
compares
day.
The newspaper
"reporter" is supposed to be rath¬
deeply tinged with cynicism, if not with skepti¬
er
may
which follovred the election of
quently in contact with the
1876, doing this with
vigor than did Mr. Tilden himself; yet after the
more
finding in which culminated the trick and injustice
of that
campaign he accepted the result for the sake
of peace.
As
fearless to the
was
point of daring, direct and pungent beyond
parison, and undoubtedly influential;
had
He went
his
His sincerity
unshakable
shaded either
the
most
with
may
his
as
Roman
and he
single hair.
a
never
He
was
picturesque figure in journalism, ready
mint that coined phrases
a
biting; he cared for nobody, although his
was
or
unmistakable
as
was
earnestness,
by the width of
epigrams, keeping
hot and
heart
he
man
directly at the bull's-eye and directly "for"
opponent.
and
as a
com¬
acquaintance singularly wide and devoted.
an
pessimism also;
in
a
and,
made
pose
large enough to
He
for everybody.
have read of and recalled that
not
may
care
Senator, who, before the final Punic
dal,
much the
so
not start with
tempted to acquire
be said to his credit that if he is
having
hate
The
ceivably)
journal of the day is not such
exist in the Holy
may
streets, but only
venal.
In
war
ended with
Mr.
Watterson
was
the last
"personal" journalists.
nett
wrere
terson
were
towering
counted
"Times"
not
so
quintette of
Greeley, Raymond and Ben¬
each of them transforming
successors,
figure in it that he might almost be
a
even
succeeded, and Watterson became
as
founder.
a
The four
probably the least such)
much in that
sense
much to the work of
individual
penetrated everything.
characteristics
"Weekly Tribune" had
applied
a
and
At
as
in
authority
time,
one
the
constituency unlike that
journal of the present, and its
any
failed
country reader never
Horace
"personal,"
Greeley and Watterson,
which
possessed by
journals (the
were
of the word which
their
"what
of the
says."
to
carefully
peruse
Personal journalism,
mean¬
ing the admitted and recognized personality of
one
writer, had its force, its merits, and also its| defects;
it
was
to
the
"Tribune"
(whom Watterson
addressed
to
the
at
least
came
one
people, and the
that
to
Abraham
admire and
communication
same
better than many
Lincoln
support)
informally
Greeley who in 1861
reiterated the "On to Richmond" cry
afterwards
did when he became
a
saw
bondsman
for Jefferson Davis.
Nobody
not be added
to this
science,
one or more names
quintette, and yet it
will
may
be
is the history
publish
we
call such; it
opinions, "but in
any
a
keeper of the public
example and counselor, not
an
level
of
head
it
con¬
corner-
a
kindly of
and
may
case
heart,
spright and elevated, always sincere and truthful,
avoiding
it would avoid pestilence and famine
as
the character of
of the
ter
a
scold."
common
The
requisites
journalistic noblesse oblige could not be bet¬
stated, and if
and
a newspaper
proprietor
uncovers
reprobates the sham and the unclean out in the
world, his bond to be sincere and clean himself is
strong;
can
we suppose
chandise of the world's
ror
in
his
that
who makes
one
"yellowness" tolerates
private quarters?
own
when it almost
now,
seems as
all but mortal travail of
And
mir¬
especially
if the world
being reborn,
mer¬
a
were
we may
in
justly
accept Mr. Watterson's prediction in that same ad¬
dress
t|hat "more and
discover that
editorial articles
and
have
formerly,
sarily
own
as
we
the best
generally and carefully read
influence
Every
on
public opinion as
man
tries to shape his
opinions of mankind from his
news
the
which
gains for them
letting its opinions affect his
editorial
his
news¬
from it, he cannot avoid and
does not seek to avoid
audience
pay
question be raised whether
by what he learns of current events and
taking
Thus
will newspaper owners
must remember that the press is neces¬
the trend of the
paper;
are as
much
megaphone.
a
course
more
integrity and cleanliness
And if the
dividends."
own.
be sure that
can
to
groceryman;
pioneers and founders; Dana and Wat¬
that to which he
so
passionate
a
Hapsburgs."
commodity like most that
care
golden
It is made to sell, he added, but is
yesterday."
a
(con¬
as
of
twenty years ago, Mr.
Watterson said that "the newspaper
does it should seek to be
the last
City
little of it is deliberately bad and
a
address about
an
subject, with "delenda est Carthago," but
on
excuse
sham, being obliged to see and expose so much
of it.
of
may
to the
as
case-hardened, and that he does
grown
not
his articles
Yet it
one.
skeptical
reality of apparent genuineness he has the
of
scan¬
merchandisable that if he did
more
not
"to hell with the Hohenzollerns and
greedy
so
bad, and if of "private"
contemptuous opinion of his fellow-
a
creatures he is
is
fre¬
so
side of life, see¬
seamy
the other hand, he finds the public
on
war,
of
he is such, it
as
for the footlights of notoriety,
concluded every statement of his views, on whatever
many
far
so
state of non-receiving undress
a
up
for "news" which
writer, Mr. Watterson
a
and
be because his day's work brings him
ing people either in
or
the
as
with the "Collins" liner
cism
as a
a
the other hand, the news¬
on
quasi-personal
later, he went to Congress
a
of responsibility, that important arti¬
sense
spokesman of Tilden, where he opposed the conduct
years
It
and
power
said
leader in the movement which
a
such
used to be
from
career.
In
own
Chattanooga daily that had
a
2763
writer not
verbal
a power
only has
expressions
lack
an
but
far beyond that of a private
If he is either insincere or feeble, he will
virtually deposed, losing power if not
speaker.
in due time be
out it."
completed
The
vision that bad been less with¬
a
impression we sought to make has cer¬
tainly been deepened, and the vision of our guests
The fish in the Mammoth Cave
enlarged by the America they have seen, some for
the first time.
Marshal Foch left us with tears in
misused."
sense
nificance
Nature's law is inexorable, and "cancels
position.
a
[Vol. 113.
CHRONICLE
THE
3764
but a touch of the scalpel
have what appea r eyes,
discloses that
they are only the outer shells of vision.
his eyes,
and,
lie said, leaving his heart behind
as
Professional
him, himself too full for utterance.
CONFERENCE.
TEE NEW YEAR AND THE
returned
"To-day is yesterday returned;
Full-powered
And
We
reminded that in 1903, when
are
between France
amiable
from
far
were
and
To-night the Old Year, gathering up its skirts,
England, and to try to improve them the
cers
predecessor's fate,
Nor, like Its elder sisters, die a fooL"
which represent
is, what he, now at home, will do, can
be forecast.
relations
the rock of peace;
it not share its
Let
he
as
'
to cancel, expiate, raise, adorn,
re-instate us on
soldier
of the French navy were
offi¬
invited to London, as
procession with the guests crossed Trafalgar
the
the activities of the past, with for¬
Square the French admiral arose in his landau and
ward-looking eyes steps lightly into the New.
So
Conference, having com¬
removing his hat saluted the statue of Nelson. The
the members of the great
generosity and grace of the act thrilled England
pleted their main business, must now with the yea/
face the unknown events in which Time will apply
and
laid
Can
we
to their work the supreme
to
soon
are
follow;
We
not without
arms,
Entente.
Viviani and
Briand, and indeed all their colleagues,
At the
opening of
venture to
a new year we may
in rapid review, not details of the work of the
awaiting adjustment, but several of the
Conference
fear, for failure would have, great problems pressing upon the whole world. One
open
is, how the disastrous and revolutionary effects con¬
sequent upon the war now appearing are to be met.
with
them
welcomed
We
they were not disappointed in what they
lieve that
had been led to
expect, either of America's welcome,
of our readiness to make whatever sacrifices would
or
future
the
both here and when returned to their homes?
pass
their gathering, though
of
and they have given us every reason to be¬
disastrous.
been
grateful plaudits.
from
hoped much
were
for the trial; the others
would extend to them all,
we
both there and here, our
we
Some already have
test.
turned homeward to prepare
foundations
the
expect less from the influence of Foch and
inaugurate
brought* good-will,
They
peace.
ami
In
form
one
have
only
they
world-wide.
are
We
A Russian
that country:
"We need
for direct testimony.
author states it thus in*
help not so much to save our lives as to preserve the
hundred million people in
faith of
in which their labors advanced
die of their
strenuously and ef¬
another
space
and generous response created the at¬
mosphere of mutual courtesy and personal regard
their prompt
or
a
of truth and
the existence
Otherwise, our hearts will
burden of bitterness, and we shall perish
goodness.
That is the most
fectually to their harmonious and glad conclusion.
cursing life and our fellow men.
If there is much left still
frightful thing of all—to perish thus despairingly."
Other testimony comes from a least-expected source.
undone, it is only what is
true of all earnest work where success opens
We
for future achievement.
day
doors
apply to them to¬
can
to ourselves, Prospero's confidence that
as
as
the
Melting the darkness,
so
upon
minds of
.
Their
.
.
We
can
been
have
tation of
es,
reason.
which
...
understanding begins to swell."
all face
thankfully the
little apart from the moral support
the
for hostile
Conference
deception.
return
their
to
they have done, to do
now
countrymen which is
accomplished, the
We
peace
so
some
of the
lands,
in¬
The delegates to
homes
pledged by
all in their power to
essential.
With that
ago one
we
Some
in need of self-justification said de¬
him."
Our
is
a
friends, the delegates, have the double
advantage that they as gentlemen have been here in
circumstances
their benefit.
pride that
of
increased
It may
even
be to
this
cently
a
result.
us a
greatly to
matter of
no
small
unconsciously America in her
terial and visible form
to
knowledge
An
has
contributed
ma¬
something
English writer, describing
re¬
village in his native Devonshire, said: "The
houses held themselves
as
though conscious of their
setting and worthy of it; and by their human sig¬
It will be
a
slow process
But to the degree in
beauty, liberation, humor,
so,
will
many
lands, from
Similar
of the war
India to
derlying task of the Conference was to do something
to restore the devastation of
spirit recorded, not in
art, but in a thousand ways witnessed in the life of
humanity, it will be
done to carry
how much remains to be
seen
its work into effect.
Another is the Race
individuals and
and
we
much
Problem,
States.
concerning both
as
The "rising tide of
or
in
in
are
aware
that we, at
color"
least, have not made
advance toward the solution
of the problem
freeing ourselves from the seriousness of the
enough; if he is not, everything he knows is bad for
a man
do
actively breeding in
inferior
"If
wrought in the most sensitive
generation.
America; and when it is remembered that the un¬
burden.
:
our
and loveliness be restored to art."
gentleman, he knows quite
fiantly
day:
indicates the white man's burden in insistent form;
they will set themselves
eagerly and understanding^ to this task.
years
peo¬
an
of the world is assured.
be confident that
can
other
evidence is to be bad of the horrid spawn
that support and co-operation on the part of
secure
their
We
tasks.
frequently reminded that physical limi¬
ple, and indeed may become, in
all
new
grace
armament, however extensive, accomplish¬
ducement
the
wrote
—finding ourselves again.
Begin to chase the ignorant fumes that mantle
Their clearer
teacher
always bear in mind the devastation of
and revolution have
the night,
the rising senses
morning steals
German
veteran
spirit, the catastrophic upheaval of soul the war
"The charm dissolves apace,
And
A
"We must
their
Abroad it becomes the
question: How are
peoples and weaker races to be guaranteed
rights
or
preserved in their possessions?
The "backward races"
are
awakening to
a new un¬
derstanding and appreciation of their common hu¬
manity; and the world has in hand a new series of
tales of the deeds and abilities of
it is
individuals, and
challenged to acknowledge the manhood of the
races
to which
they belong, and their right to oppor¬
tunity for the free development of their powers;
and for their race,
whether black
such contribution as it may
or
yellow, to make
to the progress of hii-
Dec. ,31
manity; and this acknowledgment is to be frank and
unreserved.
France once more is leading the way;
the de Goncourt
Academy has awarded the prize for
the best novel of the year
to a negro writing his book
Where else in the world to-day
in Central Africa.
could this have been done?
regardless
will be the best foundation for securing
the work of
appropri¬
the Conference in restoring
territory, as in the case of China, and
ated
no
in pre¬
man
tions.
make much
can
Nobody
can go
advance, under such condi¬
ahead
now as men
did in the
past, and along with incentive and initiative the oldfashioned confidence which made men work1 com¬
fortably and contentedly has vanished;
He could
The recognition of the
personality and worth of the individual,
of his race,
2765
CHRONICLE
THE
1921.]
triple his
own
;
-
income, he said, by with¬
drawing from all industrial activities and putting
his whole fortune into non-taxable
is not
willing to do this.
securities, but he
He rejoices that this coun¬
try is called "material"; we ought to take
full ad¬
this
venting further exploiting and
vantage of our natural endowment, and make
peoples, of which there has been so
land the
oppressing of native
much.
One other problem, perhaps the most important
of all, is that of bringing Christianity in its lifegiving power to bear upon the deeper needs of the
The Protestant nations,
world.
with all their ad¬
vantages, greatly need this if they are to be
ered from selfishness and the pride of life.
deliv¬
The
State churches need
to be freed from the fetters of their
great ancient and entrenched
it if
they are
formalism
accumulated
traditions and
alone
can
and
the bondage of their
proud self-sufficiency.
the Mohammedan
cestral faiths and are
divine
a
East, who, caught in the rest¬
their an¬
trying to live without faith
to-day, have turned away from
less life of
with
It alone can reach the pagan,
Being.
his fetich and his fear,
and lift him into the
light and the joy of the children
the
Thus
life as taught by
satisfy the hunger in the souls
It alone can
of the multitude in the
in
theism of
world, and re-fashion it into wor¬
ship of the worth and purpose of
Jesus.
Christianity
fuse the rich ore of the intense
sustain the
of moral responsibility upon
which
making the world
leads the individual soul
plans for peace rest that are
the
glad to-day is that which
into the ways
of life.
underlying note that
sounds
changes that are everywhere
and have lost
of furnaces
rows
nothing of their worth and power.
emphatically denied that craving for more wealth
is
the
driving force of the country's big men and
they would like confidence and approval from
fellow-Americans.
Of
course
ACHIEVEMENT
ON
TION TO
—
ADMONI¬
BUSINESS MEN.
the Maine So¬
ciety, on Dec. 15, Mr. Charles Schwab said some
very timely and practical things.
His boyhood im¬
agination, forty years ago, built industrial castles,
but the reality since attained has gone beyond his
wildest dreams; for example, a few thousand tons
steel
of
and
now
were
annually produced, forty years ago,
millions. The explana¬
surface, although reaching down into
the output is many
tion lies on the
the
foundations; a great reward was open
dividual initiative,
men
for in¬
pushed ahead to building
industries and making profits which they put
into more industries; earnings rolled up like a snow¬
up
ball; men who
"this
far-seeing Government of ours
said
been said be¬
fast that the socialistic
in¬
equalities of achievement mean oppression of the
got hold of time-serving politicians* and so
slowest
began the anti-trust and the equalizing and
ing
era,
regulat¬
in which we have misused opportunity and
by trying to limit and restrain effort;
wasted effort
frightened
This
was clearly in Mr. Schwab's mind, and he takes in
the globe in his forecasts, for he said that business
having achieved great things, we became
and tried to
put ligatures upon achievement.
revives abroad, herein
agreeing with his recent emphatic declaration that
he would willingly see all the industrial plants in
which he is interested sunk in the Atlantic, if thac
were
necessary
to attaining disarmament and
the
But a few sentences may have been
inaccurately reported, for his declaration that the
ten or fifteen million tons of idle shipping in our
spirit.
harbors
lated
by
"will
or
never
be used while they are regu¬
belong to the Government, and must
be of
remark that
representatives in Congress are afraid of the
subsidy, but I am not; the Government must
competent ocntrol if they are ever to
have
service," does not comport with the
"our
word
may
some
form of subsidy, and if it does
not, we
build ships until they dot the broad Atlantic
will never have a merchant marine until men
we
their money."
carrying calls
and to the "Chronicle" removal of Govern¬
who
operate them make a return on
But
ships will move when profitable
them,
mental hindrance rather than
seems
needed.
which
like
a
the push of a subsidy
In defiance of sound principle a ma¬
rine line under the
dead weight of impediments,
labor costs and excesses
rail line having the same
sidy for either means having
in
rank first, is very
burdens, and a sub¬
operating costs in¬
creased and then trying to square
the case by mulct¬
It is quite true, as Mr.
that business will not really revive
revives abroad, but why not slightly
ing the people in taxes.
Schwab
says,
here until
it
change the saying that commerce
and make it declare
merce? That
Then what?
tended."
Then
had begun to make profits made them
thing extended and ex¬
faster, and "the
faster and
this is all true, and it has
jealousy of wealth and the lazy assumption that
and
Speaking at the annual dinner of
their
I
This country grew so
fore.
install
HANDICAPS
satisfied with
marking the progress of industry;
he
peace
through the
appearing is one of
courage and of hope.
In the hour when the Old
Year glides into the New
we are lifted in our
thought into the purer atmosphere of the world
above hnd helped to see that the great things, truth,
justice, righteousness and love, remain unchanged,
The
by monuments of
stone, but for his part he would be
will not revive here until it
of God.
religion which alone can produce and
sense
workshop for the world; eminent men may
covet, and receive commemoration
is, if
follows the flag,
that the flag will follow com¬
we are
to put stress on "sayings";
but what the world most
needs is to scrap follies,
belong to the men jealousies, suspicions, fears, and wastes through
idlness or otherwise, and to pull together in real
Government, and Government
hard work instead of pulling apart.
said it must be paid back to Government in taxes."
Following Mr. Schwab at the dinner came Sena¬
Yet no Government can ever succeed in this way,
tor Borah, who on this occasion at least spoke posideclared Mr. Schwab; no industry can go far, and;
that money
who make
thus made does not
it, but to
said some
deeply true and really need to sink
tively rather than negatively, and he too
things that are
We must disarm, he
into men's minds.
still
or
give
Two years after the war ended, we
civilization.
up
are
said,
moving in
psychology; in 1920 we were
war
[Vol. 113.
CHRONICLE
THE
2766
We can¬
the tax
load, and we cannot lighten that until we reduce ex¬
penses.
Magnificent though the beginning of the
great conference (for which he has all praise for
Secretary Hughes), it must be considered only a
beginning in the fight for disarmament, and he
would favor continuing "until the people and public
irrepealable ior less inexorable in penalty than spir¬
itual
law
economic
and
ourselves
for
anew
citizens and
need
We
law.
individual duties
our
to
gird
workers,
as
friends, brethren both in agreement and
endeavor.
spending billions for military purposes.
build
not
•
lightening
enterprises without
opinion push disarmament until there is left only
to be national police forces."
enough
We see a
Percy
"The
debt, famine gripping millions, children
born under
palsy, six millions of men still under
a
nation increasing its taxes, and indus¬
arms, every
try discouraged.
Treaties will not suffice, alliances
aid, leagues break at the first rattle of artil¬
will not
lery; most of the treaties heretofore written have
disappeared, "and the path of the human family
Senator
Washington the worst seat of trouble,
the Senate in
and he inclines to agree,
"but we have times when
we'd like to have in the
Senate such human brain
that of Charley Schwab."
power as
be
needed
more
now
And what could
than this admonition:
and
politics until you take part of the time from
business and see that better men go to the Sen¬
better
your
It is true that there are
ate of the United States.
of character in the Senate who believe that we
men
have too many
that
a
laws and too much supervision, and
system is being built up which is calculated
destroy the initiative of the American citizen,
to
the
thing which has made us the greatest of
But I want to say we get little assistance
one
nations.
from the business men of the United
It is needless to ask whether this is
it is
a
condition,
new
discreditable and
or
States."
whether it is not at once
Where are the most
dangerous.
child
and
need
line
strength from the public to keep them up to
Where
against sinister greed?
citizens
during the long
ways? Where
are
they
course
now,
were our
best
of impairing our rail¬
that they do not with
unmistakable sternness demand obedience to the
man¬
Congress.
Since the selfish dictates of human nature com¬
pel
to look at the proposition from
one
will
himself
how he
continuation
the
from
of
supposed to have been given in the elections
Admit
1920?
of
count
people
the best in
the
who
mass
that
in
no
are
all
noses
the minority; still, where are
are
in the
phalanx of the uninformed and
in labor unions and
Government
can
from it
are
are
making them all
see
boost the individual and
struggle to carry least to the great di¬
visible total of industrial
so
democracy
respect to meeting, as man to man, the
that all who
And
a
equally at the polls and that the wisest and
best in any
mass
that
product and grab the most
pinching themselves
not
some
of
our
men
as
well as others?
who best know duty
engaged, at least at times, as to favor the pestilent
notion that wealth and
strength
come
by rapine and
Contrary to the generally accepted opinion, the
Every
new
one
rich man
high rates on large incomes than
wealth
other class, since all he has to do is to invest bis
any
which
securities
in
profits
of the various parties interested.
exempt from
are
It is not
taxation.
possession of wealth that has come to be regarded in the
the
of
eyes
law-makers
the
as
rich
that is
The
and for that reason to be abolished.
a menace
being the possessor of property he
realizes that
man
be
criminal and therefore to
punished, but it is rather the acquiring of weaLh
should contribute more toward
deferring the cost of operat¬
ing the State than his less fortunate brother, but he does
object to what seems to him to be confiscation by due process
of
his business
Should
law.
ventures this year prove un¬
successful, he is obliged to assume the entire loss, while he
is still liable for enormous taxes because
is
is
He
its.
playing
successful,
of last year's prof¬
rules of which,
the
Government claims a
the
the total loss is to be
trade and
of
risks
therefore,
he,
from channels of development and
wealth
The
of
enterprises
those
to
which
great
the
diverts.his
production into
securities.
stagnant pools of tax-exempt
put
if he
large part of the
This means that he is not justified in as¬
him.
the
suming
the
by
Should he be unsuccessful,
profits.
is
game
a
Thus an end
venturesome
a
American
wilderness
character
has
been
the most fertile continent of the world.
birthright of every American is the incen¬
common
tive for endeavor and the reward for accomplishment.
centive is the very
tion.
To impose a penalty upon success
of incentive and cast
are
Under communistic form
leveled into
is to rob ambition
blight upon enterprise and endeavor.
a
rule the distinctive classes are definitely
Under monarchy
fixed.
In¬
soul of endeavor, the basis of all ambi¬
Under
one.
a
of government all classes I
democratic form of govern¬
ment, and under that form alone, is the opportunity afford¬
one's
to better
state
through endeavor.
unmindful of the fact that it
was
Let us be not
the young man of
unlimited ambition expressed
and
means
limited
in endeavor, who
desiring the rewards of success, has become our big man of
It is obviously unwise to enact legislation the result
to-day.
of
which will
man
To
be
to
discourage saving on the part of the
of moderate means.
kill
advised
the
thereby
expect
fallacy.
that
goose
lays
the
golden egg proved
ill-
To increase the burden at the top and
long ago.
to lessen the pressure at the bottom
is a
To drive capital out of productive channels, and
to flood the country
with tax-exempt municipal, county and
State bonds is to stop the wheels of industry.
oneself in
the belief that
To console
by increasing the amount of mu¬
nicipal work to be done will permanently relieve unemploy¬
ment
is
to
"Taxation
attempt
to
raise oneself by
one's boot-straps.
according to ability to pay" is an ingredient of
the promised panacea
oppression?
the standpoint of
surtaxes on incomes and
high
the standpoint
Dy
be affected, it will be well to analyze
has less fault to find with
ed
date
law recently passed
of the temporary tax
transformed into
ing bonus, for example) show that public trustees
land is directly concerned in the
in the
provisions
ple when tax reduction lags and even what is profess¬
spendthrift schemes (such as the still-impend¬
is
generally appreciated, and it is therefore that every man,
through
when
The prosperity of the country
depends upon the taxation lawrs in a larger measure than
responsible and the mentally strongest of our peo¬
edly done is half-heartedly and skimpingly done, and
The exercising to-day of that power
beyond the limits of discretion and good judgment will un¬
borne by
true, whether
Bank—Re¬
said Chief
tax is the power to destroy,"
to
power
judged
to the business men of New York
of the United States, that we shall never have
"I want to say
WEALTH.
OF
Johnston, President of the Chemical National
printed from the "Forum" for January 1922.]
questionably spell disaster.
is
of paper, including our own."
Borah said Mr. Schwab seems to think
strewn with scraps
H.
Justice John Marshall.
woman
in
world
CONFISCATION
THE
[By
of the visionary Lenin and the vola¬
tile Trotzky.
of
us
needs to learn (or to realize with
force) that physical law is not one whit
more
It is
the
sacred
duty of those entrusted with
mination of policy to be adopted in
the deter¬
taxation to do no more
DEC. 31
THE
1921.]
3767
CHRONICLE
—t—
harm
to
production
distribution
and
than is absolutely
SUMMARY OF CORPORATE, FOREIGN
'
"
public credit.
of trade is just as much a factor
in the tax yield as is the
Taxes
rate.
business to taxes.
Consumption and not profit is the proper
basis for taxation.
year's profits
sound
A system of taxation
mortgaged to pay this year's taxes is un¬
are
breeds
and
feeling of uncertainty.
a
The present is fraught with
and county bonds is dangerous.
dissatisfaction.
There is
clouded
is
uncertainty.
by
It is by re¬
relief in aggravating the cause.
no
sults that
future
The
To flood the
with municipal, State,
to the point of saturation
country
under which next
Under universal and equal
the
largest numerical
The function of
However, if Congress is resolved to
constituents.
be¬
come a
mirror, it behooves those of us who. have spent years
in
study of economic problems to disseminate the re¬
the
-
8,940.000
War Finance Corporation Issue
Municipal
„
;„
-
_
_
_
11*7,6*10*261
* *
do
Canadian
do
sults of our research that men may
212,529,080
20,500,000
8,940,000
f17,950*261
340,000
8,250,000
United States Possessions
8,250,000
316,621,061
51,548,280
368,169,341
1,568,857,311
550,609,860
2,119,467,171
304,270,000
118,190,000
50,000,000
354,270,000
118,190,000
982,792*137
6,720,821
989,612^958
Total
11
„•
MONTHS ENDING NOV. 30.
Corporate.
Foreign Government
_
«. „
„
.
.
„
.
>
Federal Farm Loan issues
73,282,000
do
Canadian
73,282,000
do
United States Possessions
25,022,000
25,022,000
3,072,413,448
607,330,681 3,679,744,129
that ^lass which can
strength.
Congress is to inspire rather than to reflect the thought of
its
51.208.2S0
20,500,000
Federal Farm Loan Issues
suffrage the temptation is
produce legislation agreeable to
muster
i
161,320,800
Corporate
Foreign Government
Total.
to
S
S
-
Municipal
It is futile to discuss details when the fault is fundamen¬
tal.
NOVEMBER
Total.
Refunding.
|
■1921.
War Finance Corporation issue
government or political party is judged.
a
■
Nero Capital.
adjusted to business rather than
should be
GOVERNMENT AND MUNICIPAL
FINANCING.
"
-
.
Prosperity
necessary for the support of the
come
1920.
NOVEMBER Corporate.
........
Foreign
.
.
Municipal...
.
_
;
do
Canadian
do
37,565,000
147,976,794
10,000,000
561,997
67,602,117
6,900,000
38,126.997
222,478,911
United States Possessions
Total
11
184,351,914
MONTHS ENDING
Corporate....
spective.
.
.
_
110,411,794
10,000,000
57,040,120
6,900,000
.....
.
War Finance Corporation issue
to see things as
they are, and that the reflection may attain a truer per¬
.
Government
Federal Farm Loan issues
NOV.
30—
.......
239,400,366 2,735,200.437
'2
!,495,800,071
191,000,000
—
Foreign Government
100,000,000
291,000,000
Federal Farm Loan issues
War Finance Corporation issue
...
9,616,346
627,711,624
7,488,000
16,015,000
44,753.232
16,015,000
3,358,165,581
356,514,712 3,714,680,293
618,095,278
37,255,232
Municipal
FLOTATIONS FOR
CAPITAL
NEW
THE
NOVEMBER
do
Canadian
do
United States Possessions
...
...
THE ELEVEN MONTHS.
AND
Total.
Continuing the practice begun in our issue of March 26,
and kept up
regularly since then, of presenting monthly
compilations
showing
the
new
capital flotations in the
give to-day, in tables further below, the
United States, we
1919.
NOVEMBER—
War Finance Corporation issue
November.
with
ending
of corporate,
municipal and foreign Government financing as represented
compilations
by the
new
are
intended to furnish
Canadian
United States Possessions
stock and bond issues brought out each month.
293,378,015
MONTHS
ENDING
Corporate
Foreign Government
NOV.
30
financing during November was again of large
Canadian
42,000,000
.....
12,541,852
14,637,300
United States Possessions
492,179,000
2 -0.000,0 )0
200,000,000
616,894,139
do
proportions, considerably in excess of that for the month
284.129,000
208,050,000
42,000,000
issue
do
new
401,274,910 2,544,810,414
2,143,535,504
Federal Farm Loan Issues
War Finance Corporation
379,733,015
-
...
...
Municipal
The
86,355,000
.
Total
11
35,000,000
46,740,8-10
2,632,000
do
a summary
47,564,840
2,632,000
.
....
do
As previously explained, these
249,536,175
45,000.000
824,000
9,000,000
35,000,000
Federal Farm Loan Issues...
Municipal.
figures for the month of November and the eleven months
49,531,000
36,000,000
200,005,175
Corporate
Foreign Government
75.000,000
629,435,991
89,637,300
11,700,000
11,700,000
3,236,816,943
Total
772,945,762 4,009,762,705
preceding, and also far ahead of that for the corresponding
last
month
The aggregate of the new flotations
year.
reached $368,169,341 in
940,317 in October 1921 and $222,478,911
In November 1919, on the
1920.
somewhat larger even
in November
new
and
The latter established a
behalf of municipalities.
high record for any month, and showed
of
amount
BANKS
RESERVE
1921.
the Federal Reserve Board at Wash¬
ington, issued last Thursday, is devoted to a review of the
year's amount has been swollen from two sources
on
The weekly return of
§iscnBsion$
FEDERAL
THE
OF
DURING
than that for the present year, being
mainly, to wit: the flotations on behalf of corporations
those
OPERATION
other hand, the total was
$379,733,015.
This
mid
November 1921, as against $288,-
less than $117,950,261, a
no
disposals in
figure never pre¬
operations of the Federal Reserve banks for the calendar
1921 and
year
reproduce the same herewith:
accessions to gold reserves of gold of foreign origin, and reduction by
arge
over
we
liquidation, practically continuous during the year under review,
Loan
25% in the volume of Federal Reserve note circulation, are the out¬
features of development in the
standing
Federal Reserve banking field
during the calendar year about to close.
Reserve banks reflect mainly the
industrial depression and price recession during the first part of the year
and only to a small extent changes in the credit policy of the Board.
The
Changes in the condition of the Federal
viously reached.
months
It is, of
course,
bond issues by
new
known that for many
municipalities have been of
year saw a
unusual extent.
For the eleven months to Nov. 30 the new
bond sales by States
and municipalities fall but little short
million dollars, the exact amount being $989,512,-
of 1,000
958, and this
may
be further increased somewhat by belated
For the 11 months of 1920 and 1919 the new mu¬
returns.
considerable reduction of Federal Reserve Bank discount rates,
the abolition of
graduated
or
progressive discount rates, which were main¬
tained at the beginning of the year
volume
the
Furthermore
tions.
was
and $629,435,991.
The
year
new
a
total of $212,529,080, which compares with
but with $249,536,175
Five large issues make up nearly 60%
only $147,976,794 in November 1920
in November 1919.
of
this
total, namely the $50,000,000 New York
year's
offered at 97,
yield 6.25%; the $30,000,000 New York Edison Co.
Telephone Refunding mtge. 6s, due in 1941,
so
as
to
1st lien & ref. mtge.
6J^s, due in 1941, offered at 104}^ and
yielding 6.10%; the $20,000,000
New York one-year
6.08^;
Consolidated Gas Co. of
secured 7% notes, offered at 100to
Electric 1st
& ref. mtge. 6s, due in 1941, offered at 9834, yielding
6.10%; and the $12,000,000 General Motors Building Cor¬
poration 1st mtge. serial 7s, 1922-1946, offered at par, and
yield
therefore
The
the $10,000,000 Pacific Gas &
netting 7%.
following is
the eleven months:
Government
obliga¬
securities
being absorbed by the investing public.
to
in
and
held shows a
As a consequence, the total
decrease from $1,141,000,000
$487,200,000, while the proportion of Government paper to total
dis¬
Federal Reserve banks on Dec. 28 was 41%,
Of the total
compared with almost 43% on the first Friday of the year.
financing by corporations for November this
covered
outstanding
diminishing and easier conditions in the money market resulted
notes
counted paper held by the
■
of
increasing proportions of the successive issues of Treasury certificates
amount of Government paper
nicipal bond issues were, respectively, only $627,711,624
by three Reserve banks, and the final
elimination of differential rates on paper secured by Government
a
three-year summary for November and
of Government paper
or
70.9%,
was
$647,800,000,
in
the
held on the last Wednesday of the year, $345,400,000
secured by Liberty and other U. S. bonds, compared with
or
58.7% of the total held at the close of the first report week
$66,700,000,
year;
$311,200,000,
or
or
13.7%. by Victory notes, compared with
28 2% on Jan. 7, and $49,100,000, or 10.1%; by Treasury
certificates, compared with $145,500,000, or 13.1%, the
addition holding about the
Reserve banks in
close of the year $26,000,000 of bills secured by
U. 8. Treasury notes.
Reserve Bank holdings
of the year totaled
the result of
of other discounted bills, which about the opening
$1,578,100,000, show a reduction to $692,600,000 as
gradual liquidation during the year.
Holdings of bills purchased in open market show a
from $234,800,000 on Jan.
7 to $19,400,000
on
continuous decline
the last Wednesday in July.
of bankers' acceptances
This decline reflects the reduction In the supply
based
on
of paper
foreign trade transactions, and the larger demand for
individual investors, caused by the greater abundance
ment funds.
Since early August the Federal
these bills have shown some increase, while
year
this class
by the commercial and savings banks, as well as corporate
and
of short-time invest¬
Reserve Bank holdings of
during the last month of the
there has taken place a rapid accumulation of this paper
folios of the Federal Reserve banks, due to the
in the port¬
relatively high call money
the New York market,
and the low rates on this class of paper
prevailing in the open market.
The decrease in Federal Reserve bank
rates in
holdings of purchased bills from $234,800,000 on Jan. 7 to
Dec. 28 corresponds more or less to
$114,200,000 on
the reduction in the volume of out¬
standing bank acceptances based upon foreign trade
transactions.
The Premier
Interbank accommodation during the year 1921 wa» on a much smaller
the preceding
than during
scale
maximum.
October,
In
1920
when the credit strain was at its
year
accommodation, reached in
the peak of interbank
$267,400,000, while in 1921 the peak of $100,800,000 was
was
reached in January.
Since then there has been gradual liquidation of inter¬
bank borrowings,
and shortly before the close of the year all the Reserve
banks
self-supporting
were
on
a
basis,
differing greatly in their
though
The banks extending accommodation during the greater
position.
reserve
fVOL. Ill
CHRONICLE
THE
2768
explained the circunfetances under.which Philippe Berthe-
lot, General Secretary of the Foreign Office, whose resignation yesterday
precipitated by the previous debate in the Chamber on this subject,
was
had intervened
his brother.
aid the bank,
to
fit to resign.
seen
which
was
headed by Andre Berthelot,
M. Berthelot had
The Premier said he regretted deeply that
that if he had
He absolved M. Berthelot absolutely, but conceived
seen
would not have sent in the same form
it he probably
telegram M. Berthelot sent to Maurice Casenave in tho United States,
the
part of the year were those of Boston, New York and Cleveland, Chile the
asking him to intervene with the American banks to have the checks of the
banks accommodated
Industrial Bank of China protected.
during the greater part of the
those of
were
year
Minister
Richmond, Atlanta, Minneapolis and Dallas.
Only nominal changes are shown in the Federal Reserve Bank holdings
of
States
United
bonds
and
notes up
under this head shown since
heretofore
pledged
to June
Substantial increases
1.
due, first, to purchases of Liberty bonds
are
collateral for loans to member banks, also to purchases
as
Pittman certificates
by the Reserve banks of Victory and Treasury notes,
hold
deposit with the Treasury to
on
circulation show
Federal Reserve Bank note
secure
retirement of Federal Reserve Bank notes and their replacement by
certificates.
Dec.
On
of $139,900,000
28 the amount
held
$119,500,000,
was
the issuance by
under
certificates
year are
had not yet finished the secret
dence
agreements, largely by
the New York
on
Friday
and
Doc. 28 totaled $1,535,900,000, or less than one-half the amount shown
at the
Total deposits of the Reserve banks reflecting
beginning of the year.
in the members'
largely changes
account fluctuated
reserve
between
maximum of $1,929,200,000 on June 15, the date of the second tax
000.
a
install¬
There was a gradual
ment, and a minimum of $1,662,500,000 on Aug, 10.
deposits during the first half of the year totaling about $113,000,-
decline in
During the summer months deposits remained
fairly constant, in
spite of the continued liquidation of member bank loans, while in the fall
the Government, through the agreement
about
$82,000,000 below
shown
that
in
the first
of
statement
weekly
the year,
,
Reserve note circulation shows
Federal
almost continuous decline,
an
Interrup¬
though much more pronounced during the first part of the year.
tions in the downward course shown in the July 6 and Sept. 7 statements,
character,! mainly
also in that for Dec. 21 were altogether of a temporary
to
tho holiday
meet
totaled
circulation
demand for currency.
$2,443,500,000,
28 the amount in
Dec.
On
decline of
a
the
from
$961,400,000
Reserve banks
$213,600,000
Net liabilities of the Federal
Federal Reserve Bank notes in circulation declined from
on
Jan.
on
::r\
for these notes.
Gold
to
show
reserves
a
Pittman certificates used as
'AYN'Yy: /['iXX-lF: -"XX XA)
steady growth during tho year, from $2,059,300,000
This growth represents almost entirely gold imported
$2,869,600,000.
from abroad, largely from the United Kingdom,
Other
and British India.
reserve
France, Sweden, Canada
cash composed of United States notes,
silver and silver certificates declined during the same
800,000 to $122,600,000.
During the
year
"Herald"
period from $189,-
tho paid-in capital of the Federal Reserve banks increased
$3,400,000,
increase of $12,400,000 for the preceding year.
compared with an
as
The gain for the present
is due primarily to accessions of new members and to a smaller extent
year
to increases in
At the
26
copyright
a
relative to the
cablegram
capitalization of existing member banks.
beginning of the
Owing
and the reduction of note
the reserve ratio stood at 45.4%.
year
mainly to tho constant growth of cash reserves
practically continuous rise throughout
circulation, the ratio has shown
a
the year reaching a high level of
73.1%
on
Since then, owing to
Dec. 7.
liabilities, the ratio declined to 71.1% on the
increased note and deposit
Wednesday of the year.
resignation of Philippe Berthelot,
Secretary-General of the Ministry of Foreign Affairs, said:
de Chine, which went into a receiv¬
ership recently, seriously affecting French financial and political prestige
in the Far East, to-day
lomatic
brought to
end here
an
one
of the mast brilliant dip¬
Philippe Berthelot, Secretary-General of the French
resigned.
For years he has been one of the most powerful
when
careers
Foreign Office,
figures directing Franco's exterior policies as head of the permanent sec¬
tion of foreign
Although many persons be¬
affairs at the Quai d'Orsay.
de Chine revelations,
lieved his resignation was inevitable after tho Banque
and
regarded
was
as
indicating
increasing weakness of the Briand Gov¬
an
ernment.
Having defended M. Berthelot several times previously in the Chamber of
Deputies, against charges connected with the failure of the bank, even to
Secretary-General of the Foreign Office continued, Premier Briand's
tude in the face of this new denoument is awaited with interest.
the Premier's enemies
care,
are
under
formerly President of the Republic, and still
will succeed him
a power
in French politics,
Premier.
as
President Millerand is understood to be ready to go any lengths to
a
Poincare Ministry, not
M.
result of new correspondence, made
Berthelot's resignation was the
public in
Chamber of Deputies, regarding his connection with the
the
Banque de Chine, Premier Briand being ignorant of these latest documents
when he, on Saturday,
of these
French
High
was
from M.
telegram
a
Commissioner in
M. Casenave to obtain the support
tions with regard to forming a
Berthelot to Maurice
wherein he asked
New York,
of American banks,
pending negotia¬
consortium, to the extent that the American
banks accept the
Banque de Chine's checks without question.
M. Berthelot took this step
much
apparently
his own authority, but inas¬
on
his brother, Andre Berthelot, was one of the
as
administrators of the
published soon after the
for their charges that he has
Banque de Chine, this telegram, on top of others
bank failed,
his enemies fresh support
gave
misused his position at the Foreign
Regarding the taking
on
24 Paris press
Dec.
lowing to
up
Office.
of the matter in the Chamber
advices
on
that date had the fol¬
BRITISH
BY
TREASURY.
Treasury has decided to exercise tho option,
of Scheme B for Regulation of Foreign
v
^
say:
to-day took
up
the discussion of the interpellation
Foreign Affairs, in an
defended M. Berthelot warmly, declaring that the telegrams
The Premier
which M.
Berthelot sent to China were in conformity with the Govern¬
ment's action in
attempt to save the bank.
an
,
\
Bribnd confirmed the Chinese Government's adhesion to the plans for
M.
placing the Boxer indemnity at the disposal of this bank as a
a
& Ohio Grande RR. Improvement
St. Louis South-Western RR. 4%
Mtge. 5%
Gold Bonds,
1928.
bill enabling this
The
1887-88-89 (Northern Central Railway
went
SUSPENSION
OF
Extensions); (c) Railway Bonds,
Gable
1910.
,
||r
DI
m
(
mm |
mmm
DISCUSSION OF AFFAIRSOF BANQUEINDUSTRIELLE
CHINE
OF
IN
FRENCH
BOXER
CHAMBER—PROPOSED
INDEMNITY
FOR
(in
our
was
referred to by
us
the
sus¬
July 2 and July 9
figured in the debates of the French Chamber of Deputies
week;
other things brought out, it is
among
re¬
ported that it is planned to place the Boxer indemnity at
the
disposal of the bank'for
Press
a
loan.
From tho Associated
cablegrams dated Paris, Dec. 27,
we
quote the fol¬
lowing:
dispatches from Rome
Deputies to-day
bate
over
gave
the Briand Government
majority of 177 at the close of
a
a
on
closed.
is
Thursday (December 29)
Italiana di
shortly after a
by the Italian Government
All
said, have been
The bank's embarrassment is attributed largely,
it
said, to the burden of financing the Ansaldo Shipbuilding
Corporation.
di
iana
reserve
According to the dispatches, the Banca Ital¬
Sconto
had
a
paid-up capital of 315,000,000 lire, a
of 6S,000,000 lire, and current
540,000,000
lire.
Guglielmo
Marconi,
deposits of about 3,-
the
the inventor of
wireless, it is understood, is President of the Board of Di¬
institution, which was formed in
1915
by the consolidation of several older Italian banks.
the failure last summer of the Industrial Bank of China.
ANNUAL REPORT OF WAR FINANCE
investigate alleged irregularities in this connection, in addition to the pend¬
ADVANCES AND
ing court procedure.
At the opening
to-day of the second day of this debate, with the question
of the Government's responsibility for the bank's suspension of payments
consideration,
Opposition,
and
as
Premier
Briand
was
aggressively
attacked
by
the
aggressively defended himself.
The Premier declared that
a
battle between different groups of banks had
obstructed tho measures contemplated for putting the bank
its feet
on
that day of the Banca
branches of the bank throughout Italy, it is
new
two-day de¬
The vote of confidence was given in a refusal to appoint a commission to
under
ITALIANA
BANCA
of the largest banks in Italy,
Sconto, one
rectors of the closed
The Chamber of
lease of life by the substantial
BY
designed to rescue the institution from its difficulties.
items devoted to "Banks, Trust Companies, &c.),
the past
"
SCONTO.
moratorium had been announced
LOAN.
The affairs of the Banque Industrielle de Chine,
pension of which
until Tuesday.
„
reported the closing
USE
over
PAYMENTS
•
,
1890; (d) Port of Capital (Buenos Aires) Bonds; (e) Internal Loan,
,
loan, and said
operation would be introduced in the Chamber.
discussion finally
First Cons. Mtge. Gold Bonds, 1932.
Argentine Government 5% Loans, as follows: (a) Loan of 188GI-87: .(&) Loan,
1907; (J) Internal Gold Loan,
the
avoid suspension.
sffort to
Carolina Clinchfield & Ohio Ity. First
Mtge. 5% bonds, 1938.
on
the part played by
1922, from which date the additional allowance will cease:
DE
Chief
defended M. Berthelot before the Chamber.
revelations
new
Casenave,
The Chamber
Clause 3
l
avoid
desiring to have the one-time President of the Re¬
public in such relationship to him.
Exchanges, of returning the following securities on March 15
Denver
Some of
predicting his overthrow even before the
now
meeting of the Allied Supreme Council, and that Raymond Poin-
Cannes
•'
/
RETURNED
BE
of the
atti¬
of threatening to hand in his own resignation if criticisms
the point
M, Berthelot, General Secretary of the Ministry ef
TO
The British
to-day
nevertheless his resignation was something of a political sensation
suspension of the Banque Industrielle de Chine and
BONDS
in the Far East.
the New York
to
,
from $99,800,000 to $103,200,000 or by
last
this
$84,500,000 about the end of the year,
7 to
decline closely corresponding to the decline in
cover
Dee.
On
peak amount recorded on Dec. 23 1920 and $826,500,000 below the amount
shown in the first weekly statement in 1921.
Bank of China, with
view to preserving France's material and moral interests
a
authorizing
to introduce a bill
with China, to use the Boxer in¬
demnity for the re-establishment of the Industrial
28 total of $1,764,500,000 being
slight increase took place, the Dec.
a
justify prosecution, the Minister added, the charges would be
to
The crash of the Banque Industrielle
Total earning Jissets which stood at $3,130,000,000 on the first
irregularities,
If the tribunal found sufficient evi¬
inquiry.
Premier Briand announced his intention
Reserve Bank.
of the year declined below $2,000,000,000 about the middle of July
Chairman of the Board, members
dividends, but that the investigating judge
vigorously pressed.
due in part to
depositary institutions, also to purchases
repurchase
announced that forty-two informations
Bonnevay
abuse of confidence and illegal
the Government of temporary certificates pending collection
of tax checks and of funds from
of
decrease
a
Fluctuations in the
since the first Friday in the year.
holdings of other Treasury certificates during the
silver
Justice
of the bank's board and other officials, on various charges of
steady decrease since March, In connection with the
a
of
had been filed against Andre Berthelot,
again and that if the obstructions continued the
be carried out.
in
quetion
measures
on
could not
The fourth annual report of
for the year
CORPORATION-
REPAYMENTS.
the War Finance Corporation,
ended Nov. 30 1921, made public Dec. 22,
is
accompanied by tables illustrating its operations not only
from the time of the revival of its activities but also since
the
inception of the Corporation in
these
1918.
From
one
of
tables, showing the status of advances made by the
31
Dec.
Corporation under all sections of the Act from April 5 1918
to Nov. 30
1921, it is learned that the advances under the
withdrawn by the applicant and re-submitted and approved as
Summary
of the Corporation were $306,720,212, with re¬
powers
Granted for
of Advances
,
Export
Agricultural Purposes
&
Under Section 21, 22 & 24 to Nov. 30 1921, Inclusive a.
payments of $241,251,056, leaving a balance outstanding of
$65,469,156; the advances under the Act of March 3 1919
and the
Agricultural Credits Act of Aug. 24 1921 have been
with
balance outstanding
a
To co-operative associations.
To banking and
aggregating
a
Section 21
added
was
Exhibit "C"—Status of Advances Made by the Corporation Under All
to
Advances
Under the
War
Powers
The following table is also
of
operations in May 1920:
Advances
Nov.
To Banks,
trust
bankers
and
Sec.
under
Sec¬
85,268,377 61
$5,268,377 61
tion 9 («)_.__
To Public
banks,
bankers
and
trust
$
$
•
co's under Sections 7 and 8..
0
0
0
To railroads, under Section 9.-58,828.210 00
7 & 8 (a)
To Railroads,
Outstanding
30 1920. Nov. 30 1920. Nov. 30 1921.
Since
(5)
1,349,782 71
To industrial co's,
uudel*
948,881 30
160,561,310 00
44,233,210 00
39,797,400 00,
20,014,187 19
19,783,212 81
23,814,674 24
23,020,674 24
794,000 00
154,881 30
19,783,212 81
794,000 00
793,096 03
Sec. 9.
On cattle, under Section 9
204,794,520 00
— -
8,595,000 00 i44,233,210 00
To public utilities, under Sec. 9-21,132,995 52
under
cos.,
To
Outstanding.
Balance
Repayments
Outstanding
Balance
Repayments.
Advanced.
presented showing the status
by the corporation prior to the suspension
of the Corporation.
fAmounts
$133,547,215 39
-
War Finance Corporation Act
the original
Sections of the Act from April 5 1918 to Nov. 30 1921, Inclusive.
1.
8,699 608 80
'
by the Act of March 3 1919, Sections 22 and 24 by the Act of Aug. 24 1921.
of advances made
The table showing these figures is annexed:
72,447,606 50
1
_
\C": '■
$272,498,208, while the total balance outstanding is $142,660,495.
.
—$52,400,000 00
...
financing institutions
To exporters—
of $77,191,339; altogether the
advances totaled $415,158,703, the repayments
,
■■Amount.
$31,247,152,'
$108,438,491, the repayments in this case being
advances
for agricultural purposes under Section 24.
III.
war
2769
CHRONICLE
THE
1921.]
134,362 48
653,733 55
21--42,023,641 49 17,597,604 49 j24.426,037 00
On exports, under Section
utilities, under
Section 9 (a)
117,726,824 3 4 27,831,630 98 89.895,193 35
To Industrial corporations
under Section 9 (a)
On Warehouse
(e)—
25,211,500 00
7,175,007 26
658,733 55
to
outstanding
$14,294,926 77.
This statement
_„$306,720,212 66 $241,251,056 30 $65,469,156 36
Totals
in full, reducing
j Since Nov. 30 1921 a loan of
$26,733,210.
$10,131,110 23 has been repaid in full, reducing the amount
2,5211,000 00
7,833,740 81
under Section 9
loan of $17,500,000 has neon repaid
a
the amount outstanding to
receipts,
On Cattle, under Sec. 9(a)
i Since Nov. 30 1921
made
loans
that there has beon constant
shows
by the Corporation prior to
liquidation in the
the suspension of operations in
May 1920.
Advances Under the Act of March 3 1919
2.
and the Agricultural Credits Act
On
Exports, under Sec. 21,
For general
submitted
follows:
as
Receipts from:
agricultural &
of the Act—
Loans repaid under the following sections
live stock purposes, un¬
der Sec. 24
Corporation from Dec. 1 1920 to Nov. 30 1921 is
31,141,056 95(d)43,845,923 61
(c)74,986,980 56
22 and 24 (Par. 2)
receipts and disbursements of the War
The statement of
Finance
of August 24 1921.
33,345,415 01
106,095 12
33,451,510 13
(Far. 1)...
Section
9:
$8,595,000 00
Railroads
Public utilities-—.--
$31,247,152 07 $77,191,338 62
---.$108,438,490 69
Totals
Industrial
3.
under
Advances
the
Summary.
Cattle
'
$10,244,718 67
Sections 21 and 22:
Paragraph 1__.i—_i—
24,794,342 64
25,967,774 93
1
1919 and the
Section 24:
Credits
Act of Aug. 24
$1,173,432 29
Paragraph 2
$306,720,212 66 $241,251,056 30 $65,469,156 36
tion
March 3
144,275 19
war
Advances under the Act of
Agricultural
154,881 30
loans
■
of the Corpora¬
powers
1,350,562 18
corporations
$106,095 12
Paragraph 1__
77,191,338 62
31,247,152 07
108,438,490 69
1921—
Paragraph 2--
848,462 10
—
954,557 22
•
$415,158,703 35 $272,498,208 37$142,660,494 98
Total
8 and 9 were made under the war
(а) All advances under Sections 7,
(б) Reduced to $26,733,210 00 since Nov. 30 1921. by
of
loan of
a
$9,231,541 61
Treasury certificates of indebtedness--32,854,450 00
42,085,991 61
the Act of March 3
Corporation Act,
Agricultural Credits Act of Aug. 24 1921, wjiich added
and also under the
Sections 22 and 24 to the original Act.
repayment in full
agricultural and live stock purposes
Agricultural Credits Act of Aug. 24 1921 (Section 24).
4 to Nov. 30
$539,064 38
1,971,267 00
Liberty bonds and Victory notes
Treasury certificates of indebtedness
Interest
earned
Interest
(e) Represents actual advances for
obligations:
collected
1921 the advances to assist in
financing exports have aggregated $51,524,209, while the
advances for agricultural purposes have been $82,023,006;
of the total thus applied, $52,400,000 was advanced to co¬
operative associations, $72,447,606 to banking and financing
institutions, and $8,699,609 to exporters.
The tables show¬
ing this, follow:
but
earned
not
Sale of office furniture and
Funds
remitted
to
the
5,791,648 04
8,411 05
collected—
loans,
on
2,510,331 38
—
—
loan of $10,131,110 23.
From Jan.
Interest collected on U. S. Government
;
(d) Reduced to $33,684,092 02 since Nov. 30 1921 by
under the
collected:
$17,500,000.
(c) Represents advances for export purposes under
a
$37,167,050 82
account of loans repaid
Liberty bonds and Victory notes
repayment in full
1919, which added Section 21 to the original War Finance
of
on
U. S. Government obligations sold or
of the Corporation.
powers
receipts
820 55
equipment-
(later
through error
Corporation
340,438 09
365 49
refunded)
Reimbursement
of sundry expenses
Reimbursement
of expenses
on
account
of loans
(reim¬
bursable by borrowers)
Balance due from
Total
850 00
—
Total receipts from Dec.
$87,905,907 03
374,313,493 89
1 1920 to Nov. 30 1921
depositaries Dec. 1 1920
—
$462,219,400 92
—
Disbursements on account of:
"A"—Operations
Exhibit
of
the
1921
to
Nov.
4
Jan.
I. Advances Granted to Assist in
to Nov.
2),
(Paragraph
24
Grain
—
—
Tobacco
1921,
3,591,369 77
—
-~b28,422,373 21
Cotton.------
Canned
30
-.$11,500,000 00
.
.
fruits
...
Dried fruits—
V
400,000 00
1,250,000 00
—
30
Finance
1921,
Corporation
from
Inclusive.
products,.—
milk—_
Section 21
a
Sugar mill machinery.
Agricultural machin'y
Railroad equipment.
.
145,600 00
359,866 36
500,000 00
2,925,000 00
by the Act of March 3
1919, and Sections 22 and 24 by the Agricultural
applied
for and approved under Section 21 for export purposes, and subsequently
withdrawn by the applicant and re-submitted and apxjroved as advances
advances aggregating $19,847,626 79 originally
ajgricultural purposes under Section 24.
c Of the
total amount, $38,847,739 57 represents advances approved
for
subsequent to Aug. 24 1921.
II. Advances
Grain
Cotton
—
Live stock
—
Amount.
$15,000,000 00
b22,492,426 79
12,553,111 60
Rice
a
>y
-----
Section
24 was
the Agricultural
b Includes
md
Section 24 (Paragraph
2.250,000 00
-
Amount.
Commodity—
Canned
— —
37.975,267 62
$61,711,621 80
U.
S.
Government
bonds and
Accrued
purchased—Liberty
obligations
1,796,791 61
Victory notes.
interest
paid
on
U.
S.
obligations
Government
purchased—Liberty bonds and Victory notes
One-year 5% gold bonds of the War
Interest
Finance Corp. redeemed
paid on one-year 5% gold bonds
Refund of overpayment of interest
Repayment of funds remitted to Corporation
Bond
expense
through error
(insurance)
Furniture and equipment
—
(reimbursable by borrowers)—
24,417,467 66
$8,601 38
3,202 48
11,803 86
paid:
$159,142 14
38,996 82
Washington
Agencies outside Washington
198,138 96
b$82,023,006 05
added to the original War Finance Corporation Act
Credits Act of Aug. 24 1921.
aggregating $19,847,626 79 originally applied for
Section 21 for export purposes, and
subsequently
340,438 09
173 88
6,706 52
purchased:
Agencies outside Washington
Salaries and miscellaneous administrative expenses
purposes
243,805 05
94,000 00
4,550 00
22,050 03
4,452 82
Refund of unearned discount on loans
$300,000 00
fruits
General agricultural
advances
approved under
$33,240,924 78
4,734,342 84
_■
—
"Washington
5,010,000 00
Sugar beets
Paragraph 2
Expense on account of loans
Granted for "Agricultural Purposes" Under
1) to Nov. 30 1921, Inclusive a.
Commodity-—
Paragraph 1
Disbursements on account ofi
C$51,524,209 34
Credits Act of Aug. 24 1921.
b Does not include
23,731,423 62
Section 24:
Total disbursements on account of advances
added to the original WTar Finance Corporation Act
was
$6,968,791 93
16,762,631 69
L_
Paragraph 2
$180,000 00
Sheet steel
Copper
250,600 00
Condensed
4,930 56
Paragraph 1
Amount.
1.000,000 00
Meat
section of the Act—
9—Cattle loans
Sections 21 and 22:
(a).
Commodity—
1,000,000 00
Textile products—
Inclusive
Advances under the following
Section
Financing Exports Under Section 21, 22 and
Amount.
Commodity—
War
Total disbursements from Dec. 1 1920 to
Balance due from Treasurer United
Total
Nov. 30 1921 __ $64,434,532 62
States Nov. 30 1921
-
—
397,784,868 30
$462.219,400 92
2770
THE
The following shows the statement of
Finance
CHRONICLE
condition of War
Current assets:
ton
pledged
'
■
held
$397,784,868 30
Loans (advances under the following provisions of the Act,
manner.
in
American
warehouses
until
the
a year a
suffi¬
of the advance—the cotton to be
time
was
opportune
for export.
The announcement of this loan stimulated considerable interest, and within
a
outstanding):
short
time
the
Corporation authorized advances to other co-operative
associations in Texas, Oklahoma and Arizona, as well as to banking insti¬
9:
tutions in the South, to assist in financing large quantities of cotton for
Railroads
$44,233,210 00
Public utilities...
export in
19.783,212 81
794.000 00
Cattle
658,733 55
loans
purposes.
In
Section 24:
the
---.-$33,345,415 01
a
Paragraph 2 (purchase of
Law
37,321,053 39
-
'
Expense of loans,
by
■
a
million bales
more
As
it
was
not
merely the agreement to finance
the ability to do so, that changed the situation in
important factor
the general realization that if
was
soon
there
as
for such additional amounts
so
that the
assurance
was
as
might be necessary.
industry would be adequately
buyers both at home and abroad
began to
resume
purchases
with considerable effect on the market for cotton and cotton goods.
$5,218,519 79
bor¬
rowers
Mills
dealers
who had been timid about
5,856 52
5,224,376 31
—
Public utilities bonds (par value $292,000).
58,400 00
Furniture and equipment (at cost)
izing effect
Less allowance for depreciation
in the normal way.
15,981 89
*
$545,744,121 48
ahead with their busi¬
The business outlook in the South
despair
The Southern
the South.
the
Total
sensed the stabil¬
soon
go
gave
was
changed,
But
to confidence and hope.
way
of the improvement in the cotton situation extended beyond
the benefit
3,024 09
low,
the market and were encouraged to
on
and discouragement and
$19,005 98
carrying stocks of cotton, and merchants who
had allowed their stocks of cotton goods to run
ness
Fixed assets:
States
large purchasers of the products of
are
East and West, and the increase in
North,
their buying power was
naturally reflected in other producing sections and in our manufacturing
and industrial centres.
Liabilities.
Capital stock (authorized and outstanding)
$500,000,000 00
_
conduct its business with the view of affecting
War Finance Corporation to
It is its duty, however, to offer adequate financing on a sound
prices.
(surplus to Dec. 31 1920).$37,899,019 58
Current year's earnings to Nov. 30 1921._
business basis; and if markets and prices are
7,540,589 35
i
b45.439.608 93
province of the
be pointed out here that it is not within the
It should
Capital and surplus:
Net earnings
Situation.
Cotton
which had feared that the bottom would drop out of the market,
loans.._.
reimbursable
the
Corporation could develop satisfactory methods of financing for 1,000,-
financed,
Other assets:
on
A
South.
But
or even
000 bales it could do
142,660,494 98
Accrued interest receivable
situation.
cotton
the
3,975,638 38
—
I
■
in
all, the Corporation agreed to finance approximately
million bales,
the
Edge
of
banks)
taken to
was
of cotton, and it w as not long before there was a marked improvement in
Paragraph 1 (agricultural and livestock
acceptances
»
Improvement
39,870,285 23
care
of orderly marketing, without encouraging holding for speculative
pose
Sections 21-22, paragraphs land 2 (exports)
In all these transactions
manner.
of the funds advanced by the Corporation solely for the pur¬
use
$65,469,156 36a
;
purposes)...
similar
a
insure the
Industrial corporations..
demoralized because of inade¬
quate financing, it would be natural for prices to be affected when the
financial deficiency has been met.
Current liabilities:
One-year 5% gold bonds, "series A," out¬
Other
standing
Interest
orderly
an
security fo rthe loan it would export within
as
cient quantity to repay the full amount
y;
W Due from the Treasurer of the United States.
Section
long-staple cotton until it could be exported in
Under the terms of this advance the association agreed that .out of the cot¬
Corporation at the close of business Nov. 30 1921:
Assets.
,
bales of
[Vol. 113.
$21,000 00
coupons
outstanding.
Accrued expenses payale (estimated)
15,000 00
loans
266,962 55
under its export powers
The Corporation indicated
its readiness to
agricultural commodities intended for export in accordance
finance other
37,550 00
on
confined to cotton.
not
were
1,550 00
•
Unearned disccunt
Agricultural Commodities Financed.
The activit ies of the War Finance Corporation
5% bonds,
one-year
on
with the methods that had been devised for financing cotton,
summarized
as
which may be
follows:
(1)
Total
or
All
a
loans
under
Section
9
were
made under
the
war
of the
powers
Corporation.
b All of the earnings of the Corporation constitute
no reserves are
set up
fund
reserve
a
(in
Corporation Act), therefore
Originally created
was
as a war agency, as
its
to
empowered by the Congress in March 1919 to assist in
It
authorized, in order
was
foreign nations through the extension of credits,
make advances
not
to the conditions of
war
exceeding $1,000,000,000 to American ex¬
porters and American banking institutions for the purpose of
financing the
domestic
of
products.
This authority was exerc'sed
May 1920, when the activities of the Corporation were suspended.
In the autumn of 1920, when the
collapse in
acute, the question of
until
matter of general interest;
a
Congress, in January 1921, adopted the following joint resolution
directing that the activities of the Corporation be resumed:
"That the Secretary of the Treasury and the members of the War Finance
Corporation are hereby directed to revive the activities of the War Finance
Corporation, and that said Corporation be at once rehabilitated with the
view
of assisting in
the financing of the exportation of agricultural and
foreign countries."
In view of the terms of the resolution, the evident intent of Congress,
and conditions throughout the country, the directors of the Corporation,
resuming operations, concentrated their efforts in the beginning largely
the
in
on
development of methods for the financing of exports of agricultural
raw
is
cotton
greatest
our
agricultural
export product,
directed first to this important factor in the problem.
was
fully canvassed and
trade in cotton
was
exports of cotton
on
every
possible
credit
were
attention
The situation
of promoting our export
means
carefully considered.
The best methods of financing
discussed at meetings held in
Washington
Atlanta, New Orleans, and New York, at which representative bankers
by the exporter to domestic insurers and carriers) not less than the amount
Large advances were authorized to cooperative associations on
institutions
on
as
development of the activities of the Corporation, it was in¬
With the
creasingly clear that export financing alone would not be sufficient to
the needs of
and of the conditions existing in this country, we were
and it became
banking facilities available in the South for the financing of cotton.
to
buy
on
increasingly
clear,
Sound business
credit
however,
men
there
that
the
were no
because of the risk involved
Many of them had made large purchases
on
situation
longer willing
in
in
Europe
or
anxious
exchange fluctuations.
credit following the armistice
and up to the latter part of 1920, and had suffered heavy losses on account
of the depreciation in exchange rates.
were
paid for in dollars but
which they would be compelled to sell.in manufactured, or even raw form,
in terms of European currency.
To meet this situation special
as
first step,
a
for this purpose.
was
ton
then
stored
and
the
was necessary.
foreign warehouses, and
But it
was soon
some
advances
were
suggested that it would be desirable to make advances
in
America
which
made
found that this did not solve the problem.
was
under
contract
for
Corporation agreed to render such assistance.
sale
to
on
cot¬
foreigners
Applications for
advances of this character, however, were not filed on a sufficiently large
scale
tojbecome
an
important factor, and
a
further step became
necessary.
Advances to Co-operative Associations.
Early in July the Corporation agreed to make
to
a
an
advance of $5,000,000
co-operative association in Mississippi to finance the carrying of 100,000
gradually than in
apparent that provision must be
This Is strikingly illustrated by our cotton exports.
of the exports for the entire year went
first six months—that is, from September to February, in¬
forward in the
But in
clusive.
1919-20 the exports during the same period
which
what
As
a
result, it
true of cotton was found to be true
which enter into
our
inquiry, that
abroad slow but it was demonstrated, after care¬
merchants and manufacturers were operating on
our own
the basis of the lowest possible
stocks, and were buying only to meet current
This naturally resulted in forcing large
which
normally
upon
And
of other agricultural products
export trade.
Not only was the market
ful
constituted
to earn' forward into
1,500,000 to 2,000,000 bales
was necessary
formerly would have been exported during the first six months.
was
are
carried
by
quantities of raw ma¬
jobbers, and
which do their
mills, wholesalers,
the original producers and the banks
their products as rapidly
as formerly, large numbers of them were unable to liquidate their loans, and
an unusually heavy burden was imposed upon the local banking institutions,
The producers were unable to market
financing.
seriously straining their resources and facilities.
tress
A condition of acute dis¬
if disaster was
situation.
developed in the agricultural sections of the country, and
to be averted
extraordinary action was needed to meet the
The
After
a
Agricultural Credits Act.
careful study of the
Avhole problem, certain amendments to
War Finance Corporation act were
and embodied in the
The Corporation,
offered to make advances to finance the carrying of stocks
of American cotton in
It
<
action
more
In the cotton year 1910-11, 81%
reluctant, therefore, to
contract ahead for goods which would have to be
They
and
commodities in larger quantities for a longer
period of marketing.
retailers, back
became
more
made for the carrying of our
the War Finance
appointed by the President to study the
confronted with the
necessity of selling our staple agricultural products more
former years;
meet
On account of the changed situation in Europe
agriculture.
terials,
had changed.
machinery, also were
Export Financing Alone Not Sufficient.
of the Treasury, the Secretary of Commerce, and the managing director of
It
involving the exportation of manufactured products,
railroad equipment, copper, and sugar-mill
demands.
was
A limited
condensed milk, and meat products.
tobacco,
number of applications
such
wheat,
and canned fruits and vegetables, and to exporters or banking
dried fruits,
and exporters were present: and a committee, consisting of the Secretary
Corporation,
of
of the advance.
the second six months of the cotton year from
Financing Cotton Exports.
As
agricultural products
aggregate amount (including insurance and freight if paid
only 51 % of the total.
commodities.
was
be marketed abroad in an orderly man¬
approved.
and the
other products to
the advance, to an
commodity markets became
exports again became
our
For shipment within a definite period, the products to be held in ware¬
the applicant to give definite assurance that the
ner,
implies, the War Finance
and to aid in the transition from the conditions of
peace,
and bankers for marketing
pledged as security for the advance will be exported, before the maturity
name
the task of reconstruction and readjustment.
to promote commerce with
be held there for account of American exporters
out of warehouses.
houses in this country until they can
Activities Revived.
definite contract of
For prompt shipment to warehouses in foreign distributing points, to
(4)
against contingencies.
We also take the following from the report:
exportation
For future shipment within a reasonable time against either prompt
deferred payments, where the products are under a
sale.
(3)
accordance with Section 15 of the War Finance
Corporation
For prompt shipment against deferred payments.
(2)
$545,744,121 48
and banking institutions, but also to dealers
in, and handlers of, agricultural products, including
for the purpose of financing the
or
cooperative associations,
carrying of such products until they could be
sold for export in an orderly manner.
made until July 1 1922,
The act
Corporation, and gave it authority to make
advances not only to exporters
exported
1921.
agicultural credits act of August 24
broadened the powers of the
the
proposed, considered by the Congress,
Such advances may be
time for
for periods not exceeding one year, but the
Corporation, be extended for periods
from the dates upon which the advances were
payment may, in the discretion of the
not
exceeding three years
originally made.
persons,
our
The Corporation also was authorized to
make advances to
which purchase
firms, or corporations outside of the United States
agricultural products, on condition that all notes or other instruments
evidencing such advances "shall be in terms payable in the
United States, in
Dec. 31
of the United States, and shall be
currency
or
THE
1921.]
indorsements in the United States, or
collateral,
or
secured by adequate guaranties
acceptable
securing marketable
by warehouse receipts,
other instruments in writing
title to agricultural
conveying or
products in the United
States."
'
2771
CHEONICLE
tions
only.
CLEARING HOUSE ASSOCIATION.
TACOMA
:
Tacoma, Washington.
November 18 1921.
V;vAdvances for Agricultural Purposes.
make advances to "any
bank, banker or trust company in the United States,*' or to co-operative
associations of producers, which may have made advances for agricultural
purposes, including the breeding, raising, fattening, and marketing of live
stock, or may have discounted or rediscounted notes, drafts, bills of
exchange or other negotiable instruments issued for such purposes.
Such
advances may be made for periods not exceeding one year, with discretion
in the War Finance Corporation to renew them for periods not extending
The
also
Act
bank transac¬
publish thereafter instead, figures showing
empowered the Corporation to
which the advances were originally
made.
In exceptional cases the Corporation was authorized to purchase
from domestic banks, bankers, or trust companies paper secured by agrimade.
In exceptional cases the Corporation was authorized to purchase
cultural products, including live stock: and it was further authorized to
purchase, sell, or otherwise deai in acceptances, adequately secured, issued
by Edge law banking corporations, to assist them in promoting the expor¬
tation of agricultural and manufactured products.
The Act provided that ail advances shall be made upon promissory note
or notes, or other instrument or instruments, in such form as to impose
on
the borrower a primary and unconditional obligation to repay the
advance at maturity, with interest as stipulated therein, and shall be
fully and adequately secured in each instance by endorsement, guaranty,
pledge, or otherwise.
The aggregate amount of advances made and
paper purchased and outstanding at any one time was limited to $1,000,000,000, and the Corporation was authorized to issue its bonds to the
extent of three times its capital
stock, or $1,500,000,000.
The term
"bank, banker, or trust company" was di fined as including "any reputable
and responsible financing institution incorporated under the laws of any
State or of the United States, with resources adequate to the undertaking
beyond three years from the dates on
TFm. B. Dana Co
New York City, N. Y.:
.
Gentlemen:—No doubt you are aware that at a
House Section of the American
meeting of the Clearing
Bankers Association at the annual conven¬
of this year a resolution was passed
tion held at Los Angeles in October
1 1922, the publication of "bank
recommending that beginning January
showing "bank transactions" be
clearings" be discontinued and that figures
publicity heretofore given to bank clearings.
thereafter given the
giving rise to figures showing
recognized that such figures have but
transacted in a community.
The daily totals were easily available and in the absence of a better criterion
it was natural that they should be compiled and published and perhaps
just as natural that greater significance should come to be attached to them
Among those conversant with the processes
"bank clearings"
it has iong been
iittle value
index of the actual business
as an
their value justifies.
than
A
,...
the Clearing House Section of the American
Association instituted a movement designed to bring about the
number
Bankers'
of years ago
compilation of figures which would show the totals of all checks paid by the
clearing houses, and while progress has been
member bank in cities having
140 cities in the country where
somewhat slow, there are to-day
These "bank transaction" figures have
la^t ten years and
far
a
as
such figures
compiled and available for statistical purposes.
are
more
could be
than
provide
a
been compiled in Tacoma for
basis for comparison during that period as
accurate indication of the
neany
secured in
other way.
any
Recognizing the facts cited herein, at a
meeting of this Association held
ordered that beginning January
puolicity be given only to figures showing "bank transactions."
Thursday, November 17th, it was
v
:
,
the
well
actual business transacted
1 1922,
Vours respectfully,
R.
R.
•
MATTISON, Manager.
contemplated."
Agricultural Loan Agencies
Established.\
In
the Corporation to
and efficient administration.
necessarily was
required to perfect an organization.
To facilitate the handling of appli¬
cations from banking and financing institutions for advances for agricul_
tural
purposes it was
decided to establish agricultural loan agencie
in the important agricultural and live-stock districts.
Committees com-s
posed of public-spirited bankers, business men, and others, who serve
without compensation, were designated to take charge of these agencies,
to receive applications,
to pass upon the security offered and to make
recommendations to the board of directors at Washington for review and
final action.
In considering applications they were authorized, whenever
in their judgment such action was necessary,
to call for additional in
formation, including statements of condition of the makers or endorsers
of notes, drafts, bills of exchange, or other evidence of indebtedness offered
the passage
After
the law was nationwide in
As
as
of the Act, steps were taken by
the necessary machinery for its prompt
set up
its application, some time
collateral security for the advance
applied for.
agricultural paper,
Corporation is accomplishing two important and necessary things;
it is, first of all, enabling the banks with slow assets to carry the existing
loans of their farmer customers for a longer period, thus removing the
necessity for forced liquidation and relieving the financial pressure which
otherwise would make it necessary for large numbers of our producers to
sacrifice their products without regard to the consuming demand.
It is
also putting many of the banks, especially those which are in good financial
condition, in funds for making new loans and for taking care of the needs
of farmers and stockmen in the surrounding territory to the extent that
their individual credit may warrant.
In other words, the work of the
Corporation is strengthening the banks with slow assets so that they can
"carry on" with their old agricultural loans, and at the same time it It
bringing the stronger, banks into the situation and putting them in position
to do new business which, without such help, they could not or would
these
institutions on the basis of their
the
not do.
Situation
The
Without Parallel.
Corporation was called upon to
deal with an emergency situation,
aftermath of war, that is without parallel
It was confronted with the task of developing,
auxiliary banking sytem to supplement existing
2034), reference was made to
the Baltimore Clearing House to
2034.
issue of Nov. 12, page
HOUSE ASSOCIATION TO DIS¬
CONTINUE PUBLICATION OF
19 to discontinue,
Dec.
on
within
a
of the world.
short time, an
Considering the magnitude of
the task involved, it is felt that noteworthy results have been achieved.
The service rendered by the Corporation can not be measured by any
mere financial statement of its operations.
Entirely aside from the direct
BANK CLEARINGS.
(Conn.) Clearing House Association
The Hartford
voted
the first week in January, the
publication of bank clearings—a
practice followed for about
forty-five years—and. to make public instead only the fig¬
ures for total debits to individual accounts.
The Hartford
"Courant" of Dee. 20, from
The clearings will be
for
publication.
about a year
C.
Mason
and
be given out
Total debits to individual accounts have been kept for
a half, but have not oeen given out.
Secretary Arthur
has the record.
the
In its issue of Dec. 21
Total
which this is learned, said:
recorded as at present but will not
debits
same paper
stated:
clearings and are
individual accounts far exceed the
to
maintained to be a much better
guide for bank activities.
To explain the
main reasons. The first is the fact that checks
come direct from the Federal Reserve to the banks and do not pass through
the Clearing House.
Added to this is the fact that intra-bank checks,
those not going to another bank, do not pass through clearings.
There
may be other causes to swell the total debits.
The following comparative table shows clearings and total debits to
larger figures there are two
individual accounts for
the days given:
.
Total Debits.
Clearings.
resulting from the chaos and
in the history
discontinue
Oct. 22 (page
1725) we alluded to the opposition of a committee of the
Cleveland Chamber of Commerce to the movement initiated
by the St. Louis Chamber of Commerce for the suspension
of the publication of figures of bank clearings.
The resolu¬
tion of the American Bankers' Association, adopted at the
recent convention at Los Angeles, was published in our
American Bankers' Convention number and in our weekly
publication of bank clearings, while on
the
HARTFORD CLEARING
Financing Institutions.
The Corporation is not authorized under the law to deal directly with
individual producers.
It is reaching the farmer not only through co¬
operative associations, but also through their local banking institutions—
the institutions with which they are accustomed to do business and which
are in close touch with the conditions in their communities.
By making
to
issue of Nov. 12 (page
the plans of
Helping the Farmer Through
advances
our
Monday, December
1,253,268 81
17---
Saturday, December
$4,445,876 94
3,804,411 41
$2,821,461 28
$8,250,288 35
$1,568,192 47
- —
19
financial facilities during the emergency.
aid given by it
through the exercise of its powers and the application of its
service and exerting an influence which is exceedingly
Total
—1
-
Clearing House Association
probable that the week for scoring under the
C. Mason of the Hartford
Secretary Arthur
said
yesterday that it was
new
system would
begin on a Wednesday.
funds, it is rendering a
existence, with
confidence, has
opened up other avenues of credit, and has facilitated the financing of
transactions through the usual channels.
In many cases advances author¬
ized by the Corporation have not been consummated because the applicants,
strengthened by the assurance of aid from the Corporation, have been able
to obtain in other ways the credit facilities they required.
In fact, the
experience of the Corporation has been that wherever it has lent, or agreed
to lend, a dollar, it has produced confidence to such an extent that others
helpful from the psychological point of view.
Its very
large funds at its command, has tended to inspire
the
were
willing to advance many
The results a
dollars.
ready obtained indicate
clearly that the right methods have
Although much remains to be done, the activities of the
Corporation to date have had an appreciable influence in hastening the
return of more normal conditions in the marketing of agricultural commodi¬
ties, and this influence is growing as the volume of business increases and
the significance of the work of the Corporation, with its great resources
and willingness to help, is being brought home to the financial, industrial,
and agricultural world.
been
adopted.
DES
MOINES
(WASH.) CLEARING HOUSE TO
PUBLICATION OF BANK
OF BANK
We have received from
ABANDON
CLEARINGS IN FAVOR
TRANSACTIONS.
R. R. Mattison, Manager of
the
(Wash.) Clearing House Association, the following
advices anouncing the decision of the Association to dis¬
on
Jan. 1 the publication of
bank clearings, and to
TO
CLEARING
"Register" of Dec. 15, the
that city is preparing to dis¬
continue the publication of clearings figures and to make
public in lieu thereof figures showing only bank debits to
According to the Des Moines
Clearing House Association of
The "Register" says:
and Manager) that a plan
is in preparation for adoption here and throughout the country whereby
figures showing bank debits to individual accounts will be published in¬
stead of bank clearings to show changes in business conditions.
Details,
he said, are being worked out by a committee of the American Bankers'
individual accounts.
It
was
announced by Mr. Capps (Secretary
Association.
Mr. Capps explained,
do not accurately reflect
actual
items passed from one local
bank to another.
Remittances to other cities are left out.
Figures rep¬
resenting total charges to all accounts in banks, he said, afford a much more
reliable index of the amount of business done.
He added that the plan
for publishing totals of such charges, and discontinuing publishing of clear¬
ings, is making rapid progress, and probably will soon be put in force.
business transactions,
because they include only
Total Debits
Tacoma
continue
HOUSE ASSOCIATION
FIGURES.
Bank clearings,
TACOMA
CLEARING
DISCONTINUE PUBLICATION OF
Total debits to
Reported.
Moines in the twelve-month
said, were $2,460,977,175. This fig-
individual accounts in Des
period ended Dec. 1 last, Mr. Capps
THE
2772
ure
with $3,443,920,580 in the
compares
corresponding period ended Dec. 1
debits, therefore, a greater business slump is
that revealed by the comparison of the clearings.
It
On the showing of the
1920.
than
discovered
that 1920 was an abnor¬
mal year not likely soon to be duplicated, and not furnishing a correct
basis for comparisons.
He pointed out that a comparison of the debits
this year with those of 1917 ($1,595,594,000), or 1918 ($2,172,723,000),
shows transactions in 1921 to have stood up very well.
Even in 1919, a
boom year, the debits amounted only to $2,926,668,000.
In analyzing these figures, it is necessary to bear in mind, Mr. Capps
said, that the 1920 showing reflected the wild speculation and inflation of
recognized, however, Mr. Capps said,
is generally
the
Operations conducted on
boom.
post-armistice
unsound price
an
business to carry the debits
said, which is not likely to be reached again for years.
basis, combined with much practically fictitious
total to
a
level, he
L. M. Barlow of the Iowa Trust &
Savings Bank has been
Clearing House, succeeding John
elected President of the
Vice-President of the Des Moines National
Bank.
Leland Windsor of the Central State Bank, who has
been Second Vice-President of the Association, has been
made First Vice-President.
C. H. Stevenson, Cashier of
H.
Hogan,
has been elected Second Vice-Presi¬
the Bankers' Trust Co.,
National Bank,
dent, and J. It. Capps, Cashier of the Iowa
analyzed the report of the Federal Reserve
and Manager.
TO
TION
FIGURES OF CLEARINGS.
decision
The
Clearing House
(Del.)
the Wilmington
of
Association to discontinue the reports of total clearings,
weekly and monthly, and to report instead total debits, is
announced in a letter which we have received from George
General Manager of the Association, from which
F. Baird,
not insert it
a
Wilmington Clearing House Association .held
communication from the Clearing House Section of the
Bankers1 Association
requesting that instead of reporting total
read
was
of clearings weekly and monthly the
be
was
of charges
to individual accounts
the following reso¬
adopted:
"Resolved
debits in
total
In conformity with this request
reported instead.
lution
American
member
bank report
Manager the total
to the
deposit accounts on day of the week to conform with Federal
Reserve requirements
(Thursday morning as of the close of business each
Wednesday)."
cisms, and
criti¬
mismanage¬
really far worse than he had alleged.
Sena¬
presenting the letter to the Senate on Dec.
completely confirms all of his charges and
to the Senate
that the extravagance and
proves
ment have been
in
tor Overman
19 said:
the greatest
think
I
President,
Mr.
avoided
a
passed in the interest of the people.
On account of certain charges made on the floor of the Senate and
press
The
Clearing House Section of the American Bankers'
tions
were
recently reported that clearing house associa¬
in the process
of organization in the cities of Alton,
Also that
111., and Hazleton, Pa.
tion
Seattle
a
clearing house associa¬
recently organized in Enid, Okla., and that the
was
Clearing House Association has decided to install the
clearing house system of examination and
be
appointed within
an
examiner will
short time.
a very
the part of certain Federal Reserve
amazing statements
have spent more than $17,York—the finest, most extravagant
bank building in the world, costing more than any public building in
Washington; more than the Capitol in which we sit here, which cost $15,000,000.
They paid the architect and engineer more than $1,000,000.
There are some of the most
Senators would read it.
One statement is that they
contained in it.
000.000 for
a
bank building in New
furniture.
They appropriated $800,000 for
spent $36,000,000 for
Besides that they have
was
In the last few years they have
public buildings in various places in the country.
increased salaries since 1919, when everybody else
In an amazing manner they have increased
in excess of $7,000,000.
reducing salaries.
CLEARING HOUSE
J.)
ASSOCIATION.
In furtherance of
these
I think we ought to have a farmer on
reasons,
he may be able to bring about
by-laws, prepared by
a
the draft of
a
committee of four,
a
clearing house
constitution and
was
approved by
representatives of eight banking institutions on Dee.
The Newark "News" of Dec. 14, which is
13.
Let
York
me
call particular
attention to some of the salaries paid in the New
more
than $20,000, twenty received over
received
Six
banks.
$10,000.
have taken men from the various
They
quintupled their salaries.
The draft, which was gotten up by Spencer
S. Marsh,
Vice-President and
Secretary and Treasurer of the Ironbound Trust Co.; William C. Pearson,
Vice-President of the Fidelity Union Trust Co., and Elmer S. Carr, Secre¬
The law
requires that 40% of the net receipts
of these banks should be
to Congress in the
be amended, permitting
maximum surplus of more than
vision
also
for
associate
member
banks
under
and contains
certain
conditions.
a
pro¬
The
original member banks will be the National Newark & Essex Banking Co.,
before the Senate
1920-
offer the
I
represented
yesterday afternoon the different banking institutions
as
follows:
Fidelity Union Trust Co. by Uzal H. McCar-
Bank
by
William
I.
Cooper,
President;
Merchants'
&
Manufacturers'
National Bank by Adrian Rikcr, its President; Julius S. Rippel and Arthur
L.
Phillips; Federal Trust Co, by Edward Maguire;
by Meyer Kussy, President; Ironbound Trust Co.
West Side Trust Co.
by J.
Harry Bacheller
President, and Mr. Keisler; American National Bank by Charles Niebling,
Senator Heflin,
in
inst.
analysis.
TURAL INTERESTS ON FEDERAL RESERVE BOAtiO
—RENEWAL OF EX-COMPTROLLER WILLIAMS'S
ALLEGATIONS.
During the discussion in the Senate
making provision for
Reserve
Board—the
an
new
have
the
of
representation
to
on
Dec. 19 of the bill
be
representative of
agricultural interests—Senator Overman caused the inser¬
tion in the
date
of
"Congressional Record" of
Dec.
John Skelton
2 from former
Williams, and
ber of the Federal
as
amendment to the
the Board, referred to the charges
on
Comptroller Williams, saying in part:
of former
President,
I am heartily in favor of the amendment
Senator from South
shall be members of the
The law now requires that two bankers
Then why should agriculture be denied
Board.
member of the Federal Reserve Board.
have felt the
need of
a
offered by the
It ought to have the approval
Carolina (Mr. Smith].
member in the Senate.
of every
proposed
whereby agricultural.interests would
During several months past
farmer on that Board.
For months and months
prior to 1920, before a change came over the spirit of the dreams of the Fed¬
eral Reserve Board, the Board functioned properly, and I wish to say a
word of
praise for it from the time it was
however,
the
obedient
Prior to
servant
1920
Reserve banking system had exhibited such
and had rendered such valuable service that it was gen¬
erally recognized as the greatest
banking institution ever established in the
States.
business-disturbing and panic-breeding institutions of the country
and in season
ness.
In 1920,
and, consciously or unconsciously, became
of Wall Street.
the Federal
marvelous strength
appointed up to 1920.
properly; it ceased to be of value to honest
it failed to function
banking business in America,
the Philistines feared and hated Samson,
and out they have tried to deprive it of its power
As Samson's strength
erning power of the
Reserve Board
and useful¬
resided in his hair, the directing force and gov¬
Federal Reserve banking system resided in the Federal
In Washington. So long as that Board had an
located here
single to the business needs of the whole country and demanded that
those needs be served with the money and credits necessary to keep the
eye
additional member of the Federal
member
endorse,
Federal Reserve Board, but,
be inserted in the "Record" as a part of my
feared and hated it as the lords of
CALLING FOR REPRESENT AT ION? OF AGRICUL¬
made by John
There are some remarks in his
in expressing himself m the Senate on the
favor
Federal Reserve Act,
The
BILL
In Chicago the
Francisco, §945,861, and in
drastic character, which I do not exactly
nevertheless, I ask that it may
United
President, and the City Trust Co. by Mr. Carr.
1919.
remarks.
we
ter, its President, and Charles II. Imhoff and Mr. Pearson; State National
generally from 1919 to
They have in¬
to every one of them.
particularly his extreme strictures upon the
one
At the meeting
as
I have an analysis of this report
Kansas City $595,495.
Skelton Williams, a very critical
letter which are of a very
Ward National Bank, Fidelity Union Trust Co., Federal Trust Co., West
were
thing
same
creased the salaries in New York $1,168,984 smce
National State Bank, Merchants' & Manufacturers' National Bank, North
Side Trust Co., Ironbound Trust Co. and the American National Bank.
100%.
for consideration
and before the House of Representatives for consideration, that the Federai
Reserve System was not intended to make a cent of profit, that it was
to be run entirely in the interest of the people; but they have been making
so much profit, after getting the law amended so they could retain 100%
surplus, that they did not know what to do with it, so they are wasting
it by increasing salaries over $7,0C0,0C0 since 1919, and by erecting these
extravagant, magnificent buildings, one of which cost more than any public
building in Washington, more than the Capitol itself.
I ask permission to insert in the "Record" as a part of my remarks,
without reading, a list of the salaries in the Federal Reserve Bank of New
York and the Federal Reserve Bank of Richmond, as well as the statement
the bill was
It was also stated, when
Mr.
proposed member banks for their approval.
The constitution provides for nine member banks,
in
paid in the Treasury as a franchise tax, but they came
tary and Treasurer of the City Trust Co., will be submitted to the boards
of the respective
have quad¬
They have increased salaries
New York alone $509,800.
19th
Cashier of the National Newark & Essex Banking Co.; Rufus Keisler Jr.,
banks in New York,
getting three or four thousand a year, and
where they were
authority for this,
says:
certain much-
needed reforms.
salaries have been increased $1,408,000; in San
movement to establish
a
association in Newark, N. J.,
the
salaries in the several districts in an amount
showing the increase in salaries of the bank officers
PROPOSEDJNEWARK (N.
in the
of money and extrava¬
banks, I introduced a resolu¬
asking the Federal Reserve Board whether those charges were true or
Their report in reply to that resolution has come in, and I wish
throughout the country of an amazing waste
the Federal Reserve banks to create a
Association
piece of constructive legislation
hundred years was the Federal Reserve Act.
It has probably
many panics.
It helped us to carry on the war.
That bill was
passed in
Sixty-sixth Congress and requested that the law
CLEARING HOUSES IN PROCESS OF ORGANIZATION.
account
that the Board's report
in his advices to Senator Overman
rupled and
each
that
on
here, because it covers the same
that board, in the hope that
At the last meeting of the
Dec. 6
expenditures
as
This letter is extremely long and we
buildings.
new
Therefore, for all
quote as follows:
we
well
do
ground as that
covered by Mr. Williams in his previous communications,
all of which we have printed in full.
Mr. Williams contends
of
not.
(DEL.)
salaries of employees of
mation from the Board relative to
Federal Reserve banks, as
tion
CLEARING HOUSE ASSOCIA¬
DISCONTINUE PUBLICATION OF
WILMINGTON
Board, made in
Overman's resolution calling for infor¬
to Senator
response
gance on
has been re-elected Secretary
[Vol.. 113.
CHRONICLE
a
letter to him under
Comptroller of the Currency
such formerly ex-officio
mem¬
Reserve Board, in which Mr. Williams
body of business strong,
all was well in the banking and currency business
evil hour in 1920 the Delilah of Wall .Street
Board, the head of the Federal Reserve banking
of the United States, but in an
took the Federal Reserve
spell to be thrown upon it while it
did not see or feel as it did before.
Just as the
of the Philistines captured Samson and rendered him harmless to
and impotent to serve his own people, the money lords of Wall 8treet
sys-em,
into her lap, and she caused a
slept, and when it awoke it
lords
them
captivated and hypnotized the Federal Reserve Board, and while rendering
it useless to the business needs of the people they made it subservient to
themselves.
Dec. 31
1921.]
The conduct of the Federal Reserve Board for several months
been miserable,
condemned by farmers,
to-day and lending money on, whiter than that you
past has
Board,
■country/and its conduct will go down in the history of this decade as a
crime
against agriculture,
commerce
in small towns,
bankers
regardless
United States—I mean the country
I hope
I
member of the Federal Reserve Board as soon as another vacancy
The business of agriculture is entitled to this
occurs.
Justice and fair play justify us in demanding it.
industry and the grain industry
When the cattle industry and the cotton
"Paradox,"
a paper
of New York was
both conspicuous
speculative operations, more money than all 12 of the Federal
Reserve banks were ever loaning at any one time on agricultural and live
States of the Union.
this Board has become the subservient tool of Wall Street,
There can be no sound defense of that Board's de¬
people.
flation conduct, and I do not know
why the President continues to hold it
in power.
'"kV
and makes
goes out
Board to the
a
He says we do not understand this system, that the
people.
In response to a question of
that it is somebody down the line.
Harding admitted before
Agriculture of the Senate and the House a year
the Joint Committee on
this December that no bulletin or order of the general policy of any
Reserve bank was printed
and circulated unless and um.il it had the approval
And that is true.
Reserve Board.
Federal
of the
responsibility for the conduct of this system.
We
administered,
System
was
Republicans
got
as
Reserve Board got jealous of the War Finance
lion, fearing that the cotton farmers would obtain money
Corpora-
<hrough it, and
price of cotton would advance to where it would pay the cost of
*ha. the
production and give the farmer
a
The other day the Federal
little profit.
bale on the day it did it.
a
Mr.
what right had the Federal
President,
purpose?
at the cotton
Have
It did it and estimated it above wha. the Agriculture Depart¬
of the crop?
Was it trying to affect the market
ment estimated it.
sor.
of thing?
President, 1 mentioned here the other day what I
Mr:
that out in the Northwest oats are selling for about
I ordered
just
a saucer
desire to repeat,
17 to 20 cents
a
bushtl.
of oatmeal this morning and it cost me 15 cents.
1 ate
Senator sitting near me
reminds
me
ihat in
they charge 30 cents for a saucer of oatmeal.
some
spending 65 to 67 cents a bushel in producing oats, is driven into the market
produce upon
a
dead market, where he sells it at less than it cost to
It is some job to carry a bushel of
breakfast
full of oatmeal cost me 15 cents.
That is the
produce it, for only 17 cents a bushel.
oats on
shoulder, it is
your
this morning a little saucer
a
pretty good load, and yet at my
proof of what we are getting under the
^y
their fruit
The
ye
Republican Administration.
"And
shall know them."
industry of the
cotton
last
values
the market values as of
United States Liberty and
publication of the convention,
November 1 1921, and dividing the sum by two.
Victory Loan bonds when acquired by
shall be carried at not less than par,
subscription from the Government
otherwise shall be
and those purchased
of its securi¬
bonds shall be
valued according to the market quotation on date of said transaction.
Any
securities acquired during the calendar year 1921 shall not bo carried at
above the actual market value as of December 31 1921, and values for the
annual statement for the year ending December 31 1922, shall be the actual
market quotations as of that date except in tho cases of Liberty and Victory
If any company exchanges any
carried at the purchase price.
ties
or
real
Liberty
estate for
Victory Loan bonds, the
or
Loan bonds given above.
In
arriving at
securities
a
acquired
are
Bonds.
-
,
Loan bonds, when such
otherwise than through original subscription, they
value for Liberty and Victory
shall be carried at the
December 31
purchase'price or the market value on
1921, which is greater, and when
real, estate or other securities are
exchanged
shall be carried at the market
the actual market value on
December 31 1921, whichever is greater.
Actual December 311921, market
quotations for United States Liberty and Victory Loan bonds will be given
for Liberty or
quotation
on
Victory Loan bonds the bonds
the date of the transaction, or at
in the securities valuation book.
All securities
acquired
'
and after January 1 1921,
on
shall be carried at
of December 31 1921.
•
Exchange Quotations.
Actual market
quotations as of December 31
"
_
1921, except in the case
of
contained in the securities
Stock Exchange quota¬
tions, the Now York quotations being used if the security is listed thereon,
otherwise quotation from the exchange where the security is most exten¬
sively dealt in.
The rate should be based upon the best price obtaining on
December 31 1921, taken to the nearest one-tenth of 1 %.
In case there are
no sales in listed securities on December 31 1921, the price obtaining in case
of a sale, if any, at date nearest December 31 1921, should be used as a basis
Liberty and Victory Loan bonds, will not be
They should bo obtained from
valuation booklet.
prior to or
provided date of sale is not more than ten days
Valuations used in auditing statement
places in this city
Yet the farmer of the West,
place by the policy of the Federal Reserve Board, and made to dump all
of his
set forth in the
which will be ready for dis¬
shall be obtained by adding to the
subsequent to
December 31 1921.
small saucerful.
a
A
That
It appears
Does President Harding
break the price.
that the Board was trying to
Indorse that
injuriously?
It broke the price of cotton about $5 a bale.
is what it did.
preparing the Book of Security Valuations,
Reservje Board to give out
What authority has this Board to give out an estimate
gin ?
statements
Liberty and Vic¬
values to be shown in the 1922
values of securities for annual
Have we not an Agricultural Department
not the Bureau of Census to take statistics
we
In
tribution early in January, values
actual market quotations as
estimate of the cotton crop?
for that
companies, societies and as¬
edition of the securities valuations booklet.
the cotton crop and broke the price
Reserve Board gave out an estimate of
of
of the National Convention
resolution which provides some
acquired prior to January 1 1921, other than
Value of Liberty
few Northern Democrats and one or two Northern Re¬
that the Federal
a
tory Loan bonds, shall be carried at the mean
being mal-
and we passed a bill reviving the War Finance Corporation.
if it woUid do some good, and it has done some good.
It seems
publicans,
I* looked
They can not dodge
Western
and
Democrats
Southern
and
a
sociations in arriving at the market
They control it.
Banking
Reserve
Federal
the
that
saw
together with
an
'■
speech, and undertakes to explain the actions of the
Congressman Byrnes of South Carolina, Governor
$5
'
^
responsible, that it is the member bank, that it is the Reserve
Board is not
Bank,
'"'!V
i
the Governor of the Reserve Board
Mr. President, every now and then
has adopted
Commissioners
modifications of the rule heretofore observed by
It does not meet the needs of
and that it does not function properly now.
the American
The Committee on Valuation of Securities
Insurance
Securities
read that for the purpose of proving that I am correct
Mr. President, I
in saying that
printed
the following:
for their
stock paper in all the 48
the "Wall Street Journal"
In its issue of Dee. 20,
rendered great service to his country by giving
Official reports show that the Federal Reserve Bank
loaning to two banking institutions in New York City,
VALUED ON NEW
BE
TO
BASIS.
workings of the Federal Reserve Board, says:
the inside
SECURITIES
INSURANCE
pub¬
Comptroller of the Currency, and a man of great ability and of unimpeach¬
ago
in criticism of the Board.
in the other branch of Congress,
I believe, John Skelton Williams, formerly
State of Texas,
in the
able integrity, one who has
•
some
after those interests.
look
Mr. President, in an article contributed to the
lished
Speeches have been made in this body time and
Board
banking system, we want a real farmer on the Federal Reserve
serve
to
Federal Re¬
in distress and need financial aid and have to call on the
are
We are entitled to lay
He must bear it.
responsibility.
what Is
Board.
President, but I know that the President
time again,
No¬
body has ever defended the conduct of this Board; nobody can defend it.
Of course, I suppose there will be some of the friends of the Board who will
indorse its policy, and they will, of course, be conscientious in their views,
but they do not know the situation.
I am sure if they did they would
join with us in criticising and condemning the conduct of the Board.
and
We demand it.
recognition.
the
it at his door.
President to appoint a practical farmer as a
which requires the
Senate
must take
Chicago look on and
in favor of putting in the law this provision now before the
am
without
that some time he will wake up to a full realization of just
I do not know who is advising the
the cattle industry, and the cotton industry and other
industries of the United States, while Wall Street and
applaud.
This is
I have said all that I care to say at this time.
question I do not intend to let any opportunity pass
going on as a result of the destructive policy of the Federal Reserve
To-day the Federal Reserve Board holds its foot upon the neck of
the grain industry,
market,
they murdered the cotton
bringing it to the attention of the Congress, the President, and the country.
complaints, indignations and grievances of the honest bankers of the coun¬
try.
they did it,
When
price.
of the
such a serious
Federal Reserve Board that would bristle with the
dictment against the
To drive these farmers into the
policy inaugurated ?
that
Mr. President,
would
they had said against its conduct, they would draw an in¬
not know what
it."
on
industry in the South.
the bankers in large towns, and the bankers in
of the cities—knew that this tyrannical Federal Reserve Board
many
was
not borrow
place and make them sell their cotton and dump it on the
market
Mr. President, if the bankers of the
can
you
Why
and honest banking in the United
States.
He says, "I made
They answer, "Then, under the policy of the Federal Reserve
it in 1919."
merchants and bankers, and others all over the
loaned money on last
They say, "When did you make that cotton?"
year."
It has been criticised and
Inexcusable and indefensible.
2773
CHRONICLE
THE
y
South is prostrate to-day,
and cotton is
were
prepared by adding to
of insurance companies
for 1920
values set forth in last publication of the
Commissioners the market values as of
National Convention of Insurance
November 1
were
at
except that
Liberty and
subscription from the
Government
1920, and dividing the sum by two;
Victory Loan bonds when acquired by
carried at not less than par,
and those purchased otherwise were
If any company exchanged any
purchase price.
carried
of its securities or
real
valued according
to the market
value of said Liberty or Victory bond on the date of said
transaction, and in no case was the value of any security to be fixed at less
estate for
Liberty
or
Victory Loan bonds, such bonds were
than the market value as of
December 31 1920.
selling below the cost of production; yet the Federal Reserve Board officers
sit back and fan themselves in their
a
comfort and put up a marble temple,
banking institution, in one city costing nearly $30,000,000.
they to raise the discount rate from 3 to
had
POSTMASTER GENERAL
What right
7% and accumulate that
SAVINGS
money—take it away from the poor, struggling industries of the country
and hold it, and then dish it out to
build
marble banking temple in New
a
York, with its bronze doors costing $25,000«each,
•of that Bank's
I will give you
another result of this Board's deadly deflation policy.
Tho Board sent out word to the
What do
1919.
in
that I bought
tell
you
banks not to lend money on cotton produced
think of that?
Suppose I had a Liberty bond
in 1919, and wanted to borrow money on it.
not to borrow money on
me
and increasing the salaries
officials?
Could anybody
it unless it was bought in 1920
or
1921?
secured, given by a party responsible in every
way, and I extended the note and carried it from 1919, and wanted to
borrow money at the bank and put it up as collateral; if it was good, would
anybody refuse to lend me the money because the note was originally made
Suppose I had a note, well
He could not if he had any sense of decency and honesty about
in 1919?
him.
can
at
What right had
this Board to say to the farmers of the South, "You
not borrow money on
cotton made in 1919"?
Mr. President, in order to show
a
There was not much,
man
had
a
it stored in
a
how ridiculous that position is, suppose
hundred bales of strict middling cotton, white like the snow,
whiter than the grades
produced in 1920
or
1921, if you please, and he had
and
warehouse, nothing had harmed it, it was perfectly dry,
he could not sell it for a
price that would cover the cost of production and
give him a profit, he held it, and then he goes to a
"I have
a
bank in 1921 and says,
hundred bales of cotton, whiter than that cotton you are
TREASURY
CERTIFICATES.
Postmaster General Will H.
to Postmasters
buying
Hays, in a message
and Postal employees last
addressed
week, called upon
of the New
Government
placed on sale, December 15th.
As compared with previous
ssues Mr. Hays points out that the new certificates possess
important advantages for the investor and expresses the hope
that the loyal and earnest service of Postmasters, so often
proved in response to previous calls, will be the means of
bringing these advantages home to the purchasing public.
them to inform the
Issue of Treasury
Mr.
public
as
to the attractiveness
Savings Certificates which the
Hays states that:
"Until further notice the selling
best, of the 1919 cotton crop left in the South.
HAYS EMPHASIZES
ATTRACTIVENESS OF NEW
will be $20,
These prices are
of previous
from the date of issue in
price of the new certificates
$80 and $800, respectively, for the three
denominations.
flat and will not change from month to
month, as in the case
issues.
The certificates will
mature five years
every case.
the Treasury Department
specified for every month in tables
"Payment before maturity will be made by
(not at or through post offices) at a rate
printed
on
the certificates.
raised from $1,000 to $5,000, effective Novem¬
"The legal limit has been
cates of any
hold certifi¬
It is not lawful for any person at any one time to
ber 23 1921.
calendar year will constitute
1921, will be
considered as of the 1921 series.
Thus, a person who does not already hold
war savings certificates of the 1921 series may buy $5,000 maturity value of
series, and certificates of the new issue sold in December,
one
the
new
issue in December, 1921, and $5,000
Government officials
Savings Certificates in denominations of $20, $80 and
They carry with
greetings of the season, but the promise of
prosperity and financial independence in years to come.
Department is now extending postal savings to
already been distributed to several thousand post offices.
sale will be gradually extended to
savings offides for
Treasury savings certificates, and interest will be allowed on deposits with¬
postal savings rate for each full month
the first day of the month in which the exchange is made.
up to
securities, comprising the 25-cent thrift
"The small war-time Treasury
stamp and the $5 war savings stamp, are accordingly being
discontinued,
accepted at
effective Dec. 31 1921, but the thrift stamps outstanding will be
face value for the new Treasury
savings securities,
or
will be redeemed at
The main reliance for the accumulation
face value in cash at post offices.
of small savings for investment in
forth be postal savings deposits,
CERTIFICA TES—
DISCONTINUANCE OF THRIFT STA IPS.
Treasury savings certificates will hence¬
and,
now
that special provision has been
regarding the issuance of
deemed before maturity interest at
will be
a new
In the event that the certificates are re¬
$1,000 certificate.
the rate of about %Y%%
Treasury Savings Stamps in denomination of
$1 will be continued on sale, but the 25-cent thrift stamps
paid.
savings stamps will be discontinued effective,
and the $5 war
December 31
effective savings system, with
1921; the thrift stamps outstanding will be
deposits from $1 upward, and $1 Treasury savings stamp and the $25, $100
undertaking this movement for peace time savings the Government
"In
country's
means
Treasury savings certificates will henceforth be postal savings deposits, and
the conversion of these de¬
that special provision has been made for
now
a
unified and effective savings system with the
10-cent postal savings stamp and the $25, $100
and $1,000 Treasury savings
certificates.
Congress, approved Nov. 23 1921, from $1,000 to $5,000,
"and'it is
now
possible therefore to hold Treasury (war) sav¬
ings certificates of
value not
series
any one
up
to an aggregate maturity
The following is Secretary
exceeding $5,000."
Mellon's announcement:
a new
issue of Treasury savings certificates in denominations of $25,
new
certificates
are
issued
on a
discount basis, as in the past, but are
month to month.
follows:
as
The prices for
the
new
from
issue, until further notice, will be
$20 for the $25 certificate, $80 for the $100 certificate, and $800
for the $1,000 certificate.
"
"The certificates mature five years from the date of issue in each case,
stead of at
a
uniform maturity date,
the rate of about 4 H % per annum,
ficates
are
in¬
and if held to maturity yield interest at
The certi¬
compounded semi-annually.
redeemable before maturity at the
redemption values stated on
the backs of the certificates upon presentation and surrender to
the Treasury
"An active
the Government's savings movement should ac¬
response to
ing of its requirements; it will make for greater
will in
crease
the personal happiness and
activities in the past the Government has received the
"In its savings
With their continued co-operation
COMMUNIQUES ON DEBATE OF SUBMARINE QUES¬
TION AT ARMAMENT CONFERENCE—FAILURE
OF FRANCE TO ACCEDE TO REDUCTION.
question, taken
agreement for the limitation of submarine
an
limitation below that of 330,000 tons
auxiliary craft and 90,000 tons for submarines.
for
in order to
in registered form,
the
Treasury Department in Washington.
"The
on
name
and address of the
owner
.
'
and the date of issue will be inscribed
each certificate by the issuing agent at the time of issue.
the certificates have been much
of
simplified
as
The terms of
compared with previous issues,
and the offering is on a basis which should prove
particularly attractive to
proposed that France should limit its submarine ton¬
nage
to 31,500 tons.
The acceptance of the reduction of the
capital ship tonnage of France to 175,000 tons
known to
Secretary of State Hughes in
Briand which
we
published in
"The limit of holdings has been increased by the act of Congress
approved
Nov. 23 1921, from $1,000 to $5,000, and it is now possible, therefore, to
hold Treasury (war) savings certificates of any one series up to an aggregate
maturity value not exceeding $5,000.
This change makes the certificate
attractive for the investment of trust funds and the surplus funds of labor,
fraternal, church and similar organizations which seek
an
Minister Sarraut, at
on
"The
the
new
certificates
country, beginning
are on
Dec.
sale at about 4,000 Post Offices
15
1921,
and
may
throughout
also be obtained at the
Federal Reserve banks and such banks and other agencies as may qualify
"Treasury savings stamps in the $1 denomination, non-interest bearing,
will continue
a
on
sale at post offices and other agencies until further notice, as
convenience to those who wish to accumulate the purchase price
certificates through
"The
new
ties have
now
of the new
means
that postal savings and Treasury savings activi¬
been co-ordinated into
one
peace-time savings program under
which the Post Office Department and the Treasury will join to advance
postal savings for the deposit of savings and Treasury savings certificates for
1
investment.
to submarines below
stated that "it
final
accepting
deposits
banks which
vestment
are
in amounts of
$1
or more
through the postal savings
being conducted in the post offices, and to
by offering Treasury savings certificates
on more
encourage
ago, page
on
Dec. 28 of the Com¬
was a
limitation
as
90,000 tons, Secretary of State Hughes
definite statement made after a careful
the limitation of naval armament,"
Secretary
Hughes "confessed that he was disappointed with the state¬
concerning submarine and auxiliary craft," and stated
suggestion that France should have 90,000 tons of
basis of
a
practical ratio, involve
assumption that Great Britain and the United States
should greatly
This, he
reduction.".
increase their submarine tonnage."
added, "could hardly be called
a
limitation
or
Secretary Hughes stated that "he did not desire at this time
and in view of the
ment
existing situation to discuss details, but he
that
not
was
agreement for the expansion of arma¬
The Conference was
an
under consideration.
He left it for
called to consider the limitation of armament.
light of the
the committee to decide in the
ment of the French
done."
Statements
to
to
come
submarines
an
Government what
definite state¬
practicable to be
very
was
expressing regret that it was not possible
arrangement concerning auxiliary boats and
were
also
made
at
Wednesday's
meeting by
Italy, Vice-Minister Hanihara,
representing Japan and A. J. Balfour of Great Britain.
The
latter in his remarks stated that it was certain that when the
carried out "the French quota of sub¬
other power in the world."
marines would exceed that of any
Public notice, he said,
mal
manner
menace
on
"had
now
been given in the most for¬
that this great fleet was to
be built
to her."
the submarine
the shores
Following the failure to reach agreement
question,
a
resolution
was
Senator Root at the afternoon session on the
make
on
Britain, and it would necessarily be a very great
in¬
attractive terms.
week
expression of the attitude of the French Government in
regard to
"The consolidation of postal savings and Treasury savings facilities into a
The plan is designed to stimulate the accumulation of savings by
made
deliberation, and he assumed that it should be accepted as the
nearest to
single Government savings system preserves and improves the best features
of each.
a
Naval Limitation that France could accept no
French program was
stamps.|
offering
issue of
the joint session
Senator Schanzer in behalf of
for the purpose.
was
letter from Premier
Limitation of Armament and the Sub-Committee on
investment of
intermediate length with absolute safety and a satisfactory income return.
our
a
Following the statement made in behalf of France by
wished to say
small investors.
It had
been
the
issued only
and
auxiliary ship tonnage have been unavailing with the refusal
coln.
are
last week at the Wash¬
its attention the present week, but the efforts to
engross
reach
submarine would, on any
certificates
up
ington Conference on Limitation of Armaments, continued to
$100 certificate that of Washington, and the $1,000 certificate that of Lin¬
new
the unified Government savings program
will be assured of success."
that "the
The
official's throughout the country.
teachers, bankers, Postmasters and public
ment
afford protection against loss and theft, and will be recorded on the books
in¬
cluding the American Federation of Labor, industries and other employees;
Department, Washington, and in that event yield interest at the rate of
portrait head of Theodore Roosevelt, the
national prosperity, and it
individual welfare of those who save.
hearty support of many agencies and organizations interested in savings,
about 3}4 % per annum, compounded semi-annually.
The $25 certificates bear the
and comprehensive
fur¬
saving and Investment in Gov¬
time to stimulate savings activities
complish three main objects: it will aid the Government in the current financ¬
mittee
offered for sale at flat issue prices instead of at prices which increase
By offering a uniform
generally.
public, beginning Dec. 15
$100 and $1,000 (maturity value).
The
save.
and at the same
ernment securities,
2673.
"The Treasury Department offers for sale to the
1921,
to
of France to accept a
Secretary Mellon points our that the limit of holdings of
Treasury savings certificates has been increased by the Act
of
capacity
of accumulating and investing money, the Government hopes to
nish an incentive for saving, to encourage
The submarine
investment in
helpful
There can be no question about the need for savings nor of this
agencies.
Secretary Mellon, in his announcement, says:
posits, the Government has
confidence to the renewed co-operation of all
looks forward with
accepted at face value for the new Treasury savings securi¬
ties, or will be redeemed! at face value in cash at postoffices.
The main reliance for the accumulation of small savings for
unified and
the 10-cent postal savings stamp, postal sav-
and $1,000 Treasury savings certificates.
series of
Treasury sayings certificates, beginning December 15, in
denominations of $25, $100 and $1,000 (maturity value) was
made by Secretary of the Treasury, Mellon, on December 13.
The new certificates will mature in five years from the date of
issue, instead of at a uniform maturity date, and if held to
maturity will yield interest at about 4 %% per annum.
They
are offered at flat issue prices, instead of prices which in¬
crease from month to month, the prices being $20 for the
$25 certificate; $80 for the $100 certificate and $800 for the
Announcement
The
other post offices as the demand broadens.
made for the conversion of these deposits, the Government has a
NEW ISSUE OF TREASURY SA YINGS
of
additional post offices, and the new issue of Treasury savings certifi¬
cates has
drawn for this purpose at the current
emphasizing the fact that Treas¬
are
$800 make excellent Christmas presents.
them not only the
the country the Post Office
many
"Postal savings deposits may be exchanged at postal
will continue as a convenience for
"The sale of $1 Treasury savings stamp
sale and on conversion
"In order that Government savings facilities may be available throughout
additional in 1922.
the saving of small amounts."
ury
convenient denominations, both for direct
in
postal savings deposits.
annual series to an aggregate amount exceeding $5,000 maturity
The certificates issued within a given
value.
[Vol. 118.
THE
2774
more
effective the rules governing
submitted by
28th, intended to
the operations of
Dec. 31
submarines for the protection of lives of neutrals
combatants.
bate
This resolution
the submarine issue
on
the presentation by
we
was
on
De¬
last week (page 2673), and
obliged to defer another week
account of pressure
on
of other matter.
was
Italy being the only participants.
communique showed that
no
The
action had been taken,
"reasonably" limit submarine construction at all; but that if
it did "90,000 tons is the absolute
which may want to
have
reiterated arguments
course
minimum for all the navies
Air.
submarine force."
a
Balfour
already advanced by Lord Lee for total
abolishment of submarines,
but admitted that "the British
hopes of getting
no
the
ference of
any
"confronted by a
opinion"
The Italian
amined
important support in the
as
to the defensive value of submarines.
subsequently in
a
wider conference," he said, before
action toward abolishment of underwater craft could be
undertaken.
Details of the debate on Dec. 23 on the sub¬
given in the communique, issued at the
as
close of the session that
day, will be published by
another
us
normally organized, according to the tactical principles in force in every
The conditions of
The
meeting of the 24th
marines to 31,500 tons,
their decision
and the French delegates deferring
Following the
pending advices from Paris.
shelving of the proposals by Great Britain that submarines
Secretary Hughes, in behalf of the United
abolished,
States, at the morning session on the 24th, indicated the
willingness of the United States to agree to a compromise
submarines, saying:
on
The American delegation was
tons
proposed
the maximum limit for the United States, 60,000 tons, thus
as
scrapping 35,000 tons of the existing submarine tonnage, on the basis that
Great Britain should also accept 60,000 tons as the
22,464 tons—her present amount of submarine tonnage
marines and scrap
being 82,464 tons, according to the American
Then, in
a
maximum limit of sub¬
the admitted tonnage,
It will
delegations, the Chairman suggested that if the
and Great Britain each reduced the maximum limit of their
submarine tonnage to 60,000 tons, France,
Japan and Italy should retain the
tonnage they have—in other words, maintain the status quo as
regards sub¬
marine tonnage.
He, Mr. Hughes, made the suggestion in order to show that so far as the
American Government was concerned it was not in favor of anything that
savored of
This was
expansion.
In reply to an
a
conference on limitation.
the
that of
31,391 tons and that
other day, was
Italy somewhat less, about 21,000 tons.
There
were
Limitation of
we
joint meetings of the Committee of the
Armament and the sub-committee on Naval
Dec. 24, and Communiques relative to both
morning and afternoon session were issued, both of which
expect to give the coming
ment
on
the 24th, there was
week. Following the adjourn¬
no meeting until Dec. 27.
Regarding the deliberations on the 27th inst. the Associated
Press
practice for the conference in calculating naval ton¬
possi¬
different rules of displacement measurement for surface craft and
preliminary consideration to their subject today, with the
nage gave
bility that
submarines might be
instance
To
tion of submarine tonnage was upset by
calculated in the
The whole propor¬
all other navies were
displacement.
that item,
as
France accepts, as regards capital ships, the sacrifice which
order to meet the views of the conference, and which
up,
and Secretary
auxiliary craft and to 90,000 tons for submarines.
While
stances,
regretting that she cannot possibly, under the present circum¬
ability to reach agreement on the submarine issue,
is
an¬
an
At the last
nation of
meeting of the committee and as the outcome of the
the submarine question, a
naval power
in capital ships,
examani-
proposal was made to fix for each of the
might
Instead of the 90,000 tons required by France, it was proposed
possess.
that this tonnage
should be limited as far as she is concerned to 31,500 tons.
Confronted by such a
as
considerable reduction of the figures which had been
considered necessary for herself in
obliged to refer the matter to its Gov¬
the minimum of what France
future, the French
ernment.
a
a weapon
specifically offensive and particularly
limitation for craft of other categories.
Secretary Hughes.
The Chairman said that the Committee had heard the statement on behalf
of the
It
Government.
French
careful
deliberation,
was
limitation of naval armament.
He
was
delegation was
Government in regard to the
greatly gratified at the willingness
of the French Government to limit the tonnage of
175,000 tons.
made after
definitive statement,
a
and he assumed that it should be accepted as the
final expression of the attitude of the French
their capital ships to
should not
He felt that the importance of this statement
in any way be minimized.
Capital ships
succeed,
it
as
were
If the conference could
the chief weapon of offense.
was now
evident that it woiild, in reducing in a fairly satis¬
armament as represented in capital ships, it would have
manner
a
better basis for
establishing
He wished to repeat that he was highly
lasting peace.
a
gratified and appreciated the manner in which the problem had been ap-
hoWever, certain reservations with respect to replacements and the duration
These matters must receive further consideratkon and
of the agreement.
be the
subject of continued negotiations.
submarines
and
distinctly defensive
it would
disappointed with the statement concerning
was
in connection with the movements of fleets,
purposes
that they should bear some
seem
fleets, that is, if they
definite proportion to the fighting
with the laying of
to be used in connection
were
for
if submarines were to be available
auxiliary craft,
mines, scouting, &c.—the necessities inherent in large defensive prepara¬
tions—they should bear
whole.
on
basis of
any
Britain
and
relation to the operations of the fleet as a
some
France should have 90,000 tons of submarines
The suggestion that
would,
a
practicable ratio, involve the assumption that
United
the
should greatly increase
States
marine tonnage.
This could hardly be called a limitation or
large number of submarines
It
were
Furthermore, if a
reduction.
and destroy¬
provided in num¬
to be provided, then cruisers
the natural enemies of submarines, would have to be
bers
their sub¬
;
adequate to deal with the situation created by a large submarine fleet.
of accomplishing anything
serious question whether there was hope
was a
limitation
in
regard to submarines and
the requirements
He under¬
auxiliary craft.
stood that the attitude of the French Government was that,
regardless of
deemed
of other nations, 90,000 tons of submarines was
to be the minimum (essential for Franco.
If this
would
was so,
have its
nations
and
the suggestion of 330,000 tons of auxiliary vessels for France
bearings
on
agreement
Ho did not desire at this time and in view
existing situation to discuss details, but he wished to say that an
of armament
agreement for the expansion
conference
The
other
limiting
what was considered necessary for the
might make it difficult to arrive at an
was
called to consider
was
onclusion, he wished to
say
not under
consideration.
of the
very
definite statement
practicable to be done.
that in expressing his disappointment
regard to submarines, he did not wish in
any way
to detract from
This
was a
matter of the first importance and he could assure
French colleagues that
their attitude
was
cordially and
in
the im¬
for capital
portance of the definite acceptance by France of the program
ships.
He
the limitation of armament.
left it for the committee to decide in the light
of the French Government what was
his
sincerely appro-
elated.
Arthur J. Balfour of Great
Britain.
Mr. Balfour admitted, as the Chairman had justly
was a
pointed out, that there
side to the statement just made by their French colleagues
on
which pro¬
The French position with regard to disarma¬
land they already knew.
What
was
their position with regard
to disarmament on sea?
They
were
prepared, and he rejoiced that they were prepared, to accept
the ratio which gave them
175,000 tons of capital ships.
the French Government had accepted that
can
program
ment upon an
fice
as
on
He was glad that
Ameri¬
conference
all-important part of the
and he agreed that if nothing else was done by the
to the limitation of
represented in the conference the submarine tonnage that they
'
least feels quite certain that she is taking
important share in the work of the conference by reducing the French
in reference to naval disarmament the schome
'
Minister Sarraut of France.
nations
reductions and limitation contemplated
entirely carry out the
in the American proposal, she at
tons,
Hughes's statement indicating regret at the in¬
nexed.
She limits
of the future constitution of her fleet to 330,000 tons for
program
ment
Communique of Dec. 28, embodying the French de¬
The
consent to no concession
face in
foundly disappointed him.
American list on surface displacement.
clination to limit its submarine tonnage below 90,000
given
sum
must
the
based by them on submerged tonnage, but believed
bythe American to be in terms of surface
instructed'to
represents an important reduction of her normal sea power.
In
misunderstandings which the establishment of
during the
first [consideration by the Naval Committee of the submarine problem.
The delegation put French existing submarine tonnage at about 28,000
tons, while the American group placed it at more than 42,000 tons.
It was
learned today that the American calculation was based on figures obtained
from the French, and
limitation below that of 330,000 tons for
a
the above figures.
she
proposed.
of possible
practice in tonnage measurement would avoid arose
standard
needed
specially intended
and its colonies and the safety of their naval life.
The French delegation has been
of the
of the special subcommittee suggested by Arthur J. Balfour
to determine a standard
An
impossible to accept
vital interests of the country
submarines and auxiliary craft.
dispatches from Washington said:
Naval experts
are
protection of the territory and its communications, the Cabinet and
auxilliary craft and 90,000 tons for submarines, without imperiling the
ers,
two
on
question still outstanding of the
Supreme Council of National Defense have reached the conclusion
like
Limitation,
the
be likewise easy to settle the
that it is
Great
inquiry by Lord Lee, the Chairman said that he understood
France according to the figures given the
of
they reached their twentieth year of
by France in auxiliary craft and submarines, which
for the
present submarine tonnage of Japan was 31,452 tons;
the
as
After examining, on the other hand, the composition of the forces
He confessed that he
desire to take whatever action was possible to meet the views
United States
that
French ships
duration of the agreement as to limitation of capital ship tonnage.
figuresl
entertained by the other
it may be
existence.
done much to relieve the burden of taxation and would aid in
entirely willing to accept, instead of 90,400
as
carrying out the naval holiday through the liberty of
laying down, beginning in 1927, ships intended to replace, within the limits of
factory
v
regards capital ships will
as
by taking into account such qualifications
useful to introduce in
likewise unproductive of re¬
was
sults, Japan declining to accept the reduction of her sub¬
plan
application of the agreement
be easy of settlement
costly, and by accepting
week.
be
good-will of France, it has been resolved to accept the re¬
nearly impossible with such reduced tonnage to constitute a naval force
substantially technical dif¬
delegation felt that the problem should be "ex¬
question
passed at
regards capital ships.
as
token of the
composed of ships such as those which it is contemplated to build, and one
any
marine
a
duction to 175,000 tons of her tonnage of capital ships, although it seems
on
was
meeting
As
Senator Schanzer insisted that the
of this conference.''
conference
possible to further the aim of the conference
This deliberate intention has been carried out in the resolution
although Admiral de Bon declared the conference could not
Empire has
examined and discussed with the most earnest de¬
was
and assist in reaching results.
further considered, Admiral de
Arthur J. Balfour, of the British group, and
Senator Schanzer of
official
meeting of the Cabinet and of the Supreme Council of National De¬
sire to do whatever would seem
fleet.
On Dec. 23 the issue
Bon of France,
a
3775
fense, the situation
plea for
a
Brief reference to that day's
publication of the communique covering that day's bedate,
we are
At
non-
December 22, with
Lord Lee of Great Britain of
made by us
was
and
shall give next week.
begun
the abolition of the submarine.
deliberations
CHBONICLEi
THE
1921.]
already in sight with regard
capital ships did immensely relieve the.burden of arma¬
overburdened world.
the part of France was
He did not feel himself that the sacri¬
overwhelming character, even
of a nation
the naval strnegth of other nations, it
in itself of
an
regards capital ships, for he thought that if the naval strength
was
to be estimated in
relation to
would be found that the rlative strength of France under the arrangement
already accepted as regards capital ships would be increased.
He did not
begrudge her that incease; he rejoiced in it.
But when he turned from the matter of capital
craft he confessed that a very
ships to the matter of other
different picture met the eye.
The French
^
was an
'
.
'
•
•
<.
-
,
„
garding my statement.
make comment on the
authority and value M'hich
suffice in themselves; the decisions which I have just communicated to you
have been carefully considered by the highest authorities representing
national sovereignty in my country.
I have received them respectfully
from their hands and have brought them just as they stand to the con¬
.
qualification.
intended to begin replacing ships in 1927.
be a seriou j interference with the principle for a ten-year na val
This seemed to
Certain
'
m'iitary weapon, in the manner
Advisory Committee, how came it that a
175,000 tons required 90,000 tons of sub¬
it and protect it?
And if 90,000 tons of submarines
capital ships limited to
marines to scout for
fleet of 175,000 tons of capital ships, how many
and Britain require to build to assist their
really required for a
were
submarines would American
fleets of
90,000
not
other purpose.
therefore appeared that at a
It
They
intended to destiny,comrnbrco.
tons of submarines were
be intended for any
obvious tbat the propose 1
It was perfectly
500,000 tons?
moment when we were all .assembled to
asked to agree to their increase
desire to be among the first three naval
discuss the limitation of armaments we were
and that
country M'hich did not
a
proposed".nevertheless to build instruments'o? illegiti¬
equal in nurhbers and superior in effic'encyto those
egitlraately.equired by any other fleet in the world.
We should therefore
have the melancholy spectacle of a conference called for the limi tation
in the world
powers
the
the
of this controversy would again
For this occasion he reserved
Increase in the very weapon waich
civilized elements in all civilized countries condemned.
For
most
The whole
moment Me need say no more.
come
before
up
pubi
the
c
conference.
himself.
He must,
however, dwell shortly on the
French declara¬
effect which the
opinion. It was
perfectly clear that if at our very gates a fleet of 90,000 tons of submarines,
(50,000 of which were to be of the newest type, was to be constructed, no
imitation of any kind of auxiliary vessels capable of dealing Mrith sub¬
marines could bo admitted by the Government which he represented.
Public notice had now been given in the most formal manner that this great
fleet was to be built on the shores nearest to Britain, and it would necessarily
be a very great menace to her.
He had no doubt if the occasion ever arose
tion of naval policy must
inevitably produce upon British
that Britain would be equal to it,
the full right of
necessary
to
but it was on condition that we reserves
Britain to build any auxiliary
satisfaction in seeing France
proportion of capital ships which has been determined
for her, have expressed a real disappointment on learning that the French
Government was unable to make similar sacrifices as regard other classes
craft which she considered
Allow
of vessels.
will call forth
a
to say that
me
this disappointment, if it really exists,
similar feeling in my own country Mhen
how the amount of tonnage
absolute necessities of her defense for
authoritatively
her manifest needs and of the
the security and safeguarding of which
trusting to the good offices of its neighbors.
country is justified in
no
it is learned there
allotted to France has been
determined without taking any account of
France
French Govern¬
ment; it is this idea which is both the measure and the limit of their demand;
and it is in no way influenced by any comparison with what our neighbors
are doing or by any anxiety to measure our naval force against theirs.
Herein lies the profound difference between our points of view and those
of others.
We have not apportioned out needs and our demands by care¬
fully examining the consequences to the French Navy of the increase of the
naval power of certain neighboring countries Mith whom we cherish, under
the happiest of conditions, relations of friendship, co-operation and alliance.
We are not guided by any fear of what their strength may be, precisely
because they are friends.
Great Britain, with her 525,000 tons of capital
ships, will possess a fleet of great vessels stronger than the corresponding
conception of the true needs and interests of
It is this idea, this
and of her colonies,
which has inspired the decisions of the
fleets of France and Italy put
together.
We are not the lease in the
ourselves do not take offense.
So be it; we
mate warfare to an eitcnt
of armament resulting in a vast
delegations, while testifying to their
accept the reduced
contemplated by the American
fleet of
which I find
wholly inacceptable.
fensive policy.
be used as a strictly
in the perfectly friendly
take up
animate the French delegation to
just been made, certain ones of
the allegations which have
small part of the anxiety and disappointment
which the French program had created in h:s m nd.
They had riow come
forward with a great building program of submarines and auxiliary craf,:
He was perfectly unable to conceive how that could be regarded as a de¬
If submarines were to
however, and I perform this duty
spirit M-hich has never ceased to
but that was- only
holiday,
-
It is my duty,
understood that the French
He
Government, which possess an
of my
ference.
a
a
gentlemen, I am not here to
To tell the truth,
orders
-■
,
the honor of
just given rise to certain observations
which I cannot allow to go unanswered.
If tills reply was not immediate,
this was because I wished first to hear the remarks of each delegation re¬
"i-:'
Thus it Mac certain that M'hen that program was carried out, the French
quota of submarines Mould exceed that of any other power in the world.
It
had farther to be noted that their French colleagues accompanied their views
of the necessity of submarines with the announcement that they intended
greatly to increase the tonnage of their auxiliary craft.
It must be acknow¬
ledged that this constituted a somewhat singular contribution to the labors
of
conference called for the diminution of armament.
Considered in
conjunction with refusal of the French delegation to discuss land armament,
this position must cause anxiety and disappointment to those who-had come
to the conference with high-hopes regarding the limitation of naval arma¬
ments.
Furthermore, it had to be observed that the pleasure derived from
the agreement with regard to the limitation of capital ships was subject to
destruction.
merce
Government M'hich l have had
imparting to the conference have
of its predecessors for com¬
improvement on the capacity
The decisions of the French
.
newer
model
Sarraui of France.
Minister
If they carried
be equal to the
other two greatest naval powers, America and Britain, in point of tonnage,
but that they would have a very much larger proportion of submarines of a
type than either of them.
He understood the submarine was still in
process of development; it Mas still adding to its powers of offense, and each
proposed to increase the number of submarines threefold.
intention it was evident that they Mould not only
out that
new
[Vol. 113.
CHRONICLE
THE
277 6
than we are apprehensive of the
of the other friendly nations, the United States and
world haunted by this
fact that the fleets
eventuality,
no more
comparison with our fleet.
such as is demanded by France
necessity for her?
Do we quibble over the needs of the others?
Do we
call into question their possible intentions?
Do we suspect them?
As¬
suredly we shall not do so.
It is not only the right but the duty of each
Country to assure its safety by its own means and it is perfectly possible to
consider this problem without being haunted by the idea of a possible
aggression on the part of a neighbor.
That others should apply to us such
a method of reasoning while we do not think of applying it to them, we
cannot permit in any way.
This would be still more painful to us. would
appear to us more especially inadmissible at this table around which weare
gathered in a spirit of the most cordial co-operation, at the very moment
when, in bringing the answer of France in the matter of capital ships, we are
furnishing the most positive pro if of the effective participation of our
country in the success of the great i deals of peace aimed at by this conference.
If our answer is not the same as for the capital ships in regard to the other
Japan, will be considerably increased in
Why, then, they say, is a submarine fleet
a
which we have indicated cor¬
necessities of protection which must
longer be denied, for we shall not cease to affirm them strongly.
We
have no desire to destroy merchant vessels, as Mr. Balfcur has said; we have
formally declared the contrary here, and this declaration was echoed not
later than yesterday in the debates which took place in the French Senate.
But France has coast lines wlrch she must defend; she has also, and above
categories of vessels, it is because the tonnages
deal with the s'tuation.
respond to material needs of defence, to
Schanzer of Italy.
Senator
no
with respect to capital
deep regreat that it is
arrangement concerning auxiliary boats and
the importance of an accord
We do not dispute
ships, but we cannot do more than to express our
possible to arrive at an
not
submarines.
1
,
In the absence of an agreement
'
concerning the limitation of the
latter
should retain full liberty of
realize that the absence
of such an agreement will give new impetus to the competition of naval
armament respecting auxiliary craft and submarines which can only have
a most unfortunate effect on the finances of the countries interested.
It is
not our intention to discuss what France considers necessary for her national
naval forces, it is
action.
At the
security, but
by France is
but natural that each nation
time, it is impossible not to
same
we
which gives us serious
view of the economic sacrifices that
the
naval program announced
preoccupations from the point of
may follow for Italy as well as from
will not attempt to hide that the
one
point of view of the political consequences
which it might produce.
armament problem
all,
great colonial
a
domain, second in importance only to that
Britain, which is distributed all over the seas,
also may
have, I presume, our anxiety as to its
surveillance.
We have the duty of
safeguarding the communications of these
the safety
of transportation of our troops overseas to the
would be among the first of our
Have
we
obligations.
into auxiliary cruisers or into privateers to
mother country
This is not a mere theory.
not in the last war seen a belligerent
not this been done
transform merchant
against all the Allied navies?
And should it cause sur¬
prise here to see the Minister of Colonies of France take account
considerations, and call to mind that our colonial empire,
Secretary Hughes.
deemed
practicable to reach
French colleagues,
an
and that it
freedom of action with regard to
had been said that it M'as not
suggested by his
Powers desired
the construction of auxiliary craft which
agreement on the basis
apparent that other
was
to be
matter of safe communications
would be built to deal with submarines.
me
He assumed that Mr. Balfour, in referring to
the entire liberty of action
include capital ships, nor
build, under the guise of auxiliary
of Great Britain in this respect, did not intend to
did he understand that it was intended to
ships, vessels which might possibly come within the category of capital
He desired to present for the consideration of the committee the
ships.
suggestion that, If it
was
not possible to reach a satisfactory agreement for
the limitation of total tonnage
of auxiliary craft, some arrangement might
perhaps be made defining the tonnage limit of individual ships.
fore desired to propose the adoption of the following
He there¬
resolution;
"No ship of war other than the capital ships or aircraft carrier
built shall
guns
exceed
total
a
tonnage
hereafter
displacement of 10,000 tons,
and
no
shall be carried by any such ship with a calibre in excess of 8 inches."
Vice-Minister Hanihara of Japan.
I desire to be permitted to say
misunderstandings
as
just
a
feM' words in order to avoid possible
to Japan's attitude with regard to the question of
^ We believe that by the agreement that has been reached at this confer¬
as
to the ratio of
capital ships,
a
great step forward has been made
toward the attainment of the high aim of the conference,
the
Powers oncerned
same
time,
we
thereby relieving
of the heavy burden of costly armament.
think it
a
Our position is not
claim freedom for building auxiliary combatant craft,
in the main the tonnage
At the
misfortune if we fail to come to an agreement as
regards the limitation of auxiliary combatant craft.
to
we are
said,
was
an
obliged to do
but to support
be assured.
bound by formal instructions
fact of which it reminds you anew.
obliged to do.
Nor do
we
and logical correlation
admit that there is an indispensable
between the proportion of a
country's naval force in
capital ships and the
That is an abstract rule
which you thought you ought to lay dowm here.
But we have shown why
we could not recognize it.
We are guided by our needs, duly stated, proved,
proportion of its auxiliary craft and submarines.
legitimatized.
It is this rule, and no
other thought, which dominates our
feelings on the
having it said
certain ton¬
nage of submarines could be considered as a menace to any of her friends.
If such a thought were to weigh all too heavily on our deliberations, if I
found myself obliged to defend my country here against such a suspicion,
submarine
question.
that the creation by
We object to having it believed or to
France of
a
defensive weapon involving a
enthusiasm
burden of
armaments, in accord with the desire of France as clearly manifested by the
sacrifice to which she has consented in the matter of capital ships.
But, to tell the truth, I am not likely to be discouraged in this matter.
The work is too fine and too generously humanitarian to permit our efforts
and our good-will to grow weary.
They will remain faithful to the end
with which I have
to the noble
so
eliminating the hopefulness and the
far collaborated
in the work of relieving the
project aimed at by this conference.
Arthur J.
provided in this respect in the original American
proposal of Nov. 12, in order that an agreement may be reached as between
the Powers concerned on this basis, and that full and final success of the
conference may thus
hear it
there
a
I wish to repeat again that it is
ttieiii.
this would indeed result in
naval limitation.
ence
to
that
with the mother country?
It
impossiblefor
without protesting, without asserting the contrary,
inevitable and necessary correlation between what
and what our neighbors would then deem themselves
This is
from its Government.
cannot deviate from
in¬
defended, protected, especially in the
that the French delegation is
reiterate
of colonial
though some would
really exists and that its needs, as well as its
ignorant of it,
terests, must be strongly affirmed,
I
ships
torpedo our transports; and has
has been deferred.
seem
colonies
and I have already said here that in case of war
with the mother country,
This is all the more true because the solution of the land
The Chairman said he gathered from what
of Great
and concerning which we
defence, Jits police and its
Balfour of Great Britain.
Mr. Balfour assured M. Sarraut that he was the
M'hom
he
(Mr.
Balfour)
country, but the spbech
would suspect of hostile
which M. Sarraut had just
last man in the world
intentions toward his
delivered was sufficient.
am
*
l)sa '31 1921.]
THE
had not really understood the way in
to show that he
look the
on
facts without
their respective coun¬
anything but the most cordial terms, one
Never in the history of Franco
in land forces.
No inferior military power
that must be so.
invade
had
merely because she
happened and. close allies became ene¬
British superiority of capital
for an hour. To be fair, he must ad¬
might conceivably imperil some remote islands belonging to
France with her land armament, would remain secure in the
France; but
The Associated Press in Washington
world has made great progress
of a superior British
with the largest
submarine fleet in the world.
She could use that fleet, if she chore, for
commerce destruction, and it was difficult to believe that in time of stress,
she wouki not so use it.
If Britain were unarmed against submarines, it
was evident that France, using that felonious weapon, could destroy her
position of Britain in the face of France
good-will?"
"I think I made
think
tribution than that, which has been made by other
quite impossible for
was
For what purpose
Not to co-operate with a fleet
?
vast fleet of submarines
that would be thus
He
the
question which he would gladly have left undealt with.
He did not yield
to M. Sarraut in his conviction that the good feeling existing between this
own
country and their great
ally across the Channel
might bring.
proposed by the Chairman,
desired to intimate that Lord Lee would address the com¬
he'(Mr. Balfour)
mittee
subject.
that
on
resolution which had been
-
Lord Lee,
Lord Lee said he would pass to
which he hoped would be regarded by
his colleagues as non-controversial.
It was, indeed, a necessary corollary
of the agreement to limit capital ships that there should also bo a limitation
on the size of other classes of ships.
Otherwise it would be possible to build
so-called light cruisers which would be capital ships in disguise, and which
would impose upon the world a fresh competition of armament which would
be as costly as that which had preceded it.
He understood there had been a certain amount of conversation between
the naval experts of the countries represented at the conference, and he
was led to suppose that there was an agreement that 10,000 legend tons—or
whatever kind of tons were agreed upon—would be a reasonable maximum
size for all ships other than capital ships or aircraft carriers.
He thought
also that there was a general agreement regarding the limitation of guns to
8 Inches.
So far as Britain was concerned* she had no gun in excess of 7 lA
proposed
a
few minutes before, and
inches.
was
approximately similar size, namely,
fix, but if for any strong reason it
8 inches, Britain would not oppose any serious objection
thought it was essential that the limitation of armament
France had a gun of an
That seemed a reasonable figure to
desired to fix
He
to that size.
should
otherwise, while prohibiting capital
might have what would be in effect a capital ship with the addi¬
apply also to the aircraft carrier;
ships, one
He did not want to
of tonnage
amended
to
read
follows:
capital ship or aircraft carrier hereafter
shall exceed a total tonnage displacement of 10,000 tons, and no gun
be carried by any such ship other than a capital ship, with a calibre in
excess
in the world that has not
a
and then you
"I have
the
of 8
inches."
(Mr. Hughes) stated that
The meeting was
The
gather about
a
table and settle it.
and measureless treasure,
.
:
sit down before
Treaty .
the small lack of agreement in construing it is not sig -
feeling that mankind has become wise enough to
And that is the object of the Four Power
and try to settle it.
war
That is why I say
"Why, if there was a menace of peace in
Japan what objection could
with htr friend in the Orient and
there be for the United States to sit down
discuss how the matter could be adjusted?
when Austria was threatening Serbia there would
with the other great Powers and
If
some one
have been
had done that
no
European war.
.
of this conference is to
provide some means where
seeking to seize something
just, thoughtful, righteous peoples, who are not
live peaceably together and eliminate
This is in the American heart, and it is in the British
which does not belong to them, can
of conflict.
causer
heart, and it is in the Japanese heart, in the
French heart, in the Italian
heart—it is everywhere in the world.
civilization cannot take advantage of
"If th's present day
tion, of that emphasized conviction, I would not
But there is
tion of the future.
a new
and it must add to our Christmas
Dec. 24, that
in
an
happiness."
York "Commercial," of
unprepared reply to a question regarding
League of Nations, President Harding
the
"I do not think that the
Treaty
or
this new realiza¬
give much for the civiliza¬
spirit seeking and impelling peace,
It is also learned from the New
said:
the Four-Power
this conference, except,
manifestly inspired and organized
League has anything to do with
with anything else that is transpiring at
to
promote peace, and this conference
is
no
is aimed in the same direction.
There
and the aims of this con¬
connection between the League of Nations
ference except
President
in the imagination."
Harding, it
was
said at the White House, on Dec.
attaches reservations to the
provided the Senate considers them
but he does not himself consider that there is need
23, will not object if the Senate
necessary,
them at this time.
for
■
»
,
DELEGATION
proposed by Lord Lee.
then adjourned until 3:30 p. m. Dec. 28 1921.
operation
resolution for more effective
of
submarines,
to which
rules governing
we
shall refer
__
PRESIDENT HARDING
SAYS FOUR-POWER TREATY
ALLIANCE—RESERVATIONS—PROGRESS
TOWARD PEACE.
Washington
on
Dec. 23 to newspaper men declined to comment on
"disputes which attempt to magnify the differing construc¬
tions on the Four-Power Treaty"; he asserted, however, that
"no alliance or entanglement is thought of, none will be ne¬
gotiated."
Last week (page 2672) we published a previous
statement by the President regarding the inclusion of the
homeland of Japan in the term "insular possessions and in¬
sular dominions" in the treaty, the parties to which are the
United States, Great Britain, France and Japan.
His
statement to the newspaper men on Dec. 23 follows:
President Harding in a statement issued at
The President
the disputes which attempt to
constructions on the Four-Power Treaty. To him
will offer no comment on
magnify the differing
ON UNIFICATION
OF COUNTRY.
delegates to the Washington Conference on
The Chinese
Limitation of Armaments took occasion on
as
Dec. 19 to Issue
following statement relative to inquiries
the
coming to it
to recent .news from China:
In
another week.
NOT
session con¬
CABINET—STATEMENT BY CHINESE
CHINESE
NEW
the American Government had
communique relative to the afternoon
tained the Root
IS
a
nificant.
objection to the amendment
the
destroy thousands or millions of men
you
war;
find the
And after all, there has never been a conflict
been settled in the end in that way.
Vou hav e
to an agreement.
way to come
cf war otlxer than a
The Chairman
no
as
the matter of the limitation
he thought the resolution should be
discuss, on this occasion,
of the aircraft carrier , but
"No ship
shall
problems deliberately, without passion, they
and look upon the
four-power Pacific treaty
appliances.
tion of flying
built
I have no thought to preach on this
of course, that the League of Nations was
He understood
7.6.
I think that expres¬
helpful, progressive expression of it.
"The whole purpose
Cliairman had
,
subject to-day, but make your own applications, please.
"When men sit about the conference table and look each other in the face
of Fareham.
the resolution which the
1
itself throughout the world, aud there
sion is being given at this conference.
would remain unshaken
through all the changes which time
With regard to the
must come some
destroy commerce,
compelled to insist upon an aspect of
1
"1 think that conviction has rooted
1
regretted that he had been
appeal to arms—to settle the
all the distresses that attend.
with indifference upon the situation
created.
fully the aftermath of the war, as we have come to
more
that sort of appeal—the
of 175,000 tons of capi¬
which were of no use except to
candidly that she couid not look
nations of like importance
that in 1921, as we have com9 to
seems to me
unspeakable cost of it all, there is a now conviction in the
proportion.
What did he want the
90,000 tons of submarines for?
According to him, it was not for commerce
destruction, it was for the protection of France's lines of communication.
There was no doubt that submarines were powerful for the destruction
of lines cf communication, but they were powerless to protect them.
Mr.
Sarraut would not obtain security for his lines of communication by those
means.
For those purposes they were useless, or naarly useless.
They
were powerful weapons for one purpose, and for one purpose only, namely,
the destruction of commerce; and it was not unreasonable that Great Britain,
when threatened by the establishment within a few miles of her coasts of a
to say
But it
I do
of the con¬
appraise the
hearts of men that
international questions
is a futile thing, and that we are unworthy of our position and unworthy of
the blessings which fall to a righteous civilization if we do not find some
means for a righteous adjustment without appeal to slaughter and waste and
know
It was altogether out of
tal ships.
the last interveiw.
I do not say that with the thought
the United States of America any greater part
and like civilization.
Britain to treat the submarine fioet
with the serene and friendly philosophy shown by hi. Sarraut inconnection
with the British fleet of capital s'rips.
M. Sarraut talked of the absolute
necessity for France; of possessing a fleet of 90,000 tons of submarines
Therefore, it
reply to a similar question at
a
I beliove it with all my heart.
so.
of arrogating to
existence.
very
following
that the
in the direction of peace and
replying to the question "Do you feel
statement in
position of France in the face
Now compare the
dispatches , December
reported President Harding as making the
23,
face of superior sea power.
surface fleet with the
marked
thing to talk about the ideals of peace, but
one
w.th cherished American traditions.
perfectly clear that in that case no
ships would imperil the life of France
mit that it
which has ever
contribution to peace and good-will
the bigger thing is to>
seek the actuality.
This the Conference is doing, in harmony with an over¬
whelming American sentiment and world sentiment, too, and in full accord
It is
ships.
was
He*
them, and he has full
the Christmas time in all the Christian era.
Suppose the almost inconceivable
mies, it
that the United1
confidence'
efforts, because they are working'
than gratified over their
more
out the greatest
In the nature of things,
had ever yet been able to
seriously imperil a superior military Power
or
more
and is
now
had she had to fear the power
her heart.
of Great Britain to strike a blow at
It/
dif¬
unchallenged.
withholding information shall go
had full confidence, else he had not chcsen
and always Inferior
superior in naval armament
that the unjustified charge
The President is unwilling
States delegates are
though happily in the distant past.
Britain had always been
"
.
fering views which can be of no great consequence.
must not over¬
Britain had had many conflicts with France,
teaching of history.
the preservation of peace
,(v,.-1 :v;
No alliance or entanglement is thought of, none will be negotiated.
would be better to rejoice over things accomplished than to dwell on
whenever it is threatened.
position taken up by the British Empire
While it was almost unthinkable that
delegation.
tries could be
agreement to meet and discuss
an
understandings for
The big things aimed at are
unimportant.
and
peace
bogged him ta consider one or two elementary
Mr. Balfour
which he would not understand the
these are
which Britain regarded
f
question now under consideration.
the
■
■
said
reply
to
for
have
the country.
unify
is
It
the Chinese
conference
Washington
from China, it has been
delegation that the proceedings at the
emphasized the desire throughout China to
inquiries concerning recent news
members of
by
an
ported
the
belief
independent
by
of
the
nation.
the various
ourselves
avail
that
all
Central
Without the strong central Government sup¬
strong parties in the country, it is impossible to
advantages to be derived from the principles
the
adopted at the Washington
The
the country is the sine qua non
unification of
Government,
conference.
as
,
well as the strong men
like General Chang
Tientsin and General Wu-PaiFu of Central China, and Dr. Sun-Yat-Sen of South China, have been fully
convinced of the necessity to co-operate and to work together.
General
Chang Tso-Ling in Manchuria naturally considers his region most likely
to be affected by the decisions of the Washington conference.
The Japanese delegation has delayed
and postponed the deliberations
with regard to China, and they are determinedly holding on to the privi¬
leges in Shantung.
There is this feeling that the interests of Manchuria
might be bartered away, since the Japanese refuse to scrap the twenty-one
Tso-Ling of Manchuria, General Tsao Kun of
demands
affecting the future of those provinces.
recalled that the twenty-one demands were presented with an
It must be
ultimatum; that since they affect the
omy
of the
territorial and administrative auton¬
Chinese Government, unless the twenty-one demands are can-
.
by the Washington conference amount to
celed the principled adopted
noth¬
ing more than scraps of paper.
In an earnest attempt to get the co-operation
of all the leaders in China,
unite all the forces of the country. There
is a very strong likelihood that the other leaders, especially General WuPei-Fu, who is popular and powerful in Central China, will rally to the
call of patriotism. , History is in the making and we do not know the final
results, but this we do know, that all the men in China, both high and
low, are thinking about unification very seriously.
A few men of the Cabinet might be changed and even the President
General Chang Tso-Lin desires to
retirement is only an indication of the
general desire to sacrifice personal glory for national unity and welfare.
In China public opinion runs so high that unless a leader gets the full sup¬
might think of retiring; but his
control the reins of the Government for any
length of time. In this movement in China, one can easily see that the
leaders are actuated by patriotic motives and they are willing to yield
their positions to some acknowledged leader who has the support of the
port of the public, he cannot
people.
\
continued
happens in China, it will represent
delegation at the Washington conference has the
Chinese
The
support of the people, and so, whatever
in truth.
China
[Vol. 113.
CHRONICLE
THE
2778
the
old
offices
Chinese
and
politician, a personal representative of the present
in disfavor in a popular way, partly
Chi Chien, a prominent
President
because
of
but who has been
China,
his
of
chance for the Premiership is Chin
a
man
controlled railways, post-
that
System
Communications
telegraphs in China.
considered as having
Another
>:
services
in
to negotiate
sent
he was
where
Paris,
certain
railway deals, also because on his return to China from Paris he stopped
off at Tokio, where he conferred with certain Japanese officials.
Still another
possible selection
Affairs, who
is
W. W.
Dr.
Chinese Minister of Foreign
Yen,
nominated to head the Chinese delegation to the Wash¬
was
the
but who decided to remain in Peking and direct
ington conference,
delegation's work from the Chinese capital.
is expected, there would be a peculiar situa¬
If the President resigns, as
tion
There is no Parliament sitting in Peking. Four¬
constitution only were adopted by a conven¬
respecting his office.
articles
teen
tion, which
Chinese
the
of
then dissolved, and without a Parliament there is nobody
was
It has been alleged that President Hsu has
holding bis office illegally and it is contended in Chinese circles here
if Hsu should resign, the only way to obtain a "legal" President
to legally
been
that
would
elect a President.
be
to
Li
restore
Yuen
Hung,
It is considered
elected into office.
i
President, who was legally
former
probable that General Chang and the
other super-tuchuns may ask him to serve.
fol¬
New York "Times" printed the
At the same time the
relative to expected de¬
velopments growing out of the resignation on the 19th inst.
lowing advices from Washington
his Cabinet:
of Premier Chin Yun-Peng and
follow the resignation of the
entire Chinese Cabinet as a result of the arrival at Peking of General
Chang Tso-Lin, the Manchurian war lord, who lias embarked on an am¬
bitious plan for the financial rehabilitation and political unification of
China.
Some of these developments may be indicated as follows:
First—The resignation at an early date of Hsu Shih Chang, who has
been President of the Chinese Republic at Peking since 1917.
Second—The selection of a new President, probably the restoration of
Li Yuan Hung, former President, in office in place of Hsu.
Third—The selection of a strong man to serve as Premier, one who will
Far-reaching developments are expected to
the
enjoy the respect of foreign financial interests and who would work for
financial rehabilitation of China, as well as the unification of the North
and
of a
Fourth—Development
financial
the
for
program
regeneration of
acceptance by the new regime of
Fifth—The
the proposed international
Chinese banking
with the participation in it of a
China,
for
which is being formed among Chinese bankers, who within the last
have declared in favor of an international consortium with
group
weeks
three
plans of General Chang are not expected to seri¬
will have to regard Chang
dictator if his plans
as
suc¬
General Chang Is pro-American and has
ceed.
been impressed with Western
pro-Japanese to the extent that this was necessary, it is
He has been
ideas.
asserted, to
In
for his money and other material interests
care
in Manchuria.
the appointment of the new Premier,
Associated Press stated in Peking advices Dee. 20:
f
the
reporting
Liang Shih-yi has been named as Premier of the Chinese Cabinet to
succeed Chin Yun-peng, who with all his Ministers resigned on Sunday.
The fall of the Cabinet followed arrival here of General Chang Tsao-Lin, Gov¬
of
ernor
in
Manchuria, who is
which
Chin
Yun-peng
The
is
the
of
ing
participating.
are
It is charged that
guilty of speculations and the sale of offices.
was
with
credited
create himself
to
officials
engaged in forming a coalition Government
now
reactionary parties
Premier
new
Shi-kai
the
the
all
having inspired the attempt by Yuan
in 1915 and under his auspices many of
emperor
overthrown
Government
last
partici¬
now
Hupeh, and Chang
Wang Chan-yuen, former Military Governor of
are
are
summer
Among those in General Chang's follow¬
Chin-yao, former Governor of Hunan Province, which post he held at the
China and for national unification.
consortium
doubt that they
no
pating in the Councils of State.
Governments.
South China
As understood here, the
ously affect the work of the Chinese delegation at Washington, but there is
the
time
of
June
1920,
murder
of
Rev.
W.
A.
Reirnert,
in
demanded that he
The legation is said to be preparing a
for the crime.
protest against his
Another of the
missionary,
American
an
and following which the American Legation
be held responsible
in Peking at the present time.
presence
taking part in the movement is General Cheng
Hsun, who headed the unsuccessful Manchu restoration in 1917.
men
participation as the only practical means for lifting China from
its present state of virtual bankruptcy.
Sixth—Adoption of poliicies calculated to strengthen the hands of the
Chinese* delegation in the Washington conference through plans now being
formulated in Peking, with a view to consolidation of the various Chinese
factions and rehabilitation of finances, which are in such a miserable state
that the Government is not only unable to pay the salaries of employees of
the Government in Peking, but has also been delinquent in paying the ex¬
penses of the delegation in Washington.
Part of the expenses of the Chi¬
nese
delegation here, in fact, have been paid by General Chang Tso-Lin,
and some of the delegates who have independent personal means are for the
22:
present meeting their own expenses.
developed that Yeh Kung-cho had been picked for Minister of Communica¬
Chinese
Seventh—It
Manchurian
national
is
consortium,
the purchase
cover
that
possible
even
the
Chinese
with
Chinese
the
banking
loan from the inter¬
a
group
participating,
to
from the Japanese of the Kiao-Chau-Tsinan Railway in
accordance with the terms of sale of that road
conversations"
rect
the
under
Government
lord's plan of restoration may seek
war
in
to be arranged in the
here between
progress
the Chinese and
"di¬
Japanese
delegates.
The
State
Department
resignation of
These
the
and
Chinese Legation
have
been
advised
of
that
General
Mukden, arrived
Chang
Tso-Lin,
Dec.
on
the
13,
and
important developments in the Chinese capital
been
has
has been
a
that
and
Peking
in
most
known
super-Tuchun
or
it
understood
destined
was
powerful
of
to
here
for
time
some
that
the
that there have
in the last six days.
Government
at
Peking
"shell," that it has been greatly embarrassed financially
mere
the
have
been
the
fall
to
three
moment
super-tuchuns,
formulating for
General
carried
Chang Tso-Lin, the
forward
endeavoring to
he
unity
restore
in
China.
or
extent
to
the
on
which the Manchurian chief's plans succeed will depend
degree of support he receives from Tsao Kun, super-tuchun,
Military Inspector-General of
Includes
Peking,
reins of
power
if he is
in North China, in reality,
respects.
He
he
Chinese
to
the
originally
was
"Pancho
war
is
as
a
Villa"
lord
power
of
a
which
provinces
to-day in the hands of these
are
one
is declared to be Wu-Pei Fu,
of
recently the host at
"Times," is
a
Peking
remarkable
man
of
Lord
in many
Ilunhutsu bandit in Manchuria, and has been
China.
Starting
Manchuria, and is
among the
being pro-Japanese,
Chinese
was
of the London
owner
the Chinese
While
five
new movement led by General Chang
important developments in the situation at Peking.
Chang Tso-Lin, who
the
of
group
persuaded to support the
Northcliffe,
called
The most respected
there will be
General
Chili
Wu-Pei Fu, the super-tuchun, or Inspector-General,
Hupeh and Hunan, who is a follower of Tsao-Kun. The
three super-tuchuns.
Tso-Lin,
the
and
of the provinces of
and
recently
Chang
was
lection of
a
as a
bandit, he has become
of
man
considerable
wealth.
Manchus, and has been accused by many
it is admitted, even among men attached
delegation in Washington, that this allegation is not justi¬
fied.
now
here
are
Premier
as
on
General
Chang Tsao-lin, the creator of the coalition,
declaring in
as
"The
defying the Government, because that Government
I
do
believe
not
that
Constitutional
a
type is suited to China, ten
China
must
evolve
the anxious bench
any
most
many
Premiership
probable that the
are
a
new
under
Premier.
Half
consideration.
a
moment the
is
the
of
Occi¬
of experiment resulting in chaos.
years
democracy suited to the native temperament and tra¬
a
Therefore the only possible means of regeneration is through re¬
by the united efforts of strong men."
This statement is being ridiculed in some quarters, which declare that
Chang Tsao-lin, although absolute master in Manchuria, has not been
effecting reforms,
has
not
laws, and is maintaining
Still later advices
frame
a
follows
the
huge
China under
financial
ing part
forming
in
challenged
the
constitution
possible
the
as
new
of
Chin
foreign
result
the
of
Government
Yung-peng
press
by
in
Premier
under
Dec.
on
Peking, which
Liang
charges
makes
constitution
to assemble Parliament to frame
was
officials
having
expenditure
been
administrative
for
The native press says General
next
of
year
The
a new
United hitherto
declare
General Tsao
Kun,
the
from
is
expenses
Hsu
financial
eliminated,
income
300,000,000
total
Chang is preparing
President
newspapers
Chin
General
was
lacking the confidence of
corrupt and
was
failure,"
a
temperament of the people.
since the Government's normal
Hsu
is
.
"Unscrupulous
election
lead¬
against
Occidental
to the
provinces.
easy,
a
Shih-yi,
His statement
18.
we propose
an
"Therefore
suited
impossible because officialdom
mal
recent
interview published
an
officials.
new
Chang said.
is
Military Governor of Manchuria, took
the
that
by the
"Government
the
out¬
strong Government, with incidental solution of
a
General Chang Tsao-lin declares in
succeeded
of
the
from Peking on Dec. 28 as
came
problems,
General Chang, who is
some
suppressed
nor
:
country's
which
democracy,
army.
(Associated Press) regarding plans to
constitution
new
Cabinet change,
here.
promoted
a
Shih-chang,
that
former
was
reforms
taels and
are
nor¬
100,000,000 taels."
a
campaign for the re¬
himself as Vice-
with
Premier
Chin
former Military Governor of
Yung-peng
Chihli, to
Presidency, and that General Chang was summoned to
coup
by which Pre¬
unseated.
General
tions at
these
reports still
The
insist
Chang has denied reports that he is engaged in direct negotia¬
present with Sun Yat Sen, head of the Souhtern Government, but
entire
that
China and
press
conference
the Shantung
On Dec. 27
which
persist.
Chinese
the
is
office
as
of
delegation
twenty-one
at
Washington to
Japanese
demands
on
Dec.
25,
the
was
new
Chinese Cabinet,
reported to the State
follows:
Premier, Liang Shih-Yi;
ister
the
the composition of
assumed
Department
exhorting the
discuss
question.
considered
new Premier may be
Liang Shih Yo, who has held
offices, had been twice in the Ministry of Finance, is
wealthy and one
the Chinese financiers.
He was formerly at the head of
of the strongest of
unreliable and dis¬
was
form
as
dozen probable
It
sup¬
in ignoring and
Government
Peking by the President, and thereupon executed the
the
is quoted by
to this time been warranted
up
mier
to
se¬
interview:
an
have
militarists
conspired with
developments in Peking. They quite realize the power of General
Chang
for good or evil in the situation.
It is known that
they will be
strongly in support of General Chang if they come to the
conclusion, based
on coming
developments, that he is whole-hearted and thoroughly sincere
in his plan for the restoration of China.
If he carries out this
plan and
wins the support of General Tsao-Kun and General
Wu Pei-Fu, the Chinese
delegation here, which has been much depressed by the crossfire
they have
been facing from various elements at
home, will feel greatly bolstered
The Chinese delegation here will not be
surprised if at
bring them announcement of
The
Foreign Affairs.
porters
Tso-Lin
cables
here
arrival
announced Tuesday, and to-day it
to
appointees
whose
Manchuria,
of
was
oust
Delegates Here Are Anxious.
delegation
Governor
proceeding under the direction
tions, Shang Hu as Minister of Finance, and Yen Hui-ching as Minister of
President.
Members of the Chinese
Tsao-lin,
far been allotted in the new
so
followed by the fall of the Chin Yun-peng Ministry.
Liang Shih-yi
A united
The
somewhat
besides the Premiership, have
is
plans
Cabinet, the
dition.
member of the Peking Government's Cabinet.
every
show
advices
quarters at
It
General
of
dental
Inspector-General of the three Manchurian provinces of China, with head¬
been
Three posts,
Coalition Cabinet, the formation of which is
honest.
Former Government a "Shell."
the
As to the further efforts to reorganize the
Associated Press reported the following from Peking Dec.
Minister of Foreign Affairs, W. W. Yen; Min¬
Finance, Chang Hu;
Minister of War, Pao Kwei-Ohing; Minister
Dec. 31 1921.]
of
the
THE
Minister of Communications, Yeh Kung-Cho;
Navy, Li Ting-Hsin;
Minister
Shan;
of
Justice,
of
Minister
the
Minister of
Chung-Hai;
Wang
Interior,
Minister
Ling-wei;
Kao
Chi YaoEducation,
Commerce,
of
hundreds of thousands of business men who have dealings
directly
AND
THE
CONFERENCE
TION OF ARMAMENTS.
The
ence
of South
relation
China
the
to
ON LIMITA-
*
Washington Confer¬
by E.
K.
Moy, Director of the China Trade Bureau of New York, at
National Council for
the
Dec.
Government,
Canton
it
China when
ment
was
grew
out of
an
autocracy and between right
the Powers continue
as
problems of the Far East cannot be
Government is
the Peking
between it and
democracy and
a
to espouse
the wrong, the
considered
relief by
Such have had scant consideration.
plans.
Congressional action have been directed along three
which will encourage
the farmer himself to improve methods of marketing
of free, open and competitive markets for
farm
crops;
crops
and live stock through the exercise of reasonable Government super¬
vision
third,
assurance
market agencies.
over
That anyone
should be disposed to regard such legislation as of the nature
legislation intended to
at the expense
having the effect of benefiting one group
or
It is not in any sense class
of other groups, is surprising.
Its primary purpose is to maintain agricultural production
legislation.
that the people may
be fed.
be helped to
this period of financial stress without being compelled
tide
to sacrifice his
over
To do this it is imperative that the farmer
land, his live stock
or
prices and because the purchasing power
of the farmer must be restored if we are to
POLICY.
"The Turn of the Tide in
of
Agriculture"
ture, before
Agricul¬
the Chamber of Commerce at Boston on Dec. 19,
"we have come to the time when
work is needed," added that "there must be sympathy,
who in declaring that
team
understanding
co-operation
and
between agriculture,
for, including transportation, wages, taxes
pay
and
This
condition, according to Secretary Wallace, "is undermining
the
of
loan
remain
money,
near
the I war levels."
agriculture, the base of the pyramid which represents our
national life, and justifies the use of the most vigorous
to cure it."
measures
He referred to the efforts at relief
expressed surprise that such
legislation should be looked upon by any one as class legis¬
lation, when "its primary purpose is to maintain agricul¬
tural production that the people may be fed."
Among
other things Secretary Wallace said: "The industrial East
may feel the need of a sympathetic and thoroughly efficient
agriculture sooner than is now realized.
The billions of
by Congressional action, and
dollars which we have loaned to
Europe must be paid not
gold, but in goods which compete with our own manu¬
factures and which are produced at a cost far below our
in
To
own.
have
such
meet
the cheapest
competition
possible food."
our
own
people must
Secretary Wallace pro¬
posed certain things that ought to be done to foster our
agriculture, declaring, first of all, that "in the administra¬
tion of our credit machinery, whether by Government
agencies
or
otherwise, the effect on agriculture must be given
We quote the fol¬
consideration than in the past."
more
lowing from Secretary Wallace's address:
are
either consciously or unconsciously, the
fairly definite policies as to industry and agri¬
period which comes in the life of every
must determine whether we shall strive for a well-rounded
We are approaching that
be a fair balance between
whether, as have so many nations in the past,
agriculture for the building of cities and expect our
self-sustaining national life in which there shall
industry and agriculture or
we
shall sacrifice our
food to be
produced not by independent farmers but by men
of the peasant
and women
type.
this larger problem is made harder now
is fully realized
especially here in the East.
There seems to be a tendency to regard the
complaints and appeals which are being voiced by the farmers and the
people who speak in their behalf as simply the recurrence of grumblings
which have been heard from farmers in past periods of depression.
Now
the truth is that we are passing through the most severe agricultural depres¬
sion we have ever experienced.
It is not simply a case of low prices for
farm products.
We have seen lower prices in times past. The trouble
now is that whereas prices of farm products, speaking generally, are lower
than before the war, prices of the things the farmer must pay for, including
transportation, wages, taxes and the loan of money, remain near the war
levels.
Hence the purchasing power of the major farm crops is lower than
at any time in our history.
This condition is undermining agriculture,
the base of the pyramid which represents our national life, and justified
Dispassionate consideration of
because our
the
use
agriculture is in very bad state, much worse than
of the most vigorous measures
Our first task is
the least
to bring
to cure it.
agriculture through this critical
possible damage.
Senators and Congressmen from
Ptntwj appreciate the gravity of the situation, as
in industrial States, where in
If those who have been charged
effectively.
very
promoting unwise class
or group
legislation for the benefit of agri¬
hand many
The fact that 40% of our people live in the open country
small groups.
and not
only furnish the food for the nation but constitute the largest
home market for our manufactures should ever be kept
the whole is somewhat more than a
When
Turning now to the future.
40% of
in mind.
"group."
we emerge
from this period of economic
disorder and confusion both at home and abroad we shall find ourselves
at the
beginning of
a new era
The past one
hundred
years
We have grown rapidly
in our national life.
either industrial or agricultural.
and without conscious plan in a large way,
have been years of exploitation and promotion.
We have used our natural resources, including the stored up
initiative of
That was all very well, if not altogether wise,
people.
our
fertility of our
We have gloried in the individual
soil, without due thought of the future.
during the years of development, but from this time forward a
different
policy must be followed if we are to grow into a symmetrical nation with a
agricultural, industrial and commercial life,
prosperous
standards of living for the
individual and family
be sympathy, understanding
business.
In short, we have
There must
They
are
and co-operation between agriculture, industry
dependent
upon
one
another.
They are alike
They must work together for
to a well rounded national life.
necessary
the
and with such
have long considered
to the time when teamwork is needed, yes imperative.
come
and
as we
to the development of a worthy citizenship.
necessary
good of ail.
The industrial East may feel the need of a sympathetic
efficient agriculture sooner than is now realized.
which
have loaned to Europe must be
we
which compete
with
have the
and thoroughly
The billions of dollars
paid not in gold but in goods
manufactures and which are produced at a
our own
To meet such competition our own people must
cost far below our own.
The farmer's place in industrial enter¬
cheapest possible food.
prise thus becomes increasingly important.
notwithstanding we are
The startling rapidity
materially
increasing production.
Enlarged production may be brought about in
two ways.
There are still large areas of land which may be brought under
the plow—-not easily or cheaply but as need may require and prices justify.
And larger yields may be had from the lands already under cultivation by
the practice of more intensive methods.
In either case the consumer can¬
not hope to buy food as cheaply in the future as in the past, unless there
be large reductions in the costs of producing that food, and when I say
costs of production I mean also costs of marketing, for production and
marketing are inseparable.
In its own interest, therefore, and for its
own benefit, the consuming public must aid in making available to the
farmer every facility and business device which may help him in reducing
The
fast
paradox of
present large food surplus,
our
ceasing to become a food exporting nation.
of our industrial
growth points to the approaching need of a
Without meaning
that they shell be all inclusive I venture to
certain things that ought to be done to
period with
the surplus
indeed, do
suggest
foster our agriculture, not for the
people.
In some
selfish benefit of the farmer but for the benefit of all the
cases
legislative
will
action
Government and State
be required.
agencies.
In others
administration by
In still others co-operation both between
the farmers themselves and between farmers and other groups.
First, in the administration of our credit machinery whether
ment
agencies
or
by Govern¬
otherwise the effect on agriculture must be given more
consideration than in the past.
Second, credit for productive and improvement purposes
available to the farmer on terms
During the next twenty years,
nation when we
industrial
Surely the logic
examples of unquestionable class legislation enacted on behalf of relatively
foreign countries for the major
part of her food supply.
United States will adopt
prosperous
culture should desire to retort in kind they could find ready at
having much the same experience that Great
dependent upon her colonies and upon
culture.
with
a
production costs.
Britain went through
following the Napoleonic wars.
At the beginning of those wars Great
Britain was an agricultural country in transition to becoming primarily
a manufacturing and commercial nation.
Nearly half the population was
engaged in agriculture and the British farmers produced most of the agri¬
cultural products consumed in the country.
During these wars the British
farmers prospered.
Following them there came just such an agricultural
depression as has come to us and it continued for many years during which
the United Kingdom definitely determined to become an industrial nation,
We
been used
in¬
Secretary Wallace asserted that "we
are passing through the most severe agricultural depression
we have ever experienced," the trouble being now, he said,
"that whereas prices of farm products, speaking generally,
are lower than before the war, prices of the things the farmer
dustry and business."
must
a
action has
the subject
was
have
millions of unemployed.
much more involved line of reasoning to secure legislative
times past
,
address by Henry C. Wallace, Secretary of
an
life and find work again for the
of such reasoning should not be questioned
WISE AGRICULTURAL
DEVELOPMENT OF
OF
That is even
his farming equipment.
important to the consuming public than to the farmer, both because
of the need of food at reasonable
SECRETARY OF AGRICULTURE WALLACE ON NEED
meaning people whose
well
general lines, first improved credit facilities; second, permissive legislation
more
settled.
depression
of financial
periods
understanding of economic forces is not all that might be hoped for, come
of class
Parliament of the people
a
in
case
Efforts at
to the New
dissolved by President Li, is the only legal Govern¬
between
"So long
wrong.
which
The difference
China.
in
difference
and
of Armaments on
"Times," which quotes Mr. Moy as saying:
The
the
Limitation
29, according to a Washington dispatch
York
of
the
As is always
of the difficulties under which the farmer is laboring.
forward with ill
Limitation of Armaments was discussed
on
because Government cannot be absolved wholly from
some
the
CHINA
afford relief, and all the
responsibility
consideration of legislative measures which might
for
with the farmer
It is quite natural, therefore, that there should be
indirectly.
or
more so
Huang "i^n-Pei.
SOUTH
2779
CHRONICLE
which
the
must be made
of agri¬
seasonal character
cultural production makes necessary.
Third, improvement in marketing methods
through the organization of
co-operative associations should be permitted and
encouraged.
transported at the lowest possible costs
and satisfactory operation of the trans¬
Fourth, farm products should be
consistent with the maintenance
porting agency..
as to production and
abroad should be greatly
extended, and made more generally available.
Also, so far as can be done
safely, such information should be interpreted with a view to bringing about a
better balanced and therefore more stable production of crops and live stock.
Sixth, the extension of cultivated land should not be encouraged until
careful survey has made plain the practicability of establishing a profitable
farming or live stock enterprise.
There should be a decided tightening
up of our policies of land settlement, including those dealing with reclama¬
Fifth,
collection of statistical
the
information
consumption of agricultural products at home and
tion projects.
•
Seventh, painstaking study of the costs
of production and marketing
of
preliminary to the reduction of such costs.
This
study should be made all along the line from the farm to the consumer's table.
farm crops
Eighth,
very
is
a
a necessary
better understanding of the forces
much to be desired and is necessary to the
which influence prices is
intelligent adjustment of
production to the needs of consumption.
Ninth, a reasonable margin of safety for our own people
requires a rate
The prompt
disposition of such surplus Is a condition of maintained production, and to
this end there should be systematic and constant study of foreign markets.
Tenth, heretofore large production has been without regard to the possible
exhaustion of the fertility of the soil, which is our greatest national material
of production which in
good years will result in a surplus.
A system of land tenure
asset.
necessarily an evil, but the inevitable and logical
Our task is to promote a system of tenure
Tenancy of itself is not
land values.
result of high
interest without doing injustice to either
protect the public
will
which
which leads to an Involuntary conspiracy
is a public menace.
landlord and tenant to impoverish the soil
between
landlord or tenant.
Eleventh, Federal supervision of such
institutions as public stock yards
oiily expedient
but very necessary to the efficient and impartial functioning of such insti¬
tutions, and should result in benefit alike to the agencies themselves, the
exchanges, and the like, is not
and market agencies, grain
fanners who furnish the raw
material and the consuming -public.
needs to be done to promote intelligent, efficient
production, but have mentioned only matters
and continued agricultural
preliminary to the
should have immediate attention as a necessary
which
be dealt
I have not dealt with all matters which should
In the foregoing
with in considering what
[You 113.
CHRONICLE
THE
3780
policy. This is not in any sense an
appeal for legislation or administration for the benefit of a class or group.
It is simply an appeal for more intelligent recognition of the incontrovertible
fact that national welfare depends upon a sound agriculture.
development of a wise agricultural
wide
investigation of retail prices of food, fuel,
clothing.
calities, he said,
entirely too high, and the profits de¬
were
merchants were "unconscionable." Mr.
rived by some retail
J. Burns, director of
Daugherty issued orders to William
the Bureau of Investigation
to
work
of the Department of Justice,
of price statistics,
the collection
begin immediately
assigning
shoes and
these commodities in many lo¬
prices of
Retail
by
number of men to different localities, who would
a
He ordered Mr. Bums to have pre¬
simultaneously.
pared schedules showing the variations in different locali¬
ties and
and
clothing, fuel and food,
retail prices of shoes,
the
the
at
time to collect reports of the wholesale
same
prices of corn, wheat, beef and meats of all kinds, in order
comparisons might be made between wholesale and re¬
that
tail
prices.
»
Organizations of retailers in different parts of the coun¬
CASH TENANT FARMS RETURN
3^%—2% ANNUAL
MAKES UP FOR
INCREASE IN PRICE LARGELY
LOW RENT RETURN.
a
land and im¬
renting their land
return of 3.54% on the valuation of
A gross
provements was received by farm owners
to cash tenants in 1919. according to a study of the relation
land valuations just completed by the
of cash rental to farm
United States Department of
In announcing
Agriculture.
this, the Department on Dec. 26 said:
The
'
These farms had an average value
examined.
$153 67 per acre, and the average rent per acre was
of $16,9.50, or
$5 45.
single year was about one-twenty-eighth of the valuation.
investigation was made by C. O. Chambers, of the Division of Land
The gross rent
This
in
a
appraisals of farm land
The investigator
that the decline in the prices of farm products this year may
lower rate of return until land prices have declined to the same
Economics, to discover a basis for making scientific
values, and to learn the ratio of cash rent to
points out
result in
extent
a
land value.
in 1919
The low rate of return from rents
offset to some extent, the
was
of farm land,
compounded annu¬
investigator points out, by the increase in average acre value
which, for the United States, has been at the rate of 2%
This advance in land prices, from which deductions should
improvements, was, nevertheless, sufficient to justify owners
ally since 1850:
be made for
holding lands with small cash rents.
variations are found in studying the returns from different
Some striking
of
sections
the
north-central
of 2.89%; Pacific counties, 4.26%; New
Cash-tenant
country.
counties show an average return
selected
in
farms
England and Middle Atlantic counties, 4.49%; Mountain counties,
showing the lowest were
8.37%;
at
moderate
a
capi¬
it appears that American farm property has been
On the whole,
rate
compared
the rates investors receive
to
on
and good securities in general.
Government bonds, farm mortgage loans,
In many sections the
only justification for the low rate of return on farm
property appears to have been
imposed
been
had
merchants
cent
by
upon
himself as unqualifiedly
declared
Mr.
them.
in favor
of
organizations which confined their operations to im¬
trade
but he asserted they
proving their services to the public,
would
allowed
be
not
to( fix prices or apportion territory
their members, thus stifling competition.
among
conditions,
remedy price
Mr.
local
a
be
In the main, he said, the
through several channels.
taken
Action to
said, would
Daugherty
and the States would be asked to
one
could to solve it with Federal co-opera¬
do as much as they
Secretary Hoover, he added, would be invited to join
tion.
while it
that the publication of the compara¬
believed
was
to lower prices,
Department in its effort
the Justice
with
wholesale and retail prices would do much to
tive
remedy
high prices by conveying to the housewives of the country
of actual conditions.
accurate knowledge
22nd, Mr. Daugherty
In line with his announcement of the
Dec. 27 sent a letter to all State
on
between
and
State
suggesting
co-operation
close
ing
Attorney-Generals, urg¬
officers,
enforcement
that
States
Federal and County District At¬
between
conferences
call
law-
Federal
separate
the
torney to attain this object.
of
Violations
food and fuel
the
laws should
supply
be
prosecuted without duplication of Federal and State effort,
The low rent returns in certain sections
probably tend to promote farm
tenancy, since tenants are not likely to buy land at $153 per acre
which they
rent at an
annual cost of only $5 45 per acre, which is less than the
mortgage rate.
This may account in part for the large proportion of land
operated by tenants in sections of the country where the cash return is
comparatively low.
The
investigator
significant variations in
discovered
different groups of tenants.
White tenants paid
a
returns
rent
for
lower cash rent than
declared, and that while the Department of
Mr. Daugherty
to evade any of its
Justice did not seek
his opinion
was
with the State authorities.
these laws lay
of retail
cases
higher than white tenants on farms of the same value.
This
be accounted for, however, by differences in the kinds of farms which
responsibilities, it
that the initiative for the enforcement of
The majority of
profiteering, the Attorney-General held, were
intra-State
The
rested
and
matters
correction.
Negroes paid
Japanese, Chinese or Indians in the same regions.
negroes,
rents two-fifths
may
lows," while at the same time recognizing that many inno¬
the expectation of further advances in land
prices.
can
desire to help competition."
a
intends to "get these smart fel¬
2.59%.
Nebraska,
talized
Arizona,
10.04%;
declaration of
a
Department, he said,
The
6.34%;
while those
North Dakota, 2.17%; South Dakota, 2.52%; and
Mississippi,
10.66%;
Arkansas,
under
pose
States showing the highest averages were
and Southern counties, 7.26%.
scheme to defeat the laws of the country by perfecting an
situation was
|
rents.
as
These
organization for fixing prices which concealed its real pur¬
Daugherty
about one-third of all the
Census schedules of 158,000 farms, or
new
farms rented for cash, were
try were blamed by Mr. Daugherty for high prices.
associations, he said, were formed "by smart men who sold
individual
with
addressed
letter
by
States for
Attorney-General
Daugherty to the Attorney-General of each State
reads:
they operate.
New
and
one-year-old contracts returned cash rentals about one-sixth
higher than those that
were
over
one
year
for longer than
The contracts which
one year.
as
compared with 4.35%
This may be explained to some extent by the fact that one-
on new ones.
year
run
old showed returns of 3.67%
contracts are especially common in high rent localities.
be due either to over-valued farms
The
reach
economists
a
of the
to reduced rents because of
or
are
no
law,
They find
apparent constant relation between rent and value.
The
best land in the country returns a high rental as well as high valuations.
important factor in leading landlords to accept low rental income.
appeal of ownership of
a
farm home
appears to
The importance of
new raw
land is being
afford
the
Federal
Whenever
rental
brought into
returns
are
use
small
The
the
the
cases
by drainage, irrigation,
as
compared
with
or
returns
where
clearing.
on
other
Scientific appraisal
purposes.
as
an
The
unsound
praising, they
mere
will not yield
an
adequate return.
selling value prevailing in
basis for appraising by these
say, must
give
a
community is regarded
investigators.
proper attention not
Scientific ap¬
only to selling value but
to the rate of return received from renting the property or otherwise ascer¬
taining its
use
value.
NATION-WIDE INVESTIGATION OF
RETAIL PRICES.
competition
plan
nounced
Dec.
on
illegal,
22
that
Association, declaring the
Attorney-General
Daugherty
and
leave
for
the
Federal
Government
with
be enforced by
such duties as
it.
principal offenses which I now have in mind are those
laws.
against
There is no disposition on
I
part of the
believe,
enforce their laws in regard to the violations,
should first
Federal Government,
the
the
force
There
which
laws
are
and
Federal
and
promptly co-operating with the States, should en¬
should be enforced by the Federal Government.
substantial duplications in many of these laws, as you are
well
between the State authorities and the
most beneficial to both in the enforcement
better understanding
a
authorities
will
prove
the food and fuel laws pertaining to prices.
This
co-ordination of powers will aid especially municipal authorities, Cham¬
bers of Commerce and State authorities in their respective efforts to reach
of
the
prohibition and
violations
extortion
for
case
open
many
an¬
country¬
of
officer of your
several
about
he had laid plans for a
It will
in
the prices
now
maintained.
infractions are intra-State cases, there will arise
doubtful questions whether a violation of the law in the matter of fixing
prices by certain local retailers is one over which the Federal Government
has jurisdiction.
With this subject in mind and the object in view, as
stated, to bring about the most harmonious, as well as coherent, working
arrangement between State officials and those charged with the Federal
enforcement, I respectfully suggest that you as the chief executive law
ATTORNEY-GENERAL DAUGIIERTY ORDERS
of the American Hardwood
upon
to enforce the laws which should
liquor and the food and fuel supply
As
Following the decision of the Supreme Court in the
uniformity in proceedings, sentences and fines.
among the people.
a
opportunity for the several States, without duplication
Government,
two
aware,
of farm lands is needed for both taxation and loan
will not only insure a re¬
Federal Government, as represented by the Department of
Justice, to evade any responsibility in respect to its duties, but the States,
reasonably safe investments, it may be possible that expenditures for im¬
provements on raw land
as
an
authorities
State
devolve
The
land valuation lies in its application in
well
as
This co-operation
the Union.
of
This will all make for a better understanding
be another important con¬
sideration.
of lend¬
expenditures, but also a more prompt enforcement of existing
in
also
The speculative motive of holding lands for advance in prices is undoubtedly
an
States
duction
kinship.
endeavoring to
basis for scientific appraisals of American farm lands.
that there is
paid only
This difference might
Department of Agriculture
Department of Justice of the United States is very desirous
The
ing its aid to bring about a complete and effective working system with
all law enforcement officers, and especially with the legal branches of the
several
The survey also showed that tenants related to their landlords
2.76% in rental, while those unrelated paid 3.43%.
My Dear Mr. Attorney-General:
counties
the
these
State, call a conference of the prosecuting attorneys of the
of your State, for the purpose of discussing plans to bring
object
desired.
In so doing I would be pleased to have you
invite the United States attorneys
that
located in your State to attend in order
they, too, may co-operate with you and all
become better acquainted
Dec. 31
and
of
become
such
a
the
respective duties devolving
each
upon
V.,V:
the advisability,
duties
conference
jective, I
with
CHRONICLE
-
■
suggest
your
THE
familiar
more
US.
I
1921.]
will
be
if it
In
the
quite confident I
am
is
in
accord with your
that it be called
held,
permit.
early in
as
achievement of
depend
can
upon
this
judgment
the
most
new
that
year
as
ob¬
necessary
and the law-prosecut¬
you
ing branches of the several counties
of your State, and I
personally assure
that the Department of Justice and all its agencies will contribute to
you
the
extent
that
their
glad to hear from
assistance may
I
you.
be required
sending
am
requested..
or
I
shall. be
similar communication to each of
a
the
Attorney-Generals of the several States,
Wishing you the compliments of the season, I
M.
the clothiers' body to the
22
you
and of Dec.
reported
are
and
their
23,
the
said
prices too high,
in
country,
statement
a
have
to
the
purporting to
that
retailers'
that retailers in
daily
from you
come
profits
of
newspapers
in which
unconscionable
were
parts of the country have
organizations which tend to keep prices high, and that there is not a doubt
the world that all
in
the
over
are
reported to have added
tion.
We
speak
for
6,000
National Association
wearing apparel
statement
too
that
high.
will
is
country retailers have
understanding.
an
its
Retail
States.
members
Speaking for them
profits
untruth.
The
to
prices.
constantly
being sold at
which
unconscionable
are
retail
clothing merchants
They have
taken
taking further such losses.
retail at
much
a
of
the
their
smaller
In
have
every
inventory
huge
losses
general,
percentage
the facts
made
of
clothing to-day
profit
than
ever
retail
the
information
clothiers
in
all
association.
of the country have
is, however, not
the
is
1913
The
the
record
a
representative
the country,
members and
non-
leading retail clothiers
the
of
of
group
from
far sent in information in response; this
yet fully summarized.
Additional ques¬
so
as
taken from
to
information asked
The
the firms'
books
for
and
covering each
given
from
year
questionnaires
already
the retail
expenses
done than
show
clothier to cut down
to-day
are
received
his
costs
greater percentage
a
before and what is more,
ever
show
despite
and
effort
every
expenses,
in
)n
gen¬
the volume of business
of
cost
of
alterations
have
no
consistently either increased
remained
or
ble, and show little sign
has
of decreasing.
A decreasing volume of
to increase the percentage which these
only served
bear
to the
show
that
vast
profit
on
volume
tion and any other which
available
are
Our
to
association
sta¬
business
operating expenses
of business done.
The questionnaires
already received
majority of retail clothiers are making a smaller per¬
amount
the
centage of
tain
of
we
business
have
now
than
or
before.
ever
which
we
may
This
informa¬
subsequently ob¬
department.
your
the
in
or,
most
cases,
present serious situation
business
upon
in
the
retail
that it is not
You
the problem
cer
not
for
the National
to
make
press
in the inverse order.
obtain the facts.
can
cipal
brought about
clothing business and in retail
too much to ask that
investigation first and obtain his
tack
information, which
no
generally.
We feel
his
We
Association
executives.
We
in your position make
man
are
willing to rest
believe that it is your
of
Retail
Speaking for the
organization,
duty
as
tend
to
your
statement
keep prices high
Clothiers, of which
association,
that
and that retailers all
have
over
the facts.
public offi¬
W speak
we
resent,
we
retailers
on
a
at¬
the
are
also
prin¬
applied
as
to
organizations which
the
country
have
an
understanding.
clear
implication of
clothiers, among others,
your words is to charge a
conspiracy of retail
through their trade- association.
This statement is
untrue, and any person
Our
association
of
has
trade
never
cognizant of the facts will
countenanced
toward
or
anything
stifling competition.
admit
tending
even
We
its untruth.
have
toward
never
a
able weather prevailed
crop
We
or abetted unfair competition or unfair trade
practices.
the contrary, done everything in our power to aid in
bringing
down and in bettering the conduct of the retail clothing business.
have,
prices
Our
files
We
from
and
our
an
an
records
the
so
open
results of
investigation.
doubly
are
investigation, but
announcing
made
it is
on
court
to your
we
your
department at
time.
There
was
during the growing
and lessees to cotton, the
even
convict
the pretense of
without
an
a
hearing;
examination
into
COTTON
CROP, 15,593,000 BALES—U.
S
DEPARTMENT OF AGRICULTURE REPORTS SMALL¬
WORLD
PRODUCTION
SINCE
15,593,000 bales by the U.
Agriculture in
a
report issued
on
S.
Dec. 21.
1921-22
much the
conditions pre¬
same
late, less fertilizer
season was
used, and the
was
Cotton-Growing Areas.
-
Because of tbfl recent gradual reduced production in those countries
for years as dependable commercial
cotton-growing areas, much
interest has recently been taken,
especially by the British, in opening up
new
cotton-growing districts in different parts of the world.
The British
cotton-growing corporation has spent millions of pounds sterling in experi¬
ments and subsidies in Central and Southern
Africa, Australia and other
parts of the empire during the past fifteen years.
The corporation recently
a
royal charter, which
ment, and is
now
means
the backing of the British Govern¬
preparing to spend around $5,000,000 annually in an
a part of the cotton consumed in the Manchester
effort to grow at least
mills.
This money will be spent very
largely in Africa, outside of Egypt,
Australia and in the West Indies, where Sea Island cotton
growing is
being encouraged.
It is realized by the English spinners that Egypt and
India have probably reached their maximum
production, and the money
spent in those countries will
be mainly for the purpose of
improving the
In the Egyptian Sudan construction on the large
irrigation project at the confluence of the Blue and White Nile is being
quality of the staple.
held in abeyance at the
present time on account of political conditions.
While it is generally conceded that millions of acres of land in
Egypt, and millions more in Australia, could doubtless be made to
produce good cotton, the efforts of the English spinners to grow their own
cotton up to now, it is admitted, have been
several of the largest cotton-producing counties
The total production in the British Empire
bales
of
500
pounds
failure.
a
From the
in the United States.
(outside of Egypt and India)
the present year will be less than 150,000 bales.
profitably
on a
portation
orojects
and
Before cotton
competitive scale in Africa the natives
work regularly,
which is
a
marketing problems must be solved,
completed
cotton
extended.
or
can
must be
be grown
disposed to
hard proposition in any tropical country;
The
French
and
some
trans¬
irrigation
planning also
are
to
en¬
production in the French Sudan and their other African
possessions.
Mesopotamia, which, following the
as a
possible
abandoned
'the
source
as
a
war, was
looked
upon
by the English
of supply for considerable quantities of cotton, has been
cotton-producing
expense attached
least for the present, because of
area, at
to the necessary
irrigation projects, and the unstable
political conditions in that country.
The Australian Government is very ambitious to establish cotton
growing
as one of its
imperial assets.
Cotton was f 'rst planted in Australia
the
American Civil
War; average production at that time amounting to
about 200 pounds of lint cotton per acre on an area of 14,000 acres.
because of the slump in price, cotton growing there
doned.
Recently in Queensland and
a
of
rate
of
exchange, for all
estimated
about
at
4,000
weight
based
cotton
bales
or
other States interest in cotton
about 36 cents
delivered
this
extending irrigation projects
on
in
confined
pound at the
sum
of 5,000,000 pounds sterling
The efforts at present
largely to growing the longer stapled varietias.
other long lint
normal
Production is
the Murray River and its tributaries,
and up-to-date ginning plants are being installed.
are
and
a
Liverpool.
The Commonwealth and the
year.
Uate Governments have made available the
varietias from this country
being feared that imported Egyptian seed
may
American Pima
have been introduced,
harbor the pink boll
it
worm.
Cotton Growing in South America,
Most South American countries produce some cotton.
Brazil, with
an
annual crop of
the
are
approximately 500,000 bales, and Peru, with 150,000 bales,
leading producing countries in South America.
Production is in¬
Cotton
was
grew
26,000 bales this
before the Spaniards conquered the country.
The native tree,
grown.
year.
cultivated in South America by the Indians several centuries
or
There
are
two main varieties
perennial, cotton growrs wild, but when culti¬
vated is planted at intervals of from 5 to 15 years.
Left alone the plants
^
'11 grow 15 to 20 feet high, but it is pruned annually, the crop being picked
new
growth each year.
Tree cotton grows in nearly all
parts of
The seed of the cotton planted annually came
originally from America and Egypt, and is generally badly mixed.
best staple comes from Peru, where better care is taken
years.
There
The
are
millions of
acres
Governments of Argentina and
production of cotton
may
The
in preparing the
of land in South America
on
on a
Brazil
are
now
larger scale, and South America, in
encouraging
a
few
years
annually export cotton in larger quantities than at present.
This is reported
ten-year average of
gross
some
Later,
practically aban¬
was
crowing has developed, and the British Cotton Growing Association hrs
guaranteed the Australians Is. 6d.,
the
Department
since 1900, when the Department of Agri¬
culture began publishing world figures, and
compares with
20,650,000 bales in 1920, and with
practically
vast expenditure of money in the
past twenty years, the largest annual
production in experimental regions up to date has totaled less than 150,000
bales, which is only a little more than the average annual production of
suitable for cotton growing, but there has been little advancement in recent
is
the smallest crop
20,773,000
season, and the condition of the
Egypt
known
cotton for export.
1900.
production of commercial cotton for
placed at
In
vast quantities of cotton carried
in the seed, did more
damage than in recent years.
- ,
over
tropical South America.
EST
,*
heavy carryover, and cotton at planting time was
selling below the cost of production.
The Egyptian Government by decree
prohibited the planting of more than one-third of the acreage held
by owners
from the
WORLD
World
com¬
used and because of boll-weevil ravages over
a
creasing in Argentina, which
that, in all fairness, you refrain
investigation at least until you have
It is un-American to
to convict without
any
ask
the facts."
1921
This in
year.
Over much of the American cotton belt unfavor¬
seriously affected.
was
vailed.
directly
indirectly aided
or
countries last
and prices were forced down in
the yield was doubtless reduced because
was
practically the entire belt.
por
also
restraint
manufacturing
following
a
publicity later, rather than
charges in ad%'ance of obtaining such facts.
that
The
Europe and throughout the world to buy cotton
down of spinning and weaving estab¬
principal
and furthermore,
courage
will
voluntarily co-operate with you in any way you
desire in any investigation you see fit to make.
The retail clothing busi¬
ness, as well as other businesses, is
to-day in a precarious condition.
It is
.a
serious thing to destroy the public's confidence
without making even an
effort to get the facts.
It was just such misstatements based upon misin¬
formation,
the
outside of
that
signs of decreasing. Thus,
among other things, rents, taxes, rates of advertising, wages,
freight charges
and
,
1,500,000
Africa
date.
part of
eral
300
being returned daily.
are
actual
to
desired
parts of
Over
information
tionnaires
around
Confronted with a large
American farmers last spring voluntarily reduced their cotton
carry-over,
in
ques¬
1,500
in
turn curtailed the demand for raw
cotton,
tionnaires
over
produced
the United States below the cost of
production.
obtained
members of
war
cloth since the war, forced the
closing
lishments
Congressional Joint Commission of Agricultural Inquiry is at the
pres¬
examining among other things into retail clothing distribution
costs and mark-ups.
At the request of this commission, made after a volun¬
tary offer on the part of our association, the association sent out
the
before the
your
time
all parts
immediately
Reduced consumption occasioned by the
inability of Russia, Turkey and:
prices
A
covering
year,
important commercially, is smaller than usual.
so
New
resent
we
and
before.
ent
These countries, with
respectively, will produce only
or 5,667,000 bales less than was
The cotton crop in China, South
America, Mexico, and
many other countries in
Clothiers, who distribute 60% of the men's
clothiers'
reduce
what would be considered
pink bool-worm, which hibernated in the
leading retail clothing merchants,
of
You
investiga¬
an
This statement is not true, and anyone cognizant of
admit
are
many
that you were going to undertake
the United
retail
possible effort
and
in
61.4% of their total production last
paratively little fertilizer
throughout
year
under normal consuming
conditions, crop disasters.
estimates of 8,340,000 and 684,000 bales,
acreage,
Attorney-General:
Dec.
American and European spindles, have this
bales annually, has
practically ceased to grow cotton.
and anyone cognizant of the facts will admit its
untruth."
appeared
Two"of the'most important countries from a commercial
standpoint, the
United States and Egypt, which furnish the
principal supply of cotton for
Russia,
DAUGHERTY,
A ttorney-General.
Retail Clothiers the reply that "this statement is not
true,
There
follows:
other countries, while not
Attorney-General Daugherty's statement that prices were
too high brought forth from the National Association of
sent by
Census figures of the total world commercial
crop.
The
Department of Agriculture statement then continues as
produced in 1920.
sincerely,
am yours
H.
The following wire was
3781
East Indian Cotton Production.
India
produces
more
cotton
outside the United States.
years was
annually than
any
country
in the world
Average annual production for the past eleven
about 3,600,000 bales of 500 pounds, grown on a little more than
22,000,000
acres.
A small portion of the cotton acreage is under irrigation,
but the greater part of the crop is planted following the annual monsoons,
*
[Vol. 113.
CHRONICLE
THE
3783
little moisture afterwards. Cotton is picked every
of India, but the yield per acre is very small
averaging about 80 pounds of lint annually.
Cotton has been grown in
India for thousands of years, and numerous insect pests, including the pink
boll worm, which probably originated in that country, take a heavy annual
toll.
The boll weevil, prevalent in most cotton producing areas in the
Western Hemisphere, has never appeared in any country in the Eastern
Under the open
competition plan the Southern manufacturers of hard¬
organization, known as the American Hardwood
receiving usually but
wood lumber formed an
month in the year in some parts
Manufacturers' Association.
Hemisphere.
of the Indian cotton crop is very short staple,
averaging from % to % inches in length, the bulk of the crop being about
inches.
More than 95% of the American crop has a staple % inches
and longer.
Indian cotton does not compete with the best American or
Egyptian growth in the cotton mills of either Europe or America.
Only
about 50,000 bales of Indian cotton is consumed by American and English
spindles annually, while 81,105 bales of American cotton was received in
exhaustion of stocks and other causes.
Bombay last year.
Indian cotton mills consume
annual production of that
70% goes to Japan and China.
about 50% of the
Of the cotton exported about
Cotton Production in
in violation of the Sherman law,
Japan.
.
have been experimenting with longer lint
considerable quantities of seed from the United
States.
China imports comparatively little cotton, although some Ameri¬
can cotton finds its way to the Chinese mills.
Recently Chinese mill owners
varieties, having imported
individual
manufacturers
which will compare favor¬
ably with the American product Is that grown in Russia, a large portion of
which before the war was equal to the average Texas product.
Russia
developed rapidly as a cotton-producing country before the World War.
In 1890 production was only 137,000 bales of 500 pounds.
In 1912 this had
increased to 1,343,000 bales.
During and following the war cotton pro¬
duction gave way to other crops and the yield this year is estimated at
The only
considerable amount of Asiatic cotton
It is stated that there is ample
about 50,000 bales.
Russia to
cotton-growing land in
3,500,000 bales of cotton annually under
in Egypt, all cotton in Russia is grown under Irri¬
produce approximately
As
normal conditions.
production materially,
gation, and to increase the pre-war
additional irri¬
gation works would be necessary.
produce upwards of 100,000 bales of
annually, which is absorbed in the Japanese cotton mills.
The following table shows the annual world production of cotton
Japan and Korea together
years
1914, 1919 and 1920, and
COTTON
PRINCIPAL
(Bales.)
(Bales.)
NET).
1921.
1920.
1919.
1914.
Country—
COTTON-GROWING
(BALES 478 POUNDS
COUNTRIES
for the
estimates for 1921:
IN
PRODUCTION
cotton
(Bales) &
(Bales)
13,440,000
8,340,000
16,135,000
11,421,000
130,000
362,000
205,000
165,000
Mexico
560,000
431,000
560,000
Brazil
460,000
Peru..—.-....—.
107,000
172,000
157,000
4,000
15,000
16,000
26,000
4,637,000
2,845,000
were
attack on
Column & Lumber Co. in the
Federal Court.
The
the
opinion of the court was
delivered by Justice Clarke, who
described
organization of the association's statistical bureau, explaining in detail
for both obtaining and disseminating information concerning
its methods
it
clear combination to
was a
restrict production
Concerted action among the members was obtained,
only by the distribution of reports issued under the open com¬
he stated, not
prices.
petition plan, but by frequent meetings and questionnaires.
The meetings of the members resulted in concerted action.
of conditions, and the
stated, to raise prices regardless
Justice Clarke
plan was termed by
misnomer" and "an old evil in a new dress and a new
He added that instead of a plan to promote open competition it
him "misleading and a
name."
It was futile, he said, to argue that the
information which could not be otherwise obthrough an expert statistician, he
asserted, utilized replies to questionnaires and other inforamtion furnished
by the members of the association as the basis for bulletins and advices.
These replies, he said, also were utilized in predicting and promoting ad¬
vances in prices,
by withholding of products from the market, awaiting
operated to restrict competition.
plan was merely to furnish
The secretary of the association,
tained.
higher prices.
members of the associa¬
Quoting correcpondence between
statistics, the Court said:
"These
sufficient to show beyond discussion that the
purpose of the organization, and especially of the frequent
meetings, was to bring about a concerted effort to raise
prices, regardless of cost or merit, and so was unlawful, and
that the members were soon entirely satisfied that the Plan
quotations
was
are
which it was intended.' "
in the Journal of Com¬
'carrying out the purpose for
The text of the decision as printed
merce
follows:
Dec. 27 in large part
Hardwood Manufacturers' Association"
the consolidation of two similar associa¬
department of activity designated the
Open Competition Plan," and hereinafter referred to as the "Plan."
Participation in the "Plan" was optional with the members of the associa¬
tion, but at the time this suit was commenced of its 400 members 365, operat¬
ing 465 mills, were members of the "Plan."
The importance and strength of
the association is shown by the admission in the joint answer that while the
defendants operated only 5% of the number of mills engaged in hardwood
manufacture in the country, they produce one-third of the total production
of the United States.
The places of business of the corporations and part¬
nerships members of the "Plan" were located in many States from New York
to Texas, but chiefly in the hardwood producing territory of the Southwest.
The defendants are the members of the "Plan," their personal representa¬
The
was
unincorporated "American
formed in December, 1918,. by
tions, from one of which it took over a
C3.623,000
120,000
1,650,000
Southern hardwoods
scheme. A large number of
joined with the American
the decision of the Tennessee
and that a monopoly in
of hardwood
tion and the manager of
Cotton in Russia.
constituted a conspiracy to
encompassed effectually under the
had been
and to increase
production of cotton in China is
the organiza¬
maintain prices
the plan and practices of
The Government contended that
tion of hardwood manufacturers
the trade and asserting that
China.
problematical. The Minis¬
try of Agriculture of the Republic estimates the average production for the
three years 1909-11 as 4,181,300 bales.
Much of the cotton produced is
manufactured in a primitive way for local consumption on hand-looms in
the homes, and is not regarded as commercial cotton.
An estimate from the
Chinese Cotton Mill Owners' Association gave as the area planted to
cotton in 1920 4,300.000 acres, and the production 1,868,000 bales of 500
pounds gross weight.
This is probably the cotton acreage grown for com¬
mercial purposes.
Most of the Chinese commercial cotton contains very
short lint, similar in staple to the Indian crop, and is manufactured in the
Chinese cotton mills, that portion of the crop exported going principally to
The total
organization exchanged
lumber on hand. This
through the central organization. In
connection with such interchange of information the central organization got
out literature encouraging purchases of lumber with warnings that prices
would drop, but were likely to go higher on account of shortage of lumber,
exchange of information was done
By far the major portion
country.
The members of this
prices, orders and stocks of
full reports of sales,
States
United
Argentina
4,167,000
British India.---...
bl46,000
38,000
94,000
105,000
784.000
1,150,000
1,868,000
1,309,000
440,000
90,000
54,000
60,000
81,000
75,000
1,154,000
1,251,000
684,000
1,000
1,000
4,000
155,000
160,000
150,000
Japan and Korea
China
Russia
——
Africa
British
1,337,000
Egypt
Australia
_
150,000
All others
50,000
tives, and F. B. Gadd, its
,
24,675,000
20,221,000
20,650,000
15,593,000
i
Called Conspiracy.
'
■
"Plan" constituted a combination
and conspiracy to restrain interstate commerce in hardwood lumber by re¬
stricting competition and maintaining and increasing prices in violation of
alleged in substance that the
The bill
the anti-trust act of
1890 (26 Stat., 209).
The answer denied that the
"Plan" had any such purpose
and effect as
promoted competition, especially among
charged, and averred that it
own
Total.
"Manager of Statistics."
its
members.
A temporary
injunction, granted by the District Court, restricting the
respects by consent of the parties, was
activities of the Plan in specified
a
Estimates based on the best
information available at this time,
later reports,
Estimate received by cable, Dec. 10 1921.
Third official forecast, Dec. 15 1921, received by cable from
Figures
b
c
of Markets and Crop
and
a
direct appeal brings the case
The activities which we
subject to modification from
-Government, by the Bureau
made permanent
the Indian
Estimates, Dec. 21 1921.
the legality
of them has been before
statement with respect to
HOLDS u0PEN COMPETITION
HARDWOOD MANU¬
FACTURERS' ASSOCIATION ILLEGAL.
PLAN"
OF AMERICAN
the
so-called "open competition plan" by which members of
trade associations have operated to standardize and inter¬
change terms of bidding and prices was handed down by the
U. S. Supreme Court on Dec. 19, when it declared the policy
of the American Hardwood Manufacturers' Association was
in restraint of trade and a violation of the Sherman anti-trust
law.
Associate Justice Clark, who delivered the decision of
the Court, held that the plan was a revival of the old "gentle¬
men's agreement" plan.
Dissenting opinions were delivered
by Justice Holmes and Justice Brandies, with Justice
McKenna concurring with them, in which it was held that the
A decision of
-open
was
far-reaching importance on the subject of
competition plan was not an effort to create a monopoly,
trade and was not illegal.
Press dis¬
not in restraint of
patches of Dec. 19 from Washington
with
&
had the following to say
regard to the Court's decision:
The case was
brought to the- Supreme Court by the American Column &
the American Hardwood Manufacturers' Associa¬
Lumber Co., a member of
prosecuted by the Government in the Federal
Court at Memphis, and a permanent injunction was obtained against con¬
tinuance of the practices of filing by hardwood concerns of reports of busi¬
ness operations with a central organization, such reports being open to all
other members of the organization.
tion.
The association was
this court for decision, some
them is necessary.
detail of
•
•
The testimony of the Govern¬
ment consists of various documents and excerpts from others, obtained from
the files of the Plan, and the testimony of the defendants consists of like
documents and excerpts from other documents, also from the same files,
There is very little
U. S. SUPREME COURT
here for review.
comprehended within the "Open
shall see were
Competition Plan" (which is sometimes called "The New Competition")
have come to be widely adopted in our country, and as this is the first time
dispute as to. the facts.
supplemented by affidavits of a number of persons, members and nonmembers, chiefly to the point that the confessedly great increases of prices
during 1919 were due to
natural trade and weather
7
influence of the Plan.
Plan
The record shows that the
conditions and not to the
•
of Committee.
"Plan" was evolved by a
committee, which, in
recommending its adoption, said:
members accurate know¬
ledge of production and market conditions so that each member may gauge
the market intelligently instead of guessing at it, to make competition open
and above board instead of secret and concealed; to substitute, in estimat¬
ing market conditions, frank and full statements of our competitors for the
frequently misleading and colored statements of the buyer."
After stating that the purpose was not to restrict competition or to control
prices but to "furnish information to enable each member to intelligently
"The purpose
make
of the plan is to disseminate among
prices and to intelligently govern
his production," the
committee
continues:
"The chief concern of the buyer, as we
pays
is
no
all know, is to see
that the price he
his
higher than that of his competitors, against whom he must sell
The chief concern of the seller is to get as much
Product in the market.
anybody else for his lumber;
of the market for the
other they
will gradually tend toward a
both buyer and seller.
consolidation, a further explanation of the
of the plan was made in an appeal to members to join
conditions,
a
situation advantageous to
Not long after the
purposes
it is
objects and
it, in which
said:
"The theoretical
tb«»t.
as
termed the top
known to each
standard in harmony with market
in other words, to get what is
By making prices
quality he offers.
proposition at the basis of the
Open Competition plan is
Dec. 31
1921.]
THE
"Knowledge regarding prices actually made is all that is
prices at reasonably stable and normal levels.
CHRONICLE
necessary to
First of all, the Southwestern
territory for meeting purposes was divided
keep
into four districts, and instead of the
monthly meeting provided for in the
"Plan," "in order that members could more
"The Open Competition plan is a central
clearing house for information on
conveniently attend," the record
prices,
trade statistics and practices.
By keeping all members fully and
quickly informed of what the others have done, the work of the plan results
in
a
certain uniformity of trade
the practice of others,
practice.
There is
shows that forty-nine of these
meetings were held between January 31 1919,
and February 19
1920—approximately
follow
no agreement to
although members do follow their
Second.
competitors, if they know what these competitors have been actually doing.
"The monthly meetings held in various sections of the
country each month
ing, and
was mailed to those not
this list of which the most
"4th.
And in another later, and somewhat similar
appeal, sent to all the mem¬
"Competition, blind, vicious, unreasoning, may stimulate trade to ab¬
activity but such condition is no more sound than that medieval
still cling to of taking
long
is mutual confidence and
success
Co-operative Competition, not Cutthroat Competition.
operation is
a
co¬
Co¬
product, because
your
you come
"Co-operation will only replace undesirable
spirit.
For the
hardwood manufacturers
serve
first
organized into
are
competition
time in the
the whole trade in
More members
mean more power
a
devlop
as you
iyoduction
one
compact, comprehensive
were sent out
3.
!
This elaborate plan for the
interchange of reports does not simply supply
the sales made and the prices
received by every other member of the
group, thereby furnishing the data
for
"The re¬
6.
both future prices and
production; and opportunities for future meetings for
the interchange of views, which the record
shows were very Important.
It
is plain that the
only element lacking in this scheme to make it a familiar
type of the competition suppressing organization is a definite agreement as
to production and
prices.
But this is supplied: by the disposition of men
"to follow their most
intelligent competitors," especially when powerful;
by the inherent disposition to make all the money possible, joined with the
steady cultivation of the value of "harmony" of action; and by the system
Members must file at the beginning of each month price-
Inspection reports.
as soon as
New
made.
of reports,
These reports are to be made to the association by
service of its own, established for the purpose of
checking up grades of the
various members and the "Plan" provides for a chief inspector and sufficient
'
■
inspect the stocks of all members from time
'■
■
:
-,■■■
to time.
I
■
.
•.
■'
which makes the discovery of price reductions inevitable and
immediate.
a
assistants to
and current
It not only furnishes such information with
next "two months;" frequent analyses of
the reports by an
expert, with, we shall see, significant suggestions as to
each kind, grade and thickness.
prices must be filed with the association
the basis of supply and demand
on
production of each will be for the
7
b. shipping point, which shall be stated.
market
It goes much farther.
respect to stock, sales and prices, but also reports, giving the views of each
member as to "market conditions for the next few
months;" what the
same as
4. A monthly stock report by each member, showing the stock on hand on
the first day of the month, sold and unsold, green and
dry, with the total of
o.
judging the
prices.
reporting during the previous month, with the grades and thickness classi¬
as prescribed in the "Plan."
Price-lists.
forty-
plainly
to each member the amount of stock
held,
fied
5.
go
February 1 and
two of the
All the activities of the "plan"
culminated in the counsels contained in these letters and
reports.
A monthly production report, showing the production of the member
lists showing prices f.
one or
nine meetings which were held.
A daily shipping report, with exact copies of the invoices, all special
with sales.
to all of the members nineteen times between
December 6 1919, and they were discussed at all but
ports to be exact copies of orders taken."
The classification shall be the
Transactions.
and forecast for the future were
contained, almost from the beginning, not
only in these market letters but also in the weekly sales reports, so that
they
quality of lumber sold and all special
agreements as to terms, grade, etc.
State the reasons for your
In practice this market report letter was
prepared by F. R. Gadd, manager of statistics, but his review of the market
But the purpose to agree upon
written with respect thereto.
ac¬
What is your veiw of market conditions for the next few months
"harmony" with respect to future prices.
Third.,
The plan provided for a monthly "market report letter" to
the fully worked out paper plan as adopted.
or
on
If so, please state how
to all members of the association.
was always disclaimed.
agreements of every kind, verbal
for any other reason?
or
ditions by each member, and a co-ordination of them
by an expert analyst
could readily evolve an attractive basis for
co-operative, even if unexpressed,
manner.
to do more good for the industry.
It required each member to make six
reports to the secretary, viz:
1. A daily report of all sales actually made, with the name and address of
the purchaser, the kind, grade and
2.
Do you expect to shut down within the next few months
will be idle?
reporting to one another
past transactions cannot fix prices for the future.
But each of these three
questions plainly invited an estimate and discussion of future market con¬
a
history of the industry, the
thorough and efficient
the "human relations" among the members.
now to
of hardwood during the last
The plan on paper provided
only for reports of past transactions and much
tices, and in meetings of members for discussion, for the avowed purposes of
substituting "Co-operative competition" for "Cutthroa't competition," of
keeping "Prices at reasonably stable and normal levels," and of improving
Coming
on
is made of this in the record and in
argument—that
With
or
questions
were:
total production
7;Past
;;k.v '
into closer personal
co-operation of this kind we will very soon have enlisted in our efforts
practically every producing interest, and you know what that means."
Thus, the "Plan" proposed a system of co-operation among the members,
consisting of the interchange of reports of sales, prices, production and prac¬
prices
attending each meet¬
were eleven
conclusion."
contact with the market.
.
There
and what is the general outlook for business?
matter of business because it pays, because it enables you to
get the best price for
.
important
your
shortage of logs
you
"11th.
"The keynote to modern business
operation.
.
was
present.
What do you estimate your production will
probably bo for the
"10th.
count of
club and going out and knocking the other
a
fellow and taking away his bone.
body, equipped to
part of the
next two months ?
normal
co-operaive
What
month?
bers, this is found:
some
some
Before each of these meetings a
questionnaire was sent out to
and prospective, which was distributed to the
members
j
Appeal to Members.
spirit
for each woek in
the members, and from the
replies received, supplementing the other reports,
the statistician
compiled an estimate of the condition of the market, actual
have improved the human relations
existing between the members before
the organization of this
plan."
one
territory.
intelligent
most
2783
The
sanctions
the
of
plan obviously
financial interest,
are
intimate personal contact and business
honor, all operating under the re¬
straint of exposure of what would be deemed bad faith and of trade
pun¬
ishment by powerful rivals.
The principles of law by which we must
judge of the legality of the scheme
Inspection Service.
of
The declared purpose of the
ber's
inspection service is not to change
grading except with his consent, but to furnish each member
which he
can
compare
any mem¬
a
basis
on
doing business thus provided for, as it was worked out in practice, are
clearly settled by the anti-trust statute and the decisions of this Court
interpreting it.
his prices with those of other members, thereby mak¬
ing all members' reports
All of these reports by members
sentatives of the association.
Provisions of Act.
intelligible and accurate.
more
are
subject to complete audit by
The applicable provision of the Act (26
Stat., Chap. 647, 209) reads:
"Section 1. Every contract, combination in the form of trust or otherwise,
repre¬
Any member who fails to report shall not re¬
ceive the reports of the secretary, and failure to
report for twelve days in six
months shall cause the member
failing to be dropped from
or
Plainly it would be
very
difficult to devise
a
more
minute disclosure of
everything connected with one's business than is here provided for by this
"Plan" and very certainly only the most attractive
prospect could induce
any man to make it to his rivals and
competitors.
But since such voluminous disclosures to the
secretary would be valueless
unless communicated to the members in
provision is made for this,
as
a
condensed and
interpreted form,
follows:
The secretary is required to send to each member:
1.
A monthly summary showing the production of each member for the
previous month, "subdivided
2.
as
to
grade, kind, thickness," etc.
A weekly report, not later than Saturday, of all sales, to and
including
the preceding Tuesday, giving each sale and the
price, and the name of the
purchaser.
3.
.
'
preceding Thursday.
4.
He must send
of each member and
This
monthly report, showing the individual stock
a
summary
on
hand
of all stocks, green and dry, sold and unsold,
by the managing statistician as a
monthly inventory of the stock of each member.
5.
mary
Not later than the 10th of each month the secretary shall send
(whether participating in the plan
or
not) pointing "out changes in condi¬
tions both in the producing and consuming sections, giving a comparison of
production and sales and in general
Meetings shall be held
once a
agreed upon by the members."
an
analysis of the market conditions."
month at Cincinnati "or at points to be
"It is intended that the regular meetings
engaged in
gathering and dissemination of data, with
R.
Gadd
was
man
to take charge of the
necessary
assistants," and the
selected and given the title of "Manager of
Statistics."
way
meetings at which
the
an
In Northern Securities
through which agreements, actual
or
that there remains for decision only
so
doing business adopted resulted in that
commerce
which is condemned by
Company
vs.
United States, 193 U. S. 197, 337, it
forbidding any combination which by its necessary operation destroys or
restricts free competition among those
engaged in interstate commerce; in
other words, that to destroy or restrict free
competition in interstate com¬
as
was
to restrain such
commerce."
In
the United States vs. Union Pacific Railroad
Company, 226 U. S. 61,
87, decided in 1912, long prior to the forming of their combination by the de¬
was
condensed into this expression:
"To preserve from undue restraint the free action of competition in inter¬
state commerce was the purpose
which controlled Congress in enacting this
Such, in outline,
was
constituted
an
organization
Implied, could readily be arrived at and
view to effecting the
And in Eastern States Retail Lumber Dealers' Association
States, 234 U. S. 600, 609, it
was
vs.
The United
said:
"It (the Sherman Act) broadly condemns all combinations and conspira¬
cies which restrain
the free
and
natural flow
of trade
in the
channels of
interstate commerce."
And again on p. 613:
"The argument that the
course
pursued is
necessary to
the protection of
the retail trade and promotive of the public welfare in providing
retail fa¬
cilities is answered by the fact that Congress, with the right to control the
field of interstate commerce, has so legislated as to prevent resort to prac¬
tices which unduly restrain competition or
and private choice of
unduly obstruct the free flow of
means
must yield
to the national
Rule
were
made to it.
of Law.
With this rule of law and the details of the "Plan," in mind, we come
to consider what the record shows
as
to its effect upon
We have
the paper plan adopted by the association, but elabo¬
practice, three important additions
a
object of this enactment."
authority thus exerted."
maintained, if the members desired to make them.
rate though it was, in
combination
"In all the prior cases in this Court the Anti-Trust Act has been construed
opportunity was afforded for discussion "of all subjects
members," very certainly
a
in the transportation and
is declared that:
This extensive interchange of reports, supplemented as it was by monthly
to
large
It has been repeatedly held
by this court that the purpose of the statute
is to maintain free
competition in Interstate commerce and that any con¬
such commerce,
Interchange of Reports.
of Interest
a
certed action by any combination of men or
corporations to cause, or which
in fact does cause, direct and undue restraint of
competition in such com¬
merce falls within the condemnation of the act and is
unlawful.
members."
a
the several States
this anti-trust statute.
shall afford opportunity for the discussion of all subjects of interest to the
®t"The 'Plan' also requires the selection of
F.
are
statute, and the courts should construe the law with
A market report letter shall be sent to each member of the association
defendant
commerce among
direct and undue restraint of interstate
fendants, the law
the members.
7.
confessedly they
the question whether the system of
a sum¬
of the price lists furnished by members, showing the prices asked by
each and any changes made therein must be immediately transmitted to all
6.
and
merce
a
report is very aptly referred to
or
.
sale of lumber in interstate commerce
On Tuesday of each week the secretary must send to each member a
report of each shipment by each member, complete up to the evening of the
conspiracy, in restraint of trade
is hereby declared to be
illegal."
Obviously the organization of the defendants constitutes
.
membership.
seen
interstate
as
to the purpose
of this combination and
commerce.
that the plan provided for the selection of a man to have
charge of the gathering and dissemination of the data, which were to be
contained in the various reports, and that the defendant F. R. Gadd was
THE
3784
-
with the title of "Manager of
selected for this purpose,
Statistics."
Mr
lumber business, competent and
aggressive, and the record makes it clear that he was in complete and re¬
sponsible charge of all the activities of this "Open Competition Plan."
He
compiled the summaries of daily, weekly and monthly reports, and wrote
the monthly market letter and the market comment in the weekly sales
reports, which were distributed to the members.
Some disposition appears
in the argument, but not in the evidence, to suggest that Gadd exceeded his
authority at times, but no objection appears to have been taken at the time ,
Gadd
was a
man
of large experience in the
hTs affidavit
that his
affiant have
frequent conferences and discussions relating to their work, and that affiant
is familiar with the activities and method of the Open Competition Plan."
It is plain that as the "Plan" was the "clearing house" of the members,
"for information on prices, trade statistics, and practices," so Gadd was the
".clearing house" of the "Plan," and that what he said and did, acquiesced
in by the members as it was, must be accepted as the authoritive. expres¬
to any
and the "Secretary-Manager" says in
office adjoins that of Gadd and that "he (Gadd) and
of his conduct,
sion of the
And it may
prices
adds:
of
All conditions indicate a
to maintain the war
month of the consolidation of the two associations
the members of the "Plan" began actively to co-operate, through the
meetings, to suppress competition by restricting production.
This is very
clearly shown by the excerpts following from the minutes of meetings and
from the market letters and sales reports distributed at them.
Thus, at the meeting held at Cincinnati on January 21 1919, in the discus¬
sion of business conditions, the chairman said:
"if there is no increase in production, particularly in oak. there is going
to be good business."
.
.
.
"No man is safe in increasing production.
If he does he will be in bad shape as the demand won't come."
Again, at the meeting held on May 9, at Memphis, in the discussion of
market conditions, appears this paragraph:
contemplate running day and
stated that the lumber industry had seen these unusual
conditions before and that we ought to be very sure that the market
night and it was
market
is
capable of taking car3
.
of night and day lumber."
Warning of May 9.
■
This warning of May
9 against producing too
much lumber was followed,
sales report sent out by the Manager of Statistics to all
members, which was headed. "Stop, Look and Listen."
After saying that
the hardwood market had assumed a decidedly better tone, with a tendency
on
May 17,
by
a
stocks be¬
quotations upward, with the demand on the increase and with
low normal, the writer continues:
"The lumbermen have gone through several lean years, but we
in
When the demand for lumber is good and the prices are
temptation to the saw-mill men to put night shifts at the
mill and an extra logging crew in the woods and keep turning out lumber
twenty-four hours In the day.
The desire to cash in while the cashing is
good it is a strong
to understand, but every sawmill man who con¬
night shift should stop long enough to reflect on the
past history of the lumber business.
If he does indulge in such reflection
the chances are he will give up any ideas he may have along that line.
Overproduction has always been the curse of the lumber industry in America.
It has caused more trouble and hardship than any other one factor.
It
would bo criminal folly therefore for the lumber manufacturers to indulge
themselves in any such form of commercial suicide."
Adding that the lumbermen have within their grasp an era of prosperity
for some time to come, the writer continues:
"They can either reach forward to seize their opportunity or they can cast
it aside by the policy of overproduction.
Which shall it be? It is up to the
good is natural and easy
Another,
"If
of normal and that a
in the minutes of the meetings
completely realized.
Curtailed production of m'lls;
the part of lumber operators of
on
members of the combination were
himself, the price which might be obtain¬
able even as the result of co-operative restriction of production, but that
throughout the year the assiduously cultivated, through the letters of Gadd,
speaking for them all, and through the discussions at the meetings, the gen¬
eral conviction that higher and higher prices were obtainable and a disposi¬
tion on the part of all to demand them.
The intention to create such a com¬
mon purpose is too clear to be doubted, evidenced as it is by the following ex¬
cerpts from much of like character in the testimony:
with:
concludes
he
of the market is upward and
"The tendency
advance
long
so
as
sales and production bear
he says:
believing that the price
of lumber was too high and that the temporary inactivity in the export mar¬
ket offered the opportune moment, have agreed to confine purchases to ac¬
tual immediate requirements during the next sixty days.
This is not going
to worry the manufacturers very much; in fact, it will give them a much
needed breathing spell and an opportunity to accumulate a supply of dry
stocks which, in our opinion, is the same as gold dollars in the bank."
.
.
"Those who have been looking for lower prices overlook the very impor¬
tant factors; that production continues below normal
.
.
.
that un¬
Again, on September 20, in his market letter,
"It has been rumored that a
sold stocks at mills are 70%
started.
.
*
*
'
certain class of buyers,
below normal; that the export
demand has just
."
.
"With these conditions
prevailing there is nothing in the
should encourage anyone to hope
for
a
situation that
quotations."
drop in
Various Meetings.
of the va¬
production reports
in which the shortage of supply was continually emphasized, with the impli¬
cation, not disguised, that higher prices must result.
Men in general are so
easily persuaded to do that which will obviously prove profitable that this
reiterated opinion from the analyst of their association, with all obtainable
data before him, that higher prices were justified and could easily be ob¬
tained, must inevitably have resulted, as it did result, in concert of action in
To this
must add that constantly
we
rious meetings there is shown
throughout the minutes
discussion of the stock and
demanding them.
But not only does
members to unite in
the record thus show a
purpose
peristant purpose to encourage
prices, without regard to
only that this was the
pressing for higher and higher
cost, but there are many
admissions by members, not
of the "Plan," but that it was fully
realized.
April 23 1919, the
Within four months of the consolidation, on
Manager of
write him his experience
Statistics wrote to members asking each to
with the
it.
The replies to this letter are significant confessions.
One writes:
"All who have access to your reports bring their prices to the top."
"Plan" and any incidents
Another:
"There
showing benefits derived from
>
soems
to be
friendly rivalry among
a
members to see who can
prices, whereas, under the old plan it was
cutthroat
get
competition."
Another:
"It has
made
kept
us
believe the plan
which it
in touch closely with the market
or more
us one
was
dollars per
and in many instances
has
lumber sold and we
successful in carrying out the purposes for
thousand feet on the
is going to*be very
intended."
Another:
crease our
a
price 86
per
a
received under this plan we were
thousand on a special item of oak.
small order at what
mediately that others
orders for
we
were
thought
a
enabled to in¬
We had just taken
but discovered im¬
Since then we have booked
satisfactory price,
getting more money.
number of these special items at
the increase of $6 per
thousand."
Another:
"Since Ave became members we
ars
per
And
another:
"We have alAA'ays
There
"The
lumber at several dolperfectly satisfied with the plan."
have been selling our
M more than formerly and Ave are
our
left these meetings
feeling that we did
lumber and that we ought to try to
was one
not get money
do better."
discordant reply, saying:
Open Competition Plan has been
absoluteyl accurate, but
stabilizing the market, it has caused a runaAvay
of the
Avithin six months of the forming
instead of
market."—This on May 29,
combination.
Quotations Sufficient.
These quotations are
pose
sufficient to show
of the organization, and specially
bring about
a
was
"carrying out the purpose for
that the pur¬
meetings, was to
beyond discussion
of the frequent
concerted effort to raise prices,
regardless of cost or
wais unlaAvful, and that the members were soon
the Plan
March 8 1919, after pointing out that the
stock at the mills was only about three-fourths normal and that the produc¬
tion in the Memphis group of manufacturers was only 56% of normal, the
letter of the Manager of Statistics continues:
"There has been a long drawn out and desperate effort to break the hard¬
wood market by withdrawal of demand: but, be it said to the eternal credit
of the hardwood producers, they have maintained a stout heart and stiff
backbone, with the result that there has been exhibited a strength in the
market which has been little short of remarkable in the face of the light de¬
mand and the vigorous efforts which have been steadily made to hammer
.
will undoubtedly continue to
their present relation to each
other."
so
March 8 Report.
;
profit."
enable them- to make a reasonable
And
coming down call their atten¬
stocks below normal:
obtaining a price level that will
tells you that lumber prices are
"If anyone
necessity
record shows clearly that the
down prices.
Manager of
Apr 1 was 65%
there would be no ma¬
terial increase in May and June, says:
enough for
in the stock report of
ourselves."
production during the month of
careful estimate indicated that
tion to the following:
satisfied to secure, each for
As thus,
opportunities ahead
in his sales report, the
Again, in another month, May 24,
Statistics, after stating that
"From the first report we
Next, the
the producer of hard¬
There are glorious
that time.
how is
competition in hardwood is only among
and not do it this
through¬
out the year, but this is sufficient to convincingly show that one of the prime
purposes of the meetings, held in every part of the lumber district, and of the
various reports, was to induce members to co-operate in restricting proauction, thereby keeping the supply low and the prices high, and that when¬
ever there was any suggestion of running the mills to an extent which would
bring up the supply to a point which might affect prices the advice against
operations which might lead to such result was put in the strongest possible
terms.
The co-operation Is palpable and avowed, its purpose is clear, and
not
influential
Supply and demand must necessarily govern prices.
The demand
us, the supply inadequate, therefore values must increase, as our
•
with
is
when rich rewards awaited
there was a time
ever
v;
.
year."
shall see that it was
letter of April 26, this
month later, in the market
a
wood lumber,
adds:
meeting at Shreveport, La., in the discussion of
market conditions, one of the members declared: that in his opinion it was
"suicidal to run a mill night and day; that the pine mills had done it, but he
Again, a week later, at a
we
J'V;
association, after pointing out that stocks were less than 75%
of normal, that production was about 60% of normal and that the demand
was far in excess of the supply, adds:
the best
sawmill men themselves to
profit by their past experience
.
agent of the
templates putting on a
Much more of like purport appears
making levels. . . .
of the year, with prices
'
And he concludes:
overproduction.
hoped they (we) would
there
Market Letter.
are con¬
possibility of killing the goose that laid the golden egg.
Overproduction will spell disaster, as it should always be borne in mind that
the maximum productive capacity of the sawmills of the country is much
in excess of any demand the country has ever known."
He then quotes from an editorial in the "Southern Lumberman," in which,
among other things, it is said:
"The danger which we see lurking in the future for the lumber industry is
fronted with the
decide."
The managing statistician of the association significantly
"Are we guilty?
If so, the warning is timely."
held at reasonable profit
firm market for the balance
moving upward."
offers
there would be every
good reason to cut prices, but
why they should be
reason
beginning within one
made to members who
bearing on the plans
hardwood lumberman.
If the facts were better understood,
business now at shaded prices would get scant consideration and
would not only be no
then prevailing rather than to advance them, and although the
the various meetings wore kept in barest outline, we find that
was
have an important
"Naturally the situation ought to
of every
minutes of
"Reference
this "proper course
Intended to be.
was
market letter of March 29, after stating
that the stocks had further decreased from the previous month, with a pro¬
duction n^t to exceed 50% of normal the Manager of Statistics of the "Plan"
-V.
of the year the problem was
hesitation as to the
Again, three weeks later, in the
in the months of
January and February and the first part of March of 1919.
It grew better
ate in March and progressively stronger until in July, when it became
very active, with prices high, and so continued until the end of the year we
In the first quarter
pursue"
to
diffcult to see how anyr in¬
manufacturer can entertain any
for him to pursue in selling his lumber."
be added that it is not difficult to see what
proper course
combination.
that the lumber market was inactve
considering.
information before him it is
"With this known
telligent hardwood
The record shows
are
[Vol. 113.
CHRONICLE
merit, arid
entirely satisfied that
which it was
intended."
Without going into detail, the
hardwood in most general use
were increased
to an unprecedented extent during the year.
Thus the in¬
creases in prices of varieties of oak range from 33.3%
to 296% during the
year; of gum, 60 to 343%, and of ash from 55 to 181 %.
While it is true
As to the
price conditions during the year.
record shows that the
prices of the grades of
prices generally and that wet
extent, we cannot but agree
have quoted them, and
with the District Court in the conclusion that the united action of this large
and influential membership of dealers contributed greatly to this extra¬
that 1919
was a year
weather may have
of high and increasing
restricted production to some
themselves, as we
with the members of the "Plan"
ordinary price increase.
* - •*
,
-
•
•
..
-
Dec. 31 1921.]
Such close co-operation between many persons,
controlling
firms and corporations,
large volume of interstate commerce as provided for in this
a
"Plan," is plainly in theory,
as
it proved to be in fact, inconsistent with that
free and unrestricted trade which the statute contemplates shall be
tained, and that the persons conducting the association fully
apparent from their protesting so often as
they did in many
dential communications appearing in this record that
•not unlawful, that
what in their
main¬
realized this is
of their confi¬
their purposes were
they sought only to supplant cut-throat competition with
judgment would be "fair and reasonable competition,"
own
and to obtain, not make, fair prices
and by their repeated insistence that the
Sherman law, "designed to prevent the
restraint of trade, is itself one of the
greatest restraihers of trade and should be repealed."
To call the activities of the defendants, as they are proved in this record,
an
"Open Competition Plan" of action is plainly
a
2785
CHRONICLE
THE
misleading misnomer.
Samiiel Untermyer, counsel to the
tive
Committee, commenting
"There
Lockwood State Legisla¬
decision, said:
on
:
hundreds of these criminal conspiracies involving
are
V
thousands of
merchants operating in combinations all over the country, stifling
tion and adding to
the cost of living in almost
every
competi¬
line," said Mr. Unter¬
myer.
"New
ones are
being organized almost daily.
for the conviction of hundreds of firms and
dustry that
already under indictment
are
This decision clears the way
corporations in the building in¬
or on our
list, of which the mem¬
The decision will be a
bers of the Cement Trust are the chief offenders.
great aid in cleaning up the situation."
It
competition" associa¬
said that nearly fifty "open
was
tions had been attacked before the Lockwood Committee.
Genuine Competitors.
Genuine competitors do not make
daily,Weekly arid monthly reports of
the minutest details of their business to their rivals, as the
they do not contract
as was
defendants did;
done here, to submit their books to the
discretion¬
the purpose of successfully
competing with them, and they do not
the details of their business to the analysis
obtain from him
"harmonized"
a
competitors, but is
so
under
This is
and pursue a common purpose
guide that if it did not stand confessed a combination to
a common
restrict production and increase prices
in interstate commerce and as, there¬
that it is, that
conclusion must inevitably have been inferred from the facts which are
proved.
To pronounce such abnormal conduct on the part of 365 natural
competitors, controlling one-third of the trade of the country in an article of
prime necessity a "new form of competition" and not an old form of com¬
bination in restraint of trade, as it so plainly is, would be for this court to
confess itself blinded by words and forms to realities which men in general
very plainly see and understand and condemn as an old evil in a new dress
fore,
direct restraint upon that commerce, as we have seen
a
and with
a new name.
The "plan" is .'essentially, simply an expansion of
ment of former
To call it open
days, skillfully devised to evade the law.
tice,
voluminous reports were
because
or
no
transmitted to the Department of Jus¬
specific agreement to restrict trade or fix prices
is proved,
of the "plan" Was to
large number of naturally
cannot conceal the fact that the funadmental purpose
procure
having any specific agreement with respect to them, and to rely for
tenance of concerted action in both respects
in earlier days, but upon
tiously reinforced by
pose to
many
his associates
any
and elaborate reports, which would
disposition in
tacit understanding that all wore to act
a
main¬
not upon fines and forfeitures
what experience has shown to be the more po¬
dependable restraints of business honor and social penalties,
tent and
of
a
ing dealers with respect to the volume of production and prices, with¬
compe
out
"harmonious" individual action among
any
cau¬
promptly ex¬
member to deviate from the
together under the subtle direction
single interpreter of their common purposes , as evidenced
in the minute
what
reports of what they had done and in their expressed purposes as to
they intended to do.
of the
widely
scattered units, the equivalent of such information as is contained in the
newspapers and Government publications with respect to the market for
In the presence of
"plan"
was
on
boards of trade
and sufficient difference is that the
buyer, but these reports
go
or
stock exchanges.
One d'stincru'shing
published reports go to both seller and
the the seller only: and another is that
there is no
skilled interpreter of the published reports, such as we
have in this case, to
ins'stently recommend harmony of action likely to prove profitable in pro-i
portion
it is unitedly pursued.
as
Convinced,
as we are,
that the purpose and effect of the
activities of the
competi¬
in the manufacture and sale of
"Open Competition Plan," here under discussion were to restrict
tion and thereby restrain interstate commerce
hardwood lumber by concerted action in
curtailing production
and in increas¬
combination
and conspiracy in restraint of interstate commerce within the meaning of
the anti trust act of 1890 (26 Stat. 209) and the decree of that court must be
ing prices, we agree with the district court that it constituted a
affirmed.
,
In his dissenting
"There
are more
Of these, 365 concerns, each separate
association by
a
finding
although^ itself innocent, may be made an instru¬
practiced. The plan is not inherently a
record in this case is barren of evidence to support
that it has been used, or was intended to be used, as an instrument
to restrain
tors and
there
was
clearly
no
coercion.
There is no claim that
There is no claim that a division of ter¬
ritory was planned or secured.
There is no claim that uniform prices were
established or des'red.
There is no claim that by agreement, force or fraud
a
monopoly was sought or created.
any producer,
dealer or consumer was to be or has in fact
been controlled or
It is claimed that the purpose
of the open competition plan was to
lessen
contemplated and was in
vigorous operation.
The Sherman law does not prohibit every lessening of
competition.
It is lawful to regulate competition in some degree.
But it
Avas neither the aim of the plan nor the practice under it to regulate competi¬
tion in any way.
Its purpose was to make national Competition possible by
supplying data not otherwise available and without which most of those
engaged in the trade would be unable to trade intelligently.
It is insisted there was a purpose to curtail production.
No evidence of
Competition among members was
It was urgad there was a concerted effort
to enhance prices.
There was at no time uniformity in prices.
The co-operation which is incident to this plan does not suppress competi¬
tion.
On the contrary, it tends to promote all the competi tion which is de¬
sirable.
May not these hardwood lumber concerns, frustrated in their
efforts to rationalize competition,
be led to enter the inviting field of con¬
solidation?
And, if they do, may not another huge trust with highly cen¬
tralized control over vast resources, natural, manufacturing and financial,
become so powerful as to dominate competitors, wholesalers, retailers, con¬
sumers, employee? and, in large measure, the community?
any
general attorneys, freight and
as
traffic managers, chief engineers, general super¬
intendents, purchasing agents, &c., who might be held to
fall within
the application of the law.
The decision
by the Commission respecting these applications
and it is
reached
have been watched for with considerable interest,
gratifying to learn from the numerous returns coming to
hand a
disposition to construe the law with reason¬
liberality, notwithstanding the remarkable range of
able
officials held to come under its control.
We note that the following well-known men are
continue
to
indicated, to
less
or
positions named with
in the
say
numerous
allowed
the companies
nothing of other smaller railroads more
which are either subsidiaries or closely
allied with the same, or of relatively
insignificant importance.
general it will be noted "the interlocking" in these in¬
stances affect properties that are quite diverse as to their
In
position, traffic and territory served:
Examples of Directors and Officers Whose Official Affiliations
turbed by the Commission.
Witt Cuyler.—May retain the positions of
Thomas De
director of—
New York New Haven & Ilartf. RR.
New York Ontario & Western Ry.
Pennsylvania RR. and allied cos.
Atchison Topeka
Arc Undis¬
& Santa Fe Ry.
Henry W. de Forest.—May retain the positions of—
Vice-President, director and member of Executive Committee, Southern
„
.
Director and member of Executive Committee,
allied companies.
Member of the
Charles
Board of Managers, Delaware &
Railway Co.
Pere Marquette
Director, Chairman of board of directors
and Chairman of Exec. Comm.;
Minneapolis & St. Louis RR. Co.
Ry. Co.
Chicago Rock Island & Pacific
J.
Hudson Co.
Hayden.—May retain the positions of—.
Director,
|
Illinois Central RR. and
)
Horace Harding.—May
remain
as
director of—
Southern Pacific Co.
New York New Haven & Hartf. RR.
Wabash Railway
New York Ontario & Western Ry.
Robert
S. Lcvetl.—May retain these
positions—
Director—New York Central and allied railroad
Illinois
and
Director
The Chicago
Charles A.
Central
Chairman
and
allied
Executive
of
companies.
railroad companies.
Committee—
& Altoji RR. Co., Union Pacific RR.
Co.
■
Peabody— May retain the positions of—:
Chairman
of Executive Committee and
Illinois Central
Director—
RR.
Vice-President and director—•
Delaware & Hudson Company.
coerced.
competition.
such
other officials
ous
passenger
trade.
In the case before us
provision.
application blanks to be filled in not only by the direc¬
executives of the various roads, but also by numer¬
sary
The plan provides for
by which illegal restraint is
"neither
due showing that
upon
Early in November the Commission sent out the neces¬
The question presented for our decision is
pian for co-operat'on,
ment
the
interests
private
nor
the violation of this
and independent, are members of an
restraint of trade, and the
by
amended
by order of the Inter-State
Pacific Co. and allied companies.
so-called 'open
as
will be adversely affected
thereby."
A fine of not less than $1,000 nor more than
$10,000, or imprisonment for from one to three years, or
both fine and imprisonment, .were made the penalty for
Texas.
whether the
these concerns
co-operation in collecting
and distributing information concerning the business of members and gener¬
ally in regard to the trade.
That in adopting the plan the members formed
a combination in trade is clear.
Co-operation implies combination.
And
this combination confessedly relates to interstate trade.
It is also clear that
a
Act,
carrier" unless such holding
one
authorized
Commission
Commerce
public
'open competition plan' either inherently or as practiced by
violates the Sherman law.
than
more
been
have
shall
in that part of the
of which they co-operate under the
means
competition plan.'
director of
or
opinion Justice Brandeis said:
than 9,000 hardwood lumber mills
United States which lies east of ai line extending from Minnesota to
Commerce
Inter-State
(para¬
graph 12, Section 20a) that "after Dee. 31 1921 it shall
be unlawful for any person to hold the position of officer
th's record it is futile to argue that the purpose
simply to furnish those engaged in this industry with
commodities sold
COMMISSION.
Transportation Act of 1920, contains a provision
the gentleman's agree¬
competition because the meetings were nominally open to the public, cr be¬
cause some
The
AS
OFFICERS
AND
COMMERCE
I.-S.
submit
clearly that of men united in an
agreement, express or implied, to act together
DIRECTORS
BY
VIEWED
of an expert jointly employed and
estimate of the market as it is and as, in his
specially and confidentially informed judgment, it promises to be.
not the conduct of
as
INTERLOCKING
audit and their stocks to the discretionary inspection of their rivals for
ary
such purpose was
introduced.
Pittsburgh Fort Wayne &
Chicago Railway Co.
DirectorBaltimore &
Ohio RR.
Union Pacific RR.
Allan
C.
!
and allied companies.
Rearick.—May retain these positions—
Director and Counsel—Chesapeake
& Ohio Ry., Hocking Valley
Ry., etc.
Director—
Missouri Kansas & Texas Railway Co.
Chicago Rock Island & Pacific Railway
Co.
Speyer.—May retain the positions of—
Director and member of Finance Committee—
James
Chicago Rock Island & Pacific Railway
Baltimore &
On the other hand, the
been
Co.
Ohio Railroad Co.
following officials are found to have
holding objectionably interlocking
positions, and must
of their activities. In these cases, however,
where several competing roads are involved, the Commission
relinquish
some
•
gives the incumbent the option of deciding which of
ficial positions respecting these roads he wishes to
Thus
Officials Who Give Up One or More
Examples of Directors and
Positions.
and
May retain his position as President, director
Manager, Pere Marquette By. Co. and subsidiaries;
(&) But must resign as
Pennsylvania-Detroit RE. (Pennsyl¬
director of
containers, waste material.
Announcement will be made of dates for
carriers' rebuttal
during the bearing.
regards other rate matters, it is announced that the
as well as the New York New Haven
As
Boston & Maine RR.
participate in the 10% cut in rates for
& Hartford will
George F. Baker—(a) May
retain his position as Chairman, Central
Railroad
of New Jersey;
and executive officer of only one
(6) But can remain as director
following:
of the
roads outside of
six months.
Erie and subsidiaries,
Lehigh Valley.
Del. Lack. &W.,incl. sub. cos,;
position of director, Chicago Mil¬
Rockefeller—(a) May retain the
Railway;
grain, grain products and hay between
points in the Western district has been extended by the
Inter-State Commerce Commission from Dec. 27 to Jan. 7,
mately 16K%
on
waukee & St. Paul
only one of the
director and executive officer in
(6) But can remain as
Railroad (and subsidiaries).
Western Railroad (and
George T. Slade—ia) May retain his directorship in—
Northern Pacific Ry. Co. and Southern Railway
south of the Ohio River and in the
of the increased rates have been
Co.
of one or the other of—
(&) But must resign as director
vacated.
(and its subsidiaries),
Delaware Lackawanna & Western
is not to be taken
Presumably others equally noteworthy are
complete.
as
inatory rates
RR. (and Its subsidiaries).
the list of changes here shown
yet to be made
Washington
the Inter-State Commerce Commission at
petition asking that the famous Shreveport rate order be
The petition sets up the claim that the discrim¬
a
and Chicago St. Paul Minn. & Omaha.
of only one of the following:
(b) But may remain as director
New York Central RR.
forwarded
The Texas Railroad Commission on Dec. 20
to
retain his directorship of—
Chicago & North Western
found too high and further
time is needed to investigate the matter.
Lehigh Valley (and its subsidiaries) .
Erie Railroad (and its subsidiaries).
Harold S. VanderbiU—(a) May
schedules.
new
until April 1 the date
putting into effect the readjusted rates for the territory
Mississippi Valley. Some
for
subsidiaries).
the
prepare
The Commission has also deferred
Delaware Lackawanna &
course
required to
because of the time
following:
Of
approxi¬
The effective date of the order reducing rates
,
New York Central and sub. cos.;
New York Central
agri¬
which was voluntarily adopted by the rail¬
New England for an experimental period of
cultural products
vania RR. System).
William
20—Beverages and beverage
21-22—Other commodities.
evidence and for oral argument
Frank H. Alfred—(a)
General
Feb.
Feb.
his of¬
retain.
observe:
we
[yoL- 113-
;" THE CHRONICLE"
2786
public, and presumably also there have been
which the Shreveport case was based have
on
Commission by other
this
is without 'authority to
long since been replaced by the Texas
unjust discrimination, and that for
rates that show no
the Commerce Commission
reason
some
prescribe intra-State rates within the State.
The State of Texas also has a suit pending in the United
Kuhn, Loeb & Co. a few weeks ago resigned as directors
the Union Pacific, but this was rumored at the time to be
Commerce Commission to establish local rates in
resignations in anticipation of the adverse action of the
Commission.
Mortimer L. Schiff and Otto H. Kahn of
of
in
compliance with the Clayton Anti-Trust Act, their personal
holdings not including conflicting railroad interests, though
possiblj)' these may have been held to exist through the firm
to which they belong, and so have brought them under the
FURTHER RATE REDUCTIONS?
On the basis of
Erb and F. H. Prince, principal
Louis, filed protest with
Charles Hayden serving
the Board, alleging that he had no financial
stockholders of Minneapolis & St.
the Commerce Commission against
Chairman of
as
competi¬
with Minneapolis. & St. Louis.
$542,409,582,
common
it
appears, was
of the
earn
more
one-half of
tial
RATES—COMMISSION
RAILROAD
TILL
JOURNED
HEARINGS
AD¬
interests
of hearings before Commissioners
opportunity
given
were
to
submit
arguments
against the making of further extensive reductions in trans¬
portation rates in the immediate future, and also respecting
change in the maximum percentage of net return which
should be allowed after the expiration of the two-year period
any
referred to in the
"Chronicle" of Dec.
17,
page
these hearings has been cited in part in the
2577, and Dec. 24, p. 2683, 2684 and 2715
and 2716, the two pages last named
embracing
of operations,
the
earnings,
&c.,
for
years
many
of the elaborate tables
1908 to 1920, presented
the Inter-State Commerce Commission in its 35th annual report
and cited
length in his testimony by Mr. George M. Shriver, Vice-President
at much
of the B. & O. RR. (see also separate
the
by
Further reports of
caption below).
proceedings at the aforesaid hearings will be found in the "Railway
Age" for Dec.
Review''for the
Before the
various
17,
pages
same
1211 to 1213,
dates.
1251 to 1256, and the "Railway
to
as
a
on
contemplated as a contribution towards essen¬
to meet the requirements under normal
industrial expansion of the country;
and increased charges and
has been so diminished that Some
carriers
suspend, and others to reduce, the customary divi¬
have maintained customary dividends only by drawing
have been compelled to
dends, while
some
surplus earned in previous years; consequently
credit has been reduced.
upon
to sustain
the surplus and margin
.
operating income for the
12 months to Oct. 31 1921 was $234,594,277, or 2.67% on the property
investment, and fell short of meeting the fixed charges of these carriers by
The Eastern carriers have shown that their
(3)
$70,000,000.
When the operating results of this
(4)
'V
^
yeaNwre restated to reflect the
effect of lowered rates and lowered costs to do over
1921, the estimated net operating income of the
$473,984,331. affording
made any
again the business of
Class I railroads would be,
return of about 5.40%,
a
but without having
which were de¬
provision for many important items of maintenance
ferred in that period.
■)
experiment by
operating towards
a pre-war level of costs have been more completely realized.
(6) A detailed statement for 30 years past indicates that freight rates
are not relatively higher than the average commodity prices, and for a
In this situation the railroads are not in position to
(5)
a
lowering of rates at this time, until the processes now
number
of
years
were
on
commodities.
prevail¬
respond with lower rates
much lower basis than other
a
The railroads did not relatively
participate in the abnormal prices
ing from 1915 to 1920, and so were less able to
a
large amount of
Some of this the roads agreed to
part they referred the question to the
prices generally declined.
The preliminary figures for
(7)
|an
even more
This
new
as
follows:
serious decline.
influenced,
cancellation of the trans¬
at Jan. 1 1922, and no doubt in part pending conclusion of
the underlying conditions in the United States and the
recession in traffic is believed to be only temporary,
perhaps, by the actual decrease in charges with the
portation tax
January and February will be
November show again a sharp falling
reported so far for December indicates
off in traffic, and the car movement
this
hearing:
world at' large appear to
(8)
Jan.
11-14—Direct testimony of carriers.
Jan.
16-18—Cross examination of carriers' witnesses.
an
Jan.
19-20—Coal and coke.
not
Jan.
21-23—Ore, furnace materials and iron and steel articles.
of
Jam
24-25—Sand and gravel, brick, lime, cement, gypsum and asphalt.
now
Jan.
26-27—Lumber and forest products.
Jan.
30-Feb.
While current
be improving generally.
basis which affords
declining, so that In the
distinction
priced commodity in the country, and continue, as it
railroad
operating costs are on a
28—Fertilizer and materials, sulphuric acid, phosphate rock.
Jan.
of
have failed to
betterments
taxes, the net corporate income
Dee. 17, the representatives of
Commission.
The program for
cent
per
we
% and nothing towards the
Because of decreased operating income
when
adjournment
statistical information.
off in traffic,
one-half the anticipated 5 %
»
shippers asked the railroads for
furnish, but
of the Class I
Sept. 30 1921 was
nothing to sustain credit.
say,
Transportation Act of 1920.
The testimony presented at
one
12 months to
2.75% on the property investment.
traffic, and the future commercial and
(2)
Atchison,
Esch, Hall and Lewis of the Inter-State Commerce Com¬
mission on the general rate question was concluded on Dec.
17.
At these hearings the representatives of the railroad
The first group
than
additions and
and
11—FUTURE PROGRAM.
JAN.
or
United States for the
Because of lowered rates and falling
overruled.
Commission,
Commerce
It is shown that the net railway operating income
(1)
tive
in
Inter-State
George M. Shriver, Vice-President of the Baltimore & Ohio
RR. Co., summarized his conclusions in part as follows:
railroads
points
the
the railroads, presented Dec. 15 in the
the
before
hearing
Chicago Rock Island & Pacific Ry., which has 14
This protest,
detailed statistical presentation of
a
financial position of
Louis and is also Chairman of
interest in Minneapolis & St.
Texas.
THERE SAFELY BE
RAILROAD RATE INQUIRY—CAN
interdiction of the Commerce Act.
In November last Newman
Court attacking the right of the Inter-State
States Supreme
4—Testimony of public and shippers
inadequate return, the basic elements of cost are
distant future
being the lowest
transportation should regain the
is, lower than in any other country.
The elaborate statistical information
as
to general aspects
which forms an in¬
in large measure
2715 and 2716,
the report of the Inter-State Commerce Com-
tegral part of Mr. Shriver's statement is
reproduced in the "Chronicle" of Dec. 24, p.
case.
Feb.
8—Vegetable
Feb.
9—Grain, flour and agricultural products.
Feb.
10—Live stock and packing-house products.
rmission.
Feb.
11—Petroleum and petroleum products.
for
Feb.
15—Canned goods and Wholesale groceries.
Feb.
16-17—Fruits and vegetables.
Feb.
18—Milk,
oil and soap.
cream
railroad
and dairy products.
as
part of
a
Notable in this exhibit are the tables
series of years
expenses,
indicating
the changes in volume of traffic, earnings,
dividends
paid,
compensation
freight and passenger rates, &c.
to
employees
Dec.
31
2787
CHRONICLE
THE
1921.]
Samuel MeRoberts; Philip D. Armour, of
DISPOSITION OF MONEYS PAID
U. S. BY OREAT
TO
Armour & Co.; Earl D. Babst,
President American Sugar Refining Co.; Van
Lear Black, President Fidelity
BRITAIN UNDER ALABAMA AWARD.
C.
The disposition of the unclaimed balance
award,
under
States the
which
of the Alabama
the
to
United
$15,500,000, has recently been the sub¬
of
sum
paid
Britain
Great
ject of correspondence between the Librarian of the Tor¬
onto
"Daily Star" and under Secretary of the U. S. Treas¬
ury,
S.
Gilbert states that the total
Mr.
Gilbert Jr.
P.
$2,939,80496 aris¬
of the award "with acretions of
amount
ing from interest earned by investment of the original sum
in
States
United
bonds
its receipt
on
William B. Joyce, President National Surety Co.;
Trust Co. of Maryland;
into the Treasury
Smith, President Great American Insurance Co.; C. W. Watson,
G.
President
Consolidation
The
Coal
Co.
"
These, with others, representatives of solid and substantial
interests
throughout the country, have, with Mr. MeRoberts,
become interested in the Metropolitan Trust
such
men as
De Witt Cuyler, Ogden Mills, Joseph
Walker Jr., Harold I. Pratt,
and others who are already on
the board, the new administration
cancelled, and amounting tp the total sum of $18,439,80496,
backed for
to claimants, with the
exception of the
certain
sum
allottees
share of
of $9,892 99 which is held in trust for
applied for their pro-rata
have not
who
balance made available for distribution to them."
a
with
We have been favored by the Treasury Department
a
of
copy
which
understand
we
Star," and
published in the Oct. 17 issue
the "Toronto
the letter to
was
of that paper; we print the same
Daily
herewith:
DEPARTMENT
TREASURY
O.
Washington, D.
October 11
Mr.
J.
J.
Librarian, The Toronto
addressed
the
to
your
required
was
communication
recent
of
date
this office for reply,
Tribunal of Arbitration, qnder which
Department and referred to
State
the award Of the Geneva
to
of
of
acknowledged
is
Britain
Great
sum
Daily Star,
Canada.
Toronto,
Sir:—Receipt
relative
1921.
Elder,
$15,500,000.
and did pay to the United States the
to
>
that the Tribunal of Arbitration did not
pass on the individual claims of citizens of the United States, nor make
any awards to individual claimants, but made a single award of $15,500,000
In
reply,
United
the
to
Act
June
of
Act
authorized
States
as
5
23/ 1874,
(22
1882,
judgments
as
of
Claims"
Alabama
was
established by
(18 Stat. 245), and re-established by the
Stat. 98), and Section 5 of the latter Act
follows:
for claims directly resulting
the first class shall be
That
Section 5.
nation.
a
Commissioners
June
of
informed
are
of
"Court
A
the
you
during the
late rebellion,
high seas,
although the loss or damage occurred within four miles of the shore,
excluding claims which have been proved pursuant to section eleven
of said chapter four hundred and fifty-nine
Act of June 23 1874, (18
Stat. 245).
The second class shall be for claims for the payment of
premiums for war risks, whether paid to corporations, agents, or indi¬
the high seas by Confederate cruisers
including vessels and cargoes attacked on the
from
damage done
viduals,
the sailing of any Confederate
Geneva Award
of $7,150,000.
and $2,403,800
accordance with
the provisions of the 15th section of the Act of June 25 1874, (18 Stat.
249), and said sum of $9,553,800 was covered into the Treasury to await
action by Congress authorizing payments of other claims thereon, as all
the judgments under the Act of June 23 1874, has been paid.
Congress authorized additional judgments by the Act of June 5 1882,
and by the later Act of June 2 1886, which provided for closing up the
to
$8,350,000, under the Act of June 23 1874, the sum
for
$9,553,800, representing said $7,150,000
interest, were cancelled March 31 1877, in
Bonds
accumulated
the
of
business
of
remaining
of
Court
Geneva
the
Award
aggregating $10,089,804 96,
fund,
appropriated for the further and final payment of
specifically
the balance
Alabama Claims,
of
Commissioners
was
the Alabama
Claims.
with accretions of
of the
of
amount
total
The
original
the award
of $15,500,000 paid by Great Britain,
$2,939,804.96 arising from interest earned by investment
sum
in United States bonds on its receipt into the Treasury
bonds were cancelled, and
September 9 1873, to March 31 1877, when the
has been paid out of the
Treasury to claimants, with the exception of the sum of $9,892.99 which
is held in trust for certain allottees who have not applied for their pro
rata share of a balance made
available for distribution to them under
a decision
of the Supreme Court of the United States, reported in Volume
amounting to the total sum of $18,439,804.96,
127,
United States Reports,
51.
(Sgd.)
BANKS,
Metropolitan Trust Co. is
S.
Gilbert, Jr.
P.
TRUST COMPANIES,
this
share of trust company stock was sold at auction
week, and no sales of bank stocks were made either at
one
the Stock Exchange or at
N. Y. Life Insurance &
v";':
New
Two
|
♦
York Stock Exchange
memberships
were re¬
this week, (the consideration be¬
$91,000 and $90,000, respectively. The last
ported posted for transfer
ing stated at
preceding sale was for $92,000.
♦
.
A New York Curb
previous transaction was at
../■,
At
a
Trust
meeting of the board of directors of
of the
Co.
were
was
The
the Metropolitan
City of New York on Dec. 27, Samuel
elected President.
added
to
the board:
he
a
was
The following new mem¬
University/
Michigan, graduating in 1893. He holds the degree of
LL.B. from Michigan.
Leaving college, Mr. MeRoberts
devoted his attention to the
elected
Armour & Co. Later he
company's finances and he was
the legal department of
entered
Treasurer
of Armour & Co.
General Financial Manager for
in 1904, and became
the Armour family.
made
This
Vice-
association continued until 1909, when
he
President of the National City Bank of
New York, and sub¬
sequently
1917,
one
was
of its executive managers.
a
In November
the invitation-of the War Department, he ob¬
leave of absence from the bank and was commis¬
upon
tained
a
the Reserve Corps for service in the Ord¬
sioned Major in
shortly after.
promoted to be
In December
1917 he became Chief of the Procurement
Division, Ord¬
Department in Washington.
nance
He
was
which directed the contracting of all
material used by the Army.
He was transferred
Department,
nance
ordnance
in July 1918 to
the A. E. F., and on Aug. 28 1918 was pro¬
Brigadier-General, resigning from the service in
In recognition of his service in the war the United
Government conferred upon Mr. MeRoberts the
moted to
1919.
States
Distinguished Service Medal, and the French
made him
a
Chevalier of
Government
the Legion of Honor.
He is
a
Refining Co.; the Chicago
Paul Railway Co.; the Consolidation Coal
director of the American Sugar
Milwaukee & St.
Co.; American Ice Co.; National Surety
Southern
Railway
Co.;
Great
Co.; Kansas City
Insurance Co.,
American
American Alliance Insurance Co.; and other
important cor¬
porations.
At
a
capital of the institution from $7,500,000 to
approved.
was
issue of Dec. 3, will be
The increase, as indicated in
effected through the issuance
additional shares of $100 each, to be offered to the
stockholders at par ($100) in
Stock
proportion to the stock already
New
in the
Jan. 11 unless made for cash.
The committee on securities of the
by them.
York
Ex¬
proposal to
special meeting of the stockholders of the Corn
change Bank of this city, held on Dec. 23, the
Exchange has ruled that transactions
stock shall be ex-rights on
right to subscribe expires on Feb. 3.
♦
At the annual
r—
meeting of the stockholders of
& Phenix Bank of this
the Chatham
1922, the
city, to be held on Jan. 10
proposal to increase the capital of the
institution from $7,-
submitted for ratification.
The contemplated increase, as stated in our issue of Dec. 10,
is to be effected through the issuance of 35,000 additional
shares of $100 each.
Such additional shares will be issued
at $150 a share, and stockholders will be offered the right to
subscribe for same in proportion to their respective holdings.
000,000 to $10,500,000 will be
4
♦
-
MeRoberts
bers
stated as $6,000.
$5,800.
week,'the consideration being
this
last
Market membership was reported sold
The
He later studied law at the University of
Baldwin, Kan.
The
High. Close.
Last Precious Sale.
653
653
Nov. 1919— 776
Low.
Trust653
TRUST COMPANY.—
Share.
1
auction.
years
of A.B., A.M. and LL.D. from Baker
grees
of 7,500
ETC.
Vice-President.
of the old institutions in New
long experience as a banker.
Vice-President and Executive
Manager of the National City Bank, and was prominently
Identified with the growth and activities of that institution.
He has been for a long time a financial and business adviser
for a number of important.business enterprises, and he brings
to the Metropolitan Trust Co. an experience that should
have a beneficial effect upon its future.
Mr. MeRoberts
was born in Malta Bend, Mo., in 1869.
He holds the de¬
ten
over
held
Only
one
Mr. MeRoberts has had
For
our
Secretary.
At this week's
York, having been chartered in 1881/
$8,250,000
Under
ABOUT
William H. Maxwell Jr., New York, a
*
Respectfully,
would seem to be amply
active and important career.
meeting the directors of the Metropolitan Trust Co. elected
increase the
By direction of the Secretary:
ITEMS
an
Colonel in the National Army
cruiser."
principal of $15,500,000 received from Great Britain under the
there was left, after the payment of Judgments amounting
the
Of
after
on
pro¬
Haley Fiske, President of the Metropolitan Life i
Insurance Co.; T.
September 1873, to March 31 1877, when the bonds were
has been paid out of the Treasury
The
Co.
posed assumption of the Presidency by Mr. MeRoberts
was referred to in our issue of Dee.
17.
Associated' with
ineeting
of the stockholders of the Second
National Bank of this city on Dec. 29, the proposal to merge
At
a
special
the Second National with the
York
was
approved.
National City Bank of New
The City Bank, as stated in our
issue
majority stock of the
Second National Bank on Nov. 22.
ton
Bank
Beginning
Tuesday, Jan. 3, the National City Bank Branch at Broad¬
way and 26th Street will be consolidated with its Fifth Ave¬
nue Branch at 28th Street and Fifth Avenue,
the former
home of the Second National, which hereafter will be known
as
the Fifth Avenue Branch of the National City Bank.
In connection with this consolidation, the National City
Bank will complete
Bank
its merger with the National City
of business on
close
the
at
Arthur L. Burns and Edward H.
has
and
capital of
on
Madison Avenue,
and
Street
Branch, located at 42nd
department for the
new
a
Interest com¬
handling of small accounts of from $1 up.
pounded semi-annually will be paid at the rate of 3 3^ % on
all balances of $5 or more.
Regarding its new department
"Compound Interest Department."
York State restrict the
use of the wore} "savings" to mutual savings banks.
National banks are
authorized to pay interest on deposits, but in deference to the State law,
the National City Bank will not call this a savings department, or use the
word "savings" in connection with its operation.
department will.be called the
This
Mr. Wilson was
1888.
organization in
connected with the Kansas Reserve
companies.
The deal for the
and its affiliated
weeks ago and reference
institution was started
given to it in our issue of
Oct. 22.
THE ENGLISH GOLD AND
We
SILVER MARKETS.
circular of
the weekly
reprint the following from
& Co. of London, written under date of
Samuel Montagu
Dec. 15 1921:
GOLD.
£126,613,385,
gold reserve against its note issue is
The Bank of England
A substantial amount of gold
practically all taken for the U. S. A.
The price to¬
compared with £126,612,690 last week.
on
offer and
was
day, 98s. Id.—which represents a premium of only
15.6% over the Bank of
Indian gold
England buying price—is the lowest fixed since Oct. 8 1919.
1,92 lacs of rupees.
The following are the figures relative to the United Kingdom movements
of gold during the month of November 1921:
movements
during October 1921 show a net import of
governing the operation of banks in New
F.
Higgins has been appointed a Second Vice-
China
1345
(including
2,415
Hongkong)...
Central America and
—
3,888,557
1,110
189.606
3,358,585
289,422
West Indies
Rhodesia
Transvaal
British India.
Other countries
Assistant Cashier of the bank since
March 1919, having previously been Chief National Bank
Examiner for the Sixth Federal Reserve District.
Before
Higgins had been
an
entering the Government service he was Assistant
for the New Orleans
Examiner
Clearing House Association.
v/'
36,100
25,819
82,973
6.623
;
£3,914,073 £4,037,349
Total
output for November 1921 amounted to
compared with 707,825 fine ounces for October 1921
ounces, as
fine
■
Settlements....
Straits
ounces
New York.
President of the National Bank of Commerce in
Mr.
£2,628
1,272
£66,312
The Transvaal gold
Elmore
Exports.
Imports.
France
West Africa
United States of America
the bank says:
The laws
its
also formerly
was
some
was
City Bank of New York opened
the lower floor of its 42nd Street
since
acquiring of the majority stock of the
$4,714,000, and
$21,371,000.
On Dec. 27 the National
and
State Bank
as
over
undivided profits of
capital of $100,000, surplus and
a
Seneca
merly Cashier of that institution, and Messrs J. H. Hoverman
and Shotwell were formerly Assistant Cashiers of the same
deposits
The Farmers' National
Presidency.
formerly State Bank Commissioner of Kansas for four years
National Bank; Mr. Case was for¬
$1,000,000; surplus and undivided profits of
the
deposits of approximately $1,000,000.
Mr.
Scoville has been President of the Citizens' State Bank of
Peaslee elected Vice-Presi¬
The Second National Bank had a
assumed
$40,000
Pabst appointed As¬
sistant Vice-Presidents; Edward H. Webb, John H. Hoverman and Robert E. Shotwell appointed Assistant Cashiers.
Mr. Burns, Mr. Peaslee and Mr. Pabst were formerly Vice-
institution.
institution and the
Thurston sold his interest in the
former
dents; Charles W. Case and William
Presidents of the Second
its first President and Mr. West
was
Mr.
to-day, Dee. 31.
the following elections and appointments:
announces
by J. W. Thurston and Mr. West.
Mr. Thurs¬
its Cashier.
Later
years ago
The Second National
26, acquired control of the
of Nov.
[Vol. 113.
r:
CHRONICLE
THE
2788
704,236 fine
and 633,737
for November 1920.
CURRENCY.
Japanese Mint, Osaka, reports that the grand total
of all coins struck during the fiscal year ending March 31 1921 amounted
to 436,022,087 in number and to 12,780,649.07 yen face value, an increase
over last year of 6,660,335.15 yen in nickel coin, and 949.647.595 yen in
b-onze coin.
Gold and silver coins were not struck at all, which is signifi¬
The Director of the
cant.
SILVER.
has
Business
been
throughout
active
the
week.
The Indian bazaars
bought with freedom on several days for prompt shipment.
There was,
however, an absence of competition, except on the part of a few bears,
President of the Marlin-Roekwell
Houston,
George H.
Corporation, and Arthur W. Loasby, Vice-President of the
have been elected directors of the
Equitable Trust Co.,
Liberty Industrial Corporation.
Edwin Hulshizer, formerly
James
President of the New
City, N. J.,
Jersey Title Guarantee & Trust Co. of Jersey
died
on
Dec.
He
19.
In the latter
Mr. Hulshizer was associated with the
of his life
years
52 years of age.
was
meeting of the stockholders of the Beacon
Mass., to be held
on
Jan. 3 1922, the
proposal to increase the capital stock of the institution from
$600,000 to $1,000,000 by the issuance of four thousand
The
new
and the
(par $100) will be submitted for approval.
stock, which will be authorized Jan. 3, will be issued
capital increased at
Featuring
real
a
Chicago, made
among
once.
Claus at its recent
Santa
use
Christmas
of this plan of spreading Christmas joy
regular fireplace,
savings banks and pass-books, and all the
The lobby,
the children.
decorated with
as
mantleplace, and
Southern holly hung
window
before each teller's
facing the street.
the lobby of
Most important of all,
ance.
a warm
that
Santa
candy and
a
himself
was
draped about
and pleasing
neighborhood
there
was
appear¬
to
present
*'
Gold coin and bullion out of
was
bars
♦
Seneca, Kansas, and Walter E. Wilson, formerly State Bank
Farmers' National Bank of Topeka,
the
that
on
in the
Nov. 23.
was
its President, resigned from
meeting of the directors of the Farmers'
Nov. 22, and Mr. Wilson was made managing
position at
officer.
on
who formerly held the majority of the stock of
institution, and who
National
Kansas,
The
a
Fanners' National
was
organized about ten
on
The
2434
Dec. 7,
17236
7729
2432
India
2433
India
the 3d inst.
Dec.
6d. the tael.
Shanghai exchange is quoted at 3s.
Bar
1
9
10
12
—
2 Mos.
100s. 3d.
34%d.
35%d.
35d.
34%d.
35%d.
34%d.
34%d.
35%d.
_35%d.
_34%d.
35%d.
—35%d.
------
98s.
98s.
98 .
98s.
lOd.
2d.
9d.
Id.
34.875d.
98s. 9.8d.
delivery are respectively
__35.228d.
Average
Bar Gold,
per Oz. Fine.
Silver, per Oz. Standard.
Cash.
Quotations—
quotations to-day for cash and forward
%d. and %d. above those fixed a week ago.
The silver
the
President of the Citizens' State Bank of
Commissioner of Kansas, acquired controlling interest
H. G. West,
17348
7842
6706
6440
6440
635
634
634
No coinage was reported during the week ending 7th inst.
The stock in Shanghai on the 10th inst. consisted of about 27,900,000
ounces in sycee, 24,500,000 dollars, and 1,520 silver bars, as compared with
about 28.700,000 ounces in sycee, 23,500,000 dollars, and 2,290 silver
ENGLISH
FINANCIAL
MARKETS—PER CABLE.
closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
London,
Dec. 24. Dec. 26. Dec. 27. Dec. 28. D'c.29. Dec. 30.
Week ending Dec. 30—
Sat.
Man.
Tues.
Wed.
Thurs.
Fri.
Silver, per oz
_.d. 34%
H
H
35%
35%
34%
Gold, per fine ounce
98s. Id.
H
H
97s. lOd. 98s.
98s.
Consols, 2% per cents
48%
H
H
49
49
49%
British 5 per cents
91%
H
H
91%
91%
91%
British 4% per cents
83
H
H
'
§?%^
83%
French Rentes (in Paris) __fr. 54.90
H
54.95
54.75
54.60
5^-70
The daily
as
C. C. K. Scoville,
Nov. 30.
17691
7916
Gold coin and bullion in India
them with
toy, and greet everybody with a word of cheer.
■
Silver coin and bullion out of
and in each
however, from the point of
view of hundreds of children in the
fact
cage,
Laurel roping
the bank, giving it
Nov. 22.
Silver coin and bullion in India_:
Wreaths of
Christmas tree.
a
CURRENCY RETURNS.
INDIAN
(In Lacs of Rupees.)
Notes in circulation
a
appropriate trimmings, including toys, stockings hanging
from the
A priest of
Egyptian document of like import.
discovered
who was manager of a royal sub-treasury lent 5 deben of silver
(about 20 shillings) for one year at 100% interest.
The silver, it was
stated, belonged to the Treasury of Harsophes, an Egyptian god, indicating
its fineness.
Assayers, who take just pride in their wonderful accuracy
may appreciate this suggestion of divine origin.
Securities (Indian Government)
Securities (British Government)
the Central Manufacturing District Bank of
celebration,
Continent
inactive and
Amon
Trust Co. of Boston,
shares of stock
the
previously
Childs Company.
At the annual
prices did not therefore harden to any extent.
Supplies too from
and elsewhere were unusually plentiful.
China has been
trade demand is at a standstill.
A relaxation of Indian de¬
mand, therefore, would probably give ease to the market.
We are in¬
formed from Bombay under date of the 26th ultimo that there was a better
demand for the metal, but that it was mostly supplied with country bar
silver, of which there was a good stock in that market.
This plentiful
supply of country bar silver was owing to the arrival of a large amount
of silver kraans (Persian coins).
Indian trade figures show a net import
of silver amounting to 1,41 lacs of rupees during the month of October 1921.
The use of silver in the East for banking purposes is of great antiquity.
The Berlin
Museum possesses an ancient papyrus, the back bearing words
which link a loan of silver with a rate of interest which would be highly
attractive to a modern holder of the metal.
The inscription is a draft of
a due bill relating to about 850 B. C., a period far earlier than that of any
and the
FrenchWarLoan (inParis) fr_
The
80.20
80.20
H
price of silver in New York on
Silver in N.Y., per oz.
(cts.):
80.20
80.20
80.20
the same day has been:
■
Domestic
99%
H
99%
Foreign
64%
H
64%
99%
65
99%
99%
65
64%
Dec. 31
1921.]
TRADE
THE
AND
CHRONICLE
TRAFFIC MOVEMENTS.
OIL
REFINERIES OF U. S. OUTPUT, CONSUMP¬
TION AND STOCKS ON HAND IN OCTOBER
1921.—
The
following tabulation of output, &e., by the oil refineries
on figures
published
of the United States in October is based
by the Bureau of Mines:
Output of Refineries
States in October 1921, and Stocks
Refineries October 31.
Daily Average,
1921.
Hand
on
Total Stocks Oct. 31.
October,
Total.
Crude oil, barrels
1921.
37,968,496
1920.
1,224,790
1921.
1,312,492
1920.
18,404,182
19,237,730
,727,357
120,237
102,251
1,134,886
Gasoline, gallons
440 ,955,518 14,224,372 15 ,025,411
456,269,659
Kerosone, gallons
182 .453,598
5,885,600: 6 ,894,908 334,579,774
Gas and fuel, gallons._ 833
,775,254 26,895,976 26 ,552,084 238,269,365
Lubricating, gallons
75 ,971,377
2,450,690
3 ,007,410 216,770,320
Wax, pounds
38 ,264,778
1,234,348
,591,223 223,013,334
Coke, tons
52,368
1,689
1,751
64,413
Asphalt, tons.__
153,118
4,839
4,305
87,262
Miscellaneous, gallons. 93 ,656,968 3,021,193 3 ,789,134 662,272,028
Losses. barrels.
1 ,796,781
57,961
59,419
1,138,956
301,283,731
383,828,239
799,024,084
136,194,914
170,424,853
24,899
79,217
Oils
purchased and
run,
re¬
barrels
529,163,468
...
The
"Oil, Paint & Drug Reporter," Petroleum Section,
following from its Washington correspondent:
Bureau of Mines report of
refinery statistics, compiled by H. P.
Mason, for the month of Octooer gives a total of 294
petroleum refineries
in operation, with a
daily capacity of 1,692,700 barrels of oil.
The number
of plants operating is five less than
for September, with a reduction of
26,700 barrels in the daily capacity,
u
The daily average production of
gasoline for October was 14,224,372
gallons, which is an increase of 327,000 gallons, as compared with
September.
Stocks of gasoline were decreased
59,000,000 gallons during the month of
October; this is the largest decrease recorded for the month of October.
Stocks of gasoline on Oct. 31 1921 are
155,000,000 gallons in excess of those
on Oct. 31 1920.
The movement of gasoline in October, as
compared with
September, indicates the following. Exports increased 12,000,000 gallons;
shipments to our insular possessions decreased 3,000,000 gallons; domestic
consumption increased 17,000,000 gallons.
Following is a table on the production and consumption of gasoline
for
October.
Gallons.
Stocks first of month
Production
Imports.
______
the wells in the Amatlan and Zacamixtle fields.
Paint & Drug Reporter" of Dee. 26 has the
515,325,998 Exports.:..:
47,116,189
440,955,518 Shipm'ts to insular poss'ns
858,456
2,954,326 Domestic consumption._454.991,538
month.
During October also the daily
average production of gas and fuel oils
26.895,976 gallons.
As compared with September this is an increase
of 615,000 gallons.
Stocks were increased by 9,000,000 gallons.
Lubricating oils for October show a daily average production of 2,450,690
gallons.
Stocks of lubricating oils were decreased
13,400,000 gallons during
was
the month.
PRODUCTION OF CRUDE OIL IN U. S. IN OCTO¬
BER AND 11 MONTHS—STOCKS ON HAND.—The
U. S.
Geological Survey as of Dee. 28 reports in substance:
Daily average production of petroleum in the United States increased
110,268 bbls. during November as compared with October, according to
the U. S. Geological Survey.
The greatest increases were in California,
owing to the termination of the strike in the oil fields, and in Texas, as a
developments in the Mexia field.
Gains in daily average produc¬
tion are also recorded for Wyoming,
Oklahoma, Kentucky, Pennsylvania,
Ohio, Tennessee and Colorado."
Decreased daily average production is
reported for Kansas, Louisiana, Arkansas, Illinois,
Montana, West Vir¬
ginia, New York and Indiana.
result of
The number of producing oil wells
completed-during the month increased
151 over the number completed in October, and amounted to
903, which,
however, is contrasted with 2,136 producing oil wells
completed during
November, 1920.
;
Daily average imports of petroleum increased 59,725 bbls., and 12,993,763
bbls. were imported during November.
Daily average exports of crude
oil increased by 4,722 bbls.
Estimated daily average consumption during November was
1,550,367
bbls., a gain of 92,173 bbls. during the month.
Total stocks increased 3,399,000 bbls.
during November.
This, how¬
ever, was chiefly due to a gain of 2,929,000 bbls. of Mexican petroleum held
in the United States by importers.
Net pipe line and tank farm stocks east
of California increased 328,000 bbls., but Mid-Continent stocks
decreased
620,000 bbls.
"Oil,
Petroleum exports for November,
according to the Tampieo "Tribune"'
of Dec. 10, were less than one million
barrels below record period of Janu¬
ary, when 18,481,136 barrels crude
topped and distilled product was
shipped
from Tampieo and terminals
along the Gulf.
17,571,011 barrels
in the
loaded
were
30-day period (November) by twenty-two companies, of which twoexporting in October.
Detailed company figures follow:
[In
August 1921 exports were largely stopped by tax
dispute with Mexican
officials.]
Oil Exports as Reported by
Tampieo "Tribune."
'
Companies—
November.
October.
September.
August.
did
no
Huasteca
2,960,050
2,085,609
Aguila (Eagle)
Trans-Continental
International
3,743,010
2,571,431
1,613,854
1,717,999
___
Texas
Mexican
Gulf..
Agwi
National Oil.
New
England
404,748
Nat. Petroleum—._
Pierce Navigation
U. S. Mexican..
Panuco Boston
96,094
260,520
194,842
59,196
49,750
Swift sure
„
212,520
1,104,863
1,418,386
737,850
975,235
351,337
610,182
507.519
844,281
574,127
271,833
199,405
273,221
1,853,505
1,103,750
______
556.018
Island
3,179,163
2,148,905
3,250.047
1,264,552
2,148,542
100,049
1,132,269
1,477,050
Continental-Mex
60,260
986,491
1,183,394
1,196,903
1,163,885
427,669
•
750,177
116,147
Freeport
Corona.
East CoastPenn
Mex_
Interocean.
Total
303.403
713,408
1,058,445
455,702
597,348
196,414
298,820
176,478
113,156
74,338
671,790'
361,648
984,234
365.644
407,459
771,753
351,113
260.499
51,640
218,532
159,439
138,018
160,217
51.412
148,556
116,185
108,005
17J333,949
'5,582,006
142,498
40,578
(approximate) 17,571,011
16,749,345
Commercial au&Bft i s cc llarico us g-emn'
The Curb Market.—While Curb Market
trading was
fairly active this week prices continue to move irregularly,
strength and weakness alternating in different parts of the
list almost at the same time.
With few exceptions, fluctua¬
tions were not large.
A feature of the trading was the
large number of sales for "cash" transactions in this manner
being at prices below those done in the ordinary way. Simms
Petroleum was strong and active,
advancing from 11 to
12%, the close to-day being at 12%.
Standard Oil (In¬
diana), after an early advance from 87% to 90%, dropped
to 87%.
To-day it recovered to 89% and finished at 88%.
Carib Syndicate was off from 4% to 3%,
recovering to-day
to 4%.
International Petroleum fluctuated between 16%
and 17% and ends the week at 17.
Maracaibo Oil lost over
a point to
21%.
Salt Creek Producers, after loss of half a
point to 12%, advanced to 13%.
Among industrials
California Crushed Fruit
from
Domestic
Total
Total
Produc'n.
Imports.
Est. Con-
active feature,
an
Motors of Indiana declined from
week at
10%.
selling up
Durant
11% to 10% and ends the
Earl Motors, in which trading
begun
was
this week, weakened from 9% to 7%.
Glen Alden Coal,
after a decline from 43 to 42%, sold
up to 44% and closed to¬
day at 44.
The bond market was featureless.
A complete record of Curb Market transactions will be
found
on
page
2810.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Dec. 24 to Dee. 30, both inclu¬
sive, compiled from official sales lists:
Friday
Exports.
Stocks
was
6% to 7%, the close to-day being at 6%.
(1) Crude Oil Production, &c., in November, in Barrels (Geological Survey).
Bbls.—
The
Gallons.
Total
959,235,842
Bal.stks.endofmonth_456,269,659
For October the daily average
production of kerosene amounted to
5,885,600 gallons, this being an increase of 751.000 gallons more than the
production for September.
Stocks decreased 36,600,000 gallons during
the
gregated 17,571,011 bbls., contrasting with 16,749,345 bbls.
in; October, notwithstanding the influx of salt water into
Cortez
Dec. 26, has the
The
MEXICAN OIL EXPORTS,
PRODUCTION, TAXES,&c.—Oil exports from
Tampieo, Mexico, in November ag¬
following:
in United
at
2789
Sales
bNew
Last
Week's Range
for
Last Day.
sumption. Wells.
1921, Nov-37.800 000 13,000,000 900,000 cl76,000,000 46.5CO.COO
903
Oct..35,600.000 11,600.000 700,000 cl72,600.000 45,200,000
752
Sept.36,600,000
9,100.000 900,000 cl71,400 000 41,700.000
788
Aug.41,000.000
3,400.000 900,000 cl68,200.000 42,600.000
952
July .40,200.000
8,000.000 500,000 cl67,200.0G0 41,500,000 1,157
June.40,400,000 10,200.000 600,000 cl61,000,000 42,800,000 1,471
May-41,900.000
9,100,000 900,000 cl53,800,000 41.500.000 1,401
April40,100,000 10,000,000 700.000 cl45,000,000 42,500.000 1,224
Mar.41.000,000 12,300.000 700,000 cl38,200,000 45,200,000 1,452
Feb .35,300,000 11,400,000 800 000 cl30,900,000 39,300.000
1,574
Jan..37,900,000 13,200,000 700,000 cl24.300,000 48,300,000 1,832
1920, July .38,200.000
6,800,000 700,000
130,800,000 43,400,000 1,859
1919, July.33,900,000
4,500.000 200,000 el41.700.000 32,100,000 1,509
1918. July .31,800,000
2,800,000 500,000 el35,100,000 36,900,000 1,687
a Pipe line and tank farm stocks
of domestic petroleum plus Mexican
petroleum held in U, S. by importers,
b The number of producing oil wells
completed during the month,
c Not directly comparable with stocks for
previous years; for comparison add 17,800,000 bbls.
e Stocks of Mexican
petroleum held in the U. S. held by importers not available.
Sale.
of Prices.
Week.
Month.
a
on
No. 1,000 bbl.
(Each 42 U S. gal)
California
November-
1921.
-
8,804
Oklahoma
9,445
Kansas
2,709
5,760
3,002
2,813
Texas Cent'l & North
Nor. Louis'a & Ark._
Texas Coastal
114
Coastal
Louisiana
1920.
9,340
9,028
3,215
6,711
2,462
2,762
153
1,504
Wyoming
1,340 J
152
First
Stocks
11
1921.
104,617
Kentucky
718
West Virginia
607
594
Central & East. Ohio-
409
603
437
Nov. 30 Nov. 30
1921,
1920.
95,630
31,716
21,272
89,301
65,314
(Mid-Continent)
31,367
24,120}
(Gulf Coast)
J
18,672
15.998
17,422
8,012
10,905
1,129
558
9,472
(Rocky Mountain)
New York & Tennessee
69
723
1,971
27,853
772
4,536
2,567
173
Illinois
837
187
8471
70
importers.
_
2,218
10,058
2,215
10,520
1,136
7,122
2,913
12,201
6,599
974
Total (1,000 bbls.). 37,780
38,699
427,992 404,441
176,006 119,886
c Estimated in part.
Note.—The "stocks on hand" as here shown include the pipe line and
tank farm stocks, which constitute by far the greater part of the petrcleum
held in storage in the U. S., but they do not include (a) refinery
stocks,
which
are
reported monthly by the Bureau of Mines; (6) stock held by
pro¬
ducers, which number nu ny thousand; their stocks are reported only once
a year to the GeJogical Survey, but these ordinarily
aggregate only about
3% of the total stocks.
9
ox
Range since Jan. 1.
Shan
Low.
s.
150
High.
Am Wind Glass Mach__100
66
651$
67
300
Preferred
.100
Am Wind Glass Co pref 100
Arkansas Nat Gas com.. 10
83 x
S3 x
97
84
70
30
93
""If"
ioa
ua
Carnegie Lead & Zinc
5
Consolidated Ice com___50
Preferred
50
3
3
Preferred
2
50
Mfrs Light & Heat
50
"57"
50
15
47
Preferred
60
Pittsburgh Coal
com...
Pittsburgh Plate Glass. 100
Pittsburgh Stock Exchange
Salt Creek Consol Oil
Tldal-Osage Oil
Oil. (no
Union Natural Gas
par)
101
8
Jan
30
2h
1h
Dec
3 a
Jan
16x June
25
Feb
Oct
3a
Oct
Oct
11
Oct
26
Jan
53
Jan
Jan
18
Mar
150
11a
Sept
24
Dec
515
42
50
12
15a
21
June
48 a
195
40
June
50
rnx
iv,
"~5 a
20 X
661
17x
85
1a
Sept
Aug
30 x
1a
355
4a
Dec
5a
6
64
64
25C
"25c
26c
94
52
25
20c
8,500
1261$ 127
mernb ership—see n
9x
oa
oa
13
12a
12a
11a
lix
113
Nov
3
48
"mi
Dec
Feb
5
Aug
150
48 x
Feb
12x
Oct
3
650
15
100
West'house Air Brake...60
W'house El & Mfg com. .50
Jan
17
2
20
100
Pittsb & Mt Shasta Cop__l
Apr
Sept
Jan
85
20
970
23
.
1
3
Jan
115
100
2a
7a
23
—
Nat Fireproofing pref
Ohio Fuel Oil
Ohio Fuel Supply
__25
Oklahoma Natural Gas. .25
3
7
7
•
25
7x
300
24
2%
2
2a
______
12,620
3
24
""24"
Duquesne Oil
Indep Brewing common.50
Lone Star Gas
97
12
75
113
July
June
June
Mar
Jan
4
Mar
9
Mar
66
Dec
40c
Sept
Dec
131
ote belo w
7a
Aug
13x
880
6x June
29 a
100
7
Aug
12
107a
July
120
1,750
113
30
a
Nov
Feb
Dec
Sept
94
95
200
83
Sept
97a
Jan
51
52
161
39 >$
Aug
51
Dec
75
75
$2,000
66 a
July
75a
Bonds—
Pittsburgh Brew 6s... 1949
last
week
and
not
reported—ono
membership
Pittsburgh
Nov
Stock
Exchange at 3500.
(Appalachian)
59/
Mexican
High.
76
N.W.Ohio&N.E.Ind.
Southwestern Indiana
Low.
7x Sept
49x June
71a Juno
Note.—Sold
28,053
Price.
Am Vitrified Prod com..50
Transcont'tal
656
Pennsylvania
1920.
Hand.
233,007 228,105
100'
Montana & Colorado
Months
on
Par.
Pittsburgh Brew com...50
(2) Production by Fields—Net Stocks from Same Sources—in 1,000 bbls.
-Production
Stocks—
Auction
Sales.—Among other securities,, the following,
usually dealt in the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not
Shares.
Stocks.
25 Inter-Continental
Corp., pref___
25 Inter-Continental
Price.
Trading
Shares.
Trading
Corp., com., v. t. c
II lot
300 Waynesburg Products Corp.,
common
75c. per sh.
Stocks.
1,062 Allied
.$1 lot
Price.
Packers,
mon,
Inc..
com¬
ctf. of dep._$31$
per sh.
100 Western Building, Inc., 10%
cum.
pref
$225 lot
500 Central Oil Devel., no par.$30 lot
1,422 Chicago Elev. Rys. ooll. tr.
.
pref. par tic. thares
\
1%
/
Shares.
Price.
Stocks.
ment
12,500 Seven Lakes Petrol., $1 ea.$45 lot
3,700 Imports Advanc't Corp.51 per sh.
944 Eterno Asbestos Lumber «fc
»
pref
$355
Porcupine
Gold
Mining, Ltd.......
$25
2,000 AJax Texas OIL..
30c. per
4,000 Somerset &
Western
Oil,
SI each..
531
Shingle,
36,300 American
100 Lehigh
Tire
Rubber,
&
preferred.$20 per sh.
sh.
10 Southern Pipe Line...$76 per
Mo¬
300 Standard Construction
$3 per sh.
tor, $10 each
50 Eastern Rolling
8%
Mills,
'
......$40 per sh.
100 Locomobile Co., com.38c- per sh.
preferred
375 Nortex Petroleum...
200 Lewiston
$50 lot
Oil
Clarkson
100 Wayne Coal..$96 lot
2,650 Granada Oil Corp., Class
"A".....
——$3 persh.
42,700 Rural Mines, Inc., $1 each.]
83,334 Rural Mines, Inc., v. t. c._ )$125
$11,090 promissory notes by Rural I
lot
..
Mines, Inc..
J
97 N.Y.MotlonPictureCorp.$2101ot
membership
ciety Library
pref.,
i
of
New
..$10 lot
,000 Kinernacolor
$10 lot
common, v. t. c
69 North Amer.
Secur., pref..$6 lot
1 29-40 Nor. Am. Secur., com.$1 lot
100 Northwest
25 T. D. Sweet A Co., pref...$32 lot
20 Verz Cruz Investment
$55 lot
30,945 Estates of Long Beach...$200 lot
500 U.
S.
Dlstrib.
Corp., com¬
$6 per sh.
mon, $50 each...
100 Central Oil Dcvel., no par_$8 lot
2,000 Austin-Amazon Copper, SI
each
$20 lot
7,500 Keane Wonder M'g, $1 ea.$75 lot
1,000 North American Silver Min¬
ing.,
8,415 Ranger
$10 lot
Line,
Ltd
Ref.
&
Pipe
$43 lot
common
26 National
100 Ward
Republican
Pub¬
lishing
$25 lot
1 Commonwealth Hotel Co..$5 lot
125 Isko, common, no par
125 Isko, preferred
$4 lot
..$10 lot
Rys., preferred.I$99
15 Oklahoma
Rys.,
34 Independent
common./
Chemical,
lot
200 Banque Industrielle de Chine
$210 lot
in..
286 Boone Oil,
$60 lot
common
84 New England Exploration..$4 lot
200 U. S. Chicle, pref...
$10 lot
100 Rangei Rubber, $10each._S10 lot
800 American Silver, $1 each..$41 lot
500 Michigan Colo. Copper, $1
$6 lot
each
59 Standard
Gas
N. Y.,
of)
!
of)$225
j
lot
Light
preferred
58 Standard
Gas
Light
N. Y., common
7 42d St. & Grand St. Ferry,
1,500 Neekako River Mines, Inc..$8 lot
20 George L. Derr & Co., com.$2 lot
10 George L. Derr & Co., pref.$2 lot
30 Kapo Manufacturing
$16 lot
1,100 Central
......
Sugar
Corp.,
com¬
$205 lot
75 Univers'l Cork Extrac'4.5c. persh.
...$15 lot
Stanley Motor Carriage, 1st
common, no par
30
preferred
.$310 lot
7,500 Arizona Alpha Mining Corp.,
$1 each
$10 lot
5 Assoc. Merchants of N. Y_. $11 lot
Owl
Ore Mining
914 Rawhide
$1
10
each
Kansas,
25 Bronx Exposition, Inc., pf.$12 lot
$2 lot
600 Columbia Ry., Gas & Elec¬
tric, common
.$8 per sh.
300 Carbon Steel, let pref.$30 per sh.
56 Carbon Steel, 2d pref..$14 per sh.
$9 lot
Colorado Con8tr..$6 lot
$6 lot
1 King & Andrews Co
10 Plnnes School Building, Inc.,
no
.$15 lot
par...
50 Incorporated Land, com...$3 lot
50 Incorporated Land, pref...$7 lot
1,500 beneficial Int. in Comanche
Eastland Oil, $1 each...$10 lot
100 Confidence
Gold
Mines
Corp., pref
25,000 Confidence
Gold
...$15 lot
Mines
$1 cach.$5 lot
common,
200 Rolls Royce, pref., and stock
ctf. for 100 sh. Nat. Thrift
Bond Corp., ctf. of partlc.
for
75-30,000
Thrift
Bond
87,600
6%
sh.
Nat.
and
Corp.
income
notes
Nat. Thrift Bd. Corp.$5,100 lot
10 Rangers Royalties
$1 lot
20 Haytian Amer. Corp.,
pref.)$l
25 HaytlanAm.Corp.,found'rs/
3,000 Tar Creek Mining...
10.000 Ben B. Mining.
272 Pathe
Freres
Fhonograph,
preferred
& Power,
$1 each..
$65 lot
667 Victory Metal, com. ,$10ea.$13 lot
333 Victory Metal, pref
1 Unit
Louisiana
Oil
__$40 lot
Lease
Syndicate, $1,000
300 Knlcker .-Wyo.
$10 each.
.$95 lot
Oil,
300 Knlcker .-Wyo.
Oil,
pref.,
.$40 lot
com¬
mon, $10 each
$10 lot
1,000 Imperial Consol. Oil, $1 ea.$10 lot
100 Amer. Foreign Trading Co.$10 lot
20
SeaboardMetaiCorp.,pf_$lpersh.
1,467 Benmo Oil Co., $10 each..$33 lot
50 Central Sugar Corp., com.$20 lot
50 John Lane, pref., $50oa_$5 per sh.
1,000 Lone
Star
Petroleum,
$1
each
$io lot
200 Alaska Securities Corp
$3 lot
50 A. B. C. Transit Refrigera¬
tion,
no
.$13 lot
par
50 Interstate Light'ge & Trans¬
portation, pref
.$15 lot
50 Interstate Light'ge & Trans¬
portation, common
_$6 lot
100 Universal Photo Products.S61 lot
100 Cent. Oil & Devel., no par.$10 lot
500 Buffalo Gas, common
33 Textile Mfrs.' Alliance,
$30 lot
Inc.,
preferred
369 The
$56 lot
Kellogg-Mackay
Co.,
preferred
$45 lot
980 Southern Round Bale Press,
$1 each
$375 lot
95_The
Silver
Corp
Spring
$1
Corp.,
250 Auto. Lt. & P. Corp., com.)
lot
156 N. Y. & North Shore Trac._$5 lot
40 Churchman Co
$45 lot
90 The
Kalbfleisch
Corp.,)
...
common
pf.j
500 The Electric Corp
200 Tintlc Mines
40 Dayton
Coai,
preferred
200 Dayton Coal,
Iron
lot
$1 lot
$4 lot
&
Ry.,
$13 lot
Iron &
common
Ry.,
$12 lot
100 Kings Farm Realty.
40 Haytian
American
$2 lot
pref., with 20 shares
2,000 Fioneer Oil Corp., $1 each.$95 lot
5,100 Penn Osage Oil
$16 lot
812 Hawthorne
Co.,
pref
$14 lot
374 Hawthorne Co., common..$5 lot
262 Hawthorne
105 Pathe
11
Co., pref
Freres
common, $10
$7 lot
Phonograph,
each
j
Maryland Quarry
100 Mobile
Beaumont
&
Oil, >$19
$10 each
|
100 N. Y.-Utah Oil & Mining, |
$1 each
j
100 Potomac Oil, pref.
19
24
Mountain
10 Industrial
Associates
$11 lot
StOCiC
lot
5s of 1948, ctfs. of dep
$100 lot
$500 Internat. Sporting Corp. 6s.$10 lot
$8,000 Ohio Copper of Utah 1st 7s. $700 lot
5250 lot $12,400 Denver <fc Salt Lake RR.
1st 5s, ctf. of deposit
5%%
Utilities 1st 5s,
Azadon
Corp.
6%
de¬
Ser. A, 1942, Aug. 1915 coupon on
7% $7,500
mand note...
SlOlot
$15,000 Sultepec Elec. Lt. & Pow.
1st 6s, 1958. ctf. of deposit..$1,000 lot $115,328 72 Fourteen (14) accepted
drafts on Trajano de Medeiros &
$5,000 Union Dye & Chem. Corp.
Cia of Rio de Janeiro, Brazil.
All
adj. 6s, Dec. 1918 coupon on._.$20 lot
past due
$100 lot
$500 Internat.SportlngClubbond.$ll lot
$3,000 note of Empire Rubber &
$70,000 North Jersey Rap. Tran.
Tire, Trenton, N. J
1st 5s, I960, ctf. of deposit
$10 lot
$700 lot
$4,981 note of Republic Rubber
$4,000 Haytian American Corp.)
Corp., Youngstown, O
...$25 lot
7% note, ctf. of deposit
j
1948. Feb. 1910 coupon on
150 shares
75 shares
preferred.
Haytian American
$10 lot
$2 lot
$1,000
Corp.l
subscription agreement receipt.J
$5 per sh.
$2 lot
Directory,
$ per sh.
Bo3ton._60c-65c
—----—..161
273 U.S. Worsted, 1st Pref—.6/4-6
10 Sequoia- Mills, Inc., CI. B..$5 lot
83 Boston RR. Holding Co., pf 28
200 Caracas Sugar, $50 each— 10 34
50 H. B. Claflin, 1st Pref_$l>4 lot
700 Boston Mexican Petrolem.. 17c
10 Riordan Co., Ltd., Pref-..2 34
3 Riordan Co., Ltd., com
40c
40 No. BoSt. Ltg.Prop., com..
9
50 Reed Prentice Co., com.. 26
5 Miller Candy, 1st pref
20
4 Miller Candy, 2d pref
5
100 Crowell&Thurlow SS.,$10 ea
5/4
106 Atlantic Coast Co
11 \i-ll\i
13 2-10 Oneida Mot. Trk. 7% pf-S300 lot
9 Converse Rub. Shoe. pref. 7934
100 O'Bannon Corp., com
25c
600 W.E.Tillotson Mfg..Inc., pf 45
110 Campbell Mfg
—
1
5 American Spray, pref..... l$l lot
Shares.
$50 lot
|
-
5 American Spray,
pref—-i$l lot
2 Ice Pavillion, Inc., com—j
25 Gorton Pew Fisheries, pref..
5
100 St. Croix Paper, common.. 150
15 Mass. Lighting Co.'s, com.. 10
400 Internat. Abrasive Corp..$25 lot
15 Mass. Lighting Co.'s 6% pf- 75
700 Becker Milling Mach. Co.,pf
1
20 Lincoln Mot.,CI.A.,$50 ea.
2
1,000 Mariqulta Min. & MIlling.$10 lot
160 Lafayette Motors, pref
42
150 Teziutlan Copper M. & S.$100 lot
40 Lafayette Motors, common.
22
$ per sh.
Stocks.
Spinning Co., com.
225 U. S. Worsted, com., $10 ea.
10 Mt. Hope
—
Shares.
$ per sh.
Slocks.
32 Lawrence
104
Gas..
105 Connell-McKone Sparks...
140 Middlesex
1
25
Trust
20 East Coast Fisheries,
pf.)$100 lot
10 E. Coast Fish. Prod.,
pf.J
$100 lot
2-64 Schooner Luther Little
200 Abangarez
Gold Fields
CostaRlca. $25 each.
of
$20 lot
lot
pf__Sl lot
10 The Lebon-Kidd. pref
$1 lot
20 Becker Milling Mach., pf..
1
1 Mt.Holly Pap. M.,Inc.,pf-l$1 lot
34 Mt. Holly Pap.M..Inc..cm]
11 Commonwealth Mot., pf.)$25 lot
10 W.A.Underhili Brick,$25 ea.Sl
10 Liberty Starters Corp.,
11 Commonw. M., cm., el.
AJ
30c lot
1st pref
5 H. B. Claflin,
class 3) 25c lot
25 U .8. Machine Gun,
5 U. S. Machine Gun, class
4/
10,000 Loon Lake Copper
S3 lot
100 Atlantic Coast Fish., pref.,
with 100 shs. com. as bonus.
2
Arms, pf)30c lot
Allen Arms, cm]
20 Hartford Auto Mot. Pts., pf.
and 2 shares com
$1 lot
5 Hopkins &
100 The Riordan Pulp & Paper,
50c
Ltd., common
60 The
Co.,
Bros.
Norcross
5
preferred.$10 lot
95J4
pfd., new 2d preferred
50 Sagamore Corp.,
16 Wm. Whitman, Inc., pref..
50c
6 La Follette Coal & Iron
9 Montpelier
& Barre Lt. & Pr
common.
...
234
10c
...
500 Boston Auto. Mach,, com..
2 Arlington Mills,
Colony
ex-dlv
Woolen
—
200 Newport Boiler Co.
5
166 Man's
9634 ex-dlv.
Synd., $10 ea. 1
Wire & Tinsel,)
>$590
Springfield Wire & Tinsel— |
lot
Class
j
B, pref
20 La Salle Copper,
$25 each...
1%
6 Boston Woven Hose & Rub¬
10034
ber, com
326 Alum.
6 Tuco Products Corp
Mach., pref.. 15
pref..\$35
com../
lot
150 Haskellte Mfg.,com
1
5 Swift International, $15 each 2234
50 Becker Milling
—
j
1942
100
I
|
com..)
Co., pref-.|
267 Chapman Mfg. Co., com..!
953 American Match, pref
1
479 American Match, com
i
3,300 Coe-StapleyMfg.Corp.,com i
62 Hocwac Lumber, pref
1
70 Chapman Mfg.
2,000 Hoosac Lumber, com
357 Merrimac Hat Corp.,
606 Mlddlebury Marble,
And 15 notes of various cos.,
gregating
$50 each—
—
1
5 Plymouth Rubber, pref. .$1.50 lot
ag-|
J
9
95
9J4
Doane Tow Boat
$100 lot
Mass. Elec. Co., pref. (certif.
of dep.) carrying all new se¬
curities
9
Ipswich Mills, com
60
Narragansett Impt. Co
50c. lot
A. L. Sayles & Sons, Can
50c.j
ting, com.
50 Hamilton Manufacturing
36 Massachusetts
200
Parts,
$445,900
9 Massachusetts Llg
Automotive
pref
50
20
50
200 Internat.
(tr.
Lighting, com.
Abrasive Corp.Can.
ctf.)__—
-
1
40 Trace Fork Coal Corp., W.Va200
1
Bonds.
Per cent.
39c.
36,000 Russian rubles 5348. 1926
Beacon Falls Rub. Shoe com 15
$3<4-$424 per 1,000
Atlantic Coast Fish., 1st pref.$7 lot
Term. Corp.
Atlantic Coast Fish., com.25c. lot $500 Port Went wort
1st cons. 8s, certif. of deposit
50
Wawarslng Corp., pref.....) $10
Wawarslng Corp., com
/
lot $12,000 Mojave Tungsten Co. 3-yr.
6s, 1920.
$1 lot
Logan Johnson, Ltd., pref— 12
$2,000 Louisiana Cons. Mining 10s,
New Boston Arena, pref
60
1923, wit
2,000 s 8. of stock—$15 lot
Refugio Mining
$10 lot
$5,250 East. Mass. St. Ry. adj. 6s. 4134
Aetna Petrol. Corp., $10 each
$1.50 lot $10,000 Jackson Motor Corp. 7s,
Ltd., 8% pref..
30 Riordon Co., Ltd., com——.
100 Riordon Co.,
50
100
$5 lot
1,575
1,600
1924; July 1919 coupon on
-534%
$700 Fairvlew Country Club bds.$240 lot
200
$15,000 Northwest Co. 10-year 5s,
500 Royal Aasts's, $10
$26,000 Chicago Elev. Rys. deb. 6s,
Co.
(W. Va.)
100
100
Price
7
10
—
Coal
25 Gorton Pew Fisheries, pref..
Special
$10 lot
534
30 Boston Maritime Corp
10-1534
46 Atlantic Coast Co__
10
25 Ajax Oil, $10 each..,
60c.
100
$2,500 Flatbush School 25-year 6s,
Smokeless
119 Amer. Textile Soap,
50 New Bedford Hotel..
25
Bed
\$10.25
lot
1
com.>$5,000
pref—I
lot
*
862 Mlddlebury Marble, com..I
234 1,128/4 Mt. Holly Pap. Mllls.com;
62
com.\$400
Potash of Am., pref./
lot
Part 6%
.
common./
pfd. (ctf. of
deposit)
9/4
15 New London & Northern RR.
50
100 Lafayette Motor s, com
10 Willys Corp. 8%
A
pref
5c
$1 lot
10
each.,
75 Livermore Rojas,
2
$10 each
120 Mass. Cons. Rys.,
$ per sh.
Slocks.
1,000 Coin Sorting & Counting, $10
50 Livermore Rojas, pref
Mills,
Class
Shares.
5 Becker Milling Mach., com..
10
9c.
105
com.,
j
ctf
—
81 Boston Woven Hose &Rubb.
15
common
9134
50 Hollister White & Co., pf.B.$5 lot
100 O'Bannon Corp., com......
134
100 Rolls-Royce of Am., pref— 40
50 Hamilton Mfg
95
100 Service Station Equip.,pref. 45
80 U. S. Persian Carpet.
$1 lot
Bonds.
Per cent.
10 Costlkyan Carpet Corp., pf$50 lot
373 Costlkyan Carpet Corp., cm.il lot 8,000 Russian Roubles Internal 534s,
1926
$5 per M
200 Consol. Ariz. 8m., $5 each__$l lot
25 Hood Rubber, pref
93 M $10,000 The Mexican Coal & Coke
1st 5s, ctfs. of dep
.$300 lot
100 Am. Cinema Corp.. $5 each$10 lot
$5,000 La. Consol. Min., 10s, *23\$15 lot
105 Connell McKone Sparks—
1
500 shares La. Consol. M. Coj
120 Un .Chem. & In Cos., pf_',$lJ4 lot
$5,000 Gen. Mines Corp. of Bolivia
40 Un.Chem.&Ind.Cos.,cm./
Coll. Tr. 7s, 1934...
-)$600 lot
20 Boston Ins., ex-dlv
^..425
185 shs. Gen.M. Corp. of Bolivia/
10 Boston Belting, pf. $50 ea.
,
ex-dlv
2634 $5,000 Haverhill Bldg. Tr. 5s, 1941 70
100
•
Rubber
25 Boston Maritime Corp
Eng., pref.
Syndicate,
Cleveland
25 Hopkins & Allen
common.)
5 Ice Pavillion, Inc.,
20 Amer. Turbine Eng., com.
Bends.
Trust,
30 Merchants Mfg.
5 Hartford
200 Sanitary Compressed Air..>$25
250 Riley Safety Horse Shoe
|
lot
Deposit
Slocks.
131 Fidelity
20 Ely Copperfleld Ass'ts
$100 lot
3,300 Pauda Basin Gold Mining. |
14,750 Continental Gold Mining.. |
Gold
or
note
.—
20 Texas Gas «& Electric,
par
4,653 Alaska Handy Gold Mining)
12,500 Glacier
$863
Corp., Cleveland. O
S20 lot
$1,303 note of Amazon Rubber Co.,
Akron, O—
$15 lot
$500 Exposition bonds
$40 lot
30 Texas Gas & Electric,
re¬
600 Sista Developing
5 Salnte Elbrise Land..:
Corp.)
and>$250
1
lot
10 Fisk Rubber, 1st pref
$5 lot
common
Cable
Amer;
Haytian
pref. with 75 shares common
330 Alum. Potash of Am.,
5
$35 each
Chicago
198 Jones & Lamson Machine... 100
17
25 Bronx Exposition, pref
$50 lot
$1,000 Second Ave. RR. 1st cons.,
$11 lot
34 Haytian-Amer. Corp., pref.,
17 shares Haytian-Amer.
501 Intern at.
Jerseyman,
..$13 lot
deb. 5s
Class A pref
$600 lot
value $500 each
17 Warner-Patterson Co
The
or
$5,000 Yolo Water & Power 1st 5s,
1952
$100 lot
Club,
Beach
540 Springfield
46 Iroquois Sand <fe Gravel, pf.J
400 Petroleum Corp. of Amer..$16 lo
300 Denv. & R. G. RR., pf..$l persh.
Biograph Co
336 Claverly Trust less 50%
paid in liquidation,
notes
Inc
500 Houser Royalty
j
IroquoisSand&Gravel.com. j
3,000 Dupont Copper Mines
$2,025 note of Tar Creek Mining.$13 lot
$17,071 Union Dye <fe Cbem. Corp.
j
Inc.,
t. c
Lawrence
com.,
i
common
and
v.
_._$50 lot
$8,550note8Of Behrl n gDred?.Corp$ 100 lot
$3,278 notes of Ben B. Mining...$16 lot
$42,850
■
$10 each
200 Connecticut Mills,
pf., with M and 1-5 share|
250 O'Rourke Crane & Engine, |
founders
'
Wyo. & East ."com-1
com.,
>$200
common
57 O'Rourke Crane & Engine,
Corp.
stock
convt. income 6s
$1,000 Retort Oven 1st 5s, 1921..$11 lot
7% prior lien notes
....$500 lot
$30,000 Second Avenue RR. cons.
$250
1144/4 M. M. Davis & Son, Inc.,
6.467 Ohio Copper of Utah
125 Prod. Development
C
Colo"
2 Old
|
M.M.Davls&Son,Inc.,pf-|
153
V*
$161,576
$36 lot
$1,000 Haytian American Corp. 7%
note, ctf. of deposit
$25 lot
$5,000 South Utah Mines & Smelt¬
ers
$23,931 Colo. Wyo. & East. 1st <fc)
10 First Nat. Bank, Boston...$100
)
Petroleum
.8300 lot
ref, 6s, ctf of deposit——
I
$14,573 Colo. Wyo. & East, gen.j
income 6s, ctf. of deposit
>$1500
$55,014 Colo. Wyo. & East. pref. |
lot
Shares.
Big |
Cik.Cons.M.&T.,$lea.J
Hawthorne Co., pref
\$1 lot
Hawthorne Co., common./
40 General
51
&
Mfg.
Price
1922
By Messrs. Wise, Hobbs & Arnold, Boston:
j
100 Thunder
2 Amer. Turbine
com.
and 20 6hares founders...$2 lot
1,000 Victory Metal, pf., $10 ea.$15 lot
2,000 Victory Metal, com., $ 10 ea.S 10 lot
lot
$1,000 lot
100 Storage Power
Corp.,
sh.
lot
100 Eldors & Carlbo Gold Min-)
ing & Milling, $1 each—|
100 Imperial Corona Gold Min. |
>$130
10 The Kalbfieisch Corp.,
'
tion Corp
shares
$60 lot
Light & Power)
preferred
>$10
sh.
lot
500 Inter-Continental Construc¬
Land
250 Automatic
lot
$21 lot
$6 lot
per
com.$8 lot
56.102 San Toy Mining, $1 each.$600
10,000 U.
S.
Drilling Corp.,
$1
100 First Federal Foreign Bank¬
each
j.
...10c. persh.
ing Assn., common.$95 per
384 Vernola Syndicate, Inc., $10
383 Vernola Syndicate, Inc...$35
each
.$105 lot
567 Benmo Oil Co., $10 each__$17
600 Cobalt Silver Queen, Ltd.,
20 Yolo Watei
Rubber
Keystone
notes
Bonds.
$50,000 The Electric Corp. deb. 7s,
By Messrs. R. L. Day & Co., Boston:
$250 lot
64 Counselman & Co., pf.$5 per sh.
37 Stanley
Motor
Carriage, '
CathrineCurtisCorp.,com.$51 lot
250 Bronx Exposition. Inc., com¬
j
j
1,100 Central Sugar Corp., pref.,
$100 each
$6,000
$25,000
1st
S1534 Per sh.
preferred
$35 lot
10-year 5s,
$33 lot
Northwest Co.
Class "A" 1923
$3,000
mon
75 Oklahoma
Corp.,
hicle Corp.......^....$100 lot
mon, no par
Truck
1,284 ForelgnTradeBank'gCorp.$5001ot
100 National Motor Car A Ve¬
50
$100 per sh.
France
La
Corp., com., no par_$10 per eh.
100,000 Acme Packing._..._35c. per sh.
1 N. Y. Life Ins. & Tr.$653 per sh.
$6 lot
Co
$18 lot
each
mon, no par.....
America,
of
$5
25 Savold Tire Corp., no par..$2 lot
10 Ward
La
France
Truck
common
So¬
.$50 lot
America,
t. e
v.
$100 lot
'
$10 each.
frs. 500 par, frs. 250 paid
Gas, $1 each——.
$10 lot
7,660 Billings
Gasoline,
pref.,1
$1 each..
>$60
30,640 Billings Gasoline, common_J
lot
2,100 Hercules Paper Corp. ,50c. per sh.
1 Free
;.$400lot
each
100 Silver King of Ariz. Mining,
A
*
250 Kinernacolor
250 Tonopah Extension Mining.
$1
Price.
Bonds.
Class "B," 1923
In¬
$180 lot
Corp., pref
$65 per sh.
$50 each
100 Madison
lot
&
2,500 San Toy Mining, $1 each.$250 lot
100 Nulock Mfg.
Corp., com¬
mon,
lot
sh.
Sales,
Coal
Valley
lot
Finance
vestment
556 lot
Corp
Price.
Slocks.
Shares.
164 Seaboard
1,851 Mechanical & Chem. Equip¬
[Vol. 118.
CHRONICLE
THE
9790
each
5c.
1922, receipts
$1,000 lot
DEC. 31
1921.]
THE
CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia.
Shares.
Stocks.
S per sh.
3 Corn Exchange Nat.
Bank..365
5 Penn National
Bank...„__331
9 Hamilton Trust Co
Shares.
Stocks.
$ per sh.
300 Charms Co., prer
$100 lot
800 A.F.Emerson,Inc..par 510.$12 lot
28 Klauder-Weldon Dyeing Ma¬
171
25Phila. Co. for Guaranteeing
Mortgages
-
.
„„
N.
chine, com
117 Empire Land...
Tr.130^
Pennsgrove,
$110 lot
J
17 A Rights
Co., pf.\$525
300 Allison Steel Prod., par $50.
11A
Kentucky Sec. Corp.,
5 West
Chester
100A
Chester
Kennett
&
of
12A
8
111.,
s.
688 Young,
Smyth,
$2 lot
Field
10,200 Adeline
Co.,
Telegraph...
7 Cristobal Mines
__$1
20 Bennett Glass
___$1
73 States Light & Power
Co..$13
10 Karl Schlatter Dye Woris.$23
lot
lot
pref..
13 Karl Schlatter Dye
Works,
Inc
$25 lot
$50 lot
625 Tubize Artif. Silk or Amer.,
common
$18,600
Industrial Realty
$2,000 lot
250 Shane Bros. & Wilson Co. of
Minn
$1,000 lot
40 Young-Smyth-Field
Co., pf.
voting trust certificate.. 1-3
130 Castle Kid Co., pref.
31
3,590 Quesnelle
Hydraulic
Gold
Mining,
...$14,000 lot
Auditorium & Ice
20
$30,000 Brooklyn
Ferry of N. H.
1st 5°
.1
$100 lot
$1,500 West Chester Kennett & Wil¬
mington Elec. Ry. 1st 5s, 1935..
1#
$1,623 Amtr. Rys. (Jersey Cent.)
6s, 1947
5100
1
Continental
Gas
&
Elec.
1st
lien coll. trust 5s, 1927
$5,000 Texas & Oklahoma RR. 1st
$5.5110 lot
Gold
par
Phila.
Palace 6s
com
...530 lot
797 N. J. Consol. Gas, com
$50 lot
288 South Camden Terminal &
Hydraulic
City & Ft. Dodge
RR. 1st 4s, 1955
$30 lot
Mining, pref.,
1
...
Per cent.
S38.000 Mason
Inc.,
1,600 Textile Mfrs. Alliance, Inc.,
400 Quesnehe
1
Bonds.
..51 lot
pref...
75
5s, 1943 (certif. of deposit)
53,345 note of South-Mere Farms &
12
Fruit
$10.......
$25 lot
200 Banding Machine Co., com.,
par
&
Fruit
Ser. "C," S. F. Partic. Certif...$1 lot
$25,000 Amer. Motor Schooner Co.,
Pipe & Construction.
Transfer.-.
4 Continental Life Insurance
of Wilmington
13M
17X
100
250
25
50
Illinois
Pub.
Gasoline,
par $1
$1 lot
CHANGE
Dec.
19—10005
Dec.
21— 8510
Canadian Bank Clearings.—The clearings for the week
ending Dee. 22 at Canadian cities, in comparison with the
week in
same
1920
show
an
Inc.
7% notes, 1924
Mapos
1937, July 1917
Montreal
Toronto
Winnipeg
Sugar
Halifax
Hamilton
...
St. Johns
London
Calgary
Victoria.
Edmonton.
120,126, 939 132,456,714
108,280, 314 119,200,605
60,674, 802
76,914,777
14,435, 853
16,777,284
7,787, 038
10,348,875
5,585, 259
6,925,450
3,595 ,162
4,335,899
5,974 944
7,357,839
3,238 ,826
3,235,239
3,395 492
3,412,198
6,907 ,189
9,122,834
2,649 ,740
2,829,990
5,632 ,777
6,059,251
Regina
4,370 ,117
—9.
1918.
coupons attached
—
13.
—24
—
19
—17
—
18
+0
—0
—24
—6
—7
12
863 ,632
4,987,381
917,938
Lethbridge.
751 ,584
971,084
625 ,834
2,372,940
2,184,514
1,577,265
1,247,097
668,384
503 980
625,696
—19
968,056
1,279,722
—31
Fort William
J,001 ,408
Medicine Hat
Dev. Synd. (83 A % paid)..$41,750 lot
New
Jaw
Westminster
$10,000 Wildwood Anglesea & Holly
Beach Gas 1st 5e, 1935.35
Peterborough
$100 City of Phila. 3^s, 1923
Kitchener
1,095 ,817
Windsor
4,346 509
97
National Banks.—The following information
regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
136,311,609 113,944,335
90,069,772 70,083,374
46,217,028 58,128,149
13,253,099 10,653,963
10,155,433
8,048,541
5,330,950
5,024,759
4,400,000
3,615,722
5,788,653
4,117,836
2,491,754
1,977,093
2,961,971
2,318,042
6,260,993
8,081,550
2,669,352
1,779,226
5,500,000
3,541,222
4,214,022
3,651,202
717,465
624,608
656,674
870,180
2,000,000
1,900,000
1,665,947
1,824.766
1,100,265
870,752
968,579
763,800
478,973
477,887
466,745
436,320
846,495
802,786
961,156
645,579
1,110,224
697,000
2,945,583
1,024,351
449,418
327,242
—9.
—21,
Brandon
6s,
475 U. S. Land & Lumber
907 ,188
Sherbrooke
Prince
873 ,237
Albert....
352 040
—
—5
—22
—
15
—20
—21
—
19
—6
—6
—2
1,128,438
3,757,236
+ 15
411,951
920,705
—14
966, 910 Not incl. in
Moncton
total
1,035 318
Kingston
lotal Canada....
370,000,069 422,995,362
—12
—13.1 351,768,908 304,456,337
RECEIVED,
Capital.
Dec.
19—First National Bank in Kenefic, Ok la
$25,000
Correspondent. W. L. Guthrie, Kenefic, Okla.
Succeeds Kenefic State Bank, Kenefic, Okla.
The Italian-American Nat. Bank of New Haven, Conn__ 200,000
Correspondent, Frank S. Bishop, 185 Church St.,
New Haven, Conn.
Dec. 20—The Richfield National Bank,
Richfield, Minn
25,000
Correspondent, J. W. Black, 618 Builders Exchange,
Minneapolis, Minn.
I
1919.
%
1,745 ,861
1,231 ,281
ORGANIZE
or
Dec.
$
Quebec....
3
Central
1920.
2,011 928
TO
of
aggregate
Week ending December 22.
Moose
APPLICATIONS
the
Clearings at-
Saskatoon
188 M
increase in
"■
Brantford
103^
Okla., to "First
"The Long Beach National Bank."
j
$100 lot
par $10.
$15 lot'$1,000 Choate Oil Corp. 8% S. F.
100 42d St. & Grand St.
Feny.$80 lot j
Conv. notes, 1925...
11
48 Cuba Copper.com
$3 lot; $25,500 Quesnelle Hydraulic Gold
160 Cuba Copper, pref..
.$10 lot1
Mining 2A% debentures
$80 lot
62 Dugan Glass..
.520 lot $100,000 Cuban Dominican Sugar
3 Citizens Passenger Ry
TITLE.
Long Beach, Calif., to
Ottawa
8
10 West Phila. Passenger Ry__136
OF
Farmers National Bank of Pond Creek,
National Bank in Pond Creek."
The Exchange National Bank of
Vancouver
$260 lot
Corp.
Corp.,
22 Phila. City
Passenger Ry._.
Dec. 22 1941
Dec. 19 1941
Dec. 20 1941
The Tarrytown National Bank, Tarrytown, N. Y
Dec. 22 1941
The First National Bank of
Albuquerque, New Mexico__Dec. 23 1941
Canada—
(Del.)
7s, 1922 (certif. of deposit).
$150 lot
EXTENDED.
Marion, Pa
The Merchants National Bank of Dunkirk, N. Y
The First National Bank of Fort
Collins, Colo
2619
2622
2626
2614
12,000 rubles Russian Govt. Inter¬
530 lot
EXISTENCE
Until Close of Business
nal 5Hs.
1G26
$10,000 Choate Oil
lot;
Petroleum
CORPORATE
6091 The First National Bank of Anson, Texas
Dec. 19 1941
6090 The Standing Stone National Bank of
Huntington, Pa__Dec. 22 1941
6114 The First National Bank of Point
1921.
Inc.,
Inc., S. F. 7s, 1922
25 Int. Money Mac., par $10,515 lot; $32,000
100 Talking Book Corp, par $5.$15
15 Spencer
50,000
69A
.
100 Penn.
50,000
Serv.
1st & ref. 5s, 1952
51.000 Old Colony Syndicate,
conv.
10 A
$10,000 Grand Rap. Holland & L.
Geo. B. Newton Coal, com.
Mic
Ry. 1st ext. 7s, 1924
1A
40
Pine Valley Sand, pref
$3,600 Pathe Freres Phonog. Co.
$20 lot
Clarion Coal Mining, pref.520 lot
6% partic. certificates
3
Clarion Coal Mining, com.$20 lot. 512,173 Pathe Freres
Phonog. Co.
...
85,000
Co.
10 Germantown Pass. Ry.___. 76
19 Ridge Ave.
Passenger Ry___170H
20 Union
50,000
President, J. R. McCoy; Cashier, Roy Smith.
Conversion of Bank of Bigheart, Barnsdall, Okla.
1st 6s, 1925
$15 lot
$29,000 Nat'l Prop. (Amer. Ry. Co.)
coll. 4-6s, 1946
....$6 lot
$2,000 Central
25 Amer.
25,000
Pres., C. E. Mahan; Cashier, L. W. Boley.
24—12076 The Barnsdall National Bank, Barnsdall, Okla..
Dec.
15.5%.
par S10
.530 ot
16 Underwriters See.
Corp., pf$35 lot
40 Pine Ridge Coal...
...530 lot
86H Isaac C. Sheppard, pref..$8 lot
110 Campbell Ledge Stone
$30 lot
200,000
of
Co,, together with $4,000
South-Mere Farms
com., par 51...560 lot
100 Banding Machine Co.,
pref.,
Co.
25,000
12075
Road
100 The American Corporation.$3 lot
1,500 Tubize Artif. Silk of Amer.,
35
60 Aetna Petroleum
Corp
2,030 Mayo Woolen Mills.
320 Textile Mfrs. Alliance,
Consolidated
Trust
Pres., W. R. Blake; Cashier, F. E. Oliver.
Conversion of the Weleetka Guaranty Bank.
The Oak Hill National Bank, Oak
Hill, W. Va._-
Dec. 22—12074
&
&
.
lot
lot
50
Nut
Oil, par $1
$5 lot
580 FuIIard Mfg., par $1
..$10 lot
110 Clarion Coal Mining, pref.$75 lot
10 Sprlngthorpe Textile Mac
50
30 Textile Prod. Corp.,'no par. 20
$1 lot
50 Donner Steel, pref
5 De Long Hook &
Eye
Penn-Georgia
Bank
Succeeds the First National Bank of Rosedale.
The State National Bank of Weleetka, Okla
Fruit, par 510
$1 lot
12 The Obispo Rubber Plant'n.51 lot
10 Southern Nut & Fruit
$1 lot
$5 lot
State
Atlanta National Bank, Atlanta, N. Y
Pres., Hyatt C. Hatch; Cashier, J. Gordon Lewis.
The First National Bank of
Anchorage, Alaska..
President, J. B. Besson; Cashier, Winfield Ervin.
The Rosedale National Bank,
Rosedale, Miss
President, J. A. Eddins; Cashier, Frank G. Paden.
12073
125 The
pref., with
bonus.$280 lot
50,000
Houston, Texas.
Dec. 21—12071
50 Pa the Freres Phono, deb..$15 lot
10 Harris Tire & Rubber
$1 lot
20 Union Oil <fe Gas, par $1
$1 lot
com
100 Overland
Conversion of the
12072
com.
6 Deep Sea Fisheries
80 Seaboard Coal & Coke
President, J. A. Wilkins; Cashier, Allan H. King.
(certificate of deposit)._.$1 lot
303 Seaboard Finance Invest.$100 lot
&
Wilmington Trac., com__$l lot
600 Bergner & Engel Brew., com
1%
25 Horn & Hardart Automat
Co.
lot
2
par.....
$10 lot
30 Lincoln Motor, par S50-.-535 lot
8 Huntington Develop't com.,
1
com..
Kennett
Co.,com/
no
Wilmington Trac., pref..$l lot
32 West
■
Conversion of the Citizens State Bank of
Hominy.
12070 The State National Bank of Houston, Texas
75 United Zinc Smelting Corp.,
100 Caftiden F. Ins.
Assn.,par $5
33Phlla. Warehouse
6
Kingfisher, Okla
Pres., Elmer Solomon; Cashier, B. C. Brigham.
Conversion of Citizens State Bank of
Kingfisher.
The Hominy National Bank,
Hominy, Okla.
President, A. B. Budlong; Cashier, J. H. Comer.
12069
25
25 Olean Bradf. & Sal.
60 Olean Brad. & Sal.
100,000
-
$10 lot
to
subscribe
to
Media T. & Tr. at
$80.10-10X
v
CHARTERS ISSUED.
Dec. 17—12067 The American National
Bank, Lawton, Okla
President, W. F. Barber; Cashier, T. R. Keegan.
Conversion of the Citizens State Bank of Lawton.
Dec. 19—12068 The Citizens National Bank of
chine, pref..
-__.S20iot
27 Klauder-Weldon Dyeing Ma¬
125^-126
.
9 United Secur. Life Ins. &
5 Peoples Bank of
3791
First National Bank in Blair, Okla
25,000
Correspondent, R. R. Jackson, Blair, Okla.
DIVIDENDS.
Dividends
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 peen paid.
are now
The dividends announced this week
are:
Succeeds Blair State Bank.
APPLICATION TO ORGANIZE APPROVED.
Dec. 23—The First National Bank of Xenia, 111
taw
Per
Name of Company.
25,000
Cent.
When
Books
Payable
Closed.
Days Inclusive.
Correspondent, A. W. Croughan, Xenia, 111.
APPLICATIONS TO CONVERT RECEIVED.
Dec. 20—The American National Bank of Reynolds. No. Dak
Conversion of the State Bank of Reynolds.
Railroads
25,000
(Steam).
3
State Bank of Reynolds.
The State National Bank of Idabel, Okla
Preferred
(quar.)_
(quar.)
50,000
Delaware Lackawanna & West. (quar.).
Extra
Correspondent, First State Bank of Idabel.
The City National Bank of Hugo, Okla
100,000
Conversion of the First State Bank of Hugo.
Correspondent, First State Bank of Hugo.
Dec. 23—The First National Bank of Leedey, Okla
25,000
Conversion of Cotton Exchange Bank of Leedey.
Correspondent, C. R. Flint, Cashier, Cotton Exchange
jBstnlc of Jj00(j0y
The City National Bank of Elk City, Okla
:
25,000
Conversion of Elk City State Bank.
Correspondent, Elk City State Bank.
The Wells ton National Bank, Wellston, Okla
25,000
Georgia RR. & Bkg. (quar.)
Norfolk <fc Western, adj. pref. (quar.)..
Pennsylvania Company
Conversion of the First State Bank of Idabel.
...
Conversion of Wellston State Bank.
Correspondent, Wellston State Bank.
The Clark's National Bank of Aline, Okla
Conversion of Aline State Bank.
25,000
Correspondent, Aline State Bank.
50,000
Correspondent, J. Robert Wyly, President First State
Bank of Tahlequah.
TO
CONVERT
--------
100,000
Conversion of the Bank of Lemoore.
Correspondent, Clark Clement, Lemoore, Calif.
Dec. 22—The First National Bank of Sebring, Fla
Conversion of the Bank of Sebring.
Correspondent, the Bank of Sebring, Fla.
Dec. 23—The State National Bank of Depew, Okla
Conversion of First State Bank of Depew,
/
Correspondent, J. L. West, Depew, Okla.
1
Jan.
1
$1.50 Jan.
$2.50 Jan.
20
4
Jan.
1
22
Dec.
to
rec
Holders of
rec
Jan.
7
Dec.
31a
Jan.
31
Dec.
28
Feb.
Dec. 31 ♦Holders of rec
Feb.
3
18 ♦Holders of
28
Dec. 31
7
Holders of
Holders of rec
*1A
Jan.
30
Holders of
rec
Feb.
rec.
Holders of rec. Dec.
1
19a
*2
;
New England Invest. ^-Security, pref..
Newport News & H. Ry.G.&El.,pf.(qu.)
Porto Rico Rys., com. (quar.)
$2
Dec.
Dec.
29
Dec.
Dec.
16
to
Dec.
Jan.
Dec. 27
to
Jan.
Dec.
Dec. 22
to
Jan.
Dec.
Dec. 21
to
Dec.
31
Jan.
Holders of rec. Dec.
20
31
1
2
Jan.
Holders of rec. Dec. 20a
Dec.
Holders of rec. Dec. 22
Winnipeg Elec. Ry„ pref. (quar.)
York Rys., preferred (quar.)
Dec.
Holders of
Jan.
Holders of rec. Dec.
20a
1A
Jan.
Holders of rec. Dec.
20a
1
Jan.
Dec.
16
IX
(quar.)
Rutland Ry., L. & Pow., pref. (quar.)..
Thirteenth & 15th Sts. Pass., Phila
Jan.
Dec.
1X
Jan.
Dec.
Jan.
Dec.
Jan.
Holders of rec. Dec.
17a
Holders of rec. Jan.
21a
Holders of
IX
$6
IX
62Ac. Jan.
rec.
Dec.
to
Jan.
16
to
Jan.
16
to
Dec.
21
to
Jan.
22
2
2
31
1
Banks.
Battery Park National
25,000
20
Dec.
*1
5
50,000
31
*3
Street and Electric Railways.
Chicago City Ry. (quar.)
1A
City Ry. (Dayton, O.),com. & pf. (qu.)_
1A
Columbia Ry., Gas & Elec., pf. (qu.)..
1A
Conestoga Tract., com. & pref. (quar.).
1A
IowaRy. & Light, pref. (quar.)
1%
Kansas City Power & Lt., 1st pf. (mthly) 66 2-3c
Kansas City Power Securities, pf. (qu.).
$1.25
Preferred
APPROVED.
Dec. 20—The National Bank of Lemoore, Calif-.-
Woodstock Ry
—
Jan.
Lancaster Co. Ry. & Light, com. (qu.).
Preferred
(quar.)
The Liberty National Bank of Tahlequah, Okla
Conversion of First State Bank of Talequah.
APPLICATIONS
Pittsburgh & West Va., pref. (quar.)
Western Ry. of Alabama
Dec.
2
VA
Belt RR. & Stock Yards, com.
Correspondent,
1
Atlanta <fc West Point
Extra
New Netherland
3
(quar.)
(quar.)
Jan.
Dec.
22a
2A
Jan.
Holders of
rec.
Dec.
23a
2A
First National (Brooklyn)
Jan.
Holders of
rec.
Dec. 23a
2
I Jan.
Dec. 25
rec.
to
Jan.
2
Companies.
Trust
American
When
Payable.
-
„
Dec.
14
(quar.)
{
Closed.
Books
Per
Cera.
Name of Company.
[Yol. 118.
CHRONICLE
THE
2792
Days Inclusive.
Below
and
give the dividends announced in previous weeks
paid.
This list does not include dividends
we
not
yet
announced this week.
r»
Holders of rec. Dec.
20a
Per
Miscellaneous.
Alabama Fuel & Iron
Alliance Realty
Extra
(QnarO——
——
pref. (quar.)
Ancona Co., preferred (quar.)
pref. (quar.).
Arlington Mills (quar.).... —
Arundel Corp., -com(quar^
Arkansas Light & Power,
Associated Dry
Jan.
Feb.
1
Holders of rec. Jan.
16
Jan.
16
"Holders of rec,
'Jan.
1
Feb.
13
I
20
Jan.
Jan.
Jan.
25
Jan.
10a
10a
14
Jan.
15
Jan.
15
— - --
27
Goods, common (quar.).
(quar.)
Second preferred (quar.)..
Bell Telephone of Pennsylvania (quar.).
Binghamton Lt., Heat A Power, com..
Seven per cent preferred (quar.)
Six per cent preferred (quar.)
—
Borden (Rlchard)Mfg. quar
Brighton Mills, preferred (quar.)
First preferred
Jan.
3
Jan.
3
■Holders of rec. Dec.
Holders of rec. Dec.
14
Jan.
1
Holders of rec. Dec.
15
2
Jan.
3
Holders of rec. Dec.
23a
14
Jan.
3
Holders of rec. Dec.
27a
Jan.
3
Holders of rec. Dec. 27a
.
22a
♦Holders of rec. Jan.
14
♦I
Feb.
1
♦14
Mar.
I ♦Holders of rec. Feb.
4
Mar.
1 ♦Holders of rec. Feb.
4
*14
24
Jan.
1
Holders of rec. Dec. 29a
Dec. 31
Dec. 16
to
14
Jan.
1
Dec.
14
Jan,
1
Dec. 31
Dec. 16
to
■Holders of rec. Dec. 23
2
Jan.
*2
to
Dec.
31
Jan.
Jan.
15
*14
Jan.
3
14
Jan.
2
Holders of rec
3
stock)___
Preferred
Jan.
*/24
♦3
Extra (payable in common
Dec,
23
31
pref. (quar.)—-
Carey (Phillip) Mfg., pref. (quar.)
6
31
20a
Holders of rec
Dec.
15a
(quar.)...
Central Illinois Public Service, pf. (qu.)_
Cent. Wareh'se A Rofrig., cl. A (m'thly).
14
Feb.
1
Holders of rec
Jan.
25a
14
Jan.
15
Holders of rec
Dec.
31
24
Holders of rec
Dec.
16a
14
Jan.
2
Holders of rec
Dec.
Champion Coated Paper, pref. (quar.)..
Chicago Morris Plan Bank (quar.)
20
1
Dec.
31
Holders of rec,
Dec.
31a
Chicago Pneumatic Tool (quar.)
Cincinnati Abattoir, 1st A 2d pref. (qu.)
1.
Jan.
25
Holders of rec
Jan.
14a
Jan.
2
Dec.
Jan.
4
Jan.
1
Holders of rec
Dec.
20a
Jan.
3
Holders of rec
Dec.
24a
Jan.
18
Cement Securities Co
Central Bond A Mtge., pref.
Cincinnati Gas Transportation (annual)
17c. Dec.
14
10
to
28
14
(quar.).
14
Jan.
15
Jan.
2
Dec.
24
Holders of rec,
Dec.
20a
8
Dec.
24
Holders of rec
Dec.
20a
1
Jan.
31
Holders of rec, Jan,
14
14
Jan.
1
Jan.
1
14
Dec.
Cornell Mills
(quar.)._.____
Extra
i._
—_
(quar.)
Dalton Adding Machine, pref. (quar.)..
Dayton Rubber Mfg., pref. (quar.)....
Delaw. Lack. A Western Coal (quar.)..
Dominion Textile, preferred (quar.)
Dwight Manufacturing
Elgin National Watch (quar.)..
....
Emerson Electric Mfg., pref. (quar.)...
Finance Trading Corp., pref. (quar.)...
Foulds Milling, preferred (quar.)
General Alum. A Brass Mfg.. pref. (qu.)
Giant Portland Cement, preferred
Glidden Cp., preferred (quar.)
Gray A Dudley Co. (quar.)
Great Western Sugar, preferred (quar.).
Harrisburg Light A Power, pref. (quar.)
Crucible Steel, common
Dec.
27
to
Holders of rec.
Dec.
15a
Holders of rec
Dec.
31
3
14
Jan.
16
Holders of rec
Jan.
Jan.
3
Holders of rec
Dec.
♦2
Feb.
Holders of rec. Dec.
Holders of rec. Dec. 30a
Jan.
Holders of
24
Jan.
34
Jan.
Holders of rec. Dec.
3
Dec.
Dec.
10
to
Jan.
2
34
Dec.
Dec.
10
to
Jan.
2
24
Feb.
Holders of
rec.
Feb.
34
Feb.
Holders of
rec.
Feb.
la
14
3
Jan.
Holders of rec. Dec.
30a
Dec.
Holders of rec. Dec.
17a
2
Dec.
Holders of rec. Dec.
17a
Dec.
Holders of
rec.
Dec.
17a
Jan.
Holders of
tec.
Jan.
3.26 Jan.
pref
.;
—
Chic. St. Paul Minn. A Omaha, com.—
Preferred
—
(qu.)—
Cleve. Cine. Chic. A St. L., pref.
A Southern, com
Seeond preferred
Dec.
2
—
_ _ _ _ .
Holders of rec. Dec. 20
3
Preferred
_ .
Jan.
Holders of
rec.
Dec. 20a
Feb.
Holders of
rec.
Dec.
(special)
Chesapeake A Ohio
Chicago A North Western, common
preferred.
15a
Holders of
Dec.
—..._,
Central RR. of New Jersey
(annual).
Detroit River Tunnel
preferred-——
Elmira A Wliltamsport,
Nov. 30
rec.
Holders of IOC. Dec.
Feb.
30a
la
Dec.
rec.
2a
Holders of rec. Dec. 22a
22a
la
9a
31a
Great Northern (quar.)
14
Dec.
Holders of rec. Dec.
2
Jan.
Dec.
14
Jan.
Holders of
1
Jan.
Holders of rec. Dec. 31a
1
Jan.
2
(quar.).....
Kansas City Southern, pref. (quar.)._._
Lackawanna RR. of New Jersey (quar.).
Joliet A Chicago
Lehigh Valley, common (quar.)...—...
Preferred (quar.)
—
Little Schuylkill Nav., RR. A Coal——
Louisville A
|Nashville.—
.
Holders of
rec.
Dec.
6a
rec.
Dec.
17a
17a
■"
Jan.
15
Jan.
Dec.
Feb.
Holders of
rec.
Jan.
16a
Feb.'
Holders of
rec.
Jan.
16a
to
17
Holders of rec. Dec.
23a
Holdeis of rec. Dec.
$1.25 Jan.
30a
4
Jan.
2
Jan.
Holders of
rec.
Dec.
4
Dec.
Holders of
rec.
Dec. 23a
44
24
Jan.
Holders of
rec.
Dec.
Jan.
Dec.
16
to
Jan.
2
14
Feb.
Dec. 31
to
Jan.
25
5
Dec.
Holders of rec. Dec.
16(2
$2.50 Jan.
15a
......
....
i
———
(quar.)
...
(quar.)
N. Y. Chicago A St. Louis, common
New York A Harlem, com. and pref
N. Y. Lackawanna A Western (quar.)..
New York State Realty A Terminal
Northern
20a
Holders of
$5
Morris A Essex
28
'4
Dec.
rec.
Holders of rec. Dec.
$1.25
34
Mobile A Birmingham, pref
New London Northern
9a
Jan.
to
$1.25 Jan.
-
Michigan Central -
12
874c Jan.
Mahoning Coal RR., common
New York Central RR.
16
3
Southern
23a
Dec.
24
(quar.).._
Canadian Pacific, com. (quar.)
Mobile A Ohio.
31
SI.25 Jan.
....
la
9a
rec.
Jan.
Holders of
rec.
Dec.
Jan.
Holders of
rec.
Dec. 30a
$2
Central
Holders of
14
6
Dec.
Jan.
Holders of
rec.
Dec.
31a
Dec.
30a
14a
20
Northern Pacific
14
Feb.
Holdeis of
14
Jan.
1
Holders of rec,
Dec.
20
Northern RR. of New
14
Jan.
Holders of
14
Jan.
3
Holders of rec.
Dec.
29a
Northern Securities
4
Jan.
Dec. 28
to
Jan.
2
Jan.
10
Holders of rec,
Jan.
la
6
Jan.
Dec.
28
to
Jan.
10
2
Jan.
2
2
Jan.
Holders of
rec.
Dec.
15c
14
Jan.
Holders of
rec.
Dec.
10
Holders of
rec.
Jaq.
1 ♦Holders of rec
Jan.
.
Holders of rec
Dec.
20a
Jan.
16
4
Jan.
16
Dec. 31
14
Dec.
31
Holders of rec. Dec. 24a
14
Dec.
31
Holders of rec.
Dec.
26a
14
Jan.
3
Holders of rec,
Dec.
15a
14
Dec.
31
Holders of rec.
Dec.
15
to
.......
Extra
(quar.)
——
Hampshire (quar.)
—
—
:
Norwich A Worcester, pref.
(quar.)
Pere Marquette,
prior preferred (quar.).
14
Feb.
10
Preferred
Philadelphia Baltimore A Washington-
12a
10
.
14a
15a
Holders of rec. Dec.
Jan.
♦3
Dec.
15
♦Holders of rec. Dec.
Jan.
11
Dec.
10
Holders of rec. Dec.
10
Dec.
31
to
—
Chicago, com. (qu.)
Dec. 21a
3
Holders of rec.
Dec.
29a
Plttsb. McKeesp. A Youghiogheny—_ —
15
Holders of rec.
Dec.
30
Providence A Worcester
Holders of rec. Dec.
30
Hill Manufacturing (quar.)...
2
Holt, Renfrew A Co., Ltd., pref. (quar.)
14
Jan.
Imperial Oil Corp., com. (monthly)
1
Jan.
2
Jan.
15
Imperial Tob. of Canada ord. (Interim).
Ordinary (final)
...
Indiana A Illinois Coal Corp., pref
*14
Dec.
30
*1
Dec.
30
34
Jan.
16
Holders of rec
Jan.
10«
International Paper, preferred (quar.)..
Johnson Tron Works,D. D. A Shipbuild¬
14
Jan.
16
Holders of rec
Jan.
9
Rome A Clinton
2
Jan.
1
Dec.
Jan.
2
Troy Union RR
34
Jan.
3
Holders of rec
Dec.
22a
Union Pacific, common (quar.)
1
Jan.
16
Holders of rec
Dec.
31a
United N. J. RR. A Canal
14
14
Feb.
1
Holders of rec
Jan,:16a
Jan.
5
Holders of rec
Dec.
24a
3
Jan.
18
Holders of rec
Jan.
Holders of rec
3a
Jan.
14
Jan.
Jan.
$1.50 Jan.
Holders of rec. Dec.
15a
Holders of
rec.
3a
J an.
24
14
Philadelphia A Trenton (quar.)
Plttsb. Ft. Wayne A
Holders of rec.
2
Jan.
rec.
rec. Dec.
.....
Old Colony (quar.)...
la
Holders of rec, Dec.
17c. Dec. 28
Hecla Mining (quar.)
to
1
Canada
Holders of rec. Dec.
Holders of rec. Dec.
Jar.
24
14
(quar.)
Boston A Albany
22a
24
Pieferrid
Cleveland Automatic Mach.. pref. (qu.).
Continental Motors Corp., pref.
Holders of rec. Dec. 30a
Dec. 24a
rec.
(locking Valley—...
Illinois Central, leased lines
Dec.
Dec.
Jan.
—
Bush Terminal Bides.,
Feb.
Holdeis of
60C. Jan.
Beech Creek (quar.)
First preferred——————-—-—-...-
*24
Bush Terminal, common.
24
3.4
Fc, preferred
Line RR., common
Atlantic Coast
Colorado
Holders of rec. Dec. 21a
6
15 ♦Holders of lec. Jan.
6
15 ♦Holders of rec. Jan.
Dec.
14
Holdeie of rec. Dec.
7%
Dec.
16
Jan.
Chicago R. I. A Pacific, 6%
2
31
3
Boston A Providence
3
*14
15s
* Jan.
Atch. Topeka A Santa
1
25
to
20
2
Allegheny A Western
Feb.
7
Holders of rec. Dec.
44
Albany A Susquehanna (special)
Jan,
Jan.
Holders of rec. Jan.
Jan.
Albany A Susquehanna
Dec. 31
Feb.
to
Feb.
34
preferred
Alabama Great Southern,
9
14
♦2
Days Inclusive.
Railroads (Steam.)
9
17
34
Androscoggin MI lis.———
-
Dec. 31
14
...
. -
to
♦$1
_
Amer. Laundry Machinery,
....__ —
Dec.
21
Holders of rec, Jan.
Holders of rec, Jan.
$1
—
American Ice. common (quar.).
Preferred
to
Dec.
*75c.
Amalgamated Oil (quar.)
American Coal (quar.)
—i
American Glue, preferred (quar.)
(quar.)
Dee. 21
i
17
4
(qu.)
Allied Chemical A Dye Corp., eom.
Preferred
I
Jan.
-
—
—
Jan.
Jan.
2
—
Books Closed.
Payable.
31
14
2
(quar.)
Extra.
When
Cent.
Name of Company.
Preferred
(quar.)
ing, preferred (onar.)
....
K.C.Clay Co. A St. Joseph Co., pref...
Laurentide Power (quar.)..
Lima Locomotive, preferred (quar.)
Magnolia Petroleum (quar.)
Maple Leaf Milling, common (quar.)
Preferred (q uar.)
Metropol'n Edison (Reading), pref. (qu.)
Michigan Drop Forge, com. (monthly)..
Preferred
(quar.)
Midway Gas, common (quar.).
Preferred
(quar.)..
Mobile Electric Co., preferred..
Preferred (account accum. dividends).
National Automatic Fire Alarm of Cin.,
....
common
(quar.)
National Tool, preferred
New Jersey Zinc
Osborn Mills
(quar.).._..._
(quar.)
Preferred
to
28
(quar.)..
______
Ashevllle Power A Light, pref.
14
Jan.
1
Holders of rec
Dec.
15
Jan.
14
Holders of
Dec.
31
14
Holders of rec
$1.40 Jan.
Feb.
*34
Feb.
*h2
Jan.
Jan.
14
Feb.
-
■
Jan.
■
Dec.
rec
Jan.
31
25 ♦Holders of rec
Jan.
31
2
Dec.
30
to
Jan.
Holders of rec. Dec.
3
3
Holders
31
Dec.
21
Dec.
31
Holders
Jan.
17
Holders
*4
Jan.
10 ♦Holders
*14
Feb.
1
14
14
Jan.
3
Jan.
25
Holders
14
Jan.
25
Holders
Jan.
20 ♦Holders
♦Holders
Dec.
25
Jan.
3
Holders
Jan.
15
Holders
Dec. 24
to
Jan.
Dec. 22
to
Jan.
Jan.
Holders of rec. Nov. 30a
Jan.
Holders of rec. Dec.
Jan.
Holders of
24
Jan.
Dec.
Jan.
Holders of rec. Dec.
17a
Jan.
Holders of rec. Dec.
19a
14
Jan.
JIK
Jan.
to]
2
20a
Jan.
20
3
3
Holders of rec. Dec.
23a
3
Holders of rec. Dec.
29
Rogers Milk Products, preferred (quar.)
2
Jan.
St. Joseph Stock Yards (quar.)
2
Dec.
Sayers A ScovlU. com. and pref. (quar.).
14
Jan.
1
Holders of rec.
Shawinigan Water A Power (quar.)
14
Jan.
10
Holders of rec.
2
Jan.
20
Holders of rec.
31
2
J an. 20
14
Jan.
1
1
Dec.
21
to
9
Dec. 20a
Dec. 27a
Jan. 10a
Jan.
Holders of rec. Jan.
10a
Holders of rec. Dec. 23a
Holders of rec. Dec.
23a
2
Jan.
*3
Jan.
10 ♦Holders of rec. Jan.
4
*3
Jan.
10 ♦Holders of rec. Jan.
4
*e20
Jan.
25 ♦Holders of rec. Jan.
Jan.
20
Holders of rec.
Jan.
15
Holders of rec. Jan.
1
Jan.
10
Jan.
24
Jan.
15
Holders of
14
Jan.
3
$1
50c.
Dec.
1
22
to
rec.
to
14
Dec. 31a
Holders of rec. Jan.
Holders of rec. Dec.
Jan.
Jan.
21
to
Jan.
9a
2
21a
Jan.
2
14 ♦Holders cf rec. Jan.
6
3
Dec.
30
to
17
A Pow., pref. (quar.)..
15
14
Jan.
1
Dec.
Jan.
12
14
Jan.
2
Holders of
Dec.
16
1
Jan.
1
Holders of rec. Dec. 20a
14
Jan.
1
Holders of rec. Dec. 20a
14
Jan.
15
Jan.
to
Jan.
14
Jan.
15
Jan.
1
to
Jan.
14
Jan.
1
Dec.
17
to
Jan.
2
14
Jan.
1
Holder? of
Dec.
12a
3
Jan.
3
Holders of rec. Dec.
20a
2
Jan.
(qu.)
Cine. A Hamilton Tract., com.
—
Piefetrtd
(quar.)
Cin. Newport A Cov. L. A Tr., com.(qu)
Preferred (quar.)
Cincinnati Street Ry. (quar.)
Cleveland Ry. (quar.)
Columbus Electric Co., preferred
Consolidated Traction of N. J
Eastern Texas Electric Co., com.
Preferred
Light A RR., 1st pf. (qu.)
(quar.)..
preferred
Frankford A Southw'k Pass., Pbila. (qu.)
Elmira Water,
Second preferred
3
Holders of
Dec.
17a
Dec. 31
Holders of rec. Dec. 20a
Dec. 31
Holders of
Jan.
14
(qu.)
Holders of rec. Dec.
14
Jan.
1
Holders of rec. Dec. 23a
Jan.
2
Holders of
Dec.
Jan.
Dec.
16
Holders of
rec.
Jan.
Manhattan Bridge Three-Cent Line (qu.)
14
Holders of
rec.
Dec. 20a
Manila Elec. RR. A Ltg. Corp. (quar.)
14
Doc.
—
Bonus
(quar.)
Puget Sound Power A Light, pref.
Avenue
Pass.
Ry.
(quar.)
Holders of rec. Dec.
28a
West End Street Ry., Boston,
2
Holders of rec. Dec.
20
West India Electric Co. (quar.)
pref. (quar.)
!
pref. (qu.)
10
Holders of rec. Dec.
31a
West Penn Power, 7%
3
Holders of rec. Dec.
20a
West Penn Tr. A Water Pow.,
Jan.
3
Holders of rec. Dec.
23a
\
Holders of rec. Dec.
2Sof,
31a
7
14
Jan.
2
Holders of rec. Dec.
15
Jan.
2
Holders of
Dec.
15
Jan.
2
Holders of rec. Dec. 15
Holdeis of rec. Dec. 31a
62 4c Jan.
15
2
Holders of
rec.
rec.
Dec.
22
14
Jan.
1
Dec.
31
Holders of rec. Dec.
15a
2
Dec.
31
Holders of rec. Dec.
15
14
Jan.
16
Holders of
Jan.
3
Dec.
16
rec.
to
Dec. 28a
Jan.
Jan.
1
Holders of rec. Dec.
14
Jan.
1
Holders of
l
Jan.
2
Dec.
*14
14
$3
2
1
Dec.
15a
Jan.
2
Jan.
2 ♦Holders of rec. Dec.
20
Jan.
2
Holders of
rec.
Dec.
15a
<$4.75 Jan.
1
Holders of
rec.
Dec.
15a
$1.40 Jan.
1
Holders of
rec.
Dec.
9a
2
2
Holders of rec. Dec.
15a
21
rec.
to
Preferred (acct. accumulated
divs.)
West Philadelphia Passenger Ry
1
Holders of rec. Dec.
17a
1
Holders of rec. Dec.
17a
Jan.
14
Jan.
3
14
pref
31
3
Holders of rec. Dec.
37 4c Jan.
75c. Jan.
(quar.)
Washington Water Power, Spokane (qu.)
Jan.
Jan.
23a
$3
1.
(qu.)
_
Preferred
3a
Holderp of rec. Dec.
1
Philadelphia A Western, pref. (quar.) —
Portland Ry., Light A Pow., 1st pf. (qu.)
Public 8ervice Corp. of N. J., com. (qu.)
Preferred
31
1
Monongahela Power A Ry., pref. (quar.)
Northern Ohio Tr. A Light, pref. (quar.)
Ottawa Traction (quar.)
Jan.
14
15
16
Dec. 31
2
(quar.).
Jan.
Jan.
2
50c
15
Jan.
31
14
to
1
Dec.
14
Dec.
2
21
rec.
2
Kentucky Securities Corp., pi el. (quar.)
Manchester Tr., L. A Power (quar.)
Jan.
14
19a
1
14
31a
Dec. 20a
Holders of rec. Dec.
$4.50 Jan.
24
to
rec.
9
1st pref. (qu.)
Wash.Balt.AAnnap.El.RR., com. (qu.).
16
iec.
14
United Electric Co. olN.J
Holders of rec. Dec:
rec.
3
United Light A Railways,
Dec.
1
17a
Jan.
14
Holders of rec. Dec. 31a
16
Holders of xec. Dec.
14
1
Jan.
Holders of
Holders of rec. Jan.
16
Jan.
1
3
Holders of rec. Jan.
26
to
15
Jan.
1
Jan.
1
rec.
15
Feb.
1
Jan.
1
2
50c. Feb.
Jan.
rec.
14
El Paso Electric Co.,
Georgia Light, Power A Rys., prei.
Illinois Traction, preferred (quar.)
Jan.
16
to
3
(qu.)_.
—
...
.
13
14
Duquesne Light, 7% pref. (quar.)
50c. Feb.
14
17
Capital Tract., Washington, D. C. (qu.)
Carolina Power A Light, pref. (quar.)..
Jan.
14
20
Holders of rec. Dec.
Springfield Ry. A Light, pref. (quar.) —
Stark Electric RR. (quar.)
Tri-City Ry. A Light, pref. (quar.)
Twin City Rap. Tr., Minneap., pf. (qu.)
Union Passenger Ry., Philadelphia
Union Traction, Philadelphia
Dec.
16
15
Holders of rtc. Dec.
Holders of rec. Dec.
Second A Third Sts. Pass., Phila. (quar.)
1
Dec.
1
Holders of rec. Dec.
3
1
rec.
2 ♦Holders of roc. Dec.
2
31a
1
Feb.
5a
Holders of
2
3
Dec.
Jan.
♦874c
Preferred
la
31
3
Jan.
5
Whitaker Paper, preferred (quar.).
Dec.
Jan.
Ridge
Jan.
25c
(qu.)
30a
Dec.
Jan.
10
14
Vermont Hydro-Elec. Corp., pref.
rec.
to
14
Jan.
34
Extra
21
34
Brazilian Tr., L.
31
of rec. Dec. 27a
to
Jan.
1
of rec. Dec. 31
of rec. Jan.
3
of rec. Jan. 20
of rec. Jan. 20
to
Jan.
2
of rec. Jan. 13a
of rec. Jan .13a
of rec. Jan.
2
of rec. Dec. 20a
of rec. Dee. 31a
16
(quar.)..
Preferred
10 ♦Holders of rec, Jan.
Dec.
U.S. Gauge,preferred.
Dec.
Jan.
*1 4
Jan.
Electric, pro!, (quar.)....
Jan.
14
Bangor Ry. A Electiic, pref. (quar.)
1.374 Jan.
Boston Elevated Ry., common (qu.)___$
Dec. 31
25 ♦Holders of rec
Holders of roc. Dec.
Trinidad Electric Co., Ltd.
44
Athens Ry. A
50c.
3
Extra (payable in stock)
2
Jan.
Railways.
15
3
(quar.).
to
31
Dec.
to
16
Jan.
Extra
Street and Electric
Dec.
Holders of rec
Jan.
Second preferred
preferred (quar.).
Dec.
14
(quar.).
15
14
Valley RR. (N. Y.).—
1
14
Preferred
Dec.
24
Cos. (quar.).
1
Renfrew Manufacturing, pref.
Rogers (Wm. A.), Ltd., preferred (quar.)
30a
14
18
Public Service Co. of Quebec (quar.)
(quar.).
17a
Holders of rec, Dec.
6
Jan,
14
14
Richardson Co., preferred (quar.)...
Holders of rec. Jan.
—
Jan.
*3
Plymouth Cordage (quar.).
Feb.
rec.
24
(quar.)
Jan.
14
Port Arthur Shipbuilding Co., pref. (qu.)
Holders of
24
oblig—_
14
Dec.
Dec.
Jan.
4
Rich. Fred. A Pot. com. A dlv.
Western Pacific,
24
$1
50c. Jan.
Rensselaer A Saratoga
34
Philadelphia A Camden Ferry (quar.)
Phi I lips-Jones Co., pieferred (quar.)
Philmont Worsted, preferred (quar.)
Pittsburgh Coal, common (quar.)
(quar.)
14
14
Preferred
_
(quar.)
14
4
Peoples Gas Lght A Coke
Reading Company, common
Second preferred
.....
(quar.)
(quar.)
25c.
*2
Pacolet Manufacturing, common
(quar.)
Southern Pacific
24
*
Preferred
Jan.
14
Feb.
50c. Jan.
14
$2
14
ftl4
uS5
Holders of rec. Dec. 23
3
Dec.
16
to
Jan.
2
Dec.
24
to
Dec.
1
Holders of rec. Jan.
16
16
31
Feb.
16
Holders of rec. Jan.
Feb.
15
Holders of rec. Jan.
16
Jan.
1
Holders of rec. Dec.
15a
Dhc. 31
1921.]
THE
Per
Street and Electric Rys.
When
Payable.
Days Inclusive.
Per
Name of
(Concluded*
Wisconsin Edison Co...
(quar.)
1K
.
.America, Bank of (quar.)
Atlantic National (quar.)
3
'Holders of
rec.
Dec. 20
American-Hawaiian S. S
7X
Jan.
3
Holders ©f
Dec.
15a
Holders ol
rec.
Dec.
American Piano, common (quar.)
IX
Jan.
1
Nov. 29
to
Jan.
2
IK
Jan.
1
Nov. 29
to
Jan.
IX
Jan.
4
Holders of
tec.
Dec. 15
IK
Jan.
1
Holders of
rec.
Dee.
Deo. 16«
16
rec.
Dec.
21a
Jan.
1
Holders of rec. Dec. 30a
\mericao
Jan.
1
Holders of rec. Dec. 30a
American Rolling Mill, common (quar.).
Jan.
3
Dec.
17
to
Jan.
3
Jan.
1
Dec.
21
to
Jan.
2
Jan.
1
Dec.
21
to
Jan.
2
Jan.
3
Dec.
31
to
Jan.
4
______
■i
Extra
Dec. 31
Dec.
21
to
Jan.
Dec.
21
to
Jan.
2
Extra
Amer. Seeding Mach., com. (quar.)
Preferred
(quar.)
31
Holders of
rec.
15
Holders of
rec.
15
Holders of
rec.
Deo. 31a
Jan.
3
Holders of
rec.
Dec. 24a
Jan.
3
Holders of
rec.
IK
IX
__
Dec.
Jan.
IK
(quar )
Jan.
IK
common
(quar.)
American Screw quar.)
2
1
Radiator,
Preferred
Jan.
15
Holders of
rec.
Dec. 31a
Jan.
15
Holders of
rec.
Dec. 31a
$1
Dec. 31
IK
Feb.
1
Jan.
Jan.
31
2
Holders of
rec.
Dec. 23a
Common
2K
Feb.
1
Jan.
15
to
Jan.
31
Jan.
2
Holders of
rec.
Dec.
23a
Preferred
IK
Feb.
1
Jan.
15
to
Jan.
31
4
Jan.
3
Dec.
18
to
Jan.
2
IX
Jan.
2
Dec.
13
to
Dec.
21
4
Jan.
3
Dec.
22
to
Jan.
2
IK
Jan.
2
Dec.
13
to
kaj
Dee. 21
3
Jan.
3
Holders of rec. Dec.
3
Jan.
2
Holders of
rec.
Dec.
16a
IX Jan.
2
Holders of
rec.
Dec.
16a
75c. Jan.
14
Holders of
rec.
Jan.
Dec. 31
Holders of
rec.
Dec. 16a
Jan.
2
Dec. 22
IK
Jan.
2
Dec. 22
l
in a.
Amer.
14a
Amer.
Shipbuilding,
com. (quar.)
(extra)
(quar.)..
Smelters Secur., pref. A (quar.)..
Preferred
B
(quar.)
3
Jan.
3
Holders of rec. Dec. 20a
American Snuff, com.
Preferred
(quar.)
3
Jan.
3
Holders of
rec.
Dec. 20a
American Steel Foundries, com.
L
4
Dec. 31
Holders of
rec.
Dec.
19a
2
Dec. 31
Holders of
rec.
Dec.
19a
3
Jan.
3
Holders of
rec.
Dec.
16a
4
Jan.
3
Holders of rec. Dec.
16a
5
Jan.
3
6
Dec. 31
_■
Extra
Commerce, National Bank of (quar.)..
Extra
Coney island. Bank ol
...
East River National
Europe, Bank of
6
Jan.
3
6
Fifth Avenue (quar.)
Jan.
3
Dec. 25
to
Jan.
Dec.
to
Dec.
27
Holders of
rec.
Holders of
rec.
2
31
I)
Jan.
3
Holdeis of
rec.
Dec. 3la
First Security
10
Jan.
3
Holders of
ree.
Dec.
3
Dec. 31
Holders of
rec.
Dec. 27
Holders of
rec.
Dec. 27
Co
Garrield National
(quar.).
Extra
to
Jan.
2
31a
3
Dec. 31
Gotham National (quar.)
3
Jan.
2
Dec.
28
to
Jan.
1
Greenpoint National (Brooklyn)
3
Jan.
3
Dec.
21
to
Jan.
2
2
Jan.
3
Dec.
21
to
Jan.
2
3
Jan.
3
Holders of
1
Jan.
3
Holders of rec. Dec. 23a
8
Jan.
3
Dec.
22
to
Jan.
2
3
Jan.
1
Dec.
28
to
Jan.
2
Extra
Greenwich
(quar.)
Extra
Hanover National (quar.)
Homestead (Brooklyn!
Importers & Traders National
Irving National (quar.).
rec.
Doc. 23a
Amer.
(quar.)
3
Holders of
rec.
Dec. 20a
3
Holders of
rec.
Dec. 23
Jan.
3
Holders of
rec.
Dec. 23a
2
Jan.
3
Holders of
rec.
Dec.
17a
Ault
2
Jan.
3
Holders of
rec.
Dec.
17a
5
Jan.
3
Holders of rec. Dec. 24a
Holders of
Auburn Automobile, common (quar.)...
Preferred
(quar.)...
A'Wiborg Co., pref. (quar.)
National City Co.
Holders or
Barnet Leather, preferred
Jan.
3
Holders of rec. Dec. 29a
Jan.
3
Holders of rec. Dec. 20a
Jan.
3
H iiders of rec.
♦2
(quar.)
Holders of rec. Dee. 24a
3
3
(quar.)
(quar.)
Extra
3
Jan.
1
National City
3
Jan.
4
Nassau National (Brooklyn)
Jan.
5
...
(quar.)
Extra
Autosale8 Corporation, pref
Babcock & Wilcox Co. (quar.)
...
Baldwin Locomotive Works, com. & pref.
Baltimore Electric, preferred.
10
...
Mechanics & Metals Nat. (quar.)
Jan.
3 ♦Holders of
rec.
Dec. 24a
Dec.
24a
Dec. 20a
(quar.).....
Barnhart Bros. & Splndlor—
First and second preferred (quar.)
Bayuk Bros., Inc., 1st & 2d pf. (quar.).
Dec. 20
Beacon Oil
—
rec.
Dec.
3La
rec.
Dec.
24
Eight
Holders of
ree.
Dec.
24a
Jan.
3
Holders of rec. Dec. 31a
Jan.
3
Holders of
Jan.
3
Dee.
If)
to
Jan.
2
Jan.
3
Dee.
16
to
Jan.
2
Dec 22
to
Jan.
2
Dec. 31a
2M
3
Jan.
West End (Brooklyn).
4
Jan.
5
Dec.
31
Holders of
rec.
Dec.
20
Dec.
31
Holders of
rec.
Dec. 21a
1
Holders of
rec.
1
Holders of
rec.
Dec.
5
Holders of rec. Dec. 24a
Jan.
3
Holders of
rec.
Dec. 23a
Jan.
3
Holders of
ree.
Dec.
24a
bX
Jan.
3
Holders of
rcc.
Dec.
22 a
4
Dec. 31
Holders of
iec.
Dec. 21
2
Dec. 31
Holders ol
rec.
Dec.
Dec.
4
Dec. 31
Holders of rec. Dec.
4
Dec. 31
Holders of
4
Extra
31
Jan.
Holders of
10
Extra
Guaranty
rec.
Jan.
Holders of
rec.
Jan.
la
15
Holders of rec. Jan.
14a
IX Jan.
25
Holders of rec. Dec. 31a
Dec. 22
to
10
Dec. 29
to
Jan.
1
Holders of
Jan.
IK
IK Jan.
1
Holders of rec. Dec. 20a
2
Holders of
rec.
Dec.
17a
Dee.
31
Holders of
rec.
Deo.
16a
Jan.
2
1
Holders of reo. Dec.
Jan.
3
Holders of
Jan.
1
Holders of rec. Dec. 30a
IK
Preferred
rec.
Dec. 23a
Holders of rec. Deo.
15a
Holders of rec
Dec.
15a
2
Holders of
rec.
Dec.
15a
Jan.
2
Holders ot
rec.
Dec.
20a
3 ♦Holders of
rec.
Dec. 20
Holders of
rec.
Dec. 22a
31
Holders of
rec.
Dec.
IK
IK
Jan.
2
Holders of rec. Dec.
Jan.
1
Dec.
2
Jan.
1
Holders ol
♦ifoldesr of
1
Jan.
2
Dec.
IK
Jan.
3
Holders of
rec.
2
Dec.
31
Holders of
cc.
Dec.
15
♦2
Dec.
31 ♦Holders of rec.
Dec.
20
12 X
Jan.
3
Holders of ree. Dec.
hk
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
2
Holders of
rec.
Dec.
20a
Holders of
rec.
Dec.
15
Holders of
rec.
Deo. 3 la
Jan.
2
Holders of
rec.
Dec.
15a
2
Jan.
1
Holdiis of iec. Dec.
20a
IK
Jan.
1
Holders of iec, Dec.
20a
2
Jan.
1
Holders of
Dec.
19a
2
Jan.
1
Holders of
rec.
Dec.
19a
IK
Jan.
3
Holders of
rec.
Dec.d27a
ix
Dec.
31
Dec.
21
to
Jan.
IK
Dec.
31
Dec.
21
to
Jan.
4
IK
Jan.
1
Holders of
Dec.
12a
2X
Feb.
15
Holders of
IX
Jan.
1
Holders of
rec.
Dec. 26a
2
Dee. 31
Holders ol
iec.
Dec.
3
Dec.
16
to
Jan.
3
2
Jan.
3
Jan.
1
Preferred
(quar.).
Holders of rcc. Dec. 20 a
15a
Dec.
Preferred (quai.)
'
Canadian Weetinghouse, Ltd. (quar.)...
Extra
Dec. 30
Dec.
<25
Dec.
31
Holders of rec. Dec.
22
4
Jan.
3
Holders of
Dec.
27 a
Preferred
25
Jan.
3
Holders of rec. Dec.
10a
Celluloid Co.
10
Holders of rec. Dec.
31a
Preferred
rec.
rec.
Jan.
___
3,
Canfield Oil, common (quar.)
Preferred
(quar.)....
22
Casey-Hedges Co., common..
(quar.)
....
(quar.)
Central AguirreSugar (quar.).
Continental
52.50
20
Jan.
10
Holders of
rec.
Dec. 31
$1.25 Jan.
3
Holders of
rec.
Dec.
Hanover Fire (quar.)
24
Miscellaneous.
IK
Acadia Mills vquar.)
Acceptance & Finance Corp., com. (qu.J
Preferred (quat.)
Jan.
2
Jan.
3
Holders of
37 He Jan.
3
Dec.
...
rec.
preferred (quar.)
Chalmers Oil &
3
Dec. 21
to
Jan.
2
Chr.wiler Motor Car (quar.)
3
Dec. 21
to
Jan.
Jan.
3
Holders of
Dec.
31
Jan.
3
Holders of
1
2
rec.
rcc.
IK
Jan.
3
Dec.
21
to
Jan.
3
Dec.
21
to
Jan.
3
K
IK
Dec. 31
Dec. 31
Jan.
3
Jan.
3
Dec.
la
16
17
.
Holders of rec. Dec. 3 la
IK
Jan.
3
I
Holders of
rec.
Dec. 31a
Holders ol rec. Dec.
24a
Jan.
16
Holders of
rec.
Dec.
IX
Jan.
15
Holders of
rec.
American Bank Note, preferred (quar.).
7 :.C.
Jan.
•
IX
Dec.
31
3
Holders of rec. Dec.
Dec.
10a
Holders of
rec.
Dec. 31
Holders of rec. Dec. 23a
Dec. 31
Holders of rec. Dec. 23a
IK
Jan.
2
Holders of rec. Dec.
15a
3
Jan.
2
Holders of rec. Dec.
16a
2
Holders of
Dec.
16a
American
IK Jan.
IX Jan.
3
Holders of
Amer. Exchange
2
Jan.
1
Holders of rec. Dec.
2
3
Holders of
rec.
Dec.
Holders of ree. Dec.
10a
1
1
Holders of rec. Dec.
Holders of
Holders of
rec.
Doc.
10a
10|
Dec. 21a
Jan.
Jan.
3
Holders of rec. Dec. 22a
2
Jan.
2
Dec.
$1.50 Jan.
1
Holders of rec. Dec. 24a
21
rec.
to
Jan.
1
2X
JaD.
3
Holders of
rec.
Dec.
17
Jan.
3
Holders of
rec.
Dec.
17
rec.
rec.
Dec.
Feb.
1
Holders of
rec.
Jan.
25c. Feb.
15
noldeie of
rec.
Feb.
Jan.
15a
16
IX
Dec. 31
Holders of rec. Dec.
15
•1%
♦Holders of rec. Dec.
23
IK
Holders of
Dec.
13a
rec.
2
Dec.
31
Dec. 21
to
Jan.
2
ik
(qua
Extra
.......
Jan.
2
Dec.
15
to
Dec. 21
Jan.
1
Dee.
15
to
Jan.
Dec.
31
Holders of rec. Dec.
13a
6
(quar.)
2
2
Elec.
Dec.
31
Holders of rec. Doc.
13a
1
♦Holders of rec. Deo.
4
Cities Service—
15
*0X
(payable in
scrip)
Common (payable In scrip)
Pref. & prei. B (m'thly) (pay. in scrip)
City Dairy Co.. Ltd. (Tot onto), com. (qu.)
Common (bonus)...
Preferred (quai.)
City Investing, pref. (quar.)
Citizens' Gas of Qulncy, Mass. (quar.)
Jan.
*olK
*oX
Jan.
1 ♦Holders of rec. Dec.
Jan.
1 ♦Holders of rec. Dec.
15
*QX
Common
Feb.
15
*olK
Feb.
1 ♦Holders ol rec. Jan.
1 ♦Holders of rec. Jan.
15
rec. Jan.
15
Feb.
1 ♦Holders of
IK
Jan.
2
Holders of rec. Dec. 20
Jan.
2
Holders ol iec. Dec. 20
IK
Jan.
2
Holders of rec. Doc. 20
IK
Jan.
2
Holders of rec. Dec. 30a
*2X
IK
Dec.'31 ♦Holders of
rec.
Dec. 24
16
to
Jan.
Dec.
31
Dec. 21
to
Jan.
3
Extra
Dec.
31
Dec. 21
to
Jan.
Dec.
31
Holders of rec. Dec.
Cleveland Worsted Mills (quar.)
X
Jan.
Preferred
(quar.).
IK
Jan.
25c.
Cluett, Feabody & Co., pief. (quar.).
Jan.
2
75c.
Columbia (Pa.) Gas
15
3
*t/X
2
18a
Dec. 31
15
Holders of rec. Dec.
1
la
2 ♦Holders of rec. Dec. 20
Holders of rec. Dec.
1
16a
IX
1
Jan.
.IK Dec. 31
1
17a
Jan.
*1K
Jan.
IK
Jan.
15a
IK
/2
31a
Jan.
Dec. 31a
Cigar, pref. (quar
Securities, C
American Express (quar.)...
IK
IX
Dec.
iec.
rec.
Jan.
15 a
IK
i
31a
Holders of
IX
Holdeis of rec. Dec. 31a
1
Amer. Car & Foundry, com
Holders of rec. Dec.
15
2K
Cincinnati & Sub. Bell Telep.
16
—
(quar.)
Chicago Mill A Lumber, pref. (quar.)
Chicago Ry. Equipment (quar.)...
Cincinnati Gas &
14
SI
15
Preferred
15a
Dec.
American Art Works, com. & pref. (qu.;
(quar.)
2
Jan.
Jan.
Common (quar.)
24a
rec.
Jan.
Jan.
Allied Chemical & Dye, pref. (quar.)...
pref. (quar.)
Holders of rec. Dec.
IK Jan.
..^
Gas, Inc.,
Holders of
IK
(quar.)
pref. (quar.)
Feb.
2
Jan.
Alabama Power,
.
rec.
4
IX
):
2
Jan.
pref. (quar.)...
Aeolian Co., preferred (quar.)
(ouar.).
rec.
IK
Clxace Cotton Mills (quar
Jan.
2
Adirondack Pow. & Light, 7% pf. (qu.;
Dec. 20
to
K
(quar.)...
(quar.)
7% prefeired (quar.)
Central States Elec. Corp., pref. (quar.)
Certain-teed Products Corporation—
21
IK
Preferred (participating dividend)
(quar.)
(quar.)
Central Maine Power, 6% pref.
Holders of rec. Dec. 20
2
Abltibi Power & Paper, pref. (quar.)
(quar.)
Holders of
roc.
24a
IX
Fidelity-Phenix
La France Fire:
4
$1.50 Jan.
Insurance,
Jan.
Pref en ed
Holders of rec. Dec. 24a
4
Jan.
Jan.
to
23a
Jan.
3
Holders of
31a
15
Jan.
2
Jan.
Dec. 25
Holders of rec. Dec.
16
IX
Jan.
to
Holders of rec. Dec. 23a
Dec.
3
to
16
15a
rec.
15a
2
21
Dec.
Holders of rec. Dec.
Holders of
1
Dec. 20
16
Dec.
3
rec.
Preferred
Jan.
Holders of rec. Dec.
Dec. 31
Jan.
rec.
m.
rec.
to
31
Holders of
(quar.).
K
21
Dec.
Holders of
(quar.)
14
Feb.
IK
IK
3
Preferred
Jan.
♦1K
Canadian Consol. Rubber, pref. (quar.).
31
la
2
28
19
Dec.
15a
Dec.
Dec.
Dec. 31
(quar.;
rec.
Jan.
i to.
Holders of
Jan.
Preferred
to
Holders ol rec. Dec.
5
American Can. pref.
21
Holders of rcc. Dec.
3
24
1
Dec.
2
2
Allis-Chalmers Mfg., pref.
Dec.
Jan.
2
Dec. 30
Reduction
Dec. 20
rec.
16
rcc.
All-America Cables (quar.)
rec.
Holders of roc. Dec. 23
Jan.
Holders of
Advance-Rumely.
1
Jan.
Dec. 31
Six per cent
3 ♦Holders of
31 ♦Holders ol
Jan.
4
com.
Dec.
3 ♦Holders. of rec. Dec. 20
IK
Peoples (Brooklyn) (quar.)
Machinery,
Jan.
Steamship Lines, pre!, (quar.)..
1
Preferred
Jan.
Canada
Jan.
la
15a
2
19
3
Acme Road
2
i
Dec. 23a
31
Fire
2
Jan.
IX
Dec.
(payable in stock).
Jan.
S3
BraDdram-Henderson, Ltd., pf. (qu.)_.
Brier Hill Steel, prefeired (quar.)
British-American Oil, Ltd. (quar.)
British Empire Steel. 1st pf. Ser. B.(qu.
Brunswick-Balke-Collender, tvef. (qu.)
Bucyrus Co., preferred (quar.)
Buffalo General Elec. (quar.)
Burroughs Adding Machine (guar.)
Butt (F. N.) Co., common (quar.)
Preferred
(quar.)
Jan.
U. S. Mortgage & Trust (quar.)
to
IK
Jan.
United States Trust
to
21
Dec.
2
2
•
Dec. 21
Jan.
3
24a
rec.
to
26a
Holders of rec. Dec. 31a
Jan.
*15c. Jan.
Wharf
5
(quar.).:
Holders ofiec. Jan.
♦Holders of rec. Dec. 24
Jan.
*1K
Boston
4
Extra
3
Dec. 15a
2
*$l
(quar.)
Second preferred (quar.)
Boone County Coal Corp., pref
New York (quar.)
Title Guarantee & Trust
1
15
31
*55c. Jan.
Bliss (E. W.) Co., com. (quar.)
Metropolitan (quar.)...
Extra
Feb.
Jan.
Dec.
2
rec.
Dec.
24
3a
Jan.
IK
3X
3
(quar.)
(quar.)....
Holders of rec. Dec. 20a
2X
2
Manufacturers, Btooklyn
Mercantile
Dec. 20a
2
2
...—
rec.
k4
IX
Extra
1
1
Jan.
ree.
Holders of
X
2
Jan.
Jan.
ik
3
2
Jan.
IK
4
SI
IX
Jan.
3
(quar.)
Holders of
15
Canada Bread, preferred (quar )..
Canada Cement, Ltd., com. (quar.)....
2
__
15
Jan.
Jan.
18
Dec.
(quar.)
la
Jan.
2
Jan.
Dec. 31
5
Fidelity-International
21
Holders of rec. Dec. 24a
3
Fulton
21a
6
Equitable (quar.)
pref. (quar.)
31a
5
Extra
per cent cum. conv.
Dee. 29«
Companies
Empire (quar.)
to
IK
Cbrntnon B (quar.)....
Holders of
3
6
...
16
2
3
Jan.
IX
(quar.)
Holders of coup. No. 22
to
Jan.
1
Deo. 16
IK
Jan.
Exchange National
United R'atee. Bank of (quar.)
Extra
1
Holders of rec. Dec.
Dec. 21a
3
Columbia
Dec.
16
Jan.
2
Holders of
Trust
IK
IX
Dec. 29
16
Jan.
IK Jan.
21c
*2
(quar.)
3
(quar.)____
16
Jan.
4
Bankers
Dec.
IK
4
Brooklyn
(guar.)
Central Union (quar,)
rec.
Bethlehem Steel, common (quar.)
Peoples National (Brooklyn)
Extra
Holders ol
23a
Public National (quar.)...
Yorkville (quar.)
5
Dec.
rec.
Jan.
Jan.
10a
Dec. 31a
Holders of
Dec. 31
16
rec.
3
5
15a
Dec.
Holders of
Jan.
4
Dec.
iec.
14
6
—
rcc.
Holders of
Jan.
Jan.
Extra
Holders of
3
2
to
Union
1
Jan.
10
15
3tate Bank
Jan.
IX
Jan.
Dec.
rec.
10a
rec.
3
..
10a
Jan.
Holders of
Jan.
Extra
Dec.
rec.
Holders of rec. Jan.
3
3
Standard
rec.
Holdeis of
13
15
10
—
Holders of
14
Jan.
Jan.
Jan.
(quar.)
3
Jan.
IK
IK
Jan.
to
National
Jan.
1
Jan.
15
Seaboard
reo.
IK
2la
Dee.
Extra
Dec. 20a
Holders of
IK
Holders of rec. Dec.
3
rec.
la
Holders of rec. Dec. 24a
16
Jan.
4
3
Jan.
...
2
Beatrice Creamery, common (quar.)
Preferred
(quar.)
3
Jan.
3
5
(quai.)j
Extra
North Side (Brooklyn)
Jan.
Beech Nut Packing, Pref. B (quar.)...
Bell Telephone of Canada (quai )
Jan.
3
New Yoik, Bank of, N. B. A.
Holders of
rec.
rec.
2
to
of roc. Dec.
IK
(quar.)
Associated Simmons Hardware, pf.(qu.)
Atlantic Acceptance Corp. of Mass., pf_.
Jan.
6
(quar.)
Extra
(quar.).
Associated Industrials Corp., 1st pf.(qu)
Associated OH (quar.)..
Jan.
Jan.
IX
(quar.)..
common
Amer. Woolen, com. & pref. (quar.)
Anglo-American Oil, Ltd
Armour «fc Co., preferred (quar.)
Asbestos Corp. of Canada, common (qu.)
3
3a
to
2K
American Wholesale Corp.. pref. (quar.)
Amer. Window Glass Mach..com. (qu.).
Frefened
to
IK
Type Founders,
(quar.)
Preferred
15
Holder.
$1.25 Dec. 31
(quar.)...
Telep. & Teleg. (quar.)
Preifrred
2
Mechanics (Brooklyn)
(quar.)
Sugar Refg.. pref. (qu.gr.)--
(American Surety
12
Manhattan Co.. Bauk of thf (quar.)
$1
First and second pref.
Amer
Amer.
Doc.
IK
(quar.)
American Stores, com. (quar.)
American Tobacco, pref.
Dec. 31
(quar.).
Preferred
Dec. 31a
d2K
28
(quar.)
Dec. 23a
Fifth National (quar.)
First National (guar.)
Air
Deo. 24a
Jan.
.
-Columbia
Extra
Doc. 31a
2
Extra
Extra
2
15
4
Coal& Iron National (quar.)..
.Colonial (quar.)
Mutual
reo.
$1
National (quar.)
Securities.,.
Chatham & Phenix National (quar.)
Chemical
(bi-monthly)
•
Amer. Power A Light, preferred (quar.).
American Public Service, pref. (quar.)..
X
/Bryant Park
Chase
Holders of
(quar.)
2X
5
Chase
3
Jan.
Extra
{Bronx National..
Butchers & Drovers, National (quar.)..
Days Inclusive.
2
Banks.
.Central Mercantile
Bocks Closed.
Payable.
31
Jan.
Preferred
Extra
When
Cent.
Company.
Miscellaneous (Continued)—
♦$2.50 Dec
Tfadkin River Fower, pra.
2793
Books Closed.
Cent.
Name of Company.
CHRONICLE
2-
Jan.
1
1
Dec.
2
2
2
15a
Holders of rec. Dec. 21a
1
Holders of rec. Dec.
1
Holders of rec. Dec.
1
31
Holders of rec. Dec.
8a
Dec.
Dec.
31
Deo. 22
to
Jan.
1
2
Per
When
Payable.
Miscellaneous
4
Jan.
3
Jan.
Jan.
16
Holders of
rec.
Dec.
31
75C
Common (extra)....
Preferred
Jan.
16
Holders of
rec.
Dec. 31
Jan.
16
Holders of rec. Dec. 31
SI.50 Jan.
16
Holders of
Jan.
3X
-
Commonw'th Gas & El. Cos., pref. (qu.)
25c.
15a
15a
1
Holders of rec. Dec. 27
Helme (George W.) Co.. com. (quar.)...
Common (extra)..
2X
Jan.
3
Holders of
Dec.
17a
4
Jan.
3
Holders of rec. Dec.
17a
10
Holders of rec. Dec. 23a
15
Holders of
rec.
Dec.
3
Holders of
rec.
Dec. 20a
rec.
31a
Preferred
(quar.)_.._
Hendee Mfg., pref. (quar.)
Herring-Hall-Marvin Safe, com. (quar.)
IX
Jan.
3
Holders of rec. Dec.
17a
IX
Jan.
3
Holders of
rec.
Dec. 20a
IX
Jan.
3
Dec.
23
to
Jan.
2
sx
Jan.
3
Dec.
23
to
Jan.
2
IX
Jan.
3
Dec.
23
to
Jan.
2
Dec.
31
Dec.
22
to
Dec. 31
31
Holders of rec. Dec.
$
...
Jan.
3
Holders of
Dec.
20a
Common (extra).
Jan.
3
Holders of rec. Dec.
15a
Preferred
2
Jan.
3
Holders of rec. Dec.
15
......
—.
—
(quar.)—i.,.—
HlgbeeCo., 1st pref. (quar.)..
Hollinger Consol. Gold Mines (monthly)
1
Dec.
IX
Jan
IX Jan.
3
Holders of rec. Dec.
15a
Jan.
1
Holders of rec. Dec. 20a
Preferred
(quar.)..
Hooven, Owens, Rentachler Co., pf.(qu.)
IX
1X Jan.
IX
Dec.
31
IX
Jan.
2
Dec. 24
to
1
Jan.
3
Dec.
18
to
Dec.
18
to
(quar.)
Jan.
to
2
.15
Jan.
20
Holders of rec. Jan.
3a
20
Holders of rec. Jan.
3a
Hovey 'C. F.) Co., preferred
Jan.
14
Holders, ol
Jan.
3a
Howe
2
Jan.
first pref. (quar.)..
Jan.
IX
(quar.)
62Hc. Feb.
Cosden & Co., com. (no par value) (qu.).
12Hc. Feb.
Common (par value $5) (quar.)
Dec.
3
Craddock-Terry Co., com. (quar.).—
2
Dec.
16
to
Jan.
2
2
Dec.
16
to
Jan.
2
1
Holders of rec. Jan.
3a
1
Holders of rec. Jan,
3a
1X
Corona Typewriter,
Second preferred
3
Dee.
31
Dec.
31
3X
Den.
31
1
Dec.
31
*50c
Jan.
*$1
(extra)
-
(extra)
Prelerred
(quar.)
Cresson Gold Mining & Milling (quar.).
17
to
Jan.
1
10 ♦Jan.
1
to
Jan.
20
Jan.
10 ♦Jan.
1
to
Jan.
20
*ix Jan.
Cramp(Wm.)&SonsShip&En.Bldg.(qu.)
Creamery Package Mfg., com. (quar.).
Common
31
2
preferred
Preferred Class C
rec.
10 ♦Jan.
1
to
Jan.
20
Dec.
Holders of
10
Davol Mills (quar.)
.
Jan.
3
Jan.
19
IH
(quar.)........
Dec. 31
IX
2
Jan.
3
IX
Jan.
19
Holders of rec. Dec.
26a
International Cement, com.
Holders of
rec.
Dec.
20
2
Holders of
rec.
Dec.
20
Jan.
13
to
Detroit Edison (quar.)
Dictograph Products Corp., pref.
Dixie Terminal, pref. (quar.)
Dixon (Joseph)
Jan.
3
Dec, 24
Jan.
16
Holders of
15
2
(quar.)
Jan.
IX
1
(quar.)....
Jan.
—
Preferred
(quar.).
31a
17a
Dec. 24
10
to
2
Jan.
24
Holders of rec. Dec.
1
20
Holders of
rec.
Dec. 31a
3
Holders of
rec.
Dec.
Dec. 25
Jan.
to
Jan.
Feb.
1
1
Holders of rec. Jan.
2
Holders of rec. Dec.
2
Holders of
Dec.
15
Jan.
1
Dec.
Jan.
1
1
Jan.
1
rec.
rn*
-r
—
Holders of rec. Jan.
Dec.
Dec.
31
Jan.
3
Holders of rec. Dec.
16a
Jan.
2
Holders of rec. Dec.
21a
Jan,
2
Holders of rec. Dec. 21a
Jan.
1
Holders of rec. Dec.
1
Jan.
1
Holders of rec. Dec.
10c. Jan.
3
Holders of rec. Dec.
15
62 He Dec. 31
Dec. 31
IX
Holders of rec. Dec.
24a
Holders of rec. Dec. 20a
Holders of Coup.
2
Holders of rec. Dec.
IX
Jan.
IX
Jan.
1
IX
Jan.
15
Holders of rec. Dec. 31a
IX Dec. 31
Holders of rec. Dec. 27a
Dec. 31
Holders of rec. Dec. 27a
2
Holders of rec. Dec. 23a
Dec.
31
Holders of rec. Dec. 22a
IX
Jan.
2
Holders of rec. Dec. 22
IX
Jan.
2
Holders of rec. Dec.
20
IX
Jan.
1
Holders of rec. Dec.
20a
2
Jan.
3
Holders of rec. Dec.
29a
IX
IX
Feb.
1
Holders of rec. Jan.
26a
Jan.
3
Holders of rec. Dec. 16a
SI.50 Jan.
2
Holders of rec. Dec. 20a
12XC. Jan.
16
(quar.)..
pref.
pref.(qu.)
31
Jan.
2
Dec.
19
to
Jan.
1
Kelly-Springfield Tire, pref.
Jan.
2
Dec.
19
to
Jan.
1
Kelsey Wheel, common (No. 1)
Jan.
Dec.
15
\
First and second preferred (quar.).—
(quar.)
Holders of
1
Dec. 22
Jan.
4
Keystone Finance Corp., pref. (quar.)..
IX
Jan.
3
Holders of rec. Dec.
Holders of rec. Dec.
3
Ktdde (Walter) & Co., Inc.,
$3
Jan.
1
Holders of rec. Dec. 20
Jan.
2
rec.
to
Kerr Lake Mines
Jan.
2
Holders of rec. Dec.
21
Jan.
2
Holders of rec.
Dec.
19
Jan.
2
Holders of rec. Dec.
19
Jan.
2
Holders of rec. Dec.
19
Jan.
25
Holders of rec. Jan.
10
(quar.)
pref—
King Philip Cotton Mills (quar.)
Kirshbaum (A. B.) Co., pref. (quar.)
Knight (B. B. & R.), Inc., 1st pf. (qu.).
Kolb Bakery, preferred (quar.)
IX
1 ♦Holders of rec. Jan.
20
Feb.
1 ♦Holders of rec. Jan.
20
Jan.
3
Dec. 24
to
Jan.
3
Dec. 24
to
Jan.
2
rec.
Dec.
24
Feb.
Jan.
2
Preferred
Jan.
Dec.
31
Holders of rec. Dec.
16a
Jan.
1
Holders of rec. Dec.
20a
Jan.
2 IDec.
2
Holders of
rec.
Nov. 30a
Jan.
2
Jan.
1 ♦Holders of rec. Dec.
20
1
Holders of
rec.
Dec.
20
Jan.
3
Holders of
rec.
Dec.
20a
1
Holders of
rec.
Dec.
17a
Jan.
1
Holders of
rec.
Dec.
17a
Dec.
16
to
Jan.
2
Dec.
16
to
Jan.
1
Dec.
31
Dec.
22
to
Jan.
2
Jan.
2
Holders of rec. Dec. 23a
2
Dec.
31
Holders of rec. Dec. 21a
2X
Dec. 31
Holders of rec. Dec. 22a
Jan.
3
Holders of rec. Dec. 15a
50c. Jan.
10
IX
Jan.
2
Doc.
IX
Jan.
1
Holders of rec. Dec. 21
2
Jan.
1
Holders of rec. Dec. 21
IX
Jan.
2
IX
Lehigh Valley Coal Sales (quar),
Libby-Owens Sheet Glass, common....
Liberty Steel, preferred (quar.)
library Bureau, common (quar.)
$2
Prelerred
Jan.
3
Holders of rec. Dec.
21a
Jan.
3
Holders of
rec.
Dec.
14a
1
Holders of
rec.
Dec.
16a
(quar.)
Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light Co., preferred (quar.)
Loft, Incorporated (quar.)...
Jan.
1
Holders of rec. Dec.
16a
Lone Star Gas
50c.
Jan.
1
7a
Holders of
to
Jan.
1
Dec. 21
to
Jan.
1,
Jan.
3
Holders of rec. Dec.
20
Jan.
3
Holders of
roc.
Dec.
15a
Feb.
1
Holders of
rec.
Jan.
16a
Dec.
31
Holders of
rec.
Dec.
20a
1
Jan.
3
Holders of rec. Dec.
20
1
Holders of rec. Dec. 20
Jan.
1
Holders of rec. Dec.
Jan.
15
Holders of
Jan.
la
Feb.
15
Holders of rec. Feb.
la
2
Jan.
3
Holders of rec. Dec.
22a
Jan.
1
Holders of rec. Dec.
1
Dec. 21
(quar.)
Jan.
2
Dec.
18
to
Jan.
18
to
Jan.
2
rec.
2
Dec.
3
14
Holders of rec. Dec.
8a
Jan.
€2
14
Holders of
8a
♦1
rec.
Dec.
Jan.
2 ♦Holders ol rec. Dec.
2 ♦Holders ol rec. Dec.
20
Jan.
IX
IX Jan.
1
Holders of
rec.
Dec.
20
1
Holders of
rec.
Dec.d20a
62Xc Jan.
1
Holders of
rec.
Dec.
1
IX Jan.
Goodwin's, Ltd., pref. (quar.)
-
Gould Mfg., common (quar.)
-
(quar.)
-
Giant Lees Gear Co., prelerred (quar.).
(quar.).
(quar.)
Jan
3
Dee.
Jan.
2
Holdets of rec. Dec.
Jan.
2
Holders of
rec.
Dec. 20a
25
to
Jan.
13
2
22a
2
31
Holders of
rec.
Dec.
15
Dec
31
Holders of
rec.
Dec.
31
Holders of
rec.
Dec.
15a
Dec
.
-
-
-
-
Mexican Eagle Oil,
MiU Factors Corp., com.
1
Dec.
24a
Jan
2
Holders of
rec. Dec.
24a
Jan
2
Holders of
rec.
Dec.
24
2
Jan
3
Holders of rec. Dec.
15
IX Jan
Jan
IX
Jan
IX
2
Holders of rec. Dec. 20a
Montreal Telegraph
2
Holders of
Dec.
15a
Mortgage-Bond Co. (quar.).
2
Holders of rec. Dec.
20a
Holders of rec. Jan.
10a
.)
50c.
Dec
31
.
Dec.
Dec.
Jan.
2
Preferred
16
to
1
(quar.)..
(quar.)
Holders of rec. Dec.
3
Holders of rec. Dec. 31a
Jan.
14
Holders of rec. Dec. 31a
16a
Dec. 31
►Holders of rec. Dec. 20
Jan.
16
Holders of rec. Dec. 24
Jan.
16
Holders of rec. Dec. 24
Jan.
3
Holders of
Jan.;
1
Holders of rec. Dec.
Jan.
1
Holders of
Jan.
2
Holders of rec. Dec.
Jan.
3
Dec. 31
Dec. 31
Dec. 31
Spinning (quar.)..
(quar.).
15a
Dec. 20a
1
Holders of rec. Dec. 31a
►Holders of rec. Dec. 21
Holders of rec. Dec.
Holders of
Holders
of
rec.
Dec.
3a
17
No.18
Holders of couponNo.25
coup
10
'
Holders of rec. Dec. 17a
2
Holders of rec. Dec. 17a
Jan.
12 ►Holders of
Jan.
15
Jan.
1
Dec. 31
rec.
Dec. 31
Holders of rec. Dec. 31a
Holders of
rec.
Dec. 10a
Holders of rec. Dec.
9a
16 ♦Holders of
rec.
Dec. 31
rec.
Dec. 20
Jan.
3
Holders of
Jan.
3
Holders of rec. Dec. 22a
Jan.
3
Holders of rec. Dec. 14a
Jan.
3
2
Jan.
3
Holders of rec. Dec.
IX
Jan.
2
Dec.
$1
Jan.
3
Holders of rec. Dec. 20a
75c
-
.
»2
.
-
-
-
Jan.
Holders of
25
16 ♦Holders of
rec.
to
rec.
Dec. 14a
Jan.
15a
1
Dec. 31
IX Dec. 31
-
-
(quar.).
Dec. 20a
IX
.
Preferred
rec.
Jan.
IX
.
)
Monomac
rec.
Jan.
2
-
Mountain Producers Corp. (quar.).
19a
31
Holders of rec. Dec. 20a
2
Jan.
2X
-
Montana Power, common
12
rec.
3
Jan.
3
(quar.).
Jan.
Holders of
Jan.
*4c. Jan.
Dec.
31
Holders of rec. Dec. 24a
IX
rec.
.
15a
1
*2X
to
Dec
15a
Holders of rec. Dec.
Jan.
3
Middle States Oil (quar.)..
Midland Securities (quar.).
to
IX
Holders of rec. Dec.
3
2
Mexican Telegraph
16
.)
2
Jan.
94.53c
16
Jan.
Holders of rec. Dec. 27a
Jan.
Dec. 31
2X
$1.25 Dec. 31
Preference
Holders of
rec.
Holders of rec. Dec. 27a
94.53C
Mexican Petroleum, com. (quar.).
Preferred
(quar.)
•
Doc.
♦Holders of
7a
31
2X
ordinary
Dec.
Feb
7a
Holders of rec. Dec.
Dec.
5
Mergenthaler Linotype (quar.).
1
.
Holders of rec. Dec.
3
*2
2
rec.
Holders of rec. Dec. 31a
3
Jan.
IX
IX
McCrory Stores, prelerred (quar.)
Mclntyre Porcupine Mines
....
McNab & Harlin Mfg., pref. (quar.)
31
2( i
14
Jan.
IX
Maverick Mills, preferred (quar.).
Jan
Jan
Jan.
la
2
(quar.)
Jan
IX
Holders of rec. Dec. 31a
♦2
(extra).
Eight per cent pref.
15a
Dec
14
IX
Marine Oil
20a
Dec
Jan.
SI
IX
IX
-
Jan.
Holders of rec. Dec. 31
IX
preferred (quar.)
IX
-
(quar.).
Jan.
to
Holders of reo. Dec.
Holders of rec. Jan.
10
IX
Shirt,
$1.2
.
.
(D.) Sons Co., partic. pf.
to
Dec. 31
2
IX
IX
Great Lakes Transit, com. (quar.)..
(quar.)
Dec. 20
2
Jan.
IX
.
Great Lakes Towing, com.
1
Jan.
Dec.
2
-
.
(quar.)
Jan.
rec.
15a
15
Jan.
SI
Manhattan
20a
Holders of rec. Dec. 20a
IX
IX
-
Holders of
31
IX
IX
-
Goodrich (B. F.) Co., pref. (quar.)
31
Dec
IX
-
Gold & Stock Telegraph (quar.)
20a
Dec
IX
Godchaux Sugars, Inc., first pref. (qu.)
Holders of rec. Dec.
50c
_
(quar.)
Holders of rec. Dec.
19a
3
20a
40c
(quar.)
Gibson-Howell Co.. common (quar.)..
3
IX Dec. 31
20
*1X Jan.
Dec. 24a
IX
Holders of rec. Dec. 24o
Jan.
Jan.
rec.
IX
Dec. 20
Jan.
Jan.
.
15a
(quar.)
2
IX
(quar.)
Preferred
Manati Sugar, preferred (quar.).
Manchester Mills (quar.)
4
Holders of
2
-
Harris Bros., pref.
Jan.
3
IX
.
.
Gruen
to
Holders of rec. Dec. 20a
Jan.
IX
.
(quar.).
Extra (payable in stock)
General Fireprooflng, com. (quar.).
Preferred (quar.)
Preferred
Dec. 28
IX
General Electric
Preferred
Dec. 31
Holders of rec. Nov. 30a
Dec. 31
3X
1
$1.50 Jan.
(quar.)
General Baking, common (quar.).
Preferred
Dec. 31
2
to
Holders of rec. Dec.
S5
(quar.)
Magor Car Corp., common.
3
1
(quar.).
Preferred
19a
Jan.
IX
Preferred
29a
Holders of rec. Jan.
IX
(quar.)
Holders of rec. Dec.
1
2X
Preferred
Holders of
1
Feb.
IX
Lorillard (P.) Co., commoi
1
Jan.
3
(quar.).
Jan.
IX
IX Jan.
Second preferred
20a
IX Jan.
Galena-Signal OH, pref. (quar.)....
Garvin Machine, prelerred
3
Long Island Safe Deposit Co
Jan.
2
15
IX
Dec. 23
IX
—
15a
19a
Dec. 21
French Bros.-Bauer Co., pref. (quar.)..
Holders of rec. Dec.
1
'Holders ol rec. Dec.
1
2
FiskeA Co., Inc., pref. (quar.)....
Jan.
31
♦25c. Dec.
±
1
3X
IX
(quar.)
to
Holders of rec. Dec.
2
rec.
21
Holders of rec. Dec.
Jan.
(quar.).
Holders of rec. Dec. 31a
Dec. 31
2
(quar.).
1
25c. Dec. 31
IX Jan.
rec.
1
2
IX
Laurentide Co., Ltd. (quar.)..
Lawton Mills Corp. (quar.)
$1.25 Jan.
Jan.
to
3
Lawyers Mortgage Co. (quar.)
Jan.
16
IX Jan.
IX Jan.
preferred (quar.)—
Lancaster Gas L. & Fuel (quar.).
Jan.
...
17
16a
Holders of rec. Dec.r 16a
5
Nov. 30a
(quar.)..
Holders of rec. Dec.
Holders of rec. Dec.
31
IX
New
Nov. 30a
2
Dec. 31
Dec.
IX
rec.
IX
Holders of rec. Dec. 24a
—..
Holders of
rec.
Holders dt rec. Dec. 20a
3
IX
(special)
2
Holders of
1
Jan.
Co.. preferred (quar.)..
Kroger Grocery& Baking, com.
First preferred (quar.)
Jan.
IX
Jan.
/54
stock)..
(quar.)
Kress (8. H.) &
Holders of rec. Dec. 20a
IX
3
Common (payable In common
20
2
IX
Preferred
3a
Holders of rec. Jan.
3
2
Preferred
10a
Holders of rec. Dec.
2
$2
Preferred
Dec. 31
Jan.
IX
(quar.)
Gibson Art Co., com.
23a
Holders of ieo. Dec.
IX
IX
S2
2
Prelerred
2
Jan.
to
2
Dec. 31
'
Prcfened
16
Dec.
2
Jan.
.
(quar.).
(qu$r.)
15a
IX
Jan.
3
Fisher Body Ohio Corp., pref.
16a
No.2m
SI.50 Jan.
4
Seven per cent pref.
Holders of rec. Dec. 24a
Holders of rec. Jan.
IX
pref. (quar.)
Mass.;
Federal OH, pref.
14a
3
2X
(quar.).
Electric Light & Power of Ablngton &
Farr Alpaca
14a
25c. Jan.
to
*5X Dec. 31 ♦Holders of
(quar.)
(quar.)
to
Holders of rec. Dec. 24a
to
2
*
Prelerred
Preferred
21
1
75c. Jan.
Falcon Steel, com.
2
Jan.
IX
Jan.
15
*1X
*1X
-
(quar.)
Erie Lighting, pref.
2
24
IX
16
IX
Preferred
15
4X
3X
Kresge (S. S.) Co., common
(quar.).
Endicott-Johnson, common
Feb.
pref. (quar.)
International Petroleum, Ltd
International Salt (quar.)
International Silver, preferred (quar.)..
Internat. Tetep. &. Tdeg. (quar.)
Interprovincial Brick of Canada, pf .(qu.)
Interprovincial Clay Prod.,Ltd.,pf.(qu.)
Island Creek Coal, common (quar.)
Preferred
(quar.)
Jones Bros. Tea, pref. (quar.)
*IX
Rockland,
Jan.
Holders of rec. Dec. 24a
Jan.
IX
Common (extra)
Preferred
Dec. 26
to
Holders of reo. Dec. 22a
1
IX
Edwards (Wm.) Co.,
to
24
1
IX Jan.
(quar.?!..
Eastman Kodak, common
1
Dec.
Jan.
16
Dec.
IX
IX
IX
n-r r- r- — r-
Dec.
3
3
(quar.).
m,
31
Jan.
25
1
3
Kxtrfl.
Holders of rec. Dec. 30a
Dec. 31
Dec.
Feb.
15
IX
East Boston Gas
20
Jan.
3
—
of rec. Dec. 28
Jan.
Kansas Gas & Electric,
du Pont de Nemours & Co.-
(quar.)
of rec. Dec. 28
era
3
Feb.
preferred (quar.)..—.
Draper Corporation (quar.) ....
Duluth Edison Electric, pref. (quar.)..
Preferred
era
2 ♦
3
(payable In common stock).
3X
Dominion Textile (quar)
Second preferred
7 ♦
12
Common
4
Class B preference
Jan.
$2
(quar.)
Kaufmann Department Stores,
10
Holders of rec. Dec.
Holders of rec. Dec.
S2
(quar.)
Jan.
3X
IX
(quar.)...
Dominion Stores, Ltd., Class A pref
Dominion Steel Corp., pref.
Holders of rec. Dec. 21
1
8
15
Jan.
to
2
Jan.
Kayser (Julius) & Co., com. (quar.)...
12
Jan.
17
3
Jan.
Kaynee Co.. preferred (quar.)
17
IX
IX
—
(quar.)..
Dominion OH (monthly)
Dominion Power & Transmission, pref.
Dow Drug,
31a
iec.
Jan..
2
int. Motor Truck, 1st & 2d
Jan.
IX
(quar.)..
■? ix
Dominion Coal, pref. (quar.)———
IX
Dominion Glass, common (quar.)
Dominion Canners. Ltd., pref.
Dominion Iron & Steel, pref.
Dec.
to
25c. Jan.
IX
(quar.)..
3
Holders of rec. Dec.
Dec. 31
Jan.
Holders of rec. Dec.
wi*~
2
Crucible Co., (quar.)..
Dome Mines. ltd.
15a
Dee. 31
Jan.
2
Jan.
2
Internat. Mercantile Marine, pref
10a
Holders of rec. Dec.
:
—
Dodge ManuiacturlDg, com.
Preferred (quar.)..
Holders of rec. Dec.
1
3X
Detroit Creamery
Dec. 24
Jan.
19a
Holders of rec. Dec.
2
International Harvester, com. (quar.)..
IX
2
31a
Dec. 31
to
*1X Jan.
...——.————————.
Preferred
22
♦50c
Internat. Buttonhole Sewing Mach. (qu.)
Jan.
Extra
Holders of rec. Dec. 31a
2
15a
.
16
IX
Preferred.
15a
Dec.
rec.
Holders of rec. Dec.
IX
Interlake Steamship (quar.)
Holders of rec. Dec.
Holders of
Dec. 24
'■"4-
Dayton Power & Light, common...
Preferred (quar.)
....
Dec. 31a
to
.16
IX
Independent Pneumatic Tool (quar.)
Independent Warehouses, Inc. (quar.)..
Indiana Pipe Line (quar.)
Indianapolis Water, preferred (quar.)...
Ingersoll-Rand Co., preferred (quar.)
Intercolonial Coal Mining, common..
Holders of rec. Dec. 31a
1Ye
(quar.)
Cuban-American Sugar, pref. (quar.).
Damascus Brake Beam
10
5c. Jan.
Extra
Crucible Steel, preferred
quar.)...
(quar.).
Preferred
(quar_
Huntington Devel. & Gas, pref. (quar.).
Hupp Motor Car Corp., pref. (quar.)...
Hurley Machine, com. (quar.)
Preferred
(quar.)
Illinois Bell Telephone (quar.)
Illinois Pipe Line
common
—
5c. Jan.
rec.
Scale,
.
IX Dec. 31
Houston Gas & Fuel, pref. (quar.)
50c. Jan.
1
(quar.)
First and second preferred
Dec. 26
Hillcrest CoUierles, common (quar.)
(quar.)
■First and second
Holders of rec. Dec. 27
15a
Common (extra)
Preferred
Dec. 25
Jan.
Holders of rec. Dec.
Dec. 11
2
1
IX
3
Dee. 31
*
15
2
Jan.
Holders of rec. Dec
Holmes (D. H.) Co., Ltd. (quar.)
Hibernla Securities, Inc., pref. (quar.)..
3X
2
Consumers Power 6%
Corn Products Refg., com.
rec.
IX Jan.
1X
_.
Dec.
rec.
$1.25 Jan.
(quar.)....—....—»-..(Toronto) (quar.).. —
pref. (quar.)
cent preferred (quar.)
Consumers Gas
per
Holders of rec. Dec.
Holders of
Jan.
3x
(qu.K
Preferred, Series A (quar.) (No. 1)—Consumeis' El. Lt. A Fowv, New Orl.-~
Seven
3a
Jan.
1
3
IX
2
Ptcfmed^..———————-—i-v—
Continental Can, pref.
rec.
Jan.
1.12 X Jan.
(quar.)
Haverhill Gas Light (quar.)
Heath (D. C.) & Co., pref. (quar.)
Jan.
$1
Cons. G., E. L. & P., Bait., com.
Preferred
to
Jan.
*1
Computing-Tabulatlng-Recording (qu.) Congoleum Co., common (quar.)
Connor (JohnT.) Co., common (quar.).
Dec. 20
Books Closed.
Day8 Inclusive.
(Continued)
Haskell & Barker Car
2
SI
(qu.)
When
Payable.
SI
Name of Company.
{Continued)
Miscellaneous
Columbus Manufacturing
Commonwealth Finance Corp., cm.
,
Per
Days Inclusive.
Cent.
Books Closed.
Cent.
Name of Company.
[Vol 113.
CHRONICLE
THE
3794
Holders of
rec.
Dec. 23
Jan.
1
Holders of
rec.
Dec.
20a
Jan.
3
Holders of rec. Dec.
15a
Jan.
3
Holders of rec. Dec. 22
Jan.
2
Holders of
Dec.
15
Jan.
2
Holders of rec. Dec.
15
IX
$1
IX
$1
IX
rec.
Dec. 31
1921.]
THE
Per
Miscellaneous
National Biscuit,
When
Cent.
Name of Company.
Payable.
CHRONICLE
Books Closed.
Per
Days Inclusive.
Name of
(Continued)
Jan.
14
Holders of
Dec.
31o
IX
Dec.
31
Holders of rec. Dec.
10a
31
rec.
National Fuel Gas (quar.)
National Grocer, preferred-...
2X
Jan.
16
Holders of rec. Dec.
3
Dec.
31
Dec. 22
National Lead, com. (quar.).
National Licorice, common
IX
Dec. 31
Holders of rec. Dec.
Jan.
7
Holders of rec. Dec.
26
IX
Dec.
31
Holders of rec. Dec.
26
2
Jan.
14
Holders of
Dec.
31a
Jan.
1
Holders of rec. Dec.
15a
3
Jan.
3
Holders of rec. Dec.
20a
IX
Jan.
3
Holders of
10
5
Jan.
3
Holders of rec. Dec.
22a
5
Jan.
Holders of rec. Dec.
Spicer Mfg., pref. (quar.)
Standard Commercial Tobacco, pref
Standard Coupler. preferred
16a
2X
22a
Preferred
(quar.)
Dec. 31
to
-
2
National Surety (quar.)..
National Sugar Refining (quar.)
Naumkeag Steam Cotton Co
•
...
Extra
Newton & Water town Gas (quar.)
New England Fuel Oil of Mass. (quar.).
Extra
♦4
3
Dec.
rec.
rec.
31
♦Holders of
Dec.
Dec.
rec.
2
Jan.
1
Jan.
2
Holders of
rec.
Dec. 24
Jan.
3
Holders of
roc.
Dec. 24a
3
Jan.
2
Dec.
to
Jan.
3
Jan.
3
Holders of
rec.
Nov. 25a
1
Standard Safe Deposit (quar.)
Jan.
3
Holders of
rec.
Nov. 25a
Preferred
3
Holders of rec. Dec.
17a
Jan.
3
Holders of
rec.
Dec.
17a
IX
Jan.
1
Holders of
rec.
Dec. 15
IX
Feb.
1
Holders of
rec.
Jan.
IX
Feb.
1
IX
Jan.
1
Holders of rec. Jan. 10
Holders of rec. Dec. 20a
(quar.)
Jan.
2
Holders of
rec.
Dec. 20a
2
Dec.
31
Holders of
rec.
Dec.
Feb.
16
Holders of
rec.
Feb.
6a
2X
JarE_10
Holders of
rec.
Jan.
6a
New York Title Mortgage (quar.)
Extra
2
Jan.!
3
Holders of
rec.
Dec.|24a
3
Holders of rec. Dec .|24a
Sullivan Machinery (quar.)..
Jan
J
Sterling Products (extra)
3
15 ♦Holders of rec. Dec.
31
Jan.
16
Holders of
15c. Jan.
20
Jan.t
1
tol
Jan.
20
Jan.
1
toj
Jan.
(quar.)
Northern Pipe Line
17
Texas Chief Oil
3
Holders of
Dec.
15a
3
Holders of rec. Dec.
15a
Texas Company (quar.)
Texas Pacific Coal & Oil (quar.)
6
3
Nunnally Co
Ohio Bell Telephone, preferred
Ohio Brass, preferred (guar.)
Dec.
13
Textile Banking (quar.)
rec.
Dec.
31
rec.
Dec.
31
Thayer-Foss Co., pref. (quar.)
Thompson (John R.), common (quar.)..
Preferred (quar.)
Tobacco Products Corp., pref. (quar.)..
Jan.
Holders of rec. Dec.
Jan.
15a
Holders of rec. Dec.
15a
15
Nov. 30a
Holders of
rec.
Dee.
21
IX
Holders of rec. Dec.
20a
31a
15
Holders of
rec.
Dec.
14
Holders of
rec.
Dec. 31a
14
Holders of
rec.
Dec.
10
Jan.
3
Holders of rec. Dec. 22a
2
Jan.
2
Holders of rec. Dec. 24
Jan,.
1
1
IX
2X
Jan.
14
Holders of rec. Dec. 31a
Jan.
1
Holders of
rec.
Dec.
3a
IX
Jan.
1
Holders of
reo.
Dec.
3a
Union Carbide A Carbon (quar.)
Union Natural Gas Corp. (quar.)..
$1
Jan.
2
Holders of
rec.
Dec.
8a
2X
Jan.
14
Holders of
reo.
Deo. 31a
Union Twist Drill, preferred (quar.)
United Drug, first picferred (quar.)
United Dyewood, common (quar.)
IX
Dec. 31
Holders of
rec.
Dec. 20a
2Sn
Jan.
1
Holders of
rec.
Dec.
16
Jan.
16
Holders of
rec.
Dec. 3la
Jan.
16
Holders of
rec.
Dec. 31a
1
Jan.
2
Holders of rec. Dec.
15
Jan.
2
Holders of
15
Preferred
(quar.)....
Dec.
31
50c. Jan.
1
Holdeis of rec. Dec.
16a
Jan.
1
Holders of
rec.
Dec.
16a
1
Jan.
3
Holders of
rec.
Dec.
16
1
87Xc Feb.
3
IX Jan.
Jan.
3
(quar.)
IX
United Fruit (quar.)
2
Jan. 14
United Gas Improvement, com. (quar.).
Jan. 14
50c.
Preferred
(quar.)
y87Xc Mar. 15
United Retail Stores,com.,all classes(qu.)
3
$1.50 Jan.
Jan.
3
Holders of
rec.
Dec.
15
United Royalties
Jan.
16
Dec.
(quar.)
...
Oil
IX
IX
12
Jan.16
$1.50 Jan.
Holders of
Preferred
22
Holdeis of rec. Dec.
Holders of
31
20
Holders of
Jan.
16
Jan.
IX
Jan.
2
Holders of
rec.
rec.
Dee.
Dec. 20a
to
Jan.
Dec.
20
3
*..
rec.
Dec.
Holders of
rec.
Dec.
17a
3
Holders of
rec.
Dec.
United Shoe Machinery, com. (quar.)..
Piefeired
(quar.).
20a
Jan.
3
Dec. 25
to
Jan.
2
SI
.....
Holders of
10
Jan.
$1
Parke, Davit A Co. (quar.).
10
Jan.
2
Common B (quaf.).
Jan.
3
Pan-Amer. Petrol. A Trans;
Jan.
3
Dec.
to
Jan.
2
Dec.
J
60c
2
Penmans, Ltd., com. (quar.)......
Dec.
31
Feb.
25
Holders of
rec.
Preferred
17a
Penney (J. C.) Co.. pref.
Extra
Holders of
rec.
Feb.
4
1
Holders of
rec.
Jan.
21
10a
Dec.
31
Holders of
rec.
Dec.
20a
14
Holders of
rec.
Dec.
31a
Holders of
Jan.
1
Jan.
2
Holders of
rec.
Dec.
21a
Jan.
3
Holders
rec.
Dec.
23a
Holders of rec. Dec.
14a
40c. Feb.
1
Jan.
26
to
Jan.
31
(quar.)
Jan.
2
Dec.
24
to
Jan.
2
IX
Dec. 31
2
Pittsburgh Plate Glass, com. (quai .).„
Pittsburgh Rolls Corp., pref. (quar.)..
Pittsfield Lime & Stone, pref. (quar.).
oi
Holders of
rec.
rec.
Dec.
16
Dec. 24a
Dec.
31
Holders of
rec.
Dec.
15a
IX
Jan.
2
Holders of
rec.
Dec.
24a
rec.
Dec.
31
2
Jan.
1
Holders of
(quar.)
37
Xc Jan.
2
Holders of rec. Dec.
23a
Prairie Oil & Gas (quar.)
3
Jan.
31
Holders of rec. Dec.
31a
Jan.
Extra
4
.
Prairie Pipe Line (quar.)
Price Bros, (quar.)
X
Procter & Gamble, pref.
(quar.)
31
Holdtrs of
Dec.
31a
Jan.
3
31
Holdeis of rec. Dec.
31a
Jan.
2
Holders of
Dec.
23
rec.
rec.
Jan.
14
Holders of
rec.
Dec.
24a
Jan.
2
Holders of
rec.
Dec.
16a
Holders of
rec.
Dec.
15
Jan.
2
Holders of rec. Doc.
Jan.
3
(quar.)...'.
rec.
Dec.
15
Jan.
3la
rec.
Dec.
15a
1
Holders of
Jan.
1
Holders of rec. Dec.
15
Jan.
1
Holders of
rec.
Dec.
15
Feb.
28
Holders of
rec.
Feb.
la
Dec.
rec.
2-
—
31
Holders of
Dec.
17a
1
...
Jan.
1
Holders of
rec.
Dec.
15
3
Jan.
16
Holders of
rec.
Jan.
6
Jan.
16
30C. Jan.
3
Holders of rec. Dec.
15
5c. Jan.
3
Holders of
15
2
(quar.)
Reece Folding Machine (quar.).
Holders of rec. Jan.
rec.
Dec.
5
rec.
Holders of
rec.
DecJ
Dec.
5
5
19
19
Holders of rec. Dec.
14a
Holders of
Holders of
Dec.
16
to
Dec.
16
to
16
to
rec.
Dec.
14a
reo.
Dec.
14a
Jan.
2
Jan.
2
Jan.
2
Dec. 31
Dec.
Jan.
16
Holders of
rec.
Dec. 31a
Jan.
1
Holders of
rec.
Dec. 21a
Jan.
1
Holders of
rec.
Dec. 21
Jan.
3
Holders of
rec.
Dec. 22
Holders of reo. Dec.
16a
Jan.
2
Holders of
rec.
Dec.
17
Dec. 26
Holders of
rec.
Dec.
17
IX
IX
Jan.
1
Jan.
(13
Dec.
16
to
Jan.
2
Jan.
15
Jan.
1
to
Jan.
5
IX
Jan.
15
Jan.
1
to
Jan.
5
3
Jan.
25
Holders of
$1
Jan.
3
Holders of rec. Dec. 15
SI
Jan.
Holders of
rec. Dec.
rec.
22a
Dec. 27a
2
Holders of
rec. Deo.
Jan.
2
Holders of
rec.
50c. Jan.
2
Holders of rec. Dec. 20
20c. Jan.
2
IX
22a
Dec. 22a
2
Holders of
rec.
Dec. 20
Dec. 31 ♦Holdeis of
rec.
Dec. 20
Jan.
•IX
1
Holders of
rec.
Dec. 20
IX
Mar.
1
Holders of
rec.
Feb.
IX
3X
Dec. 31
Holders of
rec.
Dec. 24a
Dec. 31
Holders of
reo. Dec.
23a
5
Jan.
Holders of
rec.
Dec.
31a
6
2
Jan.
3
3
$2.50 Dec. 31
3X
15a
5 ♦Holders of rec. Dec. 31
IX Jan.
(qu.)_
Dec. 31
Holders of rec. Dec. 28a
Holders of
rec.
Dec.
15
Holders of rec. Dec. 24a
Holders of
rec.
Dec. 21
Dec. 24a
16
Holdeis of
rec.
31
Holders
rec. Dec.
2
Jan.
31
Holders of rec. Deo. 31a
2
Jan.
10
Holders of
Jan.
IX
$1.?5 Jan.
Westlnghouse Air Brake (quar.)
Westinghouse Elec. & Mfg., com. (quar.)
Preferred
(quar.)
Westmoreland Coal (quar.)
Wcyman-Bruton Co., com. (quar.)
Preferred
(quar.)
Wheeling Steel Corp., pref. Class A (qu.)
Preferred Class B
Holders of
10
Western Grocer, preleired
Western Union Telegraph (quar.)
Jan.
5
IX
Western Electric, common (quar.)
rec.
IX
Extra
Reece Button-Hole Machine
Holders of
IX
IX
Jan.
15a
roc. Jan.
*$1.50 Jan.
Feb.lSn ♦Holders of
2
6% preferred (quar.)
8% preferred (quar.)—
Quaker Oats, pref. (quar.)
Railway Steel-Spring, com. (quar.)
Ranger Texas Oil (monthly)
Realty Associates.......
15
Holders of
IX
West Kootenay Power & Lt., pf.
West Point Manufacturing
IX
27
50c. Dec. 31
West Coast Oil (quar.).
2
IX
Jan.
2
Virginia Iron, Coal & Coke, common
Wabasso Cotton (quar.)
Wahl Co., common (quar.)
Preferred
(quar.)
Waldorf System, Inc., com. (quar.)
First and second preferred (quar.)....
Walwoith Mfg., pief. (quar.)
Waiing Hat Mfg., prtf. (quar.)...
Weber & Heilbroner, pref. (quai.)_...__
Weber Piano, preferred (quar.)
Welshach Co., preferred
Westchester Title & Mortgage
Jan.
•2
rec.
3
Velie Motors Corp., first pref. (quar.)..
Victor Talking Machine, com. (quar.)..
Preferred
(quar.).
>1X
(quar.)
Jan.
Dec. 31a
Holders of
Dec. 31
Utilities Securities Corp., pref. (quar.)..
Van Dorn Iron Works, pref. (quar.)
$1
Pullman Co. (quar.)
Dec.
5
Providence Gas (quar.)
Public Utilities Corp., pref.
rec.
Dec. 31
...
Provincial Paper Mills, com. (quar.)....
Preferred
(quar.)
2
Feb. 28a
Holders of
16a
IX
IX
........
2
rec.
Dec. 31
Utah Copper Co. (quar.)..
Utah Power & Light, pref. (quar.)
IX
oi
f5
Universal Leaf Tobacco, pref. (quar.)
Holders of rec. Dec.
$1
Dec. 20a
rec.
Holders
1
2
50c. Dec. 31
quar.)
(quar.)
Phelps, Dodge Corp.
rec.
Holdeis of
Dec. 31
U. S. Industrial Alcohol, pref. (quar.)..
U. S. Playing Card (quar)
IX
Pettibone, Mulliken Co.,lstA2d pf.(qu.)
Holdeis of
IX
15
IX
Dec. 15a
3
(quar.)
$1.25 Jan.
(auar.)__.
Dec. 15a
rec.
27
37 Xc. Jan.
5
Dec. 31
IX
Common (payable in common stock)..
Preferred
(quar.)
IX Feb.
Pennsylvania Salt Manufacturing..
Jan.
rec.
Jan.
50c.
U. S. Gypsum, common (quar.)
90c. Jan.
(quar.)
Penn Central L. & Pow., pref. (quar.)..
reo.
Holders of
1
U. S. Bobbin & Shuttle, common (quar.)
Common (extra)
16
rec.
1
Holders of
Holders of
3
(monthly)
Extra
31a
IX
(quar.).
Dec.
rec.
to
Jan.
Apr.
rec.
16
to
IX
Pacific Telep. A Teleg., pref.
Pure Oil, 514% pref.
21
♦Holders of rec. Dec.
to
rec.
(quar.)..
Pacific-Burt Co., common
Freferrtd
(quar.)
Pond Creek Coal
Dec.
1
21
Holders of
IX
Preferred
15a
Dec.
Jan.
Underwood Typewriter, common (quar.)
(quar.)
Phillips Petroleum
Holders of rec. Dec.
2
21
IX
Owens Bottle, common
Preferred
2
Jan.
Holders of rec. Dec. 31a
23
31a
'
Extra
Holders of rec. Dec. 24a
Jan.
Dec.
2
Bonus
Pacific
2
IX
Dec.
23
Ottawa Car Manufacturing (quar.).
Preferred
Jan.
Dec. 24a
2
31n
Preferred (quar.)
20a
rcc.
2
2
(quar.)
23a
rec. Deo.
Holders of
14
$2
Otis Elevator, common
Holders of rec. Dec.
Holders of
2
Jan.
Dec.
Dec.
3
2
Jan.
Jan.
Jan.
to
5
Jan.
150. Jan.
rec.
to
Nov. 27
16a
IX
Holders of
Nov. 27
$1.75 Dec. 31
_.
Holders of rec. Dec.
3
1
IX Mayl5«
...
(quar.)
2a
Jan.
Trumbull Steel, common (quar.)
Preferred
(quar.)
IX Feb.l5n
$1.25 Dec. 31
Ohio Oil (quar.)
Extra
Ontario Steel Products, pref.
Preferred
(guar.)..
Holders of rec. Dec.
IX
Tuckett Tobacco, common (quar.)
Preferred (quar.)
Jan.
Holders of rec. Dec.
IX Jan.
Traylor Engineering & Mfg., pref. (qu.)
Jan.
IX
52XC Jan.
Holders of rec. Dec. 20a
1
5
rec.
i2
3
Dec. 31
*5
Holders of
1
Jan.
5
50c. Dec. 31
3
Jan.
3
Jan.
Jan.
Jan.
2
Tonopah Belmont Development
Tonopah Extension Mining (quar.)
Torrington Co., common (quar.)..
(quar.)..
to
2
rec.
1 ♦Holders of rec. Dec.
Ogilvle Flour Mills, common (quar.)
5
11
Holders of reo. Jan.»2lo
2X
Holders of
1
....
1
Dec.
IX
♦Holders of
$1.50 Jan.
16
1
to
IX
1
•IX
...
.•
3
Jan.
Jan.
75c.
2
Feb.
Jan.
Dec.
Holders of rec. Feb.
(monthly)
20 ♦Hoxders of
Jan.
*4
2
rec.
Jan.
15
Tecumseh Cotton Mills (quar.)
17
Jan.
*1X
Holders of
16
Feb.
$1.20 Feb.21n
75c. Jan.
Preferred
Dec. 31
2
Swift A Co. (quar.)
Swift International
rec.
1
2 ♦Holders of rec. Dec. 20
2
Jan.
15c. Jan.
Norton Co., preferred (quar.)
1
Superior Steel, 1st & 2d pref. (quar.)
IX
Northwestern Power, preferred.
Northwestern Telegraph
2
16 ♦Holders of rec. Jan.
75c. Jan.
19
♦50C
Northern States Power, common
Preferred
(quar.)
2
Dec. 20
to
Jan.
16 ♦Holders of rec. Jan,
25c.
Holders of rec. Dec.
IX
10
Jan,
♦50c. Jan.
14
i..
Dec. 27a
Jan.
Stover Engine & Manufacturing
Submarine Signal
Dec.l31a
rec.
*4
Jan.
rec.
Jan.
Holders of
*13
Stetson (John B.) Co., common
Preferred
$4
N. Y. Transportation (quar.)
Niagara Falls Power, pref. (quar.)
Nlpisslng Mines (quar.)
Holders of rec. Dec. 27a
Dec; 30
Jan.
Steel A Tube Co., preferred (quar.)
2X
2
2
3
5
(quar.)..
16
5
Standard Textile Prod., pf. A & B (qu.)
Steel Co. of Canada, common (quar.)...
21
Holders of rec. Dec. 22
3
......
Preferred
24
Dec. 30
2
Extra
Standard Screw, common (quar.)
New England Telep. A Teleg. (quar.)...
.....
Days Inclusive.
4
:
New York Dock, common
Preferred
Extra
Books Closed.
Payable.
3X
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio) (quar.).
'
New York Transit
When
Cent.
Company.
Miscellaneous. (Concluded.)
IX
(guar.)..
com.
2795
or
rec.
31a
Dec. 31a
<11.25 Jan.
3
Dec.
2X
IX
Jan.
3
Holders of
rec.
Dec, 10a
Jan.
3
Holders of
rec.
Dec.
1
Jan.
2
Holders of
rec.
Dec.
IX
Jan.
2
Holders of
rec. Dec.
17a
Dec.
31
Holders of
rec.
Dec.
10a
roc. Dec.
20a
(quar.)
White Motor (quar.)
$1
21
to
3
Jan.
10a
17a
Holders of rec. Dec. 21
Whitman (William) Co., Inc., pf. (qu.).
IX
Jan.
3
Holders of
Reo Motor Car (quar.);
25c. Jan.
2
Holders of rec. Dec.
15a
Jan.
1
Dec.
IX
Jan.
2
Holders of
15a
Wilson (C. R.) Body Co., pref. (quar.).
Wilson A Co., Inc., preferred (quar.)___
IX
Republic Iron A Steel, pref. (quar.)
Reynolds (R. J.) Tobacco, com. (quar.).
IX
Jan.
3
Holders of rec. Dec. 27a
2
Jan.
2
Holders of rec. Dec.
15
Wllliam8Tool
Jan.
1
Holders of
Holders of rec. Dec.
15
2
Corp., pref. (quar.)
Wincheeter-Hayden, Inc., pief. (quar.). vix
Jan.
25
Holders of rec. Jan.
Winnsboro Mills, common (quar.)
Preferred
(quar.)
2
Jan.
3
Holders of rec. Dec.
15
IX
IX
IX
Jan.
3
Holders of
rec.
Dec.
15
Jan.
3
Holdeis of
rec.
Dec. 22
Jan.
3
Holders of
reo.
Dec.
10a
Jan.
3
Holders of rec. Dec.
23a
Jan.
3
Holders of
23a
Regal Shoe, picferred (quar.).
Preferred
IX
(quar.)1.
IX
Reynolds Spring Co., pref. A (quar.)...
Rlchman
Bros.
pref. (quar.)
Robinson (Dwight P.) & Co., Inc., first
preferred (quar.)
—
Rochester Silver Co
IX
Dec.
31
Holders of
rec.
Dec. 22
Jan.
1
Holders of
rec.
Dec.
17a
IX
Jan.
1
Holders
rec. Dec.
20a
Woods Manufacturing, pref. (quar.)
Woolworth (F. W.) Co.. pref. (quar.)
Jan.
IX
*2Xc Jan.
24
21
Worthlngton Pump A Mach.. pf. A (qu.)
IX
Preferred B (quar.)
IX
aWrlgley (Wm.) Jr. Co.,com.(mthly.)
o5Oc.
1
of
Holders of rec. Dec.
"Holders of rec. Jan.
5
Dec.
31
Holders of rec. Dec.
15a
Dec.
31
Holders of rec. Dtc.
15a
Jan.
18
♦15
(quar.)
31
Holders of
rec.
Dec.
17a
Dec. 31
Holders of
rec
Dec.
17a
Youngetown Sheet A Tube,
(quar.)
31
Holders of
rec
Jan.
rec.
Dec.
Holders of
rec.
Dec. 20
5
Jan.
2
Dec. 24
IX
Jan.
1
Holders of rec. Dec.
Holders of
Shaffer Oil A Refining, pref. (quar.)
*IX
Jan.
25
to
Jan.
Dec.
"Holders of rec
Dec.
10
Holders of
rec.
Dec.
Jan.
18
Holders of
rec,
Dec.
Dec.
31
Holders of
rec.
Drc.
IX
Dec. 31
Holders of
rec.
Dec.
Dec. 31
Holders of
rec,
Dec.
16
2
Holders of rec
Dec.
21
Jan.
2
Holders of
rec,
Dec.
21
2
Holders of
IX Jan.
Dec. 31 ♦Holders of
(r)
rec.
Dec.
21
Singer Mfg
rec
Dec.
15
8Ioss-Sheffield Steel A Iron, pref. (qu.)..
IX
Jan.
3
rec
Dec. 16a
South Penn Oil (quar.)
South Porto Rico Sugar, pref. (quar.)..
South West Pa. Pipe Lines (quar.)
3
Dec. 31
Dec.
2
Dec. 31
Holders of
Preferred
(quar.)
Southeastern Express
Southern Canada Power, pref. (quar.)..
Spanish Riv. Pulp APap.Mills,cm.(qu.)
.
Preferred
(quar.)
SI
*4.67
Dec. 31
Jan.
16
Jan.
3
Holders of rec. Dec.
17
50c. Dec.
(qu.)
(quar.)
31
Holders of rec. Dec.
20a
Dec.
31
Holders of rec. Dec. 20a
IX
Holders of
rec.
Dec.
Holders of rec. Jan.
2
6a
not
closed
sources,
this
lor
Holders of
15
Holders of
to
rec
Jan.
1
Dec.
dividend,
rec.
Dec.
15
"Holders of rec,
Dec.
19
Jan.
2
15
Holders of
16
Holders of rec,
Dec. 31a
16
Holders of
Dec.
rec.
/Payable In
o
'
h Less
British
Dec. 31a
31a
common stock,
o
income
tax.
d Correction.
ft On
Loan bonds.
Payable in scrip,
i Payable in Libei ty or Victory
ac¬
Dividends of 50c.
a
month declared
on
common
stock, payable on the first
day
of each month to holders of recoid
on the 25th day of the month preceding date of
Also three quaiteily dividends of 1X% each on the preferred stock,
payable July 1, Oct. 1 and Jan. 1 1922 to holders of record June 25, Sept. 26 and
payment.
Dec. 25, respectively.
p
Declared 7%
payable quarterly
10a
Jan.
IX
IX Jan.
IX Jan.
rec
Payable in stock.
k Payable in pieferred stock.
I New York Stock Ex¬
change has ruled that Weyman-Bruton Co. be not quoted ex the 20% etock dividend
on Dec. 10 and not until Dec. 28.
m Payable to holders of rec. Dec. 31.
n 1922.
6a
Jan.
(quar.)
(bonus)
1
IX
J Payable in N. Y. funds,
6a
1
Wheat, com.
Common
e
27
2
Shredded
com.
count of accumulated dividends,
15
IX
(qu.)
(quar.)
com.
(quar.)...
From unofficial
books
31
IX
(quar.)
Sherwin-Williams Co.(Can.), com.
Holders of roc. Dec. 25
1
Jan.
o
31a
Jan.
IX
-
Doc.
25
f The New Yoik Stock Exchange has ruled that stock
will not bo quoted ex-dividend on this date and not until fui ther notice,
a Transfer
1
rec
1
Shawinigan Water A Power (quar.)
Shawmut Mills, common (quar.)
♦
15a
14
Securities Co...!
rec.
2
Dec. 20
20
2 X Jan.
Sears, Roebuck A Co., pref. (quar.)_._.
Preferred
Jan.dl6a
Holders of
3
IX Jan.
2
Second preferred (quar.)
Scovill Mfg. (quar.)
rec.
Jan
l
Yale A Towne Mfg
30c. Jan.
Salt Creek Producers (quar.)
Scott A Williams, Inc., pref.
20
Dec.
2
to
5
Dec.
1
Jan.
1
Jan.
21
*50c. Feb.
Preferred
(quar.)
Worthlngton Pump A Mach.,
•IX
St.Louis Rocky Mt. A Pac.,com.,(quar.)
*
Common (monthly)
o
IX
-
St. Louis National Stock Yards
Preferred
Dec.
IX
(quar.)
Royal Dutch Co
Preferred
2
rec.
3
Royal Baking Powder, common...;
Preferred
Jan.
3
$1
Co. (quar.)
Robbins A Myers Co.,
Prefeired
Jan.
holders of record of date
r
t Less 66c. per
u
on
on
Jan. 25, April 25, July 25 and Oct. 25 to
which each dividend Is payable,
Five French francs per share.
share for 1920 income tax and counsel fees,
Less 69c. per share for
1920 Income tax and counsel fees.
v New York Stock Exchange has ruled that S. S. Kresge be not quoted ox the
54% stock dividend on Dec. 16 and not until Jan. 4 (correction).
1
2798
THE
CHRONICLE
Boston
New York City BanKs and Trust Companies.
AH
180
Excb__
'
185
245
America*.
Amer
Ask
Bid
iBank*—N Y
price* dollar*
CLEARING
HOUSE
220
Bankers Trust
317
321
Mecb A Met.
345
350
Central Union
35
365
Dec. 24.
Changes from
5
Columbia
300
310
1921.
previous wdc.
Nat American
155
\
90
80
215
130
160
105
135
332
Y
0
----
mmmm
Commercial.
_
337
Empire
300
160
160
New
Neth*_.
120
13r»
Equitable Tr.
275
280
Park*
145
155
New
York...
460
4.0
Farm L A Tr.
410
Fidelity
$
310
Bronx Nat—
*_
Bor
Bronx
Bryant
Nat
City
120
Circulation.....
2,141,000
Loans, dtsc'ts A investments- 524,145,000
Individual deposits, incl. U.S. 388.169,000
Due to banks
90,897,000
Time deposits.
23,117,000
United States deposits
15,230,000
Exchanges for Clearing House
16,707.000
Due from other banks
•
.
m
m
140
Pacific*.....
300
200
210"
Cent Mercan.
175
1O0
Park
400
410
Fulton
240
260
Chase..
283
288
Public
234
242
Guaranty Tr.
195
198
Chat A Phen.
260
270
Seaboard
235
2
Hudson
170
Chelsea Excb*
80
90
200
225
Law Tit A Tr
112
130
Botch A Drov
standard*
...
5
Inter
495
505
State*
245
156
165
*08
215
Tradesmen's •
200
Mercantile Tr
260
280
93.000
23,210,000
4,023,000
1,471.000
11,207,000
Dec.
52,194.000 Dec.
42.739,000 Dec.
3,180,000
951,000
55.374.000
51,911,000
53,690,000
43,300.000
9,542,000, Inc.
1.018,000
8,524,000
7,829,000
1,029,000 Inc.
Reserve In Fed. Res. Bank,.
350
23d Ward*...
190
mmmm
Metropolitan.
255
265
217.000
812,000
398,000
Cash in bank and F. R. Bank
Union
195
'mmmm
Mutual (West
165
mmmm
110
125
m
m
150
Columbia*...
Exch..
245
252
United States*
Com'nwealth*
215
225
Wash
H'ts*_.
125
135
YorkvJlle*...
420
Commerce
_-
360
90
100
East River...
170
Filth Avenue*
910
Chester
N
Corn Excb*_.
945
215
226
Gotham
185
.»
~
m
315
250
280
260
270
900
185
80
100
Homestead*.
.
190
Mechanics'*..
240
260
Montauk*
125
Hanover
815
835
Nassau
220
Harriman
390
North Side*..
195
People's.....
150
mm
m
State Banks
House.—The
Imp A Trad..
515
530
Industrial*.._
160.
90
~
-
m
•
m
Tr.
405
Kings County
670
210
People's
290
•
-r
~
SUMMARY OF
STATE
NEW YORK.
BANKS AND
TRUST
COMPANIES IN GREATER
NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
'
t New stock.
z
Ex-dlvidend. yEx-rlghw
Differences from
'
Gold
i
V..
Dec. 24.
:•
nut
Surety
Amor
Mtge
331
Nat
N
....
....
100
95
Preferred
Ask
130
(Brooklyn).
113
118
87
94
17,151,600
Dec.
2,400
832,900
53,724,800
673,181,000
Dec.
2,993,600
Dec.
2.031,200
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies In N. Y. City, exchanges and U. S. deposits
Reserve on deposits...
628,058,800
106,097,300
Dec.
4,756,400
4,797.200
_
.....
_
100
195
U 0 Casualty.
U S Tltl Guar
1+5
190
Lawyers Mtg'
68
225
Olty Investing
Bid
....
65
M O
Bond A
share.
per
125
80
90
ask
70
Alllan R'lty.
prices dollars
Y
Bond
Surety.
Title
Realty
A
Mortgage.
West A
155
145
.
4 »>
Bid
Assoc
145
155
RESERVE.
State
weekly and yearly.—Brought forward from page 28 )0.
Stocks.
ending
Week
Railroad,
Dec. 30 1921.
Bonds.
Tuesday.
588,700
53,072,000
5,095,900
$33,870,800
Wednesday
67,985,000
Thursday...
758,900
61,705.700
6,501,500
6,614,000
Friday
709,100
58,954,700
9,393,000
1,039,000
1,068,000
964,000
3,136,100 $263,743,900
$29,886,400
$2,282,000
$511,000
Week ending Dec. 30.
at
7,848.000
8,896,000
12,573,000
and
the
8,080,000
Clearing House,
Stocks—No.
3,136,100
shares...
Par value
.6,906,160
170,404.810
par
22,400
Bonds.
Government
$39,474,090 $110,780,850
bonds
$1,052,429,150
$2,860 ,954,550
State, num., &c., bonds
4,912,000.
3,482,000
29,886,400'
31,903,000
323,491,700
1,039,719,100
288 ,500,700
RR. and misc. bonds..
$74,272,400 $146,165,850
$3,315,639,950
$3,976,106,750
827 ,151,500
Week ended
TRANSACTIONS
DAILY
AT
THE
BALTIMORE
BOSTON,
PHILADELPHIA
AND
IN
*
Demand
Deposits.
Total Cash
in
Reserve in
Vaults.
Depositaries.
$
—
Oct.
22
5.044 ,169,700
4,432,365,900
103,919.000
602,611,100
Oct.
29..
5,006 ,016,400
5.038 ,381,100
4,416,118,300
4,430,338,100
4,378,259,500
4,427,302.300
4,412,077,700
101,912,000
583,285,400
99,673,300
593,207,100
587,367,200
600,951,500
590,461.500
5.
Nov.
5,028 647,300
NOV. 12
Nov. 19...
5.045 584,600
...
5,035 166,100
Nov. 26.
10—
Dec.
17
24.__.__
*
_
106,197.800
104.005,900
104,664.200
4,432,387,300
4,490,114,200
4,488,903,800
5,129, 620,700
This item includes
EXCHANGES.
103,411,200
4,476.178,000
5,077 382,800
5,054, 812,500
5.082, 494,800
3......
Dec.
Dec.
Total bonds
COMPANIES
YORK.
Investments.
Dec.
r
TRUST
AND
NEW
Loans and
226 ,610,400
_
BANKS
OF
GREATER
1920.
$263,743,900 $408,071,250 $12,718,887,021 $19,753 ,051,925
.
Bank shares,
1921,
in New York City.—The
follows:
are as
RESULTS
$4,912,000 .$39,474,000
Jan. 1 to Dec. 30.
1920.
for the
companies in Greater New York City outside of
trust
New York Stock
1921.
19.71%
companies combined with those for the State banks
trust
*
COMBINED
Sales
$72,226,500
of the New York City Clearing House banks and
$2,077,000
HOLIDAY
Exchange,
20.95%
Includes deposits with the
averages
1,330,000
821.800
Total
13.67%
06.04%
Banks and Trust Companies
Bonds.
$23,026,500
Monday
22,144,700
Federal Reserve Bank of New York, which
State banks and trust companies combined on Dec. 24 were $53,724,800.
u. s.
Foreign
Bonds.
257,600
Saturday
Trust Companies—
$50,081,800
Stale, Mun.
and
Ac.,
Par Value.
Shares.
—
15.96%
04.99%
Deposits in banks and trust cos_._
*
Banks
8,077,000
.-.....*$25,793,800
Total....
Transactions at the New York Stock Exchange daily,
Dec.
Percentage of reserve, 20%.
Cash in vault......
Bronx
Title A M O
2,182,900
Inc
Deposits with Federal Reserve Bank of New York..
Total deposits....
City Realty and Surety Companies.
All
previous week.
Inc.
$642,621,700
4,989.200
Currency and bank notes..
New York
com¬
follows:
'
■
Banks marked with (*) are State banks,
as
mmmm
mmmm
170
♦
Companies Not in Clearing
Banking Department reports weekly
panies in New York City not in the Clearing House
420
Manufacturer
—
m-m
Trust
and
State
figures showing the condition of State banks and trust
Brooklyn
160
_.
2,359,000
6,900:000
16,814,000
18,178,000
and
bank
•
206
Greenwich*
90
States
Brooklyn
Inc.
'
-
260
175
Green point—.
in
excess
Federal Reserve Bank....
320
270
United
155
First
150
930
600
U S Mtg A Tr
14r>
Dec.
Ins
Title Gu A Tr
^
mmrnm
Fifth
Life
Trust...
..
Brooklyn
Coney Island*
-
First
Garfield
Reserve
...
N Y Trust...
-
•
Y
A
370
Oosmop'tan*.
Trust
Lincoln
325
Continental
260
495.000
2,636,000
2,634,000
5,328.000 529.473.000 520,075,000
Dec. 14,038,000 402.207,000 398,534,000
Dec. 2,261.000 93.158,000 92,205,000
Dec.
._
Coal A Iron-.
$
Dec.
...
Colonial*
Chemical
MEMBERS.
American
N
450
120
Broadway Cen
BOSTON
198
Mutual*
145
.Bowery*.
Asked
Bid
New York
193
Manhattan *.
430
Battery Park.
Tru*t Co/*
ill
Bid
Irving Nat ol
22$
Atlantic
Bank*
250
Clearing House Banks.—We give below a sum¬
showing the totals for all the itejns in the Boston
Clearing House weekly statement for a series of weeks:
mary
share.
per
I Vol. 113.
106,038,300
578.899,700
109,700.300
608.686,200
601,032,500
114,718,800
595,033,000
gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Boston
Philadelphia
Baltimore
Week ending
Dec
1921.
30
Saturday
Monday
Bond Sales
Shares.
9,529
__
Shares
4,060'
814,590
94.100
10,775
745.850
192,400
11,541
19,353
168,300
43,000
12,411
3,847
1.064,350
2.263,500
119,863
$512,300
25,613
30,932
Tuesday
Wednesday
Thursday..
34,436
Friday
Shares
$28,700
HO LI DAY
I
.
_
\bond Sales
235,500
157,
New York
Bond Sales
$17,000
t
:>y.
2,489
1,443
22,500
1,514
34.900
4,820
clearing non-member institutions which are not included
"Clearing House Returns" in the next column:
32,600
74,000
in the
RETURN OF NON-MEMBER
Total...
42,634 84,337,900
10,423
(Slated in thousands
8181,000
t
Capital. Profits:
CLEARING
StatebksNovlS
Tr.
24 1921.
cos.
Sept.6
Res.
Net
Net
with
Demand
Time
Bank
in
Legal
De¬
De¬
Circu¬
merits,
Vault.
Deposi¬
posits.
posits.
lation.
$
Bank.
S
$
Battery Park NatMutual Bank
W. R. Grace & Co.
1,500
1,481
200
813
500
1,094
Yorkville Bank...
200
838
4,227
$
11,064
10,123
5,111
17,850
44,148
Total
2,400
Nat'l
tories.
Ac.
Average Aver age. Aver age
Members of
Fed'l
Reserve
Cash
Dis-
Nat.bks.Sept.6 InvestWeek ending
omitted.)
Loans,
counts,
NON-MEMBERS
Dev.
three ciphers [000
of dollars—that is,
Net
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Dec. 24 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and
3% on time deposits, all
to be kept with
the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 10% on demand deposits ancf includes "Reserve
with legal depositaries" and "Cash in vaults."
statement
INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Si:
i'.
City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
A veraoe
1.0
177,
424;
18!
Average Average
$
$
8,086
179
10,412
428
2,588
1,251
1,505
478
1,219
590,
1,506
8,689
9,319
1,209
4,740
29,775
11,145
3,634
197
30
197
1
State Banks.
Not Members of the
Week
ending
Dec.
24
Feder al Reserve Bank
1921.
Dec. 17.
Two
Ciphers
(00) omitted, Members of
Trust
F.R.System Companies
Dec. 10.
;
Burplus and profits
Loans, disc'ta & Investm'ts
Exchanges for Clear .House
Due from
Bank
banks
deposits
Individual deposits
Time
deposits
Total deposits
U. S. deposits (not incl.).
Reserve wtb legal deposit's
Reserve with F. R. Bank..
33,475,0
94,515.0
603,011,0
25,886,0
87,206,0
102,763,0
460,647,0
13,959,0
577,369,0
4.500.0
13,469.0
33,533,0
374,0
14,0
336,0
18,812,0
366,0
19,514,0
""2,158",6'
Reserve required
47,604,0
11,817,0
59.421,0
47,296,0
2,832,0!
Excess res. A cash In vault
12,125.0
,248,01
Gash
in
vault*
Total reserve and cash held
922,0
3.080.01
37,675,0;
107,984,0
37,975,0
107,984,0
636,544,0
479,459,0
639,511,0
26,353,0
92,298,0
105.847,0
490,782,0
14,325,0
14,088,0
26,260,0
87.220,0
103,099,0
596.883,0
15,863,0.
2.158.0;
47,604,0
12,739,0
62,501,0
50,128,0;
12,373,0
610.717,0
14,914,0
2,598,0
48.066,0
12,448,0
63,112,0
51,385,0
11,727,0
•Cash in vaults not counted as reserve for Federal Reserve members
436
3,809
460
1,716
16,202
2,168
1,368;
17,313
2,153
20,011
2,628
1,590
20,947
30
200
573
8,953
332
209
3,487
6,426
200
573
8,953
332
209j
3,487
5,426
3,300
IJts.
6,954
73,112
4,069
6,539
a54,209
16,601
144
—140
—2,732
+193
•
Total.
Total
Capitol
222
100
600
700
Bank of Wash
Colonial Bank
$37,975.0
107,734,0
639,358,0
24,045,0
82,773,0
102.772.0
Trust Companies
Not Members of
the
Federal Reserve Bank
Mech Tr, Bayonne
Total
486.980,0
13,975,0
603,727,0
Grand aggregate.
.
Comparison previo
us
—1,030
week
6.063.0
74,142
73,182
4,313
6,679
a56.941
16,408
197
16,577
198
73,599
4,358
4,147
6,682. a56,028
6,963
6,567
a56,177
16,593
199
6,963
74,042
4.128
6,789
a56,906
16,644
198
3
62.950,0
Gr'd aggr. Nov. 26
3,300
49,643.0
13,307,0
Gr'd aggr. Dec. 17
Gr'd aggr
Dec
10
deducted, $700,000.
Bills payable, rediscounts, acceptances and other liabilities,
Excess reserve, $92,390 decrease.
a
U.
197
6,963
Gr'd aggr. Dec.
3,300
3.300;
3,300
6,954
11,757,0
2,267,0
48.926,0
—
S. deposits
$1,956,000.
Dec. 31
f
1921.]
THE
'
CHRONICLE
I
Statement of New York City Clearing House Banks
3797
STATEMENT OF RESERVE POSITION
and Trust Companies.—The
NEW
YORK
WEEKLY
CLEARING
Net
|Capital
Loans,
Profits
Discount,
Cash
Invest¬
HOURK
in
ments,
Vault.
MEMBERS.
(.000
oviui<
Week
d).
end In
NaH,
estate,
Dec. 24 1921.
Sept. 6
Nov. 15
Members of
Bk of N Y.NBA
%
2.000
9
5.000
7,333
17,520,
10.000
17.555,
38,0o5
114,465
165.590
5,500
5,855
50,737
National City..
Chemical Nat'l.
40.000
65.745
4.500
Atlantic Nat'l..
Nat Butch A Dr
1,000
Exch
in
Time
'*trcu-
Average
9
664
Total Dec.
3,496
13,229
25,401
1,138
94,423
145,655
2,073
6,464
48.4471
$
15,191
109.797
1,535
59,509
13.332
1,144
24ft
15,864
413
1,897
*505,303
99,398
14,215
5,394
118
331
91,571
310.989
1,407
21,094
2.032
5,000
7,951
35,485
1.000
125.431
S
8
%
508,259.000 508.259.000 494,308,880
4.039,000
10.953.000
9,349,740
2,257.000
4,788,000
7,046.000
6,857,700
Total Dec.
18,950,120
1,003,260
187,300
9,171,000 517.086,000 526.257.000 510.516,320
8,838,000 520,763.000 529,601.000 510.089.150
8,854.000 495,868,000 504.722,000 603,345.000
8,778,COO 507,956,000 516,734,000 508.917,030
17
Total Dec.
10
3
Actual
953
456.959
1,827
7,596
25,000
Surplus
Reserve.
$
12,513
19.16S
Nat
Reserve
Required.
Average Avge.
9
9
9
2.643
Nat Bk of Com.
Pacific Bank...
Chath A Phenlx
Total
Reserve.
e.oi+ooo
24
lo¬
9,616
500
a
in
Depositaries
Vault.
Bank
De¬
posits.
tion.
Average Average
%
BANKS
Averages.
Reserve
Rt serve
Total Dec.
Co.
Amer
Net
Demand
Deposits.
Deposi
lories.
Mech A Metals.
Bank of America
Manhattan
with
Legal
Ac.
1.
■
Cash
:
State banks*
Trust companies
Reserve
Averape
S
HOUSE
"
Members Federal
Reserve banks....
^Tr.eos., Nov. 15
Fed. Res. Bank
CLEARING
AND TRUST COMPANIES.
HOUSE RETURVR.
CBtated in thousands of dollars—that
is, three ciphers 1000] omitted.)
CLEARING
OF
J
following detailed statement
Clearing House
ending Dec. 24.
The figures for the
separate banks are the average of the daily results.
In the
ease of totals, actual
figures at end of the week are also given:
shows the condition of the New York
City
members for the week
4,281;
79,866!
19,951
15,740.680
19,611.850
1,377,000
7,816,970
Figures.
1,950
Cash
Reserve
"992
in
Total
in Vault.
Depositaries
Reserre.
Required.
$
$
9
S
1,192
Members
Federal
1,788.
350
540
241
State
65|
295
Trust companies
7.000
1.727,
8,682,
Nat'l.
3,000
21,298!
109.879
1,660
10,764
34,431
3,320
14,943
12,498
Corn Exchange.
Im- & Trad Nat
7,500
9.758,
165.155
7,908
23,107
1.50ft
8,746!
34,983
828
3,681
National Park..
10,000
23,692,
161,665
1,381
East River Nat.
1,000
76ft
15,476
345
17,017
1,618
Second Nat Rk.
1.000
4,841
22,583
1,021
2,833
18.810'
First Nat'l Rank
10,000
38,650
300.328
740
11,550
185.625
7,006
3,463
2,508
1,000
843
Chase Nat Rank &2C.000 £21,066
Avenue
500
2,339
202,626!
185,904;
7,390
12,50Ci
26,628
24,382
3,335
Irving Nat Bank
Continental Rk.
7,458
174
815
312,487
19,303
7,575
40,700
5,926
301,740
11,966
1,089
1,000
2,640
19,736,
45
Reserve banks
banks
6,989"000
_
2.238.000
b
Reserve
Surplus
Reserve.
9
521,663.000 521,053.000 496.415.610
4,344,000 11,333,000
9.453,600
4.898.000
7,130,000
0.869,100
393
522
Reserve
20,237,390
1,879,400
266,900
247
Hanover
Fifth
.
1.267
6.855
260,979
22,768
108,508
1,658, 4,885
7,324
Total Dec.
24
230!
Total Dec.
17
16,039, 4,657
Total Dec.
10
100
Totai Dec.
3
95,003
157,285
27.158
129,3411
14,279,
Commonwealth.
400,
896
8.546
644
1,182
1,000
1.652
15,986
453
2.177
Fifth Nat Bank.
Seaboard Nat'l.
1,000
3,000
809
14,387
289
4,981
50,346
1,184
Coal A Iron Nat
1,500
1,451
17,188
942
1,849
5.633
1,595
1,000
1,589
16,892
638
1,617|
831
""51
50
629
100
15,255
13.775
42,044
12,736
Union Exch Nat
35
2,359, 5,409
Brooklyn Trust.
791
30.303
3,510
*244,801
9,756
913
256.948
1,216
30,921
4,324
50.897
1,041
6,277
47.563
1,252
16,552
300.108
1,487
38.040
*381,268
16,260
1.689
18,901
402
2,357
17,841
686
1,500
2,773
Trust.
U 8 Mtge A Tr.
20,000
20,408
3.000
Guaranty Trust
25,000
Fidel-int Tr Co
Columbia Tr Co
1,500
6,000
33,941
7,777
72.962
1,733
9,296
71,519
1,500
2,107
36,924
1,3971
3,610
10.000
16,996
146,838
550
17,375
Lincoln Tr Co..
2.000
1,236!
21,439
559
3,006
Metropol'n
2,000
1,000
3.418
29,566
520
3.195
1,616;
15.056
589
1,359
Columbia Rank.
2,000
1.743
23,163
711
3,214
35,712
127,537
20,458
23.748
13,108
*104,792
24,157
Equitable Tr Co
12,000
16.502;
140,458
2,128
20.472
♦173.259
Nassau N, Bkln
Farmers L A Tr
5.000
12,64
ll
123.899
600
13.007
following shows the condition
Avge. Dec. 24
273,900449.0644,205.333
l
i
date last year:
State Banks.
Not M>.
Dec. 28 1921.
Resources—
748
737
266
50
17,720
$
Gold and gold certificates
Gold settlement fund—F. R. Board
83,407 508,259 c3,763,184 169,832 33,252
i
17,667
2,994
5.396
656
314
18,347
5,226
50
818
2,500
4,351
78,324
3,354
2,003
28,370
47",l87
ernment
obligations—for members...
1,7221
Bills bought
In
open
market
hand..
on
4 039
51,943| 47,237
4.344
52,520
47.283
101.110
6,787
One-year certificates (Plttman
3.842
51,358
47,137
All others
101,091
6,666
3,783
52,088
47,052
6,000
13,566
46,256
1,396
4,000
6,053,
24,023
861
19,619
J
70.279
2,257
previous w
previous
3,163
1,625
45,718
4,788
378
1.227
4,898
45,794
1,221
Capital paid In
2,164
45,267
1.228
Surplus
10
69,585
2,218
4,849
4.783
45,343
1,228
Reserved for Government Franchise Tax
Dec. 244,455,415
88,498 530,895
1 -14,255 + 3,035-11,919
Nov.
84,194 503,523
80,279 515,445
64,416, 710
83.464 511,163
3.870,021 218.294 33,282
—23,584
+ 472
+ 13
3,893,605217,822 33,269
3,795,292 222,426 33,244
3.824.928 232,870 33,221
3,817,869,234,25433,169
*
Includes deposits in foreign branches not included in
totai footing as follows:
National City Bank, $93,114,000; Bankers Trust
Co., $11,604,000; Guaranty Trust
Co., $91,698,000; Farmers' Loan & Trust Co., $9,620,000;
Equitable Trust Co.,
In banks in foreign countries as reserve for
such
City Bank, $28,589,000; Bankers Trust Co., $1,539,000;
Guaranty Trust Co., $19,127,000; Farmers' Loan A Trust Co.,
SI,522.000; Equita¬
ble Trust Co., $9,063,000.
c Deposits in foreign branches net included,
g As of
Balances
416,000
1,075,351,000
National
carried
Nov. 22 1921.
1,833,340,000
======
20,408,010
26,376,000
51,308,000
59,318.368
«.
liabilities
total
666.571.296
20,810,200
38,741,000
95.110.847
4.952,902
94,273,000
51,109,000
9.291.248
722.973,227
2,260,000
693,474,000
11,283,000
707,017,000
864,516,000
1,007,200,840 1.617,264,792 1,833,340,000
to
reserves
deposit and——======
F.-R. note liabilities combined—
total
13,041,831
5,139,258
All other liabilities
700,640.147
G4.208.853
Deferred availability Items
of
j
27,113.850
716,092,184
063,329,116
21,39+200
Total deposits
Ratio
3,339,323
13,554,002
F. R. notes In actual circulation
of
2,766,000
139,020,000
1,582,000
i
other.l
Total
4,378,000
1,643,760
120.858.965
18,297,560
084,240,622
Member banks—Reserve account
Ratio
6,808.617
'59,318,368
20,608,010
F. R. bank notes in circul'n—net liability
85.463 542,814
'38.084.000
+^7+13,850
-
Deposits:
Government..
All
1,518,000
69,276,000
-
2.238
3,860.845 218,296 33,252
-78
+ 3,546—1,893
7.743.000
36.400.000
t
1,607,200,840 1,617.264,792
69,874
4,434, 231
were:
resources...
70,324
92.578517,086
1,014+41,000
380.423.975
Liabilities—
17
I 4-24,943 +5,849—3,677
458,313,000
109,902.000
298.196.975
55,533.500
All other resources
Total
458,313,000
707.250
6 1
361,575,113
6,810,428
1,646,960
119,412,808
3,641,090
-
5% redemp. fund agst. F. R. bank notes
Uncollected Items
849
15,520
Note.—U. S. deposits deducted from net demand
deposits in the general total
above were as follows: Average for week
Dec. 24. $98,991,000: actual totals Dec.
24,
$99,469,000: Dec. 17, $99,189,000: Dec.
10, $40 558,000; Dec. 3, $40,455,000;
Nov. 26, $51,071,000.
Bills payable, rediscounts, acceptances and other
liabilities
average for the week Dec. 24, $414,040,000; actual totals Dec.
24, $410,103,000;
Dec.
17. $403,335,000; Dec. 10, $434,792,000; Dec.
3, $444,467,000; Nov. 26,
$421,979,000.
$27,593,000.
-
24
w eek
deposits
'
Total earning assets
I
Gr'd aggr., act'lcond'n
{Dec. 17 4,469, 6701
Gr'd aggr., act'lcond'n Dec.
104,395, 634
Gr'd aggr., act'lcond'n Dec.
3
Gr'd aggr., act'lcond'n
30,198
79.094.079
36,400,000
Act,..
Bank premises
Lawyers Tlt&Tr
Gr'd aggr., act.icond'n
445^26,000
U. 8. certificates of Indebtedness—
Title Guar A Tr
Comparison,
U. S. bonds and notes
Not M> mhersrf f. R, Rk.;
eek
157.395.645
79,094,079
260,369,913
9,271.700
6,914
avgeJ287,650 475,863 4,466 .999
610,243,000
445,926,000
71,194,205
6,989
Comparison,
466,268,000
143,975,000.
157.395,645
71,194,205
47,312,659
101,387
Gr'd aggr.
42,253,236
141,863,051
All other—For members
101,540
10,000
1.061.936.013
1,114,114,440 1,104.190.149
7,179(
Avge. Deo. 24
254,7+000
39,000,000
Bills discounted: Secured by U. 8. Gov¬
Total bills
Totals, actual condition Dec.
Totals, actual co nditlon •Dec.
Totals, actual co nditlon Dec.
m^693,000
15,000,000
1,069,499,333
44,615,106
reserves
Totals, actual condition Dec. 24:
Totals, actual condition Dec. 17;
Totals, actual co nditlon (Dec. 10,
Trust Cos.
453,620.435
593.316,478
135,046,000
36,436,000
1,211,000
141,863,051
2,008
250
3,750
164.917.489
15.000.000
mhernnf F. R. Rk.:
1,000
Avge. Dec. 24
$
2S8.702.046
431.388,955
623,110,378
Total gold reserves
Total
1921. Dec. 30 1920.
$
,
.
Gold with foreign agencies.
Legal tender notes, silver, Ac
Bowery Bank..
Bank
Dec. 21
.
141,463,367
Gold with Federal Reserve Agent
79,271 521,653 c3,771.707 169.79033.282
76,512 534,123 c3,796,980 169,457 33,269
75,310 494,957 c3 697,864 174,14633,244
,
289,925,587
Total gold held by bank
872
6,436
Greenwich Rank
State
corresponding
'
1,837
i
Dec. 28 1921, in
comparison with the previous week and the
Gold redemption fund
Totals, actual condition !Dec. 24 4,283,551
Totals, actual condition iDec. 17 4,298,686
Totals, actual eo nditlon [Dec. 104,224,958
of the Federal Reserve
Bank of New York at the close of business
1,227
New York Tr Co
Condition of the Federal Reserve Bank of
New York.
—The
2.129
Peoples Tr (-o..
Tr.
10, $5,224,380; Dec. 3, $5,539,200.
392
2,548
4,043
Bankers
Not members of Federal Reserve Bank.
a This is the reserve
required on net demand deposits In the case of State
banks
and trust companies, but In the case of mem be s of
the Federal Reserve
banks in¬
cludes also amount of reserve required on net time
deposits, which was as follows:
Dec. 24, $5,094,960; Dec. 17,
$5,155,230: Dec. 10, $5,297,730: Dec. 3,
$5,539,560.
b This Is the reserve
required on net demand deposits In the case of 8tate
banks
and trust companies, but In the case of
members of the Federal R»»serve
Bank In¬
cludes also amount of reserve required 011 net time
deposits, which was as follows:
Dec. 24, $5,093,700; Dec. 17, $5,083,710; Dec.
410
338
37,039,400
10,283,010
17,987,800
69
933
18.265
•
28 383.690
606,325,200
16",537
8,620
Garfield Nat Rk
9,227.000 530.895.000 540,122.000
511,738,310
8.951.000 512,814.000 551,755.000
514,725.000
8,881.000 503,523,000 512.407.000
502.123.990
8,868,000 515,445,000 524,313,000
reserves
to
F.
R.
====—===
80.8%
.—
=============
79.5%
40.0%
notes
circulation after setting aside 35%
In
against deposit liabilities
Contingent liability
on
130.2%
127.7%
43.8%
12,036,203
bills
12,044,117
6,076,326
purchased
for foreign correspondents
Note.—In conformity with the practice of the Federal Reserve Board at
Washing¬
computing ratios of reserv es to liabilities was changed beginning wltb
ton. method of
the return for March 18.
Instead of computing reserves on the basis of net deposits—
that Is. including In the total of deposits "deferred availability Items" but
"uncollected Items"—the
new
deducting
method is to disregard both amounts and figure tb«
percentages entirely on the gross amount of the deposits.
For last year, howeveri
the computations are on the old basis; that is, reserve percentages are calculated ob
basis of net deposits and Federal Reserve notes In circulation.
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Deo. 29.
figures for the system as a whole are given in the following table, and in addition we present the results fer seven
preced¬
ing weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table
following) gives details regarding
transactions in Federal Reserve notes between the
Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
The comment of the Federal Reserve Board this time consists
entirely of a review of the operations of the
Federal Reserve banks during the calendar
year 1921, and we give it in full in our department of "Current Events and
Discussions" on page 2767.
The
Combined Resources
and
Liabilities
of
Dec. 28
$
RESOURCES.
Gold and gold certificates
Gold settlement, F. R Board
--
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold
reserve
1921. Dec. 21
the
S
380,911,000
534,099,000
Federal Reserve Banks
1921. Dec.
14
1921.
$
Dec. 7 1921.
S
at
the
Close
of
Nov. 30 1921. Nov. 23 1921. Nov.
$
$
Business Dec. 28 1921
16
I
1921.'JVor.
1
9
1921. Dec. 30 1920.
380.268,000
430.560.000
484.048.000
488.917.000
485.108.000
473.760.000'
$
469.250,000
559,621,000
604,744.000
457,202.000
465,236,000
425,833.000
424.014.000;
500.723.000
$
263,952,000
356,244,000
3,300,000
915,010.000
939.889.000
935,304.000
941.250.000
897.774.000
954.153,000
910.941,000
969.973.000
623,496,000
1,846,369,000 1,833.108.000 1.813.422.000 1.787.724.000 1.779,605.000 1,811.310,000 1.810.060.000 1.723.523.000
1,276,214,000
108,221,000
97.997.000
120.447.000
122.053.000
115.639.000
112,972,000
110.067,000
122.803.000
159,623,000
2.869,600.000 2,870,994.000 2,869,173,000 2,851,027,000 2.849,397,000 2,835,229,000 2,823.901,000
2.816,299,000 2,059,333,000
CHRONICLE
Legal tender notes, silver. Ac
Tote! reserves..
Bills discounted:
Secured by U. S. Govt, obligations...
All other.......
Bills
bought In
Total bills
open
market
hand
on
[7. 8. bonds and notes—
....
17. S. certificates of Indebtedness:
One-year certificates (Plttman Act)..
■
Another:
........
Municipal warrants
;
...
Total earning assets
Bank premises.
....
.
-
6% redemp. fund agst. F. R. bank notes
Uncollected Items
All other resources
Total
resources.
LIABILITIES.
Capital paid In
103.166.000
Surplus
213.824.000
Reserved for Govt, franchise tax...
64.643.000
Deposits—Government
33.103.000
Member banks—reserve account.
1.674.064.000
Allother..
30k549.(HM)
Total
-
F. R. notes In actual circulation
F. R. bank notes In circulation—net Ilab
Deferred availability Items.......—..
All other liabilities
I
Total liabilities
;
....
of gold reserves to deposit
F. H. note liabilities combined
Ratio
Ratio
total
of
reserves
to
deposit
and
and
F. R. note liabilities combined
Ratio of total reserves to
circulation
after
F. R.
setting
notes In
aside
35%
against deposit liabilities
Distribution by Maturities—
1-15 days bills bought in open market
1-16 days bills discounted
1-15 days ft
certlf. of indebtedness-
Municipal warrants
lb-30 days mils bought In open
market.
10-30 days bills discounted.
16-30 days P « certlf. of Indebtedness.
Municipal warrants
31-00 days mils bought In open market.
81-00 days blllH discounted
-.
81410 days TT
8
..
certlf. of Indebtedness.
Municipal warrants
...
61-90 days oiils bought In open market.
01-90 days bills discounted
01-90 days
n( 8
certlf. of Indebtedness.
Municipal warrants
Over 90 days otils bought In open market
Over 90 days bills discounted
Over oo dav
t
nprtif.
of Indebtedness
Municipal warrants
Federal Reserve Notes—
Outstanding
Held by banks...
In actual circulation
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent.
Issued to Federal Reserve banks
How Secured—
By gold and gold certificates.
By eligible paper
Gold redemption fund
With Federal Reserve Board..
Total.
E'lirlhlp
npnpr
flpil^pro/i t-n
F
P.
4 pent
WEE ELY STATEMENT OF RESOURCES AND LIABILITIES OF V ACH OK THE 12 FEDERAL RESERVE
BANKS AT CLOSE
Tico cipher t (00) omitted.
ifQCLfsTQtX
rt686TVC t$(Xl%K OJ
Boston.
RE SOURCES.
Gold and gold certificates
Gold settlement fund—F. R. B'd
gold
Total
5
39.463,0
1,776.0
52.695,0
431,389.0
54.471.0
$
12,182.0
8
2,841.0
Secured
Chicago
64.935.0
623,110,0,146.185.0 176,444.0
St.
Louis Minneap
Dallas
20,728.0
26,886,0
33,731.0
10.574,0
37,444,0
534.0»9,0
19.547,0 105.776.0
23,940.0
36,003.0
36.223.0
33.562.0
17.822.0
55.674.0
915.010.0
11,417.0 221,422.0 1.846,369.0
44.895,0 314.511.0
5.906,0 23,999,0
66,375.0
16.856,0
28,567,0
3,485.0
2,765,0
3.027,0
64.014,0
70.348,0 444.2S6.0
93.800.0
55,624,0
67,817.0
11,546,0
44,615.0j
6,230,0
Total
22.819.0
7,633,0
9,752,0
San Fran
1921
$
6.027.0
15,000.0|
OF BUSINESS DEC. 28
5,103,0
J32.753.0 19,978.0 14.444,0 83.940,0
2.651,0
3.259.0
108,221,0
31.800.0 280.328.0 2,869.600,0
7,208.0
6.743.0
9,351,0
756,0
6.464,0
70,757.0
75,790,0 458,498.0 103,151,0
56,380,0
74,281,0
25,346,0
60,344.0
69.080,0 135,709.0
3,644,0
5,296,0
23,533,0
7,525,0
15,741,0
9,512.0
20.961.0
487,193.0
42,496,0
44,814,0
51,976.0
41,879.0
50,301,0
692,640,0
1,400,0
165,0
20.822,0
114,240,0
69,117,0
51,556.0
by
141,863.0
71,194,0
70,213.0
42,709.0
42,931.0
42.418.0
20.103,0
67,688.0
54.982,0
12,140,0
47,313,0
15,277,0
4,689,0
3,346,0
26,515,0
other.
Bills bought In open market
hand
81.073,0
U, 8. bonds and notes
1.658,0
9,272,0
3,690,0
5,282.0
9.950.0
36,400,0
12,000,0
8.040,0
1,669.0
55,533,0
208.0
285,0
on
Atlanta
245.726.0 1.114,114,0 216,638.0 254.614,0
reserves
bills
Cleveland Richmond
234.180.0 1.069.499.0 210.408,0 247.406.0
U. S. Govt, obligations
Total
S
289.926.0
141.463.0
24.717,0
reserves
discounted:
All
S
0.975,0
163,025,0
Legal tender Dotes, silver. Ac...
Bills
Phila.
46.438,0
Total gold held by banks
Gold with F. R. agents
Gold redemption fuud._.._
Total
Netc York
■
260,370.0 105,593.0 115.0S9.0 101.259.0
U. 8. certificates of Indebtedness:
1,233,0
5.442,0
14.212,0
98,070,0 201,349,0
10,980.0
11,551,0
148,0
66,177.0
52,339,0
6,603,0
3,430,0
122,600,0
38.493,0 283,758,0 2,992,200,0
92.084.0 1,294,073.0
1,332,0
291,0
8,868,0
2,630,0
2,685.0
59,472,0
8.564.0
14.667,0
6,569,0
4,450,0
5,320.0
1,900,0
7.880,0
119,500,0
2,0
1
4,321,0
220,0
115,0
62.472.0
,
One-year ctfs.
All
(Plttman
Act).
other
Municipal
warrants
94.350.0
4,713,0
Reserve bank
no les
74,298.0
15.0
150,0
334,0
57,183.0
83,470.0
4,425,0
56,086.0 102.764,0 1,535.851.0
810.0
2.176,0
35,015,0
628,0
769,0
422,0
1.647.0
700,0
539,0
188,0
512.0
52,269,0
119.412.0
1,664,0
523.0
235 0
47,354,0
916 0
51,039.0
42,299,0
156,0
25,938.0
430,0
68.972,0
3,642,0
423,0
43.326,0
15,092.0
982.0
38,212,0
27.445.0
555,0
744,0
1.709.0
771.0
998.0
656.0
3.040.0
6% redemption fund against Fed¬
Uncollected items...
All other resources
361,575,0 121,676,0 128.693.0 106.252.0 117,616.0 231,888-.0
6,810,0
536,0
3,964,0
2.969,0
1,055,0
6,160,0
14.0
89.0
95,0
Total earning assets
Bank premises
eral
3,760,0
Total resources
LIABILITIES.
Capital paid In
Surplus
Reserved for Govt, franchise tax
Deposits:
Government
Member b
All
nk—reserve acc't..
other
Total deposits
F. R. notes In actual circulation
F. R. bank notes In circulation
net
liability
Deferred availability Items
▲11 other liabilities
Total liabilities
127,396,0
4.203.0
7.113,0
394,0
37.408.0
6,628,0
7,896,0
559,766.0
20,578,0
Dec. 31
1921.]
THE
LIABILITIES (Concluded)—
Two eiphers (00) omitted.
Boston
New York
Phila.
Memoranda.
%
$
$
Ratio of total
reserves to
CHRONICLE
Cleveland Richmond
$
Atlanta
$
2799
St.
Chicago
%
Louis Mlnneap. Kan. City
$
$
$
Dallas
San Fran.
Total
$
%
*
I
deposit
and F, R, note liabilities com-
bined, per cent
<
76.1
Contingent liability
80.8
71.2
72.7
2,336,0
12,036,0
2,560,0
2,624,0
42.3
42.6
70.6
63.2
56.7
53.3
1,568,0
1,152,0
3,808,0
1,504,0
864,0
1,536,0
45.1
76.8
71.1
832,0
1,472,0
82,292,0
bills pur¬
on
chased for fcreign correspond'ts
v
'
<
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS
DEC. 28 1921.
Federal
Reserve
Agent
Resources—
Federal Reserve notes
Federal
at—
Reserve
hand
on
notes
!New
Boston.
(In Thousands of Dollars) J
and gold
certificates
5,600
Gold redemption fund
Gold fund—Federal Reserve Board
Reserve
notes
received
I
18,375
paper
8,300
75,664
5,960
13,052
2.400
6,702
349.013
15,866
4.315
1,604
2,207
56,100
2,200
26,360
193.565
78.467
65,338
85.100
85.448
135.055
48.945
43.621
47,097
2,234 204.501 1,381.524
28.444
78,844' 950.171
38,500
13,706
49,657
14,386
12,297
66,206
17,024
6,607
21,771
22,799
1,967:
601,606 141,380
314.511
66.375
2.481
16.921
115.832
12.5571
296,336
69,187
83.964
58.986 336,006 3,650.375
16,856
28,567;
11,417 221.422 1,846,369
65,969, 50.228
201.261
153.346
68.868,
51,243
giving the principal items of the
In the statement
19,454
91.401,1.246.507
18,666
409,355
96,654
57,482
and liabilities of the Member Banks.
BRANCH
CITIES
ALL
AND
OTHER
borrowings from the Federal Reserve banks,
consolidated
statement
of
condition
Dec.
on
OF REPORTING
MEMBER
New York
49
Including bills
R.
58
page
2523.
FEDERAL
000 to $743,000,000, or from 4.5 to 5% of the banks' total loans and invest¬
ments.
For the New York City banks an increase from
$133,000,000 to
$158,000,000 in total borrowings from the local reserve bank, and from
2.8 to. 3.3% in the ratio of accommodation, is noted.
The increase of $177,000,000 in Government deposits, above
noted,
represents largely the amount credited to Government account by the re¬
porting banks after the allotment on Dec. 15 of the two series of newly
issued
tax certificates.
Other demand deposits (net) show a reduction of
$91,000,000 and time deposits a reduction of $13.000,f00.
Member banks
in New York City report increases of $64,000,000 in Government
deposits,
of $12,000,000 in net demand deposits, and a reduction of
$2,000,000 in
time deposits.
Reserve balances or the reporting institutions with the Federal Reserve
banks, in keeping with the large increase of borrowings from the reserve
banks, show an increase of $62,000,000. while cash in vault, composed
largely of Federal Reserve notes, went up $12,000,000.
Corresponding
changes for the New York City banks include increases of $64,000,000 in
reserve balances and of $8,000,000 in cash on hand.
Richm'd.
85
Atlanta.
St. Louis
Chicago.
43
82
112
1921.
Three ciphers (000) omitted.
Dallas.
Kan. City
Mlnneap
37
35
80
San Fran
53
Total.
64
808
re-
bank:
3
Loans sec. by U. S. Govt, obligations..
Loans secured by stocks and
PhUadel. Cleveland.
110
IN
As a consequence total accommodation of the
reporting institutions
at the Federal Reserve banks shows an increase for the week from
$664,000,-
Data for all reporting member banks In each Federal Reserve District at close of business DEC. 21
Boston.
BANKS
cash.
A further increase of $5,000,000 in the investments of the reporting insti¬
tutions in U. S. bonds, mainly Liberty bonds, is shown.
Holdings of
Victory notes increased by $3,000,000, those of Treasury notes by $37,000,000, and those of Treasury certificates, following the Dec. 15 issue of
two series of tax certificates by $36,000,000.
Corresponding changes for
member banks in New York City include increases of $8,000,000 in U. 8.
bonds, of $7,000,000 in Victory notes, of $35,000,000 in Treasury notes,
and a decrease of $11,000,000 in Treasury certificates.
Investments of the
reporting institutions in corporate and other securities show an increase of
$10,000,000 for the week, largely outside of New York City.
In conse¬
quence of the changes noted, total loans and investments of the reporting
F.
Definitions of the different items
During the week the banks drew large amounts of Federal Reserve notes
reserve banks, in order to meet the large
pre-holiday demand for
21
in leading cities.
by U. S. Government obligations show an increase for the
week of $7,000,000, loans secured by corporate obligations an increase of
$10,000,000, while other loans and discounts, mainly of a commercial and
industrial character, show a reduction of $31,000,000.
For the member
banks in New York City an increase of $8,000,000 in loans secured
by
Government obligations and reductions of $6,000,000 in loans secured by
corporate obligations and of $10,000,000 in commercial loans are noted.
Federal Reserve District.
353,043
from their
banks
Number of reporting banks
56,014
000,000.
indicated by the Federal
are
Loans secured
with
3.569
36,292 244,252 2,443,497
Institutions are shown $77,000 000 larger than the week before, the cor¬
responding increase for the member banks in New York City being $30,-
against
as
*
discounts,
69,6671
RESERVE
REPORTING BANKS AS AT CLOSE OF BUSINESS DEC. 21 1921.
reduction of $104,000,000 in other deposits, accompanied by an increase
of $77,000,000 in loans and investments and a commensurate increase in
member
39.861 300.266 2,796.540
5,997
System.—Following is the weekly statement issued by the Federal Reserve
resources
a
weekly
75,664
2.995
Aggregate increases of $177,000,000 in Government deposits,
Board's
60.477,
40.211
given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917,
were
AND
449,566 115.320'
6.956
8,626
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS
BANK
■
|
19,963
663.329 205,198 221,819 110.036 123.387
206,026
.
I
I
816.675 224.652 241.782 118,662 130.343
Member Banks of the Federal Reserve
discounted
$
19,125 35.740
853,835
39,861 300,266 2,796,540
567,510 1.995,760 513,410 566,541 276,829 343,954 1,117,378 273,724 136,271 181.399
121,646:648,829 6,743,251
Federal Reserve notes In actual circulation.
and
8,710
60,477
298,645
17.246j
Loans
26,060
Total.
%
3,995
223.272'
I.
$
38.500
Federal Reserve dotes outstanding...
of 808
$
31,595
Federal Reserve notes held by banks.
Reserve
152,040
K. City: Dallas. San Fr.
$
25.186
15,796
13,069
301,000 130.389 145,000
I
/
Minn.
449,566 115,320
323.412 1.140.585 275.052 275.102 143.781 201,314
163.025
623.110 146,185 176.444
33,562
44,895
81,073
232.065
92.173 114,995,99.486
97,745
received
Total
Board
33,320
L.
$
from
Comptroller of the Currency
from\Gold
Federal Reserve Bank/Eligible
50,400
St.
567,510,1,993,760 513,410 566,541 276,829 343,954 1,117,378 273,724 136,271 181,399
121,646,648,829 6,743,251
j
Federal
of
amount
$
S
20.826
Total
Net
Chicago
I
60.247
/Excess amount held
Collateral
Richm'd Atlanta
8
296,924
12.425
145.000
Eligible paper IA mount required
Liabilities—
CI eve.
S
25,119 70,971
816,675 224.652 241,782 118,662 130,343
223,272
Collateral security for Federal Reserve notes
outstanding
Gold
Phila.
323.910
100,140
outstanding
York
S
$
$
$
$
$
%
?
$
30.865
198,526
206.028 1.421,551
330.167
105.516
336,353
622.457
326,710
811,044 4,110,048
Total loans and discounts....
197.031
574,151 2.489,971
bonds
All other loans and discounts
586,762 1.003.395
452.910
377,839 1,615.006
53.378
50.771
20,684
$
$
$
$
$
15,780
67.908
23.829
516.350
51.301
446.739
123.876
32,209
66,281
37,573
146,837
3.165,109
310.7581,100,359
299.226
215,233
371,681
198,638
762.350
7.607.887
933,016 11,289.346
19.032
18,178
11,164
6.235
442.134
258,606
456,140
242.446
44.612
360.777
47.869
115,026
60.692
29.231
78.759
26,876
14,881
32,562
33.843
101.175
U. S. Victory notes
2,871
87,705
12.461
15.564
2.392
1,106
26.234
1,243
640
3,902
1.246
17.314
U. 8. Treasury notes
4,584
120.647
5,272
2,745
4.467
5
8.377
313
1,207
1.242
022
9,103
158,584
12.349
88.903
15,364
16,036
4 ,373
2,718
28,657
4.585
5,575
5,272
4.115
18,569
206.510
139,762
730,653
162,395
266,352
49,841
33,239
380,528
70,247
21,371
48,956
10.100
175,663
2,089,107
444,138 2,137,561
U. 8. bonds
U. 8. certificates of indebtedness
Other bonds, stocks and securities
dlsc'ts A Investments.
Total loans,
bills redlscounted
with
Reserve balance with
F.
R.
Incl.
Bank
1,015,222 5.498,733
Bank
Bills
830.123 1,419.118
574,675
545.398
302.280
548.074
645,451
60.366
88.489
31,433
24,511
176,059
40.465
21.294
43.196
23,917
117,881
732,134 4.716,034
180,708
455.571
F. R.
19.866
34.679
15.989
10.055
57.851
8.697
6,851
13,615
613.887
703,963
295,163
213.972 1,263.177
297,990
177.871
366.315
191.893
45,229
417,821
126.105
138,810
654,882
148.835
72,140
106,286
60.083
7,553
37,034
7,859
7,936
6,292
8,795
21,553
10,949
1,231
7,384
692
459
2,117
74.058
deposits
Time deposits
Government
deposits
21,992
113,086
29,432
31,147
8,794
7,863
132,550
27,940
25,134
21,806
27
675
payable with Federal Reserve Bank:
with
F.
R.
Secured by U. 8. Govt, obligations...
4.047
8.942
2.632
(000)
ciphers
180
1.381
33,605
Data
2,297
68,571'
14.704
64.519
32.489
of reporting
member banks in
New York
Three
9.301
22.531
341.294
615.834 10.248,233
560.388
2,906,918
5.912
14,465
291,502
3.297
10,470
84
278,972
Bank:
All other..
2.
292.372 1,254,840 14,862,534
20.887
81.506 1.307,715
1
Secured by U. 8. Govt, obligations.__
All other.
:
Bills redlscounted
172.678
.
Cash In vault
Net demand
946.303
City.
Federal
City of Chicago.
Reserve
3,194
81,870
3,057
34.419
Bank
and
All F. R. Bank Cities
187
28.151
branch cities and
F. R. Branch
all
2,827
62
2,084
33,374
15,268
'2,664
31,111
8,978
14,673
428,358
other
reporting banks.
Cities.\0lherSelected Cities.
Total.
omitted.
Dec.
Number of reporting banks
21. Dec.
14
68
Dec.
21. Dec.
68
51
14
Dec.
51
21.
Dec.
277
14.
Dec.
21 .Dec.
277
14. Dec.
212
212
21.Dec.
\A.Dec.2l '21.Drc.14 '21
319
319
808
Dec.24'20.
808
824
Loans and discounts, trie!, bills redls-
with
counted
F.
Loans sec. by U.
Bank:
R.
8
Govt,
'
Loans secured by stocks &
S
obllg'ns] 178.756
bonds.' 1,253.676
0. S. bonds
>
.......
U. 8. certificates of Indebtedness..
Other bonds, stocks and securities..
Total
loans &
Reserve balance with F. R.
Bk
Bank..
51,632
324.300
322,598
2.276.999
697,267
696.598
4.847.059
7,487.107
363,049
'l
502,399
1.13,669
86.128
S
85,797
S
55
67,173
$
5
516,350
509.676
888,648
2.274 460
467,972
462,224
420,138
418.098 3.165,109
4,866, 096 1 .430.5651,439.3701.330.263 1,333.627, 7.607.887
3.154.782
3,126,572
7.639.003
67.490
7.496 9451 .984.0651 ,987.391 1,817.574 1.819.215 11.289.346 11.303.551
496 294
946,303
940,563
220,700
223.415, 223.569 220.489
106 420
41,912
172.678
169.553
20.104
21.221
38.905;
92, 466
16.808
16,450
13.231
13,284
158,584
126. 454
34.1611
23.408
25,863
21.561
206.516
171,423
580,782!
579.015!
352.043
350,781
2.089,107
2,078,520
90*3.474
202,093
122,200
146.492
a
82.511
93.798
19.713
7.539
553.222
552,389
173,125
168,528
1.156,282
1.148, 724
.774,159 4, 743,5411 ,303,704 1.285.519
602,797
126.402
538,737
127,176
9,534.494
9.467,303 2.878.736 2 .871.7452,449.304 2,446.762 14.862.534 14.785.81016,692.152
191.452
138.8201
143.762
910,5641
188,804
1,307,715
1,245.7781 1.333,808
310,821
a
980.091
102.481
93.705
34,676
33.317
237.043
876.759
879.970
285,908
311.833
316.447; 1,381.146
198,126
7.272.716
187 480
62,777
59.192
80.3911
82.308
341.294
328.9801
356.110
7.307,433 1,554,923 1,592.666 1,420,594 1,438.451 10.248.233 10,338.550 10.653.558
1,388.939
918,086.
923.825
667.686
666.779 2,966.918 2,979,543 2,788.949
106,168
42,459
29,605
13,907
222,536
90.550
43,849
15,443
25,117
9,253;
291,502
115.246
344,013
80,565
2,515
1,518
168.105
133,425
68,834
59,710
42,033
38,295
278.972
231.430
645,450
180
180
180
945
860
992
607
2,117
1,647
6,696
1.870
1,620
2.389
2,316
21,658
20,702
7,899
3.852
33,374
31,464
253.654
51,190
47,882
33,484
238,737
212,671
88,635
6,910
87,627
3,817
45,775
F. R.
with
109,915
180
100,986
99,133
428,358
399.431
1,268,623
3.3
deposits
2 8
2.0
4.5
3.9
5.8
5.4
6.0
5.8
5.0
4.5
13.0
Bank:
Sec'd by U.S. Govt, obligations..
All other..
Bills redlscounted
356 389
$
128.545
284.068
...
deposits
Time deposits
Bills payable
170,731
53.007
$
S
,248.744
Cash In vault
Government
S
Invest'ts.
dlsc'ts A
incl. bills redlsc'ted with F. R
Net demand
S
1.630,264 3,638.1871.073.199 1,072.203
312.652
305.357
22,393
22.624
79.506
73.247
12.008
11.345
116.004
80,563
3.266
3,280
Total loans and discounts
U. S. Victory notes
$
1,259,536;
2.197,832 2.207,920
All other loans and discounts
U. S. Treasury notes
5
with
F.
R.
Bank:
Sec'd by U. 8. Gov't obligations..
All other...
Ratio of bills payable A rediscounts
with F. R.
Bank to total loans
and Investments,
•
per
Comparative figures
not
available.
41
[vol. 118.
chronicle
the
2800
Sales
stocks.
(Siizzttz.
IGantijcrs7
Week ending Dec. 30.
Friday Night, Dec. 3 ) 1921.
Stocks.—The security
markets opened strong after the Christmas holiday and
prices for bonds, stocks and foreign exchange moved steadily
apward throughout the day on Tuesday and a part of
Wednesday.
This movement carried sterling above $4 20
and several bond issues, including some Liberty Loans,
to
new
high quotations.
The succeeding reaction has
wiped out about half the previous advance, but a substantial
list of the best known active stocks still show a net gain
of from 1 to 2 points.
To-day's stock market maintained the general character¬
istics noted above, notwithstanding the suspension of a
somewhat prominent Stock Exchange house.
The latter
was not a surprise to the Street and is looked upon as an
event which will have a tendency to clear the atmosphere,
so to speak.
Call loan rates were quoted at 6% during the
last hour or more, a rise which is an unusually moderate
Wall Street,
one
Miscellaneous
and
Railroad
for the
season.
The following are
week of shares not
sales made at the Stock Exchange this
represented in our detailed list on the
which follow:
pages
Preferred
Preferred
100
American
rnerlcan Wat wks &100
el
pref (7%)
Dec 28
66
Dec 28
100
53
Dec
Atlas Taok
no par
Austin,Nlch&Co
no par
.
1
4
Janj 114%
48
Aug
48
Union
arc
First
20
Dec
Dec 28
Dec 28
1
July
Jan
32%
3%
July 113%
Dec 29 100%
12%
Dec 29
8%
Doc 29
Dec
20
Jan
5%
Sept
2%
96.30
21
99.00 HOLI-
90.42
97.20
97.18
96.80
95.72
95.94
96.32
90.72
96.42
96.34
95.90
96.44
96.62
4%
20
1,100
600
3
Case (j i) Th m, pref 100
Central rroi n j...100
1,035
63
Chicago & Alton, pref 100
100
Case
Plow..no pa
(j i)
Chic St p m
100
Dec
3% Dec 28
70
100
500
200
14% Dec 29
99% Dec 29
68% Dec 30
Durham h m pref... 100
200
87
Emeraon-Brantlng'ni ,100
200
Detroit United
Preferred
Fairbanks
1,850
.no pa
Detroit Edison
Gray & Davis
no par
Habir'w el Cable.no par
85
Homestake Mining.. 100
300
53 %
Hydraulic Steel...no
300
100
pa,
51
87
Dec 30
2% Doc 30
Jan
76%
Nov
Feb
40%
Nov
5%
Jan
Dec
33%
Dec
Dec
90
Nov
Jan
33%
Dec
Jan
60
Dec
11
Dec
15%
3
Nov
10%
63
Dec
85%
6X
Liberty
3%%
21
Jan
Jan
Nov 100
Oct
75
91
notes of
Total aaies in $1,000
2%
Dec
Oct
15%
40
Jan
Dec
41%
Apr
Dec 27
Doc 28
39%
Oct
59%
Oct
40%
Dec
42
Dec 28
9%
Jan
16%
%
Nov
13%
Jan
Jan
86
Dec
49%
Mar
61
May
69
6
Dec
Dec
Mar
20%
5
4
2d 4s.
66
61
Dec 30
61
Dec 30
52
Aug
Dec 27
21
Internat Nickel, pref.100
600
60
Dec 30
67% Dec 28
60
Iowa
..100
100
4
Doc 30
Dec
0%
Mar
kcfs&m, pref...100
Kelly-Sprlngf 6% pf.100
Kresge (8 8) Co.
Kress (s h)
100
67% Dec 28
67% Dec 28
60
Sept
67%
Dec
100
71
71
70
May
80
1
1922
>
7% Dec 28
% Dec 30
Dec 28
4
Dec 30
Dec 28
Dec
6%
June
Dec
3%
Dec'28 130
Dec 29 175
1,100 171
91
Dec
27i 94
Dec 30
70
Dec 24 102
Dec 27
64
33% Dec 30
3% Dec 28
35% Dec 24
27
Aug
13
7,500
25
1,200
Market Street Ry...l00
Prior preferred
100
600
31% Dec 27
2% Dec 29
Locomotive... 100
Sept
18
June
2%
Dec
35
18% Dec 24
22
Dec 28
21% Dec 30
11%
Sept
Aug
Ctf dep stp ass'd-.loo
400
Aug
100
1% Dec 28
7% Dec 28
X
First preferred
1% Dec 28
7% Dec 28
Dec 30
85
May
June
100
1,600
no par
w
30,100
1
1
6,800
14
3% June
36%
7
Nov
8
15%
Dec
9%
26%
Dec
75%
Dec
28%
Jan
33
Feb
21
Dec 29
21
17%
n y Shipbuild'g..bo par
Norfolk Southern ...100
400
1,400
Norf a West, pref... 100
200
Ohio Body a Blow.no par
800
8
Dec 29
11% Dec 30
Ohio Fuel Supply
25
100
40
Dec 30
46
100
1,000
4
Dec 29
100
13% Dec 29
8% Dec 28
Dec 30
69%
200 122
Dec 29
13% Dec 27
9% Dec 30
13
70
62
Dec 24
Dec 30
4% Dec 29
Dec 28 123
Dec 27
8%
7%
40
3%
87
June
Dec
Sept
13% May
June
75
Dec
Dec
Nov
11%
June
48
Jan
Aug
6
May
Aug 148
May
..100
300
41
Dec 28
41% Dec 28
39%
Dec
85
Jan
1st pref..
.5
100
45
Dec 28
45
Dec 28
45
Dec
45
Dec
Pacific Mail 88.
600
11% Dec 30
12% Dec 28
8
Aug
17%
Jan
Panhandle par, pf. 100
100
76
76
68
Aug
78%
Dec
Parish a Blngham.no par,
200
13% Dec 29
100
300
90
100
100
11% Dec 27
11% Dec 27
no par
1,6c0
77% Dec 24
92
Dec 30
no par
500
85
Dec 27
89
Dec 29
37%
37%
700
84
Dec 29
84
Dec 29
79
700 •20
Dec 29
20% Dec 27
19
55% Dec 29
59
Dec 28
47%
Nov
80
Jan
Dec 28
94
Dec 30
85
Nov 104
June
Pacific Coast,
Penney, j c, pref
Peoria a Eastern
Phillips Jones
Preferred.
■
Pittsburgh Steel, pre! 100
Rand
Mines
no par
Dec 29
Dec 28
Dec 29
13% Dec 28
90
Dec 28
1st pref.100
200
Sears, Roebuck, pref.100
Shattuck Arizona
10
1,700
2,000
88
8
Dec 29
8% Dec 28
So Porto Rko Sugar. 100
3,880
30
Dec 28
44% Dec 30
Remington,
f
Preferred..'
100
Standard Milling...: 100"
100.00
100.00
100.04
100.00
(Close
100.04
100.05
100.06
100.08
100.08
437j
1.878
1,476
2,903
2,132
100.04
100.06
100.06
100.08
100.08
100.00
100.00
100.02
100.06
100.04
100.04
100.06
100.06
100.08
100.08
277
165
323
211
360
table
includes
9% June
85%
8
4%
26
15%
Apr
Feb
94
Aug
Nov
12
Jan
Apr
92
Dec
Apr
89
Aug
Mar
Apr
Jan
85% May
26%
9%
Oct 103
Sept
Dec
Jan
sales of coupon
.97.20 to 97.66
...96.08 to 97.26
99.84 tolOO00
99.84 to 99.88
96.901
13 Victory 3%s
S.. Govt.
1
Obligations.
Int.
Asked.
Rate.
Bid.
5X%
100% lOO11^
Bid.
100%
June
15
Mar. 15
1922
5%%
100%
Aug.
1
1922
6%%
100%
Mar. 15
1922
100 *Z
Sept. 15
1922
5%%
1922
5%%
5%
4%%
100%
Mar. 15
100%
100%
100%
Sept. 15
1922
4%%
100
100
June
5%%
5% ft
101%
Asked.
Maturity.
1922
100%
1
lOO11^
100%
100
192% 1 102%
102%
15
1924
Sept. 15
April
1924
review
of the Curb Market is
■
Curb
The
Market.—The
given this week on page 2789.
Foreign Exchange.—The market for sterling exchange
has
ruled
tinental
prices
dull
were
To-day's
without essential change.
Con¬
somewhat irregular, but on the whole
but firm,
exchange
was
well maintained.
(Friday's)
actual rates for sterling exchange were 4 17%@
4 19% for sixty days, 4 19%@4 21% for checks and 4 20%@4
cables.
Commercial on banks, sight 4 18%@4 20%, sixty days
78
Dec 28
78
Dec 28
78
Dec! 103
Apr
Dec 29
115
Dec 29
88
AUg; 119
Dec
21% for
4 14% @
and documents for payment (sixty
days) 4 14%@4 16%.
Cotton for payment 4 18%@4 20% and grain for
payment 4 18% @4 20%.
To-day's (Friday's) actual rates for Paris bankers' francs were 7.92 @
8.01 for "long and 7.98@8.07 for short.
German bankers' marks are not
yet quoted for long and short bills.
Amsterdam bankers' guilders were
36.24@36.46 for long and 36.60@36.82 for short.
;
Excbsnga at Paris on London, 52.45; week's range, 51.04 high and 52.4<
1
low.
4 16%,
ninety days 4 13%@4 15%
The range for foreign exchange for the week follows:
Checks.
Sterling, Actual—•
Sixty days.
4 21%
High for the week.:
4 19%
4 18%
Low for the week
4 16%
Paris Bankers' Francs—
8.01
High for the week
Low for the week
Germany Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
7.87 %
Cables.
421%
4 19
8.09
8.10
7.95%
7.96%
00.56
00.56%
00.53%
00.52%
36.46
High for the week
Low for the week
36.09
36.92
36.97^
36.50
36.55
Domestic Exchange.—Chicago, par.
St. Loirfs, 15@25c. per $1,000
discount.
Boston,
par.
San Francisco, par.
Montreal, $95 25 per
„
100 115
250
only
100%
lOOvfj
Dec
Dec
July
July
600
Otis Steel, pref
100.00
97.22
5%%
Jan
Dec
par
Silver
12
8%
65
Otis Elevator
Jan
22%
75% Dec 29
Ontario
3%
15% Dec 28
Dec 29
no
100.20
97.16
Rate.
Dec
24
8% Dec 27
26% Dec 29
76
Mullins Body
1,711
100.08
97.30
45% May
22
Dec 29
70
Essex
3,093
100.08
96.80
1922
Dec
May
8% Dec 27
25% Dec 27
50
Morris a
2,602
100.08
96.40
Dec
Maxwell Motors—
w
2,721
100.04!
16
Maturity.
Feb.
Dec
20
Co,
97.06
Jan
Nov
Aug 102
1,000
Preferred
96.92
Dec
1,800
2,700
Dec 28
15%
29
94
60
no pa>
Dec
61
Jan 177
200
93
Class b
96.82
Int.
27
'
96.38
Jan
Dec 27
mo k & t
1,743
97.32
96.20!
96.00 to
2d 4%s
27
Martin Parry
3,165
97.60
Quotations for Short-Term U.
100
Mathleeon Alkali
1,643
97.50
.94.50 to 94.60 1171 3d 4%s
95.90 to 97.00 1241 4th 4%s.
93.20
1360 Vlctory4%s
1st 4%s_
800
Manhattan Shirt
97.50
1,066
96.84
units
lst3%8
3
6;100
Lima
97.46
97.48
96.40
Low
Transactions in registered bonds were:
bonds.
10
Central
97.90
97.20,
97.40l
above
Note.—The
9% May
100
ctfs
97.40
Mar
Internal Cement_.no par
stock
97.46
] Low
1922-23
111 Central l l Securities
Indian Refining
1,481
97.80
97.50
451'
(Victory 3%s)
May
June
2,176
97.98
146
Oct
59
1,523
98.00
(High
] Low
I Close
Jan
84
916
97.76
(High
Dec
63
408
97.40
(Higb
] Low
(Bloae
Loan
87
June
Apr
96.60
(Close
4%% bonds of 1933-38
(Fourth 4%s)
otal sales In $1,000 units
Victory
1
97.30
]
Loan
62%
12
93%
Liberty
DAY
95.90
( High
4%% notes of 1922-23
(Victory 4%s)
Total sales in $1,000 units
Dec
22
55
Dec 29
6% Dec 29
Dec 27
Fourth
Feb
Mar
Liberty Loan
4%% bonds of 1928
(Third 4%s)
Total sales In $1,000 units
Apr
Oct 209
4s)
Total sales In $1,000 units...
Third
Nov
Dec 29
Dec 28
85% Dec 29
6% Dec 26
,
Dec 28
21
Dec 29
Dec
Aug
70
July
36% June
13% June
Dec 2
500
Hartman Corp
58%
23%
Dec
Dec
50
300
Gen Am Tank Car .no par
GUllland Oil, pref
Dec
22
Dec 28
Dec 30
19
55
Dec 24
Dec 30
22
(Second
•
Total sales In
Dec 24
»l 22
49% Dec 30 51
300 40% Dec 29 42
Dec 27| 12%
700 12
1
Doc 28!
5,100
1%
100
25
Jan
Dec
85
2% Dec 28
600
100
Co
1
9
99.10
1
Loan
bonds of 1927-42
Dec
54
Dec 30
Dec 29
Dec 30
Liberty
Aug
47
15
99%
69
Dec 29
4%a)
Total sales In $1,000 units.
%
Dec 27 186
6% Dec 29
Dec 28
82
44% Dec 30
Ry..l00
De Beers Cont m
Dec 30
27.180
60
400
1,100
27|
Dec 29
0% Dec 29
0...100i 2,500
&
Cluett.Peabody & Co 100
Preferred
Dec
100 186
8ecoud
(First]
1932-47
of
8%
29 33
2%
28
31%
29
27 x87%
28 14%
2f 41%
11% Dec 28
99.10
99.10
96.30
Jan
1,300
94
95|
98.00
(High
3
35
1
156
11
14% June
Dec
Dec
Dec
Dec
33% Dec
59% Dec
482
9
Dec 27
Dec 29
97.02
(Close
20
73
97.06
$1,000 units
Converted 4%% bonds off High
1927-42 (Second 4%s)
] Low
(Close
Dec 27
43% Dec 29
96.96
97.20
96.50
19
100
97.06
96.50
96.80
200
720:
97.50
96.72
90.62
114
4%%
97.20
97.32
96.30
96.20
Barnsdall Corp, ci b.25
Carson Hill Gold
3
96.78
96.30
96.50
Second
69% Dec 27
11
Dec 28
90.30
96.62
96.80
Dec
100
96.30
Low
96.36
86
Calumet a Arizona... 10
256
96.30
95.94
Jan
Dec 24
553
Low
70
31
760
90.80
Dec 27
200x87% Dec 30
938)
96.22
86
3,400
94.56
211
98.00
Dec 27,
Burns Bros bwl
94.40
94.26
High
86
Bush Ter Bldg, pref. 1c0
Butterlck
100
94.16
Low
100
43%
2%
33%
90
94 60
94.60
94.70
94.60
ICloae
100
300;
2X Dec 29
3.200! 31% Dec 30
94.70
94.38
94.60'
98.00
bonds
Jan
15
Converted
Second
Jan
Dec
Aug
100
95.00
94.10
Total sales in $1,000 units
Apr
13%
41
Brunswick Terminal. 100
.f
94.30
94.40
(Low
I Close
Nov
Jan
Brown Shoe Co
Feb
Dec. 24 Dec. 26 Dec. 27 Doc. 28 Deo. 29 Dee. 30
bonds off High
4%%
1932-47 (First 4 %s)
Apr
23% Dec 30
73% Dec 28
Dee
89%
State bonds
sales of
Total sales in $1.000 units
Converted
Dec 27
Nov
Mad 88%
May!
2796.
|
Dec
'
Jan 103
10
Brooklyn Union Gas. 100
]
Dec
22
Sept 107
Oct) 104
point higher than last week.
[ Higb
Loan
1932-47 (First 4s)
Dec
29
900
see page
3%% bonds of 1932-47—1 Low
(First 3%s)
(Close
Total sales In $1,000 units
Converted
4%
bonds
off High
Dec 30
1,300
Feb
47
limited to the various Liberty Loan issues.
are
Liberty
14X Dec 30
preferred
a
Daily Record of Liberty Loan Prices.
40
1st preferred.
Julv
Nov
Nov
Feb
Mar
Bonds.—Sales of Government bonds at
States
the Board
Dec 30
2d
than
more
United
Feb
66%
Sept
8%
x Dec 24
9
Dec 28
58% Dec 30
27%
Oct 150
week's decline.
April
X Dec 24
8X Dec 27
56X Dec 27
Aug
July 106%
New York, Boston, Philadel¬
on
Bonds.—No
Railroad
20
4X Dec 29
12%
15
reported at the Board this week.
The general bond market has assumed its former activity
and buoyancy.
On some davs of the week the transactions
have aggregated over 20 million dollars, par value, and a
few issues, including foreign governments and Liberty Loans,
have reached new high quotations, while railways and
industrial j have, in many cases, recovered more than last
40
620,
and
D ec 24
Jan
have been
200
Batoplla* Mining
British Emp Steel...
100"
State
200
Preferred
100
14% DMj 27
23
48
Doc 25%
Jan
Dec 40 % Dec
Aug 20% Mar
Sept 175
May
142% Deo 30 119
Dec 27 150
Dec 27 130
100 150
00 103% Dec 27 105% Dec 29 100
100 44% Dec 30 44% Dec 30 36%
Dec 28
95
Dec 28
100 95
87%
92
150 103% Dec 24 103% Dec 24
100 88% Dec 29 88% Doc 29 72
65
Dec 30 05
Dec 30
100 65
phia and Boston exchanges,
400
14X Dec 30
1,
For volume of business
50
Leather..no
Car
Tank
Preferred
60
Sales
Preferred...
Barnet
100
Van Raaltc, 1st pref. 100
West'h'se E & M 1st pf 59
pur
Auto
100!
United Drug 1st pref..50
Nov
Sept
Dec 29
27'
Dec 29
Preferred
Dec
56
Dec 29, 30
Dec
Nov
95
28, 66X Dec 28
Dec 30
Dec 24
June
2
32%
Jan
91
Dec 27
IX
100 113 X Dec 29 113%
700 12% Dec 29, 13
500
9X Dec 30 1 OX
pref.100
Rcfln,
29 X
200
29
Jan
53
Dec 24: 18
Dec 29 103
1.000
Nov,
91%
17 X
10
Assets Realisation
Dec
6%
Nov
Dec
300
Ann Arbor, pref
Jan 100
83%
64%
27i
Dec 29
23
26
t per share.
Dec
56%
Dec 28i
65
50 103
Dec
Dec
Jan'
Jan; 56%
66
100
100
Amer Wholesale, pref 100
Jan| 50%
66%
111X Dec 29
500
1st
Atlantic
99 X Dec 29 100
Dec 28
11% Doc 29 12% Dec 27
88% Dec 28 89% Dec 28
100
Amer Tel <fe Cable... 100
46%
43%
Dec 29
140
Dec 29
42% Dec 28
Dec 24
14
400
200
100,
TolStL&W, pref
United Cigar Stores..
4
Dec 29
Highest.
$ per share
share.
27% Dec 28
3% Doc 28
39
1,100
100
Tide Water Oil
$
26% Dec 27
10 67,300
Third Avenue
Highest.
|
42
53 X Dec 28
300 111
pref.100
Part pref (6%)
50
400
100
Snuff
Dec 29
Dec 24
2,000
American Chicle..no pa
American Radiator...25
Amer Sumatra,
Dec 29! 56 X Deo 29
53
200
Am Brake sh&Fy.ao pa
60
600
50
.
56 x
100
100
Bank Note. 50
American
Lowst.
Highest.
/voioe fit.
W>k
par\
I
$ per share.
900
1,090
100
Tem C&FP CI A .no
which
ftr
Week ending Dec. 30
Superior Steel
Lowest.
Highest.
Among the notably strong features are Atchison, Bait. &
Ohio, Cuba Cane, Great Northern, and Friscos., several of
Range since Jan. 1.
Range for Week.
ZnUt
STOCKS.
Lowest.
Par. Shares
Texas Gulf Sul
Range since Jan. 1.
Range for Week.
for
Week.
$1,000 premium.
Cincinnati, par.
.
■
.
\
New York Stock Exchange—Stock Record,
Daily, Weekly and Yearly
OCCUPYING THREE PAGES
during the week of stocks usually inactive,
For gales
PER
HIGH AND LOW SALE PRICE—PER
SHARE, NOT PER CENT.
8TOOK8
Sales
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 24
Dec. 26
Dec. 27
Dec. 28
Dec. 29
Dec. 30
9 per share
$ per sftare
9 per share
$ per share
S per share
Shares
92
92%.
92
92%'
85%
1%
86
86%
85%
1%
1%
*84%
1%
I
93%'
86
1%I
1
917g
86% I
92%
85%
1
86%
83
35
35
34*4
347g
35%
*52
63
62%
53
53
♦6*4
♦5%
J19
83
35%
53
6%
6*4
6%
5%
119% 120
7
5%
119*4
56
55%
15%
15
347S
6%
16
6%
16%
18*4
10*41
32*4
*6%
"6*4
16%
16%
187g
IS
297g
61%
98%
63%
31%
62%
99
32
72
31*4
84%
•71%
54%
64%
•53%
77
•74
*38%
39%
•56
58
38%
*2%
*3%
13%
84%
33%
6%
16%
16
32
54%
74%
38%
54%
74%
38%
*57
58
53
♦48
55
•
105% 105*4
117% 119%
2%
2%
3*4
3*4
10
10%
10
io%r
10%
10%
15
15%
15%
75
32
32
32%
15%
10»4
75*4
32%
15%
10%
74%
15%
10%
74%
10%
*4%
10
5%
*1*8
*5
97%
1%
96%
1%
53*4
*12%
*28%
57%
14
31
•29
31
*107
36
6%
67%
57
108%
108
108
35
35
36
5%
•66%
1%
17ia
466s
*2*4
5758
720s
♦51%
♦70%
♦60%
12
♦21
•96%
78%
<
5%
67
Q
93
*2
>*
1U
•92
♦X
I
4578
3%
575s
73'8
52%
24%
*77
<
s
H
a>
M
21
21
31
3U?
o
O
w
<
44
44
o
26
2614
8%
*21
70
8*4
22
*60
69
*63
54
*50
56
*61
52%
*70%
*60%
12%
24%
77%
73
43%
73
45
45
26%
K
I
*31
125*4
70
8
20%
H
20
14
CD
♦13
*6%
8%
27*4
36
125% 127%
8'
21%
21%
21%
7
6%
20%
6%
20%
14
13
8%
81
16
16
16%
61%
62
62
*12%
14
*12%
6%
14
*25
27
•25
27
6%
45
26%
69*4
16%
6%
18%
44%
69%
8%
•14*4
16
4*4
797g
18*4
79
36
*21
3%
3
5
•68
O
22*4
34%
*2%
79%
18%
44%
27 %j
125
14
21%
*35%
21%
32%
21%
37
21%
32%
3%
•31
H
43%
8%
700
100
36
1,900
46
6,800
3
6,300
56% 56%
73% z75%
74
75
*52
54
*52
*70%
72
*60%
12%
21%
62
*70%
*60%
400
8,600
54%
72
200
61*4
"""165
4,600
127g
12%
13%
21%
21
21
97%
78%
33%
20%
96% 97
76% z77
33%
33%
19*4
64
|
*63
54
I
*52
700
1,600
64
26%
25
25%
"4",800
79%
25%
*77
79%
72%
79%
73%
400
100
10
100
1st pref
Do
2d
*ref
Ore
Kansas City Southern
Do
pref.
Lehigh Valley
Manhattan
pref
Nat Rys of Mex 2d pref...100
New Orl Tex A
46
New York Central
N Y Chicago A St Louis... 100
First
N Y N
oref
Preferred A trust ctfs
17%June 20
42
100
16% Jan
8
8*4
2,800
I
600
77S'
3,100
Do
pref
Texas A Pacific
Twin City Rapid Transit..100
Union Pacific
100
Do
pref A
..100
Do
pref B
100
12% Mar 12
s*4:
2,800
Western Maryland (new)..100
Do
2d pref
100
8% Dee- 29
14% Dec 30
8%
8%,
8%
14%
15
16%
14%
15
8%
13
13
51%
6%
12%
*25
27
25
6%
15%
61%
6%
15%
16%
53
12%
12%
6*4
127g
25
24
24
6%'
52
800
8,900
800
3,100
1,300
500
pref
Wabash
.100
*49
50
17%
17%
16%
%
%
%
%
%
%
57%
58%
10278 102%
38
38*4
600
♦27%
28
27%
27%
27%
28%
•55
60
33
33
33
33%
33%
33%
94
94
,
57
102% 103
38
37%
667g
*102
*16
6% Dec 29
12% Dec 15
Wisconsin Central
23
pref
36*4
34*4
34
59%
59%
75%
59%
80*4
72%
69
77
59%
78%
71%
41%
68%
76
78
4»4
60
103% 109%
4%
6%
4%
114
5%
*57
107
45%
87
87
87%
•
Bid and asked prices; no
2,100
72
73%
72
73
41
417S
18,400
10
9*4
500
30
31*4
41%
9*4
30%
42%
•9*4
32%
6,000
*57
00
sales on this day.
5%
6*4
46%
87%
113
57g
86%
45%
87%
I Ex-rights.
1,100,
2,300j
800
40,300
200
108
Do
12.900
4%
4%
5%
44%
86%
6%
8,200
45%
12,800
87%
1,900
No par
....100
Beet 8ugar
100
pref
100
Can
100
pref
.100
American Car A Foundry. 100
Do
pref
100
Do
Cotton Oil
100
pref
100
10
Feb
27% OOt
105% NOV.
84% June
44
Oct
Dee
32
F0»
50
Deo
68
Fel
87
Dec
21%
007|
64%
Feb
57%
89%
OOt
OOt
AUg
Feb
8 '% Mar
83% Mar
15% Feb
23% Jan
Feb
11
20% May
5%
8%
88%
Deo
Deo
Feb
18
Jan 13
60
Feb
27*4 Dee 28
14
Deo
Mar
9
May 0
24%May 16
157s Nov 29
Feb
27% June
110
Feb
61% May
84% Sept
103
Nov
61
Oet
OOt
OOt
Oet
40
Sept
49% Oot
11% oet
20% Oet
118% Nov
33% Oot
66% OOt
85%
387a
48%
47
Mai
43
oet
129% NOV
69% Jan
Ang
15%
14
Aug
82%
Oet
Oet
7
May
Deo
13
Oet
7%
17
ll%vfay
12%
8%
21
May
307,May
20%
9
8
9
70% J m 10
ll%Map 9
19%May 9
37%May 9
95% NOV
14
Deo
Feb
July
11
64%
8%
Feb
Feb
Dee
Oot
oet
15% Sept
27% Oet
40
Sept
84%
23%
78
16
Nov
Oet
24
Deo
88%
51
Aug 29
24% Oct 17
54*4 Dec 21
29% Aug 10
23>sJune 21
76*4June 25
115%June17
108 May 23
157$June 23
85% July 6
114
July 16
American Hide A Leather. 100
8
Apr 14
100
pref
Amer International
42
Jan 25
100
...
40% Feb
100
pref
57
Jan
8
21% Aug
77l Aug
17% Aug
897g Aug
73%June
25
23
24
20
20
Corp..100
10
American La France F E__
American Linseed
.....100
pref
American Looomotive
Do
pref
American Safety Rasor
Am Ship A Oomm
100
100
100
26
No par
Amer Smelting A Refining.100
oref
37% Sept
60
7
29
2
3
8
Oct
Deo
jan 13
Aor
Oot
70
15%
247,
55%
Oot
73%
39% Jao 11
100
American Express
Do
3
05
June 21
% Dec 14
% Oct 31
June 13
Do
Jan
Oet
Oet
84% Nov
4
15% Dec 21
4
Do
101
Oet
Apt
10
Amer Druggists Syndicate.
Do
Apr
Fell
46% Mai
72
Jan
10
Mln'g
pref
American
50
Feb
42%
30
Amer Bosch Magneto..No par
Do
23%
Feb
Feb
Fel
18
Dee
10
pref
American
9
12%May 10
11
June
Nov
81%
65%
8%
057,
Deo
Deo
33% Deo
3% Dec
3%
11%
64%
Oot
Oet
95
Deo
No par
60
Ino
Inc.—......
Agricultural Chem..100
10,300; American roe
66
108
47g
6%
4%
44
83%
107*4 110
50
113
100
$ Less than 100 shares, a Ex-dlvidend and rights,
and ex-dlvldend 100% In stock (Aug. 22).
of Glen Alden Goal Co. at 35 per share
600
59
106% 108%
87%
share for share, to stock
1,300
2,400
81%
59%
110%
45%
87
3,400
13%
58%
80%
115
6
45%
5%
100
33
5
6
45
2,200
10
41*4
*9%
32%
*113
1,500
43
71
43%
6%
100
Jao 13
7%May
90%
Dec
67% Aug 26
20% Aug 29
4,100
21
Feb
14
.100
12,000
38% July
8% Deo
21
OOt
56% NOV
112% Jan
65% Oot
Aug
40
Dec 3 J
Aug 15
58%
40
39% May
94
22
33
Mines
Juneau Oold
American
Feb
53*4 Deo 7
19*4 Jao 8
52% Feb 17
60
Dec 28
26% Jan 3
10% Dec 30
100
June 23
2,300
13*4
.100
83
31*4
52%
24%
Feb
oet
34
29%
8%
16
Oct
28% Aug 24
Do
6%
17%
27%
48
—.100
Do
Dec
May
...100
Amer
Aug
8%
85
Oet 18
Allls-Chalmers Mfg
1,900
8
13% May
40
May
Oct
oet
Oot
Oot
Nov
Oet
oet
Oot
28
Allied Chera A Dye
Do
pref
7,300
97%
May
500
2,400
17%
35%
Feb
16
7,800
58
69
*67
Alaska
307g
•58
114
A lax Rubber
90
*56
......100
Express
Air Reduction,
56%
29%
34%
100
Jan
Dec
Miscellaneous
pref
Alaska Oold
87
13%
59
Do
29%
35
34
35%
33% 34
33% 34%
94
94
93% 94%
93*4 94*4
146
146% 146
140% 1467g
147%
114% 114% ♦114% 115% *114% 115%
21
21
22
20*4
20% 21%
44
45
43%
43%
44%
45%
4*4
4*4
4%
4*4
4%
4*4
128
128
129
129
128% 128*4
35%
A
Advance Ruraely.
87
13%
115
Adams
30%
14
♦57
II,900
Dec 29
Wheeling A Lake Erie Ry.100
Do
prof.i..
100
58
13%
10314 103*4
39%
Mar 11
51% Dec 30
297g
13%
•114
1,100
16,800
18
100
Do
41
28
15
66%
28%
*84
13%
32%
57%
104
38%
14
97g
17%
2,800
2,700
%\
57%
•13%
32
z49
'
100
Pacific
Western
58%
85*4
30%
58%
32
50
Aug
6% Dec 29
7
39% Nov 28
30%May
9
17
700
16*4
52%
6%
16%
*51%
Jan 15
Feb
57*4 Jan 15
25% Ang 3
100
4,900
15
8%
15
89%
55
.
UK)
United Railways Invest
Do
5
74% Deo
12% Mar
13%j
21
10
I
62% July 18
6
Aug 24
20%
7%
in
Dec
l3l7g Nov
13
20%
23% May
June 21
100
pref...
111
20
57
9%
31% Doc 29,
13%!
85%
29%
40%
9%
32%
5
20%!
67%
71%
June 21
13%
29%
70
Deo 28
20
29%
65%
40%
3
13
56%
9
.....100
pref
June-24
2% Oct 13
20%
*56
40%
100
100
21%
17
69
277gJune 23
67>8June 21
49
75%
100
100
100
17%
%
129%
80
100
49%
*126
32
Mar 11
Pacific Co
49
129'st
Oct >7
70
Railway
50
*434
Jan 19
23
Southern
49
•125
35
100
100
Southern
49
4*4
.100
18
65% Dec 12
66*4 Dec 7
Reading
Deo
7
18%
807,
66% June
877a May
Jan 12
pref
24%
41% May
Jan 28
100
100
30% Oet
22% Sept
91% Nov
417, Mat
6
23% Jan 12
23%8eDt30
1047, Feb 19
41*4
21%
6%
6*4!
7
Dec
6s%fli i»
88
Pittsburgh A West Va
Do
9
71
32%June 23
15*4 Mar 11
60
Apr 29
10,100
72%
81%^"'
88%June 21
31,300
09%
1
61%June 14
50
18%
7,900
1,300
Deo
...100
Western
Pere Marquette v t o
Do
prior pref V t c
Do
pref v t c
Do
7
Pacific.........100
18
16%
46%
Mar 11
4%
78%
48%
"22
16
19ijJune 23
16*4
14
%
67%
4%
Western..-100
28
44%
45
Nov 29
8t Louis Southwestern..—100
*4414
I6I.1
22
12
Do
pref
Seaboard Air Line—
900
5
June 24
FT A Hartford
Norfolk A
Do
76
July 16
64
Feb
77% Feb 17
June 20
68
100
100
preferred
N Y Ontario A
39
100
preferred
Second
Dee
63
0%
6i%June 21
4,200
1,100
45
100
Oet
21% Sept
80% June
2% Deo
3% Nov 22
June 21
2,100
10%
21%
10—100
2,300
33%
21%
v
2*4
47g
79%
10%
•43
Mex
34%
33
145%
100
r>ref trust ctfs
12%
Feb
93% Nov 2»
33% Mar II
2*4 Dec 22
Do
21%
400
9
5*4 Jan 10
100
31% 32 '
125*4 126%
69% 69%
*8
9
I
14*4 May
Oet
Deo
71% Nov 30
23% May 18
49% Nov 28
35%
5,200
9
July 6
58% Jan 25
Deo 28
19% Mar 11
24,400
60*4 Deo
118
Dec 23
St Louis-San Fran tr ctfs.. 100
45%
45%
26*4 27%
31*4 31*4
125% 126*4
lan 13
Deo 20
Mar 11
_
15,400
27%
Nov 26
1
21%
2,100
6
2
20%
35%
21%
33%
2%
4%
79%
18%
45%
Jan 26
Jan 25
16
21%
37 I
4%
11
Kansas A Texas. 100
20%
18%
44%
26%
Feb
Do
pref
100
Missouri Paolflo trust ctfs. 100
Missouri
60%June 20
50
145
100
14%
30
Dec 14
36%June 24
38% Aug 26
78%
65
6% Dec 28
Aug 24
83
Aug 22
60
3
578
10
63
60
347g
*114
32
Ry guar......100
60
49%
11%
142% 142%
100
1st pref...
49%
107g
*114
50
Nashville
2d
33%
94
17% Aug 25
47%June 21
97
Apr 14
Dec
287g May
Mar 11
10
12
8
May
_
Oct
260% 8ept
65% June
100% Nov 29
45% Jan 25
100
100
Do
11
*93
7
9%
16%
26
1% Dee 28
3% Dec 30
...100
pref
Do
Dec 30
18% Feb
6%
79% Dec l!
34% Nov 25
1 l%May 10
4*4 Deo 3 I
100
Jan 17
9
22%May 9
IS7, jan 12
June 14
Lake Erie A Western
A
7*s
25%June 24
100
Jan
15%May
Dec 14
60
Do
34%
34%
10
100
properties.No par
3
60
4%
Deo 14
100
...
Great Northern pref
Deo
110% Nov 28
May 16
15% Deo 22
Do
Dec 14
249
3% Nov 10
100
900
11
~35
Oct
400
33%
*66
108
Aug 25
1% Mar 24
45%
11%
89
Apr 14
693
I
44
35
29%
90
50
45%
*11
29%
Dei
44
*48%
*83
46
100
Aug
83% June
Feb
165
I
*33
*%
67»4
101% 101%
37% 38
36
I
60
17%
%
%
%
%
58
57%
♦101% 103%
37% 38
85%
85%
55% Nov 28
73%
36
50
Jan 26
46
*33
♦11
OOt
42
Erie
Industrial
*48^
54
43
34%
Oct
09
30%
72%
22
Oot
OOt
Bep*
Feb
43
*35%
21%
33%
2%
62
Deo
46
17,700
71%
Dec
July
Pennsylvania
500
Feb
31%
20
100
Northern
5,800
54
Dec
57% Dee 15
Jan,,
100
Hudson
31,030
64
Mat
84%
40
Delaware Lack A Western.
28,800
20%
41
Feb
2
100
27g
Dec
64
OOl
59
94
45%
21%
65
01% Mai
467g Nov 20
Mlnneap A St L (new).... 100
8,600
120
Dec
3
Minn St P A 8 8 Marie... 100
6,500
June
8
600
60,900
Deo
98
Jan
5,600
1%
2%
60
Jan 24
Jan
5%
17%
Jan 11
49
66%
1%
2%
36*4
71
27
4%
17
46% Jan 12
100
Duluth 8 S A Atlantic
Do
pref
Louisville
O01
Oot
44% NOV
100
pref
Delaware A
Do
33%
Dec
75
66%
£8
19*4
25*4
77%
73*4
43%
45%
21%
37
4,700
36
3
96%
77%
32%
400
108% 108%
45*4
3
*55
21
1,300
12%
30
67%
14%
Deo
3
11,100 Interboro Cons Corp..No par
1,500,
Do
pref
...—100
2,300
Deo
Feb
85% Mar 12
1%
6%
15%
21
110
June 21
Illinois Central
60*4
2%
45%
2
Jan 12
-
100
Colorado A Southern
Iron
Jan
70% Nov
00
15
3*4
9
77
32
Gulf Mob A Nor tr ctfs.—100
Do
pref
100
23%
9
7
1,100,
52% *52%
17%
13%
21*4
*21
25
79%
20%
16i4
61%
67g
72 |
60%
12%
21%
389
pref
13% Mai
134
Feb
Nov 28
9%May
207tMay
8ept14
3.500
12%
*28%
1%
2
17
74%
52%
72
61*4
3,900
Do
Mat
9
35
17
*90
2%
58
11,400
preferred
100
Clev Cln Chlo A St Louis..100
47
oet
Oet
17
6% Sept
89*4 Dec
97%
1
|
177g
46%
3%
7,000!
2,500
3%
5%
1
79%
33%
O
*8%
1%
97
6*4
*15
1
300
14,150
23%
94
32%
20%
6%
*13
*90
78%
21%
•35%
21%
31%
♦2*4
•4%
78%
18%
44%
w
70
91
97
45
1878
124% 125
91
72%
•43%
fc
36
69
5%
33%
20*4
64%
24%
0
3
*31
*64
5%
300
100
49%
OOI
54
Aug
109% Dec
66%June 21
100
preferred
Feb
0%
Jan
12% Sept
104%
40% June
Jan 25
i
31
15
56% 57
108% 108%
35% 36*4
68
I,300
9,300
Chlo Rock lal A Pae
7%
6%
10
37
June 18
97%
|
29
35%
•77
83
37
5
1
3%
23%
53%
*12%
97
79%
♦50
»
*35
79
108
800
100% 107
107% 108
116% 119
116*4 118%
2*4
2*4
*2*4
3
*4
5
*3%
4%
10%
10%
10%
10%
15%
15*4
15%
15*4
10%
10%
10*8
10%
75
75%
73*4
7378
31% 32 I
31*4 317g
47g
47S'
4*4
4*4
74
64%
Q
22
*2%
*4%
78%
18%
2d
73*4
52%
20%
1
71%
43%
*43%
*21%
43%
44%
Do
*55
$27,
72 U
1st pref
57%
0
79%
Do
100
3
tt
25
300
54
45%
m
20*4
♦60
400
59
*49
3
33 «4
04%
50%
40
*57
50
3
»
78*4
♦20
*63
*38%
58
1%
2%
97
33
39
1,300
27%
29% Dec 23
60% Apr 14
96
July 1
22% Mar 11
68*4 Mar 12
100
58
32%
84%
72*4
9
17% Dec 23
...100
pref
39
29
58%
2
pref
Do
Dec
'29
12378 Nov
65% May 9
6% Dec 17
Chicago A North Western.100
600
17%
46
Pi
72
13%
30
17%
1,400
8,500
x82
167g Nov
14
Chicago MUw A St Paul—100
Do
Nov
'29
91
90% NOV
82
Deo
3 i% Dec 29
100
300
67
95
39,400
June 20
4%
13% Deo 29
pref
75
34%
5%
6%
67%
42,700
Do
55
2%
O
56%
73%
•51%
•70%
60%
12%
21%
♦e6i8
78%
61*4
12%
21%
108
19*4
33%
June 20
46
Chicago Great Western... 100
55
17%
45%
a
3
17%
537g
66%
57%
1,600
1,800
1,800
28,700
17
101
100
Chic A East Hi RR (new)
Do
pref
*72%
967g
1%
3*4
23*4
3%
23%
53%
13%
*28%
34%
6*4
100
4
7% Jan
3%8ept 10
Pacific
Chesapeake A Ohio
55 |
74%
16
1%
4,300
Certificates of depositCanadian
74
96%
1%
3%
23%
53%
14
3%
23%
53%
14%
1,300
547g
16
1%
4
23%
637g
56% Nov•29
147g Jani 25
*71
96%
3%
23%
53%
•12%
*3%.
23%
Dec 29
72%
17
96%
97%
Mar 14
6
847g
17
17
42%May
47
32%'
*47g
7
17
*97
32
30% Mar 11
100
72
10%
76
32%
5%
747B
100
7,200
,1,300
62%
64
100% 101
31*4
84%
Feb
May
Rapid Transit—100
pref
84%
I
76
72
Baltimore A Ohio
*49
73
847g
58
18%
31*4
Dec 19
Nov
'29
Apr 27
Do
Highest
share < per short
94
77
Brooklyn
per
88
77%June 24
75% Jan 3
1.300
85%
8,000
6%
Lowest
I
Dec 15
2,100
34
9 per share
1
7,860
*16
Atch Topoka A Santa Fe—100
Do
pref
100
Highest
$ per share
Par
Atlanta Blrm A Atlantic ..100
Atlantic Coaat Line RR..100
5,100
53%
6%
5
5%
120
120%
55% 55%
13*4
14%
16%
SHARE
Year 1920
Lowest
Railroads
31*4
32%
73
38%
5,400
2.800
1%
35%
18%
31%
187g
32%
3178
84%
105% 105*4
116% 120%
2%
2%
3%
3%
4
6%
93%
85
6
55%
137g
34%
6%
PER
Range for Previous
On basis of 100-share lots
EXCHANGE
'53
5%
14%
•49
3
84%
34%
121
55*4
•56
49% 49%
105% 106
219% 121%
1
19%
32%
31%
62
61% 6234
63%
100
100
*100% 102
77
*74
92*4
i837g
53
6%
5
120
18%
84%
72%
54%
85%
5%
56
16
63%
72
•84%
6
121%
55%
,13%
34%
6%
99% 100
32
31*4
52%
6%
5%
120
15
*82%
34*4
83%
6%
56
3478
•55%
15%
83
92*4
86%
1%
86
35%
8HARE
Range Since Jan. 1
YORK 8TOCK
Week.
t per share
3801
preceding page
see
z
2
98%June 20
3% Aug 30
4% Aug 19
29% Aug 26
63% Aug 26
Ex-dlvldend.
9
%
1*4 Feb 9
59% Dec 15
103*4 Dec 17
%
48%
84%
26%
67%
1% Feb
39% Dec 30
90
Deo
8
Deo
Dec
Deo
Deo
Deo
Dee
6
61
90
Jao 20
79
Deo
Dee
51
Feb 15
32%
Dec
65% Jao
Jan
2% Mat
Mat
3
62% Sept
92% Nov
63% Jan
92
Jan
95
Jan
96%
103%
Jan
Apt
93
Jan
74% Jao 5
65%May 2
35% Dec 16
97
Dec 14
75
Oct
45%
Deo
Deo
Deo
128%
101
Jao
151% Dec 2
116% Dec 9
24*4 Nov 14
111
Deo
147%
U6%
Apt
m
Jan
67
Apr 26
8% Jan 11
137
Deo
7
18
Dec 15
21%
72%
105% July
15% Deo
69% Deo
6% Deo
95
Feb
5
Deo
61%
54%
86
16%
176
30%
Jan
Jan
Mm
JanMat
Jan
02% Dec 16
83% Dec 30
85
Deo
87
Aug
53% May
73% Nov 26
63% May
6
68
Feb
68
80 %
Deo
Dec
11% Apr 18
62% Jan 31
93
Jan 29
8%
42
Deo
80
Aug
110
Dec 30
74
Deo
116
Dec 14
96% June
6% Deo
7% Dec
29% Deo
64% Deo
7
10
Jan
14
Jan 20
47^4 Dec 12
90
Dec 12
122
120%
14%
96
99%
109%
107
Jan
Jan
Jan
Jan
Apt
Jan
Apt
Mm
17% Jaw
80% Jan
72
Jan
100% Jan
b Ex-rights (June 154 to subaoribe;
New York Stock Record—Continued—Page 2
2803
during the w«M»k nf stock*
For
mnill* inactive. see second preceding page.
NEW
tor
Monday
Tuesday
Wednesday
Thursday
Friday
the
Du. 24
Dec. 26
Du. 27
Dec. 28
Du. 29
Dec. 30
Week
%V'i share
f per share
$ pi r share
Shares
f per share
88
*86%
33%
32%
32%
321,
$ per share
*86
CO
*87
95
51 %
*92
52
*92
31%
307«
1131a U3%
26
*25
103
103
83
32
33%
132
80%
133
103
76
75
75
78
22
22
2%
*2%
47
*75
76
467g
76%
*73
78
31%
31
24
*22%
24%
96%
24%
9534
*73
78
*99
103%
300
*2%
30%
21%
24%
22
25
98%
21%
*24%
97
97%
*102% 104% *103%
Feb 21
104% Dec
57
58%
*90
91
*90
91
*90
91
*105% 105%
*105%
106
100
106
*103
106
567g
57%
*897g
96
105% 106
"""406
5%
*97%
99%
121% 1217g
*5%
57g
800
Booth
240
Brooklyn Edison, Inc
100
100
*90
PI
5%
69
49%
85
6
6
30%
47
30%
6278
347g
47%
*58
62%
62%
34%
27%
40%
65%
3%
3
100
100
121%
117
120
115% 118
Q
70
49%
48%
49%
85
6%
*82%
104
£6%
110% 110%
<
s
H
65%
87
W
o
rA
V
*9
11
W
37%
38
0
*80
85
*76
80
14%
*%
65%
65%
104
*67
68%
*92%
96
139% 139%
10%
107g
*71%
72%
*71%
72%
82%
82%
3534
35%
*77
w
M
25
25
24
25
66%
65%
2%
65%
65%
2%
66
%
91%
91%
147g
14%
137g
48
47%
48%
*100
104
66%
88
88
7
137g
13-'%
54%
18%
78%
*104% 103%
77%
78%
95%
95%
7%
13%
7%
14%
16
Jan 24
60
52
Jan
5
105
500
100
87
Jan
5
23,800
105
79%
77%
787g
77%
79
95'2
95%
95%
95%
♦77
80
*77
80
*77
13
14%
.12%
13
14%
14
%
65%
677g
90
I
72%
*81%
35%
72%
70
71
89
82%
30%
82%
*78
83
28%
6
7
40
46
46%
78%
79
15%
78 lg
79%
15
15
15
28
27%
27%
72
73
*94
11%
*39
97g
*27
7%
451?
781?
14%
*91
96
26%
16%
44%
*91
26%
26%
17%
17
44%
'
50
*28
29
*160
164
♦107
108
13%
13%
10
10
45%
*48
'
73
59121
12%j
2%!
16%
17%
45%
467g
49
48
48
27%
Inspiration Cons Copper._ 20
Internat Agricul Corp....100
29% Mar 12
9
6,100
1,100
347g
83
4,900
1413'
25%'
37
7%
43%
92%
"2% "2%
*11
Internat Motor Truck..No por
Do
Do
Inc
10
2
100
Island Oil 4 Transp y t c__
pref
4
100
100
14,800
Kansas 4 Gulf
11,800
Kelly-Sprlngfleld Tire
25
Temporary 8% pref
100
Kennecott Copper
No par
Keystone Tire 4 Rubber— 10
*92
96
100
17,300
267g
17%
45%
40.600
48
47%
4734
2C0
*36
40
*36
39
*36
115
*95
110
*100
109
300
32
40
| Less than 100 shares,
z
Jan 11
76
6
0
Jan 18
Jau
0
40
Jan 11
8
12% Dec 9
46*4 Nov
9
38% Dec 27
4*4
9
94
5
JaD 25
3
June 23
58% Jan 11
3
67%May 17
30
Dec 7
Jan
Jan
No par
Liggett 4 Myers Tobacoo. 100
138% Jan 22
104
Dec 17
Jan 3
10 June 7
7% Aug 25
110
Nov 28
Lee Rubber 4 Tire
8~800
1,800
Loft
No par
Loose-Wiles Biscuit tr ctfs. 100
Incorporated
2d
oreferred
LorUIard (P)
Ex-rights,
Do
a
pref
100
—100
100
Ex-dlvidend and rights.
97%
30
Aug 25
94%June 23
28
21% Mar 28
Mar 11
130
Feb
3
164% Feb 28
100
Jan
6
tn
Par value $100.
%
Nov
Nov
88
100
Dec
10%
44
Nov
•
Dec
28%
Nov
08
46%
23%
9%
Ap*
Apr
Ap?
27
Apr
88%
142%
Apr
115
Jan
Apr
51%
1117,
Jan
Jan
170
Apr
84
Jaa
Apr
647g
71
11%
26% Jan
91% Mai
797, Jan
47% July
51% Jaa
7% July
21% Jan
45% Jaa
Dee
Dec
38% Dec
69% Deo
Dec
19
27% Dec
4 •
Deo
i
Dec
3
7% Sept
Dee
13 ;
25% Dec
14%
Dec
Deo
6%
Dec
75
30
Jan
152%
~
,
Jan
105
Jan
T Dec
33% Apr
48% Jan
91%
57%
Jan
35 !
16%
387,
jaa
45
Aug
Dec
127% Nov
207
Ool
Jaa
96
Dec
1907,
Jan
14%
Dec
36
9% Nov
28
Apr
Jan
70
Jan
12% Jan 10
42
Jan 31
100
Dee
Dec
9%
4
78%
Jan
Jan
Jaa
Jaa
Aug
Jaa
July
Apr
Sept
Nov 19
547,May
277g Dec 27
177gMay 2
Mar 11
51%
12%
Jan
17% Jan 14
pref
100
Loew's Incorporated—.No par
700
8%
100
Louis)
Do
~
16
100
100
109
10
Sept 20
4
14% Ja
3
4% Oc
6
32% Aug 24
70%May 31
LacledeOas (St
Do
151% 151%
1*104
Ino
5
9
8% Jan
Lackawanna Steel
110
*102
1,000
39
*95
3,000
Jones Bros Tea.
17%
67*4 Dec
42
May
75% Nov 14
26
Jan 20
22% Sept
Do
7
73*4May 17
No par
Jewel Tea,
Jan
Aug 25
Iron Products Corp
800
57
100% Feb 16
110
Jan 29
67
5% Aug
10,800
2
8
42% Dec 16
13% Jan 11
16*4 May
7% JaD
38*8 Aug 24
5»
60
43%
40
63% Oct 17
Oct 11
Nov 28
25% Apr 25
86 May 6
100
stamped pref
38
7%
115
Bid and asked prioes; no sales on this day.
99%June 20
7% Aug 24
36
Aug 25
25% Oct 14
82
64% Apr 25
17
May 2
7
*95
*
Dec 24
Invincible OH Corp
26%
16%
45%
109
Aug 31
67% Aug 22
JaD
100
International Paper
900
6
31
16%
507g Dec
11% Aug 24
Nickel (The)25
10,000
J une 30
69,000
27%
16%
45%
151% 161%
100
100
pref
42%
36%
*35
-*102
2d
International
"5",900
40
108
1st pref
Do
300
43
115
108
100
20,200
11%
*39
154
1517g 1517g
100
pref..
2
500
14%
*95
I
100
pref (new)
Int Mercantile Marine
21,700
2.800
..100
pref
Internat Harvester (ncto)..100
1,000
57%
12%
'527g
72
_
108
June 20
7,100
51%
70%
52%
*70%
14%
June 21
10%June21
72
57%
100
July 21
5% Dec 27
26
10
5
11%
*46
017g
100
;100
72
43
96
Dec
2,400
No par
Hupp Motor Car Corp
Indlaboma Refining
12%
52%
701s
*39
27
116%
Copper.. 100
40% Aug 25
72%
58%
7
847,
Dec
Dec
65% Dec
9% Dec
6% Aug
14%
26
42%
92%
26%
15%
45%
38%
20%
Dec
13
27%
36%
Dec
50%June20
*11
7%
Dec
11%
25
Hendee Manufacturing
11%
44
15
8
2
Haskell 4 Barker Car..No par
2%
11%
38%
29% Dec 15
1,700
26%
72%
58%
11%
2%
19
12,800
Cananea
3%
66%
Jan
Jan
Apr
857,
18
Do
85%
94
66%
Gulf States Steel tr ctfs
100
Mar
89%
102%
Guantanamo Sugar
3,400
Jan
42
Deo
79
J47g
66%
26%
Deo
12%
Dec
47%
13%
69
Dec
Dec
15
65
75
Jan
Jaa
94%
172
15
6,200
*1C3
68%
Dec 20
16%
79% Dee
75%
70
78%
14%
65%
Dec
Dec
Dec
Deo
Nov
Dec
27
Greene
14%
64%
7
8
143*4 Dec 3
16% Jan 11
Jaa
Jaa
Dee
43
Jan 11
800
*103
19%
Deo
Dec
Dec
Dec
71% Dec
Dec 14
28
40%
15%
36%
1%
32%
Jan
48
12%
44%
46
Do
78%May
10
34% Nov 25
28
Do
19%May
86
8
46
78%
40
277g
17%
45%
151% 1517g
Dec
Dec
78
26%June 24
29
29
29
28% 287g
28%
28%
*28%
29
165
*160
160
160
165
160% 160% *160
*107
*107
1C9
*107
109
108% *107
108
13
13
13%
13%
13%
13%
13%
13%
9%
9%
9%
97g
9%
9%
9%
*102
217,
7
5
17
13
5
62%June 23
16
Aug 16
Granby Cons M, Sm 4 PowlOO
*151
*35
43% Dec 14
No par
pref
500
3,100
Jan
Apr
16% Mai
44*4 May
1347g Mai
91%
100
Goodrich Co (B F)_..
200
43
*91
4,100
83
40%
7%
42%
95
36%
28%
*7%
95
Dec
73% Dec 19
82%
82%
Jan
85
28%
34
104
64%
84
9
84
6
28%
83
Jan
Aug 22
69
35
Jan
147
Aug 20
60
100
40
37
38%
7%
43%
100
3,200
43
7%
42%
(0%)
Deb stock (7%)
6,800
*39
11%
Deb stock
Do
12
2%
*39
Do
500
77%
*7%
9% Aug 24
June 21
63
4,400
11%
3%
82%
28
Dec
109% Aug 22
70
76 %
*33
Dec
Dec
Jan 11
Jan
13%
47
61
82%
76%
11%
3%
7%
Sept
13
78%
82%
11%
3%
3478
83 I
Apr
40
5
Dec
Jan
API
Jan
59%
867g
3605
40
84
Apr
Apr
Dec
Dec
00
90
Jan
107
9% May
21%
25
70% Dec
General Motors Corp ..No par
Do
pref
...100
76
3%
4-1%
16% Dec
Dec
64
95% Dec
69%
8%
81%
117%May
700
8
170
100
General Electric
Do
Jan
Apr
80% Apr 25
73
36
Apr
105%
100
1134
2%
12
37%
36
Apr
68
102%
39% Aug 75
77
Aug 25
64
Jan
8
100
Debenture pref
~
46%
97% June
.100
100
pref
General Cigar, .nc
78%
2%
*11%
7%
10%
Do
200
2,000
2" 8 00
139% 1401s
247,800
9%
10
71
25%
42%
105
85
15%|
6%
41%
*101
71
26%
37%
96
41,300
69
76
25%
36
*67
General Asphalt
"93% Mai
Dec
Dec
16
62
13*4 Dec 13
Jan
68
"71% Dec
82% Apr
Dec 20
JaD
105
21
6
14
14
29
97
5%
25
...
Aug
Dec
Dec
106% Dec
20%
28
2%
3
Dec
Oct 19
*25
2%
8*4 Aug
25*4May
81
Au«j24
14
14%
5
21*4Apr
%
70%
25%
Sept
Feb 25
59% Nov 25
9%
52%
70%
57
33 U
No par
14
52%
100
Fisher Body Ohio, pref
Flak Rubber
Aug
897g
100
No par
70%
14%
25%
12
75
80
Dec
Dec
68% Feb 28
Freeport Texas Co
51
71
13%
60
21
Jan
51% Dec
70
43%
Gaston, W A W, Ino
11%
*69
*58%
11%
5%June 18
Sept 30
June 28
100
No par
pref
Fisher Body Corp
66
278%
7,700
53
70%
15%
12%
63
1,100
74*4 July 22
Dec
Dec
5.800
277gj
60
500
Do
7C0
81%
44% July 21
Jan
Jan
34
Dec
Jan 11
3.000
27%
7278
*58%
11%
72%
117g
52%
100
92%
24%
43*4 Apr 20
107%
14%
%
64%
66%
104% 104%
43
72%
*68
12
39%
Houston Oil of Texas
105
64%
preferred (8%)
65%
Dec
97
12%
36
27%
14%
Do
Federal Mining A Smelting 100
3
Jan
Dec
Dec 21
112
13%
%
28%
29
105
Famous Players-Lasky.No par
2,400
Jan
10%
67
9
52%
Dec
Dec
12%
*80
297g
14%
64%
pref
Mar 23
23
104%
61
%
66%
697g
83
7%
10
20%
99% Dec 20
14
*81%
37%
81%
t c.no par
100*4 Dec 21
12%
*73
29
32
Do
v
Ltd
Nov 26
75%
Mar 26
78
13912 139%
H
76%
11%
3%
4012
Mines,
10
95
2178 JaD
7
60
Jan 29
78
67%
139% 140
*79
Davison Chemical
80
80
*100
67%
*92%
38%
May
%
64%
105
67%
*10
*80
60
14
%
105
807g
22
12%
17%
75%
*27
105
105
97
12
...
Oct 14
l')7,
50
39
64
10
Endlcott-Johnson
80
14
Cuban-American 8ugar
Elk Horn Coal Corp
105
6
Jan
8
Feb 10
Dec 30
Jan 11
Feb 18
12*4
62%
58*4
59%
Jan 17
1,400
78%
Jaa
Jan
Jan
Jan
Dec
"Dec
Feb 14
4,000
17
78%
40%
44%
10%
18
20
78
16%
77%
41%
91
18%
17%
Apr
21%
3
5% Oct
13% Dec 22
Dome
17.200
lll7g
Dec
June 27
77
1,000
"10
63%
100
24,100
*38
14
No par
pref
18%
16%
12
63
Do
15
53%
85
79%
*10334
14%
100
pref
Cuba Cane Sugar
14%
18%
16%
10%
7%
Do
500
22% Aug 22
49
Aug 25
52
73%
80%
10,900
87
No par
147g
10%
32%
Co
18%
79%
7%
100
53
*27%
*27%
5%
45%
31
pref.;
14
40
3%
41%
7%
32%
81
100
183g
*10
.
Products Refining
82% Aug
69
June 20
96
June 15
51%
*38
117g
100
pref
Do
18,000
*80
78%
100
Crucible Steel of America. 100
14,300
12
76%
11%
3%
40%
7%
31%
Ino
Cosden A
15%
85
5%
Gas
18,200
14%
39
36%
Corn
1,500
15%
*10
11%
46,900
8%
*37%
140
Continental Can.
12*4 Aug
34% Aug
7%
*80
677g
90
77% Jan
Do
78%
60%
(N Y)__100
Consolidated Textile..No par
1,000
95%
108
Consolidated
77g
79%
105
lg
% Sept
Consol Distributors, Inc No par
8.200
47
87
Dec
2,700
104
87
13% Deo
53
21
12
13
17
6
20
16
25
14%
29
*79%
*103%
47
*100
Dec
Dec
07*4 Dec 17
54-%
18%
17%
787g
~777S
87
88
67g
13%
13%
52'a
73
37,
48
104
No par
100
pref
Jan
7% Nov
Dec
Dec
30%
43% Dec 30
8% Dec 29
3,500
%
91%
14%
95%
97%
95%
97
96%
98%
111% lllt2 *110% 112% *110% 113
36%
37%
36%
37%
37% 377g
6.5%
67%
65%
66
65%
67%
97%
10%
40
%
%
Do
46
Nov
32*4 May
Consolidated Cigar
Jaa
Jan
Jan
60
29% Dec 15
2% Aug 24
2 8*4 June
Jan
28%
85%
59%
70% JaD 11
167g Dec 15
July 29
100
Apr
11%
29%
80%
June 20
pref..
129
Apr
24%
62
Computing-Tab-Record No par
Jan
I
Apr 30
86
22
Do
15
96%
Jan 12
96
100
Columbia Graphopbone No par
Jan
114
36% Dec 12
4
Columbia Gas A Electric.. 100
Colorado Fuel A Iron
Apr
Jan
May
Jan
Fefc
Jan
Jan
Jan
108% Jan
61% Jan
164% Mai
Nov
Dec
03
8
43% Jan 19
7% Jan
19
13.200
19.400
Feb
Dec
Dec
15% Nov
9%
65%
Dec 16
88
No par
Coca Cola
100
14
*100
111
103g
800
60
91%
14%
37%
140
20
7g
6%
46%
39
59%
92%
74
29
20
*56
9%
%
*72
03
55%
92%
o
29%
*48
26
1
G77g
*92%
100
65%
92%
15
48%
65%
4
25
24
24
10
7
25
9
30
24
3*4 Aug
8
50% Dec 20
5
22% Aug
3%
19% Apr 19
74
Nov 22
Jan
100
Dec 13
Dec 16
6%
22
25
25
3%
101
68% Jan
27%
52%
20
*101
70
42%
20
o
83
*27%
*27%
*5%
*45%
*77%
*15%
75%
11%
37g
X
122% Dec 22
Dec
Dec
Dec
Dec
Dec
Dec
28
*55
lg
82
41%
60
O
99%
2%
Dec 28
27
50%
12%
14%
102%
102%
287g
42
21
M
Aug
19% Mar
60
12%
12%
*100
£
90
Chlno Copper
21
03
96%
Dec
Jan
102%
Dec
62%May
65
May
41%June23
87 June 13
90 June 24
3
Aug 20
88
Jan 8
81% Jan 8
3% Aug 24
10%June 20
7*4 Aug 22
53% July 28
16%
61
13
Dec
487g
Mar
20
53%
92
9
.
75
47
27,200
5,100
22,000
1,300
6,600
44,600
2%
10%
58%
Dec
6
6
93% Jan 11
112
S«p 29
7% Dec 12
a:
39%June 24
16%
28
43 %
3
42
148%
10
5
Jan
JaD
Dec
15
15%
Aug
176%
78
47
2
Dec
Dec
20%
71%
100% Dec 28
105
Dec
2
100
pref..
6%
3
7
62% June 24
95
June 27
Chicago Pneumatic Tool__100
Chile Copper
25
60
Do
3,900
125
3
JaD
44%
100
Leather.'
Jan
Dec
Jan
25% Dec 20
500
50%
20
*18
Patroleum
pref
21%
Aug 25
10
61
55%
Q
California
No par
61%
9
15*4June 17
Oct
Aug
8%
13%
Packing
88%
28%
76
107% Mar 23
Sept 27
1
June 17
38%
54%
1
84
Jan
14% Dec 15
1*4 Oct
18
57% Aug
23
Mar
12%
65
Jan
Jan
Jan
Chandler Motor Car...No par
10%
37%
74%
75%
Cerro de Pasco Copper.No par
54
104
Dec
3.200
12%
6%
Central
California
Do
Dec
16,100
56%
*85
6,300
1,600
Jan
Jan
Jan
Jan
38
50%
60ta
35
49%
60%
16
5478
W
5,300
Callahan Zl; o-Lead
Superior Mining.. 10
6,900;
3.000' Caddo Central OHARef No Par
105%
497g
34?g
28%
w
0
6%
G7g
13%
13%
133g
13%
52%
53%
18%
18%
*17%
18
77%
78%
*104% 105
76%
77%
95
957g
200
5%
3
10%
37%
9,400
83%
57g
5
Jan
165%
76*4 Dec 30
78
Dec
6
41%
287g
41%
26%
60
95%
487g
83%
57g
Bros
Butte A
Dec
Jan
64
15%
3%
110%
Butte Copper A Zinc vtc.
55%
Jane
Apr
49
16%
03
Burns
3,200
97%
210
66%
62%
34%
31%
64%
61
*100
7,200
6
22
11%
70
Jan
283
Dec
59%
63%
62%
917g
14%
*47%
par
Dec
85% May
100%
67%
62%
34%
48%
60%
49%
1
92
15%
48%
-No
Dec
92% May
Dec
30%
3534
3
oonv
05
104%
Apf
118% Jan
100% Mar
100% Mai
18
30
35%
48%
41%
*24%
65%
cum
Fisheries
Dec
50% Dec 21
30%
63
28%
Do
.100
8% pref. 100
977g
Dec
30
30%
w
60
*14
5%
6%
pref
48
85
*55
22
*55
65
57g
common..100
5%
21%
11%
*69%
6*4
22%
12
69%
48%
12
*20
*85
47%
*83
85
63%
o
367g
11%
69%
3.534
12%
96
21
12%
70%
307g
M
55
48%
21%
12%
70
47
11%
•100
21
*58%
<
5%
5%
35
54
91%
14%
5%
03
I*
41
25
60%
*24%
101
121
B
Class
Do
101
101
1.21%
5%
2C%
127g
16
16
28
15%
57g
5%
*98
684
20%
12%
69%
48%
*82%
578
30%
09%
48%
*83
5%
6%
121
19%
12%
19%
12%
5%
*97% 100
5%
5%
6%
Do
Jan
82%
30
91
58
Mai
93%
142%
50% Dec 28
5
57
Mai
60
Dec
Deo
407g Doc 16
6
67
83
Nov
79%
31*4 Aug 25
24
Jan 26
Jan
*52%
Deo
20
227s Aug 22
Jan
52%
01
Dec
Dec
5% Dec
25% Dec
55*4
Oil
Highest
39%
45
100
preferred
5
5
5
14
13
20
j
$ per thare f Per share
20% Aug 12
6% Sept 1
100
2d
No par
1,5001 Atlantic Fruit
2%
14,400 Atl Gulf A W I SS Line... 100
32%
Do
pref__
100
1,400
22
..25
1,000! Atlantic Petroleum...
25
99% 100,100 Baldwin Locomotive Wks.100
Do
pref
100
200
104%
300 Betlilebem 8teel Corp
100
54
12,800
99% Dec
93
52%
50%
136*4 Dec
83% Dec
54
57
119% Nov 21
95% Jan 3
Ul%June21
Feb 21
105
*56
88
12
Jan 27
Mar
1
67
*52
52
28%Dec
107%
131% Dec
*102
53
Oct 19
Oct 18
Aug 27
Jan 3
52
105
*52
47%
67%
86
103% 104
*102
95% Dec 12
90
Jan 19
..100
1st preferred
Do
Associated
35
Aug 27
100
Do
3001
ico!
Aug 24
110
pref...
2
Dec
18
78
100
100
pref.. 100
2,000
3,400. Amer Zinc, Lead A Smelt. 25
Do
pref
25
600,
39,000 Anaconda Copper Mining. 60
100
1,150 Associated Dry Goods
Do
9 per share
88
Dec
2
$ per thare
63
Jan 11
100
Class B
Amer Writing Paper
467g
76%
102% 102%
2%
2%
30%
31%
100
Woolen..
Amer
500'
47
105
102% 102% *102
,2%
2%
2%
2%
31%
32%
31% 33%
22%
23
22% 23%
*24%
25%
24%
25
90
99%
98
100%
*101% 105
14,200
104
78
47%
75%
♦73
Teleg—100
pref (new)
common
49%
50%
49%
Do
Do
497g
49%
*46
700.
*23%
23%
100
100
American Tobacco....
1,300'
49%
50%
48%
Amer Telephone St
2,100
25
13%
38
497g
49%
48%
•73
17,100
131% 1327g
13%
*30
Do
*95%
97
126% 128
80%
81%
37%
13
14%
38
American 8ugar Refining.. 100
12,900
13%
13%
38
100
ctfs
torn
pref
Amer Sumatra Tobacoo
3,300
39
13%
37
*75
33%
29,800
114% 115
*102
103
23%
25%
12%
37
4978
49%
95
54%
327g
Pre!
Lowest
Highest
Lowest
Indus. 8c Mitcell. (Con.)
400
85
48%
75%
23
12%
37
12%
*36
53%
83
52%
537g
82%
83%
32%
34
114% 11434
132% 132%
95%
96%
127% 127%
80%
81%
82
102% 102%
24
25%
105
*94
114% 114%
!277g
7934
79%
78%
*102
95
94 %
■:
.
Par
! Am Smelt Secur prefser A. 100
6,500 Am Steel Fdry tern ctfs.33 1-3
88
34%
34
54%
52%
90%
127
34%
95
*92
132
96
128
*126
95
132
131% 1327g
95
95
*86%
89
3334
34%
96%
90%
128% 128%
80%
82
51%
527g
81%
83
31%
33%
113% 114%
83
*80
*86
88
33%
SHARE
Range for Previous
Year 1920
1
100-*hare lots
On basis of
STOCK
YORK
EXCHANGE
Saturday
% per share
Range Since Jan.
STOCKS
Sales
SALE PRICE—PER SHARE, NOT FEB CENT.
PER
SHARE
PER
HIGH AND LOW
Deo
.
100
hi
Old stock.
-
115%
183%
Jan
Deo
Dec
110%
Jao
Dec
.
120%
Ex-dlvtdend.
Jan
New York Stock
Record—Concluded—Page
Foraalea during the week of stocks UNuall' Inactive.
PER
HIGH AND LOW SALE
PRICE—-PER SHARE. NOT PER CENT.
Sales
8TOCK8
NEW
for
Saturday
Monday
Tuesda■
Dec. 24
Wednesday
Thursday
Friday
the
Dec. 26
Dec. 27
Dec. 28
Dec. 29
Dec. 30
9 pn share
$ per share
8 per share
Shares
per than
*71%
*57
9 per thare
75
% per share
59
25%
*71%
57
25'a
*24
*25
25*2
*106
*24
109
*108
*107
112
113
*108
1143s
2612
13
14
27
*98
60
101
14
14%
10%
10%
*123
126
*113
115
*24
25
*66
*1%
126
*24
66%
*1%
35%
1%
37
*88
93
*82
84
*105
15
*88
83%
107%
*105
15
*57
31%
*62
56
*43%
43%
39
15%
58
*30
39%
*23
58%
*30
*52
4334
39%
23%
24
*11
12
2%
14%
*10'8
*25%
5%
66%
47%
51%
46
*11
3
2%
14%
15
11
10-%
*25%
5%
66%
47%
5134
46%
11%
26
5%
66%
47%
52%
46%
*11%
10%
12%
6034
32%
62%
32
32%
13%
13%
29
74
71
71
71'
57
*56
61
60
60
27
26
27
10%
10%
6234
33
*32
3284
13%
29
29%
13%
31,800
13
66%
1%
37
37%
*88%
90
*106% 107
15
15
24%
25%
24%
51
51
I
|
56
*82%
*7
49%
*12%
*1%
12%
2%
58%
22%
*38
21%
50%
15
5%j
66%
47%
52%'
46%
12%
1034
64%
33
I
33%
37%
14%
24%
25'2
50%
*82%
7
38%
15%
26
26
55
182
*
95%
184
24%
35%
37
X
78%
*98
384
M
o
6%
10
82
81
103
6%
10%
CD
11%'
93%
14%
70
28
38%
94
123
15%
26%
27
53%
30%
|
103
1,000
1,600
100
30%
29%
71%
18%
63
18%
25%
*71%
28%
37%
29%
93
93%
15%
24%
26%
51%
84%
27
52
85%
134
12%
2%
8
50%
131?
184
12%
2%
61%
17
7
54%
*36%
10%
|
11%
41 I
39%
♦88
95
62%
55%
60%
100
100
38
72
93%
179
24
25%
36
37
81%
11
II'
*32%
323
71
.
I
64
10
67%
*83
6%
G%
69
£0
6%
66
68%
684
92
*90
92
95
*93
98
95
95
50%
38 |
10%
5034
52%
38%
39341
11
3^4
10%
16
16%
16%
6
6%
37%
10%
1534
"5% "534
5%
6
16
5%
28
28
28
28%'
27%
29
28
28%
28
29%
28%
134
133
1
*114
—
*44%
45%
*82
87
*82
44%
87
*65
68
*66
70
8%
*
8%
44%
!
Bid and asked prices; no
8%
133%
8%
45%
,
*82
*8%
sale on this day.
*82
70
884'
500
74
200
98%
179
183%
114% 114%
78
78
24
25%
15,100
8,000
3,050
100
37%
83%
1,600
3,700
78.100
102
Do
Do
pref
25
25
voting... 100
non
Steel 4 Tube of Am pref.. 100
Stewart-Warn 8p Corp.No par
88
*66%
69
8
8%
35%
Deo
01
Jan
Jan
Deo
77%
9
Deo
22%
2%
Dec
23
16
Jan 11
54% Jan 11
1934 Jan 8
68
Dec 20
13% Dec
Dec
*42% Deo
10% Deo
41% May
35
Deo
09%
50% Dec 16
79% Feb 17
71% Jan 12
17
Nov
12
30% Apr 29
Dec
Dec
04%
0%
Dec
Apr
45
Oct
Jan
20%
Dec
44% July
15
Deo
69
14% Nov 29
78
Jan
7
9
June 22
Dee
93
23%
Jan
Dec
98
Jan
61%
Feb
83
Dec 30
Jan
Jan
Dec
72
12
66
Deo
82%
108%
Deo
72% Sept
91% Jan
12
Deo
27%
90
Jan 24
72
Deo
113%
Apr
104
Jan 24
90%
Deo
104%
Feb
16%May
0
Apr 21
Mar 12
11
__
52
1
40% Oct 17
69%May
10% Aug 26
14% Dec
5
Dec
6
5% Feb
23% Jan
Oct IS
6% Apr
6
12'4 Mar 11
30% Oct 0
16% Aug 25
32%June 29
68%June 29
67%June24
124'zJune 13
105% Jan 3
66
Sept 23
98% Jan
21
Dec
June
6
25% Nov
49
May
75
50%
106%
Nov
Deo
30
Deo
55%
Dec
84
Deo
Deo
17%
25% June
2%
Deo
9
Dec
2%
Dec
85%
14%
33%
Dec
Oct
Deo
20
48%
Dec
82%
94%
46
•
142%
77
Dec
24%
Deo
Dec
30
22%
37%
Deo
70
Deo
3
Oct 17
10% Jan
13% Jan 1
11
Dec 12
Apr
48
Dec 16
40
Deo
15% Aug 24
307„ Jan 21
800
11,900
100
Transcontinental OH
No par
TraQSue 4 Williams 8t_No par
Union Bag 4 Paper Corp.. 100
Union
OH
IOC
92
700
400
500
No par
Do
Do
1st
Do
pref
Utah Securities
8,400
60
Copper....
v
10
t e
100
No par
Virginia-Carolina Chem._.100
pref
100
Dec
Feb
I
224%
96%
Oct
Sept 10
75
15% Aug 25
8
35% Nov 30
84
July 29
41% Mar 11
40% Aug 27
1
37
Aug
9
70%June 23
105
June 21
41% Aug 25
7
25%May 19
Jan
4
Jan 19
207
Jan
7
34
106
57% Nov 28
7
Jan 13
38
27% Jan 19
74%M»y
4
3
6
115
Dec 22
66% Dec 15
44
1,800
Woolworth Co (F W)
94
May
17% Jan
18% Dec
78%
116%
35% Nov
53
Dec
Dec
29
Dec
104%
44%
Deo
Deo
Dec
Dec
7
Aug
14
Oct
28%
97
Apr
88%
Dec
Dec
Dec
76
Feb
70%
2484
40
Dec
Deo
Dec
Nov
25% Oot
32% Sept
Dec
32
3
26
Dec
93
34%
Dec
82%
Dec 30
Aug 25
June 24
113% Nov
30% Aug 25
65%May
85
Dec 17
70
Nov 29
*60
68
Do
pref B
100
70% Aug 15
54
Aug 8
8
8
Wright Aeronautical...no par
139
41
5
•
Jan
Jul
Jan
100
June
145
Apr
102
Deo
116
Jan
35%
Deo
95
Jan
73
Dec
93%
Jan
53%
Dec
76
Jan
6i«June23
Ex-dividend.
Oot
Jan
65% Jan
69% Mar
7
Jan
105
*
119
19
6%
100
Ex-dlv. and rights.
Apr
Jan
120% Sept
80%
112%
13%
30%
pref
...100
Worthlngton PftMvt C..100
a
Jan
Jan
80%
47
100
1,400
115%
27% Nov 14
pfef A
Jan
Jan
4
Do
Ex-rights,
76
47% Mai
109
10%May
42 May
88
Jan
Jan
Apr
Jan
Jan
95%
4% Nov 28
23
Aug 26
*82
| Less than 100 shares.
103%
69%
143%
116%
39%
2
8
9
105
Do
Dec
Apr
Jan
Mar
7
July 16
8% Nov 17
2,400
37%
June
29%June 23
Willys-Overland (The)
25
Do
pref (new)
100
Wilson 4 Co. Inc, v 10.No Par
Jan
Dec
76
60
5
Jan
21
Corporation.No par
Wlckwire Spencer Steel...
Jan
92%
White Motor
White OH
2,900
Jan
80% July
89% Nov
60
6,800
Jan
53
Apr 12
Westlngbouse Elec 4 Mfg.
2.200
38
148
5% Dec
46% Nov
96% Jan 14
52% Dec 28
10%
Jan
127
Jan
Api
9%May 11
72
Jan 20
81%Sept 8
38% Aug 22
15%
5%
28%
Jan
66%
Apr
Dec
30
4
Jan
65%
Aug
Dec 27
44% Jan
80%May
15
95%
38%
Dec
66%
Dec 10
Jan
5%
63% July
106
25%
90
63%
79%
103%
38%
Apr
Deo
10% Nov
3
Mar
76
38%
_
8
102
Western
Aug 10
170
45%
42% Jan 11
102% Jan 18
96
Jan 25
49% Jan
19%
02%May 23
19
May 6
20% July 30
5% Mar 11
200
Apr
12% Mar 17
41
Jan 11
67% July 30
59
Aug 17
100
13
6
25%June 21
Aug
100
95
"2.500
91
67
No par
Virginia Iron, C 4 C
Vlvadou (V)
Union Telegraph. 100
Westing bouse Air Brake... 60
45%
27%
June 25
Apr
400
...
61%
28
Aug 27
68%
91%
28%
136% 139
Jan 13
Deo
Dec
Dec
Dec
Dec
74
Wells Fargo Express
28
5%
34%
25
44% Apr 25
26
900
17,600
1,310
Deo
60
Vanadium Corp
5,300
80
100
pref..
Utah
Do
Jan 13
467s Aug 22
11% Jan
3
38
Aug 25
5%June 20
8%8ept 23
7,900
200
91
Stores..No par
2,600
2,200
76'sJune 28
6
Aug 25
*95%June 20
2,400
2,800
Dec
100
United States Steel Corp.. 100
Do
pref
100
1,900
Dec
Sept 13
U 8 8melting. Ref 4 M...
13% Mai
•67% Jan
46
June
U 8 Realty 4 Improvement 100
United States Rubber
100
Oot
20% Sept
22
19
100
Apr
Jan
14
8ept 13
46
pref
126%
101%
72
100
U 8 Express
100
U 8 Food Products Corp.. 100
U 8 Industrial Alcohol
.100
Deo
11% Deo
6% Deo
8%
113% Mar
91% June
61% Mar
118% Apr
Mar 22
45
No par
U 8 Cast Iron Pipe 4 Fdy.100
Do
pref....
100
Jan
Jan
Apr
Deo •212% Mar
100% Juno
93% Apr 29
pref
Apr
97% Dee 10
192% Dec 15
114% Doe 30
85% Dec 10
37
Jan 24
6% Aug 26
29 June 21
Do
Apr
Jan
23% NOV
Jan
Deo
3% Aug 10
300
Apr
90%
Dec
No par
90
83%
21%
243
75
103% Dee 15
10
55%
123% May
43
5
OH..
Jan
Dec
Dec
10
3
Products Corp... 100
Jan
93% July
121% Jan
106% Jan
10%
Tenn Copp 4 C tr ctfs.No pa>
Texas Company (The)
25
Tobacco
Jan
94
9
Nov
Nov
22%
49%
83
Jan
107
Jan 11
28%May
56
Dec
10
2
10
11
30
3
17
9
0
75% Oct 20
Deo
Apr
Jan
Apr
24%
5
41%June 23
Mar
120
29%
II
12
13
2
26
June 21
Jan
124
92% May
109
38%May
39% Jan
73% Jan
96% Mar
24% Jan
68
Deo
Dec
73
40% Dee 13
940 Nov 28
Mar
3
16
Mav 15
Deo
40
Superior OH
Texas Pacific Coal 4
Jan
95%
70%May 19
No par
7,700
Jan
42%
25% Aug 24
3,900
Jan
41% Dec
116% Apr
111% Apr
36%
5,000
25,200
Jan
78
01%
Dec
6,300
62%
05
Aug
42% Jan
>
28% Sept
41% Jan
30%
100
Corp (The)... 100
pref
Submarine Boat
Api
6% Mar
6
Jan 17
6%
10%
46%
27%
50%
44
Jan
27
StrorabergCarburetor..No par
15
i
Jan
Jan
48%
"V, 600
1,100
115
117%
Dec
4%
30,100
27
17%
Deo
35% Jan 11
34% Dec 19
*2%May 2
88
Mar 28
Studebaker
Do
11%
5%
par
100
Standard o'l of Cal
Standard OH of N J
Nov
20
98
No par
pref
8
8
7
Jan
21% Aug 25
67
July 28
8bell Transp 4 Trading... £2
Sinclair Cons Oil Corp. No par
Sloss-Sbeffleld Steel 4 Iron 100
10
135%^ 135% 13634
46% 144i2 45%'
87
*67%
30,000
38
3734
28
2834
30
*27%
,
21%
37
Jan
64% Dec 27
54 '4
6,500
1,400
Jan
1«%
51% Jan 11
100
Sears. Roebuck A Co
Seneca Copper
110
Mar 29
12% Jan
24% Oct 14
100
Corp.No
Deo
Jan
34% Dec 13
No par
pref
A pi
3
100
50
534
*28
133
Do
89%
102%
93%
41% Nov 21
25
Steel
Dec
00
Feb 19
100
pref
Nov
100
May 19
57%May 18
46
Dec
6
100
Railway 8teel Spring
Nov
26% Aug 26
16
June 17
U4 Oct 17
33,600
10
Aug 27
Api
03%
4
50
Punta Alegre 8ugar
Pure Oil (The)
Do
6
6%June 20
2%
83% 84%
114% 114%
62%
63%
10%
11
31%
31%
28% 29%
68% 68%
86
86%
6%e
6%
15
33% Aug 25
8% Oct
38%
21%
*91
2
par
4,655
19,300
95
51%
3914
10%
Dec
Nov 22
8
„
100
61% 61%
54%
55%
100% 100%
30
36%
*43%
45%
*93%
5034
14
8an Cecilia Sugar v t 0.N0 par
59,800
68%
91%
May
Jan
13
88
9
Dec 13
102%
Dec
46
Feb 14
Mar
Jan
Deo
2
15% Dec 12
4
Saxon Motor Car
61
90%
108
39
Savage Arms Corp
*86
90%
87
9
8
8% Mar
100
1,700
9,600
*90
95
134May 31
20% Nov
300
2
11%
2%
67%
22%
39
"7", 000
90%
50%
200
14
92
69
65
80
Jan
69%
Jan 10
111% Nov 17
Republic Motor Truck.No
40%
*67
5
Jan 26
89% Aug 24
Royal Dutch Co (N Y shares)
St Joseph Lead
10
100
68
120
20% Oct 11
54
Jan 15
8,500
52%
7
10
68
60%
37%
11
500
88
521
68
Jan 26
45
32% Aug 31
31% Aug 31
Republic Iron A 8teel
200
7
Mar 31
9
11,000
17
89
67% July 28
100 June 20
18
17
69
Jan
Replogle
17
*6%
Jan
110
15,179
*16
68%
68%
Refiners Corp.50
Corp of N J. 100
Company
100
Pullman
Retail
*67
125
83
10
Public Service
United
*85
684
Producers &
16,500
29**
Dec
17 >8June 20
62%
28'«
90
103% July
26% Dec
Ray Consolidated Copper. 10
Remington Typewriter v to 100
51%
10%
32%
65«4
90
200
o2fy
83%
7
4
100
Fruit
*43%
128% Deo
Jan
100
United
37%
45%
84%
Mai
30% Aug 22
62
July 16
82% Jan 8
12% Mar 15
48
Aug 25
1
pref
2,400
6334
32%
29%
6,200
Do
124
53%
55%
100% 100%
40
5% Aug 22
1
Pond Creek Coal.....
Pressed Steel Car
123
*36%
Deo
100
pref
122% 123
1C%
31%
aai
15,800
Do
Alloy 8teel__
Drug
60%
25%
25
3,800
39%
4
100
Pittsburgh Coal of Pa
Do
pref
United
10'->
Jan
9% Aug 26
21
Oct
6
Pleroe Oil Corporation
United
62%
31%
15,000
No par
500
Iff 114% 11434
28
200
7,400
Plerce-Arrow M Car
Do
pref
2,000
10%
28
2,900
No par
72
64%
31%
200
Phillips Petroleum
26
4o'
30
33% Jan
72
3834
Mav
People's G L A C (Chic)..100
Philadelphia Co (PIttsb).. 50
25%
*88
40
34% Aug 17
8%
*6%
9%
Dec
50
Panhandle Prod A Ref..no par
Penn-8eaboard 8t'l v to No par
18'
10
31
2,000
7,000
Trans..... 50
72
6%
Jan
12%
<16% Jan 19
27% Mar 12
B
253.
64
2734
17,100
Class
18
84%
32
200
4,900
Do
72
*6%
10%
100%
2
100
...
Pacific Gas & Electric
50%
*51
Deo
May
24% Nov 14
4
Dec 13
7%
35%
81%
93
25
25
Pan-Am Pet A
3,900
32%
70%
70%
17%
18%
45
28
No par
Bottle
27,100
7,900
2,200
30
5
1
Steel
25%
5134
par
50%
10%
32%
84
*31%
Nunnally Co, (The)„__No
34,600
53
*88
44
*27%
Nova 8cotla Steel A Coal.. 100
Oklahoma Prod A Ref of Am
Pacific Oil
51%
*85%
46
83%
44%
84%
114% 11434
63%
65%
*9%
10
50
Pacific Development
1,100
27
26%
61%
7ii.
60
4,200
26%
10
10'
46'
27:'
63'
88'
100
pref
Owens
1,000
6%
6'
1C%
45%
26%
62%
88%
Do
Otis
15%
4
43
pref
North American Co
Orpheum Circuit. Inc
25
*98
*42%
8334
*114% 115
*115
8234
102
Do
5
Dock..
5,100
25
94%
95
182
114I4 114%
*79%
82
York
2,100
*71
39%
72
100
10%
5,900
62%
22%
Dec
100
7
10% Dec 29
79%May 16
1,800
14%
2%
64
Oct 15
44% Oct 18
%8ept 19
20
Aug 25
89 June 11
14%
66% 66%
107% 108
29%
30%
37% 38%
93%
97%
*13%
*1%
11%
47%
Aug 25
12% Dec
100
12,100
*51
|
51%
6%
*37
6
*16
5434
*130
38
Dec 30
Nov 29
43
92%
35% Jan 18
2%
*107
4
73%
121% 123 |
52
52%
51%
6%
69
*66
*98
4%
634
10%
30%
99% 100
36
38%
50%
37%
10%
15%
65%
91%' 92%
2134
54
*93
14%
63%
92%
21%
60%
90%
14%
04
22
60
*67
93
13%
39%
73%
73%
94%
9584
18234 185%
113% 114 |
*79%
82
2434
25%'
37%
38%
81%
83%
61
54%
6%
93
21%
39%
*59%
67%
93%
23
10%
39%
*86
1,300
3834
90%|
*9%
50,000
63%
22%
90%
63
73%
63
63
38%
39
44
23,100
39
95
83%
12%
23
39
*43
32
11%
70%
39
*90
99
32
12%
70%
03%
59
2
11%
34 .
71%
18%
26 I
*51
38%
32
23
H%
£4
99
31
234
60%
!
*51
*35%
14
50
13
11
17
54
13%
7%
8434
8%
88
*6%
9%
14%
14%
51%
13%
88
*16
7
9%
33%
24%
I
89
73
122
122%
53%
54
16%
16%
53%
33
*107
,
26
38%
)
107
64
18%
*25%
*7134
18%
72
63%
32%
33
11%
9%
6234
3234
33%
107% 10734
I
46%
28%
70
26
12
10%
30%
|
46
70
*11%
10%
63%
31%
63
70%
47
*91%
14%
66%
27%
*68%
52%
69
|
46%
30%
*6%
9%
73%
27%
64
*29
53
47%
26%
5%
63%
4734
54
4784
11%
10%
63%
32%
3334
13%
|
45%
63%
*87%
47%
63
13%
64
66
46%
|
33
6%
10%
1,000
52
14%
334
600
,
234
14%
9%
25%
5%
63%
46%
11%
34
2%
11
1,800
46%
64%
33%
32%
33%
100
10,000
66
,
Jan
52%
09%
4
3<»
26
10%
Deo
89
26
12
28%
June 21
9
23%
10%
234
14%
10%
*11%
10%
63%
33% Jan
22
47% Aug 17
11%
47
Jan
Jan
20% Feb
25
5%
20
71%
Aug 25
pref
Jan
Dec
Sept 13
100
aim
Jan
Aug
15
100
107
222
14%
102
8tamp'g..l00
137%
Oot
Aug
95%
148
Dec 18
105
Lead
Dec
10
100
56
.
151% Apr
06
share
16% Nov 21
100
45%
39%
26
5%
.
New
44%
38%
*22%
66%
47%
5234
15% Jan
July 20
10
Nevada Consol Copper
New York Air Brake
*53
!
03% Deo
Dec 19
28
900
55
|
09% Jan
04% Mai
167% Jan 13
400
3,200
39%
231
11
2%
15
10%
*9
Dec
100
pref
Do
Deo
60
...100
Enam'g A
National
60
2
.......100
pref
National Cloak A Suit
Do
pref
Nat
200
15
44%
5
50
National Biscuit.
Do
par
per
Deo 23
109
Mar
84% Aug
Highest
per share 9
Dec 19
60
30%
55
15.
.....100
95
$
114
31
*58
39
|
100
pre!
Do
108%
44
3
Do
Nat Conduit A Cable.-No par
"l'ioo
86
1434
60
7,700
36%
92%
4434
39%
27%
o
H
I
15
Mldvale Steel A Ordnance.
Montana Power
2,200
56
*98
4
11%
30%
53
*52%
14%
5834
I
24
24
♦121
5934
3134
13
o
72
59
31«4
84
2%'
36
18%
*25%
15%
59%
5134
13
113% 113%
3%
*105
32
*1%
94
35
*105
58%
*30%
1%,
73
90
107% 108
1284'
24%
11%
85
7%
50%
*12%
*34
*87
86
27
I
38
28
*89%
*83
51
38
45%
93
8684
15%
26%
51%
84
7%
*71
22%
63%
34%
*89%
3584
93
107
38%
22
4534
27%
62%
1
37%
90%
9C%
106
23%
38%
21%
O
6%
1
1484
65%
59%
10%
1
1%
37
26%
*24
6%
1
1284
p
10
550
50%
1
w
66%
63%
*91%
27
1%
79%
66%
107% 10834
2%
5734
102
66%
*65
*7 8
3%
66
30%
W
78%
68
127
*92
80
*98
500
12
66
A
<
25
33
108
H
80
25
72
*11%
113% 114
300
24
14
14%
32
1284
o
94%
180% 182%
300
114
24
113% 113%
11
CD
93
127
114
26
26%
5%
66%
48%
54%
48%
66
M
0
*124
400
114
11
107
90
73
National Acme
25%
31
106
39
4,100
1034
1584
H
*71
11
92
2
*36
10%
26%
P
39
10%
10%
11%
2%
14%
H
23%
MootWard&CoIllaCorp No
23%
3
2
59
8,000
12
13
12%
2%
14
I
39
64%
CO
0
99%
44
92
25%
84
7%
99%
13%
44%
39%
23%
64
2634
H
98%
14%
"14%
15
15%
58%
*1484
CD
<
2,700
85
30%
I
19,300
64
35%
93%
72
27
62
*88
*91%
28
26%
I
32
Corp... 10
62
1%
I
5
...
27
84%'
108
Miami Copper
Middle States Oil
Lowest
89% Feb 14
3078 Nov 12
12% Aug
65% Jan
60%
98%
13%
10%
*66
36%
93
par
26%
13%
1C%
74
*2634
3,500
no
60
98
62%
30%
13%
200
OH
Department Stores..100
Do
pref._
100
Mexican Petroleum
100
May
27%
126% 126% *124
73
w
27%
*13%
Mar land
800
114
62%
*65
14
27%
Maoatl Sugar
2,7001
*24
w
*10?l2 108%
27%
13%
3,800
60
25
93
30
113
Companies
prof
26%
126
63
o
Oct
61,700
93
15%
2'
115%
2734
*62
£2
100
113
Q
64
Dec
11484
1284
1538
62
109
72
*91%
June
109
11%
*62%
72
65
110
70
12
59% Jan
100
110
114% 11684
27%
2734
S per share
Do
*108
*108
$ per share
100
112
'
24%
Highest
Par
24%
24% 25%
109% *104
108%
26
Year 1020
Lowest
Mackay
*106
Range for Previous
'
Indus. Ac Miscell. (Con.)
110
29
EXCHANGE
800!
71
59%
28
30%
25% 26%
106
107%
25%
PER SHARE
1
On basis of 100share lots
500
59%
*112% 115
68
36
*711®
113% 114%
26%
27%
13%
13%
26% 27%
59% 5934
99% 9934
13%
14
10%
10%
26*4
26*8
*5812
74
SHARE
Range Since Jan.
YORK 8TOCK
Week
3
2803
3
third preceding oatie
see
Reducod to bails of $25 par.
3804
Exchange—BOND Record Friday, Weekly and Yearly
New York Stock
Week's
KOND8
U.
5.
Y
Since
KJ
Low
Government.
No. Low
High
95.00 2698
94 10
94.56 Sale
96 90 97.18 96 30
97.50
96 30
97.77 100 00 98.00
86.00 96 70
3 85.24 97 98
96 30
97.02 Sale
941
86 40 98 00
2
99.10
96.80
100.50
94 00
Second Liberty Loan—
M N
96.62 Sale
95.72
43 85.34 97 60
97.20 65 H 85 30 97.80
M S
97 50 Sale
97.20
9800
O
97.22 Sale
96 26
M N
of 1938.
Fourth Liberty Loan—
4)4%
4)4% of 1933 1938
06.30 Sale
95 94
A
..
D
100.00 Sale
100.00
D
100.00 Sale
100.00
J
Pan Canal 10-30-yr 2s
Panama Canal 8s 8
Registered
June'21
100
»0012
100 20
100.08
83
104
76
"
105%
102% 104%
O1
10"
Dec'21
80
100
100
Jtily'21
80
July'21
83
<9%
76%
76
•
Version Government.
m
Belgium 28-yr rxt n f 7H • 8-1945
6-year 6% notes
Jan 1936
90-year s f 8s__..........1941
Bergen (Norway) s f 8s
1946
Berne (City of) n 1 8e
1946
Bordeaux (City of) 18 yr 6S.1934
77
s
J
D
49
68
78
95% 106%
95
90
87
64
90% 1
F
10434 Sale
105
M N
100% Sale
106% Sale
10.534
106
N
N
D
o
97
85%
45
831}
9634
160
87%
98
95
A
101% Sale
100%
48
92
10<»
145
99
172
99
101%
103
99% Sale
99
97%
101%
99%
1001. Sale
99
101
45 '
81
107%
86%
64
84
86
29
83
83
44%
107
86
1944 J
78
76% 75%
106
100% Sale
106
Sale
105%
107% Sale 107%
75%
1949 F
Danish Cub Municipal 8s"A"1946 F
Series B
194f F
1946 a
85
Dominican Rep ( one A dm sf 6« '68 F
Sale
85
09% Sale
FreDob Republic 26-yr ext 8s. 1946 M S
20-year extern loan 7 Ha.. 1041 tJ D
1929 F
100
100% Sale
8-year oonv 6He
pi922 F
9a% 91
Italy (Kingdom of) Ser A 0Ha.*25 F
t 87% Sale
fapanese Govt—£ loan 4 He-1925 F
t 80% Side
Beoond series 4 He
1926 J
t 72% Sale
Sterling loan 4s
1931 J
83% Sale
Lyons (City of) 15-yr 6s—
1984 M N
3
53
SaJe
Marseilles (City of) 15-yr 68.1984 M N
Mexloo— Exter loan £ 6s of 1899 Q J t 62% Sale
93%
90
70
85%
7484
16
95% 108%
72
95%
14
23
70%
1C9%
87
425
or
101%
95
998
93% 398
95%
69%
100%
94%
87%
347
83
395
0
97%
99%
108
91
100%
14
81
96%
86
193,
75%
88
86%
13;
75%
87%
72%
73
4
5*
75
83%
83%
84
110
74%
5
84
103
74
90%
53
39%
t
0«4
54
62
40
60
40%
109%
80
20
43%
39
96% 110%
.1940 A
108t2 Sale
108% Sale
108%
107%
108%
101
108%
101% Sale
100
101
191
102%
101
100%
101%
San Paulo (Htnte) ext «f 8s
•weden 20-year 6s
•wIsh Confederation 20-yr
1036 J
«orloh (City of) s 18s
tThese
95%
101
114%
92
Sale
66%
08
35
43
103
Sale
102%
103%
48
PS.% 104
108
Sale
107
108
16
94
IM
1946 F
1946 A
Uruguay Repub ext 8s
97%
94%
112%
66
8e '40 J
Tokyo City 6s loan of 1813-
103%
94% Sale
114% Sale
1939 J
sf
nalt
81%
JO" % 114%
68
108%
£
to
97%
97%
99
9734
Dec'21
Sale
104
104
Sale
104
104
104% 103%
104
94
Sale
*4%
93%
N
N
N
N
Stock. _.l057, M N
1968 M
1967 M
4% Corporate stock reg...l956 M
New 4HS
1967 M
4% Corporate stock
4% Corporate stock
94
92%
*91.
95%
104%
26
104%
104
30
07%
104%
104
104
106
94
93%
9334
87%
103%
104
84
104
5
873,
3
8 7«4
94
3
79
Dec'21
94% 93%
9334
02% Sale
8734 NOV'21
104
104% 10334
193%
104
Sale
104
103%
83% 85
84
84
8
90
1961
89
J
93
81%
3
87%
27
86%
6
72
July'20
101
78%
Bept'20
1960
78%
e
Dec'20
J
Apr'21
July'20
.....1961 M
S *106
Highway Improv't 4Ha.. 1963
Highway Improv't 4%s
...
103%
93%
stock... 1954 M N
Canal Improvement 4a
Dana! Improvement 4a
99
9834
82%
82%
9734
97%
95%
104% 104% 103%
1971
4Hs Corporate stock July 1967 J
J
4Hs Corporate stock
1965 J D
4Hs Corporate stock
1963 M 8
4% Corporate stock
1069 til N
3H%
98%
98%
9784
4 He Coporate stock
N Y State—4a
95
8
1965
Virginia funded debt 2-3e...l991
6a deferred Brown Bros ctfa..
..
J
66%
*1996
Atoh Top A S Fo—Gen g 4s.. 1995
Stamped
58
J
Ann Arbor 1st g 4s
O e
1996 A O
*1996 Not
Adjustment gold 4e
71%
75%
...*1995 Nov
Sale
58% 8ale
*83%
7934
78% Sale
D
1960 J
D
East Okla Dlv 1st g 4a
1928 M
S
89%
J
77
Trans Con Short L 1st 4a. 1958 J
Oal-Arla 1st A ref 4Ha"A" 1962 M
B Fa Prea A Pb 1st g 0a...l942 M
Ati Coast L let gold 4a
*1962 M
84%
78%
77%
76
1966 J
1966 J
58
82
77-«
Oonv gold 4s.
Oonv 4a Issue of 1910
Rocky Mtn Dlv 1st 4s
101" 101
87
Genera) gold 4Hs
Oct'20
93
5G34
86%
Nov'2ll
6
178
861b
75
82%
67%
79%
79
68
80
67%
80
91%
93
79
93
Doc'21
83
75% Nov'21
Sale
65
92
76
82%
88%
92%
91
I
79% Sale
82%
8
87% Sale
87%
88%
S
93
Sale
92%
Dec'21
S
60
50
73%
76
85% Sale
105% 8ale
84%
104%
8484
Dec'21
85%
105%
1930 M N
1964 J D
1928 M N
82%
94%
95%
J
Brans A w 1st gu gold 4a.. 1988 J
J
Charles A Sav 1st gold 7s.. 1986 J
LAN 0011 gold 4a
al952 MN
83%
109%
79
72%
77
80%
21
5
Jan'21
129%
73%
92%
85%
107
72%' 85%
91
95%
78%
79
99
Aup'15
1984 A
1st gold 6s
O
76
83%
77
76
103%
95%
76%
95%
54
Dec'21
88%
89%
1st 60-year gold 4e
Registered
*1948
*1948
73
1988
75
88%
77% SaU
75%
Sale
D
78% Sale
1929 J
J
95% Sale
1922 J
J
97%
P Jane AM Dlv 1st y 3Hs. 1926 M N
86%
Refund A gen 6a Series A.. 1995 J
*16
79% Mar'21
75%
68
77%
79%
143
Sept,'21
04%
fl4%
79%
80
6884
73%
75
290
65
77
78%
74
06
9584
73
87%
97%
86
"id
68%
94%
112
II
80
Jan'12
72%
73
41
61%
86% Sale
85%
86%
22
73%
86%
91%
02% Sept'21
85
84
Feb'2l
84
92%
84
99
Dec'21
95%
1926 J
J
Cent Ohio 1st 0 g 4 Ha... 1930 M S
CI Lor A W oon 1st g 6a. .1938 A
O
1986 J D
1937 A O
Pitta Clev A Tol 1st g 6a..1922 A
Tol A Cln dlv 1st ref 4§ A.. 1959 J
85
90%
94
90%
85%
O
Mar'20
Dec'21
63%
46
98%
91
47
63% Sale
1987 M S
98% Sale
90% Sale
98%
75%
80%
Dec'21
85
99
66l2
Apr'20
4Hs
1967 MN
All A West 1st g 4a gu
1998 A O
J
Clear A Mab 1st gu 8 61.—1948 J
OousoJ
89%
90%
J
Hp 1922 J
•Noi
Noipctoe Friday; iateet bid and
78
Dec'21
97%
87
97%
97% Sale
D
86%
-
00
101
-
62%
90
99% Nov'2l
1
50%
95
71
III.
89%
79
80%
99%
aaked. aDueJan. £Due April. eDueMay. tfDue
94
9V%
78% June'iO!
"83% Safe"
25
7* 1%
~84%
84% Sale
83
84%
*61
86%
71%
84% S«'e
8
84
84%
77
79
86%
8S%
87
70%
82%
84
86% Nov'21
1940
7234
70% Sept 21
67
71%
75
Dec'21
66
75
Craig Valley 1st g 6s.....1940
Potts Creek Br 1st 4s
1946
81%
80
Nov'21
73
82
76
76%
Dec'21
71
BAA Dlv 1st
con g
2d conso) gold 4s
Extension
Apr'21
69
82%
80%
Dec'21
51
51%
22
37%
38%
72
77%
78
18
86%
86%
77% Sale
87
89
J
J
93
93
Sale
1937 M N
General consol 1st 6a
F 8 Mtg A Tr Co otfs of dap
Stamped
....
Guar Tr Co ctfs of dep..
Chb A Ind C Ry la! 6a
.
104
1947 J
Mar'17
70%
309
59
OeD'l gold 3 He Ser B
J
J
D
J
J
70
89
66
72%
Dec 21
68
76%
77
Nov'21
70
77
70
72%
79%
70
79% Nov'21
57%
187
64
155
321
60
72
68
62%
71%
225
70
80
54%
57
«63
Sale
1932 J
1925 J
D
62
Sale
59%
D
26-year debenture 4a
1934 J
J
Cblc A Mo Rlv Dlv 6a
1920 J
J
CMA Puget Sd 1st gu 4a.. 1949 J
J
71% ^'e
65*2 57%
88% 92
65% Sale
93%
J
1934 J
1934 J
J
Mllw A Nor 1st ext 4Hs
D
Cons extended 4Ha.-_
D
Cblc A N'west Ex 4a...1880-'20 F
A
Registered.
1886-1920 F A
General gold 3HS
1987 M N
Registered
pi987 Q F
Fargo A Sou assum g 0B...1924
94
81%
84%
84%
91%
Dec'21
92
Doc'2l
85%
84%
93
73%
38
83%
6
' 99%
100%
10512 102
Nov'2l
103% 98V
Feb'21
6
82%
100
102
83%
P-
96
94
95
Nov'21
1933 M N
1st g
8
8
84%
....
105% Sale
105%
99
War'2)
95
J
O
97%
Sale
7478
76%
95%
97%
83%
90
74%
A
1930 J
D
104% Sale
Cods 0s reduced to 3 Ha.. 1930 J
1)
87%
S
90
J
101%
Ref A Impt 0s Series
5
J
1931 J
A
J
1993 J
-
D
1929
79%
04
Feb'19
Nov'2l
11
02%
13
01% 80
97% 104%
89
104%
6
Dec 21
8H«
Cln W A M Dlv lstg4a.._1991 J
J
89
79
91
04
90
95
70%
72%
Nov'10
May'18
91
78%
72%
72%
10318
103
Dec 21
68%
69*4
42
97% 103%
53
71%
100%
13
93% 102%
69% Sale
100% Sale
ioo
80%
72% • 79%
79% Nov'21
88
88
82
Mar'17
81
Aug'21
81*"
81
77% Sale
77
77%
4
01%
78
Sato
84
85%
6<
72
88
90
Dec 21
81
90
85
85%
96
J
"SO
64
36
Sale
23
95
97
81%
97^2
79%
81%
79%
791s
5
73
7&I2
72
78%
72
72
1
02%
72
5
06%
77%
77
..
1939 J
1st gold 4s
79
8A
90
238
78
72%
90
N
J
D
86%
76
Dec'21
jig
72%
73%
77
104
92
1930 J
81%
07%
..I
94%
07
41
76%
89
1930 M
80
85%
72%
76% Sale
1936 M
1937 J
C Find A Ft W 1st gu 4s g.1023 M
Day A Mlcb 1st oons 4Hs. 1931 J
Olev Cln Cb A St L gen 4a..1993 J
83%
77% Sato
F
16 yesirs f 7 He
90%
74
Nov'21
94%
St Paul A K C Sb L 1st 4 H8.'41
Cln H A D 2d gold 4Hs
98%
Dec'21
73% Nov'21
O
D
99
93%
99
78%
78
J
72
Cblc TBA80 Eaat 1st 5s.. 1960 J
70
66%
94%
797s Sale
Cblc A West Ind gen g 0a..el932 Q M
Consol 60-year 4a
1952 J
J
70
Aug'21
Pf-% June'2i
J
Superior 8bort L 1st 6a g..el930 M 8
Mar'21
83%
80
O
6s
100%
100%
1952 M N
Nortb Wisconsin 1st 0a
1
91
76
96
96% 109
j
i y
105%
June'21
Keok A Des Moines 1st 68.1923 A
Cblc St P M A O oons 6a
Oct
101%
7
91
1934 A
6s
108%
100%
C R f F A N W 1st gu 5S..1921 A
96
--
106
107
06%
S
R 1 Ark A Louis 1st 4HB..1934 M S
Burl C R A N 1st 6a
1934 A O
93*4
95
U9% 108%
105%
70
1988 J
1988 J
Cblc R I A P— Ry gen 4s
"V7%
95%
1924 J
Mil Spar A N W 1st gu 4s.1947 M
St L Peo A N W 1st gu 6S.1948 J
cons
Sale
90
Feb 20
%
68%
J
F
0S...1925M
1st gold 0s
108
85%
87% 100%
96% 102
98%
97
75%
3Hs.l94l|J
8 L 1st go 3HB...1941
ABbland Dlv
10578 Saio
D
72%
!
Dec'2i
93*4
73%
70
84%
7ii,
Dec 21
94%
9S%
02%
68
84%
'
82
91
g.......1930'J
1st
17
Dec'21
70
83%
83l£
82%
O
S A West Imp g 6S..1929
Debenture
73%
1933 M N
16-year secured 6 Hs g
1930; M
Dos Plalnes Vallatgu 4Ha..,47jM
Frem Elk A Mo V 1st 0s.. 1933 A
Man O B A N W
76%
84%
88
101
Registered
10-year aecured 7s
94
76%
1879-1929 A
Registered.
—I
July'y
Jen 21
O
O
Sinking fund deb 5a.
66
72%
65
32
65
83%
Sepi 19
1879-1929 A
...1879-1929 A
Cb Okla A G
Dec'21
63%
92%
92
73% Sale
1987 M N
j
71%
53%
6oi,
02
91%
91
General 5s stamped..
1987 M N
Sinking fund 0s......1879-1929 A O
58
79
83
8034
1987 M N
Registered
60
80
54%
Convertible 4H»
Perm&Denr 4s.
Dlv
10
63%
78%
57
60%
Sinking fUDd 6s
eat,
57s4
63
of 014 AO
<22014 F A
A
29
73
Sale
«1989J
OeD A ref Ser A 4 Hs
GeD ref conv Ser B 6s
Ml) I
---
J « 79% Sale
«1989 J
Ge. eral 4Hs Series C
Mllw
27
75
73
Sale
62% 65*4
J
Cb M A St P gen 0 4s net A.el989 J
47% 03
911< 103
65%
80
80%
J
J
J
lBt 4%B_..i&69 J
72%
60
69
69% Sale
J
1940 J
68
78
60%
62
61% 8ule
102
102% .... 102
89
90
Sale 1 87%
72% Nov'21
72
Chicago Great West 1st 4S...1969 MS
Refunding Rold 6a.
Refunding 4s Series C
78
100%
103%
82%
90%
79
104
32
J
M N
Ind A Louisv 1st gu 4s....1950
Cblc Ind A Sou 60-yr 4e
1966
■
Dec'21
....1 103%
I.oulsv— Ref 0a.. 1947 J
26
90%
82% Dec'21
90% Nov'21
1936 J
CAE 111 RR (new co) gen 5s...1951
East
104%
80
35%
35%
28
34%
Dec'21
102%
....
| 103%
....
86%
Dec'21
04%
99
97%
10334
O
88
94
~74»4 87
37,
86%
34%
34%
32%
..
41%
78%
77%
7
93%
84
j!
.
l
41
30%
69%
Oct 19
90%
*85% ~86%
8
80*4
53%
73%
51% Sale
....1968 IW
..
Cblc L 8 A
69
38% Sale
E III ref A Imp 4s g_. 1955 J
ind A
76
J
C 8 Mtg A Tr Co eta of dep.
1st conso! gold 0s
1930 A
Chk
8©
63
1927 M N
General 4s
Cblc A
70
Dec'21
73
4s...1927 M N
Registered
76%
79%
76
79%
O
1949 A
1960 J
Railway 1st lien 3Hs
CbJr Bur! A Q- 111 Dlv 3HB-1949 J
Illinois Dlv 4s...
1949 J
Nebraska
11
78
78%
Greenbrier Ry 1st gu g 4a. 1940 M N
Warm Springs V 1st g 6a.. 1941 m s
Cblc A Alton RR ref g 3s
78
76
4a...1989
1989
St L Dlv let oolltr 8 4a
1990 M N
77% Sato
77
77%
Spr A Col Dlv 1st g 4a
w w Val Dlv 1st g 4s
1940 M S
76%
77
June'2i
68
78
Nov'21
78
78
76%
83
1940 J
J
73%
*1935 Q
*1930 Q
F
F
85%
Cm S A C) consists 6s...1928 J
J
0s...1934
1940
O Ind A W 1st pref 6s...£1938
Peoria A Eaat lat 00ns 4a..1940
J
ClSt LA Cist g 4a
Registered
C C C A I gen cods g
Ind B A W 1st pref 4s
Cleve Short L 1st gu 4 Ha
Colorado A Sou lat g 4a
Refund A
J
A
Ext 4Ha
Conn A Pas Rlvs 1st K
1921 J
4a...1948 A
Cuba RR 1st 60-year 6a C—1962 J
D LAW—M A E lat gU 8H*kOOO|J
»T«.rrw4»
O
1901 A O
1929 F A
1936 M N
Ft W A Den C lat g 08
80%
Dec'21
82% Sept *19
96
13%
102% 107
100%
85% *93%
98% 100%
Doc 21
75
Nov'21
93%
Dec'21
76
76
78
Q
A
87
75%
1990 Apr
Income 4s
V Y Lack A w 5S
100%
100
80
79
1944
Cairo Dlv
floutbw Dlv 1st gold 8 Ha
•
99
Au-''2l
91
92%
June%l
80
Coal River Ry 1st gu 4S...1945
95%
92%
79*4
PLE A W VaSysref4a.. 1941 MN
e
90%
88
90
92% 104%
94
100
Dec'21
A00%
.
8
"
89
110
89
76%
88%
Root A Pitta con 1st
too
106
A
7812
86
Buffalo R A P gen g 6a
26
102%
1992 M
66%
87
72% Sale
Ohio River RR 1st g 6a
General gold 6a
103%
J
1992 M
Registered
20-year deb 4Hs
General 6s Serlee B
100% Nov'20
89% Sale
Registered..
Temporary 10-yr 6a
Pitts Juno 1st gold 6s
Dec'21
96
1984
1925
*1925
IO-yr oonv 4 Ha
6
J
S
J
83
75%
861b
703%
82%
87" "87%
,86%
90
10334 Sale
20-year convertible 4H8..1930 F
Refunding gold 4a
Dec'21'
Gen unified 4Ha
Ala Mid let gu gold 6a
Bav F A W 1st gold 6a
....
Ma> '18
J
1939 M N
1939 M N
Registered
Registered
Dec'20
10-year secured 7s
Salt A Ohio prior 8 He
Apr 21
87
Mlcb
•tallroud.
Registered
S3
J
1920 J
847a
07%
Dec'21
1940 J
Stamped 4s
Corporate
Corporate
83%
•
90%
98
70%
80%
Dec'21
70%
90
Cant RR A B of Ga coll g 6a. 1937 M N
Cheaa A O fund A Impt 6s
1st cod sol gold 5e
85% 101
13
95%
87
J
Am Dock A Imp gu 6a
1921 J
N Y A Long Br gen g 4a...1941 M
68
"ii
90
95%
87
1947 J
1987 J
*1987 Q
96% 100%
86
9
70%
D
J
Mid Qa A Atl Dlv 6fl
Registered
89
Sale
111
am
81%
iJO
99% 112
Dec'21
92%
94% Sale
Cbatt Dlv pur money g 4a. 1951 J
Mao A Nor Dlv 1st g 6a.. 1946 J
General 4s
City Securities.
City—4)48 Corp stock, i960 M 8
4He Corporate stock
1964 M 8
4)4a Corporate stock
1906 A O
N Y
4H%
89
10-yr temp secur 0a June.. 1929
9
84
82%
84
93%
...
are prices on the basis of ,35
Stat* and
o2
D
Central of Qa 1st gold 6a__.pl945 F A
Conaol gold 6s
1945 M N
85% 108%
Queensland (State) ext s f 78.1941 A
.
1946 J *
12
108%
107%
77%
Rio de Janeiro 26-year s 18a.. 1946 A
Norway external e f 8s.
107% Sale
83
63
5
86
86%
30% Sale
Gold debt 4e of 1904.....1964 J
72
108%
100%
98%
9484 H
20
94%
9534 Sale
98% Sale
49
8%
40%
3
76%
106%
106%
99%
94%
94% Sale
|
6Ha_.1937 F
10-year oonv 6 He
90%
1(,5
74
19
96%
4%a
boi»d
171
94%
Exter dt of 6s 1914 ser A.1949 F
gold
103
96
Mute
Sale
D 1 45
106% Sale
O
86% Sale
J
84% Sale
Cuba—External debt 6s of 1904. M 8
80-year
84
104%
95
ObJnet* (Bukuaug By) 6s of 1911 J
OhUvtlanla (C ty) s f 8s
1946 A
<3t Brit A Ireland (O K ol)—
92%
97
(Republilc) ext sf &«.. 1941 P A
1926 A O
26-year s f 8a
1046 M N
Denmark external s f 8s
8
>7%
1 '7
108%
04% Sale
External 6-year 6 f 8a
Externa] loan
107
97%
93%
83
96% Sale
Chile
Copenhagen 26 yr s f 6)4*.
8
103%
83>2 Sale
104 % Sale
66%
O
1920 F
10-year 5 He
'78
104%
95%
106%
106%
1931 A
do
do
76
103%
95% Sale
M
M
J
8s.. 1926 A
g
Sale
104% Sale
J
..1941
Canada (Dominion of)
J
25-i ear 8 i deb 6H8
Lew
%
9
10834
30-year oonv secured 6s
Big Sandy 1st 4b.
Argentine Internal 6s of 1909..
Braxll ,U 8 extern 8s
927« Sale
10S% Sale
Car Clinch A Ohio 1st 30-yr 5a.38 J
No
Biol
109%
93%
D
Cent of N J gen gold 6a
100% 101% 100% June'20
10414 10434 104% Dec'21
10414 10434 101% Oct'21
F
98.14
100.08 1336 96 80
101 >8 10H2 100
F
...1025
F
11936
....1961 QM
1961 €) M
coupon
85 34
100.20 88)6 06.66
J
...
is
Ask Itw
O
Canadian North deb a 1 7I..1940 J
Mobile Dlv 1st g 6a
88.0098 24
7763,
97.6Ojl0579|
victory Liberty Loan—
4M% Notes of 1022 1923
3)4 % Notes of 1922 1923
2a ooosol registered--.
41030 %
2a oonaol coupon....
...41980
4s registered
.....1926
Sines
Jan. 1
Canada Son oons gu A As...1962 A
Load—
J D
3H% Of 1033 1947
J D
Oonv 4% of 1932 1947
J D
Oorv 4%% of 1932 1947......
2d oonv 4)4% of 1933 1947— J D
Mane
Bancs or
Lest Sale
hi*
High
First Liberty
4% of 1927 1942
Ooov 4)4% of 1927 1943
Third Liberty Loan—
30
ending Dec.
Week's
Friday
Dec. 30
STOCK EXCHANGE
Week
Jan. 1
Last Sale
Week ending Dec. 30
'Price
BONDS
Mange
S3
Mono*or
EXCHANGE
N. Y. 8TOCB
and prices are now—"and interest"—except for income and defaulted bonds.
Btchangs method o quoting bonds too* o-an ,d
1009
Jan,
D
73
Sale
1923|F A
.1028 ft* V
75
36
29
23
22%
23%
89%
Sale
22%
'88%
89l2
64
75
18
26
79
Dec'21
90%
89%
14
77
82
83%
12
72
8514
100 100% 100
Dec'21
98
102%
89%
83% Sale
~77%
D
70
Sale
80
98% 99
76%
97
'
98
June. 5Due July. *Due Aug. ©Due Oct. pDue Nov.
88%
~77~
"78%
*59% ~89~
3
76
80
25
97
97
3
96
Auv*21
92
66%
SO
95
"
99
91
96U
tfDue Deo. « Option sale.
2805
New York BOND Record—Continued-Page 2
BONDb
N. Y. BTOCK EXCHANGE
Week ending
?!
Dec. 30
Dec. 3 0
Bid
OelLackA Western (Concl.)—
Warren 1st relgug »*■---8000 f
Delaware ft Hudsonlit lien equip g
1033
4*1
Wotl'o
Pnce
Friday
j
Price
N. Y. STOCK EXCHANGE
Friday
Dec. 30
1021s
9914
99is
j
BONDS
Sit a
Jan. 1
Alt Low
68
A
Mango
Mango or
taei Sai $
Hiah
NO.
96%
Dec'21
87
23
89*4
49
10812
2
765g
76%
5
72l2
73%
15'
7634
77
87
1043 mn
1035 a
O
1030 j
d
Alb A
1048
O
76i2
Ben as * Saratoga 20-yr 61.1941 m n
4a..1030 j
j
Oonaol gold 4*1
1030 j
j
85i2
74%
99%
87%
78
92
102%
Susq cony 8 Hi
a
7634
1040 j
77i2
74
75
75
4458
45
45
Sale
77
73
68%
78
62
75%
79
78%
41!
66%
67%
35
72%
Nov'21
50%
48%
1434
i(T "434
74%
61%
62
Mtge. A coll trust 4s A..1949 A O
62
64
Sale
62%
66%
4s—1995 J D
56'4
Gold 4s...
1995 j D
Det Biv Tun Ter Tun 6 *8. .1961 m N
Dul Mlssabe A Nor gen 5s
1941 j j
Dal A Iron Bange 1st fis
1937 A O
....
50
82% Sale
82
95*8
....
95%
9334
....
A
O
J
J
~85~
m n
925$
85
95
93
77
47%
65
Oct*21
57
62%
May'21
82%
Dec'21
50
50
102i2 101
1047 M N
74
80
1043 M
8
96
1930 A
O
1928 J
D
93
J
1096
j
J
38
61
01%
55
55
10
55
55
42
Penn ooll trust gold 4s. .1951
A
77%
50-year
O
36
42%
Aug 21
135
78%
Sale
1940 m
con
158.1935 a
78%
"l
35%
36%
119
66
o
ARB 1st gold 5l
1927 M t
Nor Sb B 1st con g gu 5s.al932
Q J
Louisiana ft Ark 1st g 6a.....1027 M t
Louisville ft Nasbv gen Qg—1930 j D
Gold 5s
1937 mn
gold 4s
Registered
Collateral trust gold 6s
.....
L Cin ft Lex gold 4*1
NOAM 1st gold 68
1940
j
1940 j
j
1931 M N
...1930 m n
1031 M N
1930 j
j
J
a
St Louis Dlv 2d gold 3s ...1980 M S
Atl Knoxv ft Cin Dlv 4s...1956 m n
Atl Knox ft Nor 1st g fis...1946 j
D
s
Kentucky Central gold 4s. 1987 j
j
Lex ft East lst50-yr fis gu.1906 a o
L ft N ft M AM 1stg 4Hi-1945 M S
LAN South M Joint 48...1952 J
j
39%
4734
39
72%
35%
34%
78%
40%
41
N Fla A 8 1st gu g 58..
45%
8 A N Ala
Registered
N A C
Bdge
35% Sale
35
36%
o
38% Sale
86% Sale
37%
39
9
37
88
2
75
38
1936 F
Gen oons gu 60-yr 5s....1903 A
La A Jet Bdge Co gu g 4s.... 1946 m
70%
88"
Mex Internal 1st cons g 4s...1077 M
Dec'21
77
87%
June'21
97
99
76"
83%
Ohio A Erie 1st gold 5a
1982 MN
Oleve A Mahon Vail g 5a..1938 J
j
Crle ft Jersey 1st s f 6s
1955 J
J
Oeneseee River 1st 1f6s__.1957 J
J
86%
106%
83%
81%
"§2"
83
82
83%
O
102%
97
Ooal 4b BB lot cur gu 0I...1922 M N
86%
103
Dock A Impt 1st azt 5a
89
Long Dock oonaol g 0a
1036
A
1943 J
J
Terminal
1st
83
53
60%
A
A
39% Sale
39%
80
82%
0I..1943 m n
84
O
Wiik A East 1st gug 6s
fiv 4b Ind 1st eona gu g 0a
1942 J
D
52
72
78%
Mt Vernon 1st gold 0g...1923 A
Co Branch 1st g 0s
104
4s..1028 J
D
Sale
J
78
80
81% 85
109% Sale
100% Sale
j
"87% *93 "
1933
j
105
1838
j
educed to golG 434s..-1938
Registered
.....1933
j
69%
71%
84
06
66
61%
80
78
88
10834
100
Apr'21
78
Dec'21
109%
100%
130
107%
330
mn%
96% im%
117
77
89
82%
81*4
82%
89
82%
Oct'21
89
Dec'21
108% 103
Nov'21
99
j
•
D
96
89
Sept'20
"93% "94"
92
34
88
62%
99% 111
95
93%
9 D2
86
85%
99% 103%
8584
X3
93%
"75 " "80 "
80
Sept'2J
99
Mar'2!
99
Nov'21
90% 103%
j
Bay A W Deb etfi "A"...
Debenture otfs "B"
D
56
70
634 Sale
Feb
eons g 4*o_
74
74
82%
81
84
Ool 4 H V 1st ezt g 4s
Ool ft Tol 1st ezt 4s
2948 A
1900 F
76
Houston Belt ft Term 1st 01.1937 J
ailnots Central 1st gold 4s_. .1051 J
Registered
88%
95
83
70
67f
8%
65
74
67%
83
66%
76%
1951 J
67%
70%
^0
Nov'21
76
86
86
Nov'21
81%
86
1051 A
83%
83%
7634
Dec 21
68
78%
Nov'15
72
"72" *72"
Oct'21
1961 A O
..1051
1962
Registered
.......1052
1st refunding 4s
....1055
Purchased lines 8Hs
1052
gold 4t
Registered
Gold 8HS.
1051
Opringf Dlv let g SHl
1061
Western Llnea lit g 4a.....1051
Registered..
..1961
Bellev ft Car 1st 6s
1023
79% Sale
J
j
J
J
J
J
F
J
1061
Registered.....
....1961
Gold 3Hs—
1051
Joint 1st ref 6s Series a.1068
MemPb Dlv lit g 4a
1951
Registered
...1051
tf Louis Sou 1st KU g 4s...1031
Lad III a Iowa 1st g 41
1950
lit ft Great Nor 1st f ezt 7s..1922
fames Frank ft Clear 1st 4S..1969
fantM City Sou 1st gold 3s. .1950
Registered
I960
Ref A impt 5«
Apr 1950
Canvas City Term 1st 4s
1060
Lake Erie ft West 1st g 51
1087
2d gold 6s
1041
North Ohio 1st guar g 5S..1945
Lsb ValN Ylst gug4Hi
1040
Registered
1940
CrShtgh Val (Pa) eons ff 4s
2008
General eons 4Hi
...2003
LebV Term By lat gug 6s...1941
Registered......
....1041
Leb Val RR 10-yr coll «s_.»l928
76
J
No price Friday: latest
6578
7684
60%
81
Dec'20
9784
107%
*431
16
86%
"fl9 "
Dall ft Waco 1st gu g 5s...1040 M N
g
A T of T 1st gu g
58..1942 M
Texas A ^kla 1st gu g 5s..1943 M
Mo K & 1 .ly—p 1 5s Ser
1st A
1st A
refunding 6s Ser B.al923 F
refunding 6s Ser C..1920 F
General
1976 M
4s..
Missouri Pac 40 year 4s.....1046
3d 7s extended at 4%
1938
68%
76
85
70
92
J
*94 " "g4'
94
May'2*.
Mar*l9
87%
A ug'v)
87%
98%
88%
6534
Dec*21
65%
1st consol 4s
J
D
90%
78%
91%
67%
76
76
Dec'21
96%
7534
Sept *21
97%
81
63% S&le
Oct 21
"
80
Sale
Sale
87%
93
77
81%
70
66%
87%
80
1
72
82
64
56
54
65
83%
797g
Oct'Of
85
106
41
Sale
99%
100
101% 8&!e
*72 " '85%
87
80%
87%
76
Dec'21
04
79
65
Oct 2.
05
65
81%
86%
8n
fin
67%
77%
80
96%
93
80
1
46% Dec'21
"76% "78*
85
88%
76%
63
78
85
68%
76%
85
92
113
100%
julv'21
70%
86
3
29
Aug 21
Mar*12
10134
a Due Jan.
09%
81%
79
87%
72%
90%
26
95%
6 Due Feb.
86%
02
103
80
J
O
July'21
84
83
Apr421
83
96%
87%
89%
81%
Oct 21
91%
106%
Dec'21
106% Sale
92% 95% 92%
101%
100
...
96
78%
63%
59%
81% Sale
04%
99
101
93
85
Sale
....
89%
78
II
85%
...
106%
Dec'21
22 100
Oet'21
93
86
75~
50%
09%
0% Nov'21
Bept'21
Des'21
90%
92
100
03%
101%
Nov'21
70
83
80
75
64%
90
75
82%
«1
82
90%
100
80%
100
80%
29,
84%
78
Feb'06
01%
87
*90"
Oct'21
Nov'21
94%
91%
8*
91
Jan'21
S,
25%
94%
;8
96%
96%
80%
77%
77
Dec'21
64%
77
10
25
77
Mar'lo
75
Nov'10
99
July'20
98%
~98%
100
102%
70
71%
33
Sale
98% Nov'21
71
71
1
32%
34
42
35%
67%
76
32%
4£
Deo'il
1
39%
6
39
__
73%
2;
08
32% Sale
32
34%
011
32
48
47
76
44
86
86
86
17
75%
87
«
90
25
87
97
24
09% 104
10
88%
70%
94%
70%
««
75%
33%
39% Sale
73
74
Sale
101
96
Sale
8434
94%
82
39
73%
6
100%
86
9584
94%
70
_
101%
33
Dec 2o
94%
July %
74% gale
50% Sale
74
75%
139
50
50%
160
50% Sale
40%
37%
50%
34
36
38
79
63
78%
78%
10
7%
Doo'2 J
74%
73
74%
Deo'21
34%
51%
34
61%
87%
25
....
43
—
49%
J| 48%
110
63%
63%
5334
20%
26%
1
17
60
00%
70
37
79%
4
53
79%
6
30%
i 38
75
74%
54
53%
28
61
51%
79%
ii
66
58
78
Dec'21
52
78
80
77
Nov'21
55
77%
79
78%
55
79V
40
32
V,
fcJ
30
32
26
34
Nov'21
34
34
O*
76%
62%
78%
65%
03%
47
fix
....
Sept,
Dec'21
Hfr
270
77%
78%
64
65%
90%
913s
301
90%
44%
46
1901
41%
84% Sale
84%
97%
92%
85
23
76%
97%
119»
86%
9 %
6
81%
278
50%
86%
°81*
94
63
3
67"
78%
"II | 76%
"83 '
Sale
97% Sale
9234 Sale
6034 sale
39%
75
61
60%
58
65
OCt* 18
75
Sale
76
68
70
68
June'IP
83
85
88
Dec'21
88
92
93%
94
80%
80
gate
'V
Jul
84
93%
79%
80%
75% Sale
90%
90
82
Oct'17
74
100% 101% 100^8
99
—
76
Dec'21
100%
24
—
*04
—-
90
90
94
101%
6
69
70
69
Dec'21
76%
Oct'21
83
97
81%
99
99
20
27
80%
96%
99
"20%
20
76%
85
83
88%
08%
Dec'21
97
11
09%
July v
20%
25%
22
26%
1
30%
28
25%
27
29%
27
Dec'21
30%
16%
19%
19
Dec'21
88
82
81%
72t2
06%
84
84
1
72%
73
9
90
96
1
*
7l34
96
84%
75%
99%
Sale
63%
63%
20
98% Bale
97ia
105%
77%
84%
98%J
182
67%
1001s
ioe%
78%
64
106%
57
80
8
87
63%
106
Bale
78% Sale
85% Bale
86
I
J
.......1997 J
J
1034 M N
1934 M N
1942 J J
1998 F A
1008 F A
Mich Cent ooll gold 3HS..1098 F A
Registered
..1098 f A
Battle Cr A Stur 1st gu 88.1989 J
D
Beech Creek 1st gu g 4s
1930 J J
Registered...
—.1980 J
J
2d guar gold 6s
1036 J
J
Beech Cr Ext 1st g 3*8.61951 A O
Cart A Ad lstgu B 4s
1981 J D
Qouv A Oswe lstgu g 6s..1042 J D
Ka A A Q R 1st gu g 58-1935 J
J
Lake Shore gold 8*1—1997 J D
Registered
...1997 J D
Debenture gold 4s —.1928 M 0
26-year gold 4s
1031 M N
Registered
—.1081 M N
Mob A Mai 1st gu ff 4a. ..1001 M f
n Due Sept.
*78%
99
Bafe
A
Registered
84
00
1
24
Dec'2l
82%
87%
81%
70%
05
83
96%
07%
O
Lake Shore coll g 3 Hi
' 79%
22
July 14
102
F
1997 J
Mortgage 3 Hi-
h Due July,
78%
82% Nov'21
58%
00
79%
8134
V
100
90
40>
84% Nov'21
....
86%
75
Dec'21
100
80
77%
80
Fcb'20
100
....
"ff
88
% Nov". u
88% Sale
83%
95
*
75%
63%
7G% July'21
78% Doe'21
"97"% ::::
A
Debenture gold 4a...
Due June,
70
77%
87
m
2013
30-year deb 4s
"75" "80
Dec'2J
02%
Impt 4HS "A"
Registered....
57%
Jon'li
New York Cent A Hud River—
Registered
N0V17
80
76%
76%
8684
78
—..1998
Consol 4s Series A
Ref A
98%
65
o
.1051
NO A N'Elst ref A Impt 4*bA '62
New Orleans Term 1st 4a
1963
05%
89%
76%
J
prior Ilea 4HS...1920
Non-com Income 6s A. —.1036 A
98%
"80%::::
o
N O Tex A Mexico 1st 6s.—1026
73
Sale
D
N Y Cent RR oonv deb6f—.1936 MN
10-year coll tr 7s
1030 M S
94%
*.
M N
76
75%
72%
8
75
08%
90
A
A
64%
Nov'10
90%
A
*69%
80% Nov'10
74% Oct'21
....
8134
78% Sale
F A
2d extended gold 6s.
1988 J
J
Bt L Ir M A S gen con g 68.1931 A O
Gen con stamp gu g 6s.. 1931 A O
Unified A ref gold 4i
1020 J
J
Registered—......
1929 J
J
Rlv A G Dlv 1st g 4s
1033 M N
Verdi V I A W 1st 9 5s
1020 M 8
Mob A Ohio new gold 68
1927 J D
1st ext gold 08
41027 Q J
General gold 4s....
1038 M S
Montgomery Dlv lit g 68.1947 F A
D
Bt Louis Dlv 6s
.1927
J
St L A Cairo guar g 4s....1931
O
Nasbv Cbatt A 8t List 6s.-.1928
J
Jasper Branch 1st g 6s
1928
SI
75%
69%
78%
90
..
1948 J
50%
"2
"91" ::::
85
08
04
60
05
8
Pac R of Mo 1st ext g 4s...1938
50
Dec'21
72%
II
4434 Sale
Missouri Pacific (reorg Co)—
1st A refunding 6s Ser A..1966 F
70
57% Sept'c l
7178
72% Sale
03" "72%
4i
90% Sale
04%
01
77
64
Nat of Mex
66
5
D
40-year 4s 8eriefi B
10-year fie Series C
58%
63
831%
77
72
4s...1090 F
Mo K A E lstgu g 68
1942 A O
M K A Okla 1st guar 58... 1942 M N
76
Dec'21
83%
63% Sale
20»4 32
60»4 Sale
58
70
85
77
Trust Co certfs of deposit
2001 AO
5% secured notes "ext"...1016
Bt Louis Div lBt ref 4e
73%
74
76%
83
63
Sale
58% Sept'2•
Dec'21
100% lf)834
78
98%
98% Nov'21
99% Oet'06
72% Dec'21
safe"
76
Md and asked this week,
'15
*71«4 "83%
91
80
99%
54
Nat Rys of Mez pr Hen 4Hi-1067
Guaranteed general is
1977
63%
N
j D
A O
A O
m
m
a
A
78
72
D
j
J
J
j
O
j
j
N
N
o
o
68
96%
106%
82%
Dec'21
81
66
73
97%
68%
71%
74
76
J
A
J
D
D
S
j
Sale
7034
67%
91
83%
1st A refunding 4e
2004 M S
Trust Co certfs of deposit...
Gen sinking fund 4Hs
1936 j"j
63%
D
J
j D
j D
j
77%
106% Sale
j D
j
J
A
J
78%
n
J J
J J
F A
F A
J
j
82
"97"
J
J
M
J
M
11
82%
76%
J
J
18
78
j
J D
Garb ft Shaw 1st gold 4s...1932 m 8
Ohio St L ft N O gold 01
July'09
79%
7978
953$ Sept 19
82*4
70%
M n
1063 MN
1963 M N
15-year secured SHl
1034
15-year secured 6%s g
1936
Cairo Bridge gold 4s
1050
Litchfield Dlv 1st gold Si.. 1061
LoutevDlv A Term g 8*1-1968
Omaha Dlv lat gold Sa
1061
St Louis Dlv ft Term 8 8s.. 1961
80
8
M 8
A
M
j
j
D
2d gold 4b
cl990 F A
Trust Co otfS of deposit
1st ext gold 5b....
..1944 MN
Cent Br U P 1st g 4s
Dec'21
84
"77% IIII
1951 J
M 8 S M A A 1st g 4b lnt gu'26 J
Mississippi Central 1st 6s...1049 J
Mo Kan A Tex—1st gold 4S..1990 j
.
"20
73% June'U
73% Oct'l 8
70%
....
55
2
90
83% Sept 21
1061 J
lit gold 8s sterling
OoQatera! trust gold 4s
L N O ft Texas
....
71%
82%
6«4
Dec'21
94"%
90
Dec*21
684
71%
1999
.......
55
1941 M N
Cum adjust 5s Series A
90"
Dec'21
Jan'2)
82
j
.1999
Registered
Registered
1st gold 8 Hi
Registered.......
Extended 1st gold 8Hi
93%
90
933s
Feb
Gulf ft s 11st ref ft t g 5a_.01652 J
99%
136% May'06
"93% ::::
j
f 4s
MB
101
1037
1088
a
1931 MS
Bber Sh ft Bo 1st gu g 5s...1042 J
99
85%
82%
95%
91%
105
1st guar gold 5e
Will ft S F 1st gold 0S
1st Chic Term
j
1938
80
j
....
5b
86
j
29%
cons
80
Mar'20
O
1st
79
86
Mar *21
J
D
J
1951 m.S
82
Dec'21
80
Iowa Central 1st gold 6s.. 1938 j
Kan City ft Pac 1st
93%
......1937
Registered
Rooking Va* 1st
71
69%
73
Dec'21
F
4i lnt gu'88 J
71%
70
July'21
76
Ref ft ext 60-yr 6b Ser A...1962 Q
Dee M A Ft D 1st gu 48...1936 j
10-year ooll tr 6%s
1937
Mont C 1st gu a 6s
Listen
00"
Jan'17
D
Pacific ezt guar 4s £
B Minn Nor Dlv 1st g 4S..1948
Minn Union 1st g 6s
1022
*47 "
56
80%
88%
j
1837
1937
1040
Nov'19
"83%
70
93%
S
e f g 6a..1926 J
d
Minn St Louis 1st 7l_._.
1927 j D
1st oonsol gold 6s
1034 M n
1st ft refunding gold 4s....1940 m S
eon g
96%
83%
Oot'21
82% June'21
75
Deo'21
1977 M S
Refunding gold 4b.
91%
91
Midland Term—1st
M St P AS S M
High
Low
No
84%
94% 100
5s
Stamped guaranteed.
82%
Apr'21
78
88»4 Sale
j
1083
Registered
50
81%
88*4
100%
1061
Mont ezt 1st geld 4f
39%
391
Aug'21
88
107% Sale
J
it Paul M A
glatered
40
Apr'2i
Apr'21
60
70%
J
1030 J
1661
1st oonsol g Gs
40
Apr'21
0]34
69%
78
A
lit A ret 434s Series A
Registered
Man 4l
"52"%
56
6PI3
O
3alv Hour A Hend 1st 0s
1033 a o
Grand Trunk of Can deh 7I..1940 A o
15-year s f 6s
1036 M S
ser
53
88
1030 A O
ftorldaE Coast 1st 4*1—...1959 J
Port St UD Co lstg«*i
1941 J
1ft Worth A Bio Gr 1st g
Safe
23%
1920 J
J
1042 A o
1st gen g £a
Great Nor Gen 7a
56
40
2940 A
Sol
Jan 18
43
Mid ofN J 1st ezt 0s
cyans AT H
85
1940 F
gold
Jan is
Dec'21
1037 F
3d gold 4 Ha
General gold 5s
82
83%
80
N Y ft Green L gu g 6s
1940 IWN
V Y Susq 4b W 1st re! 5*... 1037 J
J
Jan'17
gen gu
84
Bioh
Dee^l
Oot'13
83%
70%
Since
Jim, I
91%
81
4*8—.1945 J
O
oons gu g
96%
105
86%
Mango
er
Last Sale
At* Dow
96%....
"94" ::::
1937
1953
do Series B
Mange
95
A1952
Gen conv 4s Series D....1953
*
S
NY
39
"
S
D
1949 m S
Hendor Bdge 1st s f g 6a...1931 M
Aug'19
56%
J
4s Ber A...1963
92
55
39
1990
oonv
~
98
91
Bale
42
Registered
"
86%
96
Nov'21
Sale
55
lit consol gen hen g 4s..1996
9h%
refunding gold 4s
gold 0s
1930 j
Paduoah ft Mem Dlv 4s...1946 F
94% 101
9484 Nov'15
100%
5034 gale
1090 J
Registered
96
92
NT Y L E & W lit 7s ezt ..1030 M f
Erie 1st cons g 4s prior
Sale
M
2d
Jan'20
4th ezt gold 5a
5tb ezt gold 4s..
86%
Dec'21
N Y A Erie 1st ezt g 4a
3rd ezt gold 4*8
Guar
10-year secured 7b
76" "87 "
93
101
95%
9334
87%
Dec'21
M S
84
92%
j
4S
WotM'e
j
Unified gold 4s..
....1049 m 8
Debenture gold 5s........1934 j D
20-year p m deb 5b
1937 mn
Unified
64%
93% Dcc'21
1051s Mar'uS
87""
1832 j
4s
N Y B ft M B 1st
Apr'll
1434
7414 Sale
j
1922
Gold
Registered
73%
J
Leb ANY 1st guar g 48—1945 M $
Long Isld 1st cons gold 58—41931 Q J
1st oonsol gold 4s
41031 Q J
General gold 4s
1938 j D
77
40%
61%
j
Registered
1937
Dul Sou Shore A At! g 5s
1037
Sighs Jollet A East 1st g 0I..1941
Erie 1st consol gold 7s ext ..1930
100% 109%
10%
J
Oct A Mack—1st lien g
5
45
45
8
75
43^8 Sale
Improvement gold 6«
1028 j d
lit A refunding 5s.
.—1055 F A
Trust Co certllB of deposit...
Bio Or June 1st gu 6i
1030 j
D
Bio Or Sou 1st gold 4s
88
Bid
Leh Val Coal Co 1st gu g 5S..1933 j
Registered
1933 j
1st lnt reduced to 4s
...1038 j
Ferry gold 4 Hi—
73i8 Sale
oen A R Or—in oons g
Guaranteed
1940 j
Bio Gr West 1st gold 4s...1039 j
Sale
89i2 Sale
Deo. 30
Big 1
Feb'08
107% 108% 1073s
let Are! 4a
40-year oonv Si
10-year secured 7f
Low
Week ending
75
SRle
71%
84% Sale
fo
67%
71
Sale"
....
Bale
73%
73
75%
04
73
70%
"21
87%
60%
64
59
71
71
June'21
49
83%
73%
50
71
62
72
9
Nov'21
67
50%III.
75%
Nov'21
83%
84%
6% June*20
83
Dec'21
09%
30
Fcb'20
67
—
86
81%
"80 "
76%
76%
86
81%
04
M»y'l0
69
68%
80
I>ec'21
76% July'21
84%
*78% "I
June'21
83%
"77" *
73% Nov'21
89
90
88
89%
59
Dee'21
75%
I
" "59%
83%
83%
31
64%
63%
12
82
78%
77
73%
94%
91
80
82
76%
76%
...
89%
76% Sale
72%
...
8S%
90%
88% Sale
0 Due Oct.
ZII1
36
% July'21
I
70% Nov'21
...'
gi
"77
* Option Bale.
New York BOND Record—Continued—Page 3
3806
If. Y. STOCK EXCHANGE
"66i2 rrrr
1929 A
20-year debenture 4fl
Nov'2l
72%
76
Dec'21
62
77
Dec'21
74
87%
72%
70%
74%
68
O
Dec'21
75
Dec'21
70%
65%
65%
60
Feb'2l
50
Dec'21
70
85%
65
103
78%
199C
99
Otlca 4 151k Rlv gu g 4a...1922
Pitta A L Erie 2d g 5e
01928
Dec'211
90
84%
2361
78% Sale
78
78%
2361
77
Sale
75%
77
85
Sale
85
99%
NYC Lines eq tr 6a_ —1920-22 M N
Equip trust 4 HB—.1920-1925 J
N Y Cblo A St L let g
O
Debenture 4a
1931
"78% "81"
77%
85%'
87
M N
82
82
Sale
42
41%
1947 M
S
Non-conv deben 3 Ha
8
37
39
36
38
46
35
40%
12
34%
38%
45
50
24
36
49%
21
35
45
6a_.1930
Conaol gold 5a
1943
Ga A Ala Ry 1st oon da.._ol946
Ga Car A No lat gu g 6a
1929
51%
72%
40
Sale
40
41
1966 m n
41
Sale
41%'
Oonv debenture 3 Ha
1966 j
38
Sale
40%
37%
Conv debenture 6a
1948
57
Sale
53%
38
I
1.3
56%
60
49
OOTID
29
2J
30
Sale
30
74
74%
Dec'21
f',3%
74%
55
59%
53%
60
Dec'21
68
61
39%
63
80
F
A
63
J
30
54
80
Houaatonlo Ry oona g da..1937 MN
80
1964 M N
60
60%
O
J
J
07
1946
61%
08%
26
30
26%
Sept'17
26%
s
88%
Feb'18
J
74%
Dec'19
1946
J
Providence Secui deb 4s...1957
W N
Providence Term let 4a
1966 VI
W A Con Eaat 1st dKi
1943
I
#1992 Vf S
Registered 55,000 only...#1992 VI 8
61%
66
68% Sale
General 4a
N Y O A W ref 1st g 4a
1956
Norfolk Sou 1st A ref A da—.1961
F
Sale
50
A
1941
80
M N
Improvement A ezt g 6s...1934 F
A
New River lat gold 6a.....1932
o
N A W Ry lat oona g 4a...1996
o
1998
o
Registered
Dlv'l lat lien A gen g 4s. 1044
10-26-year
10-20-year
10-26-year
1938
10-year oonv 6a
VI
192t
iHa
oonv
8clo V A N E 1st gu g4s..l98jf
Paolflo
prior lien
way A land grant g 4s
Registered
ral
Sale
I
J
99
vl N
82
Safe"
1997
J
a204?
General lien gold 3s
F
60%
o2047
F
2047
Registered
Ref A impt 6a ser B
Ref A Imp iHa ser A
J
2047
D
N P-Gt Nor Joint 654a
8t P A N P gen gold 6a
193f
1926
A
oertlfloates. .1923
87%
86
J
8k Paul-Duluth Dlv g 4s._199f
106"% Sale
A
Regiatered
8t Paul A Dulutb 1st da...193)
3 M
I
nregon-Waah lat A ref 4a
1961
I
J
Paolflo Coast Co let g da
1946
Poducah A Ilia lBt a f 4548—1956
I
D
75
I
J
85
Pennsylvania RR let g da...192?
Conaol gold 4a
1943
J
29
Oct'211
106%'
75
80
86
Sale
85%
86%
A
93%
D
93% Sale
86% Sale
94
Sale
93
I
85%
86%'
193f
F
A
104%
82%
Sale
86
103%
S
A
82%
1942 M
F
Series
80
76
76%
- —
72
72%
I/O
|
104%'
61
81
100
163
99
107%
80
84
72
72
07%
72%
68
69
70
Apr'2l
07
70
Dec'21
76%
85%
Nov"21
09%
72%
D
72%
84%
86
85%
40-year guar 4a otfalSer E. .1962 VI N
Oln Leb A Nor gu 4a g
1942 M N
01A Mar 1st gu g 4 54a
1936 M N
79
82
79
80
Feb'20
87%
89
88%
Dec'21
0 )A P gen gu 454a Ser A..1942 J
Series B
1942 A
90
90
91
Nov'21
104
Dec* 15
74
J
95
O
95
Int reduced to 854a.—1942 A O
...1948 MN
76
—
96%
—
90%
—
67
~88%
—.1960 F
A
F
gold
gold
67
67
J
75%
—-
80
Sept'20
10-year
PlttB Y A Aah lat cone 5a..1927 MN
89%
.
93
Mar'10
Tol W V A O gu 454a A...1931 J
J
86%
84
July'21
J
86%
82
Dec'20
1942 M S
75%
77
Sept'21
88
Sep-'21
Sale
O
91
O
88%
88%
Series C guar
1942 M N
88%
Series D 4a guar
1946 MN
82%
Series E 354s guar gold..1949 F
Series P guar 4a gold
1953 J
A
80
78%
84
'76% "77"
82%
84
Nov'21
82
84%
88
Nov'21
75%
88
Series G 4a guar
1957 MN
Series I oona guar 454a__1963 F A
General 6a Series A
1970 J D
80
Apr'20
May'21
88
Dec'21
1932 A
Pblla Bait A W 1st g 4a.
1948 MN
Sodoa Bay A Sou let g da..1924 J
O
J
1944 M
Pare Marquette lat Ser A 58.1956 J
U If J RR A Can gen 4a
J 966 J
1st 8erlea B 4s
Philippine Ry 1 st 30-yr
a
f 4s. 1937 •
•No price Friday; latest bid and
asked,
96%
85%
90%
76
81
81
83%
88%
79
Sept'21
102
80
23
Aug 21
92
Jan 03
87%
80% June'21
95%
88%
89
76
27
I
40
42%
15
Due Jan.
& Due Feb.
80
77%
j
81
80%
28
76
90
80
.--I
76%'
Sale
42% Sale
a
91
96
87%
85%
89
88%
88%
82%
O St L A P lat oona g da
84
83%
80
perm
90
03
76%
35%
50
# Due June,
2
81
81% 8ale
96%
82%
125
70%
6
75%
85*4
24
07%
82
80
93%
88%
100
82%
82% Sep '10
85% Sale
85%
88
Sale
90
8512
82
|
Dec'21
88
87
92%
W6
Nov'21
00
95%
89
—
Dec'21
83
86
87%
86%
90
88
j
84
Jan'21
92
95
Sept'21
95%
»4
June'211
87%
87
Nov 21
80
Dec'
N
J
90
89
86
89
88% Sale
J
88
48
68
81%
118
80
91
83
83
240
55
66
75
62%
5
75
Sept'21'
87
Nov'21
91%
11
85
77%
83%
89
69
77%
82
I
90
67
Dec "21
57%
80
66%
91% Sal"
87
84%
71%
73%
73
Dec'21
64
92%
73%
61
62
76%
63
Dec "21
67
63
67% Feb '21
07
67%
92
88%
92
84%
93%
82
93
50
59
71
A
95% 100
92%
93% Sale
Sept 21
92%
93%
87%
90
90
58%
99% 100
59
59
99%
98
97% Nov'21
90
75%
57%
86%
97
75%
97%
75%
Nov'21
70
70
Aug'21
93%
88
93%
68
60
95%
Dec'21
85
93%
93%
Dec'21
93%
95%
93%
92%
90%
Dec'21
90
92%
Dec'21
86%
86%
Oct'21
80
M N
92%
Ml
8
F
92%
98
93%
08
56%
J
96% 100%
A pr'21
93%
M N
J
I
Dec'21
70
66%
96
96
81
72
73%
Dec'21
60%
75
Mar'21
85%
72%
Nov'21
68%
85%
72%
82
91
83%
94
90%
92
90%
92
90
90
76%
77
77%
77%
86%
95
81
89
Sale
88
Mar
45
50
J
60
79%
60
74
2
90%
90
J
90
91
94
60
15%
14
26
63%
79
75
85
79
99%
96%
87%
95%
"~2
82%
85
91
83%
75
92
23%
15
25%
103
23%
73
25%
82%
25 <8
Dec'21
55
Dec'21
86%
86%
Sabs
Sale
Sale
Sale
100
Sale
Sale
100
"9
Nov'21
85
----
86% Sale
J
Dec'21
45
73
J
77%
80*4
Dec'21
58
22
82%
91
65%
08%
75
15% June'21
82%
58%
25%
90%
75
'Dec'21
*
23%
82% Sale
M 8
90%
Dec'21
92
82%
75
92%
90
77%
75
52%
60
Dec 21
78
81%
50
Oct 21
Nov'04
75%
55%
80
89%
60
Sept 21
75
90%
25
67
77
89
50
----
1
Hi
July'20
106%
90%
87%
77%
90%
92%
81%
85%
74
91%
71%
1917
Due Oct.
87
87%
88%
90
86
86
Sept 2Li ...J
60%
88%
94
73%
81%
87%
Sale
96%
78
1
523
83
J%
92
88
94
84%
6
~84~
88%
79%
81
80
84
39
81
84% Sale
I960
0
86
—
95% Sale
95% 101
1927
#2008
secured 6a. .1928
k Due Aug.
72
90
Sale
96%
1946 J
Guar refund 4a
1929 J
Utah A Nor gold da
1926 J
lat extended 4a
1933 J
Vandal la oona g 4a Ser A
1955 F
Console 4a Series B
1957 M
Vera Crus A P 1st ga 4Kb—1934 J
Virginian lat ds series A
1962 M
Wabash lBt gold da
1939 M
2d gold 58
1939 F
Debenture series B 6a
1939 J
lat lien 60 yr g term 4a
1964 J
Det A Ch Ext 1st g da
1941 J
Dea Moines Dlv lit g 48—1939 J
Om Dlv 1st g 3 Ha
1941 A
Tol A Ch Dlv g 48
1941 M
Wash Term I lat gu 8KB..—1945 F
1st 40 yr irnar 4a
.1945 F
b Due July,
80%
87
84
J
4a_..1940
Ore 8hort Line lat g 6a
1922
85
82
91
Nov'21
86%
J
O
lat conaol g 5a
88)2
D
90%
82%
84
87%
96
06%
I 08%
130
76%
Mafl9
20-year oonv 4a
1st A refunding 4s
83% Sppt'21
—
72
87%
86%
62
79
94
Ore RR A Nav oon g
Apr'20
79% May* 19
1942 A
88
78
Sale
80
4a._.*1946
mater A Del lat oona g da
1928
lat refunding g 4a
—.1952
Union Pacific lat g 4a
1947
Regiatered
1947
85
4548 A—1940 A
87%
79
N
Tor Ham A Buff lat g
Jan'21
Series B guar
83%
81%
80
85%
68%
Oct'21
Trust 00 otfa of deposit—
91
1943 M 5
P C C A St L gu
73%
Mar 21
2003
4a
Oct'21
I
89%
80%
70%
80
90
g
82
1933
84
86
W lat oy gu 4a
-
Series B 454a
Series C 4a
Dec'21
...1936 M N
84%
lat gu g 4548—1941 J
85%
1920 M
6a
76%
Ohio Connect 1st gu 4a
93
88%
4a
76%
ex
Dec'21
90%
1922
1925
J
Gr R A I
90%
96
1
J
1944 J
1948 J
lat g 6a
J
ffirle A Pitta gu g 854s B...1940 J
Series C
1940 J
63%
90
1
I
M N
1946
Coll trust 4a g 8er A
Deo* 12
76
79
60-year
80%
88%
Feb* 12
76
Series C 354a._.
Series D 354fi
O
da.....1968
1924
da
1965
Term Aaan of St L 1st g 4)48.1939
let oona gold 6a...
1894-1944
Gen refund a f g 4a
1953
StLM Bridge Ter gu g da. 1930
Texas A Pao lat gold ds
2000
2nd gold income 6a
#2000
La Dlv B L lBt g 68
1931
W Mln W A N W lBt gu 58.1930
Tol A Ohio Cent lat gu da
1935
Western Dlv 1st g 6a...
1935
General gold 6a.
1935
Kan A M let gu g 4a
—1990
2d 20-year 5a
1927
Tol P A W let gold 4s..—1917
Tol St L A W pr Hen g 3K8.J925
94% 107
Nov'21
O
1944
D
1st oona 60-year
W O A
89
May'21
A
D
Guar 15-25-year goad 4s...1931
J
J
M 8
J D
F A
F A
1950 A
lat 3a
Spokane Internat lat
87
69
J
Guar 354a trust otf
65%
63%
59
Dec*21
4a...1949
General 5a
Feb'20
Sale
55
58%
43%
59
02% Nov'21
Dec'21
1956
4a._.1938
4K»-5b
1996
Va A So'w'n lat gu 6s
94%
72%
72%
7-2%
43
38
110
39%
41%
88
6a__1945
1946
Rlob A Dan deb 5s atmpd.1927
Rich A Meek 1st g 5a
1948
So Car A Ga 1st extd 5^8.1929
Virginia Mid Ser E 58
1920
Pennsylvania Co—
Guar 354a coll trust reg A. 1937 M 5
Guar 354a oolJ trust Ser B.1945 F A
Guar 354a trust otfa C
D
1942 J
67
13%
31
71
72%
85
1948 J
Mortgage
78%
83
85
Dee'2 L
83
71%
69%
-
49%
241
I
87%
Mob A Blr prior Hen g
75%
74%
2
94-2
84
53
32
I
87%
1994
Knoxv A Ohio 1st g 6a
92
65
16
87
F
106
15
84%
1933
4s
Ga Pao Ry
88
67%
1
VI N
93%
76%
58
1
|
50%'
32.
1994 J
Ga Midland
96% 109
98% 100%
85
1966
105%
54
13%
Sale
73%
j 62
27
7o%;
31
_81"
82
85
Sale
54
49%
94%
At! A Danv lat g 4a
98
106
69%
Sale
65
Jan'13
93%
lat 30-year 5a Ser B
79%
D
Sale
79
62%
80
O
98%
77
00%
60
E T Va A Ga Dlv g 5a.._.1930 J
Cons lat gold 5a
I960 M N
E Tenn reorg Hen g Ca
1938 M 8
70%
I
16
76%
87%
02%
I 66
f.4%
Atl A Yad lat g guar
93%
A
72%
42
S
J
85
88
196(
D R RR A B'ge lat gu 4a g-1936
99%
83
88
202
Dec'21
1966
71
70%
St Loula dlv
83%
104% 100%
75
193<
74
31% Sale
lat g 4a
1951
Ala Gt Sou lat cons A 5a..1943 J
Atl A Charl A L lat A 4HB.1944 J
90
106%
75%
1946
5a
73
73
91%
General 4 54a
10-year secured 7a
16-year secured 654a
Alleg Valgen guar g 4a
69%
J
99% 100
Conaol gold 4a
Conaol 454a
General
68
J
85
98
97%
W N
9,
02
78
j
—1
Dec'21
Sale
53
14
92% 101%
25
74%
Mem Dlv lat g
79% Sep''21
96%
96%
"«o"
¥i N
70
74%'
Nov 21
48% Sale
O
A
Q
S
"77" "77"
17
101
65
96
54% 60%
96% 109%
73
87%
May'21
July'21
92
Jan'21| !—
73
09%
59%
95
87
Oct 20
65
72%
52%
"44
106%
100
95
93% 100%
Sale
63%
s68
74%
"97.
75% May'2-l
75%
76
Dec'21
78% 79
10518 Sept 21
107%
--77
77%
77% Sale
Nar Pao Term Co lat g 6a...1936
75
66% Sale
88
89%
73
Dec'21
94
D
1946
Wash Cent lBt gold 4a
ioo" 101
149
Dec'21!
100
F
1963
lat conaol gold 4a
95%
106% Sale
J
10
M
73%
60%!
80%
87%
105%
I
95
96
Mob A Ohio coll tr g
70%
Dec 21
60%
105%
44%
Develop A gen 4a Ser A
98%
85
59
Sale
111
80%
90
2
82
82
74
54%
5434
99% Nov'21,
105
A
99
42
Dec'21
83%
84% Sale
82%
61%
76%
2d
J
215
92%
-
1997
72%
75
83%
82
71
95%
Southern—lat oona g da
"74"" "83%
104
99
90%
-Sale
77%
Registered
Apr'21
Apr'21
83%
85
84%
76%
San Fran Ter ml lat 4a
86%
73%
Sopt 21
103%
92
83%
12
83%
90
104
97% 102%
80%
92%
90%
S
80
Oct 21
83%
90
D
54%
73
92*4 1' 6
101% 101%
Dec'21
80
I
45
39
Oct'20
75
VI s
Pocah C A C Joint 4a...194J
O C A T let guar gold 5a_.1922
Northern
"83% ~83%
J
69
50
23
Dec'21
74
1932 J D
1932 M S
4s
oonv 4s
oonv
60%
106
105% 106
101%
1«'4%
...
103
108% 102%
85%
86
Sale
70%
21
190
92%
1937 J
Waco A N W dlv lat g 6a„1930 M
A A N W lat gug 5a
1941 J
No of Cal guar g 5a.......1938 A
Ore A Cal lat guar g da
1927 J
So Pac of Cal—Gu g 6a
1937 M
So Pac Coast lat gu 4a g
1937 J
Tex A N O con gold 6a
1943 J
80 Pao RR let ref 4a
1956 J
49_% "59""
80
78
78%
VI N
Norl A West gen gold 6s....1931
25
Oct'21
60
70
95
67
O
N
J
H A T C lat g 6b lnt gu
69
58%
83
9434
94
lat guar 5a red
32
26%
59% Nov'20
60
03%
62%
D
I
43
29
i»
70
81%
Sale
Gila V G A N let gu g 5B..1924 M N
Houa E A W T lat g 5a....1933 M N
225
34
33% Sale
New England oona 6a
Conaol 4a
Sale
GHASAMAP lat 6a„ .1931 M N
J
2d exten 5a guar
1931 J
Aug'13
N Y W'ohea A B 1st Ser 1454a *46
N jrfolk A Sou let gold ds
70%
Juiy'14
1942 A
Naugatuck RR let 4a
N Y Prov A Boston 4s
69%
71%
ooll)_. 11949
Regiatered
11949
20-year oonv 4a
#1929
20-year oonv da
1934
Cent Pao lat ref gu g 4a...1949
Registered
1949
Mort guar gold 3 Ha..-11929
Through St L let gu 4a_. 1954
41
70
8 A N Y Air Line lat 4a_—1966
70%
Dec'21
"67"
Gold 4a (Cent Pac
1957 M N
Cent New Eng lat gu 4a...1961 J
67
58
60%
68%
Southern Pacific Co—
Harlem R-Pt Cbea lat 4«—1964 M N
4% debentures
69
...
1926. J
Seaboard A Roan 1st da
July'18
87%
J
t
J
J
lat land grant ext g
Oct'17
60
..1968
I
73
76
77
83%
97% 100% 100%
74
Sale
73%
88
87%
Fla Cent A Pen let ext 60—1923 J
1966
Ccna Ry non-conv 4a
1930
Non-oonv deben 4a.—1956
83%
73
Dec'21
Sale
94%
4a„19361A O
37
83
Aug'21
85
J
Dec'21
Non-conv deben 4a
j
"85"
91
71%
73
54% Sale
O
Apr *21
Dec'21
38
Non-oonv deben 4a
70%
71%
26
82%
35
Non-conv deben 8Kb
1947 M
1964
3
81
A
Non-eonv deben 4a
—I
Nov'17
80
40
Non-conv deben 4a
78
Feb'19
85
O
N Y Connect lat gu 4Hi A—1963 F
N Y N H A Hartford—
81
60
67% June'20
J
193? A
1937 A
4B
...
67%
33
I
182
81%!
—
101
M N
68—1929! A
StLS W lat g 4a bond ctfa...1989;M
2d g 4s Income bond ctla.pl989 J
Conaol gold 4s
1932 J
lat terminal A unifying 6a. 1952 J
Gray'a Pt Ter lat gu g 6a—1947 J
8 A A A Pass lat gu g 48
1943 J
Seaboard Air Line g 4a
1950 A
Gold 4a stamped
1950 A
Adjustment 6a
#1949! P
Refunding 4a
1959;A
lat A cons 6a Series A
1945 M
Atl A Blrm 30-yr 1st g 4a.el933 M
Caro Cent lat oon g 4s
1949 J
90
84%
69%
82%
94%
71%
O
A
High
81%
Dec'17
84%
65%
J
J
81
I
June'21
82
j
A
97%
Jan. 1
Nt. Low
High
00
81%
71%
j
K C A M R A B lat gu
Jan'09
95%
4a...1996
1947
60—1928
Southw Dlv 1st g 58
K C Ft 8 A M cone g
95% June'20
1934
Registered
St L A 8 F RR oona g
99"
"93"
May'21
130%
103
Pitta M0K A Y lat gu 68—1932
75%
66%
K C Ft S A M Ry ref g
Nov'16j
99
99%
Atk Low
8C% Sale
Income Series A 6a
#1960 Oct
J
St Loula A San Fran gen 68—1931 J
J
General gold 6a
1931 J
50
85%
A1965
Cum adjust Ser A 6a
"97"% "99%
99%
79
Og A L Cham lat gu 4a g.1948
Rut-Canada lat gu g 4e.l949
West Shore lat 4a guar
Prior lien Ser C 0b
75
65% Sale
57%
73%
8t Lawr A Adlr let g 58—.1996
2d guaranteed 6a
Prior lien Ser B 5a
96
77%
99% 100
1941
2d gold 6a
70
68
77%
May'16
113
102
*1922
iHa
77%
77%
NSY A Pu list cons gu g 48-1993
Pine Creek reg guar 6a
1932
Aug'21.
70%
68
Dec'21
N Y A Northern lat g da..1923 A
r W A O oon lat ext 6s
70%
June'2l!
95
1950 1
1950 j
1928 1
Prior lien Ser A 4a
92%
A
3000 M N
N J Juno RR guar lat da...1936 F
N Y A Harlem g 3 Ha
"74 "
Lati Salt
94%
Range
Since
!*;
Range or
30
87% _.U
O
J J
J J
J J
A O
J
J
J
J
Is'
Wttl'i
Friday
Dec.
Bid
1943
Reading Co gen gold ia
1997
Registered
1997
Jersey Central coll g 4a
1951
Atlantic City guar 4s g
1951
St Joa A Grand lal lat g 48...1947
St Loula A San Fran (reorg Co)—
lat oonaol gold 6b
8ept'20|
87%
85%
85»2
Price
is
5%
,
1940 A
Pitta Sh A L E let g 6a_
69% Mar'20
70i8
O
ending Dec. 30
High
90
74
J
J L 4 8 lat gold 3HI..—1951 M S
lit gold 3 Ha
1962 M N
Week
" ~90%
90% June'21
98% Nov'18
"82% HZ!
J
1940 J
Regiatered
No. Low
High
74%
1940 J
da
Registered
BONDS
Since
93%May'20
94
1931 m s
—..1931 Q M
Michigan Central 58—.
oon g
Range
San. 1
Atk Low
93
J
1934 J
Mabon C'l RR let 6a
Registered
30
Bid
N f Cent4HRBE(Cow)—
Rutland lat
Wtek't
Friday
Dec.
ending Dec. 30
Week
Range or
Lati Sale
Price
BONDS
M. Y. STOCK EXCHANGE!
52
55
"94
87
78
93
....I
77%
81%
78
Aut-"'?1
89
90%
247
81
92%
82
82%
20
73
84%
17
97% 103
20
75
102
103
83%
84%
85
%
99%
2
97*4 100%
96%
102%
62
86% 102%
87
87%
64
77*4
90
99
Dec'21
89
99
9
79%
79%
78%
79% 8ept'2l
74% Sept'21
72%
78%
72%
Jan'21
72%
76%
72%
25%
Dec'21
82%
N
J
N
N
A
26
23
29
88% Sale
87%
88%
78%
8ale
92%
94
82%
91%
96%
83% Sale
81%
72
87
72
90
Aug'18
68
90% Sale
«2
Feb'21
93
64%
83%
"60 " "62"
90%
90t2
84
90%
65
70
5«%
Aue'21
60%
56%
61%
70%
66
00%
71%
Dec'21
51*4
61
81
85
p Due Nov.
Dec'21
65*8
71%
69
73%
Sept'2l
86%
78
June'21
78
99
79%
# Due Deo.
a Option sale.
3807
New York BOND Record—Concluded—Page 4
21
BONDS
Gen gold 4b
Western Pao 1st
2
66I4
Dec'21
No.
19:m j
j
114
Sale
113%
114%
79
Chic Un 8ta'n 1st gu 4Mb A.1903 j
j
89%
13
77
90
j
1st Ser C 6Mfl (otfs)
1963 j
Chile Copper 10 yr conv 7b„1923 Iff N
Co I tr A conv 0s ser A
1932 A O
Sale
Sale
88%
67
89%
112%
9934
83%
2
101
112
37
90
41
99%
94
66
87
92
5
77
94
80%
80
1948 M
S
"8512
7534
Bid
88
O
88I4
85
Nov'21
82
86%
1928 J
J
88I4
90
Nov'21
80
90
1930 F
Wheel Dhr lBt gold 5a
8512
833s
A
84
52
62
6412
9034 Mar* 17
52
537S
6212
62i2
47""
---1949 M S
51%
64%
Great FallB Pow 1st
77i2
66
78%
Inter MeroaD Marine
75
63%
78
78%
Marlaud OH sf 8s with war'tsl93l A
RR 1st oonaol 4s
*
Sale
Winston Salem S B 1st 4a
1960 J
J
7512
7Si8
76l2
WIb Cent 50 yr 1st gen 4b
1949 J
J
743i
7512
76
74
76
76
Sup 4 Dul dlv 4 term 1st is' 36 M N
Street
Mexican
Petroleum
f 8s.
s
Morris A Co 1st
27i2
2
3078
22%
s
37i2 Sale
3712
40
10
J
25
40
57i2 Sale
57
5S
51
J
40%
61%
58i2 Sale
55
57
22
39
60%
Niag Lock A O Pow let 5a
54
79
37
57
5
58
76
Nor States Power 25-jnr 5s A. 1941 A
Ontario Power N F 1st 5s... 1943 F
63
75%
Ontario Transmission
Certificates of
deposit
1950 F
Det United 1st oons g 4H«—1932 J
art Smith Lt 4 Tr 1st g 5s__.1936 fw
65
66
66'8
6
53
66%
Pan Araer. P.AT. 1st 10-yr7sl930
66
5
53
66
Pub Serv Corp of N J gen
A
O
72
27
7
18
2934
Sinclair Con Oil
Iff N
99% Sale
9734
73%
99%
68
59
58
72
Standard OH of Cal 7s
60
61
Tennessee Cop let oonv
M
N
57%
82
Tide Water Oil 0Ms
F
A
57
0434
Union
F
A
24
6734 Sale
62i4
63i4
64i2 Sale
A
J
J
66I4
61
6278
76
109
48
49
274
92
92"
92
8U
Refunding 4 exten 4Mb—.1931 J
712
503
J
N Y Munlolp Ry lets'
Sale
56
57
57
24
Am Cot Oil debenture 6s
805s
83%
al942 A
1st & refund 7^8 Ser A
Trl City Ry 4 Lt let b f 5s—1923 A
1934 J
)
795s
80
-
57
27
41
67
J
J
J
1st 4 ref 5s ser A
*1940 M S
1st 4 ref 6s series B
*1940 M S
Onqueene Lt 1st 4 coll 6b..1949 J
Havana Eleo oonBol g 5b
1952 F
J
A
Iff N
A O
A
A
O
C
1925 iff
S
J
O
1927 M N
Newark Con Gas g 6«
1948 J 0
N Y Edison lBt Aref 6Ms A..1941 A O
Milwaukee Gas L 1st 4s
1948 J D
Purchase money g 4s
1949 F A
Ed Eleo 111 1st oons g 5s...1995 J
J
NY4Q El L4P 1st con g 5S..1930 F A
Pacific G 4 E Co—Ca G 4 E—
lYGELAPg 58
N
J
A
8
C
S
J
J
H
N
N
B
D
J
P
S
N
87
.
40%
60
25
88%
88%
96%
02%
96
Sept 21
Dec'21
17%
75
68
9112
89
88i2
102% 1U178
102%
8
1047S
89%
106%
36
89'2
27
...1948 Iff 8
Alaska Gold M deb 6b A
1926 Iff 8
Conv deb 6s aeries B
1926 Iff S
Am Wat Wks 4 Elec 5s
1934 % %
Armour 4 Co lBt real est 4Mb 1939 J D
Atlantic Fruit conv deb 7s A.1934 J
0
Atlantic Refg deb 6 Ms
1931 Iff £
Booth Fisheries deb B/ 6b
1926 A O
Braden Cop M coll tr b f 68—1931 F A
Bush Terminal lft 4b
...1962 A O
Con so I 5s
1955 J J
Building 5s guar tax ex —1965 * <">
and asked.
89
89
4
75
sept' 21
9334
"94"
9334
9334
90
Sale
90
90%
Saie
77
100
77%
79
81
11
100
76%
52
73;
91%
86
101
88
101%
00
1
77%
75
"98" ~
80
90%
Dec'21
75
81%
94% dept'21
86
Oct'21
8412
94
75
"I
100«4
99%
Saie
1003
90%
98% 105
89% *9%
87% 9334
i
__
90
81
73
10334
8 <%
92
92%
80%
'I
Sep *21
103%
9134
N Y Air Brake 1st, conv
Packard MotorCar 10-yr8s.l931
Porto Rlcan Am Tob 8a
1931
83%
6
89
89
70*2
87
94^2
81%
98
96
601
86
Sale
108
Sale
42
A
N
Sale
'41 Iff
Standard Milling 1st 68
1930 M
Steel A Tube gen s f 7s ser C.19611J
Union Bag A Paper 1st 6a—_J930 J
Stamped
1930 J
Union Oil Co of Cal 1st 5s—1931 J
United Drug conv 8s
1941 J
U 8 Realty A I conv deb g 58.1924 J
U S Rubber 5-year seo 7s
1923 J
1st. A ref 58 series A
1947 J
10-year 7 Mb
1930 F
US Smelt Ref A M oonv 6s„1920 F
Va-Caro Chem 1st 15-yr 6s__1923 J
Conv deb 60.......
«1924 A
7334 gale
9534 a iie
75
7434
93
92%
9434
92%
.
85
88
97%
9 %'
97% 100
89%
9414 Sale
93%
94%
89
Sale
87%
89
87
88
6434
87%
105
84l2
10P4
86I2 Sale
92
90
101%
85%
84'8
87i2 Sale
87%
60
89
9
95
16
85
101
95
98%
89%
36
91%
101
80
00
84
Oct'21
83%
91
86%
Jan'21
86%
84
80%
104%
42
98
106
Sale
93%
94
28
79*4
10034 Sale
85% dale
10034
8534
101
94
X02
Sale
103%
10434
103% 8ale
94
105
90
63%
Dec'21
72%
87%
79%
86%
90
87%
Mar'17
75
May'19
99%
99%
78
9978 100
93
9714
92%
86
7o34
99%
81
Dec'21
79
88
91%
Nov'20
79
82l4
84i8
73
73
83% Sept 21
78%
83%
87
80
80
80
Saie
93
81
96%
76
89%
73
'08%
79
June'21
8834 Sale
Sept 11
96%
88%
89%
85
95
Mar'20
~96~"
87
Nov'19
85
95
77
75
7538
75
1078
12
79
80'a
94
83i2
Sale
99
99%
46
104%
105%
82
9634
98%
7
95%
Deo'21
86%
9034
92%
78%
80
86%
74%
13
105% dale
s97% Sale
J
J
71%
D
87%
C
J
8
J
01963'M N
..—1953 J
IA Coke lBt g
Telepl
4b
J
68.1949, Iff S
< ne
Am Telep A Tel coll tr
Convertible 4b
1929! J
J
1930 Iff &
-—.1933
1946
7-year convertible 6b
1925
Bell Teleph of Pa s f 7b a
1945
Iff £
J
F
A
1943
4s—2397
6S—.1937
Mich State Telepb 1st 5s
1924
N Y Telep 1st A gen fl f 4Mb.1939
30-year deben 0 f 6b..Feb 1949
20-year refunding gold 6s..1941
Northweet'n Bell T 1st 78 A-1941
Pacific Tel A Tel 1st 6a
1937
South Bell Tel A T 1st a f 68-1941
West Union coll tr cur 5a
1938
Fund A real est g 4Mb
1950
20-year conv 4Mb
834
878
87
69
Sale
87%
21
22i2 Sale
25
103%
10334
Oct'21
9334 Sale
70%
81%
86
93
79'2
78%
82l2
81%
Sale 1
85%
oDue Jan.
9334
Dec'21
82%
86
Cumb T A T 1st A gen
Q
J
F
M N
F A
A O
F A
J J
J J
J J
6114
™
67%
103% Sale
Commercial Cable lflt g
19%
834
69
86%
75
J
78
10
Dec'21
77
56%
Dec'21
70
75
169
13
....
15
21
>
!
70
88
73
«v% 106
07%
67%
80
94%
j 70
8
1984
79
67%
8
84%
67%
86%
72
96
94
15-year 6%s g
dDue April. cDue Mar. cDue May. yDue June. ftDue July.
1936
Iff N
89%
sr.
71
9%
94
06%
07%
100
9484 105%
90
100
92%
Apr'21
83
87
106
08%
0534
87%
Aug'21
81%
Sale
A
1923|A O
4
78
83%
1950 J
1960 Iff
f 10-60-year 6s/reg
Victor Fuel 1st fl f 5fl
95%
Saie
82
Cent Dist, Tel lBt 30-year 5a..
69
95%
A
77
75
89%
99
30-year temp ooll tr 5a
May'21
95%
'
2
I
J
J
M S
Pleasant Val Coal 1st 0 t 5s.. 1928 J
J
Pocab Con Colliers 1st s 1 6s_1957 J
J
Repub I A 8 10-30-yr 6s 8 f„1940 A 0
St L Rock Mt A P 6s stmpd-1956 J
J
Tenn Coal I A RR gen 68—1951 J
J
U S Steel Corp—\ooup
01963 MN
&
66
96%
5
1st 5fl
Telegraph
75
8.
Lehigh C A Nav s t 4Mb A —1954
Va Iron Cr
137
8634
95
Mldvale Steel A O oonv s f 5s 1930
B
"
76
04%
95
Lackawanna Steel 1st g 6fl
"84 " 1013s
86
it
94
1st cons 6s series A
101%
2
93
1940J A O
1962jlW N
73%
Steel
103%
96
96
..1934 F
Indiana
1
94
.1932 j D
01926 Iff 8
75%
Dec'21
89%
93
Illinois 8teel deb 4Mb
July'17
Jul
97
..1943 F
78%
90
92%
88
100%
97
9434
92%
96
& Steel
98%
91
82%
94%
93%
J.
31
86
95
.
Hale
1922
94
03
113
92%
97% Sale
89%
89%
.1925 J
80%
Dec'21
99
93
.1935
78% May'20
Aug'21
97
96
86% 8ale
8314
87
13
92
7734 Sale
88
94
Electric 1st 6s Dec
100%
113
87%
Feb'21
Dec'21
99
.1936 j
9438
Dec'21
97%
98%
.1942 Iff N
81
78
Sale
91
105%
12
92%
99
79
9
103
1°°
68%
13
2
1)
.1926 j
*5
I
113
| 77%
"47
89%
78
105
102
9
100
82
93%
92%
10
,
104
73
106'4
92%
86
ou
|
92
103%
82
77%
104
91%
Sale
99% dale
89%
93
78
80
104
88%
105%
104
112%
92%
93
92%
71
12
91%
112
i 91%
107%
HI
100
98
Dec'21
Nov'21
112% 112%
82
94
10
! 99
104
73
84
93
75%
99
98%
81
84i2
84
<J9%
97%
100
1061s Sale
90%
00
13
19i
109%
8834
89%
7
I
96
212
95
Aor'l7
oa
99
100
93
8834
79%
105%
101l,<
101%
96
11034
100
104%
1 79
103%
Dec'21
Iron
62
105
101% 108%
44
77
70
102
Sale
10U
Coal.
96
23
|
1 )4
95%
Sale
90
109
4
54%
110% Sale 1110
103
101
89'8 Sale
8834 Sale
27
28
03
51
.1932 M N
12-year s f 7Ms
West
84
89
112% Sale
N
J
J
J
J
D
J
0
J
A
A
0
O
98
98
89%
at
149
O
8
94%
89%
'"10
73%
80%
99%
100%
89% Sept'21
75
I
74%
103%
100% Sale
92%
N
Iff N
SharoD Steel FIoop lsi 8s ser A
108
88% Sale | 88%
103% Sale 103
A O
70
44%
«40%
74% Sept 21
Sale
99%
91
"29
1
102%
10734
1
....
104
101%
D
J
963s 105
3
53
5134
A
N
17
Dec'21
94
84%
89
86
73
17
96
56
102
D
N
S
D
A
S
114
Dec'21
Sate
78
98
10912
Miscellaneous
Adams Ex coll tr g 4b
88i2
Sale
92%
100%
95% 107%
95% 108%
87
71
92l2;
98
96
59% Sale
5a—1929 J D
J
J
1952 Iff N
6s__1938 iff N
70
1
92%
92i2
100
93
92% 102%
65
|
103%
96%
73%
93%
A
Nat Enam A Stampg 1st
9234
98% 103%
11
Dec'21
93% Sale
Nat Starch 20-year deb 6s... 1930
9
103%
75
112
79
5fl
84
96% Sale
O
36
—
90
91%
125
1
87%
103% Sale
1944
36
14
82
83%
92
47
,
83
•
86%
A
65
9078
10038
82
83
1951 F
X
6s_
Lorlllard Co (P) 7s....
83
51
9534
100%
99%
83
87% dale
A
O
N
N
J
.1951 F
A
Mar'Xt
Nov'21
36
913S'
10312 Sale
80
3
51l2
79
95*4
99
100% Sale
O
52%
80%
51%
51
65
84%
9534
O
A
F
A
Iff
Iff
1930 J
76
1007S!
Sale
98%
51%
7634
Sale
88
76
51i2 Sale
69i2
10578 Sale
F
104
*74% "81%
46%
9534
76»4
102
1923 J
Detroit Edison 1st coll tr 5b.. 1933 J
price Friday; latest bid
80
98
"~I4
Dec'21
61
76 is
56
Feb'17
88iS
—-
7%
6434
83%
3
46%
1
Dec'21
56
88iS
96
70
69
1
451s
Sale
99
89
A
E I du Pont Powder 4Mb.—1930 J
du Pontde Nemours A Co 7Ms '31 M
Flsk Rubber 1st s f 8s
1941 M
General Baking 1st 25-yr 08—1936 J
Gen Electric deb g 3Ma
1942 F
Debenture 5s.
1962|M
20-year deb 6s
Feb 1940 F
Goo lyear TireA Rub 1st B f8a' 1041' Iff
10-year s f deb g 8s
el 931 F
In' Agrlo Corp 1st 20-yr 58—1932 M
Internat Cement conv 8s
1926 J
International
Paper 5s
1947 J
Kelly-Sprlngfleld Tire 8s
1931 M
Liggett A Myers Tobao 7-" ...1944 A
National Tube 1st 5s
J
1937 M
Pacific G 4 E gen 4 ref 5b_..1942 J
Pao Pow 4 Lt let 4 ref 20 yr 5b *30 F
Pat 4 Passaic G 4 EI 5s
1949 M
Peop Gas 4 G 1st oona g 6s__ 1943 A
Refunding gold 5s
..1947 M
Cb G L 4 Coke 1st gu g 5§. 1937 J
ConQCoofCb 1st gu g 58.1936 J
Ind Nat Gas 4 Oil 30 yr 5s. 1936 M
Mu Fuel Gas 1st gu g 5s._ 1947 M
Philadelphia Co conv g 5a...1922 M
Stand Gas 4 EI oonv b 1 6b...1926 J
■yracuse Lighting lot g 5b
1951 J
Syracuse Light 4 Power 68—1954 J
Trenton Q 4 El 1st g 5b
1949 Iff
Union Eleo Lt 4 P lBt g 58—1932 M
Refunding 4 extension 5b.. 1933 M
United Fuel Gas 1st e f 68—1936 J
Utah Power 4 Lt 1st 5s
..1944 F
Utloa Eleo L 4 P 1st g 5b
1950 J
(Jtlca Gaa 4 Eleo ref 5a
..1957 J
Westchester Ltd gold 68—1950 J
104
9034
77%
Distill Sec Cor conv 1st g 5s. 1927
9
3%
Dec'21
10212 102
82%
61
D
deposit 8%
Cuban Am Sugar 1st col! 8s 1931 Iff
Diamond Match s f deb 7Ms. 1036
27%
27%
10
25
I
91
1927
Oolambus Gas 1st gold 5b—1932
Oonsol Gas 6 yr oonv 7s
1926
No
45s
78
10078
J
Corp unifying 4 ref 5b
534
112
61
75
1927
J
Gas L of St L Ref 4 ext 5s '34 A
196
78
8534
9534
J
flklyn Un Gas 1st oons g 5s..1945 Iff N
Olnoln Gaa 4 Eleo 1st 4 ref 5b 1956 A C
Ed El 111 Bkn 1st con g 4s. 1939
6i2
60
45
Light
Convertible deb 6s
5i2
"56 " Sale"
Sklyn Edison Inc gen 5b A..1949 J
General 6s series B
1930 J
General 7s series C
1930 J
General 7s series D
1940 J
1949
Kan City (Mo) Gas 1st g 5s.. 1922
Kings Co El L 4 P g 5B
1937
Purchase money 6s
1997
2512
83
50
86
94
9334 Sale
85% Sale
O
Certificates of
37%
104%
5
1931 iff N
Cuba Cane Sugar oonv 7s
50
17%
19
4
8U4
1934 J
Detroit City Gas gold 6b
50
I
25l2
93
1924 A
Stamped
26
73
84
35
Dec'2l
102
United Rys Inv 5s Pitts las..1926 Iff N
Hudson Co Gas 1st g 5s
34
2512
55i2
fa Ry Pow 1st 4 ref 5s
71%
100
103%
94%
1931
Cent Leather 20-year g 6s
1926
Corn Prod Refg a f g 5s
1931
1st 25-year s f 5s
—.1934
93
67%
Feb'21
78
—.1948
Columbia G 4 E 1st 5b
50
7%s g
Cent Foundry 1st b f 6s
40
75%
80 >8
J
United Rys St L 1st g 4s
St Louis Transit gu 5fl
21%
71*4 June'21
8214
8214
4% Sale
60% Sale
O
1933 i
Electric
Deo'11
7
|
103%
103%
A
1947 A O
Am Writ Paper s f 7-6s—.1939 J
J
Atl'ia Powder conv 7%s g.._.1936 F
A
Baldw Loco Works 1st 6s
1940 Iff N
51
20
104
96
Am 8m A R 1st 30-yr 5s ser A
90
12
751s Sept'21
25%
6'2 Sale
J
and
Dec'21
25i2
J
Gaa
42
40
35
A O
1937 J
J
Income 6fl
2
J
1960 J
Under gr of London 4Mb
15
25i2 Sale
a I960
Adj Income 5s
Third Ave Ry 1st g 5s
15
*43
*
Bt Paul City Cab oons g 5a.. 1937 J
Third Ave 1st ref 4b
17
79ig
82i4 Sale
O
1946 M N
23
54
__
Portland Gen Eleo 1st 5a.. 1935 J
51
36
M N
1930 M N
Portld Ry Lt4 P lstref 5b„ 1942 F
51
"94" un
N Y State Rye 1st cons 4MB.1962
Portland Ry 1st 4 ref 5s
82
37
5234
14
Certificates of deposit
80 year adj inc 6s
Certificates of deposit
25
8U2
Dec'21
ref s
55| 90% 101%
100%
1
IB •« a
1941 F
Am Agrlo Chem 1st 0 5s
1st
I
Dec'21
....!
Manufacturing and Industrial
6334
6^34
,
80
101
Deo'21
1941
—.1928
6334 M >-.v'21
87
91%
Wilson A Co 1st 25-yr a I 0e_.
48'%
63»4
84%
100
98%
76%
57*4
90% 5101%
30 101
107*4
94%
....'I 84
38
90
19%
60
81
86
68%
62
42%
67%
J
C1946 F
1st series D 7s
62%
——
J
5sA.1966 J
Rys 1st R E 4 ref 4b
1342 1
1st series C 63
4612 NOV'21
Oct'21
Dec'21
62%
104
5534
92
79
90
6
Sale
90 "
75%
1946 Iff S
1958 J D
6s
10-year conv b f 6s
94
76
Deo'21
95
1939 J
Pow ser A
83
92
48%
50i2
J
B Y
Penn
81% Sale
8614
J
New Orl Ry 4 Lt gen 4Mb—1935 J
8%
480
5312
West
101
92
92
106% Sale 105
89
89% 90
100
100% Sale
104
Sale
103%
A
ol931 F
6s._1925
1931
Tank Car equip 7S-..1930
6412
J
Montreal Tram 1st 4 ref 5s. .1941 J
82
228
10
6
52
5s.. 1959
7%s—1925
4658
58—1943 J 0
58—1993 M S
A
23%
2
Hale
conv
5s
Wash Wat Pow s f 5s
76
49%
92
21%
59
57
8
58—1993 M S
4a..J938 F A
..
59
D
Mllw Eleo Ry 4 Lt cons g 58-1926 F
Jan'2o
Sale
Metropolitan Street Ry—
Lex Av 4 P F 1st gu g
I
7434
7
1924 M S
1924 A O
Mei W 8 El (Chic) 1st g
18
58
s834 Sale
O
Col 4 6th Av 1st gu g
6434
.54
O
1990 A
o g
Oct'21
90
J
Manhat Ry (N Y) oons g 4a..1990 A
Bway 4 7th Av let
June'21
615s
76U Sale
A
Interboro Rap Tran 1st 5s.. 1966 J
notes
24
56
8
A
5-year 6%
Sale
1945 Iff N
96
90
17,
95%
66
95% Sale
73% Sale
94%
67
j
Manila Eleo Ry 4 Lt b f 5s..1953 iff
I
89
88%
63
O
Market St Ry 1st cons 6a
Sale
63
1
Dec'21
48i2 Sale
—2013 J
90%
78%
70%
80%
1J!
Dec'21
94
85
02
13
!
94%
71%
i
9334
100
761s
A
1932 F
2d 4s
89
A
82
1
83%
Deo'2l
75
A
titerboro Metrop ooll 4M»— 1956 A
Certificates of deposit
Stamped tax exempt.
83%
74%
76
92%
O
9034 100
9234 103%
21
76
Sale
92%
63
94
8ale
93%
99% 101% 100
1954 M N
97
20
100%
92%
5478
1957
N Y 4 Jersey 1st 58
97%!
9934
94
al932
90
82
147
75i2
J
Adjust Income 5s
97
Sale
78
77%
5
2
93%
90
•755s
A
1957 F
■
93%
88
51
A
Stamped guar 4 5s
1956 F
Kings County E 1st g 4B..1949 F
Stamped guar 4fl
1949 F
Nassau Eleo guar gold 4s..1951 J
Chicago Rys 1st 5B
1927 F
Conn Ry 4 L let 4 ref g 4Mb 1961 J
Stamped guar 4MB—
1951 J
Hod 4 Manhat 5s ser A
85
96
75t2 Sale
Certificates of deposit Btmpd..
Bklyn Un EI let g 4 5s
88
Apr'20
85%!
104%116
Dec'21
95
74%
O
Ref A gen 0s.
80%
100% Sule
93% Sale
83% Sale
f 4
2002 J
5s..-1945 A
90
8434
92
97
O
N Y Dock 60 yr 1st g 4s.
7% secured notes.._itl921 J
g
83%
91%
93%
Ma.----1939
1951
Niagara Falls Power 1st 5b.. 1932
35
Sale
Sale
89% Sale
1936 Iff N
J
1943 J
—
Montana Power 1st 5s A
3078 Sale
let refund oonv gold 4a
Lao
65
Railway
Biooklyn Rapid Tran
6 yr
Dec'21
e
112%
99%
84
1940 M N
t 6s..1941 A O
6s
a f
111
Sale
82%
1925 M N
Conv deben 8s
5734
Ask Low
87
J
Computing Tab Reo s f 08—1941 J
Granby ConsMSAP con fls A 1928 Iff N
Stamped
,1928 Iff N
Refunding 4Mb series A..-1966 M S
Exten A Impt gold 5b
High
Low
High
Cerro de Pasco Cop 8s
1926 A
Sale
Jan, 1
91%
5s
g
Since
1
or
63%
High
Oot"l7
36
Dec. 30
Kanoe
Last Sale
30
83
38
9158
A 5b
ser
Wheeling A L E 1st
593s
_6S%
Range
Friday
Dec.
60%
58i2
915$
67^4
Week's
Price
s*
51%
No. Low
59U Sale
91%
1943 A O
pl943 Nov
Income 5b
Week ending
High
Ask Low
Bid
1052 A O
1937 J
J
West Maryland 1st g is
Went N Y 4 Pa let g 5i
BONDS
If. Y. 8TOCK EXCHANGE
Last Sale
30
Dec.
30
Week ending Dec.
Week's
tana* or
Price
Friday
N. T.STOCK EXCHANGE
.78
8IS4
83
76
72
100
92%
91
78
81*4
83%
0234
74%
Oct'21
72
79%
Dec'21
94%
94%
89
97
97%
88%
87
25
76
97% 101
96
97
43
86
97% Sale
82
Sale
97*8
80%
97%
17
91
84
61
70%
85
86%
85
83
85
85
Sale
87
..
Nov'21
83% Half
68
83%
79
88
87
"Hi
Nov'21
91
92%
Nov'21
Sale
91
82%
75
79
95%
99
99% dale
:::: "76""
83%
'«ily%
86
77
94%
79
1
93%
66
100
oil
85%
2i8
86%
96
93%
91%
87%
Sale
108
80
91%
63
1
Feb 21
91%
94*4;
88%
89
93
100% 109
86
86%
64% 04%
June'21
94%
97
94% 112
31
89%
94%
83%
77%
8,
18)
64%
Sale
9934
95
88% Sale
102% Sale
52
80
"19
109
"91%
98%
87%
73%
115
87*4
92%
108*4
109
76
93%
100
81
Dec'211
107
87
93
52
"10
93%
Sale
52
93
Jari'21
87%
81
92%
Dce'21
95
108% Sale
92
76%
80%
6
Dec'21
99%
98%
Sale
8i
86%
73
2
78
91%
10
85
96%
70
75
89
4
87% 104
98
102%
102
103%
Sale
101%
107% 8ale
93
Sale
106%
102%
107%
91
93
Sale
9334
89*4
02%
94
Dec'21
88% Sale
88%
88%
14
77%
106% dale
106%
106%
31
99
102
92
2
•
416
*3
i
66% 109
16
80
...
i
94
80%
13
97%
95%
83
90
108
ffDue Aug. oDue Oct. ?Due Dec. * Option sale.
3808
BOSTON STOCK EXCHANGE—Stock Record
HIGH AND LOW BALM PRICM-PKR
BOSTON
for
Monday
Dec. 24
Dee. 20
Dec. 27
Thursday
Friday
Dec. 28
Tweed a
Dec. 29
Dec. 30
•129
129
129«4
74
74
74
94
94
94
14
14*
*
13*
♦
26
•12C1J
Lowest
Weeh
*20
14*
132
76
13*
Last Sale 27
Last Sale
...
14
2,127
•130
Do
88
33
32
12*3
12
12*
683*
.
08*
♦64
69
69
12*
•.._.
13*
12*
5812
♦16*
59
18
58
49
"57"
19*
49%
50
69
69
30
133
Jan
Jan 21
68
25
49
Oct
143
Mat
25
.99 Jan 28
75e
Dee
7
Mar
3* Jan 19
130
Feb 26
3* Feb 16
130
Feb 20
3
Nov
11
Mat
N Y N H A Hartford
58
63*June 16
30
Dec 20
12
Dec 21
100
pref
...100
100
7
130
Jan
132
Jan
86
Jan
32
75
Oct 27
75
Apr 23
7
51
21
Jan 12
15
Jan
78
Dec
7
70
June
Nov
50
Jan 19
Dec
15*
Dec
76
Dec
77
July
60
Dec
Old Colony
100
Rutland
100
15
Vermont A Massachusetts. 100
69
Nov
West
60
40
Jan
3
51* Dec 13
36
Deo
60
40
Jan
8
61
Dec 14
48
July
.04 Aug
5
3
245
50
58
58
69
58
59
534
End Street—
Do
80
pref
pref
Oct
05* Deo
Apr 11
7
60
Northern New Hampehlre. 100
Norwich A Worcester pref. 100
82* Dec
43* Feb 3
23* Jan 12
75
Feb 23
76
Jan 27
Dec'21
49*
Sept
Jan
Dec'21
50
Oo»
40
Deo
78
49*
NOV
89* Nov
Dec
124
Last Sale 18
50*
*56
8
4
134
.75 Jan 29
Maine Central
19
Low/
50
49*
59
•57
49*
25* Feb
Feb
May
74* Dec
13* Dec
pa'
No
955
1234
55
17*
*80
..
12*
*66
6
June 22
110
100
pref
Do
58
55
6~8~
♦15*
58
♦15*
•80
...
100
100
69
58
60
Dec
10c
Do
,
12«4
*66
59
...
*80
30
119
Nov 28
.25 Jan 29
Dec'21
30
Nov 22
79
100
Boat A Wore Elec pref.No pa?
Chic June Ry A U S Y
10C
Dec'21
Last Sale 80
32
Highest
.25 Jan 29
Feb'21
....
133
13* Dec 28
16* Nov 10
10<
Boston Suburban Eleo .No pa'
Mar'21
Last Sal'e 130
....
*81
*30
31
101
pref
Apr 16
617* Jan 11
78
Jan 7
119
10<
>1(X
pref
Boston A Maine
Boston A Providence
Jan'2l
Last Sale 3*
....
•130
....
*81
...
30
♦12
*130
...
<•81
•3*
....
Albany
Do
Dec'21
Last Sale .75
*3*
—
Boston Elevated—
26
121* Dec'21
Last Sale .25
*3i4
Boston A
532
96
Year 1920
Lowest
Highest
Railroads
217
13234
77
*95
14
13*
27
•123
75
96
74*
*95
...
13*
14*
—
131* 133
76
•94
27
•120
—
130
75
74*
94
Mange/or Previous
Jan. 1
STOCK
EXCHANGE
the
Shares
129* 129*
Mtt pat*
Range Since
STOCKS
Sale t
SHARE, NOT PER CENT.
Wednesday
Saturday
Sm
Sepff
87* Sepl
80
Jas
89
Jaly
80
Apt
27* Ool
89* Nov
45* J»
55*
Jan
Miscellaneous
.07
.07
3%
.05
3%
•1434
14
*99
99
114*1
101* 104 I
83* ■'
83*
84
106
I
84
Las/ Sale .10
•123*2 "l6"
12%
*12"
14"~
14*
*12%
14
.50
*12*
*12*
13
.15
Ys
13*
13*
*.16
.25
.60
.25
.15
.20
*.01
.10
♦.01
.15
Last Sale
17*
17*
3*2
8*
17*
17*
*3
37
3634
8%
38*
46
45
45
160* 161
163
165
*3
8*
35
•43*
5*
•10*
8*
5*
5*
11
1*
10*
1*
♦19*
27
19*
26*
*31
33
•73~
76
♦4
7534
<
434
I
*44
45
I
163
164*
2
20
19*
27
26-*
33
19*
2634
4
4
8
8
3*
Q
3
M
2*
►J
5%
5*
8*
o
*62
62
♦4
130
20
22
8%
QD
8*
15*
7*
M
15*
169
169
1434
13*
'
~*4~
1
4*
97
•67*
59
12
80
37*
07*
68*
w
•10*
37*
•25
23*
27*
684
8*
*
*
-
•It
O
w
20
o
32
>5
34
34
*16*
16
•.60
•69
*.25
*22*
|
.50
23
♦0
9*
I
11*
♦1*
♦6*
10*
6*
8*
8'4
23
23
24
*3
3*
*3
*9*
9*
87a
*1234
♦1234
13*
.03
274
280
»
9
9
9
*884
Last Sile 13
10
10
39*
Dec'21
-
Sile|.03
275
11*
984
270
*9*
11
2,975
39
3834
3
Last Sile 2
638
11*
1*
2*
2*
11*
*1*
.75
*.35
1'8
*178
2*
*2
.30
*.30
82*
.30
82
|
84*
*8884
23*
2~3~*
23*
*3*
3ia
*3*
3*
3*
♦l*
*2*
1*
1*
3*
•1*
*234
134
1
1®8
3
134
•1*
2
3
•2*
3
*3*
Ha
3«4
1*
I
1*
56
1*
7*
12*
.40
7
7
13
133g
*.20
2*
23*
24*
3*
*3*
1*
284
1*
.40
*2
2*
2
2
150
234
334
180
1
3«4
I84
57*
18*
1*
334
*1*
6*
13
*.20
18
7
634
334
2*
2
2
"120
*23
24
658
*1
1*
•1%>
1*
1*
34
32
43*
*32
32
43*
♦43
45
1
123
43
1*
1
*.55
1
Last Sale .60
Dec'21
3
30
Dec'21
.10
1*
*1*
*.06
.10
Last Sale .06
*2*
*1*
3
2*
3*
384
.65
.67
3
2
t«d
60
43
43
1*
H 00
321*
43
1*
•2%
1%
1,755.
23*
45
3
1.600
684
13*
*2
45
.64
6J&
1234
*
420
1*
5
26
Copper.......
Copper Co......... 25
La Salle Copper
25
Mason Valley Mine..
5
Lake
N1 pissing
Ojlbway
Old
Mining
25
*1034
11*
*.35
.50
A Ex-dividend and rights,
11*'
e
11
Oct'21
Assessment paid,
x
2
.40 Nov 22
3*May
59
Dec 15
18* Dec 16
Ex-rights,
x
Ex dividend.
Jaa
4
*
Jaa
38
Sepi
June
Jan
Dee
5
Mai
Dec
Deo
2*
47i
Deo
3*
Jan
Apt
Jan
3
Jan
Deo
5*
11*
7*
Jaa
Jan
Jan
Doo
72
Nov
24
1*
3*
1*
40*
12*
35c
Deo
Deo
Mar
Jan
Jaa
May 10
21
Mar
48
7
79
Feb
96
8* Jan 20
7
Dec
5
8
Dec
12* Jan
21* Apt
80o
Jaa
Mar
14* Dee
.50
Jan
Oct
7
7*
Oct
Sepi
2* Dec 13
2534 Nov 22
1
Deo
2*
3
15
Dec
87*
Jaa
Jan
Aug 10
1
35* Dec 16
20* Deo
58
Jan
34*
Dee
65
Jan
25* Deo
68
Jan
Jan
Aug 18
Jan
3
Jan
3
4
2
8ept 80
1
June 23
1% July
8
9
1
50c
Dec
2
Jan 18
10c
Mar
.12
Jan
8
80
l%Dec
4* Feb 11
2* Feb 17
4* Nov 28
2
.34 Aug 19
.85 Dec
3* Oct
1
1* Aug 16
1* Nov 16
1
.95
25
5* Apt
6* Mat
Dec 17
.04 Mar
25
2*
1*
1*
1*
Jan
Jan
2
.35 Nov 17
Wyandotte
340
*1034
Last Sale .35
8
25
25
Aug
Jan
Jan
16
Nov
Deo
.75
25
1
250
90c| Deo
10
Wolverine
Deo
8
5
Shannon
Winona
Aug
2
8ept 13
8
Dec
Victoria
11
2* Feb 11
Dec 15
3,630
.50
1* Jan 25
46
Utah Metal A Tunnel
60c
Jaa
16* Jan
48* Jan
4% Mat
14* Jan
Deo
Sept 17
Dec 15
45
6
6
Doo
3* Deo
47s Dec
7* Deo
40*
16
4
2
33* Aug 26
Mining
25
40c
409
24* Dec 16
28
5
Oct
Deo
10* Nov
6* Dec
3
25
...
2c
200
82
25
....
6* Dec
6* Mar
Nov
Qulncy
Utah Consolidated
11*
27s Nov 16
95May 27
St Mary's Mineral Land..
1%
*.35
11% Deo 16
3* JaD 0
3* JBD 6
3* Dec 15
15* Jan
2
•10*
0
4
21
1*
1*
.50.
JaD
4* Apt
15* Jaa
10* Apt
75
Sept 20
25
1*
♦.35
Jan <8
7*
42
Aug
6
2*s Mar 14
25
Dominion Co
Osceola
...
*"~50
4*
Jan
Deo
2
60
Mar 23
...
.35
Jan 17
Jan 28
*
16
Feb
July 14
Utah-Apex
1*
0
1* Feb
Jan
77
Dec
39
4
Tuolumne Copper
.35
Oct
40* Dec
20c
88* Dec 13
90* Dec 19
8
1,065
2,145
*Ae
June 20
.25 Mar 18
.12 Nov 17
3
.501
7
15
5
.......
.....
3
1
14
.08May 26
280
Dec 16
2
25
Mines
North Butte
North Lake
3
*.40
10
6
Apr 28
95
3
184
384 Jan
57
700
.50
7
24* Nov 14
4
3,190
*1*
Aug
3
Dec 15
60 Apr
Feb
4,030
*.40
40o
.75 Mar
63
Dec 30
1%
1%
Sepi
74
.67
.40
32
40
3*
*1*
Jaa
Doo
100
...
3%
*.30
35
16
Company.....100
pref
.65
1*
Deo
26
3'"
1®4
1*
Dee
Deo!
25
25
.65
234
1*
1*
19*
27
Mohawk
Do
Mat
33* Dec '1
Aug 25
43* Jan
12* Sept
Feb
19
23*
35* Dec 27
2
3*
1%
39* June
33
Jaa
Apt
Jaa
20
22* Apr 28
5* Jan
South Utah M A 8
27.5
Apt
Jan
Feb
6
3* Jan
5
5
97* Nov
25* Apt
133
Jan
76
Mat
44*
9
25
Nov
26
1* Jan 22
New Cornelia Copper
New Idria Quicksilver
Jaa
5
Deo
2*8 Aug 11
1* Aug 4
...
Jaa
55
Deo
.55 Apr
.....
Jaa
16
Deo
14
25
Consolidated
99
Nov
17%
14*
Mayflower-Old Colony....
Michigan
Mass
Deo
13
Jan
34* Mat
176* Jaa
Deo
40* Dec 16
Jan
85
Nov
36*
15
3
2
Deo
161"
24* Dec 27
Jan
.98
Deo
2978 Dec 27
13s Nov 16
5* Mar 28
16* Jan
.....
Deo
49
-
27
Jan
Keweenaw
9
28
3
10
75
Jaa
Nov
Deo
4
1
pref
Royale Copper....... 25
Kerr Lake..
80
63* Nov
138* Jan
63
Jaa
12
July
Nov
Jan
1
tl2* Sept
60
7
1*8 Apr
Jaa
21
16*
7
Oct
Jaa
32* Dee
22* Sept
12* Feb
25* Dec
3
.....
Jan 10
4
Jan
Dec 30
Jan
Do
Isle
6
48
.60
1*
6
1
3
.60
25
26
.62
11*
Bid and asked prises.
...
.......
Mining
Island Creek Coal....
.62
*.40
•
Helvetia
Indiana
25
8%,
•10*
*1*
...
Feb 16
39*
8
Apr
Consolidated.... 25
South Lake
2*
61
5
Mar
82* May
23*
146*
~
Aug 22
8
25
Superior
25
Superior A Boston Copper. 10
Trinity Copper Corp
6
2*
*1*
2
105* Jan 12
9*May
I
.03 Jan
20
Davis-Daly Copper
10
East Butte Copper Mining 10
1%
3*
2%
14
5
1* Sept 21
6* Jan 3
Copper Range Co....
New River
23
44
*2*
1,000
""145
2
*43
•
1*
75
25
45
•2*
6*
12*
1,270
18
Dec'21
74
12*
855
487
2
45
♦.60
1
150
2
55*
24
44*
*.06
1
490
.40
45
1*
18*
5434
1734
.50
13*
44
.10
2
50*
*75
*43
2*
384
2
55
Las/ Sale 40
*75
♦43
1*
3*
20
2*
*3*
*32*
2*
171
3
*ll<»
3334
4434
•.06
70
*134
24
1
*1*
*2*
""290
3*
1%
1*
3384
*.55
2
3*
2*
24
1
30
1,505
13s
34
*1*
.75
85
1
Feb 17
Jan 10
Mar 23
Dec
Mar 29
25
Cehtennlal
Hancock
2*
•83
1*
3*
1*
284
*1*
1
171
.4
11
...
Franklin
200
2
84
Las/ 8 lie 90* Dec'21
23
23
23* 23*
*37
76"
75
*.30
9
Deo 30
11
30* Apr 29
18* Jan 11
1
78
1*
18
•37
2
.75
85
112* Dec
7* Deo
May
18
July 12
210
475
3
56*
1%
2*
83*
1,678
3
1*
18
♦1
2*
""813
2*
3
*3*
I84
57
18
*1*
*214
6*
11*
6*
11
11*
2
*2
87
911
38*
Dec'21
7
2
♦2*
3*'
18
24
2
2
3
24
38*
Deo
Aug
6
8
Daly-West
1,040
6*
Nov
15
3
25
Carson Hill Gold
11*
39*
Copper.. 10
Calumet A Hecla
11
6*
5
10
Butte-Balaklava
206
275
U*
934
38*
*1*
Arizona Commercial
Bingham Mines
Dec'21
Last
272
118
Jan
.16 July
16
Apr
25
13*
Nov 29
9* Jan 13
Feb 18
40
Feb
35* Apr 25
17
Oct
68*
June
17
25
25
6*
.75
...
Allouea
39
I
Consolidated.. 25
Mining
8
9
8
25
Algomab
Arcadian Consolidated....
10
3
17
16
Ah meek
80
Dec
11
50
pref
150
11*
2*
•.55
50
pref
50
Wlckwlre 8pencer Steel...
5
Mining
240
9*
101*
Sept 21
Apr 13
Aug 12
8
Warren Bros
100
.50
31*
»9* A89* Deo
67
Dec 13
Sept
6
3
6*
•87*
100
24
279
3
88* July • t
47
June 16
Manufacturing. 20
Watch.
3
*1*
67g
12*
Waltham
5
10
*23
6I3
•.20
W8lworth
100
62
*.20
3*
56
Ventura Consol OH Fields.
Waldorf
Systemlno
3
11*
2*
*1
.20
10* Nov
7
June
136
22* Apr 1
16* July 16
16* Jan 5
pref
Adventure
Dec'21
62
02
Jan
2o
Do
Macb Corp..
24
*9*
I
39*'
82
100
3
12
1*
•2*
♦2
2,245
6
24
11*
11*
23*
7
8*
233,,
2834
pref
3*
24
.03
275
2*
•1
7
8
Last Sale .50
18
July 26
7
6*
26
Jan 11
13
14* Dec 15
10
110
n
11
1
8ept 22
13*8ept28
2* Dee 17
4
Aug 26
95* Jan 3
33
16
M
H
Inc
117
6
17
.20
Apt
25
45
7*
6184
Apt
25
16*1
.50
8*
United 8boe
*15%
.60
Doo
_
Torrlngton
Union Twist Drill
1st
62
4
Sepi 27 j
2d
0134
478 Mar 18
2
Stmms Magneto......
Swift A Co....
Do
*.25
Feb
87
Do
*.50
Jaa
80*
24
115
.60
45
Deo
12* Apr 14
14* Nov 23
3
Dec
3
566
.00
Doo
24
78* Nov 10
206
61
8
7
Jan
100
19
60
90
146
Plant (Tbos G)
32
*.25
Deo
Jan
Pacific Mills
19
*.60
80
Ja
31*
11*
•66*
17*
|
8%
28
Mar 28
May
19
10«4
*1*
3*
1*2
3,047
37*
9,310
5,439
1,195
28*
29*
74*
85
32
2ia
♦1*
•2*
20
22*
2734
6*
87S
*18*
220
26
60
Apr
Deo
64
Circuit
Juna
10
5334 Sept 27 i
58* Oct 10
Orpheum
Jan
"
40
13
New England OH Corp
New England Telephone.. 100
Ohio Body A Blower...No par
34*
32* Deo
32
10
Nov
104
7
6
Nov 12 i
10
"May
2878 Dec 16
July
Sept lOj
100
140
19* Dec 13
5
Linotype
Deo
15* Doo
19
I
2
Investment Ino..
3* Deo
21
14* Sepl
6* Mat
30* Jan
28* May
88
Apt
~~8~ "Deo
Dec 10
1
Jan
86
10
5
Nov
16* Dec
17
17,
6
92* Feb 23
35*
2*
1%
52
id* "12"
*25*
223j
165* Dec
12
8
Nov
9* Sept
5-* Dec 29
32
*2
82
482
25*
24
30* Dee 30
45
Dec 15
e8* Dec 21
73 June 15
35*
1534
*1%
♦.30
97
37
Jan
10
35*
10
39
195
13
7
25
32
M
o
.08
*9
59
4
37*
Dec
Dec 23
Theatres
82*'
0
13
274
11*
6
19
96*
Jan
49o
Loew's
3534
w
3*
•12*
29
20
97*
Apt
3*
Llbby. McNeill A Llbb__
31*
O
.00
*3
271
19
24*
8%
4
12*
74
Island OH A Transp Corp.
34
H
60
24*
2978
6%
4
Apt
Dec
Nov
Reecc Button Hole
10
Root A V Dervoort CI A No par
435
14* Nov'21
3634
•25
62
"Dec'21
13*
*12
37*
195
10
6
177s Dec 23
4* Feb »1
23
Jan
8
27
Oct 28
Dec
60«
41* Feb
National Leather
128
8
100
Mexican
1,147
3* Deo
Jan
Dec 23
pref
311 Mergenthaler
350
Apr
No par
Internat Products
4,975
78*
25*
....
229
Apt
85*
100
2,325
169
59
25
23*
28%
6%
8*
a
31*
157
1,088
38
Deo
32
pref
Do
Jan
Nov
14
29
23* Apr 12
8
JaD
3
29
Nov 25
3
50
McElwaln (W H) 1st pref. 100
841: Massachusetts Gas Cos... 100
Do
pref
100
2961
10334 110
9*
11
T43g
14*
Last Sile
58*
26
O
20
4
96*
13*.
37*
Do
142U
No par
Gorton-Pew Fisheries
19
10
Apr
lo
1* JaD 10
9* Oct 25
Jan 10
42
Nov 23
Motor.......No par
5
22*
834
4*
Last Sile
*
0734
37*
•»
23*
28*
684
8*
734
4
Q
97*
*123*
13*
15
5*
9*
130
21*
169
78*
0
15
130
15
*165
w
*13
62
8*
4*
4*
109* 110*
7*
9*
H
110
63
61*
*125
2038
4is
•7*
*14*
•165
130
2
2*
83*
63
20*
2*
110
115
3*
5*
>9*
83*
61
SQ
131
20
77
100
Apr
Nov
4
16
60
25
14S Greenfield Tap A Die
2/5, Internat Cement Corp.No par
Internat Cotton Mills
50
675
H
63
•6H2
1,195
'"""do
2*
5*
Elder Corporation
184
88
♦130
12*
27
Dec'21
3*
3,960
£05' Gardner
I
6
Do
Feb
6* Jan 3
.05 Jan 10
Oct 21
3
5
25
Feb
Nov
25
,08l2Oct 29
9* July
8* No*
13* Nov
100*4 Sepi
167
Apt
88
Jan
1
6
80
70
4* Mar 18
10
7* Mai
70
.15 July
10
Deo
Deo 2)
20
12*4 Dec 24
,15 Dec 14
10
Manufacturing...
1,786
5*
12*
3*
12
*8*
*2*
5*
Boston Land
pref
Edison Electric Ilium
20
1*
77
East
Eastern
26
77
Century Steel of Amer Inc.
Connor (John T)
Eastern 88 Lines Ino
1
Last Sale 33
7534
"MOO
3,560
10
12
10
Blgheart Prod A Refining. 10
Boston M ex Pet Trustees No par
2,230
165
434
Construe Inc..
39*
164
10
Metal
3a
84* Dec 21
.16 Feb 9
16
Sept
2
6
Jan 21
.07 Jan
par
400
'""365
45
5*
No par
"9*
*44
10*
*1
1*
37*
pref
Atlas Tack Corporation No par
Beacon Chocolate
10
500
I
5*
109
"
17
"~8~
38
10*
3
Art
.25
Mar'21
17
|
8*
~
Jan
Feb 24
710
3*
8*
74
73
Do
Anglo-AmCommlCorp.Na
Yd ""Dec'21
38
584
1078
1
.
20
•26*
»
3*
534 Dec 10
15* Nov 30
119* Nov 21
Jan 21
2
pref
50
Telephone A Teleg—100
Amoskeag Mfg..
No par
111
13
*.16
17
3
3
Dec'21
Las/ Sale 4*
.20
.20
17
8* Jan
96* Jan
June'21
13
*25
.15
25
Do
Amer
792
84
Last Sale 13*
*.15
•.20
Amer Pneumatic Service..
2,266
378
3%
14*
14*
114* 114%
10834 109 "
|
84
6
10
725
109
83%
Jan
Amer Oil Engineering
1,024
1,840
.05
3*
37«
14*
14*
114* 1147,8
14*
114
9934
83*3
.05
4
14*
1434
113* 114*
..
82*
.05
3%
4
3%
15
11312 11334
.05
.10
Jan
4
,40May
4
35
Jan
8* July
6
5
25June23
• Par value 110 per share.
5
7
Jan 12
Jaa
6*
Jan
83o
Dec
1*
Jan
4
Oct
1% Aug
42* Dec
25C
.48 JaD 13
Jan
6
Deo
4
Feb 21
25o
1
2c
.80Mar
2* Apt
2* Deo
2% Jan 31
2* Feb 17
14
Deo
2
1
Nov
Dec
9* Feb
3* Jaa
3ta Jas
Bert
2
Jan
8
Doc
23
Jaa
15c
Oct
dec. 81 1921.]
3809
.
Sales
Friday
Sale.
Boston Bond Record.—Transactions in bonds at Boston
Exohange Dec. 24 to Dec. 39, both inclusive:
Sales
Friday
Sale.
of Prices.
High.
Low.
Price.
Bonds—
Nov
96.26
$2,100
85.84 Juno
1932-47
96.84
96.84
200
85.64 May
96.84
Dec
96.04
97.34
Jan
98.04
Dec
2d Lib L'n 4*8.-1927-42
•
95.04
3d Lib L'n 4 *8
1928
4th Lib L'n 4*8.1933-38
96.54
4*8.1932-471
2,000
13,800
85.62
96.84
85.54
Jan
97.80
Dec
97.86
10.550
88.10
Jan
98.32
Dec
100
3
91*
92*
50
July
76
Dec
63* May
76
Dec
74
Dec
1936
97*
97*
88*
97*
April
Hood Rubber 7s
_
1932
NYNH4H6S
Phillip Jonee 8s
Seneca Copper 8s.
30
Mar
66
60
$1,000
60
Jan
94
Jan
1,000
72* June
68*
99*
85*
Nov
9,000
Nov
Cons Gas E L & P 4*s.'35
125
Nov
81
81
1,000
78*
Dee
Jan
Fla Cent & Pen cons 5s.'43
81
94
Aug
13,000
75
75
1.000
Nov
75
June
Jan
Lexington (Ky) St 58.1949
1942
70
80*
70
76
3,000
77
Dee
67*
67*
90,000
63* June
60* Aug
68*
Deo
47*
47*
66*
6,000
41
48*
Deo
4,900
60* June
Jan
91*
66
Deo
99*
Dec
95*
78*
Dee
1.000
92*
4,000
92
103*
68
Mar
78
Dec
7s
Mar
89
Dec
7s
Jan
88
Dec
79*
53*
Jan
95
Dec
78
July
92*
Dec
92
Dec
106*
7*% notes
Monon V Trac 5s
Dec. 30, both inclu¬
Shares.
130
66* June
92
87
87
120
50
Aug
87
92*
91*
92*
855
84
Jan
95
12*
12*
63
12
July
15*
Jan
8*
330
8
Aug
42
Feb
25*
150
Dec
71
Feb
7*
10
.100
oom.100
Illinois Brick
100
Kan C'y Ry, pld otfs.-(*)
Libby, McNeill & Libby. 10
Lindsay Light
--10
10
Stamped
-
-
...l
Ooke 100
Pick (Albert) & Co
(*)
Pig Wig Stores Inc "A" (»)
Orpheum Otrouit
People's Gas Lt &
100
100
Quaker Oats Co—
—100
10
Hears, Roebuck, oom._100
Preferred
100
Standard Gas & Eiec—50
Preferred
60
Stew War Speed, com.. 100
Swift & Co
100
Swift
International
15
Temtor Prod C& F "A"(*>
Preferred
Motor.
375
*
Sept
815
3*
Dec
100
*
Nov
Jan
96c
Dec
90C
7*
Jan
Sept
104
July
46
June
51
490
"
3,800
200
4*
63
Jan
Dec
11
Nov
Dec
7*
35
35
Dec
1,098
465
61
85
85
100
69*
72
50
9*
91
Dec
34* May
Jan
130
14*
82*
94* May
July
Jan
65
55
50
60
Aug
3
40
2
Jan
5*
6
4*
53*
83
5
6*
Dec
350
3*
Nov
15*
Mar
50
24*
Jan
21
53*
82*
4*
14,000
287
20*
80
Nov
2,205
4
June
25
110
Aug
445
110
110
2*
2*
1*
1*
1,120
2,465
8*
7*
1,205
2
2,400
15
15
15
800
63
63
1*
Jan
13
24
Dec
Apr
53*
Dec
83
Dec
4*
Jan
9*
Dec
110
Dec
9*
Jan
Dec
2*
Dec
7*
Dec
8*
Dec
1%
Dec
Dec
14
Dec
2
Apr
Dec
30*
64*
28*
2,410
21
Dec
64*
28*
33*
7,850
10
Aug
33*
25
"92"
330
34*
Jan
Mar
3*
17*
3*
17*
828
10
100
1*
1*
100
65
100
100
Preferred
72
Lake Superior Corp
100
50
Lehigh Valley
P mnsyl Salf Mfg
Pennsylvania
6*
68
50
72
50
32*
33*
25
Preferred
Jneul Wire...no
27*
27
50 *
17
Phlla Rapid Transit
57
Philadelphia Traction...50
Phila & Western
50
Devel
1
Tonopah Mining
x
Union Traction, $17*..50
"T*
99*
Sept
Aug
17*
Dec
43
Dec
105*
Jan
Jan
Dec
31*
Jan
Oct
25).
2,115
21
97*
2,775
88*
22*
23*
3*
19.100
18
1,150
5,141
14,725
2*
Dec
27*
Jan
8*
375
36*!!
July
24
40* June
27*
100
Elec & Peoples tr ctfs 4s.
'45
1925
Superior Corp 5s.'24
Lehigh CAN cons 4*s.'54
Lehigh Valley cons 4*s.'23
Lake
62
25
Sept
48
88*
6,000
84
Feb
88*
97
97
Jan
90*
Nov
Nov
1,000
2,000
95*
94*
Apr
104*
Nov
106,
24* May
Jan
32*
10
Feb
86
Apr
Dec
73*
72
101* 101 *
96*
Lehigh Val Coal 1st 5s 1933
Nor Cent 2d 5s, sei A. 1926
96*
Pennsylvania RR 6*8 1936
General 4*8
1985
86
Apr
Phila Electric 1st 5s... 1966
Ma.
35
1,000
76
Apr
86
62
20,000
56
Aug
7,000
77
Aug
63*
86*
86*
86*
92
94
92
92*
94*
69,000
1966
6s
1941
"ioo*
1,100
99*
81*
81*
99* 100
53
53
53
76
76*
1997
Spanish Am Iron 6s... 1927
United Rys gold tr ctf 4s *49
United Rys Invest 5s. 1926
100* 101
2,100
164,000
100* 101
Small
x
82
81
100*
100*
1,000
72
2,000
97*
1,000
9,000
Jan
Jan
95
95
Dec
101*
Dec
101
June
84*
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Feb
Nov
Mar
100
33
Jan
55
Nov
65
Apr
80*
Nov
Ex-dividend.
Range since Jan.
1.
Week.
Shares.
28*
28*
20
Mar
30*
80
80
24
75
Mar
83*
June
38
June
25
High-
i
Nov
Jan
Dec
Dec
.95
7
3*
Jan
on
the
Curb Market.—Below
the New York Curb
Association is now issuing an
Jan
Feb
week's record of
the Chicago Stock Exchange will
Exchange. — This
is a record of the trans¬
Market from Dec. 24 to
Dec. 30. both inclusive, as compiled from the official lists.
As noted in our issue of July 2, the New York Curb Market
Association on June 27 transferred its activities from the
Broad Street curb to its new building on Trinity Place, and
New York
of Prices.
High.
Stock
prices and transactions
found on page 2789.
actions in
Sales
.35 Sept
86
62
Peoples Pass tr ctfs 4s. 1943
Phila Co cons & coll tr 5s. '51
Dec
Doc
Nov
Nov
official sales lists:
Feb
31
103* 104*
Jan
Dec
Dec
Sept
Dec
Dec
65.500
70*
30
Dec
41*
3
70*
96 *
Jan
2*
June
Oot
Oct
50
62
96*
96*
61*
125
5,000
Dec
31
3,160
Deo
62*
96*
60
.45
Dec
62*
Mar
Mar
12,200
3
71
Jan
50
92*
$4,000
2*
Jan
53
1,000
Dec
Pittsburgh
.40
60
300
Dec
Jan
3
2,000
21,500
86
Reading gen 4s
2*
Dec
Nov
Nov
77
Nov
3
82
95*
109
102
60
2*
Jan
1,000
Oct
.43
Feb
101
62
70*
"31"
Small
20
90
1,000
95*
100.14 Dec
.
86
Dec
167
4,000
95*
98.06 Dec
Jan
Mar
1,000
62
85.60
94.50 Doc
68
82
86
Gen consol
Dec
250
07.50 Dec
4*e.„..2003
Mar
178
25
96.26 Dec
Mar
107*
38
86.67 July
86.47 Mar
June
Aug
24*
Jan
Feb
68* July
73* June
Mar
38
Sept
50
Dec
96
74
25
Feb
35
108* 108*
70*
71
62 1
62*
95*
Hunt & B Top eons 5s_
72*
."38"
80
80
1945
Small
97.70
97
Consol Trac N J let 5s 1932
1,125
31
June
96.30 97.56 108,550
99.90 100.08 3712400
1945
Bell Tele of Pa 7s
103*
21
60
Jan
1,700
102
Atlan Coast L
June
650
45
27
8
70
49*
98.18 Dec
103
Arundel
Dec
808
92*
Aug
Low.
Dec
Nov
41*
51*
37*
97.62 Dec
1
for
Aug
Jan
65*
Week's Range
37
177
Jan
July
29
Jan
625
Low.
163
Jan
Dec
729
40*
51
27*
40
29*
1
1,194
Deo
Nov
88.20
200
Price.
27
1 1-16 July
3,331
34*
1*
VA
84.40
1
Mar
285
88
100
67*
28
4*
Oot
4,500
67
22.00C
8*
96.38 96.38
67
2,00f
Deo
1,000
z36* June
68
34
67*
32*
60
96.36 96.82
4*8.1932-47
4*s_. 1927-42
3d Lib Loan 4*s... 1928
4th Lib L'n 4*s. 1933-38
Victory 4*e
1922-23
14*
8*
67*
33*
67*
32*
Dec
Mar
1st Lib L'n
78
33 *
19*
51
Feb
2d Lib L'n
13*
44*
Aug
337
94.40 94.70 $21,100
US Lib L 1st 3*8.1932-47
78
25,125
Jan
2,595
Bonds—
13*
63
52*
6,000
57*
57*
June
15
2,000
23 *
172* 175
50
77
Sept
345
20
Dec
Dec
77
13
Nov
Apr
Sept
1928
217
6*
Apr
25*
2008
14
55
75
21
Gen consol 4s
29
1
30*
Coll trust 6s.
175
8*
662
Jan
29
Dec
Jan
Jan
29
Dec
200
Oct
Dec
31
12*
Dec
28
62
15*
66*
Jan
50
47*
Oct
100
42
26
6
2,200
74*
Jan
1,464
1,137
17*
70
46"
Jan
Apr
40
35*
37*
24*
28*
176
176
.50
64*
32*
97
Dec
2,390
Mar
Jon
55
10,832
June
50*
Nov
July
7*
24
127
10
June
50
Baltimore & Ohio 6s.. 1929
87*
Dec
1
50
Mar
50
Nov
60*
62
West Jersey & Sea Shore. 50
87
130
75*
June
5*
125
33*
Wm Cramp & Sons
Aug
July
47
100
?38*
*50*
Westmoreland Coal
62
631
960
"38*
100
Jan
Mar
4*
4*
"33*
United Cos of N J
United Gas Impt
Preferred
66
72*
73*
1 * 1 7-16
1 7-16 1*
4*
50
Reading
57
Aug
1,224
1,040
58
"17*
Deo
25
30* May
50*
50
Jan
27* July
32
88
27*
par
70
Apr
24*
24
Aug
Dec
36
25
Phlla Electric of Pa
40
70
33*
35*
23*
Philadelphia Co (Pitts)..50
Pref (cumulative 6%).50
Dec
Jan
27
49
Penn Centtl & P pf.no par
Deo
132*
92
31
33*
48
Dec
1*
300
72
50
Dec
50
150
27*
7
68*
57*
Navigation
Deo
123
443
74
27*
6*
66*
56*
Keystone Teleph pref...50
91*
Jan
Dec
Dec
87
250
I
32
38*
38
Mar
773
,
67
100
J G Brill Co
27*
320
v
31*
10
Insurance CoolNA
1*
122*
121
122
June
25*
Jan
65*
Nov
,
44
724
June
1
Jan
Deo
5
Oct
17
75
17
Feb
2
50
90
General Asphalt.
Tono-Belmont
340
49
June
120
Elec Storage Battery
Phlla
High.
Low.
27
75
55
13*
53*
Last
17
87
535
96
Sale.
Ohalmer Oil pref
47*
115
1,367
Friday
1
10
—5
Shares.
47
Price.
Cons Copper Mines
Lehigh
Week.
89
92
7*
Dee
Range since Jan. 1.
for
Range
of Friers.
Low.
High.
Amer Gas & El small..2007
3*
67* Juno
1.7
Dec
43
Nov
Feb
90
Dee
Dec
101*
Sales
Week's
...50
Steel
92
42
Dee
100
Sept
100
preferred
June
88* [88*
16* .17
clusive, compiled from
pref
First
73
16*
July
no par
American Stores
Cambria
85
Exchange.—Record of transactions at
Stock Exchange, Dee. 24 to Dec. 30, both in¬
Celestine Oil
78
1,000
1,000
50
Jan
.Baltimore Stock
Corporatiom
50
(Oonn)..100
Baltimore Electric pref. .50
Baltimore Tube.
100
3,000
95*
100
Preferred
149
Ex-dividend.
Par.
American Railways
Jan
17*
1927
Stocks—
98*
95*
100
.
Dec
65
29
.
Aug
17*
8
85*
American Gas of N J_
82
91*
3*
81*
Dec
Dec
Dec
Par.
Stocks—
79
58
22*
98
Last
68
17*
"25""
65*
Sale.
60
65
2,000
Friday
229
80*
83*
81*
141
89
99
88*
Exchange.-—Record of transactions
24 to Dec. 33,both
compiled from official sales lists:
142
80*
"81*
1927
1927
x
Jan
Sept
67*
3*
1*
VA
.Bonds—
value.
Jan
25*
61
4s, Series "B"
75
30
175
Con Ry 5s 1927
Dec
25*
oom.100
Wahl Co
(*)
Ward, Mont'y, & Co, pflOO
Chicago Ry6 5s
86*
32*
United Paper B'd,
Chic City Ry 6s
Feb
Dec
52
62*
14
82
52
Dec
1
Sept
103
1,425
35
44*
Mfg
24,369
500
6*
104
45*
Yellow Tax
Jan
12*
Nov
43*
com.--—-25
Jan
5
3
43
20
Western Knitting Mills (*)
Western Stone
100
Wilson & Co, preferred. 100
Dec
116
44*
When issued
10*
Dec
45
-
Apr
Sept
Union Carb ft
United Light & Ry
1
1
35
2
Apr
Jan
100
50*
7*
"I K
June
560
4
4*
9
10*
48*
480
Thompson. J R, com..
.25
Carbon..10
Works v t c.50
Nov
5
Dec
2
6*
5*
III, com 100
Preferred
Dec
Dec
50
93c
8
New
Dec
S
83
Co
(*)
Carbon, pf (new) —100
Dec
9*
55
oom._,100
—100
preferred
7*
3
72
Hart, Schaf & M,
"Mitchell Motor
30
100
7*
38
115
104
60*
Aug
lJri
l*
Jan
Deo
107
Philadelphia Stock Exchange, Dee.
inclusive,
10
114
7*
(*)
Preferred
100
Deere & Co. pref
100 "62*
14
Godschaux Bugar, oom.(*)
82
Great Lakes D & D
100
85
Hartman Corporation-100
July
5
4*
l*
Motors
3*
20
300
*
10
6*
19*
7*
10
*
115
High.
Low.
3*
7*
3
104
p-eferrod
125
38
10
4*
at
50
6*
o*
90*
Deo
100*
Jan
6,000
7,000
78
Dec
37
72
88
95*
Dec
6*
95* June
98
6% notes
Va Mid 5th series 5s.. 1926
Nov
87
8*
93*
Philadelphia Stock
88*
95c
Old
1936
Range since Jan. 1.
87
Price.
-
National Leather
Funding 5s....
Wash Balt& Amapfii 1941
for
Commonwealth Edison 100
Cudahy Packing, com.
1949
Jan
2,100
6.000
Deo
Nov
103
;
Week.
(*)
Preferred
(*)
Chic Elev Ry, pref
100
Chicago Rys part otf Ser 1
Motors
67*
47*
66*
1949
Nov
100
14,000
87*
1950
Consol Coal ref 5fl
United Ry & E 4s....
of Prices.
TjOW.
High.
3
2-_
103*
99*
.1922
74*
99*
99*
84*
84*
102* 103*
9 '* I'M*
106* 106*
99*
1931
75
Sales
eh com
Cent Ter Sugar
July
29
50
Dec
Week's Range
(*>
100
preferred
Chic City & Con Ry—
Baltimore
20*
28
120
92*
3?
(J I)
2d
par
28*
156
llr»
100
--10
Bunte Bros
No
Nov
98
official sales lists:
Fisheries, new_.(*)
Preferred
*
Jan
15*
98
25
Chic City &
12*
Jan
Davidson Sulphur6s.. 1927
Preferred
Yellow
7* Sept
12
Cosden & Co conv s f
90*
100
Amer Shipbuilding, preflOO
Armour & Co. pref
100
A rmour
Leather
15
Beaver Board
(*)
Jr.
735
277
Dec
92
Par.
Stocks—
Wrigley,
Deo
9*
14*
Dec
American Radiator
United Iron
95
9
14
56
Dec
Nov
Last
Reo
Jan
Jan
98
97*
100*
Sale.
Pub Ser of Nor
Deo
Dec
Friday
Nat
Feb
74
Bonds—
1951
City & Suburban 1st 5s.*22
Stock Exchange.—Record of transactions at
sive compiled from
Prior
62*
July
Nov
Pittsburgh Stock Exchange Dec. 24 to
Preferred
Sept
68*
77*
9'*
Chicago Ry 5s
Income 4s
"Mid West Util,
40
98
93*
93*
Western Tel & Tel fie .1932
Earl
18
2,000
88
115
1926
1944
8wilt A CO 68
Crane Co.
June
56
87*
1948
Rights
Continental
10
120
19
98
87
93*
N E.Telephone 68
Part ctf serlefe
Oct
Feb
Jan
56
78
84*
*8
Mass Gas 4*8
__1931
Miss River Power fie. 1951
Pt
Deo
.
99
78
84*
1934
K C Mem & B 4a
Case
Deo
7
14*
50
Preferred
,
2,000
12,000
1,000
2.000
17,000
24,900
11,000
1,000
102* 102*
Internat Cement 8B--.1926
Booth
Dec
98
58
Chicago
92
100
.
& Eectrlc_._50
Wash Bait & Annap
200
24*
Jan
74
Dec
4,000
84
.
47
0
Nov
56
23
74
36
2,000
80
83*
24*
47
t r
Pennsyl Wat & Power.
88*
67
Aug
23
102
53
7t
Dee
110
Mar
1,300
52*
77
100
v
Central
United Ry
76*
Deo
...50
Preferred
Northern
Jan
76
4*
73
Dec
88*
3*
July
12
98.10
75
Dec
140
12
100.20
76
36*
Mt V-Woodb Mills v t r 100
Jan
1940
Dec
80
Jan
Dec
36*
17
Aug
36
Job
21
17
45*
36
88*
25
Preferred..
95.78
36
Brooklyn R T oocv 5e. 1945
•Copper Range 6e
1949
Chic June Ry & U 8 Y 48*40
July
4*
"52*
25
Monon Vail Trac
85.34
62
79
5*
18*
43,000
10,000
55*
1,138
5*
21.350
97.74
Oct
24*
100.08 327.750
54
*
Aug
4*
36*
pref...25
J Benesch fic Sons
Dec
95.70
100
1922-23
Victory 4 *&
Ati G&WI8SL5e._ 1959 -.54..
par
36*
5
Dec
80
100
30*
80
Ollref trctfs.100
Houston
94.64
1st Lib L'n
80
Davison Chemical..no par
High.
Lew.
94.24
1st Lib L'n 4fl
100
no
Nov
97*
22
80*
106
Preferred
Week.
Shares,
*§.1932*7
U 8 Lib Loan 3
Co
Cosden &
Range since Jan. 1.
for
Week's Range
Last
48
Jan
92
94*
100
Preferred
39
60
100
106
Consolidation Coal
High.
Low.
Shares.
48
94
Consol Gas E L & Pow.100
Stock
High.
47*
25
Commercial Credit
Range since Jan. 1.
Week.
of Prices.
Low.
Price.
Par.
Stocks (Cond.)-
for
Week's Range
Last
Outside Stock Exchanges
the basis of
the compilations
official sheet which forms
below:
THE
2810
Par.
Week's Range
for
of Prices.
Last
Low.
High.
Other Oil
Low.
Shares.
Brazos OH
Packing
10
(no par)
Allied Packers
60c
10
Chemical
1
Bradley Fireproof Prod.-l
..£1
(t)
Ordinary bearer
i Burns Bros
Inc
com
b
1%
78c
(no par)
5
1,800
Dec
5
700
14%
July
23
100
5c
Dec
20%
1%
21
300
20
400
70c
80c
107
106
1%
1%
2%
"
2%
1
Chicago Nipple Mlg el a10
10c
100
com
Cities Scrv Bankers' sh.(t)
1%
2%
55 %
56%
1,500
1,105
1,223
21%
20%
22%
6,800
2
206
193
Cleveland Automobile., (t)
20%
20%
21%
65c
65c
75c
45
50
(f)
'■>' 17%
Com'w'th p Ry & l com 100
6c
5c
5c
6%
6%
6%
2%
10
CurtissAeropl & m com (t)
Davles (wm) Co, Inc__(t)
2%
85
5
500
Cushlng Petrol Corp
5
6c
5C
7c
23,100
5c
1
SeDt
1%
Not
Dominion Oil
7
9
9
600
7
June
70c
Dec
1
Not
Duquesne Oil
5
%
2%
25*
500
1
Sept
27
2c
lc
July
1
Aug
24
Jan
550
6c
8,000
3c
Sept
10c
9c
11c
22,000
9c
Dec
11-16
x9%
9%
6%
18,100
5*
55*
Aiiv
Jan
7%
31%
Apr
«>0c
Aug
Dec
50
4%
71
Apr
Dec
17%
300
1%
65
Imperial Oil (Canada) coup
Jan
Internat
JaD
Dec
13
7%
,18%
20%
3,500
5%
5%
400
105*
7%
7%
4%
19%
1,600
65c
70c
15%
15%
800
17%
16%
169
169
44%
42%
4%
4%
2,000
1,300
135
Dec
1%
Aug
4,000
113
175*
20c
1,000
90C
3,500
KIrby Petroleum
18%
165*
185*
8c
8c
1%
1%
Lyons Petroleum....
62c
Magna 01! A Refining
Manhattan Oil
10
Merritt Oil Corp
Dec
Mexican Panuco Oil
Dec
Dec
Mexico
Aue
21
1%
15%
17%
180%
Oct
Jan
50
Aug
.Ian
Feb
Oil Corp
10
Noble Oil A Gas...
1
"~17c"
North
5
2%
Dec
Northwest
Dec
Ohio Manger
May
American Oil
Oil
Okmulgee Prod A Ref
5
6%
Oct
Omar oil A Gas
10
11%
3,500
26%
Jan
Pennok OIL.
26
700
21
June
54
Jan
1,900
1
Dec
26c
5,400
10c
Dec
2
2
Oct
1
1%
500
3,500
105*
1%
10%
6%
4%
6%
4%
800
5%
1%
2%
5%
2%
2,900
6,400
3%
100
2
100
61
50
5%
1%
6%
1%
22
1%
2%
7
7
7%
90c
88c
200
2,700
10
6%
3
5%
1%
3%
1 %
60
2%
2
17%
16%
14%
Sept
Feb
13
Feb
Jan
Slmrris
20
Mar
Oct
SKelly
Jan
Nov
65
Dec
7
Dec
Oct
12
1,800
29c
3%
1,000
7.800
2
6%
Dec
1%
1%
July
Aug
2%
2%
17%
4%
1%
5
2%
1,000
3%
Dec
5%
Aug
Aug
1%
OIL.
Western States Oil A Qas.l
500
100
39
Jan
8
Jan
Jan
2,500
41%
3% May
Apr
1
8%
Big Jim Cons gm
3
Jan
Dec
Muy
19
Dec
28% May
Nov
Canada Copper
5
3
Consol Cooper Mines
5
1%
45%
600
40
June
60
Jan
1
1
2%
20,300
Copper Canyon
Copper Range
5%
15%
18,400
80c
91c
Aug
4% Dec
14% Nov
80c
Nov
2
1-16
9
35
1%
2
Nov
....
1
Cortez
Jan
Cresson Con Gold m & m.l
Silver...
...1
Divide Extension
1
5
Jan
7,200
50c
Aug
12,100
55c
Aug 1 13-16 May
5c
Dec
5
Dec
25c
Dec
3
25%
5%
Jan
Jan
Mar
Florence
19,200
300
12c
13%
Dec
Dec
Mar
2%
1
.•
Copper
Mining
50
84
100
100
Standard Oil of n y...100
July
Hecla Mining
Holllnger Cons g m
81
50
40
43
780
31
July
53
Oct
160
10
140
June
195
Nov
Iron
84
105
86
Mar
30%
Nov
88
Nov
75
"88%
Howe Sound Co
2nA
87c
25*
9,250
12,600
Dec
62c
15-16
75c
Dec
Dec
95c
3c
Dec
9-16
136.000
24c
June
2
Mar
1,200
51c
Dec
2
Jan
1
Mar
24c
27C
53c
June
10c
June
10c
Deo
53c
54c
4,000
35c
Sept
650
Nov
3c
3c
2,000
3c
Oct
lie
Feb
26c
50c
Sept
10c
"l2c"
4%
7,1)00
20c
June
14c
12,000
60
Sept
26o
Feb
25c
5,000
20c
Nov
38c
Nov
12c
14c
63,000
7c
May
34c
"2%
45*
45*
400
35*
Jan
75*
6
1
30c
75*
300
5%
July
25*
25*
1,200
1%
6c
7,400
3c
Nov
8c
Dec
53c
48,900
12c
June
53c
Dec
237
145
160
June
249
Dec
4c
5c
21.000
75
75
40
70
Sept
103
Mar
La Rose Consol Mines...5
26c
32c
5.000
51
10
50
Dec
60
July
MacNamara Crescent
1
4c
4c
4c
2,000
3c
93 %
Nov
MacNamara
1
6c
4c
10c
24,500
6c
6c
6c
400
26**
235*
275*
6,000
4c
4c
1,000
25*
1,000
5c
Dec
19c
1,000
lc
Dec
12c
Kerr Lake
5
35*
35*
10c
Mining
30
150
30
June
45
Nov
Magma Copper..
Aug
20c
24c
24c
100
20c
3c
1,000
3c
8c
48c
50c
1,500
14o
July
Sept
Sept
2%
11%
6,900
2
11
8%
10%
8%
9
750
2,600
1%
VA
Feb
Jan
Jan
July
Valley Mines
5
3%
5c
Mining
5
i Mclntyre Porcupine
1
McKlnley-Darragh-Sav—1
Mizpah Extension
Mohawk
1%
2%
12c
4c
60c
Dec
Oct
2%
Nov
Mohican Copper
Mother lode Coalition.. (t)
18%
25%
Apr
Mother lode Copper Min. 10
Apr
Motherlode (old)
2c
Dec
1%
20
2c
1,000
lc
Dec
20c
24c
103,000
15c
July
10c
10c
100
10c
Aug
76c
79c
18,400
44c
July
National Tin
Corp
2%
Jan
Nevada
1
Jan
Nevada Silver Hills
1%
Mar
Ophlr
New Cornelia
3
15*
15*
12c
4c
700
15*
16,600
25*
3,200
13c
7,000
4c
2,000
100
2
July
5c
35*
Dec
24c
46c
6
20c
Feb
4C
Dec
31c
May
3c
July
8c
Mar
275*
July
11c
17
3c
1
June
1% June
July
11c
4c
49
Dec
June
15*
2i8
Jan
lie
Aug
Dec
48c
Dec
13,800
16.100
3%
June
6%
100
45*
Apr
95*
93c
1,800
75c
Dec
Nov
60c
54c
52c
57c
22.100
7-16
Mar
1
40c
39c
40c
28,000
16c
June
3c
3c
3c
3,000
8c
Aug
175*
185*
18
400
12
Sept
Dec
Dec
57
6
26c
Oct
Dec
May
30c
48c
90c
May
Sept
37c
40c
85*
Feb
Feb
Aug
Apr
57
55*
85*
Dec
Dec
5*
57
Mining
6% Aug
6% Sept
21c
"76c
3
Magma Chief
Dec
3%
1,300
6c
Dec
2c
Dec
35*
3c
393
Feb
5c
28c
6c
June
Dec
5c
225
20c
3%
Feb
Nov
35c
Oct
2,700
May
4%
7%
3c
296
Jan
12c
1
202
Dec
20c
13c
29
17,600
23C
205*
1
369
Jan
500
Jim Butler Tonopah
365
May
Sept
1,000
Dec
60% June
25*
Mar
5,500
15*
200
30,400
65c
Jumbo Extension
Knox Divide.
Dec
Nov
51c
18
90%
25*
500
Aug
87%
87c
6,000
47,000
9,000
320
17%
Jan
Mar
June
1
24C
40
18c
6c
21c
Jan
Mar
325* June
Aug
2c
Oil
84c
2%
2
June
3c
1
Boston-Wyoming
60
Aug
Sept
June
55c
10
5
385*
78c
23
2c
-10
Boston-Mex Petrol
4,800
69
3c
Barnett Oil
Nov
15*
95c
223
Mason
Boone Oil
May
10c
130
40c
10
Preferred
55o
June
83c
14c
10c
Blossom
30
366
Amalgamated Royalty.
Amer Fuel oh, oom
Jan
lc
4,323
120
20
Arkansas Nat Gas. eom.10
Atlantic Lobos Oil com (t)
12C
3.500
15*
270
285*
45c
New
3,000
4c
261
Other Oil Stocks
Oil
22c
lii€
18c
Independence Lead Mln
Marsh
Allied
Dec
51
237"
100
Allen Oil
42c
80c
Jerome Verde Devel
28%
81
Oct
7-16 June
July
50c
25c
Divide
160
72
Dec
July
16C
18
28%
264
25
s West Pa Pipe Lines. .100
Standard Oil (Ind)
25
May
280
12C
4,000
3c
1
22
July
3,600
37c
10C
1
89
216
16c
35c
18c
Gold Zone Divide
Aug
8
Oct
Dee
July
80c
Goldfleld Florence.
June
10c
32c
1
Feb
14
50c
Sept
5
Dec
71
1%
June
5c
75c
Silver
20
120
Jan
12c
9,000
Oct
Jan
Dec
90c
20c
5,300
37c
4,700
6c
1
~"§c'
State MlDe
Harmill
129,800
50c
19C
Goldfleld Consol Mines. 10
Subsidiaries
92c
21c
Hard Shell Mining
..25
lc
5c
276
Jan
Jan
1
Dec
Oil
Swan a Finch
87c
22%
1
Eureka Croesus
Eureka Holly
First National
Golden
1%
Eeperanza
Forty-nine
Oct
85c
385*
Jan
Mar
97c
7,900
6c
21c
Consol Arizona
673
lc
Nov
13c
Candalarla Stiver
1,000
June
271
37c
Jan
1 3-16
Feb
3c
Co
2%
Prairie Pipe Line
Southern Pipe Line
6c
1
June
1%
Apr
7% May
Calumet & Jerome Cop
4
4,000
lc
38C
1
25
85c
Penn Mex Fuel
86c
Butte & n y
Caledonia Mining
Calumet & Hecla
50c
7
1,000
70c
600
7c
lc
7-16
94c
12.50
Nov
7-32 May
JlllV
600
25c
lc
115*
Sept
88c
oil
"lc'
4%
3c
1
r»
July
June
39c
3%
25C
3c
1.100
Dec
300
4
8,000
Jan
500
1,000
2,000
57,900
1
7,200
25*
75*
6c
25*
lc
2
25
Dec
4,000
7
25*
7
Feb
79
Jan
Nov
Feb
70c
95c
415*
Feb
96c
%
5
28c
1
"79
Mar
2
lc
5
160
Jan
Nov
50c
58C
West
100
Dec
June
25c
Wayne Coal.".
100
21o
lc
Co
el Salvador Silver Mines. 1
100
Feb
Dec
15* June
60c
Sept
70c
100
3,100
35*
6C
2%
Dec
18%
85%
Apr
July
Mar
25c
3,900
1,100
2%
2%
9
17%
1,000
5,300
I
30
5
ODper
Dundee Arizona
Ohio
"
Ana
65* June
Big Ledge <
Dolores
National Transit
40c
Boston & Ely
1
Boston & Montana Dev..5
Jan
com
80.500
Dec
Jan
Galena-Signal,
74c
Dec
Dec
Eureka Pipe Line
67c
Dec
17%
9%
1%
Illinois Pipe Line
Indiana Pipe Line
70c
72
84
95*
105*
5*
lc
102%
1%
17%
Sept
26,500
July
s<pt
Jan
60
Dec
5
3c
Aug
96
Dec
£1
42e
15*
8
'
Amer Tire & Tungsten... 1
Belcher Extension
10c
Dec
Anglo-Amer Oil
40c
Jan
Mining Stocks
Alaska-Brit Col Metals
Alvarado Min a Mill...20
%
Buckeye Pipe Line
300
820
95*
75*
Dec
1%
Dec
18%
29c
lc
Aug
20c
4,000
75*
1%
Dec
18%
33c
2c
10
3
12c
Sept
94,300
7c
Standard
June
15*
32c
10c
Co
July
3
3,400
26c
16,000
Former
75
14,100
55*
28c
27,000
Reading
Dec
10
55*
20c
3%
58%
2%
95
90
5
45*
"
290
1%
Dec
1
14C
2%
135*
4,200
12C
Anaconda Copper
30c
S<* >t
78c
8c
aj&x
9
Sept
*5*
2,000
84,100
67c
12c
Rights
Rubber
Sept
3c
90
~"~5%
71
6c
45*
135*
67c
8c
~~6%
200
7c
115*
(t)
12c
100
Jan
2%
..5
10
100
55*
1,600
Wilcox Oil & G'as
10
First preferred
Second preferred
Sept
95*
6C
15
Willys Corp oom__(no par)
Nov
4,950
Jan
16
1%
Feb
Feb
135*
35*
45*
Woodburn Oil Corp
"Y" Oil A Gas
d 6 Ship Corp...
Chemical
Dec
15*
145*
155*
30c
Land
u s SteamshlD
End
101
30c
Oct
Jan
57
1
Aug
45* June
Feb
Mar
102
1
Mar
15C
Nov
June
10
95
500
2.400
15*
2%
16
4%
230
55*
Jan
23%
101
%
Dec
5*
60
45*
65*
600
Apr
"80c"
Nov
July
25*
June
65c
10
'j s Light a Heat com..Ill
Jan
75*
51c
July
Un Retail Stores Candy, (f)
u s Dlstrib Corp com
50
2 5*
51c
1
m
6c
Aug
5
Aug
2,700
1,700
45
60c
Dec
Dec
Vulcan
Nov
1%
4%
56c
300
lc
64c
3
15*
1%
3
6
Oct
Apr
Jan
Oct
4
1,000
2,100
5*
Jan
Dec
%
42
3
Dec
30c
1,700
June
66
35*
1,900
29
Tob Prod Exports Corp.(t)
6c
Aug
13-16
13
175
Todd Shipyards Corp..(t)
Union Carbide a c (no par)
Oct
95c
37%
1%
Nov
115*
36%
7
1
Feb
6
85c
Schulte Retail Stor, com(t)
Southern Coal a Iron
5
6%
11c
2
135* Nov
12%
Dec
Sept
88c
Aug
95c
1
22%
Sept
1
2%
1%
1
Feb
295* May
Jan
65*
Victoria oil..
Dec
31
23%
June
65*
135*
Nov
Texon oil &
100
15
Aug
Aug
23c
Mar
Tidal Osage OH...(no par)
200
Tenn Ry, l a Pow com 100
Preferred
100
Thurber Earthen Products.
Apr
Dec
3,600
23,500
Feb
1%
Deo
Sept
7c
45*
1
35* May
4
45*
July
lc
Oct
Jan
July
325*
13c
5%
Dec
Jan
2,000
85c
Oct
12%
12%'
10
15*
Jan
July
Jan
1 %
600
1
Aug
Dec
Oct
5*
•
Dec
5*
15*
18%
15*
35*
Apr
1
3%
700
65*
12
75c
125,400
Dec
Aug
17
26c
Dec
3
3%
23%
25*
Dec
26c
35*
6
17%
36%
1
20c
An«
5%
5
Texas-Ranger
1
3%
10
.
Texas Chief Oil
2%
2%
.
.
di c
300
36
3%
.
Aug
4,600
Reynolds
3
.
July
Saguenay Pulp a Power..5
Shipbuilding
OIL
100
100
995* 100
-
5%
13%
1
Southern States Cons Corp
Spencer Petrol Corp
10
Rockaway Rolling Mills (t)
54%
56c
South Petrol A Ref In
25
4%
"166"
pur)
Sinclair Cons Oil, pref.. 100
6
4,124 J
2,200
6
(no
4
15*
50
28,300
5
5
Petroleum
4,500
15*
Dec
Mar
2
46,600
lc
—
5
Dec
Dec
Aug
14c
16
-
1
Sequoyah Oil A Ref
13
Dec
Mar
300
101%
-
5
(no par)
Salt Creek Producers
10
Dec
Dec
2% June
16c
1%
56%
-
"79c
Ryan Consol
Nov
12c
105*
100
75c
'
100
Pure OH 8% pref
Red Rock Oil A Gas
Sapulpa Refining
Savoy OH
17
1%
a
Oct
75c
700
Jan
-
Feb
100
10,300
July
3%
300
16c
'
2%
Nov
1
2%
4
100
50c
2%
13
5*
100
25*
Dec
115
6c
Producers A Refiners... 10
2
40c
3,000
2%
"'6c'
10
25%
1%
9.700
105*
Feb
8
Sept
2,050
May
14
26c
1
Oct
95*
16
2c
1
15*
14c
1
June
15*
13c
155*
3,800
Jan
Mar
Dec
% April
2,400
9%
25*
'
Apr
4
22
b.26
''
•
2
95*
20c
1,300
18,400
l$*s
llA
10
«.
Dec
3
61
2%
xl6
1%
1%
...10
2,600
2
2%
8%
8%
National Oil of N J. com. 10
12
2
~1%
lie
Jl6
5
10
Mountain Prod
1%
12C
10
Mexican Eagle Oil
10c
ike
225*
""i%
Mar
Dec
20c
2
Oil
July
15*
1%
20c
Margay Oil Corp..(no par)
145*
9%
65c
215*
(no par)
Meridian Petrol...
15*
1%
Maratalbo Oil Explor._(t)
75
Dec
60c
17c
"21%
1
Dec
Aug
29 %
12%
13%
30%
1
(t)
Jan
50o
17
10c
Nov
89
21,800
165*
75c
Dec
7%
2,565
20c
Aug
Aug
1,000
90c
pai)
(no
Nov
10c
8
Keystone Ranger Devel. .1
Livingston Petrol
Jan
130
"etrol
95*
<
103% 108
105%
Invader Oil of Del
Sept
Lance Creek Royalties
45
Sept
4%
x7
Oct
3%
July
1,200
9,500
1
25
Preferred
JaD
Aug
125
Hudson oil
Imperial OH IDel)
8
Sept
4%
...1
42c
Oct
4%
11%
9%
Jan
5c
July
75
10
Preferred
Jan
4,000
Mar
25*
6c
11%
20%
26
(t)
Sharing. _26c
15
61
Harvey Crude Oil
Jan
Feb
Republic Ry a l com. .100
Republic Rubber..(no par)
United Profit
Aug
15* June
2
Feb
10%
(t)
.5
Swift International
6
25*
71
25%
1%
Standard
1,500
2,000
95* May
255
10%
5%
Sweets Co. of Ami rlca--10
17,300
Sen*
July
26
Nex Mex & Ariz Land_...l
Standard Gas a Elec com50
Standard Motor Constr.10
15*
95*
4%
Marine
Merck & Co pref...
100
Morris (Philip) Co. Ltd. 10
Stand Com Tob cl b._(t)
Preferred
,100
1%
9%
July
June
7%
M
9%
25*
Dec
lh
19
5
5,100
35
10c
1
Federal oil
20,300
Dec
101
17%
Fay Petroleum
Dec
50c
16
July
1%
Dec
2%
Tob
2c
Feb
Aor
7c
3%
97
Maxwell Motor lBt pfundep
Mercer Motors
(no par)
(r j)
Mar
1
10
Lincoln Motor Class a..60
Preferred
2c
2%
97
"5%
Radio (Jorp of Amer
1,000
llA
97
Rubb.100
Reo Motor Car
3c
2%
100
Internat Products, com (t)
Llbby, McNeill a Libby.10
new
3c
Oct
111-16 Set*
Granada OH Com CI A..10
9
1%
10%
6%
Perfec'n Tire a Rub
3c
10
Jan
July
9
Havana Tobacco com.. 100
10
1
Not
Dec
25%
com.
Esmeralda Oil <fc Gas
Dtc
Sept
Sent
35*
15*
Sept
Dec
"u%
Parsons Auto Accessories..
Dec
45c
5
Jan
2%
7c
"44"
Packard Motor Car
26c
1,200
9,400
65*
Apr
Jan
10
2
40c
Goldwyn Pictures (no par)
Goodyear t & r, com .-100
n y Transportation
10
North Amer Fulp a Pap(t)
91,050
60c
Dec
Dec
1%
300
Gillette Safety Razor., (t)
Glen a id en Coal., (no par)
10
61c
6%
D«r
Dec
64c
2,100
16%
Hercules Paper Corp...(t)
Heyden Cbem
(no par)
Holbrook (h f) Inc(no par)
55c
55C
%
Jan
Oct
108
10c
Gibson-Howell Co. Com. 10
Grant Motor Oar
57c
Oct
Jan
June
98%
75c
15%
100
1
6%
High.
2
325*
105*
35*
65*
45*
45*
Fensland Oil.—..(no par)
Gilllland OH. com
(t)
Glenrock Oil
10
7c
Garland Steamship (no par)
Georges Clothing Corp cl b
Preferred.
55C
Engineers Petrol Go
Jul}
Oct
Aug
Aug
Sept
Edmonds Oil & Refining.. 1
Elk Basin Petrol..
5
Feb
6
July
1%
75*
:
Feb
""
June
7%
6%
Sepi
2%
76c
75
Kanel (
m) vKmi.com.(f)
Federal Tel & Tel
5
34
Oct
19
stock
Durant Motors (no par)...
Durant Motors of Ind wi_.
July
Jan
40c
du Pont (e i) de Nemours
& Co common
100
90c
32%
8,000
300
800
Sept
"45c"
20
5
35*
15*
"20""
Delatour Beverage Corp. 10
Denver & Rio Gr pref.. 100
du Pont Chemical pref...5
680
6
600
7,000
17%
Continental Candy (no par)
Continental
Motors
265
Dec
11,200
100
56
25*
198
Colombian Emerald Svnd
com
100
25*
45*
900
50
400
25*
34
234
25*
65*
1%
13%
13%
2%
2%
4%
98c
3,100
July
2
Mar
43.200
35*
5
Mar
7%
22,100
6
Nov
85c
45*
Cosden & Co pref
U%
11%
2
3%
2%
Petrol
100
Creole Syndicate
25c
6%
Nov
305*
_
"
j
Sept
27
305*
4%
25
Jan
1,200
80c
Continental
Low.
50c
1,900
Dec
10,000
3,100
Dec
1
90c
Range since Jan. 1.
Shares.
High.
10c
20,000
Chalmers Motor ctfs
Preferred
3,000
2
12%
10
Preferred
Intercontinental
Considlne Martin Oil
12%
pref_.
100
Central Teresa Bug com. 10
Earl Motors
Jan
10
30c
Co
Debenture
Aug
12%
12%
80c
Comm'w'th Finance
2%
Carlb Syndicate
10c
"~6H
Cities Service
600
Feb
Low.
1
..(no par)
5%
Dec
30c
California Crushed Fruit-1
Celluloid
36c
125*
12%
Oar Lighting & Power...25
Carlisle Tlre.„—
11,600
80c
i
w
Price.
British-American Oil
17
1%
Week.
Apr
32
Brit-Am Tob ordinary..£1
Buddy-Buds.
%
10c
Amer Hawaiian ss
for
of Prices.
2
Mar
18,400
16%
Amer Foreign Trading
Audubon
5%
4%
3%
5
com_.(t)
Mfrs
64c
50c
5
Certificates.,-Aluminum
1%
1%
1
Coal
Acme
Stock.
High.
Industrial 3c Mlscell.
Acme
Week's Range
Sale.
Par.
Week.
Price.
Sales
Friday
(Concl.)
Range since Jan. 1.
Last
Sale.
Stocks—
[Vol. 118.
Sales
Friday
Week ending Dec. 30—
CHRONICLE
93c
Oct
Oct
Dec
1 9 16 May
Dec
49C
16C
19
June
Dee
Dec.
31
Sales
Friday
Range Since Jan. 1.
Last
Par.
Week's Range
for
Sale.
Mining (Concl.)
mi
CHRONICLE
THE
1921.]
of Prices.
Week.
High.
Low.
Price.
Shares.
Low.
Quotations for Sundry Securities.
Par
Bid
Anglo American Oil new. £1
Atlantic Refining
100
990
: 025
6#s 1951 opt 1931
100
113
: 14
RR. Equipments—Per
Standard Oil Stocks
"1%
32
Aug
1#
40
Deo
2%
Jan
158
July
4,
July
5c
Oct
13c
Dec
22o
Nov
35c
Sept
8#
lie
11c
4,100
1,000
"25c"
25c
28c
14,900
6
14c
14c
15c
7c
8c
7,500
12,000
4c
Jan
Jan
14c
ft
7
6%
IlO
Mfnlll1
Rex Consolidated
2,000!
2%
2%
1
Nlpfsslne Mines
Ohio Copper..
Pitts a Mt Shasta Cop
Ray Hercules
2%
124 % 124%
New Dominion Copper
5
New Jersey Zinc..
100
14o
H
July
"and Interest" except where marked uf.*
All bonds prices are
High.
Preferred
Ask
*178s
320
A
A
5.90 6 60
90
B
0.25 6.75
] 07
B
85
180
Apr
j
6.000
13C
Nov
25c
Dec
124
: 27
5.90
5.65
2c
4,000
lc
Dec
5o
Aug
28
30
C
5.95
5.70
50c
50c
1,000
1,000
6,110
2,000
25o
July
75c
Aug
120
: 30
C
16c
6 25
Apr
July
7.2fi|
i
j
6c
6c
1
10c
5%
5
1
10c
3c
C
40
42
C
5 85 6 50
Jan
July
103
: 06
C
6 00
10c
4c
Mar
22c
Dec
Feb
1
Toqopah Divide
Ton6pah Extension
Tonopah Midway
Tonopah Mining
2c
4,500
2c
2c
10,000
lc
m
Tuolume Copper
United Eastern Mining
,
1
1
62c
2%
28%
84
C
5.85 6.50
1#
Dec
*17
17#
C
7 00 6.10
17-16
Apr
*28#
29#
C
6.25 5 90
1#
July
700
1,400
5c
Dec
1#
Apr
350
: 45
94
18
C
80c
Dec
June
3
M*y
555
365
f
7.00 6.25
Aug
30
Dec
235
238
I
5.90
Dec
1#
Jan
330
150
I
6.75 6.20
jnn^
11-16
Apr
75
77
C
5.90
6.70
197
200
I
6 50
5 86
50
54
I
5.90 5.60
*94#
95
%
Dec
7#
Jan
Aug
1 1-16
lc
1,000
lc
July
4#c May
12#
Sept
22
Southern Pipe Line Co.
Oct
lc
"(t)
300
3#
18%
%
1
6
*88
1#
Dec
565
145
^70
63#
53#
101#
Dec
Oct
Nov
$
Bonds—
62
.192ft
1933
7s
7a
47
100%
Certificates of deposit...
98%
100
100%
1924
100
Sept
18,000
96
Mar
51.000
99#
Oct
Jan
98#
Dec
101
101
Anaconda Cod Min 7s.'29
ioi"~
6% notes Scries a.. 1929
Anglo-Amer oil 7hs--1925
Armour&Co 7% notes.'30
Barnsdall Corp 8s
1931
96%
99% 101
96 ^
97%
2,000
131,0C0
102
104
Nov
25,000
93# Junv
103
Nov
99
Dec
25,000
98
Dec
98#
Dec
1
33
Dec
80
Apr
1
Dec
Sept
101
Dec
103#
Dec
100
Dec
98%
40
Consol Gas n y 7s
1922
101
100^ 101
102% 102%
102 h
100#
2,000
97#
98
77.000
101%
101
102
Vol"
102# 103
103# 104
103%
102#
21,000
26,000
52,000
45,000
6,000
19,000
20,000
103#
100# 100#
94# 96#
1923
Galena-Signal oil 7s
1930
General Asphalt 8s... 1930
.1926
Grand Trunk Ry 6Hs_1936
Gulf Oil Corp 7s
1983
96%
96#
Humble oh a Ref 7s.. 1023
18,000
15,000
100
101
104
104
105#
56,000
97
17,000
103#
103# 41,000
2,000
103#
6,000
97#
100# 110,000
96#
96%
103
103
103 H
102#
"97%
103#
97#
99#
1930
Hood Rubber 7% notes '36
97
100
1921
8s j p m receipts
Kenneoott Copper 7s .1930
73
72
74
25,000
70^
Interboro r t 7s
70
72
147,000
101^
101
Lfbby McNel1 a Llbby 78*31
"99%
99
95
Oct
98
June
90
June
96#
Dec
91#
98#
July
Sept
102
Nov
106
99
94
94#
87#
66#
69#
Nov
3,000
96
16,000
98
Dec
95#
96#
41,000
3,000
87
Sept
91#
104#
98#
99#
Nov
Dec
Dec
Nov
72
Dec
97#
98#
33,000
99#
Nov
95
74.000
96#
Dec
73.000
40,000
2,000
5,000
100
98
87#
100#
Sun Co 7s
7s
1926
Aug 15 1931
Texas Co 7% equ'nts.
1923
June
104#
Nov
K)
99#
101#
Nov
Nov
K)
Jan
97
June
100
Jan
100#
Jan
100#
Jan
107
Nov
100#
100#
107%
107#
101#
101%
108# 109
98# 98#
99# 100#
101# 101#
14,000
20,000
84,000
17,000
Jan
Aug
Feb
Nov
107#
1,000
3,000
1,000
4,000
101
100# 101#
63,000
99#
104
97#
101
106#
96#
103#
96#
100#
37,000
93#
109
"ioo"
99#
103#
'31
95%
95#
United Rye of Hav 7hs '36
100%
..1936
106%
100#
106#
7s.w.l941
96%
96#
Vacuum oh 7s
Warner Sug Ref
103#
Western Elec conv 7s. 1925
Wilson a Co
7%a w 1.1931
41
Foreign Government
"95%
95#
99%
99#
Winch Repeat Arms 7 he
and
9&%
June
97#
Aug
Jan
Dec
101#
10238
101#
100#
105#
107#
101#
Dec
Nov
107
r)
Nov
96# Sept
36,000
90
Dec
June
10
K)
K)
10
Nov
r)
Preferred
0
—
>0
Aug
10
July
91
90# June
96#
Dec
96#
Dec
K)
285
153
27,000
97#
95#
Jan
Dec
Jan
Dec
45
15,000
89# June
104#
97#
100#
H)
31,000
104%
99%
13%
6ms...1919
6
5#
5# 020,000
5#
42,000
104# 104#
99
99#
74,000
12
13#
3,000
9#
17#
Dec
5#
Dec
Nov
Dec
13#
K)
>0
tNo
95#
99#
Oct
Nov
105#
10
Dec
101#
23
13
10
Dec
20
Aug
72,400
10#
Dec
21
Mar
22.000
10
Dec
20
Aug
96
#
value.
s
8
79#
Jan
96#
30c
Dec
K)
K)
2#
Preferred
50,000
2*4
I Listed on the Stock Exchange this week, where
0 New stock,
w When issued.
1 Ex divi¬
K)
Carolina Pow 4 Lt, com. 100
31
34
Cities Service Co, com
100
197
200
100
Preferred
dividend,
t Dollars per 1,000 lire, flat.
I Dollars
5011
83
87
Colorado Power, com —100
100
Preferred
Com'w'th Pow, Ry 4 Lt-100
14
15
100
Elec Bond 4 Share, pre!-100
35#
3b#
89
91
Preferred
Federal Light 4
Traction.1001
8#
71
74
1001
12#
1384
Preferred
72
74
First Mtge
87#
Mississippi RIv Pow, com
100
58,1951—JAJ
S f g deb 7s 1935—M4N
Northern Ohio Eleo. (no par)
Preferred
100
North'n States Pow, com.100
Preferred
100
North Texas Eleo Co,00m 100
100
Preferred
#
Paclflo Gas 4 El, 1st
Puget Sound Pow 4
pref-100
Lt--100
88#
98# 100
1
12
90
87
90
79
82
77
87
28
30
100
90
104
Gen m 7#s
Republic Ry 4 Light
#
•
Per share.
Preferred-
70
-.100;
Preferred
434
Basis,
105
5#
18#
20
96#
97#
108#
Standard Gas 4 El (Del)..50
70
47
*16
~17~
60|
*42
43
Preferred
21
1
#
P.comlOO
8
7#
Preferred
100
28
30
United Lt 4 Rye, 00m—100
70
1st preferred
100)
29ta 31 ~
Western Power Corp
100
78# 80#
Preferred
—100
r Cent
Short Term Securities—Pe
94# 95#
Am Cot Oil 6s 1024--MAS2
99# 100
Amer Tel 4 Tel 6s 1924-FAA
0% notes 1922
-AAO 100# 100#
Amer Tob 7% notes'22 MAN 10034 101#
7% notes 1923
MAN 100#, 102#
60
AnaoondaCop Mln 6s*29_J4J
110
JAJ
Anglo-Amer Oil 7#s'26 A AO
Ann'r ACo7sJuly 15 30JAJ15
97
Tennessee Ry, L 4
97
13
54
125
100
14
43
75
94
12
7s 1929 Series B
62
290
Deb 6a J'ne 15 '22
158
Deb 6s J'ne 15
J4D15
'23 -JAD15
.
15'24.J4D16
90
Beth St 7s July 15 '22. JAJ15
25
7 % notes July 15 '23 JAJ15
55
Canadian Pao 6s 1924. MAS2
97
Federal Sug Ref 6s 1924M4N
93
Goodrlch(B F)Co 7«'25.AAO
101
Hocking Valley 6s 1924. MAS
102# Interboro R T 7s 1921.-MAS
50
Deb 6s J'ne
'23-MANlfl;
KG Term Ry 6s
103
JAJ
F4A
Lehigh Pow Sec 6s 1927-FAA
Pub Ser Corp N J 7s '22-MAS
Sloes Sheff 8 4 16s '29—F4A
Southern Ry 6s 1922—MAS
8wlft A Co 7% '25..AA015
7% notes Aug 15 1931
6#8 July 1931
Laclede Gas 7s Jan 1929
48
_
93
97
1021a 102#
101# 101#
99# 100#
99
99
100#
100#
99# 100#
97
97ia
96#
96#
96#
97#
70
74
99# 100
99# 100#
98#
80#
99# 100#
97#
79#
90
99#
100
MAS!
101
92
U 8 Rubber 7#s
1930—FAA
104
87
91
89
Utah Sec Corp 6s
'22.M4S15I
92#
West Eleo oonv 7s
a Nominal,
x
Ex-dirM nd.
dividend,
y
Ex-rights.
91
99#
100#
101# mi#
66
185
90
d Purchaser also pays accrued
100
100
64
1925. AAO
100
100
175
Texas Co 7s 1923
97ta
100#'101
K)
Last sale,
80
85#
1941 —M4N
100
100
South Calif Edison, com.100
14
57
2
9
85
>0
'Flat price.
9#
100
Preferred
#
45
*89
5584
0
K)
7
18
)0
Preferred
84
4
14
96
94
73# 75
SlOc S26C
D
K)
Aug
com—100
-.100
)0
May
t Correction.
K)
Dec
45C
2#
91
98
101
101
>0
lstg 5s, Tunel 19
International Salt.
80
found.
Ex stock
Marks,
35,000
2#
96# 436,000
Dec
94#
95
>0
Dec
12#
*50
K)
G
Dec
13#
180,000
Celluloid
Mar
12#
additional transactions will be
Ex rights,
*22
>0
Preferred
Jan
11
2%
1926
1929
par
85
it
Jan
8#
3#
Dec
11
{Vienna 5s
y
010,000
041,000
Jan
45C
6hs
1000 marks.
9
Nov
Dec
52
12%
Certificates
lots.
72#
100#
72#
97#
13%
11%
1921
Odd
3,000
77i2
8V2
-100
Preferred
is
16.000
97# 207,000
.
Certificates
Switzerland Govt 5%b
65
60
68
21,000
97#
9
Rio Grande do Sul 8s. .1946
5%b
60
60
44
93
93
69,000
Dec
91
Lt, com.. 100
Amer Public Util,
5
*9
K)
46#
89l2
Preferred
36#
««
49
"6
»6
12
40
60
91
8
*17
K)
_.
Nov
Nov
98#
Preferred
Nov
28,000
72#
{Hamburg 4%b
{Mannheim 4s
PhUippine Govt 5h8_i)941
Russian Govt
*12
*65
10
{German Gen Elec 4%b...
per
100
Amer Power 4
40
>6
(reat Wester
1061a
100
Preferred
107
*4
r)
_.
Dec
89# June
K)
Preferred
|
106
101
►0
97%
French Govt prem 5s
dend.
Dec
109
K)
Municipalities.
Argentine Nation 7s. .1923
*
Nov
Dec
H)
Dec
2,000
107
0
r)
Dec
*44
101
k)
105# 105#
105# 105#
105# 105#
'103%
United Oil Producers 8s
Dec
105#
105#
106#
Tobacco Prod 7s.Dec 15 '31
Toledo Edison Co 7s w 1941
103#
Jan
1931
Swift a Co 7l
Oct
100#
1928
>0
Mar
Nov
*120
50
Amer Lt 4 Trao, com
70
124
CO
100
Preferred
Sugar Stocks
Dec
Nov
3,000
Public Utilities
Amer Gas 4 Elec, com
Preferred
100#
100#
104# 104#
104# 104#
6.10, 6.80
10#
k)
106
105
86
94# May
105# 106
5.80 6.60
125
92
106
6.75
185
82
84,000
38,000
Stand Oil of n y deb 6 % s
5.75
0.20
96
32,000
100
5.65
13
— -
99#
100H
6.87
6.25
Equipment 7s.
>0
R
100#
99#
99%
Bouthw Bell Telep 7s -1925
6 60
6 00
13
13
>0
Preferred
K)
97
101# 103
Preferred
Sept
14,000
102 %
Preferred
101
99
5 90
99
July
July
97#
South Ry 6% notes.—1922
115
140 153
105
0
100
90
0
80
95
10
00
el end vi ices)
65
0
63
84
0
80
0
71# 72
225
»0 ly6
100
10
85
>0
11*4 12
25#
0
25
67
K)
63
55
10
45
78
K)
70
99#
99#
Dec
6.10
0
Nov
Mar
6.75
99
103#
97
6 00
160
*12#
*12#
»10
175
100
7 00
p
oodyear Ti
6 60
84
O
5
6 65
7 00
73
Nov
94#
5 90
85
5
Dec
6.00 5.80
180
75
Sorlp.
7% prefer
len'l Tire 4
6.65
5.95 5 60
Equipment 6b
71
67
80
125
*70
*35#
100
0
98
101#
5.1,0
9
17
31
0
Dec
Doc
5 60
5.90 6.65
5.00 5 70
91
scrip.
6 00
5 90
170
*87
28
65
0
Mohawk
6.75
—
1
106
7%
5 75
6.00 6.65
Y Ontario 4 West 4 #9
orfolk 4 WeBtern 4#s
100
Dec
39,000
101
Oct
Nov
1
90
102
102#
101H
Jan
35
*10
Dec
94#
98#
Dec
101#
98#
J
01*102
MaoAndrews 4 Forbes.. 100
Dec
93#
99#
7% ser gold deb
0
Imperial Tob of G B 4 Ire-
6
Johnson Tin Foil 4 Met. 10-.
Oct
95#
98H
7% serial gold deb..1929
7% ser gold deb....1930
7% ser gold deb
193J
0
Nov
47
Aug
Apr
99#
68# 193,000
97# 304,000
101# 103#
7% ser gold deb
7% ser gold deb
1926
7% ser gold deb ...1927
r
Oct
102
100
"ioi%
American Tobacco scrip
June
80
89
59,000
'33
1926
83
94# June
84#
98 H
1927
Oct
Aug
Jan
Jan
1,000
100# 100#
103
3
Dec
Dec
34,000
97
Solvay a Cle 8s
Dec
Nov
r
315
113
3
Nov
99#
Sears, Roebuck a Co 7s '22
7% ser notes. .Oct 15'23
Shaweheen Mills 7s... 1931
Jan
Dec
94# June
Public Serv Corp 7s w 11941
..1923
Mar
104#
103#
104#
97#
100#
6 00
Equipment 6s 4 7a
6.90
3
Dec
92# June
1
107
00
6 00
6.751 6 00
J
Stocka
Tobacco
Dec
Jan
83
101# 101#
97
98# 190,000
10,000
98
99#
7s
Nov
Dec
Nov
Nov
Dec
94#
94%
100H
Procter a Gamble 7s.. 1922
Serial
105#
103#
100#
99#
97#
98
'68%
Philadelphia Co 6s.. 111044
Phillips Petrol 7^8...1931
Mar
Dec
Nov
67#
96#
95%
National Leather 8s. .1926
1941
98#
104#
104#
87#
95
Oregon Short Line 5s. 1946
Otis Steel 8s
lwal
Phlla Electric 6s
Mar
Mar
96
1930
7h8....1931
1922
98#
98#
89#
102# 102#
98
98#
Morris a Co 7hs
4s.
Dec
42,000
10,000
89#
1941
Nat Cloak a Suit 8s.. .1930
95
Dec
101#
97# 98
Laclede Gas Light 7s...
Manitoba Power 7s
99# July
94.000
95
98
7ks—1931
Gair (Robert) Co 7s.w .'37
101
218,000
99%
Deere a Co
Oct
Petroleum
Merritt OH Corp
Feb
106
ti 30
Equipment 6s
Sept
33
7Hs__.1941
98#
Magnolia
35
103#
5*105
3
160
3
*884
5
*14
3*170
6.60
6.50 6 00
Equipment 6#8..
Stocks
OH
June
98
1941
Jan
Other
95
99%
8% notes Feb 15.-.1924
8% notes Feb 15...1925
94
Feb
Oct
Nov
Nov
107# Dec
100# Nov
99#
101#
100#
103#
)
99
35
Helms (h j) Co 7s
97# June
)
94#
98
-
Jan
)
56,500
7,000
17,000
7,7000
1925
Goodrich (b f) Co7s
Dec
Dec
Jan
)
Equipment 6#s 4 7s
96
25
95
103
305
30
)
SwaD 4 Finch
7,000
37,000
Col GraphODhone 8s.
Cudahy Pack 7s
103#
97#
Preferred
100H
100h
Charcoal Iron of Am 8s *31
Copper Exp Assd 8s__1923
j
83
July
99%
Consol Textile 8s
1395
112# 113#
35,000
99% 100
Cons Gas el L A P Bait 7s'31
r-
385
91
May
105
1941
6 75
Standard Oil of New Jer.
100M 100%
Canadian Par Ry 6s._1924
1
}
102#
65
100
i372
99# June
90
100
368
Dec
Dec
Dec
S-'Dt
2,000
100K
100%
5 90
98#
100#
100#
21.000
100
1923
Equipment 7s
1935
Canadian Nat Rys 7s..1935
5 90
6 30
Jan
69
Beth Steel 7% notes.. 1922
6 30
Jan
99
6 65
5.90
J
92%
67%
"69"
5.90
Equipment 6s 4 6#s
J
94
98
Beaver Board Cos 8s. .1933
6.90 5 65
181#183
11334 114#
43,000
102% 102%
101% 102
102%
6.10 5.75
Dec
97
57,000
98
100H 101.000
70,000
5 (0
I
I
88#
Dec
103
85
3.000
99% 100%
American Tobacco 7s. 1922
7% notes
35
96
96
96
1922
6a
May
100%
102% 102%
i Amer Sugar 6s w i...1937
Amer Tel & Tel 6s
38
100
102 %
Amer Light a Trac 6s. 1925
63% 146,000
11^000
53
56
51%
Allied Pack conv deb 6s '39
5.70
5.90
Equipment 7s 4 6#s
375
160
1,000
July
H April
435
Yukon Gold Co
6.50 6.00
2
65c
1,500
6.65
5.90 6 65
Equipment 6s 4 6#s
50c
3,745
4%
6.75
6.00
c
>70
*17
610
C
90
*267
80c
3%
"Yc
140
Aug
22
1,600
50c
Aug
Indiana Pipe Line Co
11-16 Apr
15c
1
75c
4%
5
West End Consolidated..6
Wllbert Mining
Yukon-Alaska Trust
2/ic
46C
Aug
July
Sept
1# Sept
3,500
6,400
62c
50c
7 60 6.60
14c
2,100
29
50c
Equipment fis.
54c
19,500
65c
2^6
u 8 Continental Mines new
Unity Gold Mines
1%
28 m
United Verde Exten_._60c
United Zinc
*82
6 70
6.10 5 70
C
98c
2,700
1%
62c
L62
700
6c
1%
"V%
05
leo
1,900
67c
5c
1
100
Preferred new.
14,000
1%
1%
60c
lilll
%
July
20c
6#
Dec
20c
il/K
63c
6.50 6 00
80
Jan
Sept
3#
lc
i"
Temlakamlng
ii"".1
Tonopah Belmont DevI_11
78
Equipment 6s.
8c
2c
Stewart Mining
success Mining
n y n h a Hartf
5.80 5.50
23c
South Amer Gold a Plat
Nat Acme Co
5.85 6.69
40
86
104
Borne Scrymser Co
Feb
lc
Standard 8llver Lead
Cuban Tel 1st
Ct.\ Basis.\
l
Silver Pick Consol
w
1023a 1034*
x20c
x20c
Silver King Conaoi
Central Steel 8s
(100
99
C
"i
Rochester Silver Corp
San Toy Mining
Aluminum Mfrs
|J
17#
95
101#
104#
96
103#103#
s New stock.
2813
Jmrestamt and
Intelligence
RAILROAD GROSS EARNINGS
The
following table shows the
earnings of various STEAM roads from which regular weekly or monthly returns
<jan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
brought together separately
are
on
gross
a
subsequent
Latest Gross Earnings.
page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Previous
Current
Year.
Current
Year.
S
302.980
Year.
Atlanta A West Pt_ November
Atlantic CHty
November
Atlantic Ooast Line. November
Baltimore A Ohio.. Novemoer
B A O Ofalc Term November
$
330.022
252,387
753 831
183117810 210869619
287,196
672.920
15.999
497,123
2,419.893 2,063.188
6.010.175 5.445.879
7.597
65.573,
86.561
469.056
5,059.357 4.231.456
880.138 1,869,474 12.836.937114.623,198
Bangor A Aroostook October
Betlefonte Central.. September
Belt By of Chicago. November
Bessemer A L Erie.
November
Bingham A Garfield October
Boston A Maine
'November
_
11.3021
39.232
153.956
1.333.766
Mo K A T Ry of Tex
Canadian Pacific..- 3d wk Dec 3.440,000 4.484.000 288464000 212962000
Caro Clinch A Ohio. .November
670.005, 770,506 6.889.058 6,826,777
Central of Georgia. J No vem »er
1.7*4..'>25l 1.968 90 420.579 683 2+1 '8 ''92
Central BRef NX.. November 4,176.304 5,190.922 48,524,262
47,027.614
Cent New England- October
781.5181
919.2541 6.963.639
6 961.234
Central Vermont
November
686.536
639.241' 6.103.930 6,553.213
Charleston A W Oar November
274.935
309,467 3,021,239 3.203,622
Cfaes A Ohio lines.. November
8,602,125 8,500,831 78,174,054
81.544,944
Chicago A Alton... October
October
system....jOotober
Total
November
Missouri Pacific
3d wk Dec
Columbus A Gr__ November
Ne-
Northern
"lit
wk
177,699
Chic R I A Gulf.. November
Chic St P M A Om.
Cine Ind A Western
Colo' A Southern
Ft W A Den City.
.
November
3d wk < iec
458.743
November
95.466
3,637,113
7.192.455
3.784.315
307,485
1
Detroit Tol A Iront. October
2.815
652.438
27O0'«7l
Dei A To! Shore I,.. October
Dul A Iron Range.. November
303.672, 2.575.686, 1.690.148
224.0151 1,596.105
1,644.058
95.970
1,256.896
811,590
4,151.348 41,987,304 40,531.183
8.635,070 79.623.440 75.108.468
4.057.097 27.417.892 32 456.612
301.334
2.730,866 2,687.870
218 297| 18^6 9 0! 1 9'9
598.153
5,953.606 4.230.907
207 519
2.2VM134". 1.841 .395
93,767
829,516 4.876.007 10.918.541
1.313.326 2,819.840 12.086.035 17.824.817
71.496
104,2741 4.270.602
5.561.650
Dul Missabe A Nor. October
Dec
PaciGctober
190 718
East 8t Louis Conn. November
Eastern 88 Lines
iOctober
260 600
1 .088 722
2 022 0'2
121.566
154.125
1.481.911
1,358.165
495.890
490.775
4.661.058
4.232.904
1,556.952 2.698.058 17.743.921 23.00,5.693
773,092 1,485,268 10.123.057 13.579.104
Elgin Joliet A East. November
El Paso A Sou West November
Erie Railroad
681.23X 25.986 623 30.5-2 "07
365,004
194.450!
Cumb Val A Martin November
Delaware A Hudsonl November
Del Lack A Western|November
Denv A Rio Grande October
Denver A Salt Lake November
Detroit A Mackinac)November
Duluth Winn A
2.539,450
1,035,401 1.307.592 10.506,917 11,850,511
Trin A Brazos Val.October
Wichita Valley
November
wk
1,916,058
II I ,*51215 121620287
664.373
616,040
7,040,325 6.191,425
2.247.142 2.955.413 25,941.370 29.316,270
336,745
394,482
3,395,038 4.123,822
November
Dul Sou Shore A At! 2d
287.181
November
8,520.387 11289247 95,815.443 99.160,255
1,023,958 1,245,584 10.046.176 11.804,481
125.861
134.290
I.24V7L 1.104*11
Florida Bast Coast. November
960,836tl ,071,613 12.337.720 12,203.783
Fonda Johns A Giov November
111,525
115,846
1.242.063, 1.308.505
Ft Smith A Western October
192.491
252.573
1,486.459
1.600.9 PI
Galveston Wharf
iOctober
199.887
256.604
2.283.509: 1.484.109
Georgia Railroad
November
398,625
552,731
4,781.734 6.086,465
Georgia A Florida.. November
103.513
145.425
1,273.992
1,388,357
Grand Trunk Syst.. 3d wk Dec
1,685.267 2,231,757
Atl A 8t Lawrence October
175.949
332,736
2,283,993 2.546.559
ChDetOanGTJct October
195.912
144.924
1,639.538
1,568,966
Det G H A Milw. October
481.489
430.002
3.663.058
4.082.911
Grand Trk West. Octob r
1.155.801 1.691.550 12.275.069 14.585.594
Great North System November
10674119 12298393 93,641.723 115119820
Chicago A Erie... November
N .1 A N
Y
KK.._ October
Green
west,
.(October
Gulf Mobile A Nor.
Gulf A Ship Island..
Hocking Valley
Illinois Central
136 407
November
November
October
November
internal A Grt Nor. October
Internat Ry of Me.. October
Kan City Mex & Or October
K C Mex A O of
TexjOctober
Kansas City South. November
Texark A Ft Sm._INovember
Total System
November
Kansas City Term.. October
Kan Okla A Gulf
October
Lake Sup A Ishpem October
Lake Term Ry
November
Lehigh A Hud River, November
Lehigh A New Eng. November
Lehigh Valley
November
Los Ang A Salt Lake October
Louisiana A Arkan. November
Louisiana Ky A Nav October
Louisville A Nasbv. November
i:-t '
340,142
219.556
2421
1
175
""01
.
n»w
18s
453.449
3,749.332 3.703.810
279.711' 2.623,039 2,813,952
1.655.527 2.131.704 12.079,665 13.702.047
11124067 13330130 130040639 132036726
1.435.655 2.422.172 15.311.204 15.304.237
213.249
220,571
2.310.044 2,312.381
148.376
169.911
1.537,504
1.378.910
209.434
219 450
1.8*3.201
1.569.312
1,511,837 1.761.022 18.189.365 17,951.945
167.231
255.378
2,026.960 2.069.375
1,679.068 2.004.866 20.185,393 20.319.709
167.667
164,424
1.341,335
1,327.355
220.080
313,895
1.930.645 2.168.012
97 428
90,500
281.083
416,775
6,330.327
1.828,264
289,952
360.618
214.543
378 528
1.591
528
138,275
1.109.901
1,280,110
340,644 2.986,373
2.862,237
493.309
4.497,980 4.306,251
7.563.195 69.612.616 67.948.567
1.930.409 16.503.170 16.871.749
435,085 3.134,552 3,894,762
459.170
3.342.497
3 506 563
9.763.106 11568644 108744004 116614864
Loulsv Hend A 8t L October
268.165
301.357
2,424.924
2.613.981
Maine Central
October
1.898.453 2.239.640 17.401.922 17.243.655
Midland Valley
November
362,296
521,751
4.116.541
4.694,461
Mineral Range
2d wk Dec
2.279
10.395
263.273
651.187
Minneap A St Louis 3d wk Dec
318.971
377,488 15,977,729 16,800,009
Minn 8t P A 8 8 M. October
4,533.766 5.349.468 35.894.68} 40.372.714
Mississippi Central. November
113,949
88,232
1.080.76,4
972,709
Missouri Kan A Tex October
3,130,751 3,970,639 28,129,286 33.401,850
Mo & North Arkan .'October
252
219,616
661,658
1,729,685
.
78 SbH
.*8
216.256
BeaurnS LA W-. November
148.140
423.982
699.931
730,030 1,060,992 8,351,154 8,879.336
862.81 M. |34.67*
7 6KK.I7X
9.8K4.063
5.964,073 7.533,697 67.054,847 80.993.106
6.392.387,8,091.256 73.762,984 si.426,960
295.836,
301,762 3,544,656 3.366,282
2.045.705 4.383.219 21.317.913 32,136.129
837.888 1.501.864 10,001,841 12,202,481
360,174
626,671
4.501,820. 4,939.305
2.325,465 2,706,821 24,785,612 25,537,675
253,538
297,235 3.081.9264 1.477.756
10270428 11307980 1045058191 113202747
1,079.4X2 1.194./WH 3 135,03
2.015,141
334,523
419.933*3.931.019 4.173.272
749.685
632,421 7.3 5.949! 7,119,727
6.939.600 8.910.757 73.541.69'
0,048,422
8.919.928 10563530 87.037,24'l 103984528
911 4 >2
4 708.149
801, .102
7 3H9.H642013 790 58164 188 460692 166 516561471
100,877, 152,716 1,504,906 1,539.372
153.838
142.031] 1,127,383 1,219,532
894.91 x'l.047,2641 8.137.458
8.958,305
2,150,873 2,080,830 26.711.527 23,865,811
88.573
114.941
1,161,785
1.230,690
484.725
519.749 4.006.782
4.053,655
529.990,
731.581! 5.776.641
7.412,857
118.525
179.423
1.528.976
1,931,614
8C2.665; 1.054,411 12.205.974 13.046.548
Laae Erie A
West October
Cincinnati North. November
Pitts A Lake Erie. November
Tol A Ohio Cent. November
Kanawha A Mich November
N Y Chic A St Louis November
Connecting
November
N Y N H A Hartf.. November
N Y one A Western Novem er
Susq A West.. November
Southern.. November
Western. November
Pacific
November
Norfola A
Northern
Norm western Pac.. Octobei
Bait Ches A Atl.. November
Grand
Rap A Ind November
Long Island
November
Mary Del A Va..INovember
Monongahela
'November
N Y Phila A Norf November
Tol Peor &
W
West.jNovember
Jersey A Seash Novemoer
Pitts C C A St L_ November
Pennsylvania Syst.. November
Peoria A Pekin Un_ November
Pere Marquette
November
Perkiomen
Phila A
November
Reading— November
Puisb A 8hawmut__ October
Pitts ahaw A North October
Pitts
A West Va.. I October
Port Reading—
November
Uuiucy iiiu & l( O.. October
Rich Fred A Potom. November
Rutland
—
November
St Jos A Grand Isl'd October
w
K10 ur'de October
<st
682.0911 113«6174 89,617 60S innf>«6945
55960543 75243486 611764658 673897625
148.082
1 97.809
1.547.509
1.509,928
8
3.394,921 3.652.087 35,517.130 37.350.713
120,826
119,220
1.176.418
1.147.824
7.393.366 9.835.510 78.099,043 84,826,989
136 .*45
209.724
1.059.916
1.443.596
180.949
991.018
111,535
1.284.765
292 441
199.157
1.658.185
2.054.638
173.689
136,621
2.073.488
1,680.161
118.282
141.137
1.093.433
I 114.070
812.751
717,131
9.130.413 10,013,836
463.084
560.195
5.373.759
5.448.356
.3Q8..373
St Louis San Fran.. November
k 1
5.494.548
Harbor Belt. November
Michigan Central November
N Y
1.430.476
1.685,817
2.467.796
2,776,612
2.092.675
6.986.535
?
27736185 34677513 29619733b 340951185
Clove C C A St L. November
Y
229.955
9 WW
1,332.780
2.355.149
2,450,586
1.978.752
>er
Cmc Leo A Nor.. Novemoer
12515947 131 99481
.856 2.064.144 19.381.706 22.499.784
4.368
7.871
410.826
411.432
St L Brownsv AM November
14989444 17398565 123609668 139395155
14630349 17946992 123335924 137812927
Octobei
1.514.020
184,742
204.341
N O Texas A Mex.. November
Penusylv RR A Co. November
Pac
2,804,650
245.639
403.149
267.592
1.226.135 1,464.457 13.952.614 14.614.604
453.464
375,848 4,821,859 3,218,488
A
1.440.882
727.267)
1.319.538
27
Newburgh A Sou Sh November
N
1,682.748
164,085
205.490
1.79
New Orl Great Nor. November
Ind
$
768'7.170 570 53 359 848 59 499.557
201.0331
Dec
octobe'
New vera «'entral.. Novem
Year.
>
107.114
89.404
Nashv Chatt A St L November
Nevada-Calif-Ore ..3d
Chic Ind A Leuisv.. November
Chicago Junction
November
(
%
164.257,
November
Norfolk
Chic Peoria A St L_. November
$
Previous
9.294,690 11763577 102019816 108068201
295.017
381,696 17.603.841 18,139,264
Monouganeia Conn. November
Montour
2,958,27713.11 2.401126.018.751 24.075.202
169935751189193131141724841 152328058
2.701.931 3,232.993 22.826.018 25.307.168
2.383.312 2.426.958 20.631.130 19.610.245
Chic Miiw A St Paul Octooer
Year.
2,652,735 3,260.681 22.851.279 23.852.1Q8
Chic Burl A Quincy.October
Chicago A Bast III.. October
Chicago Great West October
Chic A North West. October
Year.
6 021
Mobile A Ohio
6.777.061 7.722,791 72.148.159 79.452.786
Bklyn E D Term
'November
111.1211
118.772) 1.211.014
1.088,432
Buff Booh A Plttob. 3d wk Dec
270,516
551,186,14,467,438 23.321,141
Buffalo A Susq
| November
182.147
295.232| 1888,960 2 811.082
Canadian Nat Rys.|.3d wk Dec'2.0O9.393! 2.600,1741 106983461 106*13888
R
Latest Dale.
Current
Year.
Month.
Previous
%
218 202
16901094 23280352
Current
or
%
2,299.018 2.77J2.045
215.900
263,974 4,379,101
4.421.605
6,347,777 6,135,960 60,477,064 66,054,392
196.9741
Week
Previous
Year.
Alabama & Vicfcsb. November
3,126,155 3,305.382
Ann Arbor
2d wk Dec
99.314'
136.815 4,927.042
5.078.255
Atoh Topeka A S Pa October
18691589 20612086 158448159 176553300
Gulf Colo & fl Fe_ November 2,?2b.272 2,931.188 27.2~6 814 24.858 8r0
Panhandle S Fe_. November
837,825
917.120 8,850,235 8.541.372
Atlanta Birm A Atl- November
302,014
484,341
2.895,434
5,382.544
Ohio
Jan. 1 to
ROADS.
Week or
Month.
425 232
2.847,628
2.849.595
6,731,067 8,518,733 75.694.284 85.430,268
147.1081
205.908I
1.630.552
St L-S F of Texas. October
173.923
1 87.915
1 615.903
1.443,928
St Louis Southwest. November
1.654.242 1.982.512 15.847,634 19,476,030
StLS W of Tex.. November
683.396
836.409 7,079.971
8,427,227
Total System._._i3d wk Dec
480.985
611.565 23.971,577 29.776,183
St Louis Transfer.. November
77.431
117.753
1,930,425
1.263,039
San Ant A Aran Pass November
sail
Aid U valde A O October
Seaboard Air Line.. October
Bouttieru
Pacific
—
October
Southern Pacific Co November
Atlantic SS Lines. November
Arizona Eastern. November
Galv Harris ASA November
Hous A Tex Cent. INovember
535.128
623.605
5,841,391
5,484,325
84.574
137.125
1.016.878
1.266.330
3.878.118 4,334.067 35.535,577 40.428,691
18810117i20860067 162051292 166400434
14608065
1,057.650
193.871
2,089,180
1,571,653
Hous E A VV TexJNovember
272,689
Louisiana Western November
337,941
Morg La A Texas November
843,685
Texas,A New Orl.j November
742,434
Southern Railway.. 3d wk Dec
2,982,134
Ala Great
South.[November
859,561
Cin NO A Tex P J November
1.393.571
Georgia Sou A Fla November
381.349
New Orl A Nor E. November
503,498
Northern Ala
November
81,446
Spokane internat._ October
105.188
Sp ik Portl A Seattle October
981 480
Staten Island R T.
November
Tenn Ala A Georgia 3d wk Dec
Tennessee Central.. November
1,450.829
18345422
176749357
184745856
1,062.175 9.769.554
6.365.941
425.617
2,508.850! 3.795,271
2,767,270 23:123.085 24.752,216
1,249.101 13.067,576 10.925.940
299.896
2,745,297
2.795,193
510,180 4,055.487
4,944,678
944,097 8.103.837
9,479.751
977.653
7,926.492
9,208,319
3,811.913 162464892 191519438
1,061,608 8,713.292 10.543,792
1,905.562 15.804.032 19,116,832
462,783 4,122,626
4,867,652
676,388 5,831,588
7,066,688
132,542
809,778
1,382.664
140.888
927.553
193,971
1,760
229.805
2,322
253,373
510.804
1.081.652
1.280.585
6.647 478
7 594,078
2,214,783
2,329,718
122,150
2,170,237
174,822
189,527
2,704,346
473,881
3,778.6*?*
3.900.316
384.155
505.599
3.529,880
3.047.411
Texas A Pacific.
3d wk Dec
706.457
964,709 34,512,159 40,712,502
Toledo St L & West November
940,838 1,077.100 8,717,980 10,831.429
Ulster A Delaware. November
118,913
129,589
1,607.988
1,383.939
Union Pacific
October
13890798 14743281 96,681,68(j 108233295
Total system
November
15669468 19547152 167721378 192654110
Oregon Short Line October
4,594,708 4.529,174 30.572,694 37,197,148
Ter KK Assii of st L October
St L Mer Bdge T. October
"
Ore-Wash RR& N October
Union RR (Penn)__ November
Utah
3,192.270 3.145.811 24.797.535 27.676.513
683,715 1,137,602 8,732.395
9,928,075
135.573
205,761
1,115.891
1,818,355
347,023
384,748 3,814,177
4,254,466
Railroad.. November 1,405.9-9 1,888,507 16,858,411 16,440,758
RK
November 4,787.294 5,713.019 54,769.861 54.838.932
Maryland. 3d wk Dec
327.699
438,047 17,159,330 18.884.587
Pacific
.INovember
904.257 1,416,183 11,323,407 14,834,734
Ry of Ala
I Govern Her
1QQ <"c1
9 559.036
226,765! 2.229.207
November
Vicks Shreve & Pac. November
Virginia
Wabash
Western
Western
Western
Wheel & Lake Erie. November
_
Y\ icnita Falls A N
.
W OCLOOtl
1,164,365 1,887,585 1,3833,508 16,395.543
24 1
Yazoo & Miss Valley November
zMI
282.1251
2.87U 28:-
Z,
2.19,251
1,978,751 2.206.987,18,988.365 26,041,651
AGGREGATE OF GROSS EARNINGS—Weekly and
Monthly.
*
Weekly Summaries.
Current
Year.
$
2d
3d
week Oct
week Oct
4th week
Oct
1st
week
Nov
2d
week
Nov
3d
week
( 14 roads)
fl9 roads)
17 roads)__,_
4th
Nov
week Nov
1st
i
17 roads)
19 roads)
1
20 roads)
week Dec
2d
week Dec
3d
week Dec
\ 17
1
roads)
19 roads)
19 roads)
I 17
roads)
!
!
'
Previous
Year.
"5
15,823,655' 18,943.662
17,060,029
23.344.095
15.986.608
15,831.129
15,12 ,0r6
18,569,139
1.3,245.646
13,637,534
12,981,310
Increase or
Decrease.
Current
%
$
^Monthly Summaries.
Curr.Yr.
Prev.Yr.
.232,492
-235.653
-234,832
-220.340
-235.333
231,513
234.510
233,839
219.743
234.916
-235.208
,230,991
.233.815
Mileage.
January
February
235.059
234,559
234.686
24,319,654
18,644,887
—3,120,007
—2,848,890
—3,284,108
—2,543.652
—3,746,690
—3.982,4s 1
—5,750,515
—5,399,241
18.549.807
—4.912,273 26.48
17,143,966
September. -235,155
—4,162,656 24 28
October
19,908,919
26.628.203
18,530,260
19,577.819
19,107,127
16.47
14.31
12.33
13 73
...
March
April
19.14
May
20.x*
June
23.65
July
August
28.96
...
.235,228
230.410
233,067
Year.
Previous
Year«...
Increase
or
Decrease.
$
$
469.784, 542 503 011,129 —33,226,587
405.001, 273 424 ,172,348 —19.171.075
456.978, 940 458 ,462,330
—1,483,390
411.279, 831 381 ,112.844 +30,166.987
444,028 885 457 ,243,216 —13.214.331
460.582, 512 494 ,164.607 —33,582,095
460,989, 697 527 ,396.813 —66,407,116
504,599 664 554 ,718,882 —50,119,218
496,784 097 617 ,537,676 -120.753,579
534,332, 833 640 ,255,263 —105922430
%
6.06
4.5a
00.33
7.91
2.89
6.79
12.59
9.03
19.55
16.54
DEC. 31
1921,]
THE
CHRONICLE
Latest Gross Earnings by Weeks.—In the table which
follows
we
sum
-Oross1921.
separately the earnings for the third
up
week of December.
The table
covers
17 roads and shows
3813
$
Cumb Val & MartinsburgNovember
85 466
From Jan 1
1,256,896
95,970
811,590
24.28% decrease in the aggregate from the
•
■'.
vv■:
■
same
weeklast
r'-i
••
v
1921.
1920.
.
From Jan
Decrease.
Increase.
November
Colorado & Southern
Grand Trunk of Canada
270,516
2,009,393
3,440,000
458,743
__
551,186
2,600,174
4,484,000
681,238
280,670
590,781
1,044,000
222,495
2,231,757
546,490
318,971
377,488
58,517
295,017
4,368
381,696
7,871
611,565
3,811,913
2,322
964,709
438,047
86,679
3,503
258,252
110,348
12,981,310 17,143,966
Minneapolis & St Louis
1,685,267
Iowa Central
500,057
2,355,524
431,251
5,859,178
1,282,656
S.635,070
2,185,364
75,108,468 16,959,286
1,455,074
1,729,236
6,567,971
12,611,561
_
_
_
_
4,162,656
I
St
Louis Southwestern
Southern Railway
480,985
2,982.134
Tennessee Alabama & Georgia.
Texas & Pacific
Western Maryland
1,760
_
706,457
327,699
130,580
829,779
562
November
307,485
301,334
65,568
787
2,730,866
2,687,870
96,059
—585,442
.
From Jan 1
55,573
—4,214
2,853
—679,053
—28,714
22,796,
—51,873
64,485
—38,104
—175,540
,
172,815
208,297
1,846,970
1,931,446
33,796
191,576
Duluth & Iron Range—
November
93,767
829,516
—151,726
224,485
4,876,007 10,918,541
843,537
4,982,687
—162,141
527,813
4,410,151
40,067
474,074
—3,337
—196,285
37,412
442,855
—6,202
—224,939
5,129,361
.
From Jan 1
From Jan 1
November.
From Jan 1
121,566*
154,125
1,481,911
1,358,165
Elgin Joliet <fc EasternNovember
1,556.952
2,698,058
23,025.693
591,981
5,115,541
1,045,285
5,711,293
462,595
4,143,664
1,485,268
13,579,104
99,197
2,227,201
478,383
3.303,240
1,238,798
.
-Gross-
-Net
1920.
$
Alabama & VlcksburgNovember.
302,980
S
•
From Jan. 1
from
1921.
773,092
.
S'
1920.
1921.
1920.
S
$
3.126,155
59,538
337,225
3,305,382
From Jan 1
S
v.;
-99,267
40,347
127,316
—84,591
252,791
93,130
377,415
485,387
3,140,118-40,507,475
14.5410,878 133747,904
281,055
1,478,923-42,090,519
184,775
Arbor—
From Jan 1
116,760
4,708,883
124,453
96,356
106,942
792,261
536,308
4.815,434
316,757
573,511
83,892
Atch Topeka & Santa Fe—
392,915
7,740,775
_
From Jan 1
27,276,814 24,858,806
224,534
443,641
342,596
431,211
6,953,063
—635,121
191,391
—22,469
2,329,292
—717,474
Panhandle Santa Fe—
November.
From Jan 1
837,825
8,850,235
917,120
8,541,372
213,100
2,556,578
484,341
—68,114
—14,273
-465,593
From Jan 1
302,014
2,895,434
5,382,544-1,342,402-
117,284
—90,553
—86,287
1,034,426—1,551,557- -1,227,427
—
Atlanta & West Point—
November
196,974
From Jan 1
248,202
2,299,018
_
2,772,045
18,883
304,701
—47,283
698,091
—43,371
565,864
712,159
13,752
39,749
577,397
174,664
32,345
478,552
November.
From Jan 1
215,900
263,974
4.421,605
4,379,101
'
488.910
—60,999
402,510
—22,500
508,877
—279,872
2,926,937
3,913,380
—185,167
-
-66,014
Atlantic Coast Line—
5,347,777
6,135,960
From Jan 1 60,477,064 66,054,392
_
6,809,863
Baltimore & Ohio—
November .15,901,084 23,280,352
2,190,223
From Jan 1 183117,810 210869,619
29,625,248
Bait & Ohio Chic Term
November.
252,387
287,196
2,063,188
Chicago—
469,056
5,059,357
163,431
1,335,015
69,383
133,032
44,616
4,231,456
116,078
1,027,945
—167,591
1,869,474
118,667
615,225
57,660
599,400
12,836,937 14,623,198
1,979,047
3,235,354
1,607,847
3,062,414
November
-8,138
-89,524—1,091,993
-2,517
-48,008
—39,307
-510,318—1,441,089
November.
880,138
6,777,061
7,722,791
72.148,159 79,452,786
.
From Jan 1
1,025,210 —908,673
4,138,419—4,853,356
790,834- -1,125,501
1,364,736- -7,548,724
—35,228
308,126
529,198
287,258
—35,238
494,196
19,638,008
From Jan I 13,159,848
—43,393
—98,435
295,232
—793
15,419
-187,167
—4,095
7,094
_
1,888,960
2,811,082
-293,195
—329,575
—281,142
Canadian Pacific Ry—
November .18,787,679
250,309
6,827,777
1,965,897
1,968,908
6,889,058
197,698
1,424,074
236,004
142,644
23,138,492
.
From Jan 1
48,524,262 47,027,614
200,280
172,674
.1,548,700
1,062,544
148,663
92,148
2,015,674
—85,248
1,142,180- -1,023,376
—21,480
330,889
9,062,574—1,949,994
55,854
—281,644
6,317,747- -5,033,361
November.
From Jan 1
639,741
6,553,213
165,071
6,751
-328,260- -1,088,594
147,699
—21,760
-551.541—1,302,567
November.
274,935
3,021,239
6,958
3,203,622
—95,414
8,500,831
78,174,054 81,544.944
16,018,744
—32,573
—311,227
—3,072
—208,032
—44,233
—439,277
.
362,970
2,589,185
375,848
.
1,508,869
1,093,976
10,976,286 13,470,291
1,278,721
8,206,508
185,310
626,735
4,821,859
3,218,488
142,244
—57.029
1,326,276--1.538,920
300,482
1,913,637
136,561
86,372
116,685
•—60,903
1,004,032- -1,587,614
287,181
—29,212
—27,676
—42,497
—34,872
2,539,450
—301,428
—437,591
—418,205
—513,806
From Jan 1
564,373
7,040,325
616,040
6,191,425
109,533
1,723,590
114,790
102,124
901,444
1,594,478
101,757
728,972
1Q1.452
188,922
1,896,1.27
1,609,068
2,247,142
336 745
394,482
From Jan 1
3.395,038
4,123,822
—1,687
-450,725
—981
—8,887
—47,910
—495,547
—597,690
—693,324
.
From Jan 1
1,035,401
1,307,592
10,506,917 11,850,511
.
From Jan 1
1,596,105
8,718
—981,326
640,152
71,093
22,228
49,012
3,703,810
387,108
-815,241
171,167
279,711
2,813,952
32,361
460,431
22,270
-160,222
240,905
—34,400
435,610
1,935,178
693,728
9,387,604 15,232,620
1,212,168
2,147,724
15,537,116 *1,754,455 *2,267,118
997,297
158078,376*25,095,663*11,523.280 16,020,77/
1,473,184
3,347,975
2.623,039
22,447
Illinois Central RR—
November
11,124,067
13,330,130
From Jan 1 130040,639 132036,726
Illinois Central System
November .13,102.817
1,336,257
23,043,410
Kansas City Southern—
November
1,511,837
1,761,022
18,189,365 17,951,945
.
From Jan 1
319,488
4,844,141
298,541.
221,216
3,143,250
3,939,865
224,600
2,361,796
Kansas Southern System
Texarkana & Ft SmithNovember
167,231
255,378
2,069,375
2,026,960
75.659
115,401
772,019
750,079
67,972
667,886
657,502
107,372
Lake Terminal Ry—
November
90,500
138,275
32,936
—17,795
1,109,901
1,280,110
172,314
—133,717
24,211
104,154
—198,037
281,083
340,644
2,986,373
2.862,236
93,622
803,139
79,157
311,980
81,471
609,473
196,701
-
_
From Jan 1
—23,645
Lehigh & Hudson RiverFrom Jan
1
70,557
Lehigh & New England416,775
493,309
78,553
132,971
56,483
117,518
4,497,980
4.306,251
1,020,215
742,595
821,848
571,398
1,119,763
534,826
.
From Jan 1
Lehigh Valley—
.
From Jan 1
6,330,327
7,563,195
69,612,646 67948,567
1,279,542
744,809
6,481,329—5,210,699
4,665,043—7,413,874
Louisiana & Arkansas—
From Jan 1
289,952
3,134,552
435,085
88,517
90.964
56,417
3,894,762
022,506
858,265
420,844
1,033,900
5,020,275
649,793
152,451
712,530
76,604
671,031
Louisville & Nashville-
9,763,106
11,568,644
1,303,519
953,075
From Jan 1 108744.004 116614,864
8,219,168
4,003,009
.
Midland ValleyNovember
362,296
521,751
159,702
73.542
4,694,461
795,028
821,162
1,557,389
15,572,525
293,765
1,056,492
—790,825
88,232
4,116,541
117,276
946,665
1,325
—2,783
—36,029
—431,474
580,845
.
1,433,6^5
From Jan 1 15.000,489
52,844
253,241
—15,718
284,707--1,466,038
Mississippi Central—
.
From Jan 1
113,949
1,080,674
972,709
—5,930
*
—74,301
—41,149
—481,859
Missouri Pacific—
9,294,690
11,763,577
1,944,323
17,162,557
1,470,921
1.815,008
From Jan 1 16.684,855
17,207,100
191,085
1,821,230
139,761
—897,770
53,301
—3,252
—6,732
—371,184
—134,533
22,270
9,317
8,015
579,450
—10,413
5,226
430,097
111,462
1,552,362
—54.348
71,274
—109,398
—226
1,033,891
—546,802
•83,479
267,063
44,128
28,810
70,820
140,362
—09,705
2,512,213
1,537,111
1,970,762
3,889/282 13,228,616 -2,170,055
Mobile & Ohio—
123,297
87,471
1,138,350 -1,551,239
Columbus & Greensville—
.
164,257
164,085
1,682,748
1,440,882
53,288
—15,732
—477,4)1
Monongahela Connecting—
107,114
201,033
727,267
.
2,804,650
20,321
Nashv Chatt & St Louis—
.
From Jan 1
1,790,856
2,064,144
19,381,706 22,479,784
Newburgh <fc South Shore—
184,742
From Jan 1
216,256
1,332,780
1,685,817
33,473
New Orleans Great Northern—
From Jan 1
204,311
2,355,149
245,039
2,407,796
7,721
272,443
17,068
—10,305
4,855
—28.5J2
89,655
—174,039
108,415
718,080
142,686
488,763
92,677
130,526
357,060
New Orleans Texas & Mexico—
229,955
403,149
2,450,586
2,776,612
Beaumont Sour Lake & Western—
November.
148,140
267,592
1,978,752
2,092,675
'
539,246
j
6,053
502,744
.
95,183
1,884
401,609
402,184
92,279
370,953
St Louis Brownsv & Mexico—
November
.
423,982
699,931
99,916
216,569
84,716
5,494,548
6,986,535
1,344,557
1,273,519
1,179,830
204,130
1,140,770
8,472,841
4,344,972
6,807,006
61,951,322 20,953,525 43,633,727
3,136,324
5,862,420
New York Central—
November .27,736,185
34,677,543
Cleve Cine Chic & St Louis—
Fort Worth & Denver City—
November
1,851,378
453,440
From Jan 1296197,330 340951,185
Colorado & Southern—
Wichita Valley—
November
194,450
3,342,959
11,284,258
3,749,332
From Jan 1
From Jam
Cine Ind & Western—
November.
12,298,393
Gulf & Ship IslandNovember
219,566
From Jan 1
2,955,413
From Jan 125,941,370 29,316,270
.
9,474
—125,447
340,142
.
From Jan 1
Chicago St P Minn & Om—
November
November
November
Chicago R I&'Gulf—
.
4,781,734
November .10,674,119
November
177.699
1,916,058
Chicago Rock Island & Pacific—
November
—66,992
—803,663
Gulf Mobile & Northern—
From Jan 1
/.
Chicago Peoria & St Louis—
.
5,217
November
Chicago Junction—
November
453,464
1
-1,690
November
1,226,135
1,464.457
From Jan 1 13,952,614 14,614,604
From Jan
15,512
—59,829
398,625
November
1,333.348
Chicago Ind & Louisv—
November
4,265
74,466
November
From Jan 1
309,467
Chesapeake & Ohio—
November
6,602,125
From Jan 1
552,731
6,086,465
1,273,992
Great Northern Ry—
November
Charleston & West Carolina—
November
—6,433
—128,443
November
586,536
6,103,930
.
—50.491
—732,442
November
Central Vermont—
From Jan 1
1,398
—41,626
103,513
.
November
1,744.525
Central RR of New Jersey—
November
4,176,304
5,190,922
From Jan 1
145,425
1,388,357
November
Georgia Ry—
Minneapolis & St Louis—
Central of Georgia—
November.
94,929
2,179,824
Georgia & Florida—
November
Carolina Clinchfleld & Ohio—
November.
670,005
770,506
From Jan 1 20,579,686
46,266
1,350,325
143,875
2,717,686
From Jan 1
23,799,146
3,671,801
4,073,010
177264,931 196037,181 32,283,959 30,930,072
From Jan 1
100,515
894,442
94,724
November
Buffalo & Susquehanna—
November
182,147
From Jan 1
51,916
183,172
2,044,395
November.
Buffalo Rochester & Pittsburgh—
November. 1,147,571
2,175,120
From Jan 1
180,655
1,372,850
1,071,613
November
Boston & Maine-
November
124,915
693,839
12,203,783
November
Bessemer & Lake Erie—
From Jan 1
685,140
52
6,141,619-15,129,257
960,836
_
November
497,123
.
From Jan 1
2,213,786
'
November
From Jan 1
2,069,068
2,612,796
1,640,215
4,832,630 22,865,247- -1,539,329
2,419,893
From Jan 1
Belt Ry of
1,245,584
11,804.481
From Jan 1 149029,004
Atlantic City RR—
November
1,023,958
From Jan 1 10,046,176
From Jan 1
Atlanta Blrrn & Atlantic—
_
890,451
378.046
9,310,486-12,123,060
From Jan 1 93,641,723 115119,820
Gulf Colorado & Sa nta Fe—
November
2,220,272
2,931,188
313,760
r
Florida East Coast—
From Jan 1
506,069
_
November
8,520,387 11,289,247
95,815,443 99,160,255
From Jan 1
September .14,794,005 21,216,683
November
November
From Jan 1
From Jan 1 12,337,720
330,022
American Ry Express Co—
Ann
28,209
Erie RR—
November
Net after Taxes-
Railway—
993,685
E1 Paso & So uthwestern—
Chicago & Erio—
railroad and industrial companies reported this week:
1921.
179,367
East St Louis Connecting—
November
Earnings Monthly to Latest Dates.—The table
following show the gross and net earnings of STEAM
963,928
1,862,788
Detroit & Mackinac—
From Jan I 10.123,057
Net
341,241
,
From Jan 1 17,743,921
Total (17 roads)
!
Net decrease (24-28%)
—2,859
.
_
Mobile & Ohio
Nevada-California-Oregon
510,871
s
6,822,654
4,151,348
,
7,192,455
.
November
j
462,941
•
,—66.687
Denver & Salt Lake—
I
.1
251
—33,174
3,637,113
From Jan 1 79,623,440
}
Grand Trunk Western.
V
Detroit Grand Hav & Milw_
Canada Atlantic
___]
1920.
$
26,236
141,987,304 40,531,183
Del Lack & West—
Buffalo Rochester & Pittsburgh.
Canadian National Railways
Canadian Pacific.
Net after Taxes-
Delaware & Hudson—
November
Third Week of December.
r
1921.
$
21,152
408,182
_
year.
-Net from Railway
1921.
1920.
1920.
5
408,373
3,657,947
260.263
375,322
239,841
1,455,686
3,288,889
1,207,159
November
.
From Jau 1
6,392,387
8,091,256
1,351,986
1,325,878
73,762,984 81,426,960 11,997,434 12,903.828
983,195
957,302
8,313,876
10,021,906
32,344
797,859
520,206
Cincinnati Northern—
224,045
*
1,644,058
-
106,612
93,824
101,356
88,475
587,262
353,188
520,699
292,263
November
.
From Jan 1
295,836
301,762
3,544,656
3,366,282
52,530
985,448
•
52,298
645,981
38,877
THE
2814
1920.
8
—Net
Railway—
-Net from
-QroiS-
1921.
1921.
1920.
1921.
S
S
;■
$
From Jan 1
54,584
157,897
43,898
--1,487,404
1,584,967
-1,606.880
972,287
623,792
9,959,704 12,975,145
7,519,395
838,706
1,587,475
16,927,608
7,533,697
67,054,847 80,993,106
4.383,219
358,836
950.878
1,819,980
1,220,588
1,674,829
138,476
21,317,913 32,136,129
—595,737
—534,692
228,271
1,701.738
433,446
1,234,032
167,744
389,884
1,062,920
770,509
2,045.705
.
From Jan 1
Toledo & Ohio Central—
837,888
November
.•
10,001,841
From Jan 1
1,501,864
12,202,481
626,571
62,710
140,183
32,201
111,620
4,501.820- 4,939,306
442,770
53,689
75,431
—298,379
360,174
November.
2,745,297
November
November
431,220
41,661
389,377
—10,310
248,714
2,001,242
—319,644
510,180
4,944,678
48,258
131,093
17,118
101,771
981,535
1,117,564
682,465
728,052
337,941
.
From Jan 1
4,055,487
Morgan's La & Texas Ry—
November
843,685
949,097
69,152
64,589
33,807
15,294
9,479,751
385,661
1,264,398
—78,164
685,056
_
8,103,837
From Janl
742,434
977,653
81,267
—152,983
63,111
—179,791
7,926,492
9,208,319
271,061
—623,797
61,191
—941,553
2,920,748
936,921
2,519,748
522,311
November.
From Janl
600,807
443,553
414,805
4,911,186
4,242,138
3,476,534
From Jan l 118210892
297,235 '
193,247
1,477,756
2,218,630
201,740
535,499
155,504
1,808,868
171,240
200,242
2,002,832 —512,572
4,204,813 -6,337,073
2,363,849
—39,944
8,518,419 -2,229,334
10.270,428 11,307,980
Jan 1 104505,819 113,202747
y Ontario & W6St6m~~'
1,079,482
1,194,589
Jan 1 13,135,030 12,015,141
138,012
1,967,625
N,'Y Susquehanna <fc WesternNovember
334,523
419,933
4,173,272
From Jan 1
3,931,019
40,759
68,830
250,091
102,306
1,569,677
148,593
381,244
753,709
November.
From
859,561
1,061,608
100,625
76,938
73,905
12,842
8,713,292
From Janl
10,543,792
992,051
2,281,456
698,262
1,805,948
126,299
2,103,310
268,901
4,172,882
62.928
1,524,786
3,216,602
14,669
—105,095
—190,681
—43,353
—2,421
—379,256
27,008
Cincinnati New Orl & Nor East—
1.393,571
1,905,562
15,804,032 19,116,832
November.
Hartford-
November
From
108,629
—25,058
From Jan 1
Georgia Sou & Fla—
November.
381,349
—94,864
34,800 -1,013,346
14,900
New Orleans & Nor East—
f
749,685
632,421
173,438
7,375,949
7,119,727
1,122,976
*—462,967
1.960,967
1,213,012
2,599,403
8,910,757
6,939,600
73,541,696 80,048,422
From Jan 1
689,877
14,536,245
1,560,610
847,745
10,200,858 -1,445,592
809,778
1,241,3626,240,485
.
1460692,166 516561,471
6,281,440
7,066,903
7,951,059
5,539,859
64.713,398-30,265,707 45,343,143-48.010,491
—8,170
—20,330
-8,170
—20,330
122,144
—137,329
76,528
-184,634
49,989
10,848
40,980
1,436
153,838
1,219.532 —112,566 —161,163
1,127.383
.From Jan 1
142,031
•
& Indiana—
November.
894,918
1,047,264
From Jan 1
8,137,458
8,958,305
—208,212 —261,188
Grand Rapids
124,058
337,640
235,697
47,005
86,660
200,124
—71,468 —349,526
402,716
5,468,099
—64,596
764,723
315,937 —142,171
4,049,486 —491,734
—13,244
—11,237
2,150,873
2.080.830
Jan 1 26,711,527 23,865,811
November.
From
Maryland Delaware &
—13,713
—207,910
—13,244 —13,713
—36,530 —235,280
From Jan 1
114,941
1.230.690
188,458
451,522
/
184,458
384,572
Monongahela Ry—
484,725
4,006,782
Norfolk529,990
5,776,641
731,581
7,412,857
From Jan 1
N Y Pbila &
November.
From Jan 1
228,526
1.234,956
519,744
4,053,655
November
211,026
1,152,450
118,525
1,528,976
November
From Jan 1
179,423
1,931,614
Seashore—
November.
802,665
1,054,011
From Jan 1 12,205,974 13,046,548
—41,653
—27,402
—50,153
—266,159 —188,890 —376,274 —282,390
—17,402
Louis—
8,682,091 11,386,174
Jan 1 89,647,693 100586,945
—49,384
1,433,010
—49,410
—9,955
727,292 —562,320
—9,902
—4,132
812.720
675,612
1,597,400
1,048,019
6,925,507—5,765,513
2,343,896—9,877,188
55,960,543 75,243,486 10,193,497
8,457,584
1611764,658 673897,625 79,874,079-31,466,441
7,930,388 6,363,448
52,721,999-56,482.735
From Jan
'
Peoria & Pekln Union—
89,056
—11,896
—72,146
1,129
—403,336
719,459
558,638
525,404
7,547,789
3,375,990
6,044,013
460,909
2,421,558
119,220
1,147,824
65,380
565,778
59,187
55,688
515,334
481,439
Philadelphia & Reading—
November. 7,393,366
9,835,510
1,828,529
2,156,448
1,679,340
148,082
1,547,509
From Jan 1
197,809
1,509,928
3,379
From Jan
3,652,087
1 35,517,130 37,350,713
3,304,921
Perklomen RR—
120,826
1,176,418
November
From Jan 1
From Jan 1
78,099,043 84,826,989 14,307,051
4,213,487 12,207,557
Port Reading—
173,689
2,073,488
November
From Jan 1
136,621
1,680,161
Rich Ited & PotomacNovember.
717,131
84,318
18,149
70,834
From Jan 1
800,727
140,708
1,568,113
2,129,372
170,029
2,472,312
560,195
5,448,356
57,495
524,356
—14,759
33,779
—34,558
—217,073
260,920
—459,765
1,508,434
17,134,463
1,715,338
9,718,955
1,933,486
20,507,973
......
1,390,642
16,369,460
Southwestern—
November. 1,654,242
1,982,512
From Jan 1 15,847,634 19,476,030
848,503
6,018,161
760,283
6,986,868
757,841
5,272,016
6,227,437
Southwestern System—
2,337.637
2,818,922
22,927,605 27,903,257
840,192
5,311,025
619,865
4,914,375
725,323
4,299,816
3,912,947
-8,310
—140,419
-32,518
St Louis
of Texas—
683,396
836,409
7,079,971
8,427,227
StLouis Southwestern
.
From Jan 1
St Louis
—158,140
915,649
6,317,029
356,648
804,223
331,237
2,835,954
4,973,866
1,714,130
329,530
2,110,588
404,559
2,086,958
285,530
1,715,570
1,756.346
—6,094
154,105
—31,392
—12,097
—36,801
—234.826
78,447
—290,651
19,547,152
5,061,213 3,018,283
49,996,650 35,303,938
38,491,976
173,297
1,502,986
143,257
291,524
4,135,807
167721,378 192654,110 46,454,904
Union RR (Penn)—
158,257
404,524
49,491
186,396
102,724
35,806
98,516
205,761
1,818,355
796,357
85,559
725,028
Pacific384,748
4,254,466
97,819
716,691
—12,888
650,372
80,624
525,699
—42,724
135,573
.
1.115,891
Vicksburg Shreveport &
November
347,023
.
3,814,177
From Janl
Virginian Ry—
287,111
Wabash RR—
-707,136 -2,072,494
Transfer Ry—
619,766
531,288
3,919,590
295,063
702,073
6,711,538- -2,154,574
5,713,019
54,838,932
883,990
426,272
8,393,240
—706,366
Maryland—
1,390,705
2,124,818
16,236,338 18,303,338
371,677
353,947
311.677
298,947
3,419.075
—362,693
2,769,075
—927,693
122,104
12,377
1,904,227
322,899
3,555,493
231,497
1,416,183
11,323,407 14,834,734
924,507
2,920,848
12,408
401,636
7,218
221,258
320,658
252,400
1,717,330
2,067,776
4,787,294
.
From Jan 1 54,769,861
Western
From Jan 1
Western Pacific Ry—
From Janl
904,257
Western Ry
of Alabama—
199,451
19,603
226,765
2,552,036
313.024
1,164,365
1,887,585
13,832,508 16,395,543
3,009,489
Valley1,978,751
2,206,987
18,988,365 26,041,651
419,602
332,964
2,060,685
2,158,365
.
2,329,207
From.Jan 1
Wheeling & Lake Erie.
From Jan 1
Yazoo & Miss
.
From Janl
♦Includes uncollectible
270.990
170,986
303,569
788,157
50,108
28,166
Other Public Utility
324,344
Aransas Pass535,128
623,605
5,841,391
5,484,325
85,347
339,465
45,929
71,207
73,229
—77,714
188,181
-Gross Earning sPrevious
Beaver Vail
1
Duquesne
Subsid
Previous
Year.
Year.
Year.
$
Year.
Trac Co.a.Nov
to
$
Jan
607,617
Nov 30
Light Co and
1
to
Co.a—Nov 1,951,046
Nov 30
-.20,057,439
*13,236
*71,155
62,705
658,574
50,389
Power Cos.a.Nov 1,361,234
1 to Nov 30
.14,635,388
Illinois Traction
-Not Earnings-
Current
Current
*431,822
*551,530
1,418,061
13,618,588 *5.197,649 *3,987,160
469,865
593,823
1,914,274
4,768,187
5,378,708
18,823,429
here given are after deducting taxes.
include income from investments, and
a
Net earnings
Does
not
for interest on
debt and other income
is
Pacific—
3,813,415
November .14,698.065 18,345,422
From Jan 1 176749,357 184745,856 47,716,304
4,079,147
2,248,275
3,161,322
Net after
Fixed
Balance,
Taxes.
Charges.
Surplus.
$
.
From Jan 1
1,057,650
9,769,554
Arkansas Light
110,334
12 mos ending
City Gas Co
Southern
November
35,097,786 35,806,259 24,472,566
110,046
1,062,175
6,365,941
587,681—4,736,583
Nov
425,617
3,795,271
30,054
351,466
98,436
456,804—4,861,442
98,370
Nov 30
Nov
of Norfolk
11 mos
ending Nov 30
Dayton Power &
Light Co
.
From Jan 1
Galveston
November
193,871
2,508,850
11 mos
Harrisb & S A—
2,089,180 2,767,270
.
From Jan 1
23,123,085 24,752,216
153,950
807,672
248,072 —180,044
3.404,391 1,491,209
5,663
101,382
214,542
477,716
206,755 —246,848
2,933,482
617,853
Nov
'21
'20
'21
'20
'21
'20
*21
*20
ending Nov 30
*21
Nov
'21
Duluth-Superior
Traction Co
11 mos
'21
'20
Arizona Eastern—
November
before prowamg
deductions.
Gross
& Power Co
Atlantic SS Lines—
$
*6,055
*160,263
Philadelphia Co and Sub¬
*448,499
*210,206
sidiary Nat Gas Cos a Nov
890,626 1,347,409 *2,210,103 *4.889,974
Jan 1 to Nov 30
9,041,148 13,395,986
*137,203
*54,867
178.953
Philadelphia Oil Co.a
Nov
93,320
*590,894 *1,248,860
„Jan 1 to Nov 30
986,066 1,649,030
*4,605
*853
4,048
17th St Incl Plane Co.a.Nov
3,662
*17,737
*11,946
41,319
Jan 1 to Nov 30
41,301
—227,173
.
Net^Earn-
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
48,144
463,307
From Jan 1
261,014
1,200,251
Earnings.
329,288
November
98,593
868,793
Ry revenues.
Electric Railway and
*
—153,448
972,201—2,314,489
28,935
469,585
San Antonip &
5,086
466,317
117,753
1,263,039
77.431
1,030,425
November.
From Jan 1
382,752
4,501,522
1,405,979
1,888,507
16,858,411 16,440,758
.
From Jan 1
4,389,301
183,297
1,601,736
1,137,602
UtahFrom Janl
379,392
9,928,075
683,715
8,732,395
From Janl
Jan
St Louis San Fran
November
November .15,669,468
From Jan 1
Jan
Francisco—
6.731,067
8,518,733
1,905,144 1,974,151
75,694,284 85,430,268 20,546,583 12,483,040
November.
-—56,545
—147,720
74,375
1,955,332
From Jan 1
—15,018
—95,799
Companies.
November.
St Louis
—50,702
197,367
812,751
System—
November. 7.079,721
From Jan 1 79,310,828
—13,553
—105,067
6,558
293,284
105,706
463,084
5,373,759
November.
From Jan 1
1,897,270
1,908,697
953,566
Rutland—
St Louis-San
55,861
485,638
9,130,431 10,013,836
From Jan 1
253,373
Union Pacific—Total System—
November
Pere Marquette—
November
—285,363
129,589
1,383,939
118,913
1,607,988
From Janl
—14,591
—10,995
—7,397
Ulster & Delaware—
November
10,629
—298,836
November.
—435,859
—10,411
940,838
1,077,100
8,717,980 10,831,429
From Janl
November
Pennsylvania System—
November
—28,799
—186,174
25.465
229,805
2,214,783
32,522,156 37,970,018
November.
Pitts Cin Cine & St
From
187,515
November.
West Jersey &
November.
48,432
98,581
Toledo St Louis & Western—
November
Toledo Peoria & Western—
30,640
239,321
3,962,050
.
November
—72,348
33,933
—717,621 —559,932
—53,029
56,401
—491,166 —296,750
53,187
138,715
Pacific—•
3,076,421
From Jan 1
November
Virginia—
88,573
1,161,785
November
Texas &
November.
Long Island—
662,911
2,704,346
November.
Cine Lebanon & Northern—
—149,786
189,527
2,170,237
_
November.
Atlantic—
November.
100.877
152,716
From Jan 1
1,504,906
1,539,372
Baltimore Ches &
November.
193,571
2,329,718
From Janl
November
Pennsylvania RR—
November .42,043,790 58,164.188
From Jan
1,974,393
1,387,674
68,656
1,127,965
Tennessee Central Ry—
November
Pacific—
November
8,919,928 10,563,530
From Jan 1 87,037,246 103984,528
Northern
5,333
382,975
Staten Island Rapid Transit—
From Janl
—265,169
132,542
1,382,664
81,446
.
—127,204
—57,569
Northern Alabama Ry—
From Janl
November.
Norfolk & Western—
November
70,643
767,220
96,672
.
From Jan 1
142.670
78,302
676,388
7,066,688
503,498
5,831,588
From Janl
November
Norfolk Southern—
462,783
4,867,652
4.122,626
From Janl
November.
b November
22,130,431 16,811,815 17.454,629
Alabama Great Southern—
November.
253,538
3,081,925
12,683,820
139284959 20,002,063
675,424
*
*
r
5,837,423
N- Y OonDCctin^
From Jan 1
—91,877
—319,314
2,395,508
November. 11,159,256
.
N Y N H &
457,666
1,249,101
10,925,940
1,571.653
.
From Jan 1 13,067,576
Southern Railway—
Loute—
November
2,325,245
2,706,821
From Jan 1 24,785,612 25,537,675
N Y Chicago & St
November
40,885
398,264
—83,629
—218,714
53,030
299,896
2,795,193
272,689
„
From Jan 1
Texas & New Orleans—
Kanawha & Michigan—
From Jan 1
November
Louisiana Western-
Pittsburgh & Lake Erie—
November
$
Houston & Texas Central—
5,964.073
From Jan 1
1920.
$
Houston E & W Texas—
180,672
1,829,864
1,060,992
8,879,336
Michigan Central—
November
1921.
$
Southern Pacific {Concluded)—
Belt—
730.030
8,351.164
November
1920.
S
8
$
after Taxes—
1921.
1920.
1921.
$
N Y Central {Concluded)—
Indiana Harbor
-Net
-Net from Rail way-
after Taxes 1920.
%
[Vol. 113.
CHRONICLE
ending Nov 30
'20
'20
'21
'20
*27,962
*13,174
*324,689
*233,915
81,349
91,313
1,080,827
1,188.745
$
134,$51
137,952
98,964
167,682
100,236
186,737
21,788
77,387
89,148
826,300
806,282
*26,259 '
*18,877
*253,247
*183,508
4,471
9,769
85,565
83,272
399,754
360,309
*132,961
*75,556
74,012
45,676
660,183
501,388
58,949
29,880
485,198
14,527
14,746
160,333
1,594
2,064
23,594
76,485
3,749,015 *1,145,381
3,334,827
*889,385
*16,121
141,366
*16,810
154,760
*183.917
1.622,824
*235,954
1,753,745
(
'
169,469
9.108
387,997
Due. 31
1921.]
THE
Net after
Taxes.
Gross
Earnings.
Idaho Power
•20
New York
Dock Co
11
mos
Nov '21
'20
ending Nov 30 '21
*20
Northern Ohio
Electric Corp
11
mos
mos
*20
ending Nov 30 '21
•20
Texas Electric
Nov •21
Balance,
1131,027
5179,847
380,996
501,815
5197,320
5.101.516 52,218,680
5,317,960 51,945,984
120,409
91,906
1,339,456
1,030,124
105,414
879.224
915,860
175,835
*142,408
*143,702
148,777
1,827,558 *1,611,082
2,322,243 *1,501,018
33,427
5,075
216,476
821.225
X223.942
607,171
742,156
*188,999
7,433,634 x2,252.835
8,302,218 xl,994,680
'20
Nov '21
59,438
58,829
25,650
165,113
163,349
1,936,891
1.490,694
1,139,368
315,944
503,986
55,401
94,783
113,353
1,212,384
1,419,202
39,282
39,504
475,395
473,003
73,849
736,989
946,199
*227,774
1,060,260
*139,390
5,946,603 *1,133,166
5,640.563
*827,559
221,314
221,191
1,113,845
1,112,667
6,460
—81,800
19,321
—225,108
231,392
250,629
2,624,658
3,016,890
137,395
183,191
2,075,190
2,064,299
93.997
67.438
United Gas &
Nov *21
1.084.700
*401,375
Electric Corp
'20
1,048,417
*292,084
12 mos ending Nov 30 '21 11,849.165 *3,761,939
'20 11,346,157 *3,386,242
150,515
139,934
1,739,170
1,648,081
2,022,769
1,738,161
Virginia Railway
179,157
180,390
2,082,864
2,045,323
108,198
60,488
825,674
712,463
'20
Railway
12 mos ending Nov 30 '21
Third Avenue
'20
Ry System
5 mos ending Nov 30 '21
'20
Twin City Rapid
Nov '21 ,1,161.224
Transit Co
'20
1.182.517
11 mos ending Nov 30 *21 12,646,740
'20 11,732,212
Nov '21
6 Power Co
11
mos
'20
ending Nov 30 '21
*20
846,138
*287,355
899.931
*240,878
9,296,909 *2,908,538
9,043,682 *2,757,786
Year.
Current
Year.
$
$
$
392,245
3,396,006
—436,370
2.375,777
164,231
Brooklyn Heights (Concluded)—
N YConsol (Rec)
1,334,403
Sept 1,816,972
Jan 1 to Sept 30
.16,647,009 15,167,283
South Brooklyn
Jan 1 to Sept
b New York
.Sept
97,317
762,600
30
38,315
695.737
Year.
41,331
266,385
—616
843,598
7,219,010
813,816
6,297,190
—3,907
—10,428
—543.711
6 Eighth Avenue RR
Jan 1 to Sept 30
Sept
105,256
901,656
95,374
745,755
5,861
—93,691
—8,831
—266,229
b Ninth Avenue RR
Sept
45.484
404,929
40,931
283,060
—12,703
—189,173
—12,817
—106,360
Subway Division
Sept 2,609,056
2,677,216
Jan 1 to Sept 30—
25,614,246 24,512,288
997,472
9.348,166
920,971
9,660,136
Elevated Division
381,101
2,830.334
3,074,517
Jan
1
Jan
1
Railways..Sept
to
Sept 30
to
Sept 30
...
60.024
Interboro Rap Tran Sys—
Jan
1
to
Sept 1,582,589
1,649.344
14,696,140 15,208.468
Sept 30
Manhat Bdge 3c Line
282.934
26,982
205,629
1,879
13,166
4,574
20,353
Sept
95,004
747,546
88,063
634,687
10,431
—68,429
1,265
—96,215
N Y & Queens County..Sept
Jan 1 to Sept 30
113,465
961,988
110,690
890,876
—7,516
—254,625
—12,466
—149,544
Long Island Electric
Jan 1 to Sept 30-
Sept
36,306
295,258
30,154
258.057
549,468
952,591
9,760
28,019
1,974
25,561
Ocean Electric
Sept
38.188
262,407
29,079
216,409
20.754
250,860
152,150
Manhat & Queens (Rec) Sept
30,537
252,696
7,100
56,704
454,679
69,240
480,889
\
Fixed charges include interest and dividends on outstanding preferred
stock of constituent companies.
—Net after Taxes—
Net Earnings
Previous
Previous
23,337
213,194
*
-Qross-
Earnings-
Year.
Sept
Net earnings hero given are before deducting of taxes.
x After allowing for other income received.
(
-Gross
Current
Companies.
73,697
39,162
702,680
762,215
240,003
313,146
2.932.699
3,483,418
2815
Surplus.
$
57,330
52,505
668,675
521,522
700,149
*20
852,221
ending Nov 30 *21
7,858,362
'20 10,161,183
Nov '21
Fixed
Charges.
$
181,607
*91,667
2,288,226 xl,371,355
2.282.153 xl,283.737
Nov '21
Republic Ry &
Light Co
12
19^,734
Nov '21
*20
Company
12 mos ending Nov 30 '21
CHRONICLE
-Surp. after Charges—
1921.
1920.
1921.
1920.
1921.
1920.
%
%
$
S
$
$
Jan
1
to
Sept 30
Second Avenue (Rec)
Jan 1 to Sept 30
Jan
1
Jan
to
1
to
-
Sept 30
Sept 30.
N Y & Long Island
Jan 1 to Sept 30
Sept
Richm'd Lt & RR (Rec) Sept
Jan
1
to
Sept 30
5,340
48,246
116,136
—6,055
169,290
6,901
30.837
49,233
398,183
177
—47,905
—3,940
—43,054
82,315
533,065
34,577
•130,040
13,676
—27,662
3,663
Note.—All the above net earnings are after deducting taxes.
a The Brooklyn City RR. is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919, the Brooklyn City RR. has been
operated by its owners'
b The Eighth Avenue and Ninth Avenue Railroad
companies were for¬
merly leased to the New York Railways Co., but these leases were termi¬
nated on July 11 1919 and Sept. 26 1919, respectively, since which date
these roads have been operated separately.
—
Deficit.
■::
-
.
Baton Rouge Electric Co—
November.
12
46,508
20,924
10,842
16,556
6,481
554,213
mos
43,010
460,678
186,916
160,500
134,611
113,571
137,225
1,173,641
95,055
109,365
836,912
67,931
FINANCIAL REPORTS
Blackstone Val Gas & Elec Co—
November
12
346,964
305,157
mos__l. 3,593,346
3,238,278
_
912,570
607,644
Cape Breton Elec Co, Ltd—
November
12
63,427
63,035
12,320
699,596
_
6,640
13,606
95,327
48,938
11,058
120,145
9,915
88,471
7,883
27,910
637,587
117,762
46,995
43,669
13,546
519,182
mos
487,992
132,717
127,241
1,530,531
103,688
48,337
71,515
15,067
948,822
569,580
551,549
190,113
63,334
597,155
51,764
577,417
42,765
31,766
338,080
56,384
602,162
Nov. 26.
Central M iss Val Elec Co—
November.
12
mos
8,207
87,266
Columbus Electric Co—
November.
12
167,020
1,761,996
mos
Connecticut Power Co—
November
12
123,397
1,518,228
mos
1,456,718
355,481
12
130,152
146,181
40,354
1,676,561
mos
1,600,860
579,684
21,890
37,278
360,324
421,824
Edison Elec Ilium of Brockton—
115,998
12
40,785
32,307
39,632
31,411
1,305,704
351,974
409,657
325,046
367,587
192.317
180,738
39,053
43,132
1,890,770
56,407
695,987
53,645
2,289,946
mos
109,635
1,240,856
November.
597,253
El Paso Electric Co—
November.
12
544,260
486,157
32,219
30,079
6,058
5,039
5,468
4,183
345,551
mos
356,025
58,036
61,052
48,929
52,960
•
12
mos
Fall River Gas Works Co—
November.
12
94,379
894,450
22,414
27,598
83,810
27.270
22,202
256,117
163,566
253,899
162,113
278,253
334,583
57,326
3,743,987
951,352
21,698
526,381
65,150
3,738,615
100,448
1,100,764
1,009,184
mos
Galveston-Houston Elec Co—
November.
12
mos
Haverhill Gas Light Co—
November.
45,620
12
40,493
10,986
5,103
10,156
450,508
518,074
mos....
117,690
61,453
107,077
678,573
4,437
53,523
19,280
12,274
14,068
89,480
130,880
25,356
6,698
77,053
Keokuk Electric Co—
33,488
31,546
8,368
7,212
4,742
4,628
12
373,416
mos
355,135
86,308
81,264
42,563
51,521
22,170
254,643
6,419
7,112
4,531
81,321
93,523
58,679
Key West Electric Co—
November
12
22,834
267,858
_
mos
Lowell Elec Light
November.
12
5,205
69,873
40,847
22,352
38,111
18,338
360,258
106,983
1,231,408
110,615
296,198
344,125
264,915
Miss River Power Co—
November.
12
245,977
171,553
184,001
2,785,217
233,076
2,761,581
mos
2,025,934
2,177,405
68,701
786,082
83,845
969,824
Northern Texas Elec Co—•
270,870
November.
12
3,604,968
mos
330,885
3,937,420
93,638
72,754
68,891
1,442,851
968,038
.1,143,655
11,671
12,367
3,211
5,575
136,326
132,550
41,272
58,323
97,241
1,271,678
45,831
12
526,559
mos
42,482
474,876
Puget Sound Power & Light Co—
November.
870,781
922,737
12
10,034,506
mos
'
9,951,003
393,765
4,143,318
429,515
4,246,421
248,152
2,333,924
272.561
2,309,483
Sierra Pacific Co—
12
mos
74,098
35,210
392,686
67,357
869,455
November.
781,007
26,450
347,231
29,104
20,297
317,648
275,018
Tampa Electric Co—
November
12
_
mos
135,590
1,702,188
128,997
59,540
52,369
55,132
47.935
1,454,352
675,270
556,282
622,751
503,605
-Gross
Railways.
Earnings-
Net Earnings
Previous
a
a
Current
Year.
Year.
Year.
S
Companies—
Previous
$
Year.'
968,124
Bklyn City RR (Rec) Sept
8,502,504
Jan 1 to Sept 30
5,924
Bklyn Heights (Rec)__Sept
54,239
Jan 1 to Sept 30
347,763
7,259,375
210,118
1,389,544
4,810
57,612
882
677
6,803
22,346
212,307
Sub (Rec).Sept
1,699,639
Sept 30
53.462
1,290,838
69,121
350,145
—110,907
—98,549
248,766
Coney Isld & B (Rec) .Sept
2,142,686
Jan 1 to Sept 30
18,057
Coney Isld & Graves'd Sept
134.888
Jan 1 to Sept 30
64,819
1,762,923
85,015
533.702
—122,679
70,473
2,597
113,064
7,882
46,939
—12,016
13,185
419,589
Nassau Electric (Rec) Sept
3,554,605
Jan 1 to Sept 30
135,547
4,364,644
118,880
693,625
—259,429
—196,648
Bkn Q C &
Jan 1 to
2409
2621
Hackeasack Water Co
Holland St. Ioul6 Sugar Go.
2726
Illinois Central Hit
2405
Hoieproof Hosiery Co
2715
Lake Erie & Western RR
2402
Hooker Electro Chemical Co.
Hydraulic Steel Go
Louisville A Nashvili RR
2720
Imperial
RR
Minneapolis,
St Paul &
Ry
—482,117
—202,306
Tobacco
Co.
2621, 2727
2726
of
2726
2509
Canada,
Ltd.
Sault Ste,
___2614
2502
Indiana Power
Co
2509
....
Missouri, Kansas & Texas Ry
..2308
New York, New Haven & Hart. RR. 24 06
Kansas City Power A Light Co
Kentucky Utilities Co
United Railwaye of Havana.
Western Maryland Ry
(G. R.) Kinney Co. Inc. N. Y. C....2317
(S. S.) KresgeGo., Detroit
2622
Electric Railways—
Chicago Elevated Rys.
2610
2501
Coll
Chicago Surface Lines
2509
2622
Laconia (N. H.) Car Co.....
Lee Rubbei A Tire Corp
Trust
2310, 2501
...2311
2727
2410
Llbbey Owens Shoet Glass Co......2622
Marland Oil Co.. Ponce, Okla..
2622
Columbus Ry Power & Lt Co
2719
Commonwealth F. Ry. & Light Co
Merchants A Miners Transportation
2404,2725
Fort Worth A Denver City Ry
2504
Hageretown A Frederick Ry
..2504
Mergenthaler Linotype Co
Kentucky Securities Corp
Louisville (Ky.) Railway..
Morris A Somerset Electric Co
2504,
2610
...2720
2405
Northern Ohio Electric Corp
Power A
2406
Light
Pennsylvania Ohio
Co
2406
Public Service Corp. of N. J
2506
Springfield (111.) Consolidated Ry...2506
Wash., Baltimore A Ann. Elec. RR .2722
Winnipeg Electric Ry._...
2506
Abendroth
Brothers
2507
2724
Ameiican Brass Co.
2725
American
Chicle Co..2314, 2403, 2408
American Factors, Ltd......2507, 2617
American Sugar Refining Co
...2724
American Window Glass Co
Atlantic Lobos Oil Co
2403
2408, 2618
Barnhart Bros. & 8pindlei
2717
Blackstone Valley Gas & Elec. Co..2315
Border City Mfg. Co., Fall River,
2315
Brown Shoe Co., Inc., St. Louis
Bush Teiminal Buildings Co
2403
Coke
Co.,
Kansas
2315
Certain-Teed Froducts Corps
2618
2618
2725
.2315
Connecticut Power Co
Gas,
El.
2618
Lt.
A
Mills,
Fall
2728
River,
Mass.
2623
National Acme Co
2510
New York Edison Co
2410
Chas. F. Noble Oil A Gas Co.
2502
North American Co..
2502
North American Light A Power Co.
(of Maine)
Northern States Power Co...
2510
2511
..2619
Consolidated Textile Co
2726
2716, 2730
2508
Davis Sewing Machine Co
2619
Eail Fruit Co., Sacramento, Calif.-.2619
Electric Bond A Share Co.
2411
Pacific Gas A Electric Co., San Fran¬
cisco
2318, 2402
Packard Motor Car Co.
Penn Public Service Corp..
2728
2024
Penn. Seaboard Steel Co...
Pennok Oil Co.
.2624
2319
Philadelphia Electric Co
Philips Petroleum Co
2411
2411
Pierce Oil Corp
2511
Pittsburgh (Pa.) Brewing Co
Pittsburgh Coal Co
2412
2309
Fnoumatlc Scale Corp. Ltd
Pullman Co...
2624
2717
2511
2512, 2611
Royal Dutch Co
(II. G.) Saal Co., Chicago
Saint Paul Gas Light Co..
Shell Transport A Trading Co
Shelton
.2611
2625
.2729
2611
Looms
2729
Sherwin Williams Co., Cleveland
2309
South Porto Rico Sugar Co
2512
Southern Canada Power Co.....2512
Southwestern Bell Telephone Co ...2626
2512
Stafford Co., Readvllle, Mass
Staflord Mills, Fall River.
..2626
Stromberg Carbuietor Co of Am
2729
Supeilor Oil Corp
Pow.
Co. of Bait
Cuban American Sugar Co
Davis Daly Copper Co
Narragansett
Pure Oil Co
.2618
Chicago Mill A Lumbei Co
Chile Copper Co.
Consolidated
2502
...2318
-
Reo Motor Car Co
2618, 2717
Caithage (N. Y.) Sulphite Pulp A
Paper Co
2408
(A. M.) Castle A Co., Chicago......2315
&
O
2408
Canadian Car & Foundry Co
Coal
...2309
2408
Calliotnla Petroleum Corp
Canada lion Foundries, Ltd
Central
Co
Morehouse Martins Co., Columbus,
Orpheum Circuit, Inc
Industrial Companies—
Colorado Fuel A Iron Co
Current
Page.
2716, 2731
2504
Cuba
City, Mo
New York Street
Industrial Cos. {Concl.y—
(B. F.) Goodrich Co
Guantanamo Sugar Co
Guffey Gillespie Gas Prod. Corp
Mass
Paducah Electric Co—
November.
2310
AJax Rubber Co., Inc
Corp—
1,170,502
mos
2306
Montreal Tramways Co
Houghton County Elec Light Co—
November.
63,445
51,421
12 mos
552,483
567,350
November.
Page
Ohio RR
Buffalo Rochester A Pittsburgh Ry.2718
Canadian Pacific Ry
2718
Maiie
Elec Light & Pow of Abington A Rockland-
November.
Steam Roads
Boston & Maine RR:
I.-S. C. Commission
Eastern Texas Electric Co—
November.
This index, which is given monthly, does not include
reports in today's "Chronicle."
Full-face figures indicate reports published at length.
Baltimore A
148,575
_
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
2512
Sweets Co. ol America
__2320
Tech Food Products Co., Pittsburgh 2320
Texas Gulf Sulphur Co
2320
Tobacco Products Corp
2513
Turners Falls Power A Electric Co..2403
Union Tank Car Co
2320
United States Finishing Co..
Utica Gas A Electric Co
2626
2409
Famous
2409
Vulcan
2627
Players—Canadian Corp.,
Ltd.
Detlnrilng Co
Fiiestone Tire A Rubbei Co....
2717
Warner Sugar Rcllniag Co
Fisher
2409
Warren Brothers Co
2620
Western Knitting Mills, Inc
Westfleld Mfg. Co
Body Corp
Flak Rubber Co.
Fltchburg Gas A Electric Lt. Co
2620
Frecport Texas (Sulphur) Co
.2508
(Robert) Gair Co., N. Y
2620
Godschaux Sugar, Inc
2409, 2621
2513
2627
....
Weyman-Bruton
2611
..2513,
Co
2514
2514
..2627
Wilson A Co., Inc
2627
Wright Aeronautical Corp
2413
THE
Central of Georgia Railway
-
CHEONICLE
The
funded debt has been reduced $333,323 through payment of
Equip¬
installments, due Jan. 1 1921.
Notes.—On its 10-year promissory noto dated Dec. 23 1920, given to the
N. Y. Central RR. Co., this company borrowed for additions and better¬
Company.
ment Trust
(26th Annual Report—Year ended Dec. 31 1920.)
Tlie remarks of Chairman Charles H.
Markham, together
ments to way and structures $214,000.
Results.—The income to the corporation, arrived at by the addition of
compensation received under Federal control, the guaranteed net railway
operating income under Section 209 of the Transportation Act of 1920
and the net railway operating income for the 4 months,
Sept. to Dec. 1920,
inclusive, was more by $919,103 than that received as compensation from
the U.S. Government during the Federal control year 3919.
The increase of $19,265 in income from unfunded securities and accounts
is principally due to accrual of interest on advances made to the Kanawha
& Michigan Ry. Co. during the year and on amounts due from the U. S.
with the ineome account for calendar years 1920 and 1919,
will be found on subsequent pages of this issue.
The usual
comparative tables for 1920 and previous
traffic statistics and balance sheet
years, including
of Dec. 31 1920, were
as
published in the "Chronicle" Nov. 12.
See V. 113,
p.
2075.
Rapid Transit in New York City.
{Operating Revenues
per
Government.
Passenger for Fiscal Year ended
1921.)
June 30
The decrease of $54,019 in separately operated properties—loss,
repre¬
a decrease in the corporate deficit of the Zanesville & Western
Ry. Co.
for the year 1920.
The increase of $115,359 in interest on funded debt is due to the increase
of such debts as rioted elsewhere and the inclusion in this account of interest
accruals on advances made by affiliated companies.
In the previous
sents
-
The chief accountant of the New York Transit Commis¬
sion, Frederick W. Lindars, at recent hearings of the Com¬
mission, presented various tables and graphs to show the
position of the several passenger railway systems in New York
City (subway, elevated and surface lines) as regards earn¬
ings, capitalization. &c.
From these exhibits (which were reproduced at consider¬
able length in the "Electric Railway Journal" of Dec.17) we
have taken the following table showing, in cents for each
system for the year ended June 30 1921, the total average
receipts per revenue passenger carried, and also, similarly
apportioned, the deductions for operating expenses, taxes,
interest, rentals, &c., and likewise the further amounts that
it would be required per passenger in order to cover (a) inter¬
est and sinking fund on the city's investment in the
proper¬
ties; .(b) the estimated amount, $9,000,000 necessary to
restore free transfers, &c., viz.:
year
accruals of interest on the latter class of debt were included in interest on
unfunded debt.
The above increase, therefore, is partially offset by the
decrease in the latcer account for the current year of $81,997.
The surplus carried to profit and loss was $1,240,993, an increase of
$1,065,967
per rev. pase.aDd are lor fiscal year end. June 30 1921.)
-I.R.T.- -B.R.T.3d
2d N.Y. Qu. Stat. Hud. Rkln
Revenues—
Cos. Sub. Elev. S.&L. Sut Ave. Ate. Rys. Surf.
Passengers....
5.07 5.00 5.00 5.00 4.89 4.86 4.90 5.11 5.10
Adv., power, Ac... 0.42 0.45 0.40 0.18 0.29 0.98 0.30 0.47 0.14
fnt., dive., rente,Ac. 0.22 0.09 0.02 0.11 0.14 0.56 0.01 0.89 0.02
Dec. 31 '20.
Compensation
Total
revenue—
Opeiating
expenses.
Taxes
5.71
inclusive
Less oper. inc. items
incl.,
1918
5.32 6.40
5.21
6.47
5.26
7.33
8.15 3.58
4.78
5.24
5.44
5.63
7.80
4.12
0.30 0.07
0.61
0.52
0.46
Interest....
1.05
0.63 0.51
0.83
1.47
1.02
0.82 0.96
1.09
Rents
0.65 0.38
1.74
l.§4
0.18
0.27
0.01
0.64
0.24
0.20
Miscellaneous
0.13
0.13*0.00*0.00
0.36
0.04
O.OOt
0.26
...-
0.24
0.31
—
3.17
0.36
—
Total deductions.
y
0.07
1.17
0.02
4.13
Contract No. 3,
7.25 6.09 6.90 8.10
7.58
7.02
6.86 8.57
2.26
0.62
1.65 2.10 1.83 2.44
0.55
1.48
54,675,000;
2.81
Contract No. 4,. 80,730,000;
7.09 9.77
692,179
-
income
___
Income from funded securities—
Income from unfunded securities and accounts
income
0.77
0.88
total, 811,405,000.
—.
$2,193,342
10,002
447,395
Gross
income.
—
_—
$1,274,238
9,807
447,392
81,390
60,992
81,121
1,820
41,727
2,398
$2,794,941
Miscellaneous
$1,856,685
—
_
Deductions from Cross Income—
Rent for leased roads and miscel. rents—
Miscellaneous tax accruals,
Interest
on
Interest
$4,732
4,767
173,486
395,000
&c
Separately operated properties—loss
__
funded debt
——
Interest on
equipment trust certificates
Non-negotiable debt to affiliated companies
8.92 4.46
_
1,379.657
_
(compared with comp. accrued in 1919
under contract with Director-Gen. of RRs.)_
0.48
0.02
——
Total
0.35
0.07
0.10
0.37
1.54
Deficit
x
1.54
-
0.50 0.44
Total op. exp.,Ac. 6.43 5.36 6.90 6.14 6.04 7.02 6.79 7.40 7.07 9.40
8.92 4.46
xCity's int. & s. Id. 0.46 0.73
1.66
yRestore free trans¬
fers, &c.
-
Dividend
4.62
30,397
$613,366
audited March 1 to Aug. 31,
to period prior to Jan. 1
11,187
Miscell. rent income
5.29
$181,108
Net ry, oper. inc.—corp. acct.—Sept. 1 to Dec. 31
inclusive
0.04
3.79
0.25 0.34
applicable
0.92
0.24
Dec. 31 '19.
and
use
Transportation Act of 1920—March 1 to Aug. 31,
0.05 0.46
5.42
0.27
possession,
comp.
accrued
account
completed
additions & betterments Jan. 1 to Feb. 29, incl__
Guaranteed net ry. oper. inc. under Section 209 of
0.38
5.54
1.24
for
Additional
7.45 2.62
4.30 3.41
4.58
accrued
control of property of this company & its leased
line, as stated in contract with Director-General
of Railroads Jan. 1 to Feb. 29, inclusive
Isl'd &M. Misc
6.90
year
COMPANY'S SUMMARY OF FINANCIAL OPERATIONS AFFECTING
INCOME FOR CALENDAR YEARS 1920 AND 1919.
REVENUES, &C., OF RAPID TRANSIT <& SURFACE RAILWAYS IN N. Y. CITY.
All
1919.
over
Improvements.—The net increase in property investment during the
$161,175.
was
,
(Figures given aicln cts.
[Vol. 113.
395,000
133,196
603,282
187,587
4,354
15,263
25,152
238,844
—
612,994
105,590
unfunded debt
Amortization of discount on funded debt
on
4,130
Miscellaneous income charges
Corporate general expenses.
$4,745
cr.1,224
227,504
12,796
5,753
-—
Estimated at $9,000,000.
The lines included in the several systems are as follows:
(1) Interborough Rapid Transit Co. and Manhattan Elevated
Total deductions from gross income
jToledo & Ohio Central Railway Company.
(Report for Fiscal Year ending Dec. 31 1920.)
President Alfred H. Smith, New
York, says in substance:
Operations.—Federal control ended March 1 1920, but for the six months
Sept. 1 1920 the company was guaranteed under Section 209 of the
Transportation Act of 1920
a
half the
its
amount
named in
compensation.
railway operating income not less than onecontract with the Government as
annual
There
was
not measured
Surplus for the
by the
over
Expenses, &c.—The substantial increases in pay and the
changes in work¬
ing conditions during and since Federal control have created a
situation
which is giving the company grave concern.
The condition of the
equip¬
ment also at the end of Federal control has
caused an unusual outlay for
repairs, which are still under way.
substantial increase in the cost of fuel.
Federal Accounts.—Final
settlement of accounts
Administration for the period of Federal control has
the company
the
Railroad
not been effected
is actively engaged in the preparation of
but
the data neceHsarv
settlement.
The settlement
for use in connection with the making of such a
with the U. S. Government for the
guaranty period—six
months March to
1920—is progressing.
Trackage.—Operation under trackage rights over the
Hocking Valley
RR. from Beaumont to Eckerts, 34.12
miles, and from Eckerts to Schiller
St., Columbus, 33.14 miles, was commenced on March
1
19'?0
The
average mileage operated during the year was,
therefore, 491.72 miles
Equipment.—'The financing of the cost of 750 freight-train cars and 20
Aug.
locomotives
allotted
to
the
same,
or
STATISTICS FOR CALENDAR
1919.
YEARS.
492
436
1918.
436
960,497
873,901
29,623,258
871,601
32,431.224
operated
No. passengers carried..
Pass, carried one mile.
1917.
436
.
.
31,134,513
1,067,665
37,056,531
Rev. per pass, per mile.
2.758 cts.
2.354 cts.
2.833 cts.
1.865 cts.
Tons moved (revenue).. 11,541,069
8,838,466
11,494,536
10,578,418
Tons moved 1 m. (rev.) .1643693 530 1240327,581 1552223,476 1537769,125
Rev. per ton per mile—
0.627 cts.
0.727 cts.
0.565 cts.
0.447 cts.
Avge. train-load (tons).
914
936
910
855
Earn, per pass, train m_
Earn, per freight-train m
Gross earnings per mile.
Freight revenue
Passenger revenue,.
Mail, express, &c
Incidentals
$1.47
$6.80
$27,553
$11,946,963
881,937
368,915
350,754
$1.45
$5.73
Total
operating revs.$13,548,570
$t .878 565
$3,767,651
Traffic expenses
129.303
Transportation
6,002,276
General & miscellaneous
.—$12,109,240
$1,439,330
$495,759
State tax on earnings
165,383
Income tax
72,496
Capital stock tax
cr.2,064
$8,088,541
$1,035,569
$1,468,680
$8,952,795
$1,176,865
$236,774
121,018
$6,114,305
$1,974,236
""122
2,654
$703,628
920.
Stocks
def.$23,305
Notes..
Advances.
—
.
investments
Misc. phys. prop..
Materials & supp.
Cash.
8,201,303
2,018,000
347,860
267,040
763,111
Traf.&car serv.bal
182,447
804,885
Special deposits.
Agents & conduc..
13,700
10,643
_—...
85,403
Miscell.
accounts.
Interest, &c.,
rec.
443,247
1,218,760
63,620
Working fund adv.
2,621
200
Unadj. debits, &c.
Compensation due
289,539
33,374
U. S. Govt. acct..
3,769,686
296
$1,602,324
1920.
1919.
$
5
5,846,300
3,701,400
_
Bonds (see "Ry. &
Ind." Section)
8,486,000
Equipm't oblig'ns. 4,377,765
Non-nego'bie debt
to affiliated cos.
662,189
8,272,000
2,546,584
—
1,244,014
43,845
11,543,199
11,431
Mat'd int. unpaidTraffic & car serv'e
141,033
88,385
payable
206,425
accounts.
2,693,006
11,543,199
Notes, &c
Accounts & wages.
balance
Accr.int.,divs.,&c.
113,514
Unadj., &c.. Items 1,229.982
Accrued deprec'n. 2,699,667
U. S. Govt. acct..
4.050,520
Approp.
1,335,089
2,257,560
50,787
3,175,293
1,596,404
2,617,811
1,334,889
6,057,038
3,067,142
Other def. assets..
371,913
Common.
5,846,300
Stock, Preferred— 3,701,400
Miscell.
209,979
1,544,475
Oth. current assets
$814,976
Stock,
11,870
1,312,342
154,160
1920.
Liabilities—
2,018,000
357,412
978,170
13,700
10,643
1,949,371
31
!
^
33,080,042
8,201,303
...
Bonds
Other
1919.
§
99,451
3,356,445
1.443
.
BALANCE SHEET DEC.
f\.SSPtS
691,119
250,201
278,453
$8,663,442
$415,468
$302,808
136,087
331,444
Total..
Road & equipment33,251,217
Inv. in aflil. cos.:
$1.10
$3.82
$18,565
$6,868,769
$9,078,910 $10,129,660
$1,548,196
$1,543,243
$2,826,399
$2,498,700
79,467
79,066
3,957,136
4,609,714
252,245
222,073
Net operating revenue..
Real & per tax
Operating income
$1.44
$5.14
$23,251
$8,776,009
763,113
243,601
346,937
$20,839
$7,771,846
817,155
255,915
233,994
Maint. of way, &c
Maint. of equipment
Total
-V.
by
the Director-General is being
carried out through Equipment Trust No. 52, dated
Jan. 15 1920.
The
cost of the equipment will amount to
approximately $2,863,500.
Equip¬
ment trust notes of $2,146,500 have been Issued under the
trust
The company is to receive from the New York
Central RR., under sub¬
lease, one steel mail compartment car, estimated cost
$24,014, subject to
our assumption of that company's certificates
covering about 75% of the
$18,003.
company
$175,026
$261,826
Operations—
_.
a
with
deb.86,800
1920.
Miles
per¬
revenue freight carried
during the year,
1919, the principal increase being 2 310 Coal shipments were below normal
in 1919.
An increase of 269,854 tons in ore carried was due
to the increased requirements of local furnaces in 1920.
Mail Pay.—The company received as additional
mail compensation for
the period Nov. 1 1916 to Dec. 31 1917
approximately $15,800, while the
Railroad Administration received $42,000.
There was
year
TRAFFIC
11,541,069 tons of
were
increase of 2,702,603 tons
823 tons in bituminous coal.
an
4,145
carried to profit and loss__ $1,240,993
Administration
The rate increases ordered by the I.-S. C.
Commission, effective Aug. 26
1920, were not immediately allowed by the State of Ohio as to
intra-State
rates, so that the full effect of the advance
centages for inter-State traffic.
$1,594,860
Add—Revs. & exp. applic. to period prior to Jan. 1
1918, settled for acct. of corp. by the U. S. RR.
,
to
$1,558,093
$1,236,848
Net income
Ry,
(2) Brooklyn Rapid Transit System: Brooklyn Heights RR. Co., Bridge
Operating Co., Brooklyn Queens County & Suburban RR. Co., Coney
Island & Gravesend Ry. Co., Coney Island &
Brooklyn Ry. Co., DeKalb
Ave. & North Beach RR. Co., Nassau Electric Ry.
Co., South Brooklyn
Ry. Co., Prospect Park & Coney Island RR. Co., Prospect Park & South
Brooklyn RR. Co., New York & Coney Island RR. Co., Brooklyn Rapid
Transit Co., New York Consolidated RR.
Co., New York Municipal Ry.
Co., Brooklyn City RR. Co.
(3) Third Avenue Railway System: New York City Interborough Ry. Co
New York Westchester & Connecticut Traction
Co., Pelham Park & City
Island Ry. Co., Southern Boulevard
Ry. Co., Union Railway of New York,
Bronx Traction
Co., Westchester Electric RR. Co., Yonkers RR. Co.,
Belt Line Ry. Corp., Brooklyn North RR.
Co., Dry Dock East Broadway &
Battery RR. Co., 42d St., Manhattanviile & St. Nicholas Ave. RR. Co.,
Kingsbridge Ry. Co., Mid Crosstown Ry. Co., Third Ave. Ry. Co., Third
Ave. Bridge Co.
(4) New York Railways System: Broadway-Seventh Ave. RR.
Co., 42d
& Grand St. Ferry RR.
Co., Fort George & 11th Ave. RR. Co., 23d Street
Ry. Co., Bleecker St. & Fulton Ferry RR., 34th St. Crosstown
Ry. Co.,
Christopher & Tenth St. Ry. Co., Sixth Ave. RR. Co., New York Rys.
Co.,
Eighth Ave. RR. Co., Ninth Ave. RR. Co., New York & Harlem
Ry. Co.
(5) Queens County Lines: Long Island Electric Ry. Co., Manhattan &
Queens Traction Co., New York & Long Island Traction Co., New York &
North Shore Traction Co., New York &
Queens County Ry. Co., Ocean
Electric Ry. Co.
(6) Staten Island Lines: Richmond Light & RR. Co., Southfield Beach
RR. Co., Staten Island Midland Ry. Co.—V.
113, p. 2406.
237,302
Profit and loss
p.
7,295,672
...
..55,625,774 49,142,928
113.
surplus..
Total
55,625,774 49,142,928
2615.
American Ice
Company.
(Report for Fiscal
Year ending Oct. 31 1921.)
President Wesley M. Oler says in substance:
•
Large increase in sales, amounting to over 400,000 tons, was caused by
unusually mild winter, early spring and favorable summer, while increase
an
Dec. 31
in
1921.]
THE
CHRONICLE
our
manufacturing capacity and refrigerated storehouses enabled us to
for demand from our competitors when supplies proved inadequate
during the long-continued hot spell.
By steady investment of capital in labor-saving, fuel-sating and other
economical devices, we decreased our production costs.
By building new plants, overhead per ton was reduced and profitable
care
additional business
was
secured.
Increased earnings were made in spite of a reduced return in price of
20 cents per ton; thus, the public and the stockholders were both benefited
by the policy of increasing earnings by reduced costs and not by increased
prices.
When it is realized that 3 cents per ton in cost of production (based on
last year's operations) makes for 1% on the Common stock, the policy of
demonstrated as wise, and we trust it meets with your approval.
You
will note from the annual statement that we have
ample capital for our
needs and are in sound financial condition.
It is
our purpose to retire the entire
outstanding collateral trust bonds
due April 1 1922; In fact, we have already bought at the present writing
all but $307,000 of them.
[The quarterly dividend
on
Common stock payable Oct. 25 1921
increased from 6% to 7% per annum, and the same amount,
be paid Jan. 25 to holders of record Jan.
10.—Ed]
CONSOL.
EARNINGS
FOR
YEARS
1920-21.
END.
OCT.
1919-20.
31
(Incl.
was
1%%, will
Sub.
Cos.).
1917-18.
1918-19.
Gross
receipts
$17,250,537 $15,440,130 $15,345,729 $12,022,867
Income from investm'ts,
interest, discount, &c_
245,934
230,043
202,396
119,566
Total
——$17,496,471 $15,670,173 $15,548,124 $12,742,433
merchandise,
&c__> 11,639,170
10,956,113
10,440,079
9,080,806
Less cost of
oper. expenses,
Balance
$5,857 301
$413 656
.
$4,714,060
$395,018
118,702
258,258
$5,108,045
355 495
120,213
243,948
$3,661,627
$434,239
126,189
211,146
60.304
Bond interest, &c
Rents
83,586
99,281
88.947
1,309,294
1,230,533
436,000
Cr.3,962
802,514
191,603
1,087,762
359,828
Cr. 5,199
761,677
687,224
164,904
Cr. 1,096
740,780
$3,083,813
$2,024,232
896,331
$2,452,333
$1,209,294
893,934
$1,127,901
$315,360
126,986
_
Taxes
Insurance
Maintenance & improv't
Reserve for Fed'l taxes.
Disc, on coll. trust bonds
Depreciation
,
$416,297
Cr .2,267
660,989
Total
$3,500,287
$2,936,453
Net gain.
$2,357,012
$1,777,607
Preferred divs. (6%)___
899,505
899,438
Common dividends ___(6%)449,730(4%)299,776
Balance, surplus
$1,007,778
1021.
Assets
$
—
1921.
1920.
Liabilities
$
Pref.
Land, buildings,
machinery ,&c(a) 16,347,516
Good-will, water &
15,898,895
patent rights...17,046,424
Common
&
7 500,000
7,500,000
262,500
273,500
Underlying bonds.
557,995
Coliat. trust bonds
-
1,186,803
1,219,845
Liberty bonds....
210,000
368,000
945,000
mtge. 6s... 5 304,000
Real testate mtges.
22,500
5,213,000
with service between
Boston, Providence and the South via Norfolk.
Estimated Railway Earnings Reach $561,665,221 for Year 1921.—Income
1 roads $584,000,000 better than in 1920; still short of charges;
reduced deficit due to most extensive cuts in expenses ever seen by the
13,044
72,900
Accrued
bond
802,333
29,500
821,919
in¬
96,809
81,867
557,148
res've
Profit & loss (sur¬
plus)
7 ,999,939
576,167
terest, &c
& workmen's
premiums
compensa.
3,680
Inventory of mer¬
820,788
895,337
Reserve
for
Total Number of Cars Loaded with Revenue Freight.
Weeks ended
Weekly Average-
Dec. 10
1920
802.271
1919
806,734
Dec.
742,926
837,953
761,940
Dec. 17.
1921.........727,003
747,454
882,604
789,286
3.
1 st
Quar.
693,297
817,601
704,035
2dQuar.
744,154
834,488
761,511
Total Year
to Date.
41,103,821
43,856,790
40,521,916
Idle Cars Further Increased—The total number of freight cars idle
totaled 531,337, compared with 499.648 on Dec. 8, or au increase of
Of the total Dec, 15, 371,221 were serviceable freight cars, while the
Dec. 15
31,689.
remain¬
ing 160,116 were in need of repairs.
Surplus box cars Dec. 15 totaled 138,214, an increase of 8,219 compared
on Dec. 8, while surplus coal cars numbered 186,508, an in¬
crease
of 20,445 Nvithin the same period.
Stock cars totaled 17,814, an
with the total
increase of 1,384.
on or
about First of Month, on
In Thousands—
April 7 (Peak) and on Dec. 15.
Oct.
Dec. 15.
Dec.
Nov.
Good order
371
283
80
172
160
172
184
203
Aug. Apr.8.
321
507
246
Bad order
221
Sept.
227
Jan.
198
111
Railroad Matters Covered in" Chronicle" of Dec. 24.-—(a) Right of
to contract for certain shop and maintenance work with outside
railways
firms or
ordered,
individuals,
p.
2656.
(b)
Railroad rates—changes recently
authorized, &c., p. 2681.
(c) Railroad rules as revised for men engaged
in maintenance of way, p. 2682.
(d) The railroad rate inquiry.
How
world conditions stifle traffic, p. 2683.
(e) Amendment of rate provisions
of Transportation Act opposed by F. J. Lisman before Committee, p. 2683.
(f) Railroad guaranty accounts must be closed Dec, 31, and claims filed
by March 1, p. 2684.
(g) Canadian railway rates reduced, p. 2684.
(h) Transit plan for New York City surface roads would greatly reduce
trolley mileage—other matters, p. 2685.
(i) I.nS. C. Commission—35th annual report, p. 2715 (to be concluded),
(j) China's offer to pay Japan for Kiao-Ohau-Tsinanfu Railroad in
Shantung, Dec. 17, p. 2569.
,
fund cash
570,656
307,489
32,890
557,148
,
(Tex.) Street Ry.—Operations Resumed.—
American Railways
11 Mos.'2l.
38,483,886 37,740,003
Total
depreciation, $2,841,873.—V. 113,
p.
1474,
113, p. 847.
Co.—Earnings (Incl. Sub. Cos.).—
Cat. Years 1920, 1919 & 1918.
Results for 11 Months ending Nov. 30 1921
583J17
.........38,483,886 37,740,603
Less reserve for
Abilene
See American Public Service Co. below.—V.
6,992,161
Fed¬
eral taxes
Sinking and release
Fund investments.
carriers. "Times" Dec. 28, p. 24.
Gross revenues in November show
heavy decrease compared with 1920. "Times" Dec. 30, p. 22.
$26,000,000 Saving on Transportation Taxes for Pennsylvania RR.—Ship¬
pers and passengers on its lines will save approximately $26,000,000 annually
as a result of the elimination of the tax on
transportation which goes into
effect on Jan. 1.
This estimate, based on freight and passenger revenues
this year, covers a saving to passengers of $13,000,000 and a like amount
to shippers. "Times" Dec. 28, p. 22.
Way All Cleared for Jersey Vehicle Tunnel.—Bids to be opened Feb. 7
and driving of tubas to start in March; cost, complete, $28,669,000. Tubes
and shafts must be ready Dec. 31 1925. "Times" Dec. 28, p. 4.
N. Y. Transit Hearings Closed for 1921—Further Hearings Early in 1922.
—"Ei. Ry. Jour." V. 58, No. 26, p. 1122 to 1124.
Cars Loaded.—The total number of cars loaded with revenue freight
during the week ending Dec. 17 was 727,003, as compared with 742,926 the
previous week.
This was a decrease of 75,268 cars compared with 1920
and 79,731 leas than in 1919.
Changes as compared with the week before were as follows: Live stock.
33,861 cars, increase 1,702 (and 3,389 cars more than in 1920); coke, 7,145,
increase 507; merchandise and miscellaneous freight, 449,547, decrease
12,194 (but 11,615 cars more than in 1920); coal, 134,842, decrease 2,994;
grain and grain products, 47,383, decrease 1,297.
Ins.
45,083
8,400
progress
&c___
gen.
Accounts payable-
78,811
125,000
New construe, now
chandise,
American Ice Co.
Real estate first
purch. pref. stk.
a
15,000,000
stock...
1,449,265
Employ's actet. for
Total
15 006,000
....
17,045,924
Demand 1'ns. sec'd
Insur'ee
nou-
555,676
accounts
receivable
1920.
8
—
stock,
cumulative
1,469,341
Invest't securities.
Cash.,
In
Pacific Co.)
Regulation; Super-Regulation; Strangulation (by Slason Thompson, ad¬
dress in Chicago Dec. 19). "Ry. Review" Dec. 24, p. 870 to 872.
Farm Products 10% Rate Reduction Authorized in New England.—Bost.
& Me., and N. Y. N. H. & H. adopt same.—"Fin. Am." Dec, 26, p. 2.
Express Rates to South Cut.—Southern Express Co. on or about Dec. 27
made reductions averaging 50c. per 100 lbs. on first-class rates in connection
Idle Cars
$578,393
CONSOLIDATED BALANCE SHEET OCT. 31 (Including Subsidiary Cos.)
Notes
Are Railroads Passing? (By Paul Shoup, V.-Pres. Southern
"Fin. Am." Dec. 26, p. 5.
of Class
the management in applying a certain amount of its earnings each year to
improved methods of manufacture, as well as new construction, to take
care of the growing need of the
great city in which we do business, has been
_
2817
Year 1919.
Year 1920.
Oper. rev. (sub. cos.)...$17,128,442 $18,836,226 $16,312,231
Gross income (A. R. Co.)
after taxes.
$1,750,977
$1,674,347
$1,753,437
.
Deductions—Incl.
Co. exp. &
A.
Year 1918.
$14,234,405
„
_
$1,281,563
R.
all int. chgs
1,268,670
1,129,116
1,199,494
989,097
Net income available for
GENERAL INVESTMENT NEWS
$482,307
$474,853
$624,320
$292,466
operating revenues of the subsidiary companies for the 11 months
current year, aggregating as above shown, $17,128,442. embrace
(a) railway companies, $9,964,647 (58.2% of total]; electric companies,
$5,559,065 (32.5%); gas companies, $1,515,253; (8-8%); miscellaneous.
$89,476 (.5%).—V. 112, p. 1739.
A. R. dividends
The
of the
RAILROADS,
INCLUDING
ELECTRIC
ROADS.
News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly- published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
General Railroad and Electric Railways
Increase in Western Grain Rates Postponed from Dec. 27 to Jan. 7 Pending
Completion of Tariff.—"Fin. Am." Dec, 26, p. 2.
Expenditures for Grade Reductions Justified.—Clarks Summit-Hallstead
Line of the Lackawanna RR. fully warranted by operating results (George J.
Ray, Chief Engineer D. L. & W. RR.).—"Ry. Age." Dec. 24, p. 1243 to
1250.
Angus System of Electric Automatic Train Control (Attached to Loco¬
motives).—"Ry. Review" Dec. 24, p. 863.
Practical Questions About Coal Consumption by Steam Locomotive.—Elec.
engineer referring to criticisms of Super-Power report quotes mechanical
engineer of 20 years' experience as stating that "4 lbs. of coal (not 23^ lbs.)
horsepower hour is very good indeed" in case of steam locomotives.
"Rjr. Age" Dec. 24, p. 1242.
Should Not Public Pay for Steel Cars if They Want Them?—Communication.
"Ry. Age" Dec. 24, p. 1242.
Net Income of Ford's RR. (Det. Toledo A Ironton) Steadily Declines.
per
Editorial "Ry. Age" Dec. 24, p. 1238.
Economic Speeds for Freight Operation
24. p.
(H. Ashton).—"Ry. x\ge" Dec
Solving Local Passenger Problems for '2-Car Trains.—
"Ry. Review" Dec. 24, p. 860.
In Manhattan.—Recommendations of Commission's Engineer, Daniel L.
Rail Car
(with map).
Hearings completed for 1921. "El. Ry. Journal"
1109, 1122 (compare "Chronicle" Dec. 24, p. 2685.)
"Captive Aeroplane" Railway Building.—To connect Peira Cava.
4,500 feet above sea level, with Nice and Monaco, 27 miles, the aeroplane
being attached to a fixed line. "Ry. Review" Dec. 24, p. 875.
I.-S. C. C. Suspends Rate Reductions, viz.: Those proposed by Ches. &
Ohio Ry. and the L. & N. Ry. from mines on their lines to Southern Ry.
stations in Indiana and Illinois.
Senator La Follette Fights Rail Rate Provision
of Transportation Act. —
"Times" Dec. 28, p. 5.
October Operating Statistics for the Several Roads with Annual Operating
Revenue Above $25,000,000.—"Ry. Age" p. 1278 to 1280.
Turner
Dec. 24, p.
A
.
,
,
Slump in Traffic Reduces Rail Income.—Grain loadings alone continue
lower rates to go into effect Jan. I. "Post" Dec. 27, p. 12.
of Rale Hearing Concluded.—Preliminary testimony for railroads
retention of rate-making provisions of Transportation Act given by
Geo. M. Shriver, Benjamin Campbell, T. C. Powell, W. C. Maxwell,
L. E. Wettling, Edward Chambers, C. R. Capps.
Commission adjourns
till Jan. 9. See "Current Events" in this issue, also V. 113, p. 2683, and
"Ry. Age" Dec. 24, p. 1251 to 1256.
heavy;
First Part
on
Officers and Directors Authorized.—See Current Events
Dec. 24. p. 1258.
Central Freight Handlers Wages Cut 6c. an Hour by Contractors —
Some Interlocking
above and "Ry. Age
N.
*
Y.
'TiiR6s"
Dec
Contract
23 stated that" Federal Judge E vans has ordered
public auction to satisfy foreclosure pro¬
ceedings brought by Northern Trust Co and General Electric Co '
It is stated that preliminary steps for the segregation of the lines have
been taken by the incorporation of a new company to bo known as the
Aurora Elgin & Fox River Electric Co., which is to operate the Fox River
Valley and the Aurora and Elgin city lines.
Foreclosure sale has-been
pending some time, and last month Federal Judge Evans directed the re¬
ceiver to form a new company which could obtain new franchises for the
Fox
River lines.
Under the
'
plan of incorporation, 200 shares, no par value,
2S
p
ICj
Board— Roads defend "farming
"Ry. Age" Dec. 24. p. 1267 to 1270.
Work under Fire Before Labor
°*ut" of maintenance requirements.
,
,
will be sub¬
B. P. Alschuler and E. C Faber.
The
new company will engage in an electric light and power business and the
operation of street railways.
Formation of the new company, it is reported,
precludes the hopes of the Aurora & Elgin stockholders from obtaining any
return on their investments.—V. 113, p. 2310scribed for by Joseph K. Choate,
Ohio RR.—-To Consolidate Divisions.—
Illinois Division
This will be
economy in operation.—]V. 113, p. 2310, 2306,
Baltimore
&
The company on
Jan. 1 will consolidate its Indiana &
into the St. Louis Division with headquarters at Washington.
done to effect
Boston Elevated
Ry.—Report of Possible Repeal of Public
West End Bonds.—
Control Act Discredited■—Offering of
The announced intention of a member of the Massachusetts
lature to introduce
1273.
Gasoline
& Chicago RR.—Sale Ordered, &c.—.
Aurora Elgin
A Chicago dispatch Dec
the assets of the company sold at
a
bill repealing the Boston Elevated Public
State Legis¬
Control Act
In the first place,
the Public Control Act is a contract between the State on the one hand
and the stockholders of the Boston Elevated Ry. and West End Street Ry.
on the other.
The Supreme Court of Massachusetts has upheld the validity
of this contract, and unless a repeal Act is accepted by the two stockholding
bodies it cannot, of course, become effective.
It is believed that the pro¬
posed action is the first step in an effort to vindicate the campaign promises
of Mayor-elect Curley with reference to a 5-cent fare in Boston
It is predicted that operations for the year ending June 30 1922 will
result in a net profit over and above cost of service, including dividends,
of at least $1,500,000 and possibly $2,000,000.
This will make possiole
the setting up again of the $1,000,000 reserve fund used up jn the
of trustee operation and a substantial payment on account of the $4,000,000
which was collected from the cities and towns served by the road in order
to meet the deficit after cost of service in the fiscal year ending June 30 1919.
As the Act now reads, trustees cannot reduce the basic rate of fare until
contains
no
threat which needs to be taken seriously.
the entire $4,000,000 is paid off.
So far this month revenues are only 3% lower
,
than for the corresponding
period a year ago, notwithstanding 20% of the traffic pays a 5-cent fare
to-day, whereas a year ago the 5-cent fare traffic was negligible.
In other
words, the number of riders is actually larger to-day than a year ago, but
the average fare is 9 cents to-day as against 10 cents a year ago
(Boston
"News Bureau"
Dec. 24.)
See West End Street
Ry. below.—V. 113, p. 2/18.
Boston & Worcester Street
Ry.—Bonds Extended.—
Department of Public Utilities has approved the extension
5% mortgage bonds of Framingham Southborough & Marlborough Street Ry at 7% —V. 113, p 2612.
The Mass.
from Jan. 1
1922 to Aug. 1 1923 of $60,000
Brazil Railway.—Interest Payments,
The report of the joint committee of
Colorado & Southern Ry.—Final
&c.—
ending Dec. 31 1920 states:
The income of the 5% International bonds amounted to $1,642,326;
expenses,
$696,219; balance, $946,107, from which $140,107 has been
appropriated to a reserve fund, leaving $806,000; this balance will allow of a
distribution of int. of 2%, namely, 8s. pw bond of £20 and 7s. lid. per bond
of 600 francs, equal to £19 17s. 5d., subject, in the case of the French series
to deduction of French fiscal taxes,
payable in London at the Bank of
Scotland on and after Nov. 30, against Coupons 23 and 24, bearing the dates
of Jan. 1 and July I 1921.
The income of the 6M % Notes amounted to $403,394, expenses $160,394,
balance $243,000, out of which the joint committee has made advances of
$90,051 to the Compagnie Auxiliaire de Chemins de for au Bresil, leav¬
ing $152,949; this balance, added to the interest receivable in respect of
the £2,292,000 of International bonds, which, up to the end of 1920, formed
part of the collateral for the Notes, will allow of a distribution of interest
at rate of 15 francs per Note, less French fiscal taxes, payable in Paris on
and after Nov. 30, against Coupons 15 and 16, dated May 1 and Nov. 1
1921.
The income of the 5K% Convertible Debentures amounted to $126,347,
expenses $15,343, balance $111,004; this will enable a distribution of interest
oi l%%, payable in London on and after Nov. 30 at the Bank of Scotland
and Messrs. Glyn, Mills, Currie & Co., against the 14 coupons in arrears,
dated Feb. 11915 to Aug. 1 1921, Nos. 6 to 18, Inclusive.—-V. 112, p. 2535.
The Board of Conciliation has recommended a 10% cut
of all claims
in wages to the
and its employees.
This, if accepted, will reduce the present
maximum of 65 cents to 58M cents an hour.
The Board also recommends
a monthly minimum of $87 50 instead of a daily minimum of six hours'
pay.—V. 113, p. 1154.
the list $25,000,000 4%
consolidated debenture stock, when issued, see offering in V. 113,
2718.
Cape Fear Ry.f Inc., Fayetteville, N. C.—Organized.—
recently organized in N. C. as successor to the old
This company was
Ry. & Power Co. sold at foreclosure last July (V.
Cumberland
113, p. 292.)
Plans of the new company, it is said, call for the immediate construction of
standard gauge railway to connect the old street railway at Fayetteville
with Camp Bragg, and also for an extension southward from Fayetteville to
a
The total track will ho aj>proxiGasoline propelled trains, it is said, will be used.
Genl Mgr.
Fayetteville: and A. G. Bradley,
Sec. & Treas., Raleigh; John R. Tolar, Frank H. Stedman and A.
B.
McMillan, Fayetteville, and J. Kemp Johnson, of Raleigh.
the cotton mill villages
in that direction.
mately 20 miles long.
L. H. Couch, Raleigh, N. C., V. Pres. &
Directors are N. A. Sinclair, President,
Carolina
&
Clinchfield
Ohio
U.
Ry.—$6,000,000
S.
$5,(XX),000 Elkhorn Notes.—The I.-S. C.
Commission Dec. 29 approved a loan of $6,000,000 to enable
the company to pay off the $5,000,000 Elkhorn 1st Mtge.
notes due Jan. 1 and a Government loan of $1,000,000 also
Loan—To
due Jan.
Pay
1.
&
Erie
financial loss had materialized by reason of issuance
points.—V. 112, p. 743.
C.) Ry. & Power Co.-
Central RR. of New
Jersey.—Special Dividend.—
dividend of 2% has been declared on the capital stock, payable
Special divs. at the rate of 4% p. a.
(J. & D.) have been paid since Dec. 1899.—V. 113, p. 2719, 2310.
A special
Dec. 31 to holders of record Dec. 30.
Chattahoochee &
Gulf RR.—Bonds Called.—
Twenty-one First Mortgage bonds have been drawn for payment out of
1 at the Citizens' & Southern
Chicago & Indiana Coal Ry.—No Further Deposits.—
the
First Mortgage
5%
bonds,
Mabon,
James B.
notice to holders of undeposited bonds states that the com¬
mittee will accept, not later than Dec. 30 1921, additional bonds for deposit
under the bondholders' protective agreement of July 20 1914, and partici¬
a
pation in the reorganization of the Chicago & Eastern
Illinois RR.
,
RR.—Declares
Western
the Regular Quarterly
Dividend of 3 %.-—An extra dividend of 5% has been declared
on the stock, in addition to the regular quarterly of 3%,
both payable Jan. 20 to holders of record Jan. 7.
A
quarterly dividend of 3% was paid Oct. 20 last, which was the first
made on the stock since the 100% stock dividend paid last
distribution
increasing the
1470.
total
stock outstanding
to
$97,277,000,
par
$50.
—V. 113, p.
Detroit United
The
Ry.-Day-to-Day Lines Taken Over.—
it., approximately 29 miles, formally be¬
day-to-day lines of the D. 'U.
the property of the city of Detroit, Dec. 22,
ceived a check for $2,300,000, the sum awarded it by
when the company re¬
the board of arbitration.
continue to operate over the lines, however.
Mayor Couzens has announced that negotiations to lease the company's
entire city system will shortly be instituted.
The city will ask a lease of the
lines for not more than one year, during which time the Mayor proposes to
submit to the voters a purchase proposition.
The committees that worked
out the plan for the joint operation of cars will handle the negotiations for
the lease.—V. 113, p. 2719.
came
Equipment 6% Gold Notes.—Notes Offered.—Kidder,
Peabody & Co. and Salomon Bros. & Hutzler, New York,
are offering $3,030,000 Equipment 6% Gold Notes of the
following companies, which they purchased from the Govern¬
ment at par:
prices
1925,
follows:
yield 5.75%: $221,000 Louisville &
RR., $126,000 Great Northern Ry.
(2) Notes due Jan. 15 1926, to yield 5.75%: $292,000 Louisville & Nash¬
ville RR., $543,000 Illinois Central RR., $184,000 Great Northern Ry.
(3) Notes due Jan. 15 1927, to yieid 5.75%: $323,000 Louisville & Nash¬
ville RR., $593,000 Illinois Central RR., $258,000 Great Northern Ry.—
The notes and offering
Notes due
(1)
Jan.
15
are as
to
Nashville RR., $490,000 Illinois Central
V.
113,
p;
2613, 2311.
Evanston
(111.) Ry —Fare Petition Rejected
—
permanently suspended the peti¬
in fares from 7 to 8 cents.—V.lll,p.792.
The Illinois Commerce Commission has
Fort Smith &
The
I.-S.
C.
Western
Ry.—Reorganization.—
Commission has authorized
the company to issue 62,400
shares of Common stock without par value, $1,500,000 of 1st Mtge. bonds
and $3,744,000 of 2d Mtge. bonds, which securities it proposes to exchange
for 1st Mtge. bonds of the Fort Smith & Western RR. (the old company),
and to use the last-mentioned bonds for the purpose of acquiring at a mort¬
gage foreclosure sale all of the property, assets
The Commission in its decision says in part:
and franchises of the old co.
On April 1 1904 the old com¬
executed a 1st Mtge. for $7,500,000, of which $6,240,000 were sold
and $760,000 pledged as collateral for certain obligations of the company
aggregating $280,000.
These are all the outstanding bonds of the old com¬
pany and no interest has been paid on them since 1907.
On Oct. 9 1915 the trustee brought suit to foreclose the mortgage in the
U. S. District Court for the Western District of Arkansas.
The court on
the
-
same
date
appointed a receiver, who has since been operating the road.
ordered that the properties be sold on March 31
On Feb. 2 1921 the court
1921 at Fort Smith, Ark.
This sale has been indefinitely postponed.
"
The new company is a Delaware corporation and was incorporated at
the instance of the protective committee with a view to the reorganization.
Of the securities to be issued, it is
Bonds
should be presented to Central Union TrustCo., depositary, 80 Broadway,
New York, not later than the close of business on Dec. 30 1921.—V. 112,
1518.
&
Lackawanna
Delaware
pany
the sinking fund and will be redeemed on Jan.
Bank of Savannah, Ga.—V. Ill, p. 2519.
The committee for
-Successor Co.-
Cape Fear Ry., Inc.. above.—V. 113, p. 292.
Extra Dividend of 5% in Addition to
Mtge. 5s and the
$6,000,000 Elkhorn 1st Mtge notes which will be extended for one year,
The company has withdrawn its application to issue and sell $6,000.000 bonds.—V. 113, p. 2310, 2078.
n.
application was denied because the petitioners
The
RR.
Cumberland (N.
See
at 6%.
Chairman, in
Basin
failed to prove that any
of transfers at these
tion of the company for an increase
The Government loan will be secured by $1,000,000 1st
Dec. 23, denied the application of
The New York Transit Commission,
the receiver of the Coney Island & Brooklyn RR., and the Nassau Electric
RR. to discontinue the exchange of free transfers with the Van Brunt Street
The company will
Stock Listed.—
The New York Stock Exchange has admitted to
p.
for $1,775,000.—V. 113, p. 2405.
Coney Island & Brooklyn RR.—Application Denied.—
.
company
coupon
growing out of the 26 months of Federal control has been made
with the company
July,
British Columbia Electric Ry.—Wages.—
Settlement.—
Railroad Administration has announced that final settlement
The U.S.
bondholders and of the directors
for the year
Canadian Pacific Ry.—Deb.
[Vol. 113.
CHBONICLE
THE
3818
proposed that the $1,500,000 1st Mtge.
bonds be 20-year 7% gold coupon bonds issued under a 1st Mtge. upon all
the properties to be acquired at the foreclosure sale, securing an authorized
issue of $3,500,000 of bonds redeemable at 102 and int. on any int. date.
proposed that the $3,744,000 of 2d Mtge. bonds be 20-year 6% gold
bonds of an authorized $10,000,000, redeemable at 102 and int.
int. date, and the interest on which, for five years from the date of
issue is to be non-cumulative and payable only if earned.
Under the terms of the foreclosure decree the applicant must assume
liability in respect of such securities issued by the receiver of the old com¬
pany as may be outstanding at the date of the acquisition by the applicant
of the properties of the old company.
The record shows that there were
outstanding as of Sept. 30 1921 $348,500 of receiver's certificates, $22,643
of equipment obligations and $231,000 of short-term notes.
A receiver's
certificate for $156,000 is pledged as collateral to a 5-year note for that
amount.—V. 112, p. 1865.
It is
Chicago Indianapolis & Louisville Ry.—Bonds Auth¬
orized—Arrangements Made with Bankers to Sell $3,000,000
Series ilB" Gen. Mtge. 6s at Not Less Than 90.—The I.-S. C. Commission Dec. 27 authorized the company: (1) to issue
$3,493,000 1st & gen. mtge. 6% gold bonds, Series B, In exchange for an
equal amount of 1st & gen. mtge. 5s, Series A; (2) to sell $3,000,000 of Series
B bonds; and (3) to pledge and repledge, from time to time, $493,000 of
Series B bonds as collateral security for any note or notes which it may issue.
The I.-S. C. Commission previously authorized the company to pledge
and repledge, from time to time, all or any part of $3,493,000 1st & gen.
mtge. 5s, Series A, as collateraly security for any note or notes which it
might issue.
Of these bonds, $2,100,000 are pledged for a loan of $1.400,000
from the War Finance
Corp.; $233,000 for a U. S. loan of $200,000, since
$1,160,000 are held unencumbered
reduced by payment to $155,000; and
in the treasury.
The $3,493,000 1st & Gen. Mtge. 6% bonds, Series "B," proposed to be
issued, will be dated Jan. 2 1922, and will mature May 1 1966.
Upon such
exchange, the Series A bonds are to be canceled.
The $3,000,000 of Series B bonds are to be sold to procure funds to reim¬
burse the company's treasury for amounts heretofore appropriated from
income for additions and betterments.
The proceeds will be used to pay
off its indebtedness to the War Finance Corp., and for other corporate pur¬
poses.
The proposed Series B bonds are to be issued under the 1st & Gen.
Mtge. dated May 1 1916.
Arrangements bave been made to sell $3,000,000
of the Series B bends at not less than 90 and int.
Should the banking house
purchasing the bonds be able to resell them at an advance in excess of 3%,
the company will share such excess equally with the banking house.—V. 113,
p. 2503, 2184.
Chicago & North Western Ry.—Bonds Authorized.—
coupon
on
any
Georgia Ry. & Power Co.—Redeems Rebate Slips
—
a contract between the city of College Park, Ga.,
by which a 5-cent fare was granted, the city with the
original franchise, the railway has been compelled to make a refund of
2 cents each on 682,670 fares, amounting to $13,653.—V. 113, p. 2613.
In
accordance with
and the company,
Grand
Rapids Grand Haven & Muskegon RR.—
The statement regarding reported negotiations, between the Muskegon
city officials and the company, mentioned in last week's "Chronicle," affects
the Muskegon Traction & Lighing Co., not the Grand Rapids RR. alone.
—V. 113, p. 2720.
Great
Northern
See "Equipment 6%
Ry.—Notes Offered.—
Gold Notes" above.—V. 113, p.
2613.
of Voting Trust.
The voting trust agreement covering the Preferred and Common stock,
which will expire on Jan. 1 1922, is to be extended for a further period of
Gulf Mobile & Northern RR.—Extension
The I. S. C. Commission, Dec. 19, authorized the company to procure
authentication and delivery to its treasurer of (a) $375,000 gen: mtge. gold
bonds (b) $1,000,000 gen. mtge. gold bonds of 1987 and (c) $3,000,000 1st
three years, to Jan. 1 1925.
A circular to the holders of stock trust cer¬
tificates says:
.
.
"Under the present management, the result of operations has been such
as to induce the holders of a substantial amount of stock trust certificates
& ref. mtge.
to
gold bonds, to be held In the treasury until the further order of
113, p. 2613, 2404.
the Commission.—V.
Chicago North Shore & Milw. RR.—Int.
on
Accum.Divs.
George M. Reynolds,
the participation trust
Chicago North Shore &
interest will be paid by
Samuel Insull and R. Floyd Clinch, trustees, under
agreement creating the participation shares of the
Milwaukee RR., announced that during Dec. 1921
the trustees upon the dividend account credited to
First and Second Preferred Participation shares upon the trustees' books
for the years 1918 and 1919.
The books of the trustees closed for transfer
Dec. 22 1921.
Under the terms of the participation trust agreement, dividends are pay¬
able by the trustees beginning with the year 1918 and in the event of non¬
on
payment of dividends, the participation shares are cumulative to the extent
that the dividends as set up on trustees' books bear interest at 5%.
Pay¬
ment is now to be made of interest on the dividend accounts for the years
1918 and 1919
as
to First and Second Preferred shares.—V.
113,
p.
531.
Cincinnati Traction
Largo
Co.—Modernizing Power System—
saying to be effected by scrapping long obsolete generating equip¬
ment, building new substations and purchasing a portion of the energy re¬
quired—three Automatic Substations included in the plan.
"Electric Rail¬
way Journal, Dec. 24, p. 1099 to 1103.—V. 113. p. 2184.
request the voting trustees to take the necessary steps to extend the
agreement.
It is proposed that the agreement extending the present vot¬
ing trust agreement shall confer upon the voting trustees authority to vote
the stock which is subject to the voting trust agreement in favor or the
consolidation of the Gulf Mobile & ^Northern RR. with the
Memphis Ry. Co. (all the capital stock of which is owned by
Northern RR.), or in favor of the acquisition by the
Gulf Mobile & Northern RR. in any lawful manner of the title to the prop¬
erties of the Meridian & Memphis Ry."
merger
the
Gulf Mobile &
The voting trustees are
S.
Paul E. Wilson has been elected Secretary and W. J. Mead Treasurer, to
succeed Henry J. Davies, who held both positions.—V. 113, p. 1771.
John W. Platten, Frederic
Campbell, A. H. S. Post, T. Nelson
Wm. Scott, Samuel
Strother.
Listing—Earnings.—
N/Y. Stock Exchange has authorized the listing on or after Jan. 1
for 6% Pref. stock, par $100,
Common stock, par $100, ex¬
tended to Jan. 1 1925, stamped and issued in respect of $11,494,400 of Pref.
stock and $10,971,000 of Common stock, upon official notice of issuance m
exchange for outstanding stock trust certificates.
Wl
The income account for 10 months ending Oct. 31 1921 shows:^Total
The
1922 of $11,494,400 stock trust certificates
and $10,971,000 stock trust certificates for
operating revenues, $3,409,190; total operating expenses, $3,093,175; net
operating revenues, $316,014; railway tax accruals, $193,689; uncollectible
total net operating revenues, $122,154; gross in¬
$83,963; interest, $87,138; balance, deficit, $3,175.—V. 113, p. 1360.
railway revenues, $171;
come,
Cleveland (O.) Ry .—New Officers.—
or
Meridian &
Illinois
Central RR —Notes Offered.—
6% Gold Notes" above.—V. 113, p. 2504.
See "Equipment
w
31
DEC.
Illinois
THE
1921.]
Traction Co.—New
Transmission Line.—
A 32-mile all-steel tower line has been erected to connect the Riverton
and Decatur power
1887, 2726.
p.
plants. ("El. Ry. Jour." Dec. 17,
■■■■••;-...
Interborough
Interest
1st
on
&
has been officially
interest due Jan.
& Ref.
Mtge. 5%
W.
Armour
1071.)—V. 113,
Rapid Transit Co.—Will Pay Jan. 1
Refunding 5% Bonds.—The "Chronicle"
informed that the company will pay the
1 on the outstanding $161,504,000 1st
bonds.—V. 113, p. 2720.
Kansas City (Mo.)
C.
p.
has
Rys.—New President & Directors.—
been
elected
President, succeeding Col. Philip J.
Kealy.
John G. Forrest, Herman P. Harbison and Edward P. Moriarty
have been elected directors, succeeding Frank Hagerman, R. J. Dunham
and Mr. Kealy.—V. 113, p. 2080.
Louisville & Nashville RR.—Bonds Authorized.—
The I. S. C.
Commission, Dec. 17 (a) authorized the company to issue, by
selling at not less than 96, and int., $12,753,000 1st & Ref. mtge. 5H % gold
bonds, series A (see offering in V. 113, p. 1720) (b) granted the company
authority to procure the authentication and delivery by the trustee of
$15,862,000 1st & Ref. mtge. 5M% gold bonds, series A.
The authentication and delivery of an additional $15,862,000 of series A
bonds is for the purpose of retiring first mortgage bonds of certain pre¬
decessor companies now held in company's treasury, viz.
Maturity
Date.
Company—
Amount.
Nov. 1 1965
Lewisburg & Northern RR_
$8,921,000
Oct.
1965
Kentucky & Virginia RR
3.325,000
Oct.
1965
Birmingham & Tuscaloosa RR
767,000
Gallatin & Scottsville Ry
1931
July
309,000
Madisonville Hartford <fc Eastern RR
1,815,000
5%
Nov. 1 1936
Bay Minette & Fort Morgan RR
225,000
4%
July 1 1930
Morganfield & Atlanta RR
,
500,000 4%
June 1 1932
Muskegon (Mich.) Trac. & Lighting Co.—New Nego¬
Proposals Made by Company.—
tiations—New
See Grand Rapids, Grand Haven & Muskegan RR.
2721.
New Bedford & Onset Street
proceeds of the $12,753,000 1st & Ref. mtge, 5% bonds, series A,
$2,237,291 thereof to the*completion of certain
way, and the proceeds of the sale of the remainder to
reimburse the treasury for expenditures made from income for capital
& ref. mtge. 5% gold
V.
New
Orleans Ry.
4H% gold bonds, due 1935, will not be paid.—V. 113, p. 2313.
The Massachusetts
Department of Public Utilities has granted permission
to purchase 289 shares of the Fruit Growers Express Co.
($100).—V. 113, p. 27 21, 2505.
to the company
at par
New York & Queens County Ry.—Protective
See Steinway Ry. below.—V.
2720.
p.
This road, extending from Bronson, Texas, to Hemphill, 11 miles,
has been acquired by
T. L. L. Temple and associates, who own the
controlling interest in the Texas South-Eastern RR.
The Lufldn Hemp¬
hill & Gulf connects with the Gulf Colorado & Santa Fe at Bronson, Tex.
N. Y. Westchester & Boston
Francisco.—Ready to Sell to City.
signed by Wm. Von Phul, Pres. and Geo. D. Willicutt, Sec.,
dated Sept. 17 to the Board of Supervisors of the city of San Francisco,
regarding negotiations for the purchase of the properties by the city, says:
"The question of the sale of these properties to the municipality has
never been formally laid before the stockholders, and it is unnecessary to say
that such a step cannot be taken until a concrete and detailed plan has been
out.
are
.
therefore unable at the moment to reply categorically to the
your [the Board of Supervisors] letter respecting
questions contained in
price and terms.
"Our stockholders of
Norfolk & Western
Ry.—Sub. Co's Bonds to be Paid.—
All of the outstanding Columbus Connecting & Terminal RR. Co's
1st
bonds, naturing Jan. 1 1922, will be paid on and after Jan. 3 at the
Metropolitan Trust Co., 120 Broadway, N. Y. City.
See advertising pages
in last week's "Chronicle."—V. 113, p. 1471.
M. 5%
Ohio Service Co., New Phila., Pa.—Service
Discontinued.
By.a decision handed down by the Ohio P. U. Commission the company
has been granted the right to abandon its railway service between Uhrlchsville and Dennison on Jan. 1.
The application was based on the grounds
being operated at
Ottawa Electric
a
loss.—V. 105, p. 2273.
Ry —City to Vote Again.—
municipal ownership and
-V. 113,
p.2313.
Pittsburgh Cincinnati Chicago &
Louis RR.—
2%.—
St.
Decide to Omit Semi-Annual Dividend of
Directors
on
Dec. 28 decided that, in view of the financial results of
the past year, no dividend would be declared.
On June 22 the directors
decided to postpone action on the regular semi-annual dividend of 2%,
usually paid about July 25.
Dividends of 2% each have been paid semi¬
annually from July 1918 to Jan.
Republic Railway &
19j21, inclusive.—V. 113, p. 1983.
Light"Cb!—Sub. Co. Fares Reduced.
subsidiary, the Youngstown Municipal Ry., has decided
to reduce fares.
Unlimited passes, good only for the week designated, are
being issued at $1 25.
See 5-page article, with map and graphs, in the
''Electric Railway Journal," Dec. 24, pages 1104 to 1108.—V.113, p. 2506.
The company's
are
generally familiar with the long-main¬
Rio
"We suggest to your honorable board that representatives of the munici¬
pality be appointed by you to meet with representatives of this company to
discuss values and details for the possible acquisition of the properties and to
formulate a plan to be first submitted to the honorable board, and, if ap¬
proved by you, submitted to the stockholders of the company, and, if
approved by them, in turn submitted to the voters."—V. 113, p. 2311,1574.
Memphis Dallas & Gulf RR.—Sale.—
According to a dispatch from Texarkana, the Federal Court at Fort
Smith, Dec. 13, signed an order authorizing the sale of the road on March
26,next.
Martin Walsh, Nashville, Ark., is receiver.
The main line of the
road runs from Hot Springs southwest to Murfreesboro, Nashville and Ashdown, Ark., 113 miles.
Company also has a detached piece of railroad run¬
ning from Daleville, on the Missouri Pacific, near Arkadelphia, to Dalark,
12 miles.—V. Ill, p. 1278.
Mexican Railway
Co., Ltd.—Scheme of Arrangement.—
De ben times and the
6% Perpetual Debenture Stock, the 4% %
Deferred
Interest
Certificates states:
The scheme of arrangement approved by the debenture and deferred
interest certificate holders in July, 1919, comes to an end Jan. 1, with re¬
spect to the 6% Perpetual Debenture Stock and on April 1 next with re¬
spect to the 4>f % Second Debentures, but the directors regret that it is
impossible to discharge in cash the liabilities in respect of the deferred in¬
terest certificates which fall due on those dates except to the extent of a
payment of a percentage of the certificates representing interest on the 6%
Southern
RR.—Default in Interest.—
Payment, &c.—
Louis Southwestern Ry.—Interest
St.
Interest
on
the 2d
Mtge. 4%
non-cumul. income bonds will be paid
minority
The
preferred stockholders are reported to be organizing a com¬
mittee to seek the rastoration of dividend payments on the 5% non-cumu¬
preferred stock.
The company has paid no dividends since April
1914.—V. 113, p. 1575, 534, 523.
lative
Antonio
San
Public
Service
Offered.—
Co.—Bonds
Stuart & Co., Lehman Brothers and Goldman,
Sachs & Co., New York, are offering at 983^ and int., to
Halsey,
yield about 6.10%, $3,800,000 1st Mtge; & Ref. 30-Year
6% gold bonds, Series "A."
(See advertising pages.)
Dated Jan. 1 1922.
Due Jan. 1 1952.
Interest payable J. & J. in New
York without deduction for any Federal normal income tax not in excess
of
A circular to the holders of the
Grande
have decided not to
the Jan. 1 interest on the $2,277,000 1st Mtge. 4% bonds, due July 1
1940.—V. 112, p. 470.
We have been officially informed that the directors
pay
to do so.
2%.
Denom. $1,000, $500 and $100 (c*).
Red., all or part, on any
60 days' notice at 110 from Jan. 1 1932 up to and incl. Jan. 1
4-mill tax refundable.
Int. date upon
1942 and at 105 thereafter to maturity, plus int. \Penn.
Data from Letter of V.-Preg. Alanson P. Lathrop,
New Mork, Dec. 27.
Company.—Incorp. in Texas July 1917 and succeeded to San Antonio
Gas & Electric Co. and San Antonio Traction Co.
Company does entire
electric light and power, gas and street railway business in San Antonio.
Population estimated 180,000.
Capitalization After This Financing—
Authorized.
gold 6s, Ser. "A" (this issue)
(*)
5% bonds, due 1949
(closed issues)
Preferred stock, 8% cumulative
$2,000,000
Common stock (all ownod by Am. Lt. & Tr. Co.). 5,000,000
Oufotawdinp
1st M. & Ref.
Debenture Stock.
The Mexican Government restored the line to the company in June, 1920,
since which date the company has been working it, has received and is
receiving compensation from the government towards satisfaction of its
claim as well as a substantial revenue from the working of the railway.
But
Prior lien
the Directors feel that they cannot, consistently witn retaining the neces¬
sary funds to work the line and to complete the necessary repairs and re¬
newals as well as to discharge their current obligations, provide in cash a
of this series will be held in the treasury of
greater sum than is sufficient to cover 20% on the certificates representing
interest on the 6% Debenture Stock.
stock and on April 1 next to £186,628 in respect of interest on 2d debentures.
It is proposed to satisfy 20% of the Debenture Stock interest certificates in
cash and to satisfy the sums represented by the two series of certificates by
two new series of Registered Stocks to be called respectively "A" and "B.
These stocks will be payable (without interest) at dates which have been
carefully considered from the point of view of the position and prospects of
the company, but the directors
propose in order to secure that these stocks
shall be redeemed as early as possible to take power to anticipate the due
dates, and also to make over to the trustees a sum equal to 75% of the net
profits of each year in which such net profits exceed £25,000.—V. 113, p.
2614,1053.
Michigan Elevated Ry.—Application Denied.—
The Detroit
City Council has denied the petition of the company to conmore than a year.—Y. Ill, p.
demonstration line in Detroit for
2423.
Michigan United Ry3.—To Oust Buses —
people of Battle Creek recently voted 10 to 1 in favor
The
occupied by railway lines.—V. 113,
buses running on streets
Missouri Pacific
of eliminating
2721, 2185.
Dec. 23.
p.
4%, payable Dec. 31 to hold¬
A dividend of 4% has been paid every June from
year.—V. 113,
1574, 1251.
Montgomery Transit Co., Norristown, Pa.—Petition.—
A bill of
the
equity was recently filed in court in Norristown, Pa., requesting
appointment of a receiver for this company.—V. 104, p. 1045.
,
L
made in 1922, and for other corporate purposes.
Property.—Owns 2 electric stations,combined rated capacity of 21,600 k.w.
has recently been completed and put in operation.
There are 16miles of bigh-tension transmission lines, and the distribution
system of oyer 330 miles of pole lines affords excellent service to its 28,638
consumers.
Electric sales for 12 months ended Nov. 30 1921 amounted
to 36,977,849 k.w.h.
The gas plant has a daily generating capacity or
6,800,000 cu. ft.
The gas, which is produced by the Lowe process, is dis¬
tributed to 19,870 consunlers through a distribution system of 239 mll«».
For 12 months ended Nov. 30 1921 gas sales amounted to 853,246,600 cu. ft.
The 92 miles of track owned cover practically the entire city.
Rolling
stock comprises 250 ears, 183 with electric equipment and 67 trail ana
work cRrs.
Earnings 12 Months ended November 30
1921.
$4.497,933
Gross earnings
Net after oper. exp., maintenance and taxes
Annual int. on 1st & Ref. and prior lien bonds
and power, 28% from gas
_ -
requires
-
326,400
$655,637
the sale of electric lignt
sales and 18% from street railways.—V.113,p.2515
Authorized.—•
Commission, Dec. 19, authorized the company to issue $110,000 1st mtge. 5% gold bonds to be sold not at less than 86.667 and int., for
the purpose
of reimbursing T. W. Paine for advances,
amounting to $65,-
000, made by him to the company for the purchase of 25 coal care, and for
the reimbursement in part of money expended from the company s treasury
in the
Payable. Dec. 31.-—
The directors have declared a dividend of
of record
.
A modern sub-station
Sewell Valley RR .—Bonds
849).—V. 113, p. 2185, 1773.
1912 to 1920 incl.; but no payment was made in June of this
In addition, $732,000
The I. S. C.
for $25,000,000 against the Texas & Pacific RR., which represents about
20 years' interest on $23,700,000 Texas & Pacific income bonds (see V. 113,
ers
y
the company.
p.
RR.—Appeals Decision.—
Mobile & Ohio RR.—Dividend
Restricted by the provisions of the mortgage,
Balance for reserves, dividends and surplus..
The net earnings above are derived 54% from
The company has appealed from the decision of Judge Rufus E. Foster,
handed down last August, in which he dismissed the claim of the company
p.
x
1,968,000
278,100
5,000,000
Purpose.—Proceeds will be used to retire $2,641,000 1st & Coneol. bonds,
due Sept. 1 1967, to reimburse company for construction and improvements
heretofore made, to provide funds for further construction and improve¬
ments to be
The total liabilities for interest accrued in respect of deferred certificates
on Jan. 1 to £1,044,255 in respect of interest on the debenture
will amount
truct a
The
1923.
operation; (&) another contract with the city; (c) service-at-cost.
present contract between the company and the city expires in Aug.
.
course
tained policy of the municipality respecting the acquisition and operation of
public utilities, and many of them have discussed among themselves from
lime to time the application of this policy to our properties, and we know
from these discussions that if the municipality desires to buy the properties
it is the sentiment of the stockholders that it should have an opportunity
Second
RR.—Higher Fare Denied.
Supreme Court Justice William P. Burr has denied the application of the
for a writ of mandamus to direct the new Transit Commission to
render a decision in connection with its application for permission to In¬
crease rates within the N. Y. City limits from 5 to 7 cents.—V. 112, p.2183.
company
The directors
Market Street Ry., San
A letter
Committee.
Ill, p. 589.
The Citizens of Ottawa will vote Jan. 2 on (a)
Gold Notes" above.—V. 113,
'/
N. Y. New Haven & Hartford RR.—Fruit Co. Shares.—
$12,753,000 1st
See offering in
Lufkin, Hemuhill & Gulf.—Acquired.—
worked
"We
& Light Co.—Interest Deferred.—
The Committee on Securities of the New York Steck Exchange has
received notice that the interest due Jan. 1 1922 on the General Mortgage
that the line is now
Exchange has admitted to the list
bonds, series "A" due April 1 2003.
113, p. 2720, 2080.
See "Equipment 6%
,
Ry.—Bonds Extended.—
The (Mass.) Department of Public Utilities has approved the petition of
permission to extend for five years $340,000 first mortgage 5%
bonds, maturing Jan. 1 1922 at 6%.
The Department also granted the company permission toissue $60,000
bonds at not less than 80.—V. 113, p. 2185.
The
projects now under
above.—V. 113, p.
company for
will be applied as follows:
purposes.
The New York Stock
2819
CHRONICLE
purchase of a locomotive.—V. 89, p. 44.
Southern Ry.—Bonds Authorized.—
The I. S. C. Commission, Dec. 19, authorized the company to procure
authentication and delivery to its treasurer of $5,225,000 Develop. & gen.
mtge. 4% gold bonds, to be held in the treasury
113, p. 2615, 2406.
until the further order of
the Commission.—V.
Steinway Ry., L. I. City.—Jan. 1 Interest to Be Defaulted
—Protective Committee.—
THE
2820
Steel
the holders of the 1st Mtge.
The committee named below in a notice to
The committee is reliably informed that default in the inter¬
be made, and that there will be a default in the pay¬
principal and Interest when the bonds become due on July 1 1922.
These facte, together with the necessary reorganization of the entire street
railway situation in Greater New York, and the pending hearings before
the Transit Commission, have satisfied the committee that there is urgent
need for united representation and protection of these securities.
The holders are requested to deposit the same, with the coupon due
protection.
est due Jan. 1 1922 will
ment of
Texas & Pacific RR.—Decision
113, p. 849, 1150, 2186.
that at meetings to be convened in the near
the Under-ground group
which the profits of the
re-allocated. Under the agreement established by the Act
of 1905, all surplus receipts, after allowing for operating expenses,
prior
charges, depreciation, reserves and items of a similar nature, are pooled.
The deficits, if any, being met out of the pool, the remainder is distributed
in the agreed ratio among the five members.—V. 113, p. 2186.
undertakings
are
United Railways
The Phila. Stock
Investment Co.—Stricken from the List.
Dec. 20 struck off the regular list $123,000
issue), pur¬
leaving the
amount of said bonds listed at this date $14,444,000, and making a total
of $3,706,000 of said bonds held in the sinking fund.as of Dec. 17 1921.—
V. 113, p. 2186.
Exchange
on
1st Lien Coll. Trust 20-year 5% bonds, due 1926 (Pittsburgh
chased since Nov. 2 1921 for account of the sinking fund,
hUrbana & Champaign Ry.,
Gas & El. Co.—Bonds.—«■
The Illinois Commerce Commission has authorized the company to
$49,000
Consol.
&
Virginian
Ref.
Mtge.
bonds.—V.
109,
Railway.—Equipment
p.
Offered.—Lee,
interest date at 103 and interest.
These notes
are a
Total
C. Commission for a Govern¬
$381,347 for ten years, to settle indebtedness of the carrier
with the Railroad Administration.—V. 113, p. 962.
taxation at local property rates.
Attorney-General in which I am advised that in the matter of the pending
petition of the West End Street Ry. vs. the Commonwealth, for the recovery
of
franchise tax, a final decree has been entered dismissing the petition.
I am further advised that 'in view of this fact it is clear that the assessments
a
Coal
to the stockholders
should riot be made and that the assessments
which have been made should be abated.'
Under these circumstances it is
.
.
as have
been laid by your board pursuant to the provisions
75, Chapter 59, General Laws, as a result of the infomation con¬
in my letter of the 9th instant, and which clearly came within
the limitations of Sections 59 to 70 of said
Chapter 59, may be considered
tor abatement upon tbe
compliance of the persons assessed with the statu¬
tory provisions governing abatements."
***
you
■
$2,700,000 Bonds Offered.—Lee, Higginson
Co., Old
Colony Trust Co., Jackson & Curtis and Edmunds Brothers,
Boston, are offering at 102.15, to yield 5%%i $2,700,000
5-Year 6J4% Gold bonds.
The bankers state:
1922, due Feb. 1
1927.
Bonds
are
the direct obligation
of the company
ranking equally with other bonds, the entire funded debt
aggregating $16,879,000. and are issued to refund a like amount of bonds
which mature Feb. 1 1922.
Under the provisions of an Act passed in
1911, the Boston Elevated Sys¬
tem will be consolidated with the West End
Street Ry. on June 10 1922,
as8Ujme and be responsible for all the indebtedness and
liabilities of the latter.
^Income Account of Boston Elevated System onJBasisjpf Consolidation.
CoI.Y«flr~
ioon~~
1920--.-
Gross Revenue.
...
—
—
Net Before
—$29,404,592
33,750,863
Rentals'Rentals
$4,752,741
Int.
$4,236,781
7419 527
„
4 508 936
&071
1921 (Dec. est.)....__. 33:200:000
523
4,627:800
The special Act of May 1918, placing the
operation of the Boston Ele¬
vated System under the control of public
trustees, provided that rates of
fares be fixed .that will insure sufficient income to meet
operating ex¬
penses, taxes, interest on indebtedness and dividends, and in the event
that income, and a spocial reserve
fund, prove insufficient to meet all
charges, then the Commonwealth of Massachusetts shall pay over to the
trustees the deficiency.—V. 113, p. 2615.
White Pass & Yukon
W After
Ry .—Earnings.—
charging interest on Prior Lien Debenture stock and on loans, the
ending June 30 1921. show- a loss of £17,385; deducting
this amount from the £54,640 brought forward, there is left a balance of
£3/ ,255Irom this there has been written off £27,109 for commissions and
£10,116.
38.00
Price
47.00
43.50
40.00
29.00
40.00
29.00
Cents.
1.85
Cents.
1.95
Cents.
1.50
1.50
2.65
3.00
3.00
2.50
3.85
4.35
3.2<>
2.50
$4.75
$4.75
$7.00
$2.75
$2.75
$5.50
Production, etc.
under the scheme of arrangement, and of the issue of Prior Lien
?nce
i
the credit of profit and loss account of
On June 30 1920, a loss of £13,206
J^duced Intelligence, Dec.to £54,641.
the credit balance 12.)—V.
Official
was
shown for the year, which
(London "Stock Exchange Weekly
Ill,
p.
Demand Decrease
•
ployees that will not include the check off and which will eliminate the
inequities placed upon this district."
W. D. McKinney, Secretary of the
Exchange, says this is not
a
blow aimed at unionized labor, but itmeans merely the withdrawal from the "four State agreement" under which
coal operators of Western Pennsylvania, Indiana, Illinois and Ohio have
been negotiating wage scales.
Ohio operators are bound by the agreement
until April 1, and will -withdraw to deal independently with their men
because of economic conditions.—"Times" Dec. 28, p. 26.
The Pittsburgh Coal Producers' Association has also declined Mr. Lewis's
request for a conference as to the 2-year agreement expiring April 1, de¬
claring they sec "nothing beneficial to the public or the coal industry
in
such a meeting. "Times" Dec. 30, p. 32.
>
.
Pea coal retail price cut in Boston by Metropolitan Coal Co. from $13
to $10 50 a ton. is the first cut in this size since April 1, prior to which time
the price was $14 25.
There is no warrant, local retailers state, for expect¬
ing any reduction in other sizes of anthracite.—"Bost. N. B." Dec. 28, p. 11
t
Dec. 29. says in brief:
Coal.—"December production of bituminous coal the
and prices on the spot market just
about what the buyer offers, mark the end of a year's coal trade that can
best be epitomized in the words of the old song "soft and low."
"In the Middle West they are saying that six weeks of real winter will be
required to deplete the retailer's stock of coal and bring him into the market.
The largest producer of domestic coal in Illinois has closed down, or will
soon do so.
Nothing unusual in the summer, but very unusual in the winter.
'Coal Age' Index of spot prices of bituminous coal gained one point this
week, going from 83 to 84.
Definite suspension of production in even the
non-union fields and the falling off in supply of fine coal consequent on
diminished call for domestic sizes have pulled the steam market part way
WEEKLY REVIEW.—" Coal Age," N. Y.,
(1)
2521.
Bituminous
lowest at this season for many years,
"
out of the
accounts for the year
expenses
18.00
Collieries are closed down or run on part time
"Times" Dec. 25, sec. 2, p. 1.
Not to Confer on Wages.—The Southern Ohio Coal Exchange of Columbus,
Ohio, comprising 70 coal operators and operating companies in the Hocking
field, in Southern Ohio, has notified John)f2. Lewis, President of the United
Mine Workers of America, in reply to his letter of Dec. 16 suggesting a
conference, that in due time they "will propose a new scale for their em¬
'Such taxes
folRT
17.50
Anthracite Workers Declare for 20% Increase—Operators
'
1
1920-
$35.00
17.00
—30,000 are idle in fields.
"No demand," is alleged.
of Section
Dated Feb.
1921.
$20.50
,
clearly my duty to notify you that the petition has been dismissed, and
therefore, that the franchise taxes of the West End Street Ry. will stand.
veyed to
1921.
$19.50
Open hearth rails heavy at mill-_--._
40,00
Open hearth billets Pittsburgh
29.00
Finished Iron and Steel per Pound—
Cents.
Iron bars, Philadelphia
—
1.85
Tank plates, Pittsburgh
1.50
Black sheets No. 28, Pittsburgh.3.00
Plain wire, Pittsburgh
—
2.25
Tin plate, 100-lb. box, Pittsburgh
$ 4.75
Furnace coke prompt, at oven..
$2.75
department of the Attorney-General, I communicated to you cer¬
information relating to the stockholders of the West End Street Ry.
now I am in receipt of a further letter from the
department of the
Dec.28
Nov.29
Dec.20
--.$19.50
1921.
Pig iron, No. 2 Valley furnace
No. 2 Birmingham, Ala
irom the
Just
„
Age" Dec. 29, p. 1685).
Dec.27
The following letter, which Henry F. Long, State Tax Commissioner, sent
the tax assessors throughout the State, is self-explanatory:
Under date of Dec. 9 1921, in consequence of advices just then received
tain
.
...
hill in Rio de Janeiro."
Per Gross Ton—
This suit, if it prevail, would have resulted
stock being subjected to
,.
,
Comparison of Prices to Large Buyers ("Iron
The suit of the company against the Commonwealth of Massachusetts for
$160,000 in excise taxes, which it was claimed were illegally
-j) es1,
and equipment for removing a
ery
recovery of
to
,
'
Railway.—Suit against State to Recover
$160,000 in Excise Taxes Dismissed—Stock Tax Thus Avoided.
'n
.
ments
Waterloo Cedar Falls & North. Ry.—Seeks U. S. Loan.
exacted, has been dismissed.
for steel prices not
Foreign Business.—"In comparison with the diminished scale of ship¬
on domestic orders, exporting is proportionately larger.
Japan is
largely responsible.
On the record of the first 11 months of this year 64%
of the steel sheets went to Japan.
That country took more rails than any
other countrv, probably buying 50,000 tons, and was third to Mexico and
India in the absorption of welded pipe.
It is now actively negotiating for
16,500 tons of rails, 13,000 of these for Government railways and the
remainder for an electric railroad line.
"An American company will provide some $12,000,000 worth of machin¬
by standard
The company on Dec. 24 asked the I.-S.
West End Street
average
,
direct obligation of the company, secured
equipment consisting of 20 heavy mallet locomotives with tenders.
purchase price of this equipment was $1,639,657.—V. 113, p. 1252.
ment loan of
an
,
Higginson & Co., Kissel, Kinnicutt & Co., and White, Weld
& Co., are offering, at prices to yield 5.80% for all maturi¬
ties, $869,600 Equipment 6% Gold Notes, dated Jan. 15
1920.
Due $108,700 annually Jan. 15 1928-1935.
Red. on
any
marks the
The "Iron Age" finished steel composite price is now 2.062c. per lb.
The
pig iron figure, $18 68, is lower than any ether for the year, with the sole
exception of that ($18.51 YD for Aug. 9.
These two figures are the lowest
since September 1916.
•
' 4.
.,
,
Railroad Orders.—"Little encouragement was given to the rail makers.
Not only have few new orders been entered, but specifications against
existing contracts are not supplied with much freedom, and a good deal
of production is being stocked.
The Erie has placed 7,000 tons with two
mills, and the Kansas City Southern 6,000 tons, and fresh inquiries have
appeared or are promised covering 67,500 tons, of which 50,000 tons is for
the Louisville & Nashville.
_
.
sell
478.
Notes
Dec. 29 says:
lower than at any time since January 1916.
The new year is
the outset chiefly in continued activity in construction lines,
Wm, Car¬
James P.
Connet &
Underground Electric Railways of London.—
The London "Statist" states
IRON MARKETS.—'"Iron Age"
merely the lowest of the year, but
promising at
and also in a
sustained demand for pipe and tin plate.
By Jan. 15 a definite better¬
ment in mill operations is expected, which is nothing to be wondered at,
seeing that now operations generally average not over 30%.
Prices.—"Pig iron sales in the Philadelphia district in the past two weeks
have amounted to 50,000 tons, and some of the tonnage went as low as
$18, furnace, although most of it was sold at $19 to $19 50.
On sales of
fair volume in the Chicago market, prices receded 50c. and prices of Southern
iron are down 50c., or to $17, Birmingham [against $38 Dec. 28 1920].
Lower prices have also been made in the Cleveland market.
"The immediate effect of the Steel Corporation's reduction of $5 a ton
on wire products in the few days since it was made, on Dec. 21, has been to
stop buying.
Wire makers generally have met the price.
Its reduction
of $3 per ton in wire rods brings the corporation price to that which has
been named for some weeks by independent producers.
"Tin plate makers do not expect to stock as much product as usual in
the first quarter, can companies showing a disposition to anticipate needs
and prices remaining firm.
"The prices on pipe, reduced Dec. 15, are holding well, but so little
business is there in steel boiler tubes that an extra 5% is allowed by several
of the smaller makers.
Practically all charcoal boiler-tube plants sus¬
pended operations several weeks ago.
"Reinforcing bars from new steel have sold at a price corresponding to
1 45c., Pittsburgh, and some fabricators have covered plates, shapes and
bars at an equivalent of 1.425c,, Pittsburgh.
Rivet prices of $1 a ton
below the general market have been named."
shows
future the stockholders of the companies forming
will be invited to alter to percentage basis, upon
Prices, Wages, Etc.
Outlook.—"Encouraging activity in pig iron in several centres
Appealed.—
Pacific RK. above, and V.
See Missouri
STEEL AND
Metropolitan Trust Co.),
Chairman; Prank Coenen (with Finch & Tarbell, N. Y. City);
negie Ewen, N. Y. City, and Henry N. Flynt, N. Y. City, with
McNamara, 120 Broadway, N. Y., Fee., and Loucks, Griffin,
Cullen, 120 Broadway, N. Y., counsel.—V. 63, p. 557.
Iron
end of the year.
In steel, the condition is a reduced demand accounted
for by deferring of deliveries until after Jan. 1.
The buying of pig iron
has been at the expense of prices, but so far as that goes the year-end
attached, with Metropolitan Trust
Co., depositary, 120 Broadway, N. Y. City.
Committee.—Harold B. Thorne (Vice-Pres.
&
Moulders'Wage.—International Iron Moulders' Union and the
8tove Foundry's National Defense Association announce an agreement for
a 10% reduction on stove plates and a 5% reduction on some classes of fur¬
nace work; this for piece work.
For day work, the men continue at the
minimum wage of $6 per day.
The employers had asked for a 20% reduc¬
tion on stove plates and 30% on furnace work.
"Times" Dec. 25, p. 5.
New Iron
6% 30-Year Gold bonds says in substance: At the request of a nimiber of
holders of the bonds we have consented to act as a committee for their
Jan. 1 1922 and all subsequent coupons
[Vol. US.
CHRONICLE
hole.
1 commercial consumers had a reserve of 4<
"On Nov.
A
,
,000,000 tons, but
production has been less than consumption.
The first of
the year will see the removal of the war tax on freight.
Coal men see in
this the re-entry of the buyer hi the market, at least to the extent to which
he has depleted his reserve in the last sixty days.
The trade also expects
that caution will prompt consumers to anticipate any labor disturbance
over the new wage scale by providing additional stocks in the interim.
Retailers obtained only a slight increase of business from the recent colder
weather.
Retail yards are jammed with high-priced coal.
"New England trading is very ragged.
Receipts by water and rail are
now about equal, the latter being largely railroad contract fuel.
Present
rail rates are too far out of line to permit •competition with water-borne
coals.
Marine houses are scratching for business, and 75-cent freights from
Hampton Roads are not unlikely.
Hampton Roads dumpings for all
accounts were 286,862 net tons in the week ended Dec. 22. as compared
with 256,327 in the preceding week.
The recent cut in bunker prices has
caused a slightly better demand, but many ships still prefer to coal up on
the cheaper overseas markets.
The Northwest is experiencing sub-zero
temperatures, bringing a rush of small domestic orders, but industrial fuels
since that time
...
Wichita Falls Ranger & Ft. Worth
Fra nk L
Kech of Ard more
RR.—Receivership.—
President of the road and executor of the
Hamon estate, and J. 47. Mitchell of Fort
Worth, were appointed receivers
by Judge James C. Wilson of the U.,S. District Court of the Northern
District of Texas on Dec. 26 on the application of J. W.
Meanev, a creditor,
who is seeking a foreclosure of a contractor's lien on the road —V 112
p 1145
INDUSTRIAL
General
Industrial
.
AND
and
MISCELLANEOUS.
Public
Utility
News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the
caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently
after the matter becomes public.
or as
earlv
as
practicable
are
still sluggish.
Labor.—"Miners are extremely dissatisfied over
working conditions, and
making clandestine overtures to the operators,
and better working time.
Anthracite Coal.—"Anthracite production is falling off for the same reason
as that of bituminous coal—the
warm weather and overstocked bins in
retail yards.
Company prices are firm but independent prices are weaken¬
ing, especially on the less-favored family sizes.
"The recent spell of cold weather saved the anthracite market from going
absolutely flat.
Price cuts are appearing in the retail centres, in Philadelin
more
than one section are
seeking lower rates
Dec. 31
1921.]
THE
CHRONICLE
phia the eagerness to obtain orders causing the waiving of
carrying charges.
The
tneir
companies are running heavily to storage and
are also cutting down
Independent quotations have softened further as an
The steam sizes are in slightly better position,
working time.
alternative to closing down.
out are still
extremely difficult to
Estimates
Week
-
of
1921.
3.6__.
move.
Net
—Bituminous Coal
ended—
Dec.
Production,
1920.
1921.
Dec. 17.a._.
12,812,000
1.845,000
7,298,000
7,046,000
12,865,000
1,703,000
1,611,000
12,156,000
S.
Geological
Coal—
—Anthracite
7,105,000
Dec.
1920.
Survey.
Beehive
Coke
1921.
1920.
2,070,000
1,933,000
112,000
1,998,000
125,000
114.000
375,000
374,000
334,000
Cal^ear...393,548,000 533,3^3,000 85,495,000 85,607,000 5,286^000 20,275',000
a
Subject
to revision,
Crude
Oil
and Refined
Production
daily
hard
rubber
goods,
beeswax,
28, p. 7.
gas
mantles
church
and
...
,
.
statuary.—
»
,
,
.
Industrial Matters Covered in "Chronicle" of Dec. 24.
(a) Foreign govern¬
ment bond issues in 1921.
List compiled by Securities Department of the
American Express Co., p. 2663.
(b) Advances approved by the War
Finance Corporation from Dec. 15 to 21, p. 2667.
(c) Pool formed to aid
live stock industry ceases functioning, p. 2667.
(d) Injunction restrains out-door operations of outside curb market, p.
2672.
(e) Hollister, White & Co., indictment, p. 2672.
(f) J. Ellis
Barker on capital's share in industry, p. 2677.
Decrease in wholesale prices of commodities in November, p. 2679.
Comparison of employ¬
1921, and 1920, p. 2679.
(j) Cuban decree dissolving sugar finance commission, p. 2680.
(k)
Bill to protect Brazilian coffee, p. 2680.
(1) Russian relief bill signed by
(h) D ecrease in retail prices of food ,p. 2679.
(i)
ment and wages in selected industries in November,
Prices, Production, etc.
Production, &c.—See "Trade and Traffic."
of Crude.—The American Petroleum Institute esti¬
crude oil production in the United States
for the week ended Dec. 24 was
1,380,450 bbls. [said to be a new record],
as compared with
1,359,105 bbls. for the preceding week and 1,248,825 in '20
Standard Oil Values Up to $3,276,027,243.—Quadrupled in the decade
since the Supreme Court ordered dissolution.
Dividends of $1,833,066,If 6
'Times" Dec. 25, sec. 2, p. 8, and series of articles in recent
Boston, N. B.
Standard Oil increases hours at Bayonne, N. J. to 48 hours a week.
Plant
to operate on full time.
Heretofore the married men worked 44)4 hours a
week and single men 40 hours.
Between 4,000 and 4,500 are employed.
"Tunes" Dec. 25, sec. 1, p. 12.
Record
mates that the
for
(g)
b Revised from last report.
Oil
Attorney-General Daugherty Asks State Aid in Righting Retail Price War.—
"Times" Dec. 28, p. 1; Dec. 29, p. 7; Dec. 30, p. 21.
Film Producers Ask Double
Tariff Duly.—More protection also wanted
"Times" Dec.
Tons—U.
2831
average gross
President Harding, p. 2681.
(m)
"Has Mexico
an
/
Oil Future?" p. 2681.
•
Mexican Oil Deadlock.—Bankers and Government unable to
agree on two
as to taxation. "Times" Dec. 28, p. 14.
Conflicting reports are
as to possible extension of time for
payments.
Gasoline Price Cut in
West.—Continental Oil Co., the Standard Oil
marketing concern in the Rocky Mountain territory, has reduced the price
points
current
of gasoline 1)4 cents a gallon to 21 cents
wholesale, as a result of
cut
by Midwest Refining Co.
a
similar
"Wall St. J." Dec. 27, p. 1.
Copper Surplus Going—Resumption of Mining Proposed
Dams-Daly and Tuolumne Co's in
St. Journal '
by Fortietn and Forty-first Sts. and Lowe and Union Aves.,
Chicago, for an indicated $1,000,000, the purchasers giving a mortgage of
$350,000 to Fort Dearborn Trust & Savings Bank, trustee, for 10 years at
8%.
The Agar Company, then operating as the John Agar Company, sold
the plant to the Davies Company in 1919 (V. 109, p. 2267) taking stock in
the purchasing corporation as part payment.
Now they have reorganized
and bought back this plant, making payment with stock, which is valued at
$1,250,000 (Chicago "Economist").
Alaska Coke & Coal Co.—Transfer Agent.—
The Columbia Trust Co. has been designated Transfer Agent of an issue
of $2,500,000 Common stock (par $1; $2,000,000 outstanding).—V. 113,
in
January by
Alaska Refrigerator Co.—Bonds Offered.—
Howe, Snow, Corrigan & Bertles, Detroit, are offering at price to yield
1M% for any maturity $300,000 1st Mtge. 7% Serial Gold bonds dated
Dec. 1 1921.
Authorized, $350,000.
Int. payable J. & D. at office of
Michigan Trust Co., trustee.
Company agrees to pay normal Federal
income tax not to exceed 2%.
Red. all or part on 40 days' notice at 103.
Denorn. $100, $500 and $1,000 (c*).
Bonds mature $30,000 annually,
Dec. 1 1923 to Dec. 1
Mont.—"Wall
Ship Prices Are Lower.—Cargo vessels being sold in England at prewar
figures.
"Times" Dec. 25, sec. 2, p. 10.
St. Ij)uis Carpenters' District Council, representing about 3,000 craftsmen,
announce rejection of 20% wage reduction.
The present wage is $1.25 an
hour.
"Times" Dec. 25, sep. 2, p. 1.
N. Y. Hat Milliners'Wage Cut.—Dr. J. L. Magnes's decision reduces the
wages of all millinery workers employed by the Ladies' Hat Manufacturers'
Protective Association on a piecework basis 15%, and for week workers
earning over $28, 10%.
The employers originally asked for a 20% reduc¬
tion.
"Times" Dec. 26, p 21; Dec. 28, p. 17.
Philadelphia Builders Agree for 1922 on Wage Scale Now in Force.—
"Times, Dec. 25, sec. 8, p. 1*.
Government Cuts Wages 10% in Amory at Springfield, Mass.—"Times'"
Dec. 25, sec. 8, p. 13.
Packing Strike Status.—^ackers assert plants are at capacity, but unions
put it at 12%.
"Times" Dec. 25, sec. 1, p. 12.
Fourteen St. Louis Packers Announce Adoption of Open Shop.—"Times"
Dec. 24, p. 12.
Striking Butchers Arraign Attorney General for Ignoring Their Profiteering
Charges Against Packers.—"Times" Dec. 24, p. 12.
Factory Wages Drop 15% in N. Y. State Compared with November 1920.
—"Times" Dec. 25, see. 2. p. 1.
12,000 Fewer Idle in N. Y. City Now Than on Oct. 15.—Merchants' can¬
vass shows 331,000 out of work here outside of
floating eloment.
"Times'
Dec. 27,, p. 20.
Pulpwood Prices .—The "Financial Post" of Toronto, has a communica¬
tion from Bury, Quebec, stating that there are thousands of cords of pulpwood being offered at that point at around $13 a cord on the car peeled,
(as against the recently reported price of $20).
Strike in New York Cut Dairymen's Price from $2 52 to $2 42 Net Per
100 Pounds for November Milk.—151,111,025 lbs. of milk were handled;
sales $6,179,078- "Times" Dec. 28, p. 80.
Untermyer's Plan Accepted by Unions.—N. Y. building trades council
delegates unanimous for new agreement to settle dispute.
25,000 others
approve. "Times" Dec. 28, p. 1.
Untermyer Asked to Stop Violence in N. Y. Cloak and Suit Strike.—Designers
appeal to strikers' counsel to protect them. "Times" Dec. 28, p 8.
Truckmen A Dock Workers' Strike Congests Freight at Havana.—"Times"
Dec
p
,j
Motor
Company Records in 1921.—"Boston N. B." Dec. 28, p. 6.
Opened Up In Yukon.—Ore vein in one shaft is
reported as 4 feet wide at a depth of 150 feet. "Sun" Dec. 27, p. 17.
Power
Shortage
Causes
Shutdown in
N.W.
Nevada.—Northwestern
Nevada is experiencing the worst power shortage in its history, due to
exceptionally dry winter and freezing temperatures.
With suspension of
mimng at Virginia City and Gold Hill, elevators at a standstill throughout
Reno, &c. "San Fran. N. B." Dec. 21, p 3.
High Labor Cuts Japan's Exports.—Working folk insist on war time wage.
Living costs still mount.
Merchants demanding profit refuse to take
readjustment loss. "Sun" Dec. 27, p. 15.
New Rich Silver Mines
Legal Matters, Legislation, Taxation, etc.
May Modify Packers' Decree.—Beginning Jan. 12 final arguments will be
on the proposal to modify the packers' "consent" decision.
"Fin.
Am." Dec. 26, p. 1.
started
New
■
Tax Law Aids
Allied Packers, Inc.—Plan
The stockholders will vote Jan.
contemplated under the readjustment
plan.
It is expected that the new securities will be ready for delivery to
the depositors under the readjustment plan about the middle of January.
The company has executed to the Central Union Trust Co., New York,
as trustee, its first mortgage and deed of trust in accordance with the plan.
V. 113, p. 2724, 2408.
Alliance
of 1% on the out¬
standing $2,000,000 Capital stock, par $100, in addition to the usual
quarterly dividend of 2%, both payable Jan. 17 to holders of record Jan. 9.
A dividend of
6%
Committee.—"Times" Dec. 24, p. 12.
Carbon Electrode Has Undergone Astounding Evolution in Size .—Weight up
1 ton.—A. T. Hinckley, Engineer National Carbon Company, Inc,—
"Electrical World" Dec. 24, p. 1261,
and 1263 to 1266.
Proposed California Power Act Denounced.—L. H. Roseberry, Vice-Pres.
Security Trust & Sav. Bank, Los Angeles.
"El." World" Dec. 24, p. 1292.
Colorado River Commission.—Secretary Hoover, Chairman.—To consider
power and irrigation possibilities in 7 States.
These are Calif , Ariz., Nev.,
Utah, Colo., Wyo- and Mont.
"El. World" Dec. 24, p. 1292.
44 Die, 100 Hurt in Southern Storm.—Property loss a million in Eastern
Arkansas, Northern Mississippi and Louisiana.
"Times Dec. 25, p. 1.
Canada
1914.
Opens
Chippewa-Queenston Power Plant.—In progress since
An additional $15,000,000 will be required
"Times"
Cost about $65,000,000.
complete installation of the ten-unit generating machinery.
Dec
25
See
2
p
§* Dec 20 p, 14*
to
Italy Faces Crisis in Textile Business.—Heavy supplies on hand.
three days a week.
"Fin. Am." Dec. 24, p. 5.
tories average
Fac¬
2% was paid in July and October last, as compared with
(1 )4% quarterly) paid from 1915 to April 1921, inclusive.—
per annum
V. 113, p. 296, 73.
Amalgamated Sugar Co.—New Directors.—
H.
R. Smoot, E. B.
Palmer and E. L. Burton of Salt Lake City, Utah,
Bosworth of Denver, Colo., and G. L. Becker of Ogden, Utah,
These represent the Preferred stockholders.
Arthur H.
have been elected directors.
—V.
113, p. 2617.
American Brass Co .—Offer
Co. to
by Anaconda Copper Mining
Acquire Stock—Terms of Acquisition, Balance Sheet, etc.
See Anaconda
American
Copper Mining Co. below and V. 113, p. 2724.
Glue
Co.—Quarterly Dividend of 2%.—
The company has declared a regular quarterly dividend of
Preferred stock,
payable Feb.
the company had been paying
holders
on
Preferred
p.
Dec.
be
will
1 to holders of record Jan. 20.
2%
on
the
Previously
semi-annual dividends of 4%.
The stock¬
16 approved of the change whereby dividends on the
declared quarterly. instead of semi-annually.—V. 113,
2724.
American Ice
Co.—Dividend—Annual Report.—
The company has declared a quarterly dividend of 1 % % on the Common
stock and the regular quarterly dividend of 1)4% on the Preferred, both
payable Jan. 25 to holders of record Jan. 10.
In Oct. last a dividend of
1 V\% was paid on the Common stock, but announcement was made at
that time that this was done to bring the amount paid for 1921 up to 6%
The company will retire the remaining $307,000 Coll. Trust ponds at
or before maturity April 1 1922.
See annual report under "Financial Reports" above.—Y, 113, p 1474.
American Motors Corp.
of Va.—Creditors' Committee.—
Plainfield, N. J., have
appointed R. H. Ismon of American Motor Body Co., which has a claim of
$148,000; George T. Rowland of the William Harvey Rowland Co, a creditor
in the amount of $66,000, and Samuel M. Hollander, Newark, counsel for
the Fisk Rubber Co. of Chicopee Falls, Mass., which has a claim of $30,000
to represent them in negotiations with interests that are seeking to acquire
the plant, etc. of the company.
Receivers were appointed in Sept. last.—
V. 113, p. 1159.
Creditors of this corporation with factory plant In
American Public Service Co.—Sub. Co.
Operations.—
Operation of the Abilene Street Ry. system has been resumed by the
under a new agreement with the city of Abilene.—V. 113, p. 852.
company
American Rolling Mill
See Ashland Iron &
sociation of Retail Clothiers, in a letter to
to
Realty Co.—Extra Dividend.—
The company has declared an extra dividend of H
24, p. 15.
Retail Clothiers Insist Their Prices Are Not "Unconscionable."National As¬
Attorney General Daugherty,
deny his recent aasertion that retail dealers' profits were unconscionable and
that they have an understanding which tends to keep prices high.
On be¬
half of 6,000 clothing dealers in their association, they insist
"They have
taken huge inventory losses and, in general, clothing today is being sold at
retail at a much smaller percentage of profit than ever before."
"Times
Dec 25
2
p
11
Western New York Growers Federated Into a Central Co-operative Associa¬
tion.—Aim to market products under title of Western New York Fruit
Growers'- Co-operative Packing Association, Inc., with main quarters at
Rochester.
"Times" Dec. 25, Sec. 2, p. 11.
Union Plasterers Agree to Abolish
Abuses as Demanded by Lockwood
—
12 on the proposed reduction In stock
and on the amendment to the charter
Copper Companies.—Exemption from excess profits
back to 1917 means refunds, says Eisner.
"Times"Dec. 25, Sec. 2, p. 11.
Increased Duties Asked by Lace, Film and Glove Makers.
"Times" Dec.
1932 incl.
Company.—Established 43 years ago in Michigan City, Ind.. operating
1890, and since that date at Muskegon Heights, where it has
now manufactured refrigerators for more than 30 years.
Purpose.—For additional working capital and to reduce outstanding debt.
Earnings.—From average annual sale of $405,000 for 20 years prior to
1916, company's sales have increased to $1,500,000 for the fiscal year 19191920.
Average net profit for past 4 years, after Federal taxes and after
inventory adjustments, was 3 times the amount necessary to meet maximum
interest requirements of this issue.
E. B. W. Cunningham, President.
there until
Dec. 30; "Times" Dec. 24, p. 15-
Butte Dist.,
1985.
P.
Other Trade Matters, Prices, Wages, etc.
Prices.—The Federal Sugar Refining Co. Dec. 29 reduced its price for
refined sugar to 4.80c. a lb., a new low record for 1921.
The raw sugar
market established a new record for the year on
Wednesday at about
l%c. (c.&f.) for January shipment. "Fin. Am." Dec. 30, p. 5.
Local crushers have advanced their prices for linseed oil to the basis
of 69c. a barrel in car lots for January-April shipment.
N. Y. Meat Prices Drop Despite the Strike,—First prospects of shortage
cause sharp
advance, but big receipts bring slump.
50% cut in pork.
"Times" Dec. 25, Sec. 2, p. 1.
Cadillac and Buick Cut Spring Prices.—See General Motors Corporations
below and "Times" Dec. 25, sec. 2, p. 1.
Hudson Motor Car Co. Also Cuts Prices Effective Dec. 24.—Hudson coupe
by $200, sedan $245, touring limousine $200.
Essex touring car $100
coach $150 and sedan $100.
"Times" Dec. 24, p. 19.
Prices have also been cut by the Nash, Paige, General Motors Truck and
Handley-Knight Motors cos. "Wall St. Jour." Dec. 29. p. 5.
North Butte,
Agar Packing Co., Inc., Chicago.—Repurchases Plant.—
The company has purchased from the William Da vies Co., Inc., the block
bounied
Co.—Acquisition.—
Mining Co. below.—V. 113,
American Screw Co.—Extra Dividend
p.
2617.
of 1%.~—
An extra dividend of 1
% has been declared on the capital stock in addi¬
regular quarterly of 1%%, both payable Jan. 3 ot holders of
In January, 1921, an extra dividend of 6)4% was paid,
compared with 1)4% extra in July 1920, 6)4% extra in Jan. 1920 and 1)4%
extra in July 1919.—V. 112, p. 1401.
tion
to the
record Dec. 24.
American
Sugar
Refining
Co.—Corporation
1,000,0(JO Tons Unsold.—
#
Being
Formed to Handle
Earl
D.
Babst, Pres., Dec. 17, admitted that a corporation is being
over a large part of the 1,000,000 tons of Cuban sugar re¬
maining unsold from the crop of the past season.
The corporation will be
similar to the Copper Export Association which took ever 400,000,000
formed to take
Bounds of surplus copper holdings early in the year. There will be no puboffering of securities in connection with the proposed sugar corporation.
c
(N. Y. "Times" Dec. 18).
Decision
in
Suit
for Breach of Contract—Listing.—
President Earl D. Babst on Doc. 22 says in substance: "It has been in¬
correctly reported that under the decision Doc. 21 in the suit of the Frank¬
lin Sugar Refining Co
a [subsidiary of the American Sugar Refining Co.]
against Samuel Howell in Common Picas Court No. 4 at Philadelphia,
the court fixed a half-way price with respect to the sugar in dispute.
On
the contrary, under the unanimous decision of the three judges we recovered
the full amount claimed; that is the difference between the contract price
of 22)4c. per lb. for 150 bbls. of sugar which Mr. Howell refused to accept
under a 1920 contract minus the market price of 8e. por lb. prevailing at
the time this suit was commenced.
The net result is that the
defendant
American Type Founders Co
See
Bamhardt Bros.
&
where it would be
period of its attempt to build a fabricating bminess or through the acquisi¬
tion of plants of more limited capacity, an experience which followed to some
extent the entrance of this company into the wire basin ess at Great Falls, it
was decided to undertake negotiations along the foregoing line.
In addition to the plant value the company had on hand, as of Dec. 31
1920, liquid assets totaling $29,010,571.
It has been manifestly impossible to take a complete inventory and make
a complete auait of the books as of a later date; but there is exhibited below
a statement
prepared by Price, Waterhouse & Co., showing the book con¬
dition as of Sept. 30 1921.
This statement shows a total of $24,335,177 in
liquid assets.
The plant value, upon the basis of the offer which it proposed
to make, represents $20,664,823.
Cood. will, patents, &c., constituting
the intangible assets, are carried at only $1,000.
113,
2717.—v. 113, p. 1981.
American Wholesale
1921
October
1920.
$3,401,395
$2,527,529
—V. 113, p. 2508, 1577.
Woolen
American
Corp.—October Sales.—
Increase. j
things do not look altogether bright.
at this time can see no reason for a
can
maintain
the
present
wages
2617, 1775.
a
>
year.
'
113,
p.
1775.
forced upon it to
,
,
says
■
xlteal
.
and
15,000,000
996,358
gencies, taxes,&c 9,374,524
9,374,524
payable.
Reserve for contin¬
941,000
941,000
567,165 Surplus
302,367
308,767
cos.
24,056,777 20,663,788
bonds
Total (each
side)49,064,113 46,034,671
135.
;:':-'
For terms of issuance of Anaconda stock, subscriptions, &c., and earnings
Brass Co., see V. 113, p. 2725.
of American
Ashland Iron & Mining
Co.—Sells to Am. Rolling Mill.
A press despatch from Ashland, Ky., states that the
voted to accept the offer of the American Rolling Mill
stockholders, Dec. 21 Co., Middletown, O. .
the entire holdings of the Mining company, including the Ashland
Coal & Iron RR. and many acres of coal land along its line.
The basis is
that stockholders of the Mining company will sell its assets to the American
to buy
company
for 39,875 shares of common stock of the rolling mill, which
when
received shall be held in the corporate treasury of the Ashland company until
Oct. 1 1923.
Meanwhile, and ultimately, the stockholders of the Mining
company are
entitled to
one
share of par value of $25 of common stock of
(total par value $125) stock
American Rolling Mills for two and a half shares
of the Mining company.
See V. 113, p. 2617.
zinc was inadequately protec¬
Associated Oil Co.,
steps which it is believed necessarily must be taken if the copper producers
are
to meet the competitive effort of the producers of other metals in
marketing and distributing the same.
The initial result of this conviction
was the establishment of the wire mill at Great Falls.
The results achieved
have demonstrated the wisdom of this step.
Since the beginning of the
operations of the wire mill at Great Falls, on June 9 1918, to the end of the
current year, with Dec. estimated, the wire mill has drawn into rods and
copper wire a total of 166,000,000 lbs. of copper, which have been dis¬
tributed at a manufacturing net profit of $850,000; the total investment
having been $1,057.730, reduced to $885,000 after allowing for depreciation.
Necessity for Outlets for Production Emphasized.—When it became neces¬
sary last Feb. t» take the forced steps to shut down all of the mines of this
company, as did also most of the other large producers on the hemisphere,
the necessity for acquiring such outlets for production was emphasized by
the fact that the production of the wire mill was sold ahead for many months,
so that during practically the entire period of the shutdown, it has been able
to continue the manufacturing and sale of rods and wire at a substantial
manufacturing profit.
1
,
^
,
California.—Tenders.—
of San Francisco, trustee, will until noon Jan. 16
bids for the sale to it of First Ref. Mtge. 5% gold bonds of
1910 at not exceeding par and int., to an amount sufficient to exhaust
$922,111 now in the sinking fund.—V. 113, p. 964.
The Union Trast Co.
1921
receive
Atlantic
City (N. J.) Gas Co—Agreement Expires.—
J. M. Johnston, Sec. of the protective committee for the 1st mtge. 5% .
dated Jan. 1 1910, has notified the holders of certificates of deposit issued by
Girard Trust Co. that the first mortgage 5% bonds agreement, dated June
28 1918, has been terminated.
Holders
entitled to receive back their bonds upon
of certificates of deposit will be
surrender for cancellation of the
certificates of deposit and upon payment of their proportion of the expenses
incurred up to the date of the termination of the agreement.—Y. Ill, p.
1371.
Atlantic Gulf & West Indies S. S.
R. F. Hoyt has been
Lines.—Officers, etc.
elected 1st Vice-President and C.N. Wonacott as
2nd Vice-President and Secretary.
George P. Dyer, Vice-President
Atlantic Gulf Oil Co. has been elected a director.—V. 113, p. 1775,
Study of Manufacturing and Fabricating
Situation in\ United States.
About this time the officers undertook an intensive study of the manulacturing and fabricating situation in the United States.
An enumeration
of the various plants engaged in such business, their geographical position
with reference to facility for distribution, capacity for using metal, and
Atlas Powder Co.—Permanent Bonds
than stabilization to the situation.
Ready.—
Autosales
may
1922,
(See
Corporation.—Listing—Earnings.—
Exchange has authorized the listing on or after Dec. 31
additional 6% Non-cum. Par tic. Pref stock, par $50, on of¬
ficial notice of the issuance thereof as a 4% stock dividend, payable to
holders of Pref. stock Dec. 31 to holders of record Dec. 16, making the
The N. Y. Stock
of $111,168
applied for $2,886,719
Of the amount hereby applied for, $141 75
provide sufficient additional shares to complete the pay¬
4Yi% stock dividend declared on Nov. 29 1920, in respect of
which a deficiency of $141 75 existed on account of a clerical error.
The output from Nov. 1 1920 to Nov. 1 1921 is $2,147,823. and the esti¬
mate for Nov. and Dec. 1921 is $293,154, making an estimated total for
the current year of $2,050,105.
total
is to be issued to
ment of the
Income Account Autosales Corporation,
10 Months ending Oct. 31 1921.
$1,756,951
Gross collections
that the American
situation in copper
of the
1678.
Temporary 15-year 7H% Conv. gold bonds, dated Aug. 1 1921,
be exchanged for permanent engraved bonds on and after Jan. 3
at the New York Trust Co., trustee, 100
Broadway, N. Y. City.
offering in V. 113, p. 420.)—V. 113, p. 2408.
now
general financial condition, was closely studied.
Two propositions devel¬
oped from this study:
.
1. That there were engaged in the United States, in the business of manu¬
facturing and fabricating copper products from raw material, about 32 con¬
cerns of sufficient importance to be taken into consideration, and that the
total capacity of the plants owned by the above companies exceeded annu¬
ally an output of 1,800,000,000 lbs. of copper.
As this capacity was con¬
siderably more than twice as much as had ever been required by the United
States in pre-war years, and probably 80% more than has been required
during the comparatively busy years, in the United States, of 1919 and 1920,
respectively, and moreover, as it was found that a good many of the plants
were well situated for distribution, modern in construction and therefore
could meet business requirements as well as plants which could be con¬
structed,, it became apparent that further building of plants would merely
add to an already over-constructed mill capacity, and that an effort in this
direction by your company would result in adding demoralization rather
American Brass Co.—General Statement of Affairs,
S
$
632,812
Capital stock.....15,000,000
machinery and tools at beginning of 1921, $19,420,730:
expended for permanent improvements during 9 months, $2,632,406; total.
$21,453,136; leas charged off for depreciation, $750,000; balance, $20,703.-
ted, and the business lacked a stabilizing influence so long as the producers
could not reach out to the ultimate consumers of their product and take the
Operating expenses
Reserve and extraordinary expenses incurred during the year__
1,606,74/
71,155
'
&c.
This company, with a good organization, the result of a consolidation of
interests which have been active in copper and brass manufacture from its
beginning in the United States, and with well-constructed plants, located at
Ansonia, Waterbury and Torrington, Conn., Kenosha, Wis., and Buffalo,
N. Y., having a capacity equaling approximately 40% of the total copper
and brass manufacturing business of the United States, and which in vol¬
ume, upon a normal basis, would utilize the maximum production of copper
and zinc capable of being made by this company, seemed to be in such a
position of strength, that the undertaking of negotiations for the purpose
of determining whether or not it was possible to secure the American Bress
Co., or a control of its stock for this company, became the objective efforts
of the officers of your company,
The American Brass Co. is a consolidation in 1912 of Ansonia Brass &
Copper Co., Benedict & Burnham Mfg. Co., Coe Brass Mfg. Co., Waterbury Brass Co., Chicago Brass Co. and Holmes, Booth & Haydens Co.
The Buffalo Copper & Brass Rolling Mills was acquired in 1917.
The company has an authorized capital of $15,000,000, par $100 each.
The stock £s largely held in substantial blocks by persons who have been
identified with the company and its predecessors in interest for many years.
During the 20 years ending Dec. 31 1920, the brass company earned a
profit of $78,155,255, against which was charged depreciation, &c.,
to yield a net profit of $53,768,329; or, expressed in dollars per share, a
gross profit of $547 36, net profit $377 54, or an average per year, respec¬
tively, of $27 37 and $18 88!
Grouped in 5-year periods, earnings averaged $13 38 for the five years
ending 1905; $13 65 for the five years ending 1910; $22 76 for the five years
ending 1915; and $59 68 for the five years, including war period, ending
1920.
Having become convinced that the desirable course to pursue, in view of
the above situation, was to endeavor to acquire a control of the American
Brass Co., rather than to add demoralization to the situation by under-
sub.
1,000
Real estate,
x
Business Lacked Stabilizing Influences.—It has been a growing conviction
of the officers that the large investment required to carry on the business
D©c« 31
16,282,668 11,481,424
Accounts
in other cos....
of manufacture and distribution.
gross
and in proeoes-.
Liabilities—
3,360,476
208,194
3,388,238
782,786
to
Stocks
acquire manufacturing and fabricating plants, through which
might find an outlet
their respective lines
proposition that became apparent was
Brass Co. dominated the manufacturing and fabricating
and brass.
1
5,780,223
224,530
(net)
the product of the company in refined copper and zinc
to the various industries which utilize such products in
The other
353,285
Inv. in cap'l stocks
of sub. cos_.._„
vldv.
Sept.ZQ'2T<
(Concl.)—
Govt. bds. owned.
:
3,981,034
1,094,238
1,588,696
Wood lands
majority of all outstanding stock of the American Brass Co.,
important that you should be fully advised as to the reasons which, in
judgment of the directors, make the acquisition of said stock a desirable
transaction, and which have influenced the decision to authorize its purchase.
Company Has Passed Through Trying Time.—You are familiar with the
status of the copper industry, and the particularly trying time through
which this company, as a producer of copper and zinc, in common with all
other producers, has passed during the last three years.
The causes which
led to the profound depression in the copper business are well understood.
Financial Stability Threatened.—The great increase in productive capacity
of the country and the world, in both copper and zinc, together with the
dislocation of the industry, caused by the intensive effort made during the
war period to produce copper for munitlori purposes, brought about a situa¬
tion which seriously threatened the financial stability of most of the large
producers of copper and zinc, including that of your company.
Necessity of Manufacturing and Fabricating Plants Apparent.—For several
years past it has been increasingly apparent to the officers that in order to
place the business upon a sound foundation, it would be necessary for the
2.
1
Ac....19,420,730x20,703,136
Acc'tsreceivable..
not less than a
Intensive
.
$
3,386,828
Patents....
1,000
Mdse., raw, wrought
Assets
3
ma-
Bills receivable
the
Undertook
estate,
Cash
It is
Officers
$
chinery,
in substance:
In presenting for your information and consideration the important trans¬
which your company is now engaged in undertaking to acquire
mining, smelting and refining copper and
Deo. 31'20.
X>ec.31'20 Sept. Z0'21
Principal Reasons for Acquisition of the American Brass Company.
of
,
Comparative Balance Sheet of American Brass Co.
Assets—
action in
company to
-
During this same period the plants of the Brass company have been
operating upon a basis which, with the quota of Anaconda Co. of the sales
of the Copper Export Association, would have enabled the Anaconda Co.
to have produced 20.000,000 lbs. of copper and at least 4,000,000 lbs. of
zinc per month during the entire period of the shutdown, without any
accumulation of metal stocks.
This would have enabled your company to
have avoided the necessity for closing its plants, and resulted in the saving
of t he above shutdown expense, and would have been a stabilizing factor
to the entire copper indastry.
Copper Mining Co .—Additional Data Re<•
yarding Acquisition of American Brass Co.—In last week's
''Chronicle," page 2725, we gave details from the official
circular in connection with the proposed acquisition of at
least a majority of the capital stock of American Brass Co.
by the Anaconda Copper Mining Co.
The circular to the
shareholders, signed by John D. Ryan, Chairman, and
Kelley, Pres., further
w
the inability of the
the necessity was
suspend operations, which it is estimated will cost $6.-
000.000.
Mill.—
Anaconda
Cornelius F.
would inure to the benefit
As an illustration, during the present year, because of
Co. to market its copper and zinc output,
Anaconda
Oakland mill has been reopened after having been closed
The mill, it is said, has orders on hand to keep it busy
for some time.—V.
and elements of value embraced in
this situation, the indirect beneficial results that
of the Anaconda Co. have been considered.
113,
for the coming season."—V.
Writing Paper Co.—Reopens
The company's
Considered.
Direct and Indirect Advantages of Acquisition
In addition to the direct advantages
substance: "It is true that just now
We cannot foresee the future, but
reduction, and our directors believe
,
American
down for
Decrease.
$33,984,294 $3,659,743
Co.—Wane*.—
we
we
7
1921—10 Mos.—1920. '
$933.866!$30,324,551
President William M. Wood says in
p.
—Subsidiary Co. Report.—
Spindler under "Financial Reports".—V.
its competitor or to place this company in a position
boycotted by other consumers and fabricators during the
tak.ng to become
14He. per lb. for having breached this contract and the refining
is to retain the sugar.
7
ItoThe New York Stock Exchange has admitted to the list $30,000,000 15
year 6% gold bonds, due Jan. 1 1937, "when issued."
See offering in
V. 113, p. 2724.
must pay
company
p.
[Vol. 113.
CHKONICLE
THE
2822
Net
income...
23,462
Income credits
Net operating profit before 1921 Federal taxes
It is estimated that Federal taxes for 1921 will amount
$20,000.—V.
113,
p.
$102,511
to approximately
2408.
Baldwin Locomotive
Works.—Shut Down—Business.—
Most of the shops have been shut down until Jan. 3.
Before sailing for
Europe on Dec. 14 President Samuel M. Vauclain said company had
$10,000,000 unfilled business on its books, sufficient to run plant at 30%
of capacity through the first quarter of 1922—" Phila New Bureau
Dec. 27.
The company during the present year, according to Philadelphia reports,
built 964 new locomotives compared with 1,534 new locomotives last year■
The company also repaired 214 locomotives this year.—V. 113, p. 2508.
Baltimore
Dry Docks & Shipbuilding
See Bethlehem
Shipbuilding Corp., Ltd.,
Barnet Leather Co.,
Sylvan
Co.—Purchase.
below.—V. 113, p. 1577.
Inc.—New President, (fee.—
Barnet has been appointed President to succeed the late
Sigmund Rothschild has been elected First Vice-Pres¬
113, p. 1775.
M.
Morris S. Barnet.
ident.—V.
Bessemer Limestone & Cement
The company on
2725, 2188.
Bethlehem Motors Corp.,
Allentown, Pa.—Sale.—
receiver, it is stated, is developing plans for a sale
It Is said that an offer of $400,000 has bee* made for the
Clinton E. Woods,
of the property.
Co.—Capital Increased-
Dec. 21 filed a certificate with the Secretary of Stat
the Common stock from $1,500,000 t
Columbus, Ohio, increasing
$2,500,000.
See also V. 113. p.
at
Dec. 31
1921.]
THE
CHRONICLE
2833
"This contract
Bethlehem Shipbuilding
Corp.,
dated April 2 1921, and has been acted on in
part by
both parties.
It was owing to this arrangement that the interest on the
Choate 8s, due June 1, was
paid with
Ltd.—Mortgage—
this contract can be
consummated
able to provide for the next interest
Arrangements have been
made, it is stated, whereby the company will
mortgage the properties of the Baltimore
Dry Docks & Shipbuilding Co.,
which it purchased last
Sept.
The purchase price of $2,750,000 is to be
covered by an issue of
15-year 53^% bonds secured by mortgage on the
property of the Dry Docks company and
guaranteed by the Bethlehem
Steel
Corp. The Bethlehem Shipbuilding Corp. also provides for the
$230,000 bonds now
outstanding on the property of the Dry Docks Co.
The sale to the Bethlehem
Shipbuilding Corp. covers the three plants of
the Baltimore
company known as the upper plant, the lower
plant and the
south plant,
including all real estate, buildings, tools,
equipment and in¬
ventory, and also one uncompleted 6,000-ton oil tanker
steamship on the
ways at the lower plant and one
10,300-ton oil tanker steamship recently
launched from the south
plant.
(Baltimore "Sun.")—V. 113, p. 1577.
Boston
Cape
Cod
&
N. ,Y.
Canal
Purchase
"In view of these facts, the holders
of the 7s have been co-operating for
time for their protection.
They have organized a committee and are
to assist as far as possible in
carrying out the provisions
of the contract of the Noco
company."
-
making active efforts
.
[We have been informed that this contract has l>een held
up as sufficient
of the 7s have not been
exchanged for the 8s.
The Noco company, how¬
learn, performed its end of the contract.]—V. 113,
p. 2725-
ever, we
Citizens
*"11
p.
Co. —Purchase.—
canal
2752.
an
Citizens Water Supply Co. of
Newtown, L. I.—Suit.
Justice Blackmar, Presiding Justice of the
Appellate Division, Dec. 21
issued a temporary injunction
restraining the company, which furnishes
water to practically all of the
second Ward of Queens, from
increase in the capital stock from
action
Ridge-
expenditures.
Application is to be made to the Public Service
Commission for authority
to issue either the
capital stock or the debenture bonds.—V. 113, p. 2618.
Coburn Bros.
Burns Brothers.—Stock Listed.—
Governing Committee of the New York Stock Exchange has admitted
the list the following securities to
be traded in on a "when issued" basis;
The regular semi-annual cash dividend of
2]4 % and a stock dividend of
have been declared on the
outstanding Common stock, par $100,
to holders of record Jan. 6.
Special dividends of 2Yi%
each in Common stock have been
paid semi-annually on the Common shares
since Jan. 1916.—V. 113,
p. 297.
2M%
Coe
Columbia
Net
Total
._def$2,580,287
369,664
...
pany
is
to
$2,949,961 sr$3,842,621
however, the reports state, recently purchased the entire
icketograph Co. of Chicago, and negotiations
to take over several
Department of Public Utilities has authorized the
Co.—Obituary.—
competitors.—V. 113,
Cornish Co. of New
Craddock-Terry Co., Lynchburg, Va.—Extra Dividend.
stocks
and
of
3on
payable Dec. 31.—V.
the
Pref.
Class
112,
Cuba Cane
are
p.
376, 368.
The company states that funds have been
deposited to pay the interest
on its 10-year debentures.—V,
113, p. 2619.'
Cudahy Packing Co.—Annual Report.—
Income
Account
Oct.
Total sales
profits
def.$l,569,563
1st pref. dividend
2d pref. dividend
Common dividend...
Balance
for
'21.
Fiscal
Oct.
Years
30
'20.
Ending.
Nov. 1 1919.
Nov. 2 1918.
1175,264,563 288,177,712(303,255,051 280,498,751
J
\
677,352
2,785,412
Res. for Fed. taxes
Net
29
$173,695,0001288,802,000$305.997.398$286.660.971
Oper. expenses, &c
see
note
see
note
$624,288
(6)120,000
(7)458,535
$2,064,995
(6)120,000
$3,376,808
(7)458,535
(7)458,535
(7)801,465
(5^)905,598(7)1,105,965
(6)120,000
def.$l,569,563def.$859,845sur.$38©,495sr$l,996,808
$3,552,750
$5,122,721
$9,620,575 $12,493,078
The report for the year 1920-21
says:
"The dividend on the 6% Pref.
and 7 % Pref. stocks for the
past year have not been declared and amount
to
$578,535."
The balance sheet of Oct. 29 1921 shows
(a) current and working assets
$34,970,842, which includes cash of $4,533,325 and inventory of
$17,177,705; (b) current and accrued liabilities of
of
$19,259,872,
Including
notes
Kayable of $17,304,613; (c) 7 % sink, bonds, due gold notes due July 15 1923,
5,500,000; (d) 5% 1st Mtge. gold fund 5-year 1946, $7,649,500.—V.
113,
p.
75.
Curtiss
Corp. $350,000; In addition, the furnishing until April 1922 of a
continuing credit of $100,000 to be issued in the purchase of crude oil for
refining; the purchase by Redmond & Co., with other bankers, of $110,000
of Choate 8% notes for $100,000; the extension
by a substantial majority
Aeroplane
&
Motor Corp.—Wins
Suit.—
H
Glenn II. Curtlss's suit to establish his
right to a broad patent on the
hydro-airplane was upheld Dec. 16 in a decision by the U.S. Circuit Court
of Appeals of the Second District.
The Court reversed the decision of the
of the general creditors of their claims
Eastern District Court of New York in
the
so as to be
payable in installments
period of one year expiring April 15 1922.
The plan contemplates
exchange of all the outstanding 7 % bonds for 8% notes, and the
placing
of a first mortgage
upon the company's present fixed assets for the benefit
of the issue of 8s, including those to be
given in exchange for the 7s.
"The new interests have installed a
management which we consider able
and efficient.
The Noco-Mexican Oil Co. is controlled
by the same interests
over a
case
of Curtise and the Curtiss
Aeroplane & Motor Corp. against Albert S. Janin and the Janin
Co., Inc.—
Y. 112, p. 853.
an
Cushing Petroleum Corp.—Sale of Collateral.
The company
having defaulted in the payment of the $120,000 installment
principal maturing Oct. I 1921, of the 5-year Serial Collateral Trust
sinking fund 6% gold debenture, dated Oct. 1 1919, and the Oct. 1 Int. on
the outstanding $599,600 debentures
having also been defaulted, the Emof
control the Noco Petroleum Co.
dividends
Sugar Corp.—To Pay Jan. 1 Interest.—
Total profit & loss, sur__
committee
These interests have been successful
is'every indication^that thejmanagement is worthy of confidence,
All
Creamery Package Mfg. Co.—Extra Dividend.—
The following protective committee has
been formed to protect the in¬
terests of the $1,469,000
outstanding 5-Year 8% Sinking Fund Convertible
Gold Notes, datod Jane 1 1920: Benj. West
Frazier,
Agreement with Noco-Mexican Oil Co. Held Up.—
stock.
An extra dividend of 50 cents
per share has been declared on the Com¬
stock in addition to the regular
quarterly of $1 per share, both payable
Jan. 10 to holders of record Jan. 1.
Quarterly dividends of 50 cents have
been paid since April 1921.—V.
due Jan. 1
Holders of the 5-Year 8% S. F. Conv. Gold Notes were
notified by the
on Sept. 12 in substance: "A contract has been
made with the
Noco-Mexican Oil Co. for an exchange of securities, which should
result in
the furnishing of considerable new
money to the Choate company and pro¬
vide it with capable management to tide over the
present depression and give
it an opportunity to work out of its
present difficulties.
The agreement
with Noco-Mexican Oil Co. calls for the
following:
"The acquisition by that company of a
majority of the stock of the Choate
Oil Corp. in exchange for stock of the Noco-Mexican Oil
Co., which the
latter company agrees to sell for the account of the Choate Oil
Corp. equally
with its own unissued stock
upon terms, which if carried out, will net the
Choate Oil
"C"
112, p. 2301, 2310.
mon
Committee.—
The Dec. 1 1921 interest on the
5-year 8% sinking fund convertible gold
notes has also been defaulted.
under way
An extra dividend of
2% has been declared on both the 1st and 2d Pref.
stocks, in addition to the regular quarterly dividend of
3% on the Common
stock, the regular semi-annual dividends of
3% each on the 1st and 2d Pref.
,
Chairman, W. W. Wat¬
Jr., W. W. Hepburn, with Neilson Edwards, Sec., 723 North
American
Bldg., Philadelphia, and Roberts, Montgomery & McKeehan, Morris
Building, Philadelphia, counsel.
Redmond & Co., Broad and Sansom
Sts.,
Philadelphia, depositary.
The corporation has defaulted in the March 15
and Sept. 15 sinking fund
obligations as well as the May 1 and Nov. 1 interest on the
outstanding
$494,000 3-year 7% sinking fund convertible gold bonds dated Nov. 1
1919.
are
2508.
Jersey.—Receivership.—
Chancellor
factory in Germany as well as in
much about foreign competition."
son,
p
Walker In the Court of
Chancery, Trenton, N. J., has ap¬
pointed Wesley Fleming, Washington, N. J., receiver for this
company,
manufacturer of pianos, organs and musical
instruments,
Dec.21.—V. 10 8,p.583
Schwab says in substance: "We will
go through
the year 1921 with a profit before
dividends.
While we did not fully earn
our dividend, we feel
justified, In view of our large surplus, to fall back
on our accumulation reserve to take
care of a part of our dividend
require¬
ments.
As a matter of fact,
only $500,000 is necessary to provide for the
dividend on our only one class of stock and we
have no bonds outstanding.
"Most of the business that is
coming in is in the way of small orders, and
it is interesting to note that railroad
buying is in evidence, but not on any
large scale.
Our plants during November
operated at from 30 to 40%
higher capacity than in October, and business for the current month also
shows some gains.
We have our own
Rumor
merger rumors, reports state that officers deny that the com¬
with American Can or National Cash Register,
The
merge
company has.
stock of the 1
Gas & Electric Co.—Stock.—
Corp .—Defaults—Protective
$4,241,706
399,085
...
Computing-Tabulating-Recording Co.—Merger
Regarding
Chicago Pneumatic Tool Co.—Earnings, &c.—
which
surplus.
_dof$3,833,709 sr$2,077,162
1,253,422
2,164,544
«...
Balance, deficit
113, p. 1578.
resignation, ef¬
Chairman Charles M.
and it here
$3,612,474
1,535,311
350,981
3,009,812
Preferred and Common stocks._
—V.
734.
company to sell at not less than $100 a share 824 shares of stock
authorized
by its order dated March 18 1920.
The original order stipulated that the
shares be sold at not less than $82 50 a
share.—V. 112, p.1147. *
Oil
excess
Other charges against
surplus
(J. I.) Case Threshing Mabliine Co.—Resignation.—
Choate
on
Balance
Previous surplus adjusted
Massachusetts Department of Public Utilities has
authorized the
company to issue 3,000 shares of stock to be sold at
$150 a share.
The
proceeds of the sale of 2,306 shares are to be
applied to demand notes out¬
standing Oct. 31 1921, and accounts payable on account of construction.
The proceeds of 694 shares are to be
applied to payment of cost of additions
to plant made
subsequent to Oct. 31 last.—V. 113, p. 2315.
so
$7,303,734
330,467
income
Deduct—Divs.
Cambridge Electric Light Co .—Stock Authorized.—
worrying
1920.
___def$2,339,776
1,067,765
63,000
191,800
profits taxes
def$3,662,341
171,368
Depreciation
Reserve for excise, income and
The
not
1921.
sources
Interest on funded and
floating debt
Amortized discount on 5-year gold note
ties and assumed all assets and
are
Graphophcne Mfg. Co.;—Earnings.—
Nine Months ending
Sept. 30—
Earnings, all
liabilities of the old
company.
The Com¬
pany was to increase its capital from $7,500,009 to $15,000,000 March 10
last.
See V. 112, p. 566.
on
Events", "Chronicle" Dec. 24, p. 2672.
Bridgeport, Conn., has been appointed temporary
receiver.—V. 106, p. 1347.
,
Scotland, therefore
—V. 112, p. 2753.
Stapely Co.—Stock Fraud Charged—Receiver.—
Edmund
"largest, most modern, best equipped and most
economically operated sugar
refinery in the world," official statement recently issued shows total losses
in 1919 and 1920 on raw and refined
sugar were approximately $13,500,000.
Besides this there was a
depreciation of about $1,000,000 in inventory
values.
It is explained that the present financial
situation is due largely
to action of the old
company in buying raw sugar on open market
and
having large stocks of raws on hand, when prices smashed."
("Wall street
Journal.")
Early this year it was reported that the California & Hawaiian
Sugar
Refining Corp. superseded the California-Hawaiian Sugar
Refining Co.,
the directors of the new
corporation having purchased the physical proper¬
Chevrolet Motor
Coburn,
the company controls, through
approximately 700,000 acres of
located in the north central part of Arizona.
Total value of security,
See under "Current
S. Wolf,
^
Pres. Chas. M. Begole died in
Clinton, Mich.,
M.
$1,101,000.
"Notwithstanding the fact that the corporation, owned by sugar planta¬
tion companies of Hawaii, boasts that its
refinery at Crockett, Cal., is the
Massachusetts
J. & W.
to the patented lands owned in
fee simple,
State leases and forest reserve
permits,
range
California & Hawaiian Sugar Eefin.
Corp.—Loss, &c.
Charlestown (Mass.)
R.
850
payable Jan. 15
The
&
Portland, Ore., joint trustees.
These bonds will be secured
by a first closed mortgage on approximately
acres of patented
lands, 31,000 (estimated) head of cattle and calves,
and $90,000 par value
securities owned by the corporation.
In addition
Bush Terminal Co.—Usual Stock Dividend.—
p.
Co.
Carstens'& Earles, Inc., San
Francisco, &c.. are offering at par and int.
$400 J)00 8% 8inking Fund First
Mtge. Gold bonds dated Dec. 15 1921,
due Dec. 15 1936.
Int. F. & A. at offices of Carstens &
Earles, Inc., and
Lumbermen's Trust Co., Portland, Ore.
L. L. Hillman, Pres. Carstens
& Earles, Inc., and Robert E.
Smith, Pres. Lumbermen's Trust Co.,
$1,292,000 new 7% cumulative prior preference
stock, $3,000,000 new 7%
cumulative preferred stock; 80,944 shares of new
Class A common stock,
without nominal or par value, and
80,940 shares of new Class B common
stock, without nominal or par value.—V.
113, p. 2725.
113,
Cattle
Prescott, Ariz.—Bonds Offered.—
The
31—V.
any
wood and adjacent sections if
they do not pay their bills at once.
The order
holds good until Jan. 7, when Justice
Blackmar will hear a motion to make
the injunction permanent.-—V.
113, p. 1475, 631.
ury for
Dec.
or
sumers
more series.
These debentures will be convertible
into capital stock of the
company and their issuance will be for the
purpose of reimbursing the treas¬
Frank K. Bull, Chairman of the
board, has tendered his
taking
otherwise in the collection of the increased bills which
the con¬
have refused to pay.
This court order prevents the company from
carrying out its threat to shut off the water from its consumers in
$19,000,000 to $30,000,000.
The stockholders also authorized the issu¬
of not exceeding
$10,000,000 debenture bonds to bo issued in one or
fective
—
Capitalization.—Outstanding securities, after issue of all of the preferred
now
authorized, will be as follows: Common
8tock, $2,000,000;
7% Preferred Stock, $1,000,000; 1st & Ref. Bonds
(5%), $2,738,500; Gen.
Mtge. 7s, $1,302,000; One-Year Collateral
(8%) Notes (V. 113, p. 1679).
$250,000—V. 113, p. 2508.
ance
to
Indianapolis.—Preferred Stock
Indianapolis.
Brooklyn Edison Co.—Securities Authorized.—
The stockholders Dec. 28
authorized
of
stock
$11,-
property for
Co.
Indianapolis, have obtained from the company
portion of the original Issue of $1,000,000 7% cumula¬
tive pref. stock and are
offering it at par and div.
Divs. payable Q-M..
The company controls, without
competition, the entire gas business of
Committee has in-
authorizing the. purchase of the
112,
Gas
Gavin L. Payne &
Co.,
the unsold $400,000
the purchase would be 932 acres of
land owned by the Cape Cod Construc¬
tion Co.
Chairman Winslow of the House Commerce
a
due
defaulted.]
by the Federal Government of Cape Cod Canal was
recom¬
12 by Secretaries
Weeks, Denb.v and Hoover, who informed
Congress that $11,50^,000 would be a "reasonable
price for the property."
Of the $11,500,000
purchase price, $5,500,000 would be in cash, with the
Government assuming $6,000,000 in bonds
now
outstanding.
Included in
—V.
money furnished by Nodo, and unless
do not see how the
company will be
on the 8s.
[The Dec. 1 interest was
we
some
mended Dec.
506,000
was
i
at exchange
these deben¬
pire Trust Co., trustee, on Jan. 5, will sell at public auction
sales rooms, 30 Versey St., New York, the collateral securing
tures, viz.: 4,000 shares (par $25) of Sapulpa Petroleum Corp.
Cuyamel Fruit Co. (New Orleans).—Guaranteed Bonds
Offered.—A. G. Becker & Co. and Ames, Emerich & Co.
Chicago and New York; Ilibernia Securities Co., Inc., and
Isadore Newman & Son, New Orleans and New York, are
offering, at 09 and interest, yielding
Mtge. 20-Year ll/i% Sinking Fund
advertising pages.) '
7%, $3,500,000 1st
Gold Bonds. (See
-•
•
_
•.
Due Dec. 1 1941.
Callable as a whole on any int
date on 30 days' notice at 105 and int.
Callable for the sinking fund at
107?^ and int. to and incl. Dec. 1 1926; at 105 and int. from June 1
to and incl. Dec. 1 1931. and at 102lA and int. thereafter.
Int. payable
J. & D. at office of A. G. Becker & Co., in Chicago or New York, or at office
of Hibernia Bank & Trust Co., New Orleans, trustee, without deduction
for normal Federal income tax not to exceed 2 %.
Denom. $1,000, $500 and
Dated Dec. 1 1921.
1927
100 (c*.)
A uth.. $5,000,000.
Joint and several obligation
of the company and Cortes
Development Co.
(Pres. and founder of
Guar., prin. and int., by Samuel Zemurray
Fruit Co.), by endorsement.
Data from Letter of Samuel Zemurray,
Cuyamel
President of the Company.
Company.—Engaged in the cultivation, purchase, transportation and
Was incorporated in 1911, and, together with its
predecessor, has been engaged in this business since 1905.
Is fully equipped
for conducting its business, owning farms, railway and tram lines, steam¬
ships, wharves, &c., and employs about 2.000 people.
Security.—In addition to the above guaranty, and obligation, the bonds
will be secured by property, consisting of buildings, live stock, steamships,
railroads, tramways, rolling stock, telephone, electric light and watersupply equipment valued as of Oct. 1 1921 in excess of $8,250,000 after
depreciation.
Other than steamships, bonds will be secured by a direct
first mortgage, and as to the steamships, by pledge and voting control
of all the shares of stock of the Cuyamel Steamship Co., holding title to these
ships, and also by pledge of its demand notes, delivered to the fruit company
in payment for these ships.
Earnings.—Net earnings of the companies available for interest, deprecia¬
tion, Federal taxes, &c., for 11 months ending Nov. 30 1921 were $2,275,447, or about 9 times the annual interest requirements on these $3,500,000
bonds.
Average annual net earnings for the past five years ended Dec. 31
1920, after interims and taxes but before depreciation, were $1,195,866,
after depreciation, interest and taxes were $718,085, or about 2% times
maximum interest requirements on the bonds.
Sinking Fund.—Mortgage provides for a sinking fund to retire annually
by purchase or redemption not less than 5% and not more than 15% of
the greatest amount of bonds at any time outstanding.
Purpose.—Proceeds will be used to retire $850,000 6% Marine Equip¬
ment Notes, and to pay for capital expenditures already made.
(Further
information should be given another week.)—See V. 110, p. 874.
__n
marketing of bananas.
Machine
Adding
Dalton
(of
Cincinnati).—Notes
Offered.■—The hankers named below are offering at 100 and
int. $750,000 8% Sinking Fund 10-Year Conv. Gold Notes.
Offering.—Fifth-Third National Bank, W. E. Button
& Co., Richards, Parish & Lamson and Geo. Eustis & Co., Cincinnati, O.
Dated Dec. 1 1921, due Dec. 1 1931.
Denom. $1,000, $500, $100.
Int.
payable J. & D. at Union Savings Bank & Trust Co., Cincinnati, trustee,
without deduction for Federal normal income tax up to 2%.
Callable all
or part, 30 days after any int. date, on or prior to Nov. 30 1925, at 107 and
then 106 to Nov. 30 1926: 105 to Nov. 30 1927: 104 to Nov. 30 1928: 103
to Nov. 30 1929: 102 to Nov. 30 1930, and 101 to maturity, plus int.
Convertible.—Convertible on any int. date up to and incl. maturity, into
the Common stock of the company at the ratio of 10 shares of Common
Making
Bankers
stock for every $1,000 note.
from Letter of Pres. James L. Dalton, Cincinnati, Dec. 6.
Company.—Incorporated in Ohio in July 1914 as successor to a Missouri
corporation of the same name.
In 1921 company added to its former line
the "New Dalton Super-model" and two new types of "Ledger Posting
Machines," selling at approximately $350 to $850 each.
Purpose.—To pay bank loans and to bring into quantity production the
following machines; new thirteen-column Super-Dalton, new machine for
adding British currency and a new direct subtracting ledger posting machine
Data
for
use
in banks.
Sinking Fund.—A semi-annual sinking fund has been provided beginning
June 1 1924 to retire at least $575,000 of the present 8% notes on or before
maturity.
Earnings.—From Jan. 1
interest charge on
this issue.
Authorized.
Capitalization after this Financing—
Issued.
$750,000
9,250,000
Common stock
.
8% 10-year notes (this issue)
112. p. 1521.
$750,000
2,604,958
1,000,000
Preferred stock
750,000
—V.
Damascus Brake Beam
An
extra
dividend of 2%
was
Co.—Extra Dividend.—
paid Dec. 22 last on the outstanding
$500,000 Common stock, par $100
The regular quarterly dividend of 2%
has been declared payable Jan. 19 to holders of record Jan. 13.
An extra
of
2% was also paid in December
1920.—V. 112, p. 66.
(William) Davies & Co., Inc.—Sells Plant.—
See Agar Packing Co.,
Detroit Edison
Electric Vacuum Cleaner Co., Inc.—Initial Dividend.—
share has been declared on the outstanding
value, payable Feb 15 to holders of record Jan. 31.
This company^is a subsidiary of the General Electric Co-—V. 112, p. 2417.
An initial dividend of $2 per
Common stock, no par
Endicott^ Johnson Corp.—Breaks Ground for Factory.—
giant shoe factory and ground has been
by the present factories, located at
The company is planning a new
loken at West Endicott, N. Y., near
dicott and Johnson City, New
a
^'
Inc., above.—V. 113, p. 1058.
shoes in a full day's operation.
It is understood
that the plans provide for the manufacture of men's fine welt shoes.
In addition to the factory itself, provision is being made for a one-story
daylight cutting room, enclosed almost entirely in glass, extending out in
front the entire length of the structure.
Every effort is being made to
increase the company's daily production of shoes from its present figure
which now stands at approximately 107,000 pairs a day.—V. 113, p. 2726. M
Fensland
The
Oil Co.—Capital Increase.—
24 increased the authorized Capital stock from
shares, no par value.
See V. 113, p. 2726- a
stockholders Dec.
225,000 shares to 500,000
""Ford Motor Co., Detroit.—Special Dividend.—
The company has declared a special dividend of 3%, payable"*Dec."31
employee investment certificate holders, making a total of 12%ifor this
to
taf
year.
Operations in the main Highland Park-factory, it is stated, will be resumed
Instead of only a part of the force getting work at the wage sched¬
ule of $7 a day, it is proposed to operate at 24 hours a day in four shifts of
six hours each at $5 a day.
•
Jan. 9.
No Price Chanaes Jan. 1.—
of the company's New York brauch, says in
attention has been called to recent newspaper articles
and rumors to the effect that there is to be a price drop on Jan. 1. # As
there is no foundation to such rumors and we are not contemplating any
price changes, we have no hesitancy in making a public denial of the report. *
—V. 113, p. 2508.
Gaston Plaintiff, Manager
substance: "Our
Corp.—Bonds Offered.—National
New York, &o., are offering, at
103Yz and int.', to yield about 634%, $400,000 1st & Ref.
Mtge. Gold Bonds 35-Year 634% Series "A".
Water
City
Fresno
City Co., San Francisco,
Dated Nov. 1 1921, due Nov.
deduction
of the
1 1956.
Denom. $500 and
of 2%.
after jsaid
Co. of Los
outstanding will be
of such paymont
bonds may be
Railroad Commission.
Fresno, Calif., Dec. 15 1921.
Company.—Organized in California in 1919. Succeeded to all properties
of Fresno City Water Co. organized in 1905.
Supplies water to Iresno,
Calif.
Population approximately 65,000.
Water supply is drawn from 56
issued.
authorized by California
Issuance
Data from Letter of
Pres. A. C. Balch,
about the city. By means
into a steel pressure tank of
840,600 ft. of mains, not in¬
Nov. 30 1921, 13,733.
increased over 300%.
allied to that of San
deep-water wells, located at convenient points
of electrically driven pumps the water is lifted
235,000 gallons capacity.
Has in actual use
cluding service connections.
Number of customers
Since 1905 the total number of consumers served has
The stock ownership and management is closely
Joaquin Light & Power Corp.
Purpose.—Proceeds will be used to reimburse
expended for additions and betterments
tofore
#4
treasury for moneys here¬
and to provide for future
improvements.
Capitalization—
Common stock
.
First & Ref. Mtge. Series "A" 6J^s (this issue)
Underlying First Mtge. 5s due 1946 (closed)
Earnings Calendar Years.
Gross
Earns.
Calendar
Year—
—$176,467
206,889
243,308
264,596
1916
1918
—
1920
1921
x
x—
52,870
101,290
190,438
163,306
Twelve months ended Oct.
.
,
_
Actual Int. Bel.Bef.
Charges. Deprec'n.
$12,862
$43,041
12,313
44,275
.
16,236
37,634
26,303
74,988
31 1921.
Gair Co., New York.—Balance Sheet.—The
bankers' circular offering $4.(XX),000 1st M. 7% gold bonds,
dated Jan. 1 1922, due Jan. 1 1937 ($6,000,000 authorized),
shows the following adjusted balance sheet of Oct. 31 1921,
which we compare with that for Dec. 31 1920 as follows:
Balance Sheet of Oct. 31 1921, Adjusted to Give Effect to Present Financing.
Assets—
Oct. 31 '21. Dec. 31 *20.
Land, as appraised by officers of the company
$253,4751
13,819,548/$12,920,708
Builings, machinery and equipment
Good-will, patent rights and trade-marks
Cash in banks and on hand
Accounts and
1
1,345,891
1,436,248
bills receivable, less reserve
Liberty bonds
bonds at cost
Inventories —
Realty cost obligation
Deferred charges
,
-
-
Gair
(For details as to rights see V. 113, p 2508.)
^
Consolidated Income Account for 12 Months ended Nov. 30*1921.
Gross earnings—Electricity, $21,059,413; heat, $1,880,037; gas,
499,215
2,276,875
824,500
—---—
—
Common
21,000
2,076.766
833,200
3,827,115
2,857,800
69,312
12,742
Miscellaneous
$23,342,031
and
in¬
&c., taxes, $1,483,950-
17,178,178
I^et earnings from operation.
$6,163,853
come,,
unfunded debt,
$364,333; less amount charged to property account for inter¬
est on money borrowed for construction purposes, $407,064- _
Interest
on
funded debt, $3,428,272; interest on
Net income
for year
_•
3,385,541
$2,778,312
$804,351
i
Extraordinary charges
Total assets
Liabilities—
350,307
———-—
$20,136,436 $23,288,268
— -
a$9,712,698 $10,536,860
833,2001 6,857,800
stock (no par value)
1st Pref. Cumul. 7% stock (par $100 a share)
2d Pref. Cumul. stock (par $100 a share)—
1st Mortgage 7% bonds
Bills payable
Accounts payable
Accrued interest
Accrued taxes
Thames River Specialties
4,000,000/
4,000,000
—
440,000
oob'ooo
190,000
-See "a" below 1,558,498
Reserves
------
-
$253,477
$2,284,384
Deficit
—V.
113,
p.
2508.
Doullut & Williams Shipbldg.
Co., Inc., New Orleans.
The entire property, including metal and woodworking machinery, water
transportation, railroad and contractors' stock and equipment, new ma¬
terial, lumber, supplies, miscellaneous equipment and materials; 17 steel
and wood buildings and valued at $2,250,000, will be sold at public auction
Janv 11, 12, 13 and 14, at Shipyard Ft. Downan Road on Industrial Canal,
New Orleans, La., by Fitzpatrick-Tili Auction Co., Inc., 225 Royal »t.,
New Orleans, La., and Smith & Jaffe, 69 West 45th St., New York City.
N. Y., auctioneers.—V. 113, p. 2619.
Earn-Line SS. Co.,
The stockholders
Philadelphia.—To Dissolve.—
will vote Jan. 17 next on dissolving.
If approved the
liquidation will begin at once, in accordance with recognized buisness
procedure.
The company is solvent and its capital unimpaired. All
accounts, both payable and receivable, shall be promptly liquidated.
The reason for recommending the dissolution of the companv is based
wholly on the fact that, in the opinion of its officers and directors, shipping
conditions are so adverse in the trade routes it operates that the company
cannot profitably continue them, and no early improvement in these con¬
ditions is
anticipated.
456,122
^
.047,900
84,625
917,703
230,000
548,760
550,000
Co_
$20,136,436 $23,288,268
Total liabilities
Profit and loss Nov. 30 1921
•
—--
Co. bonds
North Star Egg Case Co. obligations—
Balance purchase price Chicago Coated Board
Quincy plant obligation
Surplus
f
960,538-!
2,227,438
Dividends
,
(Robert)
authorized the listing on and after Jan. 3
of $5,543,800 additional Capital stock, par $100, making the total amount
applied for to date $37,910,000.
The proceeds of the additional stock will
be used to reimburse the company in part for expenditures, extensions, &c.
$212,731; miscellaneous, $189,849
Expense of operation. $14,425,228; renewal, replacement
contingent (depreciation reserve), $1,269,000; Federal
,
Authorized. Outstanding.
$1,000,000
$350,000
5,000,000
400,000
350,000
213,500
Op.Exp.,Maint.
Net
& Taxes.
Earns.
$120,564
$55,903
150,300
56.588
b
The N. Y. Stock Exchange has
without
Int. payable M. & N. 1
normal Federal income tax
$1,000 (c*). Non-callable prior to Nov. 1 1936.
Callable on or
date upon 30 days' notice at 105 and int.
Union Bank & Trust
Angeles, trustee.
A sinking fund of 2% of all bonds
paid to the trustee annually beginning 1927.
One-half
may be used for additions and betterments against which no
Stocks and
Co.—Listing—Earnings.—
The plans for this factory call for
feet wide, capable of producing
York.
high, 380 ft. long by 60
structure 4 stories
from 6,000 to 8,000 pairs of
<
1917 to Oct. 31 1921 the annual net earnings,
applicable to the payment of interest, averaged approximately 3 times the
annual
[VOL. 113.
CHRONICLE
THE
33SI
manufactured on contract are figured at net selling value; goods
at cost, and raw materials at cost or market,
a The net surplus balance of $9,712,698 is shown opposite the Common
stock as being the book vlaue amount representing the 475,000 outstanding
Common shares of no par value.
See offering.
V. 113, p. 2620.
b Stocks
whichever is lower.
in process
Moore
Gano
Coal Mining
Co.—Consolidation.—
Incorporated Dec. 9 1921 in Delaware to purchase and deal in coal and
and other properties.
According to reports, the new company will have a capitalization of
$6 500 000 7H% Pref. Partic. stock and $3,000,000 Common stock.
The
company will absorb the Gano Moore Co. and Courtright,
&
Cunningham. Inc.. and will purchase 7 coal mines located in southern West
Virginia on the Norfolk & western and Chesapeake & Ohio railroads.
The
coal lands
Dimmick
officers of the new company
will be M. R. Gano, Pres
C Matlack and F.
and Treasurer.
company's principal office
Cunningham, H
Gano. Secretary
The new
with other offices at
offices at Rio de
ei
Janeiro. Buenos
.T
will be at 44 Beaver St., N. Y. City,
Philadelphia, Norfolk and Newport
General Motors
Aires and London.
News and foreign
,
Corp.—Dividend Outlook—Prices.—
committee on Dec. 29 reached no decision with reference to
quarterly dividend of 25 cents per share usually paid Feb. 1 on
The finance
the usual
& Chairman W. H.
D Dimmick, V -Pres'ts, and C. C.
I
Dec. 31
1921.]
THE
CHRONICLE
the Common stock.
It is generally thought on Wall Street that the divi¬
dend will either be omitted or largely reduced.
The directors will meet
Jan. 4 to take action on the matter.
A cash distribution of 25 cents
per
share was made on this issue in each of the four quarters of 1921.
ment
period, we have such volume of orders already booked for 1922 by
distributers and dealers in every part of the
country that we are able
on to buyers a new mark In lowered
manufacturing costs."—
V. 112, p. 378.
our
to
pass
Price Schedule (J. o. b. Detroit) of Cadillac Motor Car
Co., Effective Jan. 1.
New Type 61 Cars—
New prices (Jan. 1
Old prices (Sept. 1
Price
Touring Car. Coupe(2Pass.)
1922)_._$3,150
$3,875
1921)— 3,940
4,540
Schedule of Buick Motor Co..
Touring.
(5 Pass.)
'
New prices (Jan. 1 1922)—
Old prices (June 1 1921)—
—V.
1.
A
dividend
Jan.
of 4%
has been
16 to holders of record
paid oh the Pref.;
none
the Preferred stock, payable
In Jan. 1920 a dividend of
since.—V. 112, p. 1149.
(H.C.)Godman Co., Columbus, O.—Capital Increase, etc.
are:
Hartford Automotive Parts Co.—Stock Fraud Charged.—
1872.
p.
Events" "Chronicle"
'•
.
Dec.
24, p.
2672.—V.
112,
w.v:;-
(George W.) Helme Co.—To Increase Capital.—
$4,000,000 Pref. stock is
now
outstanding.—V.
113, p. 2509.
Hendee Manufacturing Co.—To Sell Harley Co.—
It is stated that the company is negotiating to sell its Harley Co.
plant
at Springfield to prominent New York and Philadelphia railroad interests.
The Pennsylvania RR. is mentioned as being the purchaser.
The
purchase
price is stated to be $825,000, of which $100 000 cash is to be paid to the
Hendee Co. immediately, and the balance. $725,000, is represented
by a
mortgage which the Hendee company takes back.
The Hendee company
owns practically all the stock of the Harley Co.—V. 113,
p. 2509.
Herschel1-9TH*llmn.n Motor Co.—Stock Fraud Charged.—:
under "Current Events," "Chronicle"*Dec. 24,
p. 2672.—V. Ill,
See
2085.
(D. H.) Holmes Co., New Orleans.—Capital Increase.—
The stockholders voted Dec. 28 to increase the
000
to
capital stock from $2,750,-
$3,000,000.
The new issue of stock has been over-subscribed at
share.
The new stock has been in the main purchased by present
stockholders.
The company for several' years has paid a
14%. dividend.
The company, which previously had been owned by the Holmes
estate,
was organized
in 1905 with a capital stock of $2,000,000.
This was in¬
creased to $2,500,000 in 1914, while in Jan. 1921 a stock dividend of
10%
was declared, increasing the capital to $2,750.000.—V.
112, p. 378.
$200
per
Hood Rubber Co.—Notes
Sold—10,000 Shares of Common
Stock Being Offered.—Hayden, Stone & Co. and Brown Bros.
& Co. have sold at 97>2 and int., to yield over
7.25%,
$6,000,000 15-Year 7% Sinking Fund Gold Notes (see ad¬
vertising pages in Chronicle Dec. 24, p. xxxi).
In addition, an issue of 10,000 shares of Common stock is
being made at this time.
Dated Dec. 1 1921, due Dec. 1 1936.
Int. payable J. & D. at First Na¬
Bank, Boston, trustee, or New York.
Denom. $1,000.
Red. on
1926 at 105 and int., and y2% less each year thereafter to Dec. 1
1935, incl.
[The above bonds have been luted on the Boston Stock Exchange.]
tional
Dec. 1
Data from Letter of Treas. F. D.
Hood, Watertown, Mass., Dec. 16.
Sinking Fund.—Company will retire by purchase or call and redemp¬
tion $200,000 notes for year ending Dec. 1
1926, and a like amount in each
1935, with the right to anticipate
succeeding year up to and incl. Dec. 1
such retirement in whole or in part.
Company.—Incorp. in Mass. in 1896.
Owns and operates in Watertown,
Mass., plant containing 1,458,767 sq. ft. of floor space.
Products include
rubber boots and shoes, vulcanized rubber canvas footwear,
pneumatic
ttres and tubes, solid tires for trucks, and hard rubber and moulded goods.
Employs about 7,500 people.
Dally capacity is over 75.000 pairs of rubber
footwear and 2,000 tires, besides tubes and moulded goods.
Products
are distributed through a subsidiary corporation
(Hood Rubber Products
Co., Inc.. the entire $500,000 Common stock of which is owned by the
Hood Rubber Co.), which has a large sales organization having 24 branches
throughout the United States.
Purpose—Proceeds of notes and of 10,000 shares of Common stock being
issued at this time will be used to reduce the current bank loans to about
$2,500,000.
Management estimates that by Dec. 31 1921 there will be
a further reduction of fully $1,000,000.
Capitalization Outstanding, Hood Rubber Co. and Hood Rubber Products Co.,
Inc., After This Financing.
xCornmon stock, fau h.
120,000 ,4hare ] 110,000 shares
(without par value)
$5,500,000
7% Cumulative New Preferred stock
4,850.000
Hood Rubber Products Co., Inc., 7% Preferred stock
1,000.000
15-Year 7% Sinking Fund gold notes (this issue)
6,000.000
x The Common stock capital is about to be increased
by $500,000, to
be paid in cash for 10,000 additional shares of Common stock.
On Dec. 31 1920 the common stock capital and surplus of the Hood Rub¬
ber Co. were $6,900,000. all of which, except $900,000, represents accumu¬
lated earnings reinvested in the property.
Over $3,000,000 have been paid
out in cash dividends on the Common stock of the Hood Rubber
Co., in
addition to the payments of regular dividends on the Preferred stock.
Sales and Earnings for Calendar Years.
1916.
1917.
1918.
yl919.
yl920.
$11,666,501 $18,573,765 $22,341,081 $25,441,207 $32,884,131
738,043
2,027,939
1.711,613
1,377,652
2,160,166
After depreciation and maintenance charges are deducted and before
Sales
xNetinc..
x
Federal
taxes
and
interest on current bank
loans,
y
Inter-company
ac¬
counting eliminated.
For the 5 years ending Dec. 31 1920 net earnings before interest on current
bank loans and Federal taxes (but after liberal charges for depreciation
and maintenance, averaging over
or over
$1,000,000 yearly) averaged $1,603,083,
3% times the annual interest charge on these notes.
The fiscal year has been changed to Mar. 31. and for the 15 months end¬
ing Mar. 31 1922, it is estimated that the net income, after depreciation
and maintenance charges and before Federal taxes and interest on current
bank loans, should be in excess of $1,500,000.
Sales for the calendar year
1921
should
be
about
during 1921.—V.
112,
$25,000,000,
2196.
notwithstanding
reduction
of prices
p.
Hudson Motor
Car Co.—Prices
Reduced.—
Relative to reduction of prices announced by the Hudson and Essex Motor
companies ranging from $150 to $245 per car on the Hudson and from $100
to $150 on the Essex cars, President Roy D. Chapin says: "With business
down to the pre-war level of labor and material costs, manufacturers are
able to get back to the fundamental principles of American
merchandising
basing prices to the public on volume production.
Added to the steady
demand that Hudson and Essex have maintained throughout the
readjust¬
Sept. 30 last
2502.
Redlands,
on
the
Calif.—
Co.,
.
•;
■
....
Columbus, Ind.—Receiver.
Judge John W. Donaker in Circuit Court at Columbus, Ind., Dec. 17
appointed the Peoples Savings & Trust Co., Columbus, Ind., receiver.
—V. 113. p. 2727.
Indiana Power Co.—To Increase Dividend Rate.—
The company has applied to the Indiana P. S. Commission for
authority
to increase the dividend rate on the
$1,303,000 of unsold
Preferred stock
from 7% to 8%.—V. 113, p. 2509.
Industrial Service &
Engineering Co.—Trustees' Sale.—
The company having defaulted on the
interest; due Oct. 15 on the $500,000 5-year 8% Collateral Trust gold notes dated
April 15 1921, the State
Street Trust Co., Boston, Dec. 28 was to sell the entire
collateral pledged
security, at the Real Estate Exchange, 8 Congress Street, Boston.
(Robert H.) Ingersoll & Bro. (Ingersoll Watches).—
Receivership—Reorganization under Way.—
Federal Judge Hand Dec. 27 appointed Fdward S. H.
Child receiver for
this company, manufacturer of the
Ingersoll "Dollar Watch."
An involuntary petition was filed
by the National City Bank and Chase
National Bank, each holding notes
amounting to $210,000. and by Hatha¬
way, Smith, Folds & Co., holding notes for $50,000,
The petition was
filed by Harry Zalkin, of Zalkin & Cohen.
Mr. Zalkin said:
"We are working on a plan of reorganization which will
be completed
within a few days and sent out to all the
creditors.
The difficulties of
Robert H. Ingersoll & Brother
undoubtedly have been due to the
.
The N. Y. Stock Exchange has been notified by the
company of a pro¬
posed increase in the present authorized Common stock from $4,000,000
to $8,000,000.
The entire authorized $4,000,000 Common stock and the
P
Indiana Oil Refining
as
Hackensack Water Co.—Pords Sold.—
White, Weld & Co., and Kean. Taylor & Co., announce that the $2,000 000 15-year 7% Gold Deb. bonds offered by them at 100 and int. have been
oversubscribed.
See offering In V. 113, p. 2726.
under "Current
Gas Co.,
p.
The California RR. Commission
recently denied the application of the
Interstate Company to issue $100,000
7% bonds and $150,000 Common
stock to acquire the property formerly owned
by the Imperial Valley Gas
Co. on the ground that the
proposed method of financing was unsound.
—v. 112, p. 854.
1
F. A. Miller, Pres.; E. E. Lerch,
1st V. Pres.; F. J.
Kaufman, 2d V. Pres.: J. E. Lerch, Gen. Mgr.; William Brooks, Akst.
Gen'l Mgr.; H. J. Kaufman, Treas.; Charles L. Ims, Asst.
Treas.; J. E.
Jones, Sec.; C. S. Hutchinson, Ass't Sec., and E. S. Pettigrew.
See
Imperial Valley
on
The company recently increased Its capital stock from $2,500,000 to
$4,000,000.
The stock now consists of $3,100,000 common ($2,359,700
outstanding), $300,000 6% cumulative 1st Pref. (all outstanding) and
$600,000 6% cumulative 2d Pref. ($500,000 outstanding), par value of all
classes $100.
The directors
Ordinary shares, both payable Dec. 30.—V. 113,
/
Co.—Pref. Div. of 4%.—
declared
Dec. 30.
The company has declared an interim dividend of
1H% for the current
and a final dividend of 1% for the year ended
year
Touring.
(7 Pass.)
$1,585
1,735
113, p. 2726.
Giant Portland Cement
was
$4,550
"
5,290
Sedan.
(5 Pass.)
$2,165
2,435
.
Imperial Tobacco Co. of Canada, Ltd.—Interim Div.—
Limousine
4,950
Effective Jan.
Coupe.
(2 Pass.)
$1,295
1,475
$935
975
Sedan.
$4,100
2825
money
stringency, but there is every prospect that the company will be put back
on
a
paying basis following the reorganization."
The petition says the assets consist of cash in
bank, accounts receivable,
notes receivable, finished
merchandise, raw product, real estate, and inter¬
ests in stock of other companies, the value of which is
placed at $2,000,000,
"exclusive of such value as may be placed upon its good-will."
Robert H. Ingersoll, Pres., and Charles H.
Ingersoll, Sec., signed the
following statement, which was attached to tho petition:
"Robert H. Ingersoll & Brother, a joint stock association
organized under
the laws of New York, does hereby admit its
inability to pay its debts and
its willingness to be adjudged a
bankrupt on that ground.
Dated, Dec. 26
1921."
Compare V. 112, p. 2754.
International Paper Co.—Bonds Sold.—Bankers Trust
Co., Union Trust Co. of Pittsburgh, Blair & Co., Inc., and
Halsey, Stuart & Co., Inc., have sold, at 87 and int., to yield
over 6%,
$12,500,000 Series "B" 1st & Ref. 5% Sinking
Fund Mtge. bonds (closed issue) of
1917, due Jan. 1 1947.
Series "A" and "B" bonds
are
ers
are
Identical, except that Series "A" bonds
convertible into 6% Preferred stock at par prior to
July 1
Trust Co., New York, trustee.
(For
&c.,
see
V. 107,
p.
1922.
Bank¬
description of Series "A" bonds,
1575.)
Data from Letter of President Philip T. Dodge,
New«York. Dec. 28.
Business
and
Properties.—Company,
organized
in
1898,
Is the largest
1920 exceeding
mills, 37 of which
manufacturer of paper in the world, its production
during
500,000 tons.
Operates 46 paper, pulp and sulphite
owned
in
fee. 8 owned in fee by subsidiaries the stocks of which
are
one leased.
In addition, 2 small mills
owned in fee and leased to outside interests.
The mills are located in
New York, Vermont, New Hampshire, Massachusetts and
are
pledged under this mortgage, and
are
Maine, and one
Complementary steam and water power developments ag¬
213 500 h. p.
in addition, the development of approximately
23,000 hydro-electric horse-power is approaching completion.
Also, un¬
developed water power sites are held in the U. S. and Canada
aggregating
173,000 (est.) p. n., of which 100.000 (est.) h. p. are located in the TJ. 8.
The company and its subsidiaries own in fee
approximately 1,500,000
acres of woodland, of which 1.200,000 acres are located
in New York, New
Hampshire. Maine, Vermont and Michigan, and the balance in
in
Canada.
gregate
and in addition company, through
use wood from 2,800,000 acres in
Canada,
its subsidiaries, holds permits to cut and
anada.
Security.—Subject to two small mortgages, aggregating only $275,000,
are secured, in effect, by about
$60,000,000 book value of fixed
assets.
The mortgage provides in effect that no
prior lien or charge shall
be created against the properties of the
company or its subsidiaries, the
stocks of which are pledged, unless such lien or
charge shall be pledged
under the mortgage.
(Compare also V. 107, p. 1575.)
Sinking Fund.—The mortgage provides for an annual sinking fund of
1 % of the total amount of the bonds issued under the
mortgage, payable
semi-annually, M. & N., to be applied to the purchase of bonds at not ex¬
ceeding 102K and Int.
Purpose.—Proceeds will be applied to reduce current indebtedness.
these bonds
Capitalization After This Financing—
Authorized. Outstand'g.
$25,000,000 $24,883,058
20,000,000
19,899,764
First & Refunding Bonds, Series "A"
7,500,000
x6,896,000
do
do
Series"B" (this issue). 12.500.000
12,500,000
St. Maurice Lumber Co. 5s. due 1927
(closed)
75,000
Aroostook P. & P. 6s. due $50,000 each Jan. 1
(closed)
200,000
x Balance of this series has already been retired
by operation of sink, fund
Earnings.—While operations for 1921 will not be satisfactory, the aver¬
age annual earnings applicable to interest for the 10
years ending Dec. 31
1921 (1921 partly estimated) were $4,895,000. or about 5 times
annual in¬
terest requirements on all bonds now
outstanding, including this issue.
These earnings were before Federal taxes but after
depreciation charges
averaging $1,459,000 per annum.
The unsatisfactory 1921 results are due to
price readjustments for the
company's product incident to the general Industrial depression and to
the high cost of raw materials previously contracted
for, accentuated by
a protracted strike, which commenced
May 1 1921 and entailed a complete
shutdown
at all plants for several months.
Preferred stock.
Common stock
Present inventory
values
hand and to be received
are
written
under contract
down
are
at
so
or
that stocks of wood on
below replacement
cost,
and labor and other operating costs are being
brought under effective con¬
trol.
Under the more normal operating conditions now
obtaining, it is
confidently anticipated that the satisfactory margin of profit heretfoore
a long number of years will again be realized.—V.
113, p. 1059.
made for
Invincible Oil
Corporation.—Listing.—
The
N. Y. Stock Exchange has authorized the
listing of $2,799,000
10-year 8% Sinking Fund Conv. Gold Coupon bonds, due March 1
1931,
which have been issued and are outstanding in the hands of the
public,
with authority to add $2,852,000 on official notice that
they have been
sold, making the total amount applied for $5,651,000 (auth.,
$6,000,000).
The proceeds of the sale of tne bonds now
outstanding were used in
paying off and discharging $1,959,000 One-Year 7% notes, due March 1
1921, and $1,000,000 of an outstanding issue of $3,400,000 of Esperson &
Bonner notes.
The remainder of the bonds are reserved to be sold
for the
purpose of payingoff and discharging the remainder of Esperson & Bonner
notes, which on Dec. 8 amounted to $2,400,000:
The Exchange has also authorized the
listing on and after Dec. 28 of
temporary certificates for 630,000 shares of Capital stock, no par
value,
on
official notice of issuance in exchange for 630,000 shares of
present
outstanding Capital stock, par $50, with authority to add 205,447
shares,
no par value, on official notice of Issuance and
payment in full, making
the total amount applied for 835,447 shares.—V. 113,
p. 2622.
Iowa
thur
Light, Heat & Power Co.—Bonds Offered.—Ar¬
Perry & Co.. Boston, and Paisly Bros. & Co., Phila.,
\
[Vol. 113.
CHRONICLE
THE
2826
held the gold notes,
and int., yielding over 7.10%, $450,000
1st Mtge. 5% 30-Year Sinking Fund gold bonds, carrying
7% consolidated coupons.
*
j
Dated Oct. 2 1916. due Oct. 1 1946.
Int. payable A. & O. in Boston
without deduction of normal Federal income tax up to 2%.
Penna. 4-miIl
tax refunded.
Denom. $500 and $1,000 (c*).
Company covenants that
bonds with the consolidated coupons shall be callable on any int. date up
to and Incl. Oct. 1 1936. only upon payment of 110 and int., and thereafter
at Vi% less in each successive year until such time as it shall be reduced
to 105 and int., at which figure it shall remain until the date of maturity.
International Trust Co., Boston, trustee.
Consolidated Coupons.—In addition to 5% int.
on
7% Consolidated Coupons .—In addition to 5% int. payable on these bonds
under the provisions of the First Mtge., 2% additional interest, secured by
the
offering at 98%
are
a
payable on
coupons.
eral
General Mtge., will be
their 7% consolidated
Sinking Fund.—The
bonds of this issue as evidenced by
.
,
sinking fund provides that company shall deposit
annually with the trustee in cash on Oct. 1 1920 to 1924 Yt %5 1925 to 1932,
1%, and 1933 to 1944, 1H%. of the total amount of bonds
this fund to be used for the redemption of bonds or to pay for additional
property which thereupon becomes unavailable for the issue of
Data from Letter of Pres. Lindsey Hooper, Boston, Mass., Dec.
Company.—Incorp. Mar. 3 1916 in Iowa.
Does without competition
entire electric light and power business in Grinnell, Carroll, Storm
outstanding,
bonds.
24.
Lake,
Sheldon, Sac City. Audubon, Rockwell City and other municipalities.
supplies heating service in the business districts of Grinnell and Carroll.
addition sells eleetric energy at wholesale to numerous communities.
\lso
In
54,000.
population served,
Total
Capitalization after This
where stock¬
our store
conservative amount and thus reduce our surplus to a point
holders would not expect it to be distributed in dividends.
Had
nominal cost, the depreciation for six years would probably
have been $353,000 instead of $1,353,000, and the net profits therefore
earned in that period would seem to be $3,250,000 instead of the sum of the
deficit of Jan 31 1916 and undivided profits of Nov. 30 1921 of $2,012,149
If we continue to depreciate our fixture account at the rate of $60,000
per year for the next 15 years, when the first period in our lease expires, we
will have taken off $900,000, leaving at that time a fixture account of
$203,818.
We estimate they would be worth a great deal more than that
even should we find it desirable to move to another location.
By that
time, the trust fund ought to equal, if well managed, something near
$1,000,000, the amount we would have to pay should we give up our lease.
Let it be said, however, that so far as we can see now, we do not expect to
move.
With the Grand Central and Pennsylvania terminals, and the
transit problem handled as it now is; with the heavy investments in hotels,
theatres and retail buildings, and Central Park so near, we feel that at last
the metropolitan district has found its permanent location for the shops,
hotels and theatres on Murray Hill.
If we are right in such conclusion.
$500,000 of the lease trust fund will be turned back to Lord & Taylor for
use in its business, and the fixtures would be worth in sound value several
been fixtured at a
times the amount we
500,000
(1.050.000
I 450,000
bonds
issuable only
for expenditures
Gross
earnings
--■
-
.
and taxes,
$1,500,000 1st M. bonds (incl. this issue)
operating expenses
Net after
Balance
—
--
officially stated, be
——
Co.—Production (in Pounds).—
1921—11 Mos.—1920. Decrease.
6,231,100158,904,440 106,617.860 47,713,420
Decrease.\
11,146.000
4 914
900
—V.
113, P. 2509.
Kirby Petroleum
Co.—New Interests, etc.—
acquisition of a substantial
connection with the announcement of the
the company by Eastern financial interests,
In
interest in
an official states:
together with
that the gentlemen mentioned (V 113, p. 2727)
of their aasociates, have purchased all the treasury stock
"as well as investing largely in the stock before
"The facts are
some
_
_
of the com¬
this trade was made.
There are no notes or other forms of securities issued by the company, but
the cash received by them for the balance of stock in their treasury was
sufficient to pay all their debts of every kind and left them with a fair
amount of working capital, so that a large proportion of their earnings may
be devoted to payment of dividends on the stock.
There are to be no new
pany
securities
See V. 113, p.
offered."
(S. S.) Kresge
The N. Y.
Accts.rec.,less res.
Notes receivable..
authorized the listing of $3,000,000
Prep'd & del. chgs.
230,977
Investments
263,743
21,648
and payment in
full.
Consolidated Income
Sales for 6
months
Cost of sales
Gross
Account for Six Mos., Jan. 1 to
.$24,419,230
....
profit
Other income
Total
income
Deduct—Salaries & comm.
Rent, taxes it insur—
Fuel, water & light—
Supplies & incidentals.
Postage Insp. & miscol—See V. 113, p. 2622.
Lord &
15,843,772
$8,575,458
63,082
$8,638,541
3,618,036
1,597,096
254,332
660,805
86,022
June 30
labor.
Depreciation
Interest
Federal tax reserve
Net
profit.
Balance at Jan. 1 1921--
res.
on
liability
assigned con¬
tracts (see
Pref.stock (ascoll.)
contra)
11,700
3,000.000
Good-will
Total
Lease sinking
1,222,229
3,000,000
10,804,224 10,409,1661
Total
fund, Bankers Trust Co., trustee,
Porcupine Mines,
Mclntyre
def.789,920
Surplus.
10,804.224 10,409,166
$137,871.—V.113,p.2727.
Ltd.—Listing—Earnings.—
The N. Y. Stock Exchange has authorized the listing of
Capital stock, par $1, on official notice of issuance in exchange
$3,640,283
for Dresent
with authority to add $359,717 of Capital stock.
Earnings Statement Since Cermmencement of Operations.
Period—
Income.
Costs.
Op .Profit. Res.&Ap.NetPro.
Jan. 1 '14 to Mar. 31 '15. $749,231
$516,482 $232,752 $66,2251166,527
327,524 111,002 216,523
Mar. 31 '15 to Mar. 31 '16.
780,342
452,818
840.554 114,764 725,790
Mar. 31 *16 to June 30 '17.1,696.180
855.626
811,572 131,211 680,361
June 30 '17 to June 30 '18.1,731 458
919,867
839,589 156,238 683,350
June 30 '18 to June 30 *19.1,758,9*8
919,359
outstanding certificates,
7%
1921.
$30,782
121,505
360,586
128,627
383,782
974.
Marine Oil Co.—Listed on Curb.—
The Board of Governors of the New York Curb Market has approved
the listing of 500,000 (authorized) shares, par $1.—V. 113, p. 2410.
Massey-Harris Co., Ltd.,
Vincent
Massey,
recently
Toronto.—New President, &c.
has been elected President, to
Joseph N. Shenstone has been elected
Secretary,
Findley.
succeed the late Thomas
chairman.—V. 112, p. 938.
Co.—Stock Fraud Charged.—
2672.—V. 110, p. 2197.
Merrimac Hat
See "Current
Events" in "Chronicle" Dec. 24, p.
Mexican Lead Co., Jersey
City, N. 3—Capital
Decreased
Reduced from $100 to $15.
The company has decreased its Common stock from $5,750,000 (all
outstanding) to $862,500, and also has reduced the par value of the Com¬
from $100 to $15 per share.
There is also outstanding $1,250,000
7% Cumul. Pref. stock, par $100.
Charles J. Peabody is Vice-President
of Common Stock
—Par Value
mon
R.
and
Safford, Secretary.
E.
Oil Co.—Report.—
30 (All Dollars Mexican Gold Pesos).
gold pesos, par value 24^d. sterling or 49.75c. In U. 8. gold.J
Mexican Eagle
[In Mexican
for Years ending June
iq90-?l
7,339,822
Total
iqiq_9n
iqia_iq
iqi7-l8
$81,982,300 $57,272,046
3,338,129
2,181,527
Other income
Profit & loss surplus..
$8,366,784
$36,868,089 $28,857,122
770,710
259,952
$85,320,429 $59,453,573
profit
$8,736,784
370,000
$37,638,799 $29,117,074
Less—Interest on
surplus
Dividends paid
Gross income
Pay Regular Divs. on
Pref.
says:
It seems to me, in addition to the improvement shown on the item for
fixtures, I should call your attention to the fact that the store has put into
"selling," which you will understand is the purpose of the organization, two
additional floors which are fixtured at a cost of about $400,000, and that we
now have a trust fund of $137,871, which has gone into the expense account,
to meet certain obligations on the lease of this property if we should desire
to move at the end of the first 21-year period of the lease.
In addition to these two items, we also took a loss of $50,000 or $60,000
in cleaning up the items of investments, mortgages, securities, &c., which
really have no place on a balance sheet of a business like ours.
The figures of Jan. 31 1916 are taken because that is the first balance
sheet that reflected the facts after the wholesale department had been
disposed of at a great sacrifice, to meet our promises to the bankers who
818,021
815,530
Maine Fisheries Corp., Boothbay Harbor.—To Reorg.—
The affairs of this corporation, in bankruptcy since Feb. 1921, are in
process of settlement, as a new corporation, composed of Massachusetts
business men, all of them stockholders in the old company, have signified
their intention of purchasing the properties from the trustee, Judge Cyrus
R. Tuppcr.
This syndicate has named George L. Oliver and William
Boardman, New Bedford, Mass.; Dr. William D. Kinney, Osterville, Mass.,
and Walter S. Gierasch, Boston, to represent them as trustees, and they
have already secured a 60-day option on the plant.
It is expected that
they will come into full possession before Mar. 1 1922.
See V. 110, p.
Income Account
$1,396,962
1,088,231 1,227,662 409,642
1,153,289 1,033,988 298,458
June 30 *20.2,315-,894
30'20 to June 30'21.2,177,278
June 30'19 to
June
sterling
bonds
Preferred dividends
a$2,550,000
Rate on preferred
(30%)
$5,100,000
(60%)
Ordinary
Rate on
Net
b34,095,768
(30%)
45,130.348
(60%)
10,563,798
(25%)
.$48,674,661
3,814,190
$9,223,225 $12,385,936
3,543,282
2,219,054
$15,546,643
6,503,419
dividends
ordinary
income
Previous surplus
.
Total surplus
redemption
Depreciation reserve..
Field
.$52,488,851 $12,766,507
.$11,279,.509
$2,204,867
2,589,489
4,956,964
a
of
2,500.000
2,657.961
1,500,000
2,375,406
1,000,000
5,000,000
surplus._ $1,373,180
$3,814,190
$3,543,282
$2,219,054
General reserve
Provident fund.,
Total p. &1.
$14,604,990 $22,050,062
$5,186,301 $14,081,008
3,379,198
30,000,000
1,500,000
Legal reserve account.
div.
$881,633
2,125,000
(25%)
$444,372
3,825,000
(35%)
20,983.491
(35%)
1st Mtge.
further
418,605
52,114
for Fed. tax.)
Contlng.
11,700
cial
Accrued exp. (incl.
115,759
_
Total
Taylor, Now York.—May
President Reyburn
400,000
105,000
Stock—Comparative Balance Sheet—Remarkable Finan¬
Conditions.—in connection with the payment of the 12%
div. on the 1st Pref. stock in full of the eight quarterly
dividends accrued for the two years ended June 1 1916,
President Samuel W. Reyburn in a letter to the 1st Pref.
stockholders states that "unless something unforeseen should
happen we believe that in future you will receive quarterly
dividends on your 1st Pref. stock."
President Reyburn has favored the "Chronicle" with the
below comparative balance sheet, and in explaining some of
the items therein says: "In judging the comparative general
balance sheet you probably will want to know that our volume
of business in 1915 was $8,500,000 from the retail store,
while in 1920 it was about $19,250,000."
1st
1,490,232
1.103,819
2,055,436
Assigned contract
fund (see contra)
is the
Deduct—Adv. & promo'n
Mfg. expense &
3,060.000
677,229
Co.
investment in
delivery equip.
entire
by the stockholders
for subscrip¬
be fixed by the
judgment of the
Preferred, will be
their respective holdings
Preferred stock, the listing of which is now applied for,
30 000 shares of additional Pref. stock authorized
Dec. 6, and which the directors have been authorized to offer
tion and sale upon terms and at prices (not loss than par) to
directors, in such quantities and at such times as in the
directors is advisable.
Stockholders, both Common and
given an opportunity to subscribe in proportion to
before any of the stock is offered to the public.
2.998.000
to Eleto
for
on
The
stock
payable
payable.
Receivables
dis¬
Notes
Accounts
counted
equipment
Loan
additional Common stock,
making the total amount applied
for $5,000,000 Pref. stock and $20,000,000 of Common stock.
Of the $8,000,000 additional Common stock applied for $5,644,998 will
be issued to cover the stock dividend of 54% which has been declared pay¬
able Dec. 31 1921 to stockholders of record Dec. 16 1921; $1,000,000 will
bo added to the $2,000,000 of stock which has been reserved and deposited
with the Equitable Trust Co., New York, trustee, for issuance in redemp¬
tion of stock option warrants issued in connection with the $3,000,000 7%
Serial Gold notes, dated July 1 1920, said $1,000,000 of stock to be listed
official notice from the trustee of issuance in exchange for outstanding
stock option warrants, and $1,355,002 Common stock to be listed on official
Pref. stock, par $100, and $8,000,000
$106, on official notice of issuance,
notice of issuance
1.895,100
2,385,000
1,895.100
2,998,000
Common
6,365
34,594
Cum
par
2d Pref, stock.
3,848,807
2727,
Co.—Listing—Earnings.—
Stock Exchange has
2,500,000
340,339
630,915
$
J
Liabilities—
1st Pref. stock
1,93 7,835
2,029.605
Inventories
1921.
1916.
S
767,582
1,709.266
Cash
necessary.—V. 113, p. 2622.
Kennecott Copper
]92i—Nov.—1920.
$
Assets—
books.
31 1916 and Nov. 30 1921.
1921.
Fixtures & delivery
$735,354 $855,764
123,578
ITb.VdS
84,000
$92,198
Jones Bros. Tea Co., Inc.—45 Additional Stores.The company has purchased 45 additional stores in the Kansas City
district, which, with the 14 recently bought, makes 59 acquired in the last
quarter.
Purchases were made out of current earnings and no financing
Annual int. on
will, it is
1916.
500,000
corporate purposes.
would then be carrying them on our
Comparative Balance Sheet Jan.
$600,000
Authorized. Outstand'gr.
Financing—
of the present era in the his¬
the
Lt. _
$600,000
_ . Co.)..
stock (owned by Federal
Preferred stock. 7% cumulative.-----First Mortgage 5% bonds due Oct. 1 1946 — - ---- \
x
do
carrying 7% consol. coups, (thisissue)___/
x Authorized amount unlimited, but additional
are
under the restrictive provisions of the indenture.
Purpose.—Proceeds will be used to reimburse company
made or to be made, to reduce floating debt and for other
Earnings for 12 Months Ended Oct. 31.
Common
and is really the beginning
of this business.
To complete a 6-year period for the benefit of the directors, I estimated
the net profits of December and January would bring the total from
$3,424,148 up to a little over $3,600,000.
I told the board that
tre¬
mendous reduction in fixtures was not made because the fixtures were not
worth that cost, but simply because with the capital we had we could not
afford such a big fixture account, and that we ought to charge it down to a
tory
750,000
$425,000; 2d div. of 6%, $510,000, and final
Includes 1st div. of 5%, $3,888,865; 2d div.
$7,249,657, and final div. of 19%, $22,957,246.—V. 113, p. 2727.
Includes 1st div. of 5%,
of 19%, $1,615,000.
b
6%,
Miami
Copper
Co.—Dividends.—
accumulated
1921, and as the
the amount authorized
of the dividends, so paid
statement says in substance: "As the earnings
28 1913 had been distributed prior to Jan. 1
earnings of the year 1921 have not been in excess of
by the Treasury Department for depletion, all
during the year 1921, have been distributed out of
l13,
accumulated prior to March 1 1913, paid in surplus.
An official
since Feb.
earnings and profits
189.
Mills & Gibb
W.
G.
elected a
Kimball,
director.—V. 103, p. 2082.
Mobile
Electric
Co.—Accumulated Dividends.—
six months ending Jan. 31 1922) has been
A dividend of 3Y% (for the
declared on the Preferred stock,
of
p.
Corp.—New Director.—
Vice-President of the Columbia Trust Co., has been
accumulations, both
in addition to a dividend of 2% on
payable Feb. 25 to holders of record Jan.
account
31.
Dec. 31
1921.]
THE
CHRONICLE
The company, it is
announced, intends hereafter to pay quarterly divi¬
dends of 1 % %, with an
additional 1 %' each quarter to
apply on account
accumulated dividends.—V.
113,
Middle States Oil
Corp.—Earnings (/net. Sub. Cos.).—
3 Mos. end.
xConsolidated Income Account
Average price of »il per barrel
Gross profits from
oper.: Oil and gas income
Other income: Interest and
miscellaneous
Dividends
$1,274,852
3,092
11,794
Deductions—Field operations
&
new
Lease rentals
construction._
.$1,135,138
$627,691
42,828
345,339
1,990,000
$235,543
1,630
Administration and general expenses
Dividends paid.
Divs. paid to minority interests in
Dominion Oil
Ce., Texas Chief Oil Co. and Ranger Texas Oil
Reserve, including Federal taxes
"Replying to your telegram Nov. 21, received 22d, I am now
authorized to
state that the Dutch Shell
interests, by which I mean the Royal Dutch
Petroleum Co. of Holland and Shell
Transport & Trading Co. of I^ndon
and their
subsidiary companies do not own and are not now
acquiring
Pacific Oil Co. stock."
'
v
■
The above reply is contained in
the report of the Federal
Trade Com¬
mission to the tJ. S. Senate.—V.
113,
930.318
$1,277,944
.
.
Avery D. Andrews, Chairman of American
Subsideries, Royal DutchGroup in a reply to an enquiry last Nov, to the Federal
Trade Com¬
mission, said:
Shell
$3,193,027
.
....
Pacific Oil Co.—Dutch-Shell Interests
Disclaim
Ownership
of Stock in Pacific Oil Co.—
*
v
'
6 Mos. end.
Sept. 30 '21. June 30 '21.
$1.00 about$1.50
received
Total gross income
legislative power of the Commission over rates is not
confined to prescrib¬
ing permanent rates, but may be exercised as the
exigencies of the times and
changing conditions demand.—V. 112, p.
2757,
2623.
p.
107,192
442,428
49,798
40,000
.
p.
Net
Moline Plow Co.—Plan Operative.—F.
^
of the
reorganization
Dec. 22 to the creditors savs:
O.
committee,
notice
a
Sinking
and
during the calendar
requirement; and for
$174,477, or 4 times interest requirement.
Capitalization.—First Mtge. bonds (this issue), $575,000;
•
$500,000; 160,000 shares Common stock (no
Burnham,
(N.
outstanding $500,000 7%
Charles J. Peabody is Vice-President and
Peoples Gas Light & Coke Co.—Dividends Resumed.—
quarterly dividend of llA% has been declared on the out¬
standing $38,500,000 Capital stock, payable Jan. 15 to
H.) Mfg.
Co. —
1920-21.
Sales—Earnings.—
1919-20.
1918-19.
holders of record Jan. 7.
1917-18.
was
Naumkeag Steam Cotton Co.—Extra Dividend.—
New Britain Machine
Charles F.
paid;
none
In
Aug. 1917
a
since.
dividend of 1%
Dividend Record from 1897 to Date
(Per Cent).
'97-'05. '06. '07-'08. '09. '10-T2. '13. '14-'15. '16.
'17. '18-'21. Jan.
'22
6 y'ly
.5
6 y'rly
7 y'rly
8 y'rly
6% 3K None
1X
An official statement says in substance:
"This will be the first
dividend
to be paid by the
company since Aug, 1917.
The board hopes
it
An extra dividend of
5% has been declared on the stock, together with the
of 5%, both payable Jan.3 to holders of
record
Dec. 22.
A like amount was paid extra in
July, 1919 and in Jan. and July
1920; none since.—V. Ill, p. 2527.
marks
restoration to its former status
among reliable dividend payers.
"To an extraordinary degree the
company has been victim of two ad¬
verse influences which have more
or less affected all
public utility compan¬
ies, namely, tremendous advance in costs,
especially cost of labor material
and money, on account of the war and
post-war conditions, and
lamentable
reluctance of Governmental and
regulatory bodies to recognize facts
of
rising costs until companies affected, and
particularly Peoples Gas were
very seriously injured.
Result in this case nas amounted
to practica con¬
fiscation of property of stockholders for more
than four years,"
[The company, it is reported, has $1,150,000 In
cash, against $710,302
Dec. 31 1920.
It has paid off $2,750,000 of
Co.—Temporary Chairman.—
Smith, Chairman of the board of the Landers,
Frary & Clark
Mfg. Co., New Britain, Conn., has been elected
Temporary Chairman of
the board of directors, to hold office
during the absence of Chairman Fred¬
erick G. Piatt.
V. 113, p. 189.
Jersey Water & Light Co.—Foreclosure.—
The Union Trust Co., Jersey
City, as trustee, recently
fore Vice-Chancellor Lewis to foreclose a
brought suit be¬
mortgage of $250,000 (due Aug.
Dec. 31
the property and works of the
company at Elberon,
The company's stock, it is said, was
purchased June 14 1919 by
Atlantic Coast Electric Light
Co., subject to the
N.
on
2624.
$4,004,561 accounts payable
1920, and, it is stated, is not borrowing from
banks.]—V. 113 n
'
J.
Perfection Tire
mortgage.
New York Breweries
The holders of the Debenture stock and
Debentures and the sharehold¬
vote Dec. 14 in London on
agreeing to the full discharge of the
principal of the Debenture stock at 75% and of the Debentures at
85%,
together with interest to the date of payment, on condition that
the neces¬
New York Dock
O.
Co.—New
Vice-President.—
Tilly has been elected Vice-President of the New York Dock Co.
Railway Co.—rV. 113, p. 1894.
New York Dock
North
American
Co.—Listing—Earnings.—
Gross earnings
Expenses and taxes.
Net income
Other net income
$28,545,116
20,219,580
-
$8,325,536
253,616
9 Months ended Sept.
Total...
Balance
—
30
Surplus Jan. 1 1921
President—Status.—
"M.
E.
Forbes,
for
some
time
Vice-President, has been elected
Presidency.
our
Treasurer, and
more
recently
our
director and will be the
chief executive
officer under the Chairman of the
Board, having direct charge of all Dlant
and commercial activities.
*
"The plant is now running at a fair rate of
production and is
employing
some 3,200 men,
against the low point some months
ago of 1 800 men
We have a complete new line of trucks as well as
the
a
all,
can
new-Pierce-Arrow
be
cars
confident, of tho quality which has always marked
Pierce pro¬
The operations of the last few months
indicate that this product
manufactured with satisfactory results both to
the public and to
we are
ducts.
1921.
$11,063,630
34,189
the stockholders."-^V. 113, p. 1989.
Total surplus
Depreciation reserve
$15,526,885
$2,524,919
Chairman II. Clay Pierce denies
reports that on Dec. 22 he sold a
large
block of Pierce Oil shares, and is also
quoted as stating that he holds
and
intends to continue to hold all of his Pierce Oil shares.—V.
$8,579,152
$3,436,849
484,829
Min. int. im Wis. group
issuerof
Sundry net income
Dividends
Deduct—Int. charges
Preferred dividends—
an
-
The N. Y. Stock Exchange has authorized the
listing of $10,422,400
additional Common stock, par $50, on official
notice of issuance and pay¬
ment in full, making the total
applied for $25,319,050.
(For offering to
stockholders see V. 113, p. 2510.)
Consolidated Income Account for
of
M. E. Forbes, until recently
Vice-President, has been elected President
succeeding Col. George W. Mixtor.
'
Chairman Col. Charles Clifton says in
substance: "Last
May Col
Mixter consented to remain as President until
certain special
work
which
he had inaugurated was
completed.
This work having
just boen com¬
pleted, Col. Mixter asked to be relieved of the
funds are provided by the realization of assets before Dec.
31 1922.—
V. 109, p. 277.
D.
Rubber Co.—Bond Issue.—
Pierce-Arrow Motor Car Co.—New
sary
and
&
The Corporation Trust Co. has been
appointed trustee
$1,500,000 First Mtge, gold bonds,—V. 112, p. 1874.
Co., Ltd .^-Dissolution.—
ers were to
on
stock
of
North American Co
1,191,732
Surplus Sept. 30 1921_$11,810,234
228,410
$4,429,065
-V.
113,
p.
2502, 2510.
North America Liquidation Co., Inc.—To Dissolve.—
The stockholders will vote Jan. 16 on
dissolving the company forthwith.
Pierce Oil Corporation.—Denies
Reports of Sale of Stock.
113#
Rand
Mines,
p.
2728.
Ltd.—Dividend.—
The Bankers Trust
Co., as depositary, has been advised of the
declaration
of Dividend 37, which will amount to 4s.
4^d. per "American" share
pay¬
able in London on or about Feb. 10 next.
On the receipt of the
proceeds
of this dividend the Bankers Trust Co.
will notify registered
holders of
"American" shares as to the date
upon which the payment will be made
—V. 113, p. 2319.
•
Riordon
Hubert E. Rogers, Sec'y, 60 Wall St., N. Y. City.
Co.—Defaults, &c.—
The
Nukol Fuel Co.,
Ltd., Toronto.—Assign Assets.—
The company has made an assignment to N.
countant, 73 King St., Toronto.
Company
capital of $1,000,000, of which $600,000 was
$200,000 is also outstanding.
was
L. Martin, chartered
incorp.
in
1919
ac¬
with
subscribed,, A bond issue
a
of
committee (V. 113, p. 2625)
representing the holders of 10-Year
6% Gen. Mtge. Sinking Fund Gold bonds of Riordon
Pulp & Paper Co.
Ltd., in a circular to bondholders says:
"The time allowed for
depositing bonds under the terms of the
deposit
agreement of Nov, 4 1921 has been extended to Dec.
31 1921.
Up to the
present time a little less than half of the
outstanding bonds have been
deposited.
Nyanza Mills, Woonsocket, R. I.—Slock Increase, &c.—
The stockholders recently
to
.
Preferred stock,
President, W. H.
A
regular semi-annual dividend
31 1924), secured
value).
Pennsylvania Tank Lihq.—Equipment Trusts.—
*12,670,706 *25,833,410 $18,463,455 $20,014,082
Net profit before
divs.__def.316,512
1,210,205
1,820,424
1,426,647
—V. 112, p. 2648.
New
par
The Guaranty Trust Co. of N. Y. has
been appointed Trustee
under an
agreement dated Dec. 15 1921, with the
Pennsylvania Tank Car Co. and
the Pennsylvania Tank Line
securing an authorized issue of
$510,000 par
value 6% Car Trust Certificates due
serially 1922-1929.—V. 110, p. 1856.
•
The companv has decreased its Common stock
from $2,500,000 (all out¬
standing) to $250,000, and also has reduced the par value of the Common
stock from" $100 to $10 per share.
There is also
Nashua
cur¬
past 5 years
Montezuma Lead Co., Jersey City, N.
J.—Capital De¬
Value of Common Stock Reduced
from $100 to
$10 per Share.—
Years ending Oct. 31—
Sales
and net
total amount
Company.—Outgrowth of business established in 1897.
Is one of the
largest Independent wire fence producers in the United
States.
Manufac¬
tures a complete line of
farm, lawn and poultry fencing, wire corn
cribs,
farm gates, &c.
Plants located in Adrian,
Mich., and Memphis, Tenn.
having a combined capacity of 60,000 tons of finished
products per annum!
Earnings.—Net profits applicable to interest
charges for the past 13
years have averaged
$119,582, or 2.7 times interest requirements for
this
issue; for past 10 years $134,412, or 3 times
interest
13,818
creased—Par
Sa'fford, Secretary.
year
giving effect to this
of this issue.
by stockholders other than the
Co., have been deposited.
The company will continue to receive
further deposits of Serial Notes
and of all classes of stock until
further notice.
The committee
expects to receive the formal assent of the Willys-Over¬
land Co. as soon as the
necessary proceedings to that end can be taken by
it; but in any event the committee is advised
that, in view of the wide and
general acceptance which the plan has
received, it is in position to carry it
out, and the committee has instructed its counsel to
proceed in that direc¬
tion as rapidly as the
required formalities permit.—V. 113, p. 2623, 2410.
R. E.
xH
sinking
1932, and at H% less during each
succeeding year.
Assets.—Total net assets as of June 30 1921, after
Willys-Overland
Cumul. Href, stock, par $100.
Fund.-—A
financing and to valuation of physical assets, are
$1,548,998,
rent assets $925,692, or
269% and 160%, respectively, of the
of 75,000 shares,
shares of Second Preferred out of 15,000
shares,
shares of Common out of 18,000 shares held
.
more
•
14,901
>
fund, available semi-annually, will redeem
than 90% of the bonds
by maturity; purchasing bonds
during the first
10 years if obtainable at or below
107M and int. and during the latter
years
redeeming by purchase or call at 107& and int.
At the meeting of the reorganization
committee held in New York on
Dec. 13, the plan of
reorganization was declared operative.
All of the
bank creditors have
accepted the plan, and it is expected that within a week
the formal assents of the last
of the merchandise creditors will have been
received.
The last report, a few
days old, shows: (1) $3,612,000 out of $4,000,000
of the Serial Notes have been
deposited and others are coming in daily.
(2) Of the old stock, 67,463 shares of First Preferred out
and
,
Dated Jan. 1 1922, due Jan. 1
1942.
Denom. $1,000 and $500
(c*).
Int. payable J. & J. in New York
without deduction for normal
Federal
income tax not to exceed 2%.
Callable as a whole on any int. date on
and
after Jan. 1 1932 at
107K and int. during calendar year 1932.and at
less during each
succeeding year.
Penna. 4-mill tax refunded.
Manu¬
facturers' Trust Co., New
York, trustee.
Wetmore,
in
2411.
Peerless Wire & Fence
Co., Adrian, Mich.—Bonds Of¬
fered.—George H. Burr & Co., New York, are
offering at
971/2 and int., yielding about 7.75%, $575,000 1st
(closed)
Mtge. 20-Year 7)/2% Sinking Fund Gold
Bonds, non-callable
during first 10 vears.
A circular shows:
80,000
profit
$401,353
$1,049,281
xNote.—This consolidation embraces income Number
Seventy-Seven Oil
Co., Number One Oil Co., Ranger Texas Oil
Co., Dominion Oil Co., Texas
Chief Oil Co., Corona Oil
Co., and includes subsidiary companies propor-'
tionate interests in
earnings and expenses of Peters Oil Co., the entire
cap¬
ital stock of which is owned
by Middle States Oil Corp.—V. 113, p. 2623.
Chairman
3837
increased
the capital stock from $1,500,000
The $600,000 new stock was offered to stockholders and
$2,100,000.
subscriptions were payable on or before Dec. 15 at Old Colony Trust Co.,
Boston.
The company has no mortgage or funded debt
outstanding.—
V. ill, p. 1956.
Oklahoma Gas & Electric Co.—Powers
"Your committee believes it to be of the utmost
tection of your bonds that funds be
provided
importance for the pro¬
by the committee to prevent
default in the Interest payment on the
underlying First Mtge.
and the risk of a resulting foreclosure of their
a
of Commission.—
In Oklahoma Gas & Electric Co. vs. State
Corporation Commission, the
Oklahoma Supreme Court has determined (1) that the Commission
may
prescribe a temporary schedule of rates to be effective until it has had
time to evaluate the company's property; (2) that it is not
necessary for
the Commission to fix a time limitation for a
temporary rate order.
(3) That in fixing a rate the Commission may take into consideration
former earnings and probable prospective earnings, former cost of
opera¬
tion and probable prospective cost of operation, with the
object of so ad¬
justing the rates as to prevent the public utility from practicing extortion
on the public and
yet allow it a fair and reasonable return; and (4) that the
"The interest due Dec. 1 on the
8% bonds was not paid and not
only
funds now available to pay the
coupons due Jan. 1 on the Gen.
Mtge
6s, but the same is true of the interest due Dec. 31 on
the underlying First
Mtge. Debentures.
are no
Debentures
prior lien.
The amount re¬
quired to pay this interest is trifling compared with the
cost of protect¬
ing your securities in the event of usch a foreclosure.
"The committee can provide this
money by borrowing on
security of
the deposited General Mortgage
bonds, and the payment can be
made
a way as to secure
repayment to the committee by a lien
on the
property ahead of the General Mtge, bonds, thus fully
protecting the de¬
positing bondholders.
The committee, however, is not
willing to take
such action without the
support, through deposit of bonds, of the
holders
of a very substantial majority of the
in such
—V.
113, p. 2512.
outstanding General Mtge. bonds
"
•
&
Rockwood
Co.—Stock Fraud Charged"Chronicle" Dec. 24, p. 2672.-
"Current Bvente" in
See
2082.
Co.—Relation of Excessive Taxes
to Dividends.'—The London "Stock Exchange Weekly Official
Intelligence" has received from N. M. Rothschild & Sons
a report in English of a portion of the proceedings of the
extraordinary general meeting held on Dec: 14, from which
the following condensed excerpts are taken:
•
30 that In future, as
"According to a forecast of the final 1921 figures, it is evident the year
ending will result in a large net loss, but by reason of Mr. Rosenwald's
purchase of the property and gift of stock the company is
to go
through this period of readjustment with its capital unimpaired and
a small surplus.
The company is now operating at a profit, its condition
is daily improving and the outlook is decidedly promising."
now
-V. 110, p.
Royal Dutch Petroleum
enabled
Sales.—The company reports
the
$17,080,880
—V. 113, p.
2412.
Gen. Mgr.
Netherlands-India, I should be glad if you would
put some heart into irresolute shareholders by showing that your system
is the correct one and that this system will not lead to a paper shop.
Chairman.—Our Intention was to intimate that, as long as the Nether¬
lands-Indian Government picks out an industry for a special tax, be it
export duty or a special profit tax, not applicable to other industries, it
can hardly be expected
that shareholders should be prepared to furnish
the necessary funds on the basis that, in case of loss, the entire loss has to
be borne by them, whereas in case of a profit proportionate to the risk being
made, the Government would have the right to appropriate as much of
.
Tax
Trading Co., Ltd—Income
Transport &
Status of Dividends.—
Shell
Chairman of American subsidiaries. Royal Dutch
group, in a letter to the holders of "American shares" representing ordinary
stock of the "Shell" Transport & Trading Co., Ltd., stated in substance:
The status under the Federal Revenue Act of 1918 of dividends upon the
'American shares' of the'Shell' Transport & Trading Co., Ltd., in substance
profit as they may deem fit.
evident, alas, that Hearly all over the world the idea that nobody
should make much money is becoming more and more prevalent.
however, seems to bo able to answer the question as to how the heavy taxes
could be raised if nobody made much money.
I sincerely hope that
which has happened in Russia, viz., "destroying as much as possible
reconstructing nothing," will not be made applicable in Holland.
respect to the "paper shop," we can only state that we have
very
D. Andrews,
Avery
''
means
that divs.
port & Trading
received upon the'American shares' of the'Shell' Trans¬
Co., Ltd., in 1920 were not subject to the U. S. normal
excess profits taxe6
was proper for indi¬
individual income tax nor to corporation income and
in the hands of the holders of sucn shares, and that it
vidual holders of such shares, for the purpose of the
that
It is
Nobody,
paid out
sales for December and
the corresponding period of 1920) as follows
Decrease, j
1921-12 Afos.-1920.
Decrease.
$19,167,458 $2,086,578] $178,014,979$254.595,056*76580,077
strengthened by
projected tax increase in
be
with
year 1921 (against
1921—Dec.—1920.
informed us atshareholders'meetingNov
In the past, the cash position will, whenever necessary
means of an issue of shares.
In consequence of tht
Mr.M. Sanders.—The
[VOL. 113
CHRONICLE
THE
2838
that,
and
In
dividends in cash than nominally issued by us in stock.
In
30 years' existence of our great petroleum company our pro¬
up from a
duction and that of our sister companies have been brought
It needs no argument to prove
few thousand tons to some ten million tons,
that this could not have been done with the original capital; the present
capital, however, is only a fraction of the actual value which the
much more
the more than
so-called
"paper rubbish" represents.
If no further issues are found desirable, this
would actually mean that [development] operations would be brought to
standstill and would necessarily result in retrorgession.
The production
would then gradually become Insignificant, and in such an event we should
normal Federal income
corporation holders of such shares, for the purpose of corporation
excess profits taxes, to deduct the amount of divs. received
upon such shares in making up their income tax returns for
such deduction was not made for that year a claim for refund on
Revenue Form 46 or a claim for credit on Internal Revenue Form
may be filed with the Internal Revenue Bureau for the amount
dividual normal tax. or corporation income and excess profits taxes, as
case may be, heretofore erroneously paid upon such dividends.
"The deduction referred to above is in addition to, and should not be
confused with, the credit allowed in respect of the British income tax paid
tax and
income and
Where
1920.
Internal
47-A
of the in¬
the
full information is given
the Equitable
by the company for its shareholders, as to which
to the holders of the "American shares' of the company by
Trust Co. of New York with the payment of each dividend.
"The ruling above mentioned does not, under the terms of
nue Act, apply to dividends received in 1921 or subsequent
See also Pacific Oil Co. above.—V. 113, p. 2512, 179, 191.
the new reve-
.
years."
a
not have
issued any stock, but
Shredded Wheat
having paid out cash dividends every year
would then have been reduced to very trifling dimensions.
As I observed at the last meeting, every tax imposed on our business
only, and not on others, is nothing else than a capital tax.
Such a tax
must, therefore, also bo capitalized in the year in which it is brought into
of the business,
an interim dividend because the company's profits
Netherlands-India allow of such.
The Bataafsche's profit, how¬
ever, will naturally be considerably reduced by the capitalization of the
special tax, which must obviously be booked as a loss or as a reserve for the
year in which the capitalization takes place.
No other choice remains
unless the facts should be misrepresented to shareholders and the position
painted other than it actually is.—V. 113, p. 2625.
We
have doclared
outside
Alteration of
a
Skelly Oil Co. —Bonds Offered.—
it is announced, has sold to the
The company,
ing debt
Southern Canada
Power Co., Ltd .—Annual
Statement (Incl. Subs.) for
(After eliminating all inter-company
Operating
Combined
general meet¬
dividend to be
in shares of the
of the payment does not correspond to the face
certificates (scrip), a multiple of which
entitles to one or more shares or subsdhares, all this in such manner and
under such conditions as shall in each special case be provided for in the
said resolution."
V
A circular explaining the proposed alteration says: "The drafted addition
to Article 31 is destined to be applied in csaes where the results of the busi¬
ness justify the payment of a dividend or interim divkend, but where for
some reason or other it appears undesirable to have the payment effected
.$360,080
18,970
Purchased power.
Taxes
(included in oper.
Profits from
10,557
$663,587
77,901
$298,312
26,155
6,982
$324,467
692
252,118
$263,293
1,114
204,115
$71,657
$58,061
149,204
.
_
Operation
Maintenance
1919-20.
12,240
$734,989
78.685
215,067
15 752
1919-1920)-. 65,405
.$379,050
429
287,886
connected
Gross earnings-
operating
Non-operating profits-.
Total profits
Bad debts.
Interest
in cash.
arise if such large capital expenditures have taken place
or must be financed in the near future that a ciminution of the available
cash should be unadvisable.
It is true that in such cases the ordinary
course would be an appeal to the money market by the issue of new shares,
but circumstances may be of such a nature that a decision of this kind
would not be warranted.
"At the present moment, for instance, the board would not feel justified
to appeal to any large extent to the money market as long as the legitimate
fear for the tax policy of the Dutch Indian Government with respect to
the petroleum business (which fear is especially strongly felt abroad) has
not been conclusively obviated.
In fact, the immediate motive for the
present proposal is to be found in this consideration."
See also Pacific Oil Oo. above.—V. 113, p. 2625, 2611.
"Such case may
(A. L.) Sayles
Sons Co.—Stock Fraud
Bvente" in "Chronicle" Dec. 24, p.
Charged.—
2672.—V. 113, p. 1162.
Roebuck & Co., Chicago.—President Rosenwald
Company's Real Estate for $16,000,000—Makes
Gift of 50,000 Shares of Stock—President's Action Enables
Company to Go Through Readjustment Period with Small
Surplus—Net Loss for 1921.—President Julius Rosenwald,
Sears,
Purchases
according to Chicago dispatches Dec. 29, has purchased
certain of the company's Chicago real estate for $16,000,000,
making a first payment of $4,000,000 in cash and Liberty
bonds, and making a trust deed without personal liability
for the balanee of the purchase price.
In addition, Mr.
Rosenwald has made a gift to the company of 50,000 shares
of its Oomfaon stock (par $100).
It is stipulated that this
stock is not to be sold for less than par and that Mr. Rosen¬
wald shall have an option for three years to repurchase the
stock for cash at par.
The New York "Times" Dec. SO, regarding this transaction, further says:
"The purchase of the property provides that the company may continue
to occupy it under a long-term lease.
Both the leare and the deferred pay¬
ment of $12,000,000, which Mr/Rosenwald is to make, run on a 7% annual
interest basis.
In effect, this means that, aside from the payment of inter¬
est on $4,000,000, the company will be enabled to use the property with¬
out charge.
"The
from his
gift of 50.000
shares of Common stock made
personal holdings at 60 represents a
by Mr. Rosenwald
market value of about $3,000,-
later disposes of the stock at par, or Mr. Rosenwald
will represent a donation of $5,000,000.
In any
event, the gift will enable the company to reduce its capital liabilities bv
$5,000,000, while Mr. Rosenwald's initial payment on the property pur¬
chase will increase the company's cash assets by $4,000,000.
000, but if the company
exercises his option, it
"The larger
effect of Mr.
will be enabled to
Rosenwald's action will be that the company
the company
will be able to resume
stockholders, many of whom are
appreciably nearer the time when
the payment of dividends on the Com¬
discontinued early this year.
liquidation of inventory during
the year on the basis of last year's financial statement, coupled with Mr.
Rosenwald's action, the company is enabled to write down its present
inventory by at least $16,000,000 without impairment of its capital stock.
At the end of last year the annual statement showed a surplus of $7,564,373
and a reserve for contingencies of $3,423,749, while Mr. Rosenwald's gift
of stock represents a decrease of $5,000,000 in capital liabilities."
mon
stock, which were
'Without
considering the evident drastic
Statement by
"The
price which Mr.
Vice-President A. H. Loeb.
Rosenwald paid for the property reflects the
value'
independent appraisal which, by reason of apprecia¬
tion over many years, is far in excess of book value.
No expense in the
transaction was incurred by the company for bonus, commission or broker¬
age.
The company will, of course, have the use and occupancy of the
property for 20 years, and no doubt for as much longer as it may desire.
as
Surplus carried forward
"In the past three years 17 new
ships of Quebec by
000,000 of capital in
determined by an
207,268
.$356,633
18,280
paid
9,002
$566,091
93,941
204,850
10,989
1—
265,898
$278,925
• 13,027
—
Total
Preferred dividends
271.761
15 613
$90,735
Surplus for the year—
surplus
Previous
$338,353
$256,311
$207,268
...
$265,898 $207,268
town¬
industries brought into the Eastern
the Southern Canada Power Oo. have invested
the territory served by the company."—V. 113, p.
$10,2512.
Utilities Corp.—Bonds Offered.—Chandler
Phila., are offering at 97 XA and int.,
Southwestern
Mew York and
& Co.,
yielding over 8Ji%, $800,000 1st Mtge. 8% Sinking Fund
gold bonds (Series "A" Convertible).
Dated Nov. 1 1921;
due Nov. 1 1936, but red. on any int. date on 30 days' notice
at 110 and int
The corporation is engaged in the production, pipe line
and wholesale and retail distribution of natural gas for
industrial purposes, to consumers in the communities of
Cherry vale. Elk City, Sycamore and surrounding territory
annual net earnings
Average
for the 5 years
transportation
public utility and
Independence,
in Southeastern
Natural Gas Co.
and to the Kansas
Kansas,
reserves
available for interest.
ended Dec. 31 1920 were
Federal taxes and
2.57 times annual int.
times: for fiscal year 1920 6.3 times. Net
8 months of 1921.
the acquisition of property and for cash
which will be used for the extension and enlargement of the system and
general working capital.—V. Ill, p. 1758.
>
charges: for last three years 3.52
earnings were $118,230 for first
The bonds will be issued for
Co.—Bonds Authorized.—
approved the proposed $2,560,000 2d Mtge.
John H. Rosseter has announced that
by the banks and a number of
Sperry Flour
The stockholders
Dec. 20
5-year 8% bond issue.
President
the issue has been entirely underwritten
large
stockholders.
See V. 113, p.
Co.,
Gas
Standard
2626.
,
Atlantic
Highlands, N. J.—
Receiver's Sale.
Jan. 16, at the Court
all of the real estate
municipalities. This
companv has approximately
135 miles of transmission and distribution
mains and over 6,687 meters in service and approximately 7.300 services
installed.
Annual sales for 1921 are 125,000,000 cm ft
Rate now in
effect is $2 25 per 1,000 cu. ft., plus $3 per year annual fixed service charge.
Joseph E. Strieker,
House in
Special Master in Chancery, on
Freehold, N. J., will sell at public vendue
of the company which supplies gas to 20
and assets
V.
Ill, p.
2431.
Standard Gas & Electric Co.—New Director.—
C
C
Levis of H. M. Byliesby & Co.. has been elected a director.—V.
1162.
113, p.
work out its financial readjustment without impairing
It will be able to write off heavy inventory losses without
capital stock.
scaling down the stock holdings of its
employees.
It also is expected to bring
its
Report.—
Years ending Sept. 30.
charges.)
1918-19.
1920-21.
Customers
company or—if the amount
value of the shares or subshares—in
See "Current
Union Trust Co. of Pitts¬
Sinking Fund 1st Mtge. bonds, maturing
enable the company to clear up its float¬
and furnish additional working capital.—V. 113, p. 2729-
adopted a new
proposal of the Managers and Commissaires the
ing of shareholders may resolve that the dividend or interim
paid to shareholders be distributed to them in full or in part
"At the
2%, both payable
burgh $3,000,000 10-year 7Yi%
Dec
1 1931.
The proceeds will
Articles of Association.—
meeting in Amsterdam Nov. 30, the shareholders
Article 31 to the articlos of association, reading:
At
Co.—Bonus of 1%.—
the outstanding $8,750,000 Common
% has been declared on
the regular quarterly dividend of
holders of record Dec. 21.—V. 112, p. 1031.
Jan. 2 to
-a-:;,:,;.
.1
effect.
A bonus of 1
stock in addition to
Standard Oil Co.
issue
iScJSS
1162,
(Indian^;.—Stock Authorized.—
Commission has authorized the company
stockholders last June authorized an
to $140.000,000.—V. 113, p. 1061,
Indiana State Securities
$40 000,000 of stock.
The
in the stock from $100,000,000
The
to
1583, 2087,
Standard
A *>0%
stock
2320.
Underground Cable
Co.—20% Stock Div
—
declared on the outstanding $5,250,000
payable Jan. 25 to holders of record Jan. 14. This
of the surplus that is being invested in new
dividend has been
Capital stock, par $100,
dividend represents "a portion
kUAn*extra dividertfof 3%
has also been
10
declared in addition to the regular
quarterly of 3%. both payable Jan.
to
3% have been paid quarterly since
tras of
holders of record Jan. 4^ Ex¬
April 1920-—V. 113. p 42/.
Tide Water Oil Co.—Listing.—
The N. Y. Stock Exchange has authorized
10-Year 6}i% Gold Coupon bonds, due Feb.
V. 112. p. 569.)
'
•
the listing of $12,000,000
15 1931. (See offering in
Dec. 31
1921.]
THE
CHRONICLE
These bonds were issued for purposes as follows: (a) Liquidation of bank
loans, 86,000,000: (6) liquidation of notes payable, $3,000,000; (c) loans to
inter-companies, $1,085,000; (d) expenses in connection with 6A% 10-Year
Gold bond issue, $509,167; (e) payments
against tank steamship contracts,
$296,000; (J) payments against accounts payable, $1,109,833.—V.113,p2076
Transcontinental Oil Co.—Bond Issue Approved.—
U. S. Bobbin & Shuttle Co.—Extra Dividend.—
An extra dividend of 3% has been declared on the
$850,000 outstanding
Common stock (par $100) along with the
regular quarterly dividend of
1 H%, both payable Dec. 31 to holders of record Dec. 14.
Extras of 5%
each were paid in June 1920 and in
Sept. 1919 and Sept. 1918.—V. 112, n
2092*
1
The stockholders Dec.
19 approved the issue of $10,000,000 1st Mtge.
Trust Sinking Fund 10-year 8% gold bonds, which is to be used
& Coll.
to fund current debts and secure additional funds for the
acquisition of new
properties, as well as for betterments and additions to plants and equip¬
ment.
Of the issue, approximately $5,000,000 will be purchased at par
by the officers and large stockholders of the company, and $2,000,000 will
be purchased by the Standard Oil Co. of California at
par.
The balance
of $3,000,000 is to remain in the
treasury, to be available for future require¬
ments.
Compare full details in V. 113, p. 2513.
Union Tank Car Co.—Note Redemption.—
The company has elected to redeem on Feb. 1 next $3,000,000 of its
Equipment Trust 7% Gold notes, Series "A," due Aug. 1 1930, at 102 A
and int.—V. 113, p. 2320.
'
-
United Gas Improvement Co.—Notes Called.—
All of the outstanding 2-yr. 8% gold notes, due Feb. 1 1923, have been
called for payment Feb. 1 at 102 ana int. at the Bankers Trust Co., 16 Wall
St., N. Y. City.
See advertising pages in last week's "Chronicle."—V.
113,
p.
2626.
United Cigar Stores Co. of America.—Plan to Issue
$5,000,000 Preferred Stock (1921 Issue) Abandoned, Owing to
Suit of 'Minority Stockholders.—The plan to authorize $10,000,000 pref. stock (1921 issue), of which it was proposed to
issue $5,000,000 at $103 per share, has been entirely aban¬
doned, it was announced Dec. 29, owing to a suit started by
a
minority group of stockholders to prevent the stockholders
from voting the new issue.
196534 1987
The stockholders' meeting was scheduled for Dec. 28, but
temporary
injunction issued by Vice-Chancellor Stevenson in Paterson caused the
meeting to be postponed to Dec. 30.
At the postponed meeting announce¬
ment was formally made of the withdrawal of the plan to increase the stock
and adjournment was taken.
The dissenting stockholders alleged that the
terms of the offering of the new issue amounted to a gift to subscribers
of some of the company's assets as a bonus.
This, however, was denied
by the majority stockholders.
Official
Announcement
Connection
in
with
Abandoning
a
New
Issue.
"The proposed issue of $5,000,000 preferred stock was with the idea of
having the company very strong in cash so that it would be ready at all
times for any demand for increased expansion.
"We are surprised that some holders of preferred object to our proposal
for this increase, and we appreciate their motives in the matter, but our
earnest intention was to do the fairest thing by these stockholders who have
been out friends for many years.
We worked out some very attractive
glans for extending the business. These plans are largeon the new capital
capital requirements, which means that
profits in scope but small
l
should
"As
be extremely handsome.
some
our
,
preferred stockholders
are
dissatisfied, it is impracticable to
attain ratification by the stockholders before Dec. 31, and we have decided
to recommend that no action be taken upon plan of issuing this 1921 pre¬
ferred stock at this time.
There will be no let>-up on the expansion program
already worked out, and the company will see that at all times hit has ample
cspitdil roQuircdt
"On Oct. 31 the cash on hand was $4,894,515 and the inventory $11,204,519.
There should be no fear of shrinkage in this inventory as our sales
for November and December will be more than the inventory."
Data from Bankers' Circular in Connection with Proposed Financing
Company.—Incorp. in 1912.
Has developed from a single store in 1901
into a nation-wide chain of 1,208 stores and 784 agencies engaged in the sale,
at retail, of popular brands of cigars, cigarettes and other tobacco products
and smokers' articles. The stores are located in 289 cities and the agencies
in 766 cities.
The magnitude of the company's operations is indicated by
the sale in 1920 of over 326,000,000 cigars, 2,720,000,000 cigarettes and
7,000,000 lbs. of smoking and chewing tobacco.
The company and its
subsidiaries own real estate and leaseholds having a value substantially in
excess of the amount at which they are carried on the company's books.
The company does the largest business of its kind in the world.
All sales
are on a strictly cash basis and it has been the custom of the company to
take advantage of all cash discounts in its purchases.
The company has
never incurred any funded obligation other than real estate mortgages,and
upon completion of this financing will have cash substantially in excess
of all current liabilities.
Earnings Years ended Dec. 31.
Gross
Net
Sales.
Avail.
for Divs.
$29,575,398 $1,913,154
29,902,712 2,180,424
—
31,038,849
35,822.985
2,207,467
3,059,933
1920-
Gross
Net
Avail.
Sales.
for Divs.
$42,913,407 $2,873,500
52,037,749
4,010,204
62.058,497
3,860,766
79.628,428
5,029,004
Earnings available for dividends for first 10 months of 1921 were $2,930,000, and it is estimated that the full year should show approximately
$4,000,000. Gross sales for 1921 are estimated at about $77,000,000.
Condensed Balance
Sheef, Including Subsidiary Cos., Oct. 31 1921.
[Reflected to show the effect of the new $5,000,000 pref. stock (1921 issue)
pref. stock, if the new financing had gone
through.]
and the additional $473,000 old
Assets—
}
Liabilities-—
Leasehold, int., mtgs.,&c_$6,482,932 7% Pref. stk. (1921 isi3ue)_$5,000,000
Less mortgages1,727,500 7% Cum. Pref. stock
5,000,000
Common stock
32,865,348
$1,755,432 Accounts payable.
2,493,140
Furniture, fixtures & eq_ 4,346,600 Collateral loan on Liberty
Improv. to leasehold est-_ 4,485,478
Loan bonds
45,000
Stock for employees' profit1 Divs. on Common stock-_
657,105
sharing plan
698,142 Collateral loan for empl's'
Rents paid in advance
1,087,2211
profit-sharing plan.
381,640
Cash
4,894,515 Rent received in advance.
728,563
Bills & accounts receiv
1,645,917 - Reserve for taxes, &c
968,042
Merchandise & supplies.-11,204,519 Deposits, &c—
58,995
Miscell. current assets—
201,446 Other reserves
4,125,853
Miscellaneous
493,868 Surplus
2,889,452
Trade-mks.,-good-will,&c21,400,000 '
—
See Y. 113, p. 2626, 2193.
I
Total (each side)
$55,213,138
—
United Fruit Co.—Official Denial of Rumors.—^Con¬
cerning the resignation of E. W. Ong as Vice-President
and GeneralCounsel and other matters, William Newsome,
Vice-President, on Dec. 23 said in substance:
All talk of the retirement of Mr. Andrew W. Preston as President of this
company
The company will continue under his
leadership.
Any statement questioning the
is without foundation.
strong, far-sighted dnd active
company's position, financial or otherwise, is ridiculous and not borne out
by the facts which are at the disposal of any one taking the trouble to inquire.
The Ong incident is merely a personal matter, having no bearing what¬
ever on the company.
In fact, the decision to call for the resignation of
Mr. Ong was arrived at several weeks ago.
Mr. Preston has behind him the loyal support of every executive and
department head in the organization.
We share with him his pride in the
great business enterprise which he pioneered twenty years ago.
The
United Fruit Co. is too great a factor to serve as a cloak for petty jealousies,
s, The successful business
policies laid down under Mr. Preston's aggressive
leadership will continue to be faithfully carried out.—V. 113, p. 2729.
U.
will, until Jan. 23,
Participating
Playing Card Co.—To Reduce Par Value.—
par value.—V.
United
Regular
113,
2412.
p.
States
Dividend
Smelting, Refining & Mining Co.—Preferred—11 Months Net Earnings.
on
The regular quarterly dividend of 87
A cents per share has been declared
on the Preferred
stocky payable Jan. 14 to holders of record Jan. 6.
,
Digest of Official Statement.
Earnings for 11 Months 1921.—Consolidated earnings for 11 months
ending Nov. 30 1921 are estimated at $2,136,000, after providing all interest.
After deducting reserves of $979,000 for
depreciation and depletion and
$104,000 for further exploration work in Mexico, estimated net earnings for
the 11 months were $1,053,000, of which
$492,000 was earned in the first
8 months of this year.
Deficit for 1921.—In completing the consolidated profit and loss account
for the year, these earnings will be increased
by further operating profits
for the year as well as profits from other
sources, which after taking care
further
depletion and depreciation charges and Federal taxes, it is
estimated, will result in showing a deficiency for the year of from $200,000
to $300,000 after providing Preferred dividends
amounting to $1,702,225.
After charging this deficiency, the surplus will be about
$16,500,000.
Capital Additions.—The capital additions this year will amount to about
$1,500,000 represented by construction and improvements in Mexico,
additional lands and improvements at the coal
properties, additions and
betterments to the railroad property and
mining claims and construction
of
in Utah and elsewhere.
Operations—Output.—Operations of the metal mines
aDd smelters in the
United States continue substantially as
previously reported.
The coal
operations have remained very much curtailed owing to lack of demand
and the output this year will be
approximately 780,000 tons as against
1,548,222 tons last year.
The
year
tons,
Mexican properties have been working
steadily throughout the
and the output will be about 870,000 tons as against last year's 996,757
the decrease being due to a shortage of power during the summer
months.
have
been
In view of the low price for silver during the
year, the profits
very Satisfactory.
The properties are hi excellet condition.n
—V. 113, p.
1479.
United
States
Steel
Corp.—Stock for Employees.—
The company has announced that it will give
employees the privilege of
subscribing to 100,000 shares of Common stock at $84 per share.
The
terms of the offering are the same as in
preceding years, the employees to
be allowed to pay for the stock in monthly installments.
This year's sub¬
scription price compares with $81 for 1921, $106 for 1920, $92 for 1919 and
1918, $107 for 1917 and $85 for 1916.
No Common stock
was
offered for
subscription in 1915, in which year the corporation discontinued its policy
of offering to employees its Pref. stock.
The number of shares taken in
1921 was the largest on record, totaling 255,325.
The official statement says: "In accordance with the stock
subscription
plan heretofore adopted, the finance committee has decided to offer to em¬
ployees of the United States Steel Corp. and its subsidiaries the privilege
of subscribing, during the month of
January 1922, for 100,000 shares of
Common stock at the price of $84 a share."
Thomas Murray, Assistant Secretary and Assistant Treasurer, and a
director of the company, died at Sparkill, N. Y., Dec. 27.—Y.
113, p. 2626.
Utah Construction Co.—Bonds
Offered.—E. H. Rollins
George H. Burr & Co., Los Angeles, New York,
offering at 100 and int. $1,250,000 1st (closed) Mtge.
& Sons and
&c., are
7Y2% Serial Gold bonds.
Dated Dec. 1 1921.
A circular shows:
Due $50,000 annually Dec. 1 1924 to 1926; $100,000
to 1934; $300,000 Dec. 1 1935.
Denom. $1,000,
annually Dec. 1 1927
$500 and $100 (c*).
Callable upon 60 days' notice on any int. date, all or
part, at par, and a premium of % of 1 % for each year or fraction thereof
of unexpired term.
Int. payable J. & D. at Mercantile Trust Co., San
Francisco, trustee.
Company agrees to pay 2% normal Federal income tax.
Security.—An absolute closed first mortgage on approximately 208,000
acres of ranch and range lands in
Nevada, Utah and Idaho, appraised at
$4,221,400.
Earnings.—Total net earnings after depreciation and all taxes for 10
years ended Dec. 31 1920 have averaged over $554,000 p. a., or more than
5.9 times maximum annual bond interest charges and over 3 times maximum
annual bond interest and redemption charges prior to 1935.
Company.—A Utah corporation, incorporated and began business under
present management in 1900.
Business was at first confined to the per¬
formance of grading contracts, but about 1914 it invested directly in a large
amount of ranch
comprised
and farm
properties,
since
both contracting and ranching and
which time
business has
farming operations.
For
four years prior to 1914 it was indirectly interested in ranching and farming
because of its purchase in 1910 of controlling interests in the Vineyard Land
&
Stock Co.,
which it operated
of this last-named
as
an
auxiliary corporation.
The assets
company are to be transferred direct to Utah Construc¬
tion Co. and will form the basis of this bond issue.
Capital Investment, cfee.—From a total invested capital >of $50,000 in
1900, the capital and surplus have been increased, almost entirely through
earnings, to the present total of $2,438,100 Capital stock and $4,088,216
surplus, Nov. 30 1921.
During this same period cash dividends of $3,458,750 have been paid.
Company has handled through its contracting department large volumes
of work for the Southern Pacific, Union Pacific, Denver & Rio Grande,
San Diego & Arizona, Oregon Short Line, Western Pacific, &c., and the
City and County of San Francisco, for which it is now building the Hetch
Hetchy Dam.
Purpose.—Proceeds are to be used for funding of floating debt and for
other corporate purposes.
Directors.—W. H. Wattis,
Pres. &
Gen. Mgr.; E. O. Wattis, V.-Pres.;
M.S. Browning, V.-Pres.; Warren L. Wattis, Sec'y & Treas.; Marriner S.
Eccles^ R B. Porter, Royal Eccles, Joseph Scowcroft, A. H. Christensen.
Ventura Consolidated Oil Fields.—Extra Dividend.
An qxtra dividend of 50 cents per share has been declared on the out¬
standing Capital stock, par $100, in addition to the regular quarterly divi¬
dend of 50 cents, both payable Feb. 1 to holders of record Jan. 14.
This
will bring total dividends paid for 1921 to $2.50 per share.—V. 113, p. 1369.
Washington-Idaho Water,
Default—Protective Committee.—
Light
&
Power
Co.—
The company having defaulted on the Nov. 1 1921 interest on the out¬
standing $754,000 1st Mtge. 6% S. F. Gold bonds due May 1 1941, the
following committee has been formed to protect their interests:
Lyman
Rhoades, Arthur J. Skinner, J. Lothrop Motley, with Equitable Trust
Co., New YorK, depositary.—V. 112, p. 2199.
CURRENT
—Pask
are
&
Wallbridge,
NOTICES.
14 Wall Street, New York,
announce
that they
continuing the business in investment securities formerly conducted by
A. B. Murray & Co. at this address.
—J.
M.
Byrne & Co. announce that F. Vernon Foster will retire from
membership in their firm on Dec. 31 1921, and Frederic J. McDonald will
be admitted.
—Chapman,
Carman & Co.,
100 Broadway, New York,
announce the
admission to partnership of A. T. Lawrence.
receive bids for the sale to it of 10-year First Lien Gold 8%
Sinking Fund Production Bonds, sufficient to exhaust $50,000.—V.113, p.
2626,
■
S.
The stockholders will vote Jan. 26 on
reducing the par value of the
authorized $3,600,000 capital stock from $100 to
$20 per share.
At latest accounts the
company had $3,335,900 stock outstanding, and
it is stated that the unissued stock
may be sold after the reduction in the
United Oil Producers' Corp.—Tenders.—
The Coal & Iron National Bank, New York, as trustee,
2839
—Clayton McMichael has become associated with Robert Glendinning
&
Co., 400 Chestnut St., Philadelphia, in their bond department.
fVoL. 113.
CHRONICLE
THE
2830
Imports and .Documents.
CENTRAL OF GEORGIA
REPORT—FOR THE YEAR ENDED DECEMBER 31 1920.
TWENTY-SIXTH ANNUAL
Capital Stock:
Savannah, Ga., April 7 1921.
To the Stockholders:
ended December 31 1920.
RELEASE FROM FEDERAL
midnight of February 291920,
resumed possession and operation of its
transportation properties for its own account.
The income
account herein shown does not include operating revenues,
operating expenses and taxes of the United States Railroad
Administration for the months of January and February, but
to facilitate comparison we submit tables of operating rev¬
enues, operating expenses and taxes, and show comparisons
with previous years, which include operations for the two
Federal control continued to
months of Federal control.
ACCOUNTS WITH
DIRECTOR-GENERAL.
Railroad Administration of
growing out of Federal control is in progress but not
completed.
The amounts shown on the balance sheet as due
accounts
to
and from your company are
subject to this final settlement,
TRANSPORTATION ACT, 1920.
The
ident
Transportation .Act, 1920, was approved by the Pres¬
February 2S 1920.
It contains much new legisla¬
material changes in laws previously enacted
on
tion and many
GUARANTY.
GOVERNMENT
The amount accrued to your company
by the Government
given by the Transportation
Act has not yet been ascertained and certified by the InterState Commerce Commission; but, pending final audit and
under the six months' guaranty
approval of the accounts submitted, substantial advances
and partial payments have been collected.
Income account
as submitted includes an estimated credit of the amount
payable under the terms of the guaranty.
OF
MILKS
The miles
as
The
as
operated
miles operated
ROAD
OPERATED.
of December 31 1920 were 1,913.63.
of December 311919 were 1,918.29.
INCOME.
The income for year 1920,
year was as
__
1919.
1920.
Decrease.,
or
i
+20,676,551 05
52,858 97 +21,049.509 53
05
50
railway oper¬
126,929 88
—372,958 48
+ 668,221 30
5,584 69
—
+5,584 69
800,735 87
126^929 88
,(R)425.817 45 JR)52,858 97
ations
Railway tax accruals
Uncollectible railway revenues
Total..-
-
Railway operating
795,151 18
income.(R) 1,226,553 32 (R) 179,788 85
revenue—Miscellaneous
operations.
+673,805 99
—1,046,764 47
Net
»
Total operating income..
13,118 24
—4,349 78
(R) 1,217,784 86 (R) 166,670 61
—1,051,114 25
U.
from
Compensation
S.
732,892 77
3,408,808 94
—2.675.916 17
income....___5 J+6,916_37
830,940_12
+4,285,976 25
_4,239,749 06
+1,610,060 08
4.632.024 28
4,073,078 45
2,790,427 98
+558,945 83
+324,888 85
1,282.650 47
+234.056 98
..
Total
Gross
8,768 46
5.849,809 14
R. A
Non-operating
income
Deductions from gross income 3,115,316 83
Net corporate
Income
1.516.707 45
'
B (R)—Red.
OPERATING
Since December 31 1919
'
REVENUES.
(12 Months)
equipment trust obligations
'
"
Loans and Bills
Payable:
Pending collections from the Government under the six
months' guaranty, and from the- United States Railroad
Administration,
_
__.
was an increase of $2,349,183.54,"^ 17.88%, m
freight revenue; $304,343 94, or 4.69%, in passenger revenue;
$732,249 87, or 38.22%, in other operating revenues; or
$3,385,777 35, or 15.61%, in railway operating revenues.
paid since December 31.
,
Non-Negotiable Debt to Affiliated Companies:
The increase of $553,388 33 in this item is due in part to
the same cause, and in part to the purchase of $525,000 of
Fourth Liberty Loan Bonds to use as collateral security in
connection with an advance made by the United States on
account of the six months' guaranty.
Securities Owned:
Investments—Bonds reflects the
purchase of Liberty Bonds.
The increase in Other
above noted
Dividends:
During the
($900,0(X)), at
mon
preferred dividends, Nos. 14 and 15
stipulated rate of 6% per annum, and com¬
year
a
dividends Nos. 9 and 10 ($250,000), at a rate of
annum, were
During the year Ocean Steamship Company of Savannah
paid from accumulated surplus an extra dividend of $40 per
share, of which your company received $799,640.
Guaranty of Ocean Steamship Company Bonds:
On July 1 1920 the First Mortgage Twenty-Year Five
Per Cent Bonds of Ocean Steamship Company of Savannah,
aggregating $1,000,000, matured and were, by arrangement
with the holders, and after being unconditionally guaranteed
as to principal and interest by this company, extended at
7 % for five years, until July 11925.
ROAD
AND EQUIPMENT.
expenditures for road and equipment, including addi¬
tions and betterments on leased railway property, during
the twelve months ended December 31 1920 were as follows:
Operating Ratio:
The operating ratio was 102.60, an increase of 13.70 points,
or 15.40%.
Mainlenance of TVay and Structures:
Expenditures for maintenance of way and structures were
$4,942,898 33, an increase of $574,157 19, or 13.14%.
Maintenance of Equipment:
Expenditures for maintenance of equipment were $6,163,735 93, an increase of $1,691,962 49, or 37.84%.
Charges for depreciation of equipment were $606,068 42,
a'decrease of $22,649 82, or 3.60%.
The average miles per serviceable locomotive were 35,729,
an increase of 1.925 miles, or 5.69%.
The average age of
locomotives was 17.3 years, compared with 16.7 years for the
preceding year.
Transportation Expenses:
b Transportation expenses were $12,908,739 14, an increase
of $3,666,619 02, or 39.67%.
Land for
9,554 79
transportation purposes
Grading....
...
Ties
....
Rails
Other track material
...
....
and surfacing
Right of way fences
Crossings and signs
Station and office buildings
Roadway buildings.
Track laying
were
$925,198 85,
a
decrease of $17,453 36,
22 30
(R)17,262 46
(R)l 1,844 19
15,430 55
49,904 68
32,049 70
24,968
64,514
147,587
25,667
39,250
30 (R)29,327
10
(R)50
71 (R) 149,149
90
(R)l,246
38 (R)ll,196
stations...
65
46
24
45
32
153 10
1,314 93
3,285 79
(R)4,856 26
242,569 52
8,276 64
4,687 94
(R)6,995 87
Shops and enginehouses
Telegraph and telephone lines._
Signals and interlockers
Power line poles and fixtures
592
(R)2,004
(R) 1,727
(R)45
58
53
10
97
2,425 94
69,851 05
752 34
4,968 75
240 42
8 54
(R) 157 27
1,948 92
14,502 75
(R)495 39
...
xMiscellaneous structures
Roadway machines
Assessments for public improve¬
...
8,678 65
916 05
28,838 02
(R)922 47
ments
Shop machinery...
(R)4,359
64.463
(R) 1,561
24,421
28,054
35
64
53
45
06
1,488 07
20,703 60
245,855 31
3,420 38
5,280 52
(R)9,000 40
68,123 95
706 37
7,394 69
8 54
83 15
1,948 92
14,007 36
9,594 70
27,915 55
(R)231 67
(R)231 67
837,055 23 (R)218,227 89
21,306 43
(R)517 25
17,792 07
5,714 68
35,031 10
(R) 1,008 33
89,355 38
(R)744 70
783 14
618,827 34
Power sub-station apparatus-__
Total way and structures (less
...
Passenger train cars
Work
equipment
Miscellaneous
________
163,484 98
Total..
Less
equipment
Total net, road and equipment
(R)—Red.
"
4,227 54
20,789 18
23,506 75
34,022 77
88,610 68
783 14
167,712 52
226,807 02
30,832 96
257,639 98
(R)63,322 04
equipment retired
Total
(R)26,605 42
(R)89,927 46
773,733 19 (R)244,833 31
528,899 88
PHYSICAL
CHANGES.
Roadway and Structures:
There were 58.3710 miles of track relaid
with 90-pound
.0094 miles with 80-pound new steel rail;
and .0281 miles with 70-pound new steel rail; making a total
of 58.4085 miles of track relaid with new steel rail, which in¬
cludes 10.0293 miles of track relaid with new steel rail of the
new
same
steel
rail;
weight.
hand steel rail,
of
track
were
26.5586 miles of track were relaid with second¬
replacing rail of lighter pattern.
4.6206 miles
relaid with second-hand steel rail, replacing
Total mileage of track relaid with new
89.5877. In addition, 5.6663
track between East Point and Atlanta were laid with
same
miles of
pattern.
steel rail, replacing 80-pound steel rail, for
Railroad Company,
track is operated as a second main line by your com¬
under trackage rights.
90-pound
1.85%.
F The General Balance Sheet, Table 4, shows the
condition of your company at December 31 1920.
new
account of
FINANCIAL.
15,408 25
67,167 14
and second-hand steel rail was
(12 Months)
Accrued taxes
13,125 10
1,334 97
19,388 67
Water stations-
Fuel
3,570 31
43,893 89
Bridges, trestles and culverts
Ballast
Total.
$
$
$
rail of
TAXES.
Federal.
Corporate.
Engineering
Steam
(12 Months)
or
per
Dividends Receivable:
property retired).........
locomotives
Freight train cars
OPERATING EXPENSES.
■
5%
declared and paid.
^
*
borrowed from banks in
period. The notes have been
company
your
December $575,000 for a short
Paving
W There
.
aggre¬
$100,000 and Greenville & Newman Main Line
Bonds and Upper Cahaba Branch Bonds aggregating $60,000
matured and were paid.
The
Increase
Railway operating revenues--20,670,551
Railway operating expenses. .21,102,368
|
^
change in capital stock.
Funded Debt:
compared with the previous
follows:
Net revenue
no
gating
CONTROL.
when your company
Settlement with United States
\
There has been
|
Directors submits its report for the year
The Board of
RAILWAY COMPANY
financial
which
pany,
the Atlanta & West Point
Due. 31
$117,367 41
were
2831
CHKONICLE
THE
1921.]
expended for tie plates, &c., applied to
CENTRAL OF GEORGIA RAILWAY COMPANY.
track.
69
INCOME
new
industrial
tracks
were
added, aggregating 2.29
STATEMENT.
miles in
'
length, while 19 tracks were removed, aggregating
1.67 miles; making net increase of 50 tracks and 62 miles.
37 new company sidings were added, aggregating 6.12
miles in length, while 26 sidings were removed, aggregating
2.63 miles; making net increase of 11 sidings, and 3.49 miles.
There were 14.69 miles of track ballasted with gravel laid
to a depth of 4 inches.
$32,000 were expended in the purchase of 2.12 acres of
land at Columbus, Georgia.
$165,935 76 were expended in the construction of a new re¬
inforced concrete outbound freight house, transfer platforms
and driveways at Macon, Georgia.
$4,045 73 were expended in moving to Dennis, Georgia,
and erecting depot formerly located at East Newnan, Georgia.
Standard passenger shed was erected at East Newnan,
Georgia.
..
7
^ ; ' " ■' ^
$2,857 12 were expended in installing train order signals
at Bolingbroke, Forsyth, Goggins, Miluer and Barnesville,
Georgia.
1,014 lineal feet of frame and pile trestles were replaced by
embankments and suitable waterways provided.
$25,909 92 were expended in constructing a double 8x10
reinforced concrete box to replace the stone arch near Bir¬
mingham, Alabama.
$7,051 14 were expended in widening Elm Street bridge,
Macon, Georgia.
..
a.
.
v
$2,394 56 were expended in constructing wagon bridge,
Eufaula, Alabama.
$1,172 08 were expended for paving at Andalusia, Ala.
$1,948 92 were expended for paving East Main Street,.
Statesboro, Georgia.
A:rv' -AAV$916 05
expended for paving Broad Street, Griffin,
were
Georgia.
$4,175 29
Georgia.
■
expended for paving North Street, Albany,
V
$936 72 were expended for paving at Troy, Alabama.
$14,291 06 were expended in the purchase of 51 motor cars
for use of supervisors, section foremen and bridge gang fore¬
were
Per cent
of total
operating
1920.
the construction
of a reinforced concrete roundhouse and shop at Columbus,
Georgia; total expenditure to date of $98,375 40.
$2,317 94 were expended in equipping Macon shops with
additional water connections to wash basins.
$2,756 01 were expended in the purchase of one pneu¬
matic flanging machine for Macon shops.
$1,018 60 were expended in the purchase of one electric
arc-welding machine for Savannah shops.
$3,955 87 were expended for an electric turntable tractor
Contract
was
let and work commenced on
Freight..
12,930.928
Passenger
5,728.246
Excess baggage
32,090
Sleeping car..
172,853
105. Parlor
and
chair car
22,998
106. Mail
470,410
489,307
107. Express
102.
103.
104.
108.
Other
Mountain Type locomotives, built by American
Company, were used under temporary lease
during a portion of the year, and arrangements made for their
eventual acquirement by your company under Equipment
Trust M.
No locomotives were sold or retired.
There is
an
increase
power
over
previous year of 314,938 pounds of tractive
109.
Pullman
Company.
$15,917 35 were expended in
ers, valve gear, piston valves
betterments to
+22,998 23
+470,410 32
+489,307 26
.03
Switching
+7,305 23
.07
+ 15.813 97
+221.957 02
111.
Special service
28,648 75
.14
97.31
37,136 81
,18
+37,136 81
2,893 39
.01
+2,893 39
.19
+38,753 64
+716 52
151,505 89
.73
+ 151,505 89
1,380 82
110,342 29
2,562 69
.01
.01
+ 1,380 82
+ 110,342 29
+2,562 69
1.305 88
.01
173,050 88
.84
+ 1.305 88
+ 173,050 88
.18
—+36,266 24
.18
+36.342 72
revenues..20,676,551 05 100.00
+20,676.551 05
Total
III.
+20,120,559 52
and
Dining
132.
Hotel and res¬
buffet
taurant.
...
train
133. Station,
boat
and
__
38.753 64
134.
Parcel room..
716 52
135.
Storage—
privileges
Freight
136.
Storage—
Baggage137. Demurrage—
■
141.
Power
142.
.53
Rents of buildin g s
and
other
prop¬
erty.
143. Miscellaneous
519.648 81
Joint Facility:
IV.
151. Joint facility—
36,266 24
Cr
152.
Joint facility—
76 48
Dr
+76 48
36,342 72
Total..;.
Total railway oper¬
Mainte¬
of way and
201-279.
nance
4,105,356 85
19.86
5,047,749 43
351-359. Traffic...
550,925 44
24.41
structures
of equipm't
nance
371-420. Transpor¬
tation—rail line. 10,512,060 77
Miscellanoperations._
451-462. General..
451. Transportation
441-446.
43,877 59
+10,512,060 77
4.12
R10,256 27
R.05
50,554 81
+43,877 59
+802,099 88
52,858 97
+21,049,509 53
investment—
-10,256 27
railway oper-
21,102,368 50 102.06
expenses
Net
2,304 16
.21
852,654 69
Cr
Total
2.67
50.84
+5,047,749 43
+548,621 28
v
eous
for
+4,105,356 85
....
Mainte¬
301-337.
from
revenue
R425.817 45
R2.06
R52.858 97
—372,958 48
795,151 18
3.85
126,929 88
+668,221 30
5,584 69
.02
operating
Rl,226,553 32
R5.93
Rl79,788 85
—1,046,764 47
51,914 33
.25
72,465 05
-20,550 72
43,145 87
.21
59,346 81
-16,200 94
railway opera'ns.
532.
Railway
accruals
tax-
Uncollectible
railway revenues.
533.
502.
+5,584 69
Revenues from
miscellaneous op¬
erations
534.
of
Expenses
miscellaneous op¬
erations
Net revenue
from
miscellaneous op¬
8,768 46
.04
13,118 24
—4,349 78
comeT.R1,217,784 86
R5.89
R 166,670 61
-1,051,114 25
Total
.
—
operating in+ Increase.
1919.
1920.
—
Decrease.
Hire of freight cars—
Rent from locomotives
Rent
$184,620 85
30,028 44
credit balance
from
train
+$184,620 85
+30,028 44
passenger
21,684
6,972
36,250
778,192
104,003
cars
Rent from work equip.
Joint facility rent inc.
509. Income, lease of road
510. Miscel rent income.
507.
508.
freight cars.
+28,648 75
.......
Incidental:
131.
504.
_
33
04
26
.......
......
_
41 $3,454,108 58
65
88,227 10
+21,684
+6,972
+36,250
—2,675,916
+ 15,776
33
04
26
17
55
511. Miscellaneous non-op¬
erating physical
513.
514.
515.
18,850 22
property
1,477,825 50
Dividend income
Income from funded
securities
114,239 76
Total
converting
18,665 92
446,171 16
+ 184 30
+ 1,031,654 34
102,505 87
+ 11,733 89
126,763 08
3,307 35
—161,989 81
+3,109,061 06
non-operating
$5,849,809 14 $4,239,749 06
+$1,610,060 08
$4,632,024 28 $4,073,078 45
+$558,945 83
Income from unfunded
securities and acc'ts
R35.226 73
519. Miscellaneous income 3,113,268 41
.
$39,709 53 were expended in the purchase and
of Illinois Central sun parlor car into office car.
1.07
20,120,559 52
train
and other improvements to
train cars acquired. 434 freight
and work cars were sold, destroyed or retired, and 145 freight
train cars were converted to work equipment.
The average capacity of freight cars at the close of the
year was 38.0 tons, and the total capacity was 336,260 tons.
$19,630 53 were expended in reinforcement of draft gear,
application of safety appliances, and other additions and
.11
2.37
the application of superheat¬
passenger train cars.
There were no freight
.84
-f-12,930,928 57
+5.728,246 36
+32,090 73
+ 172,853 08
2.28
503.
expended in additions and betterments to
...........
.16
26
505.
$4,974 07 were
62.54
27.70
23
32
Non-operating income:
locomotives.
57
36
73
08
7.305 23
15,813 97
221,957 02
Milk
110.
erations
in total locomotives.
Arrangements were made for acquiring under Equipment
Trust M 17 all-steel passenger train cars, to be built by The
—4.66
passen¬
train...
ger
income
new
$
Rail line:
101.
Railway
Seven
Decrease.
I. Transportation—
Equipment:
Locomotive
—
revenues—
turntable at Savannah roundhouse.
on
+ Increase.
1919.
1,918.29
'1,913.63
Average miles operated
Railway operating
ating
ing machines.
revenues.
$
men.
$48,674 14 were expended in the purchase of 16 electric
trucks for handling cotton on Savannah terminals.
$12,744 85 were expended in the purchase of one American
Railroad Ditching Machine.
$4,222 06 were expended in the purchase of two rail load¬
December 31.
Years ended
income
Gross income
Deductions from gross income:
OPERATIONS.
537.
of historical and statistical
data, there are included in an appendix the result of opera¬
tions of your property for the two months under Federal con¬
trol, six months' guaranty period, the four months solely
To
for
538.
Rent
maintain the continuity
corporate account
operation.
operations; and the twelve months
$24,017 32
Rent for locomotives.
for
$+24,017 32
passenger
50,274
1,676
119,831
119,83 1
370,283
train cars.__
Rent for work equip.
Joint facility rents...
542. Rent for leased roads.
135 827
543. Miscellaneous rents..
135,827
546. Interest on funded d't 2,286^333
2,286,333
540.
541.
547.
...
+50,274 93
93
41
63
66
+1,676
+119,831
+197
—10,530
+191,380
41
63
84
02
75
80,413 01
Interest on
$370.085 82
146,357 83
2,094,953 75
147,090 61
—66,677 60
81
81
00
unfunded
debt
of
dis¬
548.
The Board takes
pleasure in
acknowledging the fidelity,
efforts displayed by your
employees in the discharge of their duties.
Bv order of the Board of Directors,
efficiency and united
CHARLES
Amortization
count on funded d't
general remarks.
31,570 39
19,194 03
+ 12,376 36
551.
Miscellaneous income
charges
15,087 92
12,745 94
+2,341 98
.$3,115,316 83 $2,790,427 98
+8324,888 85
officers and
Total deductions from
gross
Net
H. MARKHAM,
Chairman
of the Board.
income
income
ferred
,—Reef
R
to
(trans¬
credit
rofit and loss)
of
$1,516,707 45 $1,282,650 47
$+234,056 98
notices.
current
3£lxje ©mmujeraal Jimjcs.
—Since the brisk advance in bond prices in recent weeks, investors have
about for securities yielding 7 to 8%, running 10 to 20 years.
number of such issues in the foreign government bond field
been casting
There
are
a
and selection is made easy by the recent
edition of Moody's Rating Book or
securities.
This is the new
securities and prominent State and city issues throughout
the world, this book contains full information regarding American municipals
and rates each and every government and municipal bond.
This volume
books on securities, the others covering rail¬
be obtained from Moody's
roads, public utilities and industrials, and can
St., N. Y. City, for $20, including monthly
supplements and carriage charges.
—Announcement has been made of the
house, to be known as P. L.
organization of a new investment
Carlisle & Co., Inc., with offices at 49 Wall St.,
The capital of the company will be $500,000 paid in.
New York City.
Carlisle, head of the Northern New York Trust Co., Water-
Mr. Floyd L.
be President of the new organization, as well as a member
board of directors.
The board will also consist of W. II. Stevens,
town, N. Y., will
of the
D. C. Middleton, D. M. Anderson
Mr. Ferguson, who for
and Roy K. Ferguson, all of Water town.
several years has been head of the bond department
will take charge of the management
of the Northern New York Trust Co.,
The house plans to specialize in securities of the Northern
of the new firm.
New York Utilities Co., which is
controlled by the Northern New York
are
Among the favored industries have been woolen and cotton
goods, furniture and shoe manufactures.
and Chicago Stock
Chicago Board of Trade and New York Cotton Exchange.
Salle Street,
Onativia Jr., E. F. Rosenbaum, E. 8.
B. Murray &
N. Y., announces its dissolution
Rosenbaum, and Hart Taylor.
14 Wall St.,
Co., investment brokers,
Busi-'
by mutual consent of the partners.
of the firm will be continued at the same address by two of
the partners,
Marshall W. Pask and Anton E. Walbridge, under the name of
Pask & Wal-
The third partner, Alexander B. Murray, has formed a co-partner¬
bridge.
of
ship with Bradford Wickes to handle bond investments under the title
Murray & Wickes, with offices at 120 Broadway.
Patrick,
Howard Corlies, George N. Patrick,
Rufus S. Rowland and James J.
Greham, special.
The branch office at Troy, N. Y., will be in charge of
George N. Patrick, resident partner.
Joost, Patrick & Co. will continue
the business formerly conducted by Auchincloss, Joost & Patrick, now
of
partnership composed of Sherman B. Joost, John J.
a
dissolved.
—H. F. Bachman & Co. announce that Henry M. Peers
from their firm and incidentally that John G.
has withdrawn
Allen, formerly of Raleigh,
been appointed manager of their cotton department.
North Carolina, has
Mills & Co. will be dissolved Dec. 31
—The firm of Shonnard,
1921,
The business will be continued at 120 Broadway,
J. H. G. Mills retiring.
Shonnard <fc Co., composed of Horatio S. Shonnard, F. Clark
New York, by
Thompson, J. A. Campbell Jr., Arthur D. Weeks Jr., Joseph D. Godfrey
and J. A.
Campbell, special.
attractive list
an
from 3.90
York,
Redmond & Co., 33 Pine Street, New
—Messrs.
in to-day's issue, on
the
are
advertising
opposite the first page of reading matter,
page
municipal
of
bonds for January
investment, yielding
These bonds are exempt from all
4.60%.
to
Federal income
taxes, including the surtax.
a
—-The
attention
of
insurance companies,
banks,
advertisement of Messrs.
estates or individual
Remick, Hodges & Co., 14 Wall Street,
New York, in to-day's issue, offering a
list of municipal bonds exempt from
all Federal income taxes, yielding from 3.90 to
—W.
H.
Goadby & Co.
announce
5.40%.
same
Goadby.
the retirement of W. H.
The business, however, continues under the same firm name
exception noted, by the
and with the
partners, viz.:Courtlandt D. Barnes, Charles
Morgan, member of New York Stock Exchange, and Harry G. Miles.
E.
—William
Lauer
&
Co.,
members of the N. Y. Stock Exchange,
74 Broadway, New York, announce the admission as partners of Edwin
D.
Blumenthal, member of the N. Y. Stock Exchange, and Morton H. Blumen-
thal,
who formerly comprised the firm of Blumenthal Bros.
—The dissolution of the firm of Sichel & Frankel is announced effective
Jan.
1
1922.
Broad
50
The
business
St., New
will
be continued
as
D.
J.
York, composed of Joseph D.
Frankel & Co..
Frankel and Arthur
—Messrs. F. J. Lisman & Co., 61 Broadway, New York, members of the
Stock Exchange, announce by advertisement in to-day's issue
that under date of Jan. 3 1922 Mr. Mitchell May and Mr. A. O.
Corbin
will become members of their firm.
—The attention of investors is called to the list of State and municipal
bonds advertised
another page in to-day's issue
on
7 Wall Street, yielding from 4.75 to 5%.
by Eldredge & Co.,
These bonds
are exempt
from
all Federal income taxes.
—William
R.
another page an
Compton
Company
are
offering
by
advertisement
—L.
D.
Stanton &
1922, at 61
3
Stanton,
v
Co. announce the formation of this firm,
Broadway, New York.
The members
are
effective
Louis D.
Ricardo Cirstiani and Edmund C. Stanton.
—Watkins & Co., 7
a
Wall St., N. Y., and 40 State St., Boston, is offering
list of State and municipal bonds yielding from 4.00% to 5.00%.
are
on
attractive list of municipal bonds exempt from all Federal
income taxes, yielding from 4.10 to 6%.
Jan.
They
all exempt from Federal income taxes.
—Robert F. Brown, formerly manager of the New York office of Weil,
Farrell & Co., a Boston
Rubber
banking house, is
now
Treasurer of the Dayton
Manufacturing Co.
—Henry M. Peers & Co., members of N. Y. Cotton Exchange, announce
that they have opened an office at
will conduct
a
60 Broadway, New York, where they
general brokerage and commission business in cotton futures.
—Douglas Smyth, former specialist in New York State and city bonds,
is
now
in charge of municipal
Worth Street and Fall River reports have
goods.
encouraging; sales have increased and prices have ad¬
vanced.
Even Manchester seems to be waking up.
India
been
is
buying there somewhat more freely.
And there is some
is dying out. It is not altogether clear that such
but at any rate India has been buying somewhat
freely at Manchester.
The coal trade, despite colder
more
weather, is slow, and it is said that Welsh coal is coming
as
ballast and selling at below American prices, at
here
trading^for W. W. Sutton & Co.
Retail trade in general is smaller than that of
tidewater.
Grain prices have declined, although consider¬
year ago.
able
have
been
made of corn for shipment to
connection
with
the Russian
purchases
Russia
in
The Grain
of
failure
a
Exchange,
somewhat
Relief Committee.
Corporation is to buy 20,000,000 bushels of corn
distribute in the old Moscowvite Empire.
had little effect on the
in this country to
The
well-known firm
or
the Cotton
Exchange,
though it told
prices of grain at the Chicago Board of Trade.
on
The decline
in
grain, however, was at least partly due to
increased its estimate of
the fact that the Government has
the wheat crop some
on
the winter wheat
54,000,000 bushels, and that its report
acreage shows a far smaller decrease
had expected; in fact, the decrease
some
is light. And
prevailed for the winter wheat
better weather has recently
record year in building; that is
In the early part of the year
prices of merchandise declined with deflation still in opera¬
It has been a high
crop.
generally recognized.
very
In
tion.
the
last
three
or
four
months,
it has
culminated.
however,
•seemed that deflation in many lines at least had
The cost of
The farmer is still
confronted with high prices of manufactures, while he is
obliged to sell his raw products at comparatively low prices.
Such a condition naturally militates against the best inter¬
est of American business.
But this is nothing new.
It is
But
the
price of labor is still badly inflated.
transportation also needs to be reduced.
widely understood and has been for months past.
Economic
will correct it gradually.
Meanwhile, failures have
law
fallen
off somewhat.
For
the holiday week they are 445,
only 82
Car loadings have
been reduced.
But on the whole the stock market has acted
very well.
And net railroad earnings are improving. Bonds
are
active and strong.
Foreign exchange declined for a
time, notably lire, coincident with a big bank failure in
Rome.
But to-day there was quite a general improvement.
And as we confront the new year 1922 it can fairly be said
that the general feeling is hopeful.
The world is facing,
it is hoped, a new and-better future politically, socially,
financially and commercially.
The year 1921 saw the be¬
ginning of a genuine effort to reduce armaments and to
take a real step and a big step towards the ultimate aboli¬
tion of war.
And there is now to be assembled at Cannes,
against 550 last week, 470 for this week last year,
1919,
105 in 1918,
and 200 in 1917.
which in one way or an¬
the interests of business throughout the
As the war period recedes further and further from
France, an Economic Conference,
other
world.
H. Goetz.
New York
Sugar has continued
Cotton, on the other hand, has advanced, with
better demand both for the raw material and the manu¬
factured
in
investors, who seek primarily safety and marketability, is called to the
page
The automobile
reported here and
Sliut-downs are
to decline.
than
railroad
bond department; O. F. Barton, formerly Manager of Pynchon & Co.'s
railroad bond department, and E. D. Simon, formerly with W. D. Wollman
6 Co., have formed a co-partnership under the name of Shear, Barton &
Co., with offices at 5 Nassau St., New York City, telephone Rect or 6761.
They will deal in investment securities, specializing in inactive railroad issues.
Shear, formerly Manager of Carruthers, Pell & Co.'s
—E. M.
is quieter.
Wool has shown less activity.
there.
Stock
—Joost, Patrick & Co., 61 Broadway, New York, announce the forma¬
tion
time, and prices have eased somewhat.
industry
a
ness
The iron and steel
Nothing else could be expected at
trade is still very quiet.
this
ter's goods
located at 71 Broadway, New York, and 332 So. La
—The firm of A.
shutting down for the
Lumber is quiet.
is the case,
a
The members of the new firm are: J. Clarke Dean, J. Victor
Chicago.
Christmas trade.
the
There is some
That is only natural.
usual inventories at this time of the year.
partnership for
formation of
grain and provisions. With membership in the New York
Offices
after
Mills and factories are in some cases
commission business in stocks, bonds, cotton,
—Dean, Onativia & Co., announce the
the transaction of a general
Exchanges,
reaction
Whole¬
big industries have felt it.
sale trade and the
talk to the effect that the East Indian boycott of Manches¬
and other investment issues.
Trust Co.,
Friday Night, Dec. 30 1921.
Trade of late has been quiet almost everywhere.
In addition to describing all foreign
government
Investors Service, 35 Nassau
New York,
Analyses of Government and Municipal
securities which is just off the press.
is one of four similar rating
COMMERCIAL EPITOME.
publication of a book which clearly
all public
investment position of
the
shows
•
[Vol. 118.
CHRONICLE
THE
2833
may
serve
its evil legacy will gradu¬
humanity return to the normal ways of
peace in consonance with genuine civilization.
The failure was announced to-day of E. W. Wagner & Co.,
members of the New York Stock Exchange, Chicago Board
of Trade and the New York Cotton Exchange.
A receiver,
it is said, has been appointed for the Fidelity Manufactur¬
ing Co., Charlotte, N. C., cotton goods.
Assets and liabili¬
ties are each placed at approximately $300,000.
A receiver
was
appointed for Robert H. Ingersoll & Bro. Compahy,
manufacturers of the Ingersoll watch.
A temporary reciever was reported for the firm of Wm. Ay res & Sons,
Philadelphia, Pa., manufacturers of horse blankets and
cloth.
A Chicago dispatch said that the estimated oper¬
ating loss of Montgomery, Ward & Co. for the year ending
Dec. 31 will perhaps approximate $5,000,000.
Sears, Roe¬
buck '& Co., it is stated, have been making large sales of
real estate.
The mail order business in 1921 naturally suf¬
fered from the sharp decrease in the buying power of the
farmers of the United States, after the prices of their prod¬
ucts had declined some 50%.
At Bloomington, 111., the Chicago & Alton shops will be
operated but three days a week until further notice, accordview, it is natural to expect that
ally disappear and
DEC. 31
ing to
a
bulletin posted.
Approximately 1,500
will be
men
affected.
t
Fearing the loss of the Easter trade, both sides in the
New
York
cloak
considering
a
and
suit
trade
receded from its position of Nov.
it
is
believed
reached,
not
has
as
unlikely
been
seriously
controversy are
While officially neither side has
settlement.
14, when the strike started,
that
done
in
compromise
a
Philadelphia
Nearly 300 union cloak-makers went
about 26 manufactories at Baltimore
a
be
Dec. 27 in
strike
on
over
will
Chicago.
and
scale dis¬
wage
agreement.
The strike of the Philadelphia garment work¬
ended Dec. 27 with mutual concessions.
The strike of
ers
Chicago garment workers, lasting a month, has been settled
on an
efficiency basis of wages above a minimum.
Attorney-General Da uglierty has started
of
retail
shoes,
and
fuel
wholesale
and
other
prices for food
necessaries,
to
Government prosecution is warranted.
eral
son
will publish production costs of
with what
the
investigation
clothing,
determine whether
The Attorney-Gen¬
an
supplies,
necessities in compari¬
retailer charges the consumer.
The Cotton Exchange and the
Coffee and Sugar
changes closed to-night until next Tuesday morning.
Ex¬
The
New York Produce Exchange, the Chicago Board of Trade
and the New York Stock Exchange will be open
as
for business
usual to-morrow.
LARD quiet; prime Western, 9.55@9.65c.; refined to
Continent, 11c.; South American, 11.25c.; Brazil, in kegs,
12.35c.
Futures advanced slightly with hogs higher.
Some
packers bought January and sold May.
A rise in January
pork tended to help lard.
To-day prices were irregular,
closing 2 to 5 points lower for the week.
DAILY
CLOSING
OF
PRICES
Sat.
LARD
Tues.
Mon.
January delivery. ..cts_ 8.73
March delivery
8.95
May delivery
9.15
FUTURES
Holi-
8.77
IN
CHICAGO.
Fri.
Thurs.
Wed.
8.70
8.67
8.77
8.97
8.97
8.90
8.90
9.17
day.
9.17
9.10
9.07 '
PORK
quiet; mess,
family, $25@$28; short
clear, $21 50@$24 50; January closed at $14 95, an advance
for the week of 10 cents!
Beef, quiet; mess, $12 @$14;
packet, $13 @$14; family, $15 @$16; extra India mess, $24@
$25.
No 1 canned roast beef, $3 25; No. 2, $5 26; 6 lbs.,
$15 50.
Cut meats dull; pickled hams, 10 to 12 lbs., 16%@
17%c.; pickled bellies, 10 to 12 lbs., 13@15c.
Butter,
creamery
extras,
41^@42c. Cheese, flats, 16@23%c.
Eggs, fresh extras, 51@52c.
COFFEE on the spot in only moderate demand at steady
prices; No. 7 Rio, 9%@9%c.; No. 4 Santos, 12%@12%c.;
fair to good Cucuta,
11 %@12%c.
Futures have been
quiet and prices have kept within very narrow limits.
Con¬
tracts
have b,een rather scarce.
Large withdrawals of
December coffee have attracted attention.
mate
that the bull interests have taken
Some
over
now
esti¬
350,000 bags
this month, cleaning up a large percentage, it is
of the available coffee for delivery.
Meanwhile
believed,
the stock
in New York is 805,900 bags of Brazil, against 744,770 last
year.
The stock in Brazil is 4,800,000 bags, of which, it is
said,
The
the
Government
interests
control
4,000,000 bags.
therefore re¬
In fact, not for
statistical position of Brazilian coffee is
garded by not a few as in no bad shape.
years, it is argued, has it been to all appearance so impreg¬
nable.
The Brazilian Government holdings, it is said, will
not be sold during the present season.
To-day prices de¬
clined slightly, ending 10 points lower for the week.
8.54 @8.551 September... 8.51
8.51 Nom. | December—8-57
Spot (unofficial) 9^-%c-9^!May
March
8.70@8 721 July
SUGAR has declined with
<a 8 52
Nora.
'drop in old Cuban to 1 13-16c.,
a new "low" last Tuesday.
On Wednesday came a further
drop to 1.75c. for January shipment, with sales then and
later of 60,000 bags.
The Committee has made no change
in its 'price
(of 2.25c. cost and freight on allocated sugars.
There has still been talk of a plan to dispose of 500,000 tons
of Cuba's surpms by a toll arrangement.
Refined here is
4.80 to 4.90c.
Receipts at U. S. Atlantic ports for the
week ending Dec. 28 were 25,882 tons, compared with 35,673
in the previous week, 28,179 a year ago and 18,288 two years
ago.
Meltings were 41,000 tons, against 42,000 last week,
32,000 last year and 24,700 two years ago.
Total stock is
35,131 tons, against 50,249 ,in the previous week, 61,776
last year and 14,072 two years ago.
To-day futures showed
no
net change.
They are 10 points lower for the week.
Spot raw was quoted at 1.75c.
Spot (unofficial) 3.36c
IM arch
December.
(May
..
a
2.09 @2.10! July
2 • 43 fe 2.44
__2.25@2.261 September.._2.55@2.57
OILS—Linseed remains quiet with prices
about the same.
Offerings of English and other foreign oils were small.
Buyers continue to hold off. ' Importers are inclined to
believe that they will be able to do much better after the
first of the year.
November carloads, 67@68c.; less than
carloads, 70@71e.; five bbls. or less, 74@75c.
Cocoanut
oil, Ceylon, bbls., 8%@9c.; Cochin, 10@10%e.; olive,
$1 15; soya bean, edible, 10%@lle.; lard strained winter,
87c.;
cod,
domestic nominal, Newfoundland, 43@45c.
Cottonseed oil sales to-day, 22,690 bbls.
Crude S. E.
7@7.15c.
Prices closed as follows:
Spot...
8.23(^8.451 March __--__8.72(a;8.74! June.
_9.05fe9.15
8.24(^8.26! April
February.. ..8.40 @8.501 May
January
8.79(^8.82 J July
8.96 @8.971 August
__._9.23fe9.24
9.35@9.50
Rosin, $5 30@$7 30.
PETROLEUM.—Export business has not improved verymuch.
Lubricating oils are in small demand.
Spindle oil
meets with a better inquiry, however.
Gasoline business
Spirits of turpentine, 81
2833
CHRONICLE
THE
1921.]
continues quiet.
Fuel oil is weak at $1 50 per bbl.,
Stocks of that oil are large.
Gas oil dull and easy.
f.a.s.
New
York prices, gasoline cargo lots, 33.25c.; United States
Navy specifications, bulk, 19c.; export naphtha cargo lots,
203^c.; 63 to 66 deg., 23 %c.; 66 to 68 deg., 24%c.; cases
New York,
18%c.
Refined petroleum, tank wagon to
store, 15c.; motor gasoline to garages, steel bbls., 27c.
According to figures just announced by the United States
Geological Survey, estimated consumption of domestic and
imported petroleum in November totaled 46,511,000 bbls.,
as compared with 45,204,000 bbls. in October.
Total con¬
sumption or deliveries to consumers for the first 11 months
of 1921 amounted to 477,243,000 bbls., as against 483,277,000 bbls. in the same period of 1920.
However, owing to
heavier imports and greater production of petroleum in
November, there was an excess of indicated production
(including imports) over estimated consumption (plus ex¬
ports) amounting to 3,398,540 bbls., or at the rate of ap¬
proximately 41,000,000 bbls. annually.
Domestic pro¬
duction of crude oil in November was 37,780,000 bbls.,
as against 35,621,000 bbls.
in October.
Imports of crude
oil totaled 12,993,763 bbls. in November and 11,575,410
in October.
Daily average imports were 433,125 bbls. in
November and 373,400 bbls. in October.
Imports for the
first 11 months of 1921 amounted to 111,383,572 bbls.,
as against 93,329,808 bbls.
in the corresponding period of
1920.
November exports were 864,223 bbls., while exports
for October totaled 746,532 bbls.
Exports for first 11
months of 1921 have been 8,341,625 bbls., as against 7,355,219 bbls. for the same period last year.
Stocks of domestic
crude oil at the close of November amounted to 163,805,000
compared
bbls.,
000
with
163,335,000 bbls.
at
the close of
Stocks of Mexican crude oil amounted to 12,201,-
October.
bbls.
the close of November,
at
bbls. at the end of October.
as
against 9,272,000
The total of net pipe-line and
pipe-line, tank-farm
producers' stocks in California and stocks of Mexican
petroleum held by importers in the United States, amounted
to 175,006,000 bbls. at the close of November, compared
with 172,607,000 bbls. at the end of October and 119,886,tank-farm stocks east of California, gross
and
000 bbls. at the close of November.
Mexico state that in the
near
Official reports from
future the end of Mexico's
light oil supply is indicated.
The only known light oil
pool, located in the Cerro-Azul Toteco district, with an an¬
nounced capacity of 100,000,000 bbls., is being exhausted
rapidly through overdevelopment.
When two pipe lines
now
under construction
are
completed this month the field
daily average of 2,000,000 bbls., which
means that the field's production will last about three months,
according to geologists.
Other known light oil regions are
producing only 1,000,000 bbls. a month, it is said.
will be drained at the
2 61
Cabell..
Somerset,
2 27
1 65
Illinois
2 65 Plymouth
1 25 Kansas and Okla¬
homa
2 00
2 78
2 48 Corsicana, light... 1 30
Corsicana, heavy
0 95
light
Ragland
Wooster
Lima
$2 25
2 25
2 25
2 25
$2 28 Electra
2 27 Strawn
$4 00 Indiana
2 40 Princeton
Pennsylvania
Corning
Thrall
Moran
25
Henrietta
2
Caddo, La., light.
Caddo, heavy
2 00
1 25
.
quiet but steady.
There was some disposition
positions, but sellers were not inclined to make
prices.
Ribbed smoked sheets 20 %c. spot and
January delivery; 21 %c. for January-March; 22%c. for
April-June, and 24%c. for July-December, with first latest
pale at a discount of %c. in all positions.
Para quiet but
steady; up-river fine 23c.; coarse 15c.; island fine 21c.;
RUBBER
to sell
near
concessions in
coarse
11c.
HIDES
have been in
less demand but firm.
Common
equal to about
16%c. here.
Bogota have been quoted at 15c., though
without much, if any, business of late.
River Plate stocks
are increasing; quoted $60.
Reports from the leather trade,
however, are more favorable.
Later reports from the River
Plate section stated that some 1,000 Montevideo steers had
sold at 21 %c., a decline of %c.
Common dry hides are held
at around L5%c. for Bogotas in some cases, but sales are
not reported at that price.
hides
are
said to be selling on River Plate at
OCEAN
FREIGHTS have been quiet with rates reported
It is estimated that approximately 100 American
vessels, averaging 6,000 tons each, will be employed in the
next three or four months transporting corn to Russia.
Bids
were opened by the Grain Corporation which are expected to
cover the entire food supply to be forwarded by
the Relief
steady.
Commission.
Charters included lumber from Columbia
River to Cape Town $23 50;
from Cuba to Hong Kong $9 75 Feb.; to one or two
$9 50 January; coal from Hampton Roads to River Plate
sugar
ports in Japan
$3 60 January;
Cuba to United Kingdom $6 oarly January; grain from Atlantic
range to West Italy 4s. 7Hd. one port, 4s. 9d. two ports-December-January;
grain from Atlantic range to West Italy 5s, option of Adriatic, 5s. 3d. early
January; to United Kingdom 4s January; grain from New York to Mediter¬
ranean ports not east of the west coast of Italy on a basis of 20c. one port;
coal from Hampton Roads to Rio Janeiro $3 80 earlyJanuary—one round
trip in West Indies trade $2; grain from Atlantic range to Mediterranean at
4s. 10Md. one port, 5s. two, and 5s. l^d. three ports, option of Adriatic
at 3d. extra Feb. 1-15; logwood from Monte Oristy to Baltimore, Philadel¬
phia or New York, $6 75.
'
sugar from
TOBACCO has shown
a
trifle
more
life.
That is, sales
somewhat, it is said, at lower prices.
At
the South a fair demand is reported.
Hereabouts, howeyer,
manufacturers have not of late bought much, nor, for that
have increased
time.
But the feeling is more hopeful.
to think that 1922 will be an improve¬
ment on
1921.
Wrappers have attracted a little
more
attention.
Present quotations for all kinds of tobaeeot
matter, for a long
Everybody
seems
THE
2834
are nominal.
On sales of importance it is gen¬
erally understood that they would be eased.
The
however,
and unchanged.
London has latterly
Electrolytic, 13%c.
Tin quiet but firm at
32 He. spot.
Lead remains quiet and unchanged; spot
here 4.70@4.80c.; St. Louis, 4.40@4.45c.
Zinc easier at
5.25c. spot here and 4.85@4.90c. spot St. Louis.
COPPER
[Vol. 113.
CHRONICLE
dull
following table shows the week's total receipts, the
Aug. 1 1921 and stocks to-night, compared wTith
total since
'the last year:'
been weaker.
PIG
IRON here has been quiet, though rather more
some other centres.
Pig iron sales in Philadelphia
in the last two weeks are said to have reached 50,000 tons.
Some of it was at as low as $18, but most of it at $19 to
$19 50, it is stated.
Fair sales were made at Chicago at a
drop of 50 cents, or $17 Birmingham.
Cleveland prices
have also declined.
The point is that, although sales have
been larger at some points, prices have suffered.
The latest
Birmingham price is $16 50 base, or $2 50 below the October
Otherwise
level.
next
there has been
no
business.
Some
con¬
here for prompt
tracts
delivery have been deferred until
Some foundries have suspended work for the
year.
Eurpose of making repairs. it would not of course, surprising
etter things in 1922.
And Everybody, be at all hopes for
if
hopes of brighter times should in
a measure
Texas
Gulfport
fair
demand and
medium and fine
buying cautiously.
Sydney, New South Wales, cabled that the wool auction
there closed firm on Dec. 23 for all descriptions.
Prices
were equal to highest point of the year, except on crossbred
lambs, which were dull.
Low burry crossbreds were ne¬
glected, a marked preference being shown generally for cross¬
Many mills, however,
cotted
The next
offered.
fleece.
Much
of
the
offered
was
Boston all
grades have been reported very firm.
Low
quarter and Lincoln seoured wools advanced last week about
5c., to 30@35c., according to grade.
Good 64s tops have
been sold readily at $1 20.
Boston wired that all reports
from the country and from the seaboard markets indicate
that stocks are getting down to a low level.
Some mills
have been
buying
more or
less freely for
some
time past, it is
said, in anticipation of the shortage which it is asserted is
inevitable before the permanent tariff bill can be enacted.
On Dec. 29 cables from Montevideo stated that 60% of the
fine crossbreds out of the new clip have been sold already.
The United States, England, France and Germany have been
buying. All the sales, contrary to recent rumors of specula¬
tion among dealers locally, have been, it is said, for export,
and the supply of fine crossbreds in the Montevideo market
is very small.
Advices from Punta Areanas state that the
new
clip there is in good condition this year, and that
shearing is just commencing.
Vancouver, B. C., cabled on
Dec. 29 that clothes of the finest quality are now being
manufactured
in
Vancouver
cloth
from
woven
British
in
12,459
388,628
2,887
368,830
474.627
52,554
17",106
Y8",443
"l.OlZ
~1~847
1,436
358,563
8,824
180,703
1,532
111,198
40.448
140,194
149.628
2,449
4,398
500
Brunswick
3,017
1,472
8,635
Charleston
Wilmington
Norfolk
9,519
42,210
51,876
1,519
1,688
8,302
583
N'port News, &c.
1,180
1,664
Boston
;i.
712
Philadelphia
138,304
1,037
7,227
17,484
20,176
391
7,331
14,880
38,062
23,228
llO
New York
Baltimore
~
1,835
425,447
14,016
46,676
66,649
219,471
13,250
394!
576!
1,329,
365!
245,073
43,2.53
81,648
24,707
87.449
5,448
2,064
14,453
4,209
12,021
3,681
5.827
122,036 3,439,857 143,230 3,432,216 1,359,282 1,454,308
Totals
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Columbia mills from British Columbia wool.
During the
past year 21,000 sheep were clipped for this industry alone.
In addition to making clothes of fine material a rougher
quality of goods is being utilized in making mackintoshes
and overalls for lumbermen.
46,936
Mobile
Savannah
Brunswick
32.131
8,756
21.912
14,849
1,688
8,302:
4,953
8,593
113
41
2,664|
18,382
37,651
1,769
14,502
1,000
2,036
604
3,000
6,926
3,747
7,624
N'port N., &c.
50,912
54,256
39,
__
Norfolk
2,500
3,1971
531!
187
4,138
4811
8,558
7,505
1,867
6,138
12,263
213,945
123,074
139,294
147,260
Since Aug. 1_. 3,439.8573,432,216 3,802,141 2,787,667 3,566,344
4,763,945
All others....
21J64
Total this wk.
122,036
143,230
The exports for the week ending this evening reach a
of
total
95 3!4
bales, of which 31,529 were to Great Britain,
13,420 to France and 5),365 to other destinations.
Below
are
the exports for
the week and since Aug. 1 1921.
From Aug. 1 1921 to Dec.
Weekending Dec.? 0 1921;
Exported to—
1921.
30
Exported 10—
Exports
Great
from—
|
Britain.
Galveston..
Texas
Great
|
Total.
France.j Other.
Britain.
France.
199,975i
739,2161,315,522
33,136
5.142
5.142
11,294
7,653
18,044
46,339
47,256
138,617
232,212
24,879
152,146
C9,899
327,627
549,672
4,289
25,221
"5",979
22,180
200
200
70,990
36,168
217,311
8,767
"l",700
47,250
9,000
8,500
4,800
30,600
324,469
12,068
57,717
48,100
76.951
1,671
41,489
50
5,598
1,000
376,331
City.
Houston
6,750
...
New Orleans
"lb", 556
6,670
2,589
1,700
Gulfport
Mobile.....
Pensacola..
Savannah.
4,399
_
4,399
Brunswick..
Charleston
Total.
Other.
20,454
12,682
12,068
.
Wilmington.
Norfolk....
New York..
548
"""630 "8", 373
~7",743
548
13,035
16,802
*""982
982
800
800
59
San Fran...
2,259
Seattle
1,894
59,116
2,259
1,894
Baltimore..
424
Los Angeles.
59,962
6,042
1,109
1,112
22.315
638
50
6,115
200
Philadelphia
53,380
"
444
------
Boston
16,000
28,165
28.165
32,033
Portl'd, Ore.
32,033
20.605
20.605
1,150
Tacoma
1,150
......
Total
Total
1920.
Total
739,4411
376,248 1,736,526 2,852,215
942,503
42,407 210,9051,532,938
13,420
31,529
344,9221,113,733 2,401.158
303,8061,045,752 2.882,496
50,365
95,314
3,23f 60,102 105,5871
1919. 135,868
42,254
32,630
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
give
us
New York.
.
On
Shipboard, Not Cleared for—
Ger¬
Great
Britain.
Galveston
New
1,273
Orleans.
France.
"
"l~,9l8
6.098
_
Savannah
Charleston
Friday Night, Dec. 30 1921.
THE MOVEMENT OF THE CROP', as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
122,036 bales, against 141,£88 bales last week and 113 815
bales the previous week, making the total receipts since
Aug. 1 192 1 3 439 587 bales, against 3,432 216 bales for the
same period of 192), showing an increase since
Aug. 1 1921
of 7,371 bales.
2,237
48,979
3,351
12,904
38,433
2,000
4,385
"l'sio!
3,017
1,472
8,635
Charleston
Wilmington
34.833
56,590
52,935
4,398
9,519,
500
1916.
1917.
69,783
8,326
498
23,808
2,078
13,950
1918.
1919.
61,668
576
Texas City,&c
New Orleans.
Dec. 30 at—
COTTON.
1920.
1921.
Receipts atGalvaston
sold.
held on Jan. 9, with 50,000 bales
At the Dunedin sales Dec. 23 prices closed firm
sales will be
and rather higher.
Some 10,800 bales were offered and 90%
sold.
The new clip promises to be better than last season's.
In
375,551
61,668 1,667,548
13,871
243,548
498
18,332
785,440
52,935
200
"54
Jacksonville
Savannah
are
wool
1920.
1921.
1920
1
I
Aug
In order that
declines as sales shrink.
It is not believed
buy very heavily until wages are re¬
duced.
Some believe that better things await the steel
business in 1922, chiefly in the matter of construction lines
and also in the demand for pipe and tin plate.
By the middle
of January it is predicted that a change for the better will
be plain.
Mills will then, it is believed, increase opertaions.
There would be nothing surprising in that.
Generally they
are
not running just now at over 30%.
There has been
little buying of rails.
Steel business has been the worst
this year, it is said, for 15 years past.
Final prices for the
year 1921 are the lowest of the year.
In fact, they are lower
than at any time since January 1916.
WOOL has beerTin
...
Pensacola
be realized.
STEEL output
grades firm.
City
Houston
Mobile..
Week.
1 1921
46,936 1,594,545
576
16,008
232,212
18,044
10,305
23~808
644,611
4,289
2",078
79,509
Port Arthur, &c._
New Orleans
i Since
This
SinceAug
Week.
that the railroads will
bred
This
Dec. 30.
Galveston
active at
Stock.
1920.
1921.
Receipts to
Other
Cemt't.
wise.
8,000
19,360
9,400
__
I Leaving
Coast¬
many.
12,121
2,180
4,000
2,000
23,394
3,410
32,876
13,900
500
Stock.
352,157
335,9.54
166,803
111,198
_
Mobile
2,369
14,737
200
450
500
900
139,744
86,549
8,200
70,051
2,369
Norfolk
200
New York *
40 J
50
2,066
6,000
Other ports
Total
1
Total.
Total
1921
1920..
25,650
56,875
1,918
13,641
Total
1919.. 141;726
36,978
200
29,410
19,201
14.511' 88,195
6,557 111.411
82,089 1,277.193
3,500 176,722 1.277,586
5,910
11,915 308,587 1,239,865
Speculation in cotton for future delivery has been mod¬
erate,
as
usual
towards the close of the
year,
but prices
have
Sat.
Galveston
Texas
Mon.
6,437
6,718
6,412
2,614
Tues
7,666
Wed.
Thurs.
firm
Total.
have
been
buying March
46,936
expression
everywhere.
Spot markets have been firm, though not ac¬
tive.
The idea, however, is that the Southern stocks have
been hedged, or so largely so, and that hereafter the market
will face hedge buying, rather than hedge selling, with all
that that implies as a steadying influence.
Japanese inter¬
ests have been buying March.
Liverpool has bought vari¬
20,488
7,342
5,003
576
576
11,326
6,951
4,856
3~235
23,808
City
Houston
New Orleans
Mobile.
740
209
18,044
469
774
626
54
54
4,637
2,073
1,230
13,250
500
500
190
Jacksonville
Savannah
2,875
2,435,
Brunswick
Charleston
583
2,202
42
2,078
43
286
370
1,030
3,017
1,472
8,635
691
333
1,664
New York
370
1,922
1,180
1,664
100
205
Norfolk
126
5,313
442
Wilmington
127
95
117
712
9,616
49,183
15,928
110
Boston
70
86
273
Philadelphia
22,227
10,571'
at
some
feeling is hopeful for
ous
months from
further advance.
and May and selling July.
1922.
time to
Large interests
One
time.
hears
Wall
The
that
Street and
the West
110
_
Baltimore
Totals this week.
Fri.
been
14,511 122,036
have evidently
taken the long side.
eral
Some
opinion.
Street
are
At least this is the
gen¬
large operators in Chicago and Wall
understood
to
think
out of ten believe it will be very
well
of cotton.
Nine
men
hard for the South to plant
Dec. 31
THE
1921.]
It is contended that the banks will
discourage it.
Agitators will add their voice against it.
Already there is talk of measures being taken in one way
or another to bring about a reduction in
the planted area
this spring.
The notion of not a few is that the South will
have short crops of cotton for some years to come.
The
great decline from 43.75c in July 1920 to around 10c in
July 1921, it is argued, has not been lost on the Southern
farmer.
"The burnt child dreads the fire."
In this case
the banks did not escape wholly unscathed.
A story was
told earlier in the year of a Southern dealer who had bor¬
rowed from a bank on cotton.
After a time he asked the
banker:
"What business are you in?"
"Why, I am a bank¬
32,000,000 acres again.
,
er."
No you are
ton merchant."
not," was the quick retort, "you are a cot¬
The humor was a little too grim, especially
exhaust¬
ed.
It conveys its own sharp lesson.
In other words, what
with the effect of public opinion and the cautiousness of
banks it is inferred by some that the next acreage will be
on
declining market, with the borrower's margin
a
And the carry-over will not be
smaller than the last one.
so
And the tendency is towards a larger
large.
of
parts
the
25,000 bales of cloth to India.
India has been inqu'ring
more
freely for Manchester's
goods.
Manchester was more cheerful to-day.
It bought in
Liverpool.
Very often, to be sure, India's bids have been
too low, but time was when it did not inquire for goods at
That it is in the market now is taken by some to mean
that the East Indian boycott
of
certain
But
that.
hopeful
view
Some are not so
is apparently the
In any case, the world's consumption
12,000,000 to
prevalent one.
more
the
is dying out.
of American cotton this season is estimated at
12.500,000 bales, against 10.500,000 bales last year.
And it
is believed that it will be only a question of time when the
maximum
total of the
past,
will again be reached.
Mean¬
believed that the Government over-esti¬
while not only is it
12. when it put it at 8.340.000 bales,
East Indian crop estimates have
been too large.. The Egyptian crop is also small.
mated the crop on Dec.
it
but
appears
hitherto
that the
Moreover, there seems to be some danger that the
Felaheen
stirred to rioting if not to actual rebellion
against the British Government.
All the schools at Cairo
have been closed and the students are going about the coun¬
of Egypt will be
If they succeed it will
certainly not make for larger crops of anything, cotton in¬
cluded.
And, looking in another direction, there are efforts
being made to bring about a resumption of trade relations
try trying to stir up the peasantry.
the United
between
States and
Russia.
The last Russian
of cotton was only 50.000 bales, according to Washing¬
ton estimates, against over 1,300.000 bales two years ago.
crop
If
relations
business
the
between
two
countries
are
re¬
sumed, it may mean a larger market, directly or indirectly,
for American cotton.
Coming back to the situation here,
it
inconclusive
most of
rise of something like 200 points since Dec. 13.
remarked
been
has
that
the
price,
despite
fluctuations during the last few days, has clung to
the
the other
On
hand,
some
contend that there is plenty of
expectations of great
be dis¬
appointed, and that with cotton not far from $100 a bale,
cotton, that the price is too high, that
things in the early part of 1922, are not unlikely to
it will be
a
difficult matter to keep down the acreage at the
nothing of the task should the price
its present level.
Meanwhile, both
South this sprng. to say
rise
materially
from
Egypt and India are in a state of political unrest.
Italy is
A big bank suspended at Rome on
the 29th instant.
The future of German reparations pay¬
ments seems somewhat cloudy.
There is a hitch in the
having financial trouble.
negotiations at Waslvngton for the limitation of armaments,
principally on the submarine question.
All is not turning
out as everybody had hoped it might.
Meanwhile, spot mar¬
kets at the South, as a rule, are slow.
Li verpool of late has
small for th's
the year.
A recent rise of $10 a bale is believed by
have discounted anything conceivably bullish at the
hesitated.
time of
some
to
Its spot sales have naturally been
And the short interest has been considerably
reduced. It has not unnaturally been intimidated by such a
rise.
As the case now stands, some thing that both New
York and New Orleans are "long," possibly in some direc¬
tions rather heavily long.
Of late Wall Street and the West
have been selling here.
And Liverpool, if it bought January,
sold
March.
Speculation has died down.
Recently the
present time.
off sharply, even though
to be larger than last year.
To-day prices
were irregular, and at one time reacted, owing to the fail¬
ure
of the
E. W. Wagner & Co.
But their outstanding
trades are said to have been not over 10,000 to 15.000 bales,
spinners' takings have been falling
they continue
perhaps less.
The flurry caused by the announcement
of
suspension at a little after 2 o'clock soon subsided. The
firm has never been prominent in the cotton trade.
A rally
the
came
later, which
left prices 20 to 25 points higher for the
day and 60 points higher for
at 19.45c for middling, a rise
The
the week. Spot cotton closed
for the week of 145 points.
following averages of the differences
between grades,
figured from the Dec. 28 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
as
from
middling established for
on Jan. 6 1922.
market
♦Middling "yeIlow" tinged
2.38 off
♦Strict low mid. "yellow" tinged.3.48joff
on
Strict good middling
on
Good
on
♦Low middling
on
Good middling
off
off
off
off
♦Strict mid. "yellow"
middling
Strict middling
"yellow" tinged. .4.48 off
"yellow" stalned.2.2) off
stained
3.10 off
♦Middling "yellow" stained
4.15 off
♦Good middling "blue" stained..2.68 off
♦Strict middling "blue" stained..3.58 off
♦Middling "blue" stained
4.5) off
♦These ten grades are not deliverable
on
off
off
upon
future contracts.
quotation for middling upland cotton in
York market each day for the past week has been:
The official
New
19.45
14.60
39.25
32.30
31.85
17.25
—12.30
1920
19191918
1917
1916
1915
7.80
1914
deliveries in the New York
19.45
19.1#
QUOTATIONS FOR 32 YEARS.
YORK
NEW
19.05
19.20
the
Fri.
Wed. Thurs.
Tues.
Hoi.
Hoi.
uplands
1921. c
Mon.
Sat.
Dec. 24 to Dec. 30—
Middling
12.60 1905
13.20 1904
1913.C
1912
9.25
1911
1909
19081907
1906
5.94
11.90 1897 _C
6.95 1896.
13.50 1895.
8.90 1894.
8.44 1893.
10.31 1892.
7.69 1891.
.c
1903-
—15.00 1902-.—
16.15 1901
9.35 1900.
11.80 1899—10.65 1898
1910
7.06
8.25
5.75
7.81
9.88
7.75
9.19
5.88 1890-
highest, lowest and closing prices at
New York for the past week have been as follows:
FUTURES.-
The
Saturday,
Monday,
Tuesday,
Dec. 24.
world.
ter, it is said, has just shipped
all.
2.13
1.65
1.08
0.58
Strict low middling
0.89
Low middling..
2.10
♦Strick good ordinary
3.3 )
♦Good ordinary.
4.3 »
Strick good mid. "yellow" tinged.0.03
Good middling "yellow" tinged..0.46
Strict middling "yellow" tinged..1.36
Middling fair
consumption
Worth Street and Fall
River have latterly been more active.
This has encouraged
the believers in high prices for the raw material.
Manches¬
different
in
2835
CHRONICLE
Dec. 26.
Dec. 21.
Januanj—
Wed'day, Thursd'y,
Dec. 28.
Dec. 29.
Friday,
Week.
Dec. 30.
18.81-/06 18.73-.90 18.92-114 18.53-/14
—•
18.81 — 19.07-.14
Range
18.53-.90
Closing
18.85-.90 18.81
February
—
Ranee
18.85
Closing
March
—
18.78
18.78
—
—
19.00
—
—
18.45-/06
18.45-.85 18.70-/05 18.63-.82 18.78-Z06
18.S2-.85 18.74-.78 18.75-.76 18.95 —
Range
Closing
April—
Range
18.55
Closing
ay
—
Ranee
Closing
June
18.55
18.65
18.45
—
—
—
HOLI¬
Closing
HOLI¬
DAY.
Ranee
July
—
18.00-.57
18.00-.33 18.75-.54 18 18-.33 18,38-.57
18.50-.52
18.30-.33 18.31-.33 18 31-.32
DAY.
18.10
—
18.10
18.25
18.05
—
•!
...
—
Closing
August
61-/09
17.61-.90 17.80-^08 17 65-.87 17.86-J09
17.88-.90 17.87 — 17, 80-.81 18.00-.02
Ranee
I
—
17.75-.90
Ranee.
17.67
Closing....
75.90
—
17.65
—
17 50
17.73
17.30
—
—
17.20
17.45
September—
Ranee
17.31
27
17.27
Closing
October—
S0-Z16
17.06-.25
16.85-ZOO 16.95-Z16 16 80-.99
17.18 —
16.95 bid 16 .90
16.96 "•
Ranee
Closing
—
November—
Ranee
Closing
I 17e.
J 18c.
/ 19c.
OF COTTON
THE VISIBLE SUPPLY
to-night,
as
made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
Put to make the total the complete figures for to-night
up
('Friday),
we
add the item of exports from
the United States,
^0s*"
including in it the exports of Friday only,
~r)7a>mber'* 0—
^1921.
1920.
Stock at
—------
75,000
Stock at Manchester
Total Great Britain
i
Stock at Hamburg
—
Stock at Bremen
Stock at Havre
208.000
11,000
etc
135.000
31.000
10.000
Stock at Barcelona
Stock at Genoa
Stock at Ghent
*
6,000
93,000
1,066.000 1,111,000
31.000
12-000
317 000
160,600
j—
S+nck at Rotterdam,
' 1919.
991,000 1.012,000
.—bales.
Liverpool
Stock at London
—
743,000
Total Continental stocks
29o'nnn
12,000
93,000.
40,000
1918.
876,000
856.000
11,000
156,000
17,000
79,000
472,000
1,023,000
59,000
1,000
15,000
10,000
Y'nno
^,000
60,000
84,000
---■—
516/ 00
85,000
368,000
657.000
1,809 000 1,627,000 1,391,000
10,000
65,000
72,000
50 000
331.000
611.471
453.213
American cotton afloat for Europe
343.000
76,000
89.000
66,000
Egypt .Brazil,&(*.,afloat for Eur'e
74.000
368,000
250,000
198.000
Stock in Alexandria, Egypt
327.000
*525,000
497,000
910,000
Stock in Bombay. India
719.000
1,403,005
Stock in TJ. S. ports
1,359.282 1,454,308 1,548,452
1.485,119
Stock in U. S. interior towns
1,622,819 1,734.703 1,355.312
5,998
Total European stocks
India cotton afloat for Europe
U. S. exports
12,650
to-day—
30,931
6.316,750 6.546.155
Total visible supply_—
55.829
5,863.064 4,761,122
"Of the above, totals of American and other descriptions are as
American—
bales.
Liverpool stockManchester stock
—
Continental stock
American afloat for Europe
TJ. S.
port stocks
U. S. interior stocks
U. S. exports to-day
588 000
52 000
640.000
343 000
465.000
640,000
98,000
300.000
453,213
611.471
629,000
79,000
^
1.359,282 1,454,308 1.646,452
1,622 819 1,734,703 1.355.312
12.650
30.931
55,829
—
3,575,122
216,000
149,000
17,000
25,000
♦16.000
10.000
76.000
368,000
525,000
East Indian, Brazil,&c.—
403,000
—.
—
23:666
Manchester stock
Continental stock
India afloat for Europe
—
Egypt. Brazil, &e., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &C—-
Total American-Total visible supply
Middling uplands, Liverpool. _ —
Middling upland. New York
Egypt, good sakel, Liverpool
Peruvian, rough good, Liverpool.
Liverpool
Tinnevelly, good, Liverpool
Broach, fine,
*
227,000
54,000
*69,000
331,000
1.403.005
1.485.119
5,980
.4,617,751 4,846,155 4,609,064
Total American
Liverpool stock
London stock
follows:
103, C00
50.060
74,000
327.000
719,000
383,000
6,000
14,000
51,000
72.000
66.000
198,000
910,000
11.000
58,000
68.000
65,000
89,000
250,000
497.000
1,699,000 1,700,000
4,617,751 4,846,155
1.254,000 1.186,000
4,009,064 3,o75,122
6,316 751 6,546,155
11.36d.
8.65d.
I9.45d.
14.75c.
5,863.064 4.761,122
21.24d.
24.50c.
23.00d.
13.75d.
10.70d.
11.70d.
16.00d.
8.75d.
9.25d.
29.16d.
39.25e.
3t.65c.
57.00d.
4l.00d.
30.79d.
25.10d.
18.17d.
25.35d.
18.42d.
37.00d.
Estimated.
Continental imports for past week
have been 81,000 bales.
figures for 1921 show an increase over last week
of 6^ 283 bales, a loss of 229,474 bales from 1920, an excess
of 453,687 bales over 1919 and a gain of 1,555,629 bales over
The above
1918.
2836
THE
CHRONICLE
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week since Aug:. 1» the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
[Vol. 113.
Movement into sight in previous years:
Week—
'
Bales.
1920—Jan.
1919—Jan.
1918—Jan.
4
2
.
Since Aug. 1—
365,977
272,326
266,272
3-
1919-20—Jan. 2...
1918-19—Jan. 3-1917-18—Jan. 4
Bales.
.6,599,022
6,094,468
-7,319,723
■
..
—
detail below:
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Movement to Dec. 30 1921.
Movement
MARKETS.—-Below
Dec. 31 1920.
to
cotton
Towns.
Receipts.
Ship¬
Receipts.
Stocks
ments.
Week.
Season.
Ala, Blrm'g'm.a
EufauJa
652
Montgomery.
181
Selma
392
Week.
Dec.
385
21,616
12,584
3,700
300
"301 31,824
"399
363
Helena..
Little Rock..
367
35,927
29,366
405
3,395
124,426
1,722
Pine Bluil...
1,500
86,910
.500
Ga., Albany-Athens......
8
138
3,573
5,817
71,863
1,775
7,197
158,325
3,652
7,882
226,125
7,175
Ark.,
Atlanta
Augusta
....
Columbus
Macon
3,420l
174
25,136
562
192
26,638
51,913
2",000
620
15,139
729
2,928
La., Shreveport
Ml£s.,Columbus
Clarksdale.
38,365
792
.
...
Rome
Season.
4,898
.
119,101
1,000
4,123
Greenwood..
Meridian...
896
84,080
445
26,976
141
Natchez
427
27,477
Week.
17,000
Dec.
400
17,028
1*500
15,644
New
119,388
4,000
108,728
2,714
1,000
62,529
72,435
Mobile
Savannah
16
9,945
4,740
1,965
93,611
6,492
2", 321
61.239
432
21,915
Augusta
28,667
21,222
271
19,933
8,622
Memphis
521
1,748
64,764
360
81,842
7,094
87,220
184
Little Rock
Dallas
133
13,876
14,282
800
3,000
1,409
79,445
18,768
17,438
759
383
4,597
89,315
"366
871
22,791
472
20,600
27,588
255,096
26,655
18,899
2,286
31,320
1,092
23,513
956
136
421
6,849
350
353
48
2,878
65,631
1,873
45,986
18,511
10,625
2,565
Chlckasha...
Oklahoma..
933*
47,289
2,397
2,346
1,125
S.C., Greenville
3,096
100,457
3,479
23,228
47,447
1,821
1,491
7,083
2,577
33,068
28,389
34,379
30,387
13,894
16",458
11,611
2171,486
27
19", 563
11,304
588,472
20,510
436,042
"§05
72,569
2,823
91,500
9,581
...
.
Greenwood.
Tenn., Memphis
>
Nashville
238
Tex., Abilene..
Brenham
296
.
Auatlnd.
10,406
250
24,586
4,479
124,631
56",803
,786,105
1,789
42,949
2,284
Paris
805
19,700
...
San Antonio.
Fort Worth..
83
500
774
eoo
69,508
4,140
883
16,848
6,756
Last year's figures are tor Hugo, Okla.
b Last year's liguree
are
during the week 14,436 bales and
17,186389,462
500
1,273
3,415
4,247
12,700
483
17,482
700
9,699
2,976
150
49,103 360,170
4,495 21,900
856
3,710
1,814 26,698
ior Clarksville.
to-night 11,436
bales less than at the same time last year.
The receipts at
all towns have been 27,814 bales less than the same week
are
last year.
Fort
MARKET AND SALES AT NEW YORK.
week at New York
the spot each day during the
indicated in the following statement.
are
on
For the convenience of the reader
show at
on
also add columns which
we
glance how the market for spot and futures closed
days.
a
same
.
Spot
Futures
Market
Closed.
Saturday
Monday
SALES.
Contr't.
1,000
300
3,500
Steady.
Steady
Barely Steady..
...
300
1,000
3,500
5,100
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
the week and since
-1921Dec. 30-—
-1920Since
Week.
Week.
26,655
5,397
6,490
14,311
478,211
219,844
5,968
42,289
120,348
189,661
_50,572
1,056,321
45,773
543,055
3,666
2,664
49,096
9,286
85,920
...21,917
6,450
Mounds, &c
Isiand.
117
Louisville
1,287
Virginia points
other routes, &c.
Total gross overland
Deduct
.
249,015
105,045
7,486
27,298
553
2,163
3,794
7,211
49,248
104,963
Inland, &c., from South
-.11,020
88,501
13,058
205,192
Total to be deducted.
-.15,388
306,751
9,092
144,302
-35,184
749,570
36,681
398,753
Leaving total net overland
_.
702
647
5,781
♦..Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 35,184 bales, against 36,681 bales for the week last
year, and that the season to date the aggregated net over¬
increase
over
a
year ago
of 350,817 bales.
1921
Sight and Spinners"
Takings.
Net overland to Dec. 30
1920
Since
Week.
Receipts at ports to Dec. 30
122,036
._
Aug. 1.
Since
Week.
143.230
80,000
36,681
48,000
3,432,216
398,753
1,398,000
237,220
14,436
5,718,427
505,581
227,911
47,738
5,228,969
874,762
.251,656
275,649
6,103",731
6,224,008
Nor. spinners' takings to Dec. 30.
a
41,991
1,288,392
45,368
Less than Aug. 1.
These figures are consumption; takings not available.
Aug. 1.
3,439,857
749,570
1,529,000
35,184
,
Southern consumption to Dec. 30a
a:
18.20
18 05
1805
18.25
'
Dec. 24.
Tuesday, Wed'day, Thursd'y,
Dec. 26.
Dec. 27.
January
Dec. 28.
17.95-98 17.93
March
i.-
May
July...;...
■
.'
Friday,
Dec. 29.
October
__
—
Dec. 30.
17.90
18.10-.14
—
1797-/00 17 95- 96 17 97- 99 18.15-.20
17 63-.67 17.65-67 17.67-.70 17.93-.98
17-28-.30 17.27 — 17.29-30 17.55-.59
16.52 — 16.38-.42 1643-46 16.72 —
HOLI¬
HOLI¬
DAY
DAY
Tone—
Spot........
Options
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.—Advices to
by telegraph this evening from the South indicate that
us
while rain has fallen in most localities
rainfall has
been
not
Rain.
Abilene
__
—
0.12
dry
1 day
0.01
dry
.1 day
0.01
dry
1 day
0.02
0.44
...—1 day
0.82
1 day
0.90
____..2days
0.03
2 days
0.14
In.
—.
Dallas
—
Rio„
Palestine
1 day
—
Corpus Christi
Del
Rainfall.
dry
dry
-
Brownsville.
...
—
__
—
Taylor—
Shreveport, La
Mobile, Ala.
Selma
—
Savannah, Ga_
Charleston, S. C
Charlotte, N. C
in.
...
Antonio...
—
during the week, the
particularly heavy.
Galveston, Texas
hish
in.
high
high
high
high
in.
in.
in.
in.
in.
high
high
high
1.54 in.
•
—
in.
high
high
high
high
high
high
high
• Thermometer—
72
low 54
mean
80
low 24
mean
86
low 60
mean
80
low 60
mean
82
low 30
mean
low 42
mean
70
low 36
mean
82
low 52
mean
low 38
mean
76
low 28
mean
73 low 35 mean
72
low 27
mean
75
low 41
mean
76 low 41
mean
60
low 30
mean
__
—
63
52
73
70
56
__
53
67
..
52
58
47
58
59
44
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
-
Orleans
1921.
Dec. 31
r-V'Feet.
^-Above zero of gauge.
8.1
Above
zero
of gauge.
-Above
—.Above
of gauge.
zero of gauge.
zero
1920.
Feet.
7.4
15.5
25.0
23.0
7.9
21.5
Above zero of gauge.
Shreveport
Vicksburg—
*
17.3
20.2
23.8
AGRICULTURAL DEPARTMENT'S COTTON CROP
ESTIMATE.—The report
Department
768,486
on
on
cotton, issued by the Agricul¬
as follows:
Dee. 12, is
The Crop Reporting Board of the Bureau of Crop Estimates of the United
States
Department
correspondents
cotton in
of
Agriculture
and agents of the
the United States for the
estimates, from
Bureau, that the
season
the reports of the
total production of
1921-22 will amount to 3,989,-
403,000 lbs. (not including linters), equivalent to 8,340,000 bales of 500 lbs.
gross weight (478.4 lbs. lint and 26.6 lbs. bagging and ties estimated per
500 lbs. gross weight bale).
The estimated production for 1921, with
comparisons, by States, follows:
Ba
Aug. 1.
Shipments—
Overland to N. Y., Boston, &c_
Between interior towns
an
18.05
"
Since
Aug. 1.
»
St. Louis
In
'•
300
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
land exhibits
-
Saturday, Monday,
tural
Rock
18 25
18.75
18.25
-
,
Nashville
300
Total
Via
Via
Via
Via
Via
Via
1850
825
18.05
1855
18.25
18-05
18.05
Memphis
Firm
5,100
_
Shipped—
18750
18 55
Jt
4
Worth....
Total
HOLIDAY
Steady, 40 pts. adv.
Wednesday. Quiet, 15 pts. dec..
Thursday
Quiet, 5 pts. adv—
Friday
Steady, 35pts. adv.
1873*1
1850
Dec. 30
Spot.
HOLIDAY
Tuesdav
up
18713
18.50
1870
18.25
follows:
New
_
19.00
Market
Closed.
18738
1900
NEW ORLEANS CONTRACT MARKET.—The high¬
est, lowest and closing quotations for leading contracts in the
New Orleans cotton markets for the past week have been as
San
The total sales of cotton
18725
1900
i8T3
....
Houston
8,606
12,546
The above totals show that the interior stocks have in¬
creased
HOLI¬
DAY
15,596
427
Total, 41 townerl56,1334,797,445141,6970622819 183,947 4,051,180136.2091734703
a
Baltimore
Philadelphia—_.
10,438
204
33,527
66,315
18725
1775
16,458
2,583
2,399
,718,433
63,014
18.63
279
2,560
21,900
30,181
20,100
1,034
5,650
24
415
2,429
205
4,883
150
2,300
3,700 48,444
11,403
57",309 3 12,172
2,784 12,787
760
Honey Grove
Houston
2,554
"974
49,398
.
Dallas
10,348
17.50
18.38
65,121
19,295
25,209
800
17.75
17.25
1838
18725
20,684
1,573
17.75
1725
1850
Norfolk.
928
21,917
465
23,884
28,831 ■571
119
17.50
Charleston
587
4,000
Friday.
18.90
1865
1700
3,611
54,074
18,621
18 75
1838
...
8,082
494,666
495
.
1875
Orleans...
74,564
245.484
2,246 32,030
5,137 163,821
on-
Tuesday. Wed'day, Thursd'y,
Galveston
27,586
21,901
Vicksbuig.
Monday,
32,584
Mo., St. Louis.
N.C.,Gr'nsboro
Raleigh
Okla., Altus
Yazoo City
closing quotations of middling
principal cotton markets for
Closing Quotations for Middling Cotton
Week ending
Dec. 30-
6,434
"311
13,142
8,334
13,777
....
the
day of the week:
1,000
3,000
28,482
13,820
12,103
49,000
6,779
77,931
are
Southern and other
at
31
44,761
28,455
330
each
7,034
7,330
14,893
16,832
67,139
61,965
4,297
48,885
62,293
145,330
477
979
-
Stocks
ments.
Week.
30
42,076
100
Ship¬
es
Lbs. Lint
State—
1921.
of 500
Lbs.
Bales.
1921.
Virginia
7,637.000
16,000
North Caro381,680,000
800,000
South Caro..
362,976,000
760,000
Georgia
401,604,000
840,000
Florida
6,274,000
18,000
Alabama-....
303.466,000
635.000
Mississippi...
416,208,000
870,000
Louisiana
141,040,000
295,000
Texas..
1.0.54,020,000 2,200,000
Arkansas
411,596,000
860,000
Tennessee
162,690,000
340,000
Missouri
37,339,000
78,000
Oklahoma
253,658,000
530,000
♦California—
35,313,000
74,000
Arizona
19,140.000
40,000
All other
6,215,000
13,000
United States.3,989,403,000
*
Including
some
grown
8,340,000
Gross
Weight
5-yr.Avge.
1920.
1915-19.
Census
21,337
924,761
1,623,076
1,415,129
18,114
662,699
895,132
387,663
4,345,282
1,214,448
325,085
78,856
1,336,298
75,183
1,031,121
13,239
Price per Lb
Dec. 1
1920.
1921.
803,050
50,691
29,434
5,508
16.4
16.4
16.0
16.6
18.0
16.0
16.6
15.0
16.1
16.1
16.0
15.0
15.4
17.0
27.0
20.0
15.0
14.5
14.5
15.3
17.0
15.0
15.0
14.2
13.2
13.3
13.0
13.5
10.5
30.0
30.0
13,439,603 11,481,084
16.2
13.9
21,824
740,028
1,259,737
1,879,091
34,495
717,198
971,650
461,674
3,174,817
959,120
313,222
59,544
...
in Mexico.
The total
production in 1920 was 13,439,603 bales (500 lbs. gross)
in
1919, 11,420,763 bales; in 1918. 12,040,532 bales; in 1917, 11,302,375
bales; in 1916. 11,449,930 bales; in 1915, 11,191,820 balse; and in 1914 16.134,930 bales.
The average weight per running bale is estimated at 497.8 lbs. gross,
compared with 506.4 lbs. in 1920 (as reported by Bureau of the Census,
504.2lbs. 1919); 505.6 lbs. in 1918; and 505.0 lbs. the average for the pre.
ceding five years.
,
Reports of the Bureau of Markets and Crop Estimates do not include
linters, which are a product obtained at mills from the seed.
The production
of linters is about 8.6% as much as the lint production (average 1915-19).
EXPORTS
OF
COTTON
GOODS
FROM
GREAT
BRITAIN,—Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the months of October,
and since Aug. 1 1921 and 1920, as compiled by us from the
British Board of Trade returns.
It will be noticed that
have reduced the movement all to
pounds.
we
Dec. 31
1921.]
THE
Yarn & Thread.
2837
CHRONICLE
Total of All.
Cloth.
Exports (bales)—
1921.
1920.
lbs.
lbs.
1921.
1920.
1921.
1920.
1921.
Week. Aug. 1.
yards.
16,533
October. •20,201
1st quar.
lbs.
lbs.
56,235
83,030
66,536
84,512
64,002
84,203
153,309
196,933
206,974
236,761
T000
Total exports
53,66'-
Sundry articles
■
_
Total exports of cotton
_
9,127
26,061
216,101
m.
—
m.
~
-
'm.
m
~
shows that there was exported from the
Kingdom during the three months 216,101,000 pounds
of manufactured cotton, against 262,822,000 pounds last
year, a decrease of 46,721,000 pounds.
,
RECEIPTS FROM THE PLANTATIONS.—The follow¬
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
nor Southern
consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Stocks at Interior Towns.
Receipts from Plantations
ending-
receipts for the week
bales.
MARKET.—Our
were
180,000 cantars
received by
report
to-night from Manchester states that the market for
both
cloth
and
is
yarns
leave
those
for
quiet.
demand for cloth,
The
We give prices to-day below and
however, is improving.
previous weeks of
this and last
year
for
comparison:
1920.
1921.
32s Cop
Twist
d.
Nov.
d.
Finest.
d.
8.
Cot'n
Mid.
32s Cop
ings, Common
Mid.
Upl's
ings, Common
to
8X lbs. Shirt¬
Cot'n
8% lbs. Shirt¬
Twist.
to Finest.
Upl's
d.
d.
d.
d.
s.
d.
s.
d.
s.
d.
28.. ■217.599271,682
4..
20 %
@
23
17
9
@18 9
12.11 35
@
40
4
@29 4
15.55
11
19
@
21
17
3
@18 3
10.88 32
@
@29 0
14.56
18%
@
20 %
17
0
@18 0
10.0» 29
@
37% 26 6
25 0
35
@27 6
12.41
19
@
21
17
0
@18 0
11.64 28%
@
33% 24 0
@26 6
11.23
2
1919.
1920.
1921
1921.
1919.
I
I
1920.
1919.
I
Oct.
18
@
21
16
9
@17 9
10.67 25
@
30
22
6
@24 6
10.46
9
9
@17 9
10.95 24
@
29
21
6
@23 6
11.42
@17 6
10.56 24
@
29
21
@23
10.58
@17 3
@17 3
10.87 21%
@
11.36 21%
@
26% 20 0
26% 19 6
25
316,9431,380.2361.217.06711,089,168 285,136 3 0,968 353.787
|184.605263
684 288 8581 465 ,821 1 353 5901:207.076214 2'3 321 151357 570
!l 0,4 2 214, 119295,1471,0 0 < 0 1,423,54711,238,7882 '4,7 1284,076 326,859
137,225219, 756 269,805'! ,542 ,660,1,483,1401,274,035 i59,6']5!279.349l305.055
ls..
,
25..
Dec.
1734
@
17 H
@
20 %
20 %
16
16
23
18
@
21
16
3
30
18
@
20% 16
3
2.. 167.931231,
,762 256,804 1,546, 8111,543,0331,325,9°2 172,082 291,675308,759
9- ■116,086210,,301 227,143.1,576, 3041;586,723|1,337,311 145,579253,971238,361
16- 113,815189,,642 228,3611,593 187 1,640,1451,347,767 130,692]243.064,238,817
23.. 141,588 178,079 195,2421,608,3831,686,9651.341,811156,790224,898189,286
The
above
statement shows:
1. That the total receipts
plantations since Aug. 1 1921 aVe 3,813,95^ bales;
in 1920 were 4,116,010 bales, and iii 1919 were 4,127,960
bales.
2. That although the receipts at the outports the
past week were 141.588 bales, the actual movement from
plantations was 156,790 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the planta¬
tions for the week were 224,898 bales and for 1919 they
were 189,286 bales.
from the
1920
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but
comprehensive statement indicates
glance the world's supply of cotton for the week and
a
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the taldngs, or amounts
out of sign, for the like period.
gone
Cotton Takings.
Week and Season.
Visible supply Dec. 23Visible supply Aug. 1
American in sight to Dec. 30
Bombay
1920.
1921.
Season.
Week.
6,256,468
Week.
6,485,343
86,000
5,000
receipts to Dec. 29
4~~9~56~257
Other India snipm'ts to Dec. 29
Alexandria receipts to Dec. 28Other supply to Dec. 28*
24,000
bS.OOO
_
—
2~75~649
6,223,988
929,000
68,000
421,000
5119,000
6,103,731
566,000
121,000
100,000
12,000
32,000
8,000
SHIPPING NEWS.—As shown
6,631,114
Visible supply Dec. 30
6,316,751
13,872,238^.912,992
329,000
112,000
reached
up
@21
previous
a
314,363
219,363
95,000
Of which other
7,555,487
5,694,487
1,861,000
366,837
223,837
143,000
Total bales.
NEW YORK—To
Liverpool—Defc. 23—Scythia, 50
50
Liverpool—Dec. 23—Speaker, 5,069; Dec.
22—Cedric, 498; Dec. 29—Norwegian, 7,613
13,180
To
Genoa—Dec.
23—Elensloy, 9,050; Dec. 24—Augusta
Foherczegne, 2,689; Dec. 28—Jeff Davis, 100
11,839
To Venice—Dec. 24—Augusta Foherczegne, 4,008
4,008
To Trieste—Dec. 24—Augusta Foherczegne, 250
250
To Bremen—Dec. 28—Skogland, 4,357
4,357
NEW ORLEANS—To Liverpool—Dec. 28—Statesman, 10,556-- 10,556
To Havre—Dec. 24—Zenon, 4,000; Dec. 24—Schoodic, 1,770;
Dec. 27—Transvaal, 900
6,670
To Antwerp—Dec. 24—Schoodic, 1,388__
1,388
To Barcelona—Dec. 24—Saugerties, 989
989
To Rotterdam—Dec. 23—Rignsburg, 99; Dec. 23—Salacia, 200
299
To Japan—Dec. 23—Tasmania Maru, 3,100
—3,100
To China—Dec. 23—Tasmania Maru, 952
952
To Venice—Dec. 26—Kossuth, 100
100
To Copenhagen—Dec. 27—Transvaal, 825
825
HOUSTON—To Bremen—Dec. 24—Skogland, 6,718; Dec. 28—
Connes Peak, 4,076
10,794
To Havre—Dec. 28—Connes Peak, 6,750-6,750
To Hamburg—Dec. 28—Connes Peak, 500
500
BOSTON—To Hamburg—Dec. 20—Merry Mount, 982
982
BALTIMORE—To Bremen—Dec. 25—Callisto, 800800
NORFOLK—To Liverpool—Dec. 27—Puget Sound, 2,100; Thistlemore, 5,000; Sydford, 500
7,600
To Manchester—Dec. 24—-West Celina, 143
143
To Bremen—Dec. 30—Schoharie, 630
630
SAVANNAH—To Gothenburg—Dec. 23— Stureholm, 500
500
To Genoa—Dec. 23—Collingsworth, 2,899
2,899
—
GALVESTON—To
-
To
Japan—Dec. 29—Singapore Maru, 1,000
23—Siberia
FRANCISCO—To Japan—Dec.
Dec. 29—Faralon, 50
SEATTLE—To Japan—Dec.
5,641,833
4,242,833
1,399,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
—
1,000
Maru,
2,209;
BOMBAY
COTTON
2,259
1,894
-
24—Manila Maru, 1,894
.—147,129
FREIGHTS.—Current rates for cotton from
COTTON
New
as
York,
as
furnished by Lambert & Burrows, Inc.
b Estimated.
MOVEMENT.—The
receipts of
India cotton at Bombay for the week ending Jan. 13 and for
the season from Aug. 1 for three years have been as follows:
,
are
follows, quotations being in cents per pound:
High
ard.
,25c.
•40c.
Stockholm
.25c.
.40c.
ard.
.72c.' Bombay
Density,
.570.
Trieste
.
-
Stand
High
Stand-1
High
Stand-
Density.
Liverpool...
Manchester.
bales and 2.844,833 bales American,
made
as
6,546.155
Southern mills—1,529.000 bales in 1921 and 1,398,000 bales in 1920—tak¬
ings not being available—and the aggregate amounts taken by Northern
and foreign spinners 6.026,487 bales in 1921 and 4,243,833 bales in 1920,' of
which 4,165,487
the
follows:
are as
Total
Total takings to Dec. 30~a
Of which American
8.65
page,
The shipments in detail
147,129 bales.
from mail and telegraphic returns,
12,187,988
6,316,751 6,546,155
on
9.54
6
6
@22
exports of cotton from the United States the past week have
SAN
Total supply.
Deduct—
%
16 6
—
Season.
6",iiL250
251*646
26
Dec.
j238,187 261, 864321,7461,435 ,1731,296,1231,138,395294,124340,820370,973
il¬
*
14,473 440,539
3.568 143,454
18
1920.
Nov.
a
L
| 13,528
cable
4
1921. |
at
1.
4,706 164,654
87,333
"782 59,864
8,815 128,688
Egyptian bales weigh about 750 lbs.
This statement shows that the
and the foreign shipments 1,000
MANCHESTER
The foregoing
Receipts at Ports,
3.536,
1,000 328,674
Note.—A cantar is 99 lbs.
44,453
36,530
48,943
i
262,822
_
_
manufactures
United
Week
32
82,041
65,040
95,317
86,276
69,219
1,053,592j
To Manchester, &c
To Continent and India.
To America
lbs.
68,513
71,428
56,992
820,199
39,828
lbs.
366,541
382,139
304,912
39,702
49,605
342,411
13,084
12,227
yards.
212,403
265.386
14,517
16,931
Since
Week. Aug.
1920.
To Liverpool
August.
Sept
Since
Week. Aug. I.
Since
000'«
omitted.
ard.
Density.
.65c.
50c.
.65c.
,75c.
1.00c.
Vladivostok.
.50c.
Gothenburg.
.47c.
.620.
Antwerp
Ghent
16c.
.31c.
Flume
75c.
1.00c.
.21c.
.36c.
Lisbon
.50c.
.75c.
Bremen"
.21c.
.360.
Havre.
.16c.
.31c.
Oporto
.50c.
.75c.
Hamburg...
.2lo.
.36C.
1921.
1920.
.16c.
.31c.
Barcelona...
.50c.
.75c.
Piraeus
.60c.
.75c.
Genoa
.50c.
.75c.
Japan
Salonlca
.60c.
.75c.
.47c.
.620.
Shanghai—
.50c.
.50c.
.65c.
Chrlstlanla..
Rotterdam..
1919.
—
•65c. i
December 29.
Since
Receipts at—
Week.
Bombay
86,000
.
Since
Week.
Aug. 1.
929,000
Aug.
61.00C
For the Week.
1.
604,001
Since
Aug.
78,000
August
1.
Great
Britain.
Ccnti
Great
Japstruk
China.
nent.
Total.
Conti
Britain.
new.
lowing statement of the week's sales, stocks, &c., at that port:
Dec.
776,000
Sales of the week
Of which American...
1.
Actual
Experts
from—
LIVERPOOL.—By cable from Liverpool we have the fol¬
Since
Week.
China.
J
Tcial.
566,00o!
1921
13,000
14,000
27,000
8,000
179,000
1920
2,000
29,000
11,000
274,000
166,000
753,000
451,000
33,000
197,000
573.000
803 000
1,000
8,000
31,000
9,000
1921.
2,000
3,000
5,600
4,000
56,000
1920-
1,000
10,000
10,000
8,000
87,000
14,000
57,000
1919.
9,000
8,660
2,000
8,000
26,000
85,000
68,000
121,000
156,000
—--
—
Of which American
imports..
Of which American
—
Amount afloat
Of which American..
Other India-
1919
-
Total stock
Total
Bombay—
—
export-
Forwarded
Japan & 1
—
—
9.
Dec.
32,000
17,000
4,000
50,000
940,000
561,000
105,000
88,000
197,000
116.000
16.
34,000
23,000
6,000
49,000
952,000
£62.000
75,000
41,000
164,000
102,000
Dec. 23.
The tone of the Liverpool market for spots
each
Dec. 30
26,000
17,000
1,000
44,000
936,000
542,000
23,000
9,000
233,000
157,000
14,000
9,000
1,000
24,000
991,000
588,000
85,000
60,000
203,000
167,000
and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
Total all—
2,000
1919
16,000
14,000
32,000
12,000
235,000
1,000
1921
11,000
10,000
29,000
8,000
41,000
19,000
19,000
47,000
361,000
254,000
1,000
574,000
192.000
821,000
658,000
959.000
According to the foregoing, Bombay appears to show an increase compared with
RECEIPTS
AND
SHIPMENTS
OF
12:15
i
1
1
Tuesday.
Thursday.
Friday.
Quiet.
Quiet.
'
(
P. M.
the week's receipts of 25,000 bales.
ALEXANDRIA
f
Wednesday.
Quiet.
■
Market,
last year in
Monday.
Saturday.
Spot.
572,000
1
Mid.Upl'ds
11.36
11.46
11.36
Sales
5,000
5,000
8,000
COTTON.—The following are the receipts and shipments for
the
week
of the two
ending Dec. 28 and for the corresponding week
previous years:
Alexandria, Egypt,
1921.
.1920.
i919.
week
Since Aug.
1
f
opened \
December 28.
Market,
Receipts (cantars)—
This
HOLIDAY HOLIDAY HOLIDAY
Futures.
Market
180,000
3,150,122
125.734
2,139,027
233,417
4,066,942-
4
P.M.
f
<
1
Very ste'dy
25@31 pts.
advance.
Bar.
Quiet
Quiet, 1 pt
4@110 pts.
decline.
dec, to
1
pt.
adv
Steady
et'dy
Very st'dy
10@22 pts. 8 pts. adv. 10@17 pts
advance.
to7pts.dec. advance.
Prices of futures at Liverpool for each
day
are
[Vol. 113.
CHRONICLE
THE
2838
given below:
DAILY
CLOSING
PRICES
Thur8.
Wed.
Tues.
Mon.
Sat.
Dec. 24
Dec. 30.
p.
J). Bl. p. m
j
d.
123*
123* I 4
12 H 12J*
to
m.'p. m
a.
d.
I
4
p. m. p. m. p. m
d.
d.
a
4
p. m
4
123*
d.
p. m. p. m.
d.
d.
d.
d.
4
123*
p. m. p. m
11.31 11.24 11.41 11.32
11.28 11.22 11.26 11.27 11.29
December-..
January
February
12 J*
11.41
11.26 11.20 11.23:11.24 11.26 11.39
11.2511.21 11.2211.22 11.24 11.39
...
March......
April.......
May
HOLI¬
HOLI¬
HOLI¬
June
DAY.
DAY.
DAY.
.......
July....
11.lUll.15; 11.1511.14 11.16 11.31
11.12 11.27
ill.17jll.13j 11.Hill.10
11.07 11.04! 11.0110.98 li.00 11.15
ill.01:10.98! 10.95 10.91 10.93 11.07
;io.8910.85; 10.82 10.78 10.79 10.93
August
10.6810.60 10.60 10.54 10.52 10.68
September..
110.51 10.42; 10.41 10.36 10.32 10.46
10.4110.32 10.31 10.26 10.22 10.36
October
November..
10.17 10.31
December
BREADSTUFFS
Friday Night, Dec. 30 1921.
awaiting further developments,
or, in other words, a lead of some sort from somewhere.
Whence It is to come is the question.
Meanwhile buyers
stick to their policy of caution.
They are feeling their way
until the whole outlook clears up.
Both crop and acreage
has
Flour
quiet,
been
reports were considered as bearish.
Meanwhile there is
some inquiry for export.
But it does not get beyond the
inquiry stage.
Buyers and sellers in most cases are too
far apart for actual business.
Reports in circulation say
that most of the buying of late has been by England and
Scotland.
The Continent, including Mediterranean ports,
sides, there is said to be some
grades.
-•
Wheat
Be¬
inquiries, but their bids are far too low.
have made
declined
on
misunderstanding as to the
'"'V-
]
evening
up
transactions just before
failure of
the Gov¬
ernment over 50,000,000 bushels, but the edge was taken
off this report to ^ome extent by the general belief that the
report on the present winter wheat crop condition and acreage
the holidays on increased crop estimate and the
J. W. Wagner & Co.
The crop was increased by
to
be issued
on
Dec. 29 would be unfavorable.
Germany
inquiring for wheat in the seaboard
markets.
Receipts fell off.
They are expected to decrease
still further in the Southwest.
But last week the visible
is
said
have been
to
49,431.000
The Gov¬
ernment report issued on the 28th inst. revised the acreage
and yeilds for the past three years based on the Census
figures of 1919.
The last winter and spring wheat crop
was put at 794,893,000 bushels, which is 54,238,000 larger
than
the preliminary estimate.
Last year 833,027,000
supply increased 1,561,000 bushels and is now
bushels, against 45,171,000 bushels a year ago.
increased 45,899,000 over
official figures and the 1919 crop was raised
34,012,000 bushels.
The Department of Agriculture an¬
nounced that the area sown to winter wheat this fall is
And the 1920 crop was
bushels.
the previous
44,293,000
mated
area
acres,
sown
which is 1.2% less than the revised esti¬
in the fall of 1920, which was 44,847,000
;
\
acres.
that English stocks of wheat and flour
in the port of Liverpool show a further decrease this week
of 400,000 bushels and compared with last year have de¬
creased 6,400,000 bushels.
Clearances of wheat from the
world's exporting countries last week amounted to only
7,250,000 bushels, as compared with a total last week of
9,957,000 bushels.
Part of this reduction, however, can be
attributed to the fact that the total from America does not
include the full week, Saturday having been omitted.
Of
this total of 7,260,000 bushels,
America contributes the
major portion, shipping 5,672,000 bushels, whereas the
clearances from Australia are only 768,000 bushels, and
Broomhall
Argentina
says
772,000
bushels.
While
the movement from
appreciably, that from Argentina
is slowly increasing.
Clearances from the Argentine after
the turn of the year will, some believe, continue to enlarge,
although, of course, America will probably still contribute
a large percentage of the world's total shinments.
In Rumania it is credibly reported that the Government
control of the exportation of cereals will be shortly removed.
Stocks of flour in the principal cities of South Africa are
ample for present requirements and the market rules weak.
Agricultural prospects are regarded as favorable there.
Quantities on passage of wheat and flour to Europe continue
Australia has
fallen
is 36,352,000
decrease of 5,000,000 bushels, compared to this
time last month.
To-day prices declined, partly owing to
the suspension of E, W. Wagner & Co.
Prices closed 2 to
2^2 cents lower for the week.
Some selling was due also to
bushels,
a
the latest crop report.
Both the acreage and the crop re¬
ports were regarded inimical to bullish interests.
One pri¬
vate estimate puts the winter wheat crop at 520,000,000
bushels this season, or 67,000,000 bushels less than the last
^
estimates at this time of the year are not
seriously.
A Chicago dispatch said of the
failed firm of E. W. Wagner & Co. that the grain division of
the firm, one of the largest brokerage houses there, will be
closed out in the regular way.
The firm, it is said, was long
1,000,000 bushels of corn, 3,000,000 bushels of wheat,
2,500,000 bushels of oats, and 230,000 bushels of rye.
crop.
Of
course
to be taken too
DAILY"7JLOSING
jw
No**
Red
PRICES
OFiWHEAT IN
Sat.
Mon. Tues.
Hoi.
Hoi.
NEW
Wed.
YORK.*T
Thurs.
Fri.
1283* 1263* 127
125
Hoi.
day.
CHICAGO.
IN
Wed.
Thurs.
Fri.
112
li23* 1123* 1103*
1163* 1163* 1173* 115
1043* 1063* 1063* 103J*
*
partly in sympathy with wheat.
On Thursday the first cargo of foodstuffs to relieve the
Russian famine left Baltimore, including 1,000,000 bushels
Indian
has declined
corn
bought late last week.
Some 2,100,000 bushels
bought this week.
It is expected
that 15,000,000 to 18,000,000 bushels more will be bought
and shipped to Russia in the next few months.
Large
elevator interests bought December and sold May, narrowing
the differences from 6c. to 5%c.
It was said on Wednesday
that the Russian Relief Committee would buy corn on the
of
corn
is said to have been
more
following day at Gulf and Atlantic ports.
But this failed
to galvanize the market into new life and snap.
Export
sales on the 28th inst. were reported to have been 200,000
to 300,000 bushels,
including some direct to Germany.
The Great Western RR. Co., according to Iowa reports,
already put the reduced freight rates into effect.
The
announces the reduction will be effective
has
Rock Island RR.
at
Dec.
midnight
and
7
Jan.
until
31.
All roads must reduce rates by
they do the movement to terminals is
expected to be light.
The Government reduced its crop
estimate 70,000,000 bushels.
To-day prices were 1 cent
lower partly in sympathy with other grain and because of
the Wagner & Co. failure.
That firm was said to be long
of 1,000,000 bushels.
Closing prices are 1 to 2 cents lower
for the week.
DAILY
IN
CORN
OF
PRICES
CLOSING
Mon.
Sat.
YORK.
NEW
Tues.
Fri.
Wed.. Thurs.
Hoi.
Hoi.
68
673*
68
66
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No. 2 Yellow
-
delivery———.
553*
563*
.
483*
54 J*
483*
543*
483*
55
473*
54
563*
Foliday.
cts. 493*
December delivery
May delivery
July
56
563*
553*
might have been expected.
fair at times, and there was more or less
Oats have been firmer than
The demand
rates
are
was
Lighter receipts
covering.
expected until rail freight
are
The latest Government report
reduced.
reduced
total 17,000,000 bushels.
It is now 1,060,737,000
bushels, against 1,496,281,000 last year and 1,184,030,000
the crop
two years ago.
There have been no strildng features, but
prices are so low that there is less short selling.
To-day
prices declined in company with other grain.
There was
for a time some pressure to sell.
Naturally the failure of
Wagner & Co. had a more or less depressing effect.
Some
have argued that the high prices of mill feed are likely to
bring about a larger consumption of oats. But this is not
a pronounced factor in the market.
Prices during the week
have fallen, however, only %c. on December and May
actually closes Y%q. higher than a week ago.
It is believed
that with any real encouraging news prices of oats would
advance.
Wagner & Co. were supposed to be long 2,500,000
bushels.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
No. 2 White-
DAILY
December
delivery
May delivery—
July delivery
Fri.
Hoi.
473*
473*
473*
473*
OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts_ Hoi.
—
CLOSING
PRICES
cts_
Foli-
343*
393*
393*
day.
34 3*
383*
393*
34 3*
383*
393*
343*
393*
40 3*
33
383*
395*
Rye has advanced on December without much activity,
though there has at times been a fair inquiry, enough so to
kebp prices for a time in a pretty steady position.
Later,
prices gave way.
The Government says the area sown is
5,184,000 acres, which is 22.6% more than the revised
estimated area sown in the fall of 1920, which was 4,228,000
acres.
The condition on Dec. 1 was 92.2% of a normal,
——
#
compared with 90.5% a year ago, 89.8% two years ago and
90.9% the 10-year average.
To-day prices declined some
3 to 3 Yi cents.
The net loss for the week is 2 to 3 cents.
It
is said that Wagner & Co. were long 230,000 bushels of rye.
DAILY
CLOSING
PRICES
Sat.
December delivery
May
delivery-^ — _— _
The following are
_cts_
CHICAGO.
RYE FUTURES IN
OF
off
to decrease and the total now to all countries
Tues.
Mon.
Sat.
May delivery..
July delivery......
Fri.
WHEAT FUTURES
OF
_ets_1135*
-1173*
1053*
December delivery
Mon.
Holi-
85
913* day.
closing quotations:
Tues.
*43*
91
Wed.
843*
903*
Thurs.
853*
913*
Fri.
813*
88
GRAIN.
Oats—
WheatNo. 2 red
No. 2 bard
winter.
No. 3 white
Barley—
Corn—
No. 2
473*
433*
No. 2 white
$125
1 24
yellow
No. 2
..55
623*
Feeding
$0 66
Malting
Rye—
E>59
>603*
973*
FLOUR.
Spring patents
$6 50 @ $7 00
Winter straights, soft
5 50©
5 80
Hard winter straights
6 00 @
6 50
First spring clears...
4 50©
5 25
Rye flour
5 25 @
5 75
Corn goods, 100 lbs..
Yellow meal
1 55©
1 65
Corn flour
1 60@
1 60
Barley goods—Portage barley
No. 1...
$6 50
Nos. 2,3 and 4
pearl
6 50
3-0—
6 50@
6 75
6 65
4 70©
4 90
Nos.
2-0 and
Nos.
4-0 and 5-0.
_
goods—Carload
spot delivery
Oats
DEPARTMENT'S REPORT ON
CROPS.—Important farm crops
of the United States in 1921, according to a bulletin issued
bv the Department of Agriculture, had a total value of
$6,675,877,000, against $9,075,388,000 in 1920 and $13,689,597,000 in 1919.
The total acreage was placed at
348,336,000 acres, against 349,067,000 acres in 1920 and
353,739.000 acres in 1919.
>
The December estimates of the Crop Reporting Board of
AGRICULTURAL
CEREAL AND OTHER
on prices paid to
farm crops of the United
States in 1921, 1920 and 1919, based on the reports of the
the acreage, production and value
on Dec. 1) of the important
(based
farmers
correspondents and agents of the Bureau, are as follows
(revisions based upon Census report for 1919):
.
Dec. 31 1921.]
1119992220
0
-Farm Value Dec. 1-
-Production-
Crop—
Total.
Per Unit.
Per Acre.
Total.
Bushels.
Acreage.
1921....
Bushels.
Cents.
42.4
1,305,624,000
67.1
2,168,768,000
134.4
3,786,516,000
....103,850,000
29.7
1920
101,699.000
31.8
3,081,251,000
3,230,532,000
1919
97,170,000
29.0
2,816,318,000
111999222000..
$
1921
1921
186,000
15.1
2,815,000
216.0
6,080,000
156,000
14.6
2,278,000
304.0
6,926,000
155,000
13.2
2,045,000
333.2
6,814,000
1,283,000
7.5
9,581,000
177.0
8.2
8,904,000
233.4
6.3
6,026,000
274.4
16,960,000
20,786,000
16,533,000
Cow Peas—
587.032,000
95.2
558,725.000
610,597,000
148.6
15.1
760J577.000
210.5
907.291,000
1,601,435,000
10.5
207,861,000
85.8
178,343,000
21,127,000
10.5
222,430,000
130.4
289,972,000
25,200,000
8.2
207,602,000
230.9
479,251,000
62,408,000
12.7
794,893.000
92.7
737.068.000
61,143,000
13.6
833,027,000
143.7
75,694,000
12.8
968,279,000
214.9
1,197,263,000
2,0S0,686,000
44.826,000
23.7
1,060.737,000
30.3
321,540,000
46.0
688,311,000
Department's report
70.4
833,922,000
the 29th inst., as follows:
1920.-.
1,090,000
959,000
•
Total—
1921
348,336,000
1919
353,739,000
•*
1919
Oats—
1921...
1920...
42.491.000
35.2
1919._________
40,359,000
29.3
1,496,281,000
1,184,030,000
7.240.000
20.9
151,181,000
7,600,000
24.9
189,332,000
71.3
135,083,000
6,720,000
22.0
147,608,000
120.6
178,080,000
Barley—
1921.
1920..
....
63,788,000
42.2
Rye—
40,680,000
4,228.000
13.7
57,918,000
70.2
4.409,000
13.7
60.490.000
126.8
76,693,000
6,307,000
12.0
75,542,000
133.1
100,582,000
671.000
21.0
14,079,000
81.2
18.7
13,142,000
128.3
20.7
14,295,000
146.4
a
x
Trees tapped.
AGRICULTURAL
DEPARTMENT'S
on
cereal
on
area sown
WINTER WHEAT.
Area SownAutumn
1,165,000
7.0
8,112,000
144.6
11,732.000
1921,
1,757.000
6.1
10,774,000
176.7
19,039.000
Pre¬
1920,
1,503,000
4.8
7,256,000
438.3
31,802.000
1921
liminary.
State—
38,189,000
Ohio
If diana
38.8
39,653,000
1,325,000
39.0
51,692,000
119.1
61.569.000
1,063,000
39.5
41,985,000
266.6
111,913,000
3,815,000
.....
90.9
346,823,000
111.1
385,192,000
2,327,000
2,053.000
2,775,000
923,000
104,000
Wisconsin
Minnesota
Iowa.
-..
Illinois
Michigan
Potatoes—
3,657.000
110.3
403,296,000
114.5
3,542,000
1919
461,778,000
91.2
322,867,000
159.5
514,855,000
101,000
588.000
Missouri
Sweet potatoes—
3,058,000
Dakota
South
102,000
88.1
86,910.000
104.8
98,660,000
103,925,000
113.4
Nebraska
103.2
97,126,000
134.4
117,834,000
130,514,000
Kentucky
3,954,000
11,569.000
670,000
Tennessee
505,000
1,066.000
92.6
992,000
941,000
1921
1920...
Hay, tame—
Kansas
58,742,000
1.39
81,567,000
$12.13
989,693,000
58,101,000
1.51
87,855,000
$17.76
1,560,235,000
Alabama..
21,000
56,888,000
1921
1.52
86,359,000
$20.08
7,734,085,000
Mississippi
15,235,000
86.63
6,000
1,734,000
3,550,000
Texas
Hay, wild—
15,483,000
1921
0.98
101,083,000
Oklahoma
15,787,000
1.11
17,460,000
811-35
198.115.000
Arkansas
17,150,000
1.07
18,401,000
S16.60
303,639.000
Montana
74.225,000
1.30
96,802,000
811.27
1.43
105,315,000
$16.70
1,090.776,000
1,758,350,000
Colorado
73,888,000
...
1919.
2,037,724,000
Arizona—
77,000
291,000
40,000
1,466,000
113,000
42,000
148,000
2,000
436,000
Wyoming
All Hay—
1921
74,038,000
1.41
104,760,000
$19.45
New
Mexico...
Utah
Tobacco—
1921.
1,473,000
1,960,000
1,951,000
18.6
207,570,000
335,675,000
Idaho
39.0
570,868,000
Washington
8,340,000
751.1
21.2
1,465,481,000
807.3
1919——
Nevada
1,117,682,000
1,582,225.000
758.8
1920..
*16.2
674.877,000
California
•___
....
1,292,000
894,000
759,000
!.
439,000
81,000
Oregon
Cotton—
31,470,000
1921.
*126.9
1920
35,878,000
*178.4
13,439,000
*13.9
933,658.000
1919-..—...-
33,566,000
*161.5
11,420,000
*35.6
2,034,658,000
York
New
New
Cottonseed—
Jersey
Pennsylvania
1,405,000
119,000
3,704.000
$29.15
107,972,000
Delaware
5,970,600
$26.00
155,220.000
5,074,000
$72.65
368,626,000
Maryland
Virginia
West Virginia
869,000
1.6
1,411,000
$10.27
North Carolina..
592.000
849,000
251,000
618,000
1,082.000
942,000
1.8
1,944,000
$11.95
23,227.000
South
157,000
Georgia
—
—
Cioverseed—
—
14,488.000
1,484,000
$26.75
9.49
7,677,000
$6.30
9.80
8,546,000
$11.63
Carolina
182.000
Beet
809,000
Cane Sugar
Aver.
100
2,327,000
2,074,000
2,694,000
879,000
99,000
99,000
470.000
93
81
90
09
82
86
88
93
105
96
89
89
105
94
91
93
102
92
95
93
125
3,219,000
81,000
3,839,000
11,454,000
657,000
459,000
21,000
8.000
2,168,000
3,944,000
107,000
355,000
45,000
1,496,000
189,000
44,000
156,000
3,090
436,000
1,360,000
813,000
74,000
439,000
82,000
1,364,000
116,000
580,000
866,000
254,000
612,000
121,000
143,000
92
103
94
93
93
95
87
90
126
103
92
90
86
80
90
90
101
60
89
89
88
87
102
95
84
88
110
93
80
88
100
89
86
80
90
85
89
88
80
42
89
85
85
90
54
86
72
77
89
90
82
58
70
89
90
71
85
93
98
76
87
91
60
50
90
91
95
95
93
95
95
80
97
92
82
85
90
91
100
81
95
92
95
79
97
89
110
92
97
93
98
90
95
90
100
94
98
94
99
92
95
92
103
95
'93
93
103
93
93
92
102
90
89
91
98
87
92
91
99
93
85
92
91
101
92
84
130
92
86
90
127
94
90
92
760
874)
894)
99,426,000
98 8
Sugar—
2.501
2,499
2,180,242,000
1,850
The statement of the movement of breadstuffs to market
2,024,764.000
872,000
1920..-
1920.
-Per Cent
Sugar Beets—
1921a
1921.
1920.
48,403,000
872,000
—
1.6
809,000
1919—
39,700,000
10-Year
with
Revised.
Acres-
1,022,000
1920..
1921,
Compared -ConditienDec. 1-
Autumn
96.3
ON
1 was 76 0, against 87.9 on Dec. 1
Dec. 1 1919 and a ten-year average of 89.0.
this fall was 44,293,000 acres, Tfrhich is 1.2% less than the
revised estimated area sown in the fall of 1920 (viz., 44,847,000 acres).
The condition of rye on Dec. 1 last was placed at 92.2, compared with
90 5 on Dec 1 1920, 89 8 on Dec. 1 1919 and a ten-year average of 90.9.
The area sown this fall is 5,184,000 acres, which is 22 6% more than the
revised estimated area sown in the fall of 1920 (viz., 4,228,000 acres).
The
Autumn
1919..
REPORT
The condition of winter wheat Dec.
1920, 85 2
Flaxseed—
Rice—
May 15.
Agricultural
Dec. 1 was issued on
crops
20,928.000
1919
z
WINTER WHEAT AND RYE DEC. 1.—The
Buckwheat—
1921.
Per tree,
y
Including beets grown in Canada lor United States factories.
16.863,000
692,000
J,
Pounds per acre, and cents per pound,
b Pounds,
5,675,877,000
9,075,388,000
13,689.597,000
......
349,067,000
11,438.000
701,000
1921.....
1921
Total.
Cents.
Soya Beans—
15.3
*
All Wheat—
11992200.
Bushels.
19.706,000
1920
1920
Total.
Bushels.
50,494,000
1920...
Per Unit
Per Acre.
Acreage.
13.7
42,702,000
1919
-Farm Value Dec. 1-
-Production-
Crop—
40,016.000
Spring-Wheat—
11992200.
1920
3839
1919
Winter-Wheat—
111999220
0
1199220
CHRONICLE
THE
Corn—
,1.
338,254,000
indicated below
(Looisiana)—
from figures collected by
The receipts at Western
lake and river ports for the week ending* last Saturday and
since Aug. 1 for each of the last three years have been:
are
prepared by
us
the New York Produce Exchange.
182,000
1920.
Maple Sugar and Sirup (as Sugar)—
1921
.*16,315,000
yl.58
25,761.000
z25.7
6,589,000
yl.94
36,813,000
z31.6
11,632,000
518,000
87.8
45,470,000
63.0
28,627.000
536,000
92.4
49,505,000
106.9
52,943.000
-*18,982.000
1920
Sorghum Sirup—
1921-
487,000
79.7
38,837,000
110.9
43,082.000
673.7
816.465.000
4.0
32,288,000
Duluth...
1,181,000
712.5
841,474.000
5.3
44,256,000
Milwaukee...
1,132,000
691.9
783,273,000
9.3
73,094,000
Toledo
Detroit
.
1920
-
.
.
-
Beans (7 States)-
1,160.000
127,000
423.000
396,000
107.000
57,000
472,000
132,000
6,000
104,000
21.000
1,084,000
328,000
125,000
15.000
130.000
49,000
35,000
121,000
36,000
457",000
1,044,000
458,000
34.000
10,000
488.000
227,000
5,000
20,000
3,000
1,181.000
409,000
58.000
207,000
24.298.000
10.8
9,077,000
$2.95
26,806.000
St.
12.6
13,349,000
$4.26
56,811,000
Peoria
838,000
.
1921
39.3
45,260.000
26.8
117,408,000
92.9
6,060.000
.
24.7
5.120.000
_
-
Louis....
718,000
172,000
37,000
830,000
186,000
379,000
4,392.000
11.047,000
3,202,000
404,000
227,000
97,000
46,000
Kansas City..
4,652,000
.
1920
30,000
26,000
2,000
Cleveland.....
1,060,000
1920
1919
26.5
133,878,000
127.5
127,629,000
170,671,000
.
115,110,000
Broom Corn (7 States)-
1921
5,328.000
27,000
$2.66
11.8
Kafirs (10 States)—
1919
169,000
654,000
...
9,118,000
771,000
1921
Rye.
bushA&lbs. bush.56lbs.
1,694.000
208.000
Chicago
Minneapolis..
1921
Bar ley.
Oats.
Corn.
bbls.imbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs
1,212.000
1919
Peanuts—
1919
Wheat.
Flour.
Receipts at-
-
1920—
Omaha
Indianapolis..
Total
wk.
'21
207.000
275,000
b338.5
35,000
$72.76
2,554,000
Same
wk.
*20
268.000
5,646,000
4,359,000
2.362,000
987,000
718,000
b404.4
55,000
$127.15
wk.
*19
447,000
7,174,000
5,206,000
2,958,000
799,000
580,000
b329.C
57,000
$154.66
7,082,000
8.767,000
Same
352,000
55,000
64,000
-
226.6
12,652,0$)
213.1
362.5
23,435,000
129.6
Onions (22 States)—
Since Aug. 1—
Cabbage (25 States)—
1921
1920..
6.4
606,000
$48.02
8.9
1,029,000
$33.99
28,000
28,000
21,000
1,040.7
29,140.000
24.4
35.7
—
.
1919.
'
94,000
115,000
1921
26,966,000
30,377,000
29,116,000
35,001.000
Hops (4 States)—
7,117,000
12,236,000
18,376,000
Total
9,743,000 207,397.000 148,814.000 103,028.000 I4,247,00(r 10,541,000
15.704,000186,055,000 69,506,000 98,368,000 22,901,000 16,536,000
9,976,000266,175.000 73,740,000 104.677,000 16,662,000 15,654,000
receipts of flour and grain at the seaboard ports for
the week ended Dec. 24 1921 follow:
1,224.3
34,280,000
1,129.5
23,720,000
14.9
373,000
$16.60
18.0
449,000
$12.28
5,514,000
New
York-
187,000
1,888,000
377,000
22.0
549,000
$8.37
4,597.000
Portland. Me.
46.000
Philadelphia-
64.0001
157",660
20,000
1,068,000
995,000
469,000
77.5
Receipts ai-
Wheat.
Flour.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
Cranberries (3 States)—
25,000
25,000
25,000
1921
1919
Apples, total—
6,192,000
Bushels
Barrels.
166,000
45,000
679,000
3,000
259,000
96,881,000
1920.
-
42,000
59,000
60,000
168.5
163,215,000
Baltimore
223,677,000
142,086,000
114.8
256,699,000
New port News
183.6
260,939,000
St. John.—_
5,000
587,000
New Orleans *
92,000
376,000
Galveston
Montreal
20,665
289,000
"V. 000
23.00C
Boston
18,000
329,000
28.000
10.00C
Apples, commercial—
20,098,000
33.905,000
$4.63
$3.74
93,008,000
126,800.000
26,159,000
$5.34
139,669,000
866,000
1,000
331,000
878,000
8,000
38,000
120,000
1,000
Peaches—
52,176.000
159.4
1920.
32,733,000
45,620,000
210.4
95.970,000
1919.
53,178,000
189.0
100,485,000
'
wk.
*21
10,705,000
171.3
18,342,000
16,805.000
165.8
27.865,000
15,101,000
184.4
453,000
2,278.000
98,809,000
305,000
145,000
45,404.000 17,241,000 24,748,000
1,206,0001
1
Week 1920—
Peara—
1921
6,121,000
Since Jan.1'21 25,538,000 300,164,000
Total
27,852,000
Since Jan. 1'20
6,866,000
114,000
13,813,000263,584,000
20,013,000
353,000!
378,0001
♦Receipts do not include grain passing through New
on
290,000|
419,000
27,645.00011,887. 000 50,957,000
Orleans for foreign ports
through bills of lading.
Oranges (2 States)—
1919
30,700,000
29,700,000
$2.08
$2.19
63,850,000
64,908,000
22,528,000
$2.67
60,202,000
The exports from
ending Dec. 24
are
the several seaboard ports for the week
shown in the annexed statement:
2840
Wheat.
Ezpom from—
Com.
Flour.
Oais.
Bushels.
Barrels.
Bushels.
New York
1,517,954
Portland, Me...
1,068,000
Boston...........
539,000
Philadelphia
694,381
1,170,000
104,000
659,000 1,021,000
........
77,490
115,399
579,000
manufacturers
59,000
10,000
Newport News
10,000
5,000
42,853
their workers
5,000
220,000
ble, and they
New Orleans
232*000
578.666
356,000
587,000
they
441,000
St. John. N. B
Total
-
1,000
22,000,
5,000
331,000
!7,006,744l
22,368 123,762
July 11921 is
as
82,000
for the week and since
below:
Wheat;}
Flour.
;4\
■■
Corn.
3
/
Exports for Week
and
Since
Week
Since
Week
Since
Week
Since
July 1
Dec. 24
July 1
1921.
July 1
1921.
Dec. 24
1921.
24
Dec.
July 1 to—
1921.
1921.
Bushels.
Bushels.
Bushels.
Bushels.
1921.
Barrels,
i
Barrels.
United Kingdom:.
89.733
3.133,026
Continent
50,222
2,849,434
2.000
364,560
11,000
So. <fc Cent. Amer.
West Indies
822.944 14,486,663
47,542,507
3,502,934 124,451.356 1,994.437 39,748,150
103,000
2,470,137
16,000
1,879,410
4,535
157,490
7,191,058
6,128,958
123,762
Total
7,640,429
7,006,704 198,687,005
"
_
.....
Total 1920
.
3,523,024
519,915
1,500
322,623
Brit. No. Am.Cols.
Other Countries.
1,000
524,616
5,000
l2"208
389",666
74,854,000 2,838,381 56,650,947
222,368
5,325,864
The world's
shipment of wheat and corn for the week
ending Dec. 24 1921 and since July 1 1921 and 1920 are
shown in the following:
Wheat.
1
Exports.
1921.
Corn.
Week'
Argentina...
Australia
Since
Week
Since
Since
July 1.
July 1.
Dec. 24.
July 1.
July 1.
Bushels.
Rues. & Dan.
Since
Dec. 24.
North Amer.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
5,672,000 239,723,000 182,761,000
48,000
2,752,000
772,000 15,185,000 80,953,000
768,000 40,064,000 53,759,000
India
712,000
1,679,000
4,359,000
144,000
1,022,000
3,097,000
947,000
441,000
64"JO6".666
"225",000
7,260,000 298,436,000 317,497,000
The
"550,000
1,750,660
3,070,000
8,447,000
66,803,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 24 was as follows:
GRAIN STOCKS.
Corn,
bush.
hush.
hush.
2,336,000
49,000
1,398.000
355,000
1,003,000
Boston.................
Philadelphia
2,000
1,000
18~0~666
179,000
48,000
T660
Baltimore
1,960,000
334.000
-
'v
Rye,
Barley,
hush.
bush.
122,000
353,000
Oats,
■
2,260,000
828,000
185,000
New Orleans
3,716,000
804", 000
106,000
Galveston
2,422,000
Buffalo
2,427,000
1,668~000
4,o3o"666
558,000
4,194,000
1,486,000
3,272,000
figures.
Apparently retailers are anxious to secure busi¬
ness, which has not come to them as they had hoped, and
are willing to do business on a narrow margin of profit,
which they would have hesitated to accept a short time ago.
The fact that many retailers are now placed in positions of
advantage because of their small commitmehts for this sea¬
son is now becoming apparent.
The canceled orders and the
unbought goods are still in the hands of the manufacturers,
and there is business being handled up to the present time
in hurry-up
calls
DOMESTIC
67", 000
115,000
184,000
"
"
18,000
...
afloat
.......
Toledo
afloat
16,000
Chicago
"
2,488,000
12T600
38,000
57,000
Detroit
7,611,000 16,355,000
afloat
49,000
653"666
732,000
V
139,000
673,000
17",666
I75*.66O
1,080,000
5,149,000
395,000
175,000
665.000 22,229,000
1,179,000
2,409,000
Minneapolis
....
St. Louis
Kansas City
467,000
1,666,000
400,000
972,000
89,000
1,123,000
4,000
3,979,000
240,000
65,000
296,000
793,000
347,000
435,000
718,000
2,805,000
10,414,000
943,000
169,000
257,000
2,222,000
St. Joseph, Mo
Peoria
Indianapolis
Omaha
■_
On Canal and River
"4",666
2,000
Total Dec. 25 1920
disinclination
to
of contracts/
There is
several of the mills have carried
odds
in
and
are
heaviest
reason
a
1,460,000
...
the 64
a half inch, 64 x 64 gray goods are selling
9*4c, and 39-inch, 68 x 72's, at 10c.
Three-yard brown
sheetings are quoted at 10%c, and the four-yard at 10%c,
but these prices have been shaded in some instances by
mills
in
cloths
of particular customers.
favor
been looked forward to
513,000
3,731,000
3,300,000
166,000
1,185,000
1,230,000
5,000
>
1,460,000
1,469.000
7,544,000
6,899,000
3,000
2,551,000
2,293,000
19,903,000
114,000
7,457,000
1,000
1,575.000
49,431,000 21.568,000 67,271,000
...26,997.000
1,460,000
7,544,000
6,442,000
3,130,000
5,000
2,551,000
5,000
Summary—
immediately after
expected
established
little
level
holidays
business
6,447,000
5,681,000
5,962,000
5,495,000
5,474,000
3,290,000
opened
with
indication
wdiich
at
facturer
at
a
stronger
Tuesday of this week than the trade generally had
As a rule, there is little active interest displayed
in business in the week
preceding the first of the year, and
final inventory taking, but in this case the
strength of the
market has proven
an
agreeable surprise.
are
So far there is
in the market
are
willing to pay much better prices, but in some cases they
anxious to secure goods, and the
competition has caused
something like a strengthening in the situation.
This has
are
of
they
are
must be made to
of
them
are
to
take
care
confronting them, and it
of the
is thought
future.
will
re¬
Any
change
from the manu¬
abetted by the retailer.
and
have
admit
time when garment
that
some
movement
get under way for their new season.
effected
settlements
individual
it is becoming increasingly
manufacturing
business in
the
with
Many
their
evident that the
metropolitan dis¬
trict is still alive, despite the rumors that it has been para-
Retailers have reported
which has not
pleased
them
a
business over the holiday
and,
entirely,
it is understood that
strong positions.
Manufacturers have
celed
stocks,
orders and
secure
;o
cases
to
their
situation closely.
retailers will attempt
additional requirements for the present season.
DRYGOODS.—There has been
the burlap market
a
steady tone
during the week, but little active trad¬
Advices from Calcutta, owing to holidays there, show
ing.
ittle
dia
some
ownng
they are in fairly
on hand many can¬
watching the retail
are
evidence that in
FOREIGN
activity.
There
to this country,
Cession under
the
are
heavy shipments afloat from In¬
and afloats may be obtained at a con-
spot market quotation.
At present spot
ightweights are obtainable at 4.10c, and the spot heavies at
4.80c, and there is little activity in the futures, which are
slightly below the market.
Linen
las
importers and dealers have experienced a satisfac¬
trade over the holiday period, but
tory
show
clothing manufacturers
It is
American
the
manufacturers
wool
willing to
garment
acted
imminent season's work
of
opening
produce materials.
aided
and
coming month.
ture if the
that
can
garments,
manufacturers
been particularly true in sections of the cotton
goods mar¬
ket.
All indications point to
developments of a construc¬
tive nature in both departments of the market
during the
The garment strike, which has been such a
long-drawn-out affair, must be settled in the very near fu¬
the
The garment strike has dragged on to a
;;o
expected.
little indication that the buyers who
of the
turn
displaying goods with tenta¬
are
which will be effected must, therefore, come
New York, Friday Night, Dec. 30 1921.
the
developed, but
the
from their position that they have reached the lowest
There is
011
ac¬
in the very near future
trade have not
noticeably off from those of the current year.
depleted
76,428,000 23,028,000 74,815,000
71,156,000 19,727,000 74,936,000
65,084,000
4,483,000 39,067,000
of
prices only, and it would appear that the values will
not be
yzed.
THE DRY GOODS TRADE.
Following
necessary
the
Several companies
year.
tive
as
value for
a
generally
are
cede
26,997,000
level
At present print
in the most favored position.
WOOLEN GOODS.—There is increasing evidence
are
3,202,000
23,086,000
^
At present 28-inch print cloths in
Thirty-eight and
3,899,000
Total Dec. 25 1920
^
Conver¬
The sheetings
goods.
at
3,289,000
Total Dec. 17 1921
Total Dec. 17 1921
financial way.
a
quoted at C^c, and the 64 x 60's at 6c.
are
strikers,
Total Dec. 25 1920
themselves as
revival in this
the stronger position of some of
buying countries in
64's
x
There is
Total Dec. 24 1921
Total Dec. 24 1921
a
have been steady, with a strong demand from bag manu¬
facturers, and there has been a noticeable improvement in
3,130,000
Canadian—
American
will see
ters have been active in search of fine
6,442,000
5,959,000
63,000 bushels, Boston, 59,000, Buffalo, 195,000, Duluth, 9,000, on
Lakes, 386,000; total, 712,000 bushels, against 247,000 bushels in 1920; and wheat,
1,292,000 New York, 571,000 Baltimore, 4,166,000 Buffalo, 1,187,000 Philadelphia,
574,000 Boston, 19,583,000 on Lakes; total, 27,373,000 bushels In 1921.
Canadian
who profess
export people
many
confident that the turn of the yearf
the
flourishing business
a
throughout the year.
The
is being spoken of more frequently, and
business
export
on
ends accumulated
Woolen Company, which is expected in the very near
Note.—Bonded grain not included above: Oats, 95,000 bushels New York, 626,000
on Lakes: total, 1,254,000 bushels, against 578,000 In 1920; bar'ey,
901,000
active demand for odd lots and
an
goods that can be picked up for immediate deliveries, and
definitely
Buffalo, 533,000
Ft. William &Pt. Arthur. 18,023,000
Other Canadian
8,073,000
a
beyond April at present in the matter
go
17,000
New York,
Montreal
reluctant to
are
26,000
494,000
49,431,000 21,568,000 67,271,000
48,070,000 18,258,000 68,037,000
45,181,000
4,369,000 31,610,000
Total Dec. 17 1921
goods, but
slightest upward advance in price.
Generally
the market may be characterized as steady, with demand as
moderate.
The movement last week to place mills under
orders at present prices for long-time contracts has failed,
probable, however, that the true value of materials will be
225,000
Total Dec. 24 1921
opened
the
to establish
1,750,000
8,095,000
Duluth
in demand.
are
market
tivity in the woolen goods section. The openings which have
1,157,000
98,000
GOODS.—The
that they are anxious to secure
follow
"5",000
27", 000
4,495,000
Milwaukee
particular goods which
on
COTTON
stronger this week for cotton goods generally, and on some
constructions in particular.
Buyers are willing to admit
666,000
(87,000
3,761,000
563,000
Newport News
trou¬
no
position to handle the orders which
a
the demand for sateens.
Wheat,
United States—•
New York
with
The holiday trade for the retailer as a whole
trade, giving as
Total
understanding
an
It is true that many manufac¬
again as though there had been
in
are
secure.
there
24,000
Other count's
reached
have
owing to the fact that the better and larger mills show
1920.
1921.
1920.
who
individually.
metropolitan distric.t is crowded with price-cutting, which
enables the consumer to obtain garments at very attractive
89,778 787,263 579,767
The destination of these exports
permanent settlement
or
has not been entirely up to expectation.
There are numer¬
ous advices of heavy sales throughout the country, and the
8,000
week..— 6,128,954 2,838,381 157,490 1,045,399 262,853
Week 1920
official
no
has been arrived at, there are numerous
turers are at work
"Tooo
1,000
Galveston
the difficulty
Bushels. Bushels. Bushels,
46,000.
[Vol. 113.
encouraging that, while
Peas.
Barley.
Rye.
of
Bushels
Baltimore
CHRONICLE
THE
been
a
slack
the account of
some
one.
Most
time
in
demand for linens.
ruling.
with
buying
department stores and hotels, and
the past.
the
There is still
experienced
a
was
for
was trans¬
Advices from these
that the department stores
situation,
the current week
of the heavy
sources
satisfactory
strong undertone to the
a
recently established higher prices still
•
Dec. 31
THE
1921.]
2841
CHRONICLE
jitate ami Citg Jkparimewt
ATTALIA IRRIGATION DISTRICT NO. 1 (P. O. Attalia), Walla
Walla County, Wash.—BOND SALE.—An issue of $55,000 6% bonds
disposed of, it is reported.
has been
ATTLEBORO, Bristol County, Mass .—TEMPORARY LOAN.—The
Bank of Attleboro was the successful bidder on a 4.30%
discount basis for a temporary loan of $75,000, dated Dec. 29 1921 and
First National
SECTION.
STATE AND CITY
A
revised to
the paper
date,
who
due June 15
our
"State and City Section/'
appears
to-day, and all readers of
number of
new
are
subscribers should receive a copy
is
containing the
New England, Central and Middle States, having
been issued last June, while Part Two, embracing the
rest of the country, appears to-day.
The change is
of it.
now
As
previously announced, this Supplement
.
BALDWINSVILLE, Onondaga County, N. Y.—BOND SALE.—The
$20,000 registered bonds offered on Dec. 27 (V. 113, p. 2636) were sold to
the Dunkirk Trust Co., of Dunkirk, N. Y,. at 101.7785 for 5s, a basis of
about 4.80%.
Denom. $1,000.
Date Jan. 1 1922.
Int. J. & J.
Due
$1,000 yearly on Jan. 1 from 1923 to 1942, inclusive.
.
printed in two parts, Part One
due to the fact that with the
growth and multiplica¬
municipalities of the United States the
tion of the
has become too heavy
demand for additional space
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 30,
Ida.—DESCRIPTION OF BONDS.—Further details are at hand relative
$17,000 6% school bonds, awarded to Keeler Bros. & Co.,
to the sale of the
of Denver, at par
July I
and interest (V. 113, p. 2636).
Date
Denom. $1,000.
Int. J. & J.
1921.
BARNESBORO SCHOOL DISTRICT (P. O. Barnesboro), Schuylkill
County, Pa.—BOND OFFERING.—Ruth Hammerstrom, District Secre¬
tary, will receive sealed bids until 12 m. Jan. 9 for $15,000 5% tax-free
bonds.
Denom. $500.
Int. semi-annually.
Due Dec. 1 1926; optional
after Dec. 1 1926 on giving holder 90 days' notice in writing.
Certified
School Board, required.
check for $500, payable to the
County, Mich.—BONDS NOT SOLD.—The $1,000,000
5Y % water bonds offered on Aug. 9—V. 113, p. 652—were not sold.
BAY CITY, Bay
satisfy within the limits of a single number.
to
1922, which was offered on Dec. 28.
AUSTIN, Mower County, Minn.—BOND OFFERING.—Fav R. Smith,
City Recorder, will receive sealed bids until Jan. 6, it is stated, for $170,000
5M% sewer bonds.
COUNTY SCHOOL DISTRICT NO. 21
(P. O.
Mont.—BOND OFFERING.—Evelyn H. Pyle, Clerk, will re¬
16 for the $4,000 6% funding bonds—
1598.
Cert, check for $100 required.
BEAVERHEAD
Polaris),
ceive sealed bids until 2 p. m. Jan.
NEWS
V.
ITEMS.
113,
p.
BEE HILL SCHOOL DISTRICT
Officials Consider Court Action to
Recover Commission from Toledo Firm.—A dispatch from
Fargo to the Minneapolis '•Journal," dated Dec. 24, had the
following to say in the matter:
North
Dakota.—State
$74,325 of public funds paid out by members of
form of commission and rebates on
develop out of the decision of the Supreme Court Thurs¬
The bonds were sold to a Toledo, Ohio, firm, and the Court
"Suit for the recovery of
the State Industrial Commission in the
sales of bonds may
day (Dec. 22).
illegal in that the bonds were
held the contract
sold at less than par.
Lynn
J. Frazier, former Governor; John N. Hagan, former Commissioner of
Agriculture and Labor, and William Lemke, former Attorney-General,
members of the Industrial Commission at the time the alleged illegal pay
ments were made, authorized the disbursements through the Bank of North
Dakota.
The contract by which payments were made was signed by
F. W. Cathro, as Manager of the bank.
"Inquiry at Bismarck to-day developed that members of the present
Industrial Commission have not had opportunity to study the opinion of the
Supreme Court, holding the contract illegal.
The Court held that North
be sold at less than par; that payment of com¬
of netting the State less than par, when sucb
Dakota bonds cannot legally
missions which have the effect
•commissions
are
bonds, are unlawful and that
of bonds at less than par is proposed,
paid to the purchaser of the
the contract under which the delivery
is unlawful.
$74,325 paid to Spitzer, Rorick & Co., of Toledo, in form of com¬
bonds sold at less than par, is in addition to
"The
and allowance on
mission
f20,000 thatathe old York stock Commission paid of commission, the
)akota, to
New Industrial broker in form out of the Bank of
involved in that deal being part
of the same group of bonds
North
bonds
sold to the
Toledo house."
Bonds Upheld hy Superior
Portland, Ore., under date
of Dec. 22 had the following to say concerning the action of
the Superior Court in dismissing the suit brought by J. F.
Allen to restrain the City of Seattle from delivering the
$2,000,000 6% water extension bonds sold to a syndicate
headed by Carstens & Earles, Inc., of Seattle on Nov. 21
(V. 113, p. 2336):
Upholding in every regard the position of John E. Price & Co., Carstens
Seattle, Wash.—Sale of Water
Court.—The "Pacific Banker" of
and R. M. Grant & Co., in the suit brought by J. F. Allen
to restrain the City of Seattle from delivery of the $2,000,000 Water De¬
partment bonds sold to the syndicate some weeks ago. Judge J. S. Jurey
in the Superior Court dismissed the action, the costs being assessed against
the complainant.
.♦
,
„
The Court held that the general accusations against the good faith of
the City Council in awarding these bonds had no foundation in fact.
"The bonds were not sold at any secret session, or at any price below their
true value," ruled the Court, "and there were no fraudulent representations
•of any kind."
The Court further found that the .bonds were sold in the
manner followed by the City of Seattle for a long time past and that the
sale was in strict accordance with the statutes and provisions of the city
& Earles, Inc.,
,
.
,
chcLrt6T
"Said
plaintiff having wholly failed to prove a cause of action, the Court
the defendants, concluded the decision.
dismissed with prejudice and no appeal will be taken.
finds the issues in favor of
The action was
BOND CALLS AND
coupon
ann.
Collins),
County
5 (P. O. Fort
Colo.—Bond. Call.—Bonds numbered 16 and 17
Jan. 15, interest ceasing
have been called for payment on
that date.
on
'
PROPOSALS
AND
NEGOTIATION
this week have been as follows:
ADAMS CREEK TOWNSHIP,
VOTED.—On Dec. 15 $50,000 road
Wagoner County, Okla.—BONDS
bonds were voted by 121 to 111.
SCHOOL DISTRICT (P. O. Albia), Monroe
County, Iowa.—BIDS.—The following bids were also received on Dec. 20
for the $60,000 6% school bonds awarded on that day to Schanke & Co. of
Mason City at 103.38 and interest—V. 113, p. 2740:
White-Phillips Co., Davenp.$62,030 First Mortgage Corp
$61,475
ALBIA INDEPENDENT
Geo. M.
Bechtel & Co., Dav_
61,963[Bolger,Mosser&Willaman,Chi.61,438
(P. O. Fort Wayne), Ind.—BOND OFFERING.—
Angus C. McCoy, County Auditor, will receive sealed bids until 10 a. m.
Feb. 10 for $140,000 5H% tuberculosis hospital bonds.
Denom. $ 1.000.
Date Feb. 1 1922.
Due $7,000 yrly. on Nov. 15 from 1922 to 1941 incl.
Cert check for 3% of the amount bid for, payable to the Board of County
Commissioners, required.
Purchaser to pay accrued interest.
ALLEN COUNTY
,
ASCENSION PARISH
ROAD DISTRICT NO. 4,
La.—-BOND SALE.
bonds offered on Nov. 29—V. 113, p. 2002—have been
Sutherlin, Barry & Co., Inc., of New Orleans.
Denom. $500.
Date July 15 1921.
Prin. and semi-ann. int. payable at the National City
Bank, N. Y.
Due yrly. beginning July 15 1922 (aver, maturity 16 years).
Financial Statement.
—The $90,000 6%
sold
to
$3,500,000
1'2,460
including this issue
90.000
Population, officially estimated
2,500
ALTUS, Jackson County. Okla.—BOND OFFERING.—Ruth Welch,
City Clerk, will receive sealed bids until 7 p. m. Jan. 16 for $155,000 6%
Estimated real valuation
Assessed valuation 1921
Total bonded indebtedness,
AMBERG SCHOOL DISTRICT(P. O. Amberg).
Wise.—BOND SALE.—The First Wisconsin Co. of
school bonds.
15
1921.
Prin. and semi-
accrued interest.
BELLEFONTAINE, Logan County, Ohio.—BOND OFFERING.—
Sealed bids will be received by F. R. Moots, City Auditor, until 12 m.
Jan. 18 for $13,000 6% sewer bonds.
Denom. $500.
Date Sept. 1 1921.
Int. payable semi-annually.
Due in 13 years from date.
Certified check
for 10% of the amount bid for, payable to the City Treasurer, required.
Purchaser to pay accrued interest.
BELMAR, Monmouth County, N. J.—BOND SALE.—The following
registered bonds, offered on Dec. 27 (V. 113,
2636) were sold to the Second National Bank of Red Bank, N. J., at the
prices sttitcd below'
$19,000 funding bonds ($20,000 offered) sold at 105 71, a basis of about
5 28%.
Due $1,000 yearly on Jan. 1 from 1923 to 1941, inclusive.
39,000 funding bonds ($40,000 offered) sold at 103 34, a basis of about
5 23%.
Due $4,000 yearly on Jan. 1 from 1923 to 1931, Inclusive,
and $3,000 on Jan. 1 1932.
71,000 funding bonds ($75,000 offered) sold at 106.20, a basis of about
5 23%.
Due $3,000 yearly on Jan. 1 from 1923 to 1927, inclusive
and $4,000 yearly on Jan. 1 from 1928 to 1941, inclusive.
Date Dec. 31 1921.
The following bids were also received:
$20,000
$40,000
$75,000
three issues of 6% coupon or
p.
$40,360 00
40,444 00
42,268 00
_$20,720 00
B. J. Van Ingen & Co
II. L. Allen & Co
20,555 00
SCHOOL
BELTON
Caro.—BOND
So.
County,
20,366 60
DISTRICT NO.
12
(P.
O.
OFFERING.—W.
Board of School Trustees, will receive
Issue
Issue
Issue
Geo. B. Gibbons & Co
R.
$73,000 00
75,075 00
75,439 20
Belton), Anderson
Baynie, Chairman
sealed bids until 12 m. Jan. 17 at the
Bank of Belton, Belton, for $50,000 5. 53^ or 6% 20-year tax-free coupon
bonds.
Denom. $1,000.
Int. semi-ann., payable at a bank in New York
Cert, check for $1,000, payable to the above
invited at different rates above specified.
Assessed value, $1,598,380
designated by the purchaser.
official, required.
Bids are
Bonded debt, none.
COUNTY
BELTRAMI
(P.~OrBemidji)."Mmo,—BOiM bALE.—l)n
Dec. 6 $85,000 6% trunk highway
Trust & Savings Bank of
Lincoln
reimbursement bonds were sold to the
Minneapolis at par.
Denom. $1,000.
Date Sept. 1 1921.
Int. M. &S.
A like amount of bonds was reported
BENTON COUNTY (P. O.
in V. 113, p. 1271.
*
Foley), Minn.—BOND OFFERING.—J. E.
Kasner, County Auditor, will receive sealed bids until 2 p. m. Jan. 4 for
$250,000 5% road bonds.
Denom. $1,000.
Date Jan. 2 1922. Principal
and semi-annual interest (J. & J.) payable at anj banking house in St. Paul
or Duluth.
Due $25,000 yearly on Jan. 2 from 1932 to 1941, inclusive.
Certified check for $10,000, payable to the County Treasurer, required,
BIRMINGHAM,
Ala,—BOND
SALE.—The
$225,000
6^%
tax-free
public improvement bonds offered on May 10 (,V. 112, p 1781), nave been
awarded to R. M. Grant & Co., of New York.
Date May 2 1921.
Due
Mav 2 1931, not exceeding one-fifth in amount of said bonds being redeem¬
able bv the City of Birmingahm in numerical order before maturity on
May 2 1923, and a similar number of bonds on May 2 each year thereafter
by paying to the holder or holders thereof as a bonus a sum equal to onequarter of the annual interest on the bonds redeemed, notice of redemption
to be given as provided by law Hi
<.«p *4
EARTH COUNTY
BLUE
L.
Kennedy,
(P. O. Mankato), Minn.—BOND OFFER¬
Auditor, will receive sealed bids until
County
Jan. 4 for $111,000 public drainage bonds.
Denora. $1,000. Due
yearly on Jan. 15 as follows: $8,000, 1927; $6,000, 1928; $7,000, 1929;
$8,000. 1930; $7,000, 1931 and 1932; $8,000, 1933; $7,000, 1934; $8,000.
1935; $7,000, 1936; $8,000, 1937 to 1940, inclusive; $6,000, 1941.
Certified
check for 5%, payable to the County Treasurer, required.
2 p. m.
EARTH COUNTY
CONSOLIDATED SCHOOL DISTRICT
(P. O. Mankato), Minn.—BOND OFFERING —W. L. Council¬
District Clerk, will receive sealed bids until 4p.m. Jan. 4 for $60,000
7% school bldg. and equipment bonds.
Denom. $1,000.
Date Jan. 1
1922.
Prin
and interest payable at the Capital Trust & Savings Bank
St. Paul.
Due Jan. 1 1924.
Cert, check for $6 000 payable to the DisNO.
66
man,
trictfTreasurer
required gtf|
SCHOOL DISTRICT (P. O. Booker),
Lipscomb County, Texas.—BOND SALE.—Messrs. D. E Dunne & Co.
awarded an Issue of $170 000 5% school bonds at
98 96.
Due serially from 1933 to 1941.
Vernon H. Branch of Wichita has been awarded at par an issue of $50 000
6% school bonds.
Due serially. «
Ai€&u\A
BOOKER
INDEPENDENT
of Wichita have been
feOGNVILLE, Cooper County, Mo—BONDS VOTED.—The $50,000
election held recently by
M
bridge bonds (V. 113, p. 2423) were carried at an
vote of 1,292 "for" to 88 "against."
a
COUNTY
(P. O. Bonners Ferry), Idaho.—BOND
Seattle, have purchased at 100.67 an issue
road bonds offered on Dec. 24.
Denom. $1,000.
Due in
optional in 10 years.
.v
""BOUNDARY
SALE.—John E. Price & Co.,
of $100,000 6%
20 years,
NO. 4 (P. O. Bonners
Co. of Spokane has pur¬
BOUNDARY COUNTY SCHOOL DISTRICT
Ferry), Ida.—BOND SALE.—The Union Trust
10-20-year (optional) bonds.
chased $88,000 6%
BOWEN
BONDS
DRAINAGE DISTRICT, Rio Grande County, Colo.—
the election held on Dec. 10—V. 113, p' 2423—
voted by 31 to 0.
VOTED.—At
$ 166.000 8% bonds were
— - - -
Improvement bonds.
chased $12,000
Cuyahoga
National Bank in Chagrin Falls.
10%
Pur¬
(A. & O.) payable at the First
chaser to pay
BLUE
BOND
Warrensville)
Due $400 on Oct. 1 in 1922; 1923 and 1924.
Cert, check for
of the amount bid for, payable to the District Treasurer, required.
REDEMPTIONS.
School District No.
Date Dec.
$400.
Denom.
bonds.
int.
Ohio.
ING.—C.
Larimer
O.
(P.
County, Ohio.—BOND OFFERING.—W. T. Doolittle, Clerk of the Board
7.30 p. m. Jan. 5 for $1,200 6%
of Education, will receive sealed bids until
„
Marinette County,
Milwaukee has pur¬
BRAZOS COUNTY (P. O. Bryan),
Tex.—BOND SALE.—The $100,-
000 6% 10-40-year (opt.) bridge bonds recently voted—V. 113, p. 2433—
have been acquired by Sutherlin, Barry & Co., Inc., of New Orleans.
Miami
of the
.
(Dec. 31) for $10,700 6%
Dec. 31 1921. ^Int. M.
bonds.
Denom. $100, $500 and $1,000.
Date
Due Sept. 1 1931.
Cert, check for 5% of
& S.
3843
THE
the amount bid for, payable to the above Clerk, required.
proved by Shaffer & Williams of Cincinnati.
/
BRYAN,
Williams
County,
Ohio.—BOND
Legality
ap¬
SALE.—The
following
seven issues of 6%
special assessment bonds aggregating $70,300 which
were offered on Dec. 12—V. 113, p. 2331—were sold to the Farmers' Nar
tional Bank of Bryan at 100.75, a basis of about 5 81:
$10,500 East Bryan Street bonds.
Due $500 March 15 1922: $1,000 yearly
on
in
March 15 from 1923 to 1929, inclusive, and $1,500 on March 15
I
1930 and 1931.
5,600 West Butler Street bonds.
Due $600 March 15 1922; $500 yearly
on March 15 from 1923 to 1930, incl., and $1,000 on March 15 1931.
6,500 South Walnut Street bonds.
Due $500 yearly on March 15 from
1922 to 1928, inclusive, and $1,000 yearly on March 15 1929, in
1930 and 1931.
12,700 East Butler and South Allen Streets bonds.
1922; $500 March 15 1923: $1,000 March
Due $700 March 15
15 1924, and $1,500
yearly on March 15 from 1925 to 1931, inclusive.
4,500 West Bryan Street bonds.
Due $450 yearly on March 15 from
j
1922 to 1931. inclusive.
>
.
16,000 South Portland Street bonds.
Due $1,500 yearly on March 15
from 1922 to 1929, incl., and $2,000 on March 15 in 1930 and 1931.
14,500 North Walnut Street bonds.
Due $1,000 March 15 1922 and
$1,500 yearly on March 15 from 1923 to 1931, inclusive.
Date Sept. 15 1921.
CACHE COUNTY
VOTED.—On
Dec.
NO.
DRAINAGE DISTRICT
12 $375,000 drainage bonds were
1, Utah.—BONDS
voted.
CACHE COUNTY WATER CONSERVATION
DISTRICT, Utah.—
BONDjOFFERING.—Until Jan. 7 W. H. Larsen, Secretary, will receive
bids for the $375,000 6% serial bonds voted recently by 11,143 to 1989—
V. 113, p. 2636.
Date Jan. 1 1922.
Certified check for 10% required.
CADDO PARISH SCHOOL DISTRICT NO. 1 (P. O. Shreveport),
La.—BOND SALE.—Sutherlin, Barry & Co., Inc., of New Orleans, have
purchased and are now offering to investors to yield from 5.375% to 5%,
according to maturities, $470,000 5% school bldg. bonds.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int., payable at the Seaboard
National Bank, N. Y.
Due yearly on April 1 from 1922 to 1910, incl.
Financial
Estimated actual value
Statement.
$125,000,000
;
Assessed valuation 1921 (officially estimated) over
Total bonded debt, including this issue
96,000,000
604,000
Population, officially estimated, 65,000; 1920 Census City of Shreveport,
sembly of the State of Ohio, passed Jan. 15 1920 and approved Feb. 4 1920
(10 S. O. L., Part 2, page 1135), entitled "An Act supplementary to an
relating to cities of the first class, having a population
exceeding 150,000 inhabitants passed May 4 1869 (66 O. L., 80)' and to
all Acts supplementary to this Act, and authorizing the Board of Trustees
appointed under said Act of May 4 1869 to issue additional bonds for per¬
Act entitled 'An Act
CALIFORNIA
of).—ADDITIONAL
(State
betterments
manent
CLEARWATER
First National Bank. New York; Kissel,
a
bonds
described
are
Date Nov. 3 1921.
able for fully registered binds.
$225,000 at 6% interest to meet the teachers' pay roll.
"The $8,000,000 is tied up in the building fund and is not available for
The $225,000 was borrowed of five banks on the notes
of E
M. Williams, President, and Sarah E. Hyre, Clerk-Treasurer of the
Board, for 10 days.
At the expiration of that period the Board expects
to have its regular revenue from January tax collections."
COLEMAN
ing
at the
or
yearly
on
on
a
States' fiscal
agency
(P. O. Coleman), Tex.—BONDS CAN BE
are advised
that the following bonds are ready for
purchased privately or by mailing bid:
$436,000 5% Commissioners' Precinct No. 1 bonds.
Date Feb
1 1920.
Int. F. & A.
Due yearly on Feb. 1 as follows:
816,000 1925
to 1949, incl., and $36,000 1950.
These bonds are part of an
issue of $500,000 which was voted by 253 to 107 on Oct. 13 1919.
The following bonds of this issue have been sold: $16,000 Feb. 1
In
1921. sold and retired; $16,000 due Feb
1 1922 to 1924, incl.,
of certified check required to accompany each bid, is
2% of the amount purchased.
Certified check not required in
private bid. until price is agreed upon.
387,000 5 \4 % Commissioners' Precinct No. 2 bonds.
Date Sept. 1 1920.
Int. M. & S.
Due yearly on Sept. 1 as follows: 813.000 1922 to
1945, incl., and $15,000 1946 to 1950, incl.
Those bonds are
amount
Rart of 3an issue The following bondswas this issue hare to 165 on
of $400,000 which of voted by 345 been sold:
larch
1920$13,000 due Sept. 1 1921 sold and retired
required to accompany bid is 2%
are:
check
upon.
No. 1 bonds.
Date Feb
1 1920.
Int.
Feb. 1 as follows: $1,000 1923 to 1937, incl.,
1949, incl
and $4,000 1950.
These bonds are
part of an issue of $100,000, which was voted by 111 to 19 on
Oct. 25 1919
The following bonds of this issue hare bien sold
$3,000 due Feb
1 1921, sold and retired: $3,000 Feb
1 1922.
and $2,000 Feb
1 1923 to 1937, incl., and $3,000 Feb
1 1938 to
25,000 514%
The
F.
appear¬
to yield 4 30%.
1920
Census,
bonded debt,
has
an
a
Official announcement
says:
population of 3,426.536, according to the
assessed valuation
of $4,555,445,447,
and
a
total
with this issue included, of $74,980,000, or about 1^%
"
assessed valuation."
of
•
CANTON,
No. Caro.—BOND SALE.—C. N.
purchased at par the issue of $65,000 6%
112, p. 2559.
Date June 1 1921.
Due yearly on June 1 as follows: $1,000 1922 to 1927, incl.; $1,500, 192s
to 1936, incl.; $2,000, 1937 to 1941, incl.; $2,500, 1942; $3,000, 1943 and
1944; $3,500. 1945 to 1948. incl.; $4,000, 1949; $4,500, 1950 and 1951.
Haywood
County,
Malone & Co. of Asheville, have
school
bonds offered
on
June
upon.
CASS COUNTY (P. O.
Fargo), No. Dak.—BOND SALE —On Dec 22
drainage bonds (v. 113, p. 2637) were sold to the Wells-Dickey
Co., of Minneapolis, as 634s:
$52,098 35 Drainage District No. 34 bonds.
Date Jan. 1 1922.
111,961 08 Drainage District No. 37 bonds.
Date Nov. 1 1921.
62,754.53 Drainage District No. 39 bonds.
Date Nov. 1 1921.
108,923 82 Drainage District No. 40 bonds.
Date Jan. 1 1922.
36,635 08 Drainage District No. 41 bonds.
Date Jan. 1 1922.
245,682 70 Drainage District No. 14B bonds.
Date Nov. 1 1921.
Due on April 15 as follows: One-seventh in 1924, 1926, 1928, 1930, 1932,
1934 and 1936, optional in 1926 or 1931.
CASS COUNTY
SCHOOL
DISTRICT
(P. O.
Eagle), Neb.—BOND
SALE.—An issue of $40,000 5]4% bonds, recently voted, has
chased by the Peters Trust Co., of Omaha.
been pur¬
CHARDON, Geauga County, Ohio.—BOND OFFERING.—Robert S.
Parks, Village Clerk, will receive sealed bids until 12 m. Jan. 23 for $7,500
Denom. $500.
Date Jan.
1
1922.
6% water-works-extension bonds.
Due $500 April 1 1938 and $1,000 each six months from Oct. 1 1938 to
Oct. 1 1941 incl.
Purchaser to pay accrued interest.
CHESTER COUNTY (P. O. Chester), So. Caro .—BOND OFFERING.
—L. M. Wooten, Chairman County Board of Directors, will receive sealed
bids until noon Jan. 21 for all or any part of $125,000 5% coupon highway
impt. bonds.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann.
int. (J. & J.) payable at County Treasurer's office.
Due on Jan. 1 as fol¬
lows: $2,000, 1923 to 1928 incl.; $3,000, 1929 to 1933 incl.; $4,000. 1934 to
1939 incl.; $5,000, 1940 to 1945 incl.; $6,000, 1946 to 1950 incl., and $7,000,
in 1951 and 1952.
Cert, check for 2% of the amount of bonds bid for,
payable to A. T. Henry, County Treasurer, required.
by R. L. Douglas, Attorney for Chester County.
Legality approved
CHICAGO, Cook County, 111.—BOND SALE.—R. M. Grant & Co.
of New York have purchased $8,000,000 5% tax-free general
corporate bonds
at par and accrued interest.
These are the bonds that were publicly
offered
on Nov. 17 and for which one bid was received
but which was with¬
drawn after the city failed to furnish the bidder with an opinion in favor
of the legality of the issue by either Wood & Oakley of Chicago or
by John
C. Thomson of New York—V.
passed upon by Chapman
CHICKASAW
113 p. 2423.
The bonds have
Cutler & Parker of Chicago.
now
been
COUNTY
(P. O. New Hampton),
Iowa.—BOND
SALE.—On Dec. 22 $89,000 5% bridge funding bonds were sold to Schanke
& Co. of Mason City, for $93,825 (105.42).
Denom. to suit purchaser.
Interest semi-annually.
In
giving the notice of the offering in V.
113,
p.
2424,
we
incorrectly
stated that the amount of the bonds would be $91,000 instead of
$89,000.
CHIPPEWA COUNTY (P. O. Montevideo), Minn.—BOND SALE.—
Dec. 19 the $40,000 trunk highway reimbursement bonds—V. 113
COLEMAN,
election
for
Coleman
the
County,
issuance of bonds
Tex.—BONDS
to
the
amount
VOTED—The
of $160,000
city
for. water
resulted, it is stated, overwhelmingly in favor of the bonds.
It is
also stated that as soon as
the bonds are approved ard sokl, work will
commence in the building of a dam on Indian Creek, about 3 miles north
of the town, and that when the project has been completed it will furnish
water sufficient for a population of 20.000.
purposes
13—V.
the following
sold
Denom. $1,000.
Prin. and interest payable at the American National
Bank, Austin, at County Treasurer's office and National Park Bank, N. Y.
Official announcement says: "There is no controversy or litigation pending
or threatened affecting corporate existence or boundaries of the precincts
or of the road district, or the title of their present officials to their respective
office or the validity of the bonds."
■
CITY SCHOOL DISTRICT
(P. O.
Cambridge),
County, Ohio.—BOND SALE.—The $225,000 6% school
bonds offered on Dec. 22—V. 113, p. 2423—were sold to Prudden & Co.
of Toledo, at 108.256.
,
Notice that $70,000 of that amount (175,000) had
was given
in V. 113, p
1174
Amount of certified
required to accompany bid is 2% of the amount purchased,
in private bids certified check not required untijl price is agreed
CAMBRIDGE
Guernsey
on
check
chusetts, Connecticut and other Eastern States, are being offered to the
with
Due
1947 to
1950, incl.
been
legal investments for savings banks and trust funds in New York, Massa¬
nvesting public at prices
District
Road
A.
&
$2,000
preceding page of this issue, the bonds, which are stated to be
"The State of California,
Amount of certified
of amount purchased.
Certified check not required in private bid until a price is agreed
Due $1,000,000
advertisement
an
be
can
Principal and semi¬
in New York City.
July 3 from 1943 to 1949, inclusive.
COUNTY
PURCHASED.—We
sale and
annual interest (Jan. 3 and July 3) payable at the office of the State Treas¬
urer
Fla.—
current expenses.
follows: Coupon bonds of $1,000 denom., exchange¬
as
County,
loan of $225,000 obtained by the Board of Education the Cleveland " Plain
Dealer" of Dec. 24 had the following to say:
"Although the Cleveland
Board of Education has $8,000,000 in the bank, it yesterday borrowed
Kinnicutt & Co.; Clark, Dodge &
& Hutzler; and Boldget & Co.
Pinellas
CLEVELAND CITY SCHOOL DISTRICT (P. O. Cleveland), Cuya¬
hoga County, Ohio.—TEMPORARY LOAN.—In reference to a temporary
Co.; Stacy & Braun; Eldredge & Co.; Redmond & Co.; Remick, Hodges &
Co.; Kountze Bros.; Salomon Bros.
DISTRICT,
Instruction at 95.00.
basis
2741,
p.
SCHOOL
BOND SALE.—The $8,000 6% school bonds offered unsuccessfully on
Aug. 15 (V. 113, p. 928), have been awarded to the State Board of Public
INFORMATION.—The
given in V. 113,
made and en¬
Southern Ry.
Ry. Co., the lessee of said
railway, dated Nov. 15 1921.
No bid for less than par and accrued interest
will be Considered and bonds will be delivered to the purchaser at the FifthThird National Bank in Cincinnati on any business day between Feb! 10
and Feb. 25 1922.
Bids must be sealed and addressed to Stanley, Fer¬
guson, Secretary of the Board of Trustees of the Cincinnati Southern Ry.,
at the Ingalls Building in Cincinnati.
;
Anglo & London Paris National Bank of San Francisco in acquiring the
of about 4.39%, notice of sale of which was
constructed under the provi¬
and the Cincinnati New Orleans & Texas Pacific
of the prominent New York interests which were associated with the
$7,000,000 5% gold tax-free highway bonds at 109 12 and interest,
upon the line of railway
sions of this Act." ana under contracts pursuant to said Act
tered into by and between the Trustees of the Cincinnati
43.874.
names
[Vol. 113.
CHRONICLE
COOK
INDEPENDENT
COUNTY
SCHOOL
DISTRICT
NO.
4
(P. O. Lutsen), Minn.—BOND SALE— On Nov. 3Q $25,000 6% building
were sold to F. B. Myers of Duluth at par.
Denom. $1,000.
Int¬
bonds
erest J.
& D.
1
SPECIAL SCHOOL DISTRICT, Ark.—
bonds offered unsuccessfully on
653—have been sold at par to Mr. Blevins of Van Buren.
The official name of the district issuing the bonds is "Crawford County
Special School District No. 27."
COUNTY
CRAWFORD
BOND
SALE.—The $12,000 school bldg.
July 23—V. 113,
p.
CRESCENT, Logan County, Okla.—BOND OFFERING.—On Jan. 9
issue of $60 000 6% light and water bonds recently approved by the
Attorney-General will be offered for sale.
Due
6 0~0 every fiv • years.
These bonds were authorized by the voters on Sept. 20—V. 113 p. 1490.
an
CUMBERLAND COUNTY
(P. O. Carlisle), Pa —BOND SALE—An
(opt ) tax-free coupon (with privilege of registration)
improvement bonds was recently sold to Biddle & Henry and Harrison
Smith & Co. of Phila. at their joint bid of 105 13.
Denom. $1 000 and
$500.
Date Dec 31 1921.
Prin. and semi-ann. int. (J. & J ) payable
at the Farmers' Trust Co. in Carlisle.
Due Dec 31 1951 optional on or
after Dec. 31 1931.
These bonds are being offered at 106.48 and interest.
issue of $200 000 5%
The following bids were received:
Biddle & Henry and Harrison
Smith
Reilly
105 13
__105 07
& Co
Brock & Co
Brown Bros. & Co. and Newburger
Farmers'
Martin &
Trust Co.
Henderson & Loeb__105 0o5
—
Glendinning & Co______104 426
—I
Frank Mullen & Co..
Harris
Forbes & Co__,>_
Barnitz
Farmers' Trust Co. Carlisle attorney for G. H.
Farmers' Trust Co. Carlisle, for any part
Edward E
DALLAS,
Dallas
___104 81
——104 51
Carlisle
Co.__________—-.—
J. H. Holmes & Co. and Robert
County,
Texas.—BOND
J04 32
104 281
103 00 for $20 000
Stuart_103 50 for $25 000
102.75
SALE.—The $1,250,000
514% coupon (with privilege of registration as to principal) street-impt.
bonds, offered on Dec. 28 (V. 113, p. 2742) have been awarded to a syndi¬
composed of Eldredge & Co., New York., Mississippi Valley Trust
the Mortgage Trust Co., both of St. Louis, at 108.90.
Date
1 1921.
Due yearly as follows: $30,000, 1922 to 1924, incl.: $35,000,
1925; $30,000, 1926 to 1928, incl.; $35,000, 1929: $30,000, 1930 to 1932,
incl.; $35,000, 1933; $30,000, 1934 to 1936, incl.; $35,000, 1937; $30,000,
1938 to 1940, incl.; $35,000, 1941; $30,000, 1942 to 1944, incl.; $35,000,
1945' $30 000, 1946 to 1948, incl.; $35,000, 1949; $30,000, 1950 to 1952,
incl ; $35,000, 1953; $30,000, 1954 to 1956, incl.; $35,000, 1957; $30,000,
1958 to 1960, incl.; and $35,000 in 1961.
cate
Co.
and
Nov.
SCHOOL DISTRICT (P. O. Wellsboro),
OFFERING.—George T. Hatherhill, Secretary
will receive sealed bids until 1 p. m.
31) for $5,000 6% registered bonds.
Denom $1,000. Date
Due $1,000 yearly on Jan. 2 from 1923 to 1927 incl.
DELMAR TOWNSHIP
York County, Pa.—BOND
of the
Board
to-day (Dec.
of School
Directors,
On
Jan. 2 1922.
2637—were sold to the Minnesota Loan & Trust Co. of Minneapolis
100.90 for 4%s, a basis of about 4.67%.
Date Dec. 1 1921.
Due
$4,000 yearly on Dec. 1 from 1931 to 1940 incl.
DUKES COUNTY (P. O. Edgertown), Mass.—BOND SALE.—'The
$22,831 75 5% coupon Lagoon Bridge bonds, for which all bids were
rejected at the offering on Aug. 6 (V. 113, p. 753), were recently awarded
to the Martha's Vineyard National Bank of Vineyard Haven at par.
Date
Aug. 1 1921.
EAST LAKE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
(P. O. Tavares), Fla.—BOND SALE.—The $600,000 5% road and bridge
bonds offered on Dec. 28—V. 113, p. 2530—have been awarded to Brandon,
Gordon & Wadell of New York.
p.
at
Inp™1?noWce °f the offering in V. 113,
stated that the bonds would bear 5^4 % interest.
p. 2637, we incorrectly
CINCINNATI, Hamilton County, Ohio.—BOND OFFERING.—Sealed
bids will be received at the office of the Board of Trustees of the Cincinnati
Southern Ry. until 12 m. Jan. 23 for $1,000,000 5% gold coupon bonds
Denom.
$1,000.
Date Jan. 2 1922.
Prin.
and semi-ann.
int.
(J. & J )
Siyable at the Americancheck for 2% of the amountin New York City
Jan. 2 1965.
Exchange National Bank bid for, payable to
Cert,
ue
the order of the Board of Trustees of the Cincinnati Southern Ry. required
These bonds are issued under the provisions of an Act of the General As^
EAST
County,
RIVER
W.
SCHOOL
Va.—BOND
school bonds, mentioned in
State of West Virginia.
(P. O.
$190,000
DISTRICT
SALE.—The
Mercer
5-20-year (opt.)
Princeton),
6%
V. 112, p. 2219, have been sold at par to the
.
DEC. 31
EATONTON,
Putnam
County,
H.
Ga
Young, City Clerk, will receive sealed bids until Jan.
school bonds.
Denom. $500.
Date Jan. 7 1922.
"
ELK
HORN,
Shelby
EL PASO
were
a
recent election $130,000
voted
the International Trust Co. of Denver,
said election.
A
and sale was given in Y.
Notice of election
description of the bonds
EL PASO
COUNTY
Colo.—BOND
bonds have already been sold to
subject to being sanctioned at the
These
by 182 to 42.
be found in V.
may
DISTRICT NO. 29 (P. O. Yoder),
22 the $15,000 6%
10-20-year (opt.)
Dec.
SALE.—On
Snohomish
EVERETT,
2638—were
Denom. $500.
p.
County,
Wash.—BOND
SALE.—Carstens
have purchased
Inc., and Jno. E. Price & Co.. both of Seattle,
5%%
Financial Statement.
$30,805,812
Estimated value of taxable property
Assessed valuation. 1921.
15,402,906
571,153
Total net bonded debt
(including this issue)
1920, 27,644.
Population,
SCHOOL DISTRICT
NO. 3, Pitt County, No. Caro.—BOND SALE.—The $40,000 6% bonds
offered on Aug. 1—V, 113, p. 439—have been awarded to the Banchett
Bond Co., Inc., of Chicago, at 98, a basis of about 6.20%.
Date July 1
1921.
Due as follows: $1,000 1922 to 1931, incl.; $2,000, 1932 to 1941,
FARMVILLE
SPECIAL
TOWNSHIP
TAX
incl., and $1,000 1942 to 1951, inclusive.
DISTRICT
HIGHWAY
FERDINAND
(P.
Ferdinand), Idaho
& Co., of Spokane, have
O.
County, Idaho.—BOND SALE.—Murphey, Fabre
purchased $50,000 bonds.
:
V
COUNTY SCHOOL DISTRICT NO. 84 (P.
Mont.—BONDS NOT SOLD.— No sale was made on Dec. 17
FERGUS
school bonds—V.
113,
p.
O. Denton),
of the $3,700
2638.
Republic), Wash.—BOND SALE.—An
$200,000 6% funding bonds has been disposed of.
FERRY COUNTY (P. O.
of
FIFTH LOUISIAN \
LEVEE DISTRICT,
issue
Concordia, East Carroll,
OFFERING.—F. H. Schnei¬
(P. O. Talulah), will receive sealed
Madison and Tensas Parishes, La.—BOND
der, President Board of Co:n nissionsrs
^proposals until 12 m. Jan. 2") for $250,009 5% bonds.
Denom. $1,000.
Good faith deposits of 154 70 of the bid required, certified check or currency.
Bids will be received for part or the whole offer, with the right to reject
any and all bids.
*
FLATHEAD
(P. O. Kalispell), Mont.—BOND
Spokane, have purchased $350,000 funding
COUNTY
SALE.—
bonds.
FLORENCE, Florence County, So. Caro.—BONDS VOTED.—On
Dec. 20 the $350,000 street-impt. bonds (V. 113, p. 2213) were voted.
Ferris & Ilardgrove, of
Winston^Salem), No. Caro .—PUR
of the $300,000 6% tax-free
gold coupon road bonds, notice'of sale of which was given in V. 113, p. 979.
was the Wachovia Bank & Trust Co., of Winston-Salem.
The price paid
FORSYTH
COUNTY
O.
(P.
JACKSON
The
$6,000
Dec.
to
1942.
1
CHASER AND PRICE PAID.—The purchaser
27—V.
the J.
F.
COUNTY
(P.
Lake
Ind.—BOND
County,
SALE.—The
$125,000 514%
sold to
refunding school bonds offered on Dec. 22 (V. 113, p. 2539) were
White. Weld & Co. at 110.07. a basis of about 4.58%.
Denom.
Date Dec. 1 1921.
Int. J. & D.
Due Dec. 1 1936. I
$1,000.
VILLAGE SCHOOL DISTRICT (P. O. GermanCounty, Ohio.—BOND SALE.—The $150,000 5)4%
school-building bonds offered on Dec. 22—V. 113, p. 2638—w re
102.028, a basis of about 5.32%, to Weil, Roth & Co.
Date Dec. 22
Due yearly on Sept. 1 as follows. $3,000 from 1925 to 1934, incl.;
from 1935 to 1946. incl., and $10,000 from 1947 to 1952, incl.
GERMANTOWN
town), Montgomery
coupon
sold at
1921.
$5,000
GIBSONVILLE, Guilford County, No.
Caro.—BOND OFFERING.—
proposals will be received until 8 p. m. Jan. 5 by W. J. Jennings,
Town Clerk, for $30,000 6% sidewalk and street-impt. bonds.
Denom..
$1,000.
Date Jan. 10 1922.
Prin. and semi-ann. int. payable at such bank
in the city of New York or at such other place as purchaser shall designate.
Due yearly as follows: $1,000 1924 to 1933 incl. and $2,000 1934 to 1943
incl.
Cert, check on an incorporated bank or trust company, or cash, for
2% of the amount of bonds bid for. payable to the above official, required.
Purchaser will furnish legal approval, print and deliver the bonds.
Sealed
GILLIAM
Sealed
bids
COUNTY
(P.
Condon), Ore.—BOND OFFERING —
Jan. 7 for $125,000 514% road
O.
will be received until 10 a. m.
bonds by J. C. Sturgill, County
Int. J. & J.
Due Jan. 1 1942.
Denom. $100.
Date Jan. 1 1922.
Cert, check for 5% required.
Clerk.
GLOVERSVILLE, Fulton County, N. Y.—BOND OFFERING.—
Clerk of the Board of Water Commissioners, will receive
m. Jan. 27 for $137,500 5lA% coupon water bonds.
Date April 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the
Mechanics & Metals National Bank in N. Y. City.
Due $12,500 yearly
on April 1 from 1922 to 1932 incl.
Cert, check for 5% of the amount bid
Le Roy Everest,
sealed bids until 8 p.
required.
for,
GRAHAM
The County
ance
COUNTY (P. O. Safford), Ariz.—BOND ELECTION.—
Commissioners have called an election to vote upon the issu¬
road bonds.
of $500,000 6%
GRANITE FALLS, Yellow
Medicine County, Minn.—BOND
SALE.
5% electric-light and water bonds was sold on Dec. 23
Co. of St. Paul at 98.85, a basis of about 5.11%.
Date Dec. 1 1921.
Int. semi-ann.
Due Dec. 1 1936.
—An issue of $30,000
Denom. $1,000.
SPECIAL ROAD AND BRIDGE DISTRICT, Manatee
County, Fla.—BOND OFFERING.—On Jan. 14 an issue of $160,000 6%
bonds will be offered for sale.
These bonds were offered but not sold on
May 7 (V. 113, p. 1783).
GULF SHORE
HARTER-STAMFORD TOWNSHIP (P. O. Flora), Clay County,
of $48,000 high-school-building bonds was
HI.—BONDS VOTED.—An issue
voted by the taxpayers on
Dec. 19.
HAWKINS COUNTY (P.
May 15 1923 to Nov. 15 1932 inclusive.
JACKSON COUNTY DRAINAGE DISTRICT,
Wise.—BOND SALE.
5 (V. 113, p. 440)
—The $97,724 65 6% drainage bonds, offered on Aug.
have been sold to Percival Brooks Coffin, of Chicago.
JEFFERSON COUNTY (P. O. Madison),
S.
G.
Ind.—BOND OFFERING.—
Bovard, County Treasurer, will receive sealed bids until 10 a. m.
Jan. 5 for the following road bonds.
W. O. Scott et al. Saluda Township bonds.
Denom. $518.
Due $1,036 May 15 1922 and $1,036 each six months from
incl.
10,100 5%
Isaac Williams et al. Monroe, Lancaster, Smyrna and Madi¬
son townships bonds.
Denom. $505.
Due $505 each six
months from May 15 1922 to Nov. 15 1931, incl.
8,540 4)4 % William E. Holmes et al. Monroe Township bonds. Denom.
$427.
Due $427 each six months from May 15 1922 to
Nov. 15 1931, incl.
Date Dec. 5 1921.
Interest M. & N.
*
$20,720
5%
Nov. 15 1922 to Nov. 15 1931,
JEFFERSON COUNTY (P. O. Birmingham), Al a.—FORMAL RESO¬
PROVIDING FOR AN ELECTION TO RE-ISSUE ROAD IM¬
LUTIONS
BONDS
PROVEMENT
CARRYING
6%
INTEREST
ADOPTED.—The
Birmingham" Age-Herald" on Dec 28 said:
"Formal resolutions providing for a special election Jan. 30 at which
voters of the county will be asked to authorize the Board of Revenue to
re-issue $3,000,000 worth of county road improvement bonds carrying 6%
the'bonds to be devoted to construction of
interest, proceeds from sale of
highways and the retirement of a floating debt of approximately $760,000,
were adopted by the Board yesterday.
"Under the terms of the resolution adopted, if the issue is authorized,
$2,000,000 will be applied to the construction of county roads and the re¬
maining $1,000,000 to the retirement of the county's floating debt and to
the payment of other county expenses.
The $3,000,000 to be reissued, if
authorized by the voters, is the remaining portion unsold held in February
1920
Only $2,000,000 of these bonds, which carried 5% interest, have
been sold, owing to unfavorable conditions which have existed in the bond
market since the issue was authorized, making sale of the remaining $3,~
000,000 at par impossible
passed by the Board of Revenue yesterday provides that
the remaining $3,000,000 worth of
original 5% issue shall b3 destroyed in the presence of the
If the voters do not authorize the reissue at <»%, the Board will
"The resolution
if the
called for is authorized,
reissue
bonds under the
Board
retain the 5% bonds for disposal whenever
are favorable to such a sale at par.
conditions in the bond market
"The resolution passed by the Board yesterday was simply a formal rati¬
fication of the previous action taken by the Board several weeks ago, at
they decided to call the election.
Resolutions adopted yesterday
prepared by W. K. Terry, County Attorney, under instructions from
in accordance with the legal requirements
in such cases.
Adoption of the resolution was on formal motion of Thomas
E. Huey, seconded by W. B. Copeland."
which
were
the Board to draw the resolution
JOLIET
SCHOOL DISTRICT (P. O. Joliet),
OFFERING.—Sealed bids will be received until
HIGH
TOWNSHIP
Will County, 111.—BOND
10 by the Clerk of the
Board of Education for $250,000 5% high school
building bonds.
Denom. $1,000.
Int. J. & J.
Due $25,000 yearly on
July 1 from 1925 to 1934, incl.
Cert, check for $2,000 required.
These
bonds were voted on Aug. 31 1920 by a majority of 96 votes, the total
Jan.
amount of notes cast
338.
was
KELSEYVILLE UNION SCHOOL
—BOND SALE—An issue
Smith & Camp Co. of San
DISTRICT, Lake County, Calif.
of $20,000 6% bonds has been sold to Freeman,
Francisco.
KING COUNTY SCHOOL
ING.—Wm.
DISTRICT NO. 7, Wash.—BOND OFFER¬
Seattle), will receive sealed
Gaines, County Treasurer (P. O.
the purchase of $60,000 coupon school bonds
interest.
Denom. $1,000
.Prin. and ann. int.
bids until 11a.m. Jan. 7 for
not exceeding
6%
payable at the County Treasurer's office.
Due $3,000 yearly from 1924
1943, incl.. optional after 3 years from date of issue.
The bonds will be
ready for delivery on Feb. 1 1922.
All bids excepting from the State of
Washington must be accompanied by a certified check or draft made payable
to the County Treasurer in the sum of 1 % of the par value of the bonds.
at
to
Financial
Statement.
$2,287,441
5,312
8,340
7,901
t-42,749
—
40,775
64,000
valuation—
hand, general fund
Assessed
Cash
on
hand, bond redemption fund
Uncollected taxes year 1920 and previous.
Uncollected taxes year 1921
Cash
on
Outstanding warrants.
Outstanding bonds
—
—
NO. 201, Wash .—BOND
Gaines, County Treasurer,
sealed bids for $75,000 coupon school bonds at
Denom. $1,000.
Prin. and ann. int. payable
at the County Treasurer's office.
Due $6,000 yearly from 1931 to 1942,
incl., and $3,000 1943: optional after 10 years from date of issue.
The
bonds will be ready for delivery on Feb. 1 1922.
All bids excepting from the
State of Washington must be accompanied by a certified check or draft
made payable to the County Treasurer in the sum of 1% of the par value
COUNTY SCHOOL DISTRICT
OFFERING.—Until 11 a. m. Jan. 13 Wm. A.
KING
(P. O. Seattle), will receive
not exceeding 6% interest.
of the bonds.
Financial
Assessed valuation
Cash
Cash
—
Statement.
....—..—-----—.—
hand, general fund
hand, bond redemption fund
on
on
Uncollected
—
$3,448,456
4,869
1,460
.
5,848
taxes
28,445
36,000
Outstanding warrants
Outstanding bonds
DISTRICT NO. 4, Ida.—BOND
Coeur d'Alene has purchased $65,000
KOOTENAI COUNTY HIGHWAY
SALE.—The First National Bank of
bonds, it is stated.
O. Rogersville), Tenn.—BOND
DESCRIP¬
6% road bonds, awarded as stated in V. 113, p.
of $1,000 and mature serially yearly from 1935 to
Int. J. & J.
The bonds were sold during the current month.
LANDER, Fremont County, Wyo.—BOND ELECTION POSTPONED.
to vote upon the issuance of $140,000 water system impt.
been postponed for 30 days.
TION—The $175,000
—An election
2638—are in denom.
bonds has
1946, incl.
HIGHLANDS, Macon County, No. Caro.—BOND OFFERING
Clerk will receive sealed bids until Jan. 2 for $25,900 6%
system bonds.
Town
—The
water-
HILLSBORO TOWNSHIP
(P. O. Hillsboro), Orange County,
No. Caro.—BOND SALE.—The $100,000 6%, school bonds offered on
l—V. 113, p. 204—have
$50,000 to Bank of Orange of
Aug.
5Date jSyTl^Tl^^Due
IBERIA PARISH
issue of $108 000
'
O. Brownstown), Ind.—BOND SALE.—
Carr Township bonds offered on
100 10, a basis of about 4.98%,
Date Nov. 1 1921.
Due $300
113, p. 2638—were sold at
Wild & Co. of Indianapolis.
Kalman, Wood A
to
$1,-
Fritz et al.
Howard
5%
by that company was par.
GARY,
Ind.—BOND SALE.—The
County,
IONIA, Ionia County, Mich.—BOND OFFERING.—J. L. Poole, City
Clerk, will receive -ealed bids until 7:30 p.m. Jan.3 for $50,000 water bonds.
each six months from
park bonds at 102.71 and int., a basis of about 5.28%.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann. int. (J. & J.)
payable at the Fiscal Agent of the State of Washington in New York or at
the office of City Treasurer or the offices of Carstens & Earles, Inc. Due
Jan.
Marion
600,000 6% World War Memorial Plaza site bonds offered on Dec. 23—
V. 113, p. 2638—were sold to the National City Co. and Remick, Hodges
& Co., both of New York, and the Indiana Trust Co. of Indianapolis at
their joint bid of 104.31, a basis of about 5.16%.
DateNov. 15 1921.
Due
Jan. 1 1927.
A syndicate composed of the First National Bank, Bankers
Trust Co.. both of New York, and the First National Co. of Detroit bid
105.179, but, although this bid was the highest, it was not the accepted one,
as it had a condition in it which was not satisfactory to the city.
SCHOOL
EVERETT, Middlesex County, Mass.—BOND SALE.—The $76,000
4%% coupon high-schoolhouse bonds offered on Dec. 27 (V. 113, p. 2742)
were sold to Curtis & Sanger, of Boston, at 100.06, a basis of about 4.71 %.
Date July 1 1921.
Due $38,000 July 1 1922 and $38,000 July 1 1923.
& Earles,
of
113, p. 2425.
113, p. 2638.
school bldg. bonds, which were voted on Dec. 3—V. 113,
sold at auction to Antonides & Co. of Denver at 104.95.
Date Jan. 1 1922.
Int. J. & J., payable in New York.
$50,000
Population, officially estimated, 12,760; population exclusive of City
Iberia, 6,482.
New
INDIANAPOLIS,
SALE.—Ail issue of
White-Phillips Co., of Daven¬
DISTRICT NO. 12, Colo.—BONDS
5^ % school bldg. and equipment
SCHOOL
COUNTY
VOTED.—At
bonds
A.
7 for $12,000 6%
Iowa.—BOND
County,
$9,000 6% electric-light bonds was sold to the
port, at 103.22.
2843
CHRONICLE
THE
1921.]
been awarded as follows:
Hillsboro.
ROAD
1941, incl.
DISTRICT NO. 6,> La.—BOND SALE.—An
been awarded to Sutherlin, Barry &
f Inc*. of New Orleans. Denom. $1,000. Date Oct. 1 1921. Prin.
and semi-ann. int. (A. & O.) payable at the Chase National Bank, N. Y.
Due^Srly as follows. $2,000 1922, $3,000 1923 to 1929. incl.; $4,000
Co
1930 to 1934, incl.; $5,000
$7,000 1943 to 1945, incl.
1935 to 1938, inch; $6,000 1939 to
Assessed valuation
1920.
Total bonded debt,
■ --
including this issue.
1942, Incl.;
Financial Statement.
Assessed real valuation
PARISH ROAD
lon. Clerk of Police Jury,
DISTRICT NO. 4 (P. O. Thibodaux ),
be received by Charles J. Couuntil 10 a. m. Jan. 11 for $145,000 6% 1-30-year
Cert, check for 2)4% required.
Int. semi-ann.
bonds.
LAUDERDALE COUNTY (P. O. Meridian),
VOTED—LEGALITY OF ELECTION MAY BE
Miss.—BOND ISSUE
QUESTIONED.—1The
Birmingham "Age-Herald" of Dec. 24 says: "Official returns on an election
for the authorization of a bond issue of $30,000 by the county as the county's
$5,000 yearly on July 1 from 1922 to
5% road bonds has
LA FOURCHE
La.—BOND OFFERING.—Sealed bids will
$2,500,000
1 'y26,000
143,000
part of the cost
of a new building for the Matty
Hersee State Charity
Hospital show that the bonds carried by a majority of 11 votes.
The vote
including the city, was but 795, the lighetst ever cast.
The vote for the issue was 403 and against the issue 382.
The question of
the legality of the election is expected to be raised because of the failure
of the managers of some of the precincts to open and close the election as
of the entire county,
provided by the election laws.
The Ward 1 box in this city, one of the
largest in the city, was not opened for voting until about 3 o'clock in the
afternoon, and in some county precincts no election was held, while other
{irecincts aretime. to Tne law requires thatvoters about two hours before the
have been closed to the polls open at 9 o'clock in the
egal closing said
morning and close at 6 in the
to fix a
evening.
The 'City Council will now proceed
bond issue of $70,000 as the city's part for
date for an election on a
\
2844
CHRONICLE
THE
the erection of a new hospital building for the Matty Hersee, which is main
tained with appropriations by the State, Lauderdale County and the city
MALDEN, Middlesex County, Mass.—NOTE SALE.—Am issue of
$350,000 notes offered on Dec. 13 was sold to Estabrook & Co. of Boston,
a 4.13% discount basis.
Date Dec. 14 1921.
Due June 14 1922.
of Meridian.
on
LAWTON.
Comanche County, Okla.—BONDS VOTED.-—An issue
$600,000 bonds to be used to purchase or construct a municipal light
f
[Vol. 118.
lant carried
on
MALHEUR COUNTY (P. O. Vale), Ore.—BOND OFFERING.—Sealed
bids will be received until 10 a. m. Jan. 9 by II, 8. Sackett. County Clerk,
for the purchase of $130,000 53^% road bonds.
Denom. $1,000.
Due bi¬
Dec. 20 by 990 to 113.
ennially on Dec. 1 as follows: $6,000, 1923; $5,000, 1925; $9,000, 1927;
$12,000, 1929; $13,000, 1931; $17,000, 1933; $19,000, 1935: $28,000, 1937,
LEA COUNTY SCHOOL DISTRICT NO. 28, N. Mex.—BOND SALE.
& Co. of Denver, have purchased $15,000 6% 10-30-year
—Keeler Bros.
(optional) school building bonds.
$1,177,065.
LEON COUNTY
O.
(P.
Bonded debt $27,000.
and $26,000,1939.
Prin. and semi-ann. int. (,J. & D.) payable at the Coun¬
ty Treasurer's office or the fiscal agent of the State of Oregon in N. Y. City.
Cert, check on a reputable solvent bank for 5% of the amount of bonds
bid upon, payable to the county, required.
Assessed value
Centerville), Tex.—WARRANT
SALE.—
J. L. Arlitt of Austin has purchased $12,000 6% general ad valorem war¬
rants dated Sept. 12 1921 and maturing yearly on Sept. 12 as follows
LEVAN, Juab County, Utah.—BOND SALE.—On Dec. 23 the State
Insurance Fund was awarded $12,000 6% 20-year municipal electric light
These bonds are part of an issue of $16,000 which was
plant bonds.
voted on Feb. 151921 (V. 112, p. 959).
LEYDEN,
LYONSDALE
AND
WEST
TURIN
UNION
FREE
SCHOOL DISTRICT NO. 5 (P. O. Port Leyden), Lewis County, N. Y.
—BOND OFFERING.—E. B. Mayhew, Clerk of the Board of Education,
will receive sealed bids until 12 m. Jan. 6 for $58,000 coupon or registered
bonds not to exceed 6% interest per annum.
Denom. $500 and $1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the Port
Leyden National Bank in Port Leyden, or the National Park Bank in New
York.
Due yearly on Oct. 1 as follows: $1,500 from 1923 to 1936 incl.;
$2,000 from 1937 to 1942 incl., and $2,500 from 1943 to 1952 incl.
Cert,
check for $1,500, payable to the above Clerk, required.
Legality approved
by Clay & Dillon of New York.
LINCOLN
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
Date Dec.
1
DISTRICT
BRIDGE
Dec.
Int. semi-ann.
1921-
MANITOWOC,
Manitowoc
County, Wise.—BONDS VOTED.—On
The election was the
question, the first being 2 to 1 against.
13 $350,000 new high school bonds were voted.
second
one on
the
same
MARIN MUNICIPAL WATER DISTRICT (P. O. San
—BOND
SALE.—Newspaper reports
say
Rafael), Calif.
that Freeman Smith & Camp of
Due yearly on Jan. 1
San Francisco have purchased $100,000 5% bonds.
from 1931 to 1935, incl.
MARION, Marion County, So. Cato.—BOND ELECTION.—On
17 the following bonds, at not exceeding 7% interest, will be voted
Jan.
upon:
Street
,
and
sidewalk
improvement bonds (not to exceed $68,000).
(not to exceed $12,000).
Sewerage-extension bonds
NO.
70 (P. O. Arco), Minn.—BOND OFFERING.—Sealed bids will be received
the Farmers' State Bank, Arco, until 9 a. m.< Jan. 2 by Geo. Christensen,
at
ROAD AND
SPECIAL
MANATEE-ONECO
(P. O. Bradentown), Manatee County, Fla.—BOND OFFERING.—
The Clerk Board of County Commissioners will receive sealed bids until
Jan. 15 for $350,000 6% road bonds—V. 113, p. 2214.
Denom. $1,000.
$1,000 1922 to 1929 tncl. and $2,000 1930 and 1931.
MARION SCHOOL CITY,
Grant
County, Ind.—BOND OFFERING.
—Sealed bids will be received by the Board or .School Trustees at the Citi¬
zens Trust & Savings Co. in Marion. Ind., until 2 p. m Jan. 18 for $300,000
District Clerk, for $20,000 614% school bonds.
Date Dec. 1 1921.
Int.
J. & D.
Due Dec. 1 1936.
Cert, check for 10% of bid, payable to the
5%
District Treasurer required.
mentioned company.
Due each six months as follows: $4,000 from July 15
1923 to Jan. 15 1929, inclusive; $6,000 from July 15 1929 to Jan. 15 1935,
LINCOLN PARISH (P. O.
Austin), La.—ADDITIONAL INFORMA¬
TION .—The $700,000 Road District No. 1 bonds, which were reported
sold to Sutherlin, Barry & Co., Inc., of New Orleans, at 91.187, in V. 113,
2743, bear 5% interest and nave
p.
an average
a
(State
of).—ADDITIONAL
local investor at
103.
DATA.—Speaking
with
reference to the sale of the $2,500,000 canal improvement and $3,500,000
general improvement gold bonds on Dec. 21 to the Interstate Trust & Bank¬
Hibernia Securities Co., Marine Bank & Trust Co., WhitneyCentral National Bank, and Canal-Commercial Trust & Savings Bank, all
and interest for 5s (they to receive the use of the
ing Co.,
of New Orleans, at par
daily balance remaining from the sale of the bonds without interest), the
New Orleans "Times-Picayune" of Dec. 22 had the following to say:
"Six million dollars in navigation canal and general improvement bonds,
offered by the Dock Board to finance completion of the Industrial canal
and general improvements along the river front, were purchased bv
a
local banking syndicate Wednesday at par and accrued interest.
The
entire issue will bear interest at 5%.
Local firms included in the syndicate are the Canal-Commercial Trust &
Savings Bank, Hibernia Securities Co., Interstate Trust & Banking Co.,
Whitney-Central Trust & Savings Bank, and Marine Bank & Trust Co.
They will receive the use of the daily balances from the sale of the bonds
without interest.
statement:
'The
Compton-Halsey Stuart bid of 100.66 plus interest on balances at
2% would give a total amount above par of $39,600 on the bonds.
Added
to this would be the 2% on the balances, which, figured liberally, running
a year's time on the entire $6,000,000, gives interest return to the
Dock
Board of $120,000, or a total premium of $159,600.
'The local syndicate offers par, without interest.
It agrees, however,
to take the general improvement bonds at 5%, instead of
offered
by the Compton-Halsey 8tuart syndicate.
Figuring the average life of
these bonds at 36%. years, the additionalM of 1 % interest asked by Comp¬
ton and Halsey-Stuart would amount to $319,375.'
"It was recommended by the Finance Committee that the local bid be
accepted as showing a saving of $160,000, and the report was adopted by
the Dock Board.
President R. S. Hecht, being interested in the local
syndicate, refrained from voting.
"
Dock
Board
expressed satisfaction with
the bid
ac¬
They pointed out the Board had been able to sell both issues at
an interest rate of 5%, although a rate of not to exceed
5%% had been
authorized for the $3,500,000 general improvement bonds.
The sale of
of such a large issue at par and 5% interest is a strong indication of the
cepted.
condition of the Board's credit, it was explained."
Notice that the bonds had been sold to the above
syndicate was given in
week's issue on page 2743.
satisfactory
out last
LOWNDES COUNTY
The
Clerk
Board
of
of
(P. O. Valdosta), Ga.—BOND OFFERING —
County Commissioners will receive sealed bids
until Jan. 16 for $300,000 road bonds, it is stated.
LUFKIN INDEPENDENT SCHOOL DISTRICT (P. O.
Lufkin),
Angelina County, Tex.—BOND SALE.—The $50,000 6% coupon or
registered school bonds mentioned in Y. 113, p. 1274, have been sold.
Date July 1 1921.
Due $1,250 yearly on July 1 from 1922 to 1961, incl.
McMINNVILLE, Yamhill County, Ore.—BOND OFFERING.—G. G.
Shirley, City Recorder, will receive sealed bids until 7.30 p. m. Jan. 3 for
the following 6% bonds:
$4,000 general street impt. bonds.
Denom. $500.
Date Dec. 31 1921.
Due $2,000 Jan. 1 1936 and 1937.
1,930 24 improvement
bonds.
Denom.
$500,
1
for
$430 24.
Date
Jan. 1 1922.
Due Jan. 1 1932, optional after Jan. 1 1922.
1,207 44 improvement bonds.
Denom. $500, 1 for $207 44.
Date Jan.
Due Jan. 1 1932, optional after Jan. 1 1922.
1 1922.
Prin.
and^ semi-ann. int., payable at the fiscal
Oregon in New \ork City.
bid for required.
agency of the State of
Cert, check for 5% of the amount of bonds
•MACKAY, Custer County, Ida.—PURCHASE PRICE.—'The price at
Denver, purchased the $14,000 6% funding
which Keeler Bros. & Co., of
bonds (V. 113, p. 2639) was
Jan.
,
1
1921.
par
and
interest.
Denom.
Int. J. & J.
MADISON COUNTY (P. O. Madison), Fla.—BONDS
issue of $750,000 road bonds has been voted.
$1,000.
(£• ,°- Canton), Miss .—BOND
Date
VOTED.—An
OFFERING.—
McColl, Chancery Clerk, will receive bids until 11 a. m. Jan 3 for
the $35,000 Supervisors' District No. 2 bonds at not
exceeding 6% interest—
V. 113, p. 2426Denom. $500.
Interest semi-annual.
Due yearly as
follows: $1,000 1922 to 1926. incl.; $1 500 1927 to
1936. incl., and $3,000
1937 to 1941.
Certified check for $1,000 required.
MAGNOLIA
PARK,
Harris
County, Tex.—BOND SALE.—We
advised by J. L. Arlitt, of Austin, that he has
bonds:
$100,000 street-improvement bonds.
Due
are
purchased the following 6%
$2,500
yearly
from
1922
to
1961, inclusive.
355,000 sewer bonds
Due yearly
1923 to 1961, inclusive.
40,000 water-works bonds.
as
Jan.
1922.
15
MARYLAND (State of) .—CERTIFICATE OFFERING —John M. Den¬
nis, State Treasurer, will receive sealed proposals until 12 m. Feb. 2 at his
Annapolis for the purchase of $500,000 4lA% coupon (with privi¬
lege of registration) tax-free "Construction Loan of 1920" certificates of
indebtedness.
Denom. $1,000.
Date Feb 15 1922.
Int. F. & A.
Due
yearly on Feb. 15 as follows: $29,000 1925, $30,000 1926, $32,000 1927,
$33,000 1928, $35,000 1929. $36,000 1930, $38,000 1931, $40,000 1932,
$42,000 1933. $44,000 1934, $45,000 1935, $47,000 1936 and $49,000 in
1937.
Certified check upon some responsible banking institution, payable
to the Treasurer of the State of Maryland, for 5% of the amount bid for,
required.
The certificates will be delivered to the purchaser on receipt or
the amount of the successful bid at the office of the State Treasurer in
Annapolis,
MAYFIELD (P. O. Rhoda, Box 31), Pennington
follows: $4,000. 1922, and $9,000,
Due $1,000 yearly from 1922 to 1961, incl.
County, Minn.—
BOND SALE.—The $6,000 6% road and bridge bonds offered on Nov. 19
—V.
113,
1910—were sold on Nov. 19 to a citizen of Plummer, Minn.,
at par.
Denom. $400.
Date July 25 1921.
Int. semi-ann.
Due July
25 1941.
'
p
•
MEAD,
Saunders
County,
be received until Jan.
MEAGHER
Neb.—BOND OFFERING.—Sealed
6% water-extension bonds.
bids
2 for $8,500
COUNTY
(P.
O.
White
Sulphur
Springs),
Mont.—
BIDS.—The only other bidders for the
200,000 6% coupon road bonds
Dec. 13, awarded as reported in V. 113, p. 2639, were the Wells-Dickey- >
Co. and Ferris & Hardgrove.
They bid 96 and 95, respectively.
on
MELROSE, Middlesex County, Mass .—TEMPORARY LOAN.—The
Colony Trust Co. was the successful bidder on a 4.49% discount
Old
basis plus a premium of $1 25 for a temporary loan of $75,000 offered on
Dec. 23.
Due $25,000 Sept. 15 1922 and $50,000 Oct. 27 1922.
MERCED IRRIGATION DISTRICT (P.
O. Merced), Merced County,
Calif.—BOND OFFERING.—W. D. Wagner, Secretary of Board of Direc¬
tors, will receive bids until 10 a. m. Jan. 4 for $3,120,000 6% bonds
The
proceeds of these bonds, which are the first block offered of the $12,000,000
Issue voted on November 22—Y. 113, p. 2426—will be used for the
purchase of the Crocker-Huffman Company, the placing in g*od shape for
use this coming spring of the canals of that company and the preliminary
engineering work for the construction of the dam and upper works.
Denom. $1,000 and $500.
Date Jan. 1 1922.
Due yearly on Jan. 1 as
$60,000 1933, $63,000 1934, $67,000 1935, $71,000 1936, $75,000
1937, $80,000 1938, $85,000 1939, $90,000 1940, $95,000 1941, $101,000
1942, $107,000 1943, $113,000 1944, $120,000 1945, $127,000 1946. $426,000
1947 and $480,000 1948 to 1950,
Legality approved by Goodfellow, Eells,
Moore & Orrick, San Francisco, and A. L. Cowell. Stockton.
follows:
MESA COUNTY
(P. O. Grand Junction), Colo.—PRICE PAID.—'The
Erice of Denver, for the $150,000 Trust Co. and Boswonh, (V. 113, p.&2744)
Co.,
oth paid by the International
5% % court-house bonds Chanute
was
The bonds
103.07.
J. & J.,
are
described
payable in New York.
as
follows:
Date Jan. 1
1922.
Int.
Due Jan. 1 1942, optional Jan, 1 1932.
METHUEN, Essex County, Mass.—BOND SALE.—The following 5%
coupon bonds offered on Dec. .29 were sold to Paine, Webber & Co. at
101 097, a basis of about 4 61%:
$50,000 water bonds.
Denom. $1,000
Date Jan. 1 1922.
Due $1,000
yearly on Jan. 1 from 1923 to 1927, incl.
Int. J & J.
3,200 water mains extension bonds.
Denom. 1 for $200 and 3 for
$1,000.
Date Dec. 15 1921.
Int. J. & D.
Due $1,000 yearly
on Dec.
15 from 1922 to 1924, incl., and $200 on Dec. 15 1925.
2,800 sewer bonds.
Denom. 1 for $800 and 2 for $1,000.
Int. J. & D.
Date Dec. 15 1921.
Due $1,000 on Dec. 15 in 1922 and 1923 and
$800
Dec. 15 1924.
on
Prin. and semi-ann. int.,
payable at the First National Bank of Boston,
Boston.
MONONGAHELA TOWNSHIP (P. O. Greensboro), Greene
County,
Pa.—BOND OFFERING.—J. J.
Stephenson, Township Secretary, will re¬
Jan. 16 for $55,000 5% township bonds.
Denom. $500.
Due yearly on Feb. 1 as follows: $2,000 from 1923 to 1944
incl., $3,000 1945 and $4,000 in 1946 and 1947.
Cert, check for $1,000
required.
ceive
sealed
bids until
MORRISON
1
p.
COUNTY
m.
SCHOOL DISTRICT NO.
147
(P.
O.
Hill-
Clerk, will re¬
school
Cert,
20% of the issue payable to the District Treasurer, required.
man), Minn.—BOND OFFERING.—John Mikels, District
ceive sealed bids until Jan. 7 for $4,000 6Yi% coupon or registered
bonds.
Date Sept. 1 1921.
Int: M. & 8.
Due Sept. 1 1923.
check for
MOUNTAIN IRON, St. Louis County, Minn.—BONDS NOT SOLD.—
on Dec.
19 of the $600,000 6% coupon village bonds
No sale was made
(V. 113,
p.
2532).
MOUNTAIN
SHEEP IRRIGATION
DISTRICT (P. O. Joseph),
Wallowa County, Ore.—DESCRIPTION OF BONDS.—Further details
$125,000 6% tax-free bonds, awarded
of Portland (V. 113, p. 2427).
Denoms.
Date May 1 1921.
Principal and semi-annual interest
(M. & S.) payable at the fiscal agency of the State of Oregon in New York
City.
Due yearly on May4 as follows: $7,500, 1926; $8,000, 1927; $7,500,
1928; $8,000, 192*9; $7,500, 1930; $8,000, 1931: $7,500, 1932; $8,000, 1933;
$7,500, 1934; $8,000, 1935; $7,500. 1936; and $8,000, 1937 to 1941, inclus¬
ive.
The official name of the district issuing the bonds is "Wallowa
are
CCUNTY
D. C
Date
office in
will
Halsey, Stuart & Co., Inc., and
the William R. Compton Co.
They offered 100.66 for the bonds, and in¬
terest at 2% on the daily balances.
However, they requested interest at
the rate of 5)4% on the $3,500,000 general improvement issue.
"A number of bids were to have been submitted for the two bond issues,
but a sudden upset in the bond market Monday and Tuasday, which sent
Liberty bonds down nearly 2 points and affected industrial and municipal
issues, had a deterring effect.
It is not believed, however, that even with
a
large number of bids a substantially increased offer could have been
received on the dock board offering.
"After the two bids were submitted Wednesday they were tabulated by
the Finance Committee, which reported back to the Board the following
"Members of the
$1,000.
Leonard, City Clerk, will receive sealed bids until 4 p. m. Jan. 2 for $75,000
5% water works improvement bonds.
Denom. $1,000.
Date March 1
1922.
Int. M. & S.
Due $5,000 yearly on March 1 from 1924 to 1938,
inclusive.
Certified check for $1,500, payable to the city required.
"One other bid was submitted, that of
"
Denom.
bonds.
coupon
MARSHFIELD, Wood County, Wise.—BOND OFFERING.—Geo. J.
LODI TOWNSHIP (P. O. Guysville R. D. No. 2). Athens County,
Ohio.—BONDS NOT SOLD.—'The $8,250 6% bonds offered on Dec. 24—
V. 113, p. 2639—were not sold, as no bids were received.
LOUISIANA
"F"
inclusive; $7,000 from July 15 1935 to Jan. 15 1941, inclusive; and $8,000
from July 15 1941 to Jan. 15 1947, inclusive.
life of 18% years.
LISLE, Broome County, N. Y.—BOND SALE.—An issue of $10,000
6% road bonds offered on Dec. 23 was sold to
Denom. $100.
Due from 1922 to 1931.
Series
Principal and semi-annual interest payable at the office of the above-
to
at hand relative to the sale of the
the Lumbermens Trust Co.,
$1,000 and $500.
Valley Municipal Improvement District No. 1."
Financial
Statement.
Actual value, estimated
Assessed valuation of land, including improvements
Bonded debt (this issue only)
:
MOWER COUNTY (P.
$1,200,000
511,750
125,000
O. Austin), Minn.—BOND SALE.—On Dec. 20
bonds (V. 113, p. 2639) were sold to the
the $25,498 Judicial Ditch No. 7
v
Dec. 31
Minneapolis Trust Co. of Minneapolis at 100.96 and interest, and furnish
bonds and all legal proceedings for 4%s, a basis of about 4.64%.
Date
Jan. 1 1922.
Due yearly on Jan. 1 as follows: $2,998, 1928; $1,800, 1929
to 1932, incl.; $1,500, 1933 to 1941, nicl.; and $1,800, 1942.
Other bidders
were:
Minnesota Loan & Trust Co., Minneapolis
& Co., Mason City
Drake-Ballard Co., Minneapolis
!
*$25,678
*25,738
*25,683
a25,589
a26,263
Schanke
Merchants Trust & Savings Bank, St. Paul
Wells-Dickey Co.. Minneapolis
*
For 4%s.
a For 5s.
NASHVILLE,
Davidson
County,
OFFERING.—
8. H. M'Kay, City Clerk, will receive sealed bids until 2 p. m. Jan. 6 for
either of the following 6% tax-free refunding note issues:
$248,000 notes issued in anticipation of the receipt of proceeds from the
sale of the $250,000 reservoir-repair and impt. bonds of 1920,
dated Jan.
1921, to provide funds for the purpose of repairing
1
ONTARIO
SCHOOL DISTRICT (P.
Calif.—BONDS
County,
were
VOTED.—On
O. Ontario), San Bernardino
Dec. 2 $120,000 school bonds
voted.
ORANGE, Essex County, N. J.—BOND SALE.—The issue of 5% cou¬
(with privilege of registration) gold school bonds offered on Dec. 27
(V. 113, p. 2640) was sold to Barr & Schmeltzer of New York at their bid
of $250,005 12 (104.1688) for 240 bonds ($240,000), a basis of about 4.54%.
Date Dec. 1 1921.
Due yearly on Dec. 1 as follows: $10,000 from 1923 to
pon
1929 incl., $15,000 from 1930 to 1940 incl.
ORANGE
Ten n.—NOTE
2845
CHRONICLE
THE
1921.]
COUNTY,
and $5,000 in 1941.
Iowa.—PRICE PAID.—The price paid for the
$30,000 6% funding bonds by Schanke & Co. of Mason City—V 113, p.
2640—was 101.08.
The bonds were purchased on Dec. 17 and are described
as follows:
Denoms. $1,000. $1.500, $2,000 and $2,500.
Date Nov. 1 1921.
Due serially from 1923 to 1941 inclusive.
Int. M. & N.
ORANGE COUNTY (P. O. Orange), Tex.—BOND ELECTION.—On
Jan. 10 the voters will decide whether they are in favor of issuing $700,000
the city's reservoir and doing all work necessary and incidental
in connection therewith.
Denom. 24 for $10,000 and 1 for $8,000.
road
200,000 notes issued in anticipation of the receipt of the proceeds from the
sale of 200 bonds of $1,000 denomination, numbered 501 to 700,
incl., sewer sanitation bonds of 1917. dated Mar. 1 1918, to pro¬
vide funds for the purpose of providing trunk and lateral sewers,
a«d right-of-way for same, the bonds being a portion of an au¬
thorized issue of $1,000,000, of which $500,000 have heretofore
been issued and sold.
Denom. $10,000.
Date Jan. 15 1922.
Due July 15 1922.
Prin. and int. payable at City
Treasurer's office or Irving National Bank, N. Y., at option of holder.
Cert, check for 2% of the notes bid on, on a national bank or any bank or
trust company in Tennessee, required.
Notes will be prepared and cer
tified as to genuineness by the U. S. Mtge. & Trust Co., N. V., and legality
will be approved by Caldwell & Raymond, N. Y., whose favorable opinio
will be furnished the purchaser or purchasers without charge, the legality
of the authorized bond issues upon which these notes are predicated having
already been formally approved by above attorneys.
The official ad¬
vertisement states that "these notes are declared by law to be the absolute
and general obligation of the city and an unlimited tax levy for their pay¬
ment, or the payment of the authorized bonds in anticipation of the receipt
of the proceeds from the sale of which these notes are issued, is required,
Is required by law and authorized by ordinance.
The notes will be delivered
at the office of the U. 8. Mtge. & Trust Co. in New York City at 10 .a m.
until
NELIGH, Antelope County, Neb.-—CORRECTION.—The amount o
Paving District No. 2 bonds purchased by the First Trust Co. of Lincoln
and int. was $111,000 (not $112,000, as stated in V. 113, p. 2640).
The bonds answer to the following description: Interest rates 6 and 7%.
Denoms. $1,000 and
Date Nov. 1 1921
500
BEDFORD, Bristol County, Mass .—BOND SALE—An issue
of $650,000 4H% school bonds offered recently has been sold to a syndicate
composed of Blake Brothers & Co. of Boston; White, Weld & Co., New
York; the Guaranty Trust Co. of New York, and Eldredge & Co. of New
York, at their bid of 100 33, a basis of about 4 21%.
Date Dec. 1 1921.
NEW
Due from 1922 to 1941, inclusive.
NORBORNE
LAND
DRAINAGE
DISTRICT,. Carroll and Ray
Counties, Mo.—BOND SALE.—Stix & Co. of St. Louis, have been
$515,000 6% tax-free bonds.
Denom. $1,000.
Date Nov. 1
1921.
Prin. and semi-ann. int. (M. <& S .) payable at Commerce Trust Co.,
Kansas City, Mo.
Due yearly on March 15 as follows: $20,000 1926, $22,000 1927 and 1928, $24,000 1929, $25,000 1930, $27,000 1931, $28,000 1932
$30,000 1933, $32,000 1934, $34,000 1935, $36,000 1936, $38,000 1937,
$40,000 1938, $43,000 1939, $46,000 1940 and $48,000 1941.
Bonded
debt, this issue only.
Assessed benefits $1,154,345.
awarded
NORFOLK, Va.—BOND ELECTION.—On Feb. 7 the $5,000,000 5M %
30-year municipal terminal construction bonds (V. 113, p. 2006) will be
voted upon.
R. E. Steed is City Clerk.
NORFOLK COUNTY (P. O. Dedham), Mass .—LOAN OFFERING.—
Sealed bids will be received until 10 a m Jan 3 by the County Treasurer
temporary loan of
$200,000, dated Jan. 3 and due Nov. 15 1922.
$1,000.
the successful bidder.
BOND OFFERING.—H. C. Brumbaugh, Secretary World War Veterans'
(P O
Room 312, U. S. National Bank Building,Salem), will receive sealed bids until 11 a m. Jan. 16 for the purchase of
$10,000,000 tax-free gold coujv soldiers' bonus bonds at not exceeding 6%
interest.
Denom.
$1,000.
Date
Feb.
1
1922.
Principal and semiState Aid Commission
ann.
payable to the World War Veterans' State Aid Commission required.
Purchase price to be paid on delivery of bonds at Salem, Ore., in the
Bonds are issued under authority of Article XI-c of the
Constitution of State of Oregon and Chapter 201, General Laws of Oregon,
1921.
Opinion by Storey, Thorndike, Palmer & Dodge of Boston, Mass.,
will be furnished by them to the successful bidder without charge.
Con¬
stitutionality of amendment and validity of issue approved by Supreme
Court of Oregon in a decision rendered Dec. 13 1921—V.
113, p. 2740.
Chapter III. Title XXIV, General Laws of Oregon, provides that at the
request of the holder of any bond or bonds of the State bearing interest
coupons the State Treasurer shall issue in exchange a registered bond or
bonds, registered both as to principal and Interest and payable only to the
registered holder.
A fee of 50 cents is charged for each bond so exchanged.
Total bonded debt Jan. 1 1922, $41.965,125.
The assessed valuation of the
State of Oregon for the year ending Dec. 31 1921 was $1,020,804,197 10.
This valuation represents about 65% of the wealth of the State.
The
Constitutional limit for the purpose of the Bonus Act is 3% of the assessed
valuation.
Population of the State by the Censusjof 1920 was 783,285.
advertisement.
BIDS.—The following is a complete list, of bids received on Dec. 15 for the
$560,000 State highway bonds awarded as reported in V. 113. p. 2745:
I merest
NORWICH UNION
Chenango
FREE SCHOOL DISTRICT NO. 1
County, N.
Y.—BOND
SALE.—The
(P. O. Nor¬
$96,000
5%
101.35, a basis of about 4.77%.
Date Nov. 1 1921.
Nov. 1 as follows: $7,000 from 1922 to 1934 incl. and $5,000
Co. of New York at
Due yearly on
in 1935.
COUNTY WATER IMPROVEMENT DISTRICT NO. 3
TO BE TESTED.—The Dallas "News" on Dec. 13 said:
"Suit to test the validity of $300,000 worth of bonds issued by the Nueces
County Water Improvement District No. 3 has been filed in the Fifty-third
District Court of Travis County by T. 8. Johnson, attorney for the im¬
NUECES
provement district.
Attorney-General W. A. Keeling
in the suit, as is required by law in such cases.
bonds had been voted was given in V. 113, p. 2533.
is named as defend¬
OCEAN CITY,
Notice that these
Cape May County, N. J.—BOND SALE.—The follow¬
ing two issues of 6% coupon or registered assessment bonds offered on
Dec
27—V. 113, p
2640—were sold to the Ocean City Title Trust Co.
at their bid of 100 49, a basis of about 5 90% for the first issue and 100.50,
a basis of about 5 88%
for the second issue:
'
$48,944 78 Series No. 3 bonds.
<
21,447 39 Series No. 2 bond
Date Sept. 1 1921.
Due Sept. 1 1926.
A
(1)
on
syndicate made up of the
100.63 for the entire issue.
Prov. Savs. Bank & Tr.
Co., Cine.
W. E. Fox & Co., Cincinnati.
N. 8. Hill &
Co., Cincinnati.
Seasongood & Mayer, Cincinnati.
Tillotson & Wolcott Co., Cincinnati.
Guardian Savs. & Trust Co., Cleve.
The Herrick Co. of Cleveland.
Huntington Nat. Bank, Columbus.
following submitted two bids as follows:
(2) 101.18 for $10,000,000 and an option
the remainder:
Harris, Forbes & Co., New York.
National City Co., New York.
Estabrook & Co., New York.
Hayden, Miller & Co.,
OHIO
COUNTY
Cleveland.
(P.
O.
Rising
Union Trust Co.,
Cleveland.
Remick, Hodges & Co., New York.
R. L. Day
& Co., Boston.
Curtis & Sanger, New York.
Sun),
Ind.—BOND
$27 000 5% Albert Pate et al. Pike and Union Townships
Dec. 26 (V. 113, p. 2639) were sold to the Rising Sun State
a basis of about 4.99%.
Date Oct. 3 1921.
Due $675
from May 15 1923 to
Nov. 15 1932 incl.
6% funding bonds.
k BONDS DECLARED
ILLEGAL.—We
are
Lincoln
$16,000
unofficially advised that the
$25 000 6 % 20-year municipal electrie-light-plant
—Y. 113, p. 1385—were declared illegal.
104.51
25.256 00
5109.39
52.584 00
103.81
21,336 00
6%
109.135
21,056 00
108.699
6%
51.156 00
103.76
5K%
5H%
6%
York; Serial 1927-46
Guranty Co. of New York;(April 1
E. H. Rollins& Sons, Boston]
Ralph
Premium.
6%
$55,496 00
109.91
Schneeloch Co.,
1926
48.714 40
23,391 20
5M%
(April
1 1926
Portland;]
Rutter & Company;
[Serial 1927-46
H.
L.
Allen & Company.jApril 1 1926
Ferris & Hardgrove, Spokane..Serial 1927-46
National City Co., Portland../Serial 1927-46
(April 1 1926
108.579
48,042 40
6%
Port-/Serial 1927-46
land
104.177
103.629
20,322 40
Ladd & Tilton Bank,
108.68
103.09
5K%
6%
48,608 00
17,304 00
5108.52
6H %
108.209
6%
102.209
47,712 00
108.026
44,945 60
107.91
44,296 00
43,512 00
45,970 40
12,370 40
Seattle National Bank;
Equitable Trust Company. ] Serial 1927-46
Trust Co., Port-)
BH%
Lumbermens
land; Harris Tr. &Sav.
Bank/Serial 1927-46
Baillargeon, Winslow & Co
.Serial 1927-46
Freeman-Smith & CampCo.;'
Wm. R. Compton Co.; Hal- Serial 1927-46
sey, Stuart & Co., Inc.; Hall¬ April 1 1926
& Co.; Carstens
Earles, Inc.
Citizens Bank, Portland
Sold to First & Old
107.87
44,072 0©
16,352 00
102.92
&
garten
a
107.77
BH
Serial 1927-46
April 1 1926
100.11b
5^%
6%
Detroit National Bank,
100.51c
b Bid
on
$42,000 only;
1940 to 1946 maturities,
c Bid on $100,000 only.
Notice that the First & Old Detroit National Bank
of Detroit, Mich.,
had obtained the bonds at its bid of 109.91 for 5^8 was given in last week's
issue on page 2745.
COUNTY
O.
(P.
Pawhuska),
Okla.—BOND
ELECTION
$1,-
PROPOSED—An election may be held in the near future to vote on
500,000 road bonds.
OSBORN,
Greene
County,
Ohio.—BOND
OFFERING.—I.
R.
Kneisby, Village Clerk, will receive sealed bids until 12 m. to-day (Dec. 31)
6% village bonds
Denom. $500.
Date Dec. 20 1921.
Due
$500 from Dec. 20 1922 to 1926.
Cert, check for 10% of the amount bid
for, payable to the Village Treasurer required.
for $2,500
OTTUMWA
DISTRICT
SCHOOL
(P.
O.
Ottumwa),
Wapello
County, Iowa.—BOND DESCRIPTION.—The $400,000 5% tax-free
building bonds awarded on Dec 20 to the White-Phillips Co. of
Davenport, at 104 59 and interest, a basis of about 4 63%—V. 113, p.
2745—are described as follows:
Denom. $1,000.
Date Nov. 1 1921.
Prin
and semi-ann. int. (M. & N.) payable at the National Bank of the
coupon
Republic, Chicago.
*
Due May 1 1940.
Financial
Statement.
Value of taxable property
included)
Population of district, 25,000; population of Ottumwa,
Total debt (this issue
♦The constitutional
$22,805,545
693,000
1920 Census.23,003
debt limit Is 5% of the value of taxable property.
The Supreme Court of Iowa
taxable property as returned
OWEN COUNTY (P. O.
defined this to be 5% of the actual value of
by the assessor and as equalized.
Spencer), Ind.—BOND SALE.—The $5,420
5% E. F Bush et al, Jefferson Township, bonds, offered on Dec. 26 (V.
113, p. 2745), were sold to the Spencer National Bank at par and accrued
interest.
Date Dec. 15 1921.
Due $271 each six months from May 15
1922 to Nov. 15 1932, inclusive.
CITY SCHOOL DISTRICT (P. O. Painesville),
Ohio.—BOND SALE—The $295,000 5M% coupon bonds
2335—were sold to Breed. Elliott & Harrison
at 103 8. a basis of about 5 13%.
Date Dec. 1 1921.
Due each six
months as follows: $3,000 Mar. 1 1924; $4,000 8ept. 1 1924; $3,000 Mar.
1 1925; $4,000 sept, i 1925; $3,000 Mar. 1 1926; $4,000 Sept. 1 1926; $3,000
Mar. 1 1927; $4,000 Sept. 1 1927; $3,000 Mar. 1 1928; $4,000 from Sept. 1
1928 to Sept. 1 1933, Incl.; $5,000 from Mar. 1 1934 to Sept. 1 1943, incl.,
and $6,000 from Mar. 1 1944 to Sept. 1 1953, incl.
PAINESVILLE
SALE.—The
bonds offered on
Bank at 100.074,
each six months
W OLDHAM, Kingsbury County, So. Dak.—BOND SALE.—The
Trust & Savings Bank or Minneapolis has been awarded an issue of
Seattle;
Co., New
Trust
of
Par.
BH%
Bank-)
Price,
OSAGE
of).—BOND SALE.'—The $20,000,000 43A% coupon taxcompensation bonds offered on Dec. 29 (V. 113, p. 2745)
were sold to a syndicate composed of the First National Bank, New York;
Stacy & Braun, Toledo; Brown Bros. & Co., New York; Lee,
Iligginson,
& Co., New York; Blair & Co., Inc., New York; Cleveland
Trust Co.
Cleveland; Richards, Parish & Lamson, Cleveland; Illinois Trust & Sav-,
ings Bank, Chicago; and the Merchants' Loan & Trust Co. of Chicago
at 101.76601, a basis of 4.39%.
Date Jan. 1 1922.
Due $1,000,000 each
six months from April 1 1923 to Oct. 1 1932 incl.
The bonds will be paya¬
ble in Ohio.
It has been unofficially reported that the successful syndi¬
cate will not offer these bonds until next week.
A joint bid of 100.90 if payable in Ohio, and of 101.05 if payable in New
York, -was submitted by the following firms:
Fifth-Third Nat. Bank, Cincinnati.
Hallgarten & Co., New York.
OHIO (State
free adiusled
White, Weld & Co., New York.
Equitable Trust Co., New York.
A. B. Leach & Co., Inc., New York.
E. H. Rollins & Son, New York.
Paine, Webber & Co., New York.
Blodget & Co., New York.
First National Bank, Detroit.
Otis & Co., Cleveland.
E.
ers
Tex.—BONDS
ant
Old
&
Security S. & Tr. Co.. Portl'd April 1 1926
NORFOLK IMPROVEMENT DISTRICT NO. 17, Neb.—BOND SALE.
bonds offered on Dec. 27 (V. 113, p. 2745) were sold to Clark, Williams &
P.C.
Rate.
Detroit National/Serial 1927-46
Bank, Detroit, Mlcb.a
1 April 1 1926
A. M. Wright, Portland.
/Serial 1927-46
(April 1 1926
Blodget & Co.,
New York:]
Smith, Moore & Co., St. Louis; Serial 1927-46
First
—The United States Trust Co., of Omaha, has purchased $11,891 bonds.
wich),
(A. & O.) payable at the State Treasurer's office or at the fiscal
of the State of Oregon in New York City.
Due $250,000 on April 1
1 each year from
1932 to 1951, incl.Cert, check for 2J4%.
int.
Oct.
John
NORTHAMPTON TOWNSHIP (P. O. Mount Holly), Northampton
County, N. J.—BOND SALE.—The 65,000 6% impt. bonds offered on
Dec 22—V. 113, p. 2533—were sold to M. M. Freeman & Co. of Phila.
House, Portland),
purchase of $1.000.000 5% coupon State highway bonds.
Denom.
Date Jan. 1 1922. Prin. and semi-ann. int. (A. & O.] payable at the
office of the State Treasurer or at the office of the fiscal agency of the
State of Oregon in New York City.
Due $25,000 April 1 and Oct 1 each
year from 1927 to 1946, incl.
Cert, check for 5%, payable to the State
Highway Commission required.
The bonds will be printed, executed and
ready for delivery about Jan. 30 1922. The bonds are issued under authority
of Chapter 383, Laws of Oregon of 1921.
Accrued interest from Jan. 1
1922 to date of delivery will be added to the amount of the successful bid.
Purchase price to be paid on delivery of bonds at Portland, Ore.
The
legality of this issue of bonds has been passed upon by Storey, Thorndike,
ralmer & Dodge of Boston, and an approving opinion will be furnished
for the
and
at par
a
Commission (P. O. Room 520 Multnomah County Court
agency
Jan. 16 1922.
for
bonds.
OREGON (State of).—BOND OFFERING.—Sealed bids will be received
11 a. m. Jan. 10 by Roy A. Klein, Secretary of the State Highway
bonds offered on Oct. 10
Lake County,
offered
on
Dec. 23—V. 113. p
PALESTINE CONSOLIDATED SCHOOL DISTRICT OF LIBERTY
TOWNSHIP (P. O. Palestine), Darke County, Ohio.—BOND SALE.—
The $60,000
6% coupon bonds offered on Dec. 22—V.
113. p. 2428—were
2846
THE
CHRONICLE
sold to Prudden & Co.
of Toledo at 102, a basis of about 5 73%.
Date
Due $1,500 each six months from May 1 1922 to Nov. 1
The only other bids submitted was that of Hayden, Miller
k Co., which was 101 625.
Nov.
1
1921.
1941, incl
PALM
BEACH
BRIDGE
DISTRICT, Palm Beach County, Fla.—
BOND SALE—The Bessemer Investment Co of New York was the suc¬
cessful bidder for the issue of $135,000 6% bridge bo .ds, paying a premium
of $1,182, equal to
Due yearly on Sept.
100 87, a basis of about 5 93%.
Date Sept. 1 1921.
1 as follows- $2,000 1923 to 1927, incl ; $3,000 1928 to
1932, incl ; $4,000 1933 to 1938, incl ; $5,000 1939 to 1945, incl.; $6,000
1946 to 1950, incl., and $7,000 1951 to 1953, incl.
These bonds were
•ffered on Dec. 28 —V. 113, p. 2533.
PALO PINTO COUNTY (P. O. Mineral Well*), Tex
BOND OFFER¬
ING.—E. L. Pitts, County Judge, will receive sealed bids until 11:45 a. m.
Jan. 16 for $250,000 5M % Special Road District No. 1 bonds.
Int. April 10
and Oct. 10.
Certified check for $2,000, payable to the above official,
required,
PARIS, Bourbon County, Ky.—BOND SALE.-—The $25,000 5%
improvement bonds offered on Feb. 24-—V. 112, p. 767—have been
sold at par to Henry Bickel & Co. of Louisville, at par.
Date May 1 1921.
Due $5,000 yearly on Nov. 1 from 1922 to 1926, inclusive.
street
PARKE COUNTY (P.
O. Rockville), Ind.—BOND SALE—The
$1,980 5% M. J Miller et al
Raccoon Township bonds offered on Dec. 19
—V. 113, p. 2641—were sold at par and interest to local investors.
Date
Dec 5 1921.
Due $99 each six months from May 15 1923 to Nov. 15 1931,
,
inclusive.
,
,,
PERRY COUNTY (P. O. New Lexington), Ohio.—BOND SALE.—
The $85,000 6% funding bonds, offered on Dec. 27 (V. 113, p. 2745), were
gold to Stacy & Braun, of Toledo, at 105.70, a basis of about 5.20%.
Date
Dec. 27 1921.
Due $5,000 yearly on Dec. 27 from 1922 to 1938, incl.
COUNTY (P. O. Roxboro), No. Caro.—PURCHASER —
purchaser of the $300,000 gold coupon (with privilege of registration)
,road improvement bonds, notice of sale of which was given in last week's
issue on page 2746. was the First National Trust Co. of Durham.
PERSON
The
PIEDMONT, Oakland County, Calif.—BOND OFFERING—W. C.
Little, City Clerk, will receive sealed bids until 8:30 p. m Jan. 5 for $50,000
5% city bonds.
Denom $1,000
Date Jan 1 1922.
Principal and semi¬
annual interest (J <k J ) payable at City Treasurer's office.
Certified check
for 5% of the bonds bid for, payable to the City Treasurer,
required.
Legality approved by Ooodfellow, E'lls, Moore & Orrick, San Francisco.
These bonds are part of an authorized issue of $115,000.
PIERCE COUNTY (P. O. Tacoma), Wash.—OPTION EXERCISED.—
We are unofficially informed that Carstens & Earles, Inc., of Seattle, have
exercised their option on $400,000 5M% road bonds.
On Oct. 29 the above firm purchased $200,000 5M % road bonds, with an
option on additional $400,000 (V. 113, p. 2007).
The taking up of the
$400,000 completes the sale of a $2,500,000 issue.
[Vol. 113.
RED LAKE COUNTY (P. O. Red Lake
Falls), Minn.—BOND SALE.—
current month $45,000 funding bonds were sold to the Minneap¬
Trust Co., of Minneapolis, at 101 38 and interest for 5MsOther
During the
olis
bidders
were:
Drake-Ballard Co., Wells-Dickey Co., Minnesota Loan &
Trust Co., and Magraw,
Kerfoot & Co.
REIDSVILLE SCHOOL DISTRICT (P. O. ReidsviHe), Rockingham
_
County, No. Caro.—BOND SALE.—On Dec
23 the $300,000 6% coupon
(with privilege of registration as to principal) bonds, dated Aug. 1 1921
(V. 113, p. 2534), were sold at 103.56, a basis of about 5.68%, to Prudden
& Co. of Toledo.
Due yearly on Feb. 1 as follows: $7,000, 1924 to 1927,
incl.; $8,000, 1928 to 1931, incl.; $10,000, 1932 to 1937, incl.; $12,000,
1938 to 1947, Incl., and $15,000, 1948 to 1951, incl.
RICHLAND COUNTY SCHOOL DISTRICT NO. 20 (P. O. Lambert),
SALE.—The $1,800 school bonds offered on April 25—
112, p. 1786—have been awarded to the State of Montana at par as
6s.
Due in 20 years, optional in 10 years.
Mont.—BOND
V.
RICHLAND COUNTY SCHOOL DISTRICT NO. 79 (P. O. Sioux
Pass), Mont.—BOND SALE—The $1,450 6% funding bonds, offered on
Dec 14 (V 113, p 2336), have been sold at
par to the State Board of Land
Commissioners.
RICHMOND, Va.—BIDS.—The following proposals were also recleved
Dec. 20 for the $750,000 sewer, $500,000 school and $250,000 gas works
5% coupon (with privilece of registration) tonds, awarded on that day at
106.54 and interest, a basis of about 4.62%, to a syndicate headed by
Eastman, Dillon & Co. of N. Y. and consisting of the following other mem¬
bers: J. S. Bache & Co., Keane, Higbie & Co. and Prince & Whitely, all
of New York, and Mercantile Trust &
Deposit Co. and Strother, Brogden
& Co., both of Baltimore:
on
Amount.
Bid.
B. J. Van Ingen & Co., New York___
105.84
$1,587,600 00
Redmond &
Co., Watkins & Co. and Lamport,
Barker & Jennings, Inc., all of New York
105.44
Merchants' National Bank, Richmond
.104.76
National State & City Bank, Richmond
102.65
Bank of Commerce & Trusts, Richmond
102.60
Fred. E. Nolting & Co., Scott & Stringfellow, First
National Bank and Davenport & Co., Richmond;
Harris, Forbes & Co., New York
.105.333
Planters' National Bank, Richmond
105.637
American National Bank, Richmond
105.256
E. H. Rollins & Sons, New York
105.179
RICHWOOD,
Nicholas
County,
W.
Va .—BOND
1,581,600
1,571,400
1,539,750
1,539,000
00
00
00
00
1,579,965
1,584,556
1,577,850
1,577,685
00
85
00
00
OFFERING.—
Notice has been given that on Janvl9 between the hours of 10 a. m. and
4 p. m. at the front door of the city building in Richwood, the city will
sell publicly to the highest bidder in writing $40,000 6% coupon municipal
impt. bonds.
Date Dec. 15 1921.
Int. annually (Dec. 15).
Due Dec. 15
Bonds have been approved by the Attorney-General of the State
as regular and valid as shown by his certificate endorsed
thereon.
These bonds were voted recently—V. 113, p. 2746.
1931.
of West Virginia
RIPLEY.
PORTLAND, Multnomah County, Ore.—BOND SALE.—A syndicate
composed of Carstens & Earles, Inc., Ladd & Tilton Bank and C. W.
McNear & Co., was the successful bidder for $180,000 5% gold coupon
bonds at 104.63, a basis of about 4.56%.
Due serially from 1925 to 1952,
Inclusive.
PURCHASE PRICE.—The price paid by Baillargeon, Winslow & Co. of
Seattle, for the $200,000 4% 25-year gold water bonds, dated Dec. 1 1921—
V. 113, p. 2746—was 92.60, a basis of about 4.49%.
PORT
OF
ASTORIA
(P.
O. Astoria), Clatsop County, Ore.—
Camp Co. of Portland have been awarded
BOND SALE.—Freeman, Smith &
$20,000 4-year bonds at 90.59 and -interest.
PORTSMOUTH, Norfolk County, Va.—BOND SALE.—An issue of
$150,000 5M% 3r'-year new city-jail construction bonds has been sold at
103.50, a basis of about 5 26%.
POTTER
COUNTY
(P. O. Amarlllo), Tex.—PRICE PAID —The
price paid for the $250,000 5M % hospital bonds by Keeler Bros & Co
of Denver—V. 113, p 2641—was par and interest, less 2M %•
The bonds
were purchased on Dec.
15 and are described as follows:
Denom. $1,000
Date Jan. 1 1921.
Int. serai-ann.
Due yearly on Jan. 1 from 1922 to
1961, inclusive; optional Jan. 1 1926.
PRESCOTT, Yavapai County, Ariz.—ADDITIONAL INFORMA¬
TION.—Bosworth, Chanute & Co, of Denver, in acquiring the $350,000
6% water bonds, notice of sale of which was given in V 113, p 2746, were
associated with Taylor, Ewart & <po. of Chicago,
The price paid was
10105, a basis of about 5.94%.
The bonds
described as follows: Denom. $1,000.
Date Jan. 15 1920.
(J. & J.) payable at Kountze Bros., N, Y.
Due
yearly as follows: $10,000, 1936 to 1940 incl.; $15,000, 1941 to 1945 incl.;
$20,000, 1946 to 1950 incl., and $25,000, 1951 to 1955 incl.
are
Prin. and semi-ann. int.
Financial Statement.
$9,000,000
6,613,714
786,261
---
Total bonded debt, including this issue
Water bonds, Included in above
Sinking funds
Net debt
Population,
$681,000
-
35,456
—
69,805
1920 Census, 5,015; estimated population
7,000
PROVIDENCE,
Providence County, R. I .—-BOND OFFERING.—
Clarke, City Treasurer, will receive sealed bids until 2 p. m.
.Tan. 11 for $1,000,000 4M% gold coupon or registered bonds.
Denom.
coupon bonds $1,000 and registered bonds in the sums of $1,000, $5,000,
Date Feb. 1 1922.
$10,000 or $20,000 each.
Prin. and semi-ann. int.
(F. & A.) payable at the Treasury in Providence or at the National City
Bank of New York.
Due Feb. 1 1962.
The bonds will be ready for de¬
livery Feb. 1 1922.
Walter L.
PUEBLO, Pueblo County, Colo.—PRICE PAID.—The price at which
Boettcher, Porter & Co. and Sidlo, Simons, Feis & Co., both of Denver,
acquired the $175,000 public way improvement bonds, was 97.876
(not
97.86. as stated in V. 113, p. 2746) and interest and furnish bonds for 5s.
These bonds, which are part of an authorized issue of
$250,000 answer to
the following description.
Denom. $1,000.
Date Nov. 1 1921.
Prin
and semi-ann. int. M. & N., payable at the office of
City Treasurer.
Due
Nov. 1 1936, optional Nov. 1 1931.
The following is a complete list of
the bids received.
For
For
Firms—
5M%
Co., Benwell,
Phillips & Co., Denver..
1015.72
N. S. Walpole, Pueblo
1007.00
Bankers
For
5H%
5%
Trust
996.23
987.80
962.70
Accrued int.
Furnish bonds
978.15
/Accrued int.
Furnish bonds
E. H. Rollins & Sons, Bos¬
worth, Chanute & Co., Inter¬
national Trust Co., Denver. 1002.70
Boettcher, Porter & Co., Sidlow,
Simons, Fels & Co.,
Denver, Colo
^
1012.28
The Ilanchett Bond Co., Inc.,
Chicago
*Par
*
Less $3,450 for expenses or $117 premium
Accrued int.
Furnish bonds
/Accrued int.
978.76
[Furnish bonds
(Accrued int.
[Attorney fees
on
Brown County, Ohio.—BOND SALE— The $30,000 6%
refunding bonds offered on Dec. 23—V. 113, p 2641—were sold at
a basis of about 5 69%, to Pruudden & Co.
of Toledo.
Date
Jan.
1922.
1
ROCKINGHAM COUNTY (P. O. Wentworth), No. Caro.—SEALED
BIDS REJECTED—BONDS LATER SOLD AT AUCTION.—The follow¬
ing sealed bids received on Dec. 23 for the $400,000 coupon (registerable
to
as
principal) road and bridge bonds—V.
6% bonds.
PULASKI, Giles County, Tenn.—BOND OFFERING.—Lew
Jones,
Town Recorder, will receive sealed bids until 1.30
p. m. Jan. 23 for $40 000
6% water bonds.
Interest J. & J.
Mortgage Tr. Co., St. Louis 402,1601 Hanchett Bond Co.,Inc.,Chi.392.000
Prudden & Co., Toledo
401,1201 A. B. Leach & Co., Inc.,Chi.391,500
The bonds were later put up at auction and sold to the First National
Trust Co., Durham, at 101.10 and int., for 5Ms, a basis of about 5.39%.
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Floyd),
N. Mex.—ADDITIONAL DATA.—The $36,000
6% school bldg. bonds
recently reported sold in V. 113, p. 2429, are dated Feb, 17 1921 and mature
in 30 years and are optional after 10 years.
Bonded debt, this issue only.
Assessed value 1920, $619,348.
SAINT LAWRENCE COUNTY (P. O. Canton), N. Y.—BOND OF¬
FERING.—R. Porter Johnson, County Treasurer, will receive sealed bids
until 1:30 p. m. Jan. 4 for $195,000
5% highway-construction and improve¬
ment
bonds.
July 1
RANDOLPH, Dodge County, Wise.—BOND SALE.—An
$16,000 6%.water and street bonds has been sold locally.
RANGER,
Eastland
County,
Tex.—BONDS
VOTED.—A
issue
of
$25 000
bond issue of the city for its part
i)l the erection of the city-county hospital
in Vernon was approved Dec. 19 at a special bond election
by a vote of
144 to 34.
1921.
Denom. $500 or $1,000 or to suit successful bidder.
Date
Prin. and semi-ann. int. (M. & S.) payable to the County
Due $13,000 yearly on March 1 from 1932 to 1935 incl.
Treasurer's office.
Cert, check for $500, payable to the above Treasurer,
Purchaser
required.
be ready to take the above bonds and pay for them in cash at the
on Feb. 1 1922.
No bid will be accepted un¬
less it contains a statement that the bidder has satisfied himself as to the
must
office of the above Treasurer
legality of the issue.
Purchaser to pay accrued interest.
PAUL, Minn.—BOND SALE.—An
school construction and
sewer
issue of $100,000 4M% 30-year
bonds was sold recently at 106.175, a basis
of about 4.14%.
SALEM, Utah County, Utah.—BOND SALE — On Dec. 23 the $21,000
6% 20-year water-works bonds voted on July 15—V. 113, p. 657—were
awarded to the State Insurance Fund.
SALIDA
SCHOOL
DISTRICT,
Stanislaus
County,
Calif.—BOND
SALE.—The Department of Finance and the State Board of Control have
purchased at
the $15,000 6%
June 14—V. 113, p. 105.
par
school bonds, offered unsuccessfully on
SEATTLE, Wash.—BOND OFFERING.—Sealed bids will be received
12 m, Jan. 21 by H. W. Carroll, City
Comptroller, for $1,005,000
6-20-year serial coupon municipal light and power-plant and system bonds
at
not exceeding 6%
interest.
Denom. $1,000.
Date March 1 1922.
Principal and semi-annual interest payable in gold coin of the United States
of the present standard of weight and fineness at
places to be designated.
The bonds are a lien only upon the gross revenues of the
municipal light
and power-plant and system of the
city of Seattle.
Bidders will be re¬
quired to submit separate bids upon blank forms furnished by the City
Comptroller, the bias to be without condition, interlineation, explanation
or
erasure.
The bidders shall be required to submit with their bids a
certified check, drawn upon some national bank or trust company, for
$20,100, which check will be returned to bidder if the bid be not accepted
otherwise, to be applied by the city on the sum bid: or, if the bidder fails
to comply with the terms of his bid, the deposit to be forfeited to the
city
as and for liquidated damages.
Any check so deposited will be returned
to the successful bidder upon his deposit with the
City Comptroller of one
or more checks, certified as above described, for
2% of the par value of
the bonds awarded to him.
The bonds will be delivered in Seattle, New
York City, Chicago, Boston or Cincinnati, at the option of the purchaser.
until
No bid for
more
than
the maximum rate of interest which
the bonds shaH
bear will be received,
and the right is reserved by the City of Seattle to
reject any and all bids.
The bonds shall be registerable as to principal or
principal and interest at the option of the purchaser.
Bidders are required
to bid upon the rate of interest that the bonds shall bear.
No bid shall be
withdrawn after the
same
shall have been filed with
the
City Comptroller
unless permission so to do be first obtained form the City Council.
The
bonds will be approved as to legality by C. B. Masslich, bond attorney,
of New York City, whose favorable opinion will be delivered to the pur¬
chaser free of charge.
SEATTLE,
Wash.—BOND SALE.—During November the city issued
the following 6% bonds at par:
Dist. No.
Amovnt.
Purpose.
3391
RALEIGH TOWNSHIP, Wake
County, No. Caro.—BOND ELEC¬
TION.—It is reported that, acting upon the
recommendation of Superin¬
tendent S. B
Underwood, the Raleigh Township School Committee on
Dec. 21 decided to call an election for the
purpose of voting upon a bond
issue of $1,550,000 to meet the building needs of the
city school system
during the first or second week in April 1922, the exact day to be deter¬
mined later.
113, p. 2534—were declined.
Wachovia Bank & Trust Co.,
ICitizens Bank, Reidsville._$401,000
Winston-Salem
$403,4521 First Nat. Tr. Co. Durham. 400,750
ST.
Actual valuation, estimated
Assessed valuation, 1920----
coupon
102 95,
3395
3406
3376
3405
$28,837
2,352
1,852
10,260
2,122
15
94
29
76
40
Curb and sewers
Paving
Sewers
Water mains
Paving
•
Date.
Nov.
4 1921
Nov. 12 1921
Nov. 12 1921
Nov. 15 1921
Nov. 15 1921
3408
Sewers
Nov. 21 1921
3411
Sewers
Nov. 21 1921
Nov. 29 1921
Nov. 29 1921
6,036 77
4,943 49
3381
69,247 04
3420
1,525 66
AH the above bonds
Paving
Sewers
subject to call at
are
any
Due.
4 1933
Nov. 12 1933
Nov.
Nov. 12 1933
Nov. 15 1933
Nov. 15 1933
Nov. 21 1933
Nov. 21 1933
Nov. 29 1933
Nov. 29 1933
interest-paying date.
SAN
MATEO UNION
HIGH SCHOOL
DISTRICT, San Mateo
County, Calif.—BOND OFFERING.—Elizabeth M. Nash. County Clerk,
(P. O. Redwood City), will receive sealed bids until 10 a. m. Jan. 3 for
$360,000 6% school bonds.
Denom. $1,000.
Date Jan. 1 1922.
Prin.
semi-ann. int. (J. & J.) payable at County Treasurer's office.
Due
and
Dec. 31
THE
1921.]
on Jan. 1 from-1923 to 1942 incl.
Cert, check for $1,000,
payable to the Chairman Board of Supervisors, required. Legality approved
by Boss & Ross of Redwood City and Goodfellow, Eells, Moore & Orrick
The following bids were
Bidders—
$18,000 yrly.
of San
Francisco.
Tenn .—BONDS
VOTED.—The
on Dec. 8 sanctioned the issuance of $75,000 6% street improvement
by 146 to 67.
Denom. $1,000.
Int. semi-ann.
Bonds will be
SEVIERVILLE,
voters
bonds
County,
Sevier
offered in the near future.
SHARON,
Norfolk County, Mass
BOND SALE.—The $65,000
4H% coupon school bonds offered on Dec. 27 (V. 113, p. 2747) were sold
to Merrill, Oldham & Co., at 101.81—a basis of about 4.24%.
Date
Jan.
1
_
LAKE
SHELBY, Cleveland County, No. Caro.—BOND OFFERING.—Until
p. m. Jan. 11 J. T. Gardner, Mayor, will entertain proposals for the
purchase of the following 5%, 5)4 % or 6% bonds:
v
$275,000 street-improvement bonds.
Due yearly on Feb. 1 as follows:
$18,000, 1923 to 1932, inclusive; $10,000, 1933 to 1941, inclusive;
2
$5,000.
25,000 water-works bonds.
Due $1,000 yearly on
1948, inclusive.
Date Feb. 1 1922.
Certified check for 2% of the
Feb. 1 from 1924 to
amount of bonds bid
for, payable to the town, required.
SHELBY VILLAGE SCHOOL
$20,000 6% bonds
County, Ohio.—BOND SALE.—The
Richland
offered on Dec. 24
107.715, a
six months
County,
Amidon), No. Dak.—BOND SALE.—Reports
say that this county has just sold $110,000 bonds to Sidney Spitzer & Co.
of Toledo.
The bonds are apportioned $50,000 for 10 years. $30,000 for
15 years and $30,000 for 20 years, all drawing 6% interest.
The proceeds
will be used for taking up outstanding county warrants and keeping up school
SLOPE COUNTY (P. O.
expenses.
SOUTH FORT WORTH INDEPENDENT SCHOOL DISTRICT,
Tarrant County, Tex.—BOND ELECTION.—On Jan. 6 $60,000 schoolbldg. bonds will be voted upon.
SCHOOL TOWNSHIP (P. O. Huron), Lawrence
County, Ind.—BOND SALE.—The $23,600 6% bonds offered on Dec. 22
—V. 113, p. 2642—were sold to J. F. Wild & Co. at 105.44, a basis of about
4.84%.
Date Aug. 1 1921.
Due $600 July 1 1922 and $1,000 each six
months from Dec. 1 1922 to Dec. 1 1932 inclusive.
SPICE VALLEY
DISTRICT (P. O. Springdale), Allegheny
OFFERING.—W. A. Clowes, Secretary of the School
bids until 8 p. m. Jan. 10 for $15,000 5% (opt.)
Date Jan. 1 1922.
Int. J. & J.
Due Jan. 1
after Jan. 1 1937 incl.
Cert, check for $500 required.
SPRINGDALE SCHOOL
County, Pa.—BOND
Board, will receive sealed
bonds.
Denom. $1,000.
1942, optional on or
Purchaser to pay for
print ing of bonds.
SCHOOL DISTRICT (P. O. Springfield),
Ohio.—BOND SALE—The $260,000 5)4 % coupon bonds
22—V
113, p 2429—were sold to Taylor, Ewart & Co.
of Chicago at 108 3176, a basis of ab >ut 4 84%
Date Dec 22 1921
Due
on Jan
2 as follows: $10,000, 1928; $20,000. 1931; $15,000, 1934; $50,000,
1937; $15,000, 1940: $30,000, 1943; $60,000, 1946, and $60,000 in 1949.
The following bids were also received:
Names of Other Bidders—•
Price Bid.
Amount Bid For—
SPRINGFIELD
CITY
Clark County,
on
-
ComptonCo__
Braun
William R
H
275,723 00
276,375 00
277,654 13
280,361 61
Weil, Roth & Co...
E.
Entire issue ($260,000)
do
do
do
do
do
do
do
do
do
do
do
do
do
do
$270,608 50
A. T. Bell & Co
Stacy &
273.395 20
Rollins & Sons
Prudden & Co.
Provident Savings Bank &
280,836 01
—
Trust Co._ (274.326 00
1262,756 00
a
Breed, Elliott & Harrison
275,810 00
Bonbright & Co.
— .
277,836 00
W. G. Campbell
101 01 for 1931
a For
entire issue to bear 5% int. if issue is for
do
do
do
do
maturity ($20,000)
refunding purposes.
SALE.—The $60.2642—were sold to Breed,
of about 5.25%. Date
Dec. 31 1921.
Due $5,000 yearly on Dec. 31 from 1922 to 1931 inclusive.
STATESVILLE, Iredell County, No. Caro .—BOND OFFERING —
Sealed bids will be received until 8 p m Jan
11 by Geo. W Long. City
Clerk and Treasurer, for the $150,000 school bonds (V. 113, p. 106)
Date
Jan
1 1922
Principal and semi-annual interest payable at the Hanover
National Bank, New York.
Due $5,000 yearly on Jan. 1 from 1923 to
1952, inclusive.
Certified check on an incorporated bank or trust company
for 2% of the amount of bonds bid for, payable to the city of Statesville.
required.
Alternative proposals are invited for the bonds bearing interest
at the rate of 5)4%, 5*4% or 6%
The opinion of Storey, Thorndike.
Palmer & Dodge, of Boston, as to legality of the bonds and the printed
bonds will be furnished by the city of Statesville.
Canton), Ohio.—BOND
STARK COUNTY (P. O.
000 6% bonds offered on Dec. 21—V. 113, p.
Elliott & Harrison of Cincinnati at 103.583, a basis
STEVENS
County, Wise.—ELECTION TO BE
Feb. 8 the voters will have an opportunity
Portage
POINT,
HELD.—Reports say that on
whether or not the city is to purchase
which is privately owned, and issue bonds for the
the development of the new source of*supply.
of deciding
the present water plant,
acquisition of same and
TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. O.
Cuyahoga County, Ohio.—BOND SALE.—The $30,000 6%
Dec. 22 (V. 113, p. 2104) were sold to Terry, Briggs Sc
Co. at 101.03, a basis of about 5.78%.
Date Oct. 1 1921. Due $3,000
yearly on Oct. 1 from 1922 to 1931 incl.
STOW
Stow),
bonds offered on
(P. O.
SALE.—The
have been awarded
SULPHUR SPRINGS INDEPENDENT SCHOOL DISTRICT
Sulphur
Springs), Hopkins County, Texas.—BOND
$150,000 5)4% school-building bonds (V. 113, p. 2535)
to Bregg, Garrett & Co. of Dallas at 98.342.
OFFERING.—L. M:
will receive
engineer¬
Denom. $1,000.
the County
1927 incl.
Board of County
Commissioners, required
Purchaser to pay accrued int. These are the
bonds that were offered on Dec 22—V. 113, p. 2535—but at the time of
SUMMIT COUNTY (P. O. Akron), Ohio.—BOND
Clerk of the Board of County Commissioners,
m Jan. 17 for $105,000 6% coupon sanitary
ing department No. 8 Main Sewer Disrtict No 5 bonds
Date Oct 1 1921.
Prin and semi-ann int (A & O ) payable at
Treasurer's office
Due $7,000 yearly on Oct 1 from 1923 to
Cert check for 5% of the amount bid for, payable to the
Kauffman,
sealed bids until 11a
the
offering (Dec
SUMTER
22) all bids were
COUNTY
O.
(P.
Financial
Actual value of property
Assessed value for taxation—
Total bonded debt (including
rejected.
Americus), Ga.—BOND SALE.—1The
has purchased $216,000 5% tax-free
Robinson-Humphrey Co. of Atlanta
coupon road bonds.
Denom. $1,000.
ann. int. payable at the U. S. Mtge. &
on Jan. 1 from 1923 to 1949 incl.
Date Jan. 1 1920.
I^in. ^od semi-
Due $8,000 yearly
Trust Co., N. Y.
Statement.
-
$50,000,000
this issue).
22'o'nnn
432,000
29,640.
Population, 1920 Census,
County, Pa.—BOND SALE.—The $18,000
(optional) bonds offered on Dec. 27—V. 113, P- 2642—were
the Braddock National Bank at par and accrued interest.
Date
1921.
Due Dec. 1 1925; optional after Dec. 1 1922.
SWISSVALE, Allegheny
6% tax-free
sold to
Dec. 1
SYRACUSE, Onondago
Dec. 28 (V.
a
County, N. Y.—BOND
(with privilege or registration)
113, p. 2642) were sold to
tekis of about 4 40%.
Date Jan. 15
coupon
15 from
1923 to 1962
incl.
inclusive.
1951
UNION
TONAWANDA
Erie
Kenmore),
on
FREE SCHOOL DISTRICT NO.
County,
N.
Y.—BOND
,
TULSA, Tulsa County, Okla.—NO BIDS
on Dec. 15 for an issue of $40,000 5%
TUMALO
SALE.—The $400,000
offered on
gold serial water bonds
Eldredge & Co. at 101.41 for 4)4s,
1922. Due $10,000 yearly on Jan.
SALE.—The
1 (P. O.
$54,000
5%
2642) were sold to O'Brian, Potter &
Date Jan. 119 2. Due $2,000 yearly on Jan. 1
27 (V. 113, p
Dec
of Buffalo at 102 5 78
from 1923 to 1949, inclusive.
Co
IRRIGATION
RECEIVED.—No bids were
road bonds.
DISTRICT (P. O. Tumalo),
Deschutes
County, Ore.—BOND OFFERING.—Fred N. Wallace, Secretary, will
bids until 12 m. Jan. 16 for $350,000 bonds, denominations to
ceive
Bonds dated Jan. 1 1922, maturing in not
than 20 years.
Interest 6 %.
fixed by bidder.
re¬
be
less than 11
COUNTY (P. O. La Grande), Ore.—BOND OFFERING.—
received until 10 a. m Jan 16 by C K McCormick, County
UNION
Bids will be
Clerk, for the purchase of all or any part
exceeding 5^ % interest.
Denom $1,000
of $400,000 road bonds at not
Date Jan. 15 1922
Principal
(Jan 15 and Julv 15), payable in gold coin at the
fiscal agency of the State of Oregon in New York Citv.
Due yearly on
Jan
15 as follows: $30,000, 1927: $45,000, 1928 to 1933 .Inclusive; $35,000,
1934 and 1935; and $30,000, 1936
All bids for the bonds must be uncon¬
ditional and accompanied by a certified check for 2% of the amount of
bonds bid for, and the successful bidder must be prepared to pay for and
receive the bonds within twenty days after sale.
The approving legal opin¬
ion of Teal. Minor & Winfree, of Portland, will be furnished to the successful
and semi-annual interest
bidder.
PLACE, Lancaster County, Neb.—BOND SALE.—
paving bonds has been disposed of at 98.11.
UNIVERSITY
An issue of $36,500
BUREN TOWNSHIP RURAL SCHOOL DISTRICT, Montgomery County, Ohio.—BOND SALE.—The $150,000 6% coupon school
improvement bonds offered on Dec. 24—V. 113, p. 2430—were sold to the
Detroit Trust Co. at 105.454, a basis of about 5.38 %i.
Date Dec. 24 1921.
Due vearly on Dec. 24 as follows: $6,000 1922, $7,000 1923 and 1924, $8,000
1925 and 1926, $7,000 1927 and 1928, $5,000 from 1929 to 1936, incl., and
.000 from 1937 to 1946, incl.
The following bids were also received:
Bidders—
Price Bid.
Bidders—
Price Bid.
Prudden A Co
$154,227
Sidney Spitzer & Co
$155,361
Tucker. Roblson fc Co
155,000
Title Guarantee & Tr. Co— 155.340
The DeReese Talbot Co_._ 155,400
Ryan, Bowman & Co
157,617
Breed. Elliott & Harrison— 154,600
VAN
Dec
Tucker, Robinson & Co
O. Fairfield).
TONAWANDA, Erie County, N. Y.—BOND SALE.—The $25,000
5% coupon improvement bonds, offered on Dec. 28—V. 113, p. 2747—
were sold to C. W. WhitU & Co
of New York at 105 54, a basis of about
4 55%.
Date Dec. 31 1921.
Due $1,000 yrly. on Dec. 1 from 1927 to
years nor more
Okla.—BOND ELECTION.—It is reported
that Slick citizens will vote upon the issuance of bonds amounting to
$299,632 for public improvements at an election to be held Jan. 4.
Creek
00
00
00
40
00
00
00
00
00
Commissioners.
received
DISTRICT (P. O. Shelby),
(V. 113, p. 2642) were sold to Prudden & Co., of Toledo, at
basis of about 5.28%.
Date Dec. 24 1921.
Due $1,000 each
from Dec. 24 1932 to June 24 1942, inclusive.
offered
4)4%
4M%
4)4 %
00
SALE.—The $4,000 6% school bonds offered on Feb
19
492—have been awarded at par to the State Land Board of
112, p
bonds offered
1942.
$405,640
403.588
403,440
402,120
401,266
400,876
400,760
400,740
415,520
410,260
4)4%
TETON COUNTY SCHOOL' DISTRICT NO. 21 (P.
—V.
Bid.~*
Rate.
4^%
4H%
4)4%
4)4 %
4K%
4^%
Mont.—BOND
RURAL SCHOOL DISTRICT (P. O. Elyria
R. D. No. 3), Lorain County, Ohio.—BOND SALE.—The $40,000 6%
bonds offered on Nov. 16 (V. 113, p. 2747) were sold to W. L. Slayton &
Co., of Toledo.
Date Dec. 1 1921.
#
SLICK,
received:
Eldredge & Co., N. Y___
Barr & Schmeltzer, N. Y__
H. L. Allen & Co., R. W. Pressprich, N. Y
Sherwood & Merrifield, N. Y.; First Trust & Dep.Co.
Remick, Hodges & Co., N. Y
National City Co., N. Y.
Winslow Lanier & Co., Curtis & Sanger, N. Y
Bankers Trust Co., Harris, Forbes & Co., N. Y
Guaranty Trust Co., N. Y
Clark Williams & Co., N. Y.T
1922.
SHEFFIELD
and
3847
CHBONTCLE
VERNON, Willbarger County, Tex.—COMMISSION REFUSES
BOND ELECTION ORDER.—The Dallas "News" of Dec.
CANCEL
TO
22
petition presented this morning to the City Commission
bv the Vernon School Board, the community's governing body was requested
to cancel an election to be held in January for the issuance of $100,000 worth
of light and ice bonds, and instead order an election for the appropriation
of $140,000 with which to construct a new high school building.
The re¬
quest was denied by the Commission."
VIGO COUNTY (P. O. Terre Haute),' Ind.—B*ND SALE.—The
$128,000 5% Charles F. Hill, Sugar Creek Township bonds offered on Dec.
23—V. 113. p. 2642—were sold to Breed, Elliott & Harrison at 100.091, a
basis of about 4.99%.
Date Nov. 15 1921.
Due $6,400 each six months
from May 15 1923 to Nov. 15 1932. inci.
BOND SALE.—The $13,500 5% John F. Frv et al. Lost Creek Township
bonds offered on the same date—V. 113. p. 2642—were also sold to Breed,
Elliott Sc Harrison at 100.074. a basis of about 4.99%.
Date Dec. 15 1921.
Due $675 each six months from May 15 1923 to Nov. 15 1932, incl.
says:
"Tn a formal
WALLOWA
COUNTY
(P.
O.
Enterprise), Ore.—BOND SALE.—
$10,000 5)4% road
issue.
WALLOWA VALLEY MUNICIPAL
IMPROVEMENT DISTRICT
NO. 1, Wallowa County, Ore.—DESCRIPTION OF BONDS.—A descrip¬
tion of the $125,000 6% tax-free bonds which were purchased by the Lum¬
bermen's Trust Co. of Portland will he found in this department under the
caption of "Mountain Sheep Irrigation District, Ore."
WATERTOWN, Jefferson County, N. Y.—BOND SALE.—The $20,000 5% coupon Court Street grade-crossing-elimination bonds offered on
Dec. 23—V. 113, p. 2643—were sold to Sherwood Sc Merrifield at 103.83,
a basis of about 4.55%.
Date Jan. 1 1922. Due $1,000 yearly on Jan. 1
E.
from
Sc Co of Portland have purchased
These bonds complete the sale of a $200,000
Devereaux
L.
bonds.
1923 to 1942,
incl.
WESTWOOD (P. O. Crafton), Allegheny County,
$28,000 5)4% coupon street-improvement bonds
—The
Pa.—BOND SALE.
offered on Dec. 7—
2338—were sold to Lyon. Singer Sc Co. at 100.839, a basis of
about 5.42%.
Date Oct. 1 1921.
Due yearly on Oct. 1 as follows: $1,000
from 1933 to 1942, incl.. and $2,000 from 1943 to 1951, incl.
The following
two bids were also received;
J. H. Holmes & Co
100.560|GIovis Sc MacGregor
100.578
WHITE (P. O. Aurora), Minn.—BOND OFFERING.—Joseph Makela,
Town Clerk, will receive sealed bids until 1 p. m. Jan. 7 for $150,000 6%
coupon refunding bonds
Denom. $1,000. Certified check for $5,000,
payable to the Town Treasurer, required.
V
113. p.
Whiteville),
A. J. Howell,
$75,000 6% bonds
until 10
1922. Prin. and
semi-ann. int. payable at the National City Pank, N. Y.
Due yearly on
Jan. 1 as follows: $2,000 1925 to 1934 incl.; $3,000 1935 to 1944 incl., and
$5 000 1945 to 1949 incl.
Cert, check for $1,500, payable to the District
Treasurer, required.
The approving opinion of Storey, Thorndike, Palmer
& Podce of Boston will be furnished the purchaser without cost.
WILBARGER COUNTY (P. O. Vernon), Tex.—BOND SALE.—With
regard to the county selling $505,500 road bonds to Bolger, Mosser & Willaof Chicago, the Dallas "News" on Dec 23 said:
"Wilbarger Countv road bonds amounting to $505,500 have been sold to
Bolger, Mosser Sc Willaman of Chicago for $500,514
The commission
therefore $4,986.
This means that the bonds brought better than 99%
of their value and 2 27% more than did the recent huge issue at Dallas.
Nine bids were received and only those accompanied by a certified check
for $25,000 were considered
L. G. Hamilton of Fort Worth served as
agent for the Chicago concern
Anqther bid, the closest, was only $14
below the winner.
The bonds will bear accrued interest dating Dec. 15."
WILKINSBURG,
Allegheny County,
Pa.—BOND SALE.—The
$100 000 5% coupon bonds offered on Dec. 28 (V. 113, p. 2535) were sold
to J.'h. Holmes & Co. and Morrison, Dinkey & Todd Co. at their joint
WHITEVILLE
SCHOOL DISTRICT NO. 1 (P. O.
No. Caro.—BOND OFFERING.—Mrs.
Columbus County,
Board of School Trustees, will receive bids for
a. m. Jan. 5.
Denom. $1,000.
Date Jan. 1
Secretary
man
was
bid of 106.51, a
basis of about 4.38%.
WILMINGTON CITY SCHOOL DISTRICT
Clinton
County, Ohio.—BOND SALE— The
offered on Dec. 23—V. 113, p. 2643—were sold to
of Cincinnati at 102.87.
(P. O. Wilmington)
$58,000 5H% bonds
the Davies-Bertram Co .
DISTRICT (P. O.
pFFEPfNG.—W. E. Med¬
sealed bids until 12 m.
to-day (Dec. 31) for $6,954 63 6% school bonds.
Cert, check for 2% of th
amount bid for, payable to the above C!e»k. required.
YAKIMA COUNTY (P.O.Yakima), Wash.—BOND AND WARRANT
SALE.—Of the seven issues of bonds and warrants offered on Dec. 12—
V. 113, p. 2535—six issues were sold on that day as follows;
WINDSOR
TOWNSHIP
RURAL
SCHOOL
Stockport), Morgan County, Ohio.—PH7VD
clerk of the Board of Education, will receive
ley
2848
THE
CHEONICLE
$143,500 15-year Sub-District No. 7 of Drainage Impt. DIst. No. 3 bonds
to Ferris & Hardgrove of Seattle at 96.03 for
6^s.
Date Jan.
CANADA,
1922.
59,800 15-year Sub-District "O" of Drainage Impt. Dist. No. 7 bonds
to Blyth, Witter & Co., Union National Bank and
Baillargeon,
Winslovr & Co., all of Seattle, at 96-13 for 6s.
Date Jan. 1 1922.
4,656 5-year coupon Sub-District
C" of Drainage Dist. No. 7 war¬
rants to the Dexter Horton National Bank of Seattle at
par,
plus $51 for 8s.
Date Jan. 1 1922.
101,000 15-year Drainage Impt. Dist. No. 35 bonds to Blyth, Witter &
Co., Union National Bank and Baillargeon, Winslow & Co., all
of Seattle, at 96,72 for 6s.
Date Jan. 1 1922.
141,000 15-year Yakima and Benton Counties Joint Drainage Impt. Dist.
No. 1 bonds to Wm. H. Harper & Sons of Seattle at 92.93 for 6s.
Date March I 1922.
9,773 3-year coupon warrants of Drainage Impt. Dist. No. 3 bonds to
the Dexter Horton National Bank of Seattle at
par,
for 8s.
Date Jan. 1 1922.
sold at 101.936 to
Portland*
Dexter-Horton
National
er,
John
E.
Price
__
&
at
94 33
6
at
94 33
6
at
ey2 at
96 53
6
H at
W. F. Mahaon A Co.
-An
issue
was
the
6% bonds:
of
$109,000 bonds
was
GRIMSBY, Ont.—BOND SALE.—An issue of $45,000 6% bonds
recently sold to the Canadian Bond Corporation.
was
LONDON, Ont.—BOND SALE.—-During November the city sold
$300,000 6% housing bonds to A. E. Ames & Co. at 99 05.
Date Nov. 1
1921,
Due from Nov.
1
1922 to Nov.
1
1941.
MIMICO, Ont.—DEBENTURE SALE.—The $27,300 6% local Improve¬
ment
debentures offered
Dec. 15 (V. 113,
Date Dec. 1 1921.
on
p.
2536),
were sold to
Wood,
at
97 78
7
at
97 78
7
at
97 78
Gundy A Co., at 98 87.
93 71
6
at
95 07
6
at
94 04
ONTARIO (Province of).—BOND OFFERING.—P.
Smith, Provincial
Treasurer, will receive sealed bids until 12 m. Jan. 4 for $15,000,000
5A %
Inc.
Harper & Sons,
Seattle
6
Pratt
&
at
92 00 6
at
95 92
at
Co.,|7
)
Tacoma
95 00
at
98 00
Witter
A
7
96 00 6
at
94 42
97 00
7
at
98 00
95 00
6 A at
95 00
6 A at
97 50
6
95 00 7
6 A at
96 03
at
90 72
6 A at
97 14 6
at
95 41 6M at
96 50
96 53
at
Trust
6
Co..[7
Yakima «...
...
at
98 13
8A at
95 02 6^ at
at
97 14
..
6
-
at
97 64
6A
95 41 6
at
at
Bidders—
Imp. Dist.
Dist. No .7.
No. 3.
$9,773 3-yr.
$1,414 90 2-yr.
Bonds.
.
Warrants.
Lumbermens Trust Co., Portland*
National
RENFREW, Ont.—BOND SALE.—The Royal Securities Corp.
successful
Drainage
15-year
Bank, Seattle/
tenderer at
100.267,
a
basis of about 5.97%,
SAANICH, B. C.—BOND SALE.—An
was
recently sold to A. E. Ames & Go.
1 1951.
SASKATOON, Sask.—BOND SALE.—An
was
\
plus $101
Union Trust Co., Spokane—7
at
95 28
/6% at 9158
John E. Price & Co., Seattle*
\e>A at 93 60
for
an
was the
issue of
issue
at
Due Nov.
Warrants.
7% at
97 28
100 00 8
at 100 00
8% at
3
1922.
Provincial
made for the entire issue.
$14,206 6% bonds.
of Drain.Imp.
M 4.1,000
Jan.
the
Canada, or at the
agency of the Bank of Montreal in N. Y. City, at the option of the
holder.
Due Jan.
3
1937.
Cert, check for $150,000 required.
Bids must be
97 92
Sub-Dist.No.1
No. 1,
.
Dexter-Horton
coupon
provincial
bonds.
Denom.
$1,000.
Date
Principal and semi-annual interest (J. & J.) payable at
Treasurer's office, at the Bank of Montreal,
Montreal,
98 12
Joint
.
gold
Co., 1
Union Nat. Bk.. Balllar-1
geon,Wlnsiow&Co.,8,tle)
Yakima
6 H at
at
8
6 A at
Ferrls&Hardgrove,8cattle6>4 at
Blyth,
—
at
Earles,
"Seattle
P.
EASTVIEW, Ont.—BOND SALE.
recently sold to H. C- Monk & Co.
96 53
7
101.257
100.33
101.61
DARTMOUTH. N. S.—BOND SALE
94 33
96 53
101.557
101.57
101.23
City Co
successful bidder for the following three issues of
$6,000
5-year bonds sold at
99 319.
•
10,000 10-year bonds sold at 100 589.
30,000 30-year bonds sold at 101.219.
6A at 100 00
6A at
CarstenB &
Wm. H.
at
received:
were
Edward Cronyn & Co_
National
CHARLESWOOD R. M., Man.—DEBENTURE SALE.—A. E Ames
A
Co. has purchased an issue of $35,000
6% road debentures at 97.
Date
Nov. 15 1921.
Due yearly on Nov- 15 from 1922 to 1941, inclusive.
94 85
7
The following bids
101.936
..101.615
plus $150
0
Co..
Seattle *
H.
96 27
at
_
/
Inc., Seattle
Municipalities*
101.777
Canada Trust Co.„
98 61
7
Bank, Seattle
j
Union Trust Co.. Spokane
Bond, Goodwin <fc Tuck-)
98 61 8% at 100 00 6A at
plus $51
Wood, Gundy & Co.
A. E. Ames& Co
plus $100
GK at
-
and
Gairdner, Clarke & Co
101.761 Aemilius Jarvis & Co__
Dyment, Anderson & Co....101.738 Housser, Wood & Co
Bell, Gouinlock & Co__
101.73
United Financial Corp
Sub-DistNo.7 Bub'Dist. "C" Sub-Dist. T' Drainagelmp.
ofDraln.Imp. of Drain .Imp. of Drain,Imp.
District
Dist. No. 3,
Dist. No. 7,
Dist. No. 7,
No. 35,
$143,500
$59,800
$4.656 5-vr.
$101,000
15-yr. Bonds.
15-yr. Bonds.
Warrants.
15-yr. Bonds.
6% at $94 77 6% at $94 77
6% at $94 77
6H at 197-28 0J4 at 97 28
6A at 97 28
7
at 98 52 7
at
98 52
7
at
98 52
Bidders—^
Provinces
Wood, Gundy & Co
R. C. Matthews & Co..
$1,414 90 coupon warrants of Sub-Dist. No. 1 of Drainage Impt.
Dist. No. 7, offered for sale at the time, were not awarded.
The following is a complete list of the bids received.
•
its
BELLEVILLE, Ont.--DEBENTURE SALE.—An issue of $170,290 6%
20-year debentures and an issue of $22,251 6% 10-year debentures were
The
Lumbermens Trust Co
[VOL. 113.
of $100,000 6H% bonds
100.75.
Date Nov. 1 1921.
issue of $20,000 5>£ % bonds
recently sold at 96 09 to Wood, Gundy A Co.
,
SASKATCHEWAN
SCHOOL
DISTRICTS, Sask
DEBENTURE
SALES.—The following, according to the "Monetary Times" of
-
17
at
6
at
7
at
95 00
*
All or
none,
Will furnish bonds.
a
YORK TOWNSHIP
County, Ohio.—BOND
|7 at
RURAL
^
95 02
SCHOOL
8A at
(V.
113,
253.5)
p.
7
6A
at
0
at
at
95 00
97 14 7
95 41
at
95 02
DISTRICT.
locally; Roland, $1,500,
10 years to Nay & James; Kenocker,
$5,000, 10 years, to C. C. Cross A
Co ; Ernfold, $1,390, 10 years, to
Waterman-Waterbury Co.; Evesham.
$3,000, 15 years to C. C. Cross A Co.
*
Rural telephones: 8%, 15 years:
Eldon, $5,100 to T. W. Brown, Saska¬
toon; Forrest Bank, $4,750, various; Homestead, $1,950, to J. A M.
McLeod, Regina; Hodgerville, $100, to C O. Cross A Co.
Town of Milestone, $5,100, 7%, 10
years, various.
Sandusky
were
Ryman,
*
Bowman & Co., Tol.
And will furnish bonds.
Toronto,
list of debentures, aggregating
$28,690, reported sold by the Local Gov¬
Dec. 3 to Dec. 10:
'
districts: 8%, Bayard, $800, 15 year,
School
96 00
.......
SALE.—The $10,000 6% bonds offered on Dec.
sold to Seasongood & Mayer of Cincinnati at
105.53. a basis of about 5.57%.
Date Dec. 1 1921.
Due $5,000 July 1
1942 and $5,000 Jan, 1 1943.
The following bids were alsoj-eceived:
Sidney Spitzer& Co.,Toledo*$10,4571A. T. Bell & Co., Toledo
$10,066
27
a
ernment Board from
92 93
Wm. H. Harper & Sons. Seattle
H. P. Pratt & Co., Tacoma
YaklmA Trust Co., Yakima.a.
is
96 62
VICTORIA, B. C.—CERTIFICATE SALE — An issue of $230,000
0%
treasury certificates has been sold to A. E. Ames A Co.
Date July 211920.
Due July 21 1930.
10,457(First Nat. Bank, Bellevue, O 10,180
| Wright Bkg. Co., Bellevue, 0.10,025
FINANCIAL
WESTON, Ont.- -BOND SALE.—The $2,200 6% 10-year bonds
sold
at
were
par.
FINANCIAL
FINANCIAL
L. A. HUGHES & CO.
HIGH-GRADE BONDS
"By and by is easily said."
Service for
—SHAKESPEARE
FOREIGN EXCHANGE DEALERS
The
accom¬
International
zation
plishment.
which
is
Any business
sent
correspondent
handled
to
us
and
enables
is
Bankers
with
delay
particular at¬
the
to
needs.
are
a
our
make
can
service
arrangements
whereby they
own
can,
as
drafts
or remit
by
from
OF
THE
COMPANT
CITY OF
120 BRQADWAJT
MAIDEN
Are
Burke
Broadway, New York
Philadelphia
Pittsburgh
Boston
Baltimore
Brooklyn
Direct Private Wires
Chicago
Connecting All Offices
H. M. CHANCE
Mining Engineers
and
A,
CO.
Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraiaed
Drssri
Bldg
LANE
NEW
YOKE
Tol. John 4S7C
NEW YORK
716 FIFTH AVBNTO
Insurance Brokers
We furnish
necessary equipment.
Kardos &
32
IS96)
money
put-of-
METROPOLITAN
(established
all
town banks.
TRUST
Edward E. Hall & Co.
prin¬
on
BO
metropoli¬
We invite inquiries about
Broadway, New York
service
important
banking connection.
100
Correspondence Invited.
v
>
Request
complete
a
ex¬
factors to consider if you
choosing
organi¬
our
order to payees abroad.
perience, personnel, and
resources
us
parts of the world,
bank's
Our
of
render
cipals, draw their
with
special
scope
to
us
satisfactory foreign financial
the
tan
on
In all parts of the world.
by
banks
without
tention
are
Circular Free
BUSINESS MEN
connecting link be¬
tween resolve and
and
Semi-Monthly Investment
BANKS, BANKERS
Action
is the
FOR INVESTMENT
PHILADELPHIA
goor
Holdup
and
Bonds,
Fire,
Automobile
Liability policies properly
written ?
Advice given en policy contracts, fire
protection and loes adjustments.
Prompt
desired.
coverage
procured
wherever
DEC. 31
1921.]
THE
3849
CHRONICLE
Island Territories and Possessions
[Printed herelbecause crowded out of to-day's issue of our State and City Supplement.]
ARECIBO
the
This place is in Porto Rico.
5^g'21 J-J /S152,000c July 1 '26-'29
1898.
result
of
the
war
Wilson
BOND. DEBT Dec 31 '20$1,000 000
Aug. 29 1916
D/,lTn
July 1,30-*40 approved the bill passed by the
BOND. DEBT Aug 1921.
$592,000 House and Senate providing for a
Assessed value 1920
11,328.225 system of self-government.
V. 103,
Pop'n 1920 (U. S. Census)...46,578 p. 863.
INT. at Chase Nat. Bank, N. Y.
Certificates of Indebtedness.
P
4sg '21
$10,000,OOOc.Aug 11922
Land Purchase Bonds,
HAWAII (TERRITORY OF).
ifl g 04 Q-F$7,000.000-_Feb
W. R. Farringcon, Governor; A.
1 1934
(Subject to call after Feb 1 1914)
Lewis, Jr., Treas.; Henry C. Hapai,
Railroad Purchase Bonds.
Registrar of Public Accounts.
Organized as Territory by Act of 4s g *16 Q-M $4.000.000r Dec 1 1946
(Subject to call after Dec 1 1926)
Congress Apr. 30 1900. Total area of
Port Work & Impt. Bonds.
Territory (square miles) is 6,406.
on
Assessed valuation
1918—
Taxable property—
79.574,728
Exempt
Total tax rate (per
$1,000)
$15.00
Population In 1918 (census)..283,613
INT. payable at Treasury of
One
Memorial Park Bonds.
J-J $120,000—$40,000
lowing
is the
Porto
of all
fn
the
governed
Rico
on
June
30
1920
aggre-
an
Refunding Bonds.
1 '23-'53
*16 J-J
l80,000c_July 1 '22-27
(See V. 104, p. 1073 for maturity.)
4s g '15 J-J $2i6.000r.July 1 '22-'35
4s '14 g J-J $655.000—Jan
4s g
'20_$12.397,000
BOND. D'T Dec 31
fund
1,584,254
Sept 30 1920
(about actual)
5263,857,029
Tax
rate
(per
$1,000)
1920
*$12.00
Population in 1910
—1,118.012
Population in 1920
1,299,809
INT. on 1910, 1912, 1913, 1914
and
1915 bonds is payable at the
U.
S.
Treasury;
on
1916 bonds,
$200,000 refunding
is payable at
U.
S.
Treasury and $500,000 at
U. S. Treasury and office of Treas¬
urer of Porto Rico; on 1919 bonds and
4i^s of 1920 at U. S. Treas. and office
of Treas. of Porto Rico, and on bonds
marked
(*) at U. S. Treas. or at
Fed. Reserve Bk., N. Y.; on all other
bonds at office of J. & W. Seligman
& Co., in New York City.
TAX
FREE.—By Section 3 of
new organic
Act, bonds are exempt
from all taxation by the Government
of the United States, Porto Rico or
any
State or sub-division of the
Sinking
Assess,
val.
by the city of San Juan in March 1917
United States.
part of an authorized Issue of
§ The assessed valuation at Sept.
$1,700,000 for refunding all existing
indebtedness
and
for
public
im¬ 30 1920 ($263 857,029) shows an in¬
crease
of $10,710,619 from the pre¬
provements.
There is a sinking fund for the vious valuation of $253,146,410.
*
Of this tax of $12.00 $1 is for the
payment of interest and principal
created
from
the
proceed
of
,25 payment of principal and interest of
of 1% imposed on all taxable prop¬ loans of 1907, 1910 and public im¬
The balance of
erty within the municipality and the provement bonds.
is
distributed as follows:
In
net
income
some
of
the
public $11
as
others at
y'ly lasued to purchase some 410,000 acres
of land owned by the Friars.
Refunding Bds.
TAX EXEMPT.—Under the vari¬
M-N$l.750,000cMay 15 1946
(Subject to call beg. May 15 1936.) ous Acts of Congress authorizing the
above bonds, all issues of the Gov¬
6s
A-0$305,000—Apr 15 1930
(Subject to call after Apr 15 1925.) ernment of the Philippine Islands or
BOND. DT. Oct 26 *21 .$12,560,000 those made by its authority are ex¬
Sinking fund
285.765 empt from all taxation in the Philip¬
Assess, valuation (real).. 160,460,493 pine Islands or in the United States.
Assess, val. (personal).-126,097,039
Total assessed val. 1921
CEBU.
A city in the Philippine Islands.
(100% actual)..
286,557.532
Tax rate (per $1,000) 1921
Inc. Jan. 31
27.88 Bonds are tax-exempt.
Pop'n 1914 (est.), 46.000.
Population in 1910
.191,909 1901.
Sewer, Drain, Water & School.
Population in 1920 (Census) .255,912
1 1941
LEGISLATURE meets biennially 4sg'll quar $125,000r..Jan
(Subject to call after Jan 1 1921)
on the third Wednesday in February
BOND. DEBT Dec 31 '20. $125,000
and sessions are limited to 60 days.
8inking fund Dec 31 '19--7,000
INTEREST
is
payable at
the
Assessed val. real est., '19-20,138,900
Treasurer's office in Honolulu, and
Tax rate (per $1,000) 1919
$8.75
at U. S. Mtge. & Trust Co., N. Y.
Population 1918 (Ceasus)
857,410
City.
INT. is payable at U. 8. Treasury.
LIMIT OF DEBT.—By Act of
Congress (Chap. 339, Laws of 1900)
MANILA.
the limit of indebtedness is fixed at
improvements planned.
1920
the
On Sept. 30 municipalities of Class I (San Juan,
Ponce, Mayaguez and Areclbo), $6
was
total of these funds
turned
$317,650.
over
to the
municipalities for
their support; $3 also turned over to
Bonds.
them
for school
expenses;
and $2
4s g '07 J-J $300.000c_Jan 1 '22-'27
kept by the Insular Government for
4s g'10 J-J
425.000r__.Jan 11927 general
purposes.
In all other mu¬
(Subject to call after Jan. 1 1920)
nicipalities, $6.75 for the support of
the municipaties;
San Juan Harbor Impt. Bonds.
$3.25 for school
4sg'12 J-J $100,000c...Jan
1 1937 expenses and $1 kept by the Insular
Government for general purposes.
(Subject to call beg. Jan. 1 1922.)
Prin.
and int. on the irrigation
4s g'14 J-J
200.000r___Jan 11939
loans have been provided for by as¬
(Subject to call after Jan. 1 1924)
4s g *15 J-J 200,000c
Jan 1 1940 sessments levied upon property bene¬
(Subject to call after Jan. 1 1925) fited by irrigation projects at the rate
Jan. 1 1925.)
of $15 per acre for the year 1920-21.
4s '17
J-J
100,000
Jan 1 1942
Road
^(Subject to call after Jan.
Bonds.
$1,800.000c.Jan
l,000,000r.jan
700.000r.Jan
400.000.Jan
400.000...Jan
200,000. .Jan
117.000...Jan
1
1927.)
1
1
1
1
1
1
1
'22-'33
*33-'43
'44-'50
'51-'54
'55-'58
'59-'60
'58-'59
Irrigation
4s g '09 J-J
4s g '13
4s g
4s g
4s g
The
capital
of the
Philippine
a
city in the Islancl
of
Luzon.
Date of charter Aug. 7 1901.
New
charter
took effect
Aug.
16
4s g
Islands,
4s g
'13
'14
'15
' 16
'19
J-J
J-J
J-J
J-J
J-J
J-J
.
SAN JUAN.
This city is the
capital of Porto Rico.
Camp Improvements.
—.$239.000—
Current Expenses.
-s
$54.000
Refund, and Imp. Bonds.
5s g *16 J-J $915,000c. Jan
1 '22-'36
(For maturity see V. 104, p. 178.)
BOND. DEBT Oct 26 '20 $1,418,000
.s
—
...
,
1916.
The Insular Government on
is in Porto Rico.
account of exemption of its property
$180,000..July 1 '25-'44 from taxation and on account of
BOND. DEBT June 1921. $180,000 certain services rendered
by the city,
Assessed value.
5,687,436 etc., donates to the city $1,000,000
INT. at the State Bank, N. Y.
Pesos annually.
This place
...
Sewer and Water Works Bonds.
$1,000,COO.June 1 1935
(Optional June 1 1915)
2,000,000-Jan
2 1937
(Optional Jan. 2 1917)
...
...
specialize in
BALLARD & COMPANY
City of Philadelphia
Members New
York Stock Exchange
Sugar Engineering Corp.
WOOLWORTH
BLOC.,
NEW YORK
3s
HARTFORD
3^8
4s
INVESTIGATIONS
Connecticut Securities
4^8
4 Ms
APPRAISALS
5s
REPORTS
5Ms
DESIGN
5Ms
MUNICIPAL
BONDS
Underwriting and distributing entire
Biddle & Henry
•Hefted
Circulars
request.
on
HAROLD G. WISE
Philadelphia
Private Wire to New
Issues e)
Jity. County. School District and Road District
tends ef Texas.
Dealers' Inquiries and efferlng*
104 South Fifth Street
York
&
Call Canal 8437
HOUSTON
IF YOU ARE A
COMPANY
established
TgxAg,
191$
BANK MAN
United States and
Canadian
and
Municipal Bonds.
Of
Over
80%
0
NATIONAL
Qround Floor 9inger
Bt Liberty Street,
Telephone
New
York City
SAFETY
use
FOR
New York
are
tions,
seeking
use
Financial
and
new connec¬
consult
Chronicle
Department
inside back cover.)
George La Monte & Son
SI
Broadway
the
Classi¬
PAPER
THEIR CHECKS
Buildino
Oortlaadt 3183
the Banks in
fied
WftDDELL
_
Workingmen's House Construc¬
tion Bonds.
20,000
4Hg'20 J-J*$500,000...Jan 1 '41-'42 Floating debt
Sinking fund
267,563
(Optional on or after Jan. 1 1940)
Assess, val., real estate...26,836,518
Public Improvement Bonds.
20,269,363
4s '14 g J-J $1.000,000..Jan
1 1939 Assess, val., personal
Total assessed val.
1920
(Subj? to call after Jan. 1 1925)
(about act.).47,105,881
4s g '16 J-J
500,000r__jan 1 '27-'31
4s '16
J-J
500 000...Jan 1 '27-'31 Total tax (per $1,000) '20-.$17.40
43^g'19 J-J$l,000,000..Jan 1 '31-'35 Pop'n 1900. 32.048; 1920. 70,707.
INT at Wm. Scholl & Co., N. Y.,
4Mjg'20 J-J l,000,000r.jan 1 '37-'40
(Redeemable on or after Jan. 1 1936) and Treas. of Porto Rico.
HUMACAO.
We
now
915,000 belongs
issue floated
Sated $1,442,000. to Of this amount
Treasury of U. S.
EXPLANATORY OF BONDS.—
The "Land
Purchase" bonds were
4s
PHILIPPINE ISLANDS.
Leonard Wood, Governor.
A group of islands in the Pacific 4s
Ocean ceded to the United States as
capacity
corporations
by the new municipal law, approved
1919 (Act 85, Laws of 1919)
and amended by Act No. 9, approved
May 12 1920 (Laws of 1920).
The
bonded debt of the municipalities of
to '16
5^s'21
borrowing
Julv 31
(No assessment made of personal)
Population 1918 (Census) 10.350,730
INT. on 4s of 1921 payable at the
Treasury of the United States or any
prop.
possessions of
Spain fol¬
San Juan
of 1898.
Island of Porto Rico is
6s '19
10% of assessed val. of taxable
war
capital.
The
Total assessed val. 1919-488.114,424
on
Island
the
the
municipal
—_
Bank;
of
the United States ceded by
..
Reserve
U. S.
PORTO RICO.
5Hs'20
$6,000.000—.Sept 1 1950
(Optional Sept. 1 1930.)
Public Improvement Bonds.
4sg/05 Q-M 2.500,000.-Mar 1 1935
(Subject to call after Mar 1 1915)
4s g '06 Q-F $1,000,000r. Feb 1 1936
(Subject to call after Feb 1 1916)
4s g '09 Q-N 1,500,000r__Aug 1 1939
(Subject to call after Aug 1 1919)
5Hg'21 F-A 10,000,OOOc.Aug 1 1941
5Hs'20
2.750,000r_Dec 1 1950
(Optional Dec. 1 1930)
BOND. DT. Dec 31 '20—22,000 000
Floating debt
365.000
Federal
40,761,917
(No assessment made of pers'l prop.)
...
3Ks'07 A-O $294.000c..Oct 1 1922
(Subject to call after Oct 1 1912)
ZKa'09 A-0
$200,000c__0ct 1 1924
(Subject to call alter Oct 1 1914)
tog'11 F-A$ 1,500,000c.Aug 1 1941
(Subject to call after Aug f 1931)
to *12
M-S$ 1.500,000c.Sept 3 1942
(Subject to call beg. Sept 3 1932)
to
14
M-S$ 1,430.000c.Sept 15 *44
(Subject to call beg. Sept 15 1934)
to '17 F-A«l,500,000c..Aug 1 1947
(Subject to call after Aug 1 1937)
4Hs'19 M-8$ 1,500.000-Sept 15 1949
(Subject to call after Sept 15 1939.)
4J4s
M-3 $1 66' ,000. Sept 15 1950
(Subject to call after Sept. 15 1940.)
4^s
J-D 200,000...Dec 15 1950
(Subject to call begin. Dec 15 1940)
4Ms
J-D 600,000...Dec 31 1950
(Subject to call begin. Dec 31 194C)
167,600
Floating debt
^li40-0006
Honolulu Is the capital.
Public Improvement Bonds.
1,000,000.Jan
2 1938
(Optional Jan. 2 1918)
4s
with Spain in
Manila is the capital.
President
New York
(opposite
Classified Department
PUBLICATIONS
POSITIONS WANTED.
EVERY
WANTED
BANKER and BROKER
NEEDS
I
Salesmen
Bond
"Security Dealers of North
has
house
bond
Prominent
Contains names,
addresses, firm members, class of securities dealt in, long¬
telephone number of and the exchanges or prestige giving organizations
which security dealers of the United States and Canada belong.
distance
to
for
opening
two
PRICE S3
SEND IN YOUR
who
ORDER NOW
Delivery January,
PUBLICATION
MAXIMUM
command substantial
can
1922
Suite
DEPARTMENT
on
|
treated in strictest
confidence. Address Box P-16,
CO.
PRODUCTION
"Profit
salesmen
salaries.
All replies
FINANCIAL
three
or
bond
experienced
Chronicle.
Quantity Sales"
803, 49 Maiden Lane,
York City
New
Telephone John 2475
WANTED
POSITIONS
WANTED
TRADER
BOND
CHICAGO
MASTER
TERRITORY
MECHANIC,
now
operating
power
The advertiser is
plant, electrical, mechanical, woodworking and
Two
experienced bond
resent in
men
Chicago territory
house of
wish to
an
box
rep¬
ing and supervising
investment
desires
origination and participation.
auto,
Do
Good record and references.
Address
Suite
19 S.
1221,
La
tractor, chemical, aircraft, iron
purchasing.
own
$4,500
distrubute
foundry
Financial Chronicle, 90 Pine St., N. Y. City.
of
tions
highest
the
sponsibilities of
with
SECURITIES SALESMAN
WANTED
a
the relative
to
New York
good selling
a
Address
organization.
WANTED
trading department
a
firm which has
Financial
TRADERS WANTED
has
He
type.
as
value of bonds and would assume re¬
Salle
Street, Chicago, Illinois.
and institu¬
investors
to
keen discrimination
Box P-23.
up.
dealer to
him to select securities for a
Experienced marine,
and mail-order, all large scale firms and posts.
Wholesale and retail distribution guar¬
anteed.
during construction,
same
connection.
new
successful bond
a
especially qualifies
trader whose work
factory for $4,000,000 plant, after design¬
Chronicle,
K-18,
Box
Pine Street,
90
City.
Securities Salesman
WANTED—FOREIGN
BOND
TRADER
An old established investment house,
Established
firm
dealing
banks
with
and brokers in foreign currency will
a
department
Foreign
to
open
business
transact
companies
for young man
this
Excellent opportunity
capable of developing and
department.
Profit shar¬
Connecticut
the
Pine
right
industrials,
experienced salesman to
territory.
man
a
The
permanent
has
cover
position
an
their
offers
Box P-28, Financial Chronicle,
Street, New York.
an
Reply stating qualifications to "Opportunity,"
P.
O.
Box
Railroad Bond Trader
to
connection and
opportunity for financial independence.
ing basis.
90
an
high-grade
and
opening for
in
Bonds.
directing
specializ¬
ing in bonds and preferred issues of public utility
1834, New Haven, Conn.
desires position.
ability
i
position
as,
Chronicle, 90 Pine Street,
EXPERIENCED CASHIER
Sign!
If you hung a sign on your
"I have need for, or I am
K-16,
Box
Address
proven.
Trader
Bond
Nominal salary and
acceptable
until
York City.
New
a
basis
commission
Financial
Hang Out
Railroad
Well-known
Formerly with large brokerage house,
seeks
building:
seeking a
position.
90 Pine St.,
a
references.
of
Best
of Financial Chronicle.
Address P-l, care
N. Y. City.
STATISTICIAN
BOND
TRADER
TRADER, well educated, wishes oppor¬
tunity
with
SALESMAN
business;
CASHIER OF A BANK
ter,
established
firm
opportunity;
learn
to
to charac¬
highest references as
integrity,
etc.
bond
return for a real
moderate salary in
Financial
K-ll,
Address
Chronicle, 90 Pine Street, N. Y. City.
OR THE
possibly
it
someone
who
LIKE,"
would
attract
could
satisfy
the
attention
your
of
wants.
exceptional experience as secretary to
New York banker past five years.
But
why not hang that "sign" before every¬
in
the banking
and
investment field
world
over
by inserting an
advertise¬
one
the
in
ment
the
Department?
Financial
Young man
SECRETARY desires engagement.
Best references.
prominent
Stenographer.
Box P-29,
Reasonable salary.
Financial Chronicle, 90 Pine St.,
N. Y. City.
Chronicle Classified
ECONOMIST-STATISTICIAN
(opposite inside back cover.)
in that capacity by
now
employed
Federal Government, desire#
or
preferably investment banking field
with commercial or industrial organization
ordinary man."
or
trade association.
If
management
This
will
priate
your
getting
an
"above
the
with
have occasion to "hang out a sign,"
up
and send or telephone an appro¬
you
draw
Do
insure
it
ad
now.
to
position,
our
Classified
economic
A highly trained specialist
in
experience
of
both
statistical
large
and
the
planning
and
cost
small
and
and
scale
profit
in¬
quiries, the analysis of material and the prepara¬
tion
Department.
varied
of
reports
thereon.
Extensive executive
and administrative experience in the
supervision
and direction of field and office forces, engaged
in such
inquiries and the preparation of reports.
Highest
references.
Box
P-24,
Financial
Chronicle, 90 Pine Street. New York.
Dec. 31
1921.]
THE
CHRONICLE
Cotton
XXXXI
^financial
Paul Schwars
Okas. O.Oem
Prank A. Kimball
Aegost Bchlerenbers
Corn, Schwarz & Co.
COHHISSION MERCHANTS
15
New York
William Street
MEMBERS
First National Bank
OF
New York Cotton Exchange
New Orleans Cotton Exchange
of Boston
New York Produce Exchange
New York Coffee Exchange
Geo. H. McFadden & Bro.
The leading
MERCHANTS
COTTON
New
PHILADELPHIA
NEW
Dealers
in
Street
American, Egyptian and
domestic
banking of
Cottons
Foreign
and
Foreign
Worth Street
67
England
YORK
Broad
25
financial institution of
every
commercial
nature.
CORRESPONDENTS.
FOREIGN
Hlbbert, Flnlay & Hood, Liverpool.
Bf. V. McFadden'g Cie vow Import en Export,
Rotterdam.
Sedete d*Importation et de Commission.
Pachtrl A Co.. Milan.
Baltic Cotton Co.. Copenhagen.
Gee.
H.
McFadden
South
American
Correspondence solicited.
Havre.
Company.
Inc., Lima. Peru.
Hentz & Co.
Henry
William Street
NEW YORK
85 Congress
Street
BOSTON, MASS.
MERCHANTS
COMMISSION
AND
AMERICAN
MFG.
BOYLE, BROCKWAY & GRAHAM, INC.
CO.
BROKERS
MATTERS
FINANCIAL
Members ef
New Yerk Stock Exchange
New York Cotton Exchange
MANILA, SISAL, JUTE
Chicago Board of Trade
Noble and Weet Streete, Brooklyn,
W.
B.
Associate Members of
Liverpool Cotton Association
N.Y.CIty
SOUTHERN
SQUARE
NEW YORK
CHARTERED 1811
COTTON MERCHANTS
Liberal
Made
Advances
on
Cotton
Consignments
United States Trnst Company of
45-47
475
FIFTH
PLACE. NEW YORK
NEW
AVENUE.
YORK
MEMBERS
new YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
ebw ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
COTTON
1IVBRPOOL
ASSOCIATION
WALL
It receives deposits subject to
check and allows Interest on dally balancer
securities and other property, real and personal,
estates, corporations and Individuals, and acts as Trustee under oorporate mo»*>
gages, and as Registrar and Transfer Agent for oorporate bonds and stooksM.
KINGSLEY,
1st
WORCESTER,
WILFRED J.
Stephen M. Weld & Co.
CHARLES
COTTON MERCHANTS
WILLIAM
C.
LEE,
WILLIAM
G.
GREEN.
A.
EDWARDS.
Secretary
Asst.
President
WILLIAMSON PELL. Vice-President
FREDERIC W. ROBBERT. Asst. Secrete*'
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
ALTON S. KEELER. Asst. Secretary \
TRUSTEES
JOHN
WILLIAM ROCKEFELLER
FRANK
JOHN
J.
LYMAN
MOORE & CO.
Secretary
Assistant Secretary
LYMAN
PHELPS
LEWIS CASS LEDYARD
ROBERT
Vice-Pres.
Assistant Secretary
82-92 Beaver Street, New York City
PROVIDENCE.
NEW BEDFORD
PAYNE
J.
GAGE
WHITNEY
A.
STEWART.
Chairman
of
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTIS8 JAMES
WILLIAM M
KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
the
Board
GORNELIU 8N .BLISS. I*
HENRY W de FOREST
WILLIAM VINCENT abpq*
WILLIAM
SLOANS
44 Beaver Street, N. Y.
MERCHANTS
COTTON
Members New York Cotton
Exchange
STEINHAUSER A CO.
Succetiort to
WILLIAM RAY A CO.
COTTON
New York
executed en
Liverpool Gotten Exchangee
Hopkins, Dwight & Co.
COTTON
Cotton Exchange Building
[f(MERCHANTS, DISCOUNT AND GUARANTEE SALES
Offices,
264
Fourth Avenue
OIL
COMMISSION MERCHANTS
NEW YORK
FINANCE ACCOUNTS OF MANUFACTURERS AND
General
end
COTTON-SEED
Ison 99
L. F. DOMMERICH & CO.
BROKERS.
19 Cotton Exchange
Ordere for future delivery contracts
fee New Yerk and
Cost
It holds and manages
EDWARD W. SHELDON,
PHILADELPHIA.
UTIOA. N. Y..
WELD A CO..
LIVERPOOL.
$2,000,000.00
$15,020,679.60
■
-
This Company acts as Executor, Administrator, Trustee, Guardian,
mlttee, Court Depositary and In all other recognised trust oapaoltlei.
WILLIAM
BOSTON.
PALL RIVER,
New York
STREET
Capitalp
*
■
•
•
•
■
Surplus and Undivided Profits,
GWATHMEY A CO.
85-34 EXCHANGE
Aim.
BUILDING
EXCHANGE
HANOVER
Strassburger
INVESTMENT SECURITY
Montgomery,
Hubbard Bros. & Co.
COFFEE
Pittsburgh, Pa,
Arcade
Union
CORDAGE
New York Coffee A Sugar Exchange
New York Produce Exchange
NEW YORK
Established Over N Yean
XXXXI1
ann arbor michigan
Maturing
These bonds
the
School
April.
1935.
without
District,
including
option
the
city
Fifteen-Year
markets'.
Interest
Atlanta
Augusta
Baltimore
New
Haven
New
Orleans
Boston
Pittsburgh
Bolger, Mosser & Willaman
New York
Detroit
Savannah
Cleveland
Cincinnati
Columbus
St.
Louis
-
Springfield, O.
Toronto
Denver
Washington
Detroit
Wilmington
Reached
by Private Wire8
Price
983^ and Interest,
Yielding About 6.15%.
A. A. Housman & Co.
Our
list
current
offers
York Stock Exchange
(fembers New
diversify
In
high grade Municipal Bonds and
to
average
exceptionally
good
returns.
Ames, Emerich
unusual
to
20 Broad Street,
&
New York
111
PHILADELPHIA, WASHINGTON
.
sole funded
Company, which is one
of the dominant corporations in its
industry and has a record of thirty
years
successful experience.
Net
assets
are
reported as equal to
approximately five times this
$30,000,000 bond issue.
MUNICIPAL BONDS
opportunities
the
are
debt of the
Minneapolis
Philadelphia
Buffalo
Charleston
bonds
These
Milwaukee
Chicago
Chicago
6% Gold Bonds
Due Jan. 1, 1937.
payable January 1 and July 1.
Denominations $500 and $1,000.
Dated Jan. 2. 1922.
of
Application
upon
the following
in
Aim Arbor and 8,000 acres adjacent.
Price
Sugar
Refining Company
Bonds and Stocks
direct general obligation of
are a
American
Listed and Unlisted
SCHOOL BONDS
5%
yitundsl
yitiantial
jf fnawttal
;
105
AMSTERDAM, HOLLAND
1st
Correspondence Incited
Company
Broadway, New York
So.
Wis.
Salla
La
Natl
St., Chicago
Bank
Bldg., Milwaukee
Republic Building, Kansas City, Mo,
Private wires to principal cities.
MORTGAGE TRUST COMPANY
Affiliated with
First National Bank
|
St. Louis Union Trust Co.
Broadway & Locust—St. Louis
Central Bond & Mortgage Co.
208
South
LaSalle
C. I. HUDSON & CO.
66
Street
BROADWAY, N. Y. CITY
BOWLING
CHICAGO
Radon, French
Co.
&
Investment Bankers
>
3800
MEMBERS OP
New York
Frivate Wires to tho East and Southwest.
INVESTMENT
GREEN
Stock Exchange
York Curb Market
New
Listed and Unlisted Securities
York
New
SECURITIES
New
Cotton
York Coffee Exchange
Exchange
Assn.
We purchase and underwrite entire issues ef
Chicago Board of Trade
sends and stocks ef established corporations,
Philadelphia Stock Exchange
tfs offer high-grade investment opportunities
la
Ihs
securities
ef
municipalities,
Securities
Department
Incorporated
cer-
letaslens.
Investment Bankers
Corrupondenu
Incited
Underwriters and Distributers af Investment
Securities
WEST MONROE STREET
IS
Unlisted
Dodge & Ross
public
utilities, and veil established industrial
Public Utility
and
CHICAGO
Industrial Issues
Bought
Hord, FitzSimmons & Co.
111
W.
Sold
MONROE
Quoted
F. H. PRINCE & CO
ST., CHICAGO
BANKERS
High Grade Bonds
18T
SOUTH LA
108 So. La Salle St.
SALLE
CHICAGO
boston, mass.
STREET
V
BUY AND SELL
investments
high-grade
HIGH-GRADE
EMERY, PECK & R0CKW00D
BONDS
Members of New York & Boston Stock Exchanges
investment securities
Continental
&
Commercial
Bank
Building
CHICAGO
C. F. Childs
Government Bonds
MILWAUKEE
WE
OFFER AT
Co.
and
Specialists
Railway Exchange Building
NEW
CHICAGO
MARKET
208
120 Broadway
So. La Salle St.
Established
Government of Argentine Nation
7%
De Laval Separator Co. S. F.
Dominick & Dominick
Members New York Stock Exchange
8%
Nor. Amer. Lt. & Pow. Co. 1st Lien
6%
Wisconsin River Power Co. S. F.
5%
Wisconsin Trac.,Lt.,Heat & Pow.
Stevenson
Bros.
& Perry,
7%%
RUTTER, LINDSAY & CO., Inc.
The
Inc.
investment securities
Broadway
Wiggins Block
NEW YORK
CINCINNATI
115
Investment Securities
Rookery,
105
CHICAGO
So. La
Salle
CHICAGO
St.,
Telephone Randolph 5520.
FIRST
NATIONAL BANK
RICHMOND, VA.
Capital and Surplus
-
$3,000,000.00
INVESTMENT
208
Alex
F. Ryland, Vice President
S. P. Ryland, Vice President
Jas. M. Ball, Jr., Cashier
McClellan &
W. G. SOUDERS A CO.
John M. Miller Jr., President
W. M. Addison, Vice President
C. R. Burnett, Vice President
South
La
ENGINEERING
SECURITIES
Salle
161
NEW
Street,
Joint Stock Land Bank
5% FARM LOAN BONDS
A
P. W.
Members New York Stock Exchange
Broadway
New York
BROADWAY
YORK
CITY
Municipal Bonds
112
Exempt
from Federal
Income Taxes.
Yielding from 5H% to 7%.
Send for
Chapman & Co., Inc.,
INVESTMENT SECURITIES
SEASONGOOD.HAAS&MACDONALD
60
MANAGEMENT
&
Detroit
Grand Rapids
"Are
Lincoln, Nebraska
Campion
CHICAGO
New York
Milwaukee
Correspondence Invited
of
1870
YORK
South La Salle St.,
115
CHICAGO
Broadway
NEW
a
i
YORK
List.
THE HANCHETT BOND CO.
Incorporated 1910
39
South
La
Salle Street
CHICAGO
@FedFRASER